P2JW148000-6-A00100-17FFFF5178F

****** WEDNESDAY,MAY 27,2020~VOL. CCLXXV NO.123 WSJ.com HHHH $4.00

DJIA 24995.11 À 529.95 2.2% NASDAQ 9340.22 À 0.2% STOXX 600 348.92 À 1.1% 10-YR. TREAS. g 12/32 , yield 0.697% OIL $34.35 À $1.10 GOLD $1,704.80 g $29.80 EURO $1.0984 YEN 107.54 Stocks What’s News Extend

Business&Finance Rally as

.S.stocks gained amid Regions Uoptimism about econo- mies reopening and the po- tential development of a Reopen coronavirus vaccine.The Dowand S&P 500 rose 2.2% and 1.2%, respectively. A1 Traders return to NYSE  Amazon is in advanced floor as optimism over talks to buy Zoox, amove to expand the e-commerce a vaccine sends Dow company’sreach in autono- near early-March levels mous-vehicle technology. B1

 Boeing and Airbus are BY PAUL VIGNA researching the coronavi- AND ALEXANDER OSIPOVICH

rus’sbehavior inside jetlin- /REUTERS ers, part of an industrypush Stocks surgedTuesdayon to reduceair-travel risks. B1 optimism about economies re- MCDERMID opening and the potential de-

 Amtrak is preparing to AN velopment of acoronavirus cut up to 20% of itswork-

BREND vaccine,extending arally that forceinthe next fiscal year The New York Stock Exchange trading floor reopened on Tuesday for the first time in months, with masks and distancing. has pushed major U.S. indexes as the passenger railroad up morethan 30% sincelate continues to suffer from a March. hugedecline in ridership. A2 TheDow Jones Industrial  Access Industries’ War- Averageclimbed morethan ner Music said it would U.S. SeekstoAudit Chinese Firms 500 pointsafter the three-day proceed with plans for an holidayweekend and flirted IPO that would value the with the25000 mark forthe company at between $11.7 firsttime sinceearly March. billion and $13.3 billion. B1 In Latest Shot in Nations’ Rivalry Therally wasdriven by eco- nomically sensitiveshares in  Quibi is feeling the pinch the financials and industrials of alackluster performance BY DAVE MICHAELS mainstream. Legislation audit recordsneeded to review that compliance failures have sectors. Goldman Sachs sinceits launch, as major AND AKANE OTANI passed by the Senate—and the quality of financial ac- gone unaddressed and bad be- jumped 9%, Raytheon Technol- advertisersseek payment nowintroduced in the House— counting,said U.S. officials, havior has increased.” ogies gained 7. 5% and DowInc. deferrals and the streaming Formorethan adecade, would kick Chinese companies whohavesought adeal for Shares in major Chinese rose 7.4%. servicelooks to cut costs. B1 Chinese companies raised bil- off U.S. stock exchanges unless years. That covers about 200 companies listed in the U.S. Investorscheered signs of  Hertz paid more than lions of dollarsbylisting their their auditsare inspected by companies with atotal market dropped sharply in the days economic activity resuming $16 million in retention bo- shares on U.S. stock exchanges U.S. regulators. value exceeding $1.4trillion, afterthe Senatepassage. With faster than expected across nuses to senior managers, whileavoiding the accounting- No firms would immedi- according to S&P Global Mar- the global economyreeling partsofthe U.S. and elsewhere including itsnew CEO,just quality checks that other pub- ately lose theirlisting under ket Intelligence. from the coronavirus,awors- in the world. Restaurant book- days beforeit filed for lic firms endure. the proposed legislation, but “Chinese companies have ening of the relationship could ingsand spending on hotels bankruptcy Fridaynight. B3 But economic tension be- investorsworryitwill further failed to meet U.S. standards create more skepticism about and airlines appear to be pick- tween the two global super- inflame tensions between Bei- that were agreed upon in writ- the resumption of trade talks ing up in the U.S.,coinciding  China set areferencerate powers,amplified by anger in jing and Washingtonatapar- ing when their companies and send U.S. and Chinese with adecline in the daily forthe yuan at itsweakest the U.S. over China’srole in ticularly bad time. were listed,” said Michael shares lower. PleaseturntopageA2 point in 12 years, asign Bei- the spread of the newcorona- Unlikeother countries, Farr, president of money-man- Investorsoften have been jing hopes to reap benefits virus, has pushed a financial- China has never given U.S. agement firm Farr,Miller & willing to overlook the regula-  Warner Music sets a plan for from asoftercurrency. B11 marketsissue intothe political regulatorsroutine access to Washington. “The problem is PleaseturntopageA6 its IPO...... B1 World-Wide Two Cities Kept Virus at Bay  Twitterfor the firsttime Twitter Facebook Shut applied afact-checking no- Lowfatality ratesinSingaporeand Hong Kong stand out ticetoatweet from Trump, as locales have battledoutbreaks of the coronavirus. A6 hoursafter the social-media GivesFirst Efforts to Become Deaths per 100,000 people Case-fatality rate,bylocation firm denied awidower’sre- quest to deletepostsfromthe president circulating con- Fact Check Mainland Singapore Singapore 0.1% spiracytheories about the Less Polarizing China death of the man’swife. A1 0.41 Hong 0.33 To Trump Hong Kong 0.4  ThePentagon is prepar- Kong ing plans forTrump to draw Brazil 0.05 U.S. 10.82 down forces from Afghani- BY REBECCA BALLHAUS Mainland The giantstudied howitsplits users, 29.87 5.5 stan by as soon as this au- AND GEORGIA WELLS China tumn, defense officials said, in then largely shelved the research keeping with the president’s WASHINGTON—TwitterInc. U.S. 5.9 call foraU.S.withdrawal. A9 on Tuesdayfor the firsttime BY JEFF HORWITZ panymight address potential U.K. appliedafact-checking notice AND DEEPA SEETHARAMAN harms.Chief Executive Mark 55.46  TheJusticeDepartment Italy to atweet from President Zuckerberg had in public and is closing investigations into 54.25 Brazil 6.2 three U.S. senatorsfor stock Trump,hoursafter the social- AFacebook Inc.team had a privateexpressed concern trades made shortly before media companydenied awid- blunt messagefor senior ex- about “sensationalism and the coronavirus market tur- ower’srequest to deleteposts ecutives.The company’salgo- polarization.” NewYork City 8.4 moil, but is continuing are- from the president circulating rithms weren’t bringing peo- But in the end, Facebook’s lated inquiry into Burr. A3 conspiracytheories about his ple together.They were interest wasfleeting.Mr. wife’s death. driving people apart. Zuckerbergand other senior U.K. 14.1  Trump called on House Thetwin decisions arelikely “Our algorithms exploit the executives largely shelved the Republicans to reject pend- to stir partisans on both sides human brain’sattraction to basicresearch, according to NewYork City ing legislation that would of the political debate, with one divisiveness,” read aslide previouslyunreported inter- Italy 14.3 renew a set of domestic arguing Silicon Valley should from a2018 presentation. “If nal documentsand people fa- 196.2 surveillance powers that playamoreactiverole in polic- leftunchecked,” it warned, miliar with the effort, and Note:DataasofMay 26.U.S. cases include NewYork Citycases. lapsed two months ago. A3 ing Mr.Trump’ssocial-media Facebook would feed users weakened or blocked efforts Sources: Johns Hopkins University, NewYork CityDepartmentofHealth and Mental Hygiene,  Minneapolis police activity,while the other consid- “moreand moredivisivecon- to apply itsconclusions to Hong Kong DepartmentofHealth clashed with protestersan- erssuch moves akin to censor- tent in an effort to gain user Facebook products. gryoverthe death of ablack ship from the tech industry. attention &increase time on Facebook policychief Joel man in policecustody,hours Twitterapplied the fact- the platform.” Kaplan, who playedacentral afterfour officersinvolved in checking notices lateTuesdayto That presentation went to role in vetting proposed the incident were fired. A3 two tweetsfromthe president the heart of aquestion dog- changes,argued at the time about the potential forfraud in- ging Facebook almost since that effortstomakeconver-  Thehead of China’s mili- volving mail-inballots. With a itsfounding: Does itsplat- sations on the platform more tary garrison in Hong Kong small label—“Get the facts form aggravatepolarization civil were “paternalistic,” said said his troops would protect about mail-in ballots”—and a and tribal behavior? people familiar with his com- the country’snational-secu- link to moreinformation, Twit- Theansweritfound, in ments. rity interestsinthe city. A9 teralerted itsusersthat those some cases,was yes. Another concern, they and  U.S. militaryofficials said claims were unsubstantiated. Facebook had kicked off an otherssaid, wasthat some Russiahas sent jet fightersto Thetweets“contain poten- internal effort to understand proposed changes would have Reopen,safely. Libyatosupport Russian mer- tially misleading information howits platform shaped user disproportionately affected cenaries fighting on behalf PleaseturntopageA4 behavior and howthe com- PleaseturntopageA10 of amilitia leader there. A9  Died: Stanley Ho, 98, The People at the Next Table Are Real Stiffs Macau casino magnate. B2 iii Getanall-new suiteofapps, JOURNAL REPORT Restaurants make space with curtains, mannequins expertise,and services to manage the Wealth Management: crisis today, and thrivetomorrow. Emergency savings BY CHARLES PASSY guests, sharing culi- Annie Blake, co- getajump-start. R1-8 nary tales along the owner of Death or When the acclaimed New way. Glory, a cocktail bar ContactTracing •Command Center • CONTENTS Opinion...... A15-17 York restaurant Le Bernardin “It’salittle bit of and restaurant in Crisis Response •Reskilling • Business News.. B3,5 Property Report... B6 reopens,itplans to servedin- Broadway,” he says, Delray Beach, Fla., is Crossword...... A14 Sports...... A14 Shift Management Equities...... B9 Technology...... B4 ner—and a show. noting his restau- using inflatable toys Heard on Street.B12 U.S. News...... A2-6 Theseafood restaurant with rant’sproximity to in the shape of ani- Life & Arts...... A11-13 Weather...... A14 precise French servicewill the city’s theater dis- mals and space Markets...... B11 World News...... A8-9 have extraspaceinits elegant trict. aliens to occupy the dining room because of social- As restaurateurs otherwise empty bar > distancing rules.Eric Ripert, around the country seats. “Wesay our French-born chef whose signa- grapple with distanc- Eric Ripert inflatable guests turedishes include one that ing requirementsand don’t care about so- pairs tuna carpaccio and foie other safety rules,they are cial distancing,” she says. gras,isconsidering taking tapping the same creativity George Schindler,president s 2020 Dow Jones & Company, Inc. All Rights Reserved center stageand doing some that guides them in their of Hospitality Restaurants, a cooking in full viewofthe kitchens. PleaseturntopageA10 P2JW148000-5-A00200-1------XA

A2 | We dnesday, May 27, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS Tax Credit Draws Bipartisan Interest Amtrak Set to Cut BY RICHARD RUBIN coverupto80% of their wages conditions improve. Group,which worked with the Fla.),largely incorporated into and benefits, up to $45,000 per Thetax credit, or subsidy,is House Ways and Means Com- the House package, has support WASHINGTON—As unem- worker,plus acredit forfixed moreefficient than the payroll- mitteetodevelop theplans.“If from six House Republicans. Jobs by ployment rises and the first expenses likerent. Eligible taxcut touted by Mr.Trump, youcan, trytomaintain the Rep.KevinBrady of Texas, wave of federal economic relief companies would simply keep proponents say, because aid employer-employeerelation- thetop Republican on the tax- nearsexpiration, lawmakers taxeswithheld from employees’ would be limited to companies ship andnot sever it.” writing House Ways and Means Up to 20% areincreasingly looking to ex- paychecks.Ifthat isn’t enough hurt or closed by the downturn Thetax credit also avoids Committee, says he is open to pand an existing wage subsidy to equal the credit, they could and the incentivefor each creating adisincentiveto expanding the credit. “It’san to keep workersonpayrolls getadditional money from the worker would be larger. work,acriticism aimed at important tool. So we’reinter- BY TED MANN and help businesses stay afloat. Internal Revenue Service. Thecredit also could avoid $600-a-week supplemental ested in continuing to make The$3trillion package Smaller businesses would some criticisms dogging other joblessbenefits. And unlike that credit work,” he said. WASHINGTON—Amtrak is passed by the House this month getthe subsidy forall workers, thoseextrapayments, which Sen. Josh Hawley (R., Mo.) preparing to cut up to 20% of featuresanexpanded wage sub- while largerones would getit expireinJuly,the House’spro- has been offering similar pro- itsworkforce in the next fiscal sidy,known as the employeere- only forfurloughed workers Lawmakersofboth posed taxcredit would last posals. Some Senate Republi- year as the national passenger tention taxcredit.That pro- still receiving wagesorbene- through the year’s end. Coor- cans,including Lindsey Gra- railroad continues to suffer posal, whichwould add about fits.The break would be scaled parties arelooking to dinatinganexpansion of the ham (R., S.C.), have been from ahugedecline in rider- $194billion to a$55 billion tax to each employer’srevenue expand an existing taxcredit with those other seeking an off-ramp from the ship as the coronavirus pan- credit created in March, is gain- lossduring the pandemic. programs will provetricky, as supplemental $600-a-week un- demic brought most travel to ing bipartisan support even as Employerswould claim the wage subsidy. manyDemocratswant to keep employment benefits. Republi- a halt. lawmakersclash over other leg- expanded credit for59million largerunemployment insur- cans areconsidering other Ridership and ticket reve- islation to aid the economy workers, according to esti- ance in placefor those who ideas,including bonuses for nue at the companyhavefallen during the pandemic. mates from Congress’sJoint can’t find jobs quickly. rehired workersand taxcred- by 95% sincethe pandemic be- ForDemocrats, the subsidy Committee on Taxation. programs.Itwould be available “Wewanted to makesure its tied to hiring. gan, Chief ExecutiveBill Flynn offersanalternativetothe Thewagesubsidy tries to in some fashion to employers that there was a long horizon TheHouse’sexpanded credit told Amtrak workersinanin- payroll-tax cut President resolveanettlesome problem of all sizes,unlikeforgivable so that both businesses and responds to employers’com- ternal memo on Tuesday. Trump is seeking, which they forpolicymakers. They want to small-businessloans offered by workers would know this was plaintsabout the existing rules. While Amtrak is planning to oppose because it does little provide support to workerssuf- the Paycheck Protection Pro- going to be in place,” said Rep. Thecredit rate would increase slowly restart some service for the unemployed. Republi- fering hardship.They also want gram. In contrast to unemploy- SuzanDelBene (D., Wash.). from amaximum 50% to 80% of halted during the lockdown— cansupporterspreferthe sub- to help viable businesses ment insurance, the subsidy “The goal is to do whatever wagesand benefits. So foraslit- including the Washington-to- sidy to spending programs fa- through the current disruption. keeps workerstied to jobs. we cansopeople don’t have to tle as 20% of normal costs, large Boston Acelaexpressservice voredbyDemocratsand see it And they want to tie the two “It canbeacost-effective be on unemployment at all.” employers could keep work- on June 1—the companyproj- as a way to link aid to work. together—keeping that link so way of doing this,” said JoeDa- Astand-alone tax-credit bill forces on standby. ects ridership in 2021 will re- TheHouse plan would give businesses don’t have to rehire vis, global chief economist at proposed by Ms.DelBene and —Siobhan Hughes bound to just half of what it employersenough money to and retrain their staffs when theinvestment firm Vanguard Rep.Stephanie Murphy(D., contributed to this article. was before the crisis. “This maysound easy,but the climb back will be hard,” U.S. WATCH Mr.Flynnwrote.Toreturn to even half of therailroad’spast ridership will require“sub- ECONOMY stantial growth over the next 16 months,and it will have to Consumer Confidence be achieved against abackdrop Ticked Up in May of stunning unemployment, so- cio-economic dislocation and a A measure of U.S. consumer potential recession,” he wrote. confidence edged up in May as Amtrak employs morethan the coronavirus pandemic con- 18,000 people nationwide.It tinued to grip the country, ac- plans to make the cuts by Oc- cording to survey data released tober,the memo said, the start Tuesday. of Amtrak’s 2021 fiscal year. The Conference Board, a pri- An Amtrak spokeswoman vate research group, said its in- declined to comment. dex of consumer confidence rose Amtrak will begin itsjob re- to 86.6 in May, from a revised ductions by offering buyouts 85.7 in April. Economists sur- and retirement incentives,Mr. veyed by The Wall Street Jour- Flynn said in the memo, “be- nal had expected a reading of fore we resort to involuntary 82.3. S separations.”

The index’s slight uptick indi- PRES Aspokeswoman forthe

cated that the pandemic is TED Transportation Trades Depart-

weighing less on consumers’ OCIA ment, AFL-CIO, a coalition of

outlook, said Lynn Franco, senior SS unions that includes Amtrak /A

director of economic indicators RD workers, declined to comment.

at the Conference Board. CO Thepandemic has devas- “Following two months of RE tated the finances of the rail- ON rapid decline, the free-fall in con- road.The companyreceived OCKT

fidence stopped in May,” she ST morethan $1 billion as part of said. “While the decline in confi- the Cares Act to cover an op- dence appears to have stopped /THE erating shortfall in the current for the moment, the uneven OTO fiscal year,and executives

path to recovery and potential ORD have acknowledged that the

second wave are likely to keep a CLIFF railroad will need additional cloud of uncertainty hanging ABLAZE: A tomato-processing plant in Stockton, Calif., went up in flames Tuesday as about 1.5 acres of plastic pallets burned, officials said. financial help to cover short- over consumers’ heads.” fallsinticket revenue in the The headline index’s upturn U.S. SUPREME COURT jecting Trump administration The low-security prison holds prioritizethe early release of in- coming years, as they wait for was driven by an improvement claims thatafederal judge had roughly 2,300 inmates; at least mates. The American Civil Liber- passenger demand to return. in consumers’ short-term out- Justices Don’tBlock undermined the judgmentof“ex- nine have died from Covid-19. ties Union filed the suit last Amtrak has already cut $215 look. The expectations index Order at Ohio Prison pert prison administrators” run- The Bureau of Prisons declined month, alleging thatinlightof million in capital expenses this climbed to 96.9 in May, from a ning the facilityinElkton, Ohio. to comment. the pandemic, cramped conditions year and is targeting $600 mil- revised 94.3 in April. However, The Supreme Court declined The brief,unsigned order AttorneyGeneral William Barr and the prison’sfailuretoimple- lion in further reductions like the present-conditions index fell to block alower-court order re- Tuesday, citing procedural flaws had notedthe severe conditions menthygienic measures violated delayedstation improvements to 71.1 from a revised 73.0 the quiring federal authorities to in the government’sfiling, left at the Federal Correctional Insti- the constitutional protection from and property acquisition, CFO previous month. identify fortransferinmatesvul- open the possibilitythe court tution at Elkton, and in April di- cruel and unusual punishments. Tracie Winbigler told employ- —Gwynn Guilford nerable to the coronavirus, re- could intervene at afuturestage. rected the Bureau of Prisons to —Jess Bravin ees last month.

The S&P500 on Tuesdayflirted with its eral shotsongoal,” said Hani CORRECTIONS  AMPLIFICATIONS Market first close above 3000 sinceearly March. Redha, amultiasset portfolio manager at PineBridgeInvest- 3200 2991.77 ments. Although manufactur- Aphoto with aPageOne An Off Duty article Saturday Rally Is ingavaccine and disseminat- article Saturday about Amer- aboutanimal statues incor- 3000 ing it to the wider population ica’sreopening showedSal rectly described the statues as will take time,the number of Vega and Susie Saldana with sitting or supine. Extended potential candidates has their 10-month-old son. The 2800 buoyedmarkets. caption incorrectly said 10- An April 11 Off Duty article “Any kind of glimmer of year-old. aboutcabbage, which contains ContinuedfromPageOne hope about anytrial going well some calcium, incorrectly de- number of newcoronavirus in- 2600 or anytrial starting is going to Thename of Judy Feder, scribed the vegetable as fections. be good,” he said. one of the Hilton & Hyland packed with calcium. TheU.K.has laid out plans In another sign investorsare listing agentsfor arental 2400 to reopen retail stores next embracing risk,arangeofas- property in LosAngeles,was month, while Italy,one of the setstypically considered safe omittedfromaMansion article Noticetoreaders hardest-hit countries,saw peo- 2200 declined. Gold futures dropped Fridayabout ahome owned by Wall Street Journal staff ple return to barsand restau- 1.7% to $1,704.80 atroyounce, developer Ardie Tavangarian. membersare working re- March 2020 April May rants over the weekend. whilethe WSJDollar Indexde- motely during the pandemic. Stocks have quickly recap- Source:FactSet clined 0.8% as investorsfa- Mario Nievera, of Nievera Forthe foreseeable future, turedalevel of euphoria usu- voredriskier areas of the mar- Williams Design, said that ani- please send reader comments ally seen at market tops,said Several banks including the facility,which is being re- ketlikecommodities and mal statues, sitting or reclin- only by email or phone, using PeterBoockvar, chief invest- BankofAmericaMerrill Lynch, configured to help them abide emerging markets. ing, at most should be a third the contactsbelow, not via ment officeratBleakley Advi- JPMorganChase and Morgan by newsocial-distancing rules. It is unusual forgold and theheight of ahouse’sdoor. U.S. Mail. soryGroup.That is because Stanley declined to send their Tuesday’srally sent the the dollar to be down at the stock tradersare looking only representatives back to the blue-chipindexup529.95 same time because aweaker Readers can alert The Wall Street Journal to any errors in news articles by at thedirection of the recovery, NYSE floor Tuesdayasthey points, or 2.2%, to 24995.11. dollar makes gold and other emailing [email protected] or by calling 888-410-2667. while bond marketsare more were still hashing out adispute TheS&P 500 rose 36.32points, dollar-denominated assets concerned with the degree of over the exchange’seffortsto or 1.2%, to 2991.77.The tech- cheaper foroverseas buyers. therecovery, he said. shield itself from liability for nology-heavy Nasdaq Compos- Thesynchronous drop under- THE WALL STREET JOURNAL “Aslong as thingsare re- coronavirus-related lawsuits, iterose 15.63points, or 0.2%, scored the strength of Tues- (USPS 664-880) (Eastern Edition ISSN 0099-9660) opening,the economic data people familiar with the matter to 9340.22. day’s“risk-on” move. (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) don’tmatter,” Mr.Boockvar said. Investorsare betting that Treasuryyields also ticked Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 said. TheNYSEisseeking to one of at least 10 coronavirus higher as investorsretreated Published daily except Sundays and general legal holidays. TheNew York Stock Ex- makethe banks and other vaccines under development from safe assets. Theyield on Periodicals postage paid at New York, N.Y., and other mailing offices. change’sfamed trading floor firms that employfloor brokers will eventually come to market, 10-year Treasurys rose to Postmaster: Send address changes to The Wall Street Journal, also reopened Tuesday—inci- agree to compensatethe ex- halting the spread of the coro- 0.697% from 0.659%Fridayas 200 Burnett Rd., Chicopee, MA 01020. dentally,the 124th anniversary changefor certain lawsuits navirus and allowing normal bond prices fell. 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Need assistance with your subscription? limit the spread of Covid-19. some banks have balked at it, Drugmakers including Pfizer Despitethe recent stock By web: customercenter.wsj.com Ahead of the open, floor the people said. and Moderna arealso racing to rally,manyinvestorsremain By email: [email protected] tradersqueued up outside the Another exchangeoperator, develop avaccine.Novavax concerned about howtovalue By phone: 1-800-JOURNAL (1-800-568-7625) NYSE’shistoric building in Cboe Global Markets, said shares rose 4.5% to $48.17, af- shares when earningshave Reprints &licensing: By email: [email protected] lowerManhattan, submitting Tuesdayitwould reopen its terrising as high as $54.50 fallen so sharply and many By phone: 1-800-843-0008 to atemperaturecheck.A options-trading floor in Chi- earlier in the session. companies have withdrawn WSJback issues and framed pages: wsjshop.com mask-wearing NewYork Gov. cago on June 8. Cboe,whose Moderna fell 16% to $57.71. their futureforecasts. Our newspapers are100% sourcedfromsustainably certified mills. Andrew Cuomo rang the open- floor has been closed since Pfizer slipped apennyto —Caitlin Ostroff ing bell, facing alargely vacant March, said it expected around $37.49. and Corrie Driebusch GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS trading floor. 50% of itstraderstoreturn to “It looks likewehavesev- contributed to this article. P2JW148000-6-A00300-1------XA

THE WALL STREET JOURNAL. ****** We dnesday, May 27, 2020 | A3 U.S. NEWS Florida Pushes to Host GOP Convention

Trump has threatened “The door is open,” Mr.De- 2018 selected Charlotte because Santis said. “Wewant to have it is located in abattleground to move gathering the conversation.” state. from North Carolina JoeGruters,chairman of the Mr.Trump,inaseries of Florida GOP, said he had been tweets, didn’t indicatewherehe over virus restrictions placingcalls to RNC officials might relocate. Vice President sinceMr. Trump’sMonday MikePenceonMondaytold Fox BY ALEX LEARY threat to leave Charlotte,N.C. News that options included AND JOHN MCCORMICK “Florida is ready to have it,” Texas,Florida and Georgia. Mr.Gruters said. “It is abig or- Florida hosted the2012 Re- Florida Republicans aremak- deal and would be tough, but publican convention in Tampa ing an aggressiveplayfor the we aredoing everything we can and the stateisconsidered a RepublicanNational Convention to help pave the way foratran- must-win forMr. Trump,who is afterPresident Trump threat- sition,ifthereisone.Wewould making his firstvisit there ened to movethe late-August do it in asmart, measured and Wednesdaysincethe pandemic, gathering from North Carolina if safeway so we don’t jeopardize to attend the SpaceX launch. Mr. that state’sDemocratic governor anybody’s health.” Trump,who made Florida his of- didn’t “immediately” guarantee Thepresident maynot have ficial residencelast year from afull-capacity event canbeheld alot of other viable options,if NewYork,won the statein2016 thereamid the pandemic. he wantstohold his coronation by 1.2 percentagepoints. Florida Gov. Ron DeSantis,a in abattleground state. Among /REUTERS On Monday, the North Caro- Republicanwho is close to the the 10 states that had the nar- lina governor’s officesaid state

president, told reportersTues- rowest margins in the 2016 WILKING health officials were working

daythat his officehas been in presidential election, just RICK with the Republican National touch with the WhiteHouse and three—Arizona, Florida and Nominee Donald Trump with Mike Pence at the 2016 Republican National Convention in Cleveland. Committeeasthe party makes would welcome the gathering, NewHampshire—areled by Re- plans forthe convention, set for extolling a“hugeeconomic im- publican governors. recent presidential election cy- anominee there. affordthe party greater local an arena in Charlotte that can pact.” He named anumber of Mr.Trump isn’t obligated to cles.The quadrennial gather- Thereisalso no requirement support in the logistically chal- hold as manyas20,000 people, cities,including Miami, Orlando, hold his convention in abattle- ingsgeneratemassivemedia at- that the convention be held in a lenging act of moving anational and that the stateis“relying on Tampa and Jacksonville,that ground state, but that has been tention in the states wherethey stateled by aRepublican, but political convention on such dataand sciencetoprotect our could handle aconvention. the practicebyboth parties in areheld and cangiveaboost to placement in one would likely short notice. Theparty in July state’spublic health and safety.” President Urges GOP To Reject FISA Bill

BY DUSTIN VOLZ AND ANDREW RESTUCCIA

WASHINGTON—President Trump called on House Repub- licans to reject pending legisla- tion that would renewaset of domestic surveillancepowers that lapsed two months ago, a movethat could doom the bill lessthan 24 hoursbeforelaw- makerswereset to begin con- S

sideration of it. PRES

“I hope all Republican House TED

MembersvoteNOonFISAun- CIA tilsuch time as our Countryis SO AS able to determine howand why the greatest political, criminal, and subversivescandal in USA TRIBUNE/ AR

historytook place!” Mr.Trump ST wroteonTwitteronTuesday night,referring to the Foreign ALEZ/

IntelligenceSurveillanceAct. GONZ

Thepresident has said the in- OS

telligencecommunity improp- CARL erly used the lawtosurveil his Minneapolis policeclashed Tuesdaywith demonstrators protesting the death of George Floyd. Mr.Floyd died in policecustody and avideo of the encounterwas postedonFacebook, presidential campaign forpo- litical reasons,anassertion disputed by former Obama ad- Officers Are Fired After Black Man’s Death ministration officials. Mr.Trump’stweet follows months of uncertainty about BY BEN KESLING Facebook,and verified by Sto- to be takenaway by ambulance. Mr.Floyd’s plea, “I can’t “Being Black in America whetherornot he would sup- ryful, showedprotesters, some TheFacebook video from breathe,” mirrored that of Eric should not be adeath sen- port the legislation concerning Minneapolis police clashed in masks,appearing to block Mondayevening had been Garner,ablack man who died in tence,” Minneapolis MayorJa- aspectsofFISAthat both Tuesdaywith protestersangry traffic.Abody wasoutlined in shared by morethan 27,000 2014inpart from achokehold cobFreysaid in astatement chambersofCongresshave over the death of ablack man whitechalk,asiffromamur- people as of Tuesday. applied when NewYork City po- Tuesday. “For five minutes,we been debating sincethe start in police custody, hours after der scene.Another video, Theofficer shown with his liceofficersarrested him foral- watched a white officer press of theyear.The Senateearlier four officersinvolved in the posted on Instagram and veri- knee on Mr.Floyd’s neck was legedly selling untaxed ciga- his knee intoablack man’s this month voted80-16 with incident were fired. fied by Storyful, showedpeople identified as Derek Chauvin by rettes.His case,likethe 2014 neck. Five minutes.” large bipartisan support to re- Avideo of the encounter throwing rocks at policecars. his attorney,Tom Kelly,accord- fatal shooting of Michael Brown Sen. AmyKlobuchar,aMin- newthe expired provisions between policeand the man, The Minneapolis police de- ing to the AP.Mr. Kelly didn’t re- by apoliceofficer in Ferguson, nesota Democrat, called for a with ahost of changes in- George Floyd,surfaced on partment’sdecision to fire the spond to requestsfor comment. Mo., sparked anger from activ- “thorough outside investiga- tended to bolster privacyand Facebook.Federal and state officerscame afterthe video iststoward policeand touched tion.” transparencyprotections. authoritiesare investigating showed Mr. Floyd telling offi- off days of protests. On Monday evening, police TheHouse is expected to the incident. cers that he couldn’t breathe A video shows “This abusive, excessiveand responded to acall of “forgery vote as soon as Wednesdayon Several hundred protesters while one of the officers held inhumane use of forcecost the in progress” and were told Mr. the Senate-approved measure, gathered Tuesdayevening at him face down on the ground George Floyd telling lifeofaman who wasbeing Floyd appeared to be “under but also had agreed to consider the location of the encounter with hisknee on the back of police officers, ‘I detained by the policefor the influence,” according to a an amendment that would cur- between Mr.Floyd and police, Mr.Floyd’s neck foraround questioning about anonvio- Minneapolis police official. tail when the Federal Bureau of the Associated Pressreported. five minutes. can’t breathe.’ lent charge,” said Benjamin When the policearrived on Investigation cancollect inter- They were chanting and carry- “Please,man,” Mr.Floyd Crump,anattorney represent- the scene they found Mr.Floyd net search recordsand brows- ing bannersthat read, “I can’t tells an officer on the video.“I ing Mr.Floyd’s family.“We in a vehicle. They told him to ing historyfromAmericans breathe” and “Jail killer KK- can’t breathe.” will seek justicefor the family getout and then he “physi- when working on anational se- Kops,” the AP reported. In the video,the whiteoffi- TheMinnesotaBureau of of George Floyd.” cally resisted” the officers, ac- curity investigation. Asimilar Theprotesterswalked for2 cerkneels on Mr.Floyd’s neck Criminal Apprehension, the TheFBI is investigating cording to police. 1 measurecame one vote short /2miles to aMinneapolis police as Mr.Floyd tells policethat state’stop body forcriminal in- whetherMr. Floyd’s civil “Officerswereable to get of passing in the Senatebut precinct. Some damaged win- his stomach hurts, and then ap- vestigations,launched an in- rights were violated. thesuspect intohandcuffs and wasexpected to clear the dows,asquad carand sprayed pearstolose consciousness. vestigation Mondayintothe TheMinneapolis policeand realized that the suspect was House,along with the overall graffiti. Policeinriot gear Bystandersare heardasking event at the request of the the policeunion didn’t re- suffering medical distress,” FISA bill. formed intoaline to confront the officerstolet Mr.Floyd up Minneapolis policedepartment. spond to requestsfor com- the policespokesman said, Thelegislation would mod- the protestersand firedtear and to check his pulse.The On Tuesday, the Federal Bureau ment. adding that Mr.Floyd died ifyand reauthorizethe expired gas, the AP said. videoshows Mr.Floyd,limp, of Investigation said it had also State and local officials con- soon after arrival at the Hen- provisions through Dec.1, Video footageshared on beingloaded ontoastretcher begun an investigation. demned the officers’ actions. nepin County Medical Center. 2023. Thepresident has publicly and privately decried FISA, ar- guing that the government im- Insider-Trading ProbesofThree SenatorsEnd properly used it to undercut his bid forthe presidency. Mr.Trump and his allies BY ARUNA VISWANATHA vestment advisers sold hun- step down as chairman of the statementtoThe Oklahoman, the speech and debateclause of have pointed to awatchdogre- dreds of thousands of dollarsin SenateIntelligenceCommittee in whichthe senator said: “As the U.S. Constitution would port detailing several errors TheJusticeDepartment is stock afterlawmakersattended afterFBI agentsobtained a I’vesaid all along,Iwasn’t even limit their ability to win anyin- made by the FBI in itsapplica- closing investigations into closed-doorbriefingsabout the warrant to seizehis cellphone at thebriefing and do not make sider-trading trial against Mr. tions forsurveillanceofMr. three U.S. senatorsfor stock threat posed by the pandemic. in connection with the investi- my ownstock trades.Idid Burr,the people said. Trump’scampaign adviser, trades made shortly beforethe Some of those trades spared gation. nothing wrong,and I’m pleased Theclause,intended to pro- Carter Page. coronavirus market turmoil but lawmakersasmuch as hun- Theclosureofthe investiga- the JusticeDepartment has ex- tect lawmakers’ independence, The watchdog report,which is continuing arelated investi- dreds of thousands of dollarsin tion intoMs. Loeffler could onerated me.” Aspokesman for provides membersofCongress waswrittenbythe JusticeDe- gation intoGOP Sen. Richard losses as stocks sank by mid- giveher aboost as she strug- Ms.Feinstein had no immediate with immunity fortheir work partment’sinspector general, Burr,according to people famil- March. gles to keep her seat in Geor- comment. on legislative matters. found that the FBI withheld in- iar with the matter. Thelawmakershavedenied gia. Ms.Loeffler,who wasap- Theexecution of the search Sincethe information Mr. formation from the FISAcourt ProsecutorsonTuesday impropriety in the trading.Ms. pointed by Georgia Gov.Brian warrant targeting Mr.Burr un- Burr might have allegedly used that undercut claims made by a were alerting defense attorneys Feinstein, Ms.Loeffler and Mr. Kemp to succeed retired Sen. derscored the serious natureof relates directly to legislative former British intelligenceoffi- forRepublicans Kelly Loeffler Inhofe have said their invest- JohnnyIsakson, trailed another the inquiryintohis actions. work and closed-door Senate cer, Christopher Steele,inan of Georgia and James Inhofeof ment advisersmade the trades Republican, Rep.Doug Collins, Investigatorshaveobtained briefings, his actions could fall unverified dossier the bureau Oklahoma, as well as Democrat and that they didn’t learn of in recent polls.Ms. Loeffler evidencethat shows Mr.Burr under the constitutional pro- partially relied on to obtain ap- Dianne Feinstein of California, them until afterthe fact. said last week that she had no wastalking to people with spe- tection, expertssaid, and could proval forsurveillanceagainst that they were closing investi- Mr.Burr,ofNorth Carolina, plans to drop out of the race. cific insight about the threats limit prosecutors’ ability to Mr.Page. gations intotheir trading,the had moredirect involvementin “Today’sclear exoneration posed by Covid-19 whose think- bring anycase. Mr.Trump’stweet wasthe people said. his trades and has said he was by the Department of Justice ing wasn’t available to the pub- Mr.Burr sold shares on Feb. firsttime he weighed in di- TheFederal Bureau of Inves- relying on news reportscoming affirms what Sen. Loeffler has lic,according to people familiar 13 of companies worth as much rectly on the debateinCon- tigation began the probes two out of Asia, wherethe virus said all along—she did nothing with theinvestigation. Prosecu- as $1.7million that he owns gressoverthe legislation con- months agoasreportsemerged firstemerged, to makehis in- wrong,” aspokesman forMs. tors arenow examining with his wife. That savedthe cerning aset of surveillance that several membersofCon- vestment decisions.Earlier this Loeffler said. whether the wide latitude couple at least $250,000 in tools that expired on March 15. gress, their spouses or their in- month he agreed to temporarily Mr.Inhofe’sreferred to a granted to lawmakersunder losses. 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A4 | We dnesday, May 27, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL. U.S. NEWS

RaceIsOntoDevise OOL SP /PRES

Fast Home Test Kits HARNIK ANDREW P;

BY BRIANNA ABBOTT diseases at University of Cali- firstquarter of 2021. Over-the- /A AY AND AMY DOCKSER MARCUS fornia, SanFranciscoand a counter availability to consum- AR member of thescienceadvi- erswould come afterthat, the

Even as coronavirus testing sory board at Mammoth Bio- spokesperson said. MAND ramps up around the country, sciences.The South SanFran- U.S. labs have conducted at :A businesses and public-health ciscobiotech is working to least 300,000 daily testssince LEFT OM

authorities seeking to safely re- develop ahand-held rapid test May11, according to the Covid FR open arehitting aspeed bump: for Covid-19 using the Crispr Tracking Project, amarked im- An HIV test kit from OraSure Technologies, which is now developing a rapid Covid-19 antigen test called Standardtesting techniques system. Thetechnologyisbest provement from previous a lateral flow assay. NIH Director Francis Collins at a Senate committee meeting earlier this month. stillrequiresophisticated lab known forenabling gene edit- weeks.That daily count is still equipmentand cantakehours ing and is nowbeing turned well belowthe level that pub- HowLateral FlowTests Work or even days forresults. toward detecting the genetic lic-health expertssay is neces- To stretch beyond the lab, signature of the coronavirus. sary—along with tracing close Lateralflow technology,currently usedinblood testsfor Covid-19 antibodies,could be developed test developersare racing to Sherlock Biosciences in contactsand quarantining, into arapid diagnostic forantigens found in salivaornasal fluid. producenext-stagetechnolo- Cambridge, Mass.,this month among other measures—to Here's howitworksfor antibodies. gies that could allowfor rapid received emergencyuse autho- stem the spread of the virus. Blood Pre-setonthe Test line Control Line Absorption Pad widespread testing as quickly rization from the Food and Thechief current testing sample conjugate pad: Contains Detects as an at-home pregnancytest. Drug Administration fora method, the polymerase chain antibodies gold-tagged “The truly ideal test is the Crispr-based Covid-19 lab test reaction test, is considered the Gold-tagged to detect antibodies test that youcan do in your that canprovide resultsinan gold standardbut has draw- antigen coronavirus to validate house everymorning,” said hour.The test is the firstau- backs.The PCRtest relies on a Gold-tagged the test Elizabeth McNally, the direc- strained supply chain for ma- antibody toratthe Center forGenetic terials, samples have to be Medicine at Northwestern Uni- Experts estimate sent to alab,and resultscan versity. take days. Yet diagnostics experts es- wide access to OraSureTechnologies Inc., timate wide access to quality quality rapid tests is of Bethlehem, Pa., said it has a rapid testsisstill months contract with the Health and away.Among the challenges is still months away. Human Services department to finding noninvasiveways to develop arapid Covid-19 anti- DIRECTIONAL FLOWWOOFFTTESEST collect the patient sample gentest called alateral flow as- while maintaining the sensitiv- say. It uses strips to find viral ity of current standardtests. thorized Crispr-based infec- proteins in oral fluid taken 1 BlBloodd samplele 2 Coronavivirus antibodiestibodi 3 Controllanttiibodiesbodi 4 Excess annttibodiesibodie , Thenasalpharyngeal swabs tious-disease diagnostic,the from between the gums and the is addedto containedinthe blood showifthe test taggedantigens used in most current Covid-19 FDAsaid, but is still limited to cheek.The test is based on the test. sample aredetectedbythe worked correctly. and blood reach testsare invasiveand difficult specialized laboratories. technologyalready deployedin antigen on the test line. this point. to successfully conduct in a Thecompanyaims to sub- the company’sHIV self-test. home setting. mit a test that can be used in Thelateral flow assaystrips Results: Positive NegativeInconclusive Theindustryistrying to urgent clinics and doctors’ of- look forviral antigens in saliva movequickly,especially before fices for authorization in the or anose swaband areone of CONTROL fluseason arrives in the fall. fall, said Sherlock’schief exec- the major technologies compa- That is when public-healthex- utiveofficer,Rahul Dhanda, nies areexploring.These tests TEST pertsworryabout another while the rapid hand-held test aredifferent, though techno- Source:Johns Hopkins Center forHealth SecurityAlbertoCervantes/THE WALL STREET JOURNAL surge of Covid-19 cases,and is still further off. logically similar,torapid anti- the ability to quickly distin- Mammoth signed adeal this body tests, which look for development of diagnostic “Shark Tank,” will provide fi- question. guish between respiratory ill- month with GlaxoSmithKline signs of past infection in a technologies,with the goal of nalistswith up to $500 million NIH Director Francis Col- nesses would become even PLC’sGSK Consumer Health- small sample of blood. Anti- millions of rapid testsaweek and technical, businessand lins,ataMay 7Senatecom- more crucial. care to develop itsrapid test. body tests, however, can’t di- available by the end of summer, manufacturing expertise. mitteehearing,called the pro- “I don’t want to underesti- AGSK spokesperson said they agnose acurrent infection. and morebyflu season. The Whether the diagnostics in- posed fall target “a stretch matethe magnitude of the aim to have aprototype before Last month, the National In- Rapid Acceleration of Diagnos- dustrycan ramp up to produce goal that goes well beyond challenge,” said Charles Y. the end of 2020, and poten- stitutes of Health announced a tics,orRADx,initiative, often millions of rapid tests a week what most expertsthink will Chiu, aprofessor of infectious tially available in clinics by the competition meant to speed up compared with the TV show by the fall remains an open be possible.” Conflicting ResultsConfuse and DistressPatients

BY DEANNA PAUL graines.Asecond test wasalso negative. Zalman Goldstein has re- Aftersymptoms subsided, ceived resultsfor six Covid-19 she tried to getantibody tests testshehas takensincemid- to check again if she had had April. Threewerepositive, and thevirus and ended up with three were negative. two on the same day, April 30. Thecontradictoryresults— One reported she had the anti- including two on the same day bodies,thus had been infected; that came back with different the other said she didn’t. answers—have made it impos- Ms.Zeidenweber has re- sible forMr. Goldstein, 74 mained at home sinceMarch. yearsold, to schedule aproce- She hasn’t seen her parentsor durehis doctor recommended returned to her job. “Not hav- beforethe pandemic began. inganswers has forced us to On May12, he tested nega- take drastic measures,” she tive forthe virus,but the hos- said. pital requires another negative ForDanielle Fried, returning

result beforeitgoes ahead GES to her job as atherapy consul-

with the procedure, to combat IMA tant shouldn’t have posed a alongstanding kidney illness. problem. The36-year-old New

Last Wednesday, he went to a GETTY Yorker tested positivefor the Veterans Affairshospital in Los SE/ virus last month. She went into Angeles foraseventh test. He quarantine,and her symptoms is still awaiting the results. subsided. Soon afterward, she ANCE-PRES

“The testing situation is FR tested positivefor antibodies, preventing my father from get- indicating that she no longer ting the care he’sneeded from ENCE hadanactiveinfection. AG

the get-go,” said Mr.Gold- Y/ On May12, Ms.Fried visited stein’sson, Amir. an urgent-carecenter fora

With increased testing ca- DOULIER newtest, which her job re- pacity in the U.S.,and wide- quired. To her surprise,she spread availability of viral and tested positivefor an active OOLIVIER

antibody tests,each daymore FR Covid-19 infection forthe sec- Americans are trying to learn Some virus testshave provenflawed, or aretaken tooearly in the course of the disease. Motorists lined up Tuesdayfor testsinArlington, Va. ond time. if they have or had Covid-19. “Everything we knowabout But because some testsare un- said Robert Wachter,chairman cial distancing restrictions.In hadthe virus.Inthe rush to the virus or antibodies. viruses is that you’renot con- reliable or takentoo early in of the department of medicine addition, some employers are roll out both types,dozens of In lateMarch, Stephanie Ze- tagious afteryou have antibod- thecourse of the disease,the at the University of California, requiring staff,particularly testsbyvarious manufacturers idenweber had telltale symp- ies,” she said afterreceiving resultsaren’t consistent. That SanFrancisco. those who were oncesymp- have proven unreliable. toms of Covid-19: shortnessof thenew results. Thestaffer canproducebad datafor au- Thestakesofsuch confu- tomatic,tobetested beforere- Beyond possible flawsinthe breath, body aches and chills. couldn’t explain whyMs. Fried thorities and confusion among sion arerising as states are turning. tests, said Dr.Wachter,both vi- TheFlorida resident’sinitial tested positiveand said she people. easing lockdown restrictions Thereare two types of raland antibody Covid-19 tests test, takenwithin days of her probably wasn’t contagious. “Situations likethis areoc- andallowing local businesses Covid-19 tests: viral testsdiag- occasionally canbewrong be- firstsymptoms,came back But she went back intoquaran- curring with distressing fre- to reopen. Authorities rely on nose acurrent infection, while cause of time-related issues—a negative. Weeks intoher ill- tine. “I’dlikesome direction.” quency and areconfusing to testing datatodecide how antibody blood testsdetermine patient is tooearly intothe ness, she wasstill gasping for Ms.Fried said of the contradic- patientsand their doctors,” quickly and broadly to end so- whether aperson previously diseasetodevelop enough of air and suffering from mi- tory test results.

Mr.Trump tweeted in re- wouldn’t take action on the said in astatement Tuesday: verted it forperceived political aminer,Michael Berkland, said Trump’s sponse: “Twitteriscompletely postsabout Mr.Scarborough. “Weare deeply sorryabout the gain,” he wrote, according to an undiagnosed heart condi- stifling FREE SPEECH, and I, as Twitter’spolicyistolock us- pain these statements, and the an email firstpublished by the tion had caused her to collapse President, will not allowitto ers’ accountsifthey violate attention they aredrawing,are NewYork Times. and hit her head on adesk in Tweets Are happen!” rules against harassment or causing the family.” Referring to theories that Mr.Scarborough’sFort Walton Twitterstaff warned Mr. spam-likebehavior unlessthe Mika Brzezinski, the co-host have circulated online for Beach congressional office. Trump’steam previouslythat a usersdeletethe tweets. Last and wifeofMr. Scarborough, years, falsely suggesting Mr. Thepresident has tweeted Flagged May20tweet about voter year,the companysaid it would expressed outragethat Twitter Scarborough wasinvolved in or retweeted about Ms.Klausu- fraud risked triggering the begin flagging tweetsbygov- waschoosing to respond to the the death, Mr.Klausutis wrote: tis’sdeath ahalf-dozentimes companytotakeaction, ac- ernmentofficials and political mail-in ballot tweetsand not “The frequency, intensity,ugli- this monthtoattack Mr.Scar- ContinuedfromPageOne cording to aperson familiar figureswho violateits rules. those baselessly accusing her nessand promulgation of these borough, apersistent critic of about voting processes and with the matter. That tweet BeforeTuesday, Twitterhad husband of murder.“Umm- horrifying lies ever increases the Trump administration who have been labeled to provide wrongly said Michigan had not takenany action against mmm…WOW,” she wrote, tag- on the internet. These conspir- has excoriated Mr.Trump’s additional contextaround mail- sent absentee ballotstopeople Mr.Trump,eventhough his ging TwitterChief Jack Dorsey. acytheorists, including most handling of thecoronavirus in ballots,” aTwitterspokes- ahead of the primaries.Infact, critics have said some posts “You arekidding us right?” recently the President of the pandemic on his program, mansaid. Michigan had sent absentee flouted the company’spolicies. TimothyKlausutis,the wid- United States, continue to “Morning Joe.” Twitter’smovewas based ballot applications.Mr. Trump In the instanceofMr. owerofMr. Scarborough’sfor- spread their bile and misinfor- Mr.Trump,asked about his on apolicyannounced earlier deleted the tweet. Trump’stweetsabout the con- mer aide,had writtentoMr. mation on your platform.” tweetsabout Mr.Scarborough this month to apply fact-check- On TuesdayMr. Trump re- spiracies surrounding the Scar- Dorsey last week asking him to Lori Klausutis died in July Tuesdayatthe WhiteHouse, ing labels about the coronavi- visited the voting topic,even borough aide’sdeath, aspokes- deletethe president’stweets 2001 at theage of 28.Atthe defended his calls foraninves- rusand other disputed issues as fresh controversy swirled man forTwittersaid the abouthis wife. time,she wasworking forMr. tigation, calling the matter subject to misinformation, in- over his tweetsfalsely suggest- messages did not qualifyasha- “I’m asking youtointervene Scarborough, then aRepubli- “certainly averysuspicious sit- cluding the election. This ing that former Rep.and cur- rassment under the company’s in this instancebecause the cancongressman in Florida. uation.” Mr.Trump said he had marked the firsttime Twitter rent MSNBC host JoeScarbor- policybecause the people men- President of the United States Localauthorities said at the seen Mr.Klausutis’sletterbut has applied the fact-checking ough had playedarole in the tioned in the postsare public has takensomething that does time therewas no evidenceof dismissed itsrequest. labeltoamessageabout non- 2001 death of acongressional figures. not belong to him—the mem- foul play, and the Okaloosa —Dustin Volz Covid news. aide.Twitterlater said it TheTwitterspokeswoman oryofmydead wife—and per- County associatemedical ex- contributed to this article. P2JW148000-0-A00500-1------XA

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A6 | We dnesday, May 27, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS Group Seeks Plasma From Covid Survivors

BY AMY DOCKSER MARCUS Michael Joyner of the Mayo company based in Spain that Covid-19 donorstodate trials. “Westill need the defin- Potential donorsstart by Clinic, who is principal inves- produces plasma-derived med- through itswebsite, according itivestudy,” said Trevor Mun- using aself-screening tool. Acoalition of research in- tigatorofthat convalescent- icines and is participating in to aspokeswoman. She said del, president of global health Thepotential donorsenter a stitutions,blood banks,drug plasma project. Mayo is par- the campaign. the organization supportsthe forthe Bill &Melinda Gates ZIP Code and getalist of companies and recovered ticipating in the campaign. Finding qualified plasma is effortsofthe coalition but Foundation, which is an ad- nearby donation centers. Covid-19 patients is working Plasma from recoveredpa- morecomplicated than it didn’t join it. “Atthis time,the viser on the new campaign. PeterLee,corporatevice to overcome amajor challenge tients is being used in formal might seem. Potential donors Red Crossisfortunatetobe Plasma companies still president at Microsoft, which in developing newtherapies clinical trials andresearch ef- must meet therequirements able to meet the needs of our don’t know how many donors developed theself-screening based on survivors’ blood fortstobetterunderstand of allblood donors, such as hospital partners,” she said. they need to makeasingle ef- tool, said donorsare directed plasma: a shortage of donors. which antibodies in the plasma weight, age, and underlying Thepush formoredonors fectivedose of intravenous im- to centersbased on location. With a campaign launched most effectively neutralizethe health. Some don’t showup follows two studies of hospital- munoglobulin, said Julie Kim, Coalition membersare discuss- Tuesdaycalled TheFight Is In virus.Companies also need fortheir appointments; others ized Covid-19 patientsthat president of plasma-derived ing waystodetermine howdo- Us, the group aims to gettens plasma to manufactureand find they are unable to give a looked at the safety and effi- therapies at Takeda Pharma- norsare allocated. Laterver- of thousands of people who test an intravenous immuno- sufficient amount. cacy of convalescent-plasma ceutical Co., amember of the sions of the tool might have recoveredfromCovid-19 globulin product that will con- “These areall challenges therapy.Researchersfound the coalition. Previousexperience incorporatesuch factorsas infections to donateplasma tain antibodies pooled from re- we have to recognizealong the transfusions appeared to be in making immunoglobulin wait time forappointments. using aself-screening tool de- coveredpatients’serum. way in getting adonation safe.Asmall study at Mount product to treat other condi- Some donorsmight prefer veloped by Microsoft Corp. One concern is that various from someonetoanactual SinaiHospital in NewYork of tions indicates arangeofany- to give to a for-profit plasma So far nearly 15,000 seri- groups might start competing product,” said Pampee Young, Covid-19 patientswho received wherefromone to five donors company, wherethey might be ously ill Covid-19 patients with each other to trytoob- chief medical officer of bio- plasma suggested that they did per dose, she said. reimbursed. Othersmight have received plasma transfu- tain plasma. medical services at the Ameri- betterthan similar patients Despitethe unusual effortsto choose alocal blood bank, sions in an emergency, ex- “Everybody is clamoring for canRed Cross. “Weare build- who didn’t getthe transfusions. work together,for-profit com- wherethe plasma would be panded-access program autho- convalescent plasma donors,” ing the plane as we fly it.” While promising,neither panies in the coalition continue used rightaway forsick pa- rized by the Food and Drug said Chris Healey,president of TheRed Crosshas collected study metthe rigorous re- to look fordonorsontheir own, tients in a hospital and reim- Administration, according to corporate affairs at Grifols, a plasma from 4,000 recovered quirements of formal clinical according to industryexperts. bursement isn’t offered. How Two Cities Kept the Pandemic at Bay Merck Hong Kong and Singapore DoesDeals reported their firstcases of the novel coronavirus in January. Four months later,the densely To Develop packed Asian metropolises, with acombined population of about 13 million, have seen 27 Va ccines fatalities between them. BY JARED S. HOPKINS By Newley Purnell in Hong Kong and Feliz Big drugmaker Merck &Co. Solomon in Singapore said it is working on two po- tential vaccines and an experi- Just 0.4%ofthose with con- mental drug against the coro- firmed infections have died in navirus,joining rivals in the Hong Kong.InSingapore—less frantic search for medicines. than 0.1%. If the U.S. had asim- Merck said Tuesdayitisac- ilar fatality rate as the average quiring one experimental vac- of thetwo,its death toll would cine as part of the purchase of nowstand at about 4,100, itsAustrian maker,while part- rather than 98,000 and grow- nering in the development of a ing. second vaccine candidate and “When youoverwhelm the potential drug. health systems alot morepeo- TheKenilworth, N.J.,drug- ple die,” said David Owens, maker didn’t disclose the founder of Hong Kong medical terms of the deals.

practiceOT&PHealthcare, who S Merck is a longtime maker has treated patientsfor of vaccines and antivirals, in- PRES Covid-19.Hong Kong and Singa- cluding human papillomavirus

pore“didn’t let the epidemic ZUMA shot Gardasil. For weeks, the I/

runwild.” UJ companyhad been looking in- Thecities’ fatality rates— TS side itsown walls forpromis- among the lowest in the ing Covid-19 candidates,be- KEITH world—showthat coronavirus Hong Kong and Singaporehave seen acombined 27 deaths from Covid-19. Above,people wait foratrain in Hong Kong earlier this month. fore deciding to pursue outbreaks don’t have to result programs started elsewhere. in large-scale lossoflife. Their data. Thecase-fatality rate in infected were between the ages trials fordrugs including rem- nearly all of them aremild or “Welooked inside and out- playbook: test widely,quaran- the U.S. overall is 5.9%, accord- of 20 and 59.InHong Kong,the desivir,anantiviral drug previ- asymptomatic. side, and the things we found tine aggressively and treat pa- ing to Johns Hopkins data. It is median ageofthose infected is ously tested as atreatmentfor Both Hong Kong and Singa- outside were better,” Roger tientsearly to avoid fatal com- 14%inthe U.K. and Italy. 35,with only about 5% of cases Ebola, and the combined medi- porehavealso benefited from Perlmutter, Merck’sR&D chief, plications and overburdened Hong Kong and Singapore occurring in people age70and cations used in Hong Kong. experience. According to Daniel said in an interview. health systems. provide lessons forthe U.S. and up. Hong Kong’sand Singapore’s Lucey, amember of the Global Dr.Perlmuttersaid Merck Both Hong Kong and Singa- other countries that arebegin- Keeping infections from fatality ratespotentially indi- Health Committeeatthe Infec- has specific criteria foracoro- pore acted quickly to keep the ning to open up amid apan- spreading to communities most cate the virus is lessdeadly tious Diseases Society of Amer- navirus vaccine,including that outbreak in check,giving them demicthreatening to recur in at risk allowedboth cities to than it appearsinplaces such ica, the SARS outbreak in the it provide immunity with a enough lead time to prepare waves. managetheir medical re- as the U.S. and Europe,where early 2000s prompted are- single dose so asecond shot the space, manpowerand Extensivetesting allows au- sources. Doctorsand research- typically the sickest people thinking of disease prepared- isn’t needed, and that it use a equipment they needed. With thorities to quickly determine ers, free from being inundated have been given testsand are ness acrossAsia. proven technologythat canbe controllable caseloads,hospi- who is infected and isolate by acrisis,havebeen able to morelikely to die,said Owen Singaporealso had ablue- scaled up readily formanufac- tals were able to properly man- them. This strategyhas helped focus on finding treatments. Tsang, medical director of the print ready to be deployedat ture. ageworkflows,monitor in- Hong Kong and Singaporekeep In Hong Kong,doctorshave Hong Kong Hospital Authority’s the firstsign of an outbreak. Forone vaccine,Merck said fected individuals and provide the virus away from tightly used acocktail of drugsthat Infectious Disease Centre. DoctorsinSingaporesaid hos- it is acquiring privately held supportivecarethat kept many packed groups of older people, early research shows mayhelp Singapore’sapproach to pitals began stockpiling per- Themis Bioscience,ofVienna. cases from becoming critical. who aremoresusceptible to suppressinfections so they testing is providing amoreac- sonal protectiveequipment in In March, Themis said it was Neither city has seen short- dying from thedisease. don’t spread to medical work- curatepictureofdisease preva- January, and atest kit wasde- collaborating with the French ages of critical-careequipment More than 90% of cases in ers. Thedrugcombination ap- lencethan in manyplaces,ob- veloped within weeks. nonprofit Institut Pasteur and such as ventilators,because so Singapore were detected pearstohelp patientsrecover, serverssay.After outbreaks “The differenceisthey never the University of Pittsburgh on fewpatients needed them. among itsmigrant-worker com- research suggests. emergedindensely packed dor- really let it getout of control,” Covid-19 vaccine development. Thepictureisdifferent in munity,who aremostly young, Singapore’shealth system mitories wheremigrant work- said Dr.Lucey,adding that the Themis is working to scale up NewYork City, which has re- healthymen. Health officials wasalso quick to conduct trials erslive, authorities isolated the U.S. could apply elementsof production forclinical trials corded morethan 16,000 said 95% of patients who died of drug therapies.Due to the areas and have set out to test their approach as cases level that could begin within weeks, deaths and whereabout 8% of in Singaporefromthe disease lownumber of people with se- allofthe morethan 300,000 off and commerce restarts. “It’s Dr. Perlmutter said. those with confirmed infections were morethan 60 yearsold, vere cases there, most of those people who liveinthem. Case not toolate. [U.S.] states can Merck’ssecond coronavirus have died, according to official while the vast majority of those people participated in clinical numbershavesoared, but still learn from this model.” vaccine effort will take the form of apartnership with the scientific-research organiza- overseas regulators, securities Fees From Overseas Backers of the proposed tion IAVI, whose experimental lawyers said. Shares of many U.S. crackdown said what had vaccine uses the same technol- Chinese Banksadvising Chinese-domiciledcompanies in the U.S. stock Chinesecompanies have been been a low-profile issue in fi- ogythat is the basis for market have earned more than $128 million in fees this year. hit hardsincethe passageof nancial marketstook on Merck’sEbola Zairevirus vac- Firms Face the Senatebill last week,with Bank fees forChineseequity deals on U.S. exchanges greater political meaning after cine, Dr. Perlmutter said. Alibaba and JD.com falling 8% this year’s economic crash. Merck said it would help and Baidu Inc. dropping 5.8%. Credit Suisse $39.4 million “What has helped with this IAVI,aNew York-based non- U.S. Audits China has said sharing au- is all thingscoronavirus,” said profit, further develop the JPMorgan 27.8 dit work paperswould violate Rep.MikeConaway (R., vaccine,which could begin hu- its sovereignty and risk leak- Citi 12.4 Texas), who sponsored similar man testing later this year. ContinuedfromPageOne ing state secrets. This year, it UBS 11.4 legislation last year. “China’s In addition, Merck said it tory gapasthey snapped up outlawedcomplying with response has brought a lot of would license the rightstoan shares of Chinese companies, overseas securities regulators Morgan Stanley 10.9 issues to the forefront, one of experimental Covid-19 drug including Alibaba Group Hold- without the permission of its China International Capital 8.7 which is,should they have ac- from privately held Ridgeback ing Ltd., that made their de- ownmarket supervisor and Goldman Sachs 8.0 cess to our markets with dif- Biotherapeutics LP of Miami. buts on U.S. exchanges. various componentsofthe ferent rules than everybody Merck plans to continue devel- Wall Street banks,which Chinese government. Jefferies 4.2 else?” oping the drug,which is enter- underwrote the stock sales TheSEC has stepped up its Maxim Group 3.0 The Senate legislation, co- ing midstagetesting in pa- and aresupposed to conduct warningsabout the regulatory SVBLeerink 2.7 writtenbySens.John Kennedy tientsthis week,Dr. due diligenceonthe compa- blind spot in recent months, (R., La.) and Chris Van Hollen Perlmutter said. nies,havebeen rewarded with including after the disclosure Note:DataasofMay 21 (D., Md.), must passthe House Merck plans to target the more than $1.4 billion in fees, of accounting fraud at Luckin Source:Dealogic to become law. Aversion of drug at Covid-19 patientswho according to datafromDea- Coffee,aChinese startup and the bill was introduced in the aren’t yetseverely sick,evenif logic.The major stock ex- competitor to Starbucks Corp. 2011, seeking recordsittion stalemate. But barring the House by Rep. Brad Sherman hospitalized, Dr.Perlmutter changes also benefited from Luckin, which went public needed to conduct a fraud in- Chinese audit firms,for in- (D., Calif.), who leads akey said. lucrative,attention-getting on the Nasdaq Stock Market vestigation of the audit firm’s stance,would have negative subcommitteethat focuses on Chief ExecutiveKen Frazier global listings. and is being investigated by former client, China-based consequences forU.S.multina- investor protection and said said he wouldn’t commit to a TheSenatelegislation re- the SEC,said some employees LongtopFinancial Technolo- tionals that use the firms for the bill might need atechnical vaccine being ready within 12 quires the Chinese companies fabricated $310 millioninrev- gies Ltd. In 2016,the SEC sued their China operations. fix. to 18 months,asother compa- with shares traded heretodis- enue.Ithas sincefired its LongweiPetroleum Invest- SEC Chairman Jay Clayton “Weneeded the SEC and nies and public officials have close to the Securities and Ex- chief executiveand chief oper- ment Holding Ltd., afuel com- said that theSenatelegisla- the PCAOBtomoveinthis di- suggested is possible,because changeCommission whether ating officer, and itsshares pany based in China that had tion offersanew way to get rection, but nowitlooks like of the large clinical trials they are owned or controlled have fallen to arecent $1.39 been listed on theNew York China to comply with PCAOB Congresswill,” Mr.Sherman needed. by state authorities. from $50 in January. Stock Exchange’smarket for requirements. The companies said. “I think this passes the “Those take time.There’s While many of the Chinese TheSEC said in April that smaller companies,over and their auditorswould have House in the next two months, no two ways about it,” he said companies traded in the U.S. the agency’sability to promote claims that it fabricated as- three moreyearstocomply hopefully in improved form.” in an interview. “Wewill move aren’t state-owned, such as and enforce standards in pectsofits business. TheSEC with inspection require- TheHouse is likely to ap- as rapidly and responsibly as Alibaba and e-commerce rival Chinaand other emerging prevailed in the case in 2019. ments—or facedelisting from provethe bill, said James Luc- we can, in conjunction with JD.com Inc., othersare fully or markets is severely limited. Critics said the SEC and the the Nasdaq or NYSE. “The ier, managing director at Capi- regulators, but Idonot see partially under Chinese-gov- Before Luckin, there was a Public CompanyAccounting Senate bill is a legislative at- talAlpha PartnersLLC,an any way around large clinical ernment control. China is less string of Chinese frauds in the Oversight Boardcould have tempt to get China to comply investor-focused policy-re- trials to show whether some- likely to allow audit work pa- U.S. stock market. moved in the past to cut off with the oversight require- search firm. thing is in fact safeand effec- pers forstate-owned compa- TheSEC sued Deloitte Chinesecompanies from U.S. ments,” Mr.Clayton said. “The —Sebastian Pellejero tiveacrossalarge popula- nies to ever be shared with Touche Tohmatsu CPALtd. in marketsoverthe audit-inspec- status quo is not acceptable.” contributed to this article. tion.” P2JW148000-0-A00700-1------XA

THE WALL STREET JOURNAL. We dnesday, May 27, 2020 | A7 P2JW148000-0-A00800-1------XA

A8 | We dnesday, May 27, 2020 THE WALL STREET JOURNAL. WORLD NEWS Europe Looks to End Paid Leave Leading Economies Europe’sstrategyofplacing tens of millions of workerson paid leave has succeeded in Suffered stemming the widespread un- employment seen in the U.S., but nowgovernmentsacross In Quarter thecontinent aregrappling with howtowean companies BY PAUL HANNON andworkersoff the support. Theworld’sdeveloped econ- By Stacy Meichtry, omies sawthe largest fall in Paul Hannon output sincethe global financial and Tom Fairless crisis in the firstthree months of the year,asgovernmentsbe- Theprograms were origi- gantoimpose lockdowns de- nally intended as astopgap signed to limit the spread of measure. European companies the novel coronavirus. idled workersinstead of firing As sharp as those declines them, using billions in state were,they arelikely to be subsidies to covertheir pay- eclipsed by the falls in activity rolls until they were ready to recorded in the three months reopen forbusiness. Nowthat JOURNAL through June,although econo-

governmentshaveliftedtheir REET mies areexpected to start to

lockdowns,however, many ST recoverinthe second half of businesses arecalling on gov- LL the year. ernmentstokeep the money WA TheOrganization forEco- THE

flowing formonths.The de- R nomicCooperation and Devel-

mands areheaviest in indus- FO opment said the combined triessuch as tourism and en- OP grossdomestic product of its MY

tertainment. S/ 37 memberswas 1.8% lowerin Catherine Querard, who the firstquarter than in the fi- owns several restaurantsand a nal three months of 2019,the DHERBEY hotelaround the French city of largest fall sincethe 2.3% de- NES

Nantes,ispressing the govern- AG cline recorded in the firstthree ment to extend aprogram that Catherine Querard, who runs La Guinguette and other eateries in Nantes, France, expects the restauranttooperateat30-50% of capacity. months of 2009 during the currently pays up to 84% of her height of the financial crash. employees’ salaries until the where. ditions aremet. wagesof7.5 million workersat tion forEconomic Cooperation Among the Group of Seven end of the year.That would al- If European firms become “Weneed to encouragethe 935,000 businesses. and Development. largest developed economies, lowher to gradually return her hooked on subsidies,itwill be a activity to restart,” French La- Recognizing that businesses Mr.Scarpetta said govern- Francesaw the largest drop in 100 employees to work while costly addiction. Francehas bor Minister Muriel Pénicaud would need help forlonger mentsacrossEurope aredis- economic output, followed by implementing costly social-dis- spent an estimated €24billion said. “Atsome point it’sreason- than hoped, U.K. Treasurychief cussing howbest to modifythe Italy.Japan sawthe smallest tancing measures. ($26.15 billion) to fund Europe’s able forcompanies to paypart Rishi Sunak extended the pro- programs.The point is to avoid economic contraction, fol- She is expecting restaurants biggest paid-leave program for of the paid leave.Itwill be gram’stermination datetoOc- propping up zombie companies lowed by the U.S. likeher flagship La Guinguette, two months,supporting more measured so it’snot acleaver tober from June.FromAugust, that have no realistic chanceof Thesizeofthe economic along the banks of the Loire than half of the country’sentire it will requirebusinesses to pay reviving their activities. contractions experienced in River,tooperateatsomewhere private-sector workforce.In alargershareofwages as German unemployment rose thefirst quarter reflectsthe between 30% and 50% of capac- Germany—which nowpays up Statefunding of idled workersput in morehours. The by around 300,000 in April, to duration and severity of the ity while ratcheting up spend- to 87% of aworker’s salary, up Officefor Budget Responsibil- 5.8%, according to the federal lockdowns imposed by govern- ing on hand sanitizer and pro- from 67%—three-quartersofa workershas kept ity—an independent statebody laboragency. That is amodest ments. But momentum also tectiveequipment to reassure million businesses indicated joblessnessdown, that monitorsthe costsofgov- increase compared with the mattered: The U.S. was grow- clientele. they would put as manyas10.1 ernment programs—calculates scale of job losses in the U.S., ing more rapidly than its Eu- “We’ll have lessclientsthat’s million workersonsubsidized but at ahighcost. the U.K.’s program will now but worsethan Germanyexpe- ropean counterpartsbefore forsure. So that means we leave by April 26,according to cost as much as £56 billion rienced during the financial cri- the coronavirus struck. won’t need as manyemploy- the federal labor agency. That ($68 billion), up from £42 bil- sis. The OECD will release new ees,” Ms.Querardsaid. Still, the is morethan three times the lion when it waslaunched. That Lars Feld,chairman of the forecastsfor global growth on restaurateur preferstokeep level at the height of the finan- in terms of employment.” is £7billion morethan the U.K. CouncilofEconomic Experts June 10.This month, the her staff on the state-subsi- cial crisis in 2009. Unlikemajor economies on government borrowedinthe that advises theGerman gov- United Nations said it expects dizedpayroll in the hope that Franceplans to phase out its the continent, the U.K. didn’t whole of the latest financial ernment,worries that if the the global economytocon- one dayshe will be ready to re- subsidyprograms over the next have apaid-leave program in year. crisis continues deep into2021, tract by 3.2% this year, led by activatethem all. “Wejust few months.Germanyrecently placewhen the pandemic hit. “Nobody expected such a the government’swagesupport a5%dropinthe output of de- want to createabridge.” extended the period over which Applications forits Coronavirus massiveincrease in claims.The will keep alivefirms that aren’t veloped countries and a 0.7% Formanygovernments, the companies candrawonthe JobRetention Scheme opened numbersare very,verylarge.” viable.“Theshort-time work decline in the output of devel- matterboils down to whether program to 21 months from 12 on April 20,and by May11it said Stefano Scarpetta,director program should not be ex- oping countries,which typi- they arefunding abridgetono- months,provided certain con- waspaying up to 80% of the of employment at the Organiza- tended beyond this year.” cally grow more rapidly. Howcan I... Form plansAand B? AndCandD? Navigatenew reportingregulations? Prepare for the bailout’seffects? At amomentwhen CFOs must lead well beyond thebottomline, theCFO Networkoffers youthe opportunitytoconnect withfellowtop executives in this expansiverole.Examine today’sbiggest challengesinbusiness, andchartthe path toward Therehas neverbeen amorecritical future growth. Membershipisbyinvitation: [email protected] time forleaderstoconnect. Learn more at cfonetwork.wsj.com

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THE WALL STREET JOURNAL. We dnesday, May 27, 2020 | A9 WORLD NEWS U.S. Weighs Plans for Afghan Troop Exit

BY GORDON LUBOLD ficials said. One option would and advising Afghan forces as theWhiteHouse,but added paring to draw forces out of been alongstanding goal of AND NANCY A. YOUSSEF leavearound 5,000 troops in well as conducting counterter- that therewas no deadline for Afghanistan by Election Day. Mr.Trump that has takennew Afghanistan, and another plan rorism missions against Is- doing so.“We arenot meant Thepossibility of atotal urgency because of this fall’s WASHINGTON—ThePenta- under consideration would lamic State and other extrem- to be apoliceforce,we’re withdrawallikely would lead a presidential election, some ex- gonispreparing plans for leave about 1,500 troops there, ist groups. meant to be a fighting force,” host of American allies who perts said. President Trump to draw several officials said. Mr. Trump has pressed de- he said. also have troops in Afghani- Under the current draw- down forces from Afghanistan Another proposal would re- fense officials to showdemon- Defense SecretaryMark Es- stan to abandon the mission, down plan, agreed to during by as soon as this autumn, de- moveall American forces from strable progressondrawing per and the chairman of the U.S. officials said. But if the peacetalks between the U.S. fense officials said, in keeping the country, wherethe war down American forces in long- Joint Chiefs of Staff,Army U.S. were to remain, even with and the insurgent Taliban in with Mr.Trump’scall foran has ground on for morethan running warzones.Mr. Trump Gen. Mark Milley,are expected asmaller contribution of February, the U.S. military American withdrawal. 18 years. on Tuesdaysaid he wanted to present options to Mr. troops,some allies likely would would reduce its footprint to ThePentagon’splans in- All the options would likely troops home,but didn’t pro- Trump as soon as this week, remain and could assume about 8,600 troops by July. clude a series of options that fundamentally changethe cur- vide details. an official said. TheNew York greater responsibility fortrain- ThePentagon expectstohit rangefromacompletewith- rent two-pronged U.S. strat- “We want to bring our sol- Times on Tuesdayreported on ing and advising,officials said. that threshold in coming days, drawaltoapartial pullout, of- egy, which includes training diersback home,” he said at plans the Pentagon waspre- Leaving Afghanistan has officials said. Chinese Military Raises Its Profile In Hong Kong

BY SHA HUA Victoria Harbour and troops engaged in militaryexercises. Thehead of China’smilitary Gen. Chen’scommentscame garrison in Hong Kong said his on the same daythat Hong soldierswould safeguardthe Kong Chief ExecutiveCarrie country’snational security in- Lamsaid the newsecurity terestsinthe city,reinforcing laws arenecessarytodeal an aggressivepush by the Com- with “a very small minority” munist Party to tighten itsgrip of city residentswho “orga- on the former British colony. nizeand participateinterror- S Beijing signaled last week ist activities to subvert the that it intended to unilaterally state power.” PRES

impose newnational security Ms.Lam also pushed back TED

laws on Hong Kong to punish against concerns that the new OCIA SS

sedition, subversion, terrorism laws could frighten away inves- /A

and interferencebyforeign tors in the financial hub,saying YU forces.The movetriggerednew investorshaven’t been scared

protestsonSundayinacity off by national security legisla- VINCENT that has seen widespread dem- tion in Western countries. Hong Kong Chief Executive Carrie Lam on Tuesday again defended a new national security law that has sparked concern in the city. onstrations against China’sin- Hong Kong’sHang Seng In- fluenceoverthe past year. dex rose 1.9% on Tuesday, its processofimposing laws on robust” legal basis for impos- arrestsinHong Kong is “imag- exert newcontrol over Hong People’sLiberation Army second dayofgains after the city. ing national security laws inary for the moment.” Kong. Thepresident later said Maj.Gen. Chen Daoxiang said plummeting 5.6% on Friday. Activists and pro-democ- within the framework of that Ms.Lam has faced repeated he would respond to China’s in an interviewwith state Hong Kong’s miniconstitu- racy legislators have said the arrangement. She also denied calls forher resignation since actions in Hong Kong by the broadcaster China Central Tele- tion, the Basic Law, requires it newlaw could spell the end of that the stationing of main- her support foranow-with- end of the week. vision on Tuesdaythat the gar- to enact its own laws against the “one country, two sys- land state-security agents in drawnextraditionbill drew Beijing’ssignal that it in- rison in Hong Kong stood ready offenses likesubversion and tems” framework that gov- Hong Kong, a possibility Bei- millions intothe streetsinop- tended to impose national se- to “act with firm resolvetoim- sedition, but the effort has erned the city’s handover to jing hasraised, would affect position last year.The demon- curity laws reignited the pro- plement the central govern- faced fierce public opposition. Chinese control in 1997.The freedom of speech in the city. strations morphed intoanti- testsonSunday, leading to ment’sdecision and plans.” Chinese leadersgathered in framework is meant to give “Weare averyfreesociety, government proteststhat clashes between demonstra- Aversion of the interview Beijing for the annual parlia- Hong Kong ahigh degree of so forthe time being people subsided during the pandemic. tors and the policethat led to posted to one of CCTV’ssocial- mentarysession said the situ- autonomy until 2047. have this freedom to saywhat- WhiteHouse presssecretary more than 100 arrests. media accountswas intercut ation in Hong Kong demanded Ms. Lam said China’s legis- ever they want to say,” she Kayleigh McEnanyonTuesday Foreign diplomatsestimate with footageshowing PLA ma- urgent action, which they said lature, the National People’s said, adding that the notion of said President Trump is dis- the PLA’s Hong Kong garrison rine operations in Hong Kong’s spurred them to begin the Congress,had a“sound and mainland agentsconducting pleased with China’seffortsto holds 8,000 to 10,000 troops.

WORLDWATCH

ISRAEL UNITED KINGDOM LIBYA Chinese Firm’s Bid on Opinion Poll Backs Russia Sends Jets to Big Project Rejected Johnson Aide Firing Support Mercenaries Israel awarded the contract for Prime MinisterBoris Johnson’s Senior U.S. military officials amajor infrastructureproject to a efforts to defend topaide Domi- said Russia has sentjet fighters local company, avoiding getting nic Cummings struggled Tuesday to Libyatosupport Russian mer- entangled in the escalating ten- as an opinion poll showedama- cenaries fighting thereonbehalf sions between the U.S. and China. jorityofthe British public be- of KhalifaHaftar,amilitia leader Several companies, including lievedthe adviser had broken based in the eastern part of the one from China, had bid to build lockdown rules and morelaw- country. what is slated to be the world’s makers called forhis dismissal. The deploymentisamajor es- largest desalination plant near Mr.Cummings traveled almost calation in Moscow’s involvement an Israeli military base that is the length of England to stay on in the Libyan conflict. also used by the U.S. his parents’ propertyatthe The U.S. military’s Africa Israel’s finance ministry said heightofthe coronavirus pan- Command on Tuesday sought to Tuesday that the contract for demic. He made the trip with his buttress its unusually blunt criti- the Sorek 2 desalination plant wife, who wassick with symp- cism of Russia’s actions by re- went to Israeli company IDE toms of Covid-19, and 4-year-old leasing imagery of a MiG-29 jet Technologies. Rival bids included son. Mr.Cummings cited aclause at Libya’s Al Jufra airfield. one from an affiliate of the in the rules thatallows people in The Russian Defense Ministry Hong Kong-based CK Hutchison exceptional circumstances to didn’trespond to arequestto Holdings Ltd. seek help with child care. comment. The Kremlin has said Israeli officials said the deci- In a poll conducted by You- in recent weeksthatitsupports sion on the plant, Israel’s sixth, Gov, 71% of people believe he apolitical solution in Libya. Rus- came down to cost. The move broke the lockdown rules, with sia has backed Mr.Haftar,amili- comes as the Trump administra- 59% saying he should be fired. tia leader based in Libya’seast, tion presses Israel and other al- Mr. Johnson’s personal approval foryears, but it has denied direct lies to take a tougher line on rating sank for the first time involvementinthe fighting there. Chinese investments, particularly into negative territory, plunging In 2019, Russia sentmerce- in areas involving a security risk. 20 points in four days, according naries from the Wagner Group, a IDE declined to commenton to a poll conducted by Savanta companywith ties to the Krem- its winning bid forthe desalina- ComRes. lin, to fightalongside Mr.Haftar’s tion plant. Hutchinson didn’tre- Mr. Cummings helped Mr. forces. But Mr.Haftar and the spond to arequesttocomment. Johnson win a large majority in Russian fighters have suffered China’sembassy in Israel has said an election last year and is seen battlefield losses recently after the Hutchinson bid wasmade in as key in mapping out aplan for Turkey deepened its support for accordancewith Israeli law. post-Brexit Britain. the Tripoli government. —Felicia Schwartz —Max Colchester —Michael R. Gordon catchofthe day edgar franklin wittmack Celebrated illustrator. Lively subject. Distinctly American. This original oil wascreated by American illustrator EdgarFranklinWittmackfor thecoverof theiconic Saturday Evening Post. Known forhis animatedportrayalsofclassic American pastimes,Wittmackpainted this fishermanbattlingwithhis catch in avivid,graphic style. Signed (lower right).Dated1935. Canvas:28”hx23”w; Frame:34”hx29”w. #31-1371 S PRES ZUMA

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A10B | We dnesday, May 27, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK NYCWeighs Partial Mid-June Reopening

Retail for curbside AJune 1goal to hire1,000 maximum amount of service fall and funding formajor small businesses will be hurt, ple ceremonies to accommo- contact tracers—health work- that canbeprovided and how statepublic-works projects. while the affluent will be fine, date all of the attendees. pickup, construction, erswho will follow-up on ev- to achievesocial distancing on Accelerating big projects— Mr.Cuomo said. “Wewant them to celebrate manufacturing would ery positive coronavirus test public transportation, he said. such as building a new Penn Thestate had 73 confirmed and be celebrated by their by reaching out to patients Thenumber of hospital ad- Station, expanding the city’s deaths from Covid-19 on Mon- families,friends and the edu- be part of first phase and their close contacts—has missions forpeople suspected Second Avenue subway line day, the lowest number since cators that helped getthem been exceeded, Mr. de Blasio of having Covid-19 dropped to and constructing newtunnels the crisis started, the governor there,” Mr. Murphy said at a BY MELANIE GRAYCE WEST said. Some 700ofthose work- 63 cases, Mr. de Blasio said, said. news conference. “Certainly AND JOSEPH DE AVILA ersare based in the city’s while across the city’s public In NewJersey,Gov.Phil these will be graduations un- hardest-hit communities,and hospitals, 423 people still re- ‘We’re seeing more Murphysaid Tuesdaythe state likeany others. Thesteps we NewYork City could begin a speak some 40 different lan- quired critical care.“Certainly recorded 54 Covid-19 deaths, aretaking arenecessarytoen- phased reopening in the first guages,said TedLong, execu- we’reseeing moreprogress progress than we raising the state’scumulative sure the health and safety of or second week of June,Mayor tivedirector of the city’s Test than we might have originally might have totalto11,191. everyone in attendance.” Bill de Blasio said Tuesday, as and TraceCorps. imagined,” he said. Mr.Murphysaid schools Professional sportsteams in it continued to ramp up test- Hundreds of thousands of Meanwhile,New York Gov. originally imagined.’ and higher education institu- NewJersey canreturn to ing capacity forthe coronavi- people will need to use mass Andrew Cuomo said at anews tions can begin hosting out- training and competitions if rus and started developing transit in the initial phase of conference Tuesday that the door graduations with social their respectiveleagues plans forcommuterstosafely reopening,which allows con- Long Island region is set to distancing beginningJuly 6. choose to reopen, the gover- use public transportation. struction, manufacturing and open Wednesday. He also said acrossthe Hudson River— Thestate will soon provide norsaid. He said he has been Thecity will have about 180 retail forcurbside pickup,the he would meet with President would jump-start the economy, districtsguidanceonthe maxi- in contact with the state’s testing sites open by the end mayorsaid. Officials aretrying Trump on Wednesday to dis- the governor said. mum number of people that sportsteams to discussamod- of June,with the expectation to determine howsubway cars cussstimulus funding from the Theeconomywon’t quickly canattend the ceremonies,he ified return, adding that he is to run50,000 virus testsdaily and buses canoperatewithout federal government to help return to whereitwas before said. Thegovernor said he ex- confident teams cansafely re- by Aug.1,Mr. de Blasio said. overcrowding,what is the meet a$13 billion stateshort- the pandemic and workersand pectsschools will hold multi- sume play.

METROMONEY | By Anne Kadet Restaurateur Sees Glass Half Full for Grand Opening

Nikolaos scouring supermarkets, Lamprou had butcher shops and wholesale big plans for markets for supplies ranging the grand from fryer oil to chicken opening of thighs. Niko’s Souv- Operations have since laki, his new dine-in Greek smoothed out, he says, and restaurant in Astoria, business has been averaging Queens. There would be 70 to 90 orders a day. This flowers, balloons, Greek and represents about a third of American flags, his DJ cousin the volume he planned to Paul spinning tunes and a generate with his dining crowd of hungry patrons. room open, but he’s satis- “Then all this situation fied. “Things could be much happened,” he says. more better financially, but By “situation,” of course, we made a great beginning,” Mr. Lamprou is referring to he says. the coronavirus pandemic Reviews are positive so and ensuing lockdown, which far—averaging 4.9 stars on limited restaurants to offer- Google—though some say ing takeout and delivery. He the prices are high for an

opened anyway, and it’s been JOURNAL Astoria souvlaki joint. quite an adventure for the “It was good, but not ex- REET

first-time restaurateur. ST cellent, and I think it was

“I’m an optimistic per- LL very expensive,” said Maria son,” he says. “But it was re- WA Alvanou, a recent customer

ally challenging.” THE who was relaxing under the R

Mr. Lamprou grew up in FO patio umbrella in her front Athens, Greece, and worked Y yard. She also took issue summers at his aunt’s island GOR with the fake roses installed seafood restaurant. He al- GRE in the planters around his

ways dreamed of opening his PHER restaurant. “I hate them,”

own place. TO she said. “Tell them to In 2013, after college and change the flowers. If they CHRIS a mandatory stint in the Nikolaos Lamprou, left, opened his Queens restaurant, Niko’s Souvlaki, during the pandemic despite a lockdown and economic uncertainty. want, I can help.” Greek army, Mr. Lamprou, who is now 28 years old, when reports started coming self-pity. “I thought, ‘Why Out and Delivery.” It got the surprise, business spiked. A r. Lamprou says his moved to New York City and about a strange new virus. “I me? Why now?’ ” he recalls. neighborhood buzzing. “I stretch of warm, sunny prices—$18 for a got a busboy job at an Ital- thought it was a joke, I Some advised him to de- was surprised, but I was weather and the restaurant’s M chicken gyro platter, ian restaurant in the East didn’t believe it,” he says. lay. “Even businesses that rooting for him,” says Chris location near Astoria Park for example—are justified by Village, earning $600 a had been around for a long Koepfer, who works down generated 200 orders a day the large portions and fresh- week. He worked his way up eforgedahead, dis- time were struggling,” re- the block at a pet store. on weekends. ness of the food. to a waiter position at Man- H tributing 1,000 paper calls his friend Anika Bhan- The growth was gratify- The flowers, meanwhile, hattan’s upscale Jean- menus around the dari. “I said, ‘Maybe it’s not he night before open- ing, but created problems, aren’t going anywhere. “My Georges and often held two neighborhood in early March the best time to open.’ ” ing, Mr. Lamprou including the task of hiring grandmother bought them,” jobs at once, working the by knocking on doorsand in- One afternoon, Mr. Lam- T couldn’t sleep. “I’ve additional clerks and kitchen Mr. Lamprou says. lunch shift at one restaurant troducing himself: “Hi, my prou sat in his empty restau- been in this industry since I help in the middle of a pan- Now, he’s looking forward and the dinner shift at a sec- name is Nikolaos.I’m opening rant, taking in the blue and was small but this was the demic. Mr. Lamprou hired to the day he can open his ond, saving $70,000 in the arestaurant on the corner.” white décor and chairs up- first time in my life to be the friends of friends and even 30-seat dining room. process. Many wished him well, side down on the tables. He owner,” he says. got his grandmother, who is “We’ll have many more Last fall, he snapped up a but some said, “Just leave decided he couldn’t wait any His first customer ordered visiting from Athens, peeling people, because so many sweet corner spot near his the menu outside the door.” longer. “It was really sad to a pork gyro, Mr. Lamprou’s potatoes and preparing mari- have already tried the deliv- home renting for $5,500 a “Everybody was already a have my place ready and not favorite dish. He gave her a nade for the chicken. ery,” he says. “They’ll be cu- month, and added to his little bit scared,” he says. open yet,” he says. “It looked free can of soda. The day Another challenge: Many rious to see, who is this funding with $30,000 bor- When the lockdown so beautiful!” wasn’t a spectacular success suppliers couldn’t deliver, crazy guy who opened dur- rowed from friends and fam- started mid-March, Mr. Lam- He went to Staples and but volume was respect- and others ran out of food. ing the pandemic?” ily. He had just finished ren- prou felt paralyzed with in- had two big signs printed: able—about 50 orders. Mr. Lamprou spent his morn- ovations on the new place decision and even a little “Grand Opening April 6 Take Then, to Mr. Lamprou’s ings driving around the city, [email protected] AdvocatesPress forBikeLanes; CitySaysCutsMakeItTough

BY PAUL BERGER advocatessay they areunim- for cars instead of mass tran- pressed with progress so far, sit. Combined subway and bus Cycling advocates say which has resulted in about 35 ridership is still down more MayorBill de Blasio is missing miles of pedestrianized streets than 80% from pre-pandemic achancetoturn NewYork and about 10 miles of tempo- levels. Bikeridership fell by City’s deserted streetsintoa rary bikelanes sprinkled in about 60% in the initial weeks bikers’ paradise as people seek short segmentscitywide. of the pandemic,according to alternativeways to travel and TheParis region, in con- city data. It rebounded quickly exercise during the pandemic. trast, is preparing to invest up in May, which wasdrier but While cities such as Paris to €300 million ($330 million) chillier than May 2019. are adding hundreds of miles to createa400-mile bike-path Averageweekdaycycle of bike and pedestrian paths, network as an alternativeto countsonthe city’s East River NewYork City officials have commuter rail. bridges aredown28% so far warned they might not meet a “Wedon’t yethaveanan- this month compared with last pre-coronavirus target of in- swerinNew York,” said Jon May. On the Pulaski Bridge, stalling 30 miles of protected Orcutt, aspokesman foradvo- which links Brooklyn and bike lanes this year. cacy group Bike New York. Queens,average weekdaycycle “You’remissing the biggest City officials saythey are countsare down 6% com- opportunity forrecoveryin doing the best they can amid pared with last May. Weekend NewYork,” said DannyHarris, pandemic-induced budget cuts cycle counts at many bridges executivedirector of advocacy and worker shortages. are higher than in May 2019. group Transportation Alterna- “I wasout moving barrels Citi Bikeisheavily depen- tives.“Right now, Iwould be today,” said TedWright, direc- dent on commuter traffic.Yet,

buying every single cone and torofthe NewYork City S itsridership is only down about barrier that Ican getmy Transportation Department’s 30% compared with pre-pan- hands on, and Iwould start bicycle and greenway pro- PRES demic levels,datashow, even

taking sections of the street to gram, which recently ordered ZUMA as schools and most businesses build a connected network.” 2,000barrels fortemporary areclosed. Thesystemreported

Biking could playanimpor- bike-lane construction. LEVINE/ about 152,000 annual members

tant role in NewYork’srecov- Last year,ascycling deaths B. at theend of April, roughly the eryasstate and city officials looked on course to reach re- same number as April 2019. gradually liftcoronavirus-re- cord levels,Mr. de Blasio Citi Bike’smembership was RICHARD lated restrictions during the pledged to build 30 miles of Biking could play an important role in New York’s recovery. Cyclists in Manhattan’s Hudson River Park. boosted this spring by the ad- coming months.Transportation protected bikelanes annually. dition of 12,000 front-line officials world-wide arelooking Eric Beaton, adeputy commis- Thecity’s Independent Bud- closed schools and businesses, 40% belowits usual levels,the workers, who were given free to bikes to help reducecrowd- sioner fortransportation plan- get Office estimates that New and urgedpeople to stay firm says,leaving plenty of annual accounts, but other ing on masstransit and to ning and management, said York faces a$9.5billion tax home.Traffic volumes fell room forwalkersand cyclists. datasuggest the system is serveasanalternativetocars. that looksunlikely this year revenue shortfall this fiscal about 60% in the city in late Transit advocates saythe thriving.Citi Bike’sgeneral Mr.deBlasio has pledged to because it requires hiring ad- year and next. March and early April, accord- city should seize street space manager, Laura Fox, said that temporarily open 100 miles of ditional planning and installa- NewYork City’s streets ing to transportation analytics ahead of afeared delugeof during the pandemic,the sys- streetstopedestrians and cy- tion workersatatime when have emptied sinceMr. de Bla- firm Inrix.Sincethen, traffic traffic afteriteventually re- temisincreasingly being used clistsduring the pandemic.But budgets are being cut. sio and Gov.Andrew Cuomo hasticked back up to about opens and people might opt for recreation and exercise. P2JW148000-4-A01000-1------XA

A10 | We dnesday, May 27, 2020 **** THE WALL STREET JOURNAL. FROM PAGE ONE GES IMA GETTY SE/ ANCE-PRES FR ENCE AG Y/ DOULIER OLIVIER S; more advanced in reopening, Restaurants have also been trying out dif- PRES ferent ideas.AtFiveDock Din- TED

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ContinuedfromPageOne and begin their meal, it all be- T OT

companywith dining spots comes just background,” says SC throughout northeastern Ohio, co-owner Frank Angilletta. : is adding lotsofplants—espe- The Inn at Little Washing- LEFT OM

cially rosemarybushes—tofill ton, in Washington, Va., spent FR outhis establishments. He fig- morethan $5,000 to buy a Chef Patrick O’Connell with mannequins at The Inn at Little Washington. Above left, KimShapiroused showercurtains at TwistedCitrus. ures the greenerywill come in dozenmannequins ahead of its handy even afterhecan in- expected opening.The manne- recording of the normal buzz “The idea is that instead of whiteblock lettering on the surdity of it all,” and she had crease capacity.“We servea quins areseated throughout of activity in arestaurant— the typical surgical blue, you back that says “Agent of plenty of customersoverthe lot of beef,and rosemarygoes the restaurant, dressed in styl- playinthe background. Mr. have something alittle more Clean.” holiday weekend. well with it,” he says. ish 1940s garb that it bor- Stillman describes the concept warm and hospitable,” says Si- “Wejust would liketohave “Wehad people joking,‘Can Thechallenge, says Yann de rowedfromthe costume de- as the oppositeofawhite- mon Kim,owner of Cote, aKo- alittle bit of fun,” says Max Icome hereinmybathrobe?’ ” Rochefort, who is behind Bo- partment of alocal theater noisemachine that quietsa rean steakhouse in New York Goldberg, co-owner of the shesays,adding that she is ac- queria, achain of Spanish troupe. room. City. group.Hesays patrons “ap- centuating the bathroom- tapas barswith locations in Little Washingtonchef Pat- To limit face-to-face inter- Baekjeong KBBQ,achain of preciatethe safety but also themed idea by serving cock- NewYork,Chicagoand Wash- rick O’Connell says the idea action as much as possible be- Korean barbecue restaurants the extra touch.” tails garnished with amini ington, is howtowelcome pa- makessense because restau- tween waitersand sommeliers with locations in Los Angeles Kim Shapirotried to pur- plastic rubber ducky. trons back in away that rantsare themselves aform of and guests, Mr.Stillman also andNew York,plans to have chasesheetsofplexiglassto AkiraBack,chef and owner makes them feel secure, and “living theater.” Plus,the faux plans to encouragedinersto staff in T-shirts that say “We createabarrier between ta- of ABSteak,aKorean steak- also lightens the mood in a dinersoffer acertain advan- discusswine picks in advance Meat Again,” playing off both bles at Twisted Citrus,her house in LosAngeles’sBeverly scarytime.Otherwise,hesays, tage,hejokes—the manne- of their visit through a“somm itsmenu and itsdesiretocele- breakfast-and-lunchspot in Center,isalso thinking he and it will be like “they’re having quins “never complain.” hotline.” bratethe return of customers. NorthCanton, Ohio,that re- his culinaryteam will do some dinner in ahospital cafeteria.” Michael Stillman,president Afew restaurateursare Strategic Hospitality,ares- opened last week. But her lo- of their preparation in the din- Capacity restrictions have and founder of Quality working with designerson taurant group with establish- calHome Depot wasinshort ing room, letting guestspar- cut seating by as much as 75% Branded, arestaurant com- custom-made masks,given mentsinNashville,some al- supply. take of what he plans on call- in some states wherenew panythat operates dining that the facecoveringsare ready reopened, is turning a Her alternative: shower ing “The Butcher Show.” measures arealready in place. spotsinNew York and Denver, likely to continue being man- cleaning person foreach of its curtains. “It would be really cool for Restaurantsoutside the is considering having what he dated or suggested by public restaurantsintoamascot who Ms.Shapiropredicted peo- customers to see us butcher- U.S.,which in some places are calls a “soundtrack of din”—a officials. wearsanavyjumpsuit with ple would showup“forthe ab- ing ahalf cow,” Mr.Back says.

Kaplan, said people who heard harm ahypothetical Girl Scout Facebook’s him discussCommon Ground troop,said people familiar andIntegrity proposals. Mr. with his comments. Suppose, Kaplan became moreinvolved Mr.Kaplan asked them, the Study of in content-ranking decisions girls became Facebook super- after2016 allegations Face- sharerstopromotecookies? book hadsuppressed trending Mitigating the reach of the Divisiveness news stories from conservative platform’smost dedicated us- outlets. An internal review erswould unfairly thwart didn’t substantiatethe claims them, he said. ContinuedfromPageOne of bias,Facebook’sthen-gen- Mr.Kaplan in the recent in- conservativeusersand publish- eral counsel Colin Stretchtold terviewsaid he didn’t remem- ers, at atime when the com- Congress. ber raising the Girl Scout ex- panyfaced accusations from Everysignificant newinteg- ample but wasconcerned the right of political bias. rity-ranking initiativehad to about the effect on publishers

Facebook revealed few de- S seek the approval of not just who happened to have enthusi-

tails about the effort and has NEW engineering managersbut also astic followings. divulged little about what be- G representatives of the public Thedebategot kicked up to came of it. In 2020,the ques- policy,legal, marketing and Mr.Zuckerberg, who heardout

tions the effort sought to ad- OOMBER public-relations departments. both sides in ashort meeting, dressare even more acute, as a /BL Lindsey Shepard, aformer said people briefedonit. His chargedpresidential election Facebook product-marketing response: Do it, but cut the

looms and Facebook has been a HARRER director who helped set up the weighting by 80%. Mr.Zucker- conduit forconspiracytheories Eat Your Veggies process, said bergalso signaled he waslos-

and partisan sparring about the ANDREW it arose from what she be- ing interest in the effort to re- coronavirus pandemic. Displays showing social-media posts during a House Intelligence Committee hearing in 2017. lieved were reasonable con- calibratethe platform in the In essence, Facebook is un- cerns that overzealous engi- name of social good, they said, derfirefor making the world In asign of howfar Face- to our recommendation tools” liefs,” one 2018 document neersmight let their politics asking that they not bring him more divided. Manyofits own book has moved, Mr.Zucker- and that most of the activity states.“We’refocused on prod- influencethe platform. The something likethat again. expertsappeared to agree—and berginJanuarysaid he would came from “Groups YouShould uctsthat increase empathy, un- meetingshelped keep that in Mr.Uribe leftFacebook to believeFacebook could miti- stand up “against those who Join” and “Discover” algo- derstanding,and humanization check.“At the end of the day, if within the year.Hedeclined to gate manyofthe problems.The saythat newtypes of commu- rithms: “Our recommendation of the ‘other side.’ ” we didn’t reach consensus, discusshis work at Facebook companychose not to. nities forming on social media systemsgrowthe problem.” One proposal sought to sal- we’d frame up the different in detail but confirmed his ad- Mr.Kaplan in arecent inter- aredividing us.” Facebook declined to say vage conversations in groups pointsofview, and then they’d vocacy forthe Sparing Sharing viewsaid he and other execu- He argues the platform is in howitaddressed the problems derailed by hot-buttonissues, be raised up to Mark.” proposal. He said he leftbe- tives had approved certain fact aguardian of free speech, in the presentation, which said thepeople familiar with cause of his frustration with changes meant to improvecivic even when thecontent is ob- other employees said weren’t theteam and internal docu- companyexecutives and their discussion. In other cases jectionable—aposition that unique to Germanyorthe ments. If two membersofa Scuttled projects narrow focus on howintegrity whereproposals were blocked, drove Facebook’sdecision not Groups product. “We’ve Facebook group devoted to Disapproval from Mr.Kap- changes would affect American he said, he wastrying to “in- to fact-check political advertis- learned alot since2016,” a parenting fought about vacci- lan’steam or Facebook’scom- politics.While proposals like stillsome discipline,rigor and ing aheadofthe 2020 election. Facebook spokeswoman said. nations,the moderatorscould munications department could hisdid disproportionately af- responsibility intothe process” “We’vebuilt arobust integrity establish atemporarysub- scuttle aproject, said people fect conservatives in the U.S., as he vetted the effectiveness team, strengthened our poli- group to host the argument or familiar with theeffort. Nega- he said, in other countries the andpotential unintended con- ‘IntegrityTeams’ cies and practices to limit limit the frequencyofposting tivepolicy-team reviews killed opposite wastrue. sequencesofchanges to how Facebook launched itsre- harmful content, and used re- on the topic. Another idea was effortstobuild aclassification Other projectsmet Sparing the platform operated. Inter- search on divisivecontent and search to understand our plat- to tweak algorithms to suggest system forhyperpolarized con- Sharing’sfate: weakened, not nally,the vetting process behavior at amoment when it form’simpact on society so we awider rangeofFacebook tent. Likewise,the Eat Your killed. Partial victories in- earned anickname: “Eat Your wasgrappling with whether its continue to improve.” groups than people would or- Veggies processshut down ef- cluded effortstopromotenews Veggies.” mission to “connect the world” TheCommon Ground team dinarily encounter. fortstosuppressclickbait stories garnering engagement Americans were drifting wasgood forsociety. sought to tackle polarization Building these features about politics morethan on from abroad user base and apart on societal issues well Fixing the polarization directly,said people familiar might come at acost of lower other topics. penalties forpublishersthat beforethe creation of social problem would be difficult, re- with theteam. Datascientists engagement, the Common Initiatives that survived repeatedly shared false news. media, decades of PewRe- quiring Facebook to rethink found some interest groups— Ground team warned in a were oftenweakened. Mr.Cox In a2018 reorganization of search Center surveyshave some of itscoreproducts. oftenhobby-based groups with mid-2018 document, describing wooed Carlos GomezUribe, Facebook’snewsfeed team, shown. But 60% of Americans Most notably,the project some of itsown proposals as former head of Netflix Inc.’s managerstold employees the think the country’sbiggest tech forced Facebook to consider “antigrowth” and requiring recommendation system, to company’spriorities were companies arehelping further howitprioritized “user en- Fixing polarization Facebook to “takeamoral lead the newsfeed Integrity shifting “away from societal divide the country, according to gagement”—a metric involving stance.” Team in January2017. Mr. good to individual value,” said aGallup-Knight survey in time spent, likes,shares and would require Theengineersand datasci- Uribe began pushing to reduce people present forthe discus- March. commentsthat foryearshad Fa cebook to rethink entistsonFacebook’sIntegrity the outsizeimpact hyperactive sion.Ifuserswanted to view At Facebook,“Therewas been the lodestar of itssystem. Teams—chief among them, sci- usershad. or post hostile content about this soul-searching period after Championed by Chris Cox, some core products. entistswho worked on news- Under Facebook’sengage- groups they didn’t like, Face- 2016 that seemed to me this Facebook’schief product offi- feed, the postsand photos that ment-based metrics,auser book wouldn’t suppressitif period of really sincere, ‘Oh ceratthe time,the work was greet users—arrived at the po- who likes,shares or comments the content didn’t violatethe man, what if we really did mess carried out over much of 2017 larization problem indirectly, on 1,500 pieces of content has company’srules. up the world?’ ” said Eli and2018 by engineersand re- no explicit ideological align- said people familiar with the moreinfluenceonthe platform Mr.Cox leftthe company Pariser,co-director of Civic searchersassigned to across- ment—brought people from teams.Asked to combat fake and itsalgorithms than one several months later afterdis- Signals,aproject that aims to jurisdictional task force different backgrounds together news,spam, clickbait and inau- who interactswith just 15 agreementsregarding Face- build healthier digital spaces, dubbed “Common Ground” and constructively.Other groups thentic users, they looked to posts, allowing “super-sharers” book’spivot toward privateen- and who has spoken to Face- employees in newly created appeared to incubateimpulses diminish the reach of such ills. to drownout less-activeusers. crypted messaging. The book officials about polariza- “Integrity Teams” embedded to fight, spread falsehoods or One early discovery: Bad be- One proposal Mr.Uribe’s Common Ground team dis- tion. around thecompany. demonizeapopulation of out- havior came disproportionately team championed, called banded. TheIntegrity Teams Mr.Pariser said that started Even before, Facebook re- siders. from hyperpartisan users. “Sparing Sharing,” would have still exist, though manysenior to changeafter March 2018, searchershad found signs of In keeping with Facebook’s Asecond finding in the U.S. reduced the spread of content staffersleft. when Facebook gotinhot wa- trouble.A2016 presentation commitment to neutrality,the sawalargerinfrastructureof disproportionately favoredby Mr.Zuckerbergannounced terafter disclosing that Cam- found extremist content thriv- teams decided Facebook accountsand publishersonthe hyperactiveusers, according to in 2019 that Facebook would bridge Analytica, the political- ing in morethan one-thirdof shouldn’t policepeople’sopin- far right than on the far left. people familiar with it. Middle- take down content violating analytics startup, improperly large German political groups ions,stopconflict on the plat- Thegap meant even seemingly of-the-road userswould gain specific standardsbut where obtained Facebook dataabout on the platform. Swamped form, or prevent people from apolitical actions such as re- influence. Facebook’sdatasci- possible take ahands-off ap- tens of millions of people.The with racist, conspiracy-minded forming communities.The vili- ducing clickbait headlines— entistsbelieved it could bolster proach to policing material. shifthas gained momentum and pro-Russian content, the fication of one’sopponents along the lines of “You Won’t the platform’sdefenses against “You can’t impose tolerance since, he said: “The internal groups were disproportion- wasthe problem, according to BelieveWhat Happened spam and coordinated manipu- top-down,” he said in an Octo- pendulum swung really hardto ately influenced by asubset of one internal document from Next”—affected conservative lation efforts. ber speech.“It has to come ‘the media hates us no matter hyperactiveusers. Thepresen- the team. “We’reexplicitly not speech more than liberal con- Mr.Kaplan and other senior from people opening up,shar- what we do,solet’sjust batten tation states that “64% of all going to build productsthat tent in aggregate. Facebook executives pushed ing experiences,and develop- down the hatches.’ ” extremist group joins aredue attempt to changepeople’sbe- That wasatough sell to Mr. back on thegrounds it might ing ashared storyfor society.” P2JW148000-0-A01100-1------XA

THE WALL STREET JOURNAL. We dnesday, May 27, 2020 | A11 LIFE&ARTS

S) In 1970, Grinnell College students met to discuss how to respond to (THOMA the shootings of four students at ION

AT Kent State University. UND FO MMUNITY CO GON ORE ON; PENS YLL MERR VER; HOO ONE NS SA A NOR SEN; NIS UCE BR (4); GE LLE CO GRINNELL

Left, Grinnell College President RaynardKington on May18hosteda Class of 1970 virtual commencementfor the classof 2020; below(clockwise from topleft): BruceNissen, Merryll Penson, Tom MeetsHistory. Thomas, and NoraSansone Hoover. closed on May 13. “I think this haunted our class for quite some time,” says Ms. Hoover. Plans for the 50th reunion be- Twice. gan more than a year and a half ago. While class members had looked forward to seeing each other, they agree canceling this Aftergraduation wascanceledduring the milestone was the right decision. It has been rescheduled for 2021. Vietnam War, coronavirus haltsa50th reunion Now in their early 70s, many members of the class have retired, although not all. BY CLARE ANSBERRY wasanescalation of political ac- Mr. Thomas is co-CEO of Station tivity by agrowing number of stu- Resource Group, a Maryland-based ifty yearsago, Grinnell dentsthat fall,” he says.InOcto- think tank whose members are College, asmall liberal- ber,heand morethan adozen public radio stations around the artscollegeincentral other studentsdrove to Chicago country. He left Grinnell thinking Iowa,canceled gradua- forafour-dayStudentsfor aDem- he wanted to start an alternative tion forthe classof ocratic Society demonstration, news service for newspapers, but F marked with policefiring into instead went into public broad- 1970, itsthen president citing the “grave political and edu- crowdsand studentssmashing casting, where he spent his career. cational crisis,which this nation windows.Amonth later,heand When he tells people he belonged and this collegepresently face.” 80 other Grinnell studentstrav- to aclassthat never had itscollege This spring, members of that eled to Washingtonfor amarch graduation and explains why, “I same class were told their 50th re- with 500,000 antiwar activists. hold my head up alittle higher,” he union, scheduled for this coming But the reality of the wardidn’t says.Those formativecollegeyears, weekend, was called off because of really hit home until Dec.1,when he says,are special. “They stay with coronavirus. studentsgathered around televi- youinpowerful waysfor the rest of “The class of 1970 has been sions in the Forum, the student- your life, likeafirst true love.” caught up twice in the net of the union building,for the national Ms.Penson wasn’t unhappy the times,” says Grinnell President draftlottery.He campus closed in 1970. “I wasready Raynard Kington—a war that di- watched with hun- it over.Hebroke the windowwith to moveontosomething else,” she vided the country and a pandemic dreds of othersas his elbowand let the othersin. says.Eventually,she received two that closed it down. birth dates were They sleptonthe floor.“One of the masters’ degrees and spent 32 That experience gives the mem- drawnfromalarge firstthingswedid wastakeupa yearsworking with university li- bers of this class a unique per- glasscontainer to see collection to paythe collegefor the brarysystems in Georgia. Class- spective. Among them at Grinnell, who would be eligible broken window,” he says. mates nominated her to receivethe Tom Thomas, who led efforts to to be called to war. The campus newspaper, Scarlet 2020 Alumni Awardfor lifetime close the campus; Merryll Penson, “People collapsed in & Black, editorialized against the learning and service, which wasto who emerged as a black student tears. Othersjumped takeover. Editor Lloyd Gerson says be awarded at the reunion. leader; Bruce Nissen, a radical who up in joy,” he says. he didn’t oppose the war at the She says she left Grinnell opti- stormed the Reserve Officers Men whose birth- time, although he later came to mistic about the future and has Training Corps building; and Nora dates were in the first believe it was a mistake. He sensed a common thread of hope Sansone Hoover, whose disap- 197 called were told wanted to keep the campus open, among students at the colleges pointed parentslonged to see her to report to Des saying the best way the college where she worked. “I hope this cross the stage for her diploma. Moines for a physical. could contribute to the health of pandemic doesn’t make them lose They and their 270 classmates As he and the others the country was to continue pro- that,” Ms. Penson says. “I hope came of age in a tumultuous and boarded a bus, stu- viding a liberal-arts education. they use this time to get a real un- divisive time and learned only dents gathered to see That week,studentsmade ahu- derstanding of what they have and later how those events shaped them off. “It was a man chain in front of the library what they need to do.” them. They also know how the ab- huge emotional and boycottedclasses.NoraSansone Mr. Nissen ended up with a dou- sence of that graduation ritual can event,” says Mr. Hoover continued going. “I had to ble major in philosophy and psy- leave lasting impressions. Thomas, who failed his physical opened her senior year. “We didn’t study.That wasmyjob,” says Ms. chology, obtained his doctorate in “People still feel the loss. I’m because of a bad knee. Two stu- have protests,” she says. “Our ap- Hoover,the firstperson in her Sicil- philosophy and later taught labor surprised at the degree to which it’s dents made hundreds of small proach was to have dialogue, make ian family to go to college. studies. Now retired and living in felt,” says Chris Meyer,who is in white crosses, each with the name change that way.” During her yearsatGrinnell, she St. Petersburg, Fla., he remains an charge of fundraising forhis class. of classmates eligible for the draft. On April 30, President Nixon an- watched studentsprotesting but active member of the Democratic Jonathan Andelson, astudent Merryll Penson, one of the lead- nounced that U.S. troops had en- never gotinvolved and wondered Socialists of America. then and nowananthropologypro- ers of a group called Concerned tered Cambodia, setting off an- at times whyothersdid. Thefirst His only regret about his time fessor at Grinnell, says he didn’t re- Black Students, was working to fi- other wave of antiwar week of May, she attended an all- at Grinnell was that he was too alizehow big an impact that period nalize plans to mark the anniver- demonstrations.Four students campus meeting.Mr. Thomas,the self-righteous. “Looking back with of protestsand violenceagainst stu- sary of the assassination of Martin were killed at Kent State Univer- student activist, presented apro- the 2020 wisdom, I would have dentsand the abrupt ending to his Luther King Jr.While Ms. Penson sity on May 4. Eleven days later, at posal to hundreds of studentsto been more flexible in discussion, senior year had on him until afew supported antiwar and women’s a protest at Jackson State College suspend classes to demonstrate not as dogmatic,” he says, though yearsago. He wasgiving atalk rights movements, her focus was in Mississippi, two students were their opposition to the war. Stu- he believes it was right to oppose about his time at Grinnell. “I almost on civil rights. She grew up in seg- killed when police opened fire. dentswerepolled in the lunch line. racism and support environmental- didn’t getthrough it. Iwas in tears. regated Tuskegee, Ala., when “We felt like the world was on Morethan three-quartersofthem ism and women’s rights. It wasstill raw,” he says. George Wallace was governor.“In- fire,” says Bruce Nissen. A philoso- backed the plan. He wonders if the pandemic will His 2020 students aren’t experi- equality and racism were an every- phy major, Mr. Nissen says he fa- Ms. Hoover opposed the idea. lead to societal change. “What encing the same unrest but they day part of our lives,” she says. vored disruption, not violence. “All this really upset me,“ she says. transpired in the spring of 1970 are experiencing a disruption in Concerned Black Students Theday afterthe Kent State Her parents were eager to see her changed the course of the war and their lives that will change them pushed for more black faculty, in- shootings, he and agroup of about receive her diploma. nation. In the spring of 2020, will and the country. “You will never creased black enrollment and a 400 studentsmarched to the porch Some members of the class of the coronavirus change people’s forget your senior year at Grin- black cultural center, which of the ROTC building,ready to take 1970 never returned after campus concerns in any important way, nell,” he told them. “Fifty years and how?” he asks. later, you will remember it.” Ms. Hoover married and ob- In the fall of 1969, Tom Thomas tained a master’s degree in social had returned to Grinnell for his se- work. She spent her career advo- nior year. Mr. Thomas had selected cating for children and fighting in- Grinnell in part because it was a equities she saw in family-service small liberal-arts college with a systems. reputation for being progressive “Honestly, I’m more political socially and intellectually. Jeffer- now than I have ever been,” she son Airplane performed in the says. “Grinnell opened my eyes to campus gym his freshman year. many different points of view,” Martin Luther King Jr. delivered says Ms. Hoover, who was shy and his “Remaining Awake Through a uninvolved in college, but has been Revolution” speech to overflow the class of 1970 representative for crowds his sophomore year. Au- 31 years, helping organize reunions thor Kurt Vonnegut was going to and send out class newsletters. speak at his graduation. Thecollege She let go of her disappoint- wasn’t extremely radical or conser- ment over the canceled graduation vativeand people were generally years ago and thinks today’s grad- tolerant, even if they disagreed. uates will have to do the same. “It A20-year-old historyand polit- was an exceptional time period ical-sciencemajor,Mr. Thomas op- back then,” she says. “It’s an ex- posed the Vietnam War. “There On May 6, 1970, Grinnell College students, staff, and faculty gathered to honor the victims of the Kent State shootings. ceptional time period now.” P2JW148000-0-A01200-1------XA

A12 | We dnesday, May 27, 2020 THE WALL STREET JOURNAL. LIFE & ARTS

KIM ADAM has refused her 15- FAMILY&TECH |JULIE JARGON see that their mother and father year-old daughter’s requests to be- worked through stuff and made come Facebook friends. mistakes and posted things that “I need to have my little corner Facebook Friends Moms maybe we shouldn’t have posted. of the internet where I can share It will prompt conversations.” memes and post things without Even when moms think they’re fear of my teenage daughter read- being super-careful, they can get ing them and teasing me or con- Don’tWant? Their Teens busted. Barb Hogan, a small-busi- firming in her mind that I’m not ness owner in Cincinnati, only cool,” Ms. Adam, an administrative shared personal things in a private assistant near Richmond, Va., said. Facebook mom’s group where all Just liketeens don’t want their Mothers need their own ‘safe space’ for rants and unfiltered posts members are moderators. moms following them on Insta- “It’s locked down tight,” she gram, TikTok or Snapchat, many said. “Nothing any of us post can moms don’t want their teens fol- be seen by anyone who isn’t in the lowing them on Face- group—unless you’re dumb and book—or at least see- you leave your computer open and ing their everypost. step away to put in laundry and Manywomen have your teen sits down to look up been posting to Face- something on Google and reads book sincethey were your rant.” teens or young adults Ms. Hogan had been venting themselves.Now that about some drama involving her manyofthem have children old then 16-year-old daughter when enough to have their ownsocial- she stepped away. Her daughter, media accounts, they’relearning who is now 23, saw the post and they might be exposed in ways became furious. “She got over it,” they hadn’t anticipated. Ms. Hogan said. Some moms worryabout past Some moms can now laugh with (or even current) photos showing their kids about old posts. them engaging in behavior they dis- Back in 2012, Sarah Tucker, of courageintheir teens,such as Omaha, Neb., made fun of her drinking.Othersworryabout family daughter after a singing audition secretsbeing revealed. Mostly,they at school. On Facebook, she’d writ- tell me,they worryabout all the ten, “Abbie is good at lots of mom-venting they do on Facebook. things. Singing isn’t one of them.” I queried thousands of parents A few years later, when Abbie for this column by posing a ques- turned 13 and got her own Face- tion in—where else?—a Facebook book account, Ms. Tucker tagged group. Few dads replied, while her in a bunch of old posts, not dozens of moms reached out. thinking about the comments she’d Many shared stories of times made. When the audition post sur- they embarrassed their kids with faced later as a Facebook memory, rants they didn’t realize their kids Abbie herself reposted it with the would ever read. Some moms de- comment, “Sarah Tucker thinks clined to talk publicly, for fear of I’m a bad singer,” followed by an causing family rifts. Many said eye-roll emoji. they only share personal things in “She did that to poke fun at me, private Facebook groups they de- which was totally fair,” Ms. Tucker scribe as their “safe space,” free said. from the eyes of children, spouses All of this has been weighing and their own parents. Countless on Tennessee mom AmyBrown. posts from moms in various Face- “When Iallowmyteen to geta book groups begin, “I can’t share Facebook account, Iassume Iwill this on my own page…” want to be her FB friend to keep While teens typically write off an eyeonthings,” she posted on Facebook as being for old people, the social network,asking about many are on it because schools waystomaintain boundaries. and sports coaches post informa- “There’snothing on my pageI’d tion there, or because they want to just die about, but I’vehad this keep up with relatives. At the end account sincebeforethe kids of 2019, nearly 10 million Ameri- were born, and can’t guarantee I cans between the ages of 12 and 17 filtered everysingle post through used Facebook at least once a the ‘would Isay this to my kids’ month, according to research firm filter.” eMarketer. When Ispoketoher,she said Ms.Adam said she isn’t harbor- she’sworried her 13-year-old ing deep dark secretsbut wantsto daughter will think she complained sharethingsfreely with her adult toomuch about parenting.She friends—and particularly those anything,” Ms. Adam said. Eventu- “That’s when she told me she had pleaded with fans not to glorify doesn’t want to deletethe old whose kids arefriends with her ally, she just unfriended her seen the post.” his death. Ms. Dightman posted posts, but she’sconsidering block- daughter. daughter altogether. Her daughter wasupset that that she appreciated the article, as ing her daughter from seeing them At one point she accepted a A few years ago, when Julie she had to learn the details of the she was the daughter of a father fornow. friend request from her daughter Kaigler’s youngest daughter was divorce on Facebook.Ms. Kaigler who had died of alcoholism. While her daughter isn’t exactly but excluded her from seeing 15, Ms. Kaigler thought she was said they had agood talk about it. She had never discussed her fa- clamoring to getonFacebook— posts. You can do this by indicat- safely sharing personal details “I’m generally pretty open with ther’s drinking with her sons, but she’dpreferInstagram—Ms.Brown ing within a post whether to share about her long-ago divorce while my kids,” she said. “That wasthe a few days after she shared the ar- feels it’swherethe teen could learn it with “friends except” a specific commenting on a friend’s post. one thing Ihad tried to protect ticle, her then 14-year-old asked howtoconduct herself on social person, or by choosing specific She had never shared details of them from.” her about it. Ms. Dightman said it media under the watchful eyes of MBO

LO friends to share with. You can cre- the split with either of her two Michelle Dightman, an accoun- gave her a good opportunity to aunts, uncles and adult friends.

CO ate a restricted list of friends on daughters, so as not to put them tant in Leawood, Kan., wasn’t open up to him about it. “I cansee the irony,” Ms.Brown GE Facebook—they’ll be able to see in the middle. thinking about her two teenage “If I’m going to be credible as a said. “Atthe same time,we’retelling JOR only what’s shared publicly. You “A couple of days later, when I sons when she shared an article parent in giving them advice, I our teens never to post anything BY can also choose who sees specific picked up my daughter from about Stone Temple Pilots front- have to be humble, transparent they wouldn’t want shared with ev- ION

AT past posts—or limit all past school after a trip, she said, ‘I man Scott Weiland, who died in and honest with my kids,” she eryone,we’rerealizing we don’t

TR posts—in the privacy settings. need to ask you a question,’ said 2015 from a drug overdose. It was said. “They can go back and look want everything we ever posted to US

ILL “She asked why I never post Ms. Kaigler, of Wexford, Pa. written by his ex-wife, who through my timeline and posts and be shared with our teenagers.”

MY RIDE |A.J.BAIME A‘DirtBikeKid’ Gets His DreamMotorcycle

Phil Lane, 67, a retired Lexus dealer and dealership general manager in Lake Oswego, Ore., on his 1972 Dunstall Norton 810, as told to A.J. Baime. When I was growing up, I was a dirt bike kid. Many of us growing up in San Diego rode dirt bikes be- cause there was so much open space. I worked my way up to a

basket-case Harley-Davidson (2) Sportster that I rebuilt in my par- ents’ garage. I saw the movie “Easy Rider” and at age 18, I rode CUTRIGHT GE

that Sportster all the way to Can- OR ada and back. GE I got all the cycle magazines LANE;

and I saw an article about this guy A

Paul Dunstall, a British racer who Phil Lane on his Dunstall Norton 810 LIND was doing crazy, wonderful things this month, right, and in 1973, above. : with motorcycles. To build the Below, a close look at the motorcycle, LEFT OM

Dunstall Norton 810, he took a which Mr. Lane said, ‘loves to fly.’ FR stock Norton Commando and re- engineered the engine, the carbu- that in the GuinnessBook of I started working for Ford Motor retor, and the exhaust. He put dual World Records,mymodel bike Co. in 1976. The Dunstall Norton disc brakes on the front wheel. waslisted as “the fastest standard followed us all over the country. That was unheard of. motorcycle ever produced...capa- Everywhere we went, I’d find This bike knocked me out. I ble of 135 mph.” Itook the biketo beautiful places to ride. Recently I filled out an order form and sent adragstrip.This wasaclassic pulled out old pictures and in $900 as a deposit, not mention- 1970s scene—guysinbootsdriv- thought about all the places I have ing that this was all the money I ing old Chevys and Fords. This been with this motorcycle. The had. I had a girlfriend named wasthe only time Iran this bike photos stirred up emotions. This is Linda (my wife-to-be). She went to on adragstrip.You go drag rac- 48 years of my life. her father and said, “Hey, would ing against astranger in aMus- Sometimes, I will wake up, have you consider loaning Phil some tang who had just knocked back a a cup of coffee and go into the money?” He gave it to me, with a six-pack,and youthink: This isn’t quiet garage. I’ll fire up the Dun- caveat: I would not put his daugh- asmart thing to do. stall Norton and listen to the rum- ter on the back of that bike. We A few years later, Japanese ble. It’ll make the hair on your honored that request, for the most bikes became a phenomenon and neck stand. I will motor off on a part. I ordered the bike on Aug. 11, English bikes were a thing of the quiet side street to the interstate 1972, and it cost $2,223. past. When I got my bike, it was and ride along the mighty Colum- Ihaveaphotoofthe daythe slick. A few years later it looked bia River. This bike is meant to go bikearrived. Ayear later,my like a dinosaur. fast. Out on the open road, in long, soon-to-be brother-in-lawfound Linda and I married in 1975 and fast turns, it loves to fly. P2JW148000-0-A01300-1------XA

THE WALL STREET JOURNAL. We dnesday, May 27, 2020 | A13 LIFE & ARTS

THE STAYING INSIDE GUIDE—ART Opening Windows Onto Closed Exhibitions

Major shows by individual artists have shuttered, but videos and documentaries offer an enlightening alternative

BY LANCE ESPLUND painter Doménikos Theotokópoulos, known as El Greco(1541-1614), THIS SPRING PROMISED several whose visionaryportraitsand reli- one-of-a-kind single-artist exhibi- gious scenes aresurreal, full-throttle tions; most arenow shuttered. But assaultsonthe senses. it’spossible to fill the void, at least TheArt Institutehas made an il- partially,with documentaries and luminating,short introductoryfilm the like, which canoffer waysand to the show, which is available on bywaysintotheir subjects. Think of YouTube. Those who want more, them as introductions forwhen the however, should turn to two longer shows reopen, and as next-best sub- videos.Narrated by Adrien Brody, MADRID stitutes if they don’t. 2014’s “El Greco: An Artist’sOdys- , “Cézanne: TheRock and sey,” on the websiteofWashing- ADO PR QuarryPaintings,” Princeton Uni- ton’sNational GalleryofArt, estab- versity Art Museum, Princeton, N.J., lishes the influences the artist DEL through spring 2020. synthesized: Byz- Curated by John Elderfield, the antine icons,Mi- Paul Cézanne’s‘L’Estaque’ (1879-83), above;ElGreco’s ‘The Holy Trinity’ CIONAL NA

exhibition explores the artist’slife- chelangelo,Titian (1577-79), left; ascene from ‘GerhardRichterPainting’ showing the titular O long fascination with geological for- and Tintoretto. artistatwork on apiece, below MUSE mations likethe Bibémus Quarryof ThePrado’s “El

his nativeAix-en-Provence. In his Grecoand Modern RBER; paintingsheimmersed viewers in Painting,” from LO

naturewith an existential immedi- 2014(on YouTube KINO acynever experienced before, forg- in Spanish with T; AR ing pathwaystoward Cubism and English subtitles), abstraction. Regarding the latter, lays out his ances- Mr.Elderfield wittily observes,ina tral placeinthe MODERN conversation about the showwith movementsof OF artist TerryWinters, available on Post-Impression-

the museum’swebsite, that while ism, Expression- MUSEUM

we knowthat Picassoand Matisse ism, Symbolism THE

both called Cézanne “the father of and Cubism—up P: us all,” we also know“that artistic through the pres- TO OM

fathersare not responsible forwhat ent day. After FR their children do.” watching it, you’ll Foragood overall introduction understand what WISE OCK

to Cézanne,turn to the 2006 docu- the British painter CL mentary “Cézanne in Provence.” and critic Roger Presented on YouTube and narrated Frymeant when able on YouTube and featuring an TheGerman artist GerhardRich- by Jacqueline Bisset, with commen- he wrotein1920 interviewwith art historian Barbara ter(b. 1932) is arguably the most tary by art historian Philip Conis- that “hereisan Rose,portrays not only Judd’sper- famous living painter.Heemploys bee,ittakes us from his dark,ex- Old Master who is sonality but his philosophy. With di- both “conceptual representation” pressionistic early work up through not merely mod- rectnessand inner calm, he talks of (oftensoftly blurred photorealism his crystalline,nearly abstract late ern, but actually his loves (Piet Mondrian, Jackson of chargedpolitical subjects) and paintings. Conisbee observes that it appearsagood Pollock,David Smith) and his dis- “conceptual abstraction” (thick, wasnot only the solitude,silence manysteps ahead likes (the term “Minimalism,” a overlapping,squeegeed layers of and mysterious caverns of the Bibé- of us,turning back movement he is widely credited paint). This survey comprises work mus Quarrythat appealed to Cé- to showusthe with launching). from the early 1960s to the present. zanne but the rocks’ staccato chisel- way.” Also on YouTube,don’t miss The2011 documentary “Gerhard marks and striations,which “Eileen Gray,” MoMA’s “Judd /LiveQ&A With Ann Richter Painting,” in German with matched the painter’s tessellating BardGraduate Temkin and Flavin Judd /Virtual English subtitles and streaming on brushwork. Center Gallery, Views,” alive-streamed chat held the Met’swebsite, should satisfy Streaming on Netflix,Danièle NewYork,through last month between MoMA chief fans or anyone interested in how Thompson’s2016 feature film, “Cé- July 12, 2020. curator Ann Temkin and the artist’s Mr.Richter plans,lightsand in- zanne et Moi” (in French with Eng- Eileen Gray (1878-1976) wasa she sawitas“aprotectiveshell for son. They discussthe surprise and stalls an exhibition, what colorshe lish subtitles), explores the artist’s prolific architect, decorator and art- the individual confronting the ruth- diversity of Judd’sartwork,aswell uses,how his assistantsmix his tempestuous friendship with novel- ist, and one of the pioneersofergo- lessconditions of modern life,” in- as his criticism, art collection and grays,and howheand they execute ist Émile Zola, which began when nomic design, whose eight-decade fusing her designs with warmth, hu- furniture(he made his own), and his paintings—two of which, large they were kids but ruptured when career is surveyed here. Marco An- mor and humility.Right now, we his loveofmath,color,materials abstractions painted hereintan- the painter accused Zola of using tonio Orsini’s2014documentary canall relatetoGray’sinterpreta- andMarfa, Texas—whereheestab- dem, took about 10 minutes from him as the model forthe tortured- “Gray Matters:Architect &Designer tion. lished ahome,studio and museum start to finish. Concerning the artist protagonist of his 1886 novel, Eileen Gray” (available on iTunes) is “Judd,” Museum of Modern Art, forhis art. Flavin said that his fa- lighting of ashowinCologne,Mr. “The Masterpiece.” “With youI an illuminating introduction. She NewYork,through July 11. ther loved the emptinessofthe Richter demands: “Ithas to be re- never knowifI’m dealing with a designed the firsttubular chrome This thrilling and definitivesur- West Texas desert, which he be- ally cold! Acold light. So that peo- dog,acobraorabutterfly,” Zola furniture(beforeMarcelBreuer) veymainly comprises his signature lieves is the perfect placetosee the ple arehappy to getout. They tells Cézanne at one point. and wasacentral figure in several boxes, made of plywood, Plexiglas, work.“Don complained,” Flavin shouldn’tbecomfortable.” “El Greco: Ambition and Defi- major art movements. Thefilm iron, acrylic and metals,works Don- said, “that trees gotinthe way of ance,” Art InstituteofChicago, Chi- highlightsher breadth and her ald Judd (1928-1994) steadfastly the landscape.” Mr. Esplund, the author of “The Art cago, through fall 2020. prickly relationship with her men- claimed were not “sculptures.” “GerhardRichter: Painting Af- of Looking: How to Read Modern and This exhibition examines the per- tor, Le Corbusier,who sawthe home “The Artist’sStudio: Donald terAll,” Met Breuer,New York, Contemporary Art” (Basic Books), sonality and distinctivegenius of the as a“machine forliving,” whereas Judd,” a2012 documentaryavail- closing datetobeannounced. writes about art for the Journal.

CULTURAL COMMENTARY AVirus Attacks Philanthropy

BY LESLIE LENKOWSKY most donorsprefertosee their Buchanan, president of the Center money go to meet current needs, for Effective Philanthropy, and THE CORONAVIRUS pandemic rather than to createorexpand re- Stephanie J. Hull, chief executive

has dealt asevereblowtonon- servefunds.Sononprofitshaveto officer of Girls Inc. In a recent GES

profit organizations,the roughly rely on admission charges, gift-shop Chronicle of Philanthropy op-ed, IMA two million groups that form the sales and the liketobuild their re- “It’s Time to End Nonprofits’ backbone of American community serves.Some organizations also Hand-to-Mouth Way of Life,” they GETTY life. Some,such as hospitals and worrythat they will receiveless say that the share—especially from SE/ food banks,havehad unprece- support if they have toolarge afund foundations and wealthy individu- dented demands fortheir ser- set aside forunanticipated events, als—is “overwhelming.” They con- ANCE-PRES

vices.Others, including schools such as an economic downturn. tinue, arguing that “it is time for a FR and museums,havestopped oper- Moreover, foundations, corpora- new and more strategic approach ENCE

ating,lost large amountsofreve- tions and many individual donors to cash reserves for nonprofits.” AG nue, laid off skilled staff,and in have earmarked their gifts for a Even before the coronavirus S/

some cases facethe possibility of specific purpose: particular re- struck, several foundations had be- WEIS closing altogether.Asthe econ- search projects, new buildings, ac- gun promoting “trust-based phi-

omycontracts, individual dona- quiring works of art, aid to partic- lanthropy,” which aimed at letting ANGELA tions areexpected to fall, as they ular groups of people, and so on. their grantees have more control A man wearing a facemask walks past the Metropolitan Museum of Art on did during the financial crisis a over the use of their grants. By May 4; the museum has been closed due to the coronavirus. decade ago. April they had been joined by over Through the Cares Act, the fed- Thepandemic has 700 others, including the Ford of art to go toward the “direct underwrites coststhat would oth- eral government has made non- Foundation, that have pledged in a care of the museum’scollection” erwise have to be financed annu- profitseligible forEconomic Injury exposed problems in non­ letter circulated by the Council on instead of the purchase of other ally.Sodomultiyear commitments Disaster Loans as well as loans un- profit giving models. Foundations “to loosen or elimi- artworks,asisnormally required. foralaboratoryoraclinic.Draw- der the Paycheck Protection Pro- nate restrictions on current But moreflexibility in managing ing on such funds forother activi- gram. America’sphilanthropists Freshthinking is needed. grants,” including allowing them their finances maynot be much ties mayredistributecutbacks but arestepping up as well, supporting to pay for general operating costs help.One reason is that to undo does not avoid the need forthem. emergencyfunds acrossthe U.S. if necessary. A survey by the grant restrictions,anonprofit will Nor do the foundations pledgeto Yetnonprofitsare still struggling. Chronicle of Philanthropy revealed firsthavetoovercome avariety of include full administrativecostsor Two factors have conspired to However much these gifts help ad- that regardless of whether they procedural and legal rules forusing allowtheir gifts to be used forre- make the impact of the crisis par- vance the mission of an institu- signed the pledge, most of the 25 gifts,apotentially time-consuming, servefunds in futuregrants. ticularly severe. First, a large pro- tion, they also tie its hands. In the largest foundations in the U.S. in- even potentially fruitlessprocess of Still, these aretwo indications— portion of nonprofits maintain in- current climate it is cruelly ironic tended to act similarly. tracking down and consulting with along with the foundations’ promise adequate financial reserves. that nonprofits can be compelled Afurther important step oc- multiple givers(or their heirs), and in the CoF lettertoconsider further According to a 2017 survey of to make cutbacks that severely im- curred that month when the Asso- deal with stateofficials who ensure adjustments“in morestable more than 3,000 organizations by pair their work or endanger their ciation of Art Museum Directors that donations areused only for times”—that suggest the old ways the Nonprofit Finance Fund, half survival while money sits in their passed aresolution stating that their intended purposes. of philanthropy arebeing chal- had three months or less of cash accounts. foraperiod of two yearsitwill Moreover,manyrestricted funds lenged by the coronavirus. on hand; a quarter had an operat- How large is the percentage of “refrain from censuring or sanc- already support what areessen- ing deficit. so-called restricted giving? Ac- tioning” anymuseum that decides tially operating expenses.Adona- Mr. Lenkowsky is professor Partly this is because the grants counting differences make it hard to use restricted funds forgeneral tion that endows achair foranor- emeritus of philanthropic studies nonprofitsreceivedonot always to get an accurate estimate. But no operating expenses.Itwill also al- ganization’sexecutivedirector—or and public affairs at Indiana coverfull administrativecosts, and one is apt to disagree with Phil lowthe proceeds of sales of works foracurator in an art museum— University. P2JW148000-2-A01400-1------XA

A14 | We dnesday, May 27, 2020 ** THE WALL STREET JOURNAL. SPORTS NHL’s Goal Is a24-Team Playoff

BY LAINE HIGGINS The National Hockey League on Tuesday sketched out plans to re- sume the paused 2019-20 season with an expanded 24-team playoff late in the summer, but there are still many questions that must be answered before the puck is dropped in an NHL game. Hockey became the first among major American sports leagues to detail its postseason path with a plan to end the regular season and go straight to the playoffs. It in-

(2) volves gathering the 12 best teams

VY in each conference through March

OGIL 11 and gathering them in two loca- C tions for several playoff rounds.

MEMA “I think it’s conceivable that we’re playing at the end of July or the beginning of August, and then playing into September,” said NHL Cheers Fill an Empty Stadium commissioner Gary Bettman. “But if it has to slide more, it will slide.” Under the proposal, the top four A move to pipe-in crowd noise by a Tunisian soccer club is a lesson for leagues across the globe teams in the East—Boston, Tampa Bay, Washington and Philadel- phia—and the West—St. Louis, BY ANDREW BEATON Colorado, Vegas and Dallas—would AND JOSHUA ROBINSON get a first-round bye, but also would play a round robin against roundbreaking moments each other to determine seeding. of sportsinnovation tend Those teams would face the win- not to come from mid- ners of a play-in series of the con- Gdling soccerteams in Tu- ference’s bottom eight teams. nisia. Club Sportif Ham- “We believe we can get the mam-Lif,onthe Mediterranean qualifying and first two rounds of coast, is the exception. playoffs completed in little over a In nearly seven decades of exis- month,” said Bettman. tence, the club hadn’t contributed That timeline is optimistic, con- much to the global sportslandscape. Fans who were barred from asoccermatch in Tunisia downloaded an app, and sidering that the expanded playoff And it hasn’t made manyheadlines thatapp wasconnected to speakers around the pitch. The morefans tapped could feature as many as 112 since. But in March 2013,with the their screens, the louder it got. The noise wasfake. The elation wasreal. games, should the first three club on the brink of disaster,it rounds be played as five-game se- briefly showedthe sportsworld Tunisia launched the Arab Spring. about to face: howtoengagewith ries. Concentrating the teams in what the immediatefuturemight Twoyearslater,Tunisia also led an- fans from adistanceand producean two hubs would save travel days. look like. other revolution: bringing virtual energizing soundtrack forthe people But the league and the players In the aftermath of the Arab fans intoempty stadiums. watching on television. It’sthe pre- have yet to discuss how much time Spring,massgatherings were “When it comes to resilience, cise problem Tunisian clubs were should separate games. banned forfear of them turning into thereare some other partsofthe dealing with yearsago. Additionally, there have been no riots. world that canbeinsightful,” said “When Ihear about the games agreements reached on compensa- What few sportswerepermitted Amal Haouet, aTunisian nativewho playedbehind closed doors, Ithink vinced Tunisians to download the tion, health and safety and myriad took placebehind closed doors. So ranpublic relations forthe project, about that project,” said Nicolas Cou- app,which had icons forthem to logistical issues, such as lodging, forthis small but proud club,the known as “The 12th Man.” rant, the project’sexecutivecreative sound ahorn, cheer or bang drums. transportation, meals, or whether fight to avoid relegation from the top Therichest and most powerful director forMemac Ogilvy, aregional Thefunkyexperiment wasthe sub- families can share hotel rooms division would have to unfold with- sportsteams in the world aren’t affiliateofthe Ogilvyadvertising and ject of as much intrigue in the with players in the hub cities. out anyfans in the building.Ham- much different than Hammam-Lif marketingagency. buildup to the match as the match it- mam-Lif wasdesperatefor ajolt. these days.They’reconfronting the When he firstbegan designing self. Thesolution wassoextraordinary dispiriting reality that returning to “The 12th Man,” Courant didn’t have It didn’t take long to realizethat that aseven-year-oldTunisian soccer action could mean playing in deso- aspecific team in mind to be the this thing had caught on. Theplayers match is nowamodel forpandemic- latestadiums formonths. guinea pig. could hear the roarsinside the sta- stricken leagues worth tens of bil- TheGerman Bundesliga began its But Tunisia wasthe perfect test- dium. Fans could hear it on televi- lions of dollarsacrossthe globe. experiment on May16inmostly si- ing ground—and Hammam-Lif was sion. Around 93,000 people used the When Hammam-Lif took on Stade lent soccer. Theloudest noises were the perfect team. Itsfan base had app throughout the match—reaching Tunisien on March 31, 2013,the play- afew licks of stadium rock whenever grownincreasingly apathetic,and it acrescendo when the ball leftHar- ersinthe empty stadium were met home teams scored. waseager forrejuvenation ahead of baoui’sright foot forthe game’sonly with aroar likethey hadn’t heardin “Each minuteisverylong when amatch that could potentially lead goal. Hammam-Lif wonand staved months: the sound of 90,000 of their thereare no fans and no noise,” Bay- to relegation. off relegation. most devoted fans cheering them on. ern Munich goalkeeper Manuel “AtHammam-Lif,wewerealways Theapp wasasensation even out- Thesame supporterswho were Neuer said. playing forsurvival,” said the club’s side the small coastal town known barred from the stadium downloaded To makeplayers feel moreat then-coach Dragan Cvetkovic,now at forits beaches and ancient Jewish GES an app,and that app wasconnected home,Borussia Mönchengladbach in- TP Mazembe in the Congo. mosaics.But the following season, IMA to 40 speakersaround the pitch. The vited supporterstosend in selfies Hammam-Lif’s players walked out therewas no need to bring in fake morethey tapped their screens,the and printed them on thousands of ontothe pitch, in their green and fans.Real ones were allowedback in GETTY

louder it got. Thenoise wasfake. cardboardcutouts. Korean baseball whitekits, wherethey were met by Tunisian stadiums. GNON/

Theelation wasreal—especially also went the cutout route. 40 speakershauled intothe stadium Nowthe coronavirus pandemic GA

when Hassen Harbaoui rifled in the But none of these really solvethe to lend support that no team in Tu- has forced teams acrossthe globe to RICH game-winning goal to save Ham- challengethat everyteam in pretty nisia had. Outside the stadium, an figure out howthey canbemorelike The defending StanleyCup champion mam-Lif’s season. much everyleague in the world is aggressivemarketing campaign con- Hammam-Lif. Blues aretop contenders in the West.

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NewYork City 77 64 pc 73 66 c Dublin 63 49 c6853pc Warsaw6947pc6347sh s TINESGMO PIXAR Oklahoma City 76 56 t7659t Edinburgh 60 49 pc 69 52 pc Zurich 71 44 pc 71 45 t Solvethis puzzle online and discussitatWSJ.com/Puzzles. PETS SETTELLY P2JW148000-0-A01500-1------XA

THE WALL STREET JOURNAL. We dnesday, May 27, 2020 | A15 OPINION U.S. CanDestroy Huawei, Part Two BOOKSHELF | By Jonathan Marks

Thelogic of Eventsnever move as fast China is bent on seeking self- we cantwist the knifeonits The Life confronta- as thenewsflashes makeit sufficiencybased perversely chip supply now). tion, not the seem. Morethan year ago, this on stealing outside technol- Nor are we able to predict logic of tech- column noted that the U.S. was ogy? when the evident and growing nology, is positioning itself to destroy Here I think we need more stresses might turn Beijing Of the Mind nowinHuaweiorturn it intoacentral confidenceinthe American away from the path of the ill- BUSINESS charge in the bargaining chip in the U.S.- market system and also to re- advised Xi Jinping, whose era WORLD U.S. show- China relationship.Alot has member China isn’t the Soviet has been, objectively,adisas- Lost in Thought down with happened since. Donald Trump Union, against which Wash- terfor China on the scoreof By Holman W. China over is clearly sizing up China pol- ingtonorganized asuccessful, trade relations,economic By Zena Hitz Jenkins, Jr. Huawei. And icyasaclub against JoeBiden, long-lasting campaign of tech- growth and public health. (Princeton, 226 pages, $22.95) it’sgetting but save the hysterics.Inour nology denial. To fulfill an emotional serious. democracypolicyalways sur- need, self-critical Westerners ot long after the shelter-in-place orders sent us all In anotedrafted over the renderstoelection strategy. were recently lauding China’s N home for a time, a story about Isaac Newton made holidayweekend, the telecom Recallhow Democratssubordi- Xi Jinping has been virus strategy but are having the rounds. During the Great Plague of London, expertsatNew Street Research nated everyconsideration re- doubtsnow as newlockdowns Newton invented calculus. “Quit complaining,” the story sayChina’smost important lated to Russiatotheir three- a disaster for China areannounced. China and seemed to say, “and better yourself in home confinement!” tech company“has 12 months year campaign to paint Mr. and the virus doesn’t Western biotech entrepre- Exhortations to engage in self-improvement can sound left to live.” Thereason: new Trump as aKremlin agent. neursare engaged in araceto discordant in times of calamity, but we haven’t done so U.S. sanctions stopping chip At the same time,Mr. make him look better. develop avaccine: Which bad. Newton produced calculus. We produce sourdough. fabrication companies,notably Trump wouldn’t be Mr.Trump would youput your money Thereis, Zena Hitz argues in “Lost in Thought: The Taiwan Semiconductor,from if everysynapse didn’t still on?Which is morelikely to Hidden Pleasures of an Intellectual Life,” truth in the sellingchips to Huawei. Such a yearn foradeal in which girls For one thing, China’s tra- shoveafaulty vaccine down cliché that “our humanity is displayedbest and enjoyed blowcutsmuch deeper than jump out of cakes, leaderslav- jectoryoverdecades has been the throats of its people just most when faced with serious limitations.” Ms.Hitz,a disallowing Google apps on ishly praise each other,and one of genuine economic to record a victory? tutor at St.John’sCollege, didn’t have apandemic in Huaweiphones or pressuring thestock market soars. He progressand growing techno- Ditto Hong Kong. The U.S. mind when she began her inquiryintointellectual lifeand London to ban Huaweifromits waspatently planning to run logical innovativeness. This should not compound the whyweneed it. But her book arrives just in time forreaders wirelessnetworks.Itleaves on the alleged success of his isn’t Brezhnev’s Russia. tragedy or weaken the Hong recently forced to take stock of their inner resources. The Huaweinowheretoturn but 2019 Chinatrade deal, until Second, U.S. networks,a Kong people’sability to resist question at itsheart is disarmingly simple and deeply China’sown chip makers, who the pandemic intervened. Hua- primaryconcern sincethe by rolling back trade and busi- engaging: What should we do with ourselves? lag their global counterparts weimust nowseem amore Obama administration and GOP ness ties, as some have advo- She thinks,asPlatoand by adecade,which might as glowing target than it did House membersbegan raising cated. LetMr. Xi shoot off his Aristotle did, that what we well be acenturyinthe battle then, either to slowdown theHuaweiissue in 2009,are foot by picking an avoidable should do depends on what forhandset shoppersand China’stechnological challenge underassault all the time from fight that canonly push Hong aim human beingspursue equipment orders. or to wring concessions from criminal gangsand hostile na- Kongerstoward apro-inde- forits ownsake, not as a China Daily warns in an edi- Beijing to put the relationship tions.Our security won’t be pendence stancethat previ- means to other ends.Alife torial that “the Chinese gov- on amorepolitically sustain- clinched by keeping Huawei’s ously had little appeal. oriented by the “pursuit of ernment has attached great able footing in the U.S. equipmentout. All equipment Our confrontation nowis learning” is what she means significancetothe way Huawei TheNew Street researchers has vulnerabilities.Weneed a lesswith asystemthan it was by the intellectual life. She is treated overseas,and liter- throw up their hands in guess- mix.Weneed to keep suppliers in Soviet times.It’swith a takesamoreexpansiveand ally takenitincreasingly as a ing Mr.Trump’sreal intent competing with each other to particularly benighted Chinese democratic viewoflearning test stone of bilateral ties.” and so do I. But let’sadd that upgrade their security.Wealso leadership that maybefar than her ancient predecessors, If this sounds likeapromise if adeal isn’t in the cards, need the leverageoverthem alonginthe processofdis- finding intellectual value in of retaliation, the only diffi- events would be building to that access to the U.S. market creditingitself.Don’t let the religious belief and disbelief, culty (and it’sabig one) lies in the current meltdown regard- confers. Our unsubtle approach Leninist antecedentsoftoday’s children cataloging dead bugs, finding away that doesn’t hurt less of who is president. to Huaweiwill probably cost us Chinese Communist Party aristocratic leisure-readers China morethan it does the What about the long-term morestrategic advantagethan blind us to the waysthis cold and working-classbookworms— U.S. technological rivalry, in which it gains us (ask yourself why wardiffersfromthe last one. the famous and the nearly invisible— stealing time forstudy.The Italian communist and literary theorist Antonio Gramsci, whose ideas dissolvethought intothe “struggle forpower,” nonethelessfelt the need to What if America Had Followed Sweden? read forthe sakeofreading.Inprison, he studied the playwright Pirandello as away of feeding his “interior As the U.S. den is small and relatively ho- highly developed societies. tion rate is between 4% and life.” haltingly re- mogeneous.Sweden is more Swedish officials have con- 7%, no higher than in the U.S. “Lost in Thought” is packed with biographical sketches, opens its sparsely populated andhas ceded that their countryhas and far short of the 60% to each helping to showthe broader logic of learning. economyand about twicethe rate of single- failed to protect itselderly cit- 70%needed to bring the pan- Learning isn’t “simply apleasure, likeafoot massage,” or nearsits person households,two fac- izens.Ifthe U.S. had adopted demic to ahalt. Sweden’shigh ahobby,Ms. Hitz contends.Itishow finitebeingsreach 100,000th tors that tend to limit trans- Sweden’sapproach and expe- mortality rate hasn’t signifi- for“the whole of everything.” We grasp,through mathe- POLITICS death from mission of infectious diseases. riencedSweden’sdeath rate, cantly reduced itsfuturevul- matics,the properties of infinity,or, through literatureand & IDEAS Covid-19, Economic inequality in Swe- 30,000 Americans who are nerability.During the week- history, the minds of people we will never meet. Some of manyare den is low, and in the U.S. it is alivetoday, manyofthem par- long period ending May19, in us find, in Scripture, the promise of salvation. By William wondering high, by the standards of ad- entsand grandparents, would fact,Sweden had the highest Ms. Hitz, a convert to Catholicism, shows us the Virgin A. Galston whether the vanced economies.Sweden’s have perished. Covid-19 death rate in all of Mary in “bookish solitude” (if early church tradition is to countrycould population is significantly Europe. be believed, Mary was a reader). But she venerates the have followedabetterpath. healthier,with much lower Nor has itsapproach saved pagan authors as well, who are united with their Christian Some have pointed to Sweden ratesofdiabetes and obesity, The Nordic nation has itseconomy. Sweden’secon- counterpartsinthis: “Infused with seriousness, they seek as the model of alessintrusive andahigher lifeexpectancy. omyisprojected to shrink by to get to the bottom of life.” Wherever it may lead, learning government response that re- Sweden has awell-funded, a higher death rate, 7% to 10% in 2020,inline with for its own sake is a “natural need” and among the most lied on individual compliance widely accessible public-health and immunity hasn’t European neighborsand some- magnificent of human splendors. and common sense rather than system. TheU.S.doesn’t. what worsethan projections But our splendor is dimmed, even perverted, by what edictsand laws. But the differences are built up as planned. forthe U.S. Ms. Hitz, following the Gospel-writer John, among others, Sweden avoided lockdowns. greatest in the realm of public Thebest comparison is be- calls “the world”—the “locus of competition and struggle It allowedshops,restaurants, attitudes. Sweden is ahigh- tween Sweden and Norway,its forwealth, power, prestige, and status.” Human beings barsand nightclubs to remain trustsociety.Inthe U.S.,the Until recently,Sweden’sde- neighbor to the west. These lose themselves in the restlessquest forsuch goods, open, with social-distancing shareofthe population that fendershad arejoinder: Coun- two countries are similar in whose attainment does nothing to quell our restlessness guidelines.Itpermittedgath- believes “mostpeople canbe tries with mandatorylock- manyrespects, including eco- yet requires us to trick or coerce others into serving as our eringsof50people or fewer. trusted” has fallen by one- downs areonly postponing the nomic inequality, life expec- Most of the country’sK-12stu- thirdduring the past half-cen- inevitable.Because ahigher tancy, health systems,and dentscontinued to attend tury, while trust in Washing- fraction of Sweden’spopula- prematuredeaths from ‘The world’ would have us study for some classes. tonhas fallen by morethan tion had become infected, it Covid-19 risk factors. Mean- advantage or gain. The ancients, and this Sweden’sstrategyhas pro- two-thirds.Inthe U.S.,individ- would reach “herdimmunity” while,Sweden has aCovid ducedsome positiveresults. ualism reigns; Swedes placea much faster than other coun- death rate of 405 per million, author, counsel learning for its own sake. Restrictionsonliberty have higher value on social solidar- tries,whose death rateswould nine times that of Norway. been kept to aminimum. For ity. Sweden has achieved catchup. In April, the coun- Yes, Norway’s infection rate is the most part, citizens have about the same level of com- try’schief epidemiologist, An- well belowSweden’s, suggest- instruments. We would like to find such vices as deception been able to maintain normal pliancethrough voluntaryde- dersTegnell,cited estimates ing that Norway’s death rate and cruelty only in bad regimes and other people, but they social lives.Asaresult, Swed- cisions as the U.S. has with en- that Stockholm had probably will rise as it relaxes restric- are built into social and political life because they are built ish authorities canmakea forceable mandates. achieved an immunity rate of tions on economic and social into us. We have “many desires, impulses, and concerns” plausible case that they areon If the two countries had fol- 15%to20%, and the Swedish activity. But after correcting other than the love of learning, and, what is worse, “the amoresustainable course than lowedthe same strategy, Swe- Public Health Agencypro- forthis,Norway’s perfor- less good, the selfish, the banal, the superficial, and even arecountries that have relied den’sdemographic and insti- jected that one-thirdofStock- manceisstill better. the cruel are the easier goals to follow.” We “drift toward on moreburdensome mea- tutional advantages should holmerswould be infected by Thereisnoreason to be- them.” Consequently “the world,” a kind of madhouse, is sures. Should Americahave have led to aCovid-19 mortal- May1. lievethat the U.S. would have the “human default,” and our dignity can be won only followedSweden’sexample? ity rate significantly lower But when testswerecon- been betteroff following Swe- through a “sort of asceticism, a turning away from things Theunderlying differences than America’s. In fact, Swe- ducted, it turned out only 7. 3% den’sstrategy—unlessyou be- within ourselves.” between the U.S. and Sweden den’smortality rate is about of Stockholm residentshad lievethat maintaining amore Ms. Hitz, who abandoned academics for a time, is makeitdifficult to answer 30% higher than the U.S. rate, contracted the disease and de- normal social lifewould have mindful of the difficulty of this endeavor and finds univer- with confidence. Americais and America doesn’t have a veloped antibodies against it been worth tens of thousands sities unmindful of it. At their best, university scholars large and diverse,while Swe- lowratebythe standards of by late April. Sweden’sinfec- of additional deaths. elucidate the questions that trouble the minds of amateur lovers of learning. As teachers, they provide “person-to- person service” that addresses deep human needs. The satisfaction of doing their work well helps the scholar to America Gets Back Into the Space Race resist the allure of political action, which can easily turn into mere exhibitionism. By Taylor Dinerman the Boeing Starliner and the flight goes as planned, the spacestation, the Gateway. But most university scholars, in Ms.Hitz’s view, are SpaceX Crew Dragon ready in Hawthorne,Calif.-based com- Other derivatives could be de- rarely at theirbest. They craveprestigeand comfort, both he U.S. is sending astro- 2017. pany will win the lion’s share veloped to allowittofly be- purchased by getting as far as possible from the interests T nauts into orbit for the ThecontractsallowedBoe- of the NASA contract to send tween spacestations or,if of amateursand the challenges of the classroom. Most firsttime in nearly a ing and SpaceX to build their astronauts to the ISS. It will equipped with an air lock, to universities,she thinks,dolittle to encourageserious decade.OnWednesdaythe designs with minimal govern- also competewith the Rus- serveasa“construction teaching or learning.They hawk knowledgeinthe manner National Aeronautics and ment supervision. While NASA sians to send crews from Eu- shack” when the spaceindus- one might use to sell achemistrytextbook to apoisoner. SpaceAdministration and carefully ensured that both rope, Japan and elsewhere to trydecides to createlarge or- Forall the insightsshe offers, Ms.Hitz’s judgment is Elon Musk’s SpaceX plan to vehicles met itssafety re- the station. No doubt Mr. biting structures such as solar tooharsh. Still, universities should heed her plea to treat launch the firstmanned flight quirements, the companies Musk will find room forafew power satellites, factories or studentsnot as problems to be solved or customerstobe of the Crew Dragon capsule, were free to maintain their paying tourists. processing plantsfor minerals soothed but as potential membersofthe “community of carrying Bob Behnken and methods and internal cultures. Much of SpaceX’s effort is mined on the moon, asteroids equals that human seriousnessmakes possible.” Her Doug Hurley to the Interna- concentrated on itsambitious or elsewhere. Such facilities assessment of universities worries me lessthan her view tional Space Station. Starship development pro- mayneed human buildersand of “the world,” which leads her to elevateprophetsrailing Sincethe SpaceShuttle’sfi- Elon Musk’s company gram, which aims to build a repairmen. Newversions of against corruption over politicians seeking to moderateit. nal mission, in July 2011, the fully reusable launch vehicle theCrewDragonmight be She evidentlyprefers the outsider Malcolm X, who “did U.S. has relied on Russia’s plans to launch a pair that can enter orbit and ulti- used much as helicopters are not speak forthe sakeofsocial resultsorlegislative Soyuztotransport NASA crew of astronauts into mately conduct manned mis- used to take workerstooil outcomes,” to the “socially fastidious,gradualist” civil- memberstoand from the ISS. sions to the moon and even platforms. rightsmovement. If Ms.Hitz doesn’t mention HenryDavid After30yearsand two cata- orbit Wednesday. Mars. While Starship has Getting Americans flying Thoreau and his disdain for“the cackling of political strophic accidents, it wastime made real progress, SpaceX into space on American craft conventions,” her argument leans Thoreau’sway.For my to retirethe shuttle.But NASA has woncontractsthat will is long overdue.The U.S. is in ownpart, I’ll take Abraham Lincoln, who studied relent- failed multiple times to de- So far SpaceX appearstohave keep its current Falcon 9 and acivil and militaryspacerace lessly,worked within the political conventions of his day, velop areplacement. The done abetterjob.Boeing’sDe- Falcon Heavy rocketsbusy for with China, which just used and in the end achieved some pretty important “legislative Obama administration can- cember 2019 Starliner test a long time. itsnew Long March 5B launch outcomes.” Lincoln caredabout both learning forits own celed George W. Bush’sCon- flight to the ISSfailed, reveal- Meanwhile,there’salso the vehicle to put aprototype of a sake and “the world.” stellation project, and with it ing serious software problems question of what the Crew newcapsule intoorbit. Bei- But Ms. Hitz is asking the right questions. About what the affordable Ares 1rocket, that requireasecond un- Dragon or itsderivatives do jing’sslow, steady breakout should human beings, and therefore also universities, be based on shuttle technology. manned test flight later this aside from serving as ataxi to into space will be a major in- serious? If not learning for its own sake, what is the Instead they chose to build on year.Inspiteofhaving,ac- and from low-Earth orbit. One ternational—and extraterres- university for? As institutions across the country the Commercial Orbital Trans- cording to one report, 38% suggestion is that it serveasa trial—challengeofthe next contemplate drastic cutbacks in a suddenly devastated portation System contracts morefunding from NASA,the lifeboat attached to the ISS. In decade. economy, their leadersshould ask themselves that andgaveBoeing and SpaceX aerospacegiant maylose to theoryitcould be modified to question too. responsibility forthe space- its upstart competitor. servethe same function on Mr. Dinerman writes about craft. Theplan wastohave If SpaceX’sfirst manned NASA’s planned lunar orbiting space and national security. Mr. Marks is a professor of politics at Ursinus College. P2JW148000-0-A01600-1------XA

A16 | We dnesday, May 27, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR After We Defeat the Virus Should Floridians Pay to Bail Out New York?

he economyisbeginning to showearly publicans areonthe right side of the lock- Your editorial “Should Florida Bail even as they practiceitdaily within signs of lifeasthe government lock- down debateaslong as they stressprotecting Out NewYork?” (May18) questions their ownbordersand endorse it in T downs ease,but in Washingtonthe poli- the vulnerable and building up the public- whether NewYork,asthe epicenter of their party’s platform. aworld-wide pandemic,should get Connecticut’sproblems arelegion, ticians aredebating howto health system. Another spending support from the federal government created entirely by decades of short- spend another few trillion dol- As forthe next bill in Con- and states likeFlorida. We agree that sighted, politically expedient policy. A larsinthe name of virus relief. blowout will burden gress, it isn’t clear there’sa astate should be fiscally responsible, federal bailout will be likegiving crack Maybe it’stime they focused need. Much depends on the but comparing NewYork with Florida cocaine to arecovering addict. We the instead on what we want the the recovery for years. pace of the reopening,but it is misguided. taxpayers need to apply alittle tough economytolook likeafter we seems wise to see if the Florida increasedstate spending lovetoall our leaders—and to our- defeat the coronavirus. economyrevivesbefore by 82% over the last decade as New selves.The firststeptoward recovery Speaker NancyPelosi and the Democrats spending trillions more. York’sstate spending grew 22%. This will be electing fiscally responsible knowwhat they want: Keep the economy The50statesdon’t even knowhow much made it possible to lowerincome-tax legislatorsinNovember. locked down foraslong as the virus exists, their taxcollections will fall. They’vealready ratesfor everyNew Yorker,reaching ROBERT HAM and appropriateasmuch taxpayermoney as received $150 billion in direct federal aid—not the lowest rate forthe middle class Cheshire, Conn. since1947, and reduceoutstanding possible to replacethe lost privateincomes. counting morefor hospitals,Medicaid, hous- debt to the lowest levels sincethe Your editorial says:“Democrats Mrs. Pelosi’sHouse bill promises another $3 ing,schools and masstransit. TheFederal Re- 1960s.Overthe last decade,New want a$915 billion budget bailout for trillion forher various constituencies on top servehas hundreds of billions of dollarsin York created 1.3million private-sec- states and cities,and the leading lob- of the $2.7 trillion or so Congress has already sparefinancial firepowertohelp distressed torjobs—a 20% increase—and wages byist is NewYork Governor Andrew spent on the pandemic.The goal is income re- companies,statesand cities. rose 47%. Cuomo.” Thekey question is whylow- distribution, not economic growth. Mr.Trump is tempted by apublic-works ex- NewYorkerssend $29 billion more income states likeFlorida should bail She knows President Trump won’t go for travaganza, but such projectswouldn’t go for- in taxestothe federal government an- out high-income states likeNew York. it all, but even half would solidifythe govern- ward until long afterthe pandemic is past. nually than we getback,subsidizing According to the 2019 Bureau of Eco- ment’shold on the economy. Persuade voters Democratsalso want at least $1 trillion in pub- Florida’sbudget as it receives $30 bil- nomic Analysis data, Florida had aper that only government cansavethe day, and lic money rather than leveraging privatein- lion morefromthe federal govern- capitapersonal income of only setDemocratsuptotransform the private vestment to spend lesspublic cash. This is rot- ment than Floridians send annually. $51,989,while NewYork enjoyedaper Florida, with alargerpopulation than capitaincome of $71,440—morethan economy, as JoeBiden recently put it, after tenpolicy. NewYork,contributes nearly 37% less athirdhigher than Florida’s. These they win the election. If Mr.Trump and Republicans feel obliged to the national economy, and manyof dataplaceNew York near the toporin This political strategymay work sinceRe- to counter the Democratic offer,they should Florida’s high-wealth individuals built thirdplaceofthe U.S. per capitain- publicans,asusual, aredivided and defensive. build on the original Trump agenda of deregu- their fortunes in states likeNew York. come rankings, while Florida is num- Some in Congresswant to sign ontoanother lation and taxcuts. The600 deregulatoryac- Hurricanes hammer Florida due to ber 28,inthe bottomhalf of all U.S. big spending bill to avoid voting no. Treasury tions the Administration has takenduring the itsgeography. NewYork is the world’s states.Sincewhen should the poor SecretaryStevenMnuchin supportshalf of pandemic areaperfect counterpoint to Demo- entrypoint intothe U.S. Twomillion bail out the rich? whatever Mrs. Pelosi wants. cratic mandates and controls.Easing rules for travelersfromEurope entered through ROBERT HELLER SenateMajority Leader Mitch McConnell has faster vaccines and therapies is awinner. our portsbeforetravelwas halted, Belvedere, Calif. offered auseful caution on another blowout, Thetemporarypayroll taxcut that Mr. and scientific evidenceshows they Mr. Heller is aformer governor of brought the coronavirus with them. the Federal Reserve System. but he could be undermined by Mr.Trump,who Trumpfavorsisn’t the best growth policy. Now, NewYork is home to about 25% seems torn about what to support and is think- Temporarytax cutslack the stimulativeim- of U.S. Covid-19 caused deaths. As aresident of Florida, Ivote ing only as far as November.This is arecipe for pact of permanent policy. But the payroll tax Americans have aright to expect “yes” to the question your editorial another deal on Democratic terms,and it could cut at least has the virtue of letting workers fiscal integrity and performancefrom raises—under acertain condition. split the GOP in Congressand at the grassroots keep more of what they earn, and it beats government. Adecade of resultsand Looking at this as abusinesstransac- heading intothe election. Thetea party isn’t morespending.Some Republicans arealso today’schallengeshows the compe- tion, NewYork is mismanaged and a dead, as Republicans mayfind out. floating areturn-to-work bonus payment for tenceofNew York’sleadership.Every financial mess. If it were abusiness iii workers, which is betterthan morejobless stateshould work together to getthe the shareholderswould be fleeing and Thebest chanceMr. Trump and Republi- pay. But itscost would be high. nation firing on all cylindersagain. the CEO would be negotiating an exit cans have to avoid this fateistounitebehind If Mr.Trump really wantstoupset the ROBERT F. MUJICA JR. package. Most important, the business an agenda foreconomic revival. This means swamp,he’dpropose that everyprivateinvest- New York state budget director would be atakeover target. Albany, N.Y. So let’sreally fixthis.Florida can offering ideas aimed at the electorateinNo- ment made forthe rest of this year be exempt take over NewYork.The consolidation vember rather than acompromise with Mrs. from anycapital gains tax. Thepost-shutdown Gov.Lamont wasn’t amused that allows the effectiveFlorida leadership Pelosi. TheGOP cannever outbid Democrats economywill need newinvestment and the yourebuttedNew York Gov.Cuomo to operateboth states and NewYork’s in spending other people’smoney.But they do risk-taking known as animal spirits. Azero about his “donor state” comments governorstobeput out to pasture. have an edgeincredibility on the economy, rate on gains would counter the uncertainty (“StatesFaceDeficitsFromVirus Rev- BARRY DRAKE and that’swhat they should stress. of pandemic risk.Mrs.Pelosi won’t let it pass, enue Loss,” Letters, May21). It is baf- Jacksonville Beach, Fla. Thefocus of GOP governorsand Mr.Trump but voters would see who wantsthe private fling that blue states don’t relish their on ending the lockdowns is already paying off economytogrowagain. higher household incomes and enjoy Florida isn’t bailing out NewYork as afirst step.National Democratswill blame Sooner or later the pandemic will end. The the chancetospread wealth to other to coverCovid-related expenses any anyflareupininfections on Mr.Trump.But question is what kind of economywill be left. states.Connecticut’saverage income morethan NewYork bails out Florida Americanscan see the growing harm from Asecond Cares Act would leave alegacyof is 30% greater than Florida’s. Granted, when ahurricane hitsthat state. Flor- Connecticut’scost of living also is 30% idareceived $5 billion in federal aid shutting down allcommerce,and they want vastly largergovernment that would mean higher than Florida’s, partly because when hurricane Irma hit. Did New to return to work if they candososafely.Re- slowergrowthand take yearstoovercome. Connecticut embarked on atax-every- Yorkersobject to the federal govern- thing journey 30 yearsago and Florida ment sending aid to Florida?No. resisted the income-tax bug.Florida’s Americaismade up of 50 states and A Presidential Smear population of 25 million is two-thirds in times of adisaster everyone helps. greater than it waswhen the Nutmeg JOSEPH CARSON onald Trump sometimes traffics in con- There’snoevidenceoffoul play, or an affair State adopted an income tax, while Westport, Conn. spiracytheories—recall his innuendo in with the woman, and the local coroner ruled Connecticut’spopulation is stuck at a D 2016 about TedCruz’sfather andthe that the woman fainted from an undiagnosed little morethan three million. Isn’t part of the “donor” status of JFK assassination—but his lat- heart condition and died of ERIC PAULSON NewYork due to older NewYorkers Palm Bay, Fla. who paid their Social Security and est accusation against MSNBC Trump imitates the head trauma. Some on the Medicaretaxes while employed—retir- host JoeScarborough is ugly Steele dossier in attacks webare positing aconspiracy It’sironic that progressivegover- ing to Florida andcollecting those even forhim. Mr.Trump has because the coroner had left norsAndrew Cuomo and Ned Lamont benefitsthere? been tweeting the suggestion on Joe Scarborough. aprevious job under acloud, decrywhat might well be called ARTHUR SIEGEL that Mr.Scarborough might but the parentsand husband wealth redistribution between states, New York have had something to do with of the young woman accepted the death in 2001 of a young woman who the coroner’s findingsand want the case to worked in his Florida officewhen Mr.Scarbor- stay closed. ough wasaGOP Congressman. Mr. Trump always hits back at critics, and China Pressures Chinese Students in the U.S. “A lot of interest in this story about Psycho Mr.Scarborough has called the President men- JoeScarborough. So ayoung marathon runner tally ill, among other things. But suggesting Walter Russell Mead’s“ThePeo- Studentsand ScholarsAssociation ple’sRepublic of Queensland” (Global (CCP-backed) has demanded that the just happened to faint in his office, hit her head that the talk-showhost is implicated in the View,May 21) on the Chinese Com- Falun Gong group not be allowedto on his desk, & die? I would think there is a lot woman’sdeath isn’t political hardball. It’sa munist Party’s influenceinthe Uni- use campus email, along with I more to this story than that? An affair? What smear. Mr. Trump rightly denounces the lies versity of Queensland struck afamil- should add asimilar demand forthe about the so-called investigator? Read story!” spread about him in the Steele dossier,yet here iar chord. As the faculty adviser of Taiwanese student group and Tibet- Mr.Trump tweeted Saturdaywhile retweeting he is trafficking in the same sort of trash. the campus chapter of Falun Gong at ans.And as far as Icould determine, a dubious account of the case. Rep.Adam Kinzinger,aRepublican from Illi- the Ohio State University foralmost we had no Tibetans on campus at He kept it going Tuesday with new tweets: nois,had it right when he tweeted on the week- two decades,Ihaveseen our posters that time.Chinese studentsde- “The opening of aCold Case against Psycho Joe end: “Completely unfounded conspiracy. Just forcoming eventsdefaced with ob- manded that the university stop a Scarborough wasnot aDonald Trump original stop.Stopspreading it, stop creating paranoia. scenities writteninChinese.Our peaceful Falun Gong art exhibit at the thought, this hasbeen going on foryears, long It will destroy us.” group emails have been hacked. Some library. BackinChina, the mother of before I joined the chorus. . . . So many unan- We don’t writethis with anyexpectation that cars with Falun Gong stickershad the president of the Falun Gong chap- their tires slashed at the Falun Gong teratOSU waspicked up by police swered & obvious questions, but I won’t bring Mr. Trump will stop. Perhaps he even thinks practicesite. Thecampus Chinese and brought in forquestioning over a them up now! Lawenforcement eventually this helps him politically,though we can’t imag- dozentimes,eventhough she wasn’t will?” Nasty stuff, and from the Oval Office to ine how. But Mr. Trump is debasing his office, herself aFalun Gong practitioner. more than 80 million Twitterfollowers. and he’s hurting the country in doing so. Covid Patients Don’t Belong To their great credit, officials at In Nursing Homes at All the Ohio State University stood be- hind the rightsofthe Falun Gong Reviving an Obama Zombie Rule One stateismissing from Betsy studentsand resisted the demands of McCaughey’s analysis of nursing- the CCP-backed students. However, olleges around the countryare strug- rule last year to provide moreprocedural safe- home deaths: Florida (“Prepare this whole messhas made me won- gling because of the pandemic,and guards for colleges while protecting students Nursing Homes forthe Next Covid der if it is worth bringing in thou- Wave,” op-ed, May20). Thestrategy sands of Chinese studentswith their C some could close.Yet nowCongressis who were harmed. Her rule requires borrowers employedbyGov.Ron DeSantis puts hefty walletstohelp fund fancier creating anew threat by us- who want to discharge their the lie to this claim: “The single amenities that universities have sur- ing the Congressional Review Will Trump support his loans to showthat acollege most effectiveway to save lives vived without forcenturies.The Act (CRA)torevive an Obama Education Secretary knowingly made afalse or de- would be to improveinfection con- whole processbringsits owncosts. rule that putsthem on the ceptive statement or “with a trol in nursing homes and prepareto EM. PROF. LUCIA DUNN hook forloans of discon- on student loans? reckless regard for the truth” rush supplies of masks,gloves and The Ohio State University tented students. that borrowers relied on. They other personal protectiveequipment Columbus, Ohio TheObama Administration also have to showthat they to these facilities.” sought to drive more for-profit colleges out of were harmed by the alleged misrepresentation. This is,atbest, asecond-best solu- businesswith its“borrowerdefense” rule that This is similar to the common-lawstandardfor tion. Florida removed Covid-19 pa- Pepper ... let studentsdischarge loans if they claimed proving fraud. tientsfromnursing homes as well as And Salt conducting frequent testing of staff their college deceived them. Colleges could be House DemocratsinJanuaryvoted to use the and residents. It’sfar bettertokeep THE WALL STREET JOURNAL held liable fordischargedstudent loans,though CRAtooverturn Mrs. DeVos’srevision andrevert the disease out of elderly populations taxpayers would be on the hook if schools to the Obama rule.InMarch the Senatefollowed than to reconfiguretheir residences to couldn’t pay and shut down. with 10 Republicans joining Democrats. Many handle it. Isuspect ObamaCarerules But the rule applied to all colleges, not only Republicans areworried about being attacked by encourageminimal hospital stays. for-profits, and handed enormous discretion to Democratsfor letting studentsget ripped off, That mayhelp explain whysome the Education Department over which claims though the DeVos rule still allows the Education states implemented unfortunatepoli- to pursue. Students merely had to claim that Secretarytohold bad actorsaccountable. cies that killed manyelderly people. colleges made an omission or statement that TheCRA resolution is on President Trump’s TONY LIMA has a “tendency to mislead under the circum- desk,and he has three days to veto it or the Hayward, Calif. stance.” Colleges could be liable for fluffed-up Obama rule returns. Two dozen some colleges Lettersintended forpublication marketing that promises studentsaworld-class have been sued forshortchanging studentswith should be emailed to [email protected]. education. Government officials would both ar- virtual instruction during the pandemic.Ifthe Please include your city, stateand gue claims on behalf of borrowers and rule on Obama rule comes back, more dubious claims telephone number.All letters aresub- those claims. for loan forgiveness will proliferate and more ject to editing,and unpublished letters Education SecretaryBetsy DeVos revised the than for-profits will be in the dock. cannot be acknowledged. P2JW148000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, May 27, 2020 | A17 OPINION Get Ready for the ‘Careful’ Economy

By John H. Cochrane gistsare sounding the alarm, warning carefuleconomywill take lotsofin- of amassivesecond wave of infec- ventivethought. Already thereare eady or not—mostly not— tions.But they were wrong last time. calls forlong listsofnew regulations. the reopening is at hand. Thedireforecastsmay well be wrong At best such rules would enshrine Theeconomic carnageofa again. Those models leftout two cru- ideasthat seemed good at the time R continued lockdown is cial facts: People aresmart and butturn out to be costly,unproduc- simply toogreat to sus- places aredifferent. tiveorunsuited later.Wegot herein tain. But the virus is still with us,so Smart people knewtherewas a part because of acatastrophicfailure the carefully reopened economywill dangerousvirus about and started of our regulatorystate—Centersfor be lessefficient than the pre-pan- social distancing long beforethe gov- DiseaseControl and Prevention test- demic economy. ernment told them to.The spread of ing foul-ups,Food and Drug Adminis- We all hoped forasmart reopen- avirus always depends on myriad lit- tration mask regulations,anti-price- ing, with thoughtfulworkplaceand tle decisions people makeevery day, gouging regulations,and more. Tying social protocols and arobust public- and most Americans made smart de- up an economythat needs to adapt health response to stamp out the em- cisions. via moreregulations only makes mat- bersofthe novel coronavirus.We Some places aremoreconducive ters worse. hoped technologywould save us—a to virus-spreading than others. The ER Thewide-open U.S. internet has ST

vaccine,acure, acheap daily test. virus spreads best in indoor gather- FO been thehealthiest part of the pan-

ingswherepeople canbreatheon PHIL demicresponse so far.Any of us can each other foranextendedtime— read models and studies in real time, Reopening has costs for restaurants, choirs, birthdayparties, and timely information on howwide- canbelotsofjobs,but different jobs, and their tweeted criticisms.Ifex- dances,nursing homes,cruise ships, spread the virus is in each commu- and jobs that payless. If the virus pro- pertstell us masks don’t help,and businesses, employees and aircraftcarriers. Most of this virus is nity—howdangerous it really is to go vokesagreater tradewar,a“reshor- then that they do,wecan quickly de- consumers. Good thing spread by afew “superspreading” out—something we don’t have now. If ing” of production, that makes every- batethe evidence. All of us,eventhe events, not casual contact. People people don’t knowthe danger,there thing lessefficient and more experts, arelearning in real time.You Americans are adaptable. quickly avoided these places and oc- will be second and thirdwaves,and expensiveaswell. Grossdomestic can’t do that in China. casions on their own. They will con- crashes.Alittle random testing would product and averagewages must de- Thefast-moving community of tinue to do so.Nursing homes won’t go along way.Betterresearch on how cline even if everyone is working. ideas is ajoy to watch. But the desire None of this is likely in the next few makethe same mistakes twice. the disease spreads—and howit Smart people and businesses will to enforce an information monopoly months.Wehavemoretests, but we NewYork is singularly designed to doesn’t—would help alot. figure out which costly steps matter of so-calledexpertsand public offi- don’t have the beginningsofapublic- spread the virus.Austin, Texas, Thevirus will be with us foralong and which ones don’t, and come cials remains.Twitterannounced health infrastructuretouse our test- doesn’t have asubway.Thereisn’t time,and it will hobble the economy slowly to amoreefficient careful that it planstocensor tweetsthat ing capacity in aproductiveway.Cit- anotherNew York to light up. morethan most people realize. Res- economy. But that will take time too. “conflict with guidancefrompublic ies and states areonly starting to If infections increase,people will taurantsthat serveevery other table, Government will be tempted to health experts.” YouTube has banned hirecontact tracers. Americans won’t quickly become morecareful again. If and airlines with everyother seat makeeverything worse. If we have anycoronavirus-related content that put up with Chinese-style surveil- infections continue to decrease,peo- empty,must charge twiceasmuch or lotsofpeople unemployedfromjobs contradictsWorld Health Organiza- lanceinwhich an inscrutable app ple will become lesscareful, and the halvewages.Workplaces with 6feet that aren’t coming back,and we have tion advice. Fake news and rumors turns redand sends people to quar- pandemic will drag out. Thenumber between employees need to rent big needs forlower-paid work in a have been with us forever, and ex- antine fortwo weeks. of newcases will decline slowly as morespace. Everybusinessthat has lessefficient economy, paying people pertsare oftenwrong.The freedom We seem fated instead to adumb betterknowledgeand testing reduce to disinfect onceanhour must pass to stay home at yesterday’swages to debateisessential. reopening,relaxing the increasingly the costsofbeing careful. that cost along. will be counterproductive. Paying untenable government-imposed blan- Apart from arobust test-and-trace Efficiencyisthe secret of the yesterday’sbusinesses to hang on will Mr. Cochrane is asenior fellow at ketshutdowns and hoping forthe program, the most important thing American economy. Thecareful econ- likewise be counterproductive. the Hoover Institution and an adjunct best. Manydoctorsand epidemiolo- government cangiveusisaccurate omyscales back that efficiency. There Adapting businesspractices to the scholar at the Cato Institute. Scrapping the SAT Won’t Help Black and Latino Students

Opponentsofstan- use of such tests, but given the sys- about 2,100 wordsanhour on aver- do anything to resolve the underly- minologyisn’t what’sdepressing dardized testing tem’ssizeand prestige, the decision age, which is nearly double the ing disparities. black test scores. have afavoritego-to is likely to giveopponentsofthe number of wordsheardbythe chil- TheSAT is designed to do one TheUniversity of California sys- sample question SATastrong boost. That’sunfortu- dren of working-classparentsand thing—assesshigh school students tem’sdecision to scrap the SATre- from aSAT exam nate, because low-income minorities more than three times the number forcollegereadiness—and thereis quirementisofapiecewith are- given in the 1980s. have moretolose than gain from heardbychildren of families on wel- wide agreement that it does this newedeffort to reversethe state’s UPWARD Runner:Mara- theend of standardized testing. fare. By the time adentist’schild fairly well, regardlessofthe test- currentban on race-based college MOBILITY thon:: It’struethat blacks and Hispanics enters kindergarten, she’sheardan taker’srace. If the test wasinfact admissions.Inboth cases,morera- a) envoy:embassy on averagescore belowwhites and estimated 30 million morewords biased against blacks or anyother cial balancing on campus is the goal, By Jason L. b) martyr:massacre Asians on the SAT, but to claim the than apoor child has. demographic group,itwouldn’t pre- and objectiveadmission standards Riley c) oarsman:regatta test is discriminatoryistoignorea dict freshman outcomes—grades, stand in the way.But we knowfrom d) horse:stable host of other factorsthat arefar completion rates, etc.—as consis- morethan four decades of affirma- Thequestion is held up as an ex- morelikely culprits. We knowthat Low-income minorities tently as studies going back decades tive-action policies that admitting ampleofcultural bias in admissions study habits, as well as time spent have shown it does. students to schools wherethey are testing,evidencethat the SATdis- reading books versus watching tele- have moretolosethan What aboutthe sample SATques- underprepared to handle the work criminates against racial and ethnic vision,varysignificantly among dif- gain from thewokewar tion above? Isn’t that evidenceof leads to lesscollegecompletion than minorities and low-income appli- ferent racial and ethnic groups.We the systemic social and economic we’d otherwise see.And California cants. Awhite17-year-old from, say, also knowthat black and Hispanic on standardized testing. bias responsible forthese racial ought to knowthis betterthan most upscale Grosse Pointe, Mich., is youths arefar morelikely to attend gaps? Hardly.For starters, questions states; afteritmoved to asystemof morelikely than his black counter- chronically failing elementaryand that depend on exposuretoacul- race-blind admissions in 1996,col- part from inner-city Detroit to secondaryschools.Might anyofthis Given these vast differences in ture of white privilege are rare, not legegraduation ratesfor black and choose theright answer(c) because offer amoreplausible explanation upbringings, habits, attitudesand typical. And they haven’t proven to Hispanic studentsincreased dramat- he’smorelikely to knowthat are- forthe racial and ethnic disparities priorities across various groups, be much of adragonthe scores of ically. gattaisaboat race. in SATscores? whywould we expect to see any- othernonwhitegroups,such as the We’d all liketosee low-income It wasbased on such concerns Even beforeentering school, thing approaching racial or ethnic low-income Asians who outscore minorities reach academic parity that the University of California some kids arealready far ahead of parity in SATscores? These dispari- middle-classblacks.Moreover,the with whites and Asians,but lagging BoardofRegentsdecided last week, othersthrough no fault of their ties maybecome moreapparent largest black-whitedifferences groups will have to gettherefrom at theurging of UC President Janet own. Alandmark study by Betty when we look at the test results, aren’t on the culturally loaded items wherethey currently are, and get- Napolitano, to stop using the SAT Hart and Todd Risley of the Univer- but that doesn’t mean the test is but on abstract questions that test ting rid of the SATwill only obscure and ACTcollegeadmission exams. sity of Kansas found that the chil- causing the results. And it doesn’t spatial skills and the like. In short, a wherethey are, not changethe dis- UC hasn’t led the effort to end the dren of professional parentshear followthat scrapping the test will lack of familiarity with sailing ter- comfiting reality. Corporate Green ‘Disclosures’ Are Often Mere Marketing

By Steve Milloy Companiesoften tout what they Climategateemails,the 2-degree tar- If a company wants to tout emis- SEC staff for permission to exclude aredoing to “savethe planet” or get is arbitrary. sions cuts, forexample,itshould my proposal from its annual share- limate-changepartisans on “combat climatechange.” None of Nuclear utility Exelon sounds like mention that man-made emissions of holder meeting materials on the ba- C both sides oftenaccuse one these claims are tethered to reality, an unhinged environmental group on greenhouse gases are55.3billion sis that it disclosed to shareholders another of dishonesty.Here’sa much less securities laws. Here are itswebsite: “Weneed the Earth. To- tons ayear and aregoing up,accord- the benefits and costs of its climate suggestion forresolving that dis- some examples,not intended to pick day, it needs us.” Toward that self- ingtothe U.N. Or if autility wantsto related activities.Inresponse,I pute in at least one important cor- on anyone company. Apple claims it exalted purpose,Exelon boastsof boast about closing afew coal pointed out the many(we’ll gener- nerofthe world—publicly owned is “significantly reducing emissions closing the few coal plantsithad. plants, it must also describe how ously call them) “errors” in Exxon companies. to addressclimatechange.” But Ap- Meanwhile, China built morecoal Mobil’sclaims.SEC staff agreed with Securities laws arebuilt on dis- ple’sclaimed CO2emissions amount powercapacity in 2019 (45giga- me,and Iwill be presenting my pro- closure and antifraud measures. Al- to amere0.04% of the global totalof watts) than all U.S. utilities plan to Companies tout their work posal at the Exxon Mobil shareholder though climateisn’t aspecial cir- 53.5 billion tons. close through 2025 (17 gigawatts). meeting on May 27. cumstancethat requires unique Exxon Mobil patsitself on the Amazon boastsabout its“commit- on climate change in their If CEOs want to embrace the hy- disclosure rules, during the Obama back forplaying an “essential role in ment to meet the Paris Agreement 10 filings but mislead the pothesis that climatecatastrophe yearsthe Securities and Exchange addressing the risks of climate yearsearly.” But the only entities looms and surf the benefits of tout- Commission issued guidancetocom- change” by cutting itsoperational that can meet the Paris climate ac- public about their impact. ingtheir actions on climate, that’s panies formaking climate-related emissionsby20million tons last cord are the nations that signed it. fine.But they must be honest in dis- disclosures.The guidancefocused year.What the companydoesn’t The goal of the Paris Agreement, to cussing what they areaccomplishing, mainly on disclosing risks to busi- mention is that during the same pe- hold averageglobal temperature thereare hundreds,perhaps more if anything.The nowstandardprac- nessoperations and profitability ei- riod, Exxon Mobil sold productsthat within 1.5degrees of the historic than 1,000, newcoal plantsbeing ticeofgreenwashing misleads inves- ther from extreme weather or cli- when burned let out close to 600 mean, couldn’t be achieved by Ama- built around the world. Shareholders tors and the public, and is inconsis- mate regulation. million tons of emissions. zon under any circumstances. should know that in aglobal context, tent with securities law. As aresult of the guidance, corpo- Electric utility Xcel claims itscli- Ipetitioned the SEC in 2019 to corporateactions on climateare a rate SEC filingsnow routinely make mateactions (i.e.,shutting down updateits climateguidanceand re- lot smaller than advertised—closer Mr. Milloy publishes Junk- banal referencetofuturerisks from coal plants) are“grounded in climate quirecompanies that choose to talk to zero than hero. Science.com,served on the Trump climate change. But in recent years science,” namely the 2degree Cel- about climatetodosohonestly, While SEC commissionershaven't EPA transition team and is the au- companies have also turned climate sius limit on global temperature in- just as companies arerequired to responded to my petition, SEC staff thor of “Scare Pollution: Why and change from a disclosed risk into a crease prescribed by the United Na- issuehonest standardfinancial dis- have agreed with me two years in a How to Fix the EPA” (Bench Press, marketing opportunity. tions.But as revealed in the 2009 closures. row. This year Exxon Mobil asked 2016).

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S&P 2991.77 À 1.23% S&P FIN À 5.04% S&P IT g 0.12% DJ TRANS À 5.02% WSJ $ IDX g 0.83% LIBOR 3M 0.371 NIKKEI (Midday) 21266.23 g0.02% See more at WSJ.com/Markets Amazon Seeks Robot-Taxi Maker Boeing, Airbus Zoox is developing ingadeal that would value Asuccessfuldeal could give funding round. tors,using an air of mysteryin Zooxatlessthan the $3.2 bil- newlifetoaonce-high-profile Zooxsaid that it “has been the pressand possessing a technology for lion it achieved in a funding startup that has seen its for- receiving interest in astrate- showman’s knack for stoking Research electric-powered cabs round in 2018,said people fa- tunesdim as it struggled to gic transaction from multiple excitement. In October 2016, miliar with the matter. raise money. parties and has been working he talked obliquely of his vi- summoned by phones An agreement maybe Amazon afew yearsago with Qatalyst Partnerstoeval- sion foraride experiencelike Virus Risk weeks away,one of the people created ateam devoted to uatesuch interest.” “Disneyland on the streets BY CARA LOMBARDO cautioned, and the discussions driverless-vehicle technology, Thecompany’srise and fall of…SanFrancisco.” AND TIM HIGGINS could still fall apart. motivated in part by apush to mirrored the explosion of in- Zoox’sinvestorsinclude BY ANDREW TANGEL Zoox, founded in 2014, has transport moreofits goods it- terest in autonomous-vehicle LuxCapital and Primavera AND ALISON SIDER Amazon.com Inc.isinad- been working to develop the self.Ithas made several in- technologyand subsequent Capital. vanced talks to buy Zoox Inc., hardwareand software needed vestmentsinthe area, includ- slower-than-expected paceof The company’s emergence Boeing Co.and Airbus SE amovetoexpand the e-com- to createelectric-powered, ro- ing last year when it deploying robot vehicles. came as Silicon Valley excited areresearching the newcoro- merce company’sreach in au- bot taxis that would be sum- participated in autonomous- Co-founder Tim Kentley- investorswith avision of au- navirus’s behavior inside jet- tonomous-vehicle technology. moned by smartphone app technologyfirm AuroraInno- Klaywas initially extremely ef- tonomous taxis and delivery liners, part of an industry Thecompanies arediscuss- starting this year. vation Inc.’s$530 million fectiveatwinning over inves- PleaseturntopageB4 push to curb risks that have brought air traffic to anear standstill. Their work will involveaca- Warner demics,engineersand medical expertsexpected to examine newmeasures to prevent dis- Music ease transmission on air- planes,according to the com- panies and people involved in Sets Plan their discussions. The effort to better under- stand air-travel risks comes as For IPO airlines trytoreassurener- vous passengers that masks and filtered cabin air provide BY ANNE STEELE reliable protection from infec- tion during aflight. Global air Access Industries Inc.’s traffic has plunged as govern- Warner Music Group Corp. mentsclosed bordersand said it would proceed with would-be fliershavestayed planstosell shares to the home. public despitethe coronavi- Boeing said it is developing rus’smarket setbacks. computer models that simu- Theinitial public offering latethe cabin environment would value the third-largest andcould ultimately inform music company—home to decisionsbyairlines,health starsincluding Ed Sheeran, officials and regulatorson Lizzo,Cardi B, Madonna, Me- JOURNAL howtoprevent the virus’s

tallicaand Neil Young—be- REET spread. “We’retaking steps to tween $11.7billion and $13.3 ST better understand any poten- billion. LL tial risks,” a spokesman said. WA Though marketshave Airbus said the plane maker THE

floundered during the global R is exchanging information health crisis,the listing sig- FO with universities in the U.S. nals the strength of the music ON and other countries.Airbus industry, which has been re- GIBS engineersare also exploring CH

suscitated in recent years ZA other methods of reducing the with the rise of music-stream- spread of the virus including ing services such as Spotify Mills cut production when it appeared home-building season would be lost to the pandemic, but nowfacerising demand. AVirginia lumberyard. self-cleaning materials, a dis- andApple Music. infectant that canlast forfive TheIPO market has been days and touchless devices in largely frozenduring the cor- Lumber Prices Leap on Outlook lavatories, the company said. onavirus pandemic,but this TheFederal Aviation Ad- month began to showsigns of ministration has been in touch thawing.Asthe U.S. stock with Boeing,Airbus and ex- market has steadied, so has For Home-Construction Rebound pertsatthe federal Centers the appetitefor some new forDisease Control and Pre- listings. vention to assess coronavirus Warner Music plans to risks forfliersand howtomit- float 70 million common BY WILL HORNER North American lumber pro- Lumber futures and saw-mill stockshavesurged igatethem, people familiar shares —13.7% of itsstock—on AND RYAN DEZEMBER duction declined last month by on expectations of resurgenthome construction. with those discussions said. the Nasdaq Stock Market for as much as athird. FAA officials have for years $23 to $26 ashare. Billionaire Lumber futures have soared Though some mills have Random Lengths lumber-futures price sponsored research on howto LenBlavatnik will retain vot- sincethe start of April, driven ramped up to meet resurgent $500 per 1,000 boardfeet measureand reducethe intro- ing control of the company. by cutbacks at mills,signs that demand from builders and re- duction of fuel and oil vapors Lumber TheUkraine-born business the home-building season tailers, about 20% of normal futures in cabins,but those effortsha- magnatebought Warner Mu- might be salvaged and brisk production remains curtailed, 450 have ven’t been formally expanded sic through Access Industries businessathome-improvement according to executives with soared to betterunderstand howthe in 2011 for$3.3billion. It was stores. Interfor Corp., North America’s sincethe virus behaves inside planes, 400 previouslycontrolled by atrio Amongmajor commodities fourth-largest lumber producer, start of one of these people said. April. of private-equity firms— only gasoline and crude oil, up with mills in the Northwest and TheCDC said itsexperts Thomas H. LeePartners, Bain 81% and 62%respectively since Southeast. 350 participated in a call with the Capital Partnersand Provi- March ended, have seen a “With that kind of volume FAAand Boeing about recom- denceEquity Partners—to- sharper rise as Americans takenout of the market, prices mendations on Covid-19. gether with the company’s emerge from stay-at-home or- will react,” said Shawn Church, 300 While much is known about then-chief executive, Edgar ders aimed at slowing the editor of Random Lengths,a airplane ventilation systems Bronfman Jr., who bought the spread of the coronavirus. wood price-reporting company. 250 and how some pathogens can company from what was then Lumber futures forJuly de- Random Lengths’ report for 2019 ’20 spread in flight, researchers Time Warner Inc.in2004 for liveryended Tuesdayatlast week described “tight sup- said they arestill learning $2.6billion. $356.80per 1,000 boardfeet on plies in all species,” mills book- Saw-mill share-priceand U.S. residential construction, how the new coronavirus be- Thevalue of music assets the ChicagoMercantile Ex- ing ordersintothe second half indexperformance privately ownedhousing units* haves in various settings. has sinceskyrocketed. The change, up 45% from alow on of June and “scorching home 100% “Thereare alot of un- music industry, decimated April 1and 8.9% higher than a center demand” forsouthern Building permits knowns right now,” said John Interfor starting in 2001 by online pi- year earlier. yellowpine,often used for Housing starts Scott Meschke, a microbiolo- racy and the collapse of CD Just as oil producersreacted fencing and decks. gist whoteaches at the Uni- sales, has been on atear for to ahistoric drop in demand by “Demand has been the speed 75 1.5 million versity of Washington’sschool four years, with revenue from shutting in wells and stashing boat: It is much moreagile and of public health and has subscriptions to streaming crude on tankers to alleviate a it has turned quickly,” said fielded questions from Boeing services such as those offered supply glut, lumber mills from Greg Kuta,president of lumber 50 1.0 related to curbing the virus’s by SpotifyTechnology SA northwest Canada’srainforests broker Westline Capital Strate- West Fraser spread. Timber and Apple Inc.turning around to the piney woods of the Deep gies.“Supply is the oil tanker The issue is more pressing the fortunes of record compa- South were quick to curtail pro- meandering slowly through the 25 0.5 as passengersstart to board nies.Global recorded music duction as wood prices plum- water. It’sturning,but it’sdiffi- planes again. Airlines have revenue grew 8.2% last year meted in Februaryand March cult.” S&P500 said bookingsare beginning to to $20.2 billion, according to anditlooked likethe home- Interfor, which wasproduc- pick up afterweeks of near- the International Federation building season would be lost. ing at just 50% capacity earlier 0 0 zero demand, and they are of the Phonographic Industry, Some shut down temporar- this month, has led asurge in April May 2019 ’20 adding back flightsafter slash- with streaming accounting for ily,othersfor good. Mill owners lumber-producer shares.Since *Seasonally adjustedannual rate ingtheir schedules by as much PleaseturntopageB2 andanalystsestimatethat daily PleaseturntopageB2 Sources: FactSet (futures, performance); U.S. Census Bureau (construction) PleaseturntopageB5 INSIDE Quibi’s Advertisers Seek New Deal Terms

BY BENJAMIN MULLIN service’slow viewership or the userstoafree90-daytrial, the retailer is still an advertiser AND SUZANNE VRANICA impact of the coronavirus pan- some of the people said. Quibi forQuibi but declined to discuss demic on their businesses,one wasinitially targeting about the details of itsdeal. Represen- Streaming service Quibi is of the people said. seven million paying subscrib- tatives forPepsiCo and An- beginningtofeel the pinch of Quibi, which wasfounded by ersinits firstyear and planning heuser-Busch declined to com- itslackluster performancesince Hollywood mogul Jeffrey to have 16 million customersin ment.ATacoBell spokesman launching last month, as major Katzenberg,struck ad deals val- three years. hadnocomment. advertisers seek to defer pay- ued at $150 million in the run- “Wedeeply value the com- Manyofthe biggest players mentsand the companylooks up to itsApril 6launch, selling mitmentsour advertising part- in streaming,including Netflix to cut costs, said people familiar 10 blue-chipmarketersonthe nershavemade and arework- Inc.and Amazon.com Inc., have BUSINESS PROPERTY REPORT with the situation. prospect of amobile-first ad ing in close partnership with enjoyedsurging viewership dur- Hertz paid out Hoteloccupancy Theadvertisers,which in- platform featuring short-form them to learn and help them be ing the coronavirus crisis as morethan $16million ticksupas clude PepsiCo Inc., YumBrands movies andtelevision shows. successfulonthe platform,” Ni- homeboundconsumerswatch Inc.’sTacoBell, Anheuser- As of last week,Quibi had cole McCormack,Quibi’shead moreprogramming. in bonuses days weekend travelers Busch InBev SA and Walmart been installedbyusersabout of advertising partnerships, Launching anew servicedur- beforebankruptcy. B3 hit the road. B6 Inc., have asked forthe changes 4.2million times and the com- said. ing the pandemic bringsspecial because of concerns about the panyhad signed up 1.5million AWalmart spokesman said PleaseturntopageB2 P2JW148000-4-B00200-1------XA

B2 | We dnesday, May 27, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes. Apple Set A G OraSure Technologies A4 AB InBev...... B1 Generali Deutschland.B5 O'Reilly Auto Parts..B12 Access Industries...... B1 General Motors...... B4 P - Q To Reopen Advance Auto Parts.B12 GlaxoSmithKline...... A4 PayPal...... B12 Airbus...... B1 Grifols...... A6 PepsiCo...... B1 Air France KLM...... B11 H Peugeot...... B3 Air Products & Harbor Bay Real Estate Pfizer...... B11 100 Stores Chemicals...... B3 Advisors...... B6 Primavera Capital...... B1 Alphabet...... B5 Hertz Global...... B3 PSA Group...... B3 Amazon.com...... B1 Home Depot...... B2 Quibi...... B1 American Airlines.....B11 R This Week I Apartment Investment Renault...... B3 IDE Technologies...... A9 & Management...... B6 Ridgeback Apple...... B1,B2,B5 Interfor...... B1 Biotherapeutics...... A6 BY SEBASTIAN HERRERA AT&T...... B2 International Russian River Brewing AutoZone...... B12 Consolidated Airlines ...... B3 Group...... B11 B S Apple Inc. plans to reopen L Badger State Ethanol.B3 Sherlock Biosciences..A4 about 100 stores in the U.S. BAIC Motor...... B4 Las Vegas Sands...... B2 SJM...... B2 this week, a company spokes- Boeing...... B1 Lowe's...... B2 Southwest Airlines..B11 Luckin Coffee...... A6 man said Tuesday. BYD...... B4 Spotify Technology.....B1 Stores will reopen in more C Luxin Venture Capital T Group...... B1 than 20 states including Texas, Cambridge AnalyticaA10 M Takeda Pharmaceutical CBRE Group...... B6 ...... A6 California, Florida and Ohio. Mammoth Biosciences While most stores will only of-

Cheesecake Factory..B12 Tesla...... B4 PICTURES Cisco Systems...... B5 ...... A4 Themis Bioscience...... A6 AL fercurbside or storefront ser- Citigroup...... B12 Matheson Tri-Gas...... B3 TUI...... B11 vices,the spokesman said, CK Hutchison...... A9 McDonald's...... B12 Twitter...... A1,A4 Meituan Dianping.....B12 each storewill welcome cus- Comcast...... A4 U UNIVERS Melco International R tomer appointmentswith its

D Uber Technologies...... B4 FO Development...... B2 Genius Bar.Atstoresthat do Delta Air Lines...... B11 Merck...... A6 United Airlines...... B11 GES Deutsche Lufthansa Meritage Homes...... B2 V - W fully open, Apple will require ...... B11,B12 MGM China...... B2 Volkswagen...... B5 IMA customerstowear facecover- Deutsche Lufthansa.B12 Microsoft...... A6

Walmart...... B1 ETTY ingsand agree to temperature D.R. Horton...... B2 Mid-America Apartment Warner Music Group..B1

O/G checks,the spokesman said. E - F Communities...... B6 West Fraser Timber...B2 Moderna...... B11 Wynn Resorts...... B2 RG Customerswho don’t have easyJet...... B11 WA facemasks will be provided ENI...... B5 N - O Y - Z O

Facebook...... A1,A12,B6 Netflix...... B1 Yum! Brands...... B1 THE one, he said. Fiat Chrysler...... B5 Novavax...... B11 Zoox...... B1 Cardi B is on Warner Music’s roster of artists, along with Lizzo, Madonna, Metallica and others. Apple is among anumber of companies with brick and ing agreement with Spotify, largest music companyat mortar stores that arere- Warner ending acontentious years- morethan $33 billion. In Feb- emerging as states throughout INDEX TO PEOPLE long negotiation between the ruary, the French media con- the U.S. start to phase out streaming companyand the glomerateteased apublic of- lockdown ordersfromthe cor- A F N Music Sets label. Warner Music’slabels fering of the subsidiary, onavirus pandemic. Adelson, Sheldon...... B2 Feder, Judy...... A2 Nievera, Mario...... A2 include ElektraRecords,At- saying negotiations to sell an Apple,which in March Allen, Jodi...... B3 H P lantic Records and itsflagship additional minority stake closed all stores outside of B Ho, Daisy...... B2 Patel, Hamir...... B2 IPO Plan Warner Records.Italso owns were ongoing and that an IPO China, began to reopen some Bell, Mark...... B6 Ho, Lawrence...... B2 Pease, Bob...... B3 Warner Chappell Music,the is planned forearly 2023 at U.S. stores this month. By the Blavatnik, Len...... B1 Ho, Stanley...... B2 Peronto, John...... B6 third-largest music publisher. the latest. Vivendi had re- end of this week,the company C Huschitt, Erik...... B3 S ContinuedfromPageOne Late last year,Vivendi SA buffed earlier offersfor Uni- expects to have about 135 out Church, Shawn...... B1 J Schulz, Malte...... B11 morethan half of the totalfor sold a10% stakeinUniversal versal,when the music com- of roughly 270storesinthe Churkina, Galina...... B6 Jackson, Jamere...... B3 Shah, Seema...... B11 the firsttime. Music Group to Tencent Hold- panywas valued at U.S. open. It operates roughly Cilurzo, Vinnie...... B3 Jannke, Paul...... B2 Stone, Paul...... B3 In April, Warner Music ingsLtd.for €3 billion ($3.36 significantly lessthan it is to- 510 stores throughout the Cumberland, Brian...... B3 Joussen, Fritz...... B11 W reached anew global-licens- billion), valuing the world’s day. world. D K - L Whalen, Dan...... B6 Davis, Joe...... A2 Kentley-Klay, Tim...... B1 Whitman, Meg...... B2 E Kimmel, Keith...... B6 Wynn, Steve...... B2 Ellias, Jared...... B3 Kuta, Greg...... B1 Y Evans, Aicha...... B4 Leong, Angela...... B2 Yanoshik, Adrian...... B11

launch newshows.This week, Quibi Quibi introduced aseries about “Kirby Jenner,” aperformance artist who pretends to be re- Advertisers lated to the Kardashian/Jenner family of entrepreneursand re- ality stars. Push Back In response to another ques- tion, Quibi Chief ExecutiveMeg Whitman said Quibi wastaking ContinuedfromPageOne several steps to reducecosts, challenges,frombuilding a including delaying or postpon-

brand to creating newcontent ing hiring,not backfilling posi- GES

while production is largely shut tions and minimizing the num- IMA down in Hollywood. AT&T Inc.’s ber of contractorsthe company

HBO Max,which launches takeson. GETTY Wednesday, will add to an in- “Wefeel likethat will getus SE/ creasingly crowded field. through,” Ms.Whitman said at Mr.Katzenberg told TheWall themeeting,according to the ANCE-PRES

Street Journal this month that person familiar with it. “But ev- FR launching during the pandemic eryone needs to really think

has been challenging,but that about, arewespending money GENCE he didn’t regret it. likeit’sour own?” /A ONG

During an all-hands meeting Ms.Whitman echoed those LE

last week,Quibi executives said thoughtsinastatement, saying CO the Covid-19 crisis wasn’t the that Quibi employees are“wise ANCIS

only factor that hashampered stewardsofour resources.” FR the launch, aperson familiar Quibi has raised $1.75 billion The former Portuguese colony overtook the Las Vegas Strip as the world’s biggest casino market in 2006. Stanley Ho that year. with the meeting said. from major movie studios,tech An overrelianceonscripted companies and wealthyindivid- programming,apool of inactive uals. Magnate Built Macau Into Casino Center usersand lower-than-hoped en- It is betting userswill payat thusiasm from some viewers all least $4.99 amonth to watch have affected the launch, the ex- movies and TV shows in “quick BY KATE O’KEEFFE helped fund Macau’sairport. developer founded by her fa- nopoly rightstorun casinos in ecutives said at the meeting. bite” chaptersthat areshorter AND JONATHAN CHENG Thecasino magnatewas a ther,and has been amajor Macau. As China’seconomy Mr.Katzenberg wasasked in than 10 minutes in length. controversial figure,with shareholder and executiveat grew and Macau became the the question-and-answerses- As part of agreementswith Stanley Ho,who became some in Macau praising him Macau casino operator MGM gambling Mecca forabillion sion howQuibi is “changing the some of itsadvertisers,Quibi virtually synonymous with as abenevolent benefactor,al- China Holdings Ltd. Lawrence people,the monopoly became narrative” around itslaunch, guaranteed it would deliver a Macau’scasino industryashe wayswilling to financeproj- Ho,his eldest living son, is the highly lucrative. the person familiar with the certain number of ad views over droveits rise to become the ectsand donatetocharity. chairman of MelcoInterna- When Portugal ceded con- meeting said. acertain period, some of the world’sgambling capital, has Othersfound the scope of his tional Development Ltd., an- trol of Macau back to China in Mr.Katzenberg told staffers people familiar with the situa- died. He was98yearsold. wealth and influencetrou- other casino firm operating in 1999,few predicted that Mr. that product changes and qual- tion said. Mr.Hobuilt the former bling.For yearsheattracted the Chinese territory. Ho’s raucous casinos would ity content would help the com- Lower-than-expected viewer- Portuguese colonyintoagam- theattention of the U.S. gov- Gambling revenue in survivethe territory’sstrict panydistinguish itself. ship has fueled worries that bling powerhouse that easily ernment forhis businessdeal- Macau, which overtook the newCommunist rulers. Beijing Thecompanycontinues to Quibi won’t be able to meet surpassedLas ingsinMacau and beyond, in- LasVegas Strip as the world’s ended his monopoly,and those guarantees and will have OBITUARY Vegasand ran cluding a stake in a basement biggest casino market in 2006, manypeople in the industry to giveadditional ad time to STANLEY HO acasino mo- casino in Pyongyang,the capi- has swung up and down in re- assumedhewould be pushed makeupfor the shortfall, one of 1921-2020 nopoly there talofNorth Korea. cent yearsamid China’santi- aside by the American casino the people said. forfour de- Mr.Honever facedcharges corruption campaign, capital companies sweeping in, such Some advertisershavere- cades until the territory’snew and disputed allegations that controls and slowing growth, as Wynn Resorts Ltd., then quested that their paymentsbe Chinese rulersended it in he had ties to organized as well as increasing competi- runbySteve Wynn, and Shel- spread out over alonger period, 2002. crime. tion around the region. This don Adelson’s LasVegas one of the people said. His gambling company, He retired in 2018,leaving year,the coronavirus pan- Sands Corp. “They’renot even coming Hong Kong-listed SJMHold- daughter DaisyHoaschair- demic cutdeeply intogam- His market shareinevitably

CK close to hitting their numbers,” ings Ltd., runs 20—or about manofSJM. Angela Leong, bling revenue in Macau. eroded, but Mr.Hoskillfully TO said another person familiar half—of the casinos in whom Mr.Hocalled his fourth Born to one of Hong Kong’s navigated the transition and with the ad deals. Macau’s$37 billion gambling wife, is one of the company’s most influential families,the managed to expand his empire

SHUTTERS Quibi has discussed the mat- market. Itsflagship property, executivedirectors. Ho Tung clan,the young Mr. by redoubling his focus on his A/ terwith itsadpartners, one of the Grand Lisboa, is aglittery, He leavesbehind acompli- Ho leftthe Japanese-occupied core clientele of mainland Chi- /EP the people said. lotus-shaped skyscraper tow- catedfamily tree,with 17 city during World WarIIwith nese gamblers. “In the advertising business, ering over everything in sight. known children by four HK$10 in his pocket and built He capitalized on the jun- URENT

LA the relationship oftentrumps Not far away,the major boule- women. Thefamily,riven by atrading businessinnearby ketsystemhepioneered, un- theletterofthe contract,” one vard Avenida Dr.Stanley Ho is internal disputes,holds asig- neutralMacau. He earned his derwhich middlemen would

ETIENNE of the people familiar with the named afterhim. He also de- nificant position in Macau be- first million by the end of the extend credit to high rollers Hollywood mogul Jeffrey situation said.“This is along- veloped myriad property proj- yond SJM. Another daughter, war. and then collect the debtsin Katzenbergfounded the firm. term business.” ects, built aferryserviceand Pansy Ho,leads areal-estate In the 1960s,hewon mo- China.

Shares of West Fraser Timber ple eager to moveout of apart- but that sales have picked up. areencouraging forlumber de- they doing? They aregoing out Lumber Co., the continent’slargest lum- mentsasshelter ordersare “Weexpect this month’sorders mand and suggest that the mas- to Home Depot to buy wood to ber producer,are up 68% over lifted. could be in line with last May,” sivejob loss during the pan- fixtheir homes.” the same period, compared D.R. Horton Inc.executives said Chief ExecutiveStevenHil- demichas been concentrated Home Depot Inc. and rival Prices Point with a34% rise in the S&P 500 said April sales wound up only ton. Thecompany’sstock is up “among low-income households Lowe’s Cos.reported strong stock index. 1% down from last year aftera 67% over the past month. that arenot typically in the quarterly earnings last week.A Though Census Bureau data strong finish to the month. The With afew exceptions,home market to ownahome.” Lowe’s executivecited double- To Rebound released last week showeda country’slargest home builder builderswereable to stay on Meanwhile,manywho al- digit growth in lumber sales plungeinboth newhousing had earlier told investorssales job sites afterbeing deemed es- ready ownhouses have used during the firstquarter,the end startsand residential building were off by double digits. Its sential businesses.Construction the time stuck at home to em- of which is when millions of ContinuedfrompageB1 permitsinApril, home builders shares have shot up 37% over slowed, though, as the number bark on renovations and re- Americans stocked up and hun- March 23,its stock has gained told investorsduring avirtual thepast month. of workersallowedateach pairs. kereddowntowait out the 95% amid expectations that it conferencearranged by JPMor- MeritageHome Corp., house at atime waslimited by “There’snowheretospend pandemic. will benefit from buildersmak- ganChase &Co. that the drop which sells houses that aretyp- social-distancing guidelines. their money,they can’t go out, “Clearly,the customer is re- ing up forlost time and the in demand hasn’t been as bad ically priced just under Hamir Patel, aforest-product they can’t go to restaurants,” engaged with DIY,” said Home huge supply of cheap timber as feared. Home builderssaid $400,000,said that April orders analyst with CIBC Capital Mar- said Paul JannkeofForest Eco- Depot CEO Craig Menear. around itssouthern mills. ordersare picking up from peo- fell 15% from last year to 775, kets,said home-builder orders nomic Advisors. “So what are “There’snodoubt about that.” P2JW148000-2-B00300-1------XE

THE WALL STREET JOURNAL. ** We dnesday, May 27, 2020 | B3 BUSINESS NEWS France Car-Bailout PackagetoInclude Cash forClunkers

BY NICK KOSTOV ing costsassociated with its transition to electric and hy- PARIS—French President brid vehicles.Now carmakers

Emmanuel Macron Tuesday areburning through cash. S said hisgovernment planned Hardly anynew cars were sold NEW

to spend billions of euros to in Europe last month as na- G prop up France’sautoindustry tional lockdowns closed deal-

amid acollapse in carpur- erships and plants. OOMBER

chases caused by the coronavi- France’smovecould put /BL rus crisis. pressureonother countries to

Most of the package is go- followsuit. Germanyisex- MORRIS

ing to Renault SA in the form pected to unveil measures to UL of a state-backed credit facil- help carmakersinthe coming PA VID

ity of €5 billion ($5.49billion). days. However, analysts warn DA However, Mr.Macron said the that cash-for-clunkerspro- By paying bonuses to executives before filing, companies don’t need to obtain approval from the bankruptcy court. statewouldn’t completethe grams likethe one Mr.Macron agreement until the company’s announced canbackfireeco- management and unions had nomically.Consumerswho buy reached an agreement over acar using subsidies usually HertzPaysSenior Managers theshape of the carmaker’s won’t buy another vehicle for future workforce and sites. several years. Mr.Macron also unveiled Mr.Macron cast the move rebates and subsidies to stoke as part of his effort to fulfill BonusesBeforeBankruptcy demand fornext-generation theEuropean Union’s Green vehicles, particularly electric Deal,apackageofmeasures and hybrid cars.Car ownersin designed to help the conti- France who scrap older vehi- nent’seconomies transition to BY ALEXANDER GLADSTONE approval. companies in bankruptcy from targets. cles and buy morefuel-effi- cleaner energy and financein- In recent weeks,several paying such bonuses,compa- “The reason yousee the cient models areeligible to re- vestmentstomeet the bloc’s HertzGlobal Holdings Inc. companies—among them J.C. nies arestill able to do so right prepay be morecompelling ceive €5,000 starting on June climategoals.Hesaid he paid morethan $16 million in Penney Co.and Whiting Petro- beforethey file.“Thewindow nowisbecause of the uncer- 1, Mr. Macron said. The state wantsFrancetobecome the retention bonuses to senior leum Corp.—have paid out bo- is wide open,” Mr.Ellias said. tainty about what would be the is also boosting its rebate for topproducer of electric and managers, including itsnew nuses to topbrass just before “It’sregulatoryevasion, you metrics that youwould put in buying an electric vehicle to hybrid cars in Europe,building chief executive, just days be- filing forchapter 11. Penney knowthere’saregulation, so place,” Mr.Cumberland said. €7,000 from €6,000,Mr. Ma- morethan amillion of these fore it filed forbankruptcy Fri- paid $10million in retention youdoitanother way.” Since2016,morethan 70 com- cron said. “Weneed to getour vehicles a year by 2025. daynight. bonusestotop executives be- Proponentsofsuch pay- panies have prepaid retention fellowcitizens buying more For their part, Renault and Thecar-rental companysaid fore filing.Whiting’stop five mentssay they areneeded to bonuses beforefiling forbank- vehicles in the coming weeks,” PSA have said they would in- it agreed to paya$700,000 bo- executives gotboardapproval keep the best executives from ruptcy,according to Alvarez & Mr. Macron said. crease their production of nus to Chief ExecutivePaul for$14.5 million in cash pay- jumping ship when they are Marsal. France, he said, wasalso electric and hybrid vehicles in Stone,who wasnamed to the ments, including $6.4 million needed most.Detractorssay Onepotential legal hurdle: creating a€1billion fund fo- France, according to Mr.Ma- post this month. Chief Finan- forits chief executive. Another they aresimply another way Paymentsmade to corporate cused on transforming the cron. PSAwill produce130,000 cial Officer JamereJackson re- oil company, ChesapeakeEn- fortop-level managerstoen- insiderswithin one year of a autoindustry, spurring consol- moreelectric or hybrid vehi- ceived $600,000 and Chief ergy Corp., which has been rich themselves. bankruptcy filing canpoten- idation among smaller compa- cles in Francebynextyear. Marketing Officer Jodi Allen teetering on the edgeofbank- But with manybusinesses tially be clawedback intothe nies and investing in research Renault pledged to quadruple got$189,633,according to a ruptcy,said it would pay$25 struggling to survivethe coro- bankruptcy estate. and development. Renault and the number of electric vehicles Tuesdayregulatoryfiling. milliontosenior executives. naviruspandemic—Hertz’s rev- Still, while creditorscan try Peugeot owner PSAGroup it produces in Franceby2024. In all, Hertz said it would Bankruptcy lawbarsreten- enue in April fell 73% from a to challengethe bonuses in each planned to contribute Both Renault and PSAare pay$16.2 million in cash bo- tion paymentstosenior execu- year earlier—incentivebonuses court, it is extremely rare,if €100 million to the fund. navigating difficult straits. Re- nuses to about 340 employees tives.Inthe past 15 years, re- based on financial metrics are not unheardof, forajudgeto Themeasures followed nault is expected Fridayto in recognition of uncertainty tention bonuses have been essentially outofreach. grant creditorsstanding to sue weeks of negotiation in which outline arestructuring plan, the companyand itsemployees largely supplanted in bank- Brian Cumberland,anexec- on this charge as long as the French autocompanies agreed which will likely include the faceasaresult of the corona- ruptcy cases by key-employee utive-compensation expert payment is made beforethe fil- to build moreelectric and hy- closureofseveral smallfacto- virus pandemic’simpact on incentiveplans that tie bank- with Alvarez &Marsal,said the ing,Mr. Ellias said. brid vehicles in Franceand in- ries,according to people fa- travel. ruptcy bonuses to earnings case forcompanies to lock Hertz said plummeting vest in research and develop- miliar with the matter. Re- Hertz is the latest troubled targetsortopostbankruptcy down talent with retention used-car values and afrozen ment in the country. nault’sliquidity reserves have company to makepaymentsto goals. payments is stronger due to used-car market were elements Even before the pandemic been falling in recent months topexecutives beforefiling for JaredEllias,alaw professor the pandemic,which has up- in itsdecision to seek bank- began, Europe’sautoindustry as sales have plummeted. It bankruptcy.Bypaying bonuses at theUniversity of California, ended businessprojections and ruptcy protection. wasstruggling with weaken- reported its first loss in a de- beforefiling,the companies HastingsSchool of Law, said has made it harder to con- —Andrew Scurria contributed ing global demand and rocket- cade in 2019. don’tneed bankruptcy court that whilethe lawprevents struct meaningfulincentive to this article.

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B4 | We dnesday, May 27, 2020 **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Electric-Car Sales Sag in China Amazon In Talks Government struggles to spark interest as With Zoox consumers turn more to traditional vehicles ContinuedfromPageOne vehicles rewriting the rules of BY TREFOR MOSS the road. GeneralMotorsCo. in 2016 SHANGHAI—China’sleaders did adeal valued at morethan arelooking fornew ways to $1 billion to acquireasmall draw consumerstoelectric ve- startup called Cruise Automa- hicles as interest in them tion Inc.tobolster itsown slumps. self-driving efforts. Uber Tech- April wasthe firstmonth in nologies Inc. followed with a which Chinese EV sales de- $680 million deal to acquirea clined whilethe overall auto startup by one of the earliest market grew.Gasoline-car sales pioneersinthe modern effort, in April rose 6% from ayear AnthonyLevandowski,adeal earlier,snapping a21-month that later soured afterhis pre- streak of declines,but EVswere vious employer, Alphabet Inc.’s down 27%—a sharp reversal for self-driving unit now-known as asegment that had outper- Waymo,sued fortrade-secrets formed the overall market until S theft. Uber settled and Mr.Le-

this year. PRES vandowski was subsequently Thedemand slump is a chargedbyfederal authorities ZUMA

headache forChina’spolitical A/ and in March pleaded guilty to leaders, who have championed stealing trade secrets.

EVsinhope of turning the XINHU Thechallengefor Zooxwas countryintoaworld powerin O/ that Mr.Kentley-Klayhad sold XIA

next-generation transport. It is LIU investorsonthe idea of acom- also achallengefor Tesla Inc. Gasoline-car sales have rebounded since the pandemic while electric vehicles slumped, A BYD Co. automobile factory in Xi’an. panybuilt on three of the hot- and other automakersthat test trends in the automotive have been plowing investment peated their determination to LowEnergy sales in the countrydeclined 4% EV sales have long been padded industry: driverless technol- intoEVproduction in anticipa- bring EVsintothe mainstream. while increasing 10% world-wide. by purchases forcommercial ogy, electric vehicles and ride tion of Chinesebuyersflocking Premier Li Keqiang said in a China’s electric-car revolution Theslump wasset in motion fleets. In Shenzhen, wherethe hailing.Each leg of that stool to the vehicles. speech Fridayatthe annual has lostits spark. in June when Beijing slashed taxi fleet is fully electric,only a wasamajor,costly challenge TheCovid-19 pandemic has meetingofthe National Peo- Quarterly sales,change from subsidies forEVcustomers. The tenth of EVsare bought by indi- being pursued by much larger made matters worse, EV deal- ple’sCongressthat the govern- ayearearlier government has sincepromised viduals,Mr. Ma estimated. and better-funded competi- erssay.“Afterthe epidemic, ment would promoteEVuptake to extend subsidies through With abudget of around tors. [consumers] need asense of and build morecharging sta- 150% 2022, rather than ending them $25,000,first-time carbuyer Li In 2018,the Zooxboard security—a carthey cantrust,” tions—which arenow largely this year.Evenso, incentives to Zhekun said he wouldn’t consider ousted Mr.Kentley-Klayafter said Ma Qiang,adealer in the confined to infrastructureclus- 100 buy EVswill likely continue to going electric sinceTesla—the the companyraised $500 mil- southern city of Shenzhen. That ters in ahandful of megacities. shrink,reducing their influence only EV brand he admires—is out lion in afundraising round means falling back on familiar Miao Wei, the minister of in- on consumer choices. of his pricerange. “People here that valued it at $3.2 billion. It brands and the doughty inter- dustryand information tech- 50 Subsidies in 2018 could knock oncerushed to buy EVs,” said the was clear then that the com- nal combustion engine,said Mr. nology, said Mondaythat the about $13,000 off an EV’sprice 27-year-old Beijing man, but “I pany would need much more Ma, who sells EVsproduced by statewould introducenew 0 tag, but the amountsnow avail- would rather choose atraditional to bring his vision to the road- BYD Co.and BAIC Motor perks forbuyerstrading in gas- able aremuch lower. Tesla re- carwhereeveryone knows how way. Corp., the two largest Chinese oline cars forEVs. –50 cently announced plans to cut it’sgoing to perform.” He wasreplaced as CEO producersofthe vehicles. However, moves to promote the priceofits locally built Consumer indifferenceisa early last year by Aicha Evans, Thegovernment had set a EVsrisk being lost amid broader Model 3tounder 300,000 yuan hugeproblem forautomakers, who had been chief strategy sales goal of two million elec- effortstorevive China’soverall –100 (roughly $42,000) to qualifyfor which areall nowramping up EV officeratIntel Corp.Asitbe- tric vehicles this year,but ana- automarket, in the doldrums 2018 ’19 ’20 subsidies that at this year’s rates production to comply with aChi- came time to raise more lystsexpect only around 1.1 mil- sincemid-2018 and recently Sources: China Association of Automobile would trim $2,800 from the ve- nese government order requiring money, however, the market lion vehicles to find buyers, hammered by the pandemic. Manufacturers hicle’sretail price. them to build the vehicles irre- had shifted, making Zoox’sjob down about 10% from last year. Shanghai and other cities had Officials and automakersare spective of customer demand. of finding morecash even Officials aren’t giving up. been discouraging gasoline-car manymodels at aloss. up against afundamental lack of General MotorsCo.,ToyotaMo- harder. While that goal for2020 looks salestofight pollution and traf- This year’s collapse of global demand among ordinaryChinese torCorp.and VolkswagenAGare Interest in driverlessstart- well out of reach, another tar- ficcongestion, but have now oil prices has further weakened buyersfor electric vehicles,said among those that have outlined ups has been waning while getfor EVshas been raised: In- eased their restrictions to help the case forelectrics as the cost Robin Zhu, aHong Kong-based aggressiveplans to roll out doz- moneyhas shiftedtobigger stead of accounting for20% of automakerssell morecars. of gasoline forChinese drivers analystatSanfordC.Bernstein. ens of electric models this year names such as Waymo and Chinesevehicle sales in 2025, Meanwhile,car companies are hasfallen by athird. “Consumersjust aren’t that in- and beyond in China. GM’sCruise,asituation exac- theprospectiveshareisnow offering bargains on older gaso- China wasanearly leader in terested,” he said. —Raffaele Huang erbated by the coronavirus 25%. And topleadershavere- line vehicles,with dealersselling mass EV adoption, but in 2019 Car dealersagree that China’s contributed to this article. pandemic.

How should IsI spendpend mymy stimulus money? CannIp I pause mmyy student loans? Am Ieligible for unemployment?

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THE WALL STREET JOURNAL. **** NY We dnesday, May 27, 2020 | B5 BUSINESS NEWS CEOs Turn to Each Other ForTipsonVirus Battle

BY WILLIAM BOSTON ating officers of automaker “After we sent our people into Kia MotorsEurope,said that home offices,alot of my Executives lookingfor the during a meeting on April 29 friends who areCEOs con- best way to virus-proof their with executives from Repsol, tacted me to see howwedid plantsoreager to discuss the Spanish energy group, it…Of course, there is a lot of their pandemic-fighting ideas conversation focused on trad- networking within the Gener- areincreasingly turning to one ing tips foradapting their aligroup.But with the CEOs group foradvice and feedback: businesses to the pandemic. of other companies it’smorea fellow business leaders. “It’s pretty much what ev- relationship-driven process.” Before the pandemic,small erybody is doing now,” Mr. Some of those people in- talk among the corporateelite Herrerasaid. Repsol con- clude the CEOs of Fiat Chrys- might revolvearound golf firmed the meeting and said it ler Automobiles NV and Ital- handicaps,cultureormanage- had no further comment. ian energy group Eni SpA, he

ment. Now, the conversa- Ever sinceCovid-19 reached said. Eni declined to comment. S

tions—oftenconducted on- FCA didn’t respond to re- NEW line—focus on the virus, how quests for comment. G best to prevent infections as Even chiefs of rivals In March, Volkswagen AG economies reopen and how wasflooded with inquiries OOMBER the pandemic is changing the such as Apple and from other companies,includ- LPI/BL

way they do business. Google have reached ing from Toyota Motor Corp. VO From these talks,support executives in the U.S.,after CA networks of high-poweredex- out to collaborate. TheWall Street Journal re- ANCES

ecutives have emerged, often ported about Volkswagen’s in- FR clustered around specific in- house virus handbook detail- In Europe, businessleaders have been chatting regularly by phone and video.Astore in hard-hit Milan. dustries,sometimes built on ing 100 measures to shield its topofpre-existing circles, Europe in January, Giovanni global plants from infections. makers. Sincethen, the hand- linked up to develop a frame- with Apple CEO Tim Cook. wheremembersdiscusspolicy Liverani, CEO of insurer Gener- In response,Volkswagen book has been downloaded work for contact-tracing apps Jacqueline Guichelaar,se- changes with regulators, pon- ali Deutschland AG, said he has granted outside access to an more than 120,000 times by that record when smartphone nior vicepresident and CIO at der the longer-term impact of had regular phone calls and internal websiteset up to ex- people outside the company. userscome near someone CiscoSystems Inc., said, “The working from home and brain- video chatswith CEOs of other plain itsantivirus strategyand Thetrend extends to the later diagnosed with Covid-19. walls aredefinitely down com- storm ideas about howbusi- companies about the virus. best practices.The company fiercely competitivetech in- Alphabet CEO Sundar Pichai pared to what they used to be. ness can help in the crisis. “Contact with other CEOs opened the sitetoits 40,000 dustry. Rivals Apple Inc. and told Wiredlast week he had We aresharing anything and Emilio Herrera, chief oper- was very important,” he said. suppliers, and some rival auto Alphabet Inc.’s Google have discussed the project directly everything right now.”

Among the effortsBoeing is den, an environmental engi- who discussed the topic with that is getting out intothe door spaces could spread the Airplane weighing are research grants neering professor.“They want Boeing. air,” said Linsey Marr,anengi- virus beyond such alimited foracademics undertaking to movereally quickly,” he Expertssaid airlines’ re- neering professor at Virginia area. such work,people familiar said. quirementsthat passengers Tech.Longer flightspose TheInternational Air Trans- Makers with the internal discussions Combating the virus in flight wear masks should signifi- greater risk of potential expo- port Association, atrade said. Boeing has said it is re- is challenging because of com- cantly reducethe risk they will sure, especially if passengers group,has collected reportsof searching newtechnologies to mercial air travel’sincompati- spread the virus by sneezing, removemasks during their crew membersinfected on the Eye Risks enhancesafety,including us- bility with social distancing. coughing or talking.U.S.air- journey. job but said that of 18 major ing ultraviolet light as adisin- While researchersbroadly lines earlier this month started The CDC has said the virus carriers, none reported in- fectant and antimicrobial coat- agree that planes’ frequently requiring passengerstowear appearsprimarily to spread stances of suspected transmis- ContinuedfromPageOne ingsfor frequently touched replaced cabin air and strong facecoveringsduring flights person to person within about sion between passengers. The as 90%. On theFridaybefore surfaces. filtersare effectiveatremoving and at other times,such as 6feet through dropletsex- survey found three episodes of the Memorial Dayweekend in Boeing has expressed inter- pathogens,they might not help during check-in. But thereis creted by coughing, sneezing suspected in-flight transmis- the U.S.,the Transportation est in apotential project at someone sitting near an infec- no industrywide rule,and or talking.Charles Haas,a sion from passengerstocrew Security Administration the University of Colorado, tious passenger. some airlines said they have professor of environmental en- membersbetween Januaryand screened nearly 349,000 peo- Boulder,that could determine “Social distancing is impos- limited options if passengers gineering at Drexel University, March. ple—still 88% below year-ago the dosageofultraviolet light sible in an airplane,” said refuse to keep masks on. said more research is needed —Andy Pasztor levels but the most since needed to disinfect planes be- QingyanChen, aPurdue Uni- “Ifeveryone’swearing a to knowwhether airborne par- and Benjamin Katz March. tween flights, said Karl Lin- versity engineering professor mask, then there is very little ticles in aircraftorother in- contributed to this article.

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B6 | We dnesday, May 27, 2020 **** THE WALL STREET JOURNAL. THE PROPERTY REPORT Loophole Lets Landlords GetU.S.Aid

BY WILL PARKER them to apply through related buildingsfor afee,and also scale wherewecan survive failed to getmoney elsewhere, setsand access to liquidity AND KONRAD PUTZIER businessunits, such as man- provides services like real- strictly based on operations,” attorneys say. through other sources, were agementcompanies or con- estatebrokerage and construc- Mr. Sharkansky said. TheSBA declined to com- not the intended beneficiaries Real-estatecompanies are struction companies. tion management to third Critics saythat well-fi- ment.The TreasuryDepart- of PPP loans,” she said in a cashing in on the government’s This means SBAfunds parties. nanced real-estate companies ment didn’t respond to re- statement. emergency-spending program, could flow to property inves- Thefirm’sPPP lender did shouldn’tbeeligible forgov- quests for comment. Veritas has said it would despite rules meant to bar tors,something that was minimal due diligenceand ernment cash grants. They can Some real-estatefirms have eventually payback the loan landlords and other property never intended. didn’t check whether the com- raise capital in other ways, by returned the funds afterpoliti- amount, instead of applying ownersfromthe funds. Representatives of the real- panywas eligible forthe taking out mortgages or sell- calorpublic pressure. They for loan forgiveness from the Congresscreated the Pay- estateindustryhavesaid that money, Mr. Greenburger said. ing buildings. Acompanyaffil- followedthe lead of anumber SBA. check Protection Program to even passive real-estate own- “It was really a self-approved iated with Dallas hotelier of publicly traded companies, Not everyreal-estate-loan help smaller companies keep ers employ essential workers processbased on the guide- Monty Bennett, forexample, which repaid their loans after candidatesucceeded. Some workersonpayroll during the and should be eligible for the linesthey set forth, which had an agreement to sell a the Treasury Department up- property managers said their coronavirus pandemic,but not government funds likeany were so vagueastobebasi- Florida hotelfor $120 million, dated guidancetosay that applications were rejected be- so-called passivebusinesses other business. cally impossible to under- but backed out of the deal af- large companies with access to cause the bank didn’t believe that collect rent and busi- Time Equities Inc., which stand,” he explained. terlearning it had been ap- capital marketsshouldn’t be they qualified, said SamGil- nesses that profit primarily off controls morethan 30 million Trion Properties,apri- proved formillions in PPP eligible. board, manager of public pol- pricespeculation. TheSmall squarefeet of real estate, is vately held California property loans, according to people fa- Veritas Investments, which icyatthe National Apartment Business Administration spe- one recipient. TheNew York manager and developer that miliar with the matter. manages $3 billion in real es- Association. cifically excluded companies City-based property investor oversees roughly 1,300 apart- “Unfortunately…the real-es- tate and is one of SanFran- Smaller real-estateowners, that primarily develop or lease and developer received $3.6 mentsonthe West Coast, also tate sector getting money cisco’slargest landlords,re- likefamily businesses that real estate. million in PPP loans,the com- through business entities ob- from aprogram meant forac- ceived $3.6 million from PPP, mayown just one building,are Because most real-estate pany’schief executive, Francis tained PPP loans of around tual small businesses isn’t an the companysaid. Thefirm lesslikely to have separateen- firms areprivate, tracking the Greenburger, said. $765,000,according to co- anomaly,” said R.J. Cross, a obtained the funds through a tities for their property-man- number of aid recipientsor Aside from some small founder Max Sharkansky. taxand budget policyadvocate management entity that is agement operations. the total amount of funds the stakes,the companydoesn’t Mr.Sharkanskysaid his forthe liberal U.S. Public In- separatefromthe pooled in- Butnow,real-estatetrade industry has received is next directly ownany buildings. companyneeded the funds. terest Research Group.“It’s vestment funds that ownits groups arelobbying Congress to impossible, say real-estate Properties areheld by sepa- While most of his tenantshave more evidence that the Trea- buildings. and the SBAtoallowmulti- attorneysand accountants. But rate special-purpose entities paid their rent, Trion depends sury and related programs in House Speaker NancyPelosi family real-estatecompanies they areaware of at least doz- that Mr.Greenburgercontrols on revenue from other the Federal Reserveneed more (D., Calif.), whose district to qualify for the loans. They ens of property companies with other investors, making sources, such as selling build- oversight.” covers partsofSan Francisco, arguethat building workers that have received in Time Equities eligible for ings and refinancing existing Unlikeprevious SBApro- has called on Veritas to return areessential employees,re- aggregatetens of millions of these loans. holdings, which have all but grams,companies that applied the money. gardlessofwhether they are dollarsormorebecause of a Time Equities designs, dried up. forthe loans didn’t have to “Largercompanies likeVer- employed by a landlord or by legal loophole that allows builds,leases and manages the “We’re not on such a huge provethat they tried and itas…which has billions in as- a separate property manager. High-End Apartment Owners Unscathed

BY WILL PARKER

Shopping,eating outand other consumer-spending cat- egories areinfreefall. But people in premium apart- mentsare still paying their rent, the country’slargest publicly traded landlords were eager to report this month. GES Theseven largest real-es- IMA tate investment truststhat ETTY specializeinmostly high-end /G apartmentseach collected at ORD

YF least94% of their totalrent RA payments in April, according

SEAN to recent earningsstatements. Weekend occupancy rates for hotels in the Myrtle Beach, S.C., area shot up 46 percentage points from their weekday level to 72.4% in the week ended May 16. Beyond the high-end seg- ment,manyapartment own- ersare feeling pressuredur- Hotels GetQuick Lift From LeisureTravel ing the coronavirus pandemic. Morethan 30 million Ameri- cans have applied forunem- BY KEIKO MORRIS prior week though down nearly firm CBRE Group Inc.said in a ballroom spacewith alot of in the Mobile,Ala., region ployment benefits, in some 74%fromthe period last year. recent report that it didn’t ex- rooms to accommodategroup showedarise of about 19 cases sparking rent strikes Hotel occupancyrates across Businesshit bottomand pect hotel revenue per available travelers, Mr.Freitag said. “And pointsto62.1%. among mostly financially the countryhaverisen forfive started to come back last room to return to precrisis lev- what does agroup or conven- “We’veheardanecdotally of pinched tenants. Analystsex- straight weeks,offering aglim- month, initially driven by de- els until 2023. tion or meeting look likeina6- Florida Panhandle and Alabama pect rentstodecline even for mer of hope that the economy’s mand tied to the pandemic. Therecoveryisexpected to foot world is the $100 billion shores hotels that were nearly better-off tenants, as land- gradual reopening and the start Frontline workersand local be particularly hardfor upper- question.” full,” said C. Patrick Scholes, a lords capitulateonpriceto of summer will foster an indus- governmentshousing vulnera- tier hotels,analystssaid. Occu- Afterweeks of being stuck senior lodging analyst at the keep apartmentsoccupied. tryrecovery. ble homelesspeople helped lift pancyateconomyhotels inside,people appear ready for bank SunTrust Robinson Hum- But fornow,the manybig Theoccupancyratefor the hotel occupancyrates offtheir reached 44.2% forthe week achangeofsceneryand to have phrey Inc.“Keep in mind it is a week ended May16was 32.4% lows.Morerecently,leisure ended May16, compared with some fun. Lodging properties in small segment of the industry, with nearly 11 million room travelersdriving to nearby des- 18.8%for luxuryhotels,accord- certain locales that have but it is moving the overall av- Some of these nightssold, up from alow of tinations have helped fill beds, ing to STR. Forthe overall mar- started to ease shelter-in-place erages alittle bit.” 21%and amillion room nights analystssay,raising the pros- ket, the occupancyratein2020 ordershaveexperienced sharp Angela Visalli said she was property owners are sold forthe week ended April pect that morepeople will look is expected to be only about increases in weekend business pleasantly surprised in mid- looking to raise 11,according to datatracker to travel as the weather gets half what it waslast year,with this month. Maybyapickup of visitorsto STR. Thelatestreading wasthe warmer and states loosen lock- averagedaily ratesdropping Weekend occupancyrates her small hotel in North Myrtle rents. highest occupancylevel in nine down orders. about 22%. forhotels in the Myrtle Beach, Beach that in ordinarytimes weeks—but still far belowthe “Thingsare getting alittle Upscale hotels rely on the S.C.,areashot up 46 percent- would be filled with bikersat- 61.8%ratereported at the be- bit lessbad,” said JanFreitag, a corporatetravelers, business agepointsfromtheir weekday tending annual festivities.For ginningofMarch before coro- senior vicepresident at STR. groups andconvention guests. level to 72.4%inthe week the Memorial Dayweekend, she apartment ownerswhose ten- navirus cases surged. Revenue “That’sabout as positiveasyou Such customersmay be slowto ended May16, STRsaid. Occu- expected La DolceVitaVillas to antshaveaverage household per available room, akey hotel- canberight now.” return, with manycompanies pancyrates forFlorida Panhan- be fully occupied by vacation- incomes exceeding $100,000 a performancemetric,was Thelong-term picturestill suspending allbut essential dle hotels climbed about 24 ersmostly from South Carolina year aredoing fine.Their $25.12, up slightly from the looks foreboding.Real-estate travel. Thelargerhotels have pointsto70.2%, and properties and North Carolina. rentersare much morelikely to be college-educated, with white-collar jobs that have been lessaffected by the pan- Nation’s Tallest Wooden Building Rises in Ohio demic. According to arecent Federal Reservesurvey,62% of workerswith acollegede- BY KONRAD PUTZIER long:InMilwaukee,adevel- Thedevelopment sits in an gree said they worked from oper planstobuild a25-story Opportunity Zone and Harbor home in March, whereas just In Cleveland, adeveloper is apartment building with 19 Bayraised $38 million 20% of those with only a moving ahead with an ambi- stories made from timber,ac- through the federal program, high-school diploma did. tiousproject despitethe pan- cording to Mr.Peronto, who is whichgrantstax benefitsto Some of these property demic: the country’stallest working on the project. people who invest in low-in- ownersare looking to raise wooden building. If done right, making beams come areas,according to Mr. rents. Apartment Investment Thenine-storydevelop- and floorsfromwood emits Bell. Theproject also received &Management Co., or Aimco, ment,dubbed Intro, will in- about half as much carbon di- loans from the city of Cleve- said it has Northern Califor- clude298 apartments, retail oxide intothe atmosphereas land and the stateofOhio. nia apartmentsthat house spaceand an event venue.Itis the production of steel and Realestateservices firm Facebook Inc.and other tech being built primarily with concrete, said Galina Churkina, CBRE Group Inc.istasked workerswhose jobs haven’t masstimber,atype of pressed asenior scientist at the Pots- with leasing out the project’s been affected by the pan- GEFICTION

wood that is gaining popular- IMA dam Institutefor ClimateIm- retail space. demic. ity as aclimate-friendly alter- The nine-story structure, called Intro, will have 298 apartments. pact Research in Germany. Mr.Whalen said Harbor Even Mid-AmericaApart- nativetosteel and concrete. Trees also removecarbon from Baywas able to getits build- ment Communities Inc., a Thedeveloper, Harbor Bay projectsinEurope,wheretim- But supply hasn’t been the atmosphere, turning ing permitsremotely,with the landlordlessinvested in the Real EstateAdvisors LLC, ber construction is morewide- keeping up with the growing wooden buildingsintocarbon help of Zoom calls.For now, coastsand whose tenants hopes that the Cleveland build- spread. Thecost is roughly demand in the U.S.,meaning vaults. That could help slow most construction workers earn between $65,000 and ing will become ablueprint for similar to traditional materials, building partsoften have to global warming. have been sitting inside heavy $75,000 ayear,had rent-col- otherstofollow. It is also bet- he said, and looks prettier. come from far away.AtIntro, But thereisalso arisk that machines by themselves,mak- lectionfigures that were on ting that the pandemic won’t “Wewerereally drawnto, first the wooden beams and floors aboom in timber construction ing social distancing easy. par with or betterthan its cool demand fortransit-ori- and foremost, the beauty of arebeing manufactured in could speed global deforesta- When the sitegetsmore moreupscale peers. ented apartmentsinbig cities. it,” he said. Austria and will be shipped to tion if the wood isn’t har- crowded, workerswill be Still, apartment owners Harbor Baysecured financ- Building partsfromtimber Cleveland by boat, via Amster- vested in asustainable way, asked to wear masks and oc- have withdrawntheir annual ing forthe $144 million project arelighter,making them easier dam and the St.Lawrence she said. casionally gettheir tempera- guidanceand arebracing for in lateMarch and work is un- to build off-siteand requiring River,according to Mr.Bell. DanWhalen, Harbor Bay’s turechecked. the prospect of aprolonged derway.The companyhopes fewerconstruction workersto Wood construction is still vicepresident of design and Thedevelopment hassmall economic downturn. to finish construction in the put them intoplace, said John rare in the U.S. but is becom- development, said the wood is units, plenty of common ame- That meansrenewing more firstquarter of 2022. Peronto, asenior principal at ing morepopular.In2016,a thick enough to be resistant to nities and connections to pub- leases without anyincreases Harbor BayCEO Mark Bell engineering firm Thornton seven-storywooden office fire.“If youweretoput agiant lic transit—thingsthat were in in rent, ahit forownerswith said he gotthe idea forthe Tomasetti.“It’salmost likea building opened in Minneapo- log in your fireplaceand tryto high demand in recent years businessmodels that have re- wooden building afterattend- life-sized version of aLincoln- lis.Oncecompleted, Intro use it to kindle,it’snot going but might be lessappealing in lied on annual rent increases ing conferences and touring log set,” he said. might not keep itsrecordfor to light,” he said. apandemic and recession. sincethe previous downturn. P2JW148000-0-B00700-1------XA

THE WALL STREET JOURNAL. We dnesday, May 27, 2020 | B7

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B8 | We dnesday, May 27, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Dec 108.35 110.45 108.00 108.75 1.40 52,068 Canadian Dollar (CME)-CAD 100,000; $ per CAD Sugar-World (ICE-US)-112,000 lbs.; cents per lb. June .7152 .7270 .7150 .7269 .0133 123,252 Contract Open Agriculture Futures July 11.11 11.20 10.88 11.05 .12 301,639 Sept .7158 .7269 .7151 .7269 .0132 4,201 Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. Oct 11.15 11.17 10.91 11.10 .17 255,934 British Pound (CME)-£62,500; $ per £ Copper-High (CMX)-25,000 lbs.; $ per lb. July 316.75 323.00 316.50 319.00 1.00 607,590 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June 1.2187 1.2364 1.2186 1.2343 .0173 183,885 May 2.4390 2.4565 2.4280 2.4385 0.0295 855 Dec 331.50 336.75 331.25 334.00 1.25 363,338 July 25.85 25.85 25.85 25.85 …1,623 Sept 1.2208 1.2367 1.2189 1.2347 .0173 2,587 July 2.4050 2.4390 2.4030 2.4185 0.0320 101,281 Oats (CBT)-5,000 bu.; cents per bu. Sept 25.91 25.91 25.91 25.95 …2,617 Swiss Franc (CME)-CHF 125,000; $ per CHF Gold (CMX)-100 troy oz.; $ per troy oz. July 323.75 332.50 s 322.25 331.25 7.75 3,287 Cotton (ICE-US)-50,000 lbs.; cents per lb. June 1.0296 1.0372 1.0295 1.0368 .0080 38,792 Dec 278.50 281.00 s 278.00 280.50 4.00 1,313 May 1724.10 1724.10 1707.40 1704.80 –29.80 5 July 57.80 59.45 57.66 58.23 .62 83,268 Sept 1.0338 1.0398 1.0321 1.0395 .0080 204 June 1727.20 1737.20 1700.00 1705.60 –29.90 168,419 Soybeans (CBT)-5,000 bu.; cents per bu. Dec 57.93 58.87 57.76 58.00 .19 67,846 Australian Dollar (CME)-AUD 100,000; $ per AUD July 832.50 849.00 832.25 847.00 13.75 315,628 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Aug 1746.30 1755.60 1721.20 1728.20 –25.30 246,762 June .6542 .6676 .6538 .6675 .0146 130,684 Nov 843.75 857.50 843.25 855.00 10.50 177,005 July 127.50 129.90 s 127.50 128.70 1.90 7,635 Oct 1753.00 1761.60 1730.00 1735.50 –25.00 21,093 Sept .6540 .6675 .6538 .6675 .0146 1,091 Soybean Meal (CBT)-100 tons; $ per ton. Sept 126.35 127.95 s 126.35 127.00 1.50 2,403 Dec 1758.90 1768.00 1734.80 1740.50 –25.10 69,296 Mexican Peso (CME)-MXN 500,000; $ per MXN July 283.30 286.30 283.20 283.90 –.20 167,956 Dec'21 1756.10 1756.50 1745.50 1747.40 –26.10 2,845 June .04414 .04509 .04414 .04492 .00111 111,271 Dec 291.60 294.10 291.60 292.80 .30 78,326 Interest Rate Futures Palladium (NYM) - 50 troy oz.; $ per troy oz. Sept .04363 .04452 .04357 .04435 .00109 1,476 Soybean Oil (CBT)-60,000 lbs.; cents per lb. May …...... 1983.80 12.00 24 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Euro (CME)-€125,000; $ per € July 26.74 27.36 26.71 27.27 .63 165,573 June 221-250 222-030 218-150 218-240 –2-25.0 724,569 June 1.0897 1.1000 1.0897 1.0998 .0106 542,395 June 2023.00 2053.30 1962.00 1989.10 12.00 1,265 Dec 27.55 28.23 27.55 28.15 .65 91,201 Sept 1995.10 2050.00 1960.10 1986.80 11.00 5,290 Sept 220-080 220-170 216-290 217-060 –2-26.0 438,658 Sept 1.0918 1.1021 1.0918 1.1019 .0106 5,032 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Dec 1980.90 1980.90 1965.00 1975.30 10.20 393 July 16.01 16.40 16.00 16.24 .19 6,747 Platinum (NYM)-50 troy oz.; $ per troy oz. June ... 180-150 178-260 178-310 –1-09.0 817,251 Index Futures Sept 11.95 12.08 11.94 12.06 .16 4,550 Sept ... 178-290 177-080 177-130 –1-09.0 380,136 May 868.70 –13.00 40 Wheat (CBT)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index July 890.80 911.90 867.00 873.30 –13.00 39,160 July 504.25 512.25 504.25 506.75 –2.00 206,314 June ... 139-080 138-255 138-305 –6.5 2,595,792 June 24699 25127 24623 25002 578 74,375 Silver (CMX)-5,000 troy oz.; $ per troy oz. Sept 512.25 515.75 508.00 510.50 –2.25 78,203 Sept ... 138-315 138-170 138-220 –6.5 989,051 Sept 24570 25009 24515 24886 571 985 May 17.885 17.885 17.555 17.565 –0.099 138 Wheat (KC)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index July 17.625 18.040 17.480 17.595 –0.098 117,181 July 442.00 452.25 441.00 447.25 2.75 130,978 June ... 125-212 125-147 125-180 –2.5 2,134,689 June 2985.40 3018.40 2948.30 2994.40 41.50 107,333 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 448.75 459.00 448.75 454.00 2.25 44,574 Sept 125-155 125-160 125-090 125-125 –2.7 1,675,325 Sept …… …2985.10 41.30 11 July 33.79 34.81 33.38 34.35 1.10 277,396 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index Aug 34.24 35.16 33.79 34.77 1.12 234,059 Aug 129.775 133.300 129.600 133.300 4.500 16,032 June ... 110-086 110-070 110-076 –.7 1,508,482 June 2989.50 3019.75 2980.75 2994.40 41.50 3,145,934 Dec 2976.75 3004.00 2967.50 2979.50 41.00 41,934 Sept 34.63 35.58 34.25 35.24 1.10 325,376 Sept 130.975 134.650 130.975 134.425 4.275 5,071 Sept ... 110-131 110-115 110-123 –.6 813,579 Mini S&P Midcap 400 (CME)-$100 x index Nov 35.40 36.21 34.92 35.88 1.04 116,248 Cattle-Live (CME)-40,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June 1720.40 1764.40 1716.90 1750.80 57.80 67,730 June 98.375 99.825 97.850 99.400 1.700 34,170 May 99.9475 99.9500 99.9475 99.9475 –.0025 231,168 Dec 35.66 36.52 35.24 36.21 1.03 324,107 Sept 1753.30 1756.30 1702.00 1748.30 57.90 6 Aug 97.650 99.675 97.200 99.250 1.925 107,178 July 99.9450 99.9550 99.9450 99.9450 –.0050 223,013 Dec'21 38.33 39.06 38.01 38.86 1.09 135,539 Mini Nasdaq 100 (CME)-$20 x index Hogs-Lean (CME)-40,000 lbs.; cents per lb. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. June 9530.25 9604.00 9373.00 9406.50 .25 208,294 June 59.300 61.300 58.800 60.500 1.725 25,842 June 105-165 105-205 105-115 105-165 –9.5 81,432 June .9977 1.0340 .9801 .9908 .0088 24,607 Sept 9508.00 9587.50 9358.00 9391.00 –.50 2,180 July 56.175 59.650 55.700 59.575 3.675 64,183 Eurodollar (CME)-$1,000,000; pts of 100% July 1.0369 1.0712 1.0174 1.0279 .0081 79,253 Mini Russell 2000 (CME)-$50 x index Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 99.6775 99.6800 99.6650 99.6750 –.0075 1,785,637 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. June 1379.70 1410.10 1374.80 1394.30 40.00 551,727 July 371.50 375.00 353.80 356.80 –10.70 1,579 Sept 99.7050 99.7050 99.6950 99.7000 –.0050 1,679,862 June 1.0535 1.0758 1.0310 1.0489 .0107 23,733 Sept 1379.20 1406.30 1373.20 1391.30 39.70 4,965 Sept 370.80 374.50 355.70 357.30 –10.80 715 Dec 99.6950 99.7000 99.6800 99.6850 –.0100 1,157,622 Mini Russell 1000 (CME)-$50 x index July 1.0654 1.0911 1.0484 1.0648 .0130 111,463 Milk (CME)-200,000 lbs., cents per lb. March'21 99.7750 99.7750 99.7550 99.7600 –.0150 957,822 June 1662.40 1666.60 1644.70 1650.30 20.10 8,193 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 12.20 12.22 12.18 12.19 .01 4,625 June 1.710 1.809 1.707 1.793 .062 16,079 U.S. Dollar Index (ICE-US)-$1,000 x index June 17.21 17.72 16.92 17.52 .49 4,830 Currency Futures June 99.76 99.79 98.90 98.91 –.98 29,448 July 1.858 1.950 1.850 1.945 .064 352,938 Cocoa (ICE-US)-10 metric tons; $ per ton. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Sept 99.79 99.79 98.92 98.92 –.96 944 Aug 1.937 2.023 1.924 2.019 .061 74,503 July 2,393 2,448 2,391 2,394 …71,828 June .9284 .9314 .9268 .9302 .0003 149,406 Sept 1.995 2.073 1.980 2.069 .056 147,287 Sept 2,351 2,401 2,351 2,355 360,733 July .9279 .9317 .9273 .9307 .0003 2,858 Source: FactSet Oct 2.077 2.150 2.066 2.146 .051 102,163 Coffee (ICE-US)-37,500 lbs.; cents per lb. Jan'21 2.963 3.022 2.953 2.987 .030 95,392 July 104.65 107.10 104.20 105.10 1.50 81,260

Bonds | wsj.com/market-data/bonds/benchmarks Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Tracking Bond Benchmarks May 26, 2020 Money Rates Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a highs and lows for different types of bonds guide to general levels but don’t always represent actual transactions. Total Total return YTD total Yield (%) return YTD total Yield (%) close return (%) Index Latest Low High close return (%) Index Latest Low High Inflation Week —52-WEEK— Week —52-WEEK— Latest ago High Low Latest ago High Low Mortgage-Backed Bloomberg Barclays April index Chg From (%) Broad Market Bloomberg Barclays Switzerland 0.50 0.50 0.50 0.50 level March '20 April '19 Treasury bill auction 2239.00 5.1 U.S. Aggregate 1.390 1.310 2.810 2222.99 3.5 Mortgage-Backed 1.410 0.930 2.990 Britain 0.10 0.10 0.75 0.10 4 weeks 0.090 0.090 2.335 0.000 U.S. Corporate Indexes Bloomberg Barclays 2178.12 3.7 Ginnie Mae (GNMA) 0.810 0.490 2.970 U.S. consumer price index Australia 0.25 0.25 1.50 0.25 13 weeks 0.130 0.130 2.310 0.000 All items 256.389 –0.67 0.3 Overnight repurchase 26 weeks 0.160 0.150 2.320 0.080 3215.35 2.3 U.S. Corporate 2.490 2.220 4.580 1310.70 3.5 Fannie mae (FNMA) 1.630 1.110 3.000 Core 266.089 –0.46 1.4 Freddie Mac U.S. 0.07 0.07 3.40 -0.07 Secondary market 2952.16 2.1 Intermediate 1.960 1.760 4.400 2012.74 3.4 (FHLMC) 1.610 1.080 3.000 International rates Long term 578.11 2.2 Muni Master 1.252 0.959 3.441 U.S. government rates Fannie Mae 4672.19 2.7 3.380 2.950 4.930 Week 52-Week 30-year mortgage yields 673.36 4.9 Double-A-rated 1.630 1.630 3.360 407.55 2.1 7-12 year 1.244 0.924 3.447 Latest ago High Low Discount 30 days 2.284 3.572 2.196 0.25 0.25 3.00 0.25 2.306 832.96 0.2 Triple-B-rated 3.050 2.570 5.350 462.49 2.1 12-22 year 1.711 1.224 3.690 Prime rates 60 days 2.360 2.335 3.586 2.249 High Yield Bonds ICE BofA 438.79 -0.4 22-plus year 2.709 1.765 4.123 U.S. 3.25 3.25 5.50 3.25 Federal funds Canada 2.45 2.45 3.95 2.45 Effective rate 0.0600 0.0600 2.4300 0.0600 Other short-term rates 436.84 -6.5 High Yield Constrained 7.189 5.151 11.400 Global Government J.P. Morgan† Japan High 0.1500 0.1500 3.0000 0.1400 1.475 1.475 1.475 1.475 Week 52-Week 361.00 -17.5 Triple-C-rated 16.900 10.735 19.071 609.34 4.5 Global Government 0.620 0.390 1.290 Low 0.0500 0.0300 2.3500 0.0200 Latest ago high low Policy Rates Bid 0.0500 0.0500 2.4000 0.0100 2969.76 -7.0 High Yield 100 5.857 4.516 10.740 863.77 7.5 Canada 0.780 0.590 1.740 Euro zone 0.00 0.00 0.00 0.00 Offer 0.0800 0.0800 2.5000 0.0500 Call money 394.09 -6.5 Global High Yield Constrained 7.268 4.893 11.310 401.67 0.4 EMU§ 0.524 0.109 0.881 2.00 2.00 4.25 2.00 301.25 -8.3 Europe High Yield Constrained 5.469 2.464 8.183 765.21 0.8 France 0.260 -0.160 0.510 Commercial paper (AA financial) U.S Agency Bloomberg Barclays 545.26 1.8 Germany -0.300 -0.740 -0.010 Key Interest Rates 90 days n.a. 0.17 2.53 0.04 1853.74 4.7 U.S Agency 0.620 0.550 2.360 296.62 -0.5 Japan 0.240 -0.070 0.260 Data are annualized on a 360-day basis. Treasury yields are per annum, Libor on actively traded noninflation and inflation-indexed issues that are 10-20 years One month 0.16950 0.17088 2.44000 0.16825 1617.39 3.5 0.480 0.400 2.270 604.69 1.4 Netherlands -0.140 -0.540 0.110 adjusted to constant maturities. Data are from weekly Federal Reserve Three month 0.37125 0.37413 2.52375 0.35800 4222.88 10.7 20-plus years 1.570 1.170 2.800 1101.59 9.6 U.K. 0.490 0.390 1.310 release H.15. Six month 0.57163 0.59038 2.54375 0.57000 1.8 Yankee Emerging Markets ** Week Ended 52-Week Week Ended 52-Week One year 0.67975 0.72188 2.59988 0.67975 2779.57 1.940 1.920 3.500 843.48 -4.3 5.573 4.523 7.480 May 22 May 15 High Low May 22 May 15 High Low *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds 6-month 0.15 2.41 0.06 Euro Libor Federal funds (effective) 0.15 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan 1-year 0.16 0.15 2.34 0.15 One month -0.457 -0.446 -0.360 -0.621 0.05 0.05 2.41 0.04 2-year 0.17 0.16 2.20 0.16 Three month -0.322 -0.292 -0.142 -0.539 Commercial paper 3-year 0.22 0.21 2.14 0.21 Six month -0.157 -0.124 -0.052 -0.491 Global Government Bonds: Mapping Yields 5-year 0.35 0.33 2.17 0.33 One year -0.087 -0.065 0.008 -0.441 Nonfinancial 7-year 0.54 0.51 2.27 0.51 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in 1-month 0.14 0.12 2.41 0.12 10-year 0.69 0.67 2.37 0.61 Secured Overnight Financing Rate 2-month 0.22 0.18 2.41 0.18 20-year 1.16 1.08 2.62 1.00 0.04 0.04 5.25 0.01 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session 3-month 0.31 0.24 2.42 0.24 Financial Treasury yields (secondary market) Value 52-Week Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points 1-month 0.08 0.08 2.43 0.08 Latest Traded High Low Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago 1-month 0.09 0.09 2.33 0.00 2-month n.a. 0.15 2.46 0.15 0.125 U.S. 2 0.178 s l 0.174 0.225 2.162 3-month 0.12 0.12 2.33 -0.01 DTCC GCF Repo Index 3-month 0.19 0.15 2.45 0.15 0.625 10 0.708 s l 0.661 0.606 2.326 6-month 0.15 0.15 2.34 0.06 Treasury 0.115 53.750 6.007 0.002 Discount window primary credit TIPS MBS 0.120 78.950 6.699 0.011 2.000 Australia 2 0.272 s l 0.269 0.229 1.117 9.4 9.6 -104.5 0.25 0.25 3.00 0.25 5-year -0.47 -0.40 0.50 -0.55 Notes on data: 2.500 10 0.894 s l 0.869 0.892 1.532 18.7 20.8 -79.4 Treasury yields at constant 7-year -0.47 -0.42 0.53 -0.52 U.S. prime rate is the base rate on corporate 0.000 France 2 -0.492 s l -0.533 -0.548 -0.570 -67.0 -70.6 -273.2 maturities 10-year -0.46 -0.42 0.59 -0.48 loans posted by at least 70% of the 10 largest 20-year -0.27 -0.25 0.76 -0.32 1-month 0.09 0.09 2.37 0.01 U.S. banks, and is effective March 16, 2020. 0.000 10 0.010 s l -0.042 0.027 0.279 -69.8 -70.3 -204.8 3-month 0.12 0.12 2.38 0.01 Long-term avg -0.10 -0.09 0.89 -0.19 Other prime rates aren’t directly comparable; l lending practices vary widely by location; 0.000 Germany 2 -0.646 s -0.673 -0.710 -0.634 -82.4 -84.7 -279.6 Notes on data: Discount rate is effective March 16, 2020. 0.000 10 -0.425 s l -0.495 -0.471 -0.114 -113.3 -115.5 -244.0 Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of May on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by 25, 2020. DTCC GCF Repo Index is Depository 1.000 Italy 2 0.336 t l 0.376 0.847 0.471 15.8 20.3 -169.1 discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Trust & Clearing Corp.'s weighted average for 1.350 10 1.558 t l 1.596 1.877 2.554 85.0 93.5 22.8 primary credit rate is charged for discounts made and advances extended under the Federal overnight trades in applicable CUSIPs. Value Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; traded is in billions of U.S. dollars. Federal-funds 0.100 Japan 2 -0.160 s l -0.168 -0.168 -0.153 -33.8 -34.1 -231.5 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid rates are Tullett Prebon rates as of 5:30 p.m. ET. 0.100 10 0.004 t l 0.005 -0.022 -0.069 -70.4 -65.6 -239.5 yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; 0.400 Spain 2 -0.298 s l -0.300 0.076 -0.339 -47.5 -47.3 -250.1 please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. 0.500 10 0.694 s l 0.682 0.951 0.823 -1.4 2.1 -150.3 0.500 U.K. 2 -0.012 s l -0.043 0.066 0.690 -19.0 -21.7 -147.3 4.750 10 0.215 s l 0.178 0.292 0.958 -49.3 -48.3 -136.8 ADVERTISEMENT Source: Tullett Prebon Business Real Estate&Auctions Corporate Debt To advertise: email [email protected] or WSJ.com/classifieds Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in that same company’s share price. Investment-grade spreads that tightened the most… AUCTIONS ALABAMA Spread*, in basis points Stock Performance Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Aviation Capital PACLI 4.375 Jan. 30, ’24 1085 –75 n.a...... Marriott International MAR 4.000 April 15, ’28 399 –47 n.a. 94.92 4.25 Southwest Airlines LUV 5.250 May 4, ’25 462 –37 607 32.52 12.64 ONEOK OKE 6.350 Jan. 15, ’31 425 –35 519 37.62 3.92 MPLX MPLX 4.800 Feb. 15, ’29 309 –29 n.a. 19.57 –0.76 Boeing BA 4.508 May 1, ’23 345 –28 398 144.73 5.24 Dell International … 5.850 July 15, ’25 313 –28 352 … … …And spreads that widened the most Park Aerospace Holdings AVOL 5.500 Feb. 15, ’24 1003 70 978 ...... &93>43 (!<) (3!<8/ American Airlines AAL 3.375 May 1, ’27 727 31 n.a. 11.14 14.85 $54< 77-@5> &3+ %?<4 2 Nestle Holdings NESNVX 2.375 Nov. 17, ’22 50 21 38 ...... Aircastle AYR 4.250 June 15, ’26 882 19 873 ...... %+((% ")#*'!# &+%+&$+ Arrow Electronics ARW 3.250 Sept. 8, ’24 182 13 n.a. 70.32 5.73 'DQ@O*!,< A' Athene Global Funding … 2.750 June 25, ’24 261 12 n.a. … … :0,;; ". *<634=1 #9!6 ONEOK OKE 4.500 March 15, ’50 376 12 n.a. 37.62 3.92 H<)H&2JR L( 78 636H2JR >=M+L3 %MP1+ Crown Castle International CCI 3.300 July 1, ’30 190 11 200 159.59 2.17 ITMF :>8+L >8- H& 5>M;P8" L5>=+L3 High-yield issues with the biggest price increases… *P- D8:P8+ D8:/ SF8+ GG RG$ Bond Price as % of face value Stock Performance Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg >I !?8.+9<8+I07M;3=79 Oceaneering International OII 4.650 Nov. 15, ’24 79.100 8.70 65.750 5.85 11.01 Jagged Peak Energy JAG 5.875 May 1, ’26 98.030 5.30 91.500 ...... Realogy RLGY 9.375 April 1, ’27 84.000 5.28 75.931 5.70 18.50 COMMERCIAL PROPERTIES NORTH CAROLINA MEG Energy MEGCN 7.125 Feb. 1, ’27 91.030 5.03 80.000 ...... )..3).63)..H Transocean Guardian … 5.875 Jan. 15, ’24 95.030 4.87 n.a. … … Brand Industrial Services BRANDI 8.500 July 15, ’25 87.530 4.53 n.a...... 4$4" 8#/* 0/%)+(.* 8'%2.*/ '!&) 0P::P>9L!?8.+9<3=79JAFM5:FL United Airlines Holdings UAL 4.250 Oct. 1, ’22 82.000 4.50 65.000 29.54 16.30 0'*/3'5 67 ,1&-5!!!5!!! "$ "' %,E!#Q A3 E#QADE B# Q!' K).H$ … %!"& !$#"#! &4 *@?#BNA CB#O!@O3 Gogo Intermediate Holdings 9.875 May 1, ’24 91.030 4.28 78.520 … … +!*#(%& …And with the biggest price decreases Hertz HTZ 6.000 Jan. 15, ’28 9.000 –3.00 13.125 0.56 –80.46 +#770445.71#--0, THE MARKETPLACE Genworth Holdings … 4.800 Feb. 15, ’24 77.500 –2.34 n.a. … … <+ $&154! (8"9 *2"9-<008! (* Revlon Consumer Products … 6.250 Aug. 1, ’24 15.750 –2.25 n.a. … … '8789,8 :)))/ ADVERTISE TODAY Teva Pharmaceutical Finance Netherlands … 4.100 Oct. 1, ’46 80.375 –1.88 81.450 … … 3=; <6 %">#"-.8 (800)366-3975 ;459 %"0<. >A (%D->A%) '-8<)-A<5 *%.-)7 %""<..-#)< Endo … 6.000 July 15, ’23 77.000 –1.38 78.414 … … #7 0>%?! 0%-)! $8>..-#)< :%D<0 %""<..5 3.D>0%1< Formoreinformation visit: Summit Materials … 6.125 July 15, ’23 100.400 –0.88 101.431 ...... D%A+. :, ;;53C 1%))>A "%8%"-D7!) #)%?-A1 .7.D@.< %=%-)%#)<5 4065.2!.0/5.#35'704 ©2020Dow Jones &Company,Inc. *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. &")(*"$("%++ All Rights Reserved. +$$*&2%%-0,!"0*/$',"1#)&/'&(3,.% Note: Data are for the most active issue of bonds with maturities of two years or more Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data P2JW148000-0-B00900-1------XA

THE WALL STREET JOURNAL. We dnesday, May 27, 2020 | B9 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 24995.11 s529.95, or 2.17% Trailing P/E ratio 21.11 17.41 2991.77 s36.32, or 1.23% Trailing P/E ratio * 25.56 21.66 9340.22 s 15.63, or 0.17% Trailing P/E ratio *† 28.52 23.09 High, low, open and close for each P/E estimate * 22.48 15.62 High, low, open and close for each P/E estimate * 23.15 16.95 High, low, open and close for each P/E estimate *† 27.98 20.54 trading day of the past three months. Dividend yield 2.67 2.31 trading day of the past three months. Dividend yield * 2.09 1.96 trading day of the past three months. Dividend yield *† 0.95 1.06 All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 9817.18, 02/19/20

Current divisor 0.14579812049809 30000 3500 10500

9750 65-day moving average 27500 3250 65-day moving average 65-day moving average 25000 3000 9000

22500 2750 8250 Session high

DOWN UP 20000 2500 7500 Session open Close t

Close Open t 17500 2250 6750 Session low Bars measure the point change from session's open 15000 2000 6000 Feb. Mar. Apr. May Feb. Mar. Apr. May Feb. Mar. Apr. May *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,142,497,318 19,538,906 Industrial Average 25176.42 24781.84 24995.11 529.95 2.17 29551.42 18591.93 -2.3 -12.4 5.8 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 938,676,110 10,710,456 Transportation Avg 8958.37 8686.39 8895.61 425.52 5.02 11304.97 6703.63 -12.3 -18.4 -1.0 Most-active issues in late trading Decl. volume* 196,789,926 8,456,506 Utility Average 782.86 767.37 769.03 5.10 0.67 960.89 610.89 -4.4 -12.5 2.2 Volume After Hours Issues traded 3,021 271 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 30689.91 30367.52 30404.20 418.86 1.40 34631.28 22462.76 5.5 -8.0 6.8 Advances 2,493 159 iSh Core Dividend Growth DGRO 24,607.1 35.86 -1.15 -3.11 37.19 35.86 Barron's 400 655.00 633.41 650.27 16.86 2.66 746.64 455.11 -1.2 -11.2 0.6 Declines 466 102 Large Cap Growth ETN 2028 FRLG 17,024.0 140.05 0.45 0.32 141.30 139.80 Unchanged 62 10 General Electric GE Nasdaq Stock Market 8,891.6 6.82 0.02 0.29 6.82 6.41 New highs 42 0 Nasdaq Composite 9501.21 9333.16 9340.22 15.63 0.17 9817.18 6860.67 22.8 4.1 14.6 Ambev ADR ABEV 7,070.8 2.35 ... unch. 2.36 2.33 New lows 32 Nasdaq 100 9570.53 9379.90 9389.98 -24.01 -0.26 9718.73 6978.02 29.0 7.5 17.5 Bank of America BAC 6,862.6 24.31 0.03 0.12 24.36 24.20 Closing Arms† 0.99 1.35 PG&E PCG 6,782.0 11.18 0.10 0.90 11.25 10.94 S&P Block trades* 6,912 178 SPDR S&P 500 SPY 5,094.4 299.52 0.44 0.15 299.97 298.97 500 Index 3021.72 2988.17 2991.77 36.32 1.23 3386.15 2237.40 6.8 -7.4 7.4 Nasdaq NYSE Arca Credit Suisse FI LC Grwth FLGE 4,327.5 323.48 0.78 0.24 326.39 323.48 MidCap 400 1765.24 1742.47 1753.03 57.70 3.40 2106.12 1218.55 -4.9 -15.0 0.5 Total volume*4,448,411,184 340,059,709 SmallCap 600 811.37 796.53 806.47 31.13 4.02 1041.03 595.67 -11.6 -21.0 -1.3 Percentage gainers… Adv. volume*2,901,370,931 254,870,686 Decl. volume*1,525,988,860 85,088,586 Other Indexes Cumberland Pharm CPIX 121.7 4.96 1.42 40.11 5.90 3.79 Issues traded 3,353 1,407 Russell 2000 1406.77 1361.16 1393.07 37.54 2.77 1705.22 991.16 -7.4 -16.5 0.3 StoneCo Cl A STNE 1,849.9 33.18 6.48 24.27 33.27 25.75 Advances 2,299 1,124 NYSE Composite 11676.96 11590.31 11603.00 271.03 2.39 14183.20 8777.38 -6.9 -16.6 -0.1 Ooma OOMA 62.1 14.70 1.27 9.46 15.50 13.35 Declines 974 277 Tractor Supply TSCO 101.2 119.90 8.69 7.81 120.50 111.21 Value Line 434.16 416.74 431.23 14.49 3.48 562.05 305.71 -15.6 -21.9 -6.0 Unchanged 80 6 Affimed AFMD 355.0 3.30 0.19 6.11 3.30 3.11 NYSE Arca Biotech 5708.76 5541.67 5548.52 -73.37 -1.31 5652.22 3855.67 24.2 9.5 15.9 New highs 125 33 NYSE Arca Pharma 646.91 636.56 637.38 -3.94 -0.61 670.32 494.36 10.5 -2.5 7.1 ...And losers New lows 11 31 KBW Bank 74.88 71.14 73.86 5.86 8.62 114.12 56.19 -21.8 -34.8 -6.7 Keysight Technologies KEYS 335.2 96.23 -7.17 -6.93 104.20 95.00 Closing Arms† 1.24 1.49 § PHLX Gold/Silver 123.13 118.60 118.88 -5.35 -4.31 129.26 66.24 79.5 11.2 12.0 ViaSat VSAT 50.7 44.50 -3.23 -6.77 48.50 42.80 Block trades* 25,161 1,373 § PHLX Oil Service 32.22 31.38 31.96 1.60 5.27 81.76 21.47 -58.3 -59.2 -39.2 iSh Core Dividend Growth DGRO 24,607.1 35.86 -1.15 -3.11 37.19 35.86 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 1856.85 1817.65 1820.51 18.20 1.01 1979.50 1286.84 40.0 -1.6 18.8 NuVasive NUVA 190.5 63.20 -1.72 -2.65 64.92 63.08 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 28.58 27.18 28.01 -0.15 -0.53 82.69 11.54 60.1 103.3 41.9 VNDA Vanda Pharmaceuticals 69.9 10.92 -0.25 -2.24 11.17 10.92 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 1.96 World The Global Dow 2708.10 52.04 –16.7 Emerald Holding EEX 2.77 0.74 36.45 12.66 1.50 -77.4 Hertz Global Holdings HTZ 0.56 -2.29 -80.46 20.85 0.40 -95.8 1.66 DJ Global Index 383.51 6.27 –11.6 iMedia Brands Cl A IMBI 3.35 0.87 35.08 7.30 1.35 -25.6 LATAM Airlines Grp ADR LTM 1.68 -0.90 -34.88 12.16 1.00 -79.8 DJ Global ex U.S. 220.80 4.48 2.07 –16.2 arGEN-X ADR ARGX 212.12 54.16 34.29 218.19 103.75 60.7 BioLine RX ADR BLRX 1.65 -0.74 -30.96 6.45 1.06 -69.8 Americas DJ Americas 693.58 9.38 1.37 –8.8 Fly Leasing ADR FLY 8.15 1.98 32.09 23.21 3.41 -50.6 Qualigen Therapeutics QLGN 7.80 -3.40 -30.36 31.75 3.75 -64.9 Brazil Sao Paulo Bovespa 85468.91 –194.57 –0.23 –26.1 Sky Solar Holdings ADR SKYS 4.26 0.95 28.70 4.60 1.00 209.2 FGL Holdings FG 7.92 -2.65 -25.07 12.46 6.31 -7.6 Canada S&P/TSX Comp 15148.12 72.70 0.48 –11.2 Remark Holdings MARK 2.87 0.61 26.99 3.09 0.25 163.3 Atara Biotherapeutics ATRA 11.32 -3.49 -23.57 24.75 4.52 -49.3 Mexico S&P/BMV IPC 36206.86 374.09 1.04 –16.8 Tupperware Brands TUP 3.84 0.81 26.73 20.97 1.15 -80.8 Micro US Big Banks 3X Inv BNKD 18.49 -5.38 -22.54 97.12 17.79 -60.8 Chile Santiago IPSA 2575.32 –12.14 –0.47 –22.8 Cumulus Media CMLS 5.31 1.07 25.24 19.18 3.00 -68.3 Wins Finance Holdings WINS 7.81 -2.25 -22.37 32.00 5.51 -51.3 Nabors Industries NBR 32.68 6.52 24.92 167.50 9.79 -71.1 Direxion Hi Beta Bear 3X HIBS 10.69 -2.64 -19.79 71.87 10.23 ... EMEA Stoxx Europe 600 348.92 3.74 1.08 –16.1 Direxion Rg Banks Bull 3X DPST 65.67 13.02 24.73 545.60 33.72 -83.5 ProShr Ultra MSCI Brazil BZQ 22.80 -4.57 -16.70 54.99 17.48 -22.1 Eurozone Euro Stoxx 333.23 4.24 1.29 –17.5 Belgium Bel-20 3165.46 161.58 5.38 –20.0 PLx Pharma PLXP 4.02 0.79 24.46 7.41 1.80 -19.6 Medigus ADR MDGS 2.52 -0.50 -16.56 5.15 0.83 3.3 Denmark OMX Copenhagen 20 1232.39 –6.40 –0.52 8.5 Altisource Portfolio ASPS 15.41 2.99 24.07 23.58 6.00 -28.2 Moderna MRNA 57.71 -11.29 -16.36 87.00 11.54 167.9 France CAC 40 4606.24 66.33 1.46 –22.9 Liberty TripAdvisor A LTRPA 2.84 0.54 23.48 12.88 0.86 -75.0 Genetic Technologies ADR GENE 2.01 -0.39 -16.25 5.36 1.41 -27.3 Circor International CIR Caladrius Biosciences CLBS Germany DAX 11504.65 113.37 1.00 –13.2 16.39 3.10 23.33 47.80 8.00 -61.8 1.75 -0.33 -15.87 3.64 1.05 -40.5 Micro US Big Banks 3X Lev BNKU 12.94 2.43 23.12 81.58 7.04 -72.8 Can-Fite Biopharma ADR CANF 2.11 -0.39 -15.60 4.95 1.08 -27.5 Israel Tel Aviv 1450.69 –3.60 –0.25 –13.8 Italy FTSE MIB 17860.46 264.56 1.50 –24.0 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 531.30 –1.52 –0.28 –12.1 Russia RTS Index 1224.99 11.58 0.95 –20.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 50602.50 528.29 1.06 –11.4 Spain IBEX 35 7003.91 147.12 2.15 –26.7 Luckin Coffee ADR LK 209,269 1142.8 2.13 53.24 51.38 1.33 Credit Suisse FI LC Grwth FLGE 4,460 39085 322.70 0.46 394.00 160.00 Sweden OMX Stockholm 623.89 5.82 0.94 –8.4 Seanergy Maritime Hldgs SHIP 144,805 298.2 0.13 -7.67 1.17 0.12 Large Cap Growth ETN 2028 FRLG 17,568 35304 139.60 0.35 171.25 73.00 Hertz Global Holdings HTZ UBS AG FI Enh LC Grwth FBGX Switzerland Swiss Market 9830.83 6.29 0.06 –7.4 136,729 718.3 0.56 -80.46 20.85 0.40 2,756 20223 323.52 0.46 394.05 147.31 General Electric GE 129,208 10.6 6.80 6.08 13.26 5.48 SPDR Portfolio MSCI GSM SPGM 1,922 4207 37.97 2.29 44.21 28.77 Turkey BIST 100 103024.34 … Closed –10.0 Bank of America BAC 119,326 27.9 24.28 7.15 35.72 17.95 Trident Acquisitions TDAC 402 2525 10.70 0.56 10.83 10.25 U.K. FTSE 100 6067.76 74.48 1.24 –19.6 U.K. FTSE 250 16933.42 534.55 3.26 –22.6 Finl Select Sector SPDR XLF 108,247 13.1 23.06 5.20 31.38 17.49 SPDR S&P 500 Buyback ETF SPYB 171 1471 59.00 4.69 75.42 41.54 American Airlines Group AAL 101,275 55.1 11.14 14.85 34.99 8.25 Altimmune ALT 36,393 1432 8.42 21.15 10.68 1.51 Asia-Pacific SPDR S&P 500 SPY 88,508 -50.4 299.08 1.23 339.08 218.26 Delcath Systems DCTH 282 1122 8.05 5.64 101.50 5.15 Australia S&P/ASX 200 5780.00 164.41 2.93 –13.5 United Airlines UAL 87,840 156.2 29.54 16.30 96.03 17.80 WT Neg Dur US Agg Bd AGND 64 1109 37.96 -0.24 42.06 36.60 China Shanghai Composite 2846.55 28.58 1.01 –6.7 Ford Motor F 85,819 -15.7 5.84 3.36 10.56 3.96 Distillate US Fund Stbl DSTL 317 1035 29.55 1.86 32.97 20.95 Hong Kong Hang Seng 23384.66 432.42 1.88 –17.0 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least India S&P BSE Sensex 30609.30 –63.29 –0.21 –25.8 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 21271.17 529.52 2.55 –10.1 Singapore Straits Times 2530.30 30.47 1.22 –21.5 Track the Markets South Korea Kospi 2029.78 35.18 1.76 –7.6 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 10997.21 1.16 –8.3 global stock indexes, bond ETFs, 126.03 currencies and commodities at Currencies Thailand SET 1336.09 15.11 1.14 –15.4 WSJ.com/TrackTheMarkets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Tues YTD chg Tues YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004285 23337 0.7 Argentina peso .0147 68.2209 13.9 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1871 5.3451 33.0 Czech Rep. koruna .04063 24.610 8.5 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7259 1.3776 6.1 Denmark krone .1472 6.7919 1.9 notes and bonds major U.S. trading partners Chile peso .001239 806.80 9.1 Euro area euro 1.0984 .9105 2.1 A consumer rate against its Money market accounts Colombiapeso .000268 3731.01 13.7 Hungary forint .003157 316.78 7.3 Ecuador US dollar Iceland krona benchmark over the past year 11unch .007220 138.50 14.4

Bankrate.com avg†: 0.29% 4.00% WSJ Dollar index Mexico peso .0450 22.2010 17.3 Norway krone .1011 9.8893 12.6 8% s Uruguay peso .02316 43.1800 16.3 Poland zloty .2473 4.0444 6.6

Radius Bank 0.15% Yen 3.00 s Asia-Pacific Russia ruble .01412 70.808 14.1 Federal-funds 2.00% Boston, MA 800-242-0272 4 Sweden krona .1040 9.6180 2.7 Australian dollar .6652 1.5033 5.5 target rate tOne year ago Switzerland franc 1.0358 .9654 –0.2 t TAB Bank 0.25% China yuan .1402 7.1351 2.5 1.50 2.00 0 Turkey lira .1486 6.7282 13.1 Ogden, UT 800-355-3063 Hong Kong dollar .1290 7.7510 –0.5 Money market Ukraine hryvnia .0371 26.9355 13.8 account yields Tradeweb ICE Tuesday Close India rupee .01325 75.459 5.8 1.00 UFB Direct 0.50% 1.00 –4 UK pound 1.2335 .8107 7.5 t t Indonesia rupiah .0000678 14755 6.3 San Diego, CA 844-678-2718 Middle East/Africa sEuro Japan yen .009299 107.54 –1.0 0.50 TAB Bank 1.11% 0.00 –8 Kazakhstan tenge .002422 412.96 8.2 Bahrain dinar 2.6480 .3777 0.2 Macau pataca .1253 7.9832 –0.4 Egypt pound .0630 15.8643 –1.1 Ogden, UT 800-355-3063 1 3 6 1 2 3 5 710 30 2019 2020 0.00 month(s) years Malaysia ringgit .2292 4.3635 6.7 Israel shekel .2851 3.5071 1.5 J J A S O N D J F M A M PurePoint Financial 1.50% New Zealand dollar .6200 1.6129 8.6 Kuwait dinar 3.2371 .3089 1.9 maturity 2019 2020 Woodland Hills, CA 855-486-7873 Pakistan rupee .00620 161.200 4.0 Oman sul rial 2.5970 .3851 0.02 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0198 50.528 –0.4 Qatar rial .2745 3.643 –0.03 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7060 1.4165 5.2 Saudi Arabia riyal .2661 3.7583 0.2 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008124 1230.99 6.6 South Africa rand .0575 17.3991 24.3 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.25 -0.75 Sri Lanka rupee .0053737 186.09 2.6 Yield (%) 52-Week Total Return (%) Taiwan dollar .03336 29.975 0.2 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.50 3.25 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03136 31.890 7.2 WSJ Dollar Index 92.89 –0.78–0.83 3.72 Libor, 3-month 0.37 0.37 0.36 l 2.52 -0.83 U.S. Treasury, Barclays 2467.940 0.540 0.540 2.230 0.480 12.43 5.52 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.29 0.30 0.29 l 0.78 -0.03 Five-year CD, annual yield 0.80 0.81 0.80 l 1.97 -0.51 U.S. Treasury Long, Barclays 4836.340 1.350 1.350 2.650 0.980 30.19 12.34 Commodities 30-year mortgage, fixed† 3.56 3.59 3.51 l 4.22 -0.39 Aggregate, Barclays 2239.000 1.390 1.420 2.810 1.310 10.06 5.05 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.91 2.98 2.90 l 3.57 -0.24 Fixed-Rate MBS, Barclays 2222.990 1.410 1.380 2.990 0.930 7.02 3.90 Jumbo mortgages, $510,400-plus† 3.64 3.67 3.54 l 4.71 -0.81 DJ Commodity 527.65 7.62 1.46 647.86 433.70 -13.86 -17.85 High Yield 100, ICE BofA 2969.764 5.857 6.531 10.740 4.516 –1.653 1.881 Five-year adj mortgage (ARM)† 3.24 3.22 3.21 l 4.78 -0.10 TR/CC CRB Index 131.62 2.09 1.61 187.39 106.29 -26.98 -29.16 Muni Master, ICE BofA 578.113 1.252 1.430 3.441 0.959 4.999 3.903 New-car loan, 48-month 4.27 4.27 4.26 l 4.81 1.20 Crude oil, $ per barrel 34.35 1.10 3.31 63.27 -37.63 -41.92 -43.74 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 843.485 5.573 5.850 7.480 4.523 2.113 2.355 Natural gas, $/MMBtu 1.793 0.062 3.58 2.862 1.552 -30.56 -18.09 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1704.80 -29.80 -1.72 1756.70 1276.50 33.55 12.19 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Plus, deeper money-flows data and email delivery of keystock-market data. Available free at WSJMarkets.com P2JW148000-0-B01000-1------XA

B10 | We dnesday, May 27, 2020 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Hershey HSY 128.27 -1.99 MobileTeleSys MBT 9.20 0.18 RoyalGold RGLD 132.46 -4.50 Suzano SUZ 7.05 0.13 UBS Group UBS 10.39 0.57 ViacomCBS B VIAC 20.37 0.78 WestRock WRK 27.00 1.65 Market listed securities. Prices are composite dd-Indicates loss in the most recent Hess HES 48.63 1.53 Moderna MRNA 57.71-11.29 Ryanair RYAAY 70.53 6.83 SynchronyFin SYF 19.48 1.63 UDR UDR 38.25 1.97 Vipshop VIPS 15.98 1.00 Weyerhaeuser WY 21.10 1.32 quotations that include primary market trades four quarters. HewlettPackard HPE 9.42 0.25 MohawkInds MHK 93.47 10.16 SAP SAP 121.47 5.40 SyneosHealth SYNH 60.75 1.02 UGI UGI 32.12 1.71 Visa V 193.22 2.36 WheatonPrecMet WPM 43.06 -1.74 as well as trades reported by Nasdaq BX FD-First day of trading. Hill-Rom HRC 98.91 -1.14 MolinaHealthcare MOH 183.71 1.50 s S&P Global SPGI 312.34 1.15 Synnex SNX 105.61 5.02 Uber UBER 34.56 -0.27 VistraEnergy VST 19.72 -0.09 Whirlpool WHR 125.55 5.85 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing Hilton HLT 81.69 3.30 MolsonCoorsA TAP.A 59.27 -0.45 SBA Comm SBAC 293.49 3.53 s Synopsys SNPS 168.53 -2.58 Ubiquiti UI 180.05 2.03 VMware VMW 137.93 3.33 Williams WMB 20.43 0.78 Cboe, NYSE National and Nasdaq ISE. standards HollyFrontier HFC 32.30 1.84 MolsonCoorsB TAP 36.73 -0.10 SEI Investments SEIC 53.25 1.90 SyscoSYY 55.11 3.36 UltaBeauty ULTA 237.98 17.36 Vodafone VOD 15.94 0.03 Williams-Sonoma WSM 69.65 3.16 The list comprises the 1,000 largest lf-Late filing Hologic HOLX 51.10 -1.23 Mondelez MDLZ 49.59 -0.11 SK Telecom SKM 18.89 0.19 Unilever UN 48.29 0.27 VornadoRealty VNO 37.68 3.53 WillisTowers WLTW 201.65 3.14 companies based on market capitalization. q-Temporary exemption from Nasdaq HomeDepot HD 242.48 0.60 s MongoDB MDB 216.46 -3.82 SS&C Tech SSNC 57.68 1.83 T U V Unilever UL 51.08 0.31 VoyaFinancial VOYA 44.65 2.56 Wipro WIT 2.96 ... requirements. HondaMotor HMC 25.99 2.38 MonolithicPower MPWR 204.89 2.71 SVB Fin SIVB 208.66 19.17 UnionPacific UNP 169.90 4.74 VulcanMatls VMC 104.73 4.89 s Wix.com WIX 209.76 -5.45 Underlined quotations are those stocks with TAL Education TAL 57.32 4.02 t-NYSE bankruptcy Honeywell HON 144.94 5.76 s MonsterBev MNST 69.01 0.30 Salesforce.com CRM 176.52 -1.33 UnitedAirlines UAL 29.54 4.14 Workday WDAY 168.34 0.19 large changes in volume compared with the TC Energy TRP 43.69 1.58 W X Y Z issue’s average trading volume. v-Trading halted on primary market. s HorizonTherap HZNP 49.32 -0.24 Moody's MCO 259.70 2.88 Sanofi SNY 47.27 -0.03 UnitedMicro UMC 2.47 0.01 WynnResorts WYNN 84.89 6.64 vj-In bankruptcy or receivership or TD Ameritrade AMTD 36.00 1.93 HormelFoods HRL 45.73 -1.20 MorganStanley MS 43.69 3.56 SantanderCons SC 16.70 1.23 UPS B UPS 97.07 0.35 s WABCO WBC XP XP 30.92 2.12 Boldfaced quotations highlight those issues being reorganized under the TE Connectivity TEL 80.62 4.39 136.50 0.13 DR Horton DHI 55.89 1.83 Morningstar MORN 141.00 -0.39 SareptaTherap SRPT 154.05 3.45 UnitedRentals URI 137.17 6.61 WEC Energy WEC 85.69 -0.45 XPO Logistics XPO 80.92 5.31 whose price changed by 5% or more if their Bankruptcy Code, or securities Telus TU 16.86 0.69 HostHotels HST 12.17 0.94 MotorolaSol MSI 137.39 3.20 Schlumberger SLB 18.40 0.82 US Bancorp USB 35.83 2.90 WEX WEX 150.31 11.58 XcelEnergy XEL 61.06 0.69 previous closing price was $2 or higher. assumed by such companies. TIM Part TSU 12.42 0.99 HowmetAerospace HWM 13.06 0.69 Mylan MYL 16.14 0.50 SchwabC SCHW 34.50 1.67 UnitedTherap UTHR 118.45 0.88 W.P.Carey WPC 63.96 3.07 Xilinx XLNX 88.33 1.74 TJX TJX 55.30 1.89 Huazhu HTHT 32.01 1.75 MyoKardia MYOK 108.56 1.06 ScienceApplicat SAIC 87.90 2.99 UnitedHealth UNH 294.89 4.95 WPP WPP 37.98 1.45 Xylem XYL 65.25 3.03 s T-MobileUS TMUS 95.57 -0.23 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Hubbell HUBB 120.84 3.98 NICE NICE 184.49 2.12 ScottsMiracleGro SMG 134.64-15.48 UnivDisplay OLED 145.47 -2.38 Wabtec WAB 60.63 3.83 YamanaGold AUY 5.10 -0.15 changes in the closing prices from 4 p.m. the previous day. NRG Energy NRG 35.74 0.02 TRowePrice TROW 120.05 4.96 HubSpot HUBS 190.30 -3.99 s Sea SE 83.16 4.16 UniversalHealthB UHS 106.38 2.21 WalgreensBoots WBA 42.16 2.56 Yandex YNDX 40.43 0.17 TaiwanSemi TSM 50.82 1.02 Humana HUM 397.09 2.66 NVR NVR 3214.42 80.56 Seagate STX 51.20 0.24 VEREIT VER 5.85 0.40 Walmart WMT 123.86 -0.47 YumBrands YUM 88.05 0.80 TakeTwoSoftware TTWO 130.20-10.31 Net Net JBHunt JBHT 114.54 6.08 NXP Semi NXPI 102.01 3.68 SeattleGenetics SGEN151.73 -4.04 VF VFC 59.82 4.18 WasteConnections WCN 91.99 0.28 YumChina YUMC 45.09 1.46 Tuesday, May 26, 2020 TakedaPharm TAK 19.40 0.47 Stock Sym Close Chg Stock Sym Close Chg HuntingtonBcshs HBAN 8.99 0.90 Nasdaq NDAQ 116.28 0.94 SempraEnergy SRE 125.23 1.42 VICI Prop VICI 19.83 1.00 WasteMgt WM 101.60 2.68 ZTO Express ZTO 32.16 1.47 Net TandemDiabetes TNDM 84.58 -3.16 HuntingIngalls HII 193.42 10.65 NationalGrid NGG 54.71 0.70 SensataTechs ST 36.35 1.40 VailResorts MTN 197.06 2.12 Waters WAT 193.08 6.40 ZaiLab ZLAB 67.66 4.16 Stock Sym Close Chg BookingHldgs BKNG 1746.91115.61 DollarTree DLTR 85.20 3.50 Target TGT 115.12 -2.37 HyattHotels H 56.54 3.80 NatlInstruments NATI 38.72 1.10 ServiceCorp SCI 39.04 0.72 Vale VALE 9.11 0.13 Watsco B WSOB 169.34 14.99 ZebraTech ZBRA 255.96 12.42 BoozAllen BAH 76.25 0.44 DominionEner D 80.82 0.31 TechData TECD 133.48 1.24 IAAIAA 39.26 2.20 NatlOilwell NOV 12.87 0.78 s ServiceNow NOW 380.67 -7.29 ValeroEnergy VLO 68.70 3.02 Watsco WSO 170.47 4.74 Zendesk ZEN 81.21 -0.72 A B C BorgWarner BWA Domino's DPZ 360.16-11.94 31.52 1.68 IAC/InterActive IAC 261.63 0.80 NatlRetailProp NNN 32.99 2.10 ShawComm B SJR 16.67 0.69 TeckRscsB TECK 9.63 0.47 VarianMed VAR 118.51 3.10 Wayfair W 158.08 -7.61 Zillow C Z 58.87 2.37 s BostonBeer SAM 528.56 8.37 Donaldson DCI 47.46 2.34 ABB ABB 19.42 0.65 ICICI Bank IBN 7.90 0.14 Natura&Co NTCO 13.57 1.39 SherwinWilliams SHW 583.13 5.83 TeladocHealth TDOC 164.47 -9.71 s VeevaSystems VEEV 195.12 -7.84 WellsFargo WFC 26.26 2.09 Zillow A ZG 58.65 2.67 BostonProps BXP 84.52 6.51 DouglasEmmett DEI 29.94 2.22 ACADIA Pharm ACAD 51.17 -0.07 IdexxLab IDXX 290.84 -3.88 NetApp NTAP 45.14 0.46 s Shopify SHOP 767.89-57.28 TeledyneTech TDY 351.67 13.38 Ventas VTR 35.54 1.83 Welltower WELL 51.12 3.30 ZimmerBiomet ZBH 126.74 3.34 BostonSci BSX 36.19 0.28 DoverDOV 94.79 5.02 ADTADT 6.92 0.40 IHS Markit INFO 68.21 1.20 Netease NTES 386.34 14.09 Sibanye-Stillwater SBSW 7.48 -0.40 Teleflex TFX 350.00-13.24 VeriSign VRSN 208.22 -5.50 WestPharmSvcs WST 205.95 -5.49 ZionsBancorp ZION 32.93 2.74 BrightHorizons BFAM 108.98 2.94 Dow DOW 38.79 2.67 AECOM ACM 38.17 2.35 ING Groep ING 6.22 0.55 Netflix NFLX 414.77-14.55 SignatureBank SBNY 101.88 5.82 Ericsson ERIC 8.81 -0.07 VeriskAnalytics VRSK 160.46 3.18 WesternDigital WDC 45.07 2.65 Zoetis ZTS 130.45 0.34 Bristol-Myers BMY 60.32 -0.47 DrReddy'sLab RDY 50.94 -0.47 s TelefonicaBras VIV 9.17 0.77 AES AES 12.88 0.64 IPG Photonics IPGP 152.99 -4.40 Neurocrine NBIX 118.89 -5.91 SimonProperty SPG 59.25 4.66 Verizon VZ 54.30 0.20 WesternUnion WU 19.82 0.81 ZoomVideo ZM 164.00 -7.06 BritishAmTob BTI 39.64 0.80 s DraftKings DKNG 33.39 4.28 Aflac AFL 36.23 1.53 IQVIA IQV 143.50 0.60 NewOrientalEduc EDU 117.00 3.56 SiriusXM SIRI 5.48 0.18 Telefonica TEF 4.48 -0.03 VertxPharm VRTX 266.50-18.46 WestlakeChem WLK 46.60 2.59 Zscaler ZS 76.52 -0.42 Broadcom AVGO 282.02 5.37 DropboxDBX 22.90 1.24 AGNC Invt AGNC 13.42 0.25 ITT ITT 58.19 3.93 NYTimes A NYT 39.30 0.99 Skyworks SWKS 117.72 0.70 TelekmIndonesia TLK 21.64 1.04 ViacomCBS A VIACA 25.42 2.30 WestpacBanking WBK 10.84 0.90 s Zynga ZNGA 8.09 -0.29 BroadridgeFinl BR 117.12 0.31 DukeEnergy DUK 82.81 -0.42 ANGI Homesvcs ANGI 10.72 -0.03 IcahnEnterprises IEP 49.95 0.72 NewellBrands NWL 13.55 0.77 SlackTech WORK 32.41 0.70 10xGenomics TXG 76.00 1.15 BrookfieldMgt BAM 32.09 1.79 DukeRealty DRE 34.12 0.84 Ansys ANSS 268.97 -0.90 Icon ICLR 167.70 1.19 NewMarket NEU 431.44 -3.10 s Smartsheet SMAR 56.50 -0.06 TencentMusic TME 11.95 ... BrookfieldInfr BIP 40.85 1.64 Dunkin' DNKN 65.31 0.74 ASETech ASX 4.02 -0.04 IDEX IEX 155.09 4.64 Newmont NEM 59.21 -3.84 SmithAOAOS 44.83 2.61 Teradyne TER 64.85 2.20 Brown&Brown BRO 39.04 0.62 DuPont DD 50.37 1.68 ASML ASML 319.86 0.50 IllinoisToolWks ITW 173.10 9.35 NewsCorp B NWS 12.00 0.37 Smith&Nephew SNN 40.74 -0.14 Tesla TSLA 818.87 1.99 Brown-Forman A BF.A 57.38 -1.14 Dynatrace DT 37.28 0.28 AT&T T 30.82 0.94 Illumina ILMN 354.41 -0.29 NewsCorp A NWSA 11.88 0.36 Smucker SJM 107.38 -1.18 TevaPharm TEVA 12.32 0.36 Dividend Changes Brown-Forman B BF.B 63.54 -1.24 ENI E 18.08 0.05 AbbottLabs ABT 89.48 -1.99 s Immunomedics IMMU 34.10 -0.37 NextEraEnergy NEE 234.31 0.46 Snap SNAP 17.41 -0.26 TexasInstruments TXN 115.73 2.30 Bruker BRKR 42.37 0.90 EOG Rscs EOG 51.44 -0.84 AbbVie ABBV 90.71 -1.39 ImperialOil IMO 16.14 0.88 NielsenHoldings NLSN 14.19 0.60 SnapOn SNA 137.00 8.12 Textron TXT 30.02 3.11 Dividend announcements from May 26. Bunge BG 37.72 2.34 EPAM Systems EPAM 223.93 0.48 Abiomed ABMD 209.08 2.92 Incyte INCY 98.68 -0.69 Nike NKE 96.62 2.87 SolarEdgeTech SEDG 136.54 6.15 ThermoFisherSci TMO 332.57 -7.69 BurlingtonStrs BURL 208.84 6.49 E*TRADE ETFC 44.80 3.64 AcceleronPharma XLRN 98.42 -0.17 Infosys INFY 9.07 0.02 NiSource NI 23.39 0.30 SolarWinds SWI 18.02 -0.02 ThomsonReuters TRI 66.62 0.38 Amount Payable / CACI Intl CACI 246.66 4.52 EastWestBncp EWBC 36.65 2.98 Accenture ACN 196.40 2.69 IngersollRand IR 30.41 1.87 NobleEnergy NBL 10.22 0.12 SonocoProducts SON 51.49 2.35 3M MMM 152.08 5.64 Company Symbol Yld %New/Old Frq Record CBRE Group CBRE 43.94 3.64 EastmanChem EMN 68.64 3.18 ActivisionBliz ATVI 70.00 -3.08 Ingredion INGR 83.31 3.77 Nokia NOK 3.85 ... Sony SNE 62.18 -1.06 Tiffany TIF 125.37 0.30 CDK Global CDK 40.55 1.56 Eaton ETN 81.92 3.25 AdaptiveBiotech ADPT 39.39 -2.34 s Inphi IPHI 121.11 2.74 NomuraHoldings NMR 4.04 0.21 Southern SO 54.66 0.08 Toro TTC 67.59 -0.05 Increased CDW CDW 108.01 2.27 s eBay EBAY 43.36 -0.09 s Adobe ADBE 376.63 -8.63 Insulet PODD 182.63 -9.45 Nordson NDSN 177.41 3.26 SoCopper SCCO 35.97 0.79 TorontoDomBk TD 43.36 3.67 Perspecta PRSP 1.3 .07 /.06 Q Jul15 /Jun11 CF Industries CF 29.16 1.57 Ecolab ECL 204.59 4.09 AdvanceAuto AAP 135.58 2.10 Intel INTC 62.34 0.09 NorfolkSouthern NSC 179.72 8.25 SouthwestAir LUV 32.52 3.65 Total TOT 36.52 0.50 CGI GIB 63.44 1.19 Ecopetrol EC 10.63 0.11 AdvMicroDevices AMD 53.19 -1.98 ICE ICE 94.23 0.46 NorthernTrust NTRS 79.14 5.26 s Splunk SPLK 181.15 -3.11 ToyotaMotor TM 124.11 6.55 Reduced CH Robinson CHRW 78.25 0.39 EdisonInt EIX 56.01 -0.42 Aegon AEG 2.66 0.20 InterContinentl IHG 48.33 3.22 NorthropGrum NOC 324.19 -1.72 Spotify SPOT 191.00 0.83 TractorSupply TSCO 111.21 -0.64 America First Multifamily ATAX 10.6 .06 /.125 Q Jul31 /Jun30 CME Group CME 182.47 3.67 EdwardsLife EW 217.01 -1.80 NortonLifeLock NLOK 19.87 -0.36 AgilentTechs A 86.13 1.15 IBM IBM 121.76 3.37 Square SQ 80.79 -0.70 TradeDesk TTD 299.29 -8.31 ODFL Q CMS Energy CMS 55.68 0.09 ElancoAnimal ELAN 19.37 0.43 Old Dominion Freight Line 0.4 .15 /.15333 Jun17 /Jun03 AgnicoEagle AEM 63.38 -2.27 IntlFlavors IFF 133.13 3.71 Novartis NVS 85.05 0.14 StanleyBlackDck SWK 128.10 6.61 s Tradeweb TW 63.27 0.75 CNA Fin CNA 31.05 1.40 Elastic ESTC 84.95 1.48 NovoNordisk NVO 63.40 -1.43 AirProducts APD 237.80 3.45 IntlPaper IP 34.33 2.20 Starbucks SBUX 77.76 0.14 TraneTech TT 88.93 5.57 Stocks CNH Indl CNHI 6.05 0.55 ElbitSystems ESLT 136.01 -1.29 Novocure NVCR 64.40 -1.58 AkamaiTech AKAM 100.08 -0.34 Interpublic IPG 17.53 1.05 StateStreet STT 60.52 5.20 TransDigm TDG 403.06 22.26 QLGN CNOOC CEO 113.02 0.33 ElectronicArts EA 116.64 -3.18 NuanceComms NUAN 22.08 0.62 Qualigen Therapeutics 1:25 /May26 Albemarle ALB 74.93 6.82 Intuit INTU 282.20 -5.41 SteelDynamics STLD 25.77 1.34 TransUnion TRU 84.89 4.33 CRH CRH 30.84 0.92 EmersonElec EMR 59.27 3.40 Nucor NUE 41.51 2.03 Alcon ALC 61.34 0.39 IntuitiveSurgical ISRG 561.09 -1.71 Stericycle SRCL 53.55 2.46 Travelers TRV 103.36 3.26 Foreign CSXCSX 72.14 3.61 Enbridge ENB 31.71 0.24 Nutanix NTNX 24.41 -0.20 AlexandriaRlEst ARE 150.52 3.53 InvitatHomes INVH 26.13 0.68 Steris STE 158.68 1.20 s Trex TREX 128.00 0.29 CVS Health CVS 64.64 1.31 EncompassHealth EHC 74.97 1.80 Nutrien NTR 33.55 0.62 Cheetah Mobile ADR CMCM ... 1.42 Jul09 /Jun23 AlexionPharm ALXN 102.80 1.30 IonisPharma IONS 56.04 1.57 STMicroelec STM 24.90 0.76 Trimble TRMB 41.22 1.89 CableOne CABO 1788.38 12.38 EnelAmericas ENIA 7.33 -0.22 s NVIDIA NVDA 348.71-12.34 China Unicom HK ADR CHU 3.6 .20831 A Jun29 /Jun01 Alibaba BABA 201.72 2.02 s IovanceBiotherap IOVA 37.41 -3.59 StoneCo STNE 26.70 2.24 Trip.com TCOM 26.04 2.24 CabotOil COG 19.47 0.57 EnelChile ENIC 3.81 0.18 Netease ADR NTES 1.9 1.16 Q Jun23 /Jun12 AlignTech ALGN 247.90 4.16 iQIYI IQ 15.87 0.37 Stryker SYK 186.30 2.16 TruistFinl TFC CadenceDesign CDNS 85.01 -1.04 EnergyTransfer ET 8.42 0.22 O P Q 36.19 2.90 Alleghany Y 522.06 21.10 SumitomoMits SMFG s QIWI ADR QIWI 6.9 .14 Q Jun10 /Jun02 CaesarsEnt CZR 11.39 0.28 EnphaseEnergy ENPH 58.43 2.01 IronMountain IRM 24.85 0.68 5.58 0.30 Twilio TWLO 196.40-12.22 Allegion ALLE 97.64 3.35 CamdenProperty CPT 92.15 3.57 s Entegris ENTG 59.32 0.82 ItauUnibanco ITUB 4.22 0.14 OGE Energy OGE 31.83 1.03 SunComms SUI 140.13 7.34 Twitter TWTR 34.01 1.39 AlliantEnergy LNT 46.91 0.53 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and CampbellSoup CPB 47.36 -0.99 Entergy ETR 99.74 1.78 ONEOK OKE 37.62 1.42 SunLifeFinancial SLF 35.04 2.08 TylerTech TYL 352.78 -7.27 s AllogeneTherap ALLO 49.35 -4.69 J K L OReillyAuto ORLY 399.12 -5.87 CIBC CM 63.66 4.75 EnterpriseProd EPD 19.36 0.68 SuncorEnergy SU 17.64 0.54 TysonFoods TSN 61.64 2.45 ratio; SO: spin-off. Allstate ALL 94.05 -0.77 OccidentalPetrol OXY 14.40 0.27 CanNtlRlwy CNI 85.33 2.89 Equifax EFX 151.25 4.22 JD.com JD 52.60 2.70 AllyFinancial ALLY 16.92 1.03 s Okta OKTA 184.17 -8.32 CanNaturalRes CNQ 18.28 0.15 Equinix EQIX 658.01-12.01 JPMorganChase JPM AlnylamPharm ALNY 136.43 -4.09 95.82 6.35 s OldDomFreight ODFL 164.20 5.41 CanPacRlwy CP 249.39 8.26 Equinor EQNR 15.00 0.22 JackHenry JKHY Alphabet C GOOG 182.19 -4.73 Ollie'sBargain OLLI 88.86 3.25 1417.02 6.60 Canon CAJ 20.48 0.61 Equitable EQH 19.26 1.56 Exchange-Traded BANKRATE.COM® MMA, Savings and CDs JacobsEngg J 80.61 3.51 OmegaHealthcare OHI 30.61 1.04 Alphabet A GOOGL 1421.37 8.13 CanopyGrowth CGC 20.01 0.59 EquityLife ELS 63.37 1.91 Alteryx AYX 143.35 -5.25 JamesHardie JHX 17.04 1.28 Omnicom OMC 54.09 2.31 CapitalOne COF 65.80 5.59 EquityResdntl EQR 60.27 2.87 AlticeUSA ATUS 24.18 0.02 JazzPharma JAZZ 109.32 -0.27 ON Semi ON 16.68 0.94 Portfolios CardinalHealth CAH 52.60 -0.99 ErieIndemnity A ERIE 174.70 2.51 Average Yields of Major Banks Tuesday, May 26, 2020 Altria MO 38.28 0.55 J&J JNJ 144.56 0.19 1LifeHealthcare ONEM 34.18 -3.82 Carlisle CSL 120.84 5.46 EssentialUtil WTRG 41.31 0.28 Amazon.com AMZN 2421.86-15.02 JohnsonControls JCI 31.07 1.54 OneConnectFinTech OCFT 14.46 0.39 Carlyle CG 27.85 1.03 EssexProp ESS 247.21 10.80 Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR Ambev ABEV 2.35 0.21 JonesLang JLL 100.31 6.74 OpenText OTEX 40.59 0.93 CarMax KMX 85.22 3.67 EsteeLauder EL 186.43 8.23 JuniperNetworks JNPR 23.25 0.09 Largest 100 exchange-traded funds, National average Amcor AMCR 10.00 0.40 Etsy ETSY 74.08 -3.40 Oracle ORCL 52.78 0.16 latest session Carnival CCL 16.28 1.82 KB FinKB26.58 1.61 Savings Amdocs DOX 63.34 0.09 s EuronetWorldwide EEFT 95.91 4.32 Orange ORAN 11.11 -0.03 0.14 0.08 0.08 0.14 0.22 0.34 0.38 0.32 0.53 CarrierGlobal CARR 19.51 0.46 KKR KKR 28.56 1.72 Amedisys AMED 188.32 -3.69 Everbridge EVBG Orix IX 66.03 4.27 Jumbos 0.29 0.09 0.08 0.15 0.24 0.36 0.40 0.33 0.55 Carvana CVNA 99.19 2.74 135.53 -8.96 KLA KLAC 176.64 3.64 Amerco UHAL 317.15 10.00 EverestRe RE 203.32 -0.81 OtisWorldwide OTIS 50.89 -0.82 Tuesday, May 26, 2020 CaseysGenStores CASY 152.64 1.19 KT KT 10.06 0.28 Weekly change Ameren AEE 70.76 0.94 s Evergy EVRG 59.89 -0.11 OwensCorning OC 51.15 2.72 Closing Chg YTD Catalent CTLT 76.49 -2.03 KSCitySouthern KSU 153.54 6.29 Savings -0.02 0.00 0.00 0.01 0.01 0.00 -0.01 -0.04 -0.02 AmericaMovil AMX 13.39 0.59 Caterpillar CAT 117.41 4.94 EversourceEner ES 78.01 -0.45 PG&E PCG 11.08 -0.62 ETF Symbol Price (%) (%) AEP AEP 79.92 1.14 Kellogg K 62.12 0.03 Celanese CE 91.37 5.89 ExactSciences EXAS 80.81 -2.78 PLDT PHI 23.74 -0.22 Jumbos -0.02 0.00 0.00 0.01 -0.01 0.00 -0.01 -0.03 -0.02 AmerExpress AXP 94.32 4.99 KeurigDrPepper KDP 26.93 -0.23 PNC Fin PNC 109.56 4.95 CnsmrDiscSelSector XLY 123.15 1.58 –1.8 CenovusEnergy CVE 4.36 0.11 Exelixis EXEL 24.32 -0.30 CnsStapleSelSector XLP 57.78 0.54 –8.3 AmericanFin AFG 64.14 4.33 KeyCorp KEY 11.86 1.12 POSCO PKX 35.47 0.60 Centene CNC 64.49 -0.35 Exelon EXC 37.60 0.75 EnSelectSectorSPDR XLE 39.55 2.78 –34.1 AmHomes4Rent AMH 24.94 0.76 KeysightTechs KEYS 103.40 1.34 PPD PPD 26.97 -0.30 CenterPointEner CNP 17.49 0.57 Expedia EXPE 82.82 4.87 FinSelSectorSPDR XLF 23.06 5.20 –25.1 Consumer Savings Rates AIG AIG KilroyRealty KRC 58.34 4.08 PPG Ind PPG 100.00 3.82 31.01 2.12 CentraisElBras EBR 5.12 0.54 ExpeditorsIntl EXPD 73.67 1.61 FT DJ Internet FDN 159.33 –0.19 14.5 KimberlyClark KMB 136.00 -3.74 PPL PPL 26.28 0.63 AmerTowerREIT AMT 243.93 1.50 CenturyLink CTL 9.97 0.15 ExtraSpaceSt EXR 92.19 5.96 FT ValDivFd FVD 30.11 3.08 –16.4 Below are the top federally insured offers available nationwide according to Bankrate.com's KimcoRealty KIM 12.24 0.91 PRA HealthSci PRAH 98.32 0.86 AmerWaterWorks AWK 120.74 0.03 CeridianHCM CDAY 65.28 1.86 ExxonMobil XOM 45.91 1.31 HealthCareSelSect XLV 99.44 –0.18 –2.4 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please KinderMorgan KMI 15.80 0.39 PTC PTC 73.32 3.11 AmericoldRealty COLD 34.82 0.13 Cerner CERN 67.39 0.11 F5Networks FFIV 139.11 1.80 InvscQQQI QQQ 229.04 –0.27 7.7 KinrossGold KGC 6.65 -0.40 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. Ameriprise AMP 140.04 7.58 CharlesRiverLabs CRL 171.38 -2.23 FMC FMC 94.82 1.52 Paccar PCAR 72.54 4.12 InvscS&P500EW RSP 99.42 3.24 –14.1 KirklandLakeGold KL 37.51 -1.10 AmerisourceBrgn ABC 90.78 -2.36 CharterComms CHTR 509.85 -3.05 s Facebook FB 232.20 -2.71 PackagingCpAm PKG 98.36 5.37 InvscS&P500LowVol SPLV 48.10 0.78 –17.6 High yield savings s Knight-Swift KNX 40.40 0.50 Ametek AME 88.41 2.51 CheckPoint CHKP 107.65 0.74 FactSet FDS 295.56 6.22 PagSeguroDig PAGS 28.10 1.80 iSh3-7YTreasuryBd IEI 133.43 –0.04 6.1 KoninklijkePhil PHG 44.69 0.17 Bank Yield Bank Yield Amgen AMGN 222.40 -4.03 Chegg CHGG 62.10 -2.81 FairIsaac FICO 396.55 7.15 PaloAltoNtwks PANW 231.17 -6.76 iShCoreDivGrowth DGRO 37.01 2.38 –12.0 KoreaElcPwr KEP 8.67 0.07 Amphenol APH 93.99 3.19 Chemed CHE 479.50 2.34 Farfetch FTCH 13.51 -0.34 PanAmerSilver PAAS 25.99 -1.30 iShCoreMSCIEAFE IEFA 55.04 2.82 –15.6 Phone number Minimum (%) Phone number Minimum (%) KraftHeinz KHC 30.22 0.27 AnalogDevices ADI 112.70 1.64 CheniereEnergy LNG 45.99 0.13 Fastenal FAST 39.72 1.04 ParkerHannifin PH 179.63 12.75 iShCoreMSCIEM IEMG 44.54 2.32 –17.2 Kroger KR 31.37 -1.00 Money market and savings account Six-month CD Anaplan PLAN 47.15 -3.91 CheniereEnerPtrs CQP 32.29 -0.43 FederalRealty FRT 83.48 4.99 Paychex PAYX 69.33 1.75 iShCoreMSCITotInt IXUS 52.00 2.73 –16.0 s LHC Group LHCG 162.11 -2.74 iShCoreS&P500 IVV 300.17 –7.1 AngloGoldAsh AU 24.18 -1.27 Chevron CVX 93.30 3.02 FedEx FDX 124.81 7.81 PaycomSoftware PAYC 280.30 10.95 1.27 DollarSavingsDirect $1 1.50 Live Oak Bank $2,500 1.10 Line LN 49.66 0.02 iShCoreS&P MC IJH 175.19 3.48 –14.9 AB InBev BUD 44.40 3.50 Chewy CHWY 41.71 -1.04 Ferrari RACE 162.78 2.30 Paylocity PCTY 122.49 4.64 (866) 395-8693 (866) 518-0286 LKQLKQ 27.04 1.71 iShCoreS&P SC IJR 66.39 4.12 –20.8 AnnalyCap NLY 6.43 0.09 ChinaLifeIns LFC 9.30 0.23 FiatChrysler FCAU 8.62 0.50 s PayPal PYPL 147.00 -3.86 iShS&PTotlUSStkMkt ITOT 67.07 1.36 –7.7 Vio Bank $100 1.50 Sallie Mae Bank $2,500 1.10 Anthem ANTM 283.42 6.31 ChinaMobile CHL 35.01 0.13 LPL Financial LPLA 72.65 4.84 Pegasystems PEGA 93.68 1.80 FidNatlFin FNF 29.71 2.26 iShCoreUSAggBd AGG 117.25 –0.16 4.3 (888) 999-9170 (877) 346-2756 Aon AON 195.06 3.09 ChinaPetrol SNP 45.58 1.03 L3HarrisTech LHX 184.77 4.32 Peloton PTON 41.70 -4.11 FidNatlInfo FIS 136.60 0.44 iShSelectDividend DVY 80.92 2.91 –23.4 ApartmtInv AIV 37.57 1.67 ChinaUnicom CHU 5.73 0.04 LabCpAm LH 168.57 -1.59 PembinaPipeline PBA 25.30 0.19 Comenity Direct $100 1.45 First Internet Bank of Indiana $1,000 0.91 FifthThirdBncp FITB 19.19 1.58 iShEdgeMSCIMinEAFE EFAV 65.27 2.18 –12.4 ApolloGlbMgmt APO 47.61 2.40 s LamResearch LRCX 266.36 5.22 Pentair PNR 39.08 2.60 (833) 755-4354 (888) 873-3424 Chipotle CMG 1017.00-38.70 58.com WUBA 48.74 -0.82 iShEdgeMSCIMinUSA USMV 60.07 1.13 –8.4 s LamarAdv LAMR 69.28 0.64 Penumbra PEN 169.62 -7.37 AppFolio APPF 155.80 16.19 Chubb CB 118.32 1.32 FirstAmerFin FAF 49.73 0.26 iShEdgeMSCIUSAMom MTUM 122.79 –0.75 –2.2 LambWeston LW 60.70 3.48 PepsiCo PEP 129.75 -0.73 One-month CD One-year CD Apple AAPL 316.73 -2.16 ChunghwaTel CHT 37.04 -0.23 FirstRepBank FRC 104.56 7.26 iShEdgeMSCIUSAQual QUAL 94.77 1.61 –6.2 LasVegasSands LVS 49.93 3.03 ApplMaterials AMAT 55.14 0.75 Church&Dwight CHD 70.30 -1.63 FirstEnergy FE 40.71 0.07 PerkinElmer PKI 97.48 4.07 iShGoldTr IAU 16.36 –1.33 12.8 VirtualBank $10,000 0.65 Goldman Sachs Bank USA $500 1.35 Lear LEA 109.51 4.11 Aptargroup ATR 109.55 4.45 ChurchillDowns CHDN 127.53 5.27 Fiserv FISV 105.24 1.31 Perrigo PRGO 54.87 0.59 iShiBoxx$InvGrCpBd LQD 130.52 –0.14 2.0 (877) 998-2265 (855) 730-7283 Leidos LDOS 102.25 1.29 Aptiv APTV 75.68 3.79 s Ciena CIEN 53.91 1.10 FiveBelow FIVE 100.27 0.72 PetroChina PTR 34.17 0.87 iShiBoxx$HYCpBd HYG 81.84 0.75 –6.9 Lennar B LEN.B 46.13 1.09 Presidential Bank, FSB $1,000 0.10 Comenity Direct $1,500 1.35 Aramark ARMK 27.32 2.76 Cigna CI 195.92 6.92 Five9 FIVN 95.88 -8.83 PetroleoBrasil PBR 7.61 0.55 iShJPMUSDEmgBd EMB 106.16 0.62 –7.3 Lennar A LEN 61.77 1.68 (800) 383-6266 (833) 755-4354 ArcelorMittal MT 9.53 0.50 CincinnatiFin CINF 59.24 1.92 FleetCorTech FLT 247.91 8.66 PetroleoBrasilA PBR.A 7.35 0.59 iShMBSETF MBB 111.06 –0.04 2.8 LennoxIntl LII 212.31 13.88 Colorado Federal Savings Bank $5,000 0.04 Synchrony Bank $2,000 1.35 ArchCapital ACGL 29.39 1.09 Cintas CTAS 252.73 12.08 Flex FLEX 9.99 0.38 Pfizer PFE 37.49 -0.01 iShMSCI ACWI ACWI 71.10 1.88 –10.3 LeviStraussLEVI 14.16 1.24 ArcherDaniels ADM 37.13 1.75 CiscoSystems CSCO 44.84 -0.06 FlirSystems FLIR 45.29 0.23 PhilipMorris PM 72.13 1.68 iShMSCI EAFE EFA 58.58 2.86 –15.6 (877) 484-2372 (800) 677-0718 LibertyBroadbandA LBRDA 124.43 0.17 s arGEN-X ARGX 212.12 54.16 Citigroup C 48.17 4.07 Floor&Decor FND 51.75 1.96 Phillips66 PSX 78.97 2.51 iShMSCI EAFE SC SCZ 52.26 3.44 –16.1 LibertyBroadbandC LBRDK 126.02 -0.08 Two-month CD Two-year CD AristaNetworks ANET 222.35 2.18 CitizensFin CFG 23.91 2.63 FlowersFoods FLO 22.77 -0.12 PilgrimPride PPC 20.94 0.26 iShMSCIEmgMarkets EEM 37.23 2.20 –17.0 ArrowElec ARW 70.32 3.81 CitrixSystems CTXS 138.95 1.91 FomentoEconMex FMX 68.85 3.27 LibertyGlobal B LBTYB 23.01 -1.38 s Pinduoduo PDD 64.89 -3.81 iShMSCIJapan EWJ 54.46 3.40 –8.1 VirtualBank $10,000 0.65 NBKC Bank $1,000 1.44 iShNatlMuniBd MUB 114.61 0.05 0.6 AscendisPharma ASND 146.11 -0.44 Clarivate CCC 22.57 -0.05 FordMotor F 5.84 0.19 LibertyGlobal C LBTYK 20.47 -0.02 PinnacleWest PNW 74.34 1.68 (877) 998-2265 (913) 341-1144 iShPfd&Incm PFF 34.63 0.87 –7.9 AspenTech AZPN 97.43 2.46 Clorox CLX 197.13 -1.46 Fortinet FTNT 137.53 -5.11 LibertyGlobal A LBTYA 20.84 ... Pinterest PINS 19.50 0.90 iShRussell1000Gwth IWF 181.03 0.19 2.9 Presidential Bank, FSB $1,000 0.10 Comenity Direct $1,500 1.40 Assurant AIZ 102.83 1.46 Cloudflare NET 28.09 -0.17 Fortis FTS 37.57 1.37 LibertyFormOne C FWONK 33.39 0.48 PioneerNatRscs PXD 93.72 1.30 iShRussell1000 IWB 165.84 1.41 –7.1 (800) 383-6266 (833) 755-4354 AstraZeneca AZN 53.11 -2.11 Coca-Cola KO 46.09 1.06 Fortive FTV 61.37 2.84 LibertyFormOne A FWONA 31.74 0.80 PlainsAllAmPipe PAA 9.89 0.14 iShRussell1000Val IWD 112.31 2.78 –17.7 Coca-Cola Euro CCEP 38.00 1.35 LibertySirius A LSXMA 33.83 1.35 PlanetFitness PLNT 63.23 0.27 Applied Bank $1,000 0.05 Synchrony Bank $2,000 1.40 Athene ATH 28.85 2.85 FortBrandsHome FBHS 62.61 2.07 iShRussell2000 IWM 138.78 2.88 –16.2 s Cognex CGNX 62.59 0.92 LibertySirius C LSXMK 33.80 1.18 Polaris PII 86.11 2.39 (800) 616-4605 (800) 677-0718 Atlassian TEAM 173.06 -9.54 FoxA FOXA 29.03 1.23 iShRussell3000 IWV 173.88 1.42 –7.8 CognizantTech CTSH 53.26 1.81 EliLilly LLY 147.96 -3.20 s Pool POOL 242.82 4.64 AtmosEnergy ATO 97.60 -0.73 FoxB FOX 28.59 1.22 iShRussellMid-Cap IWR 51.88 2.43 –13.0 LincolnElectric LECO 83.82 4.13 PostHoldings POST 86.25 1.41 Three-month CD Five-year CD Autodesk ADSK 199.53 3.75 ColgatePalm CL 69.43 -1.32 Franco-Nevada FNV 142.09 -5.24 iShRussellMCValue IWS 75.11 3.71 –20.7 LincolnNational LNC 38.84 3.84 PrincipalFin PFG 39.13 2.20 Autohome ATHM 76.57 2.07 Comcast A CMCSA 39.52 0.78 FranklinRscs BEN 18.96 1.07 iShS&P500Growth IVW 196.67 0.30 1.6 VirtualBank $10,000 0.65 First Internet Bank of Indiana $1,000 1.57 Linde LIN 193.00 2.13 Autoliv ALV 66.09 2.14 CommerceBcshrs CBSH 63.03 3.52 FreeportMcM FCX 9.26 0.52 Procter&Gamble PG 112.03 -0.57 iShS&P500Value IVE 107.88 2.49 –17.1 (877) 998-2265 (888) 873-3424 LiveNationEnt LYV 49.69 3.20 Progressive PGR 74.13 -0.59 ADP ADP 138.92 4.05 SABESP SBS 9.25 1.43 FreseniusMed FMS 40.92 0.18 iShShortCpBd IGSB 54.11 0.07 0.9 Ally Bank $0 0.50 Connexus Credit Union $5,000 1.56 ConagraBrands CAG 32.95 0.27 LivongoHealth LVGO 55.00 -3.46 Prologis PLD 90.02 2.47 AutoZone AZO 1123.20 0.26 iShShortTreaBd SHV 110.81 –0.01 0.3 (877) 247-2559 (800) 845-5025 Avalara AVLR 102.00 -5.02 ConchoRscs CXO 56.00 0.17 G H I LloydsBanking LYG 1.45 0.10 Proofpoint PFPT 111.55 -0.77 iShTIPSBondETF TIP 121.25 –0.37 4.0 Avalonbay AVB 160.41 6.74 ConocoPhillips COP 43.67 0.39 LockheedMartin LMT 372.20 3.20 ProsperityBcshs PB 65.07 4.45 iSh1-3YTreasuryBd SHY 86.64 ... 2.4 First Internet Bank of Indiana $1,000 0.50 Synchrony Bank $2,000 1.50 GCI LibertyA GLIBA 66.53 0.70 Avangrid AGR 42.08 1.12 ConEd ED 71.19 1.01 Loews L 33.04 1.19 PrudentialFin PRU 60.46 4.18 iSh7-10YTreasuryBd IEF 121.56 –0.26 10.3 (888) 873-3424 (800) 677-0718 GDS Holdings GDS 56.98 2.03 Avantor AVTR 17.82 -0.01 ConstBrands A STZ 176.41 4.10 LogitechIntl LOGI 56.46 -0.01 Prudential PUK 25.40 1.14 iSh20+YTreasuryBd TLT 163.33 –1.34 20.6 GFLEnvironmental GFL 18.08 0.39 AveryDennison AVY 111.45 5.00 ConstBrands B STZ.B 177.06 5.67 Lowe's LOW 123.59 1.34 PublicServiceEnt PEG 49.40 1.28 iShRussellMCGrowth IWP 150.84 0.97 –1.1 Galapagos GLPG 204.65 4.45 s High yield jumbos - Minimum is $100,000 AxaltaCoating AXTA 23.11 1.57 ContinentalRscs CLR 14.25 0.21 lululemon LULU 281.41 4.68 PublicStorage PSA 192.48 6.01 iShUSTreasuryBdETF GOVT 27.96 –0.29 7.8 Gallagher AJG 92.38 1.28 JPM UltShtIncm JPST 50.50 0.02 0.1 BCE BCE 40.39 1.32 Cooper COO 297.90 10.48 Lumentum LITE 74.49 0.93 PulteGroup PHM 34.34 1.03 Gaming&Leisure GLPI 35.36 1.26 PIMCOEnhShMaturity MINT 100.96 –0.01 –0.6 Money market and savings account Six-month CD BHP Group BHP 45.93 0.43 Copart CPRT 88.28 2.03 Lyft LYFT 32.47 1.21 s Qiagen QGEN 43.26 0.27 Garmin GRMN 86.63 2.74 SPDR BlmBarcHYBd JNK 101.15 0.86 –7.7 BHP Group BBL 38.01 0.10 Corning GLW 22.48 1.10 LyondellBasell LYB 67.72 7.30 Qorvo QRVO 103.21 1.67 CIT Bank 1.30 Live Oak Bank 1.10 Corteva CTVA 25.64 1.10 Gartner IT 121.10 3.49 Qualcomm QCOM 78.02 -0.68 SPDRBloomBar1-3MTB BIL 91.54 0.01 0.1 BJ'sWholesale BJ 36.03 -1.06 s (855) 462-2652 (866) 518-0286 CoStar CSGP 663.99 4.89 Generac GNRC 118.00 3.60 M N QuantaServices PWR 36.28 2.03 SPDR Gold GLD 160.89 –1.42 12.6 BP BP 23.26 0.28 SchwabIntEquity SCHF 28.47 –15.3 First Internet Bank of Indiana 1.26 Sallie Mae Bank 1.10 Costco COST 304.80 2.37 GeneralDynamics GD 144.65 6.08 QuestDiag DGX 112.75 -0.08 2.97 B2Gold BTG 5.11 -0.25 M&T Bank MTB 107.86 9.83 SchwabUS BrdMkt SCHB 70.94 1.39 –7.7 s CoupaSoftware COUP 217.78 -9.70 GeneralElec GE 6.80 0.39 Quidel QDEL 160.80-12.69 (888) 873-3424 (877) 346-2756 BWX Tech BWXT 58.79 1.74 MGM Resorts MGM 17.65 1.75 SchwabUS Div SCHD 51.61 1.77 –10.9 Credicorp BAP 136.26 3.75 GeneralMills GIS 59.92 -0.04 ableBanking, a division of Northeast Bank 1.25 First Internet Bank of Indiana 0.91 Baidu BIDU 108.36 5.04 MKS Instrum MKSI 104.29 4.75 SchwabUS LC SCHX 71.58 1.30 –6.8 CreditAcceptance CACC 352.96 18.12 GeneralMotors GM 27.40 1.42 R S (877) 505-1933 (888) 873-3424 BakerHughes BKR 16.01 0.89 s Genmab GMAB 30.52 1.22 MPLX MPLX 19.57 -0.15 SchwabUS LC Grw SCHG 96.06 0.36 3.4 CreditSuisse CS 8.77 0.51 Ball BLL 66.54 2.03 Genpact G 35.33 1.49 MSCI MSCI 326.17-11.80 RELX RELX 23.20 0.23 Schwab US TIPs SCHP 59.18 –0.35 4.5 Cree CREE 55.17 3.44 One-month CD One-year CD BancoBilbaoViz BBVA 3.09 0.27 Gentex GNTX 26.28 0.75 MagellanMid MMP 44.88 0.52 RPM RPM 71.60 1.82 SPDR DJIA Tr DIA 250.25 2.19 –12.2 CrowdStrike CRWD 79.35 -2.87 SPDR S&PMdCpTr MDY 319.85 3.50 –14.8 VirtualBank 0.65 Comenity Direct 1.35 BancoBradesco BBDO 3.28 0.24 GenuineParts GPC 82.34 5.12 MagnaIntl MGA 40.80 1.30 RalphLauren RL 81.37 8.53 CrownCastle CCI 159.59 3.39 SPDR S&P 500 SPY 299.08 1.23 –7.1 BancodeChile BCH 16.88 0.32 GileadSciences GILD 73.18 -0.16 ManhattanAssoc MANH 82.39 4.30 RaymondJames RJF 70.34 5.13 (877) 998-2265 (833) 755-4354 CrownHoldings CCK 64.84 2.76 SPDR S&P Div SDY 89.88 3.58 –16.4 BancSanBrasil BSBR 4.73 0.23 GSK GSK 40.75 -0.14 ManulifeFin MFC 12.51 1.15 RaytheonTech RTX 64.47 4.47 Presidential Bank, FSB 0.10 Goldman Sachs Bank USA 1.35 CubeSmart CUBE 26.77 1.23 TechSelectSector XLK 96.39 –0.10 5.1 BcoSantChile BSAC 16.38 0.48 GlobalPayments GPN 177.43 0.68 MarathonPetrol MPC 36.83 1.26 RealPage RP 65.42 -0.60 (800) 383-6266 (855) 730-7283 Cummins CMI 167.11 12.07 UtilitiesSelSector XLU 56.85 0.66 –12.0 BancoSantander SAN 2.23 0.15 s Globant GLOB 142.11 5.11 Markel MKL 918.99 50.14 RealtyIncome O 55.49 3.34 CyrusOne CONE 71.77 -0.54 VanEckGoldMiner GDX 34.08 –4.14 16.4 USAA Federal Savings Bank 0.05 Live Oak Bank 1.35 BankofAmerica BAC 24.28 1.62 GlobeLifeGL 76.83 4.29 MarketAxess MKTX 470.51-11.81 ReataPharm RETA 157.76 -2.24 VangdInfoTech VGT 256.90 0.07 4.9 BankofMontreal BMO (800) 531-8722 (866) 518-0286 50.74 4.84 D E F GlobusMedical GMED 54.61 -0.50 Marriott MAR 94.92 3.87 RegencyCtrs REG 45.12 3.86 VangdSC Val VBR 105.15 4.24 –23.3 BankNY Mellon BK 36.89 2.39 GoDaddy GDDY 75.24 -0.42 Marsh&McLen MMC 105.75 1.25 RegenPharm REGN545.21-24.70 VangdSC Grwth VBK 190.88 1.27 –3.9 Two-month CD Two-year CD BkNovaScotia BNS 40.45 3.91 DISH Network DISH 30.88 1.32 GoldFields GFI MartinMarietta MLM 188.99 9.30 7.55 -0.36 RegionsFin RF 10.96 1.01 VangdDivApp VIG 115.16 1.31 –7.6 VirtualBank 0.65 CIT Bank 1.45 Barclays BCS 5.44 0.41 DTE Energy DTE 105.35 3.23 GoldmanSachs GS 196.06 16.13 s MarvellTech MRVL 30.40 0.27 ReinsGrp RGA 94.38 4.38 VangdFTSEDevMk VEA 37.08 2.97 –15.8 BarrickGold GOLD 24.73 -1.59 Danaher DHR 158.58 0.32 Graco GGG 47.58 1.71 Masco MAS 46.79 1.97 RelianceSteel RS 94.14 2.68 VangdFTSE EM VWO 36.92 2.21 –17.0 (877) 998-2265 (855) 462-2652 BauschHealth BHC 18.15 0.39 Darden DRI 78.47 2.84 Grainger GWW 305.76 12.85 Masimo MASI 235.12-11.56 RenaissanceRe RNR 168.86 -2.11 VangdFTSE Europe VGK 47.63 2.70 –18.7 Presidential Bank, FSB 0.10 Comenity Direct 1.40 BaxterIntl BAX 85.51 -1.42 s Datadog DDOG 71.00 -2.04 Grifols GRFS 20.10 -0.51 Mastercard MA 303.33 8.42 Repligen RGEN 133.35 -6.16 VangdFTSEAWxUS VEU 45.14 2.78 –16.0 (800) 383-6266 (833) 755-4354 BectonDicknsn BDX 233.14 -6.11 DaVita DVA 78.02 1.21 GrubHub GRUB 57.27 -0.08 MatchGroup MTCH 85.49 0.56 RepublicSvcs RSG 82.77 1.65 VangdGrowth VUG 189.82 0.24 4.2 Applied Bank 0.05 First Internet Bank of Indiana 1.36 DeckersOutdoor DECK 180.05 0.81 VangdHlthCr VHT 190.55 –0.25 –0.6 BeiGene BGNE 163.90 4.78 GpoAvalAcc AVAL 4.23 0.16 MaximIntProducts MXIM 58.21 2.09 ResMed RMD 160.48 -0.87 (800) 616-4605 (888) 873-3424 Berkley WRB 57.53 1.08 DeereDE148.03 7.32 GuardantHealth GH 89.04 -7.87 McCormickVtg MKC.V 172.00 -0.20 RestaurantBrands QSR 54.34 1.32 VangdHiDiv VYM 78.64 2.20 –16.1 BerkHathwy B BRK.B 180.34 5.41 DellTechC DELL 44.46 1.39 Guidewire GWRE 99.54 -1.34 McCormick MKC 171.03 -0.84 RexfordIndlRealty REXR 39.88 1.11 VangdIntermBd BIV 92.00 0.15 5.5 Three-month CD Five-year CD BerkHathwy A BRK.A 2703307236.00 DeltaAir DAL 25.65 2.96 HCA Healthcare HCA 109.07 2.38 McDonalds MCD 184.84 0.43 ReynoldsCnsmr REYN 33.59 -0.04 VangdIntrCorpBd VCIT 92.62 0.27 1.4 VangdLC VV 138.21 –6.5 VirtualBank 0.65 First Internet Bank of Indiana 1.57 BerryGlobal BERY 43.30 2.58 DentsplySirona XRAY 45.33 3.09 HDFC Bank HDB 37.60 0.88 McKesson MCK 149.19 -0.23 RingCentral RNG 251.10-10.43 1.18 VangdMC VO 158.16 2.14 –11.2 BestBuy BBY 79.47 2.55 DeutscheBank DB 8.21 0.89 HD Supply HDS 31.62 1.15 MedicalProp MPW 18.36 0.89 RioTinto RIO 51.46 -0.66 (877) 998-2265 (888) 873-3424 VangdMBS VMBS 54.56 0.06 2.6 BeyondMeat BYND 132.87 -3.93 DexCom DXCM 381.79-23.46 HP HPQ 17.06 0.06 Medtronic MDT 97.15 2.43 RobertHalf RHI 50.57 3.16 Ally Bank 0.50 Connexus Credit Union 1.56 VangdRealEst VNQ 76.32 3.74 –17.7 Bilibili BILI 33.13 0.09 Diageo DEO 141.33 2.66 HSBC HSBC 23.81 0.84 MelcoResorts MLCO 15.64 1.33 s Rockwell ROK 215.90 13.71 VangdS&P500ETF VOO 275.04 1.29 –7.0 (877) 247-2559 (800) 845-5025 Haemonetic HAE 108.01 -0.13 s MercadoLibre MELI 834.17 -7.14 RogersComm B RCI 40.96 1.72 Bill.com BILL 64.37 -2.20 DiamondbkEner FANG 44.90 1.96 VangdST Bond BSV 82.86 0.02 2.8 First Internet Bank of Indiana 0.50 Citizens Access 1.50 Halliburton HAL 11.87 0.28 Merck MRK Bio-Techne TECH 260.65 -5.75 DigitalRealty DLR 138.34 2.53 77.26 0.89 Roku ROKU 107.59 -0.92 VangdSTCpBd VCSH 81.74 0.06 0.9 (888) 873-3424 (888) 201-6505 s Bio-RadLab A BIO 481.15 8.70 DiscoverFinSvcs DFS 44.08 3.61 HartfordFinl HIG 38.61 1.62 MetLifeMET 36.10 2.76 Rollins ROL 38.99 0.26 VangdShortTermTrea VGSH 62.24 –0.02 2.3 Biogen BIIB 295.87 -8.66 DiscoveryB DISCB 37.65 0.40 HasbroHAS 72.56 5.87 MettlerToledo MTD 766.00 17.69 RoperTech ROP 370.29 3.23 VangdSC VB 141.35 2.76 –14.7 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of s BioMarinPharm BMRN 103.74 6.23 DiscoveryA DISCA 21.92 1.63 HealthcareAmer HTA 27.13 0.48 MicrochipTech MCHP 93.85 6.04 RossStores ROST 94.60 0.72 VangdTotalBd BND 87.60 –0.06 4.5 compounding and rate stated for the lowest required opening deposit to earn interest. CD HealthpeakProp PEAK 25.54 0.99 RoyalBkCanada RY BioNTech BNTX 50.88 -0.15 DiscoveryC DISCK 19.79 1.43 MicronTech MU 45.80 0.86 63.78 4.91 VangdTotIntlBd BNDX 57.23 –0.23 1.1 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of BlackKnight BKI 74.38 -0.17 Disney DIS 120.95 2.93 Heico A HEI.A 81.40 4.20 Microsoft MSFT 181.57 -1.94 RoyalBkScotland RBS 2.85 0.24 VangdTotIntlStk VXUS 46.71 2.77 –16.1 BlackRock BLK 523.63 10.33 DocuSign DOCU 128.95 -4.05 HeicoHEI 99.62 5.63 MidAmApt MAA 116.80 2.52 RoyalCaribbean RCL 49.56 6.42 VangdTotalStk VTI 151.34 1.39 –7.5 which may be checks. Rates are subject to change. Blackstone BX 56.21 2.26 DolbyLab DLB 60.66 1.90 HenrySchein HSIC 59.57 2.86 MitsubishiUFJ MUFG 4.04 0.18 RoyalDutchA RDS.A 32.69 0.45 VangdTotlWrld VT 71.75 1.90 –11.4 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 Boeing BA 144.73 7.20 DollarGeneral DG 180.36 1.38 Herbalife HLF 42.50 0.85 MizuhoFin MFG 2.36 0.13 RoyalDutchB RDS.B 30.94 0.60 VangdValue VTV 99.59 2.49 –16.9 Internet: www.bankrate.com

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fidelity OTC 13.48 +0.04 5.4 DevMktY 38.06 +0.94-16.5 TotRt 10.70 ... 4.6 CapOpAdml r143.26 +2.50 -9.2 WdsrllAdml 56.42 +1.18-12.7 WndsrII 31.79 +0.66-12.7 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. 500IdxInstPrem103.99 +1.26 -6.6 Puritn 22.57 +0.04 -0.4 JPMorgan I Class PIMCO Funds A DivAppIdxAdm 31.24 +0.39 -7.2 WellsIAdml 64.77 +0.51 -1.3 VANGUARD INDEX FDS e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese Contrafund K6 14.88 -0.04 2.9 SAIUSQtyIdx 14.49 +0.10 -1.3 CoreBond 12.24 -0.01 NA IncomeFd 11.30 +0.06 NA EMAdmr 30.65 +0.55-16.9 WelltnAdml 70.17 +0.52 -5.6 SmValAdml 45.16 +1.85-23.0 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, ExtMktIdxInstPre 57.20 +1.31-10.4 SrsEmrgMkt 17.39 +0.44-15.7 EqInc 16.35 +0.37 NA PIMCO Funds I2 EqIncAdml 67.58 +1.44-14.3 WndsrAdml 60.10 +2.19-16.9 TotBd2 11.44 -0.01 4.9 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r IntlIdxInstPrem 36.37 +1.11-15.3 SrsGlobal 11.11 +0.31-15.6 JPMorgan R Class Income 11.30 +0.06 NA ExplrAdml 90.72 +1.63 -6.7 VANGUARD FDS TotIntl 14.99 +0.40-15.9 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not MidCpInxInstPrem 20.71 +0.49-12.4 SrsGroCoRetail 20.28 -0.18 14.3 CoreBond 12.26 -0.01 NA PIMCO Funds Instl ExtndAdml 85.60 +1.96-10.3 DivdGro 28.05 +0.42 -8.1 TotSt 73.61 +1.01 -7.2 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; SAIUSLgCpIndxFd 16.12 +0.19 -6.8 SrsIntlGrw 16.27 +0.35 -7.1 CorePlusBd 8.63 ... NA IncomeFd 11.30 +0.06 NA GNMAAdml 10.82 -0.01 3.5 INSTTRF2020 23.29 +0.22 -3.4 VANGUARD INSTL FDS data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. SeriesOverseas 9.78 +0.23 -9.3 SrsIntlVal 7.86 +0.26-20.6 Lord Abbett A Price Funds GrwthAdml 97.68 +0.21 4.4 INSTTRF2025 23.58 +0.26 -4.7 BalInst 38.21 +0.30 -1.8 SmCpIdxInstPrem 17.67 +0.48-16.0 TotalBond 11.18 +0.02 3.6 ShtDurIncmA p 4.08 ... -1.8 BlChip 130.42 +0.02 NA HlthCareAdml r 86.59 +0.14 1.5 INSTTRF2030 23.67 +0.30 -5.8 DevMktsIndInst 11.94 +0.35-15.3 TMktIdxInstPrem 83.76 +1.16 -7.3 Fidelity SAI Lord Abbett F DivGro 48.65 +0.69 NA HYCorAdml r 5.58 +0.05 -4.4 INSTTRF2035 23.74 +0.33 -6.9 DevMktsInxInst 18.66 +0.55-15.3 Tuesday, May 26, 2020 USBdIdxInstPrem 12.46 -0.01 5.6 TotalBd 10.68 +0.02 2.9 ShtDurIncm 4.08 +0.01 -1.8 EqInc 25.34 +0.74 NA InfProAd 27.03 -0.07 4.5 INSTTRF2040 23.81 +0.37 -8.0 ExtndInst 85.59 +1.95-10.3 Net YTD Net YTD Net YTD Lord Abbett I IntlGrAdml 103.50 +2.32 0.7 GrwthInst 97.68 +0.21 4.4 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fidelity Advisor I First Eagle Funds EqIndex 79.68 +0.96 NA INSTTRF2045 23.81 +0.40 -9.1 NwInsghtI 31.88 +0.07 -2.5 GlbA 52.06 +0.77-10.2 ShtDurInc p 4.08 +0.01 -1.8 Growth 75.80 +0.31 NA ITBondAdml 12.42 ... 6.2 INSTTRF2050 23.84 +0.40 -9.1 InPrSeIn 11.01 -0.03 4.5 American Century Inv Baird Funds InstIdx 267.69 +3.25 -6.6 EmgMktVa 21.65 +0.31-24.5 Fidelity Freedom FPA Funds Metropolitan West HelSci 84.09 -0.57 NA ITIGradeAdml 10.32 +0.01 4.5 INSTTRF2055 23.94 +0.41 -9.0 Ultra 56.09 +0.05 7.5 AggBdInst 11.65 ... 4.8 EmMktCorEq 17.29 +0.30-20.4 LTGradeAdml 11.51 -0.04 7.2 InstPlus 267.71 +3.26 -6.6 FF2020 14.98 +0.17 -4.7 FPACres 29.79 +0.68-11.9 TotRetBd 11.40 ... 5.0 LgCapGow I 46.22 +0.05 NA IntlVal 30.36 +0.79-19.1 American Funds Cl A CorBdInst 11.91 ... 3.9 IntlCoreEq 11.29 +0.36-18.1 MidCpAdml 195.86 +4.13-10.8 InstTStPlus 63.00 +0.86 -7.2 FF2025 13.18 +0.16 -5.6 Franklin A1 TotRetBdI 11.39 -0.01 5.1 MidCap 89.75 +1.46 NA LifeCon 20.59 +0.15 -1.6 AmcpA p 32.70 +0.26 -2.6 BlackRock Funds IntSmCo 15.35 +0.49-18.8 MuHYAdml 11.29 +0.01 -2.5 MidCpInst 43.27 +0.92-10.8 FF2030 16.13 +0.23 -6.9 CA TF A1 p 7.58 ... 0.3 TRBdPlan 10.72 ... 5.1 NHoriz 66.19 -0.10 NA LifeGro 33.41 +0.50 -7.6 AMutlA p 38.93 +0.49-10.0 HiYldBd Inst 7.11 +0.06 NA IntSmVa 14.68 +0.48-24.1 MuIntAdml 14.50 +0.01 1.2 MidCpIstPl 213.39 +4.50-10.8 Freedom2020 K 14.96 +0.16 -4.8 IncomeA1 p 2.05 +0.03 NA MFS Funds Class I R2020 NA ... NA LifeMod 27.53 +0.30 -4.6 BalA p 27.40 +0.22 -3.5 BlackRock Funds A LgCo 23.00 +0.28 -6.7 MuLTAdml 11.84 +0.01 0.7 SmCapInst 67.70 +1.77-14.4 Freedom2025 K 13.16 +0.16 -5.6 FrankTemp/Frank Adv ValueI 38.26 +0.87-13.9 R2025 NA ... NA PrmcpCor 24.08 +0.42-13.8 BondA p 13.85 ... 6.8 GlblAlloc p 18.63 +0.17 -3.9 TAUSCoreEq2 17.68 +0.38-11.9 MuLtdAdml 11.11 +0.01 1.0 STIGradeInst 10.82 +0.01 1.9 Freedom2030 K 16.11 +0.22 -6.8 IncomeAdv 2.03 +0.02 NA MFS Funds Instl R2030 NA ... NA STAR 26.62 +0.30 -2.6 CapIBA p 56.19 +0.80-10.4 BlackRock Funds Inst US CoreEq1 23.01 +0.44-10.8 MuShtAdml 15.89 +0.01 0.9 STIPSIxins 24.95 +0.02 1.0 Freedom2035 K 13.33 +0.23 -8.8 FrankTemp/Franklin A IntlEq 24.11 +0.67-13.5 R2035 NA ... NA CapWGrA 46.60 +0.73-10.4 MultiAstIncome 10.24 +0.06 -5.0 US CoreEq2 20.76 +0.45-11.9 PrmcpAdml r128.20 +1.58-11.1 TgtRe2015 14.94 +0.09 -1.6 TotBdInst 11.52 -0.01 5.3 Freedom2040 K 9.24 +0.17 -9.9 Growth A p 111.37 +0.83 NA Northern Funds R2040 NA ... NA EupacA p 49.24 +1.39-11.5 StratIncOpptyIns 9.69 +0.02 NA US Small 28.24 +1.02-19.1 RealEstatAdml108.24 +3.93-17.1 TgtRe2020 31.41 +0.29 -3.4 TotBdInst2 11.44 -0.01 4.9 Fidelity Invest RisDv A p 63.89 +0.85 NA StkIdx 34.38 +0.41 -6.7 PRIMECAP Odyssey Fds FdInvA p 56.05 +0.66 -9.3 Bridge Builder Trust US SmCpVal 25.00 +1.17-27.2 SmCapAdml 67.70 +1.77-14.4 TgtRe2025 18.91 +0.21 -4.7 TotBdInstPl 11.52 -0.01 5.3 FrankTemp/Franklin C Oakmark Funds Invest Growth r 36.46 +0.67-10.9 GwthA p 51.91 +0.11 1.5 CoreBond 10.77 -0.01 4.4 USLgVa 30.57 +0.98-20.4 AMgr50% 18.03 +0.16 -3.0 SmGthAdml 67.08 +0.80 -3.8 TgtRe2030 34.34 +0.43 -5.8 TotIntBdIdxInst 34.35 -0.06 1.5 Income C t 2.08 +0.03 NA OakmrkInt 17.72 +1.02-29.0 Schwab Funds HI TrA p 9.11 +0.09 -7.3 CorePlusBond 10.39 +0.01 3.3 Dodge & Cox Balanc 24.00 +0.22 -1.9 STBondAdml 10.85 ... 3.5 TgtRe2035 20.97 +0.30 -6.9 TotIntlInstIdx r100.30 +2.68-15.8 FrankTemp/Temp Adv Old Westbury Fds 1000 Inv r 66.42 +0.85 -6.6 ICAA p 36.66 +0.35 -6.9 Intl Eq 10.38 +0.23-13.4 Balanced 88.74 +2.26-11.0 BluCh 117.10 -0.10 8.7 STIGradeAdml 10.82 +0.01 1.9 TgtRe2040 36.00 +0.56 -8.0 TotItlInstPlId r100.32 +2.68-15.8 GlBondAdv p 10.00 -0.03 NA LrgCpStr 13.60 +0.18 -9.8 S&P Sel 46.11 +0.56 -6.6 IncoA p 20.71 +0.31-10.1 LargeCapValue 11.61 +0.33-14.8 Income 14.38 +0.02 3.5 Contra 14.10 -0.05 3.5 TotBdAdml 11.52 -0.01 5.3 TgtRe2045 22.48 +0.39 -9.0 TotStInst 73.65 +1.01 -7.1 Guggenheim Funds Tru Parnassus Fds IntBdA p 14.05 +0.01 5.1 ClearBridge Intl Stk 33.32 +1.08-23.6 ContraK 14.13 -0.04 3.6 TSM Sel r 51.89 +0.72 -7.3 TotIntBdIdxAdm 22.89 -0.04 1.5 TgtRe2050 36.19 +0.61 -9.0 ValueInst 38.86 +0.94-16.2 ParnEqFd 43.75 +0.51 -6.7 N PerA p 45.05 +0.48 -4.7 LargeCapGrowthI 55.48 +0.27 NA Stock 157.06 +5.49-17.3 CpInc r 9.27 +0.10 -8.0 TotRtnBdFdClInst 28.51 +0.02 6.2 TIAA/CREF Funds TotIntlAdmIdx r 25.08 +0.67-15.8 TgtRet2055 39.29 +0.66 -9.0 WCM Focus Funds PGIM Funds Cl Z NEcoA p 44.91 +0.38 -1.8 Columbia Class I DoubleLine Funds GroCo 24.16 -0.22 13.1 Harbor Funds BdIdxInst 11.58 -0.01 5.3 TotStAdml 73.64 +1.01 -7.1 TgtRetInc 13.90 +0.07 -0.7 WCMFocIntlGrwIns 18.35 +0.23 -3.0 TotalReturnBond 14.42 +0.01 NA NwWrldA 63.05 +1.40-10.6 DivIncom I 21.64 +0.32-10.9 CoreFxdIncmI NA ... 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THE WALL STREET JOURNAL. ** We dnesday, May 27, 2020 | B11 MARKETS

Share-priceperformanceofairlines sinceMay 11 UNITED STATES Yuan RateLowest Since2008 United Airlines 23.2% BY J OANNE CHIU Howmanyoffshoreyuan $1 buys Aidan Yao, senior emerging Delta Air Asia economist at AXAInvest- Lines 16.5 China set areferencerate 6.20 yuan ment Managers, said the yuan American forthe yuan at itsweakest would remain volatile.Hesaid 10.3 U.S. says it plans tariffson China letsyuan weaken Airlines point in 12 years, asignal that China’s growth this year was 6.40 $50billion of Chinese goods, pastkey 7-per-dollar level Beijing sees the benefitsofa likely to exceed downbeat an early salvointrade war. EUROPE weaker currencyasitgrapples U.S. and China sign market expectations, but that with an economic slowdown 6.60 "PhaseOne" trade deal wasn’t the only factor driving easyJet 33.0% and rising tensions with the yuan. International Washington. “There’satug of warbe- Consolidated 26.4 On Tuesday, the People’s 6.80 tween the geopolitical force Airlines BankofChina set adaily mid- and the fundamental economic point forthe yuan at 7. 1293 force, and that really makes Lufthansa 20.9 perdollar,the lowest level 7.00 forecasting the currencyvery sinceFebruary2008.The cen- difficult,” he said. Source:FactSet tral bank letsthe onshore Just this month, theTrump yuan trade in aband around 7.20 administration blacklisted doz- this fix, which it setsbased ens of Chinese companies and partly on previous market institutions andoutlined new Airline StocksRise 7.40 prices.The currencyalso export restrictions to cut Chi- trades in less tightly con- 2018 2019 2020 nese telecommunications giant trolledoffshoremarketsin HuaweiTechnologies Co. off Note:Scale inverted to showthe weaknessofthe yuan. On Signs of More Hong Kong and elsewhere. Source:TullettPrebon from overseas suppliers. Theyuan weakened through AChinese plan to impose much of 2018 and 2019 as U.S.- which is also known as the ren- vestorsexpect tensions be- newnational-securitylawson Government Aid China trade tensions built. It minbi, fairly steady.Last week tween the two nations on trade Hong Kong could also trigger brokebelow7yuan per dollar Premier Li Keqiang said: “We and technological supremacy further U.S. measures. in August,prompting President will keep the renminbi ex- to escalatefurther.Ms. Pang Bhaskar Laxminarayan, Trump to accuse Beijing of ma- changerategenerally stable at said the yuan could fall to as chief investment officer for BY ANNA ISAAC said Mondaythat they had nipulating itscurrency. But an adaptive,balanced level.” lowas7.30adollar by the end Asia at Bank Julius Baer, said agreed on a€9billion ($9.81 then it rallied intoJanuary However, economistsand of the year if therewas afull- the yuan waslikely to Global airline stocks rallied billion) bailout deal. If the 2020,when the world’stwo analystssaid three consecutive blowntrade and tech waror strengthen in the long term following signs of moregov- packageisapproved, Lufthansa largest economies signed apar- weaker fixingssuggested little remain closer to 7.05 adollar if sinceChina remained akey ernmentsupport forthe avia- will join other European air- tial trade deal. appetitetodefend recent yuan that didn’t occur. engine of global growth and tion sector andthe loosening lines including Air France On Tuesdayafternoon in levels amid growing frictions Kevin Lai, chief economist foreign investors would want of travel restrictions in some KLM and easyJet PLC in re- Hong Kong,the Chinese cur- with theU.S. forAsia excluding Japan at to hold more of the currency, countries. ceiving financial support from rencytraded at 7. 1321 per dol- Iris Pang,chief economist DaiwaCapital Markets, said as well as Chinese bonds and Shares in Southwest Air- governments. lar onshoreand 7. 1448 adollar forGreater ChinaatING Bank China wasunder pressureto stocks. lines Co., DeltaAir Lines Inc., Formonths,strict travel re- offshore. NV in Hong Kong,said the weaken itscurrencyand he ex- “The need to have the yuan United Airlines Holdings Inc. strictions intended to tryto Chinese leadershavesaid yuan wasfalling against a pected it to reach 7.60 per dol- in your portfolio is not going to and American Airlines Group contain the spread of the novel they want to hold the currency, strong dollar and because in- larbythe end of 2020. go away,” he said. Inc.each rose morethan 10% coronavirus have seen the Tuesday. In Eu- world’slargest airlines ground ABREAST OF rope,British large partsoftheir fleets and THE MARKET Airways’par- layoff or furlough swaths of ent Interna- their workforces. Now, signs tional ConsolidatedAirlines that bordersmight be loosened Group SA rose almost 20% in to allowsome tourism and London. businesstravel, along with fi- U.S. airline stocks have nancial support from govern- soared sincemid-Mayonsigns ments, areoffering tentative that people have cautiously hope forthe sector. startedtobook flightsagain Spain on Mondaysaid it andare reviving leisure-travel plans to liftatwo-week quar- plansfor the summer.Finan- antine on foreign visitorsfrom cial support from governments July 1, amovethat is likely to forbeleaguered carrierslike encouragetouriststovisit the Germany’s Deutsche Luf- countryoverthe summer.That thansa AG and easing of travel came afterGermanysaid last restrictions in Europe and week that itsborder controls partsofAsia have further would be liftedJune 15. buoyedsentiment. “Itwould be hardtoargue “Opening up is coming more that trafficisgoing to come quickly than anticipated by back and normalizeinthe next

some investors,” said Seema few months,but thereare S

Shah,chief strategist forPrin- signs that we maybepast the PRES cipal Global Investors. Still, worst,” said Adrian Yanoshik, TED “the sector looks cheap,but it’s an analyst covering U.S. and OCIA

cheap forareason.” European airlines at Berenberg SS German travel operator TUI Bank. “Thesecompanies are /A AS

AG plans to resume overseas pretty distressed, so anything RG

flightsand holidays by the end that improves their short-term VA of June,Chief ExecutiveOfficer solvencyisgoing to be read TO

Fritz Joussen said in an inter- positively.” ERNES viewwith the Rheinische Post Daily passenger figuresfrom The gains come as many drivers return to roads and avoid public transit to stop the spread of the coronavirus. An oil refinery in Venezuela. over theweekend. Itsshares the Transportation Security soared 39% in London on Tues- Administration have shown an day, leading gains among Euro- uptick in the number of travel- Crude Rallies on Economic Optimism pean stocks. ersatU.S.airportsfromthe Lufthansa rallied 6.8%, ex- lows hit in April, marking yet tending itstwo-daygain to al- another encouraging sign for BY AMRITH RAMKUMAR to stop the spread of the coro- coming to abalancesoon” with Producersare nowslashing most 15%, afterthe German investors, analystssaid. navirus.Morestatesand coun- supply expected to match de- supply,with Saudi Arabia government and the carrier Last week,some of the big- Oil prices climbed Tuesday, tries areexpected to relax lock- mand, Bjørnar Tonhaugen,head pledging to cut production to gest U.S. carrierssaid that rising alongside stocks with downs in the weeks ahead, of oil marketsatconsulting itslowest level since2002 next bookingshad begun to trickle morestatesand countries eas- fueling optimism about acon- firm RystadEnergy,said in a month. Investorsare looking AUCTION RESULTS in,and cancellations have ing lockdown measures and tinued recovery in demand. note. ahead to aJune meeting of the Here are the results of Tuesday's Treasury auctions. All bids are awarded at a single price at the market- slowed. United Airlines said it boosting demand forfuel. Hopes forthe development Brent crude futures,the Organization of the Petroleum clearing yield. Rates are determined by the difference between that price and the face value. would restoresome capacity in U.S. crude futures fordeliv- of avaccine arealso boosting global gaugeofoil prices,ad- Exporting Countries and allies July,while Southwest said its eryinJuly advanced 3.3% to oiland other investmentslike vanced 1.8% to $36.17abarrel like Russiatogaugehow long 13-Week 26-Week flightsare carrying morepeo- $34.35 abar- stocks. Novavax Inc.onMon- Tuesday. supply cutsmight last. If prices Applications $186,381,060,200 $166,306,359,300 Accepted bids $68,171,795,700 $58,433,310,200 ple than it had previouslyan- COMMODITIES rel, continuing daysaid it started the firsthu- Adding to the optimism: continue rising,analystsexpect " noncomp $714,240,100 $419,638,200 ticipated.Despitethe uptick, arecent re- man study of itsexperimental Russian Energy Minister Alex- producerstorespond by gradu- " foreign noncomp $1,000,000,000 $1,000,000,000 Auction price (rate) 99.967139 99.918667 demand is stillafraction of covery.Prices have rebounded vaccine.Other companies such ander Novak said during are- ally increasing output. (0.130%) (0.160%) what it typically would be. from acollapse in March and as Pfizer Inc.and Moderna cent videoconferencethat the Elsewhereincommodities 0.132% 0.162% Bids at clearing yield accepted 80.97% 63.35% “Airlines will survive, they April that sent front-month fu- Inc.haveeffortsinhuman test- energy ministryexpectshigher Tuesday, most-actively traded 912796XG9 9127963B3 will recover, but it will take tures below$0for the first ing,prompting betsthat suc- demand to balancethe market copper futures forJuly delivery Both issues are dated May 28, 2020. The 13-week bills some time.They will burn alot time ever on April 20.The neg- cessfuldevelopment will allow in the next few months.Russia rose 1.3% to $2.4185 apound. mature on Aug. 27, 2020; the 26-week bills mature on Nov. 27, 2020. of cash in this crisis,” said ative pricing meant holdersof lifetoreturn to normal more is part of ahistoric deal Hopes foraquick economic re- TWO-YEAR NOTES MalteSchulz,ananalyst cover- the futures had to paybuyers quicklythan expected. reached last month through bound have also liftedthe in- Applications $122,668,753,200 ing industrials and airlines at to take the contractsdue to a Signs of arecoveryinoil de- which manylarge producers dustrial metal recently,ashave Accepted bids $48,619,273,200 Commerzbank Research. “For lack of available storage. mand also come with supply arelowering supply. datapointsshowing apickup in " noncompetitively $110,029,400 " foreign noncompetitively $100,000,000 investors, the main focus will Aglobal glut of crude has plunging.Companies around Earlier in the year,aproduc- Chinese manufacturing activity. Auction price (rate) 99.894379 be on their financial strength, eased in recent weeks,support- the world have responded to tion feud between Russia and China is the world’slargest (0.178%) Interest rate 0.125% their rate of cash burn and ing prices.The recovery comes ultralowprices by shutting in Saudi Arabia raised global out- commodity consumer,and Bids at clearing yield accepted 18.84% what flying looks likewhen we with driversinmuch of the productivewells and curtailing put as demand crashed, causing growth thereisreturning to Cusip number 912828ZR4 getback to lifewithout lock- world returning to roads and output, lifting crude prices. the oil-priceslide.U.S.crude normal afteranearly-year The notes, dated June 1, 2020, mature on May 31, 2022. down rules.” avoiding public transportation “The oil market is finally startedthe year above$60. shutdown.

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % Cash Prices | wsj.com/market-data/commodities Tuesday, May 26, 2020 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg

NICE NICE 186.08 1.2 Smartsheet SMAR 58.30 -0.1 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE Neurocrine NBIX 128.29 -4.7 SocialCapHedIII IPOB.U 10.75 ... American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low separate from the futures price on an exchange, which reflects what the commodity might be worth in future in the latest session. %CHG-Daily percentage change from the previous trading session. NiuTech NIU 10.84 4.0 SpartanNash SPTN 21.36 13.1 months. NovaMeasuring NVMI 49.06 1.1 Splunk SPLK 186.47 -1.7 Tuesday Tuesday Tuesday Tuesday, May 26, 2020 Novanta NOVT 102.22 1.3 SportsmansWrhs SPWH 10.36 4.1 Aluminum, LME, $ per metric ton *n.a. Wheat - Hard - KC (USDA) $ per bu-u 4.5975 52-Wk % 52-Wk % 52-Wk % NVIDIA NVDA 367.27 -3.4 StifelFinlPfdC SFpC 26.73 1.8 Energy Wheat,No.1soft white,Portld,OR-u Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg OceanFirstPfdA OCFCP 25.50 0.9 StrongbridgeBio SBBP 3.89 1.6 Copper,Comex spot 2.4385 6.0250 Okta 196.90 -4.3 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.650 Iron Ore, 62% Fe CFR China-s 94.6 ChannelAdvisor ECOM 14.03 2.6 HorizonTherap HZNP 50.32 -0.5 OKTA SunOpta STKL 4.30 8.6 Food OldDomFreight ODFL 164.91 3.4 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.500 Shredded Scrap, US Midwest-s,m 261 Highs ChemoCentryx CCXI 61.25 -1.8 iClickInteract ICLK 5.69 1.5 Switch SWCH 19.56 -2.5 Steel, HRC USA, FOB Midwest Mill-s 492 Beef,carcass equiv. index ChinaJoJoDrug CJJD 3.36 3.2 1-800-FLOWERS FLWS 25.51 -7.4 Synopsys SNPS 172.70 -1.5 ADC Therap ADCT 37.33 3.1 Immunomedics IMMU 35.47 -1.1 Metals choice 1-3,600-900 lbs.-u 276.54 Chipotle CMG 1087.00 -3.7 OvidTherap OVID 7.21 14.4 TG Therap TGTX 22.28 -6.5 AMCIAcqnWt AMCIW 0.48 17.5 ImmunovantUn IMVTU 28.60 30.9 Fibers and Textiles select 1-3,600-900 lbs.-u 254.91 Ciena CIEN 54.76 2.1 PDL Biopharm PDLI 3.41 0.5 Tradeweb TW 64.96 1.2 Gold, per troy oz Adobe ADBE 391.27 -2.2 Innodata INOD 1.61 -4.2 Broilers, National comp wtd. avg.-u,w 0.7745 Cognex CGNX 63.99 1.5 PJT Partners PJT 54.57 4.1 Trex TREX 132.84 0.2 Engelhard industrial 1722.00 Burlap,10-oz,40-inch NY yd-n,w 0.5700 AegleaBioTherap AGLE 9.29 1.9 Inphi IPHI 124.10 2.3 Butter,AA Chicago 1.5800 CorbusPharm CRBP 8.66 -0.6 PassageBio PASG 26.00 -0.5 Twilio TWLO 209.94 -5.9 Handy & Harman base 1720.25 Cotton,1 1/16 std lw-mdMphs-u 0.5548 AlaskaCommSys ALSK 2.75 1.7 IntelliaTherap NTLA 21.63 -9.0 Cheddar cheese,bbl,Chicago 191.00 CoupaSoftware COUP 230.87 -4.3 PayPal PYPL 154.55 -2.6 VeevaSystems VEEV 206.90 -3.9 Handy & Harman fabricated 1909.48 Cotlook 'A' Index-t *Closed AllogeneTherap ALLO 55.00 -8.7 IovanceBiotherap IOVA 41.49 -8.8 Cheddar cheese,blk,Chicago Pinduoduo 69.69 -5.5 196.25 CueBiopharma CUE 31.69 -3.8 PDD WABCO WBC 136.50 0.1 LBMA Gold Price AM *Closed Hides,hvy native steers piece fob-u n.a. Altimmune ALT 10.68 21.2 KalaPharm KALA 13.55 -3.1 Milk,Nonfat dry,Chicago lb. 1.03 Pool POOL 248.00 1.9 CyberOptics CYBE 32.54 4.5 WellsFargoPfdT WFCpT 26.08 0.8 LBMA Gold Price PM *Closed Wool,64s,staple,Terr del-u,w 3.17 AppFolio 156.67 11.6 KinsaleCapital KNSL 156.33 -1.1 Coffee,Brazilian,Comp 0.9959 APPF PowerIntegrations POWI 112.72 3.2 Krugerrand,wholesale-e DLH Holdings DLHC 7.42 9.6 WernerEnterprises WERN 45.82 -0.3 1773.82 Appian 64.72 0.6 Knight-Swift KNX 41.10 1.3 Grains and Feeds Coffee,Colombian, NY 1.5382 APPN PrevailTherap PRVL 19.96 -4.8 Maple Leaf-e Datadog DDOG 75.00 -2.8 Wix.com WIX 219.11 -2.5 1790.88 Arconic ARNC 15.78 1.6 LHC Group LHCG 170.46 -1.7 Eggs,large white,Chicago-u 0.7650 DraftKingsWt DKNGW 22.00 20.4 ProtaraTherap TARA 48.50 14.0 American Eagle-e 1790.88 Barley,top-quality Mnpls-u n.a. LatticeSemi LSCC 25.57 1.5 YunhongIntlWt ZGYHW 0.10 0.8 Flour,hard winter KC 14.20 arGEN-X ARGX 218.19 34.3 ProtoLabs PRLB 136.22 7.7 Mexican peso-e 2064.44 DraftKings DKNG 33.50 14.7 Zynga ZNGA 8.53 -3.5 Bran,wheat middlings, KC-u 75 AstaFunding ASFI 12.65 -0.2 Lazydays LAZY 6.74 8.1 Hams,17-20 lbs,Mid-US fob-u 0.43 EastStoneWt ESSCW 0.11 ... ProvidenceService PRSC 78.81 4.0 Austria crown-e 1674.83 Corn,No. 2 yellow,Cent IL-bp,u 3.0100 LibertyMediaRt LSXMR 8.44 14.2 Hogs,Iowa-So. Minnesota-u 65.21 AudioCodes AUDC 37.45 -2.5 PureAcqnWt PACQW 2.76 0.6 Austria phil-e 1790.88 eBay EBAY 44.28 -0.2 Lows Corn gluten feed,Midwest-u,w 107.8 Pork bellies,12-14 lb MidUS-u Avaya AVYA 15.61 -4.4 lululemon LULU 284.92 1.7 n.a. EnergyFocus EFOI 1.16 27.1 Qiagen QGEN 43.48 0.6 Silver, troy oz. Corn gluten meal,Midwest-u,w 412.9 Pork loins,13-19 lb MidUS-u 1.7889 AviatNetworks AVNW 16.20 8.0 Macom Tech MTSI 32.94 1.4 BlueRidgeBkshs BRBS 14.55 -0.5 Entegris ENTG 60.50 1.4 Qualys QLYS 117.54 4.7 Engelhard industrial 17.4000 Cottonseed meal-u,w 253 Steers,Tex.-Okla. Choice-u 110.00 BigLots BIG 36.07 10.9 MEI Pharma MEIP 3.77 -0.3 CentricBrands CTRC 0.20 -12.4 EvokePharma EVOK 2.79 9.7 Remark MARK 3.09 27.0 Handy & Harman base 17.1790 Hominy feed,Cent IL-u,w 105 Steers,feeder,Okla. City-u,w n.a. BioMarinPharm 109.51 6.4 MadrigalPharm MDGL 127.25 -4.9 FirstNatlVA FXNC 13.38 -3.7 BMRN Facebook FB 240.90 -1.2 Renren RENN 5.40 15.0 Handy & Harman fabricated 21.4740 Meat-bonemeal,50% pro Mnpls-u,w 268 MaidenHldgsPfdC MHpC 8.80 8.1 HertzGlobal 0.40 -80.5 Bio-RadLab A BIO 484.71 1.8 FateTherap FATE 37.24 -4.1 Repay RPAY 23.70 -4.3 HTZ LBMA spot price *Closed Oats,No.2 milling,Mnpls-u 3.5325 Fats and Oils BostonBeer SAM 537.61 1.6 MaidenHldg6.7%PfdD MHpD 9.10 1.0 LatamAirlines LTM 1.00 -34.9 ForumMergerIIWt FMCIW 1.72 11.8 Rockwell ROK 217.55 6.8 (U.S.$ equivalent) *Closed Rice, Long Grain Milled, No. 2 AR-u,w 28.75 Corn oil,crude wet/dry mill wtd. avg.-u,w 49.4500 BrighthousePfdB BHFAO 25.40 1.4 MaidenHldgsPfdA MHpA 10.37 2.5 LifeSciAcqnWt LSACW 0.50 -100.0 FreedomHolding FRHC 17.06 1.4 S&P Global SPGI 318.89 0.4 Coins,wholesale $1,000 face-a 15898 Sorghum,(Milo) No.2 Gulf-u 8.0625 Grease,choice white,Chicago-h 0.2500 MarvellTech MRVL 32.00 0.9 NescoWt NSCO.WS 0.09 -31.0 Bsquare BSQR 1.73 2.3 GAN GAN 16.48 6.8 SPS Commerce SPSC 66.83 3.8 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 285.40 Lard,Chicago-u n.a. Materialise 28.87 18.5 Calix CALX 12.94 1.1 Generac GNRC 119.85 3.1 MTLS Saia SAIA 110.86 6.4 RISE Education REDU 3.00 -8.6 LBMA Platinum Price PM *Closed Soybeans,No.1 yllw IL-bp,u 8.3300 Soybean oil,crude;Centl IL-u 0.2575 CampingWorld CWH 23.50 11.8 Genmab GMAB 31.02 4.2 MegalithFinAcqn MFAC 10.89 1.2 Schrodinger SDGR 75.60 -0.2 RandCapital RAND 10.76 -8.8 Platinum,Engelhard industrial 835.0 Wheat,Spring14%-pro Mnpls-u 6.4525 Tallow,bleach;Chicago-h 0.3400 CarrierGlobal CARR 20.60 2.4 GladstoneLand LAND 14.75 4.4 MercadoLibre MELI 864.05 -0.8 Sea SE 83.80 5.3 TimberPharm TMBR 2.68 -2.1 Palladium,Engelhard industrial 1949.0 Wheat,No.2 soft red,St.Louis-bp,u 5.2600 Tallow,edible,Chicago-u n.a. CastleBiosci CSTL 39.79 -2.5 Globant GLOB 145.45 3.7 MersanaTherap MRSN 11.11 8.7 SeresTherap MCRB 6.59 12.0 TuesdayMorning TUES 0.21 -15.4 Catalent CTLT 80.52 -2.6 GrowGeneration GRWG 6.97 -3.5 MinervaNeurosci NERV 15.22 2.9 ServiceNow NOW 396.15 -1.9 TwinDisc TWIN 4.84 -2.6 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; Celsion CLSN 3.65 -0.3 HarpoonTherap HARP 25.02 8.4 MongoDB MDB 225.84 -1.7 Shopify SHOP 844.00 -6.9 WinsFinance WINS 5.51 -22.4 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 5/25 CelsiusHldg CELH 10.43 2.8 HebronTech HEBT 20.19 7.6 MonsterBev MNST 70.65 0.4 SkySolar SKYS 4.60 28.7 YunhongIntlA ZGYH 9.75 -0.9 Source: Dow Jones Market Data P2JW148000-0-B01200-1------XA

B12 | We dnesday, May 27, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Meituan’s Rally Delivers Queasiness

China’s largest food-takeout company now has a market value of more than $100 billion

China’s largest takeout company said that as of mid-May, itsfood- has kept delivering for sharehold- deliveryordershad recoveredto ers despite disruptions from the 90% of the prepandemic level. coronavirus pandemic. Investors Itshigher-margin businesses, CK

TO now might want to check whether however, could take longer to re- the rally is overheated. cover. Unlikeits U.S. peersGrubhub Themarket value of Hong Kong- or DoorDash, which rely solely on SHUTTERS

A/ listed Meituan Dianping blewpast thelow-margin takeout business,

/EP $100 billion afterits stock rose 10% Meituan uses itsplatform to lureits Tuesday, cementing itsposition as customers intomoreprofitable busi-

WITTEK China’s third-most-valuable inter- nesses such as selling hotel rooms net company.Investorsseem hope- or flight tickets. Itsin-store, hotel NALD

RO fulthat the disruptions caused by and travel segment wasthe only The airline has long struggled with profitability, due to high labor costs and an oversaturated network. the coronavirus pandemic will be businessthat reported an operating short-lived. Thecompany, which profit last quarter,though margins runs asuper-app providing services thereslipped, too. Hotel rooms on including ordering takeout and itsplatform catermoretodomestic Bailout Is Mixed Blessing booking flights, slipped intolosses travel, which has recoveredfaster last quarter,after reporting three than international.Nonethelessas straight quartersofprofit, accord- of May, hotel-room bookingsonits ing to resultsannounced Monday. platform had reached around 70%of Berlin wants to protect Lufthansa’s broad domestic network Meituan’srevenue also slid 13% the level beforethe pandemic. from ayear earlier in the first Meituan might become profitable quarter.The resultsare betterthan again onceits revenue resumes Lufthansa has gotten most of beforeinterest, taxes, depreciation Though difficult, the airline could analysts’ expectations,and Meituan growing.But even if the pandemic is what it wanted from the German and amortization—slipped back in have tried to streamline itsfoot- indicated that itsbusinesses are no longer aconcern, the economic government. Forinvestors, that is 2018 and 2019 and were lowerthan print in Germany, rather than pro- bouncing back nicely this month. downturn could weigh on discre- both arelief and aproblem. itscompetitors’.Italso had a tecting itsbusiness at all costs from Meituan’sfood-deliveryrevenue tionaryspending foralong time. On Monday, Berlin approved a€9 smaller cash buffer to facethe newcomers. With Berlin’shelp,it last quarterfell 11% from ayear Meituan’sstock is trading at 47 billion ($9.8 billion) bailout of Eu- Covid-19 crisis. canaffordtocarryonmuch as be- earlier even though most people times next year’s earnings, accord- rope’sbiggest airline by revenue— Areason European airlines make fore,evenasother European air- were holed up at home.Average ing to S&P Global Market Intelli- one of the biggest Covid-19 rescues lessmoney than their U.S. peersis lines aretransformed by Covid-19. order sizerose 14%ascustomers gence. Given that the stock rallied yet. In exchange, the German gov- that their big cities are closer to- Lufthansa will makechanges, switched to moreexpensiverestau- 36% this year,investorsmay want ernment will receivea20% stakein gether,creating alot of competition too. Largecost reductions arelikely, rants. That is positive forthe seg- to check out fornow. the carrier and two supervisory from other carriers, trains and cars. and anylingering plans to use Eu- ment’srazor-thin margins.Meituan —Jacky Wong boardseats. Germanyisanextremeexample: rowingsfor long-haul flightswill In the U.S.,airlines only had to Unlikethe U.K. and France, which likely be laid to rest. Management Meituan Dianping’smarket value givethe government about a10% have all-powerful capitals,the Ger- has already announced the closure $100 billion stakeinwarrants. Still, the condi- man economyisspread across of itsother low-cost subsidiary, tions imposed on Lufthansa mostly manymedium-sizecities,including Germanwings. pleased investorsbecause Berlin Frankfurt and Munich—both Luf- Yetthe companyisstill commit- 80 said it plans to sell out by 2023 and thansa hubs,despitebeing only 190 tedtoensuring that Germany’sex- won’t interfere with day-to-dayop- miles apart—but also Hamburg, Co- portersdon’t lose anydegree of in- erations.Itwill use itsvoting power logne and Stuttgart. ternational air connectivity.Local 60 only to block takeovers. Thestock is To fill international flightsto media reportsthat the government up about 12% this week. North Americaand Asia, Lufthansa is resisting apush by the European Thedeal followedweeks of wran- must cast awide net over these cit- Union to have Lufthansa giveup 40 gling over details.Inreality,though, ies and neighboring countries, landing slotsinFrankfurt and Mu- the company’sstrategyand the gov- which explains itsacquisitions of nich. ernment’swerealways well aligned. SwissAir Lines and Brussels Air- Whether it entails direct govern- 20 Lufthansa has long struggled lines.But the strategybecomes very ment control or not, Lufthansa’s with profitability,due to high labor expensiveinthe faceoflower-cost rescue is designed to preservethe costsand an oversaturated net- competition from the likes of Ryan- network status quo in Germany. 0 work.While it has addressed some air and easyJet. Thecompanyhas This isn’t something forinvestors Oct. 2018 ’19 ’20 of these issues in recent years, its repeatedly failed to makeits budget to be thrilled about. profit margins—based on earnings arm, Eurowings, profitable. —Jon Sindreu Source:FactSet Amateur Mechanics Fuel Parts Retailers OVERHEARD Back in 2009, Paul Volcker fa- pandemic—and the attendant fear mously quipped that the auto- of touching things in public, Sales of autopartsare going alot Change in estimatedmonthly sales mated teller machine—at the time like cash or screens—doesn’t side- betterthan those of fully assembled in March 2020 from ayearearlier already a four-decade old inven- line them. cars these days. tion—was the last truly great in- The ATM Industry Association That is despitethe fact that Auto parts novation in banking to improve S in a May release said that “it’s

Americans put very little wear and society. PRES time to fully face the future.” It

tear on their vehicles in the past –10% More than a decade after the TED touted technology to allow cus-

couple of months.Passenger and late Mr. Volcker’s remark, Citi- CIA tomers to start contactless ATM personal vehicle miles traveled de- group banking analysts in a pub- SO transactions on their mobile apps AS clined morethan 40% in each of the Auto and other motorvehicle dealers lished Q&A with industry experts and then complete them at the five weeks starting March 21 com- this month asked whether that LEE/ machine within 10 seconds. pared with the baseline week of Feb. was still the case. “I desperately It also referred to ATMs as in- –26%

22,according to transportation data want to say no, but on some lev- WILFREDO herently adaptable to the post- firm INRIX. els, yes,” one panelist said. pandemic social order, being phys- Partsretailer AutoZone’s sales The question now is whether such as PayPal Holdings work to en- ical but also digital, or “phygital,” barely changed forthe quarter Newcar dealers the coronavirus crisis might spur able customers to pay cashlessly devices. Even the ATM industry ended May9compared with ayear a new wave of ATM innovation. and remotely, ATM makers and op- is thinking outside the box earlier while AdvanceAutoParts –28% As digital-payment companies erators are trying to ensure the these days. sawrevenue slip 8.6% in the quarter ended April 18. Thetiming of the stimulus Source:U.S. Census Bureau checks’ arrival and the companies’ fiscal quartersseems to have af- cial distancing,lowergasoline prices fected their relativefortunes.Auto- mayencouragetrips.Pump prices Diners Have More Takeout in Their Future Zone explains that, while same-store were down to $1.96 agallon Tues- sales dropped materially in the four daycompared with $2.57 in the be- weeks starting mid-March, much of ginning of the year,according to Dining rooms arestarting to re- that manylarge chains have an- fast-food companyalso suggested that wasoffset by the jump in sales GasBuddy,which compiles datafrom open. While the closures were tem- nounced will add significant ex- franchisees install newsanitary afterchecks arrived in April. Itsdo- gasstations acrossthe country. porary, their effectsonthe industry penses and makeoperations more equipment, likefoot-pulls forbath- it-yourself sales outpaced those for Those with achoicebetween driving arelikely to last much longer. complicated. room doors, automatic paper-towel professional mechanics,with some and masstransit arelikely to choose Theshutdown of dining rooms Forinstance, CheesecakeFac- dispensersand touchlesssinks. of that growth coming from locked- the former.And as AutoZone acrossthe U.S. devastated the sit- tory said in arecent lettertocus- These expenses will add up in what down customerspursuing at-home pointed out Tuesday, alarge share down restaurant industry. Unlike tomersthat the chain will have ded- is already alow-margin business. projectstoimprovethe look of their of auto-partsretailers’ consumers fast-food chains,which have built icated staff “solely responsible” for All that pointstoagreater reli- vehicles: AutoZone sawstronger- arethose working blue-collar jobs their businesses on drive-through sanitizing high-contact areas.Other anceondeliveryand takeout as than-usual sales in categories such who normally don’t have the option serviceand online ordering options, announced safety measures include long as the coronavirus remains a as putty,sandpaper and paint. of working from home. manyofthese operatorshad to in- providing personal protective health threat. Afterall, that model But AutoZone’schief executive Auto-partsretailers fared well vent newbusinessmodels on the canberun at much lowercosts. cautioned that the stimulus check during the last recession as consum- flysuited fortakeout and delivery. Denny’sfinancechief Robert boost likely would be short-lived erschose to repair their cars rather These restaurantstend to feature Customers have been Verostek told Wall Street analysts and shouldn’t be used to extrapolate than replacethem. Investorsdon’t pricier,morecomplexmenus and this month that, with dining rooms sales growth in coming months. seem to buy that bad times canbe requiremorelabor to operatethan slow to return even in closed, atypical companyrestau- Even so,the road ahead is fairly quitegood forthe sector: Shares of their quick-serverivals. places where closures rant needs about $1,500 in daily smooth. Miles driven probably hit AdvanceAutoPartsand AutoZone Overall, customershavebeen sales to break even on variable ex- their nadir last quarter,when most areboth down slightly forthe year, slowtoreturn, even in places where have been relaxed. penses likefood and labor costs. states had their strictest lockdown while O’ReillyAutoParts is down government-mandated closures Oncedining rooms open, about measures as seen in Apple Maps moresubstantially.For AutoZone,in have been relaxed. Thenumber of $2,000 to $2,500 in daily sales is routing requests. Aftercratering particular,the moderated investor seated dinersMondaywas down required. Thecompanysaid that de- morethan 60% in April compared reaction could reflect the fact that 71% from ayear earlier in Georgia, equipment to staffers, temperature liveryand takeout ordersaccounted with Jan. 13,routing requestswere itsratioofpricetosales remains according to datafromOpenTable. checks beforeashiftbegins and not for86% of totalsales in April.Be- only down 4% as of Sunday. Thereis aboveits five-year average. Still, By that same measure, dining was presetting anytables. fore the pandemic,off-premise or- a48% correlation between average auto-partsretailers’ steady sales last down 70%inFlorida, 54% in Indi- Fast-food chains will also face dersaccounted forabout 12%. miles traveled per vehicle and the quarter—in the faceofwhat likely ana and 61% in Arizona. newcostsasthey open their dining Investing moreinwhat is work- averagecomparable-storesales wasthe lowest point of carusage— Those numbersshould improve rooms. McDonald’s is asking its ing makes sense.For most consum- growth forthe big three auto-parts should be takenasanencouraging in the months ahead as Americans franchisees to wipe down touch- ers, don’t be surprised if eating out retailerssince2004, according to sign as they gear up forthe rest of getmorecomfortable venturing out screen order kiosks aftereach use still means eating at home or in the UBS. this year. and mandated occupancylimitsare and to close public soda fountains carinthe months ahead. Despitethinning walletsand so- —Jinjoo Lee relaxed. But newsafety protocols or assign staff to monitor them. The —Charley Grant P2JW148000-0-R00100-1------XA WEALTH JOMANURNAL REPORAGT EMENT

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. We dnesday, May 27, 2020 | R1

35 WAYS TO JUMP‑START YOUR EMERGENCY SAVINGS

ILLUSTRATION BY TOMI UM

We asked the experts he sadlack of emergency savings is awell-known and often-la- Reimbursements how to overcome the mented condition forahugenumber of people.And it’snever As Windfalls inability of many been moreapparent—or moredangerous—than in our coronavi- Direct reimbursements from your flexi- ble spending account (FSA) and/or de- people to build a rus-induced economic downturn. u According to a2019 studyby pendent-care account to a high-yield rainy-day fund. the Federal Reserve, roughlyfour in 10 Americans wouldn’t be savings account or money-market ac- Their advice is able to come up with $400 in afinancial emergency. u Partof count. These employer-based accounts simple—and Tthe problem, of course,isonthe income side: Toomanypeople allow employees to set aside funds on a tax-free basis to pay qualified medical effective. don’t makeenough moneytoliveon, let alone accumulate funds forarainy and dependent care, respectively. The day. But partofthe problem is also thatpeople don’t know how to save.They strategy is to pay for qualified ex- want to put aside money, but it just seems toodaunting.Theydon’t evenknow penses with personal funds and request wheretostart. u So we asked financial advisers, behavioral economistsand reimbursement from the plan adminis- trator. The reimbursements will seem otherstohelp.Wewanted to knowsimple tactics—tricks,ifyou will—thatpeo- like windfalls since cash has already ple canuse to jump-starttheir emergency-savingsaccounts. u It turns out, been spent. thereare plenty,and we offer 35 of them here. Notevery tactic will resonate —Lazetta Rainey Braxton, co-CEO of with everybody. But we believe thereare enough thateventhe most reluctant 2050 Wealth Partners, New York savers will find some approach thatallows them to sleep betteratnight. Pleaseturntothenextpage Inside Lifestyle Change TaxSeason AskEncore

Threefinancial Debate Tips and rules Safety Net experimentsthat forlatefilersas Useyour home could help increase Should all federal the delayed as anestegg? your happinessafter student-loan debt July 15 filing Notsofast, the coronavirus be forgiven?Two sides present their deadline says our pandemic. R3 arguments. R4 approaches. R6 columnist. R8 P2JW148000-0-R00200-1------XA

R2 | We dnesday, May 27, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | WEALTH MANAGEMENT

Rainy‑Day Savings

Funding With Get a Side Hustle A Refund Start a side job or earn week- Increase the amount of your tax end income. Everyone has a withholding from your paycheck. passion, and many people can Doing so will generallyresult in turn it into a side hustle by alargerrefund when youdo thinking creatively. For exam- your taxes. And direct thatextra ple, an avid sports fan could be- moneytoanemergencyfund. come a part-time golf caddie; This approach is reallyhelpful to an artist could sell paintings those who have atough time online; and an animal lover budgeting amonthlyamount for could pet-sit. Then, direct those an emergencyfund. earnings to an emergency-sav- —JeffreyM.Boudjouk, ings account. managing partner and wealth —Ken Mahoney, president of adviser at Northeast Investment Mahoney Asset Management, Group,Cranston, R.I. Chestnut Ridge, N.Y.

Keep Dividends Stop reinvesting dividends and interest payments within your investment portfolio. Instead, that income can build up in cash or a money market ac- count, where it is readily acces- sible. Dividends and interest payments can quickly amount to months of additional ex- pense money without eroding an investor’s principal. —Jonathan I. Shenkman, associatedirectorofinvestments at Oppenheimer &Co.,New York. One Expense Rank Your Expenses At a Time Download the pastfew monthly credit and/or debit-cardstatements or export your Out With the Old Pick one expenseamonth transactions to aspreadsheet.Printoff twocopies so youcan do this exercisewith During the break from standard and cut it from your your significantother.Ifyou’re single,you candoitwith atrustedfamily member or lifeduring the coronavirus, manyofushaverealized that spending. Forexample,if friend. Next,reviewthe transactions separately,using apen to mark each expenseas the wayweacted in the pre- yougotoStarbucksdaily, “high,” “medium,” or “low” importance. Then comparenotes.Items youbothmarked as coronavirus time did not neces- start making your own “low” arethe expenses youcan happily eliminate going forward. sarilymaximizeour happiness. coffee.Nextmonth, reduce I, forexample,realized thatI —Peter Lazaroff, chief investment officer at Plancorp in St. Louis your dining out by one am able to cook some simple nightamonth. And so on. dishes and thatIactuallyenjoy it. So take the thingsthatyou —Jim Miller, presidentof Continuedfromthepriorpage Points to Cash nowrealizeyou used to spend WoodwardFinancial Advisors, Get a credit card that pays moneyonbut thatdid not give Chapel Hill, N.C. The Extra Payday points that can be converted to youmuch joyinlife(such as If youare paid biweekly, two months out of the cash. Then deposit that cash eating out regularly) and mov- year contain an extrapayday.Thatextrapaycheck into your emergency savings. ing forwardyou don’t go back is an opportunity forbig savings. Youprobably —PatrickDonnelly, vicepresident to those old spending habits. A Public Commitment can’tslide the whole thing over to savingsatonce, and senior wealth adviser at the —Dan Ariely, James B. Duke Instead of birthdaygifts,ask but youcan migratethe amount of thatextracheck Colony Group,Boston professor of psychology and familyand friends to crowdfund intoyour savingsoveraperiod of weeks or months. behavioral economics at Duke an emergency-savingsaccount. —Greg McBride, chief financial analyst at University, Durham, N.C. And makeitmorecredible with Bankrate.com in Palm Beach Gardens, Fla. Step Up a “commitment device”—apen- Set up an auto-transfer of alty forfailing to followthrough moneytoanemergency-savings and use the donatedmoneyonly Sweatpants Tax account with built-in escalators. foremergencies.Saverscan es- One of the silver linings of the pandemic (at least Youcan startwith whatever tablish circumstances under for me) has been that sweatpants have made a reg- amount is comfortable,and which the funds might be ular appearance in my wardrobe. When things get schedule the amount to increase used—such as promising to only back to normal, it will be much more difficult re- by either apercentageordollar dip intothe funds to payfor a turning to less-comfortable clothing. Enter the amount at set intervals. medical emergencyortoease an sweatpants tax. Savers could start charging them- —AliHutchinson, managing unemployment spell. Themore selves a small fee every time they wear sweat- directorand head of the Brown credible the commitment, the pants. This idea is consistent with the popular app BrothersHarriman Next morecomfortable giversmay be How you deal stickk.com, a commitment platform that helps peo- Generation Program, NewYork to contribute. Contributorscan with a major ple reach their goals by putting money on the line expense be rewarded with an update. if they fail. People are rather successful at pairing —Benjamin Harris, executive a wanted behavior (say, wearing more comfortable Splurge and Save directorofthe KelloggSchool of 41% sweatpants) with a should behavior (saving for an Anytime youmakeafrivolous, Management’s Public-Private Use savings emergency). splurge purchase—dining out, Interface in Evanston, Ill., and —Grant Donnelly, professor of marketing at Ohio State buying apair of shoes,oreven The Change former chief economist to Vice UniversityinColumbus,Ohio something as small as buying President JoeBiden name-brand cereal rather than Adds Up the generic—forceyourself to Consider using a“round- 16% Lost and Found Money automaticallysock away an up” app likeDigit or Limit Extra Debt equal amount intoarainy-day Finance UseMissingMoney.comtosearch forunclaimed prop- savingsaccount. This has afew Acorns.Theseapps con- Payments with a credit erty held in statetreasurydepartmentsaswell as advantages: It makes the associ- If youare paying down debt, card unclaimed retirement-account balances.You can nect to your credit and ations with saving lesspainful; don’t paylessthan the minimum search on behalf of yourself and familymembers. If debit cards, round up your it effectivelydoubles the price payment just to contributeto youhaveacommon last name likeSmith or Johnson, of the splurge, therebyinducing charges to the nearestdol- your emergencyfund. But if your it maytakeyou much longer than if youhaveunique alittle morecaution before lar,and automatically de- minimum paymentsare manage- 14% last name.Thereisacertain amount of paperwork spending; and it createsaneasy able,then build your emergency involved to file aclaim, and youmust provide proof posit the round-up amount Borrow waytotrack howmuch you’re fund while youare paying down of identity.But it maybeworth the time to uncover from family/ spending on frivolous things into asavings or invest- debt. Until youhaveatleast funds to add to arainy-dayaccount. friends sincethe sizeofyour emer- mentaccount. It might three months of emergencysav- —George Papadopoulos, afee-only wealth manager in gencysavingswill mirror the only be 25 centshereand ings, consider putting 50%of Novi, Mich. your available funds toward ex- amount of frivolous spending. there, but it canquickly —Jonathan Bogard, Ph.D. tradebt paymentsand 50%to- 13% candidate at UCLA’s Anderson add up overtime.Justbe ward your emergencyfund. Reduce School of Management, Los surethe moneybeing —Shelly-Ann Eweka,awealth management directoratTIAA, other Angeles savedisgoing into an spending Charlotte,N.C. FDIC-insured bank account Investment and notstocksand bonds. Line of Credit Also, be conscious of the Take Stock Irecommend thatinvestorscon- 7% Applyfor asecured line of credit fees being chargedbythe sider the Level3 Withdrawal Take out a tied to abrokerage investment Strategy,developed by the personal account. This gives youaccess to round-up apps. founder of American Association loan moneywithout having to sell —Taylor Schulte, founder of of Individual Investors. It divides Source: your investment holdingsata Define Financial in San Diego Bankrate.com aportfolio intotwo parts:equity Financial Security lowerpricethan youwould like. Index and safe. Theequity partisallo- Currently, interest ratesare low catedtostocks.The safepartis forthis approach. allocated to cash and equiva- —Michelle M. Merkel, president HSAasForced lents. Two to four years’ worth and founder of Merkel Financial MORE Savings of planned withdrawals should Services, Columbus, Ohio ONLINE If youhaveaHealth SavingsAc- be held in this second part. count (HSA),build it up.And if When stocks arewithin 5% of Budget youcan payfor regular out-of- their highs,withdraw from the Test Pay It With Points Build up astash of credit-card pocket medical expenses with equity part. When stocks fall, See the Borrow From the Future other money, don’t take from the withdraw from the safepart. interactive in rewardspointsaspartofan HSA. It actslikeforcedsavings. Oncethe market rebounds,re- the online Take the amount you’re investing into emergencyfund. Ialwayskeep Then in times of emergency, you plenish the safepartfromthe version of this your retirement plan that is over and at least 25,000 pointsonmy story at AmEx as abackup emergency cantap the HSAfor reimburse- equity side to ensureyou have above the company match (if you fund. Ican use my pointstopay ment forthose previous medical enough cash to protect the port-

wsj.com/ UM

wealthreport have one) and split it between savings forgroceries at WalmartorAm- expenses—basicallyreimbursing folio during the next downturn. MI azon, or payfor thingsthrough yourself formedical costsyou in- —Charles Rotblut, a vice TO and retirement investing until you BY PayPal. curred in prior years. president and AAII Journal

reach your emergency-fund goal. —Kimberly Foss, president and —Brendan McCarthy, directorof editor at the American IONS AT

—Kyle Whipple, financial adviser and partner at founder of Empyrion Wealth wealth management at Three Association of Individual TR Custom Wealth Solutions in Plymouth, Mich. Management, Roseville,Calif. Bridges Planning,Melbourne,Fla. Investors in Chicago US ILL P2JW148000-0-R00300-1------XA

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Sell and Save Places like Facebook Market- Three Experiments That Could place, Craigslist, Poshmark, etc. allow you an easy avenue to sell Increase Your Happiness unnecessary items. Use the pro- ceeds from these sales to build The Covid-19 quarantine has in- free time.(It isn’t the fancy lawn an emergency-savings fund. You flicted aseries of unprecedented mowerthatmakes youhappy—it’s can sell something once a social-science experiments upon us. paying someone else to use it.) month, thereby continually con- Nobody signedupfor these exper- Ibelieve thatone reason the aca- tributing to the fund. iments, and manyofthese changes demicstudies provide conflicting re- —Daniel Milan, financial have been difficult.But it would be a sults about whether moneycan buy adviser and managing partner shame to notuse thecurrentsitua- happinessisthatmoneyaffects peo- of Cornerstone Financial tion to learn moreabout our financial ple differently.The Covid-19 pandemic Services, Southfield, Mich. and lifestyle preferences.Hereare canhelp youlearnhow it affects you. three experiments manyofushave First,figureout exactly how been pulledintothatcould provide in- much spending you have cut. Take Save for Categories sightintohow to boostour happi- a look at your credit-card bills and Don’t think about saving for ge- nessand financial securitywhen the compare your current spending to neric “emergency funds.” In- currentcrisis subsides. what you spent this time last year. stead, create specific categories Have you cut 15%? 25%? 40%? of expenses you might need to Then, think about how the drop save for, such as “three-month 1 in consumption has affectedyour emergency rent money.” By happiness. If the impact has been breaking down a broad goal What will retirement severe, keep monitoring your feel- into something vivid and spe- feel like? ings as lifegradually returns to nor- cific, you can make savings As abehavioral economist, I’ve al- mal. Do youfeelthe same way goals more motivating. waysrecommendedthatpeople take when youare spending just10% —Ashley Whillans, assistant Free Money at Work aretirementtestdrive, trying out less? What about 5% less? professor at Harvard Business their newlifestyle in much the same On the other hand, if youhave re- School in Boston Makesureyou takeadvantage of the commonly way one mighttry out anew car. I mained contentdespitespending sig- overlooked fine-printbenefitsatwork,including recommend this because people of- nificantly lessinrecentweeks,that reimbursements forbackup child care,gym memberships tenunderestimate howmuch they suggests youcould be saving alot and cellphones.When youget thosereimbursements, missthe social interactionsand sense more. of purpose thatcome from work. transferthem to your emergency account. Research led by Martin Weber of —Nathan Barbakoff, financial adviser at Bleakley Financial Group in the UniversityofMannheim in Ger- 3 Fairfield, N.J. manyshows thatmanypeople with high levels of present bias—mean- Am I spending money ing they tend to excessively prefer on the right things? rewardsthatarriverightaway— Many behavioral scientists believe Paid Opinions Stop Outsourcing leave the workforce on the early thatpeople don’t spend moneyvery Get paid foronline surveys. The Because of the pandemic, many side.Theyalso tend to regret the effectively, at least if the goal is to next time you’re watching your of us have been at home doing decision within a few years. maximize happiness. favoriteshowonNetflix,multi- chores that we may have out- Under normal conditions,it’svery Thomas Gilovich, a professor of task by completing online sur- sourced in the past: things like difficult to takearetirementtest psychology at Cornell University, Online Challenge veysorproduct reviews.Sites cleaning, mowing the lawn and drivebecause mostofusare too has argued that people overinvest Ijoin “nospend” challenges likeOpinion Outpost, Swagbucks cooking. Let’s use that saved busytoput our work lifeonhold. in things at the expense of experi- on social media and recom- or Global Test Market will pay money to “pay ourselves” (it is But the Covid-19 pandemic can ences.The problem with things, foryour feedback. indeed our reward for an serveasapreliminarytestofwhat such as that newsweater,isthat mend it to othersbecause —Malcolm Butler, president and avoided expense) and earmark it feels like to stop working—espe- we habituate quickly to the objects, it’s encouraging to work in CEOofFiduciaryGroup, it to be used for a rainy day. cially forthose who have been fur- and theystopgiving us pleasure. agroup.You choosethe Savannah, Ga. —Annmaria Lusardi, University loughedortold to work part-time Experiences,incontrast, tend to Professor at the George from home. generatepleasurable anticipation length of time—a weekend, Washington University in If youfind yourself struggling and nostalgia. Evenafter the vaca- week or month—during Don’t Look Washington, D.C. with the social isolation, youmight tion is over, it continues to makeus which youcommit to not Have all of your income come want to rethink your retirement happy, as we reminisce with loved intoasavingsaccount thatyou timeline.Instead of trying to retireas ones and browse through the pho- spend anymoneyorelimi- don’t see when youlog in to your Think Small soonaspossible,consider working tos on our phone. nate unnecessaryspending. bank online.Onceamonth, trans- Create shorter-term goals.If forseveral moreyears. Many people The pandemic provides aunique Youthen postyour prog- feryour spending budget forthe $3,000 is one month of ex- misstheir colleagues morethan they opportunity to discoverwhich cate- month to your checking account. ress daily and tag other penses,set agoal to save 5% to enjoythe extra leisuretime. gories of spending makeushappiest. This createsanatural spending 10% of thatmonthlyorbreak it Retiring later can also dramati- Perhaps we’reusedtoeating out participants in the chal- limit thatallows youtonot worry up intoweeklydeposits. cally improve your financial security. severaltimes aweek. Howmuch do lenge.Group membersen- about detailed budgeting. —Jeff Donham, wealth adviser, Generally, for every additional year we missrestaurants?Ormaybe our —RogerP.Whitney, financial courage each other and the Colony Group, Richmond, of work,your retirementincome will gym reopens beforeour favorite adviser at Agile Retirement Va. go up around 5% to 10%. clothing store.Which increases our help keep everyone ac- Management, Fort Worth, Texas happinessmore? Such insights countable to individual sav- should help us betterallocateour ing goals.You then take 2 resources,bothbeforeand during Increase Deductibles retirement. the moneythatyou other- Look at the deductibles on your Can I spend less? As arule of thumb,eliminate wisewould have spentand autoand homeownersinsurance The Covid-19 pandemic has trig- spending on whatyou don’t miss. If transferittoyour rainy-day policies.Manypeople have de- geredamassivedecline in con- youmisssomething justalittle,try ductibles thatare much toolow fund. sumer spending. Data from NPD, a cutting your spending on thatcate- given their claims historyand collector of paymentdata, show goryinhalf.Investinwhatreally —Yanely Espinal, director of could save hundreds or even that spending in late April plunged moves the needle. education outreach at Next Gen thousands of dollarsannuallyon 23% compared with ayear earlier. Of course,these experiments are Personal Finance, New York premiums if theyincreased their This drop offers a unique opportu- imperfect. Forone thing, theyfail to deductibles.Also,consider elimi- nitytogain keyinsights into the re- takeintoaccountthe impact of peer nating collision insuranceifyour lationship between spending levels comparisons.Itmightbeless-satis- carisolder.Your insurer mayis- and well-being. fying to eatathome oncethe quar- Money Jar sue aproratedpremium refund. Researchers tend to agree that antines areliftediffriends aretalk- Save all your $10 bills. Then go Redirect thatmoney(and the povertyexertsasteep emotional ingabout the delicious meal they to the bank monthly and de- additional premiums youwould Bring Your toll. But there’sstill an extensive hadatthe hotnew sushi place. posit them in an emergency have paid in the future) into debateamong academics about In addition, the stress of the pan- savings account. your emergencyfund. Lunch whether moneycan buy happiness, demic could be distorting ourprefer- —Sophia Bera, certified —Evelyn Zohlen, president of Pack a lunch for yourself at least once a person has enough ences. financial planner at Gen Y Inspired Financial, Huntington one or two days a week money to cover the basics. Still, don’t let the currentcrisis Planning, Austin, Texas Beach, Calif. and put at least $5 per Forinstance, astudy by Nobel go to waste. We are living through meal into your emergency LaureatesDaniel Kahneman and a period of profound social disrup- savings. Angus Deatonsuggests thatthe tion, and it is important thatwe emotional benefits providedby learn whatever we can from it. Don’t Spend That Raise —Andrew Crowell, vice chairman money begin to diminish oncepeo- All increases in compensation in excess of inflation of wealth management at D.A. ple earn morethan $75,000 ayear. Dr. Benartzi (@shlomobenartzi), is can be added to an emergency fund until the Davidson, Los Angeles Morerecentstudies suggestthat a professor and co-head of the the cutoff is closer to $105,000. behavioral decision-making group desired amount is reached. At the same time,research by at UCLA Anderson School of —Andrew H. Hook, attorney at AshleyWhillans of Harvard Business Management and a frequent the Hook Law Center in Make Money Rules School shows thatmoney can buy contributor to Journal Reports. Virginia Beach, Va. Create alist of moneyrules,in- happiness—if it is usedtobuy more Email him at [email protected]. cluding howyou will handle un- expected income.For example, if youreceiveabonus or taxre- Spending Habits fund, wherewill the moneygo? AmajorityofAmericans polledinApril saytheyhave been spending less Irecommend spending 50%and moneyinrecentmonths,the highestpercentage since2010. saving 50%. Then, set atime in Percentage of people surveyedwho said theyare... your calendar to reviewthe rules every six months. 60% —Ramit Sethi, author and founder of Earnable in NewYork 50

Spending less Lower Rates, Smaller Payments 40 Interest rates are near historic lows. So, try to refinance your Spending the same mortgage, auto loan, personal 30 loan or student loan. Lower rates can lead to lower monthly Spending more payments and more of your 20 money going toward principal. And with the lower payments, put the difference in payments 10 toward your emergency fund. 2009 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 —Brent Weiss, co-founder of Facet Wealth, Baltimore Source:Gallup P2JW148000-0-R00400-1------XA

R4 | We dnesday, May 27, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | WEALTH MANAGEMENT

Should We Forgive All Federal It isn’t surprising thatcollege debtis So is this acrisis thatcalls foracancel- ahot-buttonissue in the U.S.:Americans lation of all federal studentdebt? Or are collectively hold morethan $1.5 trillion in Student-Loan Debt? thereless-drastic ways to help those federal studentloans,making it the sec- struggling to payoff studentloans? ond-largestcategoryofconsumer debt, Proponents of debtcancellation sayit behind only mortgage debt. is the appropriate responsebecause Among the approximately 43 million failedgovernmentpolicies,not reck- student-loan borrowers in the U.S.,al- lessnessonthe partofstudents,led most 60% owe $20,000 or less, while to an explosion in borrowing. Oppo- about 25%owe $40,000 or more, Edu- YES nents pointtohigh repaymentrates cation Departmentdata show. Bor- as evidencethatthe student-loan rowers who graduatedwith bachelor’s program is working, and question degreesin2018leftschool owing an thewisdom of forgiving the debtof average of about $29,000,according wealthier students and thosewith to the College Board. advanced degrees. NO

BY SUZANNE KAHN BY JASON DELISLE

The Government Made This Crisis. The Student-Loan Program The Government Should Solve It. Isn’t Perfect, but It Works

oday’s student-loan Beforethe current Covid-19crisis, research alls forthe federal government annually. That losspales in compari- crisis is weighing from the Levy Economics Institute found that to forgiveoutstanding student son to the cost of forgiving all debt. down the entireU.S. canceling all student debt could boost real debt aregrounded in the belief Of course,loan paymentscan still economy. GDP between $86billion and $108billion a thatmost borrowers face long- be overlyburdensome forsome bor- Americans hold a year for10yearsand lowerthe unemploy- term hardship from these debts. rowers.Hereagain, however, the ev- collective $1.6 trillion ment rate between 0.22 to 0.36 percentage But if thattruly were the case, idenceisn’t consistent with aper- point over the decade. Conewould expect advocatesfor Tin federal and private manent and widespread affordability studentloans,and the effectsofthat Some ask whyAmericans who didn’t go to massloan forgivenesstoalso call foranend to crisis. debt on recent college graduates has collegeshould help paythe debtsofthose the student-loan program. Yetmost would have Arecent studybythe JP Morgan been well documented: delayedhome- who did. As long as student debt is serving as the government makenew loans evenafter the Chase Foundation of four million buying, marriage and wealth forma- adragonour economy, everyone is paying current stock of debt is forgiven. families’financial recordsfinds that tion. But collegeloans also areeating for it, and the country can no longer afford This is amajor inconsistencyinthe argu- the typical monthlystudent-loan intothe retirement savingsofolder not to act. ment forlarge-scale loan forgiveness, and it il- payment ranges from $144 to $203. Americans,who hold increasing Debt cancellation alone isn’t enough to en- lustrates whythe case forforgiving all debt is Data collected by the Federal Re- amountsofsuch debt,taken on for sure this crisis won’t repeat itself. To bring quiteweak. serveshow a similar figure.And stu- their owneducation and thatoftheir down student-debt levels permanently, we Thegovernment’sstudent-loan program dent-loan paymentstend to take up children. Overall, student loans now need to pair aone-time cancellation with isn’t perfect but on the whole it works.Iten- less than 6% of aborrower’searn- account for 35% of the most severely free,public higher education. (Federal stu- sures widespread access to higher education at ings, an amount thathas been re- delinquent household debt. dent loans might continue to exist as an op- affordable repayment terms and the vast ma- markablystable sincethe mid-1990s, In the face of these stark numbers, tion to protect studentswho need to borrow jority of loans arefullyrepaid. as documented in a2014 Brookings it is time to cancel all federal student forliving expenses or who choose privateed- The Consumer Financial Protection Bureau Institution study. As such, it is hard loans. ucation from predatory,privatelenders). reports thatabout 80%ofborrowers payoff to imagine thatstudent loans are Cancellation is the appropriate re- preventing familyformation or home sponse because this is a crisis of the buying on alarge scale. government’smaking.Inthe wake of Theidea thatloan forgivenessis the 2008 financial crisis,states cut needed to boost the economyissimi- public funding to higher education, larlyquestionable.Yes,putting cash leaving individuals to pick up the in families’pocketsmight goose slack.Tuition at public four-year col- short-termeconomic growth, but leges increased 36% between 2008 whytargetstudent debt? Many and 2018.And as manyyoung people households carrymortgages,auto turned to higher education to wait loansand credit-carddebt. out aweak job market, increased de- Student debt might be better mand pushed up tuition costs at pri- suited formassforgivenessifonly vate schools, as well. low- and middle-income families Readilyavailable federal loans, held it. But among first-year under- rather than expanded grants, helped graduates, studentsfromfamilies studentsmeet rising costs. This might earning over $114,000 are just as have worked out if the returns on a likelytoborrow as the lowest-in- collegeeducation had climbed at a come students—and theytakeout similar rate.Instead, sincethe reces- loans twiceaslarge. That isn’t sur- sion ended, wages for college gradu- prising since financial-aid policies

Canceling debt High-income would be an students would be important major beneficiaries acknowledgment of of loan forgiveness, the consequences as would otherswith of a failed policy. advanced degrees. $1.52 trillion In Debt ates have stayed flat.One 2018 analy- Total federal student Borrowers in the highestincome group held nearly 30% of the student-loan have spared manylow- and middle- sis from Brookings predictsthat debt outstanding debtoutstanding in the second quarterof2019. income studentsfromcollege-tu- nearly40% of borrowers who entered Student-loan debt, itionpricehikes.The result is that college in 2004—and thus graduated by borrowers’balanceand income 88 high-income studentswould be ma- intoadepressed job market during $133.7 billion 55 jor beneficiaries of loan forgiveness, the recession—maydefault on their Balance 40 as would the countlesslawyers,doc- In deferment over$200K $34billion loans by 2023. 75 95 tors and otherswith advanced de- Amongthose most hurtbyrising $100K-200K 59 63 grees who account for 42% of all costsand stagnating wageshavebeen student debt. Black students, who aremorelikelyto $162.6 billion 92 100 101 None of this is to saythatall bor- have to borrow to go to collegeand In forbearance $50K-100K 89 rowers canaffordtorepayall of the face adiscriminatory job market time,especiallyintimes of crisis. when theygraduate.Research shows But temporaryeconomic shocks can 130 126 that12yearsafter entering college, $128.3 billion $10K-50K 115 122 be addressed with temporarysolu- the averageblack borrowerstill owes In default tions, such as the recent coronavi- more than he or she borrowed. Under $10K rus-relief packagethatwaives stu- Note:AsofMarch 31, 2020.Changes to To addressmounting concerns borroweraccounts due to the Cares Act Under $44K $44K-55K $55K-75K Over $75K dent-loan paymentsand interest for about borrowers’ distress, the federal arenot reflected. INCOME GROUP six months. Source: Department of Education’s government created repayment pro- Sources: NewYork FedConsumer Credit Panel/Equifax (credit reports and student-loan data); 2016 IRS Statistics of And forborrowers who need lon- Federal Student Aid grams that tie monthly payments to Income (ZIP Code-levelincome data) ger-term relief,thereare programs borrowers’ incomes. The complexity such as Income-Based Repayment, of these programs have led many to which allows those with federal experiencethe sudden addition of un- loans to payasmall shareoftheir paid interest to loan balances or be Done together,freecollegeand student-debt their student loans within 12 yearsofentering income no matter howmuch they outright denied forgiveness. Never- cancellation policies would signal thatthe de- repayment. Otherstakelonger,especiallywhen owe,and then qualifytohavere- theless, almost 45% of federal loans cision to placethe onus forfinancing higher economic crises likethe coronavirus outbreak mainingbalances forgiven after20 arenow being paid through such pro- education on individuals was a mistake. occur,but flexible repayment terms help them years. grams,aclear sign thatborrowing Canceling student debt will benefit the stay afloatand repaywhen the economyrecov- This program should be improved hasn’t paid off for many. These pro- economy as a whole, narrow racial inequali- ers. And while it’struethatasubset of borrow- to help borrowers who arestrug- grams are the main reason the aver- ties and begin to correct the policymistakes ers—mainlythose who attend community col- gling the most, rather than forgive agemonthlystudent-loan payment thathavelimited an entiregeneration’s abil- leges and for-profit institutions—have high everyone’s debt regardlessofSE AU

hasremained stable relativetoin- ity to build wealth. default rates, their balances tend to be rela- whether theyreallyneed the help. KR

come over the years. tivelysmall (about $7,000)and areoften fully JON

Canceling student debt would be Ms. Kahn is deputy director of the Great repaid despitethe default. Mr.Delisle is aresident fellowat BY

an important acknowledgment of the Democracy Initiative and Education Budget statistics also reflect thatoverall theAmerican Enterprise Institute. ION AT

consequences of afailed policy. More- Program at the Roosevelt Institute. She can paymentsremain high. Unpaid debts cost tax- He canbereached at TR over, it would boost the economy. be reached at [email protected]. payers $4 billion per $100 billion in loans made [email protected]. US ILL P2JW148000-0-R00500-1------XA

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THE VALUE OF SOUND ADVICE

IAMVINCE LUMIA

Head of Field Management

As we navigatethrough unprecedented times, having someone who can help make objective decisions can be invaluable.Our Financial Advisors, who have witnessed varying degrees of complexity fornearly every scenario, can help investors implement strategies to manage risk and stay focused on long-term goals as anew business cycle emerges.

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Taxes | TomHerman What Late Tax Filers Need to Know

Many people haven’t filed portant forupper-income employees because of the pandemic who worked fortwo or moreemploy- erslastyear.Some employees may have had toomuch withheld from their paychecks, entitling them to a hanks to the pan- credit. demic, millions of us Some background: Mostemploy- have even more time ersare required to withhold Social than usual to procrasti- Securitytax from employees’wages. nate on our 2019 tax re- For2019, the maximum amountof turns. wages subject to the tax was T While the new tax-fil- $132,900.The maximum tax that ing deadline of July 15 might seem should have been withheld from an far off, many people who haven’t be- employee’spay was$8,239.80.(How- gun thinking about this annual ordeal ever,all your wages aresubject to should try harder to conquer their the Medicaretax.) So,add up all the taxophobia. Even for those who pay Social Securitytax thatwas withheld someone to do their taxes or who lastyear (but notmorethan $8,240 rely on tax-prep software, it’s easy to foreach employer).Ifthe combined underestimate how long it can take amountwithheld by all your employ- to collect all the necessary docu- erslastyear exceedsthatamount, ments and other supporting material. claim acredit forthe excess.See IRS The job can be even more time- Publication 17 formoredetails, in- consuming and painful for those cluding wheretoclaim acredit on whose life situations changed signifi- your return. But if anyone employer cantly during 2019—including mar- withheld morethan $8,240,thatem- riage, divorce, job changes or a major ployer“should adjustthe tax foryou,” illness.. Also, don’t forget that life’s the IRSsays. If the employerdoesn’t, inevitabilities include not only death file arefund claim on Form 843. and taxes. They also include constant and complex tax-law changes. And Filing status: Most married couples last year was no exception. file joint returns. They generally wind Here is a reminder about the new up owing less combined tax that way deadline’s details, along with some of than they would as “married filing the new tax-law twists and pointers separately.” from tax pros: But there can be important excep- tions, says Ms. Taibi. In certain cases, New Deadline: The July 15 dead- the married-filing-separately option line for federal tax filing and payment reason. Remember, though, that medical and dental expenses for may enable one spouse to qualify for also applies to this year’s estimated- getting a filing extension until Oct. lastyear to the extenttheyex- deductions that he or she might not tax payment that originally was due 15 won’t give you additional time ceeded 7.5% of adjustedgross in- be eligible for—or that might be re- April 15 and the next payment (origi- (beyond July 15) to pay whatever come,Ms. Perlman says.This can $2,778 duced—on a joint return. nally due June 15), says Barbara you might owe, Ms. Taibi says. help people with very large medical Another reason to consider filing Taibi, tax partner and head of the “Wealwaysencourage people to bills,although mosttaxpayers claim Average tax separately is if you suspect your personal wealth advisory group in file their extensions electronically the “standard” deduction, instead of refund from spouse is trying to conceal taxable New Jersey at EisnerAmper. Check to and in fact,mostare nowfiled itemizing, and thus can’tdeduct the IRS so far income, fabricate deductions or com- see if your state has a different thatway,” says Mr.Smith. “But medical bills. mit some other types of wrongdoing. deadline, Ms. Taibi says. The Ameri- this year,morethan ever,e-filing is Among the manyother changes: this year If you sign a joint return with your can Institute of CPAs posted a de- agood idea” because “our abilityto Youcan treatqualifiedmortgage-in- spouse, you typically will be held re- tailed list of state deadlines on its processpaper documents is ex- surancepremiums paid as home- sponsible for everything on that re- website. July 15 is also the deadline tremely limited.” mortgage interest,saysMark turn. (The key word here is “typically,” to contribute to an IRA for last year. Luscombe,principal analyst for because some taxpayers may be eli- “This postponement also applies to NewTwists: Lawmakershave WoltersKluwer Tax&Accounting. gible for special relief, but that usu- the June 15 deadline for people who resurrectedmanytax benefits that Qualifiedprincipal-residenceindebtednessthatwas discharged ally is very difficult to achieve.) live and work abroad,” says Eric had expired,saysJackie Perlman, lastyear can be excludedfromincome,hesays. If you’ve al- Smith, an IRS spokesman. principal tax research analystat ready filed, consider amending your return (using Form 1040- Mr. Herman is a writer in New York If you need even more time to file, the TaxInstituteatH&R Block Inc. X)ifthe tax savings would be significant. Some people also City. He was formerly The Wall request a filing extension until Oct. Fordetails, start with IRSPublica- mightbenefit by amending returns for2018. Street Journal’s Tax Report 15 by using Form 4868 or the “Free tion 17.For example,ifyou itemize columnist. Send comments and tax File” link on IRS.gov. You don’t need a your deductions,you maydeduct Excess Social Security TaxCredit: Thiscan be especially im- questions to [email protected].

Program Over Prestige In Valuing Colleges,Tops in that while this model does work, Median starting salaries forgraduatesfor select majorsacrossa students who earn the most after Prestige Doesn’t Always range of schools, indexedtothe median graduation tend to mix general edu- Four-year inclusiveschool Four-year selectiveschool cation and career-specific skills. Mean Tops in Salary Indeed, students who major in Median of reportedearnings across business or computer science don’t all schools forEnglish majors Monmouth just acquire competency in general $26,600 +$15,500 skills, they also fulfill requirements BY LISA WARD at how students in those programs in business skills like accounting or fared after graduating in terms of Biola computer coding. By contrast, un- The value of a college degree has salaries earned, and how much debt -$600 Stevens Institute dergraduates who major in, say, traditionally been pegged to the they had accumulated, one or two of Technology English or biology often must go on Wichita State +$14,500 prestige of the college itself. But years after graduation. He is analyz- -$13,200 to graduate school to earn more new research suggests that choos- ing a large data set released in No- than those who earned just a bach- ing the right program of study can vember by the Education Depart- elor’s degree in a career related matter more than a prestigious di- ment and the U.S. Treasury, which Columbia STEM subject or a business degree. +$14,900 Civil Engineering ploma when it comes to good start- covers roughly 40,000 postsecond- $58,200 ing salaries. ary programs at 4,500 institutions Morehouse Since college is such an expen- and 6.1 million students who gradu- +$2,400 Lesser degrees and certificates sive proposition, many families ated in the 2014-2015 or 2015-2016 can be rewarding, depending on Cornell the field want a high return on their invest- academic years. California State, +$8,900 ment. And the best way to do that, The professor plans to put his Fresno In certain fields, it’s notuncommon -$13,200 California State, says Anthony Carnevale, research findings online this summer on the Temple Sacramento forholdersofassociate degrees, and professor and director of the websiteofthe Center on Education -$2,600 +$2,700 even vocational certificates, to earn Georgetown University Center on and the Workforce.Students will be higher starting salaries than gradu- TexasA&M, Education and the Workforce, is to able to comparegraduates’ starting Virginia Military ates with abachelor’s degree. Over- Institute Kingsville focus on a specific program of salaries,debtpayments and earnings -$17,800 -$13,100 all, about 30% of graduateswith as- study at a particular school, not a lessdebtpayments of specific de- sociate degreesearn more, in the school’s prestige. gree programs at various schools. Note:Median reported earnings one year after graduation forstudents who graduatedin2015and 2016 and short term at least, than bachelor’s received federal financial aid. Data excludes students who subsequently re-enrolled in school or didn't work. Puerto Such data shouldn’t be the only Rican universities areexcluded. Selectivitybased on school’sCarnegie Classification. degree holders, Dr.Carnevale says. factor used to determine a school’s Source:DepartmentofEducation Vanessa Qian/THE WALL STREET JOURNAL Nursing is one area in which asso- return on investment, Dr. Carnevale ciate degreesprovide high starting Specific programs says. For instance, the data doesn’t salaries.Takeregisterednurses who can matter more reflect graduation rates, which mat- San Jose State University in San Subject area can matter more graduatedfromseveral colleges in ter a great deal. Many elite colleges Jose, Calif., ranked among the top than a school’s reputation when California: GraduatesfromSanta than the school’s have higher graduation rates and 10 in the country when it comes to it comes to earnings Rosa Junior College earned$90,000; reputation. offer more student support than graduate earnings with student- Certain majors at lesser-known Butte College,$87,000;Carrington lesser-known institutions. loan-debt payments subtracted. schools can yield higher starting College-Sacramento, $85,000;and What follows are some of Dr. These schools’ biology programs salaries than other types of majors Unitek College,$80,000. Carnevale’s key findings: were on a par with those of Dart- at more prestigious universities. Vocational or postsecondary pro- According to the professor, stu- mouth College in Hanover, N.H., and Dr.Carnevale found thatgradu- fessional certificates, often obtained dents at lesser-known colleges, de- Columbia University in New York ates from open-enrollmentschools in lieu of college degrees, also pending on their major, can end up Specific programs can matter City, the only two Ivy League in the UniversityofTexas System outearn many bachelor’s degrees. making more money than graduates more than the school schools to make the top 10. who completed degreesinbusiness These tend to be tied to high de- of prestigious four-year schools. The When it comes to how much a stu- Similarly, for civil engineering, or STEM subjects (science, technol- mand for specific jobs skills in local determining factors tend to be the dent earns soon after graduation, San Jose State and California Poly- ogy,engineering and math) earned labor markets in fields such as com- characteristics of the program and specific programs can matter more technic State in San Luis Obispo, morethan graduatesofmore-selec- puting and mechanical engineering area of study the students choose, than the school’s reputation. Calif., ranked among the top 10 for tivecolleges within the Universityof in addition to health care. and the mix of job-specific skills He found that certain majors at graduate earnings, on a par with TexasSystem, likeUTAustin, when Over time,the advantage held by and general education they learn lesser-known state schools, for ex- University of California, Berkeley the latter students had degreesin somecertificates canbelost. “Bach- along the way. ample, were great bargains. Gradu- and Cornell University in Ithaca, N.Y. low-paying majors, likeearly-child- elor’s degreestend to perform bet- “Basically the model has been: ates paid less than they might at When there are wage gaps for hood education and the humanities. ter40yearsout than narrow certifi- Pick a college or postsecondary pro- more prestigious institutions and students with the same major who The labor market dictates wages, catesthatstarted out way ahead of gram, write a check and hope for tended to earn more than gradu- graduate from different schools, Dr. says Dr. Carnevale. With a tradi- them,” Dr.Carnevale says.“But there the best,” Dr. Carnevale says. “That ates at most schools in the country. Carnevale says, it can be a reflec- tional liberal-arts degree, students arelotsofcertificates wherebache- era is over.” The biology departments at In- tion of certain programs’ overall often learn a general set of skills lor’s degreeswill nevercatch up.”

The professor’s research looks at dian River State College in Fort quality of education, career-counsel- while in school, then learn other, oc- O thousands of programs across a Pierce, Fla., California State Univer- ing services, access to employers or cupation-specific skills on the job. Ms. Ward is a writer in Mendham, JAS even a hot local labor market. But Dr. Carnevale’s research found N.J. Email: [email protected] range of postsecondary schools and sity, East Bay in Hayward, Calif., and MIKEL P2JW148000-0-R00700-1------XA

THE WALL STREET JOURNAL. We dnesday, May 27, 2020 | R7 JOURNAL REPORT | WEALTH MANAGEMENT

Young Money | J.J. McCorvey My realizations ISurvivedCovid‑19.SoMany Aftersome sessions with my thera- pist—another luxuryinthis moment— and conversations with those closest to me,Icame to somerealizations. Other Black Americans Haven’t. First,Ihad to acknowledge thatI waswrestling with my ownmortality, and thatofacollectivecommunity. The guilt I’ve felt overmy A recent Pew Research Center modestfinancial stability survey found that more than a quar- has taughtmealot about ter of black adults knew someone privilege and community who has been hospitalized or died due to Covid-19. I knew several, in- cluding a beloved deacon who had worshiped at my Brooklyn church for 40 years. I had prayed with another wassitting at the kitchen table in friend over the phone, moments after my Harlem apartment in mid-March she learned her mother would be when Iheardluggage being yanked placed on a ventilator. from my roommate’s closet. Next,Ihad to givemyself permis- “Yeah man, I’moutta here,” he said, sion, as ablack American millennial, to Ialmostasifheknewsomething I be gravely concernedabout both my didn’t.Within hours, he had packed sev- individual financial securityand the fi- eral bags and plants, rented acar,and nancial fate of my community. Nearly made abeeline forhis parents’empty 40% of jobs held by black Americans— lakehouse in Michigan. morethan the 34%ofthose held by My partner andIhad decidednot to whiteAmericans—risk reductions in decamp to his parents’home in Virginia, hoursorpay,furloughs or layoffs. wherewefaced the prospect of living in- Whatwill become of the chanceto definitely in the suburbs with three other close the racial wealth gap if neither adults—aswell as the possibilityofbring- we nor our parents areable to gener- ing them the coronavirus.Black folksare ateany wealth? usedtonot being able to escape when Along with so many, Ihope that things get tough, Ithought, and Itook somehow, soon, thelossoflives and pride in my resolve to stay put. livelihoods will be stemmed. Mean- My tune started to change the morn- while,myexperiencewith the corona- ing Iwokeupwith my throatonfire. The virus has pushedmetoexamine how subsequentchestpains raisedmysuspi- much Iampouring into the people and cion, and soon the drycough, fatigue and making up only 13%ofthe population, whatwas happening. But having survived Iemerged institutions who have poured so much aches behind my eyes pushedmeto black Americans have accountedfor my ordeal with only mild symptoms,and into me. schedule remote appointments with two 27%ofcoronavirus-relateddeaths. It moremeansthan alot of otherstodoso, I with a Historically black colleges and uni- doctors. Both confirmedthatIlikely had hasinfiltrated our manyintergenera- suddenly felt distantfromthatcommunality. struggle to versities will depend on alumni alli- Covid-19,and advisedmetoavoid seek- tional households,and creptthrough When sirens managedtopierce through reconcile ances morethan ever to staveoff clo- ing in-person treatmentunlessInoticed passagewaysopenedbypre-existing whatevershowIwas ingesting on Netflix or sures.Iwave hello and smile through difficultybreathing. and genetic conditions such as high Amazon Prime,Iwondered if the ambu- my my mask to my older neighbor,but I blood pressureand diabetes.Black lance’spassenger looked likeme, and privilege don’t ask her if she needsanything. Aplaceofprivilege Americans,according to McKinsey& whether they, too, had insurancethatfacili- My niecesand godson, already facing Aftertwo weeksofvitamins and rest,I Co., are overrepresented in nine of the tatedvideoappointments with adoctor. with what fewerdaysofeducation and limited started feeling normal again. But Ialso 10 lowest-paid, high-contact essential And who wasItoask my cousin to quit was access to mentors and role models, emergedwith something deeper:a jobs,appearing to leave them moreex- her grocery-store job when Iwas working happening would benefit from some FaceTime. greaterawarenessofmyown privilege, posedtothis invisible peril than any cozily from my bedroom?Ihad the luxuryof The black communityhas along along with aprofound struggle to recon- other group. worrying about my 401(k)rather than next to my history of rallying together to care for cile thatprivilege with whatwas happen- The communalityofthe black Ameri- month’s rent,and wasevensaving more community. its own. I’ve witnessedand benefited ing to my community. canexperiencethathad formedso sinceIwasn’t spending on commuting and from this.Covid-19 remindedmeofthe The same killer thathad shown me much of my identity—the classmatesat happy-hour cocktails. value of thatinterconnectedness. mercy is claiming other black lives in Tuskegee Universitywho hailedfrom I’ve grappledfor awhile to hold both Now’sthe time formetodouble down droves. According to data analyzed by differentcities and neighborhoods;the these feelings at once: the guilt overmy on my commitmenttoit. APM Research Lab, black Americans are network of family,friends and teachers ownmoderatestability, and the strong 2.6times as likely to die from Covid-19 as who supported my parents in preparing urge to do something about the dispro- Mr.McCorvey is areporterfor The whites,and 2.3times as likely as Asians me forthe world—made it impossible portionate devastation descending upon Wall Street JournalinNew York. and Latinos.Asofearly May, despite nottofeelangryand helplessabout black households. Email: [email protected].

The IrrationalityofApp Pricing

Why will people pay so much kicksin“when we trytocomparethe more for something in its pricewehave to payagainstthatrefer- tangible form than for an app? encepoint,” says Dr.Nair.Any app that costsmorethan $0 “is framedasaloss in the brain. And losses hurt quiteabit,” he says. BY SARAH TRENT The thirdfactor centersonmobile businessmodels,which arebothconfus- Theenduring elegance of a If offered two versions of a new prod- ing formanyusersand requireextra ef- uct—one priced at $45 and the other at fort to completeapurchase,saysDr. black pearl and diamond bracelet $7—most rational shoppers would choose Nair.Buying an app requires the user to the cheaper one, as long as both items establish an account, setupapayment Acurrent takeonthe classic pearl were legitimate and more or less the same. method, be convinced of an app’s value But when consumers have the choice be- and knowthatitisn’t fraudulent. In the bracelet. Especially glamorous with tween a product in its traditional or tangi- industry, this is known as “the pain of aquarter carat of diamonds. Subtly ble form vs. the same product in app form, the first penny,” he says.But onceauser the math becomes very different. Most pays thatfirst penny“the progression alluring with arich iridescence and people won’t spend nearly as much money from 1centto2cents to alot of dollars sheen. Stretchy fit for comfortand ease. for an app as they will for, say, a board- is actually quiterapid,” says Dr.Nair. game or computer software, even if the With thatinmind, manyapp makers app essentially offers the same experience have adopted“freemium” models,in at a much lower price. which their base product is free but us- erscan payfor upgrades and makein- app purchases. These incremental spending models Any app that costs more have provedtobeamoneymaker,partic- ularly in the mobile-gaming industry than $0 ‘is framed as a whereasmall percentage of superusers loss in the brain. And spend thousands of dollarsonin-app losses hurt quite a bit.’ purchases and upgrades,saysDr. Nair. But theyhave made some other consum- ersevenmorecautious about picking an app overatraditional product. “The reason it’s differentisthatthere And so,for instance, it isn’t uncommon is apossibilityofcontinuous and con- to seevoracious readerswith magazines stantspending, perhaps inadvertently,” in the mailboxbut no tablet subscriptions, says Dr.Nair.Thereisafear,for in- photographerswho use only free mobile stance, thatwemay notrealizewe’ve photo-editing software,and board-game signedupfor asubscription, thatour lovers who arewilling to spend hundreds children mighttrigger an in-app purchase of dollarstoown everyexpansion of afa- we’renot aware of,or“thatwebecome voritegame but refuse to spend $4 a kind of addicted,orusedtoit.” month forthe digital version. So howcan app makerswin overpeo- $ Whyisthat? ple who prefer the clear pricing of a 99 The difficultypaying foranapp comes moretraditional product,which is paid down to three main factors, says Harikesh forupfront rather than during use? Plus Free Shipping Nair, aprofessor at the StanfordGraduate Businesscan addressthese concerns School of Business, who studies consumer directly in their apps,saysDr. Nair. Cultured Black Pearl and Diamond Stretch Bracelet behavior and technology pricing. “The really important thing is disclo- 6-8.5mm cultured freshwater black pearls. First is aprinciple calledanchoring, or sure,” he says,soabuyer understands 1 the idea thatthereisasort of reference exactly howand when their use of an .25 ct. t.w.diamond rondelles. Fits 7" to 7 ⁄2"wrists. pricefor particular items,basedonwhat app is monetized—whether through ad- Also available in 8"; fits 8" to 81/2" wrists. $115. else is available and howthe first price vertising,ongoing subscription or in-app Available in white pearls. Item #891046 wasset. charges.Fromprotected parent-only pay- Thefarther apricegets from that ref- mentscreens on children’s games and Shown larger for detail. erenceprice, the harder it is to pay. And educational apps to transparency around sincemorethan 96%ofmobile apps on data collection and subscription fees,“it’s A Google Playand 91%onthe Apple App important forthe user to knowwhathe Ross-Simons Item #890753

GNAR Storeare free, according to app data plat- or she is buying.”

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GIA The second principle,lossaversion, Youcan reach her at [email protected]. P2JW148000-0-R00800-1------XA

R8 | We dnesday, May 27, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | WEALTH MANAGEMENT

might not be as plentiful as retirees on our highest35yearsofearnings. hope. A study published last Novem- But to get the maximum benefit, you ber by Seattle-basedreal-estatecom- need to earnSocial Security’s“maxi- pany Zillow estimates that about 21 mum taxable income” in each of those million homes could hit the market 35 years, the maximum amount of in- through the mid-2030s as older come subject to payroll taxes. Americans,including manybaby That figure—maximum taxable in- boomers, passaway or search fornew come—keeps changing. It getsbigger.In housing. Gen-Xersand millennials, 2000,the maximum amountofincome though, mightnot be able or willing to subject to payroll taxes was$76,200;in absorb thatmanyhomes thatquickly. 2010,itwas $106,800;this year,it’s As for the second option, borrow- $137,700. As that figure rises, workers ing againstyour home could be tricky. paymoreintaxes,and, overtime,pump Afull-blown recession could push up the benefit they receive when they home values down, meaning you eventually file for Social Security. maynot be able to pull as much So,Iimagine that, when youretired moneyfromyour property as you in 2016 at your full-retirementage,you wish. (Indeed,asurveypublished received the maximum monthly benefit, earlier this month by the Fed- which, at the time, was about $2,640. eral ReserveBank of New But thatdoesn’t mean thatyou get,or jump to, the currentmaximum monthly benefit of $3,011. Rather,your initial benefit has been increasing due to cost-of-living adjustments (and possible adjustments if youhave returnedto work since 2016). Those adjustments, apparently, are resulting in a monthly payout in 2020 of $2,896.

iii

How can I get a quick estimate of how long my savings will last in re- tirement?

York found that44% of households Spendafew minutes with Vanguard expect home prices to decline in the Group’s“RetirementNestEgg Calcula- coming 12 months.) A reverse mort- tor.” (retirementplans.vanguard.com) gage is a possibility, but fees tend to This tool asks you to enter four fig- denly has the coronavirus to contend be high, and the amountyou canbor- ures: how long you expect your retire- with.Economic uncertainty, asharp row depends on your age, prevailing ment to last; your nestegg’scurrent spikeinunemployment, fearsabout interest rates and your home’s value. balance; your estimatedannual ex- simply walking out one’s frontdoor—all In short,your home isn’t afoolproof penses in retirement(read: annual areleaving many potential home buy- way to beef up your nestegg. If you withdrawals from savings); and how Ask Encore ersonthe sidelines.BothFannie Mae, musttrade down, trytodososooner your savings areallocated among the mortgage-financegiant, and Real- rather than later. Given thatmanyre- stocks, bonds and cash. Glenn Ruffenach tor.com(which is operated by News tirements todaywill last20yearsor At this point, the calculator will run Corp., parentofThe Wall Street Jour- more, it’s nevertoo early to reduceex- what’scalledaMonte Carlo simulation, nal) areforecasting thathome sales penses and shoreupsavings. which looksattens of thousands of hy- nationwide will fall about 15% in 2020. pothetical market scenarios (upmar- Yo ur Home as Eveninthe long term, buyers iii kets, down markets and everything in between) and gauges the impact on I first claimed Social Security at your savings in retirement. ANest Egg? ForSale 66, my full-retirement age. I am Let’ssay youenter the following fig- About 25%ofowner-occupiedhomes now 70. I earned the maximum ures:a30-year retirement; astarting NotSoFast in the U.S. arelikely to go up forsale taxable income for 35 years. As balanceof$1.5 million; an asset alloca- overthe next twodecades. such, I believe I should get the tion of 60% in stocks, 35%inbonds and Metroareas expected to see alarge maximum payout from Social Se- 5% in cash; and an annual withdrawal Also: We answer a reader’s shareofproperties put up forsale by curity, which is $3,011 a month in of $70,000.The probabilityofthis par- homeownersage 60 and over 2020. But I received a letter from ticular nest egg lasting three decades, question about payouts from the Social Security Administration according to the calculator, is 82%. Re- Social Security By 2027 By 2037 stating that I will get $2,896 a duce the withdrawals to $60,000, and 0% 10 20 30 month. Who’s correct? the probability jumps to 91%. Like many people, my nest egg has taken a Tampa, Fla. Of course,these probabilities are beating of late. My home, though, is paid off, and I Mostlikely,the Social SecurityAdmin- simply that: probabilities and notguar- like to think of this as my safety net in retire- Tucson,Ariz. istration is correct. antees. As Vanguard notes on its site: ment. Is this a reasonable expectation? What are Miami This figure—the maximum monthly “The futuremay contain scenarios that your thoughts? benefit foraparticular year—changes arebetter or worsethan anything con- Orlando from year to year.For instance, the sidered by this tool.” As such, “the re- This idea soundscomforting, but the Covid-19 pan- maximum monthly benefit for a per- sults should neverbethe sole basis of Dayton, Ohio demic highlights howthe home-as-piggy-bank strategy son whofiledfor Social Securityat your financial plan.” Still, if you’re look- can come up short. Knoxville,Tenn. full-retirementage in 2018 was ingfor “quick,” this calculatorcan help. Mostpeople who hope to tap the value in their real $2,788;in2019, it was$2,861. And estate have twooptions:trade down to asmaller,less- Pittsburgh this reader is correct: In 2020,the expensive home, or borrow against their equity. The Cleveland maximum monthly benefit for a per- Mr.Ruffenach is aformer reporter first option could well result in lowerannual expenses son retiring at full-retirement age is and editor forThe Wall Street Journal. and aniceaddition to your nestegg (again, assuming Albuquerque,N.M. $3,011. Hiscolumn looksatfinancial issues for you walk away with a profit). Why the difference? those thinking about,planning and Greensboro, N.C. But timing is critical. Ahomeowner who mighthave Each of us,when we claim Social living their retirement. Send questions been considering trading down this year or next sud- Source:ZillowGroup Security, will receive a benefit based and comments to [email protected].

The Game Plan monthisdeducted from Ms.Eng’spay- First, Mr. Boneparth recommends that checks for the 401(k) loan. theyreachout to the holdersoftheir mort- ACouple TakesaCovid-19 Income Hit In April, the couple stopped paying for gage,credit cardsand carloans to see their mortgage, the interest on their stu- whether they can renegotiate repayment dent loans, their credit-card loan, car loan, terms—the sooner the better. Bankscan car insurance and day care. They say it is negotiate with customers“when facedwith BY LISA WARD also have twocar loans,of$19,000 and unclear whatwill happen in July when their the proposition of either getting nothing or $6,000. loan payments are expected to resume. getting something,” he says. aniel and Laurel Eng lost achunk Before the pandemic,their monthly ex- TheEngs received a$2,900 stimulus Whateverthe resolution, having clarity of their income at the onset of the penses included: a$1,700mortgage pay- check,which theyplan to use to payfor car on what theywill owe in July is extremely Dcoronavirus pandemic and have sus- important. pended all of their debt payments. The Cares Act stipulates that for stu- The Engs,both35yearsold, liveinPhil- dent loans held by the Education Depart- adelphia and have a3-year-old son. Mr.Eng ment, no interest is charged while those worksfor aloan originator, earning loans are in forbearance. So if the Engs’ $50,000 ayear.Healso is alicensedReal- studentloans qualify, the adviser says,the torand had expected to earn$10,000 to couple canfocus on cutting other debtfirst. $20,000 in the first quarter—but those Mr.Boneparth also recommends that deals driedupasthe economyshut down. the Engs keep their savings at the ready, Athirdjob forMr. Eng, as apart-time should all of their debtpayments come due waiter,had broughtin$18,000 to $20,000 at once, or if either of them loses their job ayear,but the restaurantisnow closed or sees their wages reduced further. and he is unsure when it will reopen. TheEngs could increasetheir cash on Ms. Eng works in the legal department hand by saving their stimulus check.Mr. of afirm thatadministers 401(k)s.She had Boneparth recommends the couple stay earned about $60,000 a year, but her sal- currentontheir autoinsurance, paying ary was cut by 25%. month to month rather than paying forthe Thecouple’s home,which is valuedat entire year at once. about $245,000,has a$229,000 mortgage The couple also should track their life- with a 5% interest rate. They have about style expenses overthe past12months $16,000 in savings. and seewhatreductions could be made,in- Ms. Eng has a 401(k) with $8,000, but cluding howtheyhave spentmoneyduring the couple borrowed $6,000 against it to thequarantine.“Staying lean is going to go help financethe down paymentfor their Danieland Laurel Eng need clarity on which debttheywill have to resume paying in July. along way,” says Mr.Boneparth, who adds home. She is currently not making contri- thatthe Engs could also contact aCPA to REEHLING butions. ment; $1,000 forthe credit-union loan; $70 insurance for the year. see whether they should withhold less in RA

LO The Engs also have twostudentloans— for the interest only on their two student taxesfromtheir paychecks. “There’sno for$5,000 and $50,000—both of which loans;$220for carinsuranceand $400 for Advicefromapro: Douglas Boneparth, a sense in waiting on arefund next year

GNOLA; were in forbearance before the pandemic. carpayments; $800 forday care;$400 for financial adviser and presidentofBone when you need cash today,” he says. TO Through their credit union, they have a employer-sponsored health insurance; $270 Fide Wealth in NewYork City, says the TIN $20,000 loan, taken to consolidate credit- for utilities, and $800 to $1,000 a month couple’s lostincome certainly puts them in Ms. Ward is a writer in Mendham, N.J. MAR

P: card debt, with a9%interestrate. They forfood and groceries.About $300 a a difficult situation. She can be reached at [email protected]. TO OM FR