P2JW288000-6-A00100-17FFFF5178F

****** WEDNESDAY,OCTOBER 14,2020~VOL. CCLXXVI NO.89 WSJ.com HHHH $4.00

DJIA 28679.81 g 157.71 0.5% NASDAQ 11863.90 g 0.1% STOXX 600 370.96 g 0.5% 10-YR. TREAS. À 15/32 , yield 0.726% OIL $40.20 À $0.77 GOLD $1,888.50 g $34.00 EURO $1.1745 YEN 105.48 WTO What’s News Opens Boeing

Business&Finance OL PO S To EU

he WTO said the Euro- /PRES Tpean Union mayimpose tariffs on $3.99billion in Boe- THEW

WN Tariffs ing jetsand other U.S. goods

annually as part of a long- SHA running trade dispute. A1 OL; Trade body’s ruling PO  Cinema giant AMC S follows last year’s

warned that it could run /PRES authorization of U.S. out of cash by year’s end if MS it doesn’t raise additional levies against Airbus WILLIA

funds or get more people M

back into theaters. A1 TO BY JOSH ZUMBRUN OL;

 JPMorganand Citigroup PO AND DANIEL MICHAELS delivered better-than-ex- S

pected quarterly results, but /PRES TheWorld Trade Organiza- the leadersofboth banks tion said theEuropean Union warned that the economy mayimpose tariffs on $3.99bil- isn’t out of the woods. B1 ANGERER lion in Boeing Co.jetsand other

DREW U.S. goods annually as part of a  Pilgrim’sPride said it had : long-running trade dispute.

agreed to aplea deal with the LEFT Tuesday’sruling clearsthe

JusticeDepartment to resolve OM way forthe EU to respond to price-fixing chargesand will FR Judge Amy Coney Barrett faced a day questioning Tuesday from members of the Senate Judiciary Committee. tariffs that the trade body last paya$110.5 million fine. B1 October authorized the U.S. to  Apple unveiled four impose on $7.5 billion in Airbus iPhone 12 models capable of SE jetsand other imported Eu- connecting to amuch faster Court Pick Parries Questions ropean products, the largest ar- 5G cellular network. B1, B4 bitration award in WTOhistory. EU officials have said they  Deltaoffered cautious op- hope to negotiateasettlement timism that demand fortravel with the U.S.,and manyob- is starting to return but said On Abortion and Health Law serversexpect Europe to re- itslosses were mounting. B1 frain from levying tariffs  U.S. stocks fell amid quickly.The bloc said last year mixed earningsreports, BY BRENT KENDALL weeks beforethe court is to might tilt one way or another “But Iwant to be carefulto it had prepared a preliminary with the S&P 500,Dow and hear acase challenging the in apending case,” JudgeBar- saythat if I’m confirmed you list of U.S. products to target Nasdaq losing 0.6%, 0.5% WASHINGTON—JudgeAmy Obama-eraACA.The nominee, rett said. would not be getting Justice in retaliation, if necessary. and 0.1%, respectively. B13 Coney Barretttold senatorsshe likeothersofrecent years, The48-year-old judge, a Scalia,” she said. “You would be Theruling came the same wouldn’t impose her personal chose her answers carefully longtime University of Notre getting JusticeBarrett, and dayBoeing said it didn’t win  BlackRock’s quarterly views on the law, as the Su- and avoided making specific Dame lawprofessor who has that’ssobecause originalists anynew ordersinSeptember profit rose 22% as inves- preme Court nominee side- commitmentsabout howshe served forthree yearsonaChi- don’talways agree.” and delivered only 11 aircraft, tors turned to the money stepped questions about abor- mightrule on hot-buttonlegal cago federal appeals court, Thetone waslargely civil, weighed down by the continued manager’s massivelineup of tion rightsand said she isn’t issues.She also declined to voiced support fororiginalism, even when Democratswere grounding of the 737MAX, funds across markets. B12 hostiletothe Affordable Care shareher views on whether themethod of legal interpreta- criticizing the nominee.With weak demand forits wide-body  A judge denied bids by Act and guncontrol. past Supreme Court rulings, in- tion that favors interpreting people across the U.S. already planes and production problems Theranos founder Holmes JudgeBarrett, President cluding on abortion rights, theConstitution according to voting and Republicans having affecting its787 Dreamliner. and former top executive Trump’schoicetosucceed the were correctly decided. itsperceived original meaning. made clear they have the votes Thejetliner disputeisthe Balwani to dismissthe crim- lateJusticeRuth Bader Gins- “IfIexpressaviewona ThelateJusticeAntonin Scalia, PleaseturntopageA4 longest sincethe WTO’sincep- inal charges they face. A3 burg, faced senatorsTuesdayin precedent one way or another, aconservativeiconwho was tion. In 2004, the U.S. took Eu- an all-dayhearing three weeks whether Isay IloveitorIhate JudgeBarrett’smentor,cham-  Supreme Court rules census ropean countries to the WTO World-Wide beforeElection Dayand four it, it signals to litigantsthat I pioned that approach. count can end early...... A4 PleaseturntopageA2

 Barrett told senators Bank Share-priceand indexperformance she wouldn’t impose her 5% Cinema Giant AMC personal views on the law, Results CHANGE as the Supreme Court SINCE OCT. 7 4 nominee sidestepped Outshine JPMorgan questions about abortion FacesCash Crunch 3 Chase rights and said she isn’t Forecasts 2.8% hostile to the Affordable JPMorgan’s third- 2 KBWNasdaq CareAct or guncontrol. A1 Bank Index As Moviegoing Falls quarter earnings  The Supreme Court ap- 2.5% increased 4%, 1 proved Trump administration beating analysts’ plans to end the census be- estimates, and 0 BY MATT GROSSMAN have been devastated this year fore an Oct. 31 deadline,sus- Citigroup posted a AND ALEXANDER GLADSTONE as officials enforcedrestric- pending lower-court orders smaller loss than tions against gatheringsand –1 requiring the count to con- expected, but both The world’s largest movie- people have avoided indoor tinue according to asched- Citigroup banks warned of –1.6% theater companyfaces running crowdsamid the pandemic. ule announced in April. A4 uncertainty about –2 out of cash by year’s end if it Thesharp downturn in theater  Trump asked the Supreme the country’s Oct. 7Oct.8 Oct. 9Oct.12Oct.13 doesn’traise additional funds attendance has caused Holly- Court to delay the enforce- economy. B1 Source:FactSet or getmorepeople back to wood studios to delaymajor ment of asubpoena issued by theaters, as the pandemic con- movie releases and focus more NewYork stateprosecutors tinues to disrupt businesses on providing streaming enter- forfinancial documents, in- dependent on attracting con- tainment to reach consumers cluding his taxreturns. A4 sumers to public spaces. at home, giving them less in- On Wall Street Regulation, AMCEntertainment Hold- centive to go to theaters.  McConnell said the Senate ings Inc. said Tuesday that it The pandemic and govern- would vote on anarrow coro- hasreopened 83% of itsU.S. ment restrictions on public navirus relief bill next week, Biden KeepsEveryone Guessing theaters, but that attendance gatheringsalso have hurt setting up apotential show- is down about 85% at those otherindustries,but some down with Democratswho theatersfromthe year before. have been able to pivot more want a broader package. A3 At the company’scurrent easily.For example,restau-  Afederallyfunded clini- Progressives, moderates vie for candidate’s ear as he edges left cash-burn rate,its reserves rantsare focusing moreon caltrial testing an experi- would be depleted by the end outdoor dining and delivery, mental Eli Lilly Covid-19 of this year or early next year, while retailers are emphasiz- treatment has been paused BY JULIE BYKOWICZAND TED MANN his opponentsduring abruising Democratic Kansas-based AMC said. ing online sales. due to apotential safety con- presidential primary. Now, he is edging left Movie-theater operators PleaseturntopageA12 cern, the companysaid. A7 WILMINGTON, Del.—Fifteen years ago, on arangeofissues from student debt to Joe Biden defended credit-card companies stock buybacks,leaving both progressives  The men charged with during a testy Senate exchange with Eliza- and Wall Street Democratsguessing whose plotting to kidnap Michigan’s beth Warren over legislation curtailing con- side of the financial-regulation fight he is on. TV Production Gets governor also discussed sumers’ ability to shed their debts in bank- Mr.Biden’sallies sayhehas always fa- abducting Virginia Gov. ruptcy. voredMain Street over Wall Street. Critics, Northam, an FBI agent tes- This March, he adopted her argument en- including Vermont Senator and primaryrival A Pandemic Makeover tified at acourt hearing. A3 tirely. Bernie Sanders, oftenhaveportrayed him as  Seniorsand other Amer- Mr.Biden spent 36 yearsasasenator favoring lendersoverthe little guy. Mr.Sand- icans receiving Social Secu- from the credit-cardand corporatemecca of ersbacks Mr.Biden in the general election. BY JOE FLINT starsorintimacybetween rity will see a1.3%increase Delaware,wherehebuilt relationships and a President Trump hasn’t made a campaign characters, wherever possible. in benefitsnextyear,the voting record that provided ammunition for PleaseturntopageA6 Just before production re- Crew membershavebackups federal government said. A2 sumed in August on the hit in case they getsick.Special CBSpolicedrama “S.W.A.T.,” cameras give the illusion that 2020 Is Already Scary—Halloween Likely Won’t Be co-creator and executive pro- actorsare near each other JOURNAL REPORT ducerShawn Ryan called an when they are far apart. iii infectious-disease expert with For some, regardless of all Leadership: The Top one question. the safety measures,the Sustainably Managed Welcome long candy chutes, quarantined books, virtual parades “Are we crazy to be doing health risks aretoo great to Companies R1-10 this?” Mr.Ryanasked Marissa participate. BY ANNE MARIE CHAKER Mr.Thompson attaches candy Baker, a professor at the Uni- On the set of “S.W.A.T.,” to the creature’shands.He versity of Washington. which is produced by Sony CONTENTS Personal Journal A13-14 To getinthe Halloween then gives ashovetosend it Ms. Baker, who specializes Pictures Television,actorsand Arts in Review... A15 Property Report... B6 Business News.. B3,5 Sports...... A16 spirit this year, Matt Thomp- outand pulls it back with a in potential exposuretoinfec- the people who need to be Crossword...... A16 Technology...... B4 son rigged up a zip line. fishing reel. Avideo of the tious diseases,reassured Mr. close to them, such as direc- Heard on Street.B14 U.S. News...... A2-7 The contraption includes a setup,posted on social media, Ryan that if the showfollowed tors and sound technicians, Markets...... B13 Weather...... A16 ghostthat deliverscandy to has received atotal of at least the coronavirus protocols she areusually in what is known Opinion...... A17-19 World News...... A8-9 children and adult beverages 25 million page views. advocated to protect the cast as “Zone One” or the “A to their parents. A30-foot It’salready ascary time, and crew, it should be fine. Zone.” Theother zones arefor > steel cable runs from Mr. Boo which makes celebrating Hal- Easier said than done.As people who don’t need to be Thompson’sporch in Garden loween unusually complicated. Hollywood resumes produc- near the actors, including pro- City, Mich., to a post near the beer,” he says. Manyofthe usual activities tion in themidst of apan- ducersand writers. Cast and sidewalk. The$15 ghost from Party are high risk: The Centers for demic,fear of Covid-19 is crew typically wear wrist “Wedon’t getaton of kids, City runs on two pulleys: A Disease Control and Preven- changing how television gets bands identifying which sec- s 2020 Dow Jones & Company, Inc. All Rights Reserved but I’m thinking some people wooden basket behind the tion has advised people to made. Producers are avoiding tion they can be in. mayshowupfor the free ghost holds two beverages; PleaseturntopageA14 scenes with crowds, guest PleaseturntopageA12 P2JW288000-0-A00200-1030041020C

A2 | We dnesday, October 14, 2020 THE WALL STREET JOURNAL. U.S. NEWS Social Security Benefits Will Rise 1.3%

BY AMARA OMEOKWE AARP Chief ExecutiveJo Smaller Gains inflation that measures what basis,the overall consumer- Ann Jenkins called the cost-of- consumersare paying forgoods priceindexrose 1.4% in Sep- September’s rise in the CPI—agauge of inflation thatmeasures Seniorsand other Ameri- living adjustment “modest” and services including gas, food tember from ayear earlier,and whatconsumersare paying forgoods and services including gas, cans receiving Social Security but said the increase wascru- and shelter—rose aseasonally core prices increased 1.7% over food and shelter—marked the fourth straightmonth of gains. will see a1.3%increase in ben- cial given the coronavirus pan- adjusted 0.2% in September the year.The 12-month trend efitsnextyear,the federal demic’shealth and economic compared with the prior in both overall and core prices government said Tuesday. consequences. 0.50% month, the Labor Department has moved upwardinrecent The 2021 cost-of-living ad- Medicare’strustees in April reported Tuesday. Economists justment is smallerthan this projected the standard2021 surveyed by TheWall Street 0.25 year’s 1.6% increase and would monthly premium forMedicare Journal expected a0.2% rise. Consumer prices translateintoa$20 boost in Part B, which covers doctor September’s rise in prices retirees’ averagemonthly ben- visitsand other types of outpa- 0 marked the fourth straight rose a seasonally efit, the Social Security Ad- tient care,would increase by monthofgains,although it adjusted 0.2% in ministration said. The agency $8.70to$153.30from$144.60 wasasmaller increase than in U.S. consumer-price each year bases itscost-of-liv- this year.The trustees,citing June, July and August. September. –0.25 indexfor all items, ing increase on the Labor De- uncertainty around Covid-19, Excludingoften-volatile monthly change partment’sconsumer-pricein- didn’t factor anypotential im- food and energy,so-called core dexfor urban wage earners pactsfromthe pandemic into –0.50 prices also rose 0.2%, the same and clerical workers, or CPI-W, their projections. as economistshad forecast. months as Americans have re- a measure of inflation that is However, such arise in Part Prices forused vehicles were sumed activities afterthe end slightly different from the Bstandardpremiums would –0.75 up 6.7% last month, accounting of businessand social restric- more commonly cited overall consume about 43% of the in- 2015 ’16 ’17 ’18 ’19 ’20 formost of the gain in the tions adopted this year to stem consumer-price index, or CPI. crease in theaverage monthly Note:Seasonally adjusted Source:Labor Department overall index, the Labor Depart- the spread of the virus. Theindex’saverage forthis Social Security retirement ben- ment said. Prices fordining out “The trend is subdued and year’s third quarter was 1.3% efit. Congress, as part of a Themonthly premium for ingssubject to the Social Secu- rose 0.6%, while groceryprices overall pricepressures remain higher than thesame period short-term funding deal passed MedicarePart Brose by $9.10 rity taxwill increase to fell, leaving overall food prices contained,” said Rubeela Fa- last year,translating to acost- in September,included amea- in 2020 compared with 2019. $142,800 in 2021 from $137,700 unchanged. Fuel oil prices were rooqi, chief U.S. economist at of-living adjustment by that suretolimit increases in Medi- Theadministration also said this year,a3.7%increase. down sharply,by5.3%. High FrequencyEconomics,in amount. care Part Bpremiums in 2021. the maximum amount of earn- Thebroader CPI—a gaugeof On anonseasonally adjusted a note to clients. China Seen Limiting Global Economic Pain

BY JOSH ZUMBRUN world’sNo. 2economyisfore- AND YUKA HAYASHI cast to expand 1.9% in 2020, compared with growth of 6.1% Theglobal economic col- last year. China’s growth will lapse caused by the coronavi- accelerateto8.2% next year, rus won’t be as severeasesti- the IMF said. mated earlier,the International In abriefing,IMF Chief MonetaryFund predicted Economist Gita Gopinath said Tuesday, thanks to strong gov- China waspulling up the ernment intervention world- global numbers, and without wide andaswiftrecoveryin China “cumulative growth for China. 2020 and 2021 is negative.” Its Theworld’sgross domestic economyhas already sur- product is forecast to decline passed itslevelsof2019,she by 4.4% this year,not as sharp said, but forharder-hit re- as the 5.2% drop the IMF pro- gions likepartsofEurope or jected in June but still the Latin America, it is “going into S

most severedownturn since 2023 to return back to pre- PRES

the Great Depression. World pandemic levels.” TED

output will grow 5.2% in 2021, Chinamoved swiftly both CIA SO

the IMF predicted, down from to control the spread of the AS

an earlier estimate of 5.4%. novel coronavirus and to sup- ON/ China, wherethe pandemic port the economywith acom- originated, will be the only bination of interest-rate cuts, THOMPS majoreconomytogrowthis credit to provincial govern-

year,the IMF predicted. The mentsand lending programs ELAINE forsmall and medium enter- A worker this month inspects the wing of a Boeing 787 airframe inside a structural test rig at a production plant in Everett, Wash. Real GDP growth prises,said EswarPrasad, pro- Emerging economies fessor of trade policy at Cor- Airbus said it supportsany tionswith the EU to restore pute, which spawned a series Advanced economies nell University. EU Tariffs action the EU takes. Thecom- fair competition and alevel of claims,WTO rulings, con- World Other reasons forthe im- panyis“ready to support a playing field to this sector.” cessions and appeals that have proved global outlook,the IMF negotiation processthat leads Boeing said it is disap- colored broader trade rela- 10.0% RECESSION said, included better-than-ex- On Boeing to afair settlement,” Chief Ex- pointed that Airbus and the tions and led to tariffs on pected performanceinad- ecutive Guillaume Faurysaid. EU areseeking tariffs on the goods ranging from cheese to 7.5 vanced economies in the sec- “Itistime to find asolution U.S. “Rather than escalating industrial parts. ond quarter and signs of a Allowed now so that tariffs can be re- this matterwith threatsto Boeing this year stepped 5.0 morerapid recovery in the moved on both sides of the At- U.S. businesses and their Euro- away from taxbreaks provided thirdquarter.But it added a lantic.” pean customers, Airbus and by Washingtonstate for787 2.5 note of caution. ContinuedfromPageOne The U.S. imposed an initial the EU should be focusing production. The company re- “While the global economy over subsidies to Airbus,and 10%tariff on Airbus jetsim- their energies on good-faith cently said it planned to end 0 is coming back,the ascent will Europe responded with acase ported into the U.S., which it effortstoresolvethis long- assembly of the plane in the likely be long,uneven, and un- against U.S. support forBoeing. raised to 15% in March, as well running dispute,” the company stateand moveittoSouth –2.5 certain,” Ms. Gopinath wrote. WTOrulingssincethen as higher levies on other said. Carolina. Airbus announced a In the U.S.,growthnext have found that both sides goods including cheese. Helping broker a deal over deal in July with Spain and –5.0 year is projected at 3.1% after provided prohibited subsidies, U.S. Trade Representative government aid forjetliners France to change some finan- a4.3%decline this year.The butEurope did so to agreater RobertLighthizer,the topU.S. would be a crucial victory for cial-support agreements. –7.5 eurozone will expand 5.2% af- extent. Tuesday’s pronounce- trade negotiator,said the EU the WTO’seffortstobuild Both sides nowmaintain tershrinking 8.3%. Japan is ment ends yearsofsuitsand has “no lawful basis to impose credibility as aglobal arbitra- they areinfull compliance 2006 ’10 ’15 ’20 likely to see 2.3% growth, fol- countersuitsand leavesthe tariffs” because the subsidies tor, even as thecoronavirus with WTO guidelines. Source:International Monetary Fund lowing a 5.3% drop. two sides with the choiceof for Boeing have already been pandemic amplifies trade Thedisputehas become an negotiating asolution or fight- repealed. He suggested the element of the Trump admin- ing a protracted trade battle. U.S. would consider retaliating istration’strade talks with Eu- “The U.S. is in a strong po- if Brussels moved forward The U.S. and the EU rope.The two sides have been sition, sinceits award is al- with tariffs.“Anyimposition in formal negotiations since most twicethe EU’s, but $4 of tariffs based on a measure have taken steps in 2018 over arangeofissues billion is not to be sneezed that has been eliminated is recent months to but have made little progress. at,” said Bill Reinsch,asenior plainly contrarytoWTO prin- Manyother industries have adviser at the Center forStra- ciples and will forceaU.S.re- defuse their dispute. been pulled intothe aircraft tegic and International Studies sponse,” he said. dispute after the U.S.’s tariffs in Washington. “It setsthe European officials said they last year affected arangeof stagefor anegotiation, but canlevytariffs on an addi- cultural productsfromEurope. there is a long way to go.” tional $4 billion in goods spats. “Instead of further escala- EU Trade Commissioner based on aprevious finding of Thepandemic-driven de- tion, we hope the U.S. and the Valdis Dombrovskis wrote on other U.S. violations,which cline in air travel has made EU will come back to the ne- Twitterthat he would immedi- would be on topofthe $3.99 manyairlines unwilling or un- gotiating table and agree to ately re-engage with the U.S. billion awarded on Tuesday. able to take most newaircraft the immediateand simultane- “Our strong preferenceisfor a Mr.Lighthizer said the U.S. deliveries,reducing the cur- ous removal of tariffs,” said negotiated settlement,” he would prefer to negotiateaso- rent and potential impact of the Distilled SpiritsCouncil of wrote. “Otherwise, we will be lution and is “waiting forare- such disputes. the U.S., a trade group repre- forced to defend our interests sponse from the EU to are- Both the U.S. and the EU senting distillers. & respond in a proportionate cent U.S. proposal and will have takensteps in recent —Doug Cameron way.” intensifyour ongoing negotia- months to defuse their dis- contributed to this article.

THE WALL STREET JOURNAL CORRECTIONS  AMPLIFICATIONS (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Editorial and publication headquarters: Dataminr Inc.said in a opment’sestimates of the ef- 1211 Avenue of the Americas, New York, N.Y. 10036 Sept.22blog post that it fects of global tax reforms German Percision Since 1869 Published daily except Sundays and general legal holidays. drawsfrommorethan 55,000 were prepared forthis month’s Periodicals postage paid at New York, N.Y., and other mailing offices. public datasourcestoproduce meeting of Group of 20 finance The New ProMare Go Postmaster: Send address changes to The Wall Street Journal, the alertsthat it sends to cli- ministers. AHeardonthe 200 Burnett Rd., Chicopee, MA 01020. ents. ASept. 30 BusinessNews Street column Tuesdayabout With the ProMare Go, the ProMare family All Advertising published in The Wall Street Journal is subject to the applicable article about social-media sur- taxesincorrectly said the esti- veillancecited afigure mates were prepared fora has now welcomed apractical addition to rate card, copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. Dataminr had given in June of meeting of G-20 leadersand the collection featuring aclever bidirectional 10036. The Journal reserves the right not to accept an advertiser’s order. Only morethan 10,000 public financeministers. bezel that enables wearers to quickly mark publication of an advertisement shall constitute final acceptance of the sources. advertiser’s order. important moments in time. Letters to the Editor: Fax: 212-416-2891; email: [email protected] Bed Bath &Beyond Inc.’s Noticetoreaders www.muhleglashutteusa.us Need assistance with your subscription? second quarter ended Aug.29. Wall Street Journal staff Formoreinformation please contact: By web: customercenter.wsj.com; By email: [email protected] A Business News article on membersare working re- By phone: 1-800-JOURNAL (1-800-568-7625) Oct. 2about the retailer’s motely during the pandemic. Aaron Faber -New York City, NY |Brentwood Jewelry -Brentwood, TN | Reprints &licensing: quarterly resultsincorrectly For the foreseeable future, Exquisite Timepieces –Naples, FL |Joseph Gann -Boston, MA |Little By email: [email protected] said the quarter ended Aug.31. please send reader comments Treasury Jewelers -Gambrills, MD |Martin Pulli -Philadelphia, PA | By phone: 1-800-843-0008 only by email or phone,using Orlando Watch Company -Winter Park, FL |Whittens Fine Jewelers - WSJback issues and framed pages: wsjshop.com TheOrganization forEco- the contacts below, not via Wilmington, DE |Worthmore Jewelers -Atlanta, GA Our newspapers are100% sourcedfromsustainably certified mills. nomic Cooperation and Devel- U.S. Mail. Muhle GlashutteUSA 727-896-4278 GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling 888-410-2667. P2JW288000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, October 14, 2020 | A3 U.S. NEWS Senate As Days Grow Shorter, Autumn Makes Its Presence Felt Will Vo te On Narrow Relief Bill

BY ANDREW DUEHREN

WASHINGTON—SenateMa- jority Leader Mitch McConnell said the Senatewould vote on anarrow coronavirus relief bill next week,setting up apo- tential showdownwith Demo- crats who have pushed for an agreement on a broader aid package. Mr.McConnell (R., Ky.) said S in astatement that the legisla- tion would include new fund- PRES

ingfor the Paycheck Protec- TED

tion Program,a$670billion OCIA SS

federal initiativethat provides /A

forgivable government-backed ALD loans to small businesses grappling with the economic fallout of the pandemic.Au- thorization for PPP expired in

August with roughly $130 bil- /REPUBLICAN-HER lion of the funds left over.

He said at an event in Ken- DORMER tucky that the bill would cost

about $500 billion and address UELINE several other GOP priorities, CQ JA including school funding and KEYSTONE COLORS: Leaves provided a vibrant canopy Tuesday over Cressona Road in North Manheim Township, outside Pottsville, Pa. expanded liability protections forlawsuitsrelated to the cor- onavirus. Mr. McConnell’s push for a narrow bill comes as the Trump administration contin- Portland Tumult RufflesMayor’sRace ues negotiations with House Speaker Nancy Pelosi (D., Ca- lif.) on a broader package. BY DONALD MORRISON ist, anti-Semitic or fascist. has close to $130,000 on hand. the Green New Deal for Port- at-home moms,students, who TheWhiteHouse negotia- While thereare no recent “The problem forWheeler is land and newhousing policies allstand unified and say, ‘hate tors, Treasury Secretary Ste- Six months of summer pro- public pollsinthe matchup, that he has had businesssup- to addressaffordability and isn’twelcome here,’ ” she said. venMnuchin and WhiteHouse testsand violenceinPortland, political analystsand the can- port in the past and has been homelessness. She has tried to Portland voters have long chief of staff Mark Meadows, Ore.,haveturned what looked didates themselves agree the known as moreofamoderate pin the unrest gripping the leaned left. During the previous this weekend urgedlawmakers likeaneasy re-election forits Election Daycontest has tight- Democrat…yethe’strying to be city on Mr. Wheeler. presidential election, 73.3% to passasmall-businessbill as Democratic mayorintoatight ened significantly. sympathetic to the protesters Mr.Wheeler has tried to votedfor HillaryClinton, with talks continue. race with achallenger from “There arepeople on both and rioters,” said Jake Pelroy, addressprotesters’ concerns only 17%voting forMr. Trump. “SecretaryMnuchin and the leftwho has never held sidesofthat coin who were acampaign strategist in Port- by approving a $15 million cut Localbusinessand civic chief of staff Meadows are elected office. very anxious,frustrated and land who usually works for to the police budget and ban- groups,including the Portland right: Thereisnoexcuse for MayorTed Wheeler has angryabout the handling of conservativecauses and isn’t ning atype of tear gasused BusinessAllianceand the Democratstokeep blocking struggled formonths to handle theprotests,” Mr.Wheeler involved in themayoral race. for crowd control. He has re- NAACP, have largely linedup job-saving funding forthe Pay- unrest that began to grow soon said. “I think that morethan If Mr.Wheeler had gotten sisted calls formoresweeping behind the incumbent, who is check Protection Program afterthe Maykilling of George anything else has caused my 1,540 morevotes in May’snon- measures. focusing on homelessnessand while other conversations con- Floyd in policecustody.Largely favorability ratingstocollapse “I’m leading an effort on support forsmall businesses tinue,” Mr. McConnell said in peaceful protestsagainst rac- virtually overnight.” our City Council to renegotiate during the pandemic in his his statement. ism and policeviolenceduring Apoll last month found 63% Mayor Ted Wheeler our contract with the Portland campaign. President Trump in the past the dayhaveoften been fol- of voters had an unfavorable PoliceAssociation, which rep- “It would almost be danger- week has veered from calling lowedatnight by property viewofMr. Wheeler and 26% has been criticized resentsour rank-and-file po- ous forustochangeplayers in off negotiations entirely,to damage, firesand conflicts viewedhim favorably.The sur- from people on the liceofficers,” Mr.Wheeler the middle of the course that pushing for legislation on indi- with lawenforcement. vey, commissioned by agroup said. “And I’m trying to do we’rein,” said Pastor E.D.Mon- vidual aid measures,and fi- Mr.Wheeler has been criti- supporting a ballot measureto left and the right. that whileatthe same time daine,president of the Port- nally to seeking alarge aid cized by people on the leftwho createanew policeoversight not killing morale within our land chapter of the NAACP. package.“STIMULUS!Gobig said he gavepolicetoo free a board,found that 59% of Port- police bureau.” Juan Chavez, project direc- or go home!!!” the president hand, and by conservatives,in- landersbelievethe city is mov- ThePortland PoliceAssocia- torfor the Oregon JusticeRe- wrote on Twitteron Tuesday. cluding President Trump,who ing in the wrong direction. partisan primary, he wouldn’t tion hasn’t endorsed acandi- source Center,said he was Mrs. Pelosi and Democrats said he didn’t do enough to Ms.Iannarone is in astron- need to worryabout his re- date in this year’s race. supporting Ms.Iannarone.His have formonths resisted pur- stop criminal behavior.His op- gerfinancial position than the election. Sincehefell short of a In January2019,Ms. Iann- nonprofit, which provides free suing legislation aimed at in- ponent, SarahIannarone,isin incumbent. She has raised majority,with 49% of the votes arone used the occasion of Ho- legal services and advocates dividual industries or pro- the former camp.She has $691,420 this year and has cast, he is nowinarunoff with locaust Memorial Daytotweet, forcriminal-justicereform, grams.Arenewedpush by the joined demonstrations while just over $250,000 on hand, Ms.Iannarone,anindependent, “Tothose who sayAntifa are was one of several to sue the WhiteHouse to approve aid donning agas mask and pub- according to campaign finance who received 24%. violent thugs: Iamnot avio- Portland Policebureau for forthe airline industry fell licly declared “I am antifa,” re- records. Acollegeadministrator lent thug andIamAntifa.” their conduct during the pro- apartlast week when Mrs. ferring to the loose affiliation Mr.Wheeler has raised who has never held elected of- “What I’vebeen trying to do tests. He said Mr.Wheeler Pelosi said that she wouldn’t of left-wing activistswho con- $467,826 this year,including a fice,Ms. Iannarone has aplat- is normalizethat thereare hasn’t adequately responded accept anyairline aid without front those they consider rac- $150,000 loan to himself,and form that includes aversion of schoolteachersand nurses,stay- to calls for change. a broader agreement. TheWhiteHouse last week- end proposed anearly $1.9 trillion plan to Mrs. Pelosi, the Michigan MenAlso largest overture from the ad- ministration in the weeks of negotiations.Mrs.Pelosi, who has favoreda$2.2 trillion Weighed Abducting plan, has called the offer inad- equate,particularly in its funding and strategyfor coro- Virginia Governor navirus testing and tracing. On aconferencecall with House Democrats, Mrs. Pelosi BY SCOTT CALVERT placefor Gov.Northam and his said that shewould continue AND ERIN AILWORTH family forquitesome time,and to hold out for a better deal. they will remain.” “We really need to have an Themen chargedwith plot- Mr.Northam, aDemocrat agreement, but we cannot ting to kidnap Michigan’sgov- elected in 2017, has faced vocal have an agreement by just ernor also discussed abducting criticism from gun-rightssup- folding.Idon’t think our le- Virginia Gov.Ralph Northam, portersfor backing aseries of

verage has ever been greater M/REUTERS an FBI agent testified at a gunlawspassed by the state

than it is now,” Mrs. Pelosi LA court hearing Tuesday. legislatureearlier this year,af- told Democrats, according to a Six men were arrested and terDemocratsgained control person on the call. EPHEN chargedfederally last week of both chambersinNovember ST SenateRepublicans,too, Elizabeth Holmes, seen in 2019, is charged with defrauding investors of hundreds of millions of dollars. with plotting to kidnap Michi- 2019 elections.The governor have balked at the administra- gan’sgovernor as part of aplan also experienced some resis- tion’sproposal. On aconfer- to overthrow elementsofthe tancetoshutdown ordershe ence call with Messrs. Mead- Theranos Cases Can Proceed government and attack law-en- imposed last spring in response owsand Mnuchin on Saturday, forcement personnel. FBI spe- to the coronavirus pandemic. several SenateRepublicans cial agentRichardTrask,who President Trump took to said the administration’slatest BY REBECCA DAVIS O’BRIEN Ms.Holmes and Mr.Balwani this year in which U.S. District wasinvolved in the investiga- TwitterinApril to urge his offer was too expensive. were chargedinJune 2018 by JudgeEdwardJ.Davila said tion into the group,testified supporters to “LIBERATEVIR- SenateRepublicans last Afederal judgeinCalifornia federal prosecutorsinthe doctorscouldn’t be considered during apreliminaryhearing GINIA,” as he did about Michi- month rallied around an aid on Tuesdaydenied bids by Northern District of California. victims of the alleged fraud. held in Grand Rapids,Mich., for ganand Minnesotaminutes proposal that called forabout Theranos Inc.founder Eliza- Theindictmentsfolloweda Lawyersfor Ms.Holmes five of the men who areMichi- before. $650 billion in spending on beth Holmes and former top yearslong investigation that and Mr.Balwani had sought to ganresidents. Asixth is from At the Tuesdayhearing in small-businessaid, schools executiveRamesh “Sunny” grew out of articles in TheWall have the chargesdismissed on Delaware. Michigan,JudgeSally Berens and unemployment insurance, Balwani to dismiss the crimi- Street Journal that revealed the grounds that prosecutors Seven other men involved in heardtestimonythat in plot- among other measures.New nalchargesthey faceincon- failingsinTheranos’stechnol- had taken too long to file the the plot arepart of aself- ting to kidnap Gov.Gretchen spending in the GOP bill, nection with the disgraced ogyand businesspractices. newindictmentsand that styled militiaknown as the Whitmer,the men discussed whichSenateDemocrats blood-testing startup. When they announced the some of the alleged miscon- WolverineWatchmen, andwere taking her out on Lake Michi- blocked on the floor, was off- Ms.Holmes,36yearsold, is charges, prosecutorsinSan duct wastoo old. Thedefense chargedunder Michigan’santi- ganinaboat, and one sug- set by about $350 billion in set to go to trial March 9on Francisco alleged Ms. Holmes also argued that the indict- terrorism act. Tuesday’shear- gested disabling itsengine and savingselsewhere, bringing chargesshe and Mr.Balwani de- and Mr.Balwani knewtheir mentsdidn’t provide enough ing wastoreview evidence leaving her there. the total cost to around $300 frauded investorsout of hun- finger-prick technologywas explanation of the charges. against the men chargedfeder- In ruling that three of the billion. Mr.McConnell said dreds of millions of dollarsand flawed and unreliable and yet In a response filed in Sep- ally to determine whether they menmust remain in custody, Tuesdaythat the legislation he deceived patientsbylying about drew in reporters, investors, tember, prosecutors said the should be detained beforetrial. JudgeBerens said that while putsonthe floor next week the reliability of Theranos blood doctorsand patients with false allegations were clear from TheFederal Bureau of Inves- their kidnapping plans may will resemble that bill. tests. Mr.Balwani will facetrial promises and solicitations. the initial charges, which they tigation alerted Mr.Northam’s have been disrupted, she had “We’regoing to tryone separately at alater date. Thetrial wasfirst set for said “described the type of security team during itsinves- seen little evidencethat their more time,” he said. Both have pleaded not June 2019,then pushed to misrepresentations,half-truths tigation, but he and his staff movement had ended. She said Thepersistent disagree- guilty to two countsofwire- summer 2020.InApril, after and omissions made to inves- weren’t informed, Mr. she remained concerned about mentsbetween the White fraud conspiracyand 10 the coronavirus pandemic tors to perpetuatethe fraud.” Northam’sspokeswoman said, their access to help to pull off House,SenateRepublicans and countsofwirefraud. If con- brought ahalt to jurytrials, JudgeDavila, in his order adding that is standard secu- anotherplan, as well as their HouseDemocratshavemade it victed, they could faceupto Ms.Holmes’strial waspushed Tuesday, said the new indict- rity protocol forhighly classi- access to weapons,including increasingly unlikely that Con- 20 yearsinprison. Lawyers back again. In July, the grand mentshad clarified issues fied information. unmarked “ghost guns,” and gresswill approvenew eco- forMs. Holmes didn’t immedi- juryreturned newindictments with the previous charges. He “Atnotime wasthe gover- threatening rhetoric toward nomic aid beforeElection Day. ately respond to arequest for that expanded and clarified also noted that the pandemic nor or his family in imminent lawenforcement officers. —Kristina Peterson comment. Alawyer forMr. thealleged schemes,inpart had delayedgrand jurypro- danger,” shesaid. “Enhanced Thehearing is scheduled to contributed to this article. Balwani declined to comment. reflecting adecision earlier ceedings. security measures have been in resume Friday. P2JW288000-4-A00400-17FFFF5178F

A4 | We dnesday, October 14, 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 Supreme CourtLetsCensus Count EndBeforeDeadline

BY JESS BRAVIN March. To makeupfor lost finding the government hadn’t andpeople “inhardtocount

AND PAUL OVERBERG time and other obstacles, the justified itschangeinplans areas,such as ruraland tribal /REUTERS Census Bureau in April ad- and failed to consider the im- lands…will disproportionately TheSupreme Court ap- opted anew schedule where pact on people who had been bear the burden of anyinaccu- proved Trump administration field operations would end told the deadline was Oct. 31. racies.” MCDERMID plans to end the 2020 census Oct. 31. In her dissent, JusticeSoto- The Trump administration AN

beforeanOct. 31 deadline, In August, however, offi- mayorsaid the government of- wantstowrapupcounting im- BREND suspending lower-court orders cials said they could wrap feredonly one reason for mediately so that it canbegin A census worker gathered information last month in New York City. requiring the decennial count thingsupbySept. 30,inthe seeking to end the count early: an intense period of datapro- to continue according to a hope of delivering datato the need to getthe datatoMr. cessing in hopes that it can ment July 21 that he planned that was challenged in court. schedule announced in April. President Trump by Dec. 31. Trump beforeaDec.31legal produce the census’s first re- to exclude people in the U.S. It must resolveduplicatere- Theeight-member court on Groups including the Na- deadline. sultsbyalegal deadline of illegally from the state totals. sponses,fill in blanks whereit Tuesdaygavenoreasons for tional Urban League,the But, “formonths,senior Bu- Dec. 31. Those results—just If the president isn’t re- has only partial information itsunsigned order,which was League of Women Voters and reau officials have represented the states’ population totals— elected, he wouldn’t be able to on ahousehold and blend in a issued over the dissent of Jus- the NAACP, along with Harris that, whatever the datacollec- will set each states’ seatsin shape the resultsifthey aren’t separatetally of federal work- tice Sonia Sotomayor. County, Texas, the city of San tion deadline,meeting the the House of Representatives delivered by Jan. 20,Inaugura- ersoverseas,such as diplo- Thelong-planned census Jose,Calif., and other local Dec.31reporting deadline and votesinthe Electoral Col- tion Day. matic and military personnel. field operations,inwhich enu- governments, sued to retain would be impossible,” she lege for the next decade. Unlessfurther court orders As of Monday,the bureau merators visit households that the Oct. 31 deadline. They ar- wrote. “Only recently have of- TheHouse agreed to the ex- change the schedule, the rul- said that 99.9% of 147 million have failed to complete ques- guethat suspending the count ficials begun to claim that the tension the Trump administra- ingleavesthe bureau just 10 housing unitshad been tionnaires,initially were to earlier would lead to an un- Bureau might yetbeable to tion sought in April, but the weeks to finish work that it counted. It said it had reached end July 31. Thecoronavirus dercount of minority groups meet the statutorydeadline, Senate hasn’t. had originally scheduled to its goal of at least 99% in ev- pandemic upended those and urban areas. and even then, their story However, the administra- take six months.Ittrimmed erystate except Louisiana, plans, forcing officials to sus- Federal courtsinCalifornia keeps changing,” she wrote. tion reversed course within that estimatetothree months where98.3% had been pend door-to-door visitsin ordered the count to continue, “Marginalized populations” days of Mr.Trump’sannounce- in the accelerated schedule counted. CourtWon’t ReviewSuit on Trump Holdings President

BY BYRON TAU Thelawsuit claimed that to bring the suit. grounds,anobscureareaof with Mr.Trump’sbusinesses Seeks Mr.Trump mayhaverun afoul At the time they filed it, lawwherethereislittle prece- have alleged that he is finan- WASHINGTON—TheSu- of the U.S. Constitution’s they weren’t in control of ei- dent to guide the courts. cially benefiting from his fed- preme Court denied arequest emolumentsclause,which pre- ther chamber of Congressand Most presidentshavetradi- eral officeand have filed an Another by agroup of Democratic law- ventsofficeholdersfromac- couldn’t sue on behalf of Con- tionally placed their business emolumentschallengeagainst makerstoreview whether cepting anything of value from gressasaninstitution, the ap- andfinancial interestsintoa the president. President Trump’scontinuing foreign states without the per- peals court ruled. blind trust—a step Mr.Trump Mr.Trump is asking the Su- Tax Delay control of his businessempire mission of Congress. TheJusticeDepartment has has resisted, though he has preme Court to overturn a mayhaverun afoul of acon- They argued Mr.Trump argued the lawsuit wasim- said he has handed over day- New York appeals-court deci- BY DEANNA PAUL stitutional prohibition on re- maybyprofiting from foreign proper and couldn’t proceed. to-day control of his business sion allowing the lawsuit to ceiving foreign gifts. governmentsthat sought to It also has said Mr.Trump’s empire to his adult sons. move forward. President Trump asked the More than 200 Democratic patronizehis businesses to shareofbusinessprofits from Also,few other presidents Mr.Trump’sattorneyshave Supreme Court to delaythe membersofCongress brought build positiverelationships governmental customers came to officewith such a also asked the Supreme Court enforcement of agrand jury suit in 2017 alleging that Mr. with the president. didn’t count as aprohibited sprawling array of businessin- to review asecond lawsuit subpoena issued by NewYork Trump wasimproperly profit- Thedecision on Tuesdayby emolument. terestsasMr. Trump,who brought by the attorneysgen- state prosecutors for a swath ing from his presidencybyre- the high court not to weigh in Thelawsuit by Democratsis spent decades as areal-estate eral of Maryland and the Dis- of financial documents, includ- taining control of his private on the issue on the eve of the one of several constitutional developer,casino magnateand trict of Columbia, which ing his tax returns. businessempire, which con- 2020 election leaves in place challenges beforethe Supreme television personality. raises similar emoluments Last week,athree-judge sists largely of hotels, resorts an appeals-court ruling that Court brought against Mr. Agroup of hotel and res- concerns and wasallowedto panel from the Second U.S. and other properties. the lawmakerslacked standing Trump on emoluments taurant owners who compete proceed. Circuit Court of Appeals,in NewYork,unanimously af- firmed alower-court decision that would allowManhattan District Attorney Cyrus Vance Jr. to obtain the records.Law- yers forMr. Trump on Tues- dayfiled the emergencyappli- cation forastaywith the high court while it considershis re-

OL quest to hear the case.

PO “The decision is indisputably S wrong,” Tuesday’sfiling said.

/PRES “Allowing this deeply flawed ruling to stand, especially given the prominenceofthis case, ANGERER will needlessly sowconfusion

DREW wherenone presently exists.”

OL; Thecourt of appeals “ig- PO

S noredhow the district court stacked the deck against the president” and offered no pro- cess forMr. Trump to quash the

FREEMAN/PRES subpoena, his attorneyssaid. Astaydecision by the high court could determine whether thereisany chance DEMETRIUS thefinancial documentsare (2);

OL turned over beforethe elec-

PO tion on Nov. 3. Even then, the S documentswould be subject to grand-jury secrecy rules that M/PRES

RU restrict making them public. CO TheManhattandistrict attor- ney’s officedeclined to com- MUEL

SA ment. It has sought years’ : worth of financial documents LEFT from Mr.Trump and his com-

WER panyaspart of acomplexinves- LO tigation intoalleged bank and OM

FR insurancefraud by the Trump Organization and itsofficers. WISE Mr.Vancehad agreed, if the OCK

CL appellate court held in his fa- Clockwise from lower left, Sens. Josh Hawley (R., Mo.), Mazie Hirono (D., Hawaii), Lindsey Graham (R., S.C.) and Dianne Feinstein (D., Calif.) during Tuesday’s hearing. vor, not to enforce the sub- poena until the Supreme Court When probing JudgeBar- able.She said academics define spokemoreextensively about would allowmyself to be used ruled on Mr.Trump’sapplica- Lawmakers rett’s views,Democratsearly in super precedentsasdecisions the ACAthan she did about as apawn,” JudgeBarrettsaid. tion foranimmediatestayon Tuesday'ssession focused on that aresowell-settled that no some other issues. Thenominee said she would enforcement. abortion, citing past state- one pushes fortheir overruling. While JudgeBarrettlargely take recusal questions seriously Tuesday’semergencyappli- Question mentsinwhich she expressed “I’m answering alot of deflected questions about the but that it wastoo soon to say cation is the second attempt personal opposition to the pro- questions about Roe,which I case pending on the ACA, she howshe might evaluaterecusal by Mr. Trump to have the Su- cedure, as well as dissenting think indicates that Roe doesn’t did addressanacademic article in ahypothetical case. preme Court intervene in the Nominee votesbythe judgethat suggest fall in that category,” but that she wrotethat criticized the Theday also featuredDemo- lengthy legal dispute. In July, she might believe, at minimum, didn’t mean it should be over- reasoning of Chief JusticeJohn cratic vice-presidential nomi- it rejected Mr. Trump’s argu- that the Constitution should al- ruled, she said. Roberts’s 2012 opinion uphold- nee Kamala Harris questioning ment that a sitting president ContinuedfromPageOne lowstatesmoreroom to regu- Sen. MikeLee (R., Utah) said ing the health law’smandate the nominee of her electoral hadabsoluteimmunity from to confirm the judge, the hear- lateabortion. Democratswerepainting a that most people carryhealth opponent.The senator spent criminal investigations. ing at times wasaimed moreat Sen. Dianne Feinstein of Cal- doomsday pictureabout the insurancebydetermining it much of her time delivering re- “Courtsmust generally political messaging foraTV ifornia pressed JudgeBarrett availability of abortion. wasatax.Asaprofessor,she marks on the ACAand abortion treat aPresident likeany audience. about whether she agreed with said thechief justicepushed and said the committeeshould other citizen,” said the 7-2de- JudgeBarrettisslated to re- JusticeScalia that Roe v. Wade, the health law“beyond its “not pretend” that it didn’t cision, writtenbyChief Justice turn Wednesdayfor another the 1973decision that estab- Democrats focused plausible meaning” in order to knowJudgeBarrett’sviews on John Roberts. Theopinion dayofquestions.OnThursday, lished aconstitutional right to save the statute. abortion rights. noted that Mr.Trump wasfree the JudiciaryCommitteeplans an abortion, waswrongly de- their most vocal JudgeBarrettsaid that That prompted an agitated to raise the same objections to to hear testimonyfromoutside cided. Thenominee said it criticisms on didn’t mean she opposed the response from Sen. John Ken- the subpoena available to ordi- witnesses on her nomination. wouldn’t be appropriateto law. “I’m not hereonamission nedy (R., La.), who said the nary citizens. Republicans said the nomi- shareher legal views on the Republicans. to destroy the Affordable Care California Democrat wasbasi- Thepresident filed an neehas impeccable legal cre- topic given that abortion cases Act,” shetold the committee. cally accusing the nominee of amended complaint in Man- dentials that couldn’t seriously remain prevalent in the courts. Democratsasked several lying in hertestimonythat she hattanfederal court later that be questioned foraseat on the “It’sdistressing not to geta questionsabout President has pre-judged no issue. month, saying Mr.Vance’s high court. “Fromthe conser- straight answer,” Mrs. Fein- “You’dhavethe impres- Trump,including his assertion “I am not aliar,Sen. Ken- subpoena was overbroad and vativeside of the aisle,you’re stein said. sion…that if Roe versus Wade that JudgeBarrett’sconfirma- nedy,” the judgeresponded. was issued in bad faith. one of the most qualified peo- “I completely understand didn’t exist, that all of asudden tion wasneeded beforethe Sen. CoryBooker (D., N.J.), On Aug.20, U.S. District ple of your generation,” said whyyou areasking the ques- abortion would immediately election because he expected referenced prominent national JudgeVictor Marrero rejected Sen. Lindsey Graham (R., S.C.), tion, but again, Ican’t pre-com- become illegal in everystate in the court might have to decide discussions about racism and both notions. Mr. Trump’s ar- the committee’schairman. mit or sayyes,I’m going in America,” Mr.Lee said. the outcome between him and asked JudgeBarrettwhether guments, he said, were “sub- Democratsfocused their with some agenda, because I’m Monday, Democratshad ar- Democrat JoeBiden. That she believed therewas implicit stantially the same” as his most vocalcriticisms on Repub- not,” JudgeBarrettresponded. gued that confirming Judge prompted Democratstourge bias in howthe criminal-justice earlier ones and relied upon licans forsprinting to confirm “I don’t have anyagenda.” Barrett would placeinjeopardy JudgeBarretttorecuse herself system treatsBlack citizens. “too manyunreasonable infer- JudgeBarrettbeforeElection Thejudgefaced several the 2010 health law, which ex- in anysuch election case. “Senator,yes,Ithink that in ences forthe Court to deem Day—and during apandemic— questions about whether Roe tended health insurance. They “I certainly hope that all our large criminal justicesys- the claims of overbreadth and afterhaving blocked an Obama wasaso-called “super prece- continued with those criticisms membersofthe committee temitwould be inconceivable bad faith plausible.” court nominee because it was dent” that is nowsoingrained Tuesdaywhile questioning the have moreconfidenceinmyin- that therewasn’t some implicit TheSecond Circuit affirmed an election year in 2016. in U.S. lawthat it is untouch- nominee,and in response,she tegrity than to think that I bias,” she responded. his decision last week. P2JW288000-0-A00500-1------XA

THE WALL STREET JOURNAL. We dnesday, October 14, 2020 | A5

What if food packagingwere carbon-neutral?

Go nature. Go carton.

Food packagingplays acriticalrole in gettingfood safely to consumersaround theworld.But it canalsocause problems for theplanet. What if allfood packaging came from plant-basedmaterials anddidn’timpactthe climate? At TetraPak, we alreadyhavepaper-based carton packageswithreduced climateimpact. But we won’tstopthere.Our aimistocreatecartons made solely from plant-based materialsthatare fullyrenewable,fullyrecyclable andcarbon-neutral. It’s all part of ourjourney to deliverthe world’smostsustainable food package.

Learnmoreatgonature.tetrapak.com P2JW288000-2-A00600-1------XA

A6 | We dnesday, October 14, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS Most Drug CardstoArrive AfterElection

Trump’splan is to send phases,with some likely going gram, which could cost $8 bil- older. would runout of aCMS office herent to medications if they outlater in October but most lion, the person said. TheCen- Mr.Trump surprised his own that testsnew models forpro- aregiven adiscount, according Medicarerecipients a not until afterthe Nov.3presi- ters forMedicareand Medicaid health-administration leaders viding or paying forhealth care. to the administration official. cardthatcan defray dential election, the person Services is unable to sayex- on Sept. 24 when he announced Theprogram letsofficials Democratsand other critics said. TheCentersfor Medicare actly when the cardswill go the plan to mail out prescrip- waiveMedicare’slawsorstan- have said providing discounts prescription costs and Medicaid Services is out because the proposal is tion drug cards. Thediscount dards to test if newinitiatives doesn’t fitwith the parameters spending an estimated $20 mil- still at OMB.Beneficiaries will cardswereproposed by White increase efficiencyand “econ- or goals of the program, and BY STEPHANIE ARMOUR lion foradministrativecoststo have two yearstouse the dis- House chief of staff Mark Mead- omyofprograms” without ad- they sayitisunwise to tapthe print and send letters to Medi- count cards, the person said. ows, an administration official versely affecting quality,ac- Medicaretrust funds at the President Trump’splan to care beneficiaries informing Low-income beneficiaries said. CMS officials rushed to cording to CMS.These waiver same time one of the funds is send 33 million Medicarebene- them that they will be getting who don’t already getfinan- figure out howthe program programs have generally been facing insolvencyconcerns. ficiaries acardthat canbeused cards, the person said. cial assistancefor medications could be structured and de- required to showthey won’t Medicare is funded by two to help payfor as much as Plans forthe overall drug- would likely getthe cards, ac- signed, according to two people increase federal spending be- trust funds held by the U.S. $200 in prescription drug costs discount programhavebeen cording to the person familiar familiar with the planning. yond what would have oc- Treasury. Thetrustspay for won’t be completed until after sent to the Officefor Manage- with the planning,rather than Theproposed plan calls for curred without the test. hospital care and to adminis- the election, according to aper- ment andBudget, the person everyone in Medicare Part D, funding the cardsfromtwo Thedrug-discount-cardplan, terthe federal health-insur- son familiar with the plan. said.Itisunclear if or when which helps coverprescription Medicaretrust funds,according forexample,could be designed ance program forpeople 65 Thecards will be mailed in the officewill approvethe pro- drug costsfor people 65 and to the administration official. It to test if people aremoread- and older and the disabled. Biden Keeps U.S. WATCH VIRGINIA Wall Street Voter Website Down Guessing For Much of the Day Virginia’s voter-registration website went offline for much of ContinuedfromPageOne Tuesday on the state’s last day issue of his opponent’sties to to register before the Nov. 3 lenders and voting record on election, in what officials attri- financial regulation. Mr.Biden buted to an accidental cutting of has focused on his plan to re- a fiber-optic cable. viveaneconomyreeling from The Virginia Information the Covid-19 pandemic,es- Technologies Agency said it chewing the kinds of proposals learned Tuesday morning that to rein in Wall Street that the Verizon cable was inadver- have been pillarsofpast Dem- tently struck during work for a ocrats’ presidential campaigns. roadside utilities project and All that makes this crucial that multiple agencies were af- area of policyevenharder to fected. parse.Advocates on allsides of In the midafternoon, Virginia’s the debatecan see elementsof Department of Elections Mr.Biden’srecordthat give tweeted that the registration

them both comfort and concern. GES portal was back up.

With polls showing Mr.Bi- IMA The Department of Elections den ahead nationallyand in didn’t respond to a request ask- ETTY

manyswing states,progres- /G ing if the deadline to register,

sivesand Wall Street Demo- NG originally set for the end of

cratsare jockeying to influence WO Tuesday, would be extended to

his potential administration, ALEX make up for the outage. Voters advising the campaign on poli- Mr. Biden talks to leaders of Local 66 of the International Union of Operational Engineers during a campaign stop in New Alexandria, Pa. can also register using a paper cies and suggesting cabinet While he has been criticized for his ties to lenders, allies of the candidate say he has always favored Main Street over Wall Street. application. and topregulatoryofficials. In recent weeks, voter-regis- “IfBiden wins,it’slikely would come to Washington tration websites in Florida and one of the wings will be very with their jacketsonand sit Pennsylvania, both considered unhappy by Inauguration, as down with him and call him potentially decisive swing states Biden’searly personnel deci- Joe,” he said. Thefinancein- in the presidential election, sions will indicatewhich dustrylobbyists, by contrast, crashed due to glitches, officials grouping is ascendant,” said called him Senator Biden and said. Jeff Hauser,who analyzescor- were always very formal, he —Alexa Corse porateinfluenceongovern- said. “It wasn’t the same bond.” ment forthe liberal Center for Mr.Biden’srelationship EDUCATION Economic and PolicyResearch. with Wilmington-based MBNA, Both Democratic factions once the country’s biggest in- Gift Supports Covid saythey expect that aBiden dependentcredit-cardissuer Testing on Campus administration would approach and Delaware’s largest private financial regulation much as employer, illustrates the other Several historically Black col- President Obama did. While GES side of his policy instincts. leges and universities will share Mr.Obama signed the Dodd- IMA Mr.Biden and his wifetrav- a $15 million donation over the

Frank financial-reform act in GETTY eled on acompanyplane to next three years from the Bill

2010,the newlaw leftout high- SE/ Maine to addressanMBNA and Melinda Gates Foundation priority progressiveproposals management conferencein to support Covid-19 testing on such as breaking up big banks. 1997,agovernment filing their campuses, the foundation

During his campaign against ANCE-PRES shows. He socialized with said Tuesday. It will be the foun- Mr.Trump,Mr. Biden has said FR MBNA founder Charles Cawley, dation’s largest donation to his-

he would seek to reviveand ENCE who lent Mr.Biden an original torically Black colleges and uni- strengthen the Consumer Fi- AG Andrew Wyeth painting from versities to date. nancial Protection Bureau, re- ON/ his personal collection to hang The donation will supplement TS

turning it to the aggressive WA in the vicepresident’sresi- the Just Project, an initiative

postureenvisioned when Ms. JIM denceinWashington. Mr.Caw- from Thermo Fisher Scientific Warren led itscreation. ley died in 2015. Inc. that has provided instru- He favors expanding bank- lead Mr.Biden’stransition his running matesoothed Warren was calling for.” In 1996,Mr. Biden sold his ments, kits and Covid-19 testing ingservices through post of- team fundraising. many Wall Street Democrats, Mr. Biden, 77, often speaks house outside Wilmingtonto infrastructure to seven histori- fices and individual accounts Mr.Biden also countsformer who don’t consider her a big- of his humble beginningsin an MBNA executivefor the full cally Black colleges and universi- at theFederal Reservetoex- TreasurySecretaryLarrySum- banks adversaryasthey do Scranton, Pa., and his upbring- asking priceof$1.2 million. ties across the country so far. tend financial services to mers, billionairehedge-fund Ms. Warren. ing in afamily wheremoney That year,Mr. Biden’sson The donation will be divided lower-income people. The re- founder Orin Kramer and Roger Mr.Biden has nodded to pro- wasalways tight. His political Hunter,just out of lawschool, among Florida A&M University, sult would be anew system in Altman, the founder and chair- gressives when talking about rootsare in Delaware,the tiny washired by the company. The Hampton University, Howard which people without bank ac- man of investment bank Ever- Wall Street. In acampaign ad statethat has tied itsfortunes younger Mr.Biden later con- University, Meharry Medical Col- countscould easily deposit or core Inc., among his supporters. that made itsdebut during the to being a financial hub. sulted forthe companyduring lege, Morehouse School of Medi- transfer money at lowcost, Progressives saythey are RepublicanNational Conven- Signs of Mr.Biden’sde- the same period that MBNA cine and Xavier University of setting up competition with nervous about what role Steve tion, anarrator says,“No one cades of government service fought forbankruptcy reform. Louisiana, with each school re- consumer banks. Ricchetti, a longtime lobbyist has to tell him Wall Street dot the landscape around Wil- Mr.Biden’scampaign says ceiving $1.5 million. Up to four He also backs an idea pro- with closerelationships on didn’t build this country.” mington. Thefamily name Hunter Biden didn’t lobby on more schools will be added to moted by Mr. Sanders to cre- Wall Street who wasMr. Bi- At the July fundraiser with decorates awelcome center that issue. the donation in the coming ateapublic credit-reporting den’schief of staff when he Mr.GrayofBlackstone,Mr. Bi- formotoristsonInterstate95. Mr. Biden was so sensitive weeks. agency, which itssupporters wasvicepresident, would play den said that while he comes The historic brick Pennsylva- to his reputation as being be- Black Americans have been saywould expand access to in a new administration. from “the corporatestate of nia Railroad station in the holden to the credit card com- disproportionately affected by loans by eliminating racial dis- On the other side of the America,” big companies must center of town wasre-chris- pany—with newspaper editori- the coronavirus pandemic, and crimination in credit scoring. aisle, Republicans, along with develop asense of responsibil- tened the Joseph R. Biden Jr. als sometimes mocking him as infections are increasing among Broadly, the Biden cam- Mr.Biden’sWall Street sup- ity beyond CEO salaries and Railroad Station in 2011. “Biden, D-MBNA”—that he young adults. These facts paign’sproposals forthe fi- porters, worryabout howMs. shareholders. Thecity’s central plaza, laid told the WashingtonPost in spurred the Gates Foundation’s nancial sector arebeing writ- Warren—who has held some Still, he said, “It’snot going out at the behest of the lead- 1999,“I’m not the senator interest in helping to increase tenwith an eyetomeeting the of the Biden campaign’s most ersofaprevious era’slocal from MBNA.” testing capacity at historically expectations of the Democratic lucrativegeneral election business titan, DuPont Co., Then thereisthe 2005 Black schools, said Allan Golston, progressivebase without fundraisersand had been on Thesecurities and nowhostslarge outpostsof bankruptcy legislation, which president of the foundation’s spooking moderateswho his vicepresidential short- BankofAmerica, M&TBank, made it moredifficult forcon- U.S. program. “We absolutely worryabout expanding regula- list—might sway rulemakings investment industry Citizens’ Bank,and Wilming- sumers to shed their debts. have to reduce the disparities in tory powers.Mr. Biden in Au- and personnel choices,includ- has been generous to ton Trust Co., among others. Mr.Biden had long sided access to testing, period,” Mr. gust introduced aplan to for- ing leadership of the CFPB. During Mr.Biden’searly with lenders, which argued Golston said. givehundreds of billions of Sen. PatToomey,aPennsyl- theBiden campaign. yearsasaDelaware senator in consumer abuse of the bank- —Maya Goldman dollarsofstudent debt, but the vania Republican on the Bank- the 1970s,aseries of state- ruptcy system wasraising bor- proposal includes no changes ing Committee, said aBiden level legislativeand regulatory rowing costsfor everyone and CALIFORNIA to federal lending standards administration would “lurch to changes made it attractivefor that credit-cardcompanies that allowhouseholds to bor- the left, no question.” to require legislation. I’m not credit-cardcompanies and shouldn’t shoulder the burden New Fire Risk Seen row whatever is needed to “What I’m really worried proposing any. We’vegot to corporations to base their op- of what they called poor deci- As HeatWaveLooms coverthe cost of tuition. aboutisthe extent to which think about how we deal peo- erations there. sion-making by borrowers. Wall Street has been gener- Biden feels the need to ap- ple back in.” Now, finance, insuranceand In Senate debates at the California’s wildfires have qui- oustoMr. Biden’spresidential pease the far left, the Eliza- Mr.Biden served as vice real estateaccountsfor 44% of time,Mr. Biden said credit-card eted, but forecasters warned bid. People working in the se- beth Warren and Bernie Sand- president during the country’s Delaware’s economy, according debt wasn’t adriving factor in Tuesday that a fall heat wave curities and investment indus- erswing,” he said. “The previous economic down- to the U.S. Bureau of Economic the country’ssurge in bank- could bring back critical fire trygavehis campaign and out- evidencesofar is that he feels turn—a formative experience Analysis. ruptcies.Heaccused Ms.War- weather conditions this week. side groups backing him about agreat need to appease them.” that changed his thinking Records show Mr.Biden renand other consumer advo- Fire weather watches will go $51 million through the end of Some of the president’sal- about whether marketswould sided with those companies on catesofconflating the issues. into effect in much of Northern August, according to the non- lies have said aBiden adminis- self-regulate, his adviserssaid. several key pieces of legisla- This year,asastring of pri- California early Wednesday due partisan Center forResponsive tration would imperil market “He wasvicepresident at a tion over the years. Thebank- maryvictories catapulted him to high pressure producing hot Politics.Mr. Trump’scampaign growth. TheClub forGrowth, a time when areckless, under- ing industryalso wasasource toward the nomination, Mr.Bi- and dry conditions with gusty and allied groups had raised conservativeeconomic policy regulated financial sector of campaign cash, attracted den’scampaign began bridging offshore winds, the National $10.5 million from securities organization, aired an ad in Au- tanked the global economy,” top former Biden staffers and divides with some of his ri- Weather Service said. Peak andinvestment workers. gust in the swing states of Ari- said Jared Bernstein, an eco- at onepoint employedhis son vals. gusts are likely to start late Blackstone Group Inc.presi- zona, Pennsylvania and Wis- nomic adviser to Mr.Biden Hunter. At avirtual Illinois town Wednesday. dent and chief operating offi- consin warning that “Joe Biden who began working with him Jim Greene,Mr. Biden’s hall March 13, he said for the Pacific Gas & Electric said it cerJonathan Gray hosted a17- has takenasharp leftturn” and afterMr. Obama’sNovember Senatepolicydirector from firsttime that he endorsed is likely some circuits will be person virtual fundraiser for predicting the market would 2008 victory. “He recognized 1992 to 2009,said his boss Ms.Warren’sbankruptcy plan, turned off to try to prevent fires Mr.Biden in July,and one of fall 25% with aBiden win. that some of the abuses were wasfar friendlier with union which would repeal much of from being ignited by damaged the private-equity firm’sexec- Mr.Biden’s selection of Cal- very consistent with the sorts leaders than bankers. the lawhewas instrumental in power lines. utives,AlexKatz,ishelping ifornia Sen. Kamala Harris as of regulations that Elizabeth “They were the guys who getting passed. —Associated Press P2JW288000-2-A00700-1------XA

THE WALL STREET JOURNAL. ** We dnesday, October 14, 2020 | A7 U.S. NEWS Lilly Says Covid Testing Labs Face Staff Shortages Study of BY B RIANNA ABBOTT Treatment Brandy Gunsolus’sstaff at theAugustaUniversity Medi- calCenter has expanded labo- Is Paused ratory operations to meet the nonstop demand forcoronavi- BY PETER LOFTUS rustesting.Manyofthe 23 AND JOSEPH WALKER technologistsinvolved with Covid-19 testing areworking Afederally funded clinical overtime,running patient sam- trial testing an experimental ples and chasing down scarce Eli Lilly & Co. Covid-19 treat- supplies—all while trying to ment has been paused due to a keep turnaround times low. potential safety concern, the AugustaUniversity Medical company said. Center has awarded salaryin- Thestudy,which started in creases to itsentirelaboratory August, wastesting whether staff to encouragethem to adding Lilly’s antibody-based stay on, and some workers drug,LY-CoV555,toGilead have delayedretirement, she Sciences Inc.’sremdesivir said. The center also brought would benefit people hospital- in traveling medical laboratory

ized with Covid-19. scientistsunder contract to JOURNAL Lilly said Tuesdayan inde- help ease the workload. But as REET

pendent data safety monitor- the heightened response ST

ingboardfor the trial, known trudges on, Dr. Gunsolus says LL

as aDSMB,recommended a she can sense the frustration. WA

pause in enrollment out of an “You might be able to do it THE R

abundance of caution. forafew weeks or days,but FO “Lilly is supportive of the now we’re going into months ORD

decision by the independent and months,and there’sno YF DSMB to cautiously ensurethe end in sight, said Dr.Gunsolus, RA

safety of the patients partici- who manages the immunology SEAN pating in this study,” the com- laboratoryatthe medical cen- Lauren McDanel, amedical laboratory scientistatAugusta UniversityMedical Center,saysasecond Covid-19 testing lab on campus is ahelp. pany said. Lilly didn’t release ter. “Wedonot have the staff additional details about the to sustain it.” country, according to the U.S. calLaboratoryScience, con- clinical testing are often spe- professionals,isexperiencing nature of the safety concern. As the U.S. has processed Bureau of Labor Statistics. tributing to aflowofworkers cialized and don’t easily trans- the greatest demand forits TheNational InstituteofAl- more than one million daily These medical-laboratorysci- leaving to pursue other ca- fer from other fields. In some medical laboratoryscientists lergy and Infectious Diseases, Covid-19 testsfour times in the entistsprepareand analyze reers. In 2019,the Bureau of states, such as New York and in its17-year historyofthat di- which is sponsoring the study, past week, the demands placed patient samples,operatehighly Labor Statistics put the me- California, technologistsneed vision, said MattNeel, director said Tuesdaythat 326 patients on laboratories areexacerbat- complexmachineryand report dian annual salaryfor clinical astate-specific license,though of allied health sales and oper- had been enrolled before the ing longstanding staffing short- out test results. Technologists laboratorytechnologistsand both states waived that re- ationsatthe company. Thede- study wastemporarily paused. ages,lab specialistssay.Now, canperform morecomplicated technicians at $53,000. quirement at the beginning of mand from clientsisoutstrip- some laboratories aregrappling teststhan technicians and of- When the pandemic hit, the pandemic. ping the supply,headded. to find solutions to addressla- tenrequiremoreeducation. manylabs expanded their oper- “Wedon’t have alot of Theadded support from The pause is due to bor shortages and prevent em- In 2018,the American Soci- ationsintothe early hoursof backfill in expertise,” said traveling scientists, along with ployeeburnout, including hir- ety forClinical Pathologyre- the morning and through the RodneyRohde,chair of the the second Covid-19 testing a potential safety ing traveling laboratory ported an averagevacancy weekends.Laboratoryscientists clinical laboratorysciencepro- lab that opened on campus, concern, the scientists, investing in automa- rate in U.S. medical laborato- worked to validateCovid-19 gram at Texas State Univer- helped ease the workload for tion and sometimes flexing ries of 8.6%, up from 7. 2% the tests, source scarce reagents sity.“Youcan’t just grab Lauren McDanel and her fel- company said. schedules or raising salaries. year before, and the need for and scale up operations on someone and train them up.” low medical laboratory scien- Laboratories that don’t diagnostic testing in coming multiple testing platforms. Automating the Covid-19 tistsatAugustaUniversity have adequatestaff sometimes years is projected to grow. Labs acrossthe country testing processes can ease la- Medical Center, she said. have to limit the amount of Labor shortages in the field continue to expand operations, bor shortages forthe laborato- Ms.McDanel, who runs NIAID said the independent testing they cando, which can have existed foryears, medical with some newlabs opening ries that canaffordtodosoor Covid-19 tests in the microbi- boardmade the recommenda- forcethem to reducethe types laboratoryscientistssay,due to and scaling up from scratch. getaccesstothe highly ologylab,has been able to dial tion afterascheduled analysis of teststhey offer,Dr. Gun- acombination of factorssuch That meansqualified workers sought-afterequipment, labo- back her hours and no longer of safety datafor the first300 solus said. Theshortages as lowawarenessand recruit- forCovid-19 testing arealso ratory experts say. Dr. Rohde needs to come in forthe 2 patients enrolled in the study could also extend turnaround ment and an aging workforce. increasingly difficult to find, said the expansion of accurate, a.m. shift. But the contract found “anoverall differencein time for test results. Payisalso relatively low employers say. In August, 58% rapid testing done outside the workersare set to leave soon, clinical status between the Thereare roughly 337,000 compared with other health- of labs surveyed by the Ameri- lab could also ease the and she is hoping reinforce- group receiving LY-CoV555 clinical laboratorytechnolo- care professions with similar canAssociation forClinical Covid-19 laboratorytesting ments, traveling or perma- and the group receiving saline gistsand technicians working education requirements, ac- Chemistrylisted staffing as an burden. nent, arrivetotaketheir placebo.” in hospital, public-health and cording to a2018 report from issue, up from 35% in May. Aureus Medical Group, place. “I’m good right now. In addition to pausing en- commercial labs acrossthe the American Society forClini- Theskill setsrequired for which employs traveling health Ask me again in a week.” rollment, the safety boardrec- ommended continuing data collection and follow-up of current participantsfor safety J&J HopesVaccine and efficacy. Theboardwill reviewdataagain at aplanned meeting on Oct. 26,and will Trial to Resume Soon make arecommendation on whether enrollment should re- sume, NIAID said. BY PETER LOFTUS AGilead spokesman de- clined to comment. Johnson & Johnson hopes Lilly’s drug is essentially a to know within days whether clone of immune-system it canresume testing its agentsknown as antibodies, Covid-19 vaccine, as the com- which fight infections.Astudy pany battles the virus on sev- testing the drug alone found eral fronts. that it reduced hospitaliza- An independent committee tions in patients with mild to is investigating the unex- moderateforms of the disease. plained illnessofastudy vol- Testing of the antibody unteer that prompted a pause drug combined with remdesi- in clinical trials of the com- ON

vir is being conducted at sites pany’s experimental Covid-19 JOHNS in the U.S.,Denmark and Sing- vaccine,J&J Chief Financial & apore. Officer Joseph Wolk said in an ON

Lillyand the National Insti- interviewTuesday. JOHNS tutes of Health also arecon- Theillnessis“still under J&J Chief Financial Officer ducting other studies of the investigation and we’re going Joseph Wolk in an undatedphoto antibody,which areongoing. to let that processplayout,” Last week,Lilly asked the Mr.Wolk said. Thecompanyis Thecompanydoesn’t know Food and Drug Administration hopeful that the pause will whether the volunteer who fell to authorizeemergencyuse of last only a few days, he said. ill gotthe experimental shot or the antibody in nonhospital- Thepause,announced on the aplacebo,Mr. Wolk said. ized people with recently diag- eveofJ&J earningsthat showed Mathai Mammen,who leads nosed mild-to-moderate an uptick in businesshurt by J&J’spharmaceutical research Covid-19.The companycited a the pandemic,isthe second for and development, said the study showing the drug re- leading coronavirus vaccines in companyhas little information Triple the Pleasure duced the rate of hospitaliza- development. Thehaltsillus- about the case. - tion for patients. tratethe ups and downs that Dr. Mammen said J&J was Cartier Three stoneRing Thepause is the latest af- typically characterizethe test- informed of the study subject’s fecting Covid-19 pharmaceuti- ing of promising but unproven illnessonSundayevening and Famed jewelry house. Desirablestones. caltesting.J&J said lateMon- therapies and vaccines. then notified aboardofout- day it wassuspending trials Researchershavemade rel- side expertsmonitoring the Timeless design. Each of thethree gemstones exploring itsCovid-19 vaccine atively rapid progressdevel- safety of the trial. Dr.Mam- in this classic ring from thehouse of Cartier after a subject got sick. oping vaccines that could pro- men said the board asked for is among thebestofits kind.Afancy vivid Lilly hasco-developed its tect against the new more information. yellow diamondweighing1.24caratsrests at Covid-19 antibody drug with coronavirus,but the shotsstill “Assoon as we overcome itscenter, displaying VS1clarity andevencolor AbCelleraBiologics Inc., of facealast phase of testing this temporarypause,our plan distribution.Two exceptionalwhite diamonds Vancouver,Canada, which iso- that is designed to test is to continue the 60,000-per- lated the antibody from a whether they protect people sonstudy that we’reenroute totaling 1.80 carats flank therare gem, and blood sample taken from one andtofurther sussout any to,” Dr.Mammen said on acon- each possessesthe perfectDcolor.All stones of the first people in the U.S. safety issues beyond the injec- ferencecall with analysts. He are certified by theGemologicalInstituteof to recover from Covid-19. tion-sitepain and flu-like expectsthe companytocom- Americaand setin18K yellow gold. #31-1728 Regeneron Pharmaceuti- symptoms seen in some of the pleteenrollment in two to cals Inc.and othersare test- earlier studies. three months. ing similar antibody-based Subjectsinvaccine trials Despitethe study pause, drugs for Covid-19. They hold oftenhaveside effectsthat re- J&Jcontinues to expand its potential not only to treat sick quirefurther evaluation and manufacturing capacity forthe patients, but also to prevent sometimes apause in the shots, Mr.Wolk said. The Covid-19 in people at risk of study,according to industry companyhopes to makethe infection. If successful, they officials. vaccine available by early could serveasabridgeuntil a J&Jpaused all trials of its 2021,and to producemore Covid-19 vaccine is developed. vaccine,including a60,000- than one billion doses by the Monoclonal antibody drugs subject late-stagetrial that be- end of next year. haven’t been studied exten- ganlast month, because of the J&J’svaccine is one of sev- sively in Covid-19 patients, but unexplained illness. ThePhase eral in late-stageclinical tests the drugscan cause sensitivity 3trial is testing whether the that could yield results in the or immune reactions afterbe- company’svaccine safely pro- coming weeks and months. ing infused. tectsagainst symptomatic Pfizer Inc., Moderna Inc.and 622 RoyalStreet,New Orleans,LA•877-677-2801 •[email protected] •msrau.com Remdesivirisamoretradi- Covid-19 diseasecompared AstraZeneca PLC also are Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. tional pharmaceutical drug with aplacebo. testing vaccines,though Astra- that has adifferent mecha- J&Jexecutives said they Zeneca’sU.S.trial is halted Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. nism of action than antibodies, know very little about the while it and U.S. regulatorsin- and isn’t yetknown to have eventthat prompted the com- vestigateawoman’sillnessin negative interactions. pany to call for a pause. a U.K. study of the shot. P2JW288000-0-A00800-1------XA

A8 | We dnesday, October 14, 2020 THE WALL STREET JOURNAL. WORLD NEWS Europe Schools Upend Virus Plans Mexico Sets Deals Rise in cases among students serves as a To Secure warning to U.S., where classrooms reopened Va ccines

Thereisanew front in Eu- BY ANTHONY HARRUP rope’sfight to contain the coro- navirus pandemic: the class- MEXICOCITY—Mexico room. signed agreementswith three companies that are developing By Noemie Bisserbe vaccines against Covid-19,and in Paris and Giovanni it expects to secure doses for Legorano in Rome more than 100 million people S through 2021.

Parents sent their children PRES Mexicowill buy eventual back to school amonth ago af- vaccines for39million people UMA

terofficials insisted therewas /Z from AstraZeneca PLCofthe

scant evidencethe virus would XPPP U.K.,asmanyas17million from spread in school. Nowschools Pfizer Inc.and 35 million from

arereporting thousands of ON/MA China’s CanSino Biologics Inc. cases in some of Europe’sbig- It is also participating in

gest coronavirus hot spots. PHILIPP the international vaccine alli-

Therising numbersare a JOEL ance Covax, through which it warning sign forthe U.S., About 35% of France’s outbreaks of three or more cases are in schools or universities. Students returning to class on Sept. 1. expectstoobtain doses for whereschools that opened for about 26 million people. in-person classes aretrying to the social and economic cost of French Outbreaks no matterthe grade,while In France, the government is President AndrésManuel prevent clustersatatime cases missing school is toohigh. Spain requires masks forall recalibrating itsapproach. Au- López Obrador said he hopes aretrending higher nationally. Sending studentshome,par- Nearly half of instances of students6yearsold and above. thorities arenolonger system- Mexico canstart inoculating Morethan athirdofthe ticularly young ones,forces multiple Covid-19 casesin In France, the mask require- atically enforcing arule that re- people in December “orinthe U.K.’s 1,700coronavirus out- parentstomisswork.Italso educational settings were in ment begins in junior high with quires schools with morethan firstquarter of next year at breaks,defined as at least two compounds the educational set- junior high and high schools. exceptions carved out forthe three confirmed cases to shut, the latest.” cases,inthe four weeks backs that millions of children Clusters identifiedsinceMay lunch table and gymclass. In It- Mr.Blanquer said. Mexicowill participate through Sept. 27 occurred in suffered this spring when they aly,studentsand teachersofall Studentsare also no longer within days in the Phase 3 educational settings. About 35% were forced to home-school for NUMBER AVG. SIZE grades arerequired to wear sent home if aclassmateor clinical trials being carried out of the 1,070outbreaks under in- months.Classroom closures hit masksuntil they take their teacher testspositiveaslong as by CanSino, and is in talks to vestigation in Franceare in children from low-income Nursery 34 5 seatsinclass. Some schools, they were wearing masks at the take part in trials with compa- schools or universities. Spain, households particularly hard school however, have begun asking time of the contact. That nies from the U.S.,Germany, home to Europe’sbiggest epi- because their parentslacked children to wear amask even changeallows junior high and Russia, France and Italy, For- demic,reported cases in 4.5% flexible work schedules. when seated. high schools,wheremasks are eign Minister Marcelo Ebrard Elementary 72 6 of itsschools as of Sept 24. “The best thing we cando school “Weare not able to getthis mandatory, to remain open. said. In Italy, wherethe virus’sre- forchildren during times like very simple messagethrough: If Some French teachersques- Thecost of the eventual surgencehas been much this is to send them to school,” youwear the mask at school tion whether the government’s vaccines is estimated around slower,the government re- said France’seducation minis- Junior high and take it off immediately af- approach is toorelaxed, espe- $1.7 billion. and high 231 7 ported 2,438 cases among ele- ter, Jean-Michel Blanquer. school terleaving school, it is useless,” cially in acountrythat is now With apopulation of 126 mentary, junior-high and high- Part of the challengeistai- said Gina Antonetti,ahigh- home to the second-largest million, Mexico is among the school studentsasofOct. 3, loring policytocounter avirus school headmistressinFondi, number of cases in Europe countries with most deaths of compared with 809 two weeks that behavesdifferently across in southern Italy. Studentsoften shareadesk, people infected with the earlier.Germanyhasn’t re- agegroups.Early datasuggest College 168 24 Italy also has blanket rules making it hardtosocially dis- SARS-CoV-2 virus with close ported national datashowing adolescenceisaturning point. forquarantining classmates tance, and most schools don’t to 84,000 as of Monday, ac-

the impact of the virus on its In France, the incidenceofthe Note:AsofSept. 28 whenever astudent testsposi- have the equipment or staff to cording to health officials. school system, but public- virus forchildren between the Source:French Health Agency tivefor Covid-19,nomatterthe check children’stemperature “Even though Mexicohas health authoritiessaid this ages of 10 and 19 reached a student’sage.Architect Ele- before they enter the school. one of the best track records week it appeared the pandemic weekly averageof129.2 per when it comes to wearing onoraBottin,who lives in the “I am not an FBI agent. If when it comes to launching hasn’t had agreat impact on 100,000 from Sept. 28 to Oct. 4, masks in the classroom. While northeastern city of Vicenza, parentssend their children to universalvaccination cam- schoolssincethey reopened. compared with 56.5 in the last theEuropean Centrefor Dis- said her 5-year old son was school when they aresick, paigns,thereare certainly Authorities responded to week of August beforeschool ease Prevention andControl forced to stay home aftera there’snoway formetofind challenges that thegovern- some of the outbreaks by quar- resumed. Forchildren younger publishedareport to guide classmatetested positive. out,” said Hugues Poirier,the ment will face in getting the antining classes or,onrareoc- than 10,the incidenceraterose health expertsworking with “They’veonly started school headmaster of ajunior high public to accept new vaccines casions,shutting schools.In only to 21.9from16during the schools,countries have adopted four weeks agoand we areal- school in Neuilly-sur-Marne,a that do not have a long track most cases,however, officials same period. their ownpolicies. ready there,” Ms.Bottin said. Paris suburb. record of use in humans,” po- and manyparentshavepushed European policy, however, is TheU.K.has no requirement “Who knows howmanytimes it —Jason Douglas in London litical-risk consulting firm Em- schools to remain open, saying all over the map,especially forwearing masks in schools, will happen again.” contributed to this article. pra said in a recent report.

youare invitevited 9 00 J8 6D D. VE SER RE HTS RIG LL

novembermber 11, 7 p.m. est .A NC register at wsj.comm//iinnonnovvaattoorraawawardsrds20202200 ,I NY PA OM &C

PRESENTING SPONSORS ES ON WJ DO 020 ©2 P2JW288000-0-A00900-1------EC

THE WALL STREET JOURNAL. We dnesday, October 14, 2020 | A9 WORLD NEWS Crisis-Hit India Cuts Regulation

BY BILL SPINDLE India's quarterly gross AND VIBHUTI AGARWAL domestic productgrowth

NEW DELHI—With India 10% facing an economic crisis brought on by the coronavirus pandemic,Prime Minister Nar- endraModi is looking to de- 0 regulation as the cure. Thechanges pushed through in recent weeks by his –10 BharatiyaJanataParty,have CK led to moreconfusion than ac- TO claim, but economists say the

economic overhaul could ulti- SHUTTERS

mately improveIndia’strou- –20 A/ bled growth prospects.

“The reforms areinthe SINGH/EP right direction. They are bold L PA steps,” said Ashok Gulati,an –30 Indian agricultural economist 2015 ’16 ’17 ’18 ’19 ’20 MINDER

and professor at the Indian Source:India Ministry of Statistics and RA Council forResearch on Inter- Program Implementation Workers at agrain market near Amritsar,India. Economists sayPrime MinisterNarendraModi’seconomic overhaul could boost growth. national Economic Relations. India’seconomic growth ment’sperilous financial state erswithout government per- overhaul went into effect im- sparked an uproar,including jasthan. “It is almost likeleav- wasslowing alarmingly even has leftfew options forad- mission, raised the barriersfor mediately,while most of the from opposition parties that ing the sheep beforethe wolf.” beforethe pandemic abruptly dressing thecrisis,pushed workerstounionize, relaxed labor-market changes will be oncepromoted the very same Meanwhile,workers’ unions threw it intoreverse,starting through agrabbag of dra- rules preventing women from implemented beforethe end of policies and even from farm- areupinarms,aswell, vowing in March. In the months that maticregulatorychanges in working night shifts,and re- the year. erswho aresupposed to be to start anationwide general followed, the economy con- September with little warning stricted unions’ ability to or- Themeasures add to a the main beneficiaries. strike in November beforethe tracted by almost one-quarter, and no debateinParliament. ganizestrikes.Atthe same mixed record of economic Government-approved labor measures—which one the sharpest blowsuffered by In avoicevote, the BJP passed time,itexpanded the country’s changes by Mr. Modi and the wholesale marketshave large central union says “im- anyofthe world’slargest a flurry of changes. social-security program to in- BJP.The prime minister’s con- largely shut or slowedsales as pose conditions of virtual slav- economies during the corona- In asingle swoop,itdis- clude manycontract workers. troversial 2016 movetoin- the tradersand middlemen eryonworkers”—gointoeffect. virus-induced downturns. mantled alongstanding regu- JitendraSingh,aminister in stantly remove almost 90% of who dominatethem protest Economistssay the changes Thepoor have been partic- latorysystemthat forced the BJP government, said the the country’s currency in cir- against the prospect of new could ultimately be aboon for ularly hardhit, as workers farmerstosell most of their changes would ultimately im- culation hobbled the economy competition. Small farmers, the Indian economy, which de- who had migrated to cities to crops through government-ap- provefarmers’ economic pros- foryearswith little benefit to who suddenly have no placeto pends heavily on agriculture. support families in ruralareas proved wholesale markets pects, especially in far-flung showfor it, economistssay. sell their productsuntil other Thechallengemay be imple- returned home when those dominated by tradersand mid- ruralareas,bygiving them Overhauls of the country’s buyersstepup, have also menting them during adouble- jobs disappeared. With many dlemen instead of directly to moreoptions forselling their bankruptcy code and the coun- erupted in protest. barreled economic and health returning to farming,they consumersorfood processors. crops.The BJP has also said it try’stax system have been “Eventually,they will dic- crisis—even though the desper- nowdepend morethan ever Then the BJP passed ase- doesn’t intend to phase out broadlyapplauded, despite tate prices,” said Raju Kumar, ation is what finally cleared a on India’sheavily regulated ries of newlabor measures government wholesale markets complaintsabout howthey a32-year-old farmer,who political path foraninitiative agricultural economy. that increased the number of or minimum pricesupports. have been implemented. growsriceonhis 2-acreplot both the BJP and itsmain oppo- Mr.Modi, whose govern- companies that canfirework- Theagricultural industry Thelatestchanges have in avillageinthe stateofRa- sition have at timessupported. Hundreds of Syrian Rebels Join Armenia-Azerbaijan Fight

BY RAJA ABDULRAHIM earlier this month that accusa- support the internationally sum in the war-wrecked econ- tions it was involved in send- recognized government in omy of Syria. Hundreds of fightersfrom ing Syrian fighterstothe Cau- Libya’s civil war, according to “Going to LibyaortoAzer- Syrian militias allied with Tur- casus were “baseless.” a June report released by the baijan has become anormal key have joined the fighting Azeri officials have also de- U.S. Defense Department. thing,” said the fighter,who between Azerbaijan and Arme- nied using foreign mercenaries. By sendingthe Syrians,as added that he briefly consid- nia over the disputed enclave Azerbaijan and Armenia well as deploying its own sol- ered signing up himself be- of Nagorno-Karabakh, and have been fighting intermit- diers,Turkey increased itsin- cause he struggles to support hundreds more are preparing tently forthree decades over fluenceinnegotiations over hisfamily.“People no longer to go, according to two Syri- Nagorno-Karabakh, aprovince the outcome of the conflict in care who they arefighting ans involved in the effort. populated and controlled by the oil-rich North African with or against, nowall they Turkey quickly declared its ethnic Armenians but interna- country. It also put itself at askabout is the money,” he supportfor Muslim-majority tionally recognized as apart of odds with Russiaand some said. “Wherever thereis Azerbaijan, whose people speak Azerbaijan. Atruce between Arab states that support oppo- money they will go.” aTurkic language, in the esca- Armeniaand Azerbaijan bro- nentsofthe United Nations- “No one but Turkey is sup- lating conflict between two for- kered by RussiaonSaturday backed government in Tripoli. porting” us,said one rebel mer Soviet republics near the has failed to stop the fighting, Moscow and Ankara, which commander.“So just likeTur- border with Russia—an area in with each side accusing the also intervened on opposite key reinforcedusand sup- which Moscow has historically otherofviolations.Officials sides of the conflict in Syria, ported us in Syria…whyshould

been thedominant influence. from both sides said dozens of REUTERS each aspire to the role of re- we not stand with it and help On Monday, Russian De- civilians had been killed and A house damaged by shelling in Stepanakert, Nagorno-Karabakh. gional powerbrokerand have it in any other place?” fense Minister SergeiShoigu scores wounded sincethe con- used mercenaries to advance Last month, a38-year-old raised the issue of Middle East flict erupted last month. September—beforethe latest plied the Azeri government their goals.Turkey’s assertive- Syrian rebel signed up to fight fightersinaphone call with Afterskirmishes flared in round of clashes—in groups of with attack drones, according nessonNagorno-Karabakh, in Azerbaijan, motivated by his Turkish counterpart, Hu- Nagorno-Karabakh in July, up to 100 at atime.Another to Turkish officials.Azerbai- however, has been seen in Mos- thepromised monthly salary lusi Akar.And on Tuesday, word spread among Syrian Syrian with ties to the rebel jan’spresident, Ilham Aliyev, cow as an intrusion intoan of $1,500.“We’rebeing sent to Russiawarned of the possible rebel factions that Turkey was groups also estimated hundreds has said the Turkish aircraft area it regardsasfirmly in its our deaths,” said the man. “transfer of terrorist fighters” enlisting fighters to go to the had gone.Dozens have also re- have given his militaryan sphereofinfluence. “But in the end we care about from the Middle East to Na- enclave,according to four peo- turned, alarmed by the fierce edge in Nagorno-Karabakh. TheSyrian rebel, who has providing bread for our fami- gorno-Karabakh. ple with direct knowledgeof fighting,that person said. Turkey has enlisted Syrian been chargedwith preparing lies.” Turkish officials didn’t im- the sign-ups. Turkey organized two fighterstoadvance itsforeign- spreadsheets of men going to —David Gauthier-Villars mediately comment on Mos- ASyrian rebel involved in weeks of land and aerial mili- policy objectives before. Ear- Nagorno-Karabakh, said many in Istanbul and Ann cow’s statement. But the Turk- deploymentssaid fightershad tary drills in Azerbaijan after lier this year,Ankarasent were lured by monthly salaries Simmons in Moscow ish Foreign Ministrysaid been traveling theresincemid- the July skirmishes and sup- about 5,000 Syrian fightersto of up to $2,000—a significant contributed to this article. WORLDWATCH

RUSSIA EU Sanctions Prompt

Moscow Warning GES IMA Russia’s foreign minister

warned that Moscow could GETTY SAVE freeze its contacts with the Eu- SE/ ropean Union in response to its $170 sanctions over the poisoning of

Russian opposition leader Alexei ANCE-PRES Navalny—an unprecedented FR

threat that reflects a bitter Rus- ENCE sia-EU strain. AG A/ The tough statementTuesday TOP from Sergei Lavrov comes aday MOREIR

after the EU foreign ministers O

agreed to impose sanctions on MEL Russian officials and organizations DE blamed forMr. Navalny’spoison- TRICIA

ing with aSoviet-eranerveagent. PA “We probably simply have to APART: Anun at Portugal’sFatima shrine. Each October,around 100,000 people visit to mark the last temporarily stop talking to those reported vision of the Virgin Mary morethan 100 years ago.This year 6,000 visited because of Covid curbs. 12 people in the West who are re- sponsible for foreign policy and German Europe Minister Mi- INDIA ited protections on land and jobs. WinesYou don’t understand the need for chael Roth warned that “no one Kashmiri Politician In an audio message posted mutually respectful dialogue,” should play down the risks of a Tuesday on Twitter, Ms. Mufti Need to Try Mr. Lavrov said at a foreign pol- no-deal. This would be very bad Freed After a Year called India’s Aug. 5, 2019, action icy conference in Moscow. news for everyone, for the EU a “black decision on a black day.” —Associated Press and even more so for the United Indian authorities released a —Associated Press Plus Kingdom.” topKashmiri politician from de- EUROPEAN UNION Speaking after a meeting of tention Tuesdaymorethan ayear PORTUGAL 3BONUS Bottles EU ministers that he chaired, Mr. after NewDelhi scrapped Indian- U.K. Pressured on Roth added that “it’s now up to controlled Kashmir’s special sta- Soccer Star Ronaldo Trade Concessions the U.K. to make the decisive tus, amove thattriggered wide- Has Coronavirus steps.” spread anger and economic ruin Germany and France on Tues- British Prime Minister Boris amid aharsh securityclampdown. Cristiano Ronaldo has become day pressured the United King- Johnson says the EU must shift Mehbooba Mufti had been held the latest international soccerstar dom to make concessions in its position if it wants a deal, in detention sinceAugust2019 to test positivefor the coronavirus. three key areas of Brexit trade and insists the U.K. is quite pre- alongside thousands of politicians The Portuguese soccerfederation negotiations—fishing rights, cor- pared to walk away without one. and activists after Indian Prime said Mr.Ronaldo,who plays for porate governance and fair com- France warned, that could MinisterNarendraModi’sgovern- the Italian team Juventus, wasdo- petition—or face a Jan. 1 no-deal cost the U.K. the unfettered ac- mentpassed legislation that ing well and had no symptoms af- rupture that would further harm cess it wants to the huge and stripped Jammu and Kashmir’s terhetestedpositivewhile with a U.K. economy already battered wealthy continental market. statehood, annulled its separate his country’snational team. Go to wsjwine.com/now 2WSJW1907 by the coronavirus pandemic. —Associated Press constitution and removedinher- —Associated Press P2JW288000-0-A01000-1------XA

A10 | We dnesday, October 14, 2020 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. We dnesday, October 14, 2020 | A11 The 5G America’s been waitingfor.

Verizon 5G is here. We started with America’smostreliable network. Then built in the coverage of 5G Nationwide, reaching morethan 200+ million people in over1,800 cities. On topofthatweadded the unprecedented performance of 5G UltraWideband in more and morecities—60bythe end of the year. It’sthe fastest5Ginthe world. This is the 5G America’sbeen waiting for.

5G Ultra Wideband available only in parts of select cities. 5G Nationwide available in 1,800+ cities. America’smost reliable network based on rankings from the RootMetrics® US National RootScore® Report: 1H 2020. Tested with best commercially available smartphones on 4national mobile networks across all available network types. Your experiences may vary.The RootMetrics award is not an endorsement of Verizon. Global claim from May 2020, based on Opensignal independent analysis of mobile measurements recorded during the period January31– April 30, 2020 ©2020 Opensignal Limited. P2JW288000-4-A01200-1------XA

A12 | We dnesday, October 14, 2020 **** THE WALL STREET JOURNAL. FROM PAGE ONE

lion of itscash in July and Au- ence more attractive. forming locations. ual, county-by-county opening, woocustomers. Thechain has AMC Faces gust. People familiar with the Thepandemic’sarrival dis- “The whole movie industry but LosAngeles County has yet also begun an initiative to in- companyproject that the cash rupted the company’shopes to is waiting forNew York to re- to reopen some non-essential vest morethan $50 million to burn will continue at about benefit from itsrecent invest- open,” AMC Chief Executive businesses including theaters $100 million to upgrade sani- Crunch the same rate unlessmovie ments. Sincethe reopening be- Adam M. Aron said on Friday. as it fails to meet statemetrics. tation and ventilation and studios begin releasing new ganinAugust, seating at AMC “When NewYork reopens, Meanwhile,studios have de- erect plexiglass barriers, and movies again. Itscash balance theatersinthe U.S. has been that’swhen studios will re- layedblockbuster releases as is in the second month of the For Cash stood at just more than $500 limitedtobetween 20% and lease movies again,” he said, the pandemic continues.Last program, Mr. Aron said. million at the end of August. 40% of capacity due to public- adding,“Thefutureofthis en- month, AT&T Inc.’sWarner But films that have hit cin- ManyHollywood executives health measures.The U.S. the- tireindustryisnow in the Bros.studio pushed back the ema screens in recent months ContinuedfromPageOne and analystsbelieved the U.S. aters that AMC hasn’t yet re- hands of the governor.” release of “Wonder Woman have met atepid reception Shares of AMC closed at movie-theater industrywas opened, including locations in Aspokeswoman forNew 1984” untilChristmas.MGM from moviegoers, who appear $3.54onTuesday, down more poised foracorrection even NewYork and California, were York Gov.Andrew Cuomo,a Holdings Inc.has delayedthe concerned about indoor gath- than 13%. Thestock is down beforethe pandemic struck. responsible for23% of the Democrat, said that the state release of “No Time to Die,” a erings despite limits on seat- about 51% so far this year. Themarket became oversatu- company’s 2019 U.S. revenue. is concerned about theaters James Bond film, until April. ingcapacities.Warner Bros.’ AMC is exploring raising rated with screens starting in Through last weekend, this because they involvelarge Thesituation is aCatch-22 “Tenet,” abig-budget sci-fi funds through selling shares, the 1990s, when cheap credit year’s domestic boxofficeis groups spending extended forstudios.Bypostponing re- film by director Christopher taking on debt, selling assets fueled a construction boom. down 76.2% when compared time together indoors, as well leases now, they arelooking Nolan, has grossed amere or other arrangements. The AMC entered the pandemic with 2019,according to media- as lobby congestion when cus- aftertheir ownfinancial inter- $48.3million afterseven companysaid it has already with $4.9billion in debt the measurement company Com- tomers arrive and leave. ests. But that raises the risk weeks in North American the- raised about $37.8 million by company had amassed after a score. Only 48% of theatersin “We will continue to make of permanent closures for aters. sellingshares.InSeptember, string of acquisitions that North Americaare currently decisions on reopening based many of the theatersthe stu- Thepandemic has brought AMC launched effortstoraise made it the world’slargest operational, the companysaid. on the data, scienceand when dios rely on. shifts in howpeople watchnew $180 million. It sold itsnine theaterchain. In 2016,AMC Theater executives have global health expertsdeter- When AMC reopened most movies.Disney bypassed the- locations in Europe’sBaltic re- paid $1.1 billiontoacquire said it makes little sense to mine it is safetoreopen with- of itstheatersinAugust, it atersinSeptember to release gion for$77 million in August. Carmike Cinemas Inc. Chains roll out newreleases with the- out jeopardizing public sold ticketsatthe “1920” price “Mulan” forhome viewing on In arecent regulatoryfiling, such as AMC have also paid to aters closed in New York City health,” said the spokes- of 15 cents per ticket for such itsDisney+ platform. AMC disclosed that it burned upgrade their facilities to andLos Angeles,which have woman, Caitlin Girouard. old movies as “Ghostbusters” —R.T. Watson through morethan $230.4 mil- make the moviegoing experi- some of the country’stop-per- California is allowing agrad- and “Grease” in an effort to contributed to this article.

enough,” said Genevieve Pandemic Wong. “Sexology,” a talk show on the newstreaming service Alters TV Quibi, doesn’t makeany effort to limit movements of people or useazone system to pro- Production tect those going on-camera, leaving some people on the set nervous,membersofthe pro- ContinuedfromPageOne duction team said. Aproducer All the actorson“S.W.A.T.” onceasked aguest to drink and the people who areincon- cold waterinaneffort to stant contact with them get bring his temperaturedown, tested at least three times a rather than sending him home, week, while others on the set according to two members of gettested onceaweek.Bigger the production team. shows with largerbudgetsof- A person close to the show tenhaveadditional crew mem- said the guest had checked no bersoncall who areundergo- symptoms on the show’sques- ing the same testing as those tionnaire, had previously working on the program—akin tested negativefor Covid, and to being an alternatejuror,a wasmerely overheated. In a CBS executive said. writtenstatement, the show’s Such Covid-19 testing and producer,Madaket Films, said: safety measures arequickly “Weput the health and safety becoming standardacrossHol- of our staff,crewand guests lywood, and the pricetag is before anything else.” steep: morethan $300,000 an PICTURES

episode foratypical one-hour ONY drama, and over $150,000 an /S Safety costs CBS

episode foracomedy,accord- A/ Production companies be-

ing to people familiar with SHIT hind manyunscripted shows

production finances.That INO don’t getthe same financial amountstoa10% to 15% in- help from networks foradded BILL crease in cost per episode,the CBS’s ‘S.W.A.T.’ resumed shooting in August. All actors and those in constant contact with them get tested three times a week. safety costsasthe big studios people said. Network and that makescripted shows, streaming outlets are kicking rus. “It’sannoying,” he said. depressing part of our set,” the HBO movie “Coastal Elites,” scripts weeks in advance,” he some producers said. in to help studios and produc- “We’d all rather not be doing said Casey Kriley, co-chief ex- aseries of one-character vi- said. “It allows everyone to re- “Moreoften than not, it’s ers shoulder the extra costs. this,but this is what it takes ecutiveofMagical Elves, a gnettesabout the effect of the ally prepareproperly and is the networks who areto “Things like testing can be to be safe.” production companythat coronavirus that starred Bette ultimately themost efficient blame fornot well funding very expensive. PPE is very ex- Some shows have been vic- makes thecooking show Midler,IssaRae and Sarah way to work.” projects,” said nonfiction pro- pensive. Reconfiguring sets tims of slowtest results. In “Nailed It” for Netflix. Paulson,fromhis ownkitchen, Theunions that represent ducer Johanna Vanderspool. canbeveryexpensive,” said Vancouver,production on Besides protecting the cast, while the actorswerefilmed in actors, producers, cameramen Sheisthe lead organizer of Sony Pictures Television Stu- manyTVshows,including the zone system also allows their ownproperties.“We and othersonscripted TV theNonfiction Professionals dios President Jeff Frost. ABC’s“AMillion Little Things” shows to limit the potential might as well all have been in shows hammered out an offi- Union,agroup seeking to When actorsorcrewmem- and the CW’s“Riverdale,” was damageofsomeone testing spacestations,” he said. cial manual on Covid-19 proto- align itself with one of the es- bers test positive, production halted when labs processing positive. On “Nailed It,” when Afew such changes likely cols in September,working tablished Hollywood guilds. cangrind to ahalt. This week, Covid-19 testsgot backed up acrewmember tested posi- will remain even when the with themajor studios and Some reality-TV shows re- NBC soap opera “Days of Our and results were delayed. tive, the showtested others masks and swabs areput networks. quireproducersand crew to Lives” and HBO historical Thereal fear forstudios who had been in contact with Liv Tyler,aco-star of Fox’s sign Covid-19 release waivers, drama “The Gilded Age” both and networks is what happens that person. “911: Lone Star,” quit because she said. “Weare the stepchild suspended production after when the day is done and the On “S.W.A.T.,” directors of- ‘I don’t get to do any she didn’t want to travel from of the industry,” she said. crew memberstested positive. cast and crew go home.“It’s tenuse 8K cameras,which the British countryside to the DiscoveryInc., whose net- Most of America’scorpora- only going to be as good as have four times the resolution hanky­panky,’ said show’ssetsinLos Angeles, works runmuch nonfiction tions are figuring out how to the commitment you make to of 4K cameras and allowfoot- one star about limits given the risk of contracting content, initially told produc- return to the office. Theenter- how you’re going to be when agetobeedited to create coronavirus,people close to ers that it won’t help pay for tainment industry faces some you’reaway from the set,” close-ups even if the actors on physical contact. the show said. tests. It has sincesoftened special challenges.For one said John Wells,aprolific pro- are socially distanced. “There Netflix canceled its female that stance, though it isn’t do- thing,the workplacecan ducer who currently has three are all sorts of tricks that we wrestling drama “Glow” be- ing daily testing,likesome change every day, in configu- shows going at once, including utilizeinthat regard,” Mr. cause the pandemic “makes othernetworks and studios. ration and location. On atypi- Showtime’s“Shameless” and Ryan said. away,according to Mr.Frost shooting this physically inti- Cast and crew involved in calset thereare scores of peo- TNT’s “Animal Kingdom.” of Sony Pictures Television. mateshowwith itslarge en- some of itsshows gettested ple with vastly different “We have lots of conversa- “You don’t have the luxury of semble cast especially chal- every two weeks via at-home responsibilities and impor- tions about keeping your bub- No posses shooting ascene 10 times,” lenging,” acompany teststhat aremailed to them, tanceworking close to one an- ble small at home,” he said. “If Astar’susual posse—publi- Mr. Frost said. “You’re shoot- spokeswoman said. aperson familiar with the other—a megastar getting youdon’t feel comfortable cists, agents, managers—is ing fewer takes and getting it Much of the “nonfiction” or matter said. paid millions of dollarsis with that and you want to go nowbarred from sets, as are right.” reality-TV world isn’t union- ADiscoveryspokesman said alongside aboom mic holder on aboat with abunch of network executives.Evenwrit- Mr.Wells,the producer,be- ized, and some people in that the amount of testing canvary or makeup artist. Treating ev- other people on the weekend, ersand executiveproducers lieves thedays of scriptscom- field saysafety protections are from showtoshow, and the eryone safely while taking spe- this isn’t the job for you.” areoften at home watching ing in not long beforeshooting less stringent. company works with produc- cial care of the performers, Ms.Baker,the consultant the action online. are over. “You cannot do this “The jobs Iwas offered, I ers to determine the best ap- who can’t work with masks on, for “S.W.A.T.” and other Sony JayRoach said he directed without fully completed didn’t feel the sets were safe proach. is no small effort. shows,said amovie or TV set Some unscripted shows is most similar to a construc- Back to Business that have shorter production tion site with lots of contrac- cycles and deeper pockets, Aftershutting down early in the pandemic,the television industryisgradually resuming production. Fresh content tors and subcontractors. “You such as ABC’s“TheBachelor,” Although most of LosAnge- have a lot of different groups aretaking a“bubble” ap- les still can’t eat indoorsorgo working together under one proach, requiring actors, pro- to agym, and manyofthe na- umbrella,” she explained. “It ducers and crew to remain in tion’s movie theaters are still canbeconfusing as to who alocation forseveral weeks, closed or operating at lowoc- should be in charge and who just as the National Basketball cupancy, the entertainment in- you’re taking orders from.” Association did with players dustry felt it wascrucial to get Theprotocols in placeat and staff during its restarted the TV cameras rolling again. “S.W.A.T.” aresimilar to those season. TheTBS show“Go- Broadcast and cable networks at othertelevision shows.Sets Bosch (Amazon) Grey’s Anatomy (ABC) The Morning Show (Apple) Big,” an extreme talent compe- and newstreaming services and equipment areconstantly Shooting began Sept.17 Shooting began Sept.8 Shooting to start Oct.19 tition, just wrapped a10-week such as ComcastCorp.’sPea- cleaned. Most shows have a Premiering in 2021 Premiering Nov. 12 Premiering in 2021 shoot in Macon, Ga., with fre- cock,AT&TInc.’sHBO Max Covid-19 complianceofficer, quent testing and isolation. and Walt Disney Co.’sDisney+ whose job is to make sure so- “The temptation forpeople arestarved forfresh con- cial distancing is beingprac- to wander off site is a lot less tent. Even Netflix Inc., which ticed and everyone is masked than if you’reinLos Angeles has banked enough content to up.Mr. Moore, the actor,said, or New York or Atlanta,” said getthrough next year,needs a “They walk around with 6-foot “Go-Big” ExecutiveProducer constant flow of newmaterial sticks just to remind us what 6 Conrad Green. to maintain itsstreaming feet is.” HBO’spolitical talk show dominance. Mr.Ryansaid the showis “Real Time With Bill Maher” “S.W.A.T.,” which is known doing far fewer crowd scenes recently returned to itsLos Riverdale (CW) Shameless (Showtime) Stranger Things (Netflix) forits well-choreographed and now has 30 extras it uses Shooting began Sept.14 Shooting began Sept.9 Shooting began Sept.28 Angeles studio with asmall fight scenes and occasional ro- on arecurring basis instead of Premiering in 2021 Premiering Dec. 6 Premiering in 2021 audience.All of them were mances,now requires story the usual 250.Ifaguest star is tested beforeattending the lines with lessaction and sex. brought in, the show pays ex- taping,woremasks and sat Actors typically stay the rec- tratothe actor to not work more than 6 feet apart. ommended 6feet apart, and five days beforethe “S.W.A.T.” “It wasaherculean effort,” physical contact between them shoot. said Mr.Maher,who had been is limited. “I don’t gettodo Gone arebig fancybuffets taping his showfromhis Bev- anyhanky-panky,” said the and large groups eating erly Hills home,often with show’s star,Shemar Moore, around a few large tables. In- only his dog as an audience. who added that he also misses stead, everyone is given a He made no secret of how hand-to-hand combat. boxedlunch to eat in shifts at much he missed doing the Succession (HBO) S.W.A.T. (CBS) This Is Us (NBC) Themost action Mr.Moore individual tables arranged to show in front of a crowd. Shooting maystart in December Shooting began Aug. 4 Shooting began Sept.24 gets nowishaving aswab resemble an elementary- Premiering in 2021 Premiering Nov. 11 Premiering Oct.27 “Atacertain point,” he stuck up his nose several school classroom. said, “I just couldn’t tell jokes times aweek to test forthe vi- “I thought it was the most Sources: Networks; studios; streaming services; Photos: Everett Collection (5); ABC; Netflix; CBS; NBC anymore to nobody.” P2JW288000-2-A012A0-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, October 14, 2020 | A12A GREATER NEW YORK MTA Faces DireOutlook, ReportWarns

Without federal aid, in astatement. “With rider- ship down and no additional agency will have to cut help likely from NewYork service, layoff workers, stateorNew York City,the MTAdesperately needs an in- state comptroller says flux of federal funds or un- heardofservicecutsand BY PAUL BERGER workforce reductions will hap- pen.” S NewYork’smass-transit TheMTA has spent the past NEW

system, facing the worstfiscal several months making similar G crisis in itshistory, could be warnings about itsprecarious forced to cut services and financial state. Patrick Foye, OOMBER borrow billions of dollarsif the MTA’schairman and chief

the federal government executive, said in a statement GLE/BL

doesn’t approveaCovid-19 Tuesdaythat the authority NA bailoutpackagewith transit faces fiscal calamity without

funding, the state’stop fiscal $12 billion in federal aid. MICHAEL watchdog says. “Continued inaction by Weekday subway ridership is down 70% compared with pre-pandemic levels. Commuter-rail ridership is recovering even more slowly. Comptroller Thomas Di- Congresswill not only hurt Napoli warned in a report re- our customersand employees, warned that some of the au- could changecommuting be- coronavirus bailout earlier by debt beforethe crisis.Ear- leased Tuesdaythat the state’s but also the economic rebound thority’s financial projections, havior for years. this year. lier this year,the authority Metropolitan Transportation of New York and the nation,” dire as they are, are based on “Thereare alot of un- Thedeficitsare driven hadmorethan $40 billion in Authority will be forced to he said. riskyassumptions that sub- knowns about when ridership mainly by forecast shortfalls debt outstanding and debt re- slash service, layoff thou- Negotiations between Dem- way,bus and rail farerevenues goes back to pre-pandemic in fares and tolls of $10.3 bil- paymentsthat consumed al- sandsofworkersand delay ocratsand Republicans over a will recovertopre-pandemic levels,” Mr. DiNapoli said. lion and shortfalls of $5.5 bil- most 20% of its$17 billion op- long-needed improvementsto federal bailout bill appear to levels by 2023. Weekday ridership on New lion in dedicated taxrevenues erating budget, according to buses,commuter rails and the have reached an impasse after Mr.DiNapoli said Tuesday York City’s subway is down from sources such as real-es- the report. subway system should federal dragging on for months. that such assumptions are 70%compared with pre-pan- tate transactions and payroll. New York state has autho- funding fail to materialize. He TheMTA runs NewYork modeled on recovery patterns demic levels.Ridership on TheMTA oftenprojects rized the MTAtoborrow up to also warned that the authority City’s subway and bus sys- from the 2008 financial crisis, commuter rail lines is recover- budget gaps.But the report $10 billion to cover operating could be forced to borrow bil- tems,two commuter rail lines, which differed from the cur- ing even more slowly. notes that the current projec- costs. Thecomptroller’s report lions of dollarstomaintain the Long Island Rail Road and rent crisis. TheMTA projectsadeficit tions areunprecedented. For notes that if the authority is services,amassing debt that Metro-North Railroad, as well He said the manner in of about$16 billion through 2021, the MTAprojectsagap forced to borrow the full will take decades to repay. as several toll bridges and which the pandemic has al- 2023,according to the comp- of $6.3 billion, or 53% of total amount, debt servicecould “The MTA’sfinancial condi- tunnels. teredconceptions of office troller’s report, even after re- revenues. rise to 27% of itsoperating tion is dire,” Mr.DiNapoli said Mr.DiNapoli, aDemocrat, work and work from home ceiving $4 billion in afederal Theauthority wasburdened costs by 2023. Blood Center Plans Major Expansion Covid FightSeen

BY KATE KING Christopher Hillyer,presi- dent and chief executiveofthe At Critical Point TheNew York Blood Center Blood Center,said the organiza- is planning amajor redevelop- tion needs morespacefor its ment and expansion of its90- research and to expand the BY SHAN LI off-limitsand houses of wor- year-old building on the Upper number of companies it incu- ship arerestricted to no more East Side,ascity officials say bates in itsoffices.The Blood NewYork City is facing a than 25% capacity or 10 people. they areeager to build up the Center expectstomorethan crucial test this week of The city has been ramping life-scienceindustryinthe double the number of jobs it whether it can prevent a sec- up enforcement of the newre- wake of the coronavirus pan- has on-site, to 580 from itscur- ond wave of Covid-19 cases by strictions. Over the weekend, demic. rent staffing level of 210 em- enforcing targeted shutdowns authorities issued over 100 S

Theproject, which is subject CT ployees.“We had all the ele- in areas that have emergedas summonses in red, orangeand to zoning approvals,calls for mentsalready to be amini life- coronavirus hot spots. yellowzones foravariety of replacing the Blood Center’s CHITE sciences hub,” Dr.Hillyer said. MayorBill de Blasio said at a violations,including holding AR current building on East 67th “Weweredeep in research and Tuesdaynewsconferencethat massgatherings, officials said. Street with a16-story, nearly development, focused on the aggressive outreach and test- Morethan $150,000 in fines

600,000-square-foot campus X/ENNEAD lifesciences.” ing, combined with tighter so- were also handed out.

built by LongfellowReal Estate DBO Jamison Peschel, managing cial-distancing restrictions, Thenumber of people test- Partners, aprivatelife-sciences A rendering of a new, larger building for the New York Blood Center. partner at Longfellow, said that have already led to some “level- ing positive in New York City developer.The NewYork Blood design, financing and building ing off” in so-called redzones, sincemid-September has been Center would be an anchor ten- istration is focusing on public based life-sciences companies will take several yearsand that which have seen the highest on the rise, with the most re- ant, occupying five floors, with health and the life-sciences in- wasgrowing ayear agobut has the Blood Center will need to positivity ratesfor the virus. cent seven-dayaverage hitting the upper stories marketed to dustryasthe cornerstone of exploded sincethe pandemic be relocated during construc- “This week will be abso- 520 people on Sunday. A city startups,industrygroups and the city’s economic recovery hit, said StevePurpura, vice tion.The developer hopes the lutely decisive,” Mr. de Blasio threshold fornew coronavirus venture-capital firms. from the pandemic,and it sup- chairman at CBRE Group Inc., a newcampus will be ready for said. “This is the week where cases is 550,anindicator that TheBlood Center,which portsthis project, said Deputy real-estateservices firm. The occupancybythe end of 2026. we canstart to turn the tide in was set months ago. started in the early 1960s,pro- MayorVicki Been. health crisis has drawnsignifi- Thenew campus will be those red-zone areas and con- Hospital admissions for vides blood productstohospi- “Weneed to makeveryseri- cant attention and investor called Center East and will be tain the problems that we are Covid-19 were at 59 people on tals acrossthe five boroughs. ous progressonmaking New capital to the importanceofge- jointly owned by the Blood seeing there.” Sunday. Thethreshold forthe Blood Center scientistswork on York City the public-health cap- nomics-based research. At the Center and Longfellow. The newrestrictions,imple- city is 200. vaccines and treatmentsfor ail- ital of the U.S.,” she said. same time,the city’s officeand In total, the Blood Center mented last week,affect To contain the spread of mentssuch as HIV,SARS and TheBlood Center project residential real-estatemarkets and Longfellowanticipatethat swaths of NewYork City and the virus in schools, City Hall sickle-celldisease.The non- would add needed research have softened,making life-sci- Center East will have more nearby Rockland and Orange promised random monthly profit is also responding to the space, Ms.Been said. NewYork ences development moreat- than 2,600 jobs on-site, mostly counties.The measures take a testing of 10% to 20% of stu- coronavirus pandemic,operat- City,home to nine academic tractive. life-sciences workers, and cre- tiered approach, with hot spots dents and staff showing up in ing aconvalescent plasma bank medical centers, has alarge tal- “Companies need to do their ateanadditional 3,000 indirect identified by the colorsred, or- person at each school. Across and with two vaccine candi- ent pool but has struggled to research in the laboratory. It jobs in the neighborhood. The angeand yellow. In the red 56 schools, 1,751people have datescurrently in preclinical add enough laboratoryfacilities can’t be done from home or in partnersare applying forcity zones,schools and nonessen- been tested so far,Mr. de Bla- trials. to expand the industry. an existing officebuilding,” Mr. taxincentives available to life- tial businesses have been sio said Tuesday. Only one test MayorBill de Blasio’s admin- Investment in NewYork- Purpurasaid. sciences and industrial projects. closed. Massgatherings are came back positive. NYPD Seeks Public Input on Changes After Antiracism Protests

BY BEN CHAPMAN Cuomo mandated the adoption if youwill, policing in New changes to policing and crimi- his police-reform effortshave of reforms by the NYPD with York City,” Mr. Shea said. nal justice in his seven years permanently strengthened the TheNew York PoliceDe- an executiveorder issued in ‘This is about Mr.Shea will attend many as mayor, including reducing bond between the NYPD and partment will hold a series of June afterheand NewYork reimagining, if you of theevents, which arein- the number of arrestsmade by local communities. town-hall meetings with resi- City MayorBill de Blasio pub- tended to increase transpar- the NYPD and shrinking the In an interview, NewYork dentstogather public input licly sparred over Mr. de Bla- will, policing in New encyand gather input on city’s jail population. City Public Advocate Jumaane on effortstomakechanges to sio’s handling of protests Yo rk City.’ NYPD policies and practices, Crime remained lowduring Williams urgedthe leadership the department’s policing, of- against racism and policebru- the officials said. much of Mr.deBlasio’s two of the NYPD to take seriously ficials said Tuesday. tality.The demonstrations As part of the effort to en- terms in office but homicides the input of the public as it The NYPD will set up eight were spurred by the killing of gage the public,the NYPD has and shootingshaverisen in considers additional changes. public meetingsaround the George Floyd, a Black man, in peaceful protests that drew also formed partnerships with 2020. The NYPD struggled to Mr.Williams said abroader city,including one Wednesday Minneapolis police custody. thousands of New Yorkers. the leadersofnonprofit organ- makearrestsfor gunoffenses public discussion on public in StatenIsland. Thelaw-en- At the time,Mr. Cuomo said At anewsconferencetoan- izations including NewYork during the summer but in Sep- safety would be useful in the forcement agencywill use that Mr.deBlasio and the nouncethe town halls,NYPD Urban League, the Federation tember detectives began to city.“What we should be do- feedback from the forums to city’s police department “did Commissioner Dermot Shea of Protestant WelfareAgencies make more arrests, according ing is reimagining public help reinvent the department notdotheir job” to stop loot- said the department would be and Robin Hood, policeoffi- to NYPD figures. safety,and lawenforcement by April, the officials said. ing and violence that some- seriously reviewing itspolicies. cials said. Mr.deBlasio said in a hasarole in that,” Mr.Wil- NewYork Gov.Andrew times accompanied the mostly “This is about reimagining, Mr.deBlasio has made statement issued Tuesdaythat liams said. P2JW288000-6-A012B0-1------NS

A12B | We dnesday, October 14, 2020 NY ****** THE WALL STREET JOURNAL. GREATER NEW YORK

METROMONEY | By Anne Kadet GREATERNEW YORKWATCH

WasteNot,WantNot—and EataLot NEW YORK CITY NYPD Official to Exit Iate some After City Hall Clash odd meals last week: aturkey A top commander seen as a wrap for rising star in the leadership breakfast one ranks of the New York Police day, cheddar Department abruptly gave notice cheese and chocolatecakefor Tuesday that he is retiring, less dinner the next. On afew oc- than a year after taking the job. casions,Ididn’t exactly know Chief of Patrol Fausto Pich- what the heck Iwas eating. ardo’ssudden exit wasborne out But it wasfor agood cause. of frustration with MayorBill de Not only wasIsaving the Blasio thatboiled overlastweek, planet by reducing food according to apoliceofficial with waste—a cause Icareabout a knowledge of the chief’s reasons little—I waseating cheap, a forleaving. Chief Pichardo filed re- cause Icareabout alot. tirementpaperwork Tuesday, the Iwas using TooGood to departmentsaid in astatement. Go,anapp-based servicejust Mr. de Blasio’s press secre- launched in NewYork City tary, Bill Neidhardt, didn’t re- that letsyou buy leftoverpre- spond to a question about the pared food from grocery JOURNAL alleged dispute. “Chief of Patrol

stores,restaurantsand baker- REET Pichardo is a deeply respected

ies that would otherwise hit ST leader in the NYPD and City Hall the trash when the dayends. LL is continuing to have conversa- Theapp liststhe day’sop- WA tions with him regarding his fu- THE

tions,which canbefiltered by R ture,” Mr. Neidhardt said. location, cuisine and pickup FO Amessage seeking comment time.Customersreserve, pay TH wasleft with Chief Pichardo,who in advanceand retrievetheir the departmentsaid would stay order from the provider.Most SELBER on the job until mid-November. HES

options cost $3.99or$4.99—a E According to the law-enforce- YC

thirdofthe menu price. Too JO ment official, Chief Pichardo felt Good to Go takesa$1.39 cut. Mr. de Blasio and his staff were My favoritefeature: You NewYork partnerssofar are lunch and dinner was$29— he’sgenerating far lesswaste, surprise party when it comes meddling in police work and ig- don’t knowwhat you’reget- bakeshops and cafes, with the taxincluded. That’s$3.22 a and pocketing $3.18 on each to their next meal. Forcontrol noring the department’s chain of ting until youpick up your or- remainder divided between meal—lessthan Itypically order.Itadds up.Ifhecontin- freaks,there’sFood forAll, an command by communicating der.It’sasurprise! fast-casual restaurantsand spend cooking at home.My ues selling five ordersanight, anti-food wasteapp that with him directly, instead of grocerystores. Most arein inner Scroogewas thrilled be- he’ll earn an extra$5,800 a started in Boston and came to through the police commissioner. oo Good to Go,which Manhattanand Brooklyn. The yond measure. year on slices that would oth- NewYork in 2019.Onthis —Associated Press launched in Denmark, companysays it will soon Saving money isn’t sup- erwise hit the trash. platform, restaurantsoffer T have 1,000 partnersinall five says it is already dish- posed to be the point, of “It’sfound money,” he says. specific dishes—a choiceof NEW JERSEY ing 100,000 meals aday in 14 boroughs. course.According to Too Veggie or Chicken PadKee European countries.Its Sept. Living entirely on TooGood Good to Go,New Yorkers asteislessofaprob- Mao,for instance. But the dis- Mother Succumbs 29 NewYork launch wasits to Go grub took alot of plan- waste1.3 million tons of food lem at Murray’s count is smaller,typically 50% To Injuries From Fire firstforay intothe U.S. ning.Ihad to ventureout late everyyear.Companyemploy- W Cheese in the West off. I’ll tryFood forAll when “NewYork City is ready for at night to snag ordersfor the ees refertothemselves and Village. But the TooGood to I’m up forasplurge. A mother has died from inju- it. We NewYorkersare pio- next day’sbreakfast and their consumer base as “waste Go app bringsnew customers, Meanwhile,Iwarned Ms. ries she suffered in a commer- neers—welovetobethe first lunch. But it wasfun trying warriors.” They’reout to edu- says Chief Strategy Officer Quinn that Imight toss the cial building fire last week that ones to do anything,” said newvenues and foods.Isam- cate and save the planet, one Elizabeth Chubbuck,and ex- remaining half of asourdough killed her two young daughters Gaeleen Quinn, the company’s pled apork ricebowlfroma day-old bagel at atime. pands the market to include loaf Ibought from aBrooklyn and the girls’ friend, along with East Coast director. Japanese mall chain and ScottWalker,who owns folks who can’t typically af- bakerythrough TooGood to another woman. Itold Ms.Quinn that Iwas chicken shawarma from a Highline Pizzeria in Manhat- ford the shop’sfull-pricefare. Go.The sizeand heftofa Merlyn Vasquez, 36, died planning to liveonnothing neighborhood kebab joint. tan, says that during the pan- That’sme! My $3.99sur- bowling ball, it wastaking Thursday at a hospital, three but TooGood to Go farefor And I’m still not surewhat I demic,demand has been espe- prise “dairybag” from Mur- forevertofinish. “Oh no,that days after the fire occurred in three days straight. She atefromthat Manhattandim cially difficult to predict. He’s ray’sincluded two cheeses. would be horrible!” she said. Elizabeth. Her death was con- thought this wasafine idea. sum shop.Inmynotes,Ide- typically stuck with several One wasazero-personality “Please don’t. With bread, you firmed Tuesday by a city “Full disclosure, we have a scribed amysterious pastry pies everynight. “It breaks NewYork cheddar.But the canfreezeit. Makeitinto spokeswoman. The fire appar- lot of bakeries,” she said. “If bun filling as simply “very your heart to throw it away,” second was6-ouncehunk of bread pudding.Croutons!” ently started in a ground-floor youput on alot of pounds, yellow.” he says. La Tur,aspectacularly creamy I’ll try. Is thereanapp for business and quickly spread to a don’t blame it on us.” Another plus: Theservings But nowthat he’soffering a and tangyaffair that usually that? second-floor furniture store She’snot kidding.Roughly were generous.The totalcost last-hour deal on TooGood to costs$33 apound. where the victims were found. half the company’s200-odd forthree days of breakfast, Go—three slices for$4.99— Not everyone’supfor a anne.kadet @wsj.com —Associated Press aleFREE INSIDE THE xa Naomi Maathis

OUT TODAY

THE

“Myvictoryisfacing my PTSD so Ican be here for my children.” WATCH After returning from service in Iraq, Naomi could still hear the booms and see the tracer fire. With the right supportfrom DAV, she began to heal. DAVhelps veterans of everygeneration get the benefits they’veearned—helping more than one million veterans ISSUE each year.Supportmore victories forveterans®. Go to DAV.org. Timeathomewith ‘Walking Dead’star

1 Jeffrey Dean Morgan 3NYP10 P2JW288000-0-A01300-1------XA

FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. We dnesday, October 14, 2020 | A13 HowtoAsk Yo ur Boss for Flexibility

Employers have pledged to give workers more leeway to handle caregiving in the Covid pandemic. Here’s how to make your request.

EOs have said it’sOKfor ultimatetime to have employees to ask forhelp meetingswith these with child care responsibil- moms.Let them pres- ities during the pandemic. ent times that work for CBut is it really? you.” Moreworkers, especially But it’snot agiven mothers with young kids,are strug- that your companywill gling nowwhile managing child accommodateyou: care,remotelearning and their Nearly 60% of organi- jobs.Companies have rolled out and zations said they would touted flexibility initiatives.But handle child care ac- manyemployees remain afraid that commodation requestsonacase- and work later intothe evening. mention the biggerpictureofhow and is also able to shifther work- asking forreduced hoursoramore by-case basis,according to the Soci- If youneed to lessen your work- youcan help acompanythriveat daylater.“It wasareally good time flexible schedule putstheir career— ety forHuman Resource load entirely,beupfront: Ask to time when manypeople areinthis forthem to be morehuman,” she or even their employment—at risk. Management survey.Only 16% said work at, say, 75%capacity without situation. “Most people fail to take says. An encouraging sign, HR execu- accommodations would be granted having to completeyour work un- astepback from their personal di- Some workerssay the discussion tives say, is that bosses aregener- to all employees who requested der acondensed timetable,says Dr. lemma,” says Ms.Stewart. around pandemic challenges is mak- ally moreopen to these discussions them. And 7% said employees Kelly.Bosses nowhaveafront-row When her employerstarted ask- ing it easier to talk about flexibility and companies arecreating more would be required to return to the seat to child care challenges,which ing people to come back intothe of- morebroadly.Beforeher maternity options.Eighty-six percent of or- worksitewhen scheduled without canmakeiteasier to makeyour fice this month, Lydia Elle wanted leave ended in May, AvivaTropp, ganizations said they were imple- additional consideration forchild case,says EricaVolini, global hu- the flexibility to continue working associatepartner at Prophet, acon- menting or considering allowing care. man capital leader at Deloitte Con- from home.Ms. Elle,anoperations sulting firm, realized she didn’t flexible hours, while 63% said they In manyworkplaces thereisstill sulting.“What remotework has research analyst who lives in Los want to restart her busy 10-hour were implementing or considering astigma in asking forflexibility. provided is moretransparencyinto Angeles,isasingle mother with a days right away. allowing reduced hours, according Some bosses mayviewitasanindi- your home life—that canbeused as fifth-grade daughter who’s attend- She talked with co-workersfirst, to aSociety forHuman Resource cation that you’relesscommittedto astarting point,” she adds. ing classonline.Ms. Elle needed to and then aboss. She says the pan- Management survey of 1,087 hu- the job,says Erin Kelly,aprofessor Emphasizeyour ability to con- be available to help her daughter demic helped her broach the subject man-resourcesprofessionals across at MIT Sloan School of Manage- tinue to deliver quality work and with assignmentsand to answer of work-lifebalance. “Everybody U.S. organizations in May. ment who studies flexible arrange- whyitwould be beneficial forthe questions during the day. wastalking about this already,” she “Being flexible right nowisev- ments. company, says Sandi Stewart, an ex- She made her case by pointing to says.“Thefirm wasopen to explor- erything,” KendraScott,CEO of Having aclear plan helps you ecutivecoach based in Washington, the success she’dalready had in ing different options.” KendraScott LLC,anAustin-based makeyour case.Propose adetailed D.C. Propose clear timelines forhow working from home sincethe pan- She came in with adetailed plan: lifestyle and fashion brand, said at alternativearrangement, including and when you’ll getthe work done. demic began: “I had abody of work She asked to work 60% of the time the WSJWomen In the Workplace howyou will getyour work done, Reassert your commitment to stay- that wassimilar if not betterthan forafew weeks as atransition, and Forum,held Sept. 30 online.“Moms rather than putting the burden on ing with the companylong-term when Iwas in the office,” she says. then reassess. They agreed, and she right noware trying to figure out your employertofind asolution, and point to prior achievements. It waseasier to bring up her child agreed to aproportional paycut howtodotheir calls and also take expertssay.For instance, if you “Movetheir attention from hoursof care needs because her colleagues during that time.After amonth of GES care of their kids on their Zoom need to maketime forchildren in the daytothe value youbring,” had already gotten awindowinto the reduced workload, she felt com- IMA classes all over the country. And so, the morning,propose shifting your says Ms.Stewart. her home-lifeonvideo calls.She fortable resuming full-time work.

GETTY hey,maybe from 9to2isnot the start time back acouple of hours, One common mistake: Failing to gotpermission to work from home “It wasseamless,” she says.

MY RIDE |A.J.BAIME The ForgottenBritish Race CarWith Ferrari Flair

Left, this Sunbeam raced in the 12 Hours of Sebring with a Ferrari sticker. Below, a look at its instrument panel.

tionedoff by RM Sotheby’s rang all the bells forme. It had real Sebring history.I have alwaysbeenafan of British racing cars,and this one wasexactlythat. But the coolestthing was this:In1963, the carhad competed with Ferrari’s North American Racing Team (N.A.R.T.), because its owner wasanadvertising man who handledFerrari’s account. The N.A.R.T. team slappedFerrari’slogo on it. To my knowledge,this caris Ford Heacock III, 69, are- the only British racing car tired owner of an insurance ever to competewith aFer- agency living in Lakeland, rari logo. Fla., on his 1961 Sunbeam Back to the auction. The Harrington Alpine, as told pricewas going up fast.I to A.J. Baime. wasonthe phone with my friend Steve. Isaid, “Let’s do On Jan. 16, aThursday, I one morebid.” And thatwas wasclimbing into bedat the bid thatwon this car. about 9:45p.m., and Ihap- From the time Isaw it on penedtolook at my phone. my phone until the time I Somebody had sent me a boughtit, 15 minutes had Facebook postabout acar passed. Ihad neverdone thatwas being auctioned anything likethatinmy offinArizona on thatday.It life—spentsix figures on an wasa1961Sunbeam racing impulse buy. carthathad competed at Ford Heacock III had to make an instant decision on whether to bid on this 1961 Sunbeam Harrington Alpine. He went for it. Twoweeks later, the car the 12 HoursofSebring en- arrived.Idisplayeditatthe

(4) duranceracein1962 and bad news.The good news is, up,mygrandfather wasone As akid, Ihad access to Racing Association,still to- Amelia Island Concoursd’El- 1963.Itgot my attention, the carhasn’t sold yet. The of the head organizersof everything, and Imet the dayone of the largestvin- egance, but rightafter that, but Ipresumedthe carhad bad news is,the auction is the 12 HoursofSebring. For greatest driversinthe world tage racing clubs in America. Covid hit.Hopefully when JOURNAL already sold. going on rightnow.The bid- atime,myfather wasthe during thatera,which is of- Istarted an insurancecom- things return to normal, I

REET Iforwarded the Facebook ding is already past$50,000 race’sfinancial officer.Every tencalledtodaythe golden panycalledHeacockClassic candisplayitatthe 12 ST posttomy friend SteveUit- and climbing fast.Whatdo March when Iwas growing age of racing. Stirling Moss to insurevintage cars and HoursofSebring next year, LL

WA erwyk,who had done some youwanttodo?” Ihad to up,the entireinternational and Juan Manuel Fangio and race cars. and I’ll do some vintage rac- businesswith the auction makeaninstantaneous deci- sports-car racing world Phil Hill—all my heroes.I I’ve nowsold all those ing in it.But Ienjoyjust THE

R company, RM Sotheby’s. He sion. These auctions happen came to our tinytownin laterbecame highly involved businesses,and in my retire- looking at it and thinking FO respondedrightaway:“Call very quickly.Isaid, “Let’s Florida foraraceheld on a in vintage racing. Istarted a mentIhave become inter- about the memories it con- me.” Iwentout into my liv- jump in.” World WarIIairfield that magazine calledVintage Mo- estedinvintage cars that jures,ofmyfather,my

EDELHEIT ing room and calledhim. He Forme, this carwas very had been decommissioned. torsport,which still exists, racedatSebring. So youcan grandfather,myheroes,and

EVE said, “I gotgood news and special. When Iwas growing It wasanabsolutecircus. and the Sportscar Vintage seewhy the carbeing auc- my past. P2JW288000-0-A01400-2------NS

A14 | We dnesday, October 14, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS The Secrets of aLegendary Hair Stylisttothe Stars

BY RAY A. SMITH Kennedy Onassis as well as the erylittle pieceabout Kenneth. I hunger forstories about celebri- wanted Kenneth—had he been acqueline “Jackie” Kennedy ties from personal assistants, aliveand picked up this book—to Onassis has been a muse stylistsand other behind-the- have approved. To have been, like, and inspiration to the fash- scenes players.Itisatime cap- ‘OK,herespected me and he did it ion industry since honing sule of an intimate—and by- right.’That’swhy Isolely focused Jher first lady style in the gone—erainthe hairstyling on his grand career.And Iwanted early ’60s. A new book, industry, which has been dis- to leave that mystery, because I “Kenneth: Shear Elegance,” focuses rupted by Covid-19. wanted to respect him. on the hairdresser who created her Edited excerptsfromaninter- signature bouffant and post-White viewwith Mr.Longo: Youhave stories of his humility, in- House hairstyles. cluding his being horrified by Thebook,tobepublished the society-column headline, Oct. 15,displays the rangeof “Pickle Queen Goes to Yacht Kenneth Battelle,who be- Partywith Hairdresser,” after came the first-name-only he went to adinner with ac- star tending the hair of Judy tressand socialiteDrue Heinz. Garland, Lucille Ball, Gloria Howdoyou think he would he Vanderbilt, Jean Shrimpton, feel about hairdressers today C.Z. Guest, Joan Riversand flaunting their ties with celeb- HillaryClinton. rityclients on Instagram? During the ’60s and ’70s, Kenneth would be appalled. ahairdo by Kenneth wasa That would be the ultimate status symbol prized by ce- scandal forhim, to showpho- lebrities,socialites,fashion tographs of his clients. Ken- magazines and aspiring ca- neth wassointodiscretion reer girls. and privacythat he didn’t even Mr.Battelle did Marilyn advertise his salon. Monroe’shair beforeshe purred “Happy Birthday” to Thereare some revelations John F. Kennedy at a1962 about clients, likewhen Prin- fundraiser in Madison cess Muna Al-Hussein of Jor- SquareGarden. He styled dan faintedfromheatduring a the actress’shair intoacas- photo shoot. Howwould he feel cading swoop and enlisted about these stories being in a hot rollerstoproducevol- book? ume. Those are stories that actually Luck brought Mr.Battelle Kenneth revealed himself [to together with Mrs. Kennedy others]. So I felt like it had beforeshe became firstlady, In the book, youadvise readers to been public knowledge and I would when he pitched in on aday that Google the names of manyofKen- assume he would be fine with it her regular hairdresser wassick. neth’sclients. Why? being known now. Over the years, times and I’m only 34 yearsold but I’m trends changed and she moved on very passionateabout elegancein Whatdoyou think to one of Mr.Battelle’sformer former eras.But Iknowmycon- should be his legacy? employees.Mr. Battelle moved temporaries,mypeers—they’re When you think of out of the limelight but his story not. Marilyn Monroe, you intrigued Giuseppe Longo, afree- So,Ithought, Imight know think of her swoop. lancewriter and the author of who Babe Paley is but possibly When you think of “Shear Elegance.” someone else my ageisgoing to Jackie, you think about

Mr.Battelle consented to the be,like: “Who is Babe Paley?” her bouffant. A lot of TTELLE book but died in 2013 at age86 [Ms.Paley,ahigh-society swan, hairstyles that Kenneth BA beforeMr. Longobegan work.He wasmarried to CBS founder Wil- did on a daily basis still

collected stories about Mr.Bat- liam S. Paley.] So Ifelt, what if I penetrate today’s hair KENNETH

telle’scareer from interviews cankindly suggest to readers industry. He cultivated OF with clients, friends and associ- that they use Google as they’re timeless styles. ates,including Victoria Meekins, reading the book and research CTION LLE

the vicepresident of his New these names? It wasmyway of CO York City salon, which closed in tying in today’sgeneration with Jackie Kennedy, top

2015.Ms. Meekins gaveMr. Longo yesteryear’s era. Youdon’t have right, in the East Room ONAL

her blessing to pursue the proj- to be from the ’50s or the ’60s to of the White House in PERS ect, he said. enjoythe storyjust as much. 1962, was among the S;

Mr.Longosupplemented the famous clients of PRES

interviews with news clippingsas There’snot much about Kenneth’s hairdresser Kenneth TED

well as photos of Mr.Battelle at personal life. Wasthatdeliberate? Battelle, the subject of CIA work and of clientsshowing off Kenneth wasveryhesitant to a new book, above. A SO AS

his styles. writeabook—because aside from view of Mr. Battelle’s P: “Shear Elegance” reflectsthe the gossip between the ladies,ev- salon, right, in New TO OM

enduring fascination with Mrs. erybody just wanted to knowev- York City. FR

Fewerpeople plan to trick-or- different rooms of the house, which she will line the drive- Halloween treat, throw or attend aparty, offer clues,and then “let them way with well-spaced red-and- or visit a haunted house. have at it with aflashlight,” white popcorn bags for grab- But some activities are up, she says. and-gotreats. She’ll dresslike This Year with more people planning to Ms.Maruyama says she is an usher and a projector will decoratetheir homes and approachingHalloween this playthe film starring Bette carvepumpkins.The CDC, year as amonth-long season Midler. Is Different whose guidancegroups activi- of cooking projectsand crafts. “That way we canstill see ties into lower, moderate and So far she and her children the kids in their costumes and higher risk,putsthose pur- have painted pumpkins and they can collect,” she says. ContinuedfromPageOne suitsinits lower-risk category, decoratedfelt spiderswith Jennifer Singh, abusiness avoid traditional door-to-door along with virtual celebrations pompoms,ribbon scraps and analyst in Raleigh, N.C., is trick-or-treating, crowded in- and candy huntswith your plastic eyeballs.Also on the hanging cobwebs and spiders door costume parties and in- ownfamily.Inits moderate- agenda: carving pumpkins and acrossher front yard.She’ll door haunted houses.Local risk category areactivities steer trick-or-treatersto governmentshaveissued their such as small, outdoor cos- pinned candy on acord— own restrictions on activities tume parades wherepartici- ‘Kids can come and spaced out, strung between that encouragegatheringor pantscan remain 6feet apart, two trees and coveredwith draw crowds. or outdoor parties wherepeo- grab candy without cobweb material. “Kids can But many parents are des- GES ple distance and wear protec- come and grab candy without IMA having to come perate to find waysfor their tive masks. having to come tooclose,” she

kids to celebrate. So they’re GETTY Some families aredoing a too close.’ says. making gadgetrythat delivers Families are finding new ways to get into the Halloween spirit. Halloween twist on the Easter The costume parade is go- candy from 6feet away,set- egghunt. In Livingston, Texas, ing virtual this year,with fam- ting up backyard candy hunts from people. ownersand officials will dis- 56-year-old Linda Tallichet ilies organizing video-call cos- and organizing virtual cos- The43-year-old account tributechildren’sbooks that planstotransform her 3.5- baking pumpkin seeds. tume showoffs. The CDC lists tume parades. manager wrapped orangeduct have been quarantined for 72 acre property into a Haunted She is already thinking “virtual Halloween costume Andrew Beattie finally fig- tape and astring of lights hours. In Vienna, Va., officials Woods for her five grandchil- ahead, eyeing discountson contest” among itslower-risk ured out something to do with around the tube,which he arererouting an annual pa- dren, ages 7to14, using lights, Halloween craftsupplies to activities,along with an at- a6-foot shipping tube lying painted black.Heinstalled it rade—with fewer floats—ask- plastic skeletons and home- stash away forthe children. home spooky-movie night with around in his basement. After along the railing of the front ing residentstowatch from made signs.Candy will be hid- “Hopefully we won’t be in the other people you live with. weeks of pushing plastic dino- steps to his home.Hesays their sidewalks near home den at different stations same position forHalloween Mr.Thompson, who has the saursand dolls through the he’ll wear amask and instruct rather than congregateonthe throughout the woods. 2021,” she says. ghost candy-delivery system, toptoplaywith his 6-year-old trick-or-treaters to hold their town’s main drag. In Silver Spring, Md., Kate Some families are creating is starting to worryabout how daughter,hehad an idea: bag belowthe tube so the Only 58% of Americans said Maruyama, asenior programs elaboratefront-yardand many people will show up on “What about candy?” candy drops in. they expect to celebrateHal- manager forastudy-abroad driveway set-ups to encourage the big night. “I’m going to be Achuteatthe front door of In Manchester,N.H., offi- loween this year,downfrom company, plans aspooky socially distanced candy pick- making atrip to Costco next his home in Cincinnati would cials are moving the usual in- 68% last year,according to a “candy search in the dark” for ups.InMount Vernon, Ill., week forcandy barsand beer,” let him deliver candy while re- door trick-or-treat celebration National Retail Federation poll her two children. She will pull Kimberly Armes is planning a he says.“I’m going to load up. maining at least 6feet away at City Hall outdoors. Business of more than 7,600 U.S. adults. curtains shut, hide candy in “Hocus Pocus” movie theme in I don’t want to disappoint.” P2JW288000-0-A01500-1------XA

THE WALL STREET JOURNAL. We dnesday, October 14, 2020 | A15 ARTS IN REVIEW (2) T AR OF MUSEUM AN OLIT OP METR ; MY ALA INA/ OV MARK LITI PO ANO EF ST : RIGHT OM FR WISE OCK CL

Clockwise from above: panoramic view of Toledo and the Tagus river; El Greco’s ‘View of Toledo’ (c. 1599- 1600); and his ‘Portrait of an Old Man’ (c. 1595-1600) ABROADATHOME

captured on film. On theRoad Hanging nearby in the church of Santo Tomé is El Greco’s magnifi- cent “Burial of the Count of Or- gaz” of 1586, often cited as one of With El Greco the world’s greatest paintings. As we learn from Dr. Lauren Kilroy- Ewbank on the Smarthistory web- site, it drew on the Byzantine, Ve- Follow the painter on a virtual tour as he netian and Spanish worlds he knew to offer contemporary view- ventures from his native Crete to Italy to Spain ers a cogent moral exemplum. With the artist’spassing in 1614 and the growing prestigeofMadrid BY MARY TOMPKINS LEWIS aging Titian and the more emo- as an imperial city,both El Greco’s tional work of the younger artist reputation and Toledo’s renown s empty airports, closed Tintoretto. After enjoying the faded. In the early 20th century, borders and escalating film’s views of the sunlit city, its however, as argued in “El Greco: health concerns render canals, and of the paintings that Lost in Time” (part of the “Raiders foreign destinations inspired El Greco and still hang in of the Lost Art” series and posted Aever more unreachable, Venetian cathedrals, an examina- on YouTube by Perspective), an in- the path of a peripatetic tion of his own work from Italy formativedocudrama that high- artist may offer armchair travelers seems apropos. In a conversation lightsthe painter’s critical fortunes, an appealing alternative. The story with Charlie Rose, Jonathan Picassoand other modernistsredis- of Doménico Theotokópoulus Brown, a scholar of Spanish art, coveredElGreco’s visionaryart, (1541-1614), for example, takes us brings to life El Greco’s “Christ and incorporated some of itsmost from his native Crete to the splen- Cleansing the Temple” (c. 1567-70, expressiveaspectsintotheir radical dor of Renaissance Italy, and fi- National Gallery of Art, Washing- newpainting. nally to Spain in the age of Philip ton), which manifests his rapid ab- Toledo,too,had itsmoment in II, where he became the painter sorption of the hallmarks of Vene- fied the naturalist Renaissance 1986, El Greco’s Toledo still beck- the modern era. In the early days we know as El Greco. His bold, tian Renaissance painting. Its canon, and clearly intrigued him. ons visitors, as recent travel vid- of the Spanish Civil War(1936-39), breathtakingly original work re- subject also reverberates with the When commissions again proved eos attest. In the “Toledo Tourist apocket of Nationalist resistance flects that passage and, ultimately, righteous aura of the Counter Ref- unforthcoming,ElGreco moved to Guide” (from the Travel and Dis- to the left-leaning Republican gov- his coming of age as an artist in ormation, a reaction to the rise of Spain and by 1577was in Toledo, cover channel on YouTube), an- ernment of Spain took hold in the Toledo, a Spanish city marked by Protestantism that gripped 16th- which, until recently,had been the cient bridges, arched gateways and city’s famed Alcázar,alongstand- its richly variegated past. and 17th-century Europe. seat of Spanish power. It remained narrow, cobblestone streets draw ing symbol of Spanish might and “El Greco: an Artist’s Odyssey,” Failing to prosper in Venice(and acenter of wealth, learning and us to the city center, where spec- authority.Asseen in such period available on Vimeo, traces the famously difficult to deal with), El Iberian Catholicism, and in time of- tacular civic and sacred monu- newsreels as “Civil WarinToledo, painter’s brilliant, transformative Grecotraveled to Romein1570and feredasympathetic audiencefor ments chart its chronology and 1930s Spain,” posted on YouTube career. Born near Candia (modern joined the court of Cardinal Far- his increasingly erudite, idiosyn- medieval tradition of religious tol- by the KinolibraryArchives,Popu- Heraklion) on the island of Crete, a nese.The documentary’squick sur- cratic painting. erance. The mosque-like 13th-cen- lar Front militias besieged the Venetian possession and important veyofworks by his fellowartists, The vision of Toledo that greets tury Synagogue of Santa Maria la heavily fortified complexfor weeks center for late Byzantine art, The- especially Michelangelo,and of the travelers today—its arresting sky- Blanca, for example, becomes a in ahorrific battle playedout be- otokópoulus became a successful resplendent Palazzo Farnese sug- line perched on a granite mound monument to Toledo’s richly fore cameras and journalists. The icon painter at an early age. His geststhe elitecompanyhenow high above the plains of Castilla- blended culture. Likewise, the improbable,and largely symbolic, dutiful religious subjects, conveyed kept. His Roman output included La Mancha and the winding Tagus city’s High Gothic cathedral exhib- Nationalist victoryboosted conser- in flattened, stylized forms, placed such monumental works as the mil- river—is one El Greco immortal- its a fluent mix of French, Spanish vativemorale,and burnished the him squarely within the Byzantine itaryportrait of VincenzoAnastagi ized. His “View of Toledo” (c. and Mudéjar (or Moorish-influ- militaryprofile of Francisco school that flourished in Greece (c.1575; the Frick Collection) ex- 1599-1600; the Metropolitan Mu- enced) characteristics. In “Toledo Franco, who grasped, as had El and its environs. plored in the exhibition video,avail- seum of Art), dominated by the Cathedral—Spain 4K Travel Chan- Greco, the Alcázar’s and Toledo’s As narrated by the actor Adrien able on YouTube, “Men in Armor: El graceful silhouette of its famed ca- nel” (on YouTube), a short, un- venerable historic stature. Brody, the documentary under- Grecoand Pulzone Face to Face.” thedral and the austere facade of scripted walking tour of its inte- scores the huge turn El Greco’s ca- But he wasalso introduced to the the Alcázar, a massive, fortified rior accompanied by historic Ms.Lewis, who taught art history reer took when he moved to Ven- Italian Mannerists, whose elegant, palace, is a haunting, emblematic sacred music, the church’s colossal for many years at Trinity College, ice in 1567, encountering there the elongated figures, unorthodoxpal- portrait of his adopted home. proportions and intricate, Moorish Hartford, Conn., writes about art for lush, naturalistic painting of the ettesand shallowcompositions de- Named a World Heritage site in embellishments are beautifully the Journal and other publications.

BY WILL FRIEDWALD CULTURAL COMMENTARY character,who wasmuch morecoolly calculating.Friz IN THE 1940 TexAvery car- Freleng gaveusahighly theat- toon “A Wild Hare,” Bugs Still Wascally At 80 rical Bugswho seemed to exist Bunnysneaks up behind El- on avaudeville stage, always mer Fudd, covers his eyes, ready to flyintosong and and instructshim to “Guess dance. Even so,those directo- who!” Thehunter reels off a rial transformations aresubtle list of contemporaryleading compared with those that ladies,including “Cawole Bugshimself effortlessly Wombard.” Thejokehas achieves.Heinstantly morphs largely been lost on younger intothe king of England, an generations because many imperious symphonic conduc- viewers born after1970have tor, and avariety of drag roles. barely heardofmost Holly- Bugs’senemies were ALUDWiG wood golden-agemovie stars. equally various.Freleng And that’sthe most salient thought the rabbit needed a fact about this remarkable stronger foethan the oafish SHiNDiG! cartoon rabbit, avenerable Elmer and created Yosemite Warner Bros.starwho is cur- Sam. Bugs’sadversaries grew rently celebrating his 80th increasingly powerful over EIGHT birthday. Although your aver- the years. Elmer totedarifle agemillennial scratches his he rarely used,but Sam’ssix- head at the mention of Bar- Bugs Bunny and Yosemite Sam shooterswereconstantly a- LIVE STREAMED baraStanwyck, everybody blazing.The rogues’ gallery knowsBugsBunny. afterthe cartoon’srelease, that Bugsalways wins,but of heavies grew to include ORCHESTRAL CONCERTS Bugsfans canenjoyathree- Americaitself would seem like that physical aggression is al- mad scientists, an abomina- disc Blu-ray set being released apluckyunderdog,entering a wayspunished. Bugstriumphs ble snowman, aMartian, a celebrating in December by Warner Bros. warinwhich the whole world by driving his antagonists Nazi, awitch, aTasmanian Home Entertainment; if you wasbeing menaced by little crazy; instead of using force, devil and more. In several ep- Ludwig van Beethoven’s don’t want to wait, he’salso men with big guns. Bugswill taunt, tease and isodes he even goes up featuredinanexcellent series Thetropes in “A Wild gaslight them until they quit against the entireU.S.Army. 250th birthday! of newly produced Looney Hare” immediately estab- in sheer frustration. Theonly Chuck Jones wasfond of a Tunes cartoons (viewable on lished the rules of the hunter times Bugsloses arethose little boy’sresponse when his YouTube and HBO Max). and the game: AcluelessEl- rare instances when he is the father introduced the cartoon- Bugs’sdurability clearly has mer would be unaware that aggressor,asinhis three en- ist as “the man who draws something to do with his in- he is talking to Bugs—fol- counterswith his persistent BugsBunny.” Thechild pro- Only $88! trinsic status as an underdog. lowedbyadramatic realiza- racing opponent, Cecil Turtle. tested that Jones didn’t “draw

X Even before“AWild Hare,” tion (“that wasthe wabbit!”); Yetasfirm as the rules are, BugsBunny”—rather,hedrew MA which is generally considered acomic death scene by therewas room forinfinite “pictures of BugsBunny.” The the firstfull-blown BugsBunny Bugs—followedbyexagger- variation on those familiar differenceiscrucial. Even cartoon, the directorsand ani- ated guilt pangsfromElmer. themes.Therewerenoticeable now, as an octogenarian, Bugs Visit us at lascolinassymphony.org TION/HBO matorsworking forproducer Nearly two decades later, differences in the approaches is aliveand well, no matter

ANIMA Leon Schlesinger had experi- “What’sOpera, Doc,” perhaps of the various directors: Bob who is drawing him. .

OS mented with the notion of a the single best Bugscartoon, Clampett’sBugswas the most Las Colinas Symphony Orchestra

BR hunted animal—the prey— readdressed those leitmotifs wackyincarnation of the rab- Mr. Friedwald writes about turning the tables on itsarmed in grandly Wagnerian terms. bit, in distinct contrast to music and popular culture Robert Carter Austin, Music Director RNER

WA predator.Lessthan 18 months TheNo. 1rule isn’t so much Chuck Jones’svision of the for the Journal. P2JW288000-0-A01600-1------XA

A16 | We dnesday, October 14, 2020 THE WALL STREET JOURNAL. SPORTS World Series TicketsBecome aBargain

Afteraseasonplayedinempty ballparksamid the pandemic,MLB is allowing alimited number of fans forthe playoffs

BY JARED DIAMOND

elissa Giorgio grew up in Southern Cali- fornia obsessed with Mthe Los Angeles Dodgers. She de- scribes herself as one of those people for whom “baseball is life,” and she’s been hanging on every pitch as her beloved Dodgers have advanced to the National League Championship Series. The problem is that she doesn’t get to see her favorite team out- side of a screen much these days. The 40-year-old Giorgio lives in Hawaii now working as a photog- rapher, so visiting Dodger Stadium requires a long, expensive plane ride. Now an opportunity has arisen that Giorgio couldn’t pass up. Af- ter a season played in empty ball- parks because of the coronavirus pandemic, MLB is allowing a lim- ited number of fans into Globe Life MAN/REUTERS Field in Arlington, Texas, for the HEIT

NLCS and World Series. Giorgio TIM pounced, snatching up tickets to S; NLCS Games 4 and 7. PRES

Her rationale was simple: Here UMA was a chance to be at some of the /Z biggest games of the year for a fraction of the typical price. Her ON/TNS flight to the mainland, which Gior- MPT gio said often runs around $1,000 CO round-trip, cost about $300. The TIS tickets for the two games went for CUR CK;

an average of $55 each, far TO cheaper than in a normal year. It was affordable enough that SHUTTERS

Giorgio decided it was worth as- A/

suming the risk of traveling during EP Y/

the pandemic and gathering in a UR

sports venue for what she consid- MA ered the chance of a lifetime. NNEN

“With the beaches closed I can’t TA

really do any work right now, so it Major League Baseball is allowing some fans into Globe Life Field P: definitely helped knowing that I in Arlington, Texas, forthe NLCS and World Series. TO OM

could get something at a regular FR price and not have to fork out a ries, with tickets ranging from $75 the team play live. ton of money,” Giorgio said. “It to $450 that quickly sold out. Now she will: Oeser WISE OCK

just fell into place.” That’s 40% to 50% less than last bought tickets to CL As coronavirus cases rise across year. (The American League Cham- Games 4 and 5 of the the majority of the country, fans pionship Series at Petco Park in NLCS, as well as Game 2 of the four tickets, even though she in- games played this year and feature who have decided to attend these San Diego will be played without World Series. Her job at Delta Air tends to go alone. fans in all markets. postseason games are all weighing spectators.) Lines will enable her to fly to Meanwhile, all fans are required The league derives 40% of its the same calculation between eco- “It really feels like they’re not Texas from her home in San Diego to wear a face mask at all times annual revenues from the in-sta- nomic value and the potential gouging us,” said Joe Picucci, a free of charge, and hotels, usually except when actively eating or dium experience, which includes threat of Covid-19. 44-year-old IT professional who packed during the baseball play- drinking at their ticketed seat. The ticket sales, parking fees and con- Playoff tickets this year are bought tickets to Games 1 and 4 of offs, are priced low. retractable roof will be open as cessions. Without that income in cheaper than they have been in the NLCS and Games 3 and 4 of “If it had been four, five-hun- weather permits. 2020, MLB expects to lose $3 bil- many years, as baseball begins the the World Series. “What baseball dred per ticket, there’s no way I Ultimately, the people going lion in revenues compared with process of reintroducing people to charged us for these tickets was a could have done it,” Oeser said. “I have concluded the precautions last year. In an interview late last the idea of sharing space with very fair price.” was lucky that they did make them are sufficient. month, commissioner Rob Manfred strangers. Making it more chal- The majority of ticket sales reasonable.” “We would have approached said, “We need to think hard about lenging is that most supporters of went to people within driving dis- Though the NFL and college this decision a little differently if what measures we need to take to the teams involved will need to tance of Arlington. Picucci is one football have already had fans in we had an at-risk person in our get people back into the ballpark.” travel some distance to attend. In- of those many Dallas-area locals some areas, these upcoming post- household,” said Jared Hunt, a 33- This will be the first test to stead of playing in home stadiums, taking advantage of having the season games will be baseball’s year-old trumpet instructor in Dal- learn how that can happen. Kayla MLB has moved the postseason postseason in his backyard. He first attempt to invite spectators las who went to NLCS Game 1. “We Igert, 25, said she had “a knot in into neutral-site bubbles to pre- originally had tickets in March for back. The state of Texas is cur- felt that Major League Baseball my stomach” about the idea of go- vent the coronavirus cases that an exhibition that was to be the rently permitting stadiums to open and the Rangers are doing a pretty ing to Monday’s game. She’s an in- checkered the regular season. first game ever played at Globe to 50% capacity, but MLB is keep- good job of setting this up for us.” tensive-care nurse in Tulsa, Okla., Tickets for the NLCS matchup Life Field, the Texas Rangers’ new ing attendances to approximately Figuring out a safe way to bring who has spent the last several between the Dodgers and Atlanta home. Monday night was the sta- 11,500 tickets a game, or roughly fans back into stadiums is an eco- months working directly with pa- Braves started at $40 and topped dium’s first game with fans—and 25%. Tickets were sold in groups nomic imperative for MLB, as it tients afflicted with Covid-19. Yet out at $450, an MLB spokesman the Rangers aren’t even part of it. of four, which MLB is calling begins to devise a way to stage an- after researching MLB’s protocols, said. The winner will take on ei- Others are coming from farther “pods,” and the pods will be at other season amid the pandemic in she decided to proceed anyway, ther the Tampa Bay Rays or the away. Kristen Oeser, 24, is a Dodg- least 6 feet apart from each other. 2021. Ideally, it would consist of saying, “We need some normalcy Houston Astros in the World Se- ers die-hard who has never seen That meant Giorgio had to buy more than the 60 regular-season back in our lives.”

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. 12345678910111213 64 Stamp-selling 26 Texas 40s Edmontondt 30s <0 40s org. ballplayer, for 0s 14 15 16 VVancouver CalgaryCalgary 65 Patna prince short 10s Winnipegip 17 18 19 66 Sap 27 Natural dos Seattle 50s 40s 50s 20s PPortlandd 20 21 22 23 67 Move to thrash 28 Smart word? Montreal 30s Helena Ottawa metal 29 Squished, say 60s Bismarck 40s 40s Billingsg 50s 60s AAugustg ta 24 25 26 Eugene Boisei 68 Tell’spartner 33 Leadoff homers, TToronto AlbanyA Bostot n 50s 60s 30s 60s Mpplss/.//St.PPaaul 70s 27 28 29 69 1958 Corsair,e.g. e.g. Siouxoux FFalls Buffallo Hartfordrtford 60s Pierre Milwaukek e Detroitt 34 Aidthe chef Newew YYorkk 30 31 32 33 34 35 Down ChicCh ClCleveevelldand 70s Reno Salt LLakeake CCityCity 70s Chicago 35 Brings in Cheyenney PhiladelphiaPhhilh dllhphi 80s 1Classact 70s Omahah Deses Moines PittPittssbburghh 36 37 38 39 40 41 Sacramento InIndianapolisdianapolis Washingtonshhington D.CD.DCC. 38 Subs 50s Denver 90s 2Bruins legend Sanann Francisco 80s ColoClraddo 80s Kansas Springfieldpg d Richmondh d 42 43 44 45 46 City CharlestonCharlesCh lt Phil, familiarly 39 Mallet target Las Springsp Topeka 70s 100+ 90s VVeggas St..LLoouuis LoLLouisu villeill Wichith a Raleighliihgh 47 48 49 50 3Defied 40 Converse Charlotte LosAAngeelles manually Santaa FFe Memphishi Nashvillehill 4“Fidelio” heroine CColumbiab 51 52 53 54 PPhoenixh AlbuquerqueA b qq Oklahomakl CityC y Warm Rain 5Sound from a 43 CityonLake San Diego 100s LLittlee Rockk Atltlanta TTuccson Birminghamih 55 56 57 58 59 pound Winnebago FtFt..WWoorthrth DlDallasl JaJacckkson 80s El Paso Cold T-storms 6Source of snaps 46 Claudius, to 90s Mobilebil 60 61 62 63 Hamlet 10s AustinAti Jacksonville Stationary 7SaguaroNatl. Pk. Houstot n Snow 64 65 66 20s NeewwOrleans Orlandoldd setting 48 Chart model 30s 80s Sanan AntonioAtA i TaT mmpap Showers Flurries 67 68 69 8Ball-bearing 49 Devicefor AAnchorh age Honolulull 90s Miami 40s item December 70s fishing 50s Ice TURN OF PHRASE |ByAdam Vincent 9Underprivileged group 50 “Huh-uh” U.S. Forecasts TodayTomorrow TodayTomorrow Across 22 Previously,to 42 “Buzz off!” 51 Troy,tothe City Hi Lo WHiLoW City Hi Lo WHiLoW 10 Varied s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1Maker of poets 44 Bounder in Romans Omaha 77 42 s5633pc Frankfurt 53 43 pc 51 45 sh 11 With the t...t’storms; r...rain; sf...snowflurries; sn...snow; i...ice Orlando 89 71 t8972t Geneva 53 42 sh 49 44 sh Powerwall 24 Grandparent, the bush narrowest of 52 Completely TodayTomorrow Philadelphia 72 54 s7858s Havana 88 72 t8973t batteries often 45 Key leads preposterous City Hi Lo WHiLoW Phoenix 101 69 s100 72 pc Hong Kong 84 77 r8575pc 6Big loss, 26 Trappists? 47 Youcan make 12 Pacific Fur 53 Fields’ yields Anchorage 45 31 sh 41 28 pc Pittsburgh 67 55 s7345pc Istanbul 75 62 s7464s figuratively Atlanta 78 60 s7961pc Portland, Maine 67 43 pc 67 52 s Jakarta 94 77 sh 92 76 pc 27 Theycan make them taketurns, Company 56 Uncannyluck Austin 92 66 pc 89 59 s Portland, Ore. 63 45 pc 65 46 s Jerusalem 78 62 s7961s 10 Like some and adescription youtaketurns, founder 58 Cathedral Baltimore7350s 77 58 s Sacramento 92 63 s9461pc Johannesburg7849s 80 56 s purposes and and adescription of the circled Boise 61 36 pc 59 37 s St.Louis 83 57 s5940pc London 58 46 sh 56 44 sh 13 Bygone theater section personalities of the circled letters Boston6950s 70 58 s Salt LakeCity 66 40 s5936s Madrid 64 39 s6237s chain 59 Texter’s 14 Perfume letters 51 Moving glacially Burlington 63 47 pc 72 52 pc SanFrancisco8161s 90 64 s Manila 89 78 t8778t 21 Stew sphere farewell Charlotte 75 50 s7761pc SantaFe8241s 74 36 s Melbourne 75 62 c7448r compound 30 Subcontinent 54 Fops’ props Chicago 73 49 pc 54 37 pc Seattle5947pc6047s MexicoCity 76 54 t7751pc 15 Plane measure currency 23 Grammy 62 “Whycan’tIget Cleveland 67 57 pc 66 43 t Sioux Falls 68 31 pc 53 32 s Milan 59 46 c5345c 55 Gotready for category this answer?!” Dallas 90 69 s7752s Wash., D.C.7354s 75 58 s Moscow 63 52 c5742r 16 ___ facto 31 Worksata an ambush, 25 Oh-so-precious 63 Brute Denver7835pc5630s Mumbai 90 81 t9081r 17 “Young museum perhaps Detroit 64 55 pc 60 38 c International Paris 56 45 c5343c Honolulu 87 71 pc 89 74 s Rio de Janeiro8373t 79 71 c Frankenstein,” 32 “30 for30” 56 Cry from acat Previous Puzzle’sSolution Houston8770pc8962pc TodayTomorrow Riyadh 94 64 s9461pc e.g. channel carrier City Hi Lo WHiLoW SIRI BERRAAGR I Indianapolis 77 55 pc 60 37 sh Rome 67 57 t6552t 18 Chicken ___ 57 Pretty fly EDENAMOUR ELAN Kansas City 84 50 s5936pc Amsterdam 55 44 c5341c SanJuan 88 77 t8977t 36 Indigenous GOBS HOUSEBRAND Las Vegas 95 66 s9063s Athens 77 62 s7764s Seoul 62 40 c6447pc 19 Partycall Peoples’ Day 60 Langston ALEUTRTE LODGE Little Rock 79 55 s7045c Baghdad 99 64 pc 98 66 pc Shanghai 76 62 pc 72 60 c LLAMA SSUSSEX 20 Daffy or Goofy mo. Hughes poem FLYTRAPEERO LosAngeles 95 67 s9663s Bangkok 87 77 sh 89 76 r Singapore8880c 88 80 sh LIESON EX ITLANE Miami 88 79 s8877t Beijing 59 41 pc 68 45 pc Sydney6959c 79 65 pc 21 Brand name 37 Potentially 61 Some get ALLTARTS RET Milwaukee 67 47 pc 54 35 pc Berlin 51 47 r5244c Taipei City 84 75 pc 84 76 t derived from the messy field day massaged WA LLPLUG MIDMAY Minneapolis 64 35 c4933pc Brussels 53 42 c5341c Tokyo7058c 62 56 sh event ORES SIDEARM German for 63 Pass,asa AS ITISEMC EED Nashville 80 59 s7847pc BuenosAires 73 60 pc 68 61 pc Toronto6153pc6441r “peppermint” 41 Smelting stuff proposition TONTOPRO SP IFF NewOrleans 83 67 pc 83 65 pc Dubai 98 76 s9776pc Vancouver 56 44 pc 54 48 pc WA TERWORKS ELOI

NewYork City 69 58 s7260s Dublin 56 46 pc 53 42 pc Warsaw5241c 51 40 c s AVER ALOESSLUR Oklahoma City 90 56 s6940pc Edinburgh 54 40 pc 50 40 pc Zurich 53 39 sh 47 44 sh Solvethis puzzle online and discussitatWSJ.com/Puzzles. RELY NERDSTORE P2JW288000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, October 14, 2020 | A17 OPINION Biz Doesn’t Stop for the Election BOOKSHELF | By Howard W. French

Readersun- port of items and technology lated layoffs and restructur- Present derstand subject to patent disputes. ings. If it succeeds in whythe Thecommission, apparently rationalizing itsown mélange Trump furies with an eyefor the main intoasensible streaming have been chance, rescheduled the ruling proposition, video will still re- At the Creation

center stage from Oct. 5, when the world AP main amereadd-on to AT&T’s

BUSINESS in this col- waspreoccupied by Donald VIA core connectivity business, WORLD umn but here Trump’s Covid case,toaweek which seems destined to be- China’s Good War aresome beforethe election. Aprelimi- come only morecentral to so- By Holman W. business nary“default judgment” has SENTINEL ciety and consumersinthe By Rana Mitter Jenkins, Jr. controver- already gone against the dawning virtual-reality age. (Belknap/Harvard, 316 pages, $27.95)

sies forthose plant’sowner,SKInnovation, RLANDO iii who have missed them. allegedly because it destroyed /O Which bringsustoasecond hen Iarrived in Tokyointhe late1990s forafive- iii documentsinvolved in itsdis- reason lateOctober will be a year stint as acorrespondent, one of my biggest

BURBANK W Get ready foranunlooked- putewith fellowSouth Korean red-lettermoment in the an- surprises wasthe near totalabsenceinNortheast

forsideshowinthe presiden- rival LG Chem.Afinal judg- JOE nals of the administrative Asia of international organizations that could foster and tial election in coming days,in ment could put the plant out Walt DisneyWorld state. Ajit Pai, chiefofthe Fed- channel cooperation in the area. the form of apatentdispute of business. eral Communications Commis- Ihad come to Japan from West Africa, aregion then between two South Korean If this storystartspopping tatorDan Loeb has been pros- sion, has scheduled an Oct. 27 widely known forpolitical instability and poverty.Northeast battery giantsbeforethe de- up on your news screen, here’s elytizing,the changes don’t vote to finalizerepeal of apo- Asia, by contrast, boasted some of the world’slargest and servedly obscureU.S.Interna- why. Everybody knows Donald provide money to create liticized Obama-era order most dynamic economies.When Imentioned to Asian tional Trade Commission. Trump would likely overrule a enough newshows forDisney turning the internet intoareg- politicians and scholarshow,for all of itsweakness, West harsh decision that jeopar- to be anything but ancillaryin ulated utility.Has anyfuror in Africahad adense network of cooperativebodies that mostly dizes U.S. jobs (as apresident astreaming market dominated the historyofthe republic functioned well, and Iasked them whytheir region remained How Ford’s electric is entitled to do). Aflurryof by Netflix, Amazon and You- proved morefraudulent and il- so divided and mutually distrustful, Idrewuncomprehending news reportsincoming days Tube. lusorythan the “death of the stares and even anger.Didn’t Iknowthat Japan had sought pickup truck and maybeaimed at reminding LG Don’t we still getthe feel- internet” hysteria whipped up to colonizeChina and Koreainliving memoryand had Hollywood’s digital of itsincentivetosettle this ingDisney is just praying for by HBO twit John Oliver,Dem- committedcountlessatrocities in the process? game of chicken beforeapres- the pandemic to end and re- ocratsand left-wing interest This sort of response would followmewhen Itook alater fate got on the ballot. idential intervention takes vivetheme-park attendance, groups? assignment in China, leadingmetopoint out that, in Europe, away the leveragethe com- resurrect ESPN’straditional Sincethe Trump FCCacted, former Axis powers were nowjoined in atight-knit community pany has wonsofar by ex- sportsfranchise,and make internet speeds have doubled with their erstwhile Allied enemies.What wasitabout This underappreciated fight ploiting U.S. trade law. possible again blockbuster in the U.S. Therateofnew Northeast Asia that prevented it from coming together more could be awild card in the iii openingnightsfor Disney’s wirelesscell siteconstruction closely and overcoming itsbitter must-win Trump stateof Is anything moreimplausi- theatrical releases? has increased sevenfold. The recent past? Georgia, wherearuling on ble than amajor bureaucratic And yetabigger, moredis- absenceofutility-likeregula- This question runs as amajor Oct. 26 could scuttle 2,000 organization pledging that it ruptivetidal wave might be tion is areason our internet, subtextthroughout Rana Mitter’s jobs and a$2.6billion lithium- just transformed itself?Dis- just ayear or two behind the unlike Europe’s, has survived “China’sGood War: HowWorld WarII ion battery plant. It could also ney’sreorganization this week pandemic.This is the long-her- the pandemic without having Is Shaping aNew Nationalism.” Mr. have spillover in reddish Ten- is meant to signal an “all in” alded arrival of virtual and to throttle speeds to accom- Mitter, one of Britain’sforemost nessee,whereVWneeds the betonstreaming and yetthe augmented reality,online gam- modatemillions working at historians of modern China, examines batteries to produceaslateof announced changes don’t sim- ing and role playing,which home during the dayand howBeijing has exploited memories of electric vehicles starting next plifyits mélangeofstreaming promises to push aside the tra- bingeing on Netflix at night. World WarIIand explores itsrecent year. offeringsinDisney+, Hulu, ditional passiveentertainment For20years, abipartisan effortstowin global recognition for It could even influencethe ESPN+and aforthcoming in- experiencethat’salready los- consensus favored a light itself as aprincipal architect and lead- up-for-grabs stateofMichigan, ternational outlet called Star. ing the battle forour attention touch to encourageinternet ing upholder of the international order. whereFordisdepending on Unresolved is the conundrum against our smartphones. innovation. Expect the Oct. 27 Theresultsare probing,but covering so batteries forapromised elec- of howDisney-produced con- AT&T’s struggles with its vote to be 3-2asDemocratic much ground in one slim volume probably makes the text tric F-150pickup truck.Elec- tent will be prioritized for ownlegacymedia business, commission membersrepro- somewhat inaccessible forageneral audience, especially for tric vehicle batteries “cannot streaming vs.sale to othersor acquired through the giant duce the mindlesspartisan- those unfamiliar with Chinese politics and Communist Party simply be swapped likebatter- deliveryintheatersorvia Dis- Warner Media merger, seem ship that overtook internet historiography. Mr.Mitternotes howthe country’scivil war ies in aflashlight,” Ford ney’s cable and broadcast more interesting in this light. regulation in the lateObama between 1945 and 1949,which followedJapan’sdefeat in griped to the U.S. trade tribu- channels. The company has also an- eraand threatens to return World WarIIand ended in victoryfor Mao Zedong’sCommu- nal, which canblock the im- Most of all, as outside agi- nouncedentertainment-re- under aJoe Biden presidency. nistsoverChiang Kai-shek’sNationalists,coincided with the period when most of the postwararrangementsweremade. In the aftermath of World WarII, the U.S. had expected a Nationalist-led China to emerge as Asia’sleading powerand Trump’s ‘Cross of Gold’ Moment even helped usher it ontothe United Nations Security Council. But the civil warand Mao’s victoryin1949, and Beijing’s As abitterly jorities in the Electoral College backfired. He droveswing vot- Even if the countryshutsthe support forNorth Korea’sinvasion of American-allied South divided coun- twicedespitelosing the popu- ersintothe arms of the Re- gatesofimmigration, whites Korea, led to aruptureinrelations with the U.S. that would trymoves to- lar vote. publican Party,and over the will continue to decline as a last intothe 1970s.Italso meant that the dismantlement of ward the No- Thefamous “realigning” next nine elections,Republi- shareofthe population. The the Japanese empiretook placewithout Chinese participation. vember election in 1896 between Wil- cans held the WhiteHouse for shareofAmericans without a Today, with Japan and South Koreafirmly allied with election, it is liam McKinley and William 28 years, versus eight for formal religious affiliation is Washington, and North Koreaaclient of Beijing,therehas POLITICS easy to over- JenningsBryan ended this Democrats. During this period, rising,especially among young been little opportunity forunifying narratives to emerge,as & IDEAS look howun- stalemate. Bryan, an ardent no Democratic candidatere- adults. TheshareofAmericans happened in Western Europe. usual the past evangelical Protestant, ceived 50% of the popular espousing traditional views on China has cycled through political radicalism and economic By William three decades brought the fervor of populist vote.(Woodrow Wilson won issues such as drugsand autarkyunder Mao,cannyand opportunistic cooperation with A. Galston have been. protest intoaDemocratic twicewith only aplurality.) same-sexmarriageisdeclin- the U.S. guided by Deng Xiaoping, and increasingly ambitious With Demo- Party long dominated by eco- NewYork,the center of the ing,and despitedeep divisions international activism, beginning in Africainthe 1990s and, cratsaveraging 48.3%ofthe nomic conservatives.Hecham- emerging neworder,was the over abortion, only about a morerecently,throughout the world via itsBelt and Road popularvoteand Republicans pioned the interestsofdebtors symbol of this realignment. quarter of Americans want the Initiative. Theone constant has been adesiretoreturn to 46.1% in the past eight presi- against creditors, and of agri- Supreme Court to overturn regional leadership and indeed global pre-eminence. Mr. dentialelections,the largest cultureand small towns Roe v. Wade.Cultural conser- Mitter’sbook offersadetailed and fascinating account of how Republicanmargin of victory against industrial capitalism William Jennings vatism doesn’t appear to be the Chinese leadership’sstrategyhas evolved acrosseras— (7.8%) went to George H.W. and big cities.Inhis famous the wave of the future. and howits recent overtures to regional and international Bush in 1988; the largest Dem- “Cross of Gold” speech to the Bryan triggered a Nor does the 20th-century audiences have corresponded to shifts in domestic education ocratic margin (7.2%) to Ba- 1896 Democraticconvention, realignment in the economy. When McKinley de- and internal propaganda about World WarII. rack Obama in 2008.Infour of he intoned: “Burn down your feated Bryan, morethan 40% these elections,neither candi- cities and leave our farms,and other party’s favor. of Americans worked on datewon amajority of the your cities will spring up farms.Today, even though China’sgoalofregional leadership and popular vote;intwo,the popu- again; but destroy our farms, farm production andexports global pre-eminencehas required aretooling lar and Electoral Collegevotes and the grasswill grow in the Long the quintessential swing have soared, only 1.5% of the diverged. streetsofevery city in the state, it moved firmly intothe workforce is in agriculture. of itspast, including itsrole in WorldWar II. In the 22 elections between country.” Republicancolumn, whereit Manufacturing employment, 1900 and 1984, by contrast, This Jeffersonianism on ste- remained (with the exception which constituted morethan much largervictories were the roids wasalast stand against of 1912) until FDR took it back 30% of the U.S. workforce in From the Communist victoryin1949until the 1980s,war norm. In half these contests, industrial production as the in 1932. the 1950s,has declined to narratives in China heavily exaggeratedthe role of Mao’s the winner prevailed by more core of the U.S. economy—and Thequestion is whether 8.8%, even as rising productiv- forces in defeating the Japanese,thereby playing down the than 10 points; in five,the againstthe rise of cities as the 2020 will proveanother itera- ity allows industrytoproduce effortsofthe Nationalists, whose armies in fact accounted for winner received morethan center of American life. With tion of 1896. Will Donald morewith fewerworkers. And the brunt of the fighting,including almost all of the major 60% of the popular vote. factories came afaster rhythm Trump turn out to be the Wil- despiteMr. Trump’scampaign battles in China’sresistancetothe invaders. Theclosely divided partisan of production and newrela- liam JenningsBryan of our promises,coal-mining jobs hit China’sgoal of gaining broader acceptanceofits leadership politics of recent decades is tionships between ownersand time? Mr.Trump’srelentless anew lowin2019.Anew in the world has come to involverecasting World WarII unusual, but it is not unprece- workersthat challenged the focus on his whiteworking- economymorefocused on in- altogether.The priority of lionizing Mao and his comrades in dented. In the five presidential 19th centurytradition of self- classbase mayshoreupDem- formation and services is com- founding Communist China has given way to adesirefor elections between 1876and employment. With cities came ocratic support among minori- ing forreasons largely unre- international legitimacyand admiration. Mr.Mittershows 1892, Democratsaveraged immigrants, newforms of cul- ties and drivesuburban swing lated to public policy. howthis has meant repurposing World WarIIasChina’s 48.5%ofthe popular vote;Re- tural expression, religious voters and college-educated Apolitical realignment is “good war,” aconflict in which the enormous sacrifices made publicans,47%. Thewinner re- skepticism, and raucous disor- women intothe Democratic notinevitable,but William resisting the Japanese afterthe 1931 invasion of Manchuria ceived morethan 50% of the der,all of which grated on coalition. Along-delayedpolit- JenningsBryan’sDemocrats bought crucial time forWestern powers to gather their popular vote only once. Repub- small-townsensibilities. ical realignment is possible. offer awarning to Donald strength to confront and defeat Japan in the Pacific.Making lican nominees prevailed in Bryan’sdefense of the coun- Over time,Americans with Trump’sRepublicans: If you such argumentshas required China to gradually rehabilitate three elections,Democratsin tryside against the cities was collegedegrees will increase look to the past, youwill lose the long-reviled Nationalists, if not as apolitical movement two.The Republicans wonma- focused and coherent, but it their shareofthe electorate. the future. at least as combatants. This Chinese revisionism, expressed not just in textbooks, butincreasingly in film and television and proliferating museums,now positsChina as the most important Asian When Democrats Were Deregulators battleground of World WarIIand accordsChina adecisive role in defeating the Japanese.China, in other words, was By Ian Jefferies cording to market demand ersbillions of dollars. By al- BrookingsInstitution re- “present at the creation” of the current international order and operateovertheir most lowing large railroads to shed searcher CliffordWinston and so deserves greater recognition forits past sacrifices and he term “deregulation” efficient routes. inefficient, low-density or un- wrote in 2005. acceptanceofits futureleadership. T has become polarized in Previously,railroad rates profitable lines to focus on Since1980,freight railroads Mr.Mitterrespectfully disagrees.“China,” he writes,“was Washington. But there and servicewereset by gov- core businesses,the Staggers have poured morethan $710 certainly the firstAsian battlefield (or battlefield of anysort), wasatime when both parties ernment, and carrierswereof- Act notonly improved service billion of their ownfunds back and itsrole in holding back some 600,000 Japanese troops could agree on the benefit of ten forced to provide service along the mainline network; it intotheir operations.Average wasveryimportant, but the United States’ defeat of Japan in targeted regulatory reform. on lineslacking commercial helped givebirth to ashort- rail ratesare 43% lowertoday the Pacific wasultimately the deciding factor.” Thebipartisan Staggers viability. Railroads publicly line rail industrythat today than in 1981 when adjusted for “China’sGood War” is at itsmost interesting when probing Rail Act of 1980, passed by a operates 50,000 miles of the inflation. This translates into Beijing’smotives forundertaking such an ambitious retooling Democratic Congressand 140,000-mile network that at least$10 billion in annual of itspast in the firstplace. “China has been beset by an signed by President Jimmy The Staggers Rail Act spans acrossthe United savingsfor U.S. consumers. inability to createanarrativewith ethical weight behind it,” Carter,deregulated the freight States. Safety and serviceare at his- Mr.Mitterwrites.The country’srecent decades of stirring railroad industry. When Mr. of 1980 got American TheStaggersAct maintained torically high levels. economic success have provided only very limited gains in Carter signed the law on Oct. freight transportation ample protections forcustom- U.S. freight railroads play goodwill and few attemptstoemulateits model. Even China’s 14, he said that “by stripping ersthat lack effectivecompeti- an integral role in the econ- forays intointernational development have fostered little away needlessand costly reg- back on track. tion. Themarket is allowedto omytodaybecause Democrats morethan transactional friendships,while oftengenerating ulation in favorofmarket- work wherecompetition exists, and Republicans collaborated suspicions about Beijing’smotives. placeforceswherever possi- while the government canin- to balance market forces and In the author’s view, this challengeofselling itself as a ble,this act will ...benefit posted ratesfor specific com- tervene whereitdoesn’t. rate regulation. Polling by global leader helps explain whyChina is pushing narratives shippersthroughout the coun- modities independent of mar- TheStaggersAct continues Real Clear Politics found that that giveitacentral role in World WarII. Nonetheless, Mr. trybyencouraging railroads ket conditions.The impact on to provide economic divi- most Americans support mar- Mitterconcludes,“with the warmorethan seven decades in to improvetheir equipment railroads waspredictable and dends. “As we appreciate the kets and targeted regulation. the past, and little sense that China provides an attractive and bettertailor their service disastrous.Atone point, 1in5 achievementsofrail deregula- The Staggers Act is an exam- model forgenerating ‘softpower’ ...Beijing’sdiscourse about to shipper needs.” rail miles wasserviced by tion, it is useful to realizethat ple of deregulation done right. the warhas had considerably lesspurchase than it would wish.” Targeted deregulation rec- bankrupt railroads. the policy succeeded in large ognized that railroads operate Partial deregulation was part because it brought buy- Mr. Jefferies is president Mr. French is the author, most recently, of “Everything in competitivemarketsand chosen over nationalization, ersand sellerscloser together and CEO of the Association of Under the Heavens: How the Past Helps Shape China’s Push should pricetheir services ac- which would have cost taxpay- to achievemutual benefits,” American Railroads. for Global Power.” P2JW288000-0-A01800-1------XA

A18 | We dnesday, October 14, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Who’s Afraid of Amy Coney Barrett? Changing Meaning of Tolerance, and Its Lack

he Senateconfirmation hearingsfor coverage caps.JudgeBarrettduly noted she Joseph Epstein pointstothe opin- Wordshavemeaning,and thereis AmyConey Barrettmay lack forpolitical would consider this likeany “issue that would ion that “racism isn’t systemic,but the no point to continue to call the hard T drama, but they arestill instructive. arise under the Affordable CareAct or anyother absenceoffathersinAfrican-American left“tolerant” even if it is in an ironic families is,” as one of those views that or satirical way.The hardleftnever They arerevealing thedeep statuteshould be determined Democrats are treating “the tolerant absolutely won’t toler- truly embraced theconcept of toler- fault lines over the Supreme by the law—by looking at the ate” (“TheTyrannyofthe ‘Tolerant,’” anceasauniversal truth. Toleranceas Court, and howDemocrats the nominee like a prop text of thestatute, by looking op-ed, Oct. 10). So true,but aren’t con- aconcept wassimply atool of the left viewitasamini-legislatureto at precedent.” Good answer. servatives similarly at fault when it to weaken the Judeo-Christian power achievepolicygoals,rather at a campaign rally. Coveragecaps areapolicyis- comes to the same view? They almost structureinthe post-World WarII than areal judicial body. sue forCongress. reflexively blame teachersand teach- half of the 20th century, as that Democratsare asking very Democratsalso flogged ersunions forbad African-American church powerstructurewas foralong little about the actual laworJudgeBarrett’sjur- JudgeBarrettfor criticizing the Chief Justice’s educational outcomes,while confi- time abastion of the right. isprudential thinking.Instead, one afteran- creativeinterpretation of the individual man- dently offering up vouchers, taxcred- Appealing to toleranceassome other,Democratshaveused their time to focus dateasatax.She joins along queue there. But itsand other government solutions as kind of universal truth isn’t going to on aparade of policyhorribles if she is con- JudgeBarrettreplied: “I am not hostile to the fixes. But isn’t the real problem once disarm the hardleft, and it isn’t pro- again one defined by an absenceoffa- ductiveeither,asthereare some firmed. And foremotional effect, they brought ACA. Iamnot hostile to anystatutethat you thers? More than conservatives want thingsthat acivilized society should along photodisplays of children and women pass. ...Iapply the law. Ifollowthe law. You to admit, they tooaren’t very tolerant not tolerate. Political violenceinthe who would supposedly be her victims on health makethe policy.” She also said “relianceinter- of views that don’t squarewith their name of “staying woke” is one such care,abortion, gunviolenceand more. ests,” such as the number of people who deeply held viewthat the poorly edu- thing that doesn’t deserveour toler- All of this distortsthe role of ajudge, who has gained insuranceunder ObamaCare, have to catedare victims of teachersasop- ance. to rule based on what the lawis, not on what she be considered nowthat the lawhas been in posed to victims of mistakes made ALEX COOK would want it to be.“Judges can’t just wake up placefor six years. within their ownfamilies. Austin, Texas oneday and say‘Ihaveanagenda. Ilikeguns. Democratsalso distorted the risks that the JOHN TAMNY Ihateguns.Ilikeabortion, Ihateabortion’ and Court will overturn Obergefell v. Hodges that di- Washington Mr.Epstein illustrates apernicious walk in likearoyal queen and impose their will vined aright to same-sexmarriageinthe Con- ployfrequently used by postmodern- on the world,” JudgeBarrettsaid Tuesday. But stitutionbecause JusticeAntonin Scalia dis- Icouldn’t agree morewith Mr.Ep- ists. They have hijacked the word “tol- stein’scondemnation of howthe so- erance,” awordofgood reputation, that is lost on Democrats, who aretreating the sented and JudgeBarrettwas his clerk.Yet called “woke” insidiously torque the and nowinsist that it means the oppo- hearings likeacampaign rally. JusticeScalia dissented because the Court was concept of tolerance. But George siteofwhat’sintraditional dictionar- iii imposing policypreferences by diktat. Washingtonwent even further in alet- ies.When the unenlightened use the Start with their focus on JudgeBarrettasa As he explained, “the substanceoftoday’sde- terhewrote in 1790 to the TouroSyn- word,they aretricked intoappearing threat to health insurance. Republicanstate at- cree is not of immense personal importanceto agogue in Newport, Rhode Island, in to support opinions with which they torneysgeneral, joined by the Trump Adminis- me,” but the judiciary’shubris in divining anew which he stated: “The Citizens of the disagree.The word itself becomes a tration,argue in acase that the Court will hear right signified “that my Ruler,and the Ruler of United StatesofAmericahavearight source of confusion rather than clar- on Nov.10that the Affordable CareAct should 320 million Americans coast-to-coast, is ama- to applaud themselves forhaving ity.Our basic ability to communicate be struck down. Recall that Chief JusticeJohn jority of the nine lawyersonthe Supreme given mankind examples of an en- is undermined. Roberts in 2012 upheld the individual mandate Court.” largedand liberal policy: apolicywor- JOSEPH DOLL thyofimitation. All possessalikelib- Saratoga, Calif. to carryhealth insuranceasatax.But the 2017 He wasright then, but tens of thousands of erty of conscienceand immunities of taxreform zeroed out the financial penalty for same-sexAmericans have been married since citizenship.Itisnow no morethat tol- Those of us who have been cut off not being insured. TheAGs saythat because Obergefell.This is the definition of a“reliance eration is spoken of,asifitwereby by family,for what they believeour therenow is no tax, the entirelaw should be interest,” and conservativejudges take it seri- the indulgenceofone classofpeople, views to be even if we don’t impose or struck down. ously.Thereisnoway aconservativeCourt is that another enjoyedthe exercise of expressthem, knowfirst hand just As we’veargued,the AG suit is political and going to invalidatethose marriages. their inherent natural rights.” howintolerant one side is. legal malpracticebecause the lawsuit has almost iii F. HARVEY POPELL TERI BIALOSKY no chanceofsuccess.Three conservativeJustices Thecurrent “conservative” Court has already Woodside, Calif. Studio City, Calif. have suggested in opinions this year that they are shown it is moreheterodoxthan one dominated wary of throwing out entirelawsdue to discrete by liberals.That’sbecause originalistsseek to constitutionally defectiveprovisions,and with interpret laws based on the text andthe Consti- good reason. Thevotecould be 9-0. tution rather than merely find away to arrive What Is the Minimum Wage Really About? YetDemocratsassert that JudgeBarrett’sap- at aforegone policyresult. Everything we know Rep.Donald Norcross(“Biden’s politicians,most of whom have pointment to the Court would threaten protec- suggestsJudgeBarrettwill rule in the same Good Case fora$15 Minimum never actually runabusiness, trying tions formillions of Americans with pre-existing originalist way,and this should reassurethe Wage,” Letters,Oct. 12) bases his to manipulatesomething to gain conditions,insurancecoveragefor young adults, public that theCourt will be properly modest argument foranincrease in the votesinanelection. Kindly let us free mammograms and birth control as well as in interpreting the lawasitis. minimum wage,inpart, on the cost runour businesses as we knowhow lead to higher prescription costsfor seniors. Democratsare doing agreat disservicetothe of apartment rent in NewJersey.He to do it far betterthan you. “It’sall at stake,” Kamala Harris declared. lawand judiciarybytreating thesehearingslike has no one to blame but himself. PETER I. VOLNY Imagine if GOP Senatorsdisplayedphotos of an emotivepolitical ad. They aretelling voters Rentsare driven by high taxes Fountain Hills, Ariz. crime victims foraDemocratic nominee who that the courtsare nothing morethan another (sales,income,real estate, energy, had overturned aconviction on appeal? They arena forpolitical disputes.Keep doing that and employment, etc.)and restrictions Rep.Norcross, says that “the fed- on building newhousing imposed by eral minimum wage ...isn’t livable would be skeweredasdemagogues. soon the Supreme Court will be as unpopular as politicians likehimself.Cut the no matterwhereyou reside.” That California Sen. Dianne Feinstein asked how Congress—which maybetheir real goal as they taxesand redtape and rentswill statementdoesn’t hold up to scru- JudgeBarrettwould handle the ACA’slifetime preparethe ground to pack the Court next year. follow. tiny. Most of those earning the min- GEORGE ROECK imum wage aren’t heads of house- Westfield, N.J. holds,asMr. Norcrossimplies.They Mail Vo ting Done Better areunskilled workerswho are Thecost of living varies enor- starting out, typically teenagers. oubtsabout America’sforay intomass registered by Oct. 13 will sit out November and mously acrossthe country—ask any- Morethan doubling the minimum mail voting have been pooh-poohed cast their next presidential vote in 2024. Ballots one living in NewYork or SanFran- wage would effectively pricethem D formonths.Western states have start being mailed out on Oct. 14. There’s no cisco. These people likely need far out of the workforce,snatching morethan $15 an hour to survive away from them the firstrung of pulled off all-absentee ballot- provision for laggards, no al- If you’re not registered with one job.However, people living the ladder of economic advance- ing foryears, the news write- lowance for requesting a late in manyother places candowell ment, denying those laborersthe ups sayinathrowaway line. in Oregon, it’s too late. mail ballot or picking one up enough on alowerminimum wage. opportunity to learn skills that What do they have that the at the county office. Thebasic economic laws of supply would enable them to moveupto rest of us lack? Well, forone See you in 2024. If Oregon were aGOP state, and demand will determine what higher levels of income. thing, check out their solid its rules might be character- wagesactually are, as evidenced in To paraphrase Nobel Laureate deadlines. ized as “voter suppression,” a the three yearsbeforethe Covid-19 Milton Friedman: “Would yourather In Colorado,registered voters aretobe cynical attempt to blockade the ballot box. But virus decimated the economy. We have no job at $15 an hour than a mailed aballot by Oct. 16.Election officials can adeadline is aneutral rule,and running atight had full employment, wageswere job at $7.25 an hour?” begin counting incoming ballots on Oct. 19. If ship is especially vitalwhen manyorall ballots rising rapidly acrossall levels,espe- SCOTT KAUFMANN people register to vote within eight days of the are going by the U.S. Postal Service. cially at the bottom, and the “em- Kansas City, Kan. ployees wanted” sections of newspa- election, they won’t be sent aballot by mail and This year’s big potential swing states aretak- persacrossthe nation were larger must go getone themselves.That makes it ingaloosey-goosey approach. Pennsylvania and than ever. Requirements for H-1B Visa much lesslikely that voters will go to court after Wisconsin don’t start processing piled-up mail Some states recently raised their Shouldn’t Be Overly Narrow Election Day, claiming that the mailman didn’t votesuntil Election Day. Minnesotans canapply minimum wage which, not surpris- bring their ballots until Nov. 3 or after. foranabsentee ballot on Nov.2.Politicians ingly,resulted in employees laying With the newH-1Bvisa require- Oregon is even morestrict. If you’renot reg- want to experiment with massmail voting,but off workers, the net result being mentslinking adegree in aspecific istered to vote today, it’s already too late. To withoutmaking the concessions to reality that that those most in need suffer the field and job description, Idoubt participate in an election, Oregonians must be are evident in the West. There’s still time for most. So what we have again are whether Sundar Pichai head of Alpha- on the rolls 21 days in advance. Residents not Pennsylvania to learn from better examples. bet/Google, whose degrees areinmet- allurgical engineering and materials Racism and Continuing science, would have gotten an H-1B to U.S. Racial Disparities work in the information-technology Sheldon Whitehouse Does Glenn Beck sector (“U.S.Imposes NewCurbs on Regarding Jason L. Riley’s “Where H-1B Visas,” U.S. News,Oct. 7). iewers of cable TV might recall when flowing inevitably back somehowto, wait for Have the Honest Liberals Gone?” (Up- If youare going to hiresomeone on GlennBeck would getout the chalk- it, the Koch brothers. “Something is not right ward Mobility,Oct. 7): Iwonder what aH-1Bvisa, it makes sense to recruit V boardafter the financial panic and lay around the Court, and dark money has a lot to reasons the author believes exist for the best possible and most-skilled outinastonishing detail the do with it,” he said. racial disparities in our society other person who bringsinknowledgeand multiple and supposedly ne- The Rhode Island Youhavetolovethat use of than racial prejudice? The“black un- skills in multiple disciplines.The con- fariousconnections among Democrat offers his the vague“something.” We derclass” and “black elites” both want cept that an applicant must have a Goldman Sachs,TreasurySec- haven’t seen such aweirdper- safeneighborhoods and betterschools degree in aspecific field in which she retary Tim Geithner and vari- theory of everything. formancesinceMr. White- forthemselves,their families,and their or he is looking forwork is outdated. communities.Todismissthe critical Thenew changes don’t account for ous othersinthe vast Wall house attempted to find the race discussions as irrelevant or out of the highly interdisciplinaryand con- Street conspiracy. Mr.Beck hidden messages in Justice touch to black Americans living in vergent natureofthe complex, real has retreated to the internet as far as we know, Kavanaugh’s high-school yearbook at his con- these disadvantaged communities is problems we faceinindustry, aca- but American politics has found his spiritual firmation hearing. disingenuous at best, and dangerous at demia and as asociety. doppleganger in Sheldon Whitehouse. Mr.Whitehouse had the bad luck to be fol- worst. Thedeath of George Floyd,the PROF. PRADEEP FULAY TheRhode Island Senator had 30 minutes lowedbyRepublican Sen. TedCruz, who re- 1619 Project, and other eventsare West Virginia University to question Supreme Court nominee AmyCo- latedMr. Whitehouse’sties to such Democratic awakening in Americaanother way of Wexford, Pa. ney BarrettonTuesday, but he failed to ask dark-money operationsasDemand Justiceand looking at howwelegislate; howthe anything.Hedevoted histime instead to a Arabella Advisors. Demand Justiceisamong systems that have evolved have Glenn Beck-style tutorial on the vast right-wing the progressiveoutfits demanding that Demo- worked to the disadvantageofblack Pepper ... conspiracythat is supposedly buying the fed- cratspack the Supreme Court with newJus- Americans.Itisonly through this reck- And Salt oning and acknowledgment that we eral courts. tices if they win the Senate. Arabella funds a canhope to shifthow we viewtax pol- THE WALL STREET JOURNAL Sheldon the VampireSlayerhad names and variety of left-wing political groups that in icy, health policy, banking policy, and props and numbersand arrows—all in the ser- turn fund Democrats. But Arabella doesn’t dis- so on, to level the playing field for viceofhis theorythat LeonardLeo, formerly close itsfinancial donors. black Americans. of the Federalist Society, and afinancial net- Mr.Cruz’srebuttalwon’t stop Mr.White- Using research from almost 20 years work have secretly schemed fordecades to house,whose goal is to delegitimizethe current agototry to arguethe desires of black nominateJudgeBarrett. This followedMr. Supreme Court in the eyes of the public.Recall residentsinthe “underclass” is wholly Leo’sdastardly and heretoforeunknown ma- howheand other Democratsthreatened to re- unpersuasiveofcurrent attitudes. nipulativesuccess in getting Chief JusticeJohn structurethe Supreme Court if the Justices MAGGIE REEVES Roberts,aswell as Justices Samuel Alito, Neil ruled the wrong way in agun-rightscase.He Orinda, Calif. Gorsuch and BrettKavanaugh on the High wantstointimidatethe Justices intovoting his Lettersintended forpublication Court. Congrats, Mr.Leo. way or,failing that, preparethe political should be emailed to [email protected]. Likeall obsessives,Mr. Whitehouse has a ground forCourt-packing.We’renot surewhat Please include your city, stateand single theorythat explains everything: “dark Judge Barrett made of the political antics, but telephone number.All letters aresub- money.” Thus the supposed connections be- we trust she’ll ignoreitall aftershe’sconfirmed ject to editing,and unpublished letters cannot be acknowledged. tween Mr.Leo and this group or that group,all as soon as the Senatecan hold avote. “It’s my new social distancing desk.” P2JW288000-0-A01900-2------XA

THE WALL STREET JOURNAL. We dnesday, October 14, 2020 | A19 OPINION Regeneron’s The Korean War’s Lesson for Taiwan Coronavirus By Paul Wolfowitz should be reminded that it is Xi Jin- ping who has made it moreremote October eijing has been making a by eviscerating theconcept of “one showofhostility toward country, two systems,” which Deng Taiwan. Last week China Xiaoping originally intended forTai- Surprise B released footageof“real wanaswell as Hong Kong. combat” it conducted last TheTaiwan Relations Act provides month in Taiwanese airspace. AChi- that “any effort to determine the fu- By Marc Siegel nese invasion would present the tureofTaiwan by other than peace- greatest threat to global peaceina fulmeans” will be considered a id President Trump return to generation. TheU.S.would confront threat of “grave concern to the work too soon after coming an agonizing dilemma: risk an GES United States.” To makethat part of D IMA down with Covid-19? TheCen- armed clash between two nuclear the lawmeaningful, the U.S. and Tai- ters forDisease Control and Preven- superpowers or abandon afreepeo- wanese militaries need to coordinate GETTY tion in August updated itsguidelines ple to communist tyranny. But planning so that an attack wouldn’t VIA forhealth-careworkersrecovering there’sanalternative—deter the overwhelm Taiwan’sdefenses before

from the disease.The CDC recom- threat by committing to oppose it, by CTION help canarrive. It will also require

mends that for those with mild to forceifnecessary. LLE what has been called “thinking more moderateillness, returning to work Deterrencerestsonaparadox: CO creatively” about nonnuclear options is permissible when “atleast 10 days Thebest way to prevent waristo that might cause Mr.Xitorecalculate

have passed sincesymptoms firstap- threaten war. Thehistoryofthe 20th PICTURE the costsofanattack.

peared and at least 24 hours have centuryillustrates what successful LIFE Unfortunately,economic sanctions

passed sincelast feverwithout the deterrencecan accomplish. Deter- THE and diplomatic pressureare unlikely use of fever-reducing medications renceenabled West Berlin to survive North Korea’s Kim Il-Sung with a portrait of his patron Stalin. to be sufficient to forcesuch arecal- and symptoms (e.g., cough, shortness as afreecity despiteapolitical sta- culation, given howlittle impact such of breath) have improved.” TheCDC tus even moreambiguous than Tai- daring “tochallengethe newChinese started ahorrible war. measures have had in Xinjiang or also notes that “a test-based strategy wan’sand atruly indefensible mili- authorities.” Stalin’sspies weren’t wrong in Hong Kong.The world should do is no longer recommended because, tary position. Cold Warhistoryalso Stalin invited Kim back to Moscow their assessment of the American more to compel Mr.Xitohonor in the majority of cases,itresultsin illustrates acorollary: Afailureofre- to discussapossible invasion. Asum- “mood.” Beforethe invasion, U.S. po- China’spromise of autonomyfor excluding from work health care pro- solvecan invitecatastrophe.The Ko- maryofthose discussions—which litical and militaryleadersdidn’t Hong Kong.But if the U.S. stands fessionals who continue to shed de- rean Warwas preventable if the U.S. historian Kathryn Weathersby calls want to defend South Koreaand con- aside and allows Taiwan’sautonomy tectable SARS-COV-2 RNA but areno had made clear beforehand that it “the clearest expression that we have sidered an invasion unlikely.But a to be crushed by force, it would longer infectious.” would forcefully oppose North Ko- about Stalin’sreasoning” on the inva- surprise attack by seven well- shakethe foundation of security and rean aggression. sion—shows that even afterAmer- equipped North Korean divisions ad- stability in East Asia. Soviet documentsreleased in 1995 ica’swithdrawal, his primaryconcern vancing rapidly down the peninsula We can’t knowhow Mr.Xiwould Trump told me in July that reveal that North Korea’sfirst dicta- changed both the strategic and polit- react to acredible redline (or to the he was more hopeful about tor, Kim Il-Sung,visited Stalin in ical calculus. failuretodrawone). Historical analo- March1949and proposed invading Stalin nixed Kim Il-Sung’s Since1979,when the U.S. normal- gies arealways imprecise; the Korean therapeutics than about a SouthKorea. Stalin, concerned that plan to invade the South ized relations with Beijing and Con- scenario wascomplex, and Taiwan’s vaccine. He was prescient. American troops “willinterfere in gressenacted the Taiwan Relations situation differsfromboth Koreaand case of hostilities,” rejected the idea. until he was convinced the Act,Washington’srelations with Tai- Berlin. And there’snodenying that But by 1950,U.S.combat forces pei have been based on ambiguity. such an approach entails significant hadleftKorea based on the stated U.S. wouldn’t strike back. Yetanunambiguous deterrencecom- risks.But continued ambiguity in the No one would deny that doctors, belief of the Joint Chiefs of Staff that mitment would be fully consistent faceofMr. Xi’sescalating rhetoric nurses and support staff are essen- “Korea is of little strategic value” with thelongstanding U.S. position and provocativemovementsbyhis tial workers, but it’sobviously un- andacommitment to use military remained that an attack might that differences between Taiwan and armedforcesinthe Taiwan Strait wise to return to ahospital or medi- forceinKorea would be “ill-advised prompt aU.S.intervention and drag the mainland need to be resolved presents the greater risk of acon- cal office if you are still contagious and impracticable.” Gen. Douglas the Sovietsintoadirect conflict. peacefully,without the use or threat frontation as dangerous as the Cuban with Covid. Few would deny, either, MacArthur endorsed that viewpub- Since“the U.S.S.R. wasnot ready to of forceand with no unilateral decla- Missile Crisis.That leavesuswith that the president is an essential licly in aMarch 1949 interview, as getinvolved in Korean affairsdi- ration of Taiwanese independence. thecredible threat of militaryforce worker. He told me as much Friday did SecretaryofState Dean Acheson rectly,especially if the Americans did Painful though it maybefor the Tai- as the best hope of avoiding war. in his firston-camerainterviewsince in aJanuary1950 speech. venturetosend troops to Korea,” the wanese to livewith their ambiguous he got sick. He had been concerned But Moscow’s thinking changed documentssaid, Stalin required Kim international status,preserving Mr. Wolfowitz, avisiting scholar about howthe disease could have in- afterChina fell to the Communist to getMao’s approval. peaceinthe Taiwan Strait and free- at the American Enterprise Institute, terfered with his ability to do his job: Party in October 1949.According to With the additional reassurance dom forthe Taiwanese people is served as assistant secretary of state “I didn’t have aproblem with breath- the documents, that demonstrated to from Soviet intelligencethat the much moreimportant. for East Asia and the Pacific ing,which alot of people seem to the Sovietsthe “weaknessofAsian “prevailing mood” in the U.S. was “Peaceful resolution” seems likea (1982-86), U.S. ambassador to Indo- have.Ihad none of that. But Ididn’t reactionaries” and their American “not to interfere,” Stalin unleashed remoteprospect today, but the nesia (1986-89) and deputy defense feel very vital. Ididn’t feel likethe “mentors,” who “leftChina” without Kim Il-Sung on South Koreaand world—and the Chinese people— secretary (2001-05). president of the U.S. should feel.” Mr.Trump said that at Walter Reedhospital, the lung scans initially showedcongestion, but he felt better Will Amazon Suppress the True Michael Brown Story? after taking the Regeneron cocktail of syntheticantibodies.His physi- August wasthe In an interviewthis week,Mr. politics of victimization.” focus is on “the transformation of cian, Sean Conley, released a letter sixth anniversaryof Steele,who is based at Stanford YetMr. Steele sees abetterfu- the person. And we’retelling them, Mondaystating that the president the death of Michael University’s Hoover Institution, ex- ture, and the interviews highlighted hey,educationally, yougotta getit tested negative“on consecutive Brown, the black plained the significanceofBrown’s in “What Killed Michael Brown?” together.Economically,you gotta days” on the AbbottBinaxNOWanti- teenager who was death and what it tells us about race help to explain his optimism. One getittogether.Family and spiritu- gentest—and, moreimportant, that shot dead by a relations today. “Michael Brownrep- of the film’sstrong suitsisshow- ally,you gottaget it together.And the president’sviral cultures contin- UPWARD whitepoliceofficer resented, even moresothan Tray- casing the wordsand deeds of ev- youhavetotakeresponsibility.” ued to be negativeand therewas no MOBILITY in Ferguson, Mo. vonMartin,Freddie Gray and oth- eryday community leadersinplaces Thepresident of the St.Louis detectable viral replication. Theincident, and ers, the distortion of truth, of likeFerguson, St.Louis and Chi- NAACPchapter told Mr.Steele By Jason L. AWhiteHouse official told me the nationwide cov- reality,” he said. Mr.Steele added cago. These people arefar morefo- therewas no evidencethat the Fer- Riley that the president had “off the erageitattracted, that when it comes to racial contro- cused on black self-development guson protestshad done anything charts” antibodies on samples col- marked the begin- versies,liberals have developed to help the black people who live lected after he received the Regen- ning of aperiod of massprotests what he calls a“poetic truth,” which there. Property values have fallen, eron infusion. All indications (includ- againstpolice, which culminated maybeatcompleteodds with ob- Shelby Steele’s new film crimehas increased, and schools ing multiple viral and genetic tests) (let’shope) afterthe tragic death of jectivetruth but neverthelesshelps continue to underperform. “Let’sbe were that the virus wasnolonger vi- George Floyd in Minneapolis this them advanceadesirable narrative. takes a critical look at the clear.The progressiveagenda is not able or infectious afterthat. This May. In the case of Michael Brown, real- prevailing narrative. It’s the black agenda,” he says.“The finding,coupled with the promising Thefashionable explanation for ity wasturned on itshead. people in that community areno early resultsoftrials Regeneron (and what happened to Brown, Floyd and “It wasalmost absolute,” Mr. now under ‘content review.’ betteroff than they were prior to Eli Lilly,although itstrial was others—such as Freddie Gray in Steele said. “The language—he was the death of that young black child. paused Tuesdaybecause of a“poten- 2015 and Philando Castile in 2016— ‘executed,’hewas ‘assassinated,’ They’renobetteroff,and every- tial safety concern”), has encourag- is so-called systemic racism. The ‘hands up,don’t shoot’—it wasa than on badgering whites or blam- body knowsit.” ingimplications forearly Covid-19 activist leftand the mainstream stunning example of poetic truth, ing society forproblems in poor Amazon, which wasscheduled to treatment, especially in the elderly media insist that lawenforcement of the lies that asociety canenter- black communities.They under- stream the movie,isnow having and high risk groups. targeted these men because they tain in pursuit of power.” Despite stand and accept objectivetruth second thoughtsand has placed it It is clear by both the CDC criteria were black—and that if they weren’t ample forensic evidence, the grand- butmostly toil in obscurity while under “content review.” Eli Steele, as well as the multiple laboratory black,they would still be alive. The juryreportsand the multiple Jus- liberalbillionaires cut million-dol- thedirector,told me that he will analyses of the virus itself that Mr. truth is morecomplicated and less ticeDepartment investigations lar checks to subsidizeBlack Lives resort to other streaming platforms Trump is no longer contagious. politically correct, and it’sthe sub- clearing the policeofficer of any Matteractivism and antiracism gib- if he has to and is referring people Thepresident told me in alate ject of an engrossing newdocumen- wrongdoing,“thereare blacks to- berish from “woke” academics. to the film’swebsite, WhatKilledMi- July interviewthat he wasmoreex- tary that is scheduled to premiere day, right nowinFerguson, as I “It’seasy to say, ‘The white chaelBrown.com,for moredetails cited about therapeutics in the Oct. 16. point out in the film, who still truly man, the whiteman,’and point the on howtoviewit. Theprogressive short term even than vaccines.He Thefilm, titled “What Killed Mi- believethat Michael Brownwas finger,” says apastor in the film agenda maynot be the black said he thought aday could come chael Brown?,” is writtenand nar- killed out of racial animus,” he said. whosechurch is located in one of agenda, but it is the media’s soon when apatientmight receive ratedbythe noted race scholar “In amicrocosm, that’swhererace Chicago’smost violent neighbor- agenda. Sadly,speaking plain truths atreatmentfor Covid and walk out Shelby Steele and directed by his relations aretoday. Thetruth has hoods.“In reality,wehavetotake about racial inequality in America of the hospital the next day. I son, EliSteele.Readersofthese no chance.It’ssmothered by the averyclose look at ourselves.” His todayremains controversial. thought he wastoo hopeful. But he pages probably knowthe elder Mr. wasprescient. Steele through his best-selling Monoclonal antibodies arethe Oc- books and occasional Journal op- tober surprise forthe scienceof eds. But earlier in his career,Mr. An October Day at Walter Reed Hospital Covid, rather than for the politics. Steele also wonacclaim forhis work in television. In 1990 he co-wrote By Bob Greene Humphrey—arecourting voters. for-victorysign. Dr. Siegel is aclinical professor of andproduced “Seven Days in Ben- Hereonthe grounds of Walter Reed Theselection of music has been medicine and medical director of sonhurst,” an Emmy-winning docu- t’sanOctober afternoon on the ArmyHospital people hear the mu- made with care;his wifeknows each Doctor Radio at NYU Langone mentaryabout Yusef Hawkins,the I grounds of the nation’smost re- sic,and word passes among them song will please him. Thereis“The Health, aFox News medical corre- black teenager from Brooklyn who nowned militaryhospital. Abit- aboutwhy it is being performed. YellowRose of Texas,” commemo- spondent, and author of “COVID: The wasfatally shot in 1989 afterheand terpresidential campaign is in its Soldiershome from Vietnam for rating the statewhere, in small- Politics of Fear and the Power of Sci- some friends were attacked by a stretch run. In his room at Walter treatment, their family members, town Denison, he wasborn. Thereis ence.” whitemob. Reed, agrievously ill man much medical personnel, hospital support “ArmyBlue,” traditionally played moreaccustomed to lifeinthe Oval staff,all hurrytowherethe band is and sung at West Point graduation Officelooks out the window, to be playing and look up toward the side ceremonies.Thereis“TheArmy greeted by asurprise. of the brick building. Goes Rolling Along.” At the sound of PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Dwight D. Eisenhowerglances at that one,hesalutes. Rupert Murdoch Robert Thomson the lawn and is startled by the sight Someone hands him aminiature Executive Chairman, News Corp Chief Executive Officer, News Corp of hundreds of people looking up to- flag,bearing five starstosignifyhis Matt Murray Almar Latour The crowd gathered to pay Editor in Chief Chief Executive Officer and Publisher ward him. Today—Oct. 14,1968—is tribute to Eisenhower on rank.Hebriefly wavesitintime Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: his78th birthday. His wife, Mamie, with atune.The crowd beneath the Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; stands behind his wheelchair; she, his 78th birthday—which windowgrows.Asong he loves Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; hisdoctorsand nurses have care- from “The Sound of Music” is News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; fully planned this. turned out to be his last. played: “Climb everymountain, ford Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer Theconductor of the U.S. Army everystream ...” Andrew Dowell, Asia; AnthonyGalloway, Video & Bandand Chorus raises his baton. What alifehehas led. Within six Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; Thecrisply uniformed musicians Hereiswhat they see in that months,itwill have ended. Fornow, Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; and vocalists, on signal, commence window, pulled to the up-and-open in what will turn out to be his last Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; with aprogram of Eisenhower’sfa- position in itswooden frame: the appearanceinpublic and the final Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News voritesongs. He has been apatient 34th president of the United States, birthday he will ever celebrate, the Thomas SanFilippo, Customer Service; herefor months,having suffered his with eyeglasses he will sometimes crowd on the lawn continues to GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; seventh heart attack.Heismore remove, wearing arobe over apair gather,wanting to showtheir love, Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; than 24 yearsremoved from the D- of pajamas.They sing agreeting to respect and gratitude.They look at Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International Dayinvasion, seven yearsfromhis him, using the honorific he prefers the man in the window, and he WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: last dayofwork in the WhiteHouse. postpresidency: “Happy birthdayto looks back,and the band plays on. LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head He bringsahandkerchief to his face you, happy birthdaytoyou, happy

EDITORIAL AND CORPORATEHEADQUARTERS: and dabs his eyes. birthday, General Eisenhower...” Mr. Greene’s books include 1211 Avenue of the Americas, New York, N.Y., 10036 Somewhereelse in America, two With the firsttwo fingersofhis “Chevrolet Summers, Dairy Queen Telephone 1-800-DOWJONES men—RichardNixon and Hubert righthand he flashes them the V- Nights.” P2JW288000-0-A02000-1------XA

A20 | We dnesday, October 14, 2020 THE WALL STREET JOURNAL.

PAID ADVERTISEMENT

Let’screatejob satisfaction. Let’sgivepeople work they feel good about.The gig mentality is wearing people out.Let’s generatethe kinds of jobs that come with benefits andapaycheckthat providessomething more than theminimum wage. Manufacturing does that. Making things matters. And it matterstomorethan justthe makers.Whenever, wherever andhowever we can, let’ssupport domestic manufacturing.Let’s make it. Let’smakeithere.

Get involved.

20MXZI048-14-144941-6 P2JW288000-6-B00100-1------XA BUSINEMAERSK TO CUTSSJOBS AS IT&FLIFTS FULL-YEARINOUTLOOKANB5 CE

© 2020 Dow Jones & Company. All Rights Reserved. ****** THE WALL STREET JOURNAL. We dnesday, October 14, 2020 | B1

S&P 3511.93 g 0.63% S&P FIN g 1.86% S&P IT g 0.63% DJ TRANS g 0.82% WSJ $ IDX À 0.46% LIBOR 3M 0.237 NIKKEI (Midday) 23594.68 g 0.03% See more at WSJ.com/Markets Bank Giants Beat Pandemic Forecasts

JPMorgan postsprofit beating Wall Street estimates. ecutives said they haven’t yet outcomes,but thereissomuch checks andother government economy. Their reflection, Citigroup Inc.,too, delivered changed their views that signifi- uncertainty we’renot saying that measures passed early in the though, canbeskewed: They rise, Citi loses lessthan better-than-expected results. cant losses arelooming in the fu- that’sdefinitive,” Mr.Dimon said pandemic have buoyedU.S. andother large banks tend to expected; both warn Takentogether,the two ture. They continue to hold large on acall with reporters. consumersand businesses so serverelatively affluent Ameri- banks’ third-quarter results reserves forpotential losses and JPMorganhas nearly $34 far,keeping the economy cans,and this quarter’s the downturn will last showthat businesses and con- predicted that next year unem- billionset aside forpotential afloat. But those measures are strength is partly areflection sumersheld up surprisingly ployment would remain high and losses.Ifthe economyrecovers running out, and lawmakersre- of accounting rules that forced BY DAVID BENOIT well in the months sincethe morecustomerscould start de- apace, that might be $10 billion main at an impasse on asecond them to estimatemorepain in pandemic plunged the U.S. into faulting on their loans. morethan it needs,Mr. Dimon round of stimulus. prior quarters. America’sbiggest bank recession. But the leadersof JPMorganChief Executive said. In adouble-dip recession, JPMorganand Citigroup are Forbank analystsand inves- posted ahigher profit than it both banks warned that the James Dimon warned that with- he said, the bank could need the firstbig U.S. banks to re- tors,the resultsoffered hope didayear agobeforethe pan- economyisn’t out of the woods. out morepublic assistancefor another $20 billion in reserves. port third-quarter results. Their that concerns of widespread demic ravagedthe economy. Theresultswereboosted be- the economy, it could grow Thecoronavirus recession connections to American con- PleaseturntopageB12 JPMorganChase &Co. said cause the banks didn’t have to worse. “A good, well-designed hasunfolded likenoother.A sumersand companies around Tuesdaythat third-quarter put aside as much money to stimulus packagewill simply in- massiveexpansion of unem- the world typically makethem  Heardonthe Street: JPMorgan profit rose 4% from ayear ago, coverfutureloan losses.But ex- crease the chanceweget better ployment benefits, stimulus abellwether forthe larger plays long game...... B14

Demand forrenewable energy is projected to risefasterthan other fuels, Slowdown Helps spurred by rising investments.Solar energy,inparticular,isexpected to Pilgrim’s become amajor source of global electricity.

Primary fuel demand by major fuel, Average annual solar PV† and coal electricity Pride Speed Shift as forecast in 2019* generating capacityadditions world-wide 5.0 billion metric tons of oil equivalent 150 gigawatts To Admit To Clean Energy Oil Solar PV 4.5 125 Fixing Gas

BY RUSSELL GOLD structurefunds at BlackRock 4.0 100 AND DAVID HODARI Inc., the world’slargest asset Prices manager,said some investors FORECAST Theworld’stransition to were attractedtothe stable re- 3.5 Coal 75 cleaner sourcesofenergy is turns that renewable projects BY JACOB BUNGE gaining speed as the coronavi- could provide,but that the sen- Renewables AND BRENT KENDALL ruspandemic accelerates a timent wasn’t universal. 3.0 CURRENT FORECAST 50 shiftininvestment away from “Wedefinitely see further Chicken giant Pilgrim’s fossil fuels,according to the In- growth in renewable energy in- Pride Corp.said it has agreed ternational Energy Agency. vestment and certain institu- 2.5 25 to aplea deal with the Justice Capital spending on energy tional investorswho want to PRECRISIS FORECAST Department to resolveprice- this year is set to plunge18%, push harder,but Iwouldn’t say Coal fixing chargesand will paya as global energy demand is ex- that is ubiquitous,” he said. 2.0 0 fine of $110.5 million. pected to fall 5% in 2020,a Some of the world’slargest 2030 ’40 2000 ’10 ’20’30 Aguilty plea by the second- pullback not seen sinceWorld energy companies have begun largest U.S. chicken processor WarII, the Paris-based agency rethinking futureinvestments *Nuclear doesn’tchange substantially from prepandemic projections †photo voltaic by sales will makePilgrim’s said in itsannual report on the in light of achanging investor the firstcompanytoadmit to futureofthe industry. and regulatorylandscape. Average annual investment,inbillions of 2019 dollars what government prosecutors But the projected investment BP PLC last month detailed a have alleged wasaroughly cutsare highly uneven, high- strategytosteer away from oil FUELS seven-year effort acrossmuch 781 lighting adivergenceinwhat and toward renewables.Italso Oil and of the U.S. chicken industryto companies,marketsand inves- predicted that oil demand may natural gas 800 inflateprices.That coordina- 809 tors arewilling to finance. have peaked right beforethe tion pushed up poultryprices Spending on newoil and gas pandemic. 91 paid by fast-foodchains and Coal 49 supplies took the largest hits, “The pandemic Ibelieveonly otherchicken buyers, Justice 37 2015–19 while renewable energy held up adds to the challengeofoil in prosecutorsalleged. 9 2020–30forecast betterthan anyother source, thefuture,” BP Chief Executive Biofuels and Pilgrim’ssaid the plea 20 2031–40forecast biogases the IEA found. BernardLooney said earlier this 36 agreement provides that the Thepandemic weakened year.Hesuggested changed hab- JusticeDepartment will bring corporatebalancesheetsand itssuch as working from home POWER GENERATION USING‥. Notes: Electricitynetworks no further chargesagainst the increaseduncertainty over fu- could stick,thereby reducing 139 includes electric vehicle (EV) Colorado-based companyand fast chargers. Energy efficiency turefuel demand, spurring the fuel demand permanently. Fossil fuels 86 includes investments in buildings, doesn’t recommend an outside record cuts. French energy firm TotalSA 78 transport and industry. compliancemonitor forthe Solar- and wind-energy proj- last month said it would in- 34 Renewables forend-use include corporation. Theagreement solar thermal, bioenergy and ectsare benefiting from falling crease spending on renewables Nuclear 52 geothermal applications for doesn’t requireany restitution costs, as well as widespread to $3 billion ayear by 2030 47 heating. Other end-use includes or probationaryperiod, the government support, and mon- from $2 billion ayear. 310 carbon capture, utilisation and companysaid. storage (CCUS)inindustry sector, etarypolicies that support low TheIEA,anadvisory body Renewables 340 EVsand EV slowchargers. “Weare encouraged that to- interest rates. TheIEA expects forthe 37 wealthynationsof 396 day’sagreement concludes the renewables to provide 80% of the Organization forEconomic Antitrust Division’sinvestiga- POWER the growth in global electricity Cooperation and Development, tion into Pilgrim’s, providing 294 demand through 2030. which include the U.S.,Ger- Electricity 393 PleaseturntopageB2 “Solar is nowthe newking manyand Japan, said itsmem- networks 517 of electricity markets,” said IEA bers’ annual demand foroil 3 ExecutiveDirector Fatih Birol. hadprobably already peaked, Battery 13 Of lowinterest rates, he added: andtheir thirst forpetroleum storage 35 Delta “This is very important for wouldn’t return to prepan- clean energy technologies as demic levels. OTHER they requirerelatively high up- But oil demand is expected 251 Reports front costs. Putting these things to continue growing in devel- Energy 364 together we areseeing abig PleaseturntopageB2 efficiency 537 boom in renewable energies.” 30 Widening Mark Florian,head of the  U.S. energy industry rebounds Renewables and 211 other forend-use 385 global energy and powerinfra- faster than expected...... B2 Source:International Energy Agency Losses

PERSONAL TECHNOLOGY | By Joanna Stern BY ALISON SIDER

DeltaAir Lines Inc.offered cautious optimism that demand With So ManyiPhones,FeatureFine PrintIsKey fortravelisstarting to return but said itslosses were mount- ing,asthe coronavirus pan- At a virtual four. Add to that a couple of product lines gives consum- countries like China and In- your choices. I’ve broken it demic looks likely to continue event on layover models and the re- ers more choice. With varia- dia, where $25 makes a huge down for you: weighing on travel foryears. Tuesday, Ap- cently launched SE, and the tions in size, features and difference,” he added. “The virus has had amuch ple executives grand total of iPhones cur- price, you can decide which The result? Shopping for iPhone 12 Mini ($699 broader impact over the course announced a rently sold directly by Apple works best for you. an iPhone now requires a and Up) of the year than anyofuswere bajillion new is seven! (There are others There are global business magnifying glass for inspec- What you get: The small- suspecting,” DeltaChief Execu- iPhone 12 models. Or at least you can still buy elsewhere, reasons, too, explained Pat- tion of the features—notably est, most feature-packed tiveEdBastian said in an inter- pretty close to it. but I’m not going there.) rick Moorhead, president of the cameras, screen sizes PleaseturntopageB4 view. Instead of the trio of new Why so many? Apple will the technology firm Moor In- and compatibility with the Deltahad hoped it would be iPhones it launched the past tell you its “good, better, sights & Strategy. “Different new 5G cellular networks.  iPhones feature better able to stop bleeding cash by few years, Apple trotted out best” move across all of its price points mean more in It’s important to understand cameras, tougher glass...... B4 theend of the year.Now the airlineanticipates such asce- nario won’t happen until spring,evenwhile slashing INSIDE Telemedicine Provider Sues Rival costs. Deltaended September burning through $18 million in cash aday but expectstocut Over Patents for Hospital Devices that to $10 million aday by the end of the year.However, Mr. Bastian said: “We’reseeing a BY SARAH KROUSE patentsTeladoc says it owns. remote-carevisitstobereim- steady progression and steady Thefiling asks forunspecified bursed by insurersatthe same improvement.” Teladoc Health Inc., the damages as well as action per- rate as in-person visits drove Airlines have been overly country’slargest publicly traded manently barring Amwell from record numbersofpatients to optimistic before. Persistently telemedicine provider,sued ri- the alleged infringement. connect with doctorsvia tele- high infection ratesand the re- val American Well Corp.for al- Thedisputebetween the two health services and videoconfer- sulting restrictions on travel leged patent violations related remote-carecompanies comes encing tools likeZoom. Remote- and businesscut short the be- AUTOMOBILES FINANCE to technologybehind robot-like as competition intensifies in a care visits arenow used for ginningsofasummer resur- The Chinesemarket BlackRock posts a22% cartsthat connect hospitalized corner of the U.S. health-care primaryand urgent care as well gence. recordsits first quarter profit rise, boostedby patientswith specialistsinreal system that hasreceived ajolt as to keep patientswith mild Deltahas takenafurther time via video. from regulatorychanges aimed Covid-19 cases out of hospitals PleaseturntopageB2 of sales growth in two ETF inflows and fees Thepatent-infringement at easing access to care during or monitorthose with severe years. B3 in activefunds. B12 suit, filed MondayinaDelaware the coronavirus pandemic. cases who have been discharged  Heard on the Street: Delta’s district court, relates to nine Afederal action that allowed PleaseturntopageB4 pain is worse for others.....B14 P2JW288000-6-B00200-17FFFF5178F

B2 | We dnesday, October 14, 2020 ****** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A DoorDash...... B14 Omron...... R4 AGC...... R3 E P - R Akris...... B6 Eastdil Secured...... B6 Pfizer...... A7,A8 Alstom...... R4 Eaton Vance...... B12 Pilgrim’s Pride...... B1 Amazon.com...... B4 Ebara...... R4 Postmates...... B14 AMC Entertainment...A1 Eramet...... R10 RELX...... R4 American Airlines Evergreen Marine...... R3 Rystad Energy...... B2 ...... B1,B13,B14 Evraz...... R3 S American Express.....B14 F - G American Well...... B1 SAP...... R8 Anheuser-Busch InBev Ford Motor...... R9 Schneider Electric...... R8 ...... R9 General Motors.....B3,R9 Sekisui Chemical...... R4 A.P. Moeller-Maersk...B5 Gildan Activewear...... R6 Siam Cement...... R3 Apple...... B4,B14 I Solvay...... R1,R8 Arkema...... R1 Industria de Diseno Sony...... A12,R1 AstraZeneca...... A7,A8 Textil...... R6 State Street...... B12 AT&T...... A12 Instacart...... B14 T B Invesco...... B12 Tatung...... R6 Bayer...... R6 Investec...... R6 Teladoc Health...... B1 Bed Bath & Beyond....A2 J Tesla...... B3 BlackRock...... B12,B13 Janus Henderson...... B12 Texas Instruments...R10 BYD...... B3 JFE...... R3 Thermo Fisher Scientific C Johnson & Johnson ...... A6

...... A7,B13,R6,R10 Trian Fund Management S Camden Property Trust J.P. Morgan Chase ...... B12 ...... B6 NEW

...... B1,B13,B14 21st Century Fox...... A12 G CanSino Biologics...... A8 Capital Group...... B12 L - M U - V

Christian Dior...... R9 Linde...... R8 Uber Technologies....B14 OOMBER

Citigroup...... B1,B13,R6 LVMH...... R9 United Airlines /BL Comcast...... A12 ...... B1,B13,B14 Lyft...... B14 ANT Commerzbank...... B12 Merck...... R6 Valentino...... B6

Crown...... R3,R10 Moderna...... A7 Vanguard...... B12 MORD D Morgan Stanley...... B12 Ventec Life Systems..R9

Verizon...... B4,B14 ANGUS Dataminr...... A2 N - O Delta Air Lines Netflix...... A12 W - X The U.S. active rig count has risen three times in the three weeks to Oct. 9. Tanker trucks sit at a facility in Sunray, Texas...... B1,B13,B14 NIO...... B3 Walt Disney...... A12 Deutsche Bank...... B12 Nissan Motor...... B3 Welltower...... B6 Diageo...... R9 Nvidia...... R1 XPeng...... B3 U.S. Energy IndustryIsSeeing INDEX TO PEOPLE

A Quicker Upturn Than Expected Goel, Kush...... B12 Nagata, Shu...... R4 Abraham, Zach...... B13 Green, Sarah...... R9 P - R Affleck, John...... B6 H Phillips, Gary...... B6 Angel, Steve...... R8 Hauenstein, Glen...... B2 Piepszak, Jennifer....B12 BY DAVID HODARI “The ongoing regional re- RisingChinese imports additional cut of 60,000 bar- B Holmes, Elizabeth...... A3 Polsinelli, Adelaide.....B6 surgenceinCovid-19 infec- would represent aturnaround rels aday to itsdeveloped- Rost, John...... R10 Bastian, Ed...... B1 J - K The U.S. energy industry is tions will continue to nega- from the figuresfromthe world demand forecast when S recovering more quickly than tively impact market OPEC report, which showed itsjoint ministerial monitoring Briggs, John...... B13 Jackson, Paul...... B13 Sandoval, Claudia...... R6 previously expected from the sentiment until such atime as the world’slargest oil con- committee meets next week. C Kadri, Ilham...... R8 Shedlin, Gary...... B12 fall in production from the avaccine is made available,” sumer importing lessinAu- OPEC’sproduction was Klein, Christian...... R8 Campo, Ric...... B6 Simons, Thomas...... B13 coronavirus pandemic,the Or- OPEC said in the report, as it gust than the previous two mostly flat in September, with D L Skou, Soren...... B5 ganization of the Petroleum cut itsglobal economic growth months. asharp drop in Emirati pro- Daveu, Marie-Claire....R6 Lee, Andrew...... R9 T Exporting Countries said. forecast for2021 by 0.1per- That has come at the same duction balancing increases in DeRosa, Thomas...... B6 Looney, Bernard...... B1 Tricoire, Jean-Pascal...R8 In itsmonthly report on centage point, to 4.6%. time as arise in Chinese im- Iraq and Libya. Dimon, James...... B1,B14 Lowsen, Dorrit...... R9 U - W Tuesday, OPEC softened its Sharp early gains in oil portsfromthe U.S. and hurri- With Libyacurrently ex- F - G M - N Udow, Henry...... R4 forecast forthe amount by prices softened afterOPEC re- canes in the Gulf of Mexico empt from the production cuts Faith, Bob...... B6 Mammen, Mathai...... A7 Wilson, John...... R9 which non-OPEC oil supply leased itsreport. Global forced the U.S. to burn OPEC and its allies agreed on Fink, Larry...... B12 Moorhead, Patrick...... B1 Wolk, Joseph...... A7 will decline this year by benchmark Brent crude rose through some of itsglut of oil this year,the cartel will be 300,000 barrels aday.Produc- 1.3% to $42.27 a barrel while products. closely watching the country’s tion from outside the cartel is West Texas Intermediatefu- While OPEC said U.S. stocks production numbers. aid has been covering airline la- nowseen falling by 2.4million tures,the U.S. benchmark,was “remain exceedingly high,” TheVienna-based organiza- Delta Posts bor costsbut expired this barrels aday,or3.6%from up 1.6% at $40.06 a barrel. those factorshavealso al- tion said Libyan production, month. Deltahas said it would last year’s levels. Chinese customs data lowed oil prices to recover in whichrestarted in lateSep- be able to avoid most forced Despite leaving unchanged showing a2.1% increase in recent weeks. tember afteraneight-month Widening jobcuts, in contrast to rivals its forecast for the decline in crude importsinSeptember With the U.S. activerig blockade, rose 50,000 barrels American Airlines Group Inc. world oil demand forthe year, were also driving oil prices count rising three times in the a day in September, although and United Airlines Holdings OPEC trimmed its annual de- higher, said Paola Rodriguez- three weeks to Oct. 9, OPEC analystsexpect that number Losses Inc.Still, over 1,700Deltapilots mand growth forecast for Masiu,senior oil-marketsana- memberswill be examining to increase in the months could be cut in November if 2021. lyst at Rystad Energy. rising U.S. production and the ahead. Congressdoesn’t provide more ContinuedfrompageB1 aid. Theairline and itspilot blowbecause of itsemphasis unionhavesaid they aredis- wouldn’t exceed its2014peak, on businesstravel, which has cussing potential waystomiti- Cleaner and by 2040 will comprise less all but halted and has been gate the job cuts. than afifth of the global energy slowertoresume than travel Deltaand other airlines have mix forthe firsttime sincethe forleisure. Deltahad spent spent months trying to set pas- Energy Industrial Revolution. yearswooing morepremium sengers’ minds at ease so peo- Mr.Birol said that meeting travelersand securing higher ple will feel safeflying.The air- newdemand with renewables fares from flierswith improved line has said it would continue Gains wasn’t enough to reducegreen- The Professional’s service, making the airline par- limiting the number of people house-gas emissions.Henoted ticularly vulnerable to the pull- who cantravelonaflight into that existing energy and heavy- back among corporatefliers. January, including blocking ContinuedfrompageB1 industryfacilities—including Gateway To The Deltahas built awar chest middle seats. oping economies such as China coal and petrochemical plants, that it has said should help it Passenger volume has been and India, leading overall cement kilns,steel and iron survivealong downturn. The grinding higher,albeit slowly global oil demand to recoverto manufacturers—would generate World’sMarkets airline ended the quarter with and on arockycourse.The prepandemic levels in 2023. enough emissions beforethey close to $22billion in liquidity number of travelerspassing TheIEA forecast that oil and areretired and replaced to in- and said it has slashed costs. It through U.S. airportsrose to its natural gaswerestill expected crease global temperatures. is also deferring newaircraft highest level sincemid-March to makeupnearly half of the While the pandemic has orders—a moveitsaid would this week,while still down global energy mix in 2040,even caused fossil-fuel investment to save $5 billion through 2022— morethan 60% from ayear ago. under ascenario that projects drop in the short run, and a and retiring older jets. Delta Deltaisseeing “good book- sustained government support projected 7% decline in energy- hadspent yearspaying down ing momentum” intothe holi- forlow-carbon investments. related greenhouse-gas emis- Starting at debt beforethe pandemic hit, days and even intothe typically “It is achallenging year for sions in 2020,according to the putting the airline in abetter slowerwinter season, Delta our industryand manyothers, IEA,those impactsmay be position than some rivals. President Glen Hauenstein said but as economies recover, we short-lived. China, the first $ On Tuesday, Deltareported a during aconferencecall Tues- remain optimistic about what countrytoexperiencethe pan- net lossof$5.4billion forthe day. However, he cautioned in a lies ahead,” said Frank Macchi- demic and reboot itseconomy, 0 September quarter,compared statement that areturn to a arola,asenior vicepresident at has already seen emissions lev- with aprofitof$1.5billion a normal revenue environment the American Petroleum Insti- els return to prepandemic lev- year earlier,with sales down could take two yearsormore. tute, aU.S.-based trade group els,the IEA report said. Commissions 76%at$3.1billion. Businesstravelcould re- of oil producers. “Oil and natu- Thenextdecade will be cru- Ayear ago, Deltawas so main depressed by as much as ralgas will continue to be a cial in determining whether the busy that it wasplanning ahir- 20% forthe next few years, Mr. significant source of that en- transition to clean energy ing spree to keep up with de- Bastian said,but he said that ergy fordecades to come.” pushes “emissions intostruc- mand. Now, labor is the focus he doesn’t believevideoconfer- Forcoal producers, the out- turaldecline,” the report said. of Delta’scost-saving effort. encing will be along-term sub- look is bleaker.The IEA said —Sarah McFarlane Theairline took a$3.1billion stitute. global demand forthe fuel contributed to this article. charge reflecting the costsof Some analystssay they don’t severing ties with some 18,000 expect significant improvement workers. An additional 40,000 in the next few months,partic- Pilgrim’sisexpected to plead employees have agreed to take ularly if international borders Pilgrim’s guilty to the charge in the some form of unpaid leave,and remain largely closed or subject coming days,said people fa- Deltaisalso cutting work hours to aconfusing patchwork of en- miliar with thematter. forthose who remain. tryrequirements. Those pose a Pride Sets Thecompanyisscheduled Those effortshelped reduce hurdle to airlines likeDeltathat to makeaninitial appearance Delta’ssalarycostsbymore have spent yearsstitching to- in court on Thursday, accord- than 30%during the quarter, gether global networks of part- Plea Deal ing to acourt docket. the companysaid. Government nerships and alliances. Pilgrim’s, which is majority- owned by Brazilian meat con- ContinuedfrompageB1 glomerateJBS SA,has been at certainty regarding this matter the center of the U.S. govern- to our team members, suppli- ment’swide-ranging probe of ers, customersand sharehold- the $65 billion U.S. chicken in- Start Investing Today! ers,” said Fabio Sandri,Pil- dustry. TheJusticeDepart- grim’schief executive. ment’sinitial chargesinJune AJusticeDepartment targeted Jayson Penn,then spokeswoman didn’t respond chief executiveofPilgrim’s, as to arequest forcomment. well as aformer Pilgrim’ssales ibkr.com/prof Pilgrim’swas chargedwith manager and two executives of pricefixing and bid rigging in arival chicken company. Mr. acriminal-information docu- Penn and the other defendants CK

TO ment theJusticeDepartment have pleaded not guilty. Interactive Brokers Rated #1 filed lateTuesdayinfederal Current and former employ- court in Colorado.Prosecutors ees of other chicken compa- Best Online Broker 2020 by Barron’s* SHUTTERS

A/ accused the companyofcoor- nies,including Tyson Foods

EP dinating with other parties to Inc., Claxton PoultryFarms, Member -NYSE, FINRA, SIPC –*Interactive Brokers rated #1, Best Online Broker according to S/ Barron’s Best Online Brokers Survey of 2020: February 21, 2020.For more information see, suppresscompetition in the Perdue Farms Inc.and Koch ibkr.com/info -Barron’s is aregistered trademark of Dow Jones &Co. Inc. [1] IBKR Lite provides chickenmarket from 2012 to Foods Inc. commission-free trades in US exchange-listed stocksand ETFs routed to select market makers.

REYNOLD early 2019. Tyson, the biggest U.S. IBKR may charge non-commission related fees. For more information, see ibkr.com/liteinfo Prosecutorsoften file such chicken companybysales,has Neither Nasdaq, Inc. nor its affiliates makes any recommendation to buy or sell any security or any representation about any company’sfinancial condition. Investors should undertaketheir

MICHAEL documentswhen they have been cooperating with the gov- own due diligence before investing. ©2020.Nasdaq, Inc. Delta and other airlines have spent months trying to set reached settlement agree- ernment’sinvestigation under All Rights Reserved. nasdaq.com 03-IB20-1304 passengers’ minds at ease so people will feel safe flying. mentswith adefendant, and acorporateleniencyprogram. P2JW288000-0-B00300-17FFFF5178F

THE WALL STREET JOURNAL. We dnesday, October 14, 2020 | B3 BUSINESS NEWS Royal Car Sales Reverse Slide in China Caribbean Market records first Seeks to quarterly increase in two years amid broad Raise Cash economic recovery

BY DAVE SEBASTIAN BY JONATHAN CHENG

RoyalCaribbean Group BEIJING—China’scar mar- plans to raise about $1 billion ketrecorded itsfirst quarter of through debt and stock offer- year-over-year sales growth in ingstofund itsoperations,the two yearsasabroad economic cruise operator’s latest liquid- recovery bolstered consumer ity boost sincehalting sailings confidenceand discounts morethan six months agobe- boosted demand, especially for cause of the pandemic. electric vehicles. Cruise operatorshavelost Retailpassenger-car sales in billions of dollarsthis year as the countryincreased by 7.9% GES thepandemic forced them to in the three months ended IMA

halt sailings. RoyalCaribbean Sept. 30 compared with ayear ETTY has extended itssailing hiatus earlier,the China Passenger /G

through the end of November, Car Association said Tuesday. ZHANG

amonth past the Centersfor Forthe month of September, AO

DiseaseControl and Preven- salesincreased 7. 3% from last LINT tion’sexpected expiration of its year,reaching 1.91 million vehi- Visitors at the Beijing International Automotive Exhibition last month in Beijing tried out a Nissan Motor system. “no-sail” order.Shares fell 13% cles,the Beijing-based body Tuesdayto$60.61. Thestock said. Global automakershave Electric-car sales in China, tember,while wholesale sales effort to fulfill leader Xi Jin- hasfallen 55% in 2020. Thestrong quarter,the in- grown increasingly reliant on change from ayearearlier of new-energy vehicles,acate- ping’spledgefor the world’s Thecompanysaid pricing dustry’sfirst in two years, the Chinese market in recent gory that includes electric cars, second-largest economytobe for2021 bookingsisslightly up raised hopes foramoresus- months to offset weaker sales 200% nearly doubled in September carbon neutral by 2060. from ayear agowhen exclud- tained rebound through the elsewherebecause of the pan- compared with ayear earlier to Beijing policymakerssay ing the negativeyield effect of end of the year afterthe coro- demic. 150 morethan 125,000 vehicles, they nowsee new-energy vehi- bookingsmade with future navirus crushed amarket General Motors Co.said markingthe strongest rate of cles as “the only way to be- cruise credits, arefund option struggling with nearly two Mondayits sales in China growth sinceApril 2019.The come an autopower” and “a that helps cruise operators yearsofsales contractions. grew 12% in the third quarter 100 group didn’t report retail fig- strategic measuretodeal with conservecash amid the pan- An economic rebound in from ayear earlier,outpacing ures forthe category. climate change,” according to demic. It said 2021 bookings China, which began in the in- the overall market and mark- Tesla Inc.sold 11,329 Model an article posted on the cen- continued to improveoverthe dustrial sector in the spring,is ingthe Detroit automaker’s 50 3s in China last month, a4% tral government’s website. past two months but remain beginning to wash over con- fastest quarter of year-over- drop from August, according to New-energy cars accounted belowpre-pandemic levels. sumers, raising hopes for year percentage sales growth CPCA data. This month, the formorethan one-fifth of the About 50% of customers gross-domestic-product growth in China in two years. 0 Palo Alto, Calif., electric car vehicles on displayatBeijing’s booked on canceled sailings to regain itspre-coronavirus Nissan Motor Co.reported maker cut the starting priceof recent autoshow, ahigh, ac- have requested cash refunds, rate of between 5% and 6% China sales figuresonSunday itsChina-made Model 38%to cording to organizers. Encour- –50 Royal Caribbean said. Its cus- when third-quarter numbers showing third-quarter sales about $37,000 and that of the aged by government incen- tomer depositswereabout arereleased next week. rising 4.4% from ayear ago, as Model S3%toabout $109,000 tives,automakersand tech $1.8 billion as of June 30, the Forthe autoindustry, while it struggles to regain momen- –100 to win back market share, pos- companies areincreasingly companysaid, and haven’t slashing prices has helped tum afterthe departureof ing abiggerthreat to China’s betting on China’selectric ve- changed much as of Sept. 30. juicesales in the near term, Chairman Carlos Ghosn nearly ’19 ’20 gasoline-poweredvehicles. hicle buyers. RoyalCaribbean has started “overall pricediscountsre- two yearsago. Nissan Chief Source:China Passenger CarAssociation Shanghai-based NIO Inc. While sales of electric vehi- apublic offering of $500 mil- mained moderateyear to date, ExecutiveMakotoUchida,ina and Guangzhou-based XPeng cles in China have been pri- lion in shares,with the option so auto makers have room to virtual meeting last month on As Chinesebrands and gas- Inc., both of which arelisted marily driven thus far by ride- forunderwriterstobuy up to further boost sales in the the sidelines of the Beijing In- oline-powered vehicles strug- on the NewYork Stock Ex- hailing and businessfleets, $75million in additional shares, fourth quarter with morepro- ternational AutomotiveExhibi- gletotempt consumers, “we change, have recently launched now“moreindividual drivers, it said Tuesday. It also started a motional efforts,” said Jing tion, described China as a“key can’t be too optimistic about battery-leasing schemes that usually of the younger genera- privateoffering of senior con- Yang,director of corporatere- part” of its effort to return to the fourth quarter,” Cui Dong- aim to makebuying an electric tion, arebuying electric cars,” vertible notes due 2023 fora search at Fitch Ratings. profit. shu, the CPCA’s secretary-gen- carmoreaffordable. said Wang Xiaoqiang,aShen- principal amount of up to $500 Ms.Yang,who expectsan- Although industryresearch- eral, said Tuesday. He forecast China aims to have environ- zhen-based dealer for BYD million, with the option forini- other wave of purchases before ersand autodealersexpect year-over-year sales growth of mentally friendly vehicles ac- Co., who estimates private tial purchaserstobuy up to an some local subsidies expireat strong sales to continue in the between 5% and 8% for China count forroughly one-quarter buyers increased their pur- additional $75million in princi- the end of this year,said plans final three months of the year, in the October-to-December of nationwide autosales by chases of electric vehicles in pal amount. RoyalCaribbean by several top-tier Chinese cities manyofthem see amarket di- quarter. 2025,according to an industry Septemberby30% from the said it expectstouse part of to increase their quotas on the vergenceasconsumersshift TheCPCAsaid automakers’ blueprint approved Fridayby previous month. the proceeds to repayits 2.65% number of license plates given toward electric vehicles and sales of passenger cars to deal- China’scabinet, the State —Raffaele Huang senior notes due this year. out would help fuel demand. foreign brands. erships grew by 8.5% in Sep- Council. It is part of abroader contributed to this article.

HENTH W E s M F A T Pursue returns in avolatile market. R iShares MSCI Factor ETFsapply E time-tested strategies that can help

keep your clients on course through K

periods of volatility.

E O

T T

T N

U

R

R U N T S

Indexedto Getanew perspectiveonyour portfolio.

Visit www.iShares.com to view aprospectus, which includes investment objectives, risks, fees, expenses and other information that youshould read and consider carefully before investing. Risks include principal loss. There can be no assurance that performance will be enhanced or risk will be reduced for funds that seek to provide exposure to certain quantitative investment characteristics (“factors”). Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods. BlackRock Investments, LLCdistributor,not affiliated with MSCI Inc. ©2020 BlackRock, Inc. iSHARES and BLACKROCK are trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners. ICRMH1020U-1348998 P2JW288000-0-B00400-1------XA

B4 | We dnesday, October 14, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Nicole Nguyen There’s More Than 5G in Latest Upgrade

Thelatest around the metal banding ac- iPhone12 commodatethe antenna array, lineup has necessaryfor 5G and more. landed with Themidtier iPhone 12 and the most sig- 12 Mini gethigh-contrast nificant de- OLED screens that were previ- sign changeinthree years, ously exclusivetoApple’s support forhigh-speed 5G most expensiveiPhones.And cellular networks—and a the newPro models have “mini” model forthose of us largerdisplays than their pre- who have felt that these in- decessors, without feeling creasingly hugephones are much bigger. In fact, across getting harder to hold. the board, they’rethinner.On Thereare two newphones all models,the glassissup- in Apple’s midtier range: the posed to be tougher. iPhone 12 ($799) and iPhone 12 Mini ($699). Thereare MagSafeAccessories also two newmodels in the Forthe firsttime,the new high end: the iPhone 12 Pro iPhones won’t ship with ear- ($999) and iPhone 12 Pro buds or poweradapters. The Max ($1,099). only accessoryinthe boxisa Thefocus of the event was USB-C to Lightning cable. 5G’sultrafast network speeds, Bring your ownbrick. available on all the new Instead, the newiPhones iPhones.But that shouldn’t be come with MagSafe, an array your sole reason to upgrade. of embedded magnetsonthe

Some of the moresignifi- APPLE back that aredesigned to cant highlightsofthis year’s Apple’snew lineup of handsets is centered on high-speed connectivity, but morepowerful cameras and tougher glassare also offered. work with anew ecosystem of Apple handsets: cameras bet- snap-on accessories. Themag- tersuited forlowlight photog- tioned above. select cities,and it varies and the premium Pros still shooting out light beams. The netsare intended to fixwire- raphy, tougher displayglass, a Here’sacloser look at what wildly by carrier. Even when have three cameras (wide,ul- scanner is really designed for lesscharging’sbiggest flaw: faster chip and built-in mag- is and isn’t upgrade-worthy. youdograbafast 5G connec- trawide and telephoto). augmented-reality experi- having to placethe deviceon netstoalign the phone with a tion, it won’t necessarily do However, thereare incre- ences, but thereisanadded exactly the right spot foreffi- wirelesscharger. Themost ex- 5G Connectivity anything foryou, unlessyou mental improvementsdepend- photographybenefit, too. The cient charging. pensivemodels,the iPhone 12 All of this year’s iPhone 12 happen to be downloading a ing on which model youbuy. depth datahelps the iPhone 12 Proand ProMax,include ad- models support 5G sub-6 net- movie or video chatting. On the midtier iPhone 12 mod- Pros autofocus faster,evenin The Takeaway ditional cameracapabilities— works and millimeter wave. Carrierswill continue to els and the iPhone 12 Pro, the lowlight conditions. Moreproductsatmore although those aremostly Thenew cellular network is build out their networks,soif “wide” (aka normal) camera Themost premium phone, pricepointsmeans choosing aimed at actual pros,orat supposed to be blazing fast, youneed anew phone,it lens has alargeraperturefor the iPhone 12 ProMax,has a anew iPhone could be con- least hard-coreenthusiasts. As up to 10 times speedier than could be an investment in 5G. betterlowlight photography. morepowerful telephotocam- fusing as heck. with everyyear,thereisa your home Wi-Fi. But fornow,itisn’t agood And forthe firsttime,night era. In my view, Apple made a faster processor inside,and Until now, however, we ha- enough reason on itsown to mode works on the front-fac- strong case to upgrade this this year it’sthe A14Bionic ven’t seen enough evidenceof upgrade. ing selfie cameraand for Sleeker Design year if 1) you’relooking fora Chip. 5G coverage acrossthe coun- time-lapse videos. TheiPhones have a“new” smaller phone with premium The12Mini is even smaller, trytofeel confident that those ImprovedCameras Themoresignificant design with flat edgesinstead features, 2) youcarealot lighter and thinner than the speeds arewhat youwould What’sunchanged: The changes aretothe Promodels. of rounded ones,harking back about high-end cameras and iPhone 6oriPhone SE,yet it experienceifyou bought these midtier iPhones still have two They nowhavealidar scanner to the early part of the last visual options,or3)you live has most of the featuresmen- phones.5Gisavailable only in cameras (wide and ultrawide), on boardtosense depth by decade.Familiar notches under a5Gtower. Apple Introduces Four iPhone 12 Models Teledoc

BY TIM HIGGINS Samsung phone” with 5G. Sues Over Some analystsare skeptical Apple Inc.unveiled four that customers will flock to a iPhone 12 models capable of 5G phone without amust-have Patents connecting to amuch faster application or service to help 5G cellular network, bringing them see the appeal of the new attention to the wireless newtechnology. U.S. cellular ContinuedfrompageB1 technology that investors are networks arestill being up- and areconvalescing at home. betting will lead millions of graded, and service might be Telehealth boosterssay vir- customerstoupgrade their disappointinginsome spots tual visits, which manypa- devices. forearly adopters. It is also tients were slow to adopt be- ChiefExecutiveTim Cook uncertain howthe coronavirus fore the pandemic,promise to stood at the company’sCuper- will affect sales of the newde- extend the reach of doctors tino,Calif., headquartersto vices.The pandemic delayed andspecialistsbeyondtheir kick off the event Tuesday to production of the flagship physical footprint, which may reveal Apple’snew flagship phone earlier this year,which improveaccessibility of care devices,which washeld by led Tuesday’s unveiling to be in remote places.

webcast. It was the second of PPLE rescheduled from itstradi- The patents at issue in the /A thetech giant’svirtual prod- tional September date. Teladoc suit stem from acom- AFT

uct events that Covid-19 has KR Theemphasis on the guts of pany called InTouch Technolo- reconfigured afterthe pan- the iPhone marked achange gies Inc. that it agreed to buy OOKS

demicclosed businesses and BR from recent yearswhen many in January. Acquiring there- leftpeople sheltering at home ‘Todayisthe beginning of anew erafor iPhone,’Tim Cook said at Tuesday’sevent unveiling newmodels. newfeatures involved cameras mote-carecompanyhelped Te- around the world for much of and other iterativeupdates. ladoc build out itsability to this year. scribe why5Gtechnology some of themost likely cus- would resonatemorewith Thelack of dramatic change connect patientsinhospitals TheiPhone 12 offered anew would improvetheir experi- tomersfor the technology consumersnow that Apple has has come as the smartphone with specialistsusing video physical appearancefromlast ence. He cited improved down- might be businessuserswho unveiled the capability in its market has matured more screens mounted on cartsthat year’s smartphone,moving loads and uploads,higher- canbenefit from faster con- phones follows afamiliar pat- than adecade afterApple first canbewheeled around health- from arounded design to a quality video streaming,better nections. tern. The company has previ- introduced the iPhone. care facilities. flatter-edged look reminiscent gaming and lessnetwork con- Verizon Communications ously introduced newtechnol- TheiPhone 12 has been For example, a doctor con- of the iPhone 4. Prices forthe gestion. Apple also highlighted Inc. CEO Hans Vestberg, who ogy or features in its devices hotly anticipated by investors nected via video through a newphones were roughly in the integration with the com- participated in the event, ac- that might have been available who have driven the com- tablet mounted on acart could line with last year’s, though a pany’s new A14 Bionic micro- knowledged customers’ luke- elsewhere but began catching pany’sshares up 69% in 2020, oversee an exam in a hospital smaller 5.4-inch iPhone 12 chip. warm response to 5G so far on with usersonly afterApple partly because of excitement room while instructing anurse Mini became the least expen- “Todayisthe beginning of a even as he suggested Apple’s had applied itsmarketing over the newphone.Those ex- or colleague to collect relevant sive newversion, starting at newera foriPhone,” Mr.Cook new phones would lead many muscle, analysts said. pectations and Apple’ssuccess treatment and health data— $699. said. to reconsider. “Apple almost provides like in driving up services revenue and talk to the patient. Some Shares slipped during the Thepresentation included “Until now, most people the Good Housekeeping Seal of helped it become the firstU.S. of these robot-likecartsin- event, whichhas occurred demonstrations of how5G have takenawait-and-see ap- Approval,” said Mark Vena, a public company to eclipse $2 clude digital stethoscopes and with previous Apple events, iPhones could be helpful in proach to 5G.They’vebeen senior analyst forMoor In- trillion in market value earlier thermal cameras. beforeregaining later in the downloading important medi- waiting for5Gtoget real,” Mr. sights & Strategy. “They tend this year. Such services offer an op- day. With few people familiar calimages and forremotely Vestbergsaid. “Well today, to validatethe technology, portunity fortelehealth compa- with the new cellular service, designingfactoryspaces— with iPhone,the wait is over.” which is unfair because you  Heard on Street: iPhones aim nies to forgenew relationships Mr.Cook made an effort to de- tacit acknowledgmentsthat Theprediction that 5G could go out today and buy a high and wide...... B14 with large hospital systems and canhelp those organiza- tionsexpand their offerings. ded in the back,enabling you iPhone 12 Pro($999 Dolby Vision HDR. iPhone XR ($499 and Up) “Our team is in the process A Guide to to magnetically clip newMag- and Up) What you don’t get: The What you get: A two-year of reviewing the allegations. Safe accessories to the back, What you get: The same smaller 12 Pro is missing a old iPhone that’s capable of We believethat these claims including anew $39 wireless size 6.1-inch screen as the couple of camera upgrades, holding its own. I loved the lack merit and intend to de- The Many chargerand wallet pouch. iPhone 12 but in a more pre- plus a bigger battery of the XR back in 2018 because of fend against them vigorously,” Camera-wise, there’s a 12- mium design and with extra Pro Max. its bigger screen, colorful said an Amwell spokeswoman. megapixel wide and ultra- camera power and tricks. In- design and big battery. Sure, ATeladoc spokesman said Features wide camera on the back. All stead of the aluminum rims iPhone 12 ProMax the A12 processor might the companyisconfident its of the iPhone 12 cameras of the standard iPhone 12 ($1,099 and Up) seem old, but this is still go- rival is infringing on the pat- (front and back) are now ca- models, the Pros get fancy- What you get: The Pro ing to be a snappy phone ents in the lawsuit. ContinuedfrompageB1 pable of Night Mode and schmancy stainless steel. Max is the same as the regu- from those upgrading from Teladoc facilitated 2.7 mil- iPhone in years. Yeah, re- have HDR 3 for crisper, more lar Pro but with a monster an iPhone 7 or 8. lion visitsinthe quarter ended member when iPhones fit in detailed shots. 6.7-inch screen (covering a What you don’t get: A June 30, while Amwell’s plat- our hands and pockets? With What you don’t get: All of the iPhone 12 larger battery) and a few second camera for ultrawide form enabled 2.2 million, ac- the Mini, a 5.4-inch screen There’s no charging brick or camera upgrades. There’s a shots. cording to regulatoryfilings. has been crammed in an alu- ear buds in the box. Apple models have an new telephoto camera with Neither companyhas yet minum and glass package has cut that across all of its embedded magnetic more magnification, capable iPhone SE ($399 and Up) achieved profitability. about the size of the iPhone iPhone 12 and iPhone 12 Pro of 2.5x optical zoom. There’s What youget: Afinger- Teladoc wrotetoAmwell 8 or SE. models. Buyers of the iPhone disc on the back. also an improved optical im- print sensor.A4.7-inch screen last month notifying the com- Beyond that, you get all 12 Mini also miss out on age stabilization system. that fits in your hand! Plus, panythat some of itsprod- the core iPhone 12 benefits: some higher-end cameras What you don’t get: A snappy performancefromthe ucts,including telemedicine 5G connectivity for faster and sensors, which I’ll get to. phone that isn’t as big as a A13 Bionic processor and a carts, infringed on its patents cellular wireless; the new, And, likelast year’s Pros, pool raft. solid, single 12-megapixel and asked the companytoim- faster A14 Bionic processor; iPhone 12 ($799 and Up) the 12 Prohas atriple camera cameracapable of portrait mediately stop selling,making the new squarish design What you get: All the system—a telephoto, awide iPhone 11 ($599 and Up) mode with software tricks. and using them. that’s comparatively thinner same stuff as that iPhone 12 and an ultrawide.There’sa What you get: Last year’s What you don’t get: 5G, The patents relate to prod- and lighter than preceding Mini, but with a bigger 6.1- slight improvement over last Goldilocks phone, just $100 multiple cameras, pet por- ucts that accounted for about models; and those Retina inch screen. That’s the only year: Thewide-angle camera cheaper. It’s a large phone trait mode, a bigger screen 5% of Amwell’srevenue in XDR displays, which are difference between the two. has awider aperture, which with a 6.1-inch screen that or Face ID. 2019,the companysaid at the brighter, more colorful OLED What youdon’t get: Any Apple says offers27% better does the basics with great I am planning to review time.ItoffersCarepoint kiosks screens. The phone displays improvement in battery life low-light performance. The12 all-day battery life. the newest models in the and cartsinsettingslike are coated in what Apple over last year’s iPhone 11. Ap- Prohas alidar sensor for Its camera lineup is simi- coming weeks. emergencyrooms and health calls a “ceramic shield” that ple didn’t focus on battery depth-sensing environments lar to that of the iPhone 12 (Dow Jones & Co., pub- clinics that also connect pa- it says provides four times life, mentioning only that the for3-D applications likede- and 12 Mini. lisher of The Wall Street tients with caregivers. better drop performance. models have all-daybattery sign or augmented reality. What you don’t get: 5G, Journal, has a commercial Teladoc’sshares closed up All of the iPhone 12 models life, and thereare some built- Thetwo Promodels will be multiple cameras, an OLED agreement to supply news 6.3% on Tuesday, while Am- have amagnetic disc embed- in 5G power-saving tricks. able to shoot higher-quality screen and a thinner design. through Apple News.) well’sshares closed roughly flat. P2JW288000-0-B004A0-1------NS

THE WALL STREET JOURNAL. NY We dnesday, October 14, 2020 | B4A

HOWDOYOU MANAGE RISK THROUGH BOTH CHAOS ANDCALM?

Youcan’tcontrolthe changing tide of themarkets, but we canhelp younavigateit. CMEGroup helps youmanage risk and capture opportunities across allmajor asset classes.Wedeliver nearly one billion datapoints daily,informing theinsight youneed to refine your trading strategy.For taking advantage of opportunities in all market environments… CMEGroup.

VISITCMEGROUP.COM/ACTION

Derivatives arenot suitable forall investors and involvethe risk of losing more than the amount originallydeposited and anyprofit youmight havemade.This communication is not arecommendation or offer to buy,sell or retain anyspecific investment or service.Copyright ©2020 CME Group Inc. All rights reserved. P2JW288000-0-B004B0-1------NS

B4B | We dnesday, October 14, 2020 NY THE WALL STREET JOURNAL.

DIFFERENT NATIONAL ORIGINS.

SAME FAIR HOUSING RIGHTS.

It is illegalfor landlords andrealestate agents to deny youhousing opportunities because of your ethnicity. TheFairHousing Actprohibits housing discrimination basedonnational origin. If you believe you have experiencedaviolation of your rights,file acomplaint.

Go to hud.gov/fairhousing or call 1-800-669-9777 FederalRelay Service 1-800-877-8339

FAIR HOUSING: THE LAWISONYOUR SIDE.

Apublic servicemessage from the U.S. Department of Housing and Urban Development in cooperation with the National Fair Housing Alliance. The federal Fair Housing Act prohibits discrimination because of race, color, religion, national origin, sex, familial status or disability. P2JW288000-5-B00500-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, October 14, 2020 | B5 BUSINESS WATCH BUSINESS NEWS

MORNING BREW PEPSICO BusinessNewsletter CompanyAllocates Holds TalksonSale Funds From Bond Insider Inc. is nearing adeal to PepsiCo Inc. said that, as of acquireacontrolling stakein the end of 2019, it has allocated Morning Brew,anewsstartup about $447 million from a“green known forapopular email news- bond.” letteronbusinessand finance, The snack-and-beverage com- according to people familiar with panyinOctober 2019 issued a$1 the situation. billion bond aimed at providing The terms the companies are funding forenvironmental initia- discussing would value Morning tives and spending. Brew at morethan $75 million, The companysaid it has used

including performanceincentives, about $200 million from funds al- S the people said. The companies locatedsofar to acquirerecycled NEW

haven’tfinalized adeal, and the polyethylene terephthalate plastic G talkscould still fall apart. forits North American beverage

The sale of Morning Brew is a packaging. OOMBER brightspotinadigital-media sec- An additional $110 million has torthathas facedanumber of been allocatedtohelp transition LIFFE/BL

challenges. The online-ad market its fleet of vehicles to those that TC wasalready under pressurebe- emit lesscarbon, PepsiCosaid. RA

fore the coronavirus pandemic —Micah Maidenberg CHRIS exacerbatedthe situation. The Danish shipping company has been under pressure from shareholders to complete a reorganization that began in 2016. Morning Brew wasfounded in MCAFEE 2015 at the UniversityofMichi- gan by Alex Lieberman and Aus- CybersecurityFirm tin Rief,who raised lessthan $1 Sets Terms forIPO Maersk to Cut Jobs by 2,000 million in capital to launch the startup. The companyhas nearly McAfeeCorp. set the terms three million subscribers forits forits planned return to the pub- businessnewsletters. About 2.5 lic market and gave preliminary As It Lifts Full-Year Outlook million people subscribe to its third-quarter financial results that flagship daily newsletter, Morning reflect higher revenue. Brew,which serves up pithy The cybersecuritycompany, summaries of businessand tech- which would remain controlled by BY COSTAS PARIS year,which is slightly better capacity,according to mari- tainer line that Maersk bought nology news. private-equityfirms TPGand AND DOMINIC CHOPPING than the midsingle-digit con- time research group Alpha- in 2017for $4 billion and that —Benjamin Mullin Thoma Bravo and Intel Corp., said traction Maersk had earlier liner. Thecompanyhas been employs 4,500 people. Tuesdaythatitwould sell 37 mil- A.P. Moeller-Maersk A/S projected. underpressurefromshare- Maersk Line and other con- GAP lion shares at an expected price liftedits full-year guidanceafter “Volumes have rebounded holders to complete a reorga- tainer ship operators sharply between $19 and $22 ashare, ac- noting afaster-than-expected faster than expected, our cost nization that began in 2016, curtailed capacity at the onset HolidayHiring Looks cording to asecurities filing. The rebound in shipping volume and have remained well under con- when it split its shipping and of the coronavirus pandemic To Digital Orders offering would include about six freight rates, but cautioned that trol, freight rateshavein- logistics operations from its as widespread lockdowns million shares sold by current it will take a$100 million re- creased due to strong demand energy business. aimed at slowing the spread of Gap Inc. said its hiring forthe investors and raise about structuring charge in the third and we are growing earnings Maersk didn’t givedetails the virus weighed on trade. holidayshopping season is fo- $758.5 million, based on the quarter to coverthe costsof rapidly in Logistics &Ser- about the job cutsTuesday. It Volume began recovering in cused on fulfillmentjobs and cus- midrange price. cutting 2,000 jobs. vices,” said Chief Executive said last month that up to lateMay as lockdowns in many tomer-support roles thatcan be McAfeewas originally named Maersk said on Tuesday Soren Skou. 27,000 staff, nearly a third of countries began easing and done remotely,another sign of after antivirus software pioneer full-year earningsbeforeinter- “The outlook for[the fourth itsglobal workforce of 80,000, freight ratesstarted surging as howthe coronavirus pandemic is John McAfee, who has sold his est, tax, depreciation and quarter] is solid for the same could be affected by the re- shipping demand began to out- reshaping retail operations. stakeinthe business, and was amortization is now expected reasons,and we aretherefore structuring.The Wall Street pacecapacity.London-based The apparel chain on Tuesday acquired by Intelin2011 in what to be between $7.5 billion and able to upgrade our expecta- Journal reported, citing people Drewry Shipping Consultants said it would look to makethe wasthen Intel’slargestdeal. Intel $8 billion beforerestructuring tions for the full year.” familiar with the matter, that Ltd. said itsindexofworld- hires following the second quar- latersold amajoritystakeinits and integration costs, from Thecompanysaid shipping the job reductions could in- wide container freight rates terwhereitgained 3.5 million computer-securityunit to TPGin previous guidanceof$6billion volume fell 3% in the third volveemployees at Damcoand forthe week ending Oct. 8was newcustomers through its online adeal thatvalued thatbusiness to $7 billion. quarter,lessthan the “midsin- Safmarine,operating unitsthe double the level of ayear ago, channels. It hired morethan at $4.2 billion, including debt. TheDanish shipping com- gle-digit contraction” it had companysaid last month and spot-market prices from 50,000 people acrossits brands McAfeehas applied to list panyprereleased third-quarter earlier forecast. Maersk said it would be integrated intothe Shanghai to LosAngeles had during the firsthalf of the year, ClassAshares on the Nasdaq revenue of $9.9 billion and expectsthird-quarter revenue of wider group. morethan tripled from the the companysaid. Global Select Market under the Ebitda before restructuring $9.9 billion in line with analyst Damco, which specializes in same period last year. The fulfillmentjobs focus on ticker MCFE. The planned IPO andintegration costsof$2.4 expectations of $9.87billion. freightforwarding and logis- Maersk said in August it tri- packing orders and preparing comes as investors arepouring billion. Analystspolled by Maersk’sshares fell slightly tics,employs around 2,000 peo- pled itssecond-quarter net merchandise forshipment, moneyintonew issues, with IPOs FactSet had expected revenue to 10,645 Danish kroner,equiv- ple and Safmarine,acontainer profit to $427 million from $141 among other tasks. Forthe cus- this year expected to eclipse the of $9.87 billion. alent to $1,689.49, on the Co- operator that mostly serves Af- million ayear earlier,strongly tomer-contact positions, workers tech-boom years of 1999 and Volumes in the company’s penhagen Stock Exchange. rica, employs about 1,000.The exceeding expectations. can choose to work remotely, 2000, The Wall Street Journal re- main ocean unit declined by Thecompanyisthe world’s Journal reported that there Maersk’s full third quarter with Gap providing equipment. ported. around 3% in the thirdquarter biggest ocean container line, mayalso be redundancies at resultswill be published on —Micah Maidenberg —Maria Armenta compared with the previous with about 17% of the world’s HamburgSüd, the German con- Nov. 18.

EXPERIENCES OFFERS EVENTS INSIGHTS

From Aspentothe Berkshires, relaxwithabrand newseriesofwellness Unwind retreats curatedbyThe Wall Street Journal andluxurytravel-planning companyIndagare. Escape to America’sbest getawayhavens andunwind withprivate horseback riding, spatreatments andmore. BookasaWSJ+ With Wellness member to enjoycomplimentary IndagareTier2Membershipand extraperks. We’vechosen thesehotel partners becausetheypracticeenhanced sanitization procedures andcontactless measures. 6DJ8032

ved. Retreats at WSJMEMBEREXCLUSIVE reser

rights DISCOVER MORE AT WSJPLUS.COM/INDAGARE-WELLNESS All Inc.

o., Luxury Resorts &C Jones Dow 020 ©2 P2JW288000-0-B00600-1------XA

B6 | We dnesday, October 14, 2020 THE WALL STREET JOURNAL. THE PROPERTY REPORT NewYorkRetail Spaces Sell at Discount

Price for three including shops on Chicago’s Magnificent Mile and Hong Madison Avenue Kong’s Tsim Sha Tsui. buildings would be On Manhattan’sFifth Ave- nue,luxuryfashion boutique lowest in a decade Valentino SpAissuing its landlord, seeking to terminate BY ESTHER FUNG alease forafour-storybou- tique. Valentino said it wants ThreebuildingsonMadison out because the location is no Avenue’s main retail corridor longer workable as aluxury have sold forabout 80% below destination,according to the peak sales prices in 2014, sig- suit. Thelandlordsaid in afil- naling that depressed Manhat- ing lateSeptember that “the tanretail real-estateprices pandemic and attendant hard- continue to tumble. ship arenot abasis upon Swissluxuryclothing re- which Valentino mayevade tailer Akris,atenant at one of the lease.” the retail spaces,agreed to Retailrentsinthe premium pay $45 million for the three Madison strip,which stretches properties,according to East- from East 57th Street to East dil Secured LLC,the real-es- 72nd Street on Madison, have tate broker and investment suffered, too. Theaverage rent bank handling the estatesale. S dropped to $822asquarefoot

The properties are located NEW in the second quarter this year between East 69th and 70th G from $1,607 in 2015, the year streetsand include three rentsreached ahigh forMadi- OOMBER

ground-floor retail spaces and BL son Avenue,according to

acombined 15 residences on T/ Cushman & Wakefield. the floors above. VEL Damageand losses from Thesales priceworks out TER looters over the summer also

to about $1,340 asquarefoot. WES hurt ritzy locations,including

That compares with the peak NINA Madison Avenue and down- of Madison Avenue retail Empty storefronts on New York’s Madison Avenue are a sign of how the coronavirus pandemic has changed high-end retail. town Manhattanneighbor- property prices about six hoodslikeSoho.But some yearsago, when abuilding six response exceeded the firm’s the coming weeks.Itwould hefty rents. Manyglobal lux- merce forluxuryclothes and brokerswereheartened that blocks away on Madison sold expectations. represent the lowest pricere- ury brands believed these lo- productsatbetterprices.The therewas some demand for for$70 million, or $7,589 a “Patienceisneeded, but we corded in the Madison Avenue cations effectively served as exorbitant rentsinManhattan the three buildingsonMadi- square foot. expect apickup in traffic after neighborhood in adecade,ac- billboards fortheir goods,and and other global capitals be- son Avenue. Akris outbid about 20 other we getcontrol [of]the newvi- cording to data from real-es- they felt compelled to pay came harder to justify. “Thisisafair pricegiven participants, including family rus,” said PeterKriemler,pres- tate brokerageCushman & what the market commanded. Now, as the coronavirus whereweare in the cycle,” offices and private-equity ident of Akris,adding that the Wakefield. But tenantsstarted pushing pandemic has disrupted travel said Adelaide Polsinelli, vice firms, Eastdil said. Gary Phil- market requires abettermix Foryears, landlords at back in recent years. Shoppers and tourism in the world’sma- chairofthe commercial in- lips,anEastdil managing di- of different products and ser- prestigious locations along who initially frowned upon jor cities,morehigh-end re- vestment sales and leasing di- rector,said that given the vices. Manhattan’sFifth Avenue and buying luxuryproductsonline tailersare closing stores vision at real-estate-services stateofthe market, investor Thesale is slated to close in Madison Avenue could charge started flocking to e-com- rather than renewing leases, firm Compass. Senior-Housing Executive Departs Firm Suddenly

BY PETER GRANT statement, which included no boost occupancy. About half explanation forthe sudden the respondentstoarecent in- Thehead of the country’s change. Mr. DeRosa didn’t re- dustry survey said they were largest senior-housing owner spond to requestsfor com- offering newresidentsrent stepped down unexpectedly ment. concessions,upfromone-third last week,the latest setback His exit comes as senior forthe last two weeks in July. for an industry that has been housingisunder unprece- The survey of owners and se- among the hardest-hit during dented pressurefrom nior executives by the Na- the pandemic. Covid-19.Arise in death rates tional Investment Center for Welltower Inc.Chief Execu- related to the coronavirus at SeniorsHousing &Carewas tiveThomas DeRosa,who pio- some facilities has eroded de- conducted in the last two neered changes in senior mand. Fearing contagion, the weeks of September. housing through newuses of industry has imposed restric- The industry turmoil could technology, said in astate- tions on toursand family continue formonths.Many ment released by the company member visits. would-be residentsand family that “nowisthe right time” Totalreturns of health care memberscontinue to worry for a leadership change. real-estate investment trusts aboutwhether visitation re- Shankh Mitra, the com- that ownsenior housing com- strictions,which have eased at pany’schief investment officer panies aredownabout 27.5% many communities, might be and vicechairman, takesover on averagefromwhat they reimposed. as CEO of acompanythat were beforethe pandemic,ac- “One of the thingsthat fam- owns about 1,300 senior hous- cording to commercial real es- ily members are asking about ON/REUTERS

ing communities.Mr. Mitra, tate analytics firm Green is whether they will be able to SS

40 yearsold, joined the firm Street. Thetotal return for see their loved ones during WA

in 2016 and waswidely viewed REITsoverall is down 17.5%, the holidays,” said Lana Peck, SEY

as the heir apparent. the firm said. a senior principal at NIC. LIND Still, the departureofthe In recent weeks,the rate of Mr.DeRosa joined Well- Operators imposed restrictions on family visits during the pandemic. A woman visits her husband. 62-year-old Mr.DeRosa, who occupancydecline in senior towerasadirector in 2004. led the companysince2014, communities has slowedas He had a reputation for inno- intomillions of submarkets tower in February announced about $6,000 amonth and puzzled some analysts. Well- the spread of the virus has vation in the senior housing and used artificial intelligence anew brand of housing de- only is affordable to the most towerhad recently extended been bettercontained. Well- industry, which wasunder to predict futurehealth care signed forseniors—with ac- affluent tier of the senior pop- his contract until 2023.“The towerreported that itsva- stress even before the pan- demand. Thecompanyused cessible bathrooms and wider ulation. “That’snot accept- timing was unexpected,” said cancyrateincreased 0.3per- demicfromanoversupply of this research to invest $18 bil- stairways and doorways—with able,” Mr.DeRosa said at an Michael Carroll, an analyst at centagepoint in September, unitsand changing technology lion since2015 in expanding monthly rentsinthe $1,000 to investor presentation. “Eighty- RBC Capital Markets. down from 0.6 in August. that wasenabling seniorsto and upgrading its portfolio. $1,500 range. five percent of seniorsliveon Thecompanydeclined to But manysenior housing age at home. In an effort to make senior Theaverage senior housing an income of lessthan provide detail beyond the complexesare cutting rentsto Welltower divided the U.S. housing moreaffordable,Well- that Welltowerofferscosts $50,000 per year.” RentersFlock to Suburbia, Upending an Urbanization Trend

BY PETER GRANT U.S. rental apartment end units and urban markets. vacancy rates In the Boston area, interest Apartment rentsare rising has been strong forworking in suburban marketsacrossthe 10% classcommunities likeLaw- U.S. as city dwellerslook for rence and Lowell, Mr. Affleck biggerspaces in smaller towns. Downtown said. “They’vebeen starved of Manyofsuburbia’snew 9 new supply,” he said. tenantssay that this year’s Manyrentersleaving the city shifttoawork-at-home model forthe suburbs areyoung cou- removed alongstanding bar- 8 ples that have put off getting rier to living in these neigh- marriedand having children borhoods,namely asometimes and nowwant spacetostart a aggravating commutetoa family.Some landlords saythey downtowncity officebuilding. 7 arealso seeing lessdoubling up Suburban homes also offer Suburbs during this recession than pre- moreroom and outdoor space T vious downturns because of US

forthe dollar.These towns’ 6 TR concerns about contagion.

more-limited cultural and culi- TY These rentersare saying:

naryattractions matterless OPER “‘If I’m going to work from

when manycity museums, 5 PR home,Iwant to be by myself,’ ” shops,barsand restaurants Mr.Campo said. “‘Idon’t want

2018 ’19 ’20 MDEN

have closed or areoperating CA to have aroommateand worry at partial capacity. Source:CoStar Group Manyreal-estate analystssuggest the shift to the suburbs could continue.Acommunitynear Houston. about their contacts.’ ” Even with the U.S. economy Landlords point out that in recession, apartment rentsin Star’svicepresident in charge LosAngeles and Philadelphia. Now, manyreal-estateana- apartment. If yougo10miles even beforethe pandemic, the suburban marketsofSacra- of market analytics. Overall, central-business- lystssuggest the shifttothe to the west it’s$1,500,” said renterswerestarting to move mento, Norfolk,Va., and the In- Home sales in the suburbs district rentsare falling about suburbs could continue.Work Ric Campo, chief executiveof out of higher cost marketslike land EmpireofSouthern Cali- arealso strong; prices at the 1% a month, CoStar said. from home remains wide- Houston-based Camden Prop- New York City and San Fran- fornia rose 3.2% to 4.6% at the end of June were 3.3% higher Theflight to suburbia re- spread, and prices in the sub- erty Trust,which owns 60,000 ciscotoplaces likeAustin and endofthe thirdquarter com- than a year earlier, according verses a trend toward urban- urbs still look relatively cheap. apartmentsinthat city and 13 Denver, where they could get pared with March, according to to Zillow Group Inc. ization that gained momentum Even with recent rent reduc- other regions. more space for their money. datafirm CoStarGroup Inc. Meanwhile,rentsincentral in the decade before the pan- tionsinurban markets, up- Suburban rentsare also ris- “We’vecontinued to see “They’remarketsthat are businessdistrictsinpopular cit- demic.Hundreds of thousands scale city apartmentsstill ing forapartmentsthat target those patterns,but nowthey’re close enough to cities likeSan ies have been tumbling.San of millennials and empty-nest- command a premium of up to the middle classpaying less at ahigher clip,” said Bob Faith, Francisco, LosAngeles and Francisco, wherethese rentsare ersflocked to the activities $2,000 amonth over sur- than $2,000 amonth. Demand founder and chief executiveof Washington, D.C.,that allow down 17%sincethe March peak, andenergy of cities,driving rounding areas,according to has increased as people worry Greystar Real EstatePartners people to be close enough to has been hardest hit, CoStar up rentsand stoking hundreds landlords and brokers. about job security,but there LLC in Charleston, S.C.,the go intothe officeifthey really said. These district rentsare of newapartment develop- “In downtownHouston, rent has been little newsupply be- country’slargest multifamily needed to,but far enough to down 9.2% in Boston and be- mentsasmorepeople chose to is probably $2,600 to $2,700 cause most recent develop- landlord,with 693,000 units save,” said John Affleck, Co- tween 5% and 6% in NewYork, live near where they worked. per month foratwo-bedroom ment has focused on higher owned and managed globally. P2JW288000-0-B00700-1------XE

THE WALL STREET JOURNAL. We dnesday, October 14, 2020 | B7

ADVERTISEMENT BusinessReal Estate&Services To advertise: email [email protected] or WSJ.com/classifieds %!"& !$#"#! "#!$(&'% C2QD @2/L 7/4MKD44 F2 ,A(A +QNW '?T3?N DQN3=QV7Q ,0]37QT6 E]3 14 82H %@1KLG)$4 9!4LGB8 G)TL EO?T =QN D0$V7] XT6O?]37QT6[ PP81OU !N7 E]3 P4

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

;22 C)]7T: IT "P

-,(7/// 48<8 P@)44 #M9>B (+= =+ $#1= 9+B =6> *;!=1+-) %;"/1= #&B>3*;!=1+- '99>B< !$ *7' 7'AB*&/,C986@@? *7' <&%*#AB B'%-3'$*-A5 XMM7XM87XMMP "N=<<=&;U)0]37QT7\9;R,AA (&<<2$-*;-$:5&B-3A+% 7'A5*7-'%*(&2$*;

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bGbG= BO) ?MO)a?d') `TB CMMP M. hTPTQB. MOQTO' D+F/LD4 *'0"&0 %")0 /$(%-0( .,%+10 %-"%# @Bh') a ;T: di' 2'@dM. MKOh MO' iaO).') <'.?'Od ;LGG9: M% di' QTPTd') QTB@TQTdI ?MP+BBLM4E *'0"&0 %")0 /$(%-0( .,%+10 %-"% di' X'?a.') [B.dI .'h'.`'h di' .T!id dM B??' DM<"F @D+L4 KTdiMad QTPTdBdTMO= di' X'?a.TdT'h 8?d M% LNcc= Bh BP'O)')= M. BO B`BTQB@Q' 'J'PF"LDD C+@2 PBMKM64 di' 3+Od'.?.')TdM. 8!.''P'Od1:= @I BO) BPMO! 2'adh?i' 6BOR 8,= ]'K DM.R 6.BO?i= Bh X'OTM. 8!'Od BO) Bh X'OTM. _'O)'.=BO) X'.T'h bGbG8 \% ]BiQB 4B ;B: .'!Thd'. KTdi *MO'h _BO! _BXBQQ' 8P'.T?Bh= +O?7 ;di' 36.MR'.1: BO) 'J'?ad' BO) )'QT`'. dM di' 6.MR'. B6T))TO! 4'.dT$?Bd' ;Bh i'.'TOB%d'. )'$O'):= @I iBO)= ?'.dT$') PBTQ ;.'da.O .'?'T 6.'dd YMh'O@'.!= ccG ^B)ThMO 8`'Oa'= ]'K DM.R= ]'K DM.R LGGLf= KTdi B?MGG [^ ;<.'`BTQTO! 0Bhd'.O WTP': MO di' )Bd' KiT?i Th Bd Q'Bhd $`' ;#: @ahTO'hh )BIh <.TM. dM di' )Bd' M% di' ,M462K4MK -2!/B+FM2K =D+BF" #K4FMF/FD +KK/+B L+KEMK< *'0"&0 %")0 /$(%-0( .,%+10 diBddi' %aQQ d'.Ph BO) ?MO)TdTMOh M% di' hBQ'= ?M ;bLb: &LbU#Nbe= 0PBTQ> @.'dd7.Mh'O@'.!ABP7SQQ7?MP7 -M.%a.di'. TO%M.PBdTMO KKK7`Td.'OI?a??%M.'?QMha.'7?MP7 !"+% 3%*! %1/*/%*-'/"79 97+%;(%3 24 *//%9/"79 "9+%1/7318 Real Estate Investment TrustSpecial AdvertisingFeature

.2 /!5#9% :7,9-!4$*7!9;"37%/ *5& "37% 93-/ The Real Estate Investment Trust’sspecial advertising '9%+%9*5&63" 5-(!"1#%& 3%1%3+% 53"'%1 $37; 79!) section takes adeep diveintothe REITindustrywith a <6== /7 <6>=== %*'#8 focus on best investment bets for next year. *??8@?):@ -:B8 A<38FE !@; )@98E?:FE5 &@>F8;)AD8 :44:F?<@)?3 ?: !>.<)F8<4?:C=F8E);8@?)!D 4F:48F?)8E )@ (D898D!@;1 %!@3 :2 ?-8E8 4F:48F?)8E !F8>8)98F !@; ?-8 ()?3,E /:!D )E ?: F89)?!D)08?-8 @8)/-A:F-::;E 6)?- F8E4:@E)AD8 This section empowers investors and commercial real @86 :6@8FE-)4 2:F?-8E8 4F:48F?)8E1 $86:6@8FE 6)DD A8 F8.<)F8; ?: >:B4D8?8 @:?8;F84!)FE 6)?-)@ 738!F :2 4-!E81 estate executives with information on REITcontribution ')@!@>)@/ !9!)D!AD85 (D:E)@/E A82:F838!F+8@;1 to investment markets and the economy. -*("00+%+*,"' +,-*(."%+*,# %/(.&# 1"'' .+)/ !/('",0$ ?2,0:,20.?== '"*1-)%99*,'-!35/0'37 Publish: November18 "*55* '377%1'!*9 8'"*1-)%99 *,'-!35/ 87!'"*%9 (%19*5&6**1%6 3" *,'-!35%%1 Close: October14 Section: Mansion "#!$(&'%%!"& !$#"#! Foradvertising opportunities, please contact: Lauren Swan B!*907%?)-?) B0)/90& C?.9 #&3.3? at [email protected] ,0!3$46& E!3 25 ' 11 347.933.0602 H,' H, *W'Y#> ,* YE7G,> H, JWF[!5WHH#>:/ #555 C$!*.)@C4.@ # C?%?!!. D9.63.3$46 #+!G;;1 + + *409?/.)@ '4063L C4.@1220( !2,F YWHH!> ,* %? *?,0?Y 'E #00E6?9L')?&!?63( F#2 W*#"W,> H, G,"!Y,HH>:/ #0525 ,@7$).9 %4L9? #3:<3 G?@!4 %)$/? !E": F#H!EF> *' # 13 '*4/&3$!" !.!34)L ,E7F[!5WHH#> H, GEF,Y,F!> :/ C4.@ #3<2 -$.09?3 C4.@ #23<; +?&3 233* B3( E39= QQ+03? !*( E#2 ; %# *#$7#> 'E Y,::W#!*7"[> G! # !40) I.6@D.)!?9& 46 #2121 M.7?& B3 ( D#"",:EF>:/ 03 281C@ #;<1#*)$99*.)3,/?( DEF', 'W:,> EJ F?. X%?)$.YI, *"E7!!,"%> H, #:25 B403* 16@( :,H#"> :/ #21<822< +?99*?.@ # 2102+\?63)LD".L( J#F#%,> :/ #0322 I431, ( 0!110 )4.5-,. 2!0!2*!#

*$$2:2D,(0 0&507.'@A8@A +ADC@A:2@? 37?: *$$@$"DA /D4@.'@A 2,% F9K)*&> ,"%*@88?4(9@<> FG % '@9'/*=9> :/ % #.)=628=> 2,

K?6?@LYA1 ©2020 Dow Jones &Company, Inc. All Rights Reserved. 6II06IQ06II1 % K(@@()?6.0!3$460#8?3!H*

,* "EF 5W':E" ,7'HW' 1.16;.0 *' %EF,H% ",!!,F ,7'HW' 1.5Q0 'E DYWHWD "0 Y#WHW[#""#HW' !,QIII15;1I0 I, %,FW#H F#H!EF "#HW' *"EJ0I;;146IQ11+,':0 J#W:Y 20 *,** ,7'HW' Q0.0 GB %,FW#H F#H!EF "#HW' *+Q;4;Q0:YEG,! *,"F#! ,7'HW' QI110 EK %#,F 2WHHW,G!"#HW' I6QI.10 A1 L#!!"#, GW'Y,#H ,!Y*, "#HW' 11II0Q0:YEG,! #0 *,"F#! WWW ,7'HW' 4.150 *"7'# #H%EF *"EEJ! ,7'HW' Q4;;50 *7,#"-! D"#GW7GG,,,DDH,0 P2JW288000-0-B00800-1------XE

B8 | We dnesday, October 14, 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. BrookfieldRenew BEPC 64.95 -1.67 s Cintas CTAS 352.68 3.68 DukeRealty DRE 39.57 -0.93 Fortive FTV 66.42 -1.28 Hubbell HUBB 144.64 -1.86 LHC Group LHCG 227.28 1.32 MetLife MET 39.00 -1.34 Market listed securities. Prices are composite dd-Indicates loss in the most recent Brown&Brown BRO 47.37 -0.94 CiscoSystems CSCO 39.81 -0.55 Dun&Bradstreet DNB 27.30 -0.30 FortBrandsHome FBHS 88.28 -0.85 HubSpot HUBS 319.33 -3.41 Line LN 51.26 0.03 MettlerToledo MTD 1028.66 2.91 quotations that include primary market trades four quarters. Brown-Forman A BF.A 70.66 -0.80 Citigroup C 43.68 -2.20 Dunkin' DNKN 85.29 0.82 FoxA FOXA 27.23 -1.71 Humana HUM 432.81 2.29 LKQ LKQ 30.94 0.09 MicrochipTech MCHP 111.58 -2.55 as well as trades reported by Nasdaq BX FD-First day of trading. Brown-Forman B BF.B 78.09 -0.89 CitizensFin CFG 28.02 -0.45 DuPont DD 58.32 -0.11 FoxB FOX 27.47 -1.66 JBHunt JBHT 138.49 0.72 LPL Financial LPLA 81.50 -2.48 MicronTech MU 51.85 1.17 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing Bruker BRKR 43.08 -0.38 CitrixSystems CTXS 144.03 -1.22 Dynatrace DT 44.39 0.92 Franco-Nevada FNV HuntingtonBcshs HBAN 9.56 -0.39 L3HarrisTech LHX 174.41 -0.63 Microsoft MSFT 222.86 1.46 Cboe, NYSE National and Nasdaq ISE. standards 141.68 -1.37 The list comprises the 1,000 largest lf-Late filing Bunge BG 50.94 -0.45 Clarivate CCC 32.40 -0.28 ENI E 15.60 -0.46 FranklinRscs BEN 23.16 0.19 IAA IAA 57.49 -0.31 LabCpAm LH 194.25 0.60 MidAmApt MAA 124.20 -0.46 companies based on market capitalization. q-Temporary exemption from Nasdaq BurlingtonStrs BURL 212.07 -4.44 Clorox CLX 221.17 5.75 EOG Rscs EOG 38.64 0.43 FreeportMcM FCX 16.82 0.01 ICICI Bank IBN 10.87 -0.18 LamResearch LRCX 374.19 4.08 s MiratiTherap MRTX 193.52 9.02 CBRE Group CBRE 49.05 -1.26 s Cloudflare NET 59.73 2.72 s EPAM Systems EPAM 348.76 3.68 FreseniusMed FMS IdexxLab IDXX 421.42 2.03 LamarAdv LAMR 67.25 -1.85 MitsubishiUFJ MUFG Underlined quotations are those stocks with requirements. 42.38 -0.54 4.05 -0.06 large changes in volume compared with the t-NYSE bankruptcy CDW CDW 129.93 -0.08 Coca-Cola KO 50.22 -0.87 EastmanChem EMN 84.52 -1.33 IHS Markit INFO 79.79 0.08 LambWeston LW 71.96 -0.66 MizuhoFin MFG 2.48 -0.03 issue’s average trading volume. v-Trading halted on primary market. CF Industries CF 29.45 -0.07 Coca-Cola Euro CCEP 39.98 -0.20 Eaton ETN 107.60 -0.61 G H I ING Groep ING 7.25 -0.56 LasVegasSands LVS 44.81 -1.36 MobileTeleSys MBT 8.50 -0.02 vj-In bankruptcy or receivership or CGI GIB 69.91 0.41 Cognex CGNX 69.13 -0.81 s EatonVance EV 61.13 -0.27 s IPG Photonics IPGP 183.85 1.94 Lear LEA 129.56 0.37 Boldfaced quotations highlight those issues being reorganized under the GCI LibertyA GLIBA 86.51 0.20 Moderna MRNA 78.29 2.98 CH Robinson CHRW 104.61 -0.41 s CognizantTech CTSH 73.22 -1.41 eBay EBAY 57.59 2.21 IQVIA IQV 166.59 -3.87 Leidos LDOS 88.19 -1.52 whose price changed by 5% or more if their Bankruptcy Code, or securities GDS Holdings GDS 86.74 0.49 MohawkInds MHK 102.24 -2.91 CME Group CME 167.50 -2.50 s ColgatePalm CL 80.26 -0.37 IcahnEnterprises IEP 50.79 0.01 Lennar A LEN 83.03 -0.92 previous closing price was $2 or higher. assumed by such companies. Ecolab ECL 201.05 -1.68 GFLEnvironmental GFL 22.67 0.29 s MolinaHealthcare MOH 203.63 -0.77 CMS Energy CMS 64.76 -0.32 ColumbiaSportswr COLM 92.99 -0.59 Icon ICLR 211.72 -2.36 Lennar B LEN.B 67.10 -0.95 Ecopetrol EC 9.71 -0.21 GSXTechedu GSX 114.64 -0.35 MolsonCoorsB TAP 35.34 -0.31 CNA Fin CNA 30.28 -0.99 Comcast A CMCSA 45.89 -0.10 IDEX IEX 186.20 -2.98 s LennoxIntl LII 285.41 -4.00 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and EdisonInt EIX 56.28 0.01 Galapagos GLPG 145.81 -2.44 Mondelez MDLZ 58.90 0.25 CNH Indl CNHI 8.40 -0.01 CommerceBcshrs CBSH 58.39 -2.35 IllinoisToolWks ITW 203.16 -0.65 LeviStrauss LEVI 15.64 -0.16 changes in the closing prices from 4 p.m. the previous day. EdwardsLife EW 83.94 -1.08 s Gallagher AJG 108.67 -0.84 s MongoDB MDB 268.15 4.95 CNOOC CEO ConagraBrands CAG 37.94 -0.07 Illumina ILMN 345.14 -7.18 LiAuto LI 19.43 0.27 98.23 0.26 ElancoAnimal ELAN 32.82 -0.97 Gaming&Leisure GLPI 37.80 -0.28 MonolithicPower MPWR 315.48 -0.72 CRH CRH ConchoRscs CXO 44.14 -0.58 Immunomedics IMMU 86.53 0.43 LibertyBroadbandA LBRDA 149.56 -0.21 Tuesday, October 13, 2020 Net Net 38.58 -1.04 Elastic ESTC 125.66 0.66 Gap GPS 19.34 0.06 MonsterBev MNST 83.49 0.71 CRISPR Therap CRSP ConocoPhillips COP 34.88 -0.71 ImperialOil IMO 12.41 -0.01 LibertyBroadbandC LBRDK 150.51 0.03 Net Stock Sym Close Chg Stock Sym Close Chg 103.06 3.66 ElectronicArts EA 132.94 2.06 Garmin GRMN 98.81 -0.26 Moody's MCO 293.41 0.08 CSX CSX 79.19 -0.37 ConEd ED 82.32 -0.57 EmersonElec EMR 68.89 -0.69 Incyte INCY 97.08 -0.62 LibertyGlobal A LBTYA 22.68 0.07 MorganStanley MS 50.44 -0.30 Stock Sym Close Chg AmericaMovil AMX 12.91 0.10 BHP Group BHP 52.05 -0.45 Gartner IT 128.00 1.19 CVS Health CVS 59.12 -0.60 ConstBrands A STZ 187.53 0.52 Enbridge ENB 29.61 -0.07 s Infosys INFY 15.72 0.17 LibertyGlobal C LBTYK 22.34 0.06 s Morningstar MORN 184.40 1.55 AmericaMovil A AMOV 12.74 0.09 BHP Group BBL 42.60 -0.45 Generac GNRC 201.54 -2.45 A B C CableOne CABO 1870.00 31.32 Cooper COO 356.24 -4.39 EncompassHealth EHC 66.67 -0.61 IngersollRand IR 37.53 0.32 LibertyFormOne A FWONA 33.96 -0.83 Mosaic MOS 19.28 -0.06 AmerAirlines AAL 12.22 -0.70 BP BP 16.68 -0.56 GeneralDynamics GD 143.24 -1.49 CabotOil COG 19.30 -0.27 Copart CPRT 116.37 -0.72 EnelAmericas ENIA 6.36 -0.04 Inphi IPHI 123.08 0.52 LibertyFormOne C FWONK 36.83 -0.83 MotorolaSol MSI 166.24 -2.09 AEP AEP 89.23 -1.25 B2Gold BTG 6.91 0.05 GeneralElec GE 6.72 -0.11 ABB ABB 26.77 -0.25 s CadenceDesign CDNS 116.77 1.21 Corning GLW 34.87 0.24 EnergyTransfer ET 6.13 0.08 Insulet PODD 248.75 2.77 LibertyBraves A BATRA 22.18 -0.88 Mylan MYL 15.59 -0.39 AmerExpress AXP 105.01 -1.60 Baidu BIDU 127.05 -0.67 GeneralMills GIS 62.72 0.37 AcadiaPharm ACAD 43.26 0.14 CaesarsEnt CZR 55.45 1.50 Corteva CTVA 33.70 0.11 EnphaseEnergy ENPH 106.65 2.22 Intel INTC 53.83 -0.05 LibertyBraves C BATRK 21.80 -0.82 MyoKardia MYOK 221.78 0.14 BakerHughes BKR 12.86 -0.27 GeneralMotors GM 31.87 -0.34 ADT ADT 8.27 -0.10 AmericanFin AFG 71.39 -4.26 CoStar CSGP 883.22 0.92 InteractiveBrkrs IBKR 50.77 -0.68 LibertySirius A LSXMA 35.47 0.07 CamdenProperty CPT 96.44 -0.68 s Entegris ENTG 83.91 0.30 Genmab GMAB 38.19 0.06 NICE NICE 237.12 0.70 AECOM ACM AmHomes4Rent AMH 29.71 -0.11 Ball BLL 90.26 0.58 45.70 -0.85 CampbellSoup CPB 49.61 0.49 s Costco COST 380.68 4.20 Entergy ETR 106.48 0.28 ICE ICE 102.65 -0.31 LibertySirius C LSXMK 35.54 0.20 NIO NIO 21.62 -0.23 AIG AIG 29.82 -0.64 BancoBilbaoViz BBVA 2.63 -0.13 Genpact G 39.20 -0.91 AES AES 19.55 0.03 CIBC CM 76.55 -1.35 CoupaSoftware COUP 313.72 6.77 EnterpriseProd EPD 17.04 -0.29 InterContinentl IHG 54.83 -1.41 EliLilly LLY 150.08 -4.41 BancoBradesco BBDO 3.37 0.01 Gentex GNTX 27.33 -0.28 NRG Energy NRG 33.21 0.45 Aflac AFL 37.21 -1.19 AmerTowerREIT AMT 242.41 -3.97 Credicorp BAP 121.99 -2.22 IBM IBM 125.10 -2.11 LincolnNational LNC 34.01 -1.46 CanNtlRlwy CNI 110.74 -0.12 Equifax EFX 164.89 0.33 GenuineParts GPC 99.90 -0.33 s NVR NVR 4446.88 17.64 AGNC Invt AGNC 14.03 -0.16 AmerWaterWorks AWK 156.08 -2.24 BancodeChile BCH 15.11 -0.44 CanNaturalRes CNQ 17.84 -0.16 CreditSuisse CS 10.45 -0.16 Equinix EQIX 826.11 -8.89 IntlFlavors IFF 117.17 -1.47 Linde LIN 235.98 -4.28 NXP Semi NXPI 136.84 -5.24 AmericanWell AMWL 34.81 0.10 BancSanBrasil BSBR 5.66 -0.02 Gerdau GGB 3.95 ... s Ansys ANSS 351.31 3.45 s CanPacRlwy CP 317.00 1.15 Cree CREE 71.49 2.44 Equinor EQNR 14.47 -0.23 IntlPaper IP 44.01 -0.46 LithiaMotors LAD 266.83 -3.63 BcoSantChile BSAC GileadSciences GILD 64.49 -0.06 Nasdaq NDAQ 126.38 ... ASETech ASX 4.28 -0.05 AmericoldRealty COLD 38.54 -0.59 13.42 -0.31 Canon CAJ 16.26 0.34 s CrowdStrike CRWD 152.80 6.84 Equitable EQH 20.61 -0.69 Interpublic IPG 17.93 -0.62 LiveNationEnt LYV 54.69 -1.15 Natera NTRA 73.00 -0.60 Ameriprise AMP 166.73 -5.31 BancoSantander SAN 1.89 -0.08 GSK GSK 37.19 -0.37 s ASML ASML 405.15 6.11 CanopyGrowth CGC 18.70 -0.91 CrownCastle CCI 166.80 -1.43 EquityLife ELS 65.40 -0.29 Intuit INTU 349.59 -1.34 s LivongoHealth LVGO 148.08 8.14 AmerisourceBrgn ABC 97.27 0.41 BanColombia CIB 25.27 -0.53 GlobalPayments GPN 180.03 -3.11 NationalGrid NGG 60.85 -0.61 AT&T T 27.75 -0.38 CapitalOne COF 79.54 -0.87 CrownHoldings CCK 81.81 0.11 EquityResdntl EQR 53.50 -1.85 IntuitiveSurgical ISRG 755.35 -0.32 LloydsBanking LYG 1.34 -0.10 Ametek AME 106.16 -1.47 BankofAmerica BAC 24.95 -0.73 s Globant GLOB 199.38 2.26 NatlRetailProp NNN 35.30 -0.75 AbbottLabs ABT 108.37 -2.68 CardinalHealth CAH 47.92 -0.40 CubeSmart CUBE 34.83 0.24 s ErieIndemnity A ERIE 229.32 1.37 Invitae NVTA 52.59 1.46 LockheedMartin LMT 388.95 0.03 Amgen AMGN 239.34 -0.17 BankofMontreal BMO 61.85 -1.05 GlobeLife GL 81.32 -1.12 Natura&Co NTCO 17.51 0.83 AbbVie ABBV 87.83 -0.49 Carlisle CSL 126.02 -2.80 Cummins CMI 220.45 -1.30 EssentialUtil WTRG 42.10 -0.15 InvitatHomes INVH 28.88 -0.82 Loews L 35.88 -1.48 Amphenol APH 112.98 -1.78 BankNY Mellon BK 36.88 -0.93 GoDaddy GDDY 77.95 0.87 NatWest NWG 2.77 -0.18 Abiomed ABMD 276.95 -0.90 Carlyle CG 26.77 -0.12 CureVac CVAC 54.39 -0.05 EssexProp ESS 209.49 -7.46 IonisPharma IONS 47.97 1.49 LogitechIntl LOGI 80.65 -0.57 AnalogDevices ADI 123.59 -2.52 BkNovaScotia BNS 42.74 -0.75 GoldFields GFI 12.68 -0.23 nCino NCNO 78.19 -2.21 s AcceleronPharma XLRN 122.18 3.02 CarMax KMX 93.13 0.62 CyrusOne CONE 78.59 -1.47 EsteeLauder EL 223.02 -4.00 iQIYI IQ 23.45 -0.21 s Lowe's LOW 175.33 2.60 Anaplan PLAN 62.45 -0.34 Barclays BCS 5.25 -0.30 GoldmanSachs GS 210.81 -3.31 NetApp NTAP 46.88 0.23 Accenture ACN 229.38 -1.21 Carnival CCL 14.03 -1.18 s Etsy ETSY 153.20 5.82 iRhythmTechs IRTC 257.95 -1.55 lululemon LULU 356.29 8.29 AngloGoldAsh AU 27.47 -0.26 BarrickGold GOLD 27.96 -0.08 D E F GoodRx GDRX 52.13 -1.37 NetEase NTES 90.87 -0.63 ActivisionBliz ATVI 81.98 0.92 Carnival CUK EverestRe RE 202.51 -3.19 IronMountain IRM 27.63 -0.72 LumenTech LUMN 9.88 -0.15 AB InBev BUD 58.16 -1.81 BaxterIntl BAX 80.10 0.47 12.01 -1.10 Graco GGG 64.82 -0.03 Netflix NFLX 554.09 14.28 AdaptiveBiotech ADPT 53.15 0.28 s Evergy EVRG 52.92 -0.52 ItauUnibanco ITUB 4.25 -0.09 Lumentum LITE 83.06 -1.16 AnnalyCap NLY 7.35 0.06 BectonDicknsn BDX 236.71 -1.65 CarrierGlobal CARR 32.49 -0.51 DISH Network DISH 28.49 0.10 Grainger GWW 384.16 -4.50 Neurocrine NBIX 101.34 -0.03 Adobe ADBE 514.31 3.42 Carvana CVNA EversourceEner ES 92.66 -0.40 Lyft LYFT 26.33 -0.91 Anthem ANTM 297.44 -1.13 BeiGene BGNE303.23 -4.32 216.85 7.35 DTE Energy DTE 119.07 -1.71 Grifols GRFS 18.50 -0.10 J K L s NewFortressEner NFE 49.89 3.67 AdvanceAuto AAP 157.38 1.13 ExactSciences EXAS 107.05 0.66 LyondellBasell LYB 76.69 -0.76 Aon AON 210.89 -3.63 BentleySystems BSY 34.29 2.11 CaseysGenStores CASY 184.54 -0.42 DadaNexus DADA 34.05 0.65 Grubhub GRUB 75.82 -0.90 s NewOrientalEduc EDU 162.10 -8.83 AdvMicroDevices AMD 85.28 0.99 s Catalent CTLT Exelixis EXEL 24.00 0.02 ApolloGlbMgmt APO 43.13 -0.77 Berkley WRB 62.33 -2.09 94.88 -0.13 Danaher DHR 225.62 -0.13 GuardantHealth GH 109.16 0.21 JD.com JD 82.61 -1.71 M N NYTimes A NYT 43.35 0.50 Aegon AEG 2.86 -0.25 Exelon EXC 40.98 1.00 Apple AAPL 121.10 -3.30 BerkHathwy A BRK.A 318969-5591.00 Caterpillar CAT 162.12 -0.49 Darden DRI 98.76 -1.41 Guidewire GWRE 105.75-10.12 Joyy YY 80.78 -2.91 NewellBrands NWL 17.69 -0.25 AgilentTechs A 105.42 -0.01 ApplMaterials AMAT 64.69 0.01 BerkHathwy B BRK.B 212.31 -4.10 Celanese CE 116.37 -0.92 s DarlingIngred DAR 43.54 0.16 Expedia EXPE 94.32 -3.02 HCA Healthcare HCA 132.94 2.71 JPMorganChase JPM 100.78 -1.66 M&T Bank MTB 99.76 -3.54 Newmont NEM 62.76 -0.17 AgnicoEagle AEM 83.16 0.48 Aptargroup ATR 117.56 -0.48 BerryGlobal BERY 49.89 0.93 Centene CNC 65.37 0.07 s Datadog DDOG 116.87 4.67 ExpeditorsIntl EXPD 92.87 -0.39 HDFC Bank HDB 55.71 -0.04 JackHenry JKHY 161.91 -2.80 MGMGrowthProp MGP 27.69 -0.45 NewsCorp A NWSA 14.31 0.10 AirProducts APD 301.10 -1.78 ExtraSpaceSt EXR 113.15 -0.76 Aptiv APTV 96.07 -2.19 BestBuy BBY 118.21 -0.12 CenterPointEner CNP 20.82 -0.79 DaVita DVA 88.35 -0.56 HD Supply HDS 42.20 -0.87 JacobsEngg J 99.28 -1.50 MGM Resorts MGM 20.97 -0.43 NewsCorp B NWS 14.23 0.07 AkamaiTech AKAM 115.46 1.37 Aramark ARMK 27.35 -1.13 BeyondMeat BYND 187.62 -4.68 CentraisElBras EBR 5.68 -0.12 DeckersOutdoor DECK 253.63 0.29 ExxonMobil XOM 34.22 -0.41 HP HPQ 19.68 -0.15 JamesHardie JHX 25.12 -0.58 MKS Instrum MKSI 118.61 -0.71 NextEraEnergy NEE 301.47 -4.20 Albemarle ALB 95.14 0.20 s ArcelorMittal MT 13.77 -0.52 BigCommerce BIGC 102.14 0.82 CeridianHCM CDAY 90.03 1.21 Deere DE 237.22 0.70 F5Networks FFIV 126.53 -2.22 HSBC HSBC 19.77 -0.48 JazzPharma JAZZ 152.09 -2.59 MPLX MPLX 17.08 -0.18 Nike NKE 129.20 -0.26 Albertsons ACI 14.70 0.22 FMC FMC 108.48 -0.55 ArchCapital ACGL 30.81 -0.90 Bilibili BILI 47.66 -0.22 Cerner CERN 73.25 -0.54 s DellTechC DELL 70.51 1.26 Halliburton HAL 12.54 -0.19 JFrog FROG 73.62 -3.11 MSCI MSCI 359.97 7.33 Nikola NKLA 24.23 0.08 Alcon ALC 61.99 -0.59 s Facebook FB 276.14 0.39 ArcherDaniels ADM 48.83 -1.16 s Bill.com BILL 119.78 4.44 CharlesRiverLabs CRL 244.98 1.71 DeltaAir DAL 31.77 -0.87 HartfordFinl HIG 37.74 -1.30 J&J JNJ 148.36 -3.48 MagellanMid MMP 36.52 -0.74 NiSource NI 23.11 0.03 AlexandriaRlEst ARE 165.62 -1.28 FactSet FDS 335.55 5.99 s AresMgmt ARES 44.10 0.83 Bio-Techne TECH 269.58 1.04 CharterComms CHTR 649.95 -1.77 DentsplySirona XRAY 44.98 -1.02 Hasbro HAS 86.89 -0.85 JohnsonControls JCI 42.44 -0.82 MagnaIntl MGA 52.18 -0.75 Nokia NOK 4.04 0.01 AlexionPharm ALXN 123.75 -0.63 CheckPoint CHKP 127.13 0.35 FairIsaac FICO 440.17 -4.35 arGEN-X ARGX 275.23 -5.30 s Bio-RadLab A BIO 565.74 -2.75 DeutscheBank DB 9.11 -0.23 HealthcareAmer HTA 26.10 -0.12 JuniperNetworks JNPR 22.33 -0.29 s ManhattanAssoc MANH 104.03 0.27 NomuraHoldings NMR 4.63 -0.01 s Alibaba BABA 308.78 2.44 Chegg CHGG 85.84 2.99 Farfetch FTCH 26.74 0.36 AristaNetworks ANET 225.84 -2.41 Biogen BIIB 291.46 -0.02 DexCom DXCM 400.94 6.76 HealthpeakProp PEAK 27.87 -0.64 KB Fin KB 34.76 -0.64 ManulifeFin MFC 14.37 -0.38 Nordson NDSN 203.20 -0.81 AlignTech ALGN 330.82 -4.93 Chemed CHE 493.25 8.79 Fastenal FAST 45.35 -2.29 ArrowElec ARW 83.50 -0.43 BioMarinPharm BMRN 79.88 0.03 Diageo DEO 140.89 -0.20 Heico A HEI.A 94.84 -1.35 KE Holdings BEKE 64.46 0.01 MarathonPetrol MPC 29.38 -1.11 NorfolkSouthern NSC 214.98 -2.25 Alleghany Y 548.99-17.48 CheniereEnergy LNG 49.86 0.83 s Fastly FSLY 128.83 2.28 AscendisPharma ASND 160.00 0.11 BioNTech BNTX 93.00 4.26 DigitalRealty DLR 157.98 -1.08 Heico HEI 109.41 -1.32 KKR KKR 36.30 0.03 Markel MKL 989.59-32.43 NorthernTrust NTRS 83.93 -2.38 Allegion ALLE 105.04 -2.72 CheniereEnerPtrs CQP 35.72 0.22 s FedEx FDX 272.74 -0.76 s AspenTech AZPN 133.61 -0.32 s BlackKnight BKI 92.05 0.27 DiscoverFinSvcs DFS 64.13 -0.50 HenrySchein HSIC 59.66 -0.23 KLA KLAC 219.94 5.39 MarketAxess MKTX 540.09 7.86 NorthropGrum NOC 312.60 -3.99 AlliantEnergy LNT 54.08 -0.64 Chevron CVX 73.40 -1.11 Ferrari RACE 184.19 -0.71 Assurant AIZ 122.52 -3.83 s BlackRock BLK 638.96 24.07 DiscoveryB DISCB 33.10 0.05 Herbalife HLF 49.69 -0.15 KSCitySouthern KSU 182.83 -0.71 Marriott MAR 98.24 -2.47 NortonLifeLock NLOK 21.30 0.03 Allstate ALL 91.79 -2.47 Chewy CHWY 66.86 2.41 FiatChrysler FCAU 12.24 -0.27 AstraZeneca AZN 54.48 -0.79 Blackstone BX 55.36 0.39 DiscoveryA DISCA 21.57 -0.77 Hershey HSY 148.85 0.77 Kellogg K 66.82 0.51 Marsh&McLen MMC 114.95 -1.64 Novartis NVS 87.43 -0.80 AllyFinancial ALLY 27.60 -0.13 ChinaEastrnAir CEA 21.84 -0.03 DiscoveryC DISCK 19.35 -0.71 FidNatlFin FNF 33.46 -0.52 Hess HES 38.65 0.01 KeurigDrPepper KDP 29.83 0.03 MartinMarietta MLM 261.02 -9.15 Athene ATH 35.92 -1.10 Boeing BA 162.14 -5.21 Novavax NVAX 117.28 7.06 AlnylamPharm ALNY 146.66 -0.34 ChinaLifeIns LFC 11.78 -0.07 Disney DIS 128.96 3.99 FidNatlInfo FIS 145.96 -3.23 HewlettPackard HPE 9.78 -0.15 KeyCorp KEY 12.81 -0.48 MarvellTech MRVL 43.78 0.19 Atlassian TEAM 192.99 -1.28 BookingHldgs BKNG 1780.97-64.03 NovoNordisk NVO 73.18 -0.44 Alphabet A GOOGL 1567.07 2.48 ChinaMobile CHL 32.71 -0.23 DocuSign DOCU 238.21 6.35 FifthThirdBncp FITB 23.12 -0.40 HighwoodsProp HIW 34.66 -1.04 KeysightTechs KEYS 104.49 -1.23 Masco MAS 56.71 -0.97 AtmosEnergy ATO 95.41 -1.20 BoozAllen BAH 80.99 -0.57 Novocure NVCR 134.96 0.39 Alphabet C GOOG 1571.68 2.53 ChinaPetrol SNP 41.46 0.14 DolbyLab DLB 71.80 1.32 s FirstRepBank FRC 123.75 -1.86 Hilton HLT 88.64 -2.71 KilroyRealty KRC 52.68 -1.48 Masimo MASI 232.76 -0.02 Autodesk ADSK 244.09 1.97 BorgWarner BWA 38.95 -0.47 s NuanceComms NUAN 35.20 0.77 Alteryx AYX 143.96 -3.40 s BostonBeer SAM ChinaSoAirlines ZNH 27.27 -0.24 s DollarGeneral DG 223.00 2.44 s FirstSolar FSLR 82.93 3.62 Hologic HOLX 67.67 -0.67 KimberlyClark KMB 154.22 0.83 Mastercard MA 345.84 -6.20 Autohome ATHM 100.83 -0.21 973.31 26.12 Nucor NUE 48.67 -0.61 AlticeUSA ATUS 28.35 0.43 Autoliv ALV 82.17 0.07 BostonProps BXP 79.76 -2.94 ChinaTelecom CHA 31.57 -0.09 DollarTree DLTR 96.63 1.07 FirstEnergy FE 31.31 0.05 HomeDepot HD 290.36 3.45 KinderMorgan KMI 12.61 -0.17 s MaximIntProducts MXIM 73.34 -1.37 Nutrien NTR 40.11 -1.00 Altria MO 39.38 -1.07 ADP ADP 149.69 -0.89 BostonSci BSX 40.92 -1.05 ChinaUnicom CHU 6.91 -0.07 DominionEner D 81.57 -0.85 Fiserv FISV 104.76 -1.92 HondaMotor HMC 24.08 -0.13 KingsoftCloud KC 31.35 -0.21 McCormickVtg MKC.V 204.46 4.07 NVIDIA NVDA 569.93 0.89 AlumofChina ACH 5.58 ... AutoZone AZO 1164.59 20.53 BrightHorizons BFAM 152.82 -3.03 Chipotle CMG 1325.22 46.29 Domino's DPZ 407.72 15.14 FiveBelow FIVE 135.15 1.18 Honeywell HON 171.55 -3.81 KinrossGold KGC 9.08 -0.07 McCormick MKC 200.23 -0.67 Amazon.com AMZN 3443.63 0.70 s Avalara AVLR 156.02 3.18 BristolMyers BMY 61.13 -0.70 Chubb CB 118.57 -4.88 Donaldson DCI 50.69 -0.73 s Five9 FIVN 145.80 3.17 HorizonTherap HZNP 80.11 -1.25 KirklandLakeGold KL 50.63 -0.76 McDonalds MCD 227.35 1.24 O P Q Ambev ABEV 2.49 -0.03 Avalonbay AVB 154.90 -4.20 BritishAmTob BTI 35.27 -0.31 ChunghwaTel CHT 37.02 -0.04 Dover DOV 112.43 -1.54 FleetCorTech FLT 248.76 -2.44 HormelFoods HRL 50.64 0.54 Knight-Swift KNX 41.32 0.98 McKesson MCK 151.64 0.96 Amcor AMCR 11.41 -0.02 Avangrid AGR 55.53 -0.14 s Broadcom AVGO 381.49 -0.94 Church&Dwight CHD 95.18 1.91 Dow DOW 47.88 -0.70 s Floor&Decor FND 83.10 2.78 DR Horton DHI 77.85 -0.50 KoninklijkePhil PHG 48.33 -0.39 MedicalProp MPW 18.62 -0.12 OGE Energy OGE 31.14 -0.97 Amdocs DOX 58.31 -1.52 Avantor AVTR 24.07 -0.55 BroadridgeFinl BR 142.08 -0.57 ChurchillDowns CHDN 172.54 -1.00 DrReddy'sLab RDY 70.04 -0.73 FomentoEconMex FMX 58.87 -1.22 HostHotels HST 11.17 -0.32 KoreaElcPwr KEP 9.03 -0.04 Medtronic MDT 106.94 -2.12 ONEOK OKE 29.45 0.28 s Amedisys AMED 252.19 2.60 AveryDennison AVY 129.44 0.13 BrookfieldMgt BAM 34.39 -0.76 Ciena CIEN 41.68 -1.05 DraftKings DKNG 51.18 0.58 FordMotor F 7.76 0.09 HowmetAerospace HWM 17.85 -0.34 KraftHeinz KHC 32.41 0.76 MelcoResorts MLCO 15.02 -0.62 OReillyAuto ORLY 469.45 10.98 Amerco UHAL 358.26 -3.61 AxonEnterprise AAXN 101.75 2.57 BrookfieldInfr BIP 46.97 -0.68 Cigna CI 174.58 -2.88 Dropbox DBX 20.34 0.31 Fortinet FTNT 130.61 1.73 HuanengPower HNP 15.72 -0.04 Kroger KR 34.80 0.17 s MercadoLibre MELI 1269.17 53.42 OakStreetHealth OSH 52.18 0.43 Ameren AEE 81.15 -1.39 BCE BCE 43.00 0.36 BrookfieldPropREIT BPYU 13.60 -0.57 CincinnatiFin CINF 79.15 -2.07 DukeEnergy DUK 92.92 -0.19 Fortis FTS 41.52 -0.22 Huazhu HTHT 42.85 -0.57 L Brands LB 31.94 -0.11 Merck MRK 80.71 0.35 Continued on Page B9

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg

BlackKnight BKI 93.05 0.3 Cloudflare NET 60.13 4.8 Entegris ENTG 85.14 0.4 Gallagher AJG 110.56 -0.8 PPD PPD 37.51 0.4 TylerTech TYL 399.26 -0.4 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American BlackLine BL 100.89 1.1 CognizantTech CTSH 75.32 -1.9 ErieIndemnity A ERIE 232.95 0.6 Genasys GNSS 6.70 1.2 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest PSBusParksPfdZ PSBpZ 27.20 0.5 USCellularNts2069 UZD 26.65 -0.6 BlackRock 646.29 3.9 ColgatePalm 80.99 -0.5 Etsy 154.73 3.9 session. %CHG-Daily percentage change from the previous trading session. BLK CL ETSY Globant GLOB 200.80 1.1 PacBiosciCA PACB 14.01 6.3 UltragenyxPharm RARE 98.05 2.0 BlueprintMed BPMC 101.91 -0.7 Costco COST 382.29 1.1 Fastly FSLY 136.50 1.8 GoPro GPRO 7.08 1.6 PactivEvergreen PTVE 14.20 0.5 UPS B UPS 177.15 -0.7 BostonBeer SAM 974.55 2.8 CreatdWt CRTDW 1.05 10.5 FateTherap FATE 49.68 0.6 GreenDot GDOT 64.97 1.9 Tuesday, October 13, 2020 PaycomSoftware PAYC 376.39 1.9 UnitedHealth UNH 333.70 0.4 BrightSphere BSIG 15.76 2.0 CrowdStrike CRWD 153.63 4.7 Fathom FTHM 24.84 18.2 Hanesbrands HBI 17.35 -1.4 Paylocity PCTY 190.64 0.2 Upwork UPWK 20.68 2.7 52-Wk % 52-Wk % 52-Wk % Broadcom AVGO 387.80 -0.2 DaqoNewEnergy DQ 226.22 8.2 FedRealtyInvPfdC FRTpC 27.19 -0.4 HavertyFurn HVT 25.08 1.1 Peloton PTON 131.92 2.9 VaronisSystems VRNS 130.55 2.4 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CC NeubergerI A PCPL 11.29 3.2 DarlingIngred DAR 43.74 0.4 FedEx FDX 275.24 -0.3 HookerFurniture HOFT 30.14 0.9 PennyMacFin PFSI 67.16 0.9 VeevaSystems VEEV 312.00 0.5 CadenceDesign CDNS 117.87 1.0 Datadog DDOG 118.13 4.2 FirstRepBkPfd FRCpJ 27.01 0.7 AileronTherap ALRN 2.10 15.2 AresMgmt ARES 44.47 1.9 HorizonAcqnA HZAC 10.10 ... PerformantFin PFMT 2.17 -5.9 Veoneer VNE 18.77 1.3 Camtek CAMT 19.65 -0.2 DellTechC DELL 71.04 1.8 FirstRepBank FRC 128.79 -1.5 IPG Photonics IPGP 185.81 1.1 Highs Alibaba BABA 310.01 0.8 ArtisanPtrsAsset APAM 45.77 0.9 Pool POOL 355.50 -0.2 Veracyte VCYT 43.07 0.5 CanPacRlwy CP 319.14 0.4 DenaliTherap DNLI 44.66 1.3 FirstSolar FSLR 84.45 4.6 iHuman IH 28.74 21.0 Progressive PGR 102.05 -1.1 VeriskAnalytics VRSK 195.10 0.5 AGCO AGCO 82.44 0.1 AllstatePfdI ALLpI 27.54 0.7 AthenePfdC ATHpC 27.83 0.6 CarrierGlobal CARR 33.47 -1.5 DigitalTurbine APPS 40.21 4.0 FirstService FSV 138.73 -0.6 Immunovant IMVT 43.94 2.7 ProvidenceService PRSC 100.00 -0.2 Alphatec ATEC 10.59 5.1 Avalara AVLR 158.17 2.1 VivintSmartHmWt VVNT.WS 8.50 -3.9 AMCIAcqnWt AMCIW 1.12 11.9 CasellaWaste CWST 61.67 -1.4 DollarGeneral DG 223.94 1.1 Five9 FIVN 146.51 2.2 Infosys INFY 15.81 1.1 PublicStoragePfI PSApI 28.03 0.3 VornadoPfdK VNOpK 26.01 0.3 A-MarkPrecMet AMRK 37.50 1.0 AltairEngg ALTR 46.98 -0.9 BadgerMeter BMI 72.52 -0.8 Catalent CTLT 96.38 -0.1 EPAM Systems EPAM 349.23 1.1 FiverrIntl FVRR 177.93 6.6 Infr&EnerAltern IEA 8.19 13.4 PublicStoragePfJ PSApJ 28.07 0.1 VyGlblGrowth VYGG.U 11.24 0.5 Ansys ANSS 355.19 1.0 Amedisys AMED 253.52 1.0 Bandwidth BAND 198.61 3.0 CeridianHCM CDAY 91.36 1.4 EastStoneAcqn ESSCU 10.92 1.2 Floor&Decor FND 83.34 3.5 InnovativeIndProp IIPR 136.31 1.2 PublicStoragePfdL PSApL 27.63 ... WasteConnections WCN 106.09 0.5 ASML ASML 409.11 1.5 AmicusTherap FOLD 16.48 4.3 BedBath BBBY 22.64 2.8 CharlesRiverLabs CRL 245.93 0.7 EatonVance EV 61.69 -0.4 FluxPower FLUX 11.35 10.0 Insmed INSM 37.41 -1.6 PurpleInnovation PRPL 29.89 0.7 Watford WTRE 33.00 -2.0 AcceleronPharma XLRN 124.01 2.5 Appian APPN 82.92 7.1 Bill.com BILL 120.00 3.8 ChinaYuchai CYD 19.78 0.2 eGain EGAN 19.90 8.8 Freshpet FRPT 124.98 0.9 JanusHenderson JHG 28.57 1.6 Qualcomm QCOM 128.18 0.6 WestPharmSvcs WST 303.14 -0.7 Accolade ACCD 44.45 7.7 ArenaPharm ARNA 86.58 -0.6 Bio-RadLab A BIO 573.79 -0.5 Cintas CTAS 353.66 1.1 EidosTherap EIDX 75.99 -0.2 GabelliEquityPfdK GABpK 26.86 -0.2 JinkoSolar JKS 65.69 5.5 ReplayAcqnWt RPLA.WS 1.20 ... Williams-Sonoma WSM 106.81 6.1 KBLMergerIVRt KBLMR 0.38 15.3 RitchieBros RBA 65.98 0.2 ZaiLab ZLAB 95.52 ... KLA KLAC 221.66 2.5 RocketPharm RCKT 29.49 -2.9 Zendesk ZEN 116.54 0.7 KornitDigital KRNT 73.18 4.3 Roku ROKU 239.14 7.6 ADVERTISEMENT KuraOncology KURA 34.99 4.0 Rollins ROL 58.95 0.5 Lows KymeraTherap KYMR 39.89 3.4 SPS Commerce SPSC 88.25 -0.6 AconS2Acqn STWOU 9.98 -0.2 LSI Inds LYTS 7.62 -2.4 SailPointTechs SAIL 48.13 6.1 LandcadiaIII LCYAU 9.96 0.2 Seagen SGEN 213.94 2.9 Amesite AMST 4.20 -8.3 Asana 24.30 -2.0 BusinessReal Estate&Auctions Lazydays LAZY 17.16 9.5 SeresTherap MCRB 34.34 7.5 ASAN LennoxIntl LII 291.70 -1.4 ServiceNow NOW 522.77 1.8 AvenueTherap ATXI 3.67 -14.6 To advertise: email [email protected] or WSJ.com/classifieds LiquiditySvcs LQDT 11.34 2.8 Shutterstock SSTK 60.09 0.9 AziyoBiologics AZYO 12.10 -2.8 LiveOakAcqnUn LOAK.U 11.62 1.3 SimulationsPlus SLP 77.89 0.5 CCNeubergerIIWt PRPB.WS 1.15 4.1 LiveOakAcqnWt LOAK.WS 2.46 2.4 SiteOneLandscape SITE 137.46 ... ConyersParkII Wt CPAAW 1.20 -9.8 CoreCivic CXW 7.68 -2.2 AUCTIONS COMMERCIAL PROPERTIES LivongoHealth LVGO 151.05 5.8 SiTime SITM 91.69 0.8 Lowe's LOW 175.94 1.5 SocCapHedII A IPOB 24.33 3.8 E.MergeTechA ETAC 9.66 -0.9 MYR Group MYRG 44.94 1.2 SolarWinds SWI 22.32 2.2 E.MergeTechWt ETACW 0.85 ... MadrigalPharm MDGL 134.82 2.1 SperoTherap SPRO 14.60 0.4 EastRscsAcqnWt ERESW 0.50 -7.7 ManhattanAssoc MANH 105.00 0.3 SpirePfdA SRpA 28.19 0.5 FortressValueII FAII 9.82 -0.5 !(-& ($"-"( -0)"'#% Materialise MTLS 48.50 7.0 SproutSocial SPT 50.00 -0.5 FortressValueIIWt FAII.WS 1.49 0.6 MaxarTech MAXR 30.21 3.7 StitchFix SFIX 32.93 4.5 GenesisHealthcare GEN 0.50 -2.2 #)"#*(! .+/,+,+ MaximIntProducts MXIM 74.87 -1.8 StokeTherap STOK 40.00 ... GoresV Wt GRSVW 1.23 -1.5 MercadoLibre MELI 1280.44 4.4 Synopsys SNPS 232.74 -0.3 HighPeakEner HPK 6.25 0.9 'H..70(& NG482( MolinaHealthcare MOH 209.22 -0.4 TG Therap TGTX 31.97 2.1 MultiPlan MPLN 8.11 -7.6 %&.8HE3&2E 0" ,(3626GEH8E602 MongoDB MDB 271.65 1.9 T-MobileUS TMUS 123.42 1.2 NewYorkCityReit NYC 11.38 -0.8 )*1%"7+/!:# (+!@&!:# Morningstar MORN 184.93 0.8 TRowePrice TROW 145.13 0.8 NewHoldInvt NHICU 9.84 -0.3 $4 ;1 .4:5 .>;=19@ @4 "2>;:?.)15 8?6?8>8 ;?5 4/ 3+,-7<<0DE& 1O NVR NVR 4490.00 0.4 TandemDiabetes TNDM 123.74 4.6 NorthernGenesis NGA 9.60 -0.2 !0H3&H '0HH&-E60284 !8-646EB)'H82GE02)>N NeoGenomics NEO 41.17 2.9 Target TGT 166.68 0.7 oneA AONE 10.13 0.2 $4@": &>09)".1 &0?91 #'*(% 3+ "/44@ "@ @)1 8?6?8>8 ;?5 Nevro NVRO 154.56 0.1 TechTarget TTGT 51.11 1.9 1347 Property PIH 3.40 -9.6 NewFortressEner NFE 50.23 7.9 10xGenomics TXG 162.39 2.5 PeabodyEnergy BTU 1.73 -8.9 NewOrientalEduc EDU 173.37 -5.2 Tenable TENB 42.39 0.3 PermianvilleRT PVL 0.60 -4.6 NiuTech NIU 28.49 -0.4 TetraTech TTEK 109.64 0.8 ProQR Therap PRQR 4.40 -3.1 NovaMeasuring NVMI 59.00 2.9 TexasInstruments TXN 155.88 -0.3 Psychemedics PMD 4.22 -0.8 NuanceComms NUAN 35.38 2.2 TradeDesk TTD 652.65 3.8 StrPeakEnerA STPK 9.65 0.5 OcularTherapeutix OCUL 12.14 10.2 TraneTech TT 132.26 -2.1 StateAutoFin STFC 13.30 -3.3 L6=?I:; $G0I537 )6G10 816M *)&=?+620J6GI)E:0I JG>G1>0 ?I Okta OKTA 249.54 0.6 Trex TREX 81.230.4 Teligent TLGT 0.65 -0.5 5.-H ,G1O&K+I6K< N:E?K::G1>03 OmegaFlex OFLX 183.00 0.9 TriumphBncpPfdC TBKCP 26.14 ... UnitedInsurance UIHC 5.36 -8.5 =A"#A% (#&&#A$ =A"1 oneWt AONE.WS 2.49 -6.3 Tucows TCX 75.93 2.1 ViaOptronics VIAO 8.04 -1.8 #1:?I =:KI1?O !OO&K6&0 O6=?I&6K F:1C =O60: I6 !(9A ?K; !(/- =611&;6103 OwensCorning OC 76.60 -0.3 Twilio TWLO 341.70 2.5 VastaPlatform VSTA 13.61 -6.0 (3@@3,9 =C<,; 4G<;@/BD=)LH+I> E>F>>*! @):5(0I61C 4164:1IC 8:?IG1:0 5- 8I3 =:&O&K+0< 9;6=" ;6610< H+16GK; PEDEVCO PED 2.55 34.3 TwistBiosci TWST 93.54 2.7 Vontier VNT 26.36 -3.9 (3@@3,9 '0H;<; 46G?;@/BD=)LH+I> EF>>:! O:F:O6F:1):?; ;6610< 6F:1):?; =1?K: 6K ?4416D&M?I:OC 7?=1:03 #,;C<)L3H,;+B/CCH3,L.<,L H,0BF =)LH+I> ,G&O;&K+ =?K :?0&OC >: 0G>;&F&;:; I6 ?==6MM6;?I:MGOI&4O: I:K?KI03 G@& RO7R&O6/ >N ;7AD6&) >9 6@& !71DO)X9)3N6O>D; JDO< 1>6@ Exchange-Traded Portfolios | WSJ.com/ETFresearch 'KI:141&0: B6K: ?K; @!% ;&0I1&=I3 L6E4164:1IC I?D:03 #66; =6K;&I&6K3 DRRO70>:D6&;/ SLQ$W DAO&N 7" ;D9) DO&D 72&O;77<>9U X96&ON6D6& 7H5.J6!H5>6?J.CH5 :CCH JC I>,< 7?JCB68 A0< IE">&)+ *D9< '@&A< 7O E>O& DH9 BG D>>C.HJ,6HJ; GOD9N"&O O&P3>O&) >9 7O)&O 67 B>)Q *.<<.@2 .@4;! /61?./6)6@B- &@< Largest 100 exchange-traded funds, latest session ;B06/ -&+6 B6/)- %#;@<.B.;@- &/6 &B ===3-,#;/.;3#;)3 A5 *?:6/- *!&./ ,#+$ ).-("/ !"(%'.% (/6).?) B; $6 &88+.6< B; -&+6 8/.#63 'B&/B.@2 $.<" 9A!>77!777377 Tuesday, October 13, 2020 Closing Chg YTD ETF Symbol Price (%) (%) *."#'. Closing Chg YTD /+.-%)%/+-%"$ :N=N< ;= ?@JN@# ,< 999I=L'?>N?I'?A !?> A?># N@!? %$,%-'( ETF Symbol Price (%) (%) iSh1-3YTreasuryBd SHY &". %$&".!+-%"$ )"$-+)- 86.43 –0.01 2.1 44 %&1&/,2&+ F9>6 L iSh7-10YTreasuryBd IEF 121.41 0.22 10.2 &6"4 '916. $*::,"6%79:! (.") # #'&"!$%%$ EDO1>A<+ IX .4$$L CommSvsSPDR XLC 61.98 0.10 15.6 G- W.S?M5$?.W.. CnsmrDiscSelSector XLY 155.40 –0.02 23.9 iSh20+YTreasuryBd TLT 161.75 0.72 19.4 5+3)88-)3--- # ///);6"42916.)",0 #- W.S?M5$?SY.M CnsStapleSelSector XLP 66.45 –0.08 5.5 iShRussellMCGrowth IWP 186.42 0.85 22.2 X9"7CN=A7O>7QA7: ,3A6>79&&O- HD; '7O>7KIX58YL T,85Y #VWYL8 FinSelSectorSPDR XLF 25.02 –1.92 –18.7 iShUSTreasuryBdETF GOVT 27.84 0.22 7.3 FT DJ Internet FDN 202.27 0.85 45.4 JPM UltShtIncm JPST 50.78 ... 0.7 GSActiveBetaUSLC GSLC 71.22 –0.48 10.1 PIMCOEnhShMaturity MINT 101.94 0.01 0.3 HealthCareSelSect XLV 108.27 –0.76 6.3 SPDR BlmBarcHYBd JNK 105.64 –0.41 –3.6 AUCTIONS AUCTIONS FLORIDA PENNSYLVANIA IndSelSectorSPDR XLI 80.27 –1.11 –1.5 SPDRBloomBar1-3MTB BIL 91.52 –0.01 0.1 InvscQQQI QQQ 294.52 –0.00 38.5 SPDR Gold GLD 177.72 –1.57 24.4 InvscS&P500EW RSP 113.29 –1.01 –2.1 SchwabIntEquity SCHF 32.21 –1.07 –4.2 SchwabUS BrdMkt SCHB 83.76 8.9 'A++9 (),-,+;> iSh3-7YTreasuryBd IEI 133.35 0.11 6.0 –0.55 SchwabUS Div SCHD 58.36 –0.83 0.8 %-?;282@), *>A+, &-?-)1 '#!-+-,9 '@2$#+; iShCoreDivGrowth DGRO 41.35 –0.98 –1.7 %!"& !$#"#! SchwabUS LC SCHX 84.54 –0.52 10.1 6GG L77O1; '&21I +772 "7==C 6G;-BB 1348I4; iShCoreMSCIEAFE IEFA 61.84 –1.07 –5.2 SchwabUS LC Grw SCHG 122.08 –0.15 31.4 66G;-BB I7I>" 1348I4 iShCoreMSCIEM IEMG 55.01 –0.45 2.3 Schwab US TIPs SCHP 61.59 0.10 8.8 "#!$(&'% @&9D 78 N,J, %'#J5><9 *9MI92 iShCoreMSCITotInt IXUS 60.19 –0.87 –2.8 SPDR DJIA Tr DIA 286.74 –0.60 0.6 !&1I9: 7M DDD4!775N9I4<7O iShCoreS&P500 IVV 351.39 –0.65 8.7 SPDR S&PMdCpTr MDY 363.29 –0.78 –3.2 JF=$9::2911&1 iShCoreS&P MC IJH 198.68 –0.76 –3.5 SPDR S&P 500 SPY 350.13 –0.65 8.8 H6B- J?>1(&M)I7M ,E9; A&IF1E&""9; '! HG0K/ iShCoreS&P SC IJR 75.73 –1.12 –9.7 SPDR S&P Div SDY 97.08 –1.18 –9.8 iShS&PTotlUSStkMkt ITOT 79.35 –0.54 9.2 <<<4%-@
@4!#2;":DC=7 0B5/=3DC TechSelectSector XLK 122.67 –0.64 33.8 iShCoreUSAggBd AGG 117.98 0.03 5.0 UtilitiesSelSector XLU 63.44 –0.69 –1.8 iShSelectDividend DVY 85.98 –1.35 –18.6 VanEckGoldMiner GDX 40.25 –1.03 37.5 iShEdgeMSCIMinEAFE EFAV 69.30 –0.56 –7.0 INVESTMENT PROPERTIES VangdInfoTech VGT 329.91 –0.49 34.7 iShEdgeMSCIMinUSA USMV 65.88 –0.68 0.4 VangdSC Val VBR 118.88 –1.20 –13.3 iShEdgeMSCIUSAMom MTUM 154.90 0.16 23.4 5$!&+! (/'' (+%,+! VangdSC Grwth VBK 232.15 –0.00 16.8 iShEdgeMSCIUSAQual QUAL 108.22 –0.68 7.1 7%--)4. (5:05/ ): VangdExtMkt VXF 140.00 –0.06 11.1 &!#(" "($%"%#' "**$%: -%';*&%& *'/%*$% iSh5-10YIGCorpBd IGIB 61.07 –0.03 5.3 -+''6 !(,*$@, .+6+!>+ VangdDivApp VIG 134.06 –0.35 7.5 !;,?):/ (.:,1. "5)%-,8%5, 3113/,*5",< "5 iShGoldTr IAU 18.05 –1.69 24.5 0"+% ##),"& 5!( 04, #4 &:@= #G>7:1F "1G0.21 &-G9:2@ 1%55-<;)*5"* VangdFTSEDevMk VEA 41.98 –1.11 –4.7 iShiBoxx$InvGrCpBd LQD 135.58 –0.10 6.0 VangdFTSE EM VWO 45.12 –0.44 1.5 L,J']#DC#E` 'C ,67A+ &;): #, ;'-44.<5:>7 $<-E.<1F $-<1*-7:-A iShiBoxx$HYCpBd HYG #Q,A#D>'S= =66 *'/%- ;3'*,%& "5 ,#% 1* >";&- 85.00 –0.45 –3.3 VangdFTSE Europe VGK 54.00 –1.59 –7.8 BY:06 7(Y=\ @7WZ AG?R2; 0W 3`.?3R2; iShJPMUSDEmgBd EMB 6#9#3('',$""+! !/< (7--498G<@3 $,A/,C %55GE>25FA >",# 8*,*/% ,"8(%/ 112.45 –0.25 –1.8 VangdFTSEAWxUS VEU 52.06 –0.84 –3.1 6@S *O:80 :Y VX.V K:0< @W7"\^ (:7 iShMBSETF MBB 0:250>, 0:2.,!<,)% 40>2),!2 110.16 –0.13 1.9 VangdGrowth VUG 240.41 –0.12 32.0 <\(0:Y= &'\Y07(8 ,:7 "WY^:0:WY:Y=S <0'R++L2: IT 3T 3TT9($ IO*($ ).971 +BD? !2:196.)D? 8.09A iShMSCI ACWI ACWI 83.23 –0.67 5.0 95 /++" 35 P+M04L2: *(M G/+L2: .,,,&!*% +=99 ,',%* +*.%'),'>6,,,% *),2&!2# iShMSCI EAFE EFA 65.32 –1.12 –5.9 VangdHiDiv VYM 84.00 –0.91 –10.4 (.)$I' HRL2: (;*9JI *5& 63J$ ! iShMSCIEmgMarkets EEM !7: H"0 /G )!4(%, <,6>% 46.04 –0.41 2.6 VangdIntermBd BIV 93.37 0.05 7.1 (351$,I -91; 1;$ I*7$V -?/ 4!6%* 0$ %7'%66%2) !2)%,2,6 iShMSCIJapan EWJ 59.43 –0.32 0.3 VangdIntrCorpBd VCIT 96.14 –0.12 5.3 *@4,)5:/2 VG(Z` C*),!2,(6% )!4(%, 4#)? ,<,!6,(6% iSh1-5YIGCorpBd IGSB 54.94 –0.08 2.4 VangdMC VO 186.38 –0.35 4.6 ;@4,)5:Y\0KW79S"WZ /@4,($%5$1-3J8M(36 &%<%60.4%2) .0)%2)!,6+$!<% iShPfd&Incm PFF 36.99 –0.27 –1.6 VangdMBS VMBS 54.10 –0.11 1.7 '02)!#>0>* .,,'%6* 4,8% >. iShRussell1000Gwth IWF 229.03 –0.07 30.2 VangdRealEst VNQ 81.98 –1.71 –11.6 84$$%2*# ("9 )"% )0),6=99 ,',%* iShRussell1000 IWB 196.34 –0.49 10.0 VangdS&P500ETF VOO 321.65 –0.64 8.7 60',)%& ;>*)0>)*!&% 0$ #,6%)023 ., + 6*0&":'($"84:' *4(6%"# iShRussell1000Val IWD 123.01 –1.00 –9.9 VangdST Bond BSV 82.96 0.06 2.9 ,..7? -"0>,* $,04 25' ,1+7 #/ !5<;-5.)-3 iShRussell2000 IWM 162.70 –0.67 –1.8 VangdSTCpBd VCSH 82.92 –0.02 2.3 "+<.-DE 60 26,/1)90*$ ;"-,1/"'% 076:24.:666 iShRussellMid-Cap IWR 61.02 –0.49 2.3 VangdSC VB 165.74 –0.71 0.1 iShRussellMCValue IWS 85.26 –1.27 –10.0 AGGSAGVSAGG/ "++M"+PM"++0 %&;' "#%&#'="#%8*>(@&"# '*;; *,,3/5%< *;*5 *'!%/ VangdTotalBd BND 88.14 0.08 5.1 iShS&P500Growth IVW 243.00 25.5 K:88:(Z6;@4,)5:S"WZ2+(09:Y6 -9779*6I/@4,($%M(362S= /#8!53+<:.4CF+.7 +4.2@ 6?20?..9 –0.46 VangdTotIntlBd BNDX 58.32 0.12 3.1 iShS&P500Value IVE 116.60 –1.03 –10.4 VangdTotIntlStk VXUS 53.87 –0.86 –3.3 (" %,J[#N DS J#NDHJ E# N[' E#*G4AA>.>5 +[NN[,LD & 21 C!UQUC B!%UQU#%B' CBUE'UC,Q B00=6?9=00A, iShShortTreaBd SHV 110.70 ... 0.2 VangdTotalStk VTI 179.00 –0.53 9.4 +[NN[,LD L,EP#C[J_ D#E-['#D [J' E# *BDS%B B% QU' /

THE WALL STREET JOURNAL. NY We dnesday, October 14, 2020 | B9 BIGGEST 1,000 STOCKS

Continued From Page XX Net Net Net Net Net Net Net Net Net Net 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 Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Pegasystems PEGA 132.40 -0.33 QTS Realty QTS 67.22 -0.43 RogersComm B RCI 41.17 -0.13 ServiceCorp SCI 44.25 -0.93 STMicroelec STM 34.81 -0.26 Ericsson ERIC 10.73 -0.13 Twitter TWTR 47.00 -1.25 VertxPharm VRTX 276.09 1.49 WestpacBanking WBK 13.38 -0.01 OccidentalPetrol OXY 10.52 -0.29 s Peloton PTON 130.97 3.67 Qiagen QGEN 52.43 -2.03 s Roku ROKU 238.58 16.90 s ServiceNow NOW 518.30 9.21 StoneCo STNE 58.51 0.39 TelefonicaBras VIV 7.83 -0.11 s TylerTech TYL 393.01 -1.74 ViacomCBS A VIACA 29.49 -0.92 WestRock WRK 37.92 -1.06 s Okta OKTA 246.95 1.40 PembinaPipeline PBA 22.07 0.01 Qorvo QRVO 135.17 -2.59 s Rollins ROL 58.74 0.32 ShawComm B SJR 17.75 -0.44 Stryker SYK 220.00 -5.63 Telefonica TEF 3.64 -0.13 TysonFoods TSN 58.96 -0.01 ViacomCBS B VIAC 27.45 -0.88 Weyerhaeuser WY 29.31 -0.39 OldDomFreight ODFL 200.61 -0.15 PennNational PENN 67.93 3.01 s Qualcomm QCOM 127.46 0.77 RoperTech ROP 423.76 1.90 SherwinWilliams SHW 697.18 -5.20 SumitomoMits SMFG 5.67 -0.05 TelekmIndonesia TLK 18.49 -0.21 UBS Group UBS 11.64 -0.17 Vipshop VIPS 17.75 0.97 WheatonPrecMet WPM 50.56 -0.16 OmegaHealthcare OHI 30.93 -0.43 Pentair PNR 49.32 -0.93 QuantaServices PWR 60.37 -0.97 RossStores ROST 97.64 -1.00 ShinhanFin SHG 24.40 -0.37 SunComms SUI 148.76 -0.18 s 10xGenomics TXG 160.93 3.89 UDR UDR 34.42 -1.12 Visa V 204.32 -2.08 Whirlpool WHR 201.37 0.46 Omnicom OMC 52.86 -0.59 Penumbra PEN 207.75 -2.19 QuestDiag DGX 117.14 0.47 RoyalBkCanada RY 74.03 -0.64 Shopify SHOP 1106.59 16.59 SunLifeFinancial SLF 41.64 -1.02 TencentMusic TME 14.26 -0.05 UGI UGI 34.50 -0.40 Vistra VST 18.03 0.03 Williams WMB 19.42 -0.03 ON Semi ON 25.91 -0.61 PepsiCo PEP 143.54 1.41 Quidel QDEL 274.70 3.95 RoyalCaribbean RCL 60.61 -9.22 Sibanye-Stillwater SBSW 12.19 -0.24 SuncorEnergy SU 12.54 -0.20 Teradyne TER 87.63 1.00 Uber UBER 35.56 -0.70 VMware VMW 155.04 2.82 s Williams-Sonoma WSM 105.76 6.06 OneConnectFinTech OCFT 21.32 -0.24 PerkinElmer PKI 124.67 -3.66 R S RoyalDutchA RDS.A 25.82 -0.48 SimonProperty SPG 65.82 -2.20 SunRun RUN 65.35 1.56 Tesla TSLA 446.65 4.35 Ubiquiti UI 189.66 -0.57 Vodafone VOD 14.60 -0.17 WillisTowers WLTW 212.55 -4.48 OpenText OTEX 42.11 -0.65 Perrigo PRGO 45.91 -0.46 RoyalDutchB RDS.B 24.61 -0.36 SiriusXM SIRI 5.89 -0.03 Suzano SUZ 8.75 -0.10 TevaPharm TEVA 9.37 -0.08 UltaBeauty ULTA 238.40 0.50 VornadoRealty VNO 33.99 -1.51 Wipro WIT 5.29 -0.12 SynchronyFin SYF 28.54 -0.33 Oracle ORCL 60.97 -0.49 PetroChina PTR 29.58 ... RELX RELX 22.09 -0.16 RoyalGold RGLD 123.91 0.61 Skyworks SWKS 153.20 -3.89 s TexasInstruments TXN 154.49 -0.41 Unilever UN 62.08 0.03 VoyaFinancial VOYA 48.87 -0.92 Wix.com WIX 295.64 5.08 SyneosHealth SYNH 61.16 0.71 VulcanMatls VMC 145.90 -4.19 Orange ORAN 11.39 0.06 PetroleoBrasil PBR 7.23 -0.07 RH RH 390.85 25.39 RoyaltyPharma RPRX 44.81 0.40 SlackTech WORK 32.42 0.63 Textron TXT 35.99 -0.88 Unilever UL 63.19 0.10 Workday WDAY 232.90 4.71 Synnex SNX 146.68 -3.79 Orix IX 65.35 -0.46 PetroleoBrasilA PBR.A 7.25 -0.01 RPM RPM 88.05 -0.08 Ryanair RYAAY 85.69 -1.34 Smartsheet SMAR 55.50 0.90 ThermoFisherSci TMO 467.53 0.81 UnionPacific UNP 203.00 -3.35 WynnResorts WYNN 71.74 -2.37 s Synopsys SNPS 228.18 -0.75 W X Y Z OtisWorldwide OTIS 65.13 -0.56 Pfizer PFE 36.90 0.08 RaymondJames RJF 77.73 -2.31 SAP SAP 156.60 -2.17 SmithAO AOS 55.20 -1.29 ThomsonReuters TRI 82.92 -0.10 UnitedAirlines UAL 35.26 -1.12 XP XP 41.16 -1.38 Sysco SYY 65.08 -2.40 s OwensCorning OC 74.78 -0.25 PhilipMorris PM 79.21 -0.11 RaytheonTech RTX 59.52 -1.01 S&P Global SPGI 354.00 -6.09 Smith&Nephew SNN 39.36 -1.05 3M MMM 166.63 -2.02 UnitedMicro UMC 5.45 -0.15 WEC Energy WEC 99.10 -0.73 XPO Logistics XPO 94.72 -1.34 PG&E PCG 10.32 -0.13 Phillips66 PSX 51.27 -2.19 RealtyIncome O 61.67 -1.66 SBA Comm SBAC 308.82 -5.11 Smucker SJM 120.09 0.17 T U V Tiffany TIF 118.96 0.28 s UPS B UPS 175.33 -1.21 WEX WEX 152.24 -3.91 XcelEnergy XEL 73.00 -0.62 PNC Fin PNC 112.51 -3.77 Pinduoduo PDD 84.65 -0.07 RegencyCtrs REG 38.24 -1.51 SEI Investments SEIC 56.08 0.06 Snap SNAP 27.00 0.04 Toll Bros TOL 49.19 -0.64 UnitedRentals URI 194.27 -4.83 W.P.Carey WPC 67.52 -0.68 Xilinx XLNX 117.92 -0.98 POSCO PKX 44.04 -0.70 PinnacleWest PNW 80.73 -0.83 RegenPharm REGN 607.98 6.43 SK Telecom SKM 23.31 0.17 SnapOn SNA 155.47 -2.29 TAL Education TAL 79.57 0.46 TopBuild BLD 187.87 -3.11 US Bancorp USB 38.42 -1.33 WPP WPP 42.55 -0.67 XPeng XPEV 19.64 -0.24 s PPD PPD 36.88 0.16 Pinterest PINS 44.15 0.11 RegionsFin RF 12.49 -0.46 SS&C Tech SSNC 63.79 -0.77 Snowflake SNOW 249.61 5.64 TC Energy TRP 43.62 0.26 Toro TTC 87.57 -0.33 s UnitedHealth UNH 331.42 1.45 Wabtec WAB 63.98 1.02 Xylem XYL 89.89 -1.98 PPG Ind PPG 133.57 -2.48 PioneerNatRscs PXD 88.15 -0.53 ReinsGrp RGA 103.68 -4.12 StoreCapital STOR 27.39 -0.65 SOQUIMICH SQM 34.68 -0.70 TE Connectivity TEL 106.38 -0.95 TorontoDomBk TD 46.00 -0.93 UnitySoftware U 92.11 2.11 WalgreensBoots WBA 36.18 -0.75 Yandex YNDX 62.69 1.14 PPL PPL 28.47 -0.52 PlainsAllAmPipe PAA 6.67 0.23 RelianceSteel RS 112.15 -0.43 SVB Fin SIVB 269.04 -7.25 SolarEdgeTech SEDG 299.65 1.71 Telus TU 18.36 -0.11 Total TOT 34.19 -0.75 UnivDisplay OLED 201.53 1.55 Walmart WMT 146.23 1.98 YumBrands YUM 96.01 0.03 PRA HealthSci PRAH 111.85 0.36 PlugPower PLUG 17.10 -0.54 RenaissanceRe RNR 175.67 -1.77 Salesforce.com CRM 266.83 -0.24 s SolarWinds SWI 22.11 0.47 TJX TJX 57.39 -0.58 ToyotaMotor TM 132.65 0.85 UniversalHealthB UHS 109.43 -0.39 WarnerMusic WMG 29.15 0.83 YumChina YUMC 54.17 0.27 PTC PTC 87.39 -0.11 s Pool POOL 351.99 -0.70 Repligen RGEN 172.16 -1.25 Sanofi SNY 51.47 0.39 Sony SNE 74.69 0.10 s T-MobileUS TMUS 121.57 1.50 TractorSupply TSCO 152.92 1.98 VEREIT VER 6.80 -0.13 s WasteConnections WCN 104.92 0.52 ZTO Express ZTO 30.18 -0.06 Paccar PCAR 88.54 -1.24 PostHoldings POST 91.60 -0.67 RepublicSvcs RSG 93.62 -0.88 SantanderCons SC 20.15 0.01 Southern SO 58.34 -0.52 s TRowePrice TROW 144.18 1.09 s TradeDesk TTD 650.72 24.06 VF VFC 76.82 -1.05 WasteMgt WM 115.50 -1.32 s ZaiLab ZLAB 91.94 -0.03 PackagingCpAm PKG 116.40 -0.31 PrincipalFin PFG 41.25 -1.55 ResMed RMD 177.66 0.23 SareptaTherap SRPT 147.26 4.39 SoCopper SCCO 47.39 -0.57 TaiwanSemi TSM 89.64 -1.27 Tradeweb TW 60.13 0.43 VICI Prop VICI 23.71 -0.16 Waters WAT 216.45 14.32 ZebraTech ZBRA 286.73 -1.52 PagSeguroDig PAGS 40.45 -0.44 Procter&Gamble PG 144.21 -0.28 RestaurantBrands QSR 59.05 -0.40 Schlumberger SLB 15.73 -0.39 SouthwestAir LUV 39.13 -0.06 TakeTwoSoftware TTWO 169.16 2.02 s TraneTech TT 129.25 -2.71 VailResorts MTN 241.13 -1.83 Watsco WSO 236.96 -1.87 s Zendesk ZEN 113.24 0.79 PalantirTech PLTR 9.47 -0.42 s Progressive PGR 100.27 -1.11 RexfordIndlRealty REXR 50.81 -1.35 SchwabC SCHW 37.61 -0.86 Splunk SPLK 215.83 0.49 TakedaPharm TAK 17.39 -0.50 TransDigm TDG 473.39-12.61 Vale VALE 11.21 -0.01 Wayfair W 306.74 12.75 Zillow C Z 101.20 0.19 PaloAltoNtwks PANW 254.55 1.45 Prologis PLD 106.63 -1.66 ReynoldsCnsmr REYN 31.33 -0.04 ScottsMiracleGro SMG 165.32 1.89 Spotify SPOT 266.95 15.51 s TandemDiabetes TNDM121.75 5.34 TransUnion TRU 89.69 0.43 ValeroEnergy VLO 41.43 -1.66 Weibo WB 39.88 -0.99 Zillow A ZG 101.55 0.46 PanAmerSilver PAAS 33.75 -0.54 Proofpoint PFPT 112.03 0.87 RingCentral RNG 282.50 -3.85 Sea SE 172.40 5.22 Square SQ 190.47 5.30 s Target TGT 165.64 1.07 Travelers TRV 112.89 -3.65 VarianMed VAR 172.03 0.15 WellsFargo WFC 24.74 -0.94 ZimmerBiomet ZBH 144.81 -4.34 ParkerHannifin PH 215.52 -2.55 PrudentialFin PRU 66.40 -2.79 RioTinto RIO 61.07 -0.62 Seagate STX 51.18 -0.11 StanleyBlackDck SWK 177.94 -0.03 TeckRscsB TECK 13.32 -0.08 s Trex TREX 79.940.29 s VeevaSystems VEEV 308.55 1.39 Welltower WELL 54.26 -1.61 Zoetis ZTS 165.32 -3.23 Paychex PAYX 83.00 -0.01 Prudential PUK 29.43 -1.15 s RitchieBros RBA 65.56 0.14 s Seagen SGEN 211.93 6.06 Starbucks SBUX 90.16 -0.62 TeladocHealth TDOC 231.80 13.80 Trimble TRMB 51.72 -0.59 Ventas VTR 43.76 -0.47 s WestPharmSvcs WST 299.48 -2.18 ZoomVideo ZM 518.79 27.25 s PaycomSoftware PAYC 373.78 6.94 PublicServiceEnt PEG 57.92 0.16 RobertHalf RHI 57.94 -0.83 SealedAir SEE 41.52 -0.45 StateStreet STT 66.09 -1.13 TelecomArgentina TEO 7.38 0.09 Trip.com TCOM 30.25 -2.21 VeriSign VRSN 216.00 1.85 WesternDigital WDC 37.85 -0.47 ZoomInfoTech ZI 42.76 1.23 s Paylocity PCTY 189.05 0.33 PublicStorage PSA 235.39 0.31 RocketCos. RKT 23.58 0.44 SempraEnergy SRE 126.55 -0.23 SteelDynamics STLD 32.71 -0.50 TeledyneTech TDY 320.02 -7.51 TruistFinl TFC 42.60 -0.86 s VeriskAnalytics VRSK 193.65 0.90 WesternUnion WU 21.65 -0.62 Zscaler ZS 154.42 3.27 PayPal PYPL 207.74 6.23 PulteGroup PHM 48.37 -1.11 Rockwell ROK 243.15 -1.08 SensataTechs ST 46.82 -0.72 Steris STE 187.68 -4.14 Teleflex TFX 362.55 -5.07 s Twilio TWLO 337.88 8.16 Verizon VZ 59.36 -0.19 WestlakeChem WLK 68.26 -1.43 Zynga ZNGA 9.54 0.24

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret RisDv A p 75.04 -0.46 NA TotRetBd 11.63 +0.03 NA DivGro 55.86 -0.42 NA EqIncAdml 73.60 -0.61 NA WelltnAdml 77.48 -0.21 NA SmValAdml 51.03 -0.69 NA Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. FrankTemp/Franklin C TotRetBdI 11.63 +0.03 NA EqInc 27.48 -0.31 NA ExplrAdml 109.04 -0.19 NA WndsrAdml 65.81 -0.69 NA TotBd2 11.53 +0.02 NA e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnoteseand s Income C t 2.16 -0.01 NA TRBdPlan 10.94 +0.03 NA EqIndex 93.28 -0.59 NA ExtndAdml 106.23 -0.06 NA VANGUARD FDS TotIntlInstIdx r 115.74 -1.02 NA MFS Funds Class I Growth 94.86 +0.04 NA DivdGro 32.01 -0.22 NA apply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply,12b-1. r- GNMAAdml 10.71 -0.01 NA TotItlInstPlId r 115.76 -1.02 NA G Growth I 163.23 +0.15 NA HelSci 98.66 +0.14 NA INSTTRF2020 25.59 -0.07 NA TotSt 87.11 -0.46 NA Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand rapply. v-Footnotes GrwthAdml 123.74 -0.21 NA ValueI 42.09 -0.49 NA LgCapGow I 57.53 +0.05 NA HlthCareAdml r 94.55 -0.76 NA INSTTRF2025 26.29 -0.09 NA VANGUARD INSTL FDS xand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Notavailable due to incomplete Guggenheim Funds Tru MFS Funds Instl MidCap 107.16 -0.25 NA HYCorAdml r 5.85 +0.01 NA INSTTRF2030 26.69 -0.10 NA BalInst 42.46 -0.11 NA price, performanceorcostdata. NE-Notreleased by Lipper; data under review. NN-Fund not TotRtnBdFdClInst 29.90 +0.09 NA IntlEq 27.90 -0.24 NA NHoriz 86.10 +0.46 NA InfProAd 28.23 +0.03 NA INSTTRF2035 27.07 -0.12 NA DevMktsIndInst 13.51 -0.15 NA tracked. NS-Fund didn’texistatstart of period. H R2020 23.43 -0.08 NA IntlGrAdml 141.82 -0.02 NA INSTTRF2040 27.43 -0.14 NA DevMktsInxInst 21.12 -0.22 NA N R2025 18.96 -0.07 NA INSTTRF2045 27.73 -0.16 NA Harbor Funds ITBondAdml 12.66 +0.03 NA ExtndInst 106.22 -0.07 NA R2030 27.69 -0.13 NA INSTTRF2050 27.79 -0.17 NA Tuesday, October 13, 2020 CapApInst 110.55 +0.48 NA Northern Funds ITIGradeAdml 10.65 +0.03 NA GrwthInst 123.74 -0.22 NA R2035 20.41 -0.10 NA INSTTRF2055 27.91 -0.16 NA Harding Loevner StkIdx 40.27 -0.25 NA LTGradeAdml 11.94 +0.07 NA InPrSeIn 11.50 +0.01 NA Net YTD Net YTD Net YTD R2040 29.10 -0.16 NA MidCpAdml 230.72 -1.01 NA IntlVal 34.25 -0.43 NA InstIdx 313.38 -1.99 NA Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret IntlEq 25.52 -0.23 NA O PRIMECAP Odyssey Fds MuHYAdml 11.67 ... NA LifeCon 22.10 -0.04 NA InstPlus 313.39 -1.99 NA LifeGro 38.09 -0.19 NA DivIncom I 24.24 -0.18 NA Fidelity Freedom Old Westbury Fds AggGrowth r 51.26 +0.08 14.2 MuIntAdml 14.65 ... NA InstTStPlus 74.54 -0.40 NA A I LifeMod 30.47 -0.10 NA FF2020 16.70 -0.03 NA MuLTAdml 12.02 ... NA MidCpInst 50.97 -0.22 NA Invesco Funds Y LrgCpStr 16.24 -0.05 NA PrmcpCor 28.24 -0.21 NA American Century Inv D FF2025 14.84 -0.04 NA S MuLtdAdml 11.21 ... NA MidCpIstPl 251.36 -1.10 NA DevMktY 47.00 -0.19 NA STAR 30.29 -0.07 NA Ultra 73.21 +0.03 40.4 FF2030 18.41 -0.05 NA P Schwab Funds MuShtAdml 15.94 ... NA SmCapInst 79.36 -0.57 NA Dimensional Fds TgtRe2015 16.08 -0.02 NA American Funds Cl A Freedom2020 K 16.68 -0.04 NA 1000 Inv r 79.14 -0.43 NA PrmcpAdml r 154.28 -0.83 NA STIGradeInst 10.99 ... NA 5GlbFxdInc 10.88 ... NA J Parnassus Fds TgtRe2020 34.52 -0.08 NA AmcpA p 37.35 -0.07 NA S&P Sel 54.48 -0.35 NA STIPSIxins 25.49 -0.01 NA EmgMktVa 24.63 -0.17 NA Freedom2025 K 14.82 -0.04 NA ParnEqFd 53.38 -0.20 14.1 RealEstatAdml 116.18 -2.06 NA TgtRe2025 21.09 -0.07 NA AMutlA p 42.76 -0.28 NA JPMorgan I Class TSM Sel r 61.86 -0.34 NA TotBdInst 11.61 +0.02 NA EmMktCorEq 20.92 -0.12 NA Freedom2030 K 18.39 -0.06 NA PGIM Funds Cl Z SmCapAdml 79.36 -0.57 NA TgtRe2030 38.73 -0.15 NA BalA p 29.62 -0.06 NA CoreBond 12.43 +0.03 NA TotBdInst2 11.53 +0.02 NA IntlCoreEq 12.85 -0.15 NA Freedom2035 K 15.53 -0.06 NA TotalReturnBond 14.89 +0.05 NA SmGthAdml 81.65 -0.02 NA TgtRe2035 23.90 -0.11 NA BondA p 14.09 +0.03 NA EqInc 18.25 -0.17 NA T TotBdInstPl 11.61 +0.02 NA IntSmCo 17.90 -0.24 NA Freedom2040 K 10.90 -0.05 NA PIMCO Fds Instl STBondAdml 10.87 ... NA TgtRe2040 41.49 -0.21 NA CapIBA p 59.47 -0.32 NA JPMorgan R Class IntSmVa 16.57 -0.27 NA Fidelity Invest AllAsset 11.43 -0.03 NA TIAA/CREF Funds STIGradeAdml 10.99 ... NA TgtRe2045 26.19 -0.16 NA TotIntBdIdxInst 35.00 +0.05 NA CapWGrA 53.80 -0.22 NA CoreBond 12.45 +0.03 NA LgCo 26.94 -0.18 NA Balanc 26.65 -0.08 NA InvGrdCrBd 11.13 +0.03 NA EqIdxInst 25.84 -0.14 NA TotBdAdml 11.61 +0.02 NA TgtRe2050 42.18 -0.25 NA TotStInst 87.15 -0.46 NA EupacA p 60.42 -0.23 NA TAUSCoreEq2 20.66 -0.16 NA BluCh 152.76 +0.32 NA TotRt 10.93 +0.01 NA TotIntBdIdxAdm 23.32 +0.03 NA TgtRet2055 45.79 -0.27 NA ValueInst 42.23 -0.40 NA FdInvA p 64.03 -0.19 NA L V US CoreEq1 26.93 -0.19 NA Contra 17.59 +0.01 NA PIMCO Funds A TotIntlAdmIdx r 28.94 -0.26 NA TgtRetInc 14.74 -0.01 NA W GwthA p 64.05 +0.05 NA US CoreEq2 24.25 -0.19 NA ContraK 17.62 +0.01 NA Lord Abbett A IncomeFd 11.77 ... NA VANGUARD ADMIRAL TotStAdml 87.14 -0.45 NA TotIntBdIxInv 11.67 +0.02 NA HI TrA p 9.76 +0.02 NA US Small 32.52 -0.35 NA CpInc r 10.16 ... NA ShtDurIncmA p 4.18 ... NA PIMCO Funds I2 500Adml 324.23 -2.06 NA TxMCapAdml 182.85 -1.00 NA USGro 63.56 +0.30 NA WCM Focus Funds ICAA p 41.55 -0.17 NA US SmCpVal 28.67 -0.48 NA DivIntl 44.36 -0.20 NA Lord Abbett F Income 11.77 ... NA BalAdml 42.46 -0.10 NA TxMIn r 13.50 -0.14 NA WellsI 27.92 -0.04 NA WCMFocIntlGrwIns 22.67 -0.03 NA IncoA p 22.43 -0.10 NA USLgVa 33.05 -0.35 NA GroCo 33.31 +0.18 NA ShtDurIncm 4.18 +0.01 NA PIMCO Funds Instl CAITAdml 12.24 ... NA USGroAdml 164.76 +0.79 NA Welltn 44.87 -0.12 NA Western Asset N PerA p 56.43 -0.11 NA Dodge & Cox GrowCoK 33.38 +0.18 NA IncomeFd 11.77 ... NA CapOpAdml r 174.56 -0.70 NA ValAdml 42.24 -0.40 NA WndsrII 36.75 -0.34 NA CoreBondI NA ... NA NEcoA p 55.10 +0.14 NA Balanced 95.57 -0.74 NA InvGrBd 11.80 +0.02 NA M Price Funds DivAppIdxAdm 36.39 -0.11 NA WdsrllAdml 65.21 -0.61 NA VANGUARD INDEX FDS CorePlusBdI 12.49 +0.03 NA NwWrldA 77.18 -0.18 NA Income 14.74 +0.02 7.4 LowP r 44.88 -0.36 NA Metropolitan West BlChip 164.29 +0.17 NA EMAdmr 37.56 -0.15 NA WellsIAdml 67.63 -0.09 NA IdxIntl 17.30 -0.15 NA CorePlusBdIS 12.49 +0.03 NA SmCpA p 70.17 -0.31 NA Intl Stk 36.92 -0.53 NA Magin 12.73 -0.03 NA TxExA p 13.38 ... NA Stock 174.00 -2.18 NA NASDAQ r 149.82 -0.15 NA WshA p 47.51 -0.27 NA DoubleLine Funds OTC 16.36 -0.02 NA B CoreFxdIncmI 11.25 +0.02 NA Puritn 25.57 -0.02 NA TotRetBdI 10.72 +0.01 NA SrsEmrgMkt 22.07 -0.06 NA ADVERTISEMENT Baird Funds SrsGlobal 12.93 -0.08 NA AggBdInst 11.85 +0.03 7.6 E SrsGroCoRetail 28.02 +0.15 NA CorBdInst 12.18 +0.03 7.4 Edgewood Growth Instituti SrsIntlGrw 19.37 -0.06 NA BlackRock Funds EdgewoodGrInst 51.03 -0.10 NA SrsIntlVal 8.81 -0.10 NA The Marketplace HiYBlk 7.54 ... 1.3 TotalBond 11.21 +0.02 NA HiYldBd Inst 7.53 ... 1.2 F Fidelity SAI To advertise: 800-366-3975orWSJ.com/classifieds BlackRock Funds A Fidelity TotalBd 10.64 +0.02 NA GlblAlloc p 20.73 -0.11 11.8 500IdxInstPrem 121.85 -0.77 NA Fidelity Selects BlackRock Funds Inst Contrafund K6 18.48 +0.01 NA Softwr r 26.20 +0.05 NA BUSINESSOPPORTUNITIES BANKRUPTCIES StratIncOpptyIns 10.13 ... 3.8 ExtMktIdxInstPre 71.47 -0.04 NA Tech r 28.49 -0.01 NA Bridge Builder Trust FidSerToMarket 12.01 -0.06 NA First Eagle Funds CoreBond 10.97 +0.02 NA IntlIdxInstPrem 41.16 -0.33 NA GlbA 57.96 -0.48 NA TO 1UZ 0OT1Z8 21>1Z2 <>OR4051:N :6041 dLLLc *Q) O0+)M)MQ 1k2Q 0O )MQ 0jKQS)L1N .k+)fbk1R )MQ 1k)(+Q k1R k20(1) 0O k1f CorePlusBond 10.69 +0.02 NA MidCpInxInstPrem 24.39 -0.13 NA FPA Funds X641UZ 2601UZ4O 8T214T:1 6X 1Z->2J U60216O8T/T2T6O SIkL2 0+ L1)Q+Q*) k**Q+)QR jf )MQ 0jKQS)L1N .k+)f kNkL1*) )MQ Q*)k)Q0+.+0.Q+)f Intl Eq 12.03 -0.09 NA SAIUSLgCpIndxFd 18.82 -0.12 NA FPACres 32.16 -0.28 NA !..0!*31 ,(&$+!+1 -#*2 TC ?'\ 3 :"GA;'? ,,J:G=' OBH *FI(&^(* M84SL 0O )MQoQj)0+*b k1R *)k)Q)MQ IQNkI k1R OkS)(kI jk*L* O0+*(SM 0jKQS)L01b k1R LargeCapGrowth 20.03 -0.04 NA SeriesBondFd 10.78 +0.02 NA Franklin A1 01Z- TO80214TZ2J TO:HJ %! "#$J 3 MSB!C;[V>)D!C!=;'?')L dL'cS01O0+2 )0 )MQ k..ILSkjIQ "k1J+(.)Sf <(IQ* k1R )MQ "k1J+(.)Sf V0SkI , LargeCapValue 13.05 -0.13 NA SeriesOverseas 11.47 -0.08 NA CA TF A1 p 7.64 ... NA 8'E;B?=H 3 MZD'?#'C+V U'G?!C# 4'@9'=;')L <(IQ*` Y1 kRRL)L01 )0 jQL1N mIQR hL)M )MQ !IQ+J 0O )MQ !0(+)b k1f*(SM 0jKQS)L01* 1/(8)# /" 583 )/22#1)#2#1( /" ):-.(#, && +-16,$.()9 )-*#*0 *M0(IR jQ *Q+'QR(.01 )MQ O0II0hL1N .k+)LQ* *0 k* )0 jQ +QSQL'QR jf )MQ SmCpIdxInstPrem 20.83 -0.15 NA IncomeA1 p 2.13 -0.01 NA %')/' "1$#&* C 5883 )/2+81#% :#-,81! /1 %8*)4/*$,# *(-(#2#1(0)/1"8,2-(8/1 >jKQS)L01 oQkRIL1Q? dLc )MQ >OmSQ 0O )MQ 71L)QR ;)k)Q*9+(*)QQ O0+)MQ ;0()MQ+1 TMktIdxInstPrem 99.89 -0.53 NA FrankTemp/Frank Adv /" 7/81( .,#.-)6-!#% ):-.(#, && .4-10-1% ,#4-(#% 2-((#,*0 oL*)+LS) 0O 9Qgk*b DHD<(*J ;)+QQ)b ;(L)QFDHCb Z0(*)01b 9Qgk* BB^^G% dLLc )MQ ClearBridge USBdIdxInstPrem 12.45 +0.02 NA IncomeAdv 2.11 -0.01 NA 04AJ 4/.A.4/46-045 -1% 58883 /+7#)(8/1 %#-%481#*0 -1% *$22-,9/"%#+(/,*' oQj)0+*b S_0 79]3 Y1R(*)+LQ*b Y1S`b H^AH^Wk)f \+QQhkfb ;(L)QH^^b Z0(*)01b LargeCapGrowthI 69.12 -0.18 NA Fidelity Advisor I FrankTemp/Franklin A 7/81( .,#.-)6-!#% ):-.(#, && .4-1 93 B^^EF d#))1?ULSMkQI "kIk*b =+Q*LRQ1) k1R !MLQO]gQS()L'Q>OmSQ+ k1R Columbia Class I NwInsghtI 39.43 +0.06 NA Growth A p 136.88 -0.52 NA 2L+45 LH6GI4 2-H5 O61T:Z T2 UZ4ZOmSQ+c% dLLLc 4QLIb [0)*MkI /Uk1NQ* VV=bB^^ H` >1 >S)0jQ+ Ab G^G^ d)MQ :5';!;!BC 8G;'8cb 79]3 Y1R(*)+LQ*b Y1S` k1R L)* V0(L*Lk1k ;)+QQ)b ;(L)QHB^^b Z0(*)01b 9Qgk* BB^^G d#))1?#IO+QR0 <` =i+Qeb /44KLH1 0LAN/ Q kOmILk)QR RQj)0+*b k* RQj)0+*k1R RQj)0+*L1.0**Q**L01 dS0IIQS)L'QIfb)MQ :8'E;I ]*,`bc k1R BCB\LO)M #'Q1(Qb TQhn0+JbTQh n0+J H^HDFd#))1? Uk)) "k++b]*,`b B?=8cb QkSM S022Q1SQRkSk*Q (1RQ+ SMk.)Q+ HH 0O )L)IQ HH 0O )MQ 71L)QR ;)k)Q* 1 )MQ =Q)L)L01 ok)Qb )MQ oQj)0+*mIQR k:.+Q.kSJkNQR8SMk.)Q+ HH .Ik1 Z0S [+0(. 0O \L+*) VLQ1 VQ1RQ+*% d'c #JL1 [(2.;)+k(** Zk(Q+ /\QIR VV=b"k1J 0O +Q0+Nk1Lek)L01 d)MQ :5?'AG+]G#') 5[GC8c k1R k.+0.0*QRRL*SI0*(+Q *)k)Qa 0O #2Q+LSk 90hQ+b H"+fk1) =k+JbTQh n0+JbTnH^^FC d#))1?Y+k oLeQ1N0OOb ]*,` Average Yields of Major Banks Tuesday, October 13, 2020 2Q1) d)MQ :8!=+[B=9?' 2;G;'D'C;8c .(+*(k1) )0 *QS)L01* HHGD k1R HHGCdjc k1R ok1LQI \L*MQ+b]*,`cb S0(1*QI )0 SQ+)kL1 \L+*) VLQ1 k1R ;QS01R VLQ1 IQ1RQ+*% $((D&@@@(@@ 0O )MQ "k1J+(.)Sf !0RQ`!0.LQ* 0O )MQ =+Q.kSJkNQR =Ik1 k1R )MQ oL*SI0*(+Q d'Lc;MQk+2k1/;)Q+IL1N VV=bD@@ VQgL1N)01 #'Q1(Qb VQgL1N)01#'QbTQh n0+Jb MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR AJJLAH64 FG0.2GJLG ;)k)Q2Q1) 2kfjQ0j)kL1QR O+QQ 0O SMk+NQ jf 'L*L)L1N )MQ hQj*L)Q2kL1)kL1QR Tn H^^GG d#))1?\+QR+LSJ ;0*1LSJb]*,` k1R ULSMkQI [(L..01Qb ]*,`cb S0(1*QI )0 Type jf )MQ oQj)0+*5 '0)L1N kNQ1)b >21L #NQ1) ;0I()L01* d)MQ :/B;!C# >#'C;8cb k) )MQ \L+*) VLQ1 #R2L1L*)+k)L'Q#NQ1)% k1R d'LLc 6L1*01 /]IJL1* VV=bHHHE#'Q1(Q National average >=@ ,BO7'9 5:CE /7) ; A!'9M ,'<%ME 6A "=()( )MQ O0II0hL1N IL1J? M)).?__hhh`021LkNQ1)*0I()L01*`S02_()Qg`!0.LQ* 0O )MQ 0O )MQ #2Q+LSk*b FG1R \I00+bTQh n0+JbTnH^^FC d#))1?ok'LR UQfQ+b ]*,` k1R 333CA!!'BO?)703*25072%,02)- $)/>'-= ?206 .;4="'7 7"$)7# +Q*)+(S)(+L1N )Mk) hLII *(j*)k1)LkIIf RQIQ'Q+kNQ )MQL+ Sk.L)kI*)+(S)(+Q )0 2'+;!BC (&,MGL P'';!C# Y![[ CB; E' +BC7'C') !% ;"' 5?'AG+]G#') 5[GC Savings 0.01 0.00 0.00 0.00 0.01 0.00 0.00 -0.01 0.00 '5 1"'#"7 2- )!:$" >7)#,$05 2-#,507= 25 '@'21'%1" !)7 +QR(SQ )MQ N0aO0+hk+R S0*) 0O Sk.L)kI O0+)MQL+ 0)MQ+hL*Q MQkI)Mfj(*L1Q**Q*` != +BCK?D') EV OB7'DE'? **J *F*FH YO )MQ ;QS)L01 FEHdkc UQQ)L1N hLII #SS0+RL1NIfb)ML* RQIQ'Q+kNL1NhLII Q1Mk1SQ)MQ oQj)0+*5 I01Na)Q+2 N+0h)M jQ S01'Q1QRb )MQ oQj)0+*hLII mIQb *Q+'Q 01 )MQ .k+)LQ* Q1)L)IQR )0 10)LSQ Jumbos 0.01 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 -0.01 5'1" %= >72@'0" )?-"7 $)-0"/>1'02-8 7"027"/"-0< .+0*.QS)* k1R S02.Q)L)L'Q .0*L)L01'L*a-a'L* L)* .QQ+S02.k1LQ*b N+Qk)If .(+*(k1) )0 )MQ "k1J+(.)Sf <(IQ*b k1R .0*) 01 )MQ hQj*L)Qk)M)).?__hhh` *9=7%;< 0%1 )9;2 .:3= 1,##:116,) %;! 7394.%$): L2.+0'QL)* IQ'Q+kNQ +k)L0 k1R Sk*M l0h*b k1R kII0h)MQ oQj)0+*)0Q2Q+NQ 021LkNQ1)*0I()L01*`S02_()Qg 10)IQ** )Mk1 )hQ1)fa01Q dGHc Rkf* jQO0+Q )MQ 3:)%.-9;10-71 >-.0 =%+93 &5'5 3:.%-)" :/#9==:3#: %;! O+02 )MQ SMk.)Q+ HH Sk*Q* k* k*)+01NQ+b+Q0+Nk1LeQR N+0(. 0O Q1)L)LQ* jQ))Q+ Rk)Q*SMQR(IQR O0+*(SM 2QQ)L1Nbk10)LSQ 0Ob k201N 0)MQ+ )ML1N*b )MQ Rk)Qb !-1.3-$,.93 %##9,;.1" 1,77)<-;2 $9.0 ;%.-9;%) %;! .0*L)L01QR )0 hL)M*)k1R 2k+JQ) S01RL)L01* k1R )0 S01)L1(Q .+0'LRL1N 2k+JQ)a )L2Qb k1R .IkSQ 0O )MQ ;QS)L01 FEHdkc UQQ)L1N` Consumer Savings Rates IQkRL1N *Q+'LSQ k1R .+0R(S)*)0)MQL+ S(*)02Q+*` 0OQZ22 >O 6O8 2Z4/Z8 TO >::648>O:Z 73-?%.: $3%;! 739!,#.15 (-?:31: 739!,#. )-;: -;#),!:1 E` >1 >S)0jQ+ Hb G^G^b )MQ oQj)0+* S022Q1SQR *0ILSL)k)L01 0O '0)Q*)0 .T1U 1UT2 O61T:ZJ T1 P>NO61 OR4051:N Below are the top federally insured offers available nationwide according to Bankrate.com's =,).-7): 739!,#.1 -; !8#93 %;! 1,77)< #%.:293-:15 2,-1 kSSQ.) )MQ =+Q.kSJkNQR =Ik1 O+02 )MQ M0IRQ+* 0O !IkL2* L1 !Ik** Fd\L+*) VLQ1 :6041H weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please '&7"; #9)! 58778/3$ 2,2, '&7"; #!)- 58778/3 6:<0 (4) !+QRL)#N+QQ2Q1) !IkL2*c k1R !Ik** Ed;QS01R VLQ1 !+QRL) #N+QQ2Q1) !IkL2*c N60>4Z >8/T2Z8 >O8 ZO:604>WZ8 16 :>4ZX0QQN4Z/TZ. >O8 :6OI 0O +QS0+Rk*0O;Q.)Q2jQ+ GDb G^G^d)MQ :/B;!C# 4'+B?) 8G;'8c 'Lk QIQS)+01LS 2T8Z4 1UZ 54Z5>:R>WZ8 5Q>OJTO:Q08TOW 1UZ 4ZQZ>2ZJZ-:0Q5>1T6O visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. */&$22$.5 (&;378757,. #,: (. $85('2789$% '387.$887.59$ 2kLI` >1If M0IRQ+* 0O !IkL2* L1 !Ik**Q* Fk1R Ek+Q Q1)L)IQR )0 '0)Q )0 kSSQ.) >O8 TOS0O:1T6O 546/T2T6O2J >2 N604 4TWU12PTWU1 XXZ:1Z8H ,#"&$ +:,%3&58 7.%385:- 8$$47.! 5, !:,1 758 +,8757,. 0+ +QKQS) )MQ =+Q.kSJkNQR =Ik1` #II 0)MQ+ SIk**Q* 0O SIkL2* k1R Y1)Q+Q*)* k+Q ok)QR? Z0(*)01b 9Qgk*b >S)0jQ+ HGb G^G^ 9;Z#V /U#T[]; VV=b#IO+QR0 <` =i+Qe Bank Yield Bank Yield 31&!+213 +./,(0!&+,. ,. *(,'*14&+$1 !4)%+(+.- 4,0*!.# &, Q1)L)IQR )0 '0)Q` 1"' )'G)[!C' %B?;"' =9ED!==!BC B% 7B;'= ;B G++'A; B? ?'_'+; dHDBBCGBDcb B^^ V0(L*Lk1k ;)+QQ)b ;(L)QHB^^b Z0(*)01b 9Qgk* BB^^Gb ;"' 5?'AG+]G#') 5[GC YG=6+;BE'? ^J *F*FG;$\FF AHDH M5?'7G![!C# :'C;?G[ 9QIQ.M01Q? dBHFcDECaD^^^b \kS*L2LIQ? dBHFcGGEa@DHHb]2kLI? #IO+QR0` Phone number Minimum (%) Phone number Minimum (%) %,52-"552-9,27=+.;.;&8/'21<$)/ 4 *<83%8+&7; /37.) 1!D'LH =Q+Qe$hQLI`S02 ak1Ra 4]YVb [>9;Z#V /U#T[]; VV=bUk))MQh;`"k++ D` #S02jL1QR MQk+L1N )0 S01*LRQ+ )MQ kRQ,(kSf 0O )MQ oL*SI0*(+Q d#R2L))QR 748$5+ *"+'cb S)0jQ+ BCB\LO)M #'Q1(Qb TQhn0+JbTQh n0+J H^HDFb 9QIQ.M01Q? dGHGc FH^aA^^^b +%)$!- .("*$' GFbG^G^ k) H?^^ .`2` d=+Q'kLIL1N !Q1)+kI 9L2Qcd)MQ ::BDE!C') U'G?!C#8c`9MQ \kS*L2LIQ? dGHGc FH^aA^^Bb ]2kLI? Uk))`"k++$hQLI`S02b "jQLOH.*6) K/ !9` !.1, &O*(KQjH) -1*I()LKN() K/ (LO ,jf1O/() -(OQL_ HOQ(K./.NQ*OPK(LOPMO N'/P -,*K&Q*OPK(N'/P) W/N. 9f)(6) .* *OH^ .* O+'K&-Cf*) .N Og, Q.HHOQ(_ & "jQLOH.*6) K/ [Q./`.* N.* &j*K.')1'H(K_1M* ,.*(N.HK.)j)hOHHj)K/ VirtualBank First Internet Bank of Indiana K/M` j/jHfeK/M` -,*.P'QK/M 1O(*KQ) ./ ,*.QO)) $10,000 0.15 $1,000 0.75 *OH^ NKOHP .* O+'K&` -Ff*) .N Og, ,*.P'QK/M *O_ P'O_PKHKMO/QO *OH(.OgK)(K/M)'K(O .N E*P,j*(f Pj(jN.* UB5 $*C1-E %77IG@47HC POQK)K./)^ S')( K/QH j( HOj)( Ff*) .N Og, h.*IK/M #QQ(M` .* *OHNKOHP`aFf*) *OHO&j/( Og,^ mO1./_ P&H,1( HKNOQfQHO d9mT!c -,O*N.*1K/M *O+6() Three-month CD Five-year CD h] Q.1,j/f ,'iHKQ NKHK/M))'QL j) j//'jH` +'j*_ )(*j(OPI/.hH .N P&H,P1*I( ij/IK/M)f)6)` ij/I Mj(LO*K/M`j/jHf)K)` P)M/` Q./)(*'Q(K./` -(O)(_ ,DFA !4<3;80)FA :/2;C BrioDirect $500 0.50 Ally Bank $0 1.00 (O*Hf -,*.gf NKHK/M) (. Og(*jQ( *OHO&j/( Q.1,j/f Qj,K(jH*OM'Hj(K./-ij/I ijHj/QO )LOO()^ K/N.%K/(O*,*O(K/M Pj(j Q./QO*/K/M ,*KQO` fKOHP` mO1./)(*j(OP I/.hH .N Q.*, i./P 1*I(`HO&O*_ K/M% ,O*N.*1K/M*..( Qj')O j/jHf)K)` K1,jQ( ! "%#' "&!' $$$$ (877) 369-2746 (877) 247-2559 )(jiKHK(f` -N'('*O(*O/P) .N K/&O)(1O/()%j/jHfe_ jMOP H.j/ 1*I(`)(*'Q('*OP Q*OPK(1*I( -*OH K/_ j/jHf)K)` j'PK( Q.1,HKj/QO` i')^ Q./(K/'K(f- Goldwater Bank $5,000 0.35 First Internet Bank of Indiana $1,000 0.96 )(*'1O/()^ mO1./)(*j(OP I/.hH.Nj))O(1M1(^ LKML j&jKHjiKHK(f,Hj//K/M` K/QKPO/( -,*.iHO1 K/MONNKQKO/( Qj,K(jH ')O -jHH.Qj(K./ ij)OP ./ 1M1(`-,*.JOQ( P&H,1( -1jK/(O/j/QO% Lj/_ (480) 281-8200 (888) 873-3424 NK/6HPj(j N.*QHKO/()% )'11j*KeK/M Pj(j PO)Q*Ki_ K/P')(*f-7!W89d7/PO*(jIK/M) Z.*!.HHOQ(K&O W/&O)(1O/(=N8*j/)NO*jiHO9OQ'*K(KO)c N'/P)^ PHK/M Q*K(KQjH -)O&O*K(f HO&OH Gj,, K))'O) hLKHO Lone Star Bank $1,000 0.25 Goldwater Bank $5,000 0.95 K/M Q'**O/(-H./M_(O*1 (*O/P) K/ K/&O)(1O/( *K)I)-OQ./ K/NH'O/QO),O*(K/O/( (. K/&O)(_ [g, ,*.P'QK/M K/)(K('(K./jH+'jHK(fK/&O)(1( .,O*j(K/M '/PO* =/)K(O]=NN)L.*O )*&Q 1.POH)% (713) 358-9400 (480) 281-8200 1O/()% Q*Oj(K/M Q.1,j/f .,O*j(K/M N.*OQj)( j/jHf)K)-Q.11'/KQj(K/M K/&O)(1( *OQ.11O/_ K/(OM*j(K/MOgK)(K/M )f)(6) h] &j*K.') (LK*P ,j*(f PUBLIC NOTICES Pj(K./)^mO1./)(*j(OP I/.hH.N8jiHOj'` [gQOH &O/P.*)% Q./P'Q(K/M )f)(^ hKPO *O+6( j/jHf)K) - 1.POH)% ,O*N.*1K/M j/jHf)K) .N Q.1,j/f Q.)(.N (*j/)Hj(K/M N'/Q(K./jH *O+6()(.(OQL/KQjH High yield jumbos - Minimum is $100,000 Qj,K(jH% Q*Oj(K/M NK/6H 1.POH) j/jHfeK/M 1O*MO* -9;T^mO1./)(*j(OPI/.hH .N "H..1iO*M8O*_ (*j/)jQ(K./) K/QH jQQ*O(K./ ]PKH'(K./ j/jHf)K)% 1K/jH dNKgOP_K/Q.1O_*OHj(OP )Q*OO/)`)'QLj) ),OQKkQj(K./)% -K/OgOQ'(K/M P'(KO)` '(KHKeK/M Money market and savings account Six-month CD ,O*N.*1K/M N'('*O )Lj*O ,*KQO j/jHf)K) ij)OP ./ l#` <=:8`RWS`8:#`mmW9` -!=S"c^ [1_ #9<^R[8` !2`5"RO(` #m=]=m]]Qj*OO*)^ V+'O*f`=m"!`49mT` 4Oi9*&Q)` =*jQHO GGM` N,#,P @%*>A!?= @=@?%N@ P?' (888) 205-8388 (866) 518-0286 Q*Oj(OP P'*K/M j1O*MO* (*j/)jQ(K./% ,O*N.*1_ J,1.*Mj/^Q.1]')]O/],*.NO))K./jH)-j,,Hf(. 99W9` 99:9` !*f)(jH :O,.*()` -W"S S;^ b[1_ 3H$+ 0*6M4<8C/2 J.i2FG\\EDFE@^[=[`##[` S]Z]m]5^ V^<^ ,H.fO* hKHH jQQO,( Ef*) .N ,.)(_)OQ./Pj*f )('P_ L6HQ:+ 6) N6HQ68 )6K H$+ ,44K6E]]hhh^Pi^Q.1]Qj_ VirtualBank 0.70 Merrick Bank 0.50 K) j)'i)KPKj*f.NV^<^S.*Mj/!Lj)O-!.^ $ *OO*)]O/],*.N]*.HO_)Oj*QL]*.HO_)Oj*QL_.&O*_ 8UGY?N ?N 49 7O90?-) ;94?B) 4YE4 9; XB49C)O 834YA 2H2H (K./)` K/QH K/(O*/jH *j(O .N *O('*/ -1./Of ./ K/_ F\\E V^<^ S.*Mj/ !Lj)O-!.^#HH *KML() *O_ 4Y) '9<7E;L $=)- E<94?9; W4Y) RN6HQ68QV /?4Y 4Y) (877) 998-2265 (866) 638-6851 &KOh^L(1H -)Oj*QL if ,*.N6H)` IOfh.*P &O)(OP Qj,K(jH j/jHf)K)% -,O*N.*1K/M &j*K.') )O*&OP^ hhh^J,1.*Mj/QLj)O^Q.1 S#DAFGCAG^ %?N4O?B4 '91O4 ?; G)=,0?0A#NOE)= W4Y) R*6FKHQV &9O 4Y) j/jHf)O) ./ ,*OQOPO/( (*j/)jQ(K./) K/QH'PK/M E77O90E= 9& E-?N4O?C14?9; EBB9O-?;[ 49 4Y) 7O90?N?9;N One-month CD One-year CD S-# ,*O1Kj j/jHf)K)^ #,,Hf (. 9& I)B4?9; 3H3WEV 9& 4Y) #NOE)=? '9<7E;?)N !E/A"6":@ Lone Star Bank 0.20 CFG Community Bank 0.75 L((,)>]]hhh^Pi^Q.1]Qj*OO*)]O/],*.N]*.HO_ <*.P'Q( Sj/jMO* 8::: W4Y) R*6M4<8Q+J P]]Qj*OO*)^J,1.*Mj/^Q.1 -j,,Hf (. Z.**O+)-(. j,,Hf` &K)K( L((,)>]]Qj*OO*)^ >&Z 9T.L5VT->\,\ -TT4- &-*') W5V <9;4YN &O9< 4Y) E77O90E= 9& 4Y) \94?9; CL 4Y) (877) 998-2265 (877) 247-2559 J.i2>FG\\EECB@^[=[`##[` S]Z]m]5^ VY` >Y# P0 Mj/!Lj)O -!.^ #HH*KML() *O)O*&OP^ [=[` ##[` S]Z]m]5^ V)B4 49 VirtualBank 0.15 Comenity Direct 0.75 )02/ 9V5 0. .T3XPTU !CF.- TH/ 51 ;, )(*'Q('*OP NK/j/QO)OQ'*K(KO)^ Z.**O+)-(. j,_ -+'j/(K(j(K&O K/&O)(1O/( )(*j(OMKO)^Z.* *O+) - 4Y) E77O90E= 9& 4Y) \94?9; /?4Y?; 3H -ELN 9O E4 E=E4)O (877) 998-2265 (833) 755-4354 .03T\8T3TV022NP51R MHQJTT4\,//3F ,Hf` &K)K(L((,)>]]Qj*OO*)^J,1.*Mj/^Q.1 -j,,Hf (. j,,Hf` &K)K(L((,)>]]Qj*OO*)^J,1.*Mj/^Q.1 - -E4) -)4)OFG\\EDFFA^[=[`##[` S]Z]m]5^ j,,Hf(.J.i 2>FG\\F?BAC^[=[` ##[` S]Z]m]5^ ]UGY) '9<7E;LPNNYEO)Y9=-)ONP )S1?4LAENN)4 &9O4Y Three-month CD Five-year CD (.\` )65VXR0` a@ EOEOE\ :TST. P0 _0W V)B4?9; 49 4Y) \94?9;A 7=)EN) Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of (K&O)^ Z.**O+) -(.j,,Hf`&K)K( L((,)>]]Qj*OO*)^ K/)KML() (. K/)(K('(K./jH QHKO/()^ Z.**O+)-(. j,_ 1.POH) jQ*.)) PKNNO*O/(j))O()^Z.* *O+) -(. B9;4EB4 4Y) '9<7E;LPNE449O;)L ,-0U I?0E; X-)- 9& compounding and rate stated for the lowest required opening deposit to earn interest. CD J,1.*Mj/^Q.1 -j,,Hf (. J.i2>FG\\EDFDD^ ,Hf` &K)K(L((,)>]]Qj*OO*)^J,1.*Mj/^Q.1 -j,,Hf j,,Hf` &K)K(L((,)>]]Qj*OO*)^J,1.*Mj/^Q.1 -j,_ ZENBY?4JA *OE;-)NA ,FG\\EFDGA^[=[`##[` S]Z]m]5^ ,Hf(.J.i 2>FG\\EFE?G^ [=[` ##[` S]Z]m]5^ I4UA G)=,0?0A#NOE)=A I1;-EL 4YO91[Y GY1ON-ELAC)4/)); which may be checks. Rates are subject to change. #HH*KML() *O)O*&OP^ hhh^J,1.*Mj/QLj)O^Q.1 V

B10 | We dnesday, October 14, 2020 THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 28679.81 t157.71, or 0.55% Trailing P/E ratio 28.02 19.39 3511.93 t22.29, or 0.63% Trailing P/E ratio * 37.86 22.81 11863.90 t 12.36, or 0.10% Trailing P/E ratio *† 36.45 23.86 High, low, open and close for each P/E estimate * 24.78 17.41 High, low, open and close for each P/E estimate * 25.75 17.75 High, low, open and close for each P/E estimate *† 31.24 21.25 trading day of the past three months. Dividend yield 2.15 2.28 trading day of the past three months. Dividend yield * 1.75 1.94 trading day of the past three months. Dividend yield *† 0.76 1.04 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 3650 12100

28000 3525 11450

27000 3400 10800

26000 3275 10150 Session high DOWN UP 65-day moving average Session open Close t 25000 3150 9500 65-day moving average Close Open 65-day moving average t 24000 3025 8850 Session low Bars measure the point change from session's open 23000 2900 8200 July Aug. Sept. Oct. July Aug. Sept. Oct. July Aug. Sept. Oct. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 755,377,193 16,874,236 Industrial Average 28808.84 28604.35 28679.81 -157.71 -0.55 29551.42 18591.93 6.1 0.5 7.8 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 176,115,173 10,665,290 Transportation Avg 11908.02 11761.45 11783.22 -97.22 -0.82 11880.44 6703.63 13.4 8.1 5.8 Most-active issues in late trading Decl. volume* 574,841,502 5,449,684 Utility Average 878.27 867.25 876.05 -6.77 -0.77 960.89 610.89 2.2 -0.4 5.9 Volume After Hours Issues traded 3,137 266 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 36200.44 35926.83 36031.93 -192.19 -0.53 36434.12 22462.76 17.7 9.1 10.8 Advances 998 105 Invesco QQQ Trust I QQQ 9,186.8 294.90 0.38 0.13 295.04 294.31 Barron's 400 765.12 760.88 762.93 -4.08 -0.53 767.01 455.11 12.0 4.2 3.7 Declines 2,048 148 SPDR S&P 500 SPY 6,171.0 350.37 0.24 0.07 351.00 349.95 Unchanged 91 13 Apple AAPL Nasdaq Stock Market 5,837.5 121.12 0.02 0.02 122.40 119.94 New highs 100 1 Nasdaq Composite 11946.98 11821.83 11863.90 -12.36 -0.10 12056.44 6860.67 45.6 32.2 21.6 General Electric GE 5,314.2 6.72 ... unch. 6.73 6.70 New lows 17 0 Nasdaq 100 12187.78 12032.75 12083.17 -4.94 -0.04 12420.54 6994.29 52.1 38.4 25.6 Invsc DB USD Bullish UUP 4,654.2 25.25 -0.01 -0.04 25.25 25.24 Closing Arms† 1.45 0.23 Finl Select Sector SPDR XLF 4,387.7 25.05 0.03 0.12 25.07 24.17 S&P Block trades* 4,537 134 Charles Schwab SCHW 3,956.1 37.61 ... unch. 37.61 37.50 500 Index 3534.01 3500.86 3511.93 -22.29 -0.63 3580.84 2237.40 17.2 8.7 11.2 Nasdaq NYSE Arca Valvoline VVV 3,211.8 19.25 ... unch. 19.25 19.25 MidCap 400 2003.81 1989.36 1993.07 -16.00 -0.80 2106.12 1218.55 3.6 -3.4 3.1 Total volume*3,602,745,399 201,831,023 SmallCap 600 926.83 919.40 922.27 -10.51 -1.13 1041.03 595.67 -2.1 -9.7 0.5 Percentage gainers… Adv. volume*1,645,528,122 36,020,426 Decl. volume*1,925,945,730 165,327,078 Other Indexes Allscripts Healthcare MDRX 998.0 12.23 3.92 47.17 12.96 8.31 Issues traded 3,537 1,407 Russell 2000 1647.57 1631.60 1636.85 -12.21 -0.74 1705.22 991.16 7.5 -1.9 2.9 VOXX International VOXX 431.0 10.18 1.54 17.82 10.95 8.60 Advances 1,377 352 NYSE Composite 13280.19 13181.59 13211.95 -112.93 -0.85 14183.20 8777.38 1.6 -5.0 2.3 Lizhi ADR LIZI 83.0 2.80 0.20 7.69 2.82 2.58 Declines 2,062 1,043 Bed Bath Beyond BBBY 1,309.5 23.39 1.25 5.62 24.25 22.11 Value Line 492.23 486.65 487.55 -4.68 -0.95 562.05 305.71 -5.6 -11.7 -3.5 Unchanged 98 12 fuboTV FUBO 112.1 10.25 0.54 5.56 10.79 9.70 NYSE Arca Biotech 5643.72 5589.82 5618.77 7.66 0.14 6142.96 3855.67 30.6 10.9 9.7 New highs 152 76 NYSE Arca Pharma 669.36 661.85 663.04 -7.90 -1.18 675.64 494.36 12.5 1.4 6.2 ...And losers New lows 20 6 KBW Bank 80.26 77.97 78.22 -2.30 -2.85 114.12 56.19 -22.2 -31.0 -7.5 Enzo Biochem ENZ 66.2 2.29 -0.32 -12.26 2.78 2.23 Closing Arms† 0.78 1.04 § PHLX Gold/Silver 149.19 145.44 148.71 -1.15 -0.77 161.14 70.12 71.2 39.1 19.4 Ocular Therapeutix OCUL 446.0 11.00 -1.11 -9.17 12.39 10.70 Block trades* 17,512 1,033 § PHLX Oil Service 29.17 28.53 28.73 -0.58 -1.99 80.99 21.47 -55.8 -63.3 -40.7 Alphatec Holdings ATEC 341.3 9.40 -0.85 -8.29 10.26 8.86 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2449.17 2418.06 2430.13 -3.35 -0.14 2433.48 1286.84 49.5 31.4 25.8 iBio IBIO 1,216.8 2.13 -0.11 -4.91 2.25 2.07 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 26.93 25.16 26.07 1.00 3.99 82.69 11.54 92.5 89.2 39.5 SPLK Splunk 56.1 208.90 -6.93 -3.21 215.83 206.00 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg World The Global Dow 3065.12 –26.80 –0.87 –5.7 SOS ADR SOS 2.69 0.58 27.49 6.00 0.51 -16.0 Loop Industries LOOP 7.83 -3.78 -32.56 13.96 6.05 -25.1 DJ Global Index 449.23 –2.30 –0.51 3.5 Enlivex Therapeutics ENLV 13.87 2.57 22.74 16.94 3.59 72.7 Wah Fu Education Group WAFU 4.72 -2.15 -31.30 15.39 1.17 95.9 DJ Global ex U.S. 255.08 –1.26 –0.49 –3.2 Larimar Therapeutics LRMR 18.91 3.48 22.55 20.28 7.43 108.8 Liquidia Technologies LQDA 4.08 -1.71 -29.53 12.10 2.65 -1.7 Americas DJ Americas 819.36 –4.30 –0.52 7.7 iHuman ADR IH 27.15 4.71 20.99 28.74 12.12 ... Gossamer Bio GOSS 10.09 -3.50 -25.75 27.15 7.52 -37.3 Brazil Sao Paulo Bovespa 98502.82 1019.51 1.05 –14.8 MoneyGram International MGI 3.85 0.65 20.31 4.63 1.15 -4.9 Hexindai ADR HX 2.08 -0.52 -20.00 7.44 0.76 -52.5 Canada S&P/TSX Comp 16510.83 –51.98 –0.31 –3.2 BiondVax Pharma ADR BVXV 40.79 6.77 19.90 62.00 5.20 643.4 Westwater Resources WWR 6.00 -1.50 -20.00 14.50 0.25 23.7 Mexico S&P/BMV IPC 38131.78 –210.31 –0.55 –12.4 Mercurity Fintech ADR MFH 2.96 0.46 18.40 5.20 1.00 24.4 Lizhi ADR LIZI 2.60 -0.55 -17.46 15.25 1.97 ... Chile Santiago IPSA 2518.21 –15.68 –0.62 –24.5 Fathom Holdings FTHM 23.81 3.66 18.16 24.84 8.62 ... Pioneer Power Solutions PPSI 3.41 -0.61 -15.17 9.43 0.90 -12.8 Cogent Biosciences COGT 2.89 0.42 17.00 3.72 0.30 82.9 Avenue Therapeutics ATXI 3.87 -0.66 -14.57 12.34 3.67 -27.0 EMEA Stoxx Europe 600 370.96 –2.04 –0.55 –10.8 OLB Group OLB 4.65 0.66 16.54 15.30 3.50 -61.3 Emergent Biosoltns EBS 96.26 -15.21 -13.64 137.61 46.37 77.5 Eurozone Euro Stoxx 364.66 –2.37 –0.65 –9.7 Belgium Bel-20 3320.47 –64.89 –1.92 –16.1 Clovis Oncology CLVS 6.41 0.87 15.70 17.37 2.93 100.0 Skillful Craftsman Educ EDTK 3.03 -0.47 -13.43 6.75 2.76 ... Denmark OMX Copenhagen 20 1440.57 1.29 0.09 26.8 Inspired Entertainment INSE 4.22 0.56 15.30 7.86 1.87 -41.4 AMC Entertainment Hldgs AMC 3.54 -0.54 -13.24 10.35 1.95 -61.4 France CAC 40 4947.61 –31.68 –0.64 –17.2 Sol-Gel Technologies SLGL 8.52 1.08 14.52 21.00 5.00 9.4 Royal Caribbean Group RCL 60.61 -9.22 -13.20 135.32 19.25 -44.6 Lensar LNSR WiMi Hologram Cloud ADR WIMI Germany DAX 13018.99 –119.42 –0.91 –1.7 8.71 1.08 14.15 12.71 3.16 ... 6.14 -0.92 -13.03 29.50 3.20 ... Flexion Therapeutics FLXN 13.06 1.59 13.86 22.98 5.01 -7.7 Dillard's DDS 46.68 -6.77 -12.67 84.47 21.50 -33.2 Israel Tel Aviv 1364.13 –8.51 –0.62 –19.0 Italy FTSE MIB 19558.69 –160.08 –0.81 –16.8 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 572.47 0.16 0.03 –5.3 Russia RTS Index 1156.11 –6.80 –0.58 –25.4 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 55054.53 –497.82 –0.90 –3.6 Spain IBEX 35 6875.20 –75.80 –1.09 –28.0 Apple AAPL 260,897 50.9 121.10 -2.65 137.98 53.15 iSh Int Rt Hdg LT Cp Bd IGBH 4,152 23272 23.60 -0.30 25.38 14.55 Sweden OMX Stockholm 737.38 –6.44 –0.87 8.3 Medigus ADR MDGS 193,204 14122.9 2.89 52.91 5.15 0.83 Radius Gl Infr Cl A RADI 939 15496 8.24 -3.06 9.75 7.00 Naked Brand Group NAKD Vanguard SC 600 Gr ETF VIOG Switzerland Swiss Market 10336.36 –27.74 –0.27 –2.6 100,710 348.2 0.12 -8.92 4.80 0.10 664 7468 164.02 -0.39 171.98 99.36 General Electric GE 75,112 -19.2 6.72 -1.61 13.26 5.48 Loop Industries LOOP 5,670 7397 7.83 -32.56 13.96 6.05 Turkey BIST 100 1174.70 –3.65 –0.31 2.7 Ford Motor F 74,319 18.7 7.76 1.17 9.58 3.96 Fortress Value II Cl A FAII 343 5948 9.85 -0.51 10.06 9.82 U.K. FTSE 100 5969.71 –31.67 –0.53 –20.9 U.K. FTSE 250 17891.01 –276.70 –1.52 –18.2 SPDR S&P 500 SPY 71,692 4.9 350.13 -0.65 358.75 218.26 Tecnoglass TGLS 1,439 4642 6.09 -1.77 8.93 2.15 Invesco QQQ Trust I QQQ 63,914 35.0 294.52 0.00 303.50 164.93 iShares MSCI Peru ETF EPU 408 4027 30.22 0.32 37.36 20.73 Asia-Pacific American Airlines Group AAL 62,718 -4.5 12.22 -5.42 31.67 8.25 Replay Acquisition RPLA 1,447 3043 10.10 -1.22 10.60 9.50 Australia S&P/ASX 200 6195.70 63.73 1.04 –7.3 Workhorse Group WKHS 62,042 173.2 23.63 -11.10 30.99 1.32 Churchill Cap II Cl A CCX 11,789 2683 10.00 -1.96 11.99 9.25 China Shanghai Composite 3359.75 1.28 0.04 10.2 Bank of America BAC 60,285 3.7 24.95 -2.84 35.72 17.95 Franklin Lib Fed TaxFr Bd FLMB 187 2163 26.70 0.07 27.70 23.32 Hong Kong Hang Seng 24649.68 … Closed –12.6 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 0.08 India S&P BSE Sensex 40625.51 31.72 –1.5 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 23601.78 43.09 0.18 –0.2 Singapore Straits Times 2567.65 15.22 0.60 –20.3 Track the Markets South Korea Kospi 2403.15 –0.58 –0.02 9.3 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12947.13 –0.07 7.9 global stock indexes, bond ETFs, –8.78 currencies and commodities at Currencies Thailand SET 1273.43 … Closed –19.4 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Tues YTD chg Tues YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004315 23178 0.02 Argentina peso .0130 77.1035 28.8 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1795 5.5705 38.6 Czech Rep. koruna .04292 23.298 2.8 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7611 1.3139 1.1 Denmark krone .1578 6.3372 –4.9 notes and bonds major U.S. trading partners Chile peso .001252 798.80 8.0 Euro area euro 1.1745 .8515 –4.5 A consumer rate against its 5-year CDs Colombiapeso .000259 3862.00 17.7 Hungary forint .003246 308.03 4.3 Ecuador US dollar 11unch Iceland krona .007205 138.79 14.6 benchmark over the past year 2.50% Bankrate.com avg†: 0.62% 10% Mexico peso .0469 21.3353 12.7 Norway krone .1082 9.2431 5.3 Uruguay peso .02349 42.5750 14.6 Poland zloty .2613 3.8274 0.9 Colorado Federal Savings Bank 0.80% One year ago 2.00 Asia-Pacific Russia ruble .01298 77.039 24.1

1.60% Greenwood Village, CO 877-484-2372 t 5 Euro s Sweden krona .1132 8.8361 –5.7 1.50 Australian dollar .7160 1.3966 –2.0 Switzerland franc 1.0931 .9148 –5.4 Washington Savings Bank 0.80% China yuan .1482 6.7466 –3.1 1.20 0 Turkey lira .1262 7.9219 33.2 Lowell, MA 978-458-7999 1.00 Hong Kong dollar .1290 7.7504 –0.5 Five-year CD yields Ukraine hryvnia .0353 28.3500 19.7 Tradeweb ICE India rupee .01362 73.414 2.9 t 0.80 TAB Bank 0.85% UK pound 1.2935 .7731 2.5 Tuesday Close 0.50 –5 s s Indonesia rupiah .0000680 14715 6.0 Ogden, UT 800-355-3063 t Yen WSJ Dollar index Japan yen .009481 105.48 –2.9 Middle East/Africa

t Federal-funds 0.40 0.00 Kazakhstan tenge Bahrain dinar target rate CFG Community Bank 0.90% –10 .002331 428.99 12.4 2.6515 .3772 0.03 Macau pataca .1253 7.9780 –0.5 Egypt pound .0637 15.6898 –2.2 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 .2414 4.1420 1.3 Israel shekel .2950 3.3902 –1.8 N D J F M A M J J A S O First Internet Bank of Indiana 0.96% New Zealand dollar .6648 1.5042 1.3 Kuwait dinar 3.2669 .3061 1.0 maturity 2019 2020 Indianapolis, IN 888-873-3424 Pakistan rupee .00611 163.550 5.5 Oman sul rial 2.5974 .3850 unch Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0205 48.744 –3.9 Qatar rial .2746 3.642 –0.04 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7353 1.3600 1.0 Saudi Arabia riyal .2666 3.7511 –0.01 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008705 1148.80 –0.5 South Africa rand .0607 16.4792 17.7 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.00 Sri Lanka rupee .0054239 184.37 1.7 Yield (%) 52-Week Total Return (%) Taiwan dollar .03479 28.747 –3.9 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.00 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03198 31.270 5.1 WSJ Dollar Index 88.47 0.41 0.46 –1.22 Libor, 3-month 0.24 0.23 0.22 l 2.00 -1.12 U.S. Treasury, Barclays 2473.100 0.520 0.530 1.870 0.400 8.10 5.30 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.22 0.22 0.22 l 0.73 -0.10 Five-year CD, annual yield 0.62 0.63 0.62 l 1.53 -0.84 U.S. Treasury Long, Barclays 4824.780 1.380 1.410 2.370 0.980 17.04 11.16 Commodities 30-year mortgage, fixed† 3.07 3.05 2.93 l 4.22 -0.83 Aggregate, Barclays 2277.330 1.180 1.200 2.410 1.020 7.33 5.15 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.57 2.57 2.48 l 3.57 -0.61 Fixed-Rate MBS, Barclays 2223.900 1.310 1.290 2.690 0.930 4.26 3.58 Jumbo mortgages, $510,400-plus† 3.12 3.06 2.93 l 4.43 -1.25 DJ Commodity 645.92 2.27 0.35 649.52 433.70 5.34 0.56 High Yield 100, ICE BofA 3196.433 4.411 4.679 10.740 4.235 2.772 3.778 Five-year adj mortgage (ARM)† 3.23 3.23 2.85 l 4.61 -0.19 TR/CC CRB Index 150.38 0.58 0.39 187.39 106.29 -13.94 -19.06 Muni Master, ICE BofA 585.102 1.116 1.099 3.441 0.838 3.861 3.834 New-car loan, 48-month 4.14 4.14 4.14 l 4.56 1.07 Crude oil, $ per barrel 40.20 0.77 1.95 63.27 -37.63 -23.88 -34.16 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. 4.799 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 2.855 -0.026 -0.90 2.881 1.482 22.06 30.42 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. 1888.50 -34.00 -1.77 2051.50 1452.10 27.81 24.28 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW288000-0-B01100-1------XA

THE WALL STREET JOURNAL. We dnesday, October 14, 2020 | B11

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 March'21 543.00 549.50 536.75 540.25 .75 65,034 Dec 1.3069 1.3072 1.2926 1.2942 –.0124 147,680 S&P 500 Index (CME)-$250 x index Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Dec 3511.80 3533.70 3501.60 3504.80 –28.00 11,529 Contract Open Oct 137.275 138.250 136.300 138.125 .825 3,134 Dec 1.1020 1.1021 1.0941 1.0953 –.0063 46,863 Mini S&P 500 (CME)-$50 x index Open High hi lo Low Settle Chg interest Jan'21 133.550 134.500 132.225 134.225 .575 16,382 March'21 1.1017 1.1051 1.0979 1.0984 –.0063 136 Dec 3534.00 3535.75 3491.50 3504.75 –28.00 2,445,766 March'21 3521.50 3526.00 3482.75 3495.50 –28.50 20,564 Copper-High (CMX)-25,000 lbs.; $ per lb. Cattle-Live (CME)-40,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Mini S&P Midcap 400 (CME)-$100 x index Oct 3.0455 3.0455 3.0365 3.0425 –0.0185 1,325 Oct 108.800 108.950 107.700 108.825 .475 8,237 Oct .7182 .7210 .7151 .7153 –.0059 313 Dec 2009.00 2009.00 1984.60 1990.00 –15.30 55,976 Dec 3.0635 3.0670 3.0265 3.0445 –0.0195 139,453 Dec 111.275 111.575 109.650 111.225 .400 113,574 Dec .7210 .7212 .7152 .7155 –.0059 135,915 March'21 …2001.70 1986.50 1988.50 –15.30 ... Gold (CMX)-100 troy oz.; $ per troy oz. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Mini Nasdaq 100 (CME)-$20 x index Oct 1921.90 1922.40 1885.80 1888.50 –34.00 4,306 Oct 77.975 78.050 77.650 77.800 –.375 11,073 Oct .04668 .04720 .04660 .04672 –.00036 163 Dec 12100.00 12249.00 12019.00 12094.00 –4.25 242,030 Dec 1927.30 1930.60 1889.30 1894.60 –34.30 450,660 Dec 66.500 66.600 64.900 66.150 –.475 91,952 Dec .04688 .04696 .04624 .04644 –.00035 117,773 March'21 12103.25 12238.75 12013.00 12085.75 –2.50 1,591 Feb'21 1936.10 1937.80 1897.60 1902.20 –34.10 47,404 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Euro (CME)-€125,000; $ per € Mini Russell 2000 (CME)-$50 x index April 1929.70 1942.00 1904.00 1908.20 –34.20 22,586 Nov 535.20 537.50 525.00 535.40 –.40 1,920 Oct 1.1807 1.1816 1.1733 1.1746 –.0065 2,420 Dec 1649.50 1650.50 1622.60 1634.60 –16.20 536,870 June 1938.00 1947.20 1909.30 1913.60 –34.10 15,037 Jan'21 443.70 449.80 440.60 447.50 –.40 1,016 Dec 1.1827 1.1831 1.1745 1.1760 –.0065 640,787 Mini Russell 1000 (CME)-$50 x index Dec 1956.50 1956.50 1918.00 1921.80 –34.00 7,814 Milk (CME)-200,000 lbs., cents per lb. Dec 1964.70 1966.40 1951.80 1959.20 –8.50 9,003 Palladium (NYM) - 50 troy oz.; $ per troy oz. Oct 21.15 21.24 s 21.13 21.17 .26 4,485 Index Futures U.S. Dollar Index (ICE-US)-$1,000 x index Oct …… …2335.10 –81.30 ... Nov 20.50 20.89 s 20.41 20.48 .75 4,725 Dec 93.08 93.61 93.05 93.54 .43 29,490 Nov …… …2339.30 –92.80 ... Cocoa (ICE-US)-10 metric tons; $ per ton. Mini DJ Industrial Average (CBT)-$5 x index March'21 93.05 93.58 93.05 93.50 .44 651 Dec 2421.00 2440.20 2304.80 2344.30 –81.30 9,974 Dec 2,426 2,439 2,371 2,381 –63 82,093 Dec 28807 28824 28485 28585 –213 90,868 March'21 2427.20 2440.30 2334.30 2353.20 –79.40 272 March'21 2,418 2,431 2,365 2,377 –54 66,388 March'21 28705 28724 28404 28497 –213 1,719 Source: FactSet Platinum (NYM)-50 troy oz.; $ per troy oz. Coffee (ICE-US)-37,500 lbs.; cents per lb. Oct 870.00 874.90 861.50 867.20 –2.80 375 Dec 109.30 111.15 108.70 110.10 .95 95,967 Jan'21 881.10 885.40 863.00 873.30 –3.00 50,035 March'21 111.75 113.55 111.15 112.60 1.10 68,765 Bonds | wsj.com/market-data/bonds/benchmarks Silver (CMX)-5,000 troy oz.; $ per troy oz. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Oct 25.090 25.135 25.005 24.086 –1.140 111 March 13.86 14.15 13.85 14.01 .17 438,230 Dec 25.240 25.310 24.015 24.129 –1.142 131,795 May 13.45 13.69 13.41 13.58 .16 153,751 Tracking Bond Benchmarks Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Nov 39.53 40.53 39.35 40.20 0.77 173,494 Jan 27.16 27.16 27.16 27.20 .05 1,742 Dec 39.80 40.79 39.65 40.49 0.76 374,504 March 27.40 27.40 27.40 27.40 …2,503 highs and lows for different types of bonds Jan'21 40.20 41.12 40.05 40.85 0.74 199,297 Cotton (ICE-US)-50,000 lbs.; cents per lb. Total Total March 40.88 41.75 40.79 41.52 0.70 149,367 Dec 68.67 69.25 68.26 68.83 .46 127,320 return YTD total Yield (%) return YTD total Yield (%) June 41.67 42.46 41.62 42.25 0.64 200,274 March'21 69.44 70.02 69.08 69.64 .46 61,706 close return (%) Index Latest Low High close return (%) Index Latest Low High Dec 42.40 43.05 42.31 42.79 0.48 220,089 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mortgage-Backed Bloomberg Barclays NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Nov 116.55 118.00 116.55 117.80 .45 5,204 Broad Market Bloomberg Barclays Nov 1.1588 1.1797 1.1564 1.1690 .0119 86,193 Jan'21 118.00 118.75 118.00 118.35 –.15 4,539 2277.33 6.8 U.S. Aggregate 1.180 1.020 2.410 2223.90 3.5 Mortgage-Backed 1.310 0.930 2.690 Dec 1.1712 1.1878 1.1656 1.1767 .0107 84,263 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Interest Rate Futures U.S. Corporate Indexes Bloomberg Barclays 2170.52 3.3 Ginnie Mae (GNMA) 0.750 0.290 2.660 Nov 1.1757 1.1998 1.1745 1.1827 .0070 88,288 U.S. Corporate 1313.48 3.7 Fannie mae (FNMA) 1.510 1.110 2.690 Dec 1.1517 1.1752 1.1504 1.1633 .0113 98,568 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 3378.14 7.3 1.950 1.820 4.580 Dec 217-310 219-290 217-150 219-200 1-25.0 991,651 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. 3071.65 6.1 Intermediate 1.290 1.230 4.400 2015.88 3.6 Freddie Mac (FHLMC) 1.490 1.080 2.710 Nov 2.834 2.884 2.751 2.855 –.026 157,343 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Dec 3.231 3.269 3.189 3.247 –.024 153,499 Dec 174-120 175-080 174-080 175-060 26.0 1,197,520 4987.76 9.5 Long term 3.000 2.730 4.930 585.10 3.4 Muni Master 1.116 0.838 3.441 Jan'21 3.363 3.395 3.324 3.379 –.022 186,110 March'21 175-310 176-190 175-210 176-190 27.0 7,003 692.55 7.5 Double-A-rated 1.470 1.300 3.360 413.14 3.6 7-12 year 1.119 0.771 3.447 March 3.210 3.237 3.172 3.224 –.009 136,102 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 138-290 139-080 138-285 139-065 9.5 3,255,596 April 2.886 2.910 s 2.868 2.905 .012 86,834 891.76 6.5 Triple-B-rated 2.310 2.210 5.350 469.52 3.7 12-22 year 1.614 1.224 3.690 Oct 2.932 2.943 s 2.917 2.946 .017 87,855 March'21 138-245 138-285 138-180 138-275 9.5 1,691 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% High Yield Bonds ICE BofA 452.20 2.6 22-plus year 2.357 1.765 4.123 Dec 125-237 125-287 125-235 125-285 5.2 3,109,754 Agriculture Futures High Yield Constrained Global Government J.P. Morgan† March'21 126-047 126-082 126-030 126-085 5.5 125 472.66 1.2 5.256 5.151 11.400 Corn (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 414.28 -5.4 Triple-C-rated 11.145 10.735 19.071 615.39 5.6 Global Government 0.540 0.390 1.060 Dec 389.00 392.75 388.00 391.25 2.25 757,794 Dec 110-132 110-141 110-131 110-141 1.0 1,990,878 Canada March'21 396.50 400.25 395.50 399.25 2.50 291,141 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 3196.43 0.1 High Yield 100 4.411 4.235 10.740 864.91 7.6 0.780 0.590 1.740 Oats (CBT)-5,000 bu.; cents per bu. Oct 99.9100 99.9125 99.9100 99.9100 .0000 216,899 426.48 1.2 Global High Yield Constrained 5.317 4.893 11.310 418.47 4.6 EMU§ 0.098 0.098 0.794 Dec 285.00 287.50 282.75 284.25 .75 4,638 Jan'21 99.9250 99.9300 99.9250 99.9250 .0000 176,482 March'21 288.50 289.50 287.25 288.00 .75 634 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 324.25 -1.3 Europe High Yield Constrained 3.819 2.464 8.183 791.30 4.3 France -0.090 -0.160 0.430 Soybeans (CBT)-5,000 bu.; cents per bu. Dec 101-245 102-020 101-245 102-015 11.5 133,286 U.S Agency Bloomberg Barclays 551.49 2.9 Germany -0.440 -0.740 -0.050 Nov 1034.00 1046.00 1032.50 1044.00 10.25 290,652 Eurodollar (CME)-$1,000,000; pts of 100% Jan'21 1036.75 1048.75 1035.50 1047.00 10.25 270,489 Oct 99.7800 99.7800 99.7725 99.7725 –.0075 273,427 1865.46 5.4 U.S Agency 0.510 0.470 1.950 294.78 -1.1 Japan 0.300 0.040 0.320 Soybean Meal (CBT)-100 tons; $ per ton. Dec 99.7600 99.7600 99.7550 99.7550 –.0050 988,747 Oct 359.10 363.70 359.10 358.50 1.80 107 March'21 99.7950 99.7950 99.7900 99.7900 … 1,032,289 1624.96 4.0 10-20 years 0.390 0.340 1.850 616.01 3.3 Netherlands -0.340 -0.540 0.080 Dec 353.50 357.70 352.30 356.00 1.70 162,290 June 99.8000 99.8050 99.7950 99.8000 .0050 851,411 4288.36 12.4 20-plus years 1.510 1.170 2.480 1085.85 8.1 U.K. 0.600 0.390 1.180 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Oct 33.28 34.32 33.25 33.72 .58 84 Currency Futures 2887.20 5.6 Yankee 1.490 1.430 3.500 n.a. n.a. Emerging Markets ** n.a. n.a. n.a. Dec 33.44 33.73 33.05 33.62 .46 160,781 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Rough Rice (CBT)-2,000 cwt.; $ per cwt. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Nov 12.29 12.35 12.23 12.24 –.07 8,043 Oct .9498 .9498 .9469 .9480 –.0014 417 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Jan'21 12.46 12.54 12.43 12.44 –.05 1,815 Dec .9501 .9505 .9474 .9486 –.0013 165,782 Wheat (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD Dec 596.25 604.25 590.75 594.00 –.25 212,202 Oct .7615 .7634 .7607 .7610 –.0014 191 Global Government Bonds: Mapping Yields March'21 598.75 606.50 594.25 597.25 –.50 72,620 Dec .7628 .7635 .7607 .7611 –.0014 118,833 Wheat (KC)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Oct 1.3027 1.3068 1.2923 1.2939 –.0124 613 Dec 535.25 540.50 527.25 531.25 .75 115,072 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Cash Prices | wsj.com/market-data/commodities Tuesday, October 13, 2020 0.125 U.S. 2 0.153 t l 0.157 0.129 1.593 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 0.625 10 0.728 t l 0.777 0.671 1.732 separate from the futures price on an exchange, which reflects what the commodity might be worth in future months. 2.250 Australia 2 0.160 s l 0.159 0.226 0.708 0.7 0.2 -88.6 Tuesday Tuesday Tuesday 1.000 10 0.860 s l 0.856 0.920 1.025 13.2 7.9 -70.7 Aluminum, LME, $ per metric ton *1829.5 Wheat - Hard - KC (USDA) $ per bu-u 5.4125 Energy 0.000 France 2 -0.687 t l -0.679 -0.631 -0.635 -83.5 -222.9 Copper,Comex spot 3.0425 Wheat,No.1soft white,Portld,OR-u 5.6000 -84.0 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Iron Ore, 62% Fe CFR China-s 121.4 Food 0.000 10 -0.291 t l -0.285 -0.187 -0.122 -101.9 -106.2 -185.4 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Shredded Scrap, US Midwest-s,m 281 Steel, HRC USA, FOB Midwest Mill-s 650 Beef,carcass equiv. index 0.000 Germany 2 -0.731 t l -0.720 -0.685 -0.722 -88.4 -87.7 -231.5 Metals choice 1-3,600-900 lbs.-u 181.32 0.000 10 -0.554 t l -0.542 -0.478 -0.439 -131.9 -217.1 Fibers and Textiles select 1-3,600-900 lbs.-u 169.38 -128.2 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.6506 Burlap,10-oz,40-inch NY yd-n,w 0.6175 1.000 Italy 2 -0.339 s l -0.342 -0.121 -0.229 -49.2 -49.9 -182.2 Engelhard industrial 1907.00 Butter,AA Chicago 1.4750 Cotton,1 1/16 std lw-mdMphs-u 0.6508 Handy & Harman base 1891.30 Cheddar cheese,bbl,Chicago 214.00 1.650 10 0.668 t l 0.680 0.987 0.949 -9.7 -78.3 Cotlook 'A' Index-t -6.1 Handy & Harman fabricated 2099.34 *73.20 Cheddar cheese,blk,Chicago 271.75 Hides,hvy native steers piece fob-u LBMA Gold Price AM *1919.80 36.000 Milk,Nonfat dry,Chicago lb. 113.75 0.100 Japan 2 -0.142 t l -0.133 -0.142 -0.286 -29.5 -29.0 -187.9 Wool,64s,staple,Terr del-u,w LBMA Gold Price PM *1925.50 n.a. Coffee,Brazilian,Comp 1.0206 0.100 10 0.031 t l 0.032 0.024 -0.179 -69.8 -74.5 -191.1 Krugerrand,wholesale-e 1966.22 Coffee,Colombian, NY 1.5590 Maple Leaf-e 1985.13 Grains and Feeds Eggs,large white,Chicago-u 1.0450 0.400 Spain 2 -0.559 t l -0.555 -0.466 -0.479 -71.2 -71.1 -207.3 American Eagle-e 1985.13 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.20 Mexican peso-e 2287.50 Bran,wheat middlings, KC-u 128 Hams,17-20 lbs,Mid-US fob-u n.a. 1.250 10 0.146 l 0.146 0.309 0.230 -58.2 -63.1 -150.2 Austria crown-e 1856.17 Corn,No. 2 yellow,Cent IL-bp,u 3.6750 Hogs,Iowa-So. Minnesota-u 74.96 Austria phil-e 1985.13 Corn gluten feed,Midwest-u,w 123.4 Pork bellies,12-14 lb MidUS-u n.a. 0.500 U.K. 2 -0.037 t l -0.024 -0.120 0.559 -19.0 -18.1 -103.5 Silver, troy oz. Corn gluten meal,Midwest-u,w 429.0 Pork loins,13-19 lb MidUS-u 1.1405 4.750 10 0.241 t l 0.275 0.184 0.709 -48.7 -50.2 -102.3 Engelhard industrial 24.6500 Cottonseed meal-u,w 295 Steers,Tex.-Okla. Choice-u 109.00 Handy & Harman base 24.2000 Hominy feed,Cent IL-u,w 100 Steers,feeder,Okla. City-u,w 142.50 Source: Tullett Prebon Handy & Harman fabricated 30.2500 Meat-bonemeal,50% pro Mnpls-u,w 220 Fats and Oils LBMA spot price *£19.2600 Oats,No.2 milling,Mnpls-u 2.9575 Corporate Debt (U.S.$ equivalent) *25.0600 Rice, Long Grain Milled, No. 2 AR-u,w 29.25 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.0800 Coins,wholesale $1,000 face-a 18463 Sorghum,(Milo) No.2 Gulf-u 5.9125 Grease,choice white,Chicago-h 0.2950 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Other metals SoybeanMeal,Cent IL,rail,ton48%-u 355.00 Lard,Chicago-u n.a. expectations LBMA Platinum Price PM *885.0 Soybeans,No.1 yllw IL-bp,u 10.1650 Soybean oil,crude;Centl IL-u 0.3425 Platinum,Engelhard industrial 872.0 Wheat,Spring14%-pro Mnpls-u 6.8425 Tallow,bleach;Chicago-h 0.3200 Investment-grade spreads that tightened the most… Palladium,Engelhard industrial 2345.0 Wheat,No.2 soft red,St.Louis-u 6.0400 Tallow,edible,Chicago-u n.a. Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; 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 10/12 Jefferies JEF 4.150 2.25 Jan. 23, ’30 152 –23 n.a. Source: Dow Jones Market Data Leidos LDOS 5.500 3.68 July 1, ’33 295 –15 n.a. Nomura Holdings NOMURA 3.103 2.18 Jan. 16, ’30 145 –11 166 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks General Electric Capital … 5.875 4.25 Jan. 14, ’38 273 –9 286 Money Rates October 13, 2020 Morgan Stanley MS 4.100 0.70 May 22, ’23 52 –9 69 Oracle ORCL 5.375 2.59 July 15, ’40 106 –9 121 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a AbbVie ABBV –7 guide to general levels but don’t always represent actual transactions. 2.900 0.44 Nov. 6, ’22 30 38 International Business Machines IBM 4.150 2.55 May 15, ’39 103 –7 113 Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low Sept. index Chg From (%) …And spreads that widened the most level Aug. '20 Sept. '19 Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction Britain 0.10 0.10 0.75 0.10 HSBC Holdings HSBC 3.600 0.71 May 25, ’23 53 21 n.a. 4 weeks 0.090 0.085 1.720 0.000 Australia 0.25 0.25 0.75 0.25 U.S. consumer price index 13 weeks 0.105 0.095 1.640 0.000 Reliance Standard Life Global Funding TOMARI 2.500 1.40 Oct. 30, ’24 110 18 n.a. All items 260.280 0.14 1.4 26 weeks 0.115 0.110 1.620 0.080 Overnight repurchase Credit Agricole ACAFP 4.125 1.59 Jan. 10, ’27 85 15 Core 269.054 0.11 1.7 n.a. U.S. 0.11 0.10 2.01 -0.07 Secondary market Bank of New York Mellon BK 3.450 0.33 Aug. 11, ’23 15 8 n.a. International rates U.S. government rates Fannie Mae Delta Airlines, Inc. Retirement Plan … 4.750 4.16 Oct. 20, ’28 343 8 341 Week 52-Week 30-year mortgage yields Latest High Low Discount Sprint Spectrum SPRNTS 4.738 2.62 March 20, ’25 231 7 237 ago 30 days 1.947 2.016 3.388 1.751 0.25 0.25 2.50 0.25 Westpac Banking WSTP 2.700 0.96 Aug. 19, ’26 64 7 n.a. Prime rates 60 days 1.972 2.061 3.403 1.804 Federal funds Broadcom AVGO 2.250 0.87 Nov. 15, ’23 69 6 70 U.S. 3.25 3.25 5.00 3.25 Other short-term rates Canada 2.45 2.45 3.95 2.45 Effective rate 0.0900 0.0900 1.9200 0.0600 High-yield issues with the biggest price increases… Japan 1.475 1.475 1.475 1.475 High 0.1000 0.1000 1.9500 0.1000 Week 52-Week Low 0.0500 0.0400 1.7700 0.0100 Latest ago high low Bond Price as % of face value Policy Rates Bid 0.0800 0.0800 1.7800 0.0100 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Euro zone 0.00 0.00 0.00 0.00 Offer 0.1100 0.0900 1.8500 0.0500 Call money Royal Caribbean Cruises RCL 5.250 9.86 Nov. 15, ’22 91.500 1.50 88.500 2.00 2.00 3.75 2.00 Ford Motor F 6.625 4.82 Oct. 1, ’28 111.800 1.43 108.754 Commercial paper (AA financial) Hughes Satellite Systems … 6.625 4.40 Aug. 1, ’26 111.280 1.01 108.780 Key Interest Rates 90 days n.a. 0.08 2.53 0.04 Data are annualized on a 360-day basis. Treasury yields are per annum, Cenovus Energy CVECN 6.750 6.64 Nov. 15, ’39 101.144 0.87 98.000 Libor on actively traded noninflation and inflation-indexed issues that are One month Ball BLL 5.250 1.76 July 1, ’25 115.719 0.87 114.233 adjusted to constant maturities. Data are from weekly Federal Reserve 0.14838 0.13963 1.88913 0.13950 Three month 0.23688 0.22975 2.00325 0.21788 Xerox XRXCRP 3.800 2.76 May 15, ’24 103.530 0.75 102.429 release H.15. Six month 0.25450 0.23925 1.98588 0.23375 Week Ended 52-Week Week Ended 52-Week One year 0.34550 0.34388 2.01200 0.34388 …And with the biggest price decreases Oct 9Oct 2High Low Oct 9Oct 2High Low Euro Libor Federal funds (effective) American Airlines AAL 5.250 21.09 Jan. 15, ’24 64.000 –0.99 n.a. 6-month 0.12 0.11 1.69 0.06 One month -0.562 -0.566 -0.360 -0.621 –0.89 0.09 0.09 1.85 0.04 1-year 0.13 0.12 1.63 0.12 Three month -0.530 -0.527 -0.142 -0.539 Stena STENA 7.000 7.74 Feb. 1, ’24 97.875 99.400 2-year 0.15 0.13 1.64 0.11 Six month -0.504 -0.495 -0.052 -0.504 –0.55 Commercial paper 3-year 0.19 0.15 1.66 0.13 HCA HCA 5.375 2.35 Feb. 1, ’25 112.280 111.155 One year -0.458 -0.441 0.008 -0.458 Nonfinancial 5-year 0.33 0.27 1.73 0.21 Teva Pharmaceutical Finance … 2.950 3.48 Dec. 18, ’22 98.900 –0.55 97.230 1-month 0.08 0.08 1.88 0.07 7-year 0.55 0.46 1.84 0.39 Secured Overnight Financing Rate 2-month 0.09 0.11 1.84 0.07 10-year 0.78 0.68 1.91 0.55 Navient NAVI 5.625 7.13 Aug. 1, ’33 87.500 –0.53 85.350 0.09 2.05 0.01 3-month 0.10 0.12 1.84 0.09 20-year 1.34 1.22 2.20 0.99 0.09 Sprint Communications S 6.000 2.06 Nov. 15, ’22 108.000 –0.50 107.875 Financial Value 52-Week 1-month 0.09 0.09 2.15 0.08 Treasury yields (secondary market) Latest Traded High Low Springleaf Finance … 5.625 3.14 March 15, ’23 105.750 –0.44 n.a. 2-month 0.13 2.27 0.09 1-month 0.09 0.09 1.72 0.00 0.12 Ford Motor Credit … 3.096 3.30 May 4, ’23 99.500 –0.41 98.500 3-month 0.11 0.14 2.44 0.11 3-month 0.10 0.10 1.67 -0.01 DTCC GCF Repo Index 6-month 0.12 0.11 1.65 0.06 Treasury 0.127 42.800 2.170 0.002 Discount window primary credit *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. TIPS MBS 0.136 64.500 2.093 0.011 0.25 0.25 2.50 0.25 Note: Data are for the most active issue of bonds with maturities of two years or more 5-year -1.20 -1.22 0.41 -1.34 Notes on data: Source: MarketAxess Treasury yields at constant 7-year -1.09 -1.11 0.35 -1.22 U.S. prime rate is the base rate on corporate maturities 10-year -0.92 -0.95 0.35 -1.05 loans posted by at least 70% of the 10 largest 1-month 0.09 0.09 1.75 0.01 20-year -0.50 -0.56 0.47 -0.70 U.S. banks, and is effective March 16, 2020. 3-month 0.10 0.10 1.70 0.01 Long-term avg -0.35 -0.42 0.62 -0.50 Other prime rates aren’t directly comparable; Dividend Changes lending practices vary widely by location; Notes on data: Discount rate is effective March 16, 2020. Dividend announcements from October 13. Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by October 12, 2020. DTCC GCF Repo Index is Amount Payable / Amount Payable / Depository Trust & Clearing Corp.'s weighted Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window average for overnight trades in applicable primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars. Increased Mesabi Trust MSB 7.1 .36 /.05 Q Nov20 /Oct30 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as Goldman Sachs Pfd. A GSpA 4.0 .2396 /.23698 Q Nov10 /Oct26 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. Foreign Goldman Sachs Pfd. C GSpC 4.1 .2556 /.25278 Q Nov10 /Oct26 yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Goldman Sachs Pfd. D GSpD 4.2 .2556 /.25278 Q Nov10 /Oct26 Aon AON 0.9 .46 Q Nov13 /Nov02 Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. P2JW288000-2-B01200-1------XA

B12 | We dnesday, October 14, 2020 ** THE WALL STREET JOURNAL. BANKING & FINANCE BlackRock Gains From Fees,ETFs Investor Increases Moneymanager posts Share-priceand indexperformance, Tuesday 22% profit rise as broad 6% Stake in approach drawsin investors amid volatility 4 Deutsche BlackRock

BY DAWN LIM BY JULIE STEINBERG

Money-management giant 2 U.S. investor Capital Group BlackRock Inc.’squarterly Cos. has raised itsstake in profit rose 22%asinvestors T. Rowe Price Deutsche Bank AG, sounding a turned to itsmassivelineup of 0 rare noteofconfidenceinpros- funds acrossmarkets. pectsfor the troubled European Thereturns areasign that S&P500 banking sector. the world’slargest money Theasset manager,which manager,with $7.8 trillion in -2 StateStreet hasover$1.7trillion under assets, continues to grow de- NorthernTrust management, held a3.61% stake

spiteall partsofthe economy ON/REUTERS in Deutsche Bank through one

and marketsbeing upended by CKS of itsfunds as of Oct. 6, accord-

-4 JA

the coronavirus pandemic.Its S ing to asecurities filing Tues-

9:30 a.m. noon 4p.m. CA

long shadowoverthe industry LU day. That is up from 2.6% in is increasingly forcing weaker Source:FactSet CEO Larry Fink said the firm’s products are getting more customers. March, said aperson familiar rivals to playdefense. with thematter. BlackRock rose over the Tuesday, defying the broad tually be apanacea forthe Mr.Fink said BlackRock is sponse to the pandemic. ADeutsche Bank spokesman past decade on the back of ex- market’sfall. BlackRock shares pressures they face. capturing moreretail money as BlackRock,which also runs lateTuesdaysaid “based on change-traded funds that mir- produced atotal return of “We’regoing to benefit from wealth managersand financial acash-management business, further information received rormarkets. But in an ironic about 98%, compared with the the disruption that it’sgoing to advisersuse morepreset port- began waiving fees on money from our shareholder” it twist, the companyscored S&P 500’sroughly 59% return create,” the firm’sfinancechief folios that contain BlackRock funds that invest in govern- wanted to clarifythat Capital roughly the same amount of sincethe market’slow in GaryShedlin told analysts products. BlackRock’spresence ment securities to prevent Group had increased itsstake newinvestor money intostrat- March. Tuesdaymorning.“Largescale on the desktopofadvisers has yields from falling belowzero. butthat itsoverall investment egies that track marketsand Forthe latest quarter,the integrations arenot easy.” given morevisibility to the Thefirm expectsitwill have hadn’t gone over 5%. fundsthat trade on exchanges investment companyposted a BlackRockhas no desireto firm at atime when many to waivemorechargesgoing He said the bank doesn’t as those runbymanagersthat profit of $1.36billion, up from buy other firms simply to drive wealth managersaren’t travel- into 2021. knowhow much Capital Group attempt to beat marketsinthe $1.1 billion in thesame period down coststhrough economies ing and areinstead dealing As BlackRock has grown, the owns in total, and that the thirdquarter.So-called active ayear earlier.BlackRock’srev- of scale,headded. with clientsremotely. companyhas attracted more stakeand other previouslydis- strategies took in net $47. 1bil- enue rose 18%, beating analyst BlackRock’sfortunes are Thebiggest driver of reve- scrutinyfromacademics on the closed holdingscouldn’t be lion while indexand iShares estimates. closely tied to big institutions nue—investment advisory, ad- unintended effectsofits eco- added together,which would exchange-traded funds took in Fees intoactivestrategies such as pensions,insurersand ministration fees and securities nomicpoweraswell as activ- have takenCapital Group to $50.5 billion in the quarter. areaballast at atime when in- sovereign-wealth funds.Those lending—rose 8%. istsand politicians who ques- 7. 35% ownership. Thelatesthaul intoactive dexfunds have become acom- investorshaveturned to its BlackRock sells software,in- tion if the companyisdoing Capital Group is backing the funds is potentially moreprof- modity and the prices of popu- funds to enter and exit markets cluding asuiteoftools called enough as afund investor in so sector at adifficult time. itable given manyofthese lar market-tracking strategies as volatility ratchetsupinthe Aladdin, to banks and other in- manycompanies around the Deutsche Bank is undergoing a strategies charge higher fees. have plunged near zero. lead-up to the U.S. election. stitutions to measurerisk. world. Mr.Fink’schallengeis turnaround plan involving cut- Theinflows also showcontin- BlackRock has been an ag- BlackRock’siShares ETFs took Technology-services revenue, to makesurethe companyad- ting costs, scaling back itsU.S. ued returns forChief Executive gressor, undercutting other in $41billion in newinvestor which includes fees from Alad- dressesthose concerns while operations and shedding risky LarryFink’sstrategyofbuild- companies and crushing money in thelatestquarter, din, rose by about 9%. also continuing to grow. assets.The European banking ing abroad superstorethat smaller rivals.Some money roughly in line with ayear ear- Rising marketsinthe wake Wall Street is watching sector faces structural hurdles, sells everything from financial managershavemergedwith lier,with bond productsmak- of central-bank actions world- closely howthe company including perennially lowinter- technologytoprivateequity to others or sold themselves to ing the most of the flows. wide liftedthe prices of assets staves off the threat from est rates, apileup of bad loans money funds whereinvestors survive, with the broader in- Thefirm also gained net that BlackRock holds forcli- banks plotting biggerasset- andanegativeeconomic out- park cash. dustry nowbracing foreven newmoney from retail chan- entsinmanymarkets. Higher management businesses as look,and banks have been con- “Covid has changed many moreconsolidation. Just last nels,joining achorus of other asset prices translatetobigger well as formidable rivals such sidering consolidation. industries forthe betterand week, MorganStanley said it asset managersthat have bene- revenues formanagersbecause as VanguardGroup. Deutsche’s shares have re- many forthe worse,” Mr.Fink wasbuying fund manager fitedfrom renewedinterest in they take acut of fees on Mr.Shedlin told analysts coveredsinceplunging in said in an interview. “Our job is EatonVance Corp. investing from all types of peo- money they oversee forinves- that the firm will continue to March with the rest of the mar- to transcend those issues and Manyinthe industry, in- ple.The latest wave of individ- tors.The firm wasn’t immune look at waystotactically add ket. They areup13% this year help clientsaddresstheir long- cluding BlackRock,are skepti- ual and other investorshas to the challengeofalow-inter- to itstechnologyand distribu- while shares of most rivals are term needs.” calthat mergers of struggling made Robinhood MarketsInc. est rate environment created tion reach as well as itsprivate down. BlackRock shares rose 3.9% investment businesses canac- ahousehold name. by the Federal Reserveinre- marketsinvestment business. Capital Group bought the latest batch of shares through itsEuroPacific Growth Fund, and with fewerplaces to spend relatively healthyfor the banks. economyormerely delayeda slipped 0.5%. Citigroup’sprofit part of itsAmerican Funds JPMorgan, money,havefared well. But mil- JPMorganwrote off $1.18 billion sharper fallout. slumped 34%, and revenue fell group,according to Deutsche lions of Americans areout of in loans and Citigroup wroteoff “The question [is] whether 7%.Profits were boosted by the Bank. work or even going hungry. $1.92 billion, both down from thebridgewill be long enough slowing reservebuilds.JPMor- Thedisclosureofthe bigger Citi Beat Companies including Walt Dis- the second quarter. and strong enough to bridge ganset aside $611 million forpo- stakeinDeutsche Bank comes ney Co.and AllstateCorp.have Forinstance, credit-card people back to employment and tential futureloan losses,far less afterrival Commerzbank AG announced layoffs. Moreshut- loans,the area both banks sayis bridgesmall businesses back to than expected and the $10.47bil- last week said Capital Group Forecasts downs,and apotential second most susceptible to the pan- normalcy,” JPMorganChief Fi- lion it booked in the second had increased itsstake to 5.31%, wave of coronavirus infections, demic, areperforming better nancial Officer Jennifer Piepszak quarter. Citigroup set aside becoming the second-largest could also harm the economy. than ayear ago, with only 0.69% said. “I think it remains to be $2.26 billion, down from more investor in Commerzbank after ContinuedfrompageB1 One sign of the uneven recov- of JPMorgan’sloans and 1.01% of seen.” than $7 billion in each of the the German government. The loan defaultsthat have sent ery: JPMorganmade arecord Citigroup’s90days late. JPMor- JPMorgan’sforecast forthe past two quarters. Both banks stakeisnow valued at roughly bank stocks plunging this year number of autoloans in the gan, Citigroup and othershave U.S. economyimproved slightly, were able to release some of €313 million. mightbeoverdone. thirdquarter,asborrowers took temporarily let customersskip but it still expectsunemploy- their previous reserves. Deutsche Bank disclosed “Therehad been differences advantageoflow interest rates payments on credit cardsand ment to remain above7%for all At both banks,the Wall Capital Group’sholdings in Feb- of opinion on the timing of when to financebig purchases.Mort- other debt, but both banks have of 2021. Citigroup’soutlook for Street operations fared better ruary. Aspokesperson forCom- all this would fall apart,” said gage fees rose,too. said most card customersare the U.S. economynextyear grew than the consumer units. That merzbank declined to com- Kush Goel,ananalyst at investor Yetcustomersare still spend- out of those programs and pay- moredour than it had been, follows apattern that has ment. NeubergerBerman. “Now, every- ing lessontheir credit cards ing on time. though it is still rosier than JP- shaped the banking industry. Separately on Tuesday, one seems to think we canget than ayear ago, with total Bankexecutives said, though, Morgan’swith unemployment Consumershavestruggled. But Deutsche Bank said it would through this,especially if there spending volume down 8% at that they expect moreconsum- fallingto6.4%. tradershavebenefited from un- payafine of €13.5 million, is morestimulus.” JPMorganand 10% at Citigroup. erstofall behind on loans next Both banks beat analysts’ ex- certain marketsand investment equivalent to $15.9 million, for Thecoronavirus economyhas (Both have risen nearly 20% year.Itwasn’t clear,they said, if pectations,though their results bankershaveprofitedascompa- failing to report suspicious ac- been hard to parse.Manypeople from the second quarter.) the government stimulus mea- were far apart. JPMorgan’s nies raise cash to ride out the tivity reportsontime related to with securejobs,stuck at home So far, loans have remained sures so far had rescued the profit rose 4% and revenue downturn. money flowsatDanskeBank. Invesco, Mining Its Qs, to Launch Four New Funds

BY MICHAEL WURSTHORN from owning ETFs. And other than QQQM—the Thenew suiteisrounded out ETFthat will be 5basis points Invesco Ltd. is adding more by an actively managed version cheaper than QQQ—the other Qs to its fund lineup, a wager that will hold the 25 stocks offeringsservedistinct roles by the world’s fourth-biggest from QQQ that have the biggest that would lend themselves to issuer of exchange-traded growth prospects(QQQG). newmoney rather than trans- productsthat investors’ love Together,the newfunds fers from QQQ. affair with technology stocks represent one of Invesco’sbig- Although the pandemic has will continue. gest and most important prod- crippled some industries,tech- The Atlanta-based asset uct launches since awaveof nologycompanies have been manager will launch four new closures following the pur- able to grow as people lean on investment productstied to its chases of OppenheimerFunds the offeringsofthose compa- flagship ETF, the InvescoQQQ in 2019 andGuggenheim In- nies to work,tostayconnected Trust fund. At $134 billion, the vestments’ ETFbusinessin with friends and families and Qs,asitisknown acrossWall 2018.Those deals added ahost to entertain themselves. S Street, has growntobecome of newofferings that broad- That haspushed QQQ up NEW

one of the biggest exchange- G ened Invesco’sreach, especially 39% so far this year,outpacing traded productsinthe world overseas,aswell as aglut of the broader Nasdaq indexby andaccountsfor roughly 42% overlappingand overlooked roughly 6percentagepoints. OOMBER of Invesco’sETF assets. products that Invescoclosed. Over the past 10 years, the

QQQ offers investors expo- GLE/BL Thestakesremain high for ETF is up nearly six times.

sure to the 100 biggest nonfi- NA Invesco. Shareholder activist But tech stocks aren’t im- nancial companies listed on Trian Fund Management has pervious.The trade stumbled

theNasdaq CompositeIndex MICHAEL built up aroughly 10% position in September,dragging the and has proved to be ahuge Invesco’s QQQ fund is up 39% this year, outpacing the Nasdaq index by about 6 percentage points. in the asset manager,along broader stock market down draw sincethe throes of the with asimilar stakeinsmaller with it amid myriad concerns 2008-09 financial crisis.The sportsalowersharepricede- ment trusts, such as QQQ. stocks (QQQJ) aimed at giving rival Janus Henderson Group ranging from ongoing shocks four newproductslook to signed forlong-term mom- State Street created lessex- investorsexposuretothe next PLC,The Wall Street Journal from the coronavirus to wor- build on that popularity and and-pop investors. TheInvesco pensive versions of the SPDR generation of tech leaders. On a reported earlier this month. ries aboutwhether the shares help Invescocompeteinanin- Nasdaq 100 ETF (QQQM) will S&P 500 Trust, the world’s backtest going back to late2010, Trian wantstoforce some con- had climbed toofar tooquickly. dustrydominated by Black- cost 5basis pointslessthan biggest ETF, and the SPDR Nasdaq found that 54 compa- solidation within the industry, Thefund suffered some of its Rock Inc., VanguardGroup the 0.2% fee QQQ carries. Gold Shares in recent years. nies in thejunior ETFwould building arival to the biggest biggest outflowsever, shedding and State Street Corp. QQQM follows the trend of Half of the fastest-growing have graduated to the Nasdaq assetmanagersinthe world. morethan $6 billion on two “This is going to be an im- asset managers, namely State ETFs of 2019 had expense ra- 100, the indexQQQ tracks. An Invescospokeswoman said separatedays in September,ac- portantpart of our growth,” Street, launching cheaper ver- tios of 0.05% or less, according “The Next 100 [ETF] fea- the firm welcomed high-qual- cording to FactSet. said John Hoffman, Invesco’s sions of their popular funds in to FactSet. tures new, up and coming com- ityinvestorsbut declined to Still, nearly $15 billion in head of Americas,ETFsand an effort to court abroader “It has become more com- panies,” said Lauren Dillard, comment further. netnew money has flowed indexesstrategies.“We’retry- base of investors, said Todd mon to offer a cheaper alter- executivevicepresident of Mr.Hoffman said he doesn’t intoQQQ this year,FactSet’s ing to find all pointsinthe Rosenbluth, head of ETFand nativetoapopular ETFin global information services at expect the four QQQ offshoots data show. ecosystem and makesure mutual fund research at CFRA, hopes of appealing to adiffer- Nasdaq,which partnered with to stunt the growth of the Mr. Hoffman says QQQ and we’re there to support it.” in anote. It is aresponse to in- ent investor base and yet not Invescoonthe newproducts. flagship fund. QQQ is the sec- itsoffshoot funds aremore Thenew offeringshavea vestorsshowing aclear prefer- lose revenues tied to the en- Another product, the In- ond-most traded ETFinthe than just a collection of tech- retail bent and arerather sim- encefor lesscostly ETFs,and trenched product,” Mr.Rosen- vesco Nasdaq 100 Index Fund U.S.,making it highly liquid, nologycompanies.They in- ple as far as ETFs go. thenew versions,essentially bluth said. (IVNQX) isn’t an ETF at all. It an important component for clude exposuretoanumber of Among the newproducts, clones,giveasset managersa Invescoisalso launching a is a mutual fund aimed at re- big institutions that want to sectors that use tech to their Invesco is launching a lower- way around the limitations of junior QQQthat featuresthe tirement-account investors, trade in and out of positions advantage, including biotech- cost version of QQQ that also productsset up as unit invest- second 100 biggest Nasdaq some of whom arerestricted with few hitches. nology and retail. P2JW288000-5-B01300-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, October 14, 2020 | B13 MARKETS Stocks Fall as Earnings Season Kicks Off

BY ANNA HIRTENSTEIN like retail. Airline stocksfell afterDelta said the coronavirus pandemic J&J’svaccine is one of the nomic growth, as finance AND AKANE OTANI TheDow Jones Industrial would likely hurt demand fortravelfor the foreseeable future. most advanced Covid-19 shots ministersand central bankers Averagefell 157.71points, or in development and is among gather virtually forthe IMF Stocks fell under pressure 0.5%, to 28679.81, snapping a Share-priceand indexperformance, Tuesday just ahandful that had en- and World Bank’sannual from astring of mixed earn- four-session streak of gains. 0% teredthe last stageoftesting meetings. It raised itsfore- ingsreportsfromcompanies TheS&P 500 lost 22.29 in the U.S. Thecompanysaid castsfor 2020,saying that it ranging from airlines to points, or 0.6%, to 3511.93 S&P500 Tuesdaythat it hoped to fig- expectsthe downturn to be banks. andthe Nasdaq Composite ureout whether it would be lessseverethan it thought in Uncertainty about asecond edged down 12.36 points, or able to resume the trial June. wave of coronavirus infec- 0.1%, to 11863.90. -2 within afew days. In credit markets, the yield tions and the Earningsdrove swings This is the second time on the Treasury’s10-year TUESDAY’S extent to within the industrial sector, Delta Air Lines such atrial has been put on notedeclined to 0.726% from MARKETS which govern- with DeltaAir Lines shares United Airlines hold over asafety concern. 0.775% Monday. Yields fall as mentsmay falling 87 cents, or 2.7%, to AstraZenecahas since re- prices rise. have to renewrestrictions to $31.77 afterDeltaposted a -4 sumed itstesting efforts in In commodities markets, control the spread is weigh- steep drop in sales forthe the U.K.,but itsclinical trials U.S. oil snapped atwo-ses- ing on investors’ minds as most recent quarter and in the U.S. remain suspended. sion losing streak,gaining 77 the third-quarter earnings warned that the coronavirus “It’sareminder that while centsto$40.20 abarrel. season kicks off. would likely cut intodemand American Airlines we have this race to geta Prices of gold futures lost Investorssay that while fortravelfor years. -6 vaccine,itcould actually take $34, or 1.8%, to $1,888.50a support from the Federal Re- Other airline stocks also longer,” said Paul Jackson, troy ounce. servehelped the market fell, with American Airlines 9:30 a.m. noon 4p.m. global head of asset-alloca- Thedollar moved higher. climb out of the lows it hit in dropping 70 cents, or 5.4%, to Source:FactSet tion research at Invesco. TheWSJ Dollar Index, which the year,the economy’sre- $12.22and United Airlines People arealso being too compares the currencyto16 covery will likely be uneven slipping $1.12, or 3.1%, to $2.20, or 4.8%, to $43.68, moved marketsTuesday. optimistic over howquickly a rivals,rose 0.5%. This was andprolonged. $35.26. posting their biggest one-day Johnson &Johnson vaccine canhalt the pan- the larest percentage-point “Getting back to growth Financial stocks also came percentagedecline in about a shares slid $3.48, or 2.3%, to demic,hecautioned. gain sinceSept. 23.The U.S. levels that we’reused to his- under pressurefollowing a month, afterthe bank re- $148.36after the company “Ifweget one through the currencyrose against the torically is going to take string of quarterly reports. ported profit declined 34% halted itscoronavirus vaccine trials...that would be agreat euro, British pound and Japa- some time,” said Zach Abra- JPMorganChase shares from ayear earlier. trials due to aparticipant be- step,but then it will still take nese yen. ham, chief investment officer fell $1.66,or1.6%, to $100.78 BlackRock bucked the coming unexpectedly sick, quitesome time to getit At middayWednesdayin of Bulwark Capital Manage- after the companyposted trend, adding $24.07,or3.9%, prompting speculation about widely distributed,” he said. Tokyo, the Nikkei 225Stock ment. earnings aboveexpectations to $638.96 after it reported a when immunization shots Overseas,the pan-conti- Averagewas flat, Hong He added that the tumult and said it would extend the third-quarter profit that was maybecome widely available. nental StoxxEurope 600 fell Kong’sHang Seng Indexwas of the past few months has suspension on stock repur- aboveexpectations and reve- Thecompanyalso raised 0.6%. down 0.4%and the Shanghai created some potential buy- chases at leastthrough the nue that rose aboveforecasts. itsfull-year expectations for TheInternational Mone- compositewas down 0.5%. ing opportunities forthe firm endofthe fourth quarter. News about potential vac- adjusted operational sales in tary Fund released an up- U.S. stock futures were up within beaten-down sectors Shares of Citigroup lost cines forthe coronavirus also itsearningsreport. dated outlook forglobal eco- 0.2%.

STREETWISE | By James Mackintosh Gold and stocksmovedinopposite ...but the metal's win wasbrief in 2020,doing directions in the 2011 market panic... well in the first twoweeks of the pandemic selloffbeforemoving similarly to stock prices. Gold Starts to Lose Its Change in 2011 Change sinceMarch 6 30% 30%

20 Gold futures 20 Gold futures Shine as a Haven Asset 10 10 0 0 There is no standard60% stock,40% Treasury inflation-protected –10 –10 asset that bond portfolio.When stocks securities, or TIPS, whose prompts more fall, investorswant adiversi- yields account for inflation. –20 S&P500 –20 S&P500 emotional re- fier that rises in value to Like TIPS, gold tends to rise actions than cushion the loss. But gold fell when real yields fall and fall –30 –30 gold, so I re- alongside stocks during the when real yields rise—and Jan. 2011 Dec. April 2020 Oct. ally shouldn’t have dismissed market panic in March and gold peaked this year on its role in a modern invest- again last month, and might Aug. 6, when 10-year TIPS Gold’spriceadjustedfor inflation* ment portfolio with a throw- continue to movewith stocks yields reached a low. away line in a recent column. forsome time.That doesn’t With the Federal Reserve $2,000 I pointed out that gold makeitabad investment on committedtokeeping inter- had been a hopeless hedge itsown, and the scale of the est ratesatzerofor the 1,500 last month and warned that loss(and gain) will be differ- foreseeable future, higher it was likely to continue ent to stocks,but it is of lit- inflation would mean lower moving in the same direction tle extrause forinvestors real ratesand lowerTIPS 1,000 as stocks, making it ineffec- looking foranalternativeto yields,helping gold. But tive as a way to protect bonds in their portfolios. higher inflation also sug- against share-price losses. We’reinanenvironment gestsastronger economy, 500 wherestocks likeinflation, helping stocks. s several readers said, and gold likes inflation. The This is different to the A the full story needs outlook forinflation is summer of 2011. Back then, 0 Monthly more than just a line. closely tied to the economy, stocks suffered as Congress 1970 ’80 ’90 2000 ’10 ’20 Gold’s role as a hedge de- with astronger economy fought over the debt ceiling. *London gold fix after U.S. consumer-priceinflation pends on the risk you are (perhaps due to an agree- But inflation was roaring Sources: FactSet (performance); Refinitiv (gold price) trying to protect against, ment on stimulus) meaning ahead and investors thought and it has its uses. The metal moreinflation and vice commodity demand from a appealing and encourages makes gold a particularly (societal collapse aside) is has been the last word in in- versa. An improving econ- fast-growing China would the Fed to cut rates or keep bad hedge when the finance when we areworrying about surance against the collapse omyshould help stock prices, keep prices rising. Gold them low. The 1970s stagfla- industry is in trouble, which the wrong sort of inflation, of the state for millennia, be- so stocks rise with gold. A soared as 10-year TIPS yields tion illustrated this perfectly, is exactly the moment when driven by supply issues such ing near-universally ex- worsening economywould turned negative for the first with gold reaching a high in many expect it to shine. as commodity and labor changeable and easy to hide mean lessinflation, so stocks time, reaching a high that January 1980 that still hasn’t From its early-March high costs, while the Fedistrying away or carry across bor- fall and so does gold. wasn’t surpassed until this been passed when adjusted this year gold fell 12% before to help the economy. ders. A rich family can rea- summer when TIPS yields for inflation. bottoming, while it lost more Gold is a good way to pro- sonably hold a small portion n the past, gold has again plunged. than a quarter of its value at tect against such stagflation- of their portfolio in physical sometimes been a better The pattern has been re- peculation also has a its worst point in the chaos ary problems. That’s not the gold abroad and know they I big influence on gold. of 2008’s financial crisis. case when, as now, inflation hedge against stocks. To peated many times in the S will be able to flee and re- understand why it works past. Gold shines when infla- Because so much gold Thereisn’t aneat formula is more the virtuous type, start their lives elsewhere, sometimes, and doesn’t oth- tion fears are rising in a is held by speculators, often forconverting the TIPS yield driven by underlying de- albeit much reduced, if soci- ers, we need to consider weak economy. Inflation bought using debt, the metal and expected inflation intoa mand. Unless you think ety falls apart. gold’s main price drivers. then makes Treasurys unat- suffers as well when markets gold price. What is clear, that’s about to change, ex- But gold isn’t agood re- Prime among these are tractive, while a weak econ- seize up and speculators however, is that the best time pect gold and stocks to move placement forTreasurys in a real rates, best shown by omy both makes stocks un- dump everything. This to use gold to hedgestocks in tandem. Potential for Higher Spending Pushes Up Yields on Treasurys

BY SAM GOLDFARB Yield on 10-yearTreasury note navirus vaccine or amarked though not amajor infrastruc- that the biggersupply espe- slowdowninthe economic re- turebill. The10-year yield sub- cially at the longer end of the Treasury signals Presidential Theprospect of aDemo- larger note auctions debate covery,could also diminish the sequently reached as high as curvenecessitates [a] market cratic sweep in next month’s 0.9% importanceofthe election. 3.2% beforedeclining as global concession,” said Thomas Si- elections is helpingtopush Mr.Bardas,for one,said his growth slowedand the Fed mons,money-market econo- U.S. government-bond yields team wasn’t making anybig started cutting interest rates. mist in the Fixed Income higher,stirring memories of bets on the path of Treasury Mr.Biden’splatform doesn’t Group at Jefferies LLC. 0.8 four yearsago when yields yields,inpart because inves- signal as dramatic aselloff in If Democratssweep,the climbed sharply afteraRepub- tors could pile intobonds if bonds, analystssaid. Among prospect of even largerdebt lican victory. the outcome of the election is otherthings, he has called for auctions will likely push yields Yields,which rise when 0.7 contested or uncertain. raising taxesoncorporations, higher,said John Briggs,head bond prices fall, have climbed Asustained movehigher in which could drag on stocks of strategyfor the Americas at in recent days as polls have Treasuryyields could be diffi- andincrease the appeal of NatWest Markets. In addition, shown agrowing lead forfor- 0.6 cult to achieve. Not only is the bonds.Still, estimates of his just asmall shiftingrowthand mer Vice President JoeBiden economysuffering due to the spending proposalsinareas inflation expectations could over President Trump,aswell pandemic,but itsaverage such as health care and renew- put added pressureonthe as improving chances that 0.5 growth rate outside of reces- able-energy infrastructureto- market as investorsre-evalu- Democratscould end up hold- sions has declined in recent de- taltrillions of dollarsmore atethe chances that the Fed May2020June July Aug. Sept.Oct. ing both houses of Congress. cades.Atthe same time,infla- than his taxincreases.IfDem- will raise interest ratesover Fordebt investors, the key Source:RyanALM; TradewebICE tion has remained stuck below ocratswin Congressand the the next several years. isn’t necessarily whether Mr. the Federal Reserve’s 2% an- WhiteHouse,itisalso likely “You don’t have to have the Biden or Mr.Trump wins.Itis tonabout another round of Forinvestors, “this election nual target.Asaresult, inves- that they would passaddi- market priceinaratehike,” whether one party or another coronavirus relief aid before is about the implication forfis- tors widely expect the central tional coronavirus aid. Mr.Briggs said. “It just has to has unified control of govern- theelection. That gaveinves- calpolicy,” said Thanos Bar- bank to hold short-term inter- Despiteall the forces push- start pricing in the probability ment,making it easier to ex- tors adouble-dose of stimulus das, global co-head of invest- est ratesnear zero foryears ingdownonyields,analysts of some chanceofaratehike, pand the federal budget deficit hopes,though prospectsofa ment grade at Neuberger and to keep buying Treasurys— saythat deficitsstill matter which we don’t have nowfor through taxcutsorspending pre-election bill appeared to Berman. The10-year yield, he both policies that should con- forthe bond market. Earlier so many years.” programs. dim over the weekend. added, could in time “goto strain longer-term yields. this year,emergencycoronavi- Biggerdeficitscan push As of Tuesday, the yield on 1.3% easily on afull sweep” by When Republicans captured ruslegislation wasfunded pri- AUCTION RESULTS yields higher fortwo reasons: the benchmark 10-year U.S. Democrats. Congressand the WhiteHouse marily through the issuanceof Here are the results of Tuesday's Treasury auctions. first, by increasing the supply Treasurynotestood at 0.726%, Investorscan’t take anysce- in 2016,the 10-year yield stood short-term Treasurybills with All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference of outstanding bonds as the up from 0.644% beforethe nario forgranted. In 2016,few at around 1.9%.Itquickly rose maturities of one year or less. between that price and the face value. government ramps up borrow- presidential debateonSept. predicted Mr.Trump’svictory to 2.6%, liftedbyexpectations By August, though, the Trea- 13-Week 26-Week Applications $153,015,176,000 $159,691,399,800 ing and, second, by potentially 29.The yield on the 30-year or howthe market would re- that theRepublican-controlled suryDepartment wasramping Accepted bids $59,913,515,800 $56,584,621,600 boosting economic growth and bond hasclimbed even more, spond. This time,polls suggest Congresswould trytolifteco- up issuanceoflonger-term " noncomp $724,927,100 $458,804,300 " foreign noncomp $600,000,000 $389,000,000 inflation, which makes bonds to 1.513% from 1.404%. But that Republicans could hold on nomic growth by slashing regu- debt, widening the gapbe- Auction price (rate) 99.973458 99.941861 less attractive. some investorssee room fora to the Senateevenifthey lose lations,cutting taxesand boost- tween short- and long-term (0.105%) (0.115%) 0.106% 0.117% Theimproving poll numbers biggerrise,which could have the WhiteHouse,apotential ing infrastructurespending. yields and sparking selloffs Bids at clearing yield accepted 45.52% 85.53% forDemocratsinNovember repercussions on other assets recipe forlegislativegridlock. Ultimately,Mr. Trump did heading intodebt auctions. 9127963U1 9127964Y2 dovetailed last week with re- likestocks and gold that have Anynumber of other events, sign atax cut estimated to cost “It’sbecome very clear in Both issues are dated Oct. 15, 2020. The 13-week bills mature on Jan. 14, 2021; the 26-week bills mature on neweddiscussion in Washing- benefited from ultralowyields. such as theapproval of acoro- nearly $2 trillion over 10 years, the last three or four months April 15, 2021. P2JW288000-0-B01400-1------XA

B14 | We dnesday, October 14, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Apple’s New iPhones Aim High and Wide

Large lineup of products reflects aggressive pricing bet on 5G technology

At Apple Inc., simplicity no lon- networks —including the hardest- gersells. to-find millimeter-waveformat op- Thetech companymay be most erated by Verizon.And even JOURNAL famous forits easy-to-use devices, though 5G chips aremoreexpen-

REET but it oncetook averystreamlined sive, Apple doesn’t seem to be pass- ST approach to itsproduct lineup as ing the cost on to customers. In LL

WA well. Each year brought one new fact, the four phones and their vari- iPhone model, while the previous ous memoryconfigurations an- THE

R year’s version wasdemoted in price nounced Tuesdayaverage aprice FO and the othersweredropped. But it tag6%lowerthan last year’s new

GEN has been edging away from that iPhone models.The most expensive HA practiceoverthe past few years, phone in the lineup costs$50 less

KEVIN and Tuesday’s iPhone unveil repre- at $1,399. The bank has plans to open branches in 10 new states, expanding to the entire lower 48 states. sentsthe biggest shiftyet.Four That could giveatwist to inves- newdesigns under the iPhone 12 tors’hopes fora“supercycle” set moniker were unveiled at different off by the 5G phones.Lowerprices prices,compared with three new will certainly help sales,especially JPMorgan PlaysLong Game iPhone 11 variantsintroduced last given other improvements, includ- year. ing wirelesscharging and anew That complexity makes sense in coverglasscalled “Ceramic Shield,” amature smartphone market where designed to reducebreakage. The bank had a strong quarter, but the real upside is further down the road one sizenolonger fits all. Not every But Apple’sinvestorsalso care buyer wantsamassivescreen or a deeply about abottomline that is professional-level camera. Nor does the envy of the consumer-electron- The biggest bank in the U.S. reserve build of about $600 mil- a year ago, it shrank 5% from the everybuyer want to shell out ics space. Thestock has takenhits produced a surprisingly strong lion, according to estimates com- second quarter. Yet the bank still $1,000 or morefor adevice that beforewhen grossmargins fall, and quarter. But it isn’t a game piled by Visible Alpha; instead, JP- has some $470 billion of its own has become anear necessity.And Wall Street hasn’t baked that into changer—yet. Morgan released about $600 cash on deposit in banks. most certainly,not everybuyer this the current plan. This helps explain The factors behind JPMorgan million of reserves and net charge- This hurts JPMorgan’s interest year will want to payuptoconnect whyApple shares fell morethan 2% Chase’s outperformance of ana- offs were $1.2 billion. But the bank income for now, because it isn’t to a5Gnetwork that is still hardto on Tuesday. lysts’ profit and revenue forecasts didn’t signal that it sees any big earning anything on that cash. find outside ahandful of cities. Tricks such as no longer includ- mostly reinforce what investors turnaround in borrowers’ fortunes. Net-interest income was one dis- Apple’swide product shot Tues- ing achargerwith the newiPhones should have been expecting: Peo- Rather, it warned that substan- appointment relative to estimates, dayreflectsanaggressivebet on 5G will likely help Apple offset some of ple are still in the main paying tially higher charge-offs, primarily as was the bank’s core net interest technology. EveryiPhone 12 model the latest cost pressure. their credit-card and mortgage in credit cards, won’t be felt until margin. But Chief Executive James announced Tuesdaywill work on 5G —Dan Gallagher bills. The business of Wall Street the back-half of next year. Dimon argued that locking the has been very solid amid a historic Meanwhile, credit troubles were bank into the returns on offer in surge in stock sales. hardly absent: Total nonperform- today’s securities, which are more Yet the gloomy backdrop still ing assets did jump 18% from the than cash but still historically lingers. Low interest rates and a second quarter. The bank attri- quite low, will only impair the flat yield curve hurt JPMorgan’s buted this in part to the roughly bank when a turn comes in the core lending profitability more 10% of mortgage borrowers that economic cycle. “We don’t want to than forecast. Loan growth is very have left forbearance but are still be in a position where…we’ll lose a hard to come by. Washington’s fu- behind on their payments, plus to lot if rates go up,” he told analysts. ture policies on capital minimums some particular commercial bor- Likewise, JPMorgan is physically and payouts will largely constrain rowers in troubled sectors such as aiming to be there when borrow- when, and how much, banks might real estate, retail, and oil and gas. ers return, with plans to open be able to return to shareholders. Still, there were encouraging branches in 10 new states, expand- On credit, the quarter shouldn’t signs that JPMorgan is positioning ing to the entire lower 48 states. set expectations. A few reserve re- itself for long-term advantage. For Not every lender can afford to leases here and there helped JP- one, despite the absence of corpo- play such a long game, because Morgan substantially lower its rate loan demand, the bank has they won’t have JPMorgan’s 15% credit costs for the quarter, far hesitated to redirect all of its de- return on common equity this more than analysts anticipated. posit geyser into securities. quarter. But from JPMorgan’s

Analysts were expecting net Though the bank’s investment-se- point of view, it is only the early APPLE/REUTERS charge-offs over $2 billion and a curities portfolio is far bigger than innings. —Telis Demos Kaiann Drance, vice president of iPhone product marketing, unveils the iPhone 12. What’s Bad for Delta Is Worse for Other Airlines OVERHEARD Nothing brings to mind plea- classcabin sets youback roughly Other aspects of the experi- sure quite like the memory of $40. Forsix times thatamount, you ence still resemble flight-level Unlike most companies, airlines Delta Air Lines,passenger revenues bumping elbows with strangers can dine in the morespacious busi- hassle: All diners must complete a seem set to disappoint investors while trying to carve up “chicken ness-classsection. And if you’re will- form to get access to the transit this earnings season. It could offer $12 billion or beef” with plastic cutlery. ing to shell out $472, youcan be area at the Changi Airport and a window of opportunity to pick At least, that’s what ticket seatedinyour ownsuite. they must bring passports. out the best among them, though. 10 holders to Singapore Airlines’ din- The meals aren’t exactly the foil- Airlines will do anything to get On Tuesday, Delta Air Lines re- ing event seem to think. The air- package variety: They will be pre- passengers back, and so fartheir ported a $5.4 billion loss for the line is offering a chance for a pared by an acclaimed chef. And the schemes have worked well: All third quarter, compared with a 8 meal on its “largest passenger air- carrier is enforcing safe distancing Nippon Airwaysand Qantas Air- profit of $1.5 billion a year earlier. craft,” the A380, for two week- measures. lines’ pricey “flights to nowhere” Excluding restructuring costs due 6 ends starting Oct. 24 were sold out. The to the pandemic, earnings per while parked on the events mightdolittle share were a negative $3.30 before tarmac. Don’t get to makeupfor air- 4 taxes, 9% worse than Wall Street your hopes up—all lines’ revenue losses, analysts were forecasting. A posi- seats are sold out but theyprovide tive surprise in cargo revenues 2 and there’s a wait list. warm reassuranceto wasn’t enough to offset a 83% It isn’tcheap. Din- an industry thatdes- drop in sales to passengers, which ing in the economy perately needs some. GMANN/REUTERS

0 WIE were expected to top $2.3 billion 2Q 2019 3Q 4Q 1Q ’20 2Q 3Q

and instead came in at $1.9 billion. ARND The company’s survival seems Source:the companyvia FactSet secure for now, given a $22 billion liquidity buffer. The daily cash has foiled most optimistic fore- burn was $18 million by the end of casts, especially for international Uber, Lyft Have a Lot Riding on Election Day September. Chief Executive Ed travel. Delta’s planes were 41% full Bastian said Delta won’t stop in the third quarter, the company draining cash before the spring, said Tuesday, significantly below Much of California’sgig-econ- and Lyft threatened to shut down employee benefits to certain driv- later than his earlier year-end tar- the consensus 49% estimate. A re- omybusinesscould hingeonvot- their ride-hailing businesses in Cal- ers.” In the words of an opinion get. Shares in Delta, the first ma- bound in business travelers, who ers’ interpretation of just 13 words. ifornia if the timeline on the re- piece that ran over the summer in jor U.S. airline to report third- contribute most of legacy airlines’ As they show up to pick be- quirement wasn’t pushed out. And the San Francisco Chronicle, that quarter earnings, fell 2.6% and profit, will take at least two years, tween Joe Biden and President in aCNBC interviewlast week, language “all but cries out for vot- dragged down its peers. United Delta now expects. Trump on Nov. 3, Californians also DoorDash’schief executiveofficer ers to reject it.” Airlines and American Airlines The industry’s ups and downs will be asked to vote on Proposi- intimated that he,too,would con- It might not be acoincidence: were down 3.1% and 5.4%, respec- may be masking some of the At- tion 22. It would preserve the sta- sider pulling his company’sbusi- Thewording on the ballot initiative tively. lantaairline’s core strengths. Rev- tus of gig-economy drivers as in- nessfromCalifornia if Proposition waswrittenbyCalifornia Attorney Airline stocks have whipsawed enue from its valuable loyalty pro- dependent contractors rather than 22 failed to pass, noting his com- General Xavier Becerra, who earlier in recent weeks as traders specu- gram, which served as collateral to employees, permanently enabling panyis“prepared forall scenarios.” this year along with several Califor- late on the likelihood of lawmakers borrow as much as $9 billion in companies such as ride-share and nia city attorneysled alawsuit approving a second industry bail- September, was down 60% in the food-delivery platforms to skirt against Uber and Lyft forfailing to out package. Some investors are quarter. Delta said spending on its regulations mandated by Assembly For some, near­term reclassifyride-sharedriversasem- hoping that rapid testing at air- co-branded credit cards is holding Bill 5, which went into effect on ployees afterAssembly Bill 5went ports will allow international up better than on other American Jan. 1 of this year. The proposition profitability targets intoeffect. travel to return before a Covid-19 Express cards. would also, among other things, likely hinge on an Gig-economy companies seem to vaccine is found. U.S. airport Greater profitability than Amer- generally provide drivers with in- have upset the wrong crowd. Ac- throughput has hit a six-month ican or United coming into this creased pay and some insurance initiative’s passage. cording to consulting firm Redfield high. Delta President Glen Hauen- crisis has allowed Delta to slash and health benefits. & Wilton Strategies, because of stein pointed Tuesday to positive costs while so far avoiding job Those in support of the initia- voters’ unfamiliarity with ballot booking trends ahead of Thanks- cuts, and to concentrate on tive, including Uber Technologies, measures, “the exact wording of giving and Christmas. strengthening its key hubs rather Lyft, DoorDash, Postmates and The total invested by those each proposition is of vital impor- But good news may already be than chasing low-value sun seek- Instacart, have poured more than against Proposition 22, including tance as it might be the only infor- in the price: Airline stocks have ers. Passenger yields were down $186 million into the cause, high- several labor unions, amounts to mation considered” in many cases. risen 15% in the past three 2% in the third quarter. lighting the importance of mostly pennies compared with those in While these companies seem per- months. And there has been plenty Longsighted investors should maintaining the status quo of the favor of the initiative. But the way petually optimistic about their of bad news, too. consider a bet on the U.S’s best-in- gig economy. For some, near-term the question is being posed could chances come November,investors Investors need to start process- class legacy carrier. Those expect- profitability targets likely hinge on tilt the odds in opponents’ favor. should take note: It is entirely possi- ing that the airline recovery will ing the winter to be kinder to air- the initiative’s passage. Per its title, Prop 22, “Exempts ble that one sentencecould at least take longer than they thought. The lines should think again. Thereclassification would be so app-based transportation and de- temporarily derail the whole Califor- resurgence of coronavirus cases —Jon Sindreu disruptivethat in August both Uber livery companies from providing nia operation. —Laura Forman P2JW288000-0-R00100-1------XA LEADERJOURNAL REPORSHIPT

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. We dnesday, October 14, 2020 | R1

Rank 2 Philips

APhilips CT scanner is refurbished beforebeing resold. JOURNAL REET ST LL WA THE R FO HUISMAN JORDI

hen Sony Corp.Chief view of sustainability, one which assesses ExecutiveKenichiro a company’s leadership and governance Yoshida took the helm practices for their ability to create value in 2018,hedeclared it The1 for shareholders over the long term. his mission to ensure Sony gotserious about sustain- the company’slong-term BY abilitymeasures in 2018 as Mr. sustainability. FABIANA Most Yoshida doubleddownongenerat- NEGRIN OCHOA, Mr.Yoshida stepped ing social value while maintaining W intothe role afterfour DIETER HOLGER, high profits at the company, says MAITANE yearsofsqueezing out ShiroKambe, the company’ssus- costsaschief financial officer,sohe Sustainably SARDON AND tainabilitychief.CoretoSony’s CATHERINE understood all of the challenges facing the strategy then and now, he says,is LINDSAY electronics,entertainment and financial- working to be part of the solution services giant. Aftertwo yearsoflosses,the Managed forsustainabilityrisksatlarge,and companyhad hit rock bottomin2014, the notjustfor issues it faceswithin the company. firstyear in itshistorythatitfailed to pay “For us to continue with this kind of business, the adividend, Mr.Yoshida says. planet and societymustbesustainable and healthy. Oth- NowSonyisatthe topofThe Wall Street Companies erwise,Sonycannotexist,” says Mr.Kambe. Journal’s list of the 100 most sustainably HardwaremakerslikeSonyare the mostcommon type managed companies in the world. This of businesses found in the WSJsustainabilityranking, ranking wasproduced by the Journal’s claiming 18 positions in the top100 list. Hardwarecompa- World nies tend to focus on businessareas thatour sustainabil- environment, social and governance in the research analysts,who assessed morethan ity-managementmeasures weigh heavily,such as supply 5,500publiclytraded businesses based on chain, materials sourcing and efficiency,and product design sustainability metrics in such areas as and lifecycle.The next mostheavily represented group, A new ranking by The Wall Street chemical makers, with 10 spots, includes Arkema SA and businessmodel and innovation, external Solvay SA.Semiconductor makerssuch as Intel Corp.and social and product issues,employeeand Journal that focuses on companies’ ability to create long-term Nvidia Corp.took sevenspots. workplaceissues,and the environment. Thanksinpart to strong disclosurepracticesand poli- The ranking’s methodology takes a broad shareholder value puts Sony at the top Pleaseturntothenextpage

Inside • • • Pandemic and Protests Leader’s Managing Risk Data Crunch In ayearof Way focus on employee Makersofsteel, Tough Task Solvay chief executive cementand other Companies are safety and diversity, heavygoods top rail­car maker ties her bonus to under pressure the chemical the table in the to report is No.1inhuman company’s10-year environment sustainability capital. R4 sustainabilityplan. R8 category. R3 numbers. R10 P2JW288000-0-R00200-1------XA

R2 | We dnesday, October 14, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | SUSTAINABLY MANAGED COMPANIES 1

Rank1 Sony Corp.

Kenichiro Yoshida, Sony’s CEO.

“Companies thatare managed cording to Cisco’smostrecent environmental impact of making in aresponsible and sustainable 2019 sustainabilityreport. one of its products—say, aleather way actually provide abetter re- The company received its high bag. Tatung and Kering were ranked turn and have fewermishaps WSJ ranking for supply-chain first and second, respectively,inthe TheTop 100 along the way,” says Frans van management, product design and businessmodel and innovation cat- Houten, chief executiveatPhilips data security. egoryofthe WSJranking, which NV,the Dutch health-technology Irving Tan, chief operating of- captures howcompanies integrate Sustainably company, which took the No.2 ficer at the SanJose,Calif.- environmental and social factors spotinthe Journal’sranking. basednetwork-equipmentpro- into their value-creation processes. Managed Philips takes back and resells vider,saysCiscoconducts an Manyofthe morethan two almost everymedical machine in ecological assessmentoftar- dozencorporateleadersinterviewed Companies its lineup,including costly diag- geted products,likepopular desk forthe overall ranking saytheir en- nostic and interventional equip- phones,routersand servers,to vironmental and social disclosures ment. It adoptedthis practicein learn whereitcan makethe big- and programs keep them ahead of Continuedfromthepriorpage the early 1990s both to extend gestdifference. Ciscosaysits the regulatory curve.Spain’s Melia $1,054 cies to manage their directenvironmental the lifeofthe equipment, through products aresimilar enough that Hotels International SA,which op- Assets,inbillions, impacts,heavy industryisalso well repre- refurbishment, and to offersome an assessmentdoesn’t have to erates morethan 400 destinations in sustainable sented.Companies ranked include Japanese customerslowerprices without be done foreach one. across40countries,isNo. 7inthe mutual funds and glassmaker AGCInc.atNo. 13,French con- compromising on quality. Newim- Mr.Tan says it is important to overall ranking mostly because of ETFsworld-wide struction materials maker Cie.deSaint- aging machines,for example,can payattention to whereacompany its environmental programs and at the end Gobain SA at No.20and oil-and-gas com- cost millions of dollars. canmakeanoutsizeimpact.In disclosurepolicies,including manag- of June 2020 panies Eni SpAand RoyalDutch Shell PLC Issues such as access and af- Cisco’scase,thatissourcing ma- ing energy,water and ecology at its at Nos.25and No.33, respectively. fordability, which the ranking ad- terials and making its products properties.Ithas invested more By country, U.S. companies took 23%of dresses under the heading “social morecircular—thatis, howre- than $15million in environmental the slots, followedbyJapan at 16%and capital,” areparticularly important source-efficient, durable,reusable, projects since2016. Franceat9%. By region, Asian and Euro- forcompanies likePhilips,inthe repairable and recyclable theyare. Alejandra Sierra De La Rosa, $460 pean companies each garnered 36%, North medical equipmentand supplies By 2025,Ciscosaysitwill have corporate responsibility manager Assets, in billions, American 26%and African 2%. industry. standards in placetomakesure at Melia, says strong sustainability The Journal research team’s assess- RefurbishedPhilips equipment all of its newproducts aremade policies save time and money in sustainable ments followedthe framework of the Sus- plays akey role in aclinic in Grand with circular design principles. when new regulations arrive. For funds world-wide tainabilityAccounting Standards Board, or example, a Spanish law has re- in 2015 SASB,which determines financial materi- quired sustainability reporting for Source: Morningstar alityofdatapoints foreach industry companies with more than 250 basedoncategories thatare considered ‘Companies that once upon a time were employees since 2018. reasonably likely to affectthe operating Ms.Sierrasayssome companies performanceofacompany. Those material afraid of transparency learned to had difficultymeeting the rule and categories were given greaterweightin embrace it,’ says a consultant. had to hirenew people,but Melia $40.5 calculating the aggregatescore thatdeter- had already been voluntarily report- Assets, in trillions, minedacompany’srank. ing thatinformation since2008. in mutual funds Each companywas scored by combining “Being ahead of the regulation is S and ETFs world- up to 165company-reported data items Rapids,Mich., whereJihad Mus- Ciscohas also required 80% of definitely acompetitiveadvantage,” NEW

wide that say they with an analysis of media coverage by tapha, acardiologist, treats pa- its suppliers—determinedbyits she says. G now use morethan 8,800 sourcesavailable via Fac- tients with heartand arterial dis- spending—toset emission-reduc- Investor pressureisabig rea-

sustainability data tiva,adatabase information serviceowned ease. In his office, Dr.Mustapha tion targetsby2025aspart of its son European companies do bet- OOMBER BL

from corporations by Wall Street Journalpublisher DowJones keeps aphotograph of one of his goal to cut 30% of its emissions teronenvironmental manage- V/ &Co. Artificial-intelligencesystems sup- patients, aproud father with his from its supply chain, which fall ment, says Leslie Samuelrich, KO to inform DA investment porting the ranking were co-developedwith daughteronthe dayofher wed- under so-calledscope 3emissions, presidentofGreen CenturyCapi- RU decisions data-service, advisoryand technology pro- ding. Dr.Mustapha and his imag- those coming from both the prod- tal Management, aBoston-based

vider Arabesque S-Ray, which also supplied ing machine helpedsave the ucts acompanysells and compa- investmentfirm thatisfocused ANDREY the companydatausedfor the scores. man’s leg, the doctor says.The nies in its supply chain. on climate change. Forall of the companies,transparency clinic boughtthe systemfor half “Theyneed to be part of the Ms.Samuelrich points to how waskey.Scoresreflect the amountofpub- the priceofanew one,hesays, solution with us,” Mr.Tan says. European moneyhas made up ONMENT): licly available information about each com- adding thatthe clinic couldn't Other companies,such as Tai- mostofinvestments into funds $13.3 (ENVIR

pany’spolicies,initiatives and performance have affordedanew one.The wanese electronics maker Tatung thathold stocksbasedontheir en- GE

Assets, in trillions, PA metrics—all of which canbeimportant indi- same systempurchasednew and Kering, the French luxury vironmental performanceoverthe

of funds that said ITE

cators of acompany’slong-term financial could cost as much as $2 million. house thatowns Gucci, also have pastfiveyears, according to fund OS they used performanceand the effects it could have At hardwarecompanies,some been working on quantifying envi- tracker Morningstar Inc. OPP sustainability data on the planet and people. of the mostfinancially important ronmental impacts through their “When companies knowinves- S;

from corporations John Bremen, managing directorofhu- sustainabilityissues aresourcing products’lifecycles. tors have specific environmental ex- NEW G in investment man capital and benefits at London-based of materials and data security. Kering has developedanapp pectations,theytend to improve decisions in 2012 consulting firm Willis Towers Watson PLC, Sony and Cisco Systems Inc., No. thatcan be usedtocalculate the their practices,” she says. OOMBER

Source: Opimas says he has spoken to manycompanies 3inthe ranking, both earnedhigh BL thatwonder whytheyaren’tincludedin scores in these areas. O/ anysustainabilityrankings.Hepoints to Both companies makedevices their lack of disclosures.Companies report- thatgather alot of information, Rank 25 ing moresustainabilitydatatypically find it so data securityisakey risk.For PIERDOMENIC

Eni SIA 90% beneficial, he says. Sony,outperformanceindatase-

of S&P 500 ALES “Companies thatonceupon atime were curitycame about the hardway. Part of a big companies afraid of transparency learnedtoembrace Aftersuffering bruising hacksin published contingent of

it,and theyactually found this quiteapow- 2011 and 2014,the companyre- heavy industry. JOURNAL; sustainability erful forcetohelp them evolve,” he says. vampedits security systems and REET

reports in 2019, up Indeed, making sustainability issues a became moreproactiveinguard- ST

from 20% in 2011 core part of business practices is a defin- ing againstpotential threats. LL Source: Governance & ing characteristic of the WSJ ranking. Cisco, in addition to addressing WA Accountability Institute THE

Around the world for the past decade, data-securityneeds, has tracked R

many corporations have built out sustain- the environmental impacts of se- FO A

ability-related programs, often in response lect productsovertheir lifecycles AD

to pressure from customers, employees, since2008:91% of the greenhouse FUK regulators and investors. Climate change emissions associatedwith its SHIHO

and inequality are among the biggest con- blade servers,for example,comes P: cerns, according to interviews with more from the servers’use,while 9% TO than two dozen officials at the top 100. comes from their manufacture, ac- OM FR P2JW288000-0-R00300-1------XA

THE WALL STREET JOURNAL. We dnesday, October 14, 2020 | R3 JOURNAL REPORT | SUSTAINABLY MANAGED COMPANIES

be necessary in the coming decades,” EnvironmentLeaders says Caroline Le Meaux, head of envi- Top10companies forenvironmental issues managementamong the WSJ ronmental, social and governance ranking of the world's 100 mostsustainably managedcompanies (ESG) research at Paris-based Amundi SA, Europe’s biggest money COMPANY INDUSTRY COUNTRY Who Is Best manager. “They can be part of the IRON &STEEL low-carbon future envisioned by 1. Ereğli Demir &Çelik Fabrikaları TURKEY PRODUCERS world leaders,” she says. IRON &STEEL At Managing Companies that scored highly in 2. Evraz U.K. PRODUCERS the Journal’s environment category MARINE include Turkey’s biggest maker of 3. EvergreenMarine TAIWAN TRANSPORTATION Environmental iron and steel, Ereğli Demir & Çelik IRON &STEEL 4. JFE Holdings JAPAN Fabrikaları TAS, at No. 1; London- PRODUCERS listed coal miner and steelmaker Risk CONSTRUCTION Evraz PLC, at No. 2; Japanese steel- 5. AGC JAPAN MATERIALS maker JFE Holdings Inc., at No. 4; and Japanese glassmaker AGC Inc., at 6. Genting HOTELS &LODGING MALAYSIA Heavy-goods makers lead No. 5. Taiwanese shipper Evergreen the way in this category Marine Corp., which scored well on 7. MeliaHotels International HOTELS &LODGING SPAIN management of air quality, green- CONSTRUCTION 8. HeidelbergCement GERMANY house-gas emissions and ecological MATERIALS impacts, took the No. 3 spot. CONSTRUCTION BY DIETER HOLGER 9. Siam Cement THAILAND “Manufacturers need to make a MATERIALS rapid shift to low-carbon and sustain- CONTAINERS 10. CrownHoldings U.S. cluster of makers of able products or risk obsolescence,” &PACKAGING heavy goods, from steel says Shaunak Mazumder, fund man- and cement to glass, ager at London-based investment Source:Wall Street Journal ESGresearch team, Arabesque S-Ray leads the companies rec- company Legal & General PLC. ognized this year for best The WSJ’s ranking is based on Apractices in managing en- more than 5,500 publicly traded com- financial firms have less exposure targetsin2012. The London-listed vironmental risk, according to a new panies around the world that met because they are in more of a sup- companyoperates in Russia, the U.S., ranking by The Wall Street Journal. disclosure standards and had policies porting role to those and other busi- Canada, CzechRepublic and Kazakh- It mightseemodd forsuch compa- in place on 26 sustainability catego- nesses, says David Parham, director stan. It has invested morethan $174 nies,heavy usersoffossil fuels,to ries defined by the Sustainability Ac- of research projects at SASB. Thus, million in projects to cut emissions rank so high. But these businesses,re- counting Standards Board. The board the costs and revenues of the heavy and boostenergy efficiency at its sponding to mounting regulation and is a nonprofit that works with com- manufacturers are more likely to be sites.Efforts include switching from pressurefrominvestors to go greener, panies and investors to create report- affected by environmental issues, coal to burning waste forpowerand areworking to find balancebetween ing standards that link sustainability and the companies are more likely installing collectorsofexcessgas.It environmental responsibilities,growth to financial performance. to encounter regulatory challenges. has plans to invest $50million for and profits. The ranking of the world’s The effects of heavy-goods mak- Those reasons drove these man- environmental worksthis year,ac- 100 mostsustainably managedcom- ers on the environment are consid- ufacturers to dominate the top cording to sustainabilityreports.It Rank 49 panies by Journal researchersseeks to ered by the SASB to be more finan- quarter of companies in the envi- says it achieved105.2%recycling of Evraz highlightcompanies thatare manag- cially significant than those of ronment category. waste from iron and steel production ing the mostfinancially significanten- companies in other industries, like In addition to companies already lastyear—topping 100% by recycling vironmental riskseffectively. technology and finance. While the named, Germany’s HeidelbergCe- material previously sent to dump The iron and steel producer is “Heavy goods are the backbone of former depend on direct usage of ment AG was No. 8, Thailand’s sites—up from 96.6%in2010. No.2onthe society and economic growth—nota- land and water and consume huge Siam Cement Ltd. was No. 9, and For steelmakers like Ereğli Demir environmentlist. bly in developing countries—and will amounts of energy, technology and Philadelphia-based metal-can maker and Evraz, coal remains a largely ir- replaceable ingredient in most steel furnaces, though electric-arc fur- naces that burn mainly scrap metal have gained ground. Evraz has five blast furnaces and four electric-arc furnaces, including one in Pueblo, Colo., that should run on solar power by the end of 2021 thanks to $285 million from investors and so- lar developer Lightsource BP. “There’s still no equal substitute for steel in infrastructure,” says Aleksey Ivanov, senior vice presi- dent of Evraz, in an email. Still, Evraz’senvironmental targets arelessaggressivethan those of Luxembourg’s ArcelorMittal and In- dia’s Tata Steel Ltd., says Tom Crocker,research analyst at climate- change-disclosurenonprofit CDP.The twosteelmakersdidn’t makethe WSJrankings due to poorer perfor- manceinother sustainabilityareas. Mr.Crocker also says Evraz’sfo- cus on efficiency upgrades is tooin- cremental. Compared with its peers, Evraz’scarbon-intensitytarget of be- lowtwo metric tons of carbon-diox- ide per metric tonofsteel is “highly unambitious” and “not in line with anyscience-basedtrajectoryand is very short term in nature,” he says. An Evraz spokesman says the steelmaker’s senior management held several discussions in March and June on its environmental pol- icy and climate change after the board requested they review the is- sues. In late June, he says the com- pany completed a climate-change CrownHoldings Inc. was No. 10. scenario analysis and mapped its The overall winner in the environ- risks and opportunities alongside its mental category, Istanbul-based impacts and mitigation efforts, Ereğli Demir, parent of steelmakers based on guidelines from the Mi- Erdemir and Isdemir, publicly tracks chael Bloomberg-backed Task Force its environmental footprint. Ereğli on Climate-Related Financial Disclo- Companies based in Asia have portfolios that reward and punish Demir, which declined to comment sures (TCFD) and the UN. increased disclosure and ESG poli- companies based on how they 72% for this article, says it has invested The move toward consistent sci- cies, mostly in response to de- manage ESG issues. of companies $675 million in the past three years ence-based climate targets and dis- mands from regional and global in- Investorsviewsustainabilityas saythey in sustainability, product develop- closures, which is the focus of CDP’s vestors, says Stefen Shin, principal acompany’sabilitytogenerate integrate ment, productivity, R&D, innovation and TCFD’s recommendations, is not investment officer for capital mar- strong businessresults while and environment-related projects. It explicitly incorporated in the WSJ’s kets and structured products at navigating the environmental and climate risk into also has planted tens of thousands scoring methodology, which focuses the social challenges its industry their business of trees since 2011. Energy-effi- on sustainability topics considered Asian Infrastructure Invest- strategy ment Bank in Beijing. facestodayand in the future, ciency upgrades saved nearly $29 material to a company’s finances, Some of the biggest Asian com- from supply-chain disruptions Source: CDP survey of million last year and helped cut according to the SASB framework. 6,707 companies panies in the ranking are South and increased frequency of ex- emissions, the company says in its The only U.S. companyinthe Korea’s LG Corp.’s subsidiary LG treme weather events to growing 2019 sustainability report. WSJenvironmenttop 10 is Crown, a Electronics, at No. 6, and semicon- competition to attract andretain The company has ties to the maker of metal packaging, including ductor company Samsung Elec- diversetalent. Turkish military and government. Its beverage and food cans,with more tronics, which landed at No. 28. “Whatwe’re trying to under- 18% single-biggest investor is Turkey’s than 200 plants across47countries. Mr.Shin says increased inter- stand is whether acompanyhas of companies in military pension fund, Oyak, with a Crownscoredhighly forits manage- estinsustainabilitybyAsian asustainable businessmodel or the WSJtop 100 stake of slightly more than 49%. ment of water, waste and air quality. companies wasbolsteredbyade- not,” says Andrew Howard,global ranking arein Oyak, a big investor in industries All of the electricity used by cision this year by the China Se- head of sustainable investmentat hardware, the across Turkey, says it is independent Crown’s beverage-container plants curities Regulatory Commission Schroders,aU.K.-basedasset mostofany from the military. Oyak was given in the U.S. and Canada will be fully to requirelistedcompanies to dis- manager. “Is this acompanythat industry opportunity to comment but didn’t matched by wind power this year as close more, and guidancefrom will be able to change and adapt respond in time for publication. it aims for total renewable energy authorities in Shanghai and Shen- and acompanythatwill be able “The methods by which heavy world-wide by 2050. The company zhen. In 2016, Hong Kong’sstock to thriveinthe world thatwewill goods areproduced and usedwill ul- also points to how metal is one of exchange also started requiring be in 10 yearsfromnow?” 10% timately impact our abilitytoreacha the most easily recycled materials. companies to report ESG data or low-carbon state,” says Jordan Farris, John Rost,vicepresidentofsus- explain whytheycouldn’t. Ms.Negrin Ochoa is aWall Street of companies head of exchange-tradedfunds at in- tainabilityand regulatory affairsat As companies in Asia “wake up” JournalreporterinSingapore; email areinchemicals, vestmentfirm NuveenLLC. Crown, says it is much easier to recy- to the imminent physical dangers [email protected]. Mr. the No.2 The Chicago-basedmoneyman- cle metal packaging than plastic or of climate change, such as more Holger and Ms.Sardon areJournal industry ager holds Ereğli Demir in its Nuveen glass since there is more infrastruc- typhoons and rainfall, says Mr. reporters and Ms.Lindsay a Source: Wall Street ESG Emerging MarketsEquityETF,a tureinplaceand the material staysin Shin, there is a pressing need for Journal publishing editor,all in Journal ESG researchers $46 million fund invested in compa- better shape for reuse. those companies “to tackle ESG Barcelona. Theycan be reachedat nies basedontheir environmental, and sustainability issues.” [email protected], social and governancepractices. Mr. Holger is a reporter for The Globally, trillions of dollars have [email protected] and EvrazPLC,No. 2inthe global en- Wall Street Journal in Barcelona. flowed into investment funds and [email protected]. vironmentranking, first setgreen Email [email protected]. P2JW288000-0-R00400-1------XA

R4 | We dnesday, October 14, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | SUSTAINABLY MANAGED COMPANIES

chief talent officer at Ariel Invest- ments, a Chicago asset-manage- ment firm. “The benchmark is your workplaces have to be safe for not only your employees but potential guests and visitors. So companies In theSpotlight in 2020 have been quick to pull together frameworks for that.” THE WSJ Ebara, a Japanese machinery Healthand manufacturer and No. 2 in the hu- man-capital category, created new measures to limit employees’ expo- Safety Issues sure to the virus, says Shu Nagata, executive officer at the firm’s corpo- rate strategic-planning and human- A French manufacturer Wall Street Journal research analysts’ resources divisions. TP takes the No. 1 spot in new ranking of the world’s 100 most Sincereopening factoriesinJuly, the rankings’ human- sustainably managed companies—Al- Ebarasays, it has implementedstag- stom SA and Ebara Corp.—earned gered working hoursand shifts, daily capital category stellar marks for employee health temperaturechecksand physical re- and safety. The ranking from the organization of communal spaces for Journal’s ESG research team scored those unable to work from home. more than 5,500 publicly traded busi- Ebara also has expressed a com- 1 BY CATHERINE LINDSAY nesses on 26 sustainability catego- mitment to increasing work-life bal- ries defined by the Sustainability Ac- ance for its employees and reducing he “S” in ESG investing counting Standards Board, a overworking, identified by the Japa- has grabbed the spotlight reporting framework. nese government as a systemic is- this year as two major Human capital encompasses the sue. Reducing overworking was a he Wall Street Journal’s social issues, the corona- managementofemployees and con- focus for three other Asian compa- ranking of the world’s virus pandemic and un- tractorstodeliver long-term value,ac- nies that made the top 10 for hu- most sustainablyman- rest over racial justice, cording to SASB.This includes three man capital: Sekisui Chemical Co. at aged companies was Thave taken hold in the categories:labor practices,employee No. 4, KPJ Healthcare Bhd at No. 5 based on areviewof U.S. and abroad. health and safety,and employeeen- and Omron Corp. at No. 6. morethan 5,500publicly Employee health and safety, as gagement, diversityand inclusion. traded companies around well as diversity and inclusion, have Eight of the top 10 companies in been catapulted to the fore of envi- the WSJ’s human-capital subranking Power of Transparency the world thatmet dis- ronmental, social and governance scored well on health and safety. Two other companies in the human- closurestandards for (ESG) issues in recent months, says “What 80% of the clients we capital top 10 earned high marks for T data showing whatpro- John Bremen, managing director of polled said is that they saw that employee engagement, diversity and grams,policies and per- human capital and benefits at Willis Covid really has the potential to be- inclusion. They were U.K.-based in- formancemetrics theyhaveinplacefor sev- Towers Watson PLC, a London-based come an ESG risk factor,” she says. formation-solutions and data-ana- eral keysustainability dimensions,including risk management, insurance broker- Alstom, aFrench manufacturer of lytics provider RELX PLC and KPJ environment, human capital (internal em- age and advisory company. railway vehicles and No.1inthe hu- ployee and workplaceissues),social capital “I think that both the pandemic man-capital categoryofthe WSJ (external social and product issues),and busi- and the subsequent social unrest ranking, says the pandemic-related nessmodel/innovation. have caused a tide change in compa- shutdowns significantly disruptedits nies’ approach and reaction” to these business.Inresponse,the companyin- 34 Each companywas scored by combining up issues, he says. creased work flexibilityand remote- Rank to 165company-reporteddataitems with an The importance of human capital work options acrossthe organization, analysis of media coverage by morethan was highlighted in a 2019 report from says Anne-Sophie Chauveau-Galas, Alstom 8,800 sourcesavailable via Factiva, adatabase the Society for Human Resource senior vicepresidentfor human re-  Rail-car firm is tops in human capital information serviceowned by Wall Street Journal publisher DowJones &Co. Thescores were createdusing ahybrid approach that combined artificial intelligencewith human validation by the Journal’s environment, so- cial and governanceresearch team. Thescorestakeabroad viewofsustainabil- ity thatassesses acompany’sability to create value over the long term, using criteria con- sidered most financiallyrelevant as defined by the Sustainability Accounting Standards Board(SASB), anonprofit organization that works with companies and investorstocreate aframework forreporting on sustainability. To qualifyfor the ranking,companies needed to have publiclydisclosed aminimum of 20 material data inputswith at least two inputs per financiallymaterial category in their pub- lic disclosures reportedsince2018. The100 most sustainablymanaged compa- nies were those with the highest overall scores,combining the values forthe main di- mensions.Onlycompanies on the top100 list were considered forthe subrankingsonenvi- ronment, human capital, social capital, and business model/innovation. Rating high in a subranking wasaresult of the sustainability category being financiallymaterial forthat company’sindustry, and the companyhaving best-in-classprograms,policies and disclosure of performancemetrics. Acompany’sindustry wasbased on SASB’s Healthcare Bhd, a Malaysian pro- Human-Capital Leaders Sustainable Industry vider of health-care services. Top10companies foremployeeand workplaceissues managementamong the Classification System. WSJranking of the world's 100 mostsustainably managedcompanies At RELX, women hold four of the 10 board positions and 42% of man- Theartificial-intelli- COMPANY INDUSTRY COUNTRY agement jobs, according to a 2019 gencesystems support- company report. The firm, which ingthe Journal’s rank- INDUSTRIAL MACHINERY 1. Alstom &GOODS FRANCE ranked third for human capital, says ing were co-developed its 33,000-strong workforce is split INDUSTRIAL MACHINERY with data-service, advi- 2. Ebara &GOODS JAPAN evenly between men and women. soryand technology Now, RELX says it is working on PROFESSIONAL & provider Arabesque S- 3. RELX U.K. a plan to promote racial justice and COMMERCIAL SERVICES RayGmbH, which also equality more effectively. “We’ve 4. Sekisui Chemical HOME BUILDERS JAPAN started with some concrete steps,” supplied the company says Henry Udow, acting head of data used forthe scores. 5. KPJHealthcare HEALTH CARE DELIVERY MALAYSIA global human resources. “For in- Reprints Arabesque S-Rayisma- stance, each of our four major busi- jority-owned by invest- INDUSTRIAL MACHINERY To repurpose this 6. Omron JAPAN &GOODS ness areas has appointed an execu- logo and content, ment group Arabesque, tive sponsor on race.” visit wsj.com/ INDUSTRIAL MACHINERY sustainability-reprints with minority share- 7. GeorgFischer SWITZERLAND &GOODS RELX also has disclosed that its for more information. holdersincluding Alli- U.S. workforce is 68% white, 12% INDUSTRIAL MACHINERY anzXGmbH, Commerz 8. Caterpillar U.S. &GOODS Asian, 9% Black, 5% Hispanic and 6% Real AG,DWS Group, other or unknown, and that 80% of ENGINEERING & 9. GS Engineering &Construction SOUTH KOREA Heleba Digital GmbH CONSTRUCTION SERVICES its managers had received uncon- scious-bias training. and the German stateofHesse.Neither the 10. Mahindra&Mahindra AUTOMOBILES INDIA KPJ Healthcare, in its 2019 sus- Journal nor DowJones owns anyshares in tainability report, said women make ArabesqueS-Ray or Arabesque Group. Source:Wall Street Journal ESGresearch team, Arabesque S-Ray up 75% of its workforce, 23% of its Theranking scores were createdaccording executive committee and 8% of its to the standards and specifications of the Management, which said one-fifth of sources and environment, health, directors. It also reported progress Journal, which is solelyresponsible forthe Americans reported having left a job safety and sustainable development. in reducing its gender-pay gap. ranking and scores. due to workplace culture, and a quar- Alstomalso implemented“crisis cells,” Many investors say that such Formoreinformation on the ranking meth- ter didn’t feel safe voicing their opin- or teams of people,atevery levelof disclosures tend to spur action. GES odology,pleasevisit wsj.com/sustainability.

ions and didn’t feel valued at work. the organization to ensuresafework- “If youreport on something, IMA Over the past five years, the cost of ing conditions,frequently adjusting you’re notgoing to report on zero

turnover due to culture is estimated policies as regulations changed. activity.Sothatmeansyou generally GETTY at $223 billion, according to the Bu- When production resumed in aregoing to start some inclusion SE/ reau of Labor Statistics and the Cen- April, regular workstation disinfection, practices,” says Kristin Hull,founder

ter for American Progress, a liberal provision of personal protective and CEOofNIA Impact Capital, a ANCE-PRES

research and advocacy agency. equipment, organizational adjust- women-ledimpact investing firm. FR

ments and changes to shifts were ENCE

implemented to lower the risk of in- Ms. Lindsay is an ESG investing AG Focus on safety fection, the company says. publishing editor for The Wall

The two companies that scored high- “This global pandemic situation is Street Journal in Barcelona. Email HUGUEN/ est for human-capital management in new for all of us,” says Marlo Gaal, her at [email protected]. PHILIPPE P2JW288000-0-R00500-1------XA

THE WALL STREET JOURNAL. We dnesday, October 14, 2020 | R5 JOURNAL REPORT | SUSTAINABLY MANAGED COMPANIES

Business Human Social Model & Country Overall Environment Capital Capital Innovation Rank Company Industry Of Domicile Score Rank Rank Rank Rank

1 Sony Hardware Japan 78.8 74 13 20 7 2 Philips Medical Equipment & Supplies Netherlands 78.6 75 82 423 3Cisco Systems Hardware U.S. 78.0 70 34 32 5 4 Merck KGaA Biotechnology & Pharmaceuticals Germany 77.5 80 28 149 5Iberdrola Electric Utilities & Power Generators Spain 77.1 17 42 44 82 6 LG Electronics Hardware South Korea 76.9 89 67 16 4 7 Melia Hotels International Hotels & Lodging Spain 76.3 7688636 8HP Hardware U.S. 76.3 79 23 22 11 9 Georg Fischer Industrial Machinery & Goods Switzerland 76.2 48 78212 10 Sekisui Chemical Home Builders Japan 76.0 38 48930 11 Arkema Chemicals France 75.9 15 55 63 55 12 Ericsson Hardware Sweden 75.7 99 26 30 8 13 AGC Construction Materials Japan 75.5 5417266 14 Genting Hotels & Lodging Malaysia 75.5 6448441 15 Bank of Montreal Commercial Banks Canada 75.2 88 95 363 16 CSX Rail Transportation U.S. 75.2 25 16 94 96 17 Mahindra & Mahindra Automobiles India 75.1 77 10 23 21 18 Xerox Holdings Hardware U.S. 75.0 82 31 24 18 19 Caterpillar Industrial Machinery & Goods U.S. 75.0 51 88119 20 Cie. de Saint-Gobain Construction Materials France 74.8 13 48 73 56 21 Nestlé Processed Foods Switzerland 74.7 55 80 18 34 22 CLP Holdings Electric Utilities & Power Generators Hong Kong 74.7 35 25 45 84 23 Saipem Oil & Gas – Services Italy 74.7 24 39 85 92 24 Siam Cement Construction Materials Thailand 74.5 9538065 25 Eni Oil & Gas – Exploration & Production Italy 74.4 32 50 53 82 26 Kering Apparel, Accessories & Footwear France 74.3 97 90 56 2 27 Motorola Solutions Hardware U.S. 74.2 90 39 28 16 28 Samsung Electronics Hardware South Korea 74.2 77 71 25 10 29 Telus Telecommunication Services Canada 74.1 62 77 15 53 30 ABB Electrical & Electronic Equipment Switzerland 73.9 53 94 41 33 31 Texas Instruments Semiconductors U.S. 73.5 37 31 66 42 32 Gildan Activewear Apparel, Accessories & Footwear Canada 73.4 93 97 33 6 33 Royal Dutch Shell Oil & Gas – Exploration & Production Netherlands 73.3 22 73 50 87 34 Alstom Industrial Machinery & Goods France 73.3 45 17539 35 Total Oil & Gas – Exploration & Production France 73.2 33 69 58 89 36 Canon Hardware Japan 73.2 71 76 17 17 37 HeidelbergCement Construction Materials Germany 73.2 8438671 38 Brother Industries Hardware Japan 73.1 85 95 21 15 39 Evergreen Marine Marine Transportation Taiwan 73.1 3189797 40 Casino Guichard-Perrachon Food Retailers & Distributors France 73.0 46 72 10 70 41 Umicore Chemicals Belgium 72.9 26 74 69 67 42 Faurecia Auto Parts France 72.9 42 87 55 43 43 Johnson & Johnson Biotechnology & Pharmaceuticals U.S. 72.9 81 46 254 44 Omron Industrial Machinery & Goods Japan 72.7 61 68824 45 Stepan Chemicals U.S. 72.7 44 47 45 91 46 Kyocera Hardware Japan 72.7 87 14 78 3 47 Air Products & Chemicals Chemicals U.S. 72.6 16 63 61 75 48 Intel Semiconductors U.S. 72.6 36 28 76 45 49 Evraz Iron & Steel Producers U.K. 72.6 2219677 50 China Steel Iron & Steel Producers Taiwan 72.5 12 35 90 51 51 YTL Corp. Electric Utilities & Power Generators Malaysia 72.5 20 28 54 86 52 Solvay Chemicals Belgium 72.5 26 52 67 74 53 Seplat Petroleum Development Oil & Gas – Exploration & Production Nigeria 72.4 43 24 79 100 54 Chemical Co. of Malaysia Chemicals Malaysia 72.4 49 20 62 90 55 Investec Commercial Banks U.K. 72.4 93 81 961 56 Ushio Semiconductors Japan 72.3 18 22 91 47 57 JFE Holdings Iron & Steel Producers Japan 72.3 4589269 58 Taiwan Semiconductor Manufacturing Semiconductors Taiwan 72.3 31 37 83 46 59 Konica Minolta Hardware Japan 72.3 72 70 19 26 60 KPJ Healthcare Health Care Delivery Malaysia 72.2 47 55757 61 Wacker Chemie Chemicals Germany 72.2 26 65 71 80 62 Linde Chemicals U.K. 72.2 50 62 47 72 63 RELX Professional & Commercial Services U.K. 72.1 90 3894 64 Juniper Networks Hardware U.S. 72.1 84 31 29 27 65 Facebook Internet Media & Services U.S. 72.1 59 56 13 94 66 Ebara Industrial Machinery & Goods Japan 72.1 57 29528 67 SAP Software & IT Services Germany 72.0 65 19 11 81 68 Apple Hardware U.S. 72.0 96 64 35 14 69 Randstad Professional & Commercial Services Netherlands 71.9 100 12 799 70 IRPC Oil & Gas – Refining & Marketing Thailand 71.9 23 49 98 68 71 STMicroelectronics Semiconductors Switzerland 71.8 40 17 64 52 72 Citigroup Commercial Banks U.S. 71.8 92 83 662 73 Industria de Diseno Textil Apparel, Accessories & Footwear Spain 71.7 95 87 38 9 74 Norfolk Southern Rail Transportation U.S. 71.7 33 61 99 98 75 Tatung Hardware Taiwan 71.7 83 84 93 1 76 Geberit Building Products & Furnishings Switzerland 71.7 68 98 31 25 77 TOTO Building Products & Furnishings Japan 71.6 69 79 43 12 78 International Business Machines Software & IT Services U.S. 71.6 60 75 14 76 79 Hitachi Ltd. Electrical & Electronic Equipment Japan 71.6 52 90 40 38 80 Lonza Group Chemicals Switzerland 71.5 19 54 65 78 81 Sasol Oil & Gas – Exploration & Production South Africa 71.5 21 38 49 78 82 Obayashi Engineering & Construction Services Japan 71.5 56 14 42 60 83 Maxim Integrated Products Semiconductors U.S. 71.4 29 11 77 64 84 Ereğli Demir & Çelik Fabrikaları Iron & Steel Producers Turkey 71.4 151100 84 85 Schneider Electric Electrical & Electronic Equipment France 71.4 39 78 48 44 86 LG Household & Health Care Household & Personal Products South Korea 71.4 63 92 39 32 87 Toshiba Electrical & Electronic Equipment Japan 71.4 54 87 60 35 88 Bayer Biotechnology & Pharmaceuticals Germany 71.4 76 36 558 89 Steelcase Building Products & Furnishings U.S. 71.3 64 99 37 31 90 Eastman Chemical Chemicals U.S. 71.3 30 59 52 59 91 Lenovo Group Hardware Hong Kong 71.3 85 92 27 20 92 GS Engineering & Construction Engineering & Construction Services South Korea 71.3 66 95940 93 Crown Holdings Containers & Packaging U.S. 71.3 10 100 51 73 94 Infosys Software & IT Services India 71.2 66 44 12 93 95 Eramet Metals & Mining France 71.2 14 60 74 88 96 Acer Inc. Hardware Taiwan 71.2 98 56 34 22 97 Fujikura Hardware Japan 71.2 73 66 26 29 98 Nvidia Semiconductors U.S. 71.1 40 27 68 48 99 Amorepacific Group Household & Personal Products South Korea 71.1 58 84 36 37 100 International Paper Containers & Packaging U.S. 71.1 11 86 69 50 Source: Wall Street Journal ESG research team, Arabesque S-Ray P2JW288000-0-R00600-1------XA

R6 | We dnesday, October 14, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | SUSTAINABLY MANAGED COMPANIES 1 Leading theWa y Innovation Leaders Top10companies forbusinessmodel and innovation among the WSJranking of the world's 100 mostsustainably managedcompanies

In Innovation COMPANY INDUSTRY COUNTRY

1. Tatung HARDWARE TAIWAN The top companies come in two forkey sustainabilitycategories de- APPAREL,ACCESSORIES 2. kinds: tech hardware and electronics, finedbythe SustainabilityAccounting Kering &FOOTWEAR FRANCE or clothing and footwear Standards Board, anonprofit that workswith companies and investors 3. Kyocera HARDWARE JAPAN to create reporting standards thatlink sustainabilitytofinancial performance. 4. LG Electronics HARDWARE SOUTH KOREA BY MAITANE SARDON Those categories include environment, human capital (internal employeeand 5. Cisco Systems HARDWARE U.S. ering, theFrench luxury-goods conglom- workplaceissues), socialcapital (ex- APPAREL,ACCESSORIES 6. eratethatowns Gucci and Balenciaga, ternal social and product issues)and Gildan Activewear &FOOTWEAR CANADA says it cantrace to their origins nearly businessmodel/innovation. 90% of the materials usedbyits many Seven of the top 10 companies for 7. Sony HARDWARE JAPAN brands.The companymeasures and business model and innovation are monitors the environmental impact of its designers and producers of technol- 8. Ericsson HARDWARE SWEDEN K supply chain and operations,and pub- ogy hardware and electronics. The APPAREL,ACCESSORIES 9. Industria de Diseno Textil SPAIN lishes its findings in an environmental profit-and-loss other three are clothing and footwear &FOOTWEAR statement, which assigns amonetary value to the makers. According to SASB, more environmental footprintofits products like leather than half of the sustainability catego- 10. Samsung Electronics HARDWARE SOUTH KOREA bags or cashmeresweaters. ries that are most relevant for these Similarly, Tatung, a Taiwanese conglomerate Source:Wall Street Journal ESGresearch team, Arabesque S-Ray whose products range from rice cookers to smart meters, has been analyzing its entire value chain— everything from the conception to the distribution sourcing its cashmere from were The company achieved 88% trace- of its products—and disclosing the carbon footprint Kering’s data grazing their goats in a way that ability for its key raw materials in of all its products since 2010. was harming the Mongolian steppe. 2019, she says. These are the kinds of sustainability-focused ini- showed a problem Kering is working with the Wildlife She says the luxury house has tiatives that landed Tatung and Kering on The Wall in goat herding. Conservation Society, the National put sustainability at the heart of its Street Journal’s new ranking of the 100 most sus- Aeronautics and Space Administra- strategy because it is essential for tainably managed companies in the world, as well tion and Stanford University to the continuity of the business and as among the top 10 in the business model and in- teach Mongolian herders good land- because younger consumers, who novation subranking. Tatung claimed the top spot in management practices such as ro- have become core clients for the in- the subranking and is ranked 75th overall. Kering industries are under business model tating goats among pastures to al- dustry, are “very sensitive” to envi- landed at No. 2 in the business model and innova- and innovation. low the grassland to renew itself. ronmental and social issues. tion subranking and No. 26 overall. Stakeholder pressure has prompted “Every brand uses the EP&L to Other apparelfirms thatranked The ranking from the Journal’senvironment, so- companies in these industries to get find out what is their biggest envi- high forbusinessmodel and innova- cial andgovernance(ESG)research analystslever- to the bottom of their supply chains. ronmental impact, and then they de- tion are Gildan Activewear,aCana- agedartificial intelligencetoevaluate morethan Thanks to the data Kering collects cide to work on the raw materials dian apparel manufacturer,and In- 5,500 publicly tradedcompanies around the world. It to produce its environmental profit- and production processes,” says Ma- dustria de Diseno Textil,the Spanish is basedondatashowing whatprograms,policies and-loss statement, the company rie-Claire Daveu, chief sustainability fast-fashion giantthatowns the re- and performancemetricscompanies have in place found that some of the herders it was officer at Kering. tailer Zara. Theyclaimedthe No.6 and No.9spots, respectively,for this category. Gildan Activewear,aMontreal- basedcompanythatsells activewear to wholesale distributorsand brands, owns and operates mostofthe facili- ties it uses to produceclothing. It says it spins its ownyarns and as- sembles and distributes all the gar- ments. Gildan is ranked No.32over- all in the Journal team’s ranking. “Our verticallyintegratedmanufac- turing model means we have direct controloveralmostall of our Tier 1, 2, and 3supply processes,enabling us to uncoveroperational and resource efficiencies thatmore-decentralized value chains canrarely achieve,” says Claudia Sandoval, vicepresidentof corporatecitizenship at Gildan. Tech hardwarecompanies face challenges including reducing waste and minimizing the amountofnatu- ralresourcesthatgointotheir prod- ucts,while making surethese are sourcedresponsibly. Tatung, forexample,saysitrecy- cles 72%ofall the waste it generates with its activities.The companysays Rank 26 in its 2019 corporatesocial-responsi- Kering bilityreport thatitprefers to pur- chase materials from local suppliersin AGucci store in Taiwan to “support local businesses China. Kering, and to fulfill asocial responsibility.” Gucci’sowner,is No.2ininnovation. Ms. Sardon is a Wall Street Journal reporter in Barcelona. Email [email protected].

acompany’sperformance. value” approach. Social initiatives Surprise Winners BY FABIANA NEGRIN OCHOA Pharmaceutical, biotechnology such as the program to eliminate and banking businesses dominated schistosomiasishave aripple effect It might seem counterintuitive the topofthe social-capital list, led of benefits forMerck,which wasNo. In Social Capital that Merck KGaA,aGerman sci- by Merck.U.S.conglomerate John- 1inthe social-capital ranking. The enceand technology companywith son&Johnson,BMO and German companyhelpeddevelop atreatment amarket value of about $67billion, science-and-biotech group Bayer forthe disease with Bayerand the Pharmaceutical, biotech and banking companies sit would payattention to aneglected AG all ranked in the topfive, with World Health Organization in the at the top of the rankings in this category tropical disease calledschistosomia- banking giant Citigroup Inc.insixth 1970s, and since2007has taken part sisthatmostly affects poor andru- and financial-services group In- in further efforts to combatit. ralcommunities. vestec PLC, dually listedinSouth Forinstance, in July it joined Similarly,providing financial ser- Africaand the U.K.,inninth. with acompanyownedbyJ&J to vices to underservedparts of the develop adiagnostic tool to im- Social-Capital Leaders population mightnot be the most prove the detection of schistosomi- Going local Top10companies forsocial and product issues managementamong the WSJ obvious growth strategy for Bank asis andsoil-transmittedhelminthi- ranking of the world's 100 mostsustainably managedcompanies of Montreal,aCanadian banking The topcompanies all scored highly asis,another tropical disease. and financial-services companywith in access and affordability—one of COMPANY INDUSTRY COUNTRY about $740 billion in assets under sevenareas SASB uses to judge managementasofJuly 31. companies’social capital. Strong relationships BIOTECHNOLOGY& 1. Merck KGaA GERMANY PHARMACEUTICALS Both companies found thatserv- Pharmaceutical companies shone Social initiatives “help us build ing local communities—and burnish- in customer welfare, while financial strong businessrelationships by BIOTECHNOLOGY& 2. Johnson &Johnson U.S. PHARMACEUTICALS ing their reputations as socially re- companies nettedtop marksindata strengthening Merck’s image as a sponsible businesses—pays off. security,two of the other areas reliable partner,” Mrs. Wicklandt 3. Bank of Montreal COMMERCIAL BANKS CANADA These efforts helpedland Merck SASB considersfinancially signifi- says,noting thatinvestors arein- and BMO among the top100 com- cant forthese industries.The re- creasingly watching companies’so- MEDICAL EQUIPMENT 4. Philips NETHERLANDS &SUPPLIES panies in The Wall Street Journal’s maining social-capital areas arehu- cietal impact. new ranking of the world’smost man rights and communityrelations; As Covid-19 sharpens the focus BIOTECHNOLOGY& 5. Bayer GERMANY PHARMACEUTICALS sustainably managedcompanies. customer privacy;product quality on howcompanies shoulder social The ranking is basedonascor- and safety;and selling practices and responsibility, investorswill be look- 6. Citigroup COMMERCIAL BANKS U.S. ing systemthatJournal research product labeling. ing forcorporations to be moreac- analysts used to comparemore Creating value forlocal commu- tive on issues likeaccess to health PROFESSIONAL & 7. Randstad NETHERLANDS COMMERCIAL SERVICES than 5,500 publicly tradedcompa- nities while also generating value care and to avoid reputational or reg- nies world-wide in areas including forstakeholderswas akey theme ulatory disputes,saysMaria Ortino, PROFESSIONAL & 8. RELX U.K. COMMERCIAL SERVICES social capital, the environment, hu- among the companies thatdid the global environmental, social and cor- man capital and businessmodel/in- bestinsocial capital—broadly de- porategovernancemanager at Legal 9. Investec COMMERCIAL BANKS U.K. novation, following the framework finedaswhatacompanycontrib- &General InvestmentManagement. of the SustainabilityAccounting utes to society in return forali- FOOD RETAILERS 10. CasinoGuichard-Perrachon FRANCE GES &DISTRIBUTORS Standards Board, anonprofit that cense to operatewithin it. Ms.Negrin Ochoa is aWall Street defines sustainabilitycategories Merck’s head of corporateaffairs, JournalreporterinSingapore. Email IMA Source:Wall Street Journal ESGresearch team, Arabesque S-Ray thatare likely to significantly affect PetraWicklandt,calls it the “shared [email protected]. GETTY P2JW288000-0-R00700-2------XA

THE WALL STREET JOURNAL. We dnesday, October 14, 2020 | R7

SpecialSpecialAdAdvertisingvertising SectionFeature Dip Your ToeinSI

Interest in Sustainable Investing (SI) is rising, especiallyfor High NetWorth Individuals, affluent Millennials and HENRYs (High Earners, NotYet Rich). Some 70% of surveyed investors expressed interest in SI solutions1.But how to go about it? Can you invest sustainablyand achieve financial returns?Discover how to get started with SI.

oreinvestors areexpressing interest in KNOW YOUR OBJECTIVES NO SACRIFICE ON RETURNS sustainable investing but theyaren’tsure Investors don’t need to knoweverything about Basedonour research and looking at ESG returns wheretostart. Howtosortthroughall sustainability or about investing. What theydoneed across the board, thereare nowenoughassetclasses Mthe data about environmental, social and to knoware their sustainability objectives, how and strategies to create diversifiedsustainable governance(ESG)criteria?Which sourcestotrust? much risk theywanttotakeand which assetclasses investmentportfolios thatproducecomparable What kinds of assets? Howtotrulymakeadifference? theywanttoinvest in, Ms. Seimen-Howatsays. returns to conventional investing. “There’sabsolutely While it mayseemoverwhelming, the good news The universe of sustainable assetclasses continues no sacrificeonreturns with sustainable investing,” is thatsustainable investing is, in manyways, just to expand, currentlydominatedbyequities, Ms. Seimen-Howatsays. Much of the reason comes investing. We believe youcan build apersonalized followedbyfixed income, likegreen bonds, and down to risk management—companies thatscore portfolio thatreflectsyour values and doesn’t with alternatives likeprivateequity,hedge funds well on ESG tend to be better run and payattention sacrificeonreturns. That’sbecause sustainable assets and structured products becoming increasingly to the other details of their businesses, lowering their arehighlydiversifiedand tend to be highinquality2. important. Youcan constructaportfolio of individual tail-risk. “They’re quality companies,”she says. stocks or bonds or buysustainable mutual funds or We believe highassetquality and reduced volatility DIPYOURTOE IN SI exchange-tradedfunds. Engagementstrategies are explain whysustainable strategies have reachedover Agrowing number of consumers arevoting with particularly interesting, because fund managers $30 trillion. “Inthe long run, it canhelp protect a their pocketbooks in favorofsustainability,choosing directly engagethe managementofcompanies by portfolio,”she says. products and services thatrespect the environment, The wealth of ESG data, however, canleadindividual society and good corporategovernanceaswitnessed investors astray if theytry to go alone. “Thereare by the factthatsustainability-marketed products morethings thatfeed into the evaluation,”Ms. accountedfor half the growth in sales of consumer “Therewon’t be a Seimen-Howatsays. “It’samix of financials plus packaged goods overthe fiveyears to 20183.Young ESG plus business expertise. Which assetisbetter people with robust incomes—including Millennials, difference between sustainable than another is not alwaysabinaryblack and white.” HENRYs (High-Earning, NotRich Yet) and Gen Z— and traditional investing. Investors in the near futurewon’t eventalk about might also want to invest their moneyinsustainable sustainable investing, Ms. Seimen-Howatpredicts. assets. Butwheretostart? Everything will be sustainable.” “Therewon’t be adifferencebetween sustainable and Think about the environmental, social and governance traditional investing. Everything will be sustainable.” (ESG)issues thatcompanies might facebeforeyou decide on your investments. Youcan also choose ExplorExploremoreat:t: www.wsj.com/ubs assets thatmight help solve some of the most pressing partners.wsj.com/ubs/sustainable-investing/ challenges in the world, especiallyinthe realms of joining their boards and/orusing proxyvoting to 1 climate change, water scarcity,pollution and waste, steer them toward moresustainable practices and https://blueandgreentomorrow.com/invest/70-of-inves- tors-interested-in-sustainability/ people, products and services and governance. It’s open adialogue forfurther progress. Choosing any 2 «Sustainable investing after Covid-19» UBS, May2020 calledsustainable investing. of these options would enable youtodip atoe into sustainable investing, without significantlyaltering 3 https://hbr.org/sponsored/2019/11/is-sustainable-invest- “I think it’s common sense,”saysMichaela Seimen ing-moving-into-the-mainstream your existing portfolio. Howat, Sustainable Investing Strategist, Chief 4 https://www2.deloitte.com/us/en/insights/topics/so- InvestmentOffice at UBS. “Sustainable investing aims Sustainableinvesting uses differentstrategiesto cial-impact/going-from-good-to-great.html forthe same thing as traditional investing: returns. You achieve investors’ goals. Exclusionisthe oldest want to look at every possible factor thatcan impact strategy—withholdinginvestmentfromcompanies returns. Today, it is estimatedthat80% of companies’ whosebusinesses an investor is strongly opposed value is in intangibles4,” likebrand and reputation—the to.Integration uses ownership as leverage to signal very things thatare negativelyaffected by scandals to companiesthattheyare doingwellorneed to around environmental practices, workplaceand continue to improve. Impact investingisthe most supplychain or bad accounting. “Sustainable investing hands-on approach,givinginvestors “the possibility provides additional waystocaptureand assess this to measureand verify theimpactachievedwith information to improve investmentanalysis.” everyinvesteddollar,”Ms. Seimen-Howat says.

The value of investments mayfall as well as rise and youmay notget back the amountoriginally invested. Past pe;ormance is notareliable indicatoroffutureresults. Forindicativepurposesonly. ESG/Sustainable Investing Considerations: Sustainable investing strategies aim to consider and in some instances integratethe analysis of environmental, social and governance (ESG)factors into the investmentprocessand poXolio.Strategies acrossgeographies and styles approach ESG analysis and incorporatethe findings in avariety of ways. Incorporating ESG factorsorSustainable Investing considerations may inhibit the poXolio manager’s abilitytopaYicipate in ceYain investmentoppoYunities thatotherwise would be consistentwith its investmentobjective and other principal investmentstrategies. The returns on apoXolio consisting primarily of ESG or sustainable investments may be lower or higher than apoXolio wheresuch factorsare notconsidered by the poXolio manager.Because sustainabilitycriteria can exclude some investments, investorsmay notbeable to take advantage of the same oppoYunities or market trends as investorsthat do notuse such criteria. Companies may notnecessarily meethigh peZormance standards on all aspects of ESG or sustainable investing issues; thereisalso no guaranteethatany company will meetexpectations in connection with corporate responsibility, sustainability, and/or impactpeZormance. This material is forinformational and educational purposes only and should notberelied upon as investmentadvice or the basis formaking any investmentdecisions. The Trust,Wall Street Journal, Barron’s Group and UBS Financial Services Inc.are notaffiliated. As afirm providing wealth managementservices to clients, UBS Financial Services Inc.offersinvestmentadvisoryservices in its capacityasanSEC-registered investmentadviser and brokerage services in its capacityasanSEC-registered broker- dealer.Investmentadvisoryservices and brokerage services areseparateand distinct, differ in material ways and aregoverned by differentlaws and separatearrangements. It is impoYantthatclients understand the ways in which we conduct business, thatthey carefully read the agreements and disclosures thatweprovide to them about the products or services we offer.Asmall number of our financial advisorsare notpermiWed to offer advisoryservices to you, and can only work with you directly as UBS broker-dealer representatives. Your financial advisor will letyou know if this is the case and, if you desireadvisoryservices, will be happy to referyou to another financial advisor who can help you. Our agreements and disclosures will inform you about whether we and our financial advisorsare acting in our capacityasaninvestmentadviser or broker-dealer.For moreinformation, please review the PDF documentatubs.com/relationshipsummary. UBS Financial Services Inc.isasubsidiaryofUBS AG.Member FINRA/SIPC.The views and opinions expressed may notbethose of UBS Financial Services Inc.UBS Financial Services Inc.does notverifyand does notguaranteethe accuracy or completenessofthe information presented. ©UBS 2020.All rights reserved.

The Wall Street Journal news organization was not involved in the creation of this content. WSJ Custom Content is aunit of The Wall Street Journal advertising department. P2JW288000-0-R00800-1------XA

R8 | We dnesday, October 14, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | SUSTAINABLY MANAGED COMPANIES 1

and human rights and community re- anceleader at PwC. by the merger of Linde AG of Ger- lations. To produce the ranking, the Meanwhile,the pandemic and so- many and U.S. gas producer Praxair Journal’s research analysts screened cial unrestoverracial justicehave Inc. in 2018. a universe of more than 5,500 pub- spedupthe pivot to sustainabilityat CEOSteve Angel, who previously licly traded companies on various en- manycompanies this year afterboth ranPraxair,saysthatfor the last17 ThePeople at the vironmental, social and other factors, fronts exposedinequalityinthe yearshehas focusedonmaking using publicly available data and an economy, says RebeccaHenderson, a manufacturing moreefficientand analysis of hundreds of thousands of Harvard BusinessSchool professor. cleaner,which has translatedinto Helm of theTop news articles about the companies. “Fiveyearsago,the argument cash and emissions savings forboth To be included, a company had to wasall about trying to persuade the companyand clients. meet minimum data-disclosure stan- CEOs to takesustainabilityconcerns Mr.Angel sees no conflict be- Companies dards in key categories including the and move them into the mainstream tweenLinde’s short-term profit environment, workplace, social issues of the business,” she says.Now “ev- goals and its longer-term sustain- and business model/innovation. eryone Italk to has the sensethey abilitytargets, including achieving CEOs increasingly believe Ms. Kadri, who at one time worked oughttobe,” she says. zero waste at 450sites and more on wastewater-recycling and desali- Christian Klein, the 40-year-old than doubling low-carbon energy that sustainability is key nation projects in the Middle East, chief executive of German business- use by 2028. to future success says that using less water to make software giant SAP SE, is among “I don’t spend anytime during chemicals will save money and help the CEOs whose bonuses are tied the dayworriedabout an either/or Solvay remain profitable. The com- to green targets. In the case of SAP, trade-off,” he says pany makes ingredients for products which came in at No. 67 in the WSJ Mr.Angel says he is aiming to ranging from lithium batteries to im- research team’s ranking, that in- turn Linde’s clean hydrogen busi- planted medical devices. cludes a fast-approaching goal of nessintoamultibillion-dollar reve- “Sustainabilityisprofitability,” she achieving carbon neutrality in direct nue powerhouse,serving compa- says. emissions by 2025. nies thatwanttowean themselves BY DIETER HOLGER AND OLIVIA BUGAULT of fossil fuels.Hydrogen produces near-zeroemissions when con- f Solvay SA wasn’t serious about sumedinafuel cell. Mosthydrogen sustainability, Ilham Kadri says, todayisproduced from natural gas she wouldn’t have taken the chief Solvay CEO Ilham Kadri’s bonus is tied to her and other fossil fuels,including the executive job last year. 10-year sustainability plan for the company, $2 billion in annual revenue that On her first day at the helm of Linde already generates from its the nearly 160-year-old Belgian which includes slashing freshwater intake. hydrogen business. Linde says it chemical company, Ms. Kadri wants to makemorehydrogen us- says, she started to work on a ing sun and wind power, or as aby- I10-year sustainability road map product of natural-gas production. for the firm that was unveiled earlier Growing consensus Years ago, it was much more dif- Electric-equipmentmaker this year. Her bonus is tied to the CEOs increasingly areembracing the ficult to convince shareholders that Schneider Electric SE,meanwhile, plan, which includes phasing out coal idea thatacompany’senvironmen- sustainability leads to profitability, has been shifting toward sustain- use and cutting a quarter of Solvay’s tal, social and governancepractices says Mr. Klein, who became CEO abilityeversinceJean-Pascal Tri- freshwater intake by 2030. will playarole in its futuresuccess. earlier this year after more than coirebecame chairman and CEO Her belief in sustainability is Forexample,aquarter of CEOs now two decades at the company, most some 14 yearsago. rooted in her childhood. She says strongly agree thatinvesting in cli- recently as chief operating officer. “Your businessshould go in the wastefulness was a luxury she mate-change initiatives could lead “That’snot acontradiction any- direction of the mega trend,” he couldn’t afford as a young girl grow- to significantnew product and ser- more,” he says,adding thatthe says.“If your businessisgoing ing up in Morocco without tap water viceopportunities fortheir busi- businessworld is realizing thatthe againstsustainability, you’re bound or a refrigerator at home. Decades nesses,upfrom13% in 2010,accord- customersoftomorrow won’tjust to fail.” later, the 51-year-old Ms. Kadri is one ing to a2020survey of morethan care about pricebut about who is Schneider Electric is one of the few women of color at the head 1,500 global CEOs by Pricewater- leading on environmental and so- manycompanies in the Journal Rank 52 of a large company. houseCoopersLLC,anaccounting cial issues. team’s ranking whose greenefforts Solvay Solvay landed at No. 52 in The and consulting firm. The top leadership at Linde PLC, have drawninvestors.Inanote Wall Street Journal’s new list of the “Don’t underestimate the impact the industrial-gas company that publishedinMay by Credit Suisse,  ‘Sustainability 100 most sustainably managed com- of one CEOorone major company landed at No. 62 on the WSJ team’s the bank says thatSchneider Elec- is profitability,’ says panies, notching high marks on air making adecision,” says Alan list, also sees a clear business case tric wasamong the 15 mostpopu- CEOIlham Kadri. quality, employee health and safety, McGill, global sustainabilityassur- for sustainability. Linde was formed lar European companies in the 109 ESG funds it tracks. The French company, No.85on the WSJlist, in 2005 began set- ting sustainabilitytargetsand per- formancetrackersthatare re- newedevery three yearsand linked with managers’ bonuses,Mr. Tricoiresays. “Atthattime,itwas averylone crusade in our industry,” he says.

Talk vs. action Still, there appears a gap between talk and action when it comes to hiring CEOs and executives based on their sustainability experience. Last year, about 15% of 4,000 job postings for nonexecutive or senior executive positions mentioned sus- tainability, but only 4% at most re- quired actual experience in it, ac- cording to a report by the United Nations Global Compact and execu- tive hiring consulting firm Russell Reynolds Associates. Russell Reynolds CEO Clarke Murphy says he expects that to change in the coming years. “I don’t think this is just chat, chat, chat.”

Mr. Holger and Ms. Bugault are reporters for The Wall Street Journal in Barcelona. Email them at [email protected] and [email protected].

The ChallengeoftheESG Investor

BY MAITANE SARDON the search with their hopes really On topofall that, even when com- lystsofthe world’s100 mostsus- 2.9% high, and then their hopes get panies want to be as forthcoming as tainably managedbusinesses is in- t isn’t easy being an environ- dashedbecause theycan’t be as pro- possible,theydon’t alwaysknowhow tendedtoprovide benchmarksto of 401(k)plans in mentally guided investor. gressiveastheywantwith their in- sustainable their businesses are, be- help consumersand investorsbring the U.S. offera Consider Joe Hobbs. In pick- vestments,” says DerekHorstmeyer, cause of their relianceonsuppliers their personal values into the deci- sustainable fund in ing stocks or funds for his in- an associate professor of financeat thatdon’t detail their ownsocial and sions theymakeabout wheretoin- their plan lineup vestment portfolio, he tends to George Mason University School of environmental impact. vest,work and shop. favor companies that remove Business. The companies were ranked Source: Plan Sponsor Council of America more carbon dioxide from the In the U.S.,manypublicly listed basedonvarious environmental, atmosphere than they emit. companies discloseenvironmental, social, governanceand other fac- IBut finding them is a lot harder social and corporate-governance tors,using publicly available data than the 17-year-old student from (ESG)datainvoluntarysustainabil- For many people, and an analysis of millions of news Columbia, Md., ever imagined. ityreports but notintheir financial frustration centers stories about the companies.To be 51% “Before investing, I usually have statements. As aresult,the informa- included in the ranking, a company to go to the companies’ websites tion companies report is inconsis- on their 401(k)s. had to meet minimum disclosure of individual and dive into it a bit to find out tent,making comparisons difficult if thresholds set by the Journal re- investorsinthe U.S. saytheydon’t more,” Mr. Hobbs says. “But most of notimpossible.Italso is oftenin- search team. knoworaren’tsure the time they don’t publicly say it or complete, because companies might whatcompanies they don’t have a page that’s easily only report the metrics in which they Investors’ difficulties don’t end and products their accessible to learn more about it.” perform well. And it’s difficult in there. It also canbehardtotell the Retirement plans assets go to The challenges underscorehow manycases to relate the reported in- differencebetweenreal environmen- For many individual investors, the when investing individual investorsoften struggle formation to the company’soperat- tal and social commitments and the frustrations surrounding ESG in- in amutual fund to find companies and funds that ing performance—amajor drawback overstatedclaims companies make vesting center on their company re- liveuptotheir expectations on en- forinvestors who value acompany’s thatare known as greenwashing. tirement-savings plans. Source: Natixis survey of 750 investors with a minimum of vironmental and social metrics. profitabilityaswell as whattheysee Anew ranking from The Wall “A lotofretail investorswho $100,000 in investable assets “A lotofretail investorsgointo as its social responsibility. Street Journal’sESG research ana- want to divestfromfossil fuels P2JW288000-0-R00900-1------XA

THE WALL STREET JOURNAL. We dnesday, October 14, 2020 | R9 JOURNAL REPORT | SUSTAINABLY MANAGED COMPANIES

 A GM plant in Warren, Mich., has been making face masks. Below, a GM worker and N95 masks.

pay for equal work, but we find equal pay for equal work to be insufficient because it masks the fact that women and people of color often hold lower-paying jobs than white men do,” says Dorrit Lowsen, presi- dent and chief operating officer of Change Finance.

Fighting the pandemic How companies have responded to the pandemic brings into focus the expectations some investors have as their priorities of sustainability take hold. As the pandemic escalated in March, some companies revamped their operations to produce supplies completely unrelated to their usual manufacturing lines. Companies newly helping to make hand sanitizer have included perfum- eries Christian Dior and LVMH, beauty brands Estée Lauder and L’Oréal SA, brewer Anheuser-Busch InBev SA and distillers Diageo PLC and Pernod Ricard SA. Auto makers Ford Motor Co., General Motors Co. and China’s BYD Co. have been mak- ing ventilators and masks. The en- ergy company China Petroleum & Chemical Corp. made thousands of masks as well. “When Covid-19 spread globally,it many years, and that such talks createdacritical shortage of medical Sustainability Investors have increased since the protests supplies,and we knewGMhad to that erupted after Mr. Floyd’s killing. help,” says PeterThom, the company’s Calvert doesn’t set deadlines for vicepresidentofmanufacturing engi- Shift Focus to Social Issues companies to take action on diver- neering. “The crisis notonly impacted sity, Mr. Wilson adds, calling such our communities,but finding away to talks ongoing. producemedical equipmentwas a Another investmentcompany, personal mission formanyonthe Racial issues The pandemic and protests have Change Finance, an asset manager team who had lovedones working Concerns about the legacy and ef- thatfocuses on sustainable invest- the frontlines in health care or knew altered the way investors, fectsofracism arecentral to the two someone who became ill.” employees and the public view major social issues nowconfronting GM worked with medi- the role of companies the U.S. The killing of George Floyd, a cal-device maker Ventec Black man, during aroutine arrestby Life Systems to make Minneapolis policeignited demon- 30,000 ventilators at a strations around the world. Demo- converted factory in Indi- AT BY MAITANE SARDON graphic statistics about victims of ana under a $489.4 mil-

SERR Covid-19,meanwhile, have shown lion contract with the U.S. he global pandemic and social thatthe disease has disproportion- Department of Health MONT movements are accelerating ately affectedpeople of color—an and Human Services. PEP change in the way investors, outcome,health experts say, tiedto Andrew Lee, head of workers and the public view the alack of access to proper health care sustainable and impact

JOURNAL; role of companies in society. and adisproportionate presencein investing at UBS Global

REET The concept of sustainability low-paying jobs at high risk of expo- Wealth Management, ST has gained a solid foothold with surefor manypeople of color. says that the crisis has LL

WA investors in recent years as a Even as companies pledge to im- underscored the relevance

THE T way of evaluating companies on prove diversity in their workforces, of ESG considerations in R such matters as their environmental impact and some investors have pressured company performance FO

US commitment to diversity. But the coronavirus pan- them to publicize information about and investment returns

RR demic and this year’s protests over racial issues their racial makeup and to make di- and that management of JA

IA have brought social factors to the fore, with inves- versity and inclusion a priority. issues such as human LV

SY tors and other stakeholders viewing sustainability John Wilson, vice president and rights, employee well-be- P: more in terms of a company’s ability to withstand director of corporate engagement at ing and community rela- TO the financial shocks from social upheaval as well Calvert Research & Management, tions will continue to be OM

FR as its ability to address some of these issues, which has $21.3 billion in assets un- scrutinized by investors both internally and externally. der management, says Calvert is en- after the pandemic. “Pre Covid-19, environmental issues garnered gaging with the companies in its “These kinds of crises JOURNAL; much of the attention” of sustainable investors, portfolio on issues of race and is create risks. They create REET

ST says Vikram Gandhi, a professor at Harvard Busi- asking the companies to be trans- challenges but they also

LL ness School. But with the arrival of the global parent about their workforce demo- create opportunities,” says WA pandemic and widespread protests calling for so- graphics and how they plan to ments and has about $19million Ken Rivlin, head of environmental law

THE cial justice, Prof. Gandhi says, “the focus is shifting tackle a lack of diversity. under management, has sent alet- at London-based law firm Allen & R

FO to social issues such as how companies treat their If engagement is unsuccessful tertothe 100 companies in its port- Overy. “The companies that can VA employees, suppliers and customers.” and Calvert’s analysts conclude that folios asking them to publish me- adapt will thrive, and the companies Under pressure from investors, employees, gov- a company’s business could be at dian racial and gender pay-gap data that can’t will die.”

KULESHO ernments and other stakeholders, some compa- risk as a result, Calvert could re- and givenonwhitewomen access to nies, through large charitable gifts, setting up move such a company from its port- the same jobs as whitemen. Ms. Sardon is a reporter for

KSENIA The Wall Street Journal in Barcelona.

): emergency production, diversity initiatives and folios, Mr. Wilson says. He adds that “Several companies provide data other responses, are showing they are responding Calvert has been talking to compa- on workforce demographics and She can be reached at to their communities. nies it invests in about diversity for make claims that they have equal [email protected]. (LEADERS GE PA ITE OS OPP

It isn’t easy to find companies that are as progressive—or as transparent—as many investors would like

don’t knowwhat’sintheir 401(k) them in a variety of ways, including nancial stocks, with less exposure to plans.Manyofthem areunaware building portfolios for clients.” oil and gas than other funds. theyhave big oil companies,coal- Still, people who invest only Mr. Hobbs, the Maryland student, fired utilities or oil-field services in through company-sponsored plans says he owns some tech stocks, in- their portfolios,” says Andrew Behar, rarely have the option to choose cluding Microsoft. “Microsoft actually chief executiveofAsYou Sow, a ESG-dedicated strategies. Only 2.9% really surprised me in these past cou- nonprofit thatworkstopromote of 401(k) plans in the U.S. offer a ple months announcing that they corporatesocial responsibility. sustainable fund in their plan lineup, would go carbon negative,” he says. Mr.Behar says alack of informa- according to the Plan Sponsor Coun- But Prof. Horstmeyer, who over- tion on the carbon footprintofAs cil of America’s most recent survey. sees a student-managed investment YouSow’s retirementplan wasthe fund at George Mason University reason he decidedtobuild afree School of Business, says many of the setoftools forindividual investors Limited choices companies the students would like to who want to find out if the ex- Another frustration forsome people invest in are in the startup stage and change-tradedormutual funds they is thatmanymutual funds and ETFs aren’t easy to access. Individual in- hold areinline with their climate thatsay theyfocus on sustainable vestors in general “can’t access a concerns.The tools arealso used investing don’t go as farasthese in- small company that is thinking of by someinvestmentmanagersto vestorswould likeinfinding compa- new ways to create solar cells or new build portfolios. nies,especially smaller ones,that ways to harness energy from the “The Invest Your Values suite of arefocusedonenvironmental and ocean or other renewable sources, tools has been a meaningful addition social issues.Or, in manycases, and that’s a problem,” he says. to serving clients over the last sev- those smaller companies haven’t Fornow,atleast, it remains eas- eral years,” says Sarah Green, director gone public and so aren’t accessible ier forinvestors to decide which of impact investing and lead adviser forsmall investors. companies not to invest in than it at North Berkeley Wealth Manage- Often these funds simply look like is to decide which ones best ment in Berkeley, Calif. “I’ve used a portfolio of mainly big tech and fi- reflect their values. P2JW288000-0-R01000-1------XA

R10 | We dnesday, October 14, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | SUSTAINABLY MANAGED COMPANIES 1

data used for the scores. To qualify ShowUs for the list, companies need to have publicly disclosed a minimum of 20 data inputs—at least two per finan- TheNumbers cially material category—since 2018. Crown, as well as French miner Eramet SA, pharmaceutical giant Companies are under July. It has since had to adjust Johnson & Johnson and semicon- pressure to report that target due to Covid-19 but ductor firm Texas Instruments Inc., says it will switch on wind power were among the top 25% of compa- sustainability data. at the end of this month. Crown nies in the WSJ ranking that re- But it isn’t simple— also said it has met its goal of ported the most sustainability data. or inexpensive. cutting greenhouse-gas emis- The ESG ratings business is in sions from direct operations and its early days, and firms say it’s energy purchases associated possible to get a good grade from BY DIETER HOLGER with metal-packaging production one rater and a poor grade from an- AND FABIANA NEGRIN OCHOA by 10% from 2015 levels. other. That’s partly because raters The increased disclosure at assign different weights to various decade ago, Crown Crown, the top U.S. company on ESG metrics, say researchers at the Holdings Inc. thought the environment in a new Wall Massachusetts Institute of Technol- it would be risky to Street Journal ranking of the ogy and the University of Zurich share data about its world’s most sustainably man- who reviewed ratings across 924 environmental foot- aged firms, underscores how sus- companies. Aprint. Now the pack- tainability reporting is capturing Adding to the complexity, ESG aging maker sees it a business the corporate world. Not only are standards organizations have multi- imperative. companies facing demands from plied in recent years, and each has a “There’s always that hesitation some investors for data on their different framework through which to be transparent about all of your environmental, social, and gover- companies can format and report information,” says John Rost, vice nance (ESG) risks and practices, sustainability data. Two of the most president of sustainability and reg- they are being pressured by em- popular are the Global Reporting ulatory affairs at the Yardley Pa.- ployees and consumers to focus Initiative, or GRI, and the Sustain- based company. “As we’ve seen on issues such as climate change ability Accounting Standards Board, the benefits of being transparent, and diversity. or SASB. CDP, formerly the Climate we’ve really opened up.” Last year, 90% of companies Disclosure Project, and the Task Crowntracesits commitmentto in the S&P 500 index pub- Force on Climate-Related Financial sustainabilityback morethan 120 lished sustainability reports, Disclosures focus on environmental years, when founder William up from about 20% in data. Painterinventedthe bottle capto 2011, according to Johnson & Johnson, No. 43 in the extend the shelf lifeofbeverages Governance & Ac- Journal research team’s overall and reducewaste.But the first sus- countability Institute, ranking and in the top 10 for social- tainabilityreport the companypub- a New York-based capital management, says it reports lished, in 2011, didn’t set anynumer- consulting firm. via all four of these standards. ical targetsfor things likereducing For companies, creating a sus- To help investors and consum- from leadership and governance to “J&J has increased its ESG re- greenhouse-gas emissions tainability report doesn’t come ers sort out how companies are community engagement and envi- porting and disclosure over the past Crownsaysitsoon found that cheap. A big company can expect performing on environmental and ronmental disclosures. decade to keep pace with the dra- the food and beverage firms buy- to invest from $500,000 to $1 social issues, The Wall Street To create its scores, the Jour- matic increase in stakeholder inter- ing its cans and containerswanted million to gather data and pro- Journal created a ranking of the nal’s ranking used publicly avail- est and expectations,” says Dirk transparency on everything from duce “a comprehensive report world’s most sustainably man- able data and an analysis of media Brinckman, vice president of regula- greenhouse-gas emissions to water that moves the needle with in- aged companies. The Journal’s coverage by more than 8,800 tory law, supply chain & procure- use and recycling. As morecompa- vestors,” says Hank Boerner, ESG research analysts based the sources available via Factiva, a da- ment at the New Brunswick, N.J.- nies focus on sustainability, they chairman of Governance & Ac- list on a review of more than tabase information service owned based company. expect their values to be shared by countability Institute. 5,500 publicly traded companies by Wall Street Journal publisher their suppliers, Mr.Rostsays. That’sonly the beginning. Com- around the world that meet spe- Dow Jones & Co. Artificial-intelli- Mr.Holger is aWall Street Journal In its 2019 sustainability report, panies also grapple with atangled cific disclosure standards. The gence systems supporting the reporterinBarcelona. Ms.Negrin Crown said it was on track to webofdatarequests from inves- ranking places a numerical value ranking were co-developed with Ochoa is aWall Street Journal AT

match all of the electricity used in tors,standards groups and organi- of 0 to 100 on a company’s over- data-service, advisory and technol- reporterinSingapore. Email them SERR

its U.S. and Canadian beverage zations thatratebusinesses’ESG all performance across 26 cate- ogy provider Arabesque S-Ray, at [email protected] and MONT plants with wind power by this performance. gories of sustainability, ranging which also supplied the company [email protected]. PEP

BPA-FREE FOR TEDDY

WeatherTech’s bestselling PetFeeding System now includes BPA-free,human food grade and water Ourvibrant Murano necklace

bowls! These non-toxic Handcrafted by master artisans on the bowls fit into the stand and islandofMurano, Italy, our mat, which helps catch breathtaking necklace is bursting with spills and splashes from warm,colorfulhues. Gorgeous 6-20mm messy eaters. glassbeads are accompaniedbya sprinkling of 7.5mm culturedfreshwater pearls.Pair ourworkofart with any PetFeeding System outfitfor atouch of fun, playfulcharm.

$99 Plus Free Shipping Multicolored Murano GlassBead NecklacefromItaly 18"length. 6-20mm glassbeads.7.5mm culturedpearls. 18kt gold oversterling lobster clasp. Murano beadsare unique andwillvary. Also available in 20"$109; 30" $169;36" $199

Ross-SimonsItem #919839 Auto.Home. Pet.Find Your Fit. To receivethisspecial offer, use offercode: VIBRANT1 Made in the USA 1.800.556.7376 or visitross-simons.com/vibrant ©2020 MacNeil IP LLC 1-800-441-6287 or 1-630-769-1500 In collaboration with the Italian Trade Agency,the Ministry of Foreign THE EXTRAORDINARY Affairs and International Cooperation and Confindustria -Federorafi ITALIAN JEWELRY