Swings in Tech Sector Spark Volatility in Hot SPAC Market

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****** WEDNESDAY,MARCH 10,2021~VOL. CCLXXVII NO.56 WSJ.com HHHH $4.00

DJIA 31832.74 À 30.30 0.1% NASDAQ 13073.82 À 3.7% STOXX 600 420.41 À 0.8% 10-YR. TREAS. À 14/32 , yield 1.545% OIL $64.01 g $1.04 GOLD $1,716.60 À $38.90 EURO $1.1901 YEN 108.49 Across the Southwest,DroughtTakes Toll on WaterSupply SoftBank What’s News Confronts Deeper Business&Finance Losses on oftBank’s Vision Fund Sinjected at least $400 million into Greensill at Greensill the end of 2020, deepening the potential losses the giant tech investor faces in Investorput additional the startup’s collapse. A1  Metals tycoon Sanjeev $400 million lastyear Guptaisnegotiating astand- into U.K. firm thatfiled still agreement with Greensill to givehis companies breath- forinsolvency days ago ing spaceoverpaymentson billions of dollarsofdebt. B2 SoftBank Group Corp.’sVi- sion Fund injected at least  Shares of tech firms and JOURNAL $400 millionintoGreensill special-purpose acquisition REET Capital at the end of last year, companies surged, bounc- ST

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WA with the matter, deepening the declines that pushed some potential losses the giant tech popular SPACsdown20% THE R investor faces in the startup’s or moreinamonth. A1 FO collapse.  TheNasdaq jumped 3.7%, while the S&P 500 and Dowindustrials gained 1.4% BENNETT By Julie Steinberg, Ben Dummett, and 0.1%, respectively. B1

BRIDGET Duncan Mavin  Electric-car startup Lu- DRY SPELL: Parts of the Southwest, such as Mojave County, Ariz., above, are locked in one of the most extreme droughts and Maureen Farrell cid has an undisclosed com- in years, jeopardizing farms and ranches and putting new pressure on urban areas in need of water. A3 mitment to build an assem- Theinfusion of cash wasin bly plant in Saudi Arabia. B1 addition to the $1.5billion the Vision Fund had invested in  Political pressure mounted Greensill in 2019.The money, in Texas to reverse$16 billion not previouslyreported, was in powerovercharges from SwingsinTech Sector Spark used as afinancial backstop last month’sblackouts. A3 when another Vision Fund com-  Walt Disney’s ESPN is pany, construction startup Kat- closing in on a long-term erra, came close to defaulting rights deal for National VolatilityinHot SPAC Market on aloan to Greensill, the peo- Hockey League games. B1 ple said.  Disney said its flagship Greensill, which specialized streaming service, Dis- in making short-term cash-ad- ney+, has surpassed 100 BY AMRITH RAMKUMAR value of Ford Motor Co. Indexperformance CHANGE SINCE vance-style loans to companies, million subscribers. B4 Some popular companies FEB.12CLOSE filed forinsolvency this week Shares of technologyfirms that went public by merging 2.5% afterregulatorstook over its  T-Mobile US will auto- DowJones and special-purpose acquisition with so-called SPACsinrecent banking unit and Credit Suisse matically enroll its phone Industrial Average companies surgedonTuesday, years—including online real- Group AG froze investments subscribers in an advertis- 0 +1.2% bouncing back afteraweek- estatefirm Opendoor Technol- fundscritical to the startup’s ing program informed by slong streak of declines that ogies Inc., space-tourism com- S&P500 operations. their online activity. B3 –2.5 pushed some popular SPACs pany Virgin Galactic Holdings –1.5% Greensill packaged loans to  Conagraisintalks to sell down 20% or moreinamonth. Inc. and electric-car company companies intosecurities, the Hebrew National hot TheNasdaq Composite LordstownMotorsCorp.— –5.0 known as notes,that were pur- dog brand to Brazil’sJBS. B1 jumped 3.7% forits biggest ad- added 6% or moreonTuesday. chased by the Credit Suisse vancesinceNovember,trim- Those all remain down at least –7.5 funds and sold to investorsas ming arecent slide that just one 30% in the past month. Nasdaq low-risk,money-market-style World-Wide Composite dayearlier draggeditmorethan Tuesday’sswingshigh- investments. 10%belowthe high it reached in lighted the competing dynam- –10.0 –7.2% SoftBank, founded by bil-  Thecoronavirus relief bill February. Shares of electric-car ics playing out in financial lionaireMasayoshi Son,isagi- under consideration by the companyTesla Inc.rebounded PleaseturntopageA2 –12.5 PleaseturntopageA8 House after passagebythe 20%, adding morethan $100 Feb. 12 March Senate would increase subsi- billion to the company’smarket  SPAC pioneers finally reap  Tycoon is seeking to delay dies to people who buy ACA value,orroughly twicethe the rewards...... B1 Source:FactSet payments to Greensill...... B2 health plans,marking the biggest changes to the health lawsinceits passage. A2 Manhattan prosecutors are MigrantsSee Path ALithium Miner StakesaClaim intensifying their investigation intoTrump’sbusinesses, taking aim at aWestchester To U.S. as Easier ForNation’sElectric-Car Future County,N.Y., estatethat the former president unsuccess- fully tried to develop. A4 With NewPresident Piedmont is at leading edge of efforts to build domestic supply chain  LosAngeles’sschool district reached atentativedeal with itsteachersunion that In lateFebruary, Honduran AcrosspartsofMexicoand BY SCOTT PATTERSON AND AMRITH RAMKUMAR Now, the company he helped found five would allowsome studentsto teenager Elder Cruz wasde- CentralAmerica, the source of years ago to explore the region, Piedmont resume in-person learning. A6 tained by Mexican immigration most illegal immigration to the GASTON COUNTY, N.C.—The rolling hills Lithium Ltd., has deployed drilling rigs  TwoofBiden’snominees authorities near Mexico’ssouth- U.S.,manywould-be migrants of North Carolina’s Piedmont region are an throughout the 2,300 acres it owns or con- to senior JusticeDepartment ern border with Guatemala and don’t followthe ins and outsof unlikely setting for a next-generation tech- trols to map out deposits. The company is poststold aSenatepanel they deported to Honduras. U.S. immigration policy. But nology transformation that has become a na- preparing to launch one of the first big new would seek to runanagency manyagree on one thing: It is tional priority. lithium mines in the U.S. in decades. free of partisan influence. A4 By Juan Montes in probably easier to getinwith Lamont Leatherman, a 55-year-old geolo- Lithium is an increasingly crucial mate- Mexico City and Juan Mr.Biden than with Mr.Trump. gist who grew up here, is its unlikely instiga- rial, central to the rechargeable batteries  Thepresident is expected Carlos Rivera in San That perception is akey factor. A decade ago, he combed the woods that power cellphones and electric cars. to nominate Lina Khan, a Pedro Sula, Honduras torinfueling the increasing near his childhood home in search of lith- These batteries are becoming a disruptive critic of big technology numbersofunaccompanied mi- ium, a soft, white metal he believed would force in the energy sector as well. Demand, companies’ market power, But that isn’t stopping the norsand families currently be crucial to the burgeoning industry of especially from vehicles, is expected to to aseat on the FTC. A4 15-year-old, an orphan who said turning up at the border.In electric vehicles. PleaseturntopageA10  TheU.S.and China areen- he plans to tryhis luck at the January, 5,707minors, mostly gaging on climatechange, a U.S. border again in the coming teenagers, arrived at the border cautious step that could show months because “[Donald] alone,upfrom4,855 the month Chaplains whether they canwork to- Trump is no longer president of before. That number is expected gether on shared priorities. A9 the U.S. and there’sanew one,” to jump again when February even though he doesn’tknow data arereleased this week. Become Salesforce.  NewYork Gov.Cuomo’s thename of President Biden. Thesurge highlightsthe dif- officereceived acomplaint “My friends have told me ficulties faced by the newU.S. Shoppers from another female employee that with the newpresident, it administration in overhauling #1 CRM. alleging inappropriatebe- will be easier to enter the what it has called Mr.Trump’s iii havior by the governor and U.S.,” said Mr.Cruz, who lives draconian immigration policies referred it to investigators. A3 in the violent Villeda Morales without sparking anew wave Mariners stuck on Ranked #1 for CRM Applications basedon slum near theHonduran city of migrantsthat leads to acri- IDC 2020H1 Revenue Market ShareWorldwide.  Queen Elizabeth expressed 19.8% concern about allegations of San Pedro Sula. PleaseturntopageA6 cargo ships get raised by Prince Harry and Meghan Markle, but said special deliveries the royal family would address them privately. A18 INSIDE BY ANNE KADET CoraDiDomenicohas JOURNAL REPORT worked as achaplain forthree WorkplaceTechnology: yearsatthe International Sea- Updating the laptopfor a farers’ Center in Port Newark, newera. R1-10 J

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JO Last week,the chaplain, AM armed with shopping bagsfrom > BUSINESS&FINANCE SPORTS Best Buy and Target, climbed T-Mobile will give Early digital collectors the long gangway to the deck advertisersdataonits of officially licensed of a558-foot fruit-juicetanker salesforce.com/number1CRM whereshe waspromptly phone subscribers’ NBAvideohighlights CRM market includesthe followingIDC-defined functional markets:Sales ForceProductivity andManagement, swarmed by ahalf-dozeneager MarketingCampaign Management, Customer Service, Contact Center,Advertising,and Digital Commerce s 2021 Dow Jones & Company, Inc. Applications. ©2020salesforce.com, inc. Allrightsreserved.Salesforce.comisaregisteredtrademark of All Rights Reserved online activities. B3 scorebig. A14 marinersinfluorescent cover- salesforce.com, inc.,asare other namesand marks. PleaseturntopageA10 P2JW069000-2-A00200-1------XA

A2 | We dnesday, March 10, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS Aid Bill Boosts Subsidies for ACA Plans

BY STEPHANIE ARMOUR out to insurancecompanies What’sinthe Covid-19 Relief Package? who stand to profit as more The$1.9trillion coronavirus people purchase ACAplans. The $1.9 trillion legislation known as the American Rescue Plan Act Latest bill compared with previous relief bill under consideration “This liberal dream is abil- aid packages by the House after passageby includes arange of measures,fromstimulus checkstochild tax lions of dollarsgiveaway to the Senate would increase sub- credits, joblessbenefits, vaccine-distribution funds,healthcare $1.7T $915B $1.9T health insurancecompanies and sidies to people who buy Af- encourages moreemployers to fordable CareAct health plans, subsidies and restaurantaid. This deal would be the largestaid drop their job-based plans alto- marking the biggest changes package to passsincewidespreadrestrictions tiedtothe gether,” said Republican Sen. First stimulus Second March 2021 to the health lawsinceits pas- coronavirus pandemic began in March 2020. March 2020 Dec.2020 package SteveDaines of Montana. sagein2010. Critics of the plan add that Thesubsidy changes would theneed forexpanded subsi- be temporaryand expireafter Breakdownof The current dies showsthe ACAhas made COVID-19RELATED EDUCATION STIMULUS CHECK Senate legislation twoyears, but would mean the $1.9trillion insurancetoo expensive. 2021 stimulus $123 billion $176billion $410 billion includes $1,400 much lowerpaymentsfor al- checksfor Theexpanded taxcredits bill most 14 million people nowin- individuals would increase federal deficits sured on the individual market. making lessthan by about $34 billion over 10 Thepackagealso includes fund- Grants $75,000 annually years, according to aFebruary STATEAND LOCAL and formarried ing aimed at enticing states GOVERNMENT analysis by the Congressional that didn’t expand their Medic- couples making Budget Office.The initiative $360 billion aid programs earlier to do so lessthan would expand health insurance HEALTH TRANSPORTATION EXTEND EXPAND $150,000 before now, and subsidies to coverthe phasing down. through the exchanges by 1.7 cost of health insurancefor $105billion* $56billion UNEMPLOYMENT TAX millionpeople in 2022. people who lose their jobs. PROGRAMS CREDITS Thehospital industryand Currently under the ACA, OTHER $246 billion** $143billion insurerssupport the move. $194billion† people who earn 400% of the Extend through “[The] legislation includes federal poverty level aren’t eli- September 6 manyprovisions to help hospi- gible forthe taxcredits, also with a$300/week Expands: tals and health systems pro- knownassubsidies,that help supplement •Child tax credit vide care to their patientsand SMALL BIZ •Child care offset the cost of buying health $59billion communities,” Rick Pollack, plans.That means asingle tax credit president and chief executive AGRICULTURE •Earnedincome person who earns morethan $16 billion tax credit of the American Hospital Asso- about$51,000 isn’t eligible, ciation, said last week. Grants to restaurants, barsthatlost Grants forchild care nor is afamily of three that revenue due to the pandemic providersand Head Start Therelief packagealso makes about $87,000. $25billion would encouragestatestoex- Thelegislation would elimi- pand Medicaid. Thefederal nateanincome capthat limits government would fortwo who is eligible forACA tax yearsincrease itsmatching Covid-19-relatedpolicy spending, in billions Stateand local government policy *Cobrasubsidies and funding for LIHEAP are creditstoreducemonthly in- shared between twocommittees and included funds to coverboth existing surancepremiums.Itwould DisasterRelief Use Defense twice. $18 billion wassubtracted from the Medicaid enrollees and the full Provide money also limitthe amount house- Fund and funeral Production Actto total to account for cap limiting howmuch cost of expanding,upfromits to stategovern- Provide money drug manufacturers mustrebatetoMedicaid holds paytoonly 8.5% of their expenses related $47 buy and distribute current payment covering 90% ments to local govern- for drugs that have increased quickly in price. to Covid-19 $10 medical supplies income on healthcare, and it $195billion ments, terri- **Based on House bill and doesn’ttake of costsfor states that haven’t would boost subsidies to tories and tribes intoaccount changes made in Senate, expanded yet. $16 Vaccine lower-income consumers. $155billion which reduced cost The Senate version also Testing and $50 distribution, With the increased subsi- contact †$22 billion wassubtracted to account provides morerelief forpeople confidenceand for the repeal rule allowing multinational dies,costswould come down tracing supply chains corporations to calculatetheir interest who have lost their jobs and formanywho buy ACA-com- Infrastructure Create paid Covid leave expenses including foreign subsidiaries need health insurance. People pliant plans.For a60-year-old $10 billion forfederal workersand Note: Figures arepreliminary and based who lose their jobs canremain with a$55,000 income,premi- other policies on earlier versions of the bill and latestnews on their employers’health reports. Deficit impact of various provisions ums would drop by around $400 million maydiffer slightly from the total amount plans forupto18months but 50% to 80% depending on the Sources: legislativetexts; Congressional Budget Officevia Committeefor aResponsible Federal Budget of aid offered. must payamonthly premium. plan, according to aKaiser TheSenatebill would subsi- Family Foundation analysis. benefit from the coverage. middle-incomefamilies,and “Affordable,accessible pose the plan, saying the fed- dizeall of the premiums,a Thesubsidy boost forthe Democratshavepraised the reducehealth-insuranceex- health coverage is anecessity eral government will spend boost from aHouse-passed bill ACAplans has been along- subsidy expansion as away to penses forlower-income peo- in apandemic,” said Rep.Rich- billions of dollarstohelp in- that would subsidize85% of held goal of Democratswho improveupon the ACAbyend- ple.They areexpected to press ardNeal (D., Mass.). surearelatively lownumber of the premium costs. sayexpanding the taxcredits ing itsso-called subsidy cliff, to makeitpermanent during Republicans and some con- people who aren’t financially —Kristina Peterson would allowmorepeople to saying it will benefitlow-and the2022midterm elections. servativeadvocacygroups op- needy.They also call it ahand- contributed to this article.

ingsLtd.fell 11% in the past Swings in month, sliding alongside other U.S. to Drive Global popular SPACssuch as venture capitalist Chamath Pali- Tech Shares hapitiya’sSocial Capital Hedos- Growth, OECD Says ophia HoldingsCorp.VIand GS Acquisition Holdings Corp.II. Roil SPACs Therecent gyrations mark BY PAUL HANNON getto12.6% growth in the fol- what some analystscall an in- lowing fiscal year. evitable return to earth. With Asurprisingly strong surge TheOECD said the slow ContinuedfromPageOne SPAC creatorsclamoring to in U.S. growth will drivea paceofvaccination in Europe marketsasthe economyre- raise moremoney and capital- sharp rebound in the world reduces the need forfurther bounds from shutdowns de- izeonthe excitement, some in- economythis year,but the stimulus fornow,because a signed to halt the spread of vestorssee the swingsasanec- strength of the American partially closed economywould the coronavirus. essaryreality check following a bouncecould unbalanceweaker be unable to meet anyextra Investorsfor weeks sold period of excessiveoptimism. economies,particularly in the demand. S SPACsand popular internet “You see people rushing to developing world. Andinmanyother partsof NEW

companies,rotating into G do it while the windowisstill According to the Organiza- the world economy, neither shares of banks and energy open,” said Roy Behren, man- tion forEconomic Cooperation rapid vaccination nor fiscal

producersthey believed would OOMBER aging member at Westchester and Development, the rise in stimulus areavailable. farebetterasthe economyre- Capital Management and a U.S. government bond yields in Theresearch body said

covers and government-bond GLE/BL SPAC investor.And among in- response to higher growth and therewas arisk that global

yields rise. NA vestors, “everybody wants to inflation expectations could growth becomes moreunbal- Also called blank-check ownthe next DraftKingsor spark capital flight from emerg- anced, leading to potentially

companies,SPACs areshell MICHAEL Virgin Galactic,” he said, refer- ing economies,wherevaccine disruptiveflows of capital to firms that list on astock ex- Founder RichardBranson, celebrating Virgin Galactic’sIPO in 2019, ring to two of the most popu- campaigns have barely begun high-growth countries from change with the sole purpose has seen the SPAC’s shares fall by nearly athirdinamonth. lar companies to go public by andwhose economic recovery low-growth ones. of acquiring aprivatecom- combining with blank-check is expected to take longer. Ms.Boone said the rise in panytotakeitpublic.The pri- recent swingshavemanyin- than currently anticipated. companies. TheParis-based research U.S. yields wasunderstandable vate firm, oftenastartup,then vestorsbracing formoregyra- Risingbond yields hurt Tuesday’smoves showed body expectsthe world econ- and not aconcern because it gets the SPAC’s placeinthe tions in the days ahead. SPACsand other tech stocks howmanyonWall Street have omytoreach pre-pandemic reflected an improved growth stock market. Merging with a “It’s going to be more vio- because they give investors a linked SPACs with technology levels of output by the middle outlook. She said rising bor- SPAC has become apopular lent,” said Evan Ratner,a more appealing alternative to stocks andcryptocurrencies, of this year,six months earlier rowing costsinother partsof way forcompanies to go pub- SPAC portfolio manager at speculativewagers. SPACs meaning that blank-check than it expected when it last the world would be moreofa lic because the processcarries Easterly Alternatives.Unless have no businessuntil they ac- companies areprone to out- published updated forecasts, in problem because they would looser regulatoryrequire- government-bond yields re- quireastartup to take public, sizemoves when trend-follow- November.Itnow sees global notreflect stronger growth mentsand bringsoutsizere- cord asustained drop,“volatil- so outsizegains in blank-check ing investorsbuy or sell all of output increasing by 5.6% in prospectsand could hold back turns forWall Street and Sili- ity is here to stay,” he said. firms were surprising to many those assets together. 2021, having declined by 3.4% economic recovery. con Valley investors. With the yield on the bench- analystsbecause money was Theswingsmean the enor- in 2020.InNovember,itfore- In particular,the OECD said Investorspoured money mark 10-year U.S. Treasurynote pouring intothe spaceeven mous paper gains earned by cast global growth forthis year investorscould movecapital into SPACs at a record pace settling at 1.6% on Monday, up when it meant buying at active SPAC creators like Mr. of 4.2%. into the U.S. and away from this year—about five newones from 1% in lateJanuary, some prices that were higher than Palihapitiya and former Citi- Themain reason forthe up- emerging-market countries, are being created daily and analystsquestion SPACsand the amount of cash that SPACs group Inc.deal maker Michael grade is a stronger outlook for pushing down the value of they have raised almost $75 otherpopular investments. had to do a deal. Klein have shrunk,and some the U.S. economy,which it now their currencies and weakening billion, according to Dealogic— Treasuryyields,which climb as Market volatility also en- investorswho piled intoSPACs sees expanding by 6.5%, more economies that arestraining to asign of exuberancebecause bond prices fall, slid on Tues- gulfed SPACsthat have yetto at high prices took a beating. than twicethe paceitforecast recoverfromthe pandemic. traders are often betting on day, at leasttemporarily easing unveil which companies they Investorswagering on declines in November and the fastest TheOECD made much more SPAC executives to do an at- concerns about afast rise in aretaking public.Evenwith in stocks tied to the sector are expansion since1984. modest changes to itsforecasts tractivedeal. Even though economic activity that could Tuesday’sclimb,hedge-fund cheering the shift. OECD Chief Economist Lau- forother large economies than SPACs and other hot invest- forcethe Federal Reserveto billionaireWilliam Ackman’s But the turmoil is also renceBoone said that reflects forthe U.S. It nowexpectsthe mentsrebounded Tuesday, the raise interest ratesmorequickly Pershing SquareTontine Hold- opening up even more oppor- an expectation that fiscal stim- eurozone to grow 3.9% this tunities forbargain-seeking ulus will be delivered, as vacci- year,upfromthe 3.6% forecast investors. nations help free the economy in November; it expectsChina’s THE WALL STREET JOURNAL CORRECTIONS With SPACsontrack to of itsCovid-19 fetters. TheSen- economytoexpand by 7.8%, (USPS 664-880) (Eastern Edition ISSN 0099-9660) soon eclipse last year’s record ateapproved Sundaya$1.9 having previouslypredicted 8%. (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) AMPLIFICATIONS totalofmorethan $80 billion trillion coronavirus relief bill, Editorial and publication headquarters: raised, individual tradershave paving the way forpassage Annual GDP forecastsfor 2021, 1211 Avenue of the Americas, New York, N.Y. 10036 newchances to getinearly through the House this week. change from previous year Published daily except Sundays and general legal holidays. Thehigh-heel shoes in a with blank-check companies at “Fiscal policyhas been Periodicals postage paid at New York, N.Y., and other mailing offices. photowith aBusinessNews prices typically available only hugely supportive, but youalso December March Postmaster: Send address changes to The Wall Street Journal, article Tuesdayabout Chris- to large institutions. need to push the accelerator on 200 Burnett Rd., Chicopee, MA 01020. 12% tian Louboutin were incor- Andsome SPACsfell even vaccinations,because if not, All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are available from the Advertising Services Department, Dow Jones rectly described as wedgehigh belowlevelsthat correspond the additional stimulus will go 10 & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the heels. to the amount of cash they on saving rather and not con- right not to accept an advertiser’s order. Only publication of an advertisement shall have on hand. Because inves- sumption,” Ms.Boone said. 8 constitute final acceptance of the advertiser’s order. Noticetoreaders tors canwithdraw that cash TheOECD nowpredictsthe Letters to the Editor: Fax: 212-416-2891; email: [email protected] Wall Street Journal staff beforeaSPACdeal goes U.S. economywill be largerat 6 Need assistance with your subscription? membersare working remotely through, buying at or below the end of 2022than it had ex- By web: customercenter.wsj.com; By email: [email protected] during the pandemic.For the that pricecan result in risk- pected beforethe pandemic 4 By phone: 1-800-JOURNAL (1-800-568-7625) foreseeable future, please send free returns. struck.Among other Group of Reprints &licensing: reader comments only by With nearly 400 SPACsin 20 leading economies,only 2 By email: [email protected] By phone: 1-800-843-0008 email or phone,using the con- the market seeking companies Turkey is seen being in asimi- tactsbelow, not via U.S. Mail. to take public,the volatility is lar position. 0 WSJback issues and framed pages: wsjshop.com likely just beginning. India is expected to see India*China U.S. World Our newspapers are100% sourcedfromsustainably certified mills. Readers can alert The Wall Street “It’sstill an extremely in- grossdomestic product down Journal to any errors in news articles *Fiscal years starting in April GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS by emailing [email protected] or teresting space,” Westchester about8%inits current fiscal Source:Organization forEconomic Cooperation by calling 888-410-2667. Capital’s Mr. Behren said. year ending in April, but then and Development P2JW069000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, March 10, 2021 | A3 U.S. NEWS Cuomo Is Accused of Touching By Another Employee

BY JIMMY VIELKIND

ALBANY,N.Y.—NewYork Gov.Andrew Cuomo’s officehas received acomplaint from another female employeealleging inappropriatebehavior and referred it to investigatorscon- ductingareview of sexual-harassment accusations against him, according to aperson fa- JOURNAL miliar with the matter.

TheAlbanyTimes Union REET ST

earlier reported the newcom- LL

plaint.The complainant, who WA

wasn’t named by the paper and THE

still works in the governor’s of- R fice,accused Mr.Cuomo of FO touching her inappropriately

latelast year at the Executive BENNETT Mansion in Albany, according

to the Times Union. Theperson BRIDGET familiar with the mattercon- Bennet Hughes helped fill a truck with water from a stock tank fed by a natural spring in Mojave County, Ariz., near St. George, Utah, last week. firmed that wasthe allegation in the complaint. Mr.Cuomo,aDemocrat, told reportersduring aTuesday RecordDrought Strains theSouthwest conferencecall that he wasun- aware of the claim. He said he never touched anybody inap- BY JIM CARLTON drought again, prompting cut- Thecurrent drought, which In Southern New Mexico’s time to recoverbeforethe propriately or made anyinap- backs to farms and ranches began last year,isalready Elephant Butte Irrigation Dis- next drought setsin, Mr.Fuchs propriateadvances. Nobody ST.GEORGE, Utah—For the and putting renewedpressure shaping up as one of the most trict, farmershavealready said. told him at the time that his ac- firsttime ever,rancher Jimmie on urban supplies.Extremeto severeonrecordinthe South- been warned they facegetting Colorado enjoyedanabove- tions made them feel uncom- Hughes sawall 15 of the ponds exceptional drought is afflict- west. Utah and Nevada experi- as little as 16% of their normal normal snowseason ayear fortable,hesaid. he keeps forhis cattle dryup ing between 57% and 90% of enced their driest yearsin126 allotment in June. ago, but much of the spring Thelatestaccuser is the at thesame time this year. the land in Colorado,New yearsoffederal recordsduring “It’shorrific here,” said runoff was soaked up by soil fourth woman who worked for Now, he and his co-workers Mexico, Nevada, Utah and Ari- 2020,while Arizona and Colo- GaryEsslinger,treasurer-man- still dryfromprevious the governor to accuse him of areforcedtohaul tanks of wa- zona and is shriveling asnow- rado had their second-driest ager of the district in LasCru- drought, he said. Thestate inappropriatebehavior or sex- tertwo hoursoverdusty, pack that supplies waterto and NewMexicoits fourth, acces, N.M. He said the 6,500 went on in late2020 to suffer ual harassment. State Attorney mountain roads to watertheir 40 million people from Denver cording to Brian Fuchs,clima- area farmersalready have itsbiggest wildfires on record. General Letitia James’s officeis 300 cows. “It’sjust adaily to Los Angeles, according to tologist with the National takenone-thirdoftheir 90,640 Meanwhile,reservoir levels overseeing an investigation into grind, we’re not making any the U.S. Drought Monitor. Drought Mitigation Center at irrigable acres out of produc- acrossthe Southwest have the allegations.OnMonday, she money,” the 50-year-old Mr. Theteam of government the University of Nebraska- tion from previous drought been falling.The biggest of named Joon Kim,aformer fed- Hughes said late last month, andacademic agencies that Lincoln. He said the Southwest yearsand likely will keep those reservoirs, Lake Mead, is eral prosecutor,and employ- amid another dayofunwaver- produces the monitor defines has been mired in drought for those offline this year as well. 41% full afteryearsofdeclin- ment lawyer Anne Clark to con- ing sun in awinter that has a drought as a period of un- much of the past two decades, NewMexicoState Engineer ing flow from the Colorado duct the probe. seen very little rain herein usually dryweather that and the latest wasbrought on John D’Antonio Jr.said his of- River.Federal officials warn it Theattorney general’sof- Southern Utah. causes problems such as crop afterone of the driest sum- fice is asking other farmersto is on track to slip belowa fice declined to comment on TheSouthwest is locked in losses and watershortages. mersonrecord. not plant this year,ifthey can, threshold of 1,075feet over Tuesday. as reservoirs statewide hold the next two years, which Thegovernor said that peo- Drought Abnormally dry Moderate Severe Extreme Exceptional just 20% of what they nor- would triggergovernment- pleshould withhold judgment intensity mally do. mandated water cuts to mil- until the independent reviewof Short-term dryness Some damage to crops, Crop or pasturelosses; Major crop/pasture Widespread crop/ Thedrought conditions lionsofusers. the harassment allegations by slowing planting, pastures; some water watershortages; water losses; widespread pasturelosses; water have also spread intoCalifor- Complicating matters is the growth of crops shortages developing restrictions imposed. watershortages or shortages creating Ms.James’sofficeiscompleted. or pastures. or imminent; voluntary restrictions. emergencies. nia, wherethe snowpack was Southwest’sexplosivepopula- Beth Garvey, Mr.Cuomo’s water-use restrictions. 58% of the averageasofMon- tion growth. St.George and its acting counsel, said, “All allega- day, according to historical re- suburbs—nestled between red- tions that we learn of directly March 2020 March 2021 cordsthat go back alittle less rock canyons and snow-capped or indirectly aregoing than acentury. That raises the mountains—totaled 188,000 promptly to the investigators likelihood of drynessthat people last year,morethan appointed by the attorney gen- could contribute to wildfires double the population of eral.” and trigger cutbacks to agri- 91,000 in 2000, according to culture, state officials say. A census estimates. NEV. delugeofprecipitation at the “We’vealways been dry,” end of the winter rainyseason said insurancebusinessman Ed The governor said UTAH COLO. CALIF. could lessen the risk of those Bowler,guiding his pickup he did nothing outcomes, but isn’t currently past rows of newtract homes wrong after a fourth in theforecast. on atour one dayinlateFeb- “We have time, but we do ruary. “But we didn’t have all woman’s complaint. have to keep our fingers these people.” ARIZ. N.M. crossed,” Mr.Fuchs said. Thepast two summershave Meteorologistssay acombi- been the warmest on record in nation of a warming climate surrounding Washington Theaccusations have left andshifting atmospheric pat- County. St. George went 154 Mr.Cuomo politically isolated terns that divert storms north days last year without receiv- 200 km and led to agrowing number of MEXICO MEXICO aremaking the dryspells ingany measurable precipita- calls forhis resignation from 200 miles morefrequent and pro- tion, shattering the prior re- Democratsand Republicans. nounced. As aresult, the land- cord of 121 days that had Last week,former aide Ana Source:U.S. DroughtMonitor AlbertoCervantes/THE WALL STREET JOURNAL scape isn’t getting enough stood since1929. Liss, 35 yearsold, told TheWall Street Journal that in 2014, Mr. Cuomo asked if she had aboy- friend and oncekissed her hand PressureBuilds on TexasAgency when she gotupfromher desk near his officeatthe State Cap- itol in Albany. BY KATHERINE BLUNT sold at sky-high prices during that Texas kept wholesale Another former aide,Char- a severe winter storm. prices artificially high for lotte Bennett, 25,recently said Political pressure mounted Amid thefreeze,the three- morethan 30 hourslonger the 63-year-old governor asked in Texas on Tuesdayevening member commission, ap- than necessary, creating at her about her sexlifeduring a to reverse$16 billion in power pointed by Mr.Abbott, or- least $16 billion in over- June encounter at the Capitol. overcharges from last month’s dered the state’sgrid operator, charges. Mr.Cuomo has responded to blackouts, with Gov. Greg Ab- the Electric Reliability Council Ercotand the utility com- Ms.Liss’sand Ms.Bennett’s bottand most of the statesen- of Texas,orErcot, to raise mission didn’t immediately re- accountsbysaying that he of- ate publicly pushing the idea. spond to requestsfor com- tenhas personal banter with Mr.Abbottdirected state ment. hisstaff. lawmakerstoconsider as an Gov. Greg ThePUCTcurrently has Thegovernor has said he emergencyitemwhether to Abbott told only one sitting member,Ar- apologizes if hisstatements correct all overchargesidenti- lawmakers to thur C. D’Andrea. Former com- were misinterpreted and made fied by an independent market consider the missioner Shelly Botkin re- anyone feel uncomfortable. monitor.The Texas Senate, overcharges as signed Monday. Former Lindsey Boylan, aformer meanwhile,sent alettertothe an emergency Chairwoman DeAnn Walker economic development adviser, Public Utility Commission of item. stepped down this month after said in Februarythat Mr. Texas,urging it to correct the statelawmakerscalled forher Cuomo kissed her on her lips error. ouster. aftera2018 meeting in his Themoves heighten the wholesale powerprices to the On Tuesdaynight, 28 Texas Manhattanofficeand had said pressureonthe utility com- peak priceof$9,000 per senators, including Republi- “let’splaystrip poker” during mission, which said last week megawatt hour. The indepen- cans and Democrats, signed a an October 2017trip on astate that it wasn’t inclined to re- dent market monitor, who re- letter to the utility commis- airplane.Mr. Cuomo has denied versethe potential over- portstothe utility commission urging it to correct the the allegations.Four aides to charges and reprice electricity sion, said in areport last week charges. the governor previouslysaid in LAGRANGE astatement that they were on PEARL&DIAMOND the flightswith Mr.Cuomo and EARRING Ms.Boylan and that those con- Arkansas Bans Most Abortions versationsdidn’t take place. State lawmakersare at odds over whether to wait forthe BYKRIS MAHER save awoman’slife. Thereare stagefor the Supreme Court outcome of the outside review no exemptions in the lawfor overturning current case law.” of the accusations or take fur- Arkansas Gov.Asa Hutchin- women who become pregnant He said he would have pre- ther steps to sanction Mr. son approved legislation Tues- through rape or incest. ferred the legislation included Cuomo. Republicans in the daybanning nearly all abor- Abortion-rightsadvocates exemptions forrape and incest. stateAssembly have introduced tionsinthe state, as he and said they would challengethe TheACLUofArkansas said aresolution calling forMr. othersupporterssaid they lawbecause it violates a it would challengethe law. Cuomo’s impeachment based hope it promptsthe U.S. Su- woman’sconstitutional right to “Abortion is legal in all 50 PAULMORELLI.COM on theharassment allegations preme Court to revisit and ulti- terminateapregnancyestab- states,including Arkansas,and as well as concerns over the mately overturn existing abor- lished in the U.S. Supreme we’ll fight as long as it takesto NYC895 MADISON (72ND&MADISON) state’s handling of Covid-19 in tion case law. Court’sRoe v. Wade decision. keep it that way.Governor PHL1118WALNUTSTREET nursing homes. TheArkansas measure Mr.Hutchinson, aRepubli- Hutchinson: we’ll see youin —Corinne Ramey would ban all abortions unless can, acknowledged:“It is the in- court,” the organization said on 212.585.4200 contributed to this article. theprocedureisnecessaryto tent of the legislation to set the Twitter. P2JW069000-4-A00400-17FFFF5178F

A4 | We dnesday, March 10, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. U.S. NEWS Probe Into a Trump Estate Moves Ahead

New York subpoenas or other financial benefitscan what he called his “statement North Castle and NewCastle to be astate criminal offense,ex- of financial condition,” acollec- provide information about tax center on failed pertssaid. GES tion of financial information assessments, town communica- efforts to develop a ThescrutinyofSeven IMA compiled but not audited by his tions and planning-boardmin-

Springsispart of acriminal ETTY accountants. Mr.Trump valued utes,local officials said. 213-acre property /G

probe intoMr. Trump,his com- ST the property at between $25 Thetowns have sinceturned

panyand itsofficersthat also PO millionand $50 million on fi- over the materials,local offi- N

BY CORINNE RAMEY includes financial dealingsat TO nancial-disclosurepaperwork cialssaid. properties such as Mr.Trump’s filed when he waspresident. Theinformation prosecutors Manhattanprosecutorsare flagship Trump TowerinMan- SHING Localtax-assessment rolls have requested centersona intensifying their investigation hattan, TheWall Street Journal WA list the market value of the yearslong effort to gain local

intoDonald Trump’sbusi- has previouslyreported. Out- /THE property at about $19 million. approvals to build asubdivision nesses,taking aim at a side of NewYork,prosecutors Thenew subpoenas add to of luxuryhomes afterMr.

Westchester County,N.Y., estate arealso examining aloan for MILANO the pictureofwhat is known Trump’soriginal plan of build- that the former president un- the Trump International Hotel about Mr.Vance’sinvestigation. ing agolf course at Seven

successfully tried to develop, and TowerChicago, people fa- JOHNNY Prosecutorshavepreviously Springsfell through.The subdi- according to people familiar miliar with the mattersaid, The Seven Springs estate in Westchester County, N.Y. sent subpoenas to some of Mr. vision effort dates to at least with the matter. which CNN reported earlier. Trump’slendersand alongtime 2004 and continued through In recent weeks,according ManhattanDistrict Attorney Mr.Mastromonacocon- the Trump Organization didn’t insurancebroker. 2013,according to planning and to the people,the Manhattan Cyrus Vance’sofficehas said in firmed he had received asub- respond to requestsfor com- Thedistrict attorney’s office zoning boarddocuments. district attorney’s officehas is- court filingsitisinvestigating poena and said he had given ment. Last month, afterthe U.S. has hired Mark Pomerantz,a By 2015,the Trump Organi- sued newsubpoenas and re- possible tax, insuranceand the district attorney’s office Supreme Court denied Mr. former federal prosecutor,to zation had scrapped the devel- quested recordingsoflocal gov- bank fraud. Investigatorsnow materials including communi- Trump’seffortstoblock Mr. work on the probe,according opment plans,instead opting to ernment meetingsrelated to have Mr.Trump’stax returns cations with othersinvolved in Vance, aDemocrat, from ob- to people familiar with the place158 acres of land in acon- the Trump Organization’sfailed andother financial recordsaf- the project. taining his taxreturns,Mr. matter. Theofficealso has servation easement, or land attempt to createaluxurysub- teran18-month court fight, al- Thedistrict attorney’s office Trump,inawrittenstatement, hired FTI Consulting Inc.todo that an owner has agreed not division at Seven Springs, a lowing prosecutorstocompare also requested recordingsof called the investigation a“con- forensic-accounting work on to develop. 213-acreproperty that the for- Mr.Trump’sstatement to lend- planning-boardmeetingsin tinuation of the greatest politi- thecase,people familiar with Thefinal appraisal, sent to merpresident bought for$7. 5 erswith his representations to Bedford, N.Y.,one of three calWitch Hunt in the historyof the mattersaid. An FTI spokes- Mr.Trump in 2016,values the million in 1995. taxauthorities. towns on which the Seven our Country.” man declined to comment. property at $56.5million and Mr.Trump has valued the Prosecutors have sent sub- Springsestatesits, people fa- Prosecutors’ interest in the Manhattanprosecutors’ in- the conservation easement por- property at up to $291 million poenas to land-use lawyer miliar with the mattersaid. local planning processcould re- terest in Seven Springs tion at $21.1 million. Seven in financial statementsthat the Charles Martabano and engi- Messrs. Mastromonacoand latetothe property’s valuation, stretches back to at leastDe- SpringsLLC,which is part of NewYork attorney general’sof- neer Ralph Mastromonaco, Martabano appeared beforethe and whether it wasimproperly cember,when they sent adif- the Trump Organization, fice,which is also investigating both of whom were involved in boardwith Mr.Trump’sson, inflated on financial docu- ferent batch of subpoenas to claimed a$21.1 million taxde- Seven Springs, said were given planning the Trump Organiza- Eric Trump,in2012 and 2013, ments, lawyerssaid. Mr.Trump the three towns,the Journal duction forthe easement in tax to financial institutions.Inflat- tion’sproposal forSeven meeting minutes show. valued the property at $291 hasreported. Thesubpoenas year 2015,alawyer forthe ating assetstohelp secureloans Springs, the people said. Lawyersfor Mr.Trump and millionin2012, according to asked officials in Bedford, torney general’sofficehas said. JusticeNomineesVow No Partisan Influence Former

BY SADIE GURMAN President AND ARUNA VISWANATHA WASHINGTON—Twoof Spars President Biden’snominees to senior JusticeDepartment postssaid they would seek to With RNC runanagencyfreeofpartisan influence, as Republican law- BY ALEX LEARY makerspressed the pick forthe department’sNo. 3position on Former President Donald her views on policing and past Trump’srelationship with the criticism of conservatives. GOPhas gotten morecompli- VanitaGupta, alongtime catedoverafundraising dis- civil-rightslawyer who is Mr. puteasheattemptstomaintain Biden’schoicetobeassociate control over the party and pun- attorney general, has some bi- ish critics following the Jan. 6 partisan support and the back- Capitol riot. ingofdozens of policechiefs “No moremoney forRINOS,” and law-enforcement organiza- Mr.Trump declared Monday, us- tions.She was avocal critic of ing the expression “Republicans Trump administration policies in name only,” without specify- on everything from immigration S ing particular Republicans. to federal judicial appointees. PRES In anotherstatement Tues-

“Would that kind of partisan TED day, he said: “I fully support the political advocacyaffect her le- CIA Republican Party and important SO

galadvocacyinarole where AS GOP Committees,but Idonot she representsall Americans?” supportRINOs and fools,and it

Iowa Sen. Chuck Grassley,the ANDON/ is not their right to use my like-

committee’sranking Republi- BR nessorimagetoraise funds.” In

can, said at the outset of a ALEX both statements, he urgeddo- hearing to consider Ms.Gupta’s Justice Department nominees Vanita Gupta, left, and Lisa Monaco at their Senate Judiciary Committee hearing on Tuesday. nors to send money to his Save nomination along with that of AmericaPAC and listed his per- Lisa Monaco, Mr.Biden’spick vote?” Sen. AlexPadilla (D., Ca- torney general. sonalwebsiteaddress. to be deputy attorney general. lif.) asked. Ms.Guptaresponded: Thehearing was dominated National Guard to to end on Friday. Mr.Trump’sability to di- “I canpledgetoyou today “I believethe civil-rightsdivi- by mostly GOP questions about Capitol Police formally re- rectly reach supportershas di- that if I’m confirmed or re- sion needstouse everytool at howMs. Guptawould approach Remain at Capitol quested the Guard extension minished afterhewas cut off gardless, youwon’t be hearing itsdisposal to ensurethat every topics including whether she last week, saying threats from Twitterand Facebook that kind of rhetoric from me,” eligible American is able to ex- supported moving some police against members of Congress over his rhetoric leading up to Ms.Guptasaid in response. ercise their right to vote.” resourcestoother areas,an The National Guard will ex- during the first two months of the Capitol riot,which leftfive SenateDemocratspressed Thetop two JusticeDepart- idea that has been referred to tend its mission at the U.S. this year were up 93% com- people dead and hundreds of Ms.Guptaonhow she planned ment officials areresponsible as “defunding the police.” Capitol into May, the Defense pared with last year. his supportersfacing federal to enforce civil- and voting- forsupervising the bulk of the Ms.Guptahas been avocal Department said Tuesday, as As of this week, just under charges. But his popularity with rightslaws, afterHouse Demo- agency’sday-to-daycriminal advocatefor avariety of po- congressional officials weigh 5,200 Guards troops were de- the GOP base means he remains cratspassed legislation last law-enforcement operations as lice-accountability measures, how to secure the complex go- ployed in Washington from ahugefundraising draw,in- week to expand voterpartici- well as itscivil-litigation, civil- but on Tuesdayshe said: “I do ing forward. more than 30 states and terri- cluding forthe Republican Na- pation and curb the role of big rightsand antitrust work.Both notsupport defunding the po- Secretary of Defense Lloyd tories, defense officials said. tional Committee, which has campaign donorsoverthe ob- nominees appeared likely to lice.” She noted that through- Austin approved extending the After Friday, nearly 2,300 seen aflood of donations since jections of House Republicans. advancebeyondthe SenateJu- out her career she at times Guard’s presence in Washing- Guard members will remain in Mr.Trump’sascendancy. “Howdoyou envision rein- diciaryCommitteeand go on pushed forgreater resourcesto ton through May 23, after the Washington due to the exten- Lawyersfor Mr.Trump sent vigorating the civil-rightsdivi- to be confirmed. policedepartmentsfor ex- U.S. Capitol Police requested sion, Pentagon spokesman aletterlast week to the RNC sion generally,and specifically TheSenateisexpected to penses likebody cameras and continued support. The Guard’s John Kirby said Tuesday. and to the National Republican itsvoting-rightssection, to de- vote as soon as Wednesdayto officer wellnessand safety pro- mission previously was slated —Alexa Corse Senatorial Committeeand Na- fend all Americans’ right to approveMerrick Garland as at- grams. tional Republican Congressio- nal Committee, demanding they cease using his name forfund- raising without authorization. Antitrust Scholar Is Biden’s Choice for FTC Post RNC Chairwoman Ronna Mc- Daniel spoketoMr. Trump over the weekend and leftwith his BY RYAN TRACY decisions, given that she is approval to use his name in AND JOHN D. MCKINNON likely to be one of three mem- fundraising and other materi- bersofaDemocratic majority. als,according to aletterthat a WASHINGTON—President Thecommission is currently party lawyer sent to Mr. Biden is expected to nominate led by acting Chairwoman Re- Trump’sattorney. Lina Khan, acritic of Big becca Kelly Slaughter.She “LikePresident Trump,the Tech’smarket power, to aseat shares manyofMs. Khan’s RNC remains focused on electing on the Federal Trade Commis- views,but is seen as moreofa Republicancandidates and ad- sion, according to people fa- GES consensus-builder. vancing conservativepolicies,” miliar with the situation, in a IMA Ms.Khan’snomination the letterread. “The RNC,of

movethat could signal more ETTY would mark Mr.Biden’ssecond course,has everyright to refer /G

aggressiveapplication of laws ST recent moveelevating someone to public figuresasitengages in

to ensure competition. PO who is pressing foramoreag- core,First Amendment-pro- N

Ms.Khan is alaw professor TO gressiveantitrust approach. tected political speech, and it at Columbia University and for- TheWhiteHouse on Friday will continue to do so in pursuit mer Democratic staffer at the SHING named Tim Wu,anadvocateof of these common goals.” FTC and Congress. She wasone WA stricter antitrust enforcement TheRNC will hold part of its

of the House antitrust subcom- /THE and breakups of large technol- spring retreat next month at mitteestafferswho wrotean XU ogycompanies such as Face- Mar-a-Lago, Mr.Trump’sFlor- October report that concluded NG book,toserveasspecial assis- ida estate, and he will be afea- RO

Amazon.com Inc., Apple Inc., AN tant to the president for tured speaker,according to Facebook Inc., and Alphabet Lina Khan, a law professor at Columbia University, is a critic of tech giants’ market power. technologyand competition party officials.The RNC will Inc.’sGoogle hold significant policy at the WhiteHouse Na- paythe club forfood and bev- and durable market power, re- Biden administration intends to on antitrust enforcement are Minn.), haven’t endorsed alaw tional Economic Council. erages at thedinner,the offi- sulting in “lessinnovation, take amoreaggressiveap- also wildly outofstepwith a requiring structural separation Ms.Khan graduated from cialssaid. fewerchoices forconsumers, proach,” pointing to her experi- prudent approach to the law.” and have instead proposed le- Yale LawSchool in 2017. That Party leadersconsidered the and aweakened democracy.” enceasacongressional staffer. Ms.Khan is among agroup galchanges to help the gov- same year,she published a matterresolved but then Mr. TheWhiteHouse declined Sen. MikeLee (R., Utah), of progressives who have sug- ernment win antitrust cases. widely cited lawreview article, Trump issued his Mondaystate- to comment on the expected called Ms.Khan’spotential ap- gested farther-reaching As one of five membersof “Amazon’sAntitrust Paradox,” ment, which didn’t refertothe nomination, which wasre- pointment “deeply concerning” changes,such as the House re- the FTC,Ms. Khan would be in suggesting that the prevailing RNC.“He wantstomakesure ported earlier by Politico. Ms. in a statement Tuesday. He port’ssuggestion that Con- aposition to influencepolicies, approach to antitrust lawisill- theparty won’t help his hard- Khan didn’t respond to are- said that “being lessthan four gressconsider forcing compa- rulemakingsand enforcement equipped to deal with the po- core opposition,” atop Republi- quest to comment. yearsout of lawschool, she nies to separatelarge online actions at an agencywith au- tential harms posed by online canfundraiser who is familiar Public Citizen, the advocacy lacks the experiencenecessary platforms from other business thority to administer antitrust platforms such as Amazon. with the eventssaid Tuesday. “It group,called the expected nom- forsuch an important role as lines.Other Democrats, includ- and consumer-protection laws. —Andrew Restuccia will work out, but he will control ination “a hopeful sign that the FTC Commissioner.Her views ing Sen. AmyKlobuchar (D., She wouldn’t be able to dictate contributed to this article. use of his name.” P2JW069000-0-A00500-1------XA

THE WALL STREET JOURNAL. We dnesday, March 10, 2021 | A5 P2JW069000-6-A00600-1------XA

A6 | We dnesday, March 10, 2021 ****** THE WALL STREET JOURNAL. U.S. NEWS Los Angeles Farm Workers Balk at Vaccines Deal Sets BY ROLFE WINKLER AND DANIELA HERNANDEZ In-Person LuzGallegos stood in a Hemet, Calif., orangegrove last Schooling month and asked forashowof hands among the farm workers assembled there: Howmanyof BY CHRISTINE MAI-DUC youwant aCovid-19 vaccine? No handswent up. TheLos Angeles Unified Ms.Gallegos said her team School District has reached a of health workersfromLatino tentativeagreement with its advocacyorganization Todec teachers union that would al- have done hundreds of vaccine low some students in the na- education eventslikethis in tion’ssecond largest school Southern California sinceearly district to resume in-person October to encourageagricul- learning forthe firsttime in tural workerstoget the shots. more than a year. Each time,she said, the health Thedeal will allowpre- workersencounter broad reluc- schools and elementary tance. They must disabuse the schools to reopen in mid-April, agricultural workersofvaccine though no specific datewas myths that arecirculating—in- given. Services forstudents cluding acommon one that the with disabilities of all ages shotscontain amicrochip to would resume on campuses at help the government traceand the same time.

deport undocumented workers. (2) Middle- and high-school Community health workers studentswould continue with likethe Todec team arework- online learning forthe fore- ing acrossthe U.S. to reach JOURNAL seeable future, though the

some of the millions of Latinos REET district said secondary ST

laboring on farms and in meat- LL schools would reopen in late

packing and poultryplants,a WA April for“peer interaction, so- group that is at onceamong cial-emotional learning and THE

the most vulnerable to Covid-19 R lessons forcollegeand career and yetmorereluctant than FO exploration.” NS

otherstoget vaccinated. PO “The right way to reopen Thehealth workersare bat- schools must include the high- SICA

tling adelugeofvaccine misin- JES est standard of COVID safety formation spread among agri- Advocacy group Todec shared vaccine information last month in Riverside, Calif. Below, Luz Gallegos, executive director of the group. in schools, continued reduc- cultural workers’ friends and tion of the virus in the com- family as well as in churches didn’t need the vaccine because cinated, community health munities we serve and access and on social media. Thehealth he felt healthyand took care of workerssaid. Even beforethe to vaccinations forschool workerspoint to Facebook,in himself.Another worried that pandemic,manyavoided doc- staff,” school superintendent particular,saying postsoften side effectsmight aggravatehis tors because they feared they Austin Beutner and Cecily discouragethe shotsbyampli- asthma. Some mentioned a would runafoul of the “public Myart-Cruz,president of the fying widespread distrust of conspiracytheory—that the charge” rule,which the govern- United TeachersLos Angeles immigration authorities or ex- mass vaccination effort is an ment canuse to disqualifypoor union, said in ajoint state- ploiting religious beliefs. attempt to cull the population. and disabled people from re- ment.The district teaches Thehealth workers’ efforts Agricultural workers’ reluc- ceiving permanent legal status about 550,000 students, 84% maybecrucial to bringing a tancestems in part from fears if it determines they can’t sup- of whom qualifyfor free or re- swiftend to the pandemic, that anyside effectswould ne- port themselves without public duced-price lunches. given the spread of the virus in cessitatemedical care,result- assistance. Thedeal is lessrobust than this community.Scientists ing in bills these workerscan’t Online misinformation fuels reopening agreementsbro- warn that any delayinvaccina- affordordebt that could com- these fearswith claims that the keredinother major cities.El- tions could giverise to variants plicateapplications forlegal vaccine will cause serious side ementaryand middle-school that aremoretransmissible,le- residency, said Alma Moreno,a effectsornecessitatemedical studentsare already back in thal or resistant to existing farm worker who previously care,healthcareworkerssaid. classrooms in New York City, vaccines.California has given had Covid-19 and opted to get President Biden has ordered forexample,and some in-per- priority to food and agricul- vaccinated in Fresno that day. areview of public charge policy son learning will resume at tural workersfor early doses. Agricultural workers’ hesi- cipients, rewritetheir DNA or misinformation along with afterthe Trump administration high schools later this month. Agricultural workersare vul- tancyisreflected in the change their gender.Another groups and accountsthat toughened it in 2019.OnTues- LosAngeles experienced one nerable because manywork in broader Latino community.A says the vaccine tags people spread it. day, the Supreme Court dis- of the worstCovid-19 surgesin close quartersinfood-packing Februarypoll by the Kaiser with the “mark of the beast,” a Onepost by an Ohio-based missed cases involving thepol- the countryinDecember and facilities or in meat and poultry Family Foundation showedthat referencetothe NewTesta- evangelical preacher linked the icyatthe joint request of the January, but case ratesinthe processing plants. Manycom- 48% of Latino adultseither ment’sBook of Revelation. vaccine to the “mark of the JusticeDepartment and plain- county have plummeted since mutetogether or liveinmulti- didn’t want the vaccine,pre- AMarch 3analysis of beast” beforecalling it part of tiffs who challenged it, sug- then. Theseven-day average generational or multifamily ferred to wait, or would take it Covid-19 vaccine misinforma- aplot forworld domination by gesting that the Biden adminis- positive rate forcoronavirus homes,which helps the virus only if required forwork, tion on Facebook prepared for global elites likeBill Gates. The tration wasplanning to testsisnow 2.3%, compared spread. school or other activities,com- TheWall Street Journal by so- post has been shared more abandon the Trump-eracrite- with 21% in lateDecember. Astudy of excess deaths in pared with 37% forwhites and than 22,000 times. ria. Theagreement comes after California among working-age 44% forthe population overall. AFacebook spokeswoman “People [with Covid-19] are months of negotiations be- adultsbyjob category showed Thefigurefor Latinos has Health workers said the companyhas removed just scared to go to the doctor tween district officials and the that Latinos died at higher fallen from 72%inDecember. or labeled millions of postson because of public charge,” To- teachersunion, one of the rates acrossmost categories. Thefoundation projectsthat point to Fa cebook Facebook that violateits dec’sMs. Gallegos said. most powerful in the nation, Theheavily Latino food and ag- hesitancywill continue to fall posts that amplify Covid-19 and vaccine misinfor- In California, Maria Garcia, a whichhad takenahardline riculturesector washit hard- as morepeople see their mationpolicies,including con- 75-year-old undocumented for- stance on vaccinations and est, suffering a59% increase in friends and family vaccinated widespread distrust. tent in Spanish. She said the mer agricultural worker,tested other safety measures as a mortality from March to Octo- safely. Storyful analysis also includes positivefor Covid-19 in January prerequisite for reopening. ber.Overall mortality rose 22%, “Everytime we’reout in the some poststhat warn against but hasn’t sought medical care, Mr.Beutner has been urging the study showed. Nationally, community educating people the vaccine microchip conspir- including for brain fogand areturn to in-person instruc- Covid-19 death rates are2.3 aboutthe vaccine,we’rede- cial-media research firm Story- acytheoryrather than seek to other lingering symptoms.She tion forweeks and announced times higher forLatinosthan bunkingalot of myths,” said fulfound morethan 100,000 spread it. Facebook deleted the lacks health insuranceand last week that he had secured forwhites,according to the Ms.Gallegos,who said she had Spanish-languagepoststhat Ohio preacher’s video forvio- fearsany healthcareexpenses enough dosestoinoculateall Centersfor Disease Control and lost three relatives and five appeared to referencethe vac- lating itsmisinformation policy could jeopardizeher pending elementary-school teachers. In Prevention. close friends to Covid-19. cine microchip conspiracy afterthe Journal inquired immigration application or addition, California Gov.Gavin When offered ashot at a Besides the tracking chip fal- theory.That wasmorethan aboutit. Thespokeswoman cause her to be deported. She Newsom signed abill last week vaccine event in aFresno,Ca- lacy, other myths hold that the twiceasmanyasinEnglish and didn’t saywhy it wasn’t re- is also hesitant to getthe vac- that provided billions of dol- lif., orchardinFebruary, a vaccine will makewomen infer- an increase sinceearly Febru- moved previously. cine,she said. lars in incentives forschool handful of agricultural workers tile,that it contains livevirus ary, when Facebook said it Undocumented Latinos are “You’realways afraid,” said districtsthat started opening declined. One worker said he and that it will sicken or kill re- would removemorevaccine especially reluctant to getvac- Ms.Garcia. by theend of March.

the pandemic almost halted from Guatemala, Honduras and Migrants migration flows, he said. Cur- El Salvador arriving to the U.S. rently,heisattending to 250 southern border began to in- people,most from Honduras. crease adecade ago. Border See Easier Of those,25are unaccompa- apprehensions reached apeak nied minors and around 100 in 2019 at 76,000,according to arefamily members. U.S. Customs and Border Pro- U.S. Path Onemigrant is a17-year-old tection data. who leftHonduras in Novem- Migration slowedconsider- ber in the hopes that the new ably last year during the pan- ContinuedfromPageOne U.S. president would be more demic,when fear of getting sisatthe border.Italso threat- welcoming to young people Covid-19 made manymigrants ens to overwhelm U.S. govern- likehim. He ranout of money stay home.But the underlying ment sheltersfor children. in southern Mexico and gota factorscausing migration have TheWhiteHouse didn’t re- humanitarian visa that allowed all grownworse.Endemic pov- spond to arequest to com- him to work afew months.He erty,poor crop yields because S ment. said he planned to resume his of extreme weather,gang vio- Sincethe death of his PRES journey in the coming days. lence, the economic hit from

mother morethan two years TED “I think it will be easier now the coronavirus pandemic and

ago, Mr.Cruzhas led awan- OCIA forustoenter the U.S.,” he two hurricanes that hit the re- SS

dering life, eating and sleeping /A said by phone from the Teno- gion in November arepushing

in friends’ houses.Hesaid he OS sique shelter.“[Biden] looks young people to head north. eatsonceortwiceaday be- TE friendlier,helooks likeagood In the Guatemalan Mayan MA cause he doesn’t earn enough person. He doesn’t have abad town of Colotenango, migra- ABEL

money to buy food. IS heart likeTrump,but is a tion haspicked up in recent “I can’t read or write, so I Central American migrants rested at a shelter in Tenosique, Tabasco state, Mexico, in February. good-hearted man.” months afteralull during the canonly work as abricklayer Manywould-be migrants pandemic,said Gloria Ve- and earn very little,” he said. caststhis as amorehumane moves,the administration has illegally,including an arduous areinconstant communication lásquez, asingle mother whose “I’m going to travel again and policy, Republicans in Congress tried to tamp down expecta- and dangerous journey through with relatives who arealready income depends on remit- hope to getintothe U.S. Iwant said it is encouraging moremi- tions among would-be mi- Mexico. #ATripinVain, read the in the U.S.,who advise them on tances from four of her six sib- to have abetterlife, there’s norstoturn up at the border, grants, telling them via social- message, which included ates- howand when to leave when lingsinthe U.S. nothing to do here.” filling up sheltersand poten- media messages that changes timonial from apresumed mi- conditions aremorefavorable, “People heresay it is agood TheBiden administration tially sparking acrisis. in the system will take time. grant saying she regrettedhav- said José Luis González, aJe- moment to leave,tobeatthe has stopped his predecessor’s Thenew Democratic admin- “Weare not saying,‘Don’t ing undertaken the journey suit priest who heads the Gua- border,” said Ms.Velásquez, policyofreturning unaccompa- istration is also slowly unwind- come,’ ” Homeland Security north. temala branch of the nonprofit 32. “The rumor is that children nied minorsback to their home ing the Trump administration SecretaryAlejandroMayorkas That message—asylum seek- Jesuit Migrant Network. areallowedtoenter.” countries,instead holding policythat forced adult asylum said last week.“We aresaying, ersare welcome,but not yet— “News of what’shappening Florencio Carrascoza, the them in aU.S.government seekerstowait in Mexico while ‘Don’t come nowbecause we is ambiguous and fueling mi- in the U.S. arrives pretty mayorofJoyabaj,said migra- shelter beforereleasing them their cases went through U.S. will be able to deliver asafe grants’ hopes,said Gabriel quickly to these communities. tion is difficult to prevent, no into the U.S. afteraCovid-19 immigration courts; the major- andorderly [asylum] process Romero, thehead of amigrant When youchangethe message matterwhich U.S. administra- test. Theminorsare handed ityofasylum cases areeventu- to them as quickly as possi- shelter in southern Mexico. or the policy, that has an im- tion is in charge.“TheAmeri- over to an adult sponsor or ally turned down. TheBiden ble.’” Mr.Romero’sshelter in Ten- mediateimpact in the commu- candream is something we all family member,pending immi- administration has started to TheU.S.Embassy in Guate- osique,near the border with nities of origin,” he said. have,” he said. “Immigration is gration proceedingstodeter- allowinsome of those who mala put out ashort video via Guatemala, served some 6,000 While illegal immigration very hardtostop.” mine whether they canstayor have been waiting in some TwitteronSaturday warning people in Januaryand Febru- overall to the U.S. is down over —Santiago Pérez and José should be deported. cases foryearsinMexico. would-be migrantsabout the ary, morethan the total5,000 the past two decades,the num- de Córdoba in Mexico City While the administration Even as it makes these risks of trying to enter the U.S. forthe whole of 2020,when ber of unaccompanied children contributed to this article. P2JW069000-0-A00700-1------XA

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A8 | We dnesday, March 10, 2021 ***** THE WALL STREET JOURNAL. U.S. WATCH U.S. NEWS

TENNESSEE Panel VotestoPull More Lung Cancer BustofKKK Leader A Tennessee panel over- Scanning Urged whelmingly voted to remove the state Capitol’s bust of a Confed- erate general and early Ku Klux BY THOMAS M. BURTON Trial in the U.S.,with over Klan leader. 53,000 people enrolled. An- The decision on Tuesday Afederal medical panel is other morerecent study in Eu- S marked a key win in a decades- calling forasignificant expan- rope with 15,792 generally long effort to oust the Nathan PRES sion of CT scanning forsmok- younger participantsshoweda

Bedford Forrest bust from the TED ers to detect lung cancer, cit- greater benefit in lives

second floor of the Capitol build- OCIA ing studies that found the saved—and waslargely re- SS

ing, but it remains unclear how /A imaging studies cansavemore sponsible for the panel’s low- soon it will happen. lives than previously known. ering the agerangefor recom- While the Tennessee Histori- TheU.S.PreventiveSer- mended CT screening. cal Commission agreed that the vicesTask Forceisadvising Thepanel is an independent bust should be moved to the people ages 50 to 80 to get group of medical specialists

Tennessee State Museum, it SENGER-INQUIRER the screening if they have whose advicehelps determine

didn’t lay out clear next steps MES smoked on averageapack of federal policy. Thefederal for its removal. cigarettesdaily for20years, Medicareprogram has agreed /THE —Associated Press and currently smokeorhave with the recommendations,ac- EANS quit within the past 15 years. cording to apanel member, G

HAWAII GRE Thepanel’s previous recom- and privateinsurerswill be re- BIG MESS: Floodwaters from the Ohio River pushed up debris Tuesday in Owensboro, Ky. mendation, in 2013,recom- quired to include free CT Fear of Dam Breach mended people getscreened screening under the federal Prompts Evacuations nityofHaiku wasbreached by WHITE HOUSE occurred on Monday and in- between ages 55 and 80,if Affordable Care Act. floodwaters, “but after closer involved the first family’s younger they have smoked the equiva- Thetask forceestimates 15 Heavy rains prompted evacu- spection, county officials deter- ‘Minor’ Injury Caused dog, Major, who was adopted by lent of apack aday for30 million Americans should get ations over fears that a dam mined therewas no structural By Major Biden the Bidens in 2018. She said years, and currently smokeor CT scanning under itsupdated might breach on the island of damage,” said astatementfrom both dogs have since been taken have quit within the past 15 recommendation, from about Maui, and officials asked people Maui County late Monday. One of PresidentBiden’sGer- to Delaware. “Major was sur- years. eight million previously. not to return to their homes on Maui and all of Hawaii’sislands man shepherds caused aminor prised by an unfamiliar person Thetask forcedecision is Lung cancer is the nation’s Tuesday because flood adviso- areunder aflash flood watch injury to an unidentified person and reacted in a way that re- based on accumulated evi- leading cause of cancer death, ries were still in effect. amid heavy rains expected to last this week, WhiteHouse press sulted in a minor injury to the dencefrom223 published with an estimated 137,720 peo- Officials initially thoughtthe through Wednesdaymorning. secretary Jen Psaki said Tuesday. individual,” Ms. Psaki said. studies,with the largest being ple dying of the disease in Kaupakalua Dam in the commu- —Associated Press Ms. Psaki said the incident —Sabrina Siddiqui the National Lung Screening 2020.

pany’sshares plunged during the itsinvestee companies collabo- million of supply-chain-finance Themultiple roles sparked a Themoney wasearmarked SoftBank’s pandemic and Mr.Son took fur- rate.The Greensill fallout loans to Vision Fund companies reviewinside Credit Suisse that to makeupfor Katerra’sinabil- ther hitswhen big betsonride showsthe reality has been at theend of March 2020,ac- led to changes around howthe ity to payback Greensill, and hailing and hotels floundered as morecomplicated. cording to fund documentssent fund operated, the Journal re- would protect Credit Suisse in- Greensill the economyfroze. TheVision The$400 million wasthe to investors. ported last year.SoftBank re- vestorsagainst taking alosson Fund wrotedownits investment latest in along series of com- These included auto-financ- deemed itsposition in the anynotes tied to Katerra, some in OyoHotels &Homes by more plexfinancial arrangementsbe- ing companyFair Financial funds by July of last year, of the people familiar with the Woes Grow than half last year,The Wall tween the Vision Fund and Corp.; Indian hotel chain Oyo though the loans to the Vision mattersaid. Street Journal reported. Greensill. SoftBank is preparing Hotels &Homes;glassmanu- Fund companies continued. Greensill’scustomersin- He then embarked on amas- to writedownits Greensill in- Another Greensill borrower cluded arangeofblue-chip ContinuedfromPageOne siveseries of asset sales to vestment,The Wall Street Jour- from the Vision Fund wasU.S.- companies and government ant in the field of investing, raise cash. As the economy nal reported last week,citing a A big WeWork loss based Katerra, afactory-assem- agencies.Italso lent heavily to with interestsspanning micro- opened,some of SoftBank’s person familiar with the matter. bly building contractor.InDe- companies affiliated with U.K. chips, self-driving cars,satel- other tech betsflourished. In In March 2020,asCovid-19 was followed by a cember,SoftBank put $200 steel magnateSanjeev Gupta lites, e-commerce and mobile- the last quarter of 2020,the Vi- hitmarkets, SoftBank plowed 2020 rebound, and millionintothe construction andcoal companies owned by phonenetworks.The Japanese sion Fund recorded a$13 billion $1.5billion intothe Credit startup to help it avoid bank- West Virginia Gov.Jim Justice, conglomerate’s$100 billion Vi- gain on itsinvestments. Meal- Suisse-Greensill funds to help now a new stumble. ruptcy.Katerra’s chief executive the Journal has reported. sion Fund, and asmaller succes- deliveryservice DoorDash Inc., keep them operating, the Jour- told the Journal at the time On Tuesday, Apollo Global sor fund, have invested in more which went public earlier this nal reported last week. that Greensill also had forgiven Management’seffortstobuy than 80 companies.Inaddition year, proved ahugehit.The Vi- That money wasseparate $435 million in financing in ex- Greensill’scoreoperating busi- to Greensill, these include Uber sion Fund is likely to earn mul- from the $1.5billion investment facturer View Inc.; and Chinese changefor aroughly 5% stake nessout of insolvencyhit a Technologies Inc.and TikTok tiples on itsinvestment in SoftBank’sVision Fund made online car-trading platform in the company. roadblock,according to people owner ByteDance Ltd. South Korean e-commerce com- directly in Greensill in two Chehaoduo Group. It wasn’t clear howGreensill familiar with talks.The compli- TheGreensill stumble is a pany Coupang Inc.,which is ex- partsin2019. In essence, SoftBank was would absorb the lossfromfor- cating factor: JPMorganChase setback forMr. Son, following a pected to go public soon at a Greensill used the Credit Greensill’sbiggest outside giving the loan. &Co. made aplayfor Green- dramatic comeback in 2020. valuation exceeding $50 billion. Suisse funds to lend to other backer,alender through the SoftBank’s$400 million in- sill’sformer clientsbyoffering Nursing massivewrite-downs Vision Fund executives have SoftBankVision Fund compa- Credit Suisse funds and abor- jection intoGreensill wasmade to provide $3.8 billion of fi- from itsinvestment in office long talked about the potential nies.The Credit Suisse funds rowerthrough itsVision Fund in theform of convertible debt, nancing,according to people fa- landlord WeWork,the com- benefitstobegained by having hadinaggregate around $750 companies. one of the people said. miliar with the matter.

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THE WALL STREET JOURNAL. ** We dnesday, March 10, 2021 | A9 WORLD NEWS U.S. and China Engage on ClimateChange Tentative cooperation in studying financial Kerry, EU Discuss risks is cautious step More Cooperation toward repairing ties BRUSSELS—Renewed BY SHA HUA trans-Atlantic cooperation on addressing climate change will HONG KONG—The U.S. and prompt other countries to China are engaged in a confi- takemoreaction and improve dence-building exercise that prospects forcoming global could showwhether the meetings on the issue, said world’stwo largest economies PresidentBiden’sspecial envoy canwork together on shared forclimate change, John Kerry, priorities despitedeep dis- after meeting with allies here. agreementsand abadly Mr. Kerry, making one of strained bilateral relationship. the first international trips by

Washingtonand Beijing are S a senior member of the Biden

to co-chair aGroup of 20 study PRES administration, is meeting

group focusing on climate-re- TED with leaders this week in

lated financial risks.Itisacau- CIA London, Brussels and Paris, tious step in alow-stakes SO following the U.S. return to AS venue.Still, neither countryis the Paris climate accord. On AN/

eager to take credit foreven GU his agenda are efforts to co- such amodest initiative, un- ordinate with Europeans for a HAN

derscoring sensitivities on both NG planned Earth Day environ- sides about anyoutreach. Chimney smoke in China's Hebei province. Beijing has appointed two highly regarded officials to oversee climate-related policy. mental summit Mr. Biden is In February, U.S. Treasury hosting in April and the SecretaryJanet Yellen told her part of China. policy. China’s environment ministry It isn’t clear who the U.S. United Nations COP26 envi- G-20 counterparts the U.S. Still, both Beijing and the TheU.S.has recently and international climate ad- will name as the co-chair of ronmental summit in Glas- would co-chair the group.A Biden administration have agreed to rejoin the Paris cli- vocates called for more strin- the G-20 working group. gow, Scotland, in November. daylater,Chinese central bank talked about the urgencyof mateagreement, though the gent environmental criteria for On China’sside,the co-chair “This is the rekindling of a governor Yi Gang said the addressing climatechange, accord is criticized by climate Beijing’soverseas investments. will be Ma Jun, aWorld Bank partnership that helped to bank waspleased to co-lead and the need to work together activistswho saythe commit- Senior Chinese government veteranand former chief econ- make Paris happen, and we’re the group. on the issue. mentscountries have made officials attended the report’s omist at the People’sBank of going to work hard to make Neither side mentioned the In response to questions, areinsufficient forkeeping the launch event, which has been China who is an expert on envi- Glasgow a success,” Mr. Kerry other in its announcement. the State Department pointed world from warming by 2 de- interpreted as a signal of Bei- ronmentally sustainable finance said in a meeting with Euro- “Both sides areinching to remarks by Secretaryof grees Celsius, the benchmark jing’swillingnesstoreconsider and adviser on the report in pean Union Executive Vice closer to each other and trying State AntonyBlinken last week many of them cite. its overseas climate impact. December calling forstricter President Frans Timmermans. to makeclimateasafelane for calling forthe U.S.-China rela- In February, Beijing ap- environmental criteria forChi- “Our leadership, we hope, will communication,” said John Po- tionship to “becompetitive pointed Xie Zhenhua, who nese overseas investments. be critical in bringing other desta, founder of the left-lean- when it should be, collabora- The U.S. has served as China’s climate en- Mr. Ma, who confirmed his significant emitting nations to ing Center forAmerican Prog- tivewhen it canbe, and adver- voy from 2007 to 2018 and appointment as China’srepre- the table.” ress think tank in Washington. sarial when it must be.” recently agreed to knowsthe newU.S.climate sentativeonthe G-20 study Mr. Biden has made tack- The U.S. views China as its Spokespeople forthe Treasury rejoin the Paris czar John Kerryfromnegotia- group in an interview, said the ling climate change one of his major competitor.Anew Biden Department declined to com- tions over the Paris Agree- U.S. TreasuryDepartment and top priorities, signing an exec- administration strategydocu- ment. climate accord. ment. China’scentral bank each pro- utive order returning the U.S. ment labeled China the only On Sunday, Chinese Foreign Throughout 2020,Messrs. posed—independently from to the 2015 agreement hours rivalpotentially capable of Minister Wang Yi described Kerryand Xie and their confi- oneanother—upgrading the after taking office. The U.S. combining economic,diplo- climatechangeasacommon dantswereinregular commu- G-20 study group to aworking officially rejoined on Feb. 19. matic,militaryand technologi- cause that could help improve Climateadvocates have also nication, people familiar with group,which unlikeastudy Former PresidentDonald calpower“to mount asus- U.S.-China relations. expressed concern about Bei- the mattersaid, exchanging group can make concrete pol- Trump had exited from the ac- tained challengetoastable Chineseleader Xi Jinping jing’scommitment to fighting ideas and sounding out one icy recommendations. cord in 2017,saying it put the and open international sys- said in September that China climatechangeoverseas.Since another’s positions as the pos- Thefull G-20 is expected to U.S. at acompetitivedisadvan- tem.” would achievecarbon neutral- 2000,Chinese policybanks sibility of a Biden victory be- approvethe change, though tage through increased regula- China has been trying to ity—net zero carbon-dioxide have extended nearly $52 bil- came apparent. the group’s agenda hasn’t yet tions and burdens on American wean itself from dependence emissions—by 2060,with lion in loanstosupport coal Thetwo men have since been set. companies. The response to cli- on U.S. technologyand make emissionspeaking before projectsthrough itsBelt and been in direct contact, China’s The People’s Bank of China mate change wasone of many clear to the newadministra- 2030. Road Initiative, according to Foreign Ministry said in Feb- didn’t respond to arequest to areas of tension between Mr. tion that it won’t back off on Sincethen, Beijing has sent Boston University’s Global De- ruary, while Mr.Kerryhas comment. Trump and his European coun- issues of human rightsorTai- other signals pointing to a velopment Policy Center. praised Mr. Xie as “a capable —Bob Davis in Washington terparts. —Daniel Michaels wan, which Beijing views as turn in itsdomestic energy In December,researchersat advocate.” contributed to this article.

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A10 | We dnesday, March 10, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

her two fellow chaplains with in cash. It started with basics Ms.DiDomenicovisited the three football fields is typi- Thankfully,thingsare open- Chaplains the Seafarers’ Center to fetch likesocks but soon expanded to juicetanker,the Rev.James cally manned by just two ing up again, and some mari- items they used to buy on include toys,electronics,hand- Kollin, another center chap- dozenmen who see no one but ners, depending on whether their ownshore-leave shop- bagsand speakers. Thecenter’s lain, boarded a bulk ship that each other for long stretches. theirship grantsthem leave, Become ping expeditions. officestarted to look likean wascarrying rock salt from While the job has always areonceagain taking advan- Maksym Neklesa, aship en- Amazon warehouse.“We had a Haiti. He delivered a Tagalog required lengthystintsaway tage of the free shuttle van gineer from Ukraine,was es- 70-inch TV here, aping-pong Bible requested by acrew from family,manymariners servicethat the center pro- Shoppers pecially happy to receivehis table,abicycle,” says Mr. member.Inside the ship’s sawtheir stays on these float- vides between the port and order: 15 tubes of Crest tooth- Wong.“It really gottoridicu- messhall, seafarersweredin- ing isolation tanks extended the Mills at Jersey Gardens, a pasteand three bagsof lous amounts. Therewas one ing on chicken masala, curried from the usual nine months to nearby outlet mall. ContinuedfromPageOne smoked almonds.They were month we went over $100,000.” vegetables and watermelon. 18 months or moreduring the Last week, Jan Santos and alls.The ship travels between gifts for his wife and kids. Thecenter is runbythe Sea- Theshipboardlifeisde- pandemic,with few opportuni- JimboyDavid, marinerswork- NewJersey and Brazil, with “In Ukraine,you cannot buy men’sChurch Institute, anon- cent, marinerssaid. They usu- ties to go ashore. ing aboarda984-foot con- manycrewmembersfromthe the Crest,” he said. profit affiliated with the Epis- ally work eight-hour days with “It is maddening,disturb- tainer ship,got leave to hit the Philippines and officersfrom Ms.DiDomenicosees the copal Church that is dedicated breaks and spend their eve- ing,” said Zibran Hussain, an mall. Afteranhour,they Croatia and Ukraine. errand-running as an opportu- to the welfareofaglobal mari- ningsworking out, chatting on officer aboardthe bulk ship. emergedcarrying sodas and “Yourcellphone is arriving nity to build long-term rela- ner workforce of 1.6million. It the phone or watching movies “When youknowyou are bags from the Levi’soutlet. on Wednesday,” she told one. tionships with the mariners. offersfreehospitality services on their laptops.They typi- stuck,you do not enjoyyour “Thisisthe firsttime we go Shedistributed SIM cardsto But she’s had to set boundar- including achapel, game room, cally earn $1,500 to $3,000 a time on the ship.You just take ashore…” said Mr. Santos. “In several others. Adartsgame ies, trying to limit the service gym, loungeand Wi-Fi. Based month—several times what it one day at a time.” five months!” said Mr. David, and a50-pound kettlebell were to sourcing essentials likeun- in lowerManhattansince1834, they might earn at home Rev. Kollin says that when finishing his friend’ssentence. on the way,she promised the derwear and cellphones. the institutealso advocates on working as a telemarketer or the marinerssharetheir They enjoyedcheeseburg- captain. Theshopping requestsgot issues ranging from shoreleave storeclerk.“Everything is for struggles,there’snot much he ers, shopping and seeing new Because of Covid-19,most out of hand last year,says Sea- to mental health, says the pres- the money,no?” said Ashin candobut listen, recognize faces.They were soon leaving cargoship workerscan’t leave farers’ Center Director Tim ident and executivedirector, Chathoth, aship-crane opera- them, pray with them and forNorfolk,Va., wherethey their vessels these days—often Wong.Crews docked at the the Rev.Mark Nestlehutt. tor from India. thank them for their service. would again be stuck on the for months at a time. Seafar- port requested vast amountsof Center chaplains still pro- But it’sastrangeexistence. “It’sgood that youare there ship.“This wasgreat,” said ersdocking in Port Newark merchandise,for which they vide ministry and counseling, Thanks to modern efficiencies, so youcan help provide for Mr.David. “Wedon’t know count on Ms.DiDomenicoand oftenreimbursed the chaplains of course. The same morning a container ship the length of the world,” he tells them. when we’ll go outside again.”

two biggest monthly increases The Race ever,rising about 33% from the end of 2020,according to Benchmark’sindex. To Mine Yearsoflow prices and weak investment in newmining proj- ectshaveset the stagefor a Lithium possible scarcity,executives say. “What we have todayisthis really dangerous placefor the ContinuedfromPageOne growth forecastsofthe EV in- surge, and controlling the re- dustry,” said Paul Graves, CEO sourcesthat powerthem is of Philadelphia-based Livent the 21st-centuryversion of oil Corp., oneofthe largest pro- security. ducersinthe world, with oper- Fornow,the U.S. remains ationsinNorth Carolina, Ar- largely reliant on China and gentina and China. “Therewill othercountries forlithium, be amassiveshortageoflith- having fallen far behind in min- iumatsome point.” ing and refining it. Piedmont is at theleading edgeofeffortsto build an American supply chain EV shift forthe ultralight metal—and its Forthe autoindustry, plenti- fatewill be asign of whether ful lithiumiscrucial to the shift theU.S.can succeed. to electric cars.Electric vehi- Themodern lithium-mining cles areexpected to account for industry started in this North about 50% of vehicles produced Carolina region in the 1950s, in the world by 2030,according when themetal wasused to to UBS Global Research, up makecomponentsfor nuclear from about 3% to 4% today. bombs. One of the world’sbig- Batteries account forbe- gest lithium minersbyproduc- tween 30% and 40% of the cost tion, Albemarle Corp., is based of most electric cars,and a in nearby Charlotte.Nearly all surgeinlithium prices could of itslithium today, however, is slowthe decline in prices nec- extracted in Australia and essarytomakethem attractive Chile,which have large,accessi- to aswath of consumers. ble depositsofthe metal. Tesla Chief ExecutiveElon Only about 1% of global lith- Musk last year announced an ium output is both mined and (3) unprecedented movebyanauto processed in the U.S. China, maker intocommodities mar- with ahugechemical industry kets,including lithium. The JOURNAL and lowcosts, unearths about automaker has pledged to pro- 10% and processes about two- REET duceits ownlithium in the Ne- ST

thirds of what’sdug up. LL vada desert.

Scientistssay switching from WA LithiumAmericas Corp., a

fossil fuels to batteries will be THE Canadian mining company, in crucial to reducing carbon-diox- R Lamont Leatherman, top, first searched Januaryraised $400 million, FO ideemissions,akey contributor North Carolina’s Piedmont region for part of whichitsaid will help to climatechange. Increasing lithium, used in rechargeable batteries, fund aNevadaproject to ex- domestic production of lithium HODGIN more than a decade ago. His company is tract lithium from claydeposits. is vital forthe U.S. to support now mapping out deposits. Albemarle said it’sconsider- CLARK itsautoindustryand meet its ing reopening some long-moth- climategoals,analystssay. ducebattery-grade materials, world-wide with enough invest- Mr.Leatherman cracked open vestmentsthrough an Austra- balled lithium mining assetsin expertssay. ment to come to market in the rocks with his hammer to ex- lian shell company, which KingsMountain, N.C.Eric Nor- Australia wasthe biggest next two to three years, ana- pose the lithium inside. raised several million dollarsin ris, president of Albemarle’s Supply chains lithium producer last year,with lystssay.That constraint is a Lithium’sboom-and-bust cy- seed capital to launch the firm. lithium business, said the com- President Biden signed an nearly 140,000 metric tons,ac- majorreason Benchmark sees cles have made it an unforgiv- Mr.Leatherman began meet- panyhas spent morethan $30 executiveorder in lateFebruary cording to Benchmark Mineral supply only doubling from this ing commodity to produce. The ing with nearby landownersto million over the past few years calling forareview of supply Intelligence, which tracks prod- year to 2025,evenasdemand pricesoon fell, and Mr.Leath- negotiateagreementstoex- to assessthe area. It is invest- chains forcritical materials,in- uctsinthe lithium-ion battery rises morequickly. ermanset aside his maps and ploreontheir property.Being a ing between $30 million and cluding those needed forelec- supply chain. Chile wasthe sec- Once it’soperational, Pied- eventually turned to blueberry local helped, he said. Nowthe $50 million to expand produc- tric cars,such as lithium. The ond biggest, with almost mont expectstoproduce farming on Vancouver Island, company’schief geologist, he tion at aproject in Nevada. government has said that rely- 100,000 tons,followedbyChina 160,000 tons ayear of concen- off Canada’swest coast. He also splitshis time between Vancou- Investorsincluding Warren ing on overseas sourcesfor at about35,000. trated spodumene,yielding pursued agold project in South verIsland and North Carolina. Buffett’sBerkshireHathaway these materials creates a“stra- TheU.S.produced roughly 22,700 tons of refined material. Carolina. In 2017, Piedmont hired Mr. Inc.and afund runbyBill tegic vulnerability” to the U.S. 3,000 tons,but it has among Prices had begun to rise Phillips as CEO,giving the com- Gates arealso backing compa- economy. thelargest resourcesinthe againwhen Taso Arima, an panyadirect line to financiers nies seekingnew ways to ex- Piedmont is still about two world, according to the U.S. Rich veins Australian with abackground on Wall Street. tract lithium as part of aglobal yearsaway from pulling lithium Geological Survey.The trouble Piedmont gotits start more in coal-mining finance, con- Lithium prices grew.Bench- rush of firms trying to break out of the ground in North Car- is that at today’sprices,much than adecade ago, when Mr. tacted him in 2016.Mr. Arima mark’spriceindexthat tracks intothe sector. olina. Last September,itan- of that American lithium is too Leathermanheardabout a had moved to the U.S. ayear prices of several different lith- Thereisno public market to nounced adeal to supply lith- expensivetopull out of the boom in lithiumprices at a earlier to develop acoal project ium chemicals used in batteries bet on higher lithium prices in ium to Tesla Inc.onceits mine ground. conferenceinToronto. Prices in Kentucky, but he waswor- peaked in early 2018.Then the futurelikethereisfor com- comes intooperation. Thecom- Much of thelithium mined forgold, one of his specialties, ried the fossil fuel faced along- came the inevitable bust,as modities likeoil and gold, so panyplans to spend morethan in the world todaycomes from were plunging due to the global term decline. producers, lured by high prices, investorshavebet on the $500 million to build apair of two sources: asalty brine that’s financial crisis. “The writing wasonthe wall flooded the market. By the end stocks of lithium miners. plantstoextractlithium. pumped out of the ground, in Mr.Leatherman thought forcoal,” said Mr.Arima, 36. of last year,prices were down Shares have been volatile lately “We’re going to build abig countries such as Chile,and back to the green-striped rocks Looking to transition toward by abouttwo-thirds.Industry as investorsretreat from hot businesshere,” said Chief Exec- spodumene, the mineral con- in the yard of his childhood clean-energy materials such as analystssay that of the roughly stocks tied to electric cars,but utiveKeith Phillips,aformer tained in hardrocks found in home in NorthCarolina. The lithium, he came upon anews 200 companies in the lithium Albemarle has still gained more mining banker forfirms such as places such as Australia and rocks contained rich veins of articleabout Mr.Leatherman’s businesswhen prices peaked, than 60% sincethe end of Sep- JPMorganChase &Co. North Carolina. Chemical pro- lithium. “I had no idea they earlier prospecting work.Soon nearly allofthem have failed. tember.Shares of Livent have Piedmont’sU.S.-listed shares cesses arethen used to make were going to be special,” he Mr.Leatherman wasleading Feware predicting another added nearly 90%. Themarket recently hit $80,upfrom$11 the compounds that go into said. him on atour of the area that bust. Analystsexpect the value of Lithium Americas, beforethe companyunveiled batteries. He obtained decades-old U.S. he’dsurveyed yearsbefore. growth of electric cars will which is also trying to produce the Tesla deal. Thesurge Processing plants, which can Geological Survey maps that Lithium-bearing rocks were just cause lithium demand to triple in Argentina, approached $3 briefly gavethe companya cost several hundred million detailed lithium depositsinthe laying on the ground, Mr. in the next five years, far out- billion in Januarybeforeare- market value above$1billion. dollars, areabout half as ex- region. Braving ticks and Arima said. pacing current supply.Lithium cent retreat. Exploration is well under pensivewhen they’rebuilt in- snakes in the forestsand hills, Mr.Arima helped arrangein- prices this year notched their One risk to lithium minersis way.InJanuary, asmall team of side China. Thecountryalso that demand doesn’t material- workersbored tubes hundreds has looser environmental regu- MetalQuest ize, or anew battery technol- of feet intothe earth to map de- lations formining and chemical Although China dominateslithium processing, deposits canbefound world-wide.Analystsexpect ogyreduces the amount of lith- posits. Spodumene,the mineral processing than in much of the demand to soonoutpace supply. ium needed. that contains lithium, is abun- Western world. “You canstill paint alot of dant in what’sknown as the Piedmont is betting govern- 2020 lithium production Globallithium supply anddemand scenarios in both directions,” Carolina Tin-Spodumene Belt. ment support, demand from by country said Mathew Lazarus, manag- While Piedmont is one of the electric carmakersand asolid Demand Supply ing member at NewYork-based farthest along,exploration ef- supply of rawmaterials closeat hedgefund Red Hook Asset 1.0 millionmetrictons fortsbyothersare under way hand canmakeits processing Australia 138,150 metric tons Management LLC,who invests in Nevada, California and Ar- plantsprofitable.Itand other in lithium companies. kansas. lithium companies arewager- Chile 95,400 0.8 Mr.Arima of Piedmont Lith- Although lithiumdeposits ing that soaring demand will ium said he isn’t concerned. As canbefound all over the world, push up lithiumprices. China 33,800 0.6 competition among nations for it’sdifficult to turn them into While China powers manyof control of the lithium-ion bat- thechemicals that powerbat- itsplantswith coal, Piedmont Argentina 29,250 0.4 tery supply chain ramps up,he teries.Refining the metal in- plans to use solar and natural expectsmoreresources, and involves largeamountsofequip- gas. Likemost startup explora- Other 18,000 0.2 vestors, to pour in. ment and intricatechemical tion companies,itwill likely “Weneed to do it herein processes that cancause water need adeep-pocketed partner America,” he said. “It’spart of U.S. 3,150 0 and soil pollution without or lender to help develop the 2018 ’19 ’20 ’21 ’22 ’23 ’24 ’25 our future. We can’t rely on proper controls.Itcan take five mine site itself. overseas supply chains.” or moreyearsfor anew lith- Piedmont might be one of Note:After production, lithium mustbeprocessed into battery-grade checmicals. Figures beyond 2020 areprojections —Micah Maidenberg ium-mining operation to pro- the few newsourcesoflithium Source:Benchmark Mineral Intelligence contributed to this article. P2JW069000-4-A010A0-1------NS

THE WALL STREET JOURNAL. **** NY We dnesday, March 10, 2021 | A10A GREATER NEW YORK New Yorkers 60 and Up to Be Offered Shot

Gov. Cuomo says they ability of doses,however, is expected to improveinthe can start signing up on coming weeks,allowing the Wednesdayassupplies statetoexpand the eligibility list forvaccinations at this of vaccines increase time,headded. NewYork has administered BY JOSEPH DE AVILA at leastone dose to 3.75 million people or about 19% of NewYorkersage 60 and up the state’spopulation, accord- cansign up forCovid-19 vacci- ing to statedata. About1.89 nations beginning Wednesday million people have been fully as the flow of vaccine supplies vaccinated so far in the state, continues to improve, Gov. about 9% of the population. Andrew Cuomo said. Meanwhile in NewYork People who are60and City,officials arehiring 2,000 older canregister forappoint- people from 33 neighborhoods mentsstarting at 8a.m. on hardhit by the Covid-19 pan- Wednesday, Mr.Cuomo,a demic to work at vaccine Democrat, said at anewscon- sites,Mayor Bill de Blasio,a ferenceTuesday. Democrat, said at aseparate Thereare about 500,000 news conferenceonTuesday. residentsinthe statebetween This is part of the city’s ef- the ages of 60 and 64 that fortstoget residentsreluctant previouslyweren’t eligible for to take the vaccine to become

the vaccine who will now S comfortable with the process. qualifywith this expansion, “Weare bringing on board PRES according to the governor’s moreand moregood New office. Currently,New Yorkers TED Yorkerstohelp us in this ef- CIA

age65and up areeligible for SO fort,” Mr.deBlasio said. the vaccine. AS These arepeople “who Thestate also is expanding want to servetheir fellow vaccination eligibility on NewYorkers, folks from the March 17 to certain essential LENNIHAN/ communities most affected by

workerswho interact with the MARK Covid who want to giveback, public,Mr. Cuomo said. This People at avaccination siterun by NewYork-Presbyterian Hospital. About 1.89 million residents have been fully inoculatedsofar in N.Y. whowant to help makesure includes some government people getvaccinated and employees,building workers This newlist of eligible arethe everyday heroes,” Mr. ment workers. Yorkers,” said MarySullivan, knowits OK,knowits safe, and certain nonprofit employ- workersjoins awide spectrum Cuomo said. “They areessen- “Sincethe start of this pan- president of CSEA. “They de- see people who look likethem, ees.Additionally,social-ser- of other occupations that cur- tial forustocontinue operat- demic,essential front-line servetobeprotected so that see their neighborshelping in vice and child-servicecase- rently have been given prior- ing.” public workershaverisked NewYork canfully and safely the vaccination process,” the workers, sanitation workers ity forinoculations in New TheCivil ServiceEmploy- their ownsafety and the reopen.” mayorsaid. and employees working in the York,including restaurant ees Association,aunion that safety of their families to Thegovernor said vaccine These newworkerswill stateDepartment of Motor workers, taxi driversand cer- representspublic-sector makesureour stateand local supplies have been improving help the city meet itsgoal of Vehicles will be eligible for tain grocerystore workers. unions,welcomed the expan- governmentskeep providing but still lag behind demand vaccinating five million people the vaccine. “These arethe people that sion of eligibility forgovern- needed services to all New forshotsinNew York.Avail- by June,Mr. de Blasio added. NYCEstablishes Museum HostsFirst Triennial Exhibition Fund forTaxi BY CHARLES PASSY Museums and other institutions have long made their mark with recurring art exhi- Medallion Owners bitions,held everytwo or three years, that aredesigned to survey the field in an ex- BY PAUL BERGER firm that holds the largest pansiveway.InNew York City, number of New York City taxi the most notable example is NewYork City will help medallion debt, said:“This is a the WhitneyMuseum of struggling taxi-medallion own- surprising,but welcome devel- American Art’s biennial show, ersbyproviding $29,000 in opment,” Thespokesman, Lin- which is set to take place loans to help drivers restruc- den Zakula, said the fund again in 2022. ture their debts. would help stabilizethe indus- Now, another institution in MayorBill de Blasio said trybyallowing driversto the city is joining the current the program, funded by $65 lowertheir monthly payments. fold: El Museo del Barrio,the BARRIO

million of federal coronavirus Marblegate, which holds Manhattan museum that fo- DEL O relief,will help cabbies emerge thousands of medallion loans, cuses on the art and cultureof

from ayearslong crisis that began offering driversthe op- PuertoRicans and Latin-Amer- MUSE

hasbeen exacerbated by the tion of restructuring in 2019. ican communities in the U.S., /EL

pandemic. So far, the firm has forgiven is offering itsfirst triennial ex- MIR

Driver advocates criticized about $140 million of debt at- hibition, set to open Saturday LMA

thefund, saying it would en- tached to about 800 medal- and runthrough Sept. 26. PA rich lenderswhile doing noth- lions,according to Mr.Zakula. Called “Estamos Bien—La

ing to help drivers. “It’sjust a Manytaxi drivershavehad Trienal 20/21,” the show fea- MICHAEL matteroftime beforeevery- to find new ways of earning a tures works by 42 Latinx art- From left: Chief curator Rodrigo Moura, curator Susanna V. Temkin, and artistand guestcurator Elia Alba. body ends up in bankruptcy,” living during the pandemic af- ists and art collectives from said Bhairavi Desai, executive terridership plummeted as throughout the U.S. museum world remains Europe- individuals and collectives exhibited at the museum previ- director of the New York Taxi schools,offices and businesses El Museo officials said “Es- centric in itsapproach, with were considered for inclusion ously.But she said she was Workers Alliance. were forced to close. Drivers tamos Bien” aims to be broad Latinx artistsrepresented only beforethe final 42 were se- honored to be included in the Amedallion is ametal have delivered food to seniors in itsoutlook—the artists marginally in permanent collec- lected. triennial, ashowthat she em- shield that gives a driver the and shuttled people who had come from several states,in tions or exhibition calendars. Some of the work in the phasized will help put her right to pick up street hails in the virus and were suspected addition to PuertoRico, and At the same time,“Estamos show speaks to the current younger colleagues on the map. NewYork City.Medallions of having the virus to doctors’ represent various cultures, Bien” is intended to giveEl moment, both in terms of the “With every exhibition like were onceworth morethan $1 offices and dialysis centers. from ChicanotoDominican. Museo a stronger foothold in pandemic and the fight forra- this,you draw moreattention million each. Their value City officials saythe taxi in- The show reflects the impor- the national art scene. cial equality, Mr. Moura said. to artistswho haven’t had op- plummeted below$200,000 dustry is starting to rebound. tance, relevance and strength The institution, founded in He cites amultimedia work by portunities,” she said. several yearsago following an But datasuggestsitstill has a of this diversecommunity of 1969 to showcase PuertoRican Lizania Cruz,aNew York- Thetriennial showcase influx of tens of thousands of long way to go. creators, they added. culture, has growninits scope based artist, that wasdevel- comes at atime when other drivers working for ride-hail- About 5,400 driversoper- “Estamos bien” translates and ambition to represent a NewYork cultural institutions ingcompanies such as Uber ated yellowcabs in the city in from the Spanish as “We’re broader constituency. It re- arefocusing on the Latinx Technologies Inc. January, according to city fig- good,” though officials said mains,however, fairly devoted The El Museo del community in different ways. Manymedallion ownersowe ures,downfrommorethan the phrase,echoing the title of to Latinx artistswith aNew Officials with Metropolitan hundreds of thousands of dol- 20,000 driversinJanuary2020. asong by the PuertoRican York City connection. Barrio show in NYC Museum of Art, the Museum lars.Some paid toomuch fora Averagedaily revenue foreach musicalartist Bad Bunny, is Indeed, the museum previ- features works by 42 of Modern Art and the Whit- medallion at city auction. Oth- driver in Januarywas $128, intended to be both positive ously had produced abiennial ney Museum of American Art ersborrowedagainst the medal- down from $169 ayear earlier. and sarcastic.The title also re- show,from1999 to 2013,with Latinx artists. pointtorecent and coming lion’svalue to financeahome or TheNew York Taxi Workers fers to a painting featured in such a local focus. shows featuring Latinx artists. to put children through college. Alliance says the best way to the show, “Estoy Bien” (“I am It wasneverthelessasignif- BRIC,aBrooklyn cultural in- City officials saythe fund help drivers is to restructure good”), by the NewYork-born icant challengefor El Museo stitution, also has acurrent will provide ano-interest loan medallionloans to $125,000 and Chicago- and Michigan- to mount atriennial showof oped online by asking Ameri- show, “Latinx Abstract,” de- of up to $20,000 toward adown andtoreducemonthly pay- based artist Candida Alvarez. such ambition, to saynothing cans howand when they felt votedtocontemporaryartwork payment foradebt restructur- mentstoabout $750.The Theexhibition is borne from of the fact that some of the re- the American dream died for from the Latinx community. ing.Italso will provide ano-in- group has called on the city to “the level of exclusion that the search, including interviewing them. Susie Wilkening, a Seattle- terest loan of up to $9,000 to- act as abackstop by guaran- Latinx community is facing,” potential artists, wasdone Ms.Alvarez,the veteranart- based museum consultant, ward up to six monthly loan teeing the purchase of medal- said El Museo executivedirector during the pandemic. ist behind the “Estoy Bien” said the shift is coming after paymentsof$1,500. lions if borrowers default. Patrick Charpenel. He and other El Museo chief curator Ro- painting,isnostranger to El yearsofneglect. “There’salot Thehead of the city’s taxi Driverswith the alliance officials notethat much of the drigoMourasaid about 500 Museo, having had her work of catching up” to do,she said. regulator,Aloysee Heredia Jar- protested outside the mayor’s moszuk,said officials have residence, Gracie Mansion, been in discussion with lend- Tuesdayafternoon. They GREATERNEWYORKWATCH ers, who arereceptivetore- vowedtoprotest everyday structuring loans. until the mayor finds a better Aspokesman forMarble- solution to their plight. CENTRAL NEW YORK Officers from the Onondaga NEW JERSEY CONNECTICUT gate Asset Management LLC,a —Katie Honan County sheriff’s office, the state Greenwich, Conn., investment contributed to this article. AG to Probe Killing police and the DeWitt police re- Lobbyists Spend Man, 19, Dies After Of Teen by Police sponded to the family’s home Record Amount Shooting in Hartford after the teen’s mother called New York’s attorney general 911 for a mental-health check on Lobbyists spent a record A19-year-old man wasfatally will investigate the death of a her son, police said. amount of money trying to influ- shotinHartfordearly Tuesday, teenager who was shot by po- Four officers from the three ence New Jersey’s government policesaid.

GES lice near Syracuse last week, At- agencies fired at Mr.Albahm af- in 2020, the state’s Election Law Officers responded to aShot

IMA torney General Letitia James an- terauthorities sayhepointed Enforcement Commission said Spotter alert at around 2a.m., nounced Tuesday. whatappeared to be ahandgun Tuesday. Spending topped $105 Hartfordpolicesaid. While they GETTY The move by state officials to at them. The weapon turned out million, up 3.4% over 2019, which were headed to the shooting SE/ investigate the death of 17-year- to be aBBgun made to look like set the previous record. scene, adispatcher notified them old Judson Albahm came after aGlock handgun, authorities said. Jeff Brindle, the commission’s thatthe victim had been dropped the teenager’s family members Mr. Zukher said Tuesday that executivedirector,connected the off at HartfordHospital. ANCE-PRES

FR hired their own attorney to con- the teen’s family had no com- spending to the coronavirus pan- The victim, identified as An- duct an independent probe into ment on the attorney general’s demic, pointing out thatabout dres Bonilla, of Hartford, had been ENCE

AG his death last Thursday. investigation. 40% of the bills lawmakers took shotonceinthe upper body,po- S/ Lawyer David Zukher told the A spokesperson for the sher- up lastyear centered on the virus. licesaid. He waspronounced dead

WEIS Post-StandardthatMr. Albahm’s iff’s officesaid in a statement Another factor wasthe legal- justafter 3a.m. family wantstoknowhow acall that the three police agencies ization of the recreational mari- Policehave made no arrests in

ANGELA forhelp with amental-health cri- couldn’t comment. juana marketplace. the shooting. Beleaguered cab drivers protested last month in New York City. sis ended with the teen’sdeath. —Associated Press —Associated Press —Associated Press P2JW069000-2-A010B0-1------NS

A10B | We dnesday, March 10, 2021 NY ** THE WALL STREET JOURNAL. P2JW069000-0-A01100-1------XA

FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

 James Hanken and his wife, Helen James, feed raw chicken to a pair of black vultures in their backyard in Arlington, Va.

 From Toronto, Yusen Wang, top, connects with his mother Shen Yu, above, and father in China.

normal practice of showing homes. Inspiration Amid aPandemic So, we took pictures for our Real- tor and conducted our own video tours, with my wife Rhonda nar- Asked how the crisis changed their lives, readers shared stories of strength and resilience rating while I did the video with my iPad. By May 15, we were allowed to bring in two people at a The Wall Street Journal invited tives than negatives intoour gan to reflect on the year, I see give up, but to fight back. time to view the home, readers to share their stories lives.Wemet with her care team just how much I’ve learned about I lost 90% of our which sold a couple about how the pandemic changed at Texas Children’sHospital in myself and the world. Despite the hard-fought shelf weeks later. their lives. The responses were sur- Houston. Right away her doctor initial setback, there have been a space when Covid Leaving our prisingly uplifting. Here is a sam- told us about Trikafta,amedicine lot of opportunities that have started. First, home was pling of letters, which have been that mayoffer her anormal life come my way. And for that, I food distribu- emotional but edited for length and clarity. expectancy. She mayevenbeable am grateful. tors refused to wascoun- to avoid manyofthe treatments — Hoang Samuelson, pick up pallets teredbythe that cystic fibrosis patientsborn Portland, Ore. from small excitement hen [Harvard in the ’90s and early 2000s have vendors. Sec- of anew be- University] had to take throughout their lives. ond, our prod- ginning.Af- closed because As we learned about the vaccines ucts were sold teracouple of Covid-19 in becoming available,wewerein- MY BOYFRIEND AND I moved to at all the shops months of W midsemester last trigued by the hugepotential for WashingtonState last year from in NYC airports, settling in, spring,Irelo- mRNA to treat genetic diseases. Dallas.Wehad started house which all closed our second catedtomywife’shome in Ar- I will never utter the common hunting in January, and it was down. Third, our granddaughter lington, Va.There, I’vebeen de- phrase that 2020 is the worst year tough. Our budget was$300,000, online grocery re- wasborn on Sept. livering my course lectures via ever. It has refocused us on our and homes in that rangeevapo- tailer, the largest one in 1, which is also Zoom, along with just about ev- family and our faith; 2020 is a ratedinminutes.Oryou’dbeup New York, canceled all  Mika Manninen at his my birthdayand a erything else in my professional year to remember for bringing joy against 30 other people.Some of- its orders, after we had natural-foods company special gift. These life. What Ihad not anticipated amidst the uncertainty. fered$100,000 over the asking already produced the days as we con- wasthat shortly aftermyarrival, —Kristen Witte, Houston price, in cash. pallets. tinue to shelter in my wifeand Iwould be joined by As New York closed down, our place, our joyisour family and apair of black vultures,who sales vanished. We had to find looking forwardtosharing better thought the attic of her garage ways to get consumers to taste our times ahead. would be the ideal placetoraise product. So we filled our cooler — Joe Matt, afamily.And that’sjust what and set up our Hälsa stand in front Fredericksburg, Md. they’vedone. of stores, feeling like kids with a We’ve been following the com- lemonade stand, and handed out ings and goings of the vultures free yogurts. Within a month, we (there are now four—the original had gained back about 80 indepen- MY PARENTS live 3 kilometers two adults and two offspring) dent stores. away from the Huanan seafood since April. They prance and fly Slowly but surely, we’re getting market [in Wuhan, China]. On Jan. around our backyard each day, in- back to normal, although the word 23, two days before Lunar New centivized since last summer when “normal” will not be the same for Year, I was in my MBA class in On- we began serving them a daily a long time. So many things have tario when a push notification breakfast or lunch of raw chicken. changed and will keep changing. came that read: Wuhan to be put These days, they wait politely out- There are thousands of small busi- under lockdown, with all forms of side the kitchen door, perched on nesses that did not make it, no outbound transportation sus- the railing of the back porch and matter how hard their founders pended in 10 hours. It took 76 days staring into the kitchen to remind worked and how much they risked. before the lockdown of my home- us that it’s mealtime. —Mika Manninen, New York town was lifted. Watching the vulture parents During those 76 days, I had 152 canoodle with one another and video calls with my parents. Every care for and protect their young day there was one chat in my eve- has provided a welcome relief WALKING NOWADAYS is like tak- ning (their morning), in which I ON from the daily dose of grim news  Hoang Samuelson with her children, Lily and James, in Portland, Ore. ing a break from society. Going on would share with them how my of human misery and political walks allows for a freeing time day was; and a second one in my MUELS

SA gridlock. It’s made isolating in where I can process, observe and morning before class (their eve- place for most of the last nine We found aconverted mobile live in the present moment. Walk- ning before sleep), in which I ANG

HO months a lot easier to take than it home on adirt road, in the mid- ing helps me engage with nature would tell them my plan for the might have been. Most important, dle of farms in Kingston. It was in a self-help kind of way. Nature day, and ask about their day. My

WITTE; it’s reminded us that life goes on. IN LATE MARCH 2020, I lost my under contract but due to the has become a central part of what chats were to provide them with

RED —James Hanken, job. Fast-forward another week, pandemic,the potential buyer’s fi- it means to be human during the distractions, anecdotes and gos-

JA Cambridge, Mass. and my daughter’s school closed nancing fell through. We made an quarantine. sip—anything that could alleviate S; down and implemented online offer which gotaccepted and —Lori Armine Sinanian, their torment from isolation. learning. The challenges with such moved in in lateJune. Glendale, Calif. —Yusen Wang, Toronto NICHOLA a transition is another subject al- So we’respending all our spare

TIM IN PRE-PANDEMIC 2020,myhus- together, but what I will say is time,cleaning,repairing,making band and Ifound out we were ex- that it was drastic and confusing. this house our own. Forall its pecting our second child. We had My husband’s job had talks about faults, it sitsonasmall but daz- WE MOVED from our home of 38 I LOST TWO UNCLES and two

MANNINEN; ElizaonAug.31, and when she cutting hours, but ultimately they zling (tous) 1½ acres with trees, years in Pittsburgh to Maryland in friends directly to Covid. My A was1month old, we found made an agreement that al- the occasional deer,and gangsof June to be close to our grandchil- mother also passed away, and al- MIK out she has cystic fi- lowed him to keep his pileated woodpeckerswho inch up dren. Our home went on the mar- though not directly due to the vi- (2); brosis. regular hours. and down tree trunks.Acrossusis ket in May, at a time when Real- rus, it was partly due to the isola- NG Some might It became ap- acattlepasture; in the back,a tors were restricted from their tion of being unable to see her WA saythis is par parent that beaverpond. At family at her nursing home. This

YUSEN forthe course money would night, the skyis year has taught me a great deal in 2020,just be tight. We incredibly clear,a about loss, but also about the morebad stopped going pincushion stud- world we live in. The manner in

JOURNAL; news,and of out and ded with millions which the virus was politicized course we spending of stars. You shows the character, or lack REET

ST were initially money on couldn’t find a thereof, that politicians exhibit. I LL heartbroken. things like betterplaceto also learned that things I thought I WA We googled coffee and wait out a could not live without, like profes- THE

R “lifeexpec- clothes. I dis- pandemic. sional sports and movies, are re-

FO tancy” and covered that I — Alicia Kan, ally unimportant to me. The SS “symptoms” and was OK with that, Kingston, Wash. money I saved I used for addi- VO were devastated and over time, my tional investing and plan to do so

EPHEN that she would have perceptions and be- every year. The time I previously ST

: to facethis.Parents havior toward spend- spent on sports and movies, I don’t want to see their  Kristen Witte and ing have changed. My I CAME VERY spent during Covid reading books. LEFT

P child suffer or facethe her baby Eliza priorities were CLOSE to losing —Vincent LoNigro, TO possibility of outliving changing. my [natural-food] Bethpage, N.Y. OM

FR achild. Yes, this year has business this year. However, we have come to find been unexpected, but at the same I would like to in- WISE that her diagnosis has over- time, it opened up a lot of doors spire other small Compiled by Anne Michaud and OCK  Alicia Kan moved to Kingston, Wash. Carrie Reynolds CL whelmingly brought moreposi- for me, perception-wise. As I be- businesses not to P2JW069000-0-A01200-1------NS

A12 | We dnesday, March 10, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL.

MY RIDE | A.J. BAIME LynSt. James ‘Feels Right’ in HerMiata ES JAM . ST N LY (2); JOURNAL REET ST LL WA THE R FO AFT CR EVE ST : LEFT OM FR

Lyn St. James, pro- Racing legend Lyn St. James with fulracing series,the MX-5 Cup. still drive the Miata to its fullest. fessional race car her 1990 Mazda MX-5 Miata at [Built in Hiroshima, Japan, the When I take it out, I want to take driver, advocate for Phoenix Raceway. Right, one of her Miataistoday, by far,the best- it out. Recently I went on a road women, and the first racing victories, this one at selling two-seat convertible trip with one of my favorite girl- woman to win the In- Watkins Glen, N.Y., in 1985. sportscar of all time.] friends, south into Mexico. We dianapolis 500’s About five years ago, I was go- were on a straight road that had Rookie of the Year ing to visit my daughter who lives no speed limit. I was hauling at award (1992), on her had cool styling, it was affordable, in San Francisco, and I learned 120 mph. The car was as happy as 1990 Mazda MX-5 it had durability, performance, and that Tom Matano—who led the de- a camper, as they say, and so was Miata, as told to economy. I was living in South sign of this car for Mazda—was its driver. A.J. Baime. Florida and it was a perfect place working in San to drive with the top down. Francisco. I made IN THE SPRING of Though it had a small four-cylin- an appointment 1990,Iwas at arac- der, it was a double overhead cam and I met him. ing function in Co- engine. The car loved to go fast. I To me, it was lumbus,Ohio,and the guywho boards and print advertisements. definitely got some tickets. It was like meeting washosting said, “Hey,doyou Mazda’s motto for the new car the kind of car that made you Enzo Ferrari if want to see my newbaby?” I was, “It just feels right.” Total co- want to go into your garage so you you’re a Ferrari said, “Sure.” We went out in his incidence. At the time, I was under could say good night to it. nut, or Carroll garage and thereitwas,this little contract to race with Ford Motor Now, so manyyearslater,Ican Shelby if you’re a redsportscar.Ihad never seen Co., and so I always had Ford cars. look back and saythat Ihave Shelby nut. He or heardofaMiatabefore. I I didn’t need a new car, but I never owned anycar formore turned out to be asked if Icould sit in it and when bought one anyway—a Miata from than three yearsexcept this one, the most humble, Idid, Iput my lefthand on the its very first model year. which Ihaveowned foroverthree delightful human steering wheel and my right on There wasn’t anything like the decades.Itamazes me that when being, and it was the shifter. Isaid to myself,“It Miata at the time—a new, small, Ifirst sawit, I’dnever heardof an honor to get just feels right.” two-seat convertible sports car. the Miata. Nowyou see them ev- to know him. Soon after, I started seeing bill- And this one hit every mark. It erywhere. It has itsown success- These days I

alarm each day and shutting canhelp kids handle those Managing off electronics earlier in the situations by talking through evening; do some morning potential scenarios.Insome Anxiety test runs to practice getting casesitmightbebestfor ready. “It’s going to be an ad- kids to avoid confronting the justment,” she says. rule-breakers, and instead dis- As Schools tancethemselves and let an Plan informal gatherings. adult know, says ByronMc- Reopen Parents worried about how Clure, aschool psychologistat more introverted children will Anacostia High School in transition to the school envi- Washington, D.C.“It’s impor- BY ALINA DIZIK ronment may want to sched- tantthatparents instill in ule virtual, outdoor or other their children waysthatthey ith federal health Covid-cautious meetups with canstill exert controlinthose W and education offi- fewer classmates, says Ian situations,” he says. cials making a big Brodie, a counselor at Lake push to restart in-person Braddock Secondary School Troubleshootwith open- learning, more kids are rein Burke, Va. These informal endedquestions. While some turning to school. But after gatherings may be less intim- children areeager to share months of wearing pajamas idating for students and help their feelings,othersare less to virtual math class, being build back their social skills. inclinedtotell aparentwhat’s back in school will be a major “It’s important for develop- going on. It maybeeasier to transition for many students and their parents. “It’s going to feel new and everybody is going to spend time figuring it out,” says Lynn Linde, chief knowledge and learning officer at the American Counsel- ing Association, a trade group in Alexandria, Va. “Parents can expect that kids are going to come home with mixed feelings about being back in school.” Students may experience separation anxiety, feel over- whelmed at the prospect of being around so many people again, or worry about the virus. Here are some strategies from counselors, pediatricians and psychologists.

Anticipate challenges. The Students practice social distancing at a school in Las Vegas. social adjustment is likely to be challenging formanykids. One way to help alleviate wor- ment…as they are transition- first ask your kids howa ries is to role-playsituations in ing into a more adult way of friend’sday went,orask the advance. Helping ayounger thinking,” he says. child to shareone thing they child plan out who she’ll sit liked or disliked about the day. next to on the bus or what Help students embrace new Starting small and specific can she’ll bring forlunch canhelp protocols. With mask-wearing open the door to conversa- her feel moreincontrol, says and social distancing in place, tions about bigger concerns. Joshua Coleman, an Oakland, the school daywill have more Calif., psychologist. Askyour rules about howstudents can Monitor for signs of anxiety. S

children whattheyare most act around their friends.Par- Look out for signs of anxiety, PRES

worriedabout and talk ents should speak with stu- which in children can include TED

through differentapproaches dents ahead of time about the irritability, a decrease in the CIA SO

should uncomfortable situa- importanceoffollowing new ability to focus, lagging per- AS tions arise.“You’ll help them protocols and help them un- formance in school or a think of things theycan do in derstand the reasons behind change in appetite. Be flexi-

thatmoment,” he says. the newrules,saysSteven ble about your expectations -JOURNAL/ Abelowitz, apediatrician in of your kids during this

Restart a consistent sched- Newport Beach, Calif. stressful time. Talking to the REVIEW S

ule. Children may find it eas- school about concerns is im- GA

ier to get back into a struc- Setexpectations about portant, as many are working VE S

tured routine if they start others. Evenwith all the to provide resources to their LA O/

following the new schedule safety protocols in place, kids students to help with the ZC well before the first day of arelikely to encountersitua- transition. If problems persist,

in-person classes, says Dr. tions whereother kids aren’t consult a mental health coun- VERDU

Linde. Get back to setting the following the rules.Parents selor or pediatrician. ERIK P2JW069000-0-A01300-1------XA

THE WALL STREET JOURNAL. We dnesday, March 10, 2021 | A13 ARTS IN REVIEW

Partyplanner SarahMiller in yellow, left; acouple on the show, below

prepared to spend $30,000 on a wedding aren’t people looking at $350,000 homes.They’relooking at $650,000 homes.Home buyers in NewYork and SanFranciscowill just be laughing,albeit mournfully. But it’s a fantasy program, after all. There’s no hard sell. Neither, to a viewer’s relief, is there any ex- cessive promotion of the businesses involved in each episode, despite the extras they kick in. While it isn’t explained at all, Ms. Holmes and Ms. Miller obviously aren’t motivated by their own profit, so their guidance is honest and realistic. And often very, very kind. What’s fun is how they try to cut each other’s figurative throats with freebies and concessions. Ms. Miller squeezes gratis guest transportation out of one company. Ms. Holmes gets an appliance allowance from a homeowner desperate to sell. There’s a free upgrade to a plated meal for a bride and groom who had resigned themselves to a buffet. The hosts are devious, cal- culating, shameless: One couple— whose immediate plans include adopting a baby—walks into a three-bedroom townhouse only to find one of those bedrooms deco-

(2) rated as a nursery. The music swells. The tear ducts empty. It’s

NETFLIX positively ruthless. All the couples,who rangein TELEVISION REVIEW | JOHN ANDERSON age, race,sexual orientation and career status,are facing apersonal challenge. Some have been engaged Picking ‘MarriageorMortgage’ foralong time and want to get thingsmoving.One couple,Liz and Evan (no one in the showisidenti- fied by anything but a ou could buy a house Holmes, real-estate agent, and firstname), have a30- for what this shindig Sarah Miller, party planner dayhousing allowance cost!” is the kind of and design consultant. They from Evan’snew em- thing people say at compete devilishly for the fi- ployerand don’t want to ‘Yweddings, perhaps nancial souls of their clients payaNashville rent. while downing truf- and will do almost anything “That’samortgagepay- fled foie gras and Veuve Clicquot. to swing a decision their way. ment,” declares Liz,asif Regardless of the menu, they don’t Both are attractive, poised, suddenly aware of the re- really mean it. And neither does infinitely patient and non- alities of rental housing. “Mortgage or Marriage,” though it judgmental: When one bride- Another couple, Alex does use a similar sentiment as its to-be insists that her recep- and Precious, reveal that launch point: Do you spend your tion feature a ranch-dressing Precious has already entire bankroll on a wedding? Or a fountain—yes, indeed—Ms. bought her dress—for house? Miller has one conjured up. $6,000 of their $30,000 What the 10-part series means Appetizing it is not. down payment—so Ms. by that is the money its marriage- As is the case with most Miller is encouraged. minded couples could alternatively reality TV,“MortgageorMar- They also reveal that spend on a down payment—which riage” provides an alibi for Alex’s mother, Dorothy— in most cases here is somewhere voyeurism, adding vicarious whom they refer to as between $20,000 and $35,000—or venue-shopping to the well- Madea—will cosign the a party. The couples are preap- established cable commodity mortgage. “Game proved for mortgages of about of real-estateporn. It’salso a changer!” proclaims Ms. $350,000 in pre-pandemic Nash- study in expectations,lowered Holmes. Mom also ville (one of the nation’s hotter expectations,and thingspeo- comes along when they real-estate markets, at least right ple think areimportant and inspect potential hous- now). Their dream weddings will maynot be,especially when ing. “I’m so excited that consume all the money they have. they’represented with myriad Dorothy is house shop- Everyone wants more house than choices.Nashville seems to be ping with us today,” Ms. they can afford. Everyone wants full of artisanal distilleries, Holmes says. Sure she is. more wedding than makes sense. breweries and other hipster party also knows what the couples can them anyway:Younger viewers You have to respect the hosts in Wouldn’t most people pick a spaces,and Ms.Miller knows them afford, as well as what constitutes might think it totally reasonable to the end, not just for their generos- house? Not necessarily. The deci- all. Thehousing stock we see is areasonable trade-off: Will you spend all their available cash on a ity but for disguising—so well— sions that couples make are almost largely new, though afew of the tolerateahellscape of textured big wedding.Older viewers will how appalled they often are. always surprising, the wild cards lived-in places arehorrifying.Ms. wall treatmentsifyou also gettwo likely be saying “gofor the house.” being the two very persuasive ad- Holmes knows an aesthetic night- acres of backyard?Iwould. What’sslightly askew about “Mort- Marriage or Mortgage vocates hosting the show—Nichole marewhen she sees one,but she But therein lies the rub. One of gage or Marriage” is that people Wednesday, Netflix.

MUSIC REVIEW to the 2016 Pulse Nightclub massa- based tunes. On another, vocalist cre. Composer Phil Kline’s riveting Jean Carla Rodea, from Mexico, “Thoughts and Prayers” quotes and instrumentalists from Israel, Refreshed press-conference comments by Morocco and the U.S., blend har- Emma González, who survived the monica, oud and piano, among 2018 Marjory Stoneman Douglas other instruments. Two discs are Protest High School mass shooting: “We solo efforts: stately piano pieces never got our moment of silence,” played by Eri Yamamoto, and play- Mr. Bleckmann sings. ful texts sung a cappella by Lisa “Listen to the softsilence,” as Sokolov, all of them brief. There Songs sung by Raina Sokolov-Gonzalez, are also long pieces, 20 minutes or arethe firstwords utteredonMr. more: “If We Play Soft Enough” ex- Parker’s newrelease.Likemuch of plores sonic textures from, among BY LARRY BLUMENFELD his vast body of recorded work,his other instruments, vibes, tuba and compositions hereexplorethe many soprano saxophone; “On Being Na- THERE IS a long tradition of wayssound mani- tive” sounds like a songs meant to gather us in pro- festsasmusic.His conversation be- test against injustice and unite us lyrics consider how tween Daniel around troubling truths and uplift- such music answers Carter’s alto saxo- ing ideals—think “Strange Fruit,” basic needs (on one phone and a string made famous by Billie Holiday, or track,simply,“cos- quartet. Woody Guthrie’s “This Land Is mic funk will save Some songs Your Land” or Curtis Mayfield’s the world”). In the track Mr. Parker’s “Move On Up.” There’s another nearly half-century history. The lyrics tradition—just as vital, and grow- sinceMr. Parker to “Harlem ing—in which legacies of jazz, pop- performed in pia- Speaks” recall the ular, folk and classical music con- nist Cecil Taylor’s Savoy Ballroom, verge, or rather where such band at Carnegie where his parents categories fall away in the inter- Vocalist Theo Bleckmann and brass quartet the Westerlies, above; Hall, he has come met. The melody ests of collective intent. bassist and composer William Parker, right to be known as a coursing through Twonew releases—“This Land” father figure of the “A Great Day to Be (Westerlies Music), from vocalist avant-garde scene. Dead” comes from Theo Bleckmann and abrass quar- 10-disc set featuring seven female can music has produced, played by With one lyric,he his earlier organ tet, the Westerlies; and “Migration vocalists and more than three the Westerlies as brief, up-tempo shrugsoff such cat- quartet album, of SilenceIntoand Out of the Tone dozen instrumentalists in ensem- instrumentals. These punctuate a egories to getat here assigned to World, Volumes 1-10” (Centering Re- bles of various sizes and formats, program that includes inventive something deeper oboe, underscoring cords), from bassist and composer performing Mr. Parker’s music and reconstructions. The pro-labor (“the most avant-garde thing we lyrics about a favorite aunt. William Parker—extend these tradi- his lyrics—a body of work, he ditty “Look for the Union Label” canbeishuman”). His insistent Mr.Parker—whose discography tions.Both involvesingersand in- writes in a liner note, “dedicated arrives via brass fanfares but ends bassplaying and his overall ap- includes several boxedsets, ranging strumentalistsasequal partners, as- to all people in the world search- with a foreboding air, and then se- proach have attractedmusicians from solo pieces to orchestral signing the same emphasis to words ing for freedom.” gues directly into a solemn version representing manytraditions; his work—favors grand gestures.Such as to music (and in Mr.Parker’s As an ensemble, the Westerlies of the spiritual “Wade in the Wa- compositions lend themselves to all outpouringswould seem redundant case,silence). Yetthey differ starkly produce magisterial sounds as well ter,” on which Mr. Bleckmann’s sortsofensembles. or unwieldy were the music not so in scale,scope and sound. as pained ones, execute deft im- electronics create a mournful wash These 10 discs are independent varied, so vital and so full of fresh KEVICH On “This Land,” Mr. Bleckmann provisations, and project both af- of sound beneath his vocal. suites, each with its own cast. Mr. discoveries and consistent beauty. TS

YA and the Westerlies reconsider fecting sincerity and knowing wit. Throughout, an artful blend of Parker performs on seven of them, And were they not staked to such 20th-century protest songs, hymns The same can be said of Mr. Bleck- folk, jazz and chamber music ele- playing bass as well as other in- closely held beliefs in unities of ANNA and poems, and present new com- mann, who here sometimes alters ments refreshes and reframes struments, including the donso composition and improvisation, of positions addressing more current his pure and transparent voice well-known songs. The original ngoni, a West African harp. On one sound and silence, and of music and LABBE; events. The resulting 15 tracks through electronic processing. songs here channel complex emo- disc, drummer Hamid Drake, one wordsasmeans of empowerment.

JOHN form concise expressions of resis- “This Land” features four songs tions, sometimes drawn from trag- of Mr. Parker’s closest collabora- : tance and resilience. Mr. Parker’s (though, curiously, not “This Land edy. Mr. Bleckmann wrote “An- tors, and Fay Victor, among New Mr. Blumenfeld writes about jazz LEFT “Migration of Silence Into and Out is Your Land”) by Woody Guthrie, other Holiday,” a somber York’s most compelling singers, and Afro-Latin music for the OM

FR of the Tone World” is a sprawling as clear a protest singer as Ameri- meditation on absence, in response join the bassist to perform jazz- Journal. P2JW069000-0-A01400-1------XA

A14 | We dnesday, March 10, 2021 THE WALL STREET JOURNAL. SPORTS

lection to paytaxes—he also sold a The Whales of NBATop Shot portion of his cryptocurrencyhold- ingstocover his student loans— but otherwise he’sstaying in the market passively.“Ispent more Made aFortune Buying Highlights time thinking about TopShot when everymoment was$5than Ido now,” he said. But to makeafantastic amount They were early to the hottest NFT market—and their collections are now worth millions of money,itwasn’t enough to buy on the cheap.Thereweretimes BY BEN COHEN when Levy and Chorlian had to splurge. ichael Levy was Levy set the record forthe high- scrolling Twitterlast est priceeverpaid on TopShot September when he when he purchased aGiannis Ante- Mnoticed someone tokounmpo dunk in lateDecember. mention something Theserial number: 34. His jersey that he wanted to knowmore number: 34. Theprice: $8,034. about. What is NBATop Shot? he Afew weeks later,Chorlian wondered. bought aspecial LeBron James This platform to buy,sell and tributedunk to Kobe Bryant, amo- collect officially licensed video ment that felt canonical to him. His highlightswas months from be- purchase wasalso the most expen- coming amarket that would capti- siveinTop Shot’shistory. There- vate and mystifybasketball fans, cord of $71,455 lasted foranhour. cryptocurrencyenthusiasts, sneak- It wasaround that time when erheads,pandemic daytradersand Levy wasoffered $100,000 foraLe- thousands of people stuck at home. Bron James moment. He refused. But it wasn’t long beforeLevytex- And he knows howthat sounds. tedhis friends: “This could be But the reason he said no wassim- big.” ple. He wassoconvinced that he de- “I think it’sworth more,” he cided to spend $175,000 over the said. next six months on digital trading Theaction has been so dizzying cards. They arenow worth $20 that Levy and Chorlian do their million. best to ignoreitaltogether.The Theinvestment wasasizable market has dipped sincethen, but one forLevy, a31-year-old financial Levy says he tries not to analyst who says his interestsare Andy Chorlian, above, spent $71,455 focus on short-term noise, sports, poker,marketsand “trying on NBA Top Shot to buy the No. 1 and Chorlian says he’s to identifyadvantagesand edges,” serial number of a LeBron James comfortable with volatility but it appearsthat he found the tribute dunk to Kobe Bryant. Below, as 95% of his net worth is latterinTop Shot. It’swhy he’snot NBA Top Shot collector Michael Levy. held in cryptocurrencies. selling. In the worst-case scenario “I continue to think it’s of aTop Shot crash, he an asymmetric bet with figureshewould still have fantastic upside,” he said. ajob that pays well. “I’d Levy is one of the big- be in the same position as gest winnersofamanic alot of 27-year-olds in the newmarket that true be- United States,” said Chor- lieverssay is the futureof lian, who described him- collecting and skeptics call self as “a bit of adegener- aslightly absurdform of ategambler.” speculation. At the center But he wouldn’t be able of the frenzy areassets to cash out right noweven known as non-fungible to- if he wanted to.Top Shot kens,orNFTs, which use usershavetowait 30 days the blockchain technology ing exorbitant sums of money for perienceand come with aguaran- beforethey canwithdraw money, powering cryptocurrencies otherwise free NBAhighlights. teeofauthenticity.Top Shot mo- and thereare limitsfor certain us- to authenticatedigital art, Manyofthem areyoung.Some mentshavethe same forces ersbecause of the company’ssafe- memorable tweetsand a arenow rich. working in their favor. guards against money laundering, remarkable variety of Themillionaires of TopShot “It’sthe story, the scarcity,the Gharegozlou said. He cautions that ephemerasuddenly worth were the bullish investorswho had joyyou getasacollector,” Levy TopShot is still in betatesting and amind-blowing amount of the money to pour intoanemerg- said. “It’snot the ability to hold it says he’sconfident that market- money. ing market oncethey spied aprof- in your hand.” placeoutages,technical difficulties Themost popular and itable opportunity beforethe rest But thereissome value to that, and other challenges of scaling a perhaps most confounding of the world could see it. Their too. Gharegozlou recently ordered a businesswill be worked out. NFT market is NBATop luck,timing and knowledgeof video frame to displayhis clip of Levy made an investment in Shot. It has minted unlikely blockchain and basketball turned VinceCarter’s last shot in the NBA. Dapper Labs in Februaryashis Top

millionaires and leftmany out to be worth afortune. It will liveonashelf next to his Shot collection wasgrowing in T scratching their heads as it They stillhavetoexplain to con- LarryBirdsigned basketball. value,astake that increased his ex- PSHO

processed morethan $250 fused friends what they’rebuying, One of the TopShot whales is a posuretothe risks of an unpredict- TO

million in sales from 100,000 buy- takesa5%fee—with the goal of whythey’renot selling and howa 27-year-old software developer able industry. He doesn’t have to be NBA ;

ersoverthe last month alone. reaching casual basketball consum- glorified YouTube clip that canbe named Andy Chorlian. Except for told he should be diversifying.“Any S)

Thepeculiar but lucrativesub- ersand not just blockchain evange- viewedbythe rest of the world can the sizeofhis bank account, he is traditional portfolio theorywould AIT TR

cultureofTop Shot reminds others lists. It’sworking.Instead of swap- also trade forhundreds of thou- typical of the TopShot demo- saythis is toooutsized an asset,” OR of asimilar hit from the same com- ping jerseysafter games,NBA sands of dollars. graphic.Hetraded Pokémon cards he said. (P pany, Dapper Labs,inwhich people players areexchanging TopShot “Ifsomeone tells me they don’t as akid. He owns so manysneakers Everytime the whales looks at

collected virtual cats instead of moments. see the value of diamonds,art, that they no longer fitinhis Brook- their accountsand see previously JOURNAL NBAhighlights. CryptoKitties wasa “Weknewthis wasrocket fuel,” stamps,physical cards, these intan- lyn apartment. And he wasn’t sur- unimaginable amountsofmoney is REET

fad that wasmostly forgottenafter said Roham Gharegozlou, chief ex- gible items that don’t have intrinsic prised by what happened oncehe areminder they must decide what ST

afew crazy weeks in 2017. ecutiveofDapper Labs.“Thething value,it’ll be impossible to get discovered TopShot. “I just be- to do with their millions of dollars. LL

Nowthe idea is roaring back in that surprised me is howquickly them acrossthe line on adigital came really obsessed,” he said. Levy’s plan fornow is to do noth- WA

part because TopShot is built fora mainstream basketball influencers asset,” said Levy. Six months later,heowns ing.Heisholding. THE R

different audience: the average adopted it.” It’seasier to understand through roughly 3,800 moments, and they “I don’t knowwherethis is FO NBAfan. Forageneration accustomed to another kind of collectible.Abase- arevalued around $15 million—give heading,” he said. “I just knowthat Dapper Labs cut deals to give playing daily fantasy sportsand ball card is afew centsofink and or take afew million bucks depend- it has enormous potential that no MBARD

the league and itsplayers asliceof gambling on their phones,thereis paper,but the most valuable ones ing on the day. other investment Ihaveaccessto LO Y

everytransaction—the company nothing particularly odd about pay- arelimited in supply,reflect an ex- Chorlian flipped part of his col- canmimic.” AM

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. 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IRAN ESSENNAP P2JW069000-0-A01500-1------XA

THE WALL STREET JOURNAL. We dnesday, March 10, 2021 | A15 OPINION Lab Theory a Dark Cloud on China BOOKSHELF | By Barbara Spindel

Alab acci- around in labs. been hard-pressed not to let datasecret. Itsmost implausi- The Eugenics dent in Wu- On that basis alone,the lab some newinformation out of ble stonewalling is itsunwill- han is un- theoryisthe most important the bag,adding to our storeof ingnesstosupply “highly con- likely only in informational chokepoint as knowledge. That Beijingem- fidential” patient samples that the sense we moveahead. But there’san- phasized the theorythat the might showwhereand when History Nearby that a pan- other reason. If the lab theory virus entered the countryin thevirus waspresent prior to BUSINESS demic virus’s remains unresolved, especially imported frozenfood at least the Wuhan outbreak.And it’s WORLD emergenceis if China’srefusal to cooperate tells us about China’spropa- obvious why: China has Pure America always the makes it unresolvable,itwill ganda strategy. This is worth latched ontothe good work By Holman W. culmination hang over global politics for knowing but the WHO’sown done in other countries to By Elizabeth Catte Jenkins, Jr. of aseries of decades to come even without gratuitous nods to the frozen- identifyearly unrecognized (Belt, 199 pages, $26) unlikely conspiracytheoristsand dem- food theoryraise anewthe cases of Covid-19 to suggest events.Ifitweren’t, we agogues taking ahand. question of who really controls the virus originated elsewhere hen historian Elizabeth Catte moved to Staunton, a wouldn’t be hereasaspecies. Alas,the World Health Or- the World Health Organization and wasbrought to Wuhan by W small city in Virginia’sShenandoah Valley,in2016, This trillion-to-one collision ganization mission is turning and to what end. foreign devils,never mind the her daily commutetook her past the original siteof of circumstances canbesimpli- intoacase of disaster foretold. virus’sclose similarity to bat Western State Hospital, which wasthen being reborn as an fied in one obvious way.Say,if Acredible inquiryrequires viruses found in China’sYun- upscale hotel and high-end property development. She found ahuman agent collected the China’sfull cooperation, not TheWHO’sinability nan province. something so incongruous about this transformation that, most dangerous viruses to just cooperation with those It’stime to be realistic.Mr. she recalls,“Ibegan asking people,‘That’s the Western State, study them in the middle of linesofinquirythat arecon- to divorceitself from Daszakand most otherslong right?’ as if theremight be another former asylum in town one of the densest population sistent with itsown propa- Beijing’spropaganda agofigured out therewon’t be that hadn’t become $500,000 condominiums.” centersonearth. These experi- ganda. And couldn’t somebody an unimpeachable answerto Thedissonancestemmed from Western State’s gruesome menterswould at least have have put PeterDaszak, team doesn’t help. the origin question, only abat- history: It wasone of the primarysites of forced sterilization been alert, if all other precau- member from NewYork City’s tle of narratives.Politics was in Virginia, with roughly 1,700people subjected to the pro- tions failed, to acoworker de- EcoHealth Alliance, under per- destined alwaystoswamp the cedurebetween 1927 and 1964. But as Ms.Catte notes in her veloping unexplained symp- manent mouth quarantine? Mr.Daszaktweeted that the hunt forCovid-19’sbeginnings. riveting book “PureAmerica: Eugenics and the Making of toms.Except that the Sars- To insist that human en- group’smeeting with the Wu- Theglobal scourge has become Modern Virginia,” the development’smarketing materials Cov-2virus,onceitwas loose croachment on natureisthe han virus lab staff went swim- toopolitically explosive. There hearkened back to an earlier period in the institution’s in ahuman crowd,showedthat great risk tells us nothing mingly,“key questions asked waszerochanceofChina let- history, eliding the eugenics it canbespread by people who about what happened in this & answered.” He might have ting the chips fall wherethey eraaltogether.Then and never develop symptoms. particular case.Toinsist, as he expected awarm welcome may. Thereislittle chanceof now, she writes,“eugenics is Preventing futurepandem- did on NPR, that China’sman- since his organization chan- the U.S. sacrificing itsother everywhereand nowhereat ics,being betterprepared next handling of the delegation neledU.S.research dollarsto dealingswith Beijing to getto the same time”;Ms. Catte’s time—these arethe reasons with greeters in full hazmat the lab at one time.Assur- the bottomofthe mystery. In determination to pin it down given fortrying to understand garb,its forcing of the delega- ances mean nothing without that sensethe big “kick me” propels the narrative. howthe newcoronavirus tion intoquarantine for14 access to the lab’srecords.De- sign the WHO has placed on it- Western State opened in emerged. But one instanceof days,was merely testament to leted webpages have been re- self maybeconvenient forall 1828 and for its first few avirus bridging the species China’sCovid rigor overlooks coveredreferring to experi- who want to getback to rela- decades practiced a humane gapthe natural way might be another possibility: China was ments with rabbitsand ferret tions as usual. YetIwould not type of care. Its scenic an anecdote that doesn’t tell seeking to intimidateand badgers, animals seen as likely bet on the lab theorygoing grounds and handsome build- us much about the next risk. dominatethe investigatorsbe- vectors for human infection. gently intothat good night. ings were intended to provide Thelab theoryisthe big fork cause of the colossal impor- Thelab is reputed to have en- This would be another highly respite for patients (all of in the road. We might have to tanceitplaces on controlling gaged in “gain-of-function” ex- unlikely event given the long- whom, until the hospital was reset our risk perceptions dra- the virus narrative. perimentswith bat viruses to standing fearsvoiced by so integrated in 1965, were matically—worrylessabout TheWHO’sreport, expected which the newcoronavirus is manyscientistsoverthe years white). A fence was erected not humans messing around in an- next week,need not be afail- closely related. that such an accident might be to keep the residents in, but to imal habitats, worrymore ureifseasoned with proper China could have other rea- the world’sbiggest pandemic keep the public out, so inviting was the expansive lawn to about scientistsmessing skepticism. China would have sons,ofcourse,for keeping lab risk. townspeople looking for a place to picnic. But this brief eragaveway to alonger,darker one,which is nowheretobefound in the development’supbeat branding. Beginning in the late19th century, psychiatric treatment America Wakes Up to the China Threat became lessabout caring forpatients than about containing the threat they were believed to pose.AsMs. Catte writes, In last week’s newversion of the 1958 Na- Thenew administration re- ogyareas.Reps.RoKhanna “people perceived to have disabilities,along with those who column,Imade tional Defense Education Act, port underscores this shift, (D., Calif.) and MikeGallagher couldn’t care forthemselves due to poverty or age, were the case that passed in the wake of the So- referring bluntly to a“more (R., Wis.)introduced acom- viewed by society as an expensive and disorderly class China’sinvest- viet Union’sSputnik launch. assertiveand authoritarian panion bill in the House.This prone to criminal behaviors.” mentsintech- Thecommission high- China” that is “the only com- ambitious legislation would Theterm “eugenics” wascoined by Francis Galton, a nologyposed a lighted the challengeofartifi- petitor potentially capable of establish anew technologydi- cousin of Charles Darwin, in 1883.The idea that ahost of POLITICS challengetocial intelligence. “Wetakese- combining its economic, dip- rectorate within the National societal ills could be traced to bad genes gained widespread & IDEAS American lead- riously China’sambition to lomatic,military, and techno- ScienceFoundation.The di- acceptanceinthe United Statesinthe decades to come,with ership,and surpassthe United Statesas logical powertomount asus- rectoratewould fund under- TheodoreRoosevelt, Alexander Graham Bell and Planned By William that the U.S. the world’sAIleader within a tained challengetoastable graduate, graduate and post- Parenthood founder MargaretSanger among those who A. Galston has mostly decade,” the commissioners and open international sys- graduatescholarship as well embraced itsprinciples to varying degrees. failed to re- wrote, asserting that the U.S. tem.” This challengewill re- as university centersand in- Eugenics gaveascholarly veneer to aracist and sexist spond. This week,Iwant to must “win the AI competition quireamultifaceted U.S. re- centives for moving technol- pseudosciencewhose aim wastoprevent those considered highlight some signs that we that is intensifying strategic sponse,especially in science ogyfromthe laboratorytothe to be of poor hereditarystock from reproducing.Courses arebeginning to recognizethe competition with China.” The and technology. market. in eugenics were common at American universities in the threat. same could be said of the Last month Mr.Schumer early 20th century, including at the University of Virginia. Several recent surveys re- other areas that Beijing has renewedhis support forbi- Compulsorysterilization waslegalized in the statein1924 veal ahardening of public at- identified as essential to Public opinion on partisan legislation to counter and upheld by the Supreme Court in Buck v. Bell three years titudes toward Beijing.Ina achieving technological pre- Beijing.The predicateisalarm later; approximately 60,000 people were sterilized in America recent PewResearch Center eminencewithin the next Beijing is hardening, about a shortage of semicon- over the next four decades.The general targetswerethe poll,67% of Americans say generation. as lawmakers propose ductors, but the point would “feebleminded,” defined in Virginia as “permanently and that theirattitude toward The“Interim National Se- also be to invest in areas such expensively anti-social.” Manyofthose involuntarily com- Chinaisnegativeorveryneg- curity Strategic Guidance” the more tech funding. as quantum computing,bio- mittedweresimply indigent, seen as adrain on resources ative,upfrom46% three Biden administration released medical medical research, and and made to submit to spurious clinical assessments. yearsago. TheshareofRe- last week offered moreevi- datastorage.The Endless Poor whitewomen were aparticular source of eugenic publicans with these attitudes denceofbipartisan consen- “The world’sleading pow- Frontier Act would serveas anxiety to segregationistsbecause of the possibility that has risen by 22 percentage sus. “Wecannot pretend the ers are racing to develop and the basis forthis newlegisla- they might givebirth to biracial children. “Virginia, likeall points; among Democrats, 23 world cansimply be restored deployemerging technologies, tion, which Mr.Schumer aims Southern states,had methods in place—racial segregation, points. Nearly 90% see China to the way it was75, 30,or such as artificial intelligence to introduce this spring. disenfranchisement, incarceration, extralegal violence—to as a competitor (55%) or en- even four yearsago,” the doc- and quantum computing,” the Sen. Jack Reed (D., R.I.), achievesocial control over Black people,” Ms.Catte writes. emy(34%), and 84% regard ument declared, and nowhere administration asserts, that chairman of theArmed Ser- Sterilization wasamethod of extending that control to white China’sgrowing technological wasthat clearer than in its could reshape everything vices Committee, has pointed women, to prevent them from, in Ms.Catte’s words, “con- powerasaserious or very se- stancetoward China. The “fromthe economic and mili- to what he terms China’s“ag- taminating the race from within.” Theyear 1924saw both rious problem forthe U.S. Obama administration pur- tary balance among states to gressiveattemptstoundercut the legalization of sterilization and the passageofVirginia’s Nearly half saythat limiting sued the policyofcooperation the futureofwork,wealth, our current technological su- Racial Integrity Act, which banned interracial marriage. China’spowerand influence with Beijing that had domi- and inequality within them.” periority” and expressed con- should be a priority. nated U.S. thinking forde- Theconclusion: “America cern about the strength of our Thereisaconvergenceof cades,astancethe Trump ad- must reinvest in retaining our entirenational research and Thebelief that social problems could be views among leadersaswell. ministration reversed. But the scientific and technological innovation enterprise from re- traced to heredityled to amonstrous Forexample,the 2019 National testimonySecretaryofState edge and once again lead.” search to the manufacturing Defense Authorization Act es- AntonyBlinken gaveduring Last year SenateDemo- and industrial base.” Sen. conclusion: forced sterilization of the‘unﬁt.’ tablished abipartisan commis- his confirmation hearing was cratic Leader Chuck Schumer Marco Rubio has called for a sion on artificial intelligence. notably hawkish, earning teamed up with a thoughtful “21stcenturypro-American Itsreport, released last week, praise from several Republi- young conservative, Sen. Todd industrial policy.” Focused on economics as much as on race,eugenics recommends steps such as cansenators. On China, at Young (R., Ind.), to introduce Beijing’srelentlessadvance proponentswereconsumed by the cost to society of the so- doubling thefederal invest- least, the newadministration thebipartisan EndlessFron- has finally awakened the called unfit. Prominent eugenicist Joseph DeJarnette, ment in nondefense research would continue the previous tier Act, which aimed to fund sleeping American giant. Par- Western State’s superintendent from 1905 to 1943,preferred and development to $32 bil- administration’smorecon- research, technologytransfer, tisanship must not stall our sterilization to institutionalization largely on thebasis of lion by 2026 andenacting a frontational stance. and education in 10 technol- response. cost: Deinstitutionalizing sterilized patientssaved the state money.Moreover,with the risk of reproduction eliminated, young women in particular became available as acheap labor source (paroled residentswereoften sent to livewith The Swiss Won’t Miss the Burqa families as domestic workers), offsetting the financial burden created by their very existence. By Tunku Varadarajan Rights. Europeans democra- the University of Zurich’s Po- Western society, “it indicates “PureAmerica” is aslim but capacious volume.Ms. Catte, cies differ from America’sin litical ScienceInstituteand that aneofundamentalist Is- the author of 2018’s“What YouAre Getting Wrong About witzerland votedina notable ways, and many campaigned forthe prohibi- lam is at work.” Women, ac- Appalachia,” aforcefulrebuttaltoJ.D.Vance’s“Hillbilly S referendum on Sunday Americans have reservations tion with “a group of like- cording to this worldview, are Elegy,” centersthe narrativearound Western State,but she to ban facecoverings, aboutthe Swissprohibition: minded feminists, leftistsand a“source of evil, to be cov- also tells the wrenching storyofCarrie Buck,the young and it wasn’t a revolt against Aren’t burqa bans an illiberal SwissofMuslim heritage.” ered from head to toe to pro- plaintiff in Buck v. Bell,and of the removal in the 1930s of Covid restrictions.Medical curbing of religious and ex- (She stresses that she dis- tect men from seduction. They hundreds of mountain families labeled as defectivetomake masks are excluded from the pressivefreedom? By some tanced herself from the Swiss areperpetual minors, to be way forthe creation of Shenandoah National Park. prohibition. Itsreal target is reports, fewerthan 100 People’s Party.) controlled by their male Thebook is tightly argued and impatient—“I think most the burqa. women in Switzerland wear Ms. Manea is quick to dis- guardian.” eugenicistswerebad people,” Ms.Catte declares at the outset. Themeasure, approved 51% missthe argument that the In her view, the burqa is “Therewill be no ‘man of his time’ hedging here.” Still, the to 49%, prohibitsthe wearing ban curbs freedom. You can’t the “face” of Islamist separat- author asks searching questions that she acknowledges have of full facial coveringsinpub- Voters banthe ‘face’ of separate the burqa and niqab ism in Western societies.It no easy answers.RedevelopmentslikeWestern State’s fuel lic.Nospecific garment or re- Islamistseparatism in from their “religious and po- representsaform of Islam tourism and growth, and Ms.Catte understands that manyof ligion is mentioned, and the litical contexts” and turn this that “leads to the secession her neighborsbelievethe town has earned the right to move proposal is sex-neutral. The Western society. into“asimple question of of Muslim minorities” into on from past traumas—even if,asshe pointedly observes, ban includes the balaclavas ‘choice.’ ” Theburqa didn’t closed enclaves, paving the most of Staunton’sresidentscan’t affordthe newcondos. beloved by anarchists as well “come out of nowhere” and ground forradicalizing “dis- Afterspending anight in the newly opened Blackburn Inn, as the facial draping worn by the burqa. Do they constitute Muslim women haven’t “de- oriented youth.” So when we she grudgingly admitsthat “the hotel is really nice.” some Muslim women. Yet so great athreat to the vener- cided to embraceitona see women in burqas in the One reason to faceuptothe past is that it has away of therewas never anydoubt able Swissnation that their whim.” ManyWestern femi- West, Ms.Manea warns, infringing on the present whether or not we want it to. about the intent. Theproposal constitution, which guaran- nists, she says, tend to “neu- “think of the ideologythey Echoes of eugenicist thought have appeared in arguments, wasintroduced by,among tees freedom of faith and con- tralizethe context, as if it is embody.Itisnot choicewe made throughout the Covid-19 pandemic,that expendable others, the nativist SwissPeo- science, has to be amended to of no consequence.” She urges should look at in this discus- membersofsociety should be sacrificed to preservethe ple’sParty,whose campaign alter their sartorial practice? those who aresqueamish sion,” but the consequences economy. As forthe inn, itsmorbid historyassertsitself in a featuredpostersofablack- Awarethat judgmentsfrom about the ban to ask which of leaving the dangers morephysical way.Anintrepid guest exploring the grounds veiled woman. afar can sometimes be glib, I ideologyteaches women to unaddressed. could come upon aneglected cemeterywith the remains of Switzerland joins Austria, put these questions to Elham cover themselves completely. several thousand unidentified patients. This smart, scrupu- Belgium, Denmark,Franceand Manea, author of abook pub- What areits theological fea- Mr. Varadarajan, aJournal lous book might lead readerstowonder what their own Germanyinbanning the lished last month titled “The tures? What does it sayabout contributor, is a fellow at the surroundingswould reveal, were they to investigatethem. burqa. Achallengetothe Perils of Nonviolent Isla- women? American Enterprise Institute French ban was dismissed by mism.” ASwissMuslim of Ye- Theburqa is “a symbol,” and at NYU Law School’s Ms. Spindel has reviewed books for the Christian Science the European Court of Human meni descent, she teaches at she says.When yousee it in a Classical Liberal Institute. Monitor, the San Francisco Chronicle and other publications. P2JW069000-2-A01600-1------XA

A16 | We dnesday, March 10, 2021 ** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Democrats to States: No New Tax Cuts AmericaNeeds History, but What History?

emocrats in Congress aren’t satisfied cept their shareofthe $1.9trillion. Thesweep- Regarding “AmericaNeeds History ist historians is emerging to further with spending $1.9trillion to help blue ing prohibition would last through 2024, and and Civics Education to Promote demonizeour country. Forall the D states and union friends. They’ve also the bill grantsTreasurySecretaryJanet Yellen Unity” signed by six former secretar- promise of the Roadmap to Educat- ies of education (op-ed, March 2): It’s ing forAmerican Democracy, there launched asneak attack authority to writeregulations The Covid bill says more nice, Iguess, that the former educa- canbenoprogressaslong as half against conservativestates. “asmay be necessaryorap- tion secretaries want to reinvigorate the countryembraces identity poli- Readtheir legislation’slips: spending is fine, but propriate to carry” it out. historyand civics education, but it’s tics,worships at the altar of diver- No new state tax cuts. The language is so expan- probably toolate. Given that these sity fordiversity’s sakeand seeks af- That’sthe news from a cutting taxes is barred. sive that states could be lim- subjectshavebeen ignored forde- firmation by criticizing that which provision added last week by ited from making anychanges cades,whereare we going to find they do not understand. Unfortu- SenateDemocratsthat limits to their tax codes that reduce fair-minded teachers(those who nately,getting to that point will re- howstatesand localities canuse their $360 revenue even if they don’t use federal funds as might take seriously the idea that the quirealevel of moralcourageonthe billion windfall. Statescan use the loot to pro- direct offsets. Much will depend on how Ms. U.S. isn’t irredeemably tainted)? In part of our elected and other leaders vide government services,cover revenue Yellen defines “indirectly.” Statesthat don’t schools of education? Puh-leeze. that is sadly lacking. losses during the pandemic and “respond to comply with her interpretation will have to re- Thesame problem existswith TOM SEAL badly needed instruction in grammar. Stafford, Va. the public health emergency” or “its negative pay federal funds. Whocan do it? Fewunder the ageof economic impacts, including assistanceto Several states including West Virginia, Mis- 50 (60?) had such instruction. Just Iamimpressed to see six people households,small businesses,and nonprofits, sissippi, Arkansas and Idaho areconsidering tax between youand I(which is incor- in agreement, but Iquickly sensed or aid to impacted industries such as tourism, cutstoattract people and business. Some GOP rect, by the way), the younger folks the nod to current victim ideology, travel, and hospitality.” legislatures also want to start or expand pri- didn’t learn the rules,and many making suretocall out the need for Much of the relief will invariably flow to gov- vate-school choiceprograms that givetax cred- older folks have forgottenwhat they grappling with “painful partsofour ernment union pension funds,which areunder- its to businesses and individuals that donate did learn. history.” These “painful parts” are funded in states like Illinois, New Jersey and money forscholarships.Treasurycould say EM. PROF. ERIK M. JENSEN indeed areal part of our history, and Connecticut. To inoculatethemselves from GOP these policies break the law. Beltway Democrats Case WesternReserve University they should be taught. Thequestion attacks,Democratsspecified in the bill that re- areessentially barring GOP-led states from im- Cleveland is,are they the defining part of our lief funds maynot be used “fordeposit intoany proving their competitivenessagainst high-tax history? If the suggestion is to de- Lamar Alexander et al. arecorrect vote asemester to these issues (like pension fund.” But money is fungible.Statescan Democratic states. in their urgent call forprioritizing the 1619 Project, forinstance) and payout of their general funds forpensions and Democrats in California recently approved historyand civics in K-12 education, focus on our sins versus our vir- use the federal cash for something else. $600 stipends forlow-income residentsand un- but getting thereisthe problem. As tues—count me against it. We should But here’sthe political gutpunch. Thebill ex- documented immigrants, and these and other agraduatestudent in historyinthe teach all of our history, and recog- plicitly bars states from cutting taxes. States handoutstoliberal constituencies appear per- early 1970s,Istudied under liberal nizeweare not the only country “shall not use the funds,” the bill says,“to either missible under the bill as “assistancetohouse- and conservativeprofessorswhose with painful parts. To achieve e directly or indirectly [our emphasis] offset are- holds.” A corporate tax cut? No way. numbersincluded militaryveterans, pluribus unum we need to start duction in the net taxrevenue” that results Theconstitutionality of this is open to ques- aformer diplomat, amissionaryand teaching as one,not shaming each “from a change in law, regulation, or adminis- tion. TheSupreme Court’s“anti-commandeer- afarmer—people of diverse views other forsins of the past. trativeinterpretation during the coveredperiod ing” doctrine prohibitsCongressfromusing who knewlifeoutside the ivory ALAN DOMZALSKI tower. In contrast, today’shistory Grosse Pointe Woods, Mich. that reduces anytax (by providing forareduc- federal funds to coerce states. But even if the and political-scienceprofessorsar- tion in arate, arebate, adeduction, acredit, or tax cut ban doesn’t meet the Court’s legal test rived on campus at age18and never Whynot simply makethe Ameri- otherwise) or delays the imposition of any tax of coercion, it’sstill an egregious affront to con- left. As studentstheir mentorswere cancitizenship test arequirement for or tax increase.” stitutional federalism. In the 2020 election, the radical studentsofthe 1960s and graduation? Thethousands of folks Wow. Democrats in Washington are trying Democratsfailed in their goal of retaking state- ’70s whose ideologywas shaped by who take (and pass) those testsdaily to dictate to governors and state legislatures houses,but nowthey plan to control them any- the antiwar movement and the aredemonstrating the very civic that they can’t changetheir taxlawsifthey ac- way from Washington. warped teachingsofHoward Zinn. spirit that the illustrious secretaries Aided and indulged by timid college describe as lacking in American pub- administratorsand unchallenged by lic schools. More Defenders of Campus Speech woke CEOs and progressivepoliti- SHANNON VOWELL cians,yet another generation of left- Frisco,Texas t’snot asign of good fire management and the prominent conservativeappellatelaw- when communities start calling on private yerPaul Clement. “The AFAwill aid in providing I firefighters, and it’snot asign of health in legal support to faculty whose academic free- H.R.1 Would End Bipartisanship at the FEC American higher education that organizations dom is threatened by institutions’ or officials’ devoted to defending academic freedom are violations of constitutional, statutory, contrac- In “AnUnconstitutional Voting ‘Re- ment of candidates of the other party. proliferating. tual, or school-based rights,” itswebsitesays. form’” (op-ed, Feb. 17), David B. TheFEC’spresent statutorystructure TheFoundation forIndividual RightsinEd- Thelast year of pandemic,lockdown and po- RivkinJr. and Jason Snead showthat provides that no morethan three ucation has expanded rapidly in recent years litical upheavalhas seen an alarming contraction H.R.1,the so-called “For the People membersofthe six–member commis- as threatstocampus liberties multiply.In2015 in political tolerance, not least on campus. Act,” is unconstitutional (besides be- sion maybefromthe same political HeterodoxAcademyemergedtopromoteview- Princeton faculty promoted apetition calling for ing abad bill on policygrounds) in party,and requires four votestofind point diversity in the progressive-dominated “a committee” to “oversee the investigation and itsmanyprovisions that would feder- violations or promulgateregulations, alizethe conduct of our elections. ensuring bipartisan support forthose social sciences.This week comes the Academic discipline” of scholarship deemed racist. Stan- Former Federal Election Commission critical actions. Freedom Alliance, across-ideological group of ford’s faculty senatepassed aresolution censur- Chair Trevor Potter disagreed in a H.R.1 would changeall that by re- scholarswho aim to defend faculty members’ ing ScottAtlas,aformer WhiteHouse coronavi- Feb. 25 letter, citing his credentials at vamping the commission to only five rightstoengageinunpopular speech and ad- rusadviser, essentially forpolitical positions. the FEC. However, as aformer chair members, with no morethan two from vocacy. Pressurehas grownfor academics to withdraw of the FEC,Iknowthat the FEC anyone party but the fifthpotentially The group, announced Monday, says on its politically unpopular papers, including a“sci- doesn’t regulatethe conduct of elec- swing vote ostensibly independent website that “our memberswill defend faculty enceofscience” study of female mentorship by tions,asMr. Potter intimates; it only (likeSen. Bernie Sandersisaninde- members’ freedom of thought and expression three NYU-affiliated researchers. regulates the financing of political pendent), appointed by the president, in their work as researchers and writers or in TheAFA could put institutional heftand campaigns.Itcountsthe money,not and who would likely be ideologically- their lives as citizens.” Some of the 200 mem- scholarly prestigebehind the old-fashioned the votes. aligned with the two partisan mem- H.R.1 is neverthelesstroubling for bersofthe president’sparty to form bershavewrittenfor these pages,such as politi- viewthat asociety is served by free inquiry, not itsfundamental changes to the FEC.It an effectively partisan majority. calscientistsKeith Whittingtonand Carol political control of scholarship.The effort may would end that agency’sbipartisan Destruction of the present biparti- Swain and the economist Luigi Zingales. seem hopelessinthe short term, but critics out- structurethat preventseither major san structureofthe FEC is one reason Thegroup is also advised by litigatorssuch side the academyshould support those working party from controlling the commission that nine former FEC commissioners, as liberal FirstAmendment expert Floyd Abrams to reform from within. and using itsenforcement and rule- including myself,havesubmittedalet- making powers to the partisan detri- tertoCongressopposing H.R.1. DARRYL R. WOLD Villa Park, Calif. Sheldon Whitehouse vs. Supreme Court An Improvement on the 12th heldon Whitehouse is at it again. The NAACP v. Alabama (1958) that forcing donor Amendment for Elections Senator who threatened the Supreme disclosurecan chill such rights. Mr.White- Charging Stations for All Instead of using John Steele Gor- S Court with retribution over agun-rights house nods to this concern but claims that Those New Electric Vehicles don’sremedies forthe 12th Amend- case in 2019 is nowthreaten- “granting sweeping anonym- ment in “The12th Amendment’s “Keywords: TheElectric-Car Revo- ing Congressional action if The Senator threatens ity protections to all member Dangerous Defect” (op-ed, Feb. 23), lution Needs MorePlugs” (Exchange, the Justices don’t followhis the Justices on amicus- organizations,including whynot totally take Congressout of Feb. 27) discusses moregovernment ordersonhow they conduct businessnetworks likethe the election processshould therebe subsidies to build charging stations. judicial business. brief disclosure. U.S. Chamber of Commerce an Electoral Collegevotetie or Sorry, moresubsidies forthe rich On Wednesdaythe Rhode whose corporatemembers three or morecandidates with none who canaffordelectric vehicles Island Democrat will hold a face no serious threat of re- securing the needed 270electoral aren’t the answer. Don’t forget that JudiciaryCommitteehearing on “What’s prisal forthe public expression of their views, votes? about 80% of charging is done at Wrong with the Supreme Court: TheBig-Money simply does not follow.” Ipropose an amendment that home and is adequatefor local driv- Assault on Our Judiciary.” Subtlety is not Shel- In other words, some groups have aright to should no candidatereceivethe nec- ing.Recent datashows EVsare essary270 votes, the candidatewho driven only about 5,800 miles a don’sspeciality.The hearing is intended to ad- free association but othersdon’t. Mr.White- wonthe popular vote would be de- year.EVownersusually have an- vancehis Amicus Act that would forcethe house will be the judge. clared the winner.This would still other vehicle.Gas-station conve- Court to changeits rules on amicus briefs, TheSenator’s quotecomes from aFeb.23 keep the Electoral Collegeintact, niencestores, shopping malls and which the Justices invitetoinform them on the letterheco-wrotewith Rep.HenryJohnson but should the unlikely occurrence companies areadding charging sta- lawand factsoncases. (D., Ga.) to the chairman of the Committeeon of atie or apopular third-party tions even when they aren’t profit- Notethe disrespect forthe Court. Thetitle Rules of Practice and Procedureofthe U.S. Ju- candidatetaking enough voteshap- able to attracthigh-income shop- of the hearing signals aforegone conclusion dicial Conference. Thecommitteewrites guide- pen, we won’t have to worryabout pers. That is whythe Delaware that the Justices arecorrupted by money.This lines forjudicial practice, and the lettersays Jim Jordan or Alexandria Ocasio- Public ServiceCommission and com- is arunning theme of Mr.Whitehouse,whose “webelievealegislativesolution maybeinor- Cortez picking our next president. missions in other states have de- preoccupations in the Senatehavebeen under- der to ensuremuch-needed transparency JOSEPH H. VERENEAULT clared charging acompetitivemar- Mickleton, N.J. ketwith the support of two different mining judicial independenceand restricting around judicial lobbying.” TheAmicus Act is major chargersuppliers. the FirstAmendment rightsofprivatecitizens helpfully attached. DAVID T. STEVENSON to influencetheir government. This is aclear threat that, if the courtsdon’t Stimulus Will Kill Jobs and Caesar Rodney Institute TheSupreme Court already has a followhis orders, Congresswill rewritethe ju- Lewes, Del. rule—37.6—that governs amicus filings. It re- dicial rules.The Amicus Act probably wouldn’t Create More Dependency quires that amicus briefs “indicatewhether passtoday’s50-50 Senate, but the Senator is Regarding Casey B. Mulligan and counsel foraparty” involved in thelitigation sending amessagetoChief JusticeJohn Rob- Stephen Moore’s “How Many Jobs Pepper ... “authored” or “made amonetarycontribution” erts. TheChief joined the liberals in backing Will the ‘Stimulus’ Kill?” (op-ed Feb. And Salt to the preparation of the brief.Itfurther re- away from ruling on aNew York gunregulation 26): The economic effect of losing quires disclosureof“everyperson other than afterMr. Whitehouse and four other Senators five to eight million jobs is only one THE WALL STREET JOURNAL the amicus,its membersorcounsel, who made wroteanamicus brief threatening that the aspect of the damage. I appreciate the authors pointing out the cruel di- such amonetarycontribution.” Courtmight have to be “restructured” if the lemma presented to workers: lose Mr.Whitehouse wantstogofurther and re- Justices ruled the wong way. money by going back to work. Not quireamicus filerstodisclose all of their do- We hope the Court ignores these threats, only a Faustian bargain for this and nors.This would hit groups on the leftand but it canalso fight back though the law. The future generations, but a sinister ef- right that aren’t required to disclose their do- Court recently agreed to hear a case challeng- fort to buy votes by increasing gov- norsbut have scholarsorlegal expertswho ing California’sdonor disclosurerules, Ameri- ernment dependency and robbing cit- submit briefs. The Chamber of Commerce and cans for Prosperity Foundation v. Becerra.The izens and their families of the dignity NAACPwould have to disclose all of their do- NAACP, the ACLU and other progressivegroups that comes with work. nors if they want to file briefs.This would de- have joined the CatoInstituteand otherson DUNCAN MERRITT tersome filersand thus lessfully inform the the right in filing amicus briefs against the law Vestavia Hills, Ala. Court, or it would open donorstothese groups as aviolation of their FirstAmendment right Lettersintended forpublication should to political harassment—from the likes of Mr. of association. be emailed to [email protected]. Please Whitehouse and his political allies. If the Justices overturn California’slaw, include your city, state and telephone All of this is almost certainly aviolation they will send amessagetoMr. Whitehouse number.All letters aresubject to “Pains me to say this, but corporate of the FirstAmendment right to free associa- that his disclosureobsession is way over the editing,and unpublished letters cannot is telling me you’re allowed be acknowledged. tion and speech. TheSupreme Court ruled in constitutional line. to wear jeans to work.” P2JW069000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, March 10, 2021 | A17 OPINION School Isn’t Closed for Lack of Money The U.S. Needs More By Corey A. DeAngelis TheCongressional Budget Office And Christos A. Makridis estimatesthat only about 5% of the $123 billion in school “relief” funding Federal he new Covid-19 relief will be spent this fiscal year,while plan, passed by the Senate the rest would be paid out through over the weekend, includes 2028.Ifthe goal is to reopen schools Judges T $123 billion forK-12public in person now, and the relief money schools,supposedly to help is urgently needed, then whyspend them reopen. That’salmost the up to 95% of themoney afterthe pan- By Thomas Berry amount the U.S. dedicated, in real demic? And whydid SenateDemo-

terms,tothe Marshall Plan to rebuild GES cratsvoteunanimously to block an emocratsand Republicans Europe afterWorld WarII. And it’s IMA amendmentfromMissouri Republi- D agree the U.S. needs more on topofthe mostly unspent $54 bil- canRoy Blunt that would have made federal judges to keep up lion federal bailout forpublic schools GETTY relief funding conditional on reopen- with expanding caseloads.But they from December and the $13 billion al- VIA ing schools in person if all teachers haven’t takenaction because of par- FP

location from last spring. /A were vaccinated? tisan differences over when to cre- Major teachersunions have CK Somethingdoesn’t add up.From atethem. Congresshasn’t autho- BE

claimed repeatedly that public N Virginia to California, some school rized anew appellatejudgeship BY

schools need gobs of cash to reopen RO districtshaveopened public-school since1990 or anew permanent dis- in person. American Federation of A student learns remotely in Culver City, Calif. buildingsfor in-person child-care trict court judgeship since2003. Teacherschief Randi Weingarten pro- services but not forin-person learn- Theculprit is an increasingly po- teststhat “countlessplaces lack the Public schools gettheir funding re- arich set of county-level demograph- ing.ACalifornia teachersunion larized and partisan judicial confir- resourcestoimplement the necessary gardlessofwhether they open their ics such as political tendencies, leader working to delayschool re- mation process. It is no coincidence safety provisions.” But our new anal- doors. Covid-19 risk,household income,edu- opening took his owndaughter to an that newappellatejudgeships dried ysis suggestsfunding isn’t the reason A study published by BrownUni- cational attainment, and race and age in-person privatepreschool. AChi- up soon afterRobert Bork’s 1987 teachersunions arekeeping schools versity’s AnnenbergInstitutefound distributions. cago union leader urgedteachersto Supreme Court confirmation hear- shut. In fact, our prior work has that public schools with moreCatho- Likeother studies,oursdidn’t find refuse to return to the classroom ing.Inanenvironment wherejudi- found that union influence, rather lic school competition nearby were aconsistent negativerelationship be- while vacationing in PuertoRico. cial philosophyincreasingly corre- than scientific concerns about the morelikely to reopen in person in tween Covid-19 risk in the community This suggeststhat the school re- lates with the party of the president spread of the virus,isthe primary 2020.Italso found, and three other and the probability of reopening in opening debatehas always been more making the appointment, both sides driver behind reopening decisions. studiesconfirm, that public school person. School reopening wasstrongly about politics and powerthan safety have concluded that it’sbetterto districtswith stronger teachers related, however, to county-level vot- and the flourishing of the next gener- have no newjudgeships than to let unions aresubstantially lesslikely to ing patterns in the 2016 election. ation.For that, children have paid the apresident of the other party fill Teachers union influence, reopen in person. Thecontrast between Florida and consequences and will continue to thevacancies. Our newanalysis throwsanother California is aprime example.This payinthe decades ahead. Parentsha- not government funding or wrench in the teachersunion narra- month’sdatafromBurbio indicates ven’t had it easy either. the latest science, drives tive. We examine datafrommore that in Florida, which spends about Thebasic problem isn’t new: In- Neither side wants to give than 12,000 school districtsnation- $10,700astudent each year,nearly centives aremisaligned. Taxpayers reopening decisions. wide,covering morethan 90% of allpublic schools offer full-time in- fund schools rather than students. the other an appointment school-agechildren, and find no evi- person instruction. In California, Theonly way to fixthe system is to windfall, but there’s a way dencetosuggest that higher revenue whichspends about 38% moreper givefamilies real options by funding Privateschools have either been or expenditures per student areasso- student and has much stronger studentsdirectly and letting them to break the impasse. open formost of the past year or ciated with a higher probability of teachersunions,most public-school choose wheretospend the education have been fighting to reopen. Ken- reopening schools forin-person studentsstill don’t have access to in- dollars. This would forceschools to tuckyprivateschools took the fight learning. person learning options. respond to the needs of students, not In 2018 aRepublican-sponsored to the U.S. Supreme Court to return Instead, we find that public school Another analysis, from researchers the other way around. bill called the JudiciaryROOM Act to in-person instruction, and private funding is either uncorrelated or at Georgetown University,found that would have created 52 newdistrict schools in Ohio and Michigan pur- even negatively correlated with in- public school districtsthat decided to Mr. DeAngelis is director of school judgeships,following the recom- sued similar legal action. Aprivate person instruction. Some models sug- teach remotely generally had finan- choice at the Reason Foundation, ex- mendation of theJudicial Confer- school in Sacramento, Calif., even re- gest that schools that went fully re- cial surpluses.The researchersesti- ecutive director at the Educational enceofthe U.S. Opposing the bill, branded itself as daycaretoget motewerebetteroff financially than mated that Los Angeles public FreedomInstitute and an adjunct Rep.Jerrold Nadler (D., N.Y.), now around the government’sarbitrary their in-person counterpartsinthe schools,which opted to keep their scholaratthe Cato Institute.Mr. chairman of theHouse Judiciary closures. same state. doorsshut, had amorethan $500 Makridis is aresearch professor at Committee, said it would give“52 Manyteachersunions,bycontrast, These resultshold acrossvarious million funding surplus,orabout ArizonaState University, anonresi- newopportunities forthe president have been fighting to stay at home. analytic techniques and specifica- $1,100 astudent, forthe 2020-21 dent fellow at Baylor University and to pack the federal courtswith ex- Thedifferenceisone of incentives. tions that control fordistrict sizeand school year. asenior adviser at Gallup. tremist judges.” Rep.David Cicil- line (D., R.I.) called it “aneffort to pack the courtswith ideologically driven individuals.” Nowthat Presi- Biden’s $1.9 Trillion Great Society Remake dent Biden has been inaugurated, theroles have reversed: Republi- President Biden is Alas,the oppositeoccurred. After us.And it ought to givepause to the unemployedfind work,but what cans arepumping the brakes on poised to put his his antipoverty programs were im- thoseRepublicans and conservative working parentsmost need are newjudgeships. signaturetowhat is plemented, the proportion of people thinkerswho nowargue that GOP- schools to reopen, and what’shold- There’saway out of this im- arguably the largest who relied on government aid to style government interventions—in ing businesses back arelockdown passe.In2018 Rep.Jamie Raskin expansion of the stay abovethe poverty line in- the form of higher minimum wages, rules that keep away potential cus- (D., Md.) offered acompromise: cre- welfarestate since creased, asharp reversal of the pre- taxcreditsorguaranteed basic in- tomers. Liberals saythe relief ating thenew judgeships in 2021, UPWARD Lyndon Johnson’s Great Society trend. come—will somehowwork better checks will givepeople money to afterthe next presidential inaugura- MOBILITY Great Society.And Poverty ratesatthe time tell a than the Democratic versions. spend. But the personal savingsrate tion. That way,Mr. Raskin said, if past is prologue, similar story. It’struethat privation We’vealready gone some distance in 2020 wasthe highest in 50 years, “neither side will knowwho is go- By Jason L. liberals arepoised fell under Johnson in the 1960s,but down this road, and the laws of which suggeststhat consumersal- ing to be president of the United Riley to take credit for that had already been happening for economics don’t care which party ready have money to spend but few States, and this will not proceed as anypositivetrend morethan adecade beforehis war youbelong to. places to spend it until the economy acourt-packing plan by one party.” lines that followimplementation, Historyshows that no govern- fully reopens. Mr.Nadler agreed: “The decision to regardlessofwhether credit is ment program has been able to It is quitepossible that ayear add newjudges canbemade on a warranted. The Covid relief package is match what people candofor them- from now, if not sooner,the U.S. bipartisan basis without knowing Even the Biden administration selves,and this applies equally to economywill be thriving,kids will who will ultimately be in control of has come around to acknowledging the largest expansion of some of society’s most historically be back in school,parentswill be the nomination and confirmation that itsCovid-19 relief package—the the welfare state since marginalized groups.NoGreat Soci- back to work,and the virus will be process.” “most progressivepieceoflegisla- ety program waseverable to match undercontrol. Democratswill cite TheJudiciaryCommitteeadopted tion in history,” WhiteHouse press LBJ’s signature program. the rate of progressmade by thebloated Covid-relief packageas Mr.Raskin’samendment and favor- secretaryJen Psaki braggedthe blacks—in poverty reduction, in- the reason. But the countrywas al- ably reported the JudiciaryROOM other day—has little to do directly come,homeownership or other mea- ready experiencing generational Act.Inarecent hearing,Republican with Covid. TheJournal reportsthat on poverty began. Thepoverty rate sures—beforethat program’simple- lows in poverty and unemployment representatives including Ohio’s only $50 billion, or 7% of the $1.9 wasapproximately 30% in 1950 but mentation. Instead of helping, beforethe pandemic,and wages SteveChabot and California’sDar- trillion pricetag,isdirected at test- haddropped to 18% by 1964. More- welfare-stateexpansions toooften were rising fastest forthe working rell Issa expressed potential support ing and contact tracing,and only over,asthe scholar Charles Murray become lures and traps,inflicting class. Alot of people maynot re- foracompromise modeled on Mr. $16 billion is earmarked forvaccine detailed in his landmark study, damage that canlast generations. member what wasgoing on in the Raskin’sproposal. distribution. Most of the rest con- “Losing Ground,” the poverty rate Democratsinsist that the so- 1960s, but Democratsare hoping But delaying the entirebatch of sistsofstate bailouts, student-debt would start to increase in the 1970s, called stimulus is necessary to help that they won’t remember 2019. newjudgeships—the Judicial Con- relief and various income-redistri- aftertwo decades of steady decline, ferencenow recommends 70—to bution schemes involving taxcred- and even as Johnson’ssuccessors 2025 maynot be enough. Lawmak- its, health-insurancesubsidies and threw moreand moremoney at cre- ersfromboth parties will be wary unemployment benefits. ating newantipoverty programs or I Despised Gorbachev of potentially giving the opposition Likewise,the Great Society’s am- expanding the existing ones. awindfall akin to the one in 1978, bitions extended well beyond the “The real [inflation-adjusted] when an omnibus judgeship act gave waronpoverty and included pro- annual expenditures of the 1970s Until I Played His Role President JimmyCarter 145new va- grams designed to addressracial in- were far larger—by manyordersof cancies to fill. That mighthavebeen justice, healthcare, immigration and magnitude,for some of the pro- By Olek Krupa and director Sean McNamaraworked afactor in the 2018 ROOM Act’s environmental conservation. To- grams—than expenditures in the very well together and trusted each failuretoreceiveavotebythe full day’sliberals also sharewith their sixties,” Mr.Murray wrote. Yet“the t’shardtodescribe howIfelt other.But Iadmit Iwas still nervous House.Such an approach would also 1960s precursorsanabiding belief number of people living in poverty I when Ireceived the call. Iam about howIwould playopposite risk further politicization of the ju- that government is best suited to stopped declining just as public-as- Polish. Formeand formycoun- Dennis Quaid,who wasplaying Ron- diciarybygiving outsizeimportance help the underprivileged. Theobjec- sistanceprogram budgetsand the trymen, Mikhail Gorbachev symbol- ald Reagan.Hewas humble and gra- to asingle election. tiveistowiden by as much as pos- rate of increase in those budgets ized everything we despised in a cious,and atremendous bond began Abettercourse is to spread new sible the eligibility requirementsfor were highest.” leader.Hewas our enemy, the one forming between us. judgeships evenly across several public assistanceand then ask as This historywon’t sway the ideo- who headed asystemthat took Our firstscene together found us terms,starting immediately.Asingle little as possible from the recipients logues who believeincradle-to- away our freedoms,including our at theGenevaSummit in 1985,and I bill creating four newjudgeships a in return. graveentitlements, or the politi- ability to travel, associatewith oth- began to see the charactersastwo year forthe next 16 yearswould give Johnson’sstatedgoal wasare- cianswho believethat spending ersand expressourselves.But I romantics who stood forwhat they Mr.Biden some immediateappoint- duction in dependency, not simply a money—even counterproductively— neverlet him and the system he believed.Weweremoving beyond ments, which could be used forthose redistribution of wealth to the poor. is the way to win elections.But the represented shattermydreams.I two actors having a dialogue. I districtswherethe caseload crisis is “The days of the dole in our country experienceofthe 1960s should help stood in along line,got my passport started witnessing Dennis embody- most acute. But it would also givean arenumbered,” he declared in 1964. temper expectations forthe rest of to travel the world, and eventually ing Reagan’scharacter,and the same equal number of newvacancies to became an actor. happened with myself and Mr.Gor- the winnersofthe next three presi- Now I will play Mr. Gorbachev in bachev.Bythe time we performed dential elections,most likely giving the upcoming biopic “Reagan.” ourfinale,anemotional showdown at leastsome appointmentstopresi- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Ihad mixed emotions when the at Reykjavik, Iceland, in 1986,wehad dentsofboth parties. Rupert Murdoch Robert Thomson filmmakersoffered me the role.This connected in aremarkable way.Our During the recent judgeships Executive Chairman, News Corp Chief Executive Officer, News Corp wasaman Igrewupdisliking,but I charactershad gone from yelling and hearing,DukeLaw Professor Marin Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher had to find away to getinhis head, fighting to sharing with each other K. Levy noted that “all the other Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: humanizehim, and playthe role.Be- their fearsand dreams. times in which we have added Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; fore accepting,Ilooked forevery- Ileftthe set as an admirer of the judgeships to the courtsofappeals, Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; thing I could find about Mr. Gorba- incredible team Ihad achanceto we have not staggeredthem.” But News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; chev’s life. Iwatched interviews, work with. And I learned an impor- perhaps the failuretopassany Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer speeches and anything else I could tant lesson about how all of us are judgeship bill in recent decades is Andrew Dowell, Asia; AnthonyGalloway, Video & get my hands on. I read his autobi- capable of growth and change. While evidencethat the old way is no lon- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; ography. Iwanted to understand Idon’t and will never support Mr. gerfeasible.Delaying some of the Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; who he wasand is,how he lived his Gorbachev’s policies, I began to un- newjudgeships to futureterms Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; life, and howhegoverned. Icould derstand moreofwho he wasasa would giveboth sides afair chance Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News tell right away the job of capturing person. Irespect the waysthat he to benefit and giveajudgeship bill Thomas SanFilippo, Customer Service; this manwould be difficult. Ilovea worked with Reagan even when their areal chanceofbecoming law. GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; challenge, so I called the producers adviserstold them to cut ties and That’sbetterthan waiting another Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; and told them I’d take the part. continue fighting. I came to the set 30 years. Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International When Iarrived on the set in of “Reagan” with preconceived ideas WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: Guthrie,Okla., Iwas immediately about my character,which melted Mr. Berry is aresearch fellow in LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head impressedbywhat Isaw.Itwas a away as Iopened my heart to acting. the Cato Institute’s Robert A. Levy

EDITORIAL AND CORPORATEHEADQUARTERS: safeplacefor actorstoexploretheir For that I will always be grateful. Center for Constitutional Studies 1211 Avenue of the Americas, New York, N.Y., 10036 unique characters. Inoticed right and managing editor of the Cato Su- Telephone 1-800-DOWJONES away that producer Mark Joseph Mr. Krupa is an actor. preme Court Review. P2JW069000-0-A01800-1------XA

A18 | We dnesday, March 10, 2021 THE WALL STREET JOURNAL. WORLD NEWS Argentina’s Economy Slows to a Crawl

Presidentaims to lift Population under poverty country out of the line in Argentina crisis by taxing the rich 40% and the farm sector

BY RYAN DUBE 30

Argentine farmer Javier Ro- tondo says he should be reap- ing ahistoric bounty with 20 grain prices surging to their highest level in years. Instead, he reduced his corn crop by 20% afterauthorities 10 temporarily suspended exports to reducefood prices,one of several measures by Argentina’s leftist government that econo- 0 mistssay aresuffocating business. Mr.Rotondo expects ’10 ’12 ’14 ’16 ’18 ’20 to take on debt to payanew CK

TO Source:Argentina's Catholic University wealth tax, and he is bracing for pricecontrols afterPresident ment, inherited ahighly in-

AlbertoFernándezrecently SHUTTERS debted economyupon taking warned ranchersthat rising A/ officeinDecember 2019.A beef prices won’t be tolerated. currency crisis had forced his ONI/EP

“There’salot of uncer- OR predecessor, Mauricio Macri, tainty.They areimplementing NC to request a bailout from the crazy policies that don’t make RO International Monetary Fund, much sense,” Mr.Rotondo CIO which now seeks payment on said. “Therewill be lessin- IGNA $44 billion. AN

vestments, lessproduction, JU Mr.Fernándezisbetting and that’ll be very negative.” Three years into arecession,Argentina’seconomyisinthe worstshape it has been sincea2001 debt default. that the global economic recov- Threeyearsinto agrinding erywill mean higher prices for recession,Argentina’secon- highest sincethe early 2000s. Facing the crisis,Mr. Fernán- beans,wheat and corn. The friendly and stable economy. grain exports, helping rebuild omyisinthe worstshape it Businessowners—from tech dez’sgovernment is imple- government last year paid up “The day-to-daybecame un- reserves.The idea is to spend, has been sincea2001 debt de- titans to airline executives and menting interventionist policies to 50% of the salaries of work- bearable,” said Marga Clavell,a even if it meansaccelerating fault that led to rioting and the farmersand rancherswho that will undermine hopes of ersattens of thousands of Harvard-trained corporatelaw- themoney printing that has deaths in the streets. For powerwhat wasonceone of increasing investmentsneeded small businesses.Italso has yerwho moved to Uruguayin sustained Argentina thus far. Mr.Fernández, the solution is the world’swealthiest na- to generateemployment, said restricted corporations from October.“Thereisafeeling like Therehavebeen some to kick-start the economyand tions—saythey see little hope Carlos Melconian, an economist accessing dollarsneeded to the countryisclosing itself off gains. Whirlpool has plans to tax a prosperous farm sector for a recovery in Latin Amer- and former chief of the coun- service foreign debt. to the world, onceagain.” open anew plant that the gov- and wealthyindividuals,while ica’s third-biggest economy. Thegovernment says the Theban on firing workers ernment says would create avoiding austerity measures “I’m not surewheregrowth measures will protect jobs and wasintended to protect jobs 1,000jobs.Canada’sLundin such as cutbacks to billions of will come from,” said Eduardo The economy shrank households struggling with a during thestart of the pan- mining companysaid in Febru- dollars a year in subsidies. Levy Yeyati,aformer central- 36%inflation rate.The econ- demicwhen the government ary it will invest $3 billion to “Industrywill be the motor bank chief economist and dean 10% in 2020, one of omy is starting to recover, Fi- enacted astrict lockdown. But build a gold and silver mine. of the country’sreconstruc- of TorcuatodiTella Univer- the worst pandemic nanceMinister Martin Guzmán a year later, business owners Mr.Guzmán, the finance tion,” the president has said. sity’s School of Government in said in an interview. He ex- sayitissaddling them with minister,said the economy The challenges are Buenos Aires. Thegovernment contractions. plained that capital controls morecostsinwhat already should grow fast enough this steep.The country’stotal stock- doesn’t have the resources to areneeded to prevent adeple- wasarestrictivelabor market. year to reduce the fiscal defi- market valuation has collapsed stimulatethe economy, he tion of reserves. “It is a rem- “It is really serious,it’sabig cit to 6% of grossdomestic from $350 billion in 2018 to said, “and businesses arepull- edy to a worse evil,” he said. problem forthe economy,” said product from 8.5% in 2020. $20 billion last year,according ing back on investments.” try’stop state-run bank. Several foreign companies, Blas Briceño,the chief execu- Some of Argentina’smost to EcoGo,aneconomic consult- Debt paymentsare looming “The measures aregoing to including Walmart, Nikeand re- tive of Finnegans,asoftware important companies arereel- ing firm. Theeconomyshrank and Argentina is virtually fail,” he said. “Thereare no in- gional airline Latam, have aban- company. “Wehavepeople ing. In February, stateoil com- 10% in 2020,one of the world’s broke, with just $5 billion in vestments.” doned Argentina. Some of the who arenot performing,who panyYPF waspushed to the worstcontractions during the cash and gold reserves,half of Argentina has banned com- country’smost successfulentre- arenot adequatefor the posi- brink of itsfirst default afterit pandemic.Poverty has risen to what is on hand in neighbor- panies from laying off work- preneurshavepacked their bags tion, but we can’t let them go.” couldn’t access dollarstopay morethan 44%, according to ing Uruguay, whose population ers, frozentelecom prices and forUruguay,which offerswhat Mr.Fernández, amember of $413 million in debt. Private the Catholic University,the is 8% of Argentina’s45million. increased export taxesonsoy- Argentina doesn’t: Abusiness- the nationalist Peronist move- creditorsagreed to restructure. WORLDWATCH Monarchy To Address Allegations Privately

BY MAX COLCHESTER

LONDON—Queen Elizabeth expressed concern about allegations of racism in the royal ranks raised by PrinceHarry and Meghan Markle this week, but said the royalfamily would addressthem privately. In an interview with Oprah Winfrey broadcast Sunday, the DuchessofSussexspokeof feeling suicidal while working

S in the palaceand said amem-

PRES ber of the royal family voiced concerns about how dark her TED

CIA unborn child’s skin would be.

SO On Tuesday, Buckingham AS Palaceissued astatement on RE/

LU behalf of the queen saying “the TO issues raised, particularly that of race,are concerning.While

AN/PHO some recollections mayvary, SY they aretaken very seriously GHO

PO and will be addressed by the

AN family privately.” They added EP that thecouple will always be ST Oppositionprotesters scuffled with policeoutside Armenia’sparliamentinthe capital YerevanonTuesday, pressing their demand thatPrime MinisterNikol Pashinyanresign. “much loved family members.” The statement appeared to INDO-PACIFIC ing, Secretary of State Antony sign overaNovember peacedeal SPAIN and were afforded protection as exclude afull-blown probe Blinken and his counterparts in thatended six weeksoffierce members of the EU assembly. into the allegations of racism Bloc Against China the group committed to working fighting overthe Nagorno-Kara- Three EU Lawmakers —Associated Press in royalcircles and instead To Meet Virtually together on the coronavirus pan- bakh region, in which Azerbaijan Lose Immunity aimed to draw a line under a demic and to countering Chinese routed the Armenian forces. TUNISIA bubbling crisis that has swept President Biden will meet vir- territorial and maritime claims. The tensions escalatedlast The European Parliament on the monarch since Sunday. tually on Friday with the leaders Established in part to help month when the military’sGeneral Tuesday lifted the immunity of Migrants’ Boat Sinks During the two-hour inter- of Australia, Japan and India, his with disaster relief in the Indian Staff demanded Mr.Pashinyan’s the former president of Spain’s Off Coast, 39 Killed view, the Dukeand Duchessof first joint conversation with the and Pacific Oceans, the Quad—or resignation, and he responded by Catalonia region, Carles Puigde- Sussex said they had experi- four-nation group known as the Quadrilateral—has increasingly firing the chief of the General mont, and two of his associates, Thirty-nine African migrants, enced racism before and dur- Quad that has sought to counter focused on military coordination Staff,Col. Gen. Onik Gasparyan. a move that could pave the way including severalchildren, perished ing their 2018 marriage. China’s regional influence. and exercises, as well as com- On Tuesday, the opposition for their extradition and reopen at dawn on Tuesdayoff the Tuni- PrinceHarrysaid that dis- “That President Biden has bating the Covid-19 pandemic. sought to build pressure on Mr. the scars of separatism in Spain. sian coastafter aboatcarrying crimination in Britain wasa made this one of his earliest Japan and Australia are U.S. Pashinyan by urging its support- The Spanish government 93 people sank, authorities said. “large part” of the couple’sde- multilateral engagements speaks treaty allies, and India has in- ers to blockade the parliament. welcomed the decision by the Their bodies were recovered cision to relocatefromthe to the importance we place on creasingly worked with Wash- Thousands of opposition demon- European Union’s legislature as a by relief units in the waters off U.K. to the U.S. last year. collaboration with our allies and ington on defense, including af- strators surrounded the parlia- victory for the rule of law and the Mediterranean port cityof Theinterviewhasn’t mean- partners in the Indo-Pacific,” ter a deadly border skirmish ment building and engaged in against those who sought to Sfax in southern Tunisia, the ingfully swung public opinion White House press secretary with Chinese forces last year. occasional scuffles with police. break the region away from the spokesman forthe Tunisian Na- against the royals in the U.K. A Jen Psaki said Tuesday. —Andrew Restuccia Mr. Pashinyan has faced op- rest of Spain. The decision will tional Guard, Houssameddine Jeb- poll conducted by YouGov af- Ms. Psaki said the leaders position demands to resign since likely also extend the legal saga abli, said. terthe program showedthat would discussclimate change, ARMENIA Nov. 10 when a Russia-brokered by months, if not years, since A second boat also ran 36% of British adultssaid their economic cooperation and the peace deal ended 44 days of in- many avenues for appeal remain. aground in the same area. Navy sympathies mostly lie with the coronavirus pandemic, but she Opposition Pushes to tense fighting in Nagorno-Kara- Mr.Puigdemontand anumber and coast guard teams and vol- senior royal family members, made no direct mention of China. Oust Prime Minister bakh that killed more than of his separatistcolleagues fled unteer fishing boats found 39 while 22% back the Sussexes. Sincetaking office, Mr.Biden 6,000. to Belgium in 2017, fearing arrest bodies and rescued a total of A third said they had sympa- and his topadvisers have been Thousands of opposition sup- The agreement saw Azerbai- after holding an independence 165 migrants from both vessels, thy with neither side. laying the foundation of astrat- porters blockaded the Armenian jan reclaim control over large referendum forCatalonia that according the Tunisian Defense Surveysalso showedthat egy to work with foreign allies to parliamentbuilding on Tuesdayto parts of Nagorno-Karabakh and the Spanish courts and govern- Ministry. Most of the migrants the nation is divided along age confrontBeijing. The Quad is a pressademand forthe country’s surrounding areas that had been mentsaid wasillegal. In 2019, he were from sub-Saharan African lines,with people under 50 strategic group seen as abulwark prime ministertostepdown. held by Armenian forces for and his twoassociates, Toni countries, and the boats were en backing the Sussexes and againstChinese expansionism. Nikol Pashinyanhas rejected more than a quarter-century. Comínand ClaraPonsatí,won route to Italy, Mr. Jebabli said. those older siding with senior During a recent phone meet- the opposition’spressuretore- —Associated Press seats in the European Parliament —Associated Press family members. P2JW069000-6-B00100-1------XA BUSITECHNOLNEOGY: DISNEY+SSREACHES MORE&FTHAN 100 MILLIONINSUBSCANRIBERS B4 CE

S&P 3875.44 À 1.42% S&P FIN g 0.86% S&P IT À 3.41% DJ TRANS À 0.48% WSJ $ IDX g 0.53% LIBOR 3M 0.177 NIKKEI (Midday) 29040.82 À 0.04% See more at WSJ.com/Markets StartupCommittedtoSaudi Plant Tech

E-car maker Lucid accepting morethan $1 billion Last month, Lucid agreed to son said it “expects to estab- former Citigroup Inc.invest- Stocks in financing from the Saudi a SPAC merger, a deal that if lish manufacturing facilities in ment banker Michael Klein.He Motors accepted $1 Public Investment Fund in consummated would allowit multiple geographies, includ- has worked foryearsasafi- billion, didn’t widely 2018, according to people fa- to trade publicly later this ing Asia-Pacific,the Middle nancier in the Middle East and Stage miliar with the matter. year.The mergeragreement East and potentially Europe in advised Saudi Arabia on the disclose agreement Theplant promise repre- valued the Silicon Valley the coming years.” The 2019 local listing of Saudi sentsasignificant investment startup at about $24 billion. spokesperson said the com- Arabian Oil Co., or Aramco. Rebound BY SUMMER SAID commitment forthe startup, Lucid hasn’t discussed the pany’s“near-term priority” is PIF,aSaudi Arabia sover- AND BEN FOLDY which hasn’t yetsold acar Saudi carplant plans publicly, beginning production later eign-wealth fund, firstagreed BY MICHAEL WURSTHORN from itsone existing factoryin but at least one big,institu- this year at itsArizona facility. to invest more than $1 billion AND CAITLIN OSTROFF Electric-car startup Lucid Arizona. It is also a potential tional investor that has agreed Spokespeople for Churchill in Lucid in 2018.Ithas agreed Motors Inc.has an undis- boon for Saudi Arabia, which to invest as part of the SPAC Capital Corp.IV, the SPAC to boost that investment Technologystocks re- closed commitment to build an has struggled to lureWestern deal was told about them, ac- that agreed to merge with Lu- through Lucid’s SPAC merger, bounded Tuesdayand treated assembly plant in Saudi Ara- companies to the countryafter cording to people familiar cid, and PIF didn’t return re- and it recently provided the the Nasdaq Compositetoits bia, apotentially costly prom- the 2018 murder of Saudi jour- with the discussion. quests for comment. automaker with $600 million best session in morethan four ise the companymade after nalist Jamal Khashoggi. A Lucid Motors spokesper- ChurchillCapital is runby PleaseturntopageB5 months,aday afterthe index slid into correction territory. Investorsappeared to bargain-hunt, pouncing on stocks EU PlotsaCourse to BoostIts Digital Sector that had been beaten down over thepast several weeks. Shares of Tesla, Roku and BY DANIEL MICHAELS Square all rose by double-digit AND STU WOO percentages,while tech’s heavyweights, Apple, Ama- BRUSSELS—TheEuropean zon.com and Facebook,each Union is pledging morethan addedmorethan 3%. $150 billion to develop next- At the same time,aselloff in generation digital industries government bonds paused for this decade as it seeks to re- the firsttime in five sessions. verseawidening gapwith the Theyield on the 10-year Trea- U.S. and East Asian rivals in surynoteticked lowerto advancedtechnologies like 1.545%. It had ended the previ- chips and artificial intelligence. ous dayat1.594%, the highest Funded as part of the EU’s level in morethan ayear. $2 trillion Covid-19 economic Thestabilization in bond recovery package,the new PleaseturntopageB11 “Digital Compass” aims to significantly boost the bloc’stech- nological autonomyby2030. Europe’sneed to improve Pioneers of what politicianshavetermed digital sovereignty washigh- SPACs Reap lightedbytrade disputes with the U.S. under former President Donald Trump and growing The Rewards geopolitical tensions with China. Over the past year,supply-chain BY AMRITH RAMKUMAR bottlenecks from coronavirus lockdownsand ashortageof Theflashiest trend in fi- microchips crucial to the auto- S nancetracesback three de-

motiveindustry—apillar of the PRES cades to apair of old law-

region’seconomy—have further TED school buddies.Now,they are

increased Europe’sawarenessof CIA finally cashing in. itsindustries’ relianceonother SO Investment banker David AS economies fordaily essentials. Nussbaum and lawyer David “Weneed to become less Miller—known to each other as ANKLIN/

dependentonotherswhen it FR “Nuss” and “Miller”—invented comes to key technologies,” D. the special-purpose acquisition SS

said European Commission Ex- RO companyin1993 to givepri- PleaseturntopageB4 Adisplaybythe Dutch firm NXP in Las Vegas. The EU is pledging morethan $150 billion to develop chip manufacturing and AI. vate firms another way to access everyday investors. SPACs were rarely used andobscure formuch of their careers but ConagrainTalkstoSell Hebrew National to JBS arenow all the rage—attracting the biggest names in finance, technology and entertainment. BY JACOB BUNGE agreement is likely weeks higher authority.” taurants. carryhigher profitsthan bulk Messrs. Nussbaum and Miller AND CARA LOMBARDO away and Conagracould end Conagra, which has amar- JBS has amarket value of meat sold to restaurantsand have never been busier. up keeping the businessor ket value of around $17.6bil- over $12billion and derives to supermarkets. In February “It’staken me 27 yearsto Hebrew National maysoon selling it to someone else,the lion, has been retooling its most of itsrevenue from the 2020, become an overnight sensa- answertoadifferent authority. people cautioned. portfolio to boost itsfrozen U.S.,whereits businesses in- Hebrew National’skosher tion,” said Mr.Nussbaum, a66- ConagraBrands Inc.isin ConagrainApril 2019 said food and snack brands such as clude the Swiftbeef and pork- franks were firstsold in New year-old from Roslyn, N.Y.,who talks to sell the famous hot Hebrew National’ssales over HealthyChoiceand Slim Jim. processing companyand Pil- York City in 1905,and Conagra co-founded the SPAC-focused dog brand to Brazil’s JBS SA, theprevious year were $170 ForJBS,the biggest beef grim’s Pride, the nation’s acquired the brand’sparent investment bank EarlyBird- people familiar with the mat- million, and EggBeaters’ were processorinthe U.S.,buying second-largest chicken sup- companyin1993.Overthe de- Capital Inc. tersaid. $78million. the businesswould expand its plier. cades,the all-beef hot dogs Also called blank-check com- Adeal, which the people But the kosher hot dog’s reach intogrocery storemeat Should JBS clinch the deal, have become astaple at base- panies,SPACs areshell firms said could also include the Egg popularity and cultural cache cases when consumershave it would expand itsportfolio of ball stadiums and backyard that list on astock exchange Beatersand Odom’sTennessee transcend the brand’ssize, shiftedtheir food-buying pref- consumer brands,which the cookouts. with the sole purpose of com- Pride brands,could be valued thanks in part to itslong-run- erences toward supermarkets companyaims to build. Name- —Annie Gasparro bining with aprivatecompany at around $700 million. Any ning slogan, “Weanswertoa andaway from sit-down res- brand meat productstend to contributed to this article. PleaseturntopageB5 ESPN Nears Deal for STREETWISE | By James Mackintosh Rights to NHL Games ‘Sell Tesla, Buy Exxon’ Explains the Market

BY JOE FLINT Thepact would put games From the Speculativetechbets came off...... as yields accelerated upwards on ESPN’sTVchannels and start of Feb- in February. Walt Disney Co.’s ESPN is continue to keep the NHL on ruary to Mon- closing in on along-term ESPN+, people close to the day’s close, Share-priceperformance U.S. 10-yearTreasury yield rightsdeal forNational companysaid. Tesla was 80% 1.6% Hockey League games that Currently, Comcast Corp.’s down almost would bolster both itscable NBCUniversal is the biggest 30% and Exxon Mobil up 70 platforms and itsESPN+ television partner of the NHL more than 30%, a stunning 1.4 streaming service, people fa- in the U.S. It has a10-year reversal of the pattern since 60 miliar with themattersaid. pact valued at $2 billion that the start of last year. An agreement between the expires at the end of this sea- It would be easy to con- 50 1.2 NHL and ESPN could be un- son. clude that oil is back in fash- veiled as early as this week, NBCUniversal is also in ion and electric cars are sud- 40 thepeople said. PleaseturntopageB2 denly passé. But the first is 1.0 only partly true and the sec- 30 Global XLithium ond clearly false. In fact the &BatteryTechETF 20 moves reveal two bigger ARK Genomic 0.8 INSIDE trends: the stimulus-driven 10 Revolution ETF economy and its effect on InvescoSolar ETF bond yields. 0 0.6 Tesla is a bet on the long Nov. 2020 Jan. ’21 Nov. 2020 Jan. ’21 term and Exxon is a bet on the short term. Last year, in- Sources: FactSet (ETFs);TullettPrebon (Treasury yield) vestors were convinced to look to the long run by a Cyclical stocks, those Exxon is what a winner down of the value of its as- combination of awful short- most sensitive to short-run looks like in this new world sets—that any rise in reve- run prospects and the Fed- economic growth, have been of stimulus-driven demand. nue falls almost entirely to eral Reserve’s crushing of in- doing well since Covid-19 Oil is the most sensitive the bottom line. It has a lot terest rates and bond yields. vaccines raised hopes of eco- commodity to global con- of what investors call oper- Since November, investors nomic reopening. The stimu- sumption, and everywhere is ating leverage, which has have increasingly focused on lus trade accelerated in Feb- heading for reopening this just the same effect as a lot BUSINESSNEWS PROPERTY REPORT short-run profits as both ruary as it became clear that year. As demand picks up, so of borrowing: Every extra Dick’s expects Real-estate investors trends reverse, although on President Biden’s $1.9 trillion does the price. dollar of revenue has a much sales to ease from the U.S. Tuesday the sensitivity to package would pass. Cyclical Exxon has such high fixed greater effect on its earnings Treasurys showed up in the stocks such as airlines and costs and had such an awful than for a company where aftergrowthduring have ataste other direction as a sharp oil companies, commodities year last year—revenue costs are variable. the pandemic. B3 forBritish pubs. B6 drop in yields helped Tesla such as oil and copper, and failed to cover its costs even Last year’s weaknessmeans stock leap 20%. bond yields all soared. before a $20 billion write- PleaseturntopageB11 P2JW069000-6-B00200-1------XA

B2 | We dnesday, March 10, 2021 ****** 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 Ford Motor...... A1 Otis Elevator...... R8 Tycoon SeekstoDelay Payments AerCap...... B2 G Oxford Properties...... B6 Oyo Hotels & Homes.A8 Ahold Delhaize...... B5 GameStop...... B3 Airbnb...... B6 General Electric...... B2 P Airbus...... B2 Of Billions in Debt to Greensill GFG Alliance...... B1 PayPal...... R8 Air Lease...... B2 GlobalWonks...... R9 Pershing Square Tontine Alibaba...... B11 Golden Pacific Bancorp ...... A2 BY ALISTAIR MACDONALD trytoimprovecash flow,while Alphabet...... A4 ...... B3 Piedmont Lithium...... A1 AND RHIANNON HOYLE looking to secureadditional Amazon.com...... A4 Graubard Miller...... B1 Platinum Equity...... B6 working capital facilities and AT&T...... B4 Greensill Capital....A1,B1 R U.K. metals tycoon Sanjeev tapping furlough program pay- Authentic Brands...... R8 GS Acquisition...... A2 RedCat Pub...... B6 Guptaisnegotiating astandstill mentsset up by governments B H - J Rise Buildings...... B6 agreement with Greensill Capi- during thepandemic,hesaid.

Bank of America...... B12 Hilton Worldwide...... B6 Robinhood Markets....B3 tal to givehis companies GES Mr.Gupta’sGFG Alliance

Beijing Byte Dance HqO...... B6 S breathing spaceoverpayments IMA owns morethan 200 manufac- Telecommunications A8 JetBlue Airways...... B2 Sinovation Ventures.R10 on billions of dollarsofdebt, turing assetsand employs

Boeing...... B2 JPMorgan Chase...... B12 GETTY Social Capital according to aperson familiar 35,000 people.Its interests Booking Holdings...... B6 SE/ K Hedosophia...... A2 with the matter. rangefromsteel plants, mines, BrewDog...... B6 Katerra...... A1 Social Finance...... B3 Greensill is among Mr. energy companies and abank, Brookfield Office Kone...... R8 SoftBank...... A1 Gupta’sbiggest lenders, but to aScottish bicycle manufac-

Properties...... B6 ANCE-PRES Koninklijke Ahold Southwest Airlines....B2 filed forinsolvencyprotection FR turer and acompanythat C Delhaize...... B5 Stitch Fix...... B5,B12 Monday. Itstroubles have makes partsfor vintagecars. Charles Schwab...... B3 Kuaishou TechnologyB11 T ENCE

prompted Mr.Guptatofly AG Thecompanyhas expanded Chehaoduo...... A8 L Tencent...... B11 abroad to seek newsourcesof rapidly in recent years, buying Churchill Capital...... B1 ALL/ Lordstown Motors...... A1 Tesla...... A1 financing,aperson familiar up unloved steel and aluminum Citigroup...... B12 Lucid Motors...... B1 ANS Tishman Studio...... B6 with the mattersaid, while ST assets, ofteninplaces with lit- Comcast...... B4 M T-Mobile US...... B1 Coupang...... A8 governmentsand workersin BEN tleother skilled employment, TSG Consumer Partners Credit Suisse...... A1,B1 Marriott InternationalB6 several countries areseeking SanjeevGupta of GFG, which owns over200 manufacturing assets. meaning governmentsfrom Marston's...... B6 ...... B6 clarity on the fallout on his net- FrancetoAustralia arewaiting D Mazda...... A12 U - V work of steel, aluminum and ance, according to aperson fa- ways. to see howGreensill’sdemise Delta Air Lines...... B2 Meituan...... B11 Uber Technologies...... A8 energy companies. miliar with the relationship. Greensill has looked at seiz- will affect GFGAlliance’sopera- Dick's Sporting GoodsB3 Mitsubishi Electric.....R8 ViacomCBS...... B4 Greensill’soperations seized On Tuesday, Mr.Guptatold ing GFGAllianceassetsinAus- tions in their country. DoorDash...... A8 N View...... A8 up last week when Credit Suisse British union officials that tralia, but has yettoact, ac- So tooare those employed DraftKings...... A2 Netflix...... B4 Virgin Galactic...... A1 Group AG froze $10 billion in in- Greensill’sdifficulties create“a cording to another person by GFGAllianceoperations,and E O VTS...... B6 vestment funds that were criti- challenging situation which familiar with the matter. the other companies that do EarlyBirdCapital...... B1 Oaktree Capital W - X caltothe startup’sfunctioning. needs carefulmanagement,” ac- With itsmajor lender now businesswith them. Expedia...... B6 Management...... B6 Walt Disney...... B4 Regulatorshavesincetaken over cording to atranscript of his bankrupt, Mr.Guptaislooking Thereare around 600 com- F Opendoor Technologies WeWork Companies...A8 itsbanking unit. remarks,seen by TheWall fornew finance, and reassuring panies in South Australia that Facebook...... A4 ...... A1 Xiaomi...... B11 Theunwinding has rippled Street Journal. Mr.Gupta current clientsthat his compa- supply goods or services to GFG through investors, venture-capi- added at the online meeting nies aretrading as normal. Last Allianceinthat region, accord- talfirms and German municipal- that GFGAlliancehas adequate week,the Anglo-Indian entre- ing to John Chapman, an official ities that deposited money with funding,but that it waslooking preneur flew to Switzerland to in that region. Last week,Mr. INDEX TO PEOPLE Greensill’sbank.But GFG Alli- to refinancethe business, talk to at leastone bank,while Chapman wrotetoMr. Gupta, ance,anumbrella companyfor which could take time. also visiting the aluminum asking forassurancethat local A G - H N the Guptafamily’s businesses,is In atypical supply-chain fi- trading businessofcommodi- supplierswould be paid on time. Anand, Rooney...... B6 Gupta, Sanjeev...... B1 Nussbaum, David...... B1 one of the most closely con- nancedeal, Greensill would pay ties giant GlencorePLC,accord- Mr.Chapman said he had not Auby, Jase...... B11 Hafner, Steve...... B6 P nected to the supply-chain fi- acompany’ssupplierssooner ing to aperson familiar with received areply as of Tuesday. B K Plueger, John...... B2 nancespecialist. than they would normally ex- the matter. France’sfinanceminister, TheGFG Alliancegroup of pect, but at adiscount. The On Tuesday, Mr.Guptatold BrunoLeMaire, said Tuesday Bernardini, Eric...... B2 Klein, Michael...... A2,B1 R Briceño, Blas...... A18 Knight, Natalie...... B5 companies is negotiating with companythen would pay union officials that he has asked that giventhe risk to jobs,the Ramot, Daniel...... B4 Greensill representatives fora Greensill the full amount down all of his businesses to “manage government would step in C L S standstill agreement in which the road. But Greensill also cash carefully and reducetheir should therebefinancial diffi- Chubak, Steven...... B12 Leatherman, Lamont..A1 Son, Masayoshi...... A1 both parties wouldn’t need to paid GFGAlliancecompanies relianceongroup funding,” ac- culties at French businesses. Cohen, Ryan...... B11 M W - Z makepaymentstoeach other. forfutureprofits on the sale of cording to the transcript. —Alice Uribe D Miller, David...... B1 Wang, Dan...... B4 Greensill had $5 billion in steel and other products, mean- GFGAllianceisalso talking and Noemie Bisserbe Dimon, Jamie...... B12 Morris, Daniel...... B11 Zeidan, Rami...... B6 loans outstanding to GFGAlli- ing paymentscould flow both to customersand suppliersto contributed to this article. ESPN Nears NHL Agreement

ContinuedfrompageB1 talks with the NHL about maintaining itsrelationship with theleague,one of the people said. NBCUniversal currently carries most of itsNHL coverage on the NBC SportsNetwork and the NBC broadcast channel. Thecompanyhas said it is shutting down NBC Sports Network at the end of the year and moving itsNHL games to

GES the USANetwork.

IMA An agreement with ESPN and the NHL wouldn’t neces- ETTY

/G sarily mean the end of the

CG league’srelationship with NBC, /V the person close to those talks

HENG said. OZ TheNHL also carries games DA on its own channel, the NHL

ZHANG Network.Comcast is apartner AerCap and GE Capital Aviation Services have concentrated their buying on the most popular planes, including the Airbus A320neo that is used on domestic routes. in the NHL Network. Adeal with ESPN is expected to increase the overall Leasing Deal to PutPressureonJet Builders value of NHL rightsand would continue atrend of escalating sportscosts. BY DOUG CAMERON big aircraft lessor, said on an lessorstoshuttle the planes ESPN,along with NBC,Via- Boeing’s Orders its 747-8 jumbo thatpreviously investor call last week, between customersifdemand comCBS Inc.’sCBS and Fox Aircraft-leasing companies had been left unsold, as well as With morethan 900 aircraft drops in one region, even re- Corp.’sFox arealso in the already account forhalf the Grew in February 54 commercial jetliners. owned or managed forother possessing them if acarrier midst of negotiating newlong- world’sjetliner fleet, and a SingaporeAirlines Ltd. investors, Gecas is surpassed gets into trouble. term rightscontractswith the deal that would combine the added 11 Boeing 777X jets, con- only by AerCapinfleet size. Theleasing companies usu- National Football League. two largest players is expected Boeing Co.’sorders grew for verting aprevious order for19 It leases passenger aircraft ally don’t want to buy the Besides games,ESPN+’sex- to have knock-on effectsfor the firsttime in 14 months dur- of the smaller 787-10, while un- made by Boeing and Airbus— firstplanes off the production isting NHL offeringsinclude a airlines and the two dominant ing February as it notched deals identified customers added four manywith GE-made engines— line,which canhaveteething daily studio show, “In the plane makers, Boeing Co.and for82wide body planes and moreDreamliners. as well as regional jetsand problems. Crease” on ESPN+. Airbus SE. 737 MAXjetliners. Boeing shares rose 2.9% cargoplanes to customers On Tuesday, AerCap Hold- Customers continue to can- Tuesdayto$230.61. ranging from flagship airlines ings NV said it was in discus- celand defer some aircraft or- United Airlines Holdings Inc. to startups.Gecas had $35.9 sions with General Electric ders because of the pandemic- lastmonth agreed to buy an- billion in assets as of Dec. 31. Co. about its GE Capital Avia- driven travelslowdown, but the other 25 MAXjets, with 14 AerCap has a market value tion Services leasing unit. GE return of the MAXtocommer- moregoing to unidentified cus- of $7.5 billion and around declined to comment. Adeal cial serviceislifting overall deliv- tomers. Boeing also added back 1,050 aircraft owned or manwould createaleasing com- eries. orders for16planes previously aged as well as almost 300 on pany with morethan 2,000 Boeing’sorder haul included classified as doubtful because of order. Thecompanyhas expe- planes and an additional 500 27 of its KC-46A military refuel- customers’ financial position. rience in deal making, paying We are pleased to announce that on order, renting to hundreds ing tankers and aVIP version of —Doug Cameron around $7.6 billion in 2014 to of carriers. buy International Lease Fi- TheWall Street Journal re- nanceCorp.fromAmerican In- BrittnyAllred, CFA ported Sundaythat AerCap the plane makerstoplaceair- buying them outright, keeping ternational Group Inc. wasintalks to combine with craft.” debt off their balance sheets. Still, the aircraft-leasing DanDownes,CFA, CPA Gecas in adeal valued at more Boeing declined to com- Thebusinesshas nowgone market remains fragmented, than $30 billion. ment. The aircraft maker has mainstream. DeltaAir Lines likely lessening the chance of Jim Kerrigan, CFA Thecreation of anew indus- previouslysaid it works Inc., JetBlue Airways Corp. an antitrust challengetoa trygiant figurestodotwo closely with lessors, which and Southwest Airlines Co. combination. things. It could mean airlines companyexecutives said areamong carriersselling AmergedAerCap and Gecas Dave Lehmann, CFA getbetterdeals on planes,asa helped the industrybymoving planes they ordered themselves entity would have around 7% largerleasing companycan planes around to meet de- to leasing companies and rent- of the global jetliner fleet and Michael Yeager, CFA,CPA wrangle lowerprices from Air- mand.Airbus said it main- ing them back.That relation- 4% of Airbus and Boeing or- bus and Boeing.Itcould also tained agood relationship ship has made big aircraft-leas- ders, according to Jefferies. have beenappointed intensifylong-simmering com- with AerCapand Gecas and ing companies avital source of The big leasing companies Shareholders of ourfirm. petition between lessorsand declined to comment on any cash forairlines over the past have concentrated their buy- planemakerstrying to secure potential transaction. tumultuous year.The jet sales ing on the most popular ordersfromcarriersasthey The aircraft-leasing indus- raised billions of dollars, with planes,including the Airbus Luther King Capital Management look beyond thepandemic- trydeveloped in the1970s,ini- the cash boost coming on top A320neo and Boeing 737MAX driven travel downturn that has tially serving weaker airlines of lessorsagreeing to defer narrow-body jetsmost com- Fort Worth|Dallas|Austin |San Antonio leftthousands of planes parked. that couldn’t affordtobuy some rent on existing planes. monly used on domestic and “It’sgoing to be abuyer’s planes themselves.Lessorsor- “I believethat without us shorter routes. Their fleets of December 2020 market for airlines,” said Eric der in bulk and securecheaper andthe leasing community, wide-body jets used on inter- Bernardini,amanaging direc- funding,passing on some of the airline industry would be national routes consist mainly toratAlixPartnersLLC,acon- the savings to airlines. Carri- in farworse shape than it is of Airbus A350s and Boeing sulting firm. “The lessors are ersrent planes,usually for today,” John Plueger,chief ex- 787 Dreamliners. www.LKCM.com going to be competing with five to 12 years, rather than ecutiveofAir Lease Corp., a This concentration allows P2JW069000-2-B00300-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, March 10, 2021 | B3 BUSINESS NEWS SoFi Plans Dick’s Warns That Sales Could Cool To Acquire BY MICAH MAIDENBERG California Dick’sSporting Goods Inc. reported strong demand for itslatestquarter but said it Lender expectssales to slowdown this year. Theretailer on Tuesday BY PETER RUDEGEAIR said sales for its fiscal fourth quarter rose 20% to $3.13 bil- Fintech startup Social Fi- lion. Profit of almost $220 nance Inc.agreed to buy a million wasroughly triple that tinyCalifornia community of ayear earlier,and adjusted lender to accelerateits push earningswereahead of fore-

into the banking business. casts from analysts. JOURNAL TheSan Francisco-based Consumer interest in items REET

companywill spend about $22 likebicycles,golf equipment ST million to acquire Golden Pa- and other so-called hardline LL cific Bancorp Inc., which has productswas robust in the WA three branches in and around quarter, according to Dick’s THE R

Sacramentoand about $150 Chief ExecutiveLauren Ho- FO

million in assets. SoFiplans to bart. OKE

contributeanadditional $750 “Hardlines were really quite DR A

million to capitalize the bank achampion,” she said on an CC

foranational,digital expan- investor call. REBE sion should regulatorsapprove Thegains forthe period The retailer said fourth-quarter profit of almost $220 million was roughly triple that of a year earlier, but its forecast was muted. the transaction. ended Jan. 30 capped astrong year forthe company, which terns. have also said they believe Thecompanyhas anew an outdoor field and wellness temporarily closed stores last Dick’se-commerce sales growth will slow. storeprototype covering spaces,allowing Dick’stoof- spring as the pandemic began during the fourth quarter rose Dick’ssaid annual sales, 100,000 squarefeet that it an- fereventsand test out store to spread. 57%, accounting forabout one- which rose nearly 10% on a ticipates opening in April in experiences that could be ap- 3M Likeother retailers, the third of total sales. comparable basis last year, the Rochester,N.Y., area, ac- plied morebroadly to the company bolstered its e-com- Now, Dick’s faces the chal- could fall as much as 2% or in- cording to a spokesman. chain, Ms.Hobart said. Number of customers SoFi merce operation to continue to lengeofbuilding on last year’s crease by that margin this Thenewly conceived Dick’s Shares of Dick’sdeclined expects to have this year reach shoppersadjusting to strong gains.Other retail year.Per-shareearningsare Sporting Goods House of 6.3% on Tuesdaytoclose at newwork and lifestyle pat- chains, such as Walmart Inc., expected to decline. Sport will include assetslike $71.82.

Last year, SoFi was part of awaveofbanking wannabes T-Mobile to ShareUser Data With Advertisers that filed paperwork with reg- ulatorsfor chartersthat would allowthem to take deposits BY DREW FITZGERALD acquired through the carriers’ latorstomoveinthe opposite with amoredetailed sharing forthe Electronic Frontier and lend nationally. 2020 merger. Sprint had pre- direction on user data. Google program called Verizon Selects Foundation, aconsumer-pri- TheOfficeofthe Comptrol- T-Mobile US Inc.will auto- viously shared similar data owner Alphabet Inc.recently foruserswho enroll. Itssepa- vacy advocate. “This type of ler of the Currency gave con- matically enroll itsphone sub- only from customerswho pledgedtochangethe part of rate Verizon Media division data is very personal and re- ditional approval to SoFi’s scribersinanadvertising pro- opted intoits third-party ad itsbusinessthat relies on re- shares datagathered through vealing,and it’strivial to link plans to build abank from gram informed by their online program. cordsofusers’ browsing across itsYahoo and AOLbrands. that deidentified infoback to scratch in October,but Chief activity,testing businesses’ ap- AT-Mobile spokeswoman websites,while Apple Inc.is T-Mobile said it masks us- you.” ExecutiveOfficer Anthony petitefor information that said the changes givesubscrib- adding strict newprivacypro- ers’ identities to prevent ad- Past telecom-industryef- Notosaid the companyde- other companies have re- ersadvertising that aligns with tections forits deviceusers. vertisersand other companies fortstotakeapieceofamulti- cideditwould be moreeffi- stricted. their interests. “We’veheard AT&T Inc.automatically en- from knowing what websites billion-dollar ad market have cient to acquire a small bank. TheNo. 2U.S.carrier by manysay they prefer morerel- rolls wirelesssubscribersina they visit or apps they have in- stumbled morebecause of Golden Pacific,hesaid, subscriberssaid in arecent evantads so we’redefaulting basic ad program that pools stalled. Thecompanytagsthe competitivepressures than checked all the boxes. privacy-policyupdatethat un- to this setting,” she said. them intogroups based on in- datawith an encoded user or privacyconcerns. SoFihas laid out abold lesscustomersopt out it will T-Mobile ended 2020 with ferred interests, such as sports deviceIDtoprotect the cus- Afterspending morethan growth plan to investors. It sharetheir weband mobile- more than 60 million phone or buying acar.Anenhanced tomers’ anonymity. $9 billion to acquireYahoo and said it expects to increase its app datawith advertisers usersunder itsmain brand and version of the program shares But privacygroups say AOL, Verizon has scaled back user base to three million cus- starting April 26.For example, morethan 20 million custom- more-detailed personal infor- those IDs canbelinked back to itsinternet ambitions and tomersthis year,up75% from the program could help adver- ersonprepaid plans.The com- mation with partnersfrom people by comparing different writtendownmorethan $4 the 1.7million it had in De- tisersidentifypeople who en- panysaid the changes wouldn’t customerswho opt intoit. datasets. billion.The companyhas also cember.SoFialso told inves- joycooking or aresportsen- apply to businessaccountsor Verizon Communications “It’shardtosay with a cut jobs afterthe business tors it expectsadjusted net thusiasts, the companysaid. children’slines. Inc.likewise pools subscriber straight face, ‘We’renot going failed to loosen Facebook Inc.’s revenue from itslending busi- T-Mobile’snew policywill Manybig tech companies databeforesharing inferences to shareyour name with it,’ ” and Google’sgrip on the digi- ness to increase 38% in 2021. also coverSprint customers areunder pressurefromregu- about them with advertisers, said AaronMackey,alawyer tal-ad market.

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B4 | We dnesday, March 10, 2021 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Disney+ Shows Steady Growth Transport Concern Via Buys Mapping Firm BY ERICH SCHWARTZEL

Walt Disney Co.’sflagship BY ERIC SYLVERS home and would-be riders streaming service, Disney+, has shied away from busses, sub- surpassed 100 million subscrib- ViaTransportation Inc.has waysand trams forfear of ers, the companysaid Tuesday, acquired mapping software catching the virus in closed asymbolic win that emphasizes maker Remix forabout $100 spaces.Large cities arestill howthe companyhas been the million, Via’schief executive working to assuageriders’ most successfulofthe newen- said in an interview, as the fears,akey step needed before trantstrying to chip away at NewYork-based companyseeks economies around the world Netflix Inc.’sdirect-to-con- alargersliceofthe newmarket can fully reopen. sumer dominance. bringing together ride-sharing “Last summer,itbecame Disney+ reached 100 million and public transportation. clear that…existing transpor- subscribersinits first16 Thedeal is the thirdacquisi- tation systems were too rigid

months of operation. S tion over the past several and weren’t working,” said Mr.

Poweredbyfan favorites like PRES months forVia, which is bid- Ramot. “The Mandalorian” and “Wan- ding to playacentral role as To payfor the deal and the TED

daVision,” the serviceison CIA cities,transportation authorities other recent acquisitions, Via

track to meet the company’s SO and universities rejiggertheir used money it raised last year AS

projection of 260 million sub- S/ transportation offeringsinthe when Italy’s Agnelli family scribersby2024. Thecompany wake of the coronavirus pan- paid $200 million fora9% UDIO

last reported 94.9 million sub- ST demic.The cash-and-equity deal stake in the company. That

scribersasofJan. 2. VEL comes almost two yearsafter funding round valued all of Via Disney Chief ExecutiveBob MAR Viafirst became interested in at $2.25 billion. Chapek reiterated at ashare- The streaming service has reached 100 million subscribers and says it projects 260 million by 2024. buying Remix,said Daniel Ra- Via’ssoftware helps cities holder meeting Tuesdaythat mot, Via’sCEO and co-founder. integratetheir public transpor- the company’sstreaming strat- needed so viewers stay engaged viral star in the creatureknown that it expectstogiveatheatri- SanFrancisco-based Remix, tation systems by adding as- egyishis priority,noting that week to week.Disney+ launched by fans as “Baby Yoda.” When calrelease to itsMarvel Studios which wasfounded in 2014, has pectsofride-hailing apps like Disney has set abullish target with amassivelibraryofmov- Covid-19 shut down U.S. the- superherofilm “Black Widow” software that uses datatohelp those of Uber Technologies of adding morethan 100 newti- ies and TV shows that has aters, Disney shipped theatrical when it comes out in May. cities plan their transportation Inc.and Lyft Inc.toexisting in- tles to the serviceeach year. playedalarge role in hooking releases such as “Hamilton” to Disney is exploring different routes and makedecisions on frastructure. Cities canuse Via Leading streaming platform families—and an introductory the service, which provided strategies in various marketsto such thingsaswheretoput to offer on-demand transporta- Netflix said in Januarythat it priceof$6.99 amonth, consid- subscription bumps and played maintain itssubscriber growth, one-way streets, bikelanes or tion and prescheduled pickups had 203.7 million subscribers. erably lessexpensivethan other acritical role in convincing including an option in some special lanes foremergencyser- forpeople who don’t livenear Disney’s torrential growth, services.(It will start costing viewers to keep paying their overseas territories to couple vices.Remix investorscashing bus stops.The services,which which has been faster than at $7.99amonth later this year.) monthly fee. Wall Street has re- Disney+ with moreadult-ori- out as part of the deal include have been rolled out in 24 rivals such as Amazon Prime Thecompany’soriginal-pro- mained focused on Disney’s ented programming available venture-capital firm Sequoia countries,can be accessed by a Video,speaks to the company’s gramming strategyhas relied streaming plans,acompanyre- on itsStarplatform. and YCombinator,aSilicon smartphone app,computer or accidental timing in releasing a on fan-favoritehitssuch as orientation that has sent Disney Questions loom about the fu- Valley startup accelerator. with aphone call. Thesoftware newservicemonths beforena- “The Mandalorian,” aStarWars shares to records. tureofDisney+, particularly in Ayear ago, the pandemic canalso be used to quickly tionwide shutdown orders, as spinoff that premiered when Only 45% of North American howaggressively Mr.Chapek threw intodoubt the futureof identifyunexpected surgesin well as itsstrategytoship new the servicelaunched in Novem- movie theatersare currently decides to use it to shakeup Viaand public transportation. demand so extrabuses canbe programming to the serviceas ber 2019 and offered it itsfirst open, though Disney reiterated theatrical distribution. Lockdowns kept people at sent to aspecific route.

supply-chain disruptions from economic packageagreed last the world. China in 2019 set that makechips forindustry’s Germany’sInfineon Technolo- EU Seeks factorsincluding “geopolitical summer,ofwhich at least 20% up a government-backed $29 biggest segments, which in- gies AG and the Netherlands’ and economic competition.” has been pledged to promote billion fund to boost itsdo- clude datacenters, smart- NXP SemiconductorsNV. Both An initial reviewwill focus on Europe’s“digital transition.” mestic chip industry, and this phones and laptops. makechips forthe compara- To Spur Its high-tech productsincluding Among the plan’sspecific week it announced plans to tively small automotiveand semiconductors, electric-vehi- goals is forEurope to produce speed up development in ad- industrial sectors. cle batteries, certain pharma- at least20% of the world’s vanced technologies,including It has proven hardtoupend Tech Sector ceutical ingredients and criti- next-generation semiconduc- chips,overfiveyears. In the the chip industry’sstatus quo, cal elements and minerals. tors by value in 2030,com- U.S.,Congressrecently passed 20% said Dan Wang,atechnology Europe’snew plan, which pared with 10% of the world legislation to givechip compa- analyst at Gavekal Dragonomics. ContinuedfrompageB1 builds on adigital agenda the chip market last year,accord- nies grantsand financial in- EU goal to makethis amountof “AsChina has shown, throwing ecutiveVice-President Mar- EU issued last year,seeks to ing to the European Commis- centives,which could be bil- global chips by value by 2030 money at chips does not guar- grethe Vestager. makeEuropean businesses and sion, the EU’s executive arm. lions of dollars per project. antee success,” he said. “For the The U.S. is also addressing public services moredigital, im- Theplan, which still re- Shifting market shareto last few decades,Europe has relianceonforeign technology, proveEuropeans’ digital skills quires final approval, will in- European concerns from seen itsnumber of semiconduc- particularly from China. Last and upgrade digital infrastruc- clude a monitoring system to American and Asian chip com- Europe’sbiggest semicon- torcompanies shrink,and it month President Biden issued ture. Funding will come from ensuremoney is being spent panies will be achallenge. Eu- ductor companies include the will requireamighty effort to an executiveorder launching a the €672.5billion (equivalent to effectively, Ms. Vestager said. rope lacks heavyweights such Netherlands’ ASML Holding wrest leadership from the U.S. reviewofproductsand sectors $796.6 billion) Recoveryand TheEUwill vie against as Intel Corp.orTaiwan Semi- NV,which builds machines and Asia, which arealso invest- where the country could face ResilienceFacility in the EU other chip initiatives around conductor Manufacturing Co. that makechips,aswell as ing heavily.”

Member Vo ices TheWall Street Journal CMO Network connectsleadersofthe world’smost inﬂuential brands to examine what —and who—isdriving trends and provide thefactstheyneed to chart thepathforward.

Who makes up your most important solutions we aren’t pursuing because Imagine you’re notinyour current communities, and howdoyou connect we believe that“It’s justnot howwe role and have asuperpowertodo with them? do things here”?(Ipush the team to anything —whatwould youdo? challenge whether those constraints The obvious answerisOracle’s arereal.) Two, is the problem actually That’seasy—offensivecoordinator 430,000-plus customers. But,since an organizational ownership problem? of the 49erssoIcould put my yearsof our employees arealso customers(as Ihave arule thatall functions thatare Madden play-calling experiencetouse. we heavily use our ownproducts), that both complexand importantrequire This would notend well, but it would adds another 140,000-person customer asingle owner whose full-time job is be fun! community—one thatisnot shyabout thatfunction. Often, agood deal of the Ariel Kelman telling us when we candobetter. dysfunction found in large companies When it’s time to getcreative, what comes from notfollowing this rule. do youdotoget inspired? EVP,Chief Marketing What’sinyour toolboxfor getting your team focused,supported Howdoyou balancerelying on data Nowmorethan ever,Ifind that Officer,Oracle and productive? versus instinctwhen developing a being outdoorshelps clear my marketing strategy? head fornew ideas. Setclear goals,makesureeveryone understands them and provide the Iliketosay thatthe data is justone Whatnew technology areyou entireteam with visibility into results. data point. Almostevery interesting most excited about? Imaintain an annual listofthe top50 marketing challenge I’ve encounteredin goals to capturethe mostimportant my career has involved keydatapoints Applying machine learning to projects and outcomes we want to being either unavailable (asweall marketing problems.Somuch achieve.Each goal has asingle owner have abacklog of analytics projects)or of marketing involves pattern to ensurestrong accountability, ultimately unknowable (e.g.,customer recognition, so it’s anatural fit and we publish results on aregular demand foranew product thatdoesn’t basis to the entireorganization. This fit into anyexisting categories). forML. mechanism ensures everyone is alignedonpriorities. Whatwas akey milestone that What’sthe biggestlearning shapedyour career path? experienceyou’ve had? Howdoyou switch focus when facedwith asimilar challenge In 1998,Iquit my job as asales engineer My failedstartup experience. Ico- again and again? at asoftwarecompanytocreatea foundedamarketing technology Membership is by invitation: startup to automate the work Iwas companyin1998 with twofriends, [email protected] Well, the definition of insanityis doing everyday manually —helping our raised$65 million, hired 140 people doing the same thing overand over salespeople communicateeffectively and then went through sevenrounds again and expecting differentresults. with customers. Ididn’t knowitat of layoffs overthe final four years. Read theextended version: Forrecurring problems,Iask two the time,but thatendedupbeing the As theysay,the bestlessons in life CMONetwork.wsj.com/ questions:One,are thereany potential beginning of my career in marketing. don’t come from your successes. membervoicesoracle The Wall Street Journal news organization was notinvolved in the creation of this content.

THE WALL STREET JOURNAL. **** We dnesday, March 10, 2021 | B5 BUSINESS NEWS Ahold Aims to Boost E-Commerce Growth NV

Grocer’s online sales Still, this represents The company intends to allo- roughly only 4.3% of the com- cate about €2.2 billion on cap- DELHAIZE rose 100% in the U.S. pany’sU.S.sales,which to- ital expenditures in 2021. last year but is still a taled €45.47 billion last year, Ms.Knight is pulling arange AHOLD tiny piece of the pie up 15.6%compared with the of leverstoboost Ahold’se- GES; prior-year period. Chief Finan- commerce sales.The company IMA cial Officer Natalie Knight is is expanding itsclick-and-col- ETTY

BY N INA TRENTMANN working to increase online lect businesstocover 1,400 lo- /G sales further, she said. cations in the U.S. by the end Thefinancechief of the “Wedoubled our invest- of the year,upfrom1,116 at the owner of Peapod,Stop&Shop mentsinomnichannel in 2020, end of 2020.Itrecently BENNETT and Food Lion plans to keep and we will do that again in launched asubscription service UCE BR

investing in new distribution 2021,” Ms.Knight said, declin- at itsGiant Companybusiness, P: channels and technologyso ing to provide adollar amount on topofother existing sub- TO OM

that online shopping will be- forthese investments. Overall, scriptionservices. FR come alargerpart of the gro- Ahold spent €2.6billion on Ahold also wantstolearn The company continues to experiment with different fulfillment solutions for online orders. cer’s overall revenue. capital expenditures in 2020, from FreshDirect, in which it For Ahold Delhaize NV— slightly higher than the€2.5 became the majority stake- declined to provide an esti- Ahold is testing will have ro- than we used to be,asithas to the Zaandam, Netherlands- billion it originally forecast. holder afterits deal to acquire mate of how much these syn- botspick and choose products fitthe omnichannel vision,” basedowner of the U.S. gro- an 80% shareinthe online gro- ergies could be worth. The in amicro-fulfillment center Ms.Knight said. Ahold paid cery chains—the pandemic cerclosed in January. Private- companyhas stated that it ex- in Philadelphia. Thenew trial €269 million forthe stakein served as awake-up call to ac- equity firm CenterbridgePart- pectsannual synergies of €100 comes afterAhold in 2019 FreshDirect, she said. celerate its e-commerce busi- nersLPholds the remaining million by 2023 from itsown- launched another automated Ahold is right to keep test- ness, including click-and-col- 20%. “FreshDirect is faster ership of a larger segment of fulfillment facility in Hart- ing different solutions to lect services that allow with local supplies,” Ms.Knight the U.S. distribution network. ford,Conn. boost online sales,analysts customerstopick up online said. “They arefurther ad- Ahold also continues to ex- Mergers and acquisitions said. “The whole industryisin purchases from astore,and vanced in their thinking about periment with different ful- could be part of the strategyto flux howtobest servethe home delivery.Inthe U.S., customer retention rates.” fillment solutions foronline grow the e-commerce business, channel shift,” said James Gr- Ahold’sbiggest market, online There could also be syner- orders, following the example Ms.Knight said, adding that zinic,ananalyst at investment sales grew to €1.97 billion, gies in areassuch as procure- set by Walmart Inc.and other Ahold is particularly interested management firm Jefferies In- equivalent to $2.37 billion, in ment and information technol- retailers. Instead of having an in assetsthat would enhance ternational Ltd. “The best 2020,upmorethan 100% com- CFONatalie Knightsaysmergers ogy between FreshDirect and employeeshop forthe cus- itsability to servecustomersin thing forAhold is to trydiffer- pared with the previous year. could be part of the strategy. Ahold, Ms.Knight said. She tomer in astore,one solution multiple ways. “Weare pickier ent things,” he said.

capable of increasing produc- Startup, tion up to 365,000 vehicles a year,the companyhas said. In apresentation to investors, Saudis Lucid said by 2030 it plans to produceupwardof500,000

JOURNAL vehicles annually. Some people familiar with REET Have Pact

ST the Saudi factorypromise said LL such an investment could cost WA ContinuedfrompageB1 several hundred million dol-

THE in bridgefinancing to provide lars or more. R

FO stability through the deal’s Saudi Arabia has very little conclusion, Lucid Chief Execu- of the manufacturing footprint tiveOfficer PeterRawlinson necessaryfor building cars, CARDONA

A told TheWall Street Journal meaning manyofthe cars’ last month. PIF will continue parts would likely need to be ANDR to be Lucid’smajority share- imported.That would poten-

ALEJ holder onceitliststhrough its tially double the manufactur- SPAC deal, the companyhas ing costsatthe plant, these MARIA disclosed. people said. Lucid, originally called Lucid executives have been Atieva, was founded as a bat- pushing formoreSaudi incen- JOURNAL; tery-technologycompanyin tives to help coverthe costs

REET 2007 before pivoting to mak- and makeupfor the inefficien- ST

LL ing itsown cars.In2013,itre- cies that building the plant

WA cruited Mr.Rawlinson, for- would create, these people

THE merly of Tesla Inc., where he said.

R waschief engineer on the Senior PIF executives are FO

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RIO duced Model Sluxurysedan. through on their 2018 commit- Lucid hasn’t sold anycarsbut ment, these people said.

DESIREE ranks among the most-mature Saudi officials have been : electric-vehicle startups in a trying fornearly adecade to LEFT race to one day compete with entice an auto maker to build OM

FR Tesla, according to analysts. an assembly plant in Saudi David Miller (left) and David Nussbaum invented SPACs in 1993 to give private firms another way to access everyday investors. Thecompanyplans to begin Arabia. selling itsfirst model, aluxury Jaguar Land Rover, owned Still, SPACsstruggled to eclipsing itstotal from last tion Systems Acquisition Corp. sedan called the Air,this year. by India’s Tata Group,signed Pioneers competewith traditional initial year and keeping the company Thecompanyraised $12 million Lucid recently finished the aletterofintent with the gov- public offeringsand other among the 15 most active and eventually combined with a firstphase of a$700million ernment in 2012 to evaluate methods forraising money un- banks in the area.Whenever software firm. That company plantinCasa Grande,Ariz., thefeasibility of aSaudi as- Reap the til splashynames likesports- EarlyBirddoes aSPACtransac- waslater acquired by HP Inc. which the companysays is ca- sembly plant. Theplant was betting firm DraftKingsInc. tion, everyemployeegetsabo- Messrs. Nussbaum and pable of making 34,000 cars never built. started using them to go public nus,Mr. Nussbaum said. Miller initially had atrademark annually. —Mike Colias contributed to Rewards in recent yearsand morestart- Critics of the blank-check on the name “SPAC,” prompt- With expansion, the site is this article. ups began using them to make boom warn that the high vol- ing otherstocreatesimilar ve- projections to investors—some- ume of deals done by smaller hicles with different acronyms ContinuedfrompageB1 thing that isn’t allowedina banks is asignal that the SPAC like “SPARC” and “TAC.” The to take it public.They have be- traditional IPO. surge has gone toofar because founderseventually let others come apopular way forstart- “It’sbecome biggerthan those deals oftenfeatureless use “SPAC” and morewerecre- Formoreinformation: ups to access individual inves- anyone expected,” said Mr. heralded investorsand compa- ated,but the dot-com boom of In Memoriam wsj.com/inmemoriam tors and acash cow forthe Miller,a66-year-old from nies. the late1990s made traditional wealthyindividuals who create Queens,N.Y., who is managing Thefirms that have recently IPOs morepopular and blank- "* 3.)-( !-()%'.0 'X\C )&3P_[B6 cB ;3&CJ&PBC ZJ["B3 XZB them.SPACfoundersnow in- partneratlaw firm Graubard become worth billions of dol- check firms fell out of favor. _Z :_2 OJf\B&3 KXFB3 Gf:XX\ f\&226 IX;B3 cludeeveryone from hedge- Miller andstill has stacks of lars in SPAC deals involving At the time,Mr. Miller won- !-1(%2($ ,+/ &#&, 2B3HBC P:B /Z_PBC GP&PB2 X? -[B3_f&XZ "X&3C P:B /GGc&CCX 8GGO`U+<7 &2 &Z fund manager William Ackman regulatorydocumentsfromthe Messrs. Nussbaum and Miller dered if SPACswerea“one- X9B3&P_XZ2X?>fB3 &ZC :B\C P:B 3&Z] X? to former baseball playerAlex firstblank-check companies be- include agricultural-technology trick pony” that might go away R_BJPBZ&ZP6 -?PB3 :_2 /G Z&H&\2B3H_fBb Rodriguez. cause they were created before companyAppHarvest Inc.and completely. IX;B3 B&3ZBC&ZQ*- &P P:B /Z_HB32_P. X? ':_f&;X _Z !_Z&ZfB6 SPACshaveraised nearly Securities and ExchangeCom- electric-car battery maker Mi- He andMr. Nussbaum con- cB [BP &ZC [&33_BC P:B B3JC_PB [&P:` $75billion this year and ac- mission filingsweredigitized. crovast Inc.Both men saytheir tinued working on traditional B[&P_f_&Z &ZC fX\\B;B 93B2_CBZPb K&[B\& count formorethan 70%ofall Even though shares of many experienceishelping them reel IPOs andother deals.In2000, -ZCB32XZ !B3;J2XZb K:C6 E:B_3 JZ_XZ F&2 &:&99. XZB &ZC "X3BPFX f:_\C3BZ6 initial public offerings, up from SPACsand companies that have in moremergers. Mr.Nussbaum co-founded Ear- IX;B3FBZP XZ PX "BfX[B P:BG36 ,K X? 20% two yearsago and anegli- mergedwith them have strug- lyBirdCapital. #Z;_ZBB3_Z; &ZC Q&_ZPBZ&ZfB ?X3 #&2PB3Z gible totalfor much of the past gled lately, Following the internet bust, -_3\_ZB2 _Z Q_&[_b!R6 IX;B3 F&2fXZ>CBZP 20 years, according to Dealogic. DraftKingsand other popular Mr.Spector approached BZXJ;: PX ?X\\XF :_2 F_?B42f&3BB3 &2 2:B Blankcheck firms "Bf&[B P:B >32P ?B[&\B K3B2_CBZP X? e3_Z` Theproducts’ sudden ubiq- stocks like electric-car battery Messrs. Nussbaum and Miller ZB\\ 'X\\B;B _Z e3_ZZB\\b aXF&6IX;B3 F&2 uity has been jarring for companyQuantumScape Corp. raised nearly $75 about doing the firstSPACof P:B !XJZCB3 &ZC '#MX?-ffB22-_3\_ZB2 _Z Messrs.Nussbaum and Miller. arestill up about 55% or more the newmillennium. aXF&6 c_2 >32P F_?B C_BC _Z L++<6 billion this year,70% aZ 3BP_3B[BZPb IX;B3 fXZ2J\PBC ?X3 H&3_` Many on Wall Street were in thepast six months.Anin- Blank-check companies XJ2 CB?BZ2B fX[9&Z_B26 cB P3&HB\\BC PX Y= suspicious of SPACsbecause dexofcompanies that recently of initial offerings. briefly took hold in the fXJZP3_B2 _Zf\JC_Z; :_2 ?&HX3_PB -ZP&3fP_f& their predecessorswerecalled went public is up morethan mid-2000s as largerstock ex- $GXJP: eBX3;_& PF_fB6 c_2 9&22_XZ _Z 3BP_3B[BZP F&2 “blind pools” and tied to 30% in that span. changes began listing SPACs ,a#I- b!R-6 `%6IX;B3 !B3;J2XZb 0Yb C_BC ?XJZC_Z; P:B !X2PB3 -JZP $/Zf\B K3X^BfP penny-stock fraud in the 1980s. GraubardMiller has a10- and big-name investorslike !B"3J&3. W

B6 | We dnesday, March 10, 2021 THE WALL STREET JOURNAL. THE PROPERTY REPORT U.K. Pub Industry Draws U.S. Investors

Oaktree Capital is business was worth more. Afterpubs areallowedto latest American firm reopen in the summer,pent-up to invest in sector, demand from Britslong denied a pint or a pub meal will undeterred by crisis propel the sector back to profitability,anew report by the BY RUTH BLOOMFIELD U.K. investment bank Numis said. In Australia, the report Thepandemic hasn’t stopped noted, pubs reopened around Britsfromdrinking.But it has six months ago and visits had been abad year forthe U.K.’s reached pre-pandemic levels 47,200-strong pub sector,which by October. was batteredbythree lock- Mr.Owens agrees that 2021 downs,long-term bans on eat- is looking positivefor pubs. ingand drinking indoors, and “Wehavegot morebuyers restricted operating hours. than we have gotsellers,” he Yeteventhough lockdown said. “It seems rather counter- restrictions areexpected to re- intuitive, but because of the main until at least June 21, vaccine rollout thereislight at thereare recent signs that this the end of the tunnel. classic British institution is on Before Covid-19, he added, the path to recovery. pub closures had started to International investors ha- S level off and beer sales were

ven’t been deterred. Oaktree NEW up.“We arehaving alot of G CapitalManagement,aLos conversations with alot of Angeles real-estateowner,re- private-equity firms in the U.S. OOMBER

cently said it would invest BL and the U.K.,” Mr.Owens said.

£200 million, equivalent to S/ American interest in the $280 million, in the newly AM pub market predates the pan- AD formed RedCat Pub Co. demic.In2017, TSGConsumer

RedCat is led by Rooney HOLLIE Partners,aSan Franciscopri- Anand,former chief executive Before the Covid-19 pandemic, the pub business was hurt by a 2007 ban on smoking and higher alcohol prices. vate-equity firm, acquired a of the U.K.’s largest pub firm 23% interest in BrewDog, the by number of pubs, Greene just over 60,000 pubs in Brit- firstcentury, when the Ro- real-estatebrokerChristie & Some American investors craft-beer brewerand pub King,who said he plans to ac- ain. That count fell by more mans invaded Britain and set Co. can’t get past the door. Plati- chain based in Scotland, in a quirevenues in the affluent than 20%, afterthe 2007 ban up stalls selling food and wine. Instead, he said,the U.K. num Equity,another L.A.- deal worth £213 million. south and east of England. on smoking, higher alcohol “The expectation would be government has subsidized based investment firm, last Thecompanynow has more Sincepubs survived “the Blitz, prices and the rise in home en- that therewould be alot of payments to furloughed pub month tried to take over Mar- than 100 venues in 15 coun- the Great Plague and the credit tertainment hurt the business. distress in the market, but in workersand cut taxes. This ston’s PLC,amajor brewer tries. Founder James Watt crunch,” he said, they should But the Oaktree deal sug- reality it has been quitethe support has enabled most pub and operator of around 1,400 said last month that it has an- withstandthe pandemic. gests there are still investors reverse,” said Stephen Owens, landlords to survive. “There pubs.But the companyre- other 42 sites in the pipeline, Still, their numbersare whobelieveinafuturefor a managing director,pubs and has not been afire-sale situa- jected PlatinumEquity’s £666 includingacrossthe Atlantic dwindling.In2000,therewere social ritual that began in the restaurants, at thecommercial tion,” Mr. Owens added. million offer,saying that the in Atlanta and Cleveland. Office AppMakersCash In On Pandemic-SafetyNeeds

BY PETER GRANT tate software and datafirm field OfficeProperties, Ox- VTS is acquiring Rise Build- ford Properties and Tishman Investorsare pouring ings,aChicagostartup that Studio have signed up with money intophone apps that developed a mobile app used Lane this year,Mr. Gyekye said. enable companies to monitor in over 130 million squarefeet Some officeworkersare employees’ movementsand en- of officespace. VTS, which bound to be uneasy with addi- surethey arecomplying with provides online tools forman- tional corporatescrutinyof social distancing and other aging leases to landlords,is their movementsthrough these Covid 19-related protocols. paying about $100 million, ac- apps,and some employeead-

Employers cantell from a cording to people familiar vocateshaveraised this issue. JOURNAL glanceatthe screen whether a with the matter. RiseChief ExecutivePrasan REET

conferenceroom has exceeded “In the return to work, ev- Kale said privacy is a priority ST

the number of employees who eryowner has to makesure andthat the firm collectsand LL

cansafely meet, or whether their tenantsknowwhat’sgo- aggregates data in a way that WA

toomanypeople areonone ing on,” said Nick Romito, VTS individuals areanonymous,he THE R

floor.Workerscan use the apps chief executive. said. Employees canalso opt FO to take precautions likecheck- Other mobile officeapp out. “You cannever download A ing howmanycolleagues are firms,which arepart of the the app if you don’t want to,” UR AM using the gym, or howrecently expanding proptech business, Mr. Kale said. NAK

the cafeteria wassanitized. are experiencing growing de- Risesays most workersopt GO While apps with similar mand from landlordsand in- in because they recognizethe VTS CEO Nick Romito said ‘every owner has to make sure their tenants know what’s going on.’ featureshavebeen available terest from investors. health benefits, such as en- foryearsfor officesecurity or Lane,which launched in abling workerstoalert build- erties, Mr. Kale said. one half ago,” Mr.Romitosaid. their tenantsare using their conveniencepurposes,land- 2014, closed itsfirst venture ing staff about arriving visi- Before the pandemic,mo- When Covid-19 hit, VTSstood buildings. This will help them lords and big corporateten- capital funding round in May, tors.Iftoo manyare arriving bile officeapp firms marketed back to see if the category was identifywhich ones areex- antsare giving these tools a raising $10 million. TheTo- at anygiven time,passes their productstolandlords as “going to die really quickly” or panding or might be in danger fresh look during the pan- rontofirm is used in more won’t be granted. Or if work- an amenity fortenantsand whether the pandemic would of leaving, landlords say. demic. This is especially true than 300buildingsineight erssee unsafeconditions,apps their employees.They were “shine amassivelight” on “In apost-Covid or living- as the rollout of vaccines in countries.Itexpectstoan- provide aquick way forthem used forarangeofservices, landlords’ need for tools that with-Covid world, they’re go- the U.S. raises the prospect nounceanother round in the to alert building management. from booking conference communicatedirectly with all ing to have to up their game,” that millions of workers could next few months,according to Launched in 2018,Rise rooms to ordering coffee or their tenants and employees. said Charles Garbarino, chief return to their officethis year. co-founder and Chief Product added 150 buildings to its cli- finding lunch companions. Landlords saythey arehop- executiveofHqO,anoffice In one of the biggest invest- Officer Kofi Gyekye. ent roster during the pan- “We began researching the ing office apps will give them app firm that raised a$34 mil- mentsinthis sector,real-es- Big landlords like Brook- demic for a total of 350 prop- category about one year and critical dataonhow much lion funding round in 2019.

ADVERTISEMENT BusinessReal Estate&Auctions Travel-SearchFirm Kayak To advertise: email [email protected] or WSJ.com/classiﬁeds Allies With Small Hotels MICHIGAN INVESTMENT PROPERTIES

BY CRAIG KARMIN “Millions of consumers al- and Expedia Group Inc., by in- >57;!7% #%- ),,$,*%' ($!$#& ready have the Kayakapp on centivizing guests to book di- 9!'"!#*7 *+'-!57/ The travel search company theirphones,” he said. “We rectly through their apps or *$<<$L) ;L<2 ,63$P IB&II <;!=";>, "6%.= Kayak is launching a new fea- see abig opportunity to apply websites and offering lowest- A&? '!!)@#B!( turethat will enable guestsat our audienceand technology price guarantees. independent hotels to use the to the accommodation space.” Kayak, in offering hotels a ,)#=#B-NNR C+%=< Kayakapp to check in, lock Kayakisscouting other phone app that allows guests PA>D* their rooms and order food or properties,fromLos Angeles to interact with the property 53%1*-!7# :$519%1 /%7!51 ;!)!7# fresh towels. to Berlin, forfuturehotel electronically,isproviding a Thecompanywill debut sites,Mr. Hafner added. The servicethat has been in $*'!;!-!%/ 8*&*3-!)% 1%+/% 8 9!'"!#*7 "%$&!#!&$### this newsystemnextmonth at company, which is part of on- greater demand among those the Kayak Miami Beach hotel, line travel giant Booking traveling during the pandemic. 1'PA3;> +B&@;< JH3L";D 2;L$73 9A?$P$JD +-#%" "%*$"$#& the newly branded property Holdings Inc., is also explor- But it is also well behind F$J( 3;?;LJ 3;L7GAJ$7L2 & +B&HL$J 9A?$P$JD 7L I5/4 ,' N$L25 937N ='.66/>7<@9 $>.G/>3H $.>3+.9<.C closed forabout ayear.The have offered this amenity for !&/- F$J( )3;AJ (FD5;E672H3;0 C7L;< O9?5 MG?5 %$2J5 (9..6;:I>B5 $*C1-E %77IG@47HC 1934 art-deco style hotel will years. Hilton, which started of- 1KD7N$L)> :+&HL$J 9A?$P$JD 7L .4 ,'0 2JH<$7 A6J5 ?7L8)5 ,DFA !4<3;80)FA :/2;C be managedbythe boutique Guests canuse the fering amobile phone room- hotel operator LifeHouse, key option in 2015,said that P;L<2 $J2;P9 J7 3;LJAP2= 2JH<;LJ (7H2$L)= NHPJ$&9AN$PD ! "&#) "(!) %%%% which is joining with Kayakon Kayakapp to request guestshaveopened hotel $51 &%-*!;/6 )!/!- 5+1 =%(/!-% this venture. doorsmorethan 111 million /!/".!,".$-$ housekeeping or *7& /%*1'" $<.0,42,, Hotel guestscan also use times with this digital service. 7*63#13 $))0( $2&.)1*) 4/!- "'%0*+)8*05, %&+(#'("*') theKayak app to pick atype other hotel services. Kayakwas founded in 2004 NOTABLE of room or to request house- by Mr.Hafner and apartner as COMMERCIAL keeping or a late checkout. aso-called metasearch site MARYLAND PROPERTIES Giant hotel operators such that enables userstocompare as Hilton Worldwide Hold- offershort-term rental accom- prices for hotels, airlines and EVERYWEDNESDAY ings Inc. and Marriott Inter- modations. other travel services from a '$!/17 #+7,124 #.85&*87)(# +(77$'45($& 7.'* national Inc. already offer Kayak’sforay intothe hotel- variety of online travel agen- apps that allowtheir gueststo operations businessisthe lat- cies.Beforethe pandemic, *(9F('9$ 7688$M&:(9 0M64$MI/ LISTYOUR :7 2&$(7 7:I/$-6 PROPERTY TODAY do thingslikeopen their room est sign of howcompanies Kayakprocessed around six 5Q )6M&$LI$M .IM$$I$2&$(77:I/$-6G5"QG doorsororder aroom-service connected to the hospitality billion travel requests a year, -(M1 GJ$ G.G5 ;55%.. #- (/9:13!0-/2 cheeseburgeratproperties industryare invading each Mr. Hafner said. 43&$'/3#1!3'(%"2'*.)"*!+)5! across the U.S. and abroad. other’s turf. Airbnb Inc.lists Rami Zeidan,CEO of Life 3,/ )"*!/3# *2 430-( (800)366-3975 But independent hotel own- hotels on its site, and in 2019 House, founded the company 3. "$#1'(& 2'1)+$)* !. 0.% )+&&%-+& .,,.'%$0+%#/ [email protected] ersdon’t have the financial re- acquired the hotel-booking in 2017. His firm operates L/649/GC $. D$G($7 G(9 *&5 *6?/;D?KM =6II9/=$?K 5@67$7) ?7; ,IF.9I97G !E9/K?C %$.G/$=G.2 L/$I9 K6=?G$67 "F.G 688 G(9 Placeanadat: sourcestoinvest in systems app HotelTonight. Marriott more than 20 properties, and *6?/;D?KM $7 ;6D7G6D7 !=9?7 '$GC2!'*F. .G64 ?G G($. .$G92 ,=/6.. 8/6I IF7$=$4?K 4?/M$7) K6G2 wsj.com/classifieds '%))"($&!()'# ,:+B$;;9/. ?G that offer these features. The has entered the shorter-term it created proprietarysoftware G(9 G$I9 68 .?K92 JF==9..8FK >$;;9/ G6 $7=/9?.9 G(9 ;946.$G G6 5B3 68 G(9 4F/=(?.9 4/$=9 D$G($7 679 Kayak app would elevate this rental business. The big lodg- that helps ownersrun their >F.$79..;?C 68 G(9 .?K9 ;?G92 H(9 4/649/GC D$KK >9 .6K; ,.&#.< A(9/9&#.2 */6M9/ L?/G$=$4?G$67 6889/9;2 servicetothe same level as ing brands have been trying to hotelback-officeoperations 56M 4M64$MI/ :7S6 (7" I$M8LE:L:I ©2021Dow Jones &Company,Inc. 0001(I9(7I:&(F&I:67L1&68 6M &67I(&I !:99 3F"L67 (I3Q5.2 ".HOQ5KK1 All Rights Reserved. the biggest brands,said Kayak wean customersoff online and determine room pricing to Chief Executive Steve Hafner. travel agents, such as Booking help maximize revenue. P2JW069000-0-B00700-10FF7F3178D

THE WALL STREET JOURNAL. We dnesday, March 10, 2021 | B7 BUSINESS & FINANCE

Capitalﬂows into Sustainability-marketed EU to SetRulesonDo-Good Funds sustainability-marketed funds launched, quarterly funds,quarterly Europe U.S. Rest of world

BY ANNA HIRTENSTEIN managing partner of Nomura cerns that claims maybeexag- nersoffinancethat aren’t sus- $150 billion 200 Greentech, asustainable-infra- gerated, apracticeknown as tainability-focused at first TheEuropean Union is structure-focused investment greenwashing. glance. When Saudi Arabia held bringing rules intoeffect on bank that is part of Japanese fi- This “isafirst step in really an investor call ahead of a 150 100 Wednesdaythat seek to regu- nancial services conglomerate trying to gettoaplacewhere euro-denominated government- latethe fast-growing sustain- NomuraGroup.“Investorsthink companies arereporting data bond sale last month, it 100 able-financeindustryfor the they’reinvesting behind aman- on aconsistent basis,” Mr.Mc- touched on topics such as the firsttime. ager doing ESG, but when you Dermottsaid. “This is going to, rising number of women in its 50 Managers of funds that in- peel back the onion, it’sadiffer- Ithink,makeitmuch moredif- workforce and itscleaner gas- 50 vest in line with environmental, ent story.” ficult to greenwash.” firedpowerstations,abanker social or governanceconsider- Therules,known as the Sus- Sustainable investing has at- involved in thedeal said. The ations, known as ESG, will have tainable FinanceDisclosure tracted hugevolumes of capital kingdom wasable to raise 0 0 to put forwardatangible,mea- Regulation,orSFDR,addressa as the financial services industry money at anegativeinterest 2018 ’19 ’20 2018 ’19 ’20 surable plan forhow they will long-running concern forthe in- has come under greater scrutiny rate forthe firsttime,although Source:Morningstar do so.This will apply to all as- dustry: ESG’slack of supervi- forits role in pollution and cli- it didn’t label the bonds as set managersthat raise money sion. Thereisnoharddefinition matechange. Investorsdirected green. Some money managers put forwardanew kind of dis- have to put out astatement in the EU,whether they are of what constitutes asustain- $152 billion intoinvestments have included Saudi debt in closuretoinvestors: howenvi- about the impact of their port- based within itsbordersornot. able investment and no watch- marketed as ESGinthe fourth ESGfunds. ronmental, social or gover- folios on the wider world such “Todaythere’squiteabit of dog to enforce it. Fund manag- quarter of 2020,an88% rise Therules dictatethat all fi- nanceissues such as climate as the carbon emissions of variability,too much variability” ersand ESGratingsfirms have from the previous one,accord- nancial firms that have inves- changeorpoor corporateethics companies they contain. in howESG investmentsare de- been free to set their owndefi- ing to datafromMorningstar. tors in the EU,including U.S. could affect the value of their Privatemarket funds are fined, said Jeff McDermott, nitions,which has sparked con- ESGiscropping up in cor- money managers, will have to investments. They will also also included.

Biggest 1,000 Stocks | WSJ.com/stocks Net Net Net Net Net Net Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg s BancodeChile BCH 23.59 0.25 CNA Fin CNA 45.09 -0.48 Clarivate CLVT 22.76 1.24 DiscoverFinSvcs DFS 97.53 -0.39 EuronetWorldwide EEFT 157.52 -3.33 s Gap GPS 28.99 0.11 HuntingtonBcshs HBAN 16.06 -0.55 How to Read the Stock Tables Footnotes: BancSanBrasil BSBR 6.73 0.01 CNH Indl CNHI 15.55 -0.16 Clorox CLX 185.64 -2.12 DiscoveryB DISCB 69.99 1.22 EverestRe RE 247.15 -3.89 Garmin GRMN 125.23 2.71 HyattHotels H 85.82 -1.64 The following explanations apply to NYSE, s-New 52-week high. s BcoSantChile BSAC 24.80 0.37 CRH CRH 47.53 0.55 CloudflareNET 69.43 7.66 DiscoveryA DISCA 63.01 -4.24 Evergy EVRG 56.54 0.27 Gartner IT 183.61 -2.99 IAC/InterActive IAC 237.10 15.17 NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. BancoSantander SAN 3.55 -0.09 CRISPR Therap CRSP 125.63 12.01 Coca-Cola KO 50.86 -0.78 DiscoveryC DISCK 52.97 -2.03 EversourceEner ES 81.66 1.04 Generac GNRC 309.14 14.33 ICICI Bank IBN 17.34 0.56 Market listed securities. Prices are composite dd-Indicates loss in the most recent BanColombia CIB 33.49 0.48 CSX CSX 92.74 0.21 Coca-Cola Euro CCEP 53.86 0.78 Disney DIS 194.51 -7.40 ExactSciences EXAS 123.96 7.39 GeneralDynamics GD 168.74 -3.95 IdexxLab IDXX 493.57 10.97 quotations that include primary market trades four quarters. BankofAmerica BAC 36.32 -0.81 C3.ai AI 84.91 1.30 Cognex CGNX 78.37 3.18 DocuSign DOCU 213.22 20.38 Exelon EXC 41.53 0.84 s GeneralElec GE 14.00 -0.17 IHS Markit INFO 93.26 0.09 as well as trades reported by Nasdaq BX FD-First day of trading. BankofMontreal BMO 85.68 -0.25 CVS Health CVS 71.23 -0.50 CognizantTech CTSH 74.39 1.70 DolbyLab DLB 99.07 0.37 Expedia EXPE 165.77 -2.13 GeneralMills GIS 57.40 -0.36 ING Groep ING 12.25 -0.21 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing BankNY Mellon BK 44.94 -0.69 CableOne CABO 1819.52 -9.45 ColgatePalm CL 74.94 -1.51 DollarGeneral DG 186.70 4.72 s ExpeditorsIntl EXPD 97.46 1.06 GeneralMotors GM 54.65 -0.33 Invesco IVZ 24.48 0.41 Cboe, NYSE National and Nasdaq ISE. standards s BkNovaScotia BNS 61.72 -0.02 CadenceDesign CDNS s Comcast A CMCSA 55.57 0.09 DollarTree DLTR 107.59 -0.48 ExtraSpaceSt EXR 127.73 1.12 Genmab GMAB 31.84 0.60 IPG Photonics IPGP 209.54 12.03 The list comprises the 1,000 largest lf-Late filing 127.30 7.62 Barclays BCS 9.69 -0.06 CAE CAE 28.18 -2.40 Comerica CMA 69.53 -2.64 DominionEner D 72.94 0.94 ExxonMobil XOM 59.93 -0.94 Genpact G 41.77 0.43 IQVIA IQV 189.39 1.59 companies based on market capitalization. q-Temporary exemption from Nasdaq BarrickGold GOLD 19.99 0.49 CommerceBcshrs CBSH Domino's DPZ 354.08 20.57 F5Networks FFIV 192.94 4.70 Gentex GNTX 35.65 0.03 requirements. CaesarsEnt CZR 93.78 -1.29 78.00 -0.92 IcahnEnterprises IEP 60.35 0.20 Underlined quotations are those stocks with s BauschHealth BHC 33.93 0.85 CiaSiderurgica SID 6.00 -0.24 t DoorDash DASH 141.48 8.07 FMC FMC 104.82 1.76 GenuineParts GPC 113.49 -3.38 t-NYSE bankruptcy CamdenProperty CPT 102.49 -0.61 Icon ICLR 181.08 0.86 large changes in volume compared with the BaxterIntl BAX 77.27 -1.01 Dover DOV 130.92 -0.86 Facebook FB 265.74 10.43 GileadSciences GILD 64.33 -0.42 v-Trading halted on primary market. CampbellSoup CPB 46.93 -0.32 ConagraBrands CAG 36.04 -0.49 IDEX IEX 197.64 -1.10 issue’s average trading volume. GSK GSK 35.10 0.13 vj-In bankruptcy or receivership or BectonDicknsn BDX 242.85 -2.42 s CIBC CM 97.70 0.52 ConocoPhillips COP 57.90 -0.88 Dow DOW 62.26 -1.18 FactSet FDS 312.49 -3.41 IllinoisToolWks ITW 210.85 -2.55 Boldfaced quotations highlight those issues being reorganized under the BeiGene BGNE 313.90 19.20 CanNtlRlwy CNI 112.92 0.06 ConEd ED 69.69 0.19 DrReddy'sLab RDY 60.80 0.05 FairIsaac FICO 457.17 27.31 GlobalPayments GPN 205.17 1.84 Illumina ILMN 400.86 17.24 whose price changed by 5% or more if their Bankruptcy Code, or securities BentleySystems BSY 43.37 0.45 CanNaturalRes CNQ 30.54 0.08 ConstBrands A STZ 227.10 6.47 DraftKings DKNG 62.20 1.70 Farfetch FTCH 56.24 2.74 GlobeLife GL 99.05 -0.42 s ImperialOil IMO 24.54 0.38 previous closing price was $2 or higher. assumed by such companies. Berkley WRB 74.14 -0.42 CanPacRlwy CP 369.75 6.69 ContextLogic WISH 16.99 1.05 Dropbox DBX 24.74 0.98 Fastenal FAST 45.69 1.03 GoDaddy GDDY 74.43 2.22 Incyte INCY 79.11 1.27 s BerkHathwy A BRK.A3914602900.00 Canon CAJ 22.02 0.30 ContinentalRscs CLR 29.71 -1.08 DukeEnergy DUK 90.95 0.73 FederalRealty FRT 106.15 -3.05 GoldFields GFI 9.63 0.13 Infosys INFY 18.60 0.62 s BerkHathwy B BRK.B 259.02 1.41 CanopyGrowth CGC 33.00 2.14 Cooper COO 382.38 -3.10 DukeRealty DRE 39.04 0.15 FedEx FDX 257.92 6.58 GoldmanSachs GS 330.59 -3.60 IngersollRand IR 48.09 -2.46 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and BerryGlobal BERY 59.35 -0.07 CapitalOne COF Copart CPRT 106.31 2.32 Dun&Bradstreet DNB 22.37 0.41 Ferguson FERG122.35 2.86 GoodRx GDRX 42.36 2.35 Inphi IPHI 154.40 8.60 changes in the closing prices from 4 p.m. the previous day. 126.30 -2.39 BestBuy BBY 105.82 -0.75 s Capri CPRI 53.57 1.18 Corning GLW 38.42 0.81 DuPont DD 75.64 0.44 Ferrari RACE 193.03 4.51 Graco GGG 66.24 0.16 Insulet PODD 247.56 11.61 BeyondMeat BYND 139.58 4.28 CardinalHealth CAH 54.31 -0.39 Corteva CTVA 44.71 -0.19 DynatraceDT 50.85 2.97 FidNatlFin FNF 39.70 1.32 Grainger GWW 388.45-10.03 Intel INTC 62.67 2.82 Tuesday, March 9, 2021 Net Net Bilibili BILI 107.40 8.81 Carlisle CSL 155.29 -0.59 CoStar CSGP 814.97 22.66 ENI E 24.06 -0.19 FidNatlInfo FIS 142.84 -1.68 Grifols GRFS 15.16 -0.07 s InteractiveBrkrs IBKR 78.88 3.02 Net Stock Sym Close Chg Stock Sym Close Chg Bill.comBILL 148.74 9.93 Carlyle CG 35.89 0.69 Costco COST 318.78 7.36 s EOG Rscs EOG 73.61 -0.98 FifthThirdBncp FITB 36.71 -1.03 GuardantHealth GH 136.28 8.45 ICE ICE 114.41 0.67 CoupaSoftware COUP EPAM Systems EPAM 351.45 12.33 FirstCitizBcshA FCNCA 799.63 -3.81 Guidewire GWRE100.86 3.06 Stock Sym Close Chg Allegion ALLE 114.44 -2.05 ApolloGlbMgmt APO 45.77 -1.69 Bio-Techne TECH 364.11 19.23 s CarMax KMX 128.67 -0.50 290.66 23.11 InterContinentl IHG 72.20 1.78 Credicorp BAP 152.34 -0.36 EastWestBncp EWBC 74.77 -2.02 FirstHorizon FHN 16.69 -0.45 s HCA Healthcare HCA 184.33 -4.88 IBM IBM 124.18 -0.63 AlliantEnergy LNT 49.88 0.17 Appian APPN 149.70 12.56 Bio-RadLab A BIO 561.94 7.83 Carnival CCL 27.58 0.89 CreditSuisse CS 13.98 0.18 EastmanChem EMN 114.33 -2.13 FirstRepBank FRC 169.77 -2.96 HDFC Bank HDB 83.26 2.07 IntlFlavors IFF 131.31 0.08 A B C Allstate ALL 111.59 -1.69 Apple AAPL 121.09 4.72 Biogen BIIB 266.49 -3.52 Carnival CUK 23.54 0.40 CarrierGlobal CARR 37.12 0.06 Cree CREE 101.37 7.25 Eaton ETN 136.25 -3.19 FirstEnergy FE 34.18 0.81 HP HPQ 30.10 0.13 IntlPaper IP 54.79 -0.91 AllyFinancial ALLY 44.29 0.44 ApplMaterials AMAT 114.22 8.54 BioMarinPharm BMRN 78.74 2.15 ABB ABB 30.44 0.44 eBay EBAY 56.17 2.68 s Fiserv FISV 122.50 1.00 HSBC HSBC 30.91 -0.51 Interpublic IPG 28.50 -0.04 AlnylamPharm ALNY 137.68 -0.94 Aptargroup ATR 137.69 -0.02 BioNTech BNTX 96.48 6.19 Carvana CVNA 260.42 19.23 CrowdStrike CRWD 199.10 19.35 AECOM ACM 59.40 0.79 Ecolab ECL 214.48 2.89 FiveBelow FIVE 182.72 -3.71 Halliburton HAL 23.47 -0.89 Intuit INTU 384.58 14.16 Alphabet C GOOG 2052.70 28.53 Aptiv APTV 143.50 -1.10 BlackKnight BKI 75.20 2.10 Catalent CTLT 103.30 1.79 CrownCastle CCI 151.04 4.27 AES AES 27.53 1.25 Ecopetrol EC 12.97 -0.06 Five9 FIVN 160.48 6.67 HartfordFinl HIG 54.41 -0.38 IntuitiveSurgical ISRG 702.80 17.90 Alphabet A GOOGL 2040.36 32.86 Aramark ARMK 41.81 -0.39 BlackRock BLK 722.00 23.04 Caterpillar CAT 216.80 -4.78 CrownHoldings CCK 97.69 1.40 Aflac AFL 50.20 -0.58 Blackstone BX 69.35 1.82 Celanese CE 145.36 -4.74 CubeSmart CUBE 37.04 -0.07 EdisonInt EIX 57.46 0.07 FleetCorTech FLT 281.90 -1.77 Hasbro HAS 95.82 -1.47 InvitatHomes INVH 28.88 0.39 AlticeUSA ATUS 33.60 1.11 ArcelorMittal MT 25.16 0.50 EdwardsLife EW 82.02 1.70 HealthpeakProp PEAK 30.23 -0.01 AGCO AGCO 130.92 -2.35 s Boeing BA 230.61 6.58 Cemex CX 7.01 0.08 Cummins CMI 266.67 -2.14 Flex FLEX 17.150.75 iQIYI IQ 27.09 1.33 Altria MO 47.68 0.78 ArchCapital ACGL 36.74 -0.48 ElancoAnimal ELAN AGNC Invt AGNC 16.35 0.03 BookingHldgs BKNG 2366.79 -1.95 CenovusEnergy CVE 7.99 -0.14 CureVac CVAC 84.80 5.01 32.58 0.35 Floor&Decor FND 89.88 -0.17 Heico HEI 125.32 1.88 IronMountain IRM 36.68 0.11 AlumofChina ACH 11.78 -0.21 ArcherDaniels ADM 57.99 0.23 Elastic ESTC114.44 3.24 Heico A HEI.A 116.64 1.32 Ansys ANSS 308.00 14.45 BoozAllen BAH 78.04 -0.21 Centene CNC 61.49 -0.23 CyrusOne CONE 66.33 1.33 FomentoEconMex FMX 73.29 0.21 ItauUnibanco ITUB 4.70 0.10 Amazon.com AMZN 3062.85110.90 s AresMgmt ARES 53.77 1.28 ElectronicArts EA 130.93 3.72 HenrySchein HSIC 65.18 0.39 APAAPA 21.60 -1.57 BorgWarner BWA 48.91 -0.80 CenterPointEner CNP 20.90 0.09 FordMotor F 12.57 -0.08 Ambev ABEV 2.64 0.08 arGEN-X ARGX 315.17 19.38 EmersonElec EMR 90.00 -2.13 Hershey HSY 150.56 -1.23 ASETech ASX 7.36 0.17 BostonBeer SAM 1106.83 31.86 CentraisElBras EBR 5.45 -0.04 D E F s Fortinet FTNT 175.77 9.56 J K L Amcor AMCR 11.75 -0.01 AristaNetworks ANET 276.03 8.20 s Enbridge ENB 35.62 -0.23 Hess HES 70.50 -3.28 ASML ASML 539.52 37.33 s BostonProps BXP 105.77 -2.03 CeridianHCM CDAY 85.37 4.42 Fortis FTS 40.96 0.40 Amdocs DOX 78.94 0.91 AspenTech AZPN 151.23 4.75 DISH Network DISH 34.43 -0.40 EncompassHealth EHC 81.21 ... s HewlettPackard HPE 14.86 0.17 JD.com JD 89.53 4.17 AT&T T 29.64 -0.35 BostonSci BSX 39.55 0.03 Cerner CERN 70.53 0.36 Fortive FTV 69.20 0.36 Amedisys AMED255.68 11.25 Assurant AIZ 134.92 1.12 DTE Energy DTE 124.63 -0.11 EnelAmericas ENIA 8.13 0.22 HighwoodsProp HIW 42.49 -0.86 Joyy YY 116.25 7.00 AbbottLabs ABT 116.70 1.07 BridgeBioPharma BBIO 64.90 5.42 CharlesRiverLabs CRL 278.44 7.47 FortBrandsHome FBHS 87.50 0.54 Amerco UHAL585.52-17.54 AstraZeneca AZN 49.27 1.08 Danaher DHR 216.34 3.96 EnergyTransfer ET 8.05 -0.05 Hilton HLT 124.12 -1.29 JPMorganChase JPM 151.83 -1.08 AbbVie ABBV 106.79 0.68 BrightHorizons BFAM 162.69 0.29 CharterComms CHTR 614.77 2.39 FoxB FOX 38.24 -1.55 Ameren AEE 74.72 1.08 Athene ATH 49.93 -1.87 Darden DRI 139.32 -3.71 EnphaseEnergy ENPH 148.70 16.64 Hologic HOLX 71.88 0.97 JackHenry JKHY 148.89 -2.11 Abiomed ABMD 296.80 10.88 BristolMyers BMY 60.57 0.12 CheckPoint CHKP 114.20 1.80 FoxA FOXA 40.32 -1.78 AmericaMovil AMX 13.03 0.14 Atlassian TEAM 233.05 9.63 s DarlingIngred DAR 78.52 3.42 Entegris ENTG 101.53 7.54 HomeDepot HD 264.96 5.93 s JacobsEngg J 121.65 3.40 Accenture ACN 254.37 4.98 BritishAmTob BTI 36.73 0.14 Chegg CHGG 85.94 4.33 Franco-Nevada FNV 111.67 2.75 AmericaMovil A AMOV 13.02 0.11 AtmosEnergy ATO 89.34 -2.30 Datadog DDOG 82.00 4.48 Entergy ETR 90.75 0.59 HondaMotor HMC 30.02 0.54 JamesHardie JHX 28.65 0.18 ActivisionBliz ATVI 92.50 3.29 Broadcom AVGO 443.60 22.35 CheniereEnergy LNG 71.35 -1.85 FranklinRscs BEN 26.06 -0.42 AmerAirlines AAL 21.60 0.13 Autodesk ADSK 263.97 10.87 DaVita DVA 107.63 0.02 EnterpriseProd EPD 23.02 -0.05 Honeywell HON 207.61 -0.09 JazzPharma JAZZ 160.84 -0.57 Adobe ADBE 439.18 17.98 BroadridgeFinl BR 141.98 0.16 CheniereEnerPtrs CQP 40.62 -0.11 FreeportMcM FCX 33.86 -0.57 AEP AEP 80.60 0.11 Autohome ATHM 93.74 -2.60 DeckersOutdoor DECK 322.63 5.66 Equifax EFX 174.90 1.76 HorizonTherap HZNP 88.35 1.58 s JefferiesFin JEF 31.68 0.01 s AdvanceAuto AAP 173.05 -3.45 BrookfieldMgt BAM 42.30 0.46 s Chevron CVX 109.50 -0.25 FreseniusMed FMS 35.29 0.59 AmerExpress AXP 145.10 -5.17 Autoliv ALV 95.54 -0.66 Deere DE 352.69 -1.01 Equinix EQIX 622.71 27.79 HormelFoods HRL 47.59 -0.31 J&J JNJ 157.70 0.30 AdvMicroDevices AMD 78.53 4.57 BrookfieldInfr BIP 52.27 0.61 Chewy CHWY 80.43 4.10 Futu FUTU 152.91 29.91 AmericanFin AFG 114.12 -0.90 s ADP ADP 183.06 2.64 s DellTechC DELL 86.49 1.38 Equinor EQNR 19.88 ... DR Horton DHI 79.74 -0.77 JohnsonControls JCI 59.22 -1.00 s Aegon AEG 5.04 0.01 BrookfieldPropREIT BPYU 17.64 -0.05 ChinaEastrnAir CEA 22.30 -0.20 AmHomes4Rent AMH 30.21 0.58 AutoZone AZO 1222.49-18.62 DeltaAir DAL 47.62 -0.26 Equitable EQH 31.16 -0.38 HostHotels HST 16.45 0.01 JonesLang JLL 175.56 -1.73 AffirmHldgs AFRM 79.66 5.35 ChinaLifeIns LFC 10.94 0.17 G H I AIG AIG 46.62 -0.62 Avalara AVLR 141.51 6.92 BrookfieldRenew BEPC 44.09 2.84 s DentsplySirona XRAY 59.86 -2.04 EquityLife ELS 60.78 0.40 HowmetAerospace HWM 29.76 -0.05 JuniperNetworks JNPR 24.14 0.18 AgilentTechs A 119.84 3.76 AmerTowerREIT AMT 202.70 4.04 Avalonbay AVB 182.02 -1.89 Brown&Brown BRO 46.07 -0.28 ChinaPetrol SNP 56.35 -1.06 DeutscheBank DB 12.69 -0.46 EquityResdntl EQR 70.83 -0.10 GDS Holdings GDS 89.08 4.58 HuanengPower HNP 13.71 0.11 s KB Fin KB 44.71 1.09 AgnicoEagle AEM 57.61 0.87 AmerWaterWorks AWK136.83 2.96 Avangrid AGR 48.05 0.49 Brown-Forman B BF.B 70.68 0.83 ChinaSoAirlines ZNH 33.33 0.89 DevonEnergy DVN 23.83 -0.74 ErieIndemnity A ERIE 231.95 0.74 s GFLEnvironmental GFL 33.45 1.61 Huazhu HTHT 55.72 0.41 KE Holdings BEKE 53.75 6.67 AirProducts APD 267.51 0.63 AmericoldRealty COLD 34.50 0.60 Avantor AVTR 28.07 1.24 Brown-Forman A BF.A 65.57 0.18 Chipotle CMG 1427.61 92.61 DexCom DXCM 362.94 10.88 EssentialUtil WTRG 42.13 0.40 GSXTechedu GSX 88.62 2.68 Hubbell HUBB 183.75 -1.77 KKR KKR 47.07 -0.01 Airbnb ABNB 183.11 2.30 s Ameriprise AMP 223.50 -0.57 AveryDennison AVY 182.27 -0.77 Bruker BRKR 60.85 2.13 Chubb CB 169.65 -3.58 Diageo DEO 164.74 2.67 EssexProp ESS 272.93 0.42 Gallagher AJG 124.74 -0.59 HubSpot HUBS 450.00 28.19 KLA KLAC 294.10 20.06 AkamaiTech AKAM 97.07 -0.21 AmerisourceBrgn ABC 110.13 2.62 AxonEnterprise AXON 144.40 5.81 BuildersFirstSrc BLDR 44.82 0.49 ChunghwaTel CHT 39.27 -0.07 DiamondbkEner FANG 81.03 -3.14 EsteeLauder EL 280.02 -0.05 GameStop GME 246.90 52.40 Humana HUM 402.85 1.78 KSCitySouthern KSU 212.77 2.20 AlaskaAir ALK 66.89 -1.10 s Ametek AME 120.63 -2.85 BCE BCE 45.60 0.02 Bunge BG 79.06 0.60 Church&Dwight CHD 80.41 -0.42 DigitalRealty DLR 135.08 2.90 Etsy ETSY 206.79 16.53 Gaming&Leisure GLPI 41.69 0.10 s JBHunt JBHT 160.69 1.30 Continued on Page B8 Albemarle ALB 145.77 5.08 Amgen AMGN 228.99 1.18 BHP Group BHP 75.63 -0.16 s BurlingtonStrs BURL 304.11 -0.05 ChurchillDowns CHDN 237.31 8.00 Albertsons ACI 17.17 0.05 Amphenol APH 62.20 0.86 BHP Group BBL 61.73 -0.17 CBRE Group CBRE 74.95 -1.74 s Cigna CI 236.61 1.75 Alcon ALC 68.72 1.65 AnalogDevices ADI 149.43 5.37 BP BP 26.11 -0.43 CDW CDW 154.47 -0.67 CincinnatiFin CINF 105.46 -1.56 AlexandriaRlEst ARE 162.96 2.61 AngloGoldAsh AU 22.36 0.38 Baidu BIDU 264.28 31.60 CF Industries CF 48.13 -1.45 Cintas CTAS 345.84 5.24 AlexionPharm ALXN 152.61 2.55 AB InBev BUD 62.18 0.86 BakerHughes BKR 23.95 -0.38 CGI GIB 79.31 2.38 CiscoSystems CSCO 47.89 0.38 ADVERTISEMENT Alibaba BABA 238.14 11.45 AnnalyCap NLY 8.51 -0.09 Ball BLL 86.26 3.67 CH Robinson CHRW 93.61 1.80 Citigroup C 70.99 -1.23 AlignTech ALGN 515.87 19.80 s Anthem ANTM 333.78 -4.68 BancoBilbaoViz BBVA 5.62 -0.11 CME Group CME 209.72 -3.42 CitizensFin CFG 44.06 -1.81 Alleghany Y 633.31 -1.77 Aon AON 231.50 1.50 BancoBradesco BBDO 3.76 -0.05 CMS Energy CMS 56.53 0.38 CitrixSystems CTXS 132.42 1.06 BusinessReal Estate&Services To advertise: email [email protected] or WSJ.com/classifieds or call 1(800) 366-3975 New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg NOW DNOW 11.75 -2.9 SouthernFirstBcsh SFST 51.50 1.4 ',R-G ('eNR#FF# T)O !b5` W,,HLc7f ,00]5_DM4)0a)Of The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE NamTaiProperty NTP 13.14 10.2 SoMO Bancorp SMBC 41.61 ... 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Greif B GEF.B 58.80 -1.1 Nucor NUE 66.90 -0.8 Surmodics SRDX 55.20 -1.1 R/25DDD5DDD]DD !?JaYP@[W9 1$J6 AcmeUnited ACU 40.70 3.7 ColonyCapPfdH CLNYpH 24.92 0.6 Group1Auto GPI 166.40 -1.0 NuSTAR PfdA NSpA 21.85 0.2 SykesEnterprises SYKE 45.25 0.7 AditEdTechA ADEX 9.92 0.2 Y]44b$bab0M ]C a]OD5b_? 0:D Y5b"D$M)J-,HF#H b_ 0:D )$4D_"D ]C $bd4 ColonyCapPfdI CLNYpI 25.03 0.5 GuarantyBcshrs GNTY 34.49 -0.6 NuvationBio NUVB 12.94 9.7 Synnex SNX 97.93 2.7 AdvanceAuto 178.36 -2.0 AAP ColonyCapPfdJ CLNYpJ 25.06 0.5 Guess GES 28.00 -1.1 nVentElectric NVT 29.23 0.1 TRowePrice TROW 179.62 1.6 Aegon 5.11 0.2 AEG ColumbiaFin CLBK 17.74 -0.7 H&E Equipment HEES 35.04 -1.1 OFGBancorp OFG 21.94 ... TailwindTwo TWNT.U 10.13 -0.3 AlerusFinancial 32.22 1.6 ALRS Comcast A CMCSA 56.12 0.2 HCA Healthcare HCA 194.01 -2.6 OSI Systems OSIS 99.37 -0.2 Team TISI 12.99 0.4 Alexander&Baldwin 19.22-1.3 ALEX ComfortSystems FIX 75.14 1.1 HanmiFinancial HAFC 20.19 0.6 OakValleyBncp OVLY 20.27 1.1 Tecnoglass TGLS 9.90 1.0 AllegianceBcshs 41.92 -0.3 ABTX CommercialMetals CMC 30.56 -3.3 Hawkins HWKN 35.25 -0.8 OhioValleyBanc OVBC 31.24 -1.2 TeekayLNG PfdB TGPpB 26.15 0.5 AllianceData 109.76 2.0 ADS CommBkSys CBU 79.45 0.4 HawthornBcsh HWBK 25.05 2.8 OldRepublic ORI 21.51 -0.6 TempurSealy TPX 38.07 -1.0 17.39 2.4 AlphaMetal AMR CommWestBcshs CWBC 10.55 1.8 HaynesIntl HAYN 32.40 0.1 OlympicSteel ZEUS 24.99 4.9 TenetHealthcare THC 57.00 -2.7 AltaEquipment ALTG 11.40 0.9 Concentrix CNXC 135.91 1.5 HeliosTechnologies HLIO 74.16 -0.2 OneLiberty OLP 24.00 -1.3 Terex TEX 46.21 1.9 Altabancorp ALTA 38.31 -0.6 Conduent CNDT 7.00 2.1 HelixEnergy HLX 6.35 0.5 OneWaterMarine ONEW 41.44 4.7 TerraIncmVI Nts TFSA 25.47 0.3 Altria MO 47.99 1.7 ConnectOneBncp CNOB 27.34 -1.0 HemisphereMedia HMTV 13.74 4.3 OportunFin OPRT 21.38 8.7 TerritBanc TBNK 27.94 1.4 Amdocs DOX 79.60 1.2 CoreLabs CLB 39.43 1.1 HeritageFin HFWA 29.87 -0.6 Oppenheimer A OPY 42.48 1.2 TexasPacLand TPL 1316.89 1.9 AmerantBancorpA AMTB 18.65 0.1 Core-Mark CORE 39.48 0.8 HershaHospPfdD HTpD 24.05 0.7 Oracle ORCL 73.22 0.7 Tilly's TLYS 11.74 0.6 AmerantBancorpB AMTBB 14.45 3.0 CostamarePfdE CMREpE 26.59 0.1 Hersha Pfd E HTpE 24.14 0.2 OriginBancorp OBNK 41.80 0.3 TimkenSteel TMST 11.35 10.0 AmericanAxle AXL 11.67 1.2 CostamarePfdB CMREpB 25.55 -0.1 HershaHospPfdC HTpC 24.78 0.9 OutfrontMedia OUT 23.90 -0.4 TorontoDomBk TD 64.40 0.3 AmerEagle AEO 30.67 -2.2 Coty COTY 8.70 9.2 HessMidstream HESM 23.61 3.3 OxfordIndustries OXM 89.01 2.0 TransActTechs TACT 12.05 -2.0 AmerVanguard AVD 21.50 -2.2 Cowen COWN 40.18 9.9 HewlettPackard HPE 15.19 1.2 PAM Transport PTSI 65.90 0.2 Transcat TRNS 46.91 2.2 AmesNational ATLO 27.90 1.9 CrackerBarrel CBRL 168.75 -1.2 Hillenbrand HI 50.86 -1.0 PCB Bancorp PCB 16.05 -1.9 TriCoBancshares TCBK 49.95 -1.2 AmnealPharm 6.24 6.8 AMRX Crawford A CRD.A 10.70 -0.9 Hilltop HTH 37.01 1.4 PQ Group PQG 18.90 -1.6 Triple-S Mgmt GTS 28.30 -0.9 AC#'Q`Q',-QEG E` -\# B#,K #A-,-#ÈB A,K# *& ,+'-QEG AmplifyEnergy AMPY 4.15 3.3 CrossFirstBkshs CFB 15.41 -0.3 HiltonGrandVac HGV 42.94 ... 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UW 2[P> UW 2[P> CarterBkshrs CARE 14.39 0.9 Gannett GCI 5.89 4.8 MethodeElec MEI 45.58 0.7 SenecaFoods B SENEB 61.96 3.1 IvanhoeCap IVAN.U 10.40 -0.1 CasellaWaste CWST 64.17 -0.7 Gap GPS 29.58 0.4 MidPennBancorp MPB 29.63 3.4 ShinhanFin SHG 32.28 2.2 LibertyBroadPfdA LBRDP 27.10 -0.4 CassInfoSys CASS 48.26 -0.6 GencorIndustries GENC 15.05 -0.5 Middleby MIDD 168.75 0.3 ShoeCarnival SCVL 54.71 -0.2 NebulaCaravelWt NEBCW 1.25 2.2 CentralGarden CENT 51.80 -0.5 GeneralElec GE 14.42 -1.2 MidlandStBncp MSBI 29.33 -0.9 ShoreBancshares SHBI 16.70 1.6 NightDragon NDACU 10.05 -1.8 CentralGardenA CENTA 46.50 -0.2 Genesco GCO 51.47 0.4 MillerIndustries MLR 45.82 -2.2 Shyft SHYF 35.56 1.1 OrionAcqn OHPAU 9.97 -2.0 CntlValCmntyBk CVCY 21.35 1.3 GermanAmerBncp GABC 45.85 -1.0 MineralsTechs MTX 78.34 0.5 SierraBancorp BSRR 27.79 -0.7 PatriaInvts PAX 17.03 -5.0 5%3/3% !'$ $' 20*$ /'% $-3 "#,$*'(& 4#.)*$ 05%3+"#,$*'( 6//3%1 ChampionX CHX 24.40 -5.7 GIIIApparel GIII 32.66 -0.1 MistrasGroup MG 10.00 -0.7 SignetJewelers SIG 57.14 0.9 PoemaGlobalA PPGH 9.76 -0.6 Charles&Colvard CTHR 2.95 14.3 GlacierBancorp GBCI 64.41 -3.0 Moelis MC 56.44 1.2 SilganHoldings SLGN 42.83 1.9 Root ROOT 11.49 -1.5 ChesapeakeUtil CPK 117.23 ... GladstoneCap GLAD 10.19 2.7 MrCooper COOP 34.84 3.2 SilverbackTherap SBTX 54.78 5.0 RotorAcqnWt ROT.WS 0.85 -4.9 Chevron CVX 110.69 -0.2 GladstonePfdB LANDO 26.00 0.6 MuellerWater MWA 13.84 -0.4 SinclairBroadcast SBGI 37.98 -0.3 SendasDistrib ASAI 11.45 -2.0 =DD6=DT6=DDN _H[YY[$X2+E&H5236]UX.)U3ZBS$]> Children'sPlace PLCE 85.04 3.0 GlbPtrII Wt GPACW 1.21 21.0 MyersIndustries MYE 23.70 1.9 SmithAO AOS 64.37 -0.5 SeniorConnectI A SNRH 9.89 -0.6 ChimeraInvPfdA CIMpA 25.60 0.6 GlShipLeasePfdB GSLpB 25.70 0.3 Napco Security NSSC 34.80 1.6 SonicAutomotive SAH 50.79 ... 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B8 | We dnesday, March 10, 2021 NY THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Continued From Page B7 Net Net Net Net Net Net Net Net Net Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg lululemon LULU 298.35 9.41 Mondelez MDLZ 55.62 0.47 Okta OKTA 219.98 11.47 PrincipalFin PFG 59.78 -0.38 SBA Comm SBAC 247.97 5.73 StanleyBlackDck SWK 187.95 1.35 TencentMusic TME 26.69 1.37 US Bancorp USB 52.90 -1.15 Weibo WB 52.92 1.15 Kellogg K 58.99 -0.39 LumenTech LUMN 13.85 -0.45 MongoDB MDB 311.92 24.87 OldDomFreight ODFL 223.82 5.17 Procter&Gamble PG 126.18 -1.13 SEI Investments SEIC 59.24 -0.55 Starbucks SBUX 106.55 1.52 Teradyne TER 113.34 9.14 UnitedHealth UNH 351.98 1.81 WellsFargo WFC 38.13 -0.54 KeurigDrPepper KDP 33.09 0.62 Lyft LYFT 62.34 -1.97 MonolithicPower MPWR 323.86 21.81 OmegaHealthcare OHI 37.04 -0.29 Progressive PGR 90.18 -0.84 SK Telecom SKM 24.49 0.43 s StateStreet STT 81.84 1.34 Tesla TSLA 673.58110.58 UnitySoftware U 98.05 5.30 Welltower WELL 72.76 0.53 KeyCorp KEY 20.46 -0.76 LyondellBasell LYB 107.17 -1.59 MonsterBev MNST 88.44 3.30 Omnicom OMC 75.46 -1.11 Prologis PLD 98.32 2.37 SS&C Tech SSNC 66.45 0.89 SteelDynamics STLD 47.39 -0.68 TevaPharm TEVA 10.76 0.07 UnivDisplay OLED 214.96 15.15 WestFraserTimber WFG 66.36 0.88 KeysightTechs KEYS 136.31 4.08 Moody's MCO 290.04 0.56 ON Semi ON 37.93 1.94 PrudentialFin PRU 91.39 -1.33 StoreCapital STOR 32.09 -0.19 Stellantis STLA 17.56 0.45 TexasInstruments TXN 170.36 8.25 UniversalHealthB UHS 131.36 -3.22 WestPharmSvcs WST 267.42 6.07 KilroyRealty KRC 67.95 -0.41 M N MorganStanley MS 80.85 -0.25 OpenText OTEX 46.47 1.44 s Prudential PUK 42.99 1.35 SVB Fin SIVB 508.26 -2.89 Steris STE 179.03 6.38 s TexasPacLand TPL 1282.23 24.23 VEREIT VER 38.12 0.01 WestAllianceBcp WAL 94.36 -2.56 Morningstar MORN 242.13 6.59 OpendoorTech OPEN 21.64 1.58 PublicServiceEnt PEG 57.53 0.43 Salesforce.com CRM 211.53 3.81 STMicroelec STM 35.83 2.53 VF VFC 79.50 -1.51 WesternDigital WDC 69.33 0.47 KimberlyClark KMB 132.33 -0.82 M&T Bank MTB 153.03 -6.14 Textron TXT 50.99 -1.13 Mosaic MOS 30.78 0.08 s Oracle ORCL 72.64 0.48 PublicStorage PSA 240.03 1.38 Sanofi SNY 47.17 0.58 StoneCo STNE 70.91 1.58 VICI Prop VICI 28.74 0.20 WesternMidstrm WES 18.67 -0.80 KimcoRealty KIM 19.13 -0.30 MGMGrowthProp MGP 32.63 -0.19 ThermoFisherSci TMO 448.11 8.26 MotorolaSol MSI 177.03 -2.18 Orange ORAN 11.90 0.06 PulteGroup PHM 47.34 -0.07 SantanderCons SC 26.04 -0.58 Stryker SYK 237.17 1.17 VailResorts MTN 304.49-11.27 s WesternUnion WU 24.98 -0.13 KinderMorgan KMI 15.67 -0.55 MGM Resorts MGM 37.48 -0.37 ThomsonReuters TRI 87.29 1.61 NICE NICE 224.72 7.39 Orix IX 86.70 1.48 Qiagen QGEN 47.65 1.40 s Sasol SSL 14.79 0.21 SumitomoMits SMFG 7.23 -0.05 3M MMM 181.18 -2.59 Vale VALE 17.01 -0.21 WestlakeChem WLK 91.64 -1.45 KingsoftCloud KC 50.63 3.41 MKS Instrum MKSI 162.61 11.61 NIO NIO 41.35 6.14 OtisWorldwide OTIS 64.93 -0.29 Qorvo QRVO 170.90 8.00 Schlumberger SLB 29.35 -0.36 SunComms SUI 143.17 0.18 Toro TTC 97.52 -0.45 ValeroEnergy VLO 76.58 -3.98 WestpacBanking WBK 19.18 0.07 KinrossGold KGC 6.63 0.19 MPLX MPLX 25.36 -0.64 NRG Energy NRG 42.83 1.20 OwensCorning OC 82.43 0.67 Qualcomm QCOM 129.11 5.91 SchwabC SCHW 63.75 -0.71 SunLifeFinancial SLF 50.86 0.30 s TorontoDomBk TD 63.95 0.20 VarianMed VAR 175.81 ... WestRock WRK 52.95 -0.23 KirklandLakeGold KL 34.20 0.44 MSCI MSCI 414.52 11.89 NVR NVR 4702.09 2.33 OzonHoldings OZON 51.65 1.52 QualtricsIntl XM 37.14 2.54 ScottsMiracleGro SMG 211.45 12.84 SuncorEnergy SU 21.86 -0.15 Total TOT 48.25 -0.32 Vedanta VEDL 12.35 -0.14 Weyerhaeuser WY 34.39 0.35 Kohl's KSS 57.59 0.69 MagellanMid MMP 44.64 -0.36 NXP Semi NXPI 183.82 12.82 PG&E PCG 11.34 0.18 QuantaServices PWR 83.23 -0.11 Sea SE 228.47 22.42 SunRun RUN 53.68 6.13 ToyotaMotor TM 151.54 3.31 VeevaSystems VEEV 250.90 9.73 WheatonPrecMet WPM 37.46 1.82 KoninklijkePhil PHG 54.88 1.25 MagnaIntl MGA 88.01 -0.59 KoreaElcPwr KEP 10.21 0.08 s Nasdaq NDAQ 146.65 1.66 PNC Fin PNC 173.63 -5.19 QuantumScape QS 53.18 6.31 Seagate STX 75.15 0.59 Suzano SUZ 13.63 0.65 TractorSupply TSCO 160.60 -0.40 s Ventas VTR 56.49 -0.34 Whirlpool WHR 198.84 -3.15 ManulifeFin MFC 21.21 -0.24 s KraftHeinz KHC 39.13 0.46 POSCO PKX 69.81 -0.44 QuestDiag DGX 119.88 -1.21 Seagen SGEN 150.56 1.88 SynchronyFin SYF 40.17 -0.47 TradeDesk TTD 719.32 40.38 VeriSign VRSN 191.99 3.14 Williams WMB 23.56 -0.56 MarathonOil MRO 12.00 -0.38 Natera NTRA 99.30 6.03 Kroger KR 34.46 -0.28 PPD PPD 34.79 0.98 SempraEnergy SRE 123.43 0.52 Synopsys SNPS 228.40 9.91 Tradeweb TW 73.42 0.97 VeriskAnalytics VRSK 174.42 2.77 Williams-Sonoma WSM 129.15 -2.36 MarathonPetrol MPC 55.87 -1.29 NationalGrid NGG 58.32 0.54 L Brands LB 54.51 -0.73 PPG Ind PPG 146.07 -0.03 R S SensataTechs ST 59.61 0.77 Sysco SYY 79.36 -2.34 TraneTech TT 160.48 -3.25 Verizon VZ 56.20 -0.59 WillisTowers WLTW 226.38 1.15 MaravaiLifeSci MRVI 36.07 1.33 Natura&Co NTCO 16.50 0.12 LKQ LKQ 42.77 -0.25 NatWest NWG 5.24 -0.06 PPL PPL 27.28 -0.61 ServiceCorp SCI 47.57 -0.27 TransDigm TDG 589.48-16.82 VertxPharm VRTX 214.04 0.46 Wipro WIT 6.48 0.25 Markel MKL 1112.24-18.21 RELX RELX 24.00 0.53 T U V s LPL Financial LPLA 137.40 2.30 NetApp NTAP 64.61 2.02 PRA HealthSci PRAH 146.45 2.98 ServiceNow NOW 488.95 24.90 TransUnion TRU 88.86 0.89 ViacomCBS B VIAC 79.66 -4.00 Wix.comWIX 304.62 24.86 MarketAxess MKTX 524.09 11.12 PTCPTC 127.55 8.70 RH RH 458.17 16.71 ShawComm B SJR 18.73 -0.05 ViacomCBS A VIACA 79.61 -4.07 Workday WDAY 245.92 14.85 L3HarrisTech LHX 187.97 -3.07 NetEase NTES 110.68 8.60 TAL Education TAL 75.75 6.91 Travelers TRV 153.82 -1.08 Marriott MAR 147.00 -3.44 Paccar PCAR 95.23 1.79 RLX Tech RLX 16.13 2.30 SherwinWilliams SHW 706.04 17.93 Viatris VTRS 13.91 0.08 WynnResorts WYNN 134.00 0.26 LabCpAm LH 239.22 -1.35 Netflix NFLX 506.44 13.11 TC Energy TRP 45.33 -0.32 Trex TREX 92.734.20 Marsh&McLen MMC 116.81 -0.54 PackagingCpAm PKG 140.00 1.57 RPM RPM 85.90 0.29 s ShinhanFin SHG 32.02 0.68 s Vipshop VIPS 41.59 0.95 XP XP 37.92 0.38 LamResearch LRCX 543.51 40.90 Neurocrine NBIX 91.01 1.64 TE Connectivity TEL 129.41 2.26 Trimble TRMB 70.37 0.83 MartinMarietta MLM 332.80 -1.30 PagSeguroDig PAGS 51.55 2.11 s RalphLauren RL 124.95 -1.60 Visa V 220.36 0.09 XPO Logistics XPO 117.93 3.89 s LamarAdv LAMR 95.55 0.23 NewOrientalEduc EDU 185.93 8.73 Shopify SHOP 1130.74 58.31 Telus TU 21.20 0.02 Trip.com TCOM 40.19 1.02 MarvellTech MRVL 43.86 3.80 PalantirTech PLTR 24.26 1.74 RaymondJames RJF 116.33 -1.27 Vistra VST 18.65 -0.23 XcelEnergy XEL 62.15 0.19 LambWeston LW 81.60 -2.70 NYTimes A NYT 50.52 1.10 Sibanye-Stillwater SBSW 18.43 0.15 TelusIntl TIXT 28.81 -0.13 TruistFinl TFC 58.25 -1.46 Masco MAS 55.36 0.51 PaloAltoNtwks PANW 342.42 10.94 RaytheonTech RTX 74.83 -0.78 VMware VMW 144.38 0.75 Xilinx XLNX LasVegasSands LVS 62.12 -1.14 NewellBrands NWL 24.88 -0.32 SignatureBank SBNY 222.82 -3.84 TJX TJX 66.08 0.90 Twilio TWLO 362.36 41.77 120.28 8.19 Masimo MASI 230.49 5.86 ParkerHannifin PH 295.89 -2.92 RealPage RP 86.86 -0.06 Vodafone VOD 17.98 0.49 Lear LEA 178.96 -1.42 Newmont NEM 57.25 0.86 SimonProperty SPG 111.00 -0.70 T-MobileUS TMUS 126.31 -0.75 Twitter TWTR 67.52 4.04 XPeng XPEV 29.97 3.05 s Mastercard MA 376.52 5.19 Paychex PAYX 94.55 1.35 RealtyIncome O 60.71 0.27 VornadoRealty VNO 46.76 -1.10 Leidos LDOS 93.26 1.26 s NewsCorp B NWS 23.80 0.57 SiriusXM SIRI 5.97 0.06 s TRowePrice TROW 176.33 2.83 TylerTech TYL 403.35 5.07 Xylem XYL 100.01 -0.91 MatchGroup MTCH 152.11 6.55 PaycomSoftware PAYC 379.26 13.03 RegencyCtrs REG 58.55 -0.63 s VoyaFinancial VOYA 63.51 -0.43 Lennar A LEN 88.43 0.31 s NewsCorp A NWSA 24.85 0.61 Skyworks SWKS 172.41 11.21 TaiwanSemi TSM 116.38 2.45 TysonFoods TSN 72.39 -1.30 Yandex YNDX 63.49 3.18 MaximIntProducts MXIM 88.11 3.08 RegenPharm REGN 470.63 7.44 VulcanMatls VMC 167.82 -1.28 Lennar B LEN.B 71.58 1.26 NextEraEnergy NEE 74.02 3.16 Paylocity PCTY 178.88 11.80 SlackTech WORK 40.70 0.67 TakeTwoSoftware TTWO 168.57 6.95 UBS Group UBS 15.59 -0.09 YatsenHolding YSG 17.21 1.27 McAfee MCFE 23.94 0.07 RegionsFin RF 21.02 -0.30 LennoxIntl LII 290.22 -2.00 NielsenHoldings NLSN 25.80 -0.46 PayPal PYPL 241.76 15.67 s SmithAO AOS 63.39 -0.33 TakedaPharm TAK 18.22 0.12 UDR UDR 42.92 -0.53 YumBrands YUM 102.68 -1.46 McCormick MKC 85.02 0.87 ReinsGrp RGA 126.85 -0.76 W X Y Z s LeviStrauss LEVI 24.79 0.01 Nike NKE 135.95 1.39 Pearson PSO 11.21 0.17 Smith&Nephew SNN 38.23 0.29 Tapestry TPR 43.36 -0.59 UGI UGI 39.94 -1.08 YumChina YUMC 61.49 0.52 McCormickVtg MKC.V 85.29 1.11 RelianceSteel RS 146.00 -0.66 LiAuto LI 23.08 1.75 NiSource NI 22.03 -0.01 Pegasystems PEGA119.00 4.28 Smucker SJM 118.99 -0.78 TargaResources TRGP 33.39 -0.93 s US Foods USFD 38.70 0.35 WEC Energy WEC 86.75 0.42 ZTO Express ZTO 32.11 0.16 McDonalds MCD 208.55 -0.56 RenaissanceRe RNR 161.43 -4.46 LibertyBroadbandA LBRDA 146.08 0.03 Nokia NOK 3.96 0.09 Peloton PTON 116.02 14.67 Snap SNAP 56.30 3.41 Target TGT 179.18 2.31 UWM UWMC 8.68 0.62 WEX WEX 212.73 -3.60 ZaiLab ZLAB 135.14 7.58 McKesson MCK 178.72 2.63 Repligen RGEN 190.22 8.74 LibertyBroadbandC LBRDK 150.63 0.54 s NomuraHoldings NMR 6.30 0.10 s PembinaPipeline PBA 28.47 -0.51 SnapOn SNA 217.53 -0.70 TataMotors TTM 21.74 0.07 Uber UBER 55.25 2.05 W.P.Carey WPC 67.59 -0.46 ZebraTech ZBRA 468.35 7.71 MedicalProp MPW 21.36 -0.07 RepublicSvcs RSG 94.63 -1.01 LibertyGlobal B LBTYB 24.15 0.39 Nordson NDSN 197.20 0.67 PennNational PENN 115.65 6.37 Snowflake SNOW 230.02 16.03 TeckRscsB TECK 20.90 -0.30 Ubiquiti UI 332.20 8.96 WPP WPP 63.01 -0.44 Zendesk ZEN 131.07 4.61 Medtronic MDT 117.05 0.38 ResMed RMD182.26 2.80 LibertyGlobal A LBTYA 24.54 0.39 NorfolkSouthern NSC 259.11 -0.11 Pentair PNR 59.05 -0.85 SOQUIMICH SQM 52.38 2.59 TeladocHealth TDOC 193.04 16.39 s UltaBeauty ULTA 339.05 -6.72 Wabtec WAB 72.98 -1.39 Zillow CZ 138.27 13.61 MelcoResorts MLCO 21.17 -0.06 RestaurantBrands QSR 64.06 -0.94 LibertyGlobal C LBTYK 24.36 0.52 NorthernTrust NTRS 100.41 -1.20 Penumbra PEN 273.74 9.99 SolarEdgeTech SEDG 280.01 33.30 TeledyneTech TDY 383.89 -6.24 UnderArmour A UAA 22.41 -0.52 WalgreensBoots WBA 48.46 -0.02 Zillow AZG142.56 12.52 MercadoLibre MELI 1452.01 82.47 RingCentral RNG 336.28 20.90 LibertyFormOne A FWONA 40.85 0.35 NorthropGrum NOC 298.30 -7.32 People'sUtdFin PBCT 18.06 -0.69 Sony SNE 101.52 1.27 Teleflex TFX 406.75 6.40 UnderArmour C UA 18.71 -0.40 Walmart WMT 128.89 1.01 ZimmerBiomet ZBH 156.66 0.16 Merck MRK 74.14 -0.03 RioTinto RIO 81.92 -1.48 LibertyFormOne C FWONK 45.83 0.23 NortonLifeLock NLOK 21.53 0.56 PepsiCo PEP 132.25 0.12 Southern SO 59.41 -0.20 Ericsson ERIC 12.47 0.40 Unilever UL 54.11 0.13 WarnerMusic WMG 34.95 0.32 ZionsBancorp ZION 56.45 -1.17 MetLife MET 59.65 -0.72 RobertHalf RHI 76.80 -0.41 LibertyBraves A BATRA 32.00 0.24 NorwegCruise NCLH 29.73 0.42 PerkinElmer PKI 125.96 4.40 SoCopper SCCO 72.97 0.44 TelefonicaBras VIV 7.61 0.01 UnionPacific UNP 211.70 0.81 WasteConnections WCN 102.49 0.28 Zoetis ZTS 150.14 4.99 MettlerToledo MTD 1050.00 11.53 RocketCos. RKT 25.49 0.78 s LibertyBraves C BATRK 31.16 0.20 Novartis NVS 83.54 -0.19 PetroChina PTR 38.22 -1.14 SouthwestAir LUV 58.93 -1.62 Telefonica TEF 4.59 -0.06 UnitedAirlines UAL 53.43 -0.63 WasteMgt WM 119.60 -2.13 ZoomVideo ZM 342.11 31.18 MicrochipTech MCHP 145.46 8.71 PetroleoBrasil PBR 7.27 0.06 Rockwell ROK 259.72 1.85 LibertySirius B LSXMB 45.21 0.58 Novavax NVAX 169.90 12.03 Splunk SPLK 135.87 4.84 TelekmIndonesia TLK 23.04 0.02 UnitedMicro UMC 8.43 0.40 Waters WAT 272.68 8.01 ZoomInfoTech ZI 47.21 3.49 MicronTech MU 89.30 4.25 PetroleoBrasilA PBR.A 7.40 0.19 RogersComm B RCI 46.06 -1.15 LibertySirius A LSXMA 44.74 0.69 NovoNordisk NVO 70.72 1.89 Spotify SPOT 273.58 15.25 10xGenomics TXG 150.61 9.52 UPS B UPS 163.27 2.40 Watsco WSO 239.32 1.59 Zscaler ZS 181.43 13.59 Microsoft MSFT 233.78 6.39 Pfizer PFE 34.45 0.10 Roku ROKU 361.11 33.92 LibertySirius C LSXMK 44.63 0.58 Novocure NVCR 130.97 3.96 SquareSQ225.09 23.22 Tenaris TS 22.36 -0.66 UnitedRentals URI 295.25 -7.35 Wayfair W 318.60 12.04 Zynga ZNGA 10.28 0.43 MidAmApt MAA 134.73 0.50 PhilipMorris PM 87.07 0.71 Rollins ROL 32.92 0.43 EliLilly LLY 206.11 -0.92 NuanceComms NUAN 42.35 2.00 s Middleby MIDD 166.30 0.42 s Phillips66 PSX 85.40 -3.07 RoperTech ROP 389.67 4.29 LincolnNational LNC 60.13 0.17 s Nucor NUE 65.86 -0.51 MiratiTherap MRTX 195.34 4.01 Pinduoduo PDD 154.18 16.58 s RossStores ROST124.98 4.61 Linde LIN 262.34 8.66 Nutrien NTR 56.43 0.98 LithiaMotors LAD 374.98 -2.84 MitsubishiUFJ MUFG 5.45 -0.01 PinnacleWest PNW 77.58 -0.67 s RoyalBkCanada RY 90.34 -0.09 NVIDIA NVDA 500.81 37.24 Exchange-Traded LiveNationEnt LYV 87.26 -2.14 MizuhoFin MFG 2.99 0.03 Pinterest PINS 67.48 4.99 RoyalCaribbean RCL 89.56 1.65 BANKRATE.COM® MMA, Savings and CDs LloydsBanking LYG 2.24 -0.04 MobileTeleSys MBT 8.39 0.28 O P Q PioneerNatRscs PXD 156.93 -5.16 RoyalDutchA RDS.A 43.20 -0.15 LockheedMartin LMT 337.50 -3.95 Moderna MRNA 130.87 7.40 PlainsAllAmPipe PAA 9.39 -0.28 RoyalDutchB RDS.B 41.08 -0.21 Portfolios Loews L 49.17 -1.03 MohawkInds MHK 183.64 -3.63 ONEOK OKE 48.64 -0.90 Playtika PLTK 26.79 0.44 RoyaltyPharma RPRX 46.04 1.19 Average Yields of Major Banks Tuesday, March 9, 2021 LogitechIntl LOGI MolinaHealthcare MOH 218.09 0.85 OReillyAuto ORLY 464.92 -7.98 PlugPower PLUG 42.32 4.21 Ryanair RYAAY 112.99 0.62 97.00 5.85 Largest 100 exchange-traded funds, Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR Lowe's LOW 165.99 3.07 MolsonCoorsA TAP.A 51.86 3.85 OakStreetHealth OSH 53.25 0.45 s Polaris PII 133.77 -0.45 SAP SAP 126.23 3.16 latest session LufaxHolding LU 15.16 0.30 MolsonCoorsB TAP 46.38 -1.29 OccidentalPetrol OXY 28.65 -1.11 Pool POOL 336.51 8.17 S&P Global SPGI 342.12 -0.60 National average Tuesday, March 9, 2021 Savings 0.07 0.05 0.05 0.07 0.10 0.14 0.18 0.15 0.26 Closing Chg YTD Jumbos 0.14 0.06 0.06 0.08 0.11 0.15 0.19 0.15 0.28 ETF Symbol Price (%) (%) Weekly change ADVERTISEMENT ARKInnovationETF ARKK 121.75 10.42 –2.2 Savings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 CommSvsSPDR XLC 73.20 1.12 8.5 CnsmrDiscSelSector XLY 162.94 3.78 1.3 Jumbos 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.01 0.00 The Marketplace EnSelectSectorSPDR XLE 52.12 –1.75 37.5 FinSelSectorSPDR XLF 33.83 –0.91 14.8 To advertise: 800-366-3975orWSJ.com/classifieds HealthCareSelSect XLV 113.40 0.59 –0.0 Consumer Savings Rates IndSelSectorSPDR XLI 94.03 –0.41 6.2 InvscQQQI QQQ 311.77 3.94 –0.6 Below are the top federally insured offers available nationwide according to Bankrate.com's InvscS&P500EW RSP 138.17 0.14 8.3 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please AUCTIONS CAREERS NOTICE OF SALE iShCoreDivGrowth DGRO 46.62 0.47 4.0 visit bankrate.com/banking/reviews. 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THE WALL STREET JOURNAL. We dnesday, March 10, 2021 | B9 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 31832.74 s30.30, or 0.10% Trailing P/E ratio 32.39 19.45 3875.44 s54.09, or 1.42% Trailing P/E ratio * 43.22 23.86 13073.82 s 464.66, or 3.69% Trailing P/E ratio *† 36.55 26.35 High, low, open and close for each P/E estimate * 20.39 16.69 High, low, open and close for each P/E estimate * 22.15 17.42 High, low, open and close for each P/E estimate *† 27.52 22.15 trading day of the past three months. Dividend yield 1.86 2.57 trading day of the past three months. Dividend yield * 1.51 2.01 trading day of the past three months. Dividend yield *† 0.80 0.98 All-time high 31961.86, 02/24/21 All-time high 3934.83, 02/12/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833 32200 4050 14400

31000 3925 13800

29800 3800 13200

28600 3675 12600 65-day moving average Session high 65-day moving average DOWN UP 65-day moving average 12000 Session open Close 27400 3550 t

Close Open t 26200 3425 11400 Session low Bars measure the point change from session's open 25000 3300 10800 Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,123,305,528 29,719,452 Industrial Average 32150.32 31822.64 31832.74 30.30 0.10 31961.86 18591.93 27.2 4.0 7.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 626,131,966 26,838,435 Transportation Avg 13938.47 13724.30 13786.82 66.22 0.48 13786.82 6703.63 61.8 10.2 8.7 Most-active issues in late trading Decl. volume* 483,085,227 2,431,334 Utility Average 833.52 824.85 830.93 7.48 0.91 917.38 610.89 -3.4 -3.9 7.3 Volume After Hours Issues traded 3,362 279 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 41074.66 40550.63 40785.52 645.68 1.61 41733.23 22462.76 39.6 4.0 12.3 Advances 1,983 212 Finl Select Sector SPDR XLF 17,034.3 33.82 -0.01 -0.03 34.09 33.70 Barron's 400 948.75 932.22 940.61 8.39 0.90 943.31 455.11 56.2 10.4 8.3 Declines 1,281 60 AMC Entertainment Hldgs AMC 13,546.7 11.19 0.69 6.57 11.80 10.41 Unchanged 98 7 SPDR S&P 500 SPY Nasdaq Stock Market 11,166.5 387.25 0.08 0.02 387.45 386.75 New highs 278 8 Nasdaq Composite 13151.54 12882.49 13073.82 464.66 3.69 14095.47 6860.67 56.7 1.4 20.0 Apple AAPL 6,253.5 121.19 0.11 0.09 128.45 112.83 New lows 91 Nasdaq-100 12868.52 12592.83 12794.49 495.41 4.03 13807.70 6994.29 52.8 -0.7 21.7 Cisco Systems CSCO 5,355.1 47.88 -0.02 -0.03 47.96 47.64 Closing Arms† 1.01 0.18 Discovery Series C DISCK 4,199.1 52.97 ... unch. 53.15 52.73 S&P Block trades* 5,911 236 Ironwood Pharm Cl A IRWD 3,685.6 10.97 ... unch. 11.00 10.97 500 Index 3903.76 3851.93 3875.44 54.09 1.42 3934.83 2237.40 34.5 3.2 11.6 Nasdaq NYSE Arca Intel INTC 3,524.3 62.64 -0.03 -0.05 62.85 62.51 MidCap 400 2570.93 2539.74 2547.58 16.38 0.65 2577.70 1218.55 50.2 10.4 9.3 Total volume*6,271,562,354 324,536,122 SmallCap 600 1352.27 1329.81 1339.99 12.17 0.92 1339.99 595.67 66.2 19.8 11.4 Percentage gainers… Adv. volume*5,485,117,035 225,574,442 Decl. volume* 756,117,310 97,885,321 Other Indexes MediciNova MNOV 2,999.6 11.89 6.21 109.33 12.30 5.63 Issues traded 4,187 1,495 Russell 2000 2261.64 2204.80 2245.06 42.07 1.91 2299.00 991.16 66.2 13.7 12.0 Ontrak OTRK 133.0 31.45 2.96 10.39 31.88 27.91 Advances 3,027 1,165 NYSE Composite 15498.09 15288.38 15375.63 87.25 0.57 15539.42 8777.38 30.4 5.9 6.0 Star Equity Holdings STRR 461.1 3.07 0.26 9.25 4.00 2.94 Declines 1,076 313 Ballard Power Systems BLDP 232.6 25.29 1.80 7.66 25.90 23.45 Value Line 640.75 631.19 635.64 4.45 0.71 638.89 305.71 49.2 11.8 3.8 Unchanged 84 17 AMC Entertainment Hldgs AMC 13,546.7 11.19 0.69 6.57 11.80 10.41 NYSE Arca Biotech 5525.41 5424.79 5453.58 28.79 0.53 6319.77 3855.67 15.0 -5.0 3.8 New highs 318 120 NYSE Arca Pharma 691.00 677.26 681.53 4.27 0.63 725.03 494.36 11.0 -1.1 7.4 ...And losers New lows 24 8 KBW Bank 120.41 116.90 118.40 -2.35 -1.95 120.75 56.19 52.8 20.9 0.7 Avid Technology AVID 53.2 18.85 -1.57 -7.69 20.45 18.00 Closing Arms† 0.39 1.72 § PHLX Gold/Silver 137.08 133.82 134.75 3.04 2.31 161.14 70.12 41.1 -6.5 19.5 AnPac Bio-Medical ADR ANPC 109.0 8.10 -0.51 -5.92 8.70 7.83 Block trades* 35,762 1,367 § PHLX Oil Service 62.75 60.46 60.51 -2.52 -4.00 63.03 21.47 93.6 36.5 -24.3 AZEK AZEK 205.4 41.23 -1.75 -4.07 42.98 41.23 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2952.12 2853.65 2932.21 169.46 6.13 3238.92 1286.84 77.0 4.9 27.0 Pitney Bowes PBI 50.9 8.82 -0.32 -3.50 9.14 8.82 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 25.25 22.90 24.03 -1.44 -5.65 82.69 19.97 -49.2 5.6 18.0 CLNE Clean Energy Fuels 179.7 11.39 -0.41 -3.47 12.33 11.11 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 1.35 World MSCI ACWI 662.99 8.81 2.6 INVO BioScience INVO 9.40 6.29 202.25 13.68 2.80 28.4 Graybug Vision GRAY 7.20 -7.55 -51.19 37.88 7.00 ... 0.93 MSCI ACWI ex-USA 334.62 3.09 2.5 Auris Medical Holding EARS 5.20 1.78 52.05 6.60 0.65 455.9 ACADIA Pharmaceuticals ACAD 25.02 -20.76 -45.35 58.72 23.35 -39.0 MSCI World 2761.82 39.18 1.44 2.7 Canaan ADR CAN 28.69 9.62 50.45 30.29 1.76 736.4 Gold Royalty GROY 3.58 -1.42 -28.40 5.00 3.39 ... MSCI Emerging Markets 1317.85 9.71 0.74 2.1 AnPac Bio-Medical ADR ANPC 8.61 2.81 48.45 12.09 3.15 1.3 Stitch Fix Cl A SFIX 49.23 -19.29 -28.15 113.76 10.90 210.4 Americas MSCI AC Americas 1506.47 23.61 1.59 2.6 The9 ADR NCTY 52.81 14.30 37.13 89.20 2.04 749.5 MicroSect FANG+ -3X Invr FNGD 3.77 -0.97 -20.46 146.60 2.84 -95.4 Canada S&P/TSX Comp 18599.19 141.41 0.77 6.7 ReneSola ADR SOL 13.63 3.63 36.30 35.77 0.85 1082.0 Direxion Dly SCOND 3 Bear SOXS 12.62 -2.83 -18.32 462.00 10.31 -95.6 Latin Amer. MSCI EM Latin America 2192.36 –0.59 –0.03 –10.6 Riot Blockchain RIOT 52.16 13.18 33.81 79.50 0.51 4774.8 Express EXPR 3.38 -0.65 -16.13 13.97 0.57 36.3 Brazil Sao Paulo Bovespa 111330.62 719.04 0.65 –6.5 China Green Agriculture CGA 5.60 1.36 32.08 6.93 1.77 175.9 Cactus Cl A WHD 32.48 -6.20 -16.03 39.07 8.16 121.0 Chile Santiago IPSA 3306.96 85.59 2.66 15.7 Second Sight Medical Prod EYES 15.48 3.71 31.52 20.00 0.69 291.5 Itron ITRI 93.62 -17.34 -15.63 122.31 40.48 30.4 Mexico S&P/BMV IPC 47103.60 28.19 0.06 6.9 BioVie BIVI 21.50 5.14 31.42 46.10 2.20 561.5 Waitr Holdings WTRH 2.87 -0.50 -14.84 5.85 0.26 605.9 EMEA Stoxx Europe 600 420.41 3.16 0.76 5.4 EHang Holdings ADR EH 46.15 10.94 31.07 129.80 7.59 319.5 FedNat Holding FNHC 6.09 -1.03 -14.47 13.67 4.60 -42.3 Eurozone Euro Stoxx 419.96 2.61 0.63 5.6 Bit Digital BTBT 15.90 3.72 30.54 33.00 0.28 3879.0 Direxion S&P Biotech Bear LABD 21.21 -3.58 -14.44 575.00 12.30 -93.0 Belgium Bel-20 3868.20 8.56 0.22 6.8 Marathon Digital MARA 36.77 8.26 28.97 49.41 0.35 4868.9 Direxion Dly DJ Bear 3X WEBS 24.44 -3.83 -13.55 479.30 17.51 -89.8 GT Biopharma GTBP Amesite AMST Denmark OMX Copenhagen 20 1423.32 39.32 2.84 –2.9 5.85 1.31 28.85 13.09 1.87 83.0 5.59 -0.82 -12.79 9.06 3.65 ... Sequential Brands Group SQBG 22.42 4.98 28.56 24.80 4.11 195.9 MicroSect FANG+ -2X Invr FNGZ 3.75 -0.54 -12.59 36.38 3.06 -84.8 France CAC 40 5924.97 21.98 0.37 6.7 Germany DAX 14437.94 57.03 0.40 5.2 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1573.89 21.47 1.38 5.0 Italy FTSE MIB 23816.50 134.93 0.57 7.1 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 675.10 9.45 1.42 8.1 Russia RTS Index 1481.85 34.39 2.38 6.8 Exela Technologies XELA 454,358 9824.4 4.61 179.39 5.50 0.26 AnPac Bio-Medical ADR ANPC 43,108 6786 8.61 48.45 12.09 3.15 South Africa FTSE/JSE All-Share 68655.96 229.79 0.34 15.6 Sundial Growers SNDL 308,476 -43.5 1.39 17.80 3.96 0.14 Motion Acquisition Cl A MOTN 1,377 6009 10.00 0.81 11.75 9.80 NIO ADR NIO Graybug Vision GRAY Spain IBEX 35 8496.36 52.16 0.62 5.2 174,245 46.3 41.35 17.44 66.99 2.11 4,074 4944 7.20 -51.19 37.88 7.00 ProSh UltraPro Shrt QQQ SQQQ 156,213 101.8 14.39 -11.83 162.15 11.76 SPDR S&P 400 Mid Cap Gr MDYG 5,048 2952 73.00 1.84 77.34 34.68 Sweden OMX Stockholm 848.04 9.93 1.19 10.4 AMC Entertainment Hldgs AMC 142,286 -1.8 10.50 13.02 20.36 1.91 ACADIA Pharmaceuticals ACAD 23,969 2397 25.02 -45.35 58.72 23.35 Switzerland Swiss Market 10857.97 27.59 0.25 1.4 Turkey BIST 100 1549.15 18.88 1.23 4.9 Oragenics OGEN 139,238 456.2 1.25 47.97 2.09 0.36 Crucible Acquisition Cl A CRU 322 1756 10.17 -0.59 11.10 9.85 U.K. FTSE 100 6730.34 11.21 0.17 4.2 Apple AAPL 128,815 18.1 121.09 4.06 145.09 53.15 Krane CICC Cn 5G Semicon KFVG 610 1676 24.49 0.57 30.40 24.16 U.K. FTSE 250 21382.47 172.25 0.81 4.4 Finl Select Sector SPDR XLF 117,048 109.2 33.83 -0.91 34.58 17.49 IQ MacKay Mun Inter MMIT 711 1445 26.64 0.26 27.51 22.05 General Electric GE 114,100 40.0 14.00 -1.20 14.42 5.48 Athlon Acquisition Cl A SWET 107 1295 9.76 -0.41 9.91 9.65 Asia-Pacific MSCI AC Asia Pacific 204.48 1.86 0.92 2.3 SPDR S&P 500 SPY 112,692 54.4 387.17 1.43 394.17 218.26 LifeSci Acquisition II LSAQ 360 1270 10.60 4.23 12.68 9.96 Australia S&P/ASX 200 6771.20 31.63 0.47 2.8 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3359.29 –62.12 –1.82 –3.3 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 28773.23 232.40 0.81 5.7 Track the Markets 1.16 India S&P BSE Sensex 51025.48 584.41 6.9 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 29027.94 284.69 0.99 5.8 global stock indexes, bond ETFs, Singapore Straits Times 3108.53 37.37 1.22 9.3 currencies and commodities at Currencies South Korea Kospi 2976.12 –19.99 –0.67 3.6 wsj.com/graphics/track-the-markets Taiwan TAIEX 15853.09 32.98 0.21 7.6 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1550.59 6.83 0.44 7.0 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Tues YTD chg Tues YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004337 23059 –0.1 CREDIT MARKETS Argentina peso .0110 90.5844 7.7 Europe Brazil real .1723 5.8028 11.7 Czech Rep. koruna .04544 22.009 2.5 Canada dollar .7910 1.2642 –0.7 Denmark krone .1600 6.2487 2.6 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001360 735.40 3.5 Euro area euro 1.1901 .8403 2.6 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000278 3592.50 5.0 Hungary forint .003245 308.14 3.7 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007846 127.46 –0.3 A consumer rate against its New car loan Mexico peso .0472 21.1984 6.6 Norway krone .1181 8.4699 –1.3 benchmark over the past year 2.50% Uruguay peso .02244 44.5600 5.2 Poland zloty .2606 3.8378 2.8 Bankrate.com avg†: 4.03% 10% Asia-Pacific Russia ruble .01352 73.992 –0.04

WSJ Dollar Index Sweden krona .1177 8.4994 3.3 First Command Bank 2.75% Tradeweb ICE 2.00 s

t Australian dollar .7719 1.2955 –0.3 Switzerland franc 1.0781 .9276 4.8 4.60% Fort Worth, TX 888-763-7600 Tuesday Close 5 China yuan .1537 6.5066 –0.4 1.50 s Turkey lira .1313 7.6166 2.4 New car loan Euro Hong Kong dollar .1289 7.7610 0.1 First Savings Bank of Hegewisch 2.75% Ukraine hryvnia .0359 27.8500 –1.8 t 4.20 0 India rupee .01374 72.776 –0.4 Chicago, IL 773-646-4200 One year ago 1.00 UK pound 1.3887 .7201 –1.6 Indonesia rupiah .0000694 14400 2.5 3.80 Cambridge Savings Bank 3.24% t Japan yen .009217 108.49 5.0 Middle East/Africa 0.50 –5 s Cambridge, MA 888-418-5626 Yen Kazakhstan tenge .002382 419.73 –0.4 Bahrain dinar 2.6515 .3771 0.03 Prime rate 3.40 Macau pataca .1250 8.0000 0.1 Egypt pound .0636 15.7285 –0.1 t PNC Bank 3.37% 0.00 –10 Malaysia ringgit .2429 4.1170 2.3 Israel shekel .3006 3.3264 3.5 Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7172 1.3943 0.2 Kuwait dinar 3.3039 .3027 –0.5 3.00 month(s) years A M J J A S O N D J FM Chase Bank 3.74% Pakistan rupee .00637 156.957 –2.1 Oman sul rial 2.5976 .3850 –0.01 maturity 2020 2021 New York, NY 800-CHA-SE24 Philippines peso .0206 48.493 1.0 Qatar rial .2746 3.642 0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7443 1.3435 1.7 Saudi Arabia riyal .2666 3.7516 ... Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008804 1135.91 4.6 South Africa rand .0654 15.3005 4.1 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050854 196.64 6.1 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.25 -1.25 Taiwan dollar .03539 28.255 0.6 Yield (%) 52-Week Total Return (%) Thailand baht .03254 30.730 2.3 WSJ Dollar Index 86.74 –0.46–0.53 2.05 Prime rate* 3.25 3.25 3.25 l 4.25 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.18 0.18 0.18 l 1.45 -1.91 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2370.000 0.930 0.840 1.080 0.400 –4.857 4.707 Money market, annual yield 0.10 0.08 0.08 l 0.46 -0.20 Five-year CD, annual yield 0.45 0.45 0.45 l 1.21 -1.17 U.S. Treasury Long, Barclays 4189.170 2.180 2.120 2.250 1.090 –18.675 8.060 Commodities 30-year mortgage, fixed† 3.26 3.23 2.83 l 4.22 -1.20 Aggregate, Barclays 2221.540 1.530 1.410 2.310 1.020 –1.628 5.079 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.52 2.52 2.32 l 3.43 -1.38 Fixed-Rate MBS, Barclays 2215.760 1.670 1.560 2.690 0.930 0.816 4.125 DJ Commodity Jumbo mortgages, $548,250-plus† 3.29 3.25 2.85 l 4.36 -1.45 819.09 -0.97 -0.12 836.48 433.70 52.41 11.96 High Yield 100, ICE BofA 3317.382 3.968 3.685 10.740 3.261 10.385 5.334 Refinitiv/CC CRB Index -0.94 195.13 106.29 14.03 Five-year adj mortgage (ARM)† 3.19 3.20 2.85 l 3.68 -1.16 191.34 -0.49 27.00 Muni Master, ICE BofA 592.196 0.978 1.068 3.441 0.725 1.671 4.772 Crude oil, $ per barrel -1.04 66.09 -37.63 31.92 New-car loan, 48-month 4.03 4.03 4.02 l 4.46 0.49 64.01 -1.60 86.29 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 885.482 5.034 4.777 7.480 4.295 2.363 3.837 Natural gas, $/MMBtu 2.662 -0.002 -0.08 3.354 1.482 37.50 4.84 banks.† Excludes closing costs. Gold, $ per troy oz. 1716.60 38.90 2.32 2051.50 1477.30 3.47 -9.32 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW069000-1-B01000-1------XA

B10 | We dnesday, March 10, 2021 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fidelity LowP r 53.84 +0.23 10.7 JPMorgan I Class Income NA ... NA ExtndAdml 134.65 +3.26 7.9 VANGUARD FDS IdxIntl 20.04 +0.30 3.3 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. 500IdxInstPrem134.70 +1.89 3.5 Magin 12.74 +0.30 -2.4 CoreBond 11.94 +0.04 -2.5 PIMCO Funds Instl GNMAAdml 10.65 ... -0.7 DivdGro 33.33 ... 0.3 MdCpGrAdml 90.72 +2.62 -0.6 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese Contrafund K6 18.82 +0.46 -0.3 NASDAQ r 164.26 +5.85 1.5 EqInc 20.94 -0.04 6.4 IncomeFd NA ... NA GrwthAdml 129.29 +4.21 -0.9 INSTTRF2020 26.44 +0.23 0.7 SmValAdml 70.76 -0.05 15.9 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, ExtMktIdxInstPre 90.07 +2.17 7.9 OTC 17.87 +0.55 2.0 JPMorgan R Class Price Funds HlthCareAdml r 89.62 +0.84 -1.5 INSTTRF2025 27.76 +0.28 1.1 TotBd2 11.06 +0.03 -3.2 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r FidSerToMarket 13.46 +0.22 4.3 Puritn 26.91 +0.33 3.4 CoreBond 11.95 +0.03 -2.5 BlChip 165.21 +4.91 -0.2 HYCorAdml r 5.92 ... -0.2 INSTTRF2030 28.59 +0.32 1.6 TotIntlInstIdx r134.07 +2.01 3.3 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not IntlIdxInstPrem 46.88 +0.66 2.8 SrsEmrgMkt 25.78 +0.56 3.3 Lord Abbett A DivGro 61.35 +0.50 2.2 InfProAd 27.86 +0.14 -1.6 INSTTRF2035 29.34 +0.35 2.1 TotItlInstPlId r134.10 +2.01 3.3 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; MidCpInxInstPrem 28.66 +0.28 6.1 SrsGlobal 14.80 +0.23 3.2 ShtDurIncmA p 4.21 ... 0.5 EqInc 34.64 -0.10 10.9 IntlGrAdml 159.34 +6.12 -0.6 INSTTRF2040 30.13 +0.39 2.7 TotSt 98.70 +1.56 4.2 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. SAIUSLgCpIndxFd 20.31 +0.28 3.5 SrsGroCoRetail 23.01 +0.83 1.1 Lord Abbett F Growth 98.58 +2.65 1.7 ITBondAdml 12.10 +0.03 -3.5 INSTTRF2045 30.82 +0.43 3.1 VANGUARD INSTL FDS SeriesBondFd 10.42 +0.03 -3.0 SrsIntlGrw 17.54 +0.31 -1.3 ShtDurIncm 4.20 ... 0.2 HelSci 97.19 +2.22 -1.7 ITIGradeAdml 10.10 +0.02 -3.1 INSTTRF2050 30.92 +0.43 3.2 BalInst 44.91 +0.48 1.3 SeriesOverseas 12.41 +0.20 0.1 SrsIntlVal 10.76 +0.09 6.6 Metropolitan West LgCapGow I 62.91 +1.66 2.8 LTGradeAdml 10.67 +0.06 -9.0 INSTTRF2055 31.00 +0.43 3.2 DevMktsIndInst 15.72 +0.21 3.1 Tuesday, March 9, 2021 SmCpIdxInstPrem 28.44 +0.53 13.9 TotalBond 11.01 +0.04 -2.4 TotRetBdI NA ... NA MidCap 114.81 +2.09 1.5 MidCpAdml 269.46 +3.26 5.1 IntlGr 50.09 +1.93 -0.6 DevMktsInxInst 24.58 +0.33 3.1 Net YTD Net YTD Net YTD Fidelity SAI TRBdPlan NA ... NA NHoriz 79.91 +2.37 -2.9 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TMktIdxInstPrem112.31 +1.79 4.3 MuHYAdml 11.91 +0.02 0.2 IntlVal 42.53 +0.34 5.7 ExtndInst 134.64 +3.26 7.9 USBdIdxInstPrem 12.02 +0.03 -3.1 TotalBd 10.46 +0.03 -2.3 MFS Funds Class I R2020 23.26 +0.19 2.2 MuIntAdml 14.74 +0.02 -0.4 LifeCon 22.63 +0.17 -0.2 GrwthInst 129.30 +4.21 -0.9 American Century Inv Baird Funds EmMktCorEq 25.28 +0.31 4.2 Fidelity Advisor I Fidelity Selects Growth I 158.98 +4.73 -1.7 R2025 19.90 +0.19 2.7 MuLTAdml 12.11 +0.02 -0.5 LifeGro 41.26 +0.54 2.5 InPrSeIn 11.35 +0.06 -1.6 Ultra 75.20 +2.53 -1.0 AggBdInst 11.40 +0.03 -2.9 IntlCoreEq 15.33 +0.23 5.2 NwInsghtI 37.02 +0.93 0.5 Softwr r 27.21 +0.75 0.3 ValueI 47.70 +0.07 5.7 R2030 29.40 +0.33 3.3 MuLtdAdml 11.23 ...... LifeMod 32.02 +0.33 1.2 InstIdx 343.01 +4.82 3.5 American Funds Cl A CorBdInst 11.77 +0.03 -2.7 IntSmCo 21.32 +0.36 5.1 Fidelity Freedom Tech r 27.14 +1.12 1.0 MFS Funds Instl R2035 22.07 +0.27 3.9 MuShtAdml 15.94 ... 0.1 PrmcpCor 31.67 +0.39 9.3 InstPlus 343.03 +4.82 3.5 AmcpA p 40.27 +0.65 3.0 BlackRock Funds IntSmVa 20.71 +0.34 8.3 FF2020 17.45 +0.14 1.7 First Eagle Funds IntlEq 30.90 +0.50 0.8 R2040 31.78 +0.42 4.4 PrmcpAdml r165.84 +3.22 7.8 STAR 31.63 +0.37 1.8 InstTStPlus 77.09 +1.21 4.2 AMutlA p 46.68 +0.17 4.6 HiYBlk 7.76 ... 0.4 TAUSCoreEq2 24.75 +0.22 7.7 FF2025 15.78 +0.15 2.1 GlbA 63.20 +0.45 3.2 Nuveen Cl I PRIMECAP Odyssey Fds RealEstatAdml124.97 +0.80 3.8 TgtRe2015 15.73 +0.11 ... MidCpInst 59.53 +0.72 5.1 BalA p 30.76 +0.24 1.9 HiYldBd Inst 7.75 ... 0.4 US CoreEq1 31.72 +0.33 6.9 FF2030 19.79 +0.20 2.6 Franklin A1 HYMunBd NA ... NA AggGrowth r 56.84 +1.91 5.9 SmCapAdml102.04 +1.20 9.5 TgtRe2020 34.53 +0.30 0.7 MidCpIstPl 293.58 +3.55 5.1 BondA p 13.39 +0.03 -2.7 BlackRock Funds A US CoreEq2 29.21 +0.26 8.3 FF2035 17.20 +0.20 3.8 CA TF A1 p 7.70 +0.02 -1.0 Old Westbury Fds Schwab Funds SmGthAdml 95.95 +2.69 2.1 TgtRe2025 21.78 +0.22 1.1 SmCapInst 102.04 +1.20 9.5 CapIBA p 65.03 +0.38 3.2 GlblAlloc p 21.53 +0.01 ... US Small 45.52 +0.22 18.5 FF2040 12.29 +0.15 4.6 IncomeA1 p 2.39 ... 5.2 LrgCpStr 17.48 +0.31 2.0 1000 Inv r 86.25 +1.39 3.2 STBondAdml 10.78 ... -0.6 TgtRe2030 41.20 +0.45 1.6 STIGradeInst 10.94 ... -0.5 CapWGrA 61.02 +0.86 2.7 BlackRock Funds Inst US SmCpVal 43.61 -0.07 26.7 Freedom2025 K 15.75 +0.14 2.1 FrankTemp/Frank Adv Parnassus Fds S&P Sel 59.41 +0.83 3.5 STIGradeAdml 10.94 ... -0.5 TgtRe2035 25.76 +0.32 2.1 STIPSIxins 25.80 +0.03 0.7 EupacA p 69.02 +1.29 -0.5 StratIncOpptyIns 10.33 ... 0.1 US TgdVal 29.41 -0.07 24.7 Freedom2030 K 19.77 +0.20 2.6 IncomeAdv 2.37 ... 5.3 ParnEqFd 55.40 +0.85 3.3 TSM Sel r 69.29 +1.10 4.3 TotBdAdml 11.22 +0.03 -3.1 TgtRe2040 45.43 +0.59 2.6 TotBdInst 11.22 +0.03 -3.1 FdInvA p 71.85 +1.15 3.9 Bridge Builder Trust USLgVa 42.26 -0.13 12.6 Freedom2035 K 17.18 +0.20 3.8 FrankTemp/Franklin A PGIM Funds Cl Z TIAA/CREF Funds TotIntBdIdxAdm 22.87 +0.04 -2.1 TgtRe2045 29.07 +0.41 3.1 TotBdInst2 11.06 +0.03 -3.2 GwthA p 68.28 +2.08 1.1 CoreBond 10.45 +0.03 -2.8 Dodge & Cox Freedom2040 K 12.29 +0.16 4.6 Growth A p 134.73 +3.01 -0.5 HighYield NA ... NA EqIdxInst 28.94 +0.45 4.1 TotIntlAdmIdx r 33.53 +0.51 3.3 TgtRe2050 46.89 +0.66 3.2 TotBdInstPl 11.22 +0.03 -3.1 HI TrA p 10.23 -0.01 1.8 CorePlusBond 10.31 +0.03 -2.4 Balanced 110.84 -0.27 8.9 Fidelity Invest RisDv A p 80.69 +0.83 0.6 TotalReturnBond NA ... NA VANGUARD ADMIRAL TotStAdml 98.75 +1.56 4.2 TgtRet2055 50.91 +0.72 3.2 TotIntBdIdxInst 34.32 +0.06 -2.1 ICAA p 46.38 +0.49 4.4 Intl Eq 13.80 +0.19 3.3 Income 14.32 +0.03 -2.3 Balanc 29.12 +0.36 3.0 Guggenheim Funds Tru PIMCO Fds Instl 500Adml 358.63 +5.04 3.5 TxMCapAdml204.52 +3.16 3.5 TgtRetInc 14.90 +0.09 -0.2 TotStInst 98.76 +1.55 4.2 IncoA p 24.48 +0.08 3.9 LargeCapGrowth 20.74 +0.44 0.8 Intl Stk 47.14 +0.51 7.9 BluCh 166.03 +6.30 1.8 TotRtnBdFdClInst NA ... NA AllAsset NA ... NA BalAdml 44.90 +0.48 1.3 TxMIn r 15.70 +0.21 3.1 TotIntBdIxInv 11.44 +0.02 -2.1 ValueInst 50.29 -0.17 8.4 N PerA p 61.13 +1.80 1.1 LargeCapValue 15.99 -0.02 8.6 Stock 219.72 -0.69 14.1 Contra 16.43 +0.40 0.2 Harbor Funds InvGrdCrBd NA ... NA CAITAdml 12.23 +0.01 -0.7 USGroAdml 167.44 +6.69 -1.5 USGro 64.64 +2.58 -1.5 WCM Focus Funds NEcoA p 59.45 +1.51 -0.1 Columbia Class I DoubleLine Funds ContraK 16.47 +0.41 0.2 CapApInst NA ... NA ShortT 9.84 ... 0.2 CapOpAdml r189.05 +4.54 6.5 ValAdml 50.29 -0.17 8.4 WellsI 28.30 +0.02 -0.1 WCMFocIntlGrwIns 24.24 +0.62 -2.1 NwWrldA 87.95 +1.50 ... DivIncom I 27.01 +0.15 4.6 CoreFxdIncmI 11.09 +0.02 -1.6 CpInc r 11.01 +0.04 3.3 Harding Loevner TotRt 10.28 +0.03 -2.6 DivAppIdxAdm 38.58 +0.19 0.6 WdsrllAdml 74.69 +0.23 8.7 Welltn 44.96 +0.30 1.4 Western Asset SmCpA p 81.29 +1.92 2.2 Dimensional Fds TotRetBdI 10.55 +0.03 -1.0 GroCo 33.10 +1.21 0.7 IntlEq 28.66 +0.46 0.8 PIMCO Funds A EMAdmr 43.21 +0.82 3.7 WellsIAdml 68.56 +0.04 -0.1 WndsrII 42.09 +0.12 8.7 CoreBondI NA ... NA TxExA p 13.54 +0.02 -0.2 5GlbFxdInc 10.89 ...... Edgewood Growth Instituti GrowCoK 33.19 +1.21 0.7 Invesco Funds Y IncomeFd NA ... NA EqIncAdml 84.50 -0.12 6.5 WelltnAdml 77.64 +0.52 1.4 VANGUARD INDEX FDS CorePlusBdI NA ... NA WshA p 53.04 +0.31 5.7 EmgMktVa 30.49 +0.26 6.4 EdgewoodGrInst 51.51 +1.58 -0.5 InvGrBd 11.58 +0.03 -2.5 DevMktY 54.94 +0.87 2.8 PIMCO Funds I2 ExplrAdml 127.19 +2.91 6.2 WndsrAdml 78.90 -0.15 10.5 ExtndIstPl 332.28 +8.04 7.9 CorePlusBdIS NA ... NA P2JW069000-4-B01100-1------XA

THE WALL STREET JOURNAL. **** We dnesday, March 10, 2021 | B11 MARKETS Bets Against 10-Year Note Hurt Repos

As yields rise, the cost forless, as rising U.S. rates TD Securities in New York. money in the repo market and according to traders and ana- much capital to hold to remain push bond prices lower. The$1.3trillion overnight receivethe bonds in return as lysts. Speculativebetsagainst within regulatorylimits. If the to large investors to The10-year yield settled repo market is wherehedge collateral. the 10-year Treasurynotelast exemption expires on March borrow overnight Tuesday at 1.545%, according funds,banks and financial Usually, they would also get week posted their largest one- 31, banks would have to hold to Tradeweb. That’sdown companies borrow cash over- asmall fee.Instead, expecta- week increase on record in morecash against Treasurys skyrockets from 1.594% at Monday’s nightfromone another.This tions foranincrease in interest datacompiled by TD Securi- and deposits at the Fed. That close,its highest level in more market existstoallowcompa- ratesinapost-pandemic, stim- ties, suggesting increased de- could prompt them to cut BY JULIA-AMBRA VERLAINE than a year. nies or investorsthat ownlots ulus-fueled expansion have mand forthe $41 billion of 10- holdingsofU.S.government AND SEBASTIAN PELLEJERO Usually,those hedgefunds, of securities but are short on driven those fees to the lowest year notes issued in February bonds,perhaps increasing central banks and other insti- cash to cheaply borrow money. since2003,when technical fac- outstanding. market volatility. Investor betsonrising U.S. tutions lending in the repo And it allows parties with lots tors sparked asimilar inver- Some analystsexpect the Regulators are expected to interest ratesare testing the market receiveboth Trea- of cash to earn a small return sion. At those levels,itis situation will ease this week makeadecision soon on short-term cash markets that surys,which function as col- while taking little risk,be- cheaper to payafine forfailing afterthe U.S. Treasury’s whether to extend the special serveasthe financial system’s lateral, and interest payments cause they hold the securities to completethe transaction. scheduled auction of $38 bil- exemption. plumbing. in exchangefor providing as collateral. Even though the Fedhas lion in 10-year notes on Hedgefunds overnight cash. A September 2019 spike in said it plans to keep rateslow Wednesday. CREDIT and other institu- Nowthey arepaying to bor- thecost of borrowing in the foralong period,investorsare The expiration of a special AUCTION RESULTS Here are the results of Tuesday's Treasury auction. MARKETS tional investors rowTreasurys and part with repo market stemming from a concerned about inflation and exemption that allowedbanks All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference are paying an an- cash. Theinversion—which scarcity of cash prompted the the long-term effectsofun- to hold less capital compared between that price and the face value. nual rate of as much as 4% to last reached these levels ade- Federal Reserve to inject hun- precedented fiscal policy. with the size of their balance THREE-YEAR NOTES borrow the most recent issue cade ago—has caught traders dreds of billions of dollars into While financial marketsare sheetsisalso fueling some Applications $159,546,723,800 of the 10-year U.S. Treasury and investors off guard. money markets. flush with U.S. government anxiety in funding markets. Accepted bids $61,595,110,800 " noncompetitively $25,773,800 note in the market for repur- “The cost of borrowing se- Tradersbetting on higher bondsissued in recent years Theexemption to the so- " foreign noncompetitively $105,000,000 chaseagreements, or repos. curities has skyrocketed in the U.S. rateswant the most easily to fund taxcutsand pandemic called supplementaryleverage Auction price (rate) 99.686948 (0.355%) These hedgefunds and others past few days as the market traded bonds forthe purpose, relief,the concentrated de- ratio rule allowedlarge banks Interest rate 0.250% want to borrow and sell the has been under enormous which tend to be the most re- mand forthe most recently is- to not count their holdings of Bids at clearing yield accepted 90.33% Cusip number 91282CBR1 bondsnow in awager that pressure,” said Gennadiy Gold- cently issued 10-year notes. sued 10-year Treasurynotes Treasurys and central-bank re- The notes, dated March 15, 2021, mature on March 15, they can buy them back later berg, U.S. ratesstrategist at And to locate them, they lend has created asupply shortage, serves when working out how 2024.

20% Nasdaq Tesla 18 Share-priceand index performance, Tuesday Stages 16 Comeback 14 12 Square

ContinuedfrompageB1 10 Roku marketshelped tech shares re- coup some of their losses,in- 8 vestorssaid. Money managers 6 S expect manycompanies in the sector to continue to benefit PRES 4 from increased online shopping Nasdaq ZUMA

Composite G/ and at-home access to media, 2 entertainment and computing BER

S&P500 TZ options even as Covid-19 lock- 05-minuteintervals downs ease. HER 10 a.m. 11 noon 1p.m. 234

TUESDAY’S “It is this buy- MARK MARKETS the-dip mental- Source:FactSet Shares of technology heavyweight Amazon.com increased 3.8% to $3,062.85 on Tuesday. ity,” said Daniel Morris, chief market strategist dexisoff just 0.4%fromits re- ket’soverall mood were signs Teacher Retirement System of 4.1%, to $121.09,Amazon added to lead acommitteededicated at BNPParibas Asset Manage- cord set last month. that lawmakersremain on Texas.Mr. Auby said the pen- $110.90, or 3.8%, to $3,062.85 to transforming the retailer. ment. “It’snot likewe’ve Thebuy-the-dip mentality track to passthe latest version sion fund’sstock allocation is and Facebook gained $10.43, or AMCEntertainment added changed our long-term viewon had been largely absent during of the $1.9trillion coronavirus tilted toward value stocks,or 4.1%, to $265.74. $1.21, or 13%, to $10.50. tech. Everyone expectsittodo abroader rotation out of stimulus package this week. shares of companies more Several of thosestocks are Some investorsexpect that well—it wasjust really expen- growth stocks intoshares of But some investorssay the likely to benefit in areflation- featuredinARK Investment bond marketscould calm as ap- sive.” companies betterpositioned to big gains likely won’t translate aryenvironment. Management’s five popular ex- petitefor U.S. government debt TheNasdaq rose 464.66 benefit from an economic up- intoanend of the volatility. Fornow,investorsappeared change-traded funds,all of revives following the sharp rise points, or 3.7%, to 13073.82, its swing.But opportunistic buy- Toomanyvariables remain in to be putting those concerns on which rose morethan 7%. The in yields.The 10-year Treasury largest one-daypercentage ing has been areliable constant play, from whether the addi- hold. gains helped stem awaveof yield wasaslow as 0.915% near gain sinceNov.4.The rally during previous episodes of tional stimulus Congressplans Tesla shares led the S&P losses that, at one point, had the start of the year. shavedthe index’sdecline from stock-market pullbacks—look to inject intothe economywill 500,rising $110.58, or 20%, to knocked the five actively man- Overseas,the pan-continen- itsFeb.12high to 7. 2%. no further than the dizzying lead to inflation to concerns $673.58,cutting the electric- aged funds down morethan talStoxxEurope 600 ticked up TheS&P 500 added 54.09 climb stocks mounted afterlast that high-growth stocks like carmaker’s lossoverthe past 20% from their recent highs. 0.8%. Early Wednesday, Japan’s points, or 1.4%, to 3875.44. And March’sslide. Tesla remain expensive. month to about 21%. Roku Meme stocks rallied, too. Nikkei Stock Averagewas up the DowJones Industrial Aver- On Tuesday, that buying “Therewill be heightened shares added $33.92, or 10%, to Shares in GameStop gained lessthan 0.1%, Hong Kong’s ageadded 30.30points, or translated intomassivegains volatility as long as the path of $361.11, while Squaregained $52.40,or27%, to $246.90as Hang Seng Indexwas up 0.5% 0.1%, to 31832.74,after rising that cutthe recent losses suf- inflation remains as uncertain $23.22, or 12%, to $225.09. shares climbed forasecond and the Shanghai Composite morethan 300 pointsearlier in feredbysome stocks in as as it is,” said Jase Auby,chief Big tech stocks also rallied. dayafter the boardtapped wasup0.7%. U.S. stock futures the session. Theblue-chip in- much as half.Helping the mar- investment officer forthe Apple shares rose $4.72,or Chewy co-founder Ryan Cohen were down 0.2%.

rising sales.Biotechnology, fi- Tech Stocks in China Were Hit Market Is nancial technology, electric cars and clean energy all peaked and began to fall at Thinking roughly the same time. Harder Than U.S. Counterparts It isn’t that sales look less good. It isn’t that their profit Short Term prospectsweredamped—in BY XIE YUAND JOANNE CHIU One-month share manycases,including Tesla, performance 12-month earningsforecasts While U.S. technology ContinuedfrompageB1 have risen even as stock stocks Tuesday bounced back 10% operating leverageisthe prices fell. It is that the fu- afteraweekslong losing highest sincethe aftermath tureearningsfromthose streak.Chinese technology of the 2008-09 recession, ac- higher sales arelessvaluable stocks fell even moreduring cording to David Kostin, chief with bond yields up,soeven that time. 0 U.S. equity strategist at Gold- manyoftheir fans realize An indexofthe largest man Sachs. they shouldn’t trade at such technologystocks listed in Tesla is only barely profit- multiples.Add to that mo- Hong Kong dropped 26% in able, but investors don’t re- mentum tradersswitching lessthan three weeks,reflect- –10 ally mind. Its stock depends from pushing up the priceto ing how a sudden turn in the not on this year’s earnings adding to the downward pull, market snowballed intosignif- Tencent S but on earnings further in and thingshavebeen grim.

icant losses forinvestorswho NEW the future, when sales are G piled into popular stocks ear- –20 expected to be much higher till, the falls have lier this year. Xiaomi and it will finally—share- barely begun to reverse OOMBER S TheHang Seng Tech In- holders hope—deliver on the last year’s gains. Tesla dex—which tracks 30 compa- Meituan promise of self-driving cars. has still more than tripled in SHEN/BL nies includingChinese inter- –30 Unfortunately for Tesla in- the past year, despite a fall

net giants Tencent Holdings QILAI vestors, the stock market of more than a third from its Ltd. and Alibaba Group Hold- Feb. 8 March The Hang Seng Tech Index, which includes Xiaomi, closed cares less about the long run late January high. ing Ltd., and smartphone Source:FactSet Tuesday at its lowest level in 2021. that it did. The election of a If bond yields keep going maker Xiaomi Corp.—closed Democrat committed to com- up, the speculative growth Tuesday at its lowest level in China equities at Aberdeen 17.The stock wasone of the fall out of favorwith inves- bating climate change surely stocks will be hurt. Some of 2021 and is in bear-market StandardInvestmentsinHong most popular purchases by in- tors.“There’sgoing to be less improved the long-run out- the weakest might even suf- territory, defined as adropof Kong.Hesaid the long-term vestorsinmainland China us- demand fortech,” he said, look for electric cars. But infer the ignominy of having to at least20% from arecent growth outlook for the coun- ing the Stock Connect trading “and moredemand forleaving vestors’ heads are turned by change from expansion at all high. try’s internet and technology link to buy stocks listed in your house.” the rapidly improving pros- costs to cash-preservation In comparison, the Nasdaq giantsremains intact but that Hong Kong. Many individual investors pects of companies that can mode as they find it harder Composite closed on Monday their stocks are vulnerable to Outflows through that link suffered losses in the swift make profits in the here-and- to tap investors for new 10.5%lowerthan the index’s big swings because they were have recently picked up. selloff. now from a better economy. money. Newly listed loss- recent high on Feb. 12. among the main beneficiaries Armies of individual inves- Huang Xiaohu, a35-year- making stocks that have Money managerssay the of excess liquidity in the mar- tors who have become more old technologyentrepreneur in his isn’t about the been going public via SPACs triggerfor the U.S. and Asia kets during the coronavirus activeusersofmobile trading Shenzhen, earlier on profited short-term greed stock are most exposed. pandemic. apps have been driving up from the strong trading debut T Against that, bond yields market declines wassimilar: a markets are so often fast and unexpected rise in Barelyamonth ago, market volumes. of Kuaishou Technology,an accused of. The improving have already risen alot, and Treasury bond yields,which Meituan,aBeijing-based com- As aresult, “When things operator of apopular short economy means higher bond if they fall back could reinvig- made stocks of fast-growing panythat runs apopular shop- start to go up,they go up very video app in China. Aftersell- yields, as markets price in oratethe growth stocks,as companies less attractive and ping, food-delivery and book- quickly.But when they start to ing shares he received in the higher future inflation. Tuesday’sswings showed. Ev- caused some investorstoshift ingsapp,was flying high as go down, the whole thing un- company’sinitial public offer- Higher yields push investors eryone knows economic ex- from technologyintobanking, China’sthirdmost valuable ravels quickly,too,” said Wei ing,hedecided to buy them to prioritize the near term pansion is on the way and oil energy and other less volatile company, with a market capi- WeiChua, aportfolio manager back following arecent tum- even more. That is because briefly topped $70abarrel stocks. talization in excess of $300 at Mirae Asset Global Invest- ble,but the shares kept falling, profits many years hence this week,suggesting the re- China’sbig technologyplay- billion. ments in Hong Kong. and he is sitting on paper look less attractive if the covery might already be an- ershavetaken abiggerhit, Investor enthusiasm over He said his firm has rotated losses equivalent to morethan safe alternative of Treasurys ticipated in prices. because a flood of money from Meituan’srecent expansion into cyclical financial names, $10,000. offers a decent income. Fall- My view is that even after investorsinmainland China intogrocery bulk-buying in such as insurers,and defen- “I don’t want to talk about ing prices for long-dated the big gains for cyclicals had pushed up their stock China caused arapid run-up in siveplays,such as utility com- stocks anymore. My heart is bonds as yields rise are and bombed-out stocks, and prices and market valuations itsshares,eventhough the panies. broken,” said Mr. Huang, who matched by falling prices for big losses for the growth sharply. companygenerates only a Ken Peng, head of Asia-Pa- also holds the Hong Kong- stocks with earnings that are stocks, there is probably fur- “It’shardtocall the bot- small profit. cific investment strategyat listed shares of Alibaba, with a long-dated, too. ther to go as life returns to tom, but we see this as a Meituan has been one of Citi Private Bank, said that as paper loss of around 20%. Thepattern holds across normal. But the scale of the healthycorrection, and the the biggest casualties of the theworld gradually recovers He said he plans to keep the speculativegrowth moves means I’m a lot less market wasdue forone,” said recent selloff,which has cut from the coronavirus pan- both stocks in thehope of a stocks,companies with little sure of further gains for the Nicholas Yeo, who oversees its value by a third since Feb. demic,technologystocks could recovery. or no profitability but fast- Exxons of the world. P2JW069000-0-B01200-1------XA

B12 | We dnesday, March 10, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Bond-Market Moves Aren’t Inflation’s TIP-ping Point

Don’t take the surge baked into Treasury inflation- protected securities too literally GES IMA

The Treasury market is imply- what inflation will do over the ETTY /G

ing substantially more inflation next decade, they haven’t done so ST PO

over the next decade than it did in by nearly as much. N

the fall. That might have as much A Federal Reserve Bank of Phila- TO

to do with investors worrying less delphia survey shows that, as of HING

that the world is about to fall this quarter, economists expect the AS /W

apart than a belief that inflation is Labor Department’s measure of TO

headed inexorably higher. consumer inflation to average 2.2% OT

The 10-year break-even rate, the over the next decade versus an es- NICK difference between the yield on timate of 2.12% last quarter. A Jan- The company said it expects fiscal 2021 revenue to grow at least at double the rate it achieved the year prior. the 10-year Treasury note and the uary Federal Reserve Bank of New 10-year Treasury inflation-pro- York survey showed that bond- tected security, is often looked at market participants expect infla- as bond-market investors’ judg- tion of 1.95% over the next five Stitch FixTripsonIts Heels ment of where inflation is headed. years, and 2.14% in the five years It now stands at 2.2 percentage after that compared with October points, a half-point above its level estimates of 1.85% and 2.1%, re- at the start of November and near spectively. And the University of E-tailer needsamakeover, but prospectsfor increasedrevenue appear bright its highest since 2014. Michigan’s February survey There are some good reasons showed respondents expecting infor thinking inflation over the long flation to average 2.7% over the Stitch Fix may be having an Stitch Fix’s quarterly revenue haul might be higher than believed next 5 to 10 years, close to its fall identity crisis, but it isn’t anything back in the fall. With vaccinations readings. a good makeover can’t fix. $600 million PROJECTIONS taking off and more government The bigger factor in the rise in On Monday, the e-tailer that support on its way, expectations the break-even rate seems to be an prides itself on algorithmic-based 500 for how quickly the economy will increase in term premiums, not styling said it had missed its own recover from the pandemic have higher expected inflation. Term forecast for both revenue and ad- 400 stepped up. The Federal Reserve premiums are the extra yield in- justed earnings before interest, has remained steadfast about its vestors demand over what they tax, depreciation and amortization intention to get inflation a bit think is appropriate for a Treasury for the second period ended Jan. 300 above its 2% target—and not just to compensate for the possibility 30. Its shares fell 28% Tuesday. for a little while. their view is wrong. “Premium” Stitch Fix said holiday carrier 200 Forecasters, Wall Streeters and has become a bit of a misnomer delays resulted in expected reve- ordinary Americans never had in- since in recent years they have of- nue being pushed out. Unlike other 100 flation forecasts quite as low as ten been negative. That may be be- e-commerce companies that tend what the break-even rate implied cause rather than worrying about to recognize revenue when an item through much of last year. By the 1970s-style inflationary shocks ships, Stitch Fix does so only when 0 same token, while they have sending rates unexpectedly higher, a client checks out after having FY2019 ’20 ’21 nudged up their expectations for investors now worry more about tried it on at home. The longer it Note:Fiscal year ends on the SaturdaythatisclosesttoJuly 31 of each year. recessionary shocks. takes clients to receive a Fix, the Source:FactSet 10-yearbreak-eveninﬂation rate Economists’ models show that, longer the next might take since while the term premiums remain they tend to buy regularly. they are shipped. It also said it is up 50% year on year in the fiscal 2.5% negative, they aren’t as negative Meanwhile, a la carte purchas- gearing up for drop shipping, a second quarter. Clients tend to in- as back in the fall. A New York Fed ing suffered, too, during the holi- dramatic change to holding all its crease their spending as they ma- model, for example, shows a term days. Direct-buy purchases are own inventory. It is also beta test- ture on the platform. The company 2.0 premium on the 10-year Treasury personalized to the client—a top ing a consignment-like model in also said spending by men hasn’t of negative 0.34% versus negative already purchased but in another which it essentially holds new in- yet come back as quickly as it has 0.75% at the end of October. That color, for example. That took a ventory from vendors but doesn’t for women, but that this seems 1.5 less negative term premium makes back seat to gift giving, leading to pay for it until it is sold. Lastly, likely to change as offices open for higher Treasury yields and a softer holiday performance in that Stitch Fix said it is testing live back up. Stitch Fix said it expects higher break-even rate. segment. The company said it ex- styling video calls, which would fiscal 2021 revenue to grow at 1.0 A future with a bit more infla- pects to roll out a la carte pur- give clients the ability to show a least at double the rate it achieved tion certainly seems likelier now chasing to new clients by the end stylist around their closets rather the year prior. than when the possibility of effec- of the fiscal fourth quarter. Inves- than trusting an algorithm. Recently at all-time highs, 0.5 tive vaccines still seemed murky. tors had hoped it would be sooner. These changes should materially Stitch Fix is now working on an But the more important message But there is light at the end of increase Stitch Fix’s addressable improved model at a more reason- RECESSION from the bond market is that the the runway, especially with the market. Even without them, able price. 0 world seems a little less fraught shares falling so significantly. The though, Stitch Fix is due for a Investors might want to try it 2015 ’16 ’17 ’18 ’19 ’20 ’21 now than it did then. company said it is now allowing windfall. Growth in new clients re- on for size. Source:Federal ReserveBank of St.Louis —Justin Lahart clients to preview Fix items before ceiving a Fix for the first time was —Laura Forman Regulation TweakHelpsTreasurys OnlySoMuch Japan Risks Resuming

Sometimes the arcana of bank Weekly dollar amount change in large U.S. bankholdings Global Irrelevance regulation becomes a matter of market fascination. Often it ends $30 billion Agency mortgage- backed securities up not being quite as important as everyone had hoped. Treasurys Next week,Japan’scentral bank growth in a generation, but the ex- 20 The latest example is whether will formally reviewits monetary- pansion still wasn’t in line with or not the Federal Reserve will ex- policystrategyfor the firsttime the central bank’s goals. tend an emergency pandemic pol- 10 since2016.Relatively little is ex- The missing component was fis- icy to exclude cash and Treasurys pected from that review. Worsestill, cal support, rather than further from banks’ supplementary lever- relatively little is expected of Japan. monetary expansion. Contrary to age ratios, a key regulatory mea- 0 Even those skeptical of the oft-re- perceptions, Japan’s budget deficit sure. Doing so would give them peated talking point that central declined almost continually as a more capacity to gather deposits banks exhausted their ammunition proportion of GDP through former and buy government bonds. If the –10 must admit that the Bank of Japan Prime Minister Shinzo Abe’s time Fed doesn’t extend this after it is is at the very least out of ideas.Jap- in office. Two poorly considered set to expire on March 31, the ar- anese bond yields arenow margin- sales-tax increases worked directly gument goes, there might be even –20 ally higher than they were at thebe- against reflation efforts. more upward pressure on yields in Jan. 2021 Feb. ginning of 2020 acrossalmost every Most of the responsibility for the Treasury market. part of the yield curve. Averagein- preventing Japan from returning Note:Large domestically chartered banks, seasonally adjusted Extending this relief could bring Source:Federal Reserve terest ratesonloans arefunctionally to the morass of nominal stagna- calm to anxious markets, and the unchanged. Coreconsumer prices tion therefore belongs to politi- Fed may consider it good house- ance-sheet constrained, they have cash at the Federal Reserve or have been declining forsix months. cians. But Japan’s central bankers keeping for monetary policy or to weigh a number of factors when very short-term instruments. Reducinginterest ratesany fur- Treasury-market functioning. But considering putting their growing “These may be flighty deposits,” ther intonegativeterritoryispretty it is unlikely to be a cure for rising liquidity into long-term Treasurys. says Wolfe analyst Steven Chubak. much ano-go, because of the delete- Reducing interest rates rates in general. If rates continue to rise, Treasurys “Banks have to think about what rious effect on the profitsofbanks, So far,the biggest U.S. banks as fall in value, which can deduct happens in the future.” and regional banks in particular. any further into negative of the end of the fourth quarter from banks’ capital levels. Banks It is also not clear that banks’ Having reached the end of itsrope territory is pretty much were operating within their lever- can opt to hold Treasurys to matu- roles as market intermediaries with conventional monetarypolicy agerequirements, even withoutthe rity and avoid a capital hit. But ul- would be immediately affected, ac- by the time of the global financial a nogo. exemption, and so had room to ex- timately in an improving economy, cording to rates strategist Mark crisis,the BOJseems to have pand their balancesheets, accord- banks are looking to lend to con- Cabana at Bank of America. Dealer reached the limitsofits owncom- ing to analystsatWolfeResearch. sumers and businesses, not park desks typically fund themselves fort with unconventional policytoo. Bank of America said in lateFeb- money in government debt forever. via repurchase agreements, or “re- Virtually no one really believes need to admit that, rather than ruaryitwas still “well positioned” One indicator of banks’ mind-set: pos,” which weren’t exempted the central bank has any hope of saying yet again that they believe and “could manage” without an ex- JPMorganChief ExecutiveJamie from leverage ratios, noted rates hitting its target for 2% inflation they have the tools they need emption, which it said it hasn’t Dimon said this month in a strategists at Bank of America. sustainably anytime soon. themselves. Options such as heli- used. Citigroup said that the sup- Bloomberginterviewthat thereisa The strategists wrote on Friday Some inside the BOJ seem to copter money—giving cash directly plementaryleverageratio“would good chanceofinterest ratesgoing that extending the current SLR ex- understand the problem. Goushi to citizens, rather than simply not become binding forus,” even up,and that “I’vebeen very clear,I emption may be “only marginally Kataoka, a BOJ board member who swapping assets with them—are of assuming further balance-sheet would not buy 10-year Treasurys.” beneficial” for rates, though it may has pushed for greater stimulus, uncertain legality and would re- growth and capital return. LargeU.S.banks did sell about $33 help current market conditions. said last week that the central quire clear cooperation from the This isn’t to sayexpiration might billion of Treasurys in the four Awider reviewofhow banks and bank needs a new strategy. government. not cause some issues down the weeks ended Feb. 24,according to Treasurymarketsare regulated in a What that might be is a more The best element of Abenomics, road. JPMorganChase has warned weekly Federal Reservefigures.But world of abiggerFed balancesheet difficult question. A frank and despite its flaws, was a degree of that without an extension of SLR they offset that with purchases of is warranted. But fornow,thereare honest assessment of where Japa- consensus between the Bank of relief,itcould be an issue forthe agencymortgage-backed securities. still manyunderlying forces push- nese economic policy stands—and Japan and the prime minister’s of- bank if the Fedkeeps expanding its Banks also have to consider the ing up rates: aquickening economy, a retrospective view of the suc- fice on economic ambition. With- balancesheet as anticipated. Other nature of their new deposits. Many inflation concerns and expectations cesses and limitations of Abenom- out similar coordination and an waysthe bank could relievethe incoming dollars could leave as the of futureFed tapering.Regulatory ics—would be required. Between honest acceptance of the limits to pressureinclude issuing preferred economy picks up, which means a tweaks will be only part of that late 2012 and late 2019, the Bank what the BOJ can do alone, shares or turning away deposits. bank would in any event want to much biggerstory. of Japan facilitated the best period Japan’s stagnation is likely to re- But even if banks weren’t bal- have highly liquid assets such as —Telis Demos of nominal gross domestic product sume. —Mike Bird P2JW069000-0-R00100-1------XA WORKPLACJOURNETAL REPORECT HNOLOGY

The ways companies overspend when it comes to technology

BY SUMAN BHATTACHARYYA

ompanies spend a storage costs, forinstance—and the lot of money on technology is improving all the time. technology. They But manycompanies end up waste a lot, too. spending way toomuch to makethe It happens for all move online—because theydon’t re- C sorts of reasons. alizewhatthe shiftentails.Accord- Maybe they are ing to Gartner analyst Ed Anderson, chasing the latest shiny new thing. organizations thatlack plans to Or they misunderstand what con- track and monitor cloud costsover- sumers want. Or they build spend by an average of 40%. something new rather “Basic services in the cloud continue than buy off the shelf. to decreaseinprice, and by being Whatever the reason, deployedinthe cloud youcan the likelihood of takeadvantage—but this does spending mistakes is notalwayshappen automati- greater than ever, as cally,” says Brian Tosch,princi- the pandemic has pal consultantatTechDNA,a made companies Seattle-basedtechnology-ad- scramble even faster visoryfirm. for new tools, to ac- Often theproblems arise commodate people because of poor planning. Many rushing to work from companies simply move all of home. Worldwide IT their software online as awhole— spending is expected to so it canoperateinthe cloud in- reach $3.9 trillion this year, up stead of on the company’sservers— 6% from last year, according to without modifying it.Michael Gartner Inc., a research firm. Kauffman, principal and chief legal “With Covid, everyone’s seeing officer at Tech DNA,calls these digital acceleration, but very few or- kinds of movesonline “liftand shift.” ganizations are tracking what The problem: If software isn’t they’re getting in terms of business modified, it mayrun all the time and outcomes,” says James Anderson, draw on cloud resources need- research vice president at Gartner. lessly—running up big usage costs. “Where are people wasting money? This could happen with lots of They’re not using business metrics applications,such as email and col- to influence investment. They’re do- laboration systems,saysMr. Ander- ing what people tell them to do.” son. Mostapplications arewritten The Wall Street Journal asked so that you“launch the application technology leaders and business- and let it run. Thatmodel isn’t nec- people about the biggest tech mis- essary in [the]cloud, because re- takes companies make that cost sources canbeallocated dynamically them money. Here are some of their when the application needsthem.” answers. In other cases, companies sometimes don’t realize they are storing their data online in a way that costs Spending too much a lot more money, which is another on the cloud problem that could be solved with Everybody knows the benefits of modification. the cloud—lowerinfrastructureand PleaseturntopageR8 A YK CHA DOUG

Inside More Remote—but More Inclusive Slack, Zoom or Gmail? Working from home cult forhim. From the overload The longtime resistancetosup- offers opportunities for causedbyambientnoise and porting remote accommodations Picking the right tool for fluorescentlights to the anxiety fordisabledemployees evapo- different situations, or autistic employees of constantconversation, there ratedwhen neurotypical (i.e.,not is alot about conventional of- autistic)people had to work howtocommunicate BY ALEXANDRA SAMUEL without driving your fices thatcan be challenging for from home. I’ve long worried abouthow people on the autism spectrum. At the same time,the grow- colleagues crazy. R9 my autistic son will fare when It alwaysseemedmyson ing awarenessofneurodiver- he enters the workforce.He’s would be morecomfortable work- sity—the idea thathumans PC Updates gotthe sortofautism thatused ing on his own, in an environment aren’t all wired the same way, to be known as Asperger’s syn- and on aschedule he could con- and thatdifferences likeautism Going Up drome:Onthe one hand, he’s ex- trol—but those areoptions that and ADHD also come with Howtoim- traordinarily brilliant, incredibly manypeople don’t get. unique strengths—means there Elevatormakershave ideas on prove laptops friendly and candoanything he Covid, though, has rewritten is moreappreciation forwhat making usersfeelsafeagain in sets his mind to. the possibilities.Bynormalizing neurodivergentemployees can asmall boxwith other people, to makethem Yethis sensorychallenges remote work foreverybody,the contribute. from foot-operated buttons perform betterfor and unique style of socialinter- pandemic has made it easier for Adecade spentnavigating and gesturecommands to bet- the work-from- actions mean thatthe tradi- people who don’t adaptwell to the medical and educational sys- terventilation. R8 home era. R4-5 tional workplacecould be diffi- officeenvironments to thrive. PleaseturntopageR6 P2JW069000-0-R00200-1------XA

R2 | We dnesday, March 10, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | WORKPLACE TECHNOLOGY

Zoom Fatigue: Introvertsvs. Extroverts

The toll of video tools many extroverts. “Zoom does not verts seek out and thrive on in- necessarily their forte and can  provide the same visceral feed- teractions with many people and sometimes provoke anxiety,” says Wes Colton (left), a coach for hits people differently, back as a live conversation, so it stimuli,” says Dr. Baker, who is Dr. Aboujaoude. introverts, and Ken Schmitt, an and sometimes in is less satisfying,” says Roger also an instructor at Harvard Videomeetings featurefre- extroverted executive recruiter surprising ways McIntyre, a professor of psychia- Medical School. “Virtual meeting quentglitches thatcan offer try and pharmacology at the Uni- platforms can be particularly en- somecovertointrovertswho of- versity of Toronto. ergizing,” she says, “as they offer tenworryabout howtheylook to confusing. Has a person finished BY AILI MCCONNON In avideoconference, Dr.McIn- the capacity to engage with 100- others. “Introvertscan be harsh speaking? Or has the internet tyre says,the body language and plus faces at the same time.” critics of their social performance connection caused the screen to ver a year into the other visual cues thatare so often Creating more satisfying Zoom and second-guesswhattheyhave freeze? “Pauses or silence be- Covid-19 pandemic, part of in-person conversation experiences does not, however, said in social settings,” says Dr. tween thoughts or topics feels morepeople arein- aren’t fully there. And thatcan mean adding more video calls, Aboujaoude.When people come more unbearable and difficult to creasingly familiar weigh especially on extroverts. say experts. Each individual has to expect little things to go interpret due to the video,” says with “Zoom fatigue,” “One area where extroverts to find the right balance. Ken wrong—likehaving images freeze Dr. Lamson. the tirednessand excel is the in-the-moment pro- Schmitt, an executive recruiter in on the screen—it canhelp people Another feature of video O burnout causedby cessing of bodily cues,” says Wil- San Diego, says he used to use feel lessresponsible forhow their meetings with special challenges overuse of videocon- liam Lamson, an assistant profes- Zoom to socialize and even orga- ownperformancecame across. for introverts: those embarrass- ferencing tools such as Zoom. sor of psychology in clinical In some social contexts,such ing moments when children, pets Zoom fatigue, however, can hit psychiatry at Weill Cornell Medi- as first dates, manyintrovertsac- or roommates wander through people differently depending on cine.But because video calls are tually prefer video meetups, says the background. whether they are extroverts, who more about talking heads, extro- Zoom meetings WesColton, acoach forintroverts. “One second I’mapsychologist, need more external stimuli to re- verts end up “using more focus may be harder on “It’s a good halfway step to an then afather,then ahusband,” Dr. charge their batteries, or intro- and not likely getting the same in-person date, and you can avoid Lamson says.“Having to keep verts, who can be depleted by too reward as a live interaction,” Dr. extroverts than the extra pressure of finding the switching cancause fatigue.” much stimulation. Lamson says. introverts. person and still practice conver- To mitigate some of these is- Surprisingly, some medical ex- Extroverts can also chafe at sation,” says Mr. Colton, who also sues, a good first step for intro- perts say the toll of these video some of the structure and con- considers himself an introvert. verts is to eliminate optional tools might be harder on extro- trols that videoconferencing plat- Still, video calls pose their own video calls where possible and verts. The reality is that both performs impose on conversations, nized 40-person Zoom celebra- special challenges for introverts. switch social Zoom calls to phone sonality types prefer socializing in says Elias Aboujaoude, a clinical tions for his own and his wife’s For one thing, in most virtual calls, says Dr. McIntyre. person, even if they do so differ- professor of psychiatry at Stan- 50th birthdays in 2020. Now he meetings, with multiple partici- “Portion control is critical for ently. Here’s a look at the difficul- ford University. Functions such as has cut back as he finds he expe- pants observing one another, everyone,” he says. Shorter video ties extroverts and introverts face muting, for example, control the riences some Zoom fatigue every “you feel like you’re being con- calls or making the video feature with videoconferencing, and some conversation in a way that does day from his virtual work calls. stantly watched,” says Dr. McIn- optional can help. workarounds depending on which not happen with in-person con- “I break up my day and Zoom tyre. “Introverts prefer to control For video calls that can’t be part of the personality spectrum versations, says Dr. Aboujaoude. fatigue with mini workouts like who is in their personal space avoided, and that feature a large people land on. Dr. McIntyre suggests that ex- running up and down the stairs and for how long.” or particularly talkative group, us- troverts who want to improve for 10 minutes or I take the dog Or, as Dr. Aboujaoude says, “a ing the chat features or “raise- their videoconferencing experi- for a walk,” Mr. Schmitt says. Zoom call with 15 faces looking hand” buttons can make it easier ences experiment by making at you can feel more draining if to be recognized and given a Extroverts their calls more immersive. you naturally prefer to connect chance to speak, says Dr. Baker. Larger screens, louder audio and with people one-on-one or in Setting boundaries beforehand Diminishing returns shared activities such as listening Introverts small groups.” can also help, says Dr. Lamson. After the pandemic hit, lots of to music can help, says Dr. McIn- What’s more, speaking before This could take the form of tell- people loaded their work and so- tyre. Portion Control a group rarely comes easily to in- ing others at the beginning of a cial calendars with videoconfer- For others, trying different vir- For introverts, the structure and troverts, who tend to prefer one- call when you need to leave, so ences and virtual happy hours. To tual backgrounds or participating control of videoconferencing plat- on-one conversations. In-person you’re not stuck trying to exit a many people—extroverts in partic- in larger groups to increase the forms could be somewhat com- conversation also offers pauses call gracefully. ular—it seemed like a smart, fun amount of stimuli could be fun, forting, compared with typical that, while sometimes awkward, and safe way to see people. says Allison Baker, a child and workplace social exchanges. can give a person time to con- Ms. McConnon is a writer in New The experience, however, has perinatal psychiatrist at Massa- “There is less spontaneous template a new thought. Pauses York. She can be reached at proved to be less rewarding to chusetts General Hospital. “Extro- water-cooler chitchat, which isn’t while on-screen, however, can be [email protected].

Can’tFind Good significantly hindered. Putting people on the Companies that rely on these spot to solve a problem Employees? stressful tests are eliminating po- can leave them flustered. tentially qualified candidates—to Tech Companies their own detriment, says Christo- pher Parnin, assistant professor of thatamong women with aproctor Should Look in computer scienceat North Carolina present,noone successfully solved The Mirror State University and senior author the problem, whereas all of the of the study, which was published women working alone solved the in November. This is particularly un- problem. fortunate, Dr. Parnin says, given the While the study is basedonlim- A new study says the availability of other, less stressful ited data, Dr.Parnin says the results problem may be with and perhaps more appropriate test- should, at the very least, lead to fur- the hiring process ing metrics. ther research in this area. Addition- Relying on technical interviews ally,hesays, tech companies should can also have a disproportionate consider alternativetesting meth- BY CHERYL WINOKUR MUNK impact on minorities and other un- ods forpotential newhires and for derrepresented groups, and discour- employees looking to advanceto Many technology companies be- age job seekers from applying, Dr. moresenior-leveljobs.Ashiftto moan how difficult it is to find good Parnin says, noting that even se- pants who were watchedsolved the testing problem-solving skills in a TO

employees. A new study suggests nior-level employees can be afraid Job tests may weed problem correctly,compared with privatesetting, forexample,could CKPHO

the companies themselves might be to transfer within their own organi- about two-thirds of those without relieve somepressureand allowfor TO

out able workers— /IS partly to blame. zations for fear of failing such tests. proctors. moreaccurateassessment, he says. GES At issue is a widespread reliance Dr. Parnin and his fellow re- especially women Participants with proctorspres- Such ashiftcould substantially in- IMA on what is known as the technical searchers designed an experiment and minorities. entreported feeling nervous,rushed, creasethe number of qualifiedcan-

interview process. In addition to the in which 48 computer-science stu- stressed and unable to concentrate. didates, particularly in traditionally GETTY usual vetting of credentials seen in dents were given a problem to Participants without proctorsre- underrepresented groups entering many industries, technical inter- solve—one used within the past ported feeling moreatease,and ap- the workforce,hesays. views typically subject job candi- several months in technical inter- preciatedbeing given time on their Companies could also drop prob- JOURNAL;

dates to layers of intense testing. views at well-known software com- process. If a participant asked for owntounderstand the problem and lem-solving tests as currently of- REET ST

Generally, such tests evaluate criti- panies. Nearly half, 22 of the indi- clarification, the response was brief. reflect on their solution. Analysis of fered and instead ask candidates to LL

cal thinking and problem-solving viduals, were tasked with solving a Participants in both settings wore the eye-tracking data supported spend five minutes explaining how WA

skills. They can include brainteasers technical problem in private on a specialized eye-tracking glasses so those feelings:Participantswho they would perform a particular job- THE R

and complicated technical problems whiteboard. The other students researcherscould takemeasure- were asked to problem-solveina related task, Dr. Parnin says. Focus- FO unrelated to actual on-the-job roles went through the typical interview ments associatedwith high cogni- public setting had slowereye move- ing on communication skills in this and responsibilities. format, in which they were asked to tiveload and stress and compare ments, amarker forhigh stress. way, Dr. Parnin says, can reveal how CHOU The trouble is this: Candidates solve the problem out loud with a the data. Here’sanother interesting take- a candidate thinks. SICA JES

often get so flustered from the proctor present. An experimenter The disparities in test results away foramale-dominatedindustry P: pressure and the mechanics of the was situated nearby but did not in- achievedbythe twogroups were thatisincreasing efforts to attract Ms. Munk is a writer in West TO interview that their performance is terrupt the participant’s thought telling. About athirdofthe partici- more women: Researchersobserved Orange, N.J. Email [email protected]. OM FR P2JW069000-0-R00300-1------XA

THE WALL STREET JOURNAL. We dnesday, March 10, 2021 | R3

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R4 | We dnesday, March 10, 2021 ** THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. ** We dnesday, March 10, 2021 | R5 JOURNAL REPORT | WORKPLACE TECHNOLOGY

notfilter out its ownback- Home to Stay? ground noise,his counter- Almostfour in 10 employedadults part Alicecould run the saytheir jobs canmostly be done Let’sRedesign filtering, so her laptop from home.Among those,the speakersonly playBob’s percentage who saythey___ all or clear voice. mostofthe time:* Of course,random background noises areharder Worked from to eliminate than steady, home beforethe 20% TheLaptop fora familiar noises.But these coronavirus filtering algorithms canre- outbreak trainthemselves to be- Currently are come bettergatekeepers working from 71 the next time around. home Work‑From‑ Peering further down the audio road, it might Would want to work from home afterthe even be possible forlap- coronavirus 54 tops to create sound bub- outbreak ends 3 bles around theuser’s Home Era head. This means the lap- topspeakerswould radiate Among employedadults currently the sound in away that’s working from home all or mostofthe time and whoseworkplaceisopen, clearly audible around a the percentage who sayeach of the user’s ears, whileensuring It’s the key technology for remote work. following is a____ whytheyare near silenceclose by,say currently working from home: We asked experts what improvements are 4 wherethe user’s room- coming, and what they wish was coming. 6 mate is reading. Major reason Minor reason —Romit RoyChoudhury, professor of electrical and Prefer 7 computer engineering, Uni- working from 60 29 BY DAN WEIL thatvideointoameeting. 8 versityofIllinois home This could be moreplug- Concerns about and-playinthe future, 1 being exposedto 57 22 making the cameraon the coronavirus your mobile devicejustan- other peripheral thatyou 6. *Shareofrespondents who didn’t canput wherever youlike offer an answernot shown. foryour computer to use. 9 Note:Not all answers shown. Cameras under the Sharpening the background Source:Pew Research Center online screenare coming in surveyof10,332U.S.adults, Oct. smartphone design. That Virtual backgrounds areon 13-19, 2020 The will makeits way to lap- 5 their way to being aneces- tops.We’ll look our col- sary part of the online No. 1 leagues rightinthe eyeon meeting experience. purpose W screenand we won’tneed As ahost, dynamic ith remote work here to stay, a lot to makeany special effort. background images cango The low-costRFID tags put on ma- of an office, of focus has turned toward the key along way in differentiat- chines in retail storesdon’t work according to 83% work-from-home technology tool: the —Adam Preset, senior ing your 10 a.m. Zoom well, due to the presenceofsignifi- employers, laptop. But relying so heavily on the research director,collabo- meeting from the 3:30 p.m. cant amounts of metal in laptops. is to increase of employers laptop has raised all sorts of issues— ration and employeeexpe- meeting. Likewise,asa To ensurehigh read ratesatadis- say remote from camera and sound quality to se- rience, at Gartner Inc., are- meeting attendee, youcan tance, metal mounttags canbe employee curity and privacy. search and advisory makeyour contributions placed on the laptop. Then acorpo- productivity work has been What developments are coming to company morememorable by either ration canuse itsexisting RFID- a success, laptops to make remote work easier? removing the distractions basedtracking systemtokeeptabs compared with And what developments should be of your living room or by on its laptops. coming? Here’s what a variety of ex- using abackground that One issue with the surge in 71% of perts had to say about that. mightcomplementthe tracking is whether the user’s pri- employees 2. subject matter or time of vacy will be breached. There’sthe 2 dayofthe meeting. perennial dilemma between privacy ...And the waywe Good lighting and alap- and utility. It will be essential for topcamerathatcan place lawmakerstoroll out legal guid- 1. sound youinfront of an abstract anceastohow such ubiquitous design or tropical back- tracking information canbeused Improve the waywe Perhaps the least-expen- ground without looking like by lawenforcementincases involv- siveand biggest-impact youwerecut out and ing privatecitizens. look on camera... upgrade to currentspeak- pastedinwith apair of —Somali Chaterji, assistantpro- ing/hearing systems on safety scissorswill aid in fessor of agricultural and biological The betterweget at videoconfer- laptops would be better making virtual meetings engineering, Purdue University encing, the morewenoticebad vid- microphones.Not only feel moreprofessional. eoconferencing and poor cameraan- does everyone on confer- —Peter Plotica, manager gles.Innovation in software will ences sound echo-y and of web and digital design, makeusall look betteroncamera. tinny, but it is hardtoun- Data ScienceInstitute, Co- There’salready software to edit derstand the wordssome- lumbia University 9. 68% the viewofthe pupil of your eyeso times. it lookslikeyou’re focusedonthe And, justasimportant, camera. It’s notabig leap to think it canbedifficult to hear Keeping the laptopsafe of executives software will scan our facesand those small sounds that (fromkids and others) say present avirtual cameraviewthat signal approval, such as 7. employees shows us at our mostflattering an- uh-huh; confusion, such as Individuals and companies arefo- should be in the gle with alittle motion throwninfor hmm; or when someone cusing on howtoprotect work lap- office at least realism. wants to speak,such as ah Securityinside and tops nowthattheyare being used Going astepfurther,morework- or mmm. The inabilityto outside the laptop moreoften from the home.There three days a hear these small signaling sounds Getting It Done Remotely Looking forward, work has already their meeting to adifferentdevice Working from home createsa areanumber of basic securityhy- week to keep a makes conversations morestress- begun on Wi-Fi 7. Each of these to enable awalk outside or amove number of security concerns for giene rules thatcan be put in place strong company Manypeople working from home have maintainedorimprovedproductivity on Year of the Laptop ful and lesseffective. brings further performanceimprove- to the kitchen. companies,which will lead to en- to protectadevice. individual tasksduring the pandemic,but notsomuch on collaborativetasks culture Global unit sales of laptops surgedin Real-time,artificial-intelligence ments in speed and latency.Inparal- If thereisastrong demand for hancements forlaptops thatyou These include screen-lock timers, 72% 2020 as people worked and learned analysis of conversations cansolve lel, the rise of 5G cellular is enabling working outside,softwareinter- canand can’tsee. so kids can’taccess adevicewhen from home Individual AS OR MORE NOTAS of employers this problem, providing additional PRODUCTIVE PRODUCTIVE similar improvements forlaptops faceswill have to become more As forthose thatare visible, the employeehas leftthe room; 250 million cues thathelp people have more Stayed equippedwith 5G modems,with the adaptive, adjusting contrast and we’vealready started to seelap- limiting administrative-levelprivi- plan new meaningful conversations.This re- onsite 74% 26% addedbenefit of being able to easily brightness. tops adopting newfingerprintrec- leges to the general workforce,so ally worksand is available today. connect when usersventureout of We will need longer-lasting bat- ognition to unlock adevice. Simi- otherscan’t download inappropri- investment in 200 tools for virtual In addition, research shows that Stayed their homes. teries to powerbrighterscreens. larly,laptopmanufacturersmay ateproducts onto adevice; and us- the audio qualityisjustasimpor- remote 77 23 The improvements in Wi-Fi and And computer processorsand oper- adoptfacial recognition or other bi- ing complexpasswords or multifac- collaboration to 150 tantasvideoqualitywhen judging 5G canenable laptops to support ating systems need to be smarter ometric unlocking software similar torauthentication to provide support hybrid the overall “quality” and “presence” Transitioned higher-qualityvideoconferencing and to allocateresourcesfromelse- to whatwehave grownaccus- foundational defense againstmis- to remote 76 24 working 100 of the conferenceexperience. While augmented-reality/virtual-reality ap- whereifmaximizing screenbright- tomedtooncellphones. use by casual threats, such as fam- microphone qualityismostimpor- Collaborative plications.Theywill also allowusers nessisahigher priority. We might Beyond the deviceitself, we may ily members, friends or domestic 50 tanttothe audio experience, to unload much of their memoryand even seealternate displaytechnol- seearise in personal and corpo- workers. speaker qualityisalso abig factor. computing into the cloud, resulting ogies (such as head-mounted reti- rate virtual privatenetworks and Meanwhile,security-conscious Stayed With additional speakers, onecould 55 45 in thinner and lighterlaptops with nal displays)thatcan avoid the im- multifactorauthentication. In addi- organizations areplacing addedse- 0 onsite have small group meetings that longer batterylives. pact of outdoor light. tion, companies mayfocus on post- curitytools and layeredencryption 2010 ´15 ´20 were much closer to the “natural” Stayed 56 44 quantum security, leveraging cryp- onto devices to protectthem not Source:IDC experienceofin-person meetings. remote —Randall Barry, John Dever pro- —Xiang “Anthony” Chen, assis- tographic algorithms in their only from family members, but also Theywould be so much less fessor of electrical and computer en- tantprofessor of electrical and systems. nation-state actorsand the com- The stressful and moreeffective. Transitioned 44 56 gineering, Northwestern University computer engineering, UCLA Samu- —Mark Gibson, U.S. technology, mon thief.These tools canlimit un- erswho areincontinuous meetings to remote eli School of Engineering media and telecommunications authorized user behavior,such as No. 1 don’t want to stareintoacameraor —Alex“Sandy” Pentland, Toshiba leader,KPMG plugging in removable media de- purpose at asingle screenall day. Having professor of media arts and sci- Among U.S. employees,those satisfiedwith social connectivity aremorelikely vices or using Wi-Fi at alocal cof- morethan one camera—think apro- ence, Massachusetts Instituteof to maintain or improve productivity on collaborativetasks feeshop. of an office, duction studio forthe home office— Technology 4. Organizations also mightdeploy employees Satisfaction with social connectivity could enable meeting software to 5. 8. aheartbeatsecuritymodel. That’s say, is smoothly switch automatically from More, and better, when devices have an authorized one cameratoanother depending on Satisfied 63 37 amountoftime theyare allowedto collaboration screens Nix the noise High-techlost whereyou focus your eyes. and found work outside organization-owned We should also seeanevolution 3. Screen sizes of individual devices are All sorts of audio issues arise with buildings or offthe enterprise net- NotSatisfied of tablet and laptopdesign to im- 20 80 unlikely to get bigger,but the total work-from-home use of laptops. Laptops arecoming with various work.Inaddition, laptops canbe 64% Source: prove the way we look on camera. If Better wireless amountofscreenreal estate will in- Roommatesquarreling, petsbark- hardwareand software to track equippedwith advanced security PricewaterhouseCoopers youhave adevicewith adetachable crease. People will prefer using mul- ing or justthe hum of the cityhave them if theyare lostorstolen. software thattakes defensiveac- survey of 133 executives and of employers connections Note:“Stayed onsite” arerepsondents who reported working amajorityoftheir time (≥ 3daysper week) onsiteprior 1,200 office workers in the keyboard, youcan already position to and during the Covid-19 pandemic, “Stayed remote”worked ≥ 3daysper week remotely prior to and during the tiple monitorsfor bettermultitask- been hardtosuppresswhile laptop The mostobvious method is tions, such as powering offdevices U.S., Nov.-Dec. 2020 plan training pandemic, “transitioned to remote”reported switching from working ≥ 3daysper week onsiteprior to the pandemic to your screenand its cameraona Formostpeople the main form of working ≥ 3daysper week remortely during the pandemic. ing—to access other applications usersare in videooraudioconfer- GPS tracking of laptops.Thereare to wipe clean the entireharddrive formanagers stand to get abetter angle. Separat- connectivity fortheir laptopis Source:BostonConsulting Group survey of 12,000 professionals in the U.S. Germanyand India, May-June 2020 while videoconferencing, forexam- ences.However, help is on its way. software tools available with all if the devicedoesn’t check in to oversee a ing the laptopcamerasoyou can wireless. Various forms of wireless ple. Algorithms on laptops will soon popular laptopoperating systems within the approvedintervals. morevirtual put it anywhereisalogical step. connectivity arebeing substantially People will benefit from software be able to separateout background thatuse GPS to find the device. —Jason Myers,principal at Booz workforce Youalready have another camera: improved. The latest generation of trum with the ever-increasing num- Federal Communications Commis- A thatcan flexibly migratetheir work noises,and do so fast enough that Still, GPS tracking canbedisabled, Allen Hamilton

your smartphone.With the right Wi-Fi (Wi-Fi 6) hit the market in ber of connected devices in homes. sion recently made available forunli- GNAR acrossmultiple screens,ranging the disturbances get continuously and its effectivenesscan be com-

app,you cansend smartphone-cam- 2019.Itoffersincreased speed, Morerecently,Wi-Fi 6E products censedaccess.This representsthe BA from situatedworkstations to laptop filtered out beforeleaving thelap- promisedindoors. Mr.Weil is awriter in West Palm

eravideotoyour computer,and, lowerlatency and the abilityto have been announced thatwill use biggestincreaseinspectrum forWi- OMO computerstomobile devices.For in- top. The same canbedone at the The second line of defense is ra- Beach, Fla. He canbereachedat

jumping through ahoop or two, get moreeffectively shareWi-Fi spec- newspectrum at 6GHz thatthe Fi in 20 years. AC stance, people mightwanttomove receiver’s end: If Bob’slaptopcan- dio frequency identification tags. [email protected]. GI P2JW069000-0-R00600-1------XA

R6 | We dnesday, March 10, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | WORKPLACE TECHNOLOGY

sitting around aboardroom ta- way instructions aredelivered ing implications forjob security ble,thereare all kinds of non- to me vocally or verbally.” and income inequality, it maybe verbal cues,likethe way peo- Remote work means that good news forpeople who can ple shiftintheir seats, that neurodivergentpeople no lon- thriveasfreelancersinways constituteanimportant part of ger have to justifyorevendis- theymightnot as full-time em- the meeting. Thatnonverbal close their communications ployees. communication canbehardfor preferences:Digital is nowthe NewOptions for autistic people to parse,soit default.People who aremore canend up shutting them out comfortable online,and more Good news foreveryone? Autistic People of the dynamic. adeptatlearning newtechnol- No doubtmyoptimism about When meetings move online, ogy,now enjoythe opportunity the impact of remote work ContinuedfrompageR1 we all lose access to mostof to shape the terms of team stems from the fact that my 75% tems with an autistic child has those nonverbal cues.What collaboration. son is atechenthusiast, likeme. immersedmeinthe world of leads to “Zoom fatigue” for But Iwonder if I’mbeing abit of the staff at autism advocates and re- neurotypical people—who often too sanguine. Ultranauts, an searchers, anddriven my own find the lossofnonverbal com- Changing the natureof Ms.Johnson, the behavioral engineering quality work on the interaction be- munication disorienting and ex- work analyst,offersanalternative tweenneurodiversityand tech- hausting—canactually be liber- The rise of remote,digitally en- scenario: thatinstead of creat- services firm, is nology. ating forneurodivergent abledcollaboration will most ing moreoptions,the rise of re- autistic, and the Thatiswhy the shifttore- workers. profoundly affectthe prospects mote work could roll back hard- company’s revenue mote work has made me newly . of manyneurodiverse or dis- wonaccommodations for has been growing hopeful: It is notonly aposi- abledworkersthrough its disabledand neurodivergentem- more than 50% a tivechange in itself,but it has Learning to learn transformation of the natureof ployees.“Pre-corona, people year sparked arevolution in remote- The overnightincreaseindigi- work.Thatisbecause it will were at leastattempting” to ac- collaboration technology that tal collaboration offers another move us away from the 9-to-5, commodate neurodivergentem- could transform the long-term benefit forneurodiverse work- centrally organized model of ployees,she says.“But nowwe opportunities forneurodiverse ers: Notonly arelotsofnew employmentand toward new cansolvethatproblem by ban- workerslikemyson. tools available forremote types of hybrid workplaces and ishing them to their homes.” The shift to remote work has work,but theyare becoming flexible employment. Thatscenario is worrying pre- 2x changed the kinds of technolo- the norm. As long as work was some- cisely because notevery autistic gies we use in our working lives; child or adult is likemyson, The number of young it has changed how readily we who has blossomedthrough re- people with autism embrace and adapt new gad- mote learning. Aworld that receiving vocational gets and applications; and it has treats remote work as the de- We are moving away from the centrally support services in changed the nature and struc- fault option maybegreat for ture of work itself. All of these organized model of employment toward someautistic people,and harm- the U.S. doubled to dimensions bode well for neu- new types of hybrid, flexible workplaces. ful to others—if it reduces ac- 18,000 from 2009 to rodiverse workers—and for the commodations forthose who 2015, according to a many organizations that stand would prefer to be at the office, recent analysis to benefit from their talents. excludes neurodivergentpeople from face-to-face contexts in When we all satside-by-side thing that had to be done at a which keydecisions (still) get Anew wave of tech in aphysical office, it wasstill specific time and place, employ- made or pre-empts the opportu- HP, Microsoft and Justthink about all the tech possible to optout of virtual ment options were limited for nityfor younger workerstoget SAP are among the thathas blossomedinthe past collaboration. In adistributed anyone who couldn’t sustain a acculturated into the workplace. companies that year,thankstothe main- team, it is alot harder to wrig- 40-hour workweek in a central The bestway to avoid that? participate in streaming of remote work.For gle out of collaborating via office. But as soon as you move Ms.Johnson suggests hiring au- programs aimed at instance, as messaging plat- Google Docs. The assumption to a distributed team, you open tistic experts to identifyand ad- hiring more autistic forms likeSlack and Teams re- thatface-to-faceinteraction is up other possibilities. dressconsiderations thatcan employees placehallway conversations or the norm createdapowerim- Sinceremote work makes it exclude neurodivergentemploy- officedrop-ins,theyremove a balancethatworked in favorof harder to work together in real ees. Sources: Ultranauts; Anne M. major obstacle forpeople who people who were morecom- time,but easier to get stuff Aworkplacethatreduces Roux et al., Journal of Vocational Rehabilitation, Nov. 14, 2019, and struggle with distraction or so- fortablewith in-person, real- done separately (without the sensorystressorsand embraces SpectrumNews.org; SHRM cial interaction. time conversation, and disad- interruptions or distractions of the neurodiversityofits work- “Being autistic,there’sno vantagedpeople who were the office), it canand should forceisafriendlier placenot such thing as awelcome sur- morecomfortable online or shiftusaway from teamwork justfor autistic employees,but prise,” says HunterHansen, a who need time to think and as the default. Forpeople who forall of us.Ihope we cancre- businessanalyst who is autis- processbeforeresponding. thrivewhen working solo but ateworkplaces in which neu- tic.When he wasworking in “I don’t liketobeasked struggle with team dynamics, rodivergentand neurotypical an office, he says,“Ihad to questions on awhim, or have thatshiftmakes it alot easier people canmaketheir own keep myselffrombristling: I people pop into my office,” says to contributeand deliver value. choices about whereand how couldn’t triage the interruption JoyF.Johnson, abehavior ana- The rise of the distributed theywork best. if someone sneaked up behind lyst who workswith autistic team also blursthe line be- me.Itreally didaffectmyabil- families,and is herself autistic. tweenemployeeand contrac- Dr.Samuel is atechnology itytolock in and focus.” “Now, because I’mworking re- torinwaysthatmakework researcher andthe co-author of Some autistic people experi- motely,mostquestions come moreaccessible to people who the forthcoming book “Remote, FFER

enceasimilar benefit from the via email, and Ican take24 maynot succeed in the con- Inc.: HowtoThrive at Work… AU shifttovideomeetings. hourstoprocess and respond. I ventional employmentmodel. Wherever YouAre.” She canbe ST When people arephysically don’t have to worryabout the While thatshifthas worry- [email protected]. BRIAN P2JW069000-0-R00700-1------XA

THE WALL STREET JOURNAL. We dnesday, March 10, 2021 | R7

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Ayear intoremote work,oratleast partially The Remote Employee ExperienceIndex surveyed remote,we’re still adapting and finding ways over 9,000 employees about their work life to understand which keyelements of remote work to makeitbetter.New datafromthe Future are better or worsethan working in the office. Forum, aconsortium backed by Slack, reveals one surefireway to unlock work foryourteam: staying flexible. 83% of employees don’t want to go back to theold wayofworking Of those, 63%preferaflexible remote-officework model and 20%want to remain remote full-time.If you’re ready to go hybrid, youneed technologythat’s just as flexible.Slack actsasadigital headquarters 53% that connectsteams and tools across locations and companies. With Slack, people canwork from anywhereand still stayinsync. People reporta53% higher productivityscore when they canchoosewhen they work Andwhen theycan choose where theywork, they reporta43% higher productivityscore.Tohelp youmove beyond fivedays of 9-to-5, trySlack. It brings work, discussions and decisions intodigital channels. Employees cancatch up and contribute 57% on their owntime,fromanywhere, and then get back to getting work done. higher work-lifebalance scores reportedbythosewith flexibilityinwhen they work Giving people the freedom to work when and where theywant is good forbusiness—and employees. People with flexibilityinwheretheywork reported 44%higher work-lifebalancescores; scoreswere 57%higher forthosewho settheir ownhours. Slack supports work on all kinds of schedules, from different time zones to child-care-friendly working hours.

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R8 | We dnesday, March 10, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | WORKPLACE TECHNOLOGY

Going Up (Safely) Otis

Howelevatorcompanies aremaking their products Elevator Air purification: Elevatormakersare adopting filtration Intake as contact-free as possible Fan shaft systems thattheysay bring in clean air and kill microbes.Otis has aplasma fan(left) thatsucksinair By Chris Kornelis and runs it through an ionizer;chargedions attach to Ion generator bacteria and viruses,causing achemical reaction that Whatwill it taketomakepeople feel safe getting into elevators neutralizes them. AKONE fansystem(below) passes Elevator air from the elevatorshaftthrough filtersand UV-C again?Elevatormakersare working to maketheir products as lightbeforeentering the cab contact-freeasitispossible to makea4-by-6-foot boxshared Neutralized with strangers. Here’show companies such as Mitsubishi Electric Ions virus US Inc., Otis ElevatorCo. and KONE Corp.are changing their elevators: Virus KONE

Negativepressure sucksair into sanitation Filter chamber Elevator shaft Building UV-C light location Ventilation Air is forced Filter system through 2 ﬁltersand UV-C light

Elevator-hailing apps: Some Sanitized air elevators canbesummoned by smartphone.Mitsubishi Electric is among the companies thathave created Touchlesskeypad: smartphone apps enabling Mitsubishi Electric has a userstohail the elevator PureRide Systemthat from their phone.Anapp includes atouchless12-key could somedaytrack users pad inside the elevatorcar. through the building and get Youput your fingersover to knowwhattheyneed and the numbersand other when, says Erik Zommers, buttons,but nottouching senior vicepresidentand them, to operatethe pad. general manager of Mitsubishi Electric U.S. Inc.’s Exhaust Elevator&EscalatorDivision. Standing room: Companies maytry to limit the number of people in elevators and dictate wheretheystand. Ideas include placing stickersonthe floor to indicatewherepeople should stand and instructing them to face the walls,saysLee Gray,anarchitectural-history professor at the UniversityofNorth Carolina at Charlotteand the author of abook on Voicecontrol: Otishas elevators. been testing aproduct at Foxwoods Resort Casino in Connecticut.Passengers cansay,“Hey, Otis” to wake up the elevator, and then tell it to go to afloor number or “casino.” Foot selection: KONE offers Swipe to call: In Otis’s industrial-strength buttons Foxwoods pilot, when at foot levelsoyou cantell youreachthe elevator the elevatorwhether you bank,you canswipe up want to go up or down. or down—touchless—with your hand overapad on the wall, and you’re directedto the elevatortotake.

Sources: Otis, Mitsubishi and KONE Kevin Hand/WALL STREET JOURNAL Mr.Kornelis is awriter in Seattle. He can be reached at [email protected].

alized thattheywantedasimpler ensureaneasytransition to remote That is what happenedatLuck- roughly half the time. Wastein paymentexperienceoverall, notnec- work—a major reason whyitshifted yTruck, aCincinnati-baseddigital But the team never passed along essarily PayPal itself. to widely usedoff-the-shelf tools insurancebrokerthatallows cus- the information about the second Technology Mr. Rosen says the company is such as Dropboxand Trello. tomerstoapply fortrucking insur- scraper, so the original one was rolling out a new e-commerce plat- Because those products have anceonline.Inearly 2020,the kept online. The company was pay- Spending form and payment technology that their own support in place, the com- companybuilt aweb tool to auto- ing $1.80 an hour to keep it running, allows it to connect to multiple pay- pany could minimize the number of fill information on insuranceappli- about $7,800 total over six months. ment methods with one click. employees needed to maintain work cations by scrapingpublicly acces- The lack of communication, and ContinuedfrompageR1 PayPal is “a fantastic solution” if flow, says Adam Kronengold, chief sible online databases.The tool possibly a hesitancy to communi- Cirrus Data, which assists large you optimize your systems to digital officer of Authentic Brands. could reducethe time needed to fill cate a failure, may be why the prob- firms with cloud-migration and data- match PayPal’s strengths, says Mr. “We learned that our complex out an application by as much as lem took so long to resolve, Mr. Kh- storage projects,had aclientthat Rosen, but “when you try to force it business doesn’t require complex an hour,saysHaseeb Khizar, tech- izar says. “It could be a mix of not underestimatedthe effort required into another process, you may lose tools, and tweaking our own inter- nology lead at LuckyTruck. wanting to be embarrassed or to move to the cloud and didn’t some of the great benefits.” nal processes while adopting off- Soon afterthe scraper was something,” he says. “But we never transform its applications to takead- (A PayPal spokesperson says that the-shelf technology was the more launched, though, the companyno- had a culture of embarrassing our vantage of cost savings,saysChief the companydoesn’t commenton teammates for their mistakes.” ExecutiveOfficer Wayne Lam. specific situations.But “wework The result: The client incurred cloud with our broad partner ecosystem MoneyPits bills 200% higher than forecast. to offerall of these options and Hanging on to In other cases, companies move allowbusinesses to integrateour Some of the places wheresurveyedtechprofessionals saytheir companies' tech outdated systems software to the cloud that they’d be solutions howevertheyprefer.”) spending is wasted In some cases, companies waste better off running on their own money because they can’t keep up Waste in software spending servers. For instance, it can be with every new trend—so they end cheaper to run software with heavy Building software Efficientspending Self-estimatedwastedspending up sticking with old technology processing-power requirements— instead of buying it when it isn’t cost-effective anymore. 23% 24% such as video-rendering tools—out- Creating tools like a website or 28% Vivek Kundra, chief operating of- side of the cloud. app from scratch can cost hun- ficer at Sprinklr, a customer-experi- dreds of thousands of dollars, Desktop Software Data center ence-software company based in says Oliver Dore, technology software as aservice software New York, saw this dynamic play Misunderstanding partner at Work & Co., a New out in his early years as chief infor- the customer York-based firm that works with mation officer in the Obama admin- Sometimes companies go for tech- brands to build customer-experi- 72% 77% 76% istration. At the time, many organi- nology based on what it seems cus- ence technology. zations were moving toward cloud tomers want—without realizing that So, why do so many compa- Cloud spending and waste computing, but government re- Self-estimated their assumptions are off base. nies build software instead of sources were directed toward ex- Efficientspending wastedspending Take the case of Harry Rosen, a buying it off the shelf? Some- panding its own data centers. 17-store luxury menswear chain times it is company politics. 70% 30% “One of the things I noticed was based in Toronto. In 2018, it did a In businesses that have strong that the government from 1998 to customer survey, asking if buyers technology capabilities, teams $235 billion 2009 had gone from 400 data cen- would use PayPal if the company that oversee the company’s tech- ters all the way up to over 5,000 offered it on the site—and a signifi- nology may push to develop new Estimatedglobal cloud computing spending in 2020 data centers, and the average utili- cant number said yes. So, the com- tools or services in-house instead Source:Flexera 2021 Stateofthe Cloud Report and 2021 StateofITAMReport zation of those data centers was pany hired a systems integrator to of buying them, says Mr. Dore. under 27%,” Mr. Kundra says. “One add PayPal into its e-commerce “We have worked with com- of the biggest problems in technol- platform, at a cost of $80,000. panies where the insistence to build scalable solution for our business,” ticed thatthe scraper could gather ogy is that you’ll have leaders who But then only a small portion of versus buy is so great, [and] there’s says Mr. Kronengold. information but couldn’t move it to will continue to throw good money the company’s online payments such a bias toward that,” he says. To be sure, Mr. Dore says, there the companysite. Tech team after bad money in this way.” came through PayPal—just 10% by “You end up doing a lot of work are instances where building from membersweredirectedtofix it. Mr. Kundra says that planning late 2018. The trouble seemed to be that, to be honest, is already avail- scratch can save money over time. Shortly after, the problem seemed and monitoring is an important part that PayPal wasn’t a one-step pro- able either cheaply or for free in the This consideration becomes impor- to be resolved. of ensuring that a technology solu- cess. Customers had to click “buy,” open source community.” tant when there are high licensing But a few months later, Mr. Kh- tion will meet business objectives. fill out their payment information Forinstance, Authentic Brands costs for off-the-shelf tools; when izar noticed something unusual—the “Companies need to ensure that on the PayPal platform, and then go Group,aNew York-basedcompany bundled features result in services company was running two of these they understand what their own back to the Harry Rosen site to thatowns retail brands Forever21, that aren’t needed or offer little web scrapers concurrently. concrete business goals are before complete the transaction. BrooksBrothers, LuckyBrand and value; and when cost to integrate What happened? Communica- moving forward with any software In retrospect,saysIan Rosen, others, usedtouse highly custom- an external service into a company’s tions problems. According to Mr. implementation,” he says. “They Harry Rosen’s executivevicepresi- ized technology.Although their sys- existing toolset is prohibitive. Khizar, the tech team thought that should work with the vendor to un- dent, digital and strategy,the com- tems weren’tbuilt from scratch, they Poor internal communication finding a workaround for the origi- derstand how the technology will panyshould also have asked custom- had customized it enough thatitre- When tech problems arise and nal scraper would have taken three support their business goals.” ersabroader question: Whatkind of quired alot of specialized oversight waste company money, it is some- to four weeks—and they felt heavy paymentexperiencebestsuits your to manage work flow. But during the times because different depart- deadline pressure. So, the team Mr. Bhattacharyya is a writer in needs? The companymighthave re- pandemic,the companyneeded to ments are at cross-purposes. built a second scraper instead—in Philadelphia. Email [email protected]. P2JW069000-0-R00900-1------XA

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Slack,Zoom or Gmail?

How to pick the right feels established,” says Bilal Bal- shared knowledge and files by audience. Microsoft Teams and eoconferencing: It lets you have communications tool och, co-founder of GlobalWonks, a sending people links. It is also less Slack enable you to target your deeper conversations, collaborate in service thatlinksclients with ex- formal than email, so you don’t message by recipient name, channel small groups and make presenta- perts,and avisiting scholar at the have to spend time writing ex- topic and user groups. tions to larger ones. BY SUZANNE OLIVER UniversityofPennsylvania. tended greetings or goodbyes in Project-related information that “The richer and more nuanced Email, though, isn’t great when your notes. is relevant to more than a few peo- the conversation needs to be, the hen it comes you’re trying to work in concert But there are lots of things to ple is best shared in dedicated more case there is for making a to collaborat- with a group. If Mr. Meadows was bear in mind before you start typ- channels instead of sending all of video call,” says Mr. Johnson of For- ing with col- looking for feedback on a document, ing. them a direct message. Before you rester. When delivering really good leagues these he says, he would be more likely to First, channel messages should post, check the channel to make news or really bad news, the inflec- days, choos- post that document in the project- be short and easy to skim. Direct sure it is still active and that your tion and facial expressions con- ing the right management tool Basecamp, where messaging isn’t a good place for message fits the channel subject. If veyed in video can enhance the Wcommunica- co-workers could make long conversations, discuss- you’re writing a response to a previ- communication. tion tool can be as important as comments. ing nuanced topics, mak- ous message, use a thread to sepa- Videoconferencing is also a good the communication itself. “If you are try- Is it sensitive? ing time-consuming rate the discussion, which makes it tool for conveying and discussing Send an email, and youmight ing to collabo- requests or giving easier to follow and keeps the chan- complicated information, and it is notget atimely reply.Postaques- rate or come negative feed- nel uncluttered. much easier to take turns on a vid- tion in Slack,and youmightmiss to a con- back. These You can use tags to help you eoconference than it is on a tele- information from acolleague who sensus in Yes No types of reach the right people—such as phone conference call. While people neverchecksyour team channel. commu- @JaneSmith—while interrupting the often talk over each other due to Schedule avideoconferencewhen • Planaphone call • Chat fewest with unnecessary notifica- digital lags on a videoconference, it aphone call would have sufficed, • Email tions. If you need an immediate re- is simpler to figure out who’s talk- and you’ll annoyeveryone who’s • Videomeeting sponse to a general question, use a ing and to signal that you want to Phone exhaustedbyliving lifeonline. • tag—@here on Slack, for example— talk. Howdoyou assessthe relative to alert anyone on that channel But there are definite limitations strengths of your communication who is currently signed in. to the medium. When you add a options,the preferences of col- Connecting If no,doyou want othersin Finally, remember that chat and a video gallery of partici- leagues and your owndigital skills? With Colleagues the officetoweigh in? channel communication pants, there is a lot of stimuli, and Some people arequicker than Youhave something youwantto is more like a conver- an extended video meeting can be otherstofigureout howtoleverage discusswith aco-worker.Should you sation than a file fatiguing. the features of the newtechnologies choose achatplatform likeSlack, cabinet. It And, just like with in-person in platforms such as Microsoft email, one-on-one phone call, or Yes No keeps mov- meetings, the size of the group Teams,Google Workspace, Slack, videomeeting?Based on guidance ing, and it matters. Don’t pack them in virtu- Chat Phone Basecamp andZoom—which can from severalexperts,hereare some • • ally just because you can. “Most questions to ask yourself. • Email • Email cause friction with co-workers who • Videomeeting • Chat meetings should be a minimum of are slower to adapt. three to four, a maximum of some- “Weare expecting people to learn where between seven and 12,” says etiquetteatbreakneck speedsand If no,isiturgent? Mr. Hanssen. then getting frustrated with each Videoconferencing canwork other because we don’t knowhow with alarger group,though, if you we oughttobedoing it,” says Jeffrey have asmall number of presenters Hall, professor of communication If yes, does the conversation Yes No and then allowquestions from the studies at the UniversityofKansas. conveyresourcesthat audience. It helps to have amoder- We asked someexperts about everyone will need in • Phone • Email ator who,for instance, picksques- Chat the strengths and weaknesses of months to come? • tions out of the chatand spells out the mostcommon communication specific times thatheorshe will tools—and the bestpracticestouse. pose them to the speaker.(And, Is it acomplex, time- Yes No consuming conversation? unlikeinasmaller gathering, par- has an ending— ticipants should turn offtheir cam- • Email • Chat messages can get eras,perhaps afterabrief time for • Email lost in a long, fast- socializing,tocut down on the • Videomeeting Yes No moving discussion, and stimuli.) Email a group, your conversations are Eveninthis age with aproliferation email is a • Phone • Chat likely erased by your com- of tools,the old standbyhas afew poor choice,” pany after a certain period. big advantages.For one thing, says Mr. Hanssen. “Instant messaging goes away,” emails almostalwaysget savedand It is difficult to keep says Mr. Johnson. areeasytosearch,which makes track of the thread of in- If no,isitvery urgent? To that end, don ’t rely on Telephone them agood way to sendthings formation and the latest ver- a channel as your sole There are times when it is best to thatneed to be referenced quickly. sions of documents, and if some- access point for im- put the screen aside and get back “If you are sending out someone doesn’t “reply all,” the whole portant docu- to the very basics. thing that is for information only, communication chain breaks down. Yes No Unlike a videoconference, where you still can’t beat email,” says In some cases, it is also impor- looks can matter, you don’t have to • Chat • Chat Brian Hanssen, clinical assistant tant to use email in conjunction nica- • Email make sure your appearance and professor of management commu- with other tools, because messages tions need workspace are camera ready—which nication at the New York Univer- can get lost in a crowded inbox. the richer means a less demanding experience sity Stern School of Business. Mr.Baloch and his team, forin- communication for participants. Does your colleague Likewise, it is easy to attach a file stance, use notonly email but also environments that liketouse the work- The telephone is also still best to a message, making it a good LinkedIn messages and old-fash- telephone and videocon- placechatplatform? for urgent matters that are too choice for distributing documents ionedphone calls formaking ex- ference offer. complicated for messaging or email. or other material. “If I have a new ternal businessconnections.“The Also bear in mind that mes- It is also preferred for sensitive con- employee guide, I am going to recipientisprobably receiving saging can be more disrup- versations that you may not want TO email it,” says Andrew Meadows, many, manyemails,sowetry to tive than email, because Yes No recorded in text on company plat- PHO CK

senior vice president of human re- triangulate through multiple medi- people assume that an an- forms. Knowing your company’s pol- TO sources at Ubiquity Retirement + ums,” he says. swer is needed quickly. “If • Chat • Email icies regarding information reten- IS Savings, which has been operating you are going to interrupt what I ments. It can be difficult to find tion and privacy will help you

remotely and using digital collabo- am doing with a direct message, it them again or to access them from decide. JOURNAL; ration tools for 10 years. should be important,” says David mobile or remote devices. “In general, it is probably safer to REET

In addition, forcontacting Johnson, principal analyst at For- have sensitive discussions over a ST someone outside of your ownor- rester Research Inc. “If it can wait confidential telephone call,” says Mr. LL WA ganization, email is still the pre- Direct message overnight or even a few hours, Johnson. ferred method. It is ubiquitous Sending messages in applications email is probably fine.” /THE

and has norms thatmimic abusi- like Microsoft Teams and Slack is Once you decide that your commu- Videoconference Ms. Oliver is a writer in New York. WEBB nessletter.“In an email, youcan good for asking quick questions, nication is appropriate for messag- Since the pandemic, many people She can be reached at A. expressyourself in away that getting task updates and accessing ing, it is important to identify your have discovered the upside of vid- [email protected]. KEITH P2JW069000-0-R01000-1------XA

R10 | We dnesday, March 10, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | WORKPLACE TECHNOLOGY

• WSJ: In your book, you say that WhereBusiness by 2033, AI and automation will be able to do 40% to 50% of our Is Using AI jobs. How should CIOs prepare? • DR. LEE: Keep in mind, technological progress has always replaced jobs. This one is going to Venture capitalist Kai-Fu But AI can do a much better job in be larger than before. In prepara- Lee identifies some of the aggregating all the data, and also tion for this, as an adviser to the most-prominent early responding consistently by voice, CEO, it would be great if you could examples—and what or by text, through a chatbot in- suggest what is the proper way, terface, email or phone. what is the likelihood that various CIOs need to do to It takes alot of work to build tasks will get replaced, and really prepare for an AI future thatinfrastructure. But to takea work out a way to do it that’s sen- question and provide an answer sitive to employees. And start the and have aconversation, whether retraining. As the jobs go away, BY JARED COUNCIL by text or speech, would be one of help place them in the right new the lower-hanging fruits in an IT in- jobs that they’ve got training for. enture capitalist frastructurethatwould provide Kai-FuLee sees a higher customer satisfaction,a tidalwave of change greaterconsistency and lowercosts. • WSJ: Youencounter alot of coming, causedby startups.Whatkinds of AI inno- the myriad waysin vation areyou seeing? which artificial intelli- • WSJ: Is that a use case that is V gencewill help com- generating meaningful value for • DR.LEE: Well, I’mbasedinChina, panies and organiza- companies? and as youknow, China’s the tions do work moreefficiently. world’sfactory. So Iwould sayin Dr. Lee, chairman and chief ex- • DR. LEE: Certainly. It’s a double- the pastyear,the mostexciting ecutive of Sinovation Ventures edged sword. The more successful things I’ve seen arerobots. We’re and author of “AI Superpowers: you are with your AI, you’re poten- seeing really smart robots advanc- China, Silicon Valley and the New tially replacing jobs and displacing Dr. Lee ing quickly in factoriesand in ware- World Order,” spoke to Wall Street jobs that may cause reduction in says AI is houses.And these robots canhave Journal reporter Jared Council force, so that has to be taken into ‘a double- soft fingers, they canpick up any- about AI and the role of chief in- consideration. I think we all would edged thing. We have robots thatsome- formation officers at the Journal’s prefer to look mainly at the way sword.’ times look likepeople,orour limbs. virtual CIO Network summit. AI increases profit margins rather But moreoften, theylook likema- than focus on job displacement. chines.Sowehave this investment But, by and large, AI is designed to in this giantlaboratoryrobot. It do tasks and things that people sumés coming in, and we want to AI ‘can make completely automatesalaboratory. do. So, more and more significant match those résumés with job de- Whether it’s for Covid testing, portions of the AI tasks will have scriptions and route them to the smartdecisions in or for research, it’s a giant ma- an impact on human jobs. right managers. If you’re thinking many, manyareas. chine. So I think the advancement • WSJ: Across the enterprise land- about AI computer and video in- of machinery, the mechanical engi- scape, what are some of the top teraction, there are products to Customer service, neering, combined with software, AI use cases you see? • WSJ: Deep learning has really screen candidates by AI having a IT,human resources, is pushing the speed of automa- taken off. What are some of the conversation with the person, via finance, sales.’ tion in factories and warehouses. • DR. LEE: AI is an incredibly excit- use cases there that, again, com- videoconference. And then it And that’s an area that I think is ing technology for enterprises. It panies can find value in using? would grade the people based on most suitable for China. can be used in any number of sce- their answers to your questions In the U.S., Covid has made narios and departments. When you • DR. LEE: Deep learning is the pri- that are preprogrammed, as well work from home a very convenient feed a lot of data, it’s able to make mary way in which we do AI or as your microexpressions and fa- matter. And that has digitized the smart decisions, predictions and machine learning. It functions cial expressions, to reflect whether • WSJ: What do CIOsneed to do workflow of employees, which I classifications in many, many areas. quite differently from our brain. you possess the right IQ and EQ to help their companies prepare think will cause an enterprise-level Customer service, IT, human re- We think, if A, then B, if not C, for a particular job. and best harness AI? automation to take place. sources, finance, sales. then D. That is not how AI works. It could be an AI watching a It will become much easier, One example. We get a lot of AI works by presenting it a large salesperson in action, talking to • DR. LEE: You want to under- much more accelerated, for tasks customer calls, and we need to re- amount of data, teaching it the someone else. Then, when the stand the technology, become and jobs to become automated in spond to customer questions and correct answer, and then it would conversation is done, the AI would someone who could answer ques- software in enterprises in the U.S. requests. Currently, it’s largely done learn to do that for new cases. give advice to the salesperson, tions, and become somewhat of The U.S. and China have gone off by people who have access to the It can also be used, let’s say, for “Here’s how you might have done an evangelist. AI means something in kind of twodifferentareas,but J

knowledge database in a company. recruiting. We can have a lot of ré- a better job in closing the sale.” different to every department. both very innovativeand exciting. WS

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