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****** TUESDAY,SEPTEMBER 15,2020~VOL. CCLXXVI NO.64 WSJ.com HHHH $4.00

DJIA 27993.33 À 327.69 1.2% NASDAQ 11056.65 À 1.9% STOXX 600 368.51 À 0.1% 10-YR. TREAS. unch. , yield 0.669% OIL $37.26 g $0.07 GOLD $1,953.10 À $15.30 EURO $1.1863 YEN 105.73 In Tokyo, Ruling Party Clears Way for Successor to Abe Citi Faces What’s News Rebuke ForIts Business&Finance Handling ederal regulators are F preparing to repri- mand Citigroup for failing Of Risk to improve its risk-man- agement systems designed to detect problematic Expected regulatory transactions, risky trades and other threats. A1 demand for changes  Amazon plans to hire accelerated the bank’s 100,000 additional em- CEO succession plan ployees in the U.S. and Canada, continuing a rapid BY DAVID BENOIT expansion during the coro- AND BEN EISEN navirus pandemic. A1  Verizon has agreed to buy Federal regulatorsare pre-

TracFone,aprovider of wire- GES paring to reprimand Citigroup

lessprepaid services,ina IMA Inc.for failing to improveits deal worth up to $7 billion. B1 risk-managementsystems—an

GETTY expansiveset of technology

 Delta is the latest car- SE/ and procedures designed to de- rier to raise cash by bor- tect problematic transactions, rowing against its fre- riskytrades and anything else

quent-flier program to ANCE-PRES

FR that could harm the bank. weather the pandemic. B1 Theexpected rebukefrom  Hedge-fund manager ENCE the Office of the Comptroller AG

Cohen has agreed to buy S/ of theCurrencyand the Fed-

the NewYork Metsinadeal PRES eral Reserveaccelerated plan-

valued at between $2.4bil- JIJI ning forChief ExecutiveMi- lion and $2.5billion. B2 HANDOVER: Japan’s ruling Liberal Democratic Party elects Yoshihide Suga as its new leader on Monday, assuring him of chael Corbat’s retirement, succeeding Shinzo Abe as prime minister. Mr. Abe is stepping down this week because of health reasons. A9 according to people familiar  Ex-Nissan executiveKelly with thematter. Regulators pleaded not guilty to didn’t ask Mr.Corbat to step chargesthat he helped hide down, the people said. Rather, Ghosn’scompensation. B3 he came to believethat an ex-  Fiat Chrysler and PSA pensive, multiyear systems changed the terms of their Unusual Talks, Politics Put overhaul designed to address mergertopreservecash to regulators’ concerns wasbest shoreuptheir financial posi- leftinthe hands of his succes- tions amid the pandemic. B3 sor, Jane Fraser, they said. Citigroup said on Thursday  Berkshire’s BNSF Rail- Oracle Ahead in TikTok Race Mr.Corbat would retirein way unit named Kathryn February, surprising analysts Farmer as CEO. B3 and investorswho expected  Apple is expected to re- Oracle Corp.isone of the Theemergenceofthis odd- concerns about aChinese- Oracle isn’tbelieved to be him to remain in the job for a veal itslatestwatch andan most lucrative but unflashy ball alliance is the latest twist owned app possessing the getting amajority stakein few more years. updated iPad on Tuesday. B4 companies in Silicon Valley, a in six weeks of negotiations data on American users. TikTok,according to people Therebuke, which would provider of business software that bear little resemblanceto Details were scant, and familiar with thematter, de- come in the form of aconsent  Arebound in tech shares and consulting services. Now, regular deal talks,driven by manypeople close to the deal spiteMr. Trump’sdemand that order,likely would require helped major indexesre- U.S.-China tensions, commer- cautioned that much still it getsold. Instead, Byte- Citigroup to develop and exe- coverafter last week’spull- cial rivalries and President needed to be decided and that Dance’s plan involves a series cute a plan to fix its risk sys- back.The Nasdaq,S&P 500 By Georgia Wells, Trump’spersonal interven- it could still unravel. of moves to addressthe na- tems,the people said. Such and Dowgained 1.9%, 1.3% Aaron Tilley and John D. McKinnon tions. Thetalks took multiple un- tional-security issues without formal regulatoryactions and 1.2%, respectively. B9 TikTok parent ByteDance expected turns,and at various having to either sell the U.S. sometimes come with fines or it is poised to become the U.S. Ltd. confirmed on Mondayit times drew in some of the big- PleaseturntopageA8 stricter oversight, but it isn’t World-Wide partner forTikTok,the smash had submittedaproposal to gest names in global business, clear what, if any, punishment Chinese social-media app that the U.S. government that the including Walmart Inc., Twit-  Deal needs national-security would be imposed, they said. has become astaple on the Beijingcompanysays would terInc.and Alphabet Inc.’s check...... A8 “Weare completely com-  Eighty-seven large wild- smartphones of millions of solvethe Trump administra- Google, and featuredhigh-  Heard on the Street: No mitted to improving our risk fireshaveburned morethan American teenagers. tion’s longstanding security level political maneuvering. TikTok spoils for Oracle.... B10 PleaseturntopageA4 4.6million acres in 10 states, according to the National In- teragencyFireCenter,leaving Gulf at least 35 people dead. A1 Amazon Ramps Up  Trump put the blame on Coast forest management rather than climatechangefor the Braces unprecedented wildfires, Hiring Plans, Adds while Biden focused on For Sally global warming. A2 Rodney and Peggy  Theadministration is 100,000 New Jobs Thomas fill withdrawing aplan to tighten sandbags Monday Medicaid oversight aftercon- cerns of funding cutsto in Bay St. Louis, BY BEN OTTO Not including temporary Miss., as Hurricane states amid apandemic. A2 AND SEBASTIAN HERRERA employees the companyde- Sally approaches.  Hurricane Sally took aim scribesasseasonal, itstotal From New Orleans at the central Gulf Coast as Amazon.com Inc.plans to world-wide workforce will be to the Alabama- thousands of people prepared hire100,000 additional em- roughly one million afterac- Florida state line, forheavy rain and potentially ployees in the U.S. and Canada, counting forthe 100,000 new thousands of deadly flooding. A3 continuing arapid expansion warehouse positions and residents prepared that beganasthe coronavirus 33,000 positions Amazon is CHMAN/REUTERS for heavy rain and  Prosecutors in Lancas- BA ter, Pa., areinvestigating a pandemic forced manypeople hiring forinits corporatedivi- potentially deadly fatal shooting by policeand to stay home and shop online sions.Oncethose positions are THAN flooding from the forwork and other necessities. filled, it will have morethan storm. A3 pursuing chargesagainst JONA Amazon’sseemingly relent- 700,000 employees in the U.S. people who later set fires lesshiring this year has come TheSeattle-based company, and damaged property. A3 even as the wider economic which is the nation’ssecond-  The Trump administra- picture has darkened, with largest employerbehind Wal- tion can wind down hu- companies acrossarangeof mart Inc.,said it would take a Pink Hair manitarian protections for industries slashing workers few months for all the new hundreds of thousands of and filing forbankruptcy.Ro- hires to be reflected in itsfi- immigrants, a federal ap- bust online spending during nancialstatements. Gives Many peals court ruled. A3 the crisis has fueled Amazon’s Newjobs will be added at  Putin pledged support growth and created aneed for dozens of Amazon locations The Blues moreworkers. PleaseturntopageA6 for Belarus’s president, signaling Moscow’s inten- iii tion to bolster its embat- Dye jobs from tled junior partner. A10  Candidatesloyal to Pu- AshRaining From Sky tin swept regional and local lockdown don’t elections despitepocketsof support forNavalny’soppo- Fuels MiseryinWest wash out easily sition movement. A10 BY CANDACE TAYLOR  Religious leaders and BY JIM CARLTON one of itsmost dangerous and businessownersinIsrael overwhelming fire seasons on Bored and depressed during arerushing to preparefor a GRIDLEY,Calif.—In this record,asfirefightershavebeen lockdown, Madison Namohala second nationwide Covid-19 small Northern California town rushing to bring some of the tried to cheer herself up by lockdown that is set to up- near wherethe deadliest wild- largest blazes in historyunder dying her blond hair bright end the Jewish holidays. A10 fire of 2020 is still burning,ash control until fire-friendly pink.When she finished apply- One cloud fell from the skyMondayand weather returns.ARed Flag ing the dye, she started sob- CONTENTS Opinion...... A17-19 thesmokewas so thick that it Warning,which indicates ex- bing. Arts in Review... A15 Personal Journal A13-14 wasdifficult to see morethan treme fire conditions with gusty Instead of pink,her hair Business News...... B3 Sports...... A16 fits all. Capital Journal...... A4 Technology...... B4 half amile. winds and lowrelativehumidity, was“literally the color of an Crossword...... A15 U.S. News...... A2-8 Fourteen people arere- wasineffect Mondayinpartsof orangeCrayola crayon,” says Heard on Street.B10 Weather...... A15 ported dead in the North Com- Northern California and Oregon. the 24-year-old Idaho resi- Markets...... B9 World News...... A9-11 Choose the capabilities your business plexfire, one of 87 large blazes Thecrisis drew avisit Mon- dent.She tried applying a that have burned morethan dayfromPresident Trump,who rose-gold conditioner,but that needs,when it needs them with the > 4.6million acres in 10 states, toured aformer Air Forcebase turned the tips of her hair Dell Technologies Cloud. according to the National Inter- north of Sacramentothat is pink. The roots remained “fi- agencyFireCenter.Fatalities serving as an emergencyopera- ery orange.” Learn moreat have totaled at least 35 so far PleaseturntopageA2 She was eventually able to as an area biggerthan the state removethe orange, but it took DellTechnologies.com/Cloud s 2020 Dow Jones & Company, Inc. All Rights Reserved of Connecticut has burned.  Blazes become fodder in $1,200,three appointments TheWest Coast has endured presidential race...... A2 PleaseturntopageA11 P2JW259000-4-A00200-1------XA

A2 | Tuesday, September 15, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS States Get a Reprieve on Medicaid Proposal

BY STEPHANIE ARMOUR administratoratthe Centers with thedecision, but some Theproposal would impose proliferation of payment ar- Under the program’sopen- forMedicareand Medicaid topHHS leaders, including new limits on certain supple- rangements that mask or cir- ended funding setup,Washing- WASHINGTON—TheTrump Services tweeted on Monday. HHS Deputy SecretaryEric mental payments that states cumvent the rules,where tonguarantees matching funds administration said it was “Therefore, CMS is withdraw- Hargan, had been opposed. givetosome Medicaid provid- shady recycling schemes drive to states forqualifying Medic- withdrawing aplan to tighten ing the rule from the regula- An HHS spokeswoman said ers, achangesome hospitals up taxpayercostsand pervert aid expenditures.Federal federal oversight of howstates tory agenda.” the agencydoesn’t comment and physicians saywould the system.” spending on the program is payfor their shareofMedic- The decision is being cele- on internal deliberations. prompt some providerstoopt Theproposal would have about $400 billion a year. An aid aftersome states and med- brated by hospitals,governors Asenior administration offi- out of the program. imposed newreporting re- estimated 74 million people ical groups said the new rule and other health organizations cial said Ms.Verma advocated “Drastic cutsinMedicaid quirementsand restrictions on are on Medicaid. would have deprived them of that had fiercely lobbiedfor forthe changebut wasover- during apandemic wasbeyond financial practices manystates TheNational GovernorsAs- billions of dollarsinfunding in the idea to be shelved. The ruled. CMS spokesman Johna- the pale,” said TomNickels,an use to payfor Medicaid. The sociation warned that the rule the throes of the pandemic. movetoscrap the proposal for than Monroe called that “a bla- executivevicepresident at the Medicaid Fiscal Accountability might lead to cutstostates’ “We’ve listened closely to nowfollowedweeks of debate tantly false statement,” adding American Hospital Association. Regulation, as the proposal is Medicaid programs. concerns that have been raised within Health and Human Ser- that Ms.Verma “isthe one who CMS officials had said the known, also would apply to ex- The rule, if adopted, would by our stateand provider vices, according to people fa- suggested moretime be dedi- change wasneeded because trapaymentsstatesgiveto create“major upheavalfor partnersabout potential unin- miliar with the decision. White catedtoaddressing the con- some states’Medicaid finan- some doctors and providers. states,” according to an analy- tended consequences of the Houseadvisers had been push- cerns of stakeholdersand cial arrangements are decep- Medicaid is a federal-state sis by ManattHealth, abusi- proposed rule,which require ing fortightening oversight, avoiding anyunattended conse- tive.InFebruary, Ms.Verma health program forlow-in- ness-strategyand consulting further study,” Seema Verma, according to people familiar quences of the proposed rule.” said theagencyhad seen “a come people and the disabled. firm. U.S. WATCH

WASHINGTON has adoctorateineconomics from HarvardUniversity. Inspector General The director of the monetary- Reviews Kodak Loan affairs division is aparticipantin meetings of the centralbank’s Aplanned $765 million U.S. rate-setting Federal Open Market loan for Eastman Kodak Co.to Committee, tasked with preparing producedrug ingredients is under briefings, strategies and the heav- reviewbythe inspector general of ily scrutinized policy statements the agency thathelped put to- delivered upon their conclusion. S gether the deal. —Nick Timiraos

PRES The newly named inspector

TED general of the U.S. International WISCONSIN

OCIA DevelopmentFinanceCorp., afed-

SS eral agency charged with making Green Party Won’t /A loans to businesses in connection

TER Get Spot on Ballot

GIS with the coronavirus pandemic,

RE told Sen. Elizabeth Warren (D., The Wisconsin Supreme Court Mass.) thathis officewas opening denied the Green Party’srequest UNTY

CO areviewofthe loan, according to to appear on the state’sballotin aspokeswoman forMs. Warren. the presidential election, dropping ANGE The inquiry is the latest known atemporary order thathad halted OR governmentprobe of the planned the mailing of ballots to voters. transaction. The Securities and In a4-3 decision Monday, the

ANE/THE Exchange Commission began an court said thereisn’tsufficient CR investigation into howthe one- time to add Green Partypresiden- VID

DA time photographygiantdisclosed tial candidate Howie Hawkins and The sun rising though smoke over charred foothills above Arcadia, Calif., in Los Angeles County, on Monday. the loan, while severalDemo- vicepresidential candidate Angela cratic-led congressional commit- Walker to the ballot. The ruling last week.But an hour and a home on the outskirtsofChico, than 190,000 acres southeast of tees have announced aprobe of notedthatmanyballots already Winds Add half into his methodical pack- Calif., Denise Bethune returned the statecapital, Salem, and the agreement. Kodak has said it have been printedand some likely ing,hesaid aneighbor droveby to her home in BerryCreek un- hasn’t been at all contained. would conduct an internal review. had been mailed. and shouted forhim to getin der apoliceescort afew days Thenearby Lionshead fire is Ms. Warren’sspokeswoman The order ended afew days of To Threat his truck and leave as the fire agoand found almost every- about5%contained and has said the inspector general, An- uncertainty forelection officials in wasbearing down. At about the thing burned to the ground. burned more than 168,000 thonyZakel, agreed to open his Wisconsin. On Thursday, the court same time,hebegan hearing Theonly exceptions were a acres. reviewinresponse to an Aug. 20 ordered local election officials to Of Fires explosions of what he assumed hammock strung between two TheAugust Complexfire, the requestthe senatormade to the stopmailing ballots to voters were propane tanks at nearby trees and avegetable garden. largest blazeinCalifornia his- Pandemic Response Accountability temporarily,while it considered homes. “The tomatoes were still tory,has charred morethan Committee. Mr.Zakel said he had the Green Party’sbid. ContinuedfromPageOne “Asthe explosions got ripe,” said the 51-year-old. Ms. 877,000 acres in the Mendocino been in touch with Ms. Warren’s —Alexa Corse tions center. louder,Idecided to stop and Bethune and her husband, National Forest, according to officebut would “notcommenton Ron Jarrie arrived at ashel- just getout,” he said. He has Larry, managed to pack several Cal Fire.Only 28% of that wild- ongoing audits, reviews or investi- SCIENCE terinGridley on Monday stayed on friends’ couches be- family heirlooms beforeevacu- fire had been contained as of gations.” morning in his whiteJeep fore arriving at the shelter. ating,including an antique or- Monday. CrewsfromMontana, ADFC spokeswoman said the Possible Sign of Life Cherokee afterfleeing on a TheFederal Emergency ganand asaddle. Utah, Texas and NewJersey agency “is providing answers to a Detected on Venus windingmountain road. The Management Agencybrought Ms.Bethune,acancer survi- were on siteassisting Califor- requestfor information submitted cabin wherehelived and supplies to Oregon over the vorwho suffersfrommuscular nian firefightersincontaining by the Inspector General as part An international group of sci- worked as acaretaker wasde- weekend. Fire crewsand equip- sclerosis,said she and her hus- the fire,according to Cal Fire. of the standardprocess in re- entists reported the detection of stroyed when the 264,000-acre ment from NewJersey flew to band moved to BerryCreek Five wildfires that arestill sponse to Sen. Warren’sletter.” small quantities of agas in the NorthComplexfireeviscerated California to help suppressthe from Sacramento12yearsago burninginCalifornia areal- The WhiteHouse declined to atmosphereofVenus theybelieve thenearby small town of Berry blazes,according to the state in search of amorestress-free ready among the top20largest comment. Kodak’sspokeswoman could be asign of biological life Creek last week. Office of EmergencyServices. life. Thecouple plans to rebuild. firesrecorded in statehistory. said the companywouldn’tcom- on the often-overlooked planet. The66-year-old said he was But some operations were “Wewent up therefor heal- Compared with this time in mentonpending investigations. The findings need to be con- thankful to be aliveafter the already stretched thin as simul- ing, and we’regoing to help it 2017, therehavebeen about —Rachael Levy firmed with additional measure- treacheroustravel. “It was30 taneous firesbroke out. heal,” Ms.Bethune said. 1,500 fewerfires but morethan ments, the researchers and other feet of flames on one side,40 “Not only do we have our California has reported 24 double the acreageburned, said FEDERAL RESERVE experts said. feet on the other side,and I’m firefightersout therefighting deaths from this year’s wild- Ms.Round of Cal Fire. The gas, known as phosphine, thepieceoftoast in the mid- fires, but they’reactually hav- fires, and morethan 3.1million State officials were encour- Powell Aide to Lead is arare, hard-to-detect molecule dle,” Mr.Jarrie said as he ing to do their normal 911 acres have burned in the state. aging residentstostayindoors Monetary-Affairs Unit typically produced in highly inhos- waited to check in to the shel- emergencyresponses,” said At least 10 have died in Oregon when possible to limit their ex- pitable environments thatlack ox- ter, near aparking lot where Lynnette Round,information in nearly amillion burned posuretosmokeasthe wild- The Federal Reservenamed ygen, likethe violentdepths of other evacuees had stuffed officerwith the California De- acres,while Washingtonstate firesare expected to continue Trevor Reeve, asenior adviser to Jupiter and Saturn. “Wefound a trucks and other vehicles with partment of Forestryand Fire has seen at least one death and producing unhealthytohazard- Chairman Jerome Powell, to the unique signal in Venus forwhich possessions. Protection, or Cal Fire.The de- 806,000 acres burned. ous conditions on the West role of director of its monetary- the most likely explanation is Mr.Jarrie said the speed of partment had morethan Oregon’stwo largest wild- Coast. affairs division on Monday. phosphine, and the most likely ex- the fire caught the town by sur- 40,000 emergencyincidents fires, in the central part of the —Alicia A. Caldwell, Mr.Reeve has served as the planation forphosphine seems to prise because it didn’t seem to whilefighting these fires, she state, have been burning for Joseph De Avila, Ken Thomas division’sdeputydirector since be life,” said ClaraSousa-Silva, a be moving that fast when evac- said. nearly amonth. TheBeachie and Andrew Restuccia 2017. Thomas Laubach, who Massachusetts InstituteofTech- uation warningswereissued Afterstaying at her son’s Creekfirehas burned more contributed to this article. served as the division’sdirector nology quantum astrochemistand since2015, died on Sept. 2after one of the authors of the study. being treatedfor cancer. The results, published Monday Mr.Reeve joined the Fed’s in the journal NatureAstronomy, BlazesBecome Fodder in Presidential Race staff of economists in 1998 and could turn anew spotlightonto wasappointedtoits official staff Earth’ssecond-closestneighbor, in 2006, serving in roles in its di- whose surfacewas oncemuch President Trump blamed vision of international finance cooler and mayhave had oceans. poor forest management rather and, later, monetary affairs. He —Daniela Hernandez than climatechangefor the un- precedented wildfires engulfing Western states,while JoeBi- CORRECTIONS  AMPLIFICATIONS den focused squarely on global warming and warned of wors- ening natural disastersifMr. Panelist Kitty Carlisle Noticetoreaders

Trump prevails in November. S voted for Cynthia Nixon, who Wall Street Journal staff was pretending to be a show- membersare working re- PRES By Ken Thomas pony rider, during an appear- motely during the pandemic. TED in Wilmington, Del., ance on the TV show “To Tell Forthe foreseeable future, OCIA

and Andrew Restuccia SS the Truth.” A Mansion article please send reader comments

in Washington /A Fridayabout Ms.Nixon incor- only by email or phone, using rectly said panelist PeggyCass the contactsbelow, not via

Mr.Biden, speaking out- HARNIK voted for her. U.S. Mail. doorsinhis hometownofWil-

mington, Del., said aspateof ANDREW Readers can alert The Wall Street Journal to any errors in news articles by Western fires, along with a California Gov. Newsom and PresidentTrump held abriefing MondayatSacramento McClellan Airport. emailing [email protected] or by calling 888-410-2667. summer onslaught of tropical weather,floods and drought, markedly different approach don’t think scienceknows,ac- climateasanissue in the presi- would become “morecommon, Mondayduring abriefing with tually.” dential campaign just 50 days THE WALL STREET JOURNAL moredevastating,and more California Gov.Gavin Newsom, Expertssay thinning dense beforeElection Day. Mr.Biden (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) deadly” if the president wona aDemocrat, emphasizing the forestsisthe most effective has said he would rejoin the Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 second term. importance of forest manage- short-term tool to addressthe Paris climateagreement on his Published daily except Sundays and general legal holidays. “Ifyou giveaclimatearson- ment and raising doubtsabout fires. Thevast majority of sci- firstday in officeand has pro- Periodicals postage paid at New York, N.Y., and other mailing offices. ist four moreyearsinthe the scientific consensus about entific expertsalso saywarmer moted a$2trillion plan to Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. WhiteHouse,why would any- climatechange. weather across the West caused tackle climatechange. Polling All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of one be surprised if we have When atop California envi- by climatechangehas greatly hasshown that majorities of which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. moreofAmericaablaze?” Mr. ronmental official said during worsened the fire threat. Americanswant action on cli- Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. Biden said Monday. the briefing outside Sacra- California, Oregon and matechange. Letters to the Editor: Fax: 212-416-2891; email: [email protected] In response to Mr.Biden, mentothat climatechangewas Washingtonstate arecontend- Mr.Trump,appealing to a Need assistance with your subscription? Trump campaign spokeswoman acause of the fires, Mr.Trump ing with one of their most dan- conservativebase skeptical of By web: customercenter.wsj.com; By email: [email protected] Courtney Parella said the Dem- said, “It’ll start getting cooler. gerous fire seasons in history. global warming,has rejected By phone: 1-800-JOURNAL (1-800-568-7625) Reprints &licensing: ocratic candidatewas “saying Youjust watch.” Morethan 3million acres have the scientific community’s con- By email: [email protected] |Byphone: 1-800-843-0008 that the Earth will be de- “I wish scienceagreed with burned in California,tens of sensus on climatechangeand WSJback issues and framed pages: wsjshop.com stroyed if he’snot elected,” and you,” said California Secretary thousands have been forced to warned that his opponent’s Our newspapers are100% sourcedfromsustainably certified mills. that “his lurch to the leftis forNaturalResourcesWade evacuateand nearly three policies would lead to the loss scaryenough.” Crowfoot. dozenpeople have been killed. of manufacturing jobs and GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Mr.Trump himself took a Thepresident responded, “I Thewildfires have elevated higher energy costs. P2JW259000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** Tuesday, September 15, 2020 | A3 U.S. NEWS Hurricane Takes Aim at Gulf Coast

BY VALERIE BAUERLEIN could drop up to 24 inches of AND COLLIN EATON rain over the course of days along the central Gulf Coast. Hurricane Sally took aim at Forecastersalso expect Sally the central Gulf Coast on Mon- could triggerastorm surge day, as thousands of people from the Mississippi River prepared forheavy rain and DeltainLouisiana to the Flor- potentially deadly flooding ida Panhandle,triggering life- from New Orleans and Biloxi, threatening flooding. Miss., to the Alabama-Florida Sally wasabout 130 miles state line. southeastofBiloxi Monday Sally,with maximum sus- night and was moving slowly tained winds of 100 miles an over warm Gulf waters,which hour, strengthened to a Cate- were expected to fuel the gory 2 storm and wasex- storm’s strengthening. pected to makelandfall NewOrleans MayorLaToya

around the Mississippi-Ala- Cantrell said the city wasstag- YNN/REUTERS bama stateline early Wednes- ing rescue equipment and boats FL day, according to the National in anticipation of possible THLEEN

Hurricane Center. flooding and tweeted arequest KA Forecasterssaid the storm that people stay indoorsfor the City of New Orleans worker Louis Marrero boarded up businesses in the French Quarter on Monday. duration of the storm. Munici- Namedstorms in the Atlantic pal courtsand other offices in made landfall as a Category 1 duction in the Gulf of Mexicoon In advanceofSally,Royal ing refinery operations. basin through Sept.14ofeach NewOrleans were closed on storm and stalled fordays Monday, but the impact was DutchShell PLC said it had It hasalready been an un- year Monday,and streetcars and over eastern North Carolina. considerably smaller than Laura. curtailedsome output at its usually busy hurricane season, buses stopped running at noon, “Be prepared forcatastrophic It wasmorepowerful and hit Olympus,Marsand Appomat- which lasts from June to No- 20 according to the mayor. flooding,” he said in a tweet. farther west, closer to the heart tox offshoreplatforms,while vember. Thereare four named Hurricanes Along the Biloxi beachfront Louisiana Gov.John Bel Ed- of U.S. energy infrastructure. Chevron Corp.had evacuated storms,ararity at one time,in Other on Monday, waterwas already wardssaid therewereno Offshore energy producers and shut itsBlind Faith and Pe- the Atlantic region: Paulette, 15 rising halfway to U.S. 90, plans to evacuatethe NewOr- have curbed oil production in tronius platforms.BPPLC said Sally, Teddy and Vicky. known locally as Beach Boule- leans area, including the the Gulf of Mexicobyabout it had evacuated nonessential TheNational Oceanicand vard, according to city emer- 12,000 people in hotels there 21%, or about 396,000 barrels personnel from itsNaKika and Atmospheric Administration 10 gencyofficials.They asked who areevacuees from Hurri- aday,the Bureau of Safety Thunder Horse platforms. said this season it expectsto residentstopreparefor 24 cane Laura, which devastated and Environmental Enforce- The Louisiana Offshore Oil see as manyas10hurricanes— hoursofrain and flooding that Lake Charles, La., last month. ment said Monday. They had Port, one of the nation’s larg- of which three to six areex- 5 would occur over two high- He asked residentstostay shut about aquarter of the re- est crude-export terminals, pected to be ratedamajor hur- tide cycles. vigilant. “Ifone of those bands gion’s natural-gas output. has suspended marine opera- ricane of Category3orhigher. Meteorologist and author of rain settles over Louisiana, Gulf operators had shut as tions,according to itswebsite. Theprediction is based on 0 Eric Holthaus said Sally’s rap- flooding will be aproblem,” he much as 1.56 million barrels a Phillips 66 said it had be- warmer ocean temperatures 2005 ’10 ’15 ’20 idly intensifying winds areter- said in anewsconference day, or about 84% of the off- gunshutting itsAllianceRe- and weaker trade winds in the rifying, but the bigger threat Monday. shoreregion’scrude produc- finerysouth of NewOrleans main development region of Note:2020storms through Tropical Storm mayberainfall, akin to 2018’s Sally forced energy compa- tion, ahead of Hurricane over the weekend. Valero En- the tropical Atlantic and Carib- Vicky on Sept. 14 Source:National Hurricane Center Hurricane Florence, which nies to shut down some oil pro- Laura, BSEE data show. ergy Corp. said it was assess- bean Sea, forecastershavesaid. Court Rules a Protection for Immigrants Can End

BY MICHELLE HACKMAN grantsfromcountries deemed immigrantsfromthe six coun- to arequest forcomment. The we have hurricanes,there’sso Mr.Arulanantham said they toodangerous to return to, tries stand to be impacted, ac- JusticeDepartment said it was much going on,” said Wilna would ask the full Ninth Cir- WASHINGTON—TheTrump typically because of waror cording to the Congressional pleased with the decision. Destin, aTPS holder from cuit to review the decision. administration canwind down natural disaster.The Trump Research Service. TheBush and Obama ad- Haiti who fled on aboat and Immigrants with TPS from humanitarian protections for administration during 2017 JudgeConsuelo Callahan, ministrations routinely re- has lived in the U.S. for20 thesix countries involved in hundreds of thousands of im- and2018 terminated TPS for who wrotethe decision forthe newed the six countries’ TPS years with her children. “For thelitigation will keep their migrantsfromatleast four the four countries as well as court, said immigration law every six to 18 months. me, it’s another disaster.” work authorizations and legal countries,afederal appeals Honduras and Nepal. prohibits courts from review- The Trump administration Ahilan T. Arulanantham, se- protections through March 5, court in California ruled on TPS holders from El Salva- ing the process the executive has said that conditions in the nior counsel with the ACLU of 2021. Afterthat date, they Monday. dor,Haiti, Nicaragua and Su- branch uses to determine six countries have sinceim- Southern California and one of would need adifferent legal In a2-1 decision, the U.S. dan and their children sued when acountryshould be des- proved, and that previous ad- the lawyerswho argued the status to remain in the U.S. Ninth Circuit Court of Appeals, the administration, saying the ignated for TPS, meaning the ministrations treated TPS, case forthe plaintiffs,said the TPS holders from El Salva- based in SanFrancisco, re- decisions were unlawful. Mon- plaintiffs in thesuit couldn’t which was created in 1990, as court’sfinding that the gov- dor, whose president negoti- versed a2018 lowercourt rul- day’sruling is also likely to af- challengethe Trump adminis- a de facto permanent status. ernment’sTPS decisions can’t ated adeal in October with ing that blocked the adminis- fect TPS holdersfromHondu- tration. JudgeCallahan, who Plaintiffs in the case and be reviewed by courts is dan- President Trump,will be given tration from phasing out rasand Nepal who in February wasappointed by President otherimmigration advocates gerous.“If afutureadminis- ayear afterthe wind down TemporaryProtected Status, 2019 filed aseparatelawsuit George W. Bush, also said the criticized the decision, saying tration more favorable to im- takes effect. known as TPS,for immigrants that wasput on hold the fol- plaintiffs were likely to fail on it would upend the lives of migrantsweretogrant TPS to Theruling is the latest in a from El Salvador, Haiti, Nica- lowing month pending the their argument that the ad- hundreds of thousands of im- everyone from Mexicoorev- string of court victories for ragua and Sudan. outcome of the case decided ministration showedracial an- migrants,who areestimated eryone from China to sweeten the Trump administration on TPSgives the secretaryof Monday. Theruling is likely to imus in itsdecision to end to be parentstoatleast some trade deal, in ways that immigration policy, following Homeland Security the author- eventually be appealed to the protections for the countries. 250,000 U.S. citizen children. have nothing to do with the apattern of lowercourts ity to provide legal protections Supreme Court. TheDepartment of Home- “I’m just shocked because statute, no court could stop blocking his policies only to be and work permitstoimmi- Together,about 300,000 land Security didn’t respond already we have coronavirus, them,” he said. reversed by higher courts. Rochester MayorFires Chief Over Man’sDeath

BY BEN CHAPMAN Mr.Prude,aBlack man, died in ahospital seven days aftera Themayor of Rochester, March 23 incident, in which of- N.Y.,fired the city’s policechief, ficers restrained him and suspended itscorporation placed aspit hood over his counsel and communications head afterresponding to re-

S director,and requested the Jus- portsofaperson acting errati-

PRES ticeDepartment reviewthe cally.Aspit hood is arestrain- city’s policedepartment amid ing device sometimes used by CITED growing criticism and protests policetoprevent someone from SO

AS over the asphyxiation death of biting or spitting. Daniel Prude. Mr.Prude’sdeath, which

ONLINE/ MayorLovely Warren said wasruled ahomicide,became

ER Mondaythat she asked the public afterhis family held a ST JusticeDepartment to look at Sept.2newsconferenceand all body-camerafootagefrom provided police body-camera /LANCA Rochester PoliceDepartment footageofthe incident. officersthat involved use-of- Seven other officersin- forcearrestsinthe past three volved in thedeath of Mr. CKBURN/LNP years. Prude were suspended on Sept. BLA

Y Thedecision to fire Chief 3. Mr.Prude’sdeath has also

AND La’Ron Singletarycame aftera sparked days of Black Lives Demonstrators gathered in Lancaster, Pa., on Sunday. ‘This has been a heartbreaking day for our city,’ Mayor Danene Sorace said. management reviewofthe re- Matterprotests. sponse to the death of Mr. Messrs. Singletaryand Cur- Prude,Ms. Warren said. tin couldn’t be reached for LancasterPolice Shooting Sparks Protest “Thisinitial look has shown comment. what so many have suspected, In atweet Monday, Mr.Roj that we have apervasiveprob- said he accepted Ms.Warren’s BY KRIS MAHER District Attorney’s office. jects, according to policeand wasn’t making adetermination lem in the Rochester PoliceDe- disciplinaryaction. “I person- TheLancaster City Bureau of video takenatthe scene.Dem- about whether bureau policies partment,” she said. ally believethat Mr.Prude ProsecutorsinLancaster, Policereleased body camera onstratorsthrew traffic barri- had been followedorifthe use Mr. Singletaryannounced would be alivetodayifthe re- Pa., said they were investigat- footageonSundaythat showed cades,plantersand trash cans of forcehad been justified. hisresignation last week,but sponding officersrecognized ingafatal shooting by police aman running out of ahouse acrossanaccessramp at the Prosecutorssaid the investiga- wasmeant to continue in his his humanity,and acted with on Sundayand pursuing andchasing an officer while station, and tear gaswas used tion intothe shooting wasin duties until the end of the compassion and restraint,” Mr. chargesagainst people who en- holdingaknife. Theofficer, afterprotestersfailed to dis- the early stages. month. Mark Simmons,adep- Roj said. gagedinsubsequent protests who wasthe only officer on the perse, the department said. Policesaid protestersdam- utypolicechief,will serveas Alawyer representing Mr. that included setting firesand scene at the time,started to “This officefully supports aged numerous buildingsand acting chief for30days start- Prude’sfamily didn’t respond damaging property. runaway,turned and firedsev- the right to gather and peace- businesses,inaddition to the ing Monday, aCity Hall spokes- to arequest forcomment. Shortly after4p.m. Sun- eral shots, killing the man, as fully protest, however, the riot- clashesatthe policestation. man said. Ms.Warren said she also di- day, policeinthe city of seen in videofootagereleased ous behavior exhibited last Thedepartment said Monday Ms.Warren said the city’s rected the city’s OfficeofPublic 60,000 about 70 miles west of by the policedepartment. night is completely unaccept- afternoon that eight people corporation counsel, Tim Cur- Integrity to investigatewhether Philadelphia went to the Policeidentified the man as able and will not be tolerated,” were arrested on chargesre- tin, and communications direc- anycity employees violated pol- home of awoman who had 27-year-old Ricardo Munoz. Lancaster County District At- lated to arson and rioting. tor, Justin Roj,weresuspended icies or ethical standards in the said in a911 call that her Sundaynight, morethan 100 torney Heather Adams said on “This has been aheartbreak- for30days without payfor case of Mr.Prude. NewYork At- brother wasbeing aggressive protestersgathered outside the Monday. ing dayfor our city,” Lancaster failing to act, inform and follow torney General Letitia James is with her mother and trying to Lancaster policestation and Thedistrict attorney’s office MayorDanene Soracesaid policyinthe circumstances sur- already investigating the death. break intoher house,accord- squared off against officers, said when it released the offi- Sundayfollowing the fatal rounding the death of Mr. —Jimmy Vielkind ing to the Lancaster County throwing rocks and other ob- cer’sbody-cameravideo that it shooting. Prude. contributed to this article. P2JW259000-0-A00400-17FFFF5178F

A4 | Tuesday, September 15, 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 StartofFirst Debate Is Race’s KeyMoment

this key question maybe has the strength and mental the middle of the electorate. using most prominently to PeterHart is aDemocratic moreimportant than what- acuity at age77totakeon Putbluntly,the negativester- showthat Mr.Reagan wasa pollster who has been follow- ever substantivewrangling the presidency, and that he is eotype of Ronald Reagan was dangerous ideologue,accus- ing presidential campaigns follows acrossthree sched- in control of aDemocratic that he wasashallowand ing him of planning to cut forhalf acentury, and he uled debates. Party moving to the left, not uninformed warmonger. Medicare, Mr.Reagan re- sees parallels.“Everything up Why? Because Mr.Trump the other way around. The So lotsofvotersalready sponded with ashakeofhis to nowhas been ashadow is trying to do something no Trump campaign is busy knewbythe fall of that year head and abemused look and play, in which voters are president in modern history sowing doubts on those that they didn’t really want the most memorable line of looking at what Icall an indi- CAPITAL JOURNAL has ever attempted: win re- fronts. Thefirst debateisMr. to vote forasecond Carter the debate: “Thereyou go rect imageofJoe Biden,” By Gerald F. Seib election when his job-ap- Biden’sbest chancetoerase term, but they also needed to again.” That is to say, there says Mr.Hart, who helps con- proval in the venerable Gal- them. be assured it wassafetogo yougo, misrepresenting my duct the Journal/NBC News lup poll has never been above Theclassic example of this with achallenger about positions again. He came poll along with Republican Themost important 30 50%. Astunning 44% of dynamic came in 1980.By whom they also were uneasy. acrossaslikable rather than Bill McInturff. “And when minutes of this year’s presi- Americans said in the most this point that year,Jimmy In the one and only debate scary. he’sinthe ring with Donald dential campaign haven’t ar- recent Wall Street Journal/ Carter wasanunpopular Voters had gotten permis- Trump, voters aregoing to rived yet. NBC News poll that they have president seen by manyas sion to crossovertothe Rea- makeadetermination. And They will come Sept. 29,in “verynegative” feelingsto- not quiteuptothe job—or at Joe Biden can give ganline.Asthey say, the rest the determination is: Is he the firsthalf-hour of the first ward him personally. least as not the right man for washistory. Mr.Reagan ready to be president of the presidential atough job at aturbulent voters a feeling that trailed Mr.Carter by three United States?” debate.That is learly,alot of Ameri- moment in history. His Gallup it’s safe to move pointsamong likely voters in the crucial pe- C cans don’t particularly job-approval rating stood at the Gallup survey just before or his part, Mr.Trump riod when Joe likethe president, and 37% in mid-September. away from Trump. the debate. He moved will merely be trying to Biden will manydecided long agothey Yettherewereequally sig- promptly intoathree-point F “allowpeople to say, ‘I have his best simply won’t vote forhim. nificant doubtsabout his polling lead. But the rush to don’t likeTrump,but Imay chanceto Yet, Mr.Trump also proved challenger,Republican nomi- Mr.Reagan had only begun. have to vote forhim.’ ” showhe’suptothe job,and in 2016 that therealso are nee Ronald Reagan. Mr.Rea- between the two major-party By Election Day, he wonbya Thebottomline,says Mr. givewavering voters who plenty of other voters who ganalso wasseen as old— contendersthat fall, which whopping 10 percentage Hart, is this: “Weknowthat don’t really likePresident maynot likehim personally, though his ageof69then came just aweek beforethe points. if this election is areferen- Trump afeeling that it’ssafe yetthey will vote forhim would makehim almost spry election, Mr.Reagan per- Intriguing footnote: Ironi- dum on Donald Trump,he to moveaway from him and anyway,particularly if they by today’sstandards—and, formed well enough to give cally,that debate, likethis loses.” TheBiden debate toward the Democrats. That think the alternativeisworse. moreimportant, as apoliti- them that assurance. He of- year’s firstTrump-Biden de- challengeistomakesureit will be merely afirst impres- Mr.Biden’smission is to cian whose staunch conserva- feredacalm demeanor.When bate, washeld in Cleveland. remains areferendum on the sion, of course,yet in this convincesuch voters that he tiveviews made him seem Mr.Carter wheeled out the Historyplays funnytricks incumbent, not on the chal- case the initial impression on is asafealternative—that he slightly dangerous to some in charge that Democratswere sometimes. lenger. Biden PitchesHighest Spending in Decades U.S. to Deny Requests for BY JACOB M. SCHLESINGER Joe Biden’s 2020 multi-trillion-dollar platform includes historically AND ELIZA COLLINS high allocations foreducation, housing and infrastructure. Biofuels Law JoeBiden wonthe Demo- Federal spending as ashareofGDP,selected categories cratic presidential nomination Biden’s platform Currentlaw Exemptions running as amoderate, reject- ingthe big-government plans 2.0% EDUCATION INFRASTRUCTURE HOUSING BY LINDSAY WISE of progressiverivals as unaf- AND ANDREW RESTUCCIA fordable. In the general election cam- 1.5 WASHINGTON—TheTrump paign, he has rolled out his own administration will denyoil multi-trillion-dollar platform refiners’ retroactive requests S that anew study finds would 1.0 for exemptions from U.S. bio- push long-term Washington PRES fuel laws,aboon forIowa,the spending to itshighest level in TED leading producer of biofuels. CIA

decades. SO 0.5 Thefederal Renewable Fuel

Theformer vicepresident AS Standardrequires that oil refin- hasproposed atotal of $5.4 Y/ eriesblend billions of gallons of trillion in newspending over 0 biofuels intofuel each year or

thenext10years, according to SEMANSK payacompliancefee.Small re- 2000 ’10 ’20 ’30 ’00 ’10 ’20 ’30 ’00 ’10 ’20 ’30 an analysis published Monday fineries canapply forwaivers TRICK Notes: Data for2020and laterare projections. Infrastructuredatainclude research and development

by thePenn Wharton Budget PA basedonfinancial hardship. Model, anonpartisan group at Joe Biden addressing wildfires Monday from Wilmington, Del. Source:Penn Wharton Budget Model The Environmental Protec- the University of Pennsylvania’s tion Agencysaid it will deny Wharton School. That includes wing.“I’vetalked to Joeona fessor who oversees the budget but those appear to double- in 2019,but well belowthe so-called gap-filling petitions historically high allocations for number of occasions and I model project. He wasreferring count campaign proposals re- jump to 30% this year amid the seeking retroactiveexemp- sectorsfromeducation and think he recognizes the suffer- to the losing 1972Democratic peated at different times for pandemic. tions for2011-2018.“This deci- health to child-careand hous- ing that is taking placeout presidential candidatewho ran different purposes.The Whar- It is also belowthe level of sion follows President Trump’s ing. thereright now,” says Mr. on aliberal platform that in- tonestimates attempt to adjust government spending in most promise to promote domestic Mr.Biden’sproposed budget Sanders. “I believeheispre- cluded aguaranteed minimum forthat duplication. of the world’sdeveloped coun- biofuel production, support is morethan double that of Hil- pared to respond to that pain income forall Americans. TheBiden campaign said it tries—and far short of the so- our nation’sfarmers, and in laryClinton,the 2016 Demo- once he’selected president.” couldn’t confirm the accuracy cial democracies of Europe, turn strengthen our energy in- cratic nominee.Itisafraction If enacted, the Biden budget of theWharton numbers, nor wherethe public sector in dependence,” EPAAdministra- of the$30 trillion to $50 tril- would elevatefederal spending His proposed would it makepublic itsown manycountries equals roughly tor Andrew Wheeler said. lion spending plans that pro- to 24%ofgross domestic prod- cost estimates. half of GDP. Monday’sdecision is signifi- gressiveSens.Bernie Sanders uct by 2030,according to the budget is more than President Trump hasn’t laid Aides saythe former vice cant forSen. Joni Ernst (R., andElizabeth Warren laid out Wharton study.Outside two big double that of out adetailed second-term presidentremains committed Iowa), who has been lobbying during the Democratic primary. crisis-driven spending spikes— agenda that could be subject to to avoiding an expansion of the president to denythe waiv- But sinceeffectively sealing the the budgetsswollen by the Hillary Clinton. asimilar accounting analysis, government debt, instead pay- ersasshe campaigns forre- nomination in March, Mr.Bi- 2009 financial crisis and the the Wharton analystssaid. But ingfor all of his proposed per- election. Ms.Ernst’sDemocratic den’splan has growninre- 2020 pandemic—that would be the Republican has indicated manent spending increases opponent, Theresa Greenfield, sponse to the pandemic,the the biggest federal budget go- that hisfiscal policywould tilt through taxhikes or spending has been hitting her hardonthe lockdowns, and the resulting ing back morethan half acen- TheWharton team based its moretoward taxcutsthan cuts. Mr.Trump has fueled re- issue.Ms. Greenfield noted last recession. tury, according to Wharton. estimates on the Biden cam- spending increases. cord-high budget deficits, even month the EPAwas considering Theplan also reflectsanod “This is the largest proposed paign’spublic proposals,and on If fully enacted, the Biden beforethe emergencyspending dozens morewaiversand criti- to Mr.Sanders, who has prod- spending increase by apresi- discussions with Biden aides. plan would mean federal prompted by the pandemic,by cized Ms.Ernst forsupporting ded Mr.Biden to movecloser to dential nominee sinceGeorge Other analystshavecome up spending would equal nearly a enacting in 2017a$1.5trillion Mr.Wheeler’s nomination to his agenda to help solidifythe McGovern,” says Kent Smet- with higher tallies forMr. Bi- quarter of all economic activity taxcut without offsetting lead the EPA. Mr.Wheeler is a support of the progressive ters,aWharton economics pro- den’sproposed totalspending, in the U.S. That is up from 21% spending reductions. former coal industrylobbyist.

Revlon Inc.—was seen as evi- Banking regulators require Regulators denceofweaknesses in the banks to track customers system, the people said. across all of their operations. Mr.Corbat, who has runthe Theidea is to catchcrimes To Rebuke bank since2012, had been ex- likemoney laundering and pected to retiresometime avoid errorsthat could harm around 2022. Citigroup ele- customers. While Citigroup is Citigroup vatedMs. Fraser last year to able to keep tabs on customers president and put her in across its businesses, regula- charge of itsconsumer bank, tors worry that its mishmash ContinuedfromPageOne establishing her as the front- of systems makes it vulnerable andcontrol environment,” a runner to succeed Mr.Corbat. to costly and potentially dam- Citigroup spokeswoman said, Mr.Corbat wasquietly aging missteps, people famil- citing the bank’seffortsto planning a2021 exit but iar with the matter said. strengthen controls,infra- hadn’t discussed the exact Citigroup in recent months structureand governance. timing with Ms. Fraser or the has tried to highlight itsef- “However, while we have made board, some of the people fortstoshoreupits systems significant and demonstrable said. Over the Labor Day and convinceregulatorsitis YNE/REUTERS

progress in each of these ar- weekend, he decided he would CO taking their concerns seriously. eas, we recognize that we are retire after closing out 2020, KIL In January, aCitigroup execu- H

notyet whereweneed to be in part because of the work AG tive told BloombergNewsthe OD

and that has to change.” needed to address regulators’ CL bank would hire2,500 coders Citigroup’sshares closed concerns, the people said. Citigroup CEO Michael Corbat to work on the technologyun- down 5.6% to $48.15 on Mon- In memos to Citigroup staff derpinning itsinvestment- and dayafter TheWall Street Thursday, both Mr.Corbat and to improveits anti-money- corporate-banking businesses, Journal reported the expected Ms.Fraser acknowledged that laundering processes.The OCC with an eyetoward improving regulatoryaction. TheKBW the bank needs to transform fined it in 2017for failing to the bank’sability to use the Nasdaq Bank Index rose 1.8%. itsinternal systems forrisk comply with the 2012 order. datathey generate. Foryears, regulatorshave and compliance. At issue nowisthe infra- In June,itnamed anew privately pressed Citigroup and Mr.Corbat is widely cred- structureunderpinning its compliancechief and hired Mr.Corbat to fixthe bank’srisk ited with sharpening the bank’s broader risk systems,alegacy KarenPeetz, the former presi- systems,according to people focus and reducing itssprawl of astring of deals in the dent of Bank of NewYork Mel- familiar with the matter. Apub- during his eight yearsasCEO. 1990s that transformed the lon Corp., to fill the newrole of lic rebukewould significantly Yetthe bank has long struggled bank intoafinancial super- chief administrativeofficer.Ms. ratchet up the pressure. The to convinceregulatorsthat it market. Forinstance, manyof Peetz wasgiven authority over Fedand the OCChavemany wasmoving fast enough to ad- Citigroup’svarious busi- broad bank safety projects, in- tools at their disposal to ad- dresstheir concerns. nesses—commercial banking, cluding those aimed at improv- dressproblems out of the pub- TheFederal Reservegave credit cards, corporate-advi- ing dataand anti-money-laun- lic eye. Aconsent order indi- Citigroup in 2014afailing soryservices,toname afew— dering efforts. At the time,Mr. catesthat those methods didn’t grade on itsannual stresstest, runontheir ownindependent Corbat said she would bring achievethe desired results. citing the bank’sgaps in as- systems that have their own “consistencyand clarity” to Regulatorshavefaulted sessing risk in itscapital plan- methods fortracking custom- dealingswith regulators. Citi’smanagement fornot giv- ning.The bank revamped its ersand transactions.There Mr. Corbat has said the in- ing priority to the risk-man- risk models andhired more arehundreds of identification vestments, which total $1 bil- agement overhaul, the people complianceemployees.Itsystems inside the bank.A lion this year alone,would said. Arecent high-profile hasn’t failed the test since. customer doing businesswith makeCitigroup safer and more flub—Citigroup’s accidental Citigroup is still operating several partsofthe bank could competitive. $900 million payment to cred- under consent ordersfrom have different identification —Christina Rexrode itorsofcosmetics company 2012 and2013 that required it codes for each one. contributed to this article. P2JW259000-0-A00500-1------XA

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A6 | Tuesday, September 15, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS Virus Bills Highlight Coverage Disparities

BY ROBBIE WHELAN been laid off. Like nearly 28 her husband lived comfortably millionother Americans,he in Suffern, N.Y.,onahousehold AcrossAmerica, bills for had no health insurance. income of about $85,000.She Covid-19 treatment arecoming One Mondaymorning,he taught wellnessclasses to se- due,and some patientsare started feeling afever,body nior citizens; he wasanassis- paying large out-of-pocket fees aches and chills.Hetested pos- tant manager at aHilton prop- despiteafederal safety net set itiveand spent aweek at erty in NewYork City. up to help them avoid such fi- Shelby Baptist Medical Center Thenew coronavirus began

nancial surprises. breathing oxygen from atank. attacking Ms.Christensen’s TENSEN Early in the coronavirus Afterachest X-ray, adoctor lungsinMarch. She visited the pandemic,Congressformed an told him, “A 31-year-old should emergencyroom once, had an CHRIS emergency system to ensure not have this” level of lung echocardiogram and waspre- WN DA free testing forthe virus and damage,hesays.Now back scribed steroids,betablockers, to help uninsured Americans home,hehas been walking his antibiotics and anti-inflamma-

avoid big hospital bills for dogsthree times aday to re- tory medications. VERNEZZE; Covid-19 treatment. gain his wind. Her husband lost his job in At the same time,most large Mr.Perez says he applied for July,and Ms.Christensen still

insurancecompanies waived financial assistanceand was doesn’t feel well enough to go MICHELLE cost-sharing agreementsfor told costsbetween $50,000 and back to work.The family is Covid-19 patients, limiting out- $55,000 would be coveredby getting by on $4,400 amonth

of-pocket costsfor holdersof funds administered under the in unemployment and disabil- BUCHANAN;

privatehealth insurance. Cares Act, Congress’semer- ity payments. ISHA

The result is a robust sys- gencylaw that allocated $175 Because Ms.Christensen KA temtokeep patientsfrom re- billion to providers to cover suffersfromarare connective- ceiving large “surprise bills” treatment costsfor the unin- tissue disease,she has been el- that result in major financial sured. He received bills forfol- igible forMedicaresince1999. JOURNAL;

hardships,health-policyex- In recent years, though, she REET ST

pertssay. hasn’t been able to affordsup- LL

But as manybills arrive, Thepandemic has plemental insurance. WA some patientsare falling Her bills for treatment re- HE through the cracks.And the un- spotlighted vast gaps lated to Covid-19 have totaled RT FO insured arerequired to seek fi- in theaffordabilityof $9,500,and her out-of-pocket

nancial assistanceand some- portion has been morethan MILLER times fill out labyrinthine healthcare. $4,000 so far. BOB

paperwork to covertheir bills. Traditional Medicareplans P: In other instances,hospitals “don’t have some of the pro- TO mistakenly bill insured patients tections we think of as being OM FR directly,orthereare disagree- low-up care and achest X-ray morecommon in modern mentsoverwhether certain that weren’t done in the hospi- forms of insurance,” says Cait- WISE OCK

treatmentsare the direct result tal, resulting in out-of-pocket lin Donovan, asenior director CL of aCovid-19 diagnosis. costsof$876. Afriend set up a at the National Patient Advo- Clockwise from top: Jonathan Perezhad out-of-pocket costsof$876 forfollow-up careand achestX-ray. “There’salot of confusion, GoFundMe campaign to help cacy Foundation. Kaisha Buchanan, pictured with her son, received alettersaying she didn’towe anything forher treatment. and alot of patientsare covercosts. Covered: Low-Income Med- Michelle Vernezzespent30daysinintensivecare; her total out-of-pocket costsare roughly $600 so far. scrambling,” says Jack Hoad- Vulnerable: Some Medicare icaid Holders Dawn Christensen’sout-of-pocket costshave been morethan $4,000. ley,aresearcher at George- Beneficiaries In theory, patientswho town University’s Health Pol- Thesix million Americans have insurancethrough Medic- provider forher 5-year-old son. aches. Thenextday,she no- lator for16days,spent 30 icyInstitutewho has studied coveredbyMedicarebut who aid, the health insurancepro- She also suffersfromtype-2di- ticed her urine wasthe color of days in intensivecareand re- billing.“But what they’vetried don’t have supplementaryin- gram for 72.5 million low-in- abetes and hypertension. Coca-Cola, which she recog- ceived three blood transfu- to createisasort of patch- suranceplans to covercost- come Americans,shouldn’t be She wasdischargedand nized from her work at an in- sions. She later spent weeks work universal health-care sharing,copaymentsand pre- required to pay anything for called back to work by her em- ternal-medicine clinic as apo- hooked up to adialysis ma- system forthis one disease.” scriptions “are the people who Covid-19 treatment, says Ms. ployeronJune 15,beforeshe tential sign of kidney failure. chine for24hoursaday.She TheWall Street Journal in- aremost at risk of catastrophic Donovan. had fully recovered from the Herhusband, Ron Vernezze, washospitalized for52days in tervieweddozens of Covid-19 health expenses,” says Tricia Kaisha Buchanan, a29-year- infection and while still having droveher to the AuroraMedi- total. But when it comes to the patientsand identified four Neuman of the Kaiser Family old preschool teacher in Flint, respiratoryproblems.Within calCenter in nearby Kenosha. bills, Ms. Vernezzeconsiders key groups that experiencethe Foundation. Mich., went to the ER in May weeks,she received aletter She has no memoryofthe 25 herself one of the luckyones. financial ramifications of in- Medicare,the government afterdevelopingproblems saying she didn’t owe anything days that followed. Her encounter with corona- fection in different ways. health plan that covers seniors breathing.She tested positive forher treatment. Aftertesting positive, she virus cost morethan $836,000. Clutch Funding: TheUnin- and the disabled, doesn’t have for Covid-19, and other tests MostlyCovered: PrivateIn- developed asecondarybacte- Her totalout-of-pocket costs sured out-of-pocket spending limits showedproblems with her suranceHolders rial infection that wasattack- so far: $602.66 in copayments Jonathan Perezgot sick at and hasn’t suspended its20% heart, blood pressureand kid- In May, Michelle Vernezze, a ingher lungs, kidneys, heart, to see an infectious-disease the end of June.A31-year-old cost-sharing forCovid-19. neys. 43-year-old nurse from Bristol, pancreas and immune system. specialist andfor an echocar- Marine veteraninHoover, Beforethe pandemic,Dawn Ms.Buchanan earns about Wis.,wokeupwith afever,sore She wasput intoaninduced diogram. Her insurancepro- Ala., Mr.Perez had recently Christensen, 52 yearsold, and $18,000 ayear and is the sole throat, drycough and body coma and attached to aventi- vider is covering the rest. Arizona Cases, Deaths Fall Sharply Testing Maker Probes False-Positive Results BY ALLISON PRANG as mask mandates.Helater Arizona’s daily newcases to morethan 4,000 by Aug.6. limited barstotakeout and de- As of Sept. 9, morethan 5,000 As recently as mid-July,Ar- liveryserviceand put capacity 5,200 Arizonans lost their lives BY ANNA WILDE MATHEWS lengesurrounding the federal izona wasinthe midst of a restrictions on restaurants. to Covid-19,the illnesscaused effort to broaden testing in full-blown coronavirus out- “It really has allowedusto by the newcoronavirus. Becton Dickinson & Co. is nursing homes,asthey and break. It repeatedly logged be much moremuscular,” said 4,000 Mr.Ducey attributed the investigating reportsfrom otherlong-term-carecenters more than 3,000 cases a day, FranciscoGarcía, Pima County’s 7-day rise in the state’snumbersear- nursing homes that federally aretied to morethan 70,000 putting it in acategoryalong- chief medical officer,referring lier this summer to people provided rapid coronavirus- Covid-19-related deathsna- 3,000 average side morepopulous states to the governor’s June order gathering inside and in large testing equipment from the tionwide, according to a Wall such as Texas,Florida and Cal- giving local municipalities groups,and said the improve- companyisproducing false- Street Journal survey of state ifornia as the hottest of the morepower. Pima County in- ment came from breaking up positiveresultsinsome cases. and federal data. Thepush re- 2,000 nation’s hot spots. cludes thecity of Tucson. biggatherings, encouraging So far,the number of re- lates to anew regulatoryman- Twomonths later,Arizona is Mr.Ducey has encouraged people to wear masks,and portsissmall, nursing-home datefromthe Centersfor telling adifferent story. people to wear masks,but temporarily shutting down industryofficials said. The Medicareand Medicaid Ser- 1,000 Thenumber of newly re- hasn’t implemented astatewide barsand other places where American Health CareAssocia- vices requiring regular testing ported cases in the statefell mandate. In July,mayorsof people congregate. tion, atrade group represent- of nursing-home staffers. 72%inAugust, compared with some of the state’sbiggest cit- 0 School reopeningspresent a ing nursing homes,said it has Nursing homes have said amonth earlier,according to ies, including Phoenix,sent a newchallenge. ManyK-12 heardfromroughly adozen they arestruggling to getrefill datafromJohns Hopkins Uni- lettertothe governor asking FMAM JJAS schools started this year with facilities that had seen a sig- testsfor the federally supplied versity.Overthat same period, foramorecoordinated ap- Sources: Johns Hopkins University distance learning.Among col- nificant number of false posi- rapid-testing machines that the number of deaths in the proach to handling the pan- leges,Arizona State University tives and asimilar number they received, and they are statefell by roughly one-third. demic. der expired, thingsworsened as reopened forin-person classes with just one or two. also worried about costs and, Arizona’sapparent turn- “Wewanted to makethe people started venturing out. on Aug.20, and the University False-positivetest results in some places,conflicting around contrastswith what best decisions that would save Arizonahit adaily high of of Arizona in Tucson, which areaparticularly significant guidancefromstate regula- happened in those other hot- the maximum amount of lives 4,877new cases on July 1. Hos- started itssemester Aug.24, is risk in nursing homes,because tors. spot states,whose conditions while prioritizing lives but also pitalizations continued climb- offering amix of online and in- aresident wrongly believed to Aspokesman forBecton have improved but not as livelihoods,” Mr.Ducey said in ing thereafter, reaching ahigh person classes. have Covid-19 could be placed Dickinson said “a small num- much. Reported cases in Flor- an interview. “And therewas of 3,517onJuly 14,with 970 As some restrictions arere- in an area dedicated to in- ber of nursing homes in the ida, California and Texas toomuch game-playing around people in intensivecare, ac- laxed, and reopened universi- fected patients, potentially ex- U.S. arereporting multiple dropped 54%, 21% and 29%, re- mayors that only wanted to cording to datafromthe Covid ties experiencecase clusters, posing an uninfected person. false-positiveresults” from its spectively,last month. lock everything down, and I Tracking Project. the state’ssuccess against the “It’senough to warrant tak- Veritor testing equipment. The Health expertsand officials wasn’t going to allowthat to Arizona’sdeath toll topped virus might not last long,said ing it seriously,” said David companysaid it immediately attributeArizona’simprove- happen when it wasn’t in the 1,000 on June 5, roughly 2½ KaceyErnst,professor and pro- Gifford, chief medical officer contacted the sites and is in- ment to ahost of issues,such best interest of saving lives.” months afterthe firstcoronavi- gram director of epidemiology of AHCA. It isn’t clear if the vestigating the situation to as Gov. Doug Ducey’s decision In the spring,the state, like rusdeath wasrecorded in the at the University of Arizona. false positives aremorefre- obtain additional details. The in mid-June to allowcities, many others, avoided serious state. By July 9, the death toll “With those thingsall coincid- quent than expected, he said. reports don’t reflect findings towns and counties to enact problems.But in the weeks af- had doubled to morethan ing,our downturn maybe Thegroup alerted itsmembers in the company’s studies, the morerestrictivemeasures,such terthe state’sstay-at home-or- 2,000.Itroughly doubled again short-lived,” she said. about the concern with Becton spokesman said. Thecompany Dickinson machines on Mon- has filled itsinitial federal or- day. der, and now can restock dis- opened this year in Canada That stands in contrast to such as itscloud computing Katie Smith Sloan, chief ex- tributors with test kits. Amazon andthe U.S.,itsaid. Amazon other companies and indus- and advertising businesses, ecutive of LeadingAge, which HHS wasrecently made has morethan 600 facilities in triesthat arecutting tens of continue to see fast growth, representsnonprofit providers aware of the issue with false the U.S.,according to logistics thousands of jobs.Amid a creating further job opportu- of aging services,said, “Re- positives and is closely moni- Set to Hire consultant MWPVL Interna- slump in passenger demand, nities. portsoffalse positives are toring the situation, an agency tional. U.S. airlines shed about 50,000 Amazon said it is still com- troubling and add to the many spokeswoman said in a state- Amazon has experienced a jobs in the first half of the pleting plans on whether it challenges nursing homes have ment. The Food and Drug Ad- 100,000 wave of orders this year as year alone.Traditional retail- will need to hireseasonal to navigate.” ministration is also looking coronavirus restrictions erslikeJ.C.Penney,Neiman workersfor the coming holi- TheDepartment of Health intothe issue,she said. HHS is pushed millions morepeople Marcus Group Inc., J.Crew dayseason. Thecompanytypi- andHuman Services said in working to ensurenursing ContinuedfromPageOne toward online shopping.Re- Group Inc. and others have cally adds staff in the run-up July that it would ship Quidel homes have priority fortest paying at least $15 an hour tailerslikeWalmart and Tar- filed forbankruptcy. to the season, which is the Corp.and Becton Dickinson kits, and has takenseveral ac- and including benefits and getCorp. as well as e-com- Amazon, which accountsfor peak shopping period forre- rapid-testing machines and a tions to provide “extremeclar- signing bonuses of as much as merce companies such as morethan athirdofonline tailers. limitedsupply of test kitsto ity and no room formisunder- $1,000 in some cities.Hiring Instacart Inc.havealso seen U.S. sales, has recorded record An Amazon spokeswoman around 14,000 nursing homes standing or misinterpretation” forthe jobs has already begun. immensegrowthonline and profitsduring the pandemic. said thecompanywas able to nationwide. on the role of the tests, she Thepositions areall nonsea- hiredhundreds of thousands The company posted a record makethe 100,000 positions Quidel machines have gone said. sonal, Amazon said. of workers. $88.9 billion in sales during its nonseasonalbecause of sus- to fewerfacilities,and the TheBecton Dickinson Thecompanyalso said it Amazon added 175,000 second quarter,and profit tained demand this year. companysaid it had not re- equipment is used to perform would open 100 operational warehouse workersinMarch doubled year-over-year to $5.2 Amid therising sales,the ceived anyreportsoffalse- point-of-careantigen tests buildingsthis month alone,in- andApril, 125,000 of whom it billion. company’sshares areupal- positive results from nursing that don’t have to be sent to cludingfulfillment centers, de- said it would keep.Last week, In the same quarter, it also most 70%this year.That has homes that gotits testing labs forprocessing.Antigen liverystations,sorting centers the companysaid it wasinthe spent more than $9 billion in takenits market capitalization equipment from HHS. tests focus on virus proteins, and other sites. That will add processoffilling 33,000 corpo- capital projects. Thecom- to around $1.6trillion, behind Theconcern about false while molecular testslook for to morethan 75 othersalready rate positions. pany’s nonretail segments, only AppleInc. positivesisthe latest chal- the virus’s genetic material. P2JW259000-0-A00700-1------XA

THE WALL STREET JOURNAL. Tuesday, September 15, 2020 | A7

Youmight not outrunatrain, or leap overbuildings. Youmight not be asuperhero. Butyou are superhuman. Youbuilt civilizations, and started industries. You. Thepioneer,the inventor,the dreamer. And when the going gottough, youbecame the teacher, the volunteer,the healer. Allwhile moving the economy, and the world, forward. Imagine what youcould do if technology pulledout allthe stops, so youcan become allthatyou can become.

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A8 | Tuesday, September 15, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS Oracle-TikTok Deal Needs SecurityCheck

BY KATY STECH FEREK ForCfius, Concerns Treasury Secretary Steven WASHINGTON—Oracle Mnuchin said would occur in Corp.’s bid to become the About Data Abound this case. “trusted technology partner” The president, however, has forthe popular Chinese-owned the power to override Cfius de- TikTok app maynot be astan- The Committee on Foreign cisions. dard-issue business deal, but Investment in the U.S., or In recent years, Cfius has it is increasingly thesort of Cfius, is best known for re- increasingly looked at deals arrangement that undergoes a viewing proposed foreign take- that involved access to per- national-security review, ac- overs of U.S. businesses that sonal data of U.S. citizens—not cording to lawyerswho advise could weaken U.S. security, only for technology platforms companies in such cases. such as acquisitions of compa- but for insurers, health-care Treasury Secretary Steven nies whose technology has mil- companies and hospitality Mnuchin said Mondaythat the itary applications. firms. Oracle bid would be reviewed Led by the Treasury De- Panelists on the committee by the Committee on Foreign partment, Cfius also includes sometimes will give a green Investment in the U.S.,ana- representatives from the State light to deals that they con- tional security panel that is OL Department, the Pentagon, the sider troubling on a national- PO

best known forreviewing out- S Department of Homeland Se- security front if the companies

right foreign takeoversofU.S. PRES curityand other agencies. It involved are able to convince companies. T/ deliberates in private, some- them that those concerns can OT

TheOracle deal, by compar- SC times making its recommenda- be mitigated.

ison, involves an arrangement ERIN tions to the president—as —Katy Stech Ferek with TikTok to movedataon Treasury Secretary Steven Mnuchin on Monday said Cfius would review the Oracle bid for TikTok. American userstoOracle’s cloud-computing infrastruc- tensive application that Cfius propaganda and that the plat- agreed that they should moni- cording to Treasury figures. concerns. Last year, the panel tureinthe U.S. to prevent it has looked at closely and iden- form’smoderatorscould be tordeals forprivacy-related In some of those deals,they orderedanother Chinese in- from beingshared with the tified concerns with,” said Da- censoring content to appease concerns almost immediately required businesses involved vestor to giveupits interest in Chinese government. maraChambers, aWashington, Beijing. afterward, according to sev- in the transactions to limit the Grindr,adating apporiginally Attorneyswho advise com- D.C.-based national-security TikTok has denied that it eral former panelists. And transfer of intellectual prop- geared toward gay men, over panies and investorsundergo- lawyer with the Vinson &El- would compromise the dataof soon after, panelistsgavecare- erty and trade secrets, ensure concerns the personal data it ing national-security reviews kins law firm who said some- itsusers, or use itssiteto fulscrutinytoseveral deals that only afew authorized collects could be exploited by saythe panel is increasingly times the panel will require spread propaganda. that raised privacyconcerns have access to key technology Beijing to blackmail individu- dealing with matters that in- ongoing monitoring and audit- TheCfius panel’sfocus on about the information that or requirethat U.S. citizens als with security clearances. volve data privacy, as well as ing of a deal. privacyconcerns sharpened could flow back to China, they handle certain productsand Other deals that raised pri- deals that involveminority in- Cfius has been investigating after 2015, when U.S. officials added. services, the report said. vacy concerns involved insur- vestments, private-equity in- risks related to TikTok’s Chi- announcedthat hackershad Panelists often allow deals Ms. Savage said that when ance and hospitality. vestmentsand limited part- nese owner,Beijing-based penetrated databases of the that they consider troubling panelistsare trying to figure Earlier this month, amajor nership structures. ByteDance Ltd., for months. U.S. Office of Personnel Man- on anational-securityfront to out if safeguards for data are U.S. hotel operator has agreed “There’salot of experience U.S. officials saythey are agement containing recordsof go through if the companies strong enough, they will as- to purchase hotel property and models to use in situa- concerned that TikTok could personnel files and security- involved canconvincethem sess what kind of data is on a management software firm tions wherethereisn’t an out- passondataitcollectsfrom clearanceforms forcurrent that thoseconcerns canbe tech platform, whereitresides StayNTouch Inc., a$46 million right 100% purchase,” said Americans streaming videos to and former U.S. officials. The mitigated. Last year,the panel and wherethe potential ac- deal that came together after lawyer Christine Savage of the China’s authoritarian govern- breach amounted to one of the adopted mitigation measures quirer is located. Mr.Trump said the company’s King & Spalding LLP law firm ment.They also areincreas- largest-ever thefts of U.S. gov- with respect to 33 deals they But in some cases,panelists existing Chinese ownership in Washington, D.C. ingly concerned that the app ernment records. hadinvestigated, roughly 12% couldn’t find safeguards poses athreat to U.S. national “Thisisn’t the firstdata-in- mightbespreading Chinese Membersofthe Cfius panel of the year’s totaldeals,ac- strong enough to ease their security.

said on Sept. 10. “So we’ll ei- Unusual ther close up TikTok in this countryfor security reasons, or it’ll be sold.” Talks Spur Forweeks it appeared Mi- crosoftwas in the lead on ne- gotiations, and it appeared to Alliance be close to adeal in lateAu- gust. Thedynamic changed when the Chinese government ContinuedfromPageOne said it would requireapproval operations outright or surren- forany transfer of Chinese in- derthe prized algorithms that tellectual property,which was power the app and make it so believed to cover TikTok’s al- compelling to users, the peo- gorithms. plesaid. Some of the people That was a blow to Micro- also said Oracle would have soft, which wanted to use the access to viewthe algorithm’s algorithms to push further source code and howitworks. intosocial media, gaming and Among other things, the video.OnceBeijing gotin- ByteDanceproposal will in- volved,that strengthened Ora- volve expanding TikTok’s U.S. cle’shand, because the com- offices to become the global panyisinterested primarily in headquartersand having Ora- winning TikTok as acustomer cle certify the security of the forits cloud business, said the

app’s data, the people said. S person familiar with the talks, Oracle wasoriginally wherebusinesses rent space NEW

brought into the negotiations G on someone else’s servers. to provide an alternativeto Working with TikTok would

MicrosoftCorp., arival bidder OOMBER burnish Oracle’scloud creden-

with Walmart as apartner, /BL tials,inpart because the said one person familiar with video-heavy natureofthe app

the talks.The U.S. investment MORRIS makes it an especially de-

firms Sequoia Capital and UL manding user,said RayWang, General Atlantic,which areex- PA founder of the Silicon Valley- VID

isting investorsinByteDance, DA based advisoryfirm Constella- went in search of a tech com- Oracle co-founder Larry Ellison, whose company is vying for a deal with TikTok, hosted a fundraiser for Mr. Trump this year at his house. tion Research Inc. panywith close ties to the ad- “Oracle is showing it can ministration and settled on deal that appearstobesome- Popular Demand son familiar with the matter. runthe toughest workloads in Oracle, the person said. thing lessthan that, or ban- In a statement on Monday, the public cloud, and that’s Weekly activeTikTokusers Shareofpublic cloud services Oracle co-founder LarryEl- ning an app that is hugely Oracle confirmed that it was what it’sgoing after,” said Mr. in the U.S. lison hosted afundraiser for popular. part of the ByteDancepro- Wang.“Video requires astable 14% Mr.Trump this year at his A person familiar with the 60 million Amazon posal and noted that it “has a and massively elastic cloud.” house,and Chief ExecutiveSa- mattersaid that TikTok would Web 40-year track record providing Oracle currently lagsfar be- fraCatz also worked on the commit to adding 25,000 jobs 12 Services secure, highly performant hind cloud leadersincluding 50 executivecommitteefor the in the U.S. It isn’t clear Microsoft technology solutions.” Amazon.comInc.and Micro- Trump transition team in whether that would be one 10 Mr. Trump hasn’t played a soft. It mainly provides busi- 2016. way of meeting Mr.Trump’s 40 central role in the internal dis- nesscustomerssoftware to other unusual demand forthe 8 cussions about TikTok, a per- help run their business. sale—that it result in asizable sonfamiliar with the matter Thecloud has become more Cloud jolt payment to the U.S. Treasury. 30 said, adding that the issue important to Oracle because ForOracle,the arrangement ByteDance is confident the 6 isn’t among his biggest priori- customersfavor renting server could give a jolt to its efforts steps it is taking will ade- 20 ties during the re-election time and software and cutting to transform itsdatabasebusi- quately meet the U.S. requests. 4 campaign. back on the kind of spending nessintoamajor playerin “Trump wanted abig se- Oracle Thepresident, the person on in-house technologythat, cloud computing,one of the cureAmerican company,” said 10 2 said, has at times expressed fordecades,underpinned sales most dynamic areas in tech. one person familiar with Byte- skepticism that bringing in a for the company. President Trump’sthreat to Dance’sthinking.“We got 0 0 new company to oversee Tik- Amazon popularized the ban TikTok triggered the cor- that.” Tok’sU.S.operations would cloud-computing model and is JJFMAM J AS 2017 ’18 ’19 porate race to save it, and he Microsoft, Oracle’schief ri- adequately addressthe admin- the leader in so-called public- will be theultimatedecider. valinthe bidding,believed Sources: App Annie (users); IDC (market share) istration’snational-security cloud infrastructure, with 45% He has the authority to over- anydeal that didn’t involve concerns. market share, ahead of Micro- rule anyrecommendation transfer of the algorithms partner who took alead role Mnuchinisseen as the leader soft,with around 18%, accord- made to him by the U.S. Com- would fall short of the U.S. lobbying on TikTok’sbehalf, of the latter camp, according ing to research firm Gartner mitteeonForeign Investment government’sdemand, accord- has donated tens of thousands to the people in contact with Trump threat Inc., which doesn’t count Ora- in the U.S. that oversees cross- ing to some people familiar of dollarstoRepublican candi- the WhiteHouse,and Sen. Mr.Trump on July 31 said cleinits top-fivevendors. Or- border deals,although it is un- with the company’s thinking, dates this election season LindseyGraham and others he planned to block TikTok’s acle was slow to embrace the usual forapresident to weigh as didsome cybersecurity ex- along with his wife, including likewise have made the case platform from operating in the cloud as it tried to protect its in. Afterweeks of saying he perts. Theperson familiar to the president’s re-election that banning TikTok would U.S., then issued an executive legacy business. would accept only an outright with ByteDance’sthinking said campaign. Mr.Leone also held order doing so one week later. To Jefferies analyst Brent sale of TikTok’sU.S.opera- Microsoftatvarious times ap- a reception at his Silicon Val- “Asfar as TikTok is concerned, Hill,the deal with TikTok tions to an American company, peared content with structures ley home forSecretaryof The talks took we’re banning them from the shows the pressureOracle is Mr.Trump must weigh the po- that wouldn’t requiretransfer State MikePompeo in January. United States,” he told report- under.“Oracle is begging fora litical calculus of accepting a of the algorithms. Ms.Catz’s relationship to unexpected turns ers. cloud win,” he said. “Micro- Oracle’sMr. Ellison and Ms. Mr.Trump could giveOracle a and drew in big Mr.Trump signed apresi- soft,Amazon and Google are Catzhavebeen vocalabout leg up in getting the deal ap- dential order Aug. 14 that set taking massiveshareaway their concerns about China, proved, according to people in names in business. a90-daydeadline forany from them.” Crafted in gold &platinum and have repeatedly raised the contact with the WhiteHouse. transaction to be completed. Snagging the TikTok busi- issue with membersofthe ad- Oracle has worked fordecades That order, issued in conjunc- ness helps legitimize Oracle’s Rush! ministration even beforethe with the U.S. government, in- tion with another one for the cloud, said Ed Anderson,an Service Available TikTok drama ensued, said one cluding multiple contracts backfirepolitically among Chinese social-media app analyst at Gartner.“It’sen- person familiar with the mat- with the national-security es- young conservatives. WeChat,would bar Americans couraging to see Oracle ag- ter. tablishment. Mr.Mnuchin and senior from downloading the apps on gressively pursuing the cloud.” Sequoia Capital used its Adivide remains in the staffers at the Commerce De- theirsmartphones,and is seen Still, he said, the companyis ownconnections to push the WhiteHouse between the partment worked to bring as politically perilous due to unlikely to catchthe lead Am- administration to allowTikTok China hawks who believe Mr. Commerce SecretaryWilbur the popularity of the TikTok azon and Microsofthavebuilt. to continue operating in the Trump should follow through Rossonboard. Messrs. app. —Gordon Lubold, Rolfe Immortalize Your Anniversary U.S., say people familiar with on histhreat to ban the app Mnuchin and Ross decided to “We’ll see what happens. Winkler, Michael C. Bender, in Roman Numerals! thediscussions.Doug Leone, and those who favor a deal. pursue the Oracle option dur- It’lleither be closed up or and Andrew Restuccia JOHN-CHRISTIAN.COM 888.646.6466 the firm’sglobal managing Treasury Secretary Steven ing acall on Friday, said aper- they’llsell it,” Mr.Trump contributed to this article. P2JW259000-0-A00900-1------XA

THE WALL STREET JOURNAL. Tuesday, September 15, 2020 | A9 WORLD NEWS Xinjiang Japan Feels Tug From China, U.S. Companies Premier’s successor Are Hit will step into middle of tensions between its With Bans two biggest partners

BY KATY STECH FEREK BY PETER LANDERS

WASHINGTON—TheTrump TOKYO—Yoshiyuki Kasai, administration banned cotton longtime boss of Japan’s big- apparel, computer partsand gest bullet-train line, says he other importsfromcompanies thinks Tokyo’salliancewith and suppliersthat allegedly the U.S. comes firstand China relied on forced and impris- needstohear that message. If oned laborersinChina’sXinji- Beijing doesn’t likeit, he says, ang region. tough luck. U.S. Customs and Border Hiroaki Nakanishi, head of Protection officials on Monday Japan’smost powerful busi- issued ordersfor agentsto nessfederation, says he thinks S

hold shipmentsfromfour that attitude is self-defeating. NEW G commercial entities,one train- After all its work to build ties ing center and an industrial with China, Tokyoshould play park that they suspect have nice where it can, he says. OOMBER handled goods made with Theclashing views of two A/BL forced labor, citing the power topexecutives,each apolitical SIP

of a1930s lawthat declared heavyweight, suggest the chal- TICHE/

the importation of those goods lengefor Japan’snextprime DA illegal. minister in navigating the ten- S OLA

“The scourge of forced labor sions between the U.S. and NIC practices used in China is an China. Yoshihide Suga, the de Yoshihide Suga on Monday won the leadership race for the ruling Liberal Democratic Party, assuring him of becoming prime minister. unconscionable assault on in- factoNo. 2 in ShinzoAbe’s nocent people and athreat to government since2012, on supplying Huawei and other Japan’s exports to China called for “effortstopromote such a degree that in a pinch, American producers,” said Monday won the leadership Chinese companies with parts, everlastingfriendship between youcan throw it all out and Mark Morgan, acting commis- race forthe ruling Liberal if those partsuse U.S. technol- ¥15 trillion the two peoples of China and still be OK,” he said. sioner of U.S. Customs and Democratic Party,assuring ogy.And deal making with Japan,” official media reported, Asked to name people who Border Protection, during a him of succeeding Mr. Abe as China is getting trickier,asTo- while delivering veiled warn- he thinks underplaythe China pressconferenceonMonday, prime minister on Wednesday. kyobeveragemaker Kirin Hold- ingstothe U.S. and Mr.Trump. risk,Mr. Kasai singled out Mr. adding that the orderscame af- Mr.Abe,leading the world’s ingsCo. found in August when Beijing must be set straight, Nakanishi, 74,the business tertwo yearsofinvestigation. third-largest economy behind U.S. ally Australia nixed Kirin’s 10 said the 79-year-old Mr.Kasai, federation chief who is also a U.S. officials have con- the U.S. and China, built a sale of an Australian dairy former president and now former chief executiveofHi- demned Chinese leadersin strong friendship with Presi- businesstoaChinese company. chairman emeritus of Central tachi Ltd. Hitachi built Japan’s Beijing over alleged human- dent Trump and improved ties “Weare entering aquite Japan Railway Co.Heand Mr. firstbullet train cars forthe rights abuses that have un- with Beijing.But Mr.Suga difficult phase,” said Toshiba Abe had dinner in July on one Tokyo-Osaka line nowoper- folded against the mostly likely will find it harder to Corp.’shead of corporatestrat- of the prime minister’s final ated by Mr.Kasai’scompany, Muslim Uighur minority popu- maintain the balancing act. egy, MasaharuKamo,citing 5 nightsout beforeanintestinal but unlikethe railway,ithas lation in northwest China in Mr.Sugahas little foreign- national security risks.“We ailment forced him to resign. developed abig China busi- recent years. The region pro- affairsexperiencebeyondas- have to look at everysingle “Wehavetogoinlockstep ness, selling elevators, medi- duces a sizable portion of the sisting Mr.Abe.Asked Satur- item that is traded with China, with the U.S.,” Mr.Kasai said in calsystems and much else. world’scotton, which some dayatadebateabout his China not simply each deal on its an interview. “IfChina thinks it Mr.Nakanishi “doesn’t under- watchdog groups sayrelies on stance, he avoided taking one. ownbut whether it will have candivide Japan and the U.S., stand geopolitics,” Mr.Kasai forced or prison labor to har- His dilemma is shared by an effect on our company.” 0 it will tryevery trick in the said. vest it or turn it intoyarn and U.S. allies around the world Japan is deeply entwined in ’11 ’13 ’15 ’17 ’19 book to do it, and Japanese Theformer Hitachi CEO said fabric both in factories nearby such as Germany that rely on Chinese business. Exportsto Note:¥10 trillion =$94 billion politics will fall into disarray he didn’t claim to be an expert and in neighboring countries. American militarymight for China, which totaled nearly Source:Japan’sMinistry of Finance from Chinese intervention.” in geopolitics,but he said he Arepresentativefor the protection while leaning on $140 billion in 2019,havebeen Mr.Kasai said he advised understood the historyof ChineseEmbassy cited past China for economic growth. helping Japan recoverfrom said MiekoNakabayashi, apro- Mr.Abe to disinviteMr. Xi, Japan’sties with the continen- statementsfromChinese offi- Japan and other U.S. allies the coronavirus downturn and fessor at Waseda University. whohad been scheduled to talpowernextdoor.Headvised cials,who maintain that oper- have agreed not to use equip- arerunning aboveyear-earlier Beijing has sent signals it visit TokyoinApril before the against letting the politics of atorsinthe region abide by ment from China’sHuawei levels,according to Japan’s hopestoenlist Tokyoagainst coronavirus intervened, and he themoment override the suc- international labor laws,and Technologies Co.intheir next- Ministry of Finance. Mr.Trump.When China on suggested Japanese companies cesses of decades in building that government activities in generation telecommunications “Thereare lotsand lotsof Sept. 3marked the 75th anni- should trim their China expo- businesspartnerships.“My theregion areaimed at pre- networks.U.S.sanctions are privatecompanies that cannot versaryofWorld WarII’send, sure to avoid being manipu- viewonChina is quitedifferent venting terrorism. hitting Japanese companies affordtogoagainst China,” Chinese leader Xi Jinping lated. “It should be limited to from Mr.Kasai’s,” he said. Branstad Plans to Step Down As American EnvoytoBeijing

BY CHUN HAN WONG AND LIZA LIN THEFASTEST, HONG KONG—TerryBran- stad is stepping down as U.S. ambassador to China, ending a MOST SECURE more-than-three-year tenure at the forefront of Washing- ton’sincreasingly strained re- PLATFORM FOR lationship with Beijing. OL

SecretaryofState Mike PO Pompeo thanked Mr.Branstad S NEXT-GEN APPS in aseries of tweetsonMonday, saying the envoy had “contrib- uted to rebalancing U.S.-China ANDDATA. relations so that it is results- HIEFELBEIN/PRES oriented,reciprocal, and fair.” SC

Mr.Branstad, aRepublican MARK whose six terms as governor of Terry Branstad, a former governor of Iowa, is departing after several Iowa over two stintsmade him months in which relations between the U.S. and China worsened. WELCOME TO THE 4TH the longest-serving governor in U.S. history, is due to leave so that it is fair and reciprocal city of Chengdu. INDUSTRIAL REVOLUTION. Beijing in early October and re- and canfuel positivegrowth The73-year-old American turn to Iowa,the U.S. Embassy in both countries,” Mr.Bran- envoy found himself at the in Beijing said. He spoketo stad said. center of another diplomatic President Trump by phone last Mr.Branstad’stenurehas spat last week when Mr. week to confirm his decision to been slightly longer than Pompeo accused China’sCom- retire, the embassy said. those of his recent predeces- munist Party of acting hypo- Mr.Branstad’sson, Eric,is sors. News of his departure critically in deciding notto an adviser to Mr.Trump’s comes as Sean Stein, the head publish an op-ed by Mr.Bran- Iowa campaign, and the elder of the U.S. ConsulateinShang- stad in the party’s flagship Mr.Branstad is expected to hai, also leaves his post. newspaper,People’sDaily, support Mr.Trump and Repub- Theexitsfollowseveral which described the article as lican Sen. Joni Ernst in 2020 months during whichU.S.- “full of loopholes and seri- racesinIowa.Mr. Trump told China relations quickly deterio- ously inconsistent with facts.” Ms.Ernst in aphone call that rated, as the two governments Beijing also imposed what Mr.Branstad is “coming home imposed tit-for-tat diplomatic it called reciprocal restrictions from China ’cause he wantsto restrictions on each other on American diplomatsin campaign,” according to are- China afterWashingtonan- cording of the call Ms.Ernst nounced fresh curbs on activi- posted on SaturdayonTwitter. The ambassador ties of Chinese diplomatsin Theprocess of appointing a the U.S. this month. newambassador to China is ex- had enjoyed long Mr.Branstad wasthe gover- pected to take months.Robert ties with Chinese nor of Iowa when Mr. Trump Forden, the U.S. deputy chief of in December 2016 picked him mission in Beijing,will oversee leader Xi Jinping. as his envoy to Beijing.China’s the embassy as chargé d’affaires Foreign Ministryhad wel- until anew envoy arrives,aper- comed Mr.Branstad as an “old son briefed on the mattersaid. friend of the Chinese people,” Aspokesman forChina’s while arguing over differences beforehearrived in Beijing in Foreign Ministrysaid Beijing related to trade,technological June 2017 to take up his post. hasn’t received anynotification competition and geopolitical Mr.Branstad had previously on Mr.Branstad’sdeparture. influence. Thecoronavirus traveled to China on trade mis- Mr.Branstad had only re- pandemic also strained ties sions and enjoyedlongstand- cently returned to China after and, forseveral months this ing ties with Chinese leader Xi avisit to Washington, where year, leftthe U.S. government Jinping.AsIowa governor in he had meetingswith U.S. gov- with abare-bones presence. 1985,Mr. Branstad hosted Mr. ernment officials,aperson fa- Relationshit their lowest Xi—then arural county chief— miliar with the mattersaid. He point in decades this summer on his firsttrip to the U.S., thanked staff at U.S. diplo- when theTrump administra- wherehevisited to learn about matic missions in China dur- tion abruptly ordered the clo- American agriculture. ing an internal meeting at the sureofChina’sconsulatein Mr.Branstad has sought to AdaptiveNetworking • Edge Cloud • Connected Security • Collaboration embassy on Monday, the em- Houston, prompting Beijing to use his connections with Mr.Xi bassy said. “We are rebalanc- retaliatebyshutting the U.S. to advanceMr. Trump’spriori- Services not available everywhere. ©2020 Lumen Technologies. All Rights Reserved. ing the U.S.-China relationship consulateinthe southwestern ties in trade talks with Beijing. P2JW259000-0-A01000-1------XA

A10 | Tuesday, September 15, 2020 THE WALL STREET JOURNAL. WORLD NEWS Putin Vows Supportfor Belarus President

BY ANN M. SIMMONS Foundation, apublic-opinion with astate loan of $1.5bil- and research think tank. “It’s lion. He also said the two MOSCOW—Russian Presi- important to show that [Rus- countries would conduct joint dent Vladimir Putin pledged fi- sia] has a stake in Belarusian militaryeventsalmost nancial and militarysupport politics,current or future, de- monthly for a year. forBelarus President Alexan- stroying the stereotype that Mr.Lukashenkothanked der Lukashenko, signaling Mos- thefragmentsofthe Soviet Mr.Putin forhis commitment cow’s intention to bolster its empire arescattering from in showing that “the Belaru- embattled junior partner—sup- Russia.” sian bordersare the borders port that could ultimately bind Equally critical, Mr.Treis- of the Union State,and no one Minsk moretightly to Russia. man said, is avoiding “the is allowedtorattletheir weap- Mr.Lukashenkomet with spectacle of an authoritarian ons there.” Mr.Putin on Mondayfor the government next to Russia He also expressed the need firsttime sincethe Aug.9Be- adopting moredemocratic rule forMinsk “tostaycloser with larus presidential election, in with aleader being over- our older brother and cooper- Russia’s Black Sea resort city thrownunder pressurefrom ateonall issues,including the

of Sochi. Mr.Lukashenko CK the streets,” he said. “Putin economy.”

claimed victoryinthat ballot, TO doesn’t want to support the “A gradual merging of the but the opposition says it was fall of Lukashenkoinaway infrastructure and increasing neither free nor fair, sparking that canbeplayedasavictory dominance over personnel in SHUTTERS

massdemonstrations that A/ to the protesters.” the Belarusian state” is al- have called forthe longtime Mr.Putin could exact con- ready under way,Mr. Treis- leader to step down. cessions such as faster eco- mansaid, adding that it was

Thecrisis has likely made it KREMLIN/EP nomic integration, a common a“kind of creeping annexation more difficult forthe Belarus Russian President Vladimir Putin, right, on Monday met with Belarus President Alexander Lukashenko. currencyand moresignificant without militaryforce,without leader to resist the Kremlin’s Russian military infrastructure troops on the ground, but with longstanding effortstodrawits demonstrations, have left the Soviet era. Mr.Lukashenkohas port and he knows that what installed in Belarus,some ana- all the lines of powerincreas- smaller neighbor moretightly Belarusleader—in powerfor largely rejected that, wary of happens in future is going to lysts said. ingly ending up in Moscow intoits orbit, some analystssay. 26 years—politically exposed. risking his country’ssover- depend much moreonPutin Moscow has already rather than in Minsk.” Mr. Putin pledged Russia’s “Putin really has Lukash- eignty. than on him.” launched what some analysts On Monday, Belarusian op- continued commitment to eco- enkowherehe’salways But Mr.Lukashenkomay TheKremlin has assembled described as a“hybrid annexa- position leader Svet- nomic and defense agreements wanted him. He’sweak,depen- now be forced to accept Rus- acontingent of law-enforce- tion” of Belarus.This includes lana Tikhanovskaya con- already forged between the dent,” said Daniel Treisman,a sia’sgreater influenceinex- ment officials to help in Be- expanded influenceoversecu- demned Moscow’s decision to two countries,while promising professor of political sci- change for Moscow’s political larusifprotestsspiral out of rity forces, which could occur support the Belarusian presi- support for Mr. Lukashenko’s enceand Russia specialist at supporttoprevent him from control, although the extent to if Moscow deploys security dent. permanence in power. the University of California, being toppled. That could put which Moscow is ready to in- forces to help Mr.Lukashenko, “I want to remind Vladimir “Wesee Belarus as our Los Angeles. the fate of Belarus in Mr. Pu- tervene to save Mr.Lukash- and keeping Belarus bound to Putin that whatever youagree closest ally,” Mr.Putin told Mr. Foryears, Mr.Putin has tin’shands,several analysts enko is uncertain. Russia through financial obli- on during the meeting in Sochi Lukashenko. touted smaller neighbor Be- said. “The key goal is to prevent gations and other concessions, will not have alegal force,” But the protestsand pres- larus as abrother nation, try- “He can’t even think about asituation in which Moscow such as subsidized gasprices. she said from exile in Lithua- surefromthe West, which has ing to coax it intojoining Rus- looking to the West…to pres- will look likealoser,” said On Monday, during talks nia.“TheBelarusian people condemned Mr. Lukashenko’s sia as part of a larger, unified surePutin,” Mr.Treisman said. Mikhail Vinogradov,president with Mr. Lukashenko, Mr. Pu- didn’t support Lukashenko in heavy-handed response to the state, as they were during the “So,herelies on Putin’ssup- of the St.PetersburgPolitics tin agreed to provide Belarus the election.” Candidates Loyal To Kremlin Pace Local Elections

BY THOMAS GROVE WCIOM, which names the Rus- sian government among its MOSCOW—Candidates loyal topclients, on the organiza- to Russian PresidentVladimir tion’sTelegram channel. Putin swept regional and local “Therewas almost no hope for elections over the weekend, new (political) forces.” demonstrating theKremlin’s Thecontestsserveasa grip on the leversofpowerde- bellwether forRussian politics spitepocketsofsupport for ahead of next year’s parlia- AlexeiNavalny’sopposition mentary elections. They indi- movement after an attempt on cate that the opposition may CK

his life sidelined him in August. struggle to makesignificant TO Preliminaryresultspub- inroads despitethe govern- lished by state news agencies ment’s ownpatchyrecordin SHUTTERS

Mondayshowedbroad support handling the impact of the A/

for the pro-Putin United Rus- coronavirus pandemic and a EP Y/

sia party.Political analysts slide in living standards. SK said the Covid-19 pandemic Opposition candidates did, ILNIT and an economic shock however, win important sym- GEI

prompted by accompanying bolic victories.Inthe Siberian SER lockdowns and a slump in oil city of Tomsk, where Mr. Na- A woman cast a ballot in a municipal election at her Moscow home on Sunday, as the pro-Putin United Russia party drew broad support. prices produced a clamor for valnywas poisoned with what stability,playing to one of Mr. German doctorssay wasamil- other opposition-aligned can- ing ill during aflight from cities such as Moscow and St. whether he waspoisoned at Putin’scorestrengths over his itary-grade nerveagent, candi- didates were set to join they Tomsk to Moscow.His sup- Petersburg. European officials all, threatening to turn the in- 20 yearsinpower, and under- dates aligned with his move- city council while in Tambov, porterssay they believeMr. have said the use of Novichok, cident into another flashpoint mining support for change. ment woncontrol of the city they won16out of 18 seats, Putin or his operatives were aSoviet-erachemical nerve between Russia and the West. “After the shocks of the council, said Leonid Volkov, Mr.Navalny’sspokeswoman involved in poisoninghim at agent, strongly indicates that Mr.Navalny’ssupporters firsthalf of 2020,voterswant another of Mr.Navalny’sallies. KiraYarmyshsaid on Twitter. theairport in Tomsk,acity the poisoning wasthe work of said theweekend’swins in stability and calm, trusting State agencies didn’t provide Mr.Navalny, who has long wherehehad been working to Russian state actors. Tomsk and elsewhereshowed triedand true candidates,” names of individual winners. been the Kremlin’smost vocal build political networks for TheKremlin denies it had that his strategy posed a via- said Valery Fyodorov, head of In Novosibirsk,Navalny critic,was evacuated to Ger- the opposition and showit anyconnection to harming Mr. ble threat to the Kremlin Moscow-based pollster supporter SergeiBoyko and manyfor treatment afterfall- had support beyond the big Navalnyand has cast doubt on across Russia. Israeli Lockdown to Disrupt Holidays U.S. Talks Offer Qatar

BY FELICIA SCHWARTZ Confirmeddaily Covid-19 Change in visitsto frastructuretooffer deliveries. Chance to Ease Spats AND DOV LIEBER cases, seven-dayaverage retail/recreation sites Thefirst closureinApril cost him about $35,000,and he re- BY WILLIAM MAULDIN In the past three years, Qa- TELAVIV—Religious lead- Schools openedwithout restrictions Street shops,hairdressersreopen ceived alittle over $4,000 in tar has seen much of its own ersand businessownersinIs- 3,500 25% compensation from the gov- Ahigh-level meeting be- trade and travel blocked by rael arerushing to preparefor ernment. He expects to lose tween officials from the U.S. countries in the region—Saudi 3,000 asecond nationwide lockdown 0 $29,000 during this closure. and Qatar this week offersa Arabia, the United Arab Emir- that is set to upend the Jewish 2,500 “Everybusinessispaying a chancefor the Middle Eastern ates, Bahrain and Egypt—in a holidays,ashealth workers price. I’m no different and I’m country to heal a rift with its disputethat has soured rela- –25 bracefor anew wave of 2,000 paying ahigh price,” Mr. neighborsand could solidify tions and led to restrictions on Covid-19 infections. 1,500 Galkowycz said. “I hope I can one of Washington’s relation- Qatari pilgrims’ visits Thelockdown—which is ex- –50 survive,” he said. ships in the volatile region. to Mecca,Ambassador al- pected to last through Rosh 1,000 Under the lockdown regula- SecretaryofState Mike Thani said. Hashana, YomKippur and Suk- –75 tions,restaurantsmust be Pompeo, TreasurySecretary Thecountries accuse Qatar 500 kot—is in response to Israel closed butcan still deliver. Steven Mnuchinand Com- of facilitating financial sup- dealing with one of the worst 0 –100 Bars, hotels, gyms and enter- merce SecretaryWilbur port for Middle East terrorist daily coronavirus-infection MarchMay July Sept. March MayJuly Sept. tainment and cultural sites Rossmet leading Qatari offi- groups,acharge Qatari offi- rates per capita in the world. will remain shut. Privatecom- cials on Mondaytokick off the cials deny, among other accu- Newcases arehovering at *Compared with median value forcorresponding dayofthe week, Jan. 3–Feb. 6period. panies canstayopen if they U.S.-Qatar Strategic Dialogue. sations. Cases data as of Sept. 13 more than 3,000 a day. Some Sources: Johns Hopkins CSSE (cases); Google CommunityMobilityReports (mobility) don’t receive the public. Peo- Framework agreements on “I look forwardtoprogress health officials warn Israel’s ple must stay within about cultureand economic cooper- on this issue,” Mr.Pompeo hospitals could be over- in improvised settings. a letter to its congregants. one-thirdofamile of their ation will be signed by theU.S. said in opening remarks at the whelmed during the coming Rabbi Shimon Rabinowitz, In Bnei Brak,amajor ultra- homes unlessshopping fores- and aQataridelegation led by forum. flu season. an official in the ultra-Ortho- Orthodoxcenter,synagogue sential goods or seeking es- Deputy Prime Minister Mo- President Trump spokewith “Ifsomething will not be doxtownKfar Chabad, said his employees used nylon drapes sential services. hammed bin Abdulrahman al- Saudi Arabia’sKing Salman on done very quickly,wewill have town usually has 10 different to section off synagogue areas Some Israelis saythey are Thani and FinanceMinister Sept. 6and called foranend to use extreme scenarios,” said congregations that gather in to allowgroups of 10 to isolate hoping to apply lessons Ali Shareef al-Emadi, said Qa- to the riftamong Persian Gulf Michael Halberthal,the general synagogues forthe Rosh Ha- themselves from one another. learned from the previous tar’sambassador to the U.S., neighbors. Fewexpect an im- director and chief executiveof shana holiday for nearly day- Theexpected three-week lockdown. Meshal bin Hamad al-Thani. mediate resolution, but the Rambam Hospital in Haifa. long services. This year, he is shutdown is likely to deal a ShiraTober,33, who works Qatar,atinycountryonthe Trump administration is eager “Wewill have to obviously preparingfor 100 microcon- significant blowtomanybusi- at an education-technology Arabian Peninsula with tremen- to work on the dispute. stop some of the care that we gregations, to conform to so- nessownerswho haven’t re- company, said she has started dous gasreserves,has carved In one possible outcome, aregiving to the non-Covid-19 cial-distancing regulations. coveredfromthe firstlock- to map walking routes from outanoutsizerole,asaninter- the U.S. could persuade Saudi patientsinthe hospital.” In the current climate, down,which began in mid- her house that comply with mediaryinregional rifts, Arabia to end itsban on Qatari Israel’shigh-holidayseason some services won’t proceed. March. All of the initial the government’s 500-meter through itsAlJazeeramedia flightsoverthe king- is usually one wherelarge Jerusalem’sGreat Synagogue, shutdown’srestrictions were directive, particularly aftershe outlet and as the host of the dom, some analysts say. families congregatetogether renowned forits rare use of a lifted by mid-May. struggled with her work-life largest U.S. air base in the re- Officials from the U.A.E. are and synagogues areoften choir,will close itsdoorsfor NatanGalkowycz,68years balancethe firsttime around. gion. Mr.Pompeo visited also in Washington this week filled with hundreds to thou- the firsttime sinceopening in old, owner of the Brazilian cui- “I’m going to need to find the capital, Doha, over the for the signing of a pact bro- sands of people.Concerns 1958. “An important factor in sine restaurant Mides,located creativeways to makesure weekend to back newtalks there kered by the Trump adminis- about thenew coronavirus this decision is the lack of in asmall farming villagein that Ican getsunshine,sothat between the Taliban and the Af- tration to normalizerelations that causes Covid-19 are dra- knowledge, the confusion, and Israel’ssouth, said he will have Ican feel alittle bit active,” ghan government. Qatar,while with Israel, offering U.S. offi- matically altering this year’s the debates between experts to close his business for the she said. “I knowifIamjust not formally recognizing Israel, cialsanopportunity to raise prayers, wheregatherings will and the changes in regula- whole three weeks because he confined to my home it can has cooperated with Israelis and the rift with Qatari and Emir- be confined to smaller groups tions,” the synagogue wrotein doesn’thavethe necessaryin- lead to a downward spiral.” helped mediatedisputes. ati diplomats. P2JW259000-4-A01100-1------NS

THE WALL STREET JOURNAL. **** NY/NE Tuesday, September 15, 2020 | A11 WORLD WATCH S PRES TED CIA SO AS GUL/ T HMA RA GRIM MEMORY: An Afghan woman satather son’sgrave near Kabul on Monday, as friends and family of students killed in local conflicts called foracease-firefromparties to peacetalkstaking placeinQatar.

CHINA flight in Russia. Berlin has de- guiltyofmurder in Mayfor the manded Russia investigate the killing of 18-month-old AliDawab- Retail Sales Rebound case. sheh by firebombing his home in In Sign of Recovery The Kremlin has bristled at the West Bank village of Duma. calls from German Chancellor The toddler’s mother, Riham, China’seconomic recovery ac- Angela Merkel and other world and father, Saad, later died of celerated in August, with major in- leaders for Russia to answer their wounds. Ali’s 4-year-old dicators rising at fasterrates as questions about the poisoning, brother Ahmad survived. Beijing’ssupporting measures denying any official involvement The court said Mr. Ben-Uliel’s kicked in to boost growth from and accusing the West of trying “actions were meticulously the coronavirus shocks. to smear Moscow. planned, and stemmed from the Retail sales, a major gauge of —Associated Press radical ideology he held.” China’s consumption, rebounded —Associated Press to growth for the first time in LEBANON 2020 by rising 0.5% on year in IRAN August, according to data re- U.N. Peacekeepers leased Tuesday by the National Rescue 36 Migrants German Ambassador Bureau of Statistics. The result Summoned forTweet was better than a 1.1% drop in The United Nations peace- July and a 0.1% increase ex- keeping force in Lebanon said it Iran summoned Germany’s pected by economists polled by rescued 36 people onboard a ambassador following his em- The Wall Street Journal. ship carrying migrants outside bassy’s criticism of the execution Industrial production rose 5.6% Lebanon’s territorial waters. of a wrestler after President in Augustfromayear earlier,up The force, known as UNIFIL, Trump asked for the 27-year-old from the 4.8% increase in July,the said there were 37 migrants on man’s life to be spared. statistics bureau said. Economists the ship but that one had died The official IRNA news polled by the Journal expected a by the time the peacekeepers agency reported that a foreign 5.2% growth. rescued the migrants. ministry official told Ambassador —Grace Zhu The forcedidn’tsay wherethe Hans-Udo Muzel that the tweet ship washeading. Some Lebanese about the wrestler, Navid Afkari, GERMANY have been trying to flee the tiny amounted to an intervention in Mediterranean nation, which has Iran’s domestic affairs and Labs Identify Poison been shaken by multiple shocks, strongly protested the move. Used on Navalny including its worsteconomic and Iran on Saturdayexecuted Mr. financial crisis in decades. Afkari, who wasconvicted of Russian opposition leader —Associated Press murder,despiteaninternational Alexei Navalny’shealth has im- outcry to stopthe execution. Au- provedand he is nowable to ISRAEL thorities accused him of fatally briefly leave his bed, the Berlin stabbing awater-supply company hospital treating him said, while Jewish Extremist employeeinthe southern cityof Germanysaid French and Swedish Gets 3 Life Terms Shiraz amid protests against labs have confirmed its findings Iran’sShiitetheocracy in 2018. thathewas poisoned with the An Israeli court handed down The embassy had said on its Soviet-eranerveagentNovichok. three life sentences to a Jewish Twitteraccountthatitwas Mr. Navalny, the most promi- extremist convicted in a 2015 ar- deeply surprised about the execu- nent opponent of Russian Presi- son attack that killed a Palestin- tion and suggestedthe wrestler dent Vladimir Putin, was flown ian toddler and his parents. wasexecuted as part of Iran’sef- to Germany two days after fall- The LodDistrict Court found forts to “silenceopposing voices.” ing ill on Aug. 20 on a domestic Amiram Ben-Uliel, aJewish settler, —Associated Press FROM PAGE ONE

Worstofall, the YouTube Pink Hair video has proven quite popu- lar, with morethan 435,000 views.“Ididn’t think that Leads to through,” she says. Fixing abotched dyejob also sometimes leavesthe cli- The Blues ent with little choiceasto what hair color they end up with; it is difficult to go from ContinuedfromPageOne red to platinum blond. While with two different hairstylists, clientssometimes complain, and dying her hair jet black— stylist Ms.Adair has little the oppositeofwhat she’d sympathy: “I don’t think it’s wanted. Nowwith her pale up to them anymoreafter they

skin, she said, “I honestly look ON have already destroyed my like a vampire.” canvas.” THOMS

Stuck inside during the A When Ms.Namohala visited early months of the coronavi- a salon to fix her orange hair, NOR ruspandemic,people took the NoraThomson’shair has turned it took five hours for a stylist opportunity to dye their hair ‘dark brown/blue/grayish.’ to color her hair brown. “Peo- pink, blue and other bold col- ple would walk by the chair ors. Now, as moreofthe world ticularly tough, according to and be like, ‘Oooh, what hap- startstoreopen, manywant NewYork salon owner Rita pened?’ ” she says.“And Iwas their pre-pandemic hair color Hazan. like, ‘quarantine.’ ” back.They arediscovering Nora Thomson, a21-year- She washappy with the re- that is not so easy. old in Norway, found that out sultsatfirst, but the orange Hairstylists sayitfalls on the hardway.She bleached came back afterabout two them to be the bearer of bad her dark-brown hair at home, weeks.Ms. Namohala returned news,beforespending hours then dyed it blue,posting a to the same stylist to have it fixing—not always success- videoofthe processonYou- done again, butstill the or- fully—the resulting blotches, Tube. angereturned. “It kept haunt- spots and stripes. “I thought, this would be ing me and reminding me that “They’reinthis huge theperfect time to do some- Iwas an idiot fordying my panic,” says Chelsea Adair, thing different with my hair,” own hair.” owner of Salon Adair in Carls- says the university student. “I Finally,adifferent stylist bad, Calif. Ms. Adair wrote in waslike, ‘No one is going to dyed herhair black,which an Instagram post with the see me anyway.’ ” succeeded in covering the or- hashtag #boxcolorcorrection, Theresultsweren’t exactly ange. “I wish I could put an electric what she expected. “It turned Ms.Namohala misses her fencearound the hair color at out really,really bad,” Ms. blond hair.“My hair is so deep Target.” Thomson says.“Likereally,re- black,itlooks likeI’m wearing Nikki Lee, co-owner of Nine ally bad.” abowlonmyhead,” she says. ZeroOne salon in LosAngeles, Afterone shower, “the blue She knows it will take time to says she pleaded with her cli- kind of faded and Ihad this get back to blond. “I’m going entsnot to use boxdye on grayish color.” She tried dying to have bad hair foratleast their hair during quarantine. it again—this time without another year.” “All of asudden, everyone filming it—with dark brownto Still, she takessome com- thought they were ahair styl- coverthe gray,but that didn’t fort in the fact that Covid-19 ist and they could do their work.Four months later,her hair color experimentshave ownhair,and they quickly re- hair color is still “dark brown/ left many other people in the alized ‘wow,that’sactually blue/grayish,” she says. same boat. very hard.’ ” Ms.Thomson says she’s “I go to the store and I see Stylistssay manypeople afraid to go to a hairstylist to a girl that had blue hair,” she don’trealizethat boxedhair getitfixed. Instead, “I keep says.“It’sreally grownout, dyes contain chemicals that my hair up in abun,” she says. likeafoot off her head, and make the color difficult to re- “I’vebeen wearing alot of her blue is likegreen now. And move. Blue and green arepar- hats, also.” Idon’t feel bad about myself.” P2JW259000-0-A01200-1------XA

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THE WALL STREET JOURNAL. **** NY Tuesday, September 15, 2020 | A12A GREATER NEW YORK Private Guards Are in Big Demand State Tax With crime surging, On Opioid business associations in city beef up security Industry as workers come back Is Upheld BY BEN CHAPMAN BY SARA RANDAZZO New York City business as- sociations have hired addi- NewYork statewon court tional security guards this permission to collect $200 summer in the midst of a million from the makersand surge in violent crime and a distributorsofopioid painkill- decrease in arrests by police. erstohelp combat the costsof Threebusiness-improve- opioid addiction. ment districtsinManhattan Theruling Mondaybya and a neighborhood group in federal appellatecourt came Queens said they have added in litigation brought by phar- privateguards to patrol maceutical industrygroups to streets and public spaces. block astate lawtaxing all Officials from the business companies that sold or distrib- groups said the additional uted opioids in the state. The guards,who areusually un- challengers argued such a tax armed and report issues to po- wasunconstitutional and an lice, are crucial as businesses end-run around lawsuits filed

reopen and more workers re- S by New York against many of turn to offices in Manhattan. thesame companies seeking PRES Theguards help visitorsand to hold them accountable for workersfeel moreconfident in TED the opioid epidemic. CIA

their safety, the officials said. SO Afederal judgein2018 “Companies aretrying to AS struck down the law, known as O/ come back to work,and the Opioid Stewardship Act, they’re faced with a situation citing the unconstitutionality that is not really inviting,” MINCHILL of aprovision that would have

said Gerald Scupp, vice presi- JOHN prevented companies from dent of theGarment District Securitypersonnel outside SaksFifth Avenue in Manhattan in June. Shootings and homicides in NewYork Cityhave risen this summer. passing on the surcharge to Alliance, which hired 12 addi- customers in New York. tional security workersto have increased over the sum- leadersinthe city to sign a it organized the letterafter has received morethan a In itsruling Monday, the guardstreetsinthe Manhat- mer as the city began a letter to Mayor Bill de Blasio membersexpressed concern dozencalls forsecurity ser- Second U.S. Circuit Court of tan neighborhood. phased reopening of its econ- last week.The letterwarned from employees this summer vices from residential build- Appeals reversed the decision, Mr.Scupp,whose group omyand loosened restrictions about the deteriorating condi- as they planned areturn to ingsinManhattanthis sum- finding the paymentsare ale- represents 575 property own- meant to stem the spread of tion of the city in the wake of workplaces. mer,anincrease from only a galtax that NewYork cancol- ersand morethan 6,500 busi- the newcoronavirus. Commer- thepandemic and agrowing Mr.deBlasio said in a handful of such calls last year. lect. The court didn’t reach a nesses,said an increase in cial burglaries rose during the anxietyoverquality of life, statement responding to the Likewise,executives from conclusion on whether the tax quality-of-life issues, such as pandemic, and some violence cleanliness and public safety. letter that statelawmakers the security firms Allied Uni- could be passed on to custom- public urination and the use of and looting followed protests Theletterurged the Demo- must approveborrowing au- versal and G4S said they had ers, because New York didn’t intravenous drugs, had anega- in Manhattanoverthe death cratic mayortorestoreser- thority forthe city so it can seen an uptick in requestsfor appeal that issue and has tiveimpact on foot traffic and of George Floyd, a Black man vices that had been cut in the close abudget gapand restore services in NewYork in recent since created a new tax with- outdoor dining. who was killed in the custody city budget that Mr. de Blasio services.Aspokesman forMr. months. out that provision that cap- Officials at the Bryant Park of Minneapolis police on May and the NewYork City Council de Blasio said the city is work- Allied Universal Chief Exec- tures sales from 2019 onward. Corp., which operates the park 25. passed earlier this summer. ing with businessassociations utiveSteve Jones said many The original New York law in Midtown, said they added Sincethe spring,the city The budget reduced or elimi- and that the city has made businesses reduced their secu- planned to collect $100 million two patrol guards this sum- has moved 10,000 homeless nated services such as garbage progress fighting crime. rity operations by 25% during mer. The Hudson Yards Hell’s people out of shelters in part pickups and graffiti removal, Executives from security the height of shutdowns in the Kitchen Alliance, agroup rep- to prevent the spread of the as well as shifting nearly $1 firms reported an increased pandemic.Those companies The appeals court resenting businesses,hired virus,with some of the resi- billioninfunding away from demand fortheir services in have since increased their se- two additional guards to po- dentsmoving to hotels and the NewYork PoliceDepart- NewYork City and other cities curity operations by half,even ruling clears the way lice areas. And in Long Island others intopermanent hous- ment. this summer afterthose ser- though most workers haven’t for New Yo rk to City, Queens, a neighborhood ing.The moves have prompted Thecity still faces a$9bil- viceswerereduced in some yet returned to their offices. group held an online fund- complaintsfromsome resi- lion deficit over the next two cases as business activity fell “What we’veseen is staff- collect $200 million. raiser to payfor security dentsinManhattanneighbor- yearsand might have to lay during the height of the pan- ing going back to those nor- guards to patrol a waterfront hoods. off 22,000 government work- demic. mal levels because of the in- park after complaints of par- The rise in crime and com- ers in coming weeks. David Yorio,co-owner of creased protests, criminal ties, noise and littering. plaintsabout quality-of-lifeis- Thebusinessgroup Part- Manhattan-based Citadel Se- activity and homelessness,” ayear forsix yearsstarting in Shootingsand homicides sues prompted 163 business nership forNew York City said curity Agency, said his firm Mr. Jones said. 2017, with the amounts owed by each companydecided by market share. Monday’s deci- sion clearsthe way forthe NewOffice Tower 2017and 2018 paymentstobe imposed. New York had already sent noticestoatleast 75 compa- Cast as Reason nies billing them fortheir shareofthe 2017tax at the time of the earlier court ruling blocking thetax.Some compa- For Optimism nies had said they were re-en- gineering their supply chains to try to lessen their share of BY KATIE HONAN federal government as well as the surcharge. the authority from the stateto RichAzzopardi, asenior ad- MayorBill de Blasio stood borrow billions of dollarsto viser to Democratic NewYork Mondayatthe base of Man- fund essential services. Gov.Andrew Cuomo,com- hattan’snewest officebuild- Without alifeline, up to mended the court Mondayand ing,touting NewYork City’s 22,000 city workers could be said: “Sincethe beginning return as an economic hub laid off, on top of budget cuts we’vebeen seeking to hold just days after more than 100 acrosscrucial agencies likethe thesehugecorporations ac- businessleaderscalled on him sanitation and parks depart- countable forthe opioid crisis to fixdeteriorating conditions ments. that they helped createand in the city. Those cuts, and what some fuel.” “Thisiscause forcelebra- sayare signs of decline in the The opioid crisis cost New tion. This is an amazing mo- city,prompted agroup of York more than $200 million ment,” he said before the rib- businessleaderstosend Mr. in 2017, according to court fil- bon cutting forOne de Blasio aletterlast week ings, morethan twicethe cost

Vanderbilt, a $3 billion, 1,401- urging the city to restore /REUTERS in 2011. The coronavirus pan-

foot towerowned by SL Green some essential services. GAR demic has led to increases in

Realty Corp.and located “There is widespread anxi- SE drug-overdose deaths across

acrossfromGrand Central ety over public safety,cleanli- MIKE the country, as increased iso- Terminal. ness and other quality of life The owner of One Vanderbilt expects 72% of the space to be leased by the end of this year. lation and stress has made it “It’sareminder of the issues that arecontributing to harder to seek treatment and strength of NewYork City,” the deteriorating conditions in cial-distancing requirements Greensaid it expects72% of York’s resiliency.” led to relapses. mayorsaid. “It’sareminder of commercial districtsand and rigorous cleaning. the space to be leased by the To Mr. de Blasio, the office TheHealthcareDistribution our resilienceand wherewe neighborhoods acrossthe five As of July,lessthan one- endofthe year,with tenants tower’sopening signals confi- Alliance, which filed one of the aregoing in the future.” boroughs,” said the letter, tenth of Manhattanoffice including TD Bank and law dence in the future of the na- suitstoblock the tax, said it Nearly seven months since signed by 163 businessleaders. workershad returned to their firms. Those tenants are still tion’s largest city,which was wasdisappointed with the de- NewYork City shut down to The core of the city’s busi- offices,according to the city’s building out their spaces and previouslythe center of the cision. TheAssociation forAc- slow the spread of the corona- nessdistrict in Manhattanre- leading landlords,brokerage will start occupying it by No- pandemic. cessible Medicines,atrade virus,itfaces steep fiscal chal- mainsquiet, even as the state firms and employers,although vember.Mark Holliday, the “This is one of the firstand group forgeneric drugmakers lenges. Thereisa$9billion eased restrictions on office some companies are planning chairman and CEO of SL most tangible signs of the re- that also sued, said it wasstill budget gap,and the city is still buildingsoverthe summer,al- a return later this month. Green, said the building is the birth of NewYork City,right reviewing the decision but was seeking financial help from the lowing 50% capacity with so- One Vanderbilt owner SL “physical reminder of New here today,” he said Monday. glad the court didn’t reinstate the pass-through provision, which it said had broader im- plications forthe national Union Says Schools Aren’t ReadytoStart Classes drug market. Generic drug manufacturer Mallinckrodt PLC,which filed the thirdlegal BY LEE HAWKINS enough time to adjust.” important step.” the time learning from home. schools and classrooms. challenge, had no comment. School staffersdiscovered “We’recompletely rein- Mr.Mulgrew said the city’s Earlierthis month, Mayor NewYork wasthe first Thehead of NewYork City’s more concerns about “basic venting the wheel on what movetoadd about 2,000 Bill de Blasio said that 90% of statetopassatax intended to teachersunion said he has procedures and supplies” and public education looks like teachersisn’t enough to ad- schools “areready right now” help abatethe opioid epi- graveconcerns about whether ventilation in school buildings while we continue to navigate dressthe staffing needs,and and that anybuildingsor demic.Sincethen, other states the city’s schools will be ready when they returned to class- this pandemic,and we’rethe stressed that the potential classrooms that aren’t ready have considered such legisla- to reopen on Sept. 21 as rooms on Sept. 8toprepare safest major city to reopen spread of the virus makes it wouldn’t be used. tion, and Delaware and Minne- planned, citing a teacher forthe reopening,hesaid. schools,” spokeswoman difficult to merge classes. TheUFT,which represents sotahavepassed laws that shortage,concerns about “While we made some Miranda Barbot said. “These “This is areally big deal. about120,000 employees,de- collect fees from opioid sales. safety,and alack of clarity on progress, we did not meet the unprecedented circumstances We can’t put five classes in a ployedits ownteams to in- Statesand local govern- howmanystudentswill be goal of getting all of the areexactly whywepushed room with ateacher,” he said, spect ventilation, fans and win- mentsare also trying to se- showing up on opening day. schools ready by anymeans,” back thefirst dayfor stu- “because you’rereally driving dows,mainly to double-check curemoney from the pharma- In aMondaybriefing, Mr.Mulgrew said. “Westill dents—togivestaff moretime the likelihood of having any the department’sinspections. ceutical industrythrough United Federation of Teachers have alot of work to do.” to work together and plan for sort of aproblem with the TheDOE earlier this month litigation, with thousands of President Michael Mulgrew Aspokeswoman forthe city the year ahead.” Covid virus.” shut down some classrooms lawsuitspending blaming said the union will makeade- Department of Education said While studentsare allowed He said some teachersare and 10 of the city’s 1,400 drugmakersand distributors cision in the coming days on the agencyis“continuing to to learn remotely full-time,city also reporting that they ha- school buildingsthat it found forfueling opioid addiction. whether teachersshould plan work with schools to under- officials have said most chil- ven’t received adequatesup- unsafe, and the union said its State attorneys general are in to showuptobegin in-person stand and help fill their staff- dren areexpected to spend one, plies and take issue with the involvementasawatchdog talks with some of the compa- instruction on Sept. 21, so ing needs,” adding that the two or three days aweek in DOE’sassessmentsofthe air promises ventilation will be a nies to reach asettlement of that “everyone will have 2,000 extraeducatorsis“one school buildingsand the rest of quality in their respective key issue in reopening schools. more than $26 billion. P2JW259000-2-A012B0-1------NS

A12B | Tuesday, September 15, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK City Halts Plan to Move Homeless WATCH NEW JERSEY BY STEPHANIE YANG AND KATIE HONAN App Shows HowFull Trains and Buses Are NewYork City has halted a controversial decision to move NJ Transit unveiled a pilot people experiencing homeless- program for its mobile app that ness out of a luxury-hotel- allows passengers preparing to turned-shelter on Manhattan’s board to see how many other Upper West Side,asopposi- passengers are riding their bus tion has mounted on both or train. sides of afierydebateover Green, yellow and red color- wheretohouse the city’s coded icons will indicate light, homelessduring the pandemic. medium or heavy ridership, the Thewidening disputeisthe agency said. latest example of the chal- “This innovative feature on lenges facing city officials, our mobile app is yet another whomust createsheltersto tool for customers to make in- mitigateahomelesscrisis formed travel decisions as they while dealing with resistance return to our system,” said NJ from neighborhoods where Transit Chief Executive and they areplaced. As the num- President Kevin Corbett. ber of people living in shelters The ridership information is has grownsince2014, when collected on buses by automated MayorBill de Blasio took of- onboard passenger-counting fice,sohavethe protestsover technology. newfacilities built to house Handheld devices used to them. scan tickets will provide rider- The issue has been further ship data on Raritan Valley, At- complicated by the spread of lantic City and Morris & Essex

Covid-19,which led the city to GRI/REUTERS Lines trains. relocateabout 10,000 people Customers on the other rail ALLE

intohotels around the city O lines can input the data until

from crowded shelters. Thear- CARL those train crews receive the rival of hundreds of men at Thousands of people in NewYork Citywererelocatedthis summer from shelters to hotels, including the Lucerne on the Upper West Side. hand-held scanners, NJ Transit the Lucerne Hotel on the Up- said. per West Side this summer planned to transition thou- critics of the decision said a neighborhood. opposition to opening new —Associated Press prompted agroup of neighbor- sandsofresidentswho were moveinthe middle of the pan- “Weunderstand and expect homelessshelters, as the city’s hood residents to threaten to moved into hotels during the demic would be dangerous and that the city will honor its shelter population increased MANHATTAN sue the city in protest. coronavirus back intoshelters, disruptivetoboth the hotel commitment to movefolks out by thousands of people. Last week,when Mr.deBla- the mayorsaid. Residents transplants and those in fam- of the Lucerne and intostate- In 2017heannounced anew Thanksgiving Parade sio decided to transfer Lu- from the Lucerne, along with ily sheltersthat the move accredited shelterswith initiativetobuild 90 new Scaled Back This Year cerne’sresidentstoanother anotherhotel in Long Island would displace. proper services on-sitebythe homelesssheltersacrossthe location, he wasmet with City,Queens,weretobetrans- “This has aripple effect,” end of this month,” Randy city by 2021, and moveaway This year’s Macy’sThanks- equal resistance from elected ferred to family shelters, Jacquelyn Simone,apolicyan- Mastro, the lawyer represent- from cluster sites and com- giving DayParade has been rei- officials and advocates,who which typically provide more alyst at advocacygroup Coali- ing the residents, said Monday. mercial hotel use.Sofar the magined forthe coronavirus said it set a bad precedent of separation and aredeemed tion for the Homeless. TheLegal Aid Society,a city hasopened 39 shelters, pandemic. kowtowing to communities safer than congregateshelters On Friday, residentsata public-interest lawfirm, has and has found locations for71 Macy’sofficials said Monday over the oftencontroversial, that house several single Manhattanshelter foradult also threatened to sue the city other sites,with different lev- thatthe parade would feature but legally mandated, task of adults in one room. families called Harmonia, if it continues to moveresi- els of progressateach, ac- floats, performers and giant housing thousands of shelter “Asthe city is getting which mainly serves people dentsfromother sheltersto cording to a city Department balloons along aone-block residents in the city. healthier,asinfact our shelter with disabilities,said they makeroom formen being of Homeless Services spokes- stretchof34th Street in front “Wecontinue to have no census has gone down surpris- were confused by an order to transferred from the Lucerne. man. Thecity is behind Mr.de of the retailer’s flagship Man- game plan forputting shelters ingly, we now have an oppor- relocateand makeroom for Aspokeswoman forthe Blasio’s original goal of open- hattan store. in communities,and to do that tunity to getpeople back to the new inhabitants. mayorsaid the city will do ing 20 shelters a year. The spectacle will be broad- appropriately,” said City Coun- the shelterswherethey can Thecity’s Department of whatever it cantosupport LarryThomas,59, who is castasusual from 9a.m. to cilman Keith Powers,aDemo- getmoresupport,” Mr.deBla- Homeless Services said Mon- shelter residents. “We’vedone currently living in the Lucerne, noon and will include both live crat who previouslysupported sio said Monday. daythat it wasdelaying the more to help New Yorkers ex- said he has moved four times and recorded elements. the creation of ashelter in a Thenumber of people in transfer of residentswhile the periencing homelessnessthan within thecity’s shelter sys- The giantballoons will be Manhattanneighborhood he NewYork City’s shelter system city’s lawyersreviewedthe anyprevious administration, tem since May. He is worried flown without the traditional represents. “Wehavetofind a has fallen to asix-year low, situation. transforming abrokenshelter that another relocation will 80 to 100 handlers and will in- long-term plan foravoiding,as driven by adecline in families Some Upper West Side resi- system that had been leftto delayhis job and apartment stead be tethered to vehicles. much as possible, these huge looking forshelter and an dents have said the Lucerne’s languish fordecades,” said the search. Most of the parade’sperform- fightsthat come intoevery eviction moratorium through use as a shelter has led to an spokeswoman, Avery Cohen. “Atthe end of the day ers will be locally based to cut neighborhood.” Oct. 1that has helped keep increase in drug use, violence Since taking office in 2014, what’sgoing to happen? Who’s down on travel. Thecity had always NewYorkershoused. However, and harassment around the Mr.deBlasio has faced strong going to help us?” he said. —Associated Press

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HEALTH & WELLNESS PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, September 15, 2020 | A13

TopicsofCovid-19 dreams

Measures (social distancing, wearing masks, etc.) 33.6% Being sick/lovedones being sick 30

Nightmares notrelateddirectly to Covid-19 15.4 Other topics,e.g. politics 10.9 Don’tremember 6.9 Financial problem/losing job 1.6 Positivedreams 1.6

Source:Dreaming and the COVID-19Pandemic survey subset, 247U.S. respondents, in pressatDreaming.

surveyed 5,000 people three weeks after the May 25 death of George Floyd at the hands of police in Minneapolis. He saw a rise in dreams about the protests and ra- cial injustice, calling them “heart- wrenching. They are snapshots from the unconscious of fear and sadness and confusion.” In the long run, these dream- analysis techniques may one day help to analyze the collective un- conscious of social media, where true intentions, meanings and emotions so often lie below the NewResearch on What Dreams Reveal surface of the public words and images we post, Dr. Aiello says. They may lead to algorithms that Some scientists enthuse about possible uses in therapy; Covid-fueled dreams of bug attacks can automatically identify and help promote positive behavior on- line, he adds. SCIENCE in the U.K. recently created an ar- that our dreams reflect the situa- March and July, psychologist Deir- At best, the Dreamcatcher proj- JOURNAL tificial intelligence system to tions we encounter while awake, dre Barrettat Harvard Medical ect “is a baby step,” says dream ROBERT probe for broad patterns in the with no deeper prophetic,mytho- School encountered visions of scientist William Domhoff at the LEE HOTZ evocative stories our unconscious logical or religious meanings. “armies of cockroaches, masses of University of California, Santa tells. To test the system, they used Our dreams reverberate from wriggling worms and swarms of Cruz, who created the pioneering it to analyze transcripts in the the shock of current events, such bees....There was a woman who DreamBank database but was not sychologistsand computer largest known public collection of as the Black Lives Matter move- dreamed she saw a huge tarantula directly involved in the AI project. scientistsare probing the dream reports, called the Dream- ment and Covid-19 pandemic, crawling into her apartment Creating large collections of Big Dataofour dreams,to Bank. Its 38,000 documented other scientists discovered from through the mail slot.” dreams is crucial for scientific analyze howour collective dreams range from the yearnings dream surveys this summer. Psychologist Kelly Bulkeley, di- studies because dreaming is so Ppsyche responds to the of a young girl coming of age to In a study of 9,000 pandemic- rector of the online Sleep and subjective and intangible, Dr. Dom- waking world. They’read- the nightmares of a Vietnam War related dreams collected between Dream Database in Portland, Ore., hoff says. “That is too much uncer- vancing artificial intelligenceand combat veteran and stretch back tainty for a hard-nosed scientist.” digital databases intothe realm of well over a century. Up until the late 1990s or so, “it the unconscious,experimenting with “By using automated techniques was considered a huge dream newways to identifythose in men- to study these reports, we can un- study if you had data from 500 taldistressand at the same time derstand a lot of who we are,” people,” says Dr. Barrett at Har- provoking worries about privacy. says Luca Aiello, a computational vard. “All of a sudden there were Fordecades,scientistshavede- social scientist at the Nokia Bell these databases of tens of thou- bated whether the visions that in- Labs social dynamics group, which sands of dreams.” habit our sleep areanything more conducted the project. She began examining the impact than the neural noise of abrain at This AI “dreamcatcher” can au- of current events on dreams by rest, even as personal dream jour- tomatically identify and quantify studying the post-traumatic stress nals and dream-sharing smartphone the characters, interactions and nightmares of people in Kuwait af- apps became popular bedside acces- emotions of dreams by processing ter the first Gulf War. For that re- sories.For many, dream interpreta- the natural language dreamers use search, she was able to collect 83 tion is an intensely privateway to to narrate their visions, which one dream reports. She also analyzed unravel relationships and explore day could help psychologists diag- how the 9/11 terrorist attack in emotional undercurrents, in amo- nose potential mental health is- New York affected dreamers. She ment of introspection or in the sues among their patients, Dr. obtained about 120 dream tran- course of psychotherapy. Aiello said. The dream-processing scripts for study. For her new In a series of new experiments, system automatically parses dream study of Covid-19 dreams, she as-

(2) however, scientists now are col- transcripts into their most impor- sembled more than 9,000 dream A lecting dream reports from thou- tant terms according to a widely reports from about 4,000 people sands of people to analyze how accepted dream-analysis scale. in more than 13 countries. BOGUCK

A our dreams may reflect current Broadly, they found that women Dr. Bulkeley’s online dream ar-

YT events. That includes the Covid-19 had more friendly upbeat dreams, chive contains 26,000 dream re- ED pandemic, which seemed to inspire while men’s dreams were more ag- ports contributed by 11,000 people.

ALA; many dreams of invading swarms gressive and negative. Teenagers Individuals can check their own

KUCZ of insects, including a grasshopper often dreamed of sex. Dreams re- dreams against those of others, with vampire fangs. At the same ported by war veterans were often and Mr. Bulkeley uses the collec- JOHN time, scientists are developing new violent and dominated by men. tion, among other things, to estab- BY automated analytical techniques to Blind people tended to dream lish baselines of normal dreaming. ION tease out the unconscious re- more frequently of imaginary char- To help people explore the Big Data of dreams, researchers created an While still highly experimental, AT

TR sponses we may all share across so acters, the scientists said. interactive online ‘Dreamcatcher,’ inspired by Native American designs. At the new dream studies underscore US many different dreams. Theteam’sinitial findings, made their website, users can click on the ‘feathers’ below the hoops to highlight the power of data mining to as- ILL

P: In the largest digital dream public last month in the journal aspects of dreams the researchers analyzed, while inside the hoop, webs semble unexpected insights by TO study so far, researchers at Cam- RoyalSociety Open Science,also light up to show how various themes intersect. Above left, a dream chart sifting through large data sets of OM

FR bridge University’s Nokia Bell Labs support the well-established theory for an adolescent girl; above right, a chart for a Vietnam War veteran. seemingly unrelated information.

Do YouHave satos, a physician in pulmonary flutend to experiencesymptoms monitoring their symptoms,the Will this year’s flu shothelp boost and critical care medicine at the one to four days afterexposure, thingstolook out foristhat things immunityfor Covid-19? Johns Hopkins School of Medicine says Molly Fleece, an infectious dis- aregenerally getting worse,” Dr. There’s no evidence that the flu Flu or Covid? in Baltimore. “Covid-19 fevers are ease specialist at the University of Singer says. vaccine can help protect you from not subtle,” he says. “Look beyond Alabama at Birmingham. Covid-19. But generally, “vaccines Symptoms the number to see how the fever is Sneezing and astuffy nose areof- strengthen, not weaken, the im- making you feel.” If you’re staying home to monitor tenassociatedwith acold. Canna- mune system,” says David Beuther, your symptoms, whatare the signs sal congestion be asign of chief medical information officer To Monitor Does the speed of onset vary be- thatmightpointtoCovid-19? Covid-19? at National Jewish Health in Den- tween Covid-19 and flu? As the virus progresses,itcan be Yes, but it’slesslikely.The good ver. “The more you’ve been vacci- BY ALINA DIZIK Howquickly youcome down with easier to tell whether it’sCovid-19 news is that most colds start with nated in recent years, the better symptoms maybetelling forsome or another illness, says Ben Singer, nasal congestion, but it’snot one trained your immune system is.” s the autumn flu season ap- people,especially forthose who can pulmonaryand critical care special- of the primarysymptoms of Aproaches while the Covid-19 pinpoint their dayofexposure. Cor- ist at Northwestern Medicine in Covid-19,says Dr.Fleece. Will getting the flu shotmakeit pandemic continues, cold- onavirus symptoms oftencome on Chicago. Among the most telltale Astuffynose is also lesswor- easier to tell the differencebe- weather sniffles are likely to pro- suddenly around dayfivetoseven, indications of Covid-19 areshort- risome if that’sthe only symptom tween flu and Covid-19? voke even more anxiety than butcan appear as long as 14 days nessofbreath,pneumonia and con- youhave, she adds.Having Whether you’ve had your flu shot usual. Some symptoms of flu—as afterexposure. Those who have the tinued fever. “Ifpeople areathome Covid-19 with “just arunnynose will be one of the questions physi- well as colds and other autumn is probably unlikely,” she adds. cians ask in screening for Covid-19 ailments—are similar to Covid’s, Another symptom that’smore symptoms, helping doctors make a making it harder to know what’s prevalent with acold: awet cough correct diagnosis. “The flu shot is wrong. Fever, dry cough, fatigue wherephlegm is involved.Onthe really important this year,” says and body aches are common with other hand, adry cough or espe- Dr. Beuther. “It can significantly both the flu and Covid. cially alossofsmell or tastecan reduce your chance of influenza, If you’re concerned, call your be symptomatic of Covid-19,she and reduce the chance that you’ll doctor. And there are some ways adds. be in this conundrum.” to try to recognize the differences. Here’s what doctors say. HowimportantisitthatIget aflu Does having the flu makeyou more shotthis year? vulnerable to Covid-19? Canyou get Canyou differentiate between ill- It is very important. Even if you them at the same time?

GES nesses by tracking your fever? do get sick with the flu, the vac- Having a severe case of flu could

IMA Fever is common in Covid-19, and cine can lessen the duration and make you more vulnerable to an- also likely to appear with the flu severity of the illness. other illness, including Covid, says GETTY and other viruses. But fevers that That helps keep you out of the Dr. Galiatsatos. But since Covid is G/ result from the novel coronavirus ER, decreasing the strain on the so new, not much is known about tend to come on stronger and health care system when doctors how one might affect the other.

GREENBER cause chills and major discomfort are trying to fight Covid. And your If you do get flu and Covid at even if they don’t climb far past getting vaccinated helps prevent the same time, your illness may be

JEFFREY 100.4 degrees, says Panagis Galiat- the spread to others. more severe. P2JW259000-0-A01400-1------NS

A14 | Tuesday, September 15, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | HEALTH & WELLNESS

Favia Dubyk boulders near WHAT’SYOUR WORKOUT? | JEN MURPHY her home in She Took Her Albuquerque. Workout to New Heights (2) JOURNAL REET ST LL WA THE

R Essentials FO

LM The Gear: A tension CO board: A wood board MAL with adjustable holds.

ADRIA “It allows me to im- prove my technique while staying close to avia Dubyk’s fa- the ground,” she says. to give her- areas, carrying 50 pounds of gear week, anywhere from one to four vorite climbing self a break on her back. “I didn’t want to pass hours. Her husband often joins her. gym in Albuquer- Pump Song: “BeaMan” from compe- other hikers, and I was being extra They spot each other for exercises que has re- by rapper and former tition. When cautious, looking for rocks that like the bench press and shoulder Fopened, but the professional wrestler, her competi- would not have been touched,” she press, and make sure they are not 33-year-old phy- “Macho Man” Randy tive itch says. She embraced bouldering, a cheating on form. Dr. Dubyk fo- sician doesn’t plan to go Savage,and anything on came back, minimalist form of climbing that, cuses on core strength. Her rou- back. “The pandemic the “Rocky” soundtrack. she scratched unlike lead climbing, doesn’t re- tine includes knee tucks, oblique forced me to change my it by appear- quire support from ropes, har- tucks and straight-leg raises done whole training perspec- ing on back- nesses or a partner. while hanging from gymnastics tive,” she says. “I’ve gotten a lot to-back seasons of “American To keep up her strength, she rings. To perform a front lever, she stronger by climbing outside.” Ninja Warrior” in 2018 and 2019. has transformed her home garage lowers her body from an inverted Dr. Dubyk had chemotherapy for Dr.Dubyk had been training five into a gym and uses her husband, hang on the rings into a horizontal lymphoma in 2013, and has a com- days aweek forher firstprofes- Brian Dubyk, as a training partner. position, facing upward. promised immune system that sional climbing competition in “We actually spend more time to- She hasn’t sustained anyinjuries makes her more susceptible to April, which wascanceled. She gether now,” she says. “We pump bouldering,but has suffered abro- Covid-19. When New Mexico issued loved the social aspect of the climb- iron together as date night.” kennose and sprained ankle from stay-at-home orders in March, Dr. ing gym, adding that indoor climb- doing muscle ups on her pull-up Dubyk started climbing the 6-foot ing is easier and moreconvenient. The Workout bar.Acombination of apull-up and tall white picket fence in her yard. “I could drive10minutes from Dr.Dubyk is cautious about how atriceps dip,itrequires her to do a “I was really desperate,” she my house,park,walk 20 feet and much time she spends outside, pull up and then pressher arms up says. “I would try to create chal- be climbing,” she says.When too. “I set arule that Ican’t go She installed two hangboards— and straight to bring her hips to the lenges, like skipping over all the stay-at-home orderseased, Dr. out to climb morethan four days mountable pieces of wood or bar and then lowerdown. “It’seasy bird poop. It was a good endur- Dubyk wasstill concerned about aweek,” she says.Daytime tem- plastic that feature varying climb- to generatetoo much power,” she ance workout.” Covid risks indoors. But she was peratures oftenreach 100 degrees ing holds—in the ceiling of her says.She swung her foot intoa After competing as a track-and- ready to climb something other in the summer,soshe tries to garage so she cancanvasback chair when she injured her ankle field athlete at Harvard University than her fence. climb at night. Her husband is a and forth without her feet touch- and, in asecond incident, crashed for four years, Dr. Dubyk joined a In late April, she began to hike mountain biker,and sometimes ing the ground. face-first intoanother bar when she climbing gym during grad school 45 minutes to remote wilderness he’ll ride while she climbs. She works out three days a brokeher nose.

YOUR Patient concerns that might tients—being treated for brain tu- HEALTH Stephen be happening,” she mors, strokes, seizures or other SUMATHI Fears says. “Since that pa- conditions—hear the live music REDDY hears live tient doesn’t have to through an iPad. Beforehand, par- music in interact with us we ticipants answer a music question- the study. can provide thera- naire to give Ms. Takarabe an idea hen Nancy Storino was at peutic music for pa- of their preferences. WNorthwestern Memorial tients who are not Ms. Takarabe selects seven or Hospital for a week follow- responsive, who are in labor, or eight pieces to play, depending on ing a stroke, she didn’t expect the who are actively dying.” a patient’s tastes as well as medi- best medicine to be the strains Improvisation works well in situ- cal information on the patient. Of- of a viola. ations wherethe patient isn’t re- ten it is a mix of songs familiar to But over the course of several sponsiveand the musician wantsto the patient and improvised music. days the 72-year-old found herself avoid playing music that maytrig- Improvisatory, calming music is listening to a violist play songs gerabad memory, Ms.Peterson played for patients who feel anx- from her favorite artists. Some- says.High notes canstimulatethe ious. “It’s not necessarily all me- times she sang along. Other times Neurology Patients Get brain so areavoided forpatients lodic, it could sound like ambient she fell asleep. with brain injuries.Dementia pa- sound,” says Dr. Bonakdarpour. Re- “It was very soothing,” says Ms. tientshavestrong positivereac- search shows improvisatory music Storino, who is now back home in ADoseofLiveMusic tions to songsfromtheir youth. can lower blood pressure and Lansing, Ill. “It helped with the The main benefit, she says, is heart rates and slow down breath- pain, it relaxed me and put me to feelings of loneliness, and elevates cians who play music in hospitals, that music can stabilize vital signs ing. Patients who are cognitively sleep. I really, really enjoyed it. It’s mood and energy levels. Pairing nursing homes and other medical and reduce stress and anxiety. impaired often will be played mu- very comforting for people when words with music can help stroke settings around the world. Hun- “From a physical standpoint if you sic from their past as that engages they’re sick.” Ms. Storino is among patients with speech. For Parkin- dreds of health care facilities use are not in pain, not in stress, not long-term memory. 88 patients in a three-month pilot son’s patients, music can help with live therapeutic music, she says, anxious, and your vital signs are Patients complete a survey after study in the inpatient neurology walking and balance. It has been including Children’s National Hos- stabilized, then all of the other the music sessions, Dr. Bonakdar- department at Northwestern. Par- shown to help reduce headaches pital in Washington, Kaiser Perma- therapies can work better in your pour says, to see how they liked it. ticipants were offered 30- to 40- and increase the threshold for sei- nentefacilities in California and body,” she says. The researchers aren’t yet collect- minute live music sessions over zures and it decreases agitation in Baylor University Medical Center The Northwestern study was de- ing objective data but if patients FaceTime by a viola player. dementia patients. in Dallas. veloped by Borna Bonakdarpour, like the music they hope to do a The goal of the preliminary Researchers say live music in There is a distinction between an assistant professor of neurology larger clinical study involving study, which ends in late Septem- hospitals is particularly effective music therapy and live therapeutic at Northwestern University Fein- brain imaging and other data. ber, was to alleviate the stress and because the musicians can adjust musicians, she says. Music thera- berg School of Medicine, and Clara Ms.Takarabe says she has had TERN anxiety of a hospital stay, as well the tempo and volume—or change pists actively engage patients with Takarabe, who has been a substi- poignant experiences playing for

THWES as pangs of isolation during the the type of music played—based a specific purpose or goal whereas tute violist in the Chicago Sym- patients. She remembersMs. Sto- Covid-19 pandemic when there are on patients’ reactions. therapeutic musicians play music phony Orchestra for more than 20 rino joining in on songsperformed /NOR more restrictions on visitors. Karen Peterson is on the Na- that the patients receive passively. years. Dr. Bonakdarpour, a classi- by Andrea Bocelli or Celine Dion. “I OUD

CL Research shows listening to mu- tional Standards Board for Thera- “We are choosing music that’s go- cally trained pianist, knew Ms. Ta- remember playing ‘Don’t Cryfor Me

MC sic activates the regions of the peutic Musicians, the accreditation ing to create a healing environ- karabe from musical performances Argentina’ from ‘Evita’ forher,” Ms. brain used for social engagement. organization for training programs ment to alleviate whatever kind of and collaborations. Takarabe says,“and she wasjust GHAN

ME It also reduces anxiety, pain and which certify therapeutic musi- physical, emotional, and mental Every day, about three pa- singing along and so happy.” P2JW259000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, September 15, 2020 | A15 ARTS IN REVIEW

MUSIC REVIEW |MARK RICHARDSON Ripe IdeasFromaDigital Orchard

Producer A.G. Cook has stepped out as a solo artist with music that highlights his tech-heavy approach to pop

nglish producer A.G. Cook has built a career with ul- tra-catchy music that makes you wonder if he’s Efor real. In 2013, he founded the label and col- lective PC Music in London, and the work appearing under that banner was immediately contro- versial. Mr. Cook’s project was Warholian from the start—crass and formulaic pop culture was em- braced and amplified, and associ- ated artists like singer Hannah Di- amond behaved as if they were already superstars, even before anyone knew their names. Mr. Cook’s production, inspired by 1980s dance-pop, 1990s rave, K- Pop and more, was big, loud and proudly artificial, with every indi- vidual element processed until it acquired a blinding sheen. Mr. Cook still runs the PC Music label, but he’s since become an es- tablished producer for artists on the edges of the mainstream. He’s a close collaborator of Charli XCX and he’s worked with former Chairlift singer Caroline Polachek as well as Jónsi, frontman of Ice- landic rock band Sigur Rós. While Mr. Cook’s work reaches a wider audience now than it did in the early PC Music days, his essential aesthetic concerns, where every sound and idea is pushed to its limit, are unchanged. This year,after afew singles, he’sfinally stepping out as asolo artist. “Apple” (PCMusic), the new album by Mr.Cook out Friday, is his second album under his own

name,though the firstcame out BUCHAN only last month. In August he

dropped “7G,” asprawling 49-track JULIAN set comprising pop numbers, in- &

strumental fragmentsand covers— REID A

odds and ends culled from several SK

yearsofrecording.Brilliant and te- ALA dious in equal mea- sure, “7G” ultimately A.G. Cook’s new album, ‘Apple,’ is of a rock song, as Mr. Cook play- out of classical minimalism. came off as adata out Friday from his PC Music label fully bats at cliches (“I know On acouple of tracks here(the dump forcommitted money grows on trees,” “Em- weaker guitar-led “Jumper,” the in- fans only.“Apple” is a peror’s new clothes / Tell me if strumental “Stargon”)the compo- much betterand more whose voice cracks with emotion you see them”) while expressing sition is not as impressiveand one concise—10 tracks,just at just the right moments. In Mr. romantic longing. gets the feeling that Mr.Cook under 40 minutes—in- Cook’s version, his vocals are sub- Outside of the singer-song- thinks cool noises will be enough troduction to Mr. jected to copious amounts of Auto- writer material, Mr.Cook indulges to carrythe day. But these lessin- Cook’shyper-digital Tune and sound like a crooning his loveofblocky, colorfulsynthe- spired momentsare not as notice- approach to pop. android stuck in a loop. It makes sizer chords and maximal vocal able when listening to the album in The record’s most for a weirdly glossy and synthetic processing,always offering his one go, wherethe producer’s hand striking twist, clear take on a genre that is supposed trademark twistsand turns.The is the obvious thread through it all from the opening “Oh to be about authenticity, but the instrumental “Xxoplex” opens and youforgetwhereone track Yeah,” is Mr. Cook’s emotional tug of the song is real. with amassivekeyboard riff that ends and another begins.Ifthe love of the heart-on- Later in the album, Mr. Cook carries images of punishing strobe name A.G. Cook means nothing to sleeve songwriting builds “Haunted” and “The Dark- lightsinside apacked warehouse you, youmight start with Charli found in teen-focused ness” from a similar template, rave.Later,itincludes finely XCX’s2019 album “Charli,” which rock genres like pop- though each has its own surprises. chopped vocals pitched up to channels the producer’s most out- punk and emo. “Oh The former finds his words slurred Chipmunk level and an affecting thereideas intoamoreconven- Yeah” is as conventional a song as ready pop. And if Mr. Cook can’t during the opening section, when swell of digitally created strings tional pop context. But forthose Mr. Cook has issued, with lightly come close to matching that band it’s just him and guitar, and though that bringstomind aHans Zim- who have been following along strummed acoustic guitar chords in terms of lyrics, he has an intui- the melody is pretty, the lyrics are mer score. “Airhead” begins with with PC Music and itsvarious off- underneath his sweet voice. Its ap- tive feel for this style of balladry impossible to make out. Halfway ahead-clearing blast of electronic shoots, “Apple” offersanapproach- parent earnestness, which is at while his production choices are through, Mr. Cook’s voice seems to noise,segues to an instrumental able and equally satisfying look at first hard to trust, immediately all his own. fuse with a synth, giving it an un- section that sounds likeadigital Mr.Cook’ssonic obsessions. brings to mind ballads from the A tune like “Oh Yeah,” if re- earthly warble not far from Bon approximation of African thumb 1975, a divisive British band simi- corded by a young indie rock band Iver’s more experimental mo- piano,and then growstoamassed Mr. Richardson is the Journal’s larly uninterested in drawing lines from the American Midwest, ments. “The Darkness” is more choir of robotic voices in asub- rock and pop music critic. Follow between indie rock and radio- would probably feature a singer keyboard-driven but has the build lime overlapping pattern straight him on Twitter @MarkRichardson.

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NewYork City 70 57 s7763s Dublin 72 56 c6755c Warsaw8255s 83 60 pc s ANNO ALTARARIA Oklahoma City 81 62 pc 84 62 pc Edinburgh 69 53 c5746c Zurich 84 58 pc 82 56 t Solvethis puzzle online and discussitatWSJ.com/Puzzles. SIGN GISTS DEEM P2JW259000-5-A01600-1------XA

A16 | Tuesday, September 15, 2020 ***** THE WALL STREET JOURNAL. SPORTS

JASONGAY ThereIsaHistoric Overload of Games

For months, we complained: Where are the sports? We miss sports. Now: There are too many sports.

My friends,Ican’t be- We beggedsportstoresume.We lieveIamsaying this, gotexcited when Dana White in asportscolumn, af- teased “Fight Island.” Nowthe terall we’vebeen schedule is packed, completely out through these past six of control. Iwatched “SportsCen- months,after crawling ter” the other night. Thehost, out of the no-sportsdesert of the ScottVan Pelt, looked likeone of spring and early summer,but here those guys in the Coney Island hot- goes: dog eating contest. Iwanted to Thereare toomanysportsright fetchhim aglassofwater anda now. bucket. Yeah. Isaid it. I’m grateful for Thereturn of the NFL really sent the work,but I’m overwhelmed. I’m it over the edge. Youknowhow guessing everyone who loves sports presumptuous the NFL is.Sports is overwhelmed. It’sthe middle of were already busy enough, but then September,and we areamid the the NFL puffed out itschest, wildest smorgasbordofsporting marched intothe living room, put eventsinthe historyofsports. I up atent and lit aflare. I’m knowthat sounds likethe sort of baaaaaccck!! the NFL said. Now nonsense hyperbole sportswriters youcan’t go anywherewithout say, but it’sactually true.Thereare hearing someone yapping under- nowdays when thereare games neath their facemask about their and eventsfromthe NFL,college crummyfantasy team. football, the NBA, NHL,Major Ithought it would be weirdthat League Baseball, WNBA, Premier thereare no fans,that it might take League,F1, Major League Soccer, alittle enthusiasm away from the National Women’sSoccerLeague, experience. And youknowwhat? It Nascar,cricket, boxing,bassfish- is weird. TheTVratingsare funky. ing,and on and on and on. But sportsare still playing.Non- Don’t yell at me if Imissed your stop.All the time. favoritesport. Iamsure Imissed Nowthe Big Ten is reportedly your favoritesport. I’m probably mulling areturn.The Big Tenand forgetting like600 sports, because Pac-12 have takenalot of guilt- it seems likeevery league on earth tripping over the past month since is playing—except for, youknow, canceling their fall seasons forcor- the Big Ten. onavirus concerns.Now they’reex- And now thereare rumblings the periencing one of the saddest cases Big Tenisconsidering coming back. of FOMO in sportshistory. Watch- Folks! Settle down. Get in line. ing the ACCand Big 12 this week- Iloveit, but it’stoo much. The end must have sent them over the calendar is cuckoo.Areader edge. emailed to tell me that on Sunday, Fine.Takeanumber.Knock bizarrely,the Jets and the Mets yourself out. Come back. playedgames in Buffalo (baseball’s Idon’t want to sound likea Blue Jays arespending the season whiner.This sportssurge has put in upstateNew York; the Jets were Afteralong stretchwithout action, thereisnow an overload of games, and it’sbothbeautiful and exhausting. me back in business. Idon’t know thumped by the Bills). HereinNew what Iwould have done if Ihad to

York City,wejust finished the U.S. grynotes from folks mad the Jour- up likeablizzard on the chef’s sta- Remember the tumbleweeds of writeabout social distancing and (1) Open in tennis—nowcomes the nal neglected covering Dustin John- tion, watchthe chef quit in ahuff, April? Don’t getmewrong—April virtual school foranother six U.S. Open in golf,upthe road at son’svictoryingolf’s big-check the dishwasher step in at the grill, wasaterrible crisis,let’snot re- months.Please know: I’m still so- REUTERS Winged Foot in Westchester.They FedEx Cup. Neglected? Ihad no and realizethat the placewas com- peat that again. But sportswas cial distancing.Ihavetwo kids at (4), just ran the KentuckyDerby. idea the FedEx Cup washappening! pletely swamped? MIA.People were watching grainy home,virtual schooling,possibly

There’saTour de France,and in a Mea culpa. SorryDustin! I’ll catch SPORTS IS THATRESTAURANT! old George Gervin and Roger until the year 3000.It’scompletely GETTY

couple of weeks,the French Open. youin2021! Even the people who saythey Staubach games.They were racing the pits. (4), TheMastersisinNovember. Youknowhow,back in the old areboycotting sportsare complain- their petsintheir hallway,just for But nowthere’ssportsonTV, S

Ineed to lie down. It’simpossi- days,when we could go to crowded ing—it’salot of boycotting to keep action. Gamblersweregambling on morning to midnight. Is it too PRES

ble to keep track of.Mytelevision restaurants, you’doccasionally sit track of.You never knowwhen you the weather.When Korean baseball much of agood thing? Idon’t have TED

just pulled ahamstring. down at atable,wait ahalf-hour might turn on the TV and acciden- showedup, we threw aparade. anytime to answerthat question. CIA SO

Last week Igot acouple of an- foramenu, see the ordersstacked tally watchagame. We were starving and desperate. There’sanother game on. AS

ceptions returned for touch- downs,” Brady said afterward. Big Leads The mood was slightly different up in New England. Newton com- pleted 15-of-19 passes for 155 Aren’t Safe yards in the Patriots’ win, but it was more telling what he did with his legs. He also ran 15 times for Inside Bubble 75 yards and two touchdowns. Newton, 31 years old, was once the game’s pre-eminent up-and- BY BEN COHEN coming talent because of games just like that. He plays quarterback THE SITUATION WASBLEAK. at the size of a linebacker with a The Denver Nuggets were down 15 running back’s agility. It was a points in the second half with devastating combination that once their season on the line against took Carolina to a 15-1 season and the Utah Jazz. They won the game Super Bowl appearance in 2015 and the series. They found them- while Newton picked up the selves in the same miserable situa- game’s highest honors. tion against the Los Angeles Clip- That slowly fell apart. The Pan- pers on Friday. They won that thers returned to the playoffs just game, too. They had their backs once over the next four years against the wall again on Sunday while Newton struggled to stay on before mounting another epic the field, missing almost all of last comeback to force another unlikely season. After the year, Carolina Game 7 on Tuesday. said goodbye to its longtime fran- The Nuggets have now erased chise quarterback. two 3-1 series deficits inside the TomBrady and But if Newton could stay NBA bubble—and that’s not even the Buccaneers healthy, it didn’t take much imagi- the most impressive thing about lost 34-23 to the nation to see how he could thrive their exuberant romp through the Saints on Sunday. in an offense that maximizes his playoffs. The craziest part of this uncanny abilities. It simply re- run is that they have won not one quired a look around the league or two but three elimination these days. The talented young games in which they were down by ATough Startfor TomBrady in Tampa quarterbacks who play in the van- 15, 15 and 19 points in the second guard of the NFL’s schemes all half. The Nuggets are basketball take advantage of their legs—or zombies: They come alive when the threat of them. they’re supposed to be dead. BY ANDREW BEATON weather and elite wide receivers. quarterbacks who marshal more The Baltimore Ravens’ Lamar There have now been six 15- It was such a lovely jaunt even and more of them—don’t rely on a Jackson set the NFL quarterback point comebacks in the second half THE LASTTIME TOMBRADY Brady’s longtime pal Rob quarterback who takes three steps rushing record a year ago en route of games inside the NBA bubble, played with millions of people Gronkowski, who had already quit backward and looks at the pocket to the best record in the NFL. The according to Stats LLC. There were watching, he was competing playing himself, came along for the as if from a cocoon they should Kansas City Chiefs’ Patrick Ma- nearly 450 playoff games over the against another all-time great ride. never leave. They force opposing homes won the Super Bowl and last decade in which one team had quarterback in his 40s. It was a The Patriots, meanwhile, moved defenses to account for one more constantly extended plays by run- a 15-point lead, and the team that surprising window into the next on with Cam Newton, a former player who could break away and ning. On Sunday, Kyler Murray, the was down big took a lead in 10% of chapter of his NFL career. Brady star with the Carolina Panthers. To score at any given moment: the Arizona Cardinals’ No. 1 pick from them. But inside the bubble, that made mistakes, looked unfamiliar start the season, New England got quarterback himself. a year ago, ran for 91 yards and a number is 15%. with his surroundings and walked the better end of the quarterback “Cam’s still Cam: a former touchdown in an upset over the The inescapable weirdness of off with a loss despite fleeting mo- shuffle, topping the Miami Dol- MVP,” said Dolphins linebacker Je- NFC champion San Francisco basketball inside a bubble is worth

ments of brilliance. phins 21-11. rome Baker. 49ers. The first NFL touchdown keeping in mind if Nikola Jokic, GES

Nevermind that back in May, Both Brady and Newton were Brady’s first drive as a Buc be- for Cincinnati Bengals quarterback Jamal Murray and the Nuggets IMA Brady was playing in a TV golf signed this season as bets on the gan with shades of his prime. He Joe Burrow, this year’s No. 1 pick, find themselves down in the sec- ETTY

stunt with Phil Mickelson against past. The Buccaneers believed in a connected with receivers on ex- was a 23-yard run. ond half of another elimination /G

Peyton Manning and Tiger Woods. 43-year-old quarterback because pertly placed throws, forced the It was just one week. Newton game. They won’t have to be re- VES

The same problems were evident of his Super Bowl rings and the defense into penalties and before could return to the middling form minded that it’s just about the REA when he returned to his day job idea that he would be the right long spiked the ball in the end he showed in recent years. The Pa- best time in basketball history to playing football for a new team. person to lead a team with one of zone after an old-school sneak triots will play better teams than have terrible odds. Brady began his first season with the NFL’s best defenses and most took him in for the score. the Dolphins. MICHAEL S; the Tampa Bay Buccaneers against talented offenses. The Patriots Yet it quickly unraveled from Brady, as he meshes with his Drew Brees and the New Orleans gave Newton a chance to start—af- there. The Brady-led offense strug- surrounding talent after not get- PRES Saints and lost 34-23. ter he languished as a free agent gled to move the ball. He threw a ting a chance to play any pre- TED CIA

Brady left the New England Pa- for weeks into early summer—be- pick. Later he threw a second, and season games with them, could SO

triots this offseason, ending two cause of his play years ago in Car- that one was returned for a touch- still turn into the guiding force AS decades together that produced six olina, before injuries diminished down. Before too long, the game Tampa Bay envisioned. He won’t Super Bowl wins, one scandal in- his production. was out of reach and his play play another all-time great like DUKE/ volving the proper inflation of But after one week it’s not diffi- didn’t look all too different from Brees every week. But Brady’s own BRETT

footballs and countless hours of cult to look around the rest of the the kind that hampered the Patri- review of his debut summed up P: misery for the New York Jets. He NFL and see how the Patriots also ots much of last year. the reactions everywhere. TO OM

bailed for Tampa Bay, a home with made a bet on the future. Modern “It doesn’t matter how much “I made too many mistakes,” FR other soon-to-be retirees, warmer offenses—and the dazzling young talent you have if you throw inter- Brady said. Denver Nuggets guard Jamal Murray P2JW259000-0-A01700-1------XA

THE WALL STREET JOURNAL. Tuesday, September 15, 2020 | A17 OPINION Confessions of a New Gun Owner BOOKSHELF | By Barton Swaim

On Mondayit us safe. In asmall suburb such proposed newgun law. Most torVehicles.InAmerica, by On the Record, became offi- as mine,what would happen if recently the NRAhas been in contrast, the ethos empha- cial: Thepo- even 100or200 people bent theheadlines over alawsuit sizes privateinitiativeand re- liceissued me on violence were to arrive at filed by NewYork’sattorney sponsibility.Inour newinter- agun permit. once? Could our small police general in which she accuses actions with gunowners, gun Such as It Is Never did I forcereally handle it? Or topleadersofdecades-long instructorsand ownersofgun MAIN imagineI’d be would we be lefttofend for corruption and misspending. ranges,mywifeand Ihave STREET here. Not be- ourselves likeMark and Pat But our family’s decision to found them unfailingly eager Rage cause Iwas McCloskey in St.Louis,who buy agun has introduced us to help and to answereven By William anti-gun. My defended their home and were to the side of the NRAmore the dumbest questions. By Bob Woodward McGurn dad wasaca- then treated as if they were Americans see: the education This year arecordfivemil- (Simon & Schuster, 452 pages, $30) reer FBI agent, criminals? side.The NRAhas courses, lion law-abiding Americans, so my siblingsand Igrewup Afew yearsback,Iasked a online andinperson, foral- likeus, have become newgun ost readers of this review will already know the big with guns. former colleague whom I most everything.The NRAin- owners. Manydon’t fitthe M news item issuing from “Rage,” Bob Woodward’s At the same time,myfa- knewtobepro-Second stereotype: African-Americans second account of the Trump WhiteHouse.On ther wasnever particularly in- Amendment philosophically if account forthe largest per- Feb. 7 of this year the president told Mr. Woodward in an terested in guns. To no avail, he owned agun. He answered Even in suburbia, centagejump in gunowner- interview that the novel coronavirus is “deadly stuff”— we would beg him to go to no,and then asked if Ihad ship,while women are40% of “moredeadly than even your strenuous flus”—but continued shootstoshowoff his skills. one. Isaid Iwouldn’t know people are losing first-time buyers. These new to de-emphasize the virus’s lethality, comparing it to “the Morefrequently he would re- what to writedownasmy confidence the police buyersjoin an even largerde- regular flu that we have flu shots for” and so on. The mind us that many who keep reason for wanting one. mographic: the 43% of Ameri- president even tells Mr.Woodward—or “admits” to him, guns in the house aremore He told me,“Writedown, will keep them safe. canhouseholds that already to use headline language—that he deliberately downplayed likely to shoot afriend or ‘Because Idon’t trust the have a gun. the virus. “I wanted to always play it down,” he told the family member than awould- government.’ ” Therecordgun sales for author on March 19. “I still like playing it down, because I be robber or rapist. His That mighthaveworked structor my wifeand Ien- 2020 mayhaveimplications don’t want to create a panic.” proudest boast about his own forthe Founding Fathers. But gaged, Billy De Almedia, was forswing states in November These presidential reflections arehelpfully related in career was that not once did in today’sNew Jersey—a state firm, professional and patient. as well. In Pennsylvania alone, the prologue,onpages xviii and xix,presumably in order to he have to shoot anybody. ranked by the Giffords Law It’snot just the instruction the National Shooting Sports allow reporters at the nation’s largest news organizations This mayhelp explain why Center’s annual Gun Law that impresses. It’s the sheer Foundation reckons thereare to announce the book’s big reveal without having to read we all grew up supporting the Scorecardasthe nation’smost Americannessofaprivateor- 276,648 first-time gunowners its 400 pages. A few hours after I received my copy, news Second Amendment in princi- restrictiveafter California— ganization established to sup- this year.Toput this in per- websites were ablaze with ple while not much interested the response might be 40 port a constitutional right in spective, in 2016 Donald headlines announcing in the practice. What changed? squad cars on the front lawn all itsmanifestations,from Trump wonPennsylvania by newfound evidence of Mr. Certainly the riotersplayeda by morning.Isay this only defending the Second Amend- 44,292 votes. Trump’s perfidy. That he key part. But far moreshock- half in jest:Doother Ameri- ment legally and philosophi- Now, I appreciate how un- knew the virus was “deadly” ing than the riotersthem- cans buying guns forthe first cally to instilling in newbies likely it is that Iwill ever but continued to “play it selves has been the associated time find it as grating as I do such as myself the respect for reach for a gun to defend my down” makes him, according spectacle of policeand politi- to learn that we need govern- guns necessarytokeep and home or myself.But after to a certain kind of media calauthorities acrossAmerica ment permission to exercise a use them safely. Not to men- watching the mayhem that’s personality, uniquely respon- standing down in the faceof constitutional right? tion atasteofthe satisfaction takenoversomanycity sible forthe deaths of tens night afternight of criminal Equally illuminating has that comes from mastering a streetsIwonder,probably of thousands of Americans. behavior directed at the lives been learning about guns and new discipline. with plenty of my fellowfirst- Mr.Trump’slogorrhea is and livelihoods of innocent, those who ownthem. Over Surely if thegovernment time gunbuyers, what alter- aproblem as always,but the law-abiding citizens. four decades in the news busi- were to assume the functions nativeI’d have if ever Ihad to idea that he “knew” the truth Even in suburbia, manyare ness, Ihaveoften written the NRAprovides,the experi- makethat terrible 911 call— about the virus and misled no longer confident our au- about the National Rifle Asso- encewould be akin to going to and it went unanswered? Americans is stupid. It thorities would or could keep ciation, usually about some your local Department of Mo- Write to [email protected]. assumes that anyearly acknowledgment of the virus’s “deadliness” must have entailed a clear and agreed-upon set of policies.IfMr. Trump believed on Feb. 7that the The Long Road to Israel’s Ve ry Good Month virus was “deadly,” in this reading, he should have come out gung-ho foranarray of mitigating measures,perhaps Not sinceMay to be close to allowing di- and with pro-Green NewDeal an existential threat—espe- including anationwide lockdown.But not even the now- 1948,when rect flightstothe Jewish Democratsleading in U.S. cially with Americalooking to lauded public-health expertswerecalling formajor both the U.S. state, something of atipping polls,the pressurefromthe reduceits regional commit- behavioral changes in February. On Feb. 29,three weeks and the So- point seems to have been West on fossil fuels seems ments. after Mr.Trump’s“deadly” remark to Mr.Woodward, viet Union reached in the Middle East. likely to grow.What limitsa Themorethe U.S. with- AnthonyFauci himself stated on the Todayshowthat “at recognized Resentment of Zionism and President Biden would place draws, the greater the value this moment, there’snoneed to changeanything that you’re GLOBAL the stateofsympathyfor the Palestin- on fracking likely wouldn’t of Israel to the Sunni Arab doing on aday-by-daybasis ...the risk is still low”;and on VIEW Israel in the ians will no longer be al- cut domestic production world. Israel, growing num- that same dayCDC director Robert Redfield told reporters critical weeks lowedtointerfere with what enough to raise oil prices sig- bers of Arab leadersbelieve, that “the risk is low. We need to go on with our normal By Walter of itswar for embattled Arab rulerssee as nificantly.The Gulf states is the only country with both lives.” Both statementsare included in Mr.Woodward’s Russell Mead indepen- avital relationship. must diversifyfromhydrocar- the will and the means to book,but youdon’t gettothem until pages 254 and 255. dence, has Is- These changes areevolu- bons or wither away,and help the Arab world defend Imention all this simply to point out that the book’s rael had adiplomatic month tionaryrather than revolu- they knowit. itself from regional threats— one headline-making revelation is noteworthy only if you likethis.OnAug.13, the tionary. Arab opposition to On topofall this,the and the only countrywith already believe that any terrible thing in the world is United Arab Emirates and Is- Israel’sexistencehas never American withdrawalfrom enough politicalsupport in probably in some way the fault of Mr. Trump. But if that is rael signed an agreement to been as unanimous or impla- the Middle East keeps gaining Americatoensurethat Arab your outlook, you don’t need a hefty book to tell you that normalizerelations,with the cable as casual observers pleas forhelp will not be ut- Mr. Trump is a terrible guy. What is the point of “Rage,” formal ceremony to be held sometimes assume.Geopoliti- terly disregarded. then? The typical Woodward account, based on the author’s TuesdayinWashingtonwith cally,conservativeArab The Jewish state has Beyondthat, moreArabs interviews with top decision makers, tells the story of a President Trump.OnSept. 11, states have long understood arebeginning to see the ad- tense year or two in the White House. This one, building on Bahrain followedsuit. ThePal- that theirinterestsand Is- become too valuable vantages in working with Is- “Fear” (2018), the author’s account of Mr. Trump’s chaotic estinian Authority, holding rael’sare connected. to the Arab world to rael. Israel is not, as many first year in office, purports to show that this capricious the rotating chair of the Arab Thestrongest forceinin- Arabs oncebelieved, afragile and unprincipled real-estate mogul is incapable of handling League,introduced aresolu- ternational politics is driving be treated as a pariah. artificial society held to- a crisis of the sort that now confronts America. tion condemning the U.A.E. the change: fear.The Arab gether by U.S. support. It is IconfessIhavealways liked Mr.Woodward’sWhite move at aZoom session of world as awhole is confront- by anymeasurethe most suc- House chronicles.High-ranking officials of both parties are Arab foreign ministers, but in ing itsgreatestcrisis sincethe momentum. TheTrump ad- cessfulstate in the Middle apt to blab to him, mostly Isuspect because he allows them ashocking departurefrom collapse of the Ottoman Em- ministration continues to East with the most technolog- to speak without attribution. Ifind it easy to ignorethe past practice, the motion pire.Iraqand Syria, oncepil- push to reduceU.S.forcesin ically advanced economyin author’s consensus-liberal interpretations of eventsand failed to pass. On Sept. 13 an- lars of Arab nationalism and Iraq and Afghanistan, while a the region. Chinese,Russian, enjoythe books forwhat they are: aggrieved cabinet offi- other Arab nation, Oman, is- strength, canbarely hold Biden administration would Japanese,Indian and Ameri- cials and senior WhiteHouse staffersanonymously grousing sued astatement of support themselves together.Yemen seek to revivethe nuclear deal canmilitaryleadersall want about each other and portraying themselves as martyrs. forBahrain’sdecision to nor- and Libyaare sunk in bitter with Tehran while distancing the benefitsofIsraeli tech. malizerelations. civil wars.Egypt, whose econ- itself from Saudi Arabia on Timing aside,the Arab Meanwhile,defying pres- omyisstaggering as the pan- human-rightsgrounds. rapprochement with Israel is What’s the point of an insider account of the surefromthe European Union demic slashes itsincome from Behind all these worries lie no pre-election stunt staged White House if the president himself does and in exchangefor Israeli tourism and trade,can barely the real terrorsofthe Arab to help Donald Trump.Itre- recognition of Kosovo’sinde- manageits ownsecurity,much world: Turkey and Iran. Mus- flectsasober and serious re- most of the talking? pendence, Kosovobecame the lessexport stability to the rest lim Brotherhood leadersflee- sponse to realities that no firstMuslim-majority country of the Arab world. Lebanon, ing Egypt have found ahaven Arab statecan ignore. As a in the world to agree to place forsolong afinancial and cul- in Turkey,and manyArabs militaryand intelligencepart- There is some of this in “Rage,” but not enough. And the an embassy in Jerusalem in tural capital of the Arab world, believethat Ankara’sambi- ner,asadiplomatic force sources rarely reveal anything worth knowing. Former another Trump-brokered deal. suffersfromafailing stateand tions pose agreater long- multiplier,asatrading part- secretary of defense Jim Mattis is evidently a source; from (The status of asimilar Hezbollah’sheavy hand. term threat to Arab indepen- ner,asasource of investment him we learn that Mr. Trump treats senior staff abominably pledge from Serbia isn’t Even the wealthyGulf oil dencethan Tehran’s. and of development expertise, and doesn’t understand the importance of international clear.) states fear fortheir economic In the short term, Iran, Israel is toovaluable to the allies. Who knew? We learn from former director of With Saudi Arabia allow- future. American fracking is whichhopes that aBiden Arab world to be relegated to national intelligence Dan Coats, also clearly a source, that ing flightsfromIsrael to the likely to keep oil prices low election would lead to open the status of aregional pa- Mr. Trump’s constant changes of mind very nearly drove U.A.E. to passoverits terri- even when the global econ- tradewith the West, poses riah. It has earned itsplacein Mr. Coats insane.Mildly interesting,but hardly news.Mr. tory and Morocco reported omyrecoversfromCovid-19, what Gulf Arab leaderssee as the Middle East. Coats, we’realso told, thought for a time that Mr. Trump might indeed be in cahoots with the Russians; the intel chief and his staff “examined the intelligenceascarefully as possible” and found nothing. I can think of some people From the Classroom to the Courtroom who would call that a revelation, but I am not one of them. What ruins the book—what makes it one long retelling By Brett Joshpe ownpublished free-speech ball game.These students, in launching investigations of what everybody already knows—is the presence, on the And Edward Paltzik guidelines in contravention manyofwhom were away into colleges forfree-speech record,ofthe president of the United States. Mr.Woodward of federal law. from their families forthe violations and undisclosed interviewedMr. Trump 17 times forthe book.This contrasts ustin Tong, a Chinese- Campus assaultsonfree firsttime,some from foreign foreign gifts. with the author’s previous WhiteHouse books.Those other A born senior at Fordham speech areanold story. A countries,had been effec- Ultimately,however, con- works,whatever their flaws, have an attractiveoff-the- University in NewYork newone is the way school tively confined to aprivate sumers must be the ones to record,I-shouldn’t-be-telling-you-this feel about them. City,was disciplined fortwo officials areusing Covid-19 to prison fordays during orien- hold these universities ac- Mr.WoodwardinterviewedPresident Obama for“Obama’s social-media posts he made justifylogic-defying rules tation with few avenues for countable.Parentsshould re- Wars” (2010), but only once, and the chief’s presencein this summer.One featureda that requirerigid adherence socializing or engaging in mind schools that they don’t that book is fleeting.Inlong passages of “Rage,” by photoofDavid Dorn,aformer and fail to account forthe normal human behavior. empty their savingsaccounts contrast, youfeel you’regetting moreofwhat youalready St. Louis police captain who mental andemotional toll Northeastern is telling these forradical teacherstoindoc- had toomuch of.Mr. Woodwardputsquestions to Mr. waskilled in aJune riot, with they will impose. studentsthey maynot take trinatetheir children or for Trump and Mr.Trump responds with answers that areby acomment from Mr.Tong: classes remotely and won’t educational tyrantstosmear turns hyperbolic or factually wrong or irrelevant. As usual, “Y’all abunch of hypocrites.” getarefund of their $36,500 the reputations of these he refuses to playbythe rules set forhim by his questioner. Thesecond depicted Mr.Tong Outrageous Covid tuition, even though classes young adults. The effect is unbearably boring, like reading transcripts himself—an outspoken critic hadnot begun. Manyother Colleges have become of WhiteHouse pressbriefings. At one point Mr.Wood- of the Chinese Communist policies join speech schoolsare conducting all bloated, bureaucratic and hu- ward tries—rather tooobviously,ifyou ask me—tobait Party—holding an unloaded, restraints as causes of classes remotely but charging bristic.Covid-19 has caused Mr.Trump intosaying something racially insensitive. lawfully owned rifle with a the usual absurdly high tu- society to rethink manyofits Thepresident remarks,“I’vedone morefor the Black reference to the Tiananmen collegiate litigation. itionprices. previous assumptions,includ- community than anypresident in historywith the possible Square massacre. TheTrump administration ing whether certain staples exception of Lincoln.” Mr.Woodward: “He had said so Theuniversity decided has started to crack down on of lifeare necessary. If col- publicly at least five times by that point in 2020 alone.” Mr.Tong’spostswerea Northeastern University, abuses likethese.AMarch legesdon’t shape up soon, OK—but if he had said this publicly so often, whyare we threat, banned him from which is using the Westin 2019 executiveorder subjects belief in their indispensabil- hearing about it in aBob Woodwardbook? campus,threatened him with Hotel in downtownBoston to schools that violatetheir ity could be next to go. Anumber of commentators, particularly those expulsion, and demanded an house incoming freshman, ownpublished free-speech sympathetic to Mr.Trump,havewondered whyheagreed apology. Rather than capitu- announcedpublicly to the guidelines to potential lossof Messrs. Joshpe and Paltzik to speak to Mr.Woodward, whose account wascertain to late, Mr.Tong sued, and media that it had dismissed federal funding.The presi- are partners at the New York damagethe president in an election year.Idon’t know, but Fordham nowfaces two fed- 11 studentsfor the entirese- dent also hasencouraged law firm Joshpe Mooney Pal- it looks likeasavvy movetome: By the simple expedient eral investigations,one for mester forgatheringinside a schools to reopen and return tzik LLP, which represents of making himself lavishly available,Mr. Trump has turned accepting undisclosed for- hotel room—with masks on to some semblanceofnor- Austin Tong and several fam- what might have been an engaging book intoadud. eign gifts from China, and aftertesting negativefor malcy, and the Education De- ilies whose children were dis- the other forviolating its Covid-19—towatch abasket- partment has been aggressive missed from Northeastern. Mr. Swaim is an editorial-page writer for the Journal. P2JW259000-0-A01800-1------XA

A18 | Tuesday, September 15, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Biden of the Climate Apocalypse Does the Fed’s Expansion Help the Economy?

ometimes we wonder if JoeBiden writes forsupporting that effort.” Kevin Warshiscorrect in saying, opted athirdmandate: keeping anything in his public remarks other As forclimateand hurricanes,sigh, let’sre- “the institution matters morethan stock prices high and intervening S than the words“here’sthe deal.” An ex- peat that thereislittle evidencethat storm fre- the person,” but fails to notethat a whenever they fall. Forsharehold- person or persons candestroy an in- ers, the Fedput is ablessing.But ampleisthe Democratic nom- quencyand the modest global He gives a speech on stitution (“TheFed Puts ItsIndepen- forthose on fixedincome such as inee’sbig speech Mondayon warming of the last century denceonthe Line,” op-ed, Sept. 8). retirees and the risk averse,this the West Coast wildfires in wildfires and never arelinked. As scientist Roger Theultimatedestruction of the Fed- policyhas been adisaster. which he never mentioned the PielkeJr. has noted, hurri- eral Reservebegan when Alan Green- In all the lamentations about in- need forbetterforest man- mentions forestry. canes hitting the U.S. have not span decided the Fedshould imple- come inequality, let us not forget the agement. increased in frequencyorin- ment monetarypolicybytargeting Fed’s contribution to that inequality Theyounger JoeBiden tensity since1900. the federal-funds rate.Itwas exacer- by squeezing out any income that would never have allowedthat kind of political The National Oceanic and Atmospheric Ad- bated by Ben Bernanke’sdecision to poorer people might get on their sav- malpractice. But his handlerslet him deliver ministration has said “itisprematuretocon- engageinamassivebond-buying ings accounts while rewarding the alengthyspeech that blamed the fires, Hurri- clude that human activities—and particularly program in an attempt to reduce well-to-do, who typically have a great canes Lauraand Sally,flooding on the coasts, greenhouse gasemissions that cause global long-term rateswhen the federal- portion of their wealth in stocks. funds rate reached itszerolower EDMUND TIRYAKAIN awindstorm in the Midwest, and the hot sum- warming—have already had adetectable im- bound. Jerome Powell extended it Hillsborough, N.C. mer,among other events, on “the fury of cli- pact on Atlantic hurricane or global tropical by,asMr. Warshputsit, buying “as- matechangeeverywhere—all this year and cyclone activity.” TheUnited Nations Intergov- setsothersdon’t and pay[ing] prices Kevin Warsh is entirely justified in right now.” It’sasifhesaw the apocalyptic cli- ernmental Panel on ClimateChangesays it too otherswon’t.” his concerns about the Fed’s malig- mate-changemelodrama of some yearsback, lacks evidencetoshowthat warming is making We needn’t fear that this will lead nant expansion into virtually every “The DayAfter Tomorrow,” and decided to be- storms and flooding worse. to the Fed’s demise. Congress is un- corner of the nation’s financial mar- come Dennis Quaid. Yethere’show Mr.Biden described Apoca- likely to change it now that the Fed kets. He argues this growth may be If that seems glib,how else to describe a lypse NowonMonday: “The past 10 yearswere has abandoned any pretext of con- irreversible. So what happens if infla- speech that claims to revere sciencebut is ut- the hottest decade ever recorded. TheArctic is ducting monetary policy and has en- tion does become a problem and the terly detached from it? On the wildfires,Mr. literally melting.Partsare actually on fire.What gaged in fiscal policy to an extent Fed needs to reverse course? Biden’sfailuretomention the need to clear dry we’reseeing in America—in our communities— Congress and the Treasury alone can- This issue of accelerating inflation not. The Fed is already the “general- has received little attention, perhaps and diseased fallen trees defies what has grad- is connected to that. With everybout with na- purpose government agency” that Mr. because it appears to be the least of ually been recognized as anecessity even on ture’sfury, caused by our owninaction on cli- Warsh fears it will morph into. our worries right now—a far and dis- the environmental left. matechange, moreAmericans see and feel the The aggressive actions of Messrs. tant threat of little concern. Decades agothe forestryconsensus changed devastation, whether in big cities,small towns, Benanke and Powell since September But appearances can be deceiving, from activemanagement to letting naturetake on coastlines or in farmlands.Itishappening 2008 have produced a massive five- particularly with the lagged effects of itscourse.Controlled burns that oncecleared everywhere. It is happening now.” fold increase in the public’s holdings a 38% annual increase in the M2 rotting underbrush stopped. Logging that And they sayDonald Trump exaggerates. of checkable deposits to over $10,000 money supply. Some of those effects thinned forestsdeclined amid green political iii per capita. Additional asset purchases are apparent already, but in assets opposition. One unintended result, especially Mr.Biden’sspeech shows that on climate, will increase it further. It’s impossible that aren’t included in the standard in drysummersorextendeddrought, were mil- as on so much else,Mr. Biden is no moderate. to predict when the Fed’s day of reck- price indexes such as stocks, real es- oning will come, but the public’s mas- tate and precious metals. lionsofacres of brush that become fuel forrag- He’sadopted aclimatepolicythat is far more sive holding of these highly liquid as- Right now, the unprecedented ing fires. Addthe spread of housing intomore extreme than prevailed in the Obama years. As sets suggests it will happen and that monetary and fiscal stimulus are distant suburbs,and the risks to people and he repeated Monday, he is proposing avast it won’t be pretty. causing a V-shaped recovery with low property have grown. spending and regulatoryagenda to remakethe DAN THORNTON inflation (maybe an annual GDP As even the climate-changetruebelievers U.S. energy economy. Des Peres, Mo. growth rate of 25%-30% in Q3). But at the NewYork Times put it the other day: His goals include carbon-free electricity by Mr. Thornton is a retired vice pres- what happens next year, assuming “Millions of Americans aremoving intowild- 2035 and “a 100% clean energy economyand ident of the Federal Reserve Bank of Covid-19 hysteria is removed by a fire-prone areas outside of cities,and commu- net-zeroemissions no later than 2050.” He’d St. Louis. vaccine and better therapeutics? nities oftenresist restrictions on development. ask Congresstopass“an enforcement mecha- There could be a perfect storm of ac- Acenturyoffederal policytoaggressively ex- nism” with “clear,legally-binding emissions The Fed is now the most important celerating inflation: rapidly falling tinguish all wildfires rather than letting some reductions.” This means either acarbon tax unelected policy maker in the world unemployment, pent-up demand and since monetary policy has now be- rising inflationary expectations. And burn at lowlevels, an approach nowseen as or tight mandated limitsonfossil-fuel en- come the only game in town given don’t forget about less price competi- misguided, has leftforestswith plenty of fuel ergy,orboth. the dysfunction among the legislative tion from imports due to a weak dol- forespecially destructiveblazes.” Does Mr.Bi- He’dstart by spending $2 trillion in four and executive branches. Mr. Warsh lar and the possibility of more tariffs den’scampaign read the liberal papers? years—building 500,000 electric-vehicle charg- also seems all too ready to applaud and various other trade restrictions Even Democratic California Gov.Gavin ing stations,hiring 250,000 workerstoplug the Fed’s abandonment of one of its (it is worth noting that foreign com- Newsom agrees on the need forbetterforestry. abandoned oil-and-gas wells,and even building two principal mandates of currency petition is the main reason goods Afterthe wildfires last year,his stateagreed “anend-to-end high speed rail system that will stability. Gov. Powell’s adoption of a prices—as opposed to service with the federal government to reducethe fire connect the coasts.” California can’t even build new regime calling for an averaging prices—have declined by about 6% risks on amillion acres ayear of dryforest tin- this train from Bakersfield to the BayArea. of inflation at 2% over an indetermi- since 2012 when the Fed adopted its der forfiveyears. Meeting with President All of this is moreevidencethat Mr.Biden nate period means that the Fed 2% inflation target). Trump on MondayinCalifornia, Mr.Newsom lacks either the desire, or the will, to saynoto stands ready to welcome a higher The Federal Reserve has indicated bout of inflation, which is the ulti- it would like to see higher rates of in- disagreedonclimatepolicybut said, “There’s the political left. If we canborrow apopular mate hidden tax on Americans by flation in the future, even above its no question” that “wehavenot done justiceon phrase these days,it’samatternot only of pol- keeping rates artificially low, hover- 2% target to make up for past short- our forest management. ...Iwant to thank you icybut of character. ing near zero. falls. The Fed should be careful what To the statutorydual mandateof it wishes for. pricestability and full employment, EM. PROF. ROBERT F. STAUFFER Bloomberg’s Florida Purchase it has become clear sincethe Roanoke College Greenspan erathat the Fedhas ad- Salem, Va. fJoe Biden carries Florida in November, Bloombergdoesn’t coordinatewith the Biden he ought to makeMikeBloombergSecre- campaign. By announcing the $100 million I tary of the Treasury. Thebillionairecer- campaign publicly,Mr. Bloombergisletting tainly will have earned it, the Biden campaign knowit Voters, Not Courts, Should Pick the President Campaign-finance laws with an 11th-hour cash infu- cantakemillions it might Your Sept. 8editorial asks: “Will weeks later.Ifstupid American vot- sion of $100 million to help magnify his influence have otherwise spent in Flor- CourtsPick the Next President?” Not erscannot find amailboxbyOct. 30, Mr.Biden in the state. ida and redirect them to if we voters flattenthe curve. I of course we will be able to locate Florida is amust-win for in the 2020 election. other battleground states. heartily agree the best way to pre- one on Nov.3. President Trump,and Mr. Mr.Bloombergcould vent an election debacle is to act be- Blue-statepoliticians apparently Bloomberg’sinfusion comes emerge as 2020’ssingle big- fore thingsget out of control. One believethat the average, stupid amid theCook Political Report moving the gest donor.His billions givehim outsized in- way is forstatestorevisittheir im- American voterdoesn’t understand race from “leans Democratic” to “tossup”and fluence, but so do campaign financelawsthat practical and unreasonable provi- what adeadline is,and they happily polls showing Mr.Biden underperforming limit the sizeofdonations to the candidates’ sions formail-in ballots. embraceour tardinessaslong as it amongHispanic voters.Florida is abig state campaigns. Afar moreimportant way is to favors their candidate. urge voters to request their mail-in MARYANNE SPINNER with multiple and expensivemedia markets. We don’t begrudgeMr. Bloomberg’sspend- absentee ballotsnow.Remember Chicago Mr.Bloomberg’smoney will go via his Super ing on causes and candidates he believes in. when the entirecountrytried to buy PACIndependenceUSA and other Democratic But Democratsand the political leftsay big toilet paper in one week back in Hereare Georgia’sonerous absen- groups toward television and digital advertis- money corruptspolitics.Now that the big March? Morethan half went home teevoting rules.Keep in mind that ing in English and Spanish. money will be used against President Trump, empty handed. Remember the con- one mayvoteearly to avoid crowds It’sall perfectly legal so long as Mr. we’renot hearing complaintsabout spending. cept of “flattenthe curve?” It was or if Election Dayisinconvenient: critically important to Covid, en- “Tovotebyabsentee ballot, you couraging behavior to prevent over- must firstfill out, sign, and submit Yo uTube’s Political Censorship whelming our hospitals.It’sequally an absentee ballot application. You important to prevent overwhelming candothis online,bymail, by fax, iWenliang,the Chinese doctor who school reopening,that children “donot even our stateand local election boards or in person. Submit your absentee which cannot humanly accommodate ballot application by the specified tried to raise the alarm about the coro- transmit the disease.” alast-minutedelugeofvotes on an deadline.Absentee ballotsmay be L navirus in 2019 and wasmuzzled by the That seemstohavebeen an exaggeration unprecedented scale. requested anytime between 180 government beforehimself foremphasis.Dr. Atlas cor- This is an avoidable problem if we days prior to the election and the succumbing to the disease, The company suddenly rected himself in his next an- choose to makeitso. Most of us al- end of the businessday on the Fri- hasbecome asymbol of the strikes an interview with swer, saying that transmis- ready knowwhether or not we need daybeforeElection Day.” way controls on speech can sion by children is “not to vote by mail this year.Ifcivic- Whereisthe “risk of disenfran- endanger the public.Amer- Trump’s virus adviser. impossible,but it’sless minded rather than cynically minded chisement”?Doesn’t it seem the ica’scivil liberties ensurethat likely.” Abody of research Americans request their ballot today, height of condescension forthe couldn’t happen here. But shows precisely that. An Au- there’ll be much lesschancefor a people of Georgia—black and YouTube’slatesteffort at politicized censor- gust review from the American Academyof contested election because the ma- white—tobeportrayed as helpless jority of voteswill have been cast children or witless? If you’reinca- ship of areputable physician reminds us that Pediatrics cites datasuggesting that “chil- well in advance. Let’sget going! pable of performing as an absentee such impulses aren’t unique to China. dren arenot significant driversofthe POLLY JUDSON voteraccording to established law On FridayGoogle’sYouTube platform noti- COVID-19 pandemic.” While children can New York and timelines,how,may Ihumbly fied StanfordUniversity’s Hoover Institution transmit the virus,oncurrent evidencethey ask,will three additional days make that it had removed a50-minutevideo interview don’t seem to do so as readily as adults. Democratic politicians who advo- adifference? with ScottAtlas, aneuroradiologist and Hoover TheAtlas interview wasposted in June,yet cate forthe extension of the bound- JOHN R. NEWCOMB fellow, that waspublished in June.Dr. Atlas has YouTube only removed it in September.The aries formail-in voting reek of con- Franklin, Tenn. argued publicly—including in an interviewin public can be forgiven for wondering if Dr. At- descension. They echo Jonathan our pages—that the social harm from strict cor- las’sappointment as aWhiteHouse coronavi- Gruber’s arrogant judgment about onavirus lockdowns is severe. rusadviserlast month has made him apolitical “the stupidity of the American Pepper ... YouTube’snoticetoHoover says “YouTube target. Agroup of Stanfordfaculty published voter,” positing that we arenot ca- And Salt pable of respecting deadlines and does notallowcontent that spreads medical an open lettersliming their former colleague thus those deadlines must be tam- THE WALL STREET JOURNAL misinformationthat contradictsthe World last week,and the video came down two days pered with. They move the target Health Organization (WHO) or local health au- later. Does anyone think past videos of Joe Bi- around as if we don’t knowwhereto thorities’ medical information about den’svirus adviserswill be takendownifare- aim our ballotsnow,but miracu- COVID-19.” Notethat YouTube has appointed mark turns out to be incorrect? lously will knowitthen. If the last the WHO as an arbiter forwhat Americans can If the virus nightmarehas taught the world datetorequest aballot in our state see on the platform. TheWHO has sometimes anything,it’sthat no one has amonopoly over is two weeks beforethe election, but been swayed by China’sCommunist Party,and the right policy advice. That’s why a free soci- we don’t knowexactly what daythat as recently as JanuaryitrelayedChinese asser- etyfostersdebate—so that betterpolicies can is,wewill, they assureus, be able to tions that thereis“no clear evidenceofhuman- be arrived at incrementally through argument divine what the newdateistwo to-human transmission” of the virus. and evidence. Understanding apresidential ad- Lettersintended forpublication YouTube tells us in astatement that it re- viser’s views arecrucial to free debateand po- should be emailed to [email protected]. moved the Atlas interviewfor “falsely stating litical competition. Google maytakeits cues Please include your city, stateand that acertain agegroup cannot transmit the from the WHO,but it is still an American com- telephone number.All letters aresub- virus.” Thecompanyisapparently referring to pany, and it shouldn’t be surprised if thereis ject to editing,and unpublished letters “Fred, check and see cannot be acknowledged. Dr.Atlas’sremark,amid adiscussion about ademocratic backlash to itscensorship. if an elbow bump is legally binding.” P2JW259000-0-A01900-1------XA

THE WALL STREET JOURNAL. Tuesday, September 15, 2020 | A19 OPINION The Misguided Antitrust Attack on Big Tech

By Phil Gramm welfare, which has defined recent the benefitsbig tech has provided to And Jerry Ellig antitrust jurisprudence. No one can consumersbut also at the fact that seriously challengethe hardevi- U.S. tech companies’ world-wide espitethe manytroubles dencethat big tech companies have lead depends on policies that en- of 2020,Congresshas delivered enormous consumer bene- courageinnovation and don’t punish made more time than fits. You don’t have to look any fur- companies simply forgrowing large. D ever this year to target a ther than online shopping,smart- Fourteen of the largest 20 tech com- different purported phones andsocial networking. panies arebased in the U.S. Apple, threat: America’stech giants. This Amazon gotits start in 1994sell- Microsoft, Amazon, Alphabet (par- month the SenateAntitrust Subcom- ing books,then music and DVDs.Ap- ent of Google) and Facebook arethe mitteewill hold the latest of several ple started selling music through five largest tech companies in the recent hearingsonthe issue,with iTunes in 2003.The Bureau of Labor world, with amarket capitalization one on Google’s online advertising Statistics started calculating con- of $6.9 trillion. Public and private influenceonTuesdayand another on sumer priceindexesfor recreational pension funds,401(k)s,individual general antitrust enforcement Sept. books,recorded movies and music in retirement accountsand insurance 30.Yet afterall this sound and fury, 1997.FromDecember 1997 through reserves guaranteeing death benefits will Congress actually dismember December 2019,the priceofrecre- and annuities ownmorethan 70%of

thegoose that laid the golden egg? ational booksfell by 4%, movies fell E the stocks of these companies.Man-

Antitrust action against leading U.S. by 19%, and recorded music fell by OW datorybreakups or other draconian tech companies would shrink Ameri- 64%. Over the same period general CR antitrust policies,especially when

candominanceofthe world’sfast- prices increased by 59%. CHAD foreign competition is growing, est-growing industryand imperil the BLS datashowthe priceofsmart- would put at risk some $4.8trillion phones fell by even more. RIM intro- National Bureau of Economic Re- December 2009.Between December of Americans’ retirement savings. duced the BlackBerryin1999,and search study conducted in the Neth- 2009 and December 2019,the price If progressives want to destroy Antitrustaction would sap Apple introduced the iPhone eight erlands estimated the value of one of search and text advertising fell by America’spremier companies,at yearslater.The BLS doesn’t report a qualityimprovement, the cellphone 52%, and the priceofonline display least they should do it through an thebenefitstop companies separateCPI category forsmart- camera, at morethan €818—more advertising fell by 24%. With the open legislativeprocess with public have brought to consumers phones,but the cost of cellphones than 10 times the cost of adding the priceofads plummeting,itishard debates and votes. Conservatives, accountsfor half of the CPI compo- cameratothe phone. to argueadvertisers aregetting who believecompanies arebiased in and ordinaryinvestors. nent fortelephone hardware, calcu- TheNBER study also estimated squeezedtosubsidizefreebies for their restrictions on user posts, can lators, and other consumer informa- that consumersplacesignificant consumers. reconsider the liability protections tion items.Prices forthis category value on social media and apps.If Thereare striking similarities be- Congress has granted tech compa- enormous buildup of stock equity of consumer spending have fallen by the value to consumersofFacebook tween today’stech giantsand the nies with regard to content, and that secures the retirementsofsome 85% since1997 and by 59% since use wasincluded in grossdomestic businesses that were accused of be- whether those protections remain 78 million American workers. 2007. product, thestudy concludes that ing monopolies during the Progres- beneficial in atime when tech com- Progressives want to use the anti- Even these stunning pricereduc- annual real GDP growth would have siveEra.Inthe decade beforethe panies shape political debate. Any trust laws to break up big tech com- tions understatethe actual pricede- been about 0.1percentagepoint Sherman Antitrust Act waspassed in action Congresswishes to take on panies because they believethat big- cline and consumer benefitsofnew greater each year from 2003-17.The 1890,the real priceofpig iron fell by these issues should come in the nessisbad and leads to ahost of tech products. Sincethe cellphone study’s authorsalso that found that 21%, the wholesale priceofsugar fell form of legislation rather than anti- otherevils,including malign politi- didn’t enter the CPI until 14 yearsaf- the value consumersattach to by 22%, and the priceofcopper fell trust enforcement. calinfluence. Conservatives want to ter it was introduced, the index WhatsApp,Instagram and map apps, by 10%. Inflation-adjusted prices of use antitrust as aclub to getsocial- never counted the initial 75%dropin which aren’t counted in measures of iron and copper actually rose in the Mr. Gramm is aformer chairman media companies to curb their al- cellphone prices that occurred before consumer prices or income,would 10 yearsafter producersinthose in- of the Senate Banking Committee. legedpolitical bias. the inclusion of the cellphone in the give ameasurable boost to GDP. dustries were threatened with anti- Mr.Ellig, aformer chief economist While thereisalong and rich his- CPI. Nor did the BLS start adjusting Manyofthese web-platform com- trust enforcement, while the priceof at the Federal Communications tory of using antitrust laws to tryto the CPI forchanges in the quality of panies,including Google,maketheir sugar fell at amuch slowerratethan Commission, is aresearch professor implement policies that proponents smartphones until 2018—missing the money through advertising.The BLS before. at the George Washington University can’t enact intolaw,both parties extraordinaryimprovementsthat oc- started to include online advertising Beforethey dismember the goose, Regulatory Studies Center. Mike So- would be wise to focus on consumer curred in early smartphones.A2019 prices in itsproducer-priceindexin lawmakersshould look not only at lon contributed to this op-ed. It Takes a Superspreader to Know a Superspreader

Is Pushing aFalse Argument on Vote- To the Mail-In Mirageinthe past ably white, Trump-supporting) biker. clue somewhereinthe name,ifyou by-Mail Fraud.” monthwecan add the Sturgis Mo- Those same news organizations look hardenough), wastaken by It’spossible,Isuppose,that all that torpsycho Nightmareand the 93% hadlooked on in awedreverence as most of the media as proof that their FREE fraud the paper worried about has just Peaceful Riot in the category of selec- millions of Americans rallied all sum- claims of “mostly peaceful” protests EXPRESSION disappeared in eight years. But the tive, tendentious and downright mer in support of Black Lives Matter were correct. Only asmall minority By Gerard Baker real clue as to whythe Times—along fraudulent dataselection by the peo- with naryamention of anyrisk of had been marred by violence. with virtually the entiremedia—now ple who control much of our national coronavirus transmission. Now, 93% sounds likeabig num- oting by mail is nowcom- says claims about mail-in fraud are discourse. Conservatives aresometimes ber.Ifyour child gotthat on amath ‘V mon enough and problem- false comes further down in that Octo- mocked forafaith-based approach to test, you’dbeglowing with pride.But aticenough that election ex- ber 2012 news item. scienceinmatters such as intelligent there are other contexts. If we pertssay therehavebeen multiple “Republicans areinfact more Whether Sturgis, BLM, design. But from ascientific perspec- avoided getting hit by acar only 93% electionsinwhich no one cansay likely than Democratstovoteabsen- tive, much of the media’sperfor- of the times we crossed the road, with confidencewhich candidatewas tee. In the 2008 general election in or voting by mail, the manceoverthe Sturgis-BLM contrast most of us wouldn’t makeittoour the deserved winner.” Florida,47percent of absentee vot- media choosesnarrative wasstraight out of Exodus.Itwas as fifthbirthday. Another presidential tweet? Some erswereRepublicans and 36 percent if God’schosen people,the protest- And of course 93% is amuch right-wing pundit promoting ade- were Democrats.” overfacts everytime. ers, had been spared death through smaller percentagethan 99.9%. Or, bunked theoryabout mail-in ballotsin Thereyou have it. When voting by the modern-dayequivalent of daub- shall we say7%isamuch largerper- an effort to delegitimizethe election? mail seemed to be aRepublican thing ing sheep’sblood on their doors, centagethan 0.1%—which is the pro- Trythe NewYork Times.Ina it was: Fraud! Manipulation! Now You’ll recall that researchersat sporting aBLM bandanna perhaps, portion of black homicide victims front-pagenewsstory published just that Democratsare expected to vote something called the IZAInstituteof while their evil motorbike-riding op- last year who were unarmed and beforethe 2012 presidential election, this way in much greater numbers, Labor Economics recently “discov- pressorshad been struck down by killed by police. And yetweare told the Times cast gravedoubt on the re- it’sall: Nothing to see here. ered” that therally in South Dakota God’swrath. by the media that the latternumber liability of widespread mail-in voting, Liberals in the media and the politi- last month, which attracted the usual TheSturgis research in fact didn’t representsacultureofsystemic po- noting it wasmuch morevulnerable calestablishment used to pokefun at massivecrowd of bikersfromacross withstand amoment’sscrutinybut licebrutality,or, in the wordsofNa- to fraud than conventional voting. conservatives who supposedly ignored the country, wasresponsible formore the largerlesson wasdelivered: Only omi Osaka,the newly crowned U.S. “While fraud in voting by mail is evidence, dataand factsonthingslike than 260,000 cases of Covid-19 adherencetothe faith will save you. Open women’stennis champion, the farlesscommon than innocent er- climatechange. But we all knewthe acrossthe country. Various news or- Then therewas another report last “continued genocide of black peo- rors,itisvastly moreprevalent than media simply chose the factsthat ganizations seized on the report as month that found 93% of the BLM ple.” ...in-person voting fraud” suited itsown narrativeand picked an- yetmoreevidenceofthe irredeem- protestsoverthe summer were But who needs thingslikeevidence Times change. Last month the pa- other set when they were no longer able stupidity,arroganceand disdain “peaceful.” Thereport by an organi- and datawhen there’sastory to pro- per ranaheadline that said, “Trump convenient. Nowit’stransparent. forscienceofyour typical (presum- zation called US in Crisis (there’sa mote? Will Congress Ever Break the Covid Relief Standoff?

By Alan S. Blinder Yetprogresshas been blocked by House in May, with apricetag of around $650 billion. But it included and present economic danger,and SenateMajority Leader Mitch morethan $3 trillion, includes items only about $300 billion in new despitethe political allureofparcel- tisdistressing that good eco- McConnell, with the acquiescenceof that Republicans abhor.Yes.But He- spending aftersubtracting about ing out benefitsbeforeanelection, Inomic policies oftenmakebad his Republican colleagues.Why? roes wasjust an opening bid, which $350 billioninfunds leftoverfrom we maynot getany agreement. politics and thereforearen’t ad- One naivehypothesis is that the House Democratsnever expected earlier coronavirus packages.Demo- Such afailurewould be cata- opted. Examples abound, including GOP is taking aprincipled stand SenateRepublicans to embrace. It cratsderided this so-called skinny strophic,especially forAmericans carbon taxestocombat climate againstbudget profligacy. Really? wasn’t until the end of July that whocan least affordanother catas- changeand broadening the taxbase These arelargely thesame senators McConnell countered with his own trophe.The increased unemployment by closing loopholes.This is sad but who votedenthusiastically to cut opening bid, the proposed Heals Senate Republicans resist benefitsinthe Cares Act ranout at familiar turf. taxesinDecember 2017, when the Act—don’t youlovethe names?— the end of July,leaving millions of But the seemingly interminable economydid not need stimulus. with apricetag around $1 trillion. passing a new bill, even people struggling to makeends meet. delayingetting another coronavirus Nowitdoes. As the old jokegoes,they were though it’s needed and Joblesspeople who areineligible for relief packagethrough Congressis Asecond hypothesis,which Ibe- only haggling over the price. Or so unemployment insuranceare in even different—and weird. Americaisin lieved forawhile,isthat the need for we thought. Speaker NancyPelosi politically expedient. worseshape.The truly poor,includ- the middle of apandemic-induced fiscal relief wasacutemainly in blue and other Democratshaveexpressed ingmillions of undocumented work- emergency, with money from March’s states,manyofwhich were ravaged willingnesstotrim their relief pack- erswhose jobs disappeared, are Cares Act drying up.Providing more by the virus in the spring.Red-state age, perhaps to lessthan $2 trillion. packageas“emaciated,” and it didn’t barely hanging on. relief to astruggling populaceis senatorswerethus not sympathetic. It looked likeacompromise waspos- muster the 60 votesneeded to defeat State and local government bud- sound economic policy, not to men- But manyred states—including Ken- sible in the $1.5trillion range—a afilibuster. gets have been devastated by the tion essential on humanitarian tucky—were hit hardduring the sum- number that TreasurySecretarySte- Thetwo sides nowstand miles double whammy of rising spending grounds.Itshould also be good poli- mer surge in Covid-19 cases and need venMnuchin had all but endorsed. apart, with the end of the fiscal year on the virus and collapsing taxreve- tics.Politicians normally delight in help now. No such luck.About aweek ago, (Sept. 30) and the election (Nov.3) nue.The conservativeAmerican En- providingbenefitstothe electorate Athirdhypothesis is that the He- Mr.McConnell released arevised looming.What seemed impossible terprise Instituterecently estimated beforeanelection. roes Act, passed by the Democratic stimulus package, allegedly priced at nowseems possible: Despitethe clear arevenue shortfall in the $240 billion range forthis fiscal year alone. But states must balancetheir bud- gets.Without federal assistance, they PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: Unrest will have to layoff workers; many Rupert Murdoch Robert Thomson have started down that road. Public Executive Chairman, News Corp Chief Executive Officer, News Corp Shadi Hamid writing for the Atlan- months.For this reason, strictly law- schools that would liketoopen, Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher tic, Sept. 13: and-order Republicans who have re- whether in person or online,also Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: sponded in dismaytoscenes of riot- need help.Yet the Republican Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; As someone who has argued ingand looting have an interest in “skinny” packageincludes no money Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; against catastrophism—I don’t be- Bidenwinning.... forthe social safety net, no aid to News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; Christina VanTassell, Chief Financial Officer lieveDonald Trump is afascist or a In presidential elections,onceisa stateand local governments, and no Thorold Barker, Europe; Elena Cherney, Coverage; dictator in themaking,and Idon’t fluke; twiceisapattern. Istruggle to stimulus checks.Thereismoney for Andrew Dowell, Asia; AnthonyGalloway, Video & OPERATING EXECUTIVES: believeAmericaisafailed state—I imagine how, beyond uttershock, schools,but it is directed mainly to Audio; Brent Jones, Culture, Training &Outreach; Jason P. Conti, General Counsel; find myself truly worried about only millions of Democratswill processa districtsthat reopen forin-person in- AlexMartin, Print &Writing; Michael W. Miller, TracyCorrigan, Chief Strategy Officer; Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; one scenario: that Trump will win re- Trump victory. Alossfor Biden, after struction. Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; election and Democratsand others having been the clear favoriteall Do SenateRepublicans care about Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News on the leftwill be unwilling,evenun- summer,would provokemassdisillu- anyofthis? Will they let their long- Thomas SanFilippo, Customer Service; able,toaccept the result. sion with electoral politics as a standing antigovernment ideology GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; AlossbyJoe Biden under these means of change—at atime when blind them to the nation’splight— Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International circumstances is the worstcase not disillusion is already dangerously even when the politics point in the because Trump will destroy America high. If Democratscan’t beat acandi- opposite direction? We’ll find out. WALL STREETJOURNAL MANAGEMENT: Professional Information Business: Joseph B. Vincent, Operations; Christopher Lloyd, Head; (he can’t), but because it is the out- dateasunpopular as Trump during a LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head come most likely to undermine faith devastating pandemic and amassive Mr. Blinder is aprofessor of eco-

EDITORIAL AND CORPORATEHEADQUARTERS: in democracy, resulting in moreof economic contraction, then arethey nomics and public affairs at Prince- 1211 Avenue of the Americas, New York, N.Y., 10036 the social unrest and street battles even capable of winning presidential ton University and aformer vice Telephone 1-800-DOWJONES that cities ...haveseen in recent elections anymore? chairman of the Federal Reserve. P2JW259000-0-A02000-1------XA

A20 | Tuesday, September 15, 2020 THE WALL STREET JOURNAL.

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S&P 3383.54 À 1.27% S&P FIN À 1.31% S&P IT À 2.07% DJ TRANS À 0.87% WSJ $ IDX g 0.25% LIBOR 3M 0.237 NIKKEI (Midday) 23427.30 g 0.56% See more at WSJ.com/Markets Verizon Launches$7Billion Prepaid Push

Acquisition of TracFone,aunit of Mexico’s by catering to morelucrative afterswallowing Sprint this nan Dunne said TracFone will canbillionaireCarlos Slim, AméricaMóvil SAB,has customerswho payfor wire- year. remain adistinct business grew intothe biggest U.S. cell- TracFone to vault about 21 million prepaid cus- lessserviceafter it is ren- Verizon served about four that will benefit from access phone reseller by catering to company ahead of tomersunder itsname as well dered. Customersonprepaid millionprepaid wirelesscus- to awider rangeofcellphones, frugal customersthrough Wal- as budget brands StraightTalk, plans tend to switch providers tomersatthe end of June. smart devices and connected mart Inc.storesand other in- rivals T-Mobile, AT&T Net10,SafeLink and Simple moreoften, which operators Adding TracFone would vault home productsthrough the dependent dealers. Its Mobile.The companydoesn’t consider arisk. it to the topspot in the pre- carrier’s ownership. StraightTalk serviceoffers BY DREW FITZGERALD runits ownphysical network Verizon is the biggest U.S. paid market. “It’sabusinessweknow dataplans foraslittle as $34 in theU.S.and instead rides cellphone carrier,with about T-Mobile,owner of the well but it’snot one where amonth. TracFone offersser- Verizon Communications on other cellphone carriers’ 120 million connections,in- Metroservice, has morethan we’vebeen driving our own vicefor as little as $15 a Inc.said it has agreed to buy systems forafee and then re- cluding tabletsand other de- 20 million prepaid customers. destiny,” Mr.Dunne said in an month with limitsoninternet TracFone,aprovider of wire- sells the serviceunder itsown vices,but it has been compet- AT&T Inc.serves about 18 interview. “They’reawinner dataaswell as the number of lessprepaid services,inadeal brands. ing in amature market that is million U.S. prepaid customers in this segmentalready.We textsand phone calls. worth nearly $7 billion in cash Themoveplunges Verizon dominated by three providers. mostly through itsCricket see this as agrowthplat- About 13 million of Trac- and stock,further consolidat- deep intothe prepaid market, T-Mobile US Inc.became the brand. form.” Fone’ssubscribersalready use ing the U.S. cellular market. asector it has largely avoided No.2provider by subscribers Verizon consumer chief Ro- TracFone,backed by Mexi- PleaseturntopageB2 Bond Yields EncourageRisk Taking Fresh From Deals,

BY SAM GOLDFARB SoftBank Has Pile 5%RECESSION AND PAT MINCZESKI 10-yearTreasury yields,weekly No single factor cancom- Of Cash to Spend pletely explain this summer’s Nominal surprising market moves. But Inflation-protected, or real one canhelp: so-called real 4 BY PHRED DVORAK vestmentsintech startups, or a yields. AND CARA LOMBARDO bid by management to take Realyields arewhat youget SoftBank private in what would on U.S. government bonds af- Over the past six months, be by far the biggest buyout in tercompensating forinflation, technologyinvestor SoftBank history. and aretypically associated Group Corp.has signed more “Money burns ahole in their with the yields on Treasuryin- 3 than $90 billion in deals to sell pocket,” said David Gibson, an flation-protected securities,or some of itsmost valuable hold- analyst at Astris Advisory TIPS.Right nowthose aren’t ings—most recently,U.K.chip Japan. Mr.Son is “not going to just low, they are negative. designer Arm Holdings. sit therewith cash. He’sanac- At the current rate,ifyou Nowthe big question is: quisitiveguy.” buy ordinary10-year Treasury Whatwill the Japanese con- Oncethe coronavirus pan- notes, you can expect to lose, 2 glomeratedowith all that demichas subsided, SoftBank on an annualized basis, money? might think of using itssurplus roughly adollar afterinflation SoftBankhas committedto money forfurther investments forevery $100 youown. It spend about half the sum to as well as moresharebuybacks, also meansyou might not buy back itsown shares and but until then the companyis want to own Treasurys at all. paydowndebt, and it has said keeping ample cash on hand in 1 Stocks,gold, corporate it needs lotsofextracash to case subsequent wavesofinfec- bonds—anyalternativethat bolster itsbalancesheet in un- tions occur,aperson familiar offersthe potential foraposi- certain times. with the company’sstrategysaid. tivereturn might seem more But given the propensity of SoftBank leadersregularly attractive than a likely loss. SoftBank and itsebullient weigh taking the companypri- Realyields arelikely to fea- 0 founder Masayoshi Son for vate and did so again recently, tureheavily in the calculations making bold bets, analystsand but therearen’t anyplans fora of investorsincoming months, investorssuspect some type of leveraged buyout right now, as they attempt to gaugewhat deal could be in the offing. companyexecutives told ana- is ahead after stocks’ long Among the rumblings: morein- PleaseturntopageB4 poststimulus run. To many, negativereal –1 yields areakey factor encour- 2005 2010 2015 2020 aging investorstokeep taking In Turkey, Weak Lira risks,evenafter arecent tech- U.S. investment-grade corporate-bond U.S. investment-grade corporate-bond led selloff exposed concerns yield spreadoverTreasurys issuance, monthly aboutstretched stock-market Powers New Gold Rush valuations. 4 percentagepoints $200 billion Hereisthe storyofhow real yields fell so far,and why BY DAVID GAUTHIER-VILLARS prices areatrecordhigh, peo- 3 150 they matter: AND CAITLIN OSTROFF ple normally sell their gold. Manysee negativereal This time,they kept buying yields as the intentional result 2 100 ISTANBUL—Turks arepiling more.” of decisions by the Federal intogold, long their favorite Theaverage daily volume of Reserve. 10-year avg. investment, as the country’s gold sold at the Bazaar shot It cut interest ratestozero 1 50 financial system unravels. up to 4,500 pounds from when the coronavirus pan- When the Grand Bazaar in about 450 pounds,Mr. Anik demic hit. But the central bank Istanbul, one of the world’s and other traderssaid. Domes- 0 0 has also been buying Trea- oldest marketplaces and ama- tic gold production didn’t suf- surys and has signaled that it 2011 ’15’20 2011 ’15 ’20 jor gold-trading hub,reopened fice. From January to August, wants inflation to rise mod- Sources: Federal ReserveBank of St.Louis (yields); BloombergBarclays (spread); Dealogic (issuance) itsdoorsinearly June follow- Turkey imported $15 billion of estly above its 2% target. ing coronavirus-related shut- gold, up 153% from ayear ear- TheFed’sstancehas helped pandemic has subsided. despite the pandemic. stock prices should be, lower downs,long queues formed in lier, according to the Turkish capTreasuryyields,sincelong- Forthe Fed, lowreal yields That hasenabled compa- yields help pull down the so- front of gold outlets and jew- Trade Ministry. term yields tend to rise and aren’t an end in themselves. nies to issue an unprecedented called discount rate.That elersastelephone orders Thethirst forgold has been fall in line with what investors Their power is what they can amount of bonds over a short makes future corporate earn- poured in from all over the ahallmark of the pandemic, think is going to happen to do forother assetsand the period, making it easier for ingsmorevaluable,though country, according to traders driving gold prices to historic short-term interest rates. But economy. them to keep paying workers greater uncertainty about the and salesmen. highs as entire swaths of the it hasalso pushed down real Right now, the extra yield, and making investments. future can offset the positive “I’vebeen at the Bazaar for global economyground to a yields by giving investorsmore or spread, investorsdemand Stocks, too, are boosted by impact. 20 yearsand Ihad never expe- halt, and manyinvestors confidencethat the central to hold investment-grade cor- negative real yields. All else being equal, the de- rienced that,” said Ozgur Anik, searched forhavens.InTur- bank will allowinflation to run poratebonds over Treasurys Onereason is that, in for- cline in the nominal 10-year general manager of Ozak Pre- key,the buying spree wasalso hotterthan usual oncethe is belowits 10-year average, mulas used to estimatewhat PleaseturntopageB9 ciousMetals AS.“When gold PleaseturntopageB9 INSIDE DeltaParlays Frequent-Flier ProgramtoRaise Money

BY ALISON SIDER United Airlines Holdings Inc., in July raised $6.8 billion DeltaAir Lines Inc.isthe backed by itsMileagePlus pro- latest carrier to use itsfre- gram. Spirit Airlines Inc.said quent-flier program to secure earlier this month it would cash to weather the raise $850 million backed by coronavirus pandemic,an- itsloyalty programs. nouncing plans to raise $6.5 American Airlines Group BUSINESS billion backed by itsSkyMiles Inc., meanwhile, has put its Hersheypromotesa program. frequent-flier programupas safe Halloween as the Deltasaid on Mondaythat collateral foranearly $4.8bil- it will issue aprivate-notes of- lion government loan as part pandemic challenges fering and enter aterm loan of another airline aid program S candy sales. B3 facility backed by the pro- under the Cares Act. Though gram, itsbiggest fundraising PRES Deltaiseligible for$4.6bil- yetasitlooks to build itswar TED lion under that program, the CIA

chest. While Deltahas raised SO airline has decided not to pur-

$16.5 billion sincethe start of AS sue the government loan, a the pandemic,the carrier is KI/ spokesman said. WS

still bleeding about $27 mil- BO TheInternational Air

lion in cash aday,Chief Finan- LU Transport Association has cial Officer Paul Jacobson said ZA said it doesn’t expect passen- VID

last week. DA gerdemand to recoveruntil U.S. carriersreceived $25 The carrier,which is bleeding about $27 million aday,aims to raise $6.5 billion backed by its loyaltyprogram. 2024.International travel re- billioningovernment funds strictions and minimal de- MARKETS under the Cares Act, abroad ationsfor anew pandemic tober,including over 1,900 ity to raise as much cash as mand from corporatetravelers Tech deal activity stimulus packagepassed in relief packagethat could in- Deltapilots. possible.After mortgaging have pushed manyairlines helps major indexes March, to help them keep clude moreassistancefor air- With travel demand hover- planes,slotsatcongested air- around the world to the brink. their workersemployed lines have stalled. Airlines ing at around 30% of last portsand lucrativeroutes,air- CathayPacific Airways advanceafter last through the summer.But that have outlined plans to fur- year’s levels and showing few lines have been turning to fre- Ltd., Hong Kong’sflagship car- week’s losses. B9 money is due to runout at the lough tens of thousands of signs of rebounding,airlines’ quent-flier programs to secure rier,said Mondaythat it is end of this month, and negoti- employees at the start of Oc- survival depends on their abil- loans. PleaseturntopageB2 P2JW259000-5-B00200-17FFFF5178F

B2 | Tuesday, September 15, 2020 ***** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A F P Cohen to BuyMetsfor $2.5 Billion Abnormal Security...... B4 Faurecia...... B3 Point72 Asset Alibaba...... B2 Fiat Chrysler...... B3 Management...... B2 BY JARED DIAMOND winter andapush by acom- PSA Group...... B3 Amazon.com...A1,B4,B10 Flutter EntertainmentB4 AND MIRIAM GOTTFRIED peting,star-studded group led America Movil...... B1 G Q by AlexRodriguezand Jennifer American Airlines...... B1 Quidel...... A6 American Express...... B2 Gilead Sciences...... B9 Billionairehedge-fund man- Lopez. Apple...... B4,B9 Guggenheim Partners.B2 R ager Steven A. Cohen has In December,Mr. Cohen Arm...... B10 H Revlon...... A4 reached an agreement to pur- reached atentativeagreement AstraZeneca...... B9 Harvester...... B9 S chase the NewYork Metsfrom to acquirethe Metsinadeal AT&T...... B1 Hershey...... B3 Seattle Genetics...... B2 the controlling Wilpon and that would have had current B I Siemens...... B10 Katz families,the team said, in Chairman Fred Wilpon remain Siemens Healthineers Becton Dickinson...... A6 Instacart...... A6 adeal that would set anew in that position forthe next Berkshire Hathaway...B3 ...... B10 benchmark forNorth American five years. Jeff Wilpon,Mr. K SoftBank...... B1,B10 BNSF Railway...... B3 sportsfranchise valuations. Wilpon’sson, would have con- Broadstone Acquisition Kennedy Lewis Spirit Airlines...... B1 ...... B9 Investment T Thedeal, which will become tinued as the team’schief op- Management...... B2 official afteravoteofMajor erating officer forthe same pe- ByteDance...... A8,B10 Tacit Capital...... B2 C Klarna...... B4 Target...... A6 League Baseball’sownersthis riod. Theproposed deal L autumn, values the team at be- unraveled in Februaryover Caesars Entertainment T-Mobile US...... B1 ...... B4 London Stock Exchange Town Sports tween $2.4billion and $2.5bil- these control issues. Cathay Pacific Airways Group...... B9 International...... B2 lion, according to aperson fa- Mr.Cohen, who has net ...... B1 M U miliar with the matter. worth of $14billion, comes /REUTERS

Citigroup...... A1,B9 Merck...... B2 United Airlines...... B1 That would be the most UZ with baggage.His former firm, D Microsoft...... B4,B9,B10 V ever foraNorth American pro- CR SAC Capital AdvisorsLP, Delta Air Lines...... B1 N - O Verizon...... B1 fessional sportsfranchise,top- pleaded guilty to insider trad- DraftKings...... B4 ViacomCBS...... B9 NFL...... B10 ping the $2.2 billion the Na- WENDELL ing in 2013 and agreed to paya E Nvidia...... B4,B9,B10 W tional Football League’s Steven A. Cohen is expected to spend aggressively on talent. record fine of $1.8billion. He Eastman Kodak...... A2 Oracle...... A8,B9,B10 Walt Disney...... B4 Carolina Pantherssold forin later reached acivil settlement 2018 and the $2.35 billion val- billionthat Guggenheim Part- Should the sale forthe Mets with the Securities and Ex- uationthe National Basketball nersLLC ChiefExecutiveMark be approved, Mr.Cohen will change Commission that re- Association’sBrooklyn Nets Walter and agroup of co-in- own95% of the team, while the stricted him from serving as INDEX TO PEOPLE achieved last year when Ali- vestors, including basketball Wilpon and Katz families will thesupervisor of aregistered baba GroupHolding Ltd. co- legend Earvin “Magic” John- retain a5%stake,the person fund until 2018. A Farmer, Kathryn...... B3 Peetz, Karen...... A4 founder Joseph Tsai bought son, paid forthe LosAngeles said. He didn’t admit or deny Amiss, Paul...... B9 Franklin, Martin...... B9 Pritchard, Walter...... B10 the portion of the team he Dodgersin2012. Thetransac- Mr.Cohen’simpending pur- wrongdoing as part of the civil B Fraser, Jane...... A1 S didn’t already own. tion waspartly financed by a chase ends an extended court- settlement. Mr.Cohen’sfirm is G Busch, Roland...... B10 Slim, Carlos...... B1 Themost expensivebaseball group of insurancecompanies ship that included the collapse nowknown as Point72Asset Gibson, David...... B1 C Sneyd, Michael...... B9 transaction had been the $2.15 associated with Guggenheim. of aprevious agreement last Management LP. J Son, Masayoshi...B1,B10 Carnell, Robert...... B9 Cohen, Steve...... B2 Jacobson, Paul...... B1 W Cook, Tim...... B4 Juhan, Phillip...... B2 Walter, Mark...... B2 Corbat, Michael...... A1 K Wilpon, Fred...... B2 Facebook Purchases REI’s Unused Hub D - F Kaeser, Joe...... B10 Wilpon, Jeff...... B2 Dowdall, Mike...... B9 M - P Z Dunne, Ronan...... B1 McCormick, James...... B9 Zuckerberg, Mark...... B2 BY PETER GRANT because of the pandemic,opt- employees to work from home transit hub.” inginstead to cash out while within adecade.But, at the In NewYork,Facebook re- Facebook Inc.isbuying Rec- employees work remotely from same time,the appetiteof cently agreed to lease the en- reational Equipment Inc.’scus- home or anumber of smaller Facebook and other big tech tire 730,000 squarefeet of of- MerckMakes $1 Billion Deal tom-made newheadquarters officesinthe region. companies forreal estate fice spaceinthe historic James near Seattle, the latest sign Both companies announced shows little sign of abating A. Farley Building,formerly the BY DAVE SEBASTIAN the companies said Monday. that big technologycompanies thedeal Monday. Facebook is from what it wasbeforethe city’s main post office. And this Thecompanies said they aredriving commercial real-es- paying $367.6 million. REI also pandemic. summer,Amazon said it ex- Merck &Co. said it is in- would work on Seattle Genet- tate marketsduring the pan- sold undeveloped land on the TheSeattle area has become pectstocreate2,000 jobs in vesting $1 billion in Seattle ics’ ladiratuzumab vedotin, a demic. property to Wright Runstad & Facebook’slargest engineering Manhattanand open a630,000- Genetics Inc.,asthe compa- drug currently in Phase 2clin- Theoutdoor clothing and Co.and Shorenstein Properties hub outside of itsMenlo Park, square-foot officeinthe Lord & nies collaborateondeveloping ical trials forbreast cancer gear retailer,known as REI, had foratotal sale priceof$390 Calif.,headquarters. With the Taylor building,which it pur- and selling Seattle Genetics’ andother tumors. They said been planning to occupy the million. REI deal, Facebook nowhas chased in thespring. breast-cancer treatments. they would collaborateon 400,000-square-foot campus in Technologycompanies like morethan 3million squarefeet REI’sbusinesshas been hurt Merck said it is buying five evaluatingthe drug as a Bellevue,Wash., this summer. Facebook,Google and Ama- of spaceinthe region, accord- as the companyclosed its million shares,or2.9%of monotherapy in combination REI designed the elaborate zon.comInc.havebeen among ingtoVijaye Raji, head of Face- stores during the height of the shares outstanding,atabout with Merck’s Keytruda. complextoreflect itsoutdoorsy the most reticent businesses to book’sSeattle office. pandemic.Byselling the head- $200 ashare. Seattle Genetics Seattle Genetics has also image, and the companyonce reopen their offices due to fear TheREI property is located quarters, the companyhas shares soared nearly 15% to granted Merck an exclusiveli- hopeditwould serveasaway of Covid-19 contagion, and next to three other Facebook morecash forother partsof $171.79 in trading Monday. cense to sell the Tukysa drug to recruit newemployees.The some have publicly embraced buildingsall under develop- the business. Seattle Genetics is also tak- fortreatmentofbreast can- property featuresoutdoor work from home.Facebook ment in Bellevue’sSpring Dis- Thecompanysaid that the ing a$600 million upfront cers that test positivefor a staircases and bridges,acourt- Chief ExecutiveMark Zucker- trict. Mr.Raji said Facebook sale pricewas abovewhat it in- payment from Merck and is el- certain protein,the companies yard of nativeplants, and sky- bergpreviously told TheWall particularly likes that area be- vested in the property and that igible formilestone-related said, in regions outside the lightstolet in sunshine and air. Street Journal that he expects cause of itslarge pool of engi- the proceeds will help it meet paymentsofupto$2.6billion, U.S., Canada and Europe. But REI never occupied it as much as half of his firm’s neering talent and “futureasa itscarbon reduction goals.

best customerswith the lure Express—lessthan a5%drop Airlines have said foryears Delta Taps of free trips.They exploded in from the firsthalf of 2019. that their frequent-flier pro- popularity,and in recent years Delta’sshares rose 3.5% to grams had untapped potential have become major sourcesof $32.82. but that they hadn’t hit on the Its Loyalty airline earnings. Airline loyalty programs best way to monetizethem. Carriersmainly earn money canalso be alluring to banks Mr.Jacobson said in July that from frequent-flier programs because of their typically United’sfinancing could pave Program by selling miles to banks and high-value membership.When the way forsimilar deals by retailersthat then award them it renewedits co-brand part- otherairlines. to customerswho sign up for nership with American Ex- In past downturns, airlines ContinuedfrompageB1 credit cardsand makepur- have sold big chunks of miles burning through hundreds of chases.That means airlines to their credit partners, but millions of dollarsincash stand to benefit from every In past downturns, theapproach has drawbacks. each month and closing in on swipe of aco-branded card, Airlines that do it sacrificefu- arestructuring plan as whether customersare buying airlines have sold turecash flows, and the passenger demand remains a plane ticketsorclothing.Air- chunksofmiles to amount an airline canraise fraction of itsprepandemic lines have said those revenues from asingle bank through level. have proved stable even at their credit partners. such asale is limited, execu- Theairline said passenger times when flying has tiveshavesaid. volumes scarcely improved in dropped off. Some airlines around the August and that it will con- Deltasaid holdersofits co- world have sold stakes in their tinue to burn through as much branded American Express presslast year,Deltasaid it frequent-flier programs,or as 2billion Hong Kong dollars, Co.cards kept spending this expected itsbenefit from the spun them off altogether,but equivalent to $258.1 million, a year,evenasthey have largely relationship to double to U.S. carriershavebeen hesi- month, until the market re- eschewedtravel. Delta’spas- nearly $7 billion annually by tant to go that route, arguing covers. senger revenue fell 60% in the 2023,upfrom$4billion in that giving up control of the Airlines introduced fre- firsthalf of the year,but the 2019.Deltaaccountsfor about programs canresult in them quent-flier programs in the airline said Mondaythat it 20% of AmEx balances world- becoming lessbeneficial. 1980sasaway to encourage stillreceived $1.9billion in wide,making it AmEx’slargest —P.R. Venkat repeat businessamong their cash from sales to American co-brand account. contributed to this article. IBKR charges Verizon margin loan rates1 Expands from In Prepaid 0.75% to 1.59% ContinuedfrompageB1 Verizon’snetwork through an existing wholesale agreement.

LikeConsumer Cellular and S RepublicWireless, these NEW

brands have wholesale deals G Start Investing Today! to rent spaceonexisting cel-

lular networks and then resell OOMBER

services under their own /BL brands. ibkr.com/margin

Thecoronavirus pandemic MORRIS

helped boost TracFone’ssub- UL scriber numbersthis summer, PA VID

though thecompany’sgrowth DA has flaggedinrecent years Adding TracFone would vault Verizon to the top spot in the prepaid market ahead of T-Mobile. Interactive Brokers Rated #1 underpressurefromAT&T Best Online Broker 2020 by Barron’s* and T-Mobile prepaid plans. branched out intothe televi- cial arrangements, bringing its Verizon shares rose 0.9%, lag- Newwirelessplans from sion andmedia businessby totalpotential priceto$6.9 ging behind the broader mar- cable operatorsComcast Corp. acquiring DirecTV in 2015 and billion. ket. and Charter Communications Time Warner in 2018.AT&Tis Mr.Dunne said some of the Analystssaid Verizon could Trading on margin is only for sophisticated Inc., which also resell network exploring asale of the satel- added paymentsare tied to boost TracFone’s profitability investors with high risk tolerance.You may lose bandwidth provided by Veri- lite-TV business it acquired theprepaid service’sability to by shifting moreofits cus- zon, have added morecompe- from DirecTV. hit revenue targetsand to suc- tomersrunning on AT&T and more than your initial investment. tition forTracFone. Verizon said the TracFone cessfully movemoreaccounts T-Mobile networks to Veri- Member -NYSE, FINRA, SIPC –*Interactive Brokers rated #1, Best Online Aftermoving in lockstep deal will include about $3.125 to Verizon’snetwork.Trac- zon’ssystem. NewStreet Re- Broker according to Barron’s Best Online Brokers Survey of 2020: February foryears, Verizon and AT&T billion of cash and $3.125 bil- Fone relies on T-Mobile and search LLC estimated Verizon 21, 2020. For more information see, ibkr.com/info -Barron’s is aregistered have pursued different strate- lion in Verizon shares. AT&T network infrastructure could save about $800 million trademark of Dow Jones &Co. Inc. [1] Margin Loan rate as of 07/08/2020. IB calculates the interest charged on margin loans using the applicable rates gies. TracFone could getanaddi- forsome of itsconnections. ayear this way. for each interest rate tier listed on its website. Rates shown apply to IBKR Pro With TracFone,Verizon is tional $650 million cash pay- American depositaryshares Thedeal is subject to ap- clients only. Rates subject to change. For additional information on margin loan rates, see ibkr.com/interest investing in itscorebusiness ment tied to performance of AméricaMóvil gained 7.9% proval from antitrust and tele- 08-IB20-1368CH1358 of cellular connections.AT&T measures and other commer- in NewYork trading Monday. comregulators. P2JW259000-5-B00300-1------XA

THE WALL STREET JOURNAL. ***** Tuesday, September 15, 2020 | B3 BUSINESS NEWS HersheyFeels Halloween Pressure

BY ANNIE GASPARRO

Hershey Co.istrying to save Halloween from the coro- navirus pandemic. Thecandy maker said Mon-

Y daythat it has worked with WA

IL public-healthexpertsand re- RA tailerstocreateawebsiteto

BNSF offer adviceonhow to trick-or- Kathryn Farmer of BNSF Railway treat safely in different partsof the U.S.,depending on the in- tensity of local Covid-19 trans- Berkshire mission. Hershey is also changing the variety of candies it makes for Unit Makes Halloween this year and intro- duced them afew weeks earlier than normal, aiming to prop up Landmark businessduring the season that typically drives one-tenth of its$8billion in annual sales. REUTERS

CEOPick ThepressureonHershey to S/ protect Halloween sales is in- NEW BY GEOFFREY ROGOW dicativeofanew stageofdis- ruption forsome businesses as

BNSF Railway,one of the the pandemic advances into JOURNAL largest operating unitsofBerk- thefall. Airlines,hotel opera- shireHathaway Inc., named tors and retailersare also brac- Kathryn Farmer as chief execu- ing forthe pandemic to alter GARI/THE tiveonMonday. normal travel and shopping VER

With the appointment, Mrs. patterns around the end-of- MARK Farmer will become the firstfe- year holidays. The candy maker,with public-health experts, is promoting safetrick-or-treating amid the pandemic. A2019 holidayevent in Yonkers, N.Y. male CEO of amajor railway “We’retaking aproactive operator in North America. She approach,” Phil Stanley, Her- Other candy makers, such as Candy sales have struggled ChicagoMayor Lori Light- otherhalf—candy dishes at is also nowone of the highest- shey’s global chief sales officer, MarsInc., MondelezInterna- while other food categories foot said last week that she home. ranking women at Berkshire, said in an interview. “We’rere- tional Inc., and FerreroUSA, have benefited during the hasn’t yetdecided whether to Retailers placed ordersfor Warren Buffett’sOmaha con- ally focused on helping con- aregearing up formoreonline pandemic ban certain Halloween events, Halloween in the spring,and glomeratethat owns alarge in- sumers find creativeways to candy sales this year and in- but that she doesn’t expect to they were strong,Hershey said. suranceoperation, utilities, celebratewith treats, even vesting moreindigital market- Change in sales from see large groups of trick-or- But retailerscan reducetheir manufacturers, retailersand though trick-or-treating is go- ing.“We areadapting,” said previous year treatersthis year.“It’snot safe orders beforethe candy ships autodealerships.Berkshire’s ing to look different this year.” FerreroUSA’s Chief Executive 40% Total food and forthe children; it’snot safe if they sense aslowersales Ben BridgeJeweler,Fruit of the Sincethe pandemic hit the Paul Chibe. beverage forthe adults,” she said. trend. Loom and General Re also have U.S. in March, Hershey’s sales Mondelezsaid it expects Total candy Hershey said the website Getting topsellerslikeHer- women as chief executives. have been tempered by social sales of itscandy,such as Sour 30 that it helped develop uses a shey’s Reese’s pumpkin-shaped Mrs. Farmer,50yearsold, distancing restrictions that PatchKids,tobehigher this color-coded map,created by chocolates on shelves two or will succeed Carl Iceaschief lead to fewerparties,vacations year than last year.Iryna Shan- 20 theHarvardGlobal Health In- threeweeks early means con- executive. Mr.Ice had been at and shopping trips—especially darivska, who heads up Mon- stitute, that details Covid-19 sumers arelikely to shop for the firm for42years. Mrs. to conveniencestores, wherea delez’sU.S.candy business, risk level by county to help Halloween candy on morethan Farmer has been with BNSF for lot of candy is purchased. said people will likely be look- 10 people assesshow they can one occasion during the sea- 28 years, most recently serving Because Hershey’s products ing forfamily-sizepacks of safely celebrateHalloween. The son, Hershey said. as executivevicepresident of aremainly indulgences rather candy forsharing,rather than suggestions rangefromtrick- Hershey also has been pre- operations.The handover is ef- than staples, it didn’t experi- individually-wrapped smaller 0 or-treating with masks in areas paring forchanged Halloween fectiveatthe end of the year. encethe surge in sales that ac- packages fortrick-or-treating. that arelow-risk to Halloween behavior in part by making less In an interview, Mrs. Farmer crued to competitorsthat make “Weexpect to see families –10 candy huntsathome in areas holiday-themed candy,toavoid said she would continue Mr. cereal and canned soup.That looking to organizeHalloween that arehigh-risk.The tips are having loads of leftovers that it JMF AMJJA Ice’smanagement strategyby pressuremakes this year’s Hal- celebrations fortheir kids this in line with the Centersfor Dis- would have to sell at adis- focusing on efficiencyand cost loween and winter holidays all year,but also keeping safety Source:IRI ease Control and Prevention’s count. It is also cutting back on controls.“That hasalways been the morecritical forHershey. topofmind,” she said. social-distancing guidelines, large assorted bagsofcandy our businessmodel and will U.S. candy sales during last Health officials in LosAnge- spread of the coronavirus.In Hershey said. mostly used fortrick-or-treat- continue to be our business year’s Halloween season to- les County last week banned NewYork,organizerslast week Hershey said trick-or-treating ersinfavor of smaller ones. model,” she said. taled $4.6billion, making it the Halloween carnivals and canceled aGreenwich Village makes up about half of itsHal- Thecandy maker is looking for Theappointment of Mrs. biggest holidayfor candy,ac- haunted houses and advised Halloween parade that typi- loween candy sales.The com- guidancefrom itsexperience Farmer is the latest in aseries of cording to the National Confec- against trick-or-treating be- cally drawsmorethan 50,000 pany said it is shifting market- during theEaster holiday last recent high-level transitions at tionersAssociation. cause of concerns over the marchersand alargercrowd. ing this year to focus on the spring,Mr. Stanley said. Berkshire. Among them, last year,Berkshirenamed Todd Combs as CEO of carinsurer Geico.The largerissue of Berk- shiresuccession remains one of the most talked about in the fi- nancial world. Mr.Buffett, 90 yearsold, who has led Berkshire formorethan 50 years, has yet to name asuccessor. Ex-Nissan /REUTERS VES AL

Executive N TO SHING

Pleads WA Deal with PSAGroup is expected to be completed by end of March. Not Guilty Afresh take on our 14kt gold Fiat Cuts Dividend Byzantine necklace BY PETER LANDERS

TOKYO—Greg Kelly, the for- Handcrafted in texturedand polished mer Nissan Motor Co. execu- Ahead of Merger 14kt yellow gold,two chic styles tivechargedwith helping hide Carlos Ghosn’s compensation combineinanalternating design of as Nissan chief,pleaded not BY ERIC SYLVERS investors because of the pan- guilty Tuesdayatthe opening AND BEN DUMMETT demic fallout and the need to Byzantineand double-ovallinks. of his trial in Tokyo. preservecash. Reducing the “I denythe allegations.I Fiat Chrysler Automobiles payout alleviatesthose wor- Abeautiful blend of on-trend and wasnot involved in acriminal NV and PSAGroup changed ries.Atthe same time,byget- traditional, ournecklaceisthe perfect conspiracy,” Mr.Kelly said af- theterms of their mergerto ting half of PSA’sstake in Fau- terprosecutorssaid part of preservecash as the two car recia afterthe deal closes,FCA finishingtouch forany look. Mr. Ghosn’s income was con- makersshoreuptheir finan- shareholderswill receiveato- cealed from 2011 to 2018 in cial positions following the talpayout approaching the company documents. negativeeffects of the corona- same level as previously Thetrial is getting under virus pandemic. agreed, but part of that will be way nearly two yearsafter Fiat Chrysler will nowpay a in Faurecia stock instead of all Messrs. Ghosn and Kelly were cash dividend of €2.9billion cash. arrested over allegations that ($3.44 billion) to itsshare- Thetwo companies said they caused Nissan to under- holdersahead of the closing of they arestill on track to com- $ report Mr.Ghosn’scompensa- the merger, down from the pletethe deal by the end of 1,495 tion by ¥9.2billion, equivalent previouslyagreed €5.5 billion, March. to $87 million, over eight the companies said in a joint Thecut to the cash portion Plus Free Shipping years. statement Monday. of the dividend comes after ANissan representativeap- PSA, which owns the Peu- Fiat Chrysler, like most of its pearing at the trial in central geot and Citroënbrands, peers, reported asecond-quar- Tokyosaid the company agreed to scrap an agreement terlossascoronavirus lock- wouldn’t contest chargesit to spin off its46% stakein downs halted production and faces of violating financial-dis- Faurecia SE ahead of the clos- led to adropinsales.While closure laws. ing.Instead, the stakeinthe Fiat Chrysler has abundant li- DespiteMr. Ghosn’sab- publicly traded auto-parts quidity, in the second quarter sence, the trial will be the maker,which is worth about it burned much morecash main legal forumaddressing €2.7billion, will be spun off than it had coming in. evidenceabout the guilt or in- following the closing. Fiat Chrysler Chief Execu- nocenceofthe longtime Nis- Announced in October, the tive Mike Manley has said he san leader, who was hailed as all-sharetransaction valued is expecting a strong second- aheroinJapan forturning the combined companyat half performancefromthe 14kt Yellow Gold Byzantineand Double-Link Necklace 1 3 around the car maker only to close to $50 billion. Both sides companyand that improve- 16"length. Graduatesfrom ⁄4"to ⁄8"wide. Lobster clasp. wind up in aTokyo jail over agreed to ashareswaptolive ment wasalready apparent at allegations he betrayed the up to the deal’smerger-of- the end of the first half. Also available in 18"$1,595; 20"$1,695 company. equals billing.Tohelp balance Thetwo companies said Shown larger for detail. Thetrial is set to last 10 the values of the two compa- their boards will consider pay- months,with averdict not nies, they agreed on the cash ing their respectivesharehold- likely before the fall of 2021. dividend forFiat Chrysler’s ersa€500 million dividend Mr. Kelly, who turns 64 on shareholders, and PSA’sshare- before closing or a€1billion Ross-SimonsItem #914537 Tuesday, is an American law- holdersweretobegiven the dividend to all shareholders yerwho long served by Mr. Faurecia stake. following the conclusion of the To receivethisspecial offer, use offercode: GLAMOUR43 Ghosn’s side at Nissan. At the However, the FCA’s cash merger. 1.800.556.7376 or visitross-simons.com/glamour time of hisarrest in 2018,in dividend grew increasingly —Nora Naughton Tokyo, he was semiretired. controversial among some PSA contributed to this article. P2JW259000-0-B00400-2------XA

B4 | Tuesday, September 15, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Apple Event Won’t Have Crowds, but Likely aNew Watch

BY TIM HIGGINS that triggeredaglobal eco- nomic shock,and managing Apple Inc. is preparing for the scrutiny of the company’s an unusual Covid-19 era Sep- grip on the app market. tember event on Tuesday, one Apple has sharply defended that isn’t expected to feature how it manages its app store, an iPhone or a packed crowd. which the companyhas said is Chief ExecutiveTim Cook fair for customers and devel- will continue with the cadence opersand has helped create GES of akeynoteevent, but via millions of newjobs and busi- IMA

webstream, and instead of nesses.But Mr.Cook is facing GETTY featuring anew flagship concern from some investors

iPhone,the companyisex- who wonder if anything Apple MEDIA/ pected to reveal itslatest has in storecan liveuptothe OFT

watch and an updated iPad. meteoric rise in its shares. CR Applehas used itsbig Sep- This year,Apple has led a tember event to showcase new rally fortechnologycompanies

iPhones everyyear since2012. as people shiftedtoworking CHINA/BAR But this year, the company is from home.The stock has TURE

holdingits biggest publicity more than tripled in value FEA blast fornextmonth when it sincealow in January2019 San Francisco-based email-security startup Abnormal Security will move its software onto Microsoft’s Azure cloud. unveils ahighly anticipated linked to U.S.-China trade ten- smartphone with 5G connec- sions and the reduction of its tivity that is expected to usher quarterly revenue forecast for in big sales and fat profits, in- the first time in 15 years. Microsoft, Amazon Battle vestors and analysts say. The Apple’ssmartwatch has next-generation iPhone is gained popularity in recent among the most anticipated years, and Tuesday’s event is since2014, when Apple intro- likely to show off new health For Cloud Business Heats Up duced alarger-screened option featuresthat could appeal to of the device, which makes up consumerswhen manygyms about 50% of its annual sales. have shut down. The unusual turn of events Still, Mr.Cook has acknowl- BY AARON TILLEY on topofthem,” said Matt lars annually on the service. afterlosing bidder Amazon reflectsthe uncertainty Apple edged some difficulty with McIlwain,managing director Moving to another provider challenged the deal. is facing aftercoronavirus-re- watchselling because of the Microsoft Corp. and Ama- at Seattle-basedventure-capi- canbecumbersome and costly. Amazon’searly focus on the lated shutdowns in China af- pandemic.Hesaid in July that zon.com Inc. are embracing a talfirm Madrona Venture However, Abnormal’schief ex- cloud gaveitajump on winning fected itssupply chain and the closureofits stores during newtactic to win the super- Group.“What’snew is this in- ecutive, Evan Reiser, said that businessfromstartups.Manyof pushed back production of the the April-through-June quar- chargedbattlefor cloud-com- tentionality and saying,‘We’re sellingits security serviceto them were early adoptersof new phone. Mr. Cook this fall terhindered sales of the puting business, luring fast- going to partner.’ ” the hugeenterprise customers Amazon’scomputing services faces the challenges of meet- watch. “Some people want to growing startups by promising Forthe two cloud-comput- with ties to Microsoftwas so that allowedthem to avoid ing sky-high investor expecta- tryonthe watchand see what to help sell their services. inggiantsthose partnership attractive it outweighed the sinking money intobuying their tions,navigating apandemic it looks like,” he said. MicrosoftonMondayan- deals could help sustain growth downside of making the switch ownserversand software.But nounced apartnership with Ab- in abusinesssegment that has in cloud providers. Amazon also has spooked some normal Security Corp., under become crucial to their finan- Microsoftand Amazon both tech companies that use its whichthe SanFrancisco-based cial fortunes—and increasingly have seen accelerated adoption cloud, sometimes launching Klarna Lures Silver Lake email-security startup will competitive. Thepartnerscan of their cloud services during competing products.Three moveits software ontothe tech tapthe vast sales reach Micro- the pandemic,ascompanies yearsago, Amazon quietly BY MIRIAM GOTTFRIED companyinEurope,according giant’sAzurecloud. Microsoft, softand Amazon offer,provid- embracetools forremotework. launched AWSConnections,a to data from business-analyt- in return, promises to sell Ab- ing access to arangeofcus- Usagehas driven investor ex- program designed to link start- A group led by private-eq- ics platform CB Insights. The normal’sservices to itslarge tomersmanystartups and pectations skyhigh, leaving lit- ups with some of itsbiggest uity firm Silver Lake is invest- company, which has apres- enterprise clients, which Micro- small enterprises could strug- tle room formissteps.Micro- customers. Since2019,Amazon ing $650 million in Klarna enceinmarketsthroughout softsays is itsfirst such ar- gle to reach independently. soft’sstock has risen more said it has arranged around Holding AB,according to peo- Europe,the U.K.,the U.S.,Can- rangement. Thecompanies Amazon has a45% market than 30% this year.Amazon’s 2,000 meetingsbetween start- ple familiar with the matter, ada and Australia, plans to use didn’t disclose financial terms. shareinproviding the so-called stock is up morethan 70%, ups and potential customers. betting on acompanythat the money to continue its Amazon also has used the public cloud infrastructure, driven by thestrength of its One challengefor Microsoft benefited from the shift to e- global expansion and to de- partnership model to bolster ahead of Microsoftwith almost cloud and online retail sales has been wooing startups that commerce brought on by the velop newproductsand ser- itscloud business. In January, 18%, according to research firm during the health crisis. could be leery of the tech gi- coronavirus pandemic. vices, the people said. it signed an agreement with Gartner Inc., which putsother Amazon popularized the antwhose businesssoftware The investment values the Silver Lake is putting in Apptio Inc., aBellevue,Wash.,- rivals at below10%. Amazon cloud model, but Microsofthas caninclude competing prod- Swedish paymentscompany— $500 million of the total, some based software company that said the cloud generated about steppedupits challenge to win ucts. Amazon, which doesn’t which provides consumers of the people said. helps usersmanagetheir 12.5% of the company’stotal moreofthe lucrativeand fast have those successfulsoftware with the ability to payinin- Among those investing cloud spending.Apptio agreed sales last year.Microsoft, growing business. Thetwo tools,makes it an easier part- stallments across a variety of alongside Silver Lake areSing- to expand itsuse of Amazon which calculates cloud revenue have been battling fiercely,in- ner, said Mr. McIlwain. retailers—at $10.65billion, the aporesovereign-wealth fund WebServices,the online retail differently,said those sales cluding over multibillion-dollar ForMicrosoft, the deal with people said. GICPte. Ltd., as well as funds giant’scloud, and Amazon represented morethan 30% of government contracts. The Abnormal is asign the partner- Klarna,last valued at $5.5 and accountsmanaged by nowsells the startup’sser- itstotal turnover. Pentagon this month said it ship modelworks,said Jeff Ma, billion in August 2019,will be- BlackRock Inc. and HMI Capi- vices to its cloud customers. In the two yearssinceits wasmoving ahead with apo- who wasappointed by Micro- come the most highly valued tal, people familiar with the “All these cloud platforms founding,Abnormal used AWS, tentially $10 billion cloud-com- soft in April to court startups. privatefinancial-technology matter said. would lovestartups to build spending several million dol- puting contract with Microsoft “We’ll learn from this.” With GamesOn, Sports-Betting Competition Revs Up

BY KATHERINE SAYRE nos shut down, sports-betting adults, or 33 million people, The total amountwagered on sports in the U.S. is shifting toward Group,owned by FlutterEnter- revenue plummeted to $2.6 plan to gamble on the NFL this online and mobile-app betting. tainment PLC,and DraftKings Sportsbetting in the U.S. is million,an88% drop from the year,downfromabout 38 mil- Inc. arespending hugesums to surging with the return of the previous year. lion people theprevious year, U.S. monthly sports betting acquirecustomersand expand National Football League and This autumn marks the third according to surveysbythe Casino Online beyond hard-corebettors. other major professional NFL season sincea2018 U.S. American Gaming Association,a On Monday, Walt Disney sports, and gambling operators Supreme Court ruling pavedthe gambling-industrytrade group. $2.0 billion Co.’sESPN said it struck adeal arevying forfans’ attention. way forstatesoutside Nevada About half of those bettors said with DraftKingsand Caesars Sportsbetting has been on to allowsportsbetting.Twenty- they would wagercasually Entertainment Inc.toconnect the rise as morestateslegalize two states and the District of among family,friends and co- 1.5 viewers to the gambling opera- the industry,and the recent re- Columbia nowhavelegalized workers. About one-thirdsaid tors’sportsbooks acrossthe turn of the biggest sports sportswagering.Sportsbooks they plannedtobet online,ei- network’sdigital platforms.The leagues has helped satisfyde- gotaboost this past weekend ther legally or illegally,and 20% 1.0 sportsbook of Caesarsisoper- mand that built up during as leagues staging games or said they would placebetsata ated by William Hill US.ESPN Covid-19 shutdowns. matches included the NFL,Ma- retail sportsbook. declined to sayhow much the In NewJersey,the biggest jor League Baseball, the Na- With U.S. sportsclosed 0.5 deal is worth. market forsportsbetting out- tional Basketball Association, down in the spring,dedicated Companies areoffering free- side Nevada, totalsports-wa- the National Hockey League and bettors threw down money on to-playgames and other pro- gering revenue in August rose the U.S. Tennis Association. the few options available,such motionstoreach newcustom- nearly 57% compared with last “In aword, it wasmon- as Russian table tennis and Be- 0 ers. DraftKingssaid this month year,to$39.5 million, according strous,” said JohnnyAitken, larusian soccer. 2018 ’19 ’20 that Michael Jordan,the NBA to numbersreleased Monday. chief executiveofmobile Thesports-betting industry’s Source:Sharp Alpha Advisors legend and avid gambler,joined From Januarythrough August, sports-betting app PointsBet performancefor the remainder the companyasaspecial ad- revenue totaled about $178 mil- USA, referring to last week- of the year depends on how U.S. sportsbetting market was and Major League Baseball pro- visertothe board. Mr.Jordan lion, up 16.5%versus 2019,de- end’sbetting activity.“Since well the biggest sportscan expected to bring in $1.6billion ceed,according to areport by is taking an equity interest in spitethe several-month sports Covid and the pausing of head- staveoff and manageCovid-19 in grossrevenue this year.That Eilers &Krejcik Gaming. DraftKingsinexchangefor stra- hiatus earlier in the year.In line U.S. sports, therewas this infections among players and figure will likely shrink to $650 Competition forbettors is tegic advice, the companysaid. April, when virtually all major momentous pent-up demand.” staff, which could derail sea- million to $950 million, depend- fierce.Casino operatorsand big —Benjamin Mullin sports were canceled and casi- About13% of American sons.Beforethe pandemic,the ing on whether collegefootball online brands such as FanDuel contributed to this article.

ADVERTISEMENT willing to financeachief execu- Including the Arm deal, Soft- companies such as Alibaba and SoftBank tivewho embraces big risks. Bankhas announced around T-Mobile US Inc., is already ear- Thecash pile is asignificant $93.6 billion in asset sales,al- marked forshareand debt buy- The Marketplace achievement forSoftBank, though not all of the money is backs.But SoftBank has pushed To advertise: 800-366-3975orWSJ.com/classifieds Has Cash which half ayear agowas strug- available nowand not all the back itstimetable forexecution gling with astock priceinfree proceeds will be in cash. past itsoriginal deadline of BUSINESSOPPORTUNITIES CAREERS fall and billions of dollarsin SoftBank and the Vision Fund March 2021, and is already using To Spend write-downs on investments would getasmuch as $15 billion some of the money for trading that turned sour,such as in U.S. in cash and afurther $21.5bil- in tech stocks.Some of those 798$ "63+20/-81.-5/14 9.+1+/ 3.&// &/%&.#&.(& 1&.(,-+%// )''*+(/1'& .( office-sharecompanyWeWork. lion in Nvidia stock assuming the trades,involving the purchase of 9!/,#&+"/$0/&%'(.) $%%+%&.(&&'&-/"92 ContinuedfrompageB1 Thecompany’s$100 billion ven- Armdeal goes through, although options that confer the right to #8OM ?37D6( F=( 73: &05$5&8."5,))0)6 ;55&)!3" =5;=&50)6 $?)8;5;)$; people familiar with the matter sion Fund, at one point earlier isn’t expected to close until been so big that they contrib- 5??+31$&.;50)6 8?5 3.&88 +;;.0)63 &)! 6!H=KBB1D *9;FF.F,0 7,/;4,)F)> <+LAA =% $?++,)0$&.0)6 !&0-< .? =50?50.09; 5;7,;3.3: said. SoftBank Group shares are this year fell intothe red. 2022. SoftBank owns three-quar- uted to a surge in U.S. markets. 6(F4K03?K11D (K310 =0H,F (K31)3,9> (FF;+"H00H+ %HH) (,3. ;)/?< 8&3.2=&$;! ;)A05?)+;)." ;+%5&$;3 listed on the TokyoStock Ex- Mr.Son vowedtoturn things ters of Arm, and the Vision Fund, SoftBank could use itsbil- =41F8+ $;4/ 2$H%HH) 2&F13> !FG #4IF, 'HK,0D+':> &8-;>0%-; 3$4;!,-; &)! %; &%-; .? &$. @0.4?,. 6,0!&)$;: '?30.0?) -?$&.;! 0) .4; changeand rose 9% in Monday around by selling some of Soft- in which SoftBank has abig lions to continue investing in ?(/C B/3$8G<;7(H@G/35O ,/<5+1 ! )"#&,#" '&!$&% *( +"#& ! trading afteritannounced the Bank’sholdingsintech compa- stakealong with the sovereign- tech startups,asithas done BA!*'9 )I-4".-... 75,5'" *42)%.51,4 Arm sale to Nvidia Corp. nies such as Alibaba Group wealth funds of Saudi Arabia and with the Vision Fund. Thecom- %>DF)=9>F?:, ?: 4,:9)!> AE +A70&& >F#,:6>! THE MARKETPLACE set sales and buysback more sign companythat SoftBank to investorsthis week.Soft- Some investorsand analysts !>4:F)?8:, 72+@:=?- 4>,):! >%,=)=/ 7;1 )=?>,+ ADVERTISE TODAY shares to makethe sizeman- bought for$32 billion in 2016, Bankhas said that the sale is to also saythat amanagement >F?" 4%)! %? 7.501 4>, @:=?- %=! <=!>,6,)??>= (800)366-3975 ageable.That could take well wasn’t necessarily seen as a strengthen itscash reserves so buyout forthe companyispos- $3 'B:3!F :, *,)=DF. (),>#? #:=?%#? 4,>8>,,>!C over ayear,said aperson fa- sale target. SoftBank had said it it canrespond to the pandemic. sible,although hefty given Soft- $,:D>,F 6)?- F>,):F?:,F :=B3 4B>%F>. ©2020Dow Jones &Company,Inc. miliar with the company, and wasthinking of relisting Arm Another pool of cash, $42 bil- Bank’scurrent market value of -%'/*)/( !.0+$ &,#"+&&, All Rights Reserved. would still depend on lenders by 2023. lion from the sale of stakes in $126 billion. P2JW259000-0-B00500-1------XA

THE WALL STREET JOURNAL. Tuesday, September 15, 2020 | B5

TheWorld’s Most InfluentialBusinessLeaders Anetwork of chief executivesdriving the next eraofindustry, policyand the global economy.

MikeRoman, 3M Michael Silvestro, Flexjet Neil Cunningham, Public Sector Pension Investment Board

Jo Ann Jenkins, AARP Matt Moynahan, Forcepoint Ralph Izzo,Public Service Enterprise Group Inc.

RobertFord, Abbott JimLico,Fortive Mohammed Bader Al Sada, QatarMedia City

Julie Sweet, Accenture Steven Gunby, FTIConsulting,Inc. SteveMollenkopf,Qualcomm

James Etheredge, AccentureNorth America Cain A. Hayes, Gateway Health GregoryJ.Hayes, Raytheon Te chnologies

Michael J. Wolf,Activate Diane Hoskins, Gensler Dennis E. Abboud, Readerlink, LLC

TerryD.Shaw, AdventHealth Thomas McInerney, GenworthFinancial, Inc. Ricardo Oberlander,Reynolds American, Inc.

Martin H. Richenhagen, AGCO Corp. SanjeevGupta, GFGAlliance Christopher Peel, Rheem Manufacturing Company

Seifi Ghasemi, Air Productsand Chemicals, Inc. Brad Preber,Grant Thornton LLP Elizabeth Critchley, Ripplewood Advisors

Joel S. Marcus, Alexandria Real Estate Equities, Inc. Clotilde Delbos, Groupe Renault Manoj Menda, RMZ Corp.

Simon Freakley, AlixPartners Muhammad Aurangzeb, Habib Bank Ltd. KathyBloomgarden, Ph.D., Ruder Finn

Ralph Andretta,Alliance Data RobertC.Garrett, Hackensack Meridian Health Clarke Murphy, Russell Reynolds Associates

Paul Black, AllscriptsHealthcareSolutions, LLC Que Dallara, Honeywell BarryOstrowsky,RWJBarnabasHealth

Laila Worrell, Altran Americas Enrique Lores, HP Inc. Martin Sorrell, S4 Capital

Claude LeBlanc, Ambac Financial Group AmySchabacker Dufrane,Ed.D., HR Certification Institute Marc Benioff,Salesforce.com, Inc.

Nicholas K. Akins, American Electric Power Ginni M. Rometty,IBM Yo ung Hoon Eom, Samsung Electronics NorthAmerica

Paul A. Tufano,AmeriHealth Caritas FamilyofCompanies Brad Katsuyama, IEXGroup,Inc. Mark Te stoni, SAPNS2

Milind Pant, Amway Elie Maalouf,IHG Mitchell Rudin, Savills

MikePreston, Arkansas Economic Development Commission Paul Brown, InspireBrands Inc. Andrew Collins, Sentient Jet

Alan Colberg, Assurant Inc. Stephen Spengler,Intelsat Bill McDermott, ServiceNow

AlexMallmann, AutoGravityCorp. Marc Harrison, Intermountain Healthcare David J. Beveridge, Shearman &Sterling LLP

Jean-Yves Fillion, BNPParibas USA Kristalina Georgieva,International MonetaryFund GuyHalgren, SheppardMullin Richter &Hampton

David McCormick, Bridgewater Associates, LP Michael Connors, ISG Marc Rey, Shiseido Americas Corp.

TimGokey,Broadridge JABInvestors Greg Becker,Silicon Va lleyBank

Neal Wolin, Brunswick Group LLP AlexGorsky, Johnson and Johnson Swan Gin Beh, SingaporeEconomic Development Board

Chad England, C.R. England, Inc. AlexLiu, Kearney RayNolte, SkyBridgeCapital

Thomas Siebel, C3.ai Benjamin A. Breier,Kindred Healthcare, LLC EdwardEllison, M.D., Southern California Permanente Medical Group SanjivDas, Caliber Home Loans HenryR.Kravis, KKR &Co. Inc. Doug Merritt, Splunk To dd Stevens, California Resources Corporation GisbertRuehl, Kloeckner &Co. SE James R. Downing,St. Jude Children's Research Hospital Marcie Frost, CalPERS Sanjay Jalona, LTI James M. Loree, StanleyBlack &Decker Inc. Victor Dodig,Canadian Imperial Bank of Commerce Austin Russell, Luminar Te chnologies Ronald James Kruszewski, Stifel Financial Corp. NancyAgee, Carilion Clinic Nick Savasta, Main GateCapital SharbFarjami, Storyful Andrew E. Law, Caxton Associates Mark Trudeau, Mallinckrodt PLC Margaret M. Keane,SynchronyFinancial Michael F. Neidorff,Centene Corp. Abdeslam Ahizoune,Maroc Te lecom SyniverseTechnologies LLC Margaret E. Franklin, CFAInstitute Daniel ScottGlaser,Marsh &McLennan Companies SuryaKant, Tata ConsultancyServices JoAnna Sohovich, Chamberlain Group RogerW.Crandall, MassMutual Terrence R. Curtin, TE Connectivity William C. Carstanjen, Churchill Downs Inc. Ari Sarker,MastercardAsia/Pacific Pte. Ltd. CP Gurnani, Te ch MahindraLimited Jeffrey Wa lker,CIMC Capital Ling Hai, Mastercard Asia/Pacific Pte. Ltd. Declan Kelly, Te neo Holdings Chuck Robbins, Cisco Systems, Inc. David J. Sorbaro, Mavis Discount Tire,Inc. LarryHelm, TexasCapital Bank MatthewBrowning Prince,Cloudflare Gianrico Farrugia, M.D., Mayo Clinic Michael Chertoff, TheChertoffGroup RobertWillett, CognexCorp. IraColeman, McDermottWill &Emery Deanna Mulligan, TheGuardian Life Insurance CompanyofAmerica Brian Humphries, Cognizant Chris Kempczinski, McDonald's Mark Smucker,The J.M. Smucker Company Cliff Skelton, Conduent Kevin Sneader,McKinsey&Company Harold L. Paz, TheOhio State UniversityWexner Medical Center Damon T. Hininger,CoreCivic Mark Penn, MDC Partners/Stagwell Group Ross PerotJr.,The PerotCompanies and Hillwood Rob Bernshteyn, CoupaSoftware,Inc. EdwardK.Aldag,Jr.,Medical Properties Trust, Inc. Julie Wa inwright, TheRealReal, Inc. Mark Machin, CPP Investments Sanjay Mehrotra, Micron Technology PeterWTPisters,M.D., TheUniversityofTexas SatyaNadella, Microsoft Corp. FaizaSaeed, Cravath, Swaine &MooreLLP MD Anderson Cancer Center Jami McKeon, Morgan Lewis JayBrown, CrownCastle International Corp. JohnnyHornby, The&Partnership Jacob Kam, MTR Corp.Ltd. BradleyH.Feldmann, Cubic Corp. Christian Lanng,Tradeshift Heather Bresch, Mylan N.V. LarryJ.Merlo,CVS Health Jean Savage,TrinityIndustries Adena Friedman, Nasdaq PoppyGustafsson, Darktrace Jane JieSun, Trip.com Group Frank Martire, NCRCorp. ThierryBetbeze, Dassault Falcon JetCorp. Takashi Sonoda, Uhuru Corp. Takashi Niino,NEC Corp. Harold L. Yo h, III, Day &Zimmermann Patrik Frisk, Under Armour Adam Johnson, NetJetsInc. HenryN.Nassau, DechertLLP JaiShroff,UPL Ltd. Charles Gottdiener,Neustar, Inc. Kathryn Parsons, Decoded Krishna Sudheendra, USTGlobal Ravi Saligram, Newell Brands Louis Jacobs, Delaware North JeffBalser,Vanderbilt UniversityMedical Center RupertMurdoch, News Corp Punit Renjen, Deloitte GregoryWilliam Cappelli, Va ntaEducation RobertThomson, News Corp Thomas F. Farrell, II, Dominion Energy ScottW.Stephenson, Ve risk Analytics, Inc. Lachlan Murdoch, News Corp Almar Latour,Dow Jones &Co. Publisher,The Wall Street Journal Ronan Dunne,Verizon Consumer Group Steven J. Corwin, NewYork-Presbyterian Hospital MikeSalvino,DXC Technology Guru Gowrappan, Ve rizon Media Group Andrew Glincher,Nixon PeabodyLLP Angela F. Williams, Easterseals Patrick Gelsinger,VMwareInc. Michael J. Dowling,Northwell Health RichardEdelman, Edelman Vinod Kumar,Vodafone Business John E. Schlifske, Northwestern Mutual PennyPennington, EdwardD.Jones &Co.,LP Maxim Pasik, Wa tergen JunSawada, NTTCorp. Raanan Horowitz, Elbit Systems of America RobertJ.Pagano,Watts Wa terTechnologies John Romeo,OliverWyman To dd Boehly, EldridgeIndustries Melissa Smith, WEXInc. Mark Barrenechea, OpenTextCorp. Ashish Masih, EncoreCapital Group Hugh Ve rrier,White&Case LLP John P. Davidson, Options Clearing Corp. Borje Ekholm, Ericsson KeshavMurugesh, WNSGlobal Services Alan Trefler,Pegasystems Inc. Calvin Butler,Exelon Utilities Mark Read, WPP PLC VitorRocha, PhilipsNorth America Bill H. Stoller,ExpressEmployment Professionals MindyGrossman, WW International ScottW.Wine,Polaris Inc. Hugh Frater,Fannie Mae BradleyS.Jacobs, XPO Logistics Inc. AnthonyPratt,Pratt Industries, Inc. Frederick W. Smith, FedExCorp. Joey Wa t, YumChina Holdings, Inc. SusanDeVore, Premier,Inc. Kevin Mandia, FireEye, Inc. David Gibbs, Yum! Brands Jennifer A. Prosek, Prosek Partners GaryA.Norcross, FIS Kristin Peck, Zoetis RodneyHochman, Providence St.Joseph Health Jonathan Brossard,Fischer ConnectorsSA Eric S. Yuan, Zoom Video Communications Jeffery Ya buki, Fiserv MikeWells, Prudential PLC

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B6 | Tuesday, September 15, 2020 THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 27993.33 s327.69, or 1.18% Trailing P/E ratio 27.48 19.45 3383.54 s42.57, or 1.27% Trailing P/E ratio * 36.58 23.22 11056.65 s 203.11, or 1.87% Trailing P/E ratio *† 36.35 24.55 High, low, open and close for each P/E estimate * 26.54 17.73 High, low, open and close for each P/E estimate * 25.57 18.21 High, low, open and close for each P/E estimate *† 31.79 22.01 trading day of the past three months. Dividend yield 2.22 2.28 trading day of the past three months. Dividend yield * 1.79 1.91 trading day of the past three months. Dividend yield *† 0.77 1.01 All-time high 29551.42, 02/12/20 All-time high 3580.84, 09/02/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 29000 3550 12100

27500 3400 11450

26000 3250 10800

Session high 24500 3100 10150 DOWN UP 65-day moving average Session open Close 65-day moving average t 65-day moving average 23000 2950 9500 Close Open t

Session low 21500 2800 8850

Bars measure the point change from session's open 20000 2650 8200 June July Aug. Sept. June July Aug. Sept. June July Aug. Sept. *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* 859,948,714 14,603,164 Major U.S. Stock-Market Indexes 28086.06 27718.74 27993.33 327.69 1.18 29551.42 18591.93 3.4 -1.9 8.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 720,579,817 12,017,549 Transportation Avg 11421.20 11300.24 11380.84 98.20 0.87 11451.51 6703.63 6.1 4.4 6.2 Most-active issues in late trading Decl. volume* 128,969,189 2,421,749 Utility Average 815.14 802.85 810.94 11.01 1.38 960.89 610.89 -4.2 -7.8 2.9 Volume After Hours Issues traded 3,099 269 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 34596.45 34249.61 34472.92 523.68 1.54 36434.12 22462.76 12.0 4.4 10.1 Advances 2,448 187 SPDR S&P 500 SPY 7,701.8 338.22 -0.24 -0.07 339.03 337.88 Barron's 400 720.92 713.70 719.18 11.74 1.66 752.15 455.11 2.9 -1.8 3.3 Declines 591 74 iShares iBoxx $ HY Cp Bd HYG 7,067.9 84.36 ... unch. 84.47 84.30 Unchanged 60 8 Nikola NKLA Nasdaq Stock Market 5,263.8 33.09 -2.70 -7.54 36.75 31.50 New highs 60 3 Nasdaq Composite 11118.29 10982.26 11056.65 203.11 1.87 12056.44 6860.67 35.6 23.2 19.8 Marinus Pharmaceuticals MRNS 5,089.0 3.47 1.36 64.45 4.20 2.11 New lows 12 2 Nasdaq 100 11363.25 11192.82 11277.76 190.36 1.72 12420.54 6994.29 43.6 29.1 23.6 Apple AAPL 4,834.6 115.94 0.59 0.51 127.67 111.85 Closing Arms† 0.80 0.47 Noble Energy NBL 3,927.9 9.15 0.02 0.22 9.15 9.13 S&P Block trades* 4,952 143 AT&T T 3,493.3 29.18 0.04 0.14 29.21 29.10 500 Index 3402.93 3363.56 3383.54 42.57 1.27 3580.84 2237.40 12.9 4.7 10.7 Nasdaq NYSE Arca Uber Technologies UBER 2,698.0 37.90 -0.05 -0.13 38.00 37.89 MidCap 400 1894.31 1867.84 1891.25 36.38 1.96 2106.12 1218.55 -3.8 -8.3 2.7 Total volume*3,729,421,268 200,877,484 SmallCap 600 878.44 867.11 877.10 15.17 1.76 1041.03 595.67 -10.4 -14.1 0.8 Percentage gainers… Adv. volume*3,167,592,267 160,029,856 Decl. volume* 535,751,958 40,079,780 Other Indexes Marinus Pharmaceuticals MRNS 5,089.0 3.47 1.36 64.45 4.20 2.11 Issues traded 3,535 1,407 Russell 2000 1538.50 1499.38 1536.97 39.70 2.65 1705.22 991.16 -3.0 -7.9 2.6 NextEra Energy NEE 78.7 299.00 17.08 6.06 304.00 281.00 Advances 2,702 1,182 NYSE Composite 12970.57 12858.18 12932.69 159.65 1.25 14183.20 8777.38 -1.3 -7.0 2.3 Camping World Cl A CWH 429.0 37.80 1.70 4.71 38.10 36.10 Declines 736 207 New York Mortgage Tr NYMT 121.7 2.70 0.11 4.25 2.70 2.57 Value Line 471.16 462.02 470.28 8.26 1.79 562.05 305.71 -12.2 -14.8 -3.5 Unchanged 97 18 Vertiv Holdings VRT 344.3 18.19 0.65 3.71 18.48 17.30 NYSE Arca Biotech 5374.51 5239.20 5355.85 204.19 3.96 6142.96 3855.67 19.3 5.7 8.7 New highs 56 13 NYSE Arca Pharma 667.35 659.78 663.11 4.26 0.65 675.64 494.36 14.9 1.4 6.5 ...And losers New lows 25 2 KBW Bank 78.70 76.72 77.73 1.40 1.83 114.12 56.19 -23.6 -31.4 -5.9 Nikola NKLA 5,263.8 33.09 -2.70 -7.54 36.75 31.50 Closing Arms† 0.62 1.89 § PHLX Gold/Silver 156.57 152.11 156.40 6.06 4.03 161.14 70.12 72.6 46.3 20.7 iShares Core MSCI EM IEMG 1,416.7 50.45 -3.02 -5.65 53.74 50.45 Block trades* 14,643 972 § PHLX Oil Service 33.25 32.37 33.10 0.34 1.02 80.99 21.47 -57.7 -57.7 -37.2 Lennar Cl A LEN 473.1 75.58 -3.42 -4.33 80.50 75.22 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2194.54 2164.57 2181.75 45.38 2.12 2370.18 1286.84 36.8 18.0 24.6 Nano-X Imaging NNOX 145.5 47.37 -1.84 -3.74 49.48 45.50 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 26.79 25.38 25.85 -1.02 -3.80 82.69 11.54 76.2 87.6 35.3 CREE Cree 145.7 60.39 -2.25 -3.59 62.64 60.38 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 1.05 World The Global Dow 3073.10 31.93 –5.5 Cassava Sciences SAVA 7.75 4.43 133.43 10.95 1.05 510.2 Nano-X Imaging NNOX 49.21 -14.98 -23.34 66.67 20.26 ... 1.20 DJ Global Index 436.69 5.18 0.6 Immunomedics IMMU 83.65 41.40 97.99 86.91 8.80 383.0 Direxion S&P Biotech Bear LABD 60.59 -16.31 -21.21 576.40 53.80 -84.3 DJ Global ex U.S. 252.57 2.14 0.85 –4.2 Vaxart VXRT 7.78 2.48 46.79 17.49 0.25 1070.5 Ruhnn Holding ADR RUHN 2.51 -0.37 -12.85 9.60 2.42 -64.1 Americas DJ Americas 786.99 11.35 1.46 3.4 NextDecade NEXT 2.97 0.94 46.31 6.78 1.12 -52.5 Groupon GRPN 28.48 -3.91 -12.07 63.20 9.60 -52.2 Brazil Sao Paulo Bovespa 100274.52 1911.30 1.94 –13.3 Scientific Games SGMS 26.43 7.46 39.33 31.63 3.76 10.4 AudioEye AEYE 14.60 -1.98 -11.94 22.80 1.94 272.4 Canada S&P/TSX Comp 16360.14 137.68 0.85 –4.1 Mersana Therapeutics MRSN 24.17 5.52 29.60 24.97 1.32 1172.1 Direxion Jr Gold Bear 2X JDST 9.51 -1.16 -10.87 1062.50 8.93 -97.8 Mexico S&P/BMV IPC 36881.99 547.10 1.51 –15.3 Select Energy Svcs Cl A WTTR 5.06 1.03 25.56 9.68 2.22 -46.1 ProShs UlShrt Nsdq Biot BIS 31.66 -3.73 -10.54 85.80 27.84 -56.1 Chile Santiago IPSA 2556.38 –1.95 –0.08 –23.4 Evogene EVGN 2.66 0.53 24.88 2.95 0.75 63.2 JanOne JAN 5.29 -0.62 -10.49 9.10 2.00 20.0 NantKwest NK 8.09 1.49 22.58 15.70 1.04 522.3 America's Car-Mart CRMT 87.90 -10.17 -10.37 129.70 35.18 -5.4 EMEA Stoxx Europe 600 368.51 0.55 0.15 –11.4 Bicycle Therapeutics ADR BCYC 19.08 3.43 21.92 20.10 7.50 87.8 Art's Way Mfg ARTW 2.33 -0.26 -10.04 4.37 1.75 13.1 Eurozone Euro Stoxx 364.62 0.48 0.13 –9.7 Belgium Bel-20 3353.62 2.37 0.07 –15.2 Direxion S&P Biotech Bull LABU 54.51 9.43 20.92 73.94 12.64 31.7 Harmony Biosciences Hldgs HRMY 39.82 -4.32 -9.79 47.37 31.88 ... Denmark OMX Copenhagen 20 1314.50 –0.66 –0.05 15.7 Lifeway Foods LWAY 6.74 1.14 20.36 7.14 1.43 145.1 Tortoise Acquisition Cl A SHLL 43.25 -4.53 -9.48 58.66 9.50 339.3 France CAC 40 5051.88 17.74 0.35 –15.5 Genocea Biosciences GNCA 2.59 0.42 19.35 5.75 1.10 -28.1 IBEX IBEX 10.17 -1.02 -9.12 18.49 9.50 ... Adaptimmune Therap ADR ADAP Kala Pharmaceuticals KALA Germany DAX 13193.66 –9.18 –0.07 –0.4 9.42 1.48 18.64 13.40 0.71 423.3 7.99 -0.78 -8.89 14.68 3.24 81.2 Triumph Group TGI 7.71 1.21 18.62 29.38 3.02 -69.8 Flexible Solutions FSI 2.42 -0.23 -8.80 3.15 0.86 -3.2 Israel Tel Aviv 1334.43 21.15 1.61 –20.7 Italy FTSE MIB 19793.80 –26.94 –0.14 –15.8 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 552.44 0.42 0.08 –8.6 Russia RTS Index 1228.48 5.43 0.44 –20.7 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 56327.05 239.21 0.43 –1.3 Spain IBEX 35 6951.09 7.89 0.11 –27.2 Vaxart VXRT 203,668 630.7 7.78 46.79 17.49 0.25 Immunomedics IMMU 80,130 3033 83.65 97.99 86.91 8.80 Sweden OMX Stockholm 712.95 0.88 0.12 4.7 Cassava Sciences SAVA 173,723 9871.9 7.75 133.43 10.95 1.05 SPDR S&P 500 ESG ETF EFIV 749 2909 31.78 1.33 33.82 29.96 Apple AAPL D8 Holdings Cl A DEH Switzerland Swiss Market 10457.43 17.91 0.17 –1.5 138,681 -19.1 115.36 3.00 137.98 53.15 1,540 2526 9.80 0.31 9.82 9.73 Nikola NKLA 107,360 374.3 35.79 11.39 93.99 10.20 Bicycle Therapeutics ADR BCYC 1,101 2263 19.08 21.92 20.10 7.50 Turkey BIST 100 1107.29 4.59 0.42 –3.2 Tesla TSLA 81,556 6.7 419.62 12.58 502.49 43.67 Lightspeed POS LSPD 680 1316 31.95 5.62 38.00 8.17 U.K. FTSE 100 6026.25 –5.84 –0.10 –20.1 U.K. FTSE 250 17677.26 121.40 0.69 –19.2 Immunomedics IMMU 80,130 3033.2 83.65 97.99 86.91 8.80 KFA LC Quality Div Index KLCD 72 1242 26.65 1.27 28.15 17.75 General Electric GE 73,783 -10.6 6.15 3.36 13.26 5.48 FT DW Moment Low Vol DVOL 517 1074 22.24 1.04 24.28 14.65 Asia-Pacific ProSh UltraPro Shrt QQQ SQQQ 71,764 111.9 25.20 -5.12 181.60 19.55 Watford Holdings WTRE 694 1056 23.11 -2.65 28.90 10.86 Australia S&P/ASX 200 5899.50 40.08 0.68 –11.7 NIO ADR NIO 67,722 -50.2 18.73 4.23 21.05 1.19 Scientific Games SGMS 12,946 944 26.43 39.33 31.63 3.76 China Shanghai Composite 3278.81 18.47 0.57 7.5 SPDR S&P 500 SPY 65,097 -15.5 338.46 1.32 358.75 218.26 WisTree Intl Div Ex-Finl DOO 138 932 37.17 0.18 43.32 27.35 Hong Kong Hang Seng 24640.28 136.97 0.56 –12.6 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least India S&P BSE Sensex 38756.63 –97.92 –0.25 –6.1 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 23559.30 152.81 0.65 –0.4 Singapore Straits Times 2482.55 –7.54 –0.30 –23.0 Track the Markets South Korea Kospi 2427.91 31.22 1.30 10.5 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12787.82 0.88 6.6 global stock indexes, bond ETFs, 111.87 currencies and commodities at Currencies Thailand SET 1272.34 –7.62 –0.60 –19.5 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Mon YTD chg Mon YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004315 23177 0.02 Argentina peso .0133 75.0655 25.3 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1897 5.2720 31.2 Czech Rep. koruna .04450 22.473 –0.9 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7589 1.3177 1.4 Denmark krone .1595 6.2715 –5.9 notes and bonds major U.S. trading partners Chile peso .001307 765.30 3.5 Euro area euro 1.1863 .8430 –5.5 A consumer rate against its 5-year CDs Colombiapeso .000271 3690.50 12.5 Hungary forint .003319 301.31 2.0 Ecuador US dollar 11unch Iceland krona .007401 135.11 11.6 benchmark over the past year 2.50% Bankrate.com avg†: 0.65% 8% Mexico peso .0474 21.0812 11.4 Norway krone .1107 9.0369 2.9 One year ago Uruguay peso .02353 42.5050 14.4 Poland zloty .2668 3.7482 –1.2 CFG Community Bank 0.90% 2.00 Russia ruble .01329 75.270 s s 21.3 t Euro Asia-Pacific Federal-funds 2.00% Baltimore, MD 888-205-8388 4 Yen Sweden krona .1140 8.7717 –6.4 1.50 Australian dollar .7287 1.3723 –3.7 target rate Switzerland franc 1.1008 .9084 –6.1 t NBKC Bank 0.90% China yuan .1468 6.8105 –2.2 1.50 0 Turkey lira .1336 7.4872 25.9 Overland Park, KS 913-341-1144 1.00 Hong Kong dollar .1290 7.7502 –0.5 Ukraine hryvnia .0357 28.0500 18.5 Tradeweb ICE India rupee .01363 73.385 2.8 1.00 VirtualBank 0.90% UK pound 1.2845 .7785 3.2 Monday Close 0.50 –4 s Indonesia rupiah .0000672 14880 7.2 Miami, FL 877-998-2265 t WSJ Dollar index Japan yen .009458 105.73 –2.7 Middle East/Africa

t 0.50 Washington Savings Bank 0.95% 0.00 –8 Kazakhstan tenge .002341 427.19 11.9 Bahrain dinar 2.6521 .3771 0.01 Five-year CD yields Macau pataca .1252 7.9885 –0.4 Egypt pound .0634 15.7682 –1.7 Lowell, MA 978-458-7999 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2412 4.1460 1.4 Israel shekel .2912 3.4344 –0.6 O N D J F M A M J J A S First Internet Bank of Indiana 1.06% New Zealand dollar .6702 1.4921 0.4 Kuwait dinar 3.2688 .3059 0.9 maturity 2019 2020 Indianapolis, IN 888-873-3424 Pakistan rupee .00603 165.950 7.1 Oman sul rial 2.5976 .3850 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0206 48.460 –4.4 Qatar rial .2746 3.642 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7330 1.3643 1.4 Saudi Arabia riyal .2666 3.7509 –0.01 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008461 1181.89 2.3 South Africa rand .0600 16.6656 19.1 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.00 -1.00 Sri Lanka rupee .0054256 184.31 1.6 Yield (%) 52-Week Total Return (%) Taiwan dollar .03419 29.249 –2.2 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.25 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03196 31.290 5.1 WSJ Dollar Index 88.16 –0.22–0.25 –1.57 Libor, 3-month 0.24 0.24 0.23 l 2.16 -1.08 U.S. Treasury, Barclays 2483.810 0.480 0.520 1.870 0.400 9.82 5.35 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.23 0.23 0.23 l 0.78 -0.05 Five-year CD, annual yield 0.65 0.65 0.65 l 1.61 -0.81 U.S. Treasury Long, Barclays 4904.010 1.290 1.360 2.370 0.980 22.34 11.61 Commodities 30-year mortgage, fixed† 3.07 3.08 3.03 l 4.22 -0.71 Aggregate, Barclays 2282.140 1.140 1.170 2.420 1.020 8.65 5.24 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.58 2.54 2.54 l 3.57 -0.46 Fixed-Rate MBS, Barclays 2226.200 1.200 1.200 2.690 0.930 4.92 3.64 Jumbo mortgages, $510,400-plus† 3.10 3.13 3.06 l 4.59 -1.19 DJ Commodity 623.29 3.40 0.55 647.86 433.70 -1.83 -2.96 High Yield 100, ICE BofA 3163.565 4.586 4.559 10.740 4.235 1.035 3.571 Five-year adj mortgage (ARM)† 3.27 3.30 3.06 l 4.78 0.01 TR/CC CRB Index 146.50 0.09 0.06 187.39 106.29 -20.02 -21.15 Muni Master, ICE BofA 587.362 1.026 1.048 3.441 0.838 5.158 3.948 New-car loan, 48-month 4.18 4.17 4.17 l 4.65 1.13 Crude oil, $ per barrel 37.26 -0.07 -0.19 63.27 -37.63 -40.76 -38.98 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan n.a. n.a. 4.637 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 2.310 0.041 1.81 2.862 1.482 -13.84 5.53 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. 1953.10 15.30 0.79 2051.50 1452.10 29.94 28.54 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 P2JW259000-0-B00700-1------XA

THE WALL STREET JOURNAL. Tuesday, September 15, 2020 | B7

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 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Mini S&P 500 (CME)-$50 x index Sept 140.825 142.000 140.125 141.500 1.500 2,290 Sept 1.1005 1.1038 1.0992 1.1035 .0040 18,894 Sept 3350.00 3402.75 3345.50 3382.50 48.75 1,820,926 Contract Open Oct 141.100 143.125 141.075 142.600 2.025 13,760 Dec 1.1036 1.1069 1.1020 1.1044 .0020 51,035 Dec 3340.00 3392.50 3336.25 3372.25 49.00 961,009 Open High hi lo Low Settle Chg interest Cattle-Live (CME)-40,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Mini S&P Midcap 400 (CME)-$100 x index Copper-High (CMX)-25,000 lbs.; $ per lb. Oct 105.900 107.550 105.900 106.875 1.350 62,978 Sept .7281 .7296 .7264 .7296 .0022 35,149 Sept 1862.00 1895.00 1860.50 1891.50 37.00 35,886 Sept 3.0490 3.0700 s 3.0300 3.0665 0.0325 2,147 Dec 110.200 111.925 110.175 111.700 1.800 100,320 Dec .7285 .7306 .7267 .7294 .0018 127,499 Dec 1856.00 1889.70 1848.10 1886.30 38.30 27,619 Dec 3.0470 3.0760 3.0250 3.0680 0.0285 136,913 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Mini Nasdaq 100 (CME)-$20 x index Gold (CMX)-100 troy oz.; $ per troy oz. Oct 68.325 68.525 64.400 64.625 –1.950 48,193 Sept .04702 .04744 .04698 .04740 .00042 25,075 Sept 11104.00 11362.75 11104.00 11280.50 219.00 229,907 Sept 1946.30 1946.50 1943.00 1953.10 15.30 203 Dec 66.950 67.100 63.200 63.575 –2.425 88,344 Dec .04657 .04705 .04648 .04692 .00043 136,141 Dec 11089.50 11349.25 11089.50 11266.50 218.25 88,736 Oct 1940.30 1963.60 1937.00 1954.70 15.20 62,140 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Euro (CME)-€125,000; $ per € Mini Russell 2000 (CME)-$50 x index Dec 1948.90 1972.50 1945.20 1963.70 15.80 421,732 Sept 953.50 1000.00 s 950.00 984.50 36.50 79 Sept 1.1841 1.1888 1.1833 1.1882 .0051 175,795 Sept 1500.40 1539.80 1496.80 1536.00 42.90 337,012 Feb'21 1955.70 1980.10 1953.70 1971.70 16.00 39,591 Nov 669.40 669.40 655.00 669.40 29.00 2,221 Dec 1.1864 1.1913 1.1856 1.1889 .0034 637,073 Dec 1495.80 1535.80 1494.90 1532.30 43.00 194,373 April 1959.00 1985.10 1959.00 1976.80 16.20 19,521 Milk (CME)-200,000 lbs., cents per lb. Mini Russell 1000 (CME)-$50 x index June 1970.90 1989.30 1965.30 1981.00 16.30 9,699 Sept 16.49 16.65 16.38 16.41 –.07 4,087 Index Futures Sept 1884.50 1887.10 1853.20 1880.50 28.30 5,001 Palladium (NYM) - 50 troy oz.; $ per troy oz. Oct 19.25 19.56 19.18 19.23 .02 4,521 Mini DJ Industrial Average (CBT)-$5 x index Dec 1881.10 1882.10 1849.40 1875.10 28.00 4,354 Sept ...... 2306.70 –6.40 118 Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 27706 28086 27699 27993 381 50,030 U.S. Dollar Index (ICE-US)-$1,000 x index Oct …… …2310.40 –6.40 ... Sept 2,628 2,628 2,628 2,628 868Dec 27576 27968 27576 27871 378 27,979 Sept 93.25 93.30 92.91 92.91 –.41 4,282 Dec 2330.00 2364.10 2318.80 2324.40 –6.40 9,315 Dec 2,554 2,585 2,547 2,556 8102,816 S&P 500 Index (CME)-$250 x index Dec 93.34 93.34 92.87 93.06 –.28 25,723 March'21 2335.50 2365.20 2326.70 2328.20 –6.80 178 Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept ...... 3382.40 48.70 37,187 June ...... 2321.90 –6.30 7 Sept 128.15 128.65 124.15 123.55 –9.80 228 Dec 3347.40 3374.20 3347.20 3372.20 48.90 339 Source: FactSet Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 131.90 132.05 121.65 123.05 –9.40 115,306 Sept ...... 957.10 19.10 17 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Oct 933.00 966.00 932.10 958.70 19.10 39,363 Oct 11.91 11.98 11.73 11.76 –.16 225,550 Silver (CMX)-5,000 troy oz.; $ per troy oz. March'21 12.60 12.65 12.45 12.50 –.10 342,683 Bonds | wsj.com/market-data/bonds/benchmarks Sept 26.910 27.385 26.910 27.229 0.490 1,296 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Dec 26.910 27.545 26.850 27.355 0.498 139,806 Nov 27.40 27.40 27.40 27.20 .30 1,658 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Jan'21 27.00 27.10 27.00 27.05 .05 1,914 Tracking Bond Benchmarks Oct 37.32 37.68 36.82 37.26 –0.07 204,256 Cotton (ICE-US)-50,000 lbs.; cents per lb. Nov 37.60 37.97 37.12 37.56 –0.09 306,148 Oct 64.68 65.84 64.68 65.46 1.40 113 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Dec 38.01 38.38 37.53 37.99 –0.09 288,890 Dec 64.81 66.87 64.81 66.62 1.81 122,176 highs and lows for different types of bonds Orange Juice (ICE-US)-15,000 lbs.; cents per lb. March'21 39.41 39.75 38.97 39.37 –0.08 137,465 Total Total Nov 116.30 116.60 114.90 115.95 –.70 6,886 June 40.50 40.83 40.10 40.50 –0.04 184,852 return YTD total return YTD total Jan'21 118.85 118.85 117.75 118.70 –.60 1,100 Yield (%) Yield (%) Dec 41.86 42.21 41.62 41.97 0.02 206,581 close return (%) Index Latest Low High close return (%) Index Latest Low High NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Oct 1.0937 1.0993 1.0759 1.0934 .0038 90,112 Interest Rate Futures Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Nov 1.1089 1.1153 1.0932 1.1095 .0029 73,454 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 7.1 U.S. Aggregate 2226.20 3.6 Mortgage-Backed 1.200 0.930 2.690 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 220-180 220-260 219-180 220-150 16.0 17,535 2282.14 1.140 1.020 2.420 Oct 1.1076 1.1204 1.0927 1.1068 .0119 82,840 Dec 223-080 223-280 222-130 223-130 17.0 969,804 U.S. Corporate Indexes Bloomberg Barclays 2166.97 3.2 Ginnie Mae (GNMA) 0.670 0.290 2.660 Nov 1.0861 1.1022 1.0779 1.0922 .0095 87,470 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Sept 178-040 178-210 178-000 178-110 3.0 4,377 3378.99 7.4 U.S. Corporate 1.940 1.820 4.580 1316.14 3.8 Fannie mae (FNMA) 1.390 1.110 2.690 Oct 2.306 2.399 2.284 2.310 .041 142,643 Dec 176-200 177-020 176-100 176-220 3.0 1,160,621 2019.81 3.8 Freddie Mac (FHLMC) 1.380 1.080 2.710 Nov 2.767 2.833 2.716 2.740 –.004 230,218 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3067.59 5.9 Intermediate 1.290 1.230 4.400 Dec 3.195 3.232 3.138 3.160 –.005 108,327 Sept 139-245 139-275 139-215 139-235 –1.0 24,389 5001.60 9.8 Long term 2.970 2.730 4.930 587.36 3.8 Muni Master 1.026 0.838 3.441 Jan'21 3.305 3.351 3.260 3.284 –.006 134,667 Dec 139-190 139-230 139-160 139-185 –.5 3,280,966 March 3.161 3.190 3.106 3.133 –.005 111,365 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 694.50 7.8 Double-A-rated 1.450 1.300 3.360 415.26 4.1 7-12 year 1.017 0.771 3.447 April 2.840 2.862 2.809 2.831 .005 77,065 Sept 125-307 125-312 125-290 125-295 –1.2 44,399 Dec 126-025 126-035 126-005 126-012 –1.2 3,229,407 890.73 6.4 Triple-B-rated 2.310 2.210 5.350 471.99 4.2 12-22 year 1.505 1.224 3.690 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Agriculture Futures High Yield Bonds ICE BofA 454.59 3.1 22-plus year 2.252 1.765 4.123 Sept 110-137 110-140 110-131 110-133 –.6 43,125 Corn (CBT)-5,000 bu.; cents per bu. Dec 110-152 110-152 110-145 110-147 –.6 1,934,750 468.50 0.3 High Yield Constrained 5.539 5.151 11.400 Global Government J.P. Morgan† Sept 366.75 366.75 359.00 357.50 –7.50 372 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec 368.50 371.00 367.25 369.50 1.00 806,449 Sept 99.9100 99.9125 99.9100 99.9100 .0000 125,653 409.99 -6.3 Triple-C-rated 11.774 10.735 19.071 614.70 5.5 Global Government 0.540 0.390 1.060 Oats (CBT)-5,000 bu.; cents per bu. Oct 99.9150 99.9200 99.9150 99.9150 .0000 225,539 Canada Dec 270.75 274.75 270.50 273.00 2.50 4,787 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 3163.57 -0.9 High Yield 100 4.586 4.235 10.740 868.29 8.0 0.720 0.590 1.740 March'21 271.00 274.00 271.00 273.25 2.50 313 Sept 100-135 100-215 100-115 100-200 …12,723 424.30 0.7 Global High Yield Constrained 5.454 4.893 11.310 412.82 3.2 EMU§ 0.236 0.143 0.794 Soybeans (CBT)-5,000 bu.; cents per bu. Dec 103-005 103-005 102-235 102-270 …97,457 Sept 1019.25 1019.25 1005.50 1019.25 13.75 16 Eurodollar (CME)-$1,000,000; pts of 100% 323.83 -1.5 Europe High Yield Constrained 3.809 2.464 8.183 784.14 3.3 France 0.000 -0.160 0.430 Nov 996.00 1008.75 s 996.00 999.50 3.50 406,616 Sept 99.7525 99.7550 99.7500 99.7627 .0077 1,343,891 Soybean Meal (CBT)-100 tons; $ per ton. Dec 99.7050 99.7150 99.7000 99.7100 … 1,067,142 U.S Agency Bloomberg Barclays 547.87 2.3 Germany -0.360 -0.740 -0.050 Sept 317.90 317.90 s 317.60 316.20 –2.20 44 March'21 99.8000 99.8050 99.7900 99.7950 –.0100 987,857 5.4 U.S Agency Japan Dec 325.60 328.00 s 321.30 322.00 –2.60 179,852 June 99.8250 99.8250 99.8100 99.8150 –.0100 936,433 1865.99 0.510 0.480 2.010 295.35 -0.9 0.280 0.040 0.320 Soybean Oil (CBT)-60,000 lbs.; cents per lb. 1624.71 4.0 10-20 years 0.380 0.350 1.930 610.76 2.5 Netherlands -0.260 -0.540 0.080 Sept ...... 34.28 .54 123 Currency Futures Dec 33.56 34.57 33.47 34.29 .58 187,277 4303.79 12.8 20-plus years 1.470 1.170 2.480 1091.45 8.6 U.K. 0.560 0.390 1.180 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Sept ...... 12.22 …6Sept .9423 .9468 .9420 .9468 .0043 23,141 2886.51 5.6 Yankee 1.490 1.430 3.500 n.a. n.a. Emerging Markets ** n.a. n.a. n.a. Nov 12.13 12.25 12.06 12.07 –.04 9,638 Dec .9436 .9488 .9431 .9471 .0036 134,493 Wheat (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Sept 525.00 549.25 525.00 548.50 14.75 24 Sept .7580 .7603 .7578 .7589 .0008 30,615 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Dec 542.50 547.75 539.75 545.75 3.75 216,975 Dec .7583 .7605 .7580 .7591 .0008 110,425 Wheat (KC)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ Sept 477.50 477.50 477.50 474.75 1.25 12 Sept 1.2789 1.2920 1.2789 1.2902 .0112 51,370 Global Government Bonds: Mapping Yields Dec 470.00 476.25 469.25 473.50 2.25 142,047 Dec 1.2798 1.2926 1.2796 1.2862 .0066 150,657 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Cash Prices | wsj.com/market-data/commodities Monday, September 14, 2020 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 0.125 U.S. 2 0.141 s l 0.129 0.149 1.798 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 0.625 10 0.666 t l 0.671 0.709 1.899 months. 5.750 Australia 2 0.211 t l 0.226 0.276 0.918 7.0 9.7 -88.0 Monday Monday Monday 2.500 10 0.879 t l 0.920 0.946 1.170 21.4 25.0 -72.8 Energy Aluminum, LME, $ per metric ton *1746.5 Wheat - Hard - KC (USDA) $ per bu-u 4.8350 Copper,Comex spot 3.0665 Wheat,No.1soft white,Portld,OR-u 5.2500 0.000 France 2 -0.628 s l -0.631 -0.589 -0.648 -76.9 -76.0 -244.5 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Iron Ore, 62% Fe CFR China-s 130.5 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.700 Shredded Scrap, US Midwest-s,m 283 0.000 10 -0.197 t l -0.187 -0.122 -0.174 -86.2 -85.8 -207.3 Metals Steel, HRC USA, FOB Midwest Mill-s 579 Beef,carcass equiv. index 0.000 Germany 2 -0.695 t l -0.685 -0.647 -0.707 -83.6 -81.4 -250.5 Fibers and Textiles choice 1-3,600-900 lbs.-u 179.12 Gold, per troy oz select 1-3,600-900 lbs.-u 166.34 0.000 10 -0.477 s l -0.478 -0.419 -0.445 -114.3 -114.8 -234.4 Broilers, National comp wtd. avg.-u,w 0.6390 Engelhard industrial 1957.00 Burlap,10-oz,40-inch NY yd-n,w 0.6200 1.000 Italy 2 -0.135 t l -0.121 -0.098 -0.204 -27.6 -25.0 -200.2 Handy & Harman base 1958.70 Cotton,1 1/16 std lw-mdMphs-u 0.6096 Butter,AA Chicago 1.4900 0.950 10 0.972 t l 0.987 0.990 0.870 31.6 -102.9 Handy & Harman fabricated 2174.16 Cotlook 'A' Index-t *70.50 Cheddar cheese,bbl,Chicago 160.00 30.6 Cheddar cheese,blk,Chicago 221.50 LBMA Gold Price AM *1944.50 Hides,hvy native steers piece fob-u 30.000 0.100 2 -0.141 s l -0.142 -0.117 -0.246 -27.1 -204.3 Milk,Nonfat dry,Chicago lb. 104.00 Japan -28.2 LBMA Gold Price PM *1947.40 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.2389 l Krugerrand,wholesale-e 2017.50 0.100 10 0.021 t 0.024 0.050 -0.155 -64.5 -64.6 -205.4 Coffee,Colombian, NY 1.7920 Maple Leaf-e 2036.90 Grains and Feeds Eggs,large white,Chicago-u 0.8050 0.400 Spain 2 -0.468 t l -0.466 -0.439 -0.404 -60.9 -59.5 -220.2 American Eagle-e 2036.90 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 14.40 Mexican peso-e 2346.94 1.250 10 0.277 t l 0.309 0.369 0.302 -38.9 -36.1 -159.6 Bran,wheat middlings, KC-u 96 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1904.49 Corn,No. 2 yellow,Cent IL-bp,u 3.5700 Hogs,Iowa-So. Minnesota-u 64.33 0.500 U.K. 2 -0.093 s l -0.120 -0.010 0.567 -23.4 -24.9 -123.1 Austria phil-e 2036.90 Corn gluten feed,Midwest-u,w 106.2 Pork bellies,12-14 lb MidUS-u n.a. 4.750 10 0.197 s l 0.184 0.245 0.762 -46.9 -48.7 -113.7 Silver, troy oz. Corn gluten meal,Midwest-u,w 401.7 Pork loins,13-19 lb MidUS-u 0.7989 Engelhard industrial 27.1100 Cottonseed meal-u,w 233 Steers,Tex.-Okla. Choice-u 102.00 Source: Tullett Prebon Handy & Harman base 27.1910 Hominy feed,Cent IL-u,w 95 Steers,feeder,Okla. City-u,w n.a. Handy & Harman fabricated 33.9890 Meat-bonemeal,50% pro Mnpls-u,w 183 LBMA spot price *£20.9500 Oats,No.2 milling,Mnpls-u 2.9500 Fats and Oils Corporate Debt (U.S.$ equivalent) *26.8750 Rice, Long Grain Milled, No. 2 AR-u,w 29.25 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.0000 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in Coins,wholesale $1,000 face-a 20816 Sorghum,(Milo) No.2 Gulf-u,k 5.5700 Grease,choice white,Chicago-h 0.2850 that same company’s share price. Other metals SoybeanMeal,Cent IL,rail,ton48%-u 315.00 Lard,Chicago-u n.a. LBMA Platinum Price PM *929.0 Soybeans,No.1 yllw IL-bp,u 9.7250 Soybean oil,crude;Centl IL-u 0.3473 Investment-grade spreads that tightened the most… Platinum,Engelhard industrial 952.0 Wheat,Spring14%-pro Mnpls-u 6.6050 Tallow,bleach;Chicago-h 0.3150 Spread*, in basis points Stock Performance Palladium,Engelhard industrial 2354.0 Wheat,No.2 soft red,St.Louis-u 5.5875 Tallow,edible,Chicago-u n.a. Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg

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; National Australia Bank NAB 1.875 Dec. 13, ’22 11 –13 n.a...... 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; K=Prices are now in $ per HSBC Holdings HSBC 4.375 Nov. 23, ’26 182 –7 172 20.64 –0.15 bushel *Data as of 9/11 Source: Dow Jones Market Data Altria MO 5.375 Jan. 31, ’44 221 –6 231 43.00 0.63 Anheuser–Busch Inbev Finance ABIBB 4.625 Feb. 1, ’44 192 –5 188 ...... Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Bank of Montreal BMO 1.850 May 1, ’25 55 –5 47 61.69 1.05 PNC Bank … 2.700 Oct. 22, ’29 99 –5 99 … … Money Rates September 14, 2020 United Parcel Service UPS 6.200 Jan. 15, ’38 104 –5 n.a. 160.14 0.80 Biogen BIIB 3.625 Sept. 15, ’22 30 –4 28 278.29 3.10 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always represent actual transactions. …And spreads that widened the most

Inflation Week —52-WEEK— Week —52-WEEK— DuPont de Nemours DD 2.169 May 1, ’23 146 15 126 59.43 1.47 Latest ago High Low Latest ago High Low Oracle ORCL 6.125 July 8, ’39 128 11 n.a. 59.46 4.32 Aug. index Chg From (%) level July '20 Aug. '19 Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction Wells Fargo WFC 5.606 Jan. 15, ’44 194 9175 24.81 2.22 Britain 0.10 0.10 0.75 0.10 4 weeks 0.090 0.090 1.950 0.000 Georgia Power … 4.300 March 15, ’42 171 8n.a. … … U.S. consumer price index Australia 0.25 0.25 1.00 0.25 13 weeks 0.110 0.105 1.945 0.000 Verizon Communications VZ 5.150 Sept. 15, ’23 42 73260.32 0.89 All items 259.918 0.32 1.3 Overnight repurchase 26 weeks 0.120 0.115 1.870 0.080 Core 268.756 0.39 1.7 Mitsubishi UFJ Financial MUFG 3.751 July 18, ’39 118 6112 4.23 1.93 U.S. 0.11 0.10 3.40 -0.07 Secondary market International rates Coca–Cola KO 2.950 March 25, ’25 43 54050.71 0.12 U.S. government rates Fannie Mae Toronto–Dominion Bank TD 0.750 June 12, ’23 31 41348.08 0.19 Week 52-Week Discount 30-year mortgage yields Latest ago High Low High-yield issues with the biggest price increases… 0.25 0.25 2.75 0.25 30 days 1.939 1.895 3.388 1.751 Prime rates 60 days 2.005 1.957 3.403 1.804 Bond Price as % of face value Stock Performance Federal funds U.S. 3.25 3.25 5.25 3.25 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Effective rate 0.0900 0.0900 2.3600 0.0600 Other short-term rates Canada 2.45 2.45 3.95 2.45 Genworth Financial GNW 6.500 June 15, ’34 94.875 1.41 93.989 3.75 1.08 Japan 1.475 1.475 1.475 1.475 High 0.1000 0.1000 3.0000 0.1000 Low 0.0500 0.0500 2.0000 0.0100 Week 52-Week L Brands LB 9.375 July 1, ’25 116.125 1.18 116.750 29.05 3.75 Policy Rates Latest ago high low Bid 0.0900 0.0500 2.1000 0.0100 American Airlines AAL 3.750 March 1, ’25 51.000 1.00 51.000 13.26 2.39 Euro zone 0.00 0.00 0.00 0.00 Offer 0.1000 0.0900 2.5000 0.0500 Call money United Airlines Holdings UAL 4.250 Oct. 1, ’22 94.361 0.83 94.125 36.74 1.86 2.00 2.00 4.00 2.00 Crown Americas … 4.500 Jan. 15, ’23 104.822 0.82 n.a. … … Key Interest Rates Commercial paper (AA financial) Teva Pharmaceutical Finance Netherlands … 4.100 Oct. 1, ’46 84.850 0.78 85.390 … … Data are annualized on a 360-day basis. Treasury yields are per annum, 90 days n.a. 0.13 2.53 0.04 Bombardier BBDBCN 8.750 Dec. 1, ’21 94.750 0.75 95.000 ...... on actively traded noninflation and inflation-indexed issues that are Libor Royal Caribbean Cruises RCL 5.250 Nov. 15, ’22 92.750 0.75 91.250 70.94 2.31 adjusted to constant maturities. Data are from weekly Federal Reserve One month 0.15213 0.15563 2.05700 0.14925 …And with the biggest price decreases release H.15. Three month 0.23725 0.24175 2.16413 0.23375 Six month 0.27450 0.29325 2.08525 0.27450 Week Ended Transocean RIG 7.500 April 15, ’31 14.500 –1.50 17.500 1.01 2.51 52-Week Week Ended 52-Week One year 0.40263 0.42100 2.07413 0.40263 Sep 11 Sep 4High Low Sep 11 Sep 4High Low Crown Cork & Seal … 7.375 Dec. 15, ’26 120.000 –0.75 120.750 … … 6-month Federal funds (effective) 0.13 0.12 1.92 0.06 Euro Libor Telecom Italia Capital TITIM 6.000 Sept. 30, ’34 118.394 –0.61 120.750 ...... 1-year 0.14 0.12 1.86 0.12 One month -0.563 -0.551 -0.360 -0.621 0.09 0.09 2.19 0.04 2-year 0.14 0.14 1.73 0.11 Navient NAVI 6.500 June 15, ’22 103.300 –0.30 104.260 8.42 0.12 Three month -0.510 -0.513 -0.142 -0.539 3-year 0.17 0.16 1.68 0.13 Commercial paper Six month -0.493 -0.492 -0.052 -0.498 L Brands LB 6.950 March 1, ’33 90.219 –0.28 89.838 29.05 3.75 5-year 0.27 0.27 1.73 0.21 One year -0.423 -0.404 0.008 -0.441 … Nonfinancial 7-year 0.47 0.47 1.84 0.39 Sprint 7.875 Sept. 15, ’23 115.471 –0.28 115.767 ...... 1-month 0.09 0.09 2.07 0.07 10-year 0.69 0.68 1.91 0.55 Elanco Animal Health ELAN 3.912 Aug. 27, ’21 103.000 –0.25 102.900 27.64 2.07 2-month Secured Overnight Financing Rate 0.11 0.10 2.02 0.07 20-year 1.23 1.20 2.20 0.99 3-month 0.11 0.11 1.99 0.09 0.09 0.09 5.25 0.01 Dish DBS … 7.750 July 1, ’26 113.260 –0.24 113.721 … … Financial Treasury yields (secondary market) Value 52-Week *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. 1-month n.a. 0.11 2.15 0.08 1-month 0.10 0.09 1.98 0.00 Latest Traded High Low Note: Data are for the most active issue of bonds with maturities of two years or more 2-month n.a. n.a. 2.27 0.11 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data 3-month 0.15 0.14 2.44 0.14 3-month 0.12 0.11 1.92 -0.01 DTCC GCF Repo Index 6-month 0.13 0.12 1.87 0.06 Discount window primary credit Treasury 0.112 30.780 6.007 0.002 TIPS MBS 0.128 80.000 6.699 0.011 0.25 0.25 2.75 0.25 5-year -1.28 -1.34 0.41 -1.34 Dividend Changes Notes on data: Treasury yields at constant 7-year -1.16 -1.22 0.35 -1.22 maturities 10-year -1.00 -1.05 0.35 -1.05 U.S. prime rate is the base rate on corporate Dividend announcements from September 14. loans posted by at least 70% of the 10 largest 1-month 0.10 0.09 2.02 0.01 20-year -0.61 -0.64 0.47 -0.70 U.S. banks, and is effective March 16, 2020. Amount Payable / Amount Payable / 3-month 0.12 0.11 1.96 0.01 Long-term avg -0.42 -0.45 0.62 -0.50 Other prime rates aren’t directly comparable; Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record lending practices vary widely by location; Notes on data: Discount rate is effective March 16, 2020. Increased Stocks Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of American Tower REIT AMT 1.7 1.14 /1.10 Q Oct16 /Sep28 Arrow Financial AROW 3.7 3.00% Sep25 /Sep17 on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by September 11, 2020. DTCC GCF Repo Index is National Fuel Gas NFG 4.2 .445 /.435 Q Oct15 /Sep30 discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Depository Trust & Clearing Corp.'s weighted Foreign average for overnight trades in applicable Redwood Trust RWT 7.4 .14 /.125 Q Sep29 /Sep22 primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars. VICI Properties VICI 5.3 .33 /.2975 Q Oct08 /Sep30 Vale ADR VALE 1.9 .26745 SA Oct07 /Sep23 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. Initial Special A-Mark Precious Metals AMRK 1.50 Sep25 /Sep21 yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Utz Brands UTZ ... .05 Oct13 /Sep21 Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. P2JW259000-0-B00800-1------XA

B8 | Tuesday, September 15, 2020 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

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 The following explanations apply to NYSE, NYSE s-New 52-week high. Exelon EXC 36.26 0.43 IBM IBM 122.09 0.63 Mosaic MOS 18.13 -0.18 RepublicSvcs RSG 96.76 1.02 s SunRun RUN 59.10 3.22 VEREIT VER 7.10 0.25 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Expedia EXPE 95.92 1.18 IntlFlavors IFF 122.98 1.95 MotorolaSol MSI 156.00 2.78 ResMed RMD 174.43 2.43 Suzano SUZ VF VFC 73.21 3.18 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four 8.77 0.23 that include primary market trades as well as quarters. s ExpeditorsIntl EXPD 91.21 0.85 IntlPaper IP 40.79 1.87 Mylan MYL 15.77 0.44 RestaurantBrands QSR 56.48 1.97 SynchronyFin SYF 26.96 1.17 VICI Prop VICI 24.81 0.75 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. ExtraSpaceSt EXR 111.33 1.04 Interpublic IPG 18.16 0.86 MyoKardia MYOK 123.88 8.38 RexfordIndlRealty REXR 47.00 1.02 SyneosHealth SYNH 60.99 1.35 VailResorts MTN 219.14 6.92 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing ExxonMobil XOM 36.66 -0.24 Intuit INTU 318.31 3.31 NICE NICE 212.25 -0.60 ReynoldsCnsmr REYN 32.51 -0.04 Synnex SNX 128.45 4.33 Vale VALE 11.75 0.08 Nasdaq ISE. standards F5Networks FFIV 121.64 1.65 IntuitiveSurgical ISRG 716.34 13.80 NIO NIO 18.73 0.76 RingCentral RNG 262.06 7.32 Synopsys SNPS 205.54 5.30 ValeroEnergy VLO 47.51 1.12 The list comprises the 1,000 largest companies lf-Late filing FMC FMC 110.53 1.97 InvitatHomes INVH 29.16 0.67 NRG Energy NRG 31.54 -0.07 RioTinto RIO 63.86 -0.08 Sysco SYY 64.57 2.27 VarianMed VAR 173.15 -0.18 based on market capitalization. q-Temporary exemption from Nasdaq Facebook FB 266.15 -0.46 IonisPharma IONS 53.74 1.77 NVR NVR 4142.22 94.95 RitchieBros RBA 57.66 0.59 Vedanta VEDL 7.09 -0.04 Underlined quotations are those stocks with requirements. FactSet FDS 333.42 6.38 iQIYI IQ 22.31 0.99 NXP Semi NXPI 125.70 1.32 RobertHalf RHI 53.50 1.75 T U V VeevaSystems VEEV 267.63 3.10 large changes in volume compared with the t-NYSE bankruptcy FairIsaac FICO 424.63 7.24 iRhythmTechs IRTC 220.15 9.86 Nasdaq NDAQ 126.99 1.29 RocketCos. RKT 23.70 0.95 Ventas VTR 45.48 1.67 issue’s average trading volume. v-Trading halted on primary market. TAL Education TAL 75.05 2.07 Farfetch FTCH 26.17 0.79 IronMountain IRM 28.96 -0.24 NationalGrid NGG 54.58 0.09 Rockwell ROK 224.66 2.41 VeriSign VRSN 202.00 3.87 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being TC Energy TRP 45.48 -0.33 Fastenal FAST 44.33 0.30 ItauUnibanco ITUB 4.52 0.11 NatlRetailProp NNN 38.50 1.44 RogersComm B RCI 40.44 -0.32 VeriskAnalytics VRSK 185.08 3.71 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, TD Ameritrade AMTD 38.61 0.49 Fastly FSLY 83.27 7.23 Natura&Co NTCO 20.11 0.96 Roku ROKU 157.73 2.27 Verizon VZ 60.32 0.53 previous closing price was $2 or higher. or securities assumed by such companies. TE Connectivity TEL 99.58 1.75 FederalRealty FRT 80.52 3.37 J K L NatWest NWG 2.60 ... Rollins ROL 54.29 0.17 VertxPharm VRTX 264.80 6.84 Telus TU 18.08 0.10 s FedEx FDX 236.34 3.55 nCino NCNO 76.57 -1.12 RoperTech ROP 396.26 -3.34 ViacomCBS B VIAC 29.73 0.69 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and JD.com JD 76.59 2.41 TIM Part TSU 13.70 0.25 Ferrari RACE 191.99 0.27 NetApp NTAP 45.38 1.29 RossStores ROST 93.77 3.55 ViacomCBS A VIACA 32.54 1.00 changes in the closing prices from 4 p.m. the previous day. Joyy YY 80.95 6.04 TJX TJX 55.47 1.32 FiatChrysler FCAU 11.93 0.18 NetEase NTES 465.45 9.74 RoyalBkCanada RY 74.23 0.51 Vipshop VIPS 16.76 0.36 JPMorganChase JPM 102.47 1.40 T-MobileUS TMUS 112.27 0.69 FidNatlFin FNF 33.68 0.02 Netflix NFLX 476.26 -5.77 RoyalCaribbean RCL 70.94 1.60 Visa V 204.98 4.30 Monday, September 14, 2020 Net Net JackHenry JKHY 158.47 2.69 TRowePrice TROW 127.41 2.57 FidNatlInfo FIS 146.23 2.00 Neurocrine NBIX 106.03 5.64 RoyalDutchA RDS.A 27.72 -0.36 Vistra VST 18.87 0.36 Net Stock Sym Close Chg Stock Sym Close Chg JacobsEngg J 94.03 1.23 TaiwanSemi TSM 80.50 1.68 FifthThirdBncp FITB NewOrientalEduc EDU 151.72 4.42 RoyalDutchB RDS.B 26.27 -0.25 VMware VMW 140.82 -1.19 Stock Sym Close Chg 22.26 1.21 JamesHardie JHX 22.52 0.17 TakeTwoSoftware TTWO 156.48 2.95 NYTimes A NYT 43.30 -0.10 RoyalGold RGLD 130.95 0.50 Vodafone VOD 14.16 0.04 BcoSantChile BSAC 14.67 -0.14 CiscoSystems CSCO 40.37 0.49 58.com WUBA 55.66 -0.01 JazzPharma JAZZ 140.41 3.61 TakedaPharm TAK 18.37 0.03 FirstAmerFin FAF NewellBrands NWL 17.83 0.38 RoyaltyPharma RPRX 39.82 1.41 VornadoRealty VNO 35.28 1.66 A B C BancoSantander SAN 2.15 0.03 Citigroup C 48.15 -2.85 53.23 0.86 J&J JNJ 148.35 0.57 TandemDiabetes TNDM 107.40 1.08 Newmont NEM 67.38 1.16 Ryanair RYAAY 86.97 2.59 VoyaFinancial VOYA 49.11 0.19 BanColombia CIB 27.70 -0.30 CitizensFin CFG 27.99 0.88 FirstRepBank FRC 107.90 0.92 JohnsonControls JCI 42.51 0.84 Target TGT 148.44 0.79 NewsCorp B NWS 15.20 0.15 SAP SAP 160.70 1.13 Vroom VRM 50.96 -0.26 ABB ABB 26.15 ... BankofAmerica BAC 25.75 0.25 CitrixSystems CTXS 135.40 3.03 FirstSolar FSLR 71.46 1.55 JuniperNetworks JNPR 23.12 ... TataMotors TTM 10.07 0.36 NewsCorp A NWSA 15.31 0.25 S&P Global SPGI VulcanMatls VMC 130.34 4.36 AcadiaPharm ACAD 38.61 1.99 BankofMontreal BMO 61.69 0.64 Clarivate CCC 27.89 0.24 FirstEnergy FE 29.66 0.33 KB Fin KB 32.18 0.93 353.09 4.30 TeckRscsB TECK 13.59 0.63 NextEraEnergy NEE 281.92 3.77 ADT ADT 10.80 -0.15 BankNY Mellon BK 35.96 -0.04 Clorox CLX 217.46 3.46 Fiserv FISV 97.17 4.11 KE Holdings BEKE 52.71 4.18 SBA Comm SBAC 309.69 5.12 TeladocHealth TDOC 193.36 3.45 s Nike NKE 119.28 1.28 W X Y Z AECOM ACM 39.01 0.72 BkNovaScotia BNS 41.94 -0.05 Cloudflare NET 34.83 0.66 FiveBelow FIVE 131.04 1.02 KKR KKR 35.19 0.54 SEI Investments SEIC 50.31 0.24 TeledyneTech TDY 321.74 8.53 Nikola NKLA 35.79 3.66 AES AES 17.95 0.15 Barclays BCS 5.29 0.04 Coca-Cola KO 50.71 0.06 Five9 FIVN 119.34 2.78 KLA KLAC 178.08 6.14 SK Telecom SKM 23.08 0.46 Teleflex TFX 371.88 1.31 WEC Energy WEC 97.18 1.22 NiSource NI 22.38 0.34 Aflac AFL 37.07 0.68 BarrickGold GOLD 29.93 0.18 Coca-Cola Euro CCEP 44.33 -0.49 FleetCorTech FLT 235.04 4.04 KSCitySouthern KSU 187.22 1.16 SS&C Tech SSNC 60.50 0.40 Ericsson ERIC 10.87 -0.03 WEX WEX 146.73 -0.44 Nokia NOK 4.09 -0.01 AGCO AGCO 75.66 0.21 BaxterIntl BAX 83.19 0.09 Cognex CGNX 63.75 1.54 Floor&Decor FND 74.20 2.64 Kellogg K 65.42 -0.02 StoreCapital STOR 28.45 0.82 TelefonicaBras VIV 8.96 0.05 W.P.Carey WPC 69.09 0.91 NomuraHoldings NMR 5.06 -0.05 AGNC Invt AGNC 14.57 0.46 BectonDicknsn BDX 235.90 0.12 CognizantTech CTSH 69.29 1.11 FomentoEconMex FMX 56.46 0.19 KeurigDrPepper KDP 28.81 -0.02 SVB Fin SIVB 250.68 2.09 Telefonica TEF 3.85 0.04 WPP WPP 41.04 0.88 Nordson NDSN 195.10 3.43 ANGI Homesvcs ANGI 11.86 -0.48 BeiGene BGNE 250.17 0.58 ColgatePalm CL 77.15 0.40 FordMotor F 7.12 0.12 KeyCorp KEY 12.81 0.45 Salesforce.com CRM 246.64 3.54 TelekmIndonesia TLK 19.04 0.51 Wabtec WAB 68.00 0.50 Berkley WRB s NorfolkSouthern NSC 220.29 2.74 Ansys ANSS 321.60 7.52 63.85 1.09 ColumbiaSportswr COLM 90.99 1.00 Fortinet FTNT 118.01 2.84 KeysightTechs KEYS 94.23 1.88 Sanofi SNY 51.68 -0.20 s 10xGenomics TXG 120.91 -4.09 WalgreensBoots WBA 35.11 0.41 BerkHathwy B BRK.B 219.94 2.01 NorthernTrust NTRS 80.50 0.65 ASETech ASX 4.13 -0.02 Comcast A CMCSA 45.27 0.60 Fortis FTS 40.12 -0.12 KilroyRealty KRC 56.32 1.30 SareptaTherap SRPT 138.50 7.82 Tenaris TS 10.79 0.06 Walmart WMT 137.32 0.62 BerkHathwy A BRK.A 3297252610.01 NorthropGrum NOC 338.45 -0.43 ASML ASML 367.94 8.71 CommerceBcshrs CBSH 56.58 1.35 Fortive FTV 77.63 0.26 KimberlyClark KMB 148.50 ... Schlumberger SLB 18.03 0.16 TencentMusic TME 15.98 0.18 WarnerMusic WMG 28.82 -0.19 BerryGlobal BERY 52.55 0.46 NortonLifeLock NLOK 21.26 0.13 AT&T T 29.14 0.14 SABESP SBS 8.93 0.20 FortBrandsHome FBHS 83.77 1.16 KinderMorgan KMI 13.06 0.24 SchwabC SCHW 35.73 0.49 Teradyne TER 76.82 1.90 WasteConnections WCN 101.35 1.76 BestBuy BBY 107.70 1.14 FoxA FOXA 28.66 0.52 Novartis NVS 90.03 0.15 AbbottLabs ABT 105.69 0.99 ConagraBrands CAG 34.59 0.12 KingsoftCloud KC 35.46 3.34 ScottsMiracleGro SMG 159.82 -0.17 Tesla TSLA 419.62 46.90 WasteMgt WM 116.36 3.21 BeyondMeat BYND 143.18 8.30 FoxB FOX 28.70 0.56 Novavax NVAX 105.80 10.35 AbbVie ABBV 90.49 0.79 ConchoRscs CXO 47.00 1.69 KinrossGold KGC 9.26 0.46 Sea SE 147.82 8.31 TevaPharm TEVA 9.09 0.30 Waters WAT 205.28 1.35 Bilibili BILI 43.95 0.93 Franco-Nevada FNV 147.29 2.37 NovoNordisk NVO 66.66 0.21 Abiomed ABMD 275.70 5.93 ConocoPhillips COP 33.52 0.41 KirklandLakeGold KL 54.31 1.81 Seagate STX 47.65 1.11 TexasInstruments TXN 138.53 2.16 Watsco WSO 237.51 3.76 Bill.com BILL 88.77 -0.94 FranklinRscs BEN 20.37 0.14 Novocure NVCR 97.70 8.44 Accenture ACN 238.83 4.06 ConEd ED 74.22 1.48 Knight-Swift KNX 43.37 -1.83 SealedAir SEE 39.27 0.04 Textron TXT 39.33 0.59 Wayfair W 266.70 14.42 Bio-Techne TECH 247.34 3.59 s FreeportMcM FCX 16.36 0.09 NuanceComms NUAN 31.44 0.64 ActivisionBliz ATVI 79.12 1.15 ConstBrands B STZ.B 196.05 6.04 KoninklijkePhil PHG 46.71 -0.41 SeattleGenetics SGEN 171.79 21.82 ThermoFisherSci TMO 434.10 3.19 Weibo WB 35.15 1.90 Bio-RadLab A BIO 508.84 3.82 FreseniusMed FMS 42.70 0.07 Nucor NUE 46.73 0.80 Adobe ADBE 485.91 14.56 ConstBrands A STZ 195.31 6.50 KoreaElcPwr KEP 8.68 0.15 SempraEnergy SRE 119.15 1.35 ThomsonReuters TRI 77.62 1.11 WellsFargo WFC 24.81 0.54 Biogen BIIB 278.29 8.38 Nutrien NTR 39.70 -0.05 AdvanceAuto AAP 157.31 2.72 Cooper COO 334.55 7.72 KraftHeinz KHC 31.87 0.16 SensataTechs ST 42.90 0.22 3M MMM 168.46 2.29 Welltower WELL 60.12 1.25 BioMarinPharm BMRN 75.34 3.29 G H I NVIDIA NVDA 514.89 28.31 AdvMicroDevices AMD 77.90 1.56 Copart CPRT 103.86 1.85 Kroger KR 32.84 -1.53 ServiceCorp SCI 43.05 0.30 Tiffany TIF 113.19 -0.62 WestPharmSvcs WST 277.87 5.46 BioNTech BNTX 67.48 2.35 AgilentTechs A 99.42 0.82 Corning GLW 32.74 0.80 GCI LibertyA GLIBA 80.16 1.05 L Brands LB 29.05 1.05 ServiceNow NOW 458.06 12.16 Toll Bros TOL 44.00 -0.50 WesternDigital WDC 38.94 1.57 s AgnicoEagle AEM 86.47 4.29 BlackKnight BKI 83.57 1.45 Corteva CTVA 28.97 -0.05 O P Q GDS Holdings GDS 75.50 4.40 LHC Group LHCG 205.41 4.30 ShawComm B SJR 18.76 0.27 Toro TTC 82.63 0.41 WesternUnion WU 22.57 0.45 AirProducts APD 303.97 3.65 BlackRock BLK 547.38 6.18 CoStar CSGP 814.71 29.06 GFLEnvironmental GFL 20.60 0.07 Line LN 50.71 0.04 OGE Energy OGE 30.23 0.07 s SherwinWilliams SHW 717.60 8.86 TorontoDomBk TD 48.08 0.09 WestlakeChem WLK 66.75 2.65 AkamaiTech AKAM 108.19 1.70 Blackstone BX 52.67 1.20 Costco COST 342.92 3.79 GSXTechedu GSX 91.12 6.79 LKQ LKQ 32.34 0.18 ONEOK OKE 27.30 0.96 ShinhanFin SHG 24.16 0.35 Total TOT 37.94 -0.55 WestpacBanking WBK 12.39 0.15 Albemarle ALB 98.17 3.21 Boeing BA 165.35 5.12 CoupaSoftware COUP 248.43 5.19 Galapagos GLPG 134.95 -1.90 LPL Financial LPLA 80.92 2.34 OReillyAuto ORLY 478.12 3.47 Shopify SHOP 931.83 17.33 ToyotaMotor TM 133.77 2.43 WestRock WRK 34.34 1.84 Albertsons ACI 13.64 -0.51 BookingHldgs BKNG 1784.59 0.85 Credicorp BAP 129.72 1.96 Gallagher AJG 102.61 0.82 L3HarrisTech LHX 181.63 0.60 OakStreetHealth OSH 40.58 -1.76 Sibanye-Stillwater SBSW 12.83 -0.51 TractorSupply TSCO 138.14 0.49 Weyerhaeuser WY 28.93 0.50 Alcon ALC 56.76 0.02 BoozAllen BAH 83.73 -0.29 CreditAcceptance CACC 343.56 5.71 Gaming&Leisure GLPI 38.24 0.73 LabCpAm LH 183.13 1.66 OccidentalPetrol OXY 10.17 -0.04 SimonProperty SPG 67.80 3.65 TradeDesk TTD 427.51 8.87 WheatonPrecMet WPM 53.80 0.95 AlexandriaRlEst ARE 163.68 5.32 BorgWarner BWA 42.82 0.45 CreditSuisse CS 11.19 0.43 Gap GPS 17.31 0.67 LamResearch LRCX 305.42 11.43 Okta OKTA 194.69 1.03 SiriusXM SIRI 5.64 0.16 Tradeweb TW 54.07 0.88 Whirlpool WHR 177.80 5.00 AlexionPharm ALXN 108.72 3.36 BostonBeer SAM 865.75 14.24 Cree CREE 62.64 2.78 Garmin GRMN 99.70 0.26 LamarAdv LAMR 66.62 3.69 OldDomFreight ODFL 193.15 -2.49 Skyworks SWKS 137.79 1.64 TraneTech TT 118.99 2.00 Williams WMB 20.85 0.62 Alibaba BABA 274.10 2.49 BostonProps BXP 85.91 2.70 CrowdStrike CRWD 128.50 2.22 Gartner IT 132.56 5.92 LambWeston LW 65.61 2.28 Ollie'sBargain OLLI 85.52 -3.10 SlackTech WORK 25.69 0.03 TransDigm TDG 507.30 1.55 Williams-Sonoma WSM 93.42 2.00 AlignTech ALGN 323.46 5.80 BostonSci BSX 41.12 0.83 CrownCastle CCI 160.16 2.77 Generac GNRC 184.10 5.69 LasVegasSands LVS 53.10 1.19 OmegaHealthcare OHI 33.13 0.87 SmithAO AOS 49.86 1.08 TransUnion TRU 86.80 1.71 WillisTowers WLTW 206.20 0.08 Alleghany Y 539.00 -10.57 BrightHorizons BFAM 136.63 1.95 CrownHoldings CCK 75.74 0.20 GeneralDynamics GD 147.47 2.11 Lear LEA 121.78 2.27 Omnicom OMC 53.83 1.51 Smith&Nephew SNN 40.34 0.07 Travelers TRV 114.46 1.06 s Wipro WIT 4.61 0.18 Allegion ALLE 99.14 1.17 BristolMyers BMY 59.70 0.71 CubeSmart CUBE 32.73 0.52 GeneralElec GE 6.15 0.20 Leggett&Platt LEG 44.63 0.47 ON Semi ON 22.01 0.44 Smucker SJM 113.46 0.15 Trex TREX 139.90 5.58 Wix.com WIX 254.55 0.45 AlliantEnergy LNT 52.33 0.47 BritishAmTob BTI 34.20 0.15 Cummins CMI 210.58 2.67 GeneralMills GIS 58.76 0.22 Leidos LDOS 88.34 1.51 OneConnectFinTech OCFT 20.79 1.31 Snap SNAP 24.13 -0.06 Trimble TRMB 50.43 0.27 Workday WDAY 208.41 2.21 Allstate ALL 94.95 1.13 Broadcom AVGO 362.20 2.50 CureVac CVAC 53.13 0.45 GeneralMotors GM 31.18 0.72 Lennar A LEN 79.00 1.52 OpenText OTEX 42.45 0.25 SnapOn SNA 152.83 5.01 Trip.com TCOM 29.41 0.65 WynnResorts WYNN 83.80 1.69 AllyFinancial ALLY 24.41 0.50 BroadridgeFinl BR 136.03 2.18 CyrusOne CONE 76.47 1.23 Genmab GMAB 36.08 0.54 Lennar B LEN.B 62.70 0.80 Oracle ORCL 59.46 2.46 SOQUIMICH SQM 33.39 1.54 TruistFinl TFC 39.76 1.53 XP XP 44.08 -0.36 AlnylamPharm ALNY 131.00 8.56 BrookfieldMgt BAM 33.12 0.10 Genpact G 38.96 0.64 LennoxIntl LII 276.48 1.84 Orange ORAN 11.21 0.03 SolarEdgeTech SEDG 196.12 12.16 Twilio TWLO 225.91 1.50 XPO Logistics XPO 87.23 -0.40 Alphabet A GOOGL 1508.83 -6.93 BrookfieldInfr BIP 46.64 0.91 D E F Gentex GNTX 27.03 0.50 LiAuto LI 17.47 1.26 Orix IX 66.62 0.58 SolarWinds SWI 19.45 0.15 Twitter TWTR 38.77 -0.16 XcelEnergy XEL 69.54 1.11 Alphabet C GOOG 1519.28 -1.44 BrookfieldPropREIT BPYU 10.83 0.36 DISH Network DISH 32.66 0.56 GenuineParts GPC 103.02 2.46 LibertyBroadbandA LBRDA 138.11 2.11 OtisWorldwide OTIS 59.99 -0.15 Sony SNE 77.72 0.70 TylerTech TYL 330.05 4.72 Xilinx XLNX 101.72 3.07 Alteryx AYX 106.09 -1.20 BrookfieldRenew BEPC 50.16 -0.42 DTE Energy DTE 120.38 1.94 Gerdau GGB 3.86 0.13 LibertyBroadbandC LBRDK 139.26 1.89 OwensCorning OC 66.40 1.32 Southern SO 52.86 1.10 TysonFoods TSN 65.31 1.59 XPeng XPEV 20.48 1.38 AlticeUSA ATUS 26.45 0.34 Brown&Brown BRO 45.17 0.53 Danaher DHR 207.93 3.06 GileadSciences GILD 66.34 1.44 LibertyGlobal C LBTYK 21.35 0.12 PG&E PCG 9.64 0.58 SoCopper SCCO 47.33 0.44 UBS Group UBS 12.52 0.27 Xylem XYL 84.21 -0.34 Altria MO 43.00 0.27 Brown-Forman A BF.A 72.20 0.25 Darden DRI 91.61 4.81 GSK GSK 39.08 -0.03 LibertyGlobal A LBTYA 21.69 0.11 PLDTPHI 27.97 -1.80 SouthwestAir LUV 40.06 1.11 UDR UDR 35.19 1.53 YamanaGold AUY 6.32 0.30 AlumofChina ACH 5.75 -0.02 Brown-Forman B BF.B 79.49 0.14 Datadog DDOG 84.39 4.03 GlobalPayments GPN 170.19 3.92 LibertyFormOne C FWONK 37.26 0.71 PNC Fin PNC 114.18 3.43 Splunk SPLK 183.67 -3.26 UGI UGI 32.63 0.07 Yandex YNDX 62.58 0.76 Amazon.com AMZN 3102.97 -13.25 Bruker BRKR 39.80 -0.60 DaVita DVA 87.79 -0.26 Globant GLOB 173.74 1.08 LibertyFormOne A FWONA 34.41 0.65 POSCO PKX 39.96 1.04 Spotify SPOT 238.55 -3.05 Uber UBER 37.95 0.97 YumBrands YUM 92.87 0.60 Ambev ABEV 2.39 0.10 Bunge BG 46.25 0.61 DeckersOutdoor DECK 208.19 4.98 GlobeLife GL 83.23 1.76 LibertyBraves A BATRA 19.91 1.30 PPD PPD 33.81 0.16 SquareSQ144.40 6.95 Ubiquiti UI 152.24 -1.24 YumChina YUMC 52.17 0.81 Amcor AMCR 11.15 0.09 BurlingtonStrs BURL 206.45 2.99 Deere DE 218.33 2.37 GoDaddy GDDY 74.73 -0.53 LibertyBraves C BATRK 19.99 1.34 PPG Ind PPG 130.21 3.11 StanleyBlackDck SWK 162.35 3.34 UltaBeauty ULTA 234.14 5.24 ZTO Express ZTO 31.72 0.10 Amdocs DOX 57.92 0.62 CBRE Group CBRE 48.78 1.87 DellTechC DELL s GoldFields GFI 14.54 1.67 LibertySirius C LSXMK 35.55 1.32 PPL PPL 27.92 0.39 Starbucks SBUX 86.63 1.36 Unilever UN 60.70 -0.30 ZaiLab ZLAB 77.42 2.25 Amedisys AMED 237.03 5.34 CDW CDW 113.15 1.83 66.85 0.46 GoldmanSachs GS 201.34 0.42 LibertySirius B LSXMB 35.17 -2.38 PRA HealthSci PRAH 106.09 2.77 StateStreet STT 64.43 -0.48 Unilever UL 61.76 -0.22 ZebraTech ZBRA 251.26 1.30 Amerco UHAL 373.74 3.23 CF Industries CF 33.69 0.32 DeltaAir DAL 32.82 1.12 s Graco GGG 60.85 0.67 LibertySirius A LSXMA 35.56 1.32 PTC PTC 85.40 3.10 SteelDynamics STLD 30.09 0.76 s UnionPacific UNP 198.84 2.90 Zendesk ZEN 96.81 2.27 Ameren AEE 76.98 0.38 CGI GIB 68.84 0.30 DentsplySirona XRAY 45.90 1.74 Grainger GWW 354.34 -0.84 EliLilly LLY 149.00 0.91 Paccar PCAR 86.36 2.47 Steris STE 167.17 4.89 UnitedAirlines UAL 36.74 0.67 Zillow C Z 87.18 1.80 AmericaMovil AMX 13.50 0.97 s CH Robinson CHRW 100.71 2.05 DeutscheBank DB 9.34 0.08 DexCom DXCM Grifols GRFS 16.55 0.72 LincolnNational LNC 35.34 0.91 PackagingCpAm PKG 105.93 2.11 STMicroelec STM 31.10 1.36 UnitedMicroUMC 4.05 0.20 Zillow A ZG 87.05 1.81 AmericaMovil A AMOV 13.37 0.98 CME Group CME 166.08 2.87 393.61 10.15 Diageo DEO Grubhub GRUB 69.90 0.72 Linde LIN 251.25 1.08 PagSeguroDig PAGS 36.29 1.13 StoneCo STNE 51.68 1.19 UPS B UPS 160.14 1.27 ZimmerBiomet ZBH 140.59 1.38 AmerAirlines AAL 13.26 0.31 CMS Energy CMS 61.42 0.51 135.33 0.71 GpoAvalAcc AVAL 4.90 -0.01 LiveNationEnt LYV 58.66 1.52 PaloAltoNtwks PANW 245.73 2.79 Stryker SYK 205.51 3.49 UnitedRentals URI 176.58 1.95 Zoetis ZTS 160.86 2.27 AEP AEP 80.34 1.19 CNA Fin CNA 31.39 0.24 DigitalRealty DLR 144.28 -0.20 s GuardantHealth GH 103.15 7.50 LivongoHealth LVGO 123.50 1.78 PanAmerSilver PAAS 36.24 1.77 SumitomoMits SMFG 5.90 0.06 US Bancorp USB 37.87 1.19 ZoomVideo ZM 403.51 20.51 AmerExpress AXP 107.27 3.91 CNH Indl CNHI 8.09 -0.23 DiscoverFinSvcs DFS 57.99 3.25 Guidewire GWRE 106.03 0.40 LloydsBanking LYG 1.31 0.02 ParkerHannifin PH 211.44 2.31 SunComms SUI 147.34 5.73 UnitedHealth UNH 308.57 7.09 ZoomInfoTech ZI 32.99 1.00 AmericanFin AFG 68.60 0.74 CNOOC CEO 104.32 -0.44 DiscoveryB DISCB 36.35 -0.25 HCA Healthcare HCA 135.72 1.72 LockheedMartin LMT 393.75 4.30 Paychex PAYX 77.62 2.63 SunLifeFinancial SLF 42.01 0.28 UnivDisplay OLED 168.35 3.15 Zscaler ZS 130.10 1.60 AmHomes4Rent AMH 29.70 1.05 CRH CRH 37.84 0.46 DiscoveryA DISCA 23.77 0.94 HDFC Bank HDB 48.82 -0.51 Loews L 36.10 0.83 PaycomSoftware PAYC 272.64 7.15 SuncorEnergy SU 13.52 -0.26 UniversalHealthB UHS 116.88 3.68 Zynga ZNGA 8.39 0.04 AIG AIG 29.40 1.00 CSX CSX 78.96 1.79 DiscoveryC DISCK 21.59 0.90 HD Supply HDS 40.45 0.36 LogitechIntl LOGI 70.48 1.70 Paylocity PCTY 143.88 6.50 AmerTowerREIT AMT 253.90 4.11 CVS Health CVS 57.97 0.57 Disney DIS 131.25 -0.50 HP HPQ Lowe's LOW 165.19 3.30 PayPal PYPL 186.96 2.96 AmerWaterWorks AWK 142.88 1.78 CableOne CABO 1799.66 25.26 DocuSign DOCU 202.95 5.01 19.33 0.04 lululemon LULU 313.82 0.43 Pegasystems PEGA 121.32 1.66 AmericoldRealty COLD 36.94 0.46 CabotOil COG 18.61 0.37 DolbyLab DLB 65.55 0.37 HSBC HSBC 20.64 -0.03 Lyft LYFT 31.97 1.21 Peloton PTON 82.01 -2.03 Exchange-Traded Portfolios | WSJ.com/ETFresearch Ameriprise AMP 156.03 3.93 CadenceDesign CDNS 103.23 1.72 DollarGeneral DG 202.11 1.61 HUYA HUYA 26.51 0.72 LyondellBasell LYB 76.49 2.18 PembinaPipeline PBA 23.77 0.02 AmerisourceBrgn ABC 94.60 0.52 CaesarsEntCZR 55.39 5.28 DollarTree DLTR 88.92 -1.13 Halliburton HAL 14.33 0.06 s PennNational PENN 65.54 6.35 Ametek AME 101.39 1.48 CamdenProperty CPT 93.20 3.50 DominionEner D 80.73 1.09 HartfordFinl HIG 38.89 0.25 M N Pentair PNR 44.80 1.09 Largest 100 exchange-traded funds, latest session Amgen AMGN 246.75 3.54 CampbellSoup CPB 45.82 0.32 Domino's DPZ 388.52 -5.38 Hasbro HAS 77.18 -1.47 Penumbra PEN 193.66 -5.77 Amphenol APH 106.78 2.74 CIBC CM 77.92 0.10 Donaldson DCI 48.27 -0.03 HealthcareAmer HTA 26.97 0.91 M&T Bank MTB 104.24 2.58 PepsiCo PEP 136.67 0.86 Monday, September 14, 2020 Closing Chg YTD AnalogDevices ADI 114.62 0.82 CanNtlRlwy CNI 106.82 1.43 Dover DOV 113.69 0.89 HealthpeakProp PEAK 28.76 0.87 MGM Resorts MGM 23.06 0.33 PerkinElmer PKI 117.73 0.04 ETF Symbol Price (%) (%) Anaplan PLAN 57.66 1.01 CanNaturalRes CNQ 18.03 0.10 Dow DOW 50.09 0.24 Heico A HEI.A 90.84 0.79 MKS Instrum MKSI 104.41 1.11 Closing Chg YTD Perrigo PRGO 50.14 1.52 ETF Symbol Price (%) (%) AngloGoldAsh AU 29.96 1.12 s CanPacRlwy CP 305.42 5.16 DrReddy'sLab RDY 59.69 -0.21 Heico HEI 110.02 1.01 MPLX MPLX 17.98 0.56 iSh7-10YTreasuryBd IEF 121.90 –0.09 10.6 PetroChina PTR 32.02 0.14 iSh20+YTreasuryBd TLT 164.47 21.4 AB InBev BUD 56.25 0.10 Canon CAJ 17.24 0.65 s DraftKings DKNG 48.62 7.16 HenrySchein HSIC 63.73 -0.64 MSCI MSCI 342.37 3.12 CommSvsSPDR XLC 60.01 0.38 11.9 –0.01 PetroleoBrasil PBR 8.28 ... iShRussellMCGrowth IWP 167.94 2.15 10.1 AnnalyCap NLY 7.59 0.16 CanopyGrowth CGC 16.42 0.25 Dropbox DBX 20.18 0.33 Herbalife HLF 48.66 -0.14 MagellanMid MMP 37.44 0.28 CnsmrDiscSelSector XLY 147.62 1.06 17.7 PetroleoBrasilA PBR.A 8.24 -0.03 iShUSTreasuryBdETF GOVT 27.97 –0.04 7.8 Anthem ANTM 265.60 7.57 CapitalOne COF 74.64 3.59 DukeEnergy DUK 84.38 1.35 Hershey HSY 144.50 -1.00 MagnaIntl MGA 48.71 0.58 CnsStapleSelSector XLP 65.07 0.65 3.3 Pfizer PFE 37.01 0.94 JPM UltShtIncm JPST 50.83 0.01 0.8 Aon AON 201.96 0.42 CardinalHealth CAH 47.05 -1.33 DukeRealty DRE 37.90 0.75 Hess HES 43.84 0.84 ManhattanAssoc MANH 94.79 1.49 FinSelSectorSPDR XLF 25.05 1.38 –18.6 PIMCOEnhShMaturity MINT 101.97 ... 0.4 Dun&Bradstreet DNB 25.17 0.07 HewlettPackard HPE 9.37 0.13 ManulifeFin MFC 14.67 0.20 PhilipMorris PM 81.94 0.71 FT DJ Internet FDN 183.96 0.72 32.2 ApolloGlbMgmt APO 45.42 0.69 Carlisle CSL 122.83 1.78 SPDR BlmBarcHYBd JNK 104.92 –0.13 –4.2 Dunkin' DNKN 77.72 2.04 HighwoodsProp HIW 35.75 1.11 MarathonPetrol MPC 32.02 0.77 Phillips66 PSX 58.37 1.30 GSActiveBetaUSLC GSLC 68.28 1.47 5.6 Apple AAPL 115.36 3.36 Carlyle CG 25.53 0.36 SPDRBloomBar1-3MTB BIL 91.54 0.02 0.1 DuPont DD 59.43 0.86 Hill-Rom HRC 84.70 -2.76 Pinduoduo PDD 85.28 0.54 HealthCareSelSect XLV 106.09 1.43 4.2 ApplMaterials AMAT 56.46 1.46 CarMax KMX 104.80 3.17 Markel MKL 1046.40 -5.82 SPDR Gold GLD 183.89 0.79 28.7 Hilton HLT 92.31 4.94 PinnacleWest PNW 72.09 1.19 IndSelSectorSPDR XLI 78.66 1.35 –3.4 Aptargroup ATR 119.08 0.72 Carnival CCL 17.85 0.16 Dynatrace DT 39.72 0.59 MarketAxess MKTX 461.85 8.78 SchwabIntEquity SCHF 32.09 0.66 –4.6 Hologic HOLX 60.65 -1.39 PinterestPINS 36.32 2.21 InvscQQQI QQQ 275.16 1.74 29.4 Aptiv APTV 85.89 1.34 Carnival CUK 14.60 0.14 ENI E 17.68 -0.16 Marriott MAR 104.68 5.42 SchwabUS BrdMkt SCHB 80.57 1.56 4.8 PioneerNatRscs PXD 93.35 1.28 InvscS&P500EW RSP 110.78 1.61 –4.3 Aramark ARMK 28.69 1.19 CarrierGlobal CARR 29.15 -0.09 EOG Rscs EOG 39.17 0.12 HomeDepot HD 280.65 4.32 Marsh&McLen MMC 117.80 2.02 SchwabUS Div SCHD 56.99 1.50 –1.6 PlainsAllAmPipe PAA 6.89 0.29 iSh3-7YTreasuryBd IEI 133.60 –0.06 6.2 ArcelorMittal MT 12.79 0.13 Carvana CVNA 171.55 -2.69 EPAM Systems EPAM 324.62 9.67 HondaMotor HMC 25.34 0.29 MartinMarietta MLM 216.48 6.56 SchwabUS LC SCHX 81.44 1.44 6.0 Polaris PII 93.89 1.22 iShCoreDivGrowth DGRO 40.65 1.25 –3.4 ArchCapital ACGL 31.04 0.31 CaseysGenStores CASY 176.26 -2.74 E*TRADE ETFC 53.00 0.76 Honeywell HON 168.47 2.02 MarvellTech MRVL 39.22 0.46 SchwabUS LC Grw SCHG 113.73 1.56 22.4 Pool POOL 308.38 8.06 iShCoreMSCIEAFE IEFA 61.52 0.52 –5.7 s ArcherDaniels ADM 47.50 0.61 Catalent CTLT 83.91 1.21 EastmanChem EMN 81.00 1.66 HorizonTherap HZNP 76.60 6.06 Masco MAS 59.40 0.86 Schwab US TIPs SCHP 61.55 –0.06 8.7 iShCoreMSCIEM IEMG 53.47 1.67 –0.5 Eaton ETN 103.18 0.66 HormelFoods HRL 50.25 0.42 Masimo MASI 220.99 6.93 PostHoldings POST 82.53 -0.56 SPDR DJIA Tr DIA 280.53 1.24 –1.6 AresMgmt ARES 40.47 0.65 Caterpillar CAT 153.51 -0.32 iShCoreMSCITotInt IXUS 59.47 0.90 –3.9 eBay EBAY 52.30 -0.47 DR Horton DHI 72.72 1.33 Mastercard MA 338.60 8.45 PrincipalFin PFG 41.32 0.25 SPDR S&PMdCpTr MDY 345.33 1.97 –8.0 arGEN-X ARGX 232.16 12.87 Celanese CE 109.41 2.83 iShCoreS&P500 IVV 339.84 1.33 5.1 Ecolab ECL 204.89 1.76 HostHotels HST Procter&Gamble PG 138.63 0.49 SPDR S&P 500 SPY 338.46 1.32 5.2 AristaNetworks ANET 205.53 1.72 Cemex CX 3.94 0.15 11.92 0.79 MaximIntProducts MXIM 66.35 0.35 iShCoreS&P MC IJH 189.18 1.96 –8.1 s Progressive PGR 96.26 1.28 SPDR S&P Div SDY 95.68 1.23 –11.1 ArrowElec ARW 79.99 1.05 Centene CNC 58.22 1.78 Ecopetrol EC 10.85 -0.05 HowmetAerospace HWM 18.39 0.59 McCormickVtg MKC.V 201.15 3.54 iShCoreS&P SC IJR 72.21 1.73 –13.9 Prologis PLD 101.95 1.74 TechSelectSector XLK 115.33 2.10 25.8 AscendisPharma ASND 146.99 2.29 CenterPointEner CNP 19.54 0.09 EdisonInt EIX 51.65 1.02 HuanengPower HNP 15.84 0.20 McCormick MKC 200.10 1.46 iShS&PTotlUSStkMkt ITOT 76.19 1.55 4.8 Proofpoint PFPT 102.56 0.87 UtilitiesSelSector XLU 59.74 1.37 –7.6 AspenTech AZPN 126.86 3.08 CentraisElBras EBR 6.57 0.07 EdwardsLife EW 82.95 1.17 Huazhu HTHT 40.53 -0.25 s McDonalds MCD 220.56 2.56 iShCoreUSAggBd AGG 118.38 0.01 5.3 PrudentialFin PRU 69.76 1.64 VanEckGoldMiner GDX 42.79 3.96 46.1 Assurant AIZ 119.45 0.75 CenturyLink CTL 10.87 0.22 ElancoAnimal ELAN 27.64 0.56 Hubbell HUBB 142.92 2.16 McKesson MCK 150.90 0.53 iShSelectDividend DVY 85.37 1.67 –19.2 Prudential PUK 29.94 -0.11 VangdInfoTech VGT 305.82 2.13 24.9 AstraZeneca AZN 54.02 0.29 CeridianHCM CDAY 75.28 1.75 Elastic ESTC 102.67 1.88 HubSpot HUBS 280.46 0.95 MedicalProp MPW 18.36 0.15 iShEdgeMSCIMinEAFE EFAV 68.68 0.19 –7.9 PublicServiceEnt PEG 52.48 0.09 VangdSC Val VBR 114.65 2.03 –16.4 Athene ATH 36.43 0.67 Cerner CERN 71.94 0.99 ElectronicArts EA 126.18 0.16 Humana HUM 403.63 12.27 Medtronic MDT 106.97 2.20 iShEdgeMSCIMinUSA USMV 64.50 1.40 –1.7 PublicStorage PSA 224.74 6.15 VangdSC Grwth VBK 212.28 2.96 6.8 Atlassian TEAM 168.84 1.21 CharlesRiverLabs CRL 220.01 2.50 EmersonElec EMR 68.19 0.27 JBHunt JBHT 132.02 -3.10 MelcoResorts MLCO 19.40 0.70 iShEdgeMSCIUSAMom MTUM 144.67 2.22 15.2 PulteGroup PHM 45.67 0.37 VangdExtMkt VXF 129.63 2.92 2.9 AtmosEnergy ATO 93.32 0.11 CharterComms CHTR 609.70 8.18 Enbridge ENB 30.90 -0.29 HuntingtonBcshs HBAN 10.12 0.44 MercadoLibre MELI 1036.77 3.79 iShEdgeMSCIUSAQual QUAL 104.37 1.31 3.3 QTS Realty QTS 63.88 1.14 VangdDivApp VIG 129.62 1.23 4.0 Autodesk ADSK 229.83 2.35 CheckPoint CHKP 121.00 2.73 EncompassHealth EHC 65.02 1.10 HuntingIngalls HII 146.85 -0.55 Merck MRK 84.16 0.29 iShGoldTr IAU 18.69 0.75 28.9 VangdFTSEDevMk VEA 41.96 0.67 –4.8 Qiagen QGEN 49.99 0.44 Autohome ATHM 91.63 2.19 Chegg CHGG 66.01 0.36 EnelAmericas ENIA 7.40 0.19 IAA IAA 52.06 -0.16 MetLife MET 38.84 0.61 iShiBoxx$InvGrCpBd LQD 135.71 0.25 6.1 VangdFTSE EM VWO 44.21 1.66 –0.6 Qorvo QRVO 122.84 -0.12 Autoliv ALV 79.00 0.78 Chemed CHE 492.79 4.43 EnergyTransfer ET 5.92 0.06 ICICI Bank IBN 9.96 -0.14 MettlerToledo MTD 978.99 5.28 iShiBoxx$HYCpBd HYG 84.36 –0.11 –4.1 VangdFTSE Europe VGK 54.37 0.33 –7.2 Qualcomm QCOM 113.46 0.04 ADP ADP 136.57 3.13 CheniereEnergy LNG 49.56 0.53 EnphaseEnergy ENPH 69.49 4.39 IdexxLab IDXX 365.56 0.74 MicrochipTech MCHP 102.21 1.51 iShIntermCorpBd IGIB 61.08 0.03 5.3 VangdFTSEAWxUS VEU 51.80 0.88 –3.6 QuantaServices PWR 52.26 0.70 AutoZone AZO 1241.66 7.21 CheniereEnerPtrs CQP 34.41 0.13 Entegris ENTG 67.65 2.26 IHS Markit INFO 77.95 0.78 MicronTech MU 49.03 2.94 iShJPMUSDEmgBd EMB 113.36 0.10 –1.0 VangdGrowth VUG 226.14 1.59 24.1 QuestDiag DGX 112.72 2.39 Avalara AVLR 119.18 1.85 Chevron CVX 77.29 -0.40 Entergy ETR 96.72 1.27 ING Groep ING 8.40 0.12 Microsoft MSFT 205.41 1.38 iShMBSETF MBB 110.47 ... 2.2 VangdHlthCr VHT 203.25 1.94 6.0 Quidel QDEL 159.39 -1.80 iShMSCI ACWI ACWI Avalonbay AVB 154.56 4.69 Chewy CHWY 53.00 -0.81 EnterpriseProd EPD 17.13 0.07 IPG Photonics IPGP 162.88 4.35 MidAmApt MAA 119.65 3.74 80.78 1.23 1.9 VangdHiDiv VYM 83.14 1.14 –11.3 iShMSCI EAFE EFA 65.15 0.54 –6.2 Avangrid AGR 48.74 0.80 ChinaEastrnAir CEA 23.22 0.30 Equifax EFX 163.32 0.77 IQVIA IQV 161.65 2.12 MiratiTherap MRTX 145.74 13.63 VangdIntermBd BIV 93.64 –0.01 7.4 R S iShMSCIEmgMarkets EEM 44.64 1.62 –0.5 Avantor AVTR 21.94 0.44 ChinaLifeIns LFC 11.77 0.07 Equinix EQIX 756.04 8.25 IcahnEnterprises IEP 49.77 0.62 MitsubishiUFJ MUFG 4.23 0.08 VangdIntrCorpBd VCIT 96.26 0.15 5.4 iShNatlMuniBd MUB 115.85 –0.08 1.7 AveryDennison AVY 121.81 2.02 ChinaMobile CHL 34.69 0.39 Equinor EQNR 15.58 -0.04 Icon ICLR 186.74 2.20 MizuhoFin MFG 2.69 -0.03 RELX RELX 23.13 0.12 VangdLC VV 157.61 1.49 6.6 iShPfd&Incm PFF 36.47 0.66 –3.0 VangdMegaGrwth MGK BCE BCE 42.34 -0.11 ChinaPetrol SNP 43.48 -0.27 Equitable EQH 19.85 0.23 IDEX IEX 184.10 2.98 MobileTeleSys MBT 8.89 0.01 RH RH 380.53 -0.92 184.28 1.57 26.5 iShRussell1000Gwth IWF 215.06 1.66 22.2 VangdMC VO 176.73 1.77 –0.8 BHP Group BHP 54.86 0.67 ChinaSoAirlines ZNH 30.34 1.02 EquityLife ELS 65.13 2.02 IllinoisToolWks ITW 198.22 2.76 Moderna MRNA 63.67 4.33 RPM RPM 84.50 0.75 iShRussell1000 IWB 188.69 1.57 5.8 VangdMBS VMBS 54.30 0.06 2.1 BHP Group BBL 45.05 0.55 ChinaTelecom CHA 33.15 0.69 EquityResdntl EQR 56.93 2.26 Illumina ILMN 353.65 3.72 MohawkInds MHK 100.46 3.52 RaymondJames RJF 75.98 2.37 iShRussell1000Val IWD 121.30 1.41 –11.1 VangdRealEst VNQ 82.21 2.44 –11.4 BJ'sWholesale BJ 41.04 0.30 ChinaUnicom CHU 7.32 0.38 s ErieIndemnity A ERIE 224.28 3.80 s Immunomedics IMMU 83.65 41.40 MolinaHealthcare MOH 179.28 10.44 RaytheonTech RTX 61.97 1.32 iShRussell2000 IWM 153.08 2.63 –7.6 VangdS&P500ETF VOO 310.97 1.30 5.1 EssentialUtil WTRG 39.82 0.47 ImperialOil IMO 14.41 -0.18 BP BP 19.84 -0.22 Chipotle CMG 1267.19 -30.28 MolsonCoorsB TAP 35.01 -0.08 RealPage RP 56.46 0.77 iShRussellMid-Cap IWR 57.90 1.92 –2.9 VangdST Bond BSV 83.06 ... 3.0 B2Gold BTG 6.91 0.52 Chubb CB 120.88 0.21 EssexProp ESS 222.39 9.18 IncyteINCY 93.15 5.15 MomentaPharm MNTA 52.10 0.02 RealtyIncome O 65.50 2.14 iShRussellMCValue IWS 83.25 1.75 –12.2 VangdSTCpBd VCSH 82.95 –0.01 2.4 Baidu BIDU 121.88 1.26 ChunghwaTel CHT 37.00 0.17 EsteeLauder EL 217.41 2.72 s Infosys INFY 13.24 0.48 Mondelez MDLZ 58.01 0.46 RegencyCtrs REG 40.04 1.44 iShS&P500Growth IVW 231.35 1.33 19.5 VangdSC VB 155.77 2.52 –6.0 BakerHughes BKR 14.63 0.68 Church&Dwight CHD 92.72 -0.15 Etsy ETSY 112.55 1.78 IngersollRand IR 36.32 0.34 MongoDB MDB 211.03 3.65 RegenPharm REGN 564.20 19.45 iShS&P500Value IVE 115.52 1.26 –11.2 VangdTotalBd BND 88.41 ... 5.4 Ball BLL 83.28 1.60 ChurchillDowns CHDN 166.62 3.30 EverestRe RE 209.70 3.36 Insulet PODD 218.11 6.52 MonolithicPower MPWR 247.60 10.57 RegionsFin RF 12.06 0.54 iShShortCpBd IGSB 54.96 –0.02 2.5 VangdTotIntlBd BNDX 58.09 0.03 2.7 BancoBilbaoViz BBVA 2.91 0.05 Ciena CIEN 42.57 1.02 Evergy EVRG 52.79 0.85 Intel INTC 49.41 0.13 MonsterBev MNST 82.89 1.55 ReinsGrp RGA 104.46 2.57 iShShortTreaBd SHV 110.70 ... 0.2 VangdTotIntlStk VXUS 53.60 0.87 –3.8 BancoBradesco BBDO 3.63 0.12 Cigna CI 171.85 2.49 EversourceEner ES 82.91 0.75 InteractiveBrkrs IBKR 47.67 0.31 Moody's MCO 288.68 3.74 RelianceSteel RS 106.07 1.07 iShSilver SLV 25.29 1.57 51.6 VangdTotalStk VTI 171.76 1.56 5.0 BancodeChile BCH 16.08 -0.02 CincinnatiFin CINF 77.67 0.75 ExactSciences EXAS 77.60 1.40 ICE ICE 100.46 2.23 MorganStanley MS 51.15 0.80 RenaissanceRe RNR 174.32 0.94 iShTIPSBondETF TIP 126.42 –0.06 8.4 VangdTotlWrld VT 81.97 1.26 1.2 BancSanBrasil BSBR 5.43 0.10 Cintas CTAS 327.81 6.86 Exelixis EXEL 24.73 3.00 InterContinentl IHG 57.11 1.31 Morningstar MORN 159.41 2.22 Repligen RGEN 149.68 5.02 iSh1-3YTreasuryBd SHY 86.48 –0.01 2.2 VangdValue VTV 107.30 1.23 –10.5

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg DiamondPeakUn DPHCU 35.00 15.4 GuardantHealth GH 103.50 7.8 MrCooper COOP 21.53 4.6 R1RCM RCM 17.15 5.7 TottenhamAcqnI TOTAU 13.00 18.2 AshfordHosp AHT 1.78 -5.6 NakedBrand NAKD 0.15 0.3 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE DiamondrockPfd DRHpA 26.32 1.1 HennessyCapWt HCACW 3.20 17.0 NamTaiProperty NTP 11.82 18.4 Ranpak PACK 11.50 -2.1 TottenhamAcqnI TOTA 11.25 -0.7 BELLUS Health BLU 2.17 ... NavSight NSH.U 9.99 -0.1 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low Dick's DKS 58.25 1.8 HennessyCap HCAC 13.10 9.7 NanoStringTech NSTG 43.20 6.5 RibbitLeapUn LEAP 12.74 10.5 TrilliumTherap TRIL 15.36 6.0 BEST BEST 3.35 -4.4 NewYorkCityReit NYC 11.73 -0.4 in the latest session. %CHG-Daily percentage change from the previous trading session. dMY TechA DMYT 13.65 0.1 IES Holdings IESC 33.70 4.2 NavistarIntl NAV 43.12 3.5 SI-BONE SIBN 23.43 5.5 TrineAcqn TRNE 12.99 -3.7 BP Prudhoe BPT 1.56 -6.5 9F JFU 0.84 -9.3 DraftKings DKNG 49.31 17.3 Immunomedics IMMU 86.91 98.0 NavSight NSH.U 10.10 -0.1 SachemNts2025 SCCC 25.43 0.9 TrineAcqnWt TRNE.WS 4.01 -2.0 Check-Cap WtC CHEKZ 0.03 ... PainReform PRFX 5.66 -0.3 Monday, September 14, 2020 DuluthHoldings DLTH 13.49 -0.2 IncomeOppRealty IOR 16.25 2.5 Nike NKE 119.93 1.1 SherwinWilliams SHW 721.01 1.3 TrineAcqnUn TRNE.U 14.90 0.2 Creatd CRTD 3.08 ... PredictiveOncology POAI 0.81 ... 8iEntsAcqnWt JFKKW 1.99 21.6 Infosys INFY 13.29 3.8 NorfolkSouthern NSC 221.47 1.3 ShockwaveMed SWAV 69.28 4.4 TurningPtTherap TPTX 81.71 13.5 D8 A DEH 9.73 0.3 Q&K Intl QK 7.36 0.4 52-Wk % 52-Wk % 52-Wk % EllingtonResiMtg EARN 11.93 4.6 InspireMedical INSP 132.16 1.6 NurixTherap NRIX 32.97 4.7 SilkRoadMed SILK 67.31 8.3 RuhnnHolding RUHN 2.42 -12.8 UnionPacific UNP 199.85 1.5 ECMOHO MOHO 1.59 1.2 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ErieIndemnity A ERIE 226.57 1.7 InstalledBldg IBP 96.88 1.9 OsiskoGoldRoyal OR 13.29 2.5 SouthMountainUn SMMCU 12.10 -8.3 SINOPEC SHI 19.43 -1.7 VertivWt VRT.WS 6.56 2.5 HPX A HPX 9.80 -1.6 ExpeditorsIntl EXPD 91.85 0.9 JuniperIndlWt JIH.WS 1.48 ... OspreyTechWt SFTW.WS 1.56 10.2 StokeTherap STOK 35.00 8.4 SundialGrowers SNDL 0.27 -5.5 AvenueTherap ATXI 12.34 4.3 CanPacRlwy CP 306.24 1.7 Vertiv VRT 17.59 3.5 HermitageOffsh PSV 0.29 ... FedEx FDX 241.00 1.5 KingswayFin KFS 2.98 1.4 PacBiosciCA PACB 7.45 2.7 SunRun RUN 59.60 5.8 SunesisPharm SNSS 1.17 10.4 Highs AvidityBio RNA 37.19 7.3 CapstarSpacA CPSR 9.95 ... VivintSolar VSLR 32.67 6.2 HighPeakEner HPK 6.60 -5.5 42.84 3.0 17.98 2.8 Forterra FRTA 17.58 5.5 KintaraTherap KTRA 1.95 1.3 PennNational PENN 65.94 10.7 SurgeryPartners SGRY 22.40 2.7 Wipro WIT 4.63 4.1 Synalloy SYNL 5.82 -0.3 BMC Stock BMCH ChinaYuchai CYD HoustonAmEner HUSA 0.86 4.8 A-MarkPrecMet AMRK 34.93 2.0 BioLifeSols BLFS 26.16 9.0 CohnRobbins CRHC.U 10.26 ... FreeportMcM FCX 16.51 0.6 KuraOncology KURA 29.99 6.4 PennyMacFin PFSI 57.89 7.2 SustOppsAcqnUn SOAC.U 11.28 0.9 WorkhorseGroup WKHS 26.23 10.0 Thermon THR 10.98 -1.1 IMPAC Mortgage IMH 1.16 -4.5 AT&T PfdC TpC 25.63 0.7 BrilliantAcqnRt BRLIR 0.30 36.4 Corts PECO KTH KTH 34.95 2.8 GRAVITY GRVY 112.00 1.1 LG Display LPL 7.17 -0.1 PivotalInvCorp.IIWt PIC.WS 1.69 2.7 SustOppsAcqnA SOAC 10.40 0.5 YucaipaAcqn YAC.U 10.28 0.1 ToughBuiltInds TBLT 0.62 2.0 JustEnergy JE 0.24 -4.4 AgnicoEagle AEM 87.36 5.2 BrookfieldInfr BIPC 54.11 2.5 Crocs CROX 44.38 4.8 GoldFields GFI 14.62 13.0 LifewayFoods LWAY 7.14 20.4 PivotalInvII PIC 10.53 -0.2 TWC Tech II TWCTU 10.15 0.8 TownSports CLUB 0.20 18.1 AlmadenMinerals AAU 0.90 15.5 BuildersFirstSrc BLDR 33.00 3.0 DarlingIngred DAR 35.81 3.0 GoresMetrop GMHI 13.47 4.1 LiveOakBcshs LOB 24.22 3.9 PretiumResources PVG 14.23 9.1 10xGenomics TXG 125.92 -3.3 Lows LibertyLatAmRt LILAR 1.46 -17.0 TuanChe TC 0.92 -12.0 AppliedMolecular AMTI 34.34 16.2 CH Robinson CHRW 101.27 2.1 DenaliTherap DNLI 36.12 12.8 GoresMetroWt GMHIW 4.65 9.1 MarineProducts MPX 19.76 6.5 PrimeImpactI PIAI.U 10.05 0.1 Textainer TGH 12.99 3.6 LionGroupWt LGHLW 0.09 -1.1 VEON VEON 1.22 -4.7 ArcherDaniels ADM 47.76 1.3 CITICCapAcqn CCAC.U 10.52 1.6 DiamondPeak DPHC 30.00 13.5 Graco GGG 61.38 1.1 McDonalds MCD 222.59 1.2 Progressive PGR 96.58 1.3 TortoiseAcqnII SNPR.U 10.95 3.6 AcordaTherap ACOR 0.42 0.7 Lizhi LIZI 3.40 -1.4 VenusConcept VERO 2.03 15.6 AscendantDigital ACND.U 10.65 1.7 CITICCapAcqnWt CCAC.WS 1.20 19.1 DiamondPeakWt DPHCW 14.30 12.7 GreenBrickPtrs GRBK 18.00 8.1 MountainCrest MCAC 10.37 1.6 PrudentialNts2060 PFH 25.80 0.6 TottenhamAcqnIWt TOTAW 0.60 12.5 AEternaZentaris AEZS 0.34 -0.6 MedalistDivREIT MDRR 1.12 -2.9 XFinancial XYF 0.62 -3.9

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret USBdIdxInstPrem 12.59 ... 7.3 FPA Funds MFS Funds Instl PRIMECAP Odyssey Fds STIGradeAdml 11.00 ... 4.3 TotIntBdIxInv 11.61 ... 3.3 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity Advisor I FPACres 31.68 +0.21 -3.4 IntlEq 28.02 +0.20 0.6 AggGrowth r 47.53 +1.31 5.9 TotBdAdml 11.66 ... 7.3 USGro 58.07 +1.16 35.0 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnoteseand s NwInsghtI 36.86 +0.43 12.7 Franklin A1 Northern Funds Schwab Funds TotIntBdIdxAdm 23.22 +0.01 3.3 WellsI 27.91 +0.12 3.7 apply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply,12b-1. r- Fidelity Freedom CA TF A1 p 7.71 ... 2.9 StkIdx 38.91 +0.50 6.1 1000 Inv r NA ... NA TotIntlAdmIdx r 28.80 +0.28 -2.8 Welltn 44.01 +0.33 2.8 Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand rapply. v-Footnotes FF2020 16.42 +0.11 4.4 IncomeA1 p 2.12 +0.01 -5.9 Nuveen Cl I S&P Sel NA ... NA TotStAdml 83.60 +1.30 5.9 WndsrII 35.59 +0.48 -1.5 xand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Notavailable due to incomplete FF2025 14.57 +0.12 4.3 FrankTemp/Frank Adv HYMunBd 16.90 +0.01 -2.6 TSM Sel r NA ... NA TxMCapAdml 175.96 +2.60 7.0 VANGUARD INDEX FDS price, performanceorcostdata. NE-Notreleased by Lipper; data under review. NN-Fund not FF2030 18.02 +0.17 4.0 IncomeAdv 2.10 +0.01 -5.8 Old Westbury Fds TIAA/CREF Funds TxMIn r 13.50 +0.11 -3.6 IdxIntl 17.22 +0.17 -2.9 tracked. NS-Fund didn’texistatstart of period. Freedom2020 K 16.41 +0.12 4.4 FrankTemp/Franklin A LrgCpStr 15.47 +0.20 2.7 BdIdxInst NA ... NA USGroAdml 150.51 +3.00 35.1 SmValAdml 49.27 +0.97 -15.6 Freedom2025 K 14.55 +0.12 4.4 Growth A p 129.37 +1.80 15.3 Parnassus Fds EqIdxInst 24.70 +0.38 5.8 ValAdml 41.86 +0.50 -9.0 TotBd2 11.58 ... 6.9 Freedom2030 K 18.01 +0.17 4.2 RisDv A p 72.87 +0.82 5.2 ParnEqFd 50.84 +0.72 8.5 VANGUARD ADMIRAL WdsrllAdml 63.14 +0.84 -1.5 TotIntlInstIdx r 115.17 +1.13 -2.8 Monday, September 14, 2020 Freedom2035 K 15.13 +0.18 3.5 FrankTemp/Franklin C PGIM Funds Cl Z 500Adml 313.38 +4.04 6.1 WellsIAdml 67.62 +0.29 3.8 TotItlInstPlId r 115.19 +1.12 -2.8 Net YTD Net YTD Net YTD Freedom2040 K 10.58 +0.13 3.1 Income C t 2.15 +0.01 -6.2 TotalReturnBond NA ... NA BalAdml 41.51 +0.38 7.2 WelltnAdml 76.01 +0.57 2.9 TotSt 83.56 +1.30 5.8 Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fidelity Invest FrankTemp/Temp Adv PIMCO Fds Instl CAITAdml 12.28 ... 3.2 WndsrAdml 64.39 +1.03 -10.0 VANGUARD INSTL FDS Balanc 26.85 +0.30 10.1 GlBondAdv p 9.79 +0.01 -5.3 AllAsset NA ... NA CapOpAdml r 164.87 +3.58 4.5 VANGUARD FDS BalInst 41.52 +0.38 7.2 American Century Inv HiYBlk 7.49 ... 0.2 US CoreEq1 25.89 +0.38 0.8 Guggenheim Funds Tru BluCh 141.63 +2.92 37.1 HiYld 8.78 ... 0.5 DivAppIdxAdm 35.17 +0.43 5.0 DivdGro 31.44 +0.38 3.8 DevMktsIndInst 13.52 +0.11 -3.6 Ultra 68.37 +1.17 31.1 HiYldBd Inst 7.49 ... 0.2 US CoreEq2 23.29 +0.35 -0.8 TotRtnBdFdClInst 29.88 +0.02 12.2 EMAdmr 36.80 +0.57 0.2 Contra 16.54 +0.18 21.5 InvGrdCrBd NA ... NA INSTTRF2020 25.19 +0.16 4.5 DevMktsInxInst 21.13 +0.17 -3.6 American Funds Cl A BlackRock Funds A US Small 30.79 +0.56 -11.6 Harbor Funds EqIncAdml 72.41 +0.85 -7.4 ExtndInst 98.39 +2.87 3.5 ContraK 16.57 +0.18 21.5 TotRt 10.96 -0.01 7.9 INSTTRF2025 25.80 +0.21 4.3 AmcpA p 35.69 +0.42 8.2 GlblAlloc p 20.15 ... 8.1 US SmCpVal 27.49 +0.46 -19.8 CapApInst 101.49 +2.02 34.0 ExplrAdml 100.49 +2.08 3.4 GrwthInst 116.41 +1.86 24.6 CpInc r 10.06 +0.06 1.2 PIMCO Funds A INSTTRF2030 26.13 +0.24 4.0 AMutlA p 42.10 +0.43 -2.2 BlackRock Funds Inst USLgVa 32.65 +0.45 -14.4 Harding Loevner ExtndAdml 98.39 +2.86 3.5 InPrSeIn 11.50 ... 9.2 DivIntl 43.47 +0.38 7.3 IncomeFd NA ... NA INSTTRF2035 26.44 +0.26 3.7 BalA p 29.06 +0.10 3.7 StratIncOpptyIns 10.09 ... 3.1 Dodge & Cox IntlEq 24.90 +0.19 4.6 GNMAAdml 10.74 -0.01 3.3 InstIdx 302.88 +3.91 6.2 GroCo 30.35 +0.73 42.1 PIMCO Funds I2 INSTTRF2040 26.73 +0.29 3.3 BondA p 14.13 ... 9.5 Bridge Builder Trust Balanced 95.00 +0.80 -4.2 Invesco Funds Y GrwthAdml 116.40 +1.86 24.6 InstPlus 302.90 +3.91 6.2 GrowCoK 30.42 +0.73 42.2 Income NA ... NA INSTTRF2045 26.96 +0.32 3.0 CapIBA p 59.16 -0.17 -4.0 CoreBond 11.01 ... 7.7 Income 14.81 ... 7.3 DevMktY 45.71 +0.59 0.2 HlthCareAdml r 91.90 +1.51 7.7 InstTStPlus 71.52 +1.11 5.9 PIMCO Funds Instl CapWGrA 52.45 +0.29 1.7 CorePlusBond 10.71 ... 7.5 Intl Stk 37.74 +0.40 -13.4 InvGrBd 12.29 ... 8.3 JPMorgan I Class HYCorAdml r 5.83 ... 1.4 INSTTRF2050 27.01 +0.32 3.0 MidCpInst 48.34 +0.85 0.1 IncomeFd NA ... NA EupacA p 58.47 +0.54 5.0 Intl Eq 11.81 +0.10 -1.5 Stock 171.44 +2.30 -9.3 LowP r 43.61 +0.72 -6.4 CoreBond 12.46 ... NA InfProAd 28.22 -0.01 9.1 INSTTRF2055 27.13 +0.33 3.1 MidCpIstPl 238.42 +4.20 0.1 Price Funds FdInvA p 61.70 +0.70 1.5 LargeCapGrowth 18.94 +0.27 19.6 DoubleLine Funds Magin 12.04 +0.18 18.0 EqInc 17.87 +0.24 NA IntlGrAdml 133.15 +2.09 29.5 LifeCon 21.91 +0.11 5.1 SmCapInst 74.65 +1.79 -5.4 BlChip 152.48 +1.91 22.6 GwthA p 60.21 +1.01 17.8 LargeCapValue 12.89 +0.17 -5.0 CoreFxdIncmI NA ... NA OTC 15.41 +0.26 28.4 JPMorgan R Class ITBondAdml 12.69 ... 9.2 LifeGro 37.14 +0.40 3.6 STIGradeInst 11.00 ... 4.3 HI TrA p 9.70 +0.01 0.4 ClearBridge TotRetBdI NA ... NA Puritn 25.25 +0.24 11.8 CoreBond 12.48 ... NA DivGro 54.36 +0.67 2.6 ITIGradeAdml 10.66 ... 8.8 LifeMod 29.89 +0.24 4.4 STIPSIxins 25.57 ... 3.5 ICAA p 40.56 +0.37 3.8 LargeCapGrowthI NA ... NA Edgewood Growth Instituti SrsEmrgMkt 21.30 +0.34 3.2 CorePlusBd 8.83 ... NA EqInc 27.26 +0.39 -13.8 LTGradeAdml 12.05 -0.01 13.4 PrmcpCor 27.20 +0.41 -2.6 TotBdInst 11.66 ... 7.3 IncoA p 22.17 -0.02 -2.3 Columbia Class I EdgewoodGrInst 48.46 +0.63 25.8 SrsGlobal 12.79 +0.11 -2.9 Lord Abbett A EqIndex 90.16 +1.16 6.0 MidCpAdml 218.83 +3.85 0.1 STAR 29.45 +0.28 8.4 TotBdInst2 11.58 ... 6.9 N PerA p 53.94 +0.95 14.1 DivIncom I NA ... NA Fidelity SrsGroCoRetail 25.51 +0.60 43.7 ShtDurIncmA p NA ... NA Growth 88.38 +1.05 20.5 MuHYAdml 11.73 ... 2.2 TgtRe2015 15.90 +0.08 4.7 TotBdInstPl 11.66 ... 7.3 NEcoA p 51.58 +0.75 12.8 Dimensional Fds 500IdxInstPrem 117.73 +1.52 6.2 SrsIntlGrw 18.99 +0.19 8.4 Lord Abbett F HelSci 90.95 +2.80 11.7 MuIntAdml 14.71 -0.01 3.4 TgtRe2020 33.98 +0.23 4.5 TotIntBdIdxInst 34.84 +0.01 3.3 NwWrldA 74.91 +0.89 6.2 5GlbFxdInc 10.87 ... 1.3 Contrafund K6 17.41 +0.19 20.3 SrsIntlVal 9.01 +0.06 -9.0 ShtDurIncm NA ... NA LgCapGow I 53.64 +0.59 21.8 MuLTAdml 12.10 ... 3.8 TgtRe2025 20.69 +0.16 4.3 TotStInst 83.62 +1.30 5.9 SmCpA p 65.07 +1.22 10.6 EmgMktVa 25.04 +0.29 -12.2 ExtMktIdxInstPre 65.99 +1.93 3.4 TotalBond 11.53 -0.01 7.6 Metropolitan West MidCap 100.42 +1.54 5.3 MuLtdAdml 11.23 ... 2.6 TgtRe2030 37.91 +0.34 4.0 ValueInst 41.86 +0.50 -9.0 TxExA p 13.46 ... 2.7 EmMktCorEq 20.72 +0.36 -3.9 IntlIdxInstPrem 41.09 +0.23 -4.4 Fidelity SAI TotRetBd 11.65 ... 7.8 NHoriz 76.95 +1.47 29.6 MuShtAdml 15.95 ... 1.6 TgtRe2035 23.34 +0.23 3.6 WCM Focus Funds WshA p 46.48 +0.57 -2.4 IntlCoreEq 12.84 +0.12 -6.1 MidCpInxInstPrem 23.05 +0.44 -1.9 TotalBd 11.02 ... 7.0 TotRetBdI 11.65 ... 8.0 R2020 22.97 +0.16 4.0 PrmcpAdml r 148.05 +2.50 2.7 TgtRe2040 40.43 +0.44 3.3 WCMFocIntlGrwIns 21.39 +0.15 13.1 Baird Funds IntSmCo 17.66 +0.19 -6.3 SAIUSLgCpIndxFd 18.11 +0.23 6.0 Fidelity Selects TRBdPlan 10.96 +0.01 8.0 R2025 18.52 +0.16 4.2 RealEstatAdml 116.56 +2.89 -9.8 TgtRe2045 25.46 +0.30 3.1 Western Asset AggBdInst 11.89 ... 7.7 IntSmVa 16.66 +0.19 -13.7 SeriesOverseas 11.31 +0.07 4.9 Softwr r 24.51 +0.34 27.5 MFS Funds Class I R2030 26.95 +0.26 4.1 SmCapAdml 74.65 +1.79 -5.4 TgtRe2050 41.00 +0.49 3.1 CoreBondI NA ... NA CorBdInst 12.22 +0.01 7.6 LgCo 26.03 +0.33 6.1 SmCpIdxInstPrem 19.54 +0.51 -6.9 First Eagle Funds Growth I 152.61 +1.97 20.0 R2035 19.79 +0.21 4.0 SmGthAdml 74.64 +2.12 7.1 TgtRet2055 44.51 +0.53 3.1 CorePlusBdI NA ... NA BlackRock Funds TAUSCoreEq2 19.84 +0.30 -0.7 TMktIdxInstPrem 95.46 +1.47 5.7 GlbA 57.99 +0.56 0.1 ValueI 41.46 +0.47 -6.2 R2040 28.14 +0.33 4.0 STBondAdml 10.89 ... 4.4 TgtRetInc 14.64 +0.06 5.0 CorePlusBdIS NA ... NA P2JW259000-5-B00900-1------XA

THE WALL STREET JOURNAL. ***** Tuesday, September 15, 2020 | B9 MARKETS Blank Tech Stocks Lead Index Rebound Check BY ALEXANDER OSIPOVICH IPOsRare AND JOE WALLACE Arebound in technology shares helped major stock in- In Europe dexesrecover afterlast week’s pullback. BY BEN DUMMETT Deal activity at software gi- ant Oracle and chip maker Europe has missed out on Nvidia contributed to the the wave of initial public of- bounceintech stocks.Both feringsofblank-check compa- companies’ shares rallied more nies, one of the drivers of eq- than 4% afterOracle wonthe uity-marketsactivity in the bidding forthe U.S. this year.Tohelp address MONDAY’S U.S. operations this dearth, the London Stock MARKETS of video-shar- Exchange is reviewing waysto ing app TikTok ignite its market for such of- and Nvidia agreed to buy Brit-

ferings, according to aperson ish chip designer Arm Holdings S familiar with the matter, amid in apotentially transformative NEW

early signs of renewedinter- deal. G est. Thetech-heavy Nasdaq

TheLSE declined to com- Compositejumped 203.11 OOMBER

ment. points, or 1.9%, to 11056.65af- /BL Blank-check firms are pub- terlast week suffering itsbig-

licly traded shellcompanies gest one-week decline since MORRIS

that use money raised from an the March market crisis. UL IPO to makeanacquisition. In TheDow Jones Industrial PA VID

the U.S.,the vehicles,also Averageclimbed 327.69points, DA known as special-purpose ac- or 1.2%, to 27993.33, while the Nvidia shares gained 5.8% after the chip company agreed to acquire Arm Holdings from SoftBank. Nvidia’s CEO, Jensen Huang. quisition companies,typically S&P 500 advanced 42.57 allowinvestorstovoteonthe points, or 1.3%, to 3383.54. fetedthis month by uncer- Share-priceand indexperformance, Monday 69 cents, or 2.4%, to $29.73. SPAC acquisition and redeem Theadvance extends aspell tainty about the presidential Gilead Sciences shares rose their money if they don’t like of outsizemoves in both direc- election and worries that the Nvidia $1.44, or 2.2%, to $66.34after the deal. In some European ju- tions forU.S.stock indexes, economic recovery,which ap- thepharmaceutical company risdictions,such as the U.K., much of it driven by shares of peared vigorous earlier this said it would pay $21 billion to this isn’t a requirement. large technologycompanies summer,could be slowing. Oracle buy biotech Immunomedics In London, investorsare that have poweredthe mar- “We’reshifting intoanenvi- andits prized breast-cancer also prevented from trading a ket’srecoverysincethe spring. ronment of lowerreturns and Apple drug. SPAC’s shares from the time a Stocks like Apple and Mi- higher volatility and this is not Citigroup shares dropped deal is announced to approval crosoft hadsoared in recent inconsistent with that,” said S&P500 $2.85,or5.6%, to $48.15 after of the prospectus.That means months,with investorsbetting James McCormick, global head Technology sector TheWall Street Journal re- investorscan be tied intoa tech companies were better of desk strategyatNatWest ported that federal regulators deal that they don’t support positioned to handle the Markets. “I think the upside is Nasdaq Composite were preparing to reprimand Covid-19 pandemic than more going be abit capped hereun- the bank forfailing to improve traditional industries.Rock- til we getthrough some of itsrisk-management systems. S&P500 The number of U.S. bottominterest ratesalso these eventsand risks.” Elsewhere, the StoxxEurope pushed investorsintoriskier Investor sentiment was DowJones 600 rose 0.1%. At middayTues- blank­check assets. But the tech rally boostedbythe resumption of Industrial Average dayinTokyo,the Nikkei 225 IPOs has more than abruptly lost steam this clinical trials of AstraZeneca’s Stock Averagewas up 0.6%. month. Even with Monday’s experimental coronavirus vac- Microsoft doubled this year. gains,the Nasdaq remains cine in the U.K. Studies were morethan 8% belowthe re- put on pause globally aftera 02% 46AUCTION RESULTS Here are the results of Monday's Treasury auctions. cordsitreached in early Sep- person who received the vac- Source:FactSet All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference tember. cine had an unexplained ill- between that price and the face value. for an indefinite period. MikeDowdall, aportfolio ness. Trials in other countries, Gainswerebroad Monday, shares gained $28.31, or 5.8%, Those differences arekey manager at BMO Global Asset including the U.S.,remain on with all 11 of the S&P 500’s to $514.89 afteritagreed to 13-Week 26-Week Applications $172,732,893,600 $170,189,719,800 reasons SPACshavehistori- Management, said he wasbe- hold. sectorsadvancing.The tech buy Arm Holdingsfor more Accepted bids $58,313,812,700 $55,074,060,800 cally proved more popular in ing cautious on tech stocks be- “There’sabit morepositiv- sector wasamong the biggest than $40 billion from SoftBank " noncomp $794,657,600 $485,338,200 " foreign noncomp $400,000,000 $188,000,000 the U.S.,some bankersand in- cause of their lofty valuations. ity as regardsvaccines,” said gainers, with a2.1% climb. Group Corp. Auction price (rate) 99.972194 99.939333 vestorssay,inpart because “Even though the economic RobertCarnell,head of re- Oracle shares rose $2.46,or Investorswelcomed news (0.110%) (0.120%) 0.112% 0.122% they givetheir investors storyisreally strong,it’shard search forAsia-Pacific at ING 4.3%, to $59.46after it beat that ViacomCBS is selling Bids at clearing yield accepted 41.66% 33.90% greater influenceoverany to step intothat trade at the Groep.“Theresumption of As- Microsoftinthe race forTik- CNETMedia Group to Red Ven- 9127963K3 9127964N6 deal. However, the different moment,” he said. traZenecatrials will be seen in Tok,according to people famil- tures,pushing ClassBshares Both issues are dated Sept. 17, 2020. The 13-week bills mature on Dec. 17, 2020; the 26-week bills mature on rules governing blank-check Stocks have been also buf- that light.” iar with the matter. Nvidia in theentertainment giant up March 18, 2021. offeringsare discouraging these types of IPOs in Europe more than they have in years. Weekly changes in the S&P500 and 2020 Theeffect of falling real yields relativetoGerman real Europe this year has failed 10-yearinflation-protected Treasury yields 2008–19 Bond yields on stock prices should yields hashelped strengthen to attractany SPAC IPOs 20% be similar,the authorssaid in theeuroagainst the dollar. through Sept. 10,compared Week ended an interview. Likebonds,gold is an asset with a previous low of two in March 27 Yields Spur One of the most obvious that investorsturn to forsafety. 2015 and a high of 13 in 2017 SE Stocksrose 10.3% consequences of the drop in So it benefits when government 10 forthe comparable period, ac- RO Yields fell 0.5pt. real yields has been the weak- bonds offer lowerreturns. cording to data provider Dea- ening dollar. More often than It also tends to climb when

OCKS RiskTakers logic.Bycontrast, the number not, when real yields have de- inflation accelerates, because ST of U.S. blank-check IPOs has 0 clined recently, the dollar has it then takesmoredollarsto morethan doubled to 94 for ContinuedfrompageB1 dropped with them. purchase the same amount of

this year through Thursday FELL Treasuryyield from 1.9% at With currencies,itisn’t just the precious metal. –10 from theyear-earlier period, March 20 the start of the year to 0.7% at U.S. yields that matterbut According to BNP,72% of the highest level in six years. OCKS Stocksfell 15% the end of June could be seen howthey comparewith the gold’spricechanges have his- ST Darker shades indicate That divergence is also re- overlapping dots. Yields rose 0.5pt. as providing a25% boost to government bond yields of torically been explained by flected in overall IPO activity. –20 the S&P 500,according to a other countries,asinvestors moves in real yields while an- Thetotal value of European –0.6 pct.pts. –0.3 00.3 0.6 report by Michael Sneydand tend to favorcurrencies that other 21% has been attribut- IPOs,comprising those involv- REAL YIELDSFELL REAL YIELDSROSE Kaushik Banerjee of BNP offer abetterrisk-free return. able to shifting global inflation ing blank-check offerings and Sources: FactSet (S&P 500); Federal ReserveBank of St.Louis (TIPS yields) Paribas. Thus,the decline in U.S. real expectations. others, is down about 53% to $6.5 billion. Meanwhile, total U.S. IPO activity has jumped Ramadan holidaytofill or- regularly issues gold bonds about 62%to$78.1 billion, Weak Lira ders,according to aTurkish while banks have opened gold with SPAC IPOs representing official. accountsand experimented about47% of that total, ac- Turkish exportshave with gold credit cardsand cording to Dealogic. Powers New picked up as European econo- gold ATMs. The$300 million IPO of mies reopened while the cen- Gold holdingshavein- Broadstone Acquisition Corp. tral bank took steps to cool off creased at the central bank, underscores both the drivers Gold Rush thecredit boom in August, but with gold among the largest behind the proliferation of the damagewas already done. portion of reserves among any SPACsand the advantages that Thelirahas fallen morethan monetaryinstitution. But JOURNAL

U.S. marketsoffer as listing ContinuedfrompageB1 20% this year and hit arecord Turkish households have kept REET venues.Broadstone’smanage- ameasureofgrowing popular lowMonday, with $1 buying the bulk of their gold savings ST LL

ment team is based in London, defiancetoward the Turkish 7. 50 lira. at home. As of the end of Au- WA and the company is targeting liraaswell as of the country’s On Friday, Moody’s Inves- gust, residentshad around $33 “fundamentally sound but mounting financial problems. tors Servicedowngraded Tur- billion in gold depositsat /THE stressed businesses in the U.K. Over the past year,Turkish key’s sovereign debt, pointing Turkish banks,according to and Europe” foranacquisi- authorities implemented a to dwindling central-bank re- datafromTurkey’s central tion,according to itsIPO fil- two-pronged economic policy serves and authorities’ inade- bank.

ing.However, it is aU.S.IPO deemed unsustainable by most quateresponses.“External In the long run, Turkish UTHIER-VILLARS that waspriced Thursdayand economists. vulnerabilities areincreasingly people’s bet on gold has been GA VID

the companyislisted on the On the one hand, President likely to crystallizeinabal- a wise investment. According DA New York Stock Exchange. Recep Tayyip ance-of-paymentscrisis,” to Turkey’s statistical insti- Istanbul safe-box seller Mustafa Tuzcuoglu saw business surge 50%. “The investment base is COMMODITIES Erdogan Moody’s said. tute,the metal yielded the deeper and wider in the States urgedthe Thecentral bank has said a best returns in the past 10 Percentage change, Flowsingold deposits and that, together with inves- central bank tokeep interest lowlevel of reserves wasnor- years, outperforming the dol- year to date at Turkish banks,weekly torconfidenceinthe model, rateslow—which made hold- mal amid the turbulent global lar, real estate, bonds and eq- makes the fundraising on ing liraunattractivebecause environment. uities. 40% $3 billion SPAC IPOs moreachievable,” of high inflation—while his Gold plays an outsizerole “Over the past decade or said Paul Amiss, aLondon- administration instructed in Turkey,both in the financial two,the fact that gold outper- Gold futures basedcorporatelawyer at banks to pump up cheap system and as households’ formed domestic equities and Winston &StrawnLLP,who is loans to households and busi- preferred “under-the-mat- fixed-income assetsought to 20 2 working on the Broadstone nesses.Onthe other hand, tress” way to protect their be asign that thereare struc- deal. the central bank spent bil- savingsagainst aweakening tural problems with the Turk- Still, in an indication that lionsinforeign exchangeto currencyand historically high ish economy,” Erik Meyersson, the market forEuropean SPAC buy liraand keep itsprice inflation. senior economist at Swedish 0 1 IPOs is showing renewedsigns from plunging further. Thepile of gold Turks keep bank Handelsbanken. of life, Martin Franklin,awell- When the coronavirus crip- at home is estimated at be- Agovernment taxongold known blank-check sponsor, pled global trade,Turkey’s ex- tween 3,000 and 5,000 metric purchases,which wasin- currently leads a group plan- portssank.Meanwhile,flush tons.That is between $190 bil- creased to 1% from 0.2% in –20 0 ning to raise about $750 mil- with borrowedcash, Turkish lion and $310 billion at cur- May, pushed much of the buy- lion in an IPO of such avehicle households splurged on im- rent market prices,orbetween ing to the Grand Bazaar and Turkish lira’svalue known as Harvester Holdings ported products, especially 25% and 40% of Turkey’s other gray markets this sum- againstthe U.S. dollar Ltd. and list it in London. Mr. gold, opening gaping holes in yearly output. mer, depriving banks of gold –40 –1 Franklin’sprevious blank- the country’scurrent account. In an effort to luresome of deposits, which they rely on to check companies include the Demand forgold wasso that dormant resource into meet regulatoryrequirements. Jan. Sept. July Aug. LSE listing of J2 Acquisition strong this summer that the the economy, the central bank In Istanbul, Mustafa Tuzc- Sources: FactSet (futures); TullettPrebon (currencies); InstituteofInternational Finance(flows) Ltd., which raised $1.25 billion nationalmint, which makes allows lenderstokeep up to uoglu has an idea of where in an IPO in 2017. About two gold coins favoredbyolder 15% of their mandatoryre- that gold went. from the spring,especially from $400 to $650 and weigh yearslater,itacquired APi generations—younger Turks serves in the form of scrap The maker and distributor from families looking foraso- 700pounds,” he said. “They Group for$2.9billion and ad- like mini-ingots—asked em- gold collected from depositors, of safeboxessaid he recorded lution to store their gold. keep half of their savingsat opted the name of the spe- ployees to work overtime,on as well as 20% in standard a 50% jump in demand at his “Clientsgofor small but the bank and half at home. cialty-services contractor. weekends and even during the gold. TheTurkish treasury Istanbul shop this summer high-end models that cost That’s what I’m doing too.” P2JW259000-0-B01000-1------XA

B10 | Tuesday, September 15, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Nvidia Arms Up For Chip Action, But Trouble Is Near GES Acquisition of SoftBank unit will bring scrutiny IMA from governments and competitors GETTY SE/

Forty billion dollars will buy makersthat either competewith ANCE-PRES Nvidia a world-class semiconduc- Nvidia, or arelikely to in the future. FR tor research and licensing busi- As such, Nvidia will need to GENCE

ness. It might also buy the rapidly strike a delicate balance between /A ascending chip maker a whole new running its own chip business and kind of trouble. allowing Arm’s a certain degree of BAKER G

Nvidia confirmed Sunday that it independence—all while trying to GRE would pay $40 billion to acquire fully realize the value of its $40 The details of the proposal haven’t been made public. A restaurant in Beijing with a TikTok logo on Monday. Arm Holdings from SoftBank. The billion outlay. Both companies re- deal, which has been churning alize this. Nvidia Chief Executive through the rumor mill for several Jensen Huang said Sunday that he weeks, is Nvidia’s largest by miles, plans to fully maintain Arm’s No TikTok Spoils forOracle nearly six times as large as last “open licensing and neutrality,” year’s acquisition of Mellanox. For- while Arm CEO Simon Segars tunately, Nvidia’s gravity-defying added it would be “value destruc- stock makes for valuable currency. tive to do anything else.” Winning ‘bid’ looksmorelikeacloud-hosting deal with political baggage The company is kicking in only $12 But that is easier said than billion in cash, just a little above done. Qualcomm’s efforts to run what was on its balance sheet as both a chipset and licensing busi- Much remains unknown about Share-priceperformancethis year of two months ago. ness have enmeshed it for years in exactly what Oracle is getting for But the risk to this deal was lawsuits and battles with regula- its winning “bid” for TikTok’s U.S. 40% never financial. U.K.-based Arm tors. And Nvidia’s strength in arti- operations, but it appears to fall provides the basic designs forthe ficial-intelligence computing that well short of what was originally 30 Microsoft low-powercentral processor chips has made the company a Wall envisioned. that form the brains of devices Street darling makes it the name Oracle confirmed Monday morn- 20 such as smartphones and tablets. to beat for others targeting this ing that it is part of a proposal Oracle Companies including Apple,Sam- lucrative field. In a note to clients submitted by TikTok’s Chinese 10 sung and Qualcomm license those Sunday night, Stacy Rasgon of owner ByteDance to the Treasury designs fortheir ownchips.The Bernstein said Nvidia’s “dominance Department. That follows Micro- 0 upshot is nearly everycompany will be extended into virtually ev- soft’s announcement Sunday night First reported that makes processorsfor mobile ery important compute domain” if that ByteDance turned down its of- –10 interest in TikTok devices and other types of chips it can complete this deal. fer to acquire the U.S. operations has alicensing relationship with Therefore, even completing the of the popular social-networking –20 Arm. And alot of those arechip deal is a big “if.” The acquisition service. The details of Oracle’s pro- will need the approval of regula- posal haven’t been made public, –30 Share-priceand index tors across the globe. That in- though it doesn’t appear to be an JFMAMJ JAS performancethis year cludes the U.S. and China, where outright sale. The company’s two- semiconductors have become a sentence statement Monday—un- Source:FactSet 125% battleground in an escalating trade usually terse by its standards— Nvidia and technology war. It took Nvidia said only that Oracle would serve dustry. On the other hand, Citi- who controversially demanded a 100 more than a year to push through as “the trusted technology pro- group analyst Walter Pritchard cut forthe U.S. Treasury in return. its relatively uncontroversial ac- vider.” The Treasury-led Commit- wroteMondaymorning that even Theprizemight ultimately turn quisition of Mellanox. Mr. Huang tee on Foreign Investment in the an exclusivearrangement with Tik- out to be little morethan aglori- 75 wouldn’t even put a rough guess U.S., or Cfius, will review the pro- Tok“isn’t likely to changethe com- fied web-hosting arrangement. on how long it would take to get posal this week. petitivenessofOracle in cloud.” For this, investors bid up Ora- the necessary signoffs for buying Unlikemanyofits fellowtech Winning TikTok does giveOra- cle’s stock price more than 4% 50 Arm. The chance of a long, drawn- behemoths,highly acquisitiveOra- cle the satisfaction of besting one Monday, adding to gains of 6% out battle for approvals is high. cle has never shown much interest of those cloud rivals,one with since the company’s name first PHLX And the real risk for Nvidia is in consumer technology. But its which it has had a long and bitter surfaced as a TikTok bidder in 25 Semi- conductor that getting the world’s biggest yearning forTikTok probably isn’t rivalry.But winning is unlikely to mid-August. Granted, the stock has index governments on board may turn the exception that it seems.Oracle derail Microsoft’sconsiderable mo- underperformed most of its soft- out to be the easy part. If the com- wasreportedly eager to scorean- mentum in the cloud business.And ware peers this year and carries a 0 S&P500 pany can’t find the right balance other marquee name forthe cloud- victoryinthis case still putsOracle relatively cheap multiple of 14 between reassuring Arm’s licens- computing businessthat the com- intothe middle of ageopolitical times forward earnings. But it is –25 ees and making the most of its in- panyisaggressively building up in warovertechnologythat already still a risky play. Estimating the vestment, the real winners from an attempt to challenge Ama- has takensome odd turns—includ- benefit of owning TikTok is as JFMAMJ JAS this deal could be the lawyers. zon.com and Microsoft, the two ing the appearanceofasale bro- confusing as the bidding process. Source:FactSet —Dan Gallagher most dominant names in that in- keredbythe president of the U.S., —Dan Gallagher A Private SoftBank Seems Unlikely Siemens Halfheartedly Taking SoftBank private may sales lend some credencetothe still need to put up around $100 bil- Becomes aTechCompany sound nice to its flamboyant theory. SoftBank just announced a lion, assuming a25% takeover pre- founder Masayoshi Son. But carry- $40 billion deal to sell itschip unit mium. Part of that could be reduced ing it out won’t be easy. Arm Holdings to Nvidia and priced with SoftBank’scash, but Mr.Son Mr.Son’serratic investment style its$10 billion sale of a22% stake will likely need help from banks or Many industrial companies as- Ebita margin for has never fitwell with the scrutiny in itsdomestic telecom unit. Soft- private-equity investors. pire to reinvent themselves as mostrecent quarter* he has received as the chairman of Bank’sshares jumped 7.9% Monday. Lowinterest ratesmay makefi- technology businesses. Siemens apublicly listed company. Thelat- nancing cheaper—though making has done more than most, but the Siemens: Digital Indust. estcase in point: SoftBank’sshares SoftBank lessdisciplined in itsin- job is far from complete. fell 10% in three days last week af- Rumorsofamanagement vestmentscould givelenderspause. OnceviewedasGeneral Electric’s Siemens: SmartInfra. terreportsrevealing thecompany’s Similarly,private-equity funds may clumsy European rival, the German massiveoption betsontech stocks. buyout have come up salivateatSoftBank’s discount to its conglomerate’sdeparting Chief Ex- Siemens: Mobility Making SoftBank aprivatecompany from time to time over net assets,but that would require ecutiveOfficer JoeKaeser has spent would removesuch visible volatility, them to have biggersay over asset the past seven yearsoverhauling Siemens Group total especially sinceMr. Son has long thepastfew years. sales,which contradictsthe reason the company’sstructure. He will de- complained that the market has un- forthe companytogoprivate. liver another milestone at the end Siemens Healthineers dervalued the company. Therumors Thereisaneasier way to boost of this month: Siemens Energy will of amanagement buyout have come SoftBank’sshareprice. Themarket be spun out of the wider group. Siemens-Gamesa† up from time to time over the past AprivateSoftBank would let Mr. loved itsdecision in March to sell or It is the thirdmajor businessunit few yearsthough an actual buyout Son carryout his sometimes baf- monetize4.5 trillion yen, equivalent to be parceled off.This sounds like –10% 0 10 20 has never materialized. fling investment ideas morefreely, to $42.39 billion, of assetstobuy the kind of shareholder-friendly Such rumorshaveresurfaced but making it happen would require back shares and redeem debt,before strategyanactivist investor might *Earnings beforeinterest, tax and amortization †Excludes purchase priceamortization again: SMBC NikkoSecurities, for an enormous sum. SoftBank has a itsoption betsunnerved investors. push, but in some waysithas in- and integration and restructuring costs example,said delisting SoftBank market value of $113 billion—not in- More generous payouts would creased complexity.Siemens has a Source:the companies via amanagement buyout is apos- cluding itsTreasuryshares—after be an simpler—and perhaps more number of separately listed subsid- sibility in aresearch notelast Monday’ssurge.Excluding Mr.Son’s realistic—way to buy goodwill iaries that it supportsand influ- flagship “Digital Industries” divi- week.The company’srecent asset nearly 30% stake, the buyer would from shareholders. —Jacky Wong ences through boardappointments. sion, which dominates the business Themedical-equipment division, of selling automation equipment Siemens Healthineers,was spun and software to industrial custom- out in 2018.The parent still owns ers, fits the bill best. “Smart Infra- morethan 70%and has five of nine structure,” which connectspower OVERHEARD membersonthe supervisoryboard. systems,can also passfor tech. Thegroup’swind-turbine division “Mobility” is more of a stretch. went intocreating Siemens The unit makes trains, railway-sig- Monday morning quarterbacks 32% of respondents said theywere Gamesa,the leader in offshore nals and commercial vehicles. Mr. had as much to say about the lesslikely to watchthe NFL on TV wind, as part of a2017mergerwith Kaeser tried unsuccessfully to National Football League’s ratings because of political demonstrations. aSpanish rival. Siemens initially re- merge it with France’s Alstom. Its as the passing and rushing yards Ratings fell 8% thatyear,but mainly tained 59% of the shares beforerais- long-term future is now uncertain. of their favorite teams. during the presidential campaign, ing itsstake to 67% this year. Mr.Kaeser hands over amuch The season opener Thursday which drew viewers to cable news. Thelatestcreation,Siemens En- leaner companythan the one he in- pitting the Kansas City Chiefs A likely culprit for Thursday’s light ergy,isalso complicated. It pairsgas herited to current Deputy CEO Ro- against the Houston Texans audience was the fact that the NBA and poweroperations with the par- land Busch, who will start to take should have been hugely popular and NHL playoffswere on that ent’sstake in Gamesa, thus combin- the reins next month. Investorshave S for a sports-starved nation. But night, in addition to baseball, college ing afossil-fuel market with green moregranular information about viewership was down by 12% football and the U.S. Open semifi- PRES energy.Overall, it plans to deliver Siemens’slisted subsidiaries and a

from last year’s opener. nals. Another Covid-19 effect, the TED revenue growth of between 0% and betteridea howthey canbevalued. Manyblamed social activism. lack of an NFL preseason, sapped CIA 3% and cut costs. Thecombination Ultimately,though, Siemens is SO

And while the Black LivesMatter hype. Finally, unlike last year’s AS is reminiscent of the European oil still aconglomerate. This brings movementmay notbepopular opener, the game quickly became majors’ unexciting transition plans. some diversification benefits, but it

with certain segments of the lopsided, with the Chiefs up 31-7. It RIEDEL/ Siemens nowdescribes itself as also means the company’sshares NFL’sfan base, past threats to still was the most watched sporting atechnologycompanyfocused on continue to sell at adiscount to

tune out games have provenhol- event since the Super Bowl, and dig- CHARLIE electrification, automation and dig- European industrial and technology low. A2016 Rasmussen poll found ital viewership broke records. Chiefs players on Thursday. itization. It will consist of three indexes. Mr.Busch will have to do wholly owned unitsinaddition to plenty of work beforethat changes. the semi-independent stakes.Its —Rochelle Toplensky