Shutdown Pounds Stores, Factories

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***** THURSDAY,APRIL 16,2020~VOL. CCLXXV NO.89 WSJ.com HHHH $4.00

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What’s Shutdown Pounds Stores,Factories Retail sales plunge a purchases at stores,gasoline sta- duction—ameasureoffactory, U.S. retailand food-services sales,monthly change News tions,restaurants, barsand on- utility and mining output, record 8.7%, industrial line, fell by aseasonally adjusted which includes oil and natural- 6% output falls at steepest 8.7% in March from amonth gasproduction—fell aseason- RECESSION Business&Finance earlier, the biggest month-to- ally adjusted 5.4% in March, its 4 rate since the 1940s month decline sincethe records biggest monthly drop since began in 1992, the Commerce 1946.Manufacturing output, 2 losed malls,restaurants, BY HARRIET TORRY Department said. Sales at cloth- thebiggest component of in- 0 Cfactories and mines AND SARAH NASSAUER ing stores plunged by morethan dustrial production,decreased pushed down U.S. retail 50%, while spending on motor 6.3% from the prior month, also –2 spending by arecordamount WASHINGTON—Closed vehicles,furniture, electronics the biggest drop sincethe end last month, while industrial malls,restaurants, factories and andsporting goods fell by dou- of World WarII. –4 output plunged at the steep- mines pushed down U.S. retail ble digits. Meanwhile,ameasureof est rate in over 70 years. A1 spending by arecordamount In asign of retailers’ strug- U.S. home-builder confidence –6 last month, whileindustrial gles,J.C.Penney Co.said collapsed at arecordrate, with  Some small businesses output plunged at the steepest Wednesdayitskipped an inter- the National Association of –8 aredeciding to close up rate in morethan 70 years, ac- est payment owedtobondhold- Home Builderssaying itshous- shop forgood, as govern- cording to reportsonthe eco- ers, asteptoward apossible PleaseturntopageA2 –10 ment relief effortsare either nomictoll of the coronavirus bankruptcy filing. 1992 2000 ’10 ’20 toolateincoming or won’t pandemic released Wednesday. TheFederal Reservesepa- J.C. Penney skips payment to provide enough cash. A1 Note:Seasonally adjusted Retailsales,ameasureof rately said U.S. industrial pro- bondholders...... B1 Source:Commerce Department  J.C. Penneysaid it skipped a$12 million interest payment owedtobondholders Armed Against Virus, South Korean Voters Defy Pandemic and that it is evaluating Executives strategic alternatives. B1  Big banks’ trading desks sawtheir strongest resultsin Tell Trump yearsduring the firstthree months of 2020,one of the few bright spotsinotherwise Testing Is bleak financial reports. B1  Goldman’sprofit sank 46% in the firstquarter. Inadequate Citigroup’searningsalso dropped 46%, while Bank of America’sdeclined 45%. B10 To Reopen  U.S. stocks fell as investors weighed the pandemic’seco- BY MICHAEL C. BENDER nomic toll. TheS&P 500,Dow AND ANDREW RESTUCCIA and Nasdaq lost 2.2%, 1.9% and 1.4%, respectively. B11 WASHINGTON—Banking and financial-services executives  Financial heavyweights told President Trump his ad- including Morgan Stanley, ministration needs to increase Citadel Securities and Black- dramatically the availability of Rockare exploring changes coronavirus testing beforethe to the U.S. stock market’s public would be confident circuit breakers. B10 enough to return to work,eat  Occidental Petroleum has at restaurantsorshop in retail elected to payaquarterly establishments, people familiar $200 million payment it owes with the mattersaid. Buffett’sBerkshireinshares, Thepush formoretesting asign of financial strain. B1 came in the firstoffour Wednesdayphone calls Mr.  Apple introduced a Trump held with businessexec- lower-priceiPhone, aiming utives on hisnewly formed task to revitalizeits biggest fran- forcetoreopen the economy. chise by targeting abroader Thepresident has been in- group of potential buyers. B4 tensely focused on the topic

HONG-JI/REUTERS amid increasingly dire eco-

World-Wide KIM nomic data; Wednesday TALLIED:National Election Commission officials counted ballots in Seoul afterSouth Korean voters on Wednesdayturned brought reportsthat retail sales out to choose the country’s 300-seatNational Assembly,inthe world’sfirst major national election during the pandemic.A8 and U.S. industrial production  Banking and financial- dropped significantly in March. services executives told No potential dates for eas- Trump his administration ing coronavirus restrictions needs to dramatically boost were discussed, and no follow- the availability of coronavi- Virus Surveillance ClashesWith Privacy up meeting wasscheduled. rustesting beforethe public Thetask force, known formally would be confident enough as the Great American Eco- to return to work,eat at res- nomic Revival Industry taurantsorshop in stores. A1 Governments use technology to track and monitor individuals; concerns about overreach Groups,includes morethan  Germany will begin re- 200businessand political opening its economy next leaders, who have been di- week after spending a BY LIZA LIN IN SINGAPORE technologyintended to bolster defenses videdintosmaller groups month in a partial lock- AND TIMOTHY W. MARTIN IN SEOUL against the novel coronavirus.Yet some pri- based on their industry. down, Merkel said. A7 THE vacy advocates arewary, concerned that gov- Germanywill start reopen- In South Korea, investigatorsscansmart- ernmentsmight not be inclined to unwind ing itseconomynextweek af-  Asmall-business loan CORONAVIRUS program designed to back phone datatofind within 10 minutes people such practices afterthe health emergencyhas terspending amonth in apar- who might have caught the coronavirus from PANDEMIC passed. tial lockdown, Chancellor workers’ payhas exhausted someone they met. Israel has tapped itsShin Authorities in Asia, wherethe virus first Angela Merkel said on Wednes- most of itsfunding,raising Bet intelligenceunit, usually focused on ter- emerged, have led the way.Manygovern- day, hoursbeforeVolkswagen pressureonU.S.lawmakers rorism, to track down potential coronavirus College-admission exams ments didn’t seek permission from individuals AG, the country’sleading car to reach adeal on the next patientsthrough telecom data. One U.K. po- look to go online, A3 beforetracking their cellphones to identify maker,said itsEuropean facto- round of economic aid. A4 liceforce uses drones to monitor public areas, suspected coronavirus patients. South Korea, ries would resume production  Trump threatened to Outbreak on Roosevelt is shaming residentswho go out forastroll. China and Taiwan, afterinitial outbreaks, as early as next week. adjourn both chambersof linked to flightcrews,A4 TheCovid-19 pandemic is ushering in a chalked up early successes in flattening infec- Thepeople involved in the Congresssohecan appoint Family recounts an early nominees forkey postswith- newera of digital surveillanceand rewiring tion curves to their use of tracking programs. firstcall with Mr.Trump in- the world’ssensibilities about dataprivacy. victim’slastdays, A6 In Europe and the U.S.,whereprivacylaws PleaseturntopageA7 out Senateconfirmation. A3 Governmentsare imposing newdigital sur- Danish schools reopen, A7 and expectations aremorestringent, govern-  NewYork’sgovernor said veillancetools to track and monitor individu- mentsand companies aretaking different ap-  Germany plans to start he wassigning an order re- als.Manycitizens have welcomed tracking PleaseturntopageA9 reopening economy...... A7 quiring people to wear a facecovering when in apublic setting.World-wide,con- Pros Battle firmed cases of the corona- Small Businesses Opt virus passed two million. A6  The U.S. suspects China Rookies in PerIDC’s might be secretly conducting To Close Despite Aid latest annual marketshareresults, nuclear testswith very lowex- Home Offices plosivepowerdespiteBeijing’s BY RUTH SIMON tion struggle to hang on, some assertions that it is adhering iii small businesses aremaking Oracle is the #1 to an international ban. A16 Longtime remote Thefederal government is the tough decision to close up Enterprise Applications vendor in  A Pentagon watchdog’s pouring hundreds of billions of shop forgood. Operating on report concluded that few workersare fedup; dollarsintosaving small busi- thin margins and with modest actual problems occurred in nesses,but the effort came too cash cushions even in the best awarding the JEDI cloud- ‘I washerefirst’ latefor MoviE-TownCinemas. of times,small businesses can North America computing contract, which Ticket sales had already be particularly vulnerable in a based on marketshareand revenue. waswon by Microsoft. A3 BY JENNIFER LEVITZ been declining at the indepen- downturn. Government-relief dent theater in Elizabethtown, efforts,including a$350 billion  Military officials are in- Greg Baker has worked from Pa., when the state’sgovernor small-businessloan fund de- O S creasingly certain that an A home in Kansas City,Mo.,for ordered nonessential busi- signed to coverpayrolls and R L aircraftcarrier’s coronavirus E I A N outbreak wassparked by the about six years, taking inbound nesses to close last month to other expenses foreight weeks, S calls foraFedEx call center.He reducethe spread of the coro- areeither toolateincoming or C F T S vessel’sflight operations. A4 O U A L R tackled everydistraction. He navirus.Lessthan three weeks won’t provide enough cash, I P M C T unpluggedthe doorbell. He later,the 21-year-old theater some businessownerssaid. E E S CONTENTS Life & Arts...... A10-11 shut thedoor to the room had permanently ceased opera- Plenty of small businesses Banking &FinanceB10 Markets...... B11 BusinessNewsB3,5-6 Opinion...... A13-15 wherehis teenageson’stwo tions. “Thereweresomanyun- were struggling beforethe pan- IDC Worldwide Semiannual SoftwareTracker, April 2019,results for CY2018. Capital Account.... A2 Sports...... A12 petbirds live. He told friendly knowns,wedecided to shut demic hit. Otherssaid they had North America is the USAand Canada. Enterprise Applications refer to the IDC markets CRM, Engineering, Enterprise Resource Management Crossword...... A12 Technology...... B4 neighborstoavoid stopping by down,” said Glen Sponaugle, promising futures,but couldn’t (including HCM, Financial, Enterprise Performance Management, Payroll, Equities...... B7 U.S. News...... A2-3 during work hours. vicepresident of Room One come up with the cash needed Procurement, Order Management, PPM, EAM), SCM, and Production and Heard on Street.B12 Weather...... A12 Then came the daylast Corp., MoviE-Town’sowner. to sustain operations or didn’t Operations Applications. month when his wife, Cindy MoviE-Town, an eight- want to take on additional debt. > Baker,said, “OK,Greg, I’m screen theater housed in what Thetoll is likely to grow in coming home.” wasonceacar dealership,is the coming weeks as small- She is the chief external af- among the early financial casu- businessowners staredown fairsofficer forthe Kansas City alties of the pandemic,which PleaseturntopageA4 Area Transportation Authority, haskilled morepeople in the oracle.com/applications s 2020 Dow Jones & Company, Inc. All Rights Reserved which told staff to work from U.S. than in anyother country.  Small business aid funds are PleaseturntopageA9 As companies acrossthe na- nearly exhausted...... A4 P2JW107000-4-A00200-1------XA

A2 | Thursday, April 16, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS

CAPITAL ACCOUNT | By Greg Ip U.S. WATCH Epidemiology Meets Economics 2020 CAMPAIGN Warren, After Delay, Endorses Biden Therising quickly other people arein- Costsand Beneﬁts economistsyields athree- economic toll fected by each infected per- year lossof$7. 5trillion. Sen. Elizabeth Warren en- Economists expect GDP to run well belowits pre-pandemic of pandemic- son, and what proportion of dorsed Joe Biden as the pre- baseline forthe next three years, while lockdowns appear to induced shut- the infected will recover. he death estimates are sumptiveDemocratic presidential have savedthousands of lives. downs is fuel- Those models canthen be en- also uncertain. If fatal- nominee, the lastofhis top ing suspicions riched with moregranular T 2020 rivals to do so. Economists’GDP projections Estimateddeaths ity rateshavebeen that govern- dataabout geographic and due to Covid-19 overestimated, then baseline Ms. Warren, of Massachu- ment leadersare listening too demographic subpopulations. estimates of two million setts, ended her presidential bid much to epidemiologistsand AlessandroVespignani, di- Median estimate,January Without mitigation measures deaths maybetoo high. Mr. in early March after much of the not enough to economists. rector of the Network Science Median estimate,April With mitigation measures Vespignani said it isn’t likely Democratic Partybegan coalesc- That’sunderstandable.Yet InstituteatNortheastern Uni- $26trillion (annualized) 2million to changemuch, as epidemi- ing around Mr.Biden. She didn’t if economistswereincharge, versity,heads ateam that has ologistsare reasonably confi- immediately back either of the the policyresponse probably modeled the spread of 90% dent about the plausible tworemaining topcontenders: Mostoptimistic estimate wouldn’t be much different. Covid-19 and numerous previ- conﬁdence rangeoffatalityrates.But he Mr.Biden and Sen. Bernie Sand- While epidemiologistsand ous pandemics.Its model di- interval said epidemiologistsknowa ers of Vermont, who ended his economistsstudy different vides the U.S. intosegments 22 1 lot lessabout Covid-19 than bid lastweek and endorsed the problems,their approaches of 10 squaremiles,integrates the fluorEbola. Forexample, former vicepresidentonMonday. Midpoint aresimilar,with aheavy reli- airline traffic and commuting estimate they don’t knowthe propor- Some Democratshave floated anceonstatistics and an patterns,and adds restric- tion of asymptomatic infec- Ms. Warren as acontender for awarenessoftrade-offs. tions such as school closures tions,which affectstransmis- Mr.Biden’srunning mate.Hehas Epidemiologistsknowthat as they areimplemented. Mostpessimistic sion rates. said he would pick awoman to 18 0 extensivesocial distancing is But the biggest gapinour join him on the Democratic ticket costly,interms of forgone he benefit of mitigation 2020 ’21’22 April 15 April 30 May31 knowledgeinvolves the costs and is looking to vetsix to eight wages, damagetophysical measures canbede- Sources: WSJeconomists’survey &calculations (GDP); AlessandroVespignani, Northeastern and benefitsofindividual candidates. and mental health, and harm T University(deaths) —Joshua Jamerson rived by comparing mitigation. Epidemiological to learning when schools are current projections of the models canestimatethe ag- closed. Economists, similarly, number of deaths to abase- What’sthe value of those What aboutthe cost? Econo- gregatebenefit in terms of MICHIGAN knowthat even without lock- line that assumes no mitiga- lives saved? Everylifeisprice- mistssurveyed by TheWall lives saved, but aremuch less downs,apandemic inflicts tion is adopted. Ateam at Im- less, of course,but people im- Street Journal forecast annual precise about the benefit of Suits on Redistricting costsinterms of absenteeism, perial CollegeinLondon in plicitly put apriceonit—think GDP growth of 0.9% through anyindividual measure. Panel Denied by Court reduced consumption, lost mid-March put that baseline of lifeinsurance. Federal regu- 2022. That is down from a Filling this gapiscrucial lives,impaired health and un- at 2.2 million deaths in the latorsput the statistical value forecast of 1.9% in January, nowsogovernorscan evalu- A federal appeals court de- certainty. U.S.,and Mr.Vespignani’s of alifeataround $10 million. beforesocial distancing was atethe most effective, least clined to block the creation of a Devising apolicyresponse team gotsimilar results. Such Multiply that by Northeast- adopted. Iestimatethat costly waystoreopen, such Michigan commission to draw requires input from both dis- ascenario would probably ern’sestimates,and benefitsof amountstoalossof$3tril- as wearing masks,isolating seats in Congress and the Legis- ciplines—epidemiologiststo never happen: People would mitigation measures so far lion in today’sdollars. So in vulnerable groups,testing ag- lature after the 2020 census, estimatethe benefitsofsocial social distance, whether or come to $1 trillion. That grows this accounting sense,the gressively,tracking and trac- denying lawsuits filed by Repub- distancing in lives saved, and not governmentsordered it. to $5 trillion by month’send. If trade-off is worth it. Note ing,oracombination. licans who claim eligibility rules economiststocalculatethe But it is auseful benchmark. youassume two million deaths that governmentscan’t re- Mr.Vespignani’sgroup is violate their constitutional rights. costsinforgone jobs and in- TheNortheastern team es- areavoided, the value grows coup that losssimply by lift- nowmaking such estimates A voter-approved 2018 come.Sofar,their work sug- timates the actual number of to $20 trillion—about ayear of ing restrictions because many forthe Boston area, using de- amendment to the state consti- geststhe benefitsexceed the U.S. deaths as of April 15 at grossdomestic product. people would stay at home tailed household datatode- tution took redistricting out of costs, though that conclusion 34,000 (higher than the num- These arerough measures, outoffear of infection. termine the feasibility and ef- the hands of state lawmakers is surrounded by uncertainty. ber so far reported), com- and the waysofcalculating Now, the caveats. My esti- fect of contact tracing and and placed it with a 13-member As governorsexplorewhen pared with 159,000 in the un- the benefitscan vary.Ina mateofforgone GDP excludes isolation. He hopes this will commission whose members will and howtoreopen econo- mitigated scenario—implying March paper,Michael Green- the yearsafter 2022, as well identifystrategies that are be selected at random. mies,economistsand epide- that mitigation has saved stone and Vishan Nigam of as nonmonetarycostssuch as lessdisruptivethan total Many partisan elected offi- miologistsneed to help them morethan 100,000 lives so the University of Chicagoas- lesssocializing and long-term lockdowns. cials or candidates or their fam- devise interventions that both far.Bymonth’send, the model sign alowervalue to older harm to mental health or “The decisions that will be ily members are barred from maximizelives savedand projects53,000 deaths,com- people and ahigher one for learning.And economistsmay made in the next few weeks getting a commission seat. minimizethe economic cost. pared with 584,000 without the young.Onthat basis,they be underestimating howper- must include economistsand The Sixth U.S. Circuit Court of Basic pandemic models mitigation, implying that half conclude three months of so- sistent the pandemic’shit to epidemiologistsand public- Appeals, in a 3-0 ruling, let start with estimates of how amillion lives will be saved. cial distancing could save 1.7 employment and incomes will health people,tofind the stand a lower judge’s decision to much of apopulation is sus- Thereare wide uncertainty million lives worth $8 trillion. be.The most pessimistic fore- trade-off between those two not grant a preliminary injunc- ceptible,how manyand how bands around the figures. So much forthe benefit. cast in the latest survey of viewpoints,” he said. tion to the Michigan Republican Party and others who challenged the eligibility criteria. Judges Shutdown Impact said the criteria “are part and parcel of the definition of this The coronavirus pandemic triggered steep drops Commission, of how it achieves in severalareas of March retail sales. independence from partisan meddling.” Retailsales in March Total retail sales –8.7% —Associated Press –50.5% Clothing stores NFL –27.1 Auto dealers Willie Davis, Packers –26.8 Furniture Great, Dies at 85 –26.5 Bars,restaurants Willie Davis, a Pro Football –23.3 Sporting goods Hall of Fame defensive lineman –19.7 Department stores who helped the Green Bay Pack- ers win the first two Super –15.1 Electronics Bowls, has died. He was 85. Building materials 1.3 A 15th-round draft pick from Grambling State University, Mr. Online 3.1 Davis began his NFL career by TLEIN/REUTERS Note:Seasonally adjusted. Health stores 4.3 playing both offense and de-

BAER Month-over-month fense for the Cleveland Browns A percent change. Grocerystores 26.9

LIS in 1958 and ’59. He found his A Whole Foods store in Los Angeles earlier this month as the pandemic changed shoppers' behavior. greatest success after getting traded to the Packers. twiceassevereasthe 2.5% de- from stores and digital chan- U.S. industrial production index, change from prior month —Associated Press DataShow cline in 2009,and that the nels operating foratleast 12 Industrial output in March postedits biggest global economyisalmost cer- months climbed morethan 20% monthly drop since1946. tainly contracting already. through March 25 compared 2% Seasonally adjusted CORRECTIONS  Economy’s U.S. stock indexesfell, with with the same period last year. the DowJones Industrial Aver- Sales of household essentials, AMPLIFICATIONS agesliding 1.9%, or 445.41 food and beverages rose more Deep Freeze points. TheS&P 500 dropped than 50%, while sales of ap- 0 62.70points, or 2.2%. parel and accessories declined King Tutankhamen ruled Anumber of retail catego- morethan 20%. ancient Egypt foraround ade- ContinuedfromPageOne ries were hit hardinMarch, in- But thereare signs that –2 cade in the 14th centuryB.C. ing market indexfell to 30 in cluding sales at furnitureand some of the surge from stock- In some editions Tuesday, the April, from 72 the prior month. electronic stores.Restaurants piling hascooled as shoppers caption of aphotothat accom- RECESSION “We’reinadeep freeze, and andbarssaw sales drop 26.5% become wary of going into panied World Watchincor- –4 the chill is bone-chilling,” said from Februaryasestablish- stores and retailershaveplaced rectly said he ruled from 1342 Diane Swonk,chief economist mentsclosed or switched to de- morelimitsonhow and what March B.C. to 1325 B.C. at GrantThornton, who de- liveryonly.Sales at clothing shoppers buy. –5.4% scribed the March reportsasa stores fell 50.5%, and motor-ve- Joshua Shapiro, chief U.S. –6 Readers can alert The Wall Street 1990 2000 ’10 ’20 Journal to any errors in news articles prelude of thingstocome. hicle sales decreased 25.6% economist at MFR Inc., said by emailing [email protected] or “That’swhat youget in re- from the prior month. Con- consumersare likely to hold off by calling 888-410-2667. sponse to alockdown.” sumer spending is the main on discretionaryspending as Housing market index TheFed also reported driver of the U.S. economy, ac- long as industries affected by Builder conﬁdencepostedits largestmonthly decline THE WALL STREET JOURNAL Wednesdaythat U.S. economic counting formorethan two- the coronavirus continue to in the history of the indexinApril. activity “contracted sharply thirds of economic output. shed jobs. (USPS 664-880) (Eastern Edition ISSN 80 0099-9660) (Central Edition ISSN 1092- andabruptly” throughout the Some retail categories posted “It’sgoing to be along, 0935) (Western Edition ISSN 0193-2241) countryasaresult of the pan- gains.People stockpiled food drawn-out process, while that’s Editorial and publication headquarters: 1211 demic,resulting in lost jobs and increased outlays on build- going on and unemployment is Avenue of the Americas, New York, N.Y. 10036 60 and lowerwages. ing materials,and spent moreat nowherenear whereitwas, Published daily except Sundays and general Thecentral bank said in its health and personal-carestores. that’sgoing to be reflected in legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. “beigebook”—a periodic report Sales at nonstoreretailers, acat- consumer spending,” he said. 40 Postmaster: Send address changes to of businessanecdotes from egorythat includes internet TheCommerce Department’s The Wall Street Journal, 200 Burnett Rd., around the country—that com- merchantslikeAmazon.comInc., Census Bureau said that data Chicopee, MA 01020. panies expect conditions to rose 3.1%. Grocerysales jumped collection in March wasaf- All Advertising published in The Wall Street 20 Journal is subject to the applicable rate card, worsen in the near future, and 26.9%. fected by the temporaryclosing copies of which are available from the they foresawmorejob cuts Thedataecho recent re- or limited operations of certain RECESSION Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New ahead. This edition of the re- marks from executives—that as businesses,which meant “their 0 York, N.Y. 10036. The Journal reserves the right port contains information the coronavirus pandemic ability to provide accurate, 1990 2000 ’10 ’20 not to accept an advertiser’s order. Only through April 6, when the vi- spread through the U.S. in timely information to Census publication of an advertisement shall constitute final acceptance of the advertiser’s rus-related shutdowns had March and prompted storeclo- maybelimited.” Sources: Commerce Department(monthly retail change); Federal Reservevia the St.Louis Fed order. (industrial production); National Association of Home Builders/Wells FargoHousing Market Index been in effect in most places sures,therewas asurge in JessicaChampion, amiddle- Letters to the Editor: forseveral weeks. sales of groceries and other school teacher in Springfield, Fax: 212-416-2891; email: [email protected] March’sdecline “isliterally household staples,but sharp Mo., said sheand her husband “when it firststarted, and we got sales forthe nine-week period Need assistance with your subscription? By web: customercenter.wsj.com; unprecedented,” said Craig drops in sales of other things. arespending morethan usual mandates from the governor to ended April 4fell about 5% from By email: [email protected] Johnson, president of the retail Sales at Walmart Inc.’s4,700 on groceries but areotherwise stay home,Ibought moregro- last year.The electronics giant By phone: 1-800-JOURNAL (1-800-568-7625) consulting firm Customer U.S. stores rose nearly 20% in limiting spending. ceries initially and stocked more said demand forhome office Reprints &licensing: By email: [email protected]; Growth Partners. “Clearly,April March, according to documents “I’m pretty lucky, I’m a initially,Iwasn’t surehow equipment and freezers surged By phone: 1-800-843-0008 will be the cruelest month,” he viewedbyThe Wall Street teacher and so as of right now quickly thingswould change.” in the week ended March 20. WSJback issues and framed pages: said, sinceitwas only in mid- Journal,boosted by demand for Idon’t have anyofmysalary “The past two weeks Ispent But sales dropped about 30% wsjshop.com March that widespread busi- toilet paper,cleaning supplies, cut,” shesaid, adding that the abit less,” she said. “I didn’t from ayear agoafter it closed Our newspapers are100% sourcedfrom nessclosures began. food and work-from-home sup- money she is saving on gasby feel the need to go to stores or stores on March 21. Thechain sustainably certified mills. TheInternational Monetary plies.The companyhas hired driving lessishelping with the want to go to stores—when Igo will furlough about 51,000 Fund on Mondayforecast the more than 100,000 people to higher grocerybills. it’slikeashort trip and I’m in hourly storeworkers. GOTATIP FORUS? U.S. economywill shrink 5.9% help staff itsstores. Julia Scales,aschool social and out.” —Jeffrey Sparshott SUBMIT IT AT WSJ.COM/TIPS this year,apacemorethan Target Corp.’sMarch sales worker in Roanoke,Va., said that Wednesday, Best Buy Co.said contributed to this article. P2JW107000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** Thursday, April 16, 2020 | A3 U.S. NEWS President Explosion at Paper Mill Rocks Rural Maine Threatens To Adjourn Congress

BY ANDREW RESTUCCIA AND ALEX LEARY

President Trump threatened to adjourn both cham- bersofCongresssohecan appoint his nominees forkey positionswithout confirmation by the Senate. During anewsconference at theWhiteHouse on Wednesday, Mr. Trump called on lawmakers to formally adjourn the House and Senateso he canmakerecessappoint- mentsfor positions he said were important to the admin-

istration’sresponse to the cor- S

onavirus pandemic. PRES TheSenate, which confirms TED

apresident’snominees,has CIA

been conducting what are SO called proforma sessions AS while lawmakersare back in

their states.Nolegislative JOURNAL/ business is conducted during SUN

these brief meetings, which M/ sometimes last only afew minutes, but they technically prevent the president from DILLINGHA SS

making recess appointments. RU If lawmakersdon’t agree to MAJOR DAMAGE: A blast at the Androscoggin Mill in Jay, Maine, appeared to cause no injuries. A plume of smoke that shot up was visible for miles on Wednesday. adjourn and end the proforma sessions,“Iwill exercise my constitutional authority to adjourn both chambersofCon- gress,” Mr.Trump said. “The current practiceofleaving Shutdown Pushes PooresttoBrink town while conducting phony pro forma sessions is a dere- liction of duty that the Ameri- BY DAVID HARRISON matterofweeks.” canpeople cannot afforddur- Economistspoint to two ing this crisis.It’sascam, Alicia Cook wasdownto main reasons forthe savings what they do.” $22onMonday, amonth after shortage. Among the appointments her hoursashead banquet chef First, incomes forall but the Mr. Trump said he wanted to at ahotel in Nacogdoches, highest-income Americans makewas his nominee to head Texas,had dwindled to almost have been stagnant or falling the agencythat oversees Voice nothing. fordecades.“They’rebarely of America, conservativefilm- Her $10.25-an-hour wage paying the bills at the mo- maker Michael Pack, who has hadbeen enough to liveonbut ment,” said Greg Kaplan,an been blocked by Democrats. not enough to save.Afew economist at the University of TheWhiteHouse has accused hoursofwork over Easter will Chicago. “There’sreally not the government-backed news gether another $100.“It’sfive anything lefttobeable to organization of spreading for- $20 bills to rubtogether and I save.” eign propaganda, acharge gottogiveaway four of them Thesecond reason has to do VOA strongly denies. to the light bill,” she said. with the continuing effectsof In addition to the VOA Ms.Cook,41yearsold, is the debt households accumu- nominee,Mr. Trump pointed one of the manyworking lated beforethe 2007-09 reces- to his nominee to be the direc- Americans who had little or no sion. Anew paper by Atif S torofnational intelligence, as money set aside beforethe cor- Mian, of Princeton University, well as nominees forpositions onavirus pandemic closed PRES Ludwig Straub of HarvardUni-

on the Federal Reserve’sBoard much of the U.S. economy and UMA versity and Amir Sufi of the of Governors, and in the Trea- endedarecord-stretch of low /Z University of Chicagofound suryDepartment and the Agri- unemployment and solid eco- that rising income inequality culture Department. nomic growth. BLEVINS over the past few decades cre-

The Constitution gives the Roughly half of U.S. house- GENE ated theconditions that fed president the powertoad- holds have no emergencysav- Afast-food worker tried to stay protected at the drive-through windowlastmonth in VanNuys, Calif. the rise in debt held by lower- journ Congressinthe rare cir- ings, according to aFederal Re- income households in the early cumstances of adisagreement servesurvey released last George WashingtonUniversity. financial cushion will struggle hind in their rent, loan pay- 2000s. between the two chambers year.Those that do maynot “That’swhereit’sgoing to to makeends meet, even with mentsand other bills,amplify- Thedebt of the poorest over when to adjourn. In mod- have enough. Almost 60% said bite.” theexpanded unemployment ing the economic damage. Americansmorethan dou- ern practice, however, Con- they couldn’t tapintorainy-day Beforethe coronavirus benefits and other forms of Thefirst job losses hit bled during the housing bubble gressstays in session through- funds,borrow from family and spread, when work wasplenti- government assistancein- workerswhose tasks couldn’t of the 2000s,Fed datashow. out most of the year and no friends or sell something to ful, it waseasy to look past the cluded in the $2 trillion legisla- be performed from home,peo- Afterthe bubble burst, borrow- presidenthas ever exercised coverthree months of living savingsshortage. But afterat tivepackage enacted last ple likewaitersand wait- ersspent several yearspaying the authority to adjourn it. expenses. least 17 million people lost month. resses—who makeonaverage down those loans,which re- —Byron Tau This is particularly aprob- theirjobs in recent weeks, Many arelining up at food $26,800 ayear,according to duced their ability to save. contributed to this article. lem forlow-wageworkers, in- manyofthose without much pantries.And manywill fall be- the Labor Department—and re- Afterlosing her job in the cluding those who have borne tail employees,who make 2007-09 recession, Tureka the initial brunt of measures to Change in household income by income group. $27,600. Dixon, 43,studied to become a stem the spread of infection, RichardCarl Eiker,amain- certified glazier,learning how Online SAT, whichclosed stores,arenas, 20% tenanceman at aMcDonald’s to sheath officebuildingsin restaurantsand hotels. 95th percentile in North Kansas City,Mo.,said glass. As recently as afew ACT Options As of December 2019—be- 15 he had to tapintothe retire- weeks agoshe wasearning fore the shutdowns—house- ment nest egghehad built up enough to support herself and 10 Set for Fall holds in the bottom20% of in- 80th over the yearsafter his hours her two sons in Philadelphia comes had seen their financial 5 were cut back last month. while setting alittle bit aside. assets, such as money in the Median After25yearsinfast food, Adivorce and an unex- BY MELISSA KORN bank,stock and bond invest- 0 Mr.Eiker,51, makes $12 an pected surgery last year cost mentsorretirement funds,fall hour.Afew yearsago he hersome of her savings, but 20th After canceling springtime by 34% sincethe end of the -5 started setting aside $50 a shehad aplan to rebuild. On SATand ACTtest dates to 2007-09 recession, according month forretirement. He used March20, she gotlaid off and comply with limitsonlarge to Feddataadjusted forinfla- -10 about $1,000 foracolonoscopy by the middle of last week was gatheringsbecause of the cor- tion. Those in the middle of the last year,leaving him with down to $600,enough forgro- onavirus pandemic,the Col- income distribution have -15 about $1,200. ceries through the end of the legeBoardand ACTare now seen 4% growth. -20 “Maybe another month or monthbut not much more. making plans so high-school “This is the richest country, so of this Icould see my sav- “I wasonthe road to get 2000 ’02’04 ’06 ’08 ’10 ’12 ’14 ’16 ’18 studentscan take the college- yes, but it’salso alow-saving ingswiped out,” he said. myself back on track,” Ms. admission exams come fall. country,” said Annamaria Note:Adjustedfor inﬂation “Something that took yearsto Dixon said. “I had it all figured TheCollegeBoardsaid Lusardi, an economist at Source:Census Bureau accumulatecould be gone in a out, but then this happened.” Wednesdaythat it plans to offer its SAT at least one weekend amonth beginning in Au- gust, provide moreoptions for Watchdog Backs Pentagon on JEDI Deal free school-day tests in part- nership with districtsand states and, if school doesn’t BY JOHN D. MCKINNON pressure. However, the investi- ersmoresenior to them, who officeconcluded that wasn’t ployment talks with Amazon. open in the fall, create an on- gation washampered by White mayhavecommunicated with workable,explaining “itwould His involvementfueled pro- line offering that will use re- WASHINGTON—APentagon House assertions of presiden- the WhiteHouse,” the Pentagon not be an appropriateand prac- testsbyOracle in particular. mote proctoring. All are con- watchdog concluded that few tial privilege, which effectively inspector general officesaid. tical way to conduct our re- Butthe IG report concludes tingent on public-health actual problems occurred in prevented some senior Penta- Thereport says the White view,” according to the report. that Mr.Ubhi’srole in JEDI guidelines. It won’t conduct a awarding the hotly disputed gonofficials from answering House asserted a“presidential However, the document goes “was notsubstantial and did test in early June. JEDI cloud-computing con- questions,the IG’sofficesaid. communications privilege” in on to saythat people involved notprovide anyadvantage to TheACT,meanwhile,will of- tract—in avictoryfor Micro- Amazon, long regarded as preventing senior defense offi- in theselection processdidn’t hisprospectiveemployer, Ama- feracomputer-based, at-home soft Corp., which wonthe pact. thefront-runner forthe con- report feeling anyoutside influ- zon.” Mr.Ubhi didn’t respond option forstudentsinlatefall TheDefense Department’s tract, contends President enceorpressure. Those people to requestsfor comment. or early winter,aspokesman inspector general found, aftera Trump’scriticisms of the con- Report finds few said “public statementsfrom In aseparatestatement, the said,with practicesessions lengthyinvestigation, that the tract processand Amazon the president and ‘media swirl’ Pentagon said the report vali- available as soon as August. award processwas generally playedanunfair role in the de- issues with selection about the contract did not di- dates the department’sdecision. TheCollegeBoarddidn’t consistent with federal pro- cision. Mr.Trump has been a of Microsoft over rectly or indirectly influence “The [Inspector General’s] cancel itsMarch test date, curement laws and policies,de- critic of Amazon, itsfounder, the integrity of the procure- final report on the JEDI Cloud though with manytest sites spite complaintsfromseveral Jeff Bezos, and the Washing- Amazon and others. ment processorthe outcome of procurement confirms that the closed and some states already frustrated bidders,including tonPost, which Mr.Bezos the JEDI cloud source selectio Department of Defense con- instituting stay-at-home or- Amazon.com Inc.and Oracle owns.JEDI stands forJoint En- It also concludes that ethical ducted the JEDI Cloud procure- ders, just afraction of stu- Corp.Several technologycom- terprise Defense Infrastructure. lapses by aDefense Department ment processfairly and in ac- dentswho signed up forthe panies competed fiercely for “The evidencewereceived cials from directly answering IG official with Amazon ties cordancewith law,” said Lt. exam were able to completeit. the contract, which is worth up showedthat the DoD personnel questions about anydiscussions weren’t consequential. Theoffi- Col. Robert Carver. About one million students to $10 billion over 10 years. who evaluated the contract they had with WhiteHouse official, Deap Ubhi,previously Microsoftsaid the report from the high-school class of ThePentagon report also proposals and awarded Micro- cials concerning JEDI. The worked at Amazon WebSer- “makes clearthe DoD estab- 2021 who had signed up to concluded that available evi- softthe JEDI Cloud contract WhiteHouse offered to let the vices beforegoing to the Penta- lished aproper procurement take the SAT this spring were dencesuggestsMicrosoft’sse- were not pressured regarding officials answerinwriting and gon, whereheworked on the process.” Amazon and Oracle unable to do so,the College lection last year didn’t appear theirdecision on the award of then the WhiteHouse would re- JEDI program’searly develop- didn’t respond to requestsfor Board said. to stem from WhiteHouse the contract by anyDoD lead- viewthose answers,but the IG’s ment, even afterrestarting em- comment. P2JW107000-4-A00400-17FFFF5178F

A4 | Thursday, April 16, 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. THE CORONAVIRUS PANDEMIC California Will Help Illegal Immigrants

A $125 million fund slowdown began, will consist immigration advocates have said ico, who lost her job washing “And we work hardatjobs that proved fundingfor deporta- of $75million from the state the downturn is most severely dishes at aSantaBarbaracafe aresome of the lowest paid.” tion-defense attorneys. would aid people who and an additional $50 million affecting workersinserviceand that closed last month due to Mr.Newsom’sannounce- Republicans and conserva- aren’t eligible to get that Mr. Newsom said philan- other industries that employa the state’sshelter-in-placeor- ment adds to avariety of mea- tive advocates have opposed thropic partnershavecommit- disproportionatenumber of under. Sincelosing her work,Ms. sures California has takenin such measures in the past, but jobless benefits ted to raise. documented immigrants. Perezsaid she hasn’t been recent yearstohelp undocu- didn’t respond to Mr.Newsom’s It would benefit about “Regardless of your status, able to affordthe $1,000-a- mented immigrants.Itcur- announcement Wednesday. BY ALEJANDRO LAZO 150,000 people living in Cali- documented or undocumented, month rent on the studio rently is the only statetoal- Immigrant advocates and fornia without legal authoriza- there are people in need, and apartment she shares with her lowadultsunder age26 some Democraticlawmakers SANFRANCISCO—Califor- tion. Beginning next month, this is astate that steps up al- 85-year-old aunt. qualifyfor itsMedicaid pro- have pushed formoreassis- nia will create a $125 million the workerswill be eligible for waystosupport those in need, To getby, she said she is gram, along with children. tance, including allowing un- assistance fund for illegal im- aone-time payment of $500 regardlessofstatus,” Mr. getting food from afood bank Following President documented people to access migrants who have lost work foreach adult, with ahouse- Newsom said. and has been doing house- Trump’selection, California the state’s earned-income tax due to the coronavirus pan- hold capof$1,000,the Demo- Themoney will be disbursed cleaning.But the money she passed asanctuary-statemea- credit. demicbut can’t access tradi- cratic governor said. through nonprofit organizations has earned so far is enough to surethat limited local lawen- About two million immi- tional unemployment insur- Undocumented people that work with immigrant com- payfor only afew basic items, forcement’s cooperation with grants live in California with- ance, Gov.Gavin Newsom said aren’t eligible forthe stimulus munities throughout the state. such as her phone bill. federal immigration authori- out legal authorization, of Wednesday. payments the federal govern- Among those who might be “We are a community who ties, enacted measures aimed whom an estimated 1.5million Theprogram, the firstofits ment recently began issuing. eligible is DoraPerez,anun- contributes to the economyof at blocking theexpansion of are workers, according to the kind sincethe recent economic Theannouncement comes as documented worker from Mex- this country,” Ms.Perez said. detention facilities,and ap- Pew Research Center. Outbreak on Roosevelt Is Linked to Flight Crews

BY GORDON LUBOLD AND NANCY A. YOUSSEF

WASHINGTON—U.S.military officials are increasingly certain that the coronavirus outbreak last month aboard the aircraft carrier Theodore Roosevelt was sparked by the vessel’sflight operations, rather than aresult of the ship’s port visit to Vietnam. That view comes as officials work to find the cause of the outbreak that forced the aircraftcarrier to interrupt ade- ployment in Asia and divert to port in Guam, wherehundreds of crew members, including its former commander,are in quarantine. More than 600 have tested positive forCovid-19,and one crew member has died. Five othersare hospitalized, with another crew member admitted to the intensive care unit of theU.S.Naval Hospital in Guam on Tuesday. Theoutbreak also led to a major shake-up in the U.S. Navy. Capt. Brett Crozier was /REUTERS VY

relieved of duty as the car- NA

rier’s commander afterwriting .S. and distributing amemo about

coronavirus.Subsequently, WELL/U then-actingNavySecretary PO

Thomas Modly, who removed OMAR Capt.Crozier, resigned from Sailors from the USS Theodore Roosevelt were taken to locations in Guam last week. More than 600 crew members have tested positive for Covid-19 and one has died. his job after he criticized the captain in aprofanity-laced terleaving Vietnam, sailorson servicemembers, officials said. were among membersofthe However, the visit later be- people gotoff in Vietnam. Per- address to the Theodore Roo- boardbegan displaying symp- Thetiming pointstoamore carrier’s air wing,officials said. came the focus of criticism of haps you don’t do that in the sevelt’s crew. toms of the illnessand testing likely source in the series of Theport visit had been a thecaptain, whose judgment middle of apandemic or—or Thesuspicion that the out- positive for Covid-19. flightsconducted by the car- central point of interest as the wasquestioned forbringing something that looked likeit break originated from trips However, no crew member rier air wing, several officials Navy investigates the events his ship into a country where wasgoing to be—you know, made by the carrier’s flight among the nearly 5,000 aboard said, aftercargo flights, that caused the ship to be- there were a handful of coro- historywould sayyou don’t crewspointstothe role that the carrier appeared to con- known as carrier on-boardde- come overcome with coronavi- navirus cases. necessarily stop and let your normal carrier operations tractthe virus until March 24 livery, or COD, between the rus cases. The port visit wasn’t cited sailorsget off,” Mr.Trump played in the transmission of or March 25,militaryofficials vessel and Vietnam, Japan and Thevisit wasamong events by Mr.Modly when he re- said last week. the virus,and suggeststhe said, morethan two weeks af- the Philippines, officials said. designed to mark the 25th an- moved Capt. Crozier April 2, The fate of Capt. Crozier is Navy’s decision to curtail port terthe Da Nang visit. Given U.S. aircraftcarriersnor- niversaryofU.S.-Vietnamese as it wasn’t the captain’s own currently under consideration visitsmay not alone stop coro- the incubation periods for mally have dozens of aircraft diplomatic relations.The visit decision to make the visit. by Navy leaders. Officials ex- navirus infections. Covid-19,the two-week time on board, along with flight had been approved weeks be- President Trump mentioned pect adecision on whether TheTheodoreRoosevelt span all but eliminates the crewsand pilotswho take part fore at upperlevelsofthe U.S. it earlier this month as a fac- Capt. Crozier may be consid- carried out along-planned port visit as asource of what in air operations. military, including Adm. Phil tor in the decision to remove ered for reinstatement as the visit to Da Nang,Vietnam, has become the U.S. military’s Thefirst cases of coronavi- Davidson, the head of the mili- Capt. Crozier.“Iguessthe cap- ship’s commanding officer in from March 4 to March 9. Af- largest outbreak of stricken rusonboardthe Roosevelt tary’s Indo-Pacific Command. tain stopped in Vietnam and coming days.

Therewas nothing lefttocush- Stimulus Payments Can Be periencing high volume and ion the revenue drop. Small-Business Loan wasn’tproviding information to Mrs. Rosesaid the Paycheck Tracked at IRS Site all users. By providing bank-ac- Protection Program forsmall Didn’t Aid countinformation, people can companies wouldn’t provide Funds Nearly Used Up get their payments faster enough to keep her company Americans can track the through direct deposits instead operating untilbusinessre- BY KRISTINA PETERSON for days over whether to add Some Firms status of their stimulus pay- of paper checks, which may bounded. Thecouple’slandlord restrictions to the funds.Dem- ments and provide their bank- takeweeksormonths to arrive. offered to defer aportion of WASHINGTON—Asmall- ocrats want to expand access accountinformation to get their The payments arepart of the rent, but that would mean businessloan program designed to the loans as well as include ContinuedfromPageOne moneyfastervia direct deposit, the relief package Congress higher expenses later. to back workers’ paychecks has moremoney forhospitals, April and Maybills with dwin- thankstoanew IRS website. passed to respond to the pan- “These programs arejust exhausted most of itsfunding, food assistance and state and dling cash reserves and uncer- The Treasury Department demic. The governmentissend- not therefor the folks that are ramping up pressureoncon- local governments. Republi- tainty as to when the economy has already issued the first ing $1,200 per adult plus $500 supersmall,” said Mrs. Rose, gressional Democratsand Re- cans,meanwhile,said they will reopen. round of payments via direct per child under 17. The who wishes the government publicans aligned with the want to keep the bill focused Meanwhile,the Paycheck deposit, sending moneyto amounts shrink forindividuals would requirecreditorsand WhiteHouse to reach adeal on on increasing small-business Protection Program, asmall- morethan 80 million house- with income above $75,000 landlords to forgiveoutstand- the next round of economic aid aid and defer other funding business loan program at the holds thathad bank-accountin- and married couples with in- ingdebts, saving ownerslike amid the coronavirus crisis. debates until the next, broader center of astandoff between formation on file from their come above $150,000. herfromfiling forpersonal Negotiations between Con- legislation is crafted. congressional Democratsand 2018 or 2019 tax returns. That The payments aregoing bankruptcy.“My husband and gressand the WhiteHouse over SenateMinority Leader Republicans aligned with the moneyisstarting to showup only to people with Social Se- Iwill have our credit ruined replenishing the small-business Chuck Schumer (D., N.Y.)told WhiteHouse,was expected to in bank accounts this week. curitynumbers. People overage and our assetstaken, all due to program resumed Wednesday. reportershehad spoken with runout of money lateWednes- The IRS “Get My Payment” 16 who aredependents of oth- this completely unforeseeable ThePaycheck Protection TreasurySecretarySteven day, according to people famil- system made its debut ers aren’teligible. crisis.” Program wasontrack to ex- Mnuchin Wednesdaymorning. iar with the fund, raising pres- Wednesday, though it wasex- —Richard Rubin Thetough times have haust most of itsinitial alloca- Aides to Mr.Schumer and sure on lawmakerstoreach a prompted other businessown- tion of $350 billion in the House Speaker NancyPelosi deal. Negotiations between Con- erstoretire. early morning hoursThursday, (D., Calif.)spokeinaconfer- gressand the WhiteHouse re- dozenorsoemployees,quickly dinner with the neighbors, be- Carole Gordon, the 86-year- with the Small BusinessAd- encecall with Mr.Mnuchin and sumed Wednesdayoverreplen- ranthrough itsmodest cash ing able to hug people and say old owner of apreschool in ministration saying it had ap- Treasurystaff later Wednesday ishing the small-businessloan cushionafter nonessential goodbye, it is pretty heart- Boulder City,Nev., long ig- proved morethan 1.5million and agreed to continue their program designed to support businesses were ordered breaking.” nored calls from her ownchil- loans valued at morethan discussionsThursday, accord- businesses hit by the pandemic. closed in March. Switching to Little Kahunas PetResort in dren to retirefromthe busi- $324billion as of lateWednes- ing to senior Democratic aides. Beforethe pandemic,com- takeout proved unsustainable. Austin, Texas,which opened in ness she founded in 1976. dayand loans were continuing “We see no reason why we panies with fewerthan 500 Mr.Suttonsaid he wasreluc- December 2018,had just hit Oaklane Preschool Academy to be processed. can’t come to an agreement,” workersemployedabout 60 tant to apply forgovernment break-even when the virus waslicensed to serve45chil- Thefund needs about $10 Mr.Schumer said. “WeDemo- million people,orabout 47%of aid, especially when the future emerged, with profitability ex- dren, but enrollment had billion to coverprocessing and cratsbelieveweneed more the private-sector workforce, seemed so uncertain. pected later this year,said dropped to about 17 afterthe fees,SenateSmall Business moneyfor small businesses, according to the Small Busi- “Wedecided to cut our Cheryl Rose,who co-owned the city made kindergarten manda- CommitteeChairman Marco but we need it to go to the nessAdministration. In atypi- losses,” said Mr.Sutton, add- dog day-care and boarding tory afew yearsago. Still, the Rubio (R., Fla.) said on Twitter. people who areunderbanked calcommunity,nearly half of ingthat the restaurant’sown- businesswith her husband, Mi- school, with itsstaff of six “The fund being exhausted and underserved.” small businesses had lessthan ers, who met at culinary chael Rose.Now they plan to teachers, remained profitable, clearly puts pressure on Con- Both partieshaveaccused two weeks of cash liquidity,ac- school, had recently paid off file forpersonal bankruptcy. Mrs. Gordon said. gresstoact and come to area- one another of blocking an in- cording to a2019 study by the the $200,000 they borrowedto Reservations evaporated as Then parentsbegan calling sonable conclusion,” said Rep. fusion of aid intothe PPP JPMorganChase Institute. financethe operation. pet ownerswereordered to to pull their children out of Patrick McHenryofNorth Car- fund. In commentslate At Hillside Supper Club,lo- Hillside’slandlordagreed to work from home and customers school because of the pan- olina, the topRepublican on Wednesday, President Trump catedinSan Francisco’sBernal terminateits lease five years stopped traveling.The Roses demic; manysaid they didn’t the House Financial Services reiterated that he wants Con- Heightsneighborhood, 2020 early in exchangefor taking weren’t surewhen the busi- expect to return until the new Committee. “Everyday that gress to focus on passing the gotoff to agood start because over the restaurant’sequip- ness, which employedeight, school year began in August. passes that we don’t fund this $250 billion in funding before of special eventssuch as $40 ment andwine-and-beer li- would reopen or howlong it “It’sbeen very sad,” said program, more pain is felt by moving on to other spending. fixed-pricedinnersThursdays cense.“It wasn’t my idea to would take forrevenue to re- Mrs. Gordon, who taught three small-businessfolks and their Thediscussions were the first and Sundays,said Jonathan lose the restaurant,” said Mr. cover. Thecouple had financed generations of preschoolers. employees.” signs of progressthis week,but Sutton, co-owner of the 60- Sutton, who is nowliving in theircompanywith aSBA loan “But nowisthe perfect time to Both Democratsand Repub- it remains uncertain whether seat restaurant. Bellingham, Wash. “Just to go of about $300,000 and had run saygoodbye.” licans want to add $250 billion congressional leadersand Mr. But the seven-year-old res- away so suddenly and not be through about $200,000 in sav- —Jim Oberman to the small-businessaid pro- Trumpwill be able to reach an taurant, which typically had a able to prepareagoing-away ingsgetting to break-even. contributed to this article. gram, but have been sparring agreement by week’send. P2JW107000-0-A00500-1------XA

THE WALL STREET JOURNAL. Thursday, April 16, 2020 | A5 P2JW107000-5-A00600-1------XA

A6 | Thursday, April 16, 2020 ***** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC New York to Require Face Masks LovedOnes Search for The order, effective Friday, applies to Plasma people shopping and using public transit Donors NewYork tightened itsso- cial-distancing measures,and BY AMY DOCKSER MARCUS President Trump said his administration would detail new Beforeseriously ill Covid-19 guidelines Thursdayfor re- patientscan getanexperimen- opening the economyafter vi- taltreatmentcalled convales- rus-related shutdowns. cent plasma therapy,their families have to do just one By Talal Ansari, thing: find the donors. S Bojan Pancevski Even while supporting very and Chong Koh Ping PRES ill loved ones,family members

TED search forpotential donorsand In the U.S, therewereare- CIA help them navigatedonating at SO

cord 2,569 deaths from the AS ablood bank.The hope is that coronavirus reported in the 24 antibody-rich plasma from are- APH/

hoursending at 8p.m. GR coveredCovid-19 patient,when

Wednesday, according to a TELE transfused intoaseriously ill Wall Street Journal analysis of patient, will help fight the new datafromJohns Hopkins Uni- coronavirus that scientistshave

versity.Intotal, therehave MORNING barely begun to understand. been morethan 30,000 re- Families areposting pleas

corded deaths and 638,000 in- /TYLER on Facebook groups forpa- fections in the U.S.,according tientswho have recovered to Johns Hopkins. MILLER from Covid-19 such as Survi- A.

Globally,confirmed cases of H vors Corps,asking community the coronavirus have passed RA groups to send out mass SA 2.06 millionand deaths have National Guardsmen unpacked goods Wednesdayatafood bank in Tyler,Texas. TheU.S. sawarecord2,569 deaths overa24-hour period. emails and mobilizing social exceeded 136,000,afigureex- networks to find candidates pertssay probably understates Coronavirus Daily Update from construction companies to who are compatible and will- the extent of the pandemic. cardealerships,toshut down to ing to donate. In NewYork,the hardest-hit As of 10:34p.m. EDTApril 15 help stop the spread of the coro- “It is an overwhelming task U.S. state, Gov.Andrew Cuomo navirus.Manufacturing groups forafamily member with a said he wassigning an execu- and othershavesaid the order loved one in very critical con- tiveorder requiring people to 638,111 30,844 52,640 wasoverly broad and had unin- dition to try to get their own wear afacecovering when in a tended consequences that were plasma donors,” said Rachel public setting wherethey can U.S. cases U.S. deaths U.S. recoveries counterproductivetocontaining Freedman, whose father died come intocontact with others. the virus,such as sending peo- from Covid-19 on April 9in Theorder,effectiveFriday, ple to nearby states to buy cars. White Plains Hospital in New would apply to people shopping 2,063,161 136,938 512,032 Aspokeswoman forGov.Wolf York,and whose mother is se- in stores and using public tran- said he would veto the bill and riously ill thereand wasin sit. Coveringscould include World-wide cases World-wide deaths World-wide recoveries that reopening businesses too need of a donor. medical masks as well as ban- early would only extend the eco- Most blood centers are set dannas or scarfs,the Demo- Source: Johns Hopkins University Center for Systems Science and Engineering nomic hardship of the pandemic. up to take plasma donations, cratic governor said. Mr. Centersfor Disease Control Cuomo said therecould eventu- illegal immigrantswho have workersinserviceand other maticrifles and stood just a andPrevention director Robert ally be civil penalties forpeople lost work because of the pan- industries that employ adis- few feet from each other. Redfield said Wednesdaythere Fa milies plead on who don’t comply. demic and can’t access tradi- proportionatenumber of peo- LeeChatfield,speaker of the were up to 20 states that had a Thestate has seen coronavi- tional unemployment insur- ple in the U.S. without legal au- Republican-controlled state “limited impact” from the coro- social networks for rus-related hospitalizations,in- ance. It would be the first thorization. House of Representatives, navirus and could reopen by recovered patients tensive-careadmissions and in- government-sponsored assis- Governorsacrossthe U.S. wavedanAmerican flag from May1.Dr. Redfield emphasized tubations fall, but deaths tanceofits type in the U.S. areworking to createframe- hisofficewindowduring the in the interviewonABC’s“Good who are compatible. remain high, with 752fatalities Thefund, with $75million works to slowly roll back protest, dubbed Operation Morning America” that it would on TuesdayfromCovid-19. from thestate and $50 million sweeping virus-containment Gridlock by the Michigan Con- be astate-by-statedecision. Mr.Cuomo also said that the expected to be raised from phi- measures.Each statewill work servativeCoalition. In Germany, Chancellor An- state’shealth department had lanthropies,will benefit an esti- with the federal government on Democratic Gov.Gretchen gela Merkel outlined her govern- but they have had to create, in developed itsown coronavirus mated 150,000 people.Begin- individual plans to restart their Whitmer later told reporters ment’splans to reopen. Smaller real time,asystemtoregister, antibody test that involves the ning next month, the workers economies,Mr. Trump has said, that theprotest endangered stores canreopen Mondayand screen, and schedule appoint- prick of afinger and could test will be eligible foraone-time and some would be able to people and could ultimately pro- schools will restart in stages on mentswith people who have up to 2,000 people aday. payment of $500 per adult, open beforethe administra- long stay-at-home directives. May4,with older studentslead- only recently recovered from Manyexpertshavesaid that with ahousehold capof$1,000, tion’svoluntarysocial-distanc- Republicanlawmakersin ing the way.Aban on large pub- the coronavirus. such testsand restrictions are said Mr.Newsom, aDemocrat. ing guidelines lapse at the end Pennsylvania passed abill lic events, from soccermatches Theindependent NewYork likely to be part of restarting Undocumented people aren’t el- of April. Wednesdaythat would partially to concerts, will be extended un- Blood Center,which also anyeconomy. igible forthe federal stimulus In Michigan, hundreds of repeal Democratic Gov.Tom til Aug.31, and restaurantsand serves communities in places California Gov.Gavin checks nowbeing sent out by people protested an extended Wolf’s broad closureorder last bars would remain closed, Ms. such as Maryland, Kansas and, Newsom said the statewould thefederal government. statewide stay-at-home order month. Mr.Wolf’s order,among Merkel said in Berlin. Missouri, said it began collect- work with philanthropies to Immigration advocates have in the capital of Lansing.Some the nation’sstrictest, required “Wemust not be hasty,” Ms. ing plasma from Covid-19 sur- createa$125 million fund for said the downturn is hitting were armed with semiauto- non-life-sustaining businesses, Merkel said. vivorsafter the Food and Drug Administration gaveago- aheadfor the experimental treatment on March 24.Hospi- Family Recounts an Early Victim’s Last Days tals lined up their owndonors and the NewYork Blood Center collected the plasma forthem. BY JON KAMP degree in political scienceand thehome contacted authorities Bruce Sachais, enterprise had worked forthe Central In- to report arespiratory-illness chiefmedical officer of New Marion Krueger fell and frac- telligence Agency before hav- issue,though the presenceof York Blood Center,said it col- tured her hip on NewYear’s ing children. She later worked the newcoronavirus wasn’t yet lected “scoresofunits” of con- Eve. Less than two months forthe Urban League and as a known. At 2p.m. the facility valescent plasma, primarily for later,after astayinanursing realtor,took up painting and held aMardi Gras party forresi- hospitals that had FDApermis- home whereshe wassupposed helped build two Catholic dentsand guests. An hour and sion to giveittogravely illpa- to mend, the 85-year-old be- churches aftersettling in the 45 minutes later,Ms. Krueger’s tients. He said the blood cen- came the firstwoman in the Seattle area in the late 1970s. eldest son wastheretohelp get ternow is focused on creating U.S. known to have died from She made friends easily.“If her intovan transport to asmall apublic inventoryofCovid-19 thenew coronavirus. youwerelikeafriend of my senior home nearby,which the convalescent plasma that She died on Feb. 26,three mom’s, or afriend of one of us family has declined to name. would be available to anyhos- days beforethe world learned kids,you were family to my Thestaff took her to dinner pitals that need it and have the virus had invaded that nurs- folks,” John said. while John unpacked her be- FDApermission. ing home in Kirkland, Wash. A Her hip improved, but her longings. “There is still much uncer- man exposed at that facility overall condition didn’t. The That nightKerrygot acall tainty,” Dr.Sachais said about died on the same day, and to- family grew increasingly wor- around 7p.m. from the senior ensuring asteady supply.He gether they mark the firsttwo ried the nursing-home staff home,saying her mother had said the blood center nowhas knownU.S.deaths in atoll that weren’t putting in enough ef- collapsed and rescuerswerego- the capacity to collect plasma has neared 28,000 nationwide. fort for someone who was ing to perform CPR.She alerted from 1,500 Covid-19 donors a Ms.Krueger,agreat-grand- theretorecover from an injury. John, who racedback to find week in and around NewYork mother with an easy laugh, had Thefamily saythey repeatedly firstrespondersinher room. City. been in generally good health, had to bring up issues,from “They just told me, it’s not Hospitals areworking to herfamily says.She had physi- the urinaryinfection to re- lookinggood,” he said. “And enroll participants in clinical cally weakened some and used questsfor evaluations. afteralittle bit they had to trials of theplasma therapy, awalker,but she wasliving in- Tim Killian, aspokesman for stop, and they called it done.” but many seriously ill people dependently at asenior com- LifeCare, said this experienceis It was 7:28 p.m. don’t qualify or are at hospi- munity in Issaquah,Wash. not reflectiveofhow the facility Thebroader news broke tals that lack resourcesor When local and federal is runorthe level of care nurses three days later: the coronavi- staff to participate. health authorities firstsaid on thereprovide.“These arediffi- rus, revealed by apositivetest WhitePlains Hospital is Feb. 29 that aWashingtonstate cult times, and they lost afam- on anotherLifeCareresident giving patients access to con- man had died from Covid-19, ily member,and our heart who had been hospitalized, had valescent plasma therapy the disease caused by the virus, breaks forthat family,” he said. gotten inside the nursing home. through a national expanded- it wasn’t immediately clear that Kerry Krueger with her daughter and Marion, left, late last year. Afterapost-outbreak inspec- It isn’t clear how, or exactly access program facilitated by lives had already been lost. It tion, the Centersfor Medicare when. the FDA on April 3. took five days from her death same day. Her spiritsseemed sotainDecember. and Medicaid Services cited Life Thefuneral home called “The program allowedusto forMs. Krueger’s family to high; she went intosurgery jok- By thetime Tomand Kerry Carefor several problems it said Kerrythe same day, Feb. 29,to getour foot in the door,” says learn from aposthumous test ing on the phone with Kerry. came in forvisitstothe nursing putpeople at the Kirkland home saythe policehad called. Au- Michael Palumbo, chief medi- that shehad the illness, too. Afterward, her family picked home in mid-January, things in danger,including not quickly thoritieswanted to test Ms. calofficer at WhitePlains “Wehad had no idea. No thenearby LifeCareCenter of were changing.Conversations identifying and managing sick Krueger’s body forthe virus. Hospital. idea, and nobody even sug- Kirkland forher rehabilitation, were becoming moreclipped, residents. LifeCarefaced an un- Positiveresultscame in two It is the responsibility of gested it,” said her daughter drawnbyits five-out-of-five- and Ms.Krueger wasn’t making precedented crisis in the out- days later,and Ms.Krueger’s families of Covid-19 patients KerryKrueger,56, the youn- starsMedicarerating andprox- as much progressasher family break and disagrees with those death certificateisamong the receiving convalescent plasma gest of five children. “It just imity to John and aclose family hoped. Kerrywas alarmed by a findings, Mr.Killian said. firsttolist Covid-19 as the cause. therapy to identifydonors wasn’t even in my mind.” friend, both of whom would visit smell and said she pushed the Ms.Krueger appeared Aspokeswoman forthe Centers who fit the criteria. Prospec- Ms.Krueger’s family has had nearly everyday.She moved in stafftotest her mother fora weaker when Kerrycame up forDisease Control and Preven- tiveplasma donorsare re- to livelonger than most with Jan. 4and, at first, seemed like urinary-tract infection. There- again on Feb. 21 forathree-day tion confirmed that the two ferred to NewYork Blood Cen- the full knowledgeofwhat herself.She wasstill good forthe sultscame back positive. visit. On Feb. 22,Kerryand Covid-19 deaths on Feb. 26 are ter to donate, he said. Covid-19 cando.The disease long phone calls forwhich she Kerryalso made sureshe un- John toured some other senior thefirst two known in the U.S. If afamily is unable to find has proven particularly cruel to wasknown, her family said. They derstood her mother’s wishes.“I facilities nearby,aiming to Thefamily is waiting nowto donors, the hospital will tryto frail, elderly residentsinnurs- were hopeful foraquick recov- said, Mom, areyou done? Do movetheir mother soon. By inter Marion Krueger’s cre- assist,but “that hasn’t hap- ing homes acrossthe U.S. ery. youjust want to go be with Feb. 23,Ms. Krueger struggled matedremains with her hus- pened yet,” Dr. Palumbo said. On Dec.31, Ms.Krueger Ms.Krueger,whose husband Dad?” Kerrysaid. “She looked at to liftacup.She could barely band and agreat-grandson who Dr.Palumbo said as of Mon- called her youngest son, John, Ronalddied in 2017fromPar- me with that look that everyone speak.Kerryremembersasking died as an infant. They don’t day, 21 patientswith Covid-19 in Kenmore, Wash., who lived kinson’sdisease,spent six of my brothersknowand said, repeatedly if her mother needed know when they will finally be have received plasma transfu- closestamong her children, to weeks with Kerryather Stock- ‘No.Iamnot done.’ That gave to go to the emergencyroom. able to saygoodbye. sions at WhitePlains Hospital sayshe had fallen on apath ton, Calif., home last fall. me permission to push harder.” Thetransfer wasplanned for “Wewerenot ready,” Kerry through the expanded access near asenior center associated “She waswith it, together, She had lived afull life, and Feb. 26,which proved to be a said. “She did not want to go.” program. So far,hesaid, at his with her cottage. She needed a lucid,” said her son Tom, who her family believed she had busy dayatthe LifeCarenurs- —Lisa Schwartz hospital “no one has seen im- partial hip replacement that visitedhis mom from Minne- more years ahead. She held a inghome.Itwas the firstday contributed to this article. provement aftertransfusion.” P2JW107000-6-A00700-1------XA

THE WALL STREET JOURNAL. ****** Thursday, April 16, 2020 | A7 THE CORONAVIRUS PANDEMIC Germany Plans to Start Reopening Economy

BY BOJAN PANCEVSKI nerable to setbacks if,assome open. And likeinthe U.S.,Ger- ern Italy and NewYork,where nowadopt social-distancing and the economywould remain in AND WILLIAM BOSTON scientistsfear,they lead to a many’s states have had some hospitals have struggled to hygiene rules,including manda- recession at least through mid- renewedrise in Covid-19 cases. leeway in determining howto cope with the inflowofpatients tory mask wearing,headded. year because of the confinement BERLIN—Germanywill start Speaking in Berlin after implement the measures. at thepeak of the pandemic. On Wednesday, Germany’s measures and the impact of the reopening itseconomynext lengthynegotiations with Ger- But in Germanyaselse- By Wednesdaynight, Ger- agencyfor disease control said pandemic on global demand. week afterspending amonth in many’s16state premiersabout where, anyreopening will be manyhad 133,209 confirmed the rate of newinfections had Thecountry’sgross domes- apartial lockdown, Chancellor the paceand extent of the re- very gradual. Aban on large Covid-19 cases—the fourth- slowedinrecent days thanks to ticproduct would drop by as Angela Merkel said Wednesday, opening,Ms. Merkel said public eventswill be extended highest tally in the world—but restrictions imposed in March. much as 9.8% in the firsttwo hoursbeforethe country’slead- smaller nonessential stores until Aug. 31, and restaurants only 3,592 deaths, just over a Theagency’sdatashowedthe quartersof2020,the ministry ing carmaker said itsEuropean could resume operations start- and barswould remain closed, fifth of the fatalities reported number of newconfirmed projected. Theeconomywould factories would resume producing on Mondayunder certain Ms. Merkel told reporters. in France, which has asimilar cases had fallen everyday for rebound in the second half of tion as early as next week. conditions.Schools will restart “What we have achieved is number of confirmed cases. the past seven days. theyear,itsaid, stressing that Thetwo announcements in stages beginning May4,with a temporary success, but it is Many German hospitals have Even though it never fully therestrictions on trade and come as the economic toll from older studentsleading the way. a fragile success,” she said. been flying in Italian and shut down and is now poised manufacturing imposed by confinement measures rises Germanyand the U.S. ap- In Spain, which has among French patientswith severe for activity to gradually ramp countries battling the pandemic acrossthe world, with jobless proached their respective the pandemic’s highest death Covid-19 cases for treatment. up,Germany’seconomyisstill made anyprediction difficult. numbersrocketing and eco- lockdownsinsome similar tolls, some nonessential busi- Alexander Kekulé,anepide- expected to be hit hardbythe VolkswagenAG, the German nomic output crashing,putting ways. Germanyramped up re- nesses were allowedtoreopen miologistwho participated in lockdown. That is partly be- autogiant, said lateWednesday pressureongovernmentstode- strictions between March 16 on Monday. But Italy and drafting Germany’spandemic- cause of its reliance on trade that it would begin reopening vise road maps forthe restart- and March 23,but likethe France, both also heavily af- response plans,supported the andpartly because the now- itsEuropean factories as soon ing of nonessential businesses. U.S.,itnever fully shut its fected, have extended their concept of gradually reopening comatose services sector had as next week.The firstplant to Theplan unveiled by Ger- economy. Unlike France, Italy lockdowns into May. the economybut said isolating been among the country’sbest go back online will be Volks- many,Europe’slargest econ- or Spain, Germanynever or- So far,Germanyhas been high-risk groups and acam- performing in recent quarters. wagen’sZwickau factory, now omy, suggestsany exit from the dered factories to stop operat- spared the dramatic scenes and paign of masstesting were pre- Earlier Wednesday, Ger- being converted intoanelectric lockdowns will be slowand vul- ing, and many offices remain high death tolls seen in north- requisites.Workplaces must many’seconomics ministrysaid vehicle plant, on April 20.

mendationsfor howtoopen Executives up partsofthe U.S. economy and to respond to the economic damagealready being Push for inflicted by the outbreak. Mr.Trump said he would release anew set of guidelines More Tests on Thursday about reopening the country, afterthe president said this week that he— ContinuedfromPageOne not governors—was the final cluded executives from bank- arbiterofthe matter. At the ing,financial-services,food and Tuesdaynewsconference, the beverage, hospitality and retail president appeared to soften industries.They described cur- his tone,stressing that he rent testing levels in the U.S. as wantstowork in collaboration inadequatetoeffectively re- with governors. open the economy. Theadministration’splan is Some executives suggested expected to call foropening that they were attempting to se- states in phases,starting with curetheir ownvirus testing kits the states with the least coro- foremployees and possibly cus- navirus cases.Itwill ultimately tomersaswell, the people said. be up to governorstodecide Mr.Trump,aRepublican, when to open their states. also touted the potential of a “The opening of areturn to salivatest to determine modern American lifewill be a whether people have Covid-19, public-health decision, pe- Students observed social distancing WednesdayasTingbjergschool in Copenhagen. An 8-year-old pupil checked hand-washing instructions. arguing that it would let com- riod,” said DouglasHoltz- panies getback to work faster. Eakin, former chief economist TheCEOs voiced approval for forthe WhiteHouse Council of Return to School BringsNew Rules this idea. Thepresident said Economic Advisersunder for- reopening the countrywouldn’t mer President George W. Bush. mean the end of social distanc- “The notion that there’sacon- ing and that people might have trol room in the West Wing BY NAJA DANDANELL to getused to wearing masks and this group will gather AND BOJAN PANCEVSKI even afterbusinesses re- around the president and say opened, the people said. ‘Go ahead pressthe button, COPENHAGEN—Wednes- In the hourlong call with sir, we’regoing to restart’— daywas back-to-school-dayat about three dozenparticipants, that’snot howthe U.S. econ- Tingbjergprimaryschool in Mr.Trump took acentral role omy works.” this Scandinavian city. Await- in thediscussion, the people Thepresident is eager to ing the children: Some work,a

said. AWhiteHouse spokesman reopen much of the country little play, regular hand-wash- (2) declined to comment. and has privately raised con- ing and firm rules about social Mr.Trump’stask forcein- cerns that an ailing economy distancing.

cludes leadersfromsome of could hurt his chances of be- “It’sjust likethe firstday JOURNAL

the country’smost prominent ing re-elected. Mr.Trump’s of school, only completely dif- REET

companies, including General push has sometimes led to dis- ferent,” said Marco Damgaard, ST MotorsCo.,Apple Inc., agreements with his adminis- headmaster,standing by the LL McDonald’sCorp., Pfizer Inc., tration’s health experts, who entrancetogreet parentsand WA THE

Goldman Sachs Group Inc., have cautioned that reopening students. R

Exxon Mobil Corp.and Lock- toosoon could result in an- This week,Denmark be- FO heed Martin Corp., as well as other wave of infections. came the firstEuropean coun- union representatives,profes- AnthonyFauci,the adminis- trytoreopen schools after sional sportscommissioners tration’sleading infectious- over amonth in lockdown. PICTURES and former politicians. disease specialist, told the As- About half of elementary Mr.Trump made public the sociated Press on Tuesdaythat schools in the countryare now

formation of the groups during the countrywasn’t yetready open and otherswill follow, GNBOL/REDUX

aTuesdayevening WhiteHouse to reopen because of alack of operating under strict rules DE news conferenceinwhich he testing and virus tracking. aimedatlimiting the risk of SMUS

rattled off dozens of members Asked about Dr.Fauci’s infections among children. RA of thetask force. Some of the commentsonTuesday, the As countries that sawcoro- chiefexecutives whose names president said, “I don’t know navirus infections peak ahead ing recess. asked. “So that we don’t get who it said were morelikely the president mentioned were what he said. Nobody knows,” of the U.S. movetoreopen On Wednesday, just before corona,” a9-year-old an- to followhygiene and distanc- caught off guard, people famil- adding that “there is tremen- their school systems,they are 8a.m., some of the parents swered. ing rules,should take the lead. iar with the mattersaid. dous testing and the gover- sending a message: Don’t ex- whogreeted Mr.Damgaard Absenteeismcould become Chancellor Angela Merkel said “CEOs of major brands were norswill use whatever testing pect aquick return to nor- with an elbowbump,ashas aproblem, with some parents Wednesday a phased reopen- calling their heads of govern- is necessary—and if they’re malcy. become the norm around the reluctant to send their chil- ing would begin on May 4. ment affairs. ‘The president notsatisfiedwith their test- Acrossthe world, the pro- country, were concerned that dren to school out of fear they Austria, another country just said my name.Why?’” ing, they shouldn’t open.” cess is shaping up as pro- thingswerehappening too could infect each other and that is gradually restarting its said arepresentativeofacom- Governorsand health pro- tracted, fraught with complex fast. bring the virus home, accord- economy after new infections panywhose CEO wasnamed to fessionals have repeatedly rules and vulnerable to set- Irum Jamila, mother of 6- ingtoeducation authorities.A reached apeak,has no firm Mr.Trump’stask force. warned of alack of testing backs as newclustersofinfec- year-old Maria, said she didn’t petition against Denmark’s datetoreopen schools be- In some cases,CEOs had acrossthe country.The U.S. has tions appear. feel safe. “We don’t have any school reopening gathered cause the experts who advise been approached aboutget- conducted morethan three mil- TheTingbjergschool, like option but to send her to over 18,000 signatures by its government fear that stu- ting on acall with the presi- lion testssincethe start of the othersinthe country, must be school because those arethe Tuesday. dentscould quickly start dent and agreed, but had not outbreak.Some expertshave disinfected twiceaday.In rules,” she said. Denmark decided to reopen spreading the virus again, ac- been warned he would be an- said thereshould be millions of classrooms,the distancebe- Others weren’t worried. “I kindergartens and elementary cording to Austrian officials. nouncing that they were on testsaweek beforepeople can tween desks can’t be lessthan canunderstand whysome par- schools firsttohelp parents “There is ahigh infection the task force. Some of those return to work. 2 meters (6.5 feet). With only ents are concerned but if our return to work.High schools risk for schoolchildren and it CEOs have already “delegated Some of the president’s up to 10 children allowed in a prime minister thinks it is im- and universities will followin is not realistic to expect that it downward”—meaning any outside allies had forweeks classroom, Tingbjerg is using portant to reopen the society, mid-May. they would adhere to hygiene participation will be from gov- been calling on him to form a all of its rooms, including fa- Ifeel safe,” said Fatima Saleh, In Germany, where schools or social-distancing mea- ernment-affairspeople,not second task force—separate cilities designed forsportsand mother of 6-year-old Celina. remain closed, an advisory sures,” a senior Austrian offi- the executives themselves,ac- from the broader coronavirus leisure, forteaching.Children Thefirst classfor second- body recommended that kin- cial said. cording to the representative. task force—to assess the eco- who have afamily member grade studentswas alesson dergartens and elementary Asia wasmonths ahead of Thepurpose of the task nomic effects of the outbreak with Covid-19 must stay home. about the importanceofhy- schools restart first. But the the West in being hit by coro- force is twofold, White House and weigh options forreopen- Children can play with only a giene measures.Why should country’sdisease control navirus,but schools remain officials said: to solicit recom- ing parts of the country. limited number of othersdur- we wash hands? the teacher agencysaid older students, closed across the continent. A Detroit-Area Kidney Doctor Refuses to Abandon His Patients

As the new Dr.Kroneman is on staff at director of the Southeast roquine and azithromycin. It hoursonrounds and takeshis coronavirus four hospitals in the Detroit Michigan Kidney Center and isn’t acure, but “not trying” paperwork home. forces big area, aregion hard-hit by the has known some of his trans- isn’t an option, he said. By early April, the Covid-19 changes in pandemic.Nofamily visitsare plant and dialysis patientsfor Thewoman’shusband, a population at hospitals had how we allowedfor patientswith the 30 years. Because of their Detroit homicide detective, spread, and Dr.Kroneman was work, The Wall Street Journal virus,and staff contact with battle with achronic illness, couldn’t visit her but told the given the option of not treating is looking at how different those stricken is kept to amin- they areatgreat risk if in- doctor he knewhis wife his longtime patientswho had people are coping with the imum to protect doctors, fected with Covid-19. would be safe. “When we dis- contracted the virus.Hede- stresses and risks. For earlier nurses and other personnel. “When Idiscover one of my chargedhis wife, he told me cided to stick with his patients. articles in the series, visit “I see my patientsdaily and patientshas Covid-19,Ithink he loved me,” the doctor said. “I’m 68 yearsold, and the wsj.com/makingitwork. hope afamiliar face, looking the worst,” said Dr.Kroneman, In early March, as concern hospital showedgenuine con- likeDarth Vader behind aface who has treated about 25 peo- about the virus spread, Dr. cern formysafety,believing BY ANNE MICHAUD shield and N95 mask,issooth- ple with the virus.“It would be Kroneman canceled all outpa- my ageput me at increased ing and reassuring,” he said. likelosing afriend.” tient visits. Hospital medical risk.Ideclined the offer,” he

ONEMAN In the Covid-19 era, Olaf “But they areisolated and One woman, apatientof15 directorsconcluded that doc- said. “I’vebeen the doctor for

KR Kroneman’smasked facemight alone with their thoughts, years, recently wasadmitted tors should stay with patients these stricken patientsfor be the last familiar sight one wondering howtheir disease with the virus.Dr. Kroneman only as long as is clinically morethan 20 years, and it OLAF Olaf Kroneman is on staff at of his kidney patientswith cor- will progress.” administered what he calls a necessary, and so Dr.Krone- would be against my beliefs to four Detroit-area hospitals. onavirus sees. Dr.Kroneman is medical “Covid cocktail”—hydroxychlo- man spends two or three abandon them now.” P2JW107000-0-A00800-1------XA

A8 | Thursday, April 16, 2020 THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Brazil’s President, Health Chief Clash Over Measures

BY CHRISTIANA SCIAUDONE pected to peak in Mayand AND LUCIANA MAGALHAES June,alarming officials who sayBrazil has done toolittle SÃOPAULO—Intensive- to mitigate the pandemic. care-unit beds in this megacity Forthe president, however,

S and in Rio de Janeiroare near the pandemic has devastated capacity, health-care systems an economy that his adminis- PRES in other states are collapsing tration hoped would grow on TED and at least two Brazilian gov- theback of overhauls imple- CIA

SO ernorshavetested positivefor mented last year. Instead, the AS the new coronavirus. economyisexpected to con- Against that backdrop, tract 5.3% this year,according

JIN-MAN/ President Jair Bolsonaro was to the International Monetary

LEE poised this week to fire his Fund. Officials from South Korea’s national election commission took precautions while preparing to count ballots in Seoul on Wednesday. popular health minister, Luiz “Brazilians, wake up to re- Henrique Mandetta,for pub- ality,” Mr. Bolsonaro recently licly challenging the presi- told supporters. “Ifwedon’t dent’s approach to the crisis, wake up,soon it will be too SouthKoreans Vote,Carefully according to four people close late. Therewill be massunem- to the two men and familiar ployment; chaos is coming.” with the matter. Mr.Bolsonaro’sactions in High turnout reflects Thephrase “done voting” waited in line at tape-marked masks have returned to store Mr.Mandetta has urgedso- recent weeks haven’t been wasatone point South Korea’s spotsspaced 3feet apart. shelves aftershortages.Mr. cial isolation,with only essen- popular. A Datafolha poll last cautious optimism as top-trending item on Twitter. They hadtheir temperature Moon last week signaled the so- tial businesses open and most week showed33% of respon- new cases fall, offering Voters cycled in and out with taken, rubbed sanitizer into cial-distancing measures could people remaining at home.Mr. dentssaying they approved of waitsrarely exceeding 30 min- theirhands and slipped on soon end if cases remained low. Bolsonarosupportswhat he his policies on the pandemic other nations guidance utes. A polling site in central pairs of disposable gloves. By Wednesday, conditions calls “vertical isolation,” pro- compared with 76% who sup- Seoul prepared a box of extra It wasn’t textbooksocial felt secureenough for70-year- posing high-risk populations, ported Mr.Mandetta’s ap- BY ANDREW JEONG face masks just in case—but, distancing,Mr. Kang said. “But old retiree Choi Boo-ja, who has such as the elderly,stayhome proach to the crisis. AND TIMOTHY W. MARTIN by lateafternoon, hadn’t given it’snot likewe’reall sitting to- barely lefther house recently, while businesses reopen—an SãoPaulo,Brazil’srichest out asingle one as all voters gether inside asmall room for to head out to vote with her el- approach meant to salvagean state, is among the states that SEOUL—South Koreans there had brought their own. an hourlong meeting,” he said. derly mother.The prospectsof economythat wasalready have adopted the most drastic streamed intopolling stations With dozens of countries Beforethe election, more infection didn’t rattle Ms.Choi’s fragile beforethe pandemic. measures to fight the pan- wearing face masks and plas- postponing votesinrecent than a quarter of South Kore- mother,who is in her 90s. Allbut two of 27 governors demic.Its governor,João ticgloves,taking part in the weeks,South Koreaprovides “I’m old. So what if Idie,” have decreed stay-at-home Doria, who has extended so- world’sfirst major national some early guidanceonhow the mother said jokingly,with measures,defying the presi- cial-isolation measures until election held during the new elections might proceed once A Seoul polling site a smile. dent. April 22,has criticized Mr. coronavirus pandemic. governmentssee ratesofnew For election day, the Seoul The clash—pitting a right- Bolsonaro’s call for Brazilians Choosing its 300-seat Na- virus infections flattenand fall. didn’t have to hand government had to take extra wing president who revels in go back to work.And on tional Assembly,South Korea’s Oncethe most virus-hit out- out masks because measures to account forthe the support of a fervent base Wednesday, he said it would turnout on Wednesday, cou- side China, South Koreahas continuing public-health againstmuch of the political be adisaster forthe president pled with record levels of seen the number of new infec- all voters had them. threat. It made voting by mail establishment, including some to fire Mr. Mandetta. early voting last week,reached tions slowrecently.Social-dis- possible forconfirmed corona- former allies—comes as the “I’m not guided by popu- about 66% of the country’s44 tancing measures areset to virus patients. Polling stations number of people testing posi- lism.I’m guided by science,” million eligible voters.That end on Sunday. But it won’t be were disinfected throughout tive for Covid-19 has risen to said Mr.Doria, aconservative wasthe highest since1992, ac- known fordays,ifnot weeks,if ans had expressed reluctance the day. Those under self- 28,320 and the death count who supported Mr.Bolsonaro’s cording to the country’s Na- the large turnout on election to vote because of coronavi- quarantine were allowedto has topped 1,700. campaign forpresident. “All tional Election Commission. day—apublic holiday—triggers rus, according to a Gallup Ko- vote afterthe polls closed at 6 That is thehighest count in the initiatives in SãoPaulo are SouthKorea holds legislative another wave of infections. reapoll. Themood began to p.m.—though accompanied by Latin America, but the pan- based on science and medical elections everyfour years. On asunnyspring day, shiftinrecent days as new a government chaperone. demic mayactually be even opinion.” President Moon Jae-in’s South Koreans flocked to the Covid-19 cases plummeted: 25 Some polling sites took ad- morewidespread in Brazil. Rio In Rio de Janeiro, Gov.Wil- governing Democratic Party country’s14,330 polling sta- on Monday, then 27 on both ditional precautions.Several de Janeiro’sPontifical Catholic son Witzel,another former acquired amajority in the tions to vote. Tuesday and Wednesday. Seoullocations laid out blue University recently estimated ally of Mr. Bolsonaro who has vote,giving moreleeway for Among them wasLyon South Korea, which had sheetsofpaper to coverthe in a study that the real num- nonethelessimplemented a his goals of warming ties with Kang,a51-year-old IT consul- 10,591 confirmed cases as of room’s floors because the vi- ber of infected people in this statewide quarantine until North Koreaand boosting eco- tant, who arrived at asouth- Wednesday, has seen itsdaily ruscan linger foruptoseveral countryof210 million is 10 April 30, said he has been in- nomic growth through higher ern Seoul voting precinct mid- count of newvirus infections days after, an official said. The times higher because of alack fected by the virus.“Irequest wagesrather than from tax day. He came with his wifeand gradually fall afterpeaking Feb. paper was to be discarded af- of testing. Mr. Mandetta said onceagain that youstayat cuts, political analysts said. twoadult children, wherethey 29 at morethan 900.Face ter the polls closed. the number of infected is ex- home,” he said Tuesday.

THE FUTURE OF INTERACTION Dr.Vivek H. Murthy 19th Surgeon General of the United States

Meetusonline While we look forways to navigatethis crisis, we’realso thinking about what April21at12:30PM EDT comes next. Over the coming months, we’ll bring youconversations with the leaders RegisterNow: wsj.com/rsvp changing howwelive, work andplay—live, online. Joinusfor the first episode. FREE ADMISSION

THE WALL STREET JOURNAL. Thursday, April 16, 2020 | A9 THE CORONAVIRUS PANDEMIC

28 and 30.Inanother Harris Virus survey last year,Americans in- dicated dataprivacywas the biggest issue facing companies. CK

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monitorcitizen movement by Mr.Cannataci, whose next re- TO tapping telecommunications port to the U.N. General Assem- data that they sayconceals in- bly in October will addresscor-

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from mobile advertising firms the coronavirus crisis could be- MAR

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ties unimaginable during prior as apolitical tool. FR outbreaks.Dataflowing from Surveillanceeffortsthis the world’s5.2 billion smart- time around have anew ally: A thermal-imaging camera in phones canhelp identifywho, public-health experts. They say the Philippines, above, checks whereand howpeople getin- some form of digital tracking the temperature of motorists. fected—and lasso in those who will be necessaryinthe months An Italian policeman, left, might. ahead, even as people return to operates a surveillance drone. Theextentoftracking morenormal lives aftercity A delivery man, below, passes hinges on aseries of tough lockdownsrelax.Billions will surveillance cameras in Beijing. choices: Makeitvoluntaryor livewith acontinuing coronavi- mandatory? Collect personal or rusthreat as the world waits weeks.Those who knowingly anonymized data? Disclose in- foravaccine. violateself-quarantine face formation publicly or pri- Until then, technologies can fines. vately? allowofficials to quickly iden- Officials at Israel’shealth In Western Australia, law- tifycarriersand stamp out new ministryhavepraised the Shin makersapproved abill last outbreaks beforethey spread, Bet program, calling it crucial month to install surveillance said Dale Fisher,aninfectious- to stopping the spread of the gadgetsinpeople’shomes to disease expert who investi- virus.Some 500 people identi- monitor those placed under gatedChina’scoronavirus out- fied by the Shin Bet eventually quarantine.Authorities in Hong break with aWorld Health tested positive, the agencysaid Kong and India areusing Organization team in February. on March 26. geofencing that drawsvirtual Thebiggest privacydebate TheIsraeli Medical Associa- fences around quarantine has centered on the involuntary tion questioned whysuch in- zones.They monitor digital sig- use of smartphones and other trusivemonitoring wasneces- nals from smartphone or wrist- digital datatoconduct contact Chinese authorities also used sarywith most of the public bands to deter rule breakers tracing,aprocess of identifying travel recordsand security already largely confined to and nab offenders, who canbe everyone with whom infected cameras to identifypeople who their homes by government or- sent to jail.Japan’smost popu- patientshad recent interac- had been in contact with the der.Inalettertothe Knesset, lar messaging app beams tions.Such tracing typically re- country’scoronavirus patients Israel’sparliament, the associa- health-status questions to its lies on in-person interviews on trains,airplanes and street tion said the lack of input from usersonbehalf of the govern- with the patient. Aftersingling corners. Those residentsalso epidemiologistsand public- ment. out at-risk individuals,authori- were put in forced isolation. health specialistsraises the Authorities in Moscow said ties then test and quarantine South Korea, aliberal de- likelihood of errors. It recom- last month they used facial-rec- them, preventing the further mocracyand one of the wealth- mended testing and other pre- ognition technologytocatch a spread of disease. iest Asian nations,built itscor- ventivemeasures instead. Chinese woman who broke Themost aggressivepan- onavirus approach on public Within days,Israel’sSu- quarantine and waswalking demicsurveillancesofar has disclosures and technology. At preme Court ordered the Knes- the streetsillegally.The police been in China. Authorities itsoutbreak’speak in lateFeb- set to set up asupervisory in Derbyshire, England, used thereused mobile-phone num- ruary, it reported morethan committeetooversee the drones to spot residentsven- bersand location data to trace 900 cases in asingle day. This tracking. turing out to ascenic overlook. the identities of thousands of week,the daily averageis As Israel prepares to reopen, Kansas recently said it used residentswho had leftWuhan, around 30—without resorting the country’sdefense minister third-partyGPS tracking data the earliest center of the out- to lockdowns. cessed. It does so,aspokesman and locateat-risk patientsin10 wantstointroduceadigital to monitor whether people break,for other cities over the Asweeping infectious-dis- said, only when aperson vio- minutes or lessbyautomating health-rating system that ranks were abiding calls to stay at Chinese Lunar NewYear holi- ease lawpassed afterSouth latesself-quarantine or if nec- access to personal information. all citizens on a1-to-10 scale. home. day. Theinformation wasthen Koreabotched itsresponse to a essaryfor contact-tracing pur- One South Korean coronavi- Those with high risk would Alittle morethan half of passed to local officials and different coronavirus five years poses. ruspatientdetailed on her blog have higher scores.The real- Americansnow back anony- neighborhood minders, who ago—MERS,orMiddle East re- SouthKorean government howquickly neighborsfigured time rating could nudgeup, for mized government smartphone asked the targeted individuals spiratorysyndrome—autho- websites publish detailed reout her identity.Her apartment instance, if government track- tracking,according to aHarris to quarantine themselves for rized officials to producedos- portsabout confirmed corona- building name had been ing reveals aperson had re- Poll survey of about 2,000 peo- two weeks—even though many siersofconfirmed patients virus cases.The reportsinclude shared, and fellowresidents cently visited an infected area. ple conducted between March had yettoshowany symptoms. usingcellphone data, credit- patients’ ages,work and home startedasking otherswhat Anyone graded at 9.5orabove card transactions and security addresses and personal details floor her family lived on and would have to be tested. The ForYour Information footage. Authorities areusing such as the restaurantsthey theirroom number. proposed system awaitssignoff such information to identify frequent and trips to family “It gavemeshivers,” wrote from the attorney general and Types of personal information governments have released about people whohavecome into get-togethersand even to get the blogger, who didn’t re- prime minister. coronavirus patients. contact with coronavirus pa- massages.One aim wasto spond to interviewrequests. “I Lawmakersare learning that tients, then encouragethem to showpeople wherenot to go. wasafraid of howpeople would voluntarycontact-tracing apps INFORMATION HONG SOUTH NEW DISCLOSED SINGAPORE KONG KOREA U.K. GERMANY YORK gettested or stay home. Although the dossiersdon’t viewmeand my children, and that claim to preserveusers’ Ageand gender SuhChae-wan of the Min- provide names,they sometimes worried people would come to privacy, such as the one pro- byun Lawyersfor aDemocratic provide enough clues forindi- our house.That wasscarier posed by Apple and Google, Travelhistory Society,which focuses on hu- vidualstobeidentified. That than contracting the virus.” aren’t effectivewithout high Workplaceaddress man rightsand democracy, said hasled to patientsbeing tar- In Israel, Prime Minister levels of participation. Home address(area) the government has accessed getedonline with unfounded Benjamin Netanyahu mobilized Only about one-fifth of Sing- Linkstoprevious cases information on far morepeople accusations and hatespeech, the Shin Bet, the nation’sdo- apore’s5.6 million residents than those with the virus.Even according to arecent letter mestic intelligenceunit, to col- have downloaded the govern- Nationality(if imported) though officials arerequired to signed by morethan adozen laboratewith the country’s ment’s“TraceTogether” app, Treatmentlocation notifyindividuals when their South Korean advocacygroups, health ministry to halt corona- even afterhealth officials im- Places visitedprior personal information is being including the Minbyun lawyers virus spread. TheShin Bet plored citizens to partake. The Identifiedcontact persons used forinvestigation, only organization. gained access to atelecom da- tally must rise by millions confirmed patientsthemselves On March 4, the country’s tabase previouslyused only to moretobeeffective, the gov- Howcasewas confirmed appear to have been notified so infectious-disease lawwas ex- fight terrorism and espionage. ernment said. Geographical breakdown far,hesaid. panded. It granted not just That meantcitizens who had —Dasl Yoon in Seoul, Dov of patients South Korea’sCentersfor health officials,but local gov- come intocontact with corona- Lieber in Tel Aviv, Bojan Note:New York identified the firstpatientindetail, but subsequentannouncements justincluded Disease Control and Prevention ernment heads,the powerto virus carrierswould be sent a Pancevski in Berlin and geographic breakdown of patients. declined to sayhow manyindi- request information. Thegov- text messagetelling them to Rachel Yeo in Singapore Source:the governments viduals’ datahad been ac- ernment said it canidentify quarantine themselves fortwo contributed to this article.

mostly worked from home in fected the art of staying on task out. “He’satthe dining room non says.“It’ssuper strange.” placement firm, recently came Rookiesvs. 2018,according to the most re- while working at home in table on aconferencecall with Thecouple decided they would home to work.“She will come cent census data. Then, the Washington, D.C.,for morethan the kids running up and down sharethe apartment’sone mon- out and turn the heat up,” Mr. pandemic sent the masses adecade.The 45-year-old busi- the stairs,” she says. itor and desk,each getting half Villani says.“Ahalf-hour later, Pros in the home to disrupt the regulars. ness-strategyconsultant charts During avideoconference aday there. Thedesk had been I’m melting at my desk,soIgo Staci Hegarty has worked everycall and daily priority in call, she sawtwo of her kids her province, coveredwith “all turn it down. It’sbeen alittle from home forfour yearsand is his Moleskine calendar.His and the family dog in the cam- my little desk things,” she says, bitofanegotiation.” Home Office apro.Ms. Hegarty,who is 48 partner Kathryn, an attorney erashot, playing on the bed be- including her furryllama figu- Zac Overbay, the 50-year- yearsold and acurriculum de- who is nowworking from home hind her.She stuck astamp rine and her favoritepens. old chief operating officer of signer,knows,for instance, how due to the pandemic,isused to over the camera, and told col- As asign of welcoming,she Woodruff-Sawyer &Co.,aSan ContinuedfromPageOne to “set up an appropriatevid- officechitchat. “She’ll just come leagues,“Oh, my added Russ’scol- Franciscoinsurancebrokerage, home due to the pandemic. eoconferencesothe laundryis stand right behind me and just video is not work- lection of StarTrek worried he would “hijack” his “It’s my domain,” says Mr. not hanging up behind you.” start talking to me,” Mr.Wake- ing today.” She says Pezdispensers. “It wife’senvironment when he re- Baker,who is 59.“She is com- She works in the dining room, man says.“I’m like, ‘Hold on a online school work almost feels weird,” cently started working from ing intomyspace.” finding the home officespace sec,this is sacred space.’ ” has started to keep she says.“Is this home.She has worked remotely Much has been made of the claustrophobic. Social-distancing directives the teens busier. my desk anymore?” formorethan 13 years. He travails of the work-from-home That spot worked well until also sent JulieOverton’shus- Shannon and He startsdays at makes himself scarce at points rookies as they strained to ad- Denverschools closed due to band home from work,and her RussSweetser had the desk,while she in the day. “I’vehopped in a just over thelast month. That the coronavirus,sending home three teens home from school. awell-oiled system. decamps to the walk-in closet,” he says. has obscured amorefrustrating herhusband, John Hegarty,a Ms.Overton, who does profes- Russ, 41, lefttheir couch with her lap- In Kansas City,Gregand adjustment unfolding in parallel: teacher.“It’sthe random loud sional training forauniversity, small SanFrancisco top. Around lunch- Cindy Baker areadjusting to her the work-from-home veterans singingthat happens,” Ms.He- has worked from home for15 apartment daily to Peacekeeper time,they switch. nowworking from home.She’s grapplingwith the interlopers. garty says of his habits. She told years. She enjoyedanoasis of go to his job as a She sitsdownand hadtotrain him to pipe down Mr.Baker had to laydown him: “You can’t just stand in the calm from the morning until product manager forafinancial finds herself dipped back.“He during hisfrequent shoptalk some rules,including request- living room and sing ‘Scooby- the after-school hours. company. Shannon, 36,headed changes the chair on me,” she with aFedEx colleague.“He’s ing that Ms.Baker wait until his Doo.’I’m on the phone.” She says she is nowtrying to her desk in aback bedroom. says.“Youknowinstantly, carrying on with his FedEx breaks to use the icemachine. He recently started doing to keep her house in Carlsbad, She has worked remotely since ‘Somebody messed this up.’ ” ‘wife,’and I’m sitting therelook- “You would be amazed how online teaching and one of Calif., from falling intoa“Lord 2017 as an account director for Thehousehold thermostat is ing at him to be quiet,” she says. loud it is to put iceinacup,” he them—meaning Mr.Hegarty— of the Flies” situation. She TimeshareCMO,adigital mar- asticking point forChris Villani, And as soon as she hears says. needed to moveintothe office can’t help but pop out of her keting consulting firm. a35-year-old journalist, home- him push his keyboardinjust Plenty of U.S. workerstoil space. “I washerefirst,” Ms. officewhen she hearsyelling or Then last month, Russ’sem- based in Watertown, Mass. His so,she knows he is on break, occasionally from their sofas. Hegarty says. barking dogs. To her amaze- ployertold stafferstowork fiancéeLeeAnn Parker,who is andshe runs to the kitchen to But only 5.3% of Americans Dave Wakeman has per- ment, her husband just tunes it from home.“It’sstrange,” Shan- 34 and employedbyateacher- the icemachine. P2JW107000-2-A009A0-1------NS

A9A | Thursday, April 16, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK NYC Faces Losing Nearly 500,000 Jobs Such arecession would be the worstcityhas seen sincethe early 1970s, areport says

BY JIMMY VIELKIND

NewYork City faces its worstfiscal crisis sincethe 1970s because of the coronavi- ruspandemic,with massive job losses and an estimated $9.7 billion decrease in the city’s taxrevenue during the next two fiscal years, according to areport released Wednesday. Thecity’s Independent Bud-

getOfficesaid in itsreport SMITH/REUTERS that roughly 475,000 jobs R. N

could vanish by March 2021, YA including 100,000 retail posi- BR

tions,86,000 jobs in hotels GES;

andrestaurants, as well as a IMA combined 26,000 spots in the ETTY

arts, entertainment and recre- /G ation industries. HEINS

Nearly 60,000 workersin T the five boroughs would lose OT SC

theirjobs beforeJuly of this P: year, the IBO said. TO OM

“Interms of itsimpact on FR employment, arecession in Officials on Wednesdayordered people to wear masksinmostpublic situations. Shoppers stood apart at aBrooklyn grocery,while aman rode pastaclosed Modell’sstore. which the city lost 475,000 jobs would be the worstithas ical evidencesuch apolicy to the coronavirus. State offi- faced sincethe early 1970s,” would have a major effect. cialsdidn’t release asimilar the report said. It added that Thegovernor said Wednes- figure,but said they were the revenue loss“is also al- day there eventually could be gathering information. most certainly greater than in civil penalties for people who Statewide figures continue anytwo-year period sincethe don’t comply,but therewould to showthe number of people end of the city’s fiscal crisis.” be no arrests. Mr.Cuomo said hospitalized for Covid-19 had NewYork City MayorBill he expectsNew Yorkerswould stabilized between 18,000 and de Blasio proposed a$95.3 bil- comply on their ownand pres- 19,000. lion budget in January. He said suretheir peersintofollowing Afterscrambling forweeks the projected revenue declines the order. to buy, manufacture or rig up make it harder for the city to Thegovernor said that peo- ventilators, Mr.Cuomo said payfor emergencyresponse ple also should have masks the statewould send 100 of even as it adds programs such with them whileexercising, thebreathing-supportma- as one announced Wednesday but that they wouldn’t need to chines to Michigan and an- to increase the emergencydis- have them in placeunlessthey other 50 ventilators to Mary- tribution of food. came close to another person. land, wherethe number of “We’renot going to be able Earlier on Wednesday, Mr. infections is growing. to provide basic services and de Blasio said all people shop- In New York, an additional actually have anormal society ping in grocerystoreswould 11,571 people tested positive if we don’t gethelp from the be required to covertheir forthe virus on Tuesday, federal government so we can faces.Storesshould post signs bringing the statewide totalto restart, so we canactually and enforce the mandate, and 213,779. have alivable working city they will be supported by po- Themajority of those cases again,” Mr.deBlasio said dur- lice officers, he said. areinthe five boroughs of ing an interview on CNN. Thenew requirementscame New York City. Meanwhile,Gov.Andrew Theorder,which takesef- situation, in public,whereyou wear facecoveringsinas stateofficials announced In NewJersey,the statere- Cuomo said at a news confer- fect Friday, would apply to come intocontact with other crowded public places,espe- another752 Covid-19 related ported 2,625new Covid-19 enceWednesdaythat he would people shopping in stores and people in asituation that is not cially in states or cities such deaths,bringing the total cases Wednesday, raising its issue an executiveorder re- using public transit. Coverings socially distanced, youmust as New York where coronavi- statewide toll to 11,586. totalto71,030.New Jersey quiring people to covertheir could include medical masks, have amask,” Mr.Cuomo said. rusinfections arewidespread. NewYork City officials said also reported 351 deaths nose and mouth while in pub- bandannas or scarfs,the Dem- TheCentersfor Disease That day, Mr.Cuomo and State Tuesdaytherewereanaddi- Wednesdayfor atotal of 3,156. lic wherethey can’t stay 6feet ocratic governor said. Controland Prevention on Health Commissioner Howard tional 3,778people whose —Joseph De Avila away from other people. “Ifyou aregoing to be in a April3recommended people Zucker said therewas no med- deaths likely were attributable contributed to this article. GREATERNEW Restaurants Get Into the Grocery Business YORKWATCH

BY CHARLES PASSY Businesshas takenoff with Thehope is that patrons CONNECTICUT the Konvenyplatform to the would be all the moreloyal to Soon afterSt. John Frizell pointthat JimmyChen, co- these establishmentswhen State Wants Inmate was forced to shut down Fort founder of Taiyaki and the they fully reopen because of Lawsuit Dismissed Defiance,his restaurant and Dough Club, is worried about the grocery service each pro- barinBrooklyn’sRed Hook keeping pacewith the demand vided. Connecticut’s attorney gen- neighborhood, because of the and finding storage space for “There’safeel-good emo- eral’s office on Wednesday pandemic,hestruggled to fig- his products, particularly fro- tion” that will paydividends asked a judge to dismiss a law- ureout away to bring in reve- zen ones. down the road, said John Da- suit filed by prisoners who say nue. “Ifyou knowanyone with a vie, chief executiveofDining they aren’t being adequately A plan to offer takeout fiz- freezer, I’m buying,” he said. Alliance, acompanythat protected from the Covid-19 zled, but Mr.Frizell couldn’t Other food-related busi- works with independent res- pandemic. help but notethat manyinthe nesses areforging their own taurants on purchasing. The suit seeksanemergency community were hesitant to path in the groceryrealm as Mr.Davie and othersinthe order thatcould forceConnecticut visit the local supermarkets well. Baldor Specialty Foods,a industryalso noted that res- to release prisoners deemed to be and were finding it difficult to NewYork-based importer and taurantsare well-positioned at most at risk of contracting the getadeliverytime slot with distributor of produceand this time because their supply coronavirus or requirechanges in online grocers. other items,isventuring be- chain isn’t typically the same howtheyare incarcerated. So,Mr. Frizell decided to yond the wholesale market for as that forsupermarkets, Waterbury Superior Court re-christen his dining and the firsttime to deliver food which means they cansome- Judge BarbaraBellis didn’timme- drinking spot as amini gro- directly to customers, with a times procurehard-to-get diately rule on the state’smotion. cery forlocals,working with $250 minimum. items. —Associated Press some of his key vendorstoof- And Purslane,aBrooklyn- Moreover,they oftenhave fercustomersfresh produce, based catering company, is de- access to high-quality fare— NEW JERSEY meat, fish and select other livering what it calls aweekly from prime-grade meatsto items on a pickup basis. “farmersmarket box” to lo- heirloom produce—not found One Dead, One Hurt “It would be of more value cals,along with prepared in markets. In Paterson Shooting

to them than going up to my TLIFFE foods. It plans to increase of- That is somethingthat Sta- windowand ordering an Irish ferings in the coming days to cey Douglas Moverley, a resi- A street shooting in a north- coffee,” he said. SHOR include olive oil, flour, butter dent of Red Hook,has appreci- ern New Jersey community has

Mr.Frizell has plenty of MARK and eggs. ated aboutthe items she has left one man dead and another company. A Brooklyn cafe has been selling groceries during the virus crisis. While the obvious driving picked up from Fort Defiance wounded, authorities said. Several restaurants in New factor forall these businesses during the pandemic.She par- Paterson policefound both vic- York City,fromindependent robust delivery program that that specializeinJapanese is the need to find alternate ticularly enjoyeda“lovely tims when theyresponded to re- operations to chains, are try- incorporates not only produce desserts, have introduced an sourcesofsales during the pork loin” and “amazing ports of shots fired shortly after ing similar efforts, though the and proteins,but everything online grocery, Konveny.com, pandemic,the effort forrestau- breakfast sausages,” saying 8p.m. Tuesday, according to the sizeand scope of the offerings from meal kitstotoilet paper. devoted to avariety of Japa- rantsalso is about maintaining such farehas kept her well fed Passaic County Prosecutor’s Of- varies. TheoperatorsofTaiyaki nese products, including rice aconnection with customers during the health crisis. fice. The twomen—Tamir Black- Just Salad, aNew York- and the Dough Club, two New crackersand red-bean ice- with an eyeonthe post-pan- “It’sjust been agodsend,” wood, 27 years old, and a26- based chain, has launched a York-based establishments cream bars. demicreturn to normal. she said. year-old man, both of Paterson— were taken to ahospital where Mr.Blackwood waspronounced dead ashort time later. The other New Yo rk Delays Raises for 80,000 Public Workers victim waslistedinstable condition. Amotivefor the shooting remains under investigation. BY JIMMY VIELKIND and statetroopers. situation after 90 days. have some financial stability.” our mental health facilities.” —Associated Press The state deferred the em- Income taxpaymentsare On Monday, 17 Republican On Wednesday, Mr. Cuomo Gov.Andrew Cuomo on ployees’ annual 2% raise for the largest source of staterev- state senators urged the gov- filed his ownstate and federal Wednesdayrebuffed calls to 90 days,officials said, because enue, but money isn’t coming ernor to release raises for es- income tax returns. CORRECTIONS  allowraises forpublic workers of acash crunch caused by the in as planned after New York, sential state workers, includ- Thegovernor’s adjusted that were supposed to kick in novel coronavirus. following the U.S. Treasury ing prison guards.Unions grossincome last year was AMPLIFICATIONS this month, saying thestate State Budget Director Rob- Department,postponed its already had blasted the delay. $280,677,his returns show. doesn’t have the money to pay ert Mujicasaid last week the April 15 tax-filing deadline by In astatement last week, That includes $192,858 in sal- for them. maneuver would allowthe three months. Michael B. Powers, president ary for his state position. Dennis Werner is the gen- Higher wagesguaranteed by statetokeep $50 million in “It would break the bank,” of the NewYork State Correc- The governor’s salary rose eral manager of St. Michael’s union contract were scheduled cash and help avoid furloughs. Mr.Cuomo,aDemocrat, said tional Officers&PoliceBenev- in 2019 from $179,000 to Cemetery.AnApril 6article to take effect on April 1 for One union official said he of the raises during abriefing olent Association, called it a $200,000 ayear,based on the about cremations misspelled roughly 80,000 government expects the money eventually Wednesday. “The stateis “slap in the face to the brave recommendation of a contro- his last name as Warner. employees—including blue-col- would be paid retroactively in broke, and there’salot of men and women in lawen- versial state commission. The lar workersrepresented by the a lump sum. good thingswewould liketo forcement and those on the governor’s annual salaryin- Readers can alert The Wall Street Journal to any errors in news articles Civil ServiceEmployees Asso- Aspokesman forMr. Mujica do foralot of good people front lines of keeping order in creased again in January, to by emailing [email protected] or ciation, correctional officers said thestate would assessthe that we cannot do until we our state’s prison system and $225,000. by calling 888-410-2667. P2JW107000-2-A009B0-1------NS

THE WALL STREET JOURNAL. ** NY Thursday, April 16, 2020 | A9B

VIDEO VISIT TO REDUCE COVID-19 EXPOSURE. Now$20 for NewJersey residents with code HMH20. FREE for Adults 65 and older with code HMHFREE. If you suspect you’ve been exposed to coronavirus, or areexperiencing only mild flu-likesymptoms, the CDC recommends screening through telehealth video visits. Youcan have avideo visit with aboard-certified physician who can advise on whether COVID-19testing at an urgent careorother facility is necessary. Visit ConvenientCareNOW.com. Duetoheavy volume, wait times are longer than usual.

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A10 | Thursday, April 16, 2020 THE WALL STREET JOURNAL. LIFE&ARTS

More than 60% of the world-wide commercial airline fleet is grounded. GES IMA GETTY ENSEN/ SW JEFF THE MIDDLE SEAT |SCOTT McCARTNEY The Numbers on Travel’sUnraveling

These 13 stats show how much coronavirus has changed airlines, hotels and others in a matter of weeks

The devastation that coronavi- tels and even cruise ships. After Hotel 0% The number of Airbus A380s The original plan for this time of rus has rained on the world feels the terrorist attacks, it took a long occupancy 6still flying, according to Cir- year had an average 300 daily almost impossible to quantify. time: three years before airline ca- forthe –25 ium, out of 242 delivered. flights. The collapse in Newark is Along with the lives lost, entire in- pacity recovered, but eight years week of There’s not much demand for a su- more severe, with 16 daily flights dustries are flailing. Travel has before the average fare—an indica- March –50 perjumbo airplane that carries compared with a slate of 400. been one of the hardest hit, affect- tor of demand—got back to what it 31-April 6 more than 500 people a flight. The ing the lives and livelihoods of mil- was in 2000. It was six years be- –75 passenger version of the iconic The de- lions. As we tally the corporate fore airlines turned profitable: cu- 747, Boeing’s jumbo jet, may find cline in carnage, some numbers stand out, mulative net losses from 2001 to its days are numbered as well. -93.8% –100 airline showing just how deep the travel 2005 were $60.6 billion. Oahu Range for To fill a giant airplane you need tickets sold for future trips by depression is: 25 largest sizable demand, and that may be travel agencies the week of April The percent- Source:STR U.S. markets gone for some time. 12 versus the same week of 2019, Thenumber of yearsittook age change in according to Airlines Reporting the airline industrytorecover -95% The number of 6 passengers at 90,510 Corp., which processes tickets for from 9/11. Ithink this maybe New York airports compared with Some other numbers to ponder: passengers travel agencies. the most significant number forthe comparable days last year, accord- screened nationwide by TSA on travel industryright now. Destruc- ing to the Port Authority of New The world- April 12. On the same day of the American Airlines flew its tion from the coronavirus pandemic York and New Jersey, which oper- wide airline week one year ago, TSA screened first transcontinental is greater than the 2001 terrorist at- ates Kennedy, LaGuardia and New- -73% 2.4 million people. That’s the low- capacity de- 61 flight, nonstop between tacks.Recoverywill be tougher,too. ark Liberty. cline as of April 8 schedules, mea- est total so far for TSA, through New York and Los Angeles, on Jan. After9/11, it wasclear what fixes Takeoffs and landings are down sured in available seat-miles, ac- Monday. 25, 1959—61 years ago. JFK-LAX needed to be made—hardened cock- 80% to 85%, says Rick Cotton, the cording to OAG schedule data Curiously, there were twice as had remained in American’s sched- pit doors, stepped-up airport Port Authority’s executive director. analyzed by Oliver Wyman’s many people getting screened at ule ever since, until now. (There screening,vetting of potentially One good number: Cargo traffic PlaneStats. (A seat-mile is one seat the end of March. The numbers do were cancellations for storms, 9/11 dangerous passengers. It’slessclear at Kennedy and Newark hasn’t de- flown one mile.) include airline crew members and and other disruptions, but the what the fixeswill be coming out of clined much, and the last week of North America airline capacity other workers, but don’t include flights remained in the schedule.) this health emergency. March was actually up 5% to 6%. was down 72%; Europe 84% and connecting domestic passengers. Number of JFK-LAX nonstops in Increasingly, the cargo is medical Asia 61%. current American schedule: Zero. World-wide airline capacitychange supplies, he says. Mayschedules will have even Percentage of passen- On Sunday, JetBlue flew twice as of April 8schedules,measured in “In this environment, it’sasub- fewerflights, at leastinthe U.S. 5%gers Delta is flying from JFK to LAX, and Alaska and available seat-miles* stantial achievement forthem to United says forthe month of May, it compared with its Delta once flight each. have held cargovolumes up,” he has pulled 78%ofits domestic fly- normal load. –84% Europe says,noting cargoatPort Authority ing and 89% of international trips Similarly, American says the dif- 23,923The number of –73% World-wide seaportshas been down 22%and from schedules,for atotal of 83%. ference between its busiest day of airline flights truck traffic over Port Authority 2020, which was Jan. 5, and the tracked world-wide by –72% N. America bridges and tunnels is down 28%. The percentage day with the least number of pas- Flightradar24 on Sunday, April 12. –61% Asia Mr. Cotton, who had what he of the world- sengers so far, April 8, amounts to The number of flights tracked on describes as a mild case of 60% a 96% decline. wide commer- Sunday, Jan. 19: 104,487. *one seatﬂownone mile Covid-19 (his wife’s case was more cial airline fleet grounded, accord- Source:OAG schedule data analyzed by PlaneStats serious, but she has also recov- ing to Cirium, a travel industry Hotel occupancy on This last num- ered), says this crisis is going to data firm. That translates to Oahu the week of ber isn’t nec- Will we all wear masks on air- 7% result in lessons learned about 15,500 airplanes world-wide. March 31-April 6, 1.8M essarily bad, planes? Will middle seats need to how to operate more efficiently, as American has more than 300 of its down 90.7%, according to hotel just big: The estimated daily de- be blocked as they are now to pro- well as more gratitude for the 1,000 mainline jets parked, and data-tracking firm STR. In the 25 cline of carbon dioxide emissions vide some distancing? Will travel- freedom to travel. more will go into storage. Many largest U.S. markets, occupancy when 73% of world-wide flying is ers need health cards proving they “The ability to travel, the desire won’t come back, slated for early was down 68.5%, to 21.6%, STR grounded: 1.8 million metric tons. have antibodies to Covid-19 or to travel, the ability to look forretirement or sale to cargo carri- says. Oahu had the biggest decline On average, 2.5 million metric tons have received a vaccine that ward to travel, in the 21st century ers. among the big markets. of CO2 are emitted from passenger doesn’t yet exist? is deeply ingrained in everybody,” Delta has 500 planes already and freight transport daily, accord- The biggest question of all is Mr. Cotton says. “I think you may grounded, with plans to park 100 The current number of ing to the International Council on when confidence will return to the find people appreciating what more. United says it is parking 800 daily departures for Clean Energy. That’s 2% of the skies, to airports, trains, buses, ho- 60 travel means.” aircraft. United in San Francisco. global total.

The company had asked her to re- ForManyNew Hires, locate to Wilmington, N.C., but Ms. Daigle couldn’t because her elderly parents live with her. Ultimately, the company hired Ms. Daigle as a EmployeeOrientation permanent remote employee. For the moment, all of nCino’s employees are working from home. The Happens Online virtual meetings that keep them connected will remain the norm for Ms. Daigle even after her co- B Y K ATHRYN DILL ployees in similar roles for tech-fo- workers return to the office. cused training and team-building Lauren Nielsen had been pre- FORHER FIRST DAY on the job at projects. “It wasn’t just like we paring to move from Seattle to Accenturelast month, Danielle Miz- were sitting in front of the com- Munich to become a product de- rachi planned to walk to the consult- puter listening to lectures all day,” signer at fitness company Freelet- ing firm’soffices near NewYork’s Ms. Mizrachi said. ics. Once the pandemic hit, her Grand Central Terminal in the work Accenturehires about 100,000 move was postponed indefinitely clothes she bought afteraccepting people annually,and expectsto and she began the job remotely, a their offer back in November. maintain that volume this year,said situation made more challenging Instead, Ms.Mizrachi, a26-year- Ellyn Shook,chief leadership and by the nine-hour time difference. old software engineer,found herself human resourcesofficer.Inthe sec- These days, Ms. Nielsen, who is 30, at her grandmother’s house in ond half of March, 300 newem- begins work around 6 a.m. so she Stamford, Conn., awaiting delivery ployees were put through the com- can overlap with her colleagues of her companylaptop and attend- pany’svirtual onboarding process, for much of the workday. She ing weeks of virtual orientation. which kicks off each week.Other sometimes takes meetings late at She has plenty of company. As companies,including Slack Tech- dropping a 10-day onboarding pro- 30,met aCalendly HR manager in a night when her co-workers in Ger- offices remain closed to prevent nologies and Facebook,haveimple- cess into a 10-day Zoom process is Target parking lot in Atlanta, where many are just beginning their day. the spread of the coronavirus and mented similar processes,shipping not the ticket,” she said. he presented his passport and re- One challenge is figuring out a furloughs and layoffs continue, laptops to newemployees before Kevin Bandy was supposed to ceived his companylaptop. company’s tone and level of foremployees fortunate enough to their firstday and then holding show up for an interview for a de- New hires at Calendly usually mality. Kathy Denning was the start new jobs are diving in along- group discussions,Q&As and train- veloper job at Atlanta-based soft- have a lunch with their managers. first person to be onboarded re- side colleagues they haven’t met in ing sessions by videoconference. ware company Calendly on March Instead, the company had food de- motely at Landed, a San Francisco- person. Human-resources depart- Some aspects of onboarding, 16. But the interview—including a livered by DoorDash—for Mr. based personal finance company, ments and managers are enlisting such as explaining company poli- technical segment that requires Bandy, Joella’s Hot Chicken—and which she joined as director of virtual coffee dates, Zoom sessions cies on compliance and other is- collaboration among developers nine new hires and their managers customer sales on April 6. Ms. and other ways to integrate new sues, are givens, said Lisa Brown and is usually done in person—in- logged on to a videoconference Denning, 42, was assigned a “cul- employees into the workflow of of- Alexander, founder and chief exec- stead was held online. “Some of and ate together. ture buddy” to help her acclimate. HÉNAFF fices they have never visited. utive of human resources firm the people interviewing me were For some, the rapid transition “She’s someone I can just ask OLE At Accenture, Ms. Mizrachi Nonprofit HR. She also recom- actually in Europe, and I didn’t to remote work has opened up questions about norms,” Ms. Den- CAR joined about 30 other new hires mends efforts to encourage em- even realize that,” Mr. Bandy said. possibilities. Kristy Daigle, 45, of ning said. “The thing that I think BY attending online sessions about ployee engagement and retention, He washired and his onboarding Greenville, S.C., was interviewing is most difficult about onboarding ION

AT company processes and benefits. like building connections with co- happened online with one excep- for a job as a senior product man- in general is absorbing company

TR Periodically, they broke into workers and learning where to tion: the verification of his employ- ager at financial-tech company culture. It’s one of the most impor- US

ILL groups of about half a dozen em- find critical information. “Just ment eligibility.Mr. Bandy,who is nCino, when the pandemic struck. tant parts of onboarding.” P2JW107000-0-A01100-2------XA

THE WALL STREET JOURNAL. Thursday, April 16, 2020 | A11 LIFE & ARTS

WHATTOWATCH THIS WEEK

New This Week: ‘Mrs. America’ Cate Blanchett as (Hulu) Phyllis Schlafly in Newly released movies ‘Mrs. America.’ and shows Dahvi Waller, the creator of “Mrs. America,” says making the series allowed her to ac- complish two things at once: create a political drama that has women as its central protagonists, and tell a story about change from the perspective ing “Mrs. America” gave her added apprecia- of the opposition. tion for the women who advocated for the “Mrs. America,” a limited series just out, amendment and those who pushed back: “If tells the story of Phyllis Schlafly’s efforts to you were raised to believe the most impor- stop the ratification of the Equal Rights tant thing you could do with your life is to Amendment, and the feminists who sup- be a stay at home wife and mother and you ported it. It stars Cate Blanchett as Schlafly, do that and you do that well and then one Uzo Aduba as Rep. Shirley Chisholm, and day you’re told that’s not good enough, you Rose Byrne as Gloria Steinem. are now invisible, no one cares what you Ms. Waller says the experience of mak- do—that is very upsetting.”

An Expert Recommends: ‘Miss Americana’ (Netflix)

Jewel, the platinum-selling singer and song- writer is hosting “Live From San Quarantine” concerts Thursdays at 3 p.m. PT at twitch.tv/in- spirehouse to raise awareness of men- she is owning what she’s done. Something tal health issues. Here, a documentary she talks about in the film that I think ev- WhySome Viewers on her watch list (condensed from an eryone can relate to is that she felt like she interview). had to hide her own power, for being the “I went from being homeless to selling a mastermind of her own business. A lot of million albums a month for something like women feel this need to hide our light and 14 months. It’s a level of fame and pressure say things like ‘I’m no expert, but…’ I think Don’tBinge-Watch that is slightly traumatic. So, it was really every human can relate to trying to down- fun to watch ‘Miss Americana,’ a documen- play their strength and to be nonthreaten- tary about Taylor Swift, and see how she ing. That’s something Taylor dealt with that ERICARHODES usually isn’t FiresEverywhere,” based on really lacking with no sports, handled it, how she’s giving back and how I’ve dealt with. It was beautiful to see.” much for reality TV, but she’s CelesteNg’snovel of the same and news being really de- been losing herself for hours name about two mothersfrom pressing.” sheltering in place with epi- different backgrounds,which Theremay be other bene- sodes of “dumb reality stuff” has itsfinale next week.And fits to slowerwatchingtoo. A Reader Recommends: like Netflix’s “Love Is Blind.” there’s “Mrs. America,” from Consuming episodes daily or ‘Midnight Diner’ But even in the age of quaran- FX on Hulu, about the opposi- weekly leads to “higher levels (Netflix) tine, there are some shows the tion to the Equal Rights of enjoyment and betterabil- actress and comedian doesn’t Amendment out this week. ity to remember what hap- Chaim Caron, areader in like to binge. Jason Mittell, professor of pened than bingeing did,” ac- Cleveland, is watching She likes JerrySeinfeld’s media studies at Middlebury cording to Jason Lodge, an “Midnight Diner,” afic- “Comedians In CarsGetting CollegeinVermont, made a associateprofessor of educa- tional series set in Japan. Coffee,” (Netflix) but prefers beeline forTwitterafter tional psychologyatthe Uni- “My ex-wife introduced sipping episodes,sometimes watching the latest episode of versity of Queensland in Aus- me to this show, which is in as apalatecleanser if she’s “BetterCall Saul” (AMC), the tralia, who co-wrotea2017 Japanese with English subtitles. She didn’t sis and a dish that is central to their life. deep intosomething else. “Breaking Bad” spinoff that paper, “’The Impact of Binge tell me anything about it. Which was per- There is a strong sense of melancholy “Black Mirror” (Netflix) is Watching on Memoryand Per- fect because I discovered it on my own. The that runs through the series, but also a lot also on her watchlist but ceived Comprehension.” action takes place in a small diner in Tokyo of humor. I loved the series immediately, but partway through everyepi- Pacing out episodes “Wethink this might be a that opens every night at midnight. The its emotional depth struck me gradually.I sode she thinks the same similar phenomenon to what owner/chef narrates but he stays in the grew more connected to it over time. Some-

APPLE thing: “This is really good and can lead to ‘higher is called the spacing effect,” background, leaving the foreground to his how, it makes me feel more connected to

(2); well done and makes youre- levels of enjoyment,’ he says.“Spreading out expo- customers. Each episode features a differ- humanity, which might make this a great ally think,but Ican’t take it suretonew input over longer ent customer dealing with an emotional cri- show to watch right now.” all at once. Ican do one at a according to a study. time frames leads to better NETFLIX time everyonceinawhile.” learning.Inthe case of TV se- (2);

FX Stay-at-home orders mean ries,the effect also appearsto : morebinge-watching than extend to howwell the series New This Week: ‘Home’ LEFT

P ever. Companies likeHBO and focuses on Walter White’s is enjoyed.” (Apple TV+)

TO Apple TV+ aremaking large shady lawyer.The series drops Chaim Caron, aWall Street

OM portions of their catalogs Mondaynights. Shut indoors, Journal reader thinks “Mid- Newly released movies FR available free,hoping viewers with no sportstowatch and night Diner,” (Netflix), an an- and shows

WISE will do just that. But formany no escape from depressing thologyseries that centerson “Home,” anew series that

OCK who have endlessoptions at a news,Mr. Mittell says this is achef and his customers, is premieres Friday, explores CL

S time when they’reseeking the perfect time to embrace one series that is betternot the innovative, and some- TO connection, this is the right the old-school tradition of binged. He says he’swatched times odd, structures of PHO time to savoreach episode, consuming episodes of TV thefirst season twice, but is dwellings around the world.

ON; dissect them with fellowfans shows at the same time as ev- not yethalfway through the In an episode set in Sweden, a young about gawking at the luxurious and unattain-

WILS and take thingsone at atime. eryone else. second yet. woman lives with her family in a house built able than leaving viewers thinking theycan B At the moment several new “Wewant these sort of ritu- “I am in no rush to see inside a greenhouse. “We just want to show do morewith the home thattheyhave.“It’s RO

BY series arereleasing episodes als of togetherness,” he says. them all,” he says.“Iamnot the world that there is an alternative way notabout running off to build your dream weekly,rather than allat “This sense of: We’reall con- eager to arriveatthe point of to live,” she says. In another, set in Mexico, home somewhereelse,” he says.“It’sjust IONS

AT once, creating opportunities suming the same thing to- having seen them all forthe apoor family receives a 3-D printed house. about: whatdowehave rightinfront of us

TR forcommunal experience. gether at the same time and firsttime.” Doug Pray,anexecutiveproducer who also thatwecan enrich, thatwecan use betterto US

ILL Among them, Hulu’s “Little we canhaveaconversation is —Chris Kornelis directed twoepisodes, says the series is less abetterend?”

WHAT’SYOUR WORKOUT |JEN MURPHY NewHome Workouts Come With NewAches and Pains

LIKE MANY PEOPLE, Cheryl Cave- to feel anypain, stop.Start slow ing back up.Besureyour knees ney has had to adapt her workouts and remember to take rest days.Jill track in line with your ankles and during the coronavirus pandemic. Henderzahs-Mason, awellness toes, she says.“Only lowertothe TheStamford, Conn.-based jewelry physical therapist at the Mayo point that youcan keep your back designer wasaSoul Cycle devotee. Clinic HealthyLiving Program in neutral,” she says. Now, she’strying substitutes,from Rochester,Minn.,says it’simportant Common mistakes: “Ifyou have Pilates classes via Zoom to fitness to movemindfully.Rather than try poor hip stability your knees will tutorials and dances on TikTok.But to keep up with the instructor on collapse inward,” she says.“Keep they haven’t given her only the en- your screen, go at your ownpace them tracked over your ankles.” dorphin boost she waslooking for. and getfamiliar with the mechanics Keep your weight in your heels and “I could barely walk aftersome of of amove. Forinstance, the push your hips back rather than the classes,” she says.“They’veleft burpee—a combination of ajump,a curvethe spine,she says. me so soreI’vehad to take days off squat and apush-up—is acomplex from workouts.” exercise tossed intoboot camps, Lunge As people take on push-up chal- she says.Ifit’snew to you, rather Start with your feet hip-width lenges and attempt to follow work- than attack it all at once, break apart, hands on hips, and step out classes from their living down the different elements. your right foot forward, Ms. Agus- rooms, aches and even injuries can “Now isn’t the time to be wor- tin says. Keeping your spine tall

arise, whether they are old hands ried about getting in a heavy CANU and the weight in your heel, lower

at workouts or new to classes. “It’s workout,” Ms. Henderzahs-Mason AN your body until both your front normal for people to experience says. “Focus on feeling good and IV and back legs form 90-degree an- sore muscles if they’ve started as with any new routine, ramp up BY gles, she says. Your front knee ION

working out in new ways,” says the intensity gradually.” AT should be directly over your ankle

Phil Page, the research director for Thebeauty of working out at TR and your back knee can tap or US

physical therapy at Franciscan home is that no one is judging if you ILL hover above the ground. Rise up Missionaries of Our Lady Univer- only do 10 push-ups instead of 20, and repeat. “If you feel wobbly, sity in Baton Rouge, La. “The sore- says Ninia Agustin, aphysical thera- Push-up pening, drop to your knees, with you can lightly hold on to a chair ness might even take 24 to 48 pist at SPEAR Physical Therapy in Start in aplank position, with your feet up. Your spine should or even put a hand to the wall to hours to kick in—but if it limits NewYork City.She suggeststrying hands shoulder-width apart, says still form a straight line. Beginners help with balance,” she says. Once your daily routine, you know to work out in front of afull-length Ms.Agustin. “Tomaintain neutral can start with standing push-ups you have mastered the stationary you’ve overdone it.” mirror to monitor alignment. If you cervical alignment, have alittle against a wall and then progress lunge you can move up to a for- Theproshaveadvice on howto livewith someone,she says,you can bit of achin tuck,” she says. to a table edge, she says. ward lunge, where you step for- avoid the pain. Focus on form in- ask them to policeyour technique. “Your body should form a ward, lower and, as you rise, bring stead of trying to keep up with your Be suretowear supportiveshoes, straight line from the base of the Squat your front foot back to starting virtual class. If you’venever triedto especially if youare newtoexercise neck to the tailbone.” Your el- Stand with feet hip-width apart, position, she says. do an exercise before, take the time and doing anytype of jumping that bows should be at about a45-de- says Ms.Henderzahs-Mason. Keep Common mistakes: “Ifyour to learn the mechanics beforeat- canstrain the ankles,she says.Clut- gree angle to your body as you your chest tall as youpush your shoulderstip forward, your back tempting 10 repetitions.Manyper- teredliving rooms canbehazardous, bend them and lowertoward the hips back,bend at the knees and muscles have to work harder to sonal trainersand physical thera- so clear your spacebeforeyou exer- ground, she says. lowerintoasquat. Youcan keep maintain the position,” she says. pistsare offering one-on-one cise,she says.And, of course,it’sa Common mistakes: “When the your hands by your sides or clasped “Think about keeping your bones sessions virtually.Ifyou have ques- good idea to consult with your doc- core is not engaged, the hips start in front of you. Beginnerscan place stacked over each other.” Don’t tions about technique and form, in- torbeforedoing anynew routines. to sink down or hike up, putting achair behind them and practiceas let your front knee collapse invest in asession. Don’t be afraid to Here, experts deconstruct com- strain on the lower back,” she though sitting down, without actu- ward,she says.Keep it over your modifyanexercise,and if youstart mon exercises: says. As soon as you feel this hap- ally touching the seat beforestand- second or thirdtoe. P2JW107000-0-A01200-1------XA

A12 | Thursday, April 16, 2020 THE WALL STREET JOURNAL. SPORTS Baseball Shortens the Draft

With the delayed season crippling league revenues, owners are looking to preserve money

BY JARED DIAMOND

nyone takeninthe sixth round of the Major League Baseball draftis Aone of the 200 best amateur players in the country. Slugging ChicagoCubs first Riders pass the Arc de Triomphe. baseman AnthonyRizzo,athree- time All-Star, wasselected in the sixth round. So wasOakland Athlet- The Tour ics shortstop Marcus Semien, afi- nalist forAmerican League MVP last year,along with former stars Clings such as SalBando,Tim Hudson, Ja- mie Moyer, Shane Victorino,Devon Whiteand manyothers. To Summer But this summer,manyplayers likethose won’t be draftedatall— and it’sgoing to have significant BY JOSHUA ROBINSON ramifications acrossevery level of baseball, from high school up Paris through the professional ranks.The THE REST of the global sports reason is the unprecedented level of calendar may have collapsed, chaos the coronavirus pandemic has but one sporting event is stub- forced on the game’sannual draft. bornly clinging to the summer. With the delayedbaseball season The Tour de France on Wednes- crippling league revenues,MLB day announced that it would ownersare looking to preserve delay its start by two months, money.They found one solution by aiming to run from Aug. 29 to striking adeal with the players’ Sept. 20. union to slash the sizeofthe draft Thebaseball draftis pursuing is different,” said MLB commissioner Rob Manfred The dates are more aspira- from the usual 40 rounds to as few acomplexpuzzle com- NewMexicoState in- announces a pick in the 2019 draft. tional than etched in stone. as five rounds this year and as few pared with that of the fielder Nick Gonzales,the Due to the coronavirus, this year’s Holding the race in August as- as 20 rounds next year.Meanwhile, other North American sports fourth-best 2020 draft draft will be slashed to five rounds. sumes the absence of a second players chosen will be forced to de- leagues,not least of all be- prospect as ranked by wave of the coronavirus pan- fervast portions of their signing cause the players areinitially MLB.com. “Thereare some ing aguessing game,trying to esti- demic and that the French gov- bonuses—millions of dollars, in conscripted to yearsofminor- thingsthat come with that matewhich of their juniorsmight ernment will still be on board some cases. league wages. Each team has that aren’t fair,but youjust be draftedand leave their programs by then. But the Tour insisted Playerswho aren’t draftedcan adifferent amount of bo- have to deal with it.” versus howmanyfreshman recruits that it could not imagine out- sign contractsasfreeagents. But nus money to allocate, Thecalculation isn’t that they have coming in. They have to right cancellation. In the race’s their bonuses will be capped at with severetaxes on simple formanyothers. do that while attempting to divvy 117-year history, only the two $20,000,far lessthan what they’d spending abovethat Theshortened draftmeans just 11.7scholarships across27dif- World Wars have prevented it. getunder normal circumstances. threshold. Prospects that hundreds of college ferent players. “It will certainly be the first Thefirst pick of the sixth round is from high school juniorswho would have Nowtop programs could have ju- major event back, a lighthouse valued at $318,200,meaning the through collegeare been picked now niorsinitially expected to leave that allows us to see what’s S

firstplayernot taken available,all with won’t be,leav- wanting to come back.Underclass- ahead,” said race director PRES would have his bonus different amounts ing them men expecting to have astarting Christian Prudhomme. slashed by 94%inafive- of leveragedic- Anthony with aco- job opening forthem could be Four-time champion Chris ZUMA

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All of this comes much it will Do they ac- exploreother opportunities.College hope in that we may return to PA at an already tu- cost to sign them. Thevast majority cept apaltry$20,000 bonus and be- coaches arehoping foratemporary some sort of normality in the S,

multuous time for of players draftednever sniffthe gin their procareers, or do they go relaxation of the scholarship limits near future.” PRES

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MLB has proposed ing up foramoreunpredict- called the $20,000 limit forun- Thegood news forcollegebase- million fans to the roadsides is AS an overhaul of the able draftthan ever.Because draftedplayers “completehorse—,” ball, NewMexicoState coach Mike harder for France right now

minor leagues that amateur seasons around the sincethey could typically sign for Kirby said, is that “There’sgoing to than picturing bread without a SMITH/ would strip as many countrywerecut short, teams as much as $125,000 without count- be an increased level of competition crust. The entire country is un- as 42 teams of their won’t be able to evaluatepros- ing against the team’sbonus pool. and higher level of play” with fewer der lockdown until May 11 and TIAN

major-league affilia- pectsasthey normally would. Those collegejuniorscould re- players jumping to proball. The cycling more than a kilometer CHRIS

tions.MiLB teams, Thedraft,which wasinitially turn to school still considered ju- bad news: “Programs maybecon- from your apartment is banned. ERIC which derivevirtually scheduled forJune 10,could niors, sincethe NCAA granted all fronted with really tough deci- Travel from abroad is sus- all their income from be pushed back intoJuly in spring athletes an extrayear of eli- sions,” Savage said. pended until further notice. The GES, ticket sales and the in-sta- the hopes that summer gibility.But while their eligibility AMLB official said that saving peloton itself, with more than a IMA dium experience, arereeling leagues might be able to go clock stopped, time has not, and all money with ashorter draftwill al- hundred cyclists riding, breath- GETTY from the possibility of acan- on as planned. of those players who stay would be lowteams to retain their current ing and spitting in close quar- celed 2020 season. “We’redealing with a ayear older upon entering proball, employees during uncertain times. ters, could be considered a

Nowacurtailed drafthas truncated season and not which could hurt their value. Fornow,that wasthe priority,this germ-laden mass gathering. OCKMAN/ imposed the closest thing base- as much information or Elias said that given the situa- person said. That’s why Prudhomme said ST ball could have to aCovid-19 hir- as much comfort as tion, “I don’t think the amateur People acrossthe game believe the race, which starts in Nice TTHEW

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THE WALL STREET JOURNAL. Thursday, April 16, 2020 | A13 OPINION Restore Laissez-Faire Capitalism BOOKSHELF | By William Anthony Hay

As Dracula re- health-careworkersand con- individual opportunities as “The federal government Advise coiled from the cern forthe elderly areevery- possible. should deny recovery money cross, liberals where. Thegoal should be to clear to cities and counties that do shrink in hor- Laissez-fairecapitalism, all identifiable impedimentsto not eliminatepointlessregula- rorfromthe with an upgrade forthe 21st- the restoration of old jobs and tion forstartups.” And Dissent phrase “lais- centuryeconomy, is an idea for the creation of jobs that didn’t I’doffer asunset provision WONDER sez-faire.” The our time.What might that exist two months ago. on regulatoryrelief in return LAND thought of a mean? Manyofthe laid-off are foraregulatoryholidaynow. The Cabinet world without First, we upgrade the midcareer workerswith the By the way,the contradic- By Daniel government phrase itself.Ascommonly smarts and skill setstostart tion between social distancing By Lindsay Chervinsky Henninger control of cap- (mis)understood, “laissez- newenterprises.Liberateas and afunctioning economy (Belknap/Harvard, 416 pages, $29.95) italism sends faire” stands foratooth-and- well minority entrepreneurs, needs to be addressed, not them screaming intothe night. claweconomycaptured by mil- whose neighborhoods have ducked, as governorssuch as he Constitution created a new government when it But dark night is whereweare, lionaires in tophatsand spats. been hardest hit (this should California’sGavin Newsom are T went into effect on March 4, 1789, but many matters with coronavirus closing the But histories of the idea note have been done decades ago). doing with early reopening remained to be settled in practice. George Washington, economic lifeofAmerica. that the original French phrase guidelines. as the firstpresident, felt the weight of everydecision. This sentencefromaWall was “Laissez-nous faire,” One canpredict who will “I walk on untrodden ground,” he told a confidant. “There Street Journal story sends a which canbetranslated as, Government ordered a oppose a“let us do it” econ- is scarcely any part of my conduct which may not hereafter chilldownthe spine: “Large “Let us do it.” omy: be drawn into precedent.” He was right to think that way: chunks of the U.S. economy “Let us do it” should be the bare-bones economy. Democrats, because at heart His decisions not only filled gaps left by the Constitution, froze in March as the coronavi- rallying cryand motto of the What we need is bare- they’re French: Dirigisme and by the nation’s first laws, but determined how the ruspandemic closed malls, American people forthe years (statecontrol) is their raison whole system would operate. restaurants, factories and ahead, and nothing is moreob- bones government. d’être (oxygen). Madame In “The Cabinet,” Lindsay Chervinsky, a historian at the mines,causing Americans to vious than that they want to Pelosi is knitting newrules by White House Historical Association, tracks the emergence cutretail spending by arecord do it, oncefreed from lock- the hour. of a body that the Constitution never mentions. Along the amount and the country’sin- down and if—it’sabig if—they Statesand cities should BusinessRoundtable types way, she shows how the practical work of putting broad dustrial production to plunge getthe chanceand spacetore- maximizecreators’ shareof will oppose radical relief from preceptsintoeffect shaped governance. George Washington, at the steepest rate in more storework to the center of the the revenue flow produced by status quo regulation because she notes, created the cabinet only after finding other than 70 years.” nation’sdaily life. their single-minded 16-hour status quo businesses will try options for counsel inadequate. She argues persuasively Coronavirus is agrim Analystsspeculateevery days.New hires will keep their to suppressnew competition that focusing on its development helps us understand reaper,anindiscriminatede- dayonwhether we’ll getaV- jobs only if their employers afterthe crisis. pivotal moments in the 1790s and the creation of an stroyer leveling businesses shaped recovery or aflatterU- canprofitand getfreeofthe Neopopulist and protection- independent, effective executive. large and small. Some cultural shaped one.Aslow, flattened usual middlemen and Mickey ist Republicans will starve Wartime experienceguided Washington’spresidency. institutions and colleges face recovery will leave many Mouse—facilitators, fines,fees, startups of access to export As commander of the Continental Army, he drew on the ruin. Unemployment is mea- crushed individuals behind and lawyers, lawsuits, wage rules markets. Memo (however British army’s example and appointed officers to his staff sured as “millions,” but each createintolerable political ten- andlicensing requirements. hopeless) to Donald Trump who served as both advisers government-forcedjob lossis sions between the havesand Iasked Carl Schramm,for- and PeterNavarro: Free trade and information-gatherers. an immeasurable tragedy. have-nots. mer head of the Kaufman wasalaissez-faireprinciple. Councils of war, which It is time foraradical solu- We should clear away every Foundation and an expert on Thereisanalternative: included other generals, tion equal to the need. Bring identifiable impediment to whynew enterprises succeed, Bernieism. Support forSen. provided Washington with back laissez-fairecapitalism. making the recovery as what elementswould support Sanders’spromise of security- both a sounding board for his Beforemyliberal readers sharply Vaspossible.The Pay- agrassrootseconomic revival: blanket statism, which JoeBi- ideas and a kind of school to slam their laptops shut in dis- check Protection Program was “Startups lessthan five den seems to be embracing, learn strategy on the fly. The gust, some obvious caveats. apolitical impulse to do good, yearsold with fewerthan, say, could rise if people lose pa- system worked well, extend- Basic worker protections,built but itsimplementation has 50 employees should be ex- tiencewith economic restora- ing Washington’s reach over over acenturybylaw and shown the unavoidable com- empt from labor rules,includ- tion. “Let us do it” will give the army and coordinating practice, won’t go away.Asto plexities of running recovery ing the federal minimum wage way to “Let somebody else do fractious subordinates under the innateamorality of lais- through the government. It’s and, in nonmanufacturing situ- it forus.” difficult circumstances. sez-fairecapitalism, the coro- just tooslowfor the current, ations, OSHA compliance. Washingtonand the states The Articles of Confedera- navirus itself has proven, or starkreality. Statesshould coverthe costs have ordered abare-bones tion, however—which formed revived, the moral underpin- What we need is the laissez- of workers’ compensation, un- economy. It’stime forthem to the government under which ningsofthe social contract. fairespirit of the California employment benefitsand cata- giveback with bare-bones gov- America won independence— Public-private collaborations Gold Rushtorevive risk-tak- strophic health coverage for ernment. worked somewhat less well. Indeed, Washington had to use areflourishing.Praise for ing,investment and as many young companies. Write [email protected]. his powers as commander in chief to correct its failings. Over time it became clear that executivedepartments— e.g.,for the treasuryand foreign affairs—needed secretaries answering to some sort of responsible executive: Congres- The Return of Barack Obama sional committees alone could not manage their business. A few such lessons had been learned by the time the By Karl Rove Democratsthis year.Mr. Obama today, Iwouldn’t runthe same marked by two annoying hab- Constitution was written and the first administration began praised Mr.Biden as “anin- race or have the same platform its. Therecan be no honest dis- its work. Interestingly, Britain did not provide a model. hile the battle forthe credible partner” in helping as Idid in 2008.” That’sacon- agreementswith Mr.Obama: Lord North complained during the Revolutionary War that W Democratic presiden- Americaovercome the Great cession to the Sandernistacri- He consistently questions the he led “a government of departments” that lacked the tial nomination was Recession,crediting the former tique and support forMr. Bi- motives of political opponents. coordination to manageglobal war. His successorscame on, Barack Obama remained vice president with implement- den’sleftward shift. Republicans,hesaid Tuesday, to assert their authority over their ministers and bolster a mute. Only on Tuesday, the day ingthe American Recoveryand Mr.Obama urgedthe left “are not interested in prog- corporate ethos. Indeed, the term “prime minister” didn’t afterBernie Sandershad con- Reinvestment Act. wing of the Democratic Party ress,” only “power.” They want become an official title until the late 1800s. ceded and endorsed JoeBiden, That likely pleasedDemo- to support Mr.Biden. He mim- pollutersto“poison our air and TheConstitution, Ms.Chervinskyreminds us,made no did Mr.Obama re-enter the fray crats, but Mr.Obama mayhave icked Sen. Elizabeth Warren’s our water” and “havedisre- provision foracouncil to advise the president. When George with avideo endorsement of painted concentric redcircles signaturephrase by calling for garded American principles of Washington, in the firstAugust afterhebecame president, Mr.Biden. on Mr.Biden’sback with this “real structural change” and rule of lawand voting rights.” formally consulted the SenateonIndian relations,he stalked It struck some observersas year’s swing voters.They will claimed Mr.Biden has “the Mr.Obama also said it wasim- from the chamber in disgust when it referred his questions odd that the former president be reminded that the 2009 most progressiveplatform of portant to “bring people to- to a committee. John Jay, as chief justice of the Supreme didn’t endorse his old running stimulus wasabloated mess, anymajor-party nominee in gether rather than drivethem Court, consulted with him on several matters, but other mateand vicepresident ear- history.” Forthe party that apart,” but apparently he didn’t justices declined to provide such advice, citing the lier.But Mr.Obama’sdecision nominated George McGovern, mean it. separation of powers.The advising role fell to the heads to wait wasboth to be ex- The former president Walter Mondale and Michael Then there’shis tone-deaf- of executive departments under the president’s authority. pected and politically smart. Dukakis, that’ssaying alot. ness.The former president at- Ms.Chervinskysays that Washingtonconvened his first Therewas concern among the endorses Joe Biden Mr.Obama implicitly criti- tacked Republicans forwanting cabinet meeting on Nov.26, 1791—at least, ameeting that Obama political team about but caves to the left cized his ownadministration in to “kick millions off their health could be called aproto-cabinet. It included morethan afew Mr.Biden’seffectivenessasa saying that “the vast inequali- insurance.” Yetisn’t that what remarkable men: Alexander Hamilton and HenryKnox(both candidate. Mr.Obama also un- wing of his party. ties created by thenew econ- happened when Mr.Obama’s had served under Washingtoninthe war), as well as Thomas derstood that no matterwho omyare easier to see now,” pledge,“If youlikeyour plan, Jefferson and Edmund Randolph. (VicePresident John Adams, emergedasthe nominee,at that something must be done youcan keep your plan,” turned viewedasmonarchical forhis high manner and pompous the end only he could offer a prettified by claims of “shovel- about “crushing student-loan out to be false? He also criti- tone,ended up on the sidelines.) Washingtondrewonthe benediction over the primaries ready jobs” that never materi- debt,” that “weneed to do cized “a politics that toooften talentsofhis key adviserswhile using their ambitions as a and uniteDemocratsfor the alized and other nonsense that morethan just tinker around has been characterized by cor- check on one another.Meeting in person forged agreement fall election. ended as badly as Solyndra’s theedges with taxcreditsor ruption, carelessness, self-deal- and kept anyone member from claiming that he had not The 12-minuteproduction balancesheet. Remember,too, underfunded programs.” Was ing.” Sounds likewhen Mr.Bi- been informed or lacked apart in the deliberations. waspureObama—slick,well- that the Obama recovery was Mr.Obama dissing his own den did nothing as his son writtenand delivered in the one of the country’sweakest Making Work PayTax Credit? joined the Burisma boardin former president’sstaccatoca- ever. His American Opportunity Tax Ukraine. Washingtonstalked from thechamber when the dence, that crossbetween an Then came the video’s most Credit? His Small Business Mr.Obama’svideo marked Senate referred his questions to a committee. Olympiandeclaration and a mystifying part. Theformer Health CareTax Credit? the end of the Democratic pri- HarvardLaw School lecture. president praised Mr.Sanders Mr.Obama even character- maries and the moment of Mr. He decided to fashion his own advisory group. Mr.Obama spent the open- as “anAmerican original” and ized theAffordable CareAct, Biden’scoronation. But I’m ing 1:42 bucking up Americans said that “the ideas he’scham- his signatureaccomplishment, skeptical that caving in to the during atime of plague,before pioned ...will be critical in as inadequate. “Weshould party’sleftwing is an auspi- A test came when war began in Europe and spread into pivoting in his most effective moving Americainadirection makeplans affordable forev- cious start to the Democrats’ the Atlantic in the 1790s.Should the United Statesstand passagetopraise Mr.Biden’s of progress and hope.” It eryone,provide everyone with election campaign. by France, its ally, or had the revolutionary events there, character,forgedbyatough sounded as if Mr.Obama was apublic option, expand Medi- including Louis XVI’s beheading in 1793, changed relations upbringing and demonstrated endorsing Mr.Biden, but on care,and finish the job,” he Mr. Rove helped organize between the two countries? Some Americans, including in momentsofterrible per- Mr.Sanders’sagenda. said. Mr.Sanderslost the nom- the political-action committee Jefferson, lauded the French Revolution as an imitation of sonal tragedy and loss. Donning sackcloth and ination, but he’swinning the American Crossroads and is America’sown, while others, likeHamilton, sawcooperation Then the former president ashes,Mr. Obama repented for battle of ideas—and the Demo- author of “The Triumph of Wil- with Britain as the wiser course. Foreign relations fell to gotpolitical and inadvertently not being amoreleft-wing cratic Party’s future. liam McKinley” (Simon & Jefferson as secretary of state, but, rather than working revealed the challenges facing president: “IfIwererunning Mr.Obama’sreturn wasalso Schuster, 2015). individually with him, Washington managed the crisis through the cabinet, with input from other secretaries. Theprocess strengthened Jefferson’s hand in dealing with a recalcitrant French envoy, the notorious Citizen Genet, We Have a Covid Test—Let Us Use It when he tried stirring up American public opinion, and it helped force a consensus: in essence, a neutrality policy By Jack W. Lipton legally precluded from offer- the Clinical LaboratoryIm- could be validated in lessthan that kept the United States out of a war. And Caryl E. Sortwell ing aresult that would inform provement Amendmentscerti- aweek. In the early and mid-1790s,the resistancetoexcise adiagnosis.This makes fication system. TheFDA ap- Under normal circum- taxeson whiskey—one of many taxes that underpinned the ur research team used sense—even with our ad- proves high-complexity stances,the rules that govern financial system Hamilton had created—posed a domestic O Food and Drug Admin- vanced testing capabilities, testing and regulates who can medical labs makesense.But crisis that Washington again managed through the cabinet. istration guidelines and highly trainedscientistsand runatest and which testscan when patient welfareiscom- Western Pennsylvania balked at the taxes and threatened ascientific report from Wu- cutting-edgemethods,the be run. promised by the lack of wide- armed resistance. Secretaries meeting in Washington’s han, China, to develop a regulations governing scien- Although regulations have spread testing,weneed to study endorsed calling a militia out against the so-called Covid-19 test in early March. tific research differ from been relaxed to allowaca- adapt. Whiskey Rebellion without calling Congress back into It took one week.Our test demic research laboratories State and federal leaders session—thereby superseding Pennsylvania’s authority to doesn’t use the reagentsother already working under the should join us in urging the handle the matter on its own. Written opinions committed labs aredesperately seeking, Suspend regulations umbrella of CLIA-certified CMS and FDAtooffer swift each of them to this course. Washington used Randolph to and it canidentifylevelsof labs to be “deputized” forcor- temporaryCLIA accredita- temper Hamilton’s assertiveness and keep the response virus so lowthat atypical test that prevent research onavirus testing,inthe 85 tions foracademic research from becoming a party question. could missthem entirely.Yet labs from conducting days sincethe firstinfected labs that demonstratetheir Ms.Chervinskynotes that the role of the cabinet changed our lab sitsidle. American citizenwas identi- fitnesstoassist testing ef- somewhat over the course of Washington’stwo terms, Acrossthe U.S.,tens of diagnostic checks. fied, lessthan 1% of the popu- forts. By clearing this path, especially when Knox and Hamilton retired. Washington thousands of similar academic lation has been tested. theseregulatorybodies will relied lessonmeetingsand moreonwrittenopinions. research labs have the exper- If the CMS and FDAwould help all citizens have abetter Secretaries had no part in decisions unlessheinvited their tise and equipment to help those governing clinical diag- collaboratetoallowstates chanceinthe fight against participation. As aresult, Ms.Chervinskywrites,“the cabinet the country test for Covid-19. nostics.Yet the mission of temporarily to deputizeany Covid-19. remained apersonal advisorybody that served at the pleasure If even one-tenth of these labs medicine is at thecoreof academic research lab provid- of the president.” It had enhanced executivepowerwithout joined the effort, we could what we do,too.Our labs ex- ing evidenceofaworking, Mr. Lipton and Ms. securing anyofits own. One could saythat this arrangement test an additional 500,000 to ist to improvethe lives and FDA-compliant Covid-19 test, Sortwell are, respectively, wasindeed “drawn intoprecedent,” as Washingtonthought one million samples aday. alleviatethe suffering of our several thousand idle labs chair and associate chair of it might be,and existstothe present day. Academic research labs fellowcitizens.Let us help. acrossthe countrycould vali- translationalneuroscience at conduct studies; they don’t TheCentersfor Medicare& dateany number of approved Michigan State University’s Mr. Hay, the author of “Lord Liverpool: APolitical Life,” is a test patients. In fact, they’re Medicaid Services manages Covid-19 tests. Screenings College of Human Medicine. fellow at the James Madison Program at Princeton University. P2JW107000-0-A01400-1------XA

A14 | Thursday, April 16, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Joe Biden’s #MeToo Moment Congress Must Act Responsibly for a Recovery

fthereisasilver lining to the ugly #MeToo vanaugh,Donald Trump’s nominee forthe Su- My teenagedaughter,ahigh-school dies Congresshas provided increase accusation against JoeBiden,itisthat the preme Court, wasaccused by Christine Blasey senior,was recently laid off from her the incentives to not work and will I reluctanceofthe leftand the media to pur- Ford of sexually assaulting her when the two part-time job as alifeguardwhen our makeitthat much harder forsmall neighborhood rec-center pool closed businesses to qualifyfor loan forgive- sueitasvigorously as charges were in high school. Mr.Biden The former Vice indefinitely due to the coronavirus.I nessunder the Payroll Protection Pro- against other men suggests spokegenerally at the time sharethe concerns Casey B. Mulligan gram (PPP). they mayhavediscovered that President asks us not about these kind of he-said, and Brian Blase raise when they argue Theauthorstalk specifically about principles such as due process she-said cases involving a “never beforeinAmerican history the nowfamous increase of unem- and the presumption of inno- to believe the woman. public figure. could amajority of the workforce get ployment insurancebenefits(from ef- cencestill matterinAmerica. “For awoman to come for- araise merely by receiving apink fectively $10 to $25 per hour,upto Or so we can hope. ward in the glaring lightsof slip” (“CongressCan Still Save The $32 an hour in NewJersey) by man- Theaccusation against the presumptive focus,nationally,” he told reporters, “you’ve Recovery,” op-ed, April8). Policies dating the federal government to in- Democratic nominee forPresident comes from gottostart off with the presumption that at that enable earning morebynot crease weekly unemployment compen- Tara Reade,aformer Senatestaffer forMr. Bi- least the essenceofwhat she’stalking about working could affect the work ethic sation from $400 to $1,000 aweek for den. In 1993, she says, then-Sen. Biden pinned is real, whether or not she forgetsfacts, and values of ageneration of young afour-month period without requir- people. ing drug testing.What the authors her to awall, put his hand under her skirt and whether or not it’s been made worse or better Even beforethe current crisis, don’t talk about is that forthe small- digitally penetrated her.OnSundayThe New over time.” Again, except fornow. teens’ views on work and society had businessownerstoqualifyfor debt York Times carried astory that cited afriend Theaccusation against Mr.Biden has also shifteddramatically.The U.S. Bureau forgivenessunder the PPP they will who said Ms.Reade told her about the inci- exposed the double standards of the media. of Labor Statistics reportsthe labor- have to retain or rehiretheir employ- dent right afteritisalleged to have happened. When Mr.Kavanaugh wasthe target, forexam- forceparticipation of 16- to 19-year- ees who used to make$15 an hour, It also cited her brother and another friend ple,the NewYork Times reported Julie Swet- olds has dropped almost 20% since but cannow get$25 an hour staying who said she’dtold them over the years. The nick’scharges—including that she’dseen Mr. 2000.And when teens socializenow, home on unemployment. These PPP friends were anonymous. Kavanaugh at high school parties where they oftentextrather than knockona loans will convert to permanent debt, Mr.Biden denies the accusation, unequivo- women were “gang raped”—the same dayshe friend’sdoor,scroll through Instagram economic recovery will be that much cally.But here’sthe complication. Mr.Biden made them. They were smearsbacked up by rather than gettogether and playvid- moredifficult and we will have an- has long embraced the view that women must no evidence. There’sbeen much lessmedia ap- eogames rather than playoutside.The other redistribution plan funded by unintended consequences of the coro- taxpayers,asCongressonceagain re- be believed on sexual assault. Except, appar- petitetoreport on Ms.Reade’sclaims. navirus response will be far reaching. fuses to let anycrisis go to waste. ently,for Ms.Reade. Times editor Dean Baquet waited 19 days to Idon’t want good habitssuch as hard STEVE GARDES Mr.Biden has along and convoluted history report her allegation and wasasked by his own work,sportsparticipation, scout Lafayette, La. here. When AnitaHill accused Clarence media columnist whyMr. Kavanaugh was meetingsand church attendance, al- Thomas of sexually harassing her,Mr. Biden, treated differently.His answer: “So Ithought ready in decline,toslip away entirely Moreidled workers, morepeople as Chairman of the SenateJudiciaryCommit- in [Ms.Reade’s] case,ifThe NewYork Times in this next generation. Ihope my dependent on government and more tee, insisted she would have to makeher case wasgoing to introducethis to readers, we daughter’s value system will survive people getting atasteofanincome publicly so Mr.Thomas could answerthe needed to introduceitwith some reporting and the crisis intact. She hadn’t yetheard increase is atrifectafor Democrats. charges. In 1994, fortheir book “StrangeJus- perspective. Kavanaugh wasinaverydifferent of the relief bill’sdetails when she de- They canrun in November against the tice,” he told Jane Mayerand Jill Abramson situation. It was a live, ongoing story that had cided to getanother job rather than Trump unemployment debacle and file forunemployment. She is now the promise of ahigher minimum that he acted with “fairness to Thomas, which become the biggest political storyinthe coun- working part time as acashier at our wage that will sustain the lifestyles to in retrospect he didn’t deserve,” and he later try. It wasjust adifferent news judgment mo- local grocerystore. which the unemployedhavegrown ac- apologized to Ms.Hill. Nowhewantsthe fair- ment.” It surewas. MARY MILLER customed. What Messrs.Mulligan and ness standardfor himself. We said at the time that we didn’t knowif Beaverton, Ore. Blase consider to be mistakes in the Mr.Biden has long painted himself as acham- Ms.Blasey Ford wastelling the truth, and we stimulus packagethat canbecor- pion forvictims of abuse and harassment, say- don’t knowwhether Ms.Reade is now. When Casey Mulligan and Brain Blase rected in the next one areconsidered ing his proudest legislativeachievement wasthe women makeserious chargesthey deserveto zero in on the problem when half of by Democratstobecollateral benefits 1994ViolenceAgainst Women Act. As Vice Pres- be takenseriously,but that shouldn’t mean as- Congressisfocused on mitigating job that must be expanded in the next re- ident he appointed the firstWhiteHouse Ad- suming an accused man must be lying.The right and revenue losses,while the other covery bill. viseronViolenceAgainst Women and served as way to proceed is to decline to makeajudgment half is focused on the next election. ANDERS SMITH point man forthe Obama Administration’s effort and examine the claims and supporting evi- Theresult is that the legislativereme- Durham, N.C. to changethe “cultureoncampus” toward sex- dence. In the case of Ms.Blasey Ford,nocorrob- ualassault and harassment. This turned out to oration wasforthcoming. mean throwing protections foraccused students All of this is called due processand the pre- What Mr. Zoellick Doesn’t Say Matters More out the windowand allowing the minimum stan- sumption of innocence. These protections ap- dardofevidencetoconclude guilt. ply to everyone—including those who would RobertB.Zoellick appearstosuffer Health Organization’sleadership in AfterMr. Biden had leftoffice, BrettKa- denythem to others. Such as Mr.Biden. from the “remember nothing,forget spreading Chinese government misin- everything” syndrome that is endemic formation about the crisis,which to manycareer government bureau- makes futurerelianceonthis interna- The Lucky Stay-at-Home 37% crats(“TheWorld is Watching How tional organization of questionable AmericaHandles Coronavirus,” op-ed, value.Mr. Zoellick wantsusto“prod mong the blessingsofthe modern dustries,with SanFranciscoand Washington April 7). His role in spearheading China in constructivedirections,” but China’sentryintothe World Trade that won’t changethe instinctivere- American economyisthat so manyof having morejobs that canbedone at home Organization 20 yearsago wasbased action of Chinese bureaucratstocover A us canwork from home.This is good than, say, Fort Myersand Grand Rapids,and on the premise that opening up China up problems likeavirus outbreak. forboth the economyand the someone in financemore to “free” trade wasgoing to makeit Thereisnoreason to expect the Chi- individuals whose paychecks Most Americans do not likely to be able to work from moreamenable to Western-style de- nese government officials to start tell- keep coming even in the have the luxury of home than aconstruction mocracyand norms.How did that ing the truth because we prod them. midst of alockdown. worker. work out? YetMr. Zoellick opines,in Even now, no one really believes the Not all Americans have working from home. Those who have stressed the midst of aglobal pandemic that numbersofdeaths and infected per- this option. Anewly released the need to getour economy originated in China and wasinitially sons being reported from Wuhan. study called “HowManyJobs up and running again are suppressed by an authoritarian gov- Nothing will changeinChina unless Can Be Done at Home?” reckons that 37% of sometimes criticized forfavoring profitsover ernment, that “China has decided to it pays averybig pricefor the dam- combine recovery at home with advo- ageits lies have caused. Mealy- all U.S. jobs canplausibly be done at home, people.But the Becker-Friedman paper under- cating foraworld ‘community of mouthed articles will only serveto meaning that nearly two-thirds cannot. The scores that those lowerdownonthe socio- shared interests.’” George Orwell’s convincethe Chinese government that study’s authors, from the University of Chi- economic scale aremost in need of are-open- “memoryhole” is working overtime. it isn’t going to be held to account for cago’s Becker-Friedman Institute, add that ing fortheir livelihoods. Mr.Zoellick writes of “America’s what it has done.Mr. Zoellick calls their37% estimateisatthe “upper bound of As significant, the decisions about when heart,” highlighting President our demands fortruthful information what might be feasible.” andhow to reopen arelargely beingmade by Obama’seffortsatcombating Ebola in “name-calling,” and suggeststhat it Along with other studies,this one also people whohavethe luxuryofworking from West Africa, but conveniently ignores isn’t the “appropriatetime” to study finds that those in jobs that canbedone from home.The Becker-Friedman study comes as his response to the H1N1 swine flu the origins of this pandemic.But from home “typically earn more.” By their calcula- agood reminder that the majority of American outbreak in 2009 when over 12,000 the Chinese government’spoint of tions,for example,37% of jobs that canbe workersaren’t so fortunate, and that their Americans died. TheCovid-19 pan- viewtherewill never be an appropri- done at home account for46% of all wages. perspectiveshould be included when the big demic has highlighted the incompe- atetime foranhonest study of this. tenceofthe permanent bureaucracy, We have to be firm with them if we Thereare also variations acrosscities and in- decisions arebeing made. and lecturing from amember of that want anything to change. We have no classexposes the arroganceand igno- reason to trust anything the Chinese rancethat Americans have come to government says. A Reckoning for the WHO loathe. F. JOSEPH FEELY III PETER LOFTUS Park City,Utah resident Trump’s Tuesday decision to tration should demand the role be limited to Madison, Conn. withhold funding from the World Health more technocratic functions. P Organization (WHO) should shatterthe Democrats and the media are accusing Mr. Mr.Zoellick overlooks the underly- San Francisco Has Acted pretensions of the agency’s Trumpoftrying to distract ing cause of the pandemic and the Wisely Twice on Bag Policy leaders, who had takenAmeri- Trump’s funding pause from the Administration’scor- failureofthe Chinese government to cansupport forgranted. While onavirus missteps by attack- meet itsinternational obligations to Regarding your editorial “Plastic may finally get the U.N. honestly and expeditiously inform Bag Bans: The Sequel” (April 9): San the U.S. investigates the de- ing WHO.The WhiteHouse other countries about the true nature Francisco did the right thing banning graded agency’sCovid-19 fail- agency’s attention. has made well-publicized mis- of the coronavirus.Moreover,heig- plastic bags, they’ve done the right ures,the WhiteHouse canout- takes, but that doesn’t absolve nores the complicity of the World thing again by banning personal bags line a path for WHO to regain the United Nations agency. It’s and bringing back the plastic. And America’s confidence. possible to critique the President without de- when, or if, this pandemic passes “WHO failed in its basic duty and must be fending WHO and its deference to the Chinese Does Government’s Power they may well do the right thing held accountable,” said Mr.Trump,who placed Communist Party. Grab Concern Anyone Else? again, hopefully, banning plastic bags a hold on funding for 60 to 90 days. He added A more reasonable question is whether with- again. It’s called “change,” something that if the agencyhad done itsjob,“this would holding funding amid a pandemic will do more Joseph Sternberg’s“ACoronavi- the Republicans seem to have a great have savedthousands of lives and avoided harm than good. By some estimates only about rusReckoning forthe Left” (Politi- aversion to. The clock never stops, calEconomy, April 10) highlights nothing remains the same no matter world-wide economic damage.” ThePresident 15% of the WHO budget is dedicated to pandemic the left/right divide on governance what we do or don’t do. isn’t exaggerating. response.After Dr.Tedros shruggedoff Mr. during this pandemic and in general. JAMES GARTON From the start of the crisis,WHO leadership Trump’s criticism last week, withholding funds Theoverriding thrust of progres- Pewaukee, Wis. let political considerations color what should can focus minds at the top of the agency without sives is to embracegovernment au- have been unbiased public-health advice. The endangering work being done now. thoritarianism as the solution forall decisions to oppose early travel bans and to de- There’salso aquestion of authority.The problems involving diseasecontrol, Pepper ... laydeclaring a“public-health emergencyofin- President can’t permanently end WHO funding health care,gun rights, freedom of And Salt ternational concern” were particularly deadly. without Congressional support, and the Admin- speech, etc. I’m alibertarian at Instead of demanding moretransparencyfrom istration will need to work with Congresstoat- heart and find the progressiveag- THE WALL STREET JOURNAL Beijing—which has provided dubious dataand tach significant stringsfor futureU.S.disburse- gregation of powerbyour govern- punished domestic truth-tellers—WHO officials ments. But the WhiteHouse believes it can ment at the expense of individual liberty ahugeconcern. Thevery echoed Chinese claims. legally divert previouslyallocated money from idea that youcan trust government Theworld needs acompetent global institu- WHO for other related purposes. with powerunchecked by individual tion to provide untainted public-health advice Another worryisthat China will increase its liberty is mindlessstupidity. and coordinateresponses to international dis- dominanceatWHO if the U.S. reduces itsfinan- Didn’t some of our ancestorsdo ease outbreaks.But the WHO has become less cial commitments. But WHO statements now something about government power focused on itsoriginal mission in recent de- frequently follow Beijing’s line, which is why 244yearsago? cades,asitwastes money promoting govern- Chinese propaganda outletstout them so often. HENRY SCOTT ment-run health care and attacking tobacco With China’spreferred director-general criticiz- Potomac, Md. companies. ingWashingtonand praising Beijing as amodel, The coronavirus pandemic has exposed the what influence does the U.S. have to lose? Lettersintended forpublication should agency’s processfor declaring emergencies as As recently as Monday, Dr.Tedros expressed be addressed to:The Editor,1211 Avenue of the Americas, NewYork, NY 10036, prone to politicization, while its alienation of confidencethat Mr.Trump wouldn’t act on his or emailed to [email protected]. Please responsible nations likeTaiwan undermines the financial threat. His certainty was misplaced, includeyour cityand state. All letters agency’sglobal mission. Director-general as it has been since the outbreak began. An- aresubject to editing,and unpublished Tedros Ghebreyesus has shown howeasily the other condition forrestored U.S. support should letters canbeneither acknowledged nor “Yeah, I lied on my resume, returned. topjob canbeabused, and the Trump Adminis- be the director-general’s resignation. but only when I had to.” P2JW107000-0-A01500-1------XA

THE WALL STREET JOURNAL. Thursday, April 16, 2020 | A15 OPINION Dems Want Presidential Power Is Limited but Va st To Gum Up By David B. Rivkin Jr. cultural or transportation facilities And Lee A. Casey in waysthat impede the federal Payroll mandate. resident Trump has come That said,eventhe most expan- underattack this week for sive interpretation of the DPA, and Protection saying he has “absoluteau- other federal statutes regulating in- Pthority” to reopen the econ- terstate commerce,wouldn’t permit omy. He doesn’t—his au- President Trump to reopen all as- By Kevin McCarthy thorityislimited. But while the pectsofthe American economyon And Tim Scott president can’t simply order the en- S his ownauthority.The reopening of NEW

tire economytoreopen on his own G many local businesses, such as res- mall-businesslayoffs increased signature, neither is the matteren- taurants and nonessential retailers, tenfold in March as economic tirely up to states and their governors. would be up to the states. OOMBER

S BL activity shut down to prevent Thetwo sides of this debateare Thus stategovernorsand law- the spread of Covid-19.AsCongress mostly talking past each other. S/ makersare as vital apart of this ef- continues to address this crisis, we Thefederal government’spowers fort as the president and Congress.

must replenish funds forthe Pay- arelimited and enumerated and REYNOLD Federal and stateofficials have to

check Protection Program, the larg- don’tinclude a“general police ANI work together, however much they EF

est small-business relief package in power” to regulatecommunity ST maydislikeeach other politically or American history. According to the health and welfare. That authority President Trump at a Rose Garden news conference Tuesday. personally,toget Americaback on Small BusinessAdministration,more restsprincipally with the states and its feet. than onemillion loans have been ap- includes the power to impose coer- Production Act of 1950,which Mr. deem necessaryorappropriateto Thetruly difficultlegal issues proved, with morethan $247 billion civemeasures such as mandatory Trump has invokedonalimited ba- promote the national defense.” coming out of the Covid-19 crisis are processed. The$350 billion Con- vaccination, as the Supreme Court sis to requireAmerican manufactur- The DPA isn’t a blank check. The whether government at all levels has gressallocated is expected to run held in Jacobson v. Massachusetts erstomakepersonal protective president cannot, forexample,im- sufficiently protected individual out by Friday. (1905). Nor maythe federal govern- equipment and ventilators. Most of pose wage and price controls with- rights. All exercises of federal and ment commandeer statepersonnel his current critics lauded these ac- out additional congressional action, state power, emergency or not, are and resourcestoachieveits ends or tions and urged him to do more. and he is often required to use car- subject to the overriding limitations The program needs more otherwise coerce the states intoa rots rather than sticks to achievethe of the Bill of Rights. Thecourtshave money. What it doesn’t particular course of conduct. There law’spurposes.Nevertheless, be- traditionally takenthe natureand is no disputeabout these respective Trump can’t fully reopen cause he is acting under an express extent of national emergencies into need is more bureaucracy. state and federal powers. congressional grant of authority,he account in construing and applying In most federal-statedisputes,the the economy on his own is operating,asJusticeRobert Jack- these rights, but they cannot be ig- question is what happens when au- authority. But he can go a son explained in his iconic concur- nored entirely. Everyone agrees the program thorities at both levels exercise their ring opinion in the “steel seizure” So far the American people have needs moremoney.But instead of legitimate constitutional powers at long way in that direction. case Youngstown v. Sawyer (1952), largely accepted temporary restric- acting quickly to protect millions cross-purposes. Here, the president at theapexofhis legal and constitu- tions on their liberty—especially more jobs, Democrats are pressing has the edge. TheConstitution’sSu- tional power. freedom of assembly and religion— forrevisionsthat would makethe premacy Clause requires that when The DPA was enacted principally Anystate restrictions on com- that maynot stand up to court chal- program morecostly,complicated the federal government acts within to assureU.S.militarypreparedness. merceorpersonal behavior would lenges.Itwould servethe president and confusing for small businesses itsproper sphereofconstitutional But it defines “national defense” have to yield to the federal impera- and governorswell to makeaprior- and their employees to receiveloans authority,state lawand stateoffi- broadly to include “emergency pre- tive. “The states have no power, by ity of easing these restrictions and in a timely fashion. cialsmust giveway to the extent paredness” and “critical infrastruc- taxation or otherwise,toretard, im- others as soon as possible after the Program participation is nowa that federal requirementsconflict tureprotection and restoration.” The pede,burden, or in anymanner con- worst of the danger has passed. straightforward, three-step process. with their own. Federal poweren- law“provides the President with an trol, the operations of the constitu- First, fill out a two-page “Borrower compasses abroad powertoregulate array of authorities to shape national laws enactedbycongressto Messrs. Rivkin and Casey practice Application Form,” which canbe the national economy. Thus although tional defense preparednesspro- carryintoexecution the powers appellate and constitutional law in found on the SBA’swebsite. Second, the president lacks plenarypowerto grams and to take appropriatesteps vested in the general government,” Washington. They served in the makeacopy of your payroll docu- “restart” the economy, he has formi- to maintain and enhancethe domes- the Supreme Court explained in Mc- White House Counsel’s Office and mentation. Third, submit the form dable authority to eliminatere- tic industrial base.” It authorizes Culloch v. Maryland (1819). States, Justice Department under Presidents and payroll documentstoany lender straintsstateshaveimposed on cer- him to prioritize the production of whetheracting alone or in coordina- Reagan and George H.W. Bush and backed by the Federal Deposit Insur- tain types of critical commercial certain productsand to “allocate tion, would be barred, for example, have litigated separation-of-powers ance Corp.This simplicity makes the activity. materials, services, and facilities in from forbidding their residentsto cases, representing states in chal- program accessible formom-and- Much of this authority wasestab- such amanner,upon such condi- return to work in critical industries, lenges to ObamaCare and the federal pop shops that don’t have agovern- lished by Congressinthe Defense tions,and to such extent as he shall or from restraining industrial, agri- Clean Power Plan. ment-compliance department. Democratswant to replacesim- plicity with morebureaucracy. They propose mandating that small-busi- Why We Say ‘No Thanks’ to a Cares Act Loan nessownerssubmit personal data about themselves and other owners By Peter Goettler partisan divide.Half the country difficult when you carry trillions of like is chalked up to market failure, and investorstotheir banks and the And Robert Levy blames the federal government for dollars in liabilities into the fight. whether true or not, while govern- federal government. According to bungling the public-health response, We aremoved everyday by the ment failures arelegion and often Speaker NancyPelosi and SenateMi- friend wasatWalmart looking while the other half calls out states courageofAmericans who areput- ignored. nority Leader Chuck Schumer, this A fordisinfectant wipes.There and municipalities for exacerbating ting themselves in harm’sway to Thus,evenwhen government op- will ensurethat no one is “excluded were none on the shelves,but theeconomic damage. They’reboth keep the rest of us healthy, safe, fed erates within itslegitimatedomain, from the Paycheck Protection Pro- astocker told her he had some in right. and sheltered. It’sanother reason for we need to recognize the repercus- gram by big banks with significant the back. While she waited for him We recognizethe legitimateand confidencethat government can sions.Experiencehas shown that lending capacity.” to bring them out, another customer important roles of government, in- howeverwell-intentioned govern- Congressshould do everything in scooped up all the hand sanitizer cluding protecting public health. ment interventions maybe, they of- itspowertoensurethe program is that wasleftonthe shelf—18 bot- And manylibertarians accept arole Taking government ten carry consequences worse than fair and available to everyone.But tles.The Walmart employeere- forthe government in relief efforts the problems they’reintended to ad- the Democrats’ proposal would turned with ashrink-wrapped block during this crisis.But the govern- moneywould undermine dress, including disincentives to in- have the oppositeeffect, forthree of adozencanistersofwipes.Heas- ment’smissteps include playing theprinciplesthat novate,favorstospecial interests, reasons. sumed she’dwant them all. “Oh, I down or disregarding early warn- anticompetitivebarrierstoentry, First, complicating the application just need two,” she said. “I’d rather ings, testing delays,tariffs on medi- underlie Cato’s mission. overlapping and confusing laws,and processsosoon afterthe program leave the rest for others.” calproducts, blanket businessshut- abuses of public power. began would create uncertainty for Thelibertarian think tank we lead downs (including manythat can TheCares Act itself is an exam- borrowers and lenders, slowing re- qualifies as asmall businessthat can operatesafely), occupational licens- confine itself to limited and legiti- ple.When government launches quests and disbursement of aid. apply forloans under the recently ing restrictions,certificate-of-need matespheres.Freemen and women massiverelief and “stimulus” ef- Second, implementing these rule passed Cares Act—an acronym for requirementsfor medical facilities, have incredible capacity to help forts, it showers money on many changeswould divert vital agency Coronavirus Aid, Relief and Eco- and on and on. It should be no sur- themselves—and each other— who need it and manywho don’t. resources—already stretched—away nomic Security. But like our friend, prise that when we ask it to do too through monumental challenges.So, Those in the lattercategory, likeus, from providing relief. we’rechoosing to leave those dollars much, government fails in itsmost while recognizing the responsibili- should leave it on the shelf.Byde- Third, newregulations would on the shelf. important responsibilities. ties of government, we advocateun- clining this assistance, we canpro- likely raise,not reduce, costson We wouldn’t criticizeothersfor As we’vevastly expanded the mis- apologetically forself-reliance, fi- moteour ideals with consistency, small businesses.The Democratic taking aid. In our communities and sion of government, itscost has spi- nancial responsibility and voluntary credibility and zeal. plan mirrorslegislation they pushed acrossthe nation, millions have lost raled upward beyond the country’s cooperation. last year.According to analysis by jobs and paychecks,while vital needs willingness—and, very likely,its ca- Market failures exist and can re- Mr. Goettler is president and CEO the nonpartisan National Federation persist. Small-businessowners pacity—topay.Confronting atrue quiregovernment action. But it’s and Mr. Levy is chairman of the Cato of IndependentBusinesses,that leg- struggle to preservetheir life’swork crisis likeCovid-19 is vastly more ironic that anyoutcome we don’t Institute. islation would have added morethan and to sustain their employees.And $573million in newcostsand 13.2 we can’t saythese loans wouldn’t millionhoursinnew compliance help us right now. We’rewholly burdens a year. funded by privatedonations,the Leave No American Behind TheAmerican families that are overwhelming majority of which relying on thePaycheck Protection come from individuals who will suf- By Michael R. Pompeo icine officers, and other teams have This work is logistically complex. Program need morefunding,not fermateriallosses from the pan- worked 24/7—often at great risk to Everyevacuation requires elaborate morebureaucratic hurdles.When demic.Financial pressures and diffi- hen the Peruvian govern- their ownhealth—tohelp Americans choreographyincoordination with the stakes arethis high, true leaders cult choices lie ahead. W ment announcedatravel return home during the pandemic. other governments, helping Ameri- focus on the common good instead Why, then, arewenot applying lockdown on March 15 in re- Beginning with our work to evac- cans obtain proper travel documents, of fixating on political pet projects. foraCares Act loan? Because doing sponse to the Covid-19 pandemic,35 uate more than 800 Americans and booking all necessarymeans of It’stime forDemocratstostoppro- so would undermine the principles American citizens were stuck deep in people of othernationalitiesfrom transportation, and much more. In posing sweeping partisan plans that that underlie the Cato Institution’s the country’sAmazon region. These Wuhan, China, in Januaryand Febru- many instances,we’vehad to ar- predatethis crisis and work with mission and animateits policywork. Americans were unsureofhow they ary, as of April 15 we’ve repatriated rangeexpedited departures forciti- Republicans to extend funding Central to this mission is our view would makeittothe city of Iquitos, morethan 62,000 Americans from zens who need medication or treat- quickly forthe program on which that the scope and powerofgovern- whereour diplomatshad booked a morethan 100 countries on nearly ment that is unavailable or difficult millions of businesses and their em- ment should be limited. Our ability U.S. government-funded charter 600 flights—a staggering number in to obtain in the countries in which ployees depend. to makethat case with credibility flight to take them back to the U.S. a very short time. they’retraveling.That includes a and integrity would be irreparably They had 24 hours to reach the air- double lung transplant recipient in Mr.McCarthy, aCalifornia Re- compromised if we accepted a loan port, from the country’smost rugged Honduras,who later told us we publican, is House minority leader. right now. We’venever takenmoney and remote areas, before the plane TheState Department has savedhis lifebygetting him home Mr. Scott is aRepublican U.S. sena- from any government. took off. quickly. tor from South Carolina. Thepandemic has aggravated the Thankfully,the State Department found ways to bring more TheState Department’shistoric is in the businessoffixing problems, than 62,000 U.S. citizens repatriation effortsreflect the dedi- not running from them. Mission Peru cation of an elitediplomatic team reached out to each of the Ameri- home from overseas. that canexecuteits goals with PUBLISHED SINCE 1889 BY DOWJONES&COMPANY cans individually,and stayed in speed, brains and heart. Icouldn’t be Rupert Murdoch Robert Thomson touch all along their journeysto prouder—we’vehelped tens of thou- Executive Chairman, News Corp Chief Executive Officer, News Corp makesurethey were making prog- Travel restrictions,airport clo- sands of Americans,with thousands Matt Murray William Lewis Editor in Chief Chief Executive Officer and Publisher ress unimpeded. Our diplomatscoor- sures,documentation snagsand moretocome.Weare sworn to serve Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: dinated with the Peruvian military other hurdles mean these aren’t easy them first and foremost, and that’s Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; and local police to ensure safe pas- missions.But our diplomatsare at what we’re doing. Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; sage through checkpoints. Working their best when the stakes arehigh- I’malso proud of the statement News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; with thePeruvian government, we est. Mission India navigated astrict we’remaking to the world about Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer arranged paperwork processing for nationwide lockdown to transport a what Americastands for. No partsof Features &Special Projects; Andrew Dowell, OPERATING EXECUTIVES: passengersand health screeningsat couple and their newly adopted Central Asia aretoo remote, no jun- Asia; AnthonyGalloway, Video &Audio; Kenneth Breen, Commercial; AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; the Iquitos airport, whereaconsular daughter back to the U.S. Mission gles of the Amazon too deep, when Features &Weekend; Emma Moody, Standards; TracyCorrigan, Chief Strategy Officer; officer welcomed them. Eventually, Argentina worked with their diplo- Americans’ well-being is on the line. Shazna Nessa, Visuals; MatthewRose, Enterprise; Frank Filippo, Print Products &Services; all 35 of them made it to the plane in matic counterparts to allow Ameri- As aformer soldier,congressman Michael Siconolfi, Investigations; Nikki Waller, Live Kristin Heitmann, Chief Commercial Officer; Journalism; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; time,along with 60 other U.S. citi- canmissionaries passagethrough and Central Intelligence Agency di- Thomas SanFilippo, Customer Service; zens,and they arrived safely on government checkpoints. Asleep-de- rector,and nowsecretaryofstate, GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; American soil on March 26. prived team at Mission Morocco held I’veobserved manynoble actsof Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International Mission Peru’s efforts were only aplane on the tarmac so that Ameri- public serviceoverthe years. Those Barron’s Group: Almar Latour, Publisher one small part of the unprecedented cans—including amother with a which American diplomats are per- WALL STREETJOURNAL MANAGEMENT: Professional Information Business: work the State Department, under baby—could make it on board. That forming right noware second to Joseph B. Vincent, Operations; Christopher Lloyd, Head; LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head President Trump,isdoing to serve was one of that mission’s many ac- none.

EDITORIAL AND CORPORATEHEADQUARTERS: our fellowAmericans abroad amid complishmentsduring a48-hour pe- 1211 Avenue of the Americas, New York, N.Y., 10036 this crisis.Our Repatriation Task riod in March in which they evacu- Mr.Pompeo is U.S. secretary of Telephone 1-800-DOWJONES Force, consular and operational med- ated more than 1,000 Americans. state. P2JW107000-2-A01600-1------XA

A16 | Thursday, April 16, 2020 ** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Life in European Border Cities Upended

Lockdowns areforcing nowsends them with truck drivers, which is allowed. workers to stay on one Poland also mandated that side of aboundary they anyone arriving from abroad spend 14 days in quarantine. had been crossing daily That meansthe country’s cross-border commutersmust BY JAMES MARSON either stay in Poland and take leave from their jobs—often Thecoronavirus pandemic unpaid—or find aplacetostay has resurrected national bound- in Germany. aries that had all but faded German companies in the away,upending businesses and border region rely on Polish lives.Perhaps nowhereisthe workers, and the regional gov- change moredramatic than in ernment is offering €65 ($71) a Europe,which has spent years daytoemployees who canrent erasing borders. privaterooms to liveintempo- On the German side of the rarily,which would be paid by border with Poland, alaundry employers.But Polish workers that washes hospital bed say they haven’t received the sheetsisstruggling to cope money yet as payment proce- without nearly half of itsstaff, dures are being established. who used to commutefrom Half of the 120 employees at Poland. Polish workers, includ- S the Perfekta industrial laundry NEW

ing doctorsand nurses,have G in asmall town north of Frank- to decide whether to stay on furt usually commutefromPo- the eastern side of the border land. Now, a handful of Polish OOMBER or rent private rooms in Ger- employees areliving in ahotel

many to keep working. TEN/BL and toiling with German col-

APolish consultant has been HUL leagues in 10-hour shifts for

paying truck driverstospirit SC clients, which include hospitals LF

acrossthe border documents RO and care homes forthe elderly. andwhitesausagefor an Eas- Following newrules to curb the virus spread, aPolish guardinSlubicechecksdocuments at the border crossing to Frankfurt an der Oder. “They areatthe end of termeal. “It’sasifI’m smug- their strength,” said Katrin gling,” said Agnieszka Zd- Canada to all nonessential neighborssuch as Switzerland telrooms forhealth-carework- Thetwo cities areplanning Krähnke, the company’spro- ziabek-Bollmann, aconsultant travel. China has closed its and Norway also allowfree erswho liveinneighboring ajoint bid to be named Euro- duction manager, of her staff who advises cross-border busi- border to nearly all foreign na- travel to EU citizens. countries because much of the pean Capital of Culturefor who are still working. nesses and workers. tionals.Thousands of trans-At- Some border crossingsre- tinynation’s medical staff com- 2029.“We lived symbiotically,” As forthe company’swork- Governmentsacrossthe lantic commuterswho hop reg- main open foressential travel, mutes daily acrossthe border. said Ms. Zdziabek-Bollmann. ersonthe Polish side of the world have sharply restricted ularly between cities have been and restrictions vary in sever- Thesituation is particularly “Noone sawthe border.” border,they areonpaid holi- travel to trytostemthe spread grounded on one side fornow. ity.Authorities in Switzerland, acuteincities that sit on abor- Polish authorities,like day, but that will soon runout. of the virus.The measures are But nowherehavethe mea- which has closed some border der.When Poland joined the EU manyothers, have closed Poland on Fridayextendedits overturning years of easing sures had moreimmediateim- crossingswith Italy and in 2004, Germany’sFrankfurt some crossings. In lateMarch, border restrictions until May3. border restrictions that freed pact than in the European France, areissuing stickersfor an der Oder and itsPolish Ms.Zdziabek-Bollmann, aPole “ManyGermans don’t want up trade and the movement of Union, where the 460 million commuting health workersto neighbor,Slubice, became mi- who lives in Frankfurt, tried to to come and work forus,” said workers, fueling globalization. citizens of the 27 members displayintheir cars to avoid crocosms forthe European hand documentsacrossthe Ms.Krähnke. “Wecouldn’t TheTrump administration canliveand work moreorless lines at the remaining check- project, melding together across border on abridgebut was have kept the company going in March closed itsborder with wherethey choose.Non-EU points. Luxembourgrented ho- abridgeoverthe River Oder. stopped by Polish officials.She without Polish workers.” Lockdown Leaves Repairs Of Notre Dame in Limbo

BY NOEMIE BISSERBE they have been benched for ($206 million) of the €902 mil- the foreseeable future. lion they have received in do- PARIS—One year after a NotreDame’slimbo has nations and pledges to fund devastating fire ravagedits raised questions about the rebuild. An official with the roof and central spire, Notre whether Francecan meet NotreDame Cathedral Conser- Dame Cathedral is facing a President Emmanuel Macron’s vation and Restoration Author- ANCE

new threat: the coronavirus. timetable for restoring the ca- ity said it has legally binding FR

On Wednesday, the cathe- thedral to its former glory in commitmentswith nearly all of DE dral marked the firstanniver- time forParis to host the 2024 the potential donors. ILE sary of the fire with the ring- Olympic Games. Workerswerejust days AC ingofEmmanuel, itsfamous “I hadpromised we would away from starting to disman- /DR bell, at 8p.m., the hour of the rebuild NotreDame within five tle the scaffolding when the daywhen Parisians come to years. We will do everything lockdown began. The350-ton BORDES their windows to applaud to meet this deadline,” Mr. metalstructureinitially was VID DA health-careworkersintheir Macron said in avideo address erected as part of aplan to re- The virus disrupted plans to remove scaffolding where the fire began a year ago during restoration. fight to slow the disease. posted on TwitteronWednes- storethe central spirethat was Behind the scenes,the virus day, calling the cathedral a engulfed when the scaffolding Anew scaffolding has been This target no longer seems used to douse the flames.That is disrupting effortstostabilize “symbol of our people’s resil- caught fire ayear ago. The erected around the burned one attainable, said the official at moisturehas penetrated the NotreDame at acritical junc- ience.” blazequickly spread across so that workersknown as the Conservation and Restora- mortar between the limestone ture:The removal of massive Francehas been forced to NotreDame’smajestic roof. “squirrels” canrappel down tion Authority. blocks that arch over Notre scaffolding wherethe fire sacrificeaweek of commemo- NotreDame’sspirecol- and remove it piece by piece. With the old scaffolding Dame’s nave. started. Itscharred skeleton still rations that were designed to lapsed,along with itsroof, In January, Jean-Louis still in place, workerswon’t be “Weare going to stop work looms over the cathedral, and its remind the world of the strug- shocking theworld. But the Georgelin,the general ap- able to inspect the cathedral’s during two months out of 60,” collapse would be devastating. gle to repair the grand cathe- scaffolding survived, burned pointedbyMr. Macron to vaulted ceiling closely forat Gen. Georgelin said, discussing Restoration workersal- dral.Holy Week celebrations and twisted by the fire.That oversee the restoration, said least another several months. the restoration’stimetable.“It ready were racing against the were canceled. . made it hard to remove with- he expected workers to finish Authoritiesare concerned is up to us to be morerigor- clock before France went into So far,authorities have outrisking further damageto removing the old scaffolding that the ceiling could collapse ous,and find waystoroll up lockdown on March17. Now, cashed in about €188 million the cathedral. by May or June. due to heat and the water our sleeves.” WORLD NEWS WORLDWATCH

LIBYA was hurt, a member of the mili- U.S. WorriesChina Is Violating Test Ban tant group said. Migrants Arrive in The Hezbollah official said one Tripoli Amid Clashes missile blewupnear the vehicle BY MICHAEL R. GORDON ruptions in the flow of datain as it traveled in rural Damascus past yearsfrommonitoring More than 50 migrants from near aborder crossing with Leb- China might be secretly con- stations in China that measure Eritrea and Sudan disembarked anon. The second missile hit af- ducting nuclear testswith very radioactiveparticles and seis- in Libya’s capital Wednesday afterthe driver managed to get lowexplosivepowerdespite mic tremors. ter spending hours on a coast out of the vehicle. The Hezbollah Beijing’sassertions that it is The stations are part of an guard vessel off Tripoli and were official spokeoncondition of an- strictly adhering to an interna- international network of hun- detained by local authorities, the onymitybecause he wasn’tau- tional accord banning all nu- dreds of sites set up to verify U.N. migration agency said. thorized to speak to the media. cleartests, according to anew compliance with the test-ban The U.N. mission in Libya, The border crossing is offi- arms-control report to be made treaty. Participating nations meanwhile, voiced concern about cially closed, except for commer- public by the State Department. areresponsible forrunning an escalation of fighting be- cial transit, as part of the mea- Thecoming report doesn’t thestations and have been tween rival forces over Tripoli in sures to prevent the spread of

present proof that China is vio- OGIES voluntarily transmitting data recent days, and the release of the coronavirus. lating itspromise to uphold the to the Vienna-based organiza- over 400 jail inmates in a west- There was no immediate CHNOL

agreement, but it cites an array TE tion that is to oversee the ac- ern town recently taken by Trip- comment from Israel. of activities that “raise con- R cord,asthe agreement has yet oli-allied militias. —Associated Press cerns” that Beijing might not be XA to formally go into effect. The migrants were handed MA complying with the “zero-yield” A satellite photo taken on March 29 shows the Lop Nur test site. Aspokeswoman forthe over to Libya’s coast guard after INDONESIA nuclear-weapons testing ban. body—the ComprehensiveNu- being rescued Tuesday night by Theconcerns stem from the Trump is seeking to open nu- Council official on arms con- clear Test Ban Treaty Organi- a commercial ship in Maltese Two Islamic Militants high tempo of activity at China’s clear-arms talks with Beijing trol during the Clinton admin- zation—said therehas been territorial waters, the Interna- Killed In Gunfight LopNur test site, extensiveex- in thehope of negotiating a istration. virtually no interruption in the tional Organization for Migration cavations at the site, and Bei- newdeal that includes Russia The agreement at the core datatransmissions by the Chi- said. At least five bodies were Indonesian securityforceson jing’spurported use of special andcoversall nuclear weap- of the dispute is the Compre- nese since September 2019. also retrieved, and seven other Wednesdayshotand killed twoal- chamberstocontain explosions. ons. hensiveNuclear Test Ban In contrast, the administra- migrants were reported missing. leged members of an Islamic mili- Another factor feeding U.S. China’sEmbassy in Wash- Treaty,which wasconcluded tion’s report accuses China of The fighting for Tripoli has tantgroup suspected of involve- suspicions is the interruption ington didn’t respond to re- in 1996.The accord allows a “blocking the flow of data been raging for more than a mentinattack on apoliceman on in past yearsofdatatransmis- quests to comment. rangeofactivities to ensure from the monitoring stations.” year between military com- Sulawesi island earlier in the day. sions from monitoring stations Some former arms-control thesafety and reliability of China’sarsenal is estimated mander Khalifa Haftar’s forces The two men, believed to be on Chinese territorythat are officials said the Trump ad- nuclear weapons,including ex- to be about 300 nuclear war- and an array of militias loosely members of the East Indonesia designed to detect radioactive ministration appeared to be perimentsinvolving fissile ma- heads,according to the Feder- linked to the U.N.-supported au- Mujahedeen militant group, were emissions and seismic tremors. more concerned with scoring terial, as long as they don’t ation of American Scientists. thorities in Tripoli. killed in a gunfight in Kaya- TheTrump administration’s points against China than re- produceanuclear-explosive TheU.S.has astockpile of a —Associated Press manya village in Poso, a moun- allegation is included in an un- solving potential disputes yield. 3,800 nuclear warheads that tainous district considered an classified summaryofanan- through diplomacy. Thetreaty isn’tlegally in could be carried on long-range SYRIA extremist hotbed in Central Su- nual reviewofinternational “Ifthe United Stateshas force because not enough na- and short-range delivery sys- lawesi province, local police compliancewith arms-control concerns that nuclear-yield tionshaveratified it, though tems,but only 1,700are de- Hezbollah Alleges spokesman Didik Supranoto said. accords. The review has been producing testing has been major powers,including the ployed, the group says. Israel Drone Attack Security operations have in preparation for some time done by China, we should dis- U.S. and China, saythey are Daryl Kimball,the executive been intensified in the past and is likely to add to existing cussour concerns with Bei- abiding by itsterms.While the director of the Arms Control Two missiles from an Israeli months in Poso to try to cap- strains over China’s handling jing—and discussways to U.S. and China have signed the Association, anongovernmen- drone targeted a four-wheel- ture the group’s members. It still of the coronavirus pandemic, build confidencethat such agreement, neither has rati- tal group, said activity at Lop drive vehicle carrying two mem- has an estimated nine members itsmilitarization of the South testsare not happening,” said fied it. Nur isn’t proof the Chinese bers of Lebanon’s Hezbollah on after more than 30 were cap- China Sea and trade disputes. Steven Andreasen, whowas One activity that has fed have been engaging in low- Wednesday near the Syria-Leba- tured or killed in the past year. It also comes as President the topNational Security U.S. suspicions has been inter- yield testing. non border, but neither person —Associated Press P2JW107000-5-B00100-1------XA BUSINETECHNOLSSOGY: AIRBNB&FGETS $1 BILLIONINLOAN B3 ANCE

S&P 2783.36 g 2.20% S&P FIN g 4.37% S&P IT g 2.19% DJ TRANS g 2.13% WSJ $ IDX À 0.81% LIBOR 3M 1.135 NIKKEI (Midday) 19315.45 g 1.20% See more at WSJ.com/Markets

Netincome,inbillions First-quartertrading revenue,inbillions 1Q 2020 1Q 2019 1Q 2020 1Q 2019 PenneySkips EQUITIES –46% Goldman Sachs FIXED INCOME 01$2 468 00$12 345Payment to –46% Citigroup Bondholders –45% Bank of America

Retailer holds talks debt load and has experienced with lenders to falling sales and arevolving –69% JPMorgan Chase door of leadersand strategies. restructuredebt or Itsshares have sunk below$1 and are at risk of being de- financebankruptcy listed from the NewYork Stock 2% Exchange. Performancethisweek BY ALEXANDER GLADSTONE J.C. Penney had been in AND SUZANNE KAPNER discussions with creditorsin 0 MondayTuesdayWednesday recent months over the terms S&P500 J.C. Penney Co.said it of a potential deal to restruc- –2 skipped a$12 million interest tureits debt out of court. Goldman Sachs payment owedtobondholders, However, afterthe coronavi- –4 one of the firstmajor retailers ruspandemic struck,the com- to buckle under the strains of pany’sadvisers reached out to –6 the coronavirus pandemic. creditorstotell them such With itsstoresshut, J.C. discussions would have to go –8 Penney said Wednesdayina back to the drawing board securities filing that it skipped due to the unexpected impact the payment to evaluatestra- on the company’sbusiness, –10 Citigroup tegic alternatives.Other strug- said aperson familiar with Bank of America gling chains,including Neiman the matter. –12 JPMorgan Chase Marcus Group Inc.and J.Crew The846-storechain has Sources: the companies (net income, trading revenue); FactSet (indexand share-priceperformance) Group Inc., also have been in been seeking potential sources negotiations with creditors of financing foradebtor-in- this month, according to peo- possession facility,which Wall Street’s Trading Desks Post ple familiar with the matter. would be used to fund a po- ForJ.C.Penney,the missed tential bankruptcy proceeding, payment kicks off a30-day said another person familiar graceperiod beforeadebt de- with thematter. Strongest Results in Several Years fault becomes official. The Chief ExecutiveJill Soltau, companyhas been in negotia- who took over in late2018, tions with lenderstorestruc- has been trying to revamp the BY LIZ HOFFMAN five years, pulling in nearly $3 ity. That’saverypotent com- tureits obligations or secure merchandise and make over billion. Bank of America Earnings News binationthat had been miss- financing forapotential bank- stores.But she is running out ForAmericans checking Corp.’sstock traders’ $1.7bil-  Investment loss hurts ingfor quitesome time.” ruptcy filing,according to of time. Revenue in the re- their retirement accounts, the lion in revenue wasaquar- Goldman Sachs...... B10 Theresultswereone of the people familiar with the dis- cently completed fiscal year market’sswingsduring the terly record.  UnitedHealth gains from few bright spotsinotherwise cussions. fell 7. 1% to $11.17billion, down firstquarter were ahorror Those firms and others had cancellations...... B3 bleak financial reports. Profit “The coronavirus pandemic from nearly $20 billion in show. ForWall Street’strad- to contend with traders work-  Heard on Street: Virus fell between 45%, at Bank of has created unprecedented 2007.J.C.Penney has lost ers, they were awindfall. ing from backup sites and gives banks lift...... B12 America, and89%, at Wells challenges fordepartment money everyyear since2012. Big banks’ trading desks from makeshiftsetups at Fargo&Co., afterbanks set storeretailersacrossthe in- Even before the pandemic posted their strongest results home.The most volatile con- asidebillions of dollars to dustryand has resulted in ex- forced storeclosures,depart- in yearsduring the firstthree ditions in yearscollided with a banks that have reported coverexpected losses on loans tensivestore closings,” said a ment stores like J.C. Penney months of 2020—when the prohibition on congregating in quarterly resultssofar made in what is likely to be apain- J.C. Penney spokeswoman, have been losing customersto deepening coronavirus crisis close quartersliketrading $23 billion in trading revenue, fulrecession. MorganStan- saying the companyhas been rival chains and online shop- wreaked havoconthe mar- floors. 31% morethan the same pe- ley,slated to release results in negotiations with lenders ping.The parent of Searsand kets—buying and selling tril- Executives also had to bal- riod ayear ago. Thursday, will be the last of since mid-2019. “We remain Kmart filed forbankruptcy lions of dollarsworth of ancethe opportunity forprof- “March wasthe most ex- the major U.S. banks to givea focused on our Plan for Re- protection in 2018 and has stocks and bonds,commodi- itswith the safety of staff. JP- traordinarymonth of my ca- first-quarter update. newal, and look forwardto closed hundreds of stores. ties andinterest-rateprod- MorganChase &Co. wasslow reer,” said Jim Esposito, a25- Theresultsshowhow Wall when we reopen our doors.” Macy’s Inc. in February an- ucts. to act, leading to acoronavi- year veteranofGoldman and Street has changed sincethe J.C. Penney had been strug- nounced plans to close afifth Goldman Sachs Group rusoutbreak on itsManhattan co-head of itstrading arm. financial crisis.Today’sbanks gling long beforeofficials or- of itsstores over the next Inc.’sdebt tradershad their stock-trading floor.Overall, “Wehad both aspikeinclient carrysmaller inventories of dered stores to close.The three years. best three-month stretch in thefour major investment volumes and spikeinvolatil- PleaseturntopageB10 companyhas a$3.7billion PleaseturntopageB2 Virus SpursHiring Occidental As Stores AddStaff Pays Back From Airlines, Hotels Buffett In Stock BY LAUREN WEBER have applied forCVS jobs in just the last few weeks,includ- As the pandemic began ing roles stocking warehouses BY REBECCA ELLIOTT

knocking out swaths of the and stores,answering phones S AND CARA LOMBARDO

economylast month, CVS at call centersorstepping in PRES

Health Corp.’schief recruiter, forCVS staff who end up sick TED Occidental Petroleum

Jeff Lackey, conferred with his or quarantined. CIA Corp.has elected to paya contactsatcompanies that Acrossthe economy, thou- SO quarterly $200 million pay- AS would suffer some of the big- sands of workersare being re- ment it owesWarren Buffett’s AN/

gest blows—airlines,hotel deployedinone of the fastest GU BerkshireHathaway Inc.in companies and retailers. labor shifts in postwarhistory. shares, a sign of the financial HAN

His message: Iwant your As the coronavirus reshapes NG strain the companyisfacing people. consumer needs and behaviors Big-screen iPhone 11 models, on displayatastore in China, will be joined in Apple’slineup by the $399 SE. as the coronavirus erodes de- CVS—whereMr. Lackey overnight, some workersare mand for oil. heads up talent acquisition—is jumping intonew roles within PERSONAL TECHNOLOGY | By Joanna Stern TheHouston oil company nowtaking on the most ambi- their companies.Othersare bought rival AnadarkoPetro- tious hiring driveinits history. being recruited by newem- leum Corp.for $38 billion last To recruit the 50,000 staffers ployers through collaborations year,outbidding Chevron it needs to meet acoronavirus- unthinkable in the intensely Apple Makes the Old Newas Corp., thanks to financial as- fueled surge in business, it is competitivelabor market that sistancefromBerkshire, partnering with Gap Inc., Hil- existed just acouple of months which purchased $10 billion tonWorldwide Holdings Inc., ago. iPhone Has Familiar Look,Price in preferred Occidental DeltaAir Lines Inc.and doz- PleaseturntopageB6 shares.But the financing ens of other companies to em- came at the steep cost of an ploytheir laid-off workers.  Crisis upends new Rite Aid There’sa The new model will be button with an embedded 8% dividend yield, or $800 Morethan 900,000 people chief’s plans...... B6 brand new available for preorder this fingerprint sensor and its millionannually. iPhone—and Friday and will begin arriv- “smaller” 4.7-inch screen fly Occidental said in aregula- by “brand ing on April 24 by mail— in the face of the iPhone 11, tory filing Wednesday that it new” Imean given that most Apple stores iPhone 11 Pro and iPhone 11 had opted to paythe $200 INSIDE an iPhone that are closed. Pro Max, which have screens millionitowesBerkshirein looks likeanold iPhone with Sure, it might seem like 5.8 inches or larger and start common stock at a 10% dis- the name of an even older minor stuff—especially at $699. count,rather than granting S iPhone. against the backdrop of, you But what exactly is new the payout in cash, an option PRES

GES Don’t worry, I’m here for know, an economy and soci- here? And is $399 actually a spelled out under the original TED

IMA you in this confusing and ety ravaged by a pandemic— good value for what you get? arrangement. Berkshireowned CIA difficult time. but there are people who I spent time talking with Ap- about a2%stake in Occidental SO ETTY AS

/G Announced on Wednesday, have been anxiously awaiting ple executives to get some as of year-end, S&P Global

FP the $399 second-generation this very iPhone for years. answers. Market Intelligencedatashow. /A OOME/

EB iPhone SE is now Apple’s Yes, this is the phone for: Occidental could choose to BR LO Y most affordable smartphone. Those who don’t want a What’s actually new payBerkshiredifferently in UL SA

GERR It looks almost exactly like phone the size of an Olympic here? futurequarters. Berkshire the iPhone 8, which it re- pool. Good luck spotting the didn’t respond to arequest BUSINESS FINANCE places and was previously Those who love the tra- very, very minor physical dif- forcomment. Smithfield to close Privatecreditors priced at $449, yet has a ditional home button like ferences between an iPhone Themoveallows Occidental morepork plants, become crucial faster processor and the their first born. 8 and an iPhone SE. (Hint: to preservecash during an oil- same lower price as the pre- Those who think phones look at the location of the pricecrash, as ahugedemand deepening to emerging markets’ vious iPhone SE, which the above the price of $700 are Apple logo on the back!) In- drop due to the coronavirus farm crisis. B2 debtrelief. B6 company stopped selling in totally ludicrous. side, however, this is a very places pressureonoil produc- September 2018. The SE’s traditional home PleaseturntopageB4 PleaseturntopageB2 P2JW107000-4-B00200-1------XA

B2 | Thursday, April 16, 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 Foxconn Technology O Smithfield to Shut Additional Group...... B3 Airbnb...... B3 Occidental Petroleum.B1 Fresh Market...... B2 Alphabet...... A9 Oracle...... A3 Frontier Amazon.com...... A2,A3 Oyo Hotels & Homes..B3 Communications...... B5 American Airlines Group P Pork PlantsDue to Pandemic G ...... B3,B11,B12 PDC Energy...... B11 Apollo Global Gap...... B1 R Management...... B2 General Electric...... B2 BY JACOB BUNGE Inc.and JBS USAHoldings Inc. the closed plantswould be paid interconnected natureofthe Apple...... A9,B1,B4,B12 Goldman Sachs Group Rite Aid...... B6 have offered bonus payto forthe next two weeks while U.S. agricultural system. As AT&T...... B5 ...... B1,B10,B12 S Smithfield Foods Inc.said it workers, while trying to dis- thefacilities arecleaned. Mr. meat plantsclose,production of B H Smead Capital would close two morepork-pro- tanceemployees with staggered Sullivan said Smithfield is in- chicken, beef andpork is declin- Management...... B10 cessing plantsbecause of the breaks and shift-start times.In corporating thermal scanning ing and farmersare leftwith Bank of America Haver Analytics...... B6 Smithfield Foods...... B2 coronavirus pandemic,reducing some cases meatpackershave to detect fevers among employ- nowheretosend slaughter- ...... B1,B10,B11,B12 Hilton Worldwide meat supplies forgrocery placed barriersbetween line ees,and is providing personal ready livestock.The National SoftBank Group...... B3 Bed Bath & Beyond....B2 Holdings...... B1 stores and deepening challenges workers. protective equipment. Pork ProducersCouncil has es- Southwest Airlines....B3 Berkshire Hathaway...B1 Home Depot...... B2 forfarmers. TheTrump administration is TheMartin City,Mo.,plant timated that hog farmersfacea SPDR S&P 500...... B10 Best Buy...... A2,B2 J Thetop U.S. pork processor increasingly worried about the employs around 400 people and collective$5billion lossfor the T said it would close plantsin meat-plantoutbreaks and has produces pork under the Cook’s remainder of the year. BlackRock...... B10 JBS USA Holdings...... B2 Target...... A2 Wisconsin and Missouri later stressed addressing the con- and Smithfield brands,accord- Mike Patterson raises hogs C J.C. Penney...... A1,B1 TD Bank...... B6 this week,after announcing cern, according to people famil- ing to amunicipal website. The near Kenyon, Minn., as part of a Cargill...... B2 J.Crew Group...... B1 Sundaythe shutdown of its iar with the situation. Thereisa Cudahy, Wis.,plant slices bacon farm group that wasdue this U Chevron...... B1 Johnson & Johnson....B3 Sioux Falls,S.D., plant,one of heightened concern that the forthe Patrick Cudahybrand. week to send about 3,000 pigs Citadel Securities.....B10 JPMorgan Chase United Airlines Holdings the industry’sbiggest. Smith- outbreaks and the spread of the to Smithfield’sSioux Falls plant. Citigroup.....B10,B11,B12 ...... B1,B10,B12 ...... B3 field said that employees at all virus among the meat-process- Instead of loading hogs, Mr. threehavetested positivefor ing workforce pose arisk to the Patterson has been looking for CME Group...... B10,B11 UnitedHealth Group....B3 Workersatthree L thecoronavirus and that the U.S. food supply,one person fa- soybeanhulls and other low-fi- V Comcast...... B5 Lowe’s...... B2 Missouri plant needed pork miliar with the situation said. processing plants ber feed ingredientsthat canfill CVS Health...... B1,B6 M Verizon Communications supplies from the South Dakota On Wednesday, Agriculture have tested positive his hogs’ bellies,but not add D ...... B6 facility to operate. SecretarySonnyPerdue sought much weight. MarketAxess...... B2 “Our countryisblessed with to assureworkersthat their forcoronavirus. Mr.Patterson said he hopes Delta Air Lines W Marriot International.B3 abundant livestock supplies,but safety is in mind and said em- to keep his hogsfromgrowing ...... B1,B3,B11 Microsoft...... A3 Walgreens Boots our processing facilities arethe ployers need to followCDC much moreand dangerously DuPont de Nemours...B2 Alliance...... B6 Morgan Stanley...B1,B10 bottleneck of our food chain,” guidelines.Healso addressed crowding his barns while he E Walmart...... A2 said Smithfield Chief Executive consumers. “I want to assure Meat industryofficials have searches foranother plant to N WarnerMedia...... B5 Exxon Mobil...... B11 Kenneth Sullivan.“Forthe secu- youthat the American food said that supplies remain ro- buy them. Meatpackerscan pe- Neiman Marcus Group Wells Fargo...... B10 rity of our nation, Icannot un- supply is strong,resilient and bust and that meat stockpiles nalizefarmersfor too-heavy F ...... B1 WH Group...... B2 derstatehow critical it is for safe,” he said at aWhiteHouse were large beforethe U.S. out- hogs, sincesome plant equip- FedEx...... A1 News Corp...... B5 Whiting Petroleum...B11 ourindustrytocontinue to op- briefing alongside Mr.Trump. break.Restaurant dining room ment struggles to managelarge erateunabated.” He said that empty shelves in closures acrossthe country carcasses.Between the cost of Beef,chicken and pork plants represent ademand issue,not a mean that large quantities of continuing to feed pigsand de- have closed acrossthe country supply issue. ground beef and chicken liveries of newpigletsalready INDEX TO PEOPLE afterhundreds of workerscon- Theadministration is work- breastsdestined forfood ser- scheduled, Mr.Patterson said, tracted the coronavirus and ing on aplan to provide corona- vice arenow sitting in storage some hogfarmersare starting B H S hundreds morestayedathome. virus teststomeat plants,The and in some cases arebeing re- to talk about euthanizing hogs. Benigno, Mark...... B11 Huang, Kanyuan...... B12 Scherr, Stephen...... B10 Theclose quartersonmeat-pro- Wall Street Journal reported purposed forsupermarkets. “It is stressful, there’sno C J Smead, Bill...... B10 cessing lines have made some last week. ButMr. Sullivan warned that doubt,” he said. Joyce, David...... B2 T meat plantsCovid-19 hot spots. Smithfield, owned by Hong the meat-plant closures arecre- —Stephanie Armour Corbat, Michael...... B10 Companies such as Smith- Kong-based meat conglomerate ating a“domino effect” in the and Alex Leary contributed to L Trueman, Brett...... B12 Currie, Jeffrey...... B11 field, Tyson Foods Inc., Cargill WH Group,said employees at food industrythat lays barethe this article. D - E Lackey, Jeff...... B1 Y Donigan, Heyward...... B6 M Ybarra, Paco...... B10 Esposito, Jim...... B1 Marenzi, Octavio...... B10 Z CORPORATEWATCH Even-Tov, Omri...... B12 Moynihan, Brian...... B10 Zucker, Jeff...... B5

ers, Occidental Chief Execu- Occidental tiveVicki Hollub had said she would aim to sell $15 billion of assetstoraise cash and pay Pays Stock down debt. But the coronavi- ruspandemic is likely to frus- tratethose plans. To Buffett Occidental has been in turmoil lately as the debt burden it took on to buy Anadarko ContinuedfrompageB1 has affected itsability to nav- ers. But the company is using igateasteep plungeinoil itsshares to makethe pay- prices.Last month, the com- mentsatatime when it is par- panybrought former Chief ticularly expensive to do so. ExecutiveStephen Chazen Occidental’ssharepricefell back as chairman and acqui- nearly 9% Wednesdaytoesced to critic Carl Icahn, giv- $13.61, down from morethan ing the billionaireactivist $60 just beforethe Anadarko seats on the board. It also re- deal wasstruck,partly due to cently parted ways with its doubtsabout the transaction head of businessdevelopment

and morerecently because of and replaced itschief finan- S

oil-pricewarsand the market cial officer. PRES downturn. That hasshrunk its Occidental has sought to

market value to about $13 bil- conservecash by slashing ZUMA

lion from morethan $46 bil- capital spending nearly 50% OM/ lion. andtrimming the salaries of SC NEW

It also has ahefty debt executives and employees. T/

load—about $40 billion at last It also cutthe dividend it OR count. While marketing the pays common shareholdersby SP Anadarko deal to sharehold- 86%. OF GE IMA The electronics chain said sales declined sharply after it closed its U.S. stores to customers. A curbside pickup station in Montebello, Calif. executive, who eventually J.C. Penney took over as CEO, added ap- GENERAL ELECTRIC ordered residents to shelter at end of March as planned. He increase the availability of Tyvek pliances.After Mr.Ellison left home. But sales have dropped added that Bed Bath & Beyond PPE,” or personal protective to become CEO of Lowe’s Executives to Give about 30% from a year ago had taken action to force 1-800- equipment. Skips Bond Cos., J.C. Penney pivoted Up Part of Salaries since it closed stores on March Flowers to close the deal. —Austen Hufford again, by discontinuing appli- 21. It continues to offer online Bed Bath & Beyond closed all ancesales and refocusing on General Electric said senior delivery or curbside pickup. its stores except for its buybuy APOLLO GLOBAL Payment apparel. managers reporting to Chief Ex- The company said its CEO Baby and Harmon Face Values MANAGEMENT In addition to closing its ecutive Larry Culp are giving up Corie Barry will take a 50% cut locations and furloughed most stores,J.C.Penney has fur- portions of their salaries for the in her base salary and other se- of its store associates and a Lockdown Lifts ContinuedfrompageB1 loughed most of itsstore rest of the year to help GE em- nior executives would reduce portion of corporate staffers. It Grocery Gamble Dozens of retailershave workersand corporatestaff. ployees affected by the corona- their salaries by 20%. Best Buy, operates about 1,533 stores, in- furloughed workersand Thecompany’se-commerce virus pandemic. which has already drawn down cluding 994 Bed Bath & Beyond Apollo Global Management’s drawndowntheir credit lines operations remain open, but GE said most of the money its credit line, is also cutting stores, 124 buybuy Baby loca- bet on the grocery business is in the past month. Retailers it has lost out on the majority collected would go toward a re- marketing spending and its tions and 55 Harmon stores. getting a boost as Americans with heftydebt loads arethe of itsbusinesswith stores lief fund designed to help work- 401(k) matching program. The company has converted a stock up their pantries and cook most vulnerable.Neiman Mar- shut. Penney employed90,000 ers and their families affected —Sarah Nassauer quarter of its Bed Bath & Be- more of their meals at home. cus,which owes$4.7billion full-time and part-time staff by the pandemic. Details of the yond and Harmon stores into re- Fresh Market Inc., which pri- from aleveraged buyout, also as of Feb. 1. fund, including its ultimate size, BED BATH & BEYOND gional fulfillment centers and vate-equity firm Apollo bought had an interest payment due J.C. Penney’s debt has been are still being worked out, the continues to fill online orders, in 2016 for $1.36 billion, told in- Wednesday. Neiman declined trading at severely distressed spokeswoman said. One Kings Lane which Mr. Tritton said are grow- vestors Tuesday that earnings comment. levels forsome time.The The pledges follow an an- Décor Unit Is Sold ing strongly. are expected to rise as consum- J.C. Penney never fully re- company’s$388 million nouncement last month that Mr. He said 220 leases are up for ers change their shopping habits coveredfromafailed over- 6.375% bonds,which the com- Culp would forgo all of his 2020 Bed Bath & Beyond Inc. sold renewal this year, which will give driven by the coronavirus pan- haul by former Apple Inc.ex- panyopted to skip the inter- pay and that David Joyce, CEO its One Kings Lane home décor the company a chance to review demic, according to a private re- ecutiveRon Johnson, who did est payment on, were trading of GE’s aviation business, would unit but said a deal to sell an- its store footprint. Shares rose port. The North Carolina spe- away with discountsand pop- earlier this week at 8.5cents give up half his salary in re- other subsidiary failed to close 15% in after-hours trading. cialty grocery chain said it ular in-house brands.Marvin on the dollar,according to sponse to the pandemic. as planned. —Suzanne Kapner expects net sales for the first Ellison, aformer Home Depot MarketAxess. —Nina Trentman The home-goods retailer also quarter to range between $435 said sales declines widened in million and $444 million, up 9% recent months, as the pandemic DUPONT DE NEMOURS to 11% from a year earlier. Shop- BEST BUY forced it to close most of its pers are on average filling their roughly 1,500 stores. Net sales Protective Fabric to baskets with up to 25% more Workers Furloughed fell 6% to $3.12 billion for the Go to Clothing Makers groceries, according to Fresh After Sales Drop three months ended Feb. 29. Its Market’s report. loss narrowed to $65.4 million DuPont de Nemours Inc. said Fresh Market warned the Best Buy Co. said it would from a loss of $253.8 million a it is selling protective fabric di- pandemic could depress results furlough about 51,000 hourly year earlier. The company said rectly to clothing manufacturers by disrupting production and de- store workers following a sharp March sales fell 31%, and April to increase production of gowns livery to stores, and by making it drop in sales after the electron- sales were down 42% compared that workers wear to guard harder to fully staff locations. ics chain closed its U.S. stores to with a year earlier. against coronavirus infection. Apollo declined to comment. customers. CEO Mark Tritton, who dis- DuPont said those manufac- Fresh Market didn’t respond to a The company, which em- closed the One Kings Lane di- tures will make about six million request for comment.

S ployed 125,000 full and part vestiture on a conference call on gowns a month in addition to its Investors are wary about time workers as of Feb. 1, said it Wednesday, didn’t give a price own production of 25 million Fresh Market’s ability to service PRES would furlough nearly all U.S. or name the buyer. Bed Bath & garments a month, up from 16 its debt load. Its $800 million in

ZUMA part-time staff starting April 19. Beyond bought the online home million before the pandemic 9.75% secured bonds coming due It will keep about 82% of its full- décor company in 2014. pushed up demand for protec- in 2023 traded at 50 cents on

LEVINE/ time workers, including the ma- Mr. Tritton said a deal to sell tive gear around the world. the dollar Wednesday after

B. jority of its Geek Squad staff. the company’s Personalization- “Demand is far in excess of Fresh Market released its earn- Best Buy said demand for Mall.com, a website that allows supply,” said John Richard, the ings report, up from 42 cents

RICHARD home office equipment and consumers to personalize items, head of DuPont’s safety busi- earlier in the month, according The company’s 846 stores were in trouble even before the freezers surged in the week to 1-800-Flowers.comInc. for ness. “We will be leveraging the to MarketAxess. coronavirus crisis, with a heavy debt load and falling sales. ended March 20 as some states $252 million hadn’t closed at the capacity of other companies to —Alexander Gladstone P2JW107000-4-B00300-1------XA

THE WALL STREET JOURNAL. **** Thursday, April 16, 2020 | B3 BUSINESS NEWS Besides Aid, Airbnb Gets Second Round of Funding SincePandemic Started Airlines Need Passengers

BY ALISON SIDER airline’sprojections of lowde- mand through the second quar- U.S. airlines succeeded in get- terand a“very gradual” recov- ting billions of dollarsoffederal erylater in theyear. aid, but it will buy them only a TheInternational Air Trans- few months: Their survival de- port Association on Tuesday pends on howquickly passengers forecast that airlines around the return when coronavirus-driven world would lose $314billion in restrictions ease. revenue this year,a55% drop TheTreasurysaid Tuesdayit from 2019. had struck an agreement in prin- Airlines and unions cam- ciple with 10 major airlines to paigned aggressively forgovern- distribute$25 billion in payroll ment aid, warning that the carri- assistancethat Congressap- erswould need an immediate

proved in the $2.2 trillion federal cash infusion to avoid furloughs. S stimulus packagelast month. Still, paychecks arelikely to be PRES Themoney will keep workers smallerfor manyworkers, in-

employed—airlines that accept cludingpilotsand flight atten- UMA /Z themoney arebarred from lay- dantswho won’t be paid above

ing off or furloughing staff theminimum levels set out by AIRBNB through the end of September.It theircontracts. Airlines have will also givethe Treasurya been encouraging employees to Airbnb Inc. secured a$1billion loan is fiveyears, and the interest panyhave said. the companyof$18 billion, adrop stakeintheir future, including up take unpaid leave or early retire- loan from institutional investors, rate will be 7.5%, plus abench- Lastweek, Airbnb said it was of almost half since2017, the to 12% in American Airlines ment to help cut costsand the companysaid, the second mark rate known as the London raising $1 billion from private-eq- people said. Group Inc.ifthe world’sbiggest stretch the government funds. funding round forthe home-shar- interbank offered rate,orLibor. uityfirms Silver Lakeand Sixth “All of the actions we have carrier proceeds with itsplan to Theoutlook has only gotten ing marketplacesincethe corona- Airbnb had planned to start Street Partners. Thatinvestment taken overthe lastseveral weeks seek aseparategovernment loan. worsesinceairlines began asking virus pandemic devastated the trading publicly this year.Instead, came with asteep pricetag: an assurethatAirbnb will emerge However, the carriersmay forhelp,with passenger counts global travelindustry. it facedescalating losses as travel interest rate of 10%, plus Libor, from the storm of the pandemic find themselves back in the same dropping by the day. Theassis- The San Francisco-based com- ground to ahalt, forcing it to according to people familiar with even stronger,regardlessofhow direposition in the fall if de- tancefunding is morelimited panydidn’tdisclose Tuesdaythe raise moneyprivately at alower the deal. long the storm lasts,” co-founder mand doesn’timprove. With than what airlines had been terms of the loan or the names of valuation than the $31 billion price Those investors will also get and Chief ExecutiveBrian people staying home to comply banking on in some respects. the investors. According to aper- tag of its lastfundraising round in warrants thatcan be converted Chesky said. with shelterorders, demand is Some airlines and analysts son familiar with the matter,the 2017, people close to the com- into shares with avaluation for —Elizabeth Wollman down as much as 95% and planes pointed out that the funds cover areflying nearly empty. Delta only aboutthree-quartersofcar- Air Lines Inc.and United Air- riers’ labor costs. “The approved lines Holdings Inc.are among grant amount waslowerthan we theairlines that have warned anticipated on an airline by air- Oyo Hotels Seeks SoftBank’s Help that they will have to shrink to line basis,” Cowen&Co. analyst adjust to aslowrecovery. Helane Becker wrote. Still, some United said Wednesdayitwill had feared the government BY PHRED DVORAK flyjust 10% of what it had origi- would demand even moreinre- nally planned in Mayand is plan- turn forthe money. Indian startup OyoHotels & ning asimilarly bare-bones American is thefirst carrier Homes is planning to move schedule in June.The “stark real- to confirm it will go ahead with some employees off itspayroll ity of the situation” is beyond an application foranother $4.75 and ontothe rolls of itsbiggest what thestimulus is capable of billion government loan from a investor, SoftBank Group addressing,United CEO Oscar separate$25 billion program in Corp., in asign of howthe Jap- Munozand President ScottKirby the stimulus. anese tech giant is stepping in wroteinamessagetoemployees. Thegovernment will wind up to aid one of itsmost impor- American Airlines Chief Exec- with smallstakesinthe big air- tant portfolio companies in a utiveDoug Parker said Wednes- lines—about0.5%ofSouthwest pinch. daythereare early signs people Airlines Co.and 1% of Delta, if it Oyobecame one of the arethinking about traveling exercises warrantsthe airlines world’sbiggest hotel chains, again, including some newbook- areoffering as part of the deal. fueled by cash from SoftBank ingsbeyond90days out and While the government funds and its$100 billion Vision customer inquiries about con- arealifeline,they also present Fund. It grew by persuading in- S vention travel in the fourth quar- newburdens,including are- dependent hotels to join its NEW

ter. But it could be months or quirementfor airlines to con- network and use itsbooking G yearsbeforepeople aretraveling tinue flying to the cities in their technology, taking acut of rev-

the way they did beforethe pan- networks.“Flying empty, or enues in exchange. Although OOMBER demic hit, according to airlines nearly empty airplanes,topoints Oyowas losing money,its valu- andanalysts. that do not offer enough busi- ationsballooned as itsbusiness “It certainly feels likewe’reat nesstomakethem rational, expanded, which in turn fedpa- HANAI/BL RU

the bottom…the real question is much lesscommercially viable,is per gains at the fund. TO howlong youstayatthe bot- awasteofprecious resources,” But Oyohalted itssuper- The startup is planning to send some workers from its Japanese unit to SoftBank. A Tokyo location. tom,” Mr.Parker told CNBC,add- United said in afiling. chargedgrowthlast year after ing that the government funds —Doug Cameron stumbles at SoftBank-funded bles.MarriottInternational Inc. half of Oyo—a larger-than-nor- Thenoticesays the moveis would be sufficient based on the contributed to this article. startups like office-sharefirm and other hotel chains arealso mal stakefor the fund—and part of an attempt to roughly WeWork spurred other Vision furloughing tens of thousands SoftBank Chief Executive halvepersonnel costsatthe The amount of federal aid selected airlines will receive Fund portfolio companies to fo- of workers. Masayoshi Son has long viewed Japan unit, which has around cus on profits. Oyoannounced In Oyo’scase,the stakes are the companyasparticularly 600employees and has seen Directgrant Lowinterestloan thousands of layoffs in January. high forthe world’sbiggest promising.Mr. Son personally revenue plummet sincethe cor- $billion 1 2 3 4 5 6 Soon after, the coronavirus tech fund as well: SoftBank said guaranteed aloan to Mr.Agar- onavirus pandemic began. Oyo pandemic hit the hotel industry. this week that crumbling valua- wallast year forthe purchase started itsbusinessinJapan American Now, Oyo’srevenueshave tions at portfolio companies in of $2 billion in Oyostock. last year with hopes of making roughly halved and “the com- the Vision Fund resulted in an Theemployees Oyoisplan- it asignificant market, but the Delta pany’sbalancesheet runway has estimated $17billion invest- ning to send to SoftBank areat unit struggled to meet ambi- United come under severestress,” Chief ment loss in the latest fiscal Oyo’sunit in Japan, where tioushotel-membership goals. ExecutiveRitesh Agarwal said in year.That amount likely erases strict labor laws and local re- Oyo’sJapan unit is ajoint Southwest avideo messageonthe com- all the fund’sgains and values sistancemeant the company venturebetween Oyo, Soft- pany’sofficial blog last week. itsassetsbelowcost. wasn’t able to layoff staff ear- Bank’sJapanese telecom sub- Alaska Mr.Agarwal said Oyowould SoftBankhas said it won’t lier this year.Oyo is creating a sidiaryand the Vision Fund. furlough employees in the U.S. bail outany moreofthe com- program to second some of That makes it more natural JetBlue and other markets—a step that panies it investsin, following a those employees to firms affili- that SoftBankshould extend could affect thousands of its multibillion-dollar rescue of ated with SoftBank, according help,said aperson close to the Note:Not all airlines have disclosed terms 25,000-strong staff. WeWork last year. to anoticetostaff viewedby matter. SoftBank declined to Source:the airlines Oyoisn’t alone in itstrou- TheVision Fund owns nearly TheWall Street Journal. comment. Virus LiftsUnitedHealth Insurance Arm, HurtsSurgery Unit

BY ANNA WILDE MATHEWS ders. But in partsofthe coun- impactsacrossthe health-care UnitedHealth operating proﬁt, pected 82%. cial Officer John Rexsaid un- AND DAVE SEBASTIAN try, such as NewYork,hospi- industrythat will become by segment* YetOptumHealth, the unit certainty about howthe pan- tals areoverwhelmed by clearer later this year. that owns surgery centers, demic would unfold makes it $5 billion UnitedHealth Group Inc. patientssick with Covid-19, Hospitals have reported Optum- physician practices and ur- hardtomakeprojections. said itsinsurancearm gained the illnesscaused by the revenue drop-offs of around Rx gent-careclinics,fell short of “The situation is just so dif- from widespread cancellations novel virus. half,due largely to the de- some analysts’ projections. ferent than anything we’ve 4 of medical procedures but its “The elective deferrals to ferred surgeries,hesaid. Optum- Likethe rest of the health- seen before,” he said. Insight surgerycenterswerehurt by dateare offsetting Covid-19 So far,their reimbursement care system, UnitedHealth has Theinsurer will also face fallingvolumes,resultsthat costs,” UnitedHealth Chief Ex- forCovid-19 treatment, with seen adrop-off in elective expenses tied to hospitaliza- 3 Optum- showedthe pandemic’s ecutiveDavid Wichmann said thesurge in cases spread un- Health care,Mr. Wichmann said. tions and other care received emerging impact on the U.S. in aconferencecall with ana- evenly around the country, Thefalloff helped insur- by Covid-19 patients. United- health-caresystem. lystsand investors. doesn’t appear enough to anceresults, as UnitedHealth- Health pointedtoarangeof 2 ThecompanyonWednes- UnitedHealth is the parent makeupthat deficit. care didn’t have to payfor the actions it had takentobolster dayplayeddownthe effectsof of the biggest U.S. health in- “This is adramatic,unprec- United- forgone surgeries and other coverage and care during the the coronavirus on itsfirst- sureraswell as,through its edented changeinthe last care.UnitedHealthcarere- crisis,including accelerating 1 Health- quarterperformance, how- Optumarm, the owner of a month,” he said. care ported first-quarter earnings paymentstodoctorsand hos- ever,saying they were mini- large network of surgery cen- In the second quarter,he from operationsof$2.9bil- pitals,starting with about $2 maland emergedtoward the ters,urgent-careclinics and suggested, insurersmight re- lion, on revenue of $51.1 bil- billion, and offering more 0 end of March. doctor practices. Investors port some of thestrongest re- lion. telemedicine. Theresultsbeat analysts’ consider itsresultsabell- sultsinhistoryifthose fall- 2017 ’18 ’19 ’20 Thedrophit UnitedHealth’s UnitedHealth said it ex- expectations.The company wether forimportant seg- offs in care continue. *Pre-tax Optumhealth-careoperations, pectsadrop-off in itsmem- also said it wasn’t adjusting mentsofthe health-carein- UnitedHealth’scommentsare Sources: S&P Capital IQ;the company however. “Most traditional bership in employerplans itsguidancefor the rest of dustry. “directionally supportive” of procedural work has been duetolayoffs and closed 2020 andwarned of signifi- Earlier this week another those trends,hesaid. ingswere$3.72 ashare, ahead postponed” at Optum’ssur- businesses as large partsof cant uncertainty. industry bellwether,Johnson UnitedHealth said medical of the $3.63ashareanalysts gery centers, Mr.Wichmann the U.S. economyshut down, Thepandemic has had a &Johnson, loweredits fore- expenses could be signifi- polled by FactSet had ex- said. butthat could partly be off- mixed impact on the U.S. cast forits performancethis cantly lowerinthe second pected. Nonetheless, UnitedHealth set by increases in Medicaid health-careindustrysofar. year,citing the slowdownin quarterbut might rebound Revenue was$64.4billion, said OptumHealth had met its andindividual-coverageen- Acrossthe nation, surgeries patient visitstodoctor’s of- later in theyear as people up 6.8% from $60.3 billion in financial expectations overall, rollment. have been canceled as hospi- ficesand in spinal surgeries, pursue care they had de- the year-earlier period. as the unit is oftenpaid in Also on Wednesday, the tals and other health-care knee replacementsand other ferred. Themedical-lossratioof waysthat aren’t tied to the companysaid Andrew Witty, providersbrace forexpected electivemedical procedures. Overall, UnitedHealth’s UnitedHealthcare, the com- amount of health-carepro- UnitedHealth’spresident and surgesofcoronavirus pa- GaryTaylor,ananalyst first-quarter earningswere pany’s insurancearm, which vided. OptumHealth reported the chief executiveofOptum, tients.Americans arealso with JPMorganChase &Co., $3.38billion, or $3.52ashare, measures the shareofpremi- earningsfromoperations of will take aleave of absenceto avoiding clinics and emer- said UnitedHealth’sfirst-quar- compared with $3.47billion, ums paid out in claims,was $712 million, on revenue of assist with the World Health gencyrooms amid infection terresultslikely foreshadow or $3.56ashare, in the year- 81%, when aconsensus of ana- $9.2 billion. Organization’seffortsinpur- fearsand stay-at-home or- far moredramatic financial earlier period. Adjusted earn- lystspolled by FactSet had ex- UnitedHealth Chief Finan- suit of aCovid-19 vaccine. P2JW107000-2-B00400-1------XA

B4 | Thursday, April 16, 2020 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Apple’sNew iPhone SeeksBroader Appeal

Companyaims to sell than one of its flashy product Apple's global smartphone it was easier to assemble be- showcases.Apple had been market sharehas contracted cause it uses manyofthe in markets likeIndia planning an understated prod- overthe pastﬁve years. same componentsaspredeces- by offering at $399, but uct introduction beforethe sors, and itslowerpricepoint pandemic,people close to the Shareofglobal makes it moreappealing to economyclouds success company said. Last month, it smartphone shipments people looking to control costs released updated versions of amid economic hardship. BY TRIPP MICKLE its iPad Pro and MacBook Air “This lowpriceprovides with news releases, as well. 43.9% 26.3% Others Applesome breathing room Apple Inc.introduced a Applesaid the newphone and really stretches their mar- lower-priceiPhone with afin- will include a 4.7-inch screen ket,” Mr.Lam said, noting that gerprint sensor and older ex- andcome equipped with the 7.7 Vivo iPhones nowrangeincosts terior design, as the tech giant same processorinhigh-end 8.1 Oppo from $399 to $1,450. looks to revitalize its biggest phones.Itwill be available for 2.8 Thelack of 5G will make 8.4 Xiaomi franchise by targeting a preorder Friday. Themajority 3.0 the SE atougher sell in China, broader group of potential of Apple’sretail stores remain 4.9 13.2 Apple which is ahead of other mar- buyers. closed and itsSilicon Valley 15.8 kets in building out infrastruc- Thenew iPhone SE, which workforce continues to work ture, said Neil Shah, an analyst Huawei startsat$399,isthe lowest- remotely,measures takenlast 7.4 16.1 with Counterpoint Research. pricesmartphone the com- month to curtail the virus’s He said it also will makeita panyhas offered since2018, spread. 22.1 20.1 Samsung tougher sell in some partsof when it discontinued a previ- TheSEfaces ahost of chal- India and Europe, where Chi- ous low-end model with the lenges.Itlacks a5Gmodem at nese smartphone makersare 2015 '19

same name. It is $50 cheaper atime when that newgenera- APPLE expected to introduce5G than itsprevious least-expen- tion of wireless technology is The lowest-priced phone since2018 comes as global sales have fallen. Source:CounterpointResearch phones soon with astarting sivesmartphone,the iPhone 8. gaining traction, particularly price of $350. The pricing reflects an effort in China. Itsstarting priceis that modelhas a4-inch dis- Thesuccess of the SE product’s launch from March In India, the SE’s price tag by Apple to reach newcustom- morethan double the average play—and Apple has given hinges largely on howthe pan- to April because of factoryclo- is more than double the $180 ersinplaces likeIndia and selling priceofsmartphones in them an option to upgrade,ac- demic has affected consumers sures that disrupted produc- averagepeople spend on persuade existing iPhone own- India, amajor growth market. cording to Counterpoint Re- world-wide.Inthe U.S.,Ap- tion.Economic uncertainty smartphones,Mr. Shah said. erswho aremoreprice-sensi- And it is launching at atime search, which analyzesthe ple’slargest market, jobless later led manyofthose Such high prices have capped tivetoupgrade at atime when when consumer demand has smartphone market. claims have soared to historic analyststoslash sales projec- Apple at a 1% share of India’s smartphone sales have slowed emergedasahugeunknown Maintaining iPhone custom- levels.InChina, itssecond- tions forthe device, with smartphone market,according world-wide.The movereflects amid asharp economic down- ershas assumed greater im- most important market, busi- Susquehanna International to Counterpoint, which esti- ashiftfor Apple,which has turn sweeping the world. portanceasApple shifts itsfo- ness is slowly rebooting after Groupnow expecting Apple mates two million iPhones largely raised prices to com- Even so, some analysts see cus from selling moredevices alockdown idled the world’s this year to ship 32 million were sold in India last year. pensatefor shrinking unit the newiPhone model suc- to increasing the sale of soft- factoryfloor.Foxconn Tech- units, down from 40 million “It’slaunching at the worst sales afterannual iPhone ship- ceeding because about 20 mil- ware and services acrossits nology Group, Apple’s largest before the outbreak. possible time in India,” said ments peaked in 2015. lion to 30 million customers devices.The companystill re- contract manufacturer, ex- Still, Apple wasfortunateto Mr.Shah, noting that India TheSE, launched amid a world-wide ownaprevious SE lies on iPhones for more than pected itsproduction to return be developing and launching hasclosed retailersand lim- global economic shock driven model, which wasfirst un- half of totalsales but last year to normal last month. the SE amid the pandemic ited e-commerce until early by the coronavirus pandemic, veiled in 2016 and discontin- increased revenue from ser- Thecoronavirus has dis- rather than another iPhone May because of the virus. is one of the firstsmartphones ued alittle morethan two vices,such as streaming music rupted Apple’splans forthe model, said Wayne Lam, a the companyhas revealed years later. Many of those us- subscriptions and app-store SE. Analystssaid China’sshut- smartphone analyst with mar-  Heard on the Street: Apple with anewsrelease rather erspreferasmaller phone— sales, by 16% to $46 billion. down in Februarydelayedthe ketresearcher Omdia. He said prices down to powerup....B12

unlocks some cameratricks. iPhone SE’s4.7-inch screen Whatismissing? Whatabout iPhones Should Iwait for5G? Device Has The12-megapixel rear camera considering that the old If youlook at the tech coming in the fall? Given that it took Apple supportssmart HDR,portrait iPhone SE had a4-inch specifications forthe higher- Also missing is whatever four yearstorelease anew mode forpeople—sorry, no screen. end iPhones you’ll find afew will be coming to those new iPhone SE, it is fairly safe Familiar beautiful blur around Fido’s To that, Apple says this is thingsmissing here—al- iPhones arriving this fall. Ac- to sayitwill be awhile be- face—and canrecord4K averypopular phone size; though most arecamera-re- cording to reports, the stand- fore this sort of smaller, video.Ilook forwardtotest- the companyhas sold more lated. out featuresofthe phones cheaper model gets the Look, Price ing out the camerainmyfull than 500 million 4.7-inch Thereisnoultrawide or will be arevampeddesign faster connectivity. review. The$399 model iPhone models. telephotocameras,nonight and 5G connectivity. But hey,maybe by then comes with 64 GB of storage. Still, in comparison to mode fortaking betterpho- Clearly this isn’t the phone 5G networks will be avail- ContinuedfrompageB1 (The largest 256 GB model is other iPhones on shelves,the tosinthe dark,nofacial rec- to buy if you’relooking for able in moreplaces and different phone. It has Ap- priced at $549.) All areavail- newSEisbasically the size ognition. the cutting edgebut the nice we’ll actually know what it ple’s latest A13 Bionic pro- able in black,whiteand red. of aladybug.You compare: Oh, and yeah, no head- thing about it is that with is good foronasmart- cessor—the same exact one the $699 iPhone 11’sdisplay phone port. that newprocessor it will get phone. in the higher-end iPhones. But isn’t this screen is 6.1inches,the $999 iPhone Thebattery lifeofthis iOSupdates formanyyears All in all, the newSE That enablesfaster perfor- still sort of big? 11 Pro’sis5.8 inches and the newiPhone is the same as ahead. Apple is likely to stop looks likeagreat deal but manceacrossthe entiresys- Thereare some who may $1,099 iPhone 11 ProMax’sis the iPhone 8, according to supporting the older iPhone I’ll reservemyfinal recom- tem, according to Apple,and be disappointed by the 6.5inches. the company. SE with iOSupdates soon. mendation until my review.

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THE WALL STREET JOURNAL. Thursday, April 16, 2020 | B5 BUSINESS NEWS Telecom RatingsSoar, AdsVanishatCNN Company Pandemic coverage Trump administration. A spokeswoman for MSNBC de- Files for boosts viewership, but clined to comment. recession seen wiping FoxNews owner Fox Corp. and Wall Street Journal parent Chapter 11 out revenue forecasts News Corp sharecommon ownership. BY JONATHAN RANDLES BY BENJAMIN MULLIN Beforethe pandemic,the AND COLIN KELLAHER CNN channel was expected to On arecent conferencecall, generate about $1.7 billion in Frontier Communications CNN chief Jeff Zucker urged revenue this year,according to Corp.filed forbankruptcy to editorsand producersatthe projections from Kagan, aunit implement a prearranged $10 network not to shiftfocus of S&P Global Market Intelli- billiondebt-cutting proposal from coronavirus news up- gence, with ad revenue ex- backed by the telephone and dates despiteweeks of wall-to- pected to increase about 15% internet-serviceprovider’s wall coverage of the pandemic. from last year to $667 million. bondholders. “You need to stay on the An analyst forKagan, Derek

TheNorwalk,Conn., tele- news,” Mr.Zucker said, ac- GES Baine,said he nowexpects

communications companyis cording to aperson who lis- IMA CNN’sadrevenue could de- the country’sNo. 7broadband tened. “People are coming to crease in the double-digit per-

provider by subscribersand CNN for the news right now.” GETTY centage range this year. the No.4incumbent telephone TV ratingssuggest his Many industryexecutives EDLE/

companyafter AT&T Inc., Cen- hunch wasontarget. CNN and RA saythe cutstoadspending by

turyLink Inc.and Verizon other cable news outletscould JOE beleaguered businesses will be Communications Inc., alegacy scarcely imaginethat anything Coronavirus news has brought bigger audiences than the 2016 election did, but business is hurting. largerthan those during the of the 1984 breakup of the Ma could juiceviewership likethe 2008 financial crisis or follow- Bell monopoly. Frontier grew 2016 U.S. presidential election to match their spending on CNN is closing in on FoxNews unit of AT&T Inc., has always ing the 9/11 attacks. quickly over the past two de- and its aftermath; but ratings public-servicemessages with in the core news demographic. doubled as an editor in chief “Hugechunks of the adver- cades by scooping up phone have soared during the pan- free advertising that toutsthe forthe network.And he has tising market aregoing to dis- networks that other compa- demic,reaching levels well social good companies aredo- Prime-time viewers, stuckwith that role forthe appear in thesecond quarter,” nies were eager to unload. abovethose when “Russian in- ing,one of the people said. ages 25-54 coronavirus story. He has sug- said Craig Moffett, an analyst Executives later shifted terference” and “Mueller re- Chronicling the crisis for FoxNews CNN MSNBC gested storyideas in emails to at MoffettNathanson, which their focus to newerfiber-op- port” dominated the news. the public has been an odys- lieutenants, on calls with pro- analyzespublicly traded media tic networks that could wean CNN has averaged 2.2 mil- sey.Anchorsand producers 800 thousand ducersand in town-hall meet- and telecom companies.The the companyoff itsaging cop- lion totalviewers in prime committedtotelling Ameri- ings with staff. research firm estimates that per lines.But they struggled time through the firstweek of cans the importance of social Last year CNN sank to third ad revenue at Turner,the divi- to integratenew customers, April, morethan double its distancing andstaying home 600 placeincable-news ratings. sion of WarnerMedia that in- especially thosegained from a viewership in the fourth quar- arethemselves trying to figure But its recent jump has put it cludes CNN as well as TNT costly 2016 deal with Verizon terof2019,and roughly 57% out howtoperform their jobs within shouting distanceof andTBS,will decline by be- that gaveFrontier awide base higher than itselection-season safely night afternight. CNN is 400 FoxNewsinthe core news de- tween 5.5% and 16% during a of superfast fiber-optic service peak,according to Nielsen using skeleton crewsofpro- mographic of those 25 to 54 deep recession. in California, Florida and data.Fox News is up nearly ducersinAtlantaand New years old, with an average of Election-related adsare a Texas.Customersinthose 50% sincethe end of last year York after encouraging many 200 about 50,000 viewers separat- CNN mainstay,but totalU.S. states complained of poor ser- to over four million viewers, of itsemployees to work from ing them in prime time ad spending on thecurrent vice, driving morebusinessto increasing itslead over itstwo home. through the firstweek of presidential election fell cable providers. main rivals. MSNBC has seen In some cases,anchorshave 0 April, according to Nielsen sharply during the last week Frontier filed forchapter 11 the smallest lift. Thethree begun using one-person “flash data. Forthe year thus far,Fox of March to $4.8million after 2016 ’17 ’18 ’19 ’20 protection in U.S. Bankruptcy networks’ websites all sawbig studios” at the production fa- has a larger lead. reaching a high of $119.8 mil- Court in WhitePlains,N.Y., in- audience gains, too. cility instead of their usual Source:Nielsen HostsatFox News have lion for the last week of Feb- tending to swap$10 billion of Cashing in has been diffi- large,glass-walled setup with come under fire forplaying ruary, according to Advertis- itsnearly $11 billion in unse- cult forall the channels,how- multiple cameraoperators, Anderson Cooper,who likeMr. down thecoronavirus threat ing Analytics,ananalytics cured bonds in exchangefor ever,asthe economic fallout people familiar with the mat- Cuomo is NewYork-based, did forweeks in the network’s firm that tracks political 100% equity in the business. of the pandemic causes ad tersaid. Crewsatthe facilities his showathome foratime coverage.The network has spending. Theproposal, which is sup- spending to collapse. volunteer for their stints, the afterastaffer wasinfected. said criticism of itscoverage Political ads arelikely to ported by 75%ofunsecured CNN has revised itsadrev- people said,and no one is be- Thecompanydeclined to pro- draws selectively from state- bounceback,said John Link, bondholders, must be ap- enue forecastsdownward, ing forced to show up. vide a count of confirmed mentsmade on itsopinion director of sales at Advertising proved by ajudgeand could people familiar with the mat- Despitethe precautions, cases among itsstaff members. programs. Analytics.“Iput the presiden- be challenged by other credi- tersaid. Instead of adouble- twoprominent CNN anchors— “I don’t think we realized Both networks have blown tial lull down to the fact that tors. digitpercentageincrease in Brooke Baldwin and Chris howcrazy this would be,” one past MSNBC in the core demo- the field has been dwindled Thebankruptcy filing revenue this year,the network Cuomo—contracted the virus. CNN employeesaid. “Cuomo’s graphic.MSNBC,which is down to apresumptivecandi- marks the end of an eraduring could be staring at asignifi- Mr.Cuomo,perhaps the net- showisfromhis basement. owned by NBCUniversal, a di- date,” Mr.Link said. “I believe which Frontier Communica- cant decline,one topmedia work’shighest-profile corona- Nobody expected that.” vision of Comcast Corp., that you’ll start to see an up- tions racked up roughly $17. 5 analyst said. virus chronicler,has docu- Mr.Zucker,who serves as surgedafter the 2016 election, tick come May.” billion in debt as part of its CNN’sdigital arm is trying mented his status nightly news and sports chairman of becoming a home for viewers —Suzanne Vranica expansion campaign. to enticeadbuyersbyoffering while broadcasting from home. CNNparent WarnerMedia,a seeking fierycriticism of the contributed to this article.

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B6 | Thursday, April 16, 2020 ** THE WALL STREET JOURNAL. BUSINESS NEWS Debtholders Crucial to Countries’ Relief

Creditors to take role Source of external public Emerging markets' sector borrowing for sovereign-debtissuance, in talksasgovernments emerging markets, on average annually in emerging markets 100% $350 billion seek delays Private 75 bondholders BY AVANTIKA CHILKOTI 50 Private 300 Bilateral Emerging marketshave 25 Multilateral rushed to tapaflood of easy 0 250 money from investorsinrecent 2008 2018 years. That is likely to put bondholdersatthe forefront of Emerging marketswith the 200 talks in coming weeks as debt- largestportion of external laden governmentsseek relief. public sector borrowing from Asset-management firms, privatebondholders, 2018 150

hedgefunds and other private S Lebanon 94%

bondholdershold almost 36% of PRES external public-sector debt in South Africa 92 100 UMA

emerging marketsonaverage, /Z Thailand 86

according to aWall Street Jour- GES 50 nal analysis of 2018 datafrom IMA Mexico 80 FitchRatings, the World Bank A AP andHaver Analytics.That was Argentina 77 AH/

up from about 18% adecade HT 0

TA Peru 76 earlier and wasmirrored by a 2000 ’10 ’20* sharpdropinthe shareofbor- AN *Figurethrough April 14

rowing from rich nations and MARW Sources: FitchRatings (borrowing); WSJanalysis of FitchRatings, World Bank and HaverAnalytics multilateral organizations like Lebanon was defaulting on sovereign bonds before the crisis. Disinfectant is sprayed at a street in Beirut. records(countries); Dealogic (issuance) the World Bank. The market turmoil triggered seeking delays or forgiveness ing-market fixedincome at BNP nal government borrowing in lendersoffer similar relief. verseperspectives that canbe by the pandemic prompted in- on their debt obligations as Paribas Asset Management. “It’s Mexicowas owedtobondhold- “Low-income countries have difficult to reconcile.” vestorstorush out of emerging they facethe threat of defaults, going to be aprettypainful pro- ersasof2018,according to the increasingly been able to access Talks around government markets. This leftmanylow-in- arelikely to find privatebond- cess,and it’sgoing to involvea Journal analysis,upfrom72% capital markets, but that does debt aregenerally fraught as come countries bereftofakey holdersunwieldy and hardto mix of hedgefunds and ‘real in 2008.That compares with mean that at atime of debt dis- each lender worries about get- source of financing just as reve- negotiatewith, investorssaid. money’investorswho have di- 92%for South Africa, up from tress, they have to deal with the ting the best deal. nues from exporting commodi- Hedgefunds and asset manag- verging interests.” 71%adecade earlier. complexity of privatecreditors,” Anyrelief from official credi- ties plummeted, and their econ- ers—a morefragmented group As central banks acrossthe Over 90 countries have ap- said Sean Hagan, former gen- tors,including multilateral omies hurtled toward recession. of lenders—takelonger to reach globeslashed ratesfollowing proached the IMF forsupport in eral counsel at the IMF. lendersand wealthynations Theoutbreak is putting astrain aconsensus,ifever, and tend to the global financial crisis,yield- recent weeks,requesting to TheInstituteofInternational that have deployedtaxpayers’ on governments’ budgetsas be lessforgiving than the Inter- starved investorsprovided draw over $20 billion of the Finance, alobbying group for money,could be contingent on they attempt to boost spending national MonetaryFund, the loans to riskier borrowers for $50 billion available in itsrapid the global financial industry, comparable concessions from on health-caresystems. Paris Club group of creditor na- longer periods.Emerging-mar- financing programs.The IMF last week argued forabigger privatebondholders, said Lee Even before the pandemic, tions,orcommercial banks, ketgovernmentssold $304.2 and World Bank aretrying to role forprivatecreditorsalong- Buchheit,adebt-crisis lawyer. Venezuela, Argentina and Leba- which historically made many billionofbonds in 2019,up fend off an emerging-market side official lenders. In an April “They fear political criticism non had started defaulting on privateloans. from $169.0 billion in 2009,ac- debt crisis by offering fresh 9lettertothe IMF,World Bank, that they aregiving out their sovereign bonds.Inrecent “Wewill see some nasty de- cording to Dealogic data. support and urging creditor na- the Organization forEconomic taxpayers’money only to find weeks,Zambia and Ecuador faults with very lowrecovery That hasleftprivateinves- tions to grant forbearance. But, Cooperation and Development that some hedgefund manager moved toward restructuring. ratesinmost cases,” said Jean- tors playing abig role in some unlikeprevious crises,that may andthe Paris Club,the group in Greenwich, Connecticut, is Thehardest-hit nations, Charles Sambor,head of emerg- countries.Around 80% of exter- not be enough unlessprivate acknowledged that their “di- getting paid in full,” he said. New Rite Aid CEO Planned a Revamp, Got a Crisis Instead

BY SHARON TERLEP fueled surge in business. ahead, and those folks are plies we have, because when Ms. Donigan: The world is RiteAid on Tuesdayan- highly energized. we get them we get wiped moving to telehealth, and Heyward Donigan spent nounced plans to open drive- There’sawhole separate out pretty quickly. that’s likely our future mode seven months crafting amas- through coronavirus testing set of issues with people in of clinical delivery. We’re siveoverhaul of Rite Aid sites outside stores in seven mail-order facilities,central WSJ: Manycompanies have also seeing this huge in- Corp.after states,overseen by company facilities and in the stores. fundamentally altered how crease in e-commerce. I pre- BOSS TALK taking the pharmacists. Those folks arethe real he- they do businessinthis cri- sume that will continue for- helm of the Ms.Donigan recently roes.They’reout on the front sis.What changes will remain ever after this. Consumers beleaguered drugstorechain spokewith TheWall Street lines of this,and they are at RiteAid when it passes? will forever make sure to in August. Then, almost over- Journal by phone from her worried, yetthey arecontinu- Ms. Donigan: If we can get have plenty of toilet paper, night, the pandemic upended home in Tampa, Fla., ahead ing to support our customers, through this in a way that hand sanitizer, cough drops, her plans. of the company’searningsre- who have very few places to allows us to go back to busi- Tylenol, you name it. I don’t So Ms.Donigan adjusted. port, expected Thursday. Here shop.That’sachallenge. ness as usual—which is a think consumers will ever

She and her executiveteam— AL areedited excerpts: question mark—we are going take that for granted, at surrounded by hand sanitizer WSJ: Howare youtrying to to be a changed organiza- least not in this generation. and sitting apart—laid out DIGIT WSJ: You’vespent months minimizeshortages of items tion. We have adapted to her turnaround plan via web- putting together and nowtry- likecleaning products, hand work-from-home unbeliev- WSJ: Has this changed the PPHIRE

cast to analystsand investors SA ing to implement RiteAid’s sanitizer and toilet paper? ably well. I had a philosophy role of the pharmacist? last month “toshowRiteAid HeywardDonigan turnaround plan. Howdoyou Ms. Donigan: In stores as that I want to hire the best Ms. Donigan: The question is is moving forwardnomatter keep long-term plans at the well as online, we have lim- and the brightest even if going to be, “How much can what,” she said. ing the chain fell apart. forefront amid this crisis? ited how much people can they work from a different a pharmacist do now that, Thethird-largest U.S. To turn that trajectory Ms. Donigan: My job is to order. But the reality is that location, and now, ironically, otherwise, a physician would pharmacychain, behind CVS around, Ms.Donigan is bank- keep our strategy moving. the suppliers just can’t make we’re all working from an- do?” We do vaccines, though Health Corp.and Walgreens ing on astrategythat, in Internally, we let employees the goods and deliver them other location. We’ve that’s not our focus now. We BootsAllianceInc., RiteAid part, has the company’sphar- know that work is going for- fast enough to meet over- learned that we can work re- do, in some cases, testing. has watched itsmarket share macistsplaying amorecen- ward. We have two different whelming demand. Online, mote, and we can now hire So, in a crisis like this, we’re and stock pricefall in recent tral role in tending to cus- work streams: people work- we are making sure we’re and manage a company re- asking, “What services can years. Thecompanyoperates tomers’ health-careneeds—a ing on marketing, brand showing what’s available and motely. we be allowed to do with 2,466 stores in 18 states, moveshe says the pandemic launch, store remodeling, not what’s not available so some sort of a waiver pro- about half the number it had is likely to accelerate. Mean- our pharmacy-benefit unit as to not frustrate people. WSJ: In what wayshas this gram, with some type of adecade ago, and acouple of while,RiteAid is hiring 5,000 Elixir, store merchandising. We will continue to be lim- permanently changed con- oversight from a provider, mergers aimed at reinvigorat- workerstohelp meet avirus- All of that is full steam ited by the amount of sup- sumer behavior? just to lessen the load?”

speedfor what is oftenaslow- head of global talent acquisi- Virus Spurs moving bureaucracywithin tion, said her team developed a companies. “SWATteam approach” as Gap To pull off the recruiting ef- mapped out the furlough plan. Redeploying fort, CVScreated dedicated “One stream of work we looked hiring websites foremployees at was, what arethe toptier of at many partner companies retailersthat arehiring that Of Workers and shortened the hiring pro- would potentially be afit for cess to as little as aday or our associates,” she said. two.The companywas flooded Though it is uncertain when

ContinuedfrompageB1 with 500% the volume of appli- companies will return to busi- S “I’m grateful forthe spirit cations itsrecruiting websites nessasusual,Ms. Kelly and of the partnerships,” Mr. normally receive. Thesurge other executives saythey hope PRES

Lackey said. “I tell people,we overloaded the system fora most furloughed employees UMA only have one enemyright few days. who have been redeployed /Z now, and it’sthe coronavirus.” Gap,which recently fur- elsewherewill return to their GES Theeffortsamount to ahu- loughed80,000 workersbe- original jobs. IMA PA

man-resourceschallengefor cause of storeclosures,isen- Similarcollaborations are SO companies moving people couraging those employees to poppinguparound the world.

around or hiring newemploy- take temporarypart-time jobs, Supermarket chain Kroger Co. HOGAN/ ees.They areracing to assess including at CVSand ahandful created an exchangetobring Y

people’sskills and train them of othercompanies it is collab- on workersfurloughed or laid JEREM fornew roles,all at warp orating with. Meghan Kelly, off from food-serviceand hos- Supermarket chain Kroger created an exchange to bring on workers furloughed or laid off. pitality companies such as So- dexo,Sysco Corp.and Marriott consumers. Otherssay they man-resourcesmanager,used Aftertelecom giant Verizon ADVERTISEMENT International.InGermany, gro- find satisfaction in taking on to spend her days creating Communications Inc.closed cers Aldi Sudand Aldi Nord an essential or other in-de- staffing plans and career-de- about 70%ofits corporate- TheMarketplace signed an agreement with mand job amid the pandemic. velopment programs.She owned retail locations in McDonald’sCorp., allowing the At Toronto-based TD Bank, raised her hand in mid-March March, manystore employees To advertise: 800-366-3975orWSJ.com/classiﬁeds burgerchain to referemploy- morethan 2,000 employees when thecompanyasked for had no placetowork,said ees fortemporaryroles at have switched to newjobs workerstostaff the overloaded Christy Pambianchi,Verizon’s their stores. temporarily,mostly handling human-resourceshelpline. chief human-resourcesofficer. PRODUCTS Agroup of major companies the surge in calls from custom- Thenextday,she did aone- So thousands of hourly staffers including AccenturePLC,Wal- erslooking forfinancial relief, hour virtual training session. A nowtakeat-home customer THE mart Inc.and Nordstrom Inc. such as deferrals of mortgage few days later,she wastaking serviceand sales roles,she arerolling out another ex- or credit-cardpayments, and calls from bank employees said. Thecompanyisalso en- MARKETPLACE changethis week that would from the bank’sown employ- seeking guidancebecause they couraging other employees let those in urgent need of ees seeking help forCovid-re- had been exposed to someone with idle time to complete ADVERTISE TODAY workerstap laid-off or fur- lated concerns,said Melanie with the virus,orwerefeeling needed industrycertifications loughedemployees at other Burns, the bank’ssenior vice sick and needed information or training while they work re- participating businesses.Con- presidentoftalent. In itsU.S. aboutHRpolicies. motely. (800)366-3975 sulting companyMercerLLC,a operations,the bank moved “Itcan be exhausting,” said Transitioning people has re- Formoreinformation visit: unit of Marsh &McLennan,is 450 people from unitslikeau- Ms.Haasz, age51, who lives in quired arapid retraining ef- wsj.com/classifieds launching asimilar initiative. tomobile finance, wherethey Elkins Park,Pa. “I’m working fort. Verizon’slearning and de- Forsome redeployedwork- were mostly processing loan nights, I’m working weekends, velopment team has had to ers, newroles come with applications, to critical ser- it’snot what I’m used to.” But quickly develop newvirtual

©2020Dow Jones &Company,Inc. higher risks and moreanxiet- vices, such as front-line call- helping relievethe burden on training programs. All Rights Reserved. ies because manyofthose jobs center roles. the stafferswho do this work —Chip Cutter contributed to involvecloser proximity to Lisa Haasz, aTDBank hu- full-time feels good, she said. this article. P2JW107000-2-B00700-1------XA

THE WALL STREET JOURNAL. ** Thursday, April 16, 2020 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 23504.35 t445.41, or 1.86% Trailing P/E ratio 18.20 18.50 2783.36 t62.70, or 2.20% Trailing P/E ratio * 21.19 21.74 8393.18 t 122.56, or 1.44% Trailing P/E ratio *† 24.95 24.01 High, low, open and close for each P/E estimate * 18.58 16.42 High, low, open and close for each P/E estimate * 18.81 17.35 High, low, open and close for each P/E estimate *† 23.15 21.25 trading day of the past three months. Dividend yield 2.77 2.17 trading day of the past three months. Dividend yield * 2.13 1.92 trading day of the past three months. Dividend yield *† 1.08 1.04 All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 9817.18, 02/19/20

Current divisor 0.14579812049809 30000 3500 10500 65-day moving average

27500 3250 9750

25000 3000 9000

Session high 22500 2750 8250 DOWN UP Session open Close t 65-day moving average 65-day moving average 7500 Close Open 20000 2500 t

Session low 17500 2250 6750

Bars measure the point change from session's open 15000 2000 6000 Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,119,006,736 23,049,965 Industrial Average 23649.72 23233.32 23504.35 -445.41 -1.86 29551.42 18591.93 -11.1 -17.6 4.7 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 114,054,235 9,810,190 Transportation Avg 8066.83 7888.94 8003.23 -174.46 -2.13 11304.97 6703.63 -26.8 -26.6 -3.4 Most-active issues in late trading Decl. volume*1,002,875,618 12,649,876 Utility Average 810.05 794.30 796.95 -28.15 -3.41 960.89 610.89 3.4 -9.4 4.3 Volume After Hours Issues traded 3,020 270 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 28091.59 27687.93 27902.69 -671.42 -2.35 34631.28 22462.76 -6.5 -15.5 5.0 Advances 480 79 SPDR S&P 500 SPY 6,964.0 276.37 -1.39 -0.50 278.79 276.00 Barron's 400 565.79 557.56 561.46 -19.85 -3.41 746.64 455.11 -21.3 -23.3 -2.8 Declines 2,493 186 MGIC Investment MTG 5,474.0 6.19 0.05 0.81 6.19 6.14 Unchanged 47 5 Bank of America BAC Nasdaq Stock Market 5,205.4 22.19 ... unch. 22.29 22.10 New highs 10 3 Nasdaq Composite 8464.66 8308.79 8393.18 -122.56 -1.44 9817.18 6860.67 5.0 -6.5 13.1 Bed Bath Beyond BBBY 5,070.2 5.00 0.56 12.61 5.20 4.43 New lows 22 2 Nasdaq 100 8666.24 8500.56 8591.96 -100.20 -1.15 9718.73 6978.02 11.9 -1.6 17.1 Verizon Communications VZ 4,249.0 56.81 -0.12 -0.21 57.21 56.78 Closing Arms† 1.56 0.35 Snap SNAP 3,941.3 13.59 0.01 0.07 13.64 13.52 S&P Block trades* 5,826 160 Caesars Entertainment CZR 3,247.7 7.52 -0.05 -0.66 7.80 7.51 500 Index 2801.88 2761.54 2783.36 -62.70 -2.20 3386.15 2237.40 -4.0 -13.8 6.1 Nasdaq NYSE Arca Procter Gamble PG 3,237.3 120.87 -0.35 -0.29 121.75 120.86 MidCap 400 1526.13 1500.68 1508.80 -61.72 -3.93 2106.12 1218.55 -22.6 -26.9 -3.5 Total volume*3,312,847,838 374,949,488 SmallCap 600 711.83 691.75 695.73 -35.37 -4.84 1041.03 595.67 -27.9 -31.9 -5.2 Percentage gainers… Adv. volume*1,142,376,020 55,145,567 Decl. volume*2,134,095,761 317,764,276 Other Indexes Liberty TripAdvisor B LTRPB 73.4 53.00 18.31 52.78 65.00 33.04 Issues traded 3,302 1,419 Russell 2000 1221.71 1176.03 1183.98 -53.36 -4.31 1705.22 991.16 -24.5 -29.0 -4.2 Arcus Biosciences RCUS 250.0 22.95 7.37 47.30 24.00 15.50 Advances 734 262 NYSE Composite 10903.06 10760.96 10843.92 -328.27 -2.94 14183.20 8777.38 -16.0 -22.1 -1.4 Antero Midstream AM 378.5 3.31 0.57 20.80 3.63 2.74 Declines 2,506 1,146 Bed Bath Beyond BBBY 5,070.2 5.00 0.56 12.61 5.20 4.43 Value Line 388.38 369.21 372.68 -15.70 -4.04 562.05 305.71 -32.0 -32.5 -9.8 Unchanged 62 11 Compugen CGEN 128.3 12.75 1.30 11.35 14.00 11.29 NYSE Arca Biotech 4860.41 4765.36 4813.21 -75.93 -1.55 5313.05 3855.67 3.0 -5.0 10.9 New highs 29 2 NYSE Arca Pharma 629.10 616.52 625.34 -2.74 -0.44 670.32 494.36 10.3 -4.3 7.4 ...And losers New lows 29 4 KBW Bank 68.08 66.51 66.78 -4.46 -6.26 114.12 56.19 -33.3 -41.1 -8.8 C-Trks ETNs Miller/Howard MLPC 100.0 5.64 -0.90 -13.76 5.64 5.64 Closing Arms† 0.55 1.06 § PHLX Gold/Silver 106.49 101.42 104.29 -1.93 -1.82 111.51 66.14 41.1 -2.5 5.3 Calithera Biosciences CALA 135.8 6.95 -0.90 -11.46 7.92 6.84 Block trades* 17,478 2,235 § PHLX Oil Service 26.15 24.97 25.83 -1.92 -6.91 102.39 21.47 -74.2 -67.0 -46.0 Lakeland Industries LAKE 280.0 15.71 -1.49 -8.66 18.15 15.30 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 1657.63 1631.10 1647.91 -47.85 -2.82 1979.50 1286.84 5.8 -10.9 19.7 Hilton Grand Vacations HGV 70.3 16.52 -0.85 -4.89 17.50 16.51 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 43.23 39.34 40.84 3.08 8.16 82.69 11.54 224.1 196.4 36.8 ADNT Adient 548.6 10.00 -0.51 -4.85 11.02 9.99 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 World The Global Dow 2540.05 –70.54 –2.70 –21.9 Liberty TripAdvisor B LTRPB 34.69 29.93 629.49 134.00 2.10 135.8 Chesapeake Energy CHK 16.38 -9.86 -37.58 640.00 15.58 -97.3 DJ Global Index 355.33 –7.97 –2.19 –18.1 Manning Napier MN 3.75 1.13 43.13 3.94 0.99 87.5 Pfenex PFNX 6.45 -2.49 -27.85 14.00 5.25 9.7 DJ Global ex U.S. 205.93 –4.42 –2.10 –21.9 ShiftPixy PIXY 7.24 2.09 40.58 42.00 3.21 -82.4 Homology Medicines FIXX 13.97 -5.37 -27.77 24.00 11.05 -38.7 Americas DJ Americas 638.66 –15.24 –2.33 –16.1 Applied DNA Sciences APDN 5.76 1.21 26.59 33.60 2.52 -75.5 Direxion Rg Banks Bull 3X DPST 4.85 -1.25 -20.49 54.56 3.50 -90.0 Brazil Sao Paulo Bovespa 78831.46 –1086.90 –1.36 –31.8 LSI Industries LYTS 5.44 1.06 24.20 7.30 2.50 68.9 American Realty Investors ARL 8.30 -1.92 -18.79 17.89 5.99 -34.4 Canada S&P/TSX Comp 13958.58 –299.85 –2.10 –18.2 Annovis Bio ANVS 3.80 0.70 22.58 10.61 2.42 ... Lizhi ADR LIZI 4.66 -1.04 -18.25 15.25 4.17 ... Mexico S&P/BMV IPC 33855.24 –891.15 –2.56 –22.2 Liberty TripAdvisor A LTRPA 2.55 0.45 21.43 15.85 0.86 -81.9 Arcutis Biotherapeutics ARQT 25.30 -5.63 -18.20 40.88 17.10 ... Chile Santiago IPSA 2718.06 –46.62 –1.69 –18.5 Otelco Cl A OTEL 6.91 1.21 21.23 18.31 2.93 -60.8 SCWorx WORX 6.94 -1.51 -17.87 14.88 1.55 -3.9 MicSec US Big Oil 3X InLv NRGD 75.68 12.27 19.35 304.72 34.70 ... Braemar Hotels Resorts BHR 2.39 -0.52 -17.87 13.88 1.14 -82.0 EMEA Stoxx Europe 600 323.06 –10.85 –3.25 –22.3 Calithera Biosciences CALA 7.85 1.18 17.69 8.18 2.45 28.7 Summit Wireless Techs WISA 5.76 -1.24 -17.71 54.00 3.53 -85.3 Eurozone Euro Stoxx 306.01 –11.70 –3.68 –24.2 Belgium Bel-20 2920.82 –136.84 –4.48 –26.2 Pluristem Therapeutics PSTI 9.84 1.43 17.00 10.76 2.82 72.7 Ideal Power IPWR 2.06 -0.44 -17.60 10.10 1.08 -74.9 Denmark OMX Copenhagen 20 1102.68 –7.43 –0.67 –2.9 DB Crude Oil Double Shrt DTO 113.79 16.26 16.67 162.40 42.00 142.9 Regis Corp RGS 8.27 -1.75 -17.47 23.27 4.22 -58.2 France CAC 40 4353.72 –170.18 –3.76 –27.2 VS 2x VIX Short Term TVIX 230.79 32.29 16.27 1000.00 38.33 14.3 Direxion Homebldr Bull 3X NAIL 10.74 -2.26 -17.38 98.55 4.76 -76.8 Nautilus NLS Bed Bath Beyond BBBY Germany DAX 10279.76 –416.80 –3.90 –22.4 5.47 0.76 16.14 5.76 1.20 -1.8 4.44 -0.93 -17.32 17.79 3.43 -74.3 Gulf Resources GURE 4.09 0.55 15.54 7.40 2.25 -44.0 Independence Contract ICD 8.93 -1.86 -17.24 64.40 1.08 -84.4 Israel Tel Aviv 1347.19 … Closed –20.0 Italy FTSE MIB 16719.07 –839.36 –4.78 –28.9 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 491.13 –16.60 –3.27 –18.8 Russia RTS Index 1046.88 –86.35 –7.62 –32.4 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 48301.28 –1573.23 –3.15 –15.4 Spain IBEX 35 6839.50 –269.07 –3.79 –28.4 PS Ult Bloomberg Crude UCO 159,673 408.0 1.67 -11.17 26.20 1.43 ShiftPixy PIXY 13,635 15112 7.24 40.58 42.00 3.21 Sweden OMX Stockholm 565.54 –21.38 –3.64 –16.9 General Electric GE 137,982 57.8 6.50 -6.20 13.26 5.90 Micro US Big Banks 3X Inv BNKD 136 2548 29.95 15.13 97.12 21.47 American Airlines Group AAL Cyclacel Pharmaceuticals CYCC Switzerland Swiss Market 9320.20 –218.41 –2.29 –12.2 123,804 218.4 12.29 2.89 34.99 9.09 236 2475 7.97 3.05 20.40 5.63 SPDR S&P 500 SPY 121,081 -25.5 277.76 -2.12 339.08 218.26 Crinetics Pharmaceuticals CRNX 1,582 2061 15.48 4.45 28.81 10.63 Turkey BIST 100 95854.92 –2694.88 –2.73 –16.2 TOP Ships TOPS 102,546 303.0 0.23 -19.36 15.00 0.08 Syntax Stratified LC SSPY 101 1883 40.46 -3.18 52.08 32.13 U.K. FTSE 100 5597.65 –193.67 –3.34 –25.8 U.K. FTSE 250 15347.56 –735.01 –4.57 –29.9 Bank of America BAC 98,857 18.1 22.19 -6.49 35.72 17.95 WisdomTree Mtg Plus Bd Fd MTGP 75 1361 50.41 0.43 51.83 48.90 Delta Air DAL 87,709 224.2 24.35 -0.77 63.44 19.10 FlexShr Dev Mkts xUS Qual QLVD 242 1358 22.29 -2.09 26.65 19.11 Asia-Pacific Advanced Micro Devices AMD 83,576 9.7 54.99 0.11 59.27 26.03 Xtrkrs Russ 1000 US Qual QARP 250 1247 25.04 -2.00 31.22 19.61 Australia S&P/ASX 200 5466.70 –21.41 –0.39 –18.2 Ford Motor F 74,542 -20.0 5.03 -4.91 10.56 3.96 Cementos Pacasmayo ADR CPAC 78 1222 6.53 -3.14 10.45 6.53 China Shanghai Composite 2811.17 –16.11 –0.57 –7.8 Vislink Technologies VISL 72,112 628.8 0.19 14.13 8.00 0.11 ProShs UltraShort Util SDP 254 1209 12.44 7.39 25.34 11.31 Hong Kong Hang Seng 24145.34 –290.06 –1.19 –14.3 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least India S&P BSE Sensex 30379.81 –310.21 –1.01 –26.4 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 19550.09 –88.72 –0.45 –17.4 Singapore Straits Times 2605.56 –29.01 –1.10 –19.2 Track the Markets South Korea Kospi 1857.08 … Closed –15.5 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 10447.21 1.11 –12.9 global stock indexes, bond ETFs, 114.27 currencies and commodities at Currencies Thailand SET 1236.10 –20.25 –1.61 –21.8 WSJ.com/TrackTheMarkets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Wed YTD chg Wed YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004266 23443 1.2 Argentina peso .0153 65.5696 9.5 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1908 5.2400 30.4 Czech Rep. koruna .04043 24.734 9.1 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7085 1.4115 8.7 Denmark krone .1462 6.8388 2.6 notes and bonds major U.S. trading partners Chile peso .001168 856.50 15.9 Euro area euro 1.0913 .9164 2.8 A consumer rate against its 5-year CDs Colombiapeso .000255 3920.01 19.5 Hungary forint .003095 323.15 9.4 Ecuador US dollar Iceland krona benchmark over the past year 11unch .006990 143.07 18.1 Bankrate.com avg†: 0.86% 4.00% 8% Mexico peso .0416 24.0098 26.8 Norway krone .0951 10.5098 19.7 Uruguay peso .02297 43.5300 17.2 Poland zloty .2404 4.1596 9.7

Citizens Access 1.65% Yen Russia ruble .01336 74.852 One year ago 3.00 s Asia-Pacific 20.6 2.00% Westwood, NA 888-201-6505 4 Sweden krona .0997 10.0350 7.1 t Australian dollar .6319 1.5825 11.1 Switzerland franc 1.0367 .9646 –0.3

TAB Bank 1.65% China yuan .1415 7.0676 1.5 t 1.50 2.00 0 Turkey lira .1447 6.9121 16.2 Ogden, UT 800-355-3063 Hong Kong dollar .1290 7.7509 –0.5 Ukraine hryvnia .0368 27.2107 14.9 Five-year CD yields Tradeweb ICE Wednesday Close India rupee .01306 76.564 7.3 1.00 American Express National Bank 1.70% 1.00 UK pound 1.2521 .7987 5.9 t –4 s s Indonesia rupiah .0000642 15565 12.1 New York, NY 866-805-8663 WSJ Dollar index Middle East/Africa Federal-funds Euro Japan yen .009307 107.44 –1.1 0.50 Barclays 1.70% 0.00 –8 Kazakhstan tenge .002345 426.46 11.7 Bahrain dinar 2.6482 .3776 0.2 target rate t Macau pataca .1252 7.9846 –0.4 Egypt pound .0634 15.7850 –1.6 Wilmington, DE 888-710-8756 1 3 6 1 2 3 5 710 30 2019 2020 0.00 month(s) years Malaysia ringgit .2304 4.3401 6.1 Israel shekel .2772 3.6071 4.4 M J J A S O N D J F M A First Internet Bank of Indiana 1.71% New Zealand dollar .5997 1.6675 12.3 Kuwait dinar 3.2086 .3117 2.8 maturity 2019 2020 Indianapolis, IN 888-873-3424 Pakistan rupee .00599 166.840 7.6 Oman sul rial 2.5961 .3852 0.05 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0197 50.680 –0.1 Qatar rial .2747 3.640 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7025 1.4234 5.8 Saudi Arabia riyal .2660 3.7597 0.2 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008165 1224.72 6.0 South Africa rand .0535 18.7013 33.6 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.25 -0.75 Sri Lanka rupee .0052208 191.54 5.6 Yield (%) 52-Week Total Return (%) Taiwan dollar .03322 30.102 0.6 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.50 3.25 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03057 32.710 9.9 WSJ Dollar Index 93.69 0.75 0.81 4.61 Libor, 3-month 1.13 1.31 0.74 l 2.59 -0.02 U.S. Treasury, Barclays 2480.720 0.520 0.620 2.520 0.520 14.78 5.72 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.31 0.32 0.31 l 0.78 0.01 Five-year CD, annual yield 0.86 0.89 0.86 l 2.01 -0.44 U.S. Treasury Long, Barclays 4961.060 1.210 1.300 2.940 0.980 38.65 13.27 Commodities 30-year mortgage, fixed† 3.69 3.78 3.52 l 4.34 -0.30 Aggregate, Barclays 2232.050 1.450 1.570 3.060 1.320 11.09 5.06 Wednesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 3.19 3.31 2.95 l 3.73 ... Fixed-Rate MBS, Barclays 2216.600 1.390 1.200 3.250 0.930 7.74 3.90 Jumbo mortgages, $510,400-plus† 3.79 3.86 3.54 l 4.71 -0.73 DJ Commodity 484.14 -10.71 -2.16 647.86 451.81 -23.19 -24.62 High Yield 100, ICE BofA 2907.097 7.255 8.545 10.740 4.516 –4.036 1.728 Five-year adj mortgage (ARM)† 3.47 3.49 3.29 l 4.78 0.17 TR/CC CRB Index 123.63 -2.38 -1.89 187.92 118.50 -33.75 -33.46 Muni Master, ICE BofA 569.328 1.611 1.828 3.441 0.959 5.184 3.732 New-car loan, 48-month 4.27 4.27 4.26 l 4.81 1.04 Crude oil, $ per barrel 19.87 -0.24 -1.19 66.30 19.87 -68.84 -67.46 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 790.658 6.385 6.657 7.480 4.523 –3.726 0.654 Natural gas, $/MMBtu 1.598 -0.052 -3.15 2.862 1.552 -36.51 -27.00 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. 1727.20 -29.50 -1.68 1756.70 1269.30 35.76 13.67 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 P2JW107000-0-B00800-1------XA

B8 | Thursday, April 16, 2020 THE WALL STREET JOURNAL.

COMMODITIES WSJ.com/commodities

Futures Contracts Contract Open Cash Prices Wednesday, April 15, 2020 Open High hilo Low Settle Chg interest These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Metal & Petroleum Futures July 118.05 122.15 115.60 121.20 2.85 68,290 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future Contract Open May 9.99 10.20 t 9.96 10.16 .11 213,613 Open High hi lo Low Settle Chg interest months. July 10.20 10.31 10.12 10.28 .03 325,986 Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Wednesday Wednesday Wednesday April 2.3100 2.3145 2.2975 2.3125 –0.0345 1,512 July 26.01 26.01 26.01 26.01 .01 2,405 Aluminum, LME, $ per metric ton *1456.0 Wheat,No.1soft white,Portld,OR-u 6.0850 July 2.3380 2.3430 2.2910 2.3090 –0.0345 69,680 Energy Sept 26.00 26.00 t 26.00 26.05 –.01 2,946 Copper,Comex spot 2.3125 Gold (CMX)-100 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.200 Food April 1739.40 1744.90 1722.70 1727.20 –29.50 979 May 52.64 53.19 51.91 52.75 .24 20,937 Iron Ore, 62% Fe CFR China-s 85.9 June 1758.10 1759.80 1731.60 1740.20 –28.70 348,082 July 53.01 53.90 52.40 52.80 –.38 92,917 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Shredded Scrap, US Midwest-s,m 236 Beef,carcass equiv. index Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Aug 1754.20 1760.10 1732.80 1741.20 –28.20 63,257 Metals Steel, HRC USA, FOB Midwest Mill-s 491 choice 1-3,600-900 lbs.-u 189.59 Oct 1752.10 1766.30 1738.00 1743.30 –27.20 12,135 May 105.60 109.00 104.55 108.30 1.35 3,636 July 106.85 109.80 106.00 108.90 .65 5,746 Fibers and Textiles select 1-3,600-900 lbs.-u 178.27 Dec 1760.70 1762.70 1736.40 1744.70 –26.50 46,251 Gold, per troy oz Feb'21 1748.90 1771.40 1741.50 1745.80 –25.60 7,510 Broilers, National comp wtd. avg.-u,w 0.5051 Palladium (NYM) - 50 troy oz.; $ per troy oz. Interest Rate Futures Engelhard industrial 1719.00 Burlap,10-oz,40-inch NY yd-n,w 0.5700 Butter,AA Chicago 1.1400 April ...... 2182.10 –31.80 4 Cotton,1 1/16 std lw-mdMphs-u 0.4900 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Handy & Harman base 1718.65 Cheddar cheese,bbl,Chicago 103.25 June 2195.70 2204.80 2100.00 2153.60 –31.80 6,658 June 220-060 226-220 220-050 225-300 5-31.0 1,044,592 Handy & Harman fabricated 1907.70 Cotlook 'A' Index-t *63.45 Cheddar cheese,blk,Chicago 100.00 Sept 2155.00 2194.50 2094.10 2144.30 –30.20 665 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Hides,hvy native steers piece fob-u n.a. Platinum (NYM)-50 troy oz.; $ per troy oz. LBMA Gold Price AM *1715.85 Milk,Nonfat dry,Chicago lb. 85.00 June 177-250 181-000 177-220 180-180 2-28.0 1,005,232 LBMA Gold Price PM *1741.90 Wool,64s,staple,Terr del-u,w n.a. April ...... 800.60 –15.10 4 Sept 178-240 179-070 176-060 178-300 2-24.0 140 Coffee,Brazilian,Comp 1.1528 July 819.70 831.90 796.40 804.60 –15.10 46,371 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Krugerrand,wholesale-e 1780.69 Grains and Feeds Coffee,Colombian, NY 1.6673 Silver (CMX)-5,000 troy oz.; $ per troy oz. June 138-070 139-090 138-060 139-050 30.0 3,215,811 Maple Leaf-e 1797.81 Eggs,large white,Chicago-u 2.1050 April 16.005 16.005 15.700 15.447 –0.625 28 Sept 138-150 139-015 137-305 138-300 31.5 19,387 Barley,top-quality Mnpls-u n.a. American Eagle-e 1797.81 Flour,hard winter KC 14.50 July 16.250 16.270 15.625 15.654 –0.687 69,524 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Bran,wheat middlings, KC-u 113 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. June 125-057 125-200 125-052 125-177 12.2 3,724,715 Mexican peso-e 2072.40 Hams,17-20 lbs,Mid-US fob-u n.a. Corn,No. 2 yellow,Cent IL-bp,u 3.0700 May 20.72 20.89 t 19.20 19.87 –0.24 231,678 Sept 125-010 125-150 124-305 125-132 14.7 54 Austria crown-e 1681.30 Hogs,Iowa-So. Minnesota-u 48.98 Corn gluten feed,Midwest-u,w 123.8 June 27.84 28.14 25.84 26.04 –1.36 478,217 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Austria phil-e 1797.81 Pork bellies,12-14 lb MidUS-u 0.4084 July 32.36 32.59 29.90 29.96 –1.91 266,991 June 110-060 110-079 110-057 110-072 1.5 2,648,446 Corn gluten meal,Midwest-u,w 496.0 Silver, troy oz. Pork loins,13-19 lb MidUS-u 1.0209 Aug 34.08 34.31 31.44 31.49 –2.16 136,668 Sept 110-110 110-121 110-099 110-115 1.7 6,566 Cottonseed meal-u,w 285 Sept 35.01 35.23 32.26 32.33 –2.23 141,706 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Engelhard industrial 15.5500 Steers,Tex.-Okla. Choice-u n.a. Hominy feed,Cent IL-u,w 105 Dec 36.40 36.73 33.78 33.87 –2.29 291,406 April 99.9425 99.9475 s 99.9425 99.9425 .0000 231,912 Handy & Harman base 15.4080 Steers,feeder,Okla. City-u,w 140.94 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 99.9150 99.9200 99.9100 99.9150 .0000 256,047 Meat-bonemeal,50% pro Mnpls-u,w 300 Handy & Harman fabricated 19.2600 May .9458 .9606 t .8976 .9138 –.0304 66,528 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Oats,No.2 milling,Mnpls-u 3.2050 Fats and Oils June .9885 1.0005 t .9358 .9507 –.0358 68,493 June 104-260 105-185 104-065 105-100 1-02.5 69,380 LBMA spot price *£12.3600 Rice, Long Grain Milled, No. 2 AR-u,w 28.50 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Eurodollar (CME)-$1,000,000; pts of 100% (U.S.$ equivalent) *15.5100 Sorghum,(Milo) No.2 Gulf-u 7.4863 Corn oil,crude wet/dry mill wtd. avg.-u,w 46.2500 May .7568 .7643 .6922 .7204 .0004 87,252 May 99.3500 99.4025 99.3425 99.4000 .0575 405,441 Coins,wholesale $1,000 face-a 14363 Grease,choice white,Chicago-h 0.2300 June .8100 .8174 .7500 .7676 –.0120 83,125 June 99.5350 99.5750 99.5350 99.5650 .0450 1,499,756 SoybeanMeal,Cent IL,rail,ton48%-u 293.70 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Sept 99.6450 99.6750 99.6400 99.6650 .0200 1,513,184 Other metals Soybeans,No.1 yllw IL-bp,u 8.3150 Lard,Chicago-u n.a. May 1.639 1.666 1.586 1.598 –.052 161,494 Dec 99.6450 99.6700 99.6400 99.6600 .0100 1,060,355 LBMA Platinum Price PM *761.0 Wheat,Spring14%-pro Mnpls-u 6.2150 Soybean oil,crude;Centl IL-u 0.2590 June 1.819 1.831 1.738 1.748 –.078 201,742 Platinum,Engelhard industrial 781.0 Wheat,No.2 soft red,St.Louis-bp,u 5.5600 Tallow,bleach;Chicago-h 0.2900 July 2.015 2.030 1.936 1.946 –.080 158,003 Currency Futures Palladium,Engelhard industrial 2162.0 Wheat - Hard - KC (USDA) $ per bu-u 4.8950 Tallow,edible,Chicago-u 0.3800 Sept 2.126 2.142 2.060 2.068 –.063 103,008 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Oct 2.186 2.202 2.130 2.138 –.052 97,640 May .9341 .9360 .9278 .9314 –.0025 396 Jan'21 2.911 2.928 2.874 2.880 –.039 76,044 June .9352 .9368 .9283 .9321 –.0026 121,462 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; Canadian Dollar (CME)-CAD 100,000; $ per CAD 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 4/14 Agriculture Futures May .7177 .7209 .7079 .7103 –.0091 1,369 June .7206 .7213 .7081 .7105 –.0091 111,266 Source: Dow Jones Market Data Corn (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ May 326.00 326.75 t 317.50 319.25 –6.75 275,538 May 1.2633 1.2633 1.2440 1.2553 –.0076 1,616 July 332.25 333.00 t 325.00 326.75 –5.50 520,771 June 1.2633 1.2636 1.2441 1.2556 –.0077 149,324 Oats (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF Bonds | WSJ.com/bonds May 276.75 286.50 275.00 285.50 8.25 1,307 June 1.0439 1.0440 1.0329 1.0398 –.0038 32,639 July 269.00 277.50 269.00 277.00 8.50 1,291 Sept 1.0394 1.0469 1.0369 1.0430 –.0039 67 Soybeans (CBT)-5,000 bu.; cents per bu. Australian Dollar (CME)-AUD 100,000; $ per AUD Tracking Bond Benchmarks May 847.50 852.50 838.75 842.00 –5.00 174,064 May .6427 .6442 .6286 .6329 –.0107 665 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week July 856.00 862.50 848.75 851.75 –3.75 265,563 June .6446 .6447 .6285 .6330 –.0107 126,611 Soybean Meal (CBT)-100 tons; $ per ton. Mexican Peso (CME)-MXN 500,000; $ per MXN highs and lows for different types of bonds May 287.90 294.40 287.90 292.20 4.70 63,615 May .04260 .04260 .04104 .04140 –.00090 1,014 Total Total July 293.40 298.80 293.30 296.60 3.50 148,483 June .04221 .04234 .04089 .04122 –.00088 108,230 return YTD total Yield (%) return YTD total Yield (%) Soybean Oil (CBT)-60,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € close return (%) Index Latest Low High close return (%) Index Latest Low High May 26.95 27.11 26.62 26.74 26.74 97,406 May 1.0949 1.0998 1.0866 1.0931 –.0061 2,010 July 27.32 27.47 27.01 27.16 27.16 140,764 June 1.1000 1.1007 1.0873 1.0939 –.0060 535,122 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Rough Rice (CBT)-2,000 cwt.; $ per cwt. U.S. Aggregate 2216.60 3.2 Mortgage-Backed 1.390 0.930 3.250 May 1426.50 1435.50 1413.50 1419.00 –9.00 4,936 Index Futures 2232.05 4.8 1.450 1.320 3.060 Wheat (CBT)-5,000 bu.; cents per bu. U.S. Corporate Indexes Bloomberg Barclays 2168.86 3.2 Ginnie Mae (GNMA) 1.140 0.490 3.200 Mini DJ Industrial Average (CBT)-$5 x index May 555.75 556.75 546.00 548.75 548.75 76,396 June 23911 23967 23103 23391 –489 59,711 July 555.75 557.25 546.25 549.75 549.75 150,750 3174.49 1.1 U.S. Corporate 2.750 2.220 4.580 1307.22 3.2 Fannie mae (FNMA) 1.490 1.110 3.270 Wheat (KC)-5,000 bu.; cents per bu. Sept 23796 23860 23037 23313 –489 672 S&P 500 Index (CME)-$250 x index 2897.67 0.2 Intermediate 2.360 1.760 4.400 2008.59 3.2 Freddie Mac (FHLMC) 1.460 1.080 3.270 May 481.00 483.75 469.00 479.50 –4.25 49,725 June 2840.20 2844.70 2755.30 2775.10 –68.00 90,352 July 489.00 491.25 476.50 487.00 –4.00 110,629 4658.82 2.4 Long term 3.410 2.950 4.930 569.33 0.6 Muni Master 1.611 0.959 3.441 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept …… …2767.10 –68.10 11 Mini S&P 500 (CME)-$50 x index April 116.000 117.050 114.075 115.800 –.600 1,914 663.54 3.6 Double-A-rated 1.910 1.670 3.360 402.00 0.8 7-12 year 1.528 0.924 3.447 June 2843.75 2845.50 2751.25 2775.00 –68.00 3,394,576 Aug 124.950 128.025 124.225 126.725 .375 12,162 Triple-B-rated 456.06 0.7 12-22 year 1.981 1.224 3.690 Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept 2832.00 2836.00 2743.75 2767.00 –68.25 27,197 816.46 -1.6 3.380 2.570 5.350 Mini S&P Midcap 400 (CME)-$100 x index April 92.500 95.500 92.200 94.725 1.025 6,614 High Yield Bonds ICE BofA -1.3 22-plus year June 1566.90 1569.50 1495.80 1503.50 –62.60 74,749 435.05 2.785 1.765 4.123 June 83.075 85.575 82.775 84.825 1.025 120,316 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Sept 1434.70 1565.90 1497.40 1501.50 –64.60 1 424.34 -9.1 High Yield Constrained 8.089 5.151 11.400 Global Government J.P. Morgan† Mini Nasdaq 100 (CME)-$20 x index April 45.750 46.050 45.500 45.600 –.050 13,091 June 8706.25 8707.50 8486.50 8594.00 –98.50 176,282 353.10 -19.3 Triple-C-rated 16.226 10.558 19.071 609.20 4.5 Global Government 0.620 0.390 1.470 June 43.225 45.100 42.550 44.625 .675 83,783 Sept 8692.00 8692.00 8480.00 8583.50 –102.00 1,636 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. High Yield 100 853.33 6.2 Canada 0.930 0.590 1.910 Mini Russell 2000 (CME)-$50 x index 2907.10 -9.0 7.255 4.516 10.740 May 332.60 334.40 317.50 324.00 –7.00 1,087 June 1237.10 1237.10 1170.10 1182.90 –54.10 529,654 July 343.90 345.90 325.70 332.90 –10.20 989 381.42 -9.5 Global High Yield Constrained 8.187 4.893 11.310 398.32 -0.5 EMU§ 0.601 0.109 1.023 Milk (CME)-200,000 lbs., cents per lb. Sept 1214.40 1235.80 1169.60 1181.50 –54.40 2,203 Mini Russell 1000 (CME)-$50 x index Europe High Yield Constrained 764.42 0.7 France 0.270 -0.160 0.660 April 13.65 13.70 t 13.43 13.69 .05 3,128 296.86 -9.7 5.739 2.464 8.183 June 1520.30 1554.40 1509.00 1519.90 –35.00 7,843 June 12.45 12.50 12.07 12.33 .14 4,585 U.S Agency Bloomberg Barclays 548.48 2.4 Germany -0.370 -0.740 0.200 Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index June 98.82 100.06 98.82 99.49 .60 28,813 May 2,246 2,246 2,190 2,205 –60 3,724 1846.83 4.4 U.S Agency 0.830 0.730 2.620 296.22 -0.6 Japan 0.250 -0.070 0.270 Sept 99.04 99.96 99.04 99.45 .60 654 July 2,268 2,268 2,215 2,229 –59 79,109 1609.82 3.1 10-20 years 0.680 0.640 2.510 1.7 Netherlands Coffee (ICE-US)-37,500 lbs.; cents per lb. 606.09 -0.170 -0.540 0.310 May 117.00 121.20 114.60 120.20 3.00 20,550 Source: FactSet 4228.68 10.8 20-plus years 1.610 1.170 3.110 1096.69 9.1 U.K. 0.520 0.390 1.540 2736.67 0.3 Yankee 2.410 1.920 3.500 790.66 -10.3 Emerging Markets ** 6.385 4.523 7.480 Macro & Market Economics *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Watching the Gauges: U.S. Supply and Demand ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Inventories, imports and demand for the week ended April 10. Current figures are in thousands of barrels or Global Government Bonds: Mapping Yields thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import and demand data are available monthly only. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Inventories, 000s barrels Imports, 000s barrels per day selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Current change week ago avg avg Current change week ago avg avg 0.375 U.S. 2 0.207 t l 0.215 0.506 2.398 Crude oil and 1.500 10 0.640 t l 0.754 0.981 2.552 petroleum prod 1,341,570 ... 1,320 1,236 1,303 1,281 7,502 ... 7,943 8,706 7,958 9,753 2.000 Australia 2 0.238 s l 0.220 0.570 1.534 3.1 0.5 -86.4 Crude oil excluding SPR 503,618 11,100 484 455 478 493 5,680 ... 5,874 5,992 5,930 7,754 2.500 10 0.924 t l 0.928 0.975 1.961 28.5 17.4 -59.2 Gasoline 262,217 ... 257 228 251 235 402 ... 493 990 616 797 0.000 France 2 -0.486 s l -0.518 -0.655 -0.487 -69.3 -73.3 -288.4 Finished gasoline 22,527 6,300 22 21 21 23 65 ... 50 125 89 72 0.000 10 0.054 t l 0.102 0.013 0.419 -58.5 -65.2 -213.3 Reformulated 50 ... 00 00 0... 00 00 0.000 Germany 2 -0.702 t l -0.670 -0.889 -0.556 -90.8 -88.6 -295.3 Conventional 22,477 ... 21 21 21 23 65 ... 50 125 89 72 0.000 10 -0.463 t l -0.377 -0.544 0.060 -110.3 -113.1 -249.2 Blend. components 239,690 ... 236 207 230 212 337 ... 442 865 527 725 1.200 Italy 2 1.001 s l 0.814 0.799 0.427 79.4 59.9 -197.1 Natural gas (bcf) 2,024 ... 21 22...... 1.350 10 1.899 s l 1.782 1.803 2.437 126.0 102.8 -11.5 Kerosene-type 0.100 Japan 2 -0.156 s l -0.163 -0.207 -0.159 -36.3 -37.8 -255.6 jet fuel 40,239 ... 39 42 39 41 91 ... 196 278 160 138 Distillates 129,004 1,500 123 128 125 137 313 ... 185 138 185 107 0.100 10 0.021 s l 0.016 -0.013 -0.030 -61.9 -73.8 -258.2 Heating oil 9,436 ... 912910 0... 01 034 0.400 Spain 2 0.137 s l 0.003 -0.315 -0.269 -7.0 -21.2 -266.7 Diesel 119,569 ... 114 116 115 126 313 ... 185 138 185 58 0.500 10 0.861 s l 0.827 0.594 1.081 22.2 7.3 -147.2 Residual fuel oil 34,586 ... 36 29 35 37 296 ... 199 187 170 171 0.500 U.K. 2 0.043 t l 0.074 0.284 0.800 -16.4 -14.1 -159.8 Other oils 287,659 ... 289 274 286 262 625 ... 893 1,000 785 683 4.750 10 0.304 t l 0.340 0.404 1.222 -33.6 -41.3 -133.1 Net crude, petroleum Source: Tullett Prebon products, incl. SPR 1,976,540 ... 1,955 1,885 1,938 1,959 -2,281 ... -419 990 -1,061 4,099 Corporate Debt Weekly Demand, 000s barrels per day Natural gas storage Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in that same company’s share price. Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals Current change week ago avg avg Investment-grade spreads that tightened the most… Spread*, in basis points Stock Performance Total petroleum 4250 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg product 13,797 ... 14,446 19,893 16,373 19,730 Five-year average FS KKR Capital FSK 4.625 July 15, ’24 777 –92 n.a. 3.69 –5.38 Finished for each week 3250 Daimler Finance North America DAIGR 1.750 March 10, ’23 307 –43 n.a......

motor gasoline 5,081 ... 5,065 9,420 6,411 9,152 t Nordstrom JWN 4.375 April 1, ’30 729 –41 790 18.15 –9.48 Kerosene-type t 2250 Air Lease AL 2.250 Jan. 15, ’23 529 –32 897 23.40 –3.51 Natural gas, Anglo American Capital AALLN 4.750 April 10, ’27 341 –30 445 ...... jet fuel 463 ... 755 1,674 1,005 1,777 lower 48 states Distillates 2,757 ... 3,807 3,353 3,567 4,156 1250 Marvell Technology MRVL 4.200 June 22, ’23 260 –30 346 25.15 –1.49 Credit Agricole ACAFP 3.250 Oct. 4, ’24 205 –29 275 ...... Residual fuel oil 608 ... 55 350 246 256 WPP Finance 2010 WPPLN 3.750 Sept. 19, ’24 241 –28 286 ...... Propane/propylene 754 ... 1,096 620 1,065 ... 250 Other oils 4,133 ... 3,669 4,478 4,080 ... A M J J A S O N D J F M …And spreads that widened the most 2019 2020 Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Enbridge ENBCN 2.900 July 15, ’22 250 101 n.a...... Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Marathon Oil MRO 2.800 Nov. 1, ’22 527 90 1204 4.23 –0.47 American Honda Finance HNDA 2.900 Feb. 16, ’24 171 71 250 ...... Exchange-Traded Portfolios | WSJ.com/ETFresearch Noble Energy NBL 3.900 Nov. 15, ’24 673 69 850 6.87 –5.37 Marriott International MAR 4.150 Dec. 1, ’23 517 68 686 80.73 –2.36 Closing Chg YTD General Motors Financial … 3.950 April 13, ’24 516 65 658 … … Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) TransCanada Pipelines TRPCN 2.500 Aug. 1, ’22 190 64 250 ...... SchwabUS LC Grw SCHG 86.74 –1.42 –6.6 Wednesday, April 15, 2020 Closing Chg YTD ETF Symbol Price (%) (%) Schwab US TIPs SCHP 59.42 0.13 4.9 High-yield issues with the biggest price increases… Closing Chg YTD SPDR DJIA Tr DIA 235.08 –1.92 –17.5 ETF Symbol Price (%) (%) iShMSCI EAFE EFA 54.27 –3.12 –21.8 SPDR S&PMdCpTr MDY 274.64 –3.93 –26.8 Bond Price as % of face value Stock Performance CnsmrDiscSelSector XLY 108.39 –2.19 –13.6 iShMSCI EAFE SC SCZ 45.79 –3.62 –26.5 SPDR S&P 500 SPY 277.76 –2.12 –13.7 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg CnsStapleSelSector XLP 59.20 –1.58 –6.0 iShMSCIEmgMarkets EEM 35.28 –2.57 –21.4 SPDR S&P Div SDY 83.70 –3.79 –22.2 FinSelSectorSPDR XLF 21.65 –4.33 –29.7 iShMSCIJapan EWJ 50.58 –1.00 –14.6 TechSelectSector XLK 87.03 –2.18 –5.1 American Airlines AAL 3.750 March 1, ’25 70.000 5.50 57.750 12.29 2.89 iShNatlMuniBd MUB FT ValDivFd FVD 28.81 –3.77 –20.0 113.87 0.56 –0.0 UtilitiesSelSector XLU 58.63 –3.30 –9.3 NGL Energy Partners NGL 7.500 April 15, ’26 49.875 4.88 34.360 3.40 –3.13 iShPfd&Incm PFF 33.50 –0.98 –10.9 HealthCareSelSect XLV 96.62 –0.51 –5.1 VanEckGoldMiner GDX 30.15 –1.95 3.0 iShRussell1000Gwth IWF 164.55 –1.33 –6.5 VangdInfoTech VGT Scientific Games International … 7.250 Nov. 15, ’29 69.000 3.25 51.500 … … InvscQQQI QQQ 209.43 –1.15 –1.5 229.46 –2.17 –6.3 iShRussell1000 IWB 152.67 –2.18 –14.4 VangdSC Val VBR 91.50 –4.63 –33.2 InvscS&P500EW RSP 89.63 –3.23 –22.5 United Airlines Holdings UAL 4.875 Jan. 15, ’25 84.980 3.23 73.500 31.86 3.11 iShRussell1000Val IWD 105.20 –3.21 –22.9 VangdSC Grwth VBK 159.27 –2.80 –19.8 InvscS&P500LowVol SPLV 49.94 –3.31 –14.4 iShRussell2000 IWM 117.80 –4.08 –28.9 VangdDivApp VIG 110.56 –2.20 –11.3 NGLS iSh3-7YTreasuryBd IEI 133.45 0.34 6.1 Targa Resources Partners 6.500 July 15, ’27 101.000 3.14 89.800 ...... iShRussell3000 IWV 159.56 –2.19 –15.3 VangdFTSEDevMk VEA 33.98 –3.25 –22.9 iShCoreDivGrowth DGRO 34.72 –2.88 –17.5 Radiology Partners RADPAR 9.250 Feb. 1, ’28 91.000 2.88 75.000 ...... iShRussellMid-Cap IWR 46.19 –3.04 –22.5 VangdFTSE EM VWO 34.86 –2.22 –21.6 iShCoreMSCIEAFE IEFA 50.65 –3.17 –22.4 iShRussellMCValue IWS 67.97 –4.13 –28.3 VangdFTSE Europe VGK 43.64 –4.09 –25.5 EQM Midstream Partners EQM 6.500 July 15, ’48 77.000 2.75 n.a. 16.19 4.93 iShCoreMSCIEM IEMG 42.00 –2.37 –21.9 iShS&P500Growth IVW 179.58 –1.63 –7.3 VangdFTSEAWxUS VEU 42.02 –2.80 –21.8 iShCoreMSCITotInt IXUS 48.09 –3.06 –22.3 Antero Resources AR 5.125 Dec. 1, ’22 63.000 2.00 50.500 1.38 9.52 iShS&P500Value IVE 102.41 –2.81 –21.3 VangdGrowth VUG 171.29 –1.55 –6.0 iShCoreS&P500 IVV 278.57 –2.20 –13.8 iShShortCpBd IGSB 53.80 0.19 0.3 VangdHlthCr VHT 180.75 –0.81 –5.7 iShCoreS&P MC IJH 150.38 –3.95 –26.9 iShShortTreaBd SHV 110.90 –0.01 0.4 VangdHiDiv VYM 75.31 –3.08 –19.6 …And with the biggest price decreases iShCoreS&P SC IJR 57.20 –4.59 –31.8 iShTIPSBondETF TIP 122.24 0.11 4.9 VangdIntermBd BIV 91.27 0.63 4.6 iShS&PTotlUSStkMkt ITOT 61.51 –2.16 –15.4 iSh1-3YTreasuryBd SHY 86.66 0.04 2.4 VangdIntrCorpBd VCIT 91.12 0.60 –0.2 Midas Intermediate Holdco SVKING 7.875 Oct. 1, ’22 62.750 –9.75 67.375 ...... iShCoreUSAggBd AGG 117.24 0.41 4.3 iSh7-10YTreasuryBd IEF 121.94 0.89 10.6 VangdLC VV 127.85 –2.10 –13.5 Ford Motor F 9.980 Feb. 15, ’47 84.000 –9.50 n.a. 5.03 –4.91 iShSelectDividend DVY 77.59 –3.97 –26.6 iSh20+YTreasuryBd TLT 168.18 2.65 24.1 VangdMC VO 141.67 –2.90 –20.5 L Brands LB 6.750 July 1, ’36 73.010 –6.99 70.000 12.62 –10.31 iShEdgeMSCIMinEAFE EFAV 63.18 –2.06 –15.2 iShRussellMCGrowth IWP 131.64 –1.78 –13.7 VangdMBS VMBS 54.24 0.06 2.0 iShEdgeMSCIMinUSA USMV 58.13 –2.45 –11.4 iShUSTreasuryBdETF GOVT 28.11 0.75 8.4 VangdRealEst VNQ 74.63 –3.96 –19.6 Intelsat Luxembourg INTEL 7.750 June 1, ’21 10.250 –6.75 25.000 ...... iShEdgeMSCIUSAMom MTUM 114.73 –1.28 –8.6 JPM UltShtIncm JPST 50.07 0.10 –0.7 VangdS&P500ETF VOO 255.24 –2.18 –13.7 iShEdgeMSCIUSAQual QUAL 86.70 –2.31 –14.2 PIMCOEnhShMaturity MINT 100.23 0.03 –1.3 VangdST Bond BSV 82.73 0.15 2.6 Continental Resources CLR 4.900 June 1, ’44 59.000 –6.50 61.250 10.49 –8.22 iShFloatingRateBd FLOT 49.76 0.20 –2.3 SPDR BlmBarcHYBd JNK 99.68 –0.97 –9.0 VangdSTCpBd VCSH 81.17 0.02 0.2 Occidental Petroleum OXY 3.400 April 15, ’26 64.000 –6.00 61.750 13.61 –8.66 iShGoldTr IAU 16.49 –0.30 13.7 SPDRBloomBar1-3MTB BIL 91.55 –0.01 0.1 VangdSC VB 120.51 –3.71 –27.2 Mohegan Gaming & Entertainment MOHEGN 7.875 Oct. 15, ’24 58.000 –5.90 n.a...... iShiBoxx$InvGrCpBd LQD 130.78 0.67 2.2 SPDR Gold GLD 161.85 –0.51 13.3 VangdTotalBd BND 87.63 0.49 4.5 iShiBoxx$HYCpBd HYG 80.76 –0.93 –8.2 SchwabIntEquity SCHF 26.28 –3.13 –21.9 VangdTotIntlBd BNDX 56.77 0.46 0.3 United States Steel X 6.875 Aug. 15, ’25 71.875 –5.13 70.030 6.55 –4.52 iShIntermCorpBd IGIB 57.71 0.72 –0.5 SchwabUS AggrBd SCHZ 55.64 0.51 4.1 VangdTotIntlStk VXUS 43.26 –2.81 –22.3 iShJPMUSDEmgBd EMB 99.80 –1.98 –12.9 SchwabUS BrdMkt SCHB 65.02 –2.39 –15.4 VangdTotalStk VTI 138.55 –2.35 –15.3 *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. iShMBSETF MBB 110.06 0.09 1.9 SchwabUS Div SCHD 48.20 –2.80 –16.8 VangdTotlWrld VT 66.10 –2.61 –18.4 Note: Data are for the most active issue of bonds with maturities of two years or more iShMSCI ACWI ACWI 65.73 –2.49 –17.1 SchwabUS LC SCHX 66.03 –2.18 –14.0 VangdValue VTV 95.02 –2.78 –20.7 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data P2JW107000-0-B00900-1------XA

THE WALL STREET JOURNAL. Thursday, April 16, 2020 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. IdexxLab IDXX 257.82 -5.19 MelcoResorts MLCO 13.59 0.09 ProsperityBcshs PB 46.17 -4.45 TeckRscsB TECK 8.04 -0.83 UnderArmour A UAA 9.60 -0.41 s Walmart WMT 128.76 -0.24 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. IHS Markit INFO 65.03 -1.58 MellanoxTech MLNX 122.43 0.03 PrudentialFin PRU 54.52 -4.09 TeladocHealth TDOC 171.77 14.44 Unilever UN 49.90 -1.31 WasteConnections WCN 84.10 -0.95 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four ING Groep ING 5.10 -0.53 MercadoLibre MELI 588.64 26.62 Prudential PUK 23.79 -1.88 TeledyneTech TDY 313.25 -11.18 Unilever UL 52.01 -1.28 WasteMgt WM 96.63 -3.00 that include primary market trades as well as quarters. InvescoIVZ 8.96 -0.85 Merck MRK 82.07 -0.77 PublicServiceEnt PEG 52.01 -1.47 Teleflex TFX 331.04 0.11 UnionPacific UNP 146.66 -2.31 Waters WAT 189.41 -4.24 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. IPG Photonics IPGP 114.44 -6.31 MetLifeMET 32.47 -1.96 PublicStorage PSA 195.30 -9.57 Ericsson ERIC 8.11 -0.17 UnitedAirlines UAL 31.86 0.96 Watsco WSO 156.54 1.67 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing IQVIA IQV 124.02 -2.47 MettlerToledo MTD 692.96 -18.81 PulteGroup PHM 23.88 -1.80 TelefonicaBras VIV 9.72 -0.22 UnitedMicro UMC 2.42 -0.03 Wayfair W 81.08 -5.00 Nasdaq ISE. standards IcahnEnterprises IEP 48.46 -1.04 MicrochipTech MCHP 78.57 -3.37 Qiagen QGEN 40.13 -0.07 Telefonica TEF 4.57 -0.22 UPS B UPS 99.92 -1.48 Weibo WB 34.90 -0.34 The list comprises the 1,000 largest companies lf-Late filing Icon ICLR 152.79 -2.20 MicronTech MU 46.43 -1.19 Qorvo QRVO 84.56 -5.27 TelekmIndonesia TLK 19.61 -0.97 UnitedRentals URI 103.79 -4.85 WellsFargo WFC 28.44 -1.74 based on market capitalization. q-Temporary exemption from Nasdaq IDEX IEX 145.40 -4.82 Microsoft MSFT 171.88 -1.82 Qualcomm QCOM 75.99 -1.56 10xGenomics TXG 66.80 0.05 US Bancorp USB 33.33 -2.47 Welltower WELL 48.53 -4.82 Underlined quotations are those stocks with requirements. IllinoisToolWks ITW 152.70 -3.36 MidAmApt MAA 109.98 -4.04 QuantaServices PWR 32.55 -1.15 Tenaris TS 12.47 -0.43 UnitedTherap UTHR 97.41 -1.60 WestPharmSvcs WST 165.01 -2.08 large changes in volume compared with the t-NYSE bankruptcy Illumina ILMN 294.29 -3.59 MitsubishiUFJ MUFG 3.78 -0.15 QuestDiag DGX 89.05 -1.05 TencentMusic TME 10.83 -0.29 UnitedHealth UNH 281.68 11.18 WesternDigital WDC 42.65 -2.12 issue’s average trading volume. v-Trading halted on primary market. Immunomedics IMMU 19.92 -1.29 MizuhoFin MFG 2.29 -0.11 Teradyne TER 61.10 -2.21 UnivDisplay OLED 140.07 -2.84 WesternUnion WU 19.13 -1.03 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being ImperialOil IMO 11.64 -0.89 MobileTeleSys MBT 8.04 -0.39 R S Tesla TSLA 729.83 19.94 UniversalHealthB UHS 103.09 -4.46 WestlakeChem WLK 39.10 -4.71 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Incyte INCY 90.95 -0.33 s Moderna MRNA 37.25 2.59 TetraTech TTEK 76.84 -3.52 VEREIT VER 5.06 -0.22 WestpacBanking WBK 10.05 -0.32 RELX RELX 21.52 -0.94 TevaPharm TEVA 10.06 -0.50 previous closing price was $2 or higher. or securities assumed by such companies. Infosys INFY 8.33 -0.34 MohawkInds MHK 79.30 -3.44 VF VFC 55.85 -3.72 WestRock WRK 30.31 -1.60 RPM RPM 64.33 -2.08 TexasInstruments TXN 107.98 -2.97 IngersollRand IR 24.36 -1.99 MolinaHealthcare MOH 160.20 -3.09 VICI Prop VICI 16.09 -0.89 Weyerhaeuser WY 19.12 -1.21 RalphLauren RL 69.58 -6.92 Textron TXT 25.89 -1.56 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Ingredion INGR 75.44 -6.11 MolsonCoorsB TAP 44.60 -1.97 VailResorts MTN 160.22 -0.41 WheatonPrecMet WPM 33.23 -0.53 RaymondJames RJF ThermoFisherSci TMO 325.83 -0.54 Vale VALE 8.26 -0.33 changes in the closing prices from 4 p.m. the previous day. Insulet PODD 187.42 2.26 Mondelez MDLZ 53.71 -0.80 62.68 -4.32 Whirlpool WHR 99.89 -3.62 RaytheonTech RTX 62.33 -2.74 ThomsonReuters TRI 70.36 -1.93 Intel INTC 58.87 -1.79 MongoDB MDB 149.91 0.91 ValeroEnergy VLO 46.70 -4.25 Williams WMB 16.81 -0.50 RealPage RP 56.97 -1.12 3M MMM 145.16 -4.98 VarianMed VAR 109.48 -3.22 ICE ICE 86.25 -0.75 MonolithicPower MPWR 178.51 -5.37 WillisTowers WLTW 185.65 -11.35 Wednesday, April 15, 2020 Net Net RealtyIncome O Tiffany TIF 128.76 -0.41 s VeevaSystems VEEV 174.68 1.09 InterContinentl IHG 41.32 -2.37 MonsterBev MNST 62.29 -2.12 51.50 -4.81 Wipro WIT 3.07 -0.03 Stock Sym Close Chg Stock Sym Close Chg ReataPharm RETA 143.00 -2.68 Toro TTC 63.44 -1.39 Ventas VTR 30.52 -2.66 Net IBM IBM 118.69 -5.22 Moody's MCO 229.83 -7.93 Wix.com WIX 118.41 -4.93 TorontoDomBk TD 40.26 -1.99 VeriSign VRSN 201.30 -3.04 Stock Sym Close Chg IntlFlavors IFF 117.38 -4.99 MorganStanley MS 38.40 -1.46 RegencyCtrs REG 41.31 -2.64 WooriFin WF 19.71 -0.66 BroadridgeFinl BR 106.57 -0.38 EastGroup EGP 106.36 -7.44 s Total TOT 33.68 -1.68 VeriskAnalytics VRSK 147.13 -3.17 IntlPaper IP 31.80 -1.78 Morningstar MORN 130.60 2.36 RegenPharm REGN 511.69 -13.15 Workday WDAY 146.07 -3.38 BrookfieldMgt BAM 33.18 -1.05 EastmanChem EMN 52.00 -4.38 ToyotaMotor TM 122.99 -1.65 Verizon VZ 56.93 -1.21 A B C Interpublic IPG 14.70 -1.35 Mosaic MOS 11.37 -0.81 RegionsFin RF 9.29 -0.83 WynnResorts WYNN 71.85 -2.63 BrookfieldInfr BIP 37.36 -2.43 TractorSupply TSCO 90.74 -2.22 VertxPharm VRTX 255.23 -7.18 Eaton ETN 75.74 -4.10 Intuit INTU 251.96 -9.36 MotorolaSol MSI 148.62 -4.17 ReinsGrp RGA 97.78 -9.24 XP XP 23.39 0.61 Brown&Brown BRO 37.92 -1.71 TradeDesk TTD 226.56 -6.85 ViacomCBS A VIACA 17.59 -1.17 ABB ABB 17.30 -0.94 eBay EBAY 36.19 0.45 IntuitiveSurgical ISRG 511.00 3.06 Mylan MYL 15.46 -0.89 RelianceSteel RS 82.92 -5.80 XPO Logistics XPO 56.73 -1.40 Brown-Forman A BF.A 56.24 -1.80 Tradeweb TW 51.57 2.04 ViacomCBS B VIAC ACADIA Pharm ACAD 45.19 0.26 Ecolab ECL 174.66 -6.14 InvitatHomes INVH 23.81 -0.39 NICE NICE 159.33 -2.59 RenaissanceRe RNR 159.10 -4.93 15.20 -1.07 XcelEnergy XEL 64.30 -1.95 Brown-Forman B BF.B 60.80 -2.03 TraneTech TT 86.72 -5.41 AECOMACM 31.83 -1.78 Ecopetrol EC 10.71 -0.72 IonisPharma IONS 50.81 -1.96 NRG Energy NRG 29.50 -0.91 Repligen RGEN 102.67 -2.24 Vipshop VIPS 17.64 1.07 Xilinx XLNX 84.16 -1.76 Bruker BRKR 35.88 -0.71 TransDigm TDG 316.94 -1.22 AES AES 12.69 -1.32 EdisonInt EIX 57.88 -1.98 IovanceBiotherap IOVA 35.04 -0.47 NVR NVR 2792.95-107.49 RepublicSvcs RSG 77.00 -2.18 Visa V 165.96 -8.66 Xylem XYL 67.12 -3.28 Bunge BG 36.92 -2.54 EdwardsLife EW 214.65 -1.51 TransUnion TRU 70.90 -1.44 VistraEnergy VST Aflac AFL 35.75 -2.03 iQIYI IQ 18.45 0.40 NXP Semi NXPI 87.14 -5.14 ResMed RMD 160.17 -3.50 16.19 -1.23 Yandex YNDX 34.89 -1.96 BurlingtonStrs BURL 173.48 -3.70 ElancoAnimal ELAN 22.77 -0.99 Travelers TRV 102.17 -5.85 VMware VMW 133.54 -2.52 AGNC Invt AGNC 11.48 -0.34 IronMountain IRM 24.61 -2.06 Nasdaq NDAQ 106.00 -1.56 RestaurantBrands QSR 41.67 -0.97 YumBrands YUM 77.64 -2.25 CACI Intl CACI 232.14 -6.20 Elastic ESTC 58.07 1.32 Trex TREX 76.90-4.02 Vodafone VOD 13.54 -0.62 Ansys ANSS 253.98 -0.82 ItauUnibanco ITUB 4.50 -0.19 NationalGrid NGG 55.31 -1.41 RexfordIndlRealty REXR 40.83 -1.82 YumChina YUMC 44.67 -1.32 CBRE Group CBRE 42.89 -0.97 ElbitSystems ESLT 122.06 -2.06 Trimble TRMB 32.19 -0.38 VornadoRealty VNO 42.44 -1.77 ASETech ASX 4.22 -0.13 NatlInstruments NATI 36.29 -0.99 s ReynoldsCnsmr REYN 31.27 1.73 ZTO Express ZTO 26.56 -0.53 CDK Global CDK 34.20 -1.57 s ElectronicArts EA 113.51 1.48 Trip.com TCOM 23.47 -0.39 VoyaFinancial VOYA ASML ASML 282.49 -6.44 J K L NatlOilwell NOV 11.29 -0.77 RingCentral RNG 231.44 9.41 42.48 -2.56 ZaiLab ZLAB 59.80 0.20 CDW CDW 103.68 -3.07 TruistFinl TFC 31.31 -2.05 VulcanMatls VMC 110.18 -2.29 AT&T T 30.09 -1.04 EmersonElec EMR 47.91 -2.58 NatlRetailProp NNN 31.10 -3.20 RioTinto RIO 46.02 -1.97 ZebraTech ZBRA 196.81 -10.07 CF Industries CF 28.12 -1.93 JBG SMITH Prop JBGS 31.94 -0.74 Twilio TWLO 100.82 2.03 AbbottLabs ABT 90.94 1.80 Enbridge ENB 28.38 -1.13 Natura&Co NTCO 11.92 0.43 RitchieBros RBA 38.68 -1.61 Zendesk ZEN 68.85 -0.87 CGI GIB 58.48 -1.62 s JD.com JD 44.60 0.74 Twitter TWTR 27.51 -0.43 W X Y Z AbbVie ABBV 81.82 -0.31 EncompassHealth EHC 69.76 -1.05 NetApp NTAP 40.43 -2.71 RobertHalf RHI 41.18 -0.56 CH Robinson CHRW 70.92 -0.07 JPMorganChase JPM 90.79 -4.71 TylerTech TYL 323.45 -3.68 Zillow CZ36.11 -2.58 Abiomed ABMD 159.54 -1.81 EnelAmericas ENIA 7.99 -0.06 Netease NTES 349.82 7.96 Rockwell ROK 158.96 -4.83 CME Group CME 184.98 -3.09 JackHenry JKHY 163.22 -4.78 TysonFoods TSN 60.15 -1.26 WABCO WBC 135.18 -0.06 Zillow AZG35.74 -2.57 AcceleronPharma XLRN 94.37 -3.91 EnelChile ENIC 3.93 0.01 s Netflix NFLX 426.75 13.20 RogersComm B RCI 42.11 -1.45 CMS Energy CMS 60.70 -1.57 JacobsEngg J 80.02 -1.79 UBS Group UBS 9.40 -0.50 WEC Energy WEC 96.89 -2.44 ZimmerBiomet ZBH 110.12 -3.47 Accenture ACN 169.45 -7.85 EnergyTransfer ET 5.89 -0.25 Neurocrine NBIX 95.13 -1.03 Roku ROKU 113.00 6.47 CNA FinCNA JamesHardie JHX 12.16 -1.20 UDR UDR 37.00 -2.36 WEX WEX 108.74 -3.74 ZionsBancorp ZION 28.01 -1.53 s ActivisionBliz ATVI 65.71 2.43 31.35 -2.08 EnphaseEnergy ENPH 39.61 -1.79 NewOrientalEduc EDU 115.15 -3.16 Rollins ROL 36.85 -0.73 JazzPharma JAZZ 108.10 -2.97 UGI UGI 27.31 -1.94 W.P.CareyWPC 63.17 -4.01 Zoetis ZTS 123.81 -4.01 Adobe ADBE 332.55 -8.21 CNH Indl CNHI 6.02 -0.44 Entegris ENTG 49.02 -2.72 NY CmntyBcp NYCB 9.89 -0.36 RoperTech ROP 314.09 -5.57 J&J JNJ 147.66 1.63 Uber UBER 27.41 -0.34 WPP WPP 33.25 -3.03 ZoomVideo ZM 151.56 9.67 AdvanceAuto AAP 111.99 -3.40 CNOOC CEO 105.19 -4.39 Entergy ETR 97.31 -3.35 NYTimes A NYT 31.11 -1.11 RossStores ROST 88.56 -2.41 JohnsonControls JCI 29.10 -1.70 Ubiquiti UI 152.11 -8.46 Wabtec WAB 49.64 -2.80 Zscaler ZS 69.96 3.48 AdvMicroDevices AMD 54.99 0.06 CRH CRH 26.10 -1.95 EnterpriseProd EPD 15.76 -0.74 NewellBrands NWL 12.73 -1.07 RoyalBkCanada RY 60.56 -2.08 JonesLang JLL 106.93 -2.87 UltaBeauty ULTA 201.52 -3.48 WalgreensBoots WBA 43.44 -2.94 s Zynga ZNGA 7.45 0.23 Aegon AEG 2.42 -0.25 CSX CSX 60.89 -1.65 Equifax EFX 124.26 -5.53 NewMarket NEU 394.92 -9.76 RoyalBkScotland RBS 2.63 -0.29 JuniperNetworks JNPR 21.89 -0.59 AgilentTechs A 77.05 -1.78 CVS Health CVS 60.56 -1.00 Equinix EQIX 675.53 -13.36 Newmont NEM 58.22 -1.67 RoyalCaribbean RCL 36.98 -0.86 KB Fin KB 26.11 -0.97 AgnicoEagle AEM 52.65 -0.19 CableOne CABO 1700.14 -28.85 Equinor EQNR 12.28 -0.53 NewsCorp A NWSA 8.93 -0.48 RoyalDutchA RDS.A 34.36 -2.65 KKR KKR 23.25 -0.96 AirProducts APD 213.82 -6.97 CabotOil COG 19.99 0.45 Equitable EQH 15.04 -1.23 NewsCorp BNWS 9.12 -0.55 RoyalDutchB RDS.B 33.08 -2.88 KLA KLAC 153.22 -8.51 AkamaiTech AKAM 100.39 -0.11 CadenceDesign CDNS 75.70 -0.63 EquityLife ELS 62.46 -1.77 NextEraEnergy NEE 237.22 -5.16 RoyalGold RGLD 104.81 -0.40 KSCitySouthern KSU 134.16 -5.18 Dividend Changes Albemarle ALB 58.25 -5.43 CaesarsEntCZR 7.57 -0.48 EquityResdntl EQR 65.99 -2.93 NielsenHoldings NLSN 13.10 -0.92 Ryanair RYAAY 56.84 -0.28 Kellogg K 62.95 -0.67 Alcon ALC 50.68 -2.04 CamdenProperty CPT 85.30 -1.71 ErieIndemnity A ERIE 162.46 -4.42 Nike NKE 85.04 -2.43 SAP SAP 118.65 -4.68 Kemper KMPR 67.73 -3.75 AlexandriaRlEst ARE 152.01 -3.35 CampbellSoup CPB 50.50 0.43 EssentialUtil WTRG 42.00 -2.30 NiSource NI 25.45 -1.17 S&P Global SPGI 273.25 -4.09 Dividend announcements from April 15. KeurigDrPepper KDP 26.84 -0.65 AlexionPharm ALXN 96.94-2.46 CIBC CM 57.31 -3.13 EssexProp ESS 245.40 -7.22 Nokia NOK 3.23 -0.14 SBA Comm SBAC 301.82 -0.79 KeyCorp KEY 10.31 -0.83 Alibaba BABA 208.17 3.39 CanNtlRlwy CNI 77.09 -2.03 EsteeLauder EL 157.79 -7.21 NomuraHoldings NMR 3.89 -0.17 SEI Investments SEIC 47.96 -0.49 Amount Payable / KeysightTechs KEYS 92.97 -1.89 AlignTech ALGN 183.83 -6.17 CanNaturalRes CNQ 12.22 -0.99 Etsy ETSY 56.72 -0.94 Nordson NDSN 141.08 -3.72 SK Telecom SKM 17.38 -0.62 Company Symbol Yld %New/Old Frq Record KilroyRealty KRC 63.37 -2.69 Alleghany Y 540.33 -20.58 CanPacRlwy CP 217.70 -10.21 EuronetWorldwide EEFT 81.23 -3.47 NorfolkSouthern NSC 153.85 -1.64 SS&C Tech SSNC 49.41 -0.57 KimberlyClark KMB 137.67 -2.42 Allegion ALLE 94.46 -3.46 Canon CAJ 20.83 -0.17 EverestReRE191.03 -12.09 NorthernTrust NTRS 78.89 -4.50 StoreCapital STOR 17.02 -1.53 Increased KimcoRealtyKIM 9.71 -1.02 Allergan AGN 185.71 -0.28 CanopyGrowth CGC 14.76 -0.64 Evergy EVRG 60.09 -2.45 NorthropGrum NOC 344.29 -4.50 SVB FinSIVB 161.89 -10.17 First Republic Bank FRC 0.8 .20 /.19 Q May14 /Apr30 KinderMorgan KMI AlliantEnergy LNT 51.50 -2.12 CapitalOne COF 52.60 -2.74 EversourceEner ES 88.92 -2.48 14.35 -0.77 NortonLifeLock NLOK 19.70 0.63 Salesforce.com CRM 155.63 -2.08 KinrossGold KGC 5.98 -0.16 Johnson & Johnson JNJ 2.7 1.01 /.95 Q Jun09 /May26 Allstate ALL 97.94 -4.50 CardinalHealth CAH 50.07 -0.62 ExactSciences EXAS 66.82 0.14 Novartis NVS 85.61 -0.61 Sanofi SNY 45.15 -0.82 KirklandLakeGold KL 36.30 -0.90 AllyFinancial ALLY 14.16 -1.00 Carlisle CSL 122.55 -2.14 Exelixis EXEL 18.22 -0.43 NovoNordisk NVO 59.85 0.06 SantanderCons SC 13.56 -0.93 Knight-Swift KNX 34.25 -0.48 Reduced AlnylamPharm ALNY 121.50 0.78 Carlyle CG 22.68 -1.33 Exelon EXC 37.03 -2.04 Novocure NVCR 68.07 -1.91 SareptaTherap SRPT 112.09 -0.96 KoninklijkePhil PHG 40.50 -1.26 Alphabet A GOOGL 1257.30 -7.93 CarMax KMX 61.58 -2.81 Expedia EXPE 60.56 -1.02 NuanceComms NUAN 18.26 0.25 Schlumberger SLB 14.73 -0.81 Apache Corp APA 1.3 .025 /.25 Q May22 /Apr22 KoreaElcPwr KEP 8.51 -0.25 Alphabet C GOOG 1262.47 -6.76 Carnival CCL 12.38 -0.13 ExpeditorsIntl EXPD 68.74 -1.88 Nucor NUE 35.53 -2.85 SchwabC SCHW 34.67 -1.54 MSB Q KraftHeinz KHC 28.05 -0.40 Mesabi Trust 19.6 .56 /.70 May20 /Apr30 Alteryx AYX 118.51 -1.05 CarrierGlobal CARR 13.36 -0.51 ExtraSpaceSt EXR 93.00 -2.62 Nutrien NTR 34.61 -1.07 ScienceApplicat SAIC 75.89 -3.91 Kroger KR 32.03 -0.06 AlticeUSA ATUS 25.64 -0.07 CaseysGenStores CASY 143.90 -7.27 ExxonMobil XOM 40.48 -1.95 NVIDIA NVDA 280.84 -3.11 ScottsMiracleGro SMG 111.23 -2.03 Line LN 48.58 0.02 Stocks Altria MO 40.91 -1.21 Catalent CTLT 55.22 -1.44 F5Networks FFIV 120.42 -2.56 Sea SE 49.78 -0.44 LKQ LKQ 20.39 -1.05 Benitec Biopharma ADR BNTC 1:1.5 /Apr15 s Amazon.com AMZN 2307.68 24.36 Caterpillar CAT 111.53 -4.95 FMC FMC 84.04 -2.63 O P Q Seagate STX 50.23 -1.20 LPL Financial LPLA 54.77 -1.39 Ambev ABEV 2.29 -0.07 Celanese CE 75.18 -6.13 s FTI Consulting FCN 132.04 -10.05 SealedAir SEE 28.27 -1.32 Chesapeake Energy CHK 1:200 /Apr15 L3HarrisTech LHX 195.00 -2.00 Amcor AMCR 8.65 -0.39 s Centene CNC 69.02 2.62 Facebook FB 176.97 -1.20 OGE Energy OGE 31.15 -1.78 SeattleGenetics SGEN 125.04 1.25 LabCpAm LH 141.48 -3.20 China Recycling Energy CREG 1:10 /Apr15 Amdocs DOX 61.01 -0.56 CenterPointEner CNP 15.87 -1.13 FactSet FDS 277.13 -2.00 ONE Gas OGS 85.46 -4.78 LamResearch LRCX 262.81 -9.70 SempraEnergy SRE 121.51 -6.42 Cyclacel Pharmaceuticals CYCC 1:20 /Apr15 s Amedisys AMED 205.91 6.99 CentraisElBras EBR 5.07 -0.30 FairIsaac FICO 309.96 -3.22 ONEOK OKE 27.41 -3.06 SensataTechs ST 31.30 -2.02 LamarAdv LAMR 47.15 -1.82 TBLT Amerco UHAL 262.09 2.02 CenturyLink CTL 10.10 -0.16 Fastenal FAST 34.56 0.02 OReillyAuto ORLY 353.89 -2.46 ServiceCorp SCI 38.21 -0.70 ToughBuilt Industries 1:10 /Apr15 Ameren AEE 75.50 -1.67 CeridianHCM CDAY 52.50 -2.24 FederalRealty FRT 77.96 -6.64 LambWestonLW 55.91 -4.79 OccidentalPetrol OXY 13.61 -1.29 LasVegasSands LVS 47.10 -1.03 ServiceNow NOW 295.92 -6.17 t AmericaMovil AMX 10.66 -0.61 Cerner CERN 68.21 -0.74 FedEx FDX 119.90 -5.18 s Okta OKTA 142.47 2.63 Foreign Lear LEA 86.66 -1.29 ShawComm B SJR 15.78 -0.57 AmerAirlines AAL 12.29 0.34 CharlesRiverLabs CRL 139.43 -3.16 Ferrari RACE 150.60 -5.16 OldDomFreight ODFL 132.76 -0.74 Leidos LDOS 92.71 -2.86 SherwinWilliams SHW 492.68 -11.71 Shaw Communications B SJR 5.8 .0707 M Aug28 /Aug14 AmCampus ACC 33.68 -1.70 CharterComms CHTR 496.32 6.75 FiatChrysler FCAU 7.73 -0.62 OldRepublic ORI 16.15 -0.78 Lennar ALEN 39.82 -3.20 ShinhanFin SHG 23.20 -0.64 AEP AEP 83.61 -2.64 CheckPoint CHKP 102.10 -1.68 FidNatlFin FNF 26.27 -1.73 OmegaHealthcare OHI 31.94 -2.95 Shopify SHOP 497.17 1.11 Lennar B LEN.B 30.07 -2.46 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: AmerExpressAXP 83.79 -4.60 Chegg CHGG 39.75 0.09 FidNatlInfo FIS 120.16 -3.63 Omnicom OMC 51.96 -3.63 Sibanye-Stillwater SBSW 7.40 -0.21 LennoxIntl LII 191.78 -10.50 AmericanFin AFG 70.21 -5.57 Chemed CHE 451.82 -7.98 FifthThirdBncp FITB 15.73 -1.42 ON Semi ON 13.62 -0.96 SignatureBank SBNY 83.65 -3.13 spin-off. LeviStraussLEVI 13.00 -0.92 AmHomes4Rent AMH 24.62 -0.62 CheniereEnergy LNG 39.66 0.02 58.com WUBA 51.37 -0.40 OpenText OTEX 36.77 -0.72 SimonProperty SPG LibertyBroadbandA LBRDA 119.38 1.72 61.22 -6.53 AIG AIG 24.08 -1.70 CheniereEnerPtrs CQP 29.40 -0.41 51job JOBS 67.86 0.57 Oracle ORCL 53.16 -0.84 SiriusXM SIRI LibertyBroadbandC LBRDK 122.25 1.54 5.30 -0.12 AmerTowerREIT AMT 247.49 -7.61 Chevron CVX 82.49 -2.12 FirstAmerFin FAF 42.73 -2.79 Orange ORAN 12.25 -0.57 LibertyGlobal B LBTYB 18.46 -0.03 Skyworks SWKS 92.87 -2.82 IPO Scorecard AmerWaterWorks AWK 129.21 -4.40 s Chewy CHWY 43.91 2.59 FirstIndRlty FR 34.66 -1.70 Orix IX 56.38 -1.27 LibertyGlobal A LBTYA 18.03 -0.52 SlackTech WORK 28.03 2.71 AmericoldRealty COLD 33.08 -1.69 ChinaLifeIns LFC 9.94 -0.13 FirstRepBank FRC 94.53 -5.06 OshkoshOSK 61.55 -4.63 LibertyGlobal C LBTYK 17.10 -0.29 Smartsheet SMAR 48.01 1.32 Performance of IPOs, most-recent listed first Ameriprise AMP 104.15 -10.15 ChinaMobile CHL 39.24 -0.84 FirstSolar FSLR 40.93 -1.19 OtisWorldwide OTIS 44.55 -1.34 LibertyFormOne A FWONA 22.54 -1.22 SmithAO AOS 40.08 -0.59 % Chg From % Chg From AmerisourceBrgn ABC 88.33 -1.09 ChinaPetrol SNP 49.77 -2.01 FirstEnergy FE 43.95 -1.52 OwensCorning OC 39.34 -1.97 LibertyFormOne C FWONK 23.55 -1.14 Smith&Nephew SNN 37.71 -1.72 Company SYMBOL Wed’s Offer 1st-day Company SYMBOL Wed’s Offer 1st-day Ametek AME 76.05 -2.03 ChinaTelecom CHA 32.42 -0.94 Fiserv FISV 93.66 -3.19 PG&E PCG 11.31 -0.65 LibertySirius B LSXMB 32.94 -0.22 Smucker SJM 115.40 2.36 Amgen AMGN 221.80 -5.00 ChinaUnicom CHU 6.42 -0.24 FiveBelow FIVE 80.90 -2.57 PLDT PHI 22.45 -0.36 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close LibertySirius A LSXMA 31.47 -1.20 Snap SNAP 13.58 -0.20 Amphenol APH 80.37 -2.10 Chipotle CMG 770.10 -15.23 s Five9 FIVN 85.98 2.97 PNC FinPNC 92.43 -5.89 LibertySirius C LSXMK 31.99 -1.12 SnapOn SNA 109.67 -6.51 Keros Thera 27.18 69.9 35.4 LifeSci Acquisition 10.00 ... –2.4 AnalogDevices ADI 100.45 -2.57 Chubb CB 116.50 -6.00 FleetCorTech FLT 211.47 -10.37 POSCO PKX 36.28 -1.15 LifeStorage LSI 93.24 -1.42 SolarEdgeTech SEDG 92.01 -6.67 KROS April 8/$16.00 LSACU March 6/$10.00 Anaplan PLAN 37.67 -0.40 ChunghwaTel CHT 36.13 -0.13 FlirSystems FLIR 33.80 -1.08 PPD PPD 22.58 -0.52 s EliLilly LLY 151.18 0.07 SolarWinds SWI 16.42 -0.18 AngloGoldAsh AU 22.83 -0.61 Church&Dwight CHD 72.00 -0.14 FlowersFoods FLO 22.68 -0.49 PPG Ind PPG 88.48 -4.31 Zentalis Pharmaceuticals GFL Environmental LincolnElectric LECO 73.08 -3.51 SonocoProducts SON 48.68 -1.66 24.48 36.0 5.5 14.86 –21.8 –11.5 AB InBev BUD 45.54 -2.53 Ciena CIEN 43.90 -1.41 FomentoEconMex FMX 58.33 -1.93 PPL PPL 25.26 -1.26 LincolnNational LNC 28.90 -3.32 Sony SNE 62.07 0.64 ZNTL April 3/$18.00 GFL March 2/$19.00 AnnalyCap NLY 5.71 -0.27 Cigna CI 182.60 -3.02 FordMotor F 5.03 -0.26 PRA HealthSci PRAH 84.00 -3.93 Linde LIN 181.15 -8.69 Southern SO 55.89 -3.11 Anthem ANTM 250.47 -1.54 CincinnatiFin CINF 82.94 -4.16 Fortinet FTNT 109.85 0.50 PTC PTC 64.47 -0.03 Imara 15.60 –2.5 4.0 Passage Bio 19.45 8.1 –12.4 LiveNationEnt LYV 38.47 -3.49 SoCopper SCCO 28.87 -2.13 AonAON 183.94 -10.09 Cintas CTAS 187.07 -14.63 Fortis FTS 37.59 -1.91 Paccar PCAR 65.38 -1.43 IMRA March 12/$16.00 PASG Feb. 28/$18.00 CiscoSystems CSCO 41.52 -1.26 LloydsBanking LYG 1.43 -0.14 SouthwestAir LUV 32.82 -1.96 ApartmtInvAIV 37.48 -2.01 FortiveFTV 57.49 -3.52 PackagingCpAm PKG 85.55 -2.95 Citigroup C 42.86 -2.56 LockheedMartin LMT 374.38 -5.65 Splunk SPLK 130.54 -2.38 DFP Healthcare Acquisitions 9.90 –1.0 –2.9 Zhongchao 2.40 –40.0 –40.0 ApolloGlbMgmt APO 34.02 -2.34 FortBrandsHome FBHS 43.33 -2.82 PagSeguroDig PAGS 20.76 -0.50 Spotify SPOT 138.78 2.85 CitizensFin CFG 18.58 -1.75 FoxA FOXA 25.70 -0.81 LoewsL34.56 -2.86 PaloAltoNtwks PANW 186.35 -1.58 DFPHU March 9/$10.00 ZCMD Feb. 24/$4.00 Apple AAPL 284.43 -2.62 LogitechIntl LOGI 45.42 -0.46 Square SQ 61.38 -1.03 CitrixSystems CTXS 145.09 1.33 FoxB FOX 25.17 -0.84 ParkerHannifin PH 131.00 -11.11 ApplMaterials AMAT 50.37 -2.10 Lowe's LOW 94.34 -4.73 StanleyBlackDck SWK 107.19 -8.34 ClarivateAnaly CCC 21.14 -0.02 Franco-Nevada FNV 122.73 -0.42 Paychex PAYX 64.89 -1.25 Flying Eagle Acquisition 10.05 0.5 –3.4 dMY Technology Grp 9.98 –0.2 –3.5 Aptargroup ATR 100.93 -3.09 lululemon LULU 207.95 2.77 Starbucks SBUX 72.55 -1.12 Aptiv APTV 60.87 -1.95 Clorox CLX 195.64 1.27 t FranklinRscs BEN 15.31 -1.01 PaycomSoftware PAYC 226.40 -2.11 FEAC.U March 6/$10.00 DMYT.UT Feb. 21/$10.00 Cloudflare NET 23.89 0.98 Lumentum LITE 77.04 -4.30 StarsGroup TSG 20.89 0.24 Aramark ARMK 20.93 -1.49 FreeportMcM FCX 7.67 -0.65 Paylocity PCTY 97.08 -2.90 Coca-Cola KO 47.61 -1.31 Lyft LYFT 28.39 -2.11 StateStreet STT 57.07 -3.54 ArcelorMittal MT 9.28 -0.91 FreseniusMed FMS 34.15 -1.17 PayPal PYPL 107.95 -1.83 Coca-Cola Euro CCEP 41.89 -1.74 LyondellBasell LYB 52.70 -5.94 SteelDynamics STLD 21.85 -1.37 Sources: Dow Jones Market Data; FactSet ArchCapital ACGL 27.35 -1.90 Pearson PSO 6.37 -0.44 Cognex CGNX 45.13 -1.60 Stericycle SRCL 47.47 -2.87 ArcherDaniels ADM 35.49 -1.75 G H I Pegasystems PEGA 74.40 -3.66 CognizantTech CTSH 51.94 -2.13 M N Steris STE 154.75 -2.41 arGEN-X ARGX136.03 -2.92 Peloton PTON 35.61 3.73 ColgatePalm CL 72.65 -0.46 GCI LibertyA GLIBA 59.54 -0.26 STMicroelec STM 22.35 -1.74 AristaNetworks ANET PembinaPipeline PBA 19.20 -0.95 204.19 -3.12 ColumbiaSportswr COLM GDS Holdings GDS 51.78 -2.08 M&T Bank MTB 100.95 -8.43 StoneCo STNE 23.94 -0.69 70.89 -3.61 Pentair PNR 31.12 -1.09 Borrowing Benchmarks | WSJ.com/bonds ArrowElec ARW 54.27 -3.08 GFLEnvironmental GFL 14.86 -0.54 MDU Rscs MDU 22.54 -1.05 Stryker SYK 172.54 -2.85 Comcast A CMCSA 37.16 -1.36 Penumbra PEN 171.09 1.25 AscendisPharma ASND 126.93 0.23 CommerceBcshrs CBSH 54.40 -1.70 GSXTechedu GSX 29.67 -1.53 MGM Resorts MGM 14.42 -0.62 SumitomoMits SMFG 5.04 -0.18 People'sUtdFin PBCT 10.87 -0.75 AspenTech AZPN 96.52 -3.55 SABESP SBS 7.77 -0.34 Galapagos GLPG MKS Instrum MKSI 85.40 -4.83 SunComms SUI 126.81 -3.32 202.11 -11.71 PepsiCo PEP 135.03 -3.37 Money Rates April 15, 2020 AssurantAIZ 101.41 -6.28 ConagraBrands CAG 32.87 -0.47 Gallagher AJG 83.65 -2.89 MPLX MPLX 12.99 0.06 SunLifeFinancial SLF 31.92 -1.86 AstraZeneca AZN 48.03 -0.65 MSCI MSCI 309.62 -3.79 PerkinElmer PKI 78.75 0.40 ConchoRscs CXO 49.17 -2.00 Gaming&Leisure GLPI 26.12 -2.38 SuncorEnergy SU 15.18 -1.07 MadisonSquGarden MSG 230.47 -0.02 Perrigo PRGO 51.61 -0.67 Athene ATH 24.25 -3.05 ConocoPhillips COP 32.20 -1.88 Garmin GRMN 77.93 -4.06 Suzano SUZ 7.03 -0.21 Key annual interest rates paid to borrow or lend money in U.S. and MagellanMid MMP 37.76 -1.36 PetroChina PTR 35.72 -1.82 Atlassian TEAM 143.63 -0.94 ConEd ED 86.97 -2.33 Gartner IT 102.60 -3.37 SynchronyFin SYF 14.95 -0.95 PetroleoBrasil PBR 6.32 -0.36 AtmosEnergy ATO 106.35 -1.76 ConstBrands A STZ 162.36 -5.47 MagnaIntl MGA 34.78 -1.41 SyneosHealth SYNH 47.47 -2.20 international markets. Rates below are a guide to general levels but Generac GNRC 96.81 -5.27 PetroleoBrasilA PBR.A 6.24 -0.20 Autodesk ADSK 169.14 -3.08 ConstBrands B STZ.B 161.26 -8.46 ManulifeFin MFC 11.84 -0.75 Synopsys SNPS 146.17 -1.26 GeneralDynamics GD 133.81 -4.69 Pfizer PFE 35.97 -0.47 don’t always represent actual transactions. Autohome ATHM 74.31 2.22 Cooper COO 298.70 -1.79 MarathonPetrol MPC 23.98 -2.32 Sysco SYY 46.10 -2.22 GeneralElec GE 6.50 -0.43 PhilipMorris PM 75.44 -1.74 Autoliv ALV 54.13 -1.48 Copart CPRT 70.09 -1.05 Markel MKL 938.50 -37.79 GeneralMills GIS 59.05 0.20 Phillips66 PSX 56.47 -4.60 Week —52-WEEK— ADP ADP 137.64 -6.23 Coresite COR 117.55 -2.03 MarketAxess MKTX 413.20 15.49 T U V Inflation GeneralMotors GM 21.66 -1.32 PilgrimPride PPC 19.74 -0.34 Latest ago High Low AutoZone AZO 932.66 -44.48 Corning GLW 19.99 -0.71 Marriott MAR 80.73 -1.95 Genmab GMAB 21.90 -0.30 Pinduoduo PDD 43.89 0.86 Avalara AVLR 79.59 1.20 Corteva CTVA 25.51 -0.93 Marsh&McLen MMC 96.30 -3.14 TAL Education TAL 52.19 -0.25 March index Chg From (%) Genpact G 29.74 -1.41 PinnacleWest PNW 79.66 -2.17 60 days 2.463 2.484 3.884 2.341 Avalonbay AVB 161.08 -5.95 CoStar CSGP 641.23 -3.72 MartinMarietta MLM 194.15 -9.04 TC Energy TRP 46.08 -1.90 level Feb. '20March '19 Gentex GNTX 22.54 -0.90 Pinterest PINS 17.03 -0.21 Avangrid AGR 44.89 -1.17 Costco COST 310.27 -3.87 MarvellTech MRVL 25.15 -0.38 TD Ameritrade AMTD 35.85 -1.55 GenuineParts GPC 71.52 -2.65 PioneerNatRscs PXD 74.92 -2.45 Avantor AVTR 13.61 -0.66 Coty COTY 5.78 -0.51 Masco MAS 38.23 -1.48 TE Connectivity TEL 65.41 -4.56 Other short-term rates GileadSciences GILD 74.63 -3.12 s PlainsAllAmPipe PAA 6.48 -0.27 U.S. consumer price index AveryDennison AVY 106.98 -3.55 CoupaSoftware COUP 158.80 1.80 Masimo MASI 200.63 7.92 Telus TU 16.17 -0.59 GSK GSK 39.82 -0.56 PlanetFitness PLNT AxonEnterprise AAXN 74.13 -2.49 CousinsProperties CUZ 31.66 -0.99 MastercardMA 257.14 -13.58 52.00 -3.32 TIM Part TSU 12.48 -0.43 All items 258.115 –0.22 1.5 GlobalPayments GPN 140.78 -5.51 Pool POOL Week 52-Week BCE BCE 41.18 -0.95 Credicorp BAP 138.93 1.18 MatchGroup MTCH 74.49 1.23 191.48 -3.86 TJX TJX 48.29 -1.93 Core 267.312 0.02 2.1 BHP Group BHP 38.41 -1.95 GlobeLifeGL75.00 -5.02 PortlandGenElec POR 48.89 -2.28 T-MobileUS TMUS 88.54 -1.08 Latest ago high low CreditAcceptance CACC 278.17 -14.96 MaximIntProducts MXIM 52.11 -1.09 BHP Group BBL 31.41 -1.70 GlobusMedical GMED 44.64 -3.08 McCormick MKC 152.56 -0.63 PostHoldings POST 91.51 -2.59 TRowePrice TROW 98.98 -2.95 CreditSuisse CS 8.09 -0.64 GoDaddy GDDY 63.67 -0.17 McCormickVtg MKC.V 152.01 -0.09 PrincipalFin PFG 29.63 -1.95 TaiwanSemi TSM 49.66 -0.97 International rates BP BP 22.84 -1.60 CrowdStrike CRWD 61.82 0.93 Call money GoldFields GFI 6.75 -0.23 McDonalds MCD 177.84 -6.15 Procter&Gamble PG 121.22 0.26 TakeTwoSoftware TTWO 123.50 0.72 B2Gold BTG 4.56 -0.04 CrownCastle CCI 162.46 -3.32 GoldmanSachs GS 178.52 0.29 McKesson MCK 137.98 0.32 Progressive PGR 79.25 -1.22 TakedaPharm TAK 16.73 -0.12 2.00 2.00 4.25 2.00 BWX Tech BWXT 50.38 -0.63 CrownHoldings CCK 61.09 -1.39 Week 52-Week Graco GGG 46.51 -1.08 MedicalProp MPW 16.95 -0.77 Prologis PLD 86.54 -2.61 Target TGT 106.24 -2.14 Baidu BIDU 100.87 -0.05 CubeSmart CUBE 25.84 -1.02 Latest ago High Low Grainger GWW 279.43 -8.20 Medtronic MDT 97.32 -3.88 Proofpoint PFPT 114.36 -1.18 TechData TECD 138.00 -0.33 Commercial paper (AA financial) BakerHughes BKR 12.91 -0.44 Cummins CMI 145.46 -2.68 Ball BLL 67.64 -0.32 Grifols GRFS 20.35 -0.05 CypressSemi CY 23.82 ... GuardantHealth GH 67.48 -1.82 90 days n.a. n.a. 2.58 0.58 BancoBilbaoViz BBVA 2.93 -0.24 Prime rates CyrusOne CONE 64.60 0.02 Guidewire GWRE 84.94 -1.57 BancoBradesco BBDO 3.68 -0.15 HCA Healthcare HCA 109.48 -3.06 U.S. 3.25 3.25 5.50 3.25 BancodeChile BCH 17.08 -0.33 Libor D E F HDFC Bank HDB New Highs and Lows | WSJ.com/newhighs Canada 2.45 2.45 3.95 2.45 BancSanBrasil BSBR 5.14 -0.27 38.59 -2.41 One month 0.82888 2.48738 0.61163 HD Supply HDS 28.91 -1.51 Japan 1.475 1.475 1.475 1.475 0.75075 BcoSantChile BSAC 15.91 -0.35 DISH Network DISH 21.09 -1.22 Three month BancoSantander SAN DTE Energy DTE 104.80 -3.54 HP HPQ 15.00 -0.92 1.13488 1.31138 2.59150 0.74050 2.17 -0.14 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American BankofAmerica BAC 22.19 -1.54 Danaher DHR 152.76 0.62 HSBC HSBC 25.45 -1.40 Policy Rates Six month 1.15013 1.22825 2.63850 0.73538 BankofMontreal BMO Darden DRI 58.79 -2.36 Haemonetic HAE 103.12 -0.89 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest 49.21 -3.09 session. %CHG-Daily percentage change from the previous trading session. Euro zone 0.00 0.00 0.00 0.00 One year 1.01413 1.05313 2.76188 0.74350 BankNY Mellon BK 34.63 -1.71 Datadog DDOG 38.74 -0.17 Halliburton HAL 6.95 -0.68 BkNovaScotia BNS 38.12 -1.91 DaVita DVA 76.26 -0.56 HartfordFinl HIG 38.73 -2.50 Switzerland 0.50 0.50 0.50 0.50 Barclays BCS 4.33 -0.36 Deere DE 135.31 -2.82 Hasbro HAS 71.53 -3.13 Wednesday, April 15, 2020 Britain 0.10 0.10 0.75 0.10 Euro Libor HawaiianElec HE BarrickGold GOLD 24.47 0.04 DellTechC DELL 40.45 -0.89 41.18 -2.35 52-Wk % 52-Wk % 52-Wk % Australia 0.25 0.25 1.50 0.25 One month -0.363 -0.382 -0.363 -0.621 DeltaAir DAL 24.35 -0.19 HealthcareAmer HTA 24.84 -1.55 BauschHealth BHC 17.54 -0.82 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Three month -0.217 -0.222 -0.212 -0.539 BaxterIntl BAX 86.89 -1.36 DentsplySirona XRAY 39.95 -0.81 HealthpeakProp PEAK 25.50 -1.84 Overnight repurchase BectonDicknsn BDX 252.53 3.00 DeutscheBank DB 6.23 -0.62 Heico HEI 79.17 1.10 NovaGoldRscs NG 11.95 2.5 GolubCapRt GBDCR 0.75 -15.0 Six month -0.143 -0.144 -0.139 -0.491 BeiGene BGNE 156.16 -2.19 DexCom DXCM 291.69 11.02 Heico A HEI.A 68.86 -1.12 Highs Okta OKTA 145.63 1.9 HoughtonMifflin HMHC 1.16 -4.0 U.S. 0.09 0.02 3.40 -0.07 One year -0.103 -0.132 -0.103 -0.441 BerkleyWRB 55.72 -2.98 Diageo DEO 132.69 -1.12 HenrySchein HSIC 52.16 -1.39 OraSureTechs OSUR 11.99 ... InspiredEnt INSE 2.02 -6.4 AGBAAcquisition AGBA 10.20 0.3 PetMedExpress 31.93 0.2 BerkHathwy B BRK.B 188.57 -4.37 DiamondbkEner FANG 30.23 -1.42 Herbalife HLF 30.85 -1.47 PETS Intelsat I 0.90 -5.5 ActivisionBliz ATVI 66.06 3.8 PluristemTherap PSTI 10.76 17.0 Lizhi 4.17 -18.2 U.S. government rates Value 52-Week BerkHathwy A BRK.A 283750-5980.26 DigitalRealty DLR 140.90 -3.98 Hershey HSY 142.60 -3.53 LIZI AgEagleAerial UAVS 1.59 212.0 Qualys QLYS 108.99 -1.6 MSG Ent Wi 72.15 1.1 Latest Traded High Low DiscoverFinSvcs DFS 32.98 -2.55 HessHES 35.42 -3.18 MSGEw BerryGlobal BERY 35.03 -1.65 Amazon.com AMZN 2333.37 1.1 RegenPharm REGN 527.10 -2.5 MarroneBioInnova MBII 0.61 -6.0 Discount DiscoveryA DISCA 21.35 -0.95 HewlettPackard HPE 9.52 -0.84 BestBuy BBY 64.76 -5.09 Amedisys AMED 208.00 3.5 ReynoldsCnsmr REYN 31.99 5.9 MetroCityBkshs MCBS 9.80 -7.2 DTCC GCF Repo Index BeyondMeat BYND 74.70 -3.35 DiscoveryC DISCK 19.44 -0.80 Hill-Rom HRC 111.41 -1.85 Bio-RadLab B BIO.B 407.37 0.5 VeevaSystems VEEV 181.86 0.6 NatlBankshares NKSH 27.01 -2.4 0.25 0.25 3.00 0.25 Bilibili BILI 28.10 0.62 Disney DIS 103.37 -2.66 Hilton HLT 69.87 -0.14 CalitheraBiosci CALA 8.18 17.7 Walmart WMT 129.88 -0.2 9F JFU 6.53 -14.0 Treasury 0.078 46.600 6.007 0.002 s Hologic HOLX Zynga ZNGA 7.50 3.2 Bio-Techne TECH 201.49 2.21 DocuSign DOCU 100.53 2.10 41.33 -0.68 Catasys CATS 25.95 6.6 NorthAmConstr NOA 4.29 -10.1 Federal funds MBS 0.099 83.700 6.699 0.011 DolbyLab DLB 58.04 -0.29 HomeDepot HD 198.48 -8.69 Centene CNC 69.48 3.9 NorwoodFin 23.00 -8.9 Bio-RadLab A BIO 403.82 -1.76 NWFL Effective rate s Bio-RadLab B BIO.B 407.37 2.17 DollarGeneral DG 176.11 -1.96 HondaMotor HMC 21.41 -0.63 Chewy CHWY 44.70 6.3 Lows OlympicSteel ZEUS 8.28 -12.0 0.0700 0.0800 2.4800 0.0700 ChurchCapIII Wt CCXX.WS 1.53 -0.7 OneConnectFinTech OCFT 9.02 7.7 Biogen BIIB 326.94 -6.82 DollarTree DLTR 78.09 -1.79 Honeywell HON 134.84 -5.75 ATIF ATIF 1.42 -1.7 High 0.1500 0.1500 3.0000 0.1500 Comstock CHCI 6.26 60.0 OneSmartIntl ONE 4.02 -7.1 BioMarinPharm BMRN 82.36 -3.39 DominionEner D 79.79 -2.23 HorizonTherap HZNP 31.95 0.39 Akorn AKRX 0.18 -4.0 Low 0.0400 2.4400 0.0200 Notes on data: CyclacelPharmPfd CYCCP 6.76 7.5 OspreyTechWt 0.54 -6.0 0.0300 BioNTech BNTX 38.58 -3.05 Domino's DPZ 354.62 -3.64 HormelFoods HRL 48.66 0.15 AllegroMergWt ALGRW 0.00 -82.3 SFTW.WS DocuSign DOCU 101.50 2.1 PanhandleOil&Gas 3.13 -8.1 Bid 0.0500 0.0400 2.4400 0.0100 U.S. prime rate is the base rate on corporate Donaldson DCI 40.02 -1.94 DR Horton DHI 37.72 -2.44 AllegroMergRt ALGRR 0.01 -50.0 PHX BlackHills BKH 66.14 -3.21 ElectronicArts EA 114.47 1.3 AltisourcePortf ASPS 6.13 -4.2 ParkNational PRK 70.18 -5.6 Offer 0.0700 0.0500 2.5000 0.0500 loans posted by at least 70% of the 10 largest BlackKnight BKI 64.55 -1.20 DouglasEmmett DEI 30.56 -2.58 HostHotels HST 11.27 -0.17 FTI Consulting FCN 144.10 -7.1 AmericaMovil AMX 10.63 -5.4 PenneyJC JCP 0.20 -27.3 U.S. banks, and is effective March 16, 2020. BlackRock BLK 443.07 -14.96 Dover DOV 84.39 -3.32 HowmetAerospace HWM 11.37 -0.83 Five9 86.11 3.6 FIVN Axogen AXGN 7.54 -6.2 PerformantFin PFMT 0.60 -6.7 Other prime rates aren’t directly comparable; Blackstone BX DowDOW 32.23 -3.14 Huazhu HTHT 28.68 0.13 GoresIV Wt GHIVW 1.50 50.0 Treasury bill auction 45.50 -2.46 BankofPrinceton BPRN 18.77 -8.8 PioneerBancorp PBFS 8.51 -9.9 lending practices vary widely by location; Boeing BA 145.98 4.98 DrReddy'sLab RDY 49.34 -0.57 Hubbell HUBB 119.39 -4.20 GoresIV A GHIV 9.80 1.1 BiomXUn PHGE.U 5.61 -12.2 PivotalInvCorp.IIWt PIC.WS 0.50 1.7 4 weeks 0.190 0.090 2.400 0.000 Dropbox DBX 18.95 -0.05 HubSpot HUBS ImmunovantWt IMVTW 3.25 20.6 ProSightGlobal PROS 7.80 -6.3 Discount rate is effective March 16, 2020. DTCC BookingHldgs BKNG 1424.61 -24.81 134.98 -8.04 CNB FinPA CCNE 15.25 -7.0 13 weeks 0.280 0.125 2.400 0.000 BoozAllen BAH 74.81 -1.05 DukeEnergy DUK 87.54 -2.88 Humana HUM 353.54 1.33 InfuSystems INFU 11.90 3.9 Cabco JCP PFH PFH 1.28 -32.4 Satrn JCPen HJV 0.73 -42.3 GCF Repo Index is Depository Trust & Clearing BorgWarner BWA 26.47 -0.72 DukeRealtyDRE 33.70 -1.91 JBHunt JBHT 100.82 2.93 JD.com JD 46.36 1.7 CementosPacasm CPAC 6.53 -3.1 SouthPlainsFin SPFI 11.79 -5.4 26 weeks 0.290 0.160 2.400 0.080 Corp.'s weighted average for overnight trades in BostonBeer SAM 419.15 4.60 Dunkin' DNKN 55.31 -1.05 HuntingtonBcshs HBAN 7.73 -0.67 KerosTherap KROS 27.66 -1.1 ChaparralEnergy CHAP 0.24 -14.3 TaronisTech TRNX 0.11 -5.5 applicable CUSIPs. Value traded is in billions of LibertyTripAdvB LTRPB 134.00 629.5 TetraTech TTI 0.23 -9.8 BostonProps BXP 99.68 -6.00 DuPontDD35.57 -2.86 HuntingIngalls HII 190.98 -6.04 ChesapeakeEner CHK 15.58 -37.6 Secondary market U.S. dollars. Federal-funds rates are Tullett EliLilly LLY 153.40 ... Corts JCPen JBR 1.13 -33.2 TherapeuticsMD TXMD 0.85 -6.6 BostonSci BSX 34.79 -1.13 Dynatrace DT 25.05 -0.50 HyattHotels H 54.10 -0.61 JBR Prebon rates as of 5:30 p.m. ET. LimelightNetworks LLNW 6.72 1.1 Corts JCPen JBS JBN 0.83 -38.4 36Kr KRKR 3.36 -0.3 IAA IAA 32.76 0.23 BrightHorizons BFAM 115.34 -4.38 ENI E 18.78 -1.33 Manning&Napier MN 3.94 43.1 Corts JC KTP KTP 1.20 -32.0 ThunderBridgeIIWt THBRW 0.57 42.4 Fannie Mae Bristol-Myers BMY 59.46 -0.58 EOG Rscs EOG 39.89 -1.97 IAC/InterActive IAC 207.16 1.13 Sources: Federal Reserve; Bureau of Labor Masimo MASI 202.52 4.1 EraGroup ERA 3.67 -5.6 Tuniu TOUR 0.73 4.4 30-year mortgage yields Statistics; DTCC; FactSet; BritishAmTob BTI 36.70 -1.19 EPAM Systems EPAM 206.53 5.91 ICICI Bank IBN 8.56 -0.48 Moderna MRNA 38.45 7.5 Flexsteel FLXS 8.76 -6.3 Vaccinex VCNX 3.50 -0.2 Broadcom AVGO 257.44 -10.19 E*TRADE ETFC 39.00 -1.52 IDACORP IDA 91.98 -3.89 Netflix NFLX 434.98 3.2 FranklinRscs BEN 15.21 -6.2 WatfordPfd WTREP 23.01 -3.1 30 days 2.375 2.427 3.857 2.281 Tullett Prebon Information, Ltd.

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret US TgdVal 14.39 -0.76-37.6 Balanc 22.26 -0.34 -9.0 Guggenheim Funds Tru TotalReturnBond NA ... NA TSM Sel r NA ... NA TxMCapAdml142.31 -3.14-13.8 WndsrII 29.16 -0.81-19.9 NOTICE TO READERS USLgVa 27.85 -1.00-27.5 BluCh 101.68 -1.31 -5.6 TotRtnBdFdClInst 28.18 +0.16 4.6 PIMCO Fds Instl TIAA/CREF Funds TxMIn r 10.98 -0.37-22.0 VANGUARD INDEX FDS Due to extreme market activity and delayedreporting of closing prices Dodge & Cox Contra 12.76 -0.16 -6.3 Harbor Funds AllAsset NA ... NA BdIdxInst 11.57 +0.06 4.9 USGroAdml 107.71 -1.06 -3.3 MdCpVlAdml 44.65 -1.89-27.1 from the sources, some NAVs mayreflect previous day’strading. Balanced 82.60 -2.07-17.2 ContraK 12.78 -0.16 -6.3 CapApInst 72.72 -0.69 -4.0 TotRt 10.64 +0.05 3.8 VANGUARD ADMIRAL ValAdml 37.05 -1.07-20.1 SmValAdml 39.36 -1.92-32.9 Harding Loevner 500Adml 257.14 -5.78-13.4 TotBd2 11.43 +0.05 4.6 Up-to-date mutual-fund data canbefound online at WSJMarkets.com. Income 14.19 -0.01 2.1 CpInc r 8.77 -0.09-13.4 PIMCO Funds A WdsrllAdml 51.75 -1.43-19.9 Intl Stk 30.42 -1.12-30.2 GroCo 20.70 -0.23 -3.1 IntlEq 19.57 -0.59 NA IncomeFd 11.14 -0.03 NA BalAdml 36.17 -0.44 -7.0 WellsIAdml 63.36 -0.55 -3.5 TotIntl 13.93 -0.41-21.8 Stock 142.50 -5.09-25.0 GrowCoK 20.74 -0.23 -3.0 Invesco Funds A PIMCO Funds I2 CAITAdml 12.04 +0.01 0.3 WelltnAdml 67.22 -0.98 -9.5 TotSt 67.42 -1.61-15.0 DoubleLine Funds InvGrBd 11.81 +0.02 2.9 EqIncA 8.55 -0.20-16.5 Income 11.14 -0.03 NA CapOpAdml r131.53 -2.79-16.6 VANGUARD INSTL FDS Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. WndsrAdml 54.52 -2.09-24.6 CoreFxdIncmI NA ... NA LowP r 37.86 -1.16-24.3 Invesco Funds Y PIMCO Funds Instl EMAdmr 29.32 -0.48-20.5 VANGUARD FDS BalInst 36.17 -0.45 -7.1 DevMktY 36.10 -0.91-20.8 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese TotRetBdI NA ... NA Magin 9.51 -0.14 -6.8 IncomeFd 11.14 -0.03 NA EqIncAdml 64.39 -1.98-18.3 DivdGro 26.81 -0.62-12.2 DevMktsIndInst 11.00 -0.37-22.0 JPMorgan I Class and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Edgewood Growth Instituti OTC 12.04 -0.14 -5.9 Price Funds ExplrAdml 75.63 -2.30-22.2 INSTTRF2020 22.29 -0.25 -7.5 DevMktsInxInst 17.19 -0.58-22.0 CoreBond 12.19 +0.07 3.8 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r EdgewoodGrInst 36.82 -0.66 -4.4 Puritn 21.29 -0.20 -6.1 BlChip 117.33 -1.16 -5.6 ExtndAdml 72.59 -2.40-23.9 INSTTRF2025 22.39 -0.31 -9.5 ExtndInst 72.58 -2.40-23.9 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not EqInc 15.51 -0.45-19.7 Fidelity SrsEmrgMkt 16.32 -0.30-20.9 DivGro 46.02 -1.07-13.4 GNMAAdml 10.82 +0.01 3.3 INSTTRF2030 22.34 -0.37-11.1 GrwthInst 88.12 -1.39 -5.9 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; JPMorgan R Class GrwthAdml 88.12 -1.39 -5.9 InPrSeIn 11.07 +0.02 5.1 500IdxInstPrem 96.53 -2.17-13.3 SrsGlobal 10.37 -0.29-21.3 EqInc 23.94 -0.88-24.9 INSTTRF2035 22.29 -0.41-12.6 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. CoreBond 12.20 +0.06 3.7 HlthCareAdml r 82.18 -0.68 -3.7 InstIdx 248.48 -5.59-13.3 Contrafund K6 13.50 -0.17 -6.7 SrsGroCoRetail 17.29 -0.18 -2.6 EqIndex 73.98 -1.67-13.4 INSTTRF2040 22.22 -0.47-14.1 CorePlusBd 8.57 +0.03 2.2 HYCorAdml r 5.49 -0.03 -6.5 InstPlus 248.50 -5.58-13.3 ExtMktIdxInstPre 48.50 -1.61-24.0 SrsIntlGrw 14.99 -0.47-14.4 Growth 67.62 -0.79 -7.8 INSTTRF2045 22.10 -0.51-15.6 Lord Abbett A InfProAd 27.17 +0.05 5.0 InstTStPlus 57.69 -1.38-15.0 Wednesday, April 15, 2020 IntlIdxInstPrem 33.76 -1.10-21.4 SrsIntlVal 7.19 -0.31-27.4 HelSci 76.54 -0.57 -6.0 INSTTRF2050 22.13 -0.51-15.6 ShtDurIncmA p 4.03 ... -3.4 IntlGrAdml 92.57 -1.59 -9.9 MidCpInst 38.77 -1.12-20.1 Net YTD Net YTD Net YTD MidCpInxInstPrem 18.44 -0.58-22.0 TotalBond 11.05 +0.02 2.1 InstlCapG 41.27 -0.42 -6.3 IntlVal 28.29 -0.95-24.6 Lord Abbett F ITBondAdml 12.33 +0.06 5.2 MidCpIstPl 191.23 -5.49-20.1 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SAIUSLgCpIndxFd 14.97 -0.33-13.4 Fidelity SAI IntlStk 15.06 -0.43-19.2 LifeCon 19.85 -0.17 -5.2 ShtDurIncm 4.03 ... -3.4 ITIGradeAdml 10.17 +0.03 2.7 RealEstaInstl 16.38 -0.69-19.0 American Century Inv NwWrldA 57.61 -1.11-18.3 CorePlusBond 10.30 +0.04 2.1 SeriesOverseas 8.85 -0.27-17.9 TotalBd 10.56 +0.02 1.4 MidCap 78.74 -1.75-17.4 LifeGro 31.24 -0.63-13.6 Lord Abbett I LTGradeAdml 11.60 +0.10 7.7 SmCapInst 57.75 -2.24-27.0 Ultra 49.59 -0.58 -4.9 SmCpA p 48.32 -0.86-17.9 Intl Eq 9.58 -0.31-20.1 SmCpIdxInstPrem 14.99 -0.68-28.7 U.S.TreBdIdx 10.94 +0.08 9.0 N Inc 9.57 +0.05 -0.7 ShtDurInc p 4.03 ... -3.3 MidCpAdml 175.52 -5.05-20.1 LifeMod 26.14 -0.38 -9.4 STIGradeInst 10.70 +0.01 0.5 American Funds Cl A Del Invest Instl TMktIdxInstPrem 76.70 -1.84-15.1 First Eagle Funds NHoriz 55.86 -0.71 -5.9 TxExA p 13.13 ... -0.8 Metropolitan West MuHYAdml 11.27 -0.01 -3.1 PrmcpCor 22.50 -0.60-19.4 STIPSIxins 24.85 -0.01 0.6 USBdIdxInstPrem 12.45 +0.05 5.3 AmcpA p 29.78 -0.41-11.3 WshA p 40.19 -0.92-16.0 Value 17.45 -0.53-21.5 GlbA 49.45 -1.13-14.7 TotRetBd 11.36 +0.03 4.5 OverS SF r 8.63 -0.31-22.9 MuIntAdml 14.39 ... 0.2 STAR 24.94 -0.35 -8.8 TotBdInst 11.52 +0.06 5.0 Fidelity Advisor I AMutlA p 37.38 -0.80-13.6 Baird Funds Dimensional Fds FPA Funds TotRetBdI 11.35 +0.02 4.5 R2020 19.79 -0.30-10.4 MuLTAdml 11.79 +0.01 -0.1 TgtRe2015 14.46 -0.11 -4.7 TotBdInst2 11.43 +0.05 4.6 NwInsghtI 28.95 -0.48-11.5 BalA p 26.37 -0.28 -7.1 AggBdInst 11.57 +0.06 3.8 5GlbFxdInc 10.78 ... 0.5 FPACres 27.58 -0.68-18.5 TRBdPlan 10.68 +0.02 4.5 R2025 15.67 -0.28-11.9 MuLtdAdml 11.03 ... 0.1 TgtRe2020 30.06 -0.35 -7.6 TotBdInstPl 11.52 +0.06 5.0 Fidelity Freedom BondA p 13.77 +0.03 5.9 CorBdInst 11.79 +0.05 2.7 DFARlEst 33.49 -1.41-17.8 Franklin A1 MFS Funds Class I R2030 22.47 -0.44-13.2 MuShtAdml 15.80 ... 0.2 TgtRe2025 17.96 -0.25 -9.5 TotIntBdIdxInst 34.06 +0.07 0.6 CapIBA p 54.67 -1.03-12.8 BlackRock Funds EmgMktVa 20.84 -0.47-27.4 FF2020 14.67 -0.19 -9.5 CA TF A1 p 7.49 ... -1.2 ValueI 35.93 -1.11-19.1 R2035 16.30 -0.34-14.3 PrmcpAdml r121.14 -2.72-16.0 TgtRe2030 32.42 -0.54-11.1 TotIntlInstIdx r 93.20 -2.74-21.8 CapWGrA 43.62 -0.84-16.1 HiYldBd Inst 6.99 ... -8.6 EmMktCorEq 16.49 -0.30-24.1 FF2025 12.76 -0.19-10.9 IncomeA1 p 2.01 -0.03-12.9 MFS Funds Instl R2040 22.92 -0.53-15.3 RealEstatAdml105.81 -4.49-19.0 TgtRe2035 19.68 -0.37-12.6 TotItlInstPlId r 93.22 -2.74-21.8 EupacA p 44.79 -0.98-19.5 BlackRock Funds A IntlCoreEq 10.24 -0.40-25.7 FF2030 15.55 -0.26-12.8 FrankTemp/Frank Adv IntlEq 22.52 -0.66-19.2 Value 29.84 -0.92-21.3 SmCapAdml 57.75 -2.24-27.0 TgtRe2040 33.60 -0.70-14.1 TotStInst 67.45 -1.61-14.9 Nuveen Cl I FdInvA p 52.11 -1.00-15.7 GlblAlloc p 17.61 -0.24 -8.3 IntSmCo 13.64 -0.58-27.8 Freedom2020 K 14.65 -0.19 -9.6 IncomeAdv 1.99 -0.03-13.0 PRIMECAP Odyssey Fds SmGthAdml 55.99 -1.60-19.7 TgtRe2045 20.86 -0.48-15.5 ValueInst 37.05 -1.07-20.1 GwthA p 47.09 -0.40 -7.9 BlackRock Funds Inst IntSmVa 13.19 -0.65-31.8 Freedom2025 K 12.75 -0.18-10.8 FrankTemp/Franklin A HYMunBd 16.11 -0.01 -9.1 AggGrowth r 36.93 -0.63-17.8 STBondAdml 10.82 +0.01 3.0 TgtRe2050 33.59 -0.78-15.5 WCM Focus Funds Oakmark Funds Invest HI TrA p 8.94 -0.03 -9.7 MultiAstIncome 10.01 ... -7.6 TAUSCoreEq2 15.91 -0.48-20.7 Freedom2030 K 15.53 -0.27-12.8 RisDv A p 58.89 -1.46-15.2 Growth r 33.00 -0.76-19.4 STIGradeAdml 10.70 +0.01 0.5 TgtRet2055 36.47 -0.85-15.6 WCMFocIntlGrwIns 16.49 -0.46-12.8 ICAA p 34.08 -0.62-13.4 StratIncOpptyIns 9.48 ... -4.1 US CoreEq1 20.82 -0.58-19.3 Freedom2035 K 12.69 -0.27-15.8 FrankTemp/Franklin C OakmrkInt 15.78 -0.96-36.8 Putnam Funds Class A TotBdAdml 11.52 +0.06 5.0 TgtRetInc 13.51 -0.08 -3.5 Western Asset Old Westbury Fds IncoA p 20.08 -0.35-12.8 StratMuniOppI 10.83 -0.01 -7.4 US CoreEq2 18.67 -0.56-20.8 Freedom2040 K 8.75 -0.21-17.3 Income C t 2.04 -0.03-12.9 StDurInc 9.96 ... -0.4 TotIntBdIdxAdm 22.70 +0.05 0.6 TotIntBdIxInv 11.35 +0.02 0.6 CoreBondI NA ... 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B10 | Thursday, April 16, 2020 THE WALL STREET JOURNAL. BANKING & FINANCE ShiftIsEyed In Handling Market Routs

Wall Street group of the open when the S&P 500 dropped 7%. On March 16,trad- reviews how well ing washalted one second after circuit breakers did 9:30 a.m. That prompted criticism that therewas no point in last month opening the stock market only to halt trading immediately. BY ALEXANDER OSIPOVICH Circuit breakersare meant S

AND DAWN LIM to thwart panics by giving in- PRES vestorstime to pause and di- Financial heavyweightsin- gest fast-moving information. ZUMA A/ cluding MorganStanley, Cita- TheSEC firstmandated mar-

del Securities and BlackRock ketwide circuit breakersafter XINHU

Inc. areexploring changes to the Black Mondaycrash of 1987 GLE/

the U.S. stock market’scircuit and adjusted them in response NA breakersafter the rarely used to the 2010 flash crash.

mechanisms repeatedly halted Under current rules,a7% MICHAEL trading last month. drop in the S&P 500 triggers a During three of the four occasions when circuit breakers were tripped last month, the halt came within a few minutes of the open. Thefirms belong to aloose 15-minutehalt. If the market industrytask forcemade up goes on to fall 13%, trading is Drops in the S&P500 triggered circuit breakers sible the group might not they said. mainly of brokerages,trading halted foranadditional 15 min- four times in March. recommend anychanges. Prices forS&P 500 futures firms and exchanges that held utes.Ifitdecreases 20%, trad- “The SEC is pleased that dif- andthe SPDR S&P 500 ETF Halt time several rounds of discussions in ingishalted forthe rest of the 3200 ferent players in the industry Trust best known by itsticker, 9:34 ET recent weeks,said people famil- day. Thelattertwo scenarios areworking together to assess SPY,almost always movein 9:35 9:30 iar with the matter. Thegroup have never occurred. 3000 howour market structureregu- tandem. But if marketsswing is reviewing howcircuit break- Several membersofthe task latorymechanisms have sharply overnight, gaps canap- ersworked during the selloff in force, according to the people 12:56 worked in real market condi- pear between them, potentially S&P500 March triggeredbyconcern familiar with the matter, sug- 2800 tions,and whether anychanges sowing confusion over where over the coronavirus pandemic gested relaxing the circuit- might be warranted,” Brett stocks arelikely to open in the and is identifying possible fixes breaker regime at the start of Redfearn, director of the SEC’s morning. to recommend to the Securities the day—between 9:30 a.m. and 2600 division of trading and markets, Alongstanding rule of the and ExchangeCommission. SEC 9:45 a.m., forinstance. Under said in astatement. futures-exchangeoperator CME officials have takenpart in the such an approach, adrop Exchangesand other firms Group Inc.limitsovernight group’scalls,the people said. greater than 7% would be re- 2400 agreed to form the task force priceswingsinthe futures to Amajor focus of the task quired to halt trading during last year,with SEC encourage- 5% up or down. No similar lim- forcehas been apotential revi- that period,the people said. 2200 ment, beforethe Covid-19 pan- itsgovern the trading of SPY in sion of the rules to makeitless One idea wastoallowthe demic sent marketsintoatail- the after-hourstrading session likely foramarketwide trading market to open down 7% but to March April spin,the people familiar with from 4p.m. to 8p.m., or in pre- halt to occur right afterthe halt trading if losses acceler- Source:FactSet themattersaid. market trading from 4a.m. to openingbell at 9:30 a.m. ET, ated and the S&P 500 hit an- Thetask forceisalso debat- 9:30 a.m. On March 16,at9:20 the people said. other threshold, such as 13%, countered that it wasimportant proved by the SEC afterpublic ing howtofix dislocations such a.m., forexample,SPY was During three of the four oc- they said. Some task-force par- to retain some protections at debate. Thetask forceexpects as those that emergedrecently down 11% from itsprevious casions when circuit breakers ticipantsquestioned the need 9:30 a.m.,the people said. to study datafromMarch be- between akey futures contract closing value,while the futures were tripped last month, the forhaving circuit breakersat Anyrevisionstothe circuit fore issuing anyrecommenda- and an exchange-traded fund were stuck at their 5% limit- halt came within afew minutes all at the open, but others breakerswould need to be ap- tions,the people said. It is pos- that both trackthe S&P 500, down level.

profit by charging small fees in all likelihood, aone-time OfficerStephen Scherr said, previous records set in 2008. Trading on asurging number of trades hop.You oftensee this: Lots of leaving the bank freer to jump Debt investorsstarted getting BofA Sets and lending hedgefunds trading on the way down, but intothe market. choosier about bonds,charg- money to financetheir own once youhit the bottom, it’s “Wecame intothis crisis ing far moretolend to lower- Results positions. dead quiet.” with amoremanageable risk ratedborrowers than safer $3.6 Billion While banks took huge Goldman’strading revenue profile,” he said. Goldman’sto- ones,after adecade of making trading losses in 2008—and rose 28% to $5.16 billion. Its talassetsgrewby10% in the little distinction. Are Strong manyweretoo weak to do algorithmic group,which quarter,topping $1 trillion, Those market jumps Aside for much to help clients—they are writes code to automatically with much of the additional opened up opportunities for in stronger shape today. buy and sell securities,atone heft now sitting in its trading the hedgefunds and other as- ContinuedfrompageB1 “People aredesperatetobe point wasonpacetodouble operation. set managersthat areclients BadLoans securities than they oncedid. able to turn their portfolio its2019 revenue,according to Wall Street tradershave of big-bank trading opera- Wary of risk and regulatory over and if youdon’t have to aperson familiar with the complained foryearsabout tions. snafus,they turn it over more deal with your ownissues,you matter. Groups that help cli- calm markets, which depress Banks “wokeupand all of a BY BEN EISEN quickly and don’t makethe aregoing to do well.” said ents wagerand managevola- the volume of trades and make sudden these hedgefund cli- same proprietarybetsthey did Paco Ybarra, thehead of Citi- tility in asset prices flour- it harder to ekeout profitson ents started whipping it up Bank of America Corp.said beforethe 2008 crisis. groupInc.’sinstitutional cli- ished, too. the ones that do come in. like butter,” said Bill Smead, Wednesdaythat profit fell 45% Instead, they mostly stand ents group. Coming intothe year,Gold- “Volatility wasn’t just low,” chief investment officer at in the firstquarter and set in between clientswho want Thesurge is unlikely to man had been easing up on Mr.Espositosaid. “It had Smead Capital Management aside billions of dollarsto oppositesides of the same last, said Octavio Marenzi, thebig betsthat oncedrove pretty much been eliminated.” Inc.,which countsJPMorgan coverpotentially bad loans trade. In Wall Street speak, chief executiveofOpimas,a itstrading profit, lowering That changedinMarch. and Bank of Americaamong during the coronavirus crisis. they “intermediaterisk.” consultant to financial-ser- both the sizeand riskinessof Stock prices fell, then itslargest holdings. TheCharlotte,N.C.-based That spared them from the vices companies.“It waseasy itssecurities inventory. surged, and fell again. Wall —David Benoit bank earned $4.01 billion, worstofthe declines in asset to makemoney” in the first That proved luckyasthe Street’s“fear gauge,” amea- and Ben Eisen down from $7.31billion ayear prices and allowedthem to quarter,hesaid, “but it was, pandemic hit, Chief Financial sure of volatility, surpassed contributed to this article. earlier.Per-shareearnings were 40 cents. Analystspolled by FactSet had expected 48 cents. Blow to Goldman’s The bank, the second-largest in the U.S. by assets, reported revenue of $22.77 billion, down 1% from $23 billion Profit Is Softened ayear earlier.Analystshad predicted $22.71 billion. Thebank set aside an addi- BY LIZ HOFFMAN Companies tapped their credit tional $3.6 billion forpotential lines—$144 billioninasingle bad loans,areflection of the Goldman Sachs Group week in March alone,according darkening economic outlook. Inc.’sprofitfell 46% in the to MorganStanley analysts—an Itstotal provision forcredit firstquarter,athree-month unprofitable and anxiety-pro- S losses rose to $4.76 billion,

stretch when the coronavirus ducing development fortheir NEW from $941 million the previous G pandemic batteredmarkets, lenders. Nearly 17 million Amer- quarter. companies and investors icans have sought unemploy- BankofAmericahas alarge hoardedcash and the U.S. ment benefits in three weeks. OOMBER U.S. customer base that makes economy ground to a halt. JPMorgan, the largest U.S. it especially sensitivetothe

An $868 million loss in its bank, posted a69% decline in LARICH/BL stateofthe U.S. economy,

owninvestment portfolio,plus quarterly profit. Wells Fargore- UZ which has nearly ground to a moneyitset aside to coverex- ported an 89% drop.Bank of KA halt as people areforcedto

pected loan losses in the fu- AmericaCorp.and Citigroup MARK stay home and manyare out ture, draggeddownotherwise Inc.,which reported their re- The company’s consumer bank bore the brunt of the pain, with credit costs bringing a $754 million loss. of work. strong resultsinits core busi- sults alongside Goldman on Bankearningsare providing nesses of trading and invest- Wednesday, had similar dean early look at how the coro- ment banking. clines of nearly 50%. Citigroup Earnings Plunge 46% navirus crisis is affecting the TheWall Street firm re- Still, most of the pain for economyand American corpo- ported aquarterly profit of banks has yettocome.Asa BY DAVID BENOIT fell to $2.52 billion, or $1.05 a the bank is likely to suffer in rations.JPMorganChase &Co. $1.21 billion, or $3.11 ashare, proxyfor the economy, bank re- share, from $4.71 billion, or thecoming months,aperiod and Wells Fargo&Co. re- down from $2.25 billion ayear sultstend to be lagging indica- Citigroup Inc.said Wednes- $1.87ashare, ayear earlier. that is likely to bring aflood ported sharply lowerearnings ago. Revenue of $8.74billion tors of trouble.Nearly one-third dayits first-quarter profit Analystshad expected $1.07 a of missed debt payments. Tuesdayafter socking away wasbasically flat from thefirst of U.S. rentersdidn’t make their plunged 46%, afterthe bank share, according to FactSet, a Thebank pulled itsfull-year billions of additional dollars quarter of 2019. April payments,amovethat set aside nearly $5 billion to forecast that has been cut in returns guidanceand said it for potentially bad loans. “Wewereonagood roll will take afew weeks to ricochet preparefor awaveofloan de- half since late February. wasconsidering changing Already,consumersare through Januaryand February,” through the mortgagemarket. faults, wiping out astrong Revenue rose 12% to $20.73 some of itsinvestment plans struggling to make their debt said FinanceChief Stephen JPMorganand Wells Fargo quarterfromits investment billion, compared with $18.58 to offset lost revenue. payments. Chief Executive Scherr. “Then came March.” socked away morethan $10 bil- bank. billion ayear earlier and the “Looking forward, thereare Brian Moynihan said on a call Theresultsmet muted ex- lion between them to coverex- Citigroup has offices $19.03billion analystsex- toomanyunknowns to count,” with reportersthat nearly a pectations from stock analysts pected loan losses.Goldman—a around the world, giving it an pected. Chief ExecutiveMichael Cor- million customershad re- and held up slightly betterthan smallerfirm whose rootsare in early viewintothe spread of Citigroup increased its bat said on aconferencecall quested payment deferrals rivals JPMorganChase &Co. Wall Street investment banking, the coronavirus but also mak- loan-lossprovision, money for with analysts. “But I feel con- from the bank. and Wells Fargo &Co.,which not Main Street commercial ing it particularly vulnerable loans it nowthinks cango fident in our ability to manage And corporations aredraw- both reported steep declines in banking—setaside $937 mil- to aglobal pandemic.The bad, by $4.92 billion, com- through whatever scenario ing down credit lines.The quarterly profits on Tuesday. lion, nearly as much as the bank moves money around the pared with just $278million in comes to pass.” bank’soutstanding commercial Goldman shares bucked the $1.07 billion it set aside in all of world forgovernmentsand the prior quarter,reflecting Citigroup’s consumer bank loans jumped 13% from the trend on an otherwise dreary 2019.Mr. Scherr said corporate multinational corporations, concerns about the economy bore the brunt of the pain in fourth quarter to $584.83 bil- dayinstocks,rising 0.2% after clientsdrewdownabout $19 many of which have pulled and an accounting change. Of the firstquarter.Revenue rose lion. being down as much as 5% in billion in loans in the quarter. back sharply during the coro- that, $2.85 billion came in the 1% to $8.17 billion, but credit Additionally,the Federal earlytrading. Goldman’strading revenue navirus shutdown. consumer bank and another costssent it to a$754million Reserve cut interest ratesto Thefirst three months of rose 28% to $5.16 billion. Its Shares fell 4.3% to $43.40 $1.88 billion in the corporate loss. near zero last month,limiting 2020 presented banks their fixed-income tradershad their on Wednesday. They have lost bank.Its totalprovision in the Chief Financial Officer Mark the amount of interest banks most daunting challenges in best quarter in five years. 46% of their value this year, quarter was $7 billion. Mason said Citigroup’scredit- can charge for loans. morethan adecade,with inter- Groups that help clientswager more than other big banks. Citi executives warned it card customershavecut their Netinterest income fell 2% est ratesfalling near zero and on and managevolatility in as- Citigroup’sprofitfor the will be difficult to estimatethe spending by some 30% since from a year ago. the global economyinfreefall. set prices flourished, too. firstthree months of the year full extent of the loan losses late March. Shares of the bank fell 6.5%. P2JW107000-5-B01100-1------XA

THE WALL STREET JOURNAL. ***** Thursday, April 16, 2020 | B11 MARKETS Dollar Sales Data Fuel Decline in Stocks Surges on Stocks fell WednesdayasU.S. posed to slowthe spread of the Share-priceand indexperformance, this week Airlines Group gained 34 cents, retail sales dropped morethan newcoronavirus. or 2.9%, to $12.29,while Delta Retreat expected in March, underscoring Thesharp drop in retail sales -10% -8 -6 -4 -2 02AirLines dropped 19 centsa the economic toll of the corona- forMarch, when restaurants, United Airlines share, or 0.8%, to $24.35. virus pandemic,while slumping malls and most stores were TheWSJ Dollar Index, which To Safety closed, highlightsthe effect of tracks the greenback against a By Anna Isaac, the global health crisis on U.S. Delta Air Lines basket of currencies,climbed BY AVANTIKA CHILKOTI Alexander Osipovich consumer activity.Layoffs and 0.8%. Thedollar strengthened AND CAITLIN OSTROFF and Frances Yoon furloughs,aswell as the looming American Airlines on rising concerns about the recession, aredenting American looming global recession and Thedollar rallied against energy demand sent oil prices to households’ appetitefor nones- the U.S. disengaging from coor- most currencies Wednesdayas an 18-year low. sential goods.“Theconsumer is JetBlue dinated global actions to halt concerns about the economic TheDow Jones Industrial Av- 70%ofthe U.S. economy,” said thepandemic,said Derek Hal- impact of the coronavirus erageslid 445.41points, or 1.9%, Jack Janasiewicz, aportfolio penny, head of research for Skywest pandemic andthe lack of a to 23504.35,giving up much of manager at Natixis Investment global marketsinthe European global policyresponse fueled itsgains from the previous day’s Managers. “So anything yousee region at MUFGBank.President investors’ jit- rally.The S&P on that front is going to matter.” S&P500 Trump’sdecision to stop fund- CURRENCIES ters. WEDNESDAY’S 500 dropped Meanwhile,U.S.industrial- airlines industry ing the World Health Organiza- TheWall MARKETS 62.70, or 2.2%, production figuresreleased tion has fueled speculation that Street Journal Dollar Index, to 2783.36. The Wednesdayshowedadecline in Allegiant the U.S. will increasingly act which measures the dollar tech-heavy Nasdaq Composite factoryactivity as global supply alone. against abasket of currencies, Indexdeclined 122.56,or1.4%, to chains were disrupted and de- Southwest Airlines “It highlightsthe risk of frag- gained 0.8%. close at 8393.18.Overseas,the mand forgoods evaporated. Pro- mented, uncoordinated, lock- Thedollar gained against pan-continental StoxxEurope duction forMarch fell aworse- down reversals that could pro- other havenassets, too, rising 600 retreated 3.2%. Major Asian than-expected 5.4%. Source:FactSet long theprocess of going back 0.2% against the Japanese yen benchmarks also fell. U.S. crude futures declined 24 to normal and that could hurt and 0.4%against the Swiss Thedeclines were at leasta centsabarrel, or 1.2%, to $19.87, $22.19 afterthe bank said it was enough to avoid adeep contrac- global growth forecastsgoing franc.The priceofgold slid, temporarypause in the market’s the firsttime since2002 that setting aside $4.8billion to tion.” forward,” Mr.Halpennysaid. hurt by astronger dollar, remarkable rebound from the they settled belowthe $20 covercredit losses. Citigroup Investorssought the safety of Economic activity is likely to im- shedding 1.4% to $1,744.30 a depths of the coronavirus-fueled mark. fell $2.56 ashare, or 5.6%, to government bonds,seen as ha- proveinthe second half of the troy ounce. selloff last month. Before Investorsalso assessed the $42.86 afterthe bank boosted vens in times of financial dis- year as the global curvefor the “Markets are a little disap- Wednesday’ssession, the S&P scopeofalooming wave of de- itsallowances to $20.8 billion. tress. Theyield on the U.S. rate of infections startstoflat- pointed,” said Esty Dwek,head 500 had rallied 27% from its faults by U.S. consumersand “Earningsnumbersare abit benchmark Treasuryfell to ten, according to Sameer Goel, of global market strategyat closing lowonMarch 23,buoyed companies as major banks re- of areality check: Themarket 0.637%, from 0.751% Tuesday. Asia macrostrategist at Natixis Investment Managers. by hopes that the U.S. and other ported quarterly earnings. The has anticipated weak figuresfor Bond yields moveinthe oppo- Deutsche Bank. “You’restarting to see worries countries were making progress billions of dollarsbeing set aside the firstand second quarters, site direction of prices. At middayThursdayinTo- come through about earnings in their fight against the pan- forbad-loan provisions have but this is areminder that Shares of U.S. airlines swung kyo, the Nikkei 225was down season and concern about oil demic. highlighted the pain of the eco- thingsare not OK,” said Seema between gains and losses after 1.2%,Hong Kong’sHang Seng because demand is so,solow.” But fresh datareleased nomic contraction widely ex- Shah, chief strategist at Princi- the carriersreached an agree- Indexwas down 0.7% and South Jitters returned to Euro- Wednesdayrefocused investors’ pected in the coming months, palGlobal Investors. “Wemay ment with the TreasuryDepart- Korea’sKospi wasoff 0.5%. S&P pean markets, with borrowing attention on the costly toll of while also pummeling bank be close to an inflection point ment that will giveeach of them futures were down 0.8%. The costsfor governmentsinItaly, the sweeping lockdown mea- stocks. Bank of America shares with the virus,and we mayhave billions of dollarsinfinancial aid dollar wasupagainst the Japa- Greece, Spain and Portugal sures that authorities have im- slumped $1.54, or 6.5%, to policysupport, but that’snot to prevent layoffs. American nese yen. shooting higher as investors fled to the safety of German sovereign bonds.Inasign of stress, the differencebetween Traders Get Ready for Oil Prices Below Zero comparable Italian and Ger- man10-year bonds expanded to nearly 2.5percentage BY SARAH TOY Global crude-oil demand U.S. crude-oil inventories crude. pointsfrombelow2percent- It isn’t just the tradersof agepointsatthe start of the The coronavirus pandemic is 100 million barrels aday 500 million barrels physical oil who arebracing week.That put pressureon turning oil marketsupside themselves forthe possibility RECESSION the euro, which fell 0.6% down. 95 of negativepricing.Tradersof against the dollar. While U.S. crude futures 400 energy derivatives areprepar- Dimitris Dalipis,head of have shed morethan half of ing, too. Mark Benigno,co-di- fixedincome at Alpha Trust in their value this year,prices for 90 rector of energy trading at Athens,said he would worryif actual barrels of oil in some INTL FCStone,said he has 300 Italian and Greek bond yields places have fallen even further. 85 never seen oil derivatives trade continued to climb. Storagearound the globe is belowzerobut began several “We’retalking about two rapidly filling and, in areas Projected weeks agotoassesswhat 80 countries with known vulnera- wherecrude is hardtotrans- 200 might happen if they do. bilities and high debt,” Mr. port,producerscould soon be “It’ssomething we have to Dalipis said. “[Coronavirus] is forced to payconsumersto 75 consider,” he said. “Options are not aspecific eurozone crisis, take it off their hands—effec- structured to go to zero.That but it has the ability to test tively pushing prices below 100 putsalimit on howmuch you the system.” zero. 70 canlose.When they go below Wednesday’sdollar gains Thecollapse is upending the that, it becomes adifferent sit- marked aturning point aftera energy industryand even the 65 Quarterly 0 Weekly uation entirely.” period of relativestability in mathused in trading energy In recent weeks,traders April. Thecurrencyrallied in derivatives. CME Group,the 1990 2000 ’10 ’20 2018 ’19 ’20 have pinned hopes forare- March as global markets— world’slargest exchangeby Sources: Citigroup, International Energy Agency (demand); U.S. Energy Information Administration (inventories); Federal ReserveBank of St.Louis (recessions) bound on the Organization of market capitalization fortrad- the Petroleum Exporting Coun- ingfutures and options,now climbed by 4.9million barrels ies,used forarangeofpur- crudes recently dipped intosin- tries and other oil-producing says it is reprogramming its to arecordof262.2 million poses,and different grades are gle digits. Thespot priceof nations. software to processnegative barrels,while refining activity priced based on several factors, Western Canadian Select at Over the weekend, Saudi 0.8% prices forenergy-related finan- hitits lowest level sinceSep- including their density,sulfur Hardisty—a heavy grade of Ca- Arabia and Russia ended a pro- cial instruments. tember 2008. content and ease of transporta- nadian crude typically trans- duction feud and joined the Increase in the WSJ Dollar Part of the problem, traders Thebuildup of crude is over- tion to trading hubs and refin- ported by pipeline or rail to the U.S. to lead acoalition of 23 Index on Wednesday say, is the industry’slimited ca- whelming storagespaceand eries.Heavier,higher-sulfur U.S. Gulf and Midwest forrefin- oil-producing countries to cut pacity to storeexcessoil. Ef- clogging pipelines.And in areas crudes generally trade at adis- ing—fell to just over $8 abar- output by acollective9.7 mil- fortstocurb the spread of the wheretanker-ship storageisn’t count to lighter,sweet crudes relonApril 1, according to an lion barrels aday.The feud be- virus have driven demand to readily available,producers such as West Texas Intermedi- assessment from S&P Global ganinMarch afterRussia re- from stocks to bonds and record lows.Factories have could need to go to extremes to atebecause they tend to re- Platts. fused to participateinaSaudi- commodities—went intofree shut. Carsand airplanes aresit- getrid of the excess,said Jef- quiremoreprocessing.Crudes Thespot priceofWest Texas backed plan to carryout fall, triggering arush to dol- ting immobile.Sorefineries are frey Currie, head of commodi- that depend on pipeline trans- IntermediateatMidland fell to coordinated cuts. Saudi Arabia lars as market liquidity dried slashing activity while stores of ties research at Goldman Sachs. portation aretrading at adis- just above$10 abarrel on then loweredprices and raised up. crude rapidly accumulate. Those might include paying for count right nowbecause there March 30,while West Texas production of itsbarrels,send- On Tuesday, the Interna- U.S. crude inventories it to be takenaway. is nowheretoput them and the Sour at Midland—itsharder-to- ing global prices intoadown- tional MonetaryFund said the surgedbyarecord19.2million “It’sliketraffic on afree- pipelines that would normally refine counterpart—fell to ward spiral. global economyhas almost barrels during the week ended way,” he said. “It gets con- take them away aregetting around $7 abarrel. And one However, tradersand ana- certainly entered arecession April 10,according to datafrom gested when thereare alot of jammed up,analystsand trad- commodities trading house re- lystssay the demand lost due more severethan anydown- the Energy Information Admin- cars.” erssay. cently bid lessthan zero dollars to the coronavirus far exceeds turn sincethe Great Depres- istration. Gasoline stockpiles Crude comes in manyvariet- Thepriceofsome regional forWyoming Asphalt Sour the supply cuts. sion.And as earningsseason kicked off,reportsfromcom- panies including Johnson & Johnson and JPMorganChase Crude PricesFall &Co. signaled that social-distancing measures could crush corporaterevenue this year. As Demand Expected Brentcrude,which generally moves in the opposite direction to the dollar,dropped 6.9% to $27.59abarrel as the To Hit RecordLows shutdown of economies across the globe continued to limit BY DAVID HODARI marketsand the second quar- demand forfuel. AND RYAN DEZEMBER termay have been the worst Astronger dollar also of the lot,” said Fatih Birol, makes dollar-denominated Global oil demand is ex- theIEA’s executivedirector. commodities such as oil more pected to fall by arecord9.3 “In that quarter,April may expensivefor holdersofother million barrels aday this year have been the worstmonth. It currencies. as government-implemented may go down as ‘Black April’

In international markets, lockdowns keep the economy in the historyofthe oil indus- S

the cost to borrow dollarsre- at a near standstill, the Inter- try.” NEW mained low, with it being nationalEnergy Agencysaid Thereport comes days after G morecostly to borrow other Wednesday. the Organization of the Petro- currencies againstthe green- COMMODITIES In its leum ExportingCountries and OOMBER back. monthly oil- othersincluding Russia agreed /BL KER

In March, interest rateson market report, the IEA pro- to make historic output cuts AC cross-currencybasis swaps,a jected that demand for crude aimed at mitigating the hit to NIEL

contract whereone party bor- would drop in April by 29 mil- global demand from the ef- DA rows currencyfromanother lion barrelsaday to levels not fectsofthe coronavirus pan- Demand forcrude is set to drop in April by 29 million barrels aday to levels notseen in aquarter-century. andlends their owncurrency seen in aquarter of acentury. demic. The IEA forecasts that in return, went negativeasin- That would equate to roughly the agreement will contribute million and 15 million barrels are choking back output, say- TheParis-based IEA fore- vestorsreached to buy dollars. 29% of the world’s100-mil- to arecord12-million-barrel-a- a day lower in May and June, ing that it will producebe- caststhat global stockpiles This reversed following ac- lion-barreldaily oil-demand daydropinglobal oil supply respectively, than a year ear- tween 20% and 30% fewerbar- could increase by 11.9 million tion by the Federal Reserveto figure from 2019. in May. lier. Producers in the U.S. and rels in May and June. barrels aday in the second increase access to dollars Oilprices continued their Yetwith billions of people Canada have begun to dial U.S. crude-oil production quarter,hitting “operational world-wide. tumble on Wednesday. Brent around the world under lock- back production,inmany averaged 12.3million barrels a capacity” limitsofthe world’s Fresh monetarystimulus crude, the global benchmark, down foranindeterminatepe- cases taking the dramatic step dayduring the week ended oil-storagefacilities by the from the Federal Reserveis lost 6.5% to close at $27.69a riod, the pact failed to stop of shutting in productive April 10,the U.S. Energy Infor- middle of the year. driving demand forU.S.as- barrel. West Texas Intermedi- the decline in crude prices. wells.Refineries,pipelines and mation Administration said Theamount of oil being sets, in particular,asthe cen- ate, the main U.S. price, fell to “Thereisnofeasible agree- storagefacilities arefilling up Wednesday. That is down just stored on vessels at sea rose tral bank ramps up itsbond- $19.87 a barrel, down 1.2% on ment that could cut supply by and even when thereare 6% from record levels last 27% to 103.1 million barrels in buying program and unveils the dayand 67% sincethe enough to offset such near- places to send crude,many month. Meanwhile, consump- March, the IEA said, adding newlending facilities,accord- start of the year. term demand losses,” the IEA barrelscost moretoextract tion of petroleum products, that “wemay see asignificant ing to GregoryPerdon,co- “When we look back at said. than they arefetching at mar- such as gasoline and jet fuel, increase in floating storagein chief investment officer at pri- 2020,wemay see it wasthe TheParis-based organiza- ket. On Tuesday, Denver’s PDC have dropped 48% and 73%, the coming few months as oil vate bank Arbuthnot Latham. worstyear in the historyofoil tion expects demand to be 26 Energy Inc. joined those that respectively, the EIA said. surpluses mount.” P2JW107000-4-B01200-1------XA

B12 | Thursday, April 16, 2020 **** THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Virus Gave BanksaTemporaryBoost Apple Powers Up Capital-markets businessprovidedacushion in the first quarterbut loan problems could intensify By Pricing It hasn’t been all bad for banks so far in the coronavirus crisis. Wall Street institutions got a Down big lift from their capital-markets businesses in the first quarter, helping cushion the impact of coming defaults. The sustainability Cheaper iPhone SE of that boost will be hugely impor- comes at the right time tant, as the need to provision against credit losses will quite likely intensify. Apple Inc. finally got around to Key measures to watch are pre- updating the iPhone SE. And not a provision revenue and profit, moment too soon. which measure core business re- The new iPhone SE was an- sults. These help determine banks’ nounced Wednesday—just a little ability to protect book value and over four years since the company capital by generating income they unveiled the first version. That can retain, before making account- S first phone represented a depar-

ing adjustments for future credit NEW ture from Apple’s modus operandi, G losses. At Bank of America, for in the sense that it offered top-of- example, pretax, preprovision the-line performance in a smaller profit was off just 5% from a year OOMBER and cheaper design. The new earlier in the first quarter versus a phone adheres to that same idea,

45% drop in net income. LARICH/BL offering the same A13 processor

Some of banks’ stability in pre- UZ that powers Apple’s iPhone 11 fam- provision results in the first quar- KA ily at a starting price of

ter was due to huge loan growth, MARK $399—43% below the starting offsetting the Federal Reserve’s Bank of America’s pretax, preprovision profit was off just 5% from the year-earlier quarter. price of the base iPhone 11 model. rate cuts to zero. But net interest That should appeal to buyers income was still flat or down at ity levels. Goldman Sachs noted Banks’ capacity to do this could dry-powder gathering by compa- who can’t stomach smartphone the big banks reporting so far. The that some investment clients are become more limited if their capi- nies will ultimately prove tempo- prices now reaching well above banks’ major defensive wall was a now repositioning, having cur- tal ratios are further stretched by rary. Activity could also seize up if $1,000. And there are a lot more of surge in Wall Street trading reve- tailed risk in March, but said it stepped-up lending and loan-loss there is a wave of downgrades by those lately. In America alone, nue: Fixed-income and equity trad- was hard to see how things will provisions. Notably, though, they ratings firms. That could coincide nearly 17 million have hit the un- ing revenues were up 33% from a play out two or three months from still have ample liquidity to deploy with intensifying problems in the employment lines in just the past year earlier across Bank of Amer- now. if volatility hits suddenly. loan books. three weeks. The coming global re- ica, Citigroup, Goldman Sachs, Another is how much money is Wall Street banks also gener- The universal bank model, in cession also sets a poor stage for and JPMorgan Chase. available to be made. Wider credit ated healthy fees helping their which Main Street and Wall Street Apple’s reported plans to launch If maintained, that extra money spreads that signal higher risk stronger clients raise capital in the business lines fire at different its first 5G devices this fall. would go a long way toward gen- aversion in markets mean banks debt markets, with investment- speeds at different points in a cy- And unlikeinthe last recession, erating earnings to offset more re- have more opportunity to step into grade bond issuance surging to re- cle, has performed well so far dur- when Apple successfully launched its serve building. But the sustainabil- the middle of a transaction as a cord levels. That could continue a ing this crisis. But it will face its very firstiPhone,smartphones are ity of that jump depends on a market maker. Calmer markets bit longer, especially if spreads biggest test in the months ahead. nowapractical necessity forwork- couple factors. One is future mar- may narrow spreads. Plus, banks narrow and as companies that Some of the challenges coming ing adultsand studentsalike. Apple ket activity. JPMorgan said that have to spend money to make drew on bank credit lines seek to may be things no banking model is right to catertoawider swath of lower rates and a slower economy money by adding risky assets to replace that with funding from has yet contemplated. customers—even if alower-priced could become a headwind to activ- their books, albeit temporarily. capital markets. But the phase of —Telis Demos phone doesn’t boost the company’s sales to the same degree.The last iPhone SE sold just under 50 million unitsbetween Apple’s2016 and 2018 fiscal yearsbeforeitwas takenoff Airline Aid Addresses Only the Lockdown the market, according to consensus analyst estimates from Visible Al- pha. That’salittle lessthan 8% of totaliPhone unitssold in that time. For current airline shareholders, lated sectors at risk around the Acheaper iPhone serves Apple’s getting bailed out by the govern- world, the International Air Trans- interestsinother ways, too. The ment is great news. Other inves- port Association has warned, mak- newSEmodel replaces the iPhone 8 tors, though, should still be wary ing it harder for officials to fight family,effectively dropping the 2½- of buying into a recession-prone the global recession already in year-old A11 processor from the industry. course. iPhone lineup and shifting alarger Late on Tuesday, the Treasury Yet the rescue package seems to proportion of the installed base to Department said that 10 of the 12 be making the assumption that the the morerobust A12 and A13 chips. top U.S. carriers had agreed, in airline industry will return to Newerprocessorsoffer betterper- principle, to a $33 billion rescue some level of normalcy after Sept. formancefor the apps and services package. Investors rejoiced in 30, when these firms are once that Apple nowcountsasits second- post-market futures trading. The again able to lay off employees. A largest businesssegment and main

Dow Jones U.S. Airlines stock in- S more likely scenario is that, come driver of growth. Taking lessup

dex—which is down more than PRES that day, carriers will start mas- front makes Apple’sserviceupsell 50% this year—still fell at Wednes- sively downsizing their workforce go down alittle easier. UMA

day’s open, but less than the /Z and operations in response to sub- —Dan Gallagher broader equity market. dued demand for flights and their /TNS Investors’ optimism comes from higher debt loads. Apple’s starting prices foriPhones, confirmation that U.S. carriers will The industry’s crisis after 9/11 by model ULKNER

survive the next few months. This FA provides a road map for how long X

wasn’t obvious, given the 70% MA passenger demand could take to 11 ProMax $1,099 drop in capacity resulting from the American Airlines is the carrier taking the mostaid from the government. come back: It wasn’t until 2004 Covid-19 crisis. that U.S. airlines’ domestic unit While the government has nego- backs and executive compensation. American Airlines, the carrier revenues were back at their previ- 11 Pro $999 tiated with companies individually, The conditions are better than taking the most aid, won’t suffer ous peak. International flights, the broad terms of the aid are that many in the industry were expect- more than a 3.1% dilution. As for which suffered more from the big airlines will receive 70% of the ing. To make the deals palatable the loans, they are long term—a SARS epidemic in 2002, lagged for 11 $699 money as grants—which won’t be for taxpayers, the Treasury had 10-year maturity—and given at almost another year. paid back—and 30% as loans. from the beginning insisted the low interest rates, the companies This is probably the best aid The cash comes with strings at- government receive adequate com- have said. Southwest Airlines packagethat airline investors XR $599 tached: Airlines must give the gov- pensation, and underscored the added that it could be repaid could hope for, but it shouldn’t be ernment warrants amounting to weight that loans would have in ahead of time too. misinterpreted as arecoverysig- 10% of a given loan’s value that the rescue—against carriers’ While controversial, airline bail- nal. Theshutdowns maybenearing SE $399 can be swapped for stocks; they wishes. outs are a necessary evil to protect an end, but the economic fallout is cannot lay off staff through the Under these terms, equity dilu- workers and thereby the economy. only just beginning.Airlines will be end of September; and they face tion resulting from the warrants The Covid-19 crisis could put up to in the middle of that storm too. Note:Graphic shows starting prices without trade-in. restrictions on dividends, buy- will be small. Shareholders of 25 million jobs in aviation and re- —Jon Sindreu Source:the company U.S. EconomyinMarch WasaPreview OVERHEARD

March wasabad month forthe Industrial production, change from World WarIIfooting.The manufac- Self-improvementguru Dale “Wefind this phenomenon to be economyand April will be worse. amonth earlier turing component of the March in- Carnegie grasped years ago that“a concentrated among those matched But howmuch worse? dustrial production report declined 2R% ECESSION person’sname is to thatperson analystswith lesscommon first Twoeconomic releases Wednes- an even sharper 6.3%. the sweetest, most important names, perhaps because the salience day—the Commerce Department’s Sincemost of the coronavirus cri- sound in anylanguage.” An ac- of sharing afirstname is lowerfor report on retail sales and the Fed- sis effectsoccurred in the second counting professor has shown that analystswith morecommon eral Reserve’sreport on industrial 0 half of March, it is reasonable to ex- the phenomenon can be profitable names,” the authors wrote. “It is also production—gaveone of the most pect that the retail sales and indus- forWall Street analyststoo. stronger in situations wherethereis completepictures yetofhow bad trial production declines forthe full Omri Even-Tov of the University greaterinformation asymmetry be- the hit to the economyfromthe –2 month of April will be of at least a of California Berkeley’sHaas School tween managementand analysts.” newcoronavirus crisis wasin similar magnitude.That putsthe of Businesslooked at overaquar- When thereisachange in the March. Unlikethe monthly jobs re- economyinaverydeep hole to start ter-century of earnings forecasts and occupantofthe corner officethen port, which is based on labor condi- out the second quarter—a hole that found thatanalystsmakemoreac- analysts’ forecasts become lessac- tions in the middle of the month, –4 it won’t begin the processofdigging curatepredictions about acompany’s curate. Their theory as to whythis the retail sales and industrial reout of until social-distancing mea- earnings when theysharethe first holds lines up with Mr.Carnegie’s portsreflect the entiremonth. That sures begin to be relaxed. name as its chief executiveofficer. unscientific assertion: People may matters nowbecause it wasn’t until –6 Even then, the digging will likely In the newpaper,writtenwith feel morewarmly disposed to their the latterhalf of March that shut- be painfully slowatfirst sincemany 2007 ’10 ’15 ’20 co-authors Kanyuan Huang and namesakeand thereforesharealit- downs and other social distancing stateand local authorities will be BrettTrueman from the University tle bit moreuseful information measures went intoeffect. Source:Federal Reserve reluctant to ease restrictions all at of California LosAngeles’sAnder- with them. Investment-bank re- Both Wednesday’sreportswere once,and manyAmericans will be son School, Mr.Even-Tov shows search departments weigh all sorts bad. Retail sales fell by aseasonally people stocked up on provisions. hesitant to start doing all the things thatthe effect seems to hold not of qualifications when deciding who adjusted 8.7% from amonth earlier, Grocerystore sales rose 26.9%. they did beforethe pandemic hit only forany Tom, Dick or Harry but gets aplum assignmentcovering a dwarfing the previous record de- Industrial production—the com- the U.S. forany Sundar,Elon or Hubert. In megacap stock such as Apple or cline of 3.9% registered in Novem- bined output of the country’sfacto- Nothing is forever, and someday fact, sharing alesscommon name Amazon. Perhaps being named Tim ber 2008,when the economywas in ries,utilities and mines—fell 5.4% the economywill recover. But makes the effect stronger. or Jeff should be among them. the teeth of the financial crisis.Last from February. That wasthe biggest somedayisn’t coming as soon as month’sdropcame even as sales in drop sinceJanuary1946, when the anyofuswould like. some categories rose sharply as U.S. economywas coming off its —Justin Lahart