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****** MONDAY,FEBRUARY 1, 2021 ~VOL. CCLXXVII NO.25 WSJ.com HHHH $4.00
Last week: DJIA 29982.62 g 1014.36 3.3% NASDAQ 13070.69 g 3.5% STOXX 600 395.85 g 3.1% 10-YR. TREASURY unch , yield 1.090% OIL $52.20 g $0.07 EURO $1.2138 YEN 104.69 Thousands Arrested in Protests in Russia What’s CEOs Explored News Chevron-Exxon Business&Finance Merger in ’20 xxon and Chevron’s E chief executives spoke about combining the oil gi- Thechief executives of people said. Thediscussions ants after the pandemic Exxon Mobil Corp.and Chevron were described as preliminary shook the world last year, Corp.spokeabout combining andaren’t ongoing but could according to people famil- theoil giantsafter the pan- come back in the future, the iar with the talks, testing demicshook the world last people said. the waters for what could year,according to people famil- Such adeal would reunite be one of the largest cor- iar with the talks,testing the the two largest descendantsof porate mergers ever. A1 waters forwhat could be one John D. Rockefeller’sStandard of thelargest corporatemerg- Oilmonopoly,which wasbro- Hedgefund Melvin, ersever. kenupbyU.S.regulatorsin which has borne the brunt of 1911, and would reshape the en- losses from the recent soar- ergy industry. ing prices of heavily shorted By Christopher M. Acombined company’smar- stocks,lost 53% on itsin- Matthews, Emily Glazer ketvalue could top$350 bil- vestmentsinJanuary. A1 and Cara Lombardo lion. Exxon has amarket value
Citadel Securities, one S of $190 billion, while Chevron’s of the biggest players in
PRES Chevron Chief Executive is $164 billion. Together,they global markets, stands to
TED MikeWirth and Exxon CEO would likely form the world’s benefit from the frenetic CIA Darren Woods discussed a second largest oil companyby
trading of small investors SO mergerfollowing the outbreak market capitalization and pro- in stocks likeGameStop. B1 AS O/ of the newcoronavirus,which duction, producing about seven Amazon is preparing fora decimated oil and gasdemand million barrels of oil and gasa labor battle unlikeanything and put enormous financial day, based on pre-pandemic in its history after having strain on both companies,the PleaseturntopageA2
for years successfully re- ZEMLIANICHENK pelled attempts by its U.S.
employees to unionize. B1 ANDER
Silverprices rallied to ALEX GameStop-Hit Fund CLASH: Police detain a man at a protest against the jailing of opposition leader Alexei start the trading week,fueled Navalny in Moscow on Sunday. Across Russia, police detained some 5,000 protesters. A8 by awaveoffresh enthusi- asm from online traders. B1 Lost 53% in January Anational-security panel hunting forChinese involve- BY JULIET CHUNG horting one another to keep ment in U.S. tech companies Va ccination Delays Put buying GameStopstock and call is scrutinizing startup in- Melvin Capital Management, options. vestments that are months the hedgefund that has borne Thefrenetic trading is al- or even years old. A5 the brunt of losses from the most certain to continue Mon- soaring stock prices of heavily dayand intothe week.Broker- China’seconomy began the Global Rebound at Risk shorted stocks recently,lost ages restricted purchases of newyear on aweaker footing, 53% on itsinvestmentsinJanu- GameStopand other hot stocks as gauges of industrial and BY DREW HINSHAW the planet—including partsof ary, according to people famil- last week,pulling volumes services activities eased more AND MIKE CHERNEY Fighting the Virus Europe, Asia and Latin Amer- iar with the firm. down. But morethan 50 million than expected in January. A18 Biden invites GOP ica—face a longer slog. Melvin’slosses arethe most GameStopshares still changed Timetables forvaccinating senators to White House Places from Germanyto visible wound in an extraordi- handsFriday. Ayear ago, vol- World-Wide enough people to effectively to discuss their smaller Mexico are running into seri- narytussle playing out between umewas just afew million a curb Covid-19 are slipping in aid proposal...... A4 ousproblems sourcing suffi- professional hedge-fund inves- day. On the other side,while many countries,raising fears NFL season turned into cient vaccines.Other countries tors and amateur traderscon- PleaseturntopageA2 Timetables forvaccinat- that alarge portion of the Covid-19 study...... A14 with lowcaseloads areless gregating on forums likeRed- ing enough people to effec- world will still be battling the pressed to start vaccination dit’sWallStreetBets. The Big trader gets a lift from tively curb Covid-19 areslip- pandemic and itseconomic ef- campaigns and aren’t eager to amateurshavemade Melvin online-buying surge...... B1 ping in manycountries, fectswell into2022orbeyond. vaccinating most of their pop- reopen bordersanytime soon. their principal enemyand have Market disrupter first wanted raising fearsthat alarge While the U.S. and some ulations by latesummer, At the current ratesofvacci- gleefully seized the upper hand. to be a track star...... B5 portion of the world will still other mostly small countries health expertsand economists nation, only about 10% of the “Only 47%lefttogo!!” one user Heard on the Street: Gaming be battling the pandemic aremaking progresstoward areconcluding that much of PleaseturntopageA7 posted Sunday. They areex- out retailer’s outlook...... B10 and itseconomic effectswell into2022orbeyond. A1 Health-careworkers who Home Schooling Catches On decline Covid-19 vaccines Facebook Tightens Military are proving to be an unex- pected obstacle to efforts to disseminate the shots Seizes as widely as possible. A7 Control of ‘Groups’ Myanmar’s military took charge of the countryfromits Power in BY JEFF HORWITZ partisanship and even calls for
civilian-run government, amid JOURNAL violencethat inflamed the coun- reportsthat the country’sci- Facebook Inc.in2019 rede- tryafter the election. REET Myanmar vilian leader Aung SanSuu ST signed itsflagship product to Thechanges,which Facebook Kyiand other membersofher LL center on what it called Groups, escalated afterthe Jan. 6riot at party were detained. A1 WA forums forlike-minded users. the U.S. Capitol, involveover- Myanmar’s militaryleader THE
Biden invited agroup of Re- Chief ExecutiveMark Zucker- hauling the mechanics of a R has seized powerfromits ci- publican senatorstodiscussa bergcalled them the new“heart product that wasmeant to be FO vilian-run government, accord- coronavirus relief bill after of the app.” central to itsfuture. ing to astatement broadcast
they proposed a$600 billion Nowthe social-networking Facebook executives were MEDLEY on an army-runtelevision sta- plan and as Democratspre- giant is clamping down on aware foryearsthat tools fuel- TE tion, aftercivilian leader Aung KA pared to advancethe initial Groups.The effort began after PleaseturntopageA10 Fueledbyfrustrations with remote learning during the pan- SanSuu Kyiand other mem- $1.9trillion package. A4 Facebook’sown research found demic,some families aretrying to do it on their own. A3 bers of her party were de- that American Facebook Groups Trump donor, Alex Jones tained in amorning raid. Therally in Washington’s became avector forthe rabid facilitated rally...... A6 Ellipse that preceded the Jan. 6riot at the Capitol wasar- By Niharika Mandhana ranged and funded by asmall and Feliz Solomon in group including atop Trump When Netflix Doesn’t Feel Chill, Singapore and Sabrina campaign fundraiser and do- U.S. ParentsSearch Siddiqui in Washington nor facilitated by far-right Try an Old-School TV Channel The coup marks a major show host Alex Jones. A6 iii ForaSon Lost in Syria setback to the country’stransi- Police detained thou- tion from militaryrule to de- sands of protesterswho had Choice is mentallyexhausting,‘Baywatch’ mocracy, which began about a taken to the streets across decade ago. Russiatosupport opposition reruns arenot; ‘path of leastresistance’ Sam Goodwin was on a quest to visit every TheU.S.and human-rights politician AlexeiNavalny. A8 groups called on the military country; he was snatched during call home Sundaytoadheretodemo- BY CHRIS KORNELIS what I’m in the mood for,” he craticnorms,and the White CONTENTS Outlook...... A2 says.“If I’m just dropping into BY DION NISSENBAUM ing week,intime to take a House threatened unspecified Arts in Review... A13 Personal Journal A11-12 BusinessNews...... B3 Sports...... A14 Kyle Dallmann, a23-year-old the TV show, it doesn’t really seat at the Stanley Cup Final action. Crossword...... A14 Technology...... B4 nurse in Mankato, Minn., re- givemethat option to pick Elizabeth Goodwin wason and see his St.Louis Blues Themilitaryhas long domi- HeardonStreet... B10 U.S. News...... A2-7 cently discovered achannel on what Iwant to watch. It kind of aMemorial Daygetaway in playthe Boston Bruins. nated in the Southeast Asian Markets...... B9 Weather...... A14 the PlutoTVstreaming ser- takesthat guessing of what I’m 2019 when she gotaFace- He held up his phone to country, and tensions have Opinion...... A15-17 World News...... A8,18 vicethat shows nothing but in the mood forout of the Time call from her son Sam. givehis mother apanoramic been rising fordays over aNo- back-to-back episodes of the equation.” He wasinSyria,nearing the viewofaSyrian roundabout vember election that Ms.Suu > teen drama “Degrassi: The Theera of on-demand tele- end of ayearslong quest to that surrounded atowering Kyi’sparty wonbyalandslide. Next Generation.” He just vision and streaming has given visit all 193 countries in the statue of former President Thearmy-backed opposition clicked on the channel and got everyone endlesschoices to world. Hafez al-Assad. Ms.Goodwin party called the election, only on board. It consumed an en- pretty much watchwhatever Mr.Goodwin, aone-time later said she heardsomeone the second truly contested and tire dayoff work. they want, whenever they collegehockey playerfrom shout at him, and her son democratic vote sincethe end s 2021 Dow Jones & Company, Inc. All Rights Reserved “Sometimes Inever really want. It’sexhausting. St.Louis,had aplane ticket say, “I’m talking to my mom.” of militaryrule,fraudulent. know what Iwant to watchor PleaseturntopageA10 back to Missouri the follow- PleaseturntopageA8 PleaseturntopageA6 P2JW032000-5-A00200-1------XA
A2 | Monday, February 1, 2021 ***** THE WALL STREET JOURNAL. U.S. NEWS
THE OUTLOOK | By Harriet Torry ECONOMIC CALENDAR
Cashless Future? Don’t Bank on It Monday:The Institutefor Supply Management’smanufac- turing index forJanuary is ex- PeterCof- adebit card or PayPal ac- Currency in circulation, monthly average December 2020 to have their everyswipe or pected to show U.S. factory ac- fey, an adver- count. $2.07trillion click tracked. tivity continued to expand, tising copy- “A central theme of $2.0 trillion Arecent study by Visa Inc. though perhapsataslowerpace writer,has Covid-19 is thingsthat would found that 24%ofU.S.con- than earlier months. Separate used cash just have takenfiveyearsare tak- sumerssaid they would re- surveysofpurchasing managers oncesincethe ing five months,and it’sare- sume their old payment at factories in Asia and Europe 1.5 Covid-19 pandemic started— inforcing of existing trends. methods afteravaccine is arelikely to reflect the sector’s to buy aused car. It’sthe same with cash,” said widely available. relativestrength,though January When the health crisis be- Kenneth Rogoff, aHarvard figures could be weaker than ear- gan, he set up his smart- University economist. he U.S. is unlikely to lier in the winter. 1.0 phone’stap-to-payfunction Around the world, fearsof allowmost businesses Tuesday:The eurozone econ- with acredit card.“Some infection have driven an in- T omy likely contracted in the final to abandon cash pay- places weren’t accepting crease in contactlesspay- mentsbecause of concerns quarter of 2020 amid rising cash. Ijust gotintothe habit ments—electronic payments 0.5 about consumerslacking ac- Covid-19 cases and tighterre- of never even thinking about likeApple Payand tap-to-pay cess to or familiarity with strictions on consumer activity. cash,” he said. offeringsthat avoid even digital payment methods. While the drop in grossdomestic Mr.Coffey,a28-year-old swiping or inserting cards— These include senior citizens, product probably won’tbeasbad who is working remotely according to credit-cardcom- 0 undocumented immigrants, as in the spring, weaknessatthe from Tucson, Ariz., said he panies.Contactlessasashare people who can’t qualifyfor end of 2020, combined with con- expectstocontinue using of in-person transactions 2001 ’10 ’20 credit cardsoraffordsmart- tinued spread of the virus and a touchlesspayment technolo- grew at least10% in more Source:Federal Reserve phones,and the millions of slowvaccine rollout, bodes ill for gies afterthe pandemic.“It’s than 80 marketsfor Master- households that lack bank ac- the open of 2021. great, the amount of times card Inc.in2020,driven by e-commerce by about four or ments—due to the pandemic counts. NewYork City,Phila- Wednesday:The Institutefor I’vegone to the storeand re- demand forincreased speed five years, said Marion La- requires effort and learning delphia, NewJersey and San Supply Management’sservices in- alized Idon’t have my credit and safety,Chief Executive boure, aDeutsche Bank econ- by both consumersand re- Francisco have passed legis- dex is expected to showthat card.It’sfine—I just tapwith Michael Miebach said on an omist. Americans’ use of cash tailers, she said. lation requiring most stores U.S. service-sector activity ex- my phone.” earningscall Thursday. wasgradually declining for Still, while shoppers’ em- and restaurantstoaccept panded in January despiterising He and manyother U.S. years as they embraced braceofdigital commerce cash. Covid-19 cases and targeted re- consumersare shunning cash he shifttomoreelec- credit and debit cards, mo- looks likely to last, econo- Meanwhile,people still strictions. Separatesurveysof foranumber of reasons,in- tronic paymentscould bile wallets, online transfers mistssay it is toosoon to liketohavephysical dollars purchasing managers in Asia and cluding convenienceand a T and apps.They used cash in knowifU.S.consumers’ shift Europe will likely showanother spur consumer spend- and cents. Although people in desiretoavoid bills and coins ing,giving economic growth 26% of all paymentsin2019, to cashlesspaymentswill as the U.S. were using cash less contraction in activity. as potential sourcesofcoro- aboost, oncewidespread down from 40% in 2012, ac- well, forseveral reasons. in transactions,they were Thursday:The Bank of Eng- navirus transmission. In the Covid-19 vaccinations enable cording to the Federal Re- To start, U.S. household holding moreofitasastore land is likely to downgrade its same way the Covid-19 pan- afuller economic recovery, serve’s annual look at pay- spending overall remains be- of value, the MayFed survey forecastfor the U.K. economy demic has changed the ways analystssay.When shoppers ment habits. lowits pre-pandemic level. found. and could offer newinsighton we work,shop and socialize, paywith plastic,they tend to AFed survey,conducted in As spending rebounds,so Thedemand forU.S.cur- the possibilityofnegativeinterest it has also shiftedthe way spend more. May, found that 28% of re- might cash payments. rencyhas boomed globally ratesaspart of astimulus tool manypeople payfor things. ADeutsche Bank survey in spondentssaid they were Also,much of the shift sincethe pandemic began. kit—though no move on ratesor Digital retail sales were up January2020 found that 43% avoiding using cash,while wasforced. Businessclosures U.S. currencyincirculation— asset purchases is expected. 37% in the thirdquarter,sea- of Americans tend to think 70%said they weren’t. and other restrictions pushed paper bills and coins in the Friday:U.S. employers areex- sonally adjusted, from the lessabout the amount they “Consumer paymentsisa much shopping online.Itis hands of the public—had pected to have added jobs in Jan- same period ayear earlier, spend when using acard, and habit, likethe way youliketo unclear whether people will jumped to $2.07 trillion in uary,which would be awelcome according to the Commerce 36% think lessabout the drink your coffee in the readily reach forbills and December from $1.8trillion turn after December’s decline in Department. Cash wasn’t an amount when using adigital morning,” said ClaireGreene, coins again oncemorewide- in January2020.Inthe same payrolls.Forecasts, however, option forthose payments: wallet. an expert on paymentsatthe spread vaccinations enable period of 2019,the amount of range widely,reflecting broader Spending online or using an Thepandemic has acceler- Federal ReserveBank of At- them to return to stores. cash in circulation rose far uncertainty while the country app likeUber Eatsrequires ated the decline in cash pay- lanta. Adopting newpayment Some consumers’ privacy less, to $1.79 trillion from struggles to controlthe Covid-19 an electronic method such as mentsand the movetoward habits—likecontactlesspay- concerns makethem hesitant $1.71 trillion. pandemic.
but ashort position in companies to reducethe risk in tertainment HoldingsInc.and Fund Had GameStopCorp.hurt the firm theirportfolios,hurting other BlackBerryLtd.intothe ranks in recent weeks. Losses ex- investorsinthose companies. of the most traded stocks in the tended beyond GameStop,with Last week alone,GameStop U.S. market and captured the 53% Loss declines coming from through- shares soared morethan four attention of the WhiteHouse out itsportfolio during aperiod times. andregulatorsalso hit promi- of market turmoil in January. “The performancepain…has nent hedgefunds Point72and In January Positions in which Melvin had been record breaking,” read a D1 Capital Partners. publicly disclosed owning put notefromMorganStanley to D1, which ended the month options—bearish contractsthat itstrading clientslast week. down about 20%, wasshort ContinuedfrompageA1 typically profit as stocks fall—in Indeed, hedgefunds set AMC and GameStop, people fa- S Melvin has ceased betting itslast quarterly regulatoryfil- near-daily recordsofvarious miliar with the fund said. One NEW
against GameStop, and other G ing soared, while positions in sortslast week forhow much of the people said D1 had exited funds have exited or trimmed companies it held sold off. they pulled back their exposure from both positions by theirbets, the stock remains Bed Bath &BeyondInc., New to the U.S. stock market by cov- Wednesdaymorning but that OOMBER heavily shorted. York-listed Chinese tutoring ering their shortsand selling those were small driversof
Melvin wasfounded by Gabe YNN/BL companyGSX Techedu Inc.and outoftheir wagers on compa- losses.Shares of travel-related
Plotkin,aformer star portfolio FL National BeverageCorp.wereup nies,according to client notes companies declining were an-
manager forhedge-fund titan ALEX 78.4%, 62%and 99% at their in- from MorganStanley and Gold- otherfactor. Steven A. Cohen.Itstarted the Gabe Plotkin, chief investment officer of Melvin Capital traweek highs last week,respec- man Sachs Group Inc.On Some fund managerssaid year with about $12.5billion tively.Meanwhile,Booking Hold- Wednesday, this type of de- the episode is likely to change and nowruns morethan $8 bil- of the losswas unclear Sunday. They also said thecom- ingsInc.and Expedia Group Inc. grossing contributed to the howthe industryworks. lion. Thecurrent figure in- Citadel’sMelvin investment had pany’sposition-level liquidity, were down 9.9% and 13.4%at largest one-daydropinfunds’ Fewerhedgefunds arelikely cludes $2.75billion in emer- an “immaterial” impact on its or itsability to jettison securi- their intraweek lows. use of leverageonrecord, a to highlight their bearish posi- gencyfunds Citadel LLC,its flagship multistrategyhedge ties in itsportfolio easily,had Traderssaid as GameStop Goldman notesaid. tions by disclosing put options, partnersand Mr.Cohen’s funds,said aperson familiar increased significantly. continued to soar—from $30 to MaplelaneCapital,another they said. Instead, funds might Point72Asset Management in- with the Chicagofirm. Newand existing clients $75and higher—therewas a hedgefund that has sustained use Securities and Exchange jected intothe hedgefund on Melvin has massively de- have signed up to invest money contagion effect. Managerslost significantlosses this month, Commission rules to keep con- Jan. 25. risked itsportfolio,aclient said. intoMelvin on Monday, accord- confidencethat short positions endedJanuarywith aroughly fidential those positions,atool As part of the deal, they got People familiar with the hedge ing to the people familiar with would stop rising in value and 45% loss, aperson familiar with activist investorshavelong noncontrolling revenue shares fund said itsleverageratio—the thematter. It wasunclear how coveredheavily shorted names, thefund said. It managed about used to build positions in com- in Melvin forthree years. So value of itsassetscompared much they would be adding. worried social- media-fueled in- $3.5 billion at the start of the panies quietly.Morefunds also far,Citadel, itspartnersand with itscapital from investors— Melvin had established itself vestorswould focus on compa- year. might instituterules about Point72havelost money on the wasthe lowest it has been since in recent yearsasone of the nies they were short. They also Thefrenetic trading that avoiding thinly traded, heavily deal, though the precise scope Melvin’s2014start. tophedgefunds on Wall Street, started cutting their stakes in catapulted GameStop, AMC En- shorted stocks.
countryfaces.InOctober,Mr. billion takeover of Noble En- by Vodafone AirTouch PLC in steps,which were further exac- report afourth consecutive Oil-Giant Biden, aDemocrat, said he ergy Inc.and ConocoPhillips’ 2000,according to Dealogic. erbated by the pandemic.Ithas quarterly lossfor the firsttime would push the countryto roughly $10 billion takeover of Manyinvestors, analystsand been eclipsed as aprofitengine in modern historyonTuesday “transition away from the oil Concho ResourcesInc., but energy executives have called by tech giantssuch as Apple andalready has posted more CEOs Had industry.” He hasn’t been as vo- nothingclose to the scale of forconsolidation in the belea- Inc.and Amazon.comInc., and than $2 billion in losses calabout antitrust matters,and combining SanRamon, Calif.- guered oil-and-gas industry, ar- was removed from the Dow through the firstthree quarters the administration has yetto based Chevron and Irving, guing that cutting costsand Jones Industrial Average last of 2020. Merger Talk nominatethe JusticeDepart- Texas-based Exxon. improving operational efficien- year forthe firsttime sinceit Chevron also has struggled, ment’s head of that division. Such adeal would signifi- cies would help companies wasadded as StandardOil of reporting nearly $5.5 billion in One of the people familiar cantly surpassinsizethe me- weather thepandemic-induced NewJersey in 1928. 2020 losses on Friday. But in- ContinuedfromPageOne with the talks said the sides gamergers of the late1990s and downturn and preparefor an Itsmarket capitalization is vestorshaveexpressed more levels,second only in both might have missed an opportu- early 2000s, which included the uncertain futureasmanycoun- nowabout one-quarter that of faith in Chevron because it en- measures to Saudi Aramco. nity to consummatethe deal combination of Exxon and Mo- tries seek to reducetheir de- electric-car maker Tesla Inc., teredthe downturn with a But amergerofthe two under former President Donald bil and Chevron and TexacoInc. pendence on fossil fuels. whichhas amarket value of stronger balancesheet—in part largest U.S. oil companies could Trump,aRepublican whose ad- It also could be the largest In an interviewdiscussing about $752 billion. because it walked away from encounter regulatoryand anti- ministration wasseen as more corporatetie-up ever,depend- Chevron’s earningsFriday, Mr. Exxon’sshares have fallen its$33 billion bid to buy Ana- trust challenges under the Bi- friendly to the industry. ingonits structure. That dis- Wirth, who likeMr. Woods also nearly 29%overthe last year, darkoPetroleum Corp.before den administration. President Ahandful of sizable oil and tinction nowbelongstothe serves as his company’sboard while Chevron’sare down the pandemic,having been out- Bidenhas said climatechange gasdeals were completed last $181 billion purchase of German chairman, said that consolida- about 20%. Chevron briefly bid by Occidental Petroleum is one of the biggest crises the year,including Chevron’s$5 conglomerateMannesmann AG tion could makethe industry topped Exxon in market capi- Corp.in2019. moreefficient. He wasspeaking talization in the fall. Exxon has about $69 billion generally and not about apos- Exxon endured one of its in debt as of September,while THE WALL STREET JOURNAL CORRECTIONS sible Exxon-Chevron merger. worstfinancial performances Chevron has around $35 billion, (USPS 664-880) (Eastern Edition ISSN 0099-9660) “Asfor largerscale things, ever in 2020.Itisexpected to according to S&P Global Market (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) AMPLIFICATIONS it’shappened before,” Mr. Intelligence. Editorial and publication headquarters: Wirth said, referring to the Stock performance Some investorshavegrown 1211 Avenue of the Americas, NewYork, N.Y. 10036 1990s and early-2000s mergers. increasingly concerned about Chevron Published daily except Sundays and general legal holidays. Steven A. Cohen is the “Time will tell.” Exxon’sdirection under Mr. Periodicals postage paid at NewYork, N.Y.,and other mailing offices. head of hedgefund Point72. Paul Sankey,anindependent Exxon Mobil Woods as the companyfaces a Postmaster:Send addresschanges to The Wall Street Journal, An article in some editions on analyst who hypothesized a rapidly changing energy indus- 50% 200 BurnettRd., Chicopee, MA 01020. Saturdayabout individual in- mergerofChevron and Exxon try. Some arealso worried that AllAdvertising published in The Wall Street Journal is subject to the applicable vestorsshut out of online trad- in October,estimated then that Exxon might have to cut its ing incorrectly gavehis first the combined companywould hefty dividend, which costsit rate card, copies of which areavailable from the Advertising Services Department, 25 DowJones &Co. Inc.,1211 Avenue of the Americas, NewYork, N.Y. 10036. The name as David and incorrectly have amarket capitalization of about $15 billion annually,due Journal reserves the rightnot to accept an advertiser’s order.Only publication of identified the fund as Point 72. about $300 billion and $100 to itshigh debt. Manyindivid- an advertisementshall constitutefinal acceptanceofthe advertiser’s order. billion in debt. Amergerwould 0 ual investorscount on the pay- Letters to the Editor: Fax: 212-416-2891; email: [email protected] Noticetoreaders allowthem to cut acombined mentsasasource of income. Need assistancewith your subscription? Wall Street Journal staff $15 billion in administrativeex- Mr.Woods embarked on a By web: customercenter.wsj.com; By email: [email protected] membersare working remotely penses and $10 billion in an- -25 plan in 2018 to spend $230 bil- By phone: 1-800-JOURNAL (1-800-568-7625) during the pandemic.For the nual capital expenditures,he lion to pump an additional one Reprints &licensing: foreseeable future, please send wrote. million barrels of oil and gasa By email: [email protected] reader comments only by Exxon wasthe U.S.’s most -50 dayby2025.But beforethe By phone: 1-800-843-0008 email or phone,using the con- valuable companyseven years pandemic,production wasup WSJback issues and framed pages: wsjshop.com tactsbelow, not via U.S. Mail. ago, with amarket value of only slightly.InNovember, morethan $400 billion, nearly -75 Exxon retreated from the plan Our newspapers are100% sourcedfromsustainably certified mills. Readers can alert The Wall Street double Chevron’s. But Exxon andsaid it would cut billions Journal to any errors in news articles 2011 ’15 ’20 GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS by emailing [email protected] or has fallen from itsheights fol- of dollarsfromits capital by calling 888-410-2667. lowing aseries of strategic mis- Source:FactSet spending. P2JW032000-0-A00300-1------XA
THE WALL STREET JOURNAL. Monday, February 1, 2021 | A3 U.S. NEWS More Parents Shift to Home Schooling
Fueled by pandemic figuresavailable,compared as the shiftfromanagrarian with 88% forpublic and charter society to an industrialized one frustrations, some see schools and 9% forprivate did acenturyago. One-room, a practicality in taking schools,according to the Na- hyperlocal schoolhouses gave tional Center forEducation Sta- way to astandardized public- full control of learning tistics. school system,hesaid. But as the coronavirus pan- This time,hesaid he expects BY VALERIE BAUERLEIN demic upends the school year, parentswho have been forced datafromseveral states shows, to be morehands-on with their As parentsgrowincreasingly moreparentsdecided forprac- children’sschooling to continue frustrated with remotelearning tical reasons to take control of to want to do so.That doesn’t during the pandemic,some are their children’scurriculum and mean an en masse moveto deciding to pull their children schedule. home schooling,hesaid. out of school and tryteaching SandraCox said her family Rather,itmeans aproliferation on their own. stuckwith virtual learning for of options beyond public,pri- In North Carolina, the state’s last spring and this past fall be- vate or home schooling and home-school monitoring web- cause they lovetheir neighbor- moreability to shiftbetween site crashed on the firstday of hood schools in Garner,N.C., a types. Parentscould take chil- enrollment, and morethan Raleigh suburb. dren overseas forayear and 18,800 families filed to operate “They were having to build getschool support to do so,for ahome-school from July 1to the ship as we go,” she said, of instance. Jan. 22—morethan double the the sudden shifttoremote “Weare in amajor shift school-year before, according learning last spring.“But after from howwethought about to the stateDivision of Non- they built the ship? It still teaching children and running Public Education. In Connecti- wasn’t floating.” schools for100 years,” Dr.Mur- cut, the number of students Over Christmasbreak,Ms. physaid. wholeftpublic schools to be Coxsaid she and her husband It isn’tclear howlong new home-schooled jumped fivefold decided to rejiggertheir work home-schooling families will this school year,to3,500.In schedules,pick acurriculum stick with it oncepublic schools Nebraska, the number of home- and start home schooling their fully reopen. Home-schooling schooled studentsjumped 56%, 12-year-old daughter,Sierra, advocatessay it is fairly com- to 13,426,according to stateed- and 7-year-old son, Dwight Jr., monfor some families to quit ucation officials. who had been increasingly afterthe firstyear or as stu- “The vast majority [of par- frustrated and bored. dentsget older and parents ents] aresaying,‘We’vebeen Ms.Cox,who teaches eve- find they feel underqualified. really trying to do what the ning sewing lessons at her Newhome-schooler Sandra schools areasking us to do,but store, said she spent arecent Kim said she and her husband we just can’t do this any- morninghelping her daughter chosetheir house in Loudoun more,’ ” said J. Allen Weston, memorizemultiplication tables, County,Va., based on itsprox- executivedirector of the Na- askill prized in Ms.Cox’s youth imity to strong public schools
tional Home School Associa- but lessemphasized in public KIM fortheir three children.
tion,which has been fielding schools now. Forher son, she ON Last year Ms.Kim took a
inquiriesonthe topic. has enlisted her sister-in-lawin EW communications job with the Home schoolinginthe U.S. Florida to giveJapanese-lan- A Home School LegalDefense As- NDR
has accounted forasmall por- guagelessons via Zoom. SA sociation, an advocacygroup, tion of allschooling sincethe “It’sgoing great so far,” she Since the fall, new home-schooler Sandra Kim (not shown) and her husband have been teaching and said the pandemic plus the 1970s, but it has been growing said, then laughed. “Ask me their children at home, here around the dining-room table, in Loudoun County, Va. home-schoolersshe met there from atraditional base of edu- again in three months.” helped her make“aleap of cation reformersand religious Public-school advocates say specializing in civil rights, dizes children’srightsto“learn seph Murphy, who studies faith” and start home schooling conservatives to families wor- they worryhome schooling is called for“apresumptiveban” thingsthat areessential for home schooling,said thereis last fall. ried about issues such as bully- isolating forchildren and lacks on home schoolinginvirtually employment and forexercising scant evidenceofabuse or Home schooling is great, she ing and violence. Home school- safeguards to ensureabasic allcircumstances last year in meaningfulchoices in their fu- widespread negativeoutcomes. said, but “it’salso ahot mess. ing represented 3% of students education. Elizabeth Bartholet, the Arizona LawReview.She ture lives.” He said he expectsthe pan- Youhavethat feeling of ‘Are we nationallyin2016,the latest aHarvardLaw School professor said home schoolingjeopar- Vanderbilt University’s Jo- demic to disrupt schooling just doing enough?’” Drug Stoppagefor aRare Disease Deals aSetback
BY AMY DOCKSER MARCUS thedrugwould extend their obstacles that stand between children’s lives. early research and FDAap- Along-running effort to de- In communications with the proval.Drugdeveloperscall velop atreatmentfor afatal parents, Mallinckrodt said the this the “valley of death.” genetic disease suffered aset- calculus had changed. “We In the case of NPC, parents back last month when Mall- cannot clarify the benefit, so worked closely with scientists inckrodt PLC said it would the only other side of the to bridgethe divide.The Na- stop development of the drug. equation is safety concerns,” tional Institutes of Health said Thenewswas ablowto said Steven Romano, the com- in 2010 it would develop a families of children with Nie- pany’sexecutivevicepresident form of cyclodextrin to see if
TERLIND mann-Pick Type C disease, or and chief scientific officer. it waseffectiveagainst NPC,
WES NPC, who helped driveand Manyofthe parentsdis- taking on arole that compa- fund research for the drug in agreed, pointing to their chil- nies usually playindrugde-
ANDREA hopes of getting acompanyto dren’sexperiences as evi- velopment.Early resultswere Andrea Westerlind, who started her business in New York City, opened this store in Millerton, N.Y. take on itsdevelopment.Some dence. promising. of the children have been tak- “I was heartbroken when I Mallinckrodt had consid- ing the drug for years. read the letter,” said Pam An- ered stopping the adrabetadex City Dwellers Seeking Peace The latest twist in the fate drewsofAustin, Texas,the program last summer.“We did of the drug—which Mallinck- mother of two girls with NPC not see apractical way for- rodt calls adrabetadexbut has who getadrabetadex. “I see it ward,” Dr.Romano said. The In Small Towns Find Prosperity been known by various other as ahugepublic-health failure 52-week trial failed to show names as it changed hands that we don’t have alessardu- the drug worked: Therewas amongdrugmakers—illus- ous path forverysmall dis- no differenceinthe progres- BY NICOLE FRIEDMAN long lingered are now selling Much of the newactivity is trates thesteep scientific, ease groups.” sion of thedisease between fast, real-estate agents say. in Hudson Valley towns that clinical and financial chal- There are more than 7,000 the two groups,and additional Andrea Westerlind decided While the overall number of already cateredtowealthy lenges that oftenstymie ef- rare diseases,most of which analysis didn’t indicate bene- in Maythat she needed to transactions is still modest, weekenders, said LeonardNe- fortstoget promising thera- lack effective therapies. Con- fit, Dr.Romano said. But the leave NewYork City afterloot- activity haspicked up in re- varez, asociologyprofessor at pies outofthe lab and into gresshas authorized financial FDA“asked us to essentially erssmashed the windows at cent months. As of late Janu- Vassar Collegewho lives in patients with rare diseases. incentives in an effort to en- think about whether we might her apparel and home-items ary, 30 commercial real-estate Rhinebeck,N.Y., and has stud- Scientists, regulators and couragedrugmakerstode- reconsider and submit the store in Manhattan. sales were pending in Colum- ied the region’s changing de- families all playedcrucial roles velop therapies for them, de- data,” he said. Shemoved her company’s bia County,Greene County and mographics. advancing the drug and hoped fined as those that affect An FDAspokesman declined operations to Millerton, N.Y., northern DutchessCounty, Increased foot traffic in the Mallinckrodt would ultimately 200,000 or fewerpeople in the to comment on the matter, buying atwo-storyretail said RajKumar of Select So- town centerscould be an eco- gain Food and Drug Adminis- U.S. saying the agencydoesn’t dis- building foranew shop and theby’s International Realty. nomic boon, he said, but some tration approval to treat NPC, But manycompounds that cussproductsindevelopment purchasing a home nearby in That is asizable number for of the newbusinesses could be afatal cholesterolmetabolism showpromise in the lab never because the information is western Massachusetts. With these towns,and morethan unaffordable to longtime resi- disorder that leads to loss of make it through the gantlet of confidential. businessnow thriving,she dents. “Who arethe new mobility,speech and the abil- says she has no plans to move stores and the newrestaurants ity to swallow. When NPC is Sisters Belle, back to the city. ‘There’s amazing for?” he said. “It’safamiliar diagnosedinchildhood, pa- left, and Abby “There’samazing energy up complaint.” tients typically don’t live be- Andrews, of here, and thereare so many energy up here, and The 24 commercial listings yond their teens.Thereare an Austin, Texas, young people,” she said. “In there are so many in contract forLitchfield estimated 500 cases of the have Niemann- sixmonths Iwill have done County properties aremore disease world-wide. Pick Type C moreretail sales than Iwould young people.’ than triple the number that Mallinckrodt said it was disease. The normally do in awhole year in closed in thefirst quarter of dropping adrabetadex, amem- experimental two locations in the city.” 2020, according to Elyse Har- ber of a family of compounds drug theyhave Small towns within afew neyReal Estate. Manyare go- called cyclodextrins,because been taking for hoursofNew York City be- four times the number of com- ing to ex-NewYorkerswho risks associated with the S this disorder is came hot destinations last mercial sales that closed in came to work remotely and treatment outweigh the poten- being dropped
spring and summer for the first quarter of 2020. decided to stay,said broker El- tial benefit. Thecompany’san- ANDREW by its M
wealthyurbanites.They de- “Wehavepeople with much yse Harney Morris. nouncement in aJan. 20 letter PA developer. camped to their second homes higher incomes that are mov- “Most of them have bought not only shocked patients’ or looked to rent or buy ing up here,” he said. “That’s houses and noware looking, families but also raised ques- houses with more space than whycommercial real estateis going, ‘OK, if I can work here tions about why, despiteyears Other Treatments lation. The FDA suggested that they had in their apartments. so attractivenow,because and put my children into of community effort and input the company set up a two- Manyreturned to the city in stores will actually make school here, what else?’ ” she from regulatorsand govern- Still Being Pursued year study. The company thelatesummer when their money.” said. “With morepeople up ment officials,getting drugs agreed. “We have learned from children’sschools restarted Investing in a store or res- here full time,weneed more forrarediseases over the fin- the failures of others,” said Dr. and the coronavirus infection taurant is still along-term bet, amenities,moreofficespace.” ish line remains such adiffi- Other companies besides Sharon Hrynkow, the com- rate dropped. especially as pandemic-related Otherssay that investing in cult task. Mallinckrodt PLC continue to pany’s chief scientific officer. Yetasmall but growing restrictions remain in place. local real estatemakes them Mallinckrodt said it would pursue therapies to treat Nie- Mallinckrodt said it plans to number areputting down JoeSchaefer bought a feel moreathome.Lauren continue to makethe drug mann-Pick Type C disease. share it adrabetadex data at rootsintowns that many mixed-use building in 2019 in Goldbergand her family are available to eligible patients The Food and Drug Admiis- scientific conferences, adding it would have considered only as Lakeville,Conn., with only two buying amixed-use property untilOctober.The company tration is reviewing trial results is open to licensing the drug to weekend getaways before the of the five unitsoccupied. that houses acaterer and said it recognized the com- involving Orphazyme AS’s drug another entity that might want pandemic.These transplants Nowitisfull, he said, with a brewery in Kingston, N.Y. They plexities of caring forpatients arimoclomol. IntraBio said its to take on its development. areopening shops,renting of- waiting list. moved from Brooklyn in and wanted to givefamilies NPC drug trial showed im- Cindy Parseghian of the ficesand transforming aging “It’saflood likewe’ve March to their weekend home time to discuss next steps be- provements in symptoms, and Ara Parseghian Medical Re- inns into chic hotels, eager to never seen,” he said. He re- in the Hudson Valley. fore stopping the treatment. the company is in discussions search Fund at the University recreatetheir old businesses called watching astream of “There’ssomething appeal- Children taking the drug with the FDA. of Notre Dame, who lost three or try new ones. NewYorkersmovetohis Con- ing about the scale of operat- cansuffer hearing lossasa Cyclo Therapeutics Inc. said children to NPC, said the com- Officespaceand other com- necticut town following the ing businesses up here, versus side effect. But parentsprevi- it expects to start enrolling pa- munity might step in. “We will mercial properties in the Hud- Sept.11, 2001, terrorist at- in the city,” Ms.Goldbergsaid. ously told the FDAthat they tients this year in a clinical trial explore every single option out son Valley and nearby Litch- tacks, but said the current in- “It feels likewe’regoing to be- were willing to accept that of its own cyclodextrin formu- there,” she said. field County,Conn., that had flow is bigger. come apart of the community.” risk in exchange for a chance P2JW032000-4-A00400-17FFFF5178F
A4 | Monday, February 1, 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 President Invites GOP Lawmakers
WASHINGTON—President with House Speaker Nancy Biden invited agroup of Repub- Pelosi (D., Calif.) and SenateMa- lican senatorstodiscussacor- jority Leader Chuck Schumer onavirus relief bill afterthey (D.,N.Y.), said the statement proposed a$600 billion plan, from WhiteHouse presssecre- as Democratsprepared to ad- tary JenPsaki. She said that Mr. vancethe WhiteHouse’s$1.9 Biden is “gratefulthat Congress trillion packagewithout GOP is prepared to begin action” on support. the administration’spackage. On Sunday, the Biden admin- GES
By Kristina istration showednosigns of IMA Peterson, Kate backing off its$1.9trillion price
Davidson tag, with key economic advisers GETTY and Chad Day appearing on several television showstotout the need forthe
Mr.Biden issued the invita- relief bill. MODEVILLA/
tion to the 10 Republican sena- Brian Deese,Mr. Biden’stop SO
tors,asking they come to the economic adviser,said the CHIP WhiteHouse early this week WhiteHouse is reviewing the Sen. Patrick Leahy, left, with new Georgia Democratic Sen. Raphael Warnock at the Capitol last week. fora“full exchangeofviews,” Republicans’ letterand is willing the WhiteHouse said in a to discussways to makethe re- statement Sundayevening.It lief packagemoreeffective. Juror Takes Gavel in Senate Trial said Mr.Biden made the invita- Mr.Deese,responding to tion in aconversation with Sen. questions on two Sundaymorn- Susan Collins (R., Maine), who ing news shows,declined to say BY SIOBHAN HUGHES good deal of leeway.Simply helped organizethe Republican whether the $1.9trillion spend- Trump Taps Two County, Pa. His brother, Steve, ruling it out of order would be proposal. inglevel is negotiable and sug- WASHINGTON—Sen. Patrick served as minority counsel in aprettyforcefulstep.” In aletterSunday, the Re- gested that delaying relief would Leahywill become the firstper- Defense Lawyers Mr. Trump’s first impeachment Mr.Leahy, who declined a publican senatorsasked to worsen the pandemic and itsef- son to preside over the im- inquiry. request foraninterview, has meet with Mr.Biden to present fectsonthe economy. peachment trial of aformer The previous lead lawyers takenanoath to do impartial “Ifwedon’t act nowthe cost president next month, putting Former PresidentDonald forMr. Trump’sdefense—South justicebut hasn’t commented of that is going to be greater theVermont Democrat in the Trump said twonew lawyers Carolina attorneys Butch Bow- morespecifically on his ap- The proposal by 10 going forward,” he said on thorny position of having to will lead his defense at his Sen- ers and Deborah Barbier—left in proach to the trial. CNN’s“State of the Union.” runthe proceedingsand serve ateimpeachmenttrial, after his amutual decision, aperson fa- “It is an oath Itakeextraor- centrist Republican Republicans have said the as ajuror. previous attorneys left the miliar with the matter said Sat- dinarily seriously,” Mr.Leahy senators would cost $1.9trillion in proposed spend- TheSenatetrial of former team alittle overaweek before urday. said in astatement earlier this ing isn’t needed right now, President Donald Trump is set the trial is scheduled to begin. The person declined to give week.“Iwill not waverfrom around $600 billion. given that Congresslatelast to kick off the week of Feb. 8, David Schoen and Bruce areason forthe departures. my constitutional and sworn year passed $900 billion in re- afterboth House Democratic Castor will lead the team, Mr. The Democratic-led House obligations to administer the lief, and have criticized itsin- managersand Mr.Trump’sde- Trump said Sunday, adding in January impeached Mr. trialwith fairness, in accor- clusion of aminimum-wagein- fense team preparetheir cases. that Mr. Schoen had already Trump forthe second time,al- dancewith the Constitution details of their proposal and crease and other longstanding Mr.Trump wasimpeached in been working with the team. leging he encouraged amob to and the laws.” said they were coming forward Democratic policygoals. the House over allegations he Mr. Trump said both lawyers storm Congresstoprevent law- Some Republicans com- in response to his appeal forbi- Democrats, including Mr.Bi- incited the mob that stormed believe impeachment is uncon- makers from certifying Presi- plained that Mr.Leahyserving partisanship. den, have said the $900 billion the Capitol on Jan. 6asCon- stitutional, given that Mr. dentBiden’selection victory. as presiding officer under- TheGOP proposal would packagewas adownpayment gresswas holding ajoint ses- Trump is no longer president. While 10 Republicans joined scored their viewthat the trial cost around $600 billion, ac- on abiggerstimulus needed to sion to certifythe election vic- Mr. Trump’s second im- Democratsinvoting to impeach against Mr.Trump is fueled by cording to Sen. Bill Cassidy (R., meet the health and economic tory of President JoeBiden. peachment trial is set to begin in the House, Democratsinthe partisanship. La.), who signed the letter, less demands of the crisis.They have The80-year-old Mr.Leahy, in earnest the week of Feb. 8. Senate face steeper odds in “IfChief JusticeRoberts than one-thirdofwhat Mr.Bi- argued that insufficient spend- the longest serving lawmaker Mr. Schoen is a trial attor- persuading 17 Republicans to can’t be bothered to come over den has proposed. Republicans ing to shoreuppublic health in the Senateand the topDem- ney who has previously repre- join them in voting to convict. forthe so-called impeachment, said they would retain the $160 andthe economyrisks under- ocrat on the powerful Senate sented Roger Stone, a long- Mr. Trump has accepted no makes youwonder if this exer- billion the Biden packagein- mining the country’srecovery Appropriations Committee, is time Trump adviser. responsibility for the riot and cise is constitutional at all,” cludes to increase vaccinations andthat afederal minimum- taking on the role amid con- Mr. Castor is a former dis- has denied wrongdoing. Sen. Rand Paul (R., Ky.) and take other effortstocon- wage increase to $15 an hour is cerns about his health. Just trict attorney in Montgomery —Rebecca Ballhaus tweeted. He successfully trol the spread of the coronavi- necessarytoensurepeople hoursafter he wassworn in as pushed foratest vote last week rus, but strip or scale back working 40 hoursaweek aren’t presiding officer, he wasbriefly that showedmost Republicans other measures.The GOP plan, living in poverty. hospitalized afterexperiencing tougher in that he doesn’t come ferred the biggest questions to believed atrial of aformer forinstance, would reducethe TheRepublican letterout- muscle spasms.The schedule of intoitwith the basic presump- the Senatefor afull vote. president violated the Constitu- $1,400 direct paymentsto lines componentsofthe pro- the trial hasn’t been set, but at- tion of impartiality that nor- He will be in the position of tion, astrong signal that Mr. Americans Mr.Biden has called posal, including the $160 billion tendancefor senatorsisman- mally attaches to ajudge,” said giving an airing to such poten- Trumpwill be acquitted. fortoroughly $1,000,Mr. forvaccine distribution, test- datory, and he is expected to Frank Bowman, aUniversity of tial assertions from senatorsor Arecent report from the Cassidy said on “Fox News Sun- ing, tracing and personal pro- facetrial sessions that have in Missouri lawprofessor who is Mr.Trump’sdefense team that Congressional Research Ser- day.” tectiveequipment and $4 bil- thepast runfor morethan 12 an authority on impeachment. antifa or left-wing groups,not vice, the public-policyresearch Theoffer is the firstRepubli- lion to bolster behavioral health hours. The trial is expected to “He’sgoing to have to strain to Trump supporters, were behind arm of Congress, concludes cans have forwarded sinceMr. and substanceabuse services. be relatively short,running for appear evenhanded in anycir- the riots. Federal authorities that while the matterisopen to Biden proposed the $1.9trillion Thesenatorscalled forextend- perhaps aweek. cumstancewherethereissort have said they have seen no debate, the weight of scholarly plan, which Republicans have ing enhanced federal unem- ChiefJusticeJohn Roberts of apartisan valencetoany de- significant evidenceofinvolve- authority agrees that the im- said is toocostly and includes ployment insuranceand small- oversawthe firstTrump im- cision that he makes.” ment by leftist activiststo peachment process, including unneeded initiatives, and tests businessrelief and said they peachment trial, as required by Under trial rules,Mr. Leahy’s frame Trump supportersfor vi- the trial, canbeapplied to offi- whether the Biden administra- want to target the next round theConstitution. But the lawis duties will include tasks such olenceatthe Capitol. cials who arenolonger in of- tion and DemocratsinCongress of direct checks “forthose fam- silent on who presides over the as accepting questions posed “It’srelevant evidenceand fice. will seek compromise or tryto ilies who need assistancethe trial of aformer president, and by individual senatorsand thewitnesses canbecross-ex- Mr.Leahyhas hired Michael passthe relief packagethem- most.” the chief justicedeclined to reading them aloud to either amined by theHouse manag- Gerhardt, aprofessor at the selves.Democratic leadershave While Mr.Deese said the participateinthis one,accord- the prosecution or the defense. ers,” said Philip Bobbitt, apro- University of North Carolina said they plan to begin alegis- WhiteHouse is open to discuss- ing to SenateMajority Leader Therules givehim afluid au- fessor at Columbia University School of Lawwho specializes lativeprocess that would by- ing howtotargetrelief checks, Chuck Schumer (D., N.Y.), who thority; while he mayrule on LawSchool and the University in impeachment, to serveas passthe need forRepublican he suggested it is unwilling to said that Mr.Leahywas next in the admissibility of evidence, of Texas at Austin School of special counsel, according to a support this week,with the first accept asmaller,bipartisan line forthe role as president forexample,the full Senatecan Lawwho has writtenabook on posting on Mr.Gerhardt’sFace- step coming as soon as Monday. agreement that removes key el- protemporeofthe Senate. override his rulings. Prior pre- impeachment. “In atrial, we book page. Mr.Gerhardt de- Mr.Biden also spokeSunday ementsofthe broader proposal. “Sen. Leahy’sjob is alittle siding officershavesimply re- usually allowthe defendant a clined to comment. Arizona Republicans Diverge, Putting Governor in aBind
BYELIZA COLLINS “I would saythat Gov. Mr.Ducey and his fellowAr- Ducey’s brand of good gover- izona Republicans nowhave PHOENIX—Arizona votedfor nance, conservativepolicies lessthan two yearstosort out JoeBiden forpresident and has with arespectfultempera- what approach they want to sent two Democratic senators ment—that’sthe type of Re- take in what is expected to be to Washingtonsince2018.To publican that canwin in the ahighly competitive2022 Republicans here, Gov.Doug state,” said Glenn Hamer,the election cycle in which Sen. Ducey is either the GOP’sprob- CEO of the Arizona Chamber of Kelly is up forre-election after lem or the solution to regaining Commerce. winning his seat in aspecial that lost ground. Mr.Ducey has turned off election in November. Mr.Ducey enjoyedwide- other Republicans in Arizona Allies hope Mr.Ducey will spread Republican support, in- whosay being pro-businessis enter the Senaterace, saying cluding from former President no longer enough to earn their his center-right approach Donald Trump,for much of his support if it doesn’t come with could help Republicans win five yearsinoffice. But sim- strong allegiancetoMr. Trump back the seat. Mr.Ducey said
mering tensions in the party OL and his agenda, even afterheis he hasnocurrent plans.He PO
over Mr.Ducey’s handling of S out of office. can’t runagain forgovernor the coronavirus pandemic,his “He seemed to be listening when his current term ends in certification of President Bi- to the Chamber of Commerce 2022because of term limits. den’swin in the stateand his but not willing to listen to ‘we AnyRepublican who runs ANKLIN/PRES
attendanceatthe president’s FR the people,’ ” said Corky forthe Senateseat will have to inauguration reached aboiling D. Haynes,72, aretiree who at- trytoretain enough support SS
pointrecently. RO tended the GOP meeting with a from Trumployaliststowin In araucous party meeting The state party censured Gov. Doug Ducey, but other Republicans like his center-right approach. friend, calling themselves the the party primarywithout in January, Arizona Republi- “grass-rootsgrandmas.” alienating the state’sindepen- cans votedtocensurethe gov- Washingtonsuch as Mr.Mc- “The RepublicanParty has peachment. TheOregonRepub- Until the Nov.3election, Mr. dent and centrist voters in a ernor,along with Cindy Mc- Cain. Today, Arizona’ssena- work to do.Thereisafever, lican Party passed aresolution Ducey and Mr.Trump were general election. Cain, wifeoflateArizona Sen. tors—Mark Kelly and Kyrsten certainly,atthe statelevel here asserting without evidencethat closely aligned, speaking about Over the summer,Mr. Ducey John McCain. They re-elected Sinema—areboth Democrats and that will break at some the Jan. 6Capitol riot wasa monthly either by phone or in closed certain businesses,such theirchairwoman, Kelli Ward, forthe firsttime since1953. point,” he said in an interview. “false flag” designed to dis- person, according to aperson as gyms and bars, and then who wasendorsed by Mr. “When youlook at the state “My job as governor is to lead credit Mr.Trump. familiar with their conversa- later allowedthem to reopen Trump and has been feuding RepublicanParty,it’sashell of the state, to be governor to all Mr.Ducey’s emphasis on tions.But Mr.Trump turned on with some limitations.He with Mr.Ducey.Some Republi- itsformer self,” said Kirk Ad- people and to bring the agenda pro-businesspolicies and eco- Mr.Ducey when he certified hasn’t put in placeastatewide cans have sincecalled foran ams,Mr. Ducey’s former chief Iran on.” nomic growth has endeared Mr.Biden’svictoryinthe state. mask mandate. audit of the meeting’selection of staff and aprevious speaker What is happeninginthe Ar- him to the traditionally conser- “I supported President Arizona hit arecordfor new results; Ms.Wardissofar de- of the Arizona House. izona Republican Party is ami- vativeArizona establishment, Trump.Iworked as hardasI infections recently,giving it the nying the request. Mr.Ducey,the former CEO crocosm of the divide taking which sees his approach as a possibly could on his behalf. highest per capitarateofnew To Mr.Ducey’s supporters, of Cold Stone Creamery, an ice placearound the country. On routeback to GOP prominence. Election Daywas Nov.3.After Covid-19 infections in the U.S., the moment wasanother cream parlor chain based in CapitolHill, several House Re- Thestate’s number of busi- Nov.3,all 15 counties certified according to the Centersfor marker in the decline of the Scottsdale,said the important publicans want to oust Rep.Liz nessapplications has been the vote.The election wasover. Disease Control and Prevention. GOP in the state. It has arecord pointfor him wastofocus on Cheney (R., Wyo.)fromher growing since2015 and there Itook an oath to uphold the —Sarah Chaney of sending independent, icono- the job at hand until the heat of party leadership post forback- has been strong job growth Constitution. Idid my duty,” and Alicia A. Caldwell clastic Republican senatorsto the moment passes. ing Mr.Trump’ssecond im- preceding the pandemic. Mr.Ducey said. contributed to this article. P2JW032000-0-A00500-1------XA
THE WALL STREET JOURNAL. Monday, February 1, 2021 | A5 U.S. NEWS China Seed InvestmentsGet NewScrutiny
BYHEATHER SOMERVILLE venture-capital investments, information about transactions sheriff’s officeand nowit’sa other intelligenceagencies, deals,aperson with knowledge even small-dollar deals, where with foreign investors, said buzzy SWAT team,” said Reid these people said. Cfius is con- of the mattersaid. Anational-securitypanel on themoney canbetracedback lawyers, investorsand na- Whitten, an attorney who leads cerned with Chinese early- Plans for amoreaggressive the hunt forChinese involve- to China, these people say. tional-security officials. the Cfius practiceatlaw firm stageinvestmentscoming Cfius started taking shape dur- ment in U.S. technologycompa- Cfius,which reviews foreign Some of the initial inquiries Sheppard Mullin. through intermediaries,said ing the Obama administration nies is scrutinizing startup in- investment in U.S. companies have runfor months,said peo- TheCfius enforcement team people with knowledgeofthe andformer President Donald vestmentsthat aremonths or andreal estatefor potential ple familiar with the matter, works closely with the Federal matter. Trumpoversaw the lawthat even yearsold. national-security risks,isposi- because examining venture- Bureau of Investigation to track Cfius’sactions over the past formally expanded the commit- TheCommitteeonForeign tioned to become alinchpin in capital deals canbecompli- down technologyinvestments year have challenged awidely tee’spowers.Mr. Biden voiced Investment in the U.S.,orCfius, President Biden’s strategyto catedand time-intensive. While that intelligenceofficials say held skepticism in venture-cap- concerns about Chinese tech has over the past two years curb China’stechnologyambi- some inquiries have led to for- could pose athreat to national ital circles that awonkygov- theftwhile campaigning,and builtout anew enforcement tions.Recent hires to itsen- mal government probes,much security,according to former ernment group could interfere hispicks forkey roles suggest arm of roughly two dozenpeo- forcement team include profes- of the enforcement work is in government officials and for- with the frenzied paceof he is taking the threat seri- ple tasked with rooting out old sionals from venture-capital the early phases. merstaffers. startup deal making and pin ously. investment deals that involve firms,investment banks and Penalties,ranging from fines TheFBI maintains amaster down obscurefunding sources. Aspokeswoman forMr. Bi- sensitivetechnologies and technologybackgrounds,ac- to changing the company’sgov- database of transactions in- Forexample,Cfius has alerted den said the administration could pose athreat to national cording to people involved in ernanceorevendivestment, volving foreign investorsthat several startups that it was “will ensurethat Cfius evolves security,according to current the effort. areexpected to start appearing raise security concerns,and scrutinizing seed-stageinvest- intoa21st-centurycommittee andformer government offi- This Cfius group has sent in alargernumber later this membersofCfius rank them mentsoflessthan $500,000 and is able to appropriately cials and national-security law- letters to several dozencompa- year,these people said. according to athreat assess- that involved aChina-con- evaluatenew and evolving yers.The team has itssightson nies and made calls requesting “It wassort of asleepy ment provided by theFBI and nected investor,scuttling those risks.” GOP Faces Pressure To Rein In Lawmaker
BY KRISTINA PETERSON AND ANDREW RESTUCCIA
WASHINGTON—Rep.Marjo- rie Taylor Greene (R., Ga.) said she spokewith former Presi- dent Donald Trumpand has hissupport, as Republican Party leadersfaced calls to punish the freshman congress- woman over her behavior to- ward colleagues and her past embraceofconspiracytheo- ries on mass shootingsand other contentious subjects. Mrs. Greene has come un- der criticism from membersof both parties forher past com- mentsand her reluctanceto wear amask to prevent the spread of Covid-19.Democrats have called forher to be re- moved from her committeeas- signment, with some calling for her expulsion. “I had aGREATcall with my all time favoritePOTUS, President Trump! I’m so grate- fulfor his support,” she tweeted Saturdaymorning. “The blood thirsty media and the socialistshateAmerica Democratsare attacking me PRATT nowjust likethey always at- tack President Trump.” Aspokeswoman forMr. Trump declined to comment. Mrs. Greene wasanoutspo- kenbacker of Mr.Trump’s INDUSTRIES false claims of election fraud and his unsuccessful effort to block Congress’s certification of President Biden’swin. House Minority Leader Kevin McCarthy(R.,Calif.) has said he plans to speak to Mrs. Greene this week. HASBUILT Some GOP lawmakerswant Mr. McCarthy to send a clear message that lawmakers who embraceconspiracytheories aren’t welcome,while others 5OFAMERICA’S LAST areemphasizing the impor- tanceofremaining loyaltoMr. Trump, who continues to en- joystrong popularity among 6PAPER MILLS — Republican voters. Mrs. Greene has angered manylawmakerswith her brash approach. She refused to wear amask when lawmakers were forced to shelter in place when the Capitol wasstormed ALL 100% RECYCLED Jan. 6. Several Democratshave said they tested positive forthe coronavirus afterspending sev- eral hoursinthe same room as Mrs. Greene and otherswho declined to wear masks. In January, Mrs. Greene and freshman Democratic Rep.Cori Bush (D., Mo.) had arun-in in a Capitol complexhallway,in which Ms.Bush yelled at Mrs. Greene to put on her mask.The moment wascaught on avideo Mrs. Greene later posted on- line.Ms. Bush then asked that herofficebemoved to avoid beingnear Mrs. Greene. Mrs. Greene wascontrover- sial before she entered office, thanks to extensivecomments made on social media embrac- ing conspiracytheories.Atone point she had backed QAnon but later distanced herself from that set of far-right theo- ries.Inrecent days,morevid- eos and social-media com- ments have surfaced. One video shows her follow- ing and aggressively question- ing David Hogg, astudent who became agun-violence-preven- tion advocatefollowing the massshooting at his Parkland, Fla., school.Archived screen- shotsofher Facebook postsre- vealed references to conspir- acytheories involving claims of staged massshootings, child www.prattindustries.com sextrafficking and laser beams being potentially responsible forCalifornia wildfires. P2JW032000-5-A00600-17F7DF6158B
A6 | Monday, February 1, 2021 ***** THE WALL STREET JOURNAL. U.S. NEWS Trump Donor,AlexJonesFacilitated Rally
Therally in Washington’sEl- of arally with Women forAmer- lipse that preceded the Jan. 6 icaFirst. APublix spokeswoman riot at the U.S. Capitol wasar- said Ms.Fancelli isn’t involved ranged and funded by asmall in the company’soperations and group including atop Trump doesn’t “represent the company campaign fundraiser and donor in anyway.” facilitated by far-right showhost In astatement Sunday, Ms. AlexJones. Fancelli said: “I am aproud con- servativeand have real concerns By Shalini associated with election integ- Ramachandran, rity,yet Iwould never support Alexandra Berzon anyviolence, particularly the and Rebecca Ballhaus tragic andhorrific eventsthat unfolded on January6th.” Mr.Jones personally pledged Ms.Wrenplayedacentral morethan $50,000 in seed role in bringing together the ac- moneyfor aplanned Jan. 6 tivistsplanning Jan. 6. She sug- eventinexchangefor aguaran- gested to Mr.Alexander that he teed “top speaking slot of his reschedule his Capitol rally to choice,” according to afunding 1p.m. and put intoplaceabout document outliningadeal be- 30 potential speakers, including tween his companyand an early Messrs. Alexander and Jones, organizer. who had been listed on websites Mr.Jones also helped arrange as associated with the events, forJulie Jenkins Fancelli, a according to organizers. prominent donor to the Trump In astatement, Ms.Wrensaid
campaign and heiresstoPublix OL her role “was to assist many PO
Super Markets Inc., to commit S othersinproviding and arrang- about$300,000 through atop ing foraprofessionally pro- fundraising official forformer /PRES duced event at the Ellipse.”
President Donald Trump’s2020 THEW Theinvolvement of Messrs.
campaign, according to organiz- WN Jones and Alexander triggered
ers. Her money paid forthe SHA debateamong the organizers. lion’s shareofthe roughly Then-President Trump at the Ellipse rally, which served as a jumping-off point for his supporters to head to the Capitol. AmyKremer,chairwoman of $500,000 rally whereMr. Trump Women forAmericaFirst, said spoke. eventhavepreviously been re- the Capitol building. Trump campaign staffersbe- forapermit to host aseparate in astatement: “Wewerecon- Another far-right activist and vealed. Mr.Jones claimed in a Mr.Jones,who has publicized sides Ms.Wrenassisted on the rally just afterthe inauguration, cerned because therewas an ag- leader of the “Stopthe Steal” videothat he paid foraportion discredited conspiracytheories, logisticsofthe Jan. 6rally,ac- but the group rescheduled for gressivepush to have fringepar- movement, Ali Alexander,helped of the event but didn’t offer de- has hosted leadersofthe Proud cording to the permit and Fed- Jan. 6after the Dec.19Trump ticipation in our event.” coordinateplanning with Caro- tails. Boys and the Oath Keepers, two eral Election Commission re- tweet, organizerssaid. Messrs. Alexander and Jones line Wren, afundraising official Messrs. Jones and Alexander extremist groups prominent at cords. Women forAmericaFirst’s spokeinstead at aJan. 5rally who waspaid by the Trump had been activebeforethe the riot, on his radio and inter- Starting in mid-December, permit forthe Ellipse rally listed organized by the Eighty Percent campaign formuch of 2020 and event, calling on supportersto net video shows. Mr.Alexander publicized plans several names and positions,in- Coalition. Mr.Jones’sseed who wastapped by Ms.Fancelli oppose the election resultsand Mr.Jones declined to re- “tomarch and peacefully occupy cluding Ms.Wrenas“VIP coor- money in the end wasused for to organizeand fund an event go to the U.S. Capitol on Jan. 6. spond to requestsfor comment. DC with #StopTheSteal,” accord- dinator.” In the 2020 election that Jan. 5rally,for which he ul- on her behalf,organizerssaid. Mr.Alexander tweeted on In astatement, Mr.Alexander ing to organizersand amessage cycle,the Trump campaign and timately paid about $96,000,an On social media, Mr.Alexander Dec.30about the scheduled Jan. said Stop the Steal’smotto is savedbyDevinBurghart, who ajoint GOP committeepaid Ms. organizer said. had targeted Jan. 6asakey date 6count forlawmakerstocertify “peacefulbut rowdy,” that the directsanorganization that Wren and her consulting firm Thenextday,Ms. Wren per- forsupporterstogather in the Electoral Collegevoteatthe violenceatthe Capitol wasn’t tracks extremist groups.Mr. $730,000,according to FEC re- sonally escorted Mr.Jones and Washingtontocontest the 2020- Capitol, writing: “Ifthey do this, planned by his group and said Trump on Dec.19urged sup- cords. Mr.Alexander off the Ellipse election certification results. everyone canguesswhat me none of his rhetoric incited vio- portersthrough Twittertocome Ms.Wrenhad been tapped to groundsbeforethe two men TheEllipse rally,atwhich Mr. and500,000 otherswill do to lence. Messrs. Alexander and forJan. 6proteststhat he said handle funding by Ms.Fancelli, marched to the U.S. Capitol, ac- Trump urgedsupportersto that building.” Jones said on Mr.Jones’sshow would be “wild.” according to organizers. Ms. cording to organizers. march to the U.S. Capitol, was Ahodgepodgeofdifferent that they triedtoprevent pro- Mr.Alexander created aweb- Fancelli donated morethan Messrs. Alexander and Jones lawful and nonviolent. But it pro-Trumpgroups were plan- testersfromentering the Capitol sitecalled WildProtest.com, $980,000 in the 2020 election were at theCapitol grounds to- served as ajumping-off point for ning various eventsonJan. 6. and sought to de-escalatethe writing: “Wethe People must cycle to ajoint account forthe gether,and Mr.Jones supported manysupporterstohead to the Several of them, led by the pro- riot. Neither has been accused of take to the US Capitol lawn and Trump campaign and Republi- protesterswith abullhorn, video Capitol. Mr.Trump has been im- Trump Women forAmerica wrongdoing. steps and tell Congress#DoNot- canParty,records show. footageshows.Heurged them peached by the Democrat-led First, helped coordinatethe El- Aspokesman forthe Trump Certifyon#JAN6!” He planned Ms.Fancelli contacted Mr. to be peaceful and proceed to House, accused of inciting amob lipse event; another group splin- campaign said it had no role in and publicized arally to take Jones and offered to contribute the area whereMr. Alexander to storm the Capitol with re- teredoff to lead arally the night financing or organizing the El- placeonthe Capitol grounds to aJan. 6event, organizers hadsecured ademonstration marks urging supportersto before, at whichMr. Jones lipse event and didn’t direct for- that day. Thewebsitewas taken said. Mr.Jones connected her to permit, according to Mr.Alexan- “fight likehell.” endedupspeaking,and the mer stafferstodoso. Aspokes- offline afterthe riot. an organizer through Ms.Wren, der and the footage. Fewdetails about the funding group organized by Mr.Alexan- woman forMr. Trump declined ArepresentativeofWomen who handled the funding as she —Ted Mann and organization of the Ellipse der planned aprotest outside to comment. At least five former forAmericaFirst had applied helped coordinatethe logistics contributed to this article. U.S. WATCH
CHICAGO The school systemhad planned TENNESSEE to relaunch in-person learning for Impasse Over School kindergarten through eighth-grade Body of Suspect in Reopening Unresolved students on Monday, but delayed Double Murder Found the call forstudents to return to Chicago schools inched closer Tuesday. The body of adouble-murder to apotential strikeoverthe Teachers, though, were told suspect wasfound at the same city’splan to reopen elementary theyneeded to return to class- Tennessee lakewheretwo duck schools this week as talksstalled rooms to prepare, despiteaheavy hunters were fatally shot, authori- with the teachers union overthe snowSundaythatmade travel ties said. plan’ssafety. difficult formostofthe day. The body of David Vowell was The district on Sundayevening The cityhas had only limited recoveredand identified Saturday ordered teachers in grades K in-person teaching sincelast in ReelfootLakeinnorthwest through 8toreturn to their spring. Tennessee, the Tennessee Bureau school buildings Mondayand On Saturday, the citysaid it had of Investigation said. The agency threatened to cut off their access resolved four areas, including said Mr.Vowell, 70, waswanted to remote-learning software if health and safetyprotocols, venti- on twocounts of first-degree theydidn’t. lation, contact tracing and health murder in connection with the The union has said anysuch and safetycommittees. shooting deaths of Zachery move to retaliate againstteach- The mayoracknowledged Sun- Grooms, 25, and ChanceBlack, 26. ers who didn’tshowupfor in- daythatthe sides remained apart The WeakleyCounty residents person learning would spark a on issues including vaccinations. were shotinaduck blind.. strike. —Joe Barrett —Associated Press FROM PAGE ONE
WhiteHouse spokeswoman itsgrip on power, the U.S. and Military JenPsaki said about the de- other foreign governmentsbe- velopmentsinMyanmar,also ganlifting longstanding sanc- known as Burma. tions against the country. Ms. Takes Over “The United Statesopposes SuuKyi’sparty came to power anyattempt to alter the out- in the 2015 vote that marked a come of recent elections or historic shift. Her official title Myanmar impede Myanmar’s democratic is statecounselor,but she ef- Jacob Sanchez transition, and will take action fectively served as leader of Diagnosed with autism against those responsible if the Southeast Asian nation be- ContinuedfromPageOne these steps arenot reversed.” fore the coup. Myanmar’s election commis- She added that those de- Still, the militaryhas re- sion hasdenied the claims. tained should be freed. mained powerful. Theconsti- Parliament wasscheduled Myanmar’s militarycouldn’t tution grantsitcontrol of the to convene on Mondayfor its be reached forcomment. defense and interior minis- firstsession sincethe election. MyoNyunt, aspokesman tries.Soldiersare also guaran- Theannouncement on mili- forMs. SuuKyi’sparty,the Na- teed aquarter of the seatsin tary television said that the the parliament, enough to veto country’sUnion Election Com- constitutional changes.Ms. mission didn’t adequately ad- Leader Aung SuuKyi’sadvisers have long dressallegations of voterlist San Suu Kyi said she walks atightrope and fraud, and that astate of was detained must be carefulnot to givethe emergencywas thereforenec- by the army generals an opening to retake essarytorestoreorder and along with full power. stability.Powerhas been members of Ms.Suu Kyi, oncecele- transferred to armychief Min her party. brated as ahuman-rightsicon, Aung Hlaing and astate of washeavily criticized forher emergencyhas been declared handling of genocide allega- forone year,itsaid. tional League forDemocracy, tions against Myanmar aftera TheWhiteHouse said it said Ms.Suu Kyi, President brutal militaryoperation wasalarmed that the military WinMyint and other senior forced 700,000 membersof “has takensteps to undermine partyofficials were detained the Rohingya Muslim minority the country’sdemocratic tran- by the militaryshortly after4 out of the country. Ms.Suu Kyi sition,” and said President Bi- a.m. local time Monday. has echoed the military’sargu- den wasbriefed by national Ms.Suu Kyiisthe daughter mentsthat the operation was security adviser Jake Sullivan of Myanmar’s independence alegitimatesecurity opera- on the situation. heroand spent yearsunder tion. Lack of speech is asign of autism. “The United Statesishousearrest during military Monday’seventsthrow into Learn the others at autismspeaks.org/signs. alarmed by reportsthat the rule,winning aNobel Peace turmoilacountrywhose move Burmese militaryhas taken Prizefor her struggle forde- away from militaryrule,albeit steps to undermine the coun- mocracy. slowand rocky, wasseen as try’sdemocratic transition,” Afterthe militaryloosened advancing democracy. P2JW032000-5-A00700-1------XA
THE WALL STREET JOURNAL. ***** Monday, February 1, 2021 | A7 U.S. NEWS U.K. Push On Viral Sequences Pays Off
BY JOANNA SUGDEN
LONDON—Everyweek acrossthe U.K.,afleet of cou- rier trucks ferries chilled waste material from half amillion Covid-19 teststoagenome-se- quencing facility in Cam- bridgeshire, in eastern England. Thedaily operation is part of aCovid-19 surveillancesys- temthat has made the U.K. the world’sleading sequencer of the coronavirus genome and helped it spot amoreconta- gious,and possibly more JOURNAL
deadly, variant of the virus that REET in most countries would have ST LL
long gone unnoticed. WA Viralsequencing—producing THE
akind of bar code forthe vi- R rus—has in recent months FO emergedascrucial in the global hunt forversions of the patho- CURRID TIE
genthat arebetteradapted to KA infect humans,evade vaccines Charles Smith II and his wife, AniikaJackson-Smith, shown with their daughters, both were hesitantabout Covid-19 vaccines but ultimately decided to get the firstshot. andpossibly to kill. Virusvari- antsfirst identified in the U.K., South Africaand Brazil have provoked concern among ex- Some Health Workers Shun Vaccines perts. Thevariant the sequencers uncovered in the U.K.,which is BY JULIE WERNAU adviser forthe Covid-19 pan- eral public would choose to get chief financial officer at Vibrant uarybecause she feels are- nowthe dominant variety in demic,said in avideo message the vaccine concerns public- Health in Kansas City,Kan. sponsibility as ahealth-care thecountry, has amutation Effortstodisseminate to health-careproviders. “It’s health officials. At the system of clinics provider not to discourageoth- that appearsbetterable to bind Covid-19 vaccines as widely as important to protect your- Surveysofvaccine skepti- whereMr. Smith works,about ersfromgetting it. ontohuman cells.Studies sug- possible arehitting an unex- selves,toprotect your family, cism of broader populations 30%ofthe staff have decided “My mind isn’t really gest it is 50% moretransmissi- pected obstacle: health-care but as important, symbolically, have shown that people have against getting the vaccine to changed,” she said. “But Iguess ble than the previous prevalent workerswho decline the shots. as health-careproviders, to become lesshesitant as they this point, according to Vibrant in order forustoget past this, variant while other research Officials from Ohio said re- showconfidenceinthe vaccine see othersvaccinated. Health’schief executive, Patrick people arejust going to have to suggestsitcould be at least cently that 60% of nursing- so that other people in this Some health-careworkers Sallee. take the vaccine or we’ll just be 30% moredeadly. home staff so far haven’t countryfollowsuit.” saythey have passed up the Mr.Smith said he felt un- hereforever.” Newviral variantsare more elected to take the vaccine.In In asurvey of 1,563 respon- shot foraltruistic reasons,be- comfortable with the speed of Heidi Arthur,chief campaign likely to be spottedinthe U.K. NewYork,Gov.Andrew Cuomo dentsconducted in Januaryby lieving that othersshould getit the processand the lack of development officer at the Ad said in Januarythat stateoffi- researchersatthe Kaiser Fam- first. Several health-caresys- long-term data, but news that a Council, which has been run- cials expect 30% of health-care ily Foundation, 79% of U.S. tems said they have struggled morehighly transmissible virus ning alarge-scale public-ser- New viral variants workersoffered the vaccine adultswho haven’t yetbeen to persuade female employees variant wasspreading made viceeducation effort about the will ultimately turn it down. vaccinated saythey would be to getvaccinated due to a lack him take the leap.“Thereisan Covid-19 vaccines,said getting are more likely to be Two-thirds of thestaff at a likely to turn to adoctor,nurse of dataabout the impact on expectation forthe health in- health-careworkersonboard spotted in the U.K. Florida hospital refused the or other health-careprovider pregnancy.Other health-care dustrytolead other industries wasn’t originally part of the vaccine in January, leaving so when deciding whether to geta workerssay while they want to to saythis thing is safeand plan. than anywhere else. manyunused doses that the fa- vaccination. encourageotherstoget vacci- lead by example,” he said. “I “It wassurprising,the level cility started giving away shots Meanwhile,28% of 128 nated,when it comes to their feel likeI’m shaking the dice, of hesitancy,” she said. to the general public. health-careworkersinthe Kai- ownhealth, they arestill wary. really.” Instead of health-carework- Thehesitancyamong health- ser survey said they want to “AsIwas getting my first Mr.Smith’swife, Aniika erslining up,the Ad Council than anywhereelse.Asof care workersconcerns public- wait and see howthe vaccine is shot, Iasked the two nurses Jackson-Smith, adentist, said found themselves pulling to- Jan. 29,the U.K. had submitted health officials who expected working forother people before whowereadministering it to she also hesitated to getavac- gether adiverse group of lead- 44%, or around 190,000,ofthe America’sfront-line workersto getting it themselves.While me howthey felt when they got cine because she doesn’t feel erswithin the industry, includ- genomes held in aglobal li- serveasamodel forothers. they weren’t the most resistant the shot. And they were on the enough is known about long- ing Dr.Fauci, to educateother braryrun by the nonprofit “Please getvaccinated,” An- group the foundation studied, side of waiting.That scared me term effects. She said she de- health-careworkersabout the Global InitiativeonSharing All thonyFauci, who is serving as their outsizeinfluenceover alittle bit, but Iwent through cidedtomakeanappointment vaccines and addresstheir con- InfluenzaData, or Gisaid.That President Biden’schief medical whether membersofthe gen- with it,” said Charles Smith II, to getthe firstshot in lateJan- cerns. is around 5.1% of the nearly four million cases detected in theU.K. SlowRollout until mid-2022. Morocco planned to vacci- TheU.S.isfast increasing its “I’vejust been on the phone nate 80% of its population in Pandemic At the currentrateofvaccinations,few countries would inoculate sequencing capabilities—but this morning to some lovely the coming months,inpart us- alarge sliceoftheir populations this year. only ahandful of other coun- American clients,” said Mark ing Chinese vaccines,but offi- trieshavecontributed more Is Expected Daily Covid-19 vaccinations administeredper 100 people Fraenkel, who owns Blue Dive cials said they haven’t re- than 1% to the library, which forselect countries Port Douglas,ascuba-diving ceived all the supplies they means scientists’ understand- businessnear Australia’sGreat need and have blamed manu- ing of whereand howthe virus To Linger Seychelles 2.03 Barrier Reef. “I said, ‘Let’snot facturers that can’t keep up. is mutating is patchy. Israel 2.00 book youfor 2021. We’ll just Some analysts doubt other That representsaweakness U.A.E. 0.99 have to cancel.’ ” countries canreach their in the global response to the ContinuedfromPageOne Serbia 0.65 Shippers, including DHL,are stated targets. In Indonesia, pandemic:Speedy detection of world would be inoculated by expecting air freight to get officials want to vaccinate65% U.K. 0.53 newvariantsallows govern- theend of the year and 21% by tighter forthe firstpart of this of apopulation of 270million Iceland mentstoadjust restrictions the close of 2022, UBS said. 0.39 year,not better, because fewer in 15 months,which would and limit travel from countries Just 10 countries areontrack to U.S. 0.39 planes areflying to carrycargo. more likely take three to four wherenew troublesome vari- vaccinatemorethan one-third Malta 0.26 Economies on target to vaccinate Intercontinental flight traf- years, according to analystsat antsare prevalent. It also can of their population this year. Romania 0.19 s one-thirdofthe population in 2021 ficwon’t return to 2019 levels IMA Asia. ThePhilippines help vaccine developersupdate TheUBS datainclude hard- Finland 0.17 until 2023 at the earliest, the aims to vaccinate70million vaccines. hit middle-income coun- Poland 0.17 International Air Transport people this year. TheU.K.says it plans to ad- tries such as South Af- Greece 0.15 Association forecasts. “We doubt if half the 2021 dressthat weaknessbyexport- ricawherevaccination ratesare Hungary 0.14 Acentral problem is that it goal canbereached,” IMA ing itsexpertise to countries expected to be painfully slow, Portugal 0.14 is proving hard to scale up Asia said in a recent report. with limitedsequencing capa- though some countries it mea- Singapore 0.14 vaccine production quickly.De- Latin America’stwo largest bilities. sured areexpected to increase Slovenia 0.14 layeddeliveries canhavedom- countries,Brazil and Mexico, TheU.S.has increased its the paceofvaccinations soon. ino effectsonother buyers. have so far immunized just 0.8% Switzerland 0.14 contribution to the global cor- But richer regions arealso In Europe,whereseveral and 0.5% of their populations, Bahrain 0.13 onavirus genome database facing delays.European offi- topvaccines aremade,pro- respectively.Argentina planned sinceDecember and has so far cials in recent days watched as Cyprus 0.13 duction issues emergedinDe- to receivefivemillion doses of added20% of the total. It has their goal of vaccinating 70%of Lithuania 0.13 cember with factories saying Russia’sSputnik Vvaccine in assessed about 0.3% of Amer- the population by summer Estonia 0.12 they couldn’t keep up.Frus- January, but only 800,000 have Italy 0.12 ica’sCovid-19 cases. looked unachievable after Note:Latestupdate as of Jan. 30,latestdata trated, the EU introduced new been delivered because of pro- AnthonyFauci,President Bi- doses ranout in some places, Sweden 0.12 forsome countries areofearlier dates. measures on Fridaythat would duction delays in Russia. den’schief medical adviser for with just 2% of European Turkey 0.12 Sources: Our World in Data (vaccinations); UBS let it block exports to wealth- Nigeria’s206 millionpeople the Covid-19 pandemic,said on Union residentscovered so far. Germany 0.11 (economies on target) ier countries,such as Canada, have only one delivery sched- CBS on Sundaythat U.S. au- Thediffering paceinvaccine Japan or the U.S. uled, of 100,000 doses,ex- thorities need to expand ge- rolloutsworld-wide raises the tions arevastly outpacing inoc- the countrywould continue to Slowproduction at aBel- pected in February. nomic surveillancetoidentify prospect of divergent economic ulations.Both have become bar international visitors gian plant has meant Canadian Meanwhile,morepeople are variantsofthe virus. fortunes forthe world’smain breeding grounds formore-in- through most of 2021. Ase- officials recently received 70% putting plans on hold. When an RNA virus likethe economic blocs, at leastinthe fectious newstrains.Intime,vi- nior Australian health official fewerdoses of aPfizervac- Mohammed Waqas,a25- one that causes Covid-19 repli- near term. TheU.S.economy rologistsexpect the virus could recently made asimilar pre- cine. The same troubles have year-old in London, initially catesinside anew host, mis- could grow by 5.1% this year, mutateanoutcome they fear diction, in part because it isn’t leftJapan struggling to get aimed to start amaster’s pro- takescan be made in itsgenetic according to International might ultimately render our clear whether Covid-19 vac- doses it needs to vaccinateits gram in teaching at an Austra- code.Most don’t matter, some MonetaryFund forecasts, but current vaccines lesseffective. cines prevent transmission of population by theend of June, lian university in February. Mr. areproofread and corrected recoveries of the eurozone and Manyscientistsand policy thevirus or just stop people acrunch that might mean few Waqas decided to defer enroll- and sometimes no mistakes are developing economies have be- makerspredicted immunization from getting severely ill. fans forTokyo’s Summer ment until at least July because made at all. But some of the er- come moreuncertain given programs would take along Even the world’sfastest- Olympic Games in July. Australia’sborder is closed to rors,ormutations,are large in vaccination delays. time.Still, the unusually rapid vaccinating country—Israel— “I can’t tell youwhich most international visitors. number or important in chang- TheU.S.and afew other development of vaccines raised remains in a lockdown. month,” said Taro Kono,the “I’m one year behind where ing the virus to affect itsbiol- countries could wind up enjoy- hopes that 2021 would mark a “This assumption that when minister in charge of Japan’s Iwould liketobe,” Mr.Waqas ogy, in rare cases giving it an ing manybenefitsofherdim- return to normal formost of Jan. 1came we could just burn vaccine rollout, when asked said. advantage over itspredeces- munity but still be unable to the world. Economistsbegan the old calendar and every- when the general public could —Chao Deng, Peter Landers sors. fully mend their economies upgradingtheir forecasts. thing would be fine is proving get immunized. and Samantha Pearson Coronaviruses mutatemore because they arewaiting on Global growth is still ex- to be awildly optimistic view,” China also faces challenges. contributed to this article. slowly than some other viruses other places to catchup. With pected to be strong this said Robert Carnell,anING Although it has started inocu- such as influenza, so initially bordersshut globally,some year. The recovery is already Group economist in Singapore. lationsusing homegrownvac- scientists didn’t think there businesses even in vaccinated so strong in some places that TheWorld Bank has fore- cines,without providing a would be enough mutations to countries would have to rely supplies of semiconductorsare cast that remittances to the firm timeline forreaching makelarge-scale genomic se- on domestic demand. running short. developing world—a vital life- herdimmunity,approvals and quencing worthwhile. “So long as the pandemic TheU.S.and U.K. also expe- line—will fall 7. 5% this year,af- production arrangementshave But because the virus has in- terrorizes part of the world, rienced some early delays roll- tera7%dropin2020.Concert come moreslowly than antici- Day fected so manypeople,ithas normality will not be restored ing out vaccine campaigns, halls and schools might remain pated, according to Trivium order by had manyopportunities to mu- anywhere,” said Erik Nielsen, only to see distribution pick closed longer than expected. China, a consultancy. 2/10! tate.Some changes,including chiefeconomist at UniCredit up as snags were worked out. Hotels in places such as Trivium estimates that ato- one in the U.K. variant nowre- Bank. Still, the outlook is growing Southeast Asia and the Pacific tal of 850 million doses is the ported present in at least 64 Uneven vaccine distribution considerably moreuncertain aren’t expecting businessto high endofwhat is possible countries,confer evolutionary also means Covid-19 could keep elsewhere. Bordersare closing fully rebound until the middle for China this year, while ad- advantages over their forebears circulating foryears, especially acrossmuch of Europe.New of next year.Manyinterna- ministeringatleast 1.68 bil- Your Date in Roman Numerals that makethat version of the in nations such as Brazil and Zealand Prime Minister tional students could be ab- lion doseswould be consid- Earrings crafted in sterling silver w/solid 14K pink gold hearts -$450 virusmoretransmissible. South Africa, wherenew infec- Jacinda Ardern said last week sent from university campuses ered full inoculation. JOHN-CHRISTIAN.COM 888.646.6466 P2JW032000-0-A00800-1------XA
A8 | Monday, February 1, 2021 THE WALL STREET JOURNAL. WORLD NEWS Thousands Arrested in Pro-Navalny Protests
Rallies across Russia said the number of protesters waslowerthan the previous for jailed opposition week in part because riot po- politician spark broad lice had held public training exercises the daybeforeon Kremlin clampdown the city’s main square, detain- ing dummies in ashowof BY THOMAS GROVE strength. Marina Zheleznyakova,who MOSCOW—Russian police works with opposition party armed with batons and stun YablokoinVladivostok,was guns detained thousands of also briefly detained. She said protesterswho took to streets she wasprotesting against acrossthe countrytosupport what she called apolitical sys- opposition politician Alexei temthat is riggedagainst Navalny, as the Kremlin those outside the ruling sought to clamp down on a United Russia party. She said burgeoning protest movement. other protesters, however, In Moscow,protestersgath- came out because of regional
ered on Sundayinfront of the CK problems likepollution, defor-
prison whereMr. Navalnyisbe- TO estation and astagnating ing held beforepolicechased economy. them through snowy back al- “The FarEast has become a SHUTTERS
leys. In Russia’sfar eastern city A/ colony for Moscow,” she said.
of Vladivostok,demonstrators /EP “Problems have been building held their rally on the icecov- OV up,and nothing is done about
ering the Amur Baytoevade CHETK them, so young people are
police afterthey barricaded a KO leaving.” central square. In the Volgare- Sincethe protestslast YURI gion city of Kazan, policeforced Policedetained some 5,000 protesters during Sunday’srallies in support of opposition leader Alexei Navalny, including in Moscow. weekend, Russian authorities detained protesterstolie,some have increased pressureon facedown, in the snow. that monitors policearrests. tion voicing anger over falling system and rigged elections. the demonstratorsand called protest leaders. Law-enforce- Thedemonstration of force In Moscow, riot police briefly living standards and shrinking “We’vecome to the point them “trash and traitors.” ment officials raided Mr.Na- by authorities aims to under- detained Yulia Navalnaya,Mr. political freedoms. wherethe risk is biggerto Thescenes of policewres- valny’s home on the outskirts cut the staying powerofa Navalny’swife, and accused Daniil Prokopenko, 29 years stay home than it is to go out tling protestersintodirty snow of Moscow and detained his movement that wassparked her of participating in an ille- old, who attended last week- intothe streets,” said Mr. stood in contrast to last week- brother who was there. Other by Mr.Navalny’sdetention on gal demonstration. end the firstanti-Kremlin pro- Prokopenko, who works as a end’sprotests,when demon- topallies of Mr.Navalny, both Jan. 17.Hewas jailed afterar- Theprotestscarryextraim- test in recent historyinthe courier,onhis way to the pro- stratorsbrawled with officers in Moscow and in other cities, riving home from Germany portancefor the Kremlin small southern town of Anapa, test on Sunday. He said he and pelted them with snow- have been detained as well. wherehehad been recovering ahead of parliamentaryelec- said he has been ambivalent gaveuphis dream of becom- balls.Adding to Sunday’schaos, U.S. SecretaryofState Ant- from a poison attack, trigger- tions later this year,asthey about Mr.Navalnybut that the ing ajudgeafter he sawhe one man in Moscow set himself onyBlinken criticized the ing rallies across the country have already showed signs of whole system created under needed political connections on fire as policechased demon- heavy-handed tactics over Twit- last weekend. swelling beyond anarrow President Vladimir Putin fa- to get ahead after university. stratorsthrough the streets. ter: “Werenewour call forRus- Acrossthe country, police movement in support of Mr. vors asmall, well-heeled elite Mr.Prokopenkosaid he was Neither his identity nor his mo- siatorelease those detained for detained some 5,000 protest- Navalnyand have attracted and stifles changethrough detained in Sunday’sprotest in tivecould be determined. exercising their human rights, ers, said OVD-Info, agroup broader swaths of the popula- corruption, askewedcourt Anapa, wherepoliceridiculed In Vladivostok,organizers including” AlexeiNavalny.
Turkey that hosted aid work- thorities,instead of areference ASon ers, journalists, informantsand to the chain of Mexican-food Westernersfighting with the restaurants. Weeks later,on Kurds. July 23,Mr. Abbas said he got Vanishes Partsofthe city were con- amessagefromGen. Ibrahim: trolledbythe Assad regime, “Looks likeyour guywill make andgetting around safely re- it.” In Syria quired local experience. After checking intothe Asia Hotel on May25, Mr.Goodwin set out to Bread, blindfolds ContinuedfromPageOne meet his contact at arestau- By that time,Mr. Goodwin Then the line went dead. rant ashort walk away.He had been to court four times in It would be weeks before didn’t knowhewas heading to- Damascus.Syrian authorities Ms.Goodwin and her family ward apart of town that locals accusedhim of illegally enter- would learn what happened: called the Bermuda Triangle. ing Syria from Kurdish-con-
Howher 32-year-old son had Mr.Goodwin called his (3) trolledterritory. In court, he takenawrong turn and ended mother on FaceTime as he had neither atranslator nor an up in the basement of aSyrian walked toward the roundabout, attorney to defend him. prison, aplacewherehecould which served as acrossroads JOURNAL Afterhis last call to his
hear the screams of prisoners. forareas controlled by the Syr- REET mother,Syrian soldiersput him Mr.Goodwin’sdisappear- ian government and others ST in aminivan and took him to a LL
ance thrust his Midwestern controlled by the Kurds. WA cinder block cell in the middle family intothe world of hos- “We’refromhereand we’re of afield, Mr.Goodwin told the THE
tage negotiations,prompting afraid to go there,” said Sulei- R Journal in his firstpublic ac- them to seek help from FBI man Hassan, manager of the FO count of his captivity.He agents, the Vatican, Middle Asia Hotel. feared he would be executed. East intermediaries,acagey He wasblindfolded, hand- MCINTYRE
Russian emissary and Syria au- T cuffed and flownbycargo Family ties OT thorities skeptical Mr.Goodwin SC plane to Damascus,wherehe wasanything but aspy. Mr.Goodwin’sparentsre- waslocked in asolitarycell. President Trump during his turned to St.Louis afterthe WIN; Guards served him bread,
term in officeused military last phone call with their son, GOOD boiled potatoand water. M
forceand diplomatic pressure and, as the days passed, their SA Mr.Goodwin used arock
to bring home morethan 50 worries grew.Wherever he P: chip to carveacalendar on his Americansheld in morethan was, Mr.Goodwin had always TO wall that included dates forthe OM
two dozencountries.Inits fi- checked in regularly. FR ongoing Stanley Cup Final. “A nal months,the Trump admin- Hisround-the-world quest normal prisoner spends their istration worked unsuccessfully hadstarted yearsearlier.In WISE time counting down the days to strikeadeal with Syrian 2012, he moved to Singaporeto OCK to the end of their sentence,” CL President Bashar al-Assad to oversee investor relations fora Top, Sam Goodwin toured Chad in April 2019, the 171st country he had visited. Bottom, left to he said. “Hostages count up.” free Austin Tice, afreelance startup developing an online right, his parents Elizabeth and Tag Goodwin, and his sister Stephanie McCue. After27days in solitary journalist abducted in 2012, as game. From there, he traveled confinement, he wastrans- well as Majd Kamalmaz,aSyr- allhecould. By 2018,hehad nections to reach aRussian they were trying to learn if the ing if the call wasahoax.He ferred to Adra Prison, adeten- ian-American last seen at aDa- visited120 countries. emissarywho said he could ask American wasaspy.Gen. Ibra- asked foraphotoofthe note. tion center wherehuman- mascus checkpoint in 2017. SamGoodwin’sfather, the Russian ambassador in him told the Syrian officials “Safe-alive,” the handwrit- rightsactivistssaid political In the end, the U.S. govern- Thomas Aquinas Goodwin, who Syria. Some U.S. officials dis- that Mr.Goodwin wasaway- tennotesaid. “Adraa Prison— prisonersweretortured. ment playedonly asupporting goes by “Tag,” wasworking as couraged the Goodwins from ward traveler,according to Damascus Central Prison. USA There, Mr.Goodwin shared a role. Thefamily would have to asenior vicepresident at Par- working with the Russians. people briefed on the talks.He Embassy in Beirut—I need le- cell with about 30 other in- forgearescue plan, tapping sons Corp., atechnologypro- Otherssaid that Moscow,one called Mr.Goodwin “a nobody.” gal/consular help!” mates and tried to figure out theirown resourcesand con- vider in the global defense,in- of Mr.Assad’simportant allies, Syria’sintelligencechief,Ali Theundated notecontained howtoget help.One of his nections,and whatever courage telligence and critical might provide the best chance. Mamlouk,wasn’t persuaded. atelling detail. “I always order cellmates offered to smuggle and luck they could muster. infrastructuremarkets. Ms. Mr.Goodwin’syounger sis- “Thereare no touristsin the salmon when eating at the outanotefor Mr.Goodwin in Syrian officials didn’t re- Goodwin is president of aCath- ter, Stephanie McCue,called Syria,” he said, according to Missouri Athletic Club.” his dirty laundry. He included spond to requestsfor com- olic girls high school. Stephanie Hajjar,her former the people briefed. It wasthe firstclear evi- mention of his favoritesalmon ment. They called the FBI, State collegeroommateatBelmont denceMr. Goodwin could be dish at the Missouri Athletic Mr.Goodwin’strip to Syria Department and U.S. diplomats University in Nashville,Tenn. alive. TheFBI pressed the Club.Aweek later,Mr. Good- startedwith achancemeeting in the Middle East. FBI agents “Is thereany wayIcan “Unless you know Goodwins to reveal what win found his Instagram con- in May2019 at an airport in asked the Goodwins if their son help?” Ms.Hajjar asked. sourcesthey were working nection. ASyrian prisoner Fiji. He ranintoJossStone,a wassomeone who would join a “Unlessyou knowsomeone someone who is with in Lebanon. Thefamily named Ala’atold Mr.Goodwin GrammyAward-winning musi- group in Syria, wheresmall who is friends with Assad, friends with Assad, declined. Mr.Abbas had asked that he could use his daily calls cian nearing the end of her numbersofAmericans had please just pray,” Ms.McCue theGoodwins to be discreet. with his sister to getamessage ownodyssey to sing in all the come to join Islamic State or said.“Letmecall youback,” please just pray.” At the end of June,Mr. Ab- to the Goodwin family. world’scountries.She had just U.S.-backed Kurdish forces. Ms.Hajjar said. bas asked the Goodwins to stop performed in northeastern Twoweeks afterMr. Good- Ms.McCue didn’t knowthat anyother privateeffort they Syria, an area largely con- windisappeared, his parents Ms.Hajjar’s uncle,Joseph Ab- were making to gettheir son Open door trolled by U.S.-backed Kurdish flew to Washingtonfor ameet- bas,was aretired Lebanese On June 16,Mr. Abbas home.The family agreed. On July 25,2019,Mr. Abbas forces mopping up afour-year ing with membersofthe FBI- militaryofficial. He wasfriends passed along amessagefrom On July 6, Ms.McCue,Sam’s called the Goodwins.“Assad campaign to shatterIslamic led HostageRecoveryFusion with Maj.Gen. Abbas Ibrahim, his friend—Gen. Ibrahim—say- sister,received an Instagram has agreed to release Sam,” he State’s self-declared caliphate. Cell, which includes staff from Lebanon’stop security official, ing their son wassafeand be- messagefromanunknown ac- said. “Howsoon canyou getto Syria would be the 181st the State Department and the and no one in the region was ingheld by the regime in Da- count with no followers and no Beirut?” countryMr. Goodwin planned Pentagon. Officials warned betterplaced to help.Hehad mascus.Ms. Goodwin was posts. “Your brother is with my In Damascus,Syrian guards to visit. He wasbythen asea- thingsmight go badly. secured freedom forother skeptical; Mr.Goodwin gained brother in the prison,” the told Mr.Goodwin to pack his sonedtraveler,having passed TheGoodwins followedFBI Westernersheld by the regime. hope their son wasalive. messageread. “Tell Slan and B things. through Yemen, Somalia, Af- advicetokeep their son’sdis- TheHajjarsconnected Mr. Then, the Goodwins re- happy birthday.” TheGoodwins arrived in ghanistan and North Korea. appearanceout of the news. Goodwin with Mr.Abbas but ceived aconfounding message Ms.McCue knewitwas Beirut with Mr.Abbas,asupply Ms.Stone said she put Mr. Thefamily set up their own they didn’t tell the family that from their Russian contact 12 from her brother because he chain executivefor alifesci- Goodwinintouch with Sangar task forcewith ahalf-dozen the person helping them in days later: “The Russian am- used thenicknames of their ences companyinConnecticut. Khaleel, an Iraqi journalist who friends and allies.Itwas Lebanon wasGen. Ibrahim. All bassador to Syria says Samis mother andsister.She didn’t They droveintoBeirut in an had helped her and manyre- named SG23—using Mr.Good- Ms.Goodwin knewwas that not under Damascus ar- wait to tell the FBI beforere- escort of black SUVs. portersget permission to enter win’sinitials and the number therewas a“guynamed Joein rest—100%.” sponding.“Please tell Samthat On the way,asoldier Kurdish-controlled northeast- he wore forhis NiagaraUniver- Connecticut” who had afriend Ilovehim, to stay strong,and handed Ms.Goodwin aphone. ernSyria. In lateMay,before sity hockey team, the Purple in Lebanon who could help find Ican’t wait to eat aChipotle “Welcome to Lebanon,” her crossing intoSyria from north- Eagles.The Goodwins sent a her missing son. Message home burritotogether,” she wrote. A son said. When the family re- ern Iraq,Mr. Goodwin and Mr. lettertoPope Francis and First, the Goodwins had to On June 30,fiveweeks after response arrived the next day. united in Gen. Ibrahim’soffice, Khaleelsent Ms.Stone ashort pressed forhelp from the Vati- reassureMr. Abbas their son SamGoodwin went missing, “Sam said that he loveyou Ms.Goodwin threw her arms video to sayhello. can’sambassador to Syria. A wasn’t working forthe Central hisfather gotacall from a andcan’t wait to eat the Chi- around her son. “Are youOK?” Mr.Goodwin chafed at pay- friend putthem in touch with IntelligenceAgency. Florida number he didn’t rec- potleburritotoo and asked if she whispered in his ear. ing $500 aday foralocal guide former U.S. Navy SEALswho At Mr.Abbas’surging,Gen. ognize. Aman speaking broken the Blues wonthe cup??” “I always knewmiracles and had arranged to meet a asked if the family could pay Ibrahim raised Mr.Goodwin’s English said he had aletter FBI agentstold the Good- were real,” Ms.Goodwin said. contact alone in Qamishli, a $1.5 million in ransom. case with Syrian officials who from Mr.Goodwin’sson. Tag wins that “Chipotle” might “I just never thought God Syrian city on the border with Thecouple used family con- told the Lebanese general that Goodwin wasrattled,wonder- soundlikecode to Syrian au- would do one forme.” P2JW032000-0-A00900-1------XA
THE WALL STREET JOURNAL. Monday, February 1, 2021 | A9
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A10 | Monday, February 1, 2021 ***** THE WALL STREET JOURNAL. FROM PAGE ONE
“SaturdayNight Live” sketches. ground when she’s “People need the sodes of “The JoyofPainting.” Peacock as chairman of direct- TV’s Next Amazon’sIMDb TV has chan- working from home ability to have Even as viewers have em- to-consumer and international nels such as Crime 360,fo- in Little Rock,Ark. choiceand to be in braced the on-demand options at NBCUniversal, says that cused on true crime.Last So she streams control, but most of Netflix,Hulu and othersin streaming channels arejust in Big Thing: week,Discovery+, the recently- Nosey,achannel on people don’t actu- the streaming wars,they have their infancy. He pointstoward launched streaming service PlutoTV, that serves ally exercise that remained stubbornly attached Spotifyasinspiration forthe that is home to shows from up titles such as control very often,” to their favoritechan- direction he wantstotake Channels networks including HGTV,Ani- “The JerrySpringer says TomRyan, the nels.Nielsen says that in De- Peacock’schannels. malPlanet and TLC,released a Show” and “Maury” co-founder of Pluto cember,Americans over the While Spotifyusershaveac- collection of channels dedi- 24 hoursaday. and the president ageof2spent an averageof4 cess to millions of songsat ContinuedfromPageOne catedtoshows such as “90-Day She likes having and CEO of Viacom- hoursand 46 minutes aday us- their choosing,henotes that Sometimes people just Fiancé´” and “Fixer Upper.” channels dedicated CBS Streaming. ing their TV setsand that 73% manylisten to playlistsmade want to click on achannel and Even Netflix,which popular- to certain shows, “They actually want of that time wasspent watch- up of songssomeone else have someone else decide what ized both binge-watching and saying it’slike“hav- the path of least re- ing cable and broadcast televi- chooses.Mr. Straussenvisions they watch—even if it’samara- spending an evening scrolling ing TV on shuffle.” Fascinating sistance.” sion (including DVR). aday when userscan tune in thon of “Three’sCompany.” aimlessly trying to decide what PlutoTV, which Greg Williams,an “The unbundling of chan- to achannel that has been cre- Streaming services,which to watch, is thinking focuses on channels,launched IT professional in Knoxville, nels and the ‘let me watchiton ated forthem, with shows pro- opened up thebuffet of pro- about channels. in 2014 and is nowowned by Tenn., who founded the Face- my schedule,exactly what I grammed around the time of gram choices, arebulking up “We’realways looking at ViacomCBS.Itoffersthousands book group “Unofficial Pluto want, when Iwant,’all that daythey tend to watchthem— theirofferingsoffree, ad-sup- newfeatures to help our mem- of movies and TV episodes on- TV Viewers and Fans Page,” sounds great until you’resit- perhaps news in the morning ported channels that look alot bersdiscover great shows and demand. But roughly 90% of says he pays foratleast five ting therejuggling remotecon- andacouple movies at night. liketraditional cable channels. films moreeasily,” aNetflix the watching done by the ser- different waysofwatchingTV trols, trying to remember pass- Fornow,Ms. Merryhill is Viewers canwatch channels spokesperson said. “This web- vice’smorethan 36 million and movies—from Netflix to words, googling to figure out happy with what’savailable. programmed around genres— based linear feed test, which is monthly global usersisonits Disney+ —but he watches Pluto whichservices has the show She has alist of channels dedi- drama, comedy,orgame only available in France, offers morethan 250 channels—ded- the most. He devours“An- youwanted to watchand all catedtospecific shows that shows—as well as channels a‘lean back’ viewing experi- icated to thingssuch as the tiques Roadshow,” “Mystery youwant to do is relax fora she will be exploring on Pluto. dedicated to asingle show. ence.” ‘90s,lovestories,animated ScienceTheater 3000,” “Teen- period of time,” says Eric “Therewill be anight, I NBCUniversal’sPeacock of- TiffanyMerryhill says she comedy and specific titles such ageMutant Ninja Turtles,” Schmitt, asenior director ana- guarantee you, in the next cou- fers channels,including SNL likes to have something “really as “Three’sCompany” and andchannel 518,The Bob lyst at Gartner. ple weeks,that I’ll want to Vault, acontinuous flow of trashy” playing in the back- “StarTrek.” RossChannel, dedicated to epi- MattStrauss, who oversees watch‘Baywatch.’ ”
Largegroups’ intent to break outrageous material as com- Facebook Facebook’srules wasoften mentsonother posts—a tactic overt, the August presentation meant to confuse Facebook’sau- noted, with administrators tomated moderation systems. Remakes coaching usersonhow to post Facebook declined to discuss offensivematerialinways that the specifics of itshandling of would escape Facebook’sauto- theresearchers’ findings. ‘Groups’ mated filters. On October 20,the Mozilla Foundation,which makes the Firefoxbrowser and says it pro- ContinuedfromPageOne ‘Toxic atmosphere’ motes ahealthyinternet, rana ing Groups’ rapid growth pre- “They aredeliberately creat- full-pageadinthe Washington sented an obstacle to their ef- ing this toxic atmosphere,” Face- Post calling forFacebook to dis- fort to build healthyonline book’sresearcherswrote of ad- able itsalgorithmic Group rec- communities,and the company ministratorsofthe “Kayleigh ommendation systems. “Count- struggled internally over howto McEnanyFan Club,” named af- lessexperts—and even some of contain them. ter—not associated with—the your ownemployees—have re- Thecompany’sdatascien- Trump administration presssec- vealed howthese featurescan tistshad warned executives in retary.The researcherssaid the amplifydisinformation,” it said. August that what they called Group largely functioned as a Ashley Boyd,Mozilla’svice blatant misinformation and calls distribution system for“low- presidentfor advocacyand en- OL
to violencewerefilling the ma- PO quality,highly divisive, likely gagement, said she had dis- jority of the top“civic” Groups, S misinformativenewscontent.” cussed the foundation’scon-
according to documentsThe /PRES Thecommentsinthe Group cerns with employees from Wall Street Journal reviewed. AY included death threatsagainst Facebook beforethe letter’s
Those Groups aregenerally ded- MCK Black Lives Matteractivistsand publication. “They didn’t saywe icated to politics and related is- membersofCongress, research- were crazy,” she said. “They
sues and collectively reach hun- HANNAH erssaid, and Facebook had said, ‘This is very similar to con- dreds of millions of users. Facebook CEO Mark Zuckerberg testifying remotely during a US Senate Judiciary Committee. flaggedit174 times formisinfor- versationswe’rehaving inter- Theresearcherstold execu- mation within three months.In nally.’ ” tives that “enthusiastic calls for signaled its displeasurewith tures. Mr.Zuckerbergtold the them to avile crowd that imme- the commentsunder one post BeforeMozilla published its violenceevery day” filled one Facebook’shandling of itsplat- Journal at the time that Face- diately and repeatedly calls for aboutU.S.Rep.Ilhan Omar (D., letter, Facebook had temporarily 58,000-member Group,accord- forms in the months leading to book had devoted six months’ violence.” Minn.) that the presentation in- stoppedmaking algorithmic rec- ing to an internal presentation. the election. work to ensureitmade the shift Administratorshad desig- cluded, commentsincluded: ommendations to Groups dedi- Another topGroup claimed it Mr.Zuckerbergsaid on an responsibly and wasmindful of nated most of the Groups as pri- “I hope someone shootsher catedtopolitical or civic issues, wasset up by fans of Donald earningscall last Wednesday itsobligation not to promote vate,soonly memberscould but she lives and is paralyzed.” aFacebook spokesman said. Trumpbut it wasactually run that Facebook’susersare tiring Groups containing dubious med- read them. Some were secret— “Maybe abullet would do her Facebook halted showing by “financially motivated Alba- of the hyper-partisanship on the ical adviceofunfounded con- people outside Facebook good.” previewsofGroup content to nians” directing amillion views platform. “People don’t want spiracies with itsalgorithms.“If wouldn’t knowthey existed, “Bring back public hangings.” prospectivenew members, daily to fakenewsstories and politics and fighting to take over people really seek it out on their much lessthat they were gar- TheJournal contacted five capped the daily number of invi- otherprovocativecontent. their experienceonour ser- own, fine,” he said. nering millions of views aweek. club administrators—most of tations memberscould send Roughly “70% of the top100 vices,” he said, adding that Face- Groups became central to Americans didn’t runsome of whom appear to be affiliated each day, and began freezing most activeUSCivic Groups are book is also considering steps to Facebook’sbranding,asitbat- the most popular Groups,the with for-profit right-wing digi- comment threads when they re- considered non-recommendable reducepolitical content in its tled criticismoverissues from August presentation noted. It tal-media sites—through Face- peatedly triggeredautomated forissues such as hate, misinfo, News Feed—the stream of baby dataprivacytoCambridgeAna- deemed aGroup called “Trump book and the contactslisted by filters, internal documentsshow. bullying and harassment,” the photos,birthdayremindersand lytica’s role in the 2016 election. Train 2020,Red Wave” as hav- those outletswhen available but Mr.Rosen confirmed the pre- presentation concluded. “We rantsfromdistant relatives that In a2020 Super Bowl ad,itcele- ing “possible Macedonian ties” didn’t receivearesponse. election moves. need to do something to stop greetsuserswhen they log in. brated amateur-rocketrybuffs, and of hosting the most hate Thenew rules,which Face- theseconversationsfromhap- Mr.Zuckerbergalso said that bouldering clubsand rocking- speech takendownbyFacebook book designed to be temporary pening andgrowing as quickly the companywas rethinking chairenthusiasts—brought to- of anyU.S.Group. ‘We need to do and largely didn’t announce as they do,” the researchers whether Groups could be rede- gether through Groups. TheGroup grew to morethan publicly,couldn’t contain the vi- wrote, suggesting measures to signed to help people “growas In a2016 presentation about amillion memberswithin two something to stop ralgrowthofsome Groups after slowthe growth of Groups at individuals” in the same way Facebook’shalting effortsto months of itscreation,accord- these conversations the election. least long enough to addressvi- real-lifecommunities can. “We combat polarization,which the ing to dataarchived by the fact- Most notably,aGroup called olations. canmakeitsothat Groups on Journal reported last year,are- checking websiteSnopes,before from happening.’ “Stopthe Steal” that wasorga- “Our existing integrity sys- Facebook arenot just afeed and searcher noted that extremist Facebook took it down in Sep- nizing election protestsaround tems,” they wrote, “aren’t ad- aplacewhereyou post some content had swamped large Ger- tember. the countrygrewto361,000 dressing theseissues.” content,” he said. man political Groups and that TheJournal wasn’t able to membersinlessthan 24 hours In response,Facebook ahead “64% of all extremist group joins contact the administratorsof Facebook’spublic-policy without anypromotion from of the election banned some of aredue to our recommendation the Group,whose personal team balked at taking action Facebook’salgorithms. the most prominent problem Groups pivot tools.” Thepresentation con- pages,some with dubious Eng- against prominent conservative When Facebook took it down Groups and took steps to reduce Facebook’s2019 renovations cluded that “our recommenda- lish,werealso removed. Are- Groups,and managerselse- Nov.5,the companysaid it “was the growth of others, according marked astrategic pivot away tion systems grow the problem.” quest forcomment to apur- whereinthe companyques- organized around the delegiti- to documentsand people famil- from itsNewsFeed and one of In response to the article, ported successor Group didn’t tioned proponentsofthe pro- mization of the election process, iar with itsdecisions.Still, Face- itsmost significant platform al- Facebook said it had fixedthe receivearesponse. posed restrictions about the and we sawworrying calls for book viewedthe restrictions as terations in years. recommendation problems. Most of the Groups were on effectsongrowth, according to violencefromsome membersof temporaryand stopped short of It emphasized content from TheAugust 2020 internal the right end of the political internal documentsand the peo- the group.” imposing measures some of its Groups,elevating it in the presentation showedother is- spectrum, but “Suburban ple familiar with the decisions. In response to rising fearsof ownresearchershad called for, stream of material it served to sues emerging as U.S. Groups Housewives Against Trump” ap- Facebook’splatform-wide political bloodshed, Mr.Zucker- these people said. users. Giving priority to Groups, tied to mercenaryand hyperpar- peared near the topofthe rules forbid hatespeech and bergthat dayapproved addi- In theweeks afterthe elec- Facebook said, would help peo- tisan entities used Facebook’s charts, too, the August presenta- speech that incites violence. The tional “break glass” emergency tion,manylarge Groups—in- ple makemeaningfulconnec- tools to build large audiences. tion said. Conservativeorlib- companyadvisesGroups moder- measures,including further re- cluding some named in the Au- tions with like-minded friends. Manyofthe most successful eral,the Groups shared acom- atorsonhow to maintain com- strictions on Groups with ahis- gust presentation—questioned Theshiftcame as Facebook Groups were under the control mon thread: They had munity rules.But rather than tory of bad behavior,according the resultsofthe vote,orga- faced criticism that News Feed of administratorsthat tolerated harnessed passionatesuper-us- helping foster acivil tone,lead- to internal documentsand peo- nized protestsabout the results wassusceptible to foreign inter- or actively cultivated hate ersand Facebook recruitment ersofmajor politics-focused ple familiar with the decisions. and helped precipitatethe pro- ferenceand other manipulation. speech, harassment and graphic tools to achieveviral growth. Groups encouraged membersto Afterviolencerelated to bal- teststhat preceded the Jan. 6 Groups,onceasubsidiary calls forviolence, it said, noting Content from the top10civic break Facebook’srules,threat- lot counting failed to material- riot. Afterthe Capitol riot, Face- feature,weremade central to that one topGroup “aggregates Groups wasseen 93 million ened to ban anyone who re- ize, Facebook began to loosen book took down moreofthe the app design, recommenda- the most inflammatorynews times over the course of seven ported such content and di- some of the restrictions,accord- Groups and imposed new tion systems and dating fea- stories of the dayand feeds days lateinthe summer. rected userstopost their most ing to internal documents. rules as part of what it called an On Jan. 6, afterthe rally or- emergencyresponse. ganized by Amyand Kylie Kre- Facebook has canceled plans mer—the mother-daughter cre- to resume recommending civic atorsofthe original “Stopthe or health Groups,said Guy Steal” Group,which Facebook Rosen,Facebook’sVicePresi- closed Nov.5—a group of dent of Integrity,arole that Trump supportersstormed the oversees the safety of usersand Capitol. TheKremersdidn’t re- discourse on the platform. Face- spond to requestsfor comment. book will also disable certain Mr.Zuckerbergapproved in- tools that researchersargued stituting the break-glassmea- hadfacilitated edgyGroups’ sures Facebook had recently rapid growth and requiretheir liftedand added morerestric- administratorstodevotemore tionsonGroups,internal docu- effort to reviewing member-cre- mentsshow. ated content, he said. Facebook required adminis- “That helps us because we tratorstoapprovemorepostsin canthen hold them account- Groups with histories of violat- able,” Mr.Rosen said, adding the ingits rules—a technique Face- changes aren’t an admission book staff recommended in Au- previous rules were tooloose, gust but that the company butshowFacebook adapting to hadn’t fully implemented. emerging threats: “Ifyou’dhave Facebook will prevent Groups looked at Groups several years of anysort from being promoted
ago, youmight not have seen S within their first21days of exis-
the same set of behaviors.” PRES tence. Facebook,likesome other Other temporarymeasures— UMA
tech giants, has caught criticism /Z such as the freezing of comment for banning certain content and ZY threads classified as turning vile GU
people,including Mr.Trump. It OL and daily limitsonGroup invita-
is also under the close eyeofthe CAR tions—remain in placeand may Biden administration, which has Trump supporters swarm the Capitol. Facebook has stepped up its efforts to exert more control over ‘Groups’ since the riot on Jan. 6. become permanent. P2JW032000-2-A010A0-2------NS
THE WALL STREET JOURNAL. ** NY Monday, February 1, 2021 | A10A GREATER NEW YORK New Yorkers Travel Far to Get Vaccine
Many say limited there were persistent issues. “Our goal is to getshotsin supplies, frustrating arms as quickly and efficiently booking system have as possible—if NewYorkersin one area arenot booking all them driving for hours available appointments, and TY someone is willing to travel to VER
BY JIMMY VIELKIND LA getashot, that only reflectsthe A woefully inadequatesupply of UR
Facing alimited supply of MA vaccines we received from the Covid-19 vaccine doses and Trump administration,” he said. TTI; what they sayisadisjointed Biden administration offi- PUIA
system forsecuring appoint- A cials said last week they would
ments, some NewYork resi- LIND increase the number of doses dentsare planning to travel allocated to states,amove hundreds of miles acrossthe that Mr. Cuomo welcomed.
state to get a shot. JOURNAL; Localleaderssaid their vac- MauraLaverty,a66-year- cine allocations decreased REET
old nurse from New Rochelle, ST when the hubs opened. Oneida asuburb of NewYork City, LL County ExecutiveAnthony said she is preparing fora WA Picente, aRepublican whose THE
road trip afternabbing an ap- R county includes the state hub
pointment in a snow-covered FO just outside Utica, said the al- collegetownnear the Cana- OY location foradrive-through
dian border. MOLL distribution pointset up by She said she spent hours the county dropped from CKIE
searching foraspot at locally JA 3,000 doses during the week : runfacilities near her in of Jan. 5 to 500 doses for the Westchester County but was LEFT week of Jan. 20.The statesite OM
unsuccessful. She then turned FR opened on Jan. 19. to astate-run webportal that Mr.Holmes wouldn’t say letsany eligible NewYork state WISE howmanyvaccine doses are OCK
resident book appointmentsat CL being directed to the state 13 mass-distribution hubs run PeterBartfeld, shown with his wife, Teri Schure, booked an appointmentasix-hour driveawaybeforefinding one much closer.Dutchess hubs but said counties’ alloca- by the stategovernment. County residentLinda Puiatti, topright, plans to go to Binghamton. MauraLavertyofNew Rochelle will head near the Canadian border. tions were reduced because TheJacob.K.JavitsConven- the distribution network and tion Center,astate-run hub in statewas diverting precious rent eligibility criteria, which residentscan use city sites or appointments for herself and the eligible population that lo- Manhattan, washer first vaccine doses to itsown include people 65 yearsor statehubs at the JavitsCenter her husband at astate-run hub calhealth departmentswere choice, but the only available hubs—where any New Yorker older,health-careworkers, or the Aqueduct racetrack in in Uticaafter acounty-run focused on had changed. slotswereatalocation in Pots- cansign up foranappoint- nursing-home residentsand Queens,each of which canvac- clinic near their home in Red DebraBlalock,68, said she dam in St.LawrenceCounty. ment—instead of funneling staff,aswell as essential cinateatleast 1,000 people a Hook,N.Y., filled up in nine wasconcerned about road con- “Searching wasanexercise them to local pharmacies,clin- workersincluding teachers. day. Fornearly all of last week, minutes. Their appointments ditions,but still plans to drive in futility,soI’m going to ics or county-run sites that State officials said they re- the only sites with available ap- areonconsecutivedays,so to Potsdam from Dutchess makeanicelittle getaway,” serve area residents. ceive around 250,000 vaccine pointmentswereinPlattsburgh they will be spending the County foravaccine.She grap- said Ms.Laverty,who decided PeterBartfeld, a70-year- doses a week. and Potsdam, which areinrural night in Utica, she said. pled with the ethics of obtain- she would work remotely from old lawyer, said he booked an Around 600,000 people regions.Officials saythe two Linda Puiatti, a65-year-old ing an appointment in another avacation rental forafew appointment at ahub in have made appointmentsat sites canhandle 500 appoint- painter from DutchessCounty, part of the state, but said she days while she got the jab. Plattsburgh, which he esti- the statevaccination hubs,De- mentsaday. is traveling to Binghamton. felt comfortable doing so be- Other NewYork residents mates is asix-hour drivefrom partment of Health spokesman Gov.Andrew Cuomo and “It’salittle bit sad that cause people who lived closer also said their vaccine appoint- his home in Valley Stream on GaryHolmes said, and roughly health officials sayvaccine we’redoing this in this lottery had the same ability to sign up. mentswereagood excuse for Long Island. He selected the 75%ofthem were made by doses areallocated around the fashion. Theclosest person to While dreading his trip amini-vacation. But most de- spot aftertwo weeks of failing NewYorkersfromthe same statebased on population, and the phone gets the prize,” she north, Mr.Bartfeld said he scribed the appointment pro- to secure a closer location. region of the state. State offi- certain providersare tasked said. learned on Thursdaythat he cess as vexing and said they “This is absurd,” he said. cials didn’t respond to re- with focusing on certain MelissaDeRosa,the gover- wasable to obtain alast-min- were frustrated that the state “Obviously, you have a misal- questsfor demographic data groups: hospitals forhealth- nor’s top aide, said state offi- uteappointment at the state hadn’t allocated agreater location in the state. Why do about who has secured an ap- care workers, county-run sites cialsweremaking surethere hubinQueens.The process number of doses to more people have to drivefrom pointment or been vaccinated. foressential workersincluding wasparity between locals and wasefficient and everyone densely populated regions. Long Island to Plattsburgh?” Long Islanderscan use state teachers, and pharmacies for out-of-towners. Mr.Holmes was pleasant, he said. Localofficials around the Roughly seven million New hubs at Jones Beach and SUNY people 65 or older. said the statemight look at re- “Onceyou getthat appoint- statehavealso complained the Yorkersmeet the state’scur- StonyBrook,and NewYork City NancyBendiner,73, booked balancing the allocation if ment, it’s gold,” he said. Distribution Skews on Racial Lines Middle Schools Told
BY DEANNA PAUL The city also expanded the AND KATIE HONAN list of priority neighborhoods To ReadytoReopen to include other affected com- Nearly half of NewYork munities,likeJackson Heights City residents who received a and East Elmhurst in Queens BY LEE HAWKINS statementsbyMayor Bill de Covid-19 vaccination shot were and Flatbush in Brooklyn, Mr. Blasio in recent news confer- white, morethan double any de Blasio said. Some of these NewYork City’s Depart- ences saying that he would re- minority group in the city,ac- areslated to open additional ment of Education has taken lease aplan in Februaryabout
cording to data released Sun- S vaccination sites. its first steps toward reopen- when the city plans to reopen day by city health officials. “Weneed to figure out how ingmiddle schools and high middle and high schools. The Hundreds of thousands of PRES to overcome the other barriers schools,all of which have been official reopening could hap- NewYorkershavereceived TED that areholding back people closed forin-person instruc- pen in the spring,hesaid, de-
shotssinceDecember,with OCIA from wanting to getvacci- tion sinceNovember as the re- pending on the availability of SS
whites accounting for48%. /A nated or holding back our abil- sult of rising coronavirus in- vaccinations and testing. The Blacks received 11% of the ity to reach as manypeople as fection rates across the city. mayor’sstatementsare draw- FFER
doses,while 15% went to TA we need to in those neighbor- Theagencysent an email to ing concern from the city’s AL
Asians and another 15% to La- Y hoods,” said Mr. de Blasio. middle-school principals Sat- teachersunion, which says
tinos in the city. MAR Another challengetocity urdaytopreparefor the possi- testing and tracing in the Thecity’s vaccination data Patients received Covid-19 vaccination shots Sundayinthe Bronx. effortsisthat thereare just bility of reopening,asking city’s schools “is at capacity,” is incomplete. As of Sunday, of- 53,000 remaining firstdoses them to completea“School and vaccination is “lackluster.” ficials didn’t have demographic Covid-19 at more than twice were drawing up vaccination of thevaccine,according to In-person instruction survey” “The city is barely manag- information for40%—or more the rate of whiteresidents, ac- plans,which would include city health officials. by Feb. 5. Thesurvey asked ing all the aspects of the cur- than 263,000—of those who cording to the Centersfor Dis- partnerships with community New York City is distribut- them to detail their “capacity rent random testing program received the vaccine.Still, it ease Control and Prevention. organizations to ensureout- ing vaccines in phases, giving to provide in-person instruc- and tracing requirements,” offered the clearest pictureyet “The disparity is very plain, reach to communities of color. priority to people with in- tion 5 days a week.” said Michael Mulgrew, presi- of which racesand ethnicities it has to be addressed force- NewYork City’s health offi- creased exposureorsevereill- “Weare encouraging your dent of the United Federation arereceiving shotsand show fully,” Mr.deBlasio said at a cials also have tried to distrib- ness. Eligibility criteria in- school to begin planning on of Teachers, which represents that vulnerable communities Sunday news conference. utethe vaccines in morevulner- cludeindividuals 65 yearsor howyou will serveall blended 120,000 DOE employees.“They arestarkly undervaccinated. Manystateshavepledged able neighborhoods.Morethan older,health-careworkers, learning students in-person as arenot prepared to handle any MayorBill de Blasio said to ensurethe hardest-hit mi- 60% of the city-run public vac- nursing-home staff and resi- manydays per week as possi- additional schools.” the datahighlighted a“pro- nority groups would have cine sitesalready areoperating dents and essential workers. ble,which maynecessitate At aFridaynewsconfer- found problem” of racial ineq- equal or priority access to the in the city’s hardest-hit areas, Vaccination appointments modifying previouslyassigned ence, Mr.deBlasio said he an- uity and the coronavirus pan- vaccine.InDecember,New andcity officials have joined on Mondayhavebeen canceled teacher programs,” the agency ticipates that middle and high demic.Blacks and Latinos in York Gov.Andrew Cuomo said with churches and faith leaders because of the expected snow- said in the letter. schools will open during this theU.S.havebeen killed by that the state’smajor hospitals to encouragevaccination. storm. TheDOE’sletterfollows school year.
STATESTREET | By Jimmy Vielkind Attorney General’s Report Puts Cuomo on the Defensive
NewYork inquiry into the fatalities. dents may have contributed James, who was elected in He said the report was showed concerns over nurs- stateAttorney Republicans and some Demo- to increased risk of infection 2018, had put Mr. Cuomo on “stunning and courageous” ing homes weren’t partisan. General Letitia crats said the state’s and subsequent fatalities, the defensive, veterans of because it highlighted asensi- Ms. James’s office has James’sreport monthslong refusal to say but additional data analysis the state attorney general’s tivepoint forMr. Cuomo.“She standing authority to investi- on howthe how many nursing-home res- is needed. The report recom- office and political observers has nowkicked him in his gate nursing-home practices. coronavirus hit idents died at hospitals left mends standardized public said. The result, they say, Achilles’ heel,” Mr.Vacco said. Her spokeswoman said that nursing homes in the state them with an incomplete pic- reporting of Covid-19 deaths could mean a rockier rela- State legislators in both Mr. Cuomo requested an in- struck asorespot forGov. ture as to what happened in nursing homes, setting re- tionship with Mr. Cuomo, a parties redoubled their calls vestigation in April and that Andrew Cuomo,who has and how policies might need quired staffing levels at for a more thorough investi- the report was written based faced criticism from statelaw- to change. nursing homes and repealing gation of what prompted on what was found. Most of makersoverthat aspect of his Dr. Zucker said the health a liability shield covering Governor has faced nursing-home deaths. Law- the 76-page document talked management of the pandemic. department accurately nursing-home operators that makers said they expect Dr. about deficiencies at nursing Thereport said the coro- logged deaths where they oc- was enacted in April. criticism forhandling Zucker’s scheduled appear- homes, including their fail- navirus death toll attributed curred, and was ensuring Rich Azzopardi, a senior of the pandemic in ance at a February budget ure to follow infection-con- to nursing homes was under- data on hospital transfers adviser to the governor, said hearing will be contentious. trol protocols and problems stated by roughly 50%.It were accurate. the report said that the nursing homes. Mr. Cuomo said at a press that were exacerbated by a prompted stateHealth Com- Republicans said the state March 25 order was consis- conference on Friday that lack of staff. missioner Howard Zucker to was engaging in a coverup, tent with federal guidance where nursing-home resi- “The findings—publicly sayafter itsrelease that in and they have used the point and homes should only have dents died wasn’t relevant, available foranyone to exam- addition to the 8,914people to attack Mr. Cuomo. Repub- admitted residents if they fellow Democrat who en- and he was unfamiliar with ine—arearesult of arduous the Health Department be- licans have criticized a could provide proper care. dorsed her 2018 election bid legislation to roll back the li- effortsbydedicated investiga- lieves died from Covid-19 at March 25 health department “We’re focused on fight- and helped her raise funds. ability protections. He said tors and attorneys,” spokes- nursing homes,another 3,829 directive that said nursing ing this pandemic and get- “This clearly is a line of Republicans, including for- woman Delaney Kempner nursing-home residentsdied homes couldn’t turn away ting the vaccines and fund- demarcation where she is mer Trump administration said. “Toinject politics would from the disease afterthey patients simply because they ing New Yorkers need and declaring her political inde- officials, were politicizing be an insult and take away were takentohospitals. had tested positive for the deserve from Washington— pendence,” said former state the issue. Senate Minority from all the hardwork of the The document, released coronavirus. period,” he said. Attorney General Dennis Leader Robert Ortt, a Repub- professionals in this office.” Thursday, gave new life to Ms. James’s report said The report also marked Vacco, a Republican who was lican from Niagara County, the legislative push for an the admission of such resi- the first time that Ms. in office from 1995 to 1999. said Ms. James’s report [email protected] P2JW032000-2-A010B0-1------NS
A10B | Monday, February 1, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Parents Seek Louder Voice In DistrictVote
BY LESLIE BRODY munity to most seatsonthe boardfor morethan adecade. SPRING VALLEY,N.Y.—Resi- Many voters aimed to rein in dents in a school district just property taxesand increase north of NewYork City are government-funded services voting for board trustees in a forprivate-school children, newsystemthat civil-rights such as busing and programs advocates and a federal judge for the disabled. JOURNAL
say offers Black and Hispanic Thepublic schools have REET
voters agreater voiceintheir been plagued by budget woes ST children’s education. and lowachievement. Some LL Thespecial election has yearsthe district severely cut WA THE
emotions running high in the teaching staff,classes and the R East Ramapo district, where arts. Ascathing 2014report by FO
the school boardhas long a state-appointed monitor REZ VA
been dominated by Orthodox faulted the school board for AL
Jewish men from acommunity recklessmismanagement, B.
whose children don’t attend overspending on morebusing ENID public schools. than the staterequired forpri- A classroom at Lime Kiln Elementary School. Nearly all the public-school children in the East Ramapo district are Black or Hispanic, Nearly all the roughly 9,200 vate-school children, and per- but the school board has long been dominated by Orthodox Jewish men from a community whose children attend private schools. public-school children arelow- sistently failing to act in the income and Black or Hispanic, best interestsofpublic-school Black and Hispanic residents. court order and expects a full voters rather than private- email. “The bottomline is that including manyimmigrants students. TheNew York Civil Liberties and fair, open election.” school community leadersor- funding public schools through who arrivespeaking little Eng- Orthodoxleadershavesaid Union represented the NAACP, Theplaintiffs’ lawyerssay chestrating who gets aposi- property taxes is a recipe for lish. Nearly all of the 28,700 they work forall children, and with help from lawfirm the case illuminates unjust tion. conflict and inequity.” private-school studentswho stateformulas forallocating Latham &Watkins, which said barriers to voting in local One newcandidateis The district’s performance liveinthe district arewhite, aid don’t fitthe district’s it is donating itsfees to anon- races elsewhere. SherryMcGill, aBlack math hasticked up sincethe state and most attend yeshivas. unique imbalanceofprivate profit that serves local stu- “This at-large,winner-take- teacher.She said she wantsto deployedmonitorstooversee Thenew system forpicking and public enrollment. dents. all voting system is atried- boost accountability,advanced itsoperations,starting in trustees comes after years of Theat-large system vio- and-true tactic of the white courses and communication 2015.About 28% of itschil- litigation. Advocatesand can- latedthe Voting RightsAct, segregationist South,” said with families. dren in grades threetoeight didatesare rushing to getout The new system for according to the opinion Judge DonnaLieberman, executive “What Ihear from other passed statetestsinreading the vote through phone banks, CathySeibel of the Southern director of the NewYork Civil parents is they feel out of the in spring 2019,the last year online eventsand social me- picking trustees District of NewYork wrote Liberties Union. loop,” she said. available.Its graduation rate dia. Ballotsmust be mailed or comes after years last May. She said influential Racial vote dilution in Mark Berkowitz, an Ortho- rose to 65% last year,com- dropped off by late Tuesday. leadersofthe whiteprivate- school-district elections is doxtrustee running foran- pared with 85% statewide, by Ana Maeda-Gonzalez, a of litigation. school community worked be- common but legal fights over otherterm, worries the new state data. mother of three who leads a hind the scenes to choose, it arerelatively rare because system might encouragetrust- Interim Superintendent Ray Latino parentsgroup called promoteand install their own these cases aresotime-con- ees to advocate only for their Giamartino said the millions of Union de Padres of East Ram- candidates fordistrictwide suming andexpensive, said own wards. dollarsspent on litigation and apo Central School District, Under the old election sys- seats. NYCLU attorney Perry Gross- “You have to be ready to dealing with the coronavirus said she hopes the special tem, residentsvoted forat- Black and Latino voters in man. The American Civil Lib- work together,” he said. pandemic contributed to a election will motivateparents large candidates for nine dis- East Ramapo “havebeen frus- erties Union won such a case Shani Bechhofer, an Ortho- likely deficit of at least $15 who in the past assumed their trictwide seats. Thenew trated in that most fundamen- againstthe Ferguson-Floris- dox educator and school con- million in this school year’s votes wouldn’t matter. processdivides the area into tal and precious endeavor” of sant School District in Mis- sultant in Monsey,said she roughly $247 million budget. “Hopefully parentswill nine wards, and residentscan voting, she wrote. “They, like souri in 2017, for example. wishes candidates would try If potential stateand fed- knowthereare morepeople vote only foracandidatewho their whiteneighbors, areen- Currently in East Ramapo, to defuse intercultural hostili- eral relief don’t come through, fighting fortheir children of lives in their ward.Inthree titled to have their voices Black women hold three of the ties,and said that manyneigh- he said the district faces staff color,” she said. wards, amajority of eligible heard.” nine boardseats. JudgeSeibel bors struggle with high prop- cuts. TheRockland County dis- voters are Black or Hispanic. The district lost its appeal noted the whiteslating organi- erty taxes. “What our studentsmust trict spans several towns in- The Spring Valley National and has asked for a rehearing zation faced pressuretoinstall “I don’t think this newward have,” Dr.Giamartino said, “is cluding Spring Valley and Association forthe Advance- at the appellate level. public-school representatives system will solvethe problems equitable access to those high- Monsey.The area has at- ment of Colored People sued BoardPresident Harry due to the litigation and state plaguing this unusual district; quality programs and services tracted asurge of Orthodox thedistrict in 2017toover- Grossman declined an inter- monitor.Public-school advo- it will just alter the incentive that their same-agepeersin and Hasidic families,who have turn the at-large system, say- view, but said by email the catessay under the newsys- structure, given scarce re- everysingle one of our neigh- voted members of their com- ing it diluted the votesof board “is complying with the tem, trustees will answerto sources,” Dr.Bechhofer said by boring districts have.”
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CAREERS & LEADERSHIP PERSONAL JOURNAL.
© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, February 1, 2021 | A11 TheCIA Fine‑Tunes ItsHiring Pitch The agency has revamped its recruiting to attract younger workers who might be skeptical of its mission
AT WORK 44% of those under 30 believed that the CIA’s post-9/11 interroga- KRITHIKA tion practices were justified,ver- VARAGUR sus 60% of those over 50. TheCIA declined to comment on the prisons.In2014, then-di- ecruitment wasa rector John Brennan declined to clubby affair in the label anyofthe techniques as earliest yearsofthe “torture,” but described some un- Central Intelligence authorized interrogation methods R Agency. TheCIA, as “abhorrent.” founded in 1947, Today, the CIA’s digital face- scoured IvyLeague campuses and liftcoincides with anew presi- eliteEast Coast social circles to dential administration. Mr.Bren- find promising young men (and a nan, whose directorship ended in handful of women) to fill out its 2017, says the Biden administra- ranks at home and abroad. tion has sent out a“very strong Today, the agencyisturning to signal on diversity” with itsintel- morepublic tools in ahiring push ligenceappointees,including the to expand and diversifyits ranks. first-ever female director of na- It runs video advertisements,has tional intelligence,Avril Haines. an Instagram account,and posts Douglas London, who retired in job openings on LinkedIn. It even 2019 after34yearsinthe CIA, launched asplashynew websitein questions whether public out- Januarywhose content includes reach is the best way to increase an advicecolumn and dog-train- diversity.Instead, he says,just as ing tips,plus abold newblack- with past generations of elite and-whitelogo. hires,“Youhavetogoand find TheCIA hopes these efforts them,” with morepersonalized will convincethe millions of mil- overtures to,for instance, promis- lennials and Gen-Zersscrolling ing studentsofspecific regions through their phones and stream- and languages. ing TV to consider acareer in in- Mr.London sat on CIA promo- telligence. tion and hiring panels throughout “Wehad to go wherethe talent The CIA hopes to attract more diverse job applicants with its new website and social media outreach. The his career.Hesays getting hired is,” says Sheronda Dorsey,the images below have recently appeared on the CIA’s Instagram account. wasone thing,but continuing to CIA’s deputy associatedirector work thereasaminority could fortalent, who is nowon present challenges.Hesays that LinkedIn herself. in the clandestine Directorateof Theagencyhas always relied on Operations whereheworked, asteady influx of young people,es- therewas resistancetomatching pecially recent collegegraduates, nonwhiteofficerstocertain as- but has periodically faced chal- signments. lenges hiring them. Studentsfre- “It wasnot uncommon to hear quently protested on-campus CIA an assertion like, ‘You can’t send recruitersinthe 1960s,for instance. aBlack officer to Paris or Riyadh,’ Today’sCIA has itsown obsta- whereas therewas no hesitation cles.Polling shows that some mil- assigning awhiteofficer to Bagh- lennials aremorecritical of past dad,” Mr.London says.But he CIA actions and skeptical of the doesn’t believethese norms to be intelligencecommunity’s role than insurmountable obstacles and older generations are. Theagency maintains that the CIA is a“sen- faces hiring competition from the sational placetowork.” privatesector.And today’sdiffuse TheCIA declined to respond to foreign policyarena presentsno Mr.London’scomments. single mission to inspirerecruits, Whoever decides to take up likethe focus on fighting al Qaeda the CIA’s call forapplications afterthe 9/11 attacks. should preparefor arigorous vet- TheCatch-22ofthe CIA’s hir- ting process, which Ms.Dorsey ing push is that while some of its says cantakeayear or longer. controversial past actions are She assures anxious candidates: nowpublic,its recruiterscan’t forceis“reflectiveofAmerica.” gavethe CIA afavorable rating in kind of saving the world, slowly “Weare looking forhonest peo- tell candidates specifically what She adds that thereare openings aPew survey from 2018.But an- eroded and wasreplaced by ple,not perfect people.” they do accomplish. CIA employ- at all levels,including formidca- other 2018 survey by the Univer- knowledgeoftorturechambers,” Some prospectiveapplicants ees past and present, including reer professionals. sity of Texas pointed to agenera- he says,encapsulating some of his arealready prepared forsuch Ms.Dorsey,speak instead with An internal demographic survey tional divide: 78%ofthose born generation’sskepticism. He is ap- scrutiny. “I’vethought about vet- hushed reverenceabout “the mis- of those employedinthe intelli- between 1928 and 1945 agreed plying to Ph.D.programs to study ting and security clearances my sion,” aunique set of exciting and gencecommunity,which comprises that the intelligencecommunity the political economyofthe Mid- entirelife,” says 20-year-old Lau-
(2) meaningfulsecurity issues that 17 bodies including the CIA,found “plays avital role in protecting dle East, but hopes to focus on renWadas,ajunior at Brigham
CIA they gettowork on. that 26.5%ofthem were minorities the country,” versus only 47%of agriculture, rather than topics Young University-Idaho who is in- Hiring todayislessanissue of in the fiscal year 2019. millennials. with straightforwardintelligence terested in working at the CIA. GES; sheer numbers—itsnumber of Ms.Dorsey says STEM talent is RichardSolomon, a24-year- applications. She keeps separatepersonal and IMA newhires in 2020 wasthe third- ahiring priority.“We knowthat old graduateofIndiana University TheCIA operated secret pris- professional Twitteraccounts, and ETTY largest in adecade,Ms. Dorsey we have deep competition fortal- who majored in international rela- ons known as black sites to detain uses Facebook “only forchurch /G
FP says—so much as attracting peo- ent in the STEM field, and espe- tions,says he oncedreamed of and interrogatesuspected terror- and my grandparents.” /A
EB ple of morediverse backgrounds. cially wherethey canoffer higher becoming aspy and firstlearned istsafter 9/11. TheSenateIntelli- TheCIA has advicefor people
LO While thereare no specific bench- compensation packages,” she says. Arabic with that in mind. But he genceCommitteesaid some of the likeMs. Wadas on itswebsite: UL marks,she says the agencyhopes Theagencyuses the government’s became disillusioned by the interrogation techniques used “For your security,ifyou arein- SA
P: to increase racial, cultural, dis- standardized General Schedule post-9/11 WaronTerror. there amounted to torture in a terested in or have applied fora TO ability,sexual orientation and payscale. “This sexy imageIhad as a 2014report. A2014Pew survey of job at CIA,donot followusonso- OM
FR gender diversity so that itswork- Amajority of Americans,64%, child, of undercoverCIA agents 1,001 American adultsfound that cial media.”
When furloughing a large number to hear howwewerepivoting our It’ssomething Ithink alot The Lessons Kohl’sCEO of people, how do you ensure they businesstolean intocurbside about and I’m abig believer that continue to feel like an integral pickup,for example,soeveryone people need to embraceabal- part of the company so that mo- knewthat we would emerge on anced life. We check in alot with rale and productivity doesn’t suf- the other side,operating in a our employees and do listening Learnedinthe Pandemic fer on their return to work? newway. sessions.Wehaveaveryempa- We maintained health benefits thetic cultureand Iencourageall forall furloughed associates and When you were at Starbucks, it my leaderstomodel that. Forme, BY ELLIE AUSTIN worked directly with former Star- made surethey had access to my was reported that you used to ar- the fundamental principles of bucks CEO Howard Schultz as his video messages.That wasreally rive at the office at 6:30 a.m. and great leadership arehumanity, n March 20, Kohl’s CEO Mi- chief strategist during the 2008 important. Iwanted to sharethe stay for 12 hours. How are you empathyand being courageous. O chelle Gass temporarily shut recession, Ms. Gass was no optimism that we were preparing helping your corporate employees the retail chain’s 1,162 stores stranger to the challenges of navi- forthe daywhen our stores set boundaries around work-life Whatwill the long-term impact and announced soon after that it gating a high-profile business, would reopen. Ialso wanted them balance as they work from home? of the pandemic be on the skills would furlough 85,000 of its with stores and staff scattered and characteristics roughly 100,000 employees. The across the country, through peri- we expect from fu- closings lasted between seven and ods of uncertainty. turegenerations of 17 weeks, depending on location. Ms. Gass shared her blueprint businessleaders? for ensuring that Kohl’s weathers If youlook at the global health crisis both finan- millennials and Gen ‘I didn’t have all the cially, and with its company cul- Z, they have adif- ture and morale intact. Edited ex- ferent expectation answers, but I could cerpts from the conversation: of howthey work. speak to what I knew They’reused to What were your strategies for having technology on any given day.’ communicating tough news to at their fingertips your employees in the early days at anytime of the of the pandemic? dayand with that I realized quickly as things comes access—ac- At arecent FutureofLeader- were changing by the hour that cess to information ship event hosted by TheWall these were not decisions I could and access to their Street Journal, Ms.Gassdis- communicate by email. I needed to leaders. Thelead- cussed howshe and her team be present. The associates needed ersoftomorrow tried to support staff at all levels to be able to see me. A few days will have to be re- of the companyduring these and into the pandemic, I said to my ally flexible in how other difficult decisions of the team, “OK, I need to be on video,” they think about past 10 months.They aimed to and I ended up doing video ad- the working day. lead by example to prevent burn- dresses to the whole company ev- When we’reall out while working remotely and ery week for a number of months. back in the office, found innovativeways to commu- For me, it was about instilling a youmight want to nicate, she said. sense of calm, confidence and clar- go to ayogaclass A former Starbucks executive, ity. I didn’t have all the answers, in the middle of Ms. Gass, 52, joined Kohl’s in 2013 but I could speak to what I knew the day, and that’s
GREENFIELD as chief merchandising and cus- on any given day and be a realist, great. What mat- A
CC tomer officer and was promoted to while also highlighting the prog- ters areoutcomes
REBE the top job five years later. Having ress we were making. Michelle Gass of Kohl’s enlisted video addresses to instill ‘calm, confidence and clarity.’ and results. P2JW032000-0-A01200-1------XA
A12 | Monday, February 1, 2021 THE WALL STREET JOURNAL. PERSONAL JOURNAL. | CAREERS & LEADERSHIP
HowtoGoFreelance What to During the Pandemic know if you’re considering becoming your own boss RENDON BEANNA KI; WS KLENO YN TEL KA OCH; BL GE SER BY ION AT TR US ILL P: TO OM FR WISE OCK CL
BY RAY A. SMITH sultants, reported 286,000 freelanc- Think checks and balances Learn to read job-contract fine howmuch work it is to getthe next erssigned up to use itssite Because working independently print carefully or consult with assignment. “They have takenon hen Kyndall Ben- between March and mid-January, means no more steady paycheck, someone who canreview the con- this role of marketing themselves in nettlost her job compared with 189,000 forthe full review your finances when em- tract objectively,advisesProf. waysthat they didn’t have to do for as a multimedia year of 2019.Incontrast to driving barking, Ms. Ruggiero says. Re- Fuller of HarvardBusinessSchool. alargerorganization,” says psy- designer in July, or deliverygigs, these freelance member, it may be some time be- chologist John Weaver,owner of she took it as the jobs aretypically in fields spanning fore you get gigs—and between Consult your contacts Stress Management &Mental W technology, financeand operations. gigs. Ask, “How long can you float “Trytoget your foundation clients: Health Clinics. They either have to push she needed to start freelancing. “Covid will acceleratecompanies’ yourself?” she says. Ms. Virk Tor- people who knowyou from prior learn this skill or employsomeone “I had been considering doing it use of gig workersand legitimizeit rendell recommends consulting positions,maybe yousold them to help them with it, he says. forawhile,but the layoff kind of lit more,” says Joseph Fuller,aHarvard with an accountant. something and they were the cus- the fire underneath my behind,” BusinessSchool professor of man- People who thrive in freelance tomer,maybe youwerethe purchas- Get better-organized says the 29-year-old, who lives agement practicewho co-chairsa work are those who realize how ing manager and they were the ven- Rememberyou’ll likely take on with her husband StevenninValley, research project called Managing uncertain the income and overall dor,” says Ms.Ruggiero, the career “non-corework” that acompany Ala. “It was, ‘Hey,look.You might the FutureofWork.“It’sforced stability will be, according to re- consultant. “Start therewith your would have not think you’reready forthis but companies to blowthrough some of search co-conducted by Brianna networking to getassignments.” handled in the you’rejust going to have to jump in their concerns about distancework Barker Caza, an associate profes- Youcan also use those contacts past. “It’ssur- and figure it out as yougo.’ ” fortheir overall workforce,and that sor of management at the Univer- foradvice,says Prof.Fuller.“You 77% prising to some She studied video tutorials on facilitates the use of distancework- sity of North Carolina at Greens- don’t have to necessarily say, ‘Can Aquarterly jump people how LinkedIn Learning about the ins ersand thirdparties in waysthat boro. Have a straight talk with yougivemeagig?’ But youcan say, in applications much organiza- and outsofwhat’snow oftencalled they mayhavenot anticipated.” loved ones whose lives are directly ‘Do youuse these platforms? Which forbusinesses tions literally “on-demand work” and booked her As more people consider work- affected by your financial status is the best one?’” he says.The bot- notexpected to organizeour firstfreelanceassignment in Sep- ing from home for themselves, about the ebbs and flows of self- tomline: “Work your network.” have employees lives in impor- tember.Sincethen, she has been here are some tips for success. employment, she advises. Professional groups of similarly signals rising in- tant waysand offering services such as website Factor in the thingsthat were minded self-employed or gig work- dependent work. howmuch of a design and digital marketing on a Figureout whatyou do best automatically takencareofwhen ers on social media can also help burden it canbe contract basis.Though Ms.Bennett “Often when you want to go inde- youworked foracompany, such as you network and find jobs. to have com- says the hustle required to free- pendent, you throw spaghetti health insuranceand vacation time. pletediscretion lanceischallenging,she hopes to Check out the platforms over your work,” Dr.Cazasays.One eventually make acareer as an in- Many online platforms match memorable tip on howtodeal with dependent worker. independent workers with compa- that, from afreelanceworker she Kyndall Ms. Bennett is one of thousands nies looking to assign work con- interviewedrecently foraresearch Bennett, of people—from millennials to se- tracts, such as Braintrust, Catal- project: Develop routines and prac- left, hopes nior executives—who have started ant, Fiverr, Toptal and Upwork, in tices around organizing yourself. to makea working for themselves in the pan- addition to broader career web- Teeupalertsand remindersand career in demic, whether as high-skilled gig sites like LinkedIn. writeout or type notes,detailed freelance. workers in fields like computer en- They typically are free to join schedules and to-do listsfor big Adam gineering, solo entrepreneurs and charge commissions on con- projectsand officeminutia. Rosenberg launching one-person firms, or tracts signed. As with any website freelanced freelance workers offering specific in which you’re uploading profiles Don’t get lonely temporarily. services like data analytics or digi- and looking for matches, read pri- While many people have been tal marketing. vacy policies thoroughly to make working from home or remotely Some are part of an undeclared sure you’re comfortable with what since last March, doing so while economy—often one-person, cash across the wall and hope some- Adam Rosenberg, who free- the company does with your data. working for yourself is different. operations not captured in the thing sticks, or you say ‘I’ll go lanced formonths afterbeing laid Be as specific as possible in Working for a company, “you’re data. However, one measure points broad, I’ll cast a wide net.’ Well, off from apublic-relations job in your profile in order to effectively isolated but you’re not completely to a sharp rise in those turning to you should absolutely do the oppo- June,recommends talking with find matches on the websites. “The cut off. You still have contact with self-employment. Some who start site,” says career-management otherswho have freelanced or words you use and how you de- colleagues,” says Dr. Weaver, the a business of their own apply for consultant Marianne Ruggiero, done contract work,tolearn the scribe yourself are raising or low- psychologist. tax identification numbers, and founder and president of Optima financial ropes.“Nobody gets it ering the likelihood that algo- Those working independently Census Bureau data show that ap- Careers. “The market rewards spe- right the firsttime,” says the 40- rithms will say, ‘Hey this guy looks don'thavethat. “Your contactsare plications by businesses not ex- cialization.” year-old Boston resident, who like a good match, let me spit him going to be your customers. And for pected to have employees rose 33% Think about howrelevant nowhas afull-time job as com- out to get considered for this that reason alot of people will join in the fourth quarter of 2020 from your specialty is right now, as munications director of esports job,’ ” Prof. Fuller says. abusinessgroup,alocal chamber a year earlier. In July though Sep- companies big and small adapt to technologycompanyVindex. Your goal should be getting a of commerce or aCEO roundtable tember, they jumped 77% from the social distancing and remote “Your firstcontract is always go- few projects under your belt and or group of colleagues that arein previous three months—the larg- working. ing to payyou way lessthan it do them well, so that your reviews the same environment,” he says. est quarter-to-quarter jump in 16 And don’t forget to analyze not should.” and ratings on sites stay high. “That’sreally important to do.” years of record-keeping. only what you’re good at—but also Sleuth on industrywebsites and Youcan find groups forindividu- Toptal, afreelancing platform what parts of your profession you ask fellowindependent workersin Hustle hard als who areself-employedorinde- that connectsbusinesses with soft- like doing the most, advises career your field about market ratesso Newcomersshould realizeit’sa pendent workersinyour field on ware engineers, designersand con- coach Sarina Virk Torrendell. youcan set your prices accordingly. constant hustle and be prepared for social media.
PERSONAL job. Clear guidance from the agency tion of the law,” he says. ASK would help states, which administer Some governors and administra- JOURNAL unemployment benefits, apply the tors have expressed concern that rules fairly and consistently. people will use the pandemic as an excuse to be paid for not working. The Details Mr. Wentworth says people aren’t UNEMPLOYMENT QUERY In general, quitting ajob or refus- inclined to refuse good work these ing ajob offerdisqualifies aper- days, and for “the vast majority of Iwas laid offin2020. My employer son from receiving unemployment workers who collect any benefits, justcalledand offeredmemyold job benefits. If yourefuse ajob or they want nothing more than to go back,but I’mnot comfortable with don’t showupwhen calledback to back to the job that they lost.” the Covid-19 protocols thatare in work,the employerissupposedto While Mr. Biden didn’t explicitly place. If Iturn down the offer, will I report thattothe stateunemploy- direct the Labor Department to tell lose my unemploymentbenefits? mentagency,which canend your states to continue UI benefits for benefits. people who refuse a job based on The Bottom Line But each state’s rules incorporate health concerns, he ordered the Youcan’t refuse ajob offerout of something called the Labor Stan- agency “to consider clarifying that general fear and still receivebene- dards Provision, says George Went- workers have a federally guaranteed fits. If youhave alegitimate safety worth, senior counsel with the Na- right to refuse employment that concern—forexample,you were of- tional Employment Law Project, a Unemployment has climbed in the U.S. since the pandemic hit. will jeopardize their health and if feredajob at anursing home nonprofit that advocates on behalf they do so, they will still qualify for wherethereisn’t enough protective of unemployed workers. That rule unemployment insurance,” according S equipmentfor staff—youhave allows people to turn down a job of an individual. Thatlaw applies exposure to the coronavirus. to a White House statement.
PRES someprotection underacouple of where working conditions are sub- to twofederal pandemic-related “We saw a number of governors The next stepisfor the agency to
TED statutes.But there’sstill ambiguity stantially worse than those for sim- programs,which areset to run out who were making kind of sweeping interpret the relevant statutes and
CIA in howstatesinterpret the ilar work in the area. in March. statements along the lines of, ‘If clarifyinwhatcircumstances work- SO
AS statutes. Additional protection canbe Application of these statutes to you’re collecting [unemployment in- erscan turn down ajob and still re- That may change soon. President found in the StaffordAct,which Covid-19 has been inconsistent, Mr. surance] and you get an offer of tain their joblessbenefits. ALabor Biden has asked the Labor Depart- governs federal responses to disas- Wentworth says, in part because your old job and you don’t take it, Department spokesman says the ONCELLI/ ment to “consider clarifying” the ters.Itstatesthatajob canbere- the statutes didn’t envision a pan- you’ll be disqualified.’ That’s a very agency is currently working on guid-
PEDR rules and provide workers “a feder- fusedifitpresents “any unusual demic that has turned almost every rigid reading of what should be a ancetostate workforce systems.
RICH ally guaranteed right” to refuse a risk to the health, safety or morals” workplace into a source of potential more nuanced case-by-case applica- —Lauren Weber P2JW032000-0-A01300-1------XA
THE WALL STREET JOURNAL. Monday, February 1, 2021 | A13 ARTS IN REVIEW
THE STAYING INSIDE GUIDE Geometrics, No Calculator Required
MoroccanCourtatthe Metropolitan Museum of Art, left; viewofthe AlhambrainGranada, above;detail of carved marble panel of the entranceportal at the Sultan Hasan complexinCairo, farleft;
pass, ruler, unlined paper, pencils, and tracing paper to experience the wonder of watching patterns emerge from tangles of circles and lines. If this sounds daunting, here’s a comforting thought: Some BY LEE LAWRENCE termining the direction of Mecca masterpieces, if examined closely, for prayers, that people recognized reveal slight imperfections that in cientists analyze the the numerical logic of patterns. no way diminish—and may even world’s complexity to She illustrates this by superimpos- add to—their beauty. identify its underlying ing onto a building’s decorations a Theplethoraofonline instruc- universal laws. Mystics matrix of polygons, showing how tions includes the “Geometric De- S immerse themselves in the voids create the motif’s central sign forBeginners” workbooks by life’s complexity to expe- stars. The effect can be so dizzy- Joumana Medlej,anartist and rience a spiritual unity. And Arab ing, she adds, “the eye no longer graphic designer,who helpfully in- artists from the eighth to 10th perceives the initial form but, in- cludes adefinition of terms as well centuries combined both impulses stead, becomes immersed in the as anumber of free video lessons. as they began designing ever more overall design.” Some,likethe “Islamic Geometric elaborate geometric patterns. Sometime in the middle of the Patterns” playlist on Arabic Islamic Richard Henry, a respected teacher 10th century, builders translated Art’s YouTube channel, aredemon- in the field, describes the resulting two-dimensional compositions into strations with no voiceover; others, art form as “the beauty of heavens three-dimensional groupings of likethose in Mohamad Aljanabi’s brought down to earth.” niche-like forms known as muqar- “Arabic Geometric Patterns” play-
MY Whether a carpet with motifs nas, using this geometric logic to list, offer revealing commentary
ALA that seem to flow beyond the fab- shape space. Muqarnas became a about different waystore-create ric’s edges or walls teeming with popular architectural motif, from the same ancient pattern. ANE/ interlocking patterns whose fig- filling squinches and other transi- In a notable addition to the ros- O’K B. ure-ground relationships are at tions between vertical and hori- ter of fee-based classes, Art of Is- T;
AR times ambiguous, Islamic geomet- zontal or curved planes to decorat- lamic Pattern has migrated its
OF rics both excite the eye and calm ing arches and domes. In a sought-after workshops to the in- the spirit. As explosive as some particularly extravagant dome in ternet during the pandemic. designs feel; as random as some the 14th-century Alhambra Palace Alongside multiweek courses, it of- MUSEUM shapes appear; and as overwhelm- in Granada, Spain, delicate muqar- startswith acircle; divides it into cles how a team of Moroccan fers past classes that you can AN ing as the juxtaposition of orna- nas outline a giant star inside four,fiveorsix equal sections; then craftsmen, in consultation with cu- download from its online archives OLIT
OP mentations can be, undergirding which deeply carved clusters form uses the pointswherelines and cir- rators and advisers, built a small for a modest donation. The advan- each—like an unseen safety net—is a dense, multitiered 18-petaled cumferenceintersect to draw more courtyard inspired by the medieval tage is that you can hit the pause METR a mathematical structure. flower. Even Ms. Ruggles’s expert circles and lines.This yields anet- madrassas in Fez, Morocco, inside button if you need time to catch THE We can only begin to discern eye can’t parse the dome’s con- work of construction lines from the museum’s Islamic galleries. In up. In addition to giving step-by-
GES; this underlying order if we first struction and gives in to “a purely which he candrawwhat he de- the process, we learn that plant- step instructions, Mr. Henry and
IMA understand how the repeating mo- perceptual appreciation of it. It scribes as “a kaleidoscopic multi- inspired arabesques, like geomet- Adam Williamson, who co-founded tifs are made. Art historian D. simply bursts overhead like fire- plicity of patterns.” In “A Practical ric patterns, are rooted in mathe- the school, place each pattern in
GETTY Fairchild Ruggles offers a good in- works,” she says. But however lost Introduction to Muqarnas,” he matical logic; and that enlarging its historical context and bring out troduction in the “Islamic Art we are in the visual experience, takesusstep-by-step from flat pat- one element by just a millimeter its relationship to such universal
GOMEZ/ Spots: Geometry” video, part of “we should remember that it has tern to sculptural form. causes huge changes in scale else- phenomena as the golden ratio, VI
XA the Bridging Cultures-Muslim an intellectual component as well.” After the design comes the im- where in the composition. fractals, the movement of planets,
P: Journeys series by the Ali Vural To see this mathematical logic plementation, and “Building the Anyone wanting more back- and proportions of the human TO Ak Center for Global Islamic Stud- at work,turn to two YouTube vid- Moroccan Court,” an 18-minute ground on how and why this art body. Little wonder this art form OM
FR ies at George Mason University. eos by Eric Broug,author of how-to video on the Metropolitan Museum form developed and flourished can has enthralled us for centuries. Geometry played such a central books on Islamic ornamentation. In of Art’s website, gives an overview then head to Unit 3 of the Met’s WISE role in ancient Muslim societies, his TED-Ed lesson, “The Complex of what that entails. Here, Met cu- “Art of the Islamic World” series. Ms. Lawrence writes about Asian OCK
CL from calculating distances to de- GeometryofIslamic Design,” he rator Navina Najat Haidar chroni- Then, when ready, gather a com- and Islamic art for the Journal.
MUSIC REVIEW the gloom. Theopener,“Mighty tone sax also playedaprominent clean, anxious guitar line leads into ters” and “The Hobbit.” He’s Soul,” writtenwith KennySiegal, role.This time around, blues ses- the narrativeonthe title track. turned to alternativefolk-tinged refers to the tornado and plague sion veteranTom Hambridgeison “I’m smellin’ smoke, and Iknow material in the past few years— Songs directly,yet it remains spirited and boardasproducer,and that origi- something’sburning…can’t bring mainly original, oftenwitty,and spiritual. (“Wewill endurethis nal combination is thickened fur- myself to leave my home….And all I with the accent on character For wretched toll. Letuspour loveinto ther with organand piano by Wal- knowisthis don’t feel likero- sketches. the Mighty Soul.”)In“Lonesome ter“Bunt” May. mance.” Therelationship storyand Thebouncy“It’sAlways Some- Times,” he comfortsatearfulcom- The35-year-old son of aBritish sound combine to haunt beyond thing” comes from that lighter side. Shut-Ins panion, and in “Panic Attack” he mother and afather from Tobago, their specific references,asthe (“I keep trying the best Ican do,but turns to ahealth-careprofessional born and raised in Orlando,Fla., best blues songswill, and feeling it’salways something that Idid or BY BARRY MAZOR who says “Son, theremay be no Mr.Birchwood became interested haunted and stuck will no doubt be didn’t do.” )And, yes, he knows he cure, but Iswear that life’sworth in the blues via Jimi Hendrix and broadly understood right now. In didn’t quiteform arhyme there. In ew releases by Langhorne living.” Buddy Guy records—electric 1960s other songs(“My Happy Place,” “My Father WasaQuiet Man,” he NSlim, Selwyn Birchwood and In Langhorne Slim’smelodically influences unmistakable on this “Searching forMyTribe”)musical raises memories of astrong father Rod Abernethy—singer-song- capable hands,the boundaries who chose his few wordscarefully writerswith very different musical darker passing supply another and wondersifhis ownadult son will backgrounds—all reflect our shut- moods and confinement understand howhe’ssometimes that down, shut-in times. thoughtsare all de- metaphor. quiet himself.(Mr.Abernethyis67 Langhorne Slim, “Strawberry livered in frisky, In the latter yearsold.) Thedifferences between Mansion” (Dualtone Music). Born good-natured style, he sings, “I’ve howlifewas and hownarrowed, Sean Scolnick in 1980,Langhorne backed by his multi- always been a changed and trying it canbecome is Slim grew up in southeast Pennsyl- instrumentalist loner,but never acontinuing,nostalgia-free theme— vania, attested to by his performing friends and co-pro- liked being forsomeone riding with aonce-close name (Langhorne,Pa., washis home ducersPaul DeFiglia alone.” With brother in “Just Get In the Car”;or town) and the title of this latest al- and Mat Davidson. the continuing foraveteran nowconfined to a bum, which nods to his two grandfa- Thesongsare like leaps forward wheelchair and awifenow trying to thers’ Philadelphia neighborhood. feel-bettermissives this artist takes handle her husband’smedical bills in With strong pop sensibilities,hooky from awhimsical album by al- “Another Year.” melodies and alternativecountry-in- but reliable buddy. bum, the in- Here, too, impressiveguitar- flected lyrics,hehas been recording Selwyn Birch- strumental picking is an attraction in itself, for15yearsand has been astrong wood, “Living in a prowess he and Mr.Abernethyprovesanad- touring act. Manyfirst heardhis Burning House” shows,and ept, vocalinterpreter with his amiable earworm choruses in na- (Alligator Re- lines likethat takesonJohn Mayer’s“Changing” tional ad campaigns forTravelers cords). This singer- one,he’sgoing and Bob Dylan’s“OxfordTown.” Insurance(“Worries”)and Coca- songwriter,who to be finding a Thetitle song wasapparently writ- Cola (“Put It Together”). Then he just received a Langhorne Slim in Franklin, Tenn., in 2017 lot of friends. tenjust beforethe pandemic hit, relocated to East Nashville,Tenn., Blues Music Awards RodAbern- but certainly applies today: “Talk- just in time forthe tornado that hit nomination forBest Contemporary newset. He refers to the sound ethy, “Normal Isn’t Normal Any- ing heads on my TV;who canI the neighborhood in March and the Blues Male Artist, is intent on both achieved as “electric swamp more” (SongsFromDownstairs trust who canIbelieve?” he asks,
GES Covid-19 pandemic that quickly fol- working in that idiom and expand- funkin’ blues,” and his vocals,while Records, Feb. 5). Hailing from then adds: “The world Ionceknew
IMA lowed. ing on it. Thesounds on his previ- polished, areastough as these North Carolina’sResearch Triangle, seems so far away…I feel likeI’m Those setbacks,and an ac- ous two albums were surprising for funkysounds demand. this performing songwriter has drowning in the pouring rain. Nor-
GETTY knowledged bout of depression the blues—the lap steel guitar, The13songs, all composed by been making recordssince1975, mal isn’t normal anymore.” It could that accompanied them, engen- moreoften associated with country Mr.Birchwood and constructed for some formajor labels.But most of be an anthem.
BERNAL/ dered aburst of creativity and and Hawaiian music,was central to drama, emphasizestorytelling,a his focus had been on composing these 18 newsongs—short, fo- Mr.Birchwood’smuch-lauded gui- relatively infrequent approach in forfilm and such videogame Mr. Mazor reviews country and
MICKEY cused, and frank in dealing with tarwork,and Regi Oliver’s bari- blues songwriting.For example,a soundtracks as “StarTrek: Encoun- roots music for the Journal. P2JW032000-0-A01400-1------XA
A14 | Monday, February 1, 2021 THE WALL STREET JOURNAL. SPORTS NFL Season Turned Into aCovid-19 Study
Six feet and 15 minutes became coronavirus gospel. The football league had data that showed otherwise.
BY ANDREW BEATON AND LOUISE RADNOFSKY
It was early October, and the NFL had a problem. It wasn’t just that players and staff for the Ten- nessee Titans were continuing to test positive in an outbreak that shook the NFL’s season. It wasn’t even that the league was learning that the virus was able to rush through holes in its protocols. The NFL was slowly discovering something far deeper: a core tenet of Covid-19 transmission wisdom— how to define when individuals are in “close contact”—was just wrong. The safety of interactions dur- ing this global pandemic had been for months measured by a stop- watch and a tape measure. The guidance was that someone had been exposed to the virus if they had been within six feet of an in- fected person for more than 15 minutes. It was drilled into every- one for so long it became corona- virus gospel. But that wasn’t proving true during the NFL’s outbreaks.People were testing positivefor the virus even though they had spent far less than 15 minutes or weren’t within six feet of an infectious person— and the league had the contact- tracing technologytoprove it. “That was a wake-up call,” said
Dr. Allen Sills, the NFL’s chief med- GES
ical officer. “We had to be more IMA precise in our definition of high-
risk close contacts because clearly GETTY transmission could occur outside those basic boundaries of time and
distance.” EHRMANN/
The league’s finding is the criti- MIKE cal reason why the NFL got Patrick Mahomes led the Chiefs to a 27-24 win over the Buccaneers on Nov. 29. Kansas City and Tampa Bay are set to play in Super Bowl LV on Feb. 7. through its regular season playing all 256 games and made it all the way to the upcoming Super Bowl demic, have generated an unri- were a total of 41 cases in the minutes—and the virus was still strict rules for any team with a on Feb. 7, between the Tampa Bay valed trove of data and case stud- league. Of those, 21 were believed transmitted. single positive. It started testing Buccaneers and Kansas City Chiefs, ies of how the virus is and isn’t to have come from transmission It also wasn’t simply time. It seven days a week, instead of six. as scheduled. transmitted. No other organiza- within an individual team—a find- was distance, too. The virus, in Most critically, it supercharged its In the days, weeks and months tions have had large groups of the ing boosted by genomic sequenc- some instances, traveled farther contact tracing to consider context after the Titans’ outbreak, the NFL same people doing a variety of ac- ing. than six feet—especially in small, that the movement-tracking de- changed its rules to further reduce tivities together, for weeks at a Those 21 cases yielded fascinat- poorly ventilated areas. And vices couldn’t detect. A masked close contacts, for any length of time, while also spending millions ing insights. Twelve had no close masks, more than the duration of encounter outdoors could then be time. It counted people as having of dollars to track their move- interactions of at least 15 consecu- contact, seemed to matter a lot. treated differently than an un- been exposed to the virus if they ments and test them daily with tive minutes with a confirmed pos- masked shared car ride, for in- had unmasked, indoor interactions fast-turnaround results. itive. Eight had no interactions of stance. with an infected person for any The NFL, the country’s richest even five consecutive minutes. Sports leagues have The NFL told teams to take length of time. And it introduced league with thousands of person- Seven had no interactions that cu- meetings virtual, avoid indoor lengthier quarantine periods for nel across the country, was the mulatively added up to 15 minutes generated an unrivaled gatherings, even if they were dis- those exposed people—preventing clearest case of this. The league, in with any confirmed positives. trove of data and case tanced and quit eating together. If them from further spreading the essence, had snapshots of 32 com- Right around the Titans’ out- someone had done any of these virus. munities across the country. From break, in October, a similar lesson studies. things with a person who subse- Those findings are now laid out Aug. 1 through Jan. 23, it con- came from a Vermont prison. An quently tested positive, they had in a paper, written by various doc- ducted 954,830 tests, on more investigation there confirmed that to be isolated, regardless of how tors who worked with the NFL and than 7,000 people a week during cumulative brief interactions ex- brief their interaction had been. NFL Players Association and pub- the regular season, and confirmed ceeding 15 minutes could lead to From then on, the NFL moved “It goes back to those four basic lished by the Centers for Disease 724 positive cases. transmission. It didn’t have to be away from “within six feet for things we talked about in the pa- Control, that opens a new window The league made it through 15 consecutive minutes, leading more than 15 minutes” as its de- per with cumulative time, dis- into the numbers that upended hundreds of thousands of those the CDC to change its definition of fensive posture or its exposure tance, ventilation and masks. If this thinking. tests before its first serious prob- a close contact to a cumulative 15 rule. Those who were exposed had you think about those four factors “This has implications far be- lem emerged. On Sept. 29, eight minutes over the course of 24 to spend five days testing negative as being four different quadrants, yond the NFL,” said Dr. Thom members of the Tennessee Titans hours. in isolation in order to return. if you’re failing in two or more of Mayer, the NFLPA’s medical direc- received positive results on the But it was the NFL that had “We had to adapt and change those, then that’s going to become tor. “This thing is more transmissi- same day. Over the following days, enough data to indicate something our approaches,” said Jeff Miller, a high risk for a transmission,” ble than people thought.” more than 20 Titans players and even bigger. There were still those the NFL’s executive vice president Sills said. “I always talked about Sports leagues, in their extreme staff would test positive. seven cases where even the cumu- who oversees health and safety. the big three, which was: meeting, motivation to play through a pan- From Sept. 27 to Oct. 10, there lative interactions were under 15 The league introduced new, eating and greeting.”
Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. 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TodayTomorrow IOSRTE REMY Houston6339s 64 45 s Riyadh 75 50 s7754s urgency 51 Stand LOAN HMORACE Indianapolis 29 22 sf 31 21 s City Hi Lo WHiLoW Rome 57 43 sh 59 43 pc 33 Football’s ANDSHEWA SBABEL Kansas City 40 24 pc 47 32 s Amsterdam 38 29 c4644sn SanJuan 85 73 pc 86 72 pc 16 Crowdscene “Broadway Joe” 53 Trig function BIDEDAMAMEELI Seoul 51 15 pc 27 15 s actor ST ILLHEGOTGAME Las Vegas 58 44 c6547pc Athens 63 52 s6451c 34 Commercials, and 54 Frequently,in TOMB RASUNOS Little Rock 50 30 s4930pc Baghdad 72 45 s7346s Shanghai 52 39 r4937s 17 Hiding one’s ahinttothe poetry ST IR AUSTCM LosAngeles 69 49 c7050pc Bangkok 93 74 s9574s Singapore8477t 85 76 r identity PRONOUN SOLDOFF Miami 74 49 c6445s Beijing 35 9s 34 8s Sydney8067sh7566sh circled letters 55 Pool place, RANBELLSFORHER Milwaukee 32 21 c3216pc Berlin 32 28 pc 35 34 c Taipei City 78 59 s6761r 19 Cal. column perhaps IDAORION GOSEE 39 “Watchmen” GELESTAS SPOSE Minneapolis 29 16 pc 30 20 pc Brussels 41 37 r5346r Tokyo5552pc5838r heading Emmywinner 58 String quartet Nashville 39 28 c4424s BuenosAires 72 64 t7666c Toronto2715c 30 21 pc The contestanswerisUSHER. As hintedatbythe NewOrleans 56 41 s5742pc Dubai 75 61 s7761s Vancouver 47 41 r4639sh 20 Carthage rival King member clue at 57-Across,takethe pronouns from the theme answers (U,US, SHE, HE, HER), which overlap to NewYork City 34 31 sn 35 28 sn Dublin 44 43 r5140r Warsaw2620pc3632c s Oklahoma City 53 34 pc 56 35 pc Edinburgh 38 33 pc 38 36 sn Zurich 47 44 r5145r Solvethis puzzle online and discussitatWSJ.com/Puzzles. spell the contestanswer. P2JW032000-0-A01500-1------XA
THE WALL STREET JOURNAL. Monday, February 1, 2021 | A15 OPINION Behind the Bitcoin Bubble BOOKSHELF | By Moira Hodgson
To figure out court last year rejected its ago, aposter named Crypto ceived. Iwas pointed to the A Model if you’reina challengetothe probe. Anonymous (for what it’s original filing forthe scope of bubble,you Bitcoin peaked at the end of worth, knowyour customer) the investigation. It includes an need to find 2017at$19,000 and over the didsome digging and found accounting of all of Tether’s the source of next year collapsed to $3,200. that as much as two-thirds of transactions.OnJan. 19,aletter Operative the hot air. Well—they’rebaaack! On Fri- bitcoin buysonany given day from iFinex’scounsel said it INSIDE Obviousfor dayElon Musk wasthe latest were purchased with tether, had “largely completed the doc- VIEW GameStop, to pump Bitcoin, which briefly though cryptobulls insist that ument production” and would The Princess Spy but forbit- reached almost $38,000.And Chinese cryptoinvestorsuse “contact the Court in approxi- By Andy coin, not so thereare nowsome $26.4 bil- tether as away to buy bitcoin. mately 30 days” with astatus By Larry Loftis Kessler much. lion of USDT tokens,$18 bil- Tryverifying that! Thechart of update. So we’ll knowsome- (Atria, 361 pages, $28) In July lion of which were created bitcoin vs.tether issuancesure thing soon. 2018,wewrote about the cryp- sinceMarch 2020.Why the in- Meanwhile,loand behold, nthe firstpageofthis real-lifeespionagethriller, tocurrencycompanyTether, crease? No one has agood ex- around thesame time as that O author LarryLoftis writes: “In most cases,aspy cannot which issues tokens called teth- planation. Manipulative actors letter, Tether temporarily survivewithout being aconsummateliar.” Forthat ersthat trade under the symbol All that glitters is not gold. stopped creating anymorecur- reason, when afriend spokeadmiringly of the works of Aline USDT and should be valued at In 2019 Tether subtly updated have been known to rency. That mightexplain bit- Griffith—a glamorous American who had been an agent in $1—making the currencyaitsclaim to sayreserves “may take advantageofthe coin’squick mid-Januaryprice Spain during World WarIIand, decades later,wrote aseries “stablecoin.” Tether’s creators include other assetsand re- drop from $42,000 to under of memoirsabout her exploits—Mr.Loftis decided to find out might have manipulated bit- ceivables from loans made by madness of crowds. $30,000.Iffraud is uncovered, just howtruthful her spy stories might be. coin, aUniversity of Texas pa- Tether to thirdparties.” Tether look out below. Mr.Loftis,whose last book was“Code Name: Lise” (2019), per suggests, by issuing tokens has even admitteditonly has Normally Iwouldn’t care. abiographyofBritain’smost decorated female wartime spy, willy-nilly unbacked by real 74%ofthe cash or cash equiva- looks correlated, but astudy Bitcoin is nothing,it’svapor,a started with what Griffith had writtenherself.She wasthe dollarsand then buying bitcoin lentstoback itsstablecoin. published at the Center forEco- concept of an idea. Transac- author of several books,most notably the bestselling trilogy to jack up itsprice. (The com- Hmmm. Basically unbacked. nomic and PolicyResearch tions using bitcoin arefew and “The SpyWoreRed,” “The SpyWent Dancing” and “The Spy panyclaims the research is In October 2019,aseparate found no correlation. And I far between. It’snot astore of Wore Silk” (1987-91), all published under her married name— flawed.) lawsuit wasfiled against Bit- should note that wallet pro- value—anything that drops 30% Aline,CountessofRomanones.Abeautiful young ex-model, At the time,Tether’s total finexclaiming the exchange’s vider Coinbase,the largest in aweek can’t playthat role. Griffith wassent to Madrid value wassome $2.7billion, allegedmarket manipulation holder of Bitcoin, says it “does Butweget BloombergWealth in 1944 as acoder,but her andits websiteclaimed: “Ev- “likely surpasses $1.4trillion,” not support USDT.” Do they stories saying: “Newbie Bitcoin real assignment wastolook erytether is always backed 1- which Bitfinexdenies.Yes, knowsomething? investorstell us what inspired forNazi sympathizers. to-1 by traditional currency that’strillion with aT.Baha- Meanwhile, morethan two them to buy at record prices.” A Dressed in Balenciaga, she in- held in our reserves.” So some- mas-based Deltec Bank & yearslater,the NewYork attor- lot of folks who can’t affordit filtrated the highest echelons wherethereshould have been Trust,whereTether has an ac- ney general’sofficemay getthe mayget hurt badly.Robinhood of Spanish society,entering a $2.7billion in real money— count, recently claimed “every documentsitneeds.Ihope that curbed some cryptopurchases world of gala soirées,exclu- that’show astablecoin is sup- tether is backed by areserve includes an audit of Tether on Friday. sivenightclubs and grand posed to work.InNovember and their reserveismorethan looking forthe now$24.5 bil- So all cryptoeyesare on countryestates.Throw in bull- 2018,New York stateAttorney what is in circulation.” OK,but lion in cash, or even $19 billion mid-February. Thepowerofthe fights, flamenco, double agents General Letitia James invoked it turns out “reserves” mayin- if it’s74% backed. Idoubt all subpoena is strong.Ihaveno and ahandful of murders, and the Martin Act to begin an in- clude an $850 million loan to that cash exists. Theattorney insight intowhat NewYork’s youhavethe makingsofa vestigation intoiFinex, which Bitfinex. Is that the hot air? general claimed in a pressre- attorney general will find. She page-turning literaryfranchise. owns Tether and the Bitfinex Oh, and reserves mayinclude lease that some fishymoney, mightclose the investigation Mr.Loftis explains that it’s cryptocurrencyexchange, “in bitcoin too. Audit, anyone? maybe $850 million nowpart andgoonher merryway be- difficult forformer spies to connection with ongoing activ- Paynomind: “Momo” mo- of Tether’s reserves,was taken cause there’snocrime,orun- provethe veracity of events ities that mayhavedefrauded mentum investorsdived in any- from Tether to coverlosses at coverafraud that could make when, forsecurity reasons,their NewYork investors.” Thecom- way.Bitcoin ranfrom$7,000 in Bitfinex. Yikes. Bernie Madoff look likehewas reportshavebeen omittedfromofficial records. Spies are panyhas disputed the attorney January2020 to almost Icontacted the attorney gen- stealing from alemonade stand. restricted by oaths of secrecyand don’t usually produce general’sclaims,denied it mis- $42,000 this Jan. 8. But the bit- eral’sofficeasking forthe sta- We knowwhat happens to bub- memoirsuntil decades afteractiveservice, so their led customers, and said it will coin bulls and bearsare brawl- tus of the investigation and bles when the hot air runs out. recollections maybeinaccurateorhighly embellished. fight anyaction. An appellate ing.OnMedium afew weeks what information it has re- Write to [email protected]. Ameticulous researcher,Mr. Loftis consulted the published and unpublished memoirsofGriffith’scolleagues,and com- pared her stories with theirs. He also pored over OSS records and recently declassified documentsinPortugal and Spain. How AMLO Is Like Venezuela’s Chávez In the end, although he describes her books as “historical fiction,” he concluded that Griffith wasindeed ahighly Mexican Pres- democratsare in afight for His wordssow resentment about 1% of totalremittances productiveagent, and despiteelisions and embroidering,her ident Andrés their political lives. anddivision while justifying arecash. overall storywas legitimate. But she did makeupnumerous Manuel López Thereare obvious differ- abuses of powerinthe name It isn’t clear who Morena is incidentsand several murders. Mr.Loftis could confirm only Obrador— ences between AMLO and of corruption fighting.His trying to please by obligating one of the five killingsshe wroteabout in her trilogy; it was akaAMLO— Chávez. But when the history critics aredismissed as the central bank to take cash verified by the person who carried the corpse away. has been is writtenIsuspect most of elites—or “fifi” in his lexicon. dollars. But it is certain that “The PrincessSpy” is the kind of popular biographythat AMERICAS known to them will turn out to have Thereisnocivil discourse. passing the lawwould break a quotes conversations verbatim and tells youwhat characters bristle when been driven by economic con- Up to nowhehas used “le- longstanding taboo in placeto arethinking.Mr. Loftis recountsinformation from the By Mary criticsliken straintsonthe Mexican caudi- gal” instrumentslikethe anti- protect the monetaryauthor- countess’sbooks in instances wherehefeels the truth was Anastasia him to the llo,not choice. money-laundering Financial ity from becoming atool for borne out, and he’sscrupulously documented his findingsin O’Grady lateHugo Chávez had control of Ven- IntelligenceUnit inside the transnational criminal organi- 63 pages of endnotes.Hedivides the storyintoshort chapters Chávez. But ezuela’sstate-owned oil mo- Mexican Treasurytopurge in- zations to launder money. that end with cliffhangers, likescenes from afilm noir.The theparallels between the nopoly PdVSA when oil prices stitutions of nonbelievers—in- Whoelse walks intoMexican result is afast-paced, edgyand highly engaging yarn. spirit of Mr.LópezObrador’s took off in the early 2000s. cluding aSupreme Court jus- banks with suitcases full of Aline Griffith wasborn on May22, 1920,inPearl River,a two-year-old government and Awash in oil income,hewas ticeand the head of the unexplained cash? hamlet in ruralNew York,the eldest of six children. After that of the Venezuelan strong- able to buy off opponents Banxico says the law attending aCatholic girls’ collegeinthe Bronx she found ajob man’sinits early yearsare while spreading money threatens itsautonomyand its as amodel with the Hattie Carnegie agency. At aManhattan impossible to ignore. around to createthe illusion The spirit of the ability to do its job. In a Dec. dinner party in August 1943 she met Frank Ryan (his real Morena, AMLO’sparty, that themasses were getting 9 communiqué it said the name), unaware that he worked forthe newly founded OSS launched an effort in the Mex- richer.Hehad the resources Mexican president’s draftlegislation “would force (OfficeofStrategic Services,forerunner to the CIA). “He had ican SenateinDecember to to militarizehis government, government is about the Central Bank to carry out an easy smile.Hewas handsome,she reckoned, in acollege seizeautonomyfromthe and Cuba had been infiltrating high-risk activeoperations professor sort of way.” She told him that afterPearl Harbor country’scentral bank.The the barracks fordecades. centralizing power. that may compromise” inter- two of her brothershad gone to fight overseas and nowshe lowerhouse,the Chamber of AMLO’sworld is one of national reserves and “the wanted to getintothe wartoo.Heimmediately set about Deputies,will discussthe bill moderated oil prices and adi- compliancewith the constitu- recruiting her.It’sremarkable howeasily he did so. this week.The president versified economy. Revenues energy regulatorycommis- tional mandatetopreserve seems to be backing off the generated by Pemex, the sion. Neither has been thepurchasing powerofthe idea, but if so it is only atac- state-owned, debt-laden pe- chargedwith acrime.Hehas National currency.” Thetrue story(so faraswecan knowit) of a tical retreat. troleum company, aredwarfed also boostedthe army’srole Sharp criticism from the woman from rural NewYorkwho became a AMLO is on amission to by the boom in manufacturing in theeconomy. international financial com- completewhat he calls “the and services born of the 1994 Morena controls the Sen- munity seems to have given highlyproductive OSSagent in WWII Spain. fourth transformation” of North American Free Trade ate, wherethe bill passed in AMLO second thoughts. He Mexico, and he has to central- Agreement. December would obligate knows that if Mexicois izepowertodoit. He has al- So AMLO can’t copy Banxico, Mexico’scentral marked amoney launderer, She wastold to makecontact in ahotel lobby with aman ready wrested control of the Chávezplaybyplay. But his bank,tobuy foreign-currency thepeso will hit the skids, she would recognizebythe whitecarnation in his lapel. Supreme Court, and last aspirations arehauntingly cash from Mexican banks. and so will his presidency. His Amazingly she obeyed this stranger’s instructions to travel to month he proclaimed that au- similarand so is his modus Watchdogsonboth sides financeminister nowsays the Washingtonwithout carrying anyidentification. She ended up tonomous regulatorybodies operandi. of theborder arealarmed. government is working on an at “The Farm,” the OSS training center in Maryland, whereshe likethe federal antitrust com- Chávez wasademagogue Cash is anonissue forlegally alternativeidea formigrant took rigorous classes on close combat, lock picking,safecrack- mission and the officethat and he used his television compliant financial institu- cash transactions. ing and even howtomakeadaggerout of afolded newspaper provides transparencyinfed- show—“Aló Presidente”—to tionsbecause they verifyits If he and Morena back off, (I’dliketolearn that one). Aftertraining,Griffith (code name: eral contractsshould be elimi- bond with the man in the origins and areable to ship it it will be asmall but impor- Butch) arrived in Madrid, acity teeming with German agents. nated. street against the Venezuelan to correspondent U.S. banks. tant victory. Preserving Banx- As acover she worked as acipher clerk forthe Oil Control Ahead of the June midterm establishment. AMLO uses his Morena claims that the ico’sautonomymay not be a Commission, an agencythat supervised incoming shipments elections he is signaling that daily morning pressconfer- changeinthe lawisnecessary sufficient condition to save of oil and ensured they weren’t distributed to the Nazis. he is ready to buck the au- ences to the same effect— to ensurethat migrantsaren’t Mexican pluralism from the Mr.Loftis setsacrackling paceand vividly evokes lifeand thority of two independent though he has been absent forced to changetheir dollars Venezuelan fate, but it is a politics in supposedly neutral Spain, which in 1944-45was still bodies chargedwith ensuring sincehis Covid-19 diagnosis a at disadvantageous rates. Yet necessaryone. recovering from the bloody civil warofthe ’30s.The country, election fairness. Mexican week ago. Banxico reportsthat only Write to O’[email protected]. ruled by Generalissimo FranciscoFranco, wastreading afine line between the Axis and the Allies.After Griffith met Franco at areception in Toledo,she reported artlessly: “He wasshort and plump and had apleasant expression. Without the mili- $20 Says Harriet Tubman Was Conservative tary jacket he could have been abellman at anyhotel.” Griffith is romanced by afamous matador,JuanitoBel- By Michael Taube in 2017that the switch was soldierswerepaid morethan her weapon. They’rerelated monte, who inundates her with redcarnations and chocolates. still under consideration, but black soldiersinthe Union through Tubman’snieceMar- “He didn’t look likeaslayerofbeasts. He wasshort and thin, resident Biden mayre- “people have been on the bills Army, she blamed the presi- garetStewart,who was10in with dark skin and ajaw that juttedforwardlikeabarracuda’s.” P viveanObama-erainitia- foralong period of time,” and dent forthe disparity.“No,I’m 1862when Tubman freed her Mr.Loftis provides adramatic account of a corrida (“the only tiveofwhich conserva- therewere“moreimportant sorrynow,but Ididn’t likeLin- from slavery in Maryland and occurrencewhich takesplaceontime in Spain”)inwhich the tives ought to approve: putting issues to focus on.” In 2019 Mr. coln in them days,” she told lefther in SecretarySeward’s matador confrontsaparticularly dangerous Miurabull. To Harriet Tubman on the ob- Mnuchin announced that be- Rosa Belle Holt in an 1896 in- care. Griffith, “the thing looked the sizeofatractor,but with afoot verseofthe $20 bill, where cause of “counterfeiting is- terviewfor the Chautauquan. “I guessAunt Harriet car- and ahalf of horns.” Belmonteisflung intothe air but makes Andrew Jackson nowappears. sues,” the switch would be de- “I used [to] go see Mrs. Lin- ried it all along the Under- amiraculous recovery,and she ends up with amacabregift: Tubman, who died in 1913,was layeduntil 2028. coln, but Inever wanted to see ground Railway route,” A.J. the bull’sear.Her matador proves auseful link to Madrid an abolitionist and civil-rights him. Yousee,wecolored peo- Brickler,anobstetrician, told society,whereGriffith meets, among others, CountessGloria von pioneer who’d been born into ple didn’t understand then he the Jacksonville-based Florida Fürstenberg, asuspected Nazi, and the sinister,slick German slavery circa 1822. Then-Trea- She appreciated the wasour friend.” Although she Times-Union while showing off pressattaché Hans Lazar. TheBritish ambassador Samuel Hoare surySecretaryJack Lewan- first GOP president never met Lincoln, Tubman’s the revolver in 2019.“One described the latteras“self-consciously well-mannered, like nouncedinApril 2016 that opinion changed after he time,one of the slaves—it those operatic Viennese figurescreated by StraussorLehar.” Jackson, the firstDemocratic and carried a gun. signed the Emancipation Proc- might have even been afamily Afterthe warinEurope ended, in May1945, artwork looted president, would appear on the lamation in 1863 and met with member—was afraid to go for- by Nazis continued to passthrough Spain on itsway to South reverseofthe Tubman note, her friend and fellowaboli- ward.Hewanted to turn America. Griffith’sobjectivewas to track it down. When she which would enter circulation WhiteHouse presssecre- tionist Sojourner Truth in around, but she knewthat visitsthe apartment of arich young count, Luis Quintanilla, by 2020. tary JenPsaki nowsays the Bi- 1864. would be endangering the she pauses in front of two paintingsbyGoya. Thecount Mr.Lew said Tubman repre- den administration is “explor- Tubman would also likely whole group.Iguessshe comes out with one of the best lines in the book: “I didn’t sented “the essential storyof ing waystospeed up” the have been an advocatefor gun pointed this gunright at him find them. My great-great-grandfather gotthem directly American democracy”:“So changetothe $20 bill. Repub- rights. She carried apistol for and let him knowshe wasin from Goya.” No wonder Griffith married him. much of what we believehas licans should claim Tubman as protection when helping fugi- charge—and that they were all TheCountessofRomanones went on to become acafe- changed forbetterfor this one of their own. She was tiveslavesachievefreedom heading north.” society celebrity.She died in 2017, at theage of 94.Asfor her countryisreflected in what friendly with William Seward, through the Underground Rail- trilogyofmemoirs, historical fiction notwithstanding,Iconfess she struggled for.” But after secretaryofstate to the first road and when acting as a Mr. Taube, acolumnist for Ifound it entertaining.SoisMr. Loftis’ssuspenseful fact-based Donald Trump,aJackson ad- GOP president, Abraham Lin- Union spy and scout during Troy Mediaand Loonie Poli- account of this unflappable woman’sremarkable life. mirer, became president, the coln. the Civil War. tics,was aspeechwriter for Treasurychanged itstune. At firstshe didn’t admire TheBrickler family in Talla- former Canadian Prime Minis- Ms. Hodgson is the author of “It Seemed Like a Good SecretaryStevenMnuchin said Lincoln. Frustrated that white hassee,Fla., is in possession of ter Stephen Harper. Idea at the Time: My Adventures in Life and Food.” P2JW032000-0-A01600-1------XA
A16 | Monday, February 1, 2021 THE WALL STREET JOURNAL. OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR A Multistate Remote Tax Brawl Any Stimulus Autopilot Is a Dangerous Idea
an a state collect income tax from non- taxonwages,last fall sued Massachusetts and Jason Furman argues that “Biden’s counterproductive behavior and unin- residentsworking remotely forin-state is asking the Supreme Court to hear itscase Stimulus Should Stay the Course” tended consequences. Businesses, in- C businesses? Massachusetts, New York (N.H. v. Mass.). “Massachusetts has unilaterally (op-ed, Jan. 26) with an enhancement vestors, workers and consumers make that would put it on autopilot to con- decisions based on expectations. Will andsome other states claim imposed an income taxwithin New Hampshire tries to tinue assistance as long as the econ- a softening of the economy prompt, they can, and nowNew Hamp- NewHampshirethat New omy is weak and needs it. He pro- say, quicker and more consequential shireisasking the Supreme protect workers from a Hampshire, in itssovereign poses that the stimulus be upgraded decisions that accelerate layoffs and Court to protect itscitizens discretion, has deliberately to “recession insurance” available on belt-tightening because Washington from this tax grab. pandemic revenue grab. chosen not to impose,” says a permanent basis to mitigate future will be an automatic backstop? In Tens of millions of Ameri- the Granite State. economic downturns. Rather than theory, establishing automatic trig- cans have been working from Under longstanding Su- rely on politicians to rise to the chal- gers for wages and benefits to rise home during thepandemic,including an esti- premeCourt precedent, states canonly collect lenge when crises first hit, poor eco- when inflation goes up is a way to mated 2.1 million who used to commutetothe of- taxesthat are“fairly apportioned” and “fairly re- nomic results would trigger immedi- protect people, but the real-world ef- fice acrossstate lines.Enter Massachusetts, lated to the services provided by the State” ate increases in unemployment fect of an economywide inflation pro- whichinApril adopted an emergencyregulation within their borders. TheCourt in Wayfair (2018) benefits, automatic fiscal assistance tection would be an out-control-price for states and more federal funding spiral. declaring that nonresidentsemployedinthe state allowedstatestocollect sales taxfromout-of- for other benefits such as nutritional An autopilot for stimulus likely beforethe pandemic must still payits 5% income stateretailers. But the actual sales taxisowed assistance. Recession-triggered would affect wage, hiring and layoff taxevenifthey areworking remotely. by the resident, not out-of-statebusiness. spending would phase out when no decisions by corporations, and spend- Most states taxonly income earned—propor- Massachusetts and other states areforcing longer needed. ing and taxing decisions by state and tional to their employment activities—within nonresidentstopay income taxeseventhough A permanent autopilot for reces- local governments. If Washington their borders. So a hedge-fund manager who they don’t use public services.SinceNew sion-fighting stimulus is a tempting provides a safety net for states when- splits his time equally between offices in Fair- Hampshireimposes no income tax, itsresi- but ultimately terrible idea. Auto- ever the economy softens, there is a field, Conn., and Miami only has to payConnect- dentswon’t be double-taxed. But remotework- matic government stimulus based on disincentive for states to ever bite the icut income taxonhalf his salary. Thesame rule ersinother states with income taxessuch as economic growth or unemployment bullet and be more fiscally prudent. applies forathletes,consultantsand other pro- Vermont could be. rates opens the door to all sorts of MARK ADAMS fessionals. NewJersey and Connecticut provide tax manipulation, gaming of the system, Atlanta However, five states besides Massachusetts credits to residents for income taxes they pay (NewYork,Pennsylvania, Delaware,Arkansas, to New York. But credits for taxes paid to New Nebraska) tax nonresidents working at home. York will cost them roughly $1.5 billion com- Publishers’ Blacklists and Unpopular Speech NewYork requires nonresidentswho telecom- bined in revenue this year, they point out in a Regarding Thomas Spence’s not restricting anyone’sfreedom of mutefor an in-stateemployertopay itsincome brief supporting New Hampshire. New York’s “BlacklistsAre the Rage In Publish- speech; it is making abusinessdeci- taxunless“necessity,asdistinguished from remote tax raid also reduces the incentive for ing” (op-ed, Jan. 19): Mr.Spencede- sion. convenience, obligate the employee to out-of- those states to compete on tax rates. fends his decision to publish abook Isuspect he is counting on the fact state duties.” Under the U.S. Constitution, the High Court writtenbySen. Josh Hawley afterthe that controversy is likely to increase If an employeeofaNew York-based firm has exclusivejurisdiction to hear controversies original publisher,Simon &Schuster, sales beyond what the book other- choosestowork most days from home in an- between two or more states, though usually it canceled plans to do so.Simon & wise would have generated. In this Schuster made that decision after eraofself-publishing,itisimpossible other state, NewYork still taxeshim as if he hears only the “most serious” cases that can’t Sen. Hawley objected to the certifica- to prevent abook from being pub- worked the entireday in Manhattan. In October be resolved in other forums.That fits this case. tion of electoral votesfollowing the lished, and Sen. Hawley could have statetax regulatorssaid therewould be no NewHampshire’scomplaint raises economically riot inside the U.S. Capitol. takenthat path. Mr.Spenceappears pandemic exception fornonresident telecom- significant questions that affect millions of Mr.Spencecertainly has the right to be seizing this moment, using the mutersunlesstheir employer“established a Americans nationwide. to publish—or decline to publish— notoriety Sen. Hawley has gained, to bona fide employerofficeat[the] telecommut- If the Court doesn’t intervene,remoteworkers whatever he chooses.However, every generatepublicity forhis ownbusi- ing location.” who areunfairly taxedbyother states will have publishing house, newspaper and ness. That is hisright, but let’snot So unless Goldman Sachs sets up a satellite no recourse forredressbeyondbiased statetax magazine has the right to choose pretend he is doing so to defend Sen. office in itsbankers’ vacation homes,they will tribunals. StateslikeCalifornia maycopy the what is published under itsbanner, Hawley’s right to free speech. still have to payNew York taxesaslong as they Massachusetts and NewYork playbook.The Jus- including aperceived lack of the op- TERI GESKE work remotely. Welcome to Hotel New York— tices last week invited the acting Solicitor General portunity to makeaprofit. This is Los Angeles you can check out but never leave. foranopinion on the multistatetax brawl, but New Hampshire, which imposes no income this looks agood case forthe High Court. Don’t Trifle With Hard Drugs’ Mighty Power The Cost of Climate Indulgences Regarding Sally Satel’s review of is that in all my experience with this “Drug Use For Grown-Ups” by Carl L. subject, I have yet to meet one of ere’sastory straight out of Portlan- cept the Evraz steel mill, according to the Hart, neuroscientist and professor of these “grown-ups” who can manage dia. In the name of improving air qual- newspaper Willamette Week.The recycling psychology at Columbia University weekend, or casual, heroin, crack or H ityand addressing climatechange, the plantpays $1.6million in income,real-estate (Bookshelf, Jan. 14): I’m a 44-year-old crystal-meth use. RoseCity is considering pen- and property taxes. male who is 15 years into a 25-year In considering this conundrum, I alties that could drive a recy- Portland may kill United SteelworkersLocal sentence for shooting a man four thought, well, Prof. Hart being an Ivy times in a cocaine deal that went League college professor, he must cling plant out of business Oregon’s only glass- 330 representssome of the sideways. I’ve been selling and using bring in a considerable salary. I won- and kill union jobs. plant’s115 employees,and drugs since I was 12 years old. All der if Prof. Hart lost his job today Portland declared acli- bottle recycling plant. presidentBob Tackettsays three of my uncles are dead from opi- and was left with the challenges of mateemergencylast year,and he has “a lot of concerns” ate-related deaths. My childhood best unemployment, God forbid, if he the City Council votedto about the consequences. friend overdosed from heroin in 2017. could put away his heroin use as a achievenet zero CO2emissions by 2050.To “These jobs were green jobs beforeitwas pop- Setting aside the arguments that in- responsible grown-up would do. But meet this goal that would have no effect on the ular to be agreen job,” and they come with clude freedom of choice and putting a if not, how would he support his climate, Portland’sBureau of Planning and Sus- high wagesand good benefits, “soI’m having dent in the profits of drug cartels, I habit? tainability wantstoimpose some $11 million ahardtime wrapping my head around why attempt to look at drugs in a more LEVI JONES, #130599 in annual fees on city businesses.Facilities we’retrying to push these jobs away or penal- nuanced way. Florida Department of Corrections However, what keeps nagging me Madison, Fla. deemed “major stationarysourcesofair pollu- izethese jobs.” tion” would payanannual surcharge of up to In alettertothe Portland Bureau of Plan- $40,000,and Portland would also impose a ning andSustainability,Owens-Brockway ex- No Real Case forContextualizing the Quran per-ton feeonany facility that emitsmorethan pressed “grave concerns” and warned that the 2,500 metric tons of C02 ayear. taxescould “devastate select businesses.” YahyaCholil Staquf’s “HowtoMake lamic Republic of Iran, which has been Thecarbon taxeswould fall especially hard Jules Bailey of the Oregon BeverageRecycling the Islamic World Less Radical” suffering under Islamic lawfor almost on Portland’sOwens-Brockway GlassCon- Cooperativesaid that if the plant went bust, (Houses of Worship,Jan. 15) maybe 42 years. We see signs of seculariza- tainer plant, which handles all of the state’s the state’sglassbottles would end up in land- well-intentioned, but what he is sug- tion in the Abraham Accords. We see glass-bottle recycling and processes the equiv- fills or be shipped out of state. gesting is impossible because “contex- signs of secularization whenever Mus- alent of 440,000 beer bottles aday on average. Thecontradictions of progressiveclimate tualization” requires some human be- lim women refuse to wear the hijab If the City Council adoptsthe proposal, the policyare multiplying,but one constant pre- ingstodeclarethat the jihadist verses and in manyother wayswhen Mus- of the Quran arenolonger valid. This lims willfully violateShariah law. plant would have to payanestimated $1.1 mil- vails: Thecostsfall on workersand consumers contradictsthe fundamental proposi- It is in our interest to do every- lion ayear,morethan anyPortland facility ex- in return fornobenefit forthe climate. tion of Islam, namely,that everyword thing we cantoencouragethat pro- of the Quran is Allah’sliteral word cess of secularization against the op- and eternally valid. No religious Mus- position of the imams and the Biden’s Covid Spending Choice lim will ever contradict that because mosques.Itisthe only way to reduce it would makehim an apostate. The the Islamic threat in the long run. mericans areabout to learn whether additional $1,400 cash payments. Islamic religious establishment will CARL GOLDBERG, PH.D. President Biden means what he has said They also agree to enhanced federal unem- never agree to “recontextualize” any- Phoenix A so oftenabout governing in abipartisan ployment benefits “at the current level” and thing in the Quran. fashion. Thetest is whether he “fully funding your request for Therefore, thereisnoway to changeIslam. What canbechanged is San Francisco Cancels U.S. negotiates with SenateRepub- Will he negotiate with nutrition assistancetohelp the Islamic world, that is,how Mus- Heroes as Well as History licans over his $1.9trillion the GOP or pass a bill struggling families.” And lims behave.This is already happen- Covid spending bill, or jams it they’llsupport money for ing morethan some religious Muslims In your editorial “Cancelling Di- through using abudget ma- with only Democrats? child care,small businesses, would liketoadmit. ManyMuslims anne Feinstein” (Jan. 29), youstate neuver that requires only 50 and reopening schools. arefed up with the jihadist and other that asociety that rummages votes plus Vice President Ka- Themost conspicuous totalitarian commands of Islam, and through historytohold those in mala Harris. missing part of Mr.Biden’swish list is his pro- they aregoing about their lives in si- the past to the woke standards of Democratic leadersseem eager to use posal for $350 billion more for state and local lent disobediencetothem. Manyoth- todaywill soon have no heroes to what’sknown as budget reconciliation that governments. The GOP Senators also dare to ersare so fedupwith Islam that they honor. dodges the60-votefilibuster bill fortax and mention that much of the $900 billion Congress openly apostatizeand leave Islam. Isn’t that the very point of the spending measures with certain limitations. passed in December,and even much of the We see encouraging signs of secu- woke standards? We will soon have larization in the population of the Is- no heroes as all of our past is AfterevenmoderateRepublican Senators Cares Act from the spring, hasn’t been spent. tainted by our whitesuppression of balked at the gigantic sizeofthe $1.9trillion They suggest—shocking in Washington—that minorities.Joe DiMaggio,the nation Biden Covid-palooza,Speaker NancyPelosi and it might be wise to spend that money first and Laughter Refreshes Bonds no longer turns itslonely eyes to Majority Leader Chuck Schumer said they’ll then see what’sneeded depending on the With Departed Loved Ones you. If the lefthas itsway,the na- movesoon to passthe bill on apartisan basis course of the pandemic. tion will despise you. using reconciliation. Ourviewisthat most of this GOP offer isn’t Stephen Miller’s observations on FRANK MCCRORY Mr. Biden hasn’t committed himself to the necessary given that vaccines are rolling out the link between laughter and solace Navarre Fla. Pelosi-Schumer strategy, though that seems to and the pandemic could ease substantially in is often shown in eulogies, which of- be wherehis advisersare tilting.The President the coming weeks or months. Most of Mr. Bi- ten evoke loud laughter in churches speaks so little in public,and in such ascripted den’sproposal—especially his bailout forprofli- and temples (“Solace Is Golden, and Pepper ... fashion, that it’s hard to know what he really gate states—is using Covid as an excuse to sat- Also Amusing,” op-ed, Jan. 27). And Salt Shared delight in the midst of grief thinks. isfyall and sundryDemocratic spending can only occur with others; solitary THE WALL STREET JOURNAL But 10 GOP Senatorshaveraised the govern- constituencies. grieving cannot accommodate laugh- ing stakes for Mr. Biden when they offered to But if Mr.Biden doesn’t accept this generous ter. Mr. Miller points out that merely meet the President part way and asked for a offer,we’ll knowhe’sturning control of his one person can offer that solace to meeting to talk it over.They saythey’ll release agenda over to DemocratsinCongress. TheGOP the bereaved via an amusing anec- more details on Monday, but the text of their Gang of 10 would provide enough voteswith 50 dote. Such laughter affirms the bond weekend letter to Mr. Biden sure looks like it Democrats to break a Senate filibuster. Using of those who loved and lost someone, offers most of what he wants. reconciliation instead to pass$1.9trillion on a and is deeply reassuring. They commit to $160 billion forCovid-related partisan vote will signal that the Democratic CAROL DECHANT spending on vaccine development and distribu- goal is to pick off one or two Republicans as po- Sarasota, Fla. tion, therapies,testing and tracing and PPE. litical windowdressing,not forany serious pol- Lettersintended forpublication should They say, without offering apricetag,that they icy compromise. be emailed to [email protected]. Please support morepaymentsfor individual Ameri- That means a return to the Barack Obama- include your city, state and telephone cans “with the greatest need, providing more Nancy Pelosi method of jam-it-through, one- number.All letters aresubject to targeted assistancethan in the Administration’s party government. Mr. Biden’s choice will set editing,and unpublished letters cannot be acknowledged. plan.” That probably meansalowercutoff for the tone for the rest of his Presidency. “You’re coming in too late again.” P2JW032000-0-A01700-1------XA
THE WALL STREET JOURNAL. Monday, February 1, 2021 | A17 OPINION Religious Liberty Isn’t Enough
By Ryan T. Anderson born babies is profoundly unjust. Freedom Restoration Act, the sepa- Conservatives’ refusal to fund abor- ration of powers or the Administra- resident Biden’s pledge to tions communicates that message, tiveProcedureAct, none of which heal and unifyseems to which is whythe lefthas turned turn on the truth of the belief seek- mean giving the far left against popular consensus to oppose ing protection. But the rest of us P everything it demands in the Hyde Amendment—including Mr. needn’t speak likelawyers. If we fail the culturewars. Conser- Biden, who caved to pressure after to fight back in the court of public vatives thereforemust resist. Yetin supporting Hyde for 40 years. opinionagainst the claim that our doing so we must avoid the trap of Or consider Mr.Biden’sapproach beliefs are“bigoted,” we will ulti- framingevery debateasifitwere to gender ideology: “Transgender mately lose even in courtsoflaw, about religious liberty. equality is the civil rightsissue of where the soundness of our beliefs Religious libertyisimportant, but our time.Thereisnoroom forcom- is supposedly irrelevant. If basic
it’sonly part of the story. As the Bi- promise when it comes to basic hu- GES truths of human natureare rede-
den administration advances adivi- man rights.” By his own admission, IMA fined as religious bigotry, they will siveand extreme social agenda, our he’snot looking forcommon be excised from society,incourt and ETTY
ground—as reflected in his day-one /G out. executiveorder directing that all cit- NG The reality is that there is a cul- Cultural conservatives also izens, including children, be recog- WO ture war in the U.S., and conserva-
nized by their declared gender in ALEX tivesaren’t the aggressors. While need to defend our views, federal law. Pro-life activists participate in the 48th annual March for Life in Washington, the moniker “culturewarrior” seems which are scientifically Conservatives have no choicebut Jan. 29. to be applied only to those on the to push back.And here, too, the ter- right, we aren’t the ones who im- sound and popular. rain to defend is not primarily about forseparation is not religious their kids.When they shoot off pink posed abortion on demand up to and religious liberty,orreligion at all. qualms, but biology. confetti for the gender reveal, they even during birth, forced Catholic Children feeling discomfort with Theleftwould lovetoframe reveal that they knowbiological sex nuns to payfor abortifacients, rede- response can’t simply be apolitere- their bodies shouldn’t be told the lie these issues as if they pittedreason isn’t “assigned at birth.” It’stime to fined marriage, harassed evangelical quest to be leftalone.Weneed to that they’re “trapped in the wrong and scienceagainst superstition. But makethe leftfollowthe science. bakers, or declared it “unlawful dis- oppose the left’sagenda on the mer- body,” nor should adultspump them on all of these issues social conser- Conservatives shouldn’t frame these crimination” to refuse to put acon- its. It’sthe principled thing to do, full of puberty-blocking drugsand vatives areonthe side of the biolog- as sectarian religious issues. fused child on puberty-blocking anditwill be good politics given cross-sexhormones.Doing so is un- ical facts. TheDemocratic Party and Even when it makes sense to ar- drugs. These salvos came from the wherethe American people actually ethical medicine, a violation of the the leftare the sciencedeniers. The gue these issues as matters of reli- left. Conservatives have been play- are on the issues. bodily integrity of children— scientific pointofviewconfirms the gious liberty,conservatives ing defense. Take Mr.Biden’sdecision to over- whether or not those kids or their biblical teaching that humans are shouldn’t pretend to be agnostic But astrategybased only on reli- turn the MexicoCity policyand call parents or doctors are religious. created male and female.Itrequires about the truth of our perspective. gious liberty won’t work in the long for repeal of the Hyde Amendment. Likewise forpreserving female no faith to knowthat aboy who We’ll have the best shot at winning run. Americans need to figure out Those policies long prevented tax- athletics.Secular and religious high- “identifies” as agirl isn’t one and fights over abortion restrictions or howtocoexist peacefully on these payers from funding—and thus being school girls areequally interested in shouldn’t be allowedintoprivatefe- childsex-changeprocedures when issues. But the answer isn’t for our complicit in—electiveabortions, the fair competition that is under- male spaces. conservatives arewilling to assert side to forfeit the fight about the overseas and at home. But protect- mined when boys who “identify” as Likewise,although Christians be- that their beliefs aretrue, not truthbypleading only to be left ing pro-lifepeople’sright to dissent girls competeagainst girls.And it lieveall people aremade in God’s merely protected in law. alone. isn’t the most important reason to isn’t only churchgoing girls who pre- image, it requires no faith to see Lawyerswill have to makespecif- oppose abortion funding. The com- fernot to shareshowers and locker that an unborn child is achild. Even ically legal arguments, rooted in the Mr. Anderson is president of the plicitymatters because killing un- rooms with boys.The main reason atheistspost ultrasound images of FirstAmendment, the Religious Ethics and Public Policy Center. Another Promising Va ccine, This One From Johnson & Johnson
By Scott Gottlieb slightly different approach to deliv- cine process. Everyyear scientists time to do the required trials. that they arederived through syn- erythan vaccines produced by Pfizer develop the basic componentsfor Take the South African variant thetic processes using the sequence ome good news this week: and Moderna. (I am on the boardof fluvaccines that arecapable of tar- known as B1351. Theexisting trials of the coronavirus’sRNA.That S Johnson &Johnson’s vaccine Pfizer.) Thebiotech company geting manydifferent strains of the will be used to establish that the means the vaccines arerelatively looks likely to become the Novavax is pursuing avaccine candi- virus.But only the three or four current vaccines provide clinical straightforwardtoupdatewhen new thirdU.S.Covid-19 vaccine to enter datewith itsown special delivery strains expected to be most preva- protection against Covid disease. variantsemerge. the market. Thecompanyreleased system.All four might be available lent areput intoproduction. The Buttoprove the newversions tar- Another priority should be devel- datathis week showing the vaccine by the summer,which would mean geting B1351 work as well as the oping antiviral drugs. We need more is about 70%effectiveagainst the an ample supply. current vaccines, the FDA can mea- tools that go aftercentral features virus,and itsversion requires only Americans will wonder which one But new variants pose an surethe antibody levels in the of howthe viruses replicateand one shot. TheFood and Drug Ad- works best? It will be tempting to plasma from patientswho have re- don’t depend on targeting proteins ministration will need to reviewthe comparedataacrosstrials.But that undetermined threat. The coveredfromB1351 and establish a found on the virus’ssurface. These evidencethoroughly,but the pre- isn’t apples to apples; the vaccines flu-vaccine system can be benchmark forthe number of anti- drugscould remain effectiveevenif liminarydataispromising.The and the dataaren’t all the same. bodies needed to neutralizethat vi- the virus mutates. companyiscollecting moreinfor- And newvariantsofCovid mayde- a model for regulators. rus. Then the FDAcan use those Thebest backstop against the mation to determine whether a mand vaccines that offer slightly antibody levels as aproxytoevalu- wide transmission of mutant strains boostershot could provide even differentlayersofprotection and atewhether updated vaccines are is still the same: apublic that takes betterprotection. target slightly different partsofthe rest stay on the shelf,ready to be able to generatesufficient levels of precautions likesocial distancing Crushing Covid will requiremak- virus. put intoproduction should the flu protection. and masks—paired with athoughtful ing the most of the different vaccine Theregulatoryprocess must en- take an unexpected evolutionary This could allowvaccine makers and nimble system fordeveloping candidates,which come with their couragethis kind of portfolio diver- turn.The FDAshould do the same to test newboostersinclinical trials vaccines. ownprosand cons,and tweaking sification, while allowing tweaks to forCovid. that enroll 300 or 400 patients them to stay ahead of viral muta- keep ahead of the virus’stwistsand Second, it is essential to design rather than 40,000,anenormous Dr. Gottlieb is aresident fellow at tions.The vaccines all followasimi- turns.The FDAisworking on guid- clinical trials that canbecompleted savingsincost and time.Largerand the American Enterprise Institute lar basic approach, putting into ancetoaddressnew variants, which within several months,toavert po- longer studies canbestarted at the and was commissioner of the Food arms the spikeprotein found on the will include apathway forupdating tential outbreaks of newvariants. same time,including ones that fol- andDrug Administration, 2017-19. surfaceofthe coronavirus.But vaccines. It’sfast, but given today’sscientific lowvaccinated patients. He serves on theboards of Pfizer Johnson &Johnson’svaccine takesa Themodel should be the flu-vac- capabilities that could be enough Thevirtue of the newvaccines is and Illumina. Will Biden Choose Paris Over Bismarck and Pierre?
By Paul H. Tice intends to keep his vowsoncarbon have been prepared by the Army administration’sclimatecreden- crude-oil pipelines—Line 3and Line emissionsand the like, his adminis- Corps of Engineersfor the pipeline’s tials—particularly given indigenous 5—running from Western Canada he Biden administration has hit tration will have to reducethe sizeof quarter-mile crossing of the Missouri resistance. TheUnited Nations lists intothe upper Midwest. Both arere- T the ground running on itscli- the fossil fuel industryaggressively, River—rather than thestreamlined Energy Transfer as ahuman-rights placement projectsalready opposed mateagenda, but it’ll have to not merely curtail itsgrowth. environmental assessment that was violator over itsinteractions with the by Democratic stategovernmentsin breakintoadead sprint if it wantsto If he’swilling to do that—which used—due to the “highly controver- Sioux tribe. Minnesotaand Michigan. Alike- reach itsenvironmental goals.Before seems likely given the cast of true cli- sial” natureofthe project. Thelead Besides encouraging Alinsky-style minded Biden administration would the sun had set on Inauguration Day, matebelieversslated to head up vari- plaintiff in the case wasthe Standing mob tactics by groups opposed to en- probably be enough to tip the balance the Keystone XL pipeline project had ous regulatoryagencies—the first RockSioux Tribe,whose reservation ergy infrastructuredevelopment—a toward cancellation, which would been canceled (for the second time), target will probably be the Dakota is located downstream from the point projectonly needs to prove“highly translateintoanet lossofmorethan oil and gasleasing activity had been Access Pipeline. wherethe pipeline passes approxi- one million barrels aday of U.S. oil- suspended on federal lands (both on- The1,172-mile pipeline currently mately 100feet belowthe bottomof transportation capacity. shoreand offshore), and the U.S. had transportsanaverage of 570,000 bar- the Missouri River. To hold his climate vows, Even though natural gashas a committedtorejoin the Paris Agree- rels aday of crude oil from the Bak- JudgeBoasberg, an Obama ap- much smaller carbon footprint than ment. Yetnone of these policies will kenFormation beneath Montana and pointee,also ordered the immediate he’ll have to downsize the crude oil, recently completed and in- come close to meeting the promises North Dakotatothe Midwest and shutdown and emptying of the pipe- fossil fuels industry progressnaturalgas pipelines are President Biden made during his Gulf Coast refined-product markets. line forthe estimated 13 months it also likely at risk,given environmen- campaign—notably,eliminating car- DakotaAccessstalled in the waning would take to completeafull-blown aggressively—costing jobs. talists’ fierce opposition to the con- bonpollution from domestic power days of the Obama administration environmental review, adrastic and struction of such projectsinrecent plantsby2035 andrealizing a“net butPresident Trump approved the unprecedented movethat wassubse- years. zero” economyby2050.Tofind out if project and it wasplaced intoservice quently reversed on appeal. controversial” to be legally chal- ADakotaAccessdecision will he’ll take the radical steps necessary, in 2017. With the project’simpact state- lenged—the Boasbergruling could al- likely set the political and regulatory watchthe Dakotas. Over the past three years, the ment and appeals processes now lowclimateactiviststogoafter any tone forthe energy industryoverthe Mr.Biden’srecent moves on en- pipeline and itscorporatesponsor, playing out in parallel, the Biden ad- fast-tracked project. As long as it’s next four years. Thecountrywill ergy policywill makefutureoil and Energy Transfer,havebeen dogged ministration has the opportunity to sufficiently offensivetowarrant pro- learn if Mr.Biden plans on sticking to gasexpansion difficult, but that’snot by lawsuitsfromNative American step in and effectively shut down the testsfromsomeone,any project that his campaign climatepromises or if going to be enough. TheAmerican groups and environmentalists, even pipeline permanently by either stand- gotaquickly processed environmen- he caresmoreabout saving astrate- energy industryisalready consoli- though thepipeline system has had ing down on alegal defense or over- talassessment could be reopened and gically important industrythat pro- dating afteranunprecedented multi- no reported environmental or safety ruling the ArmyCorps’senvironmen- revisited afterthe fact. Expect the Bi- videsgood-paying blue-collar jobs year period of growth—punctured by issues to date. talfindings. TheObama den administration to start with across the country. last year’s pandemic-related demand In July 2020,federal JudgeJames administration employedboth strate- those approved and put in placeun- shock—so the blowtothe sector is Boasbergruled that adetailed envi- gies to achieveits climatepolicy der Mr.Trump. Mr. Tice works in investment man- likely to be glancing.Ifthe president ronmental-impact statement should goals. Armed with this newpolicy agement and is an adjunct professor From aPRperspective, canceling weapon, next in the line of fire after of finance at New York University’s the pipeline would burnish the Biden DakotaAccesswould likely be two SternSchool of Business.
PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Rupert Murdoch Robert Thomson Executive Chairman, News Corp Chief Executive Officer, News Corp Matt Murray Almar Latour Notable & Quotable: Covid in Nursing Homes Editor in Chief Chief Executive Officer and Publisher Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: From aJan. 28 press release is- New York State Department of OAG asked 62 nursing homes (10 Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; sued by New York state’s attorney Health’s(DOH) published nursing percent of the totalfacilities in New Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; general’soffice: home data reflected and mayhave York) forinformation about on-site News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; been undercounted by as much as 50 and in-hospital deaths from Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer Attorney General Letitia James to- percent. ... COVID-19.Using the datafromthese Andrew Dowell, Asia; AnthonyGalloway, Video & dayreleased a report on her office’s Preliminarydataobtained by OAG 62 nursing homes,OAG compared: (1) Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; ongoing investigations intonursing suggeststhat manynursing home in-facility deaths reported to OAG Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; homes’ responses to the COVID-19 residentsdied from COVID-19 in hos- compared to in-facility deaths publi- Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; pandemic.SinceMarch, Attorney pitals afterbeing transferred from cized by DOH, and (2) totaldeaths re- Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News General James has been investigat- their nursing homes,which is not re- ported to OAG compared to total Thomas SanFilippo, Customer Service; ing nursing homes throughout New flected in DOH’spublished totalnurs- deaths publicized by DOH. GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; York statebased on allegations of ing home death data. Preliminary In one example,afacility reported Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; patient neglect and other concerning dataalso reflectsapparent underre- five confirmed and six presumed Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International conduct that mayhavejeopardized porting to DOH by some nursing COVID-19 deaths at the facility as of WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: the health and safety of residents homes of resident deaths occurring August 3toDOH. However, the facil- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head and employees. in nursing homes.Infact, the OAG ity reported to OAG atotal of 27
EDITORIAL AND CORPORATEHEADQUARTERS: Among those findingswerethat a found that nursing home resident COVID-19 deaths at the facility and 13 1211 Avenue of the Americas, New York, N.Y., 10036 largernumber of nursing home resi- deaths appear to be undercounted by hospital deaths—a discrepancyof29 Telephone 1-800-DOWJONES dentsdied from COVID-19 than the DOH by approximately 50 percent. deaths. P2JW032000-5-A01800-1------XA
A18 | Monday, February 1, 2021 ***** THE WALL STREET JOURNAL. WORLD NEWS China Economy Starts ’21 Slowly Trudeau Looks Left Measures to contain in recent weeks rolled out shopping vouchersinhopes of pandemic amid fresh enticing people to stay in To Bolster cases take a toll on place and to keep spending. China’sservices and con- factory production sumption sectors have lagged Support behind itsbroader economic BY JONATHAN CHENG recovery over the past year BY PAUL VIEIRA amid lingering concerns over BEIJING—China’seconomy infections and worker incomes OTTAWA—Amid the pan- started the newyear on a that have been squeezedby demic,Canadian Prime Minis- weaker footing as newcorona- the pandemic. ter Justin Trudeau is betting virus outbreaks and pandemic- China’s2.3%expansion in hispolitical futureonashift containment measures sapped grossdomestic product in 2020, further to the left. factoryproduction and weighed which made it the only major Beforethe global public- on the country’sservices recov- economytopost growth last health crisis,Mr. Trudeau po- ery, official datashowed. year,was poweredlargely by in- sitioned himself as a progres- Official gauges of industrial dustrial production, exportsand sive, with an emphasis on and services activities eased government-backed investment. promoting gender equality, morethan expected in January, Retailsales,bycontrast, was combating racism, and fight- with demand taking aparticu- one of the few closely watched ing climatechange. He ran lar hit as authorities discour- economic indicatorstofinish some deficitstosupport infra- aged travel ahead of February’s 2020 lowerthan the prior year. structure projects. Lunar NewYear festival, ac- /REUTERS Sunday’sPMI reading also Nowheisshifting his NG
cording to datafromBeijing’s SO showedemerging signs of agenda intoahigher gear, Y
National Bureau of Statistics. AL slowing momentum in the in- marking one of the biggest left- China’sofficial manufactur- Chinese authorities are discouraging travel ahead of February’s Lunar New Year festival. dustrial sector, with both de- ward moves in Canadian federal ing purchasing managersin- mand and production easing. politics sincethe mid-1960s, dexsoftened to 51.3inJanu- dropped belowthe 50 line—to cases from rising further,gov- catering,accommodations,lo- Thesubindexmeasuring political analystsand historians ary, lowerthan December’s 48.7 from 51.9the previous ernment authorities nation- gistics,transportation and en- manufacturing production fell say, when the Liberal govern- 51.9 reading and the 51.5 me- month—marking the lowest wide aredissuading residents tertainment fell sharply into to 53.5 in January, from 54.2 ment of the dayintroduced uni- dian forecast among econo- level sinceFebruarylast year, from traveling during the most contractionaryterritoryin in December, while total new versal health care and ana- mistspolled by TheWall when the Chinese economy important holidayofthe year, January, official datashowed. orders dropped to 52.3from tional pension plan. Street Journal. wasabsorbing the very worst Lunar NewYear,which runs Hunter Chan, an economist December’s 53.6 reading. The “Wecan choose to embrace Thenonmanufacturing PMI, of the coronavirus shock. for a week beginning Feb. 12. at StandardChartered Bank, subindex tracking new export bold newsolutions to the chal- which includes services and Sunday’sPMI readingspro- Thestricter quarantine and expectsthe damagetopersist ordersalso eased to 50.2 from lenges we faceand refuse to be construction activity,weak- vided the firstlook at the eco- testing requirementsimposed through the end of the festival 51.3inDecember,but re- held back by old waysofthink- ened even more to 52.4, from nomic damagewrought by during this frantic season— in lateFebruary, though he is mained abovethe 50 mark for ing,” Mr.Trudeau said back in 55.7 in December,according to fresh outbreaks of the corona- when hundreds of millions of optimistic that theeconomy a fifth straight month. August, when he firstbegan the statistics bureau. virus in northern China—the people typically travel to see will rebound. “The economy China’sstatistics bureau said making promises about a Though both indexes worstsincethe initial outbreak family and splash out on gifts will normalizequickly as effec- some workershad returned to wider social safety net and showedactivity remaining that began in Wuhan about a and dining—arelikely to re- tivecontrol measures limit the their hometowns in anticipa- moreaggressiveenvironmental above the 50 mark that sepa- year ago.The latest wave has strain economic activity. prolonged impact,” he said. tion of the tightening control policy. “This is our chanceto ratesexpansion from contrac- sickened hundreds and put re- Services requiring close hu- As coronavirus restrictions measures,leading to alabor build amoreresilient Canada.” tion, the new-orderssubindex strictions on the movementsof man contact have borne the threaten asecond straight shortageatsome factories. He appointed anew finance forthe nonmanufacturing sec- millions of people. biggest brunt. Subindexes year of Lunar NewYear festiv- —Grace Zhu minister, Chrystia Freeland— tor, akey measureofdemand, To keep the number of tracking businessactivity in ities, local governments have contributed to this article. who steered Canada’snegotia- tions with the Trump adminis- tration on arevampedNorth American free-trade pact—to Argentina Seeks$44 Billion IMF Debt Deal overseedevelopment of this new policy road map. Polls indicatethereisan BY SANTIAGO PÉREZ railed against the IMF,blaming Chronic Deficit to about 6% of annual economic supporters inhabit the poor, appetiteamong voters—rattled AND RYAN DUBE it forArgentina’sproblems. output, from 8.5% in 2020. densely populated outskirtsof by the fallout from the pan- Governmentbudget balanceas And they faceaformidable op- Mr. Guzmán said the grad- cities likeBuenos Aires,where demic—for an interventionist, percentage of GDP With Argentina broke, Fi- ponent within the governing ual approach to stabilizing the aid workershaveseen asurge big-spending government. nanceMinister Martín Peronist coalition that is mar- 2.5% economyisintended to spur of people at soup kitchens as “Canadians arefeeling very Guzmán is pushing for a deal shaling lawmakersagainst the growth by lowering inflation thepoverty rate rose to 45% insecureright now,” said David by Maywith the International IMF’sbelt-tightening policies. 0 by about five pointseach year. last year. MonetaryFund to repay$44 Vice President Cristina Increasing government reve- Polls show that Argentines billion in debt. To win the Kirchner,leader of afar-left –2.5 nue would reduce reliance on areincreasingly unhappy with Polls show Canadian IMF’s acquiescence, he’ll nar- faction, calls for strong state printing money to cover the Fernándezadministration, rowayawning budget gap, he intervention and public spend- –5.0 spending,which fuels inflation having endured one of the voters’ appetite for said in an interviewonFriday. ingtopreservethe purchasing and makes debtsindollar world’s longest lockdowns af- a bigspending It is the traditional path powerofArgentine workers, a –7.5 terms ever moreexpensive. In- ter a decade of high inflation that Argentina, which has de- policythat marked her two flation hit 36% in 2020. andthree yearsofeconomic government. faulted nine times on sovereign terms as president. –10.0 Economistsare skeptical contraction. debt, has takenwhen itsecon- “Here, economic activity is that Argentina cangenerate Graciela Báez, a58-year-old omyhas hit rock bottom, as it driven by demand. And there –12.5 revenue.And they saysubsi- small-business owner, has al- has nowduring apunishing is no otherway to stimulate dies and pricecontrols need to ready cut back on buying beef Coletto, chief executiveatAba- pandemic that ledtoa10% demand than through salaries, 1970 ’80 ’90 ’00 ’10 ’20 be ditched. and sawher income fall by cus Data, an Ottawa-based poll- economic contraction in 2020. pensions and affordable food Source:OJF &Asociados Argentina hands out subsi- more than 50% last year. She ing firm. “Therewas already a But Mr.Guzmán said his plan prices,” Mrs. Kirchner said on dies to electricity companies, worries that an IMF deal prevailing view—on both the falls short of the draconian Twitter. “I tell everyone: All shared view,” he said. heating gasprovidersand would cause further hardship. right and left—that those with austerity measures the IMF im- those who are afraid, or who Thelong-term program that public transport firms to off- “I don’t think they would access to resourcesweredoing posed with other governments. don’t have the courage, there Mr. Guzmán has requested of set the lowprices they are sacrificethe people who much betterthan those strug- “We are using the negotia- areother occupations besides the IMF would allowArgen- forced to charge.Subsidies for elected them,” Ms. Báez said, gling to keep their heads above tionswith the IMF as an op- being ministersorlegislators.” tina to extend debt payments public services rose to 2.3% of “because everyone would op- water. That’sonly been con- portunity to trytobreak with Adeal between the adminis- forasmuch as adecade,in- grossdomestic product last pose it. It would be chaotic.” firmed over the past year.” the patterns of the past,” said tration and the IMF will require cludingsome $5 billion due year from 1.6%. The IMF’s managing direc- Other analystssay Mr. Mr. Guzmán, a Columbia Uni- congressional approval. Since this year.That will provide fi- Mrs. Kirchner has her eye tor, Kristalina Georgieva, has Trudeau’spush might geta versity-trained economist. Mrs. Kirchner presides over the nancial breathing room. on October’s midterm elec- said theIMF’s“commitment boost from the Biden adminis- Thetwist this time around Senate, her consent is crucial. But Argentina will have to tions,when voters could pun- will continue as long as neces- tration, given the U.S. presi- is that Mr.Guzmán and Presi- Mr.Guzmán playeddown curb spending or boost reve- ish her Peronist movement if sary for Argentina to be clear dent’s similar agenda focused dent AlbertoFernándezboth the threat she posed. “The co- nue.Mr. Guzmán plans to nar- theIMF deal leads to higher about itsmedium-term objec- on the environment and social belong to aparty that has long alition works together, with a rowthe budget deficit this year utility prices.Manyofher tives.” programs.Mr. Trudeau was the first world leader Mr. Bi- den called when he moved into WORLDWATCH the Oval Office. President Biden and Mr. Trudeau “clearly have ashared HONG KONG vision,” said Stewart Prest,a politics lecturer at Simon Fra- Applications Open ser University in Burnaby, For British Visas British Columbia. “They may reinforce each other as well, Applications for the British especially on the world stage.” National Overseas visa officially To be sure, therewill be dif- opened on Sunday, making five ferences and setbacks,such as million Hong Kongers eligible to President Biden’s movetohalt apply for visas, allowing them to construction of the Keystone live, work and study there and XL pipeline extension. eventually apply to become Brit- TheTrudeau administration ish citizens. spent aggressively to mitigate Britain’s government said the pandemic’s hit, with Can- some 7,000 people with British ada’s budget balance in 2020 GES National Overseas passports—a deteriorating the most among IMA travel document for which Hong major developed and emerging
Kongers could apply before the GETTY economies on an adjusted ba-
city was handed over to Chinese SE/ sis.The deficit is on course to control in 1997—have arrived hit arecord18% of grossdo- since July on the previously al- mestic productinthe fiscal
lowed six-month visa. It esti- ANCE-PRES year ending March 31. The mates that more than 300,000 FR bulk of the cash was directed
people will take up the offer of GENCE toward households and busi-
extended residency rights in the /A nesses. UD
next five years. BO Mr. Trudeau has said more
Thousands of Hong Kongers -A government stimulus is on the AL
have movedtoBritain sinceBei- F way,roughly 5% of grossdo- YE
jing imposed astrict national-se- NA mestic product, to jump-start curitylaw on the citylastsummer. BRUTAL BLAST: Acar bomb killed at leastfour people and wounded morethan 20 in the war-torn town of Azaz in northwest Syria. arecovery, and rebuild and ex- —Associated Press tend asocial safety net that Governmentforcesresponded calling for the ex-Soviet nation’s The crackdown drew interna- The pontiff on Sunday said targetsadditional day-care SOMALIA to the attack and gunfirecould authoritarian president to resign. tional outrage, and the U.S. and that every year, on the fourth spaces, better care for the el- be heardcoming from the hotel. Protests have rocked the ex- the European Union have imposed Sunday of July, the Roman Cath- derly,and anational plan to Jihadists Claim The policedidn’tdetail casualties. Soviet nation for the sixth sanctions on Belarusian officials. olic Church will pay tribute to help subsidize drug costs. Capital HotelAttack Al-Shabaab, Somalia’shome- straight month following the —Associated Press older adults who have “thoughts But the push is also raising grownjihadistrebel group, claimed Aug. 9 presidential vote, which and words of wisdom” to offer. concern. Robert Asselin,afor- Armed jihadist rebels invaded responsibilityfor the attack was widely seen as rigged to VATICAN CITY This year, he plans to celebrate a mer senior aide in the a hotel in the capital, Mogadishu, through its Andalus radio station. give President Alexander Lu- special Mass in honor of them Trudeau government, points and opened fire on staff and pa- —Associated Press kashenko a sixth term in office. Pope Sets Date on July 25, the Vatican said. out costsare pushing the bud- trons after crashing a vehicle The protests were the most To Honor Elders The pope noted that each getdeficit toward half atril- loaded with explosives into the BELARUS serious challenge to Mr. Lukash- year on July 26, the church hon- lion Canadian dollars, or the entrance gate, police said. enko in 26 years in office. Ac- Pope Francis has established ors Saints Anne and Joachim, equivalent of $390 billion. The rebels targeted the Afrik Mass Arrests Follow cording to human-rights advo- an annual date to honor grand- the parents of Jesus’ mother, The Trudeau government’s hotel, near Mogadishu’s strategic Widespread Protests cates, more than 30,000 people parents and other elders, la- Mary. Grandparents, the pope measures come at atime of K-4 junction, on Sunday after- have been detained since the menting that they are often for- said, transmit “life and faith” ex- heightened anticipation that noon, police spokesman Sadiq Police arrested more than 160 protests began, and thousands gotten despite the wisdom they periences to the young. Mr.Trudeau will seek an elec- Adan Ali said. participants in demonstrations of them were brutally beaten. have to offer society. —Associated Press tion as early as the spring. P2JW032000-4-B00100-1------XA BUSITECHNOLNEOGY: CLOUDSSHELPS NASD&FAQ NAVIGATE MARKETINTURMOILANB8 CE
© 2021 Dow Jones & Company. All Rights Reserved. **** THE WALL STREET JOURNAL. Monday, February 1, 2021 | B1
Last Week: S&P 3714.24 g 3.31% S&P FIN g 4.59% S&P IT g 2.99% DJ TRANS g 5.98% WSJ $ IDX À 0.39% LIBOR 3M 0.202 NIKKEI 27663.39 g 3.38% See more at WSJ.com/Markets GameStopFrenzyLifts Big Trader Silver Rallies, Citadel Securities tronic-trading firm owned by enceisoften just afraction of a opened more than 10 million nowadirector of HealthyMar- hedge-fund billionaireKen Grif- pennyashare. But repeated newbrokerage accounts in kets Association, an investor plays critical role fin, has playedaquiet but criti- millions of times aday,itadds 2020,JMP Securities estimates. group.“Thelast time the envi- Backed executing orders for calrole in the frenzy of the last up to serious money. Meanwhile, athriving sub- ronment wasthis good forretail two weeks. Last year,net trading reve- cultureofday traders grew in market makerswas back in the online brokers Thefirm, an affiliateofMr. nue at Citadel Securities was cornersofthe internet likeRed- dot-combubble.” By Online Griffin’shedgefund, Citadel, ex- $6.7 billion, almost double the dit’sWallStreetBetsforum, set- Thefirm drew scrutinylast BY ALEXANDER OSIPOVICH ecutes ordersplaced by custom- previous high in 2018,aperson ting the stagefor last week’s week when itsmajority owner, ersofRobinhood Markets Inc., familiar with the mattersaid. manictrading in GameStop, Mr.Griffin, participated in a Buying Small investors banding to- TD Ameritrade and other on- Among the forces propelling AMC Entertainment Holdings $2.75 billion emergencycash in- gether online to pump up stocks line brokerages that have en- that growth wasaninflux of Inc. and several other popular fusion into Melvin Capital Man- BY SEBASTIAN PELLEJERO like GameStop Corp.say they joyedsurging volumes during newbie traders, manystuck at stocks. agement,ashort seller that was aredefying Wall Street. But one thecoronavirus pandemic. home due to Covid-19 lock- “This is the market that Ken facing steep losses due to the Silver prices rallied to start of the biggest players in global Citadel Securities makes downs.Lured by easy-to-use Griffin and Citadel Securities hugerally in GameStop’sstock. the trading week Sunday, fueled marketsstands to benefit from money by selling stocks or op- trading apps and an industry have been waiting for,” said Thedeal meant Citadel, the by awaveoffresh enthusiasm their frenetic trading. tions forslightly morethan it is shifttoward zero-commission Christopher Nagy,aformer TD hedge-fund firm, waspropping from online traders. Citadel Securities,the elec- willing to buy them. Thediffer- trades,individual investors Ameritrade executivewho is PleaseturntopageB9 Most actively traded silver futures rose as much as 8% from Friday’sclose beforepar- ing gains slightly to trade up InvestorsWaryofHighfliersFalling to Earth 6.9% at $28.77atroyounceat 10 p.m. Eastern time.The rally comes aftersilver prices gained BY MICHAEL WURSTHORN morethan 5% last week. AND AKANE OTANI Silver hasrallied in recent trading sessions after userson Foronce, everyone seems to Reddit’sWallStreetBetsforum agree: Much of the market posted about executing ashort looks likeit’sinabubble. squeeze similar to ones cred- Shares of unprofitable com- ited with fueling recent gains in panies like GameStop Corp. other stocks popular on the in- and AMC Entertainment Hold- ternet. Outsizeattention from ings Inc.are rising at abreak- daytraders has poweredsignif- neck pace, propelled by agrow- icant gains in stocks such as ing armyofindividual GameStop Corp., captivating investors.Options activity is Wall Street as individual inves- surging,bitcoin prices arenear tors take on hedgefunds that recordsand businesses are arebetting on prices to fall. rushing to opportunistically sell Attention from daytraders stock through aflurryofinitial is thelatestdriver forsilver public offerings, listingsof prices,which have traded in a blank-check companies and fol- rangesincenotching arecord low-on sharesales. performancein2020,finishing To many, valuations look the year up 47%. Silver bene- stretched as they hover at lev- fitedfromabooming rally in els similar to the highflying precious metals that sent prices days of 2000.That said, high on everything from gold to pal- valuations alone don’t neces- ladium to records. Investors sarily mean the rally is near its tend to buy precious metals end, investorssay.Historyhas GES such as silver when they are shown that marketshaveoften IMA nervousabout holding riskier
been able to climb far longer ETTY assetssuch as stocks or corpo- than thought possible,beitthe /G rate bonds. dot-com boom in the late1990s Even the physical metal is MILLER or the dizzying rise in Japanese starting to see anotable uptick
stocks in the 1980s. ETHAN in demand as aresult of Reddi- And recently,the broader Many argue that shares of AMC and other stocks that soared to new heights don’t pose a threat to the entire financial ecosystem. tors’attention. Retail silver stockmarket has been on the marketplaces including Money decline.The S&P 500 dropped Googlesearches forthe term ‘stock market bubble’ 100 Fast-moving stockssuch as Metals and APMEX Inc., among 3.3% last week,though it re- reachedanall-time high in January. GameStop,AMC Entertainment GameStop others, had notices on their mains up 66% from itsMarch Holdings and BlackBerryhave 1,625% websites Sundaysaying they Indexofmonthly keywordsearches since2004 1,500% low. Thebubblelikebehavior 80 raisedconcerns of excessive were unable to processnew or- therehas mostly been con- exuberanceinpocketsofthe dersuntil global markets tained to ahandful of individ- market,while the S&P500 opened because of demand for ual stocks,not largerindexes. largely remains unchanged. the metal. An even biggerissue arguing 60 Indexand share-price against amarketwide bubble is performance, year to date simple math. With interest 1,000 ratesatrock bottomand fur- 40 Amazon ther stimulus on the table, manyinvestorsare being hand- Is Facing somely rewarded by putting 20 their money intoriskier, Its Fiercest higher-yielding assets. What’s AMC more, in manycases earnings 500 0 525% have held up or been robust, Labor Fight despiteaglobal pandemic. 2005 ’10 ’15 ’20 BlackBerry That combination of factors 113% BY SEBASTIAN HERRERA has helped push investor opti- mism. Bullishnessonstocks S&P500 Amazon.com Inc.for years among money managersisata 0 –1.1% has fended off attemptsbyits three-year high, according to a Jan. 4Jan. 11 Jan. 19 Jan. 25 Jan. 29 U.S. employees to unionize. recent Bank of Americasurvey Nowthe tech companyispre- of 194money managerswho Sources: Google Trends (keywordsearches); FactSet (performance) paring foralabor battle unlike oversee$561 billion in assets. anything in itshistory. Meanwhile,the averageshare trying to identifywhat could dataonthe manufacturing sec- checked off all the boxesfroma 2000 and 2008.Hehas been In the next two months, of cash in portfolios—typically cause bubbles among individual tor, earningsfrom Ama- historybook,” said Jeremy calling the current market thousands of Amazon employ- asafeguardagainst market tur- stocks to pop and whether any zon.com Inc.and Google parent Grantham,co-founder of Bos- overheated sincelast year. ees at an Alabama warehouse moil—is at the lowest level of the burstswill spread to the Alphabet Inc.and the January tonmoney manager Grantham, But even Mr.Grantham con- areset to cast mail-in ballots sinceMay 2013. wider market. This week,inves- employment report. Mayo,Van Otterloo &Co.,who cedes the timing of amarket over whether to organizeinto Nonetheless, investorsare tors will getalook at fresh “You know, this one has predicted the market crashes of PleaseturntopageB9 aunion, avotethat could re- shape the relationship between workersand the nation’ssec- PERSONAL TECHNOLOGY | By Nicole Nguyen ond-largest employer. INSIDE SpaceX Riles Rivals Thecommerce giant faces a familiar opponent: the Retail, Wholesale and Department Cut the Cord With For Broadband Funds StoreUnion, or RWDSU, which along with local organizersis BY RYAN TRACY and othersinline forsubsidies helping to lead the pro-union to demonstratetheir financial campaign. Theunion has Live Streaming TV WASHINGTON—Elon Musk’s andtechnical wherewithal to helped organizethousands of SpaceX is facing afinal test— build out anetwork,and Friday poultryworkersinAlabama, a With the ther.Prices of live-TV and some resistance—in itsbid wasthe deadline forsubmitting right-to-work state, and has Super Bowl streaming services have gone to securealmost $1 billion in those plans. become afrequent Amazon an- kicking off up in recent years. In 2017, at MANUFACTURING federal subsidies forits satel- RivalsofSpaceX forsubsidy tagonist in recent years. The next Sunday, itsdebut, YouTube TV cost Covid-19 safety lite-based broadband service. dollarsare calling on the FCC RWDSUfought the company’s I’vegot two $35 amonth; it’snow $65. measures and supply SpaceX in the waning weeks and itsnew leadership under plans forasecond headquar- thingsonthe Sling TV and Hulu with Live of the Trump administration the Biden administration to ters in NewYork in late2018 brain—what I’m going to fill TV have also upped their constraints crimp wonpreliminaryrightsto$886 givethose plans acloser look, and supported worker protests this year’s snackadium with, fees.And these live-TV pro- output. B2 million in government backing and they aredrumming up sup- at some warehouses during the and what’sthe cheapest way vidersare generally separate to provide ruralbroadband ser- port fortheir cause on Capitol coronavirus pandemic. to stream the game. from the premium streaming vicevia Starlink,its system of Hill. So far,the current effort If you’re wondering the services Icovered last sum- low-Earth-orbiting satellites. More than 150 membersof has had moresuccess than same, there’s good news, at mer,such as Netflix,HBO Thefederal government Congresswrote the FCConJan. other attemptstoorganize least for the latter. The big Max and Disney+. plans afinal round of vetting 19 urging it “tothoroughly vet Amazon workers, according to game will be streamed free One big advantageofinter- beforeitbetsbig that Mr. the winning bidderstoensure labor experts. They note that a on CBSSports.com and on net liveTVisthat it canbe Musk’stechnologycan help that they arecapable” and to successfulunion push at the the CBS Sports app for mo- turned on and off on a closepersistent gaps in U.S. “consider opportunities for warehouse could spur similar bile devices and smart TVs. monthly basis,without con- high-speed internet service. public input on the applica- actions at Amazon’smorethan Paying CBS All Access sub- tractsorequipment rentals to Most of the $9.2 billion in sub- tions.” 800 facilities in the U.S. scribers can watch through worryabout. Manyservices TECHNOLOGY sidies awarded by the Federal Theletter, which didn’t men- “Amazon has seen their de- the CBS app. even preserveyour watchhis- ATikTokcompetitor CommunicationsCommission tion SpaceX or other companies mand skyrocket” during the Nowtofigureout howto tory and preferences if you aims to raise$5.4 wasearmarked formoreestab- by name,was subsequently pandemic,said Arthur Whea- watchliveTVthe other 364 cancel and resubscribe later. lished technologies,which in- promoted online by two trade ton, director of western New days of the year. There are some consider- billion in Hong Kong cluded companies laying fiber- groups that have competed for York labor and environmental Cutting the cord isn’t the ations for potential stream- listing. B4 optic cable. the federal subsidies: the Na- programs forthe Worker Insti- obvious deal it oncewas,ei- PleaseturntopageB4 TheFCC is requiring SpaceX PleaseturntopageB2 PleaseturntopageB4 P2JW032000-5-B00200-1------XA
B2 | Monday, February 1, 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 Expedia Group...... A6 Neuberger Berman Acies Acquisition...... B1 Exxon Mobil...... A1 Funds...... B1 Alphabet...... B1,B8 F O - P Amazon.com.....A2,B1,B8 Facebook...... A1 Occidental Petroleum.A2 AMC Entertainment G Orphazyme...... A3 Holdings...... A6,B1 Playtika Holding...... B2 Anadarko Petroleum..A2 GameStop A6,B1,B5,B6,B10 Point72 Asset Apple...... A2 GeoLinks...... B2 Management...... A1 B Goldman Sachs GroupA6 Polaris...... B2 Bed Bath & Beyond....A6 GSX Techedu...... A6 Procter & Gamble...... B3 BlackBerry...... A6 H Publix Super Markets A6 BlackRock...... B1 Hertz Global HoldingsB9 R Booking Holdings...... A6 I Reckitt Benckiser Group ByteDance...... B4 B3 IntraBio...... A3 C Robinhood Markets....B1 K-L Cambridge AnalyticaA10 S Chevron...... A1 Knotel...... B5 Saudi Aramco...... A2 /REUTERS L'Oréal...... B3 Citadel...... A1 Space Exploration Citadel Securities...... B1 M Technologies...... B2 SENGER ClearBridge Investment Maplelane Capital...... A6 Starbucks...... A11 B1 Melvin Capital T S-MES Colgate-Palmolive...... B3 Management...... A1,B1 ConocoPhillips...... A2 Microsoft...... B8 TD Ameritrade...... B1 NEW D - E Morgan Stanley...... A6 Tencent Holdings...... B4 D1 Capital Partners....A6 N U - Z ON/THE
Danone...... B3 Nasdaq...... B8 Uber Technologies...... B3 CARS D.E. Shaw Group...... A2 National Beverage...... A6 Whirlpool...... B2 DoorDash...... B3 Zynga...... B2 NIEL Nestlé...... B3 DA A Whirlpool employee cleaned off a break-area table near one of the company’s assembly lines at its Clyde, Ohio, facility. INDEX TO PEOPLE Supply Constraints Crimp Output B K Peterson, Brad...... B8 Brewer, Joshua...... B4 King, Edward...... B1 R BY AUSTEN HUFFORD Order Up torshortage. shieldshavemade building C Knudsen, Scott...... B9 Chief ExecutiveMichael Mc- moreboatsdifficult, Chief Ex- Romano, Steven...... A3 Purchases of long-lasting Carr, Brendan...... B2 M Rosenworcel, Jessica..B2 Manufacturersincluding Garrytold analyststhat one car ecutiveJack Springer said. Whirlpool Corp.and Polaris goods hit arecordinOctober. maker temporarily closed one “The supply chain has strug- D Mark Zuckerberg...... A1 S Inc.said their ability to meet U.S. consumer spending on painting operation because of gled,” he said. Ditchfield, Skyler...... B2 Matheson, Jim...... B2 Sankey, Paul...... A2 increased demand fortheir durable goods staffing constraints. PPGsent Polaris,amaker of boats, F Musk, Elon...... B1 W productsremains hampered by $1.8trillion RECESSION in itsown employees to help motorcycles and snowmobiles, Fetters, Dan...... B1 N — P Wheaton, Arthur...... B1 supply constraintsand safety runthe operation, he said. said it added 700,000 newcus- G Nagy, Christopher...... B1 Wirth, Mike...... A1 measures takentoprotect 1.7 Some companies that sell tomerslast year,including Griffin, Ken...... B1 Pascal, Andrew...... B1 Woods, Darren...... A1 workersamid the coronavirus largely to other businesses are moreofthe younger,moredi- pandemic. 1.6 also dealingwith supply-chain verseconsumersthat it has People arebuying long-last- and output constraints. Boeing pursued foryears. ing goods likeexercise equip- 1.5 Co., which reported a record But production has fallen be- More Firms Register ment,boatsand camping gear annual losslast week,took a hind. Polaris is considering at record levels.Normally,man- 1.4 $275million accounting charge adding athirdshiftatsome ufacturerswould raise produc- in itslatestquarter on prob- factories,and it has embedded ForFutureShareSales tion to meet such demand. But 1.3 lems producing itsmilitaryre- employees with suppliersto doing businessduring the pan- fueling tanker that it said were help them overcome production BY MARK MAURER abilitytoissue shares rela- demic remains challenging, related to the pandemic.Cater- problems. 1.2 AND KRISTIN BROUGHTON tively quickly when market companies said during recent pillar Inc.said Fridayitishold- “Wecould add morecapac- conditions arefavorable.Com- quarterly updates. 2015 ’16 ’17 ’18 ’19 ’20 ing partsinsurplus to ward off ity,” said interim CEO Michael Thenumber of securities panies canfile the form, Manymanufacturerscon- Source:Commerce Department disruptions and preparefor any Speetzen.“Given what’sgoing filings that let public compa- known as an S-3, any time af- tinue to suffer from inventory via St.Louis Fed increases in demand. on at oursupply base and lo- nies accelerate the process of tertheir firstyear on the pub- shortages,aremnant from Production problems at gistics,Idon’t knowifwe selling shares in the future is lic markets, and have to stay when plantswereclosed last Whirlpool said Wednesday some companies have created would be able to producemore, running high as financeexecu- current on their securities fil- spring.Inaddition, measures to that adding spacebetween opportunities forothers. Corn- efficiently.” tives look to take advantageof ings. prevent the spread of Covid-19, workershad slowedappliance ing Inc.said display-glasssup- Even wheresupplies are buoyant market conditions. Therecent surge in some such as adding spacebetween output.Chief ExecutiveMarc plies were already tight when a available,procuring them has As of Wednesday, 56 forms company stocks has put shelf workers, areweighing on pro- Bitzer said Whirlpool’ssuppli- Japanese competitor experi- become morecostly forsome. known as original shelf regis- registrations in the spotlight duction.Asaresult, manufac- erswereexperiencing the same enced apoweroutageinDe- Glissen Chemical Co.ordered a trations—in whichcompanies as many executives consider turing backlogs hit a2½-year drag.The companysaid some cember.“That tipped every- three-year supply of caps to tell investors that they could raising fresh cash to capitalize high in December,according to appliances would be in short thing intoshortage,” Chief close itsone-gallon jugsofliq- issuestock at some point in on high stock market valua- the Institutefor Supply Man- supply untilatleast halfway ExecutiveWendell Weeks told uid detergent aftersuppliers thenextfew years, without tions.Individual investorsthis agement. through 2021. analystsonWednesday. said orderscould take six committing to do so—had week poured intoshares of Slowdowns are compound- Absenteeism among employ- Loudon, Tenn.-based Malibu months or moretoarrive. been filed with the Securities businesses such as GameStop ing along supply chains,from ees who have been exposed to BoatsInc.has added about 200 “A capcould put me out of and ExchangeCommission, up Corp.and AMC Entertainment portstowarehouses to factory the virus or are caring forfam- employees to grab moreboat business,” said RichardKnoop, from 44 in the same period a HoldingsInc.Some have ex- floors, leading to higher costs. ily members is also slowing sales, which reached a13-year Glissen’sexecutivevicepresi- year earlier,according to re- ited sincethen. AMC on “You areseeing logistic costs production. Paint maker PPG high last year industrywide,ac- dent. Theextracaps arrived last search firm Audit Analytics. Wednesdaysaid it sold out its going up,trucking costsgoing Industries Inc. said in January cording to trade group National fall, tying up capital and space Shelf filingsput in placethe most recent shelf offering of up,airfreight going up,” 3M Co. that some customersare as- Marine ManufacturersAssocia- at thecompany’sfactoryin legal paperwork forraising eq- 50 million shares,shortly after Chief ExecutiveMikeRoman sembling fewercars because of tion. But shortages of partsfor Brooklyn. Mr.Knoop said that uity,giving companies the the market frenzy began. said in an interview. labor issues and asemiconduc- outboardengines and wind- wasbetterthan running out.
high-speed internet by satellite deploymentsinstatessuch as suited” to close servicegaps in mightcollide with other ob- in an interview. SpaceX acrossthe globe,aventurecon- Washington. different locations,hesaid. jects, creating spacedebris. Almost 13% of the money sidered key to itsfinancial suc- “SpaceX continues itsrapid SpaceX’smovetosecure Skyler Ditchfield,chief exec- awarded to SpaceX,about $111 cess. deployment of itsnext-genera- broadband funding is part of a utiveofGeoLinks,afixed-wire- million, is earmarked for Riles Its An FCCrepresentativede- tion satellitesystemand is al- broader Washington-focused lessinternet provider in Cali- groups of census blocks that in- clined to saywhen the agency ready bringing high-through- strategy that also includes gov- fornia that also competed in clude urban areas,according to expected to makeadecision on put, low-latencybroadband ernment contractsfor ferrying theFCC auction, noted that an analysis of public databy Rivals the SpaceX plan, pointing to servicetootherwise unserved astronauts, launching national- SpaceX promised to build the Free Press, an advocacygroup the agency’spublished proce- Americans acrossthe country,” security satellites,weather network beforesecuring subsi- that has been critical of the dures. They don’tgiveatime- the companysaid. forecasting and missile track- dies.“To paythem additional FCC’sauction process. ContinuedfrompageB1 line forapproving applications In afiling last year,ittouted ing. funds to do something they Manyare close to areas tional Rural Electric Coopera- and statethat the applications itstechnologyasserving “the Under the FCC-run broad- have already committedto[do] served by existing providers, tive Association and the Rural with detailed plans aregener- hardest-to-reach ruralAmeri- band auction last year,the bid- seems to me to not be in the such as cable companies,the Broadband Association. ally not public until approved. cans,for whom access has for der offering the fastest internet public’sbest interest,” he said groupsaid. “Weare in effect funding an SpaceX isn’t the only com- toolong been unreliable,pro- serviceatthe lowest priceina experiment here,” said Jim pany whose system uses satel- hibitively expensive, or com- given geographic area wonac- Matheson,chief executiveof lites—nor is it the only winning pletelyunavailable.” cess to the federal subsidies, the National Rural Electric Co- bidder to generatecontroversy. FCCcommissioner Jessica whichcomes from universal operativeAssociation, which Mr.Matheson pointedtolarge Rosenworcel,aDemocrat who servicefees on consumer phone representselectricity providers amountsoffunding secured by is serving as acting chair- bills. also in line forsubsidies to internet providersthat use woman while the newadminis- While SpaceX’stechnologyis build out fiber-optic broadband fixed-wirelesstechnology, ap- tration settles on itsnominee, slowerthan some competing networks.“We don’t knowifit parently beating out fiber- declined to comment. She was ones,such as fiber-optic cable, works or doesn’t work,” he said based providerseventhough fi- critical of the FCCmoving the company’sbids were suc- by in an interview, referring to the ber technologyisgenerally ahead with the subsidies last cessfulinareas wherefaster SpaceX system. considered speedier. year,saying the agencyshould providersweren’t interested, Representatives forSpaceX, SpaceX plans to use the wait until it has betterdata includinglarge tractsinthe whose official name is Space money to provide broadband to about wherebroadband is Northwest. Exploration Technologies morethan 640,000 locations needed. TheHawthorne,Calif., com- Introducing an Corp., didn’t respond to re- across35statesthat don’t yet FCCcommissioner Brendan panyisset to receivethe Ergonomic Heat questsfor comment. have high-speed access,accord- Carr, aRepublican who helped fourth-most funds of anygroup Supportersofthe SpaceX ing to the FCC. Manyofthese develop rules forthe subsidy vying in the auction, account- and Massage plan saydelivering broadband arehomes and businesses in program, said the program al- ingfor almost 10% of the $9.2 via satellitehas the potential to ruralareas wherethe cost of lowedprovidersusing various billion to be distributed. Chair for Work reach isolated homes and busi- building ahigh-speed network technologies to compete SpaceX began offering test and Home nesses at asignificantly lower has so far exceeded the poten- against one another,driving versions of itsinternet service cost. tial revenue broadband compa- down the subsidies’ cost to the last year,priced at $99 amonth Meanwhile, federal subsidies nies could expect to reap. government. “Thereisgoing to with an initial $499 equipment could help boost plans by Mr. In aJan. 22 filing with the be arangeofdifferent technol- cost forcustomers, according Musk’scompanytodeliver FCC, SpaceX pointed to initial ogies that aregoing to be best to October reportsthat cited a promotional email from the company. It isn’t clear howthe newfederal subsidies might af- fect those prices. Public entities in Washing- tonstate,including aschool district andemergency-man- agementagency, arealready using the service, according to SpaceX’sJan. 22 FCCfiling.The %( 1-# *( /!& +$) 0-.'", filing said the companyhas launched 955 satellites with thousands moreplanned.
S Therollout hasn’t been
PRES without bumps.SpaceX initially planned to bring the internet UMA
/Z serviceonline as early as 2018 TO but faced delays and high costs, TheWall Street Journal has re- Free Shipping&30Day Risk Free Trial
/NURPHO ported. Some of the satellites Save $100 Now! And, Use code Ergonomic SY have failed. SpaceX also has For Free X-Wheel Casters asked the FCCfor modifications *$50 per month based on purchase of $89999 for 18-months 0% interest HENNES to itslicense as it tinkerswith UL
PA the system and tries to address SpaceX has touted its technology as serving ‘the hardest-to-reach rural Americans.’ concerns that the satellites P2JW032000-2-B00300-1------XA
THE WALL STREET JOURNAL. ** Monday, February 1, 2021 | B3 BUSINESS NEWS Uber Eats Tackles Brands Target Older Buyers
Super Bowl Ad Companies develop people with reduced mobility, The world is aging as birth ratesdecline and people livelonger... products for those including the elderly. Global population by age group Therangeispart of an ef- BY NAT IVES Mr.Ranese said he wel- increasingly interested fort to imbue design catering comed DoorDash’spresencein 3billion PROJECTION to people of different capabili- Uber Eats, the online food- the game. “The Super Bowl is in aging well ties acrossIKEA’s products, deliveryserviceowned by areally big stage, so there’s 65 and up said BrittMonti, asenior de- Uber Technologies Inc., will room forlotsofbrands,” he BY SAABIRA CHAUDHURI signer who worked on the col- runacommercial during the said. 2 lection. IKEA held off on label- Super Bowl on Feb. 7. Theonline deliverybusi- Demographic changes and ing the rangeasbeing The game will also feature nessisthe scene of intense thepandemic arepropelling specifically forthe elderly,she an ad from rival DoorDash competition and high costs. consumer-goods companies to 1 added. Inc. Uber Eats lost $182 million in take afresh look at agroup of “Especially later in lifeyou The ads are the first Super the thirdquarter on an ad- shopperswho areoften ig- Under 5 don’t want to be labeled as Bowl appearances forboth justed basis,although its nored: the elderly. older,” said Ms.Monti. “We brands,which arechasing new losses are narrowing. As people livelonger and 0 don’t want to makeabig thing business as well as profitabil- DoorDash morethan tripled have fewerbabies,the number out of it, we just want it to be 1950 2020 2100 ity in ahighly competitiveand revenue in the thirdquarter, of over-65-year-olds surpassed anaturalpart of the design fast-growing sector. compared with the year-ear- those under 5globally forthe process.” The 60-second commercial lier period, but swung back to firsttime in 2018,according to ... in some countries old people already makeupabig portion of Procter &Gamble Co.last from Uber Eatswill feature co- alossafter posting aprofitin United Nations data, and the the population, and thatproportion is set to grow. year began selling arazor in- medians MikeMyers and Dana the second quarter. trendhas accelerated since. Population by age group tended forcaregiversinCan- Carvey reprising their roles as Although online food-deliv- Thepandemic dispropor- ada, wherethe companysaid Wayne and Garth from the tionately harmed older people, 2020 2100 datashowone in four people “Wayne’s World” movies and which executives sayhighlights Nigeria provides help to someone with “SaturdayNight Live” The commercial will the importanceofstaying aging-related needs,adisabil- sketches. healthylater in life. China ity or long-term health condi- DoorDash said on Jan. 22 feature comedians That shiftisprompting com- tion.The Gillette Treo,which that it would makeits debut Mike Myers and panies like Nestle SA, Colgate- Japan wasalready available in the appearanceonthe Super Bowl Palmolive Co.and Danone SA U.S.,has asafety comb and a ad roster this year to promote Dana Carvey. to launch newproductsaimed Brazil widerhandle filled with shav- itsdeliveryoptions beyond at consumersthey sayare in- ing gelthat is designed to give restaurant food. Thecom- creasingly interested in aging France caregiversbettercontrol while pany’sown minute-long spot well. “Weclearly see healthy shaving their elderly charges. U.S. will star actor and rapper Dav- ery services need to accumu- aging,evenmorenow with the In beauty and skin care, eed Diggs alongside “Sesame lateloyal customers, neither Covid world, as ahugetrend,” 0% 10 20 30 0% 10 20 30 40 older consumerstend to spend Street” Muppetsincluding Big thepandemic nor the Super Danone Chief ExecutiveEm- more, making them akey de- Souce: United Nations Bird, Cookie Monster and Gro- Bowl canguarantee repeat manuel Faber said. mographic forcompanies like ver. business, said Youssef Squali, Danone in November said it pany’shealth-sciences unit has launched amilk drink aimed at L’Oréal SA.InFrance, women Thecompanies arebuying lead internet analyst at Truist wassetting up anew healthy- shiftedits focus from making older consumersinChina that over 65 spend €184, equivalent Super Bowl ads following a Securities. aging unit to acceleratere- food and drink to aid the re- it says contains ingredientsto to $223,onbeauty products year of growth during the “Clearly scale is what ulti- search intohow nutrition im- covery of people in hospitals, boost the immune system. each year,compared with €120 lockdowns of the coronavirus mately drives profitability,and pactscognition and mobility. to helping prevent people from Overall, Reckittsays the for25-to-30-year-olds,said pandemic. the $64,000 question is how TheActivia yogurt maker re- being admittedinthe first market in China formilk with Delphine Viguier,global brand Grossbookingsfor Uber much of that is really pan- cently launched in Brazil Forti- place, said Greg Behar,who addedingredientstoprovide president forL’Oréal Paris. Eats morethan doubled in the demic-driven versus achange fitPro,awhey-protein product heads the unit. specific benefitsisworth £500 Last year the companysaid thirdquarter compared with in consumer behavior,and that claims to aid muscles, “There aremoreand more million, equivalent to $686 mil- growth in the skin-caremarket the equivalent period ayear honestly we’restill in the mid- joints and bones,and said it people who want to proactively lion,and growing at 13% ayear. had accelerated, driven in part earlier and rose 23% from the dle of it,” Mr. Squali said. plans to develop moreproducts managetheir health in the ag- Thecompanyisdeveloping by an aging population. It ex- previous quarter. “Soit’sveryhardtoparse to help people agebetter. ing process,” he said. “What is severalproductstocapitalize pectsthe trend to continue Consumer spending on on- it out. My best guessright Thenumber of countries most impacting people is a on the self-caretrend, and is longer-term. line food-delivery services in nowisit’sacombination of with over 20% of the popula- drop in physical and cognitive expecting Covid-19 to acceler- Othershavefound success the U.S. will total$71.8billion both,” he added. tion 65 or aboveisestimated functions and then there’sthe atedemand. targeting antiaging productsat in 2021, up from $61.5 billion Thebrand awarenessthat a to rise from 15 last year to 44 beauty and skin element too.” Other companies aretweak- younger consumers. When Col- in 2020 and $33.5 billion in Super Bowl commercial can by 2030,according to the U.N. About 20% of Nestle Health ing productstoserveolder gate last year launched an up- 2019,according to Brian deliver is important, but the That number is forecast to Science’sresearch budget is people who they say will spend scale amino acid toothpastein Nowak, an equity analyst cov- services’ ultimate goal is get- reach 61 by 2050,when it will nowdedicated to aging.The longer living at home,rather China intended to reversevisi- ering the U.S. internet indus- ting people to sign up fortheir include the U.S.,China and Bra- companyuses tinynematode than in assisted-living facilities. ble signs of gumaging,the try at Morgan Stanley. subscription memberships, Mr. zil. worms known as C. elegans, IKEA has begun selling up- companyfocused itsmarketing “Delivery is certainly more Squali added. Nestle last month launched which agequickly with a right armchairswith higher on ayoung audienceusing ce- relevant to people’s lives this ViacomCBS Inc., which will apowdered-milk drink in China lifespan of just two days,to seating to makegetting up eas- lebrity bloggers and social-me- year than ever before,” said broadcast the Super Bowl on under itsYiyang brand, aimed test itsnutrition hypotheses. ier,slanted footstools to pro- dia apps.The companysaid Thomas Ranese, vicepresident CBS,has been seeking about at olderadults, which it says ReckittBenckiser Group mote blood circulation and jar 80% of shoppersbuying Col- of global marketing at Uber $5.5 million for30-second enhances mobility during ag- PLC,which makes infant-for- gripperstohelp unscrew lids, gate Miracle Repair were under Technologies. spots during the game. ing.Inrecent yearsthe com- mula brand Enfamil, has amongits productsaimed at the ageof30. Lockdowns Bring Thirst To Buy High-End Alcohol
BY SAABIRA CHAUDHURI U.S. spirit sales continuedtorise lastyear andgainedground againstbeer, atrend thataccelerated during the pandemic. Americans aresplashing out on pricier whiskey,tequila Grosssupplier revenue U.S. beverage alcohol market and other spirits during the sharebyrevenue Ourgorgeous1.40ct. t.w. pandemic,helping distillers post theirstrongest sales in $30 billion 60% diamond studsshineinplatinum four decades despitewide- spread bar closures. 25 Showcasingtimeless beauty andan People who can’t spend on 50 concerts, travel and watching amazing amount of sparkle, our livesportsare splurging in- Beer 20 stead on high-end spiritsto 1.40 ct.t.w. roundbrilliant-cut diamond 40 drink at home,say alcohol ex- stud earringsinplatinum are the ecutives.That droveU.S.dis- 15 tillers’ revenue up 7.7% to $31.2 Spirits must-havepair forevery jewelrybox. billion last year,according to 30 the Distilled SpiritsCouncil— 10 Whether foryou or someoneyou love, or DISCUS—a trade body.It said the figuresmarked the 20 ourfabulousstuds are theperfect gift! fastestgrowthand highest 5 sales foratleast 40 years. Wine “Consumers’ behavior has 0 10 shifted as a result, in part, of certain thingsthey’reunable 2010 ’15’20 2000 ’05 ’10 ’15 ’20 to do or not do to the same Source:Distilled Spirits Council degree,” said Kathryn Mikells, financechief of Johnnie includingonthe rocks,with product launches and adesire Walker maker Diageo PLC. soda and in cocktails beyond forconvenience. “They’respending more margaritas, Ms. Mikells said. However, acontinuing dis- money on food and beverage. Unlike in Europe and other putewith Europe that has seen They’re interested in treating partsofthe world, Americans the U.S. slap a25% tariff on im- themselves.” have long drunk moreat portsofsingle malt scotch took Spiritscosting above$40 home.Evenbeforethe pan- the shine off the spirit, with per 750millilitersaccounted demic, four out of everyfive revenue dropping 2.1%. for 40% of the U.S. spirits in- alcoholic drinks in the U.S. Through the pandemic,the dustry’sgrowthlast year, were bought in liquor stores, spiritsindustryaccelerated its compared with 34% in 2019, supermarketsand other “off previous sharegains over beer DISCUSsaid. High-end liquors premise” channels,rather than and wine.While sales of spar- areamong the most profitable in bars and restaurants. That kling wines have done well, spirits for alcohol makers. trend has accelerated. still wine—a popular buy at Thetrend toward premium “Thingsthat were really fir- restaurants—has declined, in- productsisreflected across ing before Covid have picked dustrytracker IWSR said. Beer the wider consumer-goods in- up really strongly,and tequila also has suffered partly be- dustry as manyAmericans use has benefited from that,” Ms. cause of a shortage of alumi- theirdisposable income differ- Mikells said. num cans and out-of-stock is- ently.Pricier household clean- Spiritsvolumes in 9-liter sues in addition to the closure $ ers, candles,spaghetti and pa- cases—a standardindustry of bars, it added. 1,695 per towels have sold strongly, measure—climbed5.3%last “The gap has gotten wider according to research firm IRI. year, up from growth of 3.3% in spirits’ favor,” Lawson Plus Free Shipping Liquor giant Diageo on in 2019, according to DISCUS. Whiting,chief of Jack Daniels Thursday reported abig jump Totalbeveragealcohol sales owner Brown-Forman Corp., 1.40 ct.t.w. Diamond Stud Earrings in Platinum in U.S. spirit sales forthe sec- by volume grew 3%, indicating said in December. ond half of 2020,driven by Americansbought morebooze LikeDiageo,Brown-Forman Roundbrilliant-cut diamonds.Post/clutch. higher-end booze. Itstequila overall last year. said it has seen pricier prod- Shown larger for detail. brands Don Julio and George American whiskey sales rose ucts under itsWoodfordRe- Clooney-founded Casamigos— 8.2%, Cognac grew 21% and te- serveand Old Forester bour- both of which sell forabout quila and mezcal combined bon brands grow strongly. $50 a750 milliliter bottle— jumped 17%, according to the “Thishas been unlikeany grew North America sales by DISCUSfigures,which reflect otherrecession that we’veex- Ross-SimonsItem #935768 55% and 137%, respectively. overallindustrynumbers. perienced,” Mr. Whiting said. Tequila has benefited from Sales of ready-to-drink cock- “In the U.S., ultra- and super- To receivethisspecial offer, use offercode: BLAZE11 the shift to at-home drinking tails surged39%, which execu- premium spiritsare gaining 1.800.556.7376 or visitross-simons.com/blaze as Americans increasingly tives said wasdriven by at- shareatfaster ratesthan in drink the spirit in moreways, home entertaining,new the pre-Covid time periods.” P2JW032000-5-B00400-1------XA
B4 | Monday, February 1, 2021 ***** THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech TikTok RivaltoRaise $5.4 Billion in IPO
BY JOANNE CHIU Average daily time E-commerce gross AND QUENTIN WEBB spent on Kuaishou app* merchandisevalue† 1.5 hours 30 trillion yuan Chinese short-video-app op- Live-streaming erator Kuaishou Technology Other retail will raise $5.4 billion from its Hong Kong listing, hitting its maximumfundraising target after meeting strong investor 1.0 20 demand. Theinitial public offering is set to be the world’slargest in morethan ayear,and will value the companyatnearly 0.5 10 $61 billion. Kuaishou, which is backed by Tencent Holdings Ltd., competes with Byte-
Dance Ltd., the Chinese com- /REUTERS 0 0 panybehind TikTok and its NG
sister app Douyin. 2017 '20 2015 '20'25 WA Both companies have fed *Averages arefor daily users of the app; 2020 figureisthrough September.
growing demand from younger †2020 to 2025 figures areestimates; 10 trillion yuan=$1.54 trillion TINGSHU Chinese people to watchand Sources: Kuaishou listing document(time spent); iResearch via Kuaishou (merchandise value) Streaming startup Kuaishou hit its fundraising goal in Hong Kong. A company trade-show display. record short videos on their smartphones.Kuaishou’sname- ashare, the topofanearlier companies such as Meituan, a morethan doubling over the ing hot market debutsinHong Ltd. areacting as joint spon- sakeshort-video platform is rangeofHK$105 to HK$115, major playerinfood delivery, same period. Atech-focused Kong last year,Chinese vaping- sorsfor Kuaishou’sIPO.A the world’ssecond largest, ac- according to aterm sheet seen and smartphone maker Xiaomi benchmark introduced last sum- technologycompanySmoore block of 10 cornerstone inves- cording to datacited in itspro- SaturdaybyThe Wall Street Corp., as well as secondary mer by Hang Seng Indexes Co., International HoldingsLtd., tors supported the deal by spectus,and itsservices in Journal. Itsshares will start listings from U.S.-listed busi- compiler of the city’s Hang Seng and bottled-water giant Nongfu committing to buy $2.45 bil- China had 305 million average trading Feb. 5. nesses such as Alibaba Group Index, gained 32% in the six Spring Co., forexample,are lion of shares wherever in the daily active usersinthe nine TheIPO helps cement Hong Holding Ltd. and JD.com Inc. months through Friday’sclose. both nowworth multiples of rangeitpriced. Aso-called months endedSeptember. Kong’sstanding as amarket Shares in these companies Kuaishou is also benefiting theirvaluations at their IPOs. green-shoe option means un- Kuaishou, or “fast hand” in forbig Chinese technology have surged, with Meituan’s from broader IPO market exu- UnitsofMorganStanley, derwriterscould ultimately in- Chinese, will sell stock at 115 groups.The city in recent stock morethan tripling in the berance, both in Hong Kong BankofAmericaCorp.and crease the deal’s size by 15%, Hong Kong dollars(US$14.80) yearshas secured IPOs from past 12 months,and Xiaomi’s and internationally. Aftermak- ChinaRenaissanceHoldings to a final total of $6.2 billion.
piration date. Youcan also Going All add 500 hourstoyour DVR storagefor an extra$10 a month, or bundle the sub- In on Live scription with ahome broad- band packagetosave. Stream TV FuboTV Monthlyprice:$65 Free trial:7days ContinuedfrompageB1 Simultaneous streams: ing converts. If you antici- three screens pate streaming in 4K or even DVR:250 hours just in high definition—espe- FuboTV hostsavariety of cially on multiple TVs—you channels,but has amix that’s need to make sure your particularly good forsoccer home has decent internet fans,including BeIn Sports, bandwidth, upward of 25 TUDN and FS1. Earlier this megabits per second. year,FuboTV added Disney’s Also,not all services in- family of channels: ABC,Dis- clude local broadcast TV.PBS ney Channel, ESPN,SEC Net- is one such channel, available work and FX.The servicedid on YouTube TV but missing drop TNT,TBS,CNN and Car- from the others. toon Network beforethat. If youare going all-in on While FuboTV is similar to streaming,thereare two op- YouTube TV,ithas one edge: &T
tions: paid services and free AT DVRrecordingsare kept in- services.The paid services are AT&T TV’s $85-a-month Choice plan includes regional sports and one year of the HBO Max service. definitely. comparable to cable but have betterapps,moreDVR stor- DVR:50hours YouTube TV recently lost cludes access to Hulu’slarge save some money by bundling Free Services ageand fewerfees and com- Sling TV’sbase plans are FoxSportsNetworks and Ten- on-demand libraryofmovies in Disney+ and ESPN+, start- Thebest feature of these mitments. Thefreeservices very affordable. Theproblem? nis Channel, but gained NFL and shows,such as “The ing at $72amonth. free services is,well, the have lessofthe most desired Sling offersfew local stations Network and, with the $11-a- Handmaid’sTale.” (Alone, price. But beware:Aside from content and will makeyou sit (only Foxand NBC,invery month SportsPlus package, that librarycosts$6with ads, AT&T TV the constant ads,they also in- through plenty of ads. limited areas), and choosing the option to add NFL Red- $12 without.) Monthlyprice:$70 clude channels that don’t re- between Blue and Orangewill Zone.The streaming service Another plus: There’sno Free trial:14days ally match what youexpect Paid Services makeyour head spin. has simple pricing—just one expiration datefor DVRre- Simultaneous streams: from, say, traditional cable. They look alot likecable, Thereare abevyofupsells, $65 package—and afantastic cordings. However, youhave three screens Forinstance, on NBCUniver- and as such, youhavetopay such as the $5-a-month DVR interfacethat includes neat to payextraifyou want to DVR:20hours; recordings sal’snew service, Peacock, close attention to the channel Plus upgrade,which raises the featureslikeKey Plays View, fast-forwardthrough ads— expireafter 90 days there’sanNBC News Now lineups and the upsells.Make recording limit to 200 hours. which letsyou skip to high- $10 amonth forthe “en- You’reforgiven fornot rec- channel, which airsNBC good use of the free trial op- The$10-a-month Sportsadd- lightsinsportsgames and hanced” DVRadd-on. (Sling ognizing this one.Overthe Nightly News plus some,but portunities—even acheap on adds Tennis Channel, MLB news programs.You canalso TV,YouTube TV and Fubo TV years, versions have also in- not all, of what MSNBC might serviceisn’t worth paying for Network and NBATV. turn off spoilerstohide allowyou to skip ads with no cluded AT&T WatchTVand offer. Pluto’s version of CNN if youdon’t watchit. Sling does support simulta- scores and previews. extrafee.) AT&T Now. is moreofaplaylist of short neous streams,but the ser- Other extras include unlim- AT&T’s basic $70-a-month videos covering headlines. Sling TV vicehas no option forsepa- Hulu +LiveTV ited simultaneous streams, plan isn’t very competitive. Both of those apps have a Monthlyprice:$35 for rate individual viewer Monthlyprice:$65 ($71 provided all devices arecon- But the $85-a-month Choice relatively robust offering of Blue (the “News and Enter- profiles. with fewerads) nected via your home net- upgrade is worth considering. livecontent without a tainment” plan) or Orange Free trial:7days work,for an additional $10 It includes regional sports monthly fee, and their inter- (the “Sportsand Families” YouTube TV Simultaneous streams: monthly.(Youcan watchon and HBO Max—for one year. faces look likeon-screen TV plan); $50 forboth Monthlyprice:$65 two screens up to three mobile devices (HBO is an extra$15 amonth guides.Meanwhile,the Roku Free trial:3days Free trial:5days DVR:50hours that aren’t connected to your afterthat, so it might be time Channel and Samsung TV Plus Simultaneous streams:Up Simultaneous streams: Hulu’sliveTVdoesn’t offer network.) There’salso an $8- to shop around at that point.) (available on Samsung TVs to three screens forBlue,one three screens as manychannels as others a-month entertainment add- The$140-a-month Premier and phones) has amoreeclec- screen forOrange, four DVR:Unlimited; recordings (AMC and BBC Americaare on and a$5-a-month Spanish- tier includes HBO Max,Starz tic mix of news,sportsrecap, screens forBlue +Orange expireafter 9months notably missing), but it in- languagepackage. Youcan and Showtime without the ex- and entertainment channels.
unionhas touched on themes labor boarddecided to allow Amazon related to racial empower- the election to moveforward ment, Mr.Brewersaid. andlater setthe February-to- “It’scoming hereand being March voting period. Faces present not foranevent or for TheRWDSUhas had success aday but setting up apresence in Southern states,particularly outside of the facility that says within the poultryindustry. Labor Test we arehereand arenot leav- Theunion said it represents ing,” he said. “They’reseeing roughly 15,000 poultryworkers us everyday.” acrossthe South, including Al- ContinuedfrompageB1 Agroup of employees from abama. Early in the pandemic,
tuteatCornell University.The JOURNAL the Bessemer facility,which it reported on deadly Covid-19 company’scontinued growth opened last spring,first con- outbreaks in poultryfacilities REET
will bringincreasing scrutiny ST tacted the union last summer. while urging employers to im-
over howitpays and treatsits LL Theworkerswerefrustrated proveworking conditions.Ma- employees,hesaid. WA by what they saywereAma- jor poultrycompanies have im-
Theeffort still faces formi- THE zon’sgrueling workload de- plementedtemperaturechecks, R
dableobstacles.Amazon has FO mands and the company’s increased cleaning and issued sought to postpone the elec- monitoring of employees,ac- protectiveequipment.
tion’sscheduled Feb. 8start MILLER cording to the union. Chartered in the late1930s,
and appealed the National La- BOB Amazon uses cameras and the RWDSUrepresentsthou- borRelations Boarddecision Union organizers in front of the new Amazon fulfillment center in Bessemer, Ala. an internal system that tracks sands of employees from retail to allowamail-in vote.While worker movementsand pro- chains that include Macy’sInc. the vote is likely to proceed as lievethe RWDSUrepresents viewedbyThe Wall Street and redattire, speaking to em- ductivity by the second, an is- and Bloomingdale’s, as well as scheduled, adecision to union- the majority of our employees’ Journal said they weren’t sup- ployees at atraffic light and sue that has been the subject workersinwarehousing and izecould lead to yearsofbar- views. Our employees choose portivebecause they didn’t be- handing out fliers. “Don’t let of employeeconcern foryears. theserviceindustry. gaining over the firstcontract, to work at Amazon because lieveunion representation Amazon scareyou!” one read. Some workers criticized the The union was among a labor expertssay. we offer some of the best jobs would substantially improve Organizerscannot enter the useofthe techniques during group of critics at the heart of Thecompanyisholding fre- available everywhere we hire, theirconditions. warehouse,and the union just the pandemic,when they were afierce backlash when Ama- quent meetingsatthe 855,000- and we encourageanyone to Amazon hasopposed sev- recently received contact in- racing to fill adrastic rise in zonannounced plans to locate square-foot facility about 15 compare our total compensa- eral prior unionization efforts. formation forthe facility’s orders and felt their essential apart of asecond headquar- miles southwest of Birming- tion package, health benefits, An effort backed by the workers, according to Joshua work should have earned them ters in NewYork City in 2018. ham to counter the union’sef- and workplaceenvironment to RWDSUin2018 to organize Brewer, an organizer with the areprievefromsuch methods. Amazon had selected the fort, employees say. It also anyother companywith simi- employees at Amazon-owned union’sMid-South Council. RWDSUrepresentatives and city as part of its“HQ2” devel- hired alaw firm that special- lar jobs.” Whole Foods Market failed to Theunion has relied on lo- union membersfromnearby opment around the same time izes in countering organizing If workersvoteinfavor of gain traction. About four years calties in Bessemer,dissemi- warehouses,poultryplantsand the RWDSUhad been rallying effortsand set up awebsite the union, Alabama’sright to earlier,asmall number of natinginformation via work- nursing homes started meeting support forworkerstounion- assertingthat employees al- work rules mean employees maintenanceand repair techni- ers’ family membersand with Amazon workersinres- izeatafacility in StatenIs- ready receivethe benefitsand aren’t automatically part of cians voteddownunionization relying on supportfromlocal taurantsand hotels.They be- land, an effort that ultimately payfor which aunion would theunion. Workerswouldn’t at aMiddletown, Del., facility. unions.Asmanyofthe em- gantheir outreach in October. fizzled. Theunion opposed the bargain and should vote no to be required to join the union To make their case this ployees at the Amazon ware- Organizerscollected thou- nearly $3 billion in govern- avoid the cost of dues. or paydues,potentially mak- time,local organizershave house areBlack and some have sandsofsignatures from em- ment incentives Amazon would An Amazon spokeswoman ing it harder to expand mem- gathered near Amazon’sBesse- been involved in theBlack ployees showing support for have received forcreating said the companydoesn’t “be- bership.Some workersinter- mer,Ala., facility with signs Lives Mattermovement, the an election. In December,the 25,000 jobs in the city. P2JW032000-4-B00500-1------NS
THE WALL STREET JOURNAL. **** NY Monday, February 1, 2021 | B5 BUSINESS & FINANCE Market Disrupter Built Up SteamasSchool Track Star
Theman who roiled the sent GameStop’spriceskyrock- Underwood said. “You could tell financial analyst, committed marketsand found himself at eting and stuffed his E*Trade therewas intelligencebehind himself to stock picking,and
the center of atrade that might account with tens of millions of what he wasdoing.” savedthe passion that he once JOURNAL have changed Wall Street for- dollarsinprofits. Acase of what Gill called poured intorunning forthe au- REET
ever spentmost of his lifeob- Mr.Gill, a34-year-old father Achillestendinosis brought his dienceonthe YouTube channel ST
sessed with anumber other who trades from the basement running hopes crashing down. he started last summer as he LL than GameStop Corp.’sstock of his home in the Boston sub- His last race wasin2008,and worked amarketing job for WA
price: hismile time. urbs,helped sparked interest in he graduated in 2009 straight Massachusetts Mutual LifeIn- THE R
the mall videogame outlet intothe financial crisis. suranceCo. FO
By Joshua Robinson, among throngsofindividual in- But it wasalways Gill’s He turned bullish on AK Ben Cohen, vestorswho gather on the Red- mindset that separated him GameStopand bought his first CZ YM
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and Gunjan Banerji they found YouTube videos of coach KarenBoen encountered wasabout $5.Itclosed on Fri- NA YA
Gill diving into detailed stock in nearly aquarter-centuryat dayafternoon at $325. KA Long beforehewent by analysisand celebrating his Stonehill. “Keith had the ability His latest “GME YOLO up- Keith Gill, ‘Roaring Kitty’ on YouTube, touted the GameStopboom. “DeepF—ingValue” on Reddit successwith chicken tenders to go intoaplacementally and date” on Reddit shows aprofit and“Roaring Kitty” on You- dipped in Champagne. with such intense focus that I of morethan 4,000%. his track days nowthat he was “I knowKeith,” Mr.LeMar Tube,Keith Gill wasknown As it turns out, in the earli- had never experienced in other Mr.Fidalgo, of BrocktonHigh, fabulously wealthy. Mr.Fidalgo texted Mr.Fidalgo. “Brocktonand simply as one of the fastest est footageofhim on YouTube, athletes,” she said.His legs and Gill’sformer distancecoach guessed he might even build Stonehill aregoing to be all set.” kids in his town. Mr.Gill never he also needs adrink.Ina2009 failed him. His mindset didn’t. JoeLeMar hadn’t missed the them an indoor track.Just hours Thereisjust one person who aspired to be an amateur stock video with only afew hundred Thesame focus led him into news.While texting on Friday, later,inaWall Street Journal ar- won’t be able to participate: picker.Hedreamed of being a views as of Friday, Gill runs the exploration of unloved they wondered about the waysin ticle,Mr. Gill announced that was still hobbled by injuries,Mr. professional runner. four laps in his Stonehill Col- stocks.Hebecame achartered which Mr.Gill might remember one of his goals. Gill says he no longer runs. He destroyedlocal records legesinglet forasmall crowd on the track,attracted national of bored collegekids on hand recognition forhis college to witnesshis firstmile runin times and even found himself six months,following an injury. featuredinSportsIllustrated’s They cheerhim on as he pants Facesinthe Crowd section. He through a4:33 mile,losing a waspictured in the magazine bet to break 4:30—and then with shaggy hair and the head- collapses on the track. HOWDOYOU band that has become his sig- “Get this manabeer,” one natureaccessoryasthe inter- friend says. net’smost disruptivetrader. Mr.Gill liked to runthe 4 MANAGE RISK “He wasactually astarrun- miles from his Brocktonhome nerinhigh school and college,” to his futurecollegenearby.He said Elaine Gill, his mother. still holds the Stonehill records “When he putshis mind to in the 1000-meter (2:24.73)and THROUGH the mile (4:03.43). He wasa collegeAll-American in track BOTH CHAOS He never achieved and cross-country, aDivision II national indoor men’strack his 4minutemile athlete of the year and aStone- ANDCALM? dream, but he did hill sportsHall of Famer. But his transformation intoa break Wa ll Street. regionally successfuldistance running star wasabout as likely as his blindsiding of Wall Street. something,hecan be very fo- Mr.Gill gothis firsttasteof cused.” competition when he showed Mr.Gill’sgreat hope in life: up as askinny13-year-old to clocking a4-minutemile.He one of the kids racesthat Dave came closer than most, breaking Gorman has organized in alo- his college’srecords and once calpark forthe past 40 years. running 4:03 indoors. But the He immediately blewaway the magicnumber gotaway as his competition. Mr.Gorman body turned on him and ended couldn’t fathom what he had his competitiverunning career. just witnessed. “Jeez, Keith, He would have to settle for that wasunbelievable,” he re- becoming apaper millionairein- membered telling him. “Are you stead. going to runinhigh school?” With potential earningsin He had never really thought the eight figuresafter this about it. Mr.Gill always planned manic week,Mr. Gill cansud- to playbaseball instead. But in denlyaffordtotreat himselfto the same way that stocks be- the only lavish indulgenceonhis came an obsession when he wish list. He wantstobuild an could no longer run, running indoor track facility in Brockton, became his lifeoncehefailed to Mass. “Nowitlooks likeIactu- makethe baseball team. ally could do that,” he said. Adecade beforehewould Not that Mr.Gill’sreputation become famous on the Reddit among runnersneeded bol- forumWallStreetBets, he was stering. known to runnersfor his posts “Keith is alegend at Brock- on adefunct popular running tonHigh School,” track coach messageboardcalled DyeStat. John Fidalgowrote in an email. SteveUnderwood, aformer “His personality as arunner DyeStateditor and moderator of wastothrow the firstpunch if itsmessageboards,still remem- youwill and never back down bersGill as “Wizard,” one of the from anycompetition.” ringleadersinarowdyforum. That is theapproach the for- “He wasmischievous,and I’m mer collegerunner brought to pretty sure Ibanned him afew the extraordinaryfight that times,but he wasclever,” Mr. Co-Work Firm Knotel Files for Bankruptcy
BY KONRAD PUTZIER and the rate of renewals in key markets, particularly New Real-estate startup Knotel York and SanFrancisco,” co- Inc. filed for chapter 11 bank- founder Amol Sarvasaid in a ruptcy forits U.S. businesson statement. “We must address Saturday, agreeing forthe this nowtoposition our busi- company to be taken over by nessfor sustainable growth real estateservices firm New- and a successful future.” mark Group Inc. Newmarkisproviding Kno- Knotel said Sundaythat it telwith $20 million in debtor- filed forbankruptcy to reorga- in-possession financing to al- nizeits real estatefootprint low it to continue operations and enable the sale to go during the bankruptcy pro- through. cess, Knotel said. Themoves arethe latest Likeother flexible-office Youcan’t controlthe changing sign that the Covid-19 pan- companies,Knotel leases of- tide of themarkets, but we can demic has upended the once- fice spacelong-term and effec- booming co-working industry. tively sublets it to companies help younavigateit. CMEGroup NewYork-based Knotel, through short-term deals.That helps youmanage risk and founded in 2016,raised hun- becomes a problem when de- dredsofmillions of dollars mand forofficespacefalls,be- captureopportunities across all from investors. It expanded cause customerscan easily get majorasset classes.Wedeliver rapidly for years and was one out of their contracts but the nearlyone billion datapoints of themoreaggressivecom- companycontinues to be on petitors in the co-working and the hook for rent. daily,informingthe insight you flexible officespacesector,be- Flexible-office companies need to refine your trading coming one of WeWork’sfierc- have struggled to retain cus- est rivals. tomers at atime when most strategy.For takingadvantage In August 2019,Knotel said American officeusersare of opportunities in allmarket it had reached avaluation of working remotely and many environments… CMEGroup. morethan $1 billion thanks to don’t plan to return to the of- afunding round led by Wafra fice soon. Inc., an affiliateofaKuwaiti Knotel isn’t the only flexi- sovereign-wealth fund. But its ble-officecompanytoface VISIT CMEGROUP.COM/ACTION revenue dropped significantly headwinds.Anumber of enti- during the pandemic,and ties tied to IWGPLC’soffice- Derivatives arenot suitable forall investors and involvethe risk of losing Knotel has faced lawsuits suites locations have filed for morethan the amount originallydeposited and anyprofit youmight have made.This communication is not arecommendation or offer to buy,sell over unpaid rent from land- bankruptcy,and the company or retain anyspecific investment or service.Copyright ©2020 CME Group lords. is shutting down numerous lo- Inc. Allrightsreserved. “The pandemic created a cations in abid to cut costs. uniquely challenging operating WeWork,meanwhile,continues environment, with significant to lose money despiteaggres- impactsonleasing velocity sivecost-cutting measures. P2JW032000-0-B00600-1------XA
B6 | Monday, February 1, 2021 THE WALL STREET JOURNAL. BUSINESS & FINANCE Some GameStop Investors Paid Off Debt
Individual traders set “HowtoAppeal forMoreCol- morethan $10,000 invested in lege Financial Aid.” GameStop,according to trade aside funds for their Some traders have started receiptsprovided. He is slowly student loan, credit- to envision the earningsfor selling shares,using some of money milestones that remain his gains to payfor the wed- card payments out of reach. ding and help with aloved AnthonyEleftheriou, an 18- one’smedical expenses.Once BY JULIA CARPENTER year-old university student he sells off entirely,hewants living with his parentsinLon- to start his housing hunt. Some investors took a flier don, only firstbegan investing “I’m sureI’m just asmall on GameStop Corp.stock in amonth ago. He bought 25 fish compared to some of hopes they would make shares of GameStopat$50 on these folks,” he said. “But it’s enough money to paydown Jan. 22,and he said he is plan- significantfor me,and Istill debt. Now, after a wild Janu- ning to hold for now, perhaps want to see where it goes.” aryfeaturing a1,625% rise, even usinghis gains to paytu- Following RobinHood’s de- comes the hardpart: deciding ition fees. cision to join other brokerages
when to sell. S “I waskind of wanting a in restricting trades on rapidly
With the hot stock dipping PRES quick rich thing but nowit’s rising stocks,MissSpahic said on Thursday, the question has turned into moreofalong- she is planning to eventually UMA
become more urgent. /Z term thing,” he said. close out her positions and de-
DenKovacs,a25-year-old GES JoeBallent, a32-year-old letethe app.She is still fol-
IT professional living in De- IMA physician assistant working in lowing the conversation on
troit, moved $1,000 from his PA Cheyenne,Wyo., said he’sgiv- Reddittodetermine what bro- emergency savings and $200 SO ing priority to some other kerageshe will choose as are- he’d set aside for his student- goals before his student loan placement. ARSKI/
loan payment into his Robin- MP debt with his GameStopearn- “I’m following closely what hood account—all with an eye LA ings: First, paying forhis com- each of them are saying,” she
to getting asliceofthe JOHN ing wedding,and next, saving said. “I’m waiting to see who GameStop mania. On Jan. 25, A demonstrator in front of the New York Stock Exchange on Thursday amid the GameStop frenzy. up to buy ahouse.Both comes out on topand says he sold his other stocks to buy seemed out of reach before they’re for the people.” four shares of GameStopat position whereI’m not sitting “Never thought Iwould told everyone Iknew, ‘I am the GameStop rally, he said. Meanwhile,Mr. Kovacs and $80. After selling four shares in debt likethat,” he said. “It’s have paid this off so soon,” seeing this on Reddit. Do “I feel likethere’salot of others are keeping their eyes for$212 on Jan. 26,hebought hurting my credit score, and I the user posted. this.’” people who have never been glued to WallStreetBets. six moreshares at $292, ac- want to be able to movesome- For some traders who plan Millennials’ average credit able to getahead. Itook on six “I think people recognize cording to trade receipts pro- whereelse.SoIwant to pay to use their windfalls to elimi- card debt edged up to $4,322 figuresofdebt [for graduate there’s an opportunity here,” vided. down debt with whatever I’ve natetheir student debt and in thethirdquarter of 2020, school] and worked two jobs he said. “You see these gains His end goal: make enough gained from this.” paydownother obligations,it according to analysis by Expe- beforeschool, but nowIcan’t and watchwhat happened ear- money to paydownhis $7,000 As aforum, WallStreetBets seems worth the gamble. rian. Morethan 22 million afford a house?” lier this week and yougo, ‘Is credit-card debt. typically derides those who Amina Spahic,a28-year-old borrowers with direct federal Mr.Ballent began putting everyone collectively right or Mr.Kovacs and manyother sell because many want to le- communications specialist in student loans paused pay- more money intothe market is everyone collectively individual investors have been verage group powertocon- Florida,originally bought two mentsduring the pandemic, last year,first with RobinHood wrong?’ Just like me.” following the frenzy on Red- tinuethe rally.But when it weeks agofor $38 ashare. She according to dataanalyzedby and then with accountsatVan- —Marco Quiroz-Gutierrez dit, Discordand other plat- comes to paying down debt has already used some of her Mark Kantrowitz,author of guardand Schwab. Now, he has contributed to this article. forms.OnFriday, Mr.Kovacs andreaching other savings GameStop gains to pay down sold his remaining seven goals,some userschanged debt and put the rest back in shares at $352 and said he their tune. GameStop. Having already Cash Prices | wsj.com/market-data/commodities Friday, January 29, 2021 plans to use the gains—nearly One Redditor posted a made her moves earlier this These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— $2,500,according to trade re- screenshot from what he said week,she said she has no separate from the futures price on an exchange, which reflects what the commodity might be worth in future ceiptsprovided—topay down washis final student loan pay- plans to sell for now. months. part of his credit-card debt. ment: $23,504.45 made from “I knewtherewas growth Friday Friday Friday “I want to put myself in a GameStop trades. and potential,’’ she said. “I Energy Aluminum, LME, $ per metric ton *1979.0 Wheat - Hard - KC (USDA) $ per bu-u 6.6300 Copper,Comex spot 3.5735 Wheat,No.1soft white,Portld,OR-u 7.0250 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.000 Iron Ore, 62% Fe CFR China-s 158.1 Food ADVERTISEMENT Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.350 Shredded Scrap, US Midwest-s,m 460 Steel, HRC USA, FOB Midwest Mill-s 1147 Beef,carcass equiv. index Metals choice 1-3,600-900 lbs.-u 193.21 Fibers and Textiles select 1-3,600-900 lbs.-u 181.64 The Marketplace Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8222 Burlap,10-oz,40-inch NY yd-n,w 0.6575 To advertise: 800-366-3975orWSJ.com/classifieds Engelhard industrial 1873.00 Butter,AA Chicago 1.2450 Handy & Harman base 1863.80 Cotton,1 1/16 std lw-mdMphs-u 0.7864 Cheddar cheese,bbl,Chicago 139.00 Handy & Harman fabricated 2068.82 Cotlook 'A' Index-t *87.55 Cheddar cheese,blk,Chicago 157.50 LBMA Gold Price AM *1839.65 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 117.25 CLASSACTION LBMA Gold Price PM *1853.70 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.1627 Krugerrand,wholesale-e 1921.92 Grains and Feeds Coffee,Colombian, NY 1.7426 Maple Leaf-e 1940.40 Eggs,large white,Chicago-u 1.0350 American Eagle-e $.1&#% )&+&#) %1)&*1'& '-$*& 1940.40 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 17.10 Mexican peso-e 2236.13 )-$&2#*. %1)&*1'& -" '+/1"-*.1+ Bran,wheat middlings, KC-u 180 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1814.41 Corn,No. 2 yellow,Cent IL-bp,u 5.3500 Hogs,Iowa-So. Minnesota-u 68.93 YF B) 8?AV8S 2Z`5A7`12Y=3O YS=M ! UK@>)B ^!b) SEM *c.hN-:NJJ*&,NAX?NAZ\ Austria phil-e 1940.40 Corn gluten feed,Midwest-u,w 169.3 Pork bellies,12-14 lb MidUS-u n.a. 3`=15Y2Y`3 VY2Y\A2Y8S ! Silver, troy oz. Corn gluten meal,Midwest-u,w 624.0 Pork loins,13-19 lb MidUS-u 0.9699 =VA33 A=2Y8S Engelhard industrial 27.5500 Cottonseed meal-u,w 460 Steers,Tex.-Okla. Choice-u n.a. ! Handy & Harman base 27.1650 Hominy feed,Cent IL-u,w 155 Steers,feeder,Okla. City-u,w 156.25 2#!@ ;E-
THE WALL STREET JOURNAL. Monday, February 1, 2021 | B7 MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index New to the Market IPO Scorecard B8 Last Year ago Last Year ago 29982.62 t1014.36, or 3.27% last week Trailing P/E ratio 29.60 21.44 3714.24 t127.23, or 3.31% last week Trailing P/E ratio * 40.93 25.77 Public Offerings of Stock High, low, open and close for each of P/E estimate * 20.05 17.73 High, low, open and close for each of P/E estimate * 22.15 18.75 the past 52 weeks Dividend yield 2.01 2.27 the past 52 weeks Dividend yield * 1.58 1.82 IPOs in the U.S. Market All-time high All-time high 31188.38, 01/20/21 3855.36, 01/25/21 Initial public offerings of stock expected this week; might include some offerings, U.S. and foreign, open to institutional investors only via the Current divisor 0.15198707565833 30000 3750 Rule 144a market; deal amounts are for the U.S. market only Symbol/ Pricing 200-day moving average Expected primary Shares Range($) 28000 3500 pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s) 2/3 1/15 Atotech Ltd ATC 34.1 19.00/ Citi, Credit Suisse, 2021 Holding company for a N 22.00 BofA Securities, 26000 3250 group providing plating, JPM coating and surface treatment materials. 24000 3000 2/2 1/8 On24 Inc ONTF 8.6 45.00/ GS, JPM, KeyBanc Provider of a platform for N 50.00 200-day moving average corporate trainings and 65-day moving average Week's high leadership programs. 22000 2750 Software-Computer, DOWN UP Traditional & Other Monday's open Friday's close t 2/3 1/8 TELUS International (Cda) Inc TINT 33.3 23.00/ JPM, MS, BofA Securities, CIBC, 20000 65-day moving average 2500 Software services N 25.00 Citi, Credit Suisse, Friday's close Monday's open provider. Provider of RBC Cptl Mkts, R t business and information W Baird & Co technology services and Week's low 18000 2250 solutions. loanDepot Inc LDI GS, BofA Securities, Credit Suisse, Bars measure the point change from Monday's open 2/3 1/11 15.0 19.00/ Software-Financial N 21.00 MS, Barclays, Citi, 16000 2000 Technology company Jefferies, UBS engaged with a consumer J F M A M J J A S O N D J J F M A M J J A S O N D J lending platform. Primary 2/3 1/13 Landos Biopharma Inc LABP 6.3 15.00/ JPM, Jefferies, SVB Leerink, NYSE weekly volume, in billions of shares t market t Composite Manufacturer of Nq 17.00 Raymond James pharmaceuticals. & Associates Inc 36 Track the Markets 24 Compare the performance of selected 2/3 1/13 Sana Biotechnology Inc SANA 15.0 20.00/ MS, GS, JPM, BofA Securities Clinical-stage Nq 23.00 12 global stock indexes, bond ETFs, biopharmaceutical currencies and commodities at company engaged with 0 cell engineering. J F M A M J J A S O N D J wsj.com/graphics/track-the-markets 2/3 1/8 Evaxion Biotech A/S EVAX 2.8 10.00/ Oppenheimer Inc, *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Engaged in developing our Nq 12.00 Ladenburg AI-immunology core Thalmann Major U.S. Stock-Market Indexes Nasdaq Composite technology. Latest Week 52-Week % chg t 472.37, or -3.49% Lockup Expirations High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Dow Jones Below, companies whose officers and other insiders will become eligible Industrial Average 31121.42 29856.30 29982.62 -1014.36 -3.27 18591.93 l 31188.38 6.1 -2.0 4.3 to sell shares in their newly public companies for the first time. Such Transportation Avg 12905.52 12065.37 12087.99 -768.55 -5.98 6703.63 l 13126 14.4 -3.3 2.8 sales can move the stock’s price. 13500 Utility Average 873.47 840.78 852.40 -5.54 -0.65 610.89 l 960.89 -9.2 -1.4 7.2 Lockup Offer Offer amt Through Lockup Total Stock Market 40750.72 38839.08 39056.49 -1401.83 -3.46 22462.76 l 40565.56 18.5 -0.4 9.9 expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision 13250 Barron's 400 906.83 864.73 866.20 -42.84 -4.71 455.11 l 909.04 22.4 1.6 4.8 Feb. 2Aug. 6, ’20 Rocket Companies RKT 18.00 3150.0 18.7 180 days Nasdaq Stock Market Aug. 4, ’20 Rackspace Technology RXT 21.00 753.8 10.0 180 days 13000 Nasdaq Composite 13728.98 12985.05 13070.69 -472.37 -3.49 6860.67 l 13635.99 42.8 1.4 20.5 Aug. 5, ’20 Oak Street Health OSH 21.00 304.7 147.0 180 days Nasdaq-100 13563.70 12845.43 12925.38 -441.02 -3.30 6994.29 l 13490.19 43.8 0.3 22.8 Feb. 3Aug. 7, ’20 IBEX IBEX 19.00 100.0 –3.1 180 days 12750 S&P 22 25 26 27 28 29 Aug. 5, ’20 BigCommerce Holdings BIGC 24.00 130.2 233.1 180 days 500 Index 3870.90 3694.12 3714.24 -127.23 -3.31 2237.40 l 3855.36 15.2 -1.1 9.2 January Aug. 6, ’20 Acutus Medical AFIB 18.00 125.0 43.8 180 days MidCap 400 2482.63 2333.26 2340.12 -122.41 -4.97 1218.55 l 2469.01 16.6 1.5 5.8 DJ US TSM Aug. 7, ’20 Checkmate Pharmaceuticals CMPI 15.00 75.0 4.3 180 days SmallCap 600 1258.83 1184.02 1188.71 -42.99 -3.49 595.67 l 1233.22 21.3 6.2 6.9 t 1401.83, or -3.46% Aug. 6, ’20 Freeline Therapeutics Holdings FRLN 18.00 125.0 –0.1 180 days Other Indexes last week Sources: Dealogic; Dow Jones Market Data Russell 2000 2194.86 2066.59 2073.64 -95.12 -4.39 991.16 l 2168.76 28.5 5.0 9.1 Other Stock Offerings NYSE Composite 14995.55 14328.46 14397.20 -554.65 -3.71 8777.38 l 15097.28 5.8 -0.9 2.1 Value Line 608.33 578.00 579.55 -23.99 -3.97 305.71 l 606.75 9.4 1.9 -0.3 41000 Secondaries and follow-ons expected this week in the U.S. market NYSE Arca Biotech 6320.83 5946.27 5984.62 -176.61 -2.87 3855.67 l 6290.56 23.9 4.3 6.6 None expected this week NYSE Arca Pharma 728.11 692.49 699.04 -18.13 -2.53 494.36 l 725.03 8.1 1.4 5.9 40000 KBW Bank 103.72 97.29 97.78 -6.00 -5.78 56.19 l 110.43 -6.7 -0.1 -5.6 Off the Shelf PHLX§ Gold/Silver 144.42 130.83 138.59 -1.56 -1.11 70.12 l 161.14 33.3 -3.9 16.6 “Shelf registrations” allow a company to prepare a stock or bond for PHLX§ Oil Service 49.21 45.44 46.77 -3.026 -6.08 21.47 l 67 -25.4 5.5 -33.6 39000 sale, without selling the whole issue at once. Corporations sell as PHLX§ Semiconductor 3107.82 2862.25 2887.08 -187.32 -6.09 1286.84 l 3132.17 61.3 3.3 27.9 conditions become favorable. Here are the shelf sales, or takedowns, Cboe Volatility 37.51 22.20 33.09 11.18 51.03 13.68 l 82.69 75.6 45.5 33.7 38000 over the last week: 22 25 26 27 28 29 Takedown date/ Deal value §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data January Issuer/Industry Registration date ($ mil.) Bookrunner(s) Green Brick Partners Inc Jan. 25 $125.7 Barclays, GS International Stock Indexes Commodities and Construction/Building Nov. 25,320 Latest Week 52-Week Range YTD Currencies Lipocine Inc Jan. 26 $28.8 Raymond James & Associates Inc Region/Country Index Close % chg Low Close High % chg Healthcare Nov. 13,320 Seelos Therapeutics Inc Jan. 26 $35.9 BTIG LLC World MSCI ACWI 642.91 –3.57 384.04 • 669.62 –0.5 Last Week YTD Healthcare Dec. 15,320 MSCI ACWI ex-USA 326.97 –3.80 200.33 342.14 0.2 Close Net chg % Chg % chg • Qumu Corp Jan. 27 $21.8 Craig-Hallum Group MSCI World 2661.69 –3.41 1602.11 2765.57 –1.1 • DJ Commodity 758.13 7.94 1.06 3.63 Computers & Electronics Aug. 26,319 MSCI Emerging Markets 1329.57 –4.54 758.20 • 1410.20 3.0 Surgery Partners Inc Jan. 28 JPM, Jefferies, Barclays, KKR, Refinitiv/CC CRB Index 174.20 1.35 0.78 3.82 $226.9 Americas MSCI AC Americas 1451.15 –3.39 850.77 • 1507.88 –1.1 Healthcare Jan. 25,321 Macquarie Grp Canada S&P/TSX Comp 17337.02 –2.85 11228.49 • 18042.07 –0.6 Crude oil, $ per barrel 52.20 -0.07 -0.13 7.58 Catalyst Biosciences Inc Jan. 27 $50.0 Piper Sandler, Latin Amer. MSCI EM Latin America 2285.00 –3.51 1382.94 • 2828.44 –6.8 Natural gas, $/MMBtu 2.564 0.108 4.40 0.98 Healthcare Dec. 21,318 Raymond James & Associates Inc Brazil Sao Paulo Bovespa 115067.5 –1.97 63569.62 125076.63 –3.3 DZS Inc Jan. 26 $56.0 Stifel, Needham & Co LLC, Gold, $ per troy oz. 1847.30 -8.90 -0.48 -2.42 Telecommunications March 22,319 B Riley Securities Inc 5 • Chile Santiago IPSA 2931.35 –4.37 2045.49 3347.78 2.58 U.S. Dollar Index 90.53 0.30 0.33 0.67 Two Harbors Investment Corp Jan. 27 $250.0 JPM, Barclays, RBC Cptl Mkts • Real Estate/Property Feb. 28,318 Mexico S&P/BMV IPC 42985.73 –3.80 32964.22 • 46729.30 –2.5 WSJ Dollar Index 85.54 0.33 0.39 0.64 Plug Power Inc Jan. 26 $1,820.0 MS EMEA Stoxx Europe 600 395.85 –3.11 279.66 • 433.90 –0.8 Euro, per dollar 0.8239 0.0025 0.30 0.64 Computers & Electronics Dec. 2,319 Stoxx Europe 50 3075.34 –3.56 2383.14 • 3539.12 –1.1 Yen, per dollar 104.69 0.92 0.89 1.33 Personalis Inc Jan. 26 $150.1 MS, BofA Securities, Citi, Eurozone Euro Stoxx 391.80 –3.06 261.53 • 421.34 –1.4 Healthcare Dec. 30,320 Cowen & Company LLC U.K. pound, in dollars 1.37 0.002 0.18 0.33 Euro Stoxx 50 3481.44 –3.36 2385.82 • 3865.18 –2.0 TransEnterix Inc Jan. 26 $69.3 HC Wainwright & Co LLC Austria ATX 2887.73 –3.81 1630.84 • 3212.48 3.9 52-Week Healthcare Jan. 31,320 Belgium Bel-20 3623.60 –3.20 2528.77 • 4198.31 0.1 Low Close(l) High % Chg PowerFleet Inc Jan. 28 $25.0 Canaccord Genuity France CAC 40 5399.21 –2.88 3754.84 • 6111.24 –2.7 Telecommunications Nov. 14,319 Germany DAX 13432.87 –3.18 8441.71 • 14049.53 –2.1 DJ Commodity 433.70 l 770.54 28.20 Applied Genetic Technologies Corp Jan. 28 $74.5 Stifel, WFS, MTS Health Partners Healthcare May 30,318 Greece Athex Composite 749.46 –3.79 484.40 • 922.30 –7.4 Refinitiv/CC CMD 106.29 l 176.77 2.29 Israel Tel Aviv 1599.45 –0.86 1171.21 • 1751.79 6.7 Neuronetics Inc Jan. 28 $75.0 Piper Sandler, W. Blair LLC Crude oil, $ per barrel -37.63 l 53.78 1.24 Healthcare Aug. 6,318 Italy FTSE MIB 21572.53 –2.34 14894 • 25478 –3.0 Netherlands AEX 637.11 –3.55 404.10 663.88 2.0 Natural gas, $/MMBtu 1.482 l 3.354 39.27 VSE Corp Jan. 29 $50.0 W. Blair LLC, Canaccord Genuity • Defense Aug. 20,320 Portugal PSI 20 4794.55 –4.88 3596.08 • 5435.85 –2.1 Gold, $ per troy oz. 1477.30 l 2051.50 16.70 Evelo Biosciences Inc Jan. 28 $67.5 MS, Cowen & Company LLC, Russia RTS Index 1367.64 –3.57 832.26 • 1560.48 –1.4 Healthcare June 3,319 BMO Cptl Mkts South Africa FTSE/JSE All-Share 62472.10 –2.37 37963.01 64559.85 5.2 U.S. Dollar Index 89.44 l 102.82 -7.04 • Dynex Capital Inc Jan. 28 $49.1 JPM Spain IBEX 35 7757.50 –3.47 6107.2 10083.6 –3.9 • WSJ Dollar Index 84.56 l 97.02 -5.53 Real Estate/Property Dec. 29,317 Sweden OMX Stockholm 787.87 –1.91 478.95 804.88 2.5 • Drive Shack Inc Jan. 29 $50.0 BTIG LLC, Craig-Hallum Group Euro, per dollar 0.8112 l 0.9352 -8.58 Switzerland Swiss Market 10591.06 –3.11 8160.79 • 11263.01 –1.1 Real Estate/Property Dec. 23,320 U.K. FTSE 100 6407.46 –4.30 4993.89 • 7534.37 –0.8 Yen, per dollar 102.37 l 112.11 -3.38 Outlook Therapeutics Inc Jan. 28 $35.0 HC Wainwright & Co LLC Healthcare June 3,319 Asia-Pacific MSCI AC Asia Pacific 203.83 –4.35 121.5 • 215.2 2.0 U.K. pound, in dollars 1.15 l 1.37 3.83 Australia S&P/ASX 200 6607.40 –2.84 4546.0 • 7162.5 0.3 Biondvax Pharmaceuticals Ltd Jan. 29 $12.1 Aegis Cptl Healthcare July 29,320 China Shanghai Composite 3483.07 –3.43 2660.17 • 3624.24 0.3 Real-time U.S. stock Hong Kong Hang Seng 28283.71 –3.95 21696.13 30159.01 3.9 Avinger Inc Jan. 28 $14.4 Aegis Cptl • quotes are available on Healthcare March 7,319 India S&P BSE Sensex 46285.77 –5.30 25981.24 • 49792.12 –3.1 WSJ WSJ.com. Track most- Japan Nikkei Stock Avg 27663.39 –3.38 16552.83 28822.29 0.8 • .COM active stocks, new Malaysia FTSE Bursa Malaysia KLCI 1566.40 –1.90 1219.72 1684.58 –3.7 Public and Private Borrowing • highs/lows, mutual Singapore Straits Times 2902.52 –2.98 2233.48 3231.55 2.1 • funds and ETFs. Treasurys South Korea Kospi 2976.21 –5.24 1457.64 • 3208.99 3.6 Taiwan TAIEX 15138.31 –5.50 8681.34 • 16153.77 2.8 All are available free at Monday, February 1Thursday, February 4 Source: FactSet; Dow Jones Market Data WSJMarkets.com Auction of 13 and 26 week bills; Auction of 4 and 8 week bills; announced on January 28; settles on February 4announced on February 2; settles on February 9 Consumer Rates and Returns to Investor Benchmark Yields and Rates U.S. consumer rates Selected rates Treasury yield curve Forex Race Currencies A consumer rate against its 5-year CDs Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. U.S.-dollar foreign-exchange rates in late New York trading benchmark over the past year notes and bonds major U.S. trading partners Bankrate.com avg†: 0.48% US$ vs, US$ vs, Fri YTD chg Fri YTD chg Lone Star Bank 0.71% 2.50% Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) 10% 1.60% Houston, TX 713-358-9400 Americas Vietnam dong .00004339 23049 –0.1 One year ago 2.00 Euro s Colorado Federal Savings Bank 0.75% Argentina peso .0115 87.2964 3.8 Europe 1.20 5 Greenwood Village, CO 877-484-2372 t 1.50 Brazil real .1830 5.4630 5.2 Czech Rep. koruna .04662 21.450 –0.1 s Canada dollar .7827 1.2777 0.3 Denmark krone .1632 6.1289 0.6 Five-year CD yields 0.80 TAB Bank 0.75% 0 Yen t 1.00 Chile peso .001361 734.80 3.4 Euro area euro 1.2138 .8239 0.6 Ogden, UT 800-355-3063 Tradeweb ICE Colombiapeso .000280 3569.01 4.3 Hungary forint .003395 294.51 –0.8
t Federal-funds 0.40 Friday Close 0.50 –5 s Ecuador US dollar Iceland krona target rate CFG Community Bank 0.82% 11unch .007775 128.61 0.6 Baltimore, MD 888-205-8388 t WSJ Dollar Index Mexico peso .0486 20.5919 3.6 Norway krone .1168 8.5595 –0.2 0.00 0.00 –10 Uruguay peso .02363 42.3250 –0.1 Poland zloty .2684 3.7261 –0.2 F M A M J J A S O N D J First Internet Bank of Indiana 0.96% 1 3 6 1 2 3 5 7 10 20 30 2020 2021 Asia-Pacific Russia ruble .01317 75.955 2.6 2020 Indianapolis, IN 888-873-3424 Sweden krona .1196 8.3592 1.6 month(s) years Australian dollar .7642 1.3086 0.7 Switzerland franc 1.1228 .8906 0.6 maturity China yuan .1556 6.4277 –1.6 Turkey lira .1367 7.3149 –1.6 Yield/Rate (%) 52-Week Range (%) 3-yr chg Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Hong Kong dollar .1290 7.7532 ... Ukraine hryvnia .0355 28.1500 –0.7 Interest rate Last (l)Week ago Low 0246 8High (pct pts) India rupee .01371 72.916 –0.2 Corporate Borrowing Rates and Yields UK pound 1.3710 .7294 –0.3 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Indonesia rupiah .0000713 14030 –0.1 Japan yen .009552 104.69 1.3 Middle East/Africa Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Spread +/- Treasurys, Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002362 423.42 0.5 Bahrain dinar 2.6524 .3770 –0.01 Libor, 3-month 0.20 0.22 0.20 l 1.75 -1.57 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1251 7.9915 0.01 Egypt pound .0636 15.7149 –0.2 Money market, annual yield 0.10 0.10 0.10 l 0.50 -0.20 Malaysia ringgit .2474 4.0425 0.5 Israel shekel .3049 3.2799 2.1 U.S.Treasury,Barclays 0.650 0.6504.83 5.31 Five-year CD, annual yield 0.48 0.48 0.48 l 1.40 -1.06 New Zealand dollar .7191 1.3906 –0.1 Kuwait dinar 3.3027 .3028 –0.4 U.S. Treasury Long,Barclays 1.720 1.7206.95 9.75 30-year mortgage, fixed† 2.89 2.89 2.83 l 4.22 -1.30 Pakistan rupee .00624 160.283 –0.1 Oman sul rial 2.5974 .3850 ... Aggregate,Barclays 1.170 1.180n.a. 35 127 4.98 5.47 Philippines peso .0208 48.056 0.1 Qatar rial .2746 3.642 0.02 15-year mortgage, fixed† 2.37 2.35 2.32 l 3.43 -1.26 Fixed-Rate MBS,Barclays 1.200 1.220n.a. 19 132 3.32 4.11 Singapore dollar .7529 1.3282 0.5 Saudi Arabia riyal .2666 3.7508 –0.02 Jumbo mortgages, $548,250-plus† 2.93 2.93 2.85 l 4.36 -1.54 South Korea won .0008941 1118.48 3.0 South Africa rand .0659 15.1774 3.3 High Yield 100,ICE BofA 3.524 3.446 309 289 10184.510 4.927 Five-year adj mortgage (ARM)† 3.19 3.16 2.85 l 3.69 -0.97 Sri Lanka rupee .0052488 190.52 2.8 Muni Master,ICE BofA Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.72 0.769 0.841 20 -12 41 4.067 4.916 Taiwan dollar .03569 28.016 –0.3 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBIGlobal,J.P. Morgan 4.477 4.496 324 286 662 2.806 4.617 Thailand baht .03348 29.870 –0.6 WSJ Dollar Index 85.54 0.07 0.1 0.64 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Sources: Tullett Prebon, Dow Jones Market Data P2JW032000-0-B00800-1------XA
B8 | Monday, February 1, 2021 THE WALL STREET JOURNAL. BANKING & FINANCE Cloud HelpsNasdaq With Market Turmoil
BY ANGUS LOTEN man said Nasdaq will halt in thecloud allowittoquickly forming computing-heavy data trading if unusual activity in a adjust to these kinds of analytics,such as risk calcula- Nasdaq Inc.’senterprise stock canbetracedtoonline events. tions. technology leader said an ag- chatter. Cloud systems and apps are “There’satipping point gressivecloud strategythat On Thursday, popular on- hosted on datacentersoper- where the cloud is accepted,” proved itsmettle during the line brokerages,including ated by third-partyproviders, Mr.Peterson said. “We’vebeen coronavirus pandemic helped Robinhood MarketsInc.and including technologycompa- moving alot of our systems to gird the exchangeoperator’s InteractiveBrokers Group Inc., nies such as Amazon.com, Mi- the cloud, but now we’re see- S systems forshocks likethe re- restricted access to trading crosoft Corp.and Alphabet ing our customersgoing to the NEW
cent market turmoil. G GameStopCorp.and AMC En- Inc.’sGoogle,that enable users cloud, too.” Brad Peterson,the exchange tertainment HoldingsInc., to rapidly scale computing Mr.Peterson said market operator’s executivevicepres- among ahandful of other com- needs,based on demand, with turbulencesparked by OOMBER ident and chief technologyand panies, after individual inves- far greater ease than in their Covid-19, coupled with uncer-
information officer,said the GLE/BL tors prompted by social-media data centers. tainty around last fall’s presi-
companyused prior peaks in NA postsflooded the platforms to Nasdaq’s10-year plan to dential election and astring of trading activity as benchmarks execute trades in the stocks. migrateits marketstothe highflying initial public offer- to ensure it had enough com- By Wednesday, both compa- cloud predates the onset of ings, put Nasdaq’sITinvest- MICHAEL puting capacity in itsown data Brad Peterson, chief technology and information officer at Nasdaq. nies’ stocks were up more the Covid-19 pandemic. ments to the test. centerstohandle sharp swings than 100%,recording their “Wecould handle the ex- in demand. Last year,Nasdaq’soptions ties, scanning prices and vol- largest percentageincreases pansion of that activity with- But the exchange operator market had its 10 most active umes forunusual movements, on record. ‘Weget to know[tech out degrading,” he said, de- also lightened the load by days on record,peaking at according to adescription of Thefrenzy led to a62% rise scribing the approach as shifting data-intensivepro- about 62 billion orders, trades theunit posted on the com- in the midweek Cboe Volatility companies]and “bend, don’t break.” cessing and storageapps onto and quotes in asingle day, and pany’s website. That includes Index, ameasureofmarket sometimes adopt That successhas Nasdaq the cloud, which canbescaled the company’sU.S.equities monitoring news sourcesfor volatility based on prices for looking at the potential of on demand. This includes stor- market had itshighest volume items that might affect Nasdaq options on the S&P 500 that is their solutions.’ moreadvanceddigital tools, ing billions of transaction re- daysince2009,peaking at listed companies. dubbed Wall Street’sfear such as edgecomputing and cords, which the company re- about5billion of such mes- Any red flags are reported gauge. chips capable of processing ar- ceives daily,inadata sages, the company said. to Nasdaq’sgeneral counsel The increase was the larg- tificial intelligence-powered warehouse operated by Ama- “Weengineered our sys- for regulatory review, a com- est forthe indexsincelateOc- Last year,that included trading apps on mobile de- zon.com Inc.’scloud service, tems for multiples of trading pany spokesman said. tober and itsbiggest single- shifting akey platform, where vices, Mr. Peterson said. Amazon Web Services. volumes,” Mr. Peterson said. Earlierthis week,Nasdaq daymovesinceFebruary2018. traders access the company’s “A lot of newtech compa- The data, including orders MarketWatch,aseparate Chief Executive Adena Fried- So far,Nasdaq hasn’t sus- options markets, to Amazon nies list on us,soweget to and quotes transmittedby Nasdaq unit, also uses auto- mansaid the company’ssur- pended trading in anyofthe WebServices.Among other knowthem and sometimes traders, needs to be loaded for mated surveillancesystems to veillanceeffortsinclude moni- stocks in question. services,Nasdaq provides cus- adopt their solutions,” he said. billingand reporting processes keep real-time tabs on trading toring social media. In an Mr. Peterson said the com- tomerswith aset of tools “The innovation we’re seeing before markets open. activity in all Nasdaq securi- interviewonCNBC, Ms.Fried- pany’scontinuing investments basedinthe cloud forper- is really exciting.”
Closed-End Funds
Listed are the 300 largest closed-end funds as 52 wk Prem12 Mo Prem12 Mo 52 wk Prem12 Mo measured by assets. Closed-end funds sell a limited Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl Fund (SYM) NAV Close /Disc Yld number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not Eagle Point Credit ECC NA 10.75 NA 13.0 BR MuniYld Qly 3 MYI 15.52 14.45 -6.9 3.8 Invesco Sr Loan IB 6.37 NA NA 4.4 buy their shares back from investors who wish to cash Nuv Dow 30 Dyn Overwrite DIAX 16.42 14.64 -10.8 -9.3 EtnVncFltRteInc EFT 14.56 13.50 -7.3 5.4 BNY Mellon Muni Bd Infra DMB 14.75 14.50 -1.7 4.5 GS Real Est Div Inc:A 9.74 NA NA -2.5 Invesco Sr Loan IC 6.37 NA NA 4.3 in their holdings. Instead, fund shares trade on a stock NuvCorEqAlpha JCE 15.19 13.90 -8.5 1.3 EV SenFlRtTr EFR GS Real Est Div Inc:C 9.73 NA NA -3.3 Invesco Sr Loan Y exchange. NA signifies that the information is not 14.34 13.29 -7.3 5.8 BNY Mellon Str Muni Bond DSM 8.46 7.86 -7.1 4.5 6.38 NA NA 4.4 available or not applicable. NS signifies funds not in Nuveen Nasdaq 100 Dyn Ov QQQX 26.84 25.86 -3.7 15.1 EVSnrIncm EVF 6.88 6.49 -5.7 5.6 BNY Mellon Strat Muni LEO 8.82 8.56 -2.9 4.9 GS Real Est Div Inc:I 10.16 NA NA -2.3 Pioneer Sec Inc 9.89 NA NA 4.5 existence for the entire period. 12 month yield is Nuv Real Est JRS 9.70 8.51 -12.3 -13.3 FT/Sr Fltg Rte Inc 2 FCT 12.88 11.71 -9.1 9.8 DWS Muni Inc KTF 12.89 11.65 -9.6 4.0 GS Real Est Div Inc:L 9.74 NA NA -2.8 High Yield Bond Funds computed by dividing income dividends paid (during Nuveen Rl Asst Inc & Gro JRI 15.65 13.44 -14.1 -21.5 FT/Sr Fltg Rte 2022 TgTr FIV 9.59 9.20 -4.1 2.5 EVMuniBd EIM GS Real Est Div Inc:W 9.89 NA NA -2.5 Griffin Inst Access Cd:A 24.23 NA NA 6.0 the previous 12 months for periods ending at month- 14.37 13.39 -6.8 4.2 end or during the previous 52 weeks for periods NuvS&P500DynOvFd SPXX 16.12 15.11 -6.3 0.1 Highland Income HFRO 13.40 10.26 -23.4 8.9 EVMuniIncm EVN 14.45 13.49 -6.6 4.2 NexPointRlEstStrat;A 15.87 NA NA -13.6 Griffin Inst Access Cd:C 24.23 NA NA 6.0 ending at any time other than month-end) by the NuvSP500BuyIncFd BXMX 13.65 12.35 -9.5 -0.6 InvDYCrOpp VTA 11.93 10.95 -8.2 8.3 EVNatMuniOpp EOT 22.12 20.90 -5.5 3.8 NexPointRlEstStrat;C 16.05 NA NA -14.1 Griffin Inst Access Cd:F 24.24 NA NA 6.0 latest month-end market price adjusted for capital ReavesUtilityIncome UTG 31.93 32.52 +1.8 -8.2 InvSnrIncTr VVR 4.55 4.15 -8.8 6.7 InvAdvMuIncTrII VKI 12.34 11.60 -6.0 4.7 NexPointRlEstStrat;Z 16.03 NA NA -13.4 Griffin Inst Access Cd:I 24.23 NA NA 6.0 gains distributions. Depending on the fund category, Tortoise Enrgy Infra Crp TYG PREDEX;I either 12-month yield or total return is listed. 28.50 21.44 -24.8 -66.8 Nuveen Credit Strat Inc JQC 7.06 6.35 -10.1 16.1 Invesco MuniOp OIA 7.84 7.91 +0.9 4.8 25.28 NA NA 0.5 Griffin Inst Access Cd:L 24.22 NA NA 6.0 Source: Lipper Income & Preferred Stock Funds NuvFloatRateIncFd JFR 10.20 9.23 -9.5 7.1 InvescoMuOppTr VMO 13.81 13.11 -5.1 4.6 PREDEX;T 25.39 NA NA 0.5 PIMCO Flexible Cr I;A-2 9.34 NA NA 7.3 Friday, January 29, 2021 CalamosStratTot CSQ 15.58 15.54 -0.3 24.2 NuvFloatRteIncOppty JRO 10.11 9.21 -8.9 7.1 InvescoMuTr VKQ 13.84 12.99 -6.1 4.6 PREDEX;W 25.39 NA NA 0.5 PIMCO Flexible Cr I;A-3 9.34 NA NA NS 52 wk CohenStrsLtdDurPref&Inc LDP 25.86 25.75 -0.4 3.8 Nuveen Senior Income NSL 6.00 5.40 -10.0 7.5 InvescoQual Inc IQI 13.97 12.88 -7.8 4.6 Principal Dvs Sel RA A 25.74 NA NA 0.9 PIMCO Flexible Cr I;A-4 9.34 NA NA 7.6 Prem Ttl CohenStrsSelPref&Income PSF 26.61 26.44 -0.6 -11.9 PionrFltRate Tr PHD 11.62 10.62 -8.6 6.6 InvTrInvGrMu VGM 14.25 13.26 -6.9 4.6 Principal Dvs Sel RA Ins 25.79 NA NA 1.1 PIMCO Flexible Cr I;Inst 9.34 NA NA 8.4 Fund (SYM) NAV Close /Disc Ret CohenStrsTaxAvPreSecs&I PTA 25.46 25.30 -0.6 NS High Yield Bond Funds InvescoValMunInc IIM 16.96 15.77 -7.0 4.4 Principal Dvs Sel RA Y 25.87 NA NA 1.3 PionrILSBridge 10.00 NA NA 0.0 FirstTrIntDurPref&Inc FPF 24.28 23.62 -2.7 5.6 SharesPost 100;A 37.79 NA NA 27.6 WA Middle Mkt Inc General Equity Funds AllianceBernGlHiIncm AWF 12.93 11.69 -9.6 6.6 MAINSTAY:MK DEFTR MUN OP MMD 21.25 21.88 +3.0 4.6 621.21 NA NA 7.4 JHanPrefInc HPI 19.69 18.55 -5.8 -13.7 SharesPost 100:I 38.09 NA NA 27.9 Other Domestic Taxable Bond Funds Adams Diversified Equity ADX 19.83 17.14 -13.6 14.9 Angel Oak FS Inc Trm FINS 18.69 17.29 -7.5 7.4 NeubrgrBrm NBH 15.46 15.22 -1.6 4.9 JHPrefIncII HPF 19.37 18.36 -5.2 -11.2 SharesPost 100:L 37.51 NA NA 27.3 Alternative Credit Inc:A Boulder Growth & Income BIF 13.42 11.01 -18.0 0.3 Barings Glb SD HY Bd BGH 16.89 15.11 -10.5 9.1 Nuveen AMT-Fr Mu Val NUW 17.53 16.59 -5.4 2.8 10.51 NA NA 6.7 HnckJPfdInco III HPS 17.33 16.62 -4.1 -8.1 BR Corporate HY HYT 11.97 11.10 -7.3 8.1 Nuveen AMT-Fr Qlty Mun I NEA 16.14 15.04 -6.8 4.4 USQ Core Real Estate:I 24.78 NA NA 0.2 Alternative Credit Inc:C 10.62 NA NA 6.0 Central Secs CET 40.05 33.42 -16.6 10.3 J Han Prm PDT 13.47 13.99 +3.9 -16.6 USQ Core Real Estate:IS 24.79 NA NA 0.2 CohenStrsCEOppFd FOF BlackRock Ltd Dur Inc BLW 17.02 15.66 -8.0 7.3 Nuveen AMT-Fr Mu CI NVG 17.59 16.85 -4.2 4.6 Alternative Credit Inc:I 10.53 NA NA 7.0 12.70 12.98 +2.2 4.3 LMP CapInco SCD 13.57 11.67 -14.0 -14.0 Versus Cap MMgr RE Inc:I 27.11 NA NA NE EVTxAdvDivIncm EVT BNY Mellon Hi Yield Str DHF 3.28 2.93 -10.7 8.6 Nuveen Enh Muni Val NEV 15.83 16.49 +4.2 4.3 Alternative Credit Inc:L 10.51 NA NA 6.5 24.18 23.01 -4.8 -2.8 Nuveen Pref & Inc Opp JPC 9.63 9.17 -4.8 -5.2 Versus Capital Real Asst 25.36 NA NA 0.9 GabelliDiv&IncTr GDV Brookfield Real Asst Inc RA 19.76 18.55 -6.1 13.3 Nuveen Int Dur Mun Term NID 14.60 14.30 -2.1 3.7 Alternative Credit Inc:W 10.51 NA NA 6.7 24.70 21.49 -13.0 7.5 Nuveen Fd JPS 9.70 9.34 -3.7 -1.7 Wildermuth Endwmnt:A 13.48 NA NA -5.2 Gabelli Equity Tr GAB CrSuisHighYld DHY 2.55 2.27 -11.0 8.6 Nuveen Mu Crdt Opps NMCO 14.66 14.00 -4.5 5.5 Am Beacon Apollo TR:T 10.21 NA NA 2.2 5.76 6.17 +7.1 16.0 Nuveen Pref & Inc Term JPI 24.50 24.22 -1.1 0.0 Wildermuth Endwmnt:C 12.97 NA NA -6.0 GeneralAmer GAM 43.48 36.98 -14.9 6.8 DoubleLine Inc Sol DSL 18.00 16.55 -8.1 10.6 Nuv Muni Credit Income NZF 17.13 16.18 -5.5 4.7 Am Beacon Apollo TR:Y 10.28 NA NA 3.0 Nuveen TxAdvDivGr JTD 15.75 13.90 -11.7 -13.3 DoubleLine Yld Opps DLY 20.43 18.99 -7.0 NS NuvMuniHiIncOpp NMZ 14.30 14.42 +0.8 5.0 Wildermuth Endowment:I 13.56 NA NA -5.5 Am Beacon SP Enh Inc:T 9.57 NA NA 4.0 JHancockTaxAdvDiv HTD 22.42 20.94 -6.6 -18.1 Convertible Sec's. Funds Income & Preferred Stock Funds Liberty All-Star Equity USA First Tr Hi Inc Lng/Shrt FSD 16.50 14.93 -9.5 8.9 Nuveen Muni Val NUV 10.82 11.30 +4.4 3.3 Am Beacon SP Enh Inc:Y 9.66 NA NA 4.7 7.05 6.81 -3.4 13.5 AdvntCnvrtbl&IncFd AVK 19.29 16.59 -14.0 18.8 A3 Alternative Cr 9.99 NA NA -1.1 Liberty All-Star Growth ASG First Trust HY Opp:2027 FTHY 21.44 19.60 -8.6 NS Nuveen Quality Muni Inc NAD 16.50 15.28 -7.4 4.4 BR Credit Strat;A 10.42 NA NA NS 7.84 8.31 +6.0 31.8 GI Conv & Inc NCV 6.40 5.71 -10.8 7.7 Calamos L/S Eqty and DI CPZ 19.77 17.40 -12.0 6.5 Royce Micro-Cap Tr RMT IVY HIGH INCOME OPP IVH 14.69 13.04 -11.2 8.6 Nuveen Sel TF NXP 16.64 17.44 +4.8 3.0 BR Credit Strat;Inst 10.42 NA NA 5.2 12.32 10.62 -13.8 37.6 AGI Conv & Inc II NCZ 5.73 5.02 -12.4 7.9 Destra Multi-Altrntv;A 11.79 NA NA -6.7 Royce Value Trust RVT NeubHgYldStrt NHS 12.65 11.80 -6.7 9.2 Nuveen Sel TF 2 NXQ 15.76 15.86 +0.6 3.1 BlackRock Mlt-Sctr Oppty 88.54 NA NA 8.1 18.90 16.58 -12.3 24.5 AGI Dvs Inc & Conv ACV 35.14 32.25 -8.2 40.1 Destra Multi-Altrntv;C 11.26 NA NA -7.3 Source Capital SOR New Amer Hi Inc HYB 9.85 8.84 -10.3 6.4 PIMCO MuniInc PMF 13.41 14.27 +6.4 4.6 BlackRock Mlt-Sec Opp II 91.16 NA NA 7.9 45.22 40.10 -11.3 8.8 AGI Eqty & Conv Inc NIE 30.91 27.78 -10.1 28.4 Destra Multi-Altrntv;I 12.04 NA NA -6.3 Tri-Continental TY NexPointStratOppty NHF 18.57 11.25 -39.4 11.8 PIMCOMuniIncII PML 12.59 14.59 +15.9 4.9 Carlyle Tact Pvt Cred:A 8.80 NA NA 6.6 33.56 29.66 -11.6 11.9 CalamosConvHi CHY 15.90 14.35 -9.7 34.8 Destra Multi-Altrntv;T 11.44 NA NA -7.1 Specialized Equity Funds Nuveen CI Nov 2021 Tgt JHB 9.46 9.27 -2.0 4.1 Pimco Muni III PMX 11.54 12.30 +6.6 4.6 Carlyle Tact Pvt Cred:I 8.84 NA NA 7.3 CalmosConvOp CHI 15.07 13.53 -10.2 32.9 Flat Rock Opportunity 20.81 NA NA 18.8 Aberdeen Glb Prem Prop AWP Nuveen Crdt Opps 2022 TT JCO 8.30 8.24 -0.7 7.0 PioneerHilncAdv MAV 12.41 11.77 -5.2 4.4 Carlyle Tact Pvt Cred:L 8.80 NA NA 6.9 5.83 5.36 -8.1 -10.0 World Equity Funds The Relative Value:CIA 26.15 NA NA 7.4 Adams Natural Resources PEO Nuveen Global High Inc JGH 16.91 15.18 -10.2 7.1 PioneerMunHiIcmT MHI 13.28 12.48 -6.0 4.4 Carlyle Tact Pvt Cred:M 8.84 NA NA NS 14.01 11.83 -15.6 -15.2 Aberdeen Emg Mkts Eq Inc AEF 9.64 8.26 -14.3 15.0 Variant Altrntv Inc:Inst 26.71 NA NA 5.8 AllianzGI AI & Tech Opps AIO PGIM Global High Yield GHY 16.48 14.47 -12.2 8.6 Putnam Mgd Inc PMM 8.32 8.18 -1.7 4.7 Carlyle Tact Pvt Cred:N 8.80 NA NA 7.3 28.06 26.80 -4.5 51.4 Aberdeen Tot Dyn Div AOD 10.21 8.91 -12.7 11.1 Variant Altrntv Inc:Inv 26.72 NA NA 5.5 GI DivInt&PremStr NFJ 15.21 13.28 -12.7 9.8 PGIM High Yield Bond ISD 16.93 15.05 -11.1 8.4 Putnam Muni Opp PMO Carlyle Tact Pvt Cred:Y 8.79 NA NA 7.0 BlackRock Capital Alloc BCAT 20.91 21.98 +5.1 NS 14.06 13.72 -2.4 4.8 Convertible Sec's. Funds ASA Gold & Prec Met Ltd ASA 24.63 21.05 -14.5 50.8 PGIM Sh Dur Hi Yld Opp SDHY 20.03 NA NA NS RiverNorth Mgd Dur Mun I RMM CION Ares Dvsfd Crdt;A 25.15 NA NA 5.5 Calamos GloDynInc CHW 9.71 9.55 -1.6 24.5 19.86 18.58 -6.4 6.1 Calmos Dyn Conv and Inc CCD 30.79 28.48 -7.5 56.6 BR Enh C&I CII 18.98 17.37 -8.5 8.5 PioneerHilncmTr PHT 9.52 9.03 -5.1 8.4 CION Ares Dvsfd Crdt;C 25.08 NA NA 5.5 China CHN 34.00 29.88 -12.1 65.9 Western Asset Mgd Muni MMU 14.22 13.10 -7.9 4.2 World Equity Funds BlackRock Energy & Res BGR 8.25 7.30 -11.5 -29.4 Wells Fargo Income Oppty EAD 9.01 8.15 -9.5 8.5 CION Ares Dvsfd Crdt;I 25.30 NA NA 5.5 EV TxAdvGlbDivInc ETG 19.23 17.49 -9.0 4.2 Westn Asst Mu Def Opp Tr MTT 21.46 21.31 -0.7 3.1 ACAP Strategic:A 26.53 NA NA 42.2 BlackRock Eq Enh Div BDJ 9.17 8.29 -9.6 -4.5 WstAstHIF II HIX 7.17 6.83 -4.7 8.5 CION Ares Dvsfd Crdt;L 25.19 NA NA 5.5 EtnVncTxAdvOpp ETO 26.46 24.61 -7.0 4.4 Single State Muni Bond ACAP Strategic:W 19.58 NA NA 43.3 BlackRock Enh Glbl Div BOE 12.02 10.83 -9.9 7.3 Western Asset Hi Inc Opp HIO 5.46 4.91 -10.1 7.8 BlackRock CA Mun BFZ 16.22 14.30 -11.8 3.2 CION Ares Dvsfd Crdt;U 25.25 NA NA 5.5 FirstTr Dyn Euro Eq Inc FDEU 13.38 11.71 -12.5 -14.1 BMO LGM Front ME;I 5.98 NA NA -28.1 CION Ares Dvsfd Crdt:U2 BlackRock Enh Intl Div BGY 6.36 5.92 -6.9 11.1 Western Asset Hi Yld D O HYI 15.87 15.01 -5.4 7.3 BR MH CA Qly Fd Inc MUC 16.16 15.00 -7.2 3.9 25.24 NA NA NS Gabelli Multimedia GGT 8.23 8.16 -0.9 18.4 CalamosGlbTotRet CGO 14.77 15.11 +2.3 36.5 CION Ares Dvsfd Crdt;W BlackRock Hlth Sci Tr II BMEZ 30.18 28.89 -4.3 48.3 Other Domestic Taxable Bond Funds BR MH NJ Qly MUJ 16.28 14.46 -11.2 4.7 25.35 NA NA 5.5 India Fund IFN 22.32 19.52 -12.5 9.1 CPG Cooper Square IE A NA NA NA NS CNR Select Strategies BlackRock Hlth Sciences BME 45.36 47.88 +5.6 23.3 Apollo Tactical Income AIF 16.49 14.53 -11.9 7.3 BR MH NY Qly MHN 15.32 14.03 -8.4 4.2 11.60 NA NA 0.0 Japan Smaller Cap JOF 10.17 8.69 -14.6 6.4 CPG Cooper Square IE I NA NA NA NS First Eagle Crdt Opps A 25.74 NA NA NS BlackRock Res & Comm BCX 8.38 7.92 -5.5 14.5 Ares Dynamic Crdt Alloc ARDC 16.39 14.51 -11.5 8.4 BR MuniYld CA MYC 16.57 14.78 -10.8 3.4 LazardGlbTotRetInc LGI 19.33 17.65 -8.7 16.7 Primark Priv Eq Inv:I 11.50 NA NA NS First Eagle Crdt Opps I 25.74 NA NA NS BlackRock Sci&Tech Tr II BSTZ 40.35 35.41 -12.2 78.5 BlackRock Mlt-Sctr Inc BIT 18.35 17.23 -6.1 8.4 BR MuniYld CA Qly MCA 16.40 15.09 -8.0 4.0 Mexico MXF 15.04 13.00 -13.6 -6.3 VirtusTotalRetFd ZTR 9.11 8.61 -5.5 -5.3 FS Credit Income;A 13.30 NA NA 5.4 BlackRock Sci&Tech Trust BST 53.01 54.15 +2.2 66.7 BlackRock Tax Muni Bd BBN 25.46 26.79 +5.2 5.0 BR MuniYld MI Qly MIY 16.01 14.80 -7.6 4.2 MS ChinaShrFd CAF 25.35 21.43 -15.5 20.5 Prem12 Mo FS Credit Income;I 13.34 NA NA 5.7 BlackRock Utl Inf & Pwr BUI 23.75 25.85 +8.8 21.5 DoubleLine:Oppor Crdt Fd DBL 19.85 19.60 -1.3 8.6 BR MuniYld NJ MYJ 16.33 14.51 -11.1 5.0 MS India IIF 25.36 21.42 -15.5 5.8 Fund (SYM) NAV Close /Disc Yld FS Credit Income;T 13.33 NA NA 5.2 CBRE ClrnGlbRlEst IGR 7.96 7.04 -11.6 -3.9 Duff&Ph Util Cor DUC 9.50 10.30 +8.4 5.9 BR MuniYld NY Qly MYN 14.68 13.38 -8.9 4.1 New Germany GF 22.34 19.58 -12.4 45.5 FS Credit Income;U 13.28 NA NA 5.2 CLEARBRIDGE ENGY MDS OPP EMO 19.19 14.63 -23.8 -59.4 EVLmtDurIncm EVV 13.73 12.50 -9.0 9.5 EVCAMuniBd EVM 12.83 11.52 -10.2 4.0 Loan Participation Funds Templeton Dragon TDF 26.85 24.24 -9.7 70.2 FS Credit Income;U-2 13.35 NA NA NS ClearBridge MLP & Midstm CEM 22.47 18.24 -18.8 -61.4 Franklin Ltd Dur Income FTF 9.43 9.36 -0.7 9.9 Eaton Vance NY Muni Bd ENX 13.65 12.15 -11.0 4.0 1WS Credit Income 20.66 NA NA 5.9 Templeton Em Mkt EMF 21.07 18.96 -10.0 30.8 GL Beyond Income 0.61 NA NA NE ChnStrInfr UTF 24.18 26.61 +10.0 7.8 J Han Investors JHI 18.56 17.65 -4.9 7.9 InvCaValMuIncTr VCV 13.82 13.08 -5.4 4.0 AlphCntrc Prime Merid In 9.73 NA NA 11.1 Wells Fargo Gl Div Oppty EOD 5.52 4.91 -11.1 0.0 KKR CREDIT OPPTY;D 25.00 NA NA NS Cohen&SteersQualInc RQI 12.88 12.37 -4.0 -3.5 KKR Income Opportunities KIO 16.29 14.73 -9.6 10.1 InvPAValMuIncTr VPV 14.41 12.83 -11.0 4.6 Angel Oak Str Crdt:Inst 23.02 NA NA 8.0 Prem12 Mo KKR CREDIT OPPTY;I 27.58 NA NA NS Cohen&Steers TotRet RFI 12.88 13.75 +6.8 -3.0 MFS Charter MCR 8.85 8.75 -1.1 7.9 InvTrInvGrNYMu VTN 14.59 13.23 -9.3 4.2 Axonic Alternative Inc 22.54 NA NA 3.3 Fund (SYM) NAV Close /Disc Yld Nuveen Taxable Muni Inc NBB KKR CREDIT OPPTY;T 27.32 NA NA NS CohenStrsREITPrefInc RNP 23.24 22.47 -3.3 -0.4 23.01 23.66 +2.8 4.6 Nuveen CA AMT-F Qual MI NKX 17.05 15.62 -8.4 4.0 Blackstone/GSO FR EI D 24.05 NA NA 5.5 PIMCO Corp & Inc Oppty PTY KKR CREDIT OPPTY;U 26.37 NA NA NS Columbia Sel Prm Tech Gr STK 28.75 27.83 -3.2 26.1 U.S. Mortgage Bond Funds 14.14 17.88 +26.4 8.7 Nuveen CA Val NCA 10.92 10.80 -1.1 2.9 Blackstone/GSO FR EI I 24.01 NA NA 5.8 PIMCO Corp & Inc Strat PCN Lord Abbett Cred Opps Fd 10.58 NA NA 6.8 DNP Select Income DNP 8.82 10.33 +17.1 -11.7 BlckRk Income BKT 6.20 6.17 -0.5 6.8 14.31 17.19 +20.1 7.8 NuveenCAQtyMuInc NAC 16.43 15.04 -8.5 4.1 Blackstone/GSO FR EI T 23.97 NA NA 5.3 PIMCOHilnco PHK Lord Abbett Cred Opps Fd 10.59 NA NA 7.4 Duff&Ph Uti&Infra Inc Fd DPG 13.04 12.81 -1.8 -6.7 Invesco HI 2023 Tgt Term IHIT 9.14 9.02 -1.3 7.1 5.83 6.09 +4.5 10.6 Nuveen MD Qual Muni Inc NMY 15.48 14.25 -7.9 4.0 Blackstone/GSO FR EI T-I 24.57 NA NA 5.3 PIMCO IncmStrFd PFL 10.60 11.48 +8.3 9.4 Lord Abbett Crd Op:U 10.59 NA NA NS EtnVncEqtyInc EOI 16.62 15.93 -4.2 8.4 Investment Grade Bond Funds Nuveen MI Qual Muni Inc NUM 16.32 15.08 -7.6 3.8 Blackstone/GSO FR EI U 25.03 NA NA 5.3 PIMCO IncmStrFd II PFN 9.41 9.98 +6.1 9.6 Palmer Square Opp Inc 18.69 NA NA 5.8 EtnVncEqtyIncoII EOS 20.95 20.78 -0.8 21.7 BlRck Core Bond BHK 16.31 16.10 -1.3 5.0 NuvNJ Qual Muni Inc NXJ 16.95 14.42 -14.9 4.5 Blstn Commnty Dev 10.05 NA NA 3.3 BR Credit Alloc Inc BTZ Putnam Mas Int PIM 4.49 4.17 -7.1 8.3 Thrivent Church Ln&Inc:S 10.84 NA NA 2.6 EVRskMnDvsEqInc ETJ 9.99 10.40 +4.1 21.4 15.61 14.93 -4.4 6.8 Nuveen NY AMT/Fr Qual MI NRK 15.23 13.70 -10.0 4.1 BNYM Alcntr Glb MS Cr Fd 103.80 NA NA 6.9 ETnVncTxMgdBuyWrtInc ETB Insight Select Income INSI 21.75 20.47 -5.9 3.6 Putnam Prem Inc PPT 4.96 4.63 -6.7 8.8 World Income Funds 14.37 14.61 +1.7 -2.6 Nuveen NY Qual Muni Inc NAN 15.76 14.50 -8.0 4.3 CLIFFWATER CL FD;I 10.42 NA NA 6.8 EtnVncTxMgdBuyWrtOpp ETV 14.33 14.86 +3.7 9.98 InvescoBond VBF 21.06 19.90 -5.5 3.3 Wells Fargo Multi-Sector ERC 12.97 12.15 -6.3 9.5 Destra Int&Evt-Dvn Crd:A 26.71 NA NA 2.5 Nuveen OH Qual Muni Inc NUO 17.83 15.76 -11.6 3.4 CNR Strategic Credit 10.63 NA NA 7.9 EvTxMnDvsEqInc ETY 12.58 12.01 -4.5 4.8 J Han Income JHS 16.33 15.53 -4.9 5.0 World Income Funds Destra Int&Evt-Dvn Crd:I 26.71 NA NA 2.7 Nuveen PA Qual Muni Inc NQP 16.07 14.20 -11.6 4.3 FedProj&TrFinanceTendr 9.95 NA NA 2.7 EtnVncTxMgdGlbB ETW 10.16 9.61 -5.4 3.1 MFS Intmdt MIN 3.91 3.78 -3.3 8.9 Abrdn AP IncFd FAX 4.87 4.43 -9.0 7.4 Destra Int&Evt-Dvn Crd:L 26.68 NA NA 2.4 Nuveen VA Qlty Mun Inc NPV 15.47 15.89 +2.7 3.4 FS Global Crdt Opptys D EVTxMnGblDvEqInc EXG 9.18 8.65 -5.8 8.5 Western Asset Inf-Lk Inc WIA 14.20 12.79 -9.9 5.7 BrndywnGLB Glb Inc Oppts BWG 14.29 12.38 -13.4 6.8 NA NA NA 8.4 Destra Int&Evt-Dvn Crd:T 26.65 NA NA 2.2 PIMCO CA PCQ 14.40 18.04 +25.3 4.3 First Trust Energy Inc G FEN 12.63 11.49 -9.0 -37.8 Western Asset Inf-Lk O&I WIW 14.02 12.45 -11.2 3.2 EtnVncStDivInc EVG 13.87 13.05 -5.9 6.6 Schrdrs Opp Inc;A 25.78 NA NA 1.9 National Muni Bond Funds PIMCOCAMuniII PCK 9.24 9.05 -2.1 4.2 First Tr Enhanced Eq FFA 18.19 16.85 -7.4 6.8 Westn Asst IG Def Opp Tr IGI 21.93 21.46 -2.1 3.7 MS EmMktDomDebt EDD 7.18 6.11 -14.9 6.9 Schrdrs Opp Inc;A2 25.79 NA NA NS PIMCO Flex Mun Inc;A-3 11.66 NA NA 2.1 Pimco CA Muni III PZC 10.38 10.39 +0.1 4.4 FirstTrMLPEner&Inc FEI 7.05 6.07 -13.9 -39.2 Loan Participation Funds PIMCO Dyn Crd & Mrt Inc PCI 20.23 21.08 +4.2 9.8 Schrdrs Opp Inc;I 25.78 NA NA 1.9 PIMCO Flex Mun Inc:A1 11.66 NA NA NS Gabelli Healthcare GRX 13.91 12.00 -13.7 13.8 Apollo Senior Floating AFT 16.39 14.53 -11.4 7.0 PIMCO Dynamic Income PDI 24.80 26.10 +5.2 10.0 52 wk Schrdrs Opp Inc;SDR 25.82 NA NA 2.0 PIMCO Flex Mun Inc;A2 11.66 NA NA NS Gab Utility GUT 4.03 8.09 100.7 17.0 BR Debt Strategy DSU 11.67 10.55 -9.6 7.9 PIMCO Income Opportunity PKO 23.59 24.95 +5.8 9.0 Prem Ttl Invesco Sr Loan A 6.37 NA NA 4.2 PIMCO Flex Mun Inc;Inst 11.66 NA NA 2.8 Fund (SYM) NAV Close /Disc Ret GAMCOGlGold&NatRes GGN 3.91 3.45 -11.8 -8.3 BR F/R Inc Str FRA 13.99 12.43 -11.2 7.6 PIMCO Stratg Inc RCS 6.68 6.93 +3.7 9.5 Invesco Sr Loan C 6.39 NA NA 3.5 Tortoise Tax-Adv Soc Inf 9.49 NA NA 4.7 J Han Finl Opptys BTO 29.15 30.78 +5.6 1.1 BlackRock Floatng Rt Inc BGT 13.57 12.06 -11.1 7.5 Templeton Em Inc TEI 8.66 7.64 -11.8 7.3 General Equity Funds Neuberger Brmn MLP & EI NML 4.77 3.59 -24.7 -40.9 Blackstone Strat Cr BGB 14.50 12.99 -10.4 8.7 Templtn Glbl Inc GIM 6.03 5.59 -7.3 4.0 Alternative Strategies:I 5.54 NA NA -12.6 IPO Scorecard WstAstEmergDebt EMD 15.11 13.46 -10.9 8.4 BOW RIVER CAPTL EVGN;I NA NA NA N Western Asset Gl Cr D Op GDO 18.78 17.90 -4.7 6.7 Specialized Equity Funds Performance of IPOs, most-recent listed first National Muni Bond Funds Bluerock Total Inc+ RE:A 29.49 NA NA 1.7 % Chg From % Chg From A Week in the Life of the DJIA AllBerNatlMunInc AFB 15.60 14.48 -7.2 4.1 Bluerock Total Inc+ RE:C 28.04 NA NA 0.9 Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day BlckRk Inv Q Mun BKN 16.91 17.08 +1.0 4.3 Bluerock Total Inc+ RE:I 30.07 NA NA 2.0 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Alook at how the Dow Jones Industrial Average component stocks BlackRock Muni 2030 Tgt BTT 27.14 25.95 -4.4 2.9 Bluerock Total Inc+ RE:L 29.23 NA NA 1.5 BlackRock Muni BFK 14.95 15.20 +1.7 4.3 Broadstone Rl Est Acc:I 9.57 NA NA -6.1 BlueRiver Acquisition 10.40 4.0 ... Growth Capital Acquisition 10.01 0.1 ... BLUA.UT Jan. 29/$10.00 GCACU Jan. 29/$10.00 did in the past week and how much each moved the index. The DJIA BlackRock Muni II BLE 15.36 15.37 +0.1 4.6 Broadstone Rl Est Acc:W 9.57 NA NA -6.4 lost 1,014.36 points, or 3.27%, on the week. A$1change in the price BlckRk Muni Inc Qly BYM 16.09 15.02 -6.7 3.9 CIM RA&C A 25.58 NA NA NS Brookline Capital Acquisition 10.23 2.3 ... Home Point Capital 11.32 –12.9 ... of any DJIA stock =6.58-point change in the average. To date, a BR MuniAssets Fd MUA 14.72 15.18 +3.1 4.3 CIM RA&C C 25.43 NA NA NS BCACU Jan. 29/$10.00 HMPT Jan. 29/$13.00 $1,000 investment on Dec. 31 in each current DJIA stock component BR MuniEnhanced MEN 12.64 12.13 -4.0 4.2 CIM RA&C I 25.63 NA NA NS CF Acquisition V 10.75 7.5 ... Mason Industrial Technology 10.07 0.7 ... BR MuniHoldings Qly MFL 15.39 14.48 -5.9 3.9 CIM RA&C L 25.53 NA NA NS CFFVU Jan. 29/$10.00 MIT.UT Jan. 29/$10.00 would have returned $29,590, or aloss of 1.37%, on the $30,000 BR MH Qly 2 MUE 14.44 13.38 -7.3 4.2 Clarion Partners REI D 10.19 NA NA 6.5 investment, including reinvested dividends. BR MuniHoldngs MHD 17.55 16.25 -7.4 4.4 Clarion Partners REI I 10.20 NA NA 6.9 Clarim Acquisition 10.26 2.6 ... NLS Pharmaceutics 2.89 –30.4 ... BR MuniVest Fd MVF 10.05 9.31 -7.4 4.3 Clarion Partners REI S 10.20 NA NA 6.0 CLRMU Jan. 29/$10.00 NLSP Jan. 29/$4.15 The Week’s Action BR MuniVest 2 MVT 15.79 15.20 -3.7 4.5 Clarion Partners REI T 10.19 NA NA 6.1 EQ Health Acquisition 10.25 2.5 ... Z-Work Acquisition 10.40 4.0 ... Pct Stock price Point chg $1,000 Invested(year-end '20) Griffin Inst Access RE:A chg (%) change in average* Company Symbol Close $1,000 BR MuniYield Fd MYD 15.44 14.37 -6.9 4.6 25.35 NA NA -2.6 EQHA.UT Jan. 29/$10.00 ZWRKU Jan. 29/$10.00 BR MuniYield Qlty MQY Griffin Inst Access RE:C 24.34 NA NA -3.4 5.90 2.80 18.42 Walgreens WBA $50.25 16.82 17.29 +2.8 4.2 $1,260 BR MuniYld Qlty2 MQT 14.77 14.08 -4.7 4.1 Griffin Inst Access RE:I 25.70 NA NA -2.4 Sources: Dow Jones Market Data; FactSet 3.92 6.62 43.56 3M MMM 175.66 1,005 2.66 6.01 39.54 Microsoft MSFT 231.96 1,043 0.42 0.50 3.29 IBM IBM 119.11 946 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks –0.09 –0.21 –1.38 salesforce.com CRM 225.56 1,014 –0.26 –0.42 –2.76 Johnson & Johnson JNJ 163.13 1,037 –0.42 –0.19 –1.25 Cisco CSCO 44.58 1,004 Money Rates January 29, 2021 –0.70 –0.34 –2.24 Coca-Cola KO 48.15 878 –1.38 –1.79 –11.78 Procter & Gamble PG 128.21 927 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always –2.03 –1.15 –7.57 Intel INTC 55.51 1,114 represent actual transactions. Week —52-WEEK— Week —52-WEEK— Week —52-WEEK— –2.60 –5.54 –36.45 McDonald’s MCD 207.84 969 Inflation Latest ago High Low Latest ago High Low Latest ago High Low –2.67 –4.61 –30.33 Walt Disney DIS 168.17 928 Dec. index Chg From (%) One year –3.40 –6.88 –45.27 Honeywell HON 195.37 919 level Nov. '20 Dec. '19 U.S. government rates Other short-term rates 0.31113 0.31225 1.84263 0.31075 –3.83 –5.12 –33.69 JPMorgan Chase JPM 128.67 1,020 Euro Libor U.S. consumer price index Week 52-Week Walmart WMT Discount One month –3.99 –5.84 –38.42 140.49 975 Latest ago high low -0.579 -0.577 -0.360 -0.621 All items 260.474 0.09 1.4 0.25 0.25 2.25 0.25 Three month -0.545 -0.142 -0.574 –4.02 –13.97 –91.92 UnitedHealth Group UNH 333.58 951 -0.543 Core 269.226 –0.09 1.6 Six month -0.537 -0.532 -0.052 -0.540 Nike NKE Call money –4.13 –5.76 –37.90 133.59 944 Federal funds One year -0.504 -0.500 0.008 -0.507 2.00 2.00 3.50 2.00 –4.34 –8.77 –57.70 Visa V 193.25 884 International rates Effective rate 0.0800 0.0800 1.6100 0.0600 Secured Overnight Financing Rate –4.64 –13.18 –86.72 Home Depot HD 270.82 1,020 High 0.1200 0.1200 1.6500 0.1000 Commercial paper (AA financial) –4.73 –2.72 –17.90 Verizon VZ 54.75 942 Week 52-Week Low 0.0100 0.0400 1.5800 0.0100 0.04 0.04 1.64 0.01 Latest High Low 90 days n.a. 0.13 2.53 0.04 ago Bid 0.0800 0.0800 1.6000 0.0100 Value 52-Week –4.74 –9.10 –59.87 Caterpillar CAT 182.84 1,010 Latest Traded High Low Offer 0.1000 0.1100 1.6300 0.0500 Libor –4.76 –12.07 –79.41 Amgen AMGN 241.43 1,050 Prime rates One month DTCC GCF Repo Index –4.83 –3.91 –25.73 Merck MRK 77.07 942 U.S. 3.25 3.25 4.75 3.25 Treasury bill auction 0.11950 0.12475 1.67088 0.11950 Canada 2.45 2.45 3.95 2.45 Three month 0.20188 0.21525 1.75113 0.20188 Treasury 0.072 54.502 1.720 0.002 –5.11 –7.11 –46.78 Apple AAPL 131.96 995 4 weeks 0.055 0.070 1.575 0.000 Japan 1.475 1.475 1.475 1.475 Six month 0.22325 0.23600 1.75888 0.22013 MBS 0.106 50.800 1.703 0.011 –5.66 –11.65 –76.65 Boeing BA 194.19 907 13 weeks 0.080 0.085 1.550 0.000 –6.30 –18.22 –119.88 Goldman Sachs GS 271.17 1,028 Policy Rates 26 weeks 0.085 0.095 1.535 0.080 Notes on data: –6.54 –9.54 –62.77 Travelers TRV 136.30 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, 971 Euro zone 0.00 0.00 0.00 0.00 Secondary market –7.12 –6.53 –42.96 Chevron CVX 85.20 1,009 Switzerland 0.00 0.00 0.50 0.00 and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Britain 0.10 0.10 0.75 0.10 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is –7.83 –9.88 –65.01 American Express AXP 116.26 965 Fannie Mae as of January 28, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted –9.74 –5.60 –36.85 Dow DOW 51.90 935 Australia 0.10 0.10 0.75 0.10 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- 30-year mortgage yields funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Overnight repurchase *Based on Composite price. DJIA is calculated on primary-market price. 30 days 1.971 1.979 3.017 1.751 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Source: Dow Jones Market Data; FactSet. U.S. 0.07 0.08 1.65 -0.07 60 days 1.997 2.005 3.081 1.804 Tullett Prebon Information, Ltd. P2JW032000-0-B00900-1------XA
THE WALL STREET JOURNAL. Monday, February 1, 2021 | B9 MARKETS
STREETWISE | By James Mackintosh Gamblers in the Market? Not a Surprise
Has Reddit the test being the ability to The1987boom and crash is aperfectexample of stocks stead gambling,which the powerofthe private broken the earn aprofit. Theprospect of becoming disconnected from earnings prospects. doesn’t.” trader is because of the op- stock market? an eventual profit should at- Thesame worries moti- positeofaTobin tax: Robin- Fundamen- tract investors, making a S&P500 performancesince1987 vatedthe late, great econo- hood and manybrokerages tals have stock rise.That makes it eas- 60% mist John MaynardKeynes in have eliminated trading fees. never mat- ier forthe companytoraise the1930s.“Speculatorsmay Making trading cheaper leads teredless, yetthe wild moves newmoney and fornew com- do no harm as bubbles on a to moretrading.Putting fees of abunch of struggling panies in the same line of 40 steady stream of enterprise,” back,oradding trading taxes, stocks with dated business businesstofloat, while also he wrote. “But the position is would probably discourage models could have real-world sending asignal to executives serious when enterprise be- manyofthe newtraders. consequences.The companies elsewherethat this is the 20 comes the bubble on awhirl- canraise capital moreeasily right placetoinvest. pool of speculation. When the ut thereisnoreason to by issuing newshares at ele- Thetheoryhas been capital development of a think it would stop vatedprices to help them turned on itshead in the past countrybecomes abyproduct B 0 widespread speculative surviveorrestructure, while couple of weeks.Reddit of the activities of acasino, excess,sincespeculativeex- executives with bonuses tied group WallStreetBets has de- the job is likely to be ill- cess wasacommon feature to the stock price arecloser lighted in buying flakycom- -20 done.” even when tradingcosts—in to cashing in fortunes. panies,because hedgefunds 1987'88 '89 He’sright. Elevated stock effect atax on trading—were Thequestion isn’t so much were betting on their stocks prices encouragecapital, en- much higher than today. whether this spectacle makes falling.Asrising prices forced Source:FactSet trepreneursand employees to Idon’t think we need to amockeryofthe idea that hedgefunds to retreat,stock- moveintothe hot area, and if worrytoo much about the marketsprovide an efficient pricejumps have sent the But calling formoremar- of the market, at least most it is hot purely because of rough-and-tumble world of form of capital allocation in wrong signal forwherecapi- ketregulation because of a of the time,and that stocks random speculation, it will WallStreetBetsleading to the economy—it obviously talshould go. crowd of Reddit punters have some link to underlying hurt when the capital has to massivecapital misallocation, does,atleast forthese would be as cynical as Cap- profits. be writtenoff and the work- either.Overtime they’ll learn stocks.The real question is fter the crash of 1929 tain Renault in “Casa- erslose their jobs. not to gamble what they whether something should be and the Great Depres- blanca,” shocked to find that hat link has snapped. Howtoprevent that? One can’t lose,orthey will lose it. done about it, not to save in- A gambling is happening while But the break is proba- sion, Congressset up idea popular among left-lean- Plenty of weirdthingsthat cashing in his winnings. T vestorsfromthemselves or to the Securities and Exchange bly temporary. After ing economistsistoput grit conflict with efficient mar- prevent knock-on problems in Commission to ensurefair Marketshavealways at- all, we’vebeen herebefore. In in the wheels of the markets, kets areregarded as perfectly the financial system (both and orderly markets. Among tractedgamblers, it’sjust 1999,Arthur Levitt, then making it harder or moreex- normal and acceptable,in- worth exploring), but to im- other things, the lawcreating that in recent yearsthey’ve chairman of the SEC,be- pensivetotrade to discour- cluding stocks having price provethe way the economy theSEC says:“Newdatapro- usually been co-head of a moaned the rise of the day agegambling.Economist momentum or the Santa works. cessing and communications trading desk or ahedge trader made possible by the James Tobin advocated a Claus effect.Wecan learn to Thebasic theoryofmar- techniques createthe oppor- fund. internet. “I don’t think day small transaction tax, some- livewith afew morebizarro kets is that they provide a tunity formoreefficient and Thetrick forthe economy tradersare speculating be- thing European countries stock moves thanks to Red- way forcapital to flow to the effectivemarket operations.” is to makesurethat the cause traditional speculation have agreed to in principle dit, andeventually the mar- partsofthe economythat Forsocial media, it couldn’t gamblers, whatever their job requires some market knowl- but have failed to implement. ketwill return to caring canbest put it to use,with be morewrong. title,aren’t the main movers edge,” he said. “They arein- Forsure, part of the rise of about profits.
well as in options,futures,Trea- Investors Frenzy surys and manymarketsover- seas.Founded in 2002, the firm became adominant playerin Wary of Benefits electronic trading due to its technological prowess,quantita- tiveskills and ahard-driving Highfliers Citadel companyculture. Rivalssay it has grownincreasingly tough to competewith Citadel Securities’ ContinuedfrompageB1 ContinuedfrompageB1 scale and efficiency. topisdifficult. “Weknoweach GES up afund that had bet against “They’rereally trying to take bubble is a little bit different IMA GameStop stock,while Citadel an Amazon approach to trading,
and, with the help of new ETTY Securities hadbeen profiting wherethey trytosqueeze out trading platforms and the in- /G from the order flow of small in- everyone else who’s not on their ternet, it could set morere- vestorsplacing bullish betson scale,” said ScottKnudsen,a MILLER cords,” he said. GameStop. former executiveatrival trading
Mr.Grantham isn’t alone in ETHAN Citadel Securities says it is firm IMC Financial Marketswho his worries.Nearly 90% of Retail darlings include the movie-theater chain AMC, which jumped more than 300% Wednesday. separately managed from the nowleads CoveMarkets, acryp- some 627market professionals hedge-fund side of Mr.Griffin’s tocurrency-trading startup. think some marketsare in a investorstobuy stocks more gain in morethan 17 years. the bulk of the stock market,” business. Thefirm also released Citadel Securities’ retail busi- bubble,according to arecent aggressively. Companies arerushing to said Samantha McLemore, a datashowing that during the nesshas repeatedly drawncon- Deutsche Bank survey.Mean- Addtothat, moreindividual getinonthe action. portfolio manager at $3.5 bil- past week,retail orderspouring troversy.LikeVirtu and other while, Google searches forthe investorsare trading than ever Companies have raised $13.4 lion money-manager Miller intoits systems forGameStop market makers,Citadel Securi- term “stock market bubble” before. Those investorsthrew billion through 24 initial public Value Partners. “Thereare so were roughly balanced between ties pays brokerages forthe reached ahigh in January. their weight around last year offeringssofar this year,a many areas of the market that buyersand sellers, casting right to trade against individual JerryBraakman,chief in- by shocking Wall Street veter- 300% jump in listingsfromthe we’refinding attractively val- doubt on the popular narrative vestment officer of FirstAmeri- ans with arash of irrational same period last year,accord- ued.” that smallinvestorsdrove the canTrust,says his company, stock picks,including Hertz ing to RenaissanceCapital data. At firstglance, investors’ go- stock to itsrecordclose of About 41% of U.S. concerned about stretched val- Global Holdings Inc., which Blank-check companies contin- to formeasuring valuations, $347. 51 on Wednesday. uations in the U.S.,has been spiked nearly 900% from its ued to flood the market, with price-to-earningsratios,sug- Thedatashowedthat 29% of retail stocktrading gradually shifting moremoney lowtoits high in the wake of 91 gathering about $25 billion, geststhe market looks expen- GameStop trading volume Mon- volume goes through intostocks elsewhere. filing forbankruptcy protec- nearly athirdofthe value sive. daythrough Thursdaywas han- Lately,“the market has not tion. raised throughout all of last TheS&P 500 currently dled by Citadel Securities,un- Citadel Securities. been correlated to the macro This year’s encores have year,according to SPACin- trades at 22 times projected derliningits hugerole in the picture,” he said. been even morestunning.On sider.com.And therehavebeen earnings during the next 12 market forstocks popular with While the moves of some Wednesdayalone,24.5billion 111 offeringsofadditional months,not far off from the 25 individual investors. Overall, stocks andassetshavebeen shares and57. 1million options shares by U.S.-listed companies, times the indextraded at in about41% of U.S. retail stock- investors’ orders. During the jarring,analystsand investors contractschanged hands,are- doubling the number from the 2000,just beforethe dot-com tradingvolume goes through firstthree quartersof2020,the saythey aren’t surprised by the cord driven by individual inves- same period ayear earlier,Dea- crash, according to FactSet. Citadel Securities,while the firm made over $700 million in freewheeling,speculativeactiv- tors,according to RichRepetto, logic datashow. But that’sonly part of the next-biggest playerinthe busi- such paymentstomajor online ity in the financial markets. amanaging director in Piper Usually,such frenzied activ- picture. That level looksless ness,Virtu Financial Inc., has a brokerages,according to Piper Asuper-accommodativeFed- Sandler &Co. GameStopshares ity would lead big money man- concerning oncelow interest market shareofaround 32%, Sandler. eral Reserve, lowinterest rates morethan doubled that day, agerstopull back from stocks. ratesand earnings, which are the firms say. Critics saythis practice, and, morerecently,optimism briefly giving shares of the be- But manyargue that shares of expected to grow,are factored “Wewitnessed an extraordi- called payment fororder flow, on theCovid-19 vaccine and leaguered videogame retailer a GameStop, AMC and other in,several investorsand ana- narylevel of retail trading last skewsbrokers’incentives so economyhaveunderpinned morethan 1,700% gain since highflying stocks represent lystssaid. week,” aCitadel Securities they seek to maximizerevenue much of the buying by inves- the year’s start. their ownbubbles—and don’t Onesimple explanation for spokesperson said. “Atmany rather than ensurecustomers tors during the past 11 months. “This is merely one example pose athreat to the entirefi- whyinvestorshaven’t pulled timesoverthe course of the getthe best price. Brokersand ManyAmericans built up their of what’sbecoming dozens of nancialecosystem. Analystsat back more? week,the large brokeragefirms trading firms,including Citadel savingsduring the pandemic— dozens,” Mr.Grantham said. Goldman Sachs Group Inc.say “We’veseen it in the past— depended upon our capabilities Securities,say payment foror- and stand to gain even moreif Other retail darlingsinclude the run-up in unprofitable if youthink youhaveabubble to handle the delugeoforders.” der flow benefitsinvestors, be- Congressfollows through on AMC,which jumped morethan stocks,which they saymakeup and sell toosoon, that canbea Citadel Securities also ac- cause they getabetterdeal another stimulus package. And 300% Wednesday, and Black- about 5% of the overall market, very costly trade,” said Mr. countsfor achunk of trading than if the ordersweresent to the prospect of lowreturns in BerryLtd., whose stock the poses little risk of contagion. Braakman of FirstAmerican volume on public marketslike the NYSE or the Nasdaq Stock most otherassetshas driven same daynotched itsbiggest “These stocks don’t makeup Trust. the NewYork Stock Exchangeas Market.
THE TICKER | MARKETEVENTSCOMING THIS WEEK
Monday Wednesday Factory orders Friday Construction spending EIA status report Nov., previous up 1.0% Nonfarm payrolls Nov., previous up 0.9% Previous change in stocks in Dec., expected up 0.8% Dec., previous -140,000 Dec., expected up 0.8% millions of barrels Crude-oilstocks down9.9 Jan., expected 105,000 Gasoline stocks up 2.5 Initial jobless claims ISM mfg. index Distillates down 0.8 Previous 847,000 Int’l trade deficit Dec., previous 60.7 Expected 830,000 in billions Nov., previous $68.14 Jan., expected 60.0 ISM non-mfg index Dec., expected $65.70 Dec., previous 57.2 Productivity Earnings expected* Jan., expected 57.0 3rd qtr., prev up 4.6% Estimate/Year Ago 4th qtr. prel, exp. Unemployment rate Dec., previous 6.7% Alexandria Real Estate Mort. bankers indexes down 2.8% Jan., expected 6.7% Equities 0.59/1.74 Purch., prev. down 4% NXP Semiconductors Refinan., prev. down 5% 2.11/2.05 Unit labor costs Consumer Credit ON Semiconductor 3rd qtr., prev down 6.6% Nov., previous Earnings expected* 4th qtr. prel, exp. 0.28/0.30 Estimate/Year Ago up $15.3 bil. Otis Worldwide AbbVie 2.85/2.21 up 5.0% Dec., expected 0.59/0.47 Boston Scientific up $13.0 bil. Thermo Fisher 0.31/0.46 Earnings expected* Scientific 6.56/3.55 Humana (2.37)/2.28 Estimate/Year Ago Earnings expected* Vertex Pharm. PayPal 1.00/0.86 Estimate/Year Ago 2.55/1.70 Qualcomm 2.10/0.99 Bristol-Myers Squibb Aon 2.46/2.53 S
Spotify Technology 1.42/1.22 Estee Lauder 1.68/2.12 PRES
Tuesday (0.65)/(1.25) Cigna 3.66/4.31 Illinois Tool Works TED Gilead Sciences 1.79/1.88 CIA Thursday SO
Earnings expected* 2.02/1.30 Regeneron Pharm. AS Estimate/Year Ago EIA report: natural gas Merck & Co. 8.31/7.50
Alphabet 15.68/15.35 Previous change in stocks in 1.38/1.16 Trane Tech. 0.92/1.09 NCHEZ/ Amazon.com 7.17/6.47 billions of cubic feet Philip Morris 1.22/1.22 Zimmer Biomet SA SE
Amgen 3.39/3.64 down 128 T-Mobile US 0.49/0.87 2.07/2.30 JO
Exxon Mobil 0.01/0.41 CIO Pfizer 0.51/0.55 * FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in parentheses) u Adjusted for stock split MAR UPS 2.14/2.11 Note: Forecasts are from Dow Jones weekly survey of economists T-Mobile is expected to report earnings of 49 centsper shareonThursday. P2JW032000-0-B01000-17FFFF5178F
B10 | Monday, February 1, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET
FINANCIAL ANALYSIS &COMMENTARY Fed Won’t Fundamentals Count Burst This Even for GameStop Bubble In all the madness, it has be- GameStop’srevenue per fiscalyear come easy to forget that endedJanuary (Yet) GameStop is an actual business. PROJECTIONS That business closed itsfiscal $10 billion year on Saturday—wrapping up what is expected to be itssecond 8 Risk of collateraldamage straight year of double-digit revenue will have to be higher OL declines.That businesshas com- PO
S pletely decoupled from astock that 6 shot up as much as 25-fold in just The Federal Reserve’s job might the past three weeks.The shares be easier if stocks stopped going LSH/PRES have takenonalifeoftheir own, 4 WA
up, but there is little risk that the AN serving as a“meme stock” driving a
central bank is about to get in the SUS classwar between individual inves- market’s way. Fed Chairman Jerome Powell said last week that across the financial tors and Wall Street. 2 Stock valuations arelooking areas the central bank looks at ‘vulnerabilities overall are moderate.’ At some point—someday—the stretched and forsome observers company’sfundamentals will matter 0 bubble alarm bells arestarting to ously excessive. least be worried. Most standard again. Those fundamentals showa sound. By avariety of measures,in- In the semiannual report it has valuation measures show stocks retail chain of morethan 5,000 FY2001 ’05 ’10 ’15 ’20 cluding pricetoexpected earnings been publishing since 2018 as part are alarmingly expensive, and the stores struggling to stay relevant. Sources: the company(actual); FactSet (projections) and pricetothe past decade’sinfla- of its effort to address financial reason the gauge the central bank But the companymade some deft tion-adjusted earnings,equities stability concerns, the Fed has has highlighted doesn’t is that one moves lately,and the game business tating forthe companytopush fur- have never been so expensiveout- been highlighting the spread be- of its inputs—the 10-year Treasury still involves hardware and other ther intoe-commerce. Thecompany side of the dot-com bubble years. tween the S&P 500’s earnings yield yield—is so low. Yet the yield is so productsthat can’t be downloaded. named Mr.Cohen and two of his as- And then there is the massive (the inverse of the index’s forward low in large part because the Fed With the help of newXboxand Play- sociates to itsboardofdirectorson amount of speculation and huge price-earnings ratio) and 10-year itself has promised to keep policy Station consoles that launched in Jan. 11—a movethat helped to trig- price swings that we have begun Treasury yields adjusted for econ- easy until the economy is well November and remain very hardto gerthe frenzy in the stock. seeing in some corners of the mar- omists’ inflation expectations. Cur- along the path to recovery. If Trea- find—due to high demand and sup- Such astrategywill take time to ket—witness the frenzied trading rent data show that spread is sury yields head higher in the ply constraints—the current year playout and is hardly assured. Colin in GameStop shares over the past around 5.6 percentage points, months ahead, stocks could will be acrucial one forGameStopto Sebastian of Robert W. Baird says a week—and which have been hall- which if anything suggests stocks quickly look much more expensive. showitcan revamp itsbusiness. best-case scenario,whereGameStop marks of past bubbles. are relatively cheap. At the height Moreover, even though what is But what exactly that business becomes a“majority-digital retailer,” Fedofficials used to viewbub- of the dot-com bubble, that spread going on in the stock market will look likeremains abig question. will still involveitclosing morethan bles as beyond their purview, but was around zero. hasn’t created any big, obvious Historically,GameStopgenerated the half itsstore base while preserving the 2008 financial crisis changed The Fed may also be sanguine economic excesses, a steep decline biggest portion of itsprofits through itsshareofthe videogame market. that, providing them with apainful on stocks because so far, at least, in the market could shake confi- the sale of preowned game hardware In anotetoclientsThursday, he said lesson that, if it caredabout the what has gone on in stocks doesn’t dence, hobbling the economy’s and software.But games sold as dig- GameStop’sshares would be worth economy, it should worryabout fi- seem to have created the types of ability to recover. So for the Fed, a ital downloads don’t generateused $125 under such a“Bright blue sky nancial-market excesses.For now, economic excesses that past bub- scenario where stock prices drift sales down the road. Publisherssuch scenario”—about 63% belowthe it professes no interest in leaning bles created. The dot-com bubble, instead of continuing to surge is as Electronic Artsand Activision stock’scurrent price. He assigns a against the market. Pressed to com- for example, led companies of all probably preferable. Blizzard notethat morethan half 5% probability to that outcome. ment on the stock market in his stripes to overinvest in technology, But moving to counter the mar- the sales of their most popular Most likely,says Mr.Sebastian, is news conferenceafter the Fed’s and the capital-spending bust that ket’s rise carries its own risks, and games aretaking placedigitally.In- his “grey-skyscenario” in which two-daypolicymeeting,Fed Chair- followed both contributed to the with the economy still in the grips deed, GameStopstopped disclosing GameStopbenefitsfromthe new man Jerome Powell said on 2001 recession and made the early of the Covid-19 crisis, and millions sales and profit dataofpreowned console generation but is still closing Wednesdaythat acrossthe asset years of the subsequent recovery of Americans still out of work, the games in its2018 fiscal year—after stores while slowly rolling out new market, banking and other financial painfully slow. The housing and Fed is predisposed to tread cau- sales fell forfour straight years. digital services.That underpins his areas the central bank looks at “vul- credit excesses that came to a tiously. At most officials might al- GameStop’scurrent push is to be- $13 pricetargetonthe stock— nerabilities overall aremoderate.” head in the financial crisis were lude to pockets of froth in the come an omnichannel retailer,sell- roughly in line with the median of One reason the Fed isn’t fazed even worse, and took even longer market—and they might even view ing goods and services online and in pricetargets from other analysts by stock valuations is that it is for the economy to recover from. that as too perilous. For now in- person. Ryan Cohen, co-founder of covering the company. Those targets among those arguing that, in the Still, if Fed officials aren’t vestors don’t have to worry about online pet-food retailer Chewy, might look quaint now, but business current low-interest-rate environ- alarmed by what is happening in much fight from the Fed. bought up amajor stake in fundamentals have away of lasting. ment, stock prices aren’t danger- the stock market, they should at —Justin Lahart GameStoplast year and began agi- Memes don’t. —Dan Gallagher
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