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***** WEDNESDAY,AUGUST 12, 2020 ~VOL. CCLXXVI NO.36 WSJ.com HHHH $4.00

DJIA 27686.91 g 104.53 0.4% NASDAQ 10782.82 g 1.7% STOXX 600 370.76 À 1.7% 10-YR. TREAS. g 26/32 , yield 0.657% OIL $41.61 g $0.33 GOLD $1,932.60 g $91.80 EURO $1.1742 YEN 106.49 Police, Protesters Clash as Opposition Leader Flees Belarus Harris What’s News Is Named Biden’s Business&Finance VP Pick ikTok skirted aprivacy T safeguardinGoogle’s SenatorfromCalifornia Android operating system to collect unique identifi- to become firstBlack ers from millions of mo- woman on amajor bile devices,aWall Street Journal analysis found. A1 partypresidential ticket  Airbnb is close to filing to go public in amove BY TARINI PARTI that would underscorea AND KEN THOMAS surprising rebound for CK JoeBiden named Sen. Ka-

the home-sharing giant TO mala Harris of California as his and the IPO market. A1 running mate, picking his for-

 An appeals court threw SHUTTERS mer Democratic primaryoppo-

out an antitrust judgment A/ nent to be the firstBlack against Qualcomm, ruling /EP woman and the firstwoman of

the government didn’t prove CHAK Asian descent nominated for

the chip maker engaged in YER vicepresident by amajor party. illegal monopolization. A1 Mr.Biden, the presumptive UHEN Democraticpresidential nomi-  SoftBank recorded a YA IN FORCE: Belarus policeonTuesdaypassed the siteinMinsk whereaprotesterdied. The opposition leader leftthe country nee,described Ms.Harris as quarterly profit of nearly afterSunday’sdisputed election, but backersvowedtocontinue to oppose President Alexander Lukashenko. A8 “one of the country’sfinest $12 billion, helped by pro- public servants” in atweet an- ceeds from the sale of nouncing his decision Tuesday. Sprint and improved perfor- “Back when Kamala wasAt- manceatits Vision Fund. B1 torney General, she worked  McDonald’sboard is closely with Beau,” the former coming under scrutinyfrom TikTok Tracked Users’ Data vicepresident wrote, referring some investorsand corpo- to his lateson, Beau Biden, who rate-governancegroups over wasDelaware’s attorney general itsinitial investigation of when Ms.Harris held that role former CEO Easterbrook. B1 With a Tactic Google Banned in California. “I watched as they took on the big banks,liftedup  TheS&P 500 snapped a working people,and protected seven-session winning streak, women and kids from abuse.I falling 0.8%, while the Nas- BY KEVIN POULSEN concealed through an unusual to help the Chinese government detailed dossiers on individu- wasproud then, and I’m proud daq and Dow were off 1.7% AND ROBERT MCMILLAN added layerofencryption, ap- track U.S. government employ- als forblackmail or espionage. nowtohaveher as my partner and 0.4%, respectively. B11 pearstohaveviolated Google ees or contractors.TikTok has TikTok,which said this year in this campaign.”  A venture backed by TikTok skirted aprivacy policies limiting howapps track said it doesn’t sharedatawith that itsapp collectslessper- Mr.Biden’scampaign said Authentic Brands and Si- safeguardinGoogle’s Android people and wasn’t disclosed to the Chinese government and sonal datathan U.S. companies the pair would appear together mon Property has agreed to operating system to collect TikTok users. TikTok ended the wouldn’t do so if asked. such as Facebook Inc.and Al- WednesdayinWilmington, buy clothier Brooks Broth- unique identifiersfrommil- practiceinNovember,the Jour- Theidentifierscollected by phabet Inc.’sGoogle,didn’t re- Del.,todeliver remarks “on ers for $325 million. B1 lionsofmobile devices,data nal’stesting showed. TikTok,called MACaddresses, spond to detailed questions.A working together to restore allowing the app to track users Thefindingscome as Tik- aremost commonly used for spokesperson said the com- the soul of the nation and fight  Tesla said it would im- online without allowing them Tok’sBeijing-based parent advertising purposes.The panyis“committedtoprotect- forworking families to move plement a 5-for-1 stock to opt out, aWall Street Jour- company, ByteDanceLtd., is un- WhiteHouse has said it is ing the privacyand safety of PleaseturntopageA4 split after a share-price nal analysis has found. der pressurefromthe White worried that users’ datacould the TikTok community. Like surge over recent months. B1 Thetactic,which expertsin House over concerns that data be obtained by the Chinese ourpeers, we constantly up-  Senator leaned into  GM finance chief mobile-phone security said was theapp collectscould be used government and used to build PleaseturntopageA8 prosecutorial role...... A4 Dhivya Suryadevara is leaving the auto maker to become the CFO of online- Big Ten, commerce firm Stripe. B1 Pac-12 Airbnb Accelerates World-Wide Postpone Plans to Go Public  JoeBiden named Califor- Season nia Sen. Kamala Harris as his running mate, picking his The Big Ten and Amid IPO Surge former Democratic primary Pac-12, two of

opponent to be the first college football’s GES

Black woman and the first most powerful IMA woman of Asian descent leagues, voted Airbnb Inc.isclose to filing Thereisnoguarantee nominated forvicepresi- Tuesday to GETTY to go public in amovethat Airbnb will moveforwardon dent by amajor party. A1, A4 postpone fall would mark asurprising re- the expected timeline, in part sports because of bound forthe home-sharing because of the uncertain tim-  Russia registered the PETERSEN/ world’s first Covid-19 vac- the coronavirus giant and IPO market. ing of the SEC’sreview pro- pandemic. A14 TIAN Thecompanyplans to file cess and sincethereisnotell- cine, Putin said, amid IPO paperwork with the Secu- ing whether stocks will be in safety concerns in the West CHRIS such favorwith investorsby over the country’s acceler- the time the companyman- ated clinical evaluations. A8 By Corrie Driebusch, Maureen Farrell ages to stage an offering.  Modernasaid it agreed and Cara Lombardo A listing could take differ- to provide the U.S. govern- Qualcomm AntitrustCase Tossed ent forms.The companycould ment with 100 million doses rities and Exchange Commis- pursue atraditional IPO, of its experimental corona- sion later this month, laying launch adirect listing—in virus vaccine in exchange BY BRENT KENDALL core businesspractices related to whether the FTC has met its the groundwork forapotential which no money is raised—or for over $1.5 billion. A7 AND ASA FITCH itscellphone chips and patents burden…to showthat Qual- listing beforethe end of the take advantageofthe latest were anything morethan lawful comm’spractices have crossed year,according to people fa- trend of merging with ablank-  The Big Ten and Pac-12 Afederal appeals court attemptsatprofitmaximization. the line to conduct which un- miliar with the matter. Mor- check company. votedtopostpone college football and other fall threw out asweeping antitrust SanDiego-based Qualcomm fairly tends to destroy competi- ganStanley has been tapped Thelong-awaited movewill PleaseturntopageA2 sportsbecause of the cor- judgment against Qualcomm “has asserted itseconomic tion itself.Weconclude that the to lead the offering,with Gold- Inc., ruling on Tuesdaythat the muscle with vigor,imagination, FTC has not met itsburden.” man Sachs Group Inc.also onavirus pandemic. A14 federal government didn’t devotion, and ingenuity.Ithas Thedecision wasamajor vic- playing an important role,the  Co-working companies begin  A State Department provethe dominant cellphone also acted with sharp elbows— tory forQualcomm afteryears people said. to retreat ...... B3 watchdog concluded that an chip maker engagedinillegal as businesses oftendo,” Judge of litigation, and itsshares ini- emergencydeclaration facil- monopolization. Consuelo Callahan wrotefor a tially jumped morethan 4%, itating $8 billion in weapons TheSan Francisco-based three-judgepanel. then ceded some of those gains sales to U.S. allies in the Gulf Ninth U.S. Circuit Court of Ap- JudgeCallahan wroteit PleaseturntopageA7 complied with the law. A6 peals ruled unanimously that the wasn’t the court’sjob “tocon- Federal Trade Commission done or punish Qualcomm for  Heard on the Street: 5G call Salesforce.  Administration officials said thereisnodetailed strat- hadn’t shown that Qualcomm’s itssuccess,but rather to assess finally connects...... B12 egyfor rapid talks on an Iran #1 CRM. nuclear pact, despiteTrump’s remarks that he would strike ForAlone aquick deal if re-elected. A6 Cruise Ship Owners Ranked #1 for CRM Applications basedon  Belarus’s protest move- Time, Head IDC 2019H1 Revenue Market ShareWorldwide. ment is at a turning point Left WorkersAdrift 17.3% afteropposition leader Tikh- anovskaya fled to Lithuania To the Office in the wake of the country’s iii disputed presidential vote. A8 Fewlonelyworkers Crews were stuck on vessels for months  Hong Kong media baron waiting to get home, with Covid lurking JimmyLai wasreleased on bail after his arrest led to a return, but youcan showofpublic support forthe One dayinMay,nearly two of the Seas cruise ship when blastVan Halen months afterthe cruise in- Covid-19 struck in lateMarch. pro-democracyadvocate. A18 dustrysuspended operations Sincethen, his employer, 5.5% BY ANNE KADET because of the pandemic, RoyalCaribbean Cruises Ltd., 5.3% CONTENTS Personal Journal A11-12 Chris Richardson stood on a had been transferring thou- 3.5% Arts in Review... A13 Property Report... B6 3.5% BusinessNews...B3,5 Sports...... A14 Afteralong stretch working sands of idled crew members Crossword...... A14 Technology...... B4 from home in aone-bedroom By Rebecca Smith in from ship to ship in what HeardonStreet... B12 U.S. News.... A2-4,6-7 apartment shared with her San Francisco, Jacquie seemed likeanendlessquest 2015 2016 2017 2018 2019H1 Markets...... B11 Weather...... A14 husband and three cats,Cindy to getthem home. Source: IDC, Worldwide Semiannual Opinion...... A15-17 World News...... A8,18 McNish in Toronto Lo wasexcited to return to the and Suryatapa As he streamed by throngs SoftwareTracker,October 2019. officelast month. But the Bhattacharya in Tokyo of seafarerswaiting to board > Queens resident wasn’t pre- ships,hesaw manywithout pared forthe eerie scene that pier on aprivateisland in the masks.“We had no idea if greeted her. Bahamas waiting to boardhis anyone wasinfected with salesforce.com/number1CRM Everyone on the 40-person thirdcruise ship in six days. PleaseturntopageA10 CRM market includesthe followingIDC-defined functional markets:Sales ForceProductivity andManagement, staff at her MidtownManhat- Mr.Richardson, aCanadian MarketingCampaign Management, Customer Service, Contact Center,Advertising,and Digital Commerce s 2020 Dow Jones & Company, Inc. Applications. ©2019salesforce.com, inc. Allrightsreserved.Salesforce.comisaregisteredtrademark of salesforce. All Rights Reserved tanofficehad leftonaThurs- iceskater,had been aper-  Georgia school district is hit com, inc.,asare other namesand marks. PleaseturntopageA10 former on the giant Liberty with Covid-19 cases...... A3 P2JW225000-2-A00200-1------XA

A2 | We dnesday, August 12, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS Employers Wary of LiabilityonPayroll Tax

BY RICHARD RUBIN pocket” of employers to col- plianceatPaychexInc., which ing incentive, gives too much agementand Budget and Of- Employers will have to bal- lect payroll taxes, said Mari- processes payrolls for680,000 money to people who already fice of Personnel Management ance their own risk tolerance WASHINGTON—Employ- anna Dyson, a lawyer at Cov- employers. have jobs as opposed to the both declined to comment and administrativecostswith ersconsidering President ington&Burling LLP in Mr.Trump on Saturdayor- unemployed and could desta- Monday. their interest in raising work- Trump’splan to allowdeferred Washingtonwho specializes in dered the TreasuryDepart- bilizeSocial Security funding. Attorneys and payroll pro- ers’ take-home payinthe payment of payroll taxes face payroll taxes. “Liability is go- ment to postpone payroll-tax Assuming the payroll-tax fessionals said they would be short term. aseries of costs, uncertainties ing to stick to the employer deadlines foremployees mak- deferral is optional, likethe watching foranswers to sev- Some employers might and headaches. like flies to flypaper.” ing up to about $104,000 in earlierdeadline delays,em- eral questions that weren’t ad- choose to continue withhold- Thepresident wantsem- Employers and their law- annualized wages. Theadmin- ployers will faceachoice dressed in the memo the pres- ing and paying employment ployers to stop collecting the yers are waiting for the Trea- istration has authority to act about whether to changepay- ident issued Saturday. taxeswhile hoping forCon- 6.2% levythat is the employee sury Department and the IRS under alaw that letsthe Trea- check withholding.Several Forexample,the memo gresstopassthe taxcut. share of Social Security taxes to issue formal rules to turn surysecretarypostpone tax largeemployers,including says taxesthrough Dec.31 Then, if Congresspasses acut formanyworkers, starting the president’sweekend state- deadlines afterapresidentially could be deferred but doesn’t and it applies broadly,employ- Sept. 1 and going through the mentsand directives about the declared disaster.Itisthe saywhen they would be due if erscould go back and seek re- end of the year.But his move, payroll-tax collection suspen- same lawthe government used Thepresident’s Congressdoesn’t act. Any funds of overpaid taxes. That announced in amemo Satur- sion intoaction. Those details to delaythe April 15 tax-filing rules issued by the Treasury canbeacomplicated process. day, doesn’t changehow much will be crucial as companies deadline to mid-July. action doesn’tchange Department and the IRS would Other employers might stop tax employees and employers decide whether and howto Thepresident acted after what employees and also spell out whether the IRS withholding Sept. 1. Thereal actually owe.Only Congress implement the plan, and many congressional talks about fur- would seek to getmoney from risk comes forworkerswho can do that. employers might not even ther economic relief broke employers owe. employees through their indi- switch jobs.Ifemployers have Employers’ biggest worry: bother if they have achoice. down. The president’s unilat- vidual tax forms, through ex- to paythose taxes, the costs If they stop withholding taxes Treasuryand IRS officials de- eral moveputspressureon trapaycheck withholding in canbebiggerthan they look without anyguarantee that clined to comment Monday Congresstoimplement apay- the futureorthrough auditsof at first. Those taxpayments Congress will actually forgive about the timing or content of roll-tax cut that lawmakers Walmart Inc., United Parcel employers.Under the taxcode, could be considered wages, anydeferred payments, they the rules. have rejected, because not do- ServiceInc. and Home Depot employers and employees are which means employers could could find themselves on the Everyday that passes with- ing so could force Americans Inc., said Monday that it was both liable for payroll taxes. owe income and payroll taxes hook.That is aparticular risk out those rules will makeit to payany deferred taxesin tooearly to saywhat they “We’re looking at a crystal on them. On $4,000 of wages, in cases whereemployees harder to makeany changes the future. Mr. Trump said he would do. ball not knowing what we’re the employerwould have to change jobs and employers by Sept. 1, the start dateset would presstoforgiveany de- Thefederal government going to see,” said David pay$248inpayroll taxesto can’t withhold moretaxes by Mr. Trump. ferred taxes. hasn’t said whether it will Fuller,atax lawyer at McDer- cover the deferred taxes plus from later paychecks to catch “This is going to be apretty Lawmakers have criticized changewithholding forits mottWill &EmeryinWash- about $131 in other taxes, ac- up on missed payments. big programming lift, technol- the payroll-tax cut forseveral roughly two million civilian ington. “IfI’m an employer, cording to Ms. Dyson. “The Internal Revenue Ser- ogyliftfor us to do,” said reasons.They arguethat it workers, in addition to the I’m not going to do anything “It’sjust so riskyonso vicewill come to that deep MikeTrabold,director of com- doesn’t provide much of ahir- military.The OfficeofMan- until I see that guidance.” many levels,” she said. U.S. WATCH

CALIFORNIA COLORADO Facebook Cuts More Attorney General Terrorism Content Probes Aurora Police Facebook Inc. said it removed Colorado Attorney General nearly 40% morecontent thatit Phil Weiser said his office has categorized as terrorism in the opened an investigation into the second quarter compared with police department of Aurora, the the firstthree months of the Denver suburb where Elijah Mc- year. Clain died in police custody last Facebook took down about 8.7 year, sparking a nationwide out- million pieces of such content— cry. which includes, according to the Mr.Weiser said Tuesdaythat company’sdefinition, nonstate ac- forseveral weekshis officehas tors thatengage in or advocate been “investigating patterns and forviolencetoachieve political, practices of the Aurora Police religious or ideological aims—in Departmentthatmightdeprive

the second quarter,upfrom6.3 S individuals of their constitutional

million in the firstquarter. PRES rights under stateorfederal law.”

Thatincrease “was largely TED Mr. Weiser said the investiga-

driven by improvements in our CIA tion was unrelated to the Au- proactivedetection technology to SO gust 2019 case in which a Mr. identify contentthatviolates AS McClain, a 23-year-old Black [Facebook’s] policy,” acompany man, died in police custody after

spokeswoman said. TRIBUNE/ being stopped on his way home For“organized hate” groups, a from a convenience store. separatecategory,the company BEND On Tuesday, Mr. McClain’s said it took down four million UTH family filed a lawsuit in federal SO pieces of content,downfrom4.7 court against the city of Aurora, million in the firstquarter. police officers and paramedics ANKLIN/

In athirdcategory,hate FR on grounds including wrongful speech,the companysaid it dra- T death and the use of excessive BER

matically increased removals of RO force. A representative for the such postsfromFacebook and its Rob Gieger cleaned up storm damage Tuesday in Wakarusa, Ind., after fierce straight-line winds swept across the Midwest the day before. city didn’t respond to a request Instagram platform. to comment on the lawsuit. The companysaid it removed MIDWEST ing ayoung boyinher mobile cago,the most potent part of In Fort Wayne, Ind., Isabel E. The Aurora Police Depart- 3.3 million pieces of hate speech home. the storm systemmovedover Atencio died at ahospital after ment said it was contacted by from Instagram in the second Storm Blasts Region, The storm known as a north centralIndiana. firefighters pulled her from de- Mr. Weiser about his office’s de- quarter,morethan triple the Leaves One Dead derecho tore from eastern Ne- In Iowa,three of the state’s bris inside her mobile home after cision to open an investigation. amountinthe previous quarter, braskaacrossIowaand parts of eightmobile coronavirus testing high winds rolled it onto its side In a statement, Aurora Police and 22.5 million pieces from Face- Hundreds of thousands across Wisconsin and Illinois, blowing sites—in Marshalltown, Cedar Mondaynight, officials said. Fire- Chief Vanessa Wilson pledged book, morethan double whatit the Midwestremained without overtrees, flipping vehicles and Rapids and Davenport—were fighters found her clutching a5- her department’s full coopera- removedinthe firstquarter.The poweronTuesdayafter astorm causing widespread damage to temporarily closed Tuesdayafter year-old boybelievedtobeher tion. Ms. Wilson and Aurora City companycredited its technology’s packing 100 mph winds battered propertyand millions of acres of suffering storm damage. grandson, said Adam O’Connor, Manager Jim Twombly also said expansion into severallanguages, the region aday earlier,causing crops. The storm left downed Farmers reported thatsome deputychief of the Fort Wayne Tuesday that they would under- including Spanish, Arabic and In- widespread damage to millions trees and powerlines that grain bins were destroyed and Fire Department. The boyhad take a comprehensive review of donesian, forthe increase. of acres to crops and killing a blocked roadwaysinChicago and corn fields were flattened by the minor injuries. their department. —Rachael Levy 73-year-old woman found clutch- its suburbs. Afterleaving Chi- storm. —Associated Press —Talal Ansari Airbnb CORRECTIONS  AMPLIFICATIONS Collin Morikawa had two ownahome in Grand Haven, Nears IPO prior victories on the PGA Mich. AMansion article on Tour beforehis win Sundayat Fridayabout rising Lake Mich- the 2020 PGA Championship. igan waterlevelsmisspelled In 2020 ASportsarticle on Mondayin- their last name as Ripoelle in correctly said he had just one one instance. prior victory. ContinuedfromPageOne Noticetoreaders bringone of the stalwartsof Duke’sFuqua School of Wall Street Journal staff the sharing economy into the Business wasmisspelled as membersare working remotely public domain, alongside ride- Dukey’s in an Investing in during the pandemic.For the sharing platforms Uber Tech- Funds &ETFsarticle on Mon- foreseeable future, please send nologies Inc.and Lyft Inc.and dayabout investing and luck. reader comments only by

setsupthe next few months to S email or phone,using the con-

be an especially busy time for NEW Paigeand Darren Riopelle tactsbelow, not via U.S. Mail. big IPOs. Airbnb was recently G valued at $18 billion, down Readers can alert The Wall Street Journal to any errors in news articles by

from an earliervaluation of OOMBER emailing [email protected] or by calling 888-410-2667. $31 billion. /BL

SanFrancisco-based Airbnb, ILLER the largest home-sharing plat- ST THE WALL STREET JOURNAL OS (USPS 664-880) (Eastern Edition ISSN 0099-9660)

form in the U.S.,joins arush of AK companies tapping public in- The companywas recently valued at $18 billion, down from $31 billion earlier.AnAirbnb rental in Budapest. (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) vestorsafter the IPO market Editorial and publication headquarters: emergedfromavirtual stand- highly valued startups,with would value the companyat wasthe firsttime to hit that 1211 Avenue of the Americas, NewYork, N.Y. 10036 still triggeredbythe coronavi- $4.8billion in revenue in 2019. $18 billion. In May, Airbnb levelsinceMarch 3. Published daily except Sundays and general legal holidays. ruspandemic.Music label It spent big,however, prompt- said it would layoff aquarter Still, moving forwardnow Periodicals postage paid at NewYork, N.Y.,and other mailing offices. Warner Music Group Corp.and ing an even steeper lossin of its staff. carries risk,especially fora Postmaster:Send addresschanges to The Wall Street Journal, insurancestartup Lemonade 2019 than in prior years. Its Chief Executive Brian money-losing companylike 200 BurnettRd., Chicopee, MA 01020. Inc.staged successfuldebuts woes deepened latelast year Cheskysaid in an interviewin Airbnb,given IPO investors’ AllAdvertising published in The Wall Street Journal is subject to the applicable rate card, in June and July,and shares of afterissues emergedwith April that the companywas limited tolerancefor redink. copies of which areavailable from the Advertising Services Department, DowJones & Co.Inc., 1211 Avenue of the Americas, NewYork, N.Y. 10036. The Journal reserves the food-deliverystartup Door- crime and safety problems on working to file IPO paperwork WeWork’s deep losses helped rightnot to accept an advertiser’s order.Only publication of an advertisementshall Dash Inc. and data-analytics its platform. with the SEC in March, but the doom the office-sharing com- constitutefinal acceptanceofthe advertiser’s order. firm Palantir Technologies Inc. As the pandemic spread coronavirus’simpact on global pany’s attempt to go public, Letters to the Editor: Fax: 212-416-2891; email: [email protected] areboth expected to start acrossthe globe,sodid the travel quashed those plans. andUber’s failuretoturn a Need assistancewith your subscription? trading later this summer or in company’s headaches. People Sincespring,however, the profit more than a year after By web: customercenter.wsj.com; By email: [email protected] the early fall. stopped traveling,causing rebound forAirbnb has been its IPO continues to weigh on By phone: 1-800-JOURNAL (1-800-568-7625) An imminent debut would bookingstoplummet. Airbnb, surprisingly swift. Even as itsstock.Evenprofitable Reprints &licensing: also mark aturnaround for three yearsago valued at more people stayed closer to home, Quicken Loans parent Rocket By email: [email protected] Airbnb,which wasfounded in than $30 billion, rushed to se- they stillsought rental-home Cos.struggled to find demand By phone: 1-800-843-0008 2008 and allows people to list curefinancing from private- bookings. On July 8, guests at itstargetvaluation and WSJback issues and framed pages: wsjshop.com their homes forrent. For equity firms Silver Lake and booked morethan one million priced itsoffering belowex- Our newspapers are100% sourcedfromsustainably certified mills. years, the companyshied away Sixth Street Partnersatahigh nights’ worth of futurestays at pectations. from the public markets as it interest rate—and with war- Airbnb listingsaround the —Preetika Rana GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS grew intoone of the most rantsthat when exercised world, the companysaid. It contributed to this article. P2JW225000-2-A00300-1------XA

THE WALL STREET JOURNAL. ** We dnesday, August 12, 2020 | A3 U.S. NEWS Georgia School GES

DistrictIsHit IMA GETTY With Covid Cases SE/ ANCE-PRES FR BY TAWNELL D. HOBBS K-12, to learn remotely. Some districtsare opting to keep GENCE

At least 800 studentsand studentsoff campuses and of- /A staffers in aGeorgia school fering only remotelearning or district have been quarantined arerequiring masks forin-per- aftercoming intocontact with son attendance. REDMOND dozens of otherswho tested In the Cherokee district, of ON positivefor Covid-19,just one the 38 studentswho tested JAS week intothe newschool year. positive, 25 areinhigh school, GES; TheCherokee County according to areview of the IMA

School District in suburban district statistics.The rest ETTY

Atlantastarted school on Aug. rangefromkindergarten /G 3, with the first positive case through eighth grade.The dis- logged the next day. Students trict has astudent enrollment DUCEY were given the choicetoat- of about 42,500,and about REN KA

tend in-person or remotely.In 77% chose to learn in person. P: all, 38 studentsand 12 staff Manyofthe district’s TO OM

membersoncampuses have schools have had at least one FR tested positivefor the virus, positivecase,with Etowah Police Chief Carmen Best announcing her resignation at City Hall. Below, people participate in a ‘Defund the Police’ march this month. according to the district. That High School logging the has led to about 818 other stu- most—14 students and teach- dents and staffers needing to ers, with resultspending for quarantine. 15 students. The district said Seattle Police Chief Resigns Onehigh school is closing Tuesdaythe high school would to in-person learning tempo- close to in-person learning, rarily due to virus spread, the with hopes of restarting it on district said Tuesday. Aug. 31. Amid Budget Cuts, Turmoil Studentsaren’t required to In all, 294studentsand wear masks but the district staffers are under quarantine provides them and recom- as aresult of the confirmed mendswearing them. Staff cases,but the number “would BY DEANNA PAUL membersare required to wear increase dramatically” if the AND DAN FROSCH masks or faceshields when pending cases arepositive, Dr. they can’t socially distance. Hightowersaid in amessage Seattle PoliceChief Carmen Brian Hightower, superin- to the community Tuesday. Best said she would be step- tendent of the Cherokee Another district in subur- ping down from herpost fol- County district, said in aletter ban Atlanta, GwinnettCounty lowing votesbythe city council to the community on Friday Public Schools,reported in to cut the department budget, that therewerenoplans to lateJuly that about 260 em- includingher ownsalary, and close schools at this time,but ployees had tested positivefor reducethe policeforce,aspart he sounded awarning.“How coronavirus or been in contact of an effort to reform policing. long canwekeep schools with someone who had. School Ms.Best, the city’s first open?” he said in the letter. in Gwinnett County is sched- Blackpolicechief,isthe latest “The answerwill depend on all uled to start on Wednesday in astring of high-profile chiefs of us as acommunity.Weneed with remotelearning only and to depart following sometimes gradually bringing back stu- violent protestsagainst racial dents on a staggered basis. injusticeand policebrutality. The superintendent Photos takenatGeorgia Sincethe May25killing of schools of students, not wear- George Floyd while in Minneap- said there were no ing masks,grouped together olis policecustody,top law-en- plans to close have been shared widely on forcement officials in Portland, social media in recent days. Atlanta, LosAngeles and Louis- schools at this time. TheCherokee superintend- ville have cut short their ten- ent addressed photos in his ures as calls to overhaul police- letter, saying “the senior department policies and basic group photos takenoutside functions mounted. to social distancewhenever beforeschool on several of our “I think the current rush to crimes in the nightssince. cides—also have caused diffi- stepped in as interim chief in we can, and always wear campuses raised concerns that reform the policethrough dra- Such eventspose particular cult conversations among 2018,previously opposed calls masks when we cannot.” those studentsmight not be matic budget cuts and calls to challenges to policeinpredomi- activists, according to Cameron by city council memberstocut Adistrict spokeswoman aware of the importanceof eliminatepolicedepartments nantly liberal cities wherecalls Whitten, co-founder of the the department’sbudget by as said all affected students and masks.Upon investigation, we has leftchiefs throughout the have increased to spend lesson Black ResilienceFund, an emer- much as 50%. staffmust quarantine for14 learned manywear masks rou- countryinuntenable situa- lawenforcement and to reduce gencyfund forBlack Portland On Monday, the dayafter days.The district provided tinely,but we must continue tions,” said Frank Straub,atop the use of force. residentsthat wasstarted after she described to them her vi- links to their student and staff to remind all studentsofthe official with the National Police “When youhavepeople hell- Mr.Floyd’s death. “Nowthere sion for the future of policing case and quarantine statistics importanceofmasks when you Foundation, alaw-enforcement bent on destruction, the police areBlack leaderswho have ral- in Seattle,including howto and said in an email, “It’s cannot social distance.” think tank,and aformer chief have to find the best way to re- lied forarefunding of the po- handle funding reductions, worth noting that this level of Georgia Gov.Brian Kemp in Spokane,Wash. spond,” said Chuck Wexler,ex- lice],” said Mr.Whitten. council members voted to cut public reporting is not re- said at aMondaybriefing,“I In Chicagothis past week- ecutivedirector of the Police Portland PoliceChief Jami her $294,000 salaryby quired in anyway,but is keep- think,quitehonestly,this end, some residents looted ExecutiveResearch Forum, a Resch steppeddownearlier $20,000. ing with our longstanding week went real well other stores following apoliceshoot- Washington, D.C.,think tank this summer as criticism over Thevotealso reduced the commitment to transparency.” than acouple of virtual pho- ing of a20-year-old man who that advises departmentson her handling of the protestsin- department’sbudget of $170 School districtsthroughout tos.” officerssaid firedonthem first. best practices and policy. He creased. Weeks later,the city millionfor the remainder of the the U.S. are wrestling with He said he would leave it up Increasingly violent protests said policesometimes need to council approved amultimil- fiscal year by nearly $4 million. howtosafely reopen since to school superintendentsto around Portland’sfederal court- use tear gasorweapons to lion-dollar reduction in the de- That will result in the lossof closing schools in the spring mandate masks. house stopped afterfederal curb violence, tactics that have partment budget and Mayor about 100 officersfromaforce duetothe coronavirus pan- agentsmostly withdrew from drawncriticism. TedWheeler announced a19- of about 1,400 and lessmoney demic and sending more than  Schools deploy surveillance the city last week,but asmaller Thecontinuing violence— point plan to overhaul policing. forrecruitment, training and 50 million children, in grades tech to track the virus...... A11 group committedproperty and recent jumps in homi- In Seattle,Ms. Best, who specializeddepartments. Looting Deals Chicago Shopkeepers New Blow After Virus

BY JOE BARRETT to happen,” said Earl Geier, the Standardgraphics MAGNIFICENT MILE Macy’s Area of detail storemanager forGraham CHICAGO—TerryTepulled CrackersComics,which was gleaming trays of wedding and 19.2 Saks Fifth AvHeenuedI—12.6/14.4 hit forasecond time Sunday. engagement ringsfromasafe DekI/body copy—8.4/9.6 Thestore sustained more midsize Navy Pier on Tuesdaymorning and ar- CHICAGOLoremipsum dolor sit amet CHICAGO damageduring looting in June, ranged them in the glasscases Mr.Geier said, but on Sunday, Chicago River of his jewelryshop that had CHINATOWN the looterscleaned out acase been the siteofchaos just the Macy’s with high-ticket items,includ- day before. 55 JOURNAL ing AvengersNo. 1, valued at 1 Millenium Park

Mr.Te, 36 yearsold, gota 2 3 REET $3,000. call around 3:15 a.m. Monday 4 Shooting in West ST Aris Gallios, owner of that people were trying to sizes basedoWillisnpToageweplacr ement Englewood on LL Miller’s Pub, said businessthis break intothe building that Chicago BoardofTrade LakeMichigan Sundayat2:30p.m. WA year has been off 90%, as of-

houses his store, Imperial 90 /THE fice workers, convention at- GAGE PARK Jewelry, along Chicago’s yle for tendees and most touristshave

downtownstrip known as BARRETT stayed away from downtown CHICAGO LOOP The first reports Jeweler’s Row. He grabbed hisadline JOE because of the coronavirus gunand bulletproof vest and Adler Planetarium of looting came 94 Jewelry store owner Terry Te. pandemic.The old-school Chi- rushed downtown. late Sunday CHATHAM cago steak,ribs and seafood Field Museum evening on the 1mile What he sawwhen he got South Side. 1mile der the Ltracks in downtown househas been in business there was a scene that played ance1km 1km with itsexpensiveand easily since 1935. “We’ve been out along some of the city’s transportable merchandise, through recessions,lost con- toniest neighborhoods: looters wasalso targeted. ventions,9/11 wasablip,” said WatchClinic 3 Graham CrackersComics 4 Miller’s Pub breaking windows,stealing 1 Mohamad Ashiq,61-year-old Mr.Gallios,who has runthe Nearly $1 million of Adisplaycasewith No damage in latest looting, merchandise and outmanned owner of WatchClinic,awatch business since1989.“This is inventorywas taken AvengersNo. 1, valued but businessisoff90% this police trying to chase them repair shop,said his entirein- unprecedented.” at $3,000,was stolen year due to coronavirus and away. ventory, valued at nearly $1 Thebusinesshad broken 2 Imperial Jewelry the unrest. Mr. Te saved his inventory Windows were broken Source:OpenStreetMap million, wascleaned out. windows and graffiti on itsfa- and cleaned up.Hesaid he “They hit this case,that cade afterthe firstwaveofun- mayfacelooting again. “I’m case,that case,” he said Tues- rest. On Sunday, it wasn’t almost ready to movetofind a This weekend, caravans of State’s Attorney,said in asepa- and chief executiveofthe Mag- day, pointing around his small touched, he said. But the per- much quieter location in aless lootersresponded to calls on rate briefing that her office nificent Mile Association, said shop as he paused from work- ception of alack of safety on violent city,” he said. “It’s ba- social media, hitting stores in a had gone ahead with prosecu- her 650 members, including ing on an item someone had topofthe pandemic maybe sically a lawless land.” wide swath of the city,follow- tions on 90% of those charged large retailersand hotels,are brought in that day. Mr.Ashiq, toomuch forhis business. Thelooting that began late ing the shooting by policeofa with looting.Aslowdownin lookingfor astronger full-time who immigrated from Pakistan “You can’t unsee those im- Sundayand continued into 20-year-old man who officers the courtsbecause of the pan- policepresenceinthe area as 45 yearsago, said he can’t af- ages,” he said. “I don’t know Monday morning marks the sayfired on them first. demic meant manyofthose well as investmentsinunder- ford insuranceand isn’t sure howweare even stillhereaf- second time the city has been PoliceSuperintendent David cases were just nowcoming to served neighborhoodstoad- whethertoretireorjust keep terall these months.” hit in recent months. BrownonMondaysaid com- trial, she said. dresslongstanding issues of working.“Forty-two yearsof Mr.Teisunsureabout the AfterGeorge Floyd was mandersdeployed400 officers Largechains such as Macy’s inequality.“We need to act business—what Ihaveisgone,” futureofhis jewelryshop, killed in Maywhile in Minneap- to combat the looting,but that and Saks FifthAvenue saythey now,” she said. he said. which he has owned for10 olis policecustody,widespread prosecutorsand the courtshad have no plans to pull out of Lootersstruck businesses Some businessownerssaid years. “All we want is safety,” unrest leftChicago’sMagnifi- failed to maketheir first Chicago, despitedamagetolo- on the South Side firstand they fear policearen’t re- he said. “Wejust want to go cent Mile,astrip of high-end rounds of arrestsinJune stick, calstores. Macy’sisrepairing then racednorth to the Mag- sponding aggressively to the home at night and think you stores north of downtownthat making lootersfeel therewere damageand expectsits stores nificent Mile and intoLincoln looters. “Policeused to be able will have the same storeinthe has long been ashowpieceof no consequences fortheir ac- to reopen this week,aspokes- Park,ahigh-end residential to stop trouble before it morning when youcome back.” the city,and other neighbor- tions. woman said. neighborhood, according to po- started. Now, they can’t do —Suzanne Kapner hoods boarded up. Kim Foxx, the Cook County Kimberly Bares,president lice. Jeweler’s Row, tucked un- that. Idon’t knowwhat’sgoing contributed to this article. P2JW225000-5-A00400-17FFFF5178F

A4 | We dnesday, August 12, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL. U.S. NEWS Senator Leaned IntoProsecutorial Role

Fierce foeofTrump her record on criminal justice and wrestled with howto has taken progressive frame her background as the stances, facedscrutiny former chief prosecutor in San Francisco. Progressivevoters overjusticeissues criticized Ms.Harris’stenure as California’sattorney gen- BY JULIE BYKOWICZ eral, suggesting she did not do

AND SABRINA SIDDIQUI S enough to addressinequities in the criminal-justicesystem. Kamala Harris,the daughter PRES But in the aftermath of of Jamaican and Indian immi- TED George Floyd’s killing while in CIA

grants, will makehistoryonthe SO policecustody in May, Ms.

Democratic presidential ticket. AS Harris leaned intoher law-en- Ms.Harris,a55-year-old forcement experiencewhile

senatorfromCalifornia and ONCELLI/ positioning herself as a lead- former stateand local prosecu- ing Democratic voiceonissues tor, is the firstBlack woman PEDR of race and policing. Ms. Har-

and firstwoman of Indian de- RICH ris marched with protesters scent selected to be the vice S; outside the White House and presidential nominee of ama- PRES helped craftlegislation to jorparty.Presumptivepresi- overhaul policing. dential nominee JoeBiden ZUMA Although Ms.Harris

called his newrunning mate“a CALL/ stopped short of embracing fearlessfighter forthe little LL calls from some on the left to RO

guy, and one of the country’s Q defund the police, she said the /C

finest public servants.” MS issue of policefunding should Thesecond Black woman to be examined through the lens

serveasaU.S.senator,Ms. WILLIA of reallocating resourcestoin- Harris waselected the same M vest in education, job creation TO

night as President Trump in P: and health care. 2016.She quickly rose to na- TO Ms.Harris’sSenateelection tional prominence as one of OM followedIllinois Sen. Carol FR Mr.Trump’stoughest antago- Ms. Harris wassworn in as senatorbyVicePresidentBiden in 2017, husband Douglas Emhoff looking on. Below, as California attorneygeneral. MoseleyBraun, who in 1992 nists, parlaying the spotlight became the firstBlack woman intoapresidential bid that She also playedaprominent lived, as Ms.Harris’scampaign elected to the Senate. LikeMs. ended in December. role in BrettKavanaugh’scon- struggled to settle on astrat- Harris,Ms. Moseley Braun “I am overjoyed, and Ithink firmation hearingsfor the U.S. egy—not quitepicking aside in sought the Democratic presi- that thereare so manypeople Supreme Court. the intraparty debatebetween dential nomination, in 2004. in our countrylooking at this Amostly party-line Demo- liberals and moderates—and Shirley Chisholm,aHouse and seeing the breadth and di- crat, Ms.Harris has votedin ultimately failed to catchfire member from New York, was versity of our country. Our an- line with Mr.Trump’sposition with voters.She also fell short the firstBlack candidateto cestorsare leaping and shout- just 16.2% of the time,according in making significant inroads run for a major party’s presi- ing.This is atransformative to atracker by FiveThirtyEight. with Blackvoters, who were dential nomination. Ms.Harris moment,” said NewJersey Sen. As California attorney gen- seen as integral to her path to used the redand yellowcolors CoryBooker,afriend of Ms. eral from 2011 to 2017, she se- victory. Ms.Harris dropped out of Ms.Chisholm’s1972cam- Harris’s who also sought the cured a$25 billion settlement of the race in December. paign for her logo. nomination forpresident. forstate homeownersfrom Ms.Harris is agraduateof During her presidential Ms.Harris wasappointed to mortgagecompanies in the af- Howard University,ahistori- campaign, Ms.Harris often the SenateJudiciaryCommit- termath of the 2008 financial cally Black institution in Wash- credited the civil-rightsactiv- teein2018 and captured atten- crisis. ington. Sheismarried to law- ism of her late mother, Shya- tion forher prosecutorial ap- She kicked off her ownpres- yerDouglas Emhoff and a mala Gopalan Harris,with proach in some of the hearings, idential campaign with a stepmother to his two children. shaping her political career. including with then-Homeland 20,000-person rally on Martin raising boost in the firstpri- part of the second classtoin- Mr.Emhoff wasafixtureon Ms.Harris’smother,who emi- Security SecretaryKirstjen Luther King Day2019 in Oak- mary debateafter confronting tegrateher public schools and the campaign trail, and the grated from NewDelhi to Nielsen over the Trump admin- land and wasquickly seen as a Mr.Biden over his opposition she wasbused to school every couple made several viral vid- Berkeley,Calif., in 1958,partic- istration’spolicytoseparate topcontender in the crowded to busing as ameans of deseg- day. That little girl wasme,” eos about their loveofcooking. ipated in sit-ins against the children from theirfamilies at Democratic field. She gained a regating schools.“Therewas a Ms.Harris said. As apresidential candidate, Vietnam Waralongside her the U.S. border with Mexico. surge of attention and afund- little girl in California who was Themomentum wasshort- Ms.Harris faced scrutinyover husband, Donald Harris.

Biden on the party’s ticket. tion, including some progres- support legislation requiring of- under pressurefromsome of elected,” House Majority Whip Harris “Joe Biden canunifythe sives who had backed Ms. ficers to wear cameras.She also his allies to pick awoman of James Clyburn (D., S.C.)said in American people because he’s Warren and Sen. Bernie Sand- didn’t push forprogressivepri- color.Black voters in South Car- acall with reportersTuesday. spent his life fighting for us,” ersofVermont, Mr.Biden’s orities likedecriminalizing mar- olina and Super Tuesdaystates Ms.Harris’sDemocratic pri- Is Biden’s she tweeted. main rival during the presiden- ijuana as away to reducemass turned the former vicepresi- mary campaign tried to appeal Ms.Harris gained attention tial primaries. incarceration. Ms.Harris per- dent’s campaign around in the to both moderates and progres- forher tough questioning of “AsanIndian American and sonally opposed the death pen- primaries, paving the way for sives,confusing voters at times VP Choice Trump administration nomi- son of immigrants, Iamvery alty,but she defended Califor- him to securethe Democratic on her positions.She didn’t ar- nees who came beforethe proud that we see someone like nia’scapital punishment policy nomination. ticulateaclear stanceonhealth SenateJudiciaryCommittee. herbecome the VP nominee for in court. While Ms.Harris’shome care,the topissue forDemo- ContinuedfromPageOne Her 2018 grilling of now-Su- our party,” said Rep.RoKhanna “The Biden-Harris ticket stateofCalifornia isn’t in play cratic primaryvoters, for the countryforward.” preme Court JusticeBrett Ka- (D., Calif.), who served as co- needs to inspireand motivate in the general election, her se- weeks.After signing on as aco- Mr.Biden selected Ms.Harris vanaugh went viral on social chairman of Mr.Sanders’scam- these people and wherethey hit lectioncould bring enthusiasm sponsor to Mr.Sanders’sMedi- over agroup of potential run- media and drew praise from paign forpresident. aroadblock is she’saformer to the ticket among Black vot- care forAll plan, Ms.Harris ning mates that also included Democrats, but Republicans But some liberals remain prosecutor who had alessthan ersinbattleground states in backtracked. She eventually re- former Obama national security dismisseditastheatrics and skeptical of Ms.Harris’scrimi- admirable record,” said Hawk places likeMichigan, Pennsylva- leased her ownproposal that adviser Susan Rice, Rep.Karen Justice Kavanaugh was even- nal-justicerecord. While serv- Newsome, afounder of Black nia and Wisconsin. sought to satisfythose who BassofCalifornia, Michigan tually confirmed. ing as attorney general, Ms. Lives MatterGreater NewYork. “Itgives all African-Ameri- wanted acompletegovernment- Gov. Gretchen Whitmer,Sen. She launched her presiden- Harris frequently didn’t prose- Mr.Biden, who started his cans—and should be all Ameri- provided health system and Elizabeth Warren of Massachu- tial campaign with a20,000- cutepoliceofficersaccused of running-matesearch by promis- cans—the kind of impetus that thosewho were reluctant to setts and Sen. TammyDuck- person rally in 2019.Aheated using excessiveforce and didn’t ing to pick awoman,had been they need to getthis man eliminateprivateinsurers. worth of Illinois. exchangewith Mr.Biden during Ms.Harris and Mr.Biden Ms.Harris’sselection could apresidential primarydebate didn’t always align on policyis- playamajor role in the Demo- last year helped draw attention sues during the primary. Ms. cratic Party’s leadership for to her bid. But her campaign Harris took moreliberal stances yearstocome.She is well-posi- struggled to settle on astrategy on health care and marijuana tioned to succeed the 77-year- forwheretocompeteand how legalization, forexample,than old former vicepresident as the to frame her message. She Mr.Biden. Ms.Harris also said head of the party.IfMr. Biden dropped out of the race in early her administration would have and Ms.Harris win the Novem- December,about two months used executiveorderstopush ber election, she would be the before voting began. through certain Democratic pri- firstwoman to serveasthe na- At anewsconferenceon orities,while Mr.Biden said he tion’svicepresident. Tuesday, President Trump said wanted to take abipartisan leg- Mr.Biden offered Ms.Harris Ms.Harris was“extraordinarily islativeapproach. aplaceonthe Democratic ticket nasty” during the confirmation Still, Mr.Biden said shortly during aTuesdayafternoon hearingsfor JusticeKa- afterMs. Harris exited from the Zoom call about 90 minutes be- vanaugh, saying she had been presidential race that he would fore the announcement, accord- “the meanest, most horrible” of consider her forhis running ing to acampaign official. all U.S. senators. mateifhewon the nomination. Ms.Harris,55yearsold, the “I wasalittle surprised at ThepresumptiveDemocratic daughter of Indian and Jamai- the pick,” said Mr.Trump,aRe- nominee said he had no hard canimmigrants,has been aris- publican, who two weeks ago feelingsoveranawkward mo- S ing star in the Democratic Party said Ms.Harris would be “a fine ment in the primarycampaign, sincebeing elected to the U.S. choice” forMr. Biden. PRES when Ms.Harris had abrief Senatein2016,and afterher Mr.Trump and his daughter surge in the presidential race at ZUMA presidential campaign, she was Ivanka Trump gaveatotal of his expense.She criticized him

better-known than manyofthe $8,000 to Ms.Harris’scam- CALL/ forhis position on federally LL

other women under consider- paign forattorney general be- RO mandated busing,using her

ation. She has ties to wealthy tween 2011 and 2014, according Q ownchildhood experiencetoar- /C

donors from industries includ- to statecampaign financere- MS gueheshould have supported ing finance, media and law cords. His campaign didn’t re- busing as ameans of desegre-

firms and an established small- spond to inquiries related to WILLIA gating schools.Mr. Biden’sal- M

dollar donor list. the donations. TO lies,including his wife, Jill Bi- She wroteonTwitterthat ManyDemocratsquickly ral- Sen. Kamala Harris of California, who ended her own White House bid in December, wrote on Twitter den, were takenaback by Ms. shewas honored to join Mr. lied behind Ms.Harris’sselec- that she was honored to join former Vice President Joe Biden on the Democratic Party’s ticket. Harris’s attack. QAnon SupporterWins GOP House PrimaryinGeorgia

BY NATALIE ANDREWS qualifying and attacked her for of Mr.Trump in her campaign, intelligenceofficial whose on- vivor,aNazi and said the di- sureand fight back.” moving to the district to run and her motto was“save Amer- line postsdriveQAnon theories, verseclasselected in the 2018 In Minnesota, Rep.Ilhan Marjorie Taylor Greene,a forthe seat when it became an ica, stop socialism.” When calling the person apatriot. midterms waspart of “anIs- Omar,aprominent member of supporter of the far-right open race. asked about QAnon in alocal- TheFederal Bureau of Inves- lamic invasion of our govern- the progressive“squad” in Con- QAnon conspiracytheorywho With about three-quartersof news interviewlast month,Ms. tigation has labeled QAnon a ment,” amongother anti-Mus- gresswho has sparred with has faced criticism forher ra- precinctsreporting,Ms. Greene Greene said: “I’m just likemil- potential domestic terrorism lim statements. She also President Trump,won her cial and anti-Muslim rhetoric, had 58.5%ofthe vote,to41.5% lions of people hereinour threat, saying it could inspire equated Black Lives Matterac- Democratic primaryTuesday, wonaRepublican House pri- forDr. Cowan. countryand then millions of people to commit crimes. tiviststoneo-Nazis. the Associated Pressprojected, maryinGeorgia, the Associated Ms.Greene is one of ahand- people around theworld that Several HouseRepublicans Ms.Greene’scampaign putting her on track forasec- Pressprojected. fulofRepublican candidates areverymuch concerned about pulled their support from Ms. didn’t respond to arequest for ond term in Congress. Thevictoryinthe heavily this cycle who have voiced sup- adeep stateinour govern- Greene’scampaign afteraPolit- comment. She defeated the attorney Republican district putsher in port forQAnon, the fringe ment.” icoreport in June about ase- On Twitter, she said: “Every Antone Melton-Meaux,awell- astrong position to win the theorythat a“deep state” cabal Ms.Greene has talked re- ries of recordings in which Ms. Republican, everyChristian funded rival who focused on seat in the fall. tied to sextrafficking is work- peatedly about the deep state. Greene made commentsvilify- Conservativeisgoing to be her outsizenational profileand Thesmall-businessowner ing against President Trump In now-deleted videos posted ingMuslims and others. In the called aracist and abigot by controversial statements. With defeated John Cowan, aneuro- with the help of the media and beforeshe announced her cam- recordings, Ms.Greene called the Fake News Media….I’m almost all precinctsreporting, surgeon who had called Ms. dark forces. paign, she discussed “Q,” apur- George Soros,aDemocratic sorrymyfuturecolleagues are Ms.Omar had 57% of the vote Greene’s past commentsdis- She emphasized her support ported high-level government megadonor and Holocaust sur- unable to stand up to the pres- to 39% forMr. Melton-Meaux. P2JW225000-0-A00500-1------XA

THE WALL STREET JOURNAL. We dnesday, August 12, 2020 | A5

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A6 | We dnesday, August 12, 2020 NY THE WALL STREET JOURNAL. U.S. NEWS Arms Sale Legal, but Flawed, Review Finds

Gulf states deal didn’t the administration to bypass ians,and U.S. policydictates the traditional congressional that the government seek to takesteps to minimize notification process, wasop- minimize harm to civilians. civilian casualties, posed by Democratsand some In astatement issued Mon- Republicans.The House and day, the department said the watchdog says Senate passed resolutions arms sales “were essential to aimed at blocking the sales,but bolster the security of the Gulf BY COURTNEY MCBRIDE President Trump vetoed them. region and our ally Israel In an unclassified part of against the sharp increase in WASHINGTON—TheState thereport released Tuesday, Iranian aggression in 2019.” Department’s office of the in- the OfficeofInspector General The department called the spector general concluded that found that Secretary of State OIGinquiryan“inquisition,” QUE/REUTERS

an emergency declaration fa- Mike Pompeo’s certification of noting that it had involved in- MAR cilitating $8 billion in weapons an emergency“wasexecuted terviews with 46 department LA

sales to U.S. allies in the Gulf in accordance with the [Arms employees. KEVIN last year complied with the Export Control Act].” The inspector general’s of- President Trump and Saudi Arabia’s Crown Prince Mohammed bin Salman spoke in June 2019. law. But the department’s in- Theofficealso found that fice didn’t assess the validity ternal watchdog said the sales the State Department “didn’t of the Iranian threats cited in Saudi Arabia and the U.A.E. in who led the officewhen the in- quiry, delegating authority over didn’t include adequate mea- fully assessrisks and imple- Mr. Pompeo’s declaration, ac- quantities belowthe threshold quirybegan, of “investigating it to his deputy,Diana Shaw. sures to minimize civilian ca- ment mitigation measures to cording to the report, which forcongressional notification. policies he simply didn’t like.” Following Mr.Akard’sresigna- sualties. reduce civilian casualties and notesthat the arms-export- Thedepartment approved Mr.Linick told lawmakers tion this month, Ms.Shawis On May24, 2019,the legal concerns associated with control lawthe department 4,221 such transfers, with an in June that his officewas ex- serving as the department’s Trump administration—citing the transfer of [precision- citeddoesn’t define what an aggregate value of approxi- amining the circumstances acting inspector general. security threatsfromIran— guided missiles] included in emergency is. Nor did the of- mately $11.2 billion, beginning surroundingthe emergency A senior State Department employedaseldom-used au- the May2019 emergencycerti- fice “make any assessment of in January2017, the office declaration at the time of his official characterized the re- thority to declareanemer- fication.” thepolicydecisions underly- found, noting that the equip- May 15 firing. port’sfindingsasavindication gency, allowing for expedited While the U.S. government ing the arms transfersand the ment included componentsof Stephen Akard, who was of the administration’sactions transfers of $8 billion in U.S.- regularly sells weapons to its associated emergency.” precision-guided munitions. tapped to fill the inspector during abriefing call held made weapons to Saudi Arabia allies and partners, it is barred Thereport also notes that Mr.Pompeo has accused general post in an acting ca- Monday, beforereportersor and the United Arab Emirates. from transferring weapons the State Department regularly former State Department In- pacity upon Mr.Linick’souster, lawmakershad an opportunity Themove, which enabled that will be used against civil- approved arms transfers to spector General SteveLinick, recused himself from the in- to review the report. Trump Pledge to Reach Nuclear Deal With Iran Draws Scrutiny

Trump administration offi- Mr.Trump’sspecial envoy to Iran government spokesman. creasing escalations by the Ira- single nuclear weapon if it Sunday, Mr.Trump told do- cials said there is no detailed Iran forthe past two years, “If Trump were serious about nians,the president took bold broke out of the agreement. nors that, if re-elected, he strategyfor rapid negotiations Brian Hook,said last week he compensating forpast mis- decisiveaction and reset the That “breakout time” has “would have adeal with Iran on anuclear deal with Iran de- wasresigning from the position, takes, we would welcome that. table fordeterrence,” she said. substantially shrunk to four within four weeks,” the Asbury spitethe president’srecent re- another signal that chances for But it seems likehis recent “But as he’ssaid manytimes, months, said Olli Heinonen, a Park Press reported. marks that he would strikea adeal remain remote, adminis- claim has no goal beyond get- he’salways willing to talk.” former senior official at the He repeated the claim dur- tration officials said. Iran has tripled itsstockpile U.N.’sInternational Atomic En- ing anewsconferenceMonday By Michael C. Bender Instead, Mr.Trump’sasser- of enriched uranium sinceNo- ergy Agencynow at theStim- and during aradio interview in Washington and tion stems from thinking in- If he is re­elected, vember,the United Nations son Center,anonpartisan Tuesday. Aresu Eqbali in Tehran side the administration that atomic agency said in March, thinktank that studies na- Asked forcomment, the Tehran is holding off until it is thepresident says he prompting warningsfrom tional security andinterna- State Department referred to quick agreement if he wins a clear whether he will servean- would makeadeal weapons expertsand diplo- tional peace. the president’sremarks,say- second term. other term. mats that Tehran had slashed Mr.Trump raised the possi- ing they spokefor themselves. President Trump’s pledge, Iran said the president’sre- ‘within four weeks.’ the time it would need to bility of dealing with Iran White House officials said a which he has repeated publicly cent remarks were viewed as amassenough fuel foranu- “veryquickly” in asecond second term forMr. Trump four times in the past five political salesmanship instead clear weapon. term during anewsconference would forceIranians to choose days,supposes that Iranian of an indication that adeal When the nuclear agree- Fridaywhile speaking about between returning to the ne- leaderswould meet him at the wasclose.“Even if Trump is ting votes in the elections.” ment between Iran and six an intelligencereport last gotiating table or waiting four negotiating table,amovethey elected for a second term, as White House communica- world powers took effect in week saying Iran sought to un- years for sanctions relief. have publicly opposed sincehe long as it continues the policy tionsdirector AlyssaFarah January2016,U.S.officials es- dermine U.S. democratic insti- Iranian Supreme Leader Ali withdrew the U.S. from the of pressureonIran, he will said the president’sgoal was timated it would take at least tutions and Mr. Trump ahead Khamenei has said he won’t multination Iraniannuclear have no success in reaching an to deter Iran’snuclear pro- ayear forIrantoproducesuf- of the November election. consider talking to the U.S. be- accord in 2018. agreement,” said Ali Rabiei,an gram. “After months of in- ficient enriched uranium fora At aprivatefundraiser on fore it lifts sanctions.

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THE WALL STREET JOURNAL. **** We dnesday, August 12, 2020 | A7 U.S. NEWS Moderna Signs Covid Reporting BesetbyDelays

$1.5 Billion Va ccine B Y R OBBIE WHELAN

Public release of hospital Deal With U.S. dataabout the coronavirus pandemic hasslowedtoa crawl, one month afterthe BY JARED S. HOPKINS the most advanced in develop- federal government ordered ment. It is being evaluated in a states to report it directly to Moderna Inc.said Tuesday 30,000-person late-stagestudy. the Department of Health and it agreed to provide the U.S. Public-healthofficials have said Human Services and bypass government with 100 million they maylearn in November or theCentersfor Disease Con- doses of itsexperimental coro- December whether the Mod- trol and Prevention. navirus vaccine in exchangefor erna vaccine works. Keyindicators, such as esti-

morethan $1.5billion. Thevaccine,which is admin- mates of the portion of inpa- S

Thedrugmaker’s vaccine istered to patientsintwo tient beds occupied by Covid-19 PRES agreement is the latest with the doses, produced an immune re- patients, arelagging by aweek UMA

U.S.,which has already secured sponse in the 45 healthyvolun- or more,making it harder for /Z

hundreds of millions of doses teers evaluated in an early- citizens and local officials to get CNP from othercompanies. stagestudy and wasgenerally ahandle on howthe pandemic S/ With the latest deal, the U.S. safeand well-tolerated, accord- is progressing and to allocate

has agreed to spend morethan ing to resultspublished last supplies of antiviraldrugs and REYNOLD

$9 billion forthe shots. It has month by the NewEngland personal protectiveequipment, ANI EF

also invested in vaccine re- Journal of Medicine. public-health expertssay. ST search and development, as Moderna has previouslysaid Thedecision to switch data Twenty-two state attorneys general, led by Maura Healy of Massachusetts, in late July sent a letter to well as supplies likevials and itsvaccine could getemergency reporting in the middle of a HHS Secretary Alex Azar, above, demanding the agency return to the old data collection system. syringes. approval in the fall if it proves public-health crisis wasreck- Thegovernment will provide to work safely in late-stage less,researchersand former “We’vebeen at it foramonth nowit’sthree days old,” Dr. asked the CDC to add dozens of Moderna’svaccine to people in clinical trials,and has begun public-health officials say. now, so we’restarting to see the Frieden said. “They pulled it newelementstoits National the U.S. free and have the op- ramping up manufacturing in “The transition has been a datastabilizeand shakeout. It’s away from CDC because it was Health Safety Network system, tion to purchase up to an addi- advance. disaster,” as hospitals typically whythe datahas only been up- updated three times aweek, which has been in placefor tional 400 million doses,ac- Modernahas received about take time to adjust to newdata dated on aweekly basis,” the of- and nowthey updateitoncea about15years. TheWhite cording to Moderna. $950 million in U.S. funding for systems,said Jeffrey Engel, se- ficial said. “In being moretrans- week. Give me a break.” House gavethe CDC adeadline “Weappreciatethe confi- the development and testing of nior adviser to the Council of parent, it creates some level of HHS’sestimated patient im- of two to three days,the HHS denceofthe U.S. government in itsvaccine,which the company State and Territorial Epidemi- confusion [in the short term].” pact and hospital-capacity sta- official said, but the CDC said it our mRNA vaccine platform codesigned with the National ologists, an association that Thedatahospitals report to tistics,for example,weren’t up- needed two to three weeks to andthe continued support,” Institutes of Health. Taking this representsstate public-health the federal government is im- dated between Aug.3and Aug. implement changes. Moderna Chief Executive funding intoaccount, Mod- officials.“What HHSsaid was portant in part because it helps 10,according to areview of HHS,onordersfromthe Stéphane Bancel said. erna’svaccine priceper dose that the CDC wasnot nimble determine howofficials allocate HHSdatabyThe Wall Street WhiteHouse task force, on Thevalue of the agreement jumpstoabout $25,according enough andcouldn’t handle supplies of remdesivir,ananti- Journal. That dataset includes July 10 instructed hospitals to impliesapriceofabout $15 a to analystsatMorganStanley. newdataelements, and that’s viral drug manufactured by switch from the CDC’ssystem dose,which appearstobe Under adeal announced last simply not true.” Gilead Sciences Inc. that has to anew one operated by a lowerthan the pricerangeof month, the U.S. agreed to pay HHS officials saythe new been distributedbythe U.S. Keyindicatorsare privatecontractor called Tele- $32 to $37 adose that Mod- Pfizer Inc.and BioNTech SE system is morecompletebe- sinceitwas authorized for Tracking Technologies Inc., erna, based in Cambridge, $1.95billion for100 million cause morehospitals arere- emergencyuse in May. lagging,after states the HHS official said. TheCDC Mass.,said last week waspart doses,which suggestsapriceof porting amorethorough set Thegovernment also uses were told to report didn’t respond to arequest to of small-supply government $19.50adose and $39 fortwo of statistics.But because the thehospital datatoallocate comment. contracts. doses.AstraZenecaPLC,mean- system is so new, it is taking supplies such as N95 face datadirectly to HHS. Jennifer Nuzzo,senior Vaccines areseen by public while,agreed to provide 300 time to ensurethe quality of masks. But moreimportantly, scholar at the Johns Hopkins health officials as the best way million doses to the U.S. for the dataand control forvaria- thedataisthe most publicly Center forHealth Security, to curb the spread of the new $1.2 billion, suggesting $4 a tions in numberssuch as the available information used by said her team has tracked in- coronavirus,yet their cost and dose forthe vaccine it co-devel- quantity of cases reported businesses,local elected offi- indicatorssuch as inpatient consistencies between HHS’s pricehaveemergedasimpor- oped with University of Oxford each day. The quality-control cials,hospitals and contractors andintensive-carebeds occu- reporting and state-level hos- tant questions as they move researchers. processhas led to some delays to gaugehow stressed the U.S. pied by Covid-19 patients, pital occupancydata. “This forwardinadvancedstagesof Meanwhile,the U.S. reported in reporting hospital capacity hospital system is,said Thomas which researcherssay arekey switch happened at averyvul- development. fewerthan 50,000 newcorona- estimates, HHS says. Frieden, who wasdirector of to understanding the pandemic. nerable moment, and there is “For Operation Warp Speed, virus cases forthe second dayin Under the CDC,between the CDC from 2009 to 2017. Twenty-two stateattorneys adataconsistencyand quality we areassembling abroad arow,evenasthe number of 2,900 and 3,000 hospitals were HHS switched the datare- general, led by MauraHealy of problem,” Ms. Nuzzo said. portfolio of vaccines to increase cases world-wide surpassed 20 reporting coronavirus-related porting system tooabruptly, Massachusetts,sent aletterin Some states,however, say the odds that we will have at million. TheU.S.reported dataeach day, while now, nearly he said,“and the result has lateJuly to HHS Secretary the transition to the newdata least one safe, effectivevaccine 49,536 newinfections on Mon- twiceasmanyhospitals arere- been chaotic.” AlexAzar, demandingthat the system has been smooth. as soon as the end of this year,” day, according to aWall Street porting,asenior HHS official “There’s been inconsistent agencyreverse thedecision Theswitch “has not im- SecretaryofHealth and Human Journal analysis of datacom- said. But HHS needs moretime reporting,therehavebeen se- and return to the old datacol- peded ability to addressthe Services SecretaryAlexAzar piled by Johns Hopkins Univer- to analyze the datatoestablish rious lagsinthe reporting. lection system. pandemic,” Dean Sidelinger,a said. sity.The nation had morethan confidenceinthe results, this Thelast time Ireviewedit, In early July,the White public-health official in Ore- Moderna’svaccine is among 5.1million totalconfirmed cases. person said. some datawas 11 days old, and House coronavirus task force gon, said Friday. Qualcomm Antitrust Case Tossed

ContinuedfromPageOne during abroader market decline to end up at a2.3%gain. Don Rosenberg, Qualcomm’s general counsel, called the deci- GES sion avalidation of the com- IMA pany’sbusinessmodel that un-

derscored the contributions the GETTY companyhad made to the in- G/ VC

dustry. U/ Ian Conner, director of the YO

FTC’sbureau of competition, ZHOU said the ruling “isdisappointing The dominantcellphone chip maker ‘acted with sharp elbows’but not and we will be considering our illegally,anappeals court ruled. Qualcomm tech at aChinese expo. options.” Thecommission could ask forarehearing of the case comm to changeits business unusual circumstances.FTC with the full court participating, practicesafter concluding the leadership changed afterPresi- or potentially seek Supreme chip designer improperly lever- dent Trump took office, but the Courtreview.But the FTC’s aged itsdominancetokeep commission’scurrent chairman, strategic options arecompli- tight reins on the industry. Joseph Simons,has been re- catedbecause the commission Qualcomm has been able to cusedinthe case and the other itself has been divided over the maintain businessasusual dur- four commissioners, two Re- lawsuit, and the JusticeDepart- ing the litigation because the publicans and two Democrats, ment, which shares antitrust NinthCircuit previously put have been deadlocked, leaving a authority,has opposed it. JudgeKoh’sruling on hold potential legal settlement with Thecase dates back to the while it considered the com- the companyout of reach. final days of the Obama admin- pany’sappeal. Adding to the drama, the istration, when the FTC sued Theappeals court rejected JusticeDepartment, which Qualcomm and challenged a allofJudgeKoh’scentral con- shares antitrust enforcement central companypracticethe clusions that Qualcomm’stac- authoritywith the FTC,last commission described as “no li- tics unlawfully harmed rival year waded intothe litiga- SultanofSwoon cense,nochips.” chip makersand phone manu- tion—in support of Qualcomm. TheFTC said Qualcomm en- facturers, and it cast doubt on ADOJ spokeswoman declined Frank Sinatra joyedmonopolies in two types using antitrust laws to chal- to comment. of modem chips and adopted a lengehow acompanywields its ForQualcomm, the decision Musicallegend. Artistic legacy.Colorfulabstraction. framework in which phone patents,which giveintellectual- is along-awaited vindication. This original oil on canvas was painted by Ol’ Blue Eyes makerscouldn’t purchase those property ownersthe right to Thecase had threatened to himself, Frank Sinatra. Unquestionably one of the most chips fortheir devices unless exclude competitorsfromusing forcethe companytorestruc- iconic entertainers of the20thcentury,Sinatra was also they also paid to license Qual- their inventions unlessthey pay tureits businessand renegotiate comm patentscovering arange licensing fees. licensing deals with itscustom- agifted artist. Inspired by the work of contemporary of itsintellectual property.That “The opiniongoes along ers, denting ahighly profitable artists such as Frank Stella, this painting is an ode to structuremade it difficult for way toward saying that anti- patent royalty division. the legacy of American abstraction and astunning work phone makerstochallenge trust has no role to playinre- Thecompanyearns most of of art in its own right. Signed (lower right). Dated 1987. Qualcomm’sroyalty rates, and viewing patent use and misuse,” itsrevenue from sellingchips, 1 1 1 1 Canvas: 34 /2”h x46/2”w; Frame: 37 /2”h x49/2”w. #31-1535 the arrangement also meant said Wayne State University law butthe licensing division has those manufacturerswerepay- professor Stephen Calkins.But much higher margins and ac- ing Qualcomm royalties even if the ruling,hesaid, also adopted counted formorethan half of they used acompetitor’s chips aflawedanalysis of howto itsearningsbeforetaxes in its in their phones. evaluatealleged harms to cus- latest quarter. Qualcomm said it achieved tomers, which could givethe While the companyisstill itsmarket position lawfully,de- FTCanopening to ask forthe facing an investigation from veloping and investing in case to be reconsidered. European antitrust authorities, breakthrough technologies,an Theruling also highlighted the decision removes one of the argument accepted by the ap- the reluctanceofsome courts last major hurdles afterseveral pealscourt. Thecompanyar- to intervene in fast-moving tech yearsofmonumental business gued itslicensing practices markets. and legal challenges. 622 RoyalStreet,New Orleans,LA•877-677-2801 •[email protected] •msrau.com were well-grounded because “Wedecline to ascribe anti- Qualcomm is aleading devel- everycellphone invariably uses trustliability in these dynamic oper of technologies that under- Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. itspatentedinnovations. and rapidly changing technol- pin superfast 5G communica- Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. Tuesday’sruling tossed out a ogymarketswithout clearer tionstechnologyand has come decision issued last year by U.S. proof of anticompetitiveeffect,” to be seen as anational cham- District JudgeLucyKoh in San JudgeCallahan wrote. pion during growing technologi- Jose,Calif., who ordered Qual- Thecase has unfolded amid calcompetition with China. P2JW225000-4-A00800-1------XA

A8 | We dnesday, August 12, 2020 **** THE WALL STREET JOURNAL. WORLD NEWS Russia Says It HasFirst Covid-19 Vaccine

Accelerated rollout of launched intoorbit in the Cold adeeply disturbing precedent Warspacerace, beating the U.S. that it’sall right to cut corners, ‘Sputnik V’ sparks “Weshould be grateful to it’sall right to ignoreethics,it’s safetyconcerns as those who have takenthis first all right to ignoreinternational step, which is very important legal standards in asearch fora West continues trials forour countryand the whole vaccine,” said LawrenceGostin, world,” Mr.Putin told agov- director of Georgetown Univer- BYTHOMAS GROVE ernment meeting on Tuesday, sity’s O’Neill Institutefor Na- according to aKremlin tran- tional and Global Health Law. MOSCOW—Russia regis- script. “I hope we can start a “That could be disastrous.” teredthe world’sfirst massiverelease of this vaccine Likewise,critics saythat by Covid-19 vaccine,President soon,” he said. testing the vaccine initially on Vladimir Putin said, marking a In Russia, registration of a soldiers, the healthy segment milestone in the fight against drug is the most important of society,Russia had failed to the newcoronavirus but amid step with the Health Ministry account forthe effectsthe safety concerns in the West to verifyits safety and makeit shot could have on others, in- over the country’s accelerated available formedical use,simi- cluding older citizens with clinical evaluations. lar to approval by the Food and chronic diseases.

Tuesday’sdevelopment was Drug Administration in the U.S. /REUTERS U.S. Health and Human Ser-

met with anticipation and Critics worrythat the FUND vices SecretaryAlexAzarsaid skepticism in the countryand Kremlin is sacrificing the on Tuesdaythat it wasmore ENT

raises questions not only health of itscitizens forpres- TM important to have asafeand about the efficacy of the Rus- tige. Mr.Putin this year said effectivevaccine against the sian vaccine,which some he wanted ashot produced by INVES coronavirus than to be the global health officials saywas September.Russia has re- CT first to produce one. developed by cutting regula- corded some 900,000 corona- DIRE Russia’sGamaleyaInstitute,

tory corners, but also howthe virus cases,straining its IAN which worked jointly with the SS

registration could alter the health-care system, and lock- RU Defense Ministry, has said the

landscapefor other Western down measures were expected THE expedited testing wassafebe- and Asian drug companies still to have cut itseconomyby A scientist at the Gamaleya Institute in Moscow worked on the Covid-19 vaccine this month. cause the vaccine wasbeing working toward a shot. 10% in the second quarter. developed on thebasis of a Some health and pharmaceu- So far, two rounds of test- areboth safeand effective,” the healthyvolunteerstesting the year,the Trump administra- previouslyregistered inocula- tical officials in Russia and the ing have been launched forthe World Health Organization said. shotsfor safety.The next stage tion gavebillions of dollars to tion against Ebola. West have expressed alarm at vaccine,and athirdisplanned “WHO is in touch with Russian typically evaluates whether the pharmaceutical companies This year,the U.S.,U.K.and the speed with which scientists afterregistration, when au- scientists and authorities,and vaccine provides protection, Johnson & Johnson, Moderna Canada accused Russia of at Moscow’s GamaleyaInstitute thoritieswill offer voluntary looks forwardtoreviewing de- usually in hundreds of people, Inc., AstraZenecaPLC and hacking into international in- forEpidemiologyand Microbi- vaccination of health-care tails of the trials.” with the thirdstage evaluating SanofiSAtodevise avaccine. stitutions to steal Covid-19 ology developed the vaccine. workersand teachers. The Separately,Russia’sMinistry the vaccine in thousands of Moderna and Pfizer have vaccine information. Russia Scientistsemployedmilitary health minister said previously of Health in May approved aflu volunteers. Thedevelopment started late-stage testing. denied the accusations. testing,accelerated clinical that arollout of the vaccine drug foruse in fighting corona- processoften takesyearsand Some wonder if Russia’s AnthonyFauci, the U.S.’s evaluations andshortened trial would start in October. virusafter officials said prelim- most promising vaccines wind curtailed testing could add po- top infectious-disease expert, times in an attempt to be first. “Accelerating vaccine re- inarytesting showedhospital- up faltering during rounds of litical pressureinother cor- said during a House Covid-19 Russiahopes to use it in a search should be done following ized patientswho took the pills study. ners of the globe to imitate subcommittee hearing in July massiveimmunization program established processes through recoveredmorequickly. Russia’sregistration putsit Moscow’s regulatorycorner that the U.S. likely wouldn’t at home andtoexport it abroad everystepofdevelopment,to In theU.S.and Europe,vac- ahead of U.S.,European and cutting in the hopes of more use vaccines developed in under the name Sputnik V—a ensurethat anyvaccines that cines aretested differently,be- Asian peersthat have also quickly getting to a vaccine. China or Russia, voicing con- referencetothe satelliteit eventually go intoproduction ginning with asmall group of been racing foravaccine.This “It’sreally reckless, and sets cerns over testing. Mexico Ex-President Accused of Bribes By Former Oil Chief

BY JUAN MONTES investigation to determine whether the evidenceissolid MEXICO CITY—The former and maycall Mssrs. Peña Nieto head of Mexico’sstate-oil com- and Videgaray to testify. They panyPetróleos Mexicanos ac- haven’t been chargedwith any cused former President Enrique crime. Peña Nietoand his former fi- Mr.Peña Nietocouldn’t be nanceminister of instructing immediately reached forcom- him to funnel millions of dol- ment. Mr.Videgaray didn’t re- larsinbribes to the 2012 presi- ply to acall seeking comment dential campaign, part of Mex- at hisofficeatthe Massachu- ico’shighest-profile corruption setts InstituteofTechnology, probe in decades,the country’s whereheisserving as senior attorney general said Tuesday. lecturer at the MIT Sloan

REUTERS Emilio Lozoya,who is also School of Management. O/ facing corruption charges,filed Mr.Lozoya’sallegations are

SENK acomplaint against Mr.Peña part of Mexico’shighest-profile Nietoand former FinanceMin- corruption case since1983, FEDO

Y ister Luis Videgaray foralleg- when anotherformer Pemex SIL

VA edly ordering him to illegally fi- chief wasjailed forcorruption. People in Minsk on Tuesdayheld up Belarus’shistorical flag near whereaprotesterdied on Mondayfollowing the presidential election. nanceMr. Peña Nieto’s If Mr.Peña Nietowereindicted, campaign and bribe legislators he would be the firstpresident to securepassageofsweeping to facecorruption chargesin Opposition Leader Leaves Belarus overhauls,including the open- Mexico’smodern history. ingofthe energy industryto An investigation intoMr. privateinvestment, Attorney Peña Nietocould be aboon for BY ANN M. SIMMONS Some suggested Ms.Tikha- role in the opposition move- Vladimir Putin,incontrast, con- General AlejandroGertz said in President AndrésManuel López novskaya,37yearsold, had ment appearstobeover, po- gratulatedMr. Lukashenkoand avideo statement. Obrador,anationalistwho MOSCOW—Belarus’sgrowing been coercedintoleaving and tentially providing some re- suggested their countries build Mr.Lozoyasaid bribes of came to powerin2018 promis- protest movement is at aturn- telling people on Tuesdayto spitefor Mr.Lukashenko, 26 their already substantial ties. morethan 100 million pesos,or ing to stamp out corruption. ing point afteropposition leader end the protests, pointing out yearsafter he firsttook control SinceSunday, thousands of $7.5 million,fromBrazilian con- Lawyerssay that the statute Svetlana Tikhanovskaya leftfor that she only stepped intothe of this former Soviet republic. people have takentothe struction giant Odebrecht SA of limitations has expired foril- Lithuania, saying she had to role of opposition candidate “I made averydifficult deci- streetstovent their frustra- were diverted to Mr.Peña Ni- legal campaign financing in consider the futureofher two afterher husband, popular sion formyself.Imade this de- tion against Belarus’s leader- eto’scampaign, according to a 2012. children following the country’s YouTuber SergeiTikhanovsky, cision absolutely indepen- ship and what they sayisa summaryofthe complaint pro- Mr.Lozoya, who led Pemex disputed presidential elections wasbarred afterbeing de- dently,” she said in an emotional corrupted political system, vided by the attorney general. from 2012 to 2016 and wasa and aworsening crackdown tained in Mayfor allegedly in- video posted on social media. promptingaferocious re- Another120 million pesos was close aide to Mr.Peña Nieto, against her supporters. citing unrest. He remains in Mr.Lukashenko’sgovern- sponse from security forces. allegedly funneled to bribe leg- has been chargedwith money Manyofher backershave detention. ment didn’t respond to are- At least one protester was islatorsin2013 and 2014. laundering,briberyand racke- promised to continue demon- Staff on Ms.Tikhanovskaya’s quest to comment on the de- killed and morethan 2,000 Mr.Gertz said Mr.Lozoya teering in two cases.Hewas strations against Belarus’svet- campaign team also released a partureofMs. Tikhanovskaya. were detained Monday, au- has given prosecutorswit- hospitalized upon arrival to re- eran leader,President Alexan- statementlater Tuesdaysup- TheU.S.and some Euro- thorities said. Twenty-one nesses,receiptsand avideo. coverfromanemia, the attor- derLukashenko, who claimed porting the protests. They urged pean countries urgedthe gov- law-enforcement and military Theformer Pemexchief was ney general’sofficesaid. He 80% of the vote in Sunday’s authorities to avoid violence ernment to exercise restraint personnel were injured. extradited from Spain in July waslater released by ajudge, poll despitegrowing anger over and begin discussions on what andcriticized itsconduct in Therewerefewerprotesters afterspending months in who ordered him to wear an his handling of the country’s they called apeaceful transfer the election, adding weight to on the streetsofMinsk on prison. ankle monitor. stagnating economyand his in- of powertothe people. opposition allegations of elec- Tuesdaycompared with previ- Mexico’sattorney general Mr.Lozoyahas denied creasingly heavy-handed rule. But Ms.Tikhanovskaya’s tion fraud. Russian President ous evenings. said his officewas opening an wrongdoing.

AGoogle spokesperson said the owner getting anew bug report about the issue Washington, the Journal’stest- ByteDancetoconnect the old TikTok the companywas investigating phone.The Federal Trade with Google in June afterdis- ing showed. advertising ID to the new the Journal’sfindingsand de- Commission has said MACad- covering the latest version of TikTok bundled the MACad- one—a tactic known as “ID clined to comment on the dresses areconsidered person- Android still didn’t close the dresswith other devicedata bridging”—that is prohibited Skirted loophole allowing some apps ally identifiable information loophole.“Iwas shocked that it andsent it to ByteDancewhen on Google’sPlayStore.“If you to collect MAC addresses. underthe Children’sOnline wasstill exploitable,” he said. the app wasfirst installed and uninstall TikTok,reset the ad TheTrump administration’s Privacy Protection Act. Mr.Reardon’sreport was opened on anew device. That ID,reinstall TikTok and create Data Rule national security concerns “It’saway of enabling long- about the loophole in general, bundle also included the de- anew account, that MACad- promptdByteDancetoexplore term tracking of userswithout not specific to TikTok.Hesaid vice’sadvertising ID,a32-digit dresswill be the same,” said a sale of TikTok’s U.S. opera- anyability to opt-out,” said number intended to allowad- Mr.Reardon. “Your ability to ContinuedfromPageOne tions with several suitors, in- Joel Reardon,anassistant vertiserstotrack consumer be- start with aclean slateislost.” dateour app to keep up with cluding MicrosoftCorp.When professor at the University of The app collected havior while giving the user Despitethe prohibition, ID evolving security challenges.” asked if the companywas Calgaryand co-founder of Ap- some measureofanonymity and bridging is fairly widespread, Thecompanysaid “the cur- aware of this data-collection pCensus Inc.“Idon’t see an- so­called MAC control over their information. according to AppCensus,par- rent version of TikTok does issue, a Microsoft spokesman other reason to collect it.” addresses for at Privacy-conscious userscan ticularly amongfreegaming not collect MAC addresses.” declined to comment. Apple Inc.locked down reset the advertising ID from apps.But it seldom involves Most major mobile apps Theissue involves a12-digit iPhone MACaddresses in 2013, least 15 months. the settingsmenu of the device, the MACaddress, the most per- collect a range of data on us- “media access control,” or preventing third-party apps an action roughly equivalent to sistent identifier accessible in ers, practices that privacyad- MAC, address, which is a from reading the identifier. clearing cookies in abrowser. the current version of Android. vocateshavelong found unique number found in all In- Google did the same two years Google’sPlayStore policies TheJournal’sanalysis con- alarming but that tech compa- ternet-ready electronics,in- later in Android. TikTok by- that when he filed his bug re- warn developersthat the “ad- firmed some of the behavior nies defend as providing cluding mobile devices. passed that restriction on An- port, the company told him it vertising identifier must not detailed in awidely discussed highly customized experiences The MAC address is useful droid by using a workaround already had asimilar report be connected to personally- anonymous Reddit post in and targeted advertising. to advertising-driven apps be- that allows apps to getMAC on file.Google declined to identifiable information or as- Aprilcharging that TikTok About 1% of Android apps cause it can’t be reset or al- addresses through amorecir- comment. sociated with anypersistent transmittedarangeofper- collect MACaddresses,accord- tered, allowing app makers cuitous route, the Journal’s TikTok collected MACad- deviceidentifier,” including sonal datatoByteDanceserv- ing to a2018 study by App- and third-party analytics firms testing showed. dresses foratleast 15 months, the MACaddress, “without ex- ers, including the MACad- Census,amobile-app analysis to build profiles of consumer Thesecurity hole is widely ending with an updatereleased plicit consent of the user.” dress. Google said it is firm that consultswith compa- behavior that persist through known, if seldom used, Mr. Nov.18, as ByteDancewas fall- Storing the unchangeable investigating the claims in nies on their privacypractices. any privacy measure short of Reardon said. He filed aformal ing under intense scrutinyin MACaddresswould allow that post. P2JW225000-0-A00900-1------XA

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A10 | We dnesday, August 12, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

the open-spaceoffice, which on schools reopening,hesays. ing Officer DaraMcQuillan says hattan, five to 10 employees ForAlone occupies theentire18th floor, Meanwhile,empty-office Silverstein is sending ames- have been coming in on avol- wasalways busy,chatty and syndrome appearstobeself- sage to tenants: If it’ssafefor untarily.The firm added plants friendly.Now,that “happy en- perpetuating,assome return us,it’ssafefor you. and trees to fill in the open Time, Head ergy” is gone,says Ms.Lo, the only to find that the workplace “Weare eating the pudding floor plan, and rearranged fur- people operations manager for feels moreisolating than home. that we make,” he says. nituretocreatesmaller spaces, the firm, responsible forget- Brooklyn publicist Emily Silverstein adopted safety says Grant Christofely,asenior Into Work ting the officeready forothers. Rose wasexcited when her measures.Workersreceive workplacestrategist. Thecompanycan nowac- firm announced that up to a welcome kitswith masks,sani- James McGrath, founder of commodateupto20workers dozenemployees at atime tizer and akey fobtool for digital real-estatebrokerage ContinuedfromPageOne at atime in itsofficeonavol- could return to the 50-person Still here poking buttons and pulling Yoreevo, says he enjoys being dayafternoon back in March, untarybasis.Attendancesofar office. “I signed up right away,” handles.They order free lunch the only person on the third expecting to return the next has peaked at three. she says. via an app from an approved floor of the WeWork officehe day. Four months later,Ms. Lo It has been morethan a On her firstday back last Security guardDanisha kitchen facility. rentsinManhattan—even wasthe firstone back at FitS- month sincenonessential month, she and two others Turner says the days feel slow. Despitesuch measures,7 though the lightskeep going mallBusiness.com, adigital workerswereallowedback to were the only ones on the “I hum songsinmyhead to World Trade foot traffic is out because no one’striggering businessplatform. the officeinNew York City,but scene.She has no immediate makethe time go by,” she says. down from 4,000-5,000 daily the motion detectors. He’s Thereweremugswith tea few have returned. planstoreturn. “Ifyou’rego- Thebusiest officeinthe visitorsatthe start of the year moreproductivethan at home. bagsontables,open notebooks BruceMosler,chairman of ingintothe officeplace, you building is likely that of Silver- to lessthan 200.“Ithought Lawyer KenJewell, the only in conferencerooms,dishes global brokeragefor Cushman want it to be worth it,” Ms. stein Properties,the developer there’dbealittle moreby worker on the floor at his Fifth growing fuzz in the kitchen &Wakefield,which represents Rosesays. that owns and manages 7 now,” says SiroGonzalez, the Avenue office, enjoys wearing and half-finished art projects. manylarge commercial land- At the gleaming,52-story, World Trade along with eight developer’s vicepresident of shorts and flip flops to work “It waslikethe Twilight lordsand tenants, says foot 1.7-million-square-foot 7World other Manhattanofficetowers. operations.Hehopes to see a while blasting favoritetunes Zone,asifpeople were in the traffic in Manhattanofficetow- TradeCenter in lowerManhat- SinceJune,it’shad arotat- popinSeptember. from high school—Van Halen, middle of doing something and ersisatroughly 10% of pre- tanlast week,the soaring ingschedule of 20 to 25 em- At MMoser Associates,an Hendrix and Duran Duran. gotzapped by aliens,” she says. Covid-19 levels. whitemarble lobby wasempty ployees from its80-person of- architectureand design firm on “The office,” he says,“is the Thestrangest aspect was While he expectsanuptick but forfiveattendantsman- fice staff coming in on a the 24th floor of the Wool- perfect havenwhen there’sno the silence. Theatmosphereat afterLabor Day, alot depends ning the security desk. voluntarybasis.Chief Market- worth Building in lowerMan- one there.”

Disney spokeswoman Kim Cruise Prunty said Disney thought “it wasanidea worth exploring” because of the difficulty of ar- Workers ranging charter flightsand concern about the “mental well-being of our shipboard Left Adrift crew.” TheCDC turned Disney down.Nearly one-thirdof ContinuedfromPageOne roughly 740workersonthe Covid,” he said. ship had tested positive, though Thecoronavirus pandemic most were asymptomatic. hitthe cruise industryearly Without an approved plan to and hard.Outbreaks raced getits crew home,the Disney through hundreds of passen- Wonder leftSan Diego, passed gers on dozens of ships,spark- through the Panama Canal and ing achaotic weekslong effort began disembarking crew in Ca- to getpaying customersoff the ribbean nations in early June. boats and back to their home In awarning lettersent to

countries. GES the cruise companies on May

Formorethan 125,000 crew IMA 11,the CDC listed alitanyof members, though, that was problems,including unauthor-

only the beginning.Long after GETTY ized crew transferswhile out-

passengersweregone and the SE/ side the U.S.,failing to relocate cruise-ship storyhad faded all crew to single-occupancy from the headlines,thousands cabins,not canceling all social of employees were still stuck ANCE-PRES gatheringsand not shutting FR on the vessels,far from their down bars, gyms and lounges.

homesinIndia, Indonesia, the GENCE By thesummer,distraught

Philippines and other far-flung /A crew membersonsome cruise

nations and largely barred ARD lineswent on food strikes or GU

from boarding commercial jets T took to social media to draw to return. AS attention to grim conditions on CO Thecruise companies de- their ships. cided to sort most of their em- Jose Cardozo,abartender ployees by home country, re- on the Monarch, aship oper- PHILIPPINE group them on their owncruise Philippine coast guard personnel tested a crew member for infection in May aboard a cruise ship anchored in Manila Bay. ated by Pullmantur Cruises in ships and sail them home.The Spain, said in June he had been result wasadisorganized shuf- Pandemic Odyssey busload of crew memberstoa in limbo forthree months.He fling of workersbetween ves- Houston airport, wherethey said his paywas cut off in sels that increased their risk of It took Shu Ito, aphotographer forHolland America, three and ahalf months to return to Japan on took commercial flights. March, leaving his family in In- exposuretothe virus. three ships and aplane afterthe cruise companysuspendedoperations. TheCoast Guardissup- dia struggling to paybills.Mr. In interviews,crewmembers posed to be told about illnesses Cardozo said he normally sent and officials in 13 countries de- Maasdam Westerdam Noordam Plane aboardships beforethey enter home all but $50 of his $1,000 scribed dangerous conditions port areas.OnApril 9, the in monthly pay, and that his foremployees on ships owned Coast Guardcited the ship for wifehad nearly runout of 7 JUNE 24 5 APRIL 28 by the world’slargest cruise failing to properly notifyfed- money. Lands in Tokyoafter flight Mr.Ito transfers lines.Some ships allowedem- eral officials about the sick His ordeal, he said, began in from Manila via South Korea. to Westerdam. U.S. ployees to congregateinres- Seoul worker,said Coast GuardPetty April when afellowcrewmem- taurantsand bars, servethem- LosAngeles Officer PaigeHause in Galves- ber with Covid-19 died. The SanDiego selves in buffet lines and hold CHINA JAPAN Tokyo ton. ship docked in Panama fortwo parties, some crew members RoyalCaribbean’sMr. Zeiger months,with crew members said.Evenships with Covid-19 Honolulu MEXICO said the ship didn’t report the mostly confined to their state- outbreaks oftendidn’t enforce illnesswhen the ship arrived in rooms,hesaid. In lateMay,the such basic precautions as social 6 MAY22 3 MARCH20 Galveston because the crew ship sailed to Barbadoswhere Manila distancing,they said. Mr.Ito transfers Ship doesn't member appeared to have re- Mr.Cardozo wastransferred Thelogistics of repatriating to Noordam. receivepermission coveredfrominfluenzasymp- firsttoone ship,then another MARCH26 crew memberstomorethan a forpassengersto Pacific Ocean 4 toms,but alerted the Coast owned by RoyalCaribbean, a Passengers hundred nations were anight- disembark. Guardwhen his health deterio- part owner of Pullmantur. disembark. mare forcruise companies,in- ratedthe next day. Threetimes,hesaid, he was cluding RoyalCaribbean, Carni- told to pack his bagsfor a valCorp.and Norwegian Cruise flight home,only to be disap- Line HoldingsLtd.Some na- CDC orders pointed. He finally made it AUSTRALIA 2 MARCH13 tions had closed their borders Holland America In mid-April, the CDC or- home in early July. while othersallowedonly lim- suspends its cruises. deredcruise ships to better RoyalCaribbean referred ited access under rules that Tauranga separateand protect workers, questions about the cruise line frequently changed. Thousands andtoabide by strict newcon- to Pullmantur,which currently still haven’t made it home, 1 FEB.1 ditions forusing U.S. seaports is in insolvencyproceedings. A Coast Guardofficials said. NEW ZEALAND Mr.Ito embarksonMaasdam. and airportstoget workers spokeswoman forthe company Source:Marine Traffic home.Crewmembersweren’t didn’t reply to requestsfor allowedtofly on commercial comment. Sick crew ing crew intostaterooms nor- rected vessels to beef up ship- is always sun.” airlines,enter anyairport pas- Japanese photographer Shu Crew memberson100 of the mally filled with passengers. boardmedical facilities and “Wewereindanger and senger terminal, stay in ahotel Itostarted asix-month con- 106 cruise ships forwhich the “Weweredoing our level quit lingering just outside U.S. were told nothing,” said Mr. anywhereenrouteortravelby tract in Februaryonthe Maas- U.S. Centersfor Disease Con- best to keep up with the best territorial waters near Florida. Sodani, who returned home to land on commercial transporta- dam, operated by Holland trol and Prevention haddata medical guidance,” said Mr. He told cruise companies to Italy in lateApril afterbeing tion. America, aCarnival brand. The suffered Covid-19 infections or Zeiger.“We worked really hard seek medical help from the na- stuck on the ship forabout five By May, dozens of passenger cruise wascanceled in March, “Covid-likeillness” between to followevery bit of guidance tions wheretheir ships were weeks. linersowned by the big three— and he said his paystopped in March 1and June 23,with 638 we gottoensurewekept ev- registered, such as the Baha- By then, morethan 200 Carnival, RoyalCaribbean and May. crew memberstesting positive eryone healthy.” mas,beforeseeking U.S. medi- RubyPrincesscrewmembers Norwegian—had docked or an- Theship sailed to LosAnge- forthe virus and 1,408 with In some cases,crewmem- calassistance. had been infected with chored near small, privateis- les whereMr. Itowas trans- Covid-like illnessnot verified bersgot caught between cruise Manyships sailed away Covid-19,and Australian offi- landsinthe Caribbean, where ferred to Holland America’s by tests, according to CDC data. companies trying to getem- from theU.S., choosing to fly cialsdocumented nearly 1,000 they sorted crew membersin Westerdam, along with crew At least 23 with the virus ployees home and public offi- some workershome through cases of infection on land tied preparation to sending them membersfromother vessels it died afterthe cruise ships sus- cialsinthe U.S. and elsewhere airports in other nations or back to the ship’spassengers. home by ship. operated. Both the Maasdam pended commercial sailing,ac- trying to both protect crew consolidatecrewonships des- At least 28 deaths were traced Nearly half of Carnival’s105 and the Westerdam had crew cording to the CDC data, other membersand prevent them tined forseaportsthat were back to the ship. ships were involved in crew memberswith Covid-19 symp- public-health officials and from infecting people on shore. still open to them, or which Carnival spokesmanRoger consolidation and repatriation, toms,according to CDC data. cruise companies.The statistics Some cruise lines,including might be soon. Manycrew sailing morethan 450,000 nau- Quarantined in asmall, win- don’t include some major out- Carnival and RoyalCaribbean, memberssaid health precau- tical miles to get82,000 seafar- dowlessroom, Mr.Ito said he breaks on ships outside the U.S. were reluctant to send crews tionswerelax. ‘We were in danger erscloser to their homes in 146 suffered mentally,and his All three ships to which Mr. home tooearly,saying they AfterCarnival’sRuby Prin- nations,said Carnival’sMr. thoughts“gotsonegative.” At Richardson, the skater,was as- hoped that they could return to cess ship disembarked passen- and were told Frizzell. one point, he knewthe ship signed had confirmed Covid-19 sailing by summer.The CDC, gers,some with Covid-19 symp- nothing,’ said one RoyalCaribbean shifted wasmoving because he heard cases or “Covid-likeillness,” whichhas authority over the toms,inSydney,Australia, in some Jamaican crew members itsengines revving. according to the CDC.“We de- health issues on ships in U.S. mid-March, employees at- crew member. from itsLiberty of the Seas When the ship stopped in served as crew membersto waters,recently said that tended a“sail away” party on vessel to itsAdventure of the lateMay,helearned he wasin have our health and safety pro- cruise ships wouldn’t be al- an upper deck,wherethere Seas to sail them home. Manila Bayand, he said, he was tected,” he said. “That didn’t lowedtosail in those waters wasmusic and entertainment, Twenty crew on Adventureof transferred to yetanother Hol- happen.” untilatleast Oct. 1. Most com- according to employees and Frizzell said the companypro- the Seas tested positive, and land Americavessel, the Noor- Rob Zeiger,Royal Carib- panies have postponed cruises video of the incident. vided regular and transparent theLiberty had 45 crew mem- dam. That ship had13crew bean’sglobal chief communica- until afterOct. 31. ByronSodani, afitnessin- communication to the crew bers with Covid or Covid-like memberswith Covid-likeill- tions officer,said the company Dr.Martin Cetron,director structor on the Ruby Princess, about the health conditions on illnesses, the CDC datashows. ness, the CDC datashow. distributed facemasks and en- of the CDC’sglobal migration said ship officials refused to the ship. In mid-May, Disney Cruise Finally,inlateJune,Mr. Ito couraged their use. andquarantine program, said answerhis questions about the On March29, RoyalCarib- Line,aunit of Walt Disney Co., flew from the Philippines to Cruise line officials said the his agencyisdetermined to set number of crew memberswho bean’sLiberty of the Seas ship, sought approval from the CDC Japan, wherehequarantined in industrywas responding as “a high bar forthe [cruise] in- tested positiveorhad become at thetime docked in Galves- to allowcrewmemberswho ahotel beforehewas allowed well as it could to apandemic dustry’s ability to detect and seriously ill, even though the ton, Texas,called formedical had tested negativefromthe to go home.The worstpart of that wasn’t fully understood. respond to Covid-19 at sea.” crew watched afew ill col- assistance fora36-year-old Disney Wonder,atthe time the ordeal, he said, was“being They said they hopedtocheck In lateMarch, weeks after leagues takenaway by boats. employeewho had tested posi- docked in SanDiego, to quaran- isolated from the outside forso the spread by rigorously clean- the firstoutbreaks on cruise Mr.Sodani said the ship’shead tivefor Covid-19 and washav- tine for14days in Disney apart- long.” He tested negativefor ing surfaces,distributing shipsand with some passen- of hotel operations would often ing difficulty breathing,accord- mentsinnearby Anaheim, then Covid-19 in Japan. masks and hand sanitizer,mon- gers still stuck on board, Coast end his daily announcements ing to apolicereport. Earlier flyhome on commercial flights —Lisa Schwartz itoring temperatures and mov- GuardRear Adm. Eric Jones di- by saying: “After the rain there that day, the ship had sent a if they remained Covid-free. contributed to this article. P2JW225000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, August 12, 2020 | A10A GREATER NEW YORK Big Firms Thousands Still Without Power Commit A week after Tropical To Hiring Storm Isaias whipped New York, utilities are Minorities working to fix damage In Need BY AKANE OTANI Morethan 35,000 custom- ersinNew York remain with- BY SHAN LI out poweraweek afterTropi- calStorm Isaias swept Chief executives at 27 of the through the state. biggest companies,including Utilities have been working JPMorganChase &Co., Ama- around the clock with assis- zon.com Inc.and Google tancefromcity and state owner Alphabet Inc.havecom- crewstoclear trees,repair mittedtohiring 100,000 low- downed powerlines and re- income and Black,Latino and storeservicetocustomers AsianNew Yorkersby2030— sinceIsaias hit the stateon an effort that comes during a Aug.4. monthslong wave of protests But as of Tuesdayafter- aboutracial inequality. noon, roughly 5,800 customers Thecompanies arelaunch- in Westchester County,14,200 ing an initiativecalled the New customersinNassau County York Jobs CEO Council, which and 11,500 customersinSuf- would include other nonprofits folk County still arereporting and NewYork City schools to poweroutages,according to prep studentsfor jobs that will estimates from utilities serv-

lead to careers, according to a ing the state. S statement. Chief executives In NewYork City,where who have signed on include temperatures climbed intothe PRES Jamie Dimon of JPMorgan high 80s Tuesday, roughly TED

Chase, Jeff Bezosat Amazon 2,700customersinQueens say OCIA SS

andSundar Pichai of Google. they still don’t have power. /A Aquarter of the jobs—or Customersalso have reported

25,000—is pledged forstu- poweroutages upstate, al- WENIG

dentsfromthe City University though it is unclear if they are SETH of NewYork’ssystem, which is connected to the storm. A utility crew worked to restore power to houses in Woodhaven, Queens, on Tuesday, as another heat wave descended on the region. collaborating with the council Officials have sharply criti- to tweak itscurriculum for cized utilities fortheir re- cense,and the license is your quickly as possible to repair PSEG Long Island said in a safely and quickly as possi- well-paid careers, said Félix V. sponse to Isaias,which top- franchise.” thedamagecaused to their statement that it is hoping to ble,” said Dan Longhorn,pres- Matos Rodríguez, chancellor pled trees with gustspeaking Thestate’s Department of grids. finish itsrepairsbythe end of ident and chief operating offi- of CUNY.That mayinclude around 70 miles an hour,killed Financial Services will help ex- ConEdsaid in astatement Wednesdaywith the help of cerofPSEG Long Island, in a creating newclasses or updat- a60-year-old man in Queens peditepayoutsfor insurance that it hadrestored powerto thousands of line workersand briefing Monday. ing acurriculum in areas such and caused nearly one million claims related to property 98% of itscustomersaffected tree trimmers. It said it has But officials maintain the as tech, which canberolled poweroutages throughout the damagestemming from Isaias, by Isaias.The remainder of its provided customerswho have utilities did toolittle to pre- outinall of CUNY’s25cam- state. the governor said. Thestate work involves cases with “par- lost powerwith free waterand pare forthe storm and to re- puses, he said. Thegoal also is “I want the utilities to also has opened an investiga- ticularly extensivedamageand ice. spond to the damageafter it to integratepaid internships knowwedonot abide by the tion into six utilities serving complicated restorations for “Weknowit’sahorrible passed. and apprenticeships. concept that anything is too NewYorkers. individual customers.” time of year to be without “Can aprivatecompany “It is a game changer,” Mr. bigtofail,” NewYork Gov.An- Consolidated Edison Inc. Theutility added that it your power. We recognize even possibly be responsive Rodríguez said. Low-income drew Cuomo said on apress and PSEG Long Island,which would reimburse customersup manypeople areworking from enough to the people? I’m not studentswill gain valuable job call Monday. “Ifyou’renot servethe bulk of the residents to $540 forfood that had gone home,and we will continue to sure,” NewYork MayorBill de experiencewhile earning serving the people of the who remain without power, bad because of alack of refrig- bring moreline resourceson Blasio said in a NY1 interview money for tuition, he added. state…they will revoke the li- saythey have been working as eration. so we canrestoreyou as on Monday. Rob Speyer,chief executive of New York real-estate com- panyTishman Speyer,said the recent Black Lives Matterpro- Famed 90-Year Old NYC testshaveheightened urgency among companies to “doa betterjob of embracing diver- sity at the highest levels.” Tobacco Shop Snuffed Out Julie Sweet,chief executive of consulting firm Accenture PLC, said she has seen adis- BY CHARLES PASSY the cigar line up for sale this City,tosay nothing of the connect between what schools past October,saying the busi- manyonline cigar retailers. teach studentsand what the To step intothe NatSher- nesswasn’t core to itstobacco But atrip to NatSherman is workplace demands. man Townhouse in Midtown portfolio. A deal with a buyer always about morethan a Accenturehas learned first- Manhattanistostepback in couldn’t be completed in the mere transaction, they say. hand during the past few time, say fans of the 90-year- months thereafterand the on- The store is a place to talk yearsbylaunching an appren- old tobacco emporium. set of the pandemic compli- about cigar preferences—mild ticeship program and working It is aplacewheresmoking catedany potential transac- andcreamyorfull-bodied and with schools to preparestu- isn’t only allowed—it is en- tion, store officials said. spicy—with tobacconists who dentsfor jobs with afuture, couraged. Thestore sells all Michael Herklots, vicepres- have years, if not decades, of she said. The hope is that the manner of high-end tobacco ident of Altria’s Nat Sherman experience. Moreover,itisa same canbereplicated with items,fromhand-rolled cigars International division, noted placetojust kibbitz in gen- New York City students. to premium cigarettes, includ- that theemporium, located eral—about your work,your “Some will go intoentry- ing some that it produces un- near the corner of 42nd Street family or,betteryet, about level jobs, some will have ap- der the Nat Sherman banner. nothing in particular. prenticeships and some will In days gone by,its custom- Thestore offered custom- have learning and work expe- ersincluded such boldface ‘We are as authentic ers, from those famous names riences,” Ms. Sweet said. names as Humphrey Bogart, to everyday white- and blue- Gail Mellow,executivedi- John Wayne and HennyYoung- to New Yo rk as collar workers, plenty of rector of the council and for- man. Even now, storeemploy- places to sit back and enjoy a GES Hermès is to Paris,’ IMA merly the president of LaGuar- ees saychief executives,prom- “stick,” to use acigar smoker’s

dia Community College, said inent politicians and athletes says an executive. term, afterthey shopped. ETTY the group has been studying areamong the regulars. Those who wanted to commit /G

models world-wide such as in But NatSherman is soon to to $3,000 in purchases a year HIDER

Switzerland, which has a sys- become apieceofhistoryit- could become membersofa BEN temthat firmly integrates self.The store, which is owned and Fifth Avenue, drew much private lounge downstairs. Nat Sherman founded the namesake business in 1930 as a place school with hands-on job by tobacco giant Altria Group of its business from Midtown Celebrity chef Geoffrey Za- where celebrities and workers could enjoy a ‘stick’ and kibbitz. training from an early age. Inc., is closing Sept. 25, com- office employees. karian is amongthe regulars “Wedon’t want to reinvent pany officials said. Now, about 90% of that cus- who frequented Nat Sherman ment, operating in the Gar- Feldman, 60 yearsold, is the wheel,” she said. “Wewant NatSherman’sown brand tomer base is gone, he said. for a leisurely smoke. ment District.But in the de- among them. He stopped by to learn from what’sworking.” of cigars, including itsTime- Thetragedy,headded, is “You walked in and youfelt cades that followed, it became on Tuesdaytomakeatleast Manydetails,including spe- lessline,also will be discon- that the city is losing one of its likeyou were part of some- known forits higher-end prod- one morepurchase,buying cifics about howcompanies tinued. Altria will continue to most treasured retail names. thing,” he said. uctsand moved to bigger about $800 of premium cigars. would work with schools or produceand market NatSher- “Weare as authentic to Such waswhat NatSher- spaces. The store has been at Mr.Feldman said the store’s howmuch money will be de- man-branded cigarettes, a NewYork as Hermès is to man, thestore’s namesake, its current location, designed closing is ablow, especially at votedtothe project, areun- company spokesman said. Paris,” he said. likely envisioned when he almost to look like an English a time when the city is facing clear. Any new curriculum or Altria, which acquired Nat Fans of the store acknowl- founded the business in 1930, parlor, since 2007. many difficulties. apprenticeships likely would Sherman in 2017fromthe edge there will still be places Mr. Herklots said. ManyNat Shermanloyalists “They’re taking everything launch next year, Ms. Mellow Sherman family for an undis- to buy cigarsand other to- Admittedly,itstarted as a have been coming forlonger away from us in NewYork,” he said. closed price, put the storeand bacco productsinNew York no-frills lobby retail establish- than they canremember.Todd lamented. GREATERNEWYORKWATCH

CONNECTICUT trict office was splashed with BROOKLYN would limit her time outside her white paint and a vulgar, anti- cell to three hours aday,the Candidate Quits Semitic note was left under the Ghislaine Maxwell lawyers said. Race After Arrest door. Gripes About Jail Ms. Maxwell is watched “We will never be intimidated around-the-clock even though A Republican candidate for by this criminal act,” Assembly The reaction of federal prison she “was neverdiagnosed as ex- Congress in Connecticut dropped Member Rebecca Seawright, a officials to Jeffrey Epstein’s sui- hibiting risk factors forsuicide,” out of the race Tuesday as vot- Democrat first elected in 2014, cide last year is to blame for theynoted.

ers were going to the polls in S said in a message Tuesday. onerous conditions a British so- Ms. Maxwell’s cell is searched his primary election following his Ms. Seawright said police are cialite faces in jail while awaiting multiple times each day and she arrest in an assault case. PRES investigating the Monday-night trial on charges that she pro- has been forced to undergo nu- Thomas Gilmer,the party-en- TED vandalism. cured teenage girls for Epstein merous body scans, the lawyers CIA

dorsed candidate,was arrested SO Assembly Speaker Carl to abuse a quarter-century ago, said. Mondaynightoncharges of AS Heastie condemned the incident. her lawyers said Tuesday. A spokesman for prosecutors

first-degree unlawful restraint HILL/ “The Assembly majority has Through the lawyers, Ghislaine declined to comment. and second-degree strangulation. always been very clear that we Maxwell, 58 years old, asked a Ms Maxwell is being held SICA

He posteda$5,000 bond. The JES have a zero-tolerance policy for judge to help improve her treat- without bail after U.S. District charges stemfromaJuly 22 inci- Volunteers sorted mail-in primary ballots TuesdayinGlastonbury,Conn. any form of hate, including anti- mentinaBrooklyn federal Judge Alison J. Nathan con- dentinWethersfield, policesaid. Semitism,” Mr. Heastie said in a lockup, saying “uniquely onerous cluded days after her July arrest “I cannotingood conscience National Guardwho served two NEW YORK statement Tuesday. conditions” limit her computer at a New Hampshire estate that move forwardinthis campaign combattours in Afghanistan. Ms. Seawright hosted a vir- access and frustrateher abilityto she was a risk to flee. while Iamsimultaneously forced The winner of the race in No- Lawmaker’s Office tual town hall on fighting anti- preparefor atrial scheduled for The judge ordered prosecu- to clear my name. And clear my vember will face U.S. Rep. Joe Target of Vandalism Semitism last month and held a July. tors to respond to the letter name Iwill,” Mr.Gilmer said in a Courtney, who is favoredtowin similar forum last year after She should be housed in the from defense attorneys Mark statement. Mr.Gilmer’s opponent re-election to representaneast- A state Assembly member is swastikas were found on a general population at the Metro- Cohen and Christian Everdell by is Justin Anderson, alieutenant ern Connecticut district. calling for a hate-crimes investi- nearby fitness complex. politan Detention Center rather Thursday. colonel in the Connecticut Army —Associated Press gation after her Manhattan dis- —Associated Press than under restrictions that —Associated Press P2JW225000-2-A010B0-1------NS

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customizable health-screening questions to itsvisitor check- in systems,based on guide- lines from the Centersfor Dis- ease Control and Prevention. SurveillanceTech Goes Back It’s an honor system, though: To be denied entry, avisitor has to admit to having afever or Covid-like symptoms. To School to Track Covid‑19 As schools trytominimize physical contact, manyhave switched to self-servicecheck- in kiosks and away from hav- ing visitorssign in with front desk staff.Raptor has seen greater sales growth forits ki-

Tech introduced for a specific purpose can linger as people become used to it.

osks in the past six weeks compared with all of 2019,

OGIES Chief ExecutiveJim Vesterman said. Approximately 2,400 of

CHNOL itsclient schools already have TE turned on the newhealth- OR

PT screening feature. RA TheBrazosport Indepen- dent School District in subur- ALLEN; ban Houston has added health-screening questions to

RICHARD itsRaptor visitor check-in sys- A. tem. Separately,italso or- BY dered thermal cameras for18 ION of its20schools.Not only do AT

TR the cameras take temperatures US of studentsand visitors, but ILL

P: they also detect when some- TO one isn’t wearing amask. OM

FR When the pandemic ends,ac- cording to Ty Morrow,the dis- trict’ssafety coordinator,the hen students nizewhen an individual isn’t to tracemovementsand con- gerneeded to detect feveror district plans to integratethe return to wearing amask. tactsofastudent who re- conduct contact tracing,will cameras intoanAIsurveil- school this “Weused datathat we’ve ported testing positivefor they all the sudden be used to lancesystemitisdeveloping Cameras fall, thingsare collected over months of differ- Covid-19. detect truancy?” to detect weapons and unau- going to look ent types of facemasks,and If this all sounds rather School shootingshavebeen thorized visitors. W Orwellian, that’sbecause it is, and alert different—and we’vetrained aneural network the impetus formuch of the Volan Technology,which not just because everyone will to tell when they have those and it has privacyexperts newsurveillancetech. It’sno started out in late2018 de- systems be wearing masks. types of masks on their faces concerned about the potential longer common to visit a signing emergencyresponse Some studentswill walk or not,” Mahesh Saptharishi, formisuse. school that isn’t outfitted with systems forschools and ho- to enforce past thermal-imaging cameras Motorola Solutions’ chief tech- tels,has also positioned its mask and that take their temperature; nologyofficer,said. systems to assist in contact some will wear beacons that Thecameras also candetect tracing.Students, teachers distance tracetheir movementsaround howfar apart people are. If and staff at schools that have campus. children were spottedless purchased itsequipment for rules are Other changes will be more than 6feet apart foraperiod contact-tracing purposes will subtle,such as security cam- of time designated as worri- wear badges that communi- worrying eras that detect when stu- some,that instancecould be cate wirelessly with geofenc- privacy dentshaveremoved their loggedand could even trigger ing-enabled sensorsinstalled masks or arestanding too an alert to school staff. in everyroom, thus tracking advocates close together. PerryTownship Schools,in their on-campus movement. The coronavirus pandemic Indianapolis,isplanning to Thedataisshared with has started awaveofsurveil- use the system to enforce safe Volan’sprivate, encrypted iOS lancetechnologyaimed at social distancing. app,which schools canuse to helping schools prevent or “We’vegone to great look back at the movementsof contain infection. lengths to organizekids into anyone who testspositiveto All this tech raises big cohortsand to keep them determine exactly wherethey questions that don’t have moving—they won’t be using Many school security systems have added Covid-19 features: Raptor were,with whom and forhow clear answers.Will it work? lockersduring the day—and Technologies’ visitor check-in kiosks now feature health screening. long during aprior 14-daype- Could it createafalse sense of this will help us identifyareas riod. Theapp would assign security? And howwill these wherekids arehanging out risk scores to people based on measures be used afterthe toolong,” said Chris Sampson, “Oftenwhen measures are cameras and extensivevisitor howmuch time they spent FAMILY pandemic ends? the district’sassociatesuper- introduced foraspecific pur- check-in systems,some that near or in the same room with &TECH Some of the newtechnology intendent. pose,they linger on because scan driver’s licenses against the infected person, to avoid JULIE leverages schools’ existing se- Dr.Saptharishi said Motor- people become acclimated,” sex-offender registries and unnecessarycalls from the JARGON curity systems. Motorola So- ola Solutions also offerssoft- said Ryan Calo, alaw professor other persona non gratalists. school nurse. lutions—whose security and ware that canassist schools in at the University of Washing- Manyofthese security compa- Volan CEO Michael Bettua communications systems are contact tracing.The software ton, in Seattle. nies areadding Covid-detec- said districtshavetold him already installed in thousands doesn’t use facial recognition, ManyU.S.schools were al- tion featurestotheir systems. they might one dayuse the of schools around the coun- but detectsphysical attributes ready getting heavily intosur- Raptor Technologies, beacons to take attendance try—has developed artificial such as aperson’sheight or veillancetechnologybeforethe which makes automated visi- and keep track of who is on intelligencecompatible with shirt color,enabling school of- pandemic,hesaid. “When torand volunteer management campus.Theregoes Ferris itsexisting cameras to recog- ficials to quickly reviewvideo these technologies arenolon- systems forschools,has added Bueller’s dayoff.

Students in the air, so trans- rooms, Dr. Ali says. The Covid-19 vi- carried mission is believed rus can last up to 72 hours on plas- boxed to occur mostly tic and stainless steel, up to 24 dinners on through close con- hours on cardboard and four hours campus this tact, meaning on copper, according to a study in STAYING SAFE ON CAMPUS week at the within 6 feet of an the New England Journal of University infected person. Medicine by U.S. government and To Lower the Risk of of South However, such puri- academic scientists. Covid-19, What Should Carolina in fiers can College Students Pack? Columbia. help clean  Masks: Even the air and though health ex- thus pre- perts say only N95 The bottom line vent students from getting respirator masks, Amid the stress about colleges re- sick from other hazards, he properly worn, can opening, students heading to cam- says. In addition, the World guard fully against pus face an added concern: What to Health Organization revised its the virus, disposable bring to the dorm during a pan- guidelines, saying people talking or surgical masks and demic. Parent Facebook pages, usu- singing may expel the virus through cloth masks can provide ally filled with posts about room tiny airborne particles, which could some protection. Dr. Pollock says decorations and clothing sugges- be trapped by filters. ideally, cloth masks should be tions, are now focused on quaran- washed between uses but students tine supplies and safety. Lunch box and ice pack: Many col- also can rinse them in warm, soapy Epidemiologists say the items boxes, HEPA The list leges letting students back on cam- water or rotate use every few days. students can bring to help protect air purifiers,  UV light disinfector: Dr. Ali rec- pus are offering only takeout food them from Covid-19 are the same zinc ommends a standing UV lamp, service. Insulated bags and reusable Tylenol or Advil: There have been ones they are advised to use at tablets and which he says will disinfect and kill ice packs might help if classes are reports that using painkillers from a home: masks, soap, hand sanitizers, oxygen-satu- bacteria and viruses throughout a far from the dining hall and a stu- class known as nonsteroidal anti-in- disinfectants and gloves. ration room. He says boxes or bags that dent doesn’t want to travel back flammatory drugs, containing ingre- “The most important thing to monitors. disinfect with UV light can be used and forth to eat. dients like ibuprofen, might worsen bring is common sense,” says Brad While to sterilize small items like keys and Covid-19 infections. Even though Pollock, who is chairman of the De- many of cellphones, but are less effective, Oxygen saturation monitor: Dr. the World Health Organization says partment of Public Health Sciences these sup- because their sanitizing light Pollock says these devices, which it doesn’t recommend against the and associate dean for Public plies might might not penetrate every crevice in measure the blood-oxygen level, use of ibuprofen, some parents say Health Sciences at the University of not stop a room. aren’t necessary unless someone they are packing Tylenol instead of California Davis School of Medicine. Covid, doctors has contracted Covid-19 and is mon- Advil just in case. One recommendation making the say, they may help prevent other ill- Portable air purifier: Dr. Pollock itoring whether to go to a hospital. rounds: packing an emergency nesses, which could make Covid warns that air purifiers are unlikely Only elderly patients who might not Vitamin D: Some research shows “Covid bag” in case a student tests worse. For example, taking vitamin to prevent Covid-19 because the vi- notice that their breathing is im- that vitamin D deficiency can positive and has to quarantine, just D helps the immune system and is rus is most often transmitted paired would benefit from a moni- weaken the immune system. Be- (3) as a pregnant woman might pack a safe. “There’s no harm to it,” says through respiratory droplets from tor, he says, but if a college student cause vitamin D deficiency is rela- GES “go bag” in case she has to rush to Ehsan Ali, an internal medicine phy- an infected person speaking, cough- wants one, it wouldn’t hurt. tively common, experts recommend IMA the hospital. Other suggestions in- sician with Beverly Hills Concierge ing or sneezing. The droplets are Disinfectantand wipes:Use supplementing if levels are low.

GETTY clude ultraviolet-light sterilization Doctor in California. fairly heavy and don’t travel that far these in dorm rooms and bath- —Nancy Keates P2JW225000-0-A01200-1------NS

A12 | We dnesday, August 12, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS

2019 showed people who believed that kindness is good for them BONDS showed a greater increase in posi- Be Kinder? ELIZABETH WhyBeing Kind tive emotions, satisfaction with BERNSTEIN life and feelings of connection with Here’s How. others—as well as a greater de- Helps Yo u, Too— crease in negative emotions—than n Make it a habit. Earmark n January, Rachel Glyn’s hus- those who did not. time in your schedule to help band of 36 years died of cancer. In reporting this column, I someone else. Volunteer. Do- Two months later, the pandemic EspeciallyNow heard from many people who are nate. Call a friend. Bake for a and lockdown hit. Alone in her trying to be extra kind since the neighbor. I Philadelphia apartment, Ms. pandemic started. They are taking n Lower the bar. Kindness Glyn spent her time worrying meals to elderly neighbors, then doesn’t have to be a big deal. about the coronavirus, the finan- watering their plants; mentoring Practice being kind each time cial markets and the civil unrest teenagers stuck at home; leaving you go out—smile at people happening a few blocks away. bigger tips for restaurant staff; and say hello. Text a friend Some days, she says, she wished stopping to let other drivers into who is struggling. Take out a she would die. “I’ll never have an- traffic more often. neighbor’s garbage. “It can other day that doesn’t stink,” she Deirdre Moran posts a joke each take a minute and cost noth- told herself. day on the phone pole in front of ing to change someone’s day,” Then one morning, Ms. Glyn, her house in South Brunswick, N.J. says Jamil Zaki, associate psy- who is 66, heard about a local Many are “cringeworthy,” she says. chology professor at Stanford. blood drive and thought, “My life (“Can a frog jump as high as an isn’t a pathetic mess after all: I average tent? Of course! A tent n Be kind to yourself. “If you have the ability to give.” She can’t jump.”) But Ms. Moran, who try to be kind to others while walked to a nearby hospital and teaches at a local school, has seen being cruel to yourself, you will donated. Afterward, she was “ex- neighbors take pictures of the burn out,” Dr. Zaki says. hilarated,” she says. jokes and once received a note re- n Make small talk. In a time “It felt wonderful to do some- minding her that she forgot to of isolation, this can brighten thing useful for someone,” Ms. post a new one that day. someone’s day. Say hello. Re- Glyn says. “I no longer was this Kat Vellos and her partner ex- mark on the shared experi- nobody who has nothing to do ex- change gifts with their older ence. (“Crazy weather we’re cept endure a wretched situation.” neighbors, leaving gingerbread having.”) “Just acknowledging Want to feel better? Be kind. cookies, lemon blueberry cake and another person’s common hu- It’s a good thing to make an- homemade granola on the fence manity is an act of kindness,” other person feel good. But being between their homes. They’ve re- says Emiliana Simon-Thomas, kind—doing something to help ceived lemons, herbs and tomatoes science director of the Greater someone else—can help you, too. from their neighbors’ garden, an Good Science Center at Research links kindness to a extra bag of flour, and a bouquet the University of California, wealth of physical and emotional of flowers in return. “There are in- Berkeley. benefits. Studies show that when numerable ways to share moments people are kind, they have lower of connection even when you can’t n Change it up. Research levels of stress hormones and their get together in person,” says Ms. shows that doing a variety of fight-or-flight response calms Vellos, a digital product designer kind acts makes you happier, down. They’re less depressed, less in Berkeley, Calif. says Sara Konrath, an associ- lonely and happier. They have bet- Mary Gossman keeps ate professor ter cardiovascular health and live a table outside her at the Indi- longer. They may be physically front door with a ana Univer- stronger. They’re more popular. cooler full of cold wa- sity Lilly And a soon-to-be published study ter and a basket of Family found that they may even be con- snacks for the mail and School of sidered better looking. delivery people. She Philanthropy. Being kind is an excellent cop- gether to survive. “The key to our nucleus accumbens activates—our sometimes pays for the n Remember ing skill for the Covid-19 era. In a success is not the survival of the brain responds the same way it meal of the person be- your loved time of isolation, kindness fosters fittest,” says Jamil Zaki, aneurosci- would if we ate a piece of choco- hind her in line at fast- ones. Kind- connection to others. It helps pro- entist and associatepsychology late cake. In addition, when we see food restaurants and ness isn’t just vide purpose and meaning to our professor at Stanford. “It’ssurvival the response of the recipient of gives gift cards to ca- Mary Gossman leaves water for strangers. life, allowing us to put our values of the friendliest.” our kindness—when the person shiers at the store. and snacks for mail and When you’re into practice. And it diminishes Of course some people are thanks us or smiles back—our “There are so many delivery people at her door. kind to the our negative thoughts. “Our atten- kinder than others—specifically, brain releases oxytocin, the feel- things we can do—they people you tion isn’t something that is infi- people born with the personality good bonding hormone. This oxy- don’t all have to be grand ges- live with, “everyone reports be- nitely expansive,” says Emiliana Si- trait of empathy. Yet, nature ac- tocin boost makes the pleasure of tures,” says the retired office man- ing in a better mood and hav- mon-Thomas, science director of counts for just half of our propen- the experience more lasting. ager from Homestead, Fla. ing more positive emotions,” the Greater Good Science Center at sity to be kind, says Dr. Zaki. The It feels so good that the brain Ms.Glyn haslooked formore says Stephanie Preston, a pro- MAN the University of California, Berke- rest is nurture—we learn it from craves more. “It’s an upward spi- waystohelp otherssinceshe do-

SS fessor of psychology at the

GO ley. “What we are feeling at any our parents, our family and our ral—your brain learns it’s reward- nated blood. She thanks people for University of Michigan. Y given moment is related to what community. And we can also teach ing, so it motivates you to do it their adviceand tells them howit

MAR n Don’t get discouraged. we are doing, so if we are behav- ourselves. “Kindness is a skill we again,” Dr. Preston says. helped her.She crochetsgifts for

CH; Sometimes other people don’t ing kindly, that experience will oc- can strengthen, much as we would Arecertain actsofkindnessbet- family members, most recently

GRE respond in kind. This doesn’t cupy our emotion.” build a muscle,” says Dr. Zaki, who terthan others? Yes. If youwant to shawls forher daughters-in-law. mean they didn’t appreciate Psychologistscall kindnessaltru- is the author of “The War for reap the personal benefits, “you And she postsencouraging mes- your effort. Remind yourself of ism and talk of two types: recipro- Kindness: Building Empathy in a need to be sincere,” says Sara Kon- sages to strangerswho sharesweet VERÓNICA another time it went well. cal(youhelp someone because it Fractured World.” rath, apsychologist and associate or poignant stories in the online BY Keep going. will benefit youinsome way—like Kindness can even change your professor at the Indiana University commentsofthe newspaper. ION

AT giving money to getatax break) brain, says Stephanie Preston, a Lilly Family School of Philanthropy, “Maybe if I give someone n Recall previous acts of TR and pure(youhavenoexpectation psychology professor at the Uni- whereshe runs aresearch lab that strength that person will be em- kindness. Research suggests US

ILL of reward). Humans evolved to do versity of Michigan who studies studies empathyand altruism. powered to go out and do some- that remembering past acts of : both. We’renot the biggest, stron- the neural basis for empathy and It also helps to expect good re- thing very special,” says Ms. Glyn. kindness also increases your LEFT gest or fastest animal in the king- altruism. When we’re kind, a part sults. A study published in the “Kind deeds can produce more well-being. OM

FR dom, so we needed to band to- of the reward system called the Journal of Positive Psychology in kind deeds.”

MY RIDE | A.J. BAIME  Laura Craft with her 2018 Ducati Panigale V4 HowFate Speciale.

BroughtHer  Ms. Craft wears a custom leather To Ducati suit on her rides. Motorcycles  A close-up Laura Craft, an investment strate- of some of gist living in Atlanta, on her 2018 the Ducati’s Ducati Panigale V4 Speciale, as clutch told to A.J. Baime. mechanism, behind a clear bout 10 years ago, I was aftermarket Agifted a motorcycle helmet, cover. and it ended up sitting in my closet. I was about to get rid of it when a friend convinced me to have to be able to balance the made just 1,500 of them, and mine on regular roads. I had a custom ing to the countryside, to remote

(3) take a motorcycle-safety course. I thrill of the ride with the risk. To is number 259. leather suit made, and it has my places I would not see otherwise. decided to take a leap of faith and find these supportive riders I Ducatis ride differently than any name on it, and I wear it for two Normally, I don’t ride in Atlanta buy a bike. I found a used BMW, threw myself into social media, other bike. They are made in Italy reasons. Ducatis run hot and the because of the traffic, but during JOURNAL and it all worked out seamlessly. and today I ride with a group of (thus the Panigale V4 Speciale is leather protects my body from the the pandemic quarantine, I met up

REET For the first few years, I didn’t great women and some men, all of painted in Italian colors) and they heat. But I also wear it for safety with a videographer and we took ST know anyone else who rode. I us on sport bikes. have tons of personality. The Spe- reasons. advantage of the empty city to LL came across an old friend from I have two Ducatis—a Monster ciale is the most beautiful Ducati I In my career in the financial shoot a video project. WA college, and we started riding to- 1200 S that is ridden in an upright have ever seen, so I wanted it for world, I am always thinking about Growing up,Inever imagined I THE

R gether. Then I met another woman position, and the Panigale V4 Spe- that reason. But I also wanted it the fastest route to solving prob- would be amotorcyclist. Iloverid- FO I started riding with. When I was ciale, which is ridden in a leaned- because I knew it would be a neat lems. It is the opposite mindset on ing with women, exploring un- learning, I wanted to ride with mo- over position. The latter bike I challenge. a motorcycle. When I’m riding I charted territory, and proving that

GOLDEN torcyclists who were supportive as bought in 2018; it had about 400 This bike has a 1,103 cc engine. want to take the long route. In my if youwant to do something new, SA I was intimidated. Inherent in rid- miles on it, so it was basically It is fast, and it has so much work I am often traveling to big something different, something

MELIS ing is risk and rewards, thus you new. It is a numbered bike. Ducati power that much of it is unusable cities. On my motorcycle, I am go- challenging,you candoitifyou try. P2JW225000-0-A01300-1------XA

THE WALL STREET JOURNAL. We dnesday, August 12, 2020 | A13 ARTS IN REVIEW

TELEVISION REVIEW |JOHN ANDERSON strongest opponent in the Demo- cratic primarywould be David Din- kins,who used the Hawkins case to help him win the mayoralty in No- ATragedy and ItsTurmoil vember.And it’snosmall achieve- ment that Mr.Muhammad gets the Rev.AlSharpton to utterthe word Adocumentaryremembersthe murder of aBlack boyand the racial conflictof’80s NewYork “Brawley” on camera, given how Mr.Sharpton’srole in the polariz- ing Tawana Brawley case of 1987 somber march down had helped inflame race relations the mean side of Mem- in NewYork,and forwhich he’s ory Lane, “Yusuf Haw- declined to ever apologize. “Men kins: Storm Over Brook- likethat do moredamage” than Alyn” includes good, says Mr.Dinkins in one of recollections that will the manyrecent interviews Mr. dismay, or break one’s heart, and Muhammad includes in his film. sometimes do both. “He didn’t So no,“Storm Over Brooklyn” is look like a thug or anything,” re- not agitprop forBlack Lives Matter. calls the first emergency medical It is insistently balanced, though technician on the scene after the there’sreally no argument to be 16-year-old was fatally shot on the made that thereweregood people streets of Bensonhurst. The date on both sides of the Hawkins mat- was Aug., 23, 1989—“a Wednes- ter. Thefootageofwhitepeople in day,” recalls a friend of Hawkins, Bensonhurst screaming at Mr. Luther Sylvester, offering the kind Sharpton and his marchersis, as of detail that only someone who someone says,reminiscent of the lost someone he loved would prob- segregationist South. Keith Mon- ably still remember. dello,found not guilty of murder TheHawkins murder ranks but convicted of numerous lesser among the moreincendiaryevents crimes,had organized what wases- to occur during adecade in which sentially alynch mob on the night race-related tragedies took place Hawkins died. In what has to be with depressing regularity in New considered acoup foradocumen- York.Unlikesome of the cases— tarian, Mr.Muhammad (the grand- the policeshooting of Eleanor son of actorsOssie Davis and Ruby Bumpurs, perhaps—the Hawkins Dee) secured an interviewwith Jo- violencewas inarguably motivated seph Fama, who,weare told, is by race:What confronted the 16- currently serving the 30th year of year-old Hawkins and his three Yusuf Hawkins with his mother, Diane Hawkins (above); a mural dedicated to Yusuf Hawkins in the Bedford- a32-plus-year sentencefor the friends when they traveled from Stuyvesant neighborhood of Brooklyn (below); the 16-year-old was attacked and murdered in 1989 Hawkins slaying.Mr. Fama didn’t East NewYork to Benson- pull the trigger, he insists, hurst (tolook at acar) was nor does he knowwho did. apack of whiteteenagers A rehashing of decades- expecting agroup of Black old race relations in New and Hispanic boys to attend York, or anywhere in Amer- aparty being given by a ica, might seem superfluous neighborhood girl. Aviolent given more recent events, welcome wasplanned. The but Mr. Muhammad’s point plan wasmotivated by race isn’t to stir up anger. It’s to hatred. And in addition to decry damage—the waste of all the baseball bats, some- a promising young life and one had brought agun. the collateral wreckage vis- In addition to creating a ited upon a family and documentarywith elements friends. More than 30 years of athriller,director after the fact, Diane Haw- Muta’Ali Muhammad takes kins, Yusuf’s mother, is a atidy inventoryofthe peo- portrait of grief. His broth- ple and outrages that made ers, Freddy and Amir, talk up the political profile of less about what happened in NewYork at the time.The Bensonhurst than about rid- Central Park Five case had ing bikes all over the city, occurred only in April, and and playing basketball. “He while Donald Trump is reg- was hard to guard, ’cause he ularly trounced forhaving was a lefty,” says family called forthe death penalty friend Christopher Graham, in the case,Mayor Ed Koch for whom Yusuf Hawkins, convicted the defendantsin plainly, was more than a the media, too. (Attrial, the statistic, or a pawn in the accused were found guilty racial politics of New York. but in 2002 had their con- victions vacatedafter an- Yusuf Hawkins: Storm Over

other man wasidentified as Brooklyn (2)

the perpetrator.) Koch’s Wednesday, 9 p.m., HBO HBO

CULTURAL COMMENTARY The song mixes 16-bar stanzas success. “To say that the Atlanta ple run right over and said, ‘Give with 12-bar blues. While the trom- colored population has gone me that.’ Because they’d been bone smears notes behind her, ‘crazy’ about this record would be waiting for that sound so long.” The Blues Single That Smith belts the lyrics with author- putting it mildly,” reported a trade Not all Black people approved of ity and swagger. She laments her paper in February 1921. “Your cor- the blues and jazz; some consid- man leaving her: respondent has never in many ered them disreputable and sinful. TransformedMusic Now I got the crazy blues years’ experience known a hit to But others found blues moving, ca- Since my baby went away. ‘go over’ so big.” The sales were thartic, even spiritual. I ain’t had no time to lose, astonishing, especially considering The disc’s sales shook up the in- I must find him today. the price of $1, equivalent to $13 dustry. Record companies sud- BY JOHN EDWARD HASSE singer Mamie Smith into recording Bradford’s lyrics also include in 2020. denly realized that a wealth of several of his songs. In February, the line “get myself a gun and In a 1969 interview, Black song- heretofore unrecorded material ex- ccasionally, a recording OKeh took a risk and brought in shoot myself a cop.” Perhaps OKeh writer Noble Sissle recalled the re- isted among African-Americans, Ocomes out and effects a fun- Smith to record with a white band. thought it was just jive, but it can action soon after “Crazy Blues” and that Black people eager to damental, historic change. The disc sold well enough for a re- be read as coded protest, coming was issued in October 1920: “I was hear their own music again and In the case of Mamie Smith, her turn session, including “Crazy on the heels of the “Red Summer” in Baltimore; it was wintertime. again constituted a previously un- “Crazy Blues,” recorded 100 years Blues,” that August—with an all- of 1919, when white rioters killed And this record just came out. And tapped market. A boom in record- ago this week, sparked a transfor- Black group. The performers stood unarmed Black civilians in many a fella in a cigar store put a pho- ing such blueswomen as “Ma” mation of the music industry and in front of a large megaphone-like cities and Claude McKay re- nograph [in the doorway] and Rainey and Bessie Smith (no rela- the American soundscape. In 1920, horn; electric recording and micro- sponded with his self-assertive pointed the record out the door, so tion) ensued. Record companies Black people accounted for nearly phones, with much better fidelity, sonnet “If We Must Die.” people could hear it. . . . And come adopted the name “race records”— 10% of the U.S. population, but wouldn’t arrive until 1925. “Crazy Blues” became a smash the sound of that record, and peo- a respectful term at the time—to they and their music had been market blues, jazz and gospel mu- largely locked out of the record sic to Black consumers, though business. Record companies chose some curious white music lovers white bands to make the first jazz caught on, too. recordings. In fact, the industry After “Crazy Blues,” record dominated by Columbia and Vic- companies sought new material tor—issued mostly music by white and markets, sending talent scouts people for white people. to remote, mostly Southern, loca- “Crazy Blues” was not the first tions to immortalize all sorts of lo- record by a Black group: Vocal cal and regional musicians. These quartets made recordings as early included Black performers (Blind as 1890. Nor was it the first blues Lemon Jefferson, Charley Patton), on record: W.C. Handy and James white (Fiddlin’ John Carson, Jim- Reese Europe recorded blues in- mie Rodgers), Native (Big Chief strumentals in the late 1910s. But Henry’s Indian String Band), and it was the first recording of blues Tejano (Lydia Mendoza). The re- sung and accompanied by Black cord companies also accelerated musicians. their recording of ethnic musi- Nobody knew it at the time, but cians—German, Italian, Polish and Smith’s recording would open a the like—for niche markets, while door to the future, enabling Black folklorists such as John Lomax people to hear their own songs went into the field to save early whenever they wanted. And white 20th-century musicianship from people to hear them, too. “Crazy disappearing. Blues” became one of the most The surprise hit “Crazy Blues” consequential recordings in Ameri- diversified how America sounded can history, sparking a revolution to itself. By the end of the 1920s, a that continues to resound. decade of rapid musical change, Originally a Southern folk ex- the limited spectrum of American pression, the blues remained music captured on recordings largely unknown to white Ameri- would widen into a radiant rain- cans until they were notated and bow, fulfilling Walt Whitman’s lyri- commercialized by the Black band- cal line literally: “I hear America leader and composer W.C. Handy, singing, the varied carols I hear.” beginning in 1912 with his “Mem- phis Blues.” Mr. Hasse is curator emeritus of Other musicians began publish- American music at the ing blues, among them the Black Smithsonian Institution. His books songwriter and producer Perry include Beyond Category: The Life Bradford. He coaxed the scrappy, and Genius of Duke Ellington (Da GES upstart OKeh Records to engage Capo) and Discover Jazz IMA

Black vaudeville and cabaret Jazz and blues singer Mamie Smith and her Jazz Hounds pose for a portrait c. 1920 in New York (Pearson). GETTY P2JW225000-4-A01400-1------XA

A14 | We dnesday, August 12, 2020 **** THE WALL STREET JOURNAL. SPORTS Big Ten, Pac-12 Postpone Football

The moves could begin the final demise of a lucrative college season that officials have scrambled for months to save

BY LAINE HIGGINS Mondayevening about scheduling AND RACHEL BACHMAN games.It’sunclear,however, if uni- versities,much lesstheir football TheBig Tenand Pac-12 Confer- coaches,are authorized to go for- ences votedonTuesdaytopost- ward with such aplan. pone collegefootball and other fall Ohio State’s leadersalso pushed sportsbecause of the coronavirus back against the conference’sdeci- pandemic,amovethat could begin sion. Athletic director Gene Smith the final unraveling of aseason that said that he and president-elect collegiatesportsofficials have la- Kristina Johnson were “totally bored formonths to save. aligned in our effortstodelaythe “Astime progressed and after start of the season rather than hoursofdiscussion…it became postpone.” Later, Smith clarified abundantly clear that therewas too that Ohio State wouldn’t seek to much uncertainty regarding poten- playfootball this fall without the tial medical risks to allowour stu- conference. dent-athletes to competethis fall,” Postponing collegefootball said Big Tencommissioner Kevin would be afar-reaching setback for Warren in astatement. Theleague the sportsindustry, which has been will evaluatethe possibility of play- determined to resume play—and ing the affected sports—which also cut itsfinancial losses—from the include cross-country, field hockey, coronavirus shutdown. UnlikeMajor football, soccerand volleyball—in League Baseball, the NBAand oth- the spring. ers, collegefootball wasout of sea- “Unlikeprofessional sports, col- son when the pandemic wasde- legesportscannot operateinabub- clared in March and had months to ble,” said Pac-12 commissioner plan forareturn. LarryScott,adding that winter Attemptstopreparefor the 2020 sportsalso will not competeuntil season, however, have only high- Jan. 1, 2021 at the earliest. lighted the complexity of resuming With two of the five most power- playwith collegeathletes,rather fulleagues punting on fall and some than professionals, playing agame winter sports, the pressureonthe that by itsnature presentssafety rest of collegefootball’smajor con- challenges forpreventing the virus’s ferences immediately ratcheted up. transmission. Presidentsfromthe Southeastern Now, the lossofacollegefootball Conferencemet Mondayevening, season threatens enormous conse- but didn’t advancethe idea of de- quences,both forcollegiatesports laying the season. TheAtlantic and higher education morebroadly. Coast Conference’stop brassisset Football is the financial engine of to convene later in the week. most collegeathletic departments, In the Big 12 Conference, whose and losing the revenue associated BoardofDirectorsmet Tuesday with it could have adevastating im- morning,calls will continue pact on other sports. Big universi- throughout the week,said Commis- ties morebroadly use their college sioner Bob Bowlsby in atextmes- Ohio State’sJustin Fields, above,during the 2019 Big Tenchampionship. Below, the Pac-12 postponed sports until the football programs to help raise sage. When asked whether his end of 2020. ‘Unlikeprofessional sports, college sports cannotoperateinabubble,’said Pac-12 commissioner Larry Scott. money and attract students. A league would playfootball in the fall handful of busy Saturdays while the Big Tenand Pac-12 hold areinacontrolled envi- during the football season out he replied, “Not currently ronment on campus and serveasaneconomic life- known.” have reported no new blood forthe communities Therun-up to adecision in recent positivecases of surrounding campus as well. days playedout as an intense power Covid-19 in the last 353 Meanwhile,emerging re- struggle between university admin- testsadministered. search has showedthat istrators, powerful coaches and star James Franklin of Penn even people who recovered athletes. State implored the Big from Covid-19 infection Collegeadministratorshavebe- Tentopreservethe sea- could suffer from heart ir- come increasingly concerned about son and provide “trans- regularities.These weighed growing evidencethat athletes who parency&direction.” heavily in the Pac-12’sdeci- contract even mild cases of Covid-19 Ohio State coach Ryan sion, said Stanfordathletic maybeatincreased risk of develop- Daysaid that his pro- director BernardMuir. ing myocarditis,aninflammation of gram would “look at ev- Therisks to athletesin the heart muscle that canbefatal if eryoption,” including going ahead with aseason left untreated. playing teams outside arerunning headlong into But the prospect of not playing the Big Ten, beforegiv- advocates forplaying asea- this week brought vocalobjections ing up on the football son, who contend that play- from some of collegefootball’sbig- season. Nebraska’sScott ersmight be safer with reg- gest stars, such as Clemson quarter- Frost took thingsastep ular testing than if leftto back Trevor Lawrence. Theathletes further with aquasi-mu- their owndevices. early Mondayhad begun advocating, tinyfromthe conference, “I think therewill be via aloose coalition, foraseason to saying the school was pushback on some of the be held, provided certain safety and prepared to look forop- campuses if there’snofoot- scholarship concerns were met. tions to playfootball be- ball from people who be- At the same time,several of the yond the Big Ten. No Pac-12 coaches they were disappointed with the cols,testing procedures,and the lievethat those consequences were

BigTen’smost prominent coaches have suggested forging ahead with- conference’sdecision. structureand support provided by overrated or not accurately predic- (2) this week came out against the out the rest of the league. “Based on the conversations with Husker Athletics,” the statement tive,” said Jo Potuto, alaw profes- S

idea that playing football this fall is AfterTuesday’sannouncement, our medical experts, we continue to said. sor at Nebraska who served fortwo PRES

unsafe. Frost released ajoint statement strongly believethe absolutesafest Nebraska reportedly contacted decades on various committees in TED

In an open letter, Michigan’sJim with Nebraska’schancellor,system placefor our student athletes is several universities within a500- the Big Ten, Big 12 and NCAA.“And CIA SO

Harbaugh explained that his athletes president and athletic director that within the rigorous safety proto- mile radius of Lincoln, Neb., on schools will have to deal with that.” AS

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THE WALL STREET JOURNAL. We dnesday, August 12, 2020 | A15 OPINION The Putin Va ccine Gambit BOOKSHELF | By James Grant

Remember passed along from Mr.Putin aplacebo.The government investorswereshielded from Boom and Bust when Vladi- through his billionairecronies cantakecredit anyway fora risk by aRussian bank. mir Putin that a vaccine must be found nearly certain decline in the Mr.Putin does not have a showedanow. Covid mortality rate,seen ev- long view, only pretends to.If video to vis- The world would certainly erywhereoncethe disease has you’re thinking, “How can he And Progress iting film- benefit if aRussian vaccine,or spread beyond the most vul- announce widespread avail- BUSINESS maker Oliver anyvaccine,weretoprove ef- nerable and to moreresistant ability of avaccine that he WORLD Stone of a fective. But so much of what populations. doesn’t knowwill be success- Money for Nothing Russian heli- the Russian government has Russia’sregional leaders, fuland mayevenprove disas- By Holman W. copter firing done lately,ifnot afraud or a controlled by Mr.Putin, can trous?” the answer is that he By Thomas Levenson Jenkins, Jr. on Islamic delusion, has been asham- take care not to count mild in- will crossthat bridgewhen he (Random House, 454 pages, $30) State fight- boliccrime,including invad- fections.They canconserva- comes to it. ersinSyria? When the seg- ing Ukraine and Syria, med- tively tally the deaths caused He will be aided by the fact ithout quiteintending to,scientific geniuses invented ment aired on U.S. television, dling in the U.S., and various by Covid. that pandemics arenot simple W the mathematical protocols of contemporaryfinance the video was quickly identi- murders and attempted mur- phenomena, as the current more than 300 years ago. If they could see us now, fied as having been liftedfrom dersofRussian émigrésin one has shown. And most of with our profusion of dollars and debts and derivatives, YouTube and showing aU.S. London and elsewhere. Hooray if Russia has Russia’smedia areunder his would they dream them up all over again? helicopter combating militants It would be riskytoas- control. Covid can get mixed Yes indeed, suggests Thomas Levenson, author of the in Afghanistan. sume the Russian vaccine actually made up with symptoms of the flu, aptly titled “Money for Nothing.” Though it was war that Mr.Putin likely spends gambit is what it seems.At progress on Covid, allergies and other coronavi- led to the founding of the Bank of England, and avarice much of his time sorting out the surfacelevel,Mr. Putin ruses.The progressofthe dis- (and bribery, too) that drovethe South Sea Co.forward, disinformation, flattery and would be taking ahugegam- but don’t bet on it. ease has been partly mysteri- the unlovely back stories, Mr. Levenson says, can’t efface manipulation from those ble forthe good of humanity ous everywhere, including the the contributions of these financial experiments to the around him. He maynot know by encouraging his ownpeo- U.S. Not only has the fatality progress of the world. whether he’shearing the truth pletobeguinea pigsfor an Mr.Putin having put his im- rate been rapidly declining. Mr. Levenson, a professor of science writing at the from his expertsand under- unproven prophylactic.Ifthe primatur on the vaccine,itwill Each daybringsnew evidence Massachusetts Institute of Technology, interweaves the lings. And that includes about vaccine makes them sick or surely proveawinner,you can of pre-existing immunity in story of the rise of mathematics and astronomy with the the experimental vaccine he produces disastrous side ef- count on it. Amodel hereis certain people and popula- rise of bankers and actuaries and stock promoters. He announced on Tuesday, sup- fects, especially in mothers the late2016 sale to interna- tions.Thereislot of uncer- traces the evolution of the idea of money to the habits of posedly giventoone of his and unborn children—the tional investorsofastake in tainty in which to hide the mind that brought us owndaughters(whose exis- kind of thing known occasion- thestate-controlled oil giant, outcome of the Putin vaccine calculus and the art of tenceheusually doesn’t ac- ally to happen with new Rosneft.The sale had been au- experiment, whether or not it surveying and the theories knowledge). An outsider drugs—he mayend up being thorized in legislation signed even takes place. of gravity and optics. And he would be forgiven forwith- seen as Vlad the Impaler II. by Mr.Putin, the expected WhyMr. Putin needed a frames this vivid narrative holding judgment on whether Hispeople arealready dis- proceeds incorporated in a propaganda success right now around the century-long such a vaccine exists, was ac- gruntled enough notwith- budget he approved. The related to Covid is a question wars between France and tually developed by Russian standing the jigged-up refer- planned offering wasmeant to that would requiregetting Britain that culminated in the scientists according to some endum that recently extended signal Russia’striumph over into his head and also know- Battle of Waterloo in 1815. known or plausible principle his tenurefor apossible fur- sanctions.Soas2016,the year ing the stateofplayamong Opening with sketches of of vaccine development, or ther 16 years. Mr.Putin had set as adead- the criminal elites who consti- the lives and ideas of such has been tried on anyone Mr. Putin has undoubtedly line,was winding down, you tutethe main instrument of luminaries as Isaac Newton (though ample Russian report- considered the risks.You could bet the long-promised his rule and also the main and Edmond Halley (he of ing suggests it has). would be wise to assume sale would materialize, even threat to it. One thing you comet fame), Mr. Levenson Thewhole thing could be a nothing,including that what though it turned outtobea would be well-advised not to pauses to describe the reform theatrical Potemkin produc- will be distributed to the Rus- bit of a sham in which adis- do is take any vaccine claims of the English coinage and to tion, in response to an order sian people won’t actually be tinctly second-drawerset of at face value. ponder the nature of money itself. This last topic could hardly be timelier now that the Federal Reserve is producing more money than even Newton, hyper-efficient Partisanship Is a Pre-Existing Condition warden of the Royal Mint in the late 1600s—and “perhaps the greatest genius in the history of the world,” by Mr. Theimpasse not be in the businessofbail- terwould giveRepublicans classrooms safely and to set Levenson’s reckoning—was equipped to imagine. over Covid-19 ing out the budgets and pen- the protection their business up alternatives in case high Intellectual preliminaries out of the way, the author legislation is sion funds of profligatestates. supporterswant. In return, ratesofinfection makere- homes in on the rise and fall of the South Sea Co. and the apolicyfail- TheCassidy-Menendezbill employers would be required opening infeasible. parallel cross-channel boom and bust of the Mississippi Co. urewith con- would compensatestatesfor a to meet clear, strong and en- Adysfunctional Congressis Each project started with an exciting new idea. Each stitutional im- portion of added costsand forceable workplacesafety not merely adisservicetothe commanded the imprimatur of the state. Each enriched POLITICS plications. lowerrevenuesfromCovid-19, standards.Therewould be no American people but also a some, enchanted many others and, finally, ruined almost as & IDEAS TreasurySec- not forthe consequences of verbal loopholes such as source of constitutional defor- many as it had enriched. Each was a bubble, but each retary Steven past mismanagement. Thebill “good-faith effort” and “tothe mation. Likenature,politics opened minds to the possibilities of financial invention. By William Mnuchin said explicitly barsthe use of extent possible.” Immunity abhors a vacuum. When Con- The South Sea Co. blazed forth in London in 1720 with a A. Galston on Sunday fundstoshoreuppension from liabilitywould depend gressfails to addressurgent scheme to exchange its own shares for the public’s holdings that most is- funds. on strict compliance, and public problems,presidents of British government bonds. At a certain rate of exchange, sues between congressional Then there’sthe dispute workerswho allegethat em- have incentives to act on their the proposition might have made sense—the shares could Democratsand the Trump ad- over unemployment benefits. ployers failed to meet the own. Theresult is government be easily bought and sold, unlike Britain’s illiquid annuities. ministration had been re- Republicans object to the cur- standard would be protected by executive fiat, which typi- But the soaring South Sea share price soon made the solved, with the exception of rent $600 weekly federal sup- from retaliation. cally results either in ineffec- proffered exchange wholly uneconomic. Mr. Levenson gives aid to states and localities and plement on the grounds that, tivepolicyorlegal and consti- a fine, sympathetic account of the “disputatious” Archibald the extension of supplemen- when added to statebenefits, tutional violations. When the Hutcheson, the Cassandra who saw the crash coming but tary unemployment insurance it canpay unemployedrecipi- A functional Congress inevitable legal challenges was mocked for his unwelcome foresight. payments. No doubt differ- entsmorethan they earned come,the courtsfeel com- It’s proverbial that, whereas scientific progress is ences of degree remain in on the job and is thus adisin- would be able to pass pelled to resolveissues they cumulative, financial progress is cyclical. In the first, we other areas,but these seem to centivetoreturn to work. compromise Covid-19 would prefer to leave to the build on what came before. In the second, we move forward be the two main fiscal sticking They have countered with an political branches,miring the only to fall back. Bust chases boom, underdoing-it follows points. If so,compromise offer of $200. legislation. judiciaryincontroversies that overdoing-it. We sell high and buy low rather than the should be within reach. Here again, the two sides sap itslegitimacy. Thereisno other way around. “I thought once,” recounted Daniel Democrats are demanding should be able to compromise. constitutional replacement for Defoe, author of “Robinson Crusoe” and the pre-eminent nearly $1 trillion of additional Mr.Trump has signaled his In the old days of legislat- afunctioning legislative financial journalist of his day, “that love and jealousy were assistance for state and local willingnesstoback a$300 ing,the House and Senate branch. the only two things that could make the world mad.” But governments, while Republi- federal contribution. There is would passtheir ownversions To ahigher degree than ei- the crazily zooming South Sea share price opened his eyes. cans areoffering moreflexi- some evidencethat Democrats of contested bills and then as- ther theexecutiveorthe judi- bility for$150 billion previ- maybewilling to settle for semble in conferencecommit- ciary, the legislatureisdisfig- ously appropriated. The $400,tapered in stages linked tees to iron out their differ- ured anddisabled by partisan All sorts of financial experiments—evenruinous solution: Meet in the middle. to declining ratesofunem- ences.That processhas polarization. Institutional re- ones, likethe SouthSea bubble—have advanced RepublicanSen. Bill Cassidy of ployment. These differences broken down, to the country’s forms canhelp,but only polit- Louisianaand Democratic Sen. canberesolved, assuming the detriment. ical change can fix this prob- our understanding of what moneyis, and isn’t. Bob Menendezof New Jersey parties want a bill more than Failing to reach an agree- lem. have introduced abill that a talking point. ment on comprehensive There are reasons to hope would distribute $500 billion SenateMajority Leader Covid-19 legislation would be changemay be afoot. Brave Meanwhile, across the English Channel, the brilliant to states and localities based Mitch McConnell is insisting immensely damaging forthe membersofthe House and John Law, aScotsman living in Paris who would teach the on aformula that accountsfor on provisions that protect country. Unemployedworkers Senateare banding together French the meaning of the word inflation, wasdoing the revenue loss and Covid-19 in- corporations and other enti- would suffer more, and re- across partisan and ideologi- South Sea Co.one better. He,too,undertook to relievethe fection rates, as well as popu- ties against Covid-19 liability duced purchasing power callines to build trust and government of itsburdensome debtsbyexchanging itsIOUs lation. Thebill has other bi- claims.The U.S. Chamber of would hurt businesses.States writebipartisan legislation. forshares of stock,inthis case,shares in Law’sveryown partisan co-sponsors, and so Commerce has made these would be forced to slash bud- TheAmerican people are “banque.” That ambition achieved,Law sold his Banque does thecompanion version changes a priority. Trial law- gets and payrolls, further re- wearyofnonstop partisan Générale to the French state. Thenotes of the renamed introduced in the House. yers aredead set against ducing demand and increasing warfare, and in November vot- Banque Royale nowcirculated as legal tender.Betterstill, LedbyPresident Trump, them. unemployment. Schools ers will have a chance to reg- from Law’svantagepoint, his scrip displaced gold and Republicans insist that the Acompromise proposal wouldn’t receivethe assis- ister these sentiments, if they silver; 18th-centuryFrance, anticipating modern America, federal government should from the bipartisan NewCen- tancethey need to reopen are serious about them. adopted apurepaper monetarystandard. As therewas no check on the expansion of newmoney, Lawissued it by the job lot (the South Sea promotersenjoyed no such privilege). Unconstrained, he turned the Banque Kamala Harris Won’t Satisfy Progressives Royale intoaprototypical conglomeratewith interestsin trade,tax collection and stock-pricemanipulation. Wasthere By Ted Rall gestions of a party-unity groups,and whiteliberals.” “That‘topcop’ thing has just nothing he couldn’t do? It seemed so when, in 1720,his royal ticket, and sidelined Mr.Sand- But building an identity-pol- stuck—she built such astrong sponsorsinstalled him as the French financeminister. ychoosing Sen. Kamala ersinfavor of Tim Kaine. Tra- itics coalition isn’t the same brand on it as an AG, as the But comeuppancefollowedswiftly,asthe clouds of new B Harris as his running ditional corporatist liberals thing as embracing progressive DA—and it’shardfor people to bank notes created the inflation that collapsed the share mate, JoeBiden is send- twisted themselves intoknots policies.Inthe end, according erase that in their memories,” priceofthe Mississippi Co.(so named forthe monopoly ing amessagetothe progres- trying to convinceprogres- to one analysis,lessthan 80% Chivona Newsome,aco- that Law’screation enjoyedintrading with France’sLoui- siveleftbase of the Demo- sives that he wasone of them. of Sandersprimaryvoters founder of Black Lives Matter, siana Territory). Themonetarymagician presently took cratic Party: Drop dead. “Kaine has an extremely votedfor Mrs. Clinton, and 12% told the NewYork Times.Kevin flight, “stuffed intoaborrowedcoach,” as Mr.Levenson Thechoiceindicates that progressiverecordoverall,” supported Mr.Trump. Cooper sitsonCalifornia’s puts it, without a sou in his pocket and fearing forhis life. Mr.Biden’scentrist establish- Paul Waldman argued in the Ms.Harris’sbackersare re- death rowinpart because Ms. Even so, Mr. Levenson contends, the fugitive from the ment handlersviewHillary American Prospect in July peating the same error.“JoeBi- Harris refused to allowhim to consequences of money-printing made his constructive Clinton’s defeat in 2016 as his- 2016.“He wasone of the first den’stop priority in selecting a obtain advanced DNA testing mark: “As deeply as any contemporary John Law both torically anomalous rather Virginia Democratstoturn his running matewill be to choose to demonstratehis innocence. recognized and demonstrated that money didn’t have to than evidence of a flawed somebody who canhelp unite Prosecutorswithheld poten- be real. . . . Gold or silver did not possess some unique strategy.Democratic conven- and energizethe sprawling, tially exculpatoryevidencein property that gave them significance—value—beyond what tional wisdom remains mired In 2016, Democrats restlessDemocratic coalition,” the case of George Gage, and the market said it had.” Hence was born, in the author’s in the 1990s of Dick Morris Errol Louis said last week on Attorney General Harris fought telling, the volatile but indispensable “mathematics of and Clintonian third-way tri- mistook identity CNN.“At atime when demands to keep him in prison on a credit” by which we live now. angulation. Donald Trump politics for policy. forracial justiceand inclusion technicality.He’s80and still Regarding those mathematics, Mr. Levenson is a glass- proved that presidential elec- aresurging,Harris would be a behind bars. half-full man. Britain emerged victorious in the Napoleonic tions arenow about energizing Here we go again. camera-ready voicefromthe Mr.Biden probably won’t Wars because, in good part, the British credit markets had the base to increase turnout. blackbase of the party.” enjoymuch of aboost from a no functional French counterpart. More broadly, the Defying convention as usual, That assumesthat being running mateprimarily chosen author’s argument runs, Britain’s predilection for modern the president has governed the back on the way membersof black is good enough forBlack to appeal to the older black management methods—counting population, land mass, way he campaigned, with red- his party had traditionally Lives Matter. BLM learned voters who would have turned taxbase—tipped the scales to victory. meat policyand rhetoric un- campaigned in the state(bend- from Barack Obama that race out forhim anyway.Hehas Perhaps, but this long-running paean to quantitative likely to appeal to Democrats. ing over backwardstoshow didn’t equatetopolicy. As certainly alienated progres- policy making brings to mind the opposite alternative It’show he’srunning forre- conservativewhitevotersthat president, he failed to act sives. deployedtosuch prosperous effect in the Hong Kong of election. they were good ol’ boys); in- meaningfully against police Thehashtag #KamalaIsACop the 1960s. Sir John Cowperthwaite, the English colony’s Democratsare challenging stead, Kaine wonraces for brutality. will trend again. free-market financial secretary, refused to allow the econo- him the same way they lost to lieutenant governor,governor, It’shardtobelievethat mists to collect statistics lest those meddlers use the data him in 2016.Determined to put and senator by putting to- younger black voters will look Mr. Rall is apolitical car- to write regulations. Here, at least, decades before the Bernie Sanders’sbruising pri- gether earlier versions of the past Ms.Harris’srecordasSan toonist and author of “Political communist night fell, ignorance was bliss. marychallengebehind her, Obama coalition, based on Af- Franciscodistrict attorney and Suicide: The Fight for the Soul Mrs. Clinton circular-filed sug- rican Americans,immigrant California attorney general. of the Democratic Party.” Mr. Grant is the editor of Grant’s Interest Rate Observer. P2JW225000-2-A01600-1------XA

A16 | We dnesday, August 12, 2020 ** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK A Report to Our Readers

Dear Readers: In our quest to reach an ever-larger The Democrats Choose Harris Charles Dowand EdwardJones audience, our newsroom, led by Editor might not have considered this apossi- in Chief MattMurray,will continue n choosing Kamala Harris as his running against Mr. Biden by distorting the history of bility when they founded TheWall our deep commitment to fact-based mateonTuesday, JoeBiden checked the es- forced busing in the 1970s.The jab scored oohs Street Journal 131 yearsago,but the reporting, free from interference. I sential boxes his party had demanded—a and aahs from the media judges but its dema- publication in your hands is acounter- Facts, strangely enough, aretodaya cultural forceintoday’smedia. market differentiator.Marketsde- woman, aminority,and apro- goguery was blatant. The California Senator Agenda-driven reporting on the mand quality.Assuch, thereisno gressive who has moved left Mr. Biden will get credit in news is on the rise; news and opinion room to allowpersonal biases to mold as the Democratic Party has. fits the progressive some quartersfor rising above areincreasingly blended; and, not sur- factstofit pre-determined narratives We’ll see howthe California that attack to choose her. But prisingly,trust in the media has whether youare reporting on the Senator plays in the swing- party requirements. we’d feel better about Mr. Bi- reached anew low. Gallup and the economyorpolitics.Our journalists state suburbs that Mr. Biden den if he had bypassed her for Knight Foundation recently found that arecommittedtothat. needs to defeat President that reason. An effectivePres- the majority of Americans believeinac- As we seek to grow,our opinion Trump. ident needs to put his stamp on the party, not curacies in the news aredue to report- pages,led by Editorial Page Editor Mr.Biden’schoiceisespecially important be- viceversa. In choosing Ms.Harris,Mr. Biden is erseither misrepresenting or making Paul Gigot, form akey part of that ef- cause he would be the oldest President on Inau- bending to the party’s preferences and reward- up facts. Against fort. Mr.Gigot and his team will con- guration Dayatage 78.The actuarial tables and ing the kind of political cheap shot he abhors this trend, the Jour- tinue to provokethought—and, no nal’snewscoverage doubt, emotions—without interfer- his declining mental acuity suggest he wouldn’t in Mr. Trump. stands as abeacon ence. His pages have always stood for runfor re-election, assuming he lastsafull Her record as prosecutor will bother some with itsuniquely de- the same values even as winds change, term. Americans who have watched Mr. Biden on the Black Lives Matterleft, but her identity tached, researched, always been unafraid to challengecon- on the campaign trail—and the way his advisers as aminority will blunt that concern. She’spro- factual reporting.It ventional wisdom, all the while stay- protecthim from media questioning—aresmart gressive but malleable. She was quick to en- remains the most ing rooted to the editorial board’s enough to knowthat in voting forMr. Biden dorse Medicarefor All and the Green NewDeal trusted national philosophical commitment to “free they’re also voting for his running mate as a as apresidential candidate, but she backtracked newspaper in the people,freemarkets.” Their indepen- likely President. when they began to look too extreme. U.S.,according to a dence, likethat of the Journal news- iii She is also aferocious partisan. As California recent survey by the room, is backstopped by aspecial Ms. Harris is most appealing as an example AG she killed a deal that would have rescued ReutersInstitute. Almar Latour committeeand is unassailable. of American upwardmobility,especially forim- some ailing Catholic hospitals because of oppo- Demand forour Together,the news and opinion op- trusted brand of factual analysis and erations,which have operated indepen- migrants. Her father is a Jamaican-born Stan- sition from the ServiceEmployees International insight is rising: Our readership has dently from each other throughout our ford economist. Her Indian-born mother wasa Union. In the Senateshe wasone of the nastiest never been greater,with morethan historyand both of which report to me, breast cancer researcher at the University of questionersofBrett Kavanaugh,which is ahigh three million subscribersand tens of createanexciting and unique ecosys- California, Berkeley. bar.She floated some innuendo about the judi- millions of visitorstoour apps and teminAmerican media. Our owninter- Even when the countrywas lessracially tol- cial nominee’salleged secret discussions about sites everymonth. And in spiteofthe nal reader surveysshowagain and erant than it is now, both parentshad successful Robert Mueller’s Russiaprobe without anyevi- pandemic and itseconomic impact, again that the overwhelming majority careersand were able to provide opportunities dence. As a candidate, Ms. Harris will be de- our businessisperforming well and of our readersdeeply value our opinion for their daughter even as they divorced. She lighted to brawl with Donald Trump. growing.Quality news canbeasus- pages as well as our news reporting. made the most of them. LikeBarack Obama,Ms. iii tainable—and profitable—enterprise, Factsare important, but of course Harris’ssuccess is aliving refutation of the Mr.Biden mayhavebacked himself intothe and it wasfor us in the fiscal year journalism is ahuman enterprise,and ended June 30. we makemistakes everyday.And when left’scritique of Americaasanoppressive, rac- corner of having to choose Ms. Harris. He lim- Moreover,inaworld facing major we do,weown up to them and promi- ist land. ited his choices by promising to select awoman, challenges that areaffecting all our nently correct them. It is humbling for Herpolitical record,onthe other hand, will and the black Democratswho savedhim in lives,quality news canmakeadiffer- anyreporter or editor (or publisher), reassureDemocratsmorethan independentsor South Carolina pressed forablack woman. Then ence. We believewestand apart for and areminder to be carefulaswe softRepublicans.She’sapolitical lifer who rose the Sanderswing pressed foraprogressive, and our focus on money,business, careers, strivewith everyarticle to uphold our through the patronage machine of former As- Ms. Harris is a safer choice by far than Eliza- economics—the forces that shape the commitment to you, our readers. sembly Speaker Willie Brown. She was a local beth Warren. world around us and your ownlives. prosecutor,astate Attorney General forsix In this sense the choice is revealing about We arehumbled by your expression years, and waselected to the Senatein2016 af- the unusual natureofMr. Biden’scandidacy. He of trust. Sincetaking on the role as the Trust is a precious thing, terparty bigscleared the primaryfor her.This wonthe nomination as the last-ditch, anti- publisher of this remarkable U.S. and and everyone at the Journal isn’t an extensive resume for executive office, Trump alternativetowhat would have been the global institution, Ihavereceived many reader letters and feedback in meetings gets up every day knowing and on foreign policy she is about as experi- suicidal selection of Bernie Sanders. Morethan expressing the importanceofour news enced as Sarah Palin. anyrecent nominee,Mr. Biden is aparty figure- organization’sbalanced reporting.Hav- that we have to earn it. Ms. Harris ran for President this year but head, more than a party leader. In adding Ms. ing worked herefor aquarter-cen- washed out quickly despitebeing amedia favor- Harris to the ticket, he has underscored that a tury—much of it as areporter and edi- ite as the candidate from central casting. Her vote for Mr. Biden isn’t merely a vote to oust torbeforebecoming publisher—I want Journalistsdofacedangers, and we campaign’s most notable moment came in the Mr. Trump. It’s a vote for the coastal progres- to assureyou that the values we up- care deeply about the safety of our em- firstdebatewhen she playedthe race card sives who nowdominatethe Democratic Party. hold todayreflect our founders’ vision ployees.Atthe Journal, we knowthese forproducing news that is “honest, in- risks all toowell and we have aglobal telligent and unprejudiced.” team dedicated to aiding journalistsin As we embark on anew (fiscal) year tough positions.This is not just theory. Can There Be Another Bernard Bailyn? here, we will push ever harder to in- In hot spotsaround the world—from crease the Journal’sreach, impact and the Middle East to Asia and beyond— FoxNewspoll last month found are- American life. Thebook has been cited as an au- influence. We will invest in journalism our security team works hardtomake markable shareofAmericans under age thority by Supreme Court Justices including and in digital excellencetohelp deliver sureour writing staff canfulfill our A 30 think the country’sfoundersare better conservatives John Robertsand Clarence it to as manypeople as possible.Amer- promise to readers. described as “villains” (31%) than “heroes” (39%). Thomas and liberals Stephen Breyer and David icans’ trust is declining not just in me- We also want to connect with you, This erosion of aunifying national narrative Souter. dia, but also in government, and in the readers, even more than we do to- makes morepoignant the death FridayofBernard Bailyn’s lesswell-known “The Ordeal of each other,according to the PewRe- day, giving youanopportunity to en- Bailyn, themost accomplished historian of early Thomas Hutchinson” (1974) showedthe revolu- search Center.Weare all facing great gage with us and with one another. America’sdazzling world of ideas. tionaryperiod from the perspectiveofthe Loyal- uncertainty,crises and big choices on Our readersare an amazing untapped At 97,Bailyn wasaveteran of World WarII, ist Governor of Massachusetts.Americans today howtotackle our collectivechallenges. social network containing expertise on aprofessor emeritus at Harvard, atwo-time Pu- could learn from Bailyn’sdetermination to see TheJournal’spursuit of quality jour- myriad topics.Thereisgreat potential nalism at scale canand should help in- and benefit in hearing your voices.We litzer Prize-winner and laureateofthe National conflict from both sides.Critics speculated that form that debateatacritical time. will work to improveour serviceto Humanities Medal. He is most famous for“The the book wasacryptic defense of the then-em- Letmeoffer yousome of our bed- reader communities,offering you Ideological Origins of the American Revolution” battled RichardNixon,but Bailyn’sscholarship— rock values that areworth repeating: moredepth in the areas youcare (1967), aclose reading of hundreds of pam- unlikethat of activist historians today—wasnot An old motto forThe Wall Street Jour- about most. phlets from the 18th century. The book over- in serviceofany political agenda. nal was“TheTruth in itsproper use”— We arecommittedtomakesureyou threw the early-20th centuryProgressiveview Refiningand implementing the ideas of the aphrase that still applies todayand canenjoythe Journal in the waysthat of the revolution, which argued that eliteAmer- revolution, Bailyn wrote in the 50th-anniver- sums up whyweexist. We aim to be aremost helpful to you, via our app, icans rebelled moreout of economic self-inter- saryedition of “Origins” in 2017, is “a struggle the source of truth forour readers our website, our podcasts, video,TV, est than to vindicate political ideals. that we nowknowwould have no end.” The around the world, in business, finance newsletters,social platforms,orin Bailyn zeroed in on the intellectual back- struggle will become lesslively as scholarslike and life. Truth—facts—arenecessary print. We will invest to makeyour ex- and-forth among the revolutionaries and the in- Bailyn pass from the scene and the media and thingswhether you’relaunching a periencethe best one possible.This rocket intospace, choosing astock,or way,you canput truth to good ends. fluenceofthe British “Radical Whig” tradition academypromoterotedenunciations of Amer- writing alaw.Trust is aprecious thing, As youdoso, we remain grateful for of the early 1700s. He showed how Americans ica’s past. It may be impossible in the current and everyone at the Journal gets up ev- your support. applied these potent ideas to questions of environment, but one day scholars like Bailyn eryday knowing that we have to earn ALMAR LATOUR power and representation, and he highlighted mayemerge again to reclaim America’sinheri- it, aware of howeasily it canbelost. Publisher “the contagion of liberty” in other spheres of tance as a republic of liberty.

A Defeat for Antitrust Adventurism LETTERS TO THE EDITOR

errific news.The Ninth Circuit Court of settled itsdisputewith Qualcomm and bought Appeals on Tuesday, in a3-0 ruling, Intel’schip businesssoitcould develop itsown. Young Radicals Won’t Polarization and America’s T smacked down government lawyerswho Behold market competition at work.Yet the sought to hang Qualcomm for FTC senselessly persevered Redeem Racial Liberalism ExecutiveBranchUnbound being successfuland the fed- An appeals court with its lawsuit. BartonSwaim is optimistic that “a Your editorial “Trump’sExecutive eral judgewho entertained rebukes the FTC’s Thepanel concluded that half-centuryofliberal orthodoxy on Orders” (Aug.10) claims that “our their antitrust adventurism. the FTC failed to showthat race is quiteenough” (“Radicals Have polarized politics is stressing the TheFederal Trade Commis- assault on Qualcomm. Qualcomm’slicensing policies aPoint About Racial Liberalism,” op- constitutional system.” In fact, it’s sion in the waning days of the diminished consumer choice ed, Aug.10). He hopes today’sradicals the shredding of the Constitution Obama Administration sued or increased price. “Anticom- will see the failures of the welfare that has polarized American politics. Qualcomm under the Sherman Act. According petitive behavior is illegal under federal anti- state’sbells and whistles and push for Themorethe president resembles to the government, the technology company trust law. Hypercompetitive behavior is not,” something better. But therewill be an elected king,ruling by executive meaningfulchangeonly when Daniel fiat, themoreAmericans will be at leveraged itsdominanceinthe modem market JudgeCallahan writes,“But profit-seeking be- Patrick Moynihan’s1965 conclusion each other’s throatsfor control of to charge smart-phone manufacturersexcessive havior alone is insufficient to establish anti- that the dissolution of the family is the throne. royalties for“standardessential patents” that trust liability.” the primaryimpediment to black so- HARRY MILLER it had agreed to license on fair,reasonable and Citing the Supreme Court’s Trinko decision cio-economic progressisaccepted. Mobile, Ala. nondiscriminatory (FRAND) terms. (2004), JudgeConsuelo goes on to explain that Areview of the national Black Lives But Apple complained to the FTC that the “the opportunitytocharge monopoly prices ‘is Matterwebsitegives cause forpessi- chipmaker’s royalty policyallowedittoprofittoo an important element of the free-market sys- mism. Listed as one of the movement’s Pepper ... much from itsphone sales.Federal JudgeLucy tem’” and “‘induces risk taking that produces core beliefs is the following: “Wedis- And Salt Koh, aBarack Obama appointee,ruled forthe FTC innovation and economic growth.’” rupt the Western-prescribed nuclear last year and ordered Qualcomm to license its “‘Antitrusteconomists, and in turn lawyers family structurerequirement by sup- THE WALL STREET JOURNAL patent portfolio to rival chipmakers. This would and judges,tend to treat novel productsorbusi- porting each other as extended fami- lies and ‘villages’ that collectively care boost Qualcomm’scompetitorswhile reducing its ness practices as anticompetitive’” and “‘are forone another,especially our chil- leveragewith smartphone makers. likely to decide cases wrongly in rapidly chang- dren, to the degree that mothers, par- But as appellate Judge Consuelo Callahan ing dynamic markets,’” the judgenotes,quoting ents, and children arecomfortable.” writes,“to the extent Qualcomm breached any a Yale economics article. This “can have long- Helping one another is good; treat- of itsFRAND commitments, the remedy for lastingeffectsparticularly in technological ing the nuclear family as something to such abreach wasincontract or tort law”—not markets, whereinnovation ‘isessential to eco- be “disrupted” isn’t. Noticealso that antitrust law. Further,phone manufacturers nomic growth and social welfare.’” “fathers” aren’t mentioned. Today’s “have been somewhat successful in ‘disciplin- These points about competition are espe- radicals haven’t learned much. ing’ Qualcomm’s pricing through arbitration cially important as progressives seek to revive JACK WISSNER claims, negotiations, threatening to move to long-discredited antitrust theories to diminish Atlanta different chip suppliers, and threatened or ac- companies merely because they’rebig and prof- Lettersintended forpublication tual antitrust litigation. These maneuversgen- itable. Yet innovations that make a company should be emailed to [email protected]. erally resulted in settlements.” more dominant and profitable may also result Please include your city, stateand Case in point: Apple in 2014contracted with in moremarketplacecompetition and improve telephone number.All letters aresub- Intelfor modems,but its5Gchips were lessad- consumer welfare. Government antitrust regu- ject to editing,and unpublished letters cannot be acknowledged. vanced than Qualcomm’s. So last year Apple lators, take note. “I always knew youlacked commitment.” P2JW225000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, August 12, 2020 | A17 OPINION How to Beat China and Help the World’s Poor

By Hernando de Soto developing countries will side with Ithen explain that the invisible whoever offersthem not moredebt chain needed forcapital creation is proxyfor the contest be- but the opportunity to createcapital in placeinnearly all developing tween American and Chi- based on property.And though al- countries—enshrined during the nese capitalism will take most no one realizes it, the people past 30 yearsininternational con- A placeindevelopingcoun- in the informal economynow have ventions,free-trade and bilateral in- tries,whereinstitutions titles to most of the surfaceofthe vestment agreements, and domestic aremanifestly not coping with the earth, as aresult of decades of legislation. As aresult of working economic recession triggeredby squatting,migrations,agrarian re- with heads of stateinsome 20 Covid-19.The two billion people forms and skirmishes.These people countries,Ihavehelped createa who work outside the global finan- control access to most of the min- path that connectsall the links in cial system in the informal economy eral, oil and gasreserves in the thechain and then designed and suffered a60% drop in income in world. But they often feel exploited tested aprotocolthat would allowa the firstmonth of the crisis,accord- by industryand use their titles to credible agencytosupply the certi- ing to an April pressrelease from block access to $150 trillion of fications ownerscan add to their ti- the United Nations’ International proven reserves—fivetimes the tles. Labor Organization. Guy Ryder,the combined grossdomestic product of When Covid-19 hit Peru’s econ- agency’sdirector-general, said: the U.S. and China. omyinearly May, Iproposed aplan “Millions of businesses around the Instead of blocking projects, why to implement the chain of certifica- world arebarely breathing.They don’t those with property use their tions to the titles of local landown- have no savingsoraccesstocredit.” titles to createcapital by pledging ersblocking the extraction of min- Without help,“these enterprises them against investment or credit to eral reserves with proven potential will simply perish.” fund their ownmines or businesses, value of $1 trillion. These certifica- or as credentials that would allow tions could be issued by some of the them to negotiatewith oil and gas American, SwissorChinese banking A plan to unleash the firms on equal terms? and title-insuranceinstitutions with Because their titles need achain which Ihavespoken with over the power of ownership by of certifications issued by escrow KLEIN past two years. VID

formalizing capital in and closingsorganizations,trust DA Peru’s seven mining federations, services,title and fidelity insurance representing 400,000 families,sup- the informal economy. firms,originators, underwriters, se- bank as apledgeand credited in its pointing people to the waters of port my plan and have publicly chal- curitizersand other agencies.This accounting books as an asset, and— Lake Junín, high in the Andes, lenged the president to promoteit. processissoingrained in American voilà!—it is capital. Thebank can which generatemuch of the power Iposted summaries of the plan on UnlikeChina, the U.S. and other society that it is takenfor granted, then issue money through an exit forPeruvian industry. Iexplained social mediaand gotnearly seven developed nations,these countries and the purpose is all but forgotten. window, recording it in itsbooks as that capital, likeenergy,isthe ab- million views on my Facebook page do not have capital and credit-creat- Link by link,these certifications re- adebt, and that money canbein- stract potential that all resources within two days. ing institutions that cancontinually inforce and expand the rightscon- vested to createsurplus value. have.For this potential to be real- Those in the informal economy generatefunds.Tofinanceavirus- tained in local titles to do two The reason those in the informal ized, it has to be transformed arewilling to embracecapitalism. induced recession, developing coun- things: include safeguards that fi- economyare at risk of perishingin through achain of documents: those Whether it will be China’sorAmer- tries canrely only on their mone- nancial marketsrequiretoprevent this pandemic is amonstrous myth: certifying the potential energy of ica’smodel will depend on which tary savingsand capacity fordebt, fraud; and allowtitleholderstoown that property-rights documents be- thewater by measuringits volume countryunderstands that while no which will quickly be depleted. Both not only the value of resourcesin gin and end with simply obtaining a and elevation, those certifying the one waslooking,the poor inherited Thomas Jefferson and Karl Marx their passivestate but also the title.The truth is that if those prop- amount of kineticenergy it could the surfaceofthe Earth, and that called this financing “fictitious capi- added value of the enterprises that erty documentsare not enriched by generateatthe end of itsgravita- they will favorwhoever helps them tal”—money backed by nothing develop them,which canbecircu- the additional certifications,the tional fall,and those certifying the use their legacytocreatecapital morethan agovernment’sability to lated through an economyinthe surplus value that ownership is sup- turbines and generatorsneeded to rather than destroy it. taxits citizens.Real capital has to form of stock. posed to producecannot be real- turn kinetic energy intocontrollable be based “onthose who have prop- Oncethis value chain of certifica- ized. electricity that, when it reaches Mr. de Soto is author of “The erty,” as Jefferson put it. tions is packaged in afile by afund Thechallengeistoexplain this households and businesses,isworth Mystery of Capital” and aformer In thecontest between Chinese originator,that title will be accept- processtothose who hold the titles. thousands of times the recreational CEO of UEC, Switzerland’s largest and American models of capitalism, able at the reception windowofa What worked formeinPeruwas value of the placid lake. consulting engineeringfirm. Echoes of 1984 in Biden’s Vice-Presidential Choice

Maureen Dowd took Queens.” Theresult? Mondale lost beth Warren and AmyKlobuchar candidatehasn’t carried much sway largest cities.The cities experienc- it on the chin Satur- Catholicsand women. Reagan even flame out? In addition to Ms.Har- with voters,but Mr.Biden would be ing the worstofitare almost all dayfor stating in came close in Queens. ris,black voters might have opted the oldest president ever,so2020 runbyliberal Democrats, who in re- her NewYork Times Likeall presidential candidates, forCoryBooker if race wasatop might be an exception. Still, if any- cent yearshaveenacted policies column that “ithas Mr.Biden waslooking forsomeone concern, yetthey overwhelmingly thing the circumstances called for that placethe welfareofcriminals been 36 yearssince to help him—or at least not hurt went forMr. Biden. Perhaps liberal prioritizing experienceand readi- ahead of victims and then scapegoat UPWARD aman and awoman him—geographically and with cer- elites and their media allies care ness in arunning mate, not race lawenforcement forthe results. MOBILITY rantogether on a tain voting blocs. His campaign has moreabout apresidential ticket and sex. Ms.Harris maybeready So-called bail-reform measures Democratic Party made no secret of his strategyto that “looks likeAmerica” than the forthe job,but who really believes have made it moredifficult forpo- By Jason L. ticket.” HillaryClin- win back whiteworking-classresi- averageDemocratic voterdoes. it’sthe reason she waspicked? John licetokeep suspectsoff the streets Riley ton, whoyou may dentsofbattleground states like McCain’sodd choiceofSarah Palin while they await trial. Early-release recall wonthe Dem- Michigan, Pennsylvania and Wiscon- in 2008 wasanact of desperation, programs liberatecriminals before ocratic nomination in 2016 and sin who leftthe Democratic Party to A ticket with a Catholic an effort to jump-start aflagging they have completed their sen- choseVirginia Sen. Tim Kaine as vote forDonald Trump.It’shardto campaign, and he later conceded tences.Ending “massincarceration” her running mate, wasamong those see howMs. Harris will help him woman from Queens lost that it had been amistake. It’s and reaching racial parity in the pointing out the error. with those voters.Barack Obama Catholics and woman— doubtfulthat Ms.Harris will harm prison populationhavebecome Ms.Dowd’s column wasmainly wonthem over in 2008 by playing the Democrats’ chances in Novem- moreimportant than keeping com- aboutwhether JoeBiden’srunning down racial differences on the cam- and narrowly won Queens. ber,but Mr.Biden’sdecision to munities safefor law-abiding resi- mate, who we nowknowisCalifor- paign trail. Ms.Harris’smost mem- makeabig showoftapping a dents. Theresultshavebeen pre- nia Sen. Kamala Harris,will have to orable moment during the primary woman only serves to validateMr. dictable. endurethe same indignities that wastosuggest that Mr.Biden wasa Because of the pandemic, Mr. Bi- Trump’scritique,and the bowto Mr.Trump spends alot of time Rep.Geraldine Ferrarodid when she racist forexpressing opinions about den hasn’t been able to executea left-wing pressuregroups doesn’t trying to makeMr. Biden as unpop- joined Walter Mondale’s ticket in forced busing in the 1970s that traditional general-election cam- augurwell forthe countryunder a ular as Mrs. Clinton wasfour years 1984 to challengePresident Reagan. turned out to be nearly identical to paign and regularly expose himself President Biden. ago. He would do bettertofocus on Themoreinteresting question her own. to voters and the media. It hasn’t As Americans candeducefor making the case forhis re-election might be the extent to which blunt Theinconvenient truth forpro- hurt hisability to raise money and themselves from the coast-to-coast at atime when millions arejobless appeals to gender and race still ani- gressives is that primaryvotersby- maintain alead in the polls,but it summer mayhem we’rewitnessing, andadeadly pandemic is keeping matethe American electoratetoday. passed several female and minority has allowedMr. Trump to knock symbolism is at the center of pro- the countryonedge. If Mr.Biden As George Will put it afterFerraro candidates—including Ms.Harris— him as aphysically fragile and men- gressivegovernance. TheWall prevails in November and decides to died, “she wasaninstrument—Ger- to nominateMr. Biden. If having a tally unfit puppet of the Democrats’ Street Journal reported last week do the bidding of the hardleftand aldine Ferrarowas—of identity poli- woman on the ticket were apriority progressivewing. that homicidesare up this year by notthe averageDemocrat, expect tics,aCatholic woman from formost Democrats, whydid Eliza- Historically the vice-presidential an averageof24% in the nation’s50 thechaos to continue. Lockdowns and School Shutdowns May Make Yo ungsters Sicker

By Allysia Finley under 18 reported high stresslevels of “the reduction of outdoor activi- neous activity” of T-helper cells, and diabetes as well as agreater related to the pandemic,compared ties and social interaction.” Public- which activateantibodies and other propensity to get severely ill with arentsand public officials with 28% of childlessadults. Sev- health officials have also warned whiteblood cells. Covid-19. P have been asking if it’ssafeto enty-one percent of the parentssaid that child abuse has increased dur- At the same time,more-stressed Stress has also been found to send children to school this managing online learning wasasig- ing the lockdowns,though this is children had higher levels of pro-in- dampen the immune response to fall. They should also askifit’ssafe nificant source of stress. hard to prove: Fewercases arede- flammatorysignaling molecules vaccines.Adultswho report higher not to.Alarge body of medical lit- AUniversity of Wisconsin study tected and reported while schools called cytokines,which have been levels of stressand lonelinesspro- eraturesuggeststhat stressand its assessed the effect of school clo- areclosed. linked to autoimmune diseases as ducefewerantibodies in response symptoms,including mental illness, sures and sportsshutdowns on Stress is normal and canevenbe well as severecases of Covid-19.Cy- to fluvaccines.Young people with tend to weaken the immune system, those of high-school age. It found healthyifalleviatedwith exercise, tokines are“known to be enhanced higher stresslevelsand lowerlevels leadingtoinflammation and greater the rate of mild to severedepres- social supportand other forms of by psychological stressorssuch as of psychological well-being have susceptibility to infectious diseases. sion increasedfrom31% to 68% in recreation. But when it builds up, depression and abuse in childhood,” also been found to generatea Lockdowns combined with school Maywhile physical activity (mea- the immune system cangohaywire, the study explained. weaker antibody response to inocu- closures have been hugely stressful sured by the Pediatric Functional both underreacting and overreact- lations forhepatitis Band meningi- forfamilies.Today’sstressed chil- ActivityBrief Scale) fell by half.In ing—including for patients who get tis.Kindergarten-aged children with dren could be morevulnerable to astudy of primary-school-agechil- severely sick with Covid-19. Evidence is ample that higher levels of the stress hormone disease later in life—or to Covid-19 dren who were confined to homes Aseminal 1991 study found that cortisol in their salivaalso generate now. in China’sHubei provincefor an av- people who reported high levels of stress and inactivity weaker antibody responses to pneu- In a Harris poll conducted in late erageof34days,almost 1in4re- psychological stressweresignifi- weaken immunity against monia shots. April, about amonth intolock- ported depressivesymptoms.Scien- cantly morelikely to become in- Because stressweakens the im- downs,46% of parentswith children tistshypothesized this wasaresult fected with common cold viruses af- Covid and other diseases. mune system, it canalso cause terexposure. This wastrueevenof flare-ups of latent herpes viruses those who had antibodies to the vi- like Epstein-Barr and lead to recur- ruses.One reason is stresssup- What’smore, the study noted, ring infections.Itmay also contrib- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY presses the “natural killer” and T- stress canimpair atype of T-cell utetolingering Covid-19 symptoms Rupert Murdoch Robert Thomson cells that arethe immune system’s that helps keep the immune system that some patientsexperience. Executive Chairman, News Corp Chief Executive Officer, News Corp frontline of defense against viruses. in check and thus “might result in Anew Centersfor Disease Con- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Scientistshavefound evidence an exacerbation of inflammatory trol and Prevention study finds that Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: that people who were previouslyin- conditions such as an autoimmune Covid-19 patientswith psychiatric Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; fected with coronaviruses that condition.” Clinical physicians have conditions—primarily anxiety and Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; cause the common cold have T-cells observed that severely ill Covid-19 depression—were2.3 times as likely News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; that attack Covid-19 in vitro. This patientsatfirst muster alethargic to remain sick 14 to 21 days after Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer pre-existing T-cell immunity maybe T-cell response to the virus but testing positivefor the virus.Men- Features &Special Projects; Andrew Dowell, Asia; OPERATING EXECUTIVES: one reason not everyone exposed to then overreact with a“cytokine talillnesswas astronger predictor AnthonyGalloway, Video &Audio; Brent Jones, Kenneth Breen, Commercial; Covid-19 gets sick.Yet coronavi- storm.” of delayedrecoverythan most Culture, Training &Outreach; AlexMartin, Print & Jason P. Conti, General Counsel; Writing; Michael W. Miller, Features &Weekend; TracyCorrigan, Chief Strategy Officer; ruses aresocommon that it’sun- Studies have also suggested that health conditions,including hyper- Emma Moody, Standards; Shazna Nessa, Visuals; Frank Filippo, Print Products &Services; likely previousexposureissuffi- childhood stresscan lead to dysreg- tension and diabetes. MatthewRose, Enterprise; Michael Siconolfi, Kristin Heitmann, Chief Commercial Officer; cient to staveoff Covid symptoms. ulated immune responses and Lockdowns and school shutdowns Investigations; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; One reason maybethat high lev- chronic diseases later in life. Adults not only increase stressand mental GerardBaker, Editor at Large Thomas SanFilippo, Customer Service; Josh Stinchcomb, Advertising Sales; els of stresssuppressT-cell re- who grew up experiencing higher illness, but also makeitharder to Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page sponse.A2014study in the Journal levelsoffamily stresshavebeen modulatestressthrough exercise Jonathan Wright, International of Immunologycompared the im- found to have higher ratesof andsocializing.Reopening schools WALL STREETJOURNAL MANAGEMENT: Professional Information Business: Joseph B. Vincent, Operations; Christopher Lloyd, Head; mune responses of 5-year-old chil- asthma, stroke, autoimmune dis- could turn out to be the best anti- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head dren based on family stresslevels. eases and depression. Lifetime dotetoCovid-19.

EDITORIAL AND CORPORATEHEADQUARTERS: Kids from families with higher stressmay help explain whyminori- 1211 Avenue of the Americas, New York, N.Y., 10036 stresslevelshad a“suppressiveim- ties have higher ratesofhealth con- Ms. Finley is amember of the Telephone 1-800-DOWJONES mune response” and “a lowsponta- ditionssuch as rheumatoid arthritis Journal’s editorial board. P2JW225000-0-A01800-1------XA

A18 | We dnesday, August 12, 2020 THE WALL STREET JOURNAL. WORLD NEWS Hong Kong Media BaronReleased on Bail

JimmyLai’sbackers an investigation intoforeign collusion and alleged fraud. wavedcopies of his China’s enforcement of the Apple Daily as he left national security lawhas been afactor contributing to the the policestation deterioration of relations be- tween the U.S. and China, and BY NATASHA KHAN Mr.Lai’sarrest has drawn condemnation from other HONG KONG—Pro-democ- countries, including the U.S. racy media baron JimmyLai Mr.Lai, who is in his 70s, was released on bail after his could oftenbeseen at protests Monday arrest led to ashow that gripped the city formuch of public support for the out- of last year.Ignited by opposi- spoken critic of Beijing among tion to a proposed extradition Hong Kong’s opposition. bill that would have allowed As the founder of the Apple criminal suspectstobetried Daily newspaper leftthe police on the mainland, the demon- station in the passenger seat strations became awider anti- of ablack Mercedes early government movement with Wednesday, he gavetwo protesters calling for greater thumbs up to crowdsofpeople democracyinthe semiautono- waiting forhis release,many mous Chinese city,among

of whom were waving copies GES other demands.Mr. Laiwas al-

of his newspaper and chanting, IMA ready facing chargesbefore “Support Apple until the end!” his arrest, including unlawful Mr. Lai was among 10 peo- GETTY assembly, for participating in ple arrested Monday. All of AN/ oneofthe protests. Charges them have been released on KW potentially carryheavier pen- bail,including another well- alties—up to life in prison.

known pro-democracyactivist, ANTHONY Ms.Chow, who wasre- 23-year-old Agnes Chow, local Jimmy Lai leaves a police station after his release on bail. He was arrested Monday under a new Chinese national security law. leased Tuesday, said officers media reported. told her she had been arrested Mr.Lai’sarrest wasthe most tureofafreepress in Hong newspaper, surgedafter Mr. Mr.Lai’sbail wasset at lobbying overseas govern- for using social media to col- high-profile yetunder anew Kong.His arrest galvanized Lai’sarrest to itshighest in HK$300,000 (US$38,708), with mentsfor sanctions and other lude with foreign powers. national security law China im- support around the city.Scores more than seven years, up aHK$200,000 surety,the South measures a crime. The law is “The political prosecution posed on Hong Kong.Scenes of of Hong Kongerslined up Tues- 1,150% this week.The com- China Morning Post reported. explicitly not retroactive. this time is very ridiculous,” policeofficerssearching Apple daytobuy copies of the daily, pany’s market capitalization The national security law, The arrests Monday morn- shesaid. “It is obvious that Daily offices,which were which boreafront-pagehead- grew to around 2.9billion Hong which took effect June 30, ing included Mr.Lai’stwo sons the regime and the govern- streamed livebysome of the line,“Apple Daily will fight on.” Kong dollars(US$374million), places special emphasis on and four employees from his ment is using the national se- newspaper’s staff Monday, Thestock priceofNext Dig- morethan USATodayowner preventing foreign influencein publishing company. Police curity lawtosuppresspolitical heightened fearsabout the fu- ital Ltd., which publishes the GannettCo.’s $241 million. Hong Kong affairs and makes said thearrestswerepart of dissidents.” Beijing to Extend Lawmakers’ Terms in Territory

BY CHUN HAN WONG point interim legislators, bers of the Hong Kong legisla- cent surge in coronavirus cases. disrupt or vote down govern- holding a vote on the original which some opposition politi- ture who were recently disqual- Mainland Chinese officials ment proposals. schedule risked exacerbating HONG KONG—Beijing cians in the city had feared. ified from the next legislative supported the delay, describ- Hong Kong Chief Executive the contagion if the city’s 4.4 stepped in to settle uncer- Under the decision, sitting vote by local election officials. ing it as “very necessary” for Carrie Lamannounced the million eligible voters turned tainty over acontroversial Hong Kong legislatorswould TheChinese government’s protecting public health. Op- postponement on July 31, in- out. yearlong delaytoHong Kong’s continue performing their du- Hong Kong and Macau Affairs position groups in Hong Kong voking emergencypowers The delay created a politi- legislativeelections,approving ties foratleast ayear beyond Office welcomed the decision decried it as part of apolitical granted by Hong Kong law to calvacuum that opened the plans to keep the city’s cur- their existing four-year term, as a“very important” and crackdown afterBeijing’sJune delaythe election. But those door forBeijing to decide how rent lawmakersinofficefor at which expires Sept. 30,accord- “verytimely” ruling that en- 30 imposition of anew na- regulations don’t allowher to to keep the city’s Legislative least 12 more months. ing to the official Xinhua News sures the normal functioning tional security law forthe for- keep current LegislativeCoun- Council functioning forthe in- Thedecision issued on Agency. Their extended stint of thelocal government and mer British colony. cil members in their seats for tervening period. TuesdaybyChina’stop law- will end oncelegislators society,and demonstrates Bei- Opposition lawmakers, another year.The four-year Prominent pro-Beijing poli- making body is seen as aless- elected in the next vote take jing’s care for the city. buoyedbypopular support for terms of Hong Kong legisla- ticians had called forthe elec- contentious option for ensur- officefor afour-year term, the Thedecision came lessthan the pro-democracyprotests tors arelaid down in the Basic tion to be postponed on pub- ing the Hong Kong legislature agencysaid, citing the decision two weeks afterHong Kong’s that prompted the crackdown, Law, the city’s miniconstitu- lic-health grounds.Opposition keeps functioning afterits cur- by the standing committeeof topofficial said she was post- were hoping to win a legisla- tion. pro-democracygroups ques- rent term ends at the end of the National People’sCongress. poning the city’s legislative tivemajority forthe firsttime At the time,Hong Kong had tioned the length of the delay, September,compared with TheXinhua report didn’t elections by ayear from their sinceHong Kong’sreturn to recorded morethan 100 new which they said seemed longer some of the alternatives—for specifyifthe extension applies original Sept. 6date, citing pub- Chinese control in 1997.Doing daily Covid-19 infections for10 than necessarytodeal with instance, having Beijing ap- to four pro-democracymem- lic-health concerns afterare- so would have allowedthem to straight days.Mrs.Lam said pandemic concerns. WORLDWATCH

TAIWAN U.S. Health Chief Renews China Swipes The topU.S. health official fired fresh barbs at China’shandling of the coronavirus, revisiting aTrump administration blame game with Beijing overthe pandemic that has frayed bilateralties. In a Tuesday speech capping his visit to Taiwan, a trip that Beijing has denounced, Health and Human Services Secretary Alex Azar accused Chinese au- thorities of hindering an effec- tive global response to the pan- demic with an opaque handling of the virus after it was de- tected in central China. China’s foreign ministry didn’t respond to a request to comment. —Chun Han Wong

JOURNAL SOUTH SUDAN REET

ST More Than 70 Killed LL

WA In Clashes, U.N. Says THE

R Morethan 70 people were FO killed and dozens injured during weekend clashes between South RLING

TA Sudan’sarmyand armed civilians M in north-central Tonj, the United SA A woman in Beirut on Tuesday held a photo of her friend, a soldier who died in last week’s explosion in the capital, at a procession honoring victims of the blast. Nations said Tuesday. U.N. spokesman Stephane Dujarric said the U.N. peacekeep- Lebanon TriestoForm Government as Protests Mount ing mission in South Sudan re- ported that “the violence was sparked by a disagreement over BY JARED MALSIN Middle East Center in Beirut. ernment’sresignation Monday choked back a tear as he nar- lowing antigovernment pro- a disarmament exercise being AND NAZIH OSSEIRAN “Ifwedon’t getagovernment afterdays of protestsdemand- ratedhow the blast destroyed tests that began in late 2019. conducted in the area.” A U.N. in placequickly and they begin ing justicefor the morethan his businessand hurt him and “Therewas never agovern- peacekeeping patrol is heading BEIRUT—Lebanon’sleaders to provide some sort of aroad 150 people killed in the blast. his young son. ment. It is only an eight- to the area to assess the secu- shifted their focus to forming map forgetting out of this The dissolution of the gov- “Everyone responsible for month facade for the six men rity situation, he said. agovernment, a day after the abyss,the only way is down.” ernment did little to calm the this disaster should be pun- ruling the country to hide be- —Associated Press cabinet resigned amid protests Anynew government will sorrow and rage among ordi- ished, not only this govern- hind,” said CharbelNahas,a demanding political changein have to contend with Leba- naryBeirut residents, hun- ment. They ruled the country former telecom minister who ZIMBABWE the aftermath of last week’s non’sworst economic crisis in dreds of whom attended a foronly nine months.How can nowleads the opposition deadly explosion in Beirut. decades,with an insolvent somber march to their city’s we blame them?” said Mr.Ham- party Citizens in a State. Journalist Is Denied President Michel Aoun has banking system, rising unem- port to honor those killed in moud. “It’sthe whole regime, ManymembersofLeba- Rights, Lawyers Say asked departing Prime Minis- ployment and a severe short- the blast. Organizersread out thewhole system,” he said. non’spolitical classare former ter Hassan Diab and his cabi- age of foreign currency. the names of the dead to the When the vigil ended, the warlords from the country’s Lawyers for Hopewell net to remain in officeasa It will also have to pass crowd assembled in front of crowd shiftedand marched to- civil warinthe 1980s whom Chin’ono, a jailed Zimbabwean caretakergovernment with muster with outraged protest- the wreckage of the port. ward downtownBeirut, with Lebanese see as responsible journalist, asked a court to force limited powers until anew ad- erswho aredemanding the Many wore white and held some chanting, “Revolution!” fordecades of corruption and prison authorities to stop the ministration canbeformed. downfall of the country’s en- signs including one saying, Later, outside Lebanon’s neglect that culminated in last “blatant and malicious stripping With no apparent agreement tire political elite, whom they “My government murdered my parliament headquarters, se- week’s explosion. away” of his rights, including on who should be the next hold responsible foryearsof people.” curity firedtear gasatsome In recent days,protestersin lack of access to appropriate prime minister, Mr. Aoun was corruption and misrule.Inad- Hassan Hammoud, a45- demonstratorswho hurled Beirut have chanted, “All of food and warm clothing. leftwith little choicebut to dition, Lebanon is under pres- year-old restaurant owner,was rocks. them meansall of them,” a A spokeswoman for the keep Mr.Diab’sgovernment in surefromdonor countries that still wearing bandages over FormanyinLebanon, the call forthe wholesale ejection prison service didn’t respond to place, some analysts said. have demanded economic and hiseye and on his leftelbow resignation symbolized the of Lebanon’spolitical elite. questions, but told state media “We’re in afreefall, into political overhauls beforeit from wounds sustained during country’s lurch from crisis to Thephrase has been arallying he is “being treated just as any the abyss,frankly,” said Maha receives a bailout. the explosion as he walked crisis. Mr. Diab’s government cry for antigovernment dem- other” inmate. Yahya, director of the Carnegie Mr. Diab tendered his gov- with the procession. He came to powerinJanuaryfol- onstrations since 2015. —Associated Press P2JW225000-5-B00100-1------XA BUSITECHNOLNEOGY: EXECUTIVESSPOSITIONS &FSPOTIFY AS A FOINRCE IN PODCANASTING B4 CE

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S&P 3333.69 g 0.80% S&P FIN À 1.30% S&P IT g 1.78% DJ TRANS À 0.23% WSJ $ IDX À 0.03% LIBOR 3M 0.254 NIKKEI (Midday) 22789.15 À 0.17% See more at WSJ.com/Markets SoftBank Rebounds on Sale of Sprint

BY PHRED DVORAK downs therepushed SoftBank will be completely in the black missteps and the coronavirus Ltd., Japanese mobile-phone forachunk of the group’snet to a loss of $9 billion in the from nowon,” said SoftBank pandemic. unit SoftBank Corp.and T-Mo- profit of ¥1.26 trillion. TOKYO—Technologyinves- year ended March 31. Chief ExecutiveMasayoshi Tuesday’sresultssuggested bile US Inc.SoftBank said Yetmuch of the money tor SoftBank Group Corp.re- Thecompanysaid it posted Son. “Still, compared to when itscomeback plan is working Tuesdayithad sold or mone- gained from T-Mobile and corded aprofitofnearly $12 an investment gain of ¥296.6 thingswereworst, the fund is fornow—but at abig price. tized ¥4.3trillion of those as- other share sales is already billion in the April-June quar- billion ($2.8billion) at the Vi- steadily improving.” SoftBank has scaled back itsin- setsasofAug.3. earmarked forrepurchases of ter as gains from disposing sion Fund in the latest quarter. Mr.Son kicked off an online vesting ambitions and put Sprint, which had been con- SoftBank’sstock and debt. former unit Sprint Corp. That gain—recorded largely on news conferencewith aphoto chunks of some of itsmost trolled by SoftBank, wastaken It has so far executed about helped it bounceback from the the back of a global rally in of samurai warriorsshooting valuable assetsonthe block. over by T-Mobile on April 1. two-fifths of some $23 billion worstyear in itshistory. tech stocks—is the firstsince guns under the headline,“De- Itsaim is to fund some $47bil- SoftBank received shares in the in share buybacks proposed Improved performance at thesame quarter ayear ago, fense.” lion in stock and debt buybacks mergedcompanybut has now this year and morethan $1.5 SoftBank’s$100 billion Vision and it pushes the fund nar- SoftBank has liftedits share as well as hold extracash. sold about two-thirds of them. PleaseturntopageB2 Fund, the world’slargest tech- rowly intothe black. priceand bolstered itsbalance Among those assetsare Gains from that sale,along investment pool, also drove “It’s a bit too soon to say sheet this year aftertaking a stakes in Chinese e-commerce with again relating to lossof  Heard on the Street: Move the turnaround after write- right nowthat the Vision Fund pummeling from investment giant Alibaba Group Holding control of Sprint, accounted should raise eyebrows...... B12 McDonald’s Board Faces Scrutiny on CEO Probe

BY HEATHER HADDON AND SUZANNE VRANICA

McDonald’s Corp.’sboard is coming under scrutinyfrom some investorsand corporate- governancegroups forfailing to fully uncover the extent of former Chief ExecutiveOfficer GES SteveEasterbrook’s inappro- IMA priaterelationships with em-

GETTY ployees when concerns first

SE/ emergedlast year. Thefast-food giant Mon- daysued Mr.Easterbrook,ac- ANCE-PRES cusing the CEO of lying to in- FR vestigatorstocover up

GENCE relationships with employees

/A to protect his multimillion-

TINS dollar severancepackage. The

MAR suit, arareairing of corporate

EL dirty laundry, follows the FA

RA board’sdecision to fire Mr. Brazil is the world’s top producer of coffee and sugar, producing 59 million bags of coffee and 647 million metric tons of crushed sugar cane in 2019. Easterbrook without cause last November afterheac- knowledged aconsensual sex- Sugar, Coffee Perk Up Soft Commodities ting relationship with an em- ployee. Outside counsel conducted an investigation intoMr. East- BY KIRK MALTAIS Performanceofcontinuous ICE contracts sinceMay 13 erbrook last fall and shared 30% resultswith the board, which Theraw ingredientsfor accepted Mr.Easterbrook’s goods including chocolateand Sugar Cotton Coffee Cocoa word that it washis only rela- clothes have rebounded after tionship with aMcDonald’s their pandemic-fueled de- +24% +9% +4% +2% employee, according to the clines,liftedbysupply con- 20 complaint. Because the board straintsand investors’ bets firedthe CEO without cause, that arecovering economywill he wasable to walk away boost consumer demand. from the companywith asev- Cocoa, coffee and other soft 10 erancepackagevalued at tens commodities trading on the of millions of dollars. Intercontinental Exchange McDonald’snow says that have bounced back from their Mr.Easterbrook allegedly en- lows earlier this year and now 0 gagedinsexual relationships number among the world’s with three additional employ- best-performing major assets. ees in the year beforehis fir- In the past month alone,cocoa ing,relationships that it says futures have risen 15% to –10 came to light in awider re- $2,448 ametric tonand coffee June July Aug. viewofMr. Easterbrook’s futures have climbed 14%to textsand emails after $1.11 a pound. Source:FactSet McDonald’sreceived an anon- Cottonand sugar futures ymous tip in July.The com- have also surgedinrecent shut down and regional lock- May. trieslikeVietnam and Brazil gist with RJO Futures. panynow says he should have months and areup11% and downstook effect. In March, One factor behind the un- have major virus issues going Largesuppliersincluding been firedfor cause,and it is 20%, respectively,sinceMay 1. cocoafutures shed 17%, cotton usual simultaneous climb: con- on, and the fear is that it’sob- Brazil and India areamong the suing to reclaim his sever- That marksareversalafter fell 18% and sugar lost 27%. tinuing problems with the cor- viously going to slowthe sup- areas hardest hit by the virus. ance,now estimated to be manysoftcommodities re- Coffee had abrief surge in late onavirus in soft-commodity- ply coming online as the infec- Brazil is the world’stop pro- worth $57.3 million, according corded sizable drops when March but tumbled 15% be- producing nations. tions accelerate,” said Joshua ducer of coffee and sugar,pro- to the executive-payfirm businesses around the world tween March 1 and the end of “The big pictureiscoun- Graves, senior market strate- PleaseturntopageB11 PleaseturntopageB7 Tesla to Split Stock INSIDE GM FinanceChief Leaves for 5for 1After Price Surge Role at PaymentsFirm Stripe

BY MARIA ARMENTAL shares afterthe split but the sharepricewould be divided BY MIKE COLIAS opportunity outside the auto sector long dominated by men. Tesla Inc.said it would en- by 5. AND NINA TRENTMANN industry. SanFrancisco-based GM Chief ExecutiveMary act a5-for-1stock split aftera Tesla’smovefollows one Stripe confirmed Ms.Suryade- Barra,the firstwoman to lead share-price surge over recent from AppleInc., which last General Motors Co.Chief vara’s hiring. amajor carcompany, has as- months vaulted the electric- month said its board had ap- Financial Officer Dhivya Sury- John Stapleton, GM’schief sembled an executiveteam and vehicle maker to the status of proved a4-for-1stock split, AUTOS adevarawill leave the company financial officer forNorth boardlauded forfemale repre- most valuable carcompanyas aiming to makethe stock more China’s recent surge in foronline commerce firm America, wasnamed acting sentation, including six of its11 Chief ExecutiveElon Musk accessible to moreinvestors. carsales fuels hopes Stripe Inc., asurprising depar- global financechief while the directors. navigated the pandemic. Tesla, which started trading turefor one of the automaker’s companyconductsasearch, Ms.Suryadevara’sresigna- Enthusiasm in Tesla’sstock publicly in 2010,has seen its foreconomic fastest-rising stars. GM said. tion marks the second big exec- has been fueled by four con- stock morethan triple in value recovery. B5 GM confirmed Tuesdaythat Ms.Suryadevarahas been utivechangeinDetroit during secutivequartersofprofitand this year—and nearly sixfold Ms.Suryadevarawas leaving one of the highest-profile exec- the past week.Last week,Ford Wall Street’sexpectation the over the past 12 months. the companyfor an undisclosed utives in the autoindustry, a PleaseturntopageB5 companywill post itsfirst- Mr.Musk,who has criti- ever full-year profit. Shares cizedthe company’sstock rose morethan 6% in after- price as toohigh, said in Janu- hourstrading following the aryonTwitterthat astock EarlyBidder Wins BrooksBrothers Tuesday announcement after split was worth discussing at closing lower at $1,374.39. thecompany’sannual share- BY SOMA BISWAS acommitment to keep 125 But the deadline forrival of- Thesplit wouldn’t change holder meeting.That meeting Brooks Brothersstoresopen. fers passed last week and no Tesla’smarket value—which has been pushed back to Sep- Aventurebacked by ap- Theretailer has roughly 200 auction washeld. as of Tuesdaystood at more tember amid the pandemic. parel-licensing firm Authentic stores in North America. Brand-licensing company than Toyota Motor Corp. and Several investorshad urged Brands Group LLC and mall SparcGroup LLC,the Au- WHP Global Inc.had also ex- Ford Co.combined—but it Mr.Musk to pursue astock REAL ESTATE owner Simon Property Group thentic Brands-Simon venture, pressed interest in purchasing would potentially makethe split. Co-working companies Inc.has agreed to buy Brooks had initially bid $305 million Brooks Brothersbut bowedout stock moreappealing to a Therise in Tesla shares has likeWeWork are Brothers Inc.for $325 million. forBrooks Brothers. Thebank- of theraceafter the retailer se- broader base of investors. Es- been driven, in part, by the Theproposed purchase of rupt retailer had selected that lected Sparcasthe stalking sentially,aninvestor who start of production latelast closing money-losing America’soldest apparel com- offer as the lead, or stalking horse.Sparcowns hundreds of owned 1,000 Tesla shares be- year of the Model 3atanew locations B3 pany, which requires bank- horse,bid forits assetsata Aéropostale,Forever 21 and fore the split would own5,000 PleaseturntopageB2 ruptcy court approval, includes planned bankruptcy auction. Nauticastores. P2JW225000-5-B00200-17F7DF7178F

B2 | We dnesday, August 12, 2020 ***** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A GVC...... B3 Pioneer Funding...... B3 Kodak Director Gives Record Accor...... B12 H PPG Industries...... B3 Airbnb...... A1 HD Supply...... B3 Q Alibaba...... B5,B12 Huawei TechnologiesB12 Qualcomm...... A1,B12 Alphabet...... A1 Huazhu Group...... B11 R Amazon.com...... B12 Anchor FM...... B4 I Raptor Technologies.A11 Nonprofit Gift of $116 Million Apple...... B12 International Flavors & Rocket...... A2 Arman...... B12 Fragrances...... B11 Royal Caribbean Cruises Authentic Brands...... B1 IWG...... B3 ...... A1 B J - K S EastmanKodak Co.’swild EastmanKodak Berkshire Hathaway.B12 JPMorgan Chase...... B11 Sands China...... B11 stock-market ride produced daily shareprice Boeing...... B3 Knotel...... B3 Savioke...... B6 what might be the biggest con- July 29: Bond Collective...... B3 Shanghai Jinjiang tribution on record to areli- L International Hotels Karfunkel gift Brooks Brothers...... B1 gious nonprofit, the product of $35 BTG Hotels (Group)..B11 Las Vegas Sands...... B11 ...... B11 Lemonade...... A2 Simon Property...... B1 awell-timed giftbyKodak C Lyft...... A2 SoftBank Group...B1,B12 boardmember George Karfun- 30 Caissa Tosun M Sparc Group...... B1 Development...... B11 Spotify Technology.....B4 kel. Maidbot...... B6 Canada Goose...... B3 Starwood Property Marriott International 25 Carnival...... A10 Trust...... B7 By Theo Francis, CBRE Group...... B3 ...... B6,B11 Stripe...... B1 McDonald's...... B1 Mark Maremont Cisco Systems...... B12 T 20 Columbia Property Trust MGM Resorts and Geoffrey Rogow ...... B3 International...... B3 Tencent...... B5 Tesla...... B1,B5 15 Convene...... B6 Microsoft...... B12 In a securities filing last MI Ming Mart...... B12 T-Mobile US...... B12 CtW Investment Group week,Mr. Karfunkel and his ...... B7 Moderna...... A7 Trip.com Group...... B11 10 D Morgan Stanley...... A1 U wife,Renee Karfunkel,said Most Kwai Chung.....B12 Uber Technologies...... A2 they donated 3million of their Deutsche HospitalityB11 Motorola Solutions..A11 5 Deutsche Lufthansa.B12 UBS...... B7 6.3million Kodak shares to N V

DoorDash...... A2 Congregation Chemdas Yisroel JOURNAL E - F Next Digital...... A18,B12 Volan Technology...... A11 in Brooklyn, N.Y. 0

Norwegian Cruise Line REET Eastman Kodak...... B2 W Thecongregation wasincor- July 13 Aug. 3 ...... A10,B11 ST

Facebook...... A2,B12 Walt Disney...... A10 porated in Delaware in 2018 LL Source:FactSet Fox...... B5 O Warner Music Group..A2 anduses aBrooklyn accoun- WA G Occidental Petroleum We...... B3 ...... B12 WHP Global...... B1 tants’ officeasits mailing ad- THE Congregation Chemdas Yisroel Gannett...... B12 dress, NewYork charity-regis- T/ in Brooklyn, N.Y., received 3 General Motors...... B1 P Z tration filingsshow. Mr. million shares from George Gimlet Media...... B4 Palantir Technologies.A2 Zoom Video LAHAR Goldman Sachs...... A1,B7 Parcast Studios...... B4 CommunicationsB6,B12 Karfunkel is listed in those fil- Karfunkel and his wife, Renee TIN ingsasits president. Karfunkel. JUS Thesecurities filing said the gifttook placeJuly 29,the day eral agencyannounced the from acase 35 yearsago, said Roth&Co.,anaccounting firm INDEX TO PEOPLE Kodak stock closed at itshigh- onetime photographygiant Alan L. Dye, an attorney at Ho- co-run by Mr.Roth, according est level since2014. Using the wasinline to receivea$765 ganLovells and co-author of a to the firm’swebsite. A Graves, Joshua...... B1 Ostroff, Dawn...... B4 averageofthe stock’shigh and million loan from the White book on securities disclosures. Mr.Reinhold and Mr.Roth Adelson, Sheldon...... B2 H P lowthat dayof$38.75, which House to help manufacture David Yermack,aNew York didn’t respond to requestsfor B Herbert, Tim...... B4 Parkman, Jonathan...B11 is howthe Internal Revenue drugsfor the fight against cor- University financeprofessor comment, and nobody re- Bettua, Michael...... A11 Hernandez, Enrique....B7 R Servicevalues stock gifts,the onavirus.Its shares briefly whohas studied stock gifts, sponded to phone messages Hollub, Vicki...... B12 Biral, Fernando...... B11 Rasgon, Stacy...... B12 donation wasworth $116.3 mil- surgedto$60 on July 29—the said the chances of favorable leftatthe congregation’stele- Homa, Scott...... B3 Bittles, Bruce...... B11 S lion. That would makeitthe dateofthe Karfunkels’ gift. timing aregreater when the phone number. Brooks, Nicholas...... B11 I single largest giftrecorded to The stock closed at $10.01on donor has ties to both sides of TheNew York paperwork Saptharishi, Mahesh A11 Iyer, Madhu...... B6 Buffett, Warren...... B12 Sarva, Amol...... B3 areligious group,based on a Tuesday,putting the current the transaction—as did Mr. describes the congregation as C K Scott, Suzanne...... B5 list maintained by the Chroni- value of the giftedshares at Karfunkel with the congrega- an OrthodoxJewish syna- Continenza, Jim...... B2 Karfunkel, George...... B2 Silber, Shlomo...... B3 cle of Philanthropy. roughly $30 million. tion.Onthe other hand, said gogue. Cutler, Max...... B4 Krishnan, Barani...... B11 Simonetti, Ryan...... B6 Thenext-biggest religious On Friday, the government Mr.Yermack,who also holds a Mr.Karfunkel, 72 yearsold, D L Stapleton, John...... B1 gifts in the database area$72 agencyadministering the loan lawdegree,“there’snolaw is alongtime financial entre- Stein-Sapir, Adam...... B3 Lai, Jimmy...... A18,B12 million giftfromreal-estatein- program said its agreement against insider giving.” preneur with adramatic per- Dixon, Mark...... B3 Suryadevara, Dhivya...B1 Lombardi, Adam...... B4 vestor John Boruchin to the with Kodak wasonhold pend- sonal historyand prior E Lourd, Bryan...... B4 V Jewish National Fund in 2013 ing the firm being cleared of brushes with regulatoryscru- Easterbrook, Steve.....B1 M - O Vesterman, Jim...... A11 anda$70 million giftbyca- anyallegations of wrongdoing. Thedonation could tiny. He joined the Kodak G Mills, Nelson...... B3 Z sino magnateSheldon Adelson AKodak spokeswoman said boardinSeptember 2013,as Gimber, Hugh...... B11 Musk, Elon...... B1 Zampini, Tom...... B6 and his wife, Miriam, to the the companywould cooperate generatetens of the companyemergedfrom Birthright Israel Foundation in with anyinvestigation. millions of dollarsin bankruptcy-court protection. 2018. TheKarfunkels’ donation He roughly tripled his stakein Mr.Karfunkel didn’t re- could generatetens of millions income­tax benefits. Kodak in December 2019,buy- spond to requestsfor com- of dollarsinincome-tax bene- ing morethan 4million shares ment, and Mrs. Karfunkel fits forthe couple.Jay Stark- when the pricewas around couldn’t be reached. Officials man,anAtlantacertified pub- $2.50. at Congregation Chemdas Yis- lic accountant, said how Besides Mr.Karfunkel, two Mr. Karfunkel was sus- roel didn’t respond to requests valuable they aredepends on a otherpeople arelisted as offi- pended from working forbro- forcomment. variety of factors, including cers or directors of Congrega- ker-dealersfor six months in Kodak said on Fridaythat a howmuch and what type of in- tion Chemdas Yisroel in char- 1971 as part of asettlement of special committeeofthe board come adonor reports. ity registration papersfiled stock-fraud chargesbythe Se- had retained the lawfirm Akin Mr.Karfunkel disclosed the with NewYork’ssecretaryof curities and ExchangeCommis- Gump StraussHauer &Feld to giftinasecurities filing four state. One is HenryReinhold, a sion.The allegations included conduct an internal review.A tradingdays afterthe contri- former executiveofaKarfun- selling unregistered shares and Kodak spokeswoman said Mr. bution date. Securities rules kel companywho is listed as making misleading representa- S Karfunkel’sgiftand itsdisclo- saysuch disclosures should be the accountant forthe Karfun- tions about acompany’sopera- NEW

G sureare within the scope of made “promptly,” but don’t de- kels’ family foundation in fed- tions and financials.Inthe set- the review. fine the term. Securities attor- eral taxfilings. Theother is tlement, Mr.Karfunkel neither

OOMBER It has been atumultuous neysfor yearsgenerally have Abraham Roth. Thecongrega- admittednor denied the few weeks forKodak.OnJuly advised that such disclosures tion’s mailing address, email charges. 27,the daybeforethe Roches- be made within two trading and phone number in the New —Justin Lahart HANAI/BL ter, N.Y.,companyand afed- days,based on SEC guidance York documentsare those of contributed to this article. RU TO At the heart of SoftBank’s troubles were missteps at the Vision Fund, into which the company has been pouring money. CompanyBacksU.S.onShelving Loan company shrank plans for a SoftBank second multibillion-dollar Vi- sion Fund. BY RACHAEL LEVY ture,” among other attributes, sidiary, and its“economic suc- parent companycould lose Sincethen, arise in equity Mr.Continenzasaid. He said cess” will depend on the abil- whatever assets it had pro- Swings marketshas liftedreturns at Thechief executiveofEast- thecompanywould continue ity of itsdrugingredientsto vided to the newoperation. the nine listed companies in man Kodak Co. said the com- to producesupplies to address competewith “low-cost coun- Thecompanyalso said that the Vision Fund’sportfolio,al- panysupportsafederal the coronavirus pandemic, tries such as China and India” if the loan falls through, To Profit though the largest, U.S. ride- agency’sdecision to halt apo- such as faceshields. and anypossible “buy Ameri- Kodak plans to continue ex- hailing giant Uber Technolo- tential loan to the company, in Kodak swung to asecond- can” mandates,the filing said. panding intodrugingredients gies Inc., is still trading at less Kodak’sfirst earningscall quarter lossof$5million, If Kodak’sproductscan’t at itsRochester,N.Y.head- ContinuedfrompageB1 than what thefund paid forit. sincethe deal wasannounced compared with aprofitof compete, Kodak’s“subsidiary quarters. billion in debt redemptions. Those gains as well as money about two weeks ago. $201 million ayear earlier. maynot be able to distribute Last Friday, the govern- SoftBank is also considering the fund made from the sale of Kodak CEO Jim Continenza In aregulatoryfiling on profits” to the parent com- ment agency administering asale of part or all of U.K. stakes in some of those com- said Tuesdaythe preliminary Tuesday, the companyshed panyorrepaythe government the loan program said its chip designer Arm, one of the panies pushed the Vision Fund deal with the government re- light on possible risks facing loan, the filing said. agreement with Kodak wason company’sbiggest and most back intothe black as of Aug. quires morework. itsinitiativetoproducedrug Kodak said it didn’t expect hold pending the firm being strategically important invest- 10,with again of around $3.6 Kodak wasasolid pick fora ingredientswith the potential to be responsible forrepaying cleared of anyallegations of ments, Mr.Son said Tuesday, billion over the lifeofthe fund deal because of the company’s loan. thefederal loan if itspharma- wrongdoing. confirming areport in The so far. historyinchemicals manufac- Theinitiativeisrun out of ceutical subsidiaryweretode- —Geoffrey Rogow Wall Street Journal.Mr. Son Mr.Son said five or six turing and “vast infrastruc- Kodak’spharmaceutical sub- fault on the debt, though the contributed to this article. said another option wasapub- otherportfolio companies lic offering of Arm’sshares in were preparing to go public. 2023 or earlier. Vision Fund 2, which Soft- SoftBank bought Arm with Bankisfunding on itsown af- Tesla great fanfarein2016 for$32 ter an unsuccessful attempt billion, touting itslock on the last year to get money from market forcellphone chips and outside investors, has invested To Split itspotential as adesigner of in around 10 companies so far chipstopowerconnected de- with moreprospectsinthe vices in the “Internet of pipeline, Mr. Son said. “Our Its Stock Things.” basic strategyhasn’t changed,” Now, Arm is spinning off he said. the part of its business that Yethealso unveiled anew ContinuedfrompageB1 offersIoT services to concen- investment unit that he said factory in China. Those deliv- trateonchip design, and Soft- would invest in highly liquid eries helped offset the setback Bankisalso considering asale publicly listed tech stocks—a Tesla suffered in March when or listing of that, Mr.Son said. departurefor SoftBank,which officials in the San Francisco At the heart of SoftBank’s has largely made riskierbets BayAreaordered it to stop troubles were missteps at the that could win big if they are production at itslone U.S. car Vision Fund, into which the successful. assembly plant to battle the companyhas been pouring Mr.Son named Apple Inc. Covid-19 outbreak. money and resourcesfor the or Facebook Inc.asthe kind of Tesla this year also has past three yearsunder the companies this investment started delivering the Model Y guidanceofMr. Son. unit might look at. It will man- compact sport-utility vehicle. The fund invested in tech age$555 million, two-thirds TheSUV’sorder backlog se- startups that Mr.Son thought contributed by SoftBank and a cured beforethe pandemic were poised forexplosive thirdbyMr. Son himself,and helped sustain deliveries when NeverMissA growth. But some high-profile will be partly funded by cash manyprospectivenew-car Story,Style or bets—such as U.S. office-share from SoftBank’s asset sales buyers were stuck at home.

companyWeWork—started to that it hasn’t yetspent to buy Thecompany, as part of Mr. YILEI/REUTERS Trend.

sour last year,leading to bil- back debt or shares. Musk’seffort to turn Tesla SUN Tesla has seen its stock more than triple in value this year. lions of dollarsinwrite-downs. SoftBank’sown shares have from aniche carcompanytoa read more at Thestart of the coronavirus morethan doubled from their intoamainstream vehicle wsj.com/magazine pandemic this year added to lowofthe year.Onthe Tokyo maker,ispressing ahead with newmajor carassembly plants valuation, they tend to gener- the company’swoes,pummel- Stock Exchange, SoftBank the construction of itsfirst to be built in the U.S. in the ateashort-term pop in acom- ing manyofthe Vision Fund’s shares closed Tuesdaydown European factory near Berlin past decade. pany’sstock price. They can startups further and pushing 2.5% at ¥6,361. andlast month said it would While stock splitsdon’t also help enticeinvestorswho ©2020Dow Jones &Company, Inc. All rights reserved.1DJ7719 SoftBank’ssharepricetoalow —Kosaku Narioka buildanother in the U.S. in changeanything fundamen- might be put off by ahigh of ¥2,687 in mid-March. The contributed to this article. Austin, Texas, one of the few tally about acompanyorits share price. P2JW225000-4-B00300-1------XA

THE WALL STREET JOURNAL. **** We dnesday, August 12, 2020 | B3 BUSINESS NEWS Co-Working CompaniesBegin to Retreat

Pandemic forces said during a recent earnings call that the company got out providers of flexible of paying $18.7 million for office space to start building out a WeWork space in Manhattanbyagreeing to closing locations cancel the lease,which it signed in late 2018. The land- BY KONRAD PUTZIER lordalso gota$6.4million payout, Chief ExecutiveNelson Theworld’sbiggest co- Mills said during the call. working companies are start- But effortstoclose loca- ing to close money-losing lo- tions have led to tensions be- cations acrossthe globe, tween co-working firms and signaling an end to yearsof landlords in anumber of expansion in what had been cases.Property ownershave oneofreal estate’shottest sued Knotel, WeWork and oth- sectors. ers over unpaid rent. Theretreat reflectsanef- IWGhas used bankruptcy fort to slash costsatatime forexiting lease obligations. when thepandemic is reduc- Four single-purpose entities ing demand forofficespace, created to rent and manage and perhaps foryearstocome. particular locations in Colum- It also shows howbig co- bus,Ohio,Chicago, Fort Lau- working firms,inaraceto derdale, Fla., and Chapel Hill, sign as many leases as possi- N.C., recently filed forbank-

ble and grab market share, S ruptcy in Delaware,according

overexpanded and became NEW to court records. saddled with debt and expen- G Theco-working companyis sive leases. using atype of bankruptcy

Theshareofco-working OOMBER protection designed for small spaces that have closed is /BL businesses and expanded un-

small. In the firsthalf of the GADO der the Cares Act, records

year,closures accounted for DEL show. Although IWGisamajor 1.5% of the space occupied by public company, itssingle-pur- flexible-officecompanies in ‘DEE’ pose entities that sign leases VID

the20biggest U.S. markets, DA aremuch smaller.Filing for according to CBRE Group Inc. WeWork has continued efforts that predated Covid-19 to end a number of leases. One of the company’s Manhattan locations. chapter 5 bankruptcy is often Scott Homa, head of office faster and cheaper than the research at brokerageJLL, At Knotel,which sublets cities, driving up demand for pandemic. Co-working execu- and if they don’t expect to re- better-known chapter 11, said says the impact is modest furnished offices,revenue fell commercial properties and tives saythe industrywill ben- turn to the officesoon they Adam Stein-Sapir,amanaging partly because some operators by around 20% in the second boosting landlords’ profits. efit from the shifttomorere- are less likely to renew deals. member of Pioneer Funding were able to getrent relief quarter,Chief ExecutiveAmol Co-working lured masses of motework and flexible work For co-working companies, Group,LLC,which investsin and because closing locations Sarvasaid. Thecompanyplans young professionals by offer- schedules,asmorecompanies ditching leases canbedifficult claims against bankrupt com- takes time. But JLL estimates to ditch 20% of itsportfolio ing shared offices where they seek smaller spaces closer to and expensive. We Co.’sWe- panies. that of the roughly 4,500 co- and bought itsway out of could mingle over abeer after where their employees live. Work signs leases through IWG’s Mr. Dixon said filing working locations in the U.S. a some leases. work.But as manycompanies “Everybody’s pretty bullish special-purpose entities,but forbankruptcy could allowthe fifth, or about 25 million WeWork has continued ef- continue to work remotely and on the concept of shared usually provides corporate single-purpose entities to get squarefeet, will likely close or fortsthat predated Covid-19 to as social distancing governs workspacewhen we come out guarantees or letters of credit out of long-term lease obliga- change operators. end anumber of leases,in- those who do return to offices, of this,” said Shlomo Silber, foraportion of the lease obli- tions in return for a one-time IWG PLC,the world’sbig- cluding a226,000-square-foot the appeal of co-working has CEOofNew York-based co- gation. That meansthe parent penalty. gest flexible-officefirm by lease in Düsseldorf, Germany, diminished considerably. working company Bond Col- is on the hook forpayments Mr. Dixon said many of the number of locations,said re- that it signed last year. Widespread layoffs and busi- lective.“But getting out of even if it shutters a location. leases IWGisjettisoning were cently it closed 32 locations in Theclosingsmark asharp nessclosures arealso damping this is the struggle.” In some cases,WeWork’s signed with high rents at the the firsthalf of this year be- reversal foranindustrythat demand for offices overall. Theannouncement by Al- lease deals include a commit- peak of the market and those cause of the pandemic.The emergedasone of the fastest- Still, flexible-office compa- phabet Inc.’s Google that it ment from landlords to spend located in urban centerswhere companyplans to close around growing commercial property nies have had some success would extend remotework un- heavily on the space, and the workersdepend on public 100 locations in the second sectors. Foryears, flexible-of- renegotiating their leases and til at least next summer was companywas able to getout transit, nowout of favorbe- half of theyear,or4%ofits fice operatorsaccounted fora lowering monthly rent bills, another warning sign. Many of leases in part by waiving cause of the pandemic.The totalspaces,according to its rising shareofnew leases in with landlords worried about companies sign co-working that obligation. company’ssuburban spaces, chief executive, Mark Dixon. some of theworld’sbiggest replacing a tenant during the memberships foruptoayear, Columbia Property Trust he said, areperforming better. Boeing Orders Dried Up in July as Plane Backlog Grew

BY DOUG CAMERON as production outpaces deliv- jet set to decline to 10 from 12 eries,pressuring the com- this year and decline to six in Boeing Co.said it delivered pany’s finances. 2021. just four jetliners in July and It trails competitor Airbus Thecompanyalso handed customerscanceled 43 more SE, which handed over 49 jets over a777 and a767 freighter. of its still-grounded 737 MAX in July andsecured ordersfor Customers canceled orders aircraft. four new planes. for 43 MAX jets in July, most Theaerospacegiant se- Both plane makershave of them from leasingcompa- cured no neworderslast pared production as airlines nies such as AerCap Holdings month, and the slowpaceof cancel and defer neworders, NV, Avolon and Alafco. deliveries—it handed over 10 with the International Air Vancouver-based Jetlines S planes in June and four in Transport Association fore- scrubbed an order for five of

PRES May—reflectsthe logistical casting airline traffic will fall thejets, while the buyer of a

TED difficulties created by pan- morethan 60% this year from businessjet version of the

CIA demic-driven travel restric- 2019 levels,which aren’t ex- plane also terminated the deal. SO

AS tions. pected to be matched forfour Boeing also removed orders

ON/ Airlines arealso reluctant years. fornine moreMAX jetsfrom to take in newaircraftamid Boeing said in itsregular the backlog from customers the depressed demand by update that the companyde- facing financial and contract THOMPS travelers. livered two of its 787 Dream- challenges,taking the com-

ELAINE Boeing’sbacklog of undeliv- linersinJuly,with monthly pany’s net backlog for all jets Customers canceled 43 more of the grounded 737 MAX airliners with travel hard hit by the pandemic. ered planes continues to grow production of thetwin-aisle down to 4,496. CORPORATEWATCH

PPG INDUSTRIES HD SUPPLY HOLDINGS pany said it expects net pro- were expecting adjusted losses ceeds of about $2.5 billion, of C$0.42 a share. Sales Volume White Cap Unit to Be which it plans to use to return Sales fell 63% to C$26.1 mil- Outlook Is Raised Sold for $2.9 Billion capital to investors, fund future lion. Analysts were expecting acquisitions and repay debt. C$20.5 million. Canada Goose PPG Industries Inc. raised its HD Supply Holdings Inc. —Colin Kellaher said it expects the pandemic to forecast for the third quarter af- said it agreed to sell its con- continue hurting its results sig- ter the company said a pick-up struction and industrial business, CANADA GOOSE HOLDINGS nificantly in the fiscal second in demand last month in key known as White Cap, to private- quarter. It isn’t providing an out- markets helped it generate bet- equity firm Clayton Dubilier & Loss Widens After look for fiscal 2021 because of ter-than-expected sales for July. Rice for $2.9 billion in cash. Store Closures uncertainties. The producer of coatings and CD&R said it would combine the —Dave Sebastian paints said it now expects sales carved-out unit with a Sterling Canada Goose Holdings Inc. volumes, excluding currency fluc- Group company. said its loss for the fiscal first NASCAR tuations, to decline 6% to 11% Based in Atlanta, HD Supply quarter widened because of for the third quarter, a lesser de- previously expected to split off store closures amid the Covid-19 Deal With BetMGM cline than its previous forecast White Cap as a public company, pandemic. Offers In-Race Bets of an 8%-to-15% drop. but it put those plans on hold in The Torontoapparel retailer “Led by improving demand March as the pandemic led to posted net loss of 50.1 million Nascar and BetMGM, a trends in our Chinese and Euro- chaotic market conditions. Canadian dollars (US$37.7 mil- sports-betting platform jointly pean businesses across a variety On Tuesday, HD Supply said lion), or C$0.46 a share, com- owned by MGM Resorts Inter- of coatings end-use markets and that after a detailed review, it pared with a loss of C$29.4 mil- national and GVC Holdings PLC, in global industrial production, had determined a sale of the lion, or C$0.27 a share, a year said they are teaming up to of- our July sales increased sequen- business to New York-based earlier. Adjusted losses were fer in-race betting in the U.S. tially from the month of June CD&R was in the best interests C$0.35 a share. starting 2021. and were down 7% compared to of its shareholders. The com- Analysts polled by FactSet BetMGM, which is licensed the prior year,” PPG Chief Execu- for sports betting in seven tive Michael McGarry said. states and plans to be in 11 Last month, the Pittsburgh states by the end of the year, company reported $3 billion in will have rights to Nascar marks net sales for the second quarter, and promote Nascar offerings on down by 25% compared with a its mobile app under the multi- year earlier. Mr. McGarry said year partnership. then PPG saw stronger growth BetMGM said it will expand in China, where coatings for ve- the types of bets offered on its S hicles and coatings used for gen- app throughout the Nascar sea- NEW

eral industrial purposes saw G son, including pre-race and in- higher sales volumes. play bets. Top-finishing drivers,

He also said PPG expected a OOMBER driver matchups, stage winners continued recovery in the U.S. and bets tied to the winning car

and Europe for auto and gen- CHI/BL are among possible bets, it said.

eral-industrial coatings but MUS BetMGM will offer live, in- warned demand was expected play betting through a partner-

to remain below 2019 levels. TINNE ship with Genius Sports and

Shares ended Tuesday up 4.5%. CHRIS Betgenius, it said. —Micah Maidenberg Canada Goose expects the pandemic to continue hurting its results. —Dave Sebastian P2JW225000-0-B00400-1------NS

B4 | We dnesday, August 12, 2020 NY THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Executive TonesDownMusic at Spotify

Chief content officer Spotifyislooking to increase format forMs. Ostroff,she ad revenue as it builds its said she is following the same has helped position podcastbusiness. instinct she did in other me- dia: “My natural inclination is company as major Spotify’squarterly revenue player in podcasting to follow the younger genera- Subscription Ad tion,” which includes her four children, aged 17 to 30. BY ANNE STEELE €2.0 billion She is sometimes ahead of them. They didn’t understand SpotifyTechnology SA got whyshe leftthe CW forCondé serious about podcastsless 1.5 Nast; ayear later they were than two yearsago, but some watching short digital videos of the biggest names in cul- her team had made.With the ture—JoeRogan, Michelle JOURNAL move to Spotify, Ms.Ostroff 1.0

Obamaand Kim Kardashian REET said,they weren’t sureabout West—have already signed on ST podcasting; nowthey areavid with the company. Getting LL listeners. WA those high-profile figuresto 0.5 While manyentertainment THE

the table wasDawnOstroff, R executives tend to obsessover an executivewho’s made her FO product, Ms.Ostroff under-

career tackling the next big LSH 0 stands the audience, said thing in media. WA 2018 ’19 ’20 Dana Walden,chairman of

Podcastsneed to become a THER Disney Television Studios and Note:€1billion =$1.177 billion. 2Q 2020 ended

big moneymaker if the nearly HEA June 30. ABC Entertainment. $50 billion companyistobe- Dawn Ostroff has soughttopursue newwaysoftelling stories and reaching audiences. Source:the company “Ifyou focus on aspecific come profitable.ItisMs. Os- audienceand program for troff’s job as chief content of- “Dawn showedupand Lifetime she led the company junkie herself,Ms. Ostroff said In 2011 Ms.Ostroff jumped them successfully,inevitably ficertomakeSpotify less turned out to be pretty per- to become the No.1cable net- she is nowanavid listener of to another startup-likeoutfit what youend up with is a reliant on music,and the com- suasive,” said Mr. Cutler, who work in prime time two de- Parcast’s“TodayinTrue inside amedia giant, co- broader pieceofentertain- panyhas committedhundreds sold the companylast year for cades ago. At the CW she at- Crime.” founding Condé Nast Enter- ment,” shesaid, pointing to of millions of dollarstomake $56 million. tracted young audiences with Thedaughter of aconcert tainment,astudio and distri- Spotify’smostly young-adult it happen. Ms.Ostroff,60yearsold, shows like“Gossip Girl,” mak- promoter whoworked with bution network forfilm, TV listeners. “Ifyou do it really She has helped position arrivedatSpotifyin2018 af- ing it available on iTunes be- Frank Sinatra, Ms.Ostroff and digital-video projects well anyone canlisten to Spotifyasamajor player— terexecutivepositions in TV, fore it aired on TV,and to spent some of her teenage based on the magazine giant’s those podcasts. They become and sparked an arms race for film and digital video.Her stream online after—selling yearsanswering request lines brands including Vanity Fair, part of the zeitgeist.” podcasting companies and tal- hiresignaled the company’s adsatthe same rate,relative foraTop 40 radio station. Vogue, GQ and Wired. It was DowJones &Co.,publisher ent—with deals for Gimlet ambition to become morelike to audiencesize, as on air—to She became aprotégéeoftop no easy task,said Bryan of TheWall Street Journal, Media, Anchor FM, Parcast amedia companyand lesslike getahead of the online piracy CBS executiveLes Moonves, Lourd, partner at Creative has acontent partnership Studios and Bill Simmons’s atech startup. who in 2002 tapped her to be- ArtistsAgency, which then with Spotify’sGimlet unit. theRinger.The streaming Podcasts, the company come president of entertain- represented Condé Nast En- Ms.Ostroff last year added companynow has morethan says,will improveits margins, ‘My natural ment at UPN,the fledgling tertainment. advertising businessofficer to 1.5million podcastsonits eventually helpingitturn a television arm of Paramount “Established media compa- her title—a relatively small platform, up from 185,000 in consistent profit. Sinceits inclination is to Studios.Thereshe helped nies likethat areholding on part of Spotify’srevenue but 2018. $100 million-plus agreement follow the younger turn around the network by to the past, and she was one that aligns with podcasts. Parcast founder Max Cutler in mid-Maywith Mr.Rogan, drawing in African-American screaming in the halls about Early this year Spotifyin- said he had no intention of Spotify’srecent flurryofdeals generation.’ andHispanic audiences and thefuture,” he said. troduced anew digital tool selling his self-funded net- has runupthe company’s developing shows likethe Ms.Ostroff has been in- that forthe firsttime lets ad- work,home to hit true-crime stock as much as 80%. teen detectivedrama “Veron- strumental in landing top tal- vertisersknowhow manyand shows like“Serial Killers” and While the decade-old Spo- icaMars,” “WWE Smack- ent,fromMr. Rogan to Ms. what type of listeners hearda “Unsolved Murders.” Ms.Os- tifyhas come to dominate that wasthen rampant. More Down” and “America’sNext Kardashian to Barack and Mi- given ad in apodcast. Omni- troff sawinParcast’sthou- music-listening habitsaround recently at Condé Nast, she TopModel.” chelle Obama. Theexecutive comMedia Group said it plans sands of hoursofprograms the world, profitshavere- coaxed powerful and territo- “Top Model” wasearly to traveled to Washington, D.C., to spend $20 million on ad- both alibraryofevergreen mained elusive.Nearly three- rial magazine editorstoem- the trend of reality-showcom- to woothe former president vertising in podcasts distrib- shows and opportunity to quartersofits revenue goes brace digital video just as the petitions.Creator andhost andfirst lady. uted by Spotify. grow. outthe door in the form of format wastaking off. TyraBanks said, “It took fore- The Obamas were sold on Throughout her career,Ms. Theexecutivepromised Mr. royalties to record labels,mu- In her current role,Ms. Os- sight to be able to see the po- Spotify’sglobal reach,includ- Ostroff said, she has consis- Cutler backing to produce sic publishersand other rights troff has pushed podcastersto tential.” ing itsfreeversion. “The Mi- tently sought to pursue new moreshows morefrequently holders. innovateinvarious ways, such Ms.Ostroff’s creativefeed- chelle Obama Podcast,” which waysoftelling stories and andelaborately.She also of- Spotifyisnow the second- as urging Parcast’sMr. Cutler back about the show—includ- made itsdebut last month, reaching audiences. feredaccesstoatrove of in- largest platform forpodcasts, to produceadaily,narrative ing anoteabout amping up hashad the biggest podcast “I always have been inter- depth analytics that would tell behind Apple Inc. true-crime podcast—aprevi- the “after” photos in make- launch in Spotify’shistory. It ested in going to what’snext,” Parcast who itslistenerswere It is not the firsttime Ms. ously unheard-of tempo for over episodes—made big dif- is No.1onthe platform glob- she said, “because Iconsider and what they liked—the Holy Ostroff has helped acompany the genre, which tends to be ferences.“Dawn understood ally and has millions of listen- myself to be abuilder.” Grail forpodcasters, forwhom tackle anew medium. costly and requires alarge theground we were break- ers. —Joe Flint reliable datahavebeen scarce. As programming head at production team. Acrime ing,” Ms.Banks said. While podcastsare anew contributed to this article.

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E=7+T+?PFPZ>?T >? @F7X+P F?FVKTZTA 1M(A24M*-*//42&A H/*4KIB.A" IB (B*-O *-*//A2A roughly 134,000 information- reported that 1.8 million new with 39,956 postings, finance H(8:QOL$"A(U =7>-OCP TP7FP+&KA>7DOTZ?+TTTP7FP+&K P> TPFX+$>V-+7T 4M&4-2D3MA, AHBM*OA4MM4 AIK41*BM)HBMAM-4*42I- technologyjobs in July,ac- jobs were added in July, low- andinsuranceat18,756, and ECVZ+?PTS +"C>@@+7C+ E-Z&ZPFV F-N+7PZTZ?&S E *HH/2&*42I-A,.*B0M42-5*-*//42&A" ;>N56-*-&2*/ +NFVOFPZ>? >) -Z))+7+?P @+-ZF =+7)>7@F?C+ )>7 VF7&+ .IOM/2-5" IB A4*42A42&*/ *-*//A2A, )*-*//.2-5 /5 cording to IT trade group ering the unemployment rate manufacturing at 17,473. &V>DFV C>?TO@+7 =FCXF&+- &>>-T <*U%;C>@=F?Z+T: O*4*AM4A)HBI&MAA2-5 44M. 4I*&42I-*(/M 2-A2544AF CompTIA,asignal that com- to 10.2% from 11.1% in June. “Professionals acrossthe BUSINESSOPPORTUNITIES H7NV 7+98-: panies might be taking await- Theunemployment rate for boardare feeling the tight- U7>-OCP !F7X+PZ?& I=+CZFVZTP 7XA YG; U7>NZ-+ =7>-OCP +L=+7PZT+ ?+C+TTF7K P> +?TO7+%>>&V+ K?4'97@'?7 8C?T!?$ 2>9!7!>?9 and-see approach as questions tech jobs stood at 4.4% in July, ened market,” said Adam Lom- P+C$?>V>&KTFPZT(+T P$+ DOTZ?+TT?++-T >) %>>&V+ /#2;75$;#5).#14#8 6!7454!#7,*77!"4.5; remain over everything from a up from 4.3% in June. bardi,senior director of deliv- CVZ+?PT: ('#'*&!!+$* 'L= #?CVB M>7X MR D>P$ CVZ+?P 0;2;0+.2.40.-0; 4# !39(;% 7X&7>O=TS @+-ZF F?FVKPZCTA F- TFV+TA :?CSML' %!?C?+!CS @>)'S9 R57!S!L' 4CS5C7!>? -Z&ZPFV @+-ZF E@F7X+PZ?&A C>?TOVPZ?&A E(?F?CZFV 7'+"?!<5'9 7> =;'=C;' R'4CS5C7'<5C?7!7C7!4' R return of in-person schooling 12 million technologyworkers firm KforceInc., speaking F?FVKTZTS @F7X+PZ?& F?FVKPZCTA JW#R(?F?CZFV @>-+VZ?&A <5CS!7C7!4'+"C;C+7';!97!+9 >% $S>ACS !?)597;!CS9 amid the coronavirus pan- areemployedinthe enter- about tech workers. %')/' "1$#&* >7 TPFPZTPZCFV F?FVKTZTS EF?FVK6Z?& VF7&+ -FPFT+PT E +>@=C?!'9 !? 95==>;7 >% !?4'97@'?7 AC?T!?$ =7>C+TTZ?& P$+@ P> FCPZ>?FDV+ Z?TZ&$PT: H7NV 7+98-: 7;C?9C+7!>?9DQN'+57' @';$';9RC+<5!9!7!>?9F demic. prise-tech sector,with the rest Despitethe job losses in 04AJ 4/.A.4/46-045 U7>-OCP !F7X+PZ?& I=+CZFVZTP 7XA YG; U+7)>7@ ;C!9' '<5!7M R)'A7 +C=!7CS %>; +S!'?79F $5!)' +S!E July marked the firstmonth in IT-related jobs at compa- July,morethan 500,000 IT '?79 7";>5$" %!?C?+!CS ;'97;5+75;!?$F )!9+599 2L+45 LH6GI4 2-H5 @F7X+P 7+T+F7C$ F?FVKTZT Z? C>??+CPZ>? MZP$ %>>&V+ 97;C7'$!+ CS7';?C7!4'9 $'C;') 7>PC;)9 +>@='7!E of tech job declines since nies spread acrossthe econ- jobs have been added so far /44KLH1 0LAN/ Q =7>-OCPT: ('#'*&)*'"' 'L= #?CVB -+N+V>= DOTZ?+TT 7!4' $;>P7"F R=;>4!)' !?4'97@'?7 C)4!+' AC9') March, as employers acrossin- omy. Together they represent this year,including anet TP7FP+&Z+TAZ?ZPZFPZN+T E-+=V>K@+?PS -7ZNZ?& F?FVKPZCFV >? +>@=;'"'?9!4'%!?C?+!CS @>)'S9 RC?CSM9'9D A66045L.45 LH,4/.G0/ E=7>&7F@ >=+7FPZ>?TS Z-+?PZ)K =>P+?PZFV F7+FT >) 0'9'C;+" R%>SS>P !?)597;M 7;'?)9 RC?CSML' dustries expanded net IT head roughly 8% of the U.S. work- 203,000 jobs from April to 7+N+?O+ &7>MP$A ?+PM>7X >=PZ@Z6FPZ>?A 7+T>O7C+ @C;T'7 $;>P7" %>;7"' )!4';9!%!') !?)597;!CS9 R count in April, May and June, force, according to CompTIA. July—with tech jobs related to 6AJJR FVV>CFPZ>?AE@F7X+P P7+?-TS E-+(?+ DOTZ?+TT C';>9=C+'R)'%'?9' !?)597;!'9D 2';%>;@ )!9E TP7FP+&Z+T E>=+7FPZ>?FV F==7>FC$+T )>7 =7>-OCP +>5?7')+C9" %S>P C?CSM9'9F 7;C)!?$ +>@=C;CE according to CompTIA. While CompTIA’s analysis of tech- cybersecurity and e-commerce -+N+V>=@+?P: AS' C?CSM9'9F =;'+')'?7 7;C?9C+7!>?9 C?CSM9'9F tech jobs remain among the sector employment includes fueling manyofthe gains, $((D&@@@D(@@ RA'?+"@C;T C?CSM9'9 %>; 4CS5C7!>?D 6;'C7' (E AJJLAH64 FG0.2GJLG 97C7'@'?7 %!?C?+!CS ;'=>;79 RC?CSM9'9 AC9') most in-demand, some firms positions such as sales,mar- CompTIA analysts said. >=@ ,BO7'9 5:CE /7) ; A!'9M ,'<%ME 6A "=()( ,EOS'Z1X _b[d QA@&b1 0ZL<;P (D ,*R ,TMQ aZ]d9[<0 >? !?%>;@C7!>? $C7"';')%;>@ !?)597;M ;'=>;79F maybehesitant to fill open- keting and operations,aswell Graig Paglieri, the technol- 333CA!!'BO?@=C?M %!S!?$9F 8S>>@A';$F OC+7!4CF OC+7/'7F 04 8:M#<: ;6A504 ;@=@((")) 8:M#<: J'?@9>? 0'9'C;+"D 0'E ings as they assesshow the as core technology workers. ogyand engineering group X1Zd" [bSS>P !?)597;!CS 7;'?)9 7> 5?)';97C?) *-&;20db< Z1 AZ1b9<[ b5L9J 9[ *L0 ,d\9[" #&Z[Z\9&0" 7"'@C;T'7 R$;>P7" );!4';9D 0'<19 IC97';19 economydevelops, said Tim Tech-sector job cutsinJuly presidentatstaffing firm ,&&P<" Z1 1b]6?D10 ZA X1Z< 1b0X bFX 9[ 8Z( ZAAd" Z1 1b]7 TL0P )'$; =S59 *M;9 'N=D 2S'C9' %>;PC;) M>5; ;'E Herbert, CompTIA’s executive were driven in part by losses Randstad US, said the com- ;-Jb ?D10 ZA X1Z< 1b0X bFX HS9[ P;b 'Z1XZ1-Pb *-[^9[< + 95@' 7> 6;')!7 /5!99'F2D3D 8>N :JB,(6/HGF &*#+'$ ")%!'( & _b[d9[< 0b&PZ1 HS$ Xb1AZ1\9[< &1bd9P -[-]D090/ -00b009[< **B-D&*?) /7DF ,*7"OSDFH'P G>;TFHG,BB(#D vicepresident forresearch in the IT-and-software ser- pany’sclientshavebeen beef- !/:: D/D,/;:?DB/5)GI/@D 5L-]9P-P9Jb +5L-[P9P-P9Jb 190^0/ X1bX-19[< &1bd9P H19Pb: H> =">?' +CSS9D and market intelligence. vices segment, as well as the ing up their IT support staff 1:5 D6;;/DD+6:8 ,D?3@6D?4/DD :1;@ZH0/ -[-]DB9[< @[2] 0P-Pb\b[P0 +X1bX-19[< @[2] \Zdb]0/ bFb&LP9[< ]b[d9[< P1-[0-&P9Z[0 +\-[-<9[< howthe stimulus packageis which produces hardwareand continue to work from home, *6;=D (164

THE WALL STREET JOURNAL. ***** We dnesday, August 12, 2020 | B5 BUSINESS NEWS China’s Surge in Car Sales Fuels Recovery Hope

BY TREFOR MOSS Auto sales in China, change from ayearearlier SHANGHAI—Chinese con- sumersflocked back to auto- 25% mobile dealerships in July, Wholesale boosting carmakers’ hopes of Retail returning to growth in the 0 second half of the year and signalingabroader rebound in the world’ssecond-largest -25 economy. Retailpassenger-car sales increased 7.7% in July from a -50 year earlier,to1.6 million units, the China Passenger GES Car Association said Tuesday, -75 IMA

marking the strongest month ETTY

of sales growth by percentage /G in morethan two years. -100 CG A/V While automakers’ sales to 2020 dealerships had bounced back Sources: China Passenger CarAssociation JIANHU

in the second quarter of the (retail); China Association of Automobile LIU year,rising 10.4%year over Manufacturers (wholesale) Retail car sales rose 7.7% in July from ayear earlier,the bestmonthly rise in twoyears. An international autoexposition in Nanjing lastmonth. year,sales to individual cus- tomershad remained weak, while lingering fearsover Fornow,the bargains are some inventorypressure, the cording to the CPCA,down structure. declining 3.4% in the April-to- fresh coronavirus outbreaks also failing to offset the CPCA said Tuesday. 26% from itsJune sales fig- TheMinistryofIndustry June period compared with a andthe economy’suncertain buildup in inventory. Second-half sales arenow ure. andInformation Technology year earlier as consumers longer-term prospectsre- In July,the growth in on track to increase roughly Beijing last month rolled will also ease restrictions and only slowly begantospend main. wholesale sales continued to 4% from ayear earlier,result- outanew promotional cam- offer other forms of support again afterthe coronavirus While aggressivedeals are outstrip that of retail sales, inginafull-year sales decline paigntoencouragesales of to ailing electric-vehicle mak- brought China to astandstill enticing potential buyers, rising 16.4%fromayear ear- of roughly 10% for2020. morethan adozenselected ershit by the pandemic. in thefirst three months of they arealso cutting deep lier,according to the China Sales of electric vehicles, electric vehicle models pro- Electric-car maker XPeng theyear. intoprofitmargins. Association of Automobile meanwhile, rose 19.3%last duced by Chinese automobile Inc.,which is backed by Ali- TheChinese automarket “Car dealersare facing in- Manufacturers. month from ayear earlier to makersinsmaller towns and baba Group Holding Ltd., nowlooks to be picking up, creasingly intense pressureto Thegovernment-backed 98,000 vehicles,the manufac- cities. said Fridaythat it has filed to thanks to acombination of cut prices in the second half body warned Tuesdayofex- turersgroup said, marking Thegovernment also list itsshares in NewYork,af- government incentives and in order to meet their yearly cessiveinventorylevelsas the firstmonth of yearly vowedtodevelop anetwork terthe debut of rival Li Auto bargain prices from dealer- targets,” the state-backed dealersrestock vehicles for growth sincemid-2019 for of charging facilities covering Inc.,which is backed by Ten- ships eager to movevehicles China Automobile DealersAs- which thereissofar insuffi- the oncered-hot segment. China’srural areas,asapart cent Holdings Ltd., on the off the lot. sociation said last week, cient demand. Tesla Inc., however, sold of alargereconomic cam- Nasdaq last month. Those factorshavehelped basedonasurvey of auto If sustained, the pickup in 11,014China-made Model 3s paigntoequip the country —Raffaele Huang bring in consumerseven dealerships nationwide. consumer demand could ease in the countryinJuly,ac- with next-generation infra- contributed to this article.

tives scrambling to borrow joining the treasurer’s officein lyststhe companycould lose be- Stripe Hires money.Ms. Suryadevaraled ef- NewYork in 2005. tween $7 billion and $9 billion fortstoadd morethan $20 bil- One of Ms.Barra’strusted in cash during the second quar- lion to the balancesheet from lieutenants, Ms.Suryadevarahas ter. “You’reknocking the cover GM’sChief fresh debt to weather thecrisis. overseen acost-cutting push off the ball on transparency, Ms.Suryadevarawill become sincetaking over the topfinance which is especially appreciated CFOatStripe,which provides job,relying on the technique during times likethis,” Morgan Of Finance software to help companies pro- known as zero-based budgeting, Stanley analyst Adam Jonas told cess online payments. The which requires managersto Ms.Suryadevara. startup wasvalued at $35 bil- start abudget from zero and GM’seffortstocut costsand ContinuedfrompageB1 lion following an investment justifyevery expense. plowintogrowthareas like Motor Co.elevated itsopera- round in September. Shetook alead role in are- electric and autonomous cars tions chief,Jim Farley,tobeits Stripe said Ms.Suryadevara structuring of GM’sU.S.opera- have failed to liftits stock price. newchief executive, succeeding will help the companyasitex- tionsinitiated in 2018 that in- Shares have doubled sincethe S Jim Hackett, who is set to re- pands itsglobal operations.The cluded closingseveral factories earlydays of the pandemic but PRES

tireOct. 1. 2,800-employeecompanyhas and laying off thousands of sala- remain belowthe $33 IPO price TED

Her departurecomes as GM broughtits payments-process- ried employees,people familiar when shares listed in 2010,a OCIA tries to regain itsfooting fol- ing serviceto15new countries with the matterhavesaid. year afterits government-led SS /A lowing thepandemic-related in the past year,itsaid. Ms.Suryadevaragarnered a bankruptcy.

shutdown of itsfactories this Ms.Suryadevarabecame reputation among equity ana- During her time as CFO, Ms. DREW spring,which resulted in the GM’sCFO in 2018,atage 39,af- lystsfor transparency. Suryadevarahas emphasized

companyburning through $9 terrising through GM’sfinance In May, when the pandemic’s theneed forGMtoboost free RICHARD billion in cash during the sec- ranks.The India nativespent toll on the autoindustryhad yet cash flow,people familiar with Dhivya Suryadevara had a lead role in a restructuring that closed ondquarter and sent execu- nearly her entirecareer at GM, to come intofocus,she told ana- her thinking have said. several factories and cut thousands of salaried workers’ jobs.

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B6 | We dnesday, August 12, 2020 ***** THE WALL STREET JOURNAL. THE PROPERTY REPORT StartupOfficeFirm TakesAim at Zoom

Video service tries trying to getintoall-virtual services or expanding their to re-create feeling existing platforms,including of attending a IMS Technology Services, Omnipressand the JavitsCen- business conference ter, NewYork’slargest confer- encevenue. BY PETER GRANT Convene said it was on track to have positiveearnings Zoom has thrived during beforeinterest, taxes, depreci- the pandemic by offering vir- ation andamortization in 2020 tual conferences as an alterna- when the pandemic devastated tivetoofficegatherings. Now, itsconferencebusiness, which afirm in the eventsand meet- sponsored about 6,500 meet- ingsbusinessislaunching an ingsinsix cities last year. alternativetoZoom. Thecompanysaid in March Convene,astartup real-es- that it laid off nearly 20% of tate firm that provides co- itsstaff and furloughed many working spaceand meeting lo- others.

cations inside officebuildings, JOURNAL Convene’straditional con- introduced last month avideo ferencebusinesshas almost REET

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Hostscan hold panel discus- FO 500,000 squarefeet in nine

sions and breakout sessions OY locations,has had under a5% online.Upto3,000 attendees utilization daily,Mr. Simonetti MOLL cansend questions to speakers said. CKIE

in real time,see alist of event JA BeforeCovid-19 hit, Con- attendees and start private Ryan Simonetti says Convene’s virtual meetings are intended to last longer and more closely resemble a conference event. vene offered anumber of video videochatswith colleagues, services likelivestreaming of friends or potential clients. booths,” he said. serviceprovidersreact to the businesses must take on new like town hall meetingsand keynote addresses to people Convene Chief Executive NewYork-based Convene disintegration of their busi- competitors, some who have workshops,with up to 100 who wanted to viewremotely. Ryan Simonetti said his virtual said that 23 clientshaveal- nesses practically overnight. already established beach- panelists, according to aZoom But the firm was“very focused meetingsare intended to last ready booked virtual meetings, Some hotelownershavebeen heads in the business. regulatoryfiling last year. on the physical event,” said longer and moreclosely re- including Morningstar Inc.and converting properties into Zoom says it canrun meet- Servicealso includes chat, TomZampini, Convene’schief semble aconferenceevent the Wall Street TechnologyAs- rental apartments. Landlords ingswith up to 1,000 people polling and breakout room fea- products officer.Digital ser- than those hosted on Zoom. sociation, atrade group. of empty malls have been leas- on videoorZoom video webi- tures,according to the firm’s vices forremoteparticipants “They typically last aday to Convene’spivot is one of ing spacetoonline retailers narscan be scaled to up to website. wasan“add-on” service, he aday and one-half with multi- manytaking placeinthe real- who areusing it forwarehous- 10,000 attendees. Zoom didn’t respond to re- said. ple livepresentersand speak- estateindustryduring the pan- ing and distribution. Thecompanyenables users questsfor comment. Convene plans to roll out ers and often sponsors of demic,asproperty ownersand But, in making these shifts, to conduct large-scale events Other companies arealso updates to itsvirtual meetings. Hotels UseRobotstoClean, Deliver

BY WILL PARKER Alter.“Then comes along the leasing robotsnextyear,Mr. man said the robotsare still in pandemic andpeople want to Cousins said, as they begin use. Robotsthat delivered a not interact with people.” planning ahead forwhen they Theuse of robotsinthe ho- burgerand fries afew years Mr.Alter employs service expect businesstostart picking telindustryhas concerned agowereahigh-tech gimmick robotsatsix of his California up again. some that thesemachines that gavehotel guestsagood hotels.Beforethe pandemic,he Saviokeisfinishing work on could eventually be used to re- laugh. Now, some manufactur- said the botswould makebe- arobot that is two times as placeemployees.ManyU.S.ho- erssuggest these machines tween 200 to 300 trips a large as the pint-sizeRelay, to tels have reduced staff during could help guestsstaysafedur- month, mostly ferrying items accommodatethe largeritems the pandemic,and although ing aglobal pandemic. liketoothbrushes or towels hotels want to send up to their hotel operatorsand robotics Hoteliersand robotics com- from the reception desk,onto guests, such as king-sizepil- companies insist robotshelp panies saydeliverybotslike elevators, and up to people’s lows. rather than reducestaff,robots Relay,produced by the Google hotelrooms.Those same bots Micah Green, the founder of could limit howmuch extrala- Ventures-backed Savioke Inc., nowmakeasmanyas700 trips Maidbot vacuuming robots, bor hotels bring on to meet cut down on potentially unsafe amonth, as moreguestsseek said he’spreparing to roll out newsanitation demands. VIOKE

interactions between hotel staff to avoid interactions with hotel wet-cleaning and disinfecting “Weare doing everything SA and room guests, by offering staff,Mr. Alter said. machines to further assist we cantonot increase our la- Savioke’s room-service robot reduces potentially unsafe interactions contactlessroom service. And Requestsfor deliveryrobots housekeepersinvirus-proofing bor costs,” said Robert Rauch, between hotel staff and guests. cleaning robots, likeMaidbot’s from the hospitality sector room surfaces. an investor in SanDiego-area Rosie,are vacuuming hallway have doubled sincethe pan- Hotel robotshavebeen hotels who recently decided to done and makeguestssafer.” bots to getstuck,Mr. Rauch floorswhile cleaning crews demic began,said SteveCous- around sinceatleast 2014, add morerobotstohis existing Therobotsaren’t always said.And sometimes it takes spend moretime than ever ins, CEO of Savioke, despitethe when aSilicon Valley outpost fleet. “Instead of paying over- perfect. Children canconfuse patienceand afew program- sanitizing rooms. giant drop in businessthat ho- of Aloftintroduced two to its time or hiring moreemployees, the robotsbytrying to get ming tweaks beforethe robots “Wealways sawitasagood tels areseeing.Manyofthese guests. TheAloftbrand is now I’m able to,for the same them to moveintoo manydi- really learn the layout of the novelty,” said hotel investor Bob companies arelooking to start owned by Marriott.Aspokes- amount of labor,get morework rections at once, causing the hotel.

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&?4?0A@-?*9 ;79? JEFF 4C G)0/'.- -'.. -'@)0)E'.5,0)(:1(: &.C4-C '?0C2? : The staff of Rocketship.vc, which plans a new $100 million fund to invest in startups around the world. $0D+ B9>&6*4 ED B4C6*4 )/0'-9 "2?..6 .1 DF;BE8< =2 +'' #*'' ,(!)&$! %*#*%"* [HCEDHI" D- 5D+>+ (-66).C3 "3 T2"?1@P5< MA $=0N$= &0;:\;8> )8\ Ve ntureFund FocusesonData %'<'.D@+'(E -1E'- 1( ) :0D81(: 1?"X2@P5< MA M$=UU: &0;:\;8>Q /D++'0/1)./D001)D09 J;803ZM ANU9 3=Z );NSUN3Q BY TOMIO GERON Lyft Inc. and other startups. vestment decisions based on *82#*&'$0 C@+ D7?0 H/E % )E $,-1 #07692 %1A,-239.1A/ Rocketship,which has in- data and Zoom calls.” #.'<'( F'-E)?0)(E (LD?(:' )E 8$15 2# ;.*&9A2* =&# ;2 TT<1S9 !N;\). ,0>0M3 T? (1T Rocketship.vc raised its vested in startups such as In- Manyfirms already track D7' ;1..1-ED(, >2% B-E ,<' #)-E, -.=7?99.' <. 3"",1 *0239.1A/ ?S9 D=0N ,0> 17 first $40 million fund in 2017 dia-based small businessman- common metrics such as web FDD+ B2> #, 4!5-.'/ %036 &3$5.3$5 +.715.1 to invest from the U.S. in agement app maker KhataBook traffic and app downloads. &')'7326'5. *'1(" startups globally,using data Inc., uses dataand itsown And traditional machine-learn- rather than personal connec- analysis to find hot startups ing models use prior success- A*07*? ;?@9# 8/ %8) tions to find startups and around the world and then fulcompanies as models to >7;:?=.6(97A*#(A- make deals. reaches out to them to seek find newsuccessfulcompa- %229%2B9%22C That strategy has posi- investment. nies,said Mr.Rajaraman, 81..1)+-482#*&'9/D+*81..1-ED( XKKQXKTQXKK2 tioned the firm to make deals That is what happened with which doesn’t always work. /;::;)9M=0239.1Q$U95D- remotely during the pandemic, Trocafone,aBrazil-based “Great companies don’t 1" G[YLYG [#YLY"#F F# LY' &C229 ;YLLY,JE ( ;YLLY,JE JF!D" E#'E, YI'9 F# LY' 4&A49 JHID# ;9 9, .5' #,4):%%06-( !3"*:>/<: =,:75'5=,75>) !@ W#!!F#+ JY'[,#L ,E[*+ F# LY' sinceithad already used data startup that refurbishes look likeeach other,” Mr.Ra- LH;%#FJ,I ,C' LY' 42>29 ,4'75>) 84*2<'7 7> 7<:+8 >; 8,.<& @@KK1TQ'H%+ LHB%#FJ,I ,C' LY' A= *C+#F3EGF#JYCJ9 T6VVTQ @R *C+#FOE GF#JYCJQ to makeinvestmentsremotely smartphones and resells them. jaraman said. “You canbuild a pre-Covid-19. “I gotaLinkedIn message machine learning model and Now, LosAltos,Calif.-based in 2015 from Sailesh. He said, never catchthem. Thekey CALIFORNIA INVESTMENT OPPORTUNITIES COMMERCIAL PROPERTIES Rocketship has doubled down ‘Wedon’t knoweach other but challengeishow to get on this strategywith anew Iloveyour company,’” around that. We’vecome up $.##,!*-"*( +*/-%# )-( &#(' $100 million fund. It has also Guillermo Freire, chief execu- with newways that arediffer- !%"$#&' E8G33 $L K%N+4+" .BPJ +=L HD,J2 DC-J/J.- IKI3 ?N@2&NN ;4+N8 TF+P$)& hired anew partner,Madhu tiveofTrocafone,said of ent from traditional machine #"$# '-(% )*3%#8-1%1 T4B@4&"5?)@N ,N()" /+0H)&$ Shalini Iyer,formerly the chief Rocketship partner Sailesh Ra- learning.” !I8QE38333 M6DQU -/* &4"N 1;AK H$K:% BF :IK:; KFD:DK :4&$H4BB KFD'K%D :%" "K>K;#!'K%D 7I'. ;F06 #$C 33E31EEOA 33EOKK3Q startup Gojek. up investing in the startup’s guided investment decisions, J#A%"K" B% 9++6, +06 Rocketship’sco-founders Series A. when the firm launched its $8=& 3"+%3 =; !#IDJ#;B# >:;AK E:F $#%FBFDK%D;& G3G7KQE71M33 GI#)% LHL DEI#AGE IK7%B%G BDF VenkyHarinarayan and Anand Manytraditional venturein- firstfund, India didn’t have as 1/8'!/8; '* 2B67@667666 IBF=-:"?AFDK" >:;AK :!!I#:$E :%" Rajaraman co-founded Kosmix, vestorsget deals through their much investment interest, but ':=B%G :!#FBDB>K B'!:$D B% DEK asocial search and data network of contactsand focus Rocketship’sdatasurfaced ;*/"8;*= /%;*;/ /3"5=% ;%/ $#''A%BDBKF BD FKI>KF, NOTABLE startup that wasacquired by on getting to knowfounders growing startups,Mr. Harina- 3F !:ID #J BDF GI#)DE FDI:DKG&. COMMERCIAL Walmart Inc. in 2011. through in-person meetings. rayan said. 53";'"5*=1 8;=? 5K3' 0*'>: !6 :9I 9%%'7!:# > PROPERTIES In 1998,their search But that approach misses new Thereason: An explosion of BG()A +=L *##'*"%E() -(4'-# !# startup Junglee was acquired companies that don’t have cheap mobile phones and data 5=%*1% '*== %#1(+4$(#4& 3$$IK"BDK" B%>KFD#IF EVERYWEDNESDAY #%;&,@A;K 4+28$5 C(K'!D #JJKIB%G, by Amazon.comInc., and they connections to Silicon Valley, plans wasdriving adoption of ="'%;1%& *$%;/1: 5#>/A/ later playedkey roles in devel- said Mr.Rajaraman. new apps. /#%D:$D AF D#":& J#I B%J#I':DB#%* (800)366-3975 oping Amazon’sMechanical “You end up with a human “Wecaught it at the very 4"+04 *,!3*/1,. &&(@(=$@"""+ [email protected] Turk,anearly websitefor hir- approach and it’shardtohave beginning,” he said. “Wehad Formoreinformation visit: M#*)!E#F8)"'(!,(*#&,!$ (%# ('% '&#) wsj.com/classifieds ing workers to do on-demand relationships that aretruly to learn to challengeour- tasks.They later became angel global. You end up being very selves.You can’t come in with !,! *-2203*, and ventureinvestorswith geographically rooted,” he alot of bias in your invest- ©2020Dow Jones &Company,Inc. '%( $&& ($(# :?*9; All Rights Reserved. theirown funds and made said.“We’vegottenreally ment model and howyou early betsonFacebook Inc., comfortable with making in- make decisions.” P2JW225000-2-B00700-1------EW

THE WALL STREET JOURNAL. ** We dnesday, August 12, 2020 | B7 BUSINESS & FINANCE Mortgage Income Data Found Inflated

BY CEZARY PODKUL to help the industrysurvivethe times,however, fraud canplay pandemic,which has sent com- arole,too,according to federal Thousands of commercial- mercial loan delinquencies to prosecutors. mortgageborrowers have been near-recordhighs. In 2019,the SEC and the struggling to meet payments John Griffin, afinancepro- JusticeDepartment each filed on theirloans in the midst of fessor and co-author on the fraud cases against Robert the coronavirus pandemic.But study,says his findingsprovide Morgan,who had borrowed theremight be another reason evidencethat the commercial- about $3 billion to amassa so manyare falling behind: ag- mortgageindustryisatleast JOURNAL multifamily property empire

gressivelending practices that partly to blame.Hefound that REET that oncespanned morethan

overstated borrowers’ability when the pandemic hit, loans ST 34,000 unitsacross14states. to repay. with inflated income were LL Prosecutorsalleged that Mr. A study of $650 billion of quicker to enter watchlistsfor WA Morganconspired to createfic- THE

commercial mortgages origi- troubled loans maintained by R titious leases at some of his

nated from 2013 to 2019 found loan servicers. Income was FO properties to maketheir in-

that even during normal eco- overstated by more than 5% in GER come look bigger than it was. nomictimes,the mortgaged morethan 40% of loans origi- TheSEC alleged that he rana properties’net income often nated by UBS, Starwood Prop- Ponzi-scheme-likescam that UTENBER

falls short of the amount un- erty Trust and Goldman Sachs LA used investors’ money to “re-

derwrittenbylenders. Theun- Inc., the study said. Loans from JEFF payaninflated, fraudulently derwrittenamount should be a these originatorswereamong Astudy shows risksinthe market forbonds backed by commercial properties. Amall near Houston. obtained loan” on one of his conservativeestimateofhow those most likely to be on a properties. much aproperty earns.In- watchlist, Mr.Griffin found. Percentage of CMBSmarked Shareofloans identifiedashaving inflatedincome of Alawyer forMr. Morgan stead, the actual net income “This is adirect function of 30-plus days delinquent,by morethan 5% and the shareoftroubledloans on watch said he is “vigorously defend- trails underwrittennet income the aggressiveunderwriting,” selected borrowercategory* ing against the criminal by 5% or morein28% of the Mr.Griffin said. He disclosed in Overstated loan share Watchlist† charges.” TheSEC,which re- loans,according to the study of his paper that he owns afraud- 25% cently disclosed that it has nearly 40,000 loans by two fi- consulting firm, IntegraFEC Lodging Starwood reached atentativesettlement Retail nanceacademics at the Univer- LLC,which could benefit if the UBS with Mr.Morgan, declined to sity of Texas at Austin. government or investorsacted 20 Overall comment. Thestudy shows risks in the against the bond issuers. Office Ladder Capital TheSEC has been aware of $1.4trillion market forcommer- UBS and Goldman Sachs de- potential income inflation in Goldman Sachs cial mortgage-backed securities, clined to comment. Starwood 15 CMBS loans sinceatleast Feb- or CMBS,whereloans on malls, said it has “consistently experi- Citigroup ruary2019,when it received a apartmentbuildings, hotels and enced strong performance complaint about the issue.The CCRE the likeget packaged intobonds acrossits portfolio of originated 10 complaint, earlier reported by bought by investors, oftenwith loans.” TheCommercial Real Es- Rialto ProPublica,pointed to apat- guarantees from the govern- tate FinanceCouncil, which rep- tern of inconsistent figuresin Morgan Stanley ment. Thefindingssuggest that resentsthe industry, called Mr. 5 different financial reportspro- loans sold to investorsbefore Griffin’sstudy flawedand said viding income forthe same thepandemic frequently fea- theindustry’srecordonunder- Hunt property in aprevious year. turedoverstatedincome and writing wassolid. JPMorgan Chase Mr.Griffin’sstudy validates could have moretrouble staying Theorganization’schair- 0 inconsistencies in such over- current in case of adownturn. man, Adam Behlman,said the 2019 ’20 0% 10 20 30 40 50 lapping reports. In asubsample Thefindingscorroboratea study should have used long- *Through July †AsofMay 2020 of 2,172 loans,Mr. Griffin found complaint received last year by term cash flow to judgethe un- Sources: Trepp (CMBS); John Griffin and Alex Priestofthe McCombs School of Business, UniversityofTexas at Austin (loans) that 70%ofloans exhibiting in- the Securities and Exchange derwriting and said the origi- come inflation of 5% or morein Commission stating that com- natorsidentified in the study hundred thousand of expenses vide evidencethat the industry DBRS Morningstar said that an- the firstyear of the CMBS deal mercial mortgageloans fre- had lower-than-average default or claiming additional income is aware of the practice. Mr. alyzing loans’ cash flowsisa also overstated properties’his- quently feature inflated finan- ratesontheir loans.“Defaults canadd millions to aloan’s Griffin found that loan origina- key element of itsrating pro- torical financials. cials.They also come at a arethe ultimatebarometer of size, which canbenefit borrow- tors chargedhigher interest cess and that it consistently ap- TheSEC declined to com- sensitivetime forthe commer- thequality of the underwrit- ersbygiving them room to ratesfor loans with overstated plies itscriteria when grading ment on thecomplaint. John cial-mortgage-backed securities ing,” Mr.Behlman, aStarwood cash out equity from proper- income,suggesting they viewed deals. Flynn, aCMBS industryveteran industry, which has been seek- executive, said. ties.Higher net income also them as riskier.Kroll Bond Rat- Borrowers,lendersand their who filed the complaint, said ing alifeline sincethe spring, Theexpected income gener- makesloans worth more, en- ing AgencyInc.and DBRS representatives have alot of that afterporing over thou- when the Federal Reserve left ated by aproperty is an impor- abling more profit fororigina- Morningstar, two rating firms leeway in calculating aprop- sands of loans,hefeels relieved out swaths of the market from tant factor in howmuch the tors. that gradeCMBS bonds,also erty’s earning power. Unfore- to see someone else spot the its$2.3trillion economic-res- owner canborrow.The biggera Mr.Griffin’sstudy doesn’t tended to treat inflated loans seen circumstances such as a same pattern. cue package. property’s net income,the big- definitively answerthe ques- moreskeptically in their rating natural disaster canalso take a “It’smuch morewidespread Congressional legislation in- gerthe value and thus the loan tion of whomight be inflating models,the study found. biteout of expected income af- than Ievenrealized,” Mr.Flynn troduced last month is seeking it cansupport. Shaving afew loan financials.But it does pro- Kroll declined to comment. teraloan is originated. Some- said.

ADVERTISEMENT FedMovestoCut Rates for BusinessReal Estate&Services Muni Loan Backstop Program To advertise: email [email protected] or WSJ.com/classifieds

BY NICK TIMIRAOS loans extended by the Fed. Fedwill reduceby0.5 percent- Municipal bond strategists agepoint the interest-rate TheFederal Reservesaid and some Democratic lawmak- spread on tax-exempt notes, Tuesdayitwould reducethe ershaveexpressed disappoint- and it will also reducethe ratesitchargescities and ment in recent weeks over the amount by which ratesfor tax- states seeking short-term loans degree to which the Fedposi- able notes areadjusted relative from an emergencylending tioned theprogram as aback- to tax-exempt notes. programthat has seen little stop,though Fedofficials say TheFed announced the pro- takeup so far. the mereannouncement of the grams in March and April when Changes to the program program in April helped re- manymarketsweren’t function- must be agreed to by the Trea- duceborrowing costssignifi- ing well, but the announcement suryDepartment, which has ap- cantly forhighly ratedmunici- of those programs has encour- proved $35 billion to cover pal issuers. aged privateinvestorstolend, losses on up to $500 billion in With Tuesday’schanges,the reducing demand forFed loans. /%*@%& (!&*+'-!8; (!& &%*&@!;% '"!&$ %# CtWhad urgedinvestorsto connected to the company &%#$ "! ,).*2' McDonald’s vote against long-tenured said.Those people said the <,8>F.&7F" "6;>.&6L 6L M2F>+> #>$8 D&.) G:AAA "&L8>1 788. boardChairman Rick Hernan- former CEO frequently social- )+6 /-1/6-*( 23 67 ">$8 716L.>+8 dezand compensation com- ized at Chicagobarsand <*F118L. 7>;&"&.&80 ;>L >;;6NN69>.8 F5 .6 G-A +F80.0 *4646"-* 15 *46 >L9 78>.F180 >=8>F.&7F" ">$8 716L. ;8L.1>" =F&"9&L+ BoardFaces mittee head RichardLenny sporting eventswith employ- earlier this year.This week it ees,and flirted with some fe- ;6N5"8.8 D&.) =6D"&L+ >""8B:=>""166N 761 9>L;&L+ >L9 !"*+02..+ ;6L;81.0: 5F= >L9 4G3 J()6"8 +6"7 ;6F1080 called fortheir resignations. male employees.Rumors !&%*@$82 *)*2!%-D 8$ +/%/ 18 >L >99&.&6L>" H/ %'@0 4%2F&E>"8L. 'D8""&L+ “McDonald’scurrent board about Mr.Easterbrook’sal- Scrutiny !;'@+&!;#*2%/82-: 52!)*-% @L&.03 >00&+L>="8 .6 L8D 6DL810)&5 761 7F1.)81 of directorsissimply not up leged conduct had reached 98E8"65N8L. to the task of overseeing the some other companyleaders '8=58+;&:=%&!'*@ 2%-2%*- ?/$" &%)%@85=%;- <*"608 516C&N&.B .6 !?*: K)&">98"5)&>: I616L.6 >L9 ContinuedfrompageB1 companyfor the long term,” in the year leading up to the 6.)81 =&+ ;&.&80 Equilar. said Dieter Waizenegger, firstinvestigation, one person Representatives forMr. CtW’sexecutivedirector. said. "52><8,!,A,I#;%0 Easterbrook didn’t respond to Mr.Hernandezsaid that McDonald’shad told inves- %#=>:K9(?- 411C>11C3600 requestsfor comment. the boardimmediately inves- tors ahead of itsannual meet- ".,Mh;MhAdTMO) $Mh dV& to shareholders. destroyed evidence regarding derly transition, according to ?&O&#d M$ dV& W&;AhAd& X&AQ 0gdAd& 8>>MaOd :/EZ(3MZ" G+M60.9 KTQQ M$$&h $Mh gAQ& Ad ;a?QT> Aa>dTMO MP;AOIP&P?&hgVT; TOd&h&gdg NewYork City Comptroller the extent of his behavior,and areport by proxy-advisory :dV& /JZ;)ZML@>T W:6ZMZL6L.9 TO ,DW Z[XF-[^*[ *) ^^4) A2&QAKAh& QTPTd&( QTA?TQTdI >MP;AOI:dV& /G60.9) dMj&dV&h KTdV >&hdATO hTjVdg AO( ;hM;&hdI ScottStringer,custodian of when that came to light, the firm Institutional Shareholder h&;h&g&OdTOj) h&QAdTOj dM) Mh AhTgTOj $hMP dV& ]&P?&hgVT; *Od&h&gdg :>MQQ&>dTL&QI)dV& /'8<<+6ZM+<.95 6Ag&( a;MO TO$MhPAdTMO ;hMLT(&( ?I ,DW Z[XF-[^*[ *6)^^4) A2&QAKAh& QTPTd&( QTA?TQTdI >MP;AOI:/%Z)68M.9 AO( Tdg A$#QTAd&g) Td Tg dV& aO(&hgdAO(TOj M$ W&>ah&( the city’s pension system, Services. ZAhdI :?ad KTdVMad AOIh&>Mahg& dM) Mh h&;h&g&OdAdTMO Mh KAhhAOdI M$ AOIRTO( ?I)W&>ah&( ZAhdI Ag dM dV& A>>ahA>IMh>MP;Q&d&O&gg9 dVAd:T9 dV& ]&P?&hgVT; *Od&h&gdg said that while he is encour- ISSalso met with CtW, the >MOgdTdad& dV& ;hTO>T;AQ Agg&d M$ 2&?dMh):TT9 dV& ZQ&(j&( 0OdTdI MKOg MP;AOIP&P?&hgVT; TOd&h&gdg TO &A>V M$ ,DW 4MQMhA(M +MQ(TOjg *) ^^4) aged that McDonald’sisseek- union-affiliated fund, before ,DW *QQTOMTg +MQ(TOjg *) ^^4) ,DW *O(TAOA +MQ(TOjg *) ^^4) ,DW ]TggMahT +MQ(TOjg *) ^^4) C4 ]TggTggT;;T WdMhAj& ZMhd$MQTM *) ^^4) ,DW \&LA(A +MQ(TOjg *) ^^4) The board now says ,DW \&K BMhR +MQ(TOjg *) ^^4) ,DW [VTM +MQ(TOjg *) ^^4) ,DW [VTM +MQ(TOjg **) ^^4) ,DW F&OO&gg&& +MQ(TOjg *) ^^4) ,DW F&JAg +MQ(TOjg *) ^^4 AO( ,DW F&JAg +MQ(TOjg ing to clawback Mr.Easter- making arecommendation to **) ^^4) &A>V A2&QAKAh& QTPTd&( QTA?TQTdI >MP;AOI:>MQQ&>dTL&QI)dV& /GM8TZM60 H1:ZML.9) :TTT9 dV& ZhM;&hdI [KO&hg MKOA;Mhd$MQTM M$ f! g&Q$UgdMhAj& $A>TQTdT&g QM>Ad&( brook’sseverance,the its former CEO shareholdersinMay. 4MQMhA(M) *QQTOMTg) *O(TAOA) ]TggMahT) ]TggTggT;;T) \&LA(A) \&K BMhR) [VTM) F&OO&gg&& AO( F&JAg :dV& /GM8TZM6>ZL.9) :TL9 dV& ZQ&(j&( 0OdTdI Tg A(&?dMh aO(&h AP&HHAOTO& company’sinvestigation ap- ISSrecommended that QMAO TO dV& MhTjTOAQ ;hTO>T;AQ APMaOd M$ '8M JZ//+:>:Z U8+:.9) AO( :L9 dV& ZhM;&hdI [KO&hg) SMTOdQI AO( g&L&hAQQI)Ah& (&?dMhg aO(&h A should have been g&>ahTdTH&( ;Mhd$MQTM PMhdjAj& QMAO TO dV& MhTjTOAQ ;hTO>T;AQ APMaOd M$ '<<< 6+=Z T<+(Z 8: EZT6Z;)ZM 5$ 4.4. +6 7.&.. +Q;Q #+L6ZM: D>;Z >: (8;T<>+:(Z 1>6@ IZ1 -8M= “McDonald’smust go fur- fired for cause. CtW’sproposal because it C:>X8M; '8;;ZM(>+< '8"Z EZ(6>8: 9?K7. S6@Z O!$"#NRQ W: MZ(8V:>6>8: 8X 6@Z 'HBW%?79 T+:"Z;>( +:" MZ<+6Z" <>;>6+6>8:L 8: ther by overhauling itssex- said therewasn’t sufficient T3)<>( +LLZ;)<>ZL$ 6@Z E+<< )Z (8:"3(6Z" 2>M63+<<0 2>+ 8:<>:Z 2>"Z8 (8:XZMZ:(ZQ D@Z CFU +""MZLL +:" T+LL18M" 1><< )Z TM82>"Z" 68 +<< MZV>L6ZMZ" T+M6>(>T+:6LQ ual-harassment prevention evidencethat the boardhad FV& 4MQQAd&hAQ KTQQ ?& gMQ( Ag AgTOjQ& aOTd AO( Tg M$$&h&( ,E WE$ AY#F# WE$ AWDY ,UU !,CUDE5W&>ah&( ZAhdI PAR&g OM jaAhAOd&&) h&;h&g&OdAdTMO Mh KAhhAOdI)&J;h&gg policies and setting astrong acted in poor judgment. Mh TP;QT&() Ag dM AOIPAdd&h ;&hdATOTOj dM dV& 4MQQAd&hAQ) AO( dV& gAQ& M$ dV& 4MQQAd&hAQ KTQQ ?& PA(& KTdVMad h&>Mahg& dM) AO( KTdVMad h&;h&g&OdAdTMO Mh KAhhAOdI ?I) tone at the top,” he said in a boardunanimously moved to Shareholdersapproved the W&>ah&( ZAhdI5FV& 4MQQAd&hAQ TO>Qa(&g aOh&jTgd&h&( g&>ahTdT&g aO(&h dV& W&>ahTdT&g 8>d M$ 6>ZL ,(6.9) AO( W&>ah&( ZAhdI h&g&hL&g dV& hTjVd dM h&gdhT>d ;AhdT>T;AdTMO TO dV& WAQ& dM ;hMg;&>dTL& ?T((&hg dVAdh&;h&g&Od dVAddV& 4MQQAd&hAQ KTQQ OMd ?& gMQ() AggTjO&() ;Q&(j&() (Tg;Mg&( M$) VI;MdV&>Ad&( statement Tuesday. take legal action, he said. paypackageand the board Mh MdV&hKTg& dhAOg$&hh&( KTdVMad dV& ;hTMh h&jTgdhAdTMO TO A>>Mh(AO>& KTdV dV& W&>ahTdT&g 8>d AO( dV& g&>ahTdT&g QAKg M$ AQQ MdV&h A;;QT>A?Q& SahTg(T>dTMOg) aOQ&gg AO Chris Kempczinski, who “His misconduct, which nominations. &J&P;dTMO $hMP ga>V h&jTgdhAdTMO Tg ALATQA?Q&5 succeeded Mr.Easterbrook as clearly deviatedfrom “The companyreally lob- Z^08W0 F8_0 \[F*40 dVAddV&h& Ah& g;&>T#> h&1aTh&P&Odg $Mh AOI;Md&OdTAQ ?T((&h TO >MOO&>dTMO KTdV M?dATOTOj TO$MhPAdTMO) ?T((TOj MO dV& 4MQQAd&hAQ AO( ;ah>VAgTOj CEO in November,pledged to McDonald’svalues,must not bied investorshardthat they dV& 4MQQAd&hAQ :>MQQ&>dTL&QI)dV& /FZP3>MZ;Z:6L.9) TO>Qa(TOj KTdVMad QTPTdAdTMO :<9 >MP;QITOj KTdV dV& h&1aTh&P&Odg A;;QT>A?Q& dM dV& gAQ& M$ dV& 4MQQAd&hAQ g&d $MhdV TO dV& *Od&h>h&(TdMh 8jh&&P&Od (Ad&( Ag M$ \ML&P?&h cG) bG<% :dV& /W',.9) APMOj W&>ah&( ZAhdI AO( dV& VMQ(&hg M$ dV& W&OTMh ]&HHAOTO& ^MAO AO( dV& ]MhdjAj& ^MAO) overhaul the company’scul- be ignored,” Mr.Hernandez hadgottentothe bottomof TO>Qa(TOj) ?ad OMd QTPTd&( dM) dVAdga>V ?T((&h Pagd ?& A/YaAQT#&( FhAOg$&h&&.) AO( dV& KTOOTOj ?T((&h Pagd (&QTL&h h&;QA>&P&Od jaAhAOd&&g $hMP AWa?gdTdad& FVTh( ture afterassuming the job said in astatement to The this and fixeditup,” said Pat- ZAhdI [?QTjMh :(&#O&( TO dV& *489) :b9 >MP;QITOj KTdV dV& ZQ&(j&( 0OdTdIigjML&hOTOj (M>aP&Odg AO( dV& (M>aP&Odg jML&hOTOj dV& W&OTMh ]&HHAOTO& ^MAO AO( dV& ]MhdjAj& ^MAO) AO( :c9 >MP;QITOj KTdV dV& MdV&h 1aAQT#>AdTMOg AO( h&1aTh&P&Odg :TO>Qa(TOj ?ad OMd QTPTd&( dM dV& F&hPg M$ WAQ& h&QAdTOj dM dV& gAQ& M$ dV& 4MQQAd&hAQ and outlined his plans to re- Wall Street Journal. rick McGurn,ISS special :dV& /DZM;L 8X E+6Z.9 Tg ALATQA?Q& Ad Vdd;=eeKKK5,h&AdDAQa&WdMhAj&E44-Mh&>QMgah&5>MP) KVT>V KTQQ TO>Qa(& >&hdATO h&Q&LAOd TO$MhPAdTMO dVAd month. complaint from an employee, McDonald’snow will have W&>ah&( ZAhdI ;Mgg&gg&g >MO>&hOTOj dV& ZQ&(j&( 0OdTdI)dV& *48) dV& W&OTMh ]&HHAOTO& ^MAO) dV& ]MhdjAj& ^MAO) dV& ZhM;&hdI [KO&hg) AO( dV& ZhM;&hdT&g :>MQQ&>dTL&QI) CtWInvestment Group,a the boardimmediately called to makeastronger case that dV& /%>L(<8LZ" J+6ZM>+>&gg dM ga>V TO$MhPAdTMO KTQQ ?& >MO(TdTMO&( a;MO &J&>adTMO M$ A>MO#(&OdTAQTdI Ajh&&P&Od KVT>V >AO ?& $MaO( MO dV& 2AdAgTd&5 FM ;AhdT>T;Ad& TO dV& Aa>dTMO) ;hMg;&>dTL& ?T((&hg Pagd >MO#hP dV&Th A?TQTdI dM gAdTg$I dV& X&1aTh&P&Odg TO dV& PAOO&h (&g>hT?&( TO dV& F&hPg union-affiliated fund that ad- foranew investigation, ac- itsboardmemberswereright M$ WAQ&) AO( $MQQMKTOj ga>V >MO#hPAdTMO) ga>V 1aAQT#&( ;AhdT>T;AOdg KTQQ ?& ;hMLT(&( AEX^ AO( ;AggKMh( &OA?QTOj A>>&gg dM dV& LT(&M >MO$&h&O>& $Mh dV& WAQ&5 \M vanced an unsuccessfulshare- cording to aperson familiar to offer the initial severance, TO$MhPAdTMO ;hMLT(&() KV&dV&h TO dV& 2AdAgTd& Mh MdV&hKTg&) gVAQQ >MOgdTdad& Ah&;h&g&OdAdTMO Mh KAhhAOdI M$ AOIRTO( KTdV h&g;&>d dM ga>V TO$MhPAdTMO) dV& 4MQQAd&hAQ Mh holder proposal to block Mr. with thematter. Mr.McGurn said. dV& WAQ&5 ZAhdT>T;AOdg Ah& &O>MahAj&( dM h<&K AQQ 2Tg>QMg&( ]Ad&hTAQg AO( ;&h$MhP ga>V (a& (TQTj&O>& Ag dV&I (&&P O&>&ggAhITOA(LAO>& M$ dV& WAQ&5 W&>ah&( ZAhdI h&g&hL&g dV& hTjVd dM >h&(Td ?T() g&d APTOTPaP h&g&hL& ;hT>&) h&S&>d AQQ ?T(g AO( d&hPTOAd& Mh A(SMahO dV& gAQ& dM AOMdV&h dTP&) KTdVMad $ahdV&h OMdT>&5 8QQ Easterbrook’sseverance pack- Under Mr.Easterbrook’s “People were willing to ?T(g :MdV&h dVAO >h&(Td ?T(g M$ W&>ah&( ZAhdI9 Pagd ?& $Mh >AgV KTdV OM #OAO>TOj >MO(TdTMOg AO( dV& ga>>&gg$aQ ?T((&h Pagd (&QTL&h TPP&(TAd&QI ALATQA?Q& jMM( $aO(g ageatMcDonald’sannual watch, aparty cultureflour- givethe boardthe benefit of :<9 $Mh dV& X&1aTh&( 2&;MgTd :Ag (&#O&( TO dV& F&hPg M$ WAQ&9 MO dV& (Ad& M$ dV& WAQ&) AO( :b9 $Mh dV& ?AQAO>& M$ dV& ;ah>VAg& ;hT>& $Mh dV& 4MQQAd&hAQ MO dV& >QMgTOj (Ad& meeting in May, said the com- ished among some senior thedoubt, but theremay be ;h&g>hT?&( ?I dV& F&hPg M$ WAQ&5 FV& KTOOTOj ?T((&h Pagd ;AI AQQ dhAOg$&h dAJ&g) gdAP; (adT&g AO( gTPTQAh dAJ&g TO>ahh&( TO >MOO&>dTMO KTdV dV& ;ah>VAg& M$ dV& 4MQQAd&hAQ5 pany’ssuit shows the board’s managers at thecompany, repercussions going forward,” Ya&gdTMOg PAI ?& (Th&>d&( dM 6h&dd XMg&O?&hj Ad 3< bMP5 investigation wasinsufficient. former employees and others he said. P2JW225000-0-B00800-1------XA

B8 | We dnesday, August 12, 2020 THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 27686.91 t104.53, or 0.38% Trailing P/E ratio 28.04 19.00 3333.69 t26.78, or 0.80% Trailing P/E ratio * N/A 22.67 10782.82 t 185.53, or 1.69% Trailing P/E ratio *† N/A 23.54 High, low, open and close for each P/E estimate * N/A 16.92 High, low, open and close for each P/E estimate * N/A 17.69 High, low, open and close for each P/E estimate *† N/A 21.24 trading day of the past three months. Dividend yield 2.29 2.28 trading day of the past three months. Dividend yield * N/A 1.92 trading day of the past three months. Dividend yield *† N/A 1.05 All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 11108.07, 08/06/20

Current divisor 0.14579812049809 30000 3500 11000

27500 3250 10500

25000 3000 10000

22500 2750 9500 Session high 65-day moving average DOWN UP 65-day moving average 65-day moving average Session open Close 20000 2500 9000 t

Close Open t 17500 2250 8500 Session low Bars measure the point change from session's open 15000 2000 8000 May June July Aug. May June July Aug. May June July Aug. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 955,770,822 24,938,306 Industrial Average 28154.88 27624.51 27686.91 -104.53 -0.38 29551.42 18591.93 5.4 -3.0 8.2 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 466,412,916 2,943,625 Transportation Avg 11078.60 10861.87 10889.53 24.59 0.23 11304.97 6703.63 7.3 -0.1 5.8 Most-active issues in late trading Decl. volume* 471,152,194 21,932,466 Utility Average 843.05 819.39 821.99 -19.04 -2.26 960.89 610.89 -0.4 -6.5 4.0 Volume After Hours Issues traded 3,068 272 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 34504.93 33937.65 34007.95 -269.46 -0.79 34631.28 22462.76 13.3 2.9 10.5 Advances 1,497 92 SPDR S&P 500 SPY 7,408.8 333.92 1.12 0.34 334.13 332.19 Barron's 400 740.01 727.72 729.32 -1.67 -0.23 746.64 455.11 10.0 -0.4 4.7 Declines 1,483 175 VanEck Vectors Gold Miner GDX 5,882.2 39.19 0.14 0.36 39.30 38.83 Unchanged 88 5 Xtrackers USD HY Corp Bd HYLB Nasdaq Stock Market 5,850.0 48.53 0.15 0.31 48.53 48.53 New highs 118 4 Nasdaq Composite 10989.42 10762.71 10782.82 -185.53 -1.69 11108.07 6860.67 34.5 20.2 19.9 Finl Select Sector SPDR XLF 5,576.0 25.41 0.10 0.40 25.44 25.27 New lows 30 Nasdaq 100 11090.92 10855.06 10876.08 -209.09 -1.89 11267.08 6994.29 40.7 24.5 23.1 VanEck Vectors Jr Gold GDXJ 3,629.5 55.10 -0.09 -0.16 55.47 54.62 Closing Arms† 1.00 2.74 Xtrackers Hi Beta HY Bd HYUP 2,950.0 46.00 ... unch. 46.00 46.00 S&P Block trades* 5,606 177 Xtrackers Low Beta HY Bd HYDW 2,950.0 50.44 0.11 0.21 50.44 50.44 500 Index 3381.01 3326.44 3333.69 -26.78 -0.80 3386.15 2237.40 13.9 3.2 10.9 Nasdaq NYSE Arca iShares Russell 2000 ETF IWM 2,783.0 157.67 0.79 0.50 157.80 149.06 MidCap 400 1975.54 1941.16 1945.14 -1.99 -0.10 2106.12 1218.55 2.7 -5.7 4.4 Total volume*4,277,265,940 334,232,231 SmallCap 600 937.09 916.32 919.79 -0.70 -0.08 1041.03 595.67 -1.1 -9.9 3.4 Percentage gainers… Adv. volume*1,398,124,294 101,625,980 Decl. volume*2,849,918,279 231,420,750 Other Indexes Aemetis AMTX 662.6 3.07 0.46 17.62 3.43 2.53 Issues traded 3,462 1,422 Russell 2000 1603.60 1570.70 1575.10 -9.57 -0.60 1705.22 991.16 4.3 -5.6 4.7 Cornerstone Bldg Brands CNR 70.8 8.48 1.16 15.85 9.30 7.31 Advances 1,364 465 NYSE Composite 13005.57 12826.87 12849.37 5.35 0.04 14183.20 8777.38 1.0 -7.6 3.0 Moderna MRNA 1,997.5 77.50 8.53 12.37 77.65 68.29 Declines 2,013 937 Par Pacific Holdings PARR 122.1 9.41 0.90 10.58 9.41 8.51 Value Line 490.26 481.35 482.50 -0.23 -0.05 562.05 305.71 -5.3 -12.6 -1.9 Unchanged 85 20 Arbutus Biopharma ABUS 159.8 3.80 0.36 10.47 3.83 3.44 NYSE Arca Biotech 5652.02 5536.19 5536.72 -77.71 -1.38 6142.96 3855.67 21.2 9.3 13.0 New highs 116 72 NYSE Arca Pharma 665.24 656.47 657.86 -1.64 -0.25 672.00 494.36 12.5 0.6 8.2 ...And losers New lows 10 32 KBW Bank 81.99 79.75 80.06 1.82 2.32 114.12 56.19 -14.2 -29.4 -5.1 Intellicheck IDN 128.7 7.29 -1.06 -12.69 8.35 5.43 Closing Arms† 1.38 1.02 § PHLX Gold/Silver 147.74 140.82 141.47 -11.56 -7.55 161.14 70.12 51.7 32.3 18.9 Helix Energy Solutions HLX 132.1 4.35 -0.46 -9.56 4.85 4.21 Block trades* 20,885 1,717 § PHLX Oil Service 41.55 39.81 40.08 0.42 1.06 80.99 21.47 -38.5 -48.8 -31.2 Red Robin Gourmet Burgers RRGB 205.6 9.91 -0.99 -9.08 10.90 9.43 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2199.14 2149.52 2154.79 -24.81 -1.14 2209.81 1286.84 44.6 16.5 26.4 Fluor FLR 398.2 11.27 -0.96 -7.85 12.23 11.25 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 24.93 20.28 24.03 1.90 8.59 82.69 11.54 37.2 74.4 15.7 PSNL Personalis 98.9 19.95 -1.26 -5.92 21.53 19.40 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.84 World The Global Dow 3036.67 25.15 –6.6 Kelly Services Cl B KELYB 38.28 23.47 158.47 78.37 10.35 36.7 Fulcrum Therapeutics FULC 8.90 -8.22 -48.01 22.96 4.37 -21.3 0.07 DJ Global Index 430.60 0.31 –0.8 Pfenex PFNX 12.83 5.17 67.49 14.00 5.26 88.4 Mesoblast ADR MESO 11.33 -6.09 -34.96 20.57 3.12 120.9 DJ Global ex U.S. 249.38 2.78 1.13 –5.4 Biofrontera ADR BFRA 20.32 7.07 53.36 55.00 5.27 40.4 Fennec Pharmaceuticals FENC 6.66 -3.51 -34.51 10.67 3.91 48.0 Americas DJ Americas 775.88 –5.76 –0.74 2.0 Eyenovia EYEN 5.03 1.39 38.19 6.92 1.11 50.6 ProShrsUltraSilver AGQ 50.93 -18.77 -26.93 71.60 12.66 70.6 Brazil Sao Paulo Bovespa 102174.40 –1270.08 –1.23 –11.6 Linx ADR LINX 6.26 1.62 34.91 9.47 2.83 -27.0 LightInTheBox Holding ADR LITB 2.40 -0.87 -26.61 3.89 0.58 65.5 Canada S&P/TSX Comp 16497.01 –108.49 –0.65 –3.3 ProShrsUltraShortSilver ZSL 9.31 2.11 29.31 56.62 6.95 -69.9 Pixelworks PXLW 2.54 -0.88 -25.62 5.23 2.06 -29.8 Mexico S&P/BMV IPC 38703.59 413.83 1.08 –11.1 Hallmark Fincl Services HALL 4.17 0.89 27.13 20.30 2.28 -74.9 Omeros OMER 15.89 -5.43 -25.47 25.46 8.50 -17.2 Chile Santiago IPSA 2759.07 11.15 0.41 –17.3 Clymre CEF GS Connected GCE 12.90 2.65 25.79 17.89 7.31 -12.0 iBio IBIO 2.76 -0.93 -25.20 7.45 0.05 313.8 Kforce KFRC 38.95 7.18 22.60 42.64 20.60 15.9 Sorrento Therapeutics SRNE 14.09 -4.73 -25.13 19.39 1.39 555.3 EMEA Stoxx Europe 600 370.76 6.11 1.68 –10.8 Horizon Global HZN 5.60 0.99 21.48 5.95 1.20 77.8 PDS Biotechnology PDSB 3.00 -0.92 -23.47 6.50 0.62 -52.5 Eurozone Euro Stoxx 365.00 7.29 2.04 –9.6 Belgium Bel-20 3433.60 78.33 2.33 –13.2 NuZee NUZE 38.63 6.79 21.33 51.57 5.05 7.3 Inovio Pharmaceuticals INO 14.62 -4.37 -23.01 33.79 1.92 516.9 Denmark OMX Copenhagen 20 1318.30 27.63 2.14 16.1 Trevi Therapeutics TRVI 5.82 0.96 19.75 8.50 1.33 27.9 GreenSky GSKY 4.88 -1.45 -22.91 9.84 3.05 -35.6 France CAC 40 5027.99 118.48 2.41 –15.9 Direxion Jr Gold Bear 2X JDST 12.44 1.91 18.14 1062.50 8.93 -96.7 SCWorx WORX 2.41 -0.69 -22.26 14.88 1.55 -0.4 RigNet RNET Catalyst Pharmaceuticals CPRX Germany DAX 12946.89 259.36 2.04 –2.3 3.53 0.53 17.67 8.85 0.77 -54.9 3.34 -0.93 -21.69 7.67 2.55 -37.0 Aemetis AMTX 2.61 0.37 16.52 2.94 0.37 190.0 Universal Security UUU 1.85 -0.42 -18.50 4.10 0.30 52.9 Israel Tel Aviv 1411.29 12.47 0.89 –16.2 Italy FTSE MIB 20209.11 557.54 2.84 –14.0 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 565.56 8.48 1.52 –6.5 Russia RTS Index 1296.01 28.05 2.21 –16.3 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 57168.24 410.51 0.72 0.1 Spain IBEX 35 7263.50 209.60 2.97 –23.9 NIO ADR NIO 179,771 58.0 12.99 -8.59 16.44 1.19 Software Acquisition SAQN 3,288 18571 10.09 -0.39 10.44 9.30 Sweden OMX Stockholm 703.11 10.06 1.45 3.3 Sorrento Therapeutics SRNE 167,553 256.7 14.09 -25.13 19.39 1.39 Xtrackers Low Beta HY Bd HYDW 2,954 15025 50.33 -0.58 50.99 40.87 iShares Silver Trust SLV Biofrontera ADR BFRA Switzerland Swiss Market 10153.24 62.33 0.62 –4.4 163,441 281.2 23.33 -13.59 27.39 10.86 1,572 4922 20.32 53.36 55.00 5.27 American Airlines Group AAL 126,934 33.0 13.73 -1.93 31.67 8.25 Pfenex PFNX 12,833 4393 12.83 67.49 14.00 5.26 Turkey BIST 100 1110.05 34.53 3.21 –3.0 ProSh UltraPro Shrt QQQ SQQQ 102,923 22.2 5.94 5.69 37.69 5.34 Fulcrum Therapeutics FULC 1,993 2297 8.90 -48.01 22.96 4.37 U.K. FTSE 100 6154.34 103.75 1.71 –18.4 U.K. FTSE 250 17997.18 272.24 1.54 –17.8 General Electric GE 92,931 -6.9 6.73 0.90 13.26 5.48 FT Small Cap Value FYT 293 2133 34.04 0.30 38.43 18.92 Bank of America BAC 81,214 11.9 26.92 1.36 35.72 17.95 SPDR MSCI EM Strategic QEMM 164 2051 57.00 0.13 62.18 40.91 Asia-Pacific iBio IBIO 77,934 198.9 2.76 -25.20 7.45 0.05 Invsc Intl BuyBack Ach IPKW 554 2043 32.29 1.66 34.36 19.73 Australia S&P/ASX 200 6138.70 28.50 0.47 –8.2 Advanced Micro Devices AMD 77,593 23.0 76.88 -6.52 87.29 27.43 Yield10 Bioscience YTEN 2,297 1525 6.55 4.97 50.00 3.50 China Shanghai Composite 3340.29 –38.96 –1.15 9.5 Vaxart VXRT 73,799 204.9 10.75 14.42 17.49 0.25 Live Oak Acquisition LOAK 632 1394 9.95 -0.27 10.22 9.60 Hong Kong Hang Seng 24890.68 513.25 2.11 –11.7 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 0.59 India S&P BSE Sensex 38407.01 224.93 –6.9 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 22750.24 420.30 1.88 –3.8 Singapore Straits Times 2544.15 –1.36 –0.05 –21.1 Track the Markets South Korea Kospi 2418.67 32.29 1.35 10.1 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12780.19 –0.88 6.5 global stock indexes, bond ETFs, –113.81 currencies and commodities at Currencies Thailand SET 1336.84 14.83 1.12 –15.4 WSJ.com/TrackTheMarkets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Tues YTD chg Tues YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004315 23175 0.01 Argentina peso .0137 72.9206 21.8 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1858 5.3823 33.9 Czech Rep. koruna .04486 22.290 –1.7 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7519 1.3300 2.4 Denmark krone .1576 6.3438 –4.8 notes and bonds major U.S. trading partners Chile peso .001259 794.50 7.5 Euro area euro 1.1742 .8517 –4.5 A consumer rate against its 30-year mortgage, Rate Colombiapeso .000267 3743.01 14.1 Hungary forint .003403 293.84 –0.5 Ecuador US dollar Iceland krona benchmark over the past year 11unch .007287 137.23 13.3 Bankrate.com avg†: 3.07% 4.00% 8% Mexico peso .0446 22.4011 18.3 Norway krone .1110 9.0073 2.6 Uruguay peso .02354 42.4750 14.4 Poland zloty .2664 3.7544 –1.0 Prairie State Bank and Trust 2.75% 3.00 Euro s Asia-Pacific Russia ruble .01368 73.090 17.8 4.00% Mt Zion, IL 800-597-2977 4 Sweden krona .1141 8.7614 –6.5

One year ago WSJ Dollar index Australian dollar .7143 1.4000 –1.7

s t Switzerland franc 1.0909 .9167 –5.3 TBK Bank, SSB 2.85% t China yuan .1440 6.9460 –0.2 30-year fixed-rate 3.00 2.00 0 Turkey lira .1379 7.2503 21.9 Dallas, TX 214-365-6900 Hong Kong dollar .1290 7.7503 –0.5 mortgage Ukraine hryvnia .0362 27.6500 16.8 India rupee .01340 74.620 4.6 2.00 East Boston Savings Bank 2.88% 1.00 UK pound 1.3047 .7665 1.6 Tradeweb ICE Tuesday Close –4 Indonesia rupiah .0000681 14680 5.7 10-year Treasury s Boston, MA 800-657-EBSB t Japan yen .009390 106.49 –2.0 Middle East/Africa note yield Yen t 1.00 First National Bank 2.88% 0.00 –8 Kazakhstan tenge .002388 418.75 9.7 Bahrain dinar 2.6522 .3771 ... Macau pataca .1252 7.9870 –0.4 Egypt pound .0626 15.9794 –0.4 Waverly, IA 319-266-2000 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2383 4.1960 2.6 Israel shekel .2934 3.4081 –1.3 S O N D J F M A M J J A Guardian Savings Bank, F.S.B. 3.00% New Zealand dollar .6577 1.5205 2.4 Kuwait dinar 3.2715 .3057 0.9 maturity 2019 2020 Covington, KY 859-341-0700 Pakistan rupee .00594 168.450 8.7 Oman sul rial 2.5976 .3850 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0204 48.917 –3.5 Qatar rial .2747 3.640 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7281 1.3735 2.0 Saudi Arabia riyal .2667 3.7501 –0.03 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008431 1186.12 2.7 South Africa rand .0572 17.4786 24.9 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.00 -1.00 Sri Lanka rupee .0054271 184.26 1.6 Yield (%) 52-Week Total Return (%) Taiwan dollar .03401 29.407 –1.7 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.25 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03212 31.130 4.6 WSJ Dollar Index 88.88 0.02 0.03 –0.77 Libor, 3-month 0.25 0.25 0.24 l 2.17 -1.06 U.S. Treasury, Barclays 2484.640 0.490 0.400 1.910 0.400 8.85 5.39 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.25 0.25 0.25 l 0.78 -0.04 Five-year CD, annual yield 0.68 0.69 0.67 l 1.95 -0.77 U.S. Treasury Long, Barclays 4939.960 1.240 1.090 2.370 0.980 20.42 12.03 Commodities 30-year mortgage, fixed† 3.07 3.04 3.03 l 4.22 -0.82 Aggregate, Barclays 2287.530 1.070 1.020 2.460 1.020 8.27 5.41 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.58 2.70 2.58 l 3.57 -0.50 Fixed-Rate MBS, Barclays 2227.450 0.980 0.990 2.690 0.930 5.02 3.75 Jumbo mortgages, $510,400-plus† 3.10 3.08 3.06 l 4.71 -1.21 DJ Commodity 604.51 -4.29 -0.70 647.86 433.70 0.37 -5.89 High Yield 100, ICE BofA 3166.561 4.380 4.420 10.740 4.285 2.986 3.980 Five-year adj mortgage (ARM)† 3.25 3.24 3.06 l 4.78 -0.06 TR/CC CRB Index 146.86 -0.72 -0.49 187.39 106.29 -15.15 -20.95 Muni Master, ICE BofA 592.621 0.841 0.897 3.441 0.838 4.967 4.321 New-car loan, 48-month 4.27 4.27 4.17 l 4.67 1.40 Crude oil, $ per barrel 41.61 -0.33 -0.79 63.27 -37.63 -27.13 -31.85 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 910.315 4.546 4.649 7.480 4.523 6.105 4.765 Natural gas, $/MMBtu 2.171 0.018 0.84 2.862 1.482 1.12 -0.82 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1932.60 -91.80 -4.53 2051.50 1452.10 28.65 27.19 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Plus, deeper money-flows data and email delivery of keystock-market data. Available free at WSJMarkets.com P2JW225000-0-B00900-1------XA

THE WALL STREET JOURNAL. We dnesday, August 12, 2020 | B9

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Dec 114.50 115.10 112.15 113.60 –1.70 92,282 Canadian Dollar (CME)-CAD 100,000; $ per CAD Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Aug .7519 .7535 .7485 .7528 .0038 13,942 Contract Open Agriculture Futures Oct 12.53 12.82 12.43 12.74 .19 374,877 Sept .7491 .7536 .7485 .7528 .0038 116,500 Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. March'21 13.11 13.39 13.05 13.32 .16 237,565 British Pound (CME)-£62,500; $ per £ Copper-High (CMX)-25,000 lbs.; $ per lb. Sept 311.25 315.00 310.25 311.50 1.00 443,986 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Aug 1.3067 1.3131 1.3043 1.3065 –.0005 509 Aug 2.8615 2.8735 2.8415 2.8720 0.0135 1,073 Dec 323.75 327.50 322.50 323.50 .50 702,902 Nov 27.20 27.20 27.20 27.20 …2,618 Sept 1.3075 1.3134 1.3044 1.3066 –.0005 175,520 Sept 2.8640 2.8795 2.8390 2.8755 0.0140 85,301 Oats (CBT)-5,000 bu.; cents per bu. Jan'21 26.80 26.80 26.80 26.80 …2,002 Swiss Franc (CME)-CHF 125,000; $ per CHF Sept 270.00 270.00 264.00 263.75 –6.50 528 Gold (CMX)-100 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb. Sept 1.0933 1.0992 1.0906 1.0913 –.0023 56,008 Dec 258.50 259.75 255.00 255.00 –3.50 3,812 Aug 2012.40 2016.00 1920.00 1932.60 –91.80 4,485 Oct 62.77 62.77 62.45 63.03 .69 102 Dec 1.0997 1.1019 1.0935 1.0940 –.0023 170 Soybeans (CBT)-5,000 bu.; cents per bu. Oct 2029.00 2031.00 1923.10 1938.90 –91.40 69,505 Dec 62.80 63.74 62.75 63.49 .69 117,951 Australian Dollar (CME)-AUD 100,000; $ per AUD Aug 878.50 879.50 877.50 878.00 1.50 1,082 Dec 2038.40 2040.50 1931.00 1946.30 –93.40 404,713 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Aug .7149 .7189 .7136 .7152 .0001 321 Nov 872.25 877.00 870.25 873.50 .25 371,871 Feb'21 2048.90 2050.40 1940.20 1955.40 –94.70 33,602 Sept 112.80 115.70 111.25 114.60 2.10 5,139 Soybean Meal (CBT)-100 tons; $ per ton. Sept .7152 .7190 .7135 .7153 .0001 120,140 April 2059.80 2059.80 1949.80 1963.90 –95.70 15,550 Nov 116.45 118.70 114.60 117.70 1.70 3,592 Aug 282.40 284.90 282.00 282.00 –.20 650 Mexican Peso (CME)-MXN 500,000; $ per MXN June 2053.60 2053.60 1957.30 1970.70 –96.00 7,859 Dec 289.90 292.20 288.60 289.50 –.10 169,278 Aug .04482 .04484 .04444 .04467 .00023 81 Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Interest Rate Futures Sept .04429 .04473 .04422 .04451 .00023 127,591 Aug …… …2171.60 –93.60 Euro (CME)-€125,000; $ per € Aug 31.19 31.19 31.09 31.06 –.13 380 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Sept 2270.20 2285.00 2105.00 2175.00 –95.40 6,759 Aug 1.1743 1.1809 1.1724 1.1747 .0002 1,484 Dec 30.68 30.91 30.42 30.51 –.24 173,581 Sept 225-200 225-300 221-080 221-170 –4-10.0 1,037,787 Dec 2289.80 2296.50 2122.40 2192.20 –92.20 3,595 Sept 1.1750 1.1817 1.1730 1.1754 .0002 689,494 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec 225-280 229-240 225-040 225-070 –4-17.0 64 March'21 2272.30 2276.10 2257.30 2187.10 –91.10 49 Sept 11.70 11.78 11.68 11.68 –.03 5,720 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Platinum (NYM)-50 troy oz.; $ per troy oz. Nov 11.75 11.83 11.71 11.72 –.04 3,740 Sept 181-050 181-100 179-010 179-040 –2-05.0 1,086,963 Index Futures Aug 966.60 –30.90 15 Wheat (CBT)-5,000 bu.; cents per bu. Dec 179-170 179-200 177-120 177-150 –2-05.0 28,103 Mini DJ Industrial Average (CBT)-$5 x index Oct 1005.20 1010.00 943.50 971.40 –31.30 51,865 Sept 491.00 498.75 490.50 495.00 4.00 130,951 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 27690 28069 27532 27614 –65 94,812 Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 499.75 507.00 499.00 503.75 4.00 134,916 Sept 139-280 139-300 139-070 139-080 –20.0 3,457,431 Dec 27530 27931 27409 27483 –65 514 Aug 28.960 28.960 s 27.175 26.037 –3.212 149 Wheat (KC)-5,000 bu.; cents per bu. Dec 139-260 139-270 139-035 139-040 –21.5 36,292 S&P 500 Index (CME)-$250 x index Sept 29.235 29.440 25.170 26.049 –3.212 117,772 Sept 413.25 421.50 413.25 416.75 2.75 114,618 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 3375.60 3378.20 3333.60 3329.90 –22.80 26,058 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 425.00 432.25 425.00 428.25 2.25 98,062 Sept 126-000 126-010 125-230 125-232 –9.2 3,434,989 Dec …… …3319.60 –22.80 2 Sept 41.98 42.94 41.48 41.61 –0.33 298,735 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 126-035 126-052 125-265 125-265 –10.2 50,518 Mini S&P 500 (CME)-$50 x index Oct 42.21 43.14 41.75 41.87 –0.30 257,714 Aug 143.950 145.100 143.075 144.500 .925 5,107 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 3350.25 3379.00 3319.50 3330.00 –22.75 2,630,516 Sept 145.550 147.125 145.025 146.625 1.225 12,307 Sept 110-140 110-142 110-120 110-121 –2.0 2,163,322 Nov 42.54 43.44 42.08 42.20 –0.30 150,355 Dec 3340.50 3368.25 3309.50 3319.50 –23.00 62,908 Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 110-154 110-155 110-132 110-131 –2.3 1,714 Dec 42.81 43.70 42.38 42.51 –0.29 259,339 Mini S&P Midcap 400 (CME)-$100 x index Aug 103.600 104.900 103.600 104.650 1.050 15,252 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June'21 44.06 44.83 43.71 43.85 –0.28 165,160 Sept 1944.60 1973.50 1937.60 1942.50 –1.90 56,836 Oct 107.375 108.875 107.225 108.300 1.150 124,534 Aug 99.9075 99.9075 99.9050 99.9050 .0000 188,562 Dec 44.67 45.27 44.30 44.45 –0.28 184,441 Dec 1936.10 1961.40 1938.00 1939.00 –2.40 8 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Oct 99.9350 99.9350 99.9300 99.9300 .0000 248,419 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Mini Nasdaq 100 (CME)-$20 x index Aug 53.375 53.675 52.950 53.075 –.050 9,331 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Sept 1.2356 1.2671 1.2335 1.2384 .0015 77,173 Sept 11072.25 11157.75 10845.50 10878.50 –193.50 236,451 Oct 54.000 54.025 51.775 51.825 –2.000 106,751 Sept 101-080 101-150 100-265 100-275 –19.5 73,671 Oct 1.2553 1.2868 1.2553 1.2600 .0004 51,031 Dec 11052.25 11139.00 10828.00 10861.75 –194.00 2,110 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Eurodollar (CME)-$1,000,000; pts of 100% Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Mini Russell 2000 (CME)-$50 x index Sept 662.50 681.50 s 660.00 681.50 19.00 2,524 Aug 99.7525 99.7550 99.7475 99.7475 –.0050 187,528 Sept 1.2321 1.2606 1.2015 1.2045 –.0248 90,948 Sept 1582.30 1605.70 1567.40 1577.30 –6.60 507,312 Nov 593.10 612.10 s 592.00 612.10 19.00 983 Sept 99.7700 99.7700 99.7550 99.7550 –.0100 1,470,623 Oct 1.1656 1.1974 1.1455 1.1488 –.0181 73,122 Dec 1585.50 1601.50 1564.80 1574.00 –6.80 564 Milk (CME)-200,000 lbs., cents per lb. Dec 99.7200 99.7250 99.7100 99.7100 –.0100 994,444 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Mini Russell 1000 (CME)-$50 x index Aug 19.36 19.46 19.35 19.39 –.04 5,822 March'21 99.7900 99.7950 99.7800 99.7800 –.0100 906,677 Sept 2.165 2.231 2.135 2.171 .018 246,597 Sept 16.24 16.57 16.07 16.35 .11 4,439 Sept 1860.70 1870.60 1841.00 1844.40 –15.10 8,083 Oct 2.294 2.356 2.270 2.311 .024 155,622 Cocoa (ICE-US)-10 metric tons; $ per ton. Currency Futures U.S. Dollar Index (ICE-US)-$1,000 x index Nov 2.653 2.704 2.632 2.670 .030 123,983 Sept 2,472 2,478 2,427 2,458 –37 30,348 Sept 93.60 93.74 93.14 93.60 .03 33,507 Dec 2.989 3.029 2.965 3.003 .028 90,115 Dec 2,475 2,475 2,427 2,448 –40 88,952 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Dec 93.63 93.75 93.19 93.63 .03 1,319 Jan'21 3.091 3.131 3.072 3.106 .027 122,786 Coffee (ICE-US)-37,500 lbs.; cents per lb. Aug .9435 .9440 .9375 .9376 –.0063 1,273 March 2.935 2.960 2.908 2.938 .023 80,698 Sept 112.00 112.55 109.70 111.35 –1.25 49,287 Sept .9443 .9444 .9377 .9379 –.0064 150,885 Source: FactSet

| Cash Prices | wsj.com/market-data/commodities Tuesday, August 11, 2020 Bonds wsj.com/market-data/bonds/benchmarks These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— separate from the futures price on an exchange, which reflects what the commodity might be worth in future Tracking Bond Benchmarks months. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Tuesday Tuesday Tuesday highs and lows for different types of bonds Aluminum, LME, $ per metric ton *1730.0 Wheat,No.1soft white,Portld,OR-u n.a. Total Total Energy YTD total Copper,Comex spot 2.8720 Food return YTD total Yield (%) return Yield (%) Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.500 Iron Ore, 62% Fe CFR China-s 121.5 close return (%) Index Latest Low High close return (%) Index Latest Low High Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 234 Beef,carcass equiv. index Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Steel, HRC USA, FOB Midwest Mill-s 444 choice 1-3,600-900 lbs.-u 175.25 Metals Mortgage-Backed Fibers and Textiles select 1-3,600-900 lbs.-u 162.05 2287.53 7.3 U.S. Aggregate 1.070 1.020 2.460 2227.45 3.7 0.980 0.930 2.690 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.6739 U.S. Corporate Indexes Bloomberg Barclays 2172.40 3.4 Ginnie Mae (GNMA) 0.290 0.290 2.660 Engelhard industrial 1948.00 Burlap,10-oz,40-inch NY yd-n,w 0.6100 Butter,AA Chicago 1.5225 Handy & Harman base 1939.65 Cotton,1 1/16 std lw-mdMphs-u 0.5953 Cheddar cheese,bbl,Chicago 144.50 3403.32 8.1 U.S. Corporate 1.880 1.820 4.580 1315.91 3.8 Fannie mae (FNMA) 1.240 1.110 2.690 Handy & Harman fabricated 2153.01 Cotlook 'A' Index-t *n.a. Cheddar cheese,blk,Chicago 158.00 3065.84 5.9 Intermediate 1.280 1.230 4.400 2019.71 3.8 Freddie Mac (FHLMC) 1.210 1.080 2.710 LBMA Gold Price AM *2030.30 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 94.00 LBMA Gold Price PM *2044.50 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.0632 5101.43 12.0 Long term 2.840 2.730 4.930 592.62 4.7 Muni Master 0.841 0.838 3.441 Krugerrand,wholesale-e 2015.83 Coffee,Colombian, NY 1.6215 Grains and Feeds Double-A-rated 420.01 5.3 7-12 year 0.777 0.771 3.447 Maple Leaf-e 2035.22 Eggs,large white,Chicago-u 0.6150 700.80 8.6 1.380 1.300 3.360 Barley,top-quality Mnpls-u n.a. American Eagle-e 2035.22 Flour,hard winter KC 13.30 Triple-B-rated 478.34 5.6 12-22 year 1.242 1.224 3.690 Bran,wheat middlings, KC-u 80 896.27 7.0 2.270 2.210 5.350 Mexican peso-e 2345.01 Hams,17-20 lbs,Mid-US fob-u 0.44 Corn,No. 2 yellow,Cent IL-bp,u 2.9900 High Yield Bonds ICE BofA 22-plus year Austria crown-e 1902.92 Hogs,Iowa-So. Minnesota-u 58.47 461.28 4.7 2.011 1.765 4.123 Corn gluten feed,Midwest-u,w 97.9 Austria phil-e 2035.22 Pork bellies,12-14 lb MidUS-u 1.1161 Global Government J.P. Morgan† Corn gluten meal,Midwest-u,w 405.7 468.70 0.4 High Yield Constrained 5.400 5.151 11.400 Silver, troy oz. Pork loins,13-19 lb MidUS-u 0.8426 Cottonseed meal-u,w 245 399.23 -8.8 Triple-C-rated 12.472 10.735 19.071 614.76 5.5 Global Government 0.540 0.390 1.060 Engelhard industrial 26.9500 Hominy feed,Cent IL-u,w 95 Steers,Tex.-Okla. Choice-u n.a. Handy & Harman base 27.0510 Meat-bonemeal,50% pro Mnpls-u,w 180 Steers,feeder,Okla. City-u,w 153.13 3166.56 -0.8 High Yield 100 4.380 4.285 10.740 866.02 7.8 Canada 0.750 0.590 1.740 Handy & Harman fabricated 33.8140 Oats,No.2 milling,Mnpls-u 2.9050 Fats and Oils 422.92 0.3 Global High Yield Constrained 5.470 4.893 11.310 412.80 3.2 EMU§ 0.234 0.109 0.794 LBMA spot price *£21.7000 Rice, Long Grain Milled, No. 2 AR-u,w 30.25 (U.S.$ equivalent) *28.2700 Sorghum,(Milo) No.2 Gulf-u 8.6788 Corn oil,crude wet/dry mill wtd. avg.-u,w 46.6700 320.68 -2.4 Europe High Yield Constrained 4.030 2.464 8.183 784.65 3.4 France 0.000 -0.160 0.430 Coins,wholesale $1,000 face-a 21623 SoybeanMeal,Cent IL,rail,ton48%-u 283.10 Grease,choice white,Chicago-h 0.2800 U.S Agency Bloomberg Barclays Germany Other metals Soybeans,No.1 yllw IL-bp,u 8.5400 Lard,Chicago-u 0.3900 548.10 2.3 -0.370 -0.740 -0.050 LBMA Platinum Price PM *986.0 Wheat,Spring14%-pro Mnpls-u 5.7525 Soybean oil,crude;Centl IL-u 0.3105 1862.09 5.2 U.S Agency 0.550 0.480 2.040 295.27 -1.0 Japan 0.280 -0.070 0.320 Platinum,Engelhard industrial 947.0 Wheat,No.2 soft red,St.Louis-bp,u 5.1750 Tallow,bleach;Chicago-h 0.3100 Palladium,Engelhard industrial 2123.0 Wheat - Hard - KC (USDA) $ per bu-u 4.3675 Tallow,edible,Chicago-u 0.3800 1621.50 3.8 10-20 years 0.430 0.350 1.950 611.33 2.6 Netherlands -0.270 -0.540 0.080 4290.20 12.4 20-plus years 1.450 1.170 2.480 1091.16 8.6 U.K. 0.560 0.390 1.180 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 8/10 2903.13 6.2 Yankee 1.460 1.430 3.500 910.32 3.2 Emerging Markets ** 4.546 4.523 7.480 Source: Dow Jones Market Data *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Exchange-Traded BANKRATE.COM® MMA, Savings and CDs Portfolios Global Government Bonds: Mapping Yields Average Yields of Major Banks Tuesday, August 11, 2020 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR Largest 100 exchange-traded funds, selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session latest session National average Savings 0.11 0.07 0.07 0.11 0.16 0.24 0.27 0.23 0.39 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Tuesday, August 11, 2020 Jumbos 0.23 0.08 0.07 0.12 0.17 0.26 0.30 0.24 0.41 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Closing Chg YTD Weekly change 0.125 U.S. 2 0.165 s l 0.133 0.165 1.636 ETF Symbol Price (%) (%) Savings 0.01 0.00 0.00 0.00 -0.01 -0.01 -0.02 -0.01 -0.02 0.625 10 0.658 s l 0.583 0.646 1.748 CommSvsSPDR XLC 58.84 –1.49 9.7 Jumbos 0.01 0.00 0.00 0.00 -0.01 -0.02 -0.02 -0.02 -0.03 CnsmrDiscSelSector XLY 141.78 –0.20 13.0 5.750 Australia 2 0.270 s l 0.268 0.252 0.736 10.5 13.6 -90.0 CnsStapleSelSector XLP 63.40 –0.69 0.7 EnSelectSectorSPDR XLE 38.20 –0.34 –36.4 2.500 10 0.877 s l 0.876 0.866 0.953 21.8 29.3 -79.6 FinSelSectorSPDR XLF 25.31 1.16 –17.8 Consumer Savings Rates FT DJ Internet FDN 179.83 –1.74 29.3 0.000 France 2 -0.634 t l -0.622 -0.597 -0.751 -79.9 -75.5 -238.7 Below are the top federally insured offers available nationwide according to Bankrate.com's HealthCareSelSect XLV 105.38 –0.63 3.5 0.000 10 -0.193 s l -0.234 -0.143 -0.272 -81.7 -202.0 IndSelSectorSPDR XLI 77.39 0.53 –5.0 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please -85.1 InvscQQQI QQQ 265.19 –1.89 24.7 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. 0.000 Germany 2 -0.680 s l -0.704 -0.692 -0.862 -84.5 -83.7 -249.8 InvscS&P500EW RSP 110.55 –0.11 –4.5 iSh3-7YTreasuryBd IEI 133.62 –0.15 6.3 High yield savings 0.000 10 -0.477 s l -0.525 -0.464 -0.572 -113.5 -110.8 -232.0 iShCoreDivGrowth DGRO 40.43 –0.17 –3.9 Yield iShCoreMSCIEAFE IEFA 60.44 0.43 –7.4 Bank Bank Yield 1.000 Italy 2 -0.075 s l -0.095 -0.053 0.344 -24.0 -22.8 -129.3 iShCoreMSCIEM IEMG 52.48 –0.32 –2.4 Phone number Minimum (%) Phone number Minimum (%) iShCoreMSCITotInt IXUS 58.36 0.10 –5.7 0.950 10 0.948 s l 0.922 1.222 1.817 29.0 33.9 6.9 iShCoreS&P500 IVV 334.14 –0.84 3.4 Money market and savings account Six-month CD 0.100 Japan 2 -0.113 s l -0.124 -0.141 -0.272 -25.7 -190.8 iShCoreS&P MC IJH 194.24 –0.09 –5.6 Vio Bank $100 1.01 Sallie Mae Bank $2,500 0.75 -27.7 iShCoreS&P SC IJR 75.70 –0.11 –9.7 (888) 999-9170 (877) 346-2756 0.100 10 0.033 s l 0.010 0.020 -0.219 -62.5 -57.3 -196.7 iShS&PTotlUSStkMkt ITOT 74.97 –0.79 3.1 Ally Bank $0 1.00 VirtualBank $10,000 0.75 iShCoreUSAggBd AGG 118.99 –0.28 5.9 0.400 Spain 2 -0.431 s l -0.438 -0.423 -0.487 -59.6 -57.1 -212.3 iShSelectDividend DVY 86.52 0.08 –18.1 (877) 247-2559 (877) 998-2265 iShEdgeMSCIMinEAFE EFAV 67.67 0.16 –9.2 American Express National Bank $1 1.00 State Bank of India California $1,000 0.65 1.250 10 0.282 s l 0.256 0.408 0.252 -37.6 -32.7 -149.6 iShEdgeMSCIMinUSA USMV 63.67 –0.92 –2.9 (800) 446-6307 (877) 707-1995 iShEdgeMSCIUSAMom MTUM 138.08 –2.02 10.0 0.500 U.K. 2 0.014 s l -0.025 -0.095 0.445 -15.1 -15.8 -119.2 iShEdgeMSCIUSAQual QUAL 103.00 –0.50 2.0 One-month CD One-year CD 4.750 10 0.202 s l 0.132 0.157 0.487 -45.7 -45.1 -126.1 iShGoldTr IAU 18.28 –5.33 26.1 VirtualBank $10,000 0.60 Sallie Mae Bank $2,500 1.05 iShiBoxx$InvGrCpBd LQD 137.59 7.5 –0.63 Source: Tullett Prebon iShiBoxx$HYCpBd HYG 84.44 –0.90 –4.0 (877) 998-2265 (877) 346-2756 iShIntermCorpBd IGIB 61.26 –0.34 5.7 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 1.01 iShJPMUSDEmgBd EMB 114.22 –0.10 –0.3 (713) 358-9400 (800) 845-5025 Corporate Debt iShMBSETF MBB 110.64 –0.15 2.4 State Bank of India California $1,000 0.15 Marcus by Goldman Sachs $500 1.00 iShMSCI ACWI ACWI 79.28 –0.35 0.0 (877) 707-1995 (855) 730-7283 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in iShMSCI EAFE EFA 64.07 0.36 –7.7 that same company’s share price. iShMSCIEmgMarkets EEM 43.86 –0.27 –2.3 Two-month CD Two-year CD iShNasdaqBiotech IBB 131.88 –2.22 9.4 iShNatlMuniBd MUB 117.11 –0.09 2.8 VirtualBank $10,000 0.60 Connexus Credit Union $5,000 1.11 Investment-grade spreads that tightened the most… iShPfd&Incm PFF 36.13 –0.11 –3.9 (877) 998-2265 (800) 845-5025 Spread*, in basis points Stock Performance iShRussell1000Gwth IWF 207.09 –1.48 17.7 Lone Star Bank $1,000 0.20 Comenity Direct $1,500 1.05 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg iShRussell1000 IWB 185.20 –0.79 3.8 iShRussell1000Val IWD 121.37 –0.10 –11.1 (713) 358-9400 (833) 755-4354 iShRussell2000 IWM 156.88 –0.58 –5.3 State Bank of India California $1,000 0.15 Sallie Mae Bank $2,500 1.05 Suntory Holdings SUNTOR 2.250 Oct. 16, ’24 45 –33 n.a...... iShRussellMid-Cap IWR 58.00 –0.39 –2.7 (877) 707-1995 (877) 346-2756 Hyatt Hotels H 5.375 April 23, ’25 310 –21 n.a. 55.24 1.62 iShRussellMCValue IWS 83.67 –0.08 –11.7 iShS&P500Growth IVW 224.47 –1.18 15.9 Three-month CD Five-year CD Bank of New York Mellon BK 4.700 Sept. 20, ’49 158 –19 187 38.14 0.53 iShS&P500Value IVE 115.93 –0.26 –10.9 VirtualBank $10,000 0.60 Connexus Credit Union $5,000 1.56 iShShortCpBd IGSB 54.99 –0.06 2.5 Bristol–Myers Squibb BMY 3.400 July 26, ’29 58 –15 64 63.13 2.12 iShShortTreaBd SHV 110.72 ... 0.2 (877) 998-2265 (800) 845-5025 iShSilver SLV 23.33 –13.59 39.9 BrioDirect $500 0.50 First Internet Bank of Indiana $1,000 1.21 PPL Capital Funding … 4.000 Sept. 15, ’47 148 –15 185 … … iShTIPSBondETF TIP 125.74 –0.22 7.9 (877) 369-2746 (888) 873-3424 Las Vegas Sands LVS 3.900 Aug. 8, ’29 320 –14 345 51.00 7.32 iSh1-3YTreasuryBd SHY 86.52 –0.02 2.2 Ally Bank $0 0.35 Colorado Federal Savings Bank $5,000 1.15 iSh7-10YTreasuryBd IEF 121.98 –0.34 10.7 AerCap Ireland Capital DAC AER 3.650 July 21, ’27 413 –12 449 32.87 0.95 iSh20+YTreasuryBd TLT (877) 247-2559 (877) 484-2372 167.10 –1.19 23.3 BNS iShRussellMCGrowth IWP 167.82 –0.93 10.0 Bank of Nova Scotia 4.900 June 4, ’49 264 –12 311 43.73 0.92 iShUSTreasuryBdETF GOVT 28.07 –0.37 8.2 High yield jumbos - Minimum is $100,000 JPM UltShtIncm JPST 50.83 ... 0.8 …And spreads that widened the most PIMCOEnhShMaturity MINT 101.84 ... 0.2 Money market and savings account Six-month CD SPDR BlmBarcHYBd JNK 104.90 –0.86 –4.2 Aircastle AYR 4.125 May 1, ’24 449 48 450 ...... SPDRBloomBar1-3MTB BIL 91.53 –0.01 0.1 Connexus Credit Union 1.15 Sallie Mae Bank 0.75 SPDR Gold GLD 179.94 –5.37 25.9 (800) 845-5025 (877) 346-2756 Tanger Properties … 3.875 July 15, ’27 397 22 387 … … SchwabIntEquity SCHF 31.54 0.38 –6.2 CFG Community Bank 1.04 VirtualBank 0.75 TJX TJX 3.500 April 15, ’25 55 19 65 57.51 1.75 SchwabUS BrdMkt SCHB 79.33 –0.79 3.2 (888) 205-8388 (877) 998-2265 SchwabUS Div SCHD 57.26 0.53 –1.1 HSBC Holdings HSBC 3.600 May 25, ’23 71 18 n.a. 22.49 3.69 SchwabUS LC SCHX 79.94 –0.79 4.1 VirtualBank 1.00 Live Oak Bank 0.65 SchwabUS LC Grw SCHG 110.27 –1.33 18.7 (877) 998-2265 (866) 518-0286 Comcast CMCSA 4.950 Oct. 15, ’58 152 14 146 42.99 –0.07 SchwabUS SC SCHA 71.36 –0.52 –5.7 Schwab US TIPs SCHP 61.35 –0.21 8.3 One-month CD One-year CD QUALCOMM QCOM 2.900 May 20, ’24 23 11 33 108.83 2.32 SPDR DJIA Tr DIA 277.19 –0.34 –2.8 VirtualBank 0.60 Sallie Mae Bank 1.05 Marathon Petroleum MPC 3.800 April 1, ’28 159 10 167 36.95 –0.48 SPDR S&PMdCpTr MDY 354.64 –0.15 –5.5 (877) 998-2265 (877) 346-2756 SPDR S&P 500 SPY 332.80 –0.83 3.4 SPDR S&P Div SDY 97.81 0.06 –9.1 Lone Star Bank 0.20 Connexus Credit Union 1.01 High-yield issues with the biggest price increases… TechSelectSector XLK 111.38 –1.80 21.5 (713) 358-9400 (800) 845-5025 UtilitiesSelSector XLU 60.14 –2.16 –6.9 State Bank of India California 0.15 Comenity Direct 1.00 Bond Price as % of face value Stock Performance VanEckGoldMiner GDX 39.05 –7.88 33.4 (877) 707-1995 (833) 755-4354 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg VangdInfoTech VGT 296.88 –1.77 21.2 VangdSC Val VBR 117.75 0.15 –14.1 Two-month CD Two-year CD Bed Bath & Beyond BBBY 5.165 Aug. 1, ’44 7.19 63.490 11.93 VangdSC Grwth VBK 212.68 –0.94 7.0 71.000 –5.77 VangdDivApp VIG 126.68 –0.20 1.6 VirtualBank 0.60 Connexus Credit Union 1.11 Antero Resources AR 5.125 Dec. 1, ’22 85.750 3.50 80.250 3.90 –3.47 VangdFTSEDevMk VEA 41.29 0.41 –6.3 (877) 998-2265 (800) 845-5025 VangdFTSE EM VWO 43.27 –0.37 –2.7 Lone Star Bank 0.20 Comenity Direct 1.05 American Airlines AAL 5.000 June 1, ’22 66.250 2.50 56.875 13.73 –1.93 VangdFTSE Europe VGK 53.81 0.39 –8.2 (713) 358-9400 (833) 755-4354 Ascent Resources Utica Holdings ASCRES 10.000 April 1, ’22 87.000 2.50 82.189 ...... VangdFTSEAWxUS VEU 50.84 0.24 –5.4 State Bank of India California 0.15 Sallie Mae Bank 1.05 VangdGrowth VUG 218.22 –1.48 19.8 Carnival CCL 6.650 Jan. 15, ’28 84.040 2.04 n.a. 15.82 2.46 VangdHlthCr VHT 202.19 –0.98 5.5 (877) 707-1995 (877) 346-2756 VangdHiDiv VYM 83.78 –0.04 –10.6 Wolverine Escrow … 9.000 Nov. 15, ’26 76.500 2.00 72.650 ...... VangdIntermBd BIV 93.81 –0.35 7.6 Three-month CD Five-year CD VangdIntrCorpBd VCIT 96.63 –0.24 5.8 VirtualBank 0.60 Connexus Credit Union 1.56 QEP Resources QEP 5.250 May 1, ’23 76.438 1.94 70.500 1.47 –8.13 VangdLC VV 154.23 –0.91 4.3 (877) 998-2265 (800) 845-5025 VangdMC VO 176.55 –0.68 –0.9 …And with the biggest price decreases VangdMBS VMBS 54.34 –0.29 2.2 BrioDirect 0.50 First Internet Bank of Indiana 1.21 VangdRealEst VNQ (877) 369-2746 (888) 873-3424 81.33 –1.44 –12.4 Transocean RIG 7.500 Jan. 15, ’26 37.500 –5.50 48.500 2.33 –2.10 VangdS&P500ETF VOO 305.85 –0.81 3.4 Ally Bank 0.35 Colorado Federal Savings Bank 1.15 VangdST Bond BSV 83.09 –0.11 3.1 (877) 247-2559 (877) 484-2372 Bausch Health BHCCN 5.000 Jan. 30, ’28 96.938 –4.06 100.719 ...... VangdSTCpBd VCSH 82.95 –0.08 2.4 VangdSC VB 158.10 –0.43 –4.6 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of Cooper–Standard Automotive … 5.625 Nov. 15, ’26 56.250 –3.75 n.a. … … VangdTotalBd BND 88.97 –0.35 6.1 compounding and rate stated for the lowest required opening deposit to earn interest. CD Bombardier BBDBCN 5.750 March 15, ’22 89.000 –1.75 95.250 ...... VangdTotIntlBd BNDX 58.03 –0.27 2.6 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of VangdTotIntlStk VXUS 52.63 0.23 –5.5 VangdTotalStk VTI 168.90 –0.80 3.2 which may be checks. Rates are subject to change. *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. VangdTotlWrld VT 80.66 –0.31 –0.4 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 Note: Data are for the most active issue of bonds with maturities of two years or more VangdValue VTV 107.03 –0.07 –10.7 Internet: www.bankrate.com Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data P2JW225000-0-B01000-1------XA

B10 | We dnesday, August 12, 2020 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. HSBC HSBC 22.49 0.80 MetLife MET 40.57 0.79 RobertHalf RHI 56.02 0.92 Stericycle SRCL 65.05 -0.15 Trip.com TCOM 28.66 0.26 Verizon VZ 58.51 -0.48 WesternUnion WU 23.23 -0.15 Market listed securities. Prices are composite dd-Indicates loss in the most recent Halliburton HAL 16.14 0.53 MettlerToledo MTD 947.25 1.30 RocketCos.RKT 20.58 -1.09 Steris STE 158.72 2.84 TruistFinl TFC 40.70 1.28 VertxPharm VRTX 261.86 -6.87 WestlakeChem WLK 61.50 0.13 quotations that include primary market trades four quarters. HartfordFinl HIG 43.82 0.16 MicrochipTech MCHP 100.64 0.38 s Rockwell ROK 232.18 2.86 STMicroelec STM 28.97 0.37 Twilio TWLO 244.49 -5.56 ViacomCBS B VIAC 26.51 0.20 WestpacBanking WBK 12.84 0.38 as well as trades reported by Nasdaq BX FD-First day of trading. Hasbro HAS 78.72 -0.25 MicronTech MU 47.76 -1.39 RogersComm B RCI 41.78 0.51 s StoneCo STNE 52.39 5.21 Twitter TWTR 37.28 -0.16 ViacomCBS A VIACA 28.76 0.41 WestRock WRK 30.90 0.25 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing HealthcareAmer HTA 26.18 -0.41 Microsoft MSFT 203.38 -4.87 Roku ROKU 146.41 -4.00 Stryker SYK 188.92 1.25 TylerTech TYL 326.94 -9.43 Vipshop VIPS 22.17 0.03 Weyerhaeuser WY 28.89 0.08 Cboe, NYSE National and Nasdaq ISE. standards HealthpeakProp PEAK 28.22 -0.81 MidAmApt MAA 116.71 -0.34 s Rollins ROL 54.25 -0.53 SumitomoMits SMFG 5.77 0.18 TysonFoods TSN 65.21 0.65 VirBiotech VIR 52.66 -0.54 WheatonPrecMet WPM 49.21 -3.54 The list comprises the 1,000 largest lf-Late filing Heico HEI 103.85 0.96 Middleby MIDD 104.65 0.05 s RoperTech ROP 434.71 -6.61 SunComms SUI 144.63 -3.29 UBS Group UBS 12.32 0.04 Visa V 197.77 0.98 s Whirlpool WHR 176.33 -0.64 companies based on market capitalization. q-Temporary exemption from Nasdaq Heico A HEI.A 84.82 0.44 MiratiTherap MRTX 125.81 -4.98 RossStores ROST 93.60 1.09 SunLifeFinancial SLF 42.48 0.46 UDR UDR 35.79 -0.18 Vistra VST 18.89 -0.31 Williams WMB 21.42 -0.12 requirements. Underlined quotations are those stocks with HenrySchein HSIC 67.20 -0.79 MitsubishiUFJ MUFG 4.06 0.08 RoyalBkCanada RY 73.42 1.39 SuncorEnergy SU 16.96 0.05 UGI UGI 34.97 -0.27 VMware VMW 140.87 -0.59 s Williams-Sonoma WSM 92.94 -0.90 t-NYSE bankruptcy large changes in volume compared with the Herbalife HLF 49.08 -0.84 MizuhoFin MFG 2.66 0.09 RoyalCaribbean RCL 58.67 1.36 Suzano SUZ 8.59 ... Uber UBER 31.21 -1.06 WillisTowers WLTW 196.00 -1.08 v-Trading halted on primary market. Vodafone VOD 15.50 ... issue’s average trading volume. Hershey HSY 142.51 -1.41 MobileTeleSys MBT 8.96 0.08 RoyalDutchA RDS.A 31.85 0.40 Ubiquiti UI 189.12 -1.61 Wipro WIT 4.25 0.02 vj-In bankruptcy or receivership or SynchronyFin SYF 25.10 0.51 VornadoRealty VNO 37.06 -0.12 Boldfaced quotations highlight those issues being reorganized under the Hess HES 53.52 -1.62 Moderna MRNA 68.97 -3.04 RoyalDutchB RDS.B 30.35 0.41 SyneosHealth SYNH 62.51 -0.25 UltaBeauty ULTA 216.19 -2.93 VoyaFinancial VOYA 51.98 0.45 Wix.com WIX 268.59 -9.35 whose price changed by 5% or more if their Bankruptcy Code, or securities HewlettPackard HPE 10.16 -0.05 MohawkInds MHK 91.29 0.63 RoyalGold RGLD 130.18 -7.34 Synnex SNX 130.14 2.00 Unilever UN 57.45 -0.73 Vroom VRM 64.76 0.76 Workday WDAY 177.55 -3.50 previous closing price was $2 or higher. assumed by such companies. Hill-Rom HRC 96.06 0.21 MolinaHealthcare MOH 185.61 -3.69 RoyaltyPharma RPRX 45.77 0.01 Synopsys SNPS 191.04 -4.60 Unilever UL 58.78 -0.79 VulcanMatls VMC 133.24 1.18 WynnResorts WYNN 88.29 6.81 Hilton HLT 87.02 0.82 MolsonCoorsB TAP 38.21 0.31 Ryanair RYAAY 81.79 3.07 Sysco SYY 60.84 0.74 s UnionPacific UNP 190.35 3.50 XP XP 47.35 -0.63 Hologic HOLX 65.79 -0.11 Mondelez MDLZ 55.20 -0.29 SAP SAP 159.15 -0.49 UnitedAirlines UAL 36.83 -0.71 W X Y Z XPO Logistics XPO 84.00 2.28 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and s HomeDepot HD 274.92 0.19 MongoDB MDB 191.68 -0.12 S&P Global SPGI 343.71 -0.36 T U V UnitedMicro UMC 4.19 -0.09 XcelEnergy XEL 70.52 -1.93 changes in the closing prices from 4 p.m. the previous day. HondaMotor HMC 25.59 0.71 MonolithicPower MPWR 270.18 -1.96 SBA Comm SBAC 295.64 -5.19 UPS B UPS 155.85 -3.74 WEC Energy WEC 90.90 -2.83 Xilinx XLNX 104.61 -1.84 TAL Education TAL 74.89 0.89 Honeywell HON 160.28 0.85 MonsterBev MNST 80.60 -1.40 SEI Investments SEIC 53.70 0.43 s UnitedRentals URI 175.62 -5.64 WEX WEX 165.51 2.51 Xylem XYL 80.30 1.30 TC Energy TRP 48.93 0.14 Tuesday, August 11, 2020 Net Net HorizonTherap HZNP 71.67 -4.17 Moody's MCO 274.53 3.38 SK Telecom SKM 22.02 -0.37 US Bancorp USB 38.27 0.80 W.P.Carey WPC 72.83 -0.25 YamanaGold AUY 5.80 -0.64 TD Ameritrade AMTD 37.80 1.22 Net Stock Sym Close Chg Stock Sym Close Chg s HormelFoods HRL 51.41 -0.57 MorganStanley MS 51.78 1.20 SS&C Tech SSNC 61.34 -0.22 s UnitedHealth UNH 315.55 -3.55 WPP WPP 41.77 0.81 Yandex YNDX 57.00 ... TE Connectivity TEL 95.04 0.79 Wabtec WAB 70.58 0.33 Stock Sym Close Chg s BlackRock BLK 586.64 6.44 DexCom DXCM 411.15-10.07 DR Horton DHI 69.04 -0.48 Morningstar MORN 158.65 0.09 StoreCapital STOR 25.57 0.01 UnivDisplay OLED 184.31 -1.19 YumBrands YUM 92.70 1.36 Telus TU 18.29 0.17 WalgreensBoots WBA 41.85 -1.01 Blackstone BX 52.51 0.18 Diageo DEO 135.75 0.61 HostHotels HST 11.67 -0.21 Mosaic MOS 17.64 -0.76 SVB Fin SIVB 252.86 12.76 UniversalHealthB UHS 112.96 0.34 YumChina YUMC 53.79 0.88 TIM Part TSU 14.35 -0.05 Walmart WMT 130.20 -1.68 A B C Boeing BA 180.13 0.72 DiamondbkEner FANG 44.45 -0.22 HowmetAerospace HWM 18.28 0.37 MotorolaSol MSI 142.87 0.65 Salesforce.com CRM 191.99 -5.17 VEREIT VER 6.58 ... ZTO Express ZTO 36.16 0.16 TJX TJX 57.51 0.99 WarnerMusic WMG 28.52 -0.65 BookingHldgs BKNG 1805.10 36.52 DigitalRealty DLR 151.63 -6.61 HuanengPower HNP 16.46 -0.10 Mylan MYL 16.64 0.28 Sanofi SNY 50.82 -0.09 VF VFC 64.46 0.45 ZaiLab ZLAB 78.28 -1.37 ABB ABB 25.97 -0.09 T-MobileUS TMUS 113.59 -2.48 s BoozAllen BAH 86.04 1.38 DiscoverFinSvcs DFS 55.76 1.99 Huazhu HTHT 38.27 1.60 NICE NICE 215.67 -0.46 SantanderCons SC 18.39 -0.96 VICI Prop VICI 23.27 0.14 WasteConnections WCN 99.67 -0.57 ZebraTech ZBRA 280.57 0.16 AcadiaPharm ACAD 40.23 -1.06 s TRowePrice TROW 138.96 0.30 BorgWarner BWA 41.74 1.25 DiscoveryB DISCB 37.52 -0.88 Hubbell HUBB 144.54 -0.04 NIO NIO 12.99 -1.22 SareptaTherap SRPT 158.03 -0.97 VailResorts MTN 214.51 12.17 WasteMgt WM 111.59 -0.02 Zendesk ZEN 85.26 -2.00 ADT ADT 11.62 -0.31 TaiwanSemi TSM 77.94 -1.93 BostonBeer SAM DiscoveryA DISCA 22.48 0.70 HubSpot HUBS 256.37 -4.05 NRG Energy NRG 34.90 -0.08 Schlumberger SLB 20.30 0.08 Vale VALE 11.17 -0.19 Waters WAT 213.64 0.93 Zillow CZ 75.33 -4.01 AECOM ACM 39.24 0.40 797.36 2.95 TakeTwoSoftware TTWO 167.11 -7.62 BostonProps BXP DiscoveryC DISCK 20.73 0.78 s Humana HUM 415.77 -3.99 NVR NVR 3934.40 24.39 SchwabC SCHW 34.96 1.16 ValeroEnergy VLO 53.65 0.10 s Watsco WSO 236.98 -2.25 Zillow AZG75.24 -4.17 AES AES 16.98 -0.61 89.96 -0.99 TakedaPharm TAK 18.49 0.30 BostonSci BSX Disney DIS 130.49 1.70 s JBHunt JBHT 137.69 0.99 NXP Semi NXPI 121.33 -0.06 ScottsMiracleGro SMG 154.64 -1.08 VarianMed VAR 173.29 -0.04 s Wayfair W 309.13 11.13 ZimmerBiomet ZBH 138.21 -0.17 Aflac AFL 38.03 0.56 39.31 0.33 TandemDiabetes TNDM 95.43 -4.85 BrightHorizons BFAM DocuSign DOCU 191.82 -6.56 HuntingtonBcshs HBAN 10.09 0.22 Nasdaq NDAQ 130.47 -1.06 Sea SE 120.36 -2.34 Vedanta VEDL 6.69 0.06 Weibo WB 35.10 -0.26 Zoetis ZTS 156.93 -1.16 AGNC Invt AGNC 13.77 -0.12 126.25 5.94 s Target TGT 131.72 -1.22 BristolMyers BMY 63.13 1.31 DolbyLab DLB 69.65 -0.30 HuntingIngalls HII 168.54 -0.59 NationalGrid NGG 58.01 -1.17 Seagate STX 45.78 -0.29 VeevaSystems VEEV 252.78 -4.50 WellsFargo WFC 25.32 0.62 ZoomVideo ZM 231.04-18.96 ANGI Homesvcs ANGI 13.00 -2.50 TeckRscsB TECK 11.53 0.11 BritishAmTob BTI 34.00 0.08 DollarGeneral DG 191.09 -2.20 IAA IAA 46.12 -1.32 NatlRetailProp NNN 36.63 -0.10 SealedAir SEE 40.89 0.29 Ventas VTR 41.52 -1.07 Welltower WELL 56.63 -0.81 ZoomInfoTech ZI 39.01 -4.19 Ansys ANSS 301.92 -6.86 TeladocHealth TDOC 183.75 -9.99 s Broadcom AVGO 324.03 -3.33 DollarTree DLTR 96.49 -1.25 ICICI Bank IBN 10.14 0.18 Natura&Co NTCO 16.77 -0.25 SeattleGenetics SGEN 153.48 -4.22 VeriSign VRSN 201.80 -4.50 WestPharmSvcs WST 264.55 -1.83 Zscaler ZS 117.51 -4.88 ASETech ASX 4.69 -0.04 TelecomArgentina TEO 8.17 -0.22 s BroadridgeFinl BR 142.11 5.51 DominionEner D 78.56 -1.56 IdexxLab IDXX 374.03 -3.16 NatWest NWG 3.11 0.09 SempraEnergy SRE 131.11 -2.46 VeriskAnalytics VRSK 187.89 -1.76 WesternDigital WDC 36.98 -0.38 Zynga ZNGA 9.01 -0.46 ASML ASML 361.31 -4.10 TeledyneTech TDY 331.02 1.75 BrookfieldMgt BAM 33.85 0.92 Domino's DPZ 388.65 2.72 IHS Markit INFO 82.80 -0.73 nCino NCNO 78.88 2.09 SensataTechs ST 41.63 0.53 AT&T T 30.20 ... Teleflex TFX 375.26 -1.14 BrookfieldInfr BIP 44.38 0.48 Donaldson DCI 52.15 0.38 ING Groep ING 8.21 0.27 NetApp NTAP 43.57 -0.70 ServiceCorp SCI 47.78 0.39 AbbottLabs ABT 99.06 -0.98 s Ericsson ERIC 11.69 0.06 BrookfieldPropREIT BPYU 11.97 -0.03 DouglasEmmett DEI 29.85 0.04 IPG Photonics IPGP 158.94 0.74 NetEase NTES 454.51 -1.87 ServiceNow NOW 421.36-17.32 AbbVie ABBV 92.67 0.29 TelefonicaBras VIV 9.37 -0.07 s BrookfieldRenew BEPC 47.15 -1.07 Dover DOV 112.36 1.86 IQVIA IQV 159.31 -0.33 Netflix NFLX 466.93-16.45 ShawComm B SJR 18.84 0.20 Dividend Changes Abiomed ABMD 294.87 -5.15 s Telefonica TEF 4.28 0.05 Brown&Brown BRO 45.66 -0.27 Dow DOW 44.50 -0.30 IcahnEnterprises IEP 55.84 0.20 Neurocrine NBIX 113.01 0.45 SherwinWilliams SHW 652.40 1.15 s Accenture ACN 228.57 -1.77 TelekmIndonesia TLK 19.86 -0.14 Brown-Forman A BF.A 63.56 0.38 DrReddy'sLab RDY 61.26 -1.04 Icon ICLR 187.90 -2.26 NewOrientalEduc EDU 140.00 0.58 ShinhanFin SHG 28.02 1.42 Dividend announcements from August 11. ActivisionBliz ATVI 79.12 -3.14 10xGenomics TXG 96.90 ... Brown-Forman B BF.B 69.61 0.21 DraftKings DKNG 32.04 0.43 IDEX IEX 174.02 2.81 NYTimes A NYT 43.54 -0.96 Shopify SHOP 971.99-33.57 Adobe ADBE 435.23 -8.06 Tenaris TS 12.36 0.19 Bruker BRKR 43.64 -0.69 Dropbox DBX 19.66 -0.26 s IllinoisToolWks ITW 196.32 0.49 NewellBrands NWL 17.27 -0.23 Sibanye-Stillwater SBSW 10.80 -0.61 Amount Payable / AdvanceAuto AAP 151.94 -1.38 TencentMusic TME 15.50 -0.19 Bunge BG 46.72 -0.08 DukeEnergy DUK 83.67 -1.09 Illumina ILMN 341.21-12.14 Newmont NEM 62.87 -5.02 SignatureBank SBNY 109.92 1.74 Company Symbol Yld %New/Old Frq Record AdvMicroDevices AMD 76.88 -5.36 Teradyne TER 86.27 -0.83 BurlingtonStrs BURL 189.21 7.07 DukeRealty DRE 38.81 -0.82 Immunomedics IMMU 40.00 -0.92 NewsCorp B NWS 14.94 -0.01 SimonProperty SPG 67.15 1.68 Aegon AEG 3.47 0.12 Tesla TSLA 1374.39-44.18 Increased CBRE Group CBRE 47.20 1.83 Dun&Bradstreet DNB 24.75 0.05 ImperialOil IMO 16.89 0.19 s NewsCorp A NWSA 14.89 0.05 SiriusXM SIRI 6.05 0.04 AgilentTechs A 96.30 -0.84 TevaPharm TEVA 11.72 -0.15 OCSL Q CDW CDW 117.21 4.21 DuPont DD 57.30 -0.37 Incyte INCY 92.98 -1.34 NextEraEnergy NEE 277.79 -5.85 Skyworks SWKS 141.33 -2.21 Oaktree Specialty Lending 8.1 .105 /.095 Sep30 /Sep15 AgnicoEagle AEM 77.30 -4.59 s TexasInstruments TXN 136.04 0.63 CF Industries CF 35.49 0.61 Dynatrace DT 36.81 0.01 Infosys INFY 12.63 0.04 s Nike NKE 105.12 -0.29 SlackTech WORK 27.61 -0.51 STRATS Dom Res Ser 05-06 GJP 3.1 .0635 /.06148 M Aug17 /Aug14 AirProducts APD 281.60 0.36 Textron TXT 38.68 -0.18 CGI GIB 70.27 -0.26 ENI E 19.03 0.23 IngersollRand IR 35.86 0.83 Nikola NKLA 41.10 -3.71 SmithAO AOS 49.77 0.96 AkamaiTech AKAM 106.22 -1.65 ThermoFisherSci TMO 407.24 -2.92 Reduced CH Robinson CHRW 95.30 -1.34 EOG Rscs EOG 49.42 -1.04 Insulet PODD 198.84 -5.10 NiSource NI 24.29 -0.52 Smith&Nephew SNN 40.90 ... Albemarle ALB 92.45 5.23 ThomsonReuters TRI 74.52 0.28 GJR M CME Group CME 168.12 2.78 EPAM Systems EPAM 295.94 -2.79 Intel INTC 48.19 -1.03 Nokia NOK 4.96 0.05 Smucker SJM 112.71 -0.13 STRATS Sers 2006-1 P&G 2.2 .0175 /.01772 Aug17 /Aug14 Albertsons ACI 14.92 -0.45 ThorIndustries THO 108.04 -0.26 CMS Energy CMS 61.01 -2.03 E*TRADE ETFC 53.84 1.23 InteractiveBrkrs IBKR 49.78 0.23 NomuraHoldings NMR 5.11 0.16 Snap SNAP 21.60 -0.42 Alcon ALC 61.80 0.53 3M MMM 163.38 1.94 Stocks CNA Fin CNA 34.65 0.08 EastmanChem EMN 75.18 0.93 ICE ICE 98.61 -0.55 s Nordson NDSN 204.63 2.99 SnapOn SNA 153.88 3.79 AlexandriaRlEst ARE 172.05 -2.93 Tiffany TIF 124.98 -0.20 Actinium Pharmaceuticals ATNM 1:30 /Aug11 CNH Indl CNHI 7.89 0.16 Eaton ETN 102.18 2.42 InterContinentl IHG 54.64 1.84 NorfolkSouthern NSC 206.08 1.58 SOQUIMICH SQM 32.30 0.77 AlexionPharm ALXN 101.24 -0.64 Toro TTC 74.34 0.75 CNOOC CEO 113.26 1.70 eBay EBAY 54.29 -0.08 IBM IBM 126.75 -0.36 NorthernTrust NTRS 84.27 0.61 SolarEdgeTech SEDG 204.08 -7.42 Alibaba BABA 248.42 0.29 TorontoDomBk TD 47.47 1.04 Foreign CRH CRH 39.12 0.14 Ecolab ECL 196.22 0.92 IntlFlavors IFF 125.29 -5.26 NorthropGrum NOC 341.85 6.12 SolarWinds SWI 19.61 -1.25 AlignTech ALGN 304.13 1.23 Total TOT 39.72 0.51 Banco Bradesco Ord ADR BBDO 3.2 .00318 M Oct08 /Sep03 CRISPR Therap CRSP 89.45 -1.32 Ecopetrol EC 11.59 0.04 IntlPaper IP 37.02 0.71 NortonLifeLock NLOK 22.38 -0.62 Sony SNE 79.33 -0.72 Alleghany Y 554.62 -9.09 ToyotaMotor TM 133.75 3.18 CSX CSX 75.14 1.06 EdisonInt EIX 53.58 -0.67 Interpublic IPG 19.30 0.18 Novartis NVS 82.43 0.04 Southern SO 54.19 -0.88 Banco Bradesco Pref ADR BBD 4.1 .0035 M Oct08 /Sep03 Allegion ALLE 104.16 1.84 TractorSupply TSCO 145.11 -2.04 CVS Health CVS 65.26 -0.45 EdwardsLife EW 76.66 0.88 Intuit INTU 299.20 -4.98 Novavax NVAX 149.48-29.03 SoCopper SCCO 44.52 -0.93 Barrick Gold GOLD 1.2 .08 Q Sep15 /Aug31 AlliantEnergy LNT 53.66 -1.69 TradeDesk TTD 445.65-20.08 CableOne CABO 1866.00-43.84 ElancoAnimal ELAN 25.42 0.82 IntuitiveSurgical ISRG 675.00 -8.00 NovoNordisk NVO 65.19 0.57 SouthwestAir LUV 35.29 0.30 Brookfield Renew Pfd A 17 BEPpA 8.9 .32813 Q Nov02 /Oct15 Allstate ALL 96.83 -0.42 Splunk SPLK Tradeweb TW 52.08 0.42 CabotOil COG 19.73 -0.85 Elastic ESTC 83.85 -0.09 InvitatHomes INVH 29.36 -0.52 Novocure NVCR 74.54 -3.77 195.64 -2.26 Brookfield Renewable BEPC 3.7 .434 Sep30 /Aug31 AllyFinancial ALLY 22.43 0.44 IonisPharma IONS 53.42 -0.68 Spotify SPOT 253.72 4.73 s TraneTech TT 119.80 0.95 CadenceDesign CDNS 105.18 -2.01 ElbitSystems ESLT 136.02 -2.08 NuanceComms NUAN 28.53 -0.56 Prudentl 6.75% Perp. SKIS PUKp 6.3 .42188 Q Sep23 /Sep22 AlnylamPharm ALNY 136.61 -1.96 iQIYI IQ 22.11 -0.39 Nucor NUE Square SQ 138.25 -1.09 TransDigm TDG 490.23 7.66 CaesarsEnt CZR 37.88 -0.39 ElectronicArts EA 135.70 -5.00 45.41 -0.69 PUKp Q Alphabet A GOOGL 1480.54-16.28 StanleyBlackDck SWK 161.41 1.44 TransUnion TRU 88.05 1.69 Prudentl 6.75% Perp. SKIS 6.3 .42188 Dec23 /Dec22 CamdenProperty CPT 89.37 0.49 EmergentBiosol EBS 122.33 -7.86 IronMountain IRM 29.56 -0.19 Nutrien NTR 38.44 1.76 Alphabet C GOOG 1480.32-15.78 Starbucks SBUX 78.87 1.40 Travelers TRV 119.92 0.80 CampbellSoup CPB 49.77 -0.63 EmersonElec EMR 70.29 2.12 ItauUnibanco ITUB 4.71 -0.03 NVIDIA NVDA 434.00-12.60 Alteryx AYX 110.74 1.51 StateStreet STT 70.35 0.48 Trex TREX 135.56 -1.52 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and CIBC CM 72.72 0.91 Enbridge ENB 33.52 0.02 AlticeUSA ATUS 27.07 -0.72 J K L SteelDynamics STLD 30.31 0.12 Trimble TRMB 47.96 -0.45 s CanNtlRlwy CNI 101.84 0.39 EncompassHealth EHC 65.84 -1.35 O P Q ratio; SO: spin-off. Altria MO 43.60 0.38 CanNaturalRes CNQ 20.55 0.26 EnelAmericas ENIA 7.08 0.09 JD.com JD 61.18 -0.31 AlumofChina ACH 6.80 -0.12 OGE Energy OGE 32.82 -0.97 s CanPacRlwy CP 291.26 4.37 EnergyTransfer ET 6.53 0.02 Joyy YY 77.60 0.03 Amazon.com AMZN 3080.67-67.49 ONEOK OKE 30.03 -0.19 Canon CAJ 17.33 0.12 EnphaseEnergy ENPH 67.30 -4.54 JPMorganChase JPM 103.82 3.18 Ambev ABEV 2.48 0.05 OReillyAuto ORLY 454.02 -7.13 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks CanopyGrowth CGC 16.95 -0.98 Entegris ENTG 69.22 0.30 JackHenry JKHY 182.88 -0.90 s Amcor AMCR 11.08 -0.02 s OakStreetHealth OSH 44.57 0.57 CapitalOne COF 69.63 2.22 Entergy ETR 102.11 -3.59 JacobsEngg J 90.98 -0.14 Amdocs DOX 61.29 -1.16 OccidentalPetrol OXY 15.16 -1.32 CardinalHealth CAH 53.04 -0.02 EnterpriseProd EPD 18.19 -0.12 s JamesHardie JHX Amedisys AMED 226.74 -5.18 22.88 1.18 Okta OKTA 196.18 -3.48 Carlisle CSL 127.86 0.38 Equifax EFX 164.50 -0.17 JazzPharma JAZZ 122.67 -3.68 Money Rates August 11, 2020 Amerco UHAL 356.25 3.38 s OldDomFreight ODFL 187.95 0.97 Carlyle CG 26.96 -0.25 Equinix EQIX 758.17-24.57 J&J JNJ 146.97 -1.06 Ameren AEE 81.16 -2.09 Ollie'sBargain OLLI 103.75 0.86 s CarMax KMX 103.99 1.79 Equinor EQNR 16.21 0.04 JohnsonControls JCI 40.79 0.69 AmericaMovil AMX 12.86 0.26 OmegaHealthcare OHI 32.61 -0.76 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Carnival CCL 15.82 0.38 Equitable EQH 21.78 0.19 s JuniperNetworks JNPR 25.52 -0.51 AmericaMovil A AMOV 12.80 0.26 Omnicom OMC 55.74 0.73 Carnival CUK 13.50 0.46 EquityLife ELS 65.15 -1.50 KB Fin KB 32.89 1.17 guide to general levels but don’t always represent actual transactions. AmerAirlines AAL 13.73 -0.27 ON Semi ON 22.19 0.27 s CarrierGlobal CARR 29.49 0.03 EquityResdntl EQR 54.75 -0.61 AEP AEP 83.29 -2.65 KKR KKR 35.00 -2.01 OneConnectFinTech OCFT 18.86 -1.31 Week —52-WEEK— Week —52-WEEK— Carvana CVNA 187.65 -2.47 ErieIndemnity A ERIE 217.54 0.72 Inflation AmerExpress AXP 103.26 1.64 KLA KLAC 200.54 -2.55 OpenText OTEX 43.87 -0.84 Latest ago High Low Latest ago High Low CaseysGenStores CASY 171.41 -0.30 EssentialUtil WTRG 45.68 -2.13 AmericanFin AFG 69.63 1.53 KSCitySouthern KSU 184.48 -0.01 Oracle ORCL 54.27 -0.67 June index Chg From (%) Catalent CTLT 84.90 -2.69 EssexProp ESS 219.53 -3.95 Kellogg K AmHomes4Rent AMH 28.16 -0.52 68.13 -0.89 Orange ORAN 11.52 0.06 level May '20 June '19 Bid 0.1000 0.0800 2.1200 0.0100 Commercial paper (AA financial) Caterpillar CAT 142.53 0.51 EsteeLauder EL 207.26 2.77 KeurigDrPepper KDP AIG AIG 31.98 0.52 29.57 -0.19 Orix IX 60.99 0.57 Offer 0.1100 0.1100 2.5000 0.0500 Celanese CE 103.00 -0.15 Etsy ETSY 127.50 -7.22 KeyCorp KEY 90 days 0.15 0.15 2.53 0.04 AmerTowerREIT AMT 246.20 -7.21 13.08 0.37 s OtisWorldwide OTIS 64.37 -0.84 U.S. consumer price index CenovusEnergy CVE 5.05 -0.03 EverestRe RE 228.27 -3.61 KeysightTechs KEYS AmerWaterWorks AWK 142.42 -6.14 98.81 1.04 OwensCorning OC 66.62 -0.14 Centene CNC 62.88 -0.12 Evergy EVRG 53.39 -0.67 KilroyRealty KRC 59.24 0.10 All items 257.797 0.55 0.6 Treasury bill auction Libor AmericoldRealty COLD 38.67 -0.52 PG&E PCG 9.09 -0.04 CenterPointEner CNP 20.61 -0.37 EversourceEner ES 86.09 -2.46 KimberlyClark KMB 155.79 -2.30 Ameriprise AMP 162.55 1.72 PLDT PHI 28.05 -0.03 Core 266.302 0.19 1.2 4 weeks 0.080 0.090 2.065 0.000 One month 0.16413 0.14925 2.19738 0.14925 CentraisElBras EBR 6.75 -0.06 ExactSciences EXAS 83.68 -1.27 KinderMorgan KMI 14.42 -0.12 AmerisourceBrgn ABC 101.38 -1.66 PNC Fin PNC 112.47 2.81 13 weeks 0.105 0.100 1.960 0.000 Three month 0.25350 0.24850 2.16838 0.24200 CenturyLink CTL 11.04 0.18 Exelixis EXEL 21.67 -0.06 KingsoftCloud KC 32.00 -1.01 Ametek AME 99.25 0.21 POSCO PKX 43.08 0.72 International rates Six month 0.33688 0.30550 2.08525 0.28913 CeridianHCM CDAY 70.20 0.95 Exelon EXC 37.90 -0.41 26 weeks 0.120 0.105 1.890 0.080 Amgen AMGN 234.65 -3.52 KinrossGold KGC 8.54 -0.78 PPD PPD 31.44 -0.35 One year Cerner CERN 72.41 0.43 Expedia EXPE 88.12 3.21 0.45813 0.45088 2.07413 0.44350 Amphenol APH 108.81 0.69 KirklandLakeGold KL 48.16 -3.14 PPG Ind PPG 120.89 5.15 Week 52-Week CharlesRiverLabs CRL 210.24 -8.52 ExpeditorsIntl EXPD 85.69 0.50 AnalogDevices ADI 116.56 -0.20 Knight-Swift KNX 44.44 0.93 PPL PPL 28.43 -0.22 Latest ago High Low Secondary market CharterComms CHTR 590.48-11.86 ExtraSpaceSt EXR 102.99 -2.04 Euro Libor Anaplan PLAN 44.64 2.25 KoninklijkePhil PHG 51.93 -0.10 PRA HealthSci PRAH 101.38 -3.15 CheckPoint CHKP 123.99 -0.65 ExxonMobil XOM 44.97 0.46 KoreaElcPwr KEP PTC PTC 84.80 -1.10 One month -0.545 -0.515 -0.360 -0.621 AngloGoldAsh AU 27.87 -2.30 8.76 0.68 Prime rates Fannie Mae Chegg CHGG 76.96 -4.57 F5Networks FFIV 137.75 -1.87 s AB InBev BUD 55.93 1.38 KraftHeinz KHC 34.63 -0.16 Paccar PCAR 90.39 0.54 Three month -0.497 -0.458 -0.142 -0.539 Chemed CHE 503.00 -3.91 s FMC FMC 109.19 -1.17 U.S. 3.25 3.25 5.25 3.25 30-year mortgage yields AnnalyCap NLY 7.58 0.02 Kroger KR 34.26 -0.77 PackagingCpAm PKG 100.00 2.44 Six month -0.471 -0.433 -0.052 -0.491 CheniereEnergy LNG 53.62 -1.17 Facebook FB 256.13 -6.87 s Anthem ANTM 280.33 1.48 L Brands LB 26.93 -0.56 PagSeguroDig PAGS 37.74 -0.50 Canada 2.45 2.45 3.95 2.45 30 days 1.792 1.761 3.388 1.751 One year -0.354 -0.330 0.008 -0.441 CheniereEnerPtrs CQP 39.00 1.16 s FactSet FDS 355.76 -0.50 Aon AON 193.55 0.71 LHC Group LHCG 198.26 -2.80 PaloAltoNtwks PANW 255.23 -3.00 Japan 1.475 1.475 1.475 1.475 Chevron CVX 89.62 -0.11 FairIsaac FICO 429.42 -7.84 60 days 1.844 1.813 3.403 1.804 Apache APA 15.59 -0.69 Line LN 50.56 -0.52 PanAmerSilver PAAS 32.04 -4.21 Secured Overnight Financing Rate Chewy CHWY 50.61 -2.79 Farfetch FTCH 25.13 -0.76 ApartmtInv AIV 37.26 -0.35 LKQ LKQ 31.46 0.70 ParkerHannifin PH 208.53 4.06 Policy Rates ChinaEastrnAir CEA 18.66 -0.04 Fastenal FAST 47.39 -0.54 Other short-term rates 0.09 0.10 5.25 0.01 ApolloGlbMgmt APO 47.77 -1.00 LPL Financial LPLA 84.21 0.23 Paychex PAYX 73.95 -0.44 ChinaLifeIns LFC 12.04 0.07 Fastly FSLY 74.96 -3.22 Euro zone 0.00 0.00 0.00 0.00 Apple AAPL 437.50-13.41 L3HarrisTech LHX 180.64 1.46 PaycomSoftware PAYC 285.49 -3.95 Value 52-Week ChinaMobile CHL 36.20 0.82 FederalRealty FRT 82.18 1.95 Switzerland 0.00 0.00 0.50 0.00 ApplMaterials AMAT 64.46 -0.78 LabCpAm LH 186.13 -1.25 Paylocity PCTY 131.16 -1.90 Week 52-Week Latest Traded High Low ChinaPetrol SNP 44.45 0.21 s FedEx FDX 196.45 -3.53 Aptargroup ATR 116.74 -0.26 LamResearch LRCX 369.01 -6.75 PayPal PYPL 189.03 -4.29 Britain 0.10 0.10 0.75 0.10 Latest ago high low ChinaSoAirlines ZNH 24.13 0.49 Ferrari RACE 185.49 1.24 Aptiv APTV 88.84 2.40 LamarAdv LAMR 69.01 3.89 Pearson PSO 8.13 0.18 Australia 0.25 0.25 1.00 0.25 DTCC GCF Repo Index ChinaTelecom CHA 30.11 0.47 FiatChrysler FCAU 11.52 0.29 Aramark ARMK 25.26 0.74 LambWeston LW 64.21 -0.36 Pegasystems PEGA 114.50 0.90 Call money ChinaUnicom CHU 5.82 0.08 FidNatlFin FNF 34.79 -0.65 Treasury 0.131 51.900 6.007 0.002 ArcelorMittal MT 12.32 0.04 LasVegasSands LVS 51.00 3.48 Peloton PTON 64.96 -2.16 Overnight repurchase Chipotle CMG 1147.16-13.84 FidNatlInfo FIS 143.05 -3.11 2.00 2.00 4.00 2.00 MBS 0.132 68.200 6.699 0.011 ArchCapital ACGL 32.85 0.12 Lear LEA 119.60 3.81 PembinaPipeline PBA 26.50 0.67 Chubb CB 132.01 1.05 FifthThirdBncp FITB 21.48 0.45 U.S. 0.11 0.13 3.40 -0.07 ArcherDaniels ADM 44.39 -0.10 Leidos LDOS 95.95 1.53 PennNational PENN 46.60 1.22 ChunghwaTel CHT 36.62 0.03 58.com WUBA 55.74 -0.03 AresMgmt ARES 40.37 -1.70 Lennar B LEN.B 56.41 -0.92 Pentair PNR 44.85 0.32 Church&Dwight CHD 92.71 -2.07 FirstAmerFin FAF 53.52 -0.97 U.S. government rates Notes on data: arGEN-X ARGX 228.83 0.61 Lennar A LEN 73.57 -0.93 Penumbra PEN 232.90 0.41 s ChurchillDowns CHDN 169.98 8.57 FirstRepBank FRC 119.01 2.87 AristaNetworks ANET 219.98 -2.49 s LennoxIntl LII 273.47 3.80 PepsiCo PEP 135.12 -0.86 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Ciena CIEN 60.17 -0.39 FirstSolar FSLR 70.19 -2.31 Discount AscendisPharma ASND 140.49 -2.77 LiAuto LI 16.00 -0.42 PerkinElmer PKI 117.71 -0.89 and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Cigna CI 182.38 -0.62 FirstEnergy FE 29.90 -0.16 AspenTech AZPN 97.30 -4.35 LibertyBroadbandC LBRDK 139.50 -3.06 Perrigo PRGO 52.97 1.23 0.25 0.25 2.75 0.25 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is CincinnatiFin CINF 83.12 -0.30 Fiserv FISV 98.22 -1.12 Assurant AIZ 124.96 0.76 LibertyBroadbandA LBRDA 138.96 -2.81 PetroChina PTR 34.86 -0.24 as of August 10, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted s Cintas CTAS 318.33 1.93 FiveBelow FIVE 107.94 0.93 AstraZeneca AZN 55.18 -0.20 LibertyGlobal C LBTYK 21.44 -0.16 PetroleoBrasil PBR 8.78 -0.05 Federal funds average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- CiscoSystems CSCO 47.19 -0.54 Five9 FIVN 112.37 -3.47 PetroleoBrasilA PBR.A Athene ATH 36.62 0.27 LibertyGlobal A LBTYA 22.05 -0.13 8.56 -0.03 Effective rate n.a. 0.0900 2.3600 0.0600 funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Citigroup C 53.76 0.90 FleetCorTech FLT 234.76 -1.64 Atlassian TEAM 160.75 -5.20 LibertyFormOne A FWONA 35.83 1.42 Pfizer PFE 37.79 -0.60 CitizensFin CFG 26.65 0.77 Floor&Decor FND 66.14 -1.84 High 0.1100 0.1100 3.0000 0.1000 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; AtmosEnergy ATO 103.53 -2.51 LibertyFormOne C FWONK 37.98 1.38 PhilipMorris PM 78.72 0.35 CitrixSystems CTXS 135.73 -1.84 FomentoEconMex FMX 59.14 0.74 Low 0.0500 0.0500 2.0500 0.0100 Tullett Prebon Information, Ltd. Autodesk ADSK 228.79 -3.09 LibertyBraves A BATRA 20.91 0.65 Phillips66 PSX 64.11 -0.76 Clarivate CCC 28.01 -0.22 FordMotor F 7.23 0.14 Autohome ATHM 84.30 0.33 LibertyBraves C BATRK 20.81 0.80 Pinduoduo PDD 87.27 -0.26 Clorox CLX 222.30-11.06 Fortinet FTNT 126.59 -0.29 Autoliv ALV 70.91 1.29 LibertySirius C LSXMK 36.30 -0.13 PinnacleWest PNW 80.77 -1.81 Cloudflare NET 37.81 0.82 Fortis FTS 40.45 -0.11 ADP ADP 138.10 -0.07 LibertySirius A LSXMA 36.38 0.07 Pinterest PINS 34.40 -1.46 52-Wk % 52-Wk % Coca-Cola KO 47.93 0.21 Fortive FTV 73.46 1.60 New Highs and Lows | WSJ.com/newhighs AutoZone AZO 1171.56 -3.16 LibertySirius B LSXMB 37.13 -0.02 PioneerNatRscs PXD 106.56 -2.43 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Coca-Cola Euro CCEP 42.67 0.71 s FortBrandsHome FBHS 81.09 0.07 EliLilly LLY 150.63 -2.37 PlainsAllAmPipe PAA 8.19 -0.17 Avalara AVLR 118.89 -0.62 MagicSoftware 13.33 2.0 Cognex CGNX 65.14 -0.40 FoxA FOXA 24.66 0.26 LincolnNational LNC 39.81 0.63 PlainsGP PAGP 8.49 -0.23 MGIC SenecaFoods A SENEA 44.13 -0.7 Avalonbay AVB 151.74 -2.06 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE MagyarBancorp MGYR 14.30 13.1 SherwinWilliams SHW 661.23 0.2 CognizantTech CTSH 66.53 -0.58 FoxB FOX 24.94 0.26 Linde LIN 244.85 1.51 s Polaris PII 107.26 1.95 Avangrid AGR 49.32 0.21 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low Masco MAS 58.65 -2.0 SilkRoadMed SILK 52.31 -1.2 ColgatePalm CL 75.96 -0.69 Franco-Nevada FNV 142.48-10.22 Avantor AVTR 20.32 -0.38 LiveNationEnt LYV 51.69 0.89 Pool POOL 316.18 -9.31 in the latest session. %CHG-Daily percentage change from the previous trading session. MasoniteIntl DOOR 93.13 -1.9 SimpsonMfg SSD 103.82 0.7 Comcast A CMCSA 42.99 -0.03 FranklinRscs BEN 22.67 0.29 AveryDennison AVY 118.35 2.17 LivongoHealth LVGO 115.49 -5.92 PostHoldings POST 88.37 -0.87 McCormickVtg MKC.V 202.98 -1.7 Stepan SCL 116.61 0.5 CommerceBcshrs CBSH 61.05 1.04 FreeportMcM FCX 13.96 -0.42 BCE BCE 42.98 0.45 LloydsBanking LYG 1.48 0.04 PrincipalFin PFG 46.18 0.61 Tuesday, August 11, 2020 MetLifePfdF METpF 26.08 0.2 StifelFinlPfdC SFpC 26.85 0.7 SABESP SBS 10.55 -0.13 FreseniusMed FMS 42.80 0.14 LockheedMartin LMT 391.96 2.70 s Procter&Gamble PG 133.23 -0.87 NatlEnerSvsWt NESRW 1.20 2.9 StockYardsBncp SYBT 44.06 2.1 s BHP Group BHP 56.83 -0.33 52-Wk % 52-Wk % 52-Wk % ConagraBrands CAG 37.25 -0.49 Progressive PGR 89.02 -1.10 Nautilus NLS 15.91 14.2 StoneCo STNE 55.00 11.0 BHP Group BBL 47.07 0.01 Loews L 38.61 0.01 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ConchoRscs CXO 52.94 -0.29 G H I LogitechIntl LOGI 71.85 -0.22 Prologis PLD 100.51 -3.22 NewsCorp A NWSA 15.33 0.3 SummerInfant SUMR 16.28 -9.2 BJ'sWholesale BJ 40.58 -1.81 Nike NKE 107.33 -0.3 SuperiorGroup 22.30 0.8 ConocoPhillips COP 39.71 0.07 s Lowe's LOW 153.87 0.15 Proofpoint PFPT 104.50 -3.17 CarrierGlobal CARR 30.32 0.1 FreedomHolding FRHC 20.90 3.4 SGC BP BP 23.81 0.31 GCI LibertyA GLIBA 80.28 -1.86 Nordson NDSN 207.55 1.5 TD Holdings GLG 3.84 1.9 ConEd ED 73.26 -2.12 lululemon LULU 335.37 -8.95 PrudentialFin PRU 70.74 1.20 Highs CECO Env CECE 8.96 2.1 GCPAppliedTechs GCP 27.53 1.3 B2Gold BTG 6.43 -0.50 GDS Holdings GDS 77.78 -0.63 ChartIndustries GTLS 77.56 -0.7 GencorIndustries GENC 13.67 3.4 NorthernTrPfdE NTRSO 27.31 -0.3 TFI Intl TFII 44.96 0.1 ConstBrands A STZ 172.87 1.42 Lumentum LITE 89.84 1.82 Prudential PUK 32.76 0.42 Baidu BIDU 124.60 -0.46 GFLEnvironmental GFL 20.78 0.29 ASGN ASGN 74.78 0.5 Chemours CC 21.55 1.5 GenieEnergy GNE 9.40 -1.3 OakStreetHealth OSH 48.24 1.3 TRowePrice TROW 140.67 0.2 ConstBrands B STZ.B 172.34 0.86 Lyft LYFT 30.65 -0.40 PublicServiceEnt PEG 54.47 -0.88 A10Networks ATEN 9.21 -0.8 BakerHughes BKR 17.18 -0.08 GSXTechedu GSX 98.02 1.46 ChurchillDowns CHDN 174.45 5.3 Genmab GMAB 36.86 -0.5 OaktreeAcqn OAC 10.68 0.1 Target TGT 134.59 -0.9 ContinentalRscs CLR 18.19 -0.30 PublicStorage PSA 198.99 -3.50 Accenture ACN 232.51 -0.8 OldDomFreight ODFL 190.28 0.5 Galapagos GLPG 185.56 2.54 LyondellBasell LYB 71.05 0.86 Cintas CTAS 324.39 0.6 GibraltarInds ROCK 68.49 1.7 Ericsson ERIC 11.97 0.5 Ball BLL 73.95 -1.38 AddusHomeCare ADUS 106.98 0.7 Cooper COO 300.31 -6.52 PulteGroup PHM 44.37 -0.79 Cleanspark CLSK 13.61 -15.3 Graco GGG 57.78 4.3 OmegaFlex OFLX 130.00 -1.3 TexasInstruments TXN 138.83 0.5 BancoBilbaoViz BBVA 3.13 0.10 Gallagher AJG 107.37 -0.07 AdvDrainageSys WMS 56.24 1.8 OncoSecMedical ONCS 5.40 -1.4 Copart CPRT 99.94 1.08 M N Qiagen QGEN 48.70 2.25 ClearwayEnergyA CWEN.A 25.54 -1.0 Grainger GWW 356.78 0.2 TraneTech TT 121.91 0.8 BancoBradesco BBDO 3.76 -0.03 Gaming&Leisure GLPI 39.19 -0.11 AdvEnergyInds AEIS 81.91 -2.4 OptimizeRx OPRX 17.85 0.5 s Corning GLW 32.30 0.15 Qorvo QRVO 127.62 -1.85 ClearwayEnergyC CWEN 27.12 -0.9 HD Supply HDS 43.37 9.1 TreviTherap TRVI 8.50 19.8 BancodeChile BCH 17.46 0.14 Garmin GRMN 101.50 -0.61 Aemetis AMTX 2.94 16.5 OrthoPediatrics KIDS 51.66 0.3 M&T Bank MTB 111.35 2.28 CollectorsUniv CLCT 43.64 3.6 Hanesbrands HBI 16.76 1.1 TruistFinlPfdO TFCpO 27.67 0.5 Corteva CTVA 26.78 1.36 Qualcomm QCOM 108.83 2.47 AirTransportSvcs ATSG 28.18 4.2 OtisWorldwide OTIS 65.95 -1.3 BancSanBrasil BSBR 5.56 0.05 Gartner IT 131.58 -1.05 MGM Resorts MGM 21.50 -0.15 ComfortSystems FIX 55.57 1.5 Hawkins HWKN 57.59 3.4 TruistFinlPfdR TFCpR 25.66 0.2 CoStar CSGP 810.16-21.30 s QuantaServices PWR 49.86 1.66 AlloVir ALVR 45.28 4.0 OxbridgeReWt OXBRW 0.55 221.6 BcoSantChile BSAC 15.93 0.22 Generac GNRC 164.86 -1.46 MKS Instrum MKSI 120.95 -1.07 ConsldComm CNSL 8.81 -0.9 Hillenbrand HI 34.63 0.4 UFP Inds UFPI 62.77 0.5 Costco COST 332.43 -7.57 QuestDiag DGX 120.14 -1.10 AltraIndlMotion AIMC 43.17 -1.3 PGT Innovations PGTI 19.58 -0.1 BancoSantander SAN 2.32 0.09 GeneralDynamics GD 158.85 2.29 MPLX MPLX 19.33 -0.05 ConstructionPtrs ROAD 22.15 1.5 HomeDepot HD 279.37 0.1 USA Truck USAK 11.95 2.4 CoupaSoftware COUP 281.56 -3.62 Quidel QDEL 229.59 -0.10 Amcor AMCR 11.29 -0.2 PJT Partners PJT 60.32 4.9 US Xpress 10.69 4.2 BanColombia CIB 26.62 0.07 GeneralElec GE 6.73 0.06 MSCI MSCI 350.53 -3.78 ConsumersEnerPf CMSpB 113.08 3.9 HorizonGlobal HZN 5.95 21.5 USX AmericanPubEdu APEI 41.09 16.5 PRA Group PRAA 45.83 2.0 UnionPacific 193.89 1.9 Credicorp BAP 129.23 0.39 GeneralMills GIS 62.14 -1.61 CooperT&R CTB 37.21 -1.8 HormelFoods HRL 52.20 -1.1 UNP BankofAmerica BAC 26.92 0.36 MagellanMid MMP 40.92 -0.07 R S AmerSupercond AMSC 12.58 -1.3 PSBusParksPfdZ PSBpZ 26.25 0.3 s CreditAcceptance CACC 518.81 -5.60 Corning GLW 32.84 0.5 Humana HUM 425.46 -1.0 UtdCmtyBksPfdI UCBIO 26.38 -0.3 BankofMontreal BMO 58.26 0.89 GeneralMotors GM 28.52 0.54 MagnaIntl MGA 52.33 1.72 APi Group APG 15.03 -0.1 PTK Acqn Un PTK.U 10.34 -0.6 UnitedRentals 186.78 -3.1 CreditSuisse CS 11.29 0.13 Covetrus CVET 24.99 -2.5 JBHunt JBHT 139.83 0.7 URI BankNY Mellon BK 38.14 0.20 s Genmab GMAB 35.87 -0.18 ManhattanAssoc MANH 91.79 -0.18 RELX RELX 22.38 0.23 AptivPfdA APTVpA 115.26 2.2 Paccar PCAR 91.30 0.6 UnitedHealth UNH 324.57 -1.1 s Cree CREE 73.29 -0.40 CreditAcceptance CACC 539.00 -1.1 HutchisonChina HCM 33.18 1.5 BkNovaScotia BNS 43.73 0.40 Genpact G 41.50 -0.36 ManulifeFin MFC 15.35 0.44 RH RH 304.50 -7.14 ArcelorMittalNts MTCN 32.20 0.4 PacificEthanol PEIX 4.13 8.0 VirtusInvtPtrs VRTS 146.70 0.4 CrowdStrike CRWD 98.16 1.16 Cree CREE 74.72 -0.5 IES Holdings IESC 28.89 2.8 Gentex GNTX 27.45 0.14 ArtisanPtrsAsset APAM 39.87 -0.2 PaciraBioSci PCRX 62.25 -1.7 VistaOutdoor VSTO 22.60 -8.5 Barclays BCS 5.75 0.17 MarathonPetrol MPC 36.95 -0.18 RPM RPM 83.96 0.02 Cummins CMI 215.00 0.9 IllinoisToolWks ITW 199.35 0.3 CrownCastle CCI 161.79 -4.39 AtHomeGroup HOME 16.35 -3.1 PitneyBowes PBI 7.16 -8.7 VivintSmartHmWt VVNT.WS 7.59 -14.7 BarrickGold GOLD 26.25 -2.47 GenuineParts GPC 95.27 1.20 Markel MKL 1093.68 -5.47 RaymondJames RJF 75.89 -0.07 Daseke DSKE 6.67 -4.0 InariMedical NARI 70.40 -9.6 CrownHoldings CCK 73.55 -0.27 AtlasAir AAWW 61.20-0.2 Polaris PII 109.38 1.9 Watsco WSO 241.02 -0.9 BauschHealth BHC 17.66 -0.06 GileadSciences GILD 68.10 -0.41 MarketAxess MKTX 482.79 0.12 RaytheonTech RTX 64.26 0.03 DeckersOutdoor DECK 225.70 2.2 InnovativeIndProp IIPR 118.38 -2.6 CubeSmart CUBE 30.49 -0.16 Avaya AVYA 16.85 5.8 PotlatchDelt PCH 45.88 1.0 Wayfair W 324.81 3.7 BaxterIntl BAX 82.94 -0.16 GSK GSK 41.29 0.35 Marriott MAR 97.01 -0.12 RealPage RP 60.42 -0.05 Deere DE 195.85 1.7 InnovSolSuprt ISSC 7.43 -1.7 s Cummins CMI 212.04 1.87 BHP Group BHP 57.93 -0.6 Procter&Gamble PG 134.74 -0.6 WheelerREIT WHLR 2.60 -5.4 BectonDicknsn BDX 255.00 -1.75 GlobalPayments GPN 170.93 0.67 RealtyIncome O 62.68 0.22 DellTechC DELL 63.19 -0.5 InterDigital IDCC 67.06 -0.5 Marsh&McLen MMC 116.98 0.57 BankofAmPfdLL BACpN 27.00 -0.1 ProPhaseLabs PRPH 4.53 34.5 Whirlpool WHR 180.99 -0.4 CyrusOne CONE 80.57 -2.74 DelphiTechs DLPH 18.09 3.2 iTeosTherap ITOS 30.66 2.8 BeiGene BGNE 209.45 0.06 Globant GLOB 172.58 -3.20 MartinMarietta MLM 225.55 2.14 RegencyCtrs REG 43.50 0.63 BerryGlobal BERY 54.98 0.2 QuantaServices PWR 50.44 3.4 Williams-Sonoma WSM 94.88 -1.0 EchoGlobalLog ECHO 27.36 2.0 JamesHardie JHX 23.70 5.4 Berkley WRB 63.57 -0.81 GlobeLife GL 85.76 0.97 MarvellTech MRVL 34.69 -0.66 RegenPharm REGN 598.86 -9.38 BestBuy BBY 105.59 -0.1 R1RCM RCM 15.79 -0.3 XPEL XPEL 21.00 2.5 D E F Electro-Sensors ELSE 5.00 6.3 JuniperNetworks JNPR 26.49 -2.0 BerkHathwy B BRK.B 212.66 0.08 GoDaddy GDDY 79.04 1.38 s Masco MAS 57.17 -1.16 RegionsFin RF 11.93 0.43 BigLots BIG 49.46 -1.8 RadaElectronic RADA 7.65 1.7 EnvivaPartners EVA 42.85 1.4 KellyServices B KELYB 78.37 158.5 BerkHathwy A BRK.A 319379549.99 DISH Network DISH 35.23 -0.14 GoldFields GFI 11.79 -1.17 Masimo MASI 209.49 -2.14 ReinsGrp RGA 96.01 1.39 BioceresCropWt BIOX.WS 0.64 -0.2 RangeResources RRC 8.72 -3.7 Lows BlackRock BLK 596.51 1.1 ErytechPharma ERYP 13.95 -7.2 Kirkland's KIRK 7.60 -3.0 RanpakWt PACK.WS 2.13 1.0 s BerryGlobal BERY 53.94 0.13 DTE Energy DTE 117.39 -2.84 GoldmanSachs GS 211.06 1.68 Mastercard MA 328.54 5.66 RelianceSteel RS 107.02 0.38 BoozAllen BAH 86.93 1.6 EvokePharma EVOK 6.06 10.3 KuraOncology KURA 21.76 -3.1 RegalBeloit RBC 100.43 1.1 BurningRockBio BNR 21.30 -10.5 s s BestBuy BBY 104.12 -0.10 Danaher DHR 200.01 -2.04 Graco GGG 57.38 2.37 MaximIntProducts MXIM 68.77 -0.14 RenaissanceRe RNR 184.62 -3.22 BrighthousePfdB BHFAO 26.75 -0.3 EvolentHealth EVH 13.52 2.1 L Brands LB 28.17 -2.0 RenewableEnergy REGI 40.14 ... GTT Comm GTT 3.94 -11.6 BeyondMeat BYND 125.50 -1.93 Darden DRI 84.14 2.61 s Grainger GWW 352.92 0.85 s McCormickVtg MKC.V 197.84 -3.45 Repligen RGEN 142.00 -5.81 Broadcom AVGO 333.32 -1.0 Eyenovia EYEN 6.92 38.2 LancasterColony LANC 170.63 0.6 Rent-A-Center RCII 33.40-0.7 GoHealth GOCO 15.38 -11.5 Bilibili BILI 40.34 -0.66 Datadog DDOG 75.68 -0.68 Grifols GRFS 17.99 0.54 McCormick MKC 197.77 -4.05 RepublicSvcs RSG 90.88 -0.01 BroadridgeFinl BR 144.50 4.0 FMC FMC 112.45 -1.1 LandstarSystem LSTR 131.67 0.5 ReplayAcqnUn RPLA.U 10.99 -0.4 HallofFameResort HOFV 5.06 -4.2 Bill.com BILL 84.27 -3.33 DaVita DVA 81.73 -0.87 Grubhub GRUB 73.75 -1.11 McDonalds MCD 205.00 0.88 ResMed RMD 172.98 -2.17 BrookfieldRenew BEPC 48.88 -2.2 FactSet FDS 360.88 -0.1 Lantronix LTRX 5.01 1.2 RitchieBros RBA 59.13 -1.1 HlthSciencesAcqns2 HSAQ 11.26 -1.9 Bio-Techne TECH 261.82 3.92 s DeckersOutdoor DECK 223.32 4.82 GuardantHealth GH 81.62 -4.30 McKesson MCK 151.31 -1.08 RestaurantBrands QSR 55.49 0.72 BrookfieldRenew BEP 46.13 -2.0 FedEx FDX 203.59 -1.8 LennoxIntl LII 278.68 1.4 RocketPharm RCKT 28.27 -1.2 HomologyMed FIXX 10.30 -12.3 FstHorizonPfdE FHNpE 26.24 0.2 LincolnElectric LECO 98.94 1.3 Bio-RadLab A BIO 496.34-10.61 s Deere DE 193.22 3.31 Guidewire GWRE 106.64 -1.14 MedicalProp MPW 19.55 -0.36 RexfordIndlRealty REXR 45.99 -1.15 CabotMicro CCMP 174.87 1.9 Rockwell ROK 238.49 1.2 JustEnergy JE 0.33 -0.4 Calyxt CLXT 8.41 9.0 FirstRepBkPfd FRCpJ 26.10 0.4 LithiaMotors LAD 251.48 3.0 Rollins ROL 55.13 -1.0 LegendBiotech LEGN 30.75 -1.6 Biogen BIIB 289.94-10.32 s DellTechC DELL 61.54 -0.29 HCA Healthcare HCA 131.59 -0.88 Medtronic MDT 100.72 0.34 ReynoldsCnsmr REYN 32.10 -0.91 CanNtlRlwy CNI 103.22 0.4 FocusFinPtrs FOCS 40.99 -3.1 LithiumAmericas LAC 7.65 1.5 RoperTech ROP 445.73 -1.5 NurixTherap NRIX 15.21 -9.5 BioMarinPharm BMRN 116.83 -1.42 DeltaAir DAL 29.64 0.30 HDFC Bank HDB 47.04 0.90 MelcoResorts MLCO 19.98 0.68 RingCentral RNG 283.95 18.53 CanPacRlwy CP 293.87 1.5 Fonar FONR 26.49 1.7 LiveOakBcshs LOB 20.25 0.3 RushEnt A RUSHA 50.92 0.8 OccidentalPetrolWt OXY.WS 3.96 -9.4 BioNTech BNTX 68.45 -5.50 DentsplySirona XRAY 45.81 0.41 s HD Supply HDS 41.71 3.47 MercadoLibre MELI 1100.01-24.30 RioTinto RIO 61.35 -0.26 CarMax KMX 104.83 1.8 FortressBiotech FBIO 3.46 -9.6 LiveRamp RAMP 56.33 -1.0 STAG Indl STAG 34.09 -2.8 Q&K Intl QK 8.53 -4.2 BlackKnight BKI 78.88 -0.20 DeutscheBank DB 9.56 0.14 HP HPQ 18.57 -0.41 Merck MRK 80.91 ... s RitchieBros RBA 57.47 -0.66 CarParts.com PRTS 16.44 2.9 FortBrandsHome FBHS 82.25 0.1 Lowe's LOW 155.42 0.1 Semtech SMTC 63.21 3.1 Quhuo QH 7.23 -4.1

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret EdgewoodGrInst NA ... NA OTC 15.67 -0.23 22.5 Invesco Funds Y TotRt 10.96 -0.02 7.7 CAITAdml 12.40 ... 4.0 WdsrllAdml 62.64 -0.12 -2.2 WndsrII 35.31 -0.06 -2.3 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity Puritn 24.71 -0.24 9.4 DevMktY 44.42 +0.32 -2.6 PIMCO Funds A CapOpAdml r161.89 -1.09 2.6 WellsIAdml 67.91 -0.12 4.2 VANGUARD INDEX FDS e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese 500IdxInstPrem115.74 -0.93 4.4 SrsEmrgMkt 20.87 +0.08 1.2 JPMorgan I Class IncomeFd NA ... 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THE WALL STREET JOURNAL. ** We dnesday, August 12, 2020 | B11 MARKETS Stocks Turn Lower on Stimulus Doubts

BY SAM GOLDFARB much morestringent lock- AND JOE WALLACE downs earlier in the year,” he said. TheS&P 500 snapped a Among gainersTuesday, seven-session winning streak, Norwegian Cruise Line as investorsworried about the climbed 51 cents, or 3.4%, to prospects for a broad corona- $15.64, while JPMorgan virus relief package. Chase advanced $3.18,or Theindexhad opened mod- 3.2%, to $103.82 estly higher and flirted with Earningsseason forthe record levels formost of the largest U.S. companies is in its session, beforepulling back in final innings. Shares of Inter-

the final hour of trading.It S national Flavors&Fra-

ended the daydown26.78 PRES grances fell $5.26,or4%, to points, or 0.8%, at 3333.69. $125.29 afterthe companyre- The S&P is off just 1.5% from TED ported a40% drop in quarterly OCIA

February’s high. SS operating profit. With results

TheDow Jones Industrial /A in from more than 90% of the Averageslipped 104.53 points, companies in the S&P 500, TISER or 0.4%, to 27686.91, while the about 80% have beaten ana- VER technology- lysts’ profit forecasts, accord-

TUESDAY’S heavy Nasdaq AR-AD ing to FactSet. ST

MARKETS Composite In- U Overseas,the StoxxEurope dexslid 185.53 UL 600 jumped 1.7%. Hong Kong’s points, or 1.7%, to 10782.82. Hang Seng Indexsnapped Shares of companies that threedays of losses to rise ELL/HONOL

areparticularly sensitiveto SS 2.1%. Theincrease wasdriven

the direction of the U.S. econ- RU partly by arally in shares of omy—such as banks,energy Macaucasino stocks,which ELLEN

firms,cruise operatorsand Y jumped afterthe semiautono- airlines—had helped pull in- mous territory’sgovernment CIND dexeshigher formuch of the Stocks in beaten-down sectors like cruises have done better lately. Norwegian Cruise Line shares rose 3.4% on Tuesday. eased quarantine requirements session. Stocks,however, forvisitorsfrommainland broadly turned loweronre- ruscases also continued to Indexperformance, Tuesday viewedashavens during times China. portsthat lawmakersre- showsigns of abating,with of economic or financial Elsewhere, Japan’sNikkei 6% mained at an impasse over the U.S. reporting fewer than stress. 225gained 1.9%, while the economic aid following Presi- 50,000 new cases for the sec- Thepriceofgold fell 4.5% Shanghai CompositeIndexlost dent Trump’sexecutiveac- ond day in a row Monday. to $1,932.60 a troy ounce, its 1.2%. tions on joblessbenefitsand Analystsattributed arecent biggest one-daypercentage —Frances Yoon and Xie Yu other relief over the weekend. uptick in stocks in beaten- 4 decline sinceMarch. Theyield contributed to this article. “The U.S. fiscal stimulus is down sectorspartly to the de- on the benchmark 10-year U.S. absolutely critical to keeping cline in coronavirus cases, as Treasury note rose to 0.657% market momentum positive,” well as arun of better-than- from 0.573% Monday, marking AUCTION RESULTS Here are the results of Tuesday's Treasury auctions. said Nicholas Brooks, head of expected economic data. 2 itslargest increase sinceJune. All bids are awarded at a single price at the market- economic and investment re- Those gains,though, have cor- Yields rise when bond prices clearing yield. Rates are determined by the difference Nasdaq Bank Index between that price and the face value. search at IntermediateCapital responded with aslide in tech fall. 52-WEEK BILLS Group.“Marketsare assuming stocks, a reversal of what has Investorsare still con- Applications $116,749,087,400 Accepted bids $37,997,082,800 that ultimately Congress will been apopular trade in recent S&P500 Airlines cerned by apickup in infec- 0 " noncompetitively $228,940,800 come through with apackage, months fueled by abelief that Industry tionsinpartsofEurope that " foreign noncompetitively $0 and that there’salot of brink- those companies arerelatively had appeared to bring the vi- Auction price (rate) 99.858444 (0.140%) manship going on.” shielded from the pandemic’s S&P500 rus under control. Coupon equivalent 0.142% “Ifwedon’t getadeal, I economic damage. “It’shardfor marketstodi- Bids at clearing yield accepted 87.91% Nasdaq Composite Cusip number 9127964B2 thinkmarketswill correct “It’saveryhealthysign -2 gest the conflicting newsflow” The bills, dated Aug. 13, 2020, mature on Aug. 12, 2021. quite quickly,” he added. that the market has broadened on the virus in different re- 9:30 a.m. noon 4p.m. THREE-YEAR NOTES Earlier in the session, in- out and we’renot just being gions,said Hugh Gimber, Applications $145,783,845,000 vestor sentiment had been ledbyahandful of stocks,” Source:FactSet global market strategist at J.P. Accepted bids $76,548,181,000 " noncompetitively $30,710,100 buoyedafter Mr.Trump said said BruceBittles,chief in- MorganAsset Management. " foreign noncompetitively $105,000,000 late Monday that he was con- vestment strategist at Baird faster than it wasafew Signs of ashiftininvestors’ Onepositivefor the world Auction price (rate) 99.838798 (0.179%) sidering acut to the capital- Co. months agoand the second thinking were also reflected in economyisthat local lock- Interest rate 0.125% gains taxand paring taxesfor Thereis, he added, a“grow- wave of the virus didn’t do as atough session forgold and down measures “havehad a Bids at clearing yield accepted 92.32% middle-income families. ing confidence that the econ- much harm as was previously U.S. government bonds—as- lessstriking impact on mobil- Cusip number 91282CAF8 The notes, dated Aug. 17, 2020, mature on Aug. 15, Arecent surge in coronavi- omy is healing maybe a little feared.” setsthat aretraditionally ity and spending datathan the 2023.

placed by the pandemic,” said Cotton, BaraniKrishnan,commodities Expectations of Duty-Free Boom analyst with Investing.com. “Juxtapose that with the anec- Sugar dotally higher consumption of coffee by those stuck at home, Drive Up Chinese Tourism Shares and you have a potent recipe Rally for demand, despite the drop in sales at Starbucks and BY XIE YU Dunkin’.” ContinuedfrompageB1 Thegradual weakening of Chinese tourism stocks are ducing 59 million bags of cof- thedollar is another factor flying high, thanks to abet by feeand 647million metric lifting softcommodities.A investorsthat travelerswill tons of crushed sugar cane in weaker dollar makes it more sticktodomestic excursions 2019,according to datafrom affordable forimporting na- duetothe pandemic and take the U.S. AgricultureDepart- tions to buy commodities advantageofrelaxed duty-free ment. India produces roughly priced in the U.S. currency. rules. 350 million tons of sugar cane The dollar just posted its While the pandemic means and 29.3 million 480-pound worstmonth in nearly ade- the global travel industryisin bales of cotton, the USDA said. cade on the ICE Dollar Index, direstraits, holiday-making in- Brazilian authorities warn pushing traderstocut back on side China is recovering be- that even though the country’s betsthat soft-commodity cause the countrymoved fast largest port, in Santos,São prices will fall. to suppressthe novel corona- Paulo,has handled arecord Speculativeinvestorsin- virus.That has allowed China’s tonnageofcargo this year,the cluding hedge funds cut their economytoreturn to growth 11% gain over last year came shortpositions in avariety of in the second quarter—and from higher soybean demand soft commodities in the week made Chinese sales a bright S from Chinaand they expect ended Aug.4,according to spot formanyU.S.companies. PRES the pandemic to eventually hit datafromthe Commodity Fu- State-backed China Tour- ZUMA

cargo volumes. tures Trading Commission. ism Group Duty Free Corp. A/ “The figuresrevealedby Short positions in sugar were surged 141% in Shanghai this the Port of Santos do not yet down by nearly 10,000 con- year,helping fuel a19% rise in KI/DP reflect the world-wide health tracts,cocoa shortswerecut the CSITourism Thematic In- OWS BK

crisis,but the trend is forthis by more than 7,000 contracts dex, whose constituents in- DA

scenario to changeand forthe and coffee shortsfell by more clude operatorsofscenic OR

coming months to showthe than 19,000 contracts. spots, travel agencies and ho- WIKT effectsofCovid-19 on some It was the second consecu- tels.The smaller Caissa Tosun Tourists in Hainan province will be able to spend triple what was previously allowed on tax-free goods. cargo,” said Fernando Biral, tiveweek that the CFTC re- Development Co.has gained presidentofthe Santos Port ported abig unwinding of 78%, aided by itsown plans to Outside of duty-free retail, June 30,only 79% of hotels un- dentsconsidered even domes- Authority, in June. shortbetsbymajor inves- tapopportunities in the duty- the gains have been lesseven. der itsEuropean-focused tictrips risky. Outbound trips, Situations likethat have tors—who arenow net long in free business. Forexample, Shanghai Jinji- Deutsche Hospitality subsid- to destinations outside main- manyinvestorsanticipating all soft commodities. That in- In contrast, the StoxxGlobal angInternational Hotels De- iarywereopen. Huazhu’sU.S.- land China, Hong Kong or that supply constraintswill dicates investorsare anticipat- 1800 Travel &Leisureindex, a velopment Co., which focuses listed shares aredown8.5%in Macau, were seen as riskyby runupagainst pent-up de- ing that prices forthese com- broader global gaugethat in- on budget hotels in the Chi- the year to date. 79% of respondents. mand from nations further modities will rise going cludes ownersofairlines,casi- nese mainland, is up more Even inside China, travel re- Some investorssee room intotheir recoveries.That forward. nos,cruise lines and restau- than 65% this year.Meanwhile, mains belowpre-pandemic lev- forfurther gains in Chinese could driveprices forsoft- “With the weakness of the rants, lost morethan 22.9% upmarket rival BTGHotels els.While the airline industry travel stocks. commodity futures even dollar,that caught them this year. (Group) Co.isdown5%. Nate has recoveredsomewhat since TomMasi, co-portfolio higher. short,” said Jonathan Park- One powerful driver of the Deng,lodging and tourism an- February, the aviation author- manager of the Emerging “Coffee prices aregoing man, joint head of agriculture rally is that Chinese travelers alyst at China RenaissanceSe- ity said the number of travel- Wealth Equity Strategy fund at through the roof because of forLondon-based brokerage cannow spend biggersums curities,said BTGwas hurt erstaking domestic flightsin GW&K Investment Manage- the strains on itssupply chain Marex Spectron. tax-free on goods including partly by itsheavy exposureto June wasstill down morethan ment in NewYork,said travel- cosmetics and mobile phones Beijing.The capital has ad- related stocks offered some of without traveling abroad. opted stricter travel restric- the most attractivepotential In June,authorities more tionsthan elsewhereinthe ‘The pandemic has investment returns over the than tripledthe annual limit countrytocontain the virus. next one to three years. Mr. on duty-free purchases in Hai- Sherwood Zhang,aportfo- caused pent­up Masi said hisfund increased nan, thesouthern island prov- lio manager at Matthews Asia, demand for itspositions in Huazhu, Chi- ince, to 100,000 yuan ($14,360) said investorspiled intotour- nese online travel agent aperson, and widened the pro- ism and duty-free companies, traveling.’ Trip.com,and Macau casino gram to include moreproducts expecting domestic travel in operator Sands China Ltd. GES such as electronics. China would recoverfaster He said sinceglobal stock IMA Billy Ng,analyst with BofA than elsewhere. marketscrateredinMarch,

GETTY Securities,said the changes in “The pandemic has caused 35% from the same time ayear Huazhu outperformed U.S. rival

SE/ Hainan suggested China pent-up demand fortraveling,” earlier. MarriottInternational Inc. wanted to win market share Mr.Zhang said. “A lot of peo- PreliminaryJuly datafrom “Webelievethat Huazhu from places such as South Ko- ple were betting that with in- STR, ahospitality dataspecial- has performed betterbecause ANCE-PRES rea, whereannual duty-free ternational traveling remain- ist, shows hotel occupancy Chinaisahead of the U.S. in FR revenues areroughly $18 bil- ing dismal, traveling and ratesat56% and revenue per terms of controlling the virus,”

GENCE lion. China is amajor source of shopping within China would available room, astandardho- Mr.Masi said, highlighting a

/A global duty-free revenues. boom.” tel-industrymeasure, down similar gapbetween Sands

TINS Aclampdown on daigou,or In an illustration of the gap, 24%year over year at about China and itsparent company,

MAR middlemen who buy goods the hotelier Huazhu Group 242yuan per night. LasVegas Sands Corp.“We

EL abroad and resell them in Ltd. said 97% of itsdomestic AJuly survey of mainland also believe China is more FA China, is also likely to fuel hotels reopened in the three Chinese residentsbyBofA Se- likely to return to normal ear- RA Coffee futures have climbed 14% to $1.12 a pound in the past month. moredomestic duty-free sales. months to June,while as of curities found 28% of respon- lier,” he said. P2JW225000-0-B01200-1------XA

B12 | We dnesday, August 12, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Qualcomm’s 5G Call Finally Connects

Settlement with Huawei removes last major legal cloud, and Apple’s iPhone will boost chip sales

Qualcomm has been touting 5G News of the deal brought cheers, new5Gdeviceslast Wednesday iPhone expected to launch in Octo- surge of 39% next year,according to to anyone who would listen forthe sending Qualcomm’sstock priceup that areusing Qualcomm’slatest ber.Asimilar dynamic might have FactSet. Thechip segment typically past few years. Nowmorethan a 15% the next day. But Qualcomm re- Snapdragon application processors. driven the Huaweisettlement, accountsfor morethan three-quar- few have perked up their ears. mains at a16% discount to the PHLX Google said last Mondaythat it will though Qualcomm will need an ex- ters of Qualcomm’stotal revenue. Thechip maker’s fiscal third- Semiconductor indexasamultiple be adding 5G to at leasttwo of its port license from the U.S. govern- Therisk,ofcourse,isthat 5G de- quarter report on July 29 excited in- of forwardearnings. And it has ment to ship to the embattled Chi- mand remains low. Coverageacross vestorsinaway that few others sharply underperformed chip-indus- nese smartphone giant. Not networks is still limited, and 5G have.The resultsincluded the sur- trycompetitorsoverthe longer term Thecompanyisback into coincidentally,the company is al- phones canbeanexpensivepropo- prise announcement that Qualcomm as growing legal and regulatory ready lobbying the U.S. government sition in aweakened economy. had finally settled adisputeover challenges hung over the company. Apple devices, starting to ease itsrestrictions on Huawei. And, likepast wirelessnetwork patent royalty rateswith Huawei TheHuaweisettlement—and an withthe first5GiPhone Stacy Rasgon of Bernstein, who evolutions,the shiftto5Gwill hap- Technologies,now the world’slarg- appellateruling Tuesdaythat upgraded Qualcomm to a buy rat- pen regardless. While Qualcomm’s est seller of smartphones by market throwsout acase brought by the expected in October. ing following the third-quarter re- official projection of 175million to share. Thedisputefirst surfaced in Federal Trade Commission—re- port, estimates that a Huawei chip 225million 5G phones sold this year mid-2017, around the time that moves the last of those worries. deal could add 30 cents a share in might seem high, the midpoint is Qualcomm’spitched legal battle Thecoming months should also earnings for Qualcomm, which is lessthan 17%ofresearch group In- with Apple washeating up.But the produceadditional catalyststo Pixelsmartphone models this fall. projected by Wall Street to earn ternational DataCorp.’sofficial pro- settlement of that case last year keep taking Qualcomm’sshareprice Butthe big one is Apple.The $6.35 a share in the fiscal year jection of 1.2 billion totalsmart- didn’t bring resolution of the Hua- higher.The company’sstrong,early need foracompetitive5Gmodem ending September 2021. phones sold this year.Apple’sentry weimatter, and the worsening of position in 5G has made itsmodem drovethe company’ssettlement Even without that, 5G demand is intothe market will likely bring the trade disputebetween the U.S. processorsintomust-havesfor with Qualcomm last year.That expected to help driveQualcomm’s along manyofits moredevoted fans. and China sincethen made the pos- smartphone makerslooking to stay bringsQualcomm back intoApple chipset revenue up 10% to $16.1 bil- This time, Qualcomm will be sibility of asettlement seem remote. competitive. Samsung unveiled four devices,starting with the first5G lion in this fiscal year and spark a along for the ride. —Dan Gallagher

Weekly volume of purchased business-travelitineraries, Estimatedbusinesstravelspending, change from ayearearlier in 2020 beforeCovid-19* Acquisition of Anadarko 75% Europe 50 Casts a Long Shadow 2018 25 Asia- 2019 Pacific 0 On Occidental North -25 America -50 The unflattering saga of Occiden- time as aseller—the company’s Latin talPetroleum’s outsize, overlever- chief financial officer said on its -75 America aged acquisition of AnadarkoPetro- Tuesdayearningscall that it will -100 2020 Middle East leum last year is probably one that look at pushing bond maturities -Africa Chief ExecutiveOfficer Vicki Hollub back by tapping capital marketsin -125 would rather forget. Last quarter’s lieu of a“fire sale.” That option 15 10 15 20 25 30 $0 trillion 0.51 5earningsshowthat the reminders looksexpensive, even in today’s *Includes spending on hotelrooms, air and ground transportation, restaurantpurchases and entertainment, almost none of this expenditureislikely to happen. will linger forquiteawhile. low-rateenvironment, given the Source:Coupa Software (itineraries); Global BusinessTravelAssociation (estimatedspending) Occidental reported that total perceived riskinessofOccidental’s revenue in the quarter ended June junk-rated debt. Similar steps ear- 30 wasjust under $3 billion, lier this year added to the com- Corporate-Travel Outlook Dims roughly 75%ofwhat analystshad pany’sultimateinterest burden. expected. Itsnet losswas $8.4 bil- Buried under all those borrow- lion as the companytook impair- ingsare some attractiveassetsthat ment chargesofroughly $6.6 billion. should generatecash in the longer The most distressing memento term, if and when oil prices recover. Forecasts on a permanent reduction in business trips are gloomy of the hard-fought deal is Occiden- Buying Anadarkoeffectively dou- tal’s gigantic debt burden. Net bled Occidental’sproduction rates, long-term debt, at $36 billion, is S&P Global Ratingsnotes. Airline and hotel executives software have more than doubled. much as a quarter. GBTA polls re- now more than twice the com- But the other side of the balance don’t ask themselves whether cor- How much of the business-travel veal 60% of European corporate pany’s market capitalization and it sheet is most on investors’ minds. porate travel will be permanently market could be lost forever? travelers travel more than four has roughly $10 billion of it com- Occidental’sshares aredownmore reduced due to Covid-19. They ask “It’s probably a permanent 10%- times a year, with 32% of trips ing due between now and 2022. than 63% year to date—a much themselves by how much—and the to-15% impact in the medium- to dedicated to visiting their com- While Occidental notes that it steeper drop compared with the forecasts look scary. longer-term,” Sébastien Bazin, pany’s offices in another city. The has $1 billion of cash and $5 billion broader industry’s42% decline. While tourism is making a timid chief executive of French hospital- temptation to trim such spending it canborrow under itsrevolving Thecompanymight need to con- comeback, business travelers are ity group Accor, said last week. will be strong, particularly given credit facility,those look likeflimsy tinue issuing discounted stock to still nowhere to be seen. In the “We can substitute different of- that finance departments have solutions to itspotential liquidity Warren Buffett’s BerkshireHatha- last week of July, itineraries pur- fers, but we have to be lucid.” tasted the windfall. needs.Divestitures areanoption, way to paycoupons on preferred chased by corporations were down Big hotel chains typically make In the past three months,81 though Occidental’sapproach is shares used to secureAnadarko. 97% from a year earlier, according most of their profits from business earningscalls have referenced afall slightly concerning: To avoid mak- The bold deal will be an alba- to Coupa Software, a business- travelers. Similarly, full-service in travel expenses and none men- ing another rushed decision—this tross for years. —Jinjoo Lee spending management firm. airlines are profitable because of tioned an increase,according to The spending lost in airfares, the markup they are able to charge transcriptscompiled by FactSet. In NetdebttoEbitda*ratio as of June 30 hotel bookings, restaurants and for premium cabins on interna- normal times,both getequal—al- entertainment around the world in tional routes. though far lessfrequent—mentions. Occidental Petroleum 2020 will probably amount to Corporate fliers make up 15% of To be sure, the trend can be ex- north of $2 trillion, based on pre- passengers, but 40% of revenues aggerated. Futurologists expected pandemic estimates by the Global and as much as three-quarters of remote working to disrupt corpo- Exxon Mobil Business Travel Association. Its airline profits in some flights. Ger- rate travel when high-speed inter- polls find 10% of companies have man carrier Lufthansa wants to net was adopted 15 years ago. In- Marathon Oil definite plans to green-light inter- make up for some of the lost busi- stead, the role of personal national travel in the next one to ness with a brand called Ocean relationships in a more services- three months. That suggests 2021 that will pitch international routes heavy economy strengthened the Chevron could also be mostly a lost year. to tourists. Yet the ill-fated at- importance of megacities. What truly troubles investors, tempts of Norwegian Air Shuttle Yet even a small decline in cor- though, is that companies’ em- to exploit the low-cost long-haul porate spending will make it diffi- ConocoPhillips brace of technology could prove market suggest many routes may cult for full-service airlines and durable. Silicon Valley videocon- simply be unfeasible without hotels to regain their former size, EOGResources ferencing darling Zoom doubled strong corporate demand. long after tourism returns to nor- its revenues this year. Users of Some analysts, such as Mark mal. Video won’t kill the travel 0times 1234 Cisco’s Webex and Microsoft’s Manducaat Citi Research, believe star, but it could certainly dim it. *Earnings beforeinterest, taxes, depreciation and amortization Teams workplace collaboration business travel could shrink by as —Jon Sindreu Source:S&P Global Intelligence SoftBank Move Should Raise Eyebrows OVERHEARD

Should youpay $50 to buy abox Share-priceperformanceof ended in June, after posting an in- containing $100? There’sacatch: SoftBank and itsmajor investments vestment loss last fiscal year, in Even with a subject as serious The stock rose as high as 1.95 Thevalue of money in the boxfluc- part due to the WeWork debacle. as freedom of the press, a Hong Hong Kong dollars (25 U.S. cents) 60% tuates and youcan’t take it out. Buybacks and rising asset val- Kong story wouldn’t be complete in intraday trading Tuesday and Investors have been answering T-Mobile ues are good news, but SoftBank’s without an opportunity to send a closed at HK$1.10, its highest 40 yes to a similar question on Soft- SoftBank decision to set up something akin small-cap stock’s price into the level in more than seven years, up Bank’s stock, which trades at a big to an in-house hedge fund will stratosphere. 1,150% this week. discount to its net assets, this 20 raise investor eyebrows again. The Next Digital, the company The company’s market capital- year. But they may have second Alibaba company said it would set up an founded by pro-democracy busi- ization now stands at around thoughts after the company’s lat- 0 investment management subsid- nessman and Apple Daily news- HK$2.9 billion ($374 million), est plan to set up an in-house in- iary to manage $555 million in ex- paper proprietor Jimmy Lai, has more than USA Today owner vestment arm. cess cash. Investments would in- soared since his arrest Monday, Gannett’s $241.26 According to itscalculations, -20 clude publicly traded stocks like as driven seemingly by political well- million. SoftBank’sshares aretrading at Amazon.com and Facebook, as wishers rather than any underly- Some other minor firms asso- around a50% discount to itsnet as- -40 well as derivatives like call options ing financial logic. ciated with the protest move- sets, including stakes in Chinese e- on Alibaba. What makes matters Hong Kong’s stock market is ment were carried higher: Media commerce giant Alibaba,wireless -60 worse is Masayoshi Son, Soft- known for sudden surges in firm Most Kwai carrier T-Mobile and British chip Jan. 2020 Aug. Bank’s chairman, will own a third stocks which Chung and retail designer Arm Holdings.That dis- of the subsidiary, leading to a po- seem to firm Mi Ming count narrowedthis year as Soft- Source:FactSet tential conflict of interest. That have little Mart Holdings Bank’sstock rose 34% to levels last may not be a big amount at the practical are respec- seen during the dot-com bubble. It unveiled ¥2.5trillion of buy- moment, but it is a red flag for the reason to tively up by SoftBank’sdecision to sell or backs this year,ofwhich ¥1trillion company’s corporate governance. rise, but the 204% and S

monetize ¥4.5trillion ($42 billion) wascompleted. It has repurchased As with the example of the $100 cause is 179% this PRES worth of assetstobuy back shares bonds and paid down debt. box, investors will be more willing rarely an week. and redeem debt has been the The rally in technology stocks to pay up if they know where the outbreak of ZUMA main driver.OnTuesday, the com- has led to a turnaround in Soft- money will go and how the returns political panysaid the asset monetization is Bank’s $100 billion Vision Fund. will be distributed. SoftBank’s lat- support.

mostly done,which includes selling The fund reported an investment est investment project will work CHUNG-REN/ U

two-thirds of itsT-Mobile holdings. gain of ¥297 billion for the quarter against that. —Jacky Wong LIA