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***** FRIDAY,APRIL 2, 2021 ~VOL. CCLXXVII NO.76 WSJ.com HHHH $4.00

DJIA 33153.21 À 171.66 0.5% 13480.11 À 1.8% STOXX 600 432.22 À 0.6% 10-YR. TREAS. À 20/32 , yield 1.680% OIL $61.45 À $2.29 $1,726.50 À $12.70 EURO $1.1779 YEN 110.60 Baseball Is Back, and So Are (Some of) the Fans Biden’s What’s News Economic Plan Hits &Finance Obstacles PEC and an alliance of Oother topoil producers agreed to boost their collec- At Outset tiveproduction by morethan two million barrels a day over coming months,betting Infrastructureproposal on resurgent demand. A1 drawscriticism from  Automakersare reporting Republicans, demands ajump in U.S. vehicle sales in the opening months of 2021, from Democrats but chip shortages and other supply-chain snagsthreaten BY ANDREW DUEHREN to derail that momentum. A1 AND KRISTINA PETERSON  TheS&P 500 closed above /

4000 forthe firsttime,ris- TS WASHINGTON—President ing 1.2% to arecord4019.87. OR Biden’s $2.3trillion infrastruc- SP

TheNasdaq and Dowgained Y tureplan encountered immedi- DA

1.8% and 0.5%, respectively. B1 TO atehurdles on Capitol Hill,

A whereRepublicans criticized

 TheArchegos blowup is /US the proposed corporatetax in- spurring calls fortougher reg- creases as anonstarter and

ulation of the shadowy swap PENNER some Democratsbegan to

trades that fueled billions AD jockey fortheir owndemands. of dollarsoflosses at global BR STANDING ROOM:The NewYork Yankees’ Gerrit Cole pitches to the TorontoBlue Jays’Cavan Biggio at the opening daygame Mr.Biden’splan would pro- investment banks. A1, B1 in the Bronx Thursday.Crowds,cappedatlimited capacity,returnedtoregular-seasongames forthe first time in ayear. vide $621 billion forsurface  Factories world-wide transportation, $400 billion for arestruggling to keep up long-term care forelderly and with soaring demand forall disabled people under Medicaid types of goods as the global and $300 billion fordomestic economic recovery from the manufacturing,along with hun- pandemic accelerates. A2 OPEC, AlliestoBoost Output, dreds of billions of dollarsfor otherefforts. It also includes a  Initial jobless claims in series of taxincreases on com- the U.S. rose to 719,000 last panies,including raising the week but remained near corporatetax rate to 28% from their lowest levels sincethe Expecting Stronger Demand 21%, that the WhiteHouse said onset of the pandemic. A2 would coverthe cost of the  TSMC,the world’slargest spending over 15 years. contract chip maker,said it BY SUMMER SAID troleum Exporting Countries put in place earlier this year. Russia, meanwhile, has said While both parties circled would invest $100 billion over AND BENOIT FAUCON and a group of other big pro- It plans to end those cutsalto- the world already needs more around passing amajor infra- the three yearstoin- ducersled by Russia agreed to gether by the end of July,del- oil to feed resurgent econo- structurepackagefor years, crease production capacity. B1 OPEC and an allianceof boost output in Mayby egates said. mies in many regions. disagreement about itsscope other topoil producersagreed 350,000 barrels a day, and by Theagreement made public Thedecision is another andhow to payfor it stymied  thatfocus on of- to boost their collectivepro- the same amount again in Thursdaybetween the two sharp swerveinOPEC’szigzag previous efforts. If Democrats fering leisuretravelerscheap duction by morethan two mil- June, according to delegates. groups,together called OPEC+, oil strategyoverthe past year, movetopassaninfrastructure fares arelaunching IPOs as lion barrels aday over the They agreed to then increase wasacompromise between underscoring the difficulty packagewithout Republican air travel shows more coming months,betting on re- output by an additional , OPEC’s de facto among forecastersinthe support, itsscope could be lim- signs of rebounding. B1 surgent demand as they and 450,000 barrels a day in July. leader,and Russia. Saudi Ara- group—and elsewhere—tocall ited by Senaterules constrain-  approved amerger therest of the world assess Saudi Arabia, meanwhile, bia had sought to maintain the start of asustained global PleaseturntopageA4 between chemical firms the economic consequences of agreed to start easing sepa- cuts, skeptical of aquick re- recovery from the pandemic. Sinochem and ChemChina, the pandemic’s trajectory. rate,unilateral cuts of one turn in oil demand during the Traderstook the OPEC eas-  Package aims to lift paving the way foranother TheOrganization of the Pe- millionbarrels aday that it pandemic. PleaseturntopageA8 over the long term...... A4 giant state-run enterprise. B1 World-Wide U.S. Trims S&P 500 Speeds Past 4000 Inside Archegos’s The S&P 500 closed above 4000 for , buoyed by  Biden’sinfrastructure a continuing rebound in technology stocks. stock plan encountered immediate Its Forces gauge jumped 46.98 points, or 1.2%, to 4019.87. B1 hurdles on Capitol Hill, where Epic Meltdown Republicans criticized the pro- 4000 Thursday posed corporatetax increases Stationed 4019.87 as anonstarter and some Democratsbegan to jockey S&P500 Banks were eager to finance Bill Hwang’s fortheir owndemands. A1, A4 In Mideast 3500 big bets—until they realized their exposure  Thepresident has directed 7/12/19: 3013.77 the Pentagon to begin remov- First close above 3000 ing some militarycapabili- BY GORDON LUBOLD Bill Hwang was in trouble. of large bets on major AND WARREN P. STROBEL 3000 stocks. ties and forces from the Gulf On Thursday of last week, Because the wagers had region in the first steps of the firm managing the for- WASHINGTON—President been made in part with so- an effort to realign the U.S. mer hedge-fund trader’s Biden has directed the Pentagon called total-return swaps— global military footprint wealth arranged a confer- to begin removing some mili- 2500 investments made by banks away from the Mideast. A1 tary capabilities and forces 8/26/14: 2000.02 By Gregory on behalf of clients for a  Thesergeant overseeing from the Gulf region in the first First close above 2000 Zuckerman, fee—they had obscured Mr. on the night steps of an effort to realign the Juliet Chung Hwang’s large exposure to 2000 of George Floyd’s death tes- U.S. global militaryfootprint and Maureen Farrell several companies. tified that the former offi- away from the Mideast, changes 434 Archegos shocked its lend- cercould have stopped re- that come as Saudi Arabia en- 1,227 trading days Fastest 1,000 ence call with executives at ers when it told them the straining Floyd shortly after pointmilestone dures rocket and drone attacks 1500 on record some of the largest invest- size of its portfolio and how he quit resisting arrest. A3 from inside Yemen and Iraq. ment banks in the world. little cash it was holding, 2015 ’16 ’17 ’18 ’19 ’20 ’21 PleaseturntopageA9  Manystatesare broadly In moves that haven’t been The urgent topic: mounting expanding Covid-19 vaccine previouslyreported, the U.S. Sources: FactSet; DowJones Market Data (trading days) losses at Mr. Hwang’s family eligibility this week,unleash- has removed at least three Pa- office, Archegos Capital  Firm’s blowup shows gap in triot antimissile batteries from Management, from a handful swaps regulation...... B1 ing more demand in a time the Gulf region, including one of still-tight supplies. A6  ThePfizer-BioNTech vac- from PrinceSultan Air Base in cine remains highly effective Saudi Arabia, that had been six months afterits second put in placeinrecent years to SupplyWoesThreatenAutoSalesMomentum help protect U.S. forces. dose,asign that protection Other capabilities,including could last even longer. A6 an aircraftcarrier and surveil- BY NORA NAUGHTON 11.3% forthe three-month pe- businessatthe end of March monthcompared with ayear  The Supreme Court lancesystems,are being di- riod, according to industry 2020,when the economybe- earlier,industryforecasts unanimously upheld a reg- verted from the Middle East to Automakersare reporting a datafirm WardsIntelligence. gantoshut down to limit the show. ulatory rollback of federal answermilitaryneeds else- jump in U.S. vehicle sales in Theindustry’sannualized sell- spread of the coronavirus. Forthe U.S. carbusiness, it limits on media ownership wherearound the globe,ac- theopening months of 2021, ing paceinthe quarter hit 16.8 Auto-industrysales in Janu- has been achoppy start to the in local markets. A3 cording to U.S. officials.Addi- boosted by continued con- million vehicles,according to aryand Februarywerestill off year. Aglobal shortageof  Ashooting in Orange, tional reductions areunder sumer demand and some eas- Wards, asign that the level of 3.3% and 13%, respectively,ac- semiconductors has disrupted Calif., that left four people, consideration, officials said. ier year-agocomparisons,but demand is about on par with cording to automotive-data production at manyU.S.facto- Mr.Biden, aDemocrat, chip shortagesand other sup- what it wasbeforethe firm Motor Intelligence. March PleaseturntopageA2 including a 9-year-old boy, pledged aftertaking office ply-chain snagsthreaten to de- Covid-19 pandemic. sales, however, areexpected to dead and awoman critically injured wasatargetedat- that he would recalibrate the rail that momentum. Theincrease is in part be- leap,with carcompanies post-  Heardonthe Street: CarMax U.S.-Saudi relationship, taking Overall, U.S. autosales rose ing driven by the collapse in ing double-digit gains forthe pulls into the passing lane.. B12 tack,investigatorssaid. A3 several tough steps against the  Democracy advocates kingdom, including freezing and Jimmy Lai the sale of offensive weapons Revolutionary War Re-Enactors were among seven veteranac- that Riyadh has used in itssix- INSIDE tivistsfound guilty on charges year militaryintervention in Rebel Against the Pandemic tied to a2019 massdemon- Yemen.Healso made public an stration in . A16 intelligencereport saying iii Crown Mohammed bin CONTENTS Markets...... B11 Salman, the country’sdefacto Thehistory buffs arecoming! Arts in ReviewA10-11 Opinion...... A13-15 Banking &FinanceB10 Sports...... A12 leader, approved the operation Business News.. B3,5 Technology...... B4 that led to the 2018 killing of Thehistory buffs arecoming! Crossword...... A11 U.S. News...... A2-6 journalist Jamal Khashoggi. Heard on Street.B12 Weather...... A11 But administration officials BY CAMERON MCWHIRTER anniversaryofthe “Shot Heard Mansion...... M1-10 .A7-8,16 also have said they don’t want Round theWorld” approach- to destroy the U.S.-Saudi rela- It’sspringtime in NewEng- ing, they arestarting to feel a > tionship,and have said they land, and forSteve Crosby, little seditious.Last year,amid MANSION would seek waystohelp Ri- that canmean only one thing: statewide ordersprohibiting AScottish castle may ‘ConcreteCowboy,’a yadh defend against rocket Revolution is in the air. large gatherings, he and afew be the ultimate status drama from , and missile attacks from mili- The58-year-old carpenter friends marked the occasion by tant fighters. heads agroup of Revolutionary walking in uniform to the symbol—rare, expensive rides the inner-city s 2021 & Company, Inc. All Rights Reserved Theremoval of Patriot bat- Warre-enactorsbased in Ac- North Bridge in Concord, and enormous. M1 range. A10 PleaseturntopageA5 ton, Mass.,and, with the 246th PleaseturntopageA9 P2JW092000-5-A00200-1------XA

A2 | Friday, April 2, 2021 ***** THE JOURNAL. U.S. NEWS Factories Hum as Demand Surges Jobless Claims BY PAUL HANNON The resurgent global econ- panelthat oversees the ISM World Trade Organization ex- Ever Given, which wasfreed AND JOSH MITCHELL omy, led by the U.S.,will likely factorysurvey.Hesaid the in- pectsflows of goods across Monday after six days. drive world trade higher this dustryisinaV-shaped recov- borderstoincrease by 8% this Purchasing managersre- Factories around the world year, despite a series of acute ery. “Companies and their sup- year, more than reversing the sponding to IHS Markit’s Rise,but arestruggling to keep up with disruptions to already strained pliershavenot been able to 5.3% drop seen in 2020 as the monthly questioning reported soaring demand forall types of supply chains,including last react quick enough to staff up.” pandemic hit factoryoutput strong rises in the prices they goods as the global economic week’s blockageofthe Suez Factory inventory levels in and shipping. have had to payfor their sup- Trend Is recovery from the pandemic Canal. the U.S. areatrecordlows, The recent blockage of the plies,evenwhereoutput is rel- accelerates. In the eurozone,factoryac- and companies are struggling Suez Canal by the Ever Given, atively subdued. Taiwan, South In the U.S.,factoryproduc- tivity grew at thefastest pace to replenish them, fortwo agiant cargoship,has delayed Koreaand Vietnam have been Downward tion and product sales soared in at least two decades,ac- scores of ships that rely on the bigbeneficiaries of the surge in March, according to the In- cording to the forecasting firm canal to ferrygoods from in U.S. demand forconsumer stitutefor Supply Manage- IHS Markit. Itspurchasing to and the U.S. Delays goods,and factories thereare BY AMARA OMEOKWE ment, an industrytrade group. managersindexfor the area to supplies arelikely to be felt reporting lengthening waitsfor Itsindexoffactoryactivity—a rose to 62 in March from 57 a 64.7 by retailersand manufacturers the supplies they need as well Filingsfor measurethat takesintoac- month earlier. over coming weeks. as rising prices.Sotoo arefac- benefitsrose last week but re- count newordersfor goods, China, the world’sNo. 2 IndexofMarch U.S. factory “The fact that the Ever Given tories in Thailand and Malay- mained near theirlowest levels production, inventorylevels economyand amajor global activity, up from 60.8 in February wasable to cause so much dis- , which arestill struggling sincethe pandemic’sonset, and commodity prices—rose to exporter, had trouble keeping ruption is asign that global to recoverfromthe pandemic. amid signs of abroader U.S. 64.7last month from 60.8 in up with the rise in demand merchandise trade is relatively Beforethe Suez Canal acci- economic recovery. February. Anyfigureabove50 last month, as supply-chain robust, and that global supply dent,Europe’sfactories were Workersfiled 719,000 initial suggestsindustryexpansion. disruptions impeded the flow main reasons: ashortageof chains have held up through the booming,according to the IHS joblessclaims,onaseasonally Theexpansion—driven of goods.The country’sfac- workersand supply-chain dis- pandemic,” said NgoziOkonjo- Markit surveys, with Germany’s adjusted basis,inthe week largely by American consumers tory-sector growth eased ruptions.Factories can’t get Iweala, the WTO’sdirector gen- manufacturersduring March ended March 27,the Labor De- venturing out in public again slightly last month, according supplies fast enough. eral, at anewsconferenceun- reporting the fastest increase in partment said Thursday. The armed with government stimu- to IHS Markit. Pent-up demand has been veiling itsnew forecasts. activity in the 25-year history increase followedadownward lus money—was broad-based, “It’sstarted to really transi- so high that shippersare run- TheGeneva-based trade of themonthly poll. That was revision to 658,000 initial with demand rising from every tion to an extremely strong, ning lowoncontainers in regulator estimates that just partly driven by export orders, claims the prior week,the low- major industry, from restau- demand-driven economy,” said which to ship goods by sea. 0.38% of annual global trade which reached what IHS Markit est point sincethe pandemic rantstochemical companies. TimothyFiore, head of the Despitethose shortages,the flowsweredelayedbythe said were unprecedented levels. hitinMarch 2020. Thefour-week moving aver- age, which smooths out vola- U.S. WATCH tility in the numbers, fell to 719,000,also alow during the pandemic.Initial jobless VIRGINIA ervations of the Choctaw and claims,aproxyfor layoffs,re- Seminole nations, and because main well abovepre-pandemic Confederate Statues of a U.S. Supreme Court decision levels—the weekly average in Cleared for Removal in the McGirt case the state 2019 was218,000—but have lacks jurisdiction to prosecute trended downward sincethe Virginia’shighestcourt ruled crimes by or against Native start of the year. thatthe cityofCharlottesville Americans inside those historical Thelabor market has shown can takedowntwo statues of boundaries. other signs of gaining steam, Confederategenerals, including Combined with previous rul- whicheconomistsexpect will one of Robert E. Leethatbe- ings about the reservations of be captured in the Labor De- came the focus of aviolent the Chickasaw, Cherokee and partment’sMarch employment whitenationalistrally in 2017. Muscogee (Creek) nations, state report that will be released The stateSupreme Court on prosecutors no longer have juris- Friday. Economistsforecast the Thursdayoverturned aCircuit diction overcrimes involving Na- U.S. economyadded 675,000 Court decision in favorofagroup tiveAmericans in nearly the en- jobs last month, compared of residents who sued to block tireeastern half of the state. with again of 379,000 in Feb- the cityfromtaking down the — ruary, and that the joblessrate Leestatue and anearbymonu- ticked down to 6% from 6.2%.

menttoThomas J. “Stonewall” S LOUISIANA “Higher joblessclaims in Jackson. Charlottesville’sCity Council votedtoremove both. PRES No Damage or Injuries Whitesupremacistand neo- TED As Minor Quake Hits ‘Higher jobless Nazi organizers of the August OCIA SS

2017 “Unitethe Right” rally in /A Aminor earthquakeearly claims...don’tdetract Charlottesville said theywentto Thursdayshook northwest Loui- HONG from thestrong

the citytodefend the statue of C. siana, the U.S. Geological Survey E

Lee. Theyclashed with counter- JA and the U.S. Departmentofthe downward trend.’ protesters beforeaman plowed WILD RIDE: Six Flags Magic Mountain reopened Thursday to members and pass holders in Interior confirmed. his car into acrowdofpeople, Valencia, Calif. The theme park had been closed since March 2020 due to the pandemic. A3.0 magnitude earthquake killing awoman. struck near the Blanchardarea, Cityofficials praised the ruling FLORIDA menttothe ransomware gang. puter system in early March, but northwest of Shreveport, in the most recent week don’t de- and said theyplan to redesign The Fort Lauderdale-based classes weren’t disrupted. Caddo Parish around 2:30 a.m., tract from the strong down- the park spaces wherethe stat- School District Faces district said it wasworking with —Associated Press multiple news outlets reported. ward trend,” said Robert Frick, ues arelocated“in away that Ransomware Attack cybersecurityexperts “toinvesti- According to the reports, corporateeconomist at Navy promoteshealing and thattells a gate the incidentand remediate OKLAHOMA therewas very little to no shak- Federal Credit Union. morecompletehistory of Char- The computer systemofone affected systems. Efforts to re- ing. No damage or injuries were Therewereabout 3.79 mil- lottesville.” of the nation’slargestschool dis- store all systems areunder way Five More Murder reported. lion continuing jobless StateSupreme Court Justice tricts washacked by acriminal and progressing well. We have Convictions Tossed A3.0 magnitude earthquake claims—a proxyfor the num- BernardGoodwyn said both stat- gang thatencrypted district data no intention of paying aransom.” is considered weak by the USGS. ber of people receiving bene- ues were erected long beforea and demanded $40 million in ran- With 271,000 students, Bro- Astate court on Thursday The earthquakewas felt fits through regular statepro- 1997 statelaw thatbarred local som or it would erase the files ward is the nation’s sixth-largest tossed out fivemorefirst-degree within a2.3-squaremile area grams—in the week ended governments from removing and post students’ and employ- school district with an annual murder convictions based on are- around Blanchardand justnorth March 20,downfrom3.84mil- them and thatlaw shouldn’tbe ees’ personal information online. budget of about $4 billion—a cent U.S. Supreme Court decision of CrossLake. While earthquakes lion the week before. Thefour- applied retroactively.Those seek- BrowardCounty Public fact the hackers kept returning about criminal jurisdiction. have grownmorecommon in week moving averageincon- ing to keep the statues in place Schools said Thursdaythatthere to as they demanded $40 mil- Two of the rulings by the and Oklahoma, theyhave tinuingclaims also fell. had argued thatthe legislature’s is no indication anypersonal in- lion, to be paid in cryptocurrency. Oklahoma Court of Criminal Ap- been rare in northwest Louisiana, Signs of an improving jobs intent wastodojustthat. formation has been stolen and The ransomware caused a brief peals also affirm Congress never officials said. situation come as stateand lo- —Associated Press thatitmade no extortion pay- shutdown of the district’s com- formally disestablished the res- —Associated Press calgovernmentshaveeased re- strictions on and ac- tivity this year.Rising Covid-19 Wheeler, Motor Co.’s Major automakersreported strong U.S. sales. cluding its two major truck vaccinations and federal stimu- Supplies U.S. sales chief.“Between the plants. lus measures have helped spur chip shortageand the First-quartervehicle sales 1Q 2020 1Q 2021 ,the maker of apickup in consumer spending, weather—itdefinitely did have Jeep,Ram and Chrysler,said it particularly forservices such as Threaten an impact.” GM s 4% would halt production at five dining,hotels and flights. Nissan reported anearly North American plants “All of this is predicated on 11% increase in U.S. sales for Toyota s22% through mid-April, following the trajectoryofthe virus,” Auto Sales the firstquarter. other major carcompanies said ConstanceHunter, chief Among the U.S. carcompa- Ford s 1% that have paused work at fac- economist at KPMG.“If we can nies,General MotorsCo. tories in the region because of really getthe virus under con- ContinuedfromPageOne posted on Thursdayanearly Stellantis s 5% partsshortages and backups at trol, then we would expect to ries,hitting car-companyearn- 4% increase in itsU.S.sales for West Coast ports. continue strong payrolls and at ingsand leaving dealerships the January through March Honda While demand continues to least one,ifnot two,really with lowerinventory, particu- period and said it expectsauto s 16% outstrip supply,car companies strong months of upside.” larly on popular trucks and demand to remain strong have pulled back on deep dis- Brian Vlasak,41, said he has Nissan sport-utility vehicles.Then, in throughout the year. s 11% countsoffered early in the been out of work sinceMarch February, winter storms in Stellantis NV,formerly Fiat pandemic and consumersare 2020,when he wasfurloughed Texas further disrupted the Chrysler Automobiles,re- Hyundai s28% spending more to driveoff the from his job as atheater stage- production of plastics used in ported a 5% increase in U.S. 0 200,000 400,000 600,000 lot in anew ride.The average hand at aBoston-area college. seat foam and other materials, sales forthe firstquarter,and pricepaid foranew vehicle in He said he doesn’t yetknow adding to the industry’ssup- Ford Motor Co.’sU.S.sales Source:the companies the firstquarter was$37,314, when the work might resume, ply-chain woes. were near flat forthe period, the highest ever recorded for andhis search forother em- Still, customerskept buy- according to companyfigures. said U.S. sales in the first said it was able to keep U.S. the quarterly period, according ployment has been limited be- ing. Toyota Motor Corp.and quarter increased 22%and dealer inventorysteady during to J.D. Power. cause he has health concerns “Honestly,the numbers Honda Motor Co., which 16%, respectively. the firstquarter and reported Some dealersworrythe ex- that put him at high risk for probably would have been weren’t hit by the chip short- Meanwhile, South Korean a28% increase in sales. tended inventory shortages contracting the coronavirus. even higher,” said Judy ageuntil later in the quarter, automaker Hyundai Motor Co. New-vehicle demand is ex- could disrupt some important “I’m only going to getback pected to grow in the coming new-model launches this year. intothe workforce as soon as I months as the carbusiness JoeShaker,owner of knowfor surethat this is un- CORRECTIONS hits the busy spring selling Shaker AutomotiveGroup, dercontrol,” Mr.Vlasak said. (USPS 664-880) (Eastern Edition ISSN 0099-9660) season and the distribution of which has stores in Connecti- (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) AMPLIFICATIONS newstimulus checks puts cut and Massachusetts,said he 1.50 million and publication headquarters: moremoney in shoppers’ is most concerned about any 1211 Avenue of the Americas, , N.Y. 10036 pockets. Tight inventorylevels delays of long-awaited vehicles Filings for Published daily except Sundays and general legal holidays. UCLA’s basketball team didn’t have much of an impact such as the Ford Broncoand 1.25 joblessbenefits Periodicals postage paid at New York, N.Y., and other mailing offices. plays in the Westwood neigh- on buyersinthe firstquarter, Jeep Wagoneer. Postmaster: Send address changes to The Wall Street Journal, borhood of LosAngeles.A but that is likely to changein “We’ll keep battling Pre-pandemic 200 Burnett Rd., Chicopee, MA 01020. 1.00 record was Sportsarticle on Thursday the coming months,Cox econ- through and hopefully be bet- 695,000 All published in The Wall Street Journal is subject to the applicable rate about the NCAA Final Four in- omist Charlie Chesbrough said. ter for it when we’re on the card, copies of which are available from the Advertising Services Department, Dow correctly referred to the loca- Already,atthe end of Feb- other side,” Mr.Shaker said of Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal 0.75 reserves the right not to accept an advertiser’s order. Only publication of an tion as Westwood, Calif. ruary, vehicle stock levels at the inventorycrunch. advertisement shall constitute final acceptance of the advertiser’s order. dealerships and in transit were Jeff Dyke, president of Noticetoreaders down 26% compared with a Sonic AutomotiveInc., apub- Letters to the Editor: Fax: 212-416-2891; email: [email protected] 0.50 Wall Street Journal staff year earlier,according to re- licly traded dealership chain 2019 weekly Need assistance with your subscription? membersare working remotely search firm WardsIntelli- based in North Carolina, is average: By web: customercenter.wsj.com; By email: [email protected] 218,000 By phone: 1-800-JOURNAL (1-800-568-7625) during the pandemic.For the gence. That is near thelows moreoptimistic.Mr. Dykesaid 0.25 Reprints &licensing: foreseeable future, please send reached last summer when that while sales during the By email: [email protected] reader comments only by automakerswerestarting to summer months could be lean By phone: 1-800-843-0008 email or phone,using the con- recoverfromthe pandemic-re- as dealers restock, he is en- 0 WSJback issues and framed pages: wsjshop.com tactsbelow, not via U.S. Mail. lated factoryclosures in the couraged by the strength in Our are100% sourcedfromsustainably certified mills. spring. demand throughout the pan- July 2020 ’21 Readers can alert The Wall Street Ford said Wednesdaythat it demic.“As we roll intothe Journal to any errors in news articles Note:Seasonally adjusted GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS by emailing [email protected] or would halt production in April thirdand fourth quarter,this Source:U.S. Employmentand Training by calling 888-410-2667. at several U.S. factories, in- tooshall pass,” he said. Administration via St.Louis Fed P2JW092000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** Friday, April 2, 2021 | A3 U.S. NEWS Supervisor Says Chauvin HadaChoice

Sergeant phoned after in the arrest of Mr.Floyd on May25last year were all fired alert from dispatcher; the day after the incident. girlfriend, paramedics During Mr.Pleoger’s testi- mony,prosecutorsalso played also give testimony part of aphone call between Mr.Pleoger and Mr.Chauvin BY JOE BARRETT shortly afterhis deadly en- AND ERIN AILWORTH counter with Mr.Floyd.The sergeant had called Mr.Chau- MINNEAPOLIS—Theser- vin afterbeing alerted to what

geant overseeing Derek Chau- a911 dispatcher—who testified OL PO

vin on the night of George Monday—felt wasaconcerning S Floyd’s death testified that the use of force. Therecording of-

former officer could have feredarareexplanation in Mr. /PRES TV

stopped restraining Mr.Floyd Chauvin’sown wordsfor how T UR

shortly after he quit resisting he and other officershandled CO arrest, rather than keeping his Mr.Floyd. George Floyd’s girlfriend, Courteney Ross, answering questions during the trial of former Minneapolis police officer Derek Chauvin. knee on his neck formore “I wasjust going to call you than nine minutes. and have youcome out to our washandled by othershigher dose two months beforehis sportsdespitechronic pain in topofhim, with no pulse and “When Mr.Floyd wasno scene here,” Mr. Chauvin told up thechain of command. death. When questioned by his neck,shoulder and back. nonresponsive, they said. longer offering up anyresis- Mr.Pleoger,according to the Earlier on Thursday, Mr. the prosecution following Mr. She also talked about his dev- “Inlay terms,Ithought he tancetothe officers, they recording.“We just had to Floyd’s girlfriend of several Nelson’sexamination, Ms. astation over his mother’s wasdead,” said Derek Smith, a could have ended their re- hold aguy down. He wasgo- years, Courteney Ross, battled Rosssaid Mr.Floyd’s previous death and his battle with paramedic who described arriv- straint,” said David Pleoger, ing crazy,” Mr.Chauvin canbe tearsasshe testified about overdose had not led to any Covid-19. ing at ascene that “didn’t feel who waswith the Minneapolis heard saying, adding that Mr. her relationship with Mr. permanent impairment. AfterMs. Ross, the prosecu- likeawelcoming environment.” PoliceDepartment forabout Floyd “wouldn’t go in the back Floyd,including their strug- TheHennepin County medi- tion questioned two paramed- He said he checked Mr.Floyd’s 27 years before retiring. of the squad.” gles with opioid addiction. calexaminer has ruled that ics called to 38th and Chicago pulse and did not find one. It wasthe firsttestimony During crossexamination, “It’ssomething we dealt Mr.Floyd’s death wasahomi- to attend to Mr.Floyd on May Mr.Smith’spartner,Seth from asuperior of Mr.Chau- Eric Nelson, the attorney for with everyday,” said Ms. cide. The defense has argued 25.They each individually de- Bravinder, described motion- vin’sthat he had used what Mr.Chauvin, asked if Mr. Ross,who wore anecklace that his death wascaused by a scribedreceiving anonemer- ing to an officer to get him to could be considered excessive Pleoger had conducted afull that spelledFloyd.She said combination of aheart condi- gencycall that wasupgraded to moveoff of Mr.Floyd,sothey force. Mr.Chauvin, 45 years use-of-force reviewofthe inci- she last sawMr. Floyd the day tion and drugs he took on the an emergencyaminuteand a could get him into the ambu- old, has been chargedwith dent. Mr.Pleoger said he had before he died. day of his arrest. half later.When the paramedics lance, he testified. second- and third-degree mur- not, sinceithad been upgraded Mr.Nelson sought to estab- Ms.Rossdescribed Mr. arrived six and ahalf minutes “Hewas ahuman being,I der and manslaughter.Heand to acritical incident afterMr. lish that Mr.Floyd had been Floydasagentle man who afterthe initial call, they found wanted to givehim asecond three other officersinvolved Floyd’s death and the review hospitalized from adrugover- loved to work out and play Mr.Floyd with three officerson chanceatlife,” Mr.Smith said. California Gunman Knew His Victims, Police Say

BY JIM CARLTON shotsfired around 5:30 p.m. since1997,when four people Wednesdayatasmall office were killed in another work- Four people,including a9- complexinthe OrangeCounty placeattack. year-old boy, were killed and a city of 138,640 about 30 miles “Anytime something like woman wascritically injured in southeast of LosAngeles.The this happens, it is ahorrible ashooting at an officebuilding shooting wasstill under way, event,” ChiefKisela said. “I

in Orange, Calif., that investiga- S but officerscouldn’t immedi- don’t wish it on anybody.”

tors said wasatargetedattack. PRES ately enter the courtyardbe- Theshooting in Orange Thesuspect, identified as cause two gateshad been capped amonth during which UMA

44-year-old Aminadab Gaxiola /Z locked from inside with bicy- thereweretwo other high-pro-

Gonzalez, wasalso injured dur- NG cle-type locks,Lt. Amat said. file massshootingsand more ing an exchangeofgunfirewith SC Twoofficersengaged the than adozensmaller ones.On policeWednesdayevening,Or- CH/ suspectfromoutside,and he March 16,agunman killed angePoliceLt. Jennifer Amat wasinjured, she said. They eight people at three spas in

said. Themotivefor the attack BERSEBA used bolt cutters to getinand the Atlantaarea. On March 22, UL

is stillunder investigation, but PA found the victims and suspect. another gunman shot and the suspect and victims all had A9-year-old boywas among the four people killed in the shooting at an Orange, Calif., officebuilding. Thesuspect used asemiauto- killed 10 people,including are- “a businessand personal rela- matic handgun and had aback- sponding policeofficer,atasu- tionship,” Lt.Amat said during women and the boy, were with- courtyardoutside the office Mr.Gonzalezisalicensed pack with pepper spray,hand- permarket in Boulder,Colo. anewsbriefing Thursday. held pending notification of suites of Unified Homes,areal- trucker whose name is on the cuffs and ammunition, Lt. Theoutbreak of shootingsafter Thesuspect and the injured kin. Thechild is believed to be estatefirm that specializes in deed of amobile owned Amat said. months of relativecalm during woman were being treated at a the son of one of the victims. manufactured-home sales,ac- by Unified Homes,according to OrangePoliceChief Tom the pandemic shutdowns has local hospital. Lt.Amat said the injured cording to itswebsite. The public records. Kisela, who is set to retirein prompted President Biden and Thenames of the deceased, woman wasembracing the boy other three victims were found Lt.Amat said officersre- July,called the attack the other Democratic lawmakers to which include aman, two when officersarrived in a inside the officesuites. sponded to multiple calls of worstmassshooting in the city call fornew gunlaws. Court Sides With FCC Justices Back Georgia in WaterDispute

On Media Ownership BY JESS BRAVIN Georgia Attorney General Georgia, Florida and Alabama Georgia had overindulged in the ChrisCarr said the Supreme that contains the three rivers Apalachicola, the Supreme BY BRENT KENDALL TheSupreme Court re- WASHINGTON—TheSu- Court “affirmed what we have that make up its name. Court could provide no remedy, AND JESS BRAVIN versed that ruling and sided preme Court resolved a long- long known to be true: Geor- Florida contended that as the ArmyCorps of Engi- with the FCC. waterdisputebe- gia’swater usehas been fair Georgia drew toomuch water neers, which operates the reser- WASHINGTON—TheSu- “The FCCconsidered the re- tween Florida and Georgia on and reasonable.Wewill con- foragriculture, increasing the voirs, wasn’t party to the case. preme Court unanimously up- cord evidenceoncompetition, Thursday, rejecting the Sun- tinue to be good stewardsof salinity of Apalachicola Bay, In 2018 the justices called held aregulatoryrollback of localism, viewpoint diversity, shine State’s claim that its our waterresources, and we which in turn attracted preda- foradditional proceedings, this federal limits on media owner- andminority and female own- northern neighbor had devas- are proud to have obtained a tors and disease that de- time beforeanew special mas- ship in local markets, adecision ership,and reasonably con- tatedits oysterindustrybydi- positiveresolution to this stroyed the oysterpopulation. ter, sincethe firsthad retired. that could open the door to fur- cluded that the three ownership verting morethan itsshareof yearslong disputeonbehalf of Georgia replied that Florida Threemoreyearsand much ther industryconsolidation. rules no longer servethe public the Apalachicola River. all Georgians.” overfished the bay and failed more evidence later, the case Thecourt, in an opinion by interest,” JusticeKavanaugh Writing foraunanimous “Disappointing,” said the to replenish the population by returned to the Supreme Court JusticeBrett Kavanaugh, ruled wrotefor the court in FCCv. court, JusticeAmy Coney Bar- Florida attorney general’s of- replacing harvested oyster for argument in February. Thursdaythat the Federal Prometheus Radio Project. rett said therewas no doubt fice.“We remain committedto shells to house the next gener- Justice Samuel Alitoasked Communications Commission Thecourt said the FCChad the oysterpopulation had col- supporting [the state Depart- ation of viscous bivalves. then howmuch apart of Flor- acted reasonably in 2017when only sparse evidence to work lapsed since2012, when a ment of Environmental Protec- TheSupreme Court holds ida’sdiluvial patrimonythe it loosened three longstanding with on minority andfemale drought struck Apalachicola tion] in protecting Apalachi- authority to trylawsuitsbe- Apalachicola oysterbeds actu- media-ownership restrictions. ownership and made areason- BayonFlorida’snorthwest cola Bayand the jobs that this tween states,but in this case, ally were.“Wassomething like TheFCC’s action came able prediction that itsroll- coast. But rather than point important resource supports.” as is typical, assigned the dis- this present when Poncede when the commission wasun- back wouldn’t harm minority fingersatthe Peach State,she Florida filed the case in putetoanoutside lawyer, Leon sailed up,oristhis der Republican control, led by and female ownership levels. suggested that Tallahassee re- 2013, demanding that the Su- called aspecial master. something that oysterfarmers then-ChairmanAjit Pai. Citing TheFCC and agroup of me- flect on itsown behavior for preme Court devise “an equi- Afteran18-month delugeof have created?” he said. dramatic changes to the media dia companies,including News the oysters’demise.“Florida’s table apportionment” of the discovery, the special master Thelawyer forGeorgia, landscape,the commission, Corp, owner of TheWall mismanagement of its oyster Apalachicola-Chattahoochee- held afive-week trial but found Craig Primis,conceded that split along partisan lines, Street Journal, had appealed fisheries” wasaslikely a Flint River Basin,anareaof few pearls of wisdom. He ulti- “the oysters do occur naturally made it easier forone entity the case to the high court. cause, Justice Barrett wrote. some 20,000 squaremiles in mately concluded that even if in Apalachicola Bay,” but to ownmultiple TV stations in Other ownership restric- added that “they have to be the same market.Italso re- tions remain in place, notably managed and the resource has moved prohibitions on com- limits that still generally pro- to be cared for by humans.” mon ownership of both aTV hibit ownership of multiple Florida’s lawyer,Gregory station and anewspaper in the top stations in the same mar- Garre, said: “It’shardtoimag- same market, or a TV station ket, and moreFCC action is ineNew England without lob- and a radio station. possible in the future. stersor, say, the Chesapeake Some ownership limitshad “While Iamdisappointed by without crabs,but, in effect, been in placefor decades,to the court’sdecision, the values that’safuturethat Apalachicola prevent concentration and that have long upheld our me- nowfaces when it comes to its preserveviewpoint diversity diapolicies—competition, lo- oysters and other species.” in local markets. calism, and diversity—remain But JusticeBarrettwrote: Therollback came afterthe strong,” said FCCActing Chair- “Florida failed to proveby commission concluded in 2016 woman JessicaRosenworcel, a clear and convincing evidence that the rules were still needed. Democrat who votedagainst that Georgia’salleged overcon- TheFCC, acrossadministra- therollback.“Iamcommitted sumption caused serious harm tions,had been tied up in court to ensuring that these princi- JOURNAL to Florida’s oysterfisheries or

on the rules fornearly 20 years. ples guide this agencyaswe REET itsriver wildlifeand plant .” In the latest round of litiga- moveforward,” she said. ST While the definitivecause LL

tion, afederal appeals court in Helgi Walker,apartner at WA of theoysterapocalypse re- 2019 agreed with critics who lawfirm Gibson Dunn who ar- mained the subject of scien- THE

challenged the FCCrollback on gued the case forthe National R tificdebate, JusticeBarrett the grounds that the commis- Association of Broadcastersand FO observed that Florida had au- sion didn’t adequately assess other industrychallengers, said thorized unprecedented har-

whether the changes would the decision “gives broadcasters EDELHEIT vestsinrecent years. “The re-

harm ownership of broadcast the freedom to innovateand EVE cord also shows that Florida media by women and minori- competeintoday’shighly com- The town of Apalachicola, Fla., once had a booming wild oyster industry. The Supreme Court said failed to adequately reshell its ties. petitivemedia marketplace.” Florida failed to prove that Georgia’s actions were to blame for the collapse of the industry. oysterbars,” she noted drily. P2JW092000-4-A00400-17FFFF5178F

A4 | Friday, April 2, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. U.S. NEWS PackageAims to Boost EconomyinLong Run S PRES

BY KATE DAVIDSON ing standards without trigger- Thegoal is different from TED

ing worrisome inflation. the most recent stimulus OCIA WASHINGTON—TheBiden But critics,including busi- package,which aimed to pro- SS /A administration’s$1.9trillion nessgroups and manyRepub- vide immediate, short-term NCE

Covid-19 relief packageen- lican lawmakers, saythe ad- aid through checks to individ- VA

acted last month aimed to get ministration’splan to payfor uals,enhanced joblessbenefits AD &

the economyback on track the measures through taxin- and expanded taxcredits. The S

fast. Now, officials areset on creases will damp investment, government borrowedall of NEW increasing thespeed limit for undercutting the boost to themoney and is expected to the long term. growth. Some notethe plan spend most of it this year, /THE

Theroughly $2.3trillion will add to federal budget def- ramping up consumer de- RNER

spending proposal unveiled icits, at leasttemporarily.And mand, economic output and WA

Wednesdaywould makein- some observerssay partsof jobgrowth, which will taper ALL vestmentsininfrastructure the packagewon’t do much to offin2022. KEND over thecoming decade that raise productivity and change Thenew packagefocuses Afiber-optic cable wasinstalled in Amherst, Va., in December to expandhigh-speed internet access. officials saywould enhance the economy’slong-term on long-term economic goals the economy’sproductivity, growth trajectory. that predatethe Covid-19 cri- they would likely be felt for infrastructure[to see] what expand broadband access, such as through public trans- “It depends on the invest- sis, including repairing roads much longer,supporterssay. the payoff is over the longer amongother investments. portation upgrades that make ment,” Alan Auerbach,an andbridges,investing in re- “Wecould be talking acou- run.” Theadministration intends it easier forcommuterstoget economist at the University of search and development, and ple of yearsbeforefirms start President Biden’sproposal to payfor the plan with tax to their jobs,orrural broad- California, Berkeley,said of making newinvestmentsin to see the benefits,” said Har- includes $621 billion to mod- increases on corporations band expansion that improves the potential forraising long- clean-energy technologysuch vard University economics ernizetransportation infra- spread out over 15 years, re- workplacetechnology. term growth. “Anything that as electric-vehicle charging professor KarenDynan,a structure, $300 billion to versing most of the taxlaw Economistssay those types makesworkersmoreproduc- stations. Funding forthe proj- Treasuryofficial during the boost the manufacturing in- changes Republicans made in of changes could enable the tiveand privatebusinesses ects would be spent over eight Obama administration. “But of dustry,$213 billion on retro- 2017. Theproposal would raise economytogrowmorerapidly more productivewould all years, and while the benefits course youwant to look all fitting and building affordable the topcorporatetax rate to over the long term and liftliv- seem to be helpful.” could be slowtomaterialize, the way through the lifeofthe housing and $100 billion to 28% from 21%.

the infrastructurepush would said he would court GOP sup- den’spackageand didn’t expect could use abudgetaryprocess quireDemocratstosupport it Biden Plan likely provemoredifficult than port, with the WhiteHouse other Republicans to support it. called reconciliation to skirt the almost unanimously.Narrow enacting the relief,inpart be- saying he would reach out to “I’m going to fight them every 60-votethreshold typically - margins in the House and the cause of funding questions. Republicans as the legislation step of the way because Ithink essary foradvancing legislation 50-50split in the Senatemean Encounters “It has morechallenges not comes together over the next this is the wrong prescription in the Senatedue to the filibus- Democratscan affordtolose not just because of the sizeand several months. forAmerica,” he said at an ter. Under the chamber’s rules, one vote in the Senateand no scope or scale of it, but be- ManyGOP lawmakers eventinKentuckyThursday. the reconciliation procedure morethan three in the House, Obstacles cause youhavetwo initiatives torched Mr. Biden’s proposed Rep.Sam Graves of Mis- canbeused only alimited num- empowering lawmakerstomake that youhavetowalk through corporate-tax increases,which souri, the topRepublican on ber of times ayear and limits demands on the legislation. howtoalign the payforsand the House Transportation and lawmakerstoapproving mea- In an early sign of the bar- ContinuedfromPageOne getting support forthat,” he InfrastructureCommittee, said suresrelated to the budget. tering to come,three Demo- ing what legislation canad- said, referencing the provisions ‘I’m going to fight he wasopen to the administra- Aides forSenateMajority cratsfromNew York and New vancewith asimple majority. to offset the cost in the infra- tion’sproposals on surfacein- Leader (D., Jersey said they wouldn’t sup- Unlikethe $1.9trillion coro- structurepackageand the them every step of frastructure if they were con- N.Y.)recently started lobbying port taxchanges unlessthey navirus relief measure Mr.Bi- WhiteHouse’scoming educa- the way,’ Sen. Mitch sidered on their own. “Ifthey the Senateparliamentarian, included afull restoration of den recently signed intolaw, tion andantipoverty proposal. canwork with us and compro- the nonpartisan adjudicator of the state and local tax deduc- lawmakers don’t face a loom- Thepresident’sinfrastruc- McConnell said. mise,then there’sabsolutely a the chamber’s rules,togive tion,which is nowcapped at ing deadline to passthis pack- tureplan serves as ageneral forward,” he said. Democratsmoreopportunities $10,000 under the 2017Re- age. House Speaker Nancy framework that lawmakerswill An attempt at narrowing to use the processthis year.If publican tax law. Pelosi (D., Calif.) set July 4 as need to translateintolegisla- the scope and cost of the bill that effort fails,Democrats Mrs. Pelosi cautioned on atentativegoal forpassing tion. Mr.Biden said at his first would roll back key elements to win GOP support would could passonly one more Thursdayagainst deciding the bill, according to aperson cabinet meeting Thursdaythat of the 2017Republican tax likely collide with progres- packagethrough reconciliation whether to oppose the bill be- familiar with the matter, he tapped five cabinet secretar- law,and criticized the scope sives’ efforts. Rep.Pramila this year,meaning the party cause of it. though she indicated that ies including Transportation of the package. Some said they Jayapal (D., Wash.), the head might have to combine the “I’m sympathetic to their timeline could slip until later SecretaryPeteButtigieg and supported narrowerinvest- of the Congressional Progres- $2.3trillion infrastructure position. Iwould saythat I in July. The said Energy SecretaryJennifer ments in infrastructure. sive Caucus, said it should be packagewith Mr.Biden’sedu- withhold any comment about it would likethe packagetobe Granholm to oversee the plan Sen. MitchMcConnell of substantially larger. cation and antipoverty plan. whethertovotefor abill or passed by this summer. andnegotiatewith Congress. Kentucky, the chamber’s GOP To passthe proposal without Passing the bill without siz- not until yousee what the bill Sen. Bob Casey (D., Pa.) said Mr. Biden, a Democrat, has leader,said he opposed Mr.Bi- Republicansupport, Democrats able Republican backing will re- is,” she said.

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THE WALL STREET JOURNAL. Friday, April 2, 2021 | A5 U.S. NEWS Lawmakers Biden Cabinet Convenes for the First Time Mull Requiring Hack Reports

BY DAVID UBERTI much moredata-sharingfrom organizations that operatein- Thehack of companies and frastructuredeemed critical to federal agencies through com- national security. promised software from Solar- Thelatterproposal will Winds Corp.has breathed new likely be more politically lifeintoanold idea: TheU.S. fraught, said Mark Montgom- must requirebusinesses to re- ery, former executivedirector port cyberattacks. of the CyberspaceSolarium Lawmakersare examining Commission, abipartisan policy howtocraft such legislation af- group that includes Mr.Lan-

terexecutives and government gevin. Such alaw would have to GES

officials told Congressinrecent specifywhat constitutes an in- IMA weeks that details on how cident, what information the ETTY

hackerspenetrated their de- privatesector must shareand /G fenses could help the govern- what companies it covers—a ment and companies thwart na- definition that wouldn’t neces- tion-statehacks. sarily include arelatively ob- ANGERER

But structuring such re- scuretech vendor likeSolar- DREW quirementsiscontentious. Winds,hesaid. ROOM TO BREATHE: Cabinet members, masked and spaced several feet apart, gathered in the East Room of the White House on While companies welcome dis- “Wherepeople cut the deck Thursday. The meeting took place here instead of in the Cabinet Room to allow for proper social distancing. closures from other organiza- is alittle different,” said Mr. tions,some fear detailing their Montgomery, who nowserves ownincidentscould fuel bad as asenior adviser to the com- pressand investor panic,yield mission. legal trouble and givehackers Certain businesses in heavily Cuomo Probe Extends to Memoir information to use in futureat- regulated sectors, such as de- tacks. fense,already have detailed re- Still, said TomFanning,chief porting requirementsunder BY JIMMY VIELKIND Ethics,according to correspon- executiveofthe -based agencyrules,said Jennifer Ur- dencereviewedbyThe Wall utility Southern Co., digitized ban, apartner at lawfirm Foley ALBANY,N.Y.—Theimpeach- Street Journal. State lawre- businesses and interconnected &Lardner LLP,whose clients ment investigation intoGov. quires that JCOPEreview re- supply chains makesuch trans- include Pentagon contractors. will examine questsbystate officersrelated parencycrucial. “What’shap- President Biden is also con- whether official stateresources to significant outside employ- pening to us might also be hap- sidering waystofacilitatesuch were used to producethe mem- ment activity. pening to finance, telecom or notifications by government in- oir that the Democratic gover- JCOPE deputy general coun- natural-gas pipelines,” Mr.Fan- formation-technologyvendors nor published in October,akey sel Martin Levine replied to Ms. ning said, adding that his com- as part of abroader executive statelawmaker said Thursday. Mogul on July 17,saying Mr. panyfaces millions of cyber order on cybersecurity,accord- Democratswho dominate Cuomo’srequest wasgranted threatseach day. “That’swhy ing to asenior administration theNew York stateAssembly subject to several conditions, we need this.” official. were already investigating ac- according to acopy of the ap- Staffersfor Sen. Mark War- TheCybersecurity Informa- cusations that Mr.Cuomo be- proval letter reviewedbythe ner (D., Va.) arespeaking with tion Sharing Act of 2015 allows havedinappropriately toward Journal. One of the conditions companies and cyber expertsin companies to sharedetails multiple women as well as how OL stated that “no State property, PO

the hope of writing abill, an about threatswith the Depart- his administration handled S personnel or other resources aide said. ment of Security un- complaintsoffaulty boltsina maybeutilized foractivities

Separately,Rep.Jim Lan- der liability and confidentiality bridge over the Hudson River GRI/PRES associated with thebook,” the gevin (D., R.I.) is fine-tuning shields.But areport last year and policies related to Covid-19 lettersaid. ALLE

two proposals in apincer-like by the DHS inspector general in nursing homes. O JCOPECommissioner Gary

approach to the issue,anaide found that only nine of 252 Assemblyman Charles CARL Lavine,who wasappointed to said. One rule would requirea participantsinthe program in Lavine, aDemocrat from Long Gov. Andrew Cuomo’s book describes his activities and those of JCOPEbystate SenateRepubli- broad array of businesses to re- 2018 voluntarily handed over island who oversees the cham- his aides and family members in the early days of the pandemic. cans,said the matterwas never port specific incidents, such as information. ber’s investigation, said those discussed or votedonby personal datatheftand ran- At aFebruaryhearing of the areas remain the inquiry’spri- Cuomo’s aides volunteered to Mr.Cuomo that he sexually ha- JCOPE’scommissioners. somware, Mr.Langevin’saide SenateSelect CommitteeonIn- maryfocus but that it also will work on the project and “tothe rassed them or acted inappro- GaryLavine,who isn’t re- said. Theother would mandate telligence, senior executives examine recent news reports extent an aide printed out a priately.Hehas denied touch- lated to Charles Lavine,said in from Corp.and Fire- about the production of the document, it appearsinciden- ing anyone inappropriately and an interviewthat the governor’s Breaches canhurt acompany’s Eye Inc., firms near the center book,“American Crisis: Leader- tal.” has apologized if his staff mis- book deal wasapproved by the public image and spook of the SolarWinds incident, said ship Lessons from the Covid-19 “The ExecutiveMansion is interpreted his behavior as un- JCOPE staff under an illegal investors—or not. FireEye’s they supported confidential re- Pandemic.” treated differently than other wanted flirtation. protocol that bypassed commis- shares droppedafter reporting porting requirements,with lia- Mr.Lavine also said the As- statebuildingsbecause it is le- Officials at the stateThru- sioners’ review. “I cantell you ahack in December,but shot bility protection against risks sembly had established a gally the governor and first way Authority have said issues questions would have been up in the ensuing investigation. such as shareholderlawsuits. hotline formembersofthe family’s personal privateresi- with boltsonthe Mario M. asked—what assistancedid the Microsoftdeclined to com- public to provide information dence,” Mr.Azzopardi said in a Cuomo Bridge—which crosses governor have?Where’sthe Share-priceperformance ment further.ASolarWinds relevant to the inquiry. statement. “Anything that the Hudson River between contract forthe book? ” he said. spokesman said the company Mr.Cuomo’s memoir de- comes with the mansion is Westchester and Rockland JCOPE spokesman Walter 60% supports “transparent and re- scribes the activities of him, his available forhis personal counties—wereresolved years McCluredeclined to comment FireEye sponsible sharing of informa- closest aides and family mem- use.That said, equipment used agoand that subsequent in- specifically about Mr.Cuomo’s 40 tion.” bers during the early days of formedia appearances forthis spectionsfound the bridgeto book,but said commission staff Lawmakershaveapplauded the coronavirus pandemic, project were paid fororpro- be safe. have reviewedand approved 20 FireEye’sdecision in December whichhas killed morethan vided privately and anystaff Thegovernor also has said requestsfor outside activity by to report abreach of itssys- 50,000 NewYorkers. who volunteered did so on their that his administration is coop- stateofficerssince2012. Mr. 0 tems to both the government Senior aides to the governor personal time.” erating with afederal inquiry McCluresaid the authority to andthe public.Neither disclo- reviewedadraft of the book TheNew York Times firstre- into howithandled Covid-19 do so wasbased on existing -20 SolarWinds sure wasrequired by law, but manuscript during weekend ported that Mr.Cuomo’s staff deaths in nursing homes. precedent from previous state they jump-started an investiga- sessions at the executiveman- hadassisted with the book. Judith Mogul,aspecial ethics agencies that were com- -40 tion in which U.S. officials de- sion this summer,people famil- State Attorney General Leti- counsel to Mr.Cuomo,sought bined afterthe creation of Jan.2021April termined the attack likely origi- iar with the mattersaid. Rich tia James is also overseeing an approval forthe book on July JCOPE in 2011. nated in Russia. has Azzopardi,asenior adviser to investigation intoaccusations 10 of last year from the state’s Mr.Azzopardi deferred com- Source:FactSet denied the claim. the governor,said that Mr. by current and former aides of Joint Commission on Public ment to JCOPE.

weapons,such as missile inter- U.S. Trims ceptors; expanded intelligence- sharing; additional training; and military-to-militaryex-

Its Forces JOURNAL changeprograms,officials said. ThePentagon effort to find REET

ST additional waystohelp the

In Mideast LL kingdom to defend itself hasn’t WA been previouslydisclosed.

THE Meanwhile, the Saudis’ ef- R SAVE

ContinuedfromPageOne FO forts to bolster their own de-

teries,the permanent aircraft- GH fenses,including their Patriot $170 carrier presenceand other missile systems, long consid- ABBA

military capabilities means -D ered to be undermanned and that several thousand troops AL overworked, areimproving,

might leave the region over IMAN U.S. officials said. Forthe past time.Asoflatelast year there The U.S. has removed Patriot antimissile batteries from the Gulf severalyears, the U.S. military were about 50,000 U.S. troops region, including one from a base in Saudi Arabia, seen above. has worked closely with the TOP in the region, down from a Saudis to improvethe sys- high of about90,000 at the cials consider to be leading acceptable level of violencefrom tems, officials said. height of tensions between the global competitors, including rocket and drone attacks from “The Saudis have been Trump administration and China and Russia. Iranian-backed Houthis in Ye- pretty effectiveatknocking about two years ago. Aircraftcarriersinrecent men and pro-Iranian militias in this stuff down. They are do- Defense officials declined to yearshavebeen deployedas Iraq.SinceJanuary, therehave ing betterand better,” asenior provide specifics about the re- symbols of U.S. deterrencein been morethan 80 such attacks, U.S. official said, referring to ductions in military capabili- the Middle East. Earlier this some involving multiple,simul- incoming rockets and drones. 12 ties or forces.Saudi officials year,the USS Nimitz leftthe taneous drone assaults, that While officials said that most didn’t respond to arequest to region, and the USS Eisen- have U.S.,Saudi and other allies attacks against Saudi Arabia comment about the U.S. plans. howernow is headed there. in the region on alert. emanatefromthe Houthi mili- WinesYou Amissile defense system However, the Eisenhowerisn’t “By far that’sworse than tiainside Yemen, they couldn’t Need to Try known as aTerminal High Alti- expected to stay forthe dura- any other period since before explain whythe Houthis have tude Area Defense,orThaad, tion of anormal monthslong the beginning of the conflict,” escalated at this time.The mili- which protectsagainst the deployment, leaving what aU.S.official said, referring to tant group has claimed respon- Plus kinds of ballistic missiles used Navy officials refer to as a the warinside Yemen. Iran has sibility formanyofthe attacks. frequently by Iranian allies,was “carrier gap” in the area over- denied it controls the Houthis “The bottomline is that the 3BONUS Bottles also proposed to be removed, seen by U.S. Central Command. or sponsorsattacks through Houthis need to knowthat we but officials said it would re- Amid the withdrawals,offi- other groups. arestanding with the Saudis main in the region fornow. cialssaid, aPentagon team is As the U.S. moves toward and we will continue to support Themilitarywithdrawals looking at what equipment and reducing its own military ca- their right to self-defense,” an- amount to the early stages of training it cansharewith Saudi pabilities there, the Pentagon other U.S. official said. a Biden administration effort Arabia as it continues to come in recent weeks assembled a Thedefensivehelp is in- to further reducethe U.S. pos- under withering rocket and “tiger team”—an ad hoc group tended to makegood on Mr. ture in the Mideast after sev- missile attacks from fighters of defense policyand military Biden’spromise to lend the eral decades of militaryen- believed allied with Iran.The experts—to find ways to help Saudis adefensivehand, after gagement there, officials said. idea is to shiftmoreofthe bur- theoil-rich kingdom protect he took aseries of steps sig- Some equipment, including den of defending Saudi territory itsfacilities and oil installa- naling his administration drones and anti- from WashingtontoRiyadh. tions, U.S. officials said. would deal differently with Ri- missile batteries,may be rede- Saudi Arabia has come under Options on the table include yadh than did former President Go to wsjwine.com/now 2WSJW1907 ployed to focus on what offi- what U.S. officials said is an un- sales of specific,defensive ,aRepublican. P2JW092000-4-A00600-1------XA

A6 | Friday, April 2, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS

Shareofstate population thatisfully vaccinated Across U.S.,ManyMore 16.9%,nationally Fully vaccinatedincludes those who received twodoses of the PfizerorModerna vaccines, or one dose of the Johnson & 15% 16%17% 18% 19%20% Johnson vaccine. NowQualify forVaccine Wash. N.H. Maine Mont. N.D. Vt. Ore. Minn. BY JON KAMP to vaccine providersnearing The U.S. is facing climbing Idaho S.D. Wis. N.Y. AND JOSEPH DE AVILA the end of their waiting lists, Covid-19 case counts again, of- Mich. said Chris VanDeusen, spokes- tenbecause younger people Wyo. Mass. Iowa Pa. Manystatesare broadly ex- man forthe Department of arecatchingand spreading in- Neb. panding Covid-19 vaccine eligi- State Health Services.Inparts fections.The rise of variants Nev. Ohio Utah Ill. Ind. bility this week,unleashing of the statewheredemand that canspread easily is an- R.I. Colo. W.Va. Va. moredemand in atime of still- still outpaces supply, provid- other major concern. Calif. Kan. Mo. Ky. Conn. tight supplies by targeting the ershavebeen asked to keep “We are in a race between N.C. N.J. shotsatmillions morepeople. giving priority to older people infections and the variants, so Tenn. Del. Ariz. Okla. Several states,including and those with underlying the morepeople we canget N.M. Ark. S.C. Texas,Ohio,Louisiana and Indi- vaccinated the better,” said Md. ana, have set eligibility require- Catherine Troisi,aninfec- Miss. Ala. Ga. D.C. mentstoages16yearsand up tious-disease epidemiologist Texas this week,joining states such at UTHealth School of Public La. as Arizonaand Georgia that 16 Health in . made themoverecently.New In Georgia, demand hasn’t Alaska Fla. York made people 30 yearsand The new minimum age for been as strong in southern older eligible starting Tuesday. eligibility in several states partsofthe statewherevac- Hawaii shiftedto16and cine supplies have been more Note:LastupdatedApril 1, at 4p.m. up on Thursday, and Maine abundant,while competition Source:Centers forDisease Controland Prevention plans to do the same on April 7. forshotshas been fiercerin In some places that have health conditions, he said. the Atlantaareaand the mentsweregoing unfilled be- people still far exceeds incom- groups,thereare some con- expanded eligibility,demand is “We’re still limited by the northern part of the state, said fore the stateopened up vacci- ingvaccine supplies from the cerns that still-vulnerable se- still outpacing vaccine supply. amount of vaccine coming to Amber Schmidtke, aformer nations to people 16 and up, federal government, and urged niorshaven’t gotten shots. It varies from statetostate the state each week, so it will Centersfor Disease Control said Lawton Davis, health di- people to remain patient. Manyolder people have strug- and even within states,but still take some time to vacci- and Prevention official who rector of the Coastal Health Brooklyn, N.Y.,resident Da- gled trying to navigate online some people arereporting nateeveryone who wantsa specializes in microbiology District, which serves eight vid Kim, 32, loggedonhis com- systems to book appointments, having a hard time getting an shot,” he said. He added that andimmunology. Theexpan- counties in the state’s south. puter at 8a.m. Tuesdaylook- said David Certner, legislative appointment. the statewas getting more sion of eligibility created com- “The majority of people ing to scoreanappointment on counsel at AARP. Statesare banking on a than onemillion firstdoses petition for appointments, at who were eligible,and who the firstday of his eligibility. “Westill want to makesure growing number of vaccine this week and expectsthat least in the short term until wanted it, had gotten it,” he Afteratwo-hour search, he no- those who are50-plus and doses to meet the need. Presi- level to continue. supplies increase, she said. said.Demand has increased ticed on Twitterthat some those who are at risk can still dent Biden has set agoal of Epidemiologistssay prog- “But on the other hand, and vaccine appointments people found appointmentsat get vaccinated,” he said. 200 million shotsbyApril 30. ress in vaccinating older peo- therewerealot of people in might not be as easy to find aCVS pharmacyonStatenIs- Growing supplies could soon Federal datashow73.7% of ple creates an opportunity to the southern half of the state again forthe next two or three land, and he managed to book help.Manufacturerswereex- people ages 65 and up have start shifting the focus to oth- who wanted the vaccine but weeks, he said. one therefor Wednesday. pected to have produced 132 gotten at least one shot. Over- ers, so long as states continue couldn’t gettoitbecause of NewYork plans to allow “I just jumped on it,” said million doses in March, nearly all, at least 153.6 million doses to make sure the most at-risk eligibility requirements,” Dr. people as young as 16 to start Mr.Kim, who runs amusic tripling the number from Feb- have been administered in the people aren’t leftbehind. This Schmidtkesaid. “I would much scheduling vaccine appoint- public-relations agency. “I’m ruary. Maine’sgovernor on U.S.,the datashow. includes minority groups that rather have those doses that mentsonApril 6, following the just looking forwardtogetting Thursdaycited asignificant in- Texas opened up eligibility have seen vaccination gaps de- are in freezers in south Geor- movetoages30and up this thingsback to normal and get- crease in incoming doses while because authorities there spite being particularly hard- gia end up in an arm.” week.State officials cautioned ting back to work hopefully.” moving up the timeline forvac- wanted to givemoreflexibility hit during the pandemic. Some available appoint- that the number of qualified As states expand to younger cinating people as young as 16. Shot Effective AfterSix Months FDA Probes Cause For Scrapped Batch BY JARED S. HOPKINS

The Covid-19 vaccine from BY PETER LOFTUS “Wehavebeen assured that Pfizer Inc. and BioNTech SE AND THOMAS M. BURTON they expect to meet those remains highly effectivesix deadlines,” WhiteHouse press months after its second dose, TheFood and Drug Admin- secretaryJen Psaki said at a an indication that protection istration is investigating what briefing.Ms. Psaki said “the could last foranevenlonger caused abatch of theactive issue wasidentified as part of period. ingredient for Johnson & rigorous quality control sys- Thefindings, released Johnson’s Covid-19 vaccine to tem checks,” and the Depart- Thursday, emergedfroma be scrapped forfailing to meet ment of Health and Human continuing reviewofhow vol- quality standards at acontract Services notified the White unteersinthe shot’slate-stage manufacturing plant, accord- House late last week. trial were faring and whether ing to aperson familiar with Asked if the WhiteHouse they contracted Covid-19 with the matter. should have revealed the prob- symptoms. The FDA maysend an in- lem publicly earlier,Ms. Psaki In the rush to introducevac- spection team to assessthe said the plant hasn’t yetbeen cines foranew virus,compa- situation at the Baltimore FDA-approved. “This is proba-

nies and other vaccine re- GES plant operated by contractor bly the processofworking as it

searcherswereunable to IMA Emergent BioSolutions Inc., should,” she said. Drug plants determine howlong shots the person said. canmanufactureingredientsfor would provide protection,or ETTY Theregulatoryscrutinyfol- adrugorvaccine but finished /G

whether booster shotswould TT lows J&J’sdisclosureWednes- productscan’t be released until

be needed to ensureprotection. PLA day that abatch of themain the FDAauthorizes them. Pfizer said it hopes to pro- ingredient forits Covid-19 vac- J&J’svaccine is the thirdto

vide more information on pro- SPENCER cine manufactured at the be authorized in the U.S.,after tection beyond six months in A man received the Pfizer vaccine at a clinic in last week. Emergent plant didn’t meet shotsfromPfizerInc.with its the coming weeks.The compa- standards.The batch didn’t nies said they planned to con- authorized in the West last the Phase 3trial,starting in teers, therewerenine cases of reach the vial-filling and fin- tinue to monitor study subjects year,after the late-stage, or July. Covid-19,all in people who got ishing stage, and no doses A contractor says a fortwo years. Some vaccines, Phase 3, trial found it was95% Of the 927 cases of symp- aplacebo.Sequencing con- from it were distributed. such as theone formeasles, effectiveatpreventing tomatic Covid-19 observed firmed six of the nine cases J&Jsays the quality lapse batch of J&J vaccine provide lifelong immunity Covid-19 with symptoms and through March 13,850 were in were of the variant. didn’t affect vaccine doses that ingredients didn’t while others, such as forthe was generally safe. people who received aplacebo Thefindings, the companies have been distributed in the flu, need to be given everyyear. In the U.S.,the vaccine is and 77 in people who were said, support earlier analyses U.S. sincethe vaccine wasau- meet standards. Thefurther analysis sug- clearedfor use in people age vaccinated, according to the that have shown the vaccine thorized in February,and the gested the vaccine worked ef- 16 and older. companies. generated aslightly lowerim- companystill has enough sup- fectively against avariant first Theshot has nowbecome a That corresponds to a vac- mune response against the ply to meet near-term commit- identified in South , key cog in global vaccination cine efficacyof91.3% up to six variant than the morecom- ments. J&Jalso makes the main partner BioNTech SE, and Pfizer and BioNTech said. And efforts. Thecompanies have months after getting the sec- monstrain circulating in the ingredient forthe vaccine at its Moderna Inc. Health authori- the companies said they ha- distributed morethan 200 ond dose,Pfizerand BioNTech U.S., but was still effective at ownplant in the . ties have been counting on the ven’t found serious safety con- million doses globally and plan said. neutralizing the variant virus. Emergent BioSolutions,of arrival of the single-shot J&J cerns so far. to produce2.5 billion doses Theprotection remained Of the 697 cases of symp- Gaithersburg, Md., said Thurs- vaccine to boost the overall “It is an important step to this year. generally consistent across tomatic Covid-19 among study daythat it isolated the batch of supply of shotsand to simplify further confirm the strong ef- On Wednesday, the compa- age, gender,raceand ethnicity, subjectsinthe U.S.,647 were in vaccine ingredientsbecause it vaccinations because it doesn’t ficacy and good safety datawe nies said the vaccine was100% as well as among individuals people who received aplacebo, didn’t meet specifications and require a second dose. have seen so far, especially in effectiveinchildren ages 12 to with underlying health condi- with the rest in vaccinated sub- quality standards.Emergent Emergent said that it was alonger-term follow-up,” said 15,resultsthat could lead to tions, the companies said. jects, indicating 92.6% efficacy, said it would dispose of the confident in itsability to meet BioNTech Chief ExecutiveUgur thevaccine’sU.S.authorization Thevaccine wasalso 95% to according to the companies. batchproperly.The company FDA requirements. Sahin. foruse in adolescentsinMay. 100% effectiveagainst severe Despitethe success of said that discarding abatch is Emergent makes the main Pfizer Chief ExecutiveAl- Thevaccine uses anew disease,with the precise figure Covid-19 vaccines,health au- disappointing but occasionally ingredient forAstraZeneca bert Bourla said the additional gene-based technology, named depending on whether re- thorities and vaccine experts happens during the complex PLC’s Covid-19 vaccine at the resultsprovide “further confi- messenger RNA afterthe mole- searchersused adefinition of have said it is possible that vaccine-manufacturing process. same plant, though that vac- dence in our vaccine’s overall cules that carrygenetic in- severedisease from the U.S. boostershotswill be needed TheWhiteHouse said Thurs- cine isn’t authorized foruse in effectiveness.” structions to cells to makepro- Centersfor Disease Control and seasonally or annually to en- dayitdidn’t expect the issue to the U.S. An AstraZeneca Thecompanies said they teins.Production of the Prevention or onefromthe U.S. sureprotection until the virus affect the promised U.S. supply spokeswoman said the com- now expect to file for full ap- proteins trains the immune Food and Drug Administration. is fully stamped out around of J&J’svaccine.J&J expectsto panywas “aware of the re- proval of the vaccine in the system to recognizethe coro- Some 800 trial subjects the world. deliver about 100 million doses portsregarding the facility U.S. as early as this month. It navirus and fight it. were enrolled in South Africa, They also say the vaccines foruse in the U.S. by midyear, and we understand Emergent has been cleared foruse so far The new analysis looked at whereamorecontagious vari- mightneed to be updated to under the terms of a$1billion is investigating the matter.” on an emergency basis. thevaccine’sperformancein ant of the virus wasfirst iden- addresspotential variantsthat purchase agreement with the —Tarini Parti Thevaccine wasthe first 46,307 people who enrolled in tified. Among those volun- escape protection. federal government. contributed to this article. AgencyClearsHome Testsfor Frequent Use

BY BRIANNA ABBOTT counter without aprescription; consumers can purchase over rectly,” said MaraAspinall,co- the other,for use in such the counter and use at home. founder of the Biomedical Di- TheU.S.Food and Drug Ad- places as schools and doctors’ But they aren’t designated as agnosticsprogram at Arizona ministration authorized the offices,requires aprescription. serial testsand aren’t yet State University.“This is a firstCovid-19 testsfor re- TheFDA had previouslyautho- widely accessible. step forward. peated, frequent use by con- rized them foruse among peo- Wednesday’sauthorizations, TheFDA has been saying S sumers at home to screen for ple with symptoms. awarded to companies with that they want to encourage infections even if they don’t Foralmost ayear,some U.S. bulk manufacturing power, add more at-home tests. This is PRES

have symptoms. public-health authorities have to the teststhat canbepur- taking those words and mak- TED TheFDA lateWednesday called forrapid Covid-19 tests chased over the counter among ing them very real.” CIA SO

gavethe green light to three that can quickly and fre- people without symptoms,po- Thethree testssearch for AS tests that aremeant to be used quently screen forthe virus to tentially enabling rapid, at- pieces of virus protein, called frequently or multiple times help control the spread of the home testing to become more antigens,tohelp determine RREN/ WA

over afew days—called serial infection among people with- widely accessible and afford- whether someone is infected. S.

tests. out symptoms. able. They were developed by Quidel TED Consumerswill be able to TheFDA has already “It’sputting control into Corp., AbbottLaboratories Abbott’s BinaxNOW is one of two tests for use at home. A third buy two of them over the cleared ahandful of teststhat thehands of Americans di- and Becton, Dickinson &Co. test is for use in schools, doctors’ offices and nursing facilities. P2JW092000-0-A00700-1------XA

THE WALL STREET JOURNAL. Friday, April 2, 2021 | A7 WORLD NEWS U.K. Sees Gains in Covid Vaccine Gamble

Delaying second shotto came in from shotsdeveloped by Pfizer Inc.and BioNTech SE, get morefirstdoses to Moderna Inc.and AstraZeneca, people seems to have the British government played it by the book: Afterquickly ap- paid off,authorities say proving the Pfizer shot, it said thereshould be athree-week BY MAX COLCHESTER gapbetween injections. AND JASON DOUGLAS When the trial data for the AstraZenecavaccine waspub- —The U.K.’s bold lished in November,scientists call to delaygiving people a were flummoxedbyanacci- second dose of aCovid-19 vac- dental finding.Volunteerswho cine has put it out in front in were given ahalf-dose shot the race to inoculatethe world followedbyafull dose a against the disease. month or morelater hadmuch Behind that decision: a better immune response than group of 16 scientistswho ad- those who were given two full vocatedacontroversial doses more closely together. to overrule some manufactur- Theerror raised questions ers’ guidelines in order to get about whether the betterim- morefirst doses to people. mune response wasdownto Thegamble appearstohave the half dose or the time be- paid off,with datapointing to tween shots. “That waswhat durable protection against ill- gotusthinking,” said Prof. ness afterone vaccine dose.But Finn. TheJCVI met in lateDe- while some countries,such cember and afterashort de-

as , have followedthe /REUTERS bate backed delaying the sec- U.K.’s lead,othersincluding the onddose,memberssay. U.S. aresaying to do so could Though the 12-week dosing NICHOLLS

pose arisk to public health. Y schedule wasinline with what The decision by British au- had been tested in AstraZen- HENR thorities holds lessons for With limited vaccine doses and soaring Covid-19 infections, British officials ripped up the rule book and delayed second shots. eca’strials,Pfizerand Mod- other countries as they fight erna said extending the dosing to contain the pandemic.In- Blair,anearly advocateofde- interval wasn’t something they deed, the dosing debate raises laying the second dose. Soaring ShotRate Daily deaths from Covid-19 elderly if immunity quickly would recommend, given that difficult questions about “The traditional way is ‘Well, have fallen to less than 100. fades after an initial dose. their vaccine trials looked at whether some governments we can’t be sure, we need more Drives Fall in Deaths The speed of the vaccina- The delayed-dose strategy shorter,three-to-four-week in- and their scientific advisers— data, blah, blah, blah.’OK, fine, tion drive means the U.K. econ- is also set to be tested in the tervals to determine efficacy. forinstanceinthe European but youknowinapandemic omy is set to reopen over the coming weeks, as the rate of TheU.S.Food and Drug Ad- Union, where vaccination cam- you’relosing and liveli- The U.K. has injected more spring and summer, with the second doses is expected to fall ministration said delaying the paigns arepainfully slow—are hoodsevery week,” he said. than half its adult population Bank of England forecasting a while vaccine makers struggle second dose beyond the limits being too risk averse. Altering rules on the fly with at least one shot of vac- boom later this year that will to keep up with global demand assessed in human trials poses In December,asahighly in- risks stoking vaccine hesitancy cine, putting it ahead of the erase the losses of the pan- and countries spar over who a risk to public health. fectious Covid-19 variant if something does go wrong, U.S. and its European neigh- demic by early 2022. gets priority for scarce shots. Datasofar have mostly ripped acrossthe U.K.,the said Jennifer Nuzzo,aprofes- bors. Still, some doctors harbor So far, 31 million Britons provided support forthe dose- group of scientists sitting on sor and epidemiologist at the Every adult is due to have concerns about the country’s have received the first dose extension call. Studies of vac- Britain’sJoint Committeeon Johns Hopkins Bloomberg received at least one shot of unorthodox approach, especially and just 4.1 million a second cinated British healthcare Vaccination and Immunisation School of Public Health.“It is vaccine by the end of July. over the risks to the frail and shot. workers, forinstance, have concluded that delaying asec- hardfor me to imagine the U.S. shown astrong immune re- ond vaccine dose by up to 12 making that decision,” she said. sponse after just one dose of weeks could save lives. Britain’sCovid-19 response regulatorssigned off on vac- expert on respiratorydiseases that money and time could be vaccine.One analysis con- “It would have been cow- has been marked by aseries of cines before anyone else. The whoadvisedonthe U.K. vac- savedbycutting doses,with no cluded it wascomparable in ardly not to makethat deci- calculated gambles.Some went countrydoled out aBritish cine deployment. effect on patient immunity. potencytothat obtained by sion,” said Adam Finn, an im- wrong.Itinitially held off on vaccine developed by Astra- Normally,vaccine doses are Unlikeimmunization advi- previous natural infection. munologist at theUniversity lockdown to allowthe popula- ZenecaPLC andthe University administered to the public in sorybodies in other coun- “Wefind it quitereassur- of Bristol who sitsonthe tion to acquiresome herdim- of Oxford to itselderly popula- the same way that they were tries,“we canadvise basedon ing,” Susanna Dunachie,global JCVI. “Wehad acertain munity.Itnow has the highest tion despitelimited dataavail- during clinical trials.Tochange core principles wheredataare research professor at the Uni- amount of vaccine and a cer- cumulativedeath toll from able on whether it was effec- dosing typically requires fur- lacking,” said Prof.Finn. In this versity of Oxford, told reporters tain amount of time.” Covid-19 in Europe. tive in that age cohort. ther real-world trials.Going case,the group wasguided by during arecent briefing on that Facedwith acrisis,the U.K. On vaccines, the bets have TheBritish government intothe pandemic,the JCVI howits membersunderstood finding.“They arekind of get- government wasopen to doing so far paid off.The govern- “took puntsonthingsbefore had arecordofrecommending immune systems to work in ting the immune response from thingsdifferently,said former ment spent big and early to therewas datatosupport dosing changes without con- practice. someone who’s had Covid al- British Prime Minister Tony acquirethe innoculations.U.K. them,” said Jeremy Brown, an ducting moretrials,arguing Initially,asthe trial data ready from that single dose.”

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A8 | Friday, April 2, 2021 **** THE WALL STREET JOURNAL. WORLD NEWS Poor Nations Fear Capital Flight U.S. Backs IMF Bid BY PAUL HANNON troubling consequences for emerging markets. Thered-hot U.S. economyis To stem the 2013 outflow of To Ease drawing billions of dollars in capital, anumber of central capital from emerging mar- banks in large developing kets,stirring concerns that in- countries had to raise their Pandemic vestor flight may destabilize key interest rates, thereby poor countries whereCovid-19 slowing their . infections remain high and the Should they be forced to do so prospect of arobust economic again this year,itwould add recovery seems distant. to an already weak recovery BY YUKA HAYASHI According to figurescom- from the pandemic. piled by the InstituteofInter- But economistslargely WASHINGTON—TheTrea- national Finance, aresearch don’t expect arepeat of the suryDepartment notified Con- body forinternational banks, taper tantrum. gressofits support foraplan developingcountries sawan First, developing countries by the International Monetary REUTERS

outflow of capital in March of O/ had seen strong economic Fund to use its reserve assets

$5.16 billion. This week,Tur- /PP growth and a surge in capital to help poor nations battle the key,which raised official in- AR inflows in the yearsbeforeMr. Covid-19 pandemic and the re- terest ratestocontain arise Bernanke’sremarks.Rich sulting economic slump. in inflation and adropinits countries such as the U.S. had Thursday’saction by the Bi-

currency, sawthe biggest CETINMUHURD recoveredmuch moreslowly den administration moves the

weekly outflow of capital AT from the global financial cri- IMF astepcloser to issuing

since2015. MUR sis,and international investors $650 billion of Special Draw- While modest, the March Turkish President Recep Tayyip Erdogan abruptly dismissed the central bank governor last month. had placed especially large ing Rights, aplan that already outflows were the firstfrom bets on faster-growing devel- has the support of other major emerging marketssincethe Netflowsinemerging-market stocks and bonds,weekly Turkish lira-denominated oping countries. economies. Biden administration’s $1.9 bonds,the biggest weekly According to the Interna- TheIMF needs the consent trillion economic-support $10 billion drawdownsinceJanuary2015. tional Monetary Fund, capital of the U.S.,its largest share- package, combined with a They also pulled anet $800 flows to developing countries holder. rapid vaccination program, millionfromTurkish stocks, in theyearsfollowing the fi- TheSDR is an international dramatically raised expecta- 0 the worstweekly retreat since nancial crisis jumped to nearly reserveasset that countries tions forU.S.economic January 2007. 50% of the global totalcapital canexchangefor dollarsor growth.Economistsproject In total, the flight of foreign flowsfrom20% in the years other major currencies to the U.S. economy would grow –10 capital that week represented running up to the crisis. makedebt paymentsorpay 6.5% this year,the fastest pace morethan 40% of the net $4.6 By contrast, emerging coun- for imported goods. in three decades. billion investors had put into tries didn’t see large inflows TheIMF last issued SDRsin Although largely good for –20 Turkish lira assets under Mr. in theyearsbeforethe pan- 2009, in the aftermath of the the global economy, the torrid Agbal’sroughly four-month demic. global . growth in the U.S. is straining tenure. “This is not the death knell “An allocation of new Spe- some weaker countries. –30 Theincrease in emerging fordevelopingeconomies,” cial Drawing Rightsatthe IMF As investorsrush to buy 2012 ’15 ’20 markets’ interest rates awak- said Adam Posen,president of could enhanceliquidity for U.S. assets, they have driven Note:Non-residentpurchases; excludes Turkey and ened memories of the so- the Peterson Institute for In- low-income countries to facili- U.S. Treasurybonds yields Sources: National sources, Institutefor International Finance called Taper Tantrum of 2013. ternational Economics. tate their much-needed health sharply higher this year. In Mayofthat year,then- In 2013,current-account Should that continue,econo- mies,” said Kristalina Geor- key,haveraised interest rates, Federal ReserveChairman Ben deficits—a measureofhow mistsworrythat the higher gieva, the International in part to defend against capi- Bernanketold lawmakers the much capital acountry returns offered forrisklessin- MonetaryFund’s chief,ina taloutflowsand to support central bank wasconsidering a needs—had been large fora vestmentsinthe world’slarg- speech Tuesday. their currencies. slowdown in its purchases of number of years, so it wasa $650B est economycould pull money TheMarch outflowswere Investorsgrewconcerned government bonds,without problem when investorsbe- from emerging markets, where the firstsinceOctober.Back when Turkish President Recep actually announcing such a came reluctant to provide Would be set aside from the vaccine campaigns have barely then, the outflows reflected a Tayyip Erdogan abruptly dis- change. more capital. Now, according fund for low-income nations begun. flight by investors to havens. missed central bank governor To manyFed watchers, he to FitchRatings, those gaps “FasterU.S.recoverycould The current exodus is instead Naci Agbal last month for his wassimply repeating aview are significantly smaller. cause arapid rise in interest driven by the rise in U.S. decision to raise interest rates firstexpressed in January Fitcheconomistsestimate rates, which could lead to a yields—a moreworrisome to contain double-digit infla- 2013.But investorstook fright that current-account deficits and economic recovery ef- sharp tightening of financial trend. tion. and pushed yields on U.S. gov- for 81 countries they monitor forts,” TreasurySecretary conditions,and significant Indeed, during the past In theweek afterhis dis- ernment bonds sharply higher, will be just 2% of annual eco- Janet Yellen said in aletterto capital outflows from emerg- month, central banks in Brazil missal, foreign investorswith- sending shock wavesaround nomicoutput this year,com- leadersofthe Group of 20 ad- ing and developing econo- and Russia, in addition to Tur- drew anet $1.1 billion from theworld, with particularly pared with 3.2% in 2013. vanced and major emerging market economies in February. IMF officials have said that Suez Canal Head Says Egypt Is Seeking Compensation for Blockage while the global economyis rebounding from the pan- demic’simpact, the recovery is uneven. While wealthier countries have used their ample re- sourcestofuel growth and vaccinate their citizens, poor nations arelagging behind and racking up debts. In all, morethan 30.4 mil- lion cases have been reported in the U.S. and morethan 552,000people have died. World-wide, more than 128.9 million cases have been re- ported and morethan 2.8mil- lion people have died. The Trump administration

S blocked the use of SDRsfor

PRES pandemic response last year, and some Republican lawmak- TED ershaveexpressed their oppo- OCIA

SS sition to the latest iteration of /A the plan, saying it would bene- fitU.S.adversaries whoare IMF members. ELSHAHED TheTreasurymust notify MED Congressofthe movebut doesn’t need itsapproval for MOHA the proposed size of the allo- Egypt is seeking morethan an interviewwith apro-govern- owned by aJapanese firm, oper- Shipmanagement, told the As- the compensation amountwas cation. $1 billion in compensation after mentTVshowWednesdaythat ated by Taiwan-based Evergreen sociatedPress thatthe crew agreed on, the ship would be al- “The proposed allocation of acargo ship blocked the Suez the amounttakes into account Group, and flagged in Panama. wascooperating with authori- lowedtodepart. SDRswould be inappropriate, Canal fornearly aweek, accord- the costsofthe salvage - The vessel is anchored in the ties in the investigation. They However, if the issue of ineffective, and awasteful use ing to the topcanal official. He tion, stalled and lost GreatBitterLake, astretch of said Suez Canal Authorityin- compensation involved litiga- of taxpayerdollarsthat would said the ship and its cargo will transit fees forthe days the waterhalf waybetween the vestigators have been given ac- tion, the Ever Given and its end up benefiting repressive notbeallowedtoleave if the Ever Given blocked the canal. north and south ends of the ca- cess to the Voyage Data Re- some $3.5 billion worth of regimes and statesponsorsof issue goes to court. Gen. Rabei didn’tsay who nal, whereaprobe is underway. corder,the vessel’sblack box. cargo would notbeallowedto terrorism,” Sen. PatToomey Lt.Gen. Ossama Rabei, head would be responsible forpaying On Thursday, the ship’stech- Gen. Rabie said thatifanin- leave Egypt, he said. (R., Pa.), the topRepublican of the canal authority, said in the compensation. The vessel is nical managers, BernardSchulte vestigation went smoothly and —Associated Press on theBanking Committee, and three other Republican senators wroteinaletterto Ms. Yellen on March 24. of them said. erythis year,but it remains an added economic steam there have risen steadily despitethe Member states areissued Producers Throughout the pandemic, uncertain picture. OxfordEco- in March. vaccine rollout. Fast-rising SDRs in proportion to their the group has appeared to nomics forecast 6% global TheU.S.economyispicking cases in much of Europe are stakes in theIMF,which was shiftsharply from optimism to growth in 2021, the fastest up,with an accelerating vacci- triggering newCovid-19 re- created near the end of World To Boost pessimism over the prospects rate in almost half a century, nation drive progressing rela- strictions and threatening a WarIItooversee the global of a post-pandemic economic as Covid-19 vaccine campaigns tively smoothly. Consumers deeper-than-expected, double- exchange-rate system and act recovery—and astrong re- allowpandemic restrictions to areincreasing their spending, dip recession there. as alender of last resort to Output bound in oil demand. Saudi be liftedand businesses to particularly on in-person ser- As Covid-19 started shut- countries in financial distress. Arabia has pushed to stay cau- snap back in some places.In vices that were batteredby ting down economies last year, TheU.S.has the right to re- tious,while Russia has been China, consumer spending at the pandemic.Still, clouds re- grounding flights and closing fuse to exchangedollarsfor ContinuedfromPageOne eager to lift output. home and demand forChi- main. Reported U.S. Covid-19 businesses,OPEC and itsallies the SDRsofany country ing in stride,with analysts Thedivide wasondisplay nese-made goods abroad cases remain elevated and cast aside abitterpricewar “whose policies runcounter to saying the boost wasmea- ahead of Thursday’s meeting. and cut nearly 10 million bar- U.S. interests,” according to a sured. Brent, the international Saudi Energy Minister Abdu- rels of crude aday,orabout Treasury fact sheet. crude benchmark,closed at lazizbin Salman warned the 10% of pre-pandemic demand, TheU.S.isexpected to re- $64.86 abarrel, up $2.12, or “sea remains rough” in terms from their collectiveproduc- ceiveabout 17%, or $113 bil- 3.38%. Thefront-month con- of stabilizingthe oil market. tion. Sincethen, the group has lion, of the allocation, and

tract forWest Texas Interme- Russian Energy Minister Alex- GES agreed in fits and startstore- G-20 membersincluding the

diate, the U.S. benchmark for ander Novak said the oil mar- IMA storeachunk of that—about U.S. will together get roughly crude oil, wasup$2.29,or kets were undersupplied by 3.15 million barrels a day, in- 70%.

3.87% to $61.45 a barrel. some two million barrels a GETTY cludingThursday’snew bar- That hasled to criticism

“Thereisarecognition that day, and “it’simportant not to SE/ rels. that the small allocations re- this is aphased return that let the market overheat.” Saudi Arabia surprised ceived by low-income coun- can be fairly easily reversed,” Keeping a tight lid on out- marketsinearly January by tries will be of little help. ANCE-PRES

said Helima Croft, the chief putcan bolster prices,but it FR agreeing to act unilaterally However, the Treasurysaid commodities strategist at Ca- canalso suppressrevenue for and sliceafurther one million it is working with other ad- nadian broker RBC. manyofRussia’sindependent ENCE barrels of its own production vanced nations to lend a por- Ahead of the meeting be- producers. Oil supply lines AG to help stabilize markets at a tion of their SDRs to support tween the two groups,Saudi also were disrupted recently time it felt earlier vaccination low-income countries. Arabia had initially backed by the six-dayclosureofthe optimism was premature and The SDR is based on a bas- plans to keep production un- Suez Canal,offering another NURELDINE/ cases in Europe and the U.S. ket of currencies made up of YEZ

changed, delegates said. The case for easing the taps. FA were soaring. the dollar, the euro, the Japa- decision to increase output Many forecasters are brac- Saudi Energy Minister Abdulaziz bin Salman, shown in January, —David Hodari nese yen, Chinese yuan and “was a complete U-turn,” one ing for a strong global recov- warned the ‘sea remains rough’ for stabilizing the oil market. contributed to this article. British pound. P2JW092000-2-A00900-1------XA

THE WALL STREET JOURNAL. ** Friday, April 2, 2021 | A9 FROM PAGE ONE Minutemen Muster Patience

ContinuedfromPageOne whereMinutemen repelled British troops at the start of

theAmerican Revolution on CTION

April 19,1775. They plan are- LLE CO

peat march this year,pandemic S or no.

“Wedid it early,and we did TIMELES

it quickly,” he says,ofastate /A

holidaythat normally features SET parades,festivities and the JAS . AN JO Sincethe Covid-19 pan- Thomas Tringale, center, invited friends to gather in costume in his backyard for photos. War re-enactors would normally be prepping for springtime parades. demic forced Revolutionary Warenthusiastsintoapro- hatsand long coatsand grab- re-enacting group of about 45 music. distanced unitsthis fall at Lex- though therewas no audience. longed retreat, manyare bing their musketstoprepfor active membersinthe Phila- Thegroup has performed ingtontopracticemarching, “It gavepeople areason to launching arangeofcounter- springtime parades,historical delphia area, says he has spent only afew times outside and with no onlookers. His regi- dressup,” he says. offensives to cope.Some take gatherings, school visitsand the pandemic studying up on socially distanced during ment recently tried singing ForEllie Hutchinson, a71- hikes dressed in their colonial battle re-enactments—but marching and battle forma- Covid-19.Heloves playing -shanties on aZoom call. year-old retiree,fromSutton, clothes as well as masks— nearly all of these eventshave tions in historic militaryman- fife,but likeother wind instru- “It doesn’t really work,” he Mass.,re-enacting is alife- which canstartle other hikers. been canceled. Forahobby uals.Marching intobattlein ments, it’s“asuper spreader,” says,sighing. style. She has twiceasmany Paul O’Shaughnessy,aBos- rooted in heavy interaction the 18th centuryoften involved he says. Thomas Tringale,a36-year- period clothes in her closetsas ton-area biotech engineer who with the public and each other, close ranks,with men standing To tackle the problem, Mr. old aquatics manager at a regular clothes. usually portrays aBritish offi- it hasn’t been easy to keep shoulder-to-shoulder,which Taskovics adapted adesign health club,has been re-enact- Hercar sitsoutside while cer, has spent alot of time in their powder dry. hasbeen impossible to repli- forafluteguardfound on the ing since1995 and says he two antique cannons are his basement, which he turned As the pandemic stretched cate during the pandemic. internet that limitsaerosol misses it terribly.After events stored in her garage,nextto intoaworkspace. He has been on, Mr.O’Shaughnessy says he Mr.Gavin has tried mimick- dispersalwhen playing.Toor training,his group usually her lawn mower. This April 19, teaching himself to repair rep- realized aftergaining some ing the formations using Pop- supplement the few perfor- goes out forbeersand sings she plans to walk from her licasofRevolutionary War-era weight during the pandemic sicle sticks on his desk. mances they’vehad together, 18th-centurysongs. When they town to the battle site—not weapons. that he had to work on his uni- Steven Taskovics,58, are- thegroup also has produced dressasFrench soldiers, they oncebut twice. “I’vebeen fixing muskets. form. Clothing from the 18th enactor from Framingham, several synchronized sing in French, but Mr.Trin- She says she misses the ca- That’show Istaysane,” he centurywas form-fitting. Mass.,plays the fife in the video performances and gale admits, “Our French is re- maraderie of her group.Pre- says. “The redcoat seems to have MiddlesexCounty Volunteers posted on . ally sucky.” pandemic,she says,“we see Thetightknit community of shrunk just asmidge” during Fifes&Drums,agroup that There-enactorsinMr. He invited about adozen them andfireatthem across warre-enactorswould nor- thepandemic,hesays. marches in costume and per- O’Shaughnessy’s groups gath- friends to gather in costume in the field, and then we go off mally be donningtricorner Kenneth Gavin, who heads a forms RevolutionaryWar-era ered in small, masked, socially- his backyard forphotos—even andhaveabeer together.”

similar strategies,say banking Inside executives. Some of his lend- ersbalked at those terms,but Mr.Hwang found other willing The Fall counterparties. Formost of the past year, Mr.Hwang wasonaroll. Of Archegos Stocks owned by Archegos,in- cluding ViacomCBS Inc., Dis- covery Inc.and aU.S.-listed ContinuedfromPageOne S Chinese tutoring companyGSX

said people familiar with the NEW Techedu Inc.soared, making call—not the least because G the fund billions of profits. As they were all nowfacing bil- the shares rose,the fund lionsofdollarsinpotential OOMBER added to itstop performers, losses themselves. /BL oftenusing derivativetrades

NowWall Street is sifting TEKER called swaps agreements.

through the aftermath of the MS Achegos effectively owned

biggest single-firm meltdown WA 25%ofsome companies,ac- sincethe financial crisis.Mr. cording to aperson familiar Hwang alone lost approxi- EMILE with the matter. mately $8 billion in 10 days,a Archegos’slenderssay they person familiar with the mat- were unaware of the extent of

tersaid, in what tradersand GRI/REUTERS; trades he wasmaking with investorssay wasone of the other banks, information that ALLE

fastest losses of such alarge O would have encouraged them sum they had ever seen. to curb their lending.Banks CARL

Thefirm’simplosion has P: canask clientsfor information rippled through the financial TO on their loans from other world, eroding tens of billions OM banks but clientsdon’t neces- FR of dollarsfromthe shares of Former hedge-fund trader Bill Hwang used a family office in this New York City building to place huge financial bets. sarily have to disclose it or media conglomerates and in- their positions. vestment banks.Japanese apply to lift the bar after five NewJersey but drovean bank Nomura HoldingsInc. years. AHong Kong court sep- older-model car. said it wasowedabout $2 bil- arately ordered Tiger Asia to In 2010,regulatoryinvesti- The drop lion by aU.S.client. Credit pay about $5.8 million to set- gations that would span the On Mondayoflast week, Suisse Group AG shareholders tle claims related to the con- next several yearsrelated to everything changed forMr. arebracedfor $3 billion or duct. allegations of Hwang.That day, ViacomCBS, moreinlosses.People familiar Sung Kook “Bill” Hwang had begun. Mr.Hwang has one of his largest holdings with the mattersaid the losses emigrated to the U.S. from said his regulatory issues re- whosestock pricehad risen were related to Archegos for Seoul with his family and at- vived his Christian faith. “I more than 150% in 2021, an- both banks. tended the University of Cali- had, really,abad business nounced it would sell new The meltdown has sparked fornia, LosAngeles in the problem. And I knew no mat- shares.The offering pressured calls forgreater scrutinyof 1980s.The son of apastor,Mr. terhow much money [and the stock,sending it down the use of swaptransactions Hwang became an equities connections] Ihad…they more than 25% in the after- and moreregulation of the salesman at Hyundai Securi- couldn’t help me,” Mr.Hwang math of the announcement. trading of family offices, ties Co. and so impressed Mr. said in a2018 interviewata Because of Archegos’s which managethe fortunes of Robertson, the well-known in- Christian conference. highly concentrated positions, wealthyindividuals.Family of- vestor who ranhedgefund Ti- the sharp drop in hit ficeshavesoared in sizeinre- gerManagement, that he hired the fund’sportfolio,and many cent yearsand nowmanage him. Returned money in the market believethat morethan $2 trillion. Because At Tiger,Mr. Hwang sat Mr.Hwang returned clients’ Archegos started selling other they don’t market to outside near Mr.Robertson’soffice, money in 2012 and turned his stocks to cushion the blow. investors, they arefar less researching opportunities. firm into an office to manage Those sales sent other stocks regulated than similar vehicles Soon, Mr.Hwang wasurging his family’s wealth. He named it held tumbling,including such as hedgefunds,which Mr. Robertson to buy Korean with Mr. Hwang. He regularly Mr. Hwang hired analysts but it Archegos,which, translated Discovery. Suddenly,the col- have to regularly disclose their shares. Mr. Robertson scored discussed his charitable foun- made all final decisions,devel- from Greek means “leader” or lateral Archegos had given the investments. big profits, cementing their re- dation with visitorsand em- oping aunique approach to “princeofChrist.” AChristian banks wasnolonger enough lationship. phasized the importance that elicit information from execu- ethos permeated the firm, to back the loans.Banks hit When Tiger closed in 2000, community serviceplayedin tives and others. Mr.Hwang with voluntaryFridaymorning Archegos with margin calls to Wreaking ‘havoc’ Mr.Robertson backed Mr. his life, talking with pride liked to ask aprobing question Bible studies where a record- back up its trades, which ini- “The collapse of Archegos Hwang as he started his own about various projectsheand and then say little more dur- ing of Bible readingswould tially were met by the fund, Capital Management and the hedgefund, Tiger Asia. In his mother had supported. ing the conversation, waiting play to music. but as ViacomCBS fell further billions of dollars in losses to 2001, Mr.Hwang’sfirm started Mr.Hwang owned just a to hear interesting tidbitsof Around 2015,Mr. Hwang on Wednesday, the firm didn’t investorsand other market with $1.2 billion and he few stocks,aconcentrated information, according to two ranintoanew problem: have the money to provide its participantsisavivid demon- worked at 101 Park Avenue in portfolio that made his re- executives who interacted Archegos,which he ranlikeTi- lenders, aperson involved in stration of the havoc that er- midtownManhattanwith sev- turns morevolatile.Heliked with him. gerAsia, had become so big it the unwinding said. rant large investment vehicles eral other funds with ties to to focus on stocks that were In the fall of 2008,Mr. no longer could focus on That forced the banks to called ‘family offices’ can Mr.Robertson. Those funds heavily “shorted,” or had a Hwang wasone of anumber of shares of Asian companies sell Archegos’s collateral hold- wreak on our financial mar- regularly met to discussin- high level of bearish positions, hedge-fund investorsburned trading in those markets, ingsevenasthey were tum- kets,” said Dan Berkovitz,a vestment ideas.Mr. Hwang according to someone familiar when they wageredagainst which sometimes were too bling, worsening the selloff. commissioner on the U.S. and his analystsrarely partici- with the trades, a stance that small to enable Archegos to Archegos reduced some of its Commodity Futures Trading pated, eager to keep their canlead to profitsifthe buy and sell without jolting holdingsonThursdayand Via- Commission. strategies to themselves,ac- stocks rise in price. ‘What can I do prices. comCBS shares fell more Behind the enormous losses cording to people familiar In manyyears, Mr.Hwang Mr.Hwang decided to ex- steeply. was Mr. Hwang, a 57-year-old with the matter. Mr.Hwang scored averageannual gains of today, where can I pand the firm’s portfolio into When Archegos called its Korean-born investor, devout even kept information from between 40% and 80% accord- invest, to please larger U.S. shares. Mr. Hwang banksfor ameeting,they all Christian and protégé of fa- his ownteam, leaving some of ing to someone close to the told friends he wasevenmore had different opinions on how mous hedge-fund veteran Ju- them to wonder howhewas firm. Once, afriend asked Mr. God?’ comfortable with trading risks, to handle the situation. lian Robertson. Mr.Hwang forming his investment deci- Hwang if he had takenprofits sincethe firm managed his Representatives from Credit built his fortune swinging for sions, the people said. from a stock that had soared. own money, not clients’ cash. Suisse and Nomura, which the fences, often focusing his Splitting his time between “No, I’m still buying,” Mr. By this year, Archegos had faced the most extreme losses, investmentsinjust afew theU.S.and his fund’sHong Hwangresponded, aperson shares of Germany’sVolks- built out anetwork of lenders, suggested working together stocks, paying little attention Kong office, Mr.Hwang used familiar with the matter said. wagenAG, which jumped 348% called prime brokers, using the over amonth to unwind to hedging his positions while borrowed money to buy huge As his gains piled up,Mr. over two days.Aformer col- services of six different Archegos’s trades. borrowing large amountsof chunks of young,growing Hwang sometimes viewed his league says he was struck by banks—Goldman, Morgan Representatives from Mor- money to boost his returns. companies,including LinkedIn. profitsthrough the prism of Mr. Hwang’s equanimity dur- Stanley,,No- ganStanley and Goldman His appetitefor risk ex- As those stocks soared, Mr. religion. ing that period, sometimes mura, and UBS. Sachs balked at even the idea tended beyond big bets. In Hwang’sfund grew in size “Do Ithink God loves it? Of greeting colleagues with a His use of leverageand will- of doing so,saying that within 2012, his firm Tiger Asia Man- past $5 billion. course!” Mr.Hwang said in a smile. ingnesstopay fees without aday or two the market would agement LLC pleaded guilty to Mr.Hwang wasopen about video,referring to his early in- By then,Mr. Hwang wasa haggling made him alucrative getwind of the amount of U.S. criminal chargesand set- his faith and liked doing busi- vestment in LinkedIn. “I’m like billionaire. Sometimes,heclient. stock that needed to be sold tled civil-fraud claims related nesswith other Christians, a little child looking for, what worked on alarge boat, Archegos wasregularly put- and pummel them. to allegations of insider trad- sometimescommenting if a canIdotoday, wherecan Iin- friends say, but he lived arela- ting up $15 of collateral to Thecall ended Thursday ing.Mr. Hwang wasbarred colleague wore across neck- vest, to please our God?” tively modest lifecompared borrow $85,anamount of “le- night as the Asian stock mar- from managing client money lace, according to aWall Working lateinthe night so with othersonWall Street. He verage” that is on the high end ketwas about to open. The in the U.S. with the right to Street banker who worked he could trade Asian markets, owned a$3million home in forstock-trading firms with fire sale began. P2JW092000-2-A009A0-1------NS

A9A | Friday, April 2, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK StateLimitsUse of SolitaryConfinement

Cuomo signs measure the amount of time incarcer- York arecovered by the law. vowed to end its use. being done in our names as combatants.” ated people mayspend in soli- Aspokesman forthe state Advocacy groups and law- citizens of New York, without NewYork Civil Liberties capping the practice tary confinement, which is also Department of Corrections makershavelong pushed for us having the ability to deter- Union ExecutiveDirector in New York prisons called segregated confinement and Community Supervision laws limiting the use of solitary mine whether it wasappropri- Donna Lieberman, whose or- or administrativesegregation. declined to comment on the confinement in NewYork,ar- ate,” he said. ganization supported the act, and jails to 15 days Knownasthe Humane Al- act and referred questions to guing that the practiceisinhu- Some law-enforcement said that thousands of prison- ternatives to Long-Term Soli- Mr. Cuomo’s office. mane and harmful to prisoners. groups have said that segre- ersinNew York correctional BY BEN CHAPMAN tary Confinement Act, the law Mr.Cuomo,aDemocrat, Advocatesfor the end of soli- gatedconfinement is useful to facilities areharmed in soli- also defines the disciplinary said the newlaw builds on tary confinement saythat the separateprisoners who may tary confinement each year. NewYork Gov.Andrew infractionseligible forsegre- changes that his administra- practiceismostly used on mi- act violently toward othersor According to areport by the Cuomo has signed alaw that gated confinement and ex- tion had previouslymade to norities and has led to deaths. themselves. NYCLU, prisonerswereplaced places newlimitsonthe use of emptscertain vulnerable pop- the stateincarceration system State Assemblyman Jeffrion “You need administrative in solitaryconfinement in solitaryconfinement in the ulations from the practice, to reducethe use of solitary Aubry, aQueens Democrat segregation to separatein- 38,249 instances in 2018. state’scorrectional facilities, including young and elderly confinement. who sponsored the measure, matesfor various reasons,” “This is so monumental for following yearsofpressureby prisoners, pregnant women NewYork City had also pre- said Thursdaythat the act said Nassau County Sheriff’s NewYorkers, because it will lawmakersand advocacy and people with disabilities or viously reduced the use of the places democratically deter- Correction OfficersBenevolent end the torturethat is long- groups. serious mental illness. All state practice in city jails,and mined limitsonthe use of sol- Association President Brian term solitaryconfinement,” Thelaw limitsto15days prisons and local jails in New MayorBill de Blasio has itary confinement. “This was Sullivan. “Sometimes youhave Ms. Lieberman said. NewJerseyWoosFilm StudiosAmid Georgia Voting-Law Outcry

BY JOSEPH DE AVILA the state must maintain at AND ERICH SCHWARTZEL least 10 drop boxesfor ballots. Mr.Kemp has defended the NewJersey is trying to newlaw as anecessarymea- poach movie and television suretogivevotersconfidence studios from Georgia afterthe in the state’selectoral system statepassed a voting lawthat and to ensurethat it is free of has drawncriticism from busi- fraud. No court or legislative ness leaders and some major body has found evidenceof corporations. widespread voterfraud in the Gov.Phil Murphysent a 2020 presidential election. letter Thursday to major stu- “While NewJersey just dios including Walt Disney Co., passed alaw with these re-

GES Warner Bros. and Netflix Inc., forms,Georgia already has on-

IMA offering them taxcreditsonup line voterregistration, auto- to 30% of production costs— matic voterregistration and ETTY equal to what Georgia cur- no-excuse absentee balloting,” /G

TT rently offers. He also proposed a spokeswoman for Mr. Kemp

PLA a 40% subsidy for bricks-and- said. “Wealso have amini- mortar studio development, mumof17early voting days,

SPENCER according to the letterviewed while they have nine.” People received food last month at a Bronx church. Food insecurity increases when the economy falters and recovers slowly. by The Wall Street Journal. Several voting-advocacy Thegovernor’s taxcredit groups have sued Georgia offi- offering is the same as what is cials over the newlaw,and mul- Many Still Relying on Food Pantries included in ’s eco- tiple Georgia-based businesses nomic-incentive package that have spoken out against it, in- the stateLegislaturepassed cluding executives from Delta BY KATE KING lion pounds of food sincethe 1,100 locations and 260 com- an emergency home food-de- last year. Air Lines Inc.and Coca-Cola Co. start of the pandemic, a 61% munity sitesacrossthe city. liveryprogram, which pro- In hisletter, the governor Thefilm companies didn’t re- Economic strain caused by increase over the same period Butwith the majority of stu- vides fresh and frozenmeals drew a contrast between vot- spond to requestsfor comment. theCovid-19 pandemic likely the year before, said Zac Hall, dentsstill learning remotely, to NewYorkerswho can’t ing rightsinGeorgia and New Among the major produc- will leave an estimated 1.4mil- vicepresident of programs for the school system is serving far leave their homes to get food Jersey.Hesigned alaw on tion companies, only Viacom- lion NewYork City residents the nonprofit. “I don’t have a fewermeals,about 400,000 a themselves,don’t have anyone Tuesday authorizing early in- CBS Inc.has commented on struggling to afford adequate crystalball, but Ithink the day, said aschools spokesman. who canget food forthem and person voting to begin 10 days Georgia’snew law. Thecom- food this year,according to same level of response that we Christiana Nichols,apedia- can’t afford food delivery. beforeElection Dayfor gen- panydidn’t addresswhether it Feeding America, anationwide have todayisgoing to at least tricianinHarlem, said picking The program delivers, eral elections. Georgia cur- would pull productions from network of food banks. be needed forthe next couple up the free meals is difficult through contractswith food rently allows three weeks of the state. It said it would Beforethe pandemic,in of years,” he said. forfamilies when studentsare vendors, about 60,000 meals a early in-personvoting con- “continue to educatethe pub- 2019,slightly morethan 1mil- Food insecurity increases learning remotely. week at acost of about $14 ducted Monday through Fri- lic on the importanceofan lion experienced food insecu- when the economyfaltersand “Ifyou’rethe only caregiver millionamonth, said Kate day, as well as two mandatory open and fair voting system rity, meaning a lack of access recovers slowly. The 2008 re- at home and you’re supposed MacKenzie,director of the Saturdays and two optional through our programming and to nutritionally adequatefood, cession pushed up nationwide to be homeschooling…how do Mayor’s Office of Food Policy. Sundays,according to the Sec- extensivepartnerships with the group said. food insecurity ratesto21% youget to those lunches?” Dr. Thecity expectstobefully re- retary of State’s Office. grass roots organizations.” Food insecurity is closely that year from 16% in 2007 for imbursed by the Federal Emer- Mr.Murphy, aDemocrat, Over thepast decade,film linked to unemployment, and households with children, ac- gency Management Agency. called Georgia’snew voting law and TV production has de- while manysectorsofthe city’s cording to the U.S. Department In July, Mr. de Blasio’s ad- an “un-American” attack on parted LosAngeles forsome economyhavereopened, the of Agriculture. It took ade- ministration signed a$50 mil- people of color.“They arego- states and countries offering labor market is still scarred, cade for it to fall to prereces- 1.4M lion contract with Driscoll ing in one direction, and we lucrative tax credits. particularly forlow-wage sion levelsbeforereaching a Foods to ensure that the city aregoing in the oppositedirec- Georgia’spackage, which workers. NewYork City lost two-decade lowof14% in 2019. Number of NYC residents would have afood reserve tion,” he said in an interview. offersproducersacredit up to nearly 630,000 private-sector Children areparticularly vul- struggling to afford food during the crisis. When it be- Georgia’slaw, signed by Re- 30% on production costs, has jobs in Februarycompared nerable nowcompared with came clear the pandemic publican Gov.Brian Kemp last attractedhundreds of produc- with the prior year,according previous economic downturns wasn’t disrupting the city’s week,includes stricter identifi- tions since it was introduced to the stateDepartment of La- because remotelearning has food-supply chain, officials be- cation requirementsfor voters in 2005,including numerous bor,pushing the unemploy- made it harder forthem to ac- Nichols asked. “Takeall the gan dispersing the reserve to to use absentee ballots. The Marvel Studios epics like ment rate up nearly 10 per- cess free school meals,said kids to school to pick them emergencyfood programs and law also puts new limits on “Avengers: Endgame” and centagepoints, to 13%. SherryTomasky, director of up? Leavekids home while community organizations. howparties and voting groups “Black Panther.” Enrollment in food-stamp communications and public af- yougoget it? People arehav- “We’respending morethan mail out absentee-ballot re- Theyearsofproduction benefits among city residents fairsfor the statewide nonprofit ing to make hard choices.” we ever have to makesureour quest forms and limitsthe have established arobust sup- has increased nearly 12%, to Hunger Solutions NewYork. Poverty Tracker,apartner- food pantries continue to be number of ballot drop boxesto ply of massivesound stages, 1.66 million recipientsasof All NewYork City public- ship between the nonprofit stocked,” Ms.MacKenzie said. one per county except forlarge crewsoflocal workerswho can January, compared with the school studentsare eligible for Robin Hood andColumbia Uni- On the federal level, a new counties,which canset up one handle big-budget jobs and the same month last year,accord- free lunch and breakfast, and versity that conductsquarterly programprovides money for boxfor every100,000 regis- local nickname “Y’allywood.” ing to the city Department of schoolsserved 1million free surveysof4,000 NewYork City food via debit cardstostu- teredvoters. Georgia’spolitics have Social Services Human Re- mealsaday beforethe pan- households,found that athird dentswho were eligible for In NewJersey,votersdon’t clashed with the largely liberal sourcesAdministration. demic.When school buildings of respondentsgot free grocer- free or reduced-priceschool need to provide acopy of their leaningsofHollywood in the Food Bank forNew York closed in 2020 due to ies or meals from food pan- meals. identification to cast votesby past. In 2019, a state law that City,which distributes food Covid-19,manystudentslost tries,churches and other ser- Despitethe influx of re- mail except in certain circum- restricted abortion access and operates anti-hunger pro- easy access to free food. viceslast year compared with sources, manypeople who lost stancesfor firsttime voters. prompted some outcry among grams through 1,000 pantries Thecity Department of Edu- about 10% beforethe pandemic. their jobs or income arestill Voters in NewJersey canalso producers and actors but did and other charities citywide, cation is offering free grab- Last spring,Mayor Bill de struggling to put food on the request aballot to vote by mail little to changestudio plans to has provided nearly 100 mil- and-gomeals to all residentsat Blasio’s administration started table. forany reason. Each county in film in the state.

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THE WALL STREET JOURNAL. ** NY Friday, April 2, 2021 | A9B GREATER NEW YORK WATCH GREATER NEW YORK

BROOKLYN pedestrian tunnel beneath Times Square and the Port Authority Plea Deal Offered in bus terminal. Police-Car Torching The government’s request comes a week after lawyers for Federal prosecutors told a Ullah argued in their own papers judge Thursday they have of- that a mandatory 35-year prison fered a plea deal to two Brook- term is punishment enough be- lyn attorneys charged with fire- cause his attack was an aberra- bombing an empty police vehicle tion from an otherwise peaceful last year amid demonstrations in life. He is scheduled to be sen- New York City following the tenced on April 8. death of George Floyd. —Associated Press U.S. District Judge Brian Co- gan set a 90-day deadline for NEW YORK CITY lawyers for Colinford Mattis and Urooj Rahman to accept the Fake Heiress Is Held government’s offer or proceed to In Federal Custody trial on charges, including arson conspiracy, that could land them U.S. immigration authorities in prison for nearly 50 years. said Thursday they have de- The U.S. attorney’sofficein tained Sorokin, the con Brooklyn and defense attorneys artist who passed herself off as forbothlawyers declined to com- a wealthy German heiress and mentonthe plea negotiations. served more than three years S —Associated Press behind bars for defrauding New York banks and hotels. PRES Ms. Sorokin, 30 years old, TED CIA

who finagled her way into the SO

Life Sentence Sought Manhattan elite using the name AS For Failed Bomber Anna Delvey, remained in New Jersey’s Bergen County Jail days ALLEN/ G

A Bangladeshi immigrant who after she was scheduled to be GRE set off a pipe bomb attached to deported to her native Germany. ‘’s American Utopia’ opened in October 2019 at the Hudson Theatre, one of the Ambassador Theatre Group’s venues. his chest in New York City’s bus- The delay could mean the iest station should onetime darling of New York’s spend the rest of his life behind social scene is challenging her bars for a “premeditated and vi- deportation, which has been in Theater Owner Expands Role cious” terrorist attack committed the works since she was con- on behalf of Islamic State group, victed in 2019 on multiple prosecutors said Thursday. counts of larceny and theft. BY CHARLES PASSY it might produceitself,before cally conceived concert presen- way theaterswill change In papers filed in federal court U.S. Immigration and Cus- bringing them to Broadway,po- tation. Both venues have been hands,atleast in the short in Manhattan, the government toms Enforcement declined to The Ambassador Theatre tentially at itsown venues. closed sincethe pandemic-re- term. Still, veteran Broadway argued that Akayed Ullah has comment on Ms. Sorokin’s immi- Group,aBritish-based com- On Broadway,the company lated shutdown of Broadway producer Ken Davenport said never taken proper responsibility gration proceedings. Her attor- pany that owns or operates took over operations of the theatersinMarch 2020. there might be other options, for the December 2017 at- ney declined to discuss the case. venues in NewYork and else- venue nowcalled the Lyric The- ATGhas put itspipeline-to- noting that acompanywith tempted suicide bombing in a —Associated Press where, is looking to atrein2013 and established the NewYork approach intoprac- ATG’sgrowthambitions could strengthen itsposition on the Hudson TheatreasBroadway’s ticewith itsBoston venue,the purchase property in New Broadway scene,evenasthe newest spacein2017.AnATG Emerson Colonial Theatre, York City’s theater district and industry remains shut down spokesman said the company’s wheresuch shows as “American build a new venue. by the Covid-19 pandemic. investment in developing and Utopia” and “Moulin Rouge! Thecity’s pandemic-de- In March, ATG’sparent com- renovating Broadway theaters TheMusical” have playedbe- pressed real-estatemarket pany, International Entertain- totals morethan $100 million. fore opening on Broadway. “creates opportunities” for ment HoldingsLtd., announced ATG has a global portfolio, A revival of the Neil Simon ATG, he added. that it had acquired three U.S. with theaters from Boston to comedy “PlazaSuite,” starring Beyond Broadway,ATG theaters—the Golden Gateand Berlin, plus 10 venues in Lon- SarahJessicaParker and Mat- could also look at Kings The- Orpheum in SanFrancisco, and don’s West End. It also oper- thewBroderick,also ranatthe atreasaplacetobring shows. the Fisher in Detroit—for an ates Brooklyn’sKingsTheatre, Colonial in early 2020 and is Mr. Cornell said the Brooklyn undisclosed pricefromthe a3,000-seat venue that has set to come to the Hudson venue is currently geared for GES Nederlander Company. been used primarilyfor con- when Broadway reopens. concertsand would require IMA All three venues have been certs in recent years. ATG’saspirations could ex- work to be converted intoa

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GO ing Broadway shows. recent yearsto“HarryPotter venues,Mr. Cornell said. But at ater,but he didn’t rule out the While the theaterswould re- and the Cursed Child,” the issue is the fact that none are possibility. NTIA

SA tain their role as touring two-part drama tied to J.K. currently forsale,henoted. “If GivenBrooklyn’ssizeand

M. houses,ATG Chief Executive Rowling’sliteraryfranchise. something did come on the population of morethan two OfficerMark Cornell said the TheHudson has featuredava- market, we’d be extremely in- million, “there’snoreason

MICHAEL companyisalso considering us- riety of shows,including rock terested,” he said. they shouldn’t have aglorious STOPPING THE SPREAD: A Covid-19 testing center in Manhattan. ing them as astage forshows star DavidByrne’sacclaimed Industryprofessionals said theater of their own,” Mr.Cor- Several new test sites are opening as the state looks to reopen. in development, including ones “American Utopia,” atheatri- it is unlikely that anyBroad- nell said.

Physical distance cankeep yousafeand healthy. Butifanemotional distance forms between youand thoseclosest to you, it may be due to drug or alcohol use. Partnership to End Addiction workswith youto establish the connections that canhelpsavelives and end addiction.

Getsupporttohelp yourchild at DrugFree.org P2JW092000-0-A01000-1------XA

A10 | Friday, April 2, 2021 THE WALL STREET JOURNAL. ARTS IN REVIEW

Idris Elba and Caleb McLaughlin, right; Lorraine Toussaint and Mr. McLaughlin, below (2) C/NETFLIX LL , REET ST CHER FLET

FILM REVIEW | JOEMORGENSTERN “Mil” Prattis).“Youain’t rakin’ no leaves, man,” tells his new mucker,ashecalls him. (The Au- gean stables never looked so grimy. ‘Concrete Cowboy’: Neither did Hercules.) Mr.Prattis’s performancestruck me as astudy in the sort of droll understatement best exemplified by Brad Pitt,but Riding theInner‑CityRange it turns out he’sone of the locals, not an actor at all; so much for blithe assumptions. Lorraine Toussaint is quintes- he concrete in “Concrete sentially professional, meaning she Cowboy” surrounds the plays Nessie, the neighborhood’s grazing pasture of the guiding spirit, spellbindingly well. Fletcher Street Stables, a At the start of one long sequence Treal-life, century-old in- staged at night on the edge of the stitution in North Phila- pasture, around a campfire in a 55- delphia. That’s where a tradition gallon drum, Nessie explains to of inner-city Black horsemanship Cole why Black cowboys have a survives under threat of gentrifica- special understanding of horses. tion in this coming-of-age drama Others, including his dad, trade streaming on Netflix. The film, a tales of their spiritual and literal work of fact-inspired fiction with forebears—from days, an excellent cast that includes sev- through an era when Black Phila- eral nonprofessionals, was a labor delphians delivered food and dry of love, and there is lots to love goods around the city in horse- about it—moments of fleeting drawn wagons, to a more recent beauty that come and go without time when inner-city stables be- emphasis, as if caught on the fly. came community centers and shel- There’s also a lack of narrative ters for abandoned horses. clarity that might have pulled to- For a movie star of such formi- gether the compelling characters dable power, Mr. Elba gives a per- and their pungent recollections formance that’s notable for its into a more resonant whole. Still, modesty—he’s part of the acting this is the feature debut of a dis- ensemble, just as Harp is one of tinctive filmmaker, Ricky Staub, the Fletcher Street regulars. But who identified intensely with his it’s far too modest, and the fault subject, and it was shot by a cine- boyhood, strictly speaking, require trainable horse, but, for the first grounds. These filmmakers were isn’t his. It lies with a script that matographer, Minka Farthing-Kohl, the presence of cows? Maybe it time, with an extended family—the clearly enchanted by the history of doesn’t dramatize Mr. Elba’s char- with a taste for poetic images and does, but Harp and his friends riders, trainers, stable hands and the place, and what was left of it acter so much as give him a few the technique to bring them to draw a direct line between them- assorted neighbors who are glad when location shooting began. good speeches, and doesn’t de- light. selves and the Black cowhands of to take him in. At the same time, Many films try to whip up excite- velop the evolution of the father- The story starts briskly. Fifteen- the Old West, while the screenplay, he secretly explores an alternative ment with a hurtling pace. This son relationship so much as have year-old Cole (a fine performance adapted by the director and Dan life of criminality with a drug- one dawdles so agreeably, and ob- Harp and Cole make occasional by Caleb McLaughlin) faces expul- Walser from the novel “Ghetto dealer cousin, (Jharrel Je- serves so well, that it reminded speeches at each other, some of sion from his Detroit high school; Cowboy” by G. Neri, frames its un- rome), who leads him into a lurid me of the wonderful 2002 comedy them very affecting. Nor does the he can’t control his violent behav- commonly rich setting in a famil- subplot that seems to have been “Barbershop”—not because both script establish Harp’s role in the ior. His mother, Amhale (Liz iar drama of tough love, anger and lifted from another movie, and not films have predominantly Black stable’s hierarchy or connect the Priestley), can’t control him, so forgiveness. a good one. casts, but because both are about stable to the community; we’re she sends him to Philadelphia to As soon as his son arrives, Harp Choices, choices. If you choose community, cultural continuity and never sure how it serves the spend the summer with his es- turns him over to the stable staff to watch “Concrete Cowboy,” it the pleasures of telling, and hear- neighborhood. “Concrete Cowboy” tranged father, Harp (Idris Elba), a so he can learn the value of hard should be because of the horse- ing, good stories. is far from perfect, but it’s vividly scruffy urban cowboy who figures work. Along the way Cole connects stable setting and the beguiling Cole hearssome of those stories, alive. If the choice must be be- prominently in the Fletcher Street not only with the father he hadn’t people in it. Many fiction films and learns the fine art of shoveling tween that and careful craftsman- Stables community. Doesn’t cow- known, and with a supposedly un- ride roughshod over their back- horse manure, from Paris (Jamil ship, life carries the day.

TELEVISION REVIEW | Cold-Blooded, Venomous and Deadly

nlikely as it onceseemed, cryfromany futureexistencehe Utrue-crime tales of serial imagined in his career as asuavely killershaven’t finally re- persuasivegem dealer—a role pelled enough TV viewers to cause blood-chilling in itsartfulness, as wholesale abandonment of the this eight-part drama shows.This genre, which seems to be enjoying largely thanks to Tahar Rahim, steady popularity thanks to greatly who bringsabreathtaking subtlety improved subject matter. Thereare to the part of Sobhraj.The quintes- far fewermutilated women’sbod- senceofacalm, no-pressurejew- ies in the darknessofsomeone’s elryexpert, hewould enticecus- garage.Wenow tomerswith— have,tothe con- among other trary, elegant The story of a serial lures—estimates vistas,exotic of howmuch backgrounds, killer who used charm, money they and serial killers deception and poison could earn for

who will on oc- themselves by NETFLIX casion talk to re- on his victims. selling the jew- Jenna Coleman and Tahar Rahim in Netflix’s ‘The Serpent,’ which tells the tale of Charles Sobhraj porters. Such is elrythey bought the case with from him. And Charles Sobhraj, he wasinsistent aspectsofthis story. It takestime, berg(Billy Howle), ayoungish remembered, in use at the time. subject of “The Serpent” (Netflix), on having them over fordinner. admittedly,until the full details of member of the Dutch Consulate, TheresoluteMr. Knippenberg, who operated in mid-’70s South Theseries’ portrayal of potential the master plan Sobhraj followed- who could not rest because two who refused to hide his contempt and Southeast Asia—a magnet, of customersreacting to the pressures sink in. He gothis customerstohis Dutch citizens had mysteriously forthe indifferencedisplayedby sorts, foryouthful travelerswith visited on them by this gemdealer apartment, wherehepoisoned them disappeared and he could getno the forces of lawand order,is, it’s an appetitefor exploration—and eager to educatethem, and to have and then seemed to nurse them back help from the local policeorau- good to report, aliveand well, and, murdered at least 12 people with them dine with him in his pleasant to health. But, even then, that was thorities of anykind. And, it was one hopes,enjoying himself. the help of afemale colleague.He apartment—pressures they had only part of the scheme. explained, nobody wasinterested, is,today, serving alifesentencein trouble acknowledging to them- It’snot astory that lacks ahero. anyway,inwhat happened to some The Serpent Kathmandu, Nepal, doubtlessafar selves—is one of the most absorbing Forherewas one Herman Knippen- uselesshippies.Aterm, it will be Friday, Netflix P2JW092000-0-A01100-1------XA

THE WALL STREET JOURNAL. Friday, April 2, 2021 | A11 ARTS IN REVIEW

THEATER REVIEW | TERRYTEACHOUT Margery Lowe as Emily Dickinson

Success Is thing seems to be emanating straight from Ms. Lowe, though Mr. Hayes clearly played a crucial Counted Sweetest part in shaping her distinctive in- terpretation. The in-house design team—sets by Amico, mily Dickinson is not only a caused her to be indissolubly lighting by Kirk Bookman, cos- great poet but an artistic identified with part and playalike. tumes by Brian O’Keefe—has just giant who casts a long While “The Belle of Amherst” con- as clearly gone to infinite trouble Eshadow across both high tinues to be performed by re- to make the show look just the and popular American cul- gional theater companies all over way it should, played out as it is in ture. On the one hand, her haunt- the U.S. and wasrevivedoff a simple but comfortable 19th-cen- ingly gnomic verses formed the Broadway in 2014, nobody ever tury Massachusetts home. basis for “Letter to the World” writes about it without making The only thing missing is the (1940), one of Martha Graham’s mention of Harris’sdelicate, sub- warming presence of a live audi- very best dances, and Aaron Cop- dued performance, which is ence. It always comes as a surprise land’s “Twelve Poems of Emily widely regarded as definitive. to hear Harris’s audience chortling Dickinson,” a song cycle of su- You’dthink such aplaywould in the 1976 telecast—she doesn’t preme sublimity. On the other have been takenupassoon as the do much to amuse them—whereas hand, she cavorts wildly and ahis- Covid-19 pandemic closed Ameri- Ms. Lowe’s performance is at torically throughout “Dickinson,” cantheatersand forced them to re- times audaciously funny, and it the Apple TV+ comedy series in sort to streaming video,not least would be lovely to hear a roomful which she is transformed into a because as aone-hander it pres- of delighted people responding to kind of proto-goth chick who takes entsnone of the logistical chal- her crisp wit. But even if you have opium and has hot sex with her lenges of an ensemble production. no choice but to watch “The Belle brother’s fiancée. But Palm Beach Dramaworks’ new of Amherst” by yourself, you can “The Belle of Amherst,” William online version of “The Belle of Am- be sure that it will both amuse and Luce’s 1976one-woman playabout herst,” starring Margery Lowe, move you, for Ms. Lowe also has Dickinson, falls somewhereinbe- jointly produced with Coral Gables’ the emotional weight to rise to the tween these distant extremes,if Actors’ Playhouse and taped with- dark occasion of the play’s final far closer to the former than the out an audienceinPBD’s218-seat scene, when death’s black chariot latter. Solidly stitched together by theater,appearstobethe firstone whose “Horse’s Heads / Were to- Luce from her poems and corre- to be webcast sincethe start of the ward Eternity” pauses to collect spondence, it is no masterpieceby lockdown. It is also PBD’sfirst fully her for the final ride from obscu- anymeans,but Luce tells the tale staged webcast production, and the rity to immortality. You will not of her reclusivelifewith aproper companyishoping to makeits fu- soon forget the way she speaks regard forsuch verifiable factsas tureshows available online after but Ms.Lowe’s performanceissu- makes no bones about being those familiar lines. areknown, and the result is one America’stheatersreopen. perior in certain important ways amused to think of her puzzled of the most commercially success- If that comes to pass, “The to that of Julie Harris. neighbors regarding her as “Squire The Belle of Amherst fulsolo bioplays in the historyof Belle of Amherst” will have made Heresy? Perhaps, but Harris’s Edward Dickinson’s half-cracked Palm Beach Dramaworks, West the genre. In addition to creating foranauspicious start. Not only Dickinson was too closely tied to daughter,” and you can tell that, Palm Beach, Fla. (viewable online the role on Broadway and subse- is this one of the best theatrical the outmoded view of the poetess like Jane Austen, she has every- through Tuesday, $30). To watch, go quently taking it on , Ju- webcastsI’veseen in the past (a loaded word I use deliberately body’s number. to palmbeachdramaworks.org. ORKS AW

lie Harris appeared in aPBS ver- year,exactly comparable in artis- in this context) as a tremulous re- William Hayes, PBD’s producing AM

sion of the playtaped at a1976 tic quality and production values cluse. Ms. Lowe doesn’t play her artistic director, has staged “The Mr. Teachout, the Journal’s drama DR LosAngeles performance, and to Undermain Theatre’s“St.Nich- that way at all: Her Dickinson is Belle of Amherst” in so subtle a critic, is the author of “Satchmo at CH that telecast (which canbe olas” and the Wilma Theater’s witty, occasionally peppery and way that you never notice his fine the Waldorf.” Write to him at BEA LM

streamed on Prime) has “Heroes of the Fourth Turning,” more than a little bit sly. She directorial hand at work. Every- [email protected]. PA

IT’SHARD TO BELIEVE that hu- FILM REVIEW |JOE MORGENSTERN up spontaneously,with no urging man minds conceived the story on her part. What apromising de- line of “Godzilla vs. Kong”—not velopment that is,and howstir- because it’s so intricate, elegant or AMental Mush of aMonsterMash ring the consequences might have spiritually elevated, but because been, plumbing the depths of it’s so incoherent and idiotic. (The Kong’spsyche in the simian film is playing in theaters and equivalent of “Garbo Speaks!” But streaming on HBO Max.) it, too, comes to almost nothing, Apart from the battles, which just some rudimentaryexchanges are computer-generated and some- that giveway to the big guy’s times quite beautiful—though usual bellows and grunts. sometimes not—the film functions Therebeother monstersas as a gibberish generator. People well—not only Godzilla, oncethe spew fragmentary techie phrases. spawn of atomic (“A psionic interface!”) They com- bombs and now mit ritual hyperbole. (“This is a Kaylee Hottle aslitherycipher power beyond our understand- as Jia, with who undergoes ing!”) They discuss matters that Kong in the what would be have nothing to do with anything background, in apersonality but filling time. (“Water. They put a scene from changeifhehad fluoride in it. Learned it from the Adam Wingard’s apersonality, Nazis. Theory is it makes you doc- ‘Godzilla vs. but Mechagodz-

ile. Easy to manipulate.”) The sole Kong’ illa, arevenant PICTURES exception to this scattershot logor- from Japanese Y AR rhea is Jia, a graceful young or- epics whose GEND

phan with a special connection to high-voltagepredations mayput LE Kong. She is deaf, and played with youinmind of the worst“Trans- lovely subtlety by a deaf actress, formers” film you’veeverseen. All AND Kaylee Hottle, making her feature In apatchwork production full Kong has always had asoftspot “Kong: Skull Island,” Jia wasor- three dukeitout in aHong Kong

debut. Since Jia signs, she’s the of bad ideas poorly executed, Jia forhuman females.Inthis case phaned by astorm that wiped out climax that looks,for all itsdigital PICTURES .

only one whose presence isn’t di- also embodies the story’sonly the appeal is instantly clear.Ana- the island’sindigenous popula- wizardry, likeaWorld Wrestling OS

minished by dreadful spoken dia- good idea. (Adam Wingarddi- tive of Skull Island, wherethe ac- tion. She needs Kong’sprotection, Entertainment show. Oh, forthe BR logue that’s supposed to be funny rected from ascreenplaybyEric tion resumes manyyearsafter the and gives him agiftinreturn— magical days of men in rubber RNER

but falls infallibly flat. Pearson and Max Borenstein.) ragtageventsofthe 2017film her sign language, which he picks gorilla suits. WA

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A12 | Friday, April 2, 2021 THE WALL STREET JOURNAL. SPORTS

BY JARED DIAMOND Mets Make Move With Lindor Extension ith just hourstogo beforethe first pitch of the 2021 Wseason, SteveCo- Owner Steve Cohen aims to shift the balance of power in New York as the MLB season opens hen finally made the movethat will define the early part of his tenureasNew York Mets owner. Cohen, ahedge-fund manager who bought the team for$2.4billion in November,agreed to giveshortstop FranciscoLindor a10-year contract extension worth $341 million. The deal doesn’t start until 2022, poten- tially keeping Lindor in for morethan adecade. “He’sall about winning,and I think we wonwith this,” Lindor said of Cohen. “Both sides arehappy,are in agood, friendly zone,and Ican’t wait, likehesaid, to be stuck to his hip forthe next 11 years.” Cohen showedrestraint formuch

of this offseason, refusing to extend GES

his budget forany of the topfree IMA agentsavailable on the market. The ETTY

Metsmissing out on players like /G Trevor Bauer,George Springer and J.T. Realmutosurprised some fans, GADO who expected Cohen to immediately DEL

flaunt his $14billion net worth. DEE

As opening dayapproached, how- VID ever,Cohen went on the prowlto DA

completealong-term contract for GES;

the 27-year-old Lindor,pouncing on IMA who he perceived to be the right ETTY

player. Cohen /G

mounted an aggres- VES

siveTwittercam- REA paign, posting de- tails of his effortsto MICHAEL

makeadeal. P: “What do you TO OM

think Lindor will ac- FR cept?” Cohen tweeted last week. Steve Cohen, left, ment wherethe Metsare command- their division from the 2019 World “I’m going to crowd- made a big move ing moreattention than their Ameri- Series and the source the answer.” by signing canLeague cousins.The Yankees— AtlantaBraves. Lindor said Thurs- Francisco Lindor, despitetheir prestige, star power Just as notably,Cohen’sfirst off- dayhethought that above, to a 10- and massivepayrolls—haven’t wona season at the helm wasn’t exactly particular tweet was year extension. pennant since2009.The 2010s was smooth. He failed in his quest to hire funnyand told Co- the firstfull calendar decade that the an established executivetolead the hen as much at are- Yankees didn’t appear in the World baseball operations department and cent dinner they had claimed atitle Series sincethe 1910s. wasfrustrated when opposing teams to discussapoten- since1986. TheMets, meanwhile,underwent rejected the Mets’ request to inter- tial contract. As for Nowtherehas acompleteorganizational overhaul viewpotential candidates.The per- Cohen’sother tweets been alandscape this winter.After yearsoferratic son Cohen hired as GM, JaredPorter, about him, Lindor said, “I didn’t re- selves to lock up Lindor now, when shiftwhereit’ssuddenly unclear performance, amateurish turmoil and wassoon firedafter it wasrevealed ally care toomuch foritbecause at they could have waited fornextwin- which NewYork franchise is better economic might far belowtheir mar- that he hadsent sexually explicit, un- that point, it waslike, ‘All right, are terand shopped around in atantaliz- positioned—both forthis season and ketsizeunder the ownership of the wanted text messages and images to we going to getthis done or not?’ ” ing free-agent classofshortstops in the future. Wilpon family,Cohen stepped in, in- afemale journalist while working for All along,Lindor had set adead- that includes Javier Báez, Carlos Cor- “NewYork needs ashot of great jecting newcultural and financial life another team. line of opening daytosign an exten- rea, Corey Seager and Trevor Story. news,energy,and Ithink the Mets intothe franchise. “When youhave29teams that sion with the Mets. In another twist, Instead, they decided to makea and Yankees will provide that this That’snot to saythe Yankees have have been bleeding and youhaveone that nowwon’t be until Saturdayat statement in an effort to forgeanew year in abig way,” said AlexRodri- lost their shine.They enter 2021 as a owner that’scoming in hot and the earliest. MLB postponed the identity as apowerhouse morealong guez,the former Yankees thirdbase- World Series favorite. But based on ready to win aworld championship, Mets’ opener following at least one the lines of the Yankees,MLB’spre- man and current ESPN analyst who one measure, the Metsappear to there’sanimmense competitivead- positivecoronavirus test on the mier organization. last year competed with Cohen to have moreexcitement around them vantagefor the Mets,” Rodriguez WashingtonNationalsand issues re- Themovecomes at the dawn of purchase the Mets. “It’sexciting heading intothe season. Of the 20 said. lated to . the Mets’ 60th season sincethe fran- when youhaveGoliath versus Goli- most popular jerseys, two belong to From ’sper- Still, the Lindor deal marks the chise’sbirth in 1962. Formost of ath, and it seems that’sthe case now Yankees,inoutfielder Aaron Judge spective, having both NewYork dawn of anew erainwhich the his- those six decades,they’vehardly and forthe future.” (No.6)and acepitcher Gerrit Cole teams thriving is an situation. torically one-sided relationship be- competed with the Yankees. TheMetsacquired Lindor in a (14), according to MLB.Three are TheYankees and Metsare big driv- tween the two NewYork teams could They’vehad abetterrecordthan trade with the Cleveland Indians in from the Mets: Lindor (8), pitcher ersofattendanceand merchandise be transformed. Beforethis,the larg- their crosstownrival in the Bronx Januaryand set their sightsonkeep- JacobdeGrom (18) and firstbaseman sales,and rarely have they both been est contract the Metshad ever just 15 times—only three of them ing him long-term. Afour-time All- Pete Alonso (20). good in the same year. awarded wastoformer captain David this century. They’vequalified forthe Star, Lindor has been one of the best “Tohavethat buzz, to have that This season is different, with the Wright for$138 million—not even playoffs in yearsthe Yankees didn’t all-around players in baseball almost energy,tohavethat swagger,that Yankees and Metsboth looking like half as much as they will payLindor. just five times,and only oncesince from the moment he made his debut excitement, that is aprivilege,” powerhouses—and forthe firsttime Time will tell whether the Mets 1989.The Yankees have woneight in 2015,winning two Silver Sluggers Alonso said during spring training. in along while,itisn’t clear who has made the right decision, of course. championships over that span versus and two Gold Gloves. TheMetshavepotential hurdles, control of the NewYork baseball They essentially bidagainst them- two forthe Mets, who haven’t He arrives in NewYork at amo- starting with intense competition in scene moving forward.

JASONGAY NFL WantsFull Stadiums. Will It Happen?

Iwant to talk about the tices saying, Wait, that’s not a NFL expanding to a17- duck—that’s very clearly asquirrel game season, and its and the NCAA’s defense being,basi- public hope forfull sta- cally: Well, we really need it to be a diums next fall, but be- duck. fore Igothere, Iwant As othershavenoted, pointed to quickly addressthe NCAA’s ap- questions from justices don’t nec- pearanceinthe Supreme Court on essarily indicatethe direction of a Wednesday: ruling.The case hereislimited, It wasanoverdue moment. If pertaining to education-related GES you’resomeone who finds the eco- benefits, and whether the NCAA is IMA nomic model of big time college entitled to set stringent caps on

sportsrather skewed—coaches them without violating antitrust GETTY making market-ratemillions,con- laws.It’sunclear if the court would

ferences making zillions,while the want to issue asweeping challenge TINEZ/

governing body ferociously fights to the structureofthe NCAA—Jus- MAR to limit playercompensation—it ticeStephen Breyer signaled his NALD

wasquitesomething to hear the concern, saying he worried about RO NCAA buffeted on all sides by jus- “judges getting intothe businessof Ageneral viewofAT&TStadium. The NFL says it is planning on having its stadiums at full capacityfor the 2021 season. tices who sounded equally baffled deciding howamateur sports by the situation. should be run.” there, either.The fact that football affairs. This is morefootball, and or 7-7-3, but that’sjust weird. “It just strikes me as odd,” said Still, Wednesdayfelt likealong canlarditself,and the public reac- given the physical, collision-based 4. TheNFL says it is planning on JusticeClarenceThomas. daycoming. tion is moreorlessashrug—eh, natureofthe game,and the grow- having itsstadiums at full capacity TheNCAA’scase is,effectively, OK,sothe couple thoughts what am Idoing on Sundays, any- ing sciencearound head injuries, forthe 2021 season. It maysound doomsday: This is the way college about the NFL and 17 games and way—speaks to itsunique placein and it’shardtoargue that more likestubborn magical thinking sports work, and it’s our product, full stadiums: the cultural diet. If the NFL came football is betterfromaphysical from apowerful sport, but Ibelieve and if you change the way things 1. It’satestament to the NFL’s out and said the 17th games would standpoint. Money is driving this, this sort of goal-setting is fine.The have always been, it’s no longer the modern popularity that it’sthe only all be playedonFridaymorningsat and players areonboard—the 17th final call isn’t going be the NFL’s product, and we are going to be sportsleague in the U.S. that could 4a.m. ET,inastadium under the game wasagreed to with the play- anyway—that will be up to state toast. While that maybeanexpla- possibly getaway with expanding sea, the reply would likely be: ersassociation—but there’sadif- and local health officials,asthe nation of the NCAA’s “amateurism” itsregular season right now. Yeah, fine, Iguess that makes ferencebetween agreeing to some- SanFrancisco49erslearned last model, it’snot really aconvincing Imagine the public groaning if sense. thing in the abstract, and what it season—and as the vaccination antitrust defense,adistinction the baseball came out and said: Hey, 2. TheNFL is getting to 17 by will be liketoput on the helmet for rollout continues,thereshould be justices leapt on: check it out, everyone, we also eliminating apreseason contest, one moregame.Whether this man- upbeat incentives forthe public to “It doesn’t movemeall that want to increase our regular-sea- and that’sgood, because mostly ev- ifestsintoaplayerissue will be do itspart to getthe pandemic un- much that thereisahistorytothis, son schedule by 6%, so we’re going eryone despises preseason games, fascinating to see. der control and accelerateareturn if what is going on nowisthat to go from 162 to 172 games. but as the Journal’sAndrew Beaton 3. Letmebethe latest person to to normal. competitors—as to labor—arecom- People would act likethey were noted earlier this week,the addi- point out that the end of the 16- Forsome people,the return to bining to fixprices,” said Justice getting served an extrahelping of tional regular season game doesn’t game regular season means the normal will be amuch-delayedhug . math homework and asparagus exactly squarewith the scrutiny sad, anticlimactic end of the 8-8 with aparent. Forothers, it maybe “Antitrust laws should not be a mash! football’sbeen getting over health season, which wasasad, anticli- the opportunity to stand shirtless coverfor exploitation of the stu- Baseball is under pressureto and safety.The NFL maintains that mactic event itself,amark of run- in the upper deck with three other dent athletes,” said JusticeBrett chop down itsseason, playspeed- preseason football, playedearly in ning-in-placemediocrity that shirtlessindividuals,collectively Kavanaugh. ier games,lock batters in the box the year,with lessexperienced nearly everyfootball fan experi- spelling J-E-T-S,oratipsy E-S-T-J, Thewhole thing felt alittle bit and ban managersfromloitering players,isabiggermagnet forin- ences at one point. Are we good? on afrigid December Sunday. likewatchingthe NCAA march into on the pitcher’s mound. Basketball jurythan regular-season games, Are we bad? Or are we just…8-8? I Whatever gets people motivated, I court and say, Hey, look at this and hockey,too—no one’sasking but presumably,these 17th games suppose it’spossible that you’ll support. Here’shoping we get duck, and the Supreme Court jus- formoreregular-season action aregoing to be intensely-contested nowget ateam that finishes 8-8-1, there. P2JW092000-0-A01300-1------XA

THE WALL STREET JOURNAL. Friday, April 2, 2021 | A13 OPINION Corporate America’s ‘Big Lie’ BOOKSHELF | By Matthew Hennessey

Corporate timidating corporations. ID,and those who lack Death and chieftains last They successfully pres- one canfulfill the re- year criticized sured companies into quirement with aSocial Donald Trump withdrawing contribu- Security number or even fordenying tions from free-market acopy of a“current util- The Archbishop his re-election groups,intoembracing a ity bill, bank statement, POTOMAC defeat. So it’s climate-change agenda, government check,or WATCH quiteaspec- intorefraining from po- paycheck.” Theletter Things Worth Dying For tacle to see litical contributions,into suggeststhe Georgia By Kimberley them actively adopting new“social” “playbook”—enacting By Charles J. Chaput A. Strassel spreading the investment criteria. rules lessonerous than S (Holt, 257 pages, $25.99) left’s own big Enlisting corporate those in manyblue lie about elections. America to help peddle PRES states,asKarl Rovehas hat, if anything, would you be willing to die for?

According to DeltaCEO Ed apatently falsenarra- ZUMA noted in these pages—is Thequestion has occupied the minds of patriots,

N/ W Bastian,thereisonly one rea- tiveistheir biggest suc- of apiecewith “police philosophersand poetsfor millennia. Family tops

son Georgia passed avoting cess by far.The left OW dogs, poll taxes, literacy the list formost people.God and countryoften come next. reform: to suppressthe votes spent last year using lit- BR taxes.” One canonly Dulce et decorum est pro patria mori,mused Horace, the

of black Americans and other igation and political THUR hope Merck is more rig- Roman lyric poet who,asfar as anyone knows,perished minorities.Georgia’sRepubli- pressure to alter and AR orous when conducting peacefully afew yearsbeforethe birth of Jesus.The Nazarean

can Legislature used the “ex- weaken election stan- JOHN pharmaceutical trials. took asomewhat different view: “No one has greater love cuse” of voterfraud to “make dardsacrossthe coun- A protest in Atlanta, March 15. CorporateCEOs may than this,tolay down one’slifefor one’sfriends.” it harder for many underrep- try. Democratic lawmak- think this virtue - Fornearly all of us,the question will never be morethan a resented voters” to “exercise ersand the Biden 36 states have them, and ing will spare them the left’s theoretical one.Odds areyou won’t be asked to giveupaseat theirconstitutional right to administration moved swiftly they’vebeen upheld by the boycotts or Democrats’ puni- on alifeboat or take abullet forapresident. In the ageof elect their representatives,” to cement this effort with a Supreme Court. It isn’t Jim tivelegislativemeasures. drone warfareand guided missiles,few will knowthe terror Mr.Bastian wrotethis week in federal takeover of stateelec- Crow to codify the use of the That’sasucker’s bet given of being ordered over the topofamilitarytrench intoawall a memo to employees. tion law, the bill known as ad hoc drop boxesthat sprung this week’sDemocratic plan to of machine-gun fire.Fewerstill—at least in the secular West— H.R.1. up last year.Itisn’t votersup- siphon $2.3 trillion from cor- will be asked to laydowntheir lives forareligious belief. Itsenactment is still no pression to reaffirm that ac- porations to fund newspend- Charles J. Chaput, the former Roman Catholic archbishop of ID requirements are surething,sothe leftistrying tivistsaren’t allowedtoap- ing. Meanwhile, longtime Re- Philadelphia, thinks it’saquestion that you—that’sright, you— to block election-reform ef- proach voters in line, publican defendersof ought to think about. It’sgood and right, he contends in no more racist at the fortsatthe statelevel.Central especially to solicit voteswith corporate activity are rapidly “ThingsWorth Dying For: ThoughtsonaLifeWorth Living,” ballot box than they to this campaign is the dis- gifts (contrarytourban leg- losing interest in aiding CEOs to search forsomeone or something that ranks higher than life honest claim that Republicans end, theGeorgia lawallows who promotepartisan con- itself.“To even pose that question is an actofrebellion against are on a Delta flight. arelaunching these efforts poll workerstoprovide wa- spiracytheories.WitnessSen. alovelessage,” he writes.“And only because they lost the ter). TheGeorgia law expands ’s fuming tweet to answeritwith conviction is WhiteHouse and because they voting,adding early voting on on Thursdaycalling Deltaa to become arevolutionary.” Mr.Bastian has plenty of want to cripple the minority more weekends and providing “wokecorporatehypocrite,” Revolutionaries need a companyinthe C-suites.Some vote.Activistshavespent additional equipmentand poll noting that the companyis target—the thing against which 72 black executives,including weeks threatening companies workers in larger precincts. “businesspartnerswith the they revolt. Archbishop Chaput the CEO of Merck and afor- that didn’t join them with Mr.Bastian’smoralizing ChineseCommunist Party,” finds his in the abandonment of mer CEO of , boycotts, protests and the la- memo fails to citeasingle one raking in “billions of dollarsin God, acultureofself-invention, signed an open lettercalling bel of “Jim Crow racists,” and of the supposedly “egregious acountrythat doesn’t even the decline of marriageand the on corporatecolleagues to companies have complied. measures” in the bill that will have elections.” family,alack of reverencefor fight “undemocratic” and “un- Thus the sight of the na- suppressthe vote,although he Smart executives have long the past, and the broad tendency American” GOP effortsacross tion’s topbusinessleaders does stresshehearshis em- understood the value of politi- toward idolatryinAmerican the states to “assault” the monotonously reciting afact- ployees’ “pain.” calneutrality.Corporate life—the sins,inshort, of the “fundamental tenetsofour free narrative. As they know, Theletterfromthe 72 ex- Americaisnow throwing its “late-modern West,” aciviliza- democracy.” Coca-Cola,Micro- state legislatures are moving ecutives misstates the Geor- lot in with one of the most tion he deems as no longer softand Apple chimed in, and to reaffirm longstanding rules gia rules,suggesting the only partisan, brass-knuckle,dis- capable of imagining “anything dozens moreare readying out- and restoreconfidenceinway to satisfythe ID require- honest campaigns in recent worth dying for, and thus,inthe raged press releases. electoral systems that were ment is with adriver’s li- politicalhistory. It will be a long run, anything worth living for.” NancyPelosi couldn’t be arbitrarily remade during cense,eventhough “200,000 long time mending fences That Western liberalism has exhausted itself—whatever more thrilled. Democrats and Covid. ID requirementsare no Georgianslack alicense.” In with Republicans—if that’s “liberalism” maymean in anygiven context—is nowacom- the activist lefthavelong moreracist at the ballot box fact, voters canalso use a even possible. mon trope among right-leaning Catholic intellectuals.Recent honed their techniques forin- than on aDeltaflight. Some free,state-issued nondriver Write to [email protected]. yearshaverevealedasurplus of professors, essayistsand Twitterpolemicistseager to arguethat individual liberty leads inexorably to Drag Queen StoryHour at the public library. Idon’t getthe sense from “ThingsWorth Dying For” Papal Intervention in Baseball Is Overdue that Archbishop Chaput is ready to call it quitsonliberal democracy. HOUSES OF Baseballwas especially pleasurable.Unlike right beforeEaster,onMaundy would have had to wait until Ialso don’t getthe sense that he has throwninwith these WORSHIP never Jorge the NCAA basketball tourna- Thursday, when the Catholic the relaxation of Lenten disci- self-styled “common good” conservatives.Itis“proper” and By Matthew Bergoglio’s ment, with which it frequently Church commemorates the plines before watching teams “important,” he writes,“forAmericans to expressgratitude Walther game.Like overlaps,baseball seems inap- LastSupper,after which the of imperial clerks and jolly fri- forour democratic institutions.” They aren’t perfect, he millions of propriate during Lent. March altarisceremonially stripped arsgoing at it in pinstriped allows,but “when we visit Philadelphia’sIndependenceHall children in Madnessisanessentially pen- bare. Theconsecrated hosts cassocks. But this misses the we celebratearemarkably durable design of government of Latin Americathen as now, itential affair,aseries of phys- from the evening Masswill be point, which is that baseball is which we ought to be proud, and to which we ought to be the boywho would one day ical and spiritual trials inter- takentoaseparatealtar of re- heretoshowusderacinated loyal.” Loyalty implies worthiness, and athing worth being become Pope Francis grew up rupted by familiar rhythms, pose to await the memorial of moderns those thingsthat our loyaltomight be athing worth dying for, too. playing soccerwith impro- not unlikethe experienceofa Christ’sdeath on Good Friday, medieval ancestorsaccepted In the 245yearssincethe Declaration of Independencewas visedballs made of rags. By novice in a monastery. Open- as amatterofcourse,not only writtenand signed, millions of Americans have willingly given his ownaccount he wasnever ing Day, meanwhile,brings from church teaching but from the last full measureofdevotionfor their country’sflag and very good. Yetthroughout his with it an irruption of promise Opening Day for the the testimonyoftheir senses. the values of the republic forwhich it stands.Noone,sofar as papacy he has used sports as foreventhe most hopeless This week—one year after Iamaware,has volunteered to die forhis Twitterfollowers. ametaphor forChristian life teams that is moresuitable sport comes during the start of Major League Archbishop Chaput is not unacquainted with death’ssting. and held up the virtues proper for Easter. a time of dejection Baseball’sseason wasdelayed, His father wasamortician in Concordia, Kan., and the family to them—selflessness, team- It is no accident, as the for- ultimately by four months, lived abovethe parlor whereheworked: “In our home, work,discipline—as worthyof mer baseball commissioner Bart for Catholics. and churches around the death and all of the complexemotions that surround it were a cultivation by the faithful and Giamatti observed, that base- world were closed at Easter— natural part of living.” One imagines that in his 50-year career all people of goodwill. ball arrives,likeEaster,inthe empty stands and vacant pews as apriest Archbishop Chaput has presided at hundreds of One Catholic journalist has spring.Weare given aglimpse the gloomyseventh-inning will giveway to cheering funerals and sat with thousands of grieving family members even suggested that Francis’ of the answertoaquestion stretch of the church calendar. crowdsand millions of the as they tried to processthe meaning of death. Most people, scattered comments could be nearly as oldasour species: My instinctstell me that I faithful affirming their hope in he observes,struggle with two great temptations: “The firstis put together to form an encyc- Whyistheresuch athing as must reject whatever consola- a promise of new life. Unlike to trytocreatelife’smeaning forthemselves,which translates lical of sorts. At anyratemag- death, and is it possible forus tions the arrival of baseball thefleeting one of Opening in the end to no meaning at all. Thesecond is to liveand die isterial intervention in base- somehowtoescape it? mightoffer amid religiously Day, this newlifecannot be forthe wrong meaning,the wrong cause,the wrong purpose.” ball is long overdue.Fresh Theresponse to the latter enforced dejection. disappointed by futurevicissi- heresies such as the newex- formorethan 2,000 yearshas This is wherethe pope tudes or even by the Detroit tra-innings rule crop up each been affirmative: “For God so should come in. Pope Francis, Tigers’ starting lineup. This The archbishop emeritus of Philadelphia year,and more-established lovedthe world, as to givehis who has had harsh words promise—that when death, contrasts the vanity of ‘creating life’s meaning’ ones (the Donatism of those only begottenSon; that whoso- throughout his papacyfor ourlast enemy, is destroyed, who oppose the designated ever believethinhim, maynot “rigorists” and “doctorsofthe our human naturewill be per- withthe joyofloving thingshigher than lifeitself. hitter, for example) maintain perish,but mayhavelifeever- law,” would have little pa- fected by grace and restored their stubborn hold over much lasting.” It is the same unequiv- tience with calendrical objec- to aprimordial harmonywith of the faithful. ocal answerthat seems almost tionstoOpening Day, which our Creator—is one at which So what constitutes the right purpose? Along with family, Iwould liketoread what to shout from the trees coming will givemostly harmless baseball only hints. friends and the church, Archbishop Chaput’slist of things the pope has to sayabout at last into full bloom and from pleasuretomillions,including One doubtsthat the pope ranking higher than lifeincludes honor and integrity.That’s baseball, but the game also the parks with their grassas many Catholics. would ask anyone to reject notable,because when Pope Benedict XVIinstalled Archbishop has atheological significance, unsullied as the baptismal It maywell be that if base- such intimations. Chaput in Philadelphia in 2011, the German pontiff somehow one that is never moreobvi- promises that Catholics renew ball had been invented in the neglected to elevatehim to the rank of cardinal. ThePhiladel- ous than on Opening Day. each year at the Easter Vigil. 13th century, at the zenith of Mr. Walther is editor of the phia archdiocese has traditionally been led by acardinal, and I have never found the day This year Opening Dayfalls medieval Christendom, fans Lamp . Archbishop Chaput’sfiveimmediatepredecessorshad all been given the redhat markingabishop as a“princeofthe church.” Only cardinals participateinthe conclavesthat elect popes. Making Archbishop Chaput acardinal would have made When Blue Laws Applied at the Ballpark history. He is amember of the Prairie Band Potawatomi Nation and only the second NativeAmerican to be ordained abishop. By Randy Maniloff tivities on Sunday. Offenders candisturb the peaceand Pa.The contest wasstopped He would have been the firstNative American cardinal. Most sometimes challenged their quiet. Lawmakers can be less as soon as it started. The Catholics figuredthat the conservative-minded pope would oseph Neet was once be- convictions.UnlikeNeet, most concerned with someone who president of was getaround to elevating the conservative-minded archbishop J hind barsinaMissouri whiffed. “shot apartridge” on Sunday. arrested and found guilty of to the collegeofcardinals eventually,but he never did. Then, county jail. He lost his George Hogreiver was William Hiller also turned violating Pennsylvania’s1794 in 2013,Pope Benedict unexpectedly resigned and was freedomoveracenturyago found guilty of violating an to the constitution forhelp “Act forthe prevention of replaced by Pope Francis,who is not conservative-minded. forplaying baseball on aSun- Indiana lawthat prohibited following his conviction for viceand immorality,and of TheAmerican cardinals appointed by Francis have all hailed day. A state law forbid horse playing baseball on a Sunday playing baseball on aSunday. unlawful gaming,and to re- from the church’smoreprogressivewing. racing,cockfighting or playing whereafee is charged. He He argued that the Baltimore strain disorderly sportsand In keeping with church tradition, Archbishop Chaput offered “cards or games of anykind.” wasfined $25.Hogreiver ordinance, which outlawedthe dissipation.” his resignation to Pope Francis upon turning 75 in September Lawmakerssought to promote balked because the penalty for playing of a“game or sport” Theleague official wasun- 2019.Bishops arefrequently given the option to stick around religion or a day of rest. on that day, violated the guar- able to convinceaPennsylva- afew moreyearswhen they arewilling,mentally fitand Neet was sprung after the antee of religious liberty. nia appeals court to toss his physically able.Archbishop Chaput appeared to check all of state’shighest court, in Ex Sunday baseball used But Maryland’shighest conviction. Thetribunal in those boxes. But the Jesuit pope didn’t hesitatetoaccept the Parte Neet (1900), concluded to be a crime in some court, in Hiller v. State (1914), Commonwealth v. Coleman Capuchin Franciscan archbishop’sresignation. that baseball wasnot a“gam- wasunconvinced. Thejustices (1915) concluded that the act An objectiveobserver might consider that an insult, but, bling game or productiveof American states. observed that they had “never wasviolated because baseball tryasyou might, youwon’t find anegativewordabout Pope immorality.” Rather,the court heardofareligious denomina- invites “extreme enthusiasm, Francis in “ThingsWorth Dying For.” No doubt Archbishop declared it to be a“sport or tion which declared as an arti- excessivenoise and occasional Chaput wasdisappointed, but he’snot the sort of man to trash athletic exercise.” Sundayhunting and fishing cle of faith that it wasthe physical controversies.” the bossinpublic.Hehas toomuch honor and integrity for This Sunday, players from was only $10. He argued that duty of itsmemberstoplay Much has changed about that. Thethingsworth dying for, he understands,are also the nearly all Major League Base- the lawviolated the equal baseball on Sunday.” pastime sinceits thingsworth living for. ball teams arescheduled to protection clauses of the fed- Four years later Baltimore earliest days,including the take the field. No arrests are eral and Indiana constitutions. passed a law to allow Sunday need to hiresomeone in apin- Mr. Hennessey is the Journal’s deputy editorial features editor. expected. But that wasn’t al- The state’s Supreme Court afternoon baseball. But Mary- striped suit to playball on ways the case. disagreed, finding in State v. land’stop court, in Levering v. Sunday. Around the turn of the last Hogreiver (1899) that the Leg- Williams (1919), struck it Coming in BOOKSthis weekend century, as baseball soared in islaturehad the authority to down. Mr. Maniloff is an attorney Philip Roth: Thebiography•Winston Churchill &son • popularity,some players graduatepenalties forof- Over 5,000 people were in at White &Williams LLP in Theworld’scleverest birds of prey •How to listen found themselves on the fenses that differ in their cir- attendanceonaSundayin Philadelphia andanadjunct to American music,1900-1960 •The short stories of wrong side of state and local cumstances.The court ob- 1914towitnessaprofessional professor at Temple Univer- Jean Stafford•Love, friendship &bull terriers•&more laws that banned certain ac- served that baseball games baseball game in Scranton, sity’s Beasley School of Law. P2JW092000-0-A01400-1------XA

A14 | Friday, April 2, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Woke and Weak CEOs New York Lawsuits Are About Smog, Not CO2

he public debateonGeorgia’snew voting talking about or can’t stand the heat? Your editorial “Biden’s‘Backdoor’ subject of your editorial claiming lawhas become astewoffalsehood, pro- Gov.Brian Kemp,who signed the bill, rightly ClimatePlan” (March 18) weaves an that the “aim” of that legal action T paganda and panic.Part of the blame lies called foul: “Today’sstatement by DeltaCEO Ed elaboratescheme forwhy my office “istohasten areplacement ozone purportedly is pushing the Environ- rule that regulates CO2.” That’ssim- with the partisan distortion of Bastian stands in starkcon- They’re denouncing mental Protection Agency(EPA) to ply not true. Democrats, part with their me- trast to our conversations with tighten national air-quality standards Our coalition sued President dia echoes,and nowpart with Georgia’s election law, the company, ignores the con- forsmog.Thereisonly one simple Trump’sEPA because it failed itsle- CEOs of major companies who tent of the newlaw,and unfor- motivation formyaction: Icare galresponsibility to establish na- areuninformed at best or cow- but have they read it? tunately continues to spread about NewYorkers’ right to clean, tional standards that protect Ameri- ardly at worst. thesame false attacks.” healthyair. can’sability to breathe clean, healthy Start with President Bi- Or take Coca-Cola’s watery Smog is adangerous pollutant that air.Its decision ignored evidence den, the great unifier,who on Wednesdayto statement. “Weare disappointed in the out- triggers asthma attacks and can proving that the current standards ESPN called the law“Jim Crow on steroids,” come of the Georgia voting legislation,” said cause prematuredeath. Children, the aretoo weak to protect against while saying he’d“strongly support” moving CEO James Quincey.“Our focus is nowonsup- elderly and those with lung ailments asthma and other respiratoryill- the Major League Baseball all-star game out porting federal legislation that protectsvoting areatespecially high risk.Millions of nesses,harms that aresuffered dis- NewYorkershavebeen breathing un- proportionately by minority and low- of Atlanta. He’spicking up the smear about access and addresses votersuppression across healthyair fordecades. income communities. Georgia from StaceyAbrams,who still hasn’t the country.” He cited no specifics about either My officehas brought litigation to In this instance, the simplest ex- accepted that she lost the race forPeach State bill. Apparently Coke’ssecret ingredient is ensurethat the EPAdoes itsjob to planation is the right one.Iamfight- Governor in 2018. pandering. set health-protectivestandards ing to strengthen the national air- “You’regoing to close apolling placeat5 When woke progressives target acompany based on the best, latest science, quality standards forsmog because o’clock,when working people just getoff?” he with tactics likea“die-in,” as Coke received last and requiresourcesinupwind states all NewYorkershavearight to said to ESPN.“This is all about keeping working month,CEOs seem to viewamealy-mouthed to limit emissions that contributeto breathe clean, healthyair. folks,and ordinaryfolks that Igrewupwith, statement as cheap insurance. But surely we the smog levels in New LETITIA JAMES from being able to vote.” Mr.Biden either should expect morefromsenior businessexecu- York.Several of ourlawsuitsover Brooklyn,N.Y. doesn’t knowwhat’sinthe Georgia bill or he is tives,who aresupposed to have some backbone the past four yearshaveaddressed Ms. James is attorney general of lying aboutit. We’d liketobelieveit’sthe for- and concern forthe facts. They’d react with high these concerns,one of which is the the state of New York. mer,but that gets harder to credit as his false- dudgeon if similar falsehoods were spread about hoods multiply. their companies. On Election DayinGeorgia, anyone in line by Yetsomuch of this CEO posturing cites no Helped Bangladesh to Its Independence 7p.m. gets aballot. Thenew lawrequires an ex- facts—or even fails to mention the word “Geor- ’s case for Ban- posed this “war of liberation” and traSaturday of voting,while specifying early gia.” American Expressstands “against anyef- gladesh (“Bangladesh Turns 50,” op- made a toothless show of force by voting hours: Theminimum is 9a.m. to 5p.m., fortstosuppressvoting,” said CEO Steve ed, March 26) is a rare cause for cele- sending the U.S. Seventh Fleet into but counties mayrun 7a.m. to 7p.m. In metro Squeri. “BlackRock is concerned about efforts bration, especially for a Muslim- the Bay of Bengal that December to areas,“youmight not noticeachange,” explains that could limit access to the ballot,” said CEO majority country. Had he had more intimidate India. None of this de- Georgia Public Broadcasting.Elsewhere, “you LarryFink.“Governmentsshould be working to space he might have been able to give tracts from the success that Bangla- will have an extraweekend day, and your week- makeiteasier to vote,not harder,” said Cisco credit to India for Bangladesh’s inde- desh has achieved. pendence. The brutal civil war that TEJAS VAKIL dayearly voting hourswill likely be longer.” CEO Chuck Robbins. Mr. Varadarajan mentions was really Austin, Texas iii Georgia’slaw does makeiteasier to vote, a merciless crackdown by the Paki- Then thereare the big companies racing out though it also tries to reassurecitizens about stani army on the civilian population Mr. Varadarajan notes “a very Ben- PR statementsofcondemnation, though what’s ballot integrity.The state provides far moredays that led to a huge refugee influx into gali choice” in celebrating indepen- oftenmost conspicuous is their vagueness. The of early voting than NewYork.Itoffersno-ex- India. India housed and fed almost 10 dence on March 26, rather than on voting law“is unacceptable and does not match cuse absentee ballots, unlikeMr. Biden’sbeloved million Bangladesh refugees from the date when the Pakistanis surren- Delta’svalues,” said the ’sCEO,EdBas- Delaware.Sowho’s really suppressing whom? 1971 to 1973, and India’s citizens paid dered months later in 1971. Such opti- tian. He groveled that he’dhad “time to nowfully Georgia’snew lawputslimitsondropboxes, but a special stamp tax for a number of mism is notable but not unique, as understand all that is in the bill.” as Delta’sMr. Bastian nowregretspointing out years to cover the expenses. India’s other colonials have chosen to cele- What aclumsy emergencylanding.Last week last week,italso makes them apermanent part army liberated Bangladesh in Decem- brate independence even while fight- Mr.Bastian said that “concerns remain” about of the voting system. In 2019,beforeCovid, drop ber 1971 and forced the surrender of ing to secure it—as on July 4, 1776. the Pakistani army. JONATHAN DANIEL the law, while he explained—accurately—that it boxeswereillegal. and the Nixon administration op- Chicago “expands weekend voting,codifies Sundayvot- iii ing and protectsavoter’s ability to cast an ab- CEOs maythink there’snodownside to hop- sentee ballot without providing areason.” He ping on abandwagon that insinuates that Geor- added: “For the firsttime,dropboxeshavealso gia’sGOP leadersare inveterate racists. But far Editing Brahms for Modern Young Listeners been authorized forall counties statewide.” from dodgingour partisan political warfare, What changedinthe interim? Could it be that they’retaking aside and promoting moredivi- TheMarch 20 letterfromShawn certotomakeitmorehip,current he has bowedtothe woke mob,asthe path of sion.They and their companies maypay the Dilles “Adapting Classics forModern and relevant. Starting with the first least political and commercial resistance? Why pricewhen the woke mob decides to turn on Young Readers” captured my atten- movement, let’scut out the entirede- not stay silent if youdon’t knowwhat you’re them andthey need GOP protection. tion. It bothersmethat thereare velopment section. That gets rid of those who feel compelled to “adapt 84 bars. In the second movement, classics formodern young readers.” marked “adagio,” which means So let’ssee what happens when we “slowly,” let’schangeBrahms’sdirec- Convicted in Hong Kong apply this theorytoapieceofclassi- tiveto“presto,” so we canget calmusic.I’vechosen Piano Con- through it much faster.Finally,inthe Hong Kong court Thursdayconvicted of Hong Kong’spopulation, though policehad certoNo. 1byJohannes Brahms. thirdmovement, we canomit the fi- Jimmy Lai, Martin Leeand five others not granted apermit. Let’smakeit“amorehip,current, nal portion of the “rondo.” Voila! A of organizing or taking part in apro- Theconvictions arethe flip side of the re- and relevant product” as Mr.Dilles Nowithas become,moreorless, a democracyprotest. Mr.Lai, cent rewriteofHong Kong’s advocates. “fraction of the size” of the original 72,isabillionairewho China sends the message election rules meant to en- Brahms wasinhis twenties when composition. We’venow condensed it founded and publishes Apple that if we can get them, sure that only pro-Beijing he composed it, so he wasobviously to “a morehip,current, and relevant Daily,which is afrequent “patriots” hold positions of young.Mr. Dilles asserts“that many product.” parentsassumed their children were By the way,I,and manyothers, critic of the Chinese Commu- we can get you. power. This week the U.S. reading the same books they had continue to listen to the original nist Party and among Hong consul general to Hong Kong, read as children is hardtofathom, Brahms,the same as our parentslis- Kong’smost popular news Hanscom Smith,explained sincethe newbooks areafraction of tened to when they were young. outlets. Mr.Lee is 82 and known as Hong that the newrules “will not producemeaning- the sizeoftheir predecessors.” So MARLANE HODGES Kong’s“father of democracy.” fuldemocratic results, and will be neither in- I’m going to “fix” the Brahms con- Seneca, S.C. Everyone in the former British colonyun- clusivenor credible representations of the will derstands the messagebeing sent from Hong of people in Hong Kong.” Kong’snew mastersinBeijing: If we canget ForChina that’safeature, not abug.The Fed Mission Creep Abets Congress’s Spending these men, we canget youtoo. real crime of those convicted this week is that That’sespecially true forthe thousands of they took seriously China’spromise of auton- Alexander William Salter and Dan- gress’ssurrogatesincethe 2007-08 fi- other Hong Kong citizens,far lesswell known, omyfor Hong Kong in the 1984 Sino-British iel J. Smith (“End the Fed’sMission nancial crisis.The 2010 Dodd-Frank Creep,” op-ed, March 26) arecorrect Act merely legalized the surrogacy. who were also arrested on charges relating to Joint Declaration. They arebeing punished to- in saying that the Federal Reserveis Congresshas artfully used this sur- participating in such protests. TheAug.18, daysimply fortrying to makethe govern- getting tooinvolved in thingsthat rogacy to shield itself from electorate 2019,protest at the center of this trial drew mentsinBeijing and Hong Kong honor that have nothing to do with itsmission or accountability on fiscal policyuntil 1.7million people,which is roughly aquarter promise. monetarypolicy. However, their sug- the pandemic.Pre-pandemic,Congress gestion that Congressrein in the Fed conveniently avoided legislating fiscal is anonstarter.Aslong as the Fedis policyand relied on the Fedtodoso Biden’s Stumble in the Global Tax Race helping financethe debt with itsmas- on adefactobasis under the illusion sivebond-buying program, Congress of monetarypolicy. Theresult: abub- he pro-tax spin machine is on full blast They nowstand at 24%, 23% and 21.4%. will let the Fedalone.Asofthe end of ble economycomprised of real estate, in the Biden Administration.Beforethe Thetrend isn’t slowing.The TaxFoundation March, the Fedheld 22%ofthe debt stock market, privatedebt, govern- T President announced his corporatetax reportsthat “several countries areplanning to held by the public,compared with 7% ment debt and discretionary-spending beforeits bond-buying program, bubbles.Amid the pandemic,atthe increase,TreasurySecretary reducetheir corporatetax which began in March 2009.The Fed behest of the pre-Biden Congress, the Janet Yellen laid the ground- He wantstoraise ratesinthe coming years,” as also has returned over $1 trillion in Fed’smission creep became asprint of work last week by saying, corporaterates as other competition formobile capital interest paymentstothe Treasury myriad “monetary” intervention to “We’vehad aglobal race to and jobs intensifies.The sincethen. Consequently,the debt is pre-empt the bursting of anyofthese the bottomincorporatetaxa- nations cut them. Netherlands will slash itsrate $1 trillion lowerthan it would have bubbles.Today, at thebehest of the tion and we hope to put an to 21.5% this year from its been otherwise. Biden Congress, the Fed’smission has end to that.” current 25%. Franceand Swe- Messrs. Salter and Smith arealso expanded beyond preserving the bub- Ms.Yellen is right that therehas been a den will build on recent cutsbyreducing their wrong to suggest that Congress ble economytoinclude implementing world-wide trend toward cutting taxeson ratesto25.8% and 20.6%. By the way,China’s should requirethe Fedtotargetnomi- the Green NewDeal along with other business. Her mistakeistrying to reverseit, corporaterateis25%, compared with the com- nal GDP.Nominal GDP targeting im- socialist objectives likeeconomic plicitly assumes that the Fedwould equality.The likelihood of the Biden and thinking that if the U.S. firstpunishes its bined 32.4% U.S. federal and staterateifMr. have to be indifferent regarding the Congress(or anysubsequent Con- companies,every other nation will do the Biden’sproposal becomes law. growth rate of output and inflation. gress) reining in the Fedisnil. same. ContraPresident Biden, these countries Forexample,ifthe target is 5% nomi- ANDREW E. BALOG To payfor his latest $2 trillion spending bill, arebetting that lowcorporatetaxes will in- nal GDP growth, the Fedwould be in- Hollywood, Fla. President Biden wantstoraise the federal tax crease businessinvestment, economic growth different whether it’s1%growthand on corporateincome to 28% from 21%. An- and government revenue in the long term. 4% inflation or 4% growth and 1% in- nouncing the bill in Pittsburgh Wednesday, he “Producing in Francewill be cheaper—it’sas flation.But the Fedisn’t indifferent. Pepper ... said the GOP’s2017tax cut had been “bad for simple as that,” said French FinanceMinister Chairman and several And Salt American competitiveness.” Theidea is that re- Bruno Le Mairewhen he laid out the taxplan other membersofthe Federal Open ducing the corporatetax from 35% wasareck- last summer.Companies repatriatedmore Market Committeehavesaid they THE WALL STREET JOURNAL less giveaway that did little to boost U.S. com- than $1.6trillion in foreign profitstothe U.S. would accept higher inflation fora lowerunemployment rate.This is why petitiveness. in 2018-2020 afterthe 2017corporatetax re- no central bank has adopted nominal Yetthe leadersofother major economies form, and competitorshaverushed to mimic GDP targeting and none ever will. had adifferent response to the Trump taxcut: that success. DAN THORNTON They mimicked it.Since2017several of the Pandemic spending has put pressureonna- Des Peres, Mo. largest and wealthiest countries in Europe and tional budgets, but few countries have tapped Mr. Thornton is aretired vice presi- Asia have slashed taxesonbusiness, while few businesstopatch theirfiscal holes.Sofar the dent of the Federal Reserve Bank of St. have increased them. U.S. and U.K. arethe only major economies to Louis. Nine of the world’slargest and most ad- announcecorporatetax increases sincelast vanced economies have reduced their topcorpo- year. “Yes, debt will have to be paid back,” Mr. TheFed—irrespectiveofCongress’s rate taxrateinthe past four years. France, India Le Mairesaid. “But not by raising taxes—by partisan composition—has been Con- and Belgium, which all had ratesnear the old raising growth.” Lettersintended forpublication should U.S. level of 35% (or 38.9%including stateand Ms.Yellen will presumably trytopersuade be emailed to [email protected]. Please local taxes), have cut levies on businessto Mr.LeMaireand other financeministersthat include your city, state and telephone 32.02%, 30% and 25%, respectively.Greece, Israel they should join the Biden Administration in number.All letters aresubject to and Sweden, which already had toprates in the making theirtax systems lesscompetitive. editing,and unpublished letters cannot “It’s always a bad sign when be acknowledged. mid-20% range, cut their levels to keep pace: Let’shope they aren’t as self-destructive. they get out your job description.” P2JW092000-2-A01500-1------XA

THE WALL STREET JOURNAL. ** Friday, April 2, 2021 | A15 OPINION U.K. Va ccination Puts U.S. to Shame The Spy Who Loved Me? By nalism of health officials sidelined a smart policythat would have re- he U.S. will soon achieve sulted in moreAmericans being vac- Check It Out herdimmunity against the cinated faster,including in minority novel coronavirus,but the communities. AJanuaryAnnals of T U.K. will gettheresooner. Internal Medicine study estimated By Ted Rall That’sbecause medical that delaying the second dose could leadersacrossthe pond put the pri- have averted up to 29% of Covid-19 fyour mother says she loves ority on first-dose vaccination, de- cases over an eight-week period. you, check it out, goes an old re- laying boostershotssothat more TheU.K.not only reduced I porter’s saying.What if the in- people could getthe initial shot. Covid-19 deaths morequickly but telligencecommunity says so? Fifty-nine percent of British adults beat out acontagious newvariant as On March 15 the National Intelli- arenow vaccinated with one dose, the U.S. lags behind. Some may ar- genceCouncil declassified an “- vs. only 38% in the U.S. gue that the U.K.’s rapidly declining ligencecommunity assessment” ti- FarmoreAmericans arefully death and hospitalization numbers tled “Foreign Threatstothe 2020 vaccinated—21% have received ei- KI arereally due to their lockdowns, Federal Election.” From ajournalis-

ther abooster or the single-dose OWS but Germanyhas had near-identical tic standpoint, the section titled ZL

Johnson &Johnson shot. In the KO lockdowns and cases therehavedou- “sourcesofinformation” is of inter-

U.K.,wherethe only options are TIN bled over the past four weeks.That’s est. It says only that “weconsidered

two-dose vaccines,only 8% of adults MAR because only 11% of the totalGerman intelligencereporting and other in- arefully immunized. population is vaccinated (vs.45% in formation made available to the In- In both countries, the number of moreofour over-65 agegroup vacci- bersare offered at least one dose.” I the U.K.). telligenceCommunity as of 31 De- daily deaths peaked in Janu- nated,” he told the . “I agree.Why use half the nation’svac- The second dose is important. It cember 2020.” ary—3,352 on Jan. 12 in the U.S. and think the datawill support that actu- cine supply to boost immunity by 3% creates more-durable immunity and To put that in layman’sterms: 1,248 on Jan. 23 in the U.K. Since ally is a very effective way to go.” to 15% in the short-term when we betterprotection against variants. Some of our guys told us stuff.We then, the U.S. count has declined But AnthonyFauci publicly dis- could givelifelines to morevulnera- Spacing the doses further apart may won’t tell youwho or whyyou 72%—which sounds impressiveuntil agreed. On one occasion, Dr.Fauci ble Americans during avaccine also help. With other two-dose vac- should trust them, and we won’t you put it up against Britain’s 96%. warned of “the danger” that could shortage? cines,alonger spacing interval usu- show youany evidencethat backs U.K. deaths nowaverage 47 aday. come from focusing on the first But this week,inresponse to a ally resultsinastronger immune re- them up.The intelligencecommu- TheU.S.figure, 938,is20times as dose. And at a Feb. 19 White House newCentersfor Disease Control and sponse.That wastruefor the only nity is making abald appeal to its high in acountrylessthan five times briefing Dr.Fauci playeddownasin- Prevention study showing afirst- Covid-19 vaccine formally studied ownauthority—an authority of as populous. gle-dose study from Israel. White dose efficacy of 80% at two to four with two different dosing intervals. which journalistshavegood reason Housesenior adviser Andy Slavitt weeks,Dr. Fauci said that it isn’t Thestudy of the Oxford/AstraZeneca to be skeptical. chimed in, telling reporters, “We’re known whether the protection drops found that a“higher vaccine efficacy American authorities not going to be persuaded by one “off a cliff after two weeks or three is obtained with alonger interval” of rejected advice to delay the study that happens to grab head- weeks.” That doesn’thappen with 12 weeks instead of six. Reporters uncritically echo lines.” othervaccines.Why dismissdata On March 1, SenateDemocrats intel agencies’ election second dose. Britain shows TheIsraeli study demonstrated and real-world U.K. experiencewith ChrisVan Hollen of Maryland and that the firstPfizerdose was85% ef- an untested hypothesis? Martin Heinrich of NewMexico sent claims. Did they learn that approach’s wisdom. fective at two to four weeks. But it Regulatorsalso shot down the alettertothe WhiteHouse urging isn’t the only study.Moderna’sphase idea of delaying the second dose.In the administration to consider the nothing from the ? 3trial included 2,000 people who re- Januarythe Food and Drug Adminis- “one dose is betterthan none” ap- Manypublic-health experts ceived only a single injection of ei- tration issued astatement rebuking proach. It isn’t too late. Refusing to thought the U.S. should take the “one ther aplacebo or the vaccine.Inthat those “suggesting changes to the think outside conventional wisdom Organizations likethe Central In- dose is betterthan none” approach, group,the efficacyofthe single vac- FDA-authorized dosing or sched- maybethe norm in politics,but it telligenceAgencyhaveahistoryof including Ashish Jha of Brown Uni- cine dose was80% to 90%. AFeb.17 ules,” claiming they are“not rooted isn’t howscienceissupposed to propagating to me- versity, Robert Wachter of the Uni- NewEngland Journal of Medicine solidly in the available evidence.” work. diaoutlets. Their biases areobvi- versity of California and Christopher letter notes that firstdoses of Pfizer TheFDA warned that delaying the ous: They exist not to report the Gill of .EvenMi- and Moderna had an extraordinary second shot could make people “as- Dr.Makary is aprofessor at the truth but to disrupt foreign adver- chael Osterholm of the University of 92%effectivenessatthree to four sume that they arefully protected Johns Hopkins School of Medicine, saries and, at least in theory, to fur- Minnesota, amember of President weeks.The authorsconcluded: “A when they are not, and accordingly, Bloomberg School of Public Health ther American interests. Formally Biden’sCovid task forceknown for scarce supply of vaccine could be alter their behavior to take unneces- andCarey Business School. He is they answertothe president and speaking hismind, suggested delay- maximized by deferring second sary risks.” chief medical adviser to Sesame Care areoverseen by Congress, but they ing second doses.“We could get doses until all priority group mem- The scientific rigidity and pater- and author of “The Price We Pay.” also protect their parochial inter- ests likeall bureaucracies.(Speak- ing of bias,Idrawcartoons for Sputnik News and frequently appear It’s Not Bigotry to Tell the Truth About China on their radio programs.Ihave manyother clientsaswell. That Does criticism of the supposed well-being of Asian- sense to refertothe Covid-19 patho- same time,the AAPI population mayaffect howseriously youtake China imperil Asian- Americans areasking Washingtonto gen as the virus rather than morethan doubled. this article.) Americans? Arash enter ageopolitical boxing ring with the Chinese virus; the former refers Moreover,the professional activ- Yetmanyinthe media greeted of recent commen- one arm tied behind its back. to aplaceand is difficult to confuse istswho most loudly decryalargely the report with uttercredulity.NPR tary in the wake of This plays intoChina’shands.Like with arace. Besides,atthis point, imaginary“whitesupremacist” as- aired a story March 17 titled “Rus- last month’sshoot- the Sovietsinthe Cold War, China’s virtually everysentient being out- sault on Asian-Americans are often sia’sEffortsatInformation Warfare EAST IS ingsinAtlantathat Communistsseek to exploit domestic side China knows that the pandemic the same people whose ideas Against the West Continue”—not EAST killed eight people, divisions to weaken the U.S. In Alaska originated in that country. threaten the community’s hard- “IntelligenceAgencies Claim ...” six of them Asian last month, China’stop diplomat, America’smainstream discourse earned success.They arethe ones Reporters MaryLouise Kelly and By Sadanand women, makes that Yang Jiechi,accused Americaofhav- around Asian-Americans largely ig- pushing to end race-blind admissions Greg Myreframed the report’selec- Dhume claim. But itsfactual ing “slaughtered” blacks,atranspar- nores inconvenient facts. Attacks on to some of the most selectivepublic tion-interferenceclaims as straight- basis is doubtful. ent attempt to deflect attention from Asian-Americans have indeed risen schools acrossthe country. They are forwardfact, analyzedthe political historian in recent years. According to the the ones who want an emphasis on implications,and discussed what Mae Ngai wantsthe U.S. to “pull Center forthe Study of Hateand Ex- equality of opportunity to give way the U.S. might do to retaliate. “But back from treating China as an ad- The Communist Party tremism at California State Univer- to equality of outcome,anapproach the biggerquestion, MaryLouise,is versary.” In the WashingtonPost, sity,San Bernardino,anti-Asian hate that already penalizes Asian-Ameri- howcan the U.S. stop these major -winning author Viet and its U.S. apologists crimes reported to the policeinma- canapplicantstoleading U.S. univer- breaches beingcarried out by Rus- Thanh Nguyen and Asian-American try to hide behind victims jor cities in 2020 rose to 145% of sities like Harvardand Yale. sia?” Mr.Myresaid. studies professor Janelle Wong ar- thenumber of reportsin2019.But In the end, Americahas no choice Thesegment ignored the possi- gue: “When officials expressfears of anti-Asian violence. this refers to only 120 incidentsina but to grapple with the threat of an bility that the report’sclaims might over China or other Asian countries, nation of 330 million. This jump authoritarian and increasingly bellig- be false or mistaken. It failed to Americans immediately turn to a also runs up against longer-term erent China. But the best way to mention the lack of documented evi- timeworn racial script that questions China’shorrific treatment of ethnic trends.Between 1996 and 2019 the strengthen the countrydomestically denceand the anonymous sourcing. the loyalty,allegianceand belonging minorities,including Uighur Muslims number of hatecrimes against is to reject both whitesupremacy NPR interviewedasingle expert: of 20 million .” and Tibetan Buddhists. With itsusual Asian-American and Pacific Island- and “wokeism” by striving toward a Glenn Gerstell, aformer general Journalist Peter Beinart warns that subtlety,the Communist Party-linked ersdeclined nearly 50%, from 355 to society that is race-blind, not race- counsel of the National Security “ifAmerica’sleadersare serious media outlet Global Times used the 179, according to FBI figures. At the obsessed. Agency, identified only as an “offi- aboutcombating anti-Asian vio- Atlantakillingstocharge “brazen cial,” whotook the report at face lence” at home,“they must stop ex- Western politicians,scholars, media value. aggerating the danger that the Chi- and other China-haterswho take ad- Other media outletswerecareful nese government poses.” vantageofthe pandemic” with stok- The Dead Letterbox to use proper journalistic form, such Such argumentsare deeply mis- ing“hatecrime incidents” against as “report says” and “report al- guided. Thereisnocontradiction be- Asian-Americans. By Bob Greene Last week Postmaster General leges.” Yetthey toopresented un- tween abhorring violenceagainst Theargument that we must tread LouisDeJoy announced aplan to sourcedallegations as fact. CNN Asian-Americans and criticizing are- softly around China for the sake of few steps off U.S. 41 in Na- fend off billions of dollarsinpro- said the report “confirms what was pressive regime that squelches hu- Asian-Americans mistakenly con- A ples,Fla., near abank build- jected losses over the next decade. largely assumed” andcalled it “a man rightsathome and undermines flates the 19.3 million Asian-Ameri- ing,thereisamail-collection Among his proposals: Slowthe win- wholesalerepudiation of manyfalse liberal democracyabroad. Most cans with 4.4million Chinese-Ameri- boxI’veused everytime Ipass dowofdeliveryfor first-classmail narratives that were pushed by Americansare capable of making cans.Additionally,most ethnic through the town. That’sthe nice to five days from the current three, right-wing news outlets.” CNN this elementarydistinction. They Chinese came to Americafleeing po- thing about mailboxes: Youget to and increase the priceofstamps. didn’t addressthe questions of make it every day. litical persecution or seeking eco- knowright wherethey are. Thereisafrustrating inevitabil- anonymous sourcing or reliability. Howweapproach this issue mat- nomic opportunity. Like most other On this trip Iwalked to the box itytothis.For centuries the Post While the NewYork Times al- ters.China’sauthoritarian system of Asian groups, they have thrived be- and sawaU.S.Postal Servicevehi- Office(the firstpostmaster general lowed that “the declassified report government, economic heftand tech- cause the U.S. has rewarded educa- cleidling directly in front of it. It wasBenjamin Franklin)has repre- did not explain howthe intelligence nological prowess make it the fore- tion, hardwork and entrepreneurial wasn’t the usual squat kind—this sented one of America’sgrand tri- community had reached itsconclu- most challenger to the U.S.-led inter- drive. Thereisnoevidencethat Chi- one had aflat bed behind the umphs: constitutionally authorized sions,” it bent over backward to national order that has underwritten nese-Americans have greater affinity driver’s compartment. couriersserving everyU.S.address give the benefit of the doubt to the global peaceand prosperity formore forthe Isaid good morning to the man daily,delivering aletterablock intelligencecommunity: “The offi- than seven decades.Atthe same than any other group of Americans sitting behind the wheel, he nodded away or 3,000 miles away for cials said they had high confidence time,Asian-Americans and Pacific Is- do.Given their circumstances,the back,and Idropped my envelope pocket change. Yethow canthe in their conclusions about Mr.Pu- landers—some 19.3 million strong opposite is often true. intothe box. Ideparted to continue Postal Servicecontinue to strive tin’sinvolvement, suggesting that according to the Census Bureau—are This isn’t to dismiss all criticism my walk. competitively forspeed when theintelligenceagencies have de- America’sfastest-growing demo- of U.S. political rhetoric about China. But two minutes later,Ithought: emails and textsare sent and re- veloped newways of gathering in- graphic group.Those who call on the Youcould arguethat in aracially Oh, no.Was that guythe Postal ceived instantly,virtually free? formation afterthe extraction of U.S. to drop itscriticism of China for chargedenvironment it makes more Grim Reaper? Americans’ desiretoreceive one of their best Kremlin sourcesin That’show I’vecome to think of writteninformation rapidly is not 2017.” the workerswhose job it has been, new. Early in the 20th century, the In May2004 ’seditors in recent years, to yank mailboxes main post office in NewYork City published a1,200-word letterto PUBLISHED SINCE 1889 BY DOWJONES&COMPANY from wherethey’rebolted down made nine daily deliveries.Balti- readers apologizing fortheir cover- Robert Thomson anddrivethem away,never to be more’sand Philadelphia’smade ageofSaddam Hussein’snonexis- Executive Chairman, Chief Executive Officer, News Corp seen again. This is unrelated to last seven. Sending and receiving mail tent weapons of massdestruction. Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher year’s controversy about mailbox wasquick and dirt cheap; from 1932 “Wehavefound anumber of in- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: removals in the runup to the presi- to 1958,the priceofafirst-class stances of coverage that wasnot as Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; dential election. Mailboxeshave stamp stayed at 3cents. At 55 cents rigorous as it should have been,” Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; been disappearing for decades, and it still feels likeabargain fordoor- they wrote. “In some cases,- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; the reason is simple: Americans are to-door nationwide delivery. mation that wascontroversial then, Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer mailing far fewerletters.The Postal In Naples,Iturned around and and seems questionable now, was Andrew Dowell, Asia; AnthonyGalloway, Video & Servicehas responded by auditing retraced my steps.Isaid to the guy insufficiently qualified or allowedto Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; howmanyenvelopes arecollected in the postal truck: “You’rehereto stand unchallenged. Looking back, Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; from the boxes. When the average take this mailboxaway,aren’t you?” we wish we had been moreaggres- Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; daily number drops below25, a He laughed. “Relax,” he said. “I’m siveinre-examining the claims as Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News street-corner boxbecomes acandi- just heretoput anew sticker on newevidenceemerged—or failed to Thomas SanFilippo, Customer Service; datefor extinction. This saveson it.” emerge.” GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; fuel and labor costs. ThePostal Grim Reaper can You’dthink they’d have learned Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; But it’sapain in the neck for grant reprieves.But areaper’s re- something from the mother of all in- , Deputy Editor, Editorial Page Jonathan Wright, International residentsofneighborhoods that prieveis, by doleful definition, al- telligence—and journalistic—failures. WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: lose their mailboxes. Since2000 waystemporary. LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head morethan half of all mailboxeshave Mr. Rall is apolitical cartoonist,

EDITORIAL AND CORPORATEHEADQUARTERS: been takenout of service: More Mr. Greene’s books include and author of “The 1211 Avenue of the Americas, New York, N.Y., 10036 than 200,000 boxesthat oncewere “Chevrolet Summers, Dairy Queen Stringer,” agraphic novel forthcom- Telephone 1-800-DOWJONES thereare nowgone. Nights.” ing in April. P2JW092000-0-A01600-1------XA

A16 | Friday, April 2, 2021 THE WALL STREET JOURNAL. WORLD NEWS PressureBuilds on Thai Protesters Hong Kong Democracy Morepro-democracy demonstrators are Activists being arrestedfor challenging royalfamily Convicted

BY FELIZ SOLOMON BY JOHN LYONS

SINGAPORE—One of the HONG KONG—Martin Lee, leadersofThailand’sprotest the 82-year-old lawyer credited movement, a22-year-old uni- with helping found Hong versity student, wasled intoa Kong’sdemocracymovement, Bangkok court on Monday, and publisher slumped in awheelchair and JimmyLai were among seven tethered to asaline drip after veteranactivistsfound guilty two weeks on hunger strike. by ajudgeonchargesrelated to Parit Chiwarak,whose amassdemonstration in 2019. friends call him Penguin, has Theguilty verdictson been accused of insulting Thursdayraise the prospect of Thailand’sroyal family.Hehas jail time foraprominent been in prison for more than group of democracycampaign- 50 days afterbeing denied bail erswho have been fighting to

by two courts. CK preservethe rule of lawinthe Friends say Mr. Parit typi- TO former British colonysincebe- cally wasanimated, often fore it was returned to China

scribbling poetryinanote- SHUTTERS in thelate1990s.Sentencing book andincessantly singing A/ on the charges, which can Thai folk tunes.“We used to carryuptofiveyearsinjail, complain about it, but nowwe was set for later this month. misshis songs,” said afriend. AZUBEL/EP “It will be abadgeofhonor GO

Mr.Parit wasone of the DIE forustogotojail forfighting young leadersofastunning Accused of insulting the monarchy, jailed activist leader, Parit ‘Penguin’ Chiwarak, center, has been on a hunger strike for two weeks. forfreedom and rightsfor Hong movement that directly chal- Kong people,” said the labor lenged thecountry’spowerful prominent among them, in- accused of insulting the royal prison sentencesfor alleged peat offenses. leader LeeCheuk-yan,one of the monarchy,which waslong con- cludingMr. Parit, arefacing family,acrime known as lèse- offenses such as causing mis- Most of the 19 people cur- defendants, afterthe verdict. sidered beyond scrutiny. De- multiple allegations that have majesté that is punishable by chief and damaging an ancient rently detained were leaders Thetrial is part of awaveof mandingcurbs on King Maha either landed them behind up to 15 years in prison. monument, and penalties for of an association called Ratsa- prosecutions under way in ’spowers,Mr. bars or require attendance at Thelaw has long been de- using loudspeakers, obstruct- don Group,which put the pal- Hong Kong as China crushes Parit and afew fellowactivists frequent hearings. scribed by human-rightsgroups ing traffic and littering. acefront-and-center of the dissent in the former British emergedasthe vanguardof Defense lawyerssay they as atool to crush dissent. A “This is part of abroader protestmovement’sagenda. colony. Amid acontinuing broader pro-democracypro- areinundated by an expanding spokesman forthe Thai govern- processofthe Thai stateat- Seven of the group’score crackdown that worsened last teststhat began last year and roster of clientswhose cases ment defended it in December, tempting to makethe potential memberswereaccused of lèse- year when Beijing imposed a have gained momentum. could drag on for years. In an saying it is necessarytoprotect cost of dissent toohigh,” said majesté over speeches they sweeping national security law, As authorities have crimi- interviewlatelast year,Mr. the royalfamily and denying it Tyrell Haberkorn,aprofessor gave at a rally in September. manyofthe city’s democracy nally chargedcritics and esca- Parit said he has been accused is used to curb people’srights. of SoutheastAsian studies at Mr. Parit’s mother said she campaignersare noweither on lated policeaction on the of “somanychargesIcan’t Thenumber of individuals the University of Wisconsin- finds herself filled with recol- trial, in jail or living in exile. streets, protestshavedwin- even keep track.” facing what the nonprofit con- Madison. She said legal harass- lections of his boyhood days Afterthe judgeread out the dled sincetheir peak around Mr.Parit is one of 19 people siders political cases has crept ment and violencemay succeed when she would drop him off verdict, alead prosecutor August, when tens of thou- connected to the protestswho higher each week,reaching at in fostering fear,“but the bla- at bookstores at openingtime called on the judge to revoke sands regularly gathered for areinjail, awaiting trial on least 582 by lateMarch. Nearly tant displayofinjustice” could and fetchhim when they bail until sentencing,saying demonstrations.They have chargesincluding sedition, un- two dozenofthem areminors, backfirebyeliciting moresym- closed. These days, he barely the offenses were serious and continued, but with smaller lawful assembly and violation including ateenager accused pathyfor the protesters. has the strength to speak and risked plunging Hong Kong turnout and less frequency. of pandemic-related restric- of lèse-majesté forparticipat- Government spokesman appearsinaconstant sleep- into anarchy by undermining Protestersfacemanycrimi- tions,according to the legal- ing in asatiricalfashion show Anucha Burapachaisri said like state, his lawyers say. He public order.Defendants, how- nal chargesinwhat they sayis aid nonprofit Thai Lawyersfor referencing the king’suncon- laws are being applied justly, is refusing solid food until he ever,weregranted bail but astrategyofattrition to blunt Human Rights. Twelveof ventional fashion choices.Oth- and that the activistsdetained and others like him are freed, can’t leave Hong Kong. their movement. Themost them, including Mr. Parit, are ersfacepotentially lengthy were denied bail to avoid re- he said at acourt appearance. Thegroup wasfound guilty of organizing and attending an unauthorized assembly in Au- gust 2019 during which hun- Ramps Up Its Weapons Testing dreds of thousands of people protested Beijing’sgrowing in- tervention in the city. BY ANDREW JEONG is to maintain stability in the Policeinitially approved a AND TIMOTHY W. MARTIN Korean Peninsula, even if this gathering at Hong Kong’sVic- means pushing off denuclear- toria Park,but declared it ille- SEOUL—It wasalways more ization,” she said. galafter the hugecrowdsover- aquestion of when, not if, Pyongyang pivoted back to flowedintothe streets. North Koreawould return to smaller-scale weapons launches Manyofthe activistscon- weapons provocations.Now just months afterthe Hanoi victed Thursdayare facing ad- that it has,the Kim Jong Un summit abruptly ended without ditional illegal-assembly regime is poised to unsheathe adeal in February2019.Since chargesincoming trials stem- newweaponry that it has qui- then, it has conducted more ming from other protests. etly developed in recent years. than 20 missile and engine tests. Mr.Lee has been singled out Firstcame acruise-missile Theactivity didn’t feature forcriticism fordecades by test in March that President nuclear or long-rangemissile Beijing as asymbol of demo- Biden playeddown. Days later, tests, but North Koreaekedout cratic opposition to authoritar- Pyongyang unleashed apair of learningselsewhere: It has un- ian Communist Party rule. ballistic missiles that Mr.Biden veiled at least five newtypes of Many in Hong Kong see his and other leadersdecried as a launch systems,honed short- prosecution as an indicator of violation of United Nations Se- rangeweapons designed to howfar Beijing will go to stamp curity Council resolutions. evadeU.S.missile defenses and out dissent in Hong Kong. North Koreainrecent weeks upgraded itsability to launch Mr.Lai, publisher of Hong also engaged in increased ac- missiles from submarines. Kong’spro-democracynewspa- tivity at facilities suspected of Virtually all of the testsin- per Apple Daily,isfacing a making plutonium and ura- volved weapons with ranges of number of legal charges, in- NA/REUTERS

nium, key materials fornuclear KC roughly 370 miles, a distance cluding foreign collusion under weapons,according to satellite Kim Jong Un is said to be trying to pressure the Biden administration but not close the door on it. that covers all of South Ko- the newnational security law. imageryanalyzedbythe Cen- rea—but falls short of reach- That could put him behind terfor Strategic and Interna- or launching an intercontinental Foreign Ministryofficial called WhiteHouse spokeswoman ing Tokyo or Beijing. Many of barsfor the rest of his life. tional Studies,athink tank in ballistic missile would likely risk those accusing the regime of said “that is not his intention.” thetested weapons were up- Washington. triggering responses from not violating U.N. resolutions hyp- It remains unlikely that graded versions of existing Moreover,satellite pictures only the U.S. but also Moscow or ocrites.“Anyattempt to in- North Korea will immediately missile technology. of aport on North Korea’seast Beijing.The North, though, has fringe upon our right to self- catapult tensions to new Last week’slaunch of two coast showedmovement near plenty of optionsshy of those defense will inevitably prompt highs,say North Koreawatch- ballistic missiles,based on the port’ssubmarine-launch steps,say Pyongyang watchers. acountermeasureinkind,” he ers, with Mr.Kim looking to state-media photographs,ap- quay,indicating the regime “Time is very much on said. raise the heat gradually and peared to be improved ver- could soon roll out anew mis- Pyongyang’s side,” said Adam Pyongyang has attracted the not eliminatethe option of sions of what national security sile-launching submarine, ac- Mount, a senior fellow at the attention of the Biden adminis- talks with Washington. expertsrefer to as Pyongyang’s cording to an analysis by 38 Federation of American Scien- tration. On Friday, U.S. national But Patricia Kim,aChina KN-23 missiles,which resem- S NEW

North, awebsitefocusing on tists, aWashingtonthink tank. security adviser Jake Sullivan expert at the U.S. Institute of ble Russian Iskander missiles G North Korea. “North Koreaissteadily ac- is scheduledtomeet with his Peace, athink tank,said North that cancarrynuclear bombs. Theactivities suggest the quiring each of the capabilities SouthKorean and Japanese Koreawould have morelati- “The missile demonstrated regime is returning to a deli- that have kept U.S. officials up counterpartstodiscussmain- tude to push the envelope this improvementsinsurprise,ac- OOMBER

cate but familiar dance. at night.” taining peaceand stability on time,asChina likely feels less curacyand ability to evade HEI/BL

Therecent weapons tests TheKim regime has ex- the Korean Peninsula. pressuretorein in Pyongyang U.S. and South Korean missile NG ratchet up pressurebut are pressed indignation over the Mr.Biden hasn’t shut the than in 2017,when the Trump defense systems,” said Kim LO

calibrated to avoid blowback international backlash to its door on diplomacy. Asked on administration threatened mil- Jung-sup, an ex-Seoul official CHAN from China or Russia. recent missile launches.This Tuesdayifthe president would itary action. who recently joined the Sejong Martin Lee helped found Hong Detonating anuclear bomb week,asenior North Korean sit down with Mr.Kim, a “China’s foremost priority Institute, a . Kong’s democracy movement. WORLDWATCH

MYANMAR gest city, a group of young peo- cluded thatBritain doesn’thave a RUSSIA ple gathered shortly after sun- systemic problem with racism. Protests Mark Coup’s rise Thursday to sing songs The Conservative government Official Says Ties 2-Month Anniversary honoring the more than 500 denied any link between the de- To West At ‘Bottom’ protesters killed so far. They parture of Samuel Kasumu and Protesters in Myanmar on then marched through the the much-criticized report, which Russia’s top diplomat said GES Thursday marked two months streets chanting slogans calling activists and academics have ac- Thursday that the country’s rela- IMA since the military seized power for the fall of the junta, the re- cused of ignoring the experi- tions with the United States and

GETTY by again defying the threat of lease of deposed leader Aung ences of ethnic-minority Britons. its allies have “hit the bottom”

SE/ lethal violence and demonstrat- San Suu Kyi and the return of The prime minister’sofficesaid and no date has been set for ing against its toppling of the democracy. Protests were also Mr.Kasumu would leave his job as sending the Russian ambassador country’s democratically elected held in Mandalay and elsewhere. aspecial adviser forcivil society back to Washington.

ANCE-PRES government. —Associated Press and communities in May, as had Russia recalled its ambassa- FR Security forces have been un- “been his plan forseveral months.” dor to the U.S. after President

ENCE able to crush the massive public UNITED KINGDOM But Simon Woolley, a former Biden was asked in an interview

AG resistance to the Feb. 1 coup de- government equalities adviser if thought Russian President spite their use of escalating vio- Senior Black Adviser and a member of the U.K. House was a “killer” and MAKI/ lence, including routinely shoot- To Johnson Resigns of Lords, said Mr. Kasumu’s exit replied, “I do.” Addressing the is-

GOULIA ing protesters. International was connected to the “grubby” sue Thursday, Russian Foreign

A efforts including sanctions im- The most senior Black adviser and “divisive” report. Minister Sergei Lavrov called the UIS posed by Western nations on to U.K. Prime MinisterBoris John- The governmentlaunched the remarks “appalling” and said LO HIKE: Awoman strolled pastthe Acropolis in Athens on Thursday, the military regime have failed son has resigned, the government inquiry into racial disparities after they had forced Moscow to re- aday after Greecesaid it wasrelaxing some restrictions on shops to restore peace. said Thursday, the dayafter are- antiracism protests lastyear. think its ties with Washington. and outdoor activitydespiteasurge in Covid-19 infections. In Yangon, the country’s big- port on racial disparities con- —Associated Press —Associated Press P2JW092000-5-B00100-1------XA BUTESICHNOLOGNEY: ’S ADSSCHANGES PR&FOMPT TOINREVAMPANSTRATEGIES B4CE

© 2021 Dow Jones & Company. All Rights Reserved. ***** THE WALL STREET JOURNAL. Friday, April 2, 2021 | B1

S&P 4019.87 À 1.18% S&P FIN À 1.28% S&P IT À 2.10% DJ TRANS À 0.80% WSJ $ IDX g 0.21% 0.200 NIKKEI (Midday) 29720.52 À 1.13% See more at WSJ.com/Markets TSMC Acts to BoostChip Output S&P

Citing rising demand, next several years, atrend heavily and quickly as TSMC. Passes driven by growth in 5G and Intel Corp.recently said it Apple supplier allots a high computing capabilities would spend $20 billion on record $100 billion to and accelerated by the two newchip factories in the 4000 Covid-19 pandemic. U.S.,starting in 2024. The increase capacity “TSMC is working closely semiconductor giant had with our customerstoad- laggedbehind competitors BY STEPHANIE YANG dresstheir needs in asus- such as TSMC and Milestone

AND YANG JIE tainable manner,” the com- TURING Electronics Co.inmarket pany said Thursday. AC shareand technologycapabil- TAIPEI—Taiwan Semicon- In alettertoclientsseen ities,leading to the ouster of BY JOE WALLACE MANUF ductor Manufacturing Co., a by TheWall Street Journal, Bob Swan as chief executive. AND PAUL VIGNA major chip supplier to Apple Chief ExecutiveC.C.Wei said OR Samsung plans to invest Inc., said it would invest that the companyhadn’t been about $116 billion by 2030 to TheS&P 500 closed above $100 billionoverthe next able to keep up with demand ONDUCT further diversifyits semicon- 4000 forthe firsttime to kick

three yearstoincrease pro- over the past year despite SEMIC ductor production. Global- off the second quarter,buoyed

duction capacity as demand running itsfabrication plants AN foundries Inc., amajor U.S.- by acontinuing rebound in IW

surges. at over 100% utilization.Mr. TA based contract chip maker, technologystocks. Theplanned investment is Weiwrote that TSMC had The planned investment is a record for the world’s largest hassaid it is doubling its Thebroad stock gauge arecordfor the world’slarg- started hiring thousands of contract chip maker as well as the broader industry. capital investment this year jumped 46.98points, or 1.2%, est contract chip maker as newemployees,and planned to boost capacity. to 4019.87, afterclosing out a well as the broader industry, to both build newfabs and the previous three years, ac- $25 billion to $28 billion to Semiconductorsare an im- fourth consecutivequarterly analystssaid, at atime when expand existing ones. cording to NewStreet Re- develop advanced chips and portant component in many advance on Wednesday. It took chips areinshort supply The$100 billion allocation search analyst PierreFerragu. building plantcapacity. consumer goods from phones just 434 trading days forthe around the world. In astate- forthe next three years In January, TSMC an- Other chip makersare also to cars,and the pandemic indextoset itslatest1,000- ment, the companysaid it ex- would be morethan double nounced arecordcapital-ex- pouring money intoincreas- created newdemand forelec- point milestone,far fewerthan pectsstrong demand over the what the companyspent in penditurebudget for2021 of ing capacity,though none as PleaseturntopageB4 the 1,227 trading days it needed to climb to 3000 from 2000. TheNasdaq Compositerose Businesses Gird for Logjams at U.S. Ports 233.23 points, or 1.8%, to 13480.11. TheDow Jones Indus- trial Averageadded 171.66 points, or 0.5%, to 33153.21. BY KARA DAPENA “There’salways some ex- AND DYLAN MORIARTY February2020ATIME ASHIP SPENT IN ALOCATION year later citement starting anew quar- ter,” said Lindsey Bell,chief in- Steady access to the docksmeant LESS MORE Manyships had to anchor offshore Thegiant container ship vestment strategist at Ally that blocked theSuezCanal thatships rarely anchored offshore. ANCHORED SHIP as theywaited fordock space. Invest. Having the S&P crossa forsix days wasfreed Mon- milestone is another confi- day,but another bottleneck in dencebooster.She cautioned, the supply chain remains,this LosAngeles however, that the market can one in Southern California. Long Beach getstuck on these numbers, On Mondaymorning,24 Ports too. “Lotsoftimes the market container ships—with a com- has to test that level afew binedmaximum carrying ca- times beforeitcan go higher.” pacity nearly 10 times that of Manyinvestorsexpect the newly freed ship—were stocks will continue to climb in anchored off the coast waiting the second quarter.Their opti- forspaceatthe portsofLos mism is peggedtothe prospect Angeles and Long Beach, ac- PleaseturntopageB11 cording to the Marine Ex- Anchored ship changeofSouthern California, which keeps tabs on vessels and directs ship traffic. Anchored ships Airlines Theships arecarrying tens awaiting port of thousandsofboxesholding millions of dollars’ worth of PACIFICFI OCEAN Signal washing machines,medical equipment, consumer elec- tronics and other of the goods that makeupglobal ocean 2miles Recovery trade,all of it idling in the wa- 2km ters in sight of docks that are BY ALISON SIDER jammed with stillmorecon- tainers. Containerships at the ports of Importactivity at the ports of Seaborne imports to the U.S. in February,bCIFICyselect industry As air travel shows more One was on its 12th day of LosAngeles and Long Beach, LosAngeles and Long Beach, signsofrebounding from its waiting in the seemingly un- by status* change from ayearearlier† Discretionary 0containers‡ 100,000 200,000 300,000 400,000 pandemic lows,airlines that fo- ending queue.And the vessels cus on offering cheap fares to keep coming. 40 ships 60% Home furnishings leisuretravelersare cashing in Backups started building Textiles apparel on the stock market. Waiting at anchor Containersimported late last year as retailers and Household appliances Frontier Group Holdings manufacturerstried to rebuild 30 40 Feb. 2020 Feb. 2021 Inc.’s inventories that were depleted At berth loading or Leisureproducts raised $570million aftershares in the early months of the cor- discharging containers Container-ship arrivals of the Denver-based budget car- onavirus pandemic. 20 20 rier were priced at $19 each. Astark differencecan be Staples SunCountryAirlines Holdings seen comparing the move- Food, beverages and tobacco Inc., which largely flies Mid- mentsofcontainer ships westernerstosunnyvacation 10 0 Household/personal around the ports in February locales,raised morethan $250 of 2020 with February2021, Healthcare million in itsinitial public offer- according to location data ing in March. from shipping tracker Marine 0 –20 Healthcareequipment U.S. airlines lost some $35 Traffic. 2019 ’20 ’21 2019 ’20 ’21 Pharma billionlast year,and most are Thetwo portstogether still losing money.But the handle morethan athirdof *Figures arebimonthly,onthe 1stand 15th of the month. Earlier counts taken at 7a.m. local time, morerecentcounts at noon. †Figures aremonthly.Containers include loaded and empty stock-market offeringsare a TEUs (20-foot-equivalentunits). Note:Ship traffic includes container ships, car carriers and refrigerated vessels. U.S. container imports, and Sources: Marine Traffic (ship traffic); Marine Exchange of Southern California (ships by status, ship arrivals); the ports (containers imported); sign that investorsare betting PleaseturntopageB2 S&P Global Panjiva(imports by industry). Kara Dapena, Dylan Moriartyand Erik Brynildsen/THE WALL STREET JOURNAL PleaseturntopageB2 Archegos Shows Gap INSIDE China Blesses Chemical Deal In Swaps Regulation Creating $150 Billion Giant

BY ALEXANDER OSIPOVICH the firm to severelosses when AND DAVID BENOIT the trades went bad. BY JING YANG world’slargest chemicals con- previouslytold the Journal. Totalreturn swaps arebro- AND MARTIN MOU glomerate, with around 1tril- Thepanel has stepped up TheblowupofArchegos keredbyWall Street banks. lion yuan in annual revenue, scrutinyofdeals involving for- Capital Management is spur- They provideinvestorswith China approved amerger equivalent to about $153 bil- eign investors in recent years ring calls for tougher regula- exposuretothe profitsor between the country’stop two lion. amid heightened political con- tion of the shadowy swap losses of stocks or other as- BUSINESSNEWS chemical companies,paving Thenew holding-company cerns that China could acquire trades that fueled billions of sets, without the investor ac- ’s U.S. the way foranother supersize structurewas designed to strategic U.S. technology dollars of losses at global in- tually holding the underlying CEO takes state-run enterprise that Bei- avoid triggering aU.S.na- through businessacquisitions vestment banks. shares.Archegos’sstrategy jing hopes will become adom- tional-security reviewofby Chinese companies. Former regulatorsand fi- backfired in recent weeks after responsibility for inant global player. ChemChina’sownership of Sinochem said itsmerger nancial-overhaul advocates say ViacomCBS and other stocks name prank. B3 Sinochem Group Co.and Swissagro-giant Syngenta with ChemChina would create one rule change, in particular, sold off.Mr. Hwang’sfirm was China National Chemical AG, the Journal reported. economies of scale,optimize could have prevented the de- unable to meet itsobligations Corp., also known as Chem- ChemChina acquired Syn- the allocation of corporate bacle:requiring greater disclo- to itsbanking partners, which China, will be placed under a genta in 2017 for $43 billion. resourcesand “help forgea sures of the betsthat inves- in turn liquidated large chunks new holding company funded The deal forthe seed company comprehensive, industry- tors such as Archegos placeon of stock they had amassed to and overseen by agovernment remains China’sbiggest for- leading chemicals group.” It companies using swaps. underpin the trades.Among body that holds stateenter- eign acquisition and received also noted atrend among in- Archegos—the family in- the banks facing steep losses prises,according to a regulatoryclearanceinmore ternational chemical giants vestment vehicle of hedge- areCredit Suisse Group AG Sinochem statement,confirm- than 20 jurisdictions. The ac- toward reorganizations that fund veteran Bill Hwang—es- and Nomura Holdings Inc. ing a Wall Street Journal arti- quisition wasapproved in have improved their competi- tablished large, concentrated By using swaps,sophisti- cle in December. The Chinese 2016 by the Committeeon tivepositions. positionsinViacomCBS Inc., catedinvestorscan sidestep body, called the State-Owned Foreign Investment in the U.S., Thetwo Chinese state- Chinese internet giant requirementstodisclose big AssetsSupervision and Ad- a powerful interagency panel owned enterprises have com- Inc.and other companies.It stakes in companies.Under COMMODITIES ministration Commission, con- that reviews cross-border peted in fields such as refin- used amix of shares and de- Securities and ExchangeCom- Gold falterson trols both enterprises. dealsfor national-security eries and specialty chemicals. rivative contracts called total mission rules,any person or forecastsofarapid Thecombination—which concerns. They producematerials used return swaps. Such swaps al- firm that acquires more than has been in the cardsfor Anychangeinownership of in the production of avariety lowedArchegos to put on huge 5% of acompany’sshares must global economic years—would minimizecom- Syngentawould triggerare- of goods and industries,in- trades with relatively small publicly disclose the stake. Ad- expansion. B11 petition between the two view by the panel, Cfius, peo- cluding agriculture, construc- upfront paymentsbut exposed PleaseturntopageB10 companies and createthe plefamiliar with the matter tion, energy and autos. P2JW092000-5-B00200-1------XA

B2 | Friday, April 2, 2021 ***** THE WALL STREET JOURNAL. INDEX TO BUSINESSES CORPORATE WATCH

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

A Frontier Group...... B1 Q George C. Wolfe, ...A6 G Quidel...... A6 SpikeLee Join Board Alphabet...... B4,B11,B12 GameStop...... B12 R Amazon.com...... B11 Video platform Vimeo Inc. ...... A2 Financial.B12 AMC Entertainment...B3 named members of its newboard Globalfoundries...... B1 S American Airlines...... B2 Greensill Capital...... B10 on Thursday, ahead of aplanned Salesforce.com...... B11 spinoff from its parentcompany Apple...... B4,B11,B12 H Archegos Capital Samsung ElectronicsB12 IAC/InterActive Corp. Management...... B1 Honda Motor...... A2 SK Hynix...... B12 The boardincludes film direc- Atos...... B3 Hyundai Motor...... A2 Sonic Automotive...... A2 torand actor SpikeLee., known B I Southern...... A5 for“Do The RightThing” and IAC/InterActive...... B2 Stellantis...... A2 “25th Hour,” and film and theater Becton, Dickinson...... A6 S Sun Country Airlines..B1 BioNTech...... A6 Indigo Partners...... B2 director George C. Wolfe, who di- Syngenta...... B1 rected the recent Netflix Inc. re- PRES C J T lease, “Ma Rainey’sBlack Bot- TED Carlyle...... B4 JetBlue Airways...... B2 tom.” CIA CarMax...... B2,B12 K Taiwan Semiconductor SO Manufacturing...... B1 In addition to Vimeo Chief Ex- AS Carvana...... B12 Kioxia...... B12 Tesla...... B11 ecutiveAnjali Sud, some IACex- ...... B10 L ...... B12 ecutives will comprise the board, ...... B4 including CEOJoseph Levin and

L'Oreal...... B3 Trade Desk...... B4 LEE/NETFLIX/ Coinbase...... B11 Chief Financial Officer Glenn Colgate-Palmolive...... B3 M U VID

Schiffman. DA Credit Suisse...... B10 ...... B3 The companyplans to spin off Film director George C. Wolfe, center, is a new member of Vimeo’s board of directors. Cushman & WakefieldB4 ...... B11,B12 ...... B2 from IACasanindependentcom- D Microsoft...... A5,B11 V panyinthe second quarter. severe weather. year ended Feb. 28. In the fourth ized sneakers said it wouldn’t Monde Nissin...... B3 ...... B2 ViacomCBS...... B1 —Kimberly Chin The Richmond, Va., used-car quarter,CarMax sales improved proceed with plans to giveaway E N Vimeo...... B2 retailer also said thatitagreed to to $5.16 billion from $4.96 billion the final pair. Nissan Motor...... A2 Volkswagen...... B4 CARMAX buy the rest of Edmunds Hold- in the year-ago quarter. U.S. District Judge Eric Komi- Edmunds...... B2 O W ings Co.inadeal thatvalues the —Matt Grossman teeonThursdaygranted Nike’s Evergrande...... B12 Federal Stimulus online automotive-information NIKE requestfor atemporary restrain- F Oatly...... B3 Western Digital.B11,B12 Boosts Sales guide and digital car-shopping Shipments of Satan ing order againstMSCHF Product ...... A3,B11 P X platform at $404 million. CarMax Studio Inc MSCHF lastweek re- Freeport-McMoRan...B11 Pfizer...... A6 XPO Logistics...... B4 CarMax Inc. reported higher had invested$50 million forami- Shoes AreHalted leased black-and-red sneakers sales forits February quarter,as noritystakeinEdmunds lastyear. with satanic symbols in collabora- moregovernmentstimulus helped Edmunds generated revenue Afederal judge granted Nike tion with rapper LilNas X. Nike maintain used-car demand de- of $140 million in 2020, while Inc.’s requesttohalt shipments of filed atrademark lawsuit and said INDEX TO PEOPLE spitethe pandemic’sdisruption to CarMax reported revenue of the Satan Shoes and the com- it hadn’tauthorized the product. retail operations and February’s nearly $19 billion forthe fiscal panythatreleased the custom- —Allison Prang A E Meir, Edward...... B11 Abdoula, Nabeel...... B11 Egger, Daniel...... B11 Meyers, Jon...... A6 Adams, Suzanne...... B4 F P Andersen, Lars Ferragu, Pierre...... B1 Peterson, Hans...... B11 Skovgaard...... B11 Franke, William...... B2 R Aron, Adam...... B3 G Rogers, Chris...... B2 B Grier, Stacey...... B4 S Becker, Helane...... B2 Sahin, Ugur...... A6 Bell, Lindsey...... B1 H Schiffman, Glenn...... B2 Bourla, Albert...... A6 Hernoux, Sebastian....B4 Shaker, Joe...... A2 Bricker, Jude...... B2 Hwang, Bill...... B1 Snyder, Shawn...... B11 C K Stanley, Adam...... B4 Chesbrough, Charlie...A2 Keogh, Scott...... B3 Sud, Anjali...... B2 Currie, Jeffrey...... B11 Kirby, Scott...... B2 Swan, Bob...... B1 D L - M W Dyke, Jeff...... A2 Levin, Joseph...... B2 Wheeler, Judy...... A2 S March of this year.“Theports Firms Gird aresetting recordsmoving PRES cargo,” he said. TED CIA

Thesudden uptick in ship- SO For Port mentslast year afteralull in AS the spring and summer KI/ WS

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goods movement system,” LU

Logjams ZA Capt. Louttit said. VID

Theextraships arrived DA ContinuedfrompageB1 when the system wasoperat- Frontier is hoping to get back on the rapid growth trajectory it had been on beforethe pandemic. It flies to 110 airports, up from 61 in 2017. delays thereare part of a ing at reduced capacity and global supply-chain mess that efficiency, abottleneck partly cash raised in the IPO. ingsoverthe previous week 2013 afterMr. Frankefailed to continues even afterthe ships due to transportation and lo- Airlines Neitherairline escaped the were almost back to pre-pan- persuade ,where areunloaded. In January, gistics personnel being off the pandemic unscathed. Frontier demic levels.Itplans to put he had been chairman, to buy it. morethan aquarter of im- job because of Covid-19 infec- lost $225 millionin2020 after nearly all itsjetsback to work Mr.Frankeand Mr.Biffle,a ported containersatthose tions and exposure, he said. Signal posting a$251 million profit in this summer.Meantime,Delta former Spirit executive, cut gatewayshad to wait more TheportsofLos Angeles 2019.Sun Countrylost $3.9 mil- Air Lines Inc.said Wednesday costsand rebuilt Frontier on a than five days forhandling andLong Beach continue to lion in 2020,just ayear aftera that it will start filling middle model of charging extremely once they reached the dock, work through the backlog as Recovery financial turnaround propelled seatsinMay afterblocking lowfares but reaping fees for according to the Pacific Mer- the number of ships arriving thesmall airline to a$46 mil- them off formorethan ayear add-ons likecarry-on luggage chant Shipping Association.In continues to rise.InFebruary lion profit in 2019. forsocial distancing,amove and advanceseat assignment. June 2020,beforethe logjam, of this year,177 container ContinuedfrompageB1 Thingsare turning around. that will immediately boost Theairline flies to 110 airports, about 2% had to wait that ships and morethan 800,000 that some of the industries hit Frontier said itsoperation gen- Delta’sseating capacity. up from 61 in 2017. Frontier long. containers(in 20-foot equiva- hardest by the pandemic are erated cash in March. Sun Mr.Biffle,Frontier’s CEO, made plans foranIPO that year, U.S. importsfrominterna- lent units, or TEUs) arrived at poised to bounceback.Airports Countrysaid it repaid agovern- said he believes thereismore but it didn’t pull the trigger, tional trading partnerspicked the ports. That’s31% more arebusier than they have been ment loan it took in October. than enough demand to go and eventually shavedthe offer- up as coronavirus restrictions ships and 49% morecontain- anytime in the past year amid In times of economic stress, around. “Everybody has been ing last summer amid the air eased and demand rebounded ersthan the same month last bustling spring breaktraffic, lean low-fareairlines areoften cooped up forayear now,” he travel rout. SunCountrywas in the summer of 2020.The year. and airlines say summer book- in aposition to seizeopportuni- said. also in the midst of aturn- U.S. imported arecord Seaborne importsintothe ingshavepicked up. ties while legacycarrierswith IndigoPartnersLLC,apri- around beforethe pandemic,af- $219.86billion in goods in U.S. have been building for In the latest sign of an ex- complicated international net- vate-equity firm led by long- terbeing acquired by the pri- Januaryofthis year on asea- months,starting with asurge pected recovery in travel, works,costly hubs and hefty time airline investor William vate-equity firm Apollo Global sonally adjusted basis,about in shipmentsofconsumer United Airlines HoldingsInc.is overhead costsmust retrench. Franke, purchased Frontier in Management Inc.in2018. 9% higher than ayear earlier. goods as far back as August, planning to restart the -hir- So far,this travel recovery is “Under normal conditions, according to Chris Rogers, ing processithalted last year, playing to discounters’ supply-chain analyst at S&P the companytold pilotsina strengths.Travelersflying to Global Market Intelligence memo.United plans to begin see family and friends within On Feb. 1atnoon, 40 Panjiva. with 300 pilotswho had condi- the U.S. or to nearby vacation “The goods wherewehave tional job offerslast year or spotslikethe Caribbean have were anchored seen the fastest growth in whose new-hiretraining was been much quicker to return offshore. Thenumber shipmentsare those that take canceled during the pandemic. than the businessand interna- up alot of spaceoncontainer Thehiring wasfirst reported by tional travelerswho aretradi- has dipped since. ships relativetotheir value, CNBC.Some other airlines have tionally mainstays forbig, by with the result that the also said they areplanning to global airlines.Manyofthose growth in volume of trade has hirethis year. majorairlines also borrowed been faster than the growth Frontier and SunCountry heavily to survivethe pan- container ships rarely an- in value of trade,” Mr.Rogers each saythey stand to benefit demic.They will likely have to chor,” said Kip Louttit, execu- said. as vaccinations accelerateand charge higher fares to coverthe Introducing an tivedirector of the Marine Thesupply-chain analyst spark renewedappetitefor additional interest payments, Ergonomic Heat ExchangeofSouthern Califor- cited marked increases in travel. “The vaccine is unlock- Cowen&Co. analyst Helane nia. containersoffurniture, home ing the demand that we’resee- Becker said. That could be an and Massage On Feb. 1atnoon, 40 were appliances,large consumer ing in the country,” Frontier advantagetomorenimble dis- anchored offshore. Thenum- electronics,medical supplies ChiefExecutiveBarryBiffle count airlines that didn’t go as Chair for Work ber has dipped since. andhome and personal-care said. deeply intodebt last year. and Home Thenumber of container products. Still, another wave of infec- Still, competition is likely to ships at aberth loading or Thedisruptions showhow tions,rising fuel prices and stiff be fierce.Rival discounterslike discharging containersfluctu- vulnerable supply chains are, competition forthe same pool Spirit Airlines Inc.and Allegiant ated between roughly 10 and and whyithas been so chal- of travelersall present chal- Travel Co.are starting to add 20 throughout 2019 and into lenging formanyU.S.busi- lenges.Frontier shares slid in moreroutes.Spirit on Wednes- 2020,which is normal, ac- nesses to rebound ayear after their market debut Thursday, dayannounced serviceto cording to Capt. Louttit. It the pandemic’sonset even as dropping 15 centsto$18.85. PuertoVallarta, Mexico—the fluctuated between roughly the economybegins to re- Airlines have had little trou- ninthnew destination the air- 20 and 30 from late2020 into cover. ble raising money during the line has added to itsnetwork pandemic,despitethe indus- sincethe start of the pandemic. try’stroubles.With U.S. govern- Biggerairlines arealso turn- ment grantsand loans shoring ing their focus to the increas- up investors’ confidencethat ingly crowded domestic market. carrierscould makeitthrough United last week announced the lean months,airlines were planstofly more than two %( 1-# *( /!& +$) 0-.'", able to sell shares and mort- dozennew domestic routes. gage everything from planes to Manyofthose routes fitthe frequent-flier programs to bring profilefor the type of flights in billions of dollarsofcash. that ultra-low-cost carrierstyp- NowFrontier and SunCoun- ically dominate, including from tryare hoping to getback on Midwestern cities that bypass the rapid growth trajectory bighubs and go straight to va-

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EUR Bricker said.“That money is for American Airlines GroupInc. The ports of LosAngeles and Long Beach continue to work growth and buying planes and said this week that itsdomestic through the backlog as moreships arrive. The L.A. port on Feb. 22. hiring people,” he said of the flightsare 80% full and book- P2JW092000-2-B00300-1------XA

THE WALL STREET JOURNAL. ** Friday, April 2, 2021 | B3 BUSINESS NEWS AMC Weighs Paring Debt With Equity

Theater chain could terview. Thecompanyalso could keep the proceeds as a also use the proceeds cash buffer against alonger- from stock issue to than-expected recovery from the coronavirus pandemic.

pay off deferred rent When AMC has recovered S

from the industrywide down- PRES BY ALEXANDER GLADSTONE turn,the companyalso would UMA

consider using shares or pro- /Z

AMC Entertainment Hold- ceeds from stock sales to ac- CNG ings Inc. is exploring using a quireother movie theater /S possible equity issuanceto chains or related businesses, CHT paredebt obligations or over- Mr. Aron said. due rent, the theater chain’s “Ifyou don’t have optional- GUTKNE

chief executive said. ity and flexibility youcan find HANS If shareholdersauthorize yourself in areal jam. And A small number of moviegoers at an AMC multiplex in Burbank, Calif., in mid-March. AMC had reopened 98% of its U.S. theaters. the issuanceofupto500 mil- that’saplacethat Idon’t want lion additional shares,asAMC AMC to be in,” Mr. Aron said. To avoid that outcome, the as it became adarling of the lion second-lien notes due double thenumber of shares has proposed, the company AMC,the world’slargest Leawood, Kan., company retail investing community 2026 traded at 82 centsonthe outstanding.Mr. Aron said would consider using proceeds cinema chain, with close to raised substantial amounts of and the subject of countless dollar. that even if granted approval, from stock sales to buy back 1,000 locations,came close to debt and equity financing.Af- memes from risk-hungryday AMC has ashareholder vote AMC wouldn’t necessarily sell debt at adiscount or issuing running out of cash during the terraising enough money to traders.OnThursday, AMC scheduled forMay 4toautho- all of those shares, but would shares to landlords as com- pandemic, and even created a take the prospect of an immi- shares were down 8.3%, for a rizethe issuanceofuptoan morelikely issue chunks of pensation fordeferred rent, contingencyplan in case it had nent bankruptcy filing off the market capitalization of $4.6 additional 500 million shares, stock over time as the com- CEO Adam Aron said in an in- to file for bankruptcy. table,AMC’sstock caught fire billion; the company’s$1.5bil- which if sold would nearly pany sees fit. More Companies Add Carbon Footprints to Labeling

BY SAABIRA CHAUDHURI 70,000 of its products, and is Just Salad also put carbon could be hugely positive, or Galvin said. Attributing aspe- To deduceaccurateprod- exploring how best to gather figures on packs or menus, as hugely negative since compa- cific amount of carbon to a uct-level emissions,Unilever is Shoppershavelong been andpresent the information. do some nonfoodcompanies nies could use it to completely particular product typically re- working to getdirect informa- able to use nutrition labels to Thecompanysays sales of such as computer keyboard green wash and bamboozle lies on “fairly crude secondary tion aboutthe footprint of the choose low-salt meals or re- brands perceived as sustain- maker Logitech International people with numbers.” dataand youcan use different ingredients that go into each duced-sugar cereal. Nowsome able have grownfaster than SA.Other consumer-goods gi- Companies saythey expect types of logic to gettothe product. It is setting up asys- companies want to use labels those of brands that aren’t. antssuch as L’Oréal SA are regulatorstorequiremoredis- number youwant,” he said. temfor itssupplierstodeclare to help them pick everything Astring of companies have embracingthe trend, saying closureabout carbon emis- Afterone companygives a the carbon footprint of goods from shampoo to milk, based recently adopted carbon la- carbon labels will be available sions, motivating businesses carbon figure forits product, a and services on invoices. Uni- on products’ carbon emissions. bels.Last year,meat-substi- forall itsrinse-off products, to betterunderstand products’ rival could find away to arrive lever’s sustainability head, Thegrowing use of so- tutebrand Quorn, owned by likeshampoos,bynextyear.It carbon footprints. Consultants at alowernumber,hewarned. Thomas Lingard, said it is im- called carbon labels comes as Monde Nissin Corp., started already provides an online en- helping companies createcar- To allaysuch concerns, portant such measurements consumers, investorsand reg- displaying on-pack carbon vironmental impact score, in- bon labels say they are likely companies such as Unilever, aren’t estimates and arestan- ulatorsare increasingly inter- footprints—an assessment of cluding carbon emissions, for to be used as amarketing tool L’Oréal and Colgate-Palmolive dardized and verified so the ested in emissions amid rising carbon emissions from farm to itsGarnier productsin and could spur competition Co. say they are in favor of a companyisconfident about concern about global warming. shelf—for some products. The France. that accelerates moves toward standardized way forproduct- what it is buying. But similar labeling efforts figuresreflect all greenhouse- “Over the next decade we’ll net-zero emissions. level emissions to be mea- ForColgate, alack of data have flopped before, while gas emissions, showing them see an explosion of this sort of Labels could also become sured and communicated. The haskept it on the sidelines. some environmentalistsand as carbon-dioxide equivalents product labeling,” said morerelevant if moreconsum- European Union is considering “Most supplierscannot tell you executives question howaccu- per kilogram. Galvin, director at the Carbon ersstart tracking carbon the requiring companies to use their carbon footprint and rate—and useful—they canbe. Swedish oat-drink maker DisclosureProject, aU.K.non- way they count calories,Mr. standardmethods to substan- without that it blows down the Dove soap maker Unilever Oatly AB,CountryCrock profit that works with compa- Galvin said. tiateclaims about the environ- process,” said VanceMerolla, a PLC says it wantstointroduce spread owner Upfield Hold- nies wanting to disclose their But today, credible product- mental footprint of their prod- senior sustainability executive carbon-footprint details forall ings BV and restaurant chain environmental impacts. “It level datadoesn’t exist, Mr. ucts and services. at thetoothpastemaker. Accounting GES

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GETTY MASTER French IT SE/ ANCE-PRES Company FR SPRING STORMS ENCE

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PARIS—France’s Atos SE TM said itsauditorshavefound HAR best-selling, custom-fit Side Window Deflectors allow accounting errors at two U.S.

NNY you to crack the windows and enjoy that fresh spring air

subsidiaries and were unable RO to verifyAtos’scompleteac- The company‘s name change to ‘Voltswagen’ wasmeantasajoke. without getting poured on. Side Window Deflectors have counts ahead of the informa- asleek, aerodynamic appearance that offers style and tion-technology firm’s annual substance in one solution. shareholder meeting. VW’s U.S. CEO The two U.S. units, Atos IT Solutions and Services Inc. and Atos IT Ser- Takes Responsibility vices LLC,represent 11% of the company’s revenue and 9% of Side Window Deflectors itsoperating margin, Atossaid Thursday. For Prank on Name TheFrench IT services com- pany’s shares fell 12% in Paris BY BEN FOLDY changing out our Kfor aT,but Thursday. Atossaid it hasn’t what we aren’t changing is identified anymaterialmisstate- Thechief executiveofthis ’scommitment to mentsinits annual accounts. Volkswagen AG’s U.S. subsid- making best-in-class vehicles Atoshas pursued astring of iary said he took personal re- for drivers and people every- U.S. acquisitions in recent years, sponsibility for an early April where.” including the $3.4 billion deal in Fools’ Day prank this week in Thenextday,Volkswagen’s 2018 to buy rival Syntel,based which the companysent out a U.S. unit published the release in Troy,Mich. Atos, which re- news release saying it was in full on its website, a move ported €11.2 billion, equivalent changing itsU.S.name to that suggested the name to $13.14billion, in revenue last “Voltswagen.” changewas in fact real and year and anet profit of €725 “Never in our wildest would take effect in May. The million, said it hasmade nine dreams did we imagine it tak- company’s stock rose 4.7% on small acquisitions over the past ing hold,” said ScottKeogh, the Frankfurt year in areas including cyberse- CEOofVolkswagenGroup of that day. curity and cloud analytics. America, in an interviewwith It wasonly later that day An excerpt of an audit report TheWall Street Journal on that aVolkswagenspokesman disclosed by AtosThursdaysaid Thursday. “Ifthere’sany trust in Germany confirmed to The the company’sauditorsfound or credibility to be rebuilt Wall Street Journal that the “several matters relating to in- from me, I’m going to do it.” name changewas an early ternal control weaknesses over TheGerman automaker April Fools’ Day stunt, meant financial reporting processand later admittedthat the name to getpeople talking about the revenue recognition” that led to changewas ajokeand amar- company’sfirst all-electric several accounting errors. The keting stunt, but that was sport-utility vehicle,the ID.4. errorsrelatetoanaccounting only aftermanynewsorgani- “Wedidn’t mean to mislead rule that determines howa zations reported it as alegiti- anyone,” the spokesman said companyreportsrevenue from matedevelopment andsocial at the time. itscustomers, according to the media lighted up with com- Mr.Keogh said Thursday excerpt. mentaryabout the move. the stunt was in some ways a AtoslistsGrant Thornton Thegag-gone-wrong successindrawing attention and Deloitte as itsaccounting started Mondaywhen VW to the brand’scommitment to firms.Grant Thornton and communications in the U.S. electric vehicles and the intent Deloitte didn’t immediately re- published adraft of the re- wasn’t to deceivethe public. spond to arequest forcom- lease on the company’sweb- He said the company thought ment.Atosdidn’t respond to site and quickly took it down. it would be obvious to every- requestsfor further comment. Therelease,initially picked one that it wasajoke, but Atos IT Solutions and Ser- up by several news outlets, bungled the execution. Auto.Home.Pet. Find Your Fit. vices, one of the unitsunder said the companywould re- “Itwas agag with humor, Made in the USA scrutiny, is mentioned in the brand itself “Voltswagenof whether youlikeitornot,” he ©2021 MacNeil IP LLC 1-800-441-6287 or 1-630-769-1500 company’sannual report as America” to promote its elec- added. “The upside is,obvi- the division that purchased tric-car strategy. Thefake ously, the social response has MavenWave, aChicago-based news release also quoted Mr. been the biggest numbers consulting firm. Keogh as saying: “Wemight be we’ve ever seen.” P2JW092000-0-B00400-1------XA

B4 | Friday, April 2, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Big Brands Retool Their Data Strategies

Marketers lean more World-wide browsermarket erswho visit the company’s shareinFebruary websites,aswell as contact in- on first-party research formation from people who as Google and Apple Chrome sign up forloyalty programs 63.6% or newsletters.Its “Ranchol- tighten privacy control ogy” program forHidden Val- ley Ranch food products, for BY ALEXANDRA BRUELL example,asks consumersto provide their email addressto Bacardi last October rana receiverecipe ideas.Market- test to tell whether itscampaign ershavelong collected that promoting BombaySapphirein sort of information, but the the U.K. could boost sales and changing landscape is adding brand favor—and in the process new urgency to their efforts. help answerabroader question 19.1 “Ranchology” has increased

about the long-term fateofits GES the company’sreturn on in-

digital marketing as the way IMA 3.8 vestment forthe brand, Ms. consumersare targeted forads Grier said. Edge 3.4 faces ashift. GETTY But it isn’t easy to move Thecampaign took 10,000 past third-party cookies,she EDLE/ Samsung

anonymized identities of people RA said.That is especially true Others 6.8 Internet 3.3

who had visited the gin brand’s JOE forpackaged-goods companies distilleryorwebsite, and sent Bacardi ran a test to see if its campaign promoting Bombay Sapphire in the U.K. could boost sales. Source:StatCounter without as much consumer them offers likepromotional dataas, forinstance, retailers emails or ads prom- than ayear agorevealedplans to someone who previously what that future is,” he said. waysthey trytoget custom- awash in first-party purchase ising drink recipes and early ac- to eliminatethird-party cook- viewed the shoes online—and To replaceindividual ad ers’ information to howthey and browsing information. cess to newproducts. iesonits Chrome browser in to invest in newways to col- targeting,Google says it will manage the datathey collect. “It’sahardjourney to be Theresult wasaclick- favorofamoreprivacy-com- lect and use first-party data. build tools that let advertisers Google’sMarch announce- on, particularly foradvertisers through rate, which indicates pliant approach,and in March “Wewill need to hold and target large groups of people ment reaffirmed the impor- who haven’t had direct ac- howoften ad exposures lead said it won’t offer or use alter- ownalot moreofour owncon- with common traitswhen tanceofinvestmentsthat Clo- cess,” Ms. Grier said. to clicks,around 9% higher natives that allowindividual ad sumers’ dataourselves,and rely sending ads outside Google’s rox Co.already wasmaking in Clorox is shuffling itstech- than previous campaigns that targeting.Cookies,which are lessonthe gatekeeping of walls.Within Google proper- first-party data, partly in re- nologypartnersand systems to relied on common but nowen- files in abrowser that carryin- Google and Apple or borrowing ties likeYouTube and Gmail, it sponse to consumers’ changing account forashifttofirst-party dangered targeting methods, formation about aperson’son- in otherpeople’sdata,” said Se- will in some cases let market- attitudestoward privacy, said dataand the need to make such as using datafromthird- line behavior,havebecome key bastian Micozzi, senior vice ers apply their first-party data StaceyGrier,chief marketing morepersonalized creative party sources. Thenew cam- tools formarketerstrying to president of digital transforma- to target individuals. andstrategyofficer at Clorox. marketing content ready to be paign also sawa14% increase put the right digital ads in tion at Bacardi. “This challenges Other technologyand data “We’reworking to bring sent to consumers, she said. in cost efficiencyasmeasured front of the right people. us to look at newdatasets.” companies areworking on tools people to our website so they Thecompanyismoving out by a cost-per-click metric. Apple Inc.also has unveiled The shift also requires ad- meant to help advertiserstar- canand will sharetheir data,” of the data-management plat- Bacardi says those and plans that likely would makeit vertiserstomakechanges getindividuals beyond Google, Ms.Grier said. “It helps us un- form it uses foraudiencedata other encouraging signs giveit harder formobile apps to col- without a lot of visibility into without relying on cookies.Ad- derstand howwecan have a largely from thirdparties and confidenceinits ability to lect the datathat helps adver- howdigital advertising will vertising technologycompany better and more fruitful rela- is launching asystemthat can build its brand and sell prod- tiserssend targeted digital ads. work without cookies,said Se- Trade Desk Inc., forexample,is tionship with them as cookies ingest and processdatathat uctsevenonceitnolonger The changes are delivering bastian Hernoux, U.S. manag- recruiting publishersand other disappear.” the company collects from its hasaccesstoindividual ad aseismic shifttoMadison Av- ing director of data and tech- companies to createaprivacy- In 2019,Clorox announced a ownprograms and properties, tracking and targeting tech- enue,forcing brands to rely nologytransformation at compliant identifier forindivid- plan to acquireinformation on said Ms.Grier.That mayin- nology that Google plans to lessonAlphabet Inc.’sGoogle media agencyOMD.“We are uals called aUnified ID. about 100 million people by cludeinformation on what move against next year. for targeting individuals—for building acookielessfuture Thechanges have marketers 2025.The dataencompassthe consumersdowhen they visit Thetech companymore example,bysending ashoe ad but without really knowing examining everything from the browsing behavior of consum- its own e-commerce sites. AI SettoReshape WorkplaceasOffices Begin to Open Up

BY ANGUS LOTEN Among other applications, smart software canhelp sup- Encouraged by the rapid port arangeofadvanced paceofCovid-19 vaccinations, safety-monitoring tools,such employersplanning to reopen as contact tracing,health physical workplaces facea check-ins,contagion-risk alerts number of unique challenges— and social-distancing notifica- not least keeping tions that flag overcrowded of- safe, says Adam Stanley,chief fice floorsorconference information officer and chief rooms,hesaid.

digital officer at commercial- AI algorithms canbefine- JOURNAL real-estate-services company tunedovertime with an ever- REET

Cushman & Wakefield PLC. largerpool of dataonthe com- ST Speaking at TheWall Street ingsand goingsofemployees, LL Journal’sPro AI ExecutiveFo- providinginsightsfor corpo- WA

rumonWednesday, Mr.Stan- rate executives and building THE R

ley said on arecent trip back managers to optimizework FO to the office, he and acol- schedules and other on-siteac- league stood in oppositecor- tivities,Mr. Stanley said. ners of an as an im- To further minimizecon- HUISMAN

promptu safety measure. “We tact, he added, manyCushman JORDI & Wakefield corporate clients Dutch company Koninklijke began experimenting with artificial intelligence about two years ago. have signaled they areeager Smartsoftwarecan to get people back into physi- calworkplaces,with AI-en- CompaniesUse Artificial Intelligence help supportarange abled safety precautions,while of advanced tools for keeping apermanent segment of remote workers. monitoring safety. An estimated 60% of global ForStresses in Their SupplyChains companies aredevelopingahy- brid workplacemodel,where most employees come intothe BY JAMES RUNDLE Forum unique insightsintohow best duction of ventilatorsand both laughed because it was officenomorethan three days Mr.Harik said that events to organizesupply routes,he other medical equipment five so awkward.” aweek,according to Suzanne Supply chains have takena such as the accidental blocking said. or six-fold. But it also had to Mr.Stanley said manycom- Adams,ananalyst at informa- battering this year from the of the Suez Canal by aship- “Wecollect millions of data simultaneously scale down panies areapproaching these tion-technologyresearch and coronavirus pandemic and ping vessel this week demon- pointsfromour operation and production in other areas as and other back-to-work issues consulting firm Gartner Inc. other extreme events—and ar- stratehow supply-chain opti- then we use our machine- supply chains buckled under by leveraging software and Gartner estimates that more tificial intelligencehas mization and diversification learning algorithms to be able the strain of the pandemic.Op- platforms poweredbyartifi- than 1.1 billion workersglobally emergedasacritical tool for have become essential. AI is a to help forecast either where erating in such adynamic en- cial intelligence. They arealso worked remotely last year,up navigating everyday business useful tool to quickly figure demand is going to come from, vironment means that fore- increasingly likely to adopt a from 350 million in 2019. in this environment. out howtorerouteshipments or howtobest optimizeacer- casting models become hybrid model that splitsem- Likewise,aFebruarysurvey Theuse of AI and itsvari- and plan forextremeeventsby tain part of the supply chain to increasingly important, Ms. ployees’ time between in-per- of 1,000 global companies ous subsets, such as machine building redundancyintooper- be as effectiveaspossible,” he Janssen said. son and remote, he added, commissioned by national learning,isenabling these ationsthrough multiple distri- said. Although companies have along with agreater reliance staffing firm LaSalle Network companies to forecast demand bution facilities,hesaid. Others have found that in- always invested in planning on therole of smaller,satel- found amajority were pursu- with increasing accuracyand AI canhelp optimizethe vestmentsinAIhavebeen pay- tools,the use of AI is showing liteoffices. ing ahybrid model.But there to optimizetheir supply placement of these facilities, ing dividends during the pan- promise in improving forecast- “I think AI will help buildings aresigns that manyofthese chains,executives say. he said,aswell as the “intake demic.AtKoninklijkePhilips ing models,she said, even if getbetterwith traffic manage- plans arestill in the early “Asasupply-chain provider, flow and the outbound flow at NV,for instance, the company getting it right is still awork ment,” among other post-coro- stages.Aseparatepoll of as alogistics provider,weare facilities as well.” beganexperimenting with AI in progress. navirus workplaceproblems, 2,200U.S.workersbythe very much in the databusi- TheGreenwich, Conn.-based around 18 to 24 months ago, “With the use of artificial Mr.Stanley said. As such, the ConferenceBoard, aresearch ness,” said Mario Harik,chief companyhas views intocon- said Ivanka Janssen,its global intelligence, we see that we useofAIinthe businessworld group,found that 44% of em- information officer at XPO Lo- sumer purchasing trends,as head of supply chain, while getadifferent level of fore- is fast becoming essential for ployees polled didn’t know gistics Inc., while speaking well as datafromtransport speaking on the same panel. casting accuracythat has a daily operations.“It’snolonger their company’splans to re- Wednesdayonavirtual panel networks and other partsof As the pandemic hit, the true benefitthroughout the just nicetohave,” he said. turn to the workplace. at the WSJPro AI Executive the supply chain that giveit companyramped up itspro- supply chain,” she said.

assisted driving. CarlyleinDealtoSell Tire-Recycling Company TSMC Acts Theshortagehas also highlighted the supply chain’s BY LUIS GARCIA of the people said. ECP,aperson familiar with the was formed in 2000. In 2004, dependenceonTSMC and Pittsburgh-based Liberty mattersaid. Theprivate-eq- it was acquired by merchant- To Boost Taiwan’ssemiconductor in- CarlyleGroup Inc. said it Tirecollectsand recycles uity firm has made environ- bankingfirm Liberty Capital dustry. President Biden’s$2.3 agreed to sell Liberty TireRe- about 190 million scrap tires a mental infrastructure compa- Partners and midmarket firm trillion infrastructureplan cycling LLC to infrastructure year, more than a third of all nies one of itsmain Park Avenue Equity Partners. Output included $50billion forthe investor ECP,which people fa- thosedisposed of acrossthe investment targets, alongside NewYork-based American Se- U.S. semicon.ductor industry miliar with the matter said is U.S., according to its website. powergenerators, renewable- curities then acquired the in an effort to mitigatereli- paying roughly $750 million Itsmorethan 25 processing energy developersand pipe- companyin2008 in a$220 ContinuedfrompageB1 anceonoverseas suppliers. for the company. plantsturns them intoprod- line operators. million deal, LBO Wire re- tronics such as work-from- TSMC said last year,ina Thedeal forthe tire-recy- uctsincluding rubber mulch Forexample,in2018 ECP ported at the time. home equipment and gaming decision praised by the cling companyreflectsthe forlandscaping,fuels,raw ma- acquired Gopher Resource Thecompanycompleted an consoles.Asaresult of the Trump administration, that it continuing effortsbySummit, terial forpaint and autoparts, LLC, a lead-acid battery recy- out of court restructuring of supply constraints, automan- would invest $12 billion to N.J.-based ECP—which re- as well as crumb rubber used cler in Eagan, Minn. It also itsdebt in 2015 and Carlyle ufacturerssuch as Ford Mo- build achip factoryinAri- cently changed its name from in asphaltsand running tracks. owns nuclear-waste-manage- acquired it out of another debt torCo. and Volkswagen AG zona with the support of the Energy Capital Partners—to Themanyapplications of ment companyEnergySolu- restructuring completed in have halted production of ve- federal and stategovern- capitalizeonincreased de- tire-recycling productshelp tions Inc. 2017. Last year,Liberty bought hicles that usechips forfunc- ments. Thetwo factories that mand forbusinesses that help the company generate steady Liberty has had several pri- peer Lakin TireinSantaFe tions such as engine manage- Intel announced in March will protect the environment, one cash flowsthat appealed to vate-equity backerssinceit Springs, California. ment, automatic braking and also be built in Arizona. P2JW092000-5-B00500-1------XA

THE WALL STREET JOURNAL. ***** Friday, April 2, 2021 | B5 BUSINESS NEWS Cannabis Companies Agreeto Combine

BY MICAH MAIDENBERG

Parallel, acannabis operator led by the former topleader of the Wrigley gumand candy company, agreed to buy an Illi- nois marijuana firm for$100 million, adeal that would give it access to anew market as it prepares to go public. Parallel said it will pay$60 million in cash and $40 million

in stock to acquireassetsasso- CK ciated with WindyCity Canna- TO bis,which has four marijuana

dispensaries open in Illinois and SHUTTERS

plans to open two morethis A/ month. Thestock forthe deal is /EP tied to amergerParallel is plan- URENT

ning that would take it public. LA Deal making in the cannabis

industryhas picked up this year ETIENNE as companies look to bulk up The growth plans stand in contrast to the wider fitness-center industry, which has shrunk over the past year after virus-related restrictions forced gyms to close. operations and expand their geographic footprintswith morestatespermitting adults to use marijuana medically or Planet Fitness Targets Expansion forrecreational purposes. Through the first12weeks of theyear,therewere66merger BY KRISTIN BROUGHTON Roughly 6,800 gyms,or17% of provide itsfranchisees with according to the IHRSA. Planet franchisees aportion of their and acquisition deals in the can- all fitnesslocations in the U.S., fundstoopen newlocations, Fitness’slow pricepoint makes membership fees.The company nabis industry, up from 20 dur- Low-cost gymoperator shut down permanently in but is involved in decisions it easy forcustomerstosign generated $162.2 million in ing the same time in 2020,ac- Planet Fitness Inc.plans to 2020,according to the Interna- such as siteselection, approval up,analystssaid. “It’snot dis- franchiserevenue in 2020, cording to Viridian Capital open newlocations and invest tional Health, Racquet & and layout. Planet Fitness similar to Netflix,” said JoeAl- down 27% from ayear earlier Advisors. in advertising and digital offer- Sportsclub Association, atrade nearly doubled itstotal store tobello,amanaging director at due to virus-related gymclo- Marijuana is considered a ingsinabid to grow itsbusi- association. Several major count sinceitwent public in financial services firm Ray- sures,during which customers controlled substancebythe fed- ness as itscompetitorskeep chains,including 24 Hour Fit- 2015.The companyand its mond James Financial Inc., de- weren’t charged. About 50 eral government, but additional struggling. nessWorldwide Inc.and franchisees last year added 123 gyms arecurrently closed due states have decided to decrimi- TheHampton, N.H.-based Gold’sGym International Inc., locations,compared with to government restrictions,ac- nalizeit. On Wednesday, forex- companyknown forits bright last year filed forbankruptcy. around 200 ayear beforethe cording to the company. ample,New York Gov.Andrew purple exercise equipment ex- Planet Fitnessspent $61.3 pandemic. Planet Fitnessalso sells Cuomo signed abill allowing pectstoopen up to 100 gyms million on national advertising Planet Fitness’sno-frills 41% equipmenttofranchisees, adultstouse cannabis recre- in thecoming fiscal year,on during the2020 calendar year, businessmodel helped it which have to replacetheir ex- ationally. topofthe 2,124itoperated at up 22%fromayear earlier.It weather thepandemic,said Mr. Drop in annual revenue last ercise machines and weights Parallel Chief ExecutiveWil- the end of December.Planet declined to provide an estimate Fitzgerald, whotook on the year for the gym operator everyfivetoseven years. The liam “Beau” Wrigley Jr.said the Fitnessalso wantstoboost in- for2021, but said that expenses role in January2020.The com- companygavefranchisees more Windy City stores areexpected vestment in itsapp,hoping to rise as newcustomersjoin. The panytargets customerswho time to meet these require- to generateanestimated $75 appeal to newcustomerswho companylast year generated have never been membersofa mentsduring the pandemic. million in revenue in 2021, areprioritizing their health in $406.6 million in revenue, gym, charging a$10 monthly scribing whycustomersoften Equipment sales were $83.3 meaning the companyoverall light of the pandemic,Chief Fi- down 41% from ayear earlier. feeand providing basic equip- remain membersofthe gym million last year,compared would produceanexpected nancial Officer TomFitzgerald “Weconsider ourselves as ment.Itdoesn’t offer higher- even if they rarely useit. with $251.5million in 2019. $525 million in revenue forthe said. much amarketing companyas end amenities such as swim- Thebusinessstill took ahit Thecompany’sexpansion year.“It gives us,really,asig- Thecompany’sexpansion acompanythat operates ming poolsorclimbing walls. last year.The number of mem- planscome as morepeople nificant foothold in that mar- plansstand in contrast to the gyms,” Mr.Fitzgerald said. By comparison, the average bersonits rolls fell 6% to 13.5 work out at home.Sales at ketplace. We’ll have six stores wider fitness-center industry, Planet Fitnessoperates monthly membership feepaid million as of Dec.31, aftersoar- companies that makedomestic [with] the opportunity to find which has shrunk over the past mostly as afranchise,with 95% acrossall U.S. gyms is about ing 15% to 14.4 million in 2019. fitnessequipment, such as some more if we choose,” he year aftervirus-related restric- of itslocations owned indepen- $50,and boutique fitnessstu- One way Planet Fitness Peloton Interactive Inc., have said. tions forced gyms to close. dently.The companydoesn’t dios cost about twiceasmuch, makes money is by charging surged over the past year.

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B6 | Friday, April 2, 2021 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 explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. CVS Health CVS 74.30 -0.93 Coupang CPNG 47.31 -2.04 EssexProp ESS 276.49 4.65 IntuitiveSurgical ISRG 747.60 8.66 s Nasdaq NDAQ 150.85 3.39 RegencyCtrs REG 57.62 0.91 3M MMM 192.70 0.02 Market listed securities. Prices are composite dd-Indicates loss in the most recent CableOne CABO 1829.28 0.92 Credicorp BAP 137.54 0.97 EsteeLauder EL 292.33 1.48 s InvitatHomes INVH 32.67 0.68 Natera NTRA 102.92 1.38 RegenPharm REGN 474.93 1.79 Toro TTC 105.36 2.48 quotations that include primary market trades four quarters. CadenceDesign CDNS 141.49 4.50 CreditSuisse CS 10.70 0.10 Etsy ETSY 208.20 6.53 iQIYI IQ 16.64 0.02 NationalGrid NGG 59.64 0.40 RegionsFin RF 21.06 0.40 TorontoDomBk TD 65.74 0.53 as well as trades reported by Nasdaq BX FD-First day of trading. CAE CAE 28.83 0.34 Cree CREE 115.23 7.10 EverestRe RE 251.11 3.30 IronMountain IRM 37.30 0.29 Natura&Co NTCO 16.46 -0.53 ReinsGrp RGA 127.43 1.38 Total TOT 46.38 -0.16 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing CaesarsEnt CZR 88.94 1.49 CrowdStrike CRWD 187.03 4.52 Evergy EVRG 59.93 0.40 ItauUnibanco ITUB 4.77 -0.19 NatWest NWG 5.43 0.06 RelianceSteel RS 155.65 3.36 ToyotaMotor TM 154.16 -1.90 Cboe, NYSE National and Nasdaq ISE. standards CamdenProperty CPT 111.26 1.35 CrownCastle CCI 174.46 2.33 EversourceEner ES 86.47 -0.12 NetApp NTAP 73.65 0.98 Repligen RGEN 195.44 1.03 TractorSupply TSCO 176.50 -0.58 The list comprises the 1,000 largest lf-Late filing CampbellSoup CPB 49.97 -0.30 CrownHoldings CCK 100.38 3.34 ExactSciences EXAS 132.58 0.80 J K L NetEase NTES 106.60 3.34 RepublicSvcs RSG 99.72 0.37 TradeDesk TTD 658.84 7.18 companies based on market capitalization. q-Temporary exemption from Nasdaq CIBC CM 98.71 0.84 Cummins CMI 257.72 -1.39 Exelon EXC 43.91 0.17 Netflix NFLX 539.42 17.76 ResMed RMD 194.44 0.42 s Tradeweb TW 76.00 2.00 requirements. JD.com JD 84.31 -0.02 Underlined quotations are those stocks with CanNtlRlwy CNI 117.76 1.78 CureVac CVAC 91.19 -0.27 eXpWorld EXPI 45.32 -0.23 Neurocrine NBIX 98.18 0.93 RestaurantBrands QSR 65.55 0.55 TraneTech TT 165.44 -0.12 t-NYSE bankruptcy JPMorganChase JPM 153.71 1.48 large changes in volume compared with the CanNaturalRes CNQ 31.58 0.71 CyrusOne CONE 69.58 1.86 Expedia EXPE 175.93 3.81 NewOrientalEduc EDU 14.50 0.50 RingCentral RNG 305.01 7.13 TransDigm TDG 603.71 15.79 v-Trading halted on primary market. JackHenry JKHY 154.59 2.87 issue’s average trading volume. s CanPacRlwy CP 385.26 5.97 ExpeditorsIntl EXPD 108.76 1.07 NYTimes A NYT 50.49 -0.13 RioTinto RIO 77.98 0.33 TransUnion TRU 92.26 2.26 vj-In bankruptcy or receivership or s JacobsEngg J 129.95 0.68 Canon CAJ 22.89 0.12 D E F s ExtraSpaceSt EXR 135.45 2.90 s NewellBrands NWL 27.06 0.28 RobertHalf RHI 77.66 -0.41 Travelers TRV 150.62 0.22 Boldfaced quotations highlight those issues being reorganized under the JamesHardie JHX 31.88 1.30 CanopyGrowth CGC 32.06 0.03 ExxonMobil XOM 57.39 1.56 Newmont NEM 61.81 1.54 Roblox RBLX 67.34 2.51 Trex TREX 94.793.25 whose price changed by 5% or more if their Bankruptcy Code, or securities DISH Network DISH 36.80 0.60 JazzPharma JAZZ 165.20 0.83 previous closing price was $2 or higher. assumed by such companies. CapitalOne COF 129.78 2.55 F5Networks FFIV 211.11 2.49 NewsCorp B NWS 24.00 0.54 RocketCos. RKT 22.55 -0.54 s Trimble TRMB 80.74 2.94 DTE Energy DTE 133.03 -0.11 J&J JNJ 162.83 -1.52 CardinalHealth CAH 60.88 0.13 FMC FMC 111.92 1.31 NewsCorp A NWSA 26.06 0.63 Rockwell ROK 263.44 -2.00 Trip.com TCOM 40.14 0.51 Danaher DHR 225.08 ... JohnsonControls JCI 59.90 0.23 Carlisle CSL 167.05 2.47 Facebook FB 298.66 4.13 NextEraEnergy NEE 75.77 0.16 RogersComm B RCI 46.94 0.84 TruistFinl TFC 59.05 0.73 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Darden DRI 144.28 2.28 JonesLang JLL 184.52 5.48 Carlyle CG 37.39 0.63 FactSet FDS 317.01 8.42 NielsenHoldings NLSN 25.33 0.18 Roku ROKU 331.90 6.13 Tuya TUYA 23.34 2.20 changes in the closing prices from 4 p.m. the previous day. DarlingIngred DAR 73.40 -0.18 JuniperNetworks JNPR 25.62 0.29 CarMax KMX FairIsaac FICO 500.95 14.90 Nike NKE 132.53 -0.36 Rollins ROL 34.83 0.41 Twilio TWLO 352.04 11.28 123.31 -9.35 Datadog DDOG 87.20 3.86 KB Fin KB 48.33 -1.10 Carnival CCL 26.86 0.32 Farfetch FTCH 52.90 -0.12 NiSource NI 24.07 -0.04 RoperTech ROP 410.35 7.57 TWTR 63.83 0.20 Net Net DaVita DVA 105.44 -2.33 KE Holdings BEKE 60.88 3.90 Thursday, April 1, 2021 Carnival CUK 22.85 0.44 Fastenal FAST 51.11 0.83 NOK 4.00 0.04 RossStores ROST 120.51 0.60 TylerTech TYL 431.82 7.29 Stock Sym Close Chg Stock Sym Close Chg DeckersOutdoor DECK 330.52 0.10 s KKR KKR 50.35 1.50 Net CarrierGlobal CARR 42.02 -0.20 FedEx FDX 283.54 -0.50 NomuraHoldings NMR 5.36 ... RoyalBkCanada RY 92.48 0.27 TysonFoods TSN 74.87 0.57 Stock Sym Close Chg Deere DE 372.12 -2.02 s KLA KLAC 347.29 16.89 s AmHomes4Rent AMH 34.23 0.89 BankofMontreal BMO 90.05 0.93 Carvana CVNA 265.32 2.92 Ferguson FERG124.26 4.13 Nordson NDSN 202.38 3.70 RoyalCaribbean RCL 86.67 1.06 UBS Group UBS 15.85 0.32 DellTechC 89.08 0.93 s KSCitySouthern KSU 266.98 3.06 AIG AIG 46.38 0.17 BankNY Mellon BK 47.47 0.18 Catalent CTLT 106.54 1.23 RACE 208.04 -1.24 NorfolkSouthern NSC 271.18 2.66 RoyalDutchA RDS.A 40.19 0.98 UDR UDR 44.36 0.50 A B C DeltaAir DAL 48.83 0.55 Kellogg K 63.34 0.04 AmerTowerREIT AMT 240.06 1.00 BkNovaScotia BNS 62.95 0.40 Caterpillar CAT 232.74 0.87 FidNatlFin FNF 41.28 0.62 NorthernTrust NTRS 105.63 0.52 RoyalDutchB RDS.B 37.46 0.63 UGI UGI 41.25 0.24 DentsplySirona XRAY 63.44 -0.37 KeurigDrPepper KDP 34.50 0.13 AmerWaterWorks AWK 150.59 0.67 Barclays BCS 10.19 -0.04 Celanese CE 151.89 2.08 FidNatlInfo FIS 144.05 3.44 NorthropGrum NOC 322.24 -1.40 RoyaltyPharma RPRX 43.01 -0.61 US Foods USFD 37.84 -0.28 ABB ABB 30.66 0.19 DeutscheBank DB 12.12 0.12 KeyCorp KEY 20.27 0.29 AmericoldRealty COLD 38.74 0.27 BarrickGold GOLD 20.37 0.57 Cemex CX 6.85 -0.12 FifthThirdBncp FITB 37.98 0.53 NortonLifeLock NLOK 21.42 0.16 Ryanair RYAAY 115.74 0.74 UWM UWMC 7.75 -0.18 AECOM ACM 64.38 0.27 DevonEnergy DVN 23.50 1.65 KeysightTechs KEYS 143.79 0.39 Ameriprise AMP 235.41 2.96 BauschHealth BHC 31.71 -0.03 CenovusEnergy CVE 7.87 0.35 FirstCitizBcshA FCNCA 835.70 -0.07 NorwegCruise NCLH 27.72 0.13 SAP SAP 125.75 2.96 UBER 57.60 3.09 AES AES 27.07 0.26 DexCom DXCM 365.50 6.11 KimberlyClark KMB 136.98 -2.07 AmerisourceBrgn ABC 116.89 -1.18 BaxterIntl BAX 84.32 -0.02 Centene CNC 63.25 -0.66 FirstHorizon FHN 17.22 0.31 NVS 86.08 0.60 S&P Global SPGI 362.65 9.78 Ubiquiti UI 289.15 -9.15 Aflac AFL 51.42 0.24 DEO 167.44 3.23 KimcoRealty KIM 19.20 0.45 Ametek AME 128.66 0.93 BectonDicknsn BDX 241.58 -1.57 CenterPointEner CNP 22.65 ... FirstRepBank FRC 167.94 1.19 Novavax NVAX 185.82 4.51 SBA Comm SBAC 281.18 3.63 UltaBeauty ULTA 313.62 4.45 AGCO AGCO 144.42 0.77 DiamondbkEner FANG 81.22 7.73 KinderMorgan KMI 16.84 0.19 Amgen AMGN 249.17 0.36 BeiGene BGNE 342.28 -5.80 CentraisElBras EBR 5.97 -0.13 FirstSolar FSLR 86.15 -1.15 NovoNordisk NVO 67.66 0.24 SEI Investments SEIC 61.91 0.98 UnderArmour C UA 18.27 -0.19 AGNC Invt AGNC 17.02 0.25 DigitalRealty DLR 143.25 2.41 KingsoftCloud KC 43.94 4.62 Amphenol APH 67.05 1.08 BentleySystems BSY 47.94 1.01 CeridianHCM CDAY 84.58 0.31 FirstEnergy FE 34.31 -0.38 Novocure NVCR 133.35 1.17 s SK Telecom SKM 27.51 0.28 UnderArmour A UAA 21.97 -0.19 Ansys ANSS 351.85 12.29 DiscoverFinSvcs DFS 97.20 2.21 KinrossGold KGC 7.02 0.35 AnalogDevices ADI 160.38 5.30 Berkley WRB 76.49 1.14 Cerner CERN 72.92 1.04 Fiserv FISV 122.17 3.13 NuanceComms NUAN 44.91 1.27 SS&C Tech SSNC 71.01 1.14 Unilever UL 55.86 0.03 ASETech ASX 7.97 0.27 DiscoveryB DISCB 111.17-16.83 KirklandLakeGold KL 35.41 1.61 AngloGoldAsh AU 22.98 1.01 BerkHathwy A BRK.A 3903604658.00 CharlesRiverLabs CRL 294.17 4.34 FiveBelow FIVE 195.62 4.83 NUE 79.88 -0.39 StoreCapital STOR 34.30 0.80 UnionPacific UNP 220.21 -0.20 s ASML ASML637.10 19.74 DiscoveryA DISCA 43.31 -0.15 Kohl's KSS 58.31 -1.30 AB InBev BUD 63.79 0.94 BerkHathwy B BRK.B 258.20 2.73 CharterComms CHTR 608.58 -8.44 Five9 FIVN 164.22 7.89 Nutrien NTR 54.49 0.60 SVB Fin SIVB 483.33-10.33 UnitedAirlines UAL 57.82 0.28 AT&T T 30.47 0.20 DiscoveryC DISCK 37.08 0.19 KoninklijkePhil PHG 58.20 1.17 AnnalyCap NLY 8.72 0.12 BerryGlobal BERY 61.56 0.16 CheckPoint CHKP 113.60 1.63 FleetCorTech FLT 279.50 10.87 NVDA 552.47 18.54 Salesforce.com CRM 218.72 6.85 UnitedMicro UMC 9.26 0.15 AbbottLabs ABT 118.94 -0.90 Disney DIS 188.97 4.45 KoreaElcPwr KEP 10.40 0.14 ANTM 353.76 -5.19 BestBuy BBY 115.76 0.95 Chegg CHGG 88.25 2.59 Flex FLEX 18.350.04 SNY 49.36 -0.10 UPS B UPS 171.28 1.29 AbbVie ABBV 108.52 0.30 DocuSign DOCU 206.29 3.84 KraftHeinz KHC 40.03 0.03 AON 231.80 1.69 BeyondMeat BYND 131.38 1.26 CheniereEnergy LNG 71.80 -0.21 Floor&Decor FND 98.89 3.41 O P Q SantanderCons SC 27.21 0.15 UnitedRentals URI 331.71 2.40 AbCelleraBio ABCL 30.71 -3.25 s DolbyLab DLB 102.00 3.28 KR 35.95 -0.04 ApolloGlbMgmt APO 48.01 1.00 Bilibili BILI 111.98 4.92 CheniereEnerPtrs CQP 42.30 0.75 FomentoEconMex FMX 76.87 1.54 Sasol SSL 15.07 0.58 US Bancorp USB 55.83 0.52 Abiomed ABMD 315.34 -3.39 DollarGeneral DG 202.40 -0.22 L Brands LB 61.80 -0.06 ONEOK OKE 51.35 0.69 Appian APPN 137.27 4.32 Bill.com BILL 149.87 4.37 Chevron CVX 105.75 0.96 FordMotor F 12.17 -0.08 SLB 28.10 0.91 UnitedHealth UNH 367.07 -5.00 AcceleronPharma XLRN 138.03 2.42 DollarTree DLTR 115.93 1.47 LKQ LKQ 42.95 0.62 OReillyAuto ORLY 507.82 0.57 Apple AAPL 123.00 0.85 Bio-Techne TECH 388.50 6.57 CHWY 82.71 -2.00 Fortinet FTNT 186.39 1.97 SchwabC SCHW 66.44 1.26 UnitySoftware U 101.08 0.77 Accenture ACN 278.34 2.09 DominionEner D 75.72 -0.24 LPL Financial LPLA 143.43 1.27 OakStreetHealth OSH 56.82 2.55 s ApplMaterials AMAT 141.52 7.92 Bio-RadLab A BIO 579.91 8.74 ChinaEastrnAir CEA 23.56 0.16 Fortis FTS 43.40 0.03 s ScottsMiracleGro SMG 250.00 5.03 UnivDisplay OLED 238.14 1.37 ActivisionBliz ATVI 95.54 2.54 Domino's DPZ 373.38 5.59 L3HarrisTech LHX 203.62 0.94 OccidentalPetrol OXY 27.38 0.76 Aptargroup ATR 143.87 2.20 Biogen BIIB 278.71 -1.04 ChinaLifeIns LFC 10.43 0.02 Fortive FTV 70.90 0.26 Sea SE 236.45 13.22 UniversalHealthB UHS 134.40 1.01 Adobe ADBE 483.34 7.97 DoorDash DASH 133.14 2.01 LabCpAm LH 252.70 -2.33 Okta OKTA 229.70 9.27 Aptiv APTV 140.74 2.84 BioMarinPharm BMRN 77.83 2.32 ChinaPetrol SNP 53.72 0.99 s FortBrandsHome FBHS 97.15 1.33 s Seagate STX 78.49 1.74 Upstart UPST 144.28 15.42 AdvanceAuto AAP 185.96 2.47 Dover DOV 137.93 0.80 s LamResearch LRCX 639.30 44.06 s OldDomFreight ODFL 243.69 3.28 Aramark ARMK 38.25 0.47 BioNTech BNTX 113.87 4.68 ChinaSoAirlines ZNH 36.53 -0.17 FoxA FOXA 36.31 0.20 Seagen SGEN 143.40 4.54 VEREIT VER 39.94 1.32 AdvMicroDevices AMD 81.09 2.59 Dow DOW 64.60 0.66 LamarAdv LAMR 95.25 1.33 OlinkHolding OLK 37.20 1.20 ArcelorMittal MT 29.35 0.18 BlackKnight BKI 74.71 0.72 Chipotle CMG 1438.46 17.64 FoxB FOX 35.00 0.07 SempraEnergy SRE 131.80 -0.78 VF VFC 79.49 -0.43 Aegon AEG 4.78 0.05 DrReddy'sLab RDY 62.72 1.33 LambWeston LW 78.08 0.60 OmegaHealthcare OHI 38.46 1.83 s ArchCapital ACGL 39.41 1.04 BlackRock BLK 766.83 12.87 Chubb CB 158.99 1.02 Franco-Nevada FNV 129.91 4.62 SensataTechs ST 58.57 0.62 VICI Prop VICI 28.84 0.60 AffirmHldgs AFRM 71.45 0.73 DraftKings DKNG 62.88 1.55 LasVegasSands LVS 61.85 1.09 Omnicom OMC 75.91 1.76 ArcherDaniels ADM 57.65 0.65 Blackstone BX 75.19 0.66 ChunghwaTel CHT 39.13 -0.01 FranklinRscs BEN 30.16 0.56 ServiceCorp SCI 52.37 1.32 VailResorts MTN 295.03 3.37 AgilentTechs A 127.69 0.55 DBX 27.39 0.73 Lear LEA 180.13 -1.12 s ON Semi ON 42.89 1.28 s AresMgmt ARES 57.68 1.65 BA 252.96 -1.76 Church&Dwight CHD 86.53 -0.82 FreeportMcM FCX 33.76 0.83 ServiceNow NOW 507.01 6.90 Vale VALE 17.12 -0.26 AgnicoEagle AEM 59.67 1.86 DukeEnergy DUK 96.28 -0.25 Leidos LDOS 96.45 0.17 OpenText OTEX 48.30 0.59 arGEN-X ARGX 282.36 6.97 BookingHldgs BKNG 2382.46 52.62 ChurchillDowns CHDN 231.23 3.81 FreseniusMed FMS 36.70 -0.18 ShawComm B SJR 26.45 0.23 ValeroEnergy VLO 75.30 3.70 AirProducts APD 284.90 3.56 DukeRealty DRE 42.86 0.93 A LEN 103.43 2.20 OpendoorTech OPEN 21.75 0.56 AristaNetworks ANET 308.04 6.15 BoozAllen BAH 81.71 1.18 CIEN 56.60 1.88 Futu FUTU 153.60 -5.22 SherwinWilliams SHW 249.75 3.75 VarianMed VAR 176.80 0.27 ABNB 188.24 0.30 Dun&Bradstreet DNB 23.44 -0.37 Lennar B LEN.B 83.80 1.46 Oracle ORCL 71.81 1.64 Arrival ARVL 16.24 0.18 BorgWarner BWA 46.30 -0.06 CI 241.83 0.09 ShinhanFin SHG 32.94 -0.60 Vedanta VEDL 12.71 0.14 AkamaiTech AKAM 102.83 0.93 DuPont DD 78.13 0.85 G H I LennoxIntl LII 316.74 5.15 Orange ORAN 12.36 0.03 ArrowElec ARW 112.14 1.32 BostonBeer SAM 1184.68-21.60 CincinnatiFin CINF Shopify SHOP 1155.41 48.91 VeevaSystems VEEV 267.77 6.53 AlaskaAir ALK 69.49 0.28 104.14 1.05 Dynatrace DT 49.55 1.31 Orix IX LeviStrauss LEVI 23.69 -0.22 84.24 -0.55 Sibanye-Stillwater SBSW 18.43 0.57 Ventas VTR 54.40 1.06 Albemarle ALB 150.74 4.63 AspenTech AZPN 153.00 8.67 BostonProps BXP 104.26 3.00 Cintas CTAS 348.31 7.00 s E 25.05 0.34 GDS Holdings GDS 82.54 1.45 LiAuto LI 25.25 0.25 Oshkosh OSK 119.54 0.88 SignatureBank SBNY 225.00 -1.10 VeriSign VRSN 201.90 3.14 ACI 18.40 -0.67 Assurant AIZ 142.30 0.53 BostonSci BSX 38.58 -0.07 CiscoSystems CSCO 51.98 0.27 EOG Rscs EOG 75.34 2.81 s GFLEnvironmental GFL 35.42 0.47 LibertyBroadbandA LBRDA 143.59 -1.56 OtisWorldwide OTIS 69.26 0.81 SimonProperty SPG 115.20 1.43 VeriskAnalytics VRSK 179.81 3.12 Alcon ALC 71.16 0.98 AstraZeneca AZN 49.53 -0.19 BridgeBioPharma BBIO 59.36 -2.24 Citigroup C 73.14 0.39 EPAM Systems EPAM 399.99 3.30 GSXTechedu GSX 32.18 -1.70 LibertyBroadbandC LBRDK 149.14 -1.01 OwensCorning OC 93.79 1.70 SiriusXM 6.27 0.18 VZ 58.30 0.15 AlexandriaRlEst ARE 169.72 5.42 Athene ATH 51.13 0.73 BrightHorizons BFAM 176.76 5.31 CitizensFin CFG 44.94 0.79 EastWestBncp EWBC 74.49 0.69 Gallagher AJG 126.61 1.84 LibertyGlobal B LBTYB 32.00 3.30 OzonHoldings OZON 58.00 1.93 Skyworks SWKS 187.70 4.22 VertxPharm VRTX 213.04 -1.85 AlexionPharm ALXN 153.21 0.30 Atlassian TEAM 223.06 12.30 BristolMyers BMY 62.93 -0.20 CitrixSystems CTXS 140.32 -0.04 EastmanChem EMN 111.29 1.17 GameStop GME 191.45 1.63 LibertyGlobal C LBTYK 25.63 0.09 PG&E PCG 11.50 -0.21 SlackTech WORK 41.25 0.62 ViacomCBS B VIAC 44.64 -0.46 Alibaba BABA 224.36 -2.37 AtmosEnergy ATO 98.24 -0.61 BritishAmTob BTI 38.33 -0.41 Clarivate CLVT 27.25 0.86 Eaton ETN 139.49 1.21 Gaming&Leisure GLPI 43.67 1.24 LibertyGlobal A LBTYA 25.79 0.13 PNC Fin PNC 177.41 2.00 SmithAO AOS 67.87 0.26 ViacomCBS A VIACA 47.48 0.31 AlignTech ALGN 545.05 3.52 Autodesk ADSK 283.90 6.75 Broadcom AVGO 475.95 12.29 Cleveland-Cliffs CLF 19.42 -0.69 eBay EBAY 63.11 1.87 Gap GPS 29.95 0.17 LibertyFormOne C FWONK 43.83 0.54 POSCO PKX 71.58 -0.62 Smith&Nephew SNN 38.19 0.29 Alleghany Y 636.51 10.22 Autohome ATHM 95.26 1.99 BroadridgeFinl BR 154.92 1.82 Clorox CLX 192.83 -0.05 Ecolab ECL 216.85 2.78 Garmin GRMN 132.51 0.66 Viatris VTRS 13.90 -0.07 LibertyFormOne A FWONA 38.67 0.45 PPD PPD 38.30 0.46 Smucker SJM 126.25 -0.28 Allegion ALLE 127.75 2.13 Autoliv ALV 94.15 1.35 BrookfieldMgt BAM 44.75 0.25 Cloudflare NET 71.79 1.53 Ecopetrol EC 12.83 0.01 Gartner IT 187.27 4.72 Vipshop VIPS 30.14 0.28 LibertyBraves A BATRA 29.28 0.77 PPG Ind PPG 151.96 1.70 Snap SNAP 54.49 2.20 AlliantEnergy LNT 54.36 0.20 ADP ADP 189.40 0.93 BrookfieldInfr BIP 54.36 1.11 Coca-Cola KO 52.51 -0.20 EdisonInt EIX 58.29 -0.31 Generac GNRC 323.80 -3.65 Visa V 216.86 5.13 LibertyBraves C BATRK 28.50 0.68 PPL PPL 28.77 -0.07 SnapOn SNA 231.74 1.00 Allstate ALL 116.03 1.13 AutoZone AZO 1418.84 14.54 BrookfieldPropREIT BPYU 17.81 -0.14 Coca-Cola Euro CCEP 51.10 -1.06 EdwardsLife EW 83.84 0.20 GeneralDynamics GD 180.83 -0.73 Vistra VST 17.72 0.04 LibertySirius A LSXMA 45.69 1.61 s PRA HealthSci PRAH 156.16 2.83 Snowflake SNOW 236.79 7.51 AllyFinancial ALLY 46.73 1.52 Avalara AVLR139.71 6.28 BrookfieldRenew BEPC 46.94 0.14 Cognex CGNX 84.31 1.32 ElancoAnimal ELAN 28.79 -0.66 GeneralElec GE 13.28 0.15 VMware VMW 152.40 1.95 s LibertySirius B LSXMB 50.01 4.80 PTC PTC 143.87 6.22 SOQUIMICH SQM 54.28 1.21 AlnylamPharm ALNY 141.81 0.62 Avalonbay AVB 186.90 2.39 Brown&Brown BRO 46.52 0.81 CognizantTech CTSH 78.88 0.76 Elastic ESTC 114.53 3.33 GeneralMills GIS 60.92 -0.40 VOD 18.73 0.30 LibertySirius C LSXMK 45.54 1.43 Paccar PCAR 92.03 -0.89 SolarEdgeTech SEDG 283.39 -4.05 Alphabet A GOOGL 2129.78 67.26 Avangrid AGR 50.25 0.44 Brown-Forman B BF.B 69.65 0.68 ColgatePalm CL 78.55 -0.28 ElectronicArts EA 137.96 2.59 GeneralMotors GM 57.80 0.34 VornadoRealty VNO 46.39 1.00 LightspeedPos LSPD 64.40 1.59 PackagingCpAm PKG 135.57 1.09 Sony SONY 106.86 0.85 Alphabet C GOOG 2137.75 69.12 Avantor AVTR 29.45 0.52 Brown-Forman A BF.A 64.64 0.97 A CMCSA 54.75 0.64 EmersonElec EMR 90.41 0.19 Genmab GMAB 32.94 0.11 VulcanMatls VMC 166.39 -2.36 EliLilly LLY 185.24 -1.58 PagSeguroDig PAGS 48.53 2.23 Southern SO 62.33 0.17 AlticeUSA ATUS 32.08 -0.45 s AveryDennison AVY 188.07 4.42 Bruker BRKR 64.92 0.64 Comerica CMA 71.74 ... ENB 36.83 0.43 Gentex GNTX 36.01 0.34 LincolnNational LNC 62.90 0.63 PalantirTech PLTR 23.07 -0.22 SoCopper SCCO 69.41 1.54 W X Y Z Altria MO 51.00 -0.16 AxonEnterprise AXON 143.06 0.64 s BuildersFirstSrc BLDR 47.37 1.00 CommerceBcshrs CBSH 77.06 0.45 EncompassHealth EHC 82.57 0.67 GenuineParts GPC 116.62 1.03 Linde LIN 280.84 0.70 PaloAltoNtwks PANW 328.05 5.99 SouthwestAir LUV 61.30 0.24 AlumofChina ACH 10.60 0.14 BCE BCE 45.60 0.46 Bunge BG 80.20 0.93 CiaSiderurgica SID 6.44 -0.26 EnelAmericas ENIA 8.47 -0.01 Gerdau GGB 5.11 -0.23 WEC Energy WEC 93.32 -0.27 LithiaMotors LAD 398.55 8.46 ParkerHannifin PH 316.21 0.78 Splunk SPLK 138.27 2.79 Amazon.com AMZN 3161.00 66.92 BHP Group BHP 69.54 0.15 BurlingtonStrs BURL 299.29 0.49 ConagraBrands CAG 37.29 -0.31 EnergyTransfer ET 7.85 0.17 GileadSciences GILD 66.44 1.81 WEX WEX 216.44 7.22 LiveNationEnt LYV 88.07 3.42 Paychex PAYX 98.76 0.74 SPOT 273.10 5.15 Ambev ABEV 2.67 -0.07 BHP Group BBL 58.09 0.23 CBRE Group CBRE 80.05 0.94 ConocoPhillips COP 54.02 1.05 EnphaseEnergy ENPH 162.69 0.53 GSK GSK 35.82 0.13 W.P.Carey WPC 72.36 1.60 LloydsBanking LYG 2.35 0.03 PaycomSoftware PAYC 376.75 6.69 Square SQ 229.51 2.46 Amcor AMCR 11.66 -0.02 BP BP 24.58 0.23 s CDW CDW 169.44 3.69 ConEd ED 74.29 -0.51 s Entegris ENTG 120.09 8.29 GlobalPayments GPN 207.97 6.39 WPP WPP 64.96 1.06 LockheedMartin LMT 371.02 1.52 Paylocity PCTY 184.03 4.20 StanleyBlackDck SWK 200.66 0.99 Amdocs DOX 72.40 2.25 Baidu BIDU 219.70 2.15 CF Industries CF 45.91 0.53 ConstBrands A STZ 229.62 1.62 Entergy ETR 99.64 0.17 Globant GLOB 210.07 2.46 Wabtec WAB 78.99 -0.17 Loews L 52.25 0.97 PayPal PYPL 247.54 4.70 SBUX 109.38 0.11 Amedisys AMED 269.46 4.67 BakerHughes BKR 21.73 0.12 s CGI GIB 84.18 0.96 ContextLogic WISH 15.65 -0.15 EnterpriseProd EPD 22.27 0.25 GlobeLife GL 98.69 2.26 WalgreensBoots WBA 54.75 -0.15 LogitechIntl LOGI 107.98 3.48 PEGA 117.99 3.65 StateStreet STT 84.95 0.94 Amerco UHAL 614.25 1.65 Ball BLL 86.27 1.53 CH Robinson CHRW 97.15 1.72 ContinentalRscs CLR 27.34 1.47 Equifax EFX 182.61 1.48 GoDaddy GDDY 80.21 2.59 WMT 135.62 -0.21 Lowe's LOW 191.32 1.14 Peloton PTON 112.09 -0.35 SteelDynamics STLD 50.97 0.21 Ameren AEE 81.03 -0.33 BancoBilbaoViz BBVA 5.25 0.03 CME Group CME 206.09 1.86 Cooper COO 385.49 1.40 Equinix EQIX 678.00 -1.59 GoldFields GFI 10.14 0.65 WarnerMusic WMG 34.02 -0.31 LufaxHolding LU 14.57 0.05 PembinaPipeline PBA 29.23 0.39 Stellantis STLA 17.91 0.12 AmericaMovil AMX 13.69 0.11 BancoBradesco BBDO 3.99 -0.10 CMS Energy CMS 61.02 -0.20 Copart CPRT 112.61 4.00 Equinor EQNR 19.69 0.23 GoldmanSachs GS 327.64 0.64 WasteConnections WCN 109.38 1.40 lululemon LULU301.07 -5.64 PennNational PENN 107.52 2.68 Steris STE 193.50 3.02 AmericaMovil A AMOV 13.62 -0.14 BancodeChile BCH 23.65 0.03 CNA Fin CNA 45.81 1.18 Corning GLW 43.99 0.48 Equitable EQH 33.01 0.39 GoodRx GDRX 39.03 0.01 WasteMgt WM 129.28 0.26 LumenTech LUMN 13.11 -0.24 Pentair PNR 62.39 0.07 STMicroelec STM 39.35 1.02 AmerAirlines AAL 23.86 -0.04 BancSanBrasil BSBR 6.77 -0.28 CNH Indl CNHI 15.72 0.08 Corteva CTVA 46.74 0.12 EquityLife ELS 65.04 1.40 Graco GGG 72.90 1.28 Waters WAT 284.72 0.55 LYFT 64.64 1.46 Penumbra PEN 274.31 3.73 StoneCo STNE 64.22 3.00 AEP AEP 85.54 0.84 BcoSantChile BSAC 24.73 -0.10 CRH CRH 46.78 -0.20 CoStar CSGP 861.38 39.49 EquityResdntl EQR 72.51 0.88 Grainger GWW 406.35 5.42 s Watsco WSO 267.22 6.47 LyondellBasell LYB 105.55 1.50 PepsiCo PEP 141.28 -0.17 Stryker SYK 242.95 -0.63 AmerExpress AXP 144.57 3.13 BancoSantander SAN 3.42 -0.01 CRISPR Therap CRSP 119.41 -2.44 Costco COST 354.94 2.46 ErieIndemnity A ERIE 223.48 2.57 Grifols GRFS 16.62 -0.67 Wayfair W 338.00 23.25 PerkinElmer PKI 129.88 1.59 SumitomoMits SMFG 7.20 -0.05 AmericanFin AFG 113.94 -0.16 BankofAmerica BAC 39.49 0.80 CSX CSX 97.26 0.84 CoupaSoftware COUP 262.28 7.80 EssentialUtil WTRG 44.72 -0.03 GuardantHealth GH 156.99 4.34 M N Weibo WB 50.01 -0.45 PetroChina PTR 36.52 0.37 SunComms SUI 152.80 2.76 Guidewire GWRE 102.46 0.83 WellsFargo WFC 39.63 0.56 PetroleoBrasil PBR 8.27 -0.21 SunLifeFinancial SLF 51.04 0.49 HCA Healthcare HCA 186.15 -2.19 M&T Bank MTB 153.17 1.56 Welltower WELL 73.25 1.62 PetroleoBrasilA PBR.A 8.36 -0.18 SuncorEnergy SU 21.53 0.63 HDFC Bank HDB 77.74 0.05 MGMGrowthProp MGP 33.64 1.02 WestFraserTimber WFG 73.94 1.90 Pfizer PFE 36.30 0.07 SunRun RUN 59.13 -1.35 ADVERTISEMENT s HP HPQ 32.05 0.30 MGM Resorts MGM 39.70 1.71 WestPharmSvcs WST 284.77 2.99 PhilipMorris PM 88.06 -0.68 Suzano SUZ 12.13 -0.09 HSBC HSBC 29.26 0.12 s MKS Instrum MKSI 195.84 10.42 WestAllianceBcp WAL 94.37 -0.07 Phillips66 PSX 83.16 1.62 SynchronyFin SYF 41.66 1.00 HAL 21.92 0.46 MPLX MPLX 26.12 0.49 WesternDigital WDC 71.37 4.62 Pinduoduo PDD 143.93 10.05 Synopsys SNPS 254.23 6.45 HartfordFinl HIG 68.28 1.49 MSCI MSCI 428.55 9.27 WesternUnion WU 25.15 0.49 TheMarketplace PinnacleWest PNW 81.81 0.46 Sysco SYY 77.99 -0.75 HAS 95.46 -0.66 MagellanMid MMP 44.19 0.83 PINS 77.73 3.70 WestlakeChem WLK 91.55 2.76 HealthpeakProp PEAK 32.71 0.97 MagnaIntl MGA 89.57 1.53 To advertise: 800-366-3975orWSJ.com/classifieds PioneerNatRscs PXD 164.60 5.78 T U V WestpacBanking WBK 18.73 0.17 Heico HEI 127.98 2.18 ManulifeFin MFC 21.74 0.24 PlainsAllAmPipe PAA 9.19 0.09 WestRock WRK 52.19 0.14 Heico A HEI.A 116.00 2.40 MarathonOil MRO 11.79 1.11 TAL Education TAL 56.31 2.46 s Playtika PLTK 26.85 -0.36 Weyerhaeuser WY 36.84 1.24 HenrySchein HSIC 68.67 -0.57 MarathonPetrol MPC 55.80 2.31 TC Energy TRP 46.81 1.06 PlugPower PLUG 35.26 -0.58 WheatonPrecMet WPM 39.90 1.69 CLASS ACTION Hershey HSY 158.76 0.60 MaravaiLifeSci MRVI 34.17 -1.47 TE Connectivity TEL 130.79 1.68 s Polaris PII 134.93 1.43 Whirlpool WHR 225.30 4.95 HessHES 74.48 3.72 Markel MKL 1156.95 17.33 Telus TU 20.23 0.30 Pool POOL 351.57 6.33 Williams WMB 23.90 0.21 HewlettPackard HPE 15.70 -0.04 MarketAxess MKTX 520.28 22.36 TJX TJX 65.98 -0.17 PrincipalFin PFG 60.86 0.90 Williams-Sonoma WSM 182.08 2.88 0OT1Z8 21>1Z28T213T:1 :5031 HighwoodsProp HIW 44.10 1.16 Marriott MAR 148.27 0.16 T-MobileUS TMUS 127.65 2.36 Procter&Gamble PG 134.28 -1.15 WillisTowers WLTW 233.59 4.71 O531UZ3O 8T213T:1 5X TRRTO5T2 Hilton HLT 121.65 0.73 s Marsh&McLen MMC 123.15 1.35 TRowePrice TROW 173.96 2.36 Wipro WIT 6.50 0.16 Progressive PGR 95.55 -0.06 Hologic HOLX 74.34 -0.04 MartinMarietta MLM 333.88 -1.94 Prologis PLD 108.50 2.50 TaiwanSemi TSM 124.80 6.52 Wix.comWIX 293.30 14.08 s HomeDepot HD 307.75 2.50 MarvellTech MRVL 49.66 0.68 &1)*(#.-%/ $* .3+ '+ !.2%#"/ $* .3+ !h)O R.^ F?_Q&_@\CFbR^j^ WGGa PrudentialFin PRU 92.71 1.61 TakeTwoSoftware TTWO 180.15 3.45 Workday WDAY 254.97 6.54 HondaMotor HMC 30.07 -0.13 s Masco MAS 60.99 1.09 TakedaPharm TAK Prudential PUK 43.22 0.53 18.64 0.38 WynnResorts WYNN 128.10 2.73 HON 216.80 -0.27 Masimo MASI 233.67 4.01 Tapestry TPR 41.03 -0.18 20QQ>3N O51T:Z 5X 435452Z8 :R>22 >:1T5O 2Z11RZQZO1 PublicServiceEnt PEG 59.67 -0.54 XP XP 39.69 2.02 HorizonTherap HZNP 90.50 -1.54 Mastercard MA 363.30 7.25 Target TGT 200.72 2.65 s PublicStorage PSA 251.94 5.18 XPO Logistics XPO 127.48 4.18 HormelFoods HRL 47.60 -0.18 MatchGroup MTCH 142.66 5.28 TataMotors TTM 21.03 0.24 PulteGroup PHM 53.48 1.04 XcelEnergy XEL 66.79 0.28 T' VB9 A9?-#G=)+ B? =B[+ GCV ZJQ!C! 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B8 | Friday, April 2, 2021 * 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 33153.21 s171.66, or 0.52% Trailing P/E ratio 33.62 16.67 4019.87 s46.98, or 1.18% Trailing P/E ratio * 45.45 20.11 13480.11 s 233.23, or 1.76% Trailing P/E ratio *† 38.14 23.25 High, low, open and close for each P/E estimate * 21.35 15.12 High, low, open and close for each P/E estimate * 23.12 15.82 High, low, open and close for each P/E estimate *† 29.05 19.75 trading day of the past three months. Dividend yield 1.81 3.05 trading day of the past three months. Dividend yield * 1.45 2.41 trading day of the past three months. Dividend yield *† 0.76 1.15 All-time high 33171.37, 03/29/21 All-time high 4019.87, 04/01/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833 34400 4050 14400 Session high DOWN UP 13800 Session open Close 33200 3925 t

Close Open t 32000 3800 13200 Session low

30800 3675 12600 65-day moving average 65-day moving average 65-day moving average 29600 3550 12000

28400 3425 11400

Bars measure the point change from session's open 27200 3300 10800 Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 876,524,837 27,423,779 Industrial Average 33167.17 32985.35 33153.21 171.66 0.52 33171.37 21052.53 54.8 8.3 11.2 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 605,344,136 22,820,858 Transportation Avg 14754.78 14617.81 14748.38 116.99 0.80 14748.38 7305.31 98.1 17.9 12.4 Most-active issues in late trading Decl. volume* 265,300,011 4,426,805 Utility Average 881.33 873.95 879.51 -0.83 -0.09 917.38 706.01 20.6 1.7 8.3 Volume After Hours Issues traded 3,414 282 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 42143.88 41897.48 42138.31 535.66 1.29 42138.31 24860.74 66.6 7.4 15.5 Advances 2,664 224 SPDR S&P 500 SPY 9,945.1 401.10 0.49 0.12 401.20 400.53 Barron's 400 977.16 962.96 977.16 14.20 1.47 978.36 500.47 90.8 14.7 11.2 Declines 666 52 BAC 5,782.1 39.50 0.01 0.03 39.55 39.45 Unchanged 84 6 AeroCentury ACY Nasdaq Stock Market 4,903.4 10.60 0.90 9.28 12.50 9.53 New highs 191 8 Nasdaq Composite 13487.08 13404.18 13480.11 233.23 1.76 14095.47 7373.08 80.0 4.6 24.0 GlaxoSmithKline ADR GSK 4,503.3 35.82 ...... 35.87 35.72 New lows 11 1 Nasdaq-100 13333.41 13255.82 13329.51 238.07 1.82 13807.70 7528.11 74.6 3.4 26.5 iShares Core MSCI EM IEMG 4,229.1 65.96 0.89 1.37 65.96 65.03 Closing Arms† 1.93 1.27 Intel INTC 3,845.2 64.46 -0.09 -0.14 64.60 64.24 S&P Block trades* 5,228 149 Xtrackers USD HY Corp Bd HYLB 3,691.2 49.80 -0.05 -0.10 49.80 49.80 500 Index 4020.63 3992.78 4019.87 46.98 1.18 4019.87 2488.65 59.1 7.0 15.0 Nasdaq NYSE Arca Music Ent ADR TME 3,541.0 20.13 0.02 0.10 20.20 20.03 MidCap 400 2647.72 2619.15 2647.71 38.47 1.47 2682.61 1337.95 92.5 14.8 12.1 Total volume*4,500,800,031 277,450,321 SmallCap 600 1340.30 1324.97 1340.30 20.95 1.59 1397.66 622.35 107.7 19.8 12.6 Percentage gainers… Adv. volume*2,962,980,100 232,747,337 Decl. volume*1,457,008,396 44,581,256 Other Indexes dMY Tech Grp II Cl A DMYD 754.8 19.36 3.73 23.86 19.90 15.63 Issues traded 4,310 1,494 Russell 2000 2253.90 2225.29 2253.90 33.38 1.50 2360.17 1052.05 107.6 14.1 13.8 AeroCentury ACY 4,903.4 10.60 0.90 9.28 12.50 9.53 Advances 3,172 1,290 NYSE Composite 15752.33 15601.74 15752.24 150.50 0.96 15775.50 9880.63 56.5 8.4 8.2 Avalon Holdings AWX 571.6 4.35 0.25 6.10 5.10 4.11 Declines 1,015 193 Taylor Morrison Home TMHC 182.6 33.01 1.34 4.23 33.01 31.67 Value Line 648.75 639.51 648.75 9.24 1.44 662.15 328.00 93.0 14.1 5.9 Unchanged 123 11 Medallia MDLA 93.7 29.84 1.14 3.97 29.99 28.70 NYSE Arca Biotech 5615.70 5479.34 5571.95 92.61 1.69 6319.77 4410.88 24.7 -2.9 7.3 New highs 132 177 NYSE Arca Pharma 695.21 690.39 692.35 -1.04 -0.15 725.03 580.21 19.3 0.4 9.4 ...And losers New lows 24 19 KBW Bank 121.42 119.80 121.40 1.27 1.05 123.35 60.19 94.8 24.0 4.5 New Concept Energy GBR 84.3 4.90 -0.34 -6.49 5.24 4.75 Closing Arms† 1.54 1.28 § PHLX Gold/Silver 139.94 136.16 139.93 5.54 4.12 161.14 84.36 65.6 -3.0 19.9 Analog Devices ADI 108.1 153.00 -7.38 -4.60 160.49 153.00 Block trades* 24,975 1,033 § PHLX Oil Service 55.21 53.47 55.13 1.43 2.67 63.89 24.06 122.6 24.4 -25.9 Horizon Acqn II Cl A HZON 719.5 10.02 -0.41 -3.93 10.44 9.67 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3242.33 3180.48 3240.17 115.23 3.69 3240.17 1443.04 119.7 15.9 34.6 HighPoint Resources HPR 71.2 4.58 -0.15 -3.17 4.85 4.55 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 18.64 17.29 17.33 -2.07 -10.67 50.91 17.33 -66.0 -23.8 -4.6 UAVS AgEagle Aerial Systems 93.5 7.10 -0.22 -2.94 7.31 7.01 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 1.07 World MSCI ACWI 680.47 7.18 5.3 AeroCentury ACY 9.70 6.15 173.24 38.04 0.71 708.3 Recon Technology RCON 5.16 -1.32 -20.37 9.70 0.75 230.8 0.84 MSCI ACWI ex-USA 338.91 2.84 3.8 Liberty TripAdvisor B LTRPB 68.00 29.98 78.85 134.00 3.67 1752.9 Wah Fu Education Group WAFU 10.32 -2.18 -17.44 21.00 1.39 577.6 MSCI World 2840.19 28.49 1.01 5.6 Applied Molecular Transpt AMTI 63.57 19.56 44.44 78.22 17.05 ... Akumin AKU 3.06 -0.64 -17.30 4.10 1.50 70.1 MSCI Emerging Markets 1335.24 18.81 1.43 3.4 Kelly Services Cl B KELYB 30.49 8.17 36.60 90.36 10.35 168.9 Lion Group Holding ADR LGHL 3.66 -0.76 -17.19 8.93 1.75 ... Americas MSCI AC Americas 1560.99 18.62 1.21 6.3 Universe Pharmaceuticals UPC 5.25 1.24 30.92 11.99 3.75 ... MicroVision MVIS 15.54 -3.01 -16.23 24.18 0.19 6922.1 Canada S&P/TSX Comp 18990.32 289.65 1.55 8.9 Nuvve Holding NVVE 12.86 2.76 27.33 22.74 9.70 ... LAVA Therapeutics LVTX 13.00 -2.19 -14.42 17.20 9.76 ... Latin Amer. MSCI EM 2280.71 –21.46 –0.93 –7.0 Earthstone Energy ESTE 8.96 1.81 25.31 9.43 1.44 417.9 Target Hospitality TH 2.17 -0.34 -13.55 4.29 0.82 46.6 Brazil Sao Paulo Bovespa 115253.31 –1380.41 –1.18 –3.2 New Concept Energy GBR 5.24 0.95 22.14 30.99 0.72 445.3 HighPoint Resources HPR 4.73 -0.74 -13.53 37.50 2.80 -42.7 Chile Santiago IPSA 3327.17 –8.74 –0.26 16.4 Karooooo KARO 33.99 5.99 21.39 39.00 28.00 ... Emergent Biosoltns EBS 80.46 -12.45 -13.40 137.61 53.35 41.1 Mexico S&P/BMV IPC 47246.26 … Closed 7.2 PLBY Group PLBY 23.38 3.79 19.35 25.73 9.85 ... Discovery Series B DISCB 111.17 -16.83 -13.15 150.72 25.46 304.3 EMEA Stoxx Europe 600 432.22 2.62 0.61 8.3 MingZhu Logistics Hldgs YGMZ 5.47 0.88 19.17 58.00 3.66 ... Liquid Media Group YVR 3.65 -0.54 -12.89 7.50 1.27 46.0 Eurozone Euro Stoxx 435.38 3.28 0.76 9.5 Moxian MOXC 5.39 0.86 18.98 5.87 0.52 798.3 BioXcel Therapeutics BTAI 37.63 -5.53 -12.81 71.50 16.00 100.7 Belgium Bel-20 3938.63 39.15 1.00 8.8 Sonoma Pharmaceuticals SNOA 8.80 1.37 18.44 19.60 4.60 76.0 CTI BioPharma CTIC 2.54 -0.37 -12.71 4.13 0.86 165.1 Cyclerion Therapeutics CYCN Gracell Biotech ADR GRCL Denmark OMX Copenhagen 20 1471.77 … Closed 0.5 3.29 0.50 17.92 8.96 2.18 38.8 13.46 -1.94 -12.60 33.70 13.15 ... Greenbrook TMS GBNH 13.62 2.07 17.88 17.55 5.06 141.8 XL Fleet XL 7.89 -1.09 -12.14 35.00 7.80 -20.7 France CAC 40 6102.96 35.73 0.59 9.9 Germany DAX 15107.17 98.83 0.66 10.1 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1610.22 5.60 0.35 7.4 Italy FTSE MIB 24710.00 61.44 0.25 11.1 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 708.43 8.58 1.23 13.4 Russia RTS Index 1457.37 –19.74 –1.34 5.0 Uxin ADR UXIN 337,297 6153.0 1.97 68.38 2.02 0.72 P F Industries Cl A PFIN 7,126 29617 7.66 16.06 9.70 4.10 South Africa FTSE/JSE All-Share 67236.31 751.02 1.13 13.2 AeroCentury ACY 143,729 9248.8 9.70 173.24 38.04 0.71 Sonoma Pharmaceuticals SNOA 15,258 25789 8.80 18.44 19.60 4.60 NIO ADR NIO Liberty TripAdvisor B LTRPB Spain IBEX 35 8577.60 –2.38 –0.03 6.2 115,508 4.2 39.66 1.74 66.99 2.22 480 8808 68.00 78.85 134.00 3.67 Sundial Growers SNDL 114,043 -78.4 1.10 -2.65 3.96 0.14 Growth Cap Acqn Cl A GCAC 502 5055 9.68 -0.21 9.71 9.55 Sweden OMX Stockholm 879.01 5.62 0.64 14.4 Future FinTech Group FTFT 113,905 781.5 5.53 -10.89 11.29 0.90 WBI BullBear Yield 3000 WBIG 640 4714 25.43 0.97 25.66 21.75 Switzerland Swiss Market 11118.03 70.66 0.64 3.9 Turkey BIST 100 1426.56 34.83 2.50 –3.4 SPDR S&P 500 SPY 96,783 18.0 400.61 1.08 400.67 244.59 Gl X Hlth Wellness BFIT 289 3666 26.72 0.68 27.17 14.59 U.K. FTSE 100 6737.30 23.67 0.35 4.3 AMC Entertainment Hldgs AMC 76,655 -54.2 9.36 -8.33 20.36 1.91 VIA optronics ADR VIAO 810 2729 13.00 0.62 15.57 7.04 U.K. FTSE 250 21732.67 213.96 0.99 6.1 Universe Pharmaceuticals UPC 75,832 869.4 5.25 30.92 11.99 3.75 African Gold Acqn Cl A AGAC 1,801 2249 9.62 0.47 9.75 9.40 Apple AAPL 73,177 -33.6 123.00 0.70 145.09 59.23 Medley Management Cl A MDLY 5,461 2219 7.90 12.86 27.90 2.80 Asia-Pacific MSCI AC Asia Pacific 205.68 2.11 1.04 2.9 ProSh UltraPro Shrt QQQ SQQQ 71,931 -22.9 12.44 -5.18 112.40 11.76 TLG Acquisition One Cl A TLGA 970 2107 9.69 0.10 9.75 9.50 S&P/ASX 200 6828.70 38.03 0.56 3.7 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3466.33 24.42 0.71 –0.2 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 28938.74 560.39 1.97 6.3 Track the Markets 1.05 India S&P BSE Sensex 50029.83 520.69 4.8 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 29388.87 210.07 0.72 7.1 global stock indexes, bond ETFs, Straits Times 3181.68 16.34 0.52 11.9 currencies and commodities at Currencies South Korea Kospi 3087.40 25.98 0.85 7.4 wsj.com/graphics/track-the-markets Taiwan TAIEX 16571.28 140.15 0.85 12.5 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1595.12 7.91 0.50 10.1 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Thurs YTD chg Thurs YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004335 23070 –0.04 CREDIT MARKETS Argentina peso .0109 91.6482 9.0 Europe Brazil real .1751 5.7095 9.9 Czech Rep. koruna .04515 22.149 3.2 Canada dollar .7970 1.2548 –1.5 Denmark krone .1584 6.3150 3.7 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001395 717.10 0.9 Euro area euro 1.1779 .8490 3.7 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000273 3661.70 7.0 Hungary forint .003260 306.72 3.3 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007920 126.27 –1.2 A consumer rate against its New car loan Mexico peso .0493 20.2883 2.0 Norway krone .1174 8.5198 –0.7 benchmark over the past year 2.50% Uruguay peso .02262 44.2050 4.4 Poland zloty .2567 3.8955 4.4 Bankrate.com avg†: 4.05% 16% Asia-Pacific Russia ruble .01313 76.158 2.9

First Command Bank 2.75% Tradeweb ICE 2.00 s Sweden krona .1147 8.7148 5.9 t Euro Australian dollar .7616 1.3130 1.0 Switzerland franc 1.0618 .9418 6.4

4.20% Fort Worth, TX 888-763-7600 Thursday Close 8 China yuan .1523 6.5654 0.5 t 1.50 Turkey lira .1231 8.1203 9.2 .1286 7.7757 0.3 New car loan First Savings Bank of Hegewisch 2.75% hryvnia .0358 27.9500 –1.4 3.90 0 s India rupee .01364 73.287 0.3 Chicago, IL 773-646-4200 1.00 UK pound 1.3835 .7228 –1.2 Yen Indonesia rupiah .0000688 14525 3.4 3.60 Cambridge Savings Bank 3.24% Middle East/Africa One year ago 0.50 –8 s Japan yen .009042 110.60 7.1 Cambridge, MA Kazakhstan tenge dinar Prime rate 888-418-5626 t WSJ Dollar Index .002340 427.41 1.4 2.6527 .3770 –0.02 t 3.30 PNC Bank 3.37% 0.00 –16 Macau pataca .1248 8.0145 0.3 Egypt pound .0637 15.7094 –0.2 Malaysia ringgit .2412 4.1455 3.1 Israel shekel .3001 3.3325 3.7 Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7022 1.4241 2.3 Kuwait dinar 3.3104 .3021 –0.7 3.00 month(s) years A M J J A S O N D J F MA Frost Bank 3.74% Pakistan rupee .00654 152.825 –4.7 Oman sul rial 2.5972 .3850 0.01 maturity 2020 2021 Houston, TX 800-513-7678 Philippines peso .0206 48.597 1.2 rial .2747 3.640 –0.03 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7437 1.3446 1.8 Saudi Arabia riyal .2666 3.7503 –0.04 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008858 1128.87 4.0 South Africa rand .0684 14.6227 –0.5 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050120 199.52 7.7 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50 Taiwan dollar .03510 28.492 1.4 Yield (%) 52-Week Total Return (%) Thailand baht .03204 31.210 3.9 WSJ Dollar Index 87.45 –0.19–0.21 2.88 Prime rate* 3.25 3.25 3.25 l 3.25 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.20 0.19 0.18 l 1.39 -2.11 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2358.930 0.990 0.930 1.000 0.400 –4.476 4.208 Money market, annual yield 0.10 0.10 0.08 l 0.34 -0.25 Five-year CD, annual yield 0.47 0.48 0.44 l 0.91 -1.19 U.S. Treasury Long, Barclays 4129.410 2.270 2.280 2.400 1.090 –15.930 6.343 Commodities 30-year mortgage, fixed† 3.27 3.25 2.83 l 3.88 -1.12 Aggregate, Barclays 2218.610 1.600 1.560 1.620 1.020 0.920 4.764 Thursday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.54 2.50 2.32 l 3.38 -1.31 Fixed-Rate MBS, Barclays 2206.760 1.820 1.760 1.850 0.980 –0.042 3.760 DJ Commodity Jumbo mortgages, $548,250-plus† 3.29 3.27 2.85 l 4.00 -1.38 804.73 4.25 0.53 836.48 433.70 70.85 10.00 High Yield 100, ICE BofA 3345.511 3.677 3.793 9.059 3.261 22.549 5.791 Refinitiv/CC CRB Index 1.74 195.13 106.29 11.27 Five-year adj mortgage (ARM)† 3.13 3.18 2.85 l 3.51 -1.01 186.70 0.94 49.55 Muni Master, ICE BofA 592.825 0.992 0.983 2.197 0.725 7.291 4.717 Crude oil, $ per barrel 2.29 66.09 -37.63 26.65 New-car loan, 48-month 4.05 4.05 4.02 l 4.44 0.38 61.45 3.87 142.69 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 892.790 4.966 4.950 6.701 4.295 15.908 4.006 Natural gas, $/MMBtu 2.639 0.031 1.19 3.354 1.482 70.04 3.94 banks.† Excludes closing costs. Gold, $ per troy oz. 1726.50 12.70 0.74 2051.50 1625.70 6.20 -8.80 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW092000-1-B00900-1------XA

THE WALL STREET JOURNAL. * Friday, April 2, 2021 | B9

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Oct 2.754 2.800 2.733 2.783 .028 130,320 July 888.90 903.50 s 880.00 897.70 8.80 919 Milk (CME)-200,000 lbs., cents per lb. Currency Futures Contract Open Nov 2.830 2.870 2.811 2.855 .025 69,848 Open High hi lo Low Settle Chg interest April 17.60 17.65 17.40 17.50 –.10 3,484 Japanese Yen (CME)-¥12,500,000; $ per 100¥ May 18.17 18.50 18.02 18.45 .22 3,678 April .9027 .9047 .9022 .9041 .0010 236 Copper-High (CMX)-25,000 lbs.; $ per lb. Agriculture Futures Cocoa (ICE-US)-10 metric tons; $ per ton. June .9035 .9052 .9027 .9046 .0010 164,153 April 3.9850 4.0150 3.9735 4.0035 0.0005 2,627 Corn (CBT)-5,000 bu.; cents per bu. May 2,361 2,414 2,352 2,392 44 62,979 Canadian Dollar (CME)-CAD 100,000; $ per CAD May 3.9840 4.0190 3.9435 3.9905 –0.0050 131,570 May 575.00 585.00 s 556.50 559.75 –4.50 622,246 April .7951 .7973 .7936 .7970 .0013 224 July 2,392 2,436 2,388 2,416 31 66,111 Gold (CMX)-100 troy oz.; $ per troy oz. July 556.00 566.25 s 541.00 545.25 –2.25 422,345 June .7960 .7973 .7936 .7970 .0013 162,048 Coffee (ICE-US)-37,500 lbs.; cents per lb. April 1706.80 1728.80 1706.40 1726.50 12.70 8,343 Oats (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ May 124.95 125.45 120.75 121.60 –1.90 94,773 May 1707.90 1730.40 1705.70 1727.30 12.90 1,587 May 381.50 381.75 370.75 372.00 –6.75 2,692 April 1.3782 1.3836 1.3748 1.3832 .0053 532 Sept 128.65 129.20 124.75 125.40 –1.90 55,291 June 1.3786 1.3840 1.3749 1.3834 .0053 137,780 June 1709.00 1732.00 1706.40 1728.40 12.80 374,307 July 379.00 379.25 366.00 369.25 –8.50 953 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. (CME)-CHF 125,000; $ per CHF Aug 1711.40 1733.20 1708.80 1730.30 12.80 37,179 Soybeans (CBT)-5,000 bu.; cents per bu. May 14.71 14.94 14.68 14.71 –.06 333,314 June 1.0616 1.0652 t 1.0576 1.0635 .0040 43,210 Oct 1715.20 1735.00 1711.80 1731.90 12.90 12,693 May 1444.00 1456.25 1398.50 1402.00 –34.75 296,006 July 14.71 14.95 14.67 14.72 –.05 255,784 Sept 1.0675 1.0674 t 1.0604 1.0662 .0040 149 Dec 1712.90 1736.00 1712.90 1733.60 13.00 17,273 Nov 1268.00 1285.00 s 1253.25 1263.75 7.50 215,173 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Meal (CBT)-100 tons; $ per ton. May 30.70 30.70 30.70 30.75 –.20 1,978 April .7595 .7621 t .7533 .7617 .0017 171 April …… …2653.40 35.90 May 427.80 433.20 407.20 410.20 –13.00 141,440 July 30.90 30.90 30.90 30.85 …3,173 June .7599 .7623 t .7534 .7619 .0017 139,279 Mexican Peso (CME)-MXN 500,000; $ per MXN June 2621.50 2666.50 2607.00 2655.80 35.90 9,963 July 429.10 433.60 409.10 411.70 –13.10 114,946 Cotton (ICE-US)-50,000 lbs.; cents per lb. Platinum (NYM)-50 troy oz.; $ per troy oz. April .04908 .04920 .04876 .04914 .00030 392 Soybean Oil (CBT)-60,000 lbs.; cents per lb. May 80.75 81.52 77.75 77.95 –2.93 86,477 April 1188.40 1211.80 1185.00 1206.20 17.70 1,535 June .04858 .04894 .04841 .04884 .00030 135,150 May 52.92 53.29 51.73 52.13 –.79 146,114 Dec 80.00 80.39 77.52 77.91 –2.19 68,409 July 1191.40 1216.80 1176.60 1208.60 17.10 62,688 Euro (CME)-€125,000; $ per € July 50.96 51.20 49.91 50.52 –.24 122,714 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. April 1.1731 1.1784 1.1717 1.1775 .0046 1,297 Silver (CMX)-5,000 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. May 110.25 111.20 109.75 109.95 –.65 9,043 June 1.1745 1.1798 1.1730 1.1789 .0047 633,092 April 24.350 24.935 24.350 24.935 0.418 1,145 May 13.16 13.24 13.10 13.12 –.06 8,136 July 113.55 114.25 113.00 113.25 –.45 2,044 May 24.460 25.045 24.270 24.948 0.416 116,902 Sept 12.95 12.99 12.90 12.93 –.06 686 Index Futures Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Wheat (CBT)-5,000 bu.; cents per bu. Interest Rate Futures May 59.49 61.75 58.86 61.45 2.29 376,380 Mini DJ Industrial Average (CBT)-$5 x index May 623.00 625.75 601.25 611.00 –7.00 163,304 June 59.48 61.75 58.91 61.48 2.30 328,849 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% June 32912 33060 32842 33037 139 90,968 July 620.00 623.25 601.50 610.50 –5.25 125,255 June 181-290 184-180 181-150 184-130 3-06.0 1,135,760 Sept 32850 32931 32737 32922 137 275 July 59.36 61.58 58.80 61.35 2.32 194,508 Wheat (KC)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index Sept 58.61 60.80 58.14 60.62 2.38 123,239 May 577.75 582.00 559.00 565.00 –10.75 95,816 June 154-250 156-120 154-200 156-070 1-20.0 1,185,154 June 3947.30 4014.20 s 3965.60 4009.90 42.50 19,666 Dec 57.16 59.41 56.82 59.29 2.44 304,490 July 585.00 587.75 565.75 572.00 –9.75 76,310 Sept 154-230 1-20.0 15 Mini S&P 500 (CME)-$50 x index Dec'22 53.36 55.61 53.21 55.55 2.43 133,641 June 3967.50 4015.25 s 3964.50 4010.00 42.50 2,578,839 -Feeder (CME)-50,000 lbs.; cents per lb. Treasury Notes (CBT)-$100,000; pts 32nds of 100% NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Sept 3958.00 4004.25 s 3955.00 3999.50 42.25 4,257 April 143.800 144.850 143.250 143.875 …5,363 June 130-315 131-175 130-290 131-135 15.5 3,892,248 May 1.7745 1.8363 1.7683 1.8316 .0618 121,540 Sept 130-175 16.5 712 Mini S&P Midcap 400 (CME)-$100 x index May 149.325 150.400 148.725 149.225 –.175 19,626 June 1.7779 1.8387 1.7716 1.8344 .0616 73,048 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 2608.70 2647.80 2603.50 2643.20 37.90 45,364 Cattle-Live (CME)-40,000 lbs.; cents per lb. Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. June 123-127 123-210 123-117 123-177 5.0 3,583,673 Sept 2640.00 2638.20 2603.80 2641.00 37.90 1 April 120.950 121.400 119.925 120.025 –.950 30,366 Mini Nasdaq 100 (CME)-$20 x index May 1.9649 2.0360 1.9550 2.0223 .0626 141,601 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 13094.50 13332.50 13090.25 13316.00 226.25 222,014 June 122.850 123.600 s 122.425 122.550 –.350 150,860 June 110-116 110-121 110-112 110-115 –.1 2,328,900 June 1.9577 2.0281 1.9483 2.0158 .0622 67,432 Sept 13087.50 13318.75 13078.00 13304.00 226.25 753 Hogs-Lean (CME)-40,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Mini Russell 2000 (CME)-$50 x index April 101.425 101.975 s 100.925 101.775 .725 25,550 April 99.9400 99.9425 s 99.9350 99.9375 166,956 May 2.605 2.663 2.578 2.639 .031 284,810 June 2215.50 2258.00 2212.20 2251.90 29.40 473,745 June 105.800 106.725 s 105.350 106.325 1.025 104,506 May 99.9300 99.9350 s 99.9300 99.9300 132,726 June 2.666 2.718 2.640 2.697 .030 107,721 Sept 2214.90 2252.50 2209.10 2247.70 29.20 191 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% July 2.731 2.781 2.708 2.761 .029 104,460 Mini Russell 1000 (CME)-$50 x index May 1012.60 1022.80 s 1006.00 1012.60 3.50 1,899 June 89-275 90-055 89-275 90-050 16.0 133,228 Sept 2.739 2.786 2.718 2.769 .029 105,071 June 2250.20 2261.10 s 2237.50 2261.20 27.00 9,565 Eurodollar (CME)-$1,000,000; pts of 100% U.S. Dollar Index (ICE-US)-$1,000 x index April 99.8200 99.8250 99.8150 99.8175 …163,192 June 93.23 93.37 92.89 92.95 –.29 39,254 June 99.8250 99.8300 99.8200 99.8250 … 1,191,466 Sept 93.19 93.33 92.88 92.93 –.29 579 Dec 99.7350 99.7400 99.7300 99.7300 –.0050 931,987 Cash Prices | wsj.com/market-data/commodities Thursday, April 1, 2021 March'23 99.3950 99.4200 99.3850 99.4050 .0100 1,184,746 Source: FactSet These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— separate from the futures price on an exchange, which reflects what the commodity might be worth in future Bonds | wsj.com/market-data/bonds/benchmarks months. Thursday Thursday Thursday Tracking Bond Benchmarks Energy Aluminum, LME, $ per metric ton *2212.5 Wheat,No.1soft white,Portld,OR-u 7.6250 Copper,Comex spot 4.0035 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Coal,C.Aplc.,12500Btu,1.2SO2-r,w 60.900 Iron Ore, 62% Fe CFR China-s 167.0 Food highs and lows for different types of bonds Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.900 Shredded Scrap, US Midwest-s,m Total Total 451 Beef,carcass equiv. index Steel, HRC USA, FOB Midwest Mill-s 1343 return YTD total Yield (%) return YTD total Yield (%) Metals choice 1-3,600-900 lbs.-u 204.17 close return (%) Index Latest Low High close return (%) Index Latest Low High Fibers and Textiles select 1-3,600-900 lbs.-u 195.35 Gold, per troy oz Mortgage-Backed Bloomberg Barclays Broilers, National comp wtd. avg.-u,w 0.8695 Broad Market Bloomberg Barclays Engelhard industrial 1724.00 Burlap,10-oz,40-inch NY yd-n,w 0.7200 Butter,AA Chicago 1.8450 U.S. Aggregate 2206.76 -1.1 Mortgage-Backed 1.820 0.980 1.850 Cotton,1 1/16 std lw-mdMphs-u 0.7570 2218.61 -3.1 1.600 1.020 1.620 Handy & Harman base 1726.05 Cheddar cheese,bbl,Chicago 151.25 Cotlook 'A' Index-t *87.40 U.S. Corporate Indexes Bloomberg Barclays 2157.34 -0.9 Ginnie Mae (GNMA) 1.780 0.290 1.840 Handy & Harman fabricated 1915.92 Cheddar cheese,blk,Chicago 177.50 Hides,hvy native steers piece fob-u n.a. LBMA Gold Price AM *1685.35 Milk,Nonfat dry,Chicago lb. 119.00 3316.37 -4.1 U.S. Corporate 2.240 1.740 3.480 1303.09 -1.0 (FNMA) 1.840 1.160 1.850 Wool,64s,staple,Terr del-u,w n.a. LBMA Gold Price PM *1691.05 Coffee,Brazilian,Comp 1.1599 3050.54 -2.0 Intermediate 1.550 1.080 3.230 1997.82 -1.2 (FHLMC) 1.840 1.140 1.860 Krugerrand,wholesale-e 1796.81 Grains and Feeds Coffee,Colombian, NY 1.7249 Maple Leaf-e 1814.09 Eggs,large white,Chicago-u 1.2350 4806.61 -7.3 Long term 3.370 2.730 3.910 592.83 -0.5 Muni Master 0.992 0.725 2.197 Barley,top-quality Mnpls-u n.a. American Eagle-e 1814.09 Flour,hard winter KC 15.35 7-12 year Bran,wheat middlings, KC-u 186 665.66 -4.7 Double-A-rated 1.890 1.300 2.360 418.54 -0.8 1.036 0.712 2.179 Mexican peso-e 2091.09 Hams,17-20 lbs,Mid-US fob-u 0.76 Corn,No. 2 yellow,Cent IL-bp,u 5.5250 Triple-B-rated 479.41 -0.6 12-22 year 1.417 1.095 2.642 Austria crown-e 1696.49 Hogs,Iowa-So. Minnesota-u 96.10 886.57 -3.6 2.470 2.010 4.300 Corn gluten feed,Midwest-u,w 179.8 Austria phil-e 1814.09 Pork bellies,12-14 lb MidUS-u n.a. High Yield Bonds ICE BofA 467.97 -0.1 22-plus year 1.988 1.682 3.351 Corn gluten meal,Midwest-u,w 614.2 Silver, troy oz. Pork loins,13-19 lb MidUS-u 0.9971 Cottonseed meal-u,w 455 500.83 1.1 High Yield Constrained 4.211 3.955 9.878 Global Government J.P. Morgan† Engelhard industrial 24.7000 Steers,Tex.-Okla. Choice-u n.a. Hominy feed,Cent IL-u,w 175 -3.2 Global Government Handy & Harman base 24.7850 Steers,feeder,Okla. City-u,w 162.38 481.48 5.4 Triple-C-rated 7.039 6.939 18.410 595.64 0.930 0.460 0.960 Meat-bonemeal,50% pro Mnpls-u,w 340 Handy & Harman fabricated 30.9810 Canada Oats,No.2 milling,Mnpls-u 3.8250 3345.51 0.5 High Yield 100 3.677 3.261 9.059 829.88 -3.9 1.430 0.610 1.520 LBMA spot price *£17.4400 Fats and Oils Rice, Long Grain Milled, No. 2 AR-u,w 26.88 451.39 0.9 Global High Yield Constrained 4.256 4.037 9.836 411.52 -2.2 EMU§ 0.307 0.010 0.715 (U.S.$ equivalent) *24.0000 Sorghum,(Milo) No.2 Gulf-u 8.0725 Corn oil,crude wet/dry mill wtd. avg.-u,w 62.5000 1.8 Europe High Yield Constrained 770.49 -2.9 France 0.200 -0.160 0.390 Coins,wholesale $1,000 face-a 20082 SoybeanMeal,Cent IL,rail,ton48%-u,w 398.70 Grease,choice white,Chicago-h 0.5350 343.64 2.565 2.564 6.996 Other metals Soybeans,No.1 yllw IL-bp,u 13.9450 Lard,Chicago-u n.a. U.S Agency Bloomberg Barclays 539.44 -2.3 Germany -0.210 -0.530 -0.120 LBMA Platinum Price PM *1182.0 Soybean oil,crude;Centl IL-u,w 0.5496 Wheat,Spring14%-pro Mnpls-u 7.1450 1839.27 -1.4 U.S Agency 0.800 0.460 0.930 293.15 -0.7 Japan 0.370 0.190 0.420 Platinum,Engelhard industrial 1202.0 Wheat,No.2 soft red,St.Louis-u 6.3850 Tallow,bleach;Chicago-h 0.5600 Palladium,Engelhard industrial 2660.0 Wheat - Hard - KC (USDA) $ per bu-u 5.9500 Tallow,edible,Chicago-u 0.5700 1611.10 -1.0 10-20 years 0.670 0.340 0.790 600.75 -2.8 Netherlands -0.090 -0.450 -0.010 4009.11 -6.1 20-plus years 2.360 1.290 2.460 1019.68 -6.9 U.K. 1.110 0.410 1.170 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Yankee Emerging Markets ** 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 3/31 2839.23 -3.2 1.820 1.370 2.880 892.79 -4.4 4.966 4.295 6.701 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Source: Dow Jones Market Data ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan

Exchange-Traded Portfolios | WSJ.com/ETFresearch Global Government Bonds: Mapping Yields

Closing Chg YTD Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Thursday, April 1, 2021 Closing Chg YTD SPDR DJIA Tr DIA 331.45 0.38 8.4 SPDR S&PMdCpTr MDY 482.30 1.31 14.9 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Closing Chg YTD ETF Symbol Price (%) (%) SPDR S&P 500 SPY 400.61 1.08 7.1 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago ETF Symbol Price (%) (%) iShMSCIJapan EWJ 69.14 0.90 2.3 SPDR S&P Div SDY 118.74 0.60 12.1 0.125 U.S. 2 0.160 s l 0.158 0.123 0.232 ARKInnovationETF ARKK 120.85 0.75 –2.9 iShNatlMuniBd MUB 116.00 0.11 –1.0 TechSelectSector XLK 135.48 2.01 4.2 CommSvsSPDR XLC 74.58 1.72 10.5 iSh1-5YIGCorpBd IGSB 54.60 0.00 –1.0 1.125 10 1.680 t l 1.749 1.444 0.630 VanEckGoldMiner GDX 33.60 3.38 –6.7 CnsmrDiscSelSector XLY 169.42 0.80 5.4 iShPfd&Incm PFF 38.40 0.40 –0.3 VangdInfoTech VGT 365.97 2.09 3.4 5.500 Australia 2 0.089 t l 0.094 0.126 0.196 -6.8 -7.1 -1.4 EnSelectSectorSPDR XLE 50.31 2.55 32.7 iShRussell1000Gwth IWF 246.88 1.58 2.4 VangdSC Val VBR 167.63 1.22 17.9 FinSelSectorSPDR XLF 34.47 1.23 16.9 iShRussell1000 IWB 226.48 1.18 6.9 1.500 10 1.794 t l 1.799 1.675 0.678 10.9 5.4 9.6 VangdSC Grwth VBK 279.44 1.74 4.4 HealthCareSelSect XLV 116.39 –0.30 2.6 iShRussell1000Val IWD 152.86 0.86 11.8 VangdExtMkt VXF 179.75 1.61 9.2 0.000 France 2 -0.638 s l -0.642 -0.599 -0.554 -80.6 -76.4 IndSelSectorSPDR XLI 98.78 0.34 11.6 iShRussell2000Gwth IWO 304.97 1.41 6.4 -79.4 VangdDivApp VIG 148.09 0.69 4.9 InvscQQQI QQQ 324.57 1.70 3.5 iShRussell2000 IWM 223.74 1.27 14.1 0.000 10 -0.079 t l -0.050 -0.091 0.005 -179.5 -57.7 VangdFTSEDevMk VEA 49.75 1.30 5.4 -176.3 InvscS&P500EW RSP 143.08 1.00 12.2 iShRussell2000Val IWN 161.32 1.16 22.4 VangdFTSE EM VWO 52.52 0.90 4.8 l iShCoreDivGrowth DGRO 48.57 0.62 8.4 iShRussellMid-Cap IWR 75.02 1.47 9.4 0.000 Germany 2 -0.698 t -0.684 -0.687 -0.665 -85.4 -84.8 -87.5 VangdFTSE Europe VGK 64.01 1.60 6.3 iShCoreMSCIEAFE IEFA 73.11 1.47 5.8 iShRussellMCValue IWS 110.51 1.11 14.0 0.000 10 -0.325 t l -0.290 -0.333 -0.460 -203.5 -104.2 VangdFTSEAWxUS VEU 61.45 1.27 5.3 -200.9 iShCoreMSCIEM IEMG 65.07 1.10 4.9 iShS&P500Growth IVW 66.06 1.46 3.5 VangdGrowth VUG 261.38 1.69 3.2 iShCoreMSCITotInt IXUS 71.20 1.31 6.0 iShS&P500Value IVE 142.18 0.67 11.1 0.050 Italy 2 -0.395 t l -0.371 -0.317 0.359 -55.1 -53.5 14.9 VangdHlthCr VHT 228.63 –0.05 2.2 iShCoreS&P500 IVV 402.08 1.07 7.1 iShShortTreaBd SHV 110.51 ... –0.0 l VangdHiDiv VYM 101.60 0.50 11.0 0.900 10 0.636 t 0.664 0.665 1.539 -104.9 -108.1 95.7 iShCoreS&P MC IJH 263.97 1.42 14.9 iShSilver SLV 23.15 1.98 –5.8 VangdIntermBd BIV iShCoreS&P SC IJR 110.09 1.44 19.8 iShTIPSBondETF TIP 125.56 0.29 –1.6 88.54 0.31 –4.6 0.005 Japan 2 -0.119 s l -0.122 -0.119 -0.132 -27.5 -28.7 -34.2 iShS&PTotlUSStkMkt ITOT iSh1-3YTreasuryBd SHY 86.23 –0.00 –0.2 VangdIntrCorpBd VCIT 93.14 0.31 –4.1 92.76 1.27 7.6 0.100 10 0.116 s l 0.098 0.157 0.007 -156.8 -164.7 -57.4 iShCoreUSAggBd AGG 114.04 0.34 –3.5 iSh7-10YTreasuryBd IEF 113.36 0.44 –5.5 VangdLC VV 187.36 1.11 6.6 iShSelectDividend DVY 114.83 0.64 19.4 iSh20+YTreasuryBd TLT 137.51 1.66 –12.8 VangdMC VO 224.53 1.44 8.6 0.000 Spain 2 -0.506 t l -0.494 -0.447 -0.146 -66.2 -65.8 -35.6 iShESGAwareUSA ESGU 91.95 1.19 6.9 iShRussellMCGrowth IWP 103.95 1.85 1.3 VangdMC Val VOE 136.19 0.98 14.5 0.100 10 0.306 t l 0.329 0.327 0.699 -141.7 11.8 iShEdgeMSCIMinUSA USMV 69.72 0.77 2.7 iShUSTreasuryBdETF GOVT 26.25 0.28 –3.7 VangdMBS VMBS 53.36 0.06 –1.3 -137.9 iShEdgeMSCIUSAMom MTUM 163.41 1.59 1.3 JPM UltShtIncm JPST 50.73 0.01 –0.1 VangdRealEst VNQ 93.53 1.82 10.1 0.125 U.K. 2 0.074 t l 0.108 0.101 0.115 -8.2 -5.6 -9.5 iShEdgeMSCIUSAQual QUAL 123.09 1.08 5.9 PIMCOEnhShMaturity MINT 101.89 0.02 –0.1 VangdS&P500ETF VOO 368.16 1.06 7.1 l iShGoldTr IAU 16.46 1.23 –9.2 SPDRBloomBar1-3MTB BIL 91.51 0.01 –0.0 VangdST Bond BSV 82.12 0.02 –0.9 4.750 10 0.800 t 0.847 0.757 0.314 -88.5 -89.8 -26.8 SPDR Gold GLD VangdSTCpBd VCSH 82.39 0.01 –1.0 iShiBoxx$InvGrCpBd LQD 130.61 0.63 –5.4 161.98 1.26 –9.2 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close iShiBoxx$HYCpBd HYG 87.07 0.21 –0.3 SchwabIntEquity SCHF 38.15 1.41 5.9 VangdSC VB 217.38 1.54 11.7 iShJPMUSDEmgBd EMB 109.39 0.79 –5.6 SchwabUS BrdMkt SCHB 97.83 1.16 7.5 VangdTotalBd BND 84.80 0.10 –3.8 Corporate Debt iShMBSETF MBB 108.19 –0.04 –1.8 SchwabUS Div SCHD 73.32 0.55 14.3 VangdTotIntlBd BNDX 57.15 0.12 –2.4 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific iShMSCI ACWI ACWI 96.39 1.30 6.2 SchwabUS LC SCHX 97.23 1.25 6.9 VangdTotIntlStk VXUS 63.55 1.36 5.6 iShMSCI EAFE EFA 76.86 1.30 5.3 SchwabUS LC Grw SCHG 132.08 1.77 2.9 VangdTotalStk VTI 209.28 1.25 7.5 expectations iShMSCI EAFE SC SCZ 73.00 1.61 6.8 SchwabUS SC SCHA 100.99 1.32 13.5 VangdTotlWrld VT 98.57 1.32 6.5 Investment-grade spreads that tightened the most… iShMSCIEmgMarkets EEM 53.86 0.97 4.2 Schwab US TIPs SCHP 61.22 0.25 –1.4 VangdValue VTV 132.12 0.50 11.1 Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week | Sumitomo Mitsui Financial SUMIBK 3.944 2.23 July 19, ’28 51 –17 n.a. Borrowing Benchmarks wsj.com/market-data/bonds/benchmarks Toronto–Dominion Bank TD 2.650 0.55 June 12, ’24 21 –17 42 Stellantis STLA 5.250 0.94 April 15, ’23 78 –16 103 Money Rates April 1, 2021 Walt Disney DIS 3.000 3.02 July 30, ’46 65 –12 n.a. General Motors GM 5.200 4.00 April 1, ’45 166 –12 186 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Travelers TRV 5.350 2.98 Nov. 1, ’40 62 –11 n.a. guide to general levels but don’t always represent actual transactions. ViacomCBS VIAC 4.375 3.69 March 15, ’43 135 –11 144 Principal Life Global Funding II … 1.250 1.19 June 23, ’25 27 –10 n.a. Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low Feb. index Chg From (%) …And spreads that widened the most level Jan. '21 Feb. '20 Federal funds Libor Royal Bank of Canada RY 0.500 0.53 Oct. 26, ’23 37 14 n.a. Effective rate 0.0700 0.0700 0.1000 0.0600 One month 0.11038 0.10913 0.98513 0.10300 U.S. consumer price index Apple AAPL 0.750 0.25 , ’23 10 6 15 High 0.0800 0.0800 0.2000 0.0800 Three month 0.19975 0.19300 1.38738 0.17525 Cooperatieve Rabobank RABOBK 0.375 0.55 Jan. 12, ’24 22 6 26 All items 263.014 0.55 1.7 Low 0.0500 0.0200 0.0600 0.0000 Six month 0.20125 0.20388 1.23825 0.18950 Boeing BA 1.950 1.04 Feb. 1, ’24 70 5 75 Core 270.696 0.35 1.3 Bid 0.0500 0.0700 0.1000 0.0100 One year 0.28050 0.28075 1.06013 0.27588 Credit Suisse CS 0.495 0.91 Feb. 2, ’24 58 5 43 Offer 0.0800 0.0800 0.1200 0.0500 International rates Euro Libor Coca–Cola KO 2.875 1.04 Oct. 27, ’25 13 5 n.a. Treasury bill auction TELEFO 5 109 Week 52-Week One month -0.578 -0.579 -0.360 -0.607 Telefonica Emisiones 4.103 1.95 March 8, ’27 104 Latest ago High Low 4 weeks 0.015 0.015 0.190 0.005 Three month -0.550 -0.549 -0.142 -0.574 Toyota Motor Credit TOYOTA 1.150 1.68 Aug. 13, ’27 75 4 78 13 weeks 0.020 0.015 0.280 0.015 Six month -0.525 -0.524 -0.052 -0.543 Prime rates 26 weeks 0.040 0.040 0.290 0.040 One year -0.499 -0.493 0.008 -0.511 High-yield issues with the biggest price increases… U.S. 3.25 3.25 3.25 3.25 Bond Price as % of face value Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Canada 2.45 2.45 2.45 2.45 Secondary market Secured Overnight Financing Rate Japan 1.475 1.475 1.475 1.475 Fannie Mae 0.01 0.01 0.13 0.01 RIG 7.500 18.89 April 15, ’31 49.563 1.94 47.500 HCA HCA 7.500 3.93 Nov. 6, ’33 135.225 1.48 n.a. Policy Rates 30-year mortgage yields Value 52-Week Latest Traded High Low OXY 6.450 5.37 Sept. 15, ’36 111.229 1.05 108.750 Euro zone 0.00 0.00 0.00 0.00 30 days 2.553 2.483 2.622 1.751 60 days 2.596 2.522 2.674 1.804 Sprint Capital … 6.875 2.90 Nov. 15, ’28 127.000 0.96 125.500 Switzerland 0.00 0.00 0.50 0.00 DTCC GCF Repo Index ADT Security ADT 0.92 101.857 Britain 0.10 0.10 0.10 0.10 Other short-term rates Treasury 0.036 60.550 0.151 -0.008 3.500 1.43 July 15, ’22 102.610 MBS Australia 0.10 0.10 0.25 0.10 0.033 34.200 0.169 0.002 Nokia Oyj NOKIA 6.625 4.62 May 15, ’39 124.350 0.92 121.823 Week 52-Week Overnight repurchase Latest ago high low Weekly survey …And with the biggest price decreases U.S. 0.02 0.02 0.14 -0.04 Latest Week ago Year ago Call money Genworth Financial GNW 6.500 6.61 June 15, ’34 99.000 –1.47 100.000 UAL –0.99 101.625 U.S. government rates 2.00 2.00 2.00 2.00 Freddie Mac United Airlines Holdings 4.875 4.51 Jan. 15, ’25 101.250 30-year fixed 3.18 3.17 3.33 Dish DBS … 5.000 3.00 March 15, ’23 103.750 –0.72 103.615 Discount Commercial paper (AA financial) 15-year fixed 2.45 2.45 2.82 Tri Pointe Homes TPH 5.875 2.59 June 15, ’24 110.000 –0.50 n.a. 0.25 0.25 0.25 0.25 90 days 0.15 0.11 0.26 0.04 Five-year ARM 2.84 2.84 3.40 Royal Caribbean Cruises RCL 5.250 3.32 Nov. 15, ’22 103.000 –0.49 103.125 Netflix NFLX 5.500 0.67 Feb. 15, ’22 104.125 –0.25 103.875 Notes on data: … –0.23 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. Other prime rates Teva Pharmaceutical Finance Netherlands 2.800 3.05 July 21, ’23 99.450 99.125 aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of Gap GPS 8.375 1.45 May 15, ’23 114.320 –0.18 114.500 March 31, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. *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. Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more Tullett Prebon Information, Ltd. Source: MarketAxess P2JW092000-1-B01000-1------XA

B10 | Friday, April 2, 2021 * THE WALL STREET JOURNAL. BANKING & FINANCE BlackRock’s Bank Faces Greensill Roadblocks Fink Gets Complicatedownership clude loans to Greensill’s big- the liquidation of Archegos CitigroupInc.operates a that he “has a defense which gest borrower,GFG Alliance, Capital Management. Thebank special-purpose vehicle,called is ready because we had com- 18% Raise structuremuddies the metals empire controlled has said it expectstotakealoss a trust by some in the indus- mittedfacilities forthree efforts by Credit Suisse by British-Indian tycoon San- on both Greensill and Archegos. try, that collectspayments years.” He said that GFG In His Pay jeev Gupta. Greensill, afinancial from Greensill’sborrowers and would use the defense if there to recoverinvestments Theemergenceofthe dou- startup that specialized in forwards money on to the were any dispute with Green- BY DAWN LIM ble-trust issue has the potential businesslending,was founded Credit Suisse funds,according sill’s administrators. BY DUNCAN MAVIN to complicateCredit Suisse’s in 2011 by former Morgan to people familiar with Green- Further complicating mat- BlackRock Inc.Chief Execu- AND JULIE STEINBERG ability to recovermoney forthe Stanley and Citigroup banker sill’s business. ters:Although Credit Suisse in- tiveLarryFink earned $29.85 morethan 1,000 investorsinits LexGreensill.The firm spe- This week,atthe instruc- vestmentswerebacked by million last year,a18% payin- Credit Suisse Group AG’s supply-chain funds.Investors cialized in supply-chain fi- tion of the Credit Suisse,Citi- loans that renewedevery few crease. effort to recover$10 billion in- include pension funds,corpo- nance, aform of short-term group filed acase in aU.K. months,Greensill had provided Mr.Fink’sraise caps ayear vested in loans from Greensill rate treasurersand other pro- corporatelending, and filed court to forceone of Mr. GFGand some other clients in which the world’slargest as- Capital faces roadblocks be- fessional investors. forbankruptcy earlier this Gupta’scommodities-trading with long-term commitments set manager took in $391 bil- cause of acomplicated struc- Credit Suisse said it has so month after it lost credit in- businesses intoinsolvency, ac- of up to three years, according lion in newmoney and gained ture that makes it difficult for far returned $3.1 billion to in- surance that wascrucial to its cording to people familiar an internal July 2020 Greensill ground over rivals as markets the parties to agree on who vestors. Morecash has re- business. Credit Suisse sus- with the matter. memo reviewedbyThe Wall were rattled by the pandemic owns the loans,according to cently flowedintothe funds as pended the investment funds. Aspokesperson forMr. Street Journal as well as peo- and afee warroiled the invest- people familiar with the matter. Greensill’sborrowers payback Discussions between law- Guptasaid GFGAllianceisin ple familiar with the loans. ment industry. During the tur- A“double trust” structure some of the loans,according yers forCredit Suisse,Grant “constructivediscussions with This could open the door to moil, the Federal Reserve means that investorsinCredit to aperson familiar with the Thornton, which is acting as Grant Thornton” and said it the argument that Mr.Gupta tapped BlackRock forhelp in Suisse’sfunds have rightsto matter. Thebank has said it administratorsfor Greensill, would vigorously defend anyle- and other Greensill clients buying bonds and funds as part cash flowsfromthe loans held would return moremoney to and GFGhavebecome increas- galaction. Thecompanyistak- won’t have to payback their of aseries of interventions to in one trust, but rights to the investors in mid-April. ingly boggeddowninrecent ing steps to refinanceits busi- supply-chain loans for an ex- prop up markets. underlying loans areheld in a Theproblems with Greensill days over the trust structure, ness, the spokesperson added. tended period. BlackRock,which has $8.7 separatetrust, people familiar comes at adifficult time forthe according to people familiar Mr.Guptasaid on apodcast —Alistair MacDonald trillion under management, is with the trusts say. These in- Swissbank while it deals with with the matter. forGFG employees last week contributed to this article. best knownfor itssprawling lineup of exchange-traded funds that trade rapidly and land who now chairs the Sys- track indexes. It has been look- Gap Seen temic Risk Council, agroup of ing to grow in higher-fee and former financial regulators lucrativeareas such as the pri- and risk experts. “The collat- vate markets. It has tried to ag- In Swaps eral requirements just gradu- gressively market funds that ally keep coming down and ev- pick companies with higher en- erybody thinks it’sall very vironmental, social and gover- Regulation sensible,oratleast unavoid- nancescores. able.” As BlackRock uses itscon- TheDodd-Frank Act, passed trol over shareholdervotes to ContinuedfrompageB1 in 2010,sought to prevent a nudgecompanies to improve ditional disclosurerules apply repeat of the crisis by impos- their governancefor investors, if the stakes exceed 10%. Large ing asweeping regulatory it faces growing scrutinyon investment firms must also framework on swaptrades. howitismanaging itsown disclose their stockholdingsat Thelaw’s provisions didn’t ap- house.

the end of each quarter,albeit S ply to the swaps that Archegos Thefirm has battled criti- with a 45-day delay. used, though, because it took cism from former employees NEW

None of those rules apply if G untilDecember 2019 forthe about ahigh-pressureoffice an investor uses swaps to SEC to completeits rules for culture. Some have accused the

amassthe equivalent of a OOMBER security-based swaps,and the firm of asexist, exclusionary large stakeinapublicly traded rules areonly set to take ef- anddiscriminatoryenviron- A/BL

corporation. That appearsto OT fect later this year. ment.

have helped Archegos stay un- HI Starting in October,banks Mr.Fink said in aMarch OS

der the radar until it blewup. KIY and other firms that trade sig- statement to employees that Archegos is estimated to have Among the banks facing steep losses are Credit Suisse Group and Nomura Holdings. nificant volumes of such “incidentswe’veread about to- had exposuretothe economics swaps must comply with sev- dayand in recent weeks vary of more than 10% of multiple Critics sayswaps have long TheSEC says it has been firm entering the trade. eral newrules,including widely,but what they all have companies’ shares. been used to avoid the SEC’s monitoring the Archegos situ- Some former regulatorssay “knowyour counterparty” ob- in common is that they should If the SEC’sdisclosurerules disclosurerules,particularly ation sincelast week.The the fact that banks allowed ligations aimed at ensuring not happen at BlackRock.” The applied to swaps,Archegos’s by activist investorswho pre- agency has opened a prelimi- Archegos’s leverage to get so they understand the risks of firm said recently it wasestab- bankswould have had more fertoacquiretheir positions naryinvestigation intothe high could be asign that the their trading partners. lishing anew investigations insightintothe outsizeposi- secretly. Wachtell, Lipton, matter. TheSEC has said in banks arestretching their risk Trades in security-based team to handle workplacecom- tionsthat Mr.Hwang’sfirm Rosen &Katz—a lawfirm that the past that investors aren’t appetites intoperilous terri- swaps will also need to be re- plaintsand hired lawfirm Paul, wastaking on, said Andres helps companies play defense required to disclose positions tory.Banks typically getinto ported to giant surveillance Weiss, Rifkind,Wharton &Gar- Vinelli,vicepresident foreco- against activist investors—pe- in equity derivatives unless trouble when they start taking databases that regulators risontoconduct an internal re- nomic policyatthe Center for titioned the SEC 10 years ago they have voting powerover on more risk to start winning could potentially use to moni- viewand recommend howit American Progress. That may to broaden itsdisclosurerules related shares. business,asinthe run-up to tormarket activity,though de- could improveits handling of have helped them reassess to include synthetic positions TheArchegos fallout has the 2008 financial crisis.That tails of the trades,such as the workplaceissues. Archegos’sriskinessand limit created by swaps.The SEC also raised concerns about canlead to excessiveleverage, identity of the firms behind Mr.Fink’spay for2020 in- their businesswith the firm, never acted on the petition. whether banks were extending unlessaregulator likethe each trade, wouldn’t be made cluded a$9.5million cash he added. “The Archegos meltdown the firm too much leverage— Federal Reservesteps in to public. award,$18.85million in stock “The privatemarketplace amid continued regulatory the ability to place large bets limit risk taking. Proponentsofstronger and other incentives and abase wasnot aware of the extent of shortfalls highlight the need with asmall upfront payment. “The private sector cannot swapregulation saythe salaryof$1.5million, the firm the risk exposure, because it (which we continue to think is Totalreturn swaps canbe solvethat problem by itself Archegos messunderscores said. That proposed executive did not have enough informa- urgent, indeed increasingly so) used to placehighly leveraged and particularly cannot in a whyDodd-Frank wasimple- packagewas disclosed in a tion,” said Mr.Vinelli. “The forcomprehensivereform,” bets, especially if the bank hot or bubbly market,” said mented in the first place. proxystatement. Ameasureof antidote for that is more dis- Sabastian Niles,aWachtell doesn’t demand asignificant Paul Tucker, a former deputy —Dave Michaels contributed his compensation packagewill closure.” partner, said in an email. amount of collateral from the governor of the Bank of Eng- to this article. be put up to avotethis year. Family Offices Turn to Private-Equity Firms for Investing Talent

BY PREETI SINGH and chief executives of Fintrx, managing investments. that he found attractive. Mr. addedthat family offices have resourcing and recruiting afamily officedatabaseand re- Family offices looking to at- Chen joined Strand, aLos An- the ability to be morepatient companythat works exclu- Family-officeinvestors search provider.In2019,at tract professionals from pri- geles firm launched by enter- andflexible in their approach. sively with family offices. poured more money into pri- least 49.7%ofall family offices vate-equity firms oftenneed to tainment and marketing entre- Morerecently,the pan- Afamily officeinvestment vate companies in the quest in North Americamade direct offer incentives such as mecha- preneur Seth Rodskyand cable demic prompted an exodus of firm launched by Bob Levine, forhigher returns and greater investments, according to a nisms that allowinvestment television and radio advertis- investment professionals from the founder of midmarket-fo- control over investment port- Fintrx report released in Au- staff to invest directly in deals ing pioneer TedSchwartz,in largercities likeNew York,en- cused Milestone Partners, L2 folios. gust 2020. alongside the family officeor 2017after three yearswith Los abling moreofthem to appre- CapitalPartnersturned to re- Now, moreofthese private- Even family offices manag- by offering them acut of the Angeles-based private-equity ciatethe advantages of less cruiting private-equity talent investment firms areluring inglessthan $1 billion in as- profitsgenerated by the deals firm LeonardGreen &Partners. expensivetowns.That has as his firm’sportfolio of direct private-equity talent, offering sets aresearching forspecial- they do,often referred to as made private-equity profes- investmentsgrew. Last year,L2 them achancetomanageex- ized investment talent as they carried interest. sionalsmoreinclined to ex- Capital recruited asenior asso- panding portfolios and promis- seek to makemoredirect in- Increasingly,family offices Even offices ploreopportunities with fam- ciateatlowermidmarket pri- ing improved work-lifebalance. vestments, recruiterssay. areemphasizing abetterwork- ily offices located outside of vate-equity firm ABS Capital Executiverecruiterssay that “The asset levels are going lifebalanceand the security managing lessthan $1 the big investing hubs,accord- Partnerstojoin the firm as a searches among family-office down, meaning families are that comes with investing with billion in assetsseek ing to Jeff Warren, amanag- vice president. Another pri- investorstorecruit private-eq- morequickly deciding to bring long-term capital, saving them ing director who co-heads the vate-equity professional is set uity talent areincreasing as their capability in house,” said from the fundraising cycle tied specialized talent. Americas private-equity prac- to join the team soon, he said. morefamily offices seek to de- Derek Braddock,co-founder to private-equity firms,accord- ticeatexecutive-search firm “Ifyou canbecome part of a ploymorecapital directly into and partner at BraddockMat- ing to Forrest Tempel, partner Russell Reynolds Associates. team building up the PE prac- privatecompanies rather than thews,anexecutive-search at single family office Reynolds Demand forinvestment ticewithin afamily office, you solely through funds managed firm that helps family offices Capital Partners, which invests Mr.Chen said working fora professionals among family of- arebasically on that ground by outside firms. recruit talent. “I think that in private-equity funds and family investment firm has of- fices surged in August after a floor and canuse that to sup- Direct investmentsbyfamily generally stems from the fact makes direct investments. feredhim an opportunity to ex- slowdownduring the initial port your career and build a offices surpassed an estimated that they’d likemorecontrol.” ForKevinChen, aprincipal plorethe most rewarding as- pandemic lockdowns, accord- career,” Mr.Levine said,adding 9,000 deals at the end of 2019, Private-equity firms offer a at Strand Equity Partners, a pectsofinvesting,such as ing to Tayyab Mohamed, co- that private-equity jobs at from just afew thousand at the pool of trained talent, often position with the family invest- “forming relationships with founder of Agreus Ltd. and well-established firms offered beginning of the year,accord- with networks of contactsand ment firm offered an entrepre- foundersand coming up with president of Agreus USA, a good paybut uncertain long- ing to RussD’Argento, founder experiencesourcing deals and neurial approach to investing creativedeal structures.” He New York- and London-based term career path opportunities.

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TotRetBdI 10.49 +0.03 -1.2 GroCo 34.26 +0.59 4.2 IntlEq 29.03 +0.37 2.1 TotRt 10.25 +0.03 -2.8 ExplrAdml 129.83 +2.18 8.4 WndsrAdml 81.26 +0.80 13.8 ExtndIstPl NA ... NA Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Edgewood Growth Instituti GrowCoK 34.35 +0.59 4.2 Invesco Funds Y PIMCO Funds A ExtndAdml NA ... NA VANGUARD FDS IdxIntl NA ... NA e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese EdgewoodGrInst 53.45 +0.91 3.2 InvGrBd 11.57 +0.04 -2.4 DevMktY 54.87 +0.97 2.6 IncomeFd 11.99 +0.02 -0.1 GNMAAdml NA ... NA DivdGro 34.57 +0.13 4.6 MdCpGrAdml NA ... 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THE WALL STREET JOURNAL. ***** Friday, April 2, 2021 | B11 MARKETS Gold Prices Suffer Reversal

BY JOE WALLACE Rolling 10-trading-daycorrelation*between daily pricechanges in gold and the S&P500

S 0.75 Thegold market has lost its NEW glint, dashing the hopes of 0.25 G people who predicted that lav- -0.25 ish stimulus spending by cen- OOMBER tral banks and governments -0.75 KI/BL would send bullion prices to 1.00 WS newheightsthis year. DO

SA Gold futures on Wednesday 0.50

TEK closed their worstquarter 0

BAR since2016,falling 9.5% to Speculative investors have lowered net bets on higher prices. $1,713.80atroyounce. Fewas- -0.50 setshavefared worse: namely, -1.00 the priceoforange-juicefu- Copper Retreats tures,cocoa, Turkey’s liraand 2020 '21 long-term U.S. government Real yield on 10-year Priceofmost-activegold futures since2017 bonds. U.S. government bonds† Theprecious metal has suf- Goldcloses From Near-Decade fered since August, when 1.0% $2,200 atroy ounce at record high. prices closed at arecord $2,069.40atroyounce. Gold 2,000 Fedslashes rates Highs in February has sincedropped 17%. Fore- 0.5 to near zero. castsofarapid global eco- 1,800 First rate cut nomic expansion this year, 0 since2008 BY AMRITH RAMKUMAR victory in 2016, with investor poweredbyvaccinations and 1,600 anticipationofalarge infra- U.S. stimulus,havetarnished Copper prices have fallen structurespending package gold’sallureasahaven in un- -0.5 1,400 about 7% from a near-decade eventually fading. Even if Mr. certain times. high hit in late February, part Biden’splan moves through “Aspeople have gotmore -1.0 of abroad retreat from specu- Congress, itsimpact on copper optimistic aboutthe world 1,200 lativetrades even as the Biden demand will still pale in com- economy, interest rateshave administration pledges to parison with Chinese eco- risen and the relativepercep- -1.5 1,000 pump trillions of dollars into nomic activity, analysts say. tion of gold to other yielding 2020 '21 Feb. 2018 '19'20 '21 the economy. Shares of electric-car mak- assets has become lessattrac- *Smoothed trend. Levels above 0indicate prices move together; below0indicatestheymove inversely.Datathrough March 29. Most actively traded copper erslike Tesla Inc.and other tive,” said Nabeel Abdoula, †Yield on constant-maturity10-Year Treasury inflation-protected securities futures edged down 0.1% to stocks tied to green energy ad- deputy chief investment officer Sources: FactSet (correlation and governmentbonds); Federal ReserveBank of St.Louis (gold futures) $3.99apound on Thursday, vanced Thursday, paring some at Fulcrum Asset Management. bringing their slide forthe of their recent losses. TheLondon-based hedge week to roughly 2%. Thein- Still, higher Treasuryyields fund hascut itsgold invest- dustrial metal could benefit have hurt those stocks and mentsinthe past year.Itstill from President Biden’sre- commodities likecopper by in- has holdingsinthe precious cently released $2.3trillion in- creasing investor returns from metal using futures and op- frastructureplan,but some ultrasafegovernment bonds, tions,said Mr.Abdoula. traders are skeptical the pro- making riskier trades less ap- Gold’s75% surge starting in posal will pealing.Other factorshurting August 2018 had prompted COMMODITIES passinCon- growth-sensitive raw materi- bulls to saylow interest rates gressand say alsinrecent weeks include a and swelling deficitswould de- anyboost to demand has al- sluggish vaccine rollout in Eu- base the dollar,fueling infla- ready been baked into prices. rope and data indicating that tion and pushing the metal Copper is used to build ev- the Chinese economic recovery higher still. Concerns about in- erything from houses to elec- might slowfollowing ahot flation have long failed to ma- S tric cars,making prices sensi- start to 2021. terialize: Forces including an NEW

tivetochanges in the global Andastronger dollar has agingpopulation and globali- G economic outlook. They are made assets priced in dollars zation have helped to keep U.S. particularly tied to demand in likecommodities moreexpen- inflation low and stable for OOMBER

China, which accountsfor sive for overseas investors. about three decades. /BL

roughly half of the world’s Hedgefunds and other spec- Instead, robust U.S. growth AY consumption. ulativeinvestorshavelowered has unexpectedly strengthened GR VID

Therecent volatility high- net betsonhigher copper the dollar: TheWSJ Dollar In- DA lightshow manyinvestorshave prices,cutting them by nearly dexrose 3.1% in the firstquar- Several banks have slashed their forecasts for gold prices. A refinery in Australia. already wageredonswaths of 50%inthe five weeks ending ter. A stronger greenback the Biden agenda, anticipating March23, Commodity Futures makes many commodities arecorrect in projecting that a theSPDR Gold Trust, the big- out of gold and intomarkets abrighter economic outlook as Trading Commission datashow. moreexpensivefor buyersus- spurt of inflation this year will gest such fund, according to that stand to prosper from the stimulus and coronavirus vac- Many analysts view the re- ing other currencies. be short-lived and that the cen- FactSet. lifting of lockdowns,such as in- cines accelerategrowth. Every- cent pullback as ahealthycor- Theargument forholding tral bank will keep ratesnear In the early months of the dustrial metals,hesaid. thing from electric-vehicle rection following aperiod of gold as ahedgeagainst infla- zero through 2023.Inthat sce- pandemic,the metal wasa Another factor reducing the stocks to shares of renewable- excess optimism. Investors tion has also endured asetback nario,Mr. Abdoula reckons gold prime beneficiaryofacollapse attraction of gold is that the energy companies also soared had piled intoshares of cop- this year.The prospect of buoy- prices have fallen toofar. in interest rates. Analystsat metal has failed to act as a following Mr.Biden’svictoryin per minerslike Freeport-Mc- ant economic activity and Thethirdpossibility is that banks including hedgethat zigswhen riskier as- November. MoRan Inc., sparking nearly higher inflation fueled asteep disruptions to the global sup- Group Inc.and Citigroup Inc. setslikestocks zag. In recent Investorshavepared back uninterrupted gains to start rise in yields on U.S. govern- ply chain forvital products touted gold as an investment. months,the correlation between such speculativewagersinre- the year. ment bonds in the firstquarter. such as electronic chipsand Money poured intogold-backed the metal and the S&P 500 has cent weeks as government- Some commodity analysts Realyields,orthe returns on plastics,orother factors, gen- ETFs.’sBerk- been consistently positive. bond yields climb, underscor- have even predicted acom- government bonds afteradjust- eratehigher and longer-lasting shireHathaway Inc.added to Some investorsremain bull- ing howitcould be difficult modity supercycle featuring a ing forinflation expectations, inflation than investorsorthe the excitement when it invested ish on gold and see nowasa for“Biden trades” to rally yearslong synchronous climb also jumped, raising the oppor- Fedpredict. That mightde- in Barrick. time to buy.Daniel Egger, chief from here. in prices of oil, copper,live- tunity cost of owning gold, pressreal bond yields and That zeal has cooled. Several investment officer at Switzer- “Some of the froth had built stock and grains.Their price which doesn’t offer income. boost gold, Mr.Abdoula said. banks have slashed their fore- land’sSt. GotthardFund Man- up earlier this year based on projections would see copper Fulcrum’sMr. Abdoula sees Gold’sdecline has knocked castsfor gold prices.Goldman agement, said central banks expectations—most of the ex- soar past its2011 record above three paths forgold from here. down shares of mining compa- Sachs in Februarycut its12- will push back against rising pectations have already been $4.60 apound to newhighs,a In the firstscenario,bond nies including Barrick Gold Corp. month outlook to $2,000 atroy bond yields,giving gold anew realized,” said EdwardMeir,a scenario that some analysts investorswho arebetting the It has also weighed on ex- ouncefrom$2,300 in August. lease of life. consultant focused on metals sayisunlikely given that sup- Federal Reservewill raise in- change-traded funds backed by “What we gotwrong is the Asustained rise in inflation- at brokerageED&F Man Capi- ply will likely recover follow- terest rates sooner than it says gold, which areacheap and underlyingeconomic growth adjusted yields “would suffo- talMarkets. “People aresay- ing the pandemic. to curb inflation maybe easy way forindividual and in- environment is far stronger,” cate the real economyconsid- ing, ‘Now what?’” “Thereare some crazy proved right. That could send stitutionalinvestorstobet on said Jeffrey Currie, head of eringthe enormous amounts Asimilar dynamic played numbers out there,” Mr. Meir gold prices spiraling lower. prices.Investorshavepulled a commodities research at the of debt that have come to the out following Donald Trump’s said. In the second, Fedofficials net $7.52billion this year from bank.Investorshaveswitched market,” Mr.Egger said.

the economic rebound. Indexperformance, Thursday at SEBInvestment Manage- S&P That thinking wasevident ment. “Bond volatility is going Coinbase 2.0% Thursday. down, which is part of feeling “Weare entering aperiod of more confident in seeing the Exchange Passes time when thereisabit more Nasdaq Composite opportunity in growth stocks.” risk,and forthat Iwant to Oil prices rose afterthe Or- have amorebalanced ap- 1.5 ganization of the Petroleum Set to Go 4000 Mark proach,” said Lars Skovgaard Exporting Countries and a Andersen, investment strate- group of other big producers Public gist at DanskeBank Wealth S&P500 led by Russia agreed Thursday ContinuedfrompageB1 Management. Mr.Andersen 1.0 to add about 350,000 barrels a BY PAUL VIGNA of asurge in economic growth said he thinks information- dayinproduction, with more amid widespread vaccinations, technologystocks such as Mi- looseninglater this year. Coinbase Global Inc.plans fresh spending programs from crosoft and Salesforce.com U.S. crude rose 3.9% to to go public in ahighly antici- the Biden administration and would provide acushion if cy- $61.45 abarrel. Analystsex- pated direct listing on April earnings expectations.Still, clical stocks lose momentum. 0.5 Dowindustrials pected the cartel to keep out- 14,the U.S.’s largest crypto- they pointtorisks stemming Despitethe sector rotation put cutsinplacetobolster the currencyexchangesaid Thurs- from rising bond yields,new in thestock market this year, oil market afterarecent slide day. lockdowns in Europe and signs tech stocks were the biggest in prices. Coinbase,founded in Sili- of excess in cornersofthe driversofthe S&P 500’slatest 0 Overseas,the StoxxEurope conValley in 2012, provides market. 1,000-point milestone.Five 9:30 a.m. noon 4p.m. 600 rose 0.6%, led by tech and services for institutional and THURSDAY’S Over the stocks—Apple,Microsoft, Am- real-estatestocks.Early Friday, individual clientsinthe crypto MARKETS past year, azon.com, Facebook and Al- Source:FactSet Japan’sNikkei wasup1.1%, markets. It has growntoabout stocks have phabet—contributed 44%of Hong Kong;s Hang Seng was 1,200 employees and 43 mil- risen sharply in expectation of the gains,according to S&P pected, showing another solid Western Digital—which the up 2% and South Korea’sKospi lion customersinmorethan an economic rebound, said DowJones Indices. month fornew orders, output Journal also reported to be cir- wasup1.1%. S&P futures were 100 countries.In2020,it Shawn Snyder,astrategist at On the economic front, new andemployment. TheMarch cling the Japanese semicon- up 0.2%. brought in $1.3billion in reve- Citi U.S. Wealth Management. claims forjoblessbenefits PMI came in at 64.7, higher ductor company—gained $4.62, nue and turned aprofitof Nowthat it appearstobehere, edged up to 719,000 last week than the projected 61.7. or 6.9%, to $71.37 $322 million. investorshave“Covid jitters,” from 658,000 the previous That is anotherwelcome Theyield on 10-year Trea- AUCTION RESULTS In privatemarkets, shares he said, looking warily at infla- week,datafromthe Labor De- sign forthe economy. On surynotes slipped to 1.680% Here are the results of Thursday's Treasury auctions. had recently changed hands at All bids are awarded at a single price at the market- tion expectations and, ulti- partment showed. Economists Wednesday, President Biden from 1.749% Wednesday, its clearing yield. Rates are determined by the difference apricethat would givethe mately,areversalofFederal had expected unemployment unveiled a$2.3trillion infra- largest one-daydropsinceNo- between that price and the face value. company a valuation of $67.6 Reservepolicy. claims—a proxyfor layoffs—to structureplan centered on fix- vember.Yields posted their FOUR-WEEK BILLS billion, it disclosed in aregula- Applications $130,751,974,200 “We’reexiting this Gold- decline.The figuresare fol- ing roads and bridges,expand- biggest one-quarter rise since Accepted bids $43,140,824,200 tory filing.Whatever it does ilocks situation [for stocks] lowedbyinvestors1%1seeking ing broadband internet access 2016 in the firstthree months " noncompetitively $700,682,500 raise will be added to the $1 " foreign noncompetitively $500,000,000 andwondering if the porridge to gaugethe paceofthe eco- and boosting funding forre- of the year,unsettling tech Auction price (rate) 99.998833 billionincash the company is toohot,” he said. nomicrebound. search and development. Semi- stocks whose valuations had (0.015%) has on hand, giving it abig Coupon equivalent 0.015% Some arequestioning Although U.S. investorswill conductor producersand oth- been plumped up by lowinter- Bids at clearing yield accepted 38.15% warchest to ride ’sups whether this year’s rotation also be eager to see the March ersstand to benefit from Mr. est rates. Cusip number 912796F79 and downs. outoftechnologystocks and payrolls report Fridaymorn- Biden’sinfrastructurepackage, Thursday’smoves bolstered The bills, dated April 6, 2021, mature on May 4, 2021. Coinbase’s fortunes are in- intoeconomically sensitive ing,they won’t be able to trade Mr.Andersen said. investorswho think yields are EIGHT-WEEK BILLS tertwined with bitcoin, the sectorslikebanks and energy on the datauntil Monday, as In corporatenews, shares of unlikely to keep rising at the Applications $148,090,242,600 digitalcurrencylaunched Accepted bids $43,142,088,700 has gone toofar.Having pow- theequities marketswill be Micron Technology rose same pace. " noncompetitively $217,470,100 morethan adecade ago. Fully ered the broad market higher closed forGood Friday. $4.20,or4.8%, to $92.41 after “The bond market has ad- " foreign noncompetitively $509,000,000 96% of Coinbase’srevenue Auction price (rate) 99.997667 in 2020,the rally in tech stocks TheInstitutefor Supply TheWall Street Journal re- justed nowand is at the level (0.015%) comes from transaction fees, slowedinthe firstquarter as Management’sMarch survey of ported that the memory-chip appropriatefor the coming in- Coupon equivalent 0.015% which means the company Bids at clearing yield accepted 42.60% investorsbought intocompa- purchasing managersatU.S. makerwas exploring apoten- flation,” said Hans Peterson, Cusip number 912796G37 benefitswhen bitcoin is in one nies that stood to benefit from factories wasbetterthan ex- tial deal forJapan’sKioxia. global head of asset allocation The bills, dated April 6, 2021, mature on June 1, 2021. of its frantic trading phases. P2JW092000-2-B01200-1------XA

B12 | Friday, April 2, 2021 ** THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY When Doors Open, Stocks’ Window Closes

Previous rounds of U.S. stimulus checks ledtoasurge in ...unlikeinprevious stimulus-check rounds,retail People are starting to have better things to do trading, but notthis time... investors have been underperforming the market. than invest in markets for entertainment Net equity purchases Retail-investormodel portfolio performancerelativeto by retailinvestors the broader S&P500,cumulativereturnssincethe end ManyonWall Street turn to cardsjumped and is 1.6% below of 2019 Checks(1) Checks(2) Checks (3) Checks(1) Checks(2) Checks (3) the “boredom market hypothesis” itspre-Covid trend—compared $20 billion 80 pct. pts. to explain the stunning rally of with a40% fall in March 2020— the past year: Bereftoftraveland JPMorganChase datashowedthis other pursuits, stimulus-check re- week. cipients gambled on hot stocks This time,though, the stimulus 15 60 ranging from GameStop to elec- isn’t filtering through to the stock tric-vehicle startups.Asecono- market. mies reopen, investorswill need Daily equity purchases by indi- 10 40 to grapple with the consequences vidual investorshaveremained of morepeople spending their stable at around $11 billion in re- checks outdoors. cent weeks on a10-dayrolling ba- It has been two weeks sincethe sis,datafromflowtracker Vanda- 5 20 TreasuryDepartment started Track shows.This is sharply sending $240 billion worth of different from what happened in electronic paymentstohouse- April 2020,when checks immedi- 0 0 holds.Spending on Chase credit ately led to ajump in retail flows, or Januaryofthis year,when the Jan. 2020 ’21 Jan. 2020 ’21 impact wasclearly noticeable two Source:VandaTrack weeks in. Both amateur and professional turned gambling on hot stocks portfolios,VandaTrack estimates. money is very exposed to it, yet money managersneed to pay intoanew form of entertainment. Playing Wall Street trader is far flowsintotech-centered passive close attention. In apaper pub- Behavioral-economics research lessfun when youare losing. vehicles arestill increasing.That lished this week,researchersfrom also shows that people tend to Theabsenceofthis tidal force suggestsmanysee them as apru- the SwissFinanceInstitutefound spend one-off windfalls more should have consequences for dent placetoput long-term sav- that individual investorshad a recklessly. howmarketstrade,atleast in the ings. Staples like Apple and Al- disproportionatemarket sway Now, thanks to vaccinations short term. phabet maybeinabetter versus institutional ones during and lockdowns easing,thereare Forone,much of the 2020 en- position than smaller startups. the second quarter of 2020 be- moreways to spend money reck- thusiasm for“reopening” trades Theno-fee app trading boom cause they reacted moretoprice lessly away from home.Chase fig- wasdriven by individual inves- wasn’t purely apandemic phe- changes: Everydollar going into ures suggest that the largest in- tors.Without them, sectorssuch nomenon. Funds seem to keep zero-fee investing application creases in card paymentswere as airlines,hotels and cruise flowing intoonline-forum darlings Robinhood caused a$5increase registered in lodging establish- ships offer lessofanupside even likeGameStop, suggesting that a in equity capitalization. ments, restaurantsand retail if the summer season meetsnow- few organized enthusiastsare still Households usually makedeci- stores. elevated market expectations. eager to prop up individual firms. sions about spending firstand Also,previous rounds of stimu- Retail money also favoredelec- On the whole,though, the role of then decide howtoinvest their lus hit people’sbank accountsata tric-vehicle,spaceand cannabis boredom in asset-pricing models

ZIEMINSKI/REUTERS savings, rather than making a time when the stocks favoredby stocks,which have all stalled should greatlydiminish as Ameri-

NICK choicebetween going to the cin- individual investorsweredoing lately. cans shiftachunk of their lives People turned to hot stocks like ema or buying GameStopshares. well. This time it happened right Theimpact on the wider tech offline. GameStop for entertainment. But forcing people to stay indoors afterabig drawdownintheir sector is lessclear-cut. Retail —Jon Sindreu

Evergrande liabilities as apercentageofassets 90% Kioxia Is a Must-Have for Both 85 Western Digital and Micron 80 Go big or go home. That’s the 75 reason for deals in the memory- chip market. Memory-chip makers Micron and Western Digital are weighing

70 CK

bids to buy rival Kioxia, which TO could value the Japanese company 65 at around $30 billion, according to people familiar with the situation. SHUTTERS 2009 '10'11 '12'13 '14'15 '16'17 '18'19 '20'21 A/

Kioxia, formerly Toshiba Memory, /EP Sources: Capital IQ;Evergrande Group is the second-largest maker of NAND flash memory, used in stor- ONICS age, according to Trendforce. CTR China Evergrande Consolidation in the capital-in- ELE tensive industry is inevitable. To- MSUNG

tal capital expenditure for the SA Is Still Building Up memory-chip business in 2020 Total capital expenditure for the memory-chip business in 2020 amounted to amounted to $39.3 billion, more more than a third of the total for the semiconductor industry. than a third of the total for the semiconductor industry, according kicked off the wave.The combina- likely worth much moreaspart Its Liabilities to IC Insights. Spreading that tion will transform SK Hynix into of arival’sempirethan it would enormous fixed investment over a the second-largest supplier in the be if it tried to list again as a larger volume helps lower costs. NAND market in 2020—the two stand-alone player. China Evergrande Group aims rangementsare technically equity Fewer players in the industry together had 21% market sharein Western Digital, which has a to slash itsdebt load at arapid investments, they start to look means better pricing power and 2020.That has put pressureon joint venture with Kioxia, looks clip to meet government-man- rather alot likedebt—at avery more disciplined spending. smaller players likeWestern Digi- like a natural buyer. But Micron, dated targets. But beneath the high interest rate—if the subsid- Similar consolidation happened talorMicron to pursue deals to bigger and more financially sound, metrics,the group is iaries aren’t floated. in another corner of the memory- expand their scale. could potentially proffer a better still accumulating leveragein Rebranding debtlikearrange- chip market. In DRAM, used for ForKioxia, the deal offersa bid. Micron’s market value is five disguise. mentsiscentral to Evergrande’s processing, three companies— pricetoo good to refuse.The Jap- times that of Western Digital, and Evergrande currently finds it- deleveraging effort. Another cru- , SK Hynix anese companyfailed to list its it is sitting on net cash and gener- self breaching all three “” cial element of financing, pre- and Micron—have nearly all of the shares in TokyoinSeptember at ates higher operating cash flow. metrics forproperty companies sales of not-yet-built housing,is market. avaluation of $16 billion. The Assuming some sort of deal that Beijing began monitoring also excluded from the three Toshiba, which owns 40% of Ki- companyblamed the pandemic goes ahead, whoever fails to buy last year,constraining itscapac- redlines. oxia, gained 5% Thursday, but SK and stock-market volatility,but Kioxia would become the smallest ity to issue morebonds.With its That mayexplain whyEver- Hynix went up 6%, probably be- investorsprobably snubbed the player in the NAND flash industry, annual resultsonWednesday, the grande’sborrowingshavefallen cause a more consolidated market deal because the valuation was pitted against three much bigger companysaid it intends to trim by around 10% sincethe end of benefits everyone remaining. seen as toohigh. Market senti- players—a precarious and proba- itsliability-to-asset ratio to be- 2019,while contract liabilities— SK Hynix’s$9billion purchase ment has improved sincethen: bly untenable place to be. low70% by the end of next year— typically dominated by presales— of Intel’sNAND flash memory Micron and SK Hynix both gained An intense fight for the prize is from around 85% at the end of rose 43%. Trade and other pay- business announced in October morethan 60%. But Kioxia is all but guaranteed. —Jacky Wong ables,typically owedto contractors, rose by around 16%. Rebranding debtlike These areliabilities but without fixedmaturities,allowing the arrangements is central companytoperform well on debt CarMax Owners Love That Old Car Smell to the company’s metrics while the amount it owes actually rises. deleveraging effort. Evergrande is the whitewhale CarMax was practicing defen- first due to Covid-19 restrictions Going forward, CarMax might fordozens of funds and skeptical sive driving against online up- and then a global semiconductor need to sacrifice some profitability analystswho have decided that starts last year. Now it has pulled shortage. The latest bottleneck is to pull ahead. In January, it an- the company’sfinancial model into the passing lane. the disruption in plastics produc- nounced a 30-day money-back 2020—and movethe two other isn’t sustainable.But the har- Theused-car seller had adecent tion due to brutal winter storms in guarantee for its used-car pur- debt metrics out of the redzone poons have repeatedly failed to quarter ended Feb. 28,with total Texas. Wholesale used vehicle chases, throwing down a challenge this calendar year. pierce the company’shide. sales increasing 4.1% compared prices were 23.7% higher as of to competitors that offer seven- On Monday, the companyan- Theconclusion from their at- with ayear earlier.Both revenue mid-March than they were a year day guarantees. On Thursday, it nounced asale of shares in sub- tempts, unsatisfying as it is,can and net income were in line with earlier, according to Manheim. announced it had agreed to buy sidiaryFCB Group to support that only be that Evergrande’sfinan- Wall Street’sexpectations—a solid Even with a strong demand the remaining stake in Edmunds, a deleveraging.That raises alittle cial health is afunction of itspo- performancegiven some challenges. backdrop, though, CarMax is step- popular online automotive re- over $2 billion for10% of the on- litical support and little else.It Earlier in the quarter,asurge of ping on the gas. In 2020, its mar- search site consumers use to line platform forhome and car lives at the nexus of China’sbig- Covid-19 cases forced some stores ket share of vehicles up to 10 gauge car prices. sales,arather loftyvaluation. If gest financial and arguably politi- to restrict occupancy. In February, years old fell to 4.3% from the CarMax shares are finally gain- thereisnoIPO in the next 12 calfrailty:the dependenceoflo- sales slowedbecause of delays in prior year’s 4.7%. That seemingly ing traction, notwithstanding a 7% months,the investorsare entitled calgovernmentsonland sales, taxrefunds and because severewin- small drop is notable given that drop following Thursday’s call. Its to demand the shares be repur- and the fact that the most house- terweather held back the retailer’s the retailer traditionally has the shares are up more than 30% year chased at a15% premium. hold wealth is tied up in areal- ability to recondition used cars. largest share of a fragmented mar- to date compared with Carvana’s That mightring abell forread- estatemarket that bearsthe hall- Theroad ahead looks smoother. ket. Online sellers such as Carvana 11% gain. Its shares no longer look erswho have followedthe Ever- marks of speculation. In an earningscall Thursday, Car- are growing quickly. as cheap, commanding more than grande saga. As befuddling as it maybeto Max noted that sales had grownby CarMax is becoming morecom- 25 times prospective earnings Last year,the company ran true believersinmarkets, Ever- double digitsinMarch compared petitive. Last year, it completed the compared with its five-year aver- intotrouble with strategic inves- grande cansurvive—and keep with March 2019,which wasthe re- full rollout of online selling capa- age of 17 times. tors in Hengda, asubsidiaryit shuffling itssignificant liabilities tailer’s last record month of sales. bilities.This past February, it fin- Further gains might induce had promised would go public as around—as long as Chinese offi- Selling used cars is lucrative at ished rolling out online instant ap- sticker shock unlessCarMax proves long agoas2016. cials want it to. the moment. New car supply has praisals nationwide—a feature that it canstoplosing market share. In both cases,though the ar- —Mike Bird been constrained since last year, online sellerslikeCarvana offer. —Jinjoo Lee P2JW092000-0-M00100-1------XA

Blind Trust Lorraine Buying with an To ussaint LLC won’t keep A hard life hard- you anonymous wired her for anymore. M8 MANSION acting. M10

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, April 2, 2021 | M1

$4.135 MILLION 70 acres, five houses (3) JOURNAL REET ST LL WA THE R FO HANLEY JO At Home in a ScottishCastle

These historic buildings are the ultimate status symbol—rare, expensive and enormous. These are some of the challenges and joys of living in, and maintaining, them.

BY RUTH BLOOMFIELD his brother, and we moved here when I was 2 years old,” said Lord Dalhousie, ortraits of James Ramsay’s 73. “All my memories are from here. It is forebears line the walls of not a scary sort of castle; it feels like a his Scottish castle, and al- very friendly family home. I had two though it is 36 times the brothers and two sisters, and there were Psize of a typical British lots of passages for us to run about in home, there are plenty of ancestors to and woods where we could build huts fill the space. and muck about. At that time, the estate Brechin Castle has been astronghold employed a lot more people and their of the Ramsayfamily sincearound 1645. children were our playmates. It was a Mr.Ramsayisthe 17th member to hold really nice community to grow up in.” the title Earl of Dalhousie and ownthe A Scottish castle is, perhaps, the ulti- landmark castle in the county of Angus, mate trophy property. They are rare; ac- James Ramsay, Earl of Dalhousie, and his wife eastern Scotland. cording to the conservation organization Marilyn, Countess of Dalhousie, are selling Brechin Soon, however, and to his great regret, family seat. Thecastle,plus 70 acres of Historic UK, there are just over 100 in Castle, which has been in the Ramsay family since Brechin Castle will have anew master. grounds and five houses,islisted with Scotland. They are also very expensive. 1645. They want to avoid burdening their son, Simon, Lord Dalhousie and his wifeMarilyn, Savills,for offersover$4.135 million. Current castle owners include Ellis with the upkeep, since he would eventually inherit it. CountessofDalhousie,are selling the “My father inherited the castle from PleaseturntopageM6

TheWhitneyFamily’s Last Stand

The family behind the Whitney Museum of American Art is selling the last piece of what once was a 1,000-acre estate

BY CANDACE TAYLOR Roughly 7,000 square feet IN THE EARLY 1900s, the wealthy family of Gertrude Vanderbilt Whitney owned roughly one thousand acres on the North Shore of Long Island. The sprawling es- tate included a McKim, Mead & White-designed mansion, a horse stable with 83 stalls, a tennis house with an indoor pool and an art studio for Mrs. For Life Whitney, a sculptor who On Long Island’s North Shore, this art studio—now a home founded New York’s Whit- —comes with formal gardens and swimming pool. ney Museum of American Art. club.Now the family is sell- added to the structureto Over the years, the Whit- ing the last remaining piece convert it to afive-bed- APHY

GR neysdemolished the man- of the original estate: the room, roughly 7,000-

TO sion and sold off bitsand art studio,acirca 1912, Pal- square-foot home.The

PHO pieces of the property; the ladian-style structurewith original studio spaceand E

TAT stable is part of the campus itsown formal gardens and gardens remain almost en- ES of the NewYork Instituteof swimming pool. It will list tirely intact, however, down ©2021BHH Affiliates, LLC. Real Estate Brokerage Services areofferedthrough the network member franchisees of BHH Affiliates, LLC. Mostfranchisees areindependently owned and operated. BerkshireHathaway HomeServices and the BerkshireHathaway HomeServices

REAL Technology, and the tennis for$4.75 million. to the dolphin-shaped door symbol areregisteredservicemarks of Columbia InsuranceCompany, aBerkshireHathaway affiliate.Equal Housing Opportunity. house is part of acountry In the 1980s,the family PleaseturntopageM4 EPM P2JW092000-4-M00200-1------XA

M2 | Friday, April 2, 2021 **** THE WALL STREET JOURNAL. PRIVATE PROPERTIES JerrySeinfeld ListsHome With Views, Gym, Ya dda, Ya dda, Ya dda

The main property first listed for $18.3 million in 2011.

Jerry Seinfeld is listing his Tel- luride, Colo., home for a second time—not that there’s anything wrong with that. The comedian and his wife, Jes- sica Seinfeld, are seeking $14.95 million for the main house on roughly 27 acres, according to listing agent FOR SALE Bill Fandel of Compass. A $14.95 four-bedroom guest house MILLION on a separate, 12,300 sq. ft., roughly 17- 11 bedrooms, acre parcel is 11 full bathrooms, also for sale yoga studio asking $2.775 million. The Seinfelds first put the main property on the market in 2011 for $18.3 million, but took it off after only a few months because they decided not to sell, Mr. Fan- del said. Avid skiers, they fre- Modern Farmhouse in style, the luride Ski Resort, the property quently vacationed at the prop- roughly 12,300-square-foot main also includes a creek and a private erty with their three children, he house is designed to resemble a trail system through aspen and said. They are now selling because series of connected Western ranch spruce trees. their children are older and be- structures. It has 11 bedrooms, 11 The Seinfelds bought the

cause of the fast-moving real-es- full bathrooms and two half baths, circa-1991 main house in 2007 for (2)

tate market. according to Mr. Fandel. $7.55 million, according to public OW “Recognizing the strong de- A vaulted great room has floor- records. They purchased the guest MARL

mand for properties, they felt this to-ceiling windows with mountain house a year later for $2.3 mil- O.

was a good time,” Mr. Fandel said, views. There is also a gym, a yoga lion, Mr. Fandel said, and have VID

noting that he already has show- studio and a four-car garage. Lo- used it as a caretaker’s cottage. DA ings lined up. cated about 10 minutes from Tel- “After the Seinfelds purchased the property, they did a remodel CHEN); KIT

and reimagined the whole place,” & he added. OM RO The Seinfelds also have homes

in Manhattan and in the Hamp- LIVING tons, according to public records. (2 Mr. Seinfeld, 66, rose to fame in ON

the 1990s as the star of the sit- JOHNS

com “Seinfeld,” which he co-cre- SH ated. More recently, he hosted the JO series “Comedians in Cars Getting GES; Coffee.” His book “Is This Any- IMA thing?” was published in October. GETTY

Ms. Seinfeld is a cookbook author GE/ and founder of the nonprofit Good+ Foundation. Mr.Fandel said the Telluride

area is seeing bidding wars and re- CHLIN/WIREIMA RO

cord-breaking prices.This summer, Y director BarrySonnenfeld closed RO

on the sale of his home next door WISE:

to the Seinfelds’ forabout $13 mil- OCK CL

lion. TomCruise’sestateinthe P area is listed for$39.5 million. TO

The Seinfelds paid $7.55 million in 2007 and remodeled. OM — Candace Taylor FR

GETTHE LOWDOWN ON HIGHFINANCE

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THE WALL STREET JOURNAL. Friday, April 2, 2021 | M3 PRIVATE PROPERTIES

10165 St.Augustine Avenue

5BEDROOMS |5FULL AND 1HALF BATHS |$6,325,000

This American InstituteofArchitects-award-winninghome features lake and golf course views and pairssustainable design with relaxedeleganceto create adistinctivetropicalambience. Outdoorliving is celebrated at every turn,beginningwiththe open-air entryatriumand loggia overlooking the pool,continuinginaspacious gardenpavilion overlooking thefairways, and culminating along coveredporches that wrapthe second floor. Onetime Bing Crosby Home In San Francisco Area Lists

In the San Francisco Bay Area, the onetime home of Bing Crosby is list- ing for $13.75 million. 772 388 8400 WINDSORFLORIDA.COM Thelatecrooner bought the Tudor- style home in Hillsborough, atree- lined suburb about 20 miles south of SanFrancisco, in 1963 for$175,000,ac- cording to pressreportsfromthe time, SUPREME AUCTION moving with his Selling With No Reserve - April 17 then-wifeKathryn FOR SALE and their three young children $13.75 TION from Beverly Hills. CIA MILLION SO The Crosbys AS moved to Hills- 10,000 sq. ft., 10 bedrooms,

RICAL borough because

TO they didn’t want a heated pool,

HIS The owners paid $8 million for the house in 2014. to raise their chil- a library

UNTY dren in Holly- CO

O wood, said their son, Nathaniel TE Crosby, 59. But he said they MA

N only lived in the house for SA

/ about 18 months before buying a larger estate across town, APHY

GR where his mother still lives. TO Built around 1930,the Tu- PHO dor-style home is about 10,000 WINDERMERE, FLORIDA squarefeet and has 10 bed- PEARL

N rooms and two wood-burning TO Serenity Shores is nestled on an impeccable fireplaces,according to listing NOR peninsula lot, overlooking Lake Down, with access agent Charles Griffith of Golden (3); to the Butler Chain of Lakes. Neighboring Orlando

TY GateSotheby’s International Realty.The house also has a Florida, Serenity Shores provides an extraordinary REAL large ballroom, adining room which oldHollywood and the American now holds concerts up and down the place of residency for the most insightful of buyers. Luxurious locale combined with natural beauty

TIONAL opens to aterraceand alibrarypan- Songbook,” Ms.Roche said. West Coast. Kathryn Crosby, Mr. eled in English-pickled pine.The TheRoches extensively remodeled Crosby’s widow, has performed in equals a truly amazing life. Serenity Shores will roughly 3acres of grounds include a the house,maintaining original details some of the organization’s concerts, delight your mind, body and soul with its design and INTERNA S

Y’ heated swimming pool and athree-car likeleaded-glasswindows but revamp- said Ms. Roche. unrivaled location. A rare opportunity to own! garage with an apartment aboveit. ing the kitchen and bathrooms,Ms. Ms. Roche said now that she is get- THEB SO Thehome’scurrent ownersare Paul Roche said.When they moved in, they ting divorced, managing the house 866-929-2243 TE and Suzanne Roche,who bought the found labels in the linen closetsdetail- feels too daunting. “It’s not a place GA property in 2014for around $8 mil- ing whereMr. Crosby’s washcloths and that you just live in,” she said. “It is a SupremeAuctions.com lion, according to property records. sheetsshould be stored, she said. piece of artwork that you need to take GOLDEN In R Mr.Roche is senior partner at McKin- Ms. Roche started hosting jazz con- care of.” —Candace Taylor

FO Cooperation sey.Ms. Roche said they areselling certs in the home’s ballroom, eventu- With YER Disclaimer: All information is deemed reliable but is not guaranteed and should be independently verified. The property is because they aregetting divorced. ally founding a nonprofit known as listed for sale by Roman Pavlik (Lic:677141) of Laurie Finkelstein Reader Real Estate (Lic:0652792) and co-listed by Daniel MA Kayak CEO lists in Miami for $39.9 Grieb (Lic:BK3125138) of Keller Williams Realty at The Parks (Lic:BK3216753). Data not verified/guaranteed by MLS. Users “I loved the idea of it being Bing Jazz at the Ballroom. The organiza- are responsible for verifying all information for total accuracy. Auctioneer is Jennie Heal (Lic:BK3397552). Supreme million. M9 Auctions, LLC is the provider of auction marketing services. Neither Supreme Auctions, LLC, its agents, auctioneer, affili- ates, Broker of Record or Seller warrant or guarantee the accuracy of any information and shall have no liability for errors Crosby’s house,because I’m so into tion, which supports music education, or omissions or typographical errors, inaccuracies or misprints under any circumstances for this property listing or advertis- DENNIS ing, promotional materials or publicity statements and shall be held totally harmless. Neither Laurie Finkelstein Reader Real Estate, Keller Williams Realty at The Parks, nor any of their affiliated companies is providing any auction services in connec- tion with this event. Auction services are being provided by Supreme Auctions. Brokers are fully protected and encouraged to participate.

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TheRe Residencesidences aatt TheeR Ritz-Carlton, DDoovvee Mountain areen notot owownedned,,d deveveloped or sold byby TheRe Ritz-Carlton HHootteellC Company, L.L.C. DoDovvee Mountain Investors,L, LLLCC uses TheRe Ritz-Carlton marks under license from TheRe Ritz-Carlton HoHotteell Company, L.L.C. AAcccecess toto and use of the rerecrcreational amenities of TheGe Golf ClClubub atat DoDovvee Mountain rerequirquires paymentot offm mononthly ClClubub membership dues.T. Thhisis is not an offer of solicitation wherepe prroohibithibited bbyy law. PPrricices,p, planslans,a, amenitiesmenities, availabilityay andnd improvements rereffeerreencnced herein arese subjecubjecttt toco changehange without notice. SaSalesles arece conditional upon buyer’s rerecceeiptipt and acceptanceoe offt thehe AArrizizona SuSubdivisionbdivision PuPublicblic Report. P2JW092000-0-M00400-1------XA

M4 | Friday, April 2, 2021 THE WALL STREET JOURNAL. MANSION

Gertrude The Vanderbilt Whitney, right, was a sculptor Whitneys who founded the Whitney ContinuedfrompageM1 Museum of handles. American Art. They are hoping a buyer Her art studio, will continue to preserve once part of a the structure, which sits on 1,000-acre about 6 acres. “It’s 100 estate, was years that we have kept turned into a this thing going,” says John home. Now the LeBoutillier, Mrs. Whitney’s home—the last 67-year-old great-grandson piece of the who owns the property original estate with his sister, Susan S. —is up for sale. Humes. “We’d like someone to come along and keep it The original studio space is used going for another 100 as a living and dining room. years.” A descendant of robber baron Cornelius Vanderbilt, Gertrude Vanderbilt was born into one of the coun- try’s wealthiest families, and married into another one. Her husband, Harry Payne Whitney, was also heir to a fortune. Mrs. Whitney was a sculptor. Her best-known works include the Titanic Memorial in Washington, D.C., and the Christopher Columbus memorial in Huelva, Spain. Also a lead- ing arts patron, she offered her collection of works by American artists to the Metropolitan Museum of Art. When it was declined, she founded the Whitney Museum of American Art in 1930. TheWhitneys, who mar- ried in 1896,lived primarily in NewYork City and used their Long Island estateasa countryhome.They hired architectsDelano &Aldrich to design an art studio a short distance away from their main house.The workspace— nowused as a living and din- ing room—has 20-foot-high ceilingsand a massivenorth- facing skylight to provide the ideal sculpting conditions,Mr. LeBoutillier ex- plains.He pointsout a hook hanging from the ceil- A trap door under this rug was used to transport sculptures to the kiln. ing which Mrs. Whitney used to lowerher creations ception rooms for enter- (“toe-mah-toes”). through atrapdoor intothe taining. It also served as The studio was also the cellar,wherethey were Mrs. Whitney’s refuge from scene of wild parties fre- loaded ontocartsand pulled an unhappy marriage, Mr. quented by the likes of Al- served one term in Con- alongside Mrs. Whitney’s, sionally visited to swim in by ponythrough a100-foot- LeBoutillier says. He be- bert Einstein, he says. For gress, frequently gives including Charles Basker- the pool. long tunnel to the kilns. lieves his great-grand- one soiree, the Whitneys tours of his home to vari- ville and Robert Winthrop “She loved it over here,” The studio wasn’t just a mother had numerous ex- emptied out the swimming ous groups, so his explana- Chanler. LeBoutillier says of his workspace. Inspired by an tramarital affairs. pool to make space for two tions are well-practiced. He On an early spring morn- mother. “It’s a beautiful Italian villa, the building “Gertrude was very avant- kangaroos. deftly rattles off the names ing, Mr. LeBoutillier wears place and it was allowed to had a limestone facade, garde,” he explains in a Mr. LeBoutillier, a writer of the artists whose works a blue sweater over a red go to hell. And she the multiple bedrooms and re- posh Locust Valley Lockjaw and commentator who are on display in the home polo shirt, brown cordu- potential to bring it back to roys, and a navy pea coat. the way it was. I she He recounts how he came remembered it from her to live in the house: When youth.” his father died in the late Mrs. LeBoutillier added a 1970s, his mother decided wing on either side of the she wanted to live in the original studio structure to studio. No one had used it make it function as a home. since his great-grand- One of the wings contains a mother died in the 1940s, large, modern kitchen. But although as a child he occa- Please turn to page M5 WHITNEY) T NDERBIL VA UDE

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GetStarted:WSJ.COM/BENEFITS GR TO PHO E TAT ES REAL ©2020Dow Jones &Company, Inc.All rights reserved.4DJ7895 EPM Circa 1912, the Palladian-style structure is inspired by an Italian villa. P2JW092000-0-M004A0-1------NS

THE WALL STREET JOURNAL. NY Friday, April 2, 2021 | M4A

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Allinformation is from sourcesdeemedreliablebut is subject to errors,omissions, changes in price, priorsaleorwithdrawalwithoutnotice. No representation is made as to theaccuracyofany description. Allmeasurements andsquarefootages areapproximateand all informationshould be confirmedbycustomer. Allrightstocontent,photographs andgraphicsreservedtoBroker. Broker supports Fair Housingand EqualHousingOpportunities. P2JW092000-0-M004B0-1------NS

M4B | Friday, April 2, 2021 NY/NE THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. Friday, April 2, 2021 | M5 MANSION

she was careful to make the Mrs. Whitney. The artist Artist Howard Gardiner Cushing new sections blend seam- was her friend Howard Gar- painted a mural for the stairwell that lessly into the original. diner Cushing, who Mr. includes a portrait of Mrs. Whitney. “Everything wasdone to LeBoutillier believes was keep it in the spirit of the also her lover. The original studio,but to makeitaliv- was removed at the Cush- ing house,” says Mr.LeB- ing family’s request and re- outillier,who moved in along placed by a copy. with his mother in 1982. Outside, the swimming The LeBoutilliers left the pool is surrounded by gar- interiors virtually un- dens; water flows from a touched. Details like the fountain to the pool by an dolphin door handles and aqueduct. The grounds also hand-wrought iron decora- include a two-bedroom tive screens are intact. On caretaker’s cottage. the second floor in what The house also serves as was Mrs. Whitney’s bed- a display space for Whitney room, the walls are still and Vanderbilt family mem- covered in the original orabilia. The walls are cov- black-and-gold mural by Mr. ered with black-and-white Chanler. The adjoining photos of the stylishly bathroom still has Mrs. dressed Mrs. Whitney as Whitney’s sunken bathtub well as other family mem- tiled in greenish blue, as bers. On a table in the liv- well as the original sink, ing rooms sits a photo of toilet and even her soap Mr. LeBoutillier’s younger dish. A narrow spiral stair- sister with Mick Jagger, a case leads from the second friend of the family. The floor, through the back of a LeBoutilliers turned one of closet on the main floor, the reception rooms into a and down to the cellar; replica of Mrs. Whitney’s what Mrs. Whitney used it bedroom in her Paris home, Mrs. Whitney’s for is unclear. using furniture of hers that descendants left the The house “really is a had been in storage: There interiors of her studio living museum,” says listing is a bed draped in a baby- untouched. They turned agent Paul Mateyunas of blue canopy, a chaise and a one of the reception rooms Douglas Elliman. He antici- desk complete with Mrs. into a replica of Mrs. pates that the purchase will Whitney’s tape dispenser Whitney’s bedroom in her be “an emotional sale.” and letter opener. Paris home, below. They The building’s main Mr.LeBoutillier says he’s used furniture that had stairwell was originally not surewhat will happen to been in storage, including adorned by a brightly col- the furnitureand art when her bed, chaise, desk—and ored, 73-foot-long mural, the studio is sold. He hopes even a letter opener. which includes an image of that whoever buysthe house will continue to preserveit, perhaps as amuseum or an art space, and will want to keep some of the artifactsin place. “My mother said, ‘John, we liveinthe most special place. We ought to shareit,’ ” he recalls.“So we’d liketofind someone to buy it in that spirit, who

(4) would keep it going and honor her and art.” APHY

GR As for himself, he now

TO lives alone in the building

PHO with his cat, Plumley, and E

TAT he’s ready to pass the job of ES preserving the property on

REAL to someone else. “It’s time,” he says. “It really is time.” EPM

Together youand Ican turn astairwell intoan ER at amoment’snotice.

Port-au-Prince,H, Haiti Dr.P. PaulMl McMaster, DDooccttoorrssW WithoutBt Borders SSuurrggeeoonn HAI TI 20 10 ©J uli eR em y

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M6 | Friday, April 2, 2021 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Friday, April 2, 2021 | M7 MANSION Highlands TAYMOUTH CASTLE EARLSHALL CASTLE 469 years old List Price: $6.89 million Paul and Josine Home 8,393 sq. ft., 10 bedrooms, Veenhuijzen six bathrooms bought Earlshall Castle ContinuedfrompageM1 in 1998. The Short, a Missouri-born private eq- castle was built uity chief, who paid a reported by Sir William $31.7 million for Skibo Castle in Bruce, a 2003. In 2018, John Paul DeJoria, Scottish co-founder of the haircare brand nobleman, and John Paul Mitchell Systems, completed in bought 469-year-old Taymouth 1620. The Castle. Danish fashion magnate Bruce family Anders Holch Povlsen has exten- owned the sive holdings in Scotland includ- castle until ing fairy-tale Aldourie Castle, 1708. The which he purchased in 2014 for Vennhuijzens $20.68 million, located on the are selling banks of Loch Ness. because they Before Lord Dalhousie inherited are moving his title from his father in 1999, back to their he had worked as a banker in native London and New York. He and his Netherlands. wife then relocated to the castle. It dates from the early 1700s and incorporates sections of a previ- SKIBO CASTLE ous 13th-century castle, according 2003 Purchase Price: $31.7 million to conservation organization His- toric Environment Scotland. The couple are selling partly because they want to downsize. The castle has eight reception rooms, 16 bedrooms, 10 bath- BRECHIN CASTLE rooms, and measures 35,843 ANNUAL square feet. Recent U.K. govern- MAINTENANCE ment figures found that the aver- age British home measures 993.5 $344,000 square feet. 35,843 sq.ft. Castle living also has its chal- lenges: Some rooms are cold in winter, the layout can be inconve- nient, and it takes a lot of clean- ing and maintaining. “It was built in the days when there were lots of servants, so the kitchen is a long way from the dining room, and things like that,” added Lord Dalhousie. “It is a bit like owning a yacht. There are al- ways things that need doing and it is quite hard without a large ALDOURIE CASTLE crew.” 2014 Purchase Price: $20.68 Million Currently, the house has one full-time and one part-time house- Brechin Castle keeper, and a full- and a part-time has eight gardener. Lord Dalhousie esti- reception mates that basic running costs are rooms, 16 about $344,000 per year. bedrooms, 10

) “I took that future bathrooms. It

(MAP generations were not going to is located in

LEE make enough money to be able to Angus, in

ON keep it up properly,” he said. eastern

JAS “Rather than live beyond one’s Scotland. Lord

LE); means, it seemed sensible to make Dalhousie ST

CA the decision to do the dirty, moved into the

ER rather than palm it off onto my castle when he RT

FO son. I feel desperately sad about inherited his ; IT so many things. There is more title in 1999. RA

RT than 350 years of history here. PO But it is the way things have

OLEY gone.” PO John Bound, a partner at Gal- (2,

Y braith estate agents, says a castle MIL

FA generally comes onto the market In the early , by which mural painted on the ceiling of Forter Castle is petite by castle well, and we have to have a families, and her father still “every year or two.” Selling them time Ms. Pooley was an interior the great hall, the main living standards. Nonetheless, its run- plumber come and check it every spends as much time there as he OLEY

PO is an unpredictable business. FFORTER CASTLE designer, she bought the castle room where the family congre- ning costs are formidable and in- quarter,” she said. “It can be quite can. When it is not in use, the “It is a bit like selling an is- 1988 Purchase Price: $34,400 from her father, who had run an gates when in the home. She also volve the services of a gardener stressful.” castle is rented to help with its land,” he said. “They are slightly aviation company and now manu- refurnished the whole property. and a housekeeper. Despite this, Ms. Pooley, who is running costs. TERIOR); Interior renovations: $345,000 EX whimsical and it really just de- Annual electricity bill: $48,000 facturers swords for the British To try to keep the seven-bedroom, “It is a complete sieve of married with two young children, “I am just very proud of what pends who is looking at the time. 5,000 sq. ft. Army. four-bathroom castle as warm as money,” said Ms. Pooley. “The has no intention of selling. The we have done,” said Ms. Pooley. You generally get a lot of foreign She then embarked on a full- possible, she lined the walls with electricity bills are colossal, and family live near London during “It means our names are in his-

EARLSHALL interest. Castles are romantic and scale, $345,000 revamp of its inte- cashmere fabric and added mod- heating it costs £35,000 per year,” the school year and spend vaca- tory somehow. I want it to stay in historical and I think that appeals riors. She replaced basic pine ern luxuries like en-suite showers. which is roughly $48,000 annu- tions at the castle. Her sister and the family. It is important to have AREA; to Americans in particular. And floorboards with oak. She had a At around 5,000 square feet, ally. “The water comes from a three brothers also bring their roots.”

LIVING somebody who has just sold a house in London can afford to buy a castle up here. They are not ex-

EARLSHALL pensive in terms of what you get

OM; for your money.” RO Castles also attract tourists ea- ger to peak at a landmark home DINING they have no intention of buying.

CHIN “They always bring out the time BRE wasters,” said Mr. Bound. “You al- (3, ways get someone who pretends

VILLS he’s a multimillionaire. You can SA always spot them; you start ask-

OOM); ing for proof of funding and that tends to frighten them off.” BEDR Owning a castle was a lifelong CHIN dream for Paul Veenhuijzen, 76, BRE whose career in shipping saw him Sound Thinking travel the world with his wife, TERIOR;

EX Josine Veenhuijzen, 68. Their first home together in 1973 was in Ed- Robert Pooley, left, with his daughter Katharine Pooley, bought the ruins of Forter Castle in CHIN inburgh. In the mid-1990s, the 1988. It was built in 1560 by clan , but was destroyed 80 years later. BRE

(2, couple, who have three daughters, decided to buy an apartment there. Sir Robert Mackenzie, a bleach bedroom castle manageable. He ning it. I am not particularly rich, castle stood just 80 years before JOURNAL When they started looking for a merchant from Perth, bought and believes the secret is to hire full- but we bought it without a mort- it was destroyed during feuding Audio storytelling on news you

REET country property for weekends, began restoring it in 1890. He time staff—he and his wife have gage which helps.” between rival clans. It lay in ruins care about,athome or on the go. ST

LL they came across Earlshall Castle, planted the stunning topiary three—rather than paying Mr. Veenhuijzen’s ac- for more than three centuries un-

WA close to the university town of St. hedges that still surround the cas- for lots of individual count of falling in til Mr. Pooley bought it in 1988

THE Andrews. With 53 acres of tle, according to the book “On the tradespeople. love with a castle for £25,000, about $34,400 at the Browseour Podcasts: R FO grounds and three cottages, the Trail of Mary Queen of Scots,” by Now, after would likely res- current exchange rate. WSJ.COM/LISTEN 8,393-square-foot castle was an J. Keith Cheetham. nearly 23 years, North onate with Brit- “It was a complete ruin,” said Skibo Sea

HANLEY extravagant vacation home. But “I just fell madly in love with the couple ish business- Katharine Pooley, Mr. Pooley’s

JO having been brought up in mod- it,” said Mr. Veenhuijzen. “It is ex- have decided SCOTLAND man Robert daughter. “There was an oak tree ); Aldourie ern houses, Mr. Veenhuijzen had actly as it was when it was built, to return to Pooley, now growing inside, right where the KIBO Forter (S always wanted a truly ancient like living in the Middle Ages. It is their native Brechin 86. A regular great hall is now. But he was ab- GE home. what I had always wanted.” Netherlands. visitor to the solutely fascinated by history and Taymouth Earlshall Sir William Bruce, a Scottish The Veenhuijzens bought the The castle is Atlantic ski slopes of he just saw it as a project—a mad

WIREIMA nobleman, began building the cas- castle in 1998 for an amount they listed with Ocean Scotland as a project.” Edinburgh tle in 1546, and it was finally com- declined to disclose. They have Savills for offers younger man, Restoring the castle meant re- pleted in 1620, according to the lived there ever since. When they over $6.89 mil- he often passed building the walls using the origi- ALDOURIE); Gazetteer for Scotland, a survey moved in, there were plenty of re- lion. “I am nearly the romantic ruins nal stones that lay scattered of Scottish history. pairs and upgrades to tackle. They 77,” said Mr. Veenhui- of Forter Castle. Set in around the 1-acre site. A new roof OUTH;

YM The Bruce family owned the added two bathrooms, bringing jzen. “If I make a move now, the county of Perthshire, was required and the original

TA ©2021Dow Jones &Company, Inc.All rights reserved.6DJ8220 castle until 1708. After that it the total to six, and redid the I think I can do one more project. about 75 miles north of Edin- flagstone floors were repaired. (2, changed hands several times, kitchen. Since then, Mr. Veenhui- But we are not in a rush. I am burgh, it was built in 1560 by the “He built it back brick by brick,” MY eventually becoming derelict until jzen has found running the 10- certainly not worried about run- powerful Ogilvy clan. The original said Ms. Pooley, 49. ALA P2JW092000-0-M00800-1------XA

M8 | Friday, April 2, 2021 THE WALL STREET JOURNAL. MANSION

ongratulations on finding JUMBOJUNGLE | ROBYNA.FRIEDMAN porations, partnerships or trusts, your dream home. As buyers could maintain their confi- you prepare to close on dentiality by using one of those Cthe deal, you’re likely entities rather than an LLC. vetting potential movers, interior PrivacyTakes aHit Here what to know if you’re designers and landscapers. But thinking of using an LLC to hold have you determined the best way title to your home. to hold title to the property? Most buyers don’t even con- Don’t fear the LLC sider this issue and take title in Taking title to a new home using an LLC once protected the buyer’s identity. The Corporate Transparency Act their own names, either as sole New reporting requirements make that anonymity less certain. requires disclosure to FinCEN, but owner, joint tenants with right of there is no requirement for public survivorship, or as tenants in disclosure. “Assuming the individ- common (for co-owners with no ual isn’t up to some nefarious right of survivorship). Married purpose, they shouldn’t have any couples often own as tenants by qualms about having their benefi- the entirety, which gives each cial ownership information in a spouse an equal and undivided in- nonpublic database accessible to terest in the home and includes law enforcement,” said Erica Han- survivorship rights. ichak, government affairs director But celebrities and high-net- for the FACT Coalition. worth buyers often turn to other options. “Entities such as trusts, Get an expert opinion family limited partnerships or Using an LLC isn’t just a privacy limited liability companies are issue; the way you take title can preferred for several reasons,” also affect estate planning, taxa- said Paul Krasker, a real-estate at- tion and homestead exemptions. torney in West Palm Beach, Fla. “There are implications down the “Confidentiality is at the top of road—gift tax and estate implica- the list, estate-planning concerns tions potentially—so buyers need are secondary, and then home- to speak with a trusts-and-estate stead and liability concerns.” attorney or tax planner about the Confidentiality is the reason best way to set up these vehicles,” many celebrities use LLCs to own said Mr. Garfinkel. Mr. Krasker their homes, since that allows said he explores the reasons why them to shield their identity and a client is purchasing a particular avoid having their true name and property. For example, if someone home address posted in county is buying a home in Miami Beach registries, which are easily acces- to gain the benefits of Florida res- sible online in many states. But idency, he has them take title in due to new laws designed to crack their individual names or as a down on money laundering and trust because the use of an LLC tax evasion, buyers may find that can prevent a homeowner from even an LLC doesn’t protect their claiming the homestead exemp- personal information from disclo- tion in Florida without a compli- sure these days. than to get a library card in all 50 “similar entities” to report the ability or as an investment vehi- cated legal workaround. “Anonymous shell companies states,” he said. name, date of birth and address, cle, so they really don’t care,” have been used to launder money As a result, buyers using LLCs as well as an identification num- about the requirement to disclose, Use a trust by a variety of nefarious actors, or similar entities to purchase ber from a document such as a said Neil B. Garfinkel, a real-es- Dana Koch, a real-estate agent and it’s been identified as a key their homes need to be aware of driver’s license or passport. Up- tate attorney and managing part- with The Corcoran Group in Palm national security and corruption state and federal disclosure laws dated reports must be filed if ner of Abrams Garfinkel Margolis Beach, said his clients frequently risk,” said Ian Gary, executive di- that might impact them. there are any changes in benefi- Bergson in New York City. use trusts, which aren’t subject to rector of the Financial Account- The Corporate Transparency cial ownership. The reporting re- “They’re not trying to hide any- disclosure laws, to take title to ability and Corporate Transpar- Act, enacted as part of the Na- quirement kicks in for newly thing. They’re using the LLC for their mansions. But he said that ency Coalition, which seeks to tional Defense Authorization Act formed entities right after final the purpose it was created.” the names of celebrities and high- combat the impacts of corrupt fi- for Fiscal Year 2021, requires dis- Treasury regulations implement- Since 2019, New York state has net-worth buyers often leak, not nancial practices. closure of the beneficial owners of ing the statute become effective, required disclosure of the name from the brokers or attorneys but Mr. Gary said that the United certain entities—those who either although existing entities have a and address of every manager or from contractors brought in by States is one of the easiest coun- exercise substantial control over two-year grace period to file. member of an LLC that buys or buyers to do renovations. “Palm

tries in the world to create an the entity or who own not less Experts don’t think this law sells any one- to four-family resi- Beach is a small town,” he said. CH anonymous shell company. “It re- than 25%—to the Financial Crimes will affect the use of LLCs to hold dence in the state. The disclosure “The only way you don’t figure GRE quires less information to create Enforcement Network. This law title. “A significant majority of forms are filed with the state. out who bought is if they drive an anonymous shell company here requires corporations, LLCs and buyers set up an LLC to reduce li- Since the law doesn’t include cor- their car in and never leave.” VERÓNICA

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Secluded Estate in Paradise, Island of Molokai. Lush 1.56 East end 4BR(all with en-suite baths) brand new architectural gem with Welcome to this extraordinarycontemporarymeticulously designed 6050 sq. acres. 4charming buildings with 6beds/6 baths, 3separate kitchens, and sweeping ocean views in Senderos, aprivate community in Tamarindo, ft. home. This incredible residence is situated on an acre of waterfront located wood floors throughout. 2car garage, enchanting orchard &gardens with Costa Rica’ssurf capital. The gourmet kitchen and social spaces overlook on the bay,inthe White Marlin Capital of the World! This is luxuryliving for pool. Imagine owning your owntropical retreatinthe islands w/ the infinity pool and 1,659 sf of outdoor living/terraces. Aluxuryeco-centric the most sophisticated buyer,close to world class marinas, airports, dining, extraordinaryspace for social distancing with family &friends! basecamp to the walkable convenience of oceanfront dining and aplanned and shopping. Seller will accept Bitcoin and (as well as cash and $1,499,000 http://tropicalislandproperties.com private Beach Club. mortgage)as aform of payment to purchase this stunningly beautiful property. Estate 3E: $1,799,000 www.SenderosProperties.com $3,900,000 Tropical Island Properties, LLC, LIC.20129 Senderos Costa Rica Jana Meredith TracyNorling-Babbitt, RB22755 Brian Bratton Meredith Fine Properties phone: 808.646.1332 e-mail: [email protected] phone: 844.344.2924 x100 phone: 443.235.3404, 410.822.2001 [email protected]

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THE WALL STREET JOURNAL. Friday, April 2, 2021 | M9 PRIVATE PROPERTIES Kayak CEO Lists in Hot Miami Market

Steve Hafner, the chief execu- that goes from the lower floor tive of travel company Kayak, is of the duplex up to the roof, with putting his Miami Beach pent- panoramic views of the ocean house on the market for $39.9 upon arrival. A floating staircase million. with bronze railings, which was Mr. Hafner bought the apart- imported from Paris, wraps ment, which is perched atop around the elevator. The apart- L’Atelier Miami Beach, an 18-story ment has 22-foot-tall ceilings, six beachfront residential bedrooms and a sprawl- tower, for $21 million in FOR SALE ing open-plan living and 2017, records show. He dining area.

said he purchased the $39.9 “We aren’t into the OUP duplex as an investment MILLION generic, white-marble- GR while the building was floors look that is so 8,000 sq. ft.,

still under construction common in Miami,” Mr. ODUCTION

8,500 sq. ft. of PR after riding up to see Hafner said. “We went outdoor space, Purchased for $21 million the views in a construc- with more of a Scanda- TYLE glass elevator tion elevator. vian design with wood in 2017 and redesigned. LIFES He and his wife, Staci floors, dark doors and Hafner, spent the last several lots of European finishes.” Miami market, which was boosted live there for a couple of years chon of the Corcoran Group have years designing the property, Mr. Hafner, 52, said he and his significantly by New Yorkers and while it appreciated in value,” Mr. the listing. Mr. Carmenate said which is about 8,000 square feet wife, 40, moved into the apart- other Northeasterners fleeing to Hafner said. “But the market got a the market in Miami has been so and has roughly 8,500 square feet ment last fall after construction Florida amid the Covid crisis. lot hotter more quickly than we active that his biggest challenge is of outdoor space, to their own delays related to the Covid-19 They are also looking to move anticipated.” finding inventory for buyers. tastes. They ripped out the devel- pandemic. They are still waiting slightly closer to their children’s Condo sales in Miami Beach “We’ve sold ourselves out of a oper’s finishes and replaced a for some of their furniture to be school, which is about 30 minutes and the Barrier Islands were up job,” he said. —Katherine Clarke “subpar” pool and hot tub on the delivered from Europe. away, he said. by 36.2% in the fourth quarter of rooftop terrace with a 40-foot in- Mr. Hafner said he and Ms. Haf- “We made this bet that the 2020, according to a report by  See more photos of notable finity pool and summer kitchen. ner decided to list in part because world was going to see the beauty Douglas Elliman. homes at WSJ.com/RealEstate. The centerpiece: a glass eleva- of the high levels of activity in the of Miami. We were expecting to Eloy Carmenate and Mick Du- Email: [email protected]

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M10 | Friday, April 2, 2021 NY THE WALL STREET JOURNAL. MANSION

orporal beatings were HOUSE CALL | LORRAINE TOUSSAINT LORRAINE EXPLAINS routine when I grew up in Trinidad. That’s how What’s “The Equalizer” Cadults communicated about? It’s a crime-drama. with children there in the 1960s From theYellowPages Queen Latifah protects those and ’70s. who can’t defend themselves. I don’t mean spanked. We I play her parental aunt. were beaten with leather belts To Lady Macbeth and ironing cords and almost And “Concrete Cowboy”? A anything at hand. Parents weren’t boy from Detroit is sent to to be loved. They were to be North Philadelphia to live with feared. Though I had a wonderful his father, an urban cowboy. mother, part of being a “good I’m a cowhand. mother” meant you beat your children. She knew my teachers did as well. Reasons for their beatings were random. I grew up in San Fernando, just south of Trinidad’s capital, in a middle-class neighborhood. Our first house was a two-story wood building. My mother, Janet, Aun- tie Una and I lived in the upstairs Favorite actors as a kid? Gary flat. They rented out the down- Cooper, Barbara Stanwyck stairs space. and Jean Simmons. The old house was torn down after a 1968 hurricane, when I Did you spend summers in was 8. My family built a concrete Trinidad? Yes. My most two-story building with beautiful profound friendships were teak floors in its place. formed then. I was lonely. Across the street lived the only child of a Canadian diplomat who was my age. But TV projects that raised my visi- she was white and forbidden to bility were “A Case of Deadly play with me. We would wave to Force” in 1986 and then as Sham- each other from our windows. bala Green on “Law & Order” in The other children living next the early ’90s.” door cursed and spat, so I wasn’t Today, I live in a cozy 1822 allowed to play with them, either. farmhouse on 17 acres in upstate I would hear them having fun. New York. The wooden floors are My parents divorced a year original, and there’s something and a half into their marriage. Lorraine Toussaint in 2019, above, and at age 5 with her mother, Janet Bean, in San Fernando, Trinidad, below. rickety and inviting about my Even though my mom sweet old house. wasaMontessori played the violin. It old movies. sis. I had auditioned at the High Before my mom died in 1997, teacher and apianist, was then taken Leafing through the Yellow School of Performing Arts and she had a chance to see a few of

IFILL she wanted abetterlife away when I started Pages, I saw a huge ad for an act- got in. I went to school and came my early successes. She was so forus. In 1967,she took failing school. A sa- ing school. I decided I was going home each day to take care of proud of me. I’d catch her looking

GARNET advantageofaU.S.im- distic teacher regu- to be an actress. I called the her. Between her private piano at me with unconditional love migration policythat al- larly whispered that school and made an appointment. lessons and our baking bread and and bewilderment. CTION; lowedCaribbean women my mother was When I told my mom what I’d wedding cakes, we earned enough Now, I often feel the same look LLE

CO to emigratetoAmerica never coming back. done, she said she couldn’t afford to live on. on my face watching my 16-year- as anannyorahouse- When two years the tuition. After high school, I won a full old daughter, Samara, a dancer at keeper.Ifyou worked for passed, my mother Six months later, we were scholarship to the Juilliard Alvin Ailey. I shake my head in EVERETT afamily fortwo years, sent for me. I shopping for dresses when we School. It wasn’t a warm and wonder and say, “Wow. Where

DIANI; you’dreceiveagreen moved from the Ca- passed the school. We went in- fuzzy place, but the discipline felt did you come from?” card and could sponsor ribbean to a one- side. Instead of buying a dress, ordered and safe. —As told to Marc Myers

EPHANIE family memberstocome bedroom apartment Mom paid for my tuition. The day I graduated, I took the ST to America. in Brownsville, Brooklyn, with In acting school, I learned that subway from the ceremony to my Lorraine Toussaint, 60, is an ac-

WISE: I was left behind with Auntie gates and chains on the windows. behind my stoic face was a devel- first rehearsal at the Public The- tress who has appeared in the

OCK Una. For two years, I felt aban- While my mother worked as a oped imagination. My hard life ater. I was cast as Lady Macbeth. films “Selma” and “The Glorias.” CL

P doned. I wasn’t told why Mom computer operator, I was a latch- had hard-wired me for acting. For the next 12 years, I per- She currently co-stars in CBS’s TO left or when she was returning. key kid. I did my homework, When I was 15, my mother formed Shakespeare and classical “The Equalizer” and stars in the OM In those years of desolation, I cooked dinner, read and watched came down with multiple sclero- theater at regional theaters. The film “Concrete Cowboy” (Netflix). FR

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