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****** TUESDAY,DECEMBER 15,2020~VOL. CCLXXVI NO.141 WSJ.com HHHH $4.00

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What’s Coronavirus News Vaccinations Business&Finance Begin in U.S. he JusticeDepartment Treached a civil settle- ment with the UAW, marking Health workers given dayand Sunday, completing a major turning point in a distribution of an initial 2.9 multiyear corruption probe the first of millions of million doses.The vaccines are that has sent several former given in two doses several S doses as virus’s death labor leaders to prison. A1 weeks apart. PRES toll passes 300,000 TheCovid-19 effort “will be  Morethan adozen Google TED logistically and socially and services,including Gmail and OCIA BY PETER LOFTUS medically the largest unfolding

YouTube, were offline in SS

/A AND MELANIE GRAYCE WEST of avaccination program ever swaths of the globe Monday, conducted,” said Dr.Howard

interrupting access forindi- HONG The first U.S. Covid-19 vac- Markel, professor of medical viduals and businesses. B1 C. E cinations outside of clinical historyatthe University of JA

 Boeing expanded inspec- S; trials beganMonday, kicking Michigan. “We’venever had tions of newly produced 787 off the most urgent mass im- such amassivecampaign in PRES Dreamlinersafter finding a munization campaign since the middle of a pandemic.” previouslydisclosed defect TED polio shots were rolled out in Thelargest past immuniza- CIA

in sections of the jet whereit SO the 1950s. tion campaigns in the U.S. hadn’t firstbeen detected. B1 AS Anurse in NewYork was were launched during smaller CH/

AT amongthe firsttoreceivethe outbreaks or as preventive  TheNasdaq rose 0.5% as shot, and health workers measures over many years to tech stocks extended a2020 DISP throughout the U.S. were also trytoeradicateapersistent rally.The Dowand S&P 500

MBUS set to receivethe newly autho- pathogen.

fell, closing down 0.6% LU rized vaccine developed by Public-health officials have and 0.4%, respectively. B10 CO Pfizer Inc.and BioNTech SE. been counting on avaccine’s  Exxon pledged to re- /THE Pfizer shipped vaccine vials arrival to help bring an end to duce greenhouse-gas emis- out Sunday,and hospitals and the pandemic,asits death toll sions from its operations CAIRNS health departmentsacrossthe surpassed 300,000 people in over the next five years AM countryreceived them early the U.S. on Monday, according AD and eliminate routine flar- Monday. to Johns Hopkins University. OL;

ing of methane by 2030. B1 PO Atotal of 55 sites nation- Theaverage number of daily  Unileversaid it would be- S wide had received vaccine deathsoveraseven-day pe- come the firstmajor company shipmentsbyaround noon on riod hasgrown from 824on to voluntarily givesharehold- Monday, said Gen. Gustave Nov.1toover2,400 as of Sun- ers a vote on its efforts to Perna, chief operation officer day, prompting newrestric- reducecarbon emissions. B6 LENNIHAN/PRES forOperation Warp Speed, the PleaseturntopageA6 U.S. government’scoronavi-  Blackstone raised itsbet MARK P: rus-response program. He said  Liability issues trip up Covid-

on life-sciences real estate, TO at anewsconferencethat 19 relief talks...... A3

agreeing to pay$3.45 billion OM plans remain on track forato-  Variant of the virus identified for a portfolio of buildings FR Health-care workers on Monday began receiving Pfizer’s Covid-19 vaccine, including, from tal of 636 locations to receive in the U.K...... A7 primarily in the activeCam- top, Sandra Lindsay, a nurse in Queens, N.Y.; George Biddle, an emergency-room nurse in vaccines by Wednesdayand an  An uncertain timeline for bridge, Mass., market. B6 Columbus, Ohio; and respiratory-care practitioner Raul Aguilar in Los Angeles. additional 581 between Thurs- shots for children...... A13  Pinterest agreed to pay $22.5million to settle claims of gender discrimination and retaliation by itsformer Biden’s Victory AttorneyGeneral Barr to Depart chief operating officer. B2  Reddit said it bought video-sharing app Dubsmash Is Affirmed by AfterTrump Clash Over Probes to expand its presence in user-created video. B3 BY SADIE GURMAN letter, Mr. Barr said he would “Our relationship has been a Electoral College depart Dec.23and praised Mr. very good one,hehas done an World-Wide WASHINGTON—Attorney Trump for what he described outstanding job!” the president General William Barr will re- as his historic accomplish- tweeted, saying the attorney BY JOHN MCCORMICK filed unsuccessfullegal chal- sign just beforeChristmas, ments“in the faceofrelent- general wasleaving to “spend  The Electoral College for- AND ALEXA CORSE lenges to the election results, President Trump said, ending less, implacable resistance,” the holidays with his family.” malized JoeBiden’svictory attempting in manycases to atenureduring which Mr. and a “partisan onslaught…in Theresignation comes after in the presidential election, The Electoral College formal- overturn the will of the voters Barr long marshaled the Jus- which no tactic,nomatter the disclosureofthe extensive affirming that the Democrat ized JoeBiden’svictoryinlast in states whereMr. Biden won tice Department to the presi- howabusiveand deceitful, effortsthe nation’stop law- had amassed morethan the month’spresidential election, by sizable margins. dent’s personal and political was out of bounds.” enforcement official made for 270 votes needed for him as meetings in statecapitals Monday’s voting prompted agenda before falling afoul of Mr.Trump said on Twitter months to shield federal inves- to take officeinJanuary. A1 acrossthe nation affirmed that some congressional Republi- him in recent months. that he met with Mr.Barr on tigations intoHunter Biden,  TheWisconsin Supreme the Democrat had amassed cans,manyofwhom had for In his two-pageresignation Mondayatthe WhiteHouse. PleaseturntopageA6 Court rejected aTrump cam- morethan the 270votes weeks resisted recognizing Mr. paign lawsuit seeking to needed forhim to take officein Biden’swin, to acknowledge reverse Biden’s victory. A4 alittle morethan amonth. that the Democrat would be the Netinterestmargin, quarterly Assetgrowthrate* Small Theoutcome came as Presi-  The first U.S. Covid-19 next president. dent Trump—with the backing Mr.Biden, speaking Monday 3.75% Community Community All vaccinations outside of banks banks commercial Banks’ of manyRepublicans—has con- clinical trials began, kicking eveninginWilmington, Del., banks tinued to protest resultsshow- PleaseturntopageA4 off an urgent massimmuni- 3.50 10.0% Assets zation campaign as the U.S. ing him losing to his challenger, 306 electoral votesto232  Gerald F. Seib: Hard numbers Grow death toll from the disease 3.25 7.5 votes. Mr.Trump’sallies have tell story behind election.... A4 exceeded 300,000. A1, A6,A7 Stimulus checks Barr will resign just before 3.00 5.0 for account Christmas,Trump said, end- All commercial holders gave a banks ing atenureduring which the Auto Workers Settle 2.75 2.5 boost to small attorney general marshaled lenders, helping the JusticeDepartment to the them survive the president’spersonal and polit- Corruption Inquiry 2.50 0 pandemic better ical agenda beforefalling afoul 2010 ’15 ’20 2015 ’20 2015 ’20 than they had of him in recent months. A1 BY BEN FOLDY federal prosecutorsdescribed *Ratesare for12months ending Sept. 30. Source:Federal Deposit InsuranceCorp. expected. B1 AND NORA NAUGHTON as acultureofcorruption  Abipartisan group failed amongits leadership built to reach a compromise on Covid-19 liability protections, TheJusticeDepartment around kickback schemes,em- increasing the chances Con- reached acivil settlement with bezzlement and other illicit ac- gresswill need to narrow the the United AutoWorkers tivities.Ithas led to 15 convic- A Hands-Off union, marking amajor turning tions and some union members scope of talks to reach adeal point in amultiyear corruption saythe chargesand indict- on an aid bill this week. A3 investigation that has sent sev- mentshavedented trust in the Approach—  A suspected Russian eral former labor leadersto UAW’sleadership. hack of U.S. agencies and prison. Theproposed settlement in- To Your Face private businesses around Thesprawling probe,led by cludes asix-year period of inde- the world went largely un- the U.S. attorney’s officeinDe- pendent oversight by acourt- iii detected for months. A3 troit, has penetrated the UAW’s appointed monitor and requires PleaseturntopageA2  The U.S. imposed sanc- topranks and exposed what People turn to tions against a Turkish de- fense-industry agency and perfume, wrist one of itsexecutives over An- kara’sinstallation of aRus- Deadliest Outbreaks buzzers, hypnosis sian air-defense system. A8 BY ELLEN BYRON  Aboatloaded with ex- Hit Ve terans Homes plosives attacked an oil Nine months intoapan- tanker docked at the Saudi demic and you’restill touching port city of Jeddah in what your face? Wearable devices, the authorities therecalled Statefacilities struggled to combatCovid-19 meditations,athletic gear and an act of terrorism. A8 tchotchkes want to help you kick the habit. CONTENTS Opinion...... A17-19 WE STOP BY ELIZABETH KOH communication and neglect. Nose itching,coughing,nail Arts in Review... A15 Personal Journal A13-14 Business News.. B3,6 Sports...... A16 At the 150-bed Bill Nichols biting,mustache twirling,eye Capital Journal...... A4 Technology...... B4 During the pandemic, one State Veterans Home,one of rubbing and hair flipping are Crossword...... A15 U.S. News...... A2-7 of the worstplaces to be was Alabama’slargest individual among the reasons people AT NOTHING. Heard on Street.. B11 Weather...... A15 in anursing home.Among hot spots, 96 residentshave touch their faces,often with- Markets...... B10 World News...... A8-9 nursing homes,one of the tested positivefor coronavi- out realizing it. One study That'swhy we built aflexible, worstplaces to be wasa rusand 46 deaths have been from theUniversity of New > state-run facility forretired attributed to Covid-19. South Wales in Sydney, pub- pay-as-you-go cloud fora servicemen and women. In NewYork,agovern- lished in 2015, found partici- scalable world. Of the nation’s150 such ment-run veterans home had pants touched their faces an homes,thousands of resi- the thirddeadliest reported averageof23times per hour. dentshavecaught the virus. outbreak in the state, with 72 No matterhow manytimes Learn moreatDellTechnologies.com/Cloud s 2020 Dow Jones & Company, Inc. All Rights Reserved Hundreds have died. Family confirmed and probable doctorsremind us to keep our and staff memberstell of mis- PleaseturntopageA12 PleaseturntopageA14 P2JW350000-5-A00200-1------XA

A2 | Tuesday, December 15, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS

FTC Demands Data From Big Tech Firms U.S. WATCH

BY RYAN TRACY iary WhatsApp Inc., Reddit lowuserseverywherethrough ing the FTC’srequest “anun- tech companies in Washing- WASHINGTON, D.C. Inc., Snap Inc., Twitter Inc., apps on their always-present disciplinedforay intoawide ton, following antitrust law- WASHINGTON—TheFed- Alphabet Inc.’s YouTube LLC, mobile devices.This constant variety of topics,some only suits against Facebook and Al- Probe Targets Scams eral TradeCommission on DiscordInc.and TikTok owner access allows these firms to tangentially related to the phabet’s Google in recent During the Pandemic Mondayordered nine promi- ByteDance Ltd., which is monitor whereusersgo, the stated focus of this investiga- weeks.Facebook and YouTube nent social-media and internet based in Beijing. people with whom they inter- tion.” were also hit with FTC fines Federal and stateauthorities companies to provide a litany Theannouncement isn’t a act, and what they aredoing. Thecompanies have 45 last year,Facebook forbreak- saytheyare cracking down on a of dataabout their operations law-enforcement action and But to what end?” FTC Com- days to respond. Representa- ing promises about protecting wave of illegal schemes thathave as part of awide-ranging doesn’t carryany immediate missionersRohit Chopra, Re- tives of the companies gener- user privacyand YouTube for proliferated during the pandemic study intotheir businessprac- penalties,though the informa- becca Slaughter and Christine ally declined to comment or impermissible collection of and prey upon the desperation of tices. tion gathered could form the Wilson said in astatement. didn’t immediately respond to dataonchild users. people who have lost jobs in the Theordersdemand the basis forfutureaction by the “Too much about the industry requestsfor comment. “We’re A31-pagesample order outbreak’seconomic upheaval. companies turn over detailed, FTC.The agencyhas broad le- remains dangerously opaque.” working,aswealways do,to published by the agencyde- The scams have ranged from privatebusinessinformation galauthority to seek informa- FTC Chairman Joseph Si- ensurethe FTC has the infor- mandsanarray of dataand the work-from-home reselling of about howthey track Ameri- tion from U.S. companies and mons votedwith the 4-1ma- mation it needs to understand documentation related to luxury products, to pyramid cans’ online activities and is also empoweredtopolice jority to approvethe order, howTwitteroperates itsser- businessstrategies,algo- schemes soliciting cash and that howthey use that data. unfair and deceptivebusiness butwithout comment. Com- vices,” said aTwitterspokes- rithms,advertising revenue playoncultural norms in immi- Companies receiving letters practices. missioner Noah Phillips dis- person. and “each User Attributethat grantcommunities, to fraudulent included Amazon.com Inc., “Social media and video sented, saying he supported TheFTC’smoveisthe lat- the Companyuses,tracks,es- investmentrackets promising Facebook Inc.and itssubsid- streaming companies nowfol- the broader objectivebut call- est regulatoryheadache for timates,orderives.” quick profits. Regulators on Mondayunveiled whattheyare calling “Operation In- come Illusion,” ayearlong nation- wide law-enforcementsweep tar- geting the scammers. Consumers lost an estimated$1billion in the schemes sincethe start of 2020. Especially vulnerable targets areseniors and retirees, immi- grants, Black and Latino people, students and military families. Reported losses to consumers from the schemes rose to the highestlevel on record in the first nine months of the year,atmore than $150 million, Andrew Smith, director of the Federal Trade Com- mission’sconsumer protection bu- reau, said. “These scammers aretaking ad- vantage of adesperatesituation to rip moneyfromthe hands of those who most need it,” he said. The FTCconducted the sweep along with nine states, federal prosecutors in Arkansas, Arizona /REUTERS

OK and California, severallocal law CO enforcementagencies, and the A

CC U.S. Securities and Exchange

REBE Commission and CommodityFu- tures Trading Commission. GES; —Associated Press IMA

ETTY KENTUCKY /G

MUS Suspect Soughtin SHA

Y Hanukkah Attack GOR Aman shouting anti-Semitic GRE

P: slurs from an SUV ranovera TO member of aJewish organization OM

FR as acrowdgathered overthe Prosecutors initially focused on dealings between UAWofficials and labor-managementcounterparts at Fiat Chrysler.Above,workers leave aFiatChrysler plantinMichigan. weekend to lightamenorah, au- thorities said. tors saythey uncovered aplot Lexington policewerelooking UAW involving thecompany’sformer foraman described as being in topbargainer and two other his 20s who wasdriving ablack employees to provide union SUV,LexingtonPoliceLt. Daniel Reaches leaderswith gifts and money Truex said. In addition to witness through ashared training cen- accounts, the attack wascap- terfacility. tured on video,Rabbi Shlomo Lit- Settlement Fiat Chrysler has said it was vin said. the victim of illegal conduct by Chabad of the Bluegrasssaid certain individuals looking to on its Facebook page thataman ContinuedfromPageOne personally enrich themselves, pulled up in avehicle outside the the UAWtopay $1.5million to and that these actions didn’t af- Jewish StudentCenternear the resolveoutstanding taxissues, fect labor negotiations. UniversityofKentucky in Lexing- U.S. Attorney MatthewSchnei- Federal authorities next un- tonaspeople prepared to lighta der said on Monday. earthed akickback scheme menorah on Saturdayfor the TheUAW has also agreed to worth hundreds of thousands of thirdnightofHanukkah. hold areferendum among the dollarsatanother training cen- “The attacker grabbed the rank-and-file to potentially terthe union ranwith General man and held his arm, dragging change the way it electstop MotorsCo.,ensnaring aformer him forablock, and running over leadership,aneffort aimed at UAWvicepresident and two of his leg. The car then sped off,” giving membersmoreinfluence his associates.All three pleaded the center said. “Beforeheleft for over who runs the union. guilty to chargesrelated to the the hospital, the newest heroof Thefederal investigation, plot last year and were sen- Chanukah insistedwelightthe which firstbecame public in tenced to prison. Menorah, and notallowdarkness 2017, is one of the largest into Within the past year and a to quench our light.” anational laborunion in de- half,the federal probe has —Associated Press cades and has led to the con- UAW President Rory Gamble has pledged to reform the union and has taken steps in that direction. gained momentum, leading to victions,including of two for- convictions on arangeofcor- OBITUARY mer UAWpresidents. the same oversight tools. ethics officer this year and in- Right now, the topbrass is cho- ruption-related charges. Theproposed settlement Theproposed settlement, stituting other measures to sen by officials within the Former UAWPresident Den- Ann Reinking, 71, Star doesn’t rule out futurecriminal whichstill requires court ap- prevent the kind of financial UAW’slocal chapters, not di- nis Williams, who led the union Of Theaterand Dance chargesagainst individuals,and proval, resolves anycriminal misconduct discovered by in- rectly by the members. forfour yearsstarting in 2014, investigations arestill ongoing, and civil investigations intothe vestigators. He spent months Thefederal scrutinyhas pleadedguilty in September to Ann Reinking, the Tony Award- Mr.Schneider said. But it does UAWasanentity,prosecutors negotiating adeal with the U.S. bruised the UAW’sreputation at onecharge of embezzling union winning choreographer,actress bringthe UAWastepcloser to said. attorney’s officeinaneffort to atime when it is trying to ex- funds.His successor,Mr. and BobFosse collaborator who resolving adifficult chapter in “The union dodged ahuge avoid afederal takeover. pand itsinfluenceboth within Jones—who led a40-daystrike helped spread acool, muscular its85-year history. bullet,” said Art Wheaton,ala- “Weare committedtomak- the autoindustryand in other at GM last fall—has also hybrid of jazz and burlesque In agreeing to this settle- bor-relations instructor at Cor- sectors, such as higher educa- pleaded guilty to chargesofem- movementtoBroadway and be- ment,federal prosecutorssay nell University. tion. Theunion’smembership, bezzlement and racketeering. yond, has died. She was71. they won’t pursue aracketeer- In agreeing to the indepen- Theunion avoided a having peaked at 1.5million in Prosecutorstied Messrs. Reinking died Saturdaywhile ing lawsuit against the union. dent monitor,the UAWavoided the late1970s,stood at slightly Williams and Jones to ascheme visiting family in Seattle, said her Such an effort had been con- the moreaggressivefederal in- federal racketeering under 400,000 last year,aslide wherehundreds of thousands of manager,Lee Gross. No cause of sidered, people familiar with terferencefaced by the Team- suit but agreed to driven in part by yearsof dollarsinunion funds were death wasdisclosed. the probe said, and wasused to stersunion, he said. downsizing among the Detroit used to payfor rental villas, Trained as aballet dancer, forcethe International Brother- Theindependent monitor have amonitor. carcompanies. golf outings, expensivemeals, Reinking wasknown forher bold hood of Teamsterstosever ties will be nominated by the UAW Theinvestigation also hung cigarsand other expenses for style of danceepitomized by her with organized crime in the and agreed to by the govern- over labortalks last fall with labor leadersand their associ- work in the revival of the Kander 1980s. ment. This person will have full the U.S. automakers, leading to ates.The outlays were then rep- and Ebb musical “Chicago,” com- TheTeamstersspent about investigativeand disciplinary ing this monitor’s job very bor- the abrupt departureofthen- resented as legitimateunion ex- pletewith net stockings, chair three decades under federal powers to root out corruption ing,” Mr.Gamble said Monday. president GaryJones beforene- penses,they say. dancing and plenty of pelvic oversight. at theunion, Mr.Schneider Mr.Schneider has said sev- gotiations with Fiat Chrysler Mr.Jones,inhis plea hearing thrusts. Mr.Schneider on Monday said, and the appointment can eral timesinthe past year he Automobiles NV concluded. this year,apologized to UAW Reinking co-starred as Roxie said aracketeering suit wasn’t be concluded early or extended felt the union could benefit Prosecutorshad initially fo- membersand asked forforgive- Hart along with Bebe Neuwirth’s necessaryasthe union isn’t in- as necessary. from changing the way it elects cused on dealingsbetween ness. Mr.Williams,inhis plea Velma, and createdthe choreog- filtrated by organized crime, TheUAW’s current presi- topleadership,moving to asys- UAWofficials and their labor- hearing, said he deliberately raphy“in the style of BobFosse,” and that the anticorruption set- dent, RoryGamble, has pledged teminwhich everyrank-and- management counterpartsat overlooked Mr.Jones’sfinancial the show’soriginal director and tlement offered the government to reform the union, hiring an file member cancast avote. Fiat Chrysler.There, investiga- misconduct. choreographer who died in 1987. She and Fosseworked together for15years and she wasalso his THE WALL STREET JOURNAL CORRECTIONS  AMPLIFICATIONS loverfor severalofthem. (USPS 664-880) (Eastern Edition ISSN 0099-9660) Reinking’swork on “Chicago” (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) earned her a1997 Tony and Editorial and publication headquarters: 1211 Avenue of the Americas, NewYork, N.Y. 10036 AWorld Watcharticle of civilian casualties wasfalse. about ski fashion incorrectly Drama Desk and Outer Critics Cir- Published daily except Sundays and general legal holidays. Periodicals postage paid at NewYork, N.Y.,and other mailing offices. Monday about Afghan strikes Col. Leggett’sstatement re- said it was Sun Valley, Idaho. cle awards. Reinking replicatedits Postmaster:Send addresschanges to The Wall Street Journal, 200 BurnettRd., Chicopee, MA 01020. on Saturdayagainst Taliban ferred to an unrelated Dec.10 choreographyinproductions AllAdvertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are positions incorrectly contained U.S. airstrike. Noticetoreaders throughout the world. In 2011 it available from the Advertising Services Department, DowJones &Co. Inc.,1211 Avenue of the Americas, New astatement from Col. Sonny Wall Street Journal staff became the second longest-run- York, N.Y. 10036. The Journal reserves the rightnot to accept an advertiser’s order.Only publication of an advertisementshall constitutefinal acceptanceofthe advertiser’s order. Leggett, spokesman forU.S. Aphoto of documentary membersare working remotely ning showinBroadway history. Letters to the Editor: Fax: 212-416-2891; email: [email protected] forces in Afghanistan, saying filmmaker Warren Miller and during the pandemic.For the In 1998, she co-directed Need assistancewith your subscription? that the U.S. had conducted a friends wastaken at Squaw foreseeable future, please send “Fosse,” asalutetothe man who By web: customercenter.wsj.com; By email: [email protected] |Byphone: 1-800-JOURNAL (1-800-568-7625) strike againstthe Taliban in Valley Ski Resort in Olympic reader comments only by oncecalled her “one of the finest Reprints &licensing: By email: [email protected] |Byphone: 1-800-843-0008 support of Afghan forces and Valley,Calif.The caption with email or phone,using the con- dancers in the jazz-modern id- WSJback issues and framed pages: wsjshop.com adding that the Taliban claim an Off Duty article Saturday tactsbelow, not via U.S. Mail. iom.” Our newspapers are100% sourcedfromsustainably certified mills. Her movie credits include “An- GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling nie” from 1982. 888-410-2667. —Associated Press P2JW350000-6-A00300-1------XA

THE WALL STREET JOURNAL. ****** Tuesday, December 15, 2020 | A3 U.S. NEWS Hack Was Undetected For Months

BY DUSTIN VOLZ been linked to cyber espionage AND ROBERT MCMILLAN campaigns in the past. TheRussian Embassy in WASHINGTON—A suspected Washingtondenied responsi- Russian hack of U.S. govern- bility andsaid the allegations ment agencies and privatebusi- were unfounded. nesses acrossthe globe largely Investigatorswereworking went undetected formonths by to assessthe overall fallout. In the Trump administration and aSecurities and Exchange cybersecurity firms until the Commission filing about the past week,according to people hack on Monday,SolarWinds familiar with the matter. said it had notified 33,000 cus- TheRussian operation was tomersabout the intrusion, disclosed Sundayand wasmet and that it believes the number

with alarmbycurrent and for- of customersthat installed a S mer intelligenceofficials,secu- hijacked Orion updatebetween rity expertsand lawmakers, March and June of this year PRES some of whom said they were wasfewerthan 18,000. TED CIA

stunned an apparently wide- Theattack on SolarWinds SO spread attack appeared to have appeared to grant hackerspo- AS

evaded recognition. tential access to an extensive HILL/ As early as March of this list of the most covetedcom- SICA

year,customersofSolarWinds puter systems that would be of JES Corp., aU.S.network-manage- interest to aforeign adversary. Many workers are looking for a new aid package out of Washington. Restaurants have been hard hit by pandemic restrictions. ment company, began unwit- Thecompanyholds contracts tingly installing malicious soft- with allfivebranches of the ware as part of aroutine and military and several national Business-LiabilityIssuesTrip Up seemingly benign updateis- security agencies as well as sued forasoftware product major defense contractorslike knownasOrion, according to Lockheed Martin Corp.and the company. morethan 400 of the Fortune LawmakersinCovid Relief Plan That update, which would 500 companies. have been especially difficult to SolarWinds is working with identifyasathreat, contained FireEye,amajor U.S-based cy- what investigatorscalled aback bersecurity firm, and the intel- BY KRISTINA PETERSON sponding to the pandemic and stateand local funding,Sen. Mondaythat Congressshould door that could have granted ligencecommunity and lawen- AND ANDREW DUEHREN itsmounting death toll and JoeManchin (D., W.Va.) was quickly passabill that focuses easy access to nearly 18,000 en- forcement on an investigation, economic pain. Congressional the only Democrat in the rank- on common ground between tities that downloaded it.Inves- aspokesman said. WASHINGTON—Abipartisan leadershope to attach acoro- and-file group to sign ontoa the two parties.Heagain criti- tigatorsexpect the number of It couldn’t be learned how group came up short Monday navirus relief deal to afull- GOP proposal creating ana- cized funding forstate and lo- fully compromised victims to SolarWinds itself washacked. in reaching abroad compro- year spending bill expected to tionwide gross-negligence calgovernments, arguing that be smaller,perhaps totaling Thecompanysaid in itsSEC mise on Covid-19 liability pro- be released later this week. standardincoronavirus-re- sending stateand local govern- hundreds. filing that itsMicrosoftOffice tections,increasing the Thetop two Democratic lated lawsuits. Lawmakerssaid mentsmoney specifically for Both the U.S. Commerce and 365 email systems had been chances that Congresswill leaders, House Speaker Nancy they would continue discus- vaccine development wasthe Treasurydepartmentshad compromised and that this in- need to narrow the talks’ scope Pelosi (D., Calif.) and Senate sions in both chamberstotry most pressing need. some of their systems compro- cident “mayhaveprovided ac- to reach adeal on an aid bill. Minority Leader Chuck to reach abroader compromise “This is the support that mised, according to officials cess to other datacontained in GOP leadershad already Schumer (D., N.Y), hadn’t sig- but acknowledged they were stateand local governments and people familiar with the the company’sofficeproduc- signaled that they wanted to naled Mondayevening if they running out of time. need most urgently,not unfet- continuing investigation. tivity tools.” In aSundayblog proceed with abill that ex- were ready to proceed with a Sen. John Cornyn of Texas,a teredslush funds fornon-covid On Mondaythe list of known post, Microsoft Corp.said that cluded the two thorniest is- smaller packagefocused on member of GOP leadership,said related needs that predatethe impacted agencies grew sub- it hadn’t identified anyvulner- sues: the legal protections they items with broad bipartisan he expected congressional lead- pandemic,but incredibly ur- stantially.The Department of abilities in itsproducts. had sought and funding for support, but they had not erswould leave out those two gent targeted money to getcit- Homeland Security,National In- Thedamageisn’t limited to stateand local governments, a ruled it out. izens vaccinated,” he said stitutes of Health and State De- the U.S. FireEyehas so far seen toppriority forDemocrats. In acall with TreasurySec- Monday. partment were all hacked as customerscompromised across Abipartisan group came up retary Steven Mnuchinon A bipartisan group Theliability protection pro- well, people familiar with the the globe—in North America, short Mondayinreaching a Monday, Mrs. Pelosi reiterated posal that Mr.Manchin signed matter said. Europe,Asia and the Middle broad compromise on Covid-19 “Democrats’ concerns about has been working on ontoalong Republicans creates Allthree agencies declined East—and acrossarangeof liability protections,increasing the liability provisions,which a $908 billion relief anationwide gross-negligence to comment about their sectorsincluding telecommuni- the chances that Congresswill remain an obstacle to securing standardincoronavirus-re- breaches.The WashingtonPost cations,tech, health care,auto- need to narrow the scope of stateand local funding,” her package. lated lawsuits.Businesses, earlier reported the intrusions motive, energy and govern- anyrelief deal in ayear-end spokeswoman, Drew Hammill, schools,orhealth care provid- at NIH and the State Depart- ment,aperson familiar with package. said on Twitter. Earlier Mon- erssued foralleged coronavi- ment lateMonday. the companyinvestigation “Wecouldn’t quiteget to day, Mrs. Pelosi declined to an- rusexposureormedical mal- Thehacks identified so far said. the conclusion,” Sen. Angus swerwhether she would hold components“in order to reach practicecould also remove appear to be afraction of the As asign of the severity of King (I., Maine), who had been out forapackagethis week consensus,knowing we’rego- suitstofederal court. totalnumber of federal and pri- thethreat, the Cybersecurity involved in theliability negoti- that included stateand local ing to have to revisit this again Democratsargued that busi- vate networks that were com- andInfrastructureSecurity ations, said Monday. funding.“We areinnegotia- next year.That seems likethe nesses shouldn’t be given per- promised by Russian spies in- Agency, apart of the Depart- Lawmakersinthe bipartisan tions,” she said. glide path to me.” mission to relax safety precau- tent on monitoring internal ment of Homeland Security group encouraged congressio- Sen. Dick Durbin of Illinois,a Many in the bipartisan tions and that relatively few communications. that helps government and nal leaderstotakeupthe $748 member of SenateDemocratic group pushed to include both coronavirus-related lawsuits National-security agencies businesses addresscyberat- billion that represented the leadership who wasinvolved in in anyagreement, noting that have been filed. anddefense contractorsalso tacks,issued arareemergency less-controversial elementsof the bipartisan talks,said that each party would swallowone They also expressed con- were among those breached as directiveonSunday. The their agreement, which they he supportedmoving forward difficult issue in exchangefor a cerns that the liability pro- part of the campaign, according agencyinstructed all federal splitintoaseparatebill. That with the $748 billion bill. toppriority. posal wastoo broad and could to aperson familiar with the civilian agencies to review legislation includes an exten- “While the fight continues “That’sthe trade-off,” said be applied to manycases that continuing investigation. The their networks forpossible sion of unemployment insur- over these issues,wemust Sen. MittRomney (R., Utah). were not tightly tied to the person and othersbriefed on compromise and immediately ance and funding forschools, provide some emergencyrelief With Congressinsession coronavirus. the mattersaid the breach shut down the use of Solar- vaccine distribution and small forthe American people before only ahandful of moredays Republicans have said ro- could amount to one of the Winds Orion products. businesses. we go home forthe holidays.I this year,some Democratsin bust liability protections are most significant national-secu- In aradio interviewMon- Thegovernment’scurrent support the $748 billion bipar- the group said coalescing needed so that businesses, rity failures in years. day, SecretaryofState Mike fundingexpires this weekend, tisan package,” he said Mon- around the $748 billion bill was schools and nonprofitscan op- Russia’sforeign-intelligence Pompeo appeared to acknowl- setting up adeadline for daynight. the most likely path forward. eratewithout the threat of liti- serviceissuspected of being edge Russia’sinvolvement in months of grinding talks over While the bipartisan group SenateMajority Leader gation and jump-start eco- responsible.The group has thehack. howtocraft an aid bill re- said it reached consensus on Mitch McConnell (R., Ky.) said nomic growth. Biden Close to Making Decisions on Key Environmental Posts

BY TIMOTHY PUKO chief executive, Collin O’Mara, AND ANDREW RESTUCCIA aformer Delaware regulator,is also still in consideration. WASHINGTON—President- Forweeks,Mr. Regan,who elect JoeBiden is nearing afi- is Black,hadn’t been men- nal decision on environment- tioned among the front-run- related jobs that arebeing ners, a group that had been watched closely by the energy ledbyMaryNichols,Califor- industry as well as progres- nia’stop air regulator.Some sives who areconcerned about Democratsraised concerns Mr.Biden’scommitment to about whether Ms.Nichols ambitiousclimatepolicies and could getconfirmed if Republi- NRDC

diversity. R cans hold aSenatemajority, FO

Mr.Biden is expected to an- OL and in recent weeks dozens of PO GES

nounce as soon as later this S progressivegroups have also

week his nominees to lead the IMA protested her record,saying

Environmental Protection ETTY she hadn’t done enough to SH/PRES /G

Agency and the Interior De- CA protect minority communities. FF

partment,aswell as asenior RA Former Obama administra-

WhiteHouse official in charge KIM BONNIE tion EPAAdministrator Gina of coordinating domestic cli- Gina McCarthyisbeing considered forthe WhiteHouse climate coordinatorjob. Rep. Deb Haaland is aleading contender forInterior secretary. McCarthyisunder consider- mate-changepolicies,people ation forthe WhiteHouse cli- familiar with themattersaid. the firstNative American cabi- with thematter. RetiringSen. groups have also pushed Mr. familiar with the mattersaid. matecoordinator post, the Adviserstothe president- net secretary. Activists and Tom Udall (D., N.M.), whose Biden to appoint people they Mr.Regan previouslyworked people familiar with the mat- electsaid he hadn’t yetfinal- progressives arepushing fora father served as Interior secre- see as champions for racial at the Environmental Defense tersaid. If chosen, Ms.McCar- ized his picks,but leading con- Native American to run the tary,isalso among the poten- justice who canfulfill Mr.Bi- Fund, an environmental group. thywould work closely with tendersare emerging.Mr. agency, which oversees federal tial candidates, as is former den’spromise to betterprotect He spent morethan nine years John Kerry, Mr.Biden’s special Biden is balancing several fac- lands and the U.S. Bureau of Deputy Interior SecretaryMi- minority and poor communi- at theEPA,wherehefocused envoy forclimatechange.Ms. tors,including diversity,gen- Indian Affairs, and Ms.Haa- chael Connor,who also has ties that are disproportion- on air-quality issues. McCarthydeclined to com- der and geography, along with land’sstock has risen among NativeAmerican heritage. ately affected by industrial Aspokeswoman forMr. ment. expertise in areas likeenviron- some of Mr.Biden’sadvisers in Aspokesman forMr. Bi- pollution. Regan at NorthCarolina’sDe- Ali Zaidi, NewYork’sdeputy mental justice, the people said. recent days.But some Demo- den’stransition team declined In the past week,transition partment of Environmental secretaryfor energy and envi- Much of the decision-making cratsinCongresshaveraised to comment. team leadersasked foralist of Quality didn’t immediately re- ronment, is being considered is connected, with choices for concerns about losing another Environmentalistshave additional candidates forEPA spond to a request for com- as theWhiteHouse’sdeputy some posts influencing who lawmaker to the administra- pushed Mr.Biden to embrace administrator—potentially one ment. climatecoordinator,people fa- gets chosen forothers. tion because of their slim ma- ambitious policies to lowerthe of Mr.Biden’smost important RichardRevesz, alaw pro- miliar with the matter said. Rep.Deb Haaland (D., N.M.) jority in the House. greenhouse gasemissions that and contentious nominations. fessor at NewYork University, Mr.Zaidi served in anumber is aleading contender forInte- Ms.Haaland and Biden cause climatechangeand to Mr.Biden is nowconsider- is also acandidatefor the job, of energy-related roles during rior secretary, according to teams areindiscussions,but avoid anyone with ties to oil, ing Michael Regan, a North the people said. Mr.Reveszde- the Obama administration. people familiar with the mat- no offer has been made, ac- coal and other fossil-fuel in- Carolina environmental regula- clined to comment. The Na- —Ken Thomas ter. If confirmed, she would be cording to aperson familiar dustries. Other progressive tor, to lead the EPA, the people tional Wildlife Federation’s contributed this article. P2JW350000-4-A00400-17FFFF5178F

A4 | Tuesday, December 15, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. U.S. NEWS Hard Numbers Tell Story Behind Election

cials from both parties. Chinni’sAmerican Communi- and the exurbs—that is,sub- battles between leftand right, yearsago. Equally troubling That conspiracywould sug- ties Project places every urbs further away from city the voters on the wingsdidn’t forDemocrats, Mr.Trump gest, among other things, or- county intoone of 15 catego- centers—but his margins fell. determine the outcome. performed slightly betterin ganizational skills previously ries based on itsdemograph- Again, this pattern held in Among other things, this heavily Hispanic counties,and unassociated with all those ics,and the project nowhas states wherethe president’s means progressives who even in some heavily Black actors. But given that Mr. tabulated the entirenational allies arecontesting the out- claim they wonthe election areas in the South. Wood has morethan 750,000 vote acrossall counties. come.InGeorgia’sGwinnett forMr. Biden simply aren’t Twitterfollowers,and that TheresultsshowMr. County, Mr.Trump lost four reflecting reality. or their part, Republi- CAPITAL JOURNAL polls showamajority of Re- Trump wonahigher shareof yearsago by 5.8percentage While the resultsinthe cans have to worrythat By Gerald F. Seib publicans don’t trust the elec- the vote in big-city counties points, but this year he fell by suburbs aremorereassuring F attacks on the election tion outcome,this seems to than he did four yearsago. awider 18.2 points. In Wis- to centrist Democrats, there outcome,fromMr. Trump as be agood moment forahard- This outcome wasparticu- aremoresobering resultsfor well as his followers,call into As presidential electors headed look at what com- larly noteworthyinone of the them elsewhere. Some down- question the legitimacyofsig- gathered in statecapitals on pleted vote countsacrossthe counties at the heart of the The counties where ballot Democratsincentrist nificant victories by GOP can- MondaytocodifyJoe Biden’s countryactually show. postelection dispute,Philadel- areas didn’t do as well as did didates in Georgia, Wisconsin, victoryinthe presidential phia, whereMr. Trump’s Mr. Trump lost Mr.Biden, suggesting the out- Pennsylvania and Arizona. In race,Lin Wood, one of the at- he cold, hardnumbers shareofthe vote rose 3.7per- significant ground come had moretodowith some areas—Montana, forex- torneys fight- certainly convey sober- centagepointsfrom2016.The centrists rejecting Mr.Trump ample—Republicans did well ing to over- T ingrealities forthe president’smargin in the vote were suburban. than embracing Democrats. under mail-in balloting rules turn the conspiracytheorists, but also count wasnearly identical to David Wasserman of the the president’sfollowers are election re- foractivistsofboth parties. his 2016 shareinWayne nonpartisan Cook Political Re- attacking elsewhere. sults forPresi- Aboveall, they present a County,home of Detroit, and port has found eight congres- Morebroadly,Mr. Trump dent Trump, clear pictureofhow the cen- in Milwaukee County. consin, he wonexurban Ozau- sional districtswhereRepub- nowisopenly attacking the took to Twit- terofthe political spectrum Thecounties whereMr. keeCounty in both elections, licans wonHouse seatsasMr. legitimacyofthe coming Bi- tertoproclaim that the presi- held firm in 2020. Trump lost significant ground but his margin of victory Biden carried the vote in the den presidency, which will dent should “order martial Forstarters, Mr.Trump were suburban. TheAmerican shrank from 18.8 pointsfour district, including four dis- have long-term consequences. lawtoclean up” the election. didn’t lose the election in the Communities Project puts yearsago to 12.1 points. trictswhereincumbent Dem- It also means Mr.Biden will He claimed that thousands of big cities whereheand his al- suburban counties intothree In such suburbs,Americans ocratslost their jobs. be the fifthpresident in arow American citizens worked to lies accuse Democratic may- categories—urban suburbs, from the middle of the politi- In addition, despiteMr. Bi- whose legitimacyhas been rig the vote,along with Ser- orsand their political ma- middle suburbs and exurbs— calspectrum tend to domi- den’sattempt to win back tra- questioned, one way or the bia, Canada, Venezuela, Cuba, chines of rigging the vote. and in each of those catego- nate, and the resultstell us ditional working-classvoters, other,byatleast some parti- the CIA,billionaireGeorge Rather,helost the election in ries Mr.Trump’smargin that voters thereheld the bal- he actually lost abit of sans of the other side.That’s Soros, the Clinton Foundation America’ssuburbs. shrank from 2016.Mr. Trump anceofpowerin2020.De- ground in working-classcoun- one trend that should cause and manystate and local offi- My colleague Dante still woninmiddle suburbs spitethe pitched ideological ties when compared with four bipartisan concern. Early Vo ting Begins in Georgia Runoffs Trump Bid

BY ALEXA CORSE To Throw Early in-person voting began in Georgia’sSenaterunoffs on Out Votes Monday, with both parties rac- ing to turn out supportersfor the Jan. 5election that will de- Is Rejected termine control of the U.S. Sen- ate. BY DEANNA PAUL Theopening of some polling locations forvoterscomes as Adivided Wisconsin Su- roughly 1.2 million voters al- preme Court rejected aTrump ready have requested absentee campaign lawsuit seeking to ballots forthe runoff election, reversePresident-elect JoeBi- and morethan 200,000 of them den’svictory, ending the presi- have returned their ballots, ac- dent’s last major effort to re- cording to publicly available versethe results as the datacompiled by University of Electoral Collegemet Monday. Florida professorMichael President Trump’slegal McDonald at the U.S. Elections team aimed to invalidatethe Project, as of Friday. votes of 220,000 people, ask- Absentee-ballot applications ing the court to throw out four already areatabout 67% of the broad categories of ballots, in- totalrequestsrecorded in Geor- cluding those cast by voters gia’sNovember election, ac- who self-certified as “indefi- GES cording to Mr.McDonald’sre- nitely confined.” IMA search. In a4-3 vote Monday, the

“It looks likewe’regoing to GETTY court called the challengeto have ahigh-turnout election,” N/ indefinitely confined voters Georgia SecretaryofState Brad WA “meritlessonits face,” and GO

Raffensperger, aRepublican, MC ruled that the other challenges said in an interview, though were brought too late. Trump SICA

turnoutistypically lowerfor JES lawyerscould have filed them runoffs than general elections. Voters checked in on the first day of early voting at a polling station in Atlanta on Monday. before the election, the court Republicans nowhavea said. 50-48 majority in next year’s pared with 450,522 forPresi- spread fraud in the November early in person. But low-propen- ing is amajor focus,both in- “Atthe end of the day, Senate, meaning control of the dent Trump,according to state election. “I’m confident in the sity voters—people who voted person and absentee.Mr. War- nothing in this case casts any chamber depends on Georgia. data. Mr.Trump led in Georgia’s results, and we’vebeen confi- in none of the last four elec- nock’scampaign organized a legitimatedoubt that the peo- RepublicanSens.David Perdue votescast in-person early and dent from dayone,” Mr.Raffen- tions—arebeing encouraged to “Get Ready to Vote” tour with ple of Wisconsin lawfully and Kelly Loeffler areseeking on Election Day, but not enough spergersaid. vote absentee.“We figure those eventsacrossthe stateurging chose Vice President Biden to defend their seatsagainst to win the overall tally. Club forGrowthPresident voters are‘convenience’ voters, Georgians to vote early in per- and Senator Harris to be the Democratic challengersJon Os- Forthe runoffs,some Re- David McIntosh,who is leading so urging them to getanabsen- sonstarting Monday. Mr.Os- next leadersofour great coun- soff and Raphael Warnock. publicanssaid they want to a$10 million effort to energize teeballot is part of the messag- soff’s campaign is planning a try,” wroteJusticeBrian Hage- If Democratswin both run- makeupground with absentee conservativevotersfor the run- ing,” he said. bus tour acrossmuch of Middle dorn,who waslegal counsel to offs,their party will gain con- voters.They areurging their offs,said his group is tailoring Democratsare buoyedafter Georgia during the firstweek former Republican Gov. Scott trol sinceVicePresident-elect supporterstobeengaged, even itsmessages based on voters’ Mr.Biden’svictoryinGeorgia of early voting,with afocus on Walker. Kamala Harris, as president of as Mr.Trump and his allies history. and yearsofeffortstoorganize Black voters in smaller towns. Mr.Biden wonWisconsin theSenate, cancast avoteto claimGeorgia’svoting was Hard-coreTrump supporters supportersinwhat has been a Some voting-rightsadvo- by 20,000 votes, and the state break anyties. riggedinNovember. who arehigh-propensity vot- reliably Republican state. Mr. catesand Democratsare raising awarded him its10Electoral Theuse of absentee ballots Mr.Raffensperger, who has ers—meaning they have votedin Biden is campaigning in the alarms about the availability of College votes on Monday. exploded during the pandemic overseen two recountsofthe three or four out of the last four stateTuesdayand is expected early-voting locations.Inthe Chief JusticePatience Rog- and were crucial to President- presidential ballots—oneby elections—areoften suspicious to emphasizethat voting in Atlantasuburb of Cobb County, gensack, in a dissenting opin- elect JoeBiden’s victoryinGeor- machine and one by hand—has of mail-in voting,Mr. McIntosh person is under way,according local officials said they would ion, criticized the majority for gia, with the Democrat winning said that stateinvestigatorsha- said, so the Club’scanvassers to aDemocratic aide. open fewerearly-voting loca- denying most of the cam- 848,726 absentee votescom- ven’t found evidenceofwide- areencouraging them to vote Democratssay early ballot- tions,citing staffing shortages. paign’sclaims fortheir late timing and not examining the underlying issues.She said the found evidenceofwidespread Electoral votesbystate “This wasinnoway an effort court’sopinion doesn’t ad- Maine Biden Win voterfraud. Biden Trump to usurp or contest the will of dress“problems that will be Added security measures Vt. N.H. the Pennsylvania voters.” repeated again and again, until were adopted by some states Mass. RetiringRep.Paul Mitchell this court has the courage to Is Affirmed amid atense national political Wash. of Michigan on Mondaywith- correct them.” Conn. R.I. climateand Covid-19 restric- Minn.Wis. N.Y. drew his membership in the JusticeRoggensack said of- Ore. Mont. N.D. Mich.Mich. tions.The processtook less S.D. Iowa Republican Party in aletterto ficials should have discarded than an hour in most states, Idaho Wyo. Neb. House Minority Leader Kevin an unknown number of absen- By Electors Ill. Pa. and therewerenoelectorswho Nev. UtahColo. Kan. Ind. McCarthy and Republican Na- tee ballots for which election Mo. Ohio W.Va. Del. didn’t back the total-votewin- Md. N.J. tional CommitteeChairwoman clerks had fixedthe addresses N.M. Okla. ContinuedfromPageOne ner of their state. Calif. Ariz. Ark. Tenn. Ky. Va. Ronna McDaniel,saying that al- of witnesseswho certified the noted his electoral-votecount Nevada conducted itsmeet- though he votedfor Mr.Trump, voters’identity.She didn’t ad- La. Miss. Ala. N.C. wascomparable to the presi- ing via video conference, and Texas he couldn’t remain affiliated dress the larger campaign re- dent’s victoryin2016. many electorselsewherewore Ga. D.C. with the party and itseffortsto quest to throw out tens of “Atthe time,President masks.Some states moved the S.C. overturn the election results. thousands of votesfor other Trump called his Electoral Col- meetingstolargerspaces to ac- “It is unacceptable forpoliti- reasons. legetally alandslide,” Mr.Bi- commodatesocial distancing. Fla. calcandidates to treat our elec- All Wisconsin absentee bal- den said. “By his ownstan- Mr.Biden noted that the Hawaii One squareequals tion system as though we area lotsuse an envelope signed by dards,these numbers American public votedinre- Alaska one electoral vote third-world nation and incite awitnesswho confirms the represented aclear victory cord numbersdespitethe pan- distrust of something so basic voter’sidentity.The witness then, and Irespectfully suggest demic,saying,“Our democ- Source:The AssociatedPress as the sanctity of our vote,” Mr. must writethe voter’saddress. they do so now.” racy—pushed, tested and in her state. “It’stime to move of 220,000 people,asking the Mitchell said in the letter. Election clerks,insome Thenextmajor step in the threatened—proved to be resil- forwardtogether as one United court to throw out four broad Several Republicans said late cases,added details when a processcomes Jan. 6, when Vice ient, true,and strong.” StatesofAmerica. Nowisthe categories of votes. Mondayitwas time to ac- witnessdidn’t provide afull President MikePenceisex- He spokeatlength of the ef- time forustoput this election Trump aide Stephen Miller knowledgeMr. Biden’swin. address, though howoften pected to preside over ajoint fortsbythe president and Re- behind us andtofocus our ef- said on FoxNewsthat the cam- “Likeitornot…the process that happened and how much session of Congressinwhich the publican allies to disputethe forts, together,todefeat our paign planned to keep contest- is what it is and the Constitu- they added is in dispute. Some totals from each statewill be outcome of the election common enemy, Covid-19.” ing the result. tion will be followed,” said Sen. clerks just added ZIP Codes. counted and an outcome de- through legal challenges. On Friday, the Supreme Some of Mr.Trump’ssup- Joni Ernst (R., Iowa). TheTrump campaign didn’t clared. “Inevery case,nocause or Court rejected abid filed by porterssought to createtheir John Thune of South Dakota, respond to arequest forcom- TheElectoral College, meet- evidencewas found to reverse RepublicanTexas Attorney ownversion of the Electoral the No.2Republican in the Sen- ment. ing in all 50 states and the Dis- or question or disputethe re- General KenPaxton to void 20 Collegeinsome battleground ate, told reportersthereisno Monday’s Wisconsin ruling trict of Columbia on Monday, sults,” Mr.Biden said. “You million votesinfour other states Mr.Biden won—including doubt Mr.Biden is president- comes on the heels of several conducted what is atypically know, respecting the will of the states.Morethan 100 House Georgia, Nevada, Pennsylvania elect. “Atsome point, youhave judicial actions against Mr. proforma vote in an environ- people is at the heart of our de- Republicans signed abrief in and Wisconsin—calling together to facethe music,” he said. Trump handed down in recent ment of heightened significance mocracy, even when we find support of the lawsuit, which Republicans to cast unofficial Electorsare legally bound in days,including by the U.S. Su- given Mr.Trump’sprotests those resultshardtoaccept.” came afterdozens of other votesfor the incumbent. some states to vote forthe per- preme Court,and as presiden- aboutwhat he has claimed Throughout the day, Demo- failed effortstooverturn Mr. “Wetook this procedural son who wontheir state. In tial electorsweremeeting in were voting irregularities.At- cratscalled forMr. Trump to Biden’swin. vote to preserveany legal others, so-called faithlesselec- state capitals. torney General William Barr, end his challenges. On Monday,the Wisconsin claims that maybepresented tors canbreak ranks,though On Saturday, afederal court who submittedaresignation “After today, the resultswill Supreme Court rejected a going forward,” Bernie Com- that is rare.In2016,seven elec- in Wisconsin dismissed an- letter Monday, has said the be final,” Michigan Gov. Trump campaign lawsuit that fort, Mr.Trump’sPennsylvania tors votedfor someone other other lawsuit brought by JusticeDepartment hasn’t Gretchen Whitmer told electors sought to invalidatethe votes campaign chairwoman, said. than theirparty’s nominee. Trump lawyers. P2JW350000-0-A00500-1------XA

THE WALL STREET JOURNAL. Tuesday, December 15, 2020 | A5

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A6 | Tuesday, December 15, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS Covid DeathToll in U.S. Exceeds 300,000

BY MELANIE GRAYCE WEST the virus,according to data downs,affecting almost ev- of Sunday, according to Johns both case countsand deaths, odologies forwhat constitutes AND DAVID HALL from Johns Hopkins Univer- eryaspect of typical lifein Hopkins. according to datacompiled by aCovid-19 death. sity. the U.S.,havehelped to limit In California, wherethere Johns Hopkins,though the Thefirst U.S. death from Awinter wave of newcoro- It took the U.S. roughly the spread of the disease.But have been morethan 1.5mil- U.S. doesn’t have the highest the coronavirus took placein navirus cases has pushed the four months to reach 200,000 the number of people dying lion cases of the virus,the av- percentageoffatal cases. early February, according to a Covid-19 death toll in the U.S. deaths on Sept. 21 from from thecoronavirus has in- eragenumber of deaths over Confirmedinfections and SanFranciscoBay Area to morethan 300,000,just as 100,000 fatalities,according creased in recent months, aseven-day period has gone death tolls acrossthe world county—nearly three weeks the firstdoses of Covid-19 to aWall Street Journal anal- datashow. from 39.1 on Nov.13, to 158.9 canvary, making the extent of earlierthan U.S. health au- vaccine were arriving at ysis of Johns Hopkins data, Nationally,the average on Dec.13. the pandemic difficult to thorities had firstrealized. health-carefacilities across but just 2½ months to reach number of daily deaths over a In NewYork,for the same gaugeassome countries lack Multiple studies have thecountryonMonday. 300,000 deaths. 7-dayperiod has risen sharply period, the averagehas gone the capacity to accurately found that the virus wascir- As of Mondayafternoon, During the course of the in recent weeks,from824 on 17.3 to 85.6. track the number of cases and culatinginNew York City in 300,267 people had died from pandemic,repeated shut- Nov.1tomorethan 2,400 as TheU.S.leads the world in deaths or use different meth- February.

cine is authorized later this U.S. Gives week it could add to the sup- ply of doses this month. Plans call forittobeshipped to First Shots 3,285 sites,morethan five times as manyasthose receiv- ing the Pfizer vaccine,Gen. To Public Perna said, because the gov- ernment has had moretime to plan forits rollout. ContinuedfromPageOne Thefederal government is tions by manystatesinanat- using contractorstoship Mod- tempt to slow the spread. erna’svaccine,while Pfizer is The first Covid-19 vaccina- being distributed by the drug- tion in NewYork City wasad- maker itself. ministered shortly after9a.m. Residents of nursing homes Mondaymorning to Sandra and other long-term care facil- Lindsay, a critical-care nurse ities also areexpected to get at Long Island Jewish Medical early doses,because they are Center in Queens. morevulnerable to severe “I am very proud to be a Covid-19 disease and death. health-careworker,and I’m Eventually,assupplies in- also very proud to be in this crease,morepriority groups, position to promotepublic such as essential workersand confidenceinthe safety of the the elderly,will be vaccinated. OL

vaccine,” said Ms. Lindsay. PO Federal officials expect Health and Human Services S about 100 million Americans SecretaryAlexAzarand Sur- to be immunized against geon General Jerome Adams Covid-19 by Februaryor

visited George Washington RINALDI/PRES March. Thegeneral public University Hospital in Wash- could be inoculated in the SICA

ington, D.C.,Mondayafter- JES spring or summer. noon to watchasthe firstfive The first shipment of the Pfizer-BioNTech Covid-19 vaccine was delivered to the pharmacy at Boston Medical Center on Monday. TheU.S.Food and Drug Ad- health workerstherereceived ministration authorized the vaccination shots. ica’smost populous state. such as dispersing the vials tancefor states,said on the million doses will be available Pfizer-BioNTech vaccine on Dr.Adams said the vaccina- “Todayishopeful and and training staff. Senate floor Monday. in the U.S. by the end of the Friday last week,citing its tion push will requireover- there’sreason to be optimis- In Washington, D.C.,abi- Medical staff have been ad- month. 95% effectivenessatprevent- coming deeply rooted mistrust tic,but let’sbemindful of partisan groupoflawmakers visedtomonitor patientswho Mr.Azarsaid the federal ing symptomatic Covid-19 in a of the medical system by wherewereally areinterms has put together a$908 bil- receivethe vaccine foratleast government waswithholding large clinical trial. On Satur- manyBlack Americans,who as of this pandemic,” said Mr. lion economic aid proposal 15 minutes to makesurethey some doses to ensurethere day, an advisorycommitteeto agroup have been dispropor- Newsom. that includes $16billion for don’t have adverse reactions. wasenough supply to make the U.S. Centersfor Disease tionately affected by Covid-19. TheDemocrat noted that vaccine distribution, as well as Twopeople who received the sure people gottheir second Control and Prevention voted “That lack of trust is not with- SanJoaquin County in the testing and tracing.Support- Pfizer vaccine in the U.K. last shot. to recommend that the vac- out good reason,” he said, Central Valley had runout of ershavesaid the aid is vital to week had severeallergic reac- “Weneed to makesurethat cine be used forpeople 16 mentioning the infamous Tus- ICUcapacity over the week- the vaccination campaign, but tions. if we vaccinatesomeone a yearsand older. kegeestudy,inwhich the fed- end. He said the statereceived the current talks must over- Only asmall percentageof firsttime that we expect there Long-term care facilities for eral government lefthundreds about the same number of come differences on stateand the U.S. population will getac- to be avaccine forabooster the elderly arescheduled to of Black men untreated for vaccine doses Mondayasthe local aid and aliability shield. cess to the shotsinitially,as on the21st dayorthe 28th begin receiving vaccinations syphilis between 1932 and number of newCovid-19 cases “Even with vaccines on the early supplies arelimited. dayeither from aheld back next week through afederal 1972. it reported. way,manyare reporting they Pfizer is shipping atotal of supply at the federal level or partnership with drugstore California Gov.Gavin Hospitals in manyother don’t have the funds to hire nearly threemillion doses in ongoing newproduction,” Mr. chains CVSHealth Corp.and Newsom and LosAngeles states,fromAlaska to Michi- enough trainedworkersor this firstwave. They aregoing Azar said. Pfizer’s second shot Walgreens Boots Alliance Inc. MayorEric Garcettiwatched ganand Texas to Florida,also purchase enough PPE to safely to states based on their popu- is given three weeks later; an- —Scott Calvert, Jared MondayasworkersatKaiser received their firstvaccine administer them as fast as lations,with most receiving other Covid-19 vaccine,from Hopkins, Christine Mai-Duc, PermanenteLos Angeles Medi- doses Monday. Some were set possible,” SenateMajority enough dosestoinoculate a Moderna Inc., is also given in Anna Wilde Matthews, Joe calCenter received some of to begin injecting patientsim- Leader Mitch McConnell (R., little lessthan 1% of their peo- twodoses,but four weeks Barrett, Melanie Evans and the firstCovid-19 vaccine mediately,while others Ky.), who backs vaccines fund- ple. apart. Kris Maher doses administered in Amer- needed some time forlogistics ing but opposes broader assis- Thecompanyhas said 25 If Moderna’sCovid-19 vac- contributed to this article.

is so deeply divided, it is incum- Attorney bent on all levels of govern- Successor ment…to do all we cantoassure the integrity of elections and General promotepublic confidencein Seen as their outcome,” Mr.Barr said. Mr.Trump fumed publicly Resigns and privately about Mr.Barr af- Continuing terthe attorney general said that the JusticeDepartment ContinuedfromPageOne had found no evidenceofwide- Policies the son of President-elect Joe spread voterfraud that would Biden, from public viewduring reverseMr. Biden’svictory, BY ARUNA VISWANATHA the heated election campaign. dealing ablowtoMr. Trump’s That wasone of anumber effortstochallengethe election. WASHINGTON—Deputy At- of actions Mr. Barr had taken Asenior administration of- torney General Jeffrey Rosen, in the lead-up to the election ficial said Mr.Barr resigned of who President Trump said that put him at odds with Mr. his ownaccord: “He wasn’t S Mondaywould succeed outgo- NEW

Trump,who associates said pushed out or forced to resign. G ing Attorney General William had spoken privately about fir- It was a very amicable meet- Barr, is expected to lead the ing Mr. Barr in recent days. ingand as youcan tell from JusticeDepartment in an act- OOMBER

Mr.Barr took moresteps the letterhethinks very BL ing capacity until President- than previouslyreported to in- highly of the president.” S/ elect JoeBiden’sinauguration. sulatethe Hunter Biden inves- Another person familiar Sincehis confirmation to

tigations,despitecalls from Mr. with the matter said Mr. Barr REYNOLD the No.2post in May2019,

Trump and Republican allies to toowas growing frustrated ANI Mr.Rosen has takenaleading EF

announceaprobe involving the with Mr. Trump’s criticism of ST role on some corporatecases, president-elect’sson. him while also sensing his job William Barr said he will resign on Dec. 23, less than a month before Joe Biden becomes president. including the antitrust case Mr.Barr instructed prose- was in jeopardy and resigned againstGoogle.Hedoesn’t cutorsand senior colleagues to avoid being fired. Another Mr.Barr felt would violatethat that Democratsand current is etched by the decisions he have prior experienceasa to prevent word of investiga- person said the attorney gen- policy, people close to him said. and former JusticeDepart- made on behalf of the presi- prosecutor. tions into Hunter Biden from eral hadbeen contemplating Thepresident expressed ment officials oftensaid Mr. dent and the president’s JusticeDepartment officials becoming public,people famil- his departure for some time. public frustration before the BarrbehavedmorelikeMr. friends and allies.” said they didn’t expect Mr. iar with the matter said. WhiteHouse counsel Pat election that an inquiryMr. Trump’sdefense attorney than Mr.Barr has said he inter- Rosen to deviate from Mr. “Why didn’t Bill Barr reveal Cipollone worked to ensure Barrordered intothe origins of an apolitical law-enforcement vened in the Stone and Flynn Barr’spolicies when he suc- the truth to the public,before that Mr. Barr’s departure was the FBI’sRussia investigation official with a neutral under- cases to correct what he sawas ceeds him Dec.23. However, theElection, about Hunter Bi- arranged on amicable terms, hasn’t yielded resultsorprose- standing of the rule of law. overreach by the prosecutors. they noted he had been in- den,” Mr.Trump tweeted on people familiar with the mat- Mr. Barr’s refusal to acqui- Mr.Barr’s supportersand volved in sensitivelitigation Saturday. “Big disadvantage tersaid. Messrs. Trump and esce to Mr. Trump’s demands manyRepublicans sawhim as that the WhiteHouse had an for Republicans at the polls!” Barrhad rarely spoken di- Trump fumed after in recent months does little to areturn to morestable con- interest in, including alawsuit In the resignation letter, rectly recently,communicating repair what they sawashis servative control of the de- against Mr.Trump’sformer dated Monday, Mr.Barr said instead through Mr.Cipollone. Barr said DOJhadn’t persistent undermining of the partment afteryearsofpoliti- national security adviser,John he gave Mr. Trump an update Mr.Trump tweeted that found widespread JusticeDepartment’sindepen- calstorms.“William Barr was Bolton,overthe publication of on theJusticeDepartment’s Deputy Attorney General Jef- dencefromWhiteHouse influ- the right man at the right time his book in June. reviewofvoter-fraud allega- frey Rosen would head the voterfraud. ence. They cite in part Mr. in overseeing highly political Mr.Rosen, 62 yearsold, tions in the 2020 election and JusticeDepartment and called Barr’ssometimes open dispar- investigations and stood in the has spent most of his career said those allegations “will him an “outstanding person.” agement of career prosecutors breach at times against both in theprivatesector and at continue to be pursued.” Along with his ire over Mr. and his decisions to reverse theleftand the right,” said several other government “Atatime when the country Barrnot aiding him in his cutions of his political rivals. their work and givelenient Lindsey Graham (R., S.C.), agencies.They include the election challenges,Mr. Trump Thefederal prosecutor treatment to Trump associates chairman of the Senate Judi- Transportation Department, wasalso publicly unnerved to overseeing that probe,John such as Roger Stone and Mi- ciary Committee. whereheserved in the No.2 learn about Mr. Barr’s efforts Durham, was unable to finish chael Flynn, who faced crimi- By providing rationales for job beforejoining the Justice Crafted in gold &platinum to keep information about in- his work beforeNov.3,upset- nal prosecutions. Mr.Trump’sapproach to the Department as deputy attor- vestigations involving the ting Mr.Trump and his Repub- “I do not think that the at- presidency, Mr.Barr,70years neygeneral. Order by 12/22 president-elect’s son private, lican allies. torney general deserves all old, gained the spacetopur- Mr.Rosen led the Justice for the despiteMr. Trump’scalls to Mr.Barr’s resignation wasa that much credit for conduct- sue his longtime priorities of Department’scharge against Holidays announce a probe. rockyend to anearly two-year ing himself likeanattorney expanding the powers of the Purdue Pharma LP.Itagreed Justice Department guide- tenureatopthe JusticeDe- general,” said Chuck Rosen- presidencyand countering to plead guilty to three felo- lines codified in 2012 caution partment in which he long had berg, aformer JusticeDepart- what he sees as the leftward, nies related to itsmarketing againsttaking actions close to asmooth relationship with Mr. ment official under President secular tilt of the nation. He and distribution of powerful an election that could be seen Trump,especially compared George W. Bush, adding that moved quickly on an agenda painkiller OxyContin as part as seeking to affect the out- with the administration’sfirst Mr.Barr’s intervention in that included tough-on-crime of an $8.34billion settlement Your Anniversary Immortalized come.Disclosing details of an attorney general, Jeff Ses- high-profile cases eroded pub- policies, reactivating the fed- over tactics the government In Roman Numerals investigation intothe son of a sions,who wasousted in 2018. lic confidenceinthe fairness eral death penalty aftera said helped fuel the opioid JOHN-CHRISTIAN.COM 888.646.6466 presidential candidatehit aline They were in such lockstep of the department. “His legacy nearly 20-year hiatus. crisis. P2JW350000-2-A00700-11FFFF7178D

THE WALL STREET JOURNAL. ** Tuesday, December 15, 2020 | A7 U.S. NEWS Va riant Va ccine ScarcityMeans ToughChoices Of Virus BY MELANIE EVANS Identified Emergency-room doctor Stephanie Gonzalezspent this month eagerly waiting to hear In the U.K. if she would be one of the first to getthe Covid-19 vaccine. BY JASON DOUGLAS Throughout the pandemic,she said, she has feared bringing A new variant of the coro- the virus home to an adult navirus that causes Covid-19 daughter with autism who has been identified in the U.K., needs her mother’s help to where scientists are trying to dress, shower and eat. figure out if it spreads faster Michelle Mitcheson, a than other strains of the nurse,felt apprehension about pathogen following arapid getting avaccine that had pickup in infections. been authorized foremer- U.K. Health Secretary Matt gencyuse but not fully ap- Hancock said Mondaythat proved by federal regulators,

morethan 1,000 cases of the but said she would getone.“I JOURNAL newstrain have been identi- am willing to take some de- REET

fied in 60 local-government gree of risk in order to do the ST

areas and the number of cases most good forthe majority of LL is rising fast. the population,” she said. WA

“Initial analysis suggests Physician assistant Patrick THE R

this variant is growing faster Coppler hoped to get the vac- FO

than the existing variants,” cine quickly,hesaid, but not VEY Mr.Hancock told lawmakersin before emergency responders GAR

Parliament. He said thereisno who have lesscontrol over ex- MC reason to think the strain posuretocontagious patients.

causes moresevereillness Thethree health-carework- MADDIE than oldervariants, or that ersare among 60,000 at UPMC, Emergency-room doctor Stephanie Gonzalez with daughters Christina, left, and Monica, at home in Murrysville, Pa., on Monday. the newcropofvaccines the hospital system and health would be ineffectiveagainst it. insurer affiliated with the Uni- terian in Pittsburgh. Ateam in- short of breath from their emergencyroom and register- to family of dying patientsto Similar variantsofthe virus versity of Pittsburgh, and cluding doctors, pharmacists Covid[-19],” she said. ing patientstodoctorsand break the news.The risk he have been detected in other about 740,000 acrossPennsyl- and an ethicist had agreed only Her first inadvertent expo- nurses, Doug White, a doctor could spread the virus has countries in the past few vania according to the Kaiser days earlier howthey would suretoapatientwho later and ethicist at the University meant he can’t visit his own months,and the U.K. has noti- Family Foundation, who will be pick those to go first. tested positivefor the corona- of Pittsburgh, said. family to cope with the stress. fied the World Health Organi- the firsttoreceivethe Covid-19 “It is a very difficult thing virus forced Dr.Gonzalezto To parethe list down fur- He,too,hadn’t learned by Mon- zation of the finding,Mr. Han- vaccine because of their critical forustoall feel confident that quarantine at home,away ther,UPMC will givepriority to daywhether he could schedule cock said. Aspokesman for jobs and risk at work.But with what we’vedone is fair and ef- from her husband and daugh- employees who have the high- avaccine appointment. Public Health England said sci- supply tightinfirst shipments, fective,” said Graham Snyder, ters,Monica, who has autism, est risk of severedisease.Fi- Dr.Gonzalezchecked email entistsare cultivating the hospitals acrossthe U.S. have UPMC’smedical director of in- and Christina, who wasfinish- nally,ifneeded, UPMC will use every10to15minutes Mon- newly identified variant in the been forced to decide who goes fection prevention and hospi- alottery to select who will be day, looking forwordabout lab to learn more about it. first, with plans in flux up to tal epidemiology. scheduled first. whether she would be among Viruses replicatequickly the final days. Hospitals areamong the Hospitals have been UPMC on Mondaybegan to the firsttoget the vaccine, and mutations arecommon TheFood and Drug Adminis- firsttoconfront the ethical, le- notifysome employees they she said. The email arrived at duetotinyerrorsincopying tration authorized Pfizer Inc. galand practical challenges of forced to decide would soon be able to sched- around noon, saying she would genetic material, which can and BioNTech SE’sCovid-19 coordinating amassvaccina- which employees get ule vaccine appointments. soon getafollowuptosched- accumulate over time, giving vaccine foremergencyuse late tion campaign among employ- Ms.Mitcheson, who works ule a time for her shot. rise to newvariantsthat can Friday, setting in motion ees as shotsbecome available. vaccinated first. in the UPMC East Hospital in “Assoon as Iget that sched- behave slightly differently to UPMC’spush to notifyindivid- Dr.Gonzalez, who works in Monroeville,Pa., has seen uling email I’ll be on to tryand older strains. ual employees who will getthe UPMC Presbyterian hospital in Covid-19 cases recently surge, snag the earliest spot that I Scientistsaround the world opportunity to receivethe earli- Pittsburgh, is anxious that she leaving her and her colleagues canget,” she said. “The sooner have sincethe beginning of est shots. By Monday, the first could spread the virus more ing college courses remotely. “overwhelmed, distressed, and Iget the vaccine the safer Ifeel the pandemic been tracking UPMC health-careworkersfi- widely if she becomes infected Christina took over making drained mentally,physically, actually caring forCovid[-19] thesegenetic changes.More nally had an answertowho at work. Dr. Gonzalez doesn’t meals and helping her older andemotionally.” As of Mon- patients in the emergencyde- than 1,000 variants of the vi- would be offered the vaccine. always knowwhich of her sister showerand dresswhile dayafternoon, Ms.Mitcheson partment. So,evenifitmeans rus that causes Covid-19 have UPMC didn’t have enough to emergencyroom patientsis attending classes and taking hadn’t learned whether she getting up early,staying late, been detected so far,from go around. On Mondayitre- contagious with the coronavi- exams online. would soon receivethe vaccine. going in on aday off,coming more than 250,000 viral sam- ceived 975doses at itsChil- rus. “A complaint such as an- UPMC will first give prior- Mr.Coppler,who works in home in the middle of the ples,said Babak Javid, associ- dren’s Hospital of Pittsburgh kle injury, youthink that’sjust ity to those in critical jobs. intensivecareand the emer- night and sleeping forafew ateprofessor of infectious dis- and expected an additional 1,950 an orthopedic injury, but it That includes a range of peo- gencyroom at UPMC Presbyte- hoursand then going,Iwill eases at the University of doses to arriveTuesdayfor its may turn out that person fell pleworking in critical units, rian, has found it hardinthe definitely tryand snag the first California, San Francisco. flagship hospital, UPMC Presby- because they were weak and from workerscleaning the pandemic to makephone calls spot that I’m not working.”

The Future Of Leadership January 21 /7PMET

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A8 | Tuesday, December 15, 2020 ***** THE WALL STREET JOURNAL. WORLD NEWS Tanker Attacked in Saudi Port of Jeddah

Incidentcomes amid Republic’stop nuclear scien- targeting avessel while at a on Iran, despiteaclaim of re-

tists. While no one has claimed Saudi port. Thecountry’sports P sponsibility by the Houthis.

tensions between Iran the strikeyet, it raises the arebetterprotected than off- /A Tehran denied involvementin and U.S. regional allies, stakes fordiplomacyinthe tu- shorewaters, wheremost pre- SG those attacks and says it multuous region forthe incom- vious attacks have occurred. doesn’t control the Houthis. including Riyadh APHER ing Biden administration. Offi- A spokesman for the Saudi GR Saudi Arabia and Iran have cials repeatedly have warned of Energy Ministrycalled it ater- TO struggled fordecades in abat- Aboat loaded with explo- the potential threat to interna- rorist attack, without assign- PHO tle forregional supremacy, each sivesattacked an oil tanker tional trade posed by such at- ingblame.Hesaid therewas taking opposing sides in violent docked at the Saudi port city of tacks,which target Saudi Ara- no impact on supplies or dam- AERIAL conflictsacrossthe Middle East.

Jeddah in what the authorities bia’seconomic engine. agetothe unloading facilities CHIA/ Following yearsofincreased Theattack caused ablast in Jeddah, an important Red Y U.S. sanctions afterPresident andafireonthe Singapore- Sea port for the kingdom. MM Trump withdrew from the Iran

By Summer Said in TO Dubai and Stephen flaggedBWRhine,according “These acts of terrorism Hafnia Ltd., says the hull of its ship, the BW Rhine, wasdamaged. nuclearaccordin2018,Tehran Kalin in Riyadh to Hafnia Ltd., which owns and vandalism, directed faces further isolation as Wash- andoperates the vessel. The against vital installations,go Yemen, who have been bat- Thecoalition didn’t respond ingtonbrokers normalization therecalled an act of terrorism, fire wasextinguished andall beyond the kingdom and itsvi- tlingaSaudi-led militaryco- to requestsfor comment. Previ- dealsbetween Israel and Arab the latest in astring of strikes 22 sailors—including nationals talfacilities,tothe security alition in a six-year civil war. ous attacks in the strategic wa- countries based largely on mu- against the kingdom’soil infra- from the Philippines,India, and stability of energy supplies TheHouthis declined re- terway have been blamed on or tual enmity toward Iran. structureinrecent weeks. China and Romania—wereun- to the world and the global questsfor comment. But an offi- claimed by the Houthi rebels. Iran blamed Israel for the Mondaymorning’sattack hurt, the companysaid. The economy,” the spokesman said. cial from the movement who Saudi oil infrastructurehas killing of itsscientist,Mohsen comes amid heightened ten- ship’shull wasdamaged in Two European officials in- wasn’t authorized to speak to come under increasing attack, Fakhrizadeh, in November and sions in the Middle East among two locations and some oil volved in maritime security in the media appeared to take re- most notably last year in wa- promised to retaliate. Israel Iran and the U.S. and itsre- may have leaked, it added. the Red Sea said the attack sponsibility.Saudis “attack Ye- ters off the kingdom’seastern has declined to comment on gional allies afterthe killing It also exposed security vul- waslikely carried out by the menis,sothey should expect Ye- coast and at inland sites,which allegations that it wasbehind last month of one of the Islamic nerabilities in the kingdom by Iran-aligned Houthi rebels in menis to attack back,” he said. Washingtonand Riyadh blamed the killing Italy Details Chilling 2016 Murder in Egypt Turkey Hit

BY MARGHERITA STANCATI For Russia AND JARED MALSIN

ROME—Italian student Giu- lio Regeni moved to Cairoin Military September 2015 to research Egypt’sindependent labor unions forhis Ph.D.thesis at Purchase CambridgeUniversity.Months later,the 28-year-old was BY WILLIAM MAULDIN found dead on the side of a highway,bearing cigarette TheU.S.exerted newpres- burns,brokenteeth and frac- sureMondayonTurkey over its turedbones. installation of aRussian air-de- Italian prosecutorslast week fense system, the latest sign of pressed chargesagainst four agrowing riftbetween Ankara members of Egypt’ssecurity andits allies in the North At- forces over Mr.Regeni’sabduc- lantic Treaty Organization. tion, tortureand death as they GES TheTrump administration laid outthe most detailed case IMA imposedsanctions against a to dateagainst the government Turkish defense agencyand one GETTY

of Egyptian President Abdel SE/ of itsexecutives under a2017 Fattah Al Sisi,for whom it has lawthat penalizes the purchase become asource of severein- of weapons from ablacklisted

ternational embarrassment. ANCE-PRES supplier. It wasthe firstfull judicial FR Thedecision in Washington

probe of Egyptian security ser- ENCE came afterEuropean Union na-

vices’ alleged use of secret de- AG tions last week agreed to im- tention, an abuse that human- O/ pose sanctions over Turkey’s RELL

rightsgroups saythousands of TO militarymoves in the region

Egyptians have suffered. Police BER and itsenergy-exploration ac-

and security officersrarely face CO tions in the eastern Mediterra-

chargesinEgypt over torture MAR nean Sea. and deaths in custody,creating Theback-to-back actions re- what rightsgroups sayisacli- Demonstrators in Turin on Jan. 25 marked the fourth anniversary flect growing concern among mateofimpunity. of the disappearance of student Giulio Regeni in Cairo, shown at Western leadersthat Turkish “This is going to be an in- left. His body was found on Feb. 3, bearing signs of torture. militarycollaboration with Rus- spection of this machinethat sia will undermine the effec- commitsdisappearances and the grounds of Egypt’sInterior timonies.But they also with- tivenessofNATOatatime torture, highlighting howit Ministry. held evidencesuch as video when Turkish President Recep functions,” said Mohamed There, in OfficeN.13ofa footagefilmed near the metro Tayyip Erdogan has become Lotfy, director of the Egyptian four-storyvilla—a room typi- station at thetime of Mr.Re- moredeeply involved in several Commission forRightsand cally reserved forthe interro- geni’sdisappearance, according militaryconflicts. Freedoms,anongovernmental gation of foreign nationals—he to Italian prosecutors. They U.S. lawmakers have long rightsgroup that represents wastortured fordays,accord- also declined to shareinforma- pressed President Trump to im- theRegeni family in Egypt. ing to the account of awitness, tion on 13 morepotential sus- pose sanctions against Ankara, “They didn’t invent anew ma- a15-year veteranofthe NSA. pects. Egypt largely stopped but the administration had de- chine forGiulio.They used the “In the room therewere collaborating altogether in late clined until Monday, three days tools and practices that they metal chains used to tie people 2018,Italian officials said. afterCongressapproved de- used on so many Egyptians.” up.The upper half of his body Italian investigatorsgath- fense legislation that mandated

What emergesfromwitness S wasnaked, and therewere erred key evidenceontheir the imposition of sanctions.

testimony, phone recordsand PRES signs of torture. He wasspeak- own, including statementsfrom Previously,Mr. Trump,who has other evidenceisastory of be- ing in his language, he wasde- five witnesses.This month, formed aclose relationship

trayal, deception and brutality, ZUMA lirious,” the former NSAofficer prosecutorsaccused Maj. with Mr.Erdogan, announced PI/

and offersararelook inside RO told Italian investigators, ac- Sharif of the National Security the removal of Turkey from the the workingsofEgypt’svast cording to atranscript of his Agencyofkidnapping,murder F-35 stealth jet fighter pro- security state. This account of Mr.Abdullah informed the NSA rising.Cairoteemed with secu- testimony. “He wasvery, very and grievous bodily harm. Ac- gram. Mr.Regeni’sfateisbased on that the Italian had offered to rity forces.Few civilians thin. He washandcuffed to the cording to awitnessinter- “The United Statesmade interviews,prosecutor state- help his union apply foragrant ventured out. floor.” viewedbyprosecutors, Maj. clear to Turkey at the highest mentsand court documents. from aBritish nongovernmen- That evening, Mr.Regeni TheItalian Embassy wasin- Sharif boastedin2017about levels and on numerous occa- Soon afterarriving in Cairo, talorganization of 10,000 made adecision to meet an formed of Mr.Regeni’sdisap- the operation against Mr.Re- sions that itspurchase of the Mr.Regeni drew the attention pounds,equivalent to $13,000. Italian friend near Tahrir pearance hoursafter it hap- geni to aKenyancounterpart. S-400systemwould endanger of the security services.The On Jan. 7, 2016,Mr. Abdul- Squareand visit an Egyptian pened. Five days later,onJan. Themost senior person ac- the security of U.S. military authoritiesclosely monitored lahused ahidden camerato professor forhis birthday. At 30,his parentsflewtoCairoin cused of involvementinMr. technologyand personnel and independent labor unions, film Mr.Regeni discussing the 7:41 p.m., Mr.Regeni sent a adesperatebid to find him. At Regeni’smurder is NSAMaj. provide substantial funds to which were one of the driving possible grant application, Facebook messagetohis girl- the time,Mr. Regeniwas still Gen. Tariq Ali Sabir,who con- Russia’sdefense sector,aswell forces behind the masspro- which never happened. The friend in Ukraine: “Going to see alive. TheEgyptian government tinues to playacentral role in as Russian access to the Turk- teststhat led to the overthrow video waslater airedonEgyp- made no official comment on Egypt’scrackdown on dissent, isharmed forces and defense of President Hosni Mubarak in tian statetelevision, which de- the disappearance. At the time, according to people familiar industry,” SecretaryofState 2011. scribed it as evidenceofMr. Italy charged four the NSAfirmly denied that with the matter. Knownfor his MikePompeo said. One of Mr.Regeni’smain re- Regeni’ssubversiveactivities. Egyptian security forces were role in monitoring political and TheU.S.sanctions target search subjects, Mohammed “Webelievethis wasthe Egyptian agents in in anyway involved in Mr.Re- civil-society groups,Gen. Sabir Turkey’s PresidencyofDefense Abdullah, the head of the street trigger,” said Sergio Colaiocco, Giulio Regeni’s geni’sdisappearance, according wasrecently involved in thear- Industries,agovernment or- vendors’ union, tipped off intel- the Italian prosecutor who led to Italian officials. rest of three human-rightsac- ganization that oversees and ligenceservices about the the probe.“They thoughthe torture and death. TheNSA witnesssaid Mr. tivists, one of these people manages the country’sdefense young Italian. Mr.Abdullah wanted to financearevolu- Regenidied in the agency’s said. sector,and itschief,Ismail regularly informed on Mr.Re- tion.” custody.The cause of death Mr.Sabir didn’t respond to Demir.Mr. Erdogan and other geni to his contact at the Officersrecruited two peo- wasaviolent blowtothe back requestsfor comment. An Turkish officials have defended feared National Security ple to inform on Mr.Regeni, the professor with Gennaro. of Mr.Regeni’sneck in the 24 Egyptian government spokes- the acquisition of the weapons Agency, Maj.Majdi Ibrahim Ab- Italian officials say: his house- Hope yoga is going well. Let hoursbeforeorafter the eve- manalso didn’t respond to a system as necessarytothe del al-Sharif,whom Italian mate, alawyer called Moham- me knowwhen youget home ning of Feb. 1, according to an request forcomment on the in- country’sdefense. prosecutorshaveidentified as med el-Sayed; and an Egyptian :)” It wasthe last time Mr.Re- autopsy carried out in Italy.His dictments. Turkey’s foreign ministry the leader of the operation friend of Mr.Regeni’satCam- geni washeardfrom. body wasfound on Feb. 3, Thefour accused Egyptian condemned the sanctions and against Mr.Regeni. bridgeUniversity.Mr. Abdullah Just before 8p.m., he was dumped behind awall on the officials will most likely be said the countrywould “take TheNSA suspected Mr.Re- and Mr.Sayed couldn’t be abducted at his local metro side of adusty highway on the triedinabsentia in Rome, the necessarysteps against this geni might have been trying to reached to comment. stop and takentoanearby po- outskirtsofCairo. starting in the spring.Ifthey decision, which will negatively fuel social unrest through the Mr.Regeni disappeared on licestation. He wasblindfolded Initially,Egypt shared some arefound guilty,Italy could de- affect our relations,and will re- unions,according to the Italian Jan. 25,2016.Itwas the anni- and driven acrossthe Nile to evidencewith Italy,such as mand their extradition. But taliateinamanner and timing investigation, particularly after versaryofthe 2011 popular up- the offices of the NSA, inside phone recordsand writtentes- Egypt is unlikely to grant it. it deems appropriate.” Russian Foreign Minister Sergei Lavrov said Monday that the sanctions are“yetan- U.S. Sanctions TwoIranians in Disappearance of Ex-FBI Agent other manifestation of an arro- gant attitude toward interna- tional law,” the Interfax news BY CATHERINE LUCEY Theaction by the Treasury nior Iranian officials—werein- paign against Iran. They argued maintained that the Iranian agency reported. Department wasthe firstpub- volved in Bob’sabduction and that anytalks with Iran should government has no information It wasn’t clear what effect TheTrump administration lic movetoformally hold Iran detention,” said FBI Director include aresolution to Mr. on Mr.Levinson’s where- the sanctions would have on announcedsanctions on Mon- accountable forMr. Levinson’s ChristopherWray. Levinson’scase and noted abouts,” said the spokesman, Turkey’s defense sector. dayagainst two Iranian intelli- abduction, senior government Thetwo officials desig- thereare other Americans de- AlirezaMiryousefi. “The inves- State Department officials genceofficers, accusing them of officials said. nated—Mohammad Baseri and tained in Iran that they are tigations Iran has pursued did said the measures include aban direct involvementinthe “ab- Senior Iranian officials sanc- Ahmad Khazai—weredescribed seeking to return home. not reveal anyinformation be- on U.S. export licenses to the duction, detention and probable tioned the abduction and as high-ranking officersof Aspokesman forIran’s yond his leaving the hotel in PresidencyofDefense Indus- death” of Robert Levinson, a sought to coverupwhat oc- Iran’sMinistryofIntelligence United Nations officesaid the Kish Island.” tries,also known as SSB, and a former Federal Bureau of Inves- curred, U.S. officials said. andSecurity. government had nothing to do Mr.Levinson went missing freeze on assetsand visa re- tigation agent who went missing “Iranian intelligenceoffi- Officials described the sanc- with Mr.Levinson’s disappear- on the Iranian island of Kish in strictions forMr. Demir and in Iran in 2007. cers—with the approval of se- tions as part of apressurecam- ance. “Wehaveconsistently 2007. other SSB officers. 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THE WALL STREET JOURNAL. Tuesday, December 15, 2020 | A9 WORLD NEWS U.K. Eases Australia WagesHigh-Tech WaronFires Blood- BY MIKE CHERNEY video feeds. Researchersplan to develop Donation SYDNEY—In October,asen- a computer program to auto- sor mounted on a28-foot pole matically scan the video feeds in the Australian countryside too, said MartaYebra, director Rulesfor detected small particles in the of the Australian National Uni- air near atimber plantation versity BushfireInitiative. The and sent out an alert. idea is to determine whether GayMen When plantation staff ar- thecameras detect newfires rived, they found asmall man- morequickly than the old- BY JAMES HOOKWAY made fire that wasalready un- fashioned way of aperson in a der control, but the incident fire tower, she said. TheBritish government offeredaglimpse of howau- Other ideas involveusing said it would ease restric- thorities hope to use newtech- drones fitted with lasers to cre- tions on blood donations by nologytobattlewildfires that atedetailed maps so authori- gayand bisexual men begin- have grownincreasingly in- ties knowwhich areas have ning next summer in ashift tense in recent years. moredry vegetation and pres- lauded by LGBTactivistsasa As anew fire season begins entahigher fire risk.One re- significant step forwardin in Australia,researchersare cent effort involved researchers promoting equality and re- looking to rely more on tech- poring over satelliteimageryin ducing the stigma that some nologytofind blazes quickly an attempt to build amodel for men saythey still facebe- andbetterpredict their path. detecting extreme fire behavior cause of their sexuality. Amonthslong government from orbit. They found that Under the newguidelines, inquiryinto the devastating changes in smokecolorscould people with asingle sexual 2019-2020 fire season in Aus- help predictfirebehavior,ac- partnerwho have been with tralia,which killed morethan cording to the Minderoo Foun- that partner formorethan two dozenpeople and burned dation, anonprofit that spon- three months candonate an area bigger than Washing- sored the research. blood, regardlessoftheir tonstate,concluded authorities TENTIS One company, Fireball.Inter- AT gender,their partner’s gen- need to be betterprepared and An Attentis sensor detected the reignition of a fire east of Melbourne, according to its maker. national Pty. Ltd., says itsma- der or their sexual orienta- recommended that officials chine-learning method cande- tion. Thecurrent rules call work with the privatesector to climatechange. ersanareanearly double the network in early 2019 as api- tect smokefromground-based forathree-month wait after develop newtechnology. Parts of Australia have re- sizeofNew York City in Aus- lot project to demonstratethe cameras and firesfromheat aman has had sexwith an- “We’restill detecting fires ceived more rainfall in recent tralia’sVictoria state. Theso- technology. They didn’t get signatures on thermal-satellite otherman. with people in towers and bin- months,and the current fire lar-powered, cylinder-shaped much use detecting fires last images.Its system is already “This is apositivestep oculars. We’vegot to movebe- season isn’t expected to be as sensorsare packed with instru- season because the blazes being used by abig power and recognizes individuals yond that,” said Leigh Kelson, severe. mentsincluding optical and were too far away. companyinCalifornia, and forthe actions they take, programdirector at FireTech Other regions,including the thermal cameras,flame detec- Cameron McKenna, manag- Fireball plans to begin pilot rather than their sexual pref- Connect in Australia, agovern- western U.S. and even in ing director at the company, programs in Australia this fire erence,” said U.K. Health Sec- ment-funded effort to help frosty Siberia, have experi- said he is in talks to install season, executives said. retary MattHancock.The startups develop newfirefight- enced particularly intense fire Researchersrely similar sensor networks to im- Aprototype of the system changewould safely expand ing technologies.Firefighters seasons recently,stretching prove fire detection capabili- detected smokefromfires the pool of available blood also rely on theequivalent of global firefighting resources moreontechnology ties in other partsofthe coun- within 15 minutes of ignition, donors, he said. 911calls to find newblazes. andmaking early detection of to spot wildfires early try. “Weuse multiple methods whileaveraging lessthan one Thenew selection criteria Theideas researchersare fires more crucial. of detection as opposed to a false positiveaday per camera, were recommended by the exploring include fitting drones Firesleftunchecked can and douse them. single method,” he said. according to an analysis pub- AdvisoryCommitteeonthe with lasersthat canmap dry create their ownweather sys- In Canberra, Australia’scap- lished in apeer-reviewedjour- Safety of Blood Tissues and areasathigher fire risk and tems,raining embersdownon ital, researchersare working nal in January. It said thereis Organs. whethersatellitescan detect nearby communities and push- with alocal firefighting agency room forimprovement. Under the guidelines,peo- extreme fire behavior. ing dangerous smoke into big tors,particle countersfor air to install video cameras on “People arebeginning to re- ple areallowedtodonateif Last year wasAustralia’s cities and to neighboring quality,and ground-vibration four fire towers.One tower alize, ‘Gosh, we really cande- they have had no known ex- hottest year on record,accord- countries. readers. Thedataare publicly will also getathermal camera. tect afireinthe firstfivemin- posuretosexually transmit- ing to the government’sBureau Thesensor that picked up available online in real-time. Acomputer program will utes,’ ” said Tim Ball,an tedinfections and if they of Meteorology, and firesare the October fire near the tim- Attentis Pty. Ltd., aMel- scan images from the thermal academic and co-founder of the aren’t using medications to projected to become morein- berplantation is one of more bourne, Australia-based com- cameratodetect fires, and a companywho is also aformer limit the spread of HIV,the tense and frequent because of than 40 in anetwork that cov- pany, finished installing the person will monitor the other firefighter. virusthat causes AIDS. Alldonorswill also com- pletethe same health check, Cheering Chileans Witness Their Last Eclipse in 28 Years includingaquestionnaireon their sexual behavior,recog- nizing that allpotential do- nors—including women and heterosexual men—could GES carryinfections. IMA Thechairman of the advi- GETTY

sorycommittee, James Neu- SE/ berger, said thepanel agreed unanimously that the S

changes wouldn’t negatively ANCE-PRES FR affect the safety of the blood PRES TED supply. ENCE CIA LGBTactivistsworld-wide AG T/ SO

have been campaigning for AS

yearstoliftrestrictions on HEMID SC blood donations by gayand FELIX/ bisexual men. Curbs were in- NALDO TEBAN RO troduced in manyjurisdic- ES tions in the 1980s as authori- ties sought to limit the spread of HIV through blood supplies. Sincethen, the number of newHIV infections has fallen in developed countries and

screening has improved, GES

prompting France, Italy and IMA Spain, among others, to make

it easier forgay or bisexual GETTY mentogiveblood, although SE/ restrictions still apply. TheU.S.liftedits blanket ANCE-PRES

banongay or bisexual men FR donating blood in 2015.Itre- duced the required celibacy ENCE AG period to three months from ayear in April to help ad-

dressablood shortage, but BERNETTI/

LGBTactivistsare pressing TIN

to drop the wait period en- MAR tirely. Dan Costen,amember of Thousands of people gath- cause of cloudy skies. Thousands jumped and Experts said the solar eclipse The next total solar eclipse in Freedom to Donate, aU.K.- ered Monday in the Chilean re- Skies were clear in northern shouted happily in the drizzle in was partly visible in several Chile is expected in 28 years. basedactivist group,said gion of La Araucanía, above, to Patagonia in Argentina, where Chile when the sun was com- other Latin American countries, Another is expected to be that while the British govern- witness a solar eclipse, rejoicing people also watched the moon pletely covered by the moon and as well as parts of Africa and visible in Antarctica by the end ment moved to reducethe in the rare experience even block the sun, top left, and then silence descended for a few areas of the Pacific and Atlantic of 2021. wait time forgay or bisexual though visibility was limited be- plunge daytime into darkness. moments. oceans. —Associated Press men to donateblood after sextothree months from 12 months in 2017, heterosexual people faced no restrictions. “That’swhy today’san- WORLDWATCH nouncement is so signifi- cant,” Mr.Costen said. “It means each donor’s level of AFRICA tory and policy criteria” and RUSSIA manufacturing has been plagued Government Science Secondary risk will be takenintoac- charted a“bold newcourse away by delays and technical problems. School, a boys’ school in Kan- count on an individualized U.S. Takes Sudan Off from the legacy” of former auto- Space Rocket Test Roscosmos on Monday kara, on Friday night, Katsina basis.” Terror-Sponsors List cratic PresidentOmar al-Bashir. Is Called a Success touted the increased environ- Gov. Aminu Masari said. Ethan Spibey,who Delisting Sudan “represents a mental safety of the Angara A joint rescue operation was founded the group six years The U.S. Embassy in Khartoum fundamental change in our bilat- Russia on Monday success- rockets, as they “do not use ag- launched Saturday by Nigeria’s ago, told SkyNewsinatele- said MondaythatPresident eral relationship toward greater fully test-launched its heavy lift gressive and toxic propellants, police, air force and army, ac- vision interviewthat he de- Trump’sadministration has re- collaboration,” Mr.Pompeo said. Angara A5 space rocket for the significantly increasing environ- cording to the government. The cided to take action afterhis movedSudan from the U.S. listof It also is akey incentivetonor- second time, military and space mental safety both in the areas military was in gunfights with grandfather had an operation statesponsors of terrorism, a malizerelations with Israel. The officials said. adjacent to the launch complex the bandits after finding their that required eight pintsof move thatcould help the African twocountries have agreed to have The rocket lifted off from the and in the drop zones.” hideout in the Zango/Paula for- blood. country get international loans to full diplomatic ties, making Sudan Plesetsk cosmodrome in north- —Associated Press est Saturday, President Muham- Therest of his family,in- reviveits battered economyand the thirdArabstate—after the west Russia. madu Buhari said. cluding his mother and fa- end its pariah status. United Arab Emirates and Bah- “It flies, damn it!” Dmitry NIGERIA No group or persons have ther,decided to demonstrate According to aFacebook post rain—to move to normalizerela- Rogozin, head of Russia’s space claimed responsibility for the ab- their thanks by donating by the embassy,Sudan’sremoval tions this year.After Sudan, Mo- agency Roscosmos, tweeted af- Forces Search for duction of the students, the Kat- blood. But Mr.Spibey real- waseffectiveasofMonday. Ano- rocco also established diplomatic ter the launch. Abducted Students sina state governor said after ized he wasunable to partici- tification to thateffect, signed by ties with Israel. Its firstsuccessful test launch meeting with security officials. patewhen he read through U.S. Secretary of StateMike Sudan is on afragile transition took placein2014 and was Anxiety is growing among While several groups of ban- thehealth checklist. Pompeo,would be published in the to democracy following an uprising hailed by PresidentVladimir Putin the parents of hundreds of stu- dits are active there, the groups “My heart just sank.Ifelt Federal Register, it said, adding thatled to the military’sousterof as “a major achievementfor our dents who remain missing three known to kidnap for ransom guilty.Ijust felt shame,” he thatthe 45-daycongressional noti- Mr.al-Bashir in April 2019. The spacerocket industry and for days after gunmen attacked have links to the jihadist group said. “And it wasatthat mo- fication period has lapsed. county is nowruled by ajointmili- Russia in general.” their school in Katsina State in Boko Haram and its breakaway ment that we decided we Mr.Pompeo said thatthe re- tary and civilian governmentthat AngaraA5isdesigned to re- northern Nigeria. faction, Islamic State’s West Af- were going to do something movalcame after Sudan’stransi- seeksbetterties with the West. placethe Proton Mheavy lift More than 300 students are rica Province. about it.” tional governmentmet “the statu- —Associated Press rocket, but its developmentand missing after the attack on the —Associated Press P2JW350000-0-A01000-1------XA

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A12 | Tuesday, December 15, 2020 ** THE WALL STREET JOURNAL. FROM PAGE ONE

ment of Veterans Affairs—are Veterans responsible forthe operation and management of state-run Veterans homes and anyprob- Homes Hit lems that arisewithin them.” She referred questions about the homes to state-level offi- By Covid cials. State officials have said they did everything possible to pro- ContinuedfromPageOne tect residentswith the knowl- Covid deaths. Massachusetts’ edgeand resourcesthey had HolyokeSoldiers’ Home was available at the time.“It’s linked to moredeaths—at something we’venever seen be- least 76—than anyother facil- fore,” said Bob Horton, an as- ity in the stateasoflateOcto- sistant commissioner at the Al- ber,leading to criminal abama Department of Veterans chargesagainst two former Affairs. managers,who both pleaded Bill Nichols in Alabama has not guilty. been cited by statepublic- In New Jersey, the top two health inspectorsfor deficien- nursing homes forCovid cies in past years, including in- deaths were both state-run fection or hygiene issues in veterans facilities,including the 2019,2017and 2016.Aninspec- Menlo Park Veterans Memorial tion from August 2019 included Home,which a Wall Street two deficiencies: verbal abuse, Journal investigation found is resulting in an employeefired, perhaps the deadliest home in and aquality-of-careissue in- (4) the country, with 101 Covid- volving an employee who didn’t

linked deaths. administer medication to ares- JOURNAL At HolyokeSoldiers’ Home ident. Theresident wassubse- REET

and Menlo Park,the deaths quently hospitalized. ST

represent about athirdofeach LL home’sresidents. WA

Thefederal Department of The virus hits THE R

Veterans Affairsprovides fund- Oncethe pandemic arrived, FO ing to states to managethe fa- family membersofresidents

cilities,totaling $1.17billion said Bill Nichols wasslowto MILLER last year forthe care of around identifyresidentswho became BOB 20,000 veterans aday. sick with the coronavirus,with Top, Clarence John Hill Jr. with his two children and the burial flag honoring his veteran father, Clarence John Hill Sr., pictured top Manyveterans homes faced testing delayedbynational left. The elder Mr. Hill had been a resident at the Bill Nichols State Veterans Home in Alabama, above. staffing shortages and alack of shortages. testsand protectivegear early Family memberssaid Bill helped manyrecover,wehave children followed. Mr.Hack- They weren’t supposed to have were there.” in the pandemic,likeother Nichols didn’t sufficiently sepa- also had heroes who have suc- worth worked forGeneral Mo- anyproblems,” she said. But as His sons feared they could long-term care facilities. rate residentswho became ill. cumbed to this illness.” tors,while Mrs. Kynard-Hack- she made aright turn toward catchthe virus and spread it to Health-careofficials saystate- Some said the home didn’t up- Bill Nichols,one of Ala- worth became anurse. her husband’sroom, she sawhe high-risk family membersif runfacilities are, in addition, datethem on residents’ condi- bama’sfour state-run facilities In his later years, Mr.Hack- wasinrespiratorydistress. His they came to visit. They tried chronically understaffed. tions, despiterepeated phone forformer servicemembers, is worth’sbehavior became er- roommateinthe same room to talk to him over video calls, Residentsatnursing homes calls,and that when testing re- in Alexander City,known for ratic.One December,Mrs.Ky- wasalso coughing. but the home wasn’t always arealready at higher risk of sultsdid come in, they weren’t drawing fishersand tourists. nard-Hackworth prepared “Weknew. We knewitwas able to set it up.“They didn’t Covid due to their age, medical notified quickly—or at all. Securing one of the 150 beds in Christmas dinner early because Covid,” said Mrs. Kynard-Hack- seem to have the time,” said needs and close living quarters. ClarenceJohn Hill Jr.didn’t the home,which has two court- she wasworking through the worth. “I feel likeIwas de- TerenceGivens.His father died Residents of veterans homes know his father,aresident at yardsand widescreen TVsin holidays.She came home from ceived until the dayIwent and on April 18. areevenmorevulnerable to the Bill Nichols, had Covid-19 until the dining rooms,often meant work one daytofind he had sawfor myself.” Bill Nichols said it had made virus, which is morelikely to the bill from the funeral home waiting formonths. thrownout all her food in afit, Thenextday,when Ms. “every effort to respond to the kill men.While two-thirds of arrived. Thediagnosis came the Itsusual roster of activities having forgottenwhereshe Hackworth angrily called an ad- concerns of family members nursing-home residentsoverall form of aline item: an added and visiting hourscame to a was. “He said, ‘The next time ministrator,the official ac- and caregivers.” arewomen, those in veterans feetotransport someone posi- halt when the facility closed yougoout and stay out all knowledged the veteranhad Thestate’s public-health de- homes arepredominantly men. tivefor the disease. down March 12 as the outbreak night, youbetternot come back tested positivefor coronavirus. partment reviewedhow the fa- TheCovid-19 death toll His father,ClarenceJohn grew.Administratorsmoni- home,’ ” she said. “I just broke Mr.Hackworth died later that cility handled the outbreak, linked to long-term care facili- Hill Sr., had died on May5at toredthe staff and turned away down. Ijust sat in the closet afternoon. said Mr.Horton, the statevet- ties overall in the U.S. has sur- the home,atage 95,and the an employeewith symptoms on and cried.” Mr.Hurst, the company erans official. It found the passed 110,000,representing news came as ashock. March 30. Thediagnosis came soon af- home acted within the broad morethan 37% of the nation’s “Why did it have to happen Thehome’sfirst resident ter: Lewy body dementia, guidelines provided at the time knowndeaths from the virus, likethis?” asked Mr.Hill. “We tested positiveonApril 8, said caused by abuildup of proteins by the CDC.Afederal VA re- according to aJournal tally. didn’t even have an opportu- Mr.Hurst. Cases soon appeared in his brain. He entered Bill ‘To fight for this viewdone at the same time nity to even say, ‘I’ll take the on different floors. On April 18, Nichols in 2019. cautioned the home needed chanceofcatchingCovid my- the governor sent in the Ala- One lateApril morning,Mrs. country and you moretraining on hygiene and Oversight self.Let me see my father be- bama National Guardtospray Kynard-Hackworth gotacall treat them like useofprotectivegear. Veterans homes fall intoa fore he passes away.’ ” down rooms,offices and com- that her husband had been sent Alabama’sfour stateveter- regulatorycrevicewherethe ScottHurst, aregional vice mon areas. to the hospital afterhaving this. How?’ ans homes began using rapid usual oversight of nursing president forHMR of Alabama, trouble breathing. test kitsinmid-November to homes doesn’t always apply. Inc., the privatecontractor that Shespent afew hourscall- regularly monitor itsemployees Manyfacilities that faced operates the facility on behalf ‘We knew’ ing the floor repeatedly for and residents, Mr.Horton said. deadly outbreaks,including Bill of the state, said the home Herman Hackworth, 74,died moreinformation, she said. She spokesman, said thehome Nichols and the HolyokeSol- promptly reported Covid-19 four days later in amemory gotacall from anurse that af- “consistently communicated diers’ Home,don’t participate cases and related deaths to rel- ward on the fourth floor after ternoon, when he wasback at positivecases of the virus with Questions in Medicareand therefore ativesand caregivers, pending exhibiting symptoms of Bill Nichols,suggesting she families” during the crisis and Some relatives still have aren’t overseen by the nation’s adetermination from the Ala- Covid-19,his widow, Annie Ky- come see him. had done everything it could to questions about howtheir main nursing-home regulator, bama Department of Public nard-Hackworth, said. At Bill Nichols,Mrs.Kynard- separateCovid patientsfrom loved ones were caredfor at the U.S. Centersfor Medicare Health. He said the facility sep- They hadmet five decades Hackworth donned protective other residents. Bill Nichols. and Medicaid Services,orCMS. arated residentsasbest as it earlier,when the 24-year-old gear and went with family Some self-identified employ- ClarenceJohn Hill Sr.’s Forthose homes,the federal could. rifleinfantrymarksman had memberstoher husband’s ees of Bill Nichols complained daughter,Lisa Hill, said that Department of Veterans Affairs “The staff at Bill Nichols just returned from his time in floor,whereshe heardwheez- in Facebook groups of insuffi- the VA called to givetheir con- is effectively the only national State Veterans Home has been Koreaalong the DMZ. He was ingcoughs,she recalled. Zip- cient personal protectiveequip- dolences afew weeks after regulator chargedwith ensur- working tirelessly and with the the son of family friends,and peredpartitions divided the ment and having to wear the their father’s passing.When ing the facilities provide quality support of so manyotherscar- he cutatall, handsome figure floor in two. same gowns when going from she asked whyBill Nichols staff care.The VA conductsannual ing forour country’sveterans to the 15-year-old Annie. “The right side whereHer- room to room. had never called to givetheir inspections of all state-run during this pandemic,” he said. They starteddating aftershe manwas,these people were Mr.Hurst said the facility family the diagnosis of Covid, homes through contractors. “While we areblessed to have turned 18.Marriageand three supposed to be asymptomatic. gavestaff the protectiveequip- she said, the VA told her itsun- Veterans homes that do receive ment they needed. derstanding wasshe had been Medicareare also inspected by Family membersofClarence called but didn’t pick up. CMS. Windell Givens said that they Ms.Hill remembersgetting a Afterthe pandemic hit, CMS learned he had Covid-19 from generic voicemail from Bill replaced itsroutine inspections the workerswho took care of Nichols not long beforeher fa- forones focused on infection him, whom they hadgottento ther died. But when she phoned control. Those outside itscon- knowduring their visits, before back,noone knewwhat the trol were exempt. Those facili- they officially heardfromthe call wasabout. ties also weren’t required to re- home. TheVA, Ms.Hill said, was port cases and deaths to the Aformer tank commander very apologetic,saying Bill Centersfor Disease Control and forthe Army’s9th Infantry Nichols could have made abet- Prevention,unlikehomes over- Regiment, Mr.Givens oftenre- tereffort to let her knowofhis seen by CMS. counted his memories of serv- diagnosis.The VA declined to TheGovernment Account- ing two yearsinthe Korean comment on individual cases. abilityOfficeinaJuly report Warduring their childhood, his Thefuneral home asked the criticized the federal VA’s over- sons said. Howdays would turn younger Mr.Hill to immediately sight, charging that it allowed dark with enemyfire. Howhe makeadecision about whether inspectorstocitesome failures wasoncenearly fatally struck to crematehis father.Hechose as “recommendations” over the by amortar round. to embalm his father so his yearsand that the agency Mr.Givens,who had vascu- children and grandchildren didn’t always track whether lardementia, had moved into could see him one moretime. nursing homes fixedthe prob- Bill Nicholslast year.Hehad a “He died alone and the next lems.The VA said at the time it regular checkersbuddy and an- time we sawhim he wasina had takensteps to addressthe other veteranwith whom he’d box,” Mr.Hill said. “Tofight for issue. eat meals and swapstories. this countryand youtreat them When asked about the “He loved to talk about mili- likethis.How?How canthat be agency’soversight, VA spokes- tary stuff,” said son Terence right?” woman Christina Noel said in a Givens,61. “Wefigured with —Christopher Weaver, Lisa writtenstatement: “Individual himbeing in avet home,he Schwartz and Jon Kamp states—not the federal Depart- Annie Kynard-Hackworth’s husband, Herman Hackworth, died in a memory ward at Bill Nichols. could talk to the other vets that contributed to this article. P2JW350000-2-A012A0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, December 15, 2020 | A12A GREATER NEW YORK HealthWorkers GetFirst Shot at Vaccine

Initial doses will go to datafromJohns Hopkins Uni- versity.Mr. Cuomo warned that doctors, nurses and if thetrajectorydoesn’t change, other front-line NYC the statecould be headed fora shutdown of nonessential busi- medical employees nesses.Hesaid therewould be newgeographic restrictions in BY MELANIE GRAYCE WEST Niagaraand Oneida counties. In recent weeks,the gover- Thefirst Covid-19 vaccina- nor repeatedly has warned of tion in NewYork City wasad- ahospital surge that could ministered Mondaymorning to overwhelm the state’s health- anurse at Long Island Jewish care system, and requested Medical Center in Queens,a that hospitals expand their ca- milestone moment marking a pacity,while tightening proce- newchapter to end one of the dures to distributepatients city’s darkest moments. acrossand between hospital Thenurse,SandraLindsay, is systems and even regions,if acritical-carenurse at the hos- needed. pital, which is part of Northwell Hospital executives in the Health.The vaccine,manufac- New York City area have said turedbyPfizer Inc.and BioN- that the vaccine will playa Tech SE,was administered crucial role in helping to stem shortly after9a.m. during a apotential wave of worker ill- live stream from the officeof nesses should therebeasurge

Gov.Andrew Cuomo.Mr. S of patients this winter.

Cuomo’s officesaid it wasthe PRES A survey conducted by the firstCovid-19 vaccination ad- Medical Society of State of TED

ministered in the U.S. Health- CIA NewYork found that nearly

care workersataNYU Langone SO 80% of the state’s community Health hospital in Manhattan AS and hospital-based physicians

also received vaccinations Mon- GEN/ plan to getimmunized with day. Several other hospitals HA theCovid-19 vaccine when it

were expected to begin vacci- KEVIN becomes widely available. nating on Tuesday. A team of pharmacists arrived with the Covid-19 vaccine at NYU-Langone Hospital in New York City on Monday. Thesame survey,however, Ms.Lindsay, who is origi- found that nearly 70%ofphysi- nally from Jamaica, said the pain, suffering,death,” working caring forinfected patients. care worker,YvesDuroseau, ferent ways,” said Dr.Duroseau. cians estimated that at least vaccination didn’t feel anydif- in theintensive-careunit of her Mr.Cuomo has said some chairman of emergencymedi- “Wewould just liketoget back half of their patientswill re- ferent than anyother.She said hospital. 170,000 doses of the vaccine cine at Manhattan’sLenoxHill to alifeofnormalcy.” ceivethe Covid-19 vaccine when she wasrelieved to receivethe “I’m feeling well, Iwould like would arrive in the stateinthe Hospital, also received avacci- Thevaccine arrives as the it is widely available,with 66% inoculation and hoped the mo- to thank all the front line work- firstweek of distribution. nation Monday. He stressed that percentageofNew Yorkerstest- of physicians saying that vac- ment marked the beginning of ers, all my colleagues,” said Ms. “This is the light at the end the shot is safe, but until New ing positivefor the virus and the cine hesitancyisthe biggest ob- the end of averypainful time in Lindsay. “Weall need to do our of the tunnel, but it’salong Yorkerscan receivethe vaccine number of people needing hos- stacle in getting NewYorkers history.She said she wanted to part to put an end to the pan- tunnel,” he said during the live it is critical to wear masks, pitalization climbs,and as 27,785 protectedagainst the disease. instill public confidencethat demic.” stream of Ms.Lindsay’svacci- wash hands and not gather. people areconfirmed to have Mr.Cuomo said Mondaythat the vaccine is safeand that her With limited supplies in New nation. Thestate,hesaid, has He said he didn’t hesitate died of the disease in the state. NewYorkersshould take the work is guided by science. The York City,only asmall percent- been working very hardtode- when asked if he would be On Monday, the governor’s vaccine. West Indian community,she ageofthe health-carework- ploy the vaccination to facili- among the firsttoget the vac- officesaid morethan 5,712 peo- “Every American has to do said, is reluctant to take the forcewill getaccesstothe vac- ties.“Trains,planes and auto- cine.When asked what he was ple were hospitalized across their part,” the governor said. vaccine and she wanted to en- cines initially.The firstdoses mobiles moving this all over the most looking forwardtowhen NewYork,atotal not seen since “It’sgoing to take months be- couragethe community to fol- arebeing reserved fordoctors, stateright now. We want to get life returns to normal, he said mid-May. Thenumber of people fore the vaccine hitscritical lowher lead. She said she had nurses and other front-line it deployedand getitdeployed getting back to the gym. with newly confirmed cases of mass.” lost family memberstohealth workerswho maybeex- quickly,” the governor added. “Everyone has been im- Covid-19 sinceHalloween is —Katie Honan Covid-19,and saw“alot of hurt, posed to the coronavirus while Another Northwell health- pacted by Covid in so manydif- morethan 267,000,according to contributed to this article. Indoor-Dining Ban Will Doom Many Restaurants

BY CHARLES PASSY sustained from the springtime Boulud, whose New York City shutdown. If anything,they restaurantsinclude his Mi- Last year,when chef Nahid were hoping the statewould chelin-starred Daniel on Man- Ahmed opened Luthun, his 28- soon increase thecitywide in- hattan’s Upper East Side. seat contemporaryAmerican door capacity from 25% to 50%. He didn’t anticipateclosing

restaurant in Manhattan’sEast Now, they areback to zero. his restaurants, but he said it CK

Village, it wasthe fulfillment And while the city has given could be challenging to main- TO of alifelong dream. Mr.Ah- restaurants an easier path to tain his staffing. med, who has worked in criti- offering outdoor dining Even beforeFriday’san- SHUTTERS

cally acclaimed establishments, through its Open Restaurants nouncement, the city had seen A/ had long wanted to makehis program, establishmentssay several high-profile dining and ownculinarystatement with they areseeing patrons balk at drinking spotsclose during LANE/EP an intimatespot that offered a sitting outside as the weather the pandemic—from the craft- TIN

refined tasting menu. turns colder,evenwhen heat- cocktail bar Pegu Club to ac- JUS But with Gov.Andrew ing elements are provided. claimed chef Thomas Keller’s People ate lunch at Orsay in Manhattan earlier this month before the prohibition on dining inside. Cuomo’s announcement Friday Deliveryand takeout remain TAK Room. that indoor dining in thecity another revenue source,though The21Club,aMidtownMan- not have the financial resources other2,000 shut in the com- arelooking to the federal gov- would be curtailed as of Mon- manyrestaurantssay it is only hattanrestaurant with a90- to ride out the situation. Those ing months.Owners“are ernment to support these daybecause of aCovid-19 surge, asmall pieceoftheir business. year historyand along list of arethe very restaurantsfound tapped out,” he said. businesses through a multibil- Mr.Ahmed said he is likely to And in Mr.Ahmed’scase,he famous clientele past and pres- throughout Queens,aborough Mr.Cuomo has proposed lion-dollar stimulus program close his establishment. “Right doesn’t have ato-gooption. ent, said last week it didn’t plan known forhomey establish- some assistance to restau- that has yettobeapproved by now, it is really uncertain if we As a result of all these fac- to reopen “inits current form mentsreflecting the manyna- rants. He said Fridaythe state Congress. But without that as- will come back,” he said. tors,manywho work in the in- forthe foreseeable future.” tionalitiesofits residents. would extend its moratorium sistance, Andrew Rigie,execu- Thesituation that Mr.Ah- dustryortrack it predict a Queens Chamber of Com- As it is,the pandemic al- on evictingcommercial ten- tivedirector of the NewYork med faces is one that is likely to brutal outcome forthe city’s merce Chief ExecutiveTom ready has decimated these ants, which was set to expire City Hospitality Alliance, a be mirrored throughout the five thousands of dining and drink- Grech said smaller,neighbor- places,with Mr.Grech esti- Jan. 1. Such amoveprotects nonprofit trade group,said it boroughs.Most restaurant own- ing establishments, with nu- hood-orientedrestaurantswill mating that 1,000 of the bor- restaurant ownerswho can’t is hardtofathom howMr. ersand operatorssay they were merous permanent closures. be particularly affected by Mr. ough’s roughly 6,000 restau- pay any or all of their rent. Cuomo could have put restau- already struggling to rebuild “It’sgoing to be devastat- Cuomo’s latest decision be- rants have closed. He said he Ultimately,Mr. Cuomo and rantsinsuch avulnerable situ- their businesses afterlosses ing,for sure,” said chef Daniel cause these businesses might wouldn’t be surprised if an- restaurant-industry officials ation.“It’sshameful,” he said. NewYorkCityLikelyWill KnowWho Will Be MayorinJune

BY KATIE HONAN demic, according to city offi- ously never runfor office. next year,allows people to rank dates shiftedfromsoliciting Julie Samuels, executivedi- cials,businessleadersand Morecould still enter the up to five of their topcandi- campaign donations to raising rector of Tech:NYC, an industry Thenextmayor of NewYork good-government groups. race.OnThursday, Congress- dates,with aseries of elimina- money for local charities. group that works with the City likely will be determined in “The storyisCovid and it man Max Rose,aStatenIsland tions and recalculation of vote Politicians who previously city’s largest technologycom- alittle morethan six months’ will always be Covid,” Malik Democrat who last month lost tallies if thereisn’t an initial made subway visitsand in-per- panies,said voters will want a time,with dozens of contend- Wright, the chief of staff to his re-election bid to Republi- winner with amajority of votes. son rallies part of their cam- mayorwho cancommunicateto ersvying forthe job and show- Bronx Assemblyman Kenny can Nicole Malliotakis, filed TheCity Council is holding paigns have switched to other NewYorkersjust howchalleng- casing their plans to lead the Burgosand the political direc- paperworktorun formayor. hearings to possibly delaythe waystowoo voters,including ing the next few yearswill be. nation’slargest city in itsre- tor for the Manhattan Demo- Former presidential candidate introduction of the system after holding virtual house parties. Manycompanies,especially covery from the pandemic. cratic Party, said. Andrew Yang also is consider- criticism from some candidates TomWright, president of those in tech, have shiftedto Themayoral primaries are “Weall experienced it, it’sa ing arun formayor and will who said voters hadn’t been ed- the Regional Plan Association, moreremotework.Toensure set forJune 22,and the victor of collectivetrauma, and we’re decide in January, according to ucated enough on the change. said the city would benefit workersreturn, the next mayor the Democratic race is consid- going to be looking for a per- This election is also the from the large field of mayoral must improvequality of life, ad- ered likely to win the November son who canmanagethe after- firstunder the city’s revised candidates as they will spur dresspublic-safety concerns and general election in the largely math of Covid forthe next The winner of the campaign-financeprogram. serious conversations about support local businesses,she blue city.Inthe past, the city’s four years.” Candidates who enroll in it re- the city’s future. His organiza- said. “Weall aregoing to have primaries were held in Septem- Twenty-nine candidates, Democratic primary ceivelargermatchingfunds tion’sfocus fornextyear is on to be part of the solutions.” ber.They were rolled back to mostly Democrats, have offi- typically wins the than in previous years. affordable housing and home- June in 2019 to match the pri- cially registered to run in the Thecity’s Campaign Finance lessness, issues that have been maries forfederal elections. race.Itisone of the largest November election. Boardpredictsthe 2021 elec- exacerbated by the pandemic. CORRECTIONS  Whoever succeeds Mayor fields in recent history, elec- tion season, which includes Thecity’s real-estateindus- Bill de Blasio on Jan. 1, 2022, tion officials said. NewYork City Council races tryhas been upended as well, AMPLIFICATIONS will take the reins as the city Some contendersare estab- and other citywide contests, with a moratorium on tenant emergesfromapandemic in lished politicians,including an official close to Mr.Yang. could cost about $70million. evictions sincethe spring that whichmorethan 24,000 resi- Brooklyn Borough President No clear front-runner has The2017election, which had is set to end in the coming JessicaMates,chief of staff dentswereconfirmed or be- Eric Adams and city Comptrol- emergedsofar,according to fewercandidates,cost about weeks. Rentsinsome partsof to Manhattan Borough Presi- lieved to have died from ler ScottStringer.Afew are political consultants. Thefield $16.5 million, recordsshow. the city have dropped,while dent Gale Brewer, wasata Covid-19.While manyNew former high-ranking officials in is dominated by Democratic Thepandemic also has some NewYorkershaveleft Dec.13concert at the Cathe- Yorkersare expected to have Mr.deBlasio’s administration, candidates,without anymajor shiftedhow candidates cam- forthe suburbs.Meanwhile, dral Church of St.John the Di- received avaccine forthe vi- including former Sanitation De- Republicans in the race yet. The paign. Candidateforums have workershavebeen slowtore- vine during which a shooting rusbythe time the next mayor partment Commissioner Kath- outcome is even harder to pre- moved from community cen- turn to offices in Manhattan. occurred.Anarticle Monday is sworn in, the city will still rynGarcia and Maya Wiley,the dict because this election is set ters to sessions on Zoom “We’re expecting the first incorrectly said Ms.Brewer likely facea$4billion revenue mayor’sformer chief counsel. to be the firstmayoral race in Video Communications.Many sixmonths of 2021 to be are- also was in attendance. gap,astruggling economyand Others such as RayMcGuire, the city to include ranked- announcementshavebeen ally robust discussion and de- acentral-businessdistrict that former Citigroup vicechairman, choicevoting.The newvoting made virtually. During the bateonwhat the city needs Readers can alert The Wall Street Journal to any errors in news articles has been transformed by re- and Dianne Morales,aformer system, which is set to be used height of the pandemic in the coming out of Covid,” Mr. by emailing [email protected] or moteworking during the pan- nonprofit executive, have previ- in elections in the city from city last spring,some candi- Wright said in an interview. by calling 888-410-2667. P2JW350000-2-A012B0-1------NS

A12B | Tuesday, December 15, 2020 NY ** THE WALL STREET JOURNAL.

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HEALTH & WELLNESS PERSONAL JOURNAL.

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

What needs to happen before a Achild receives aflu vaccine for children will be autho- shot. Covid vaccines rized? aren’tyet available The timetable on producing foryoung kids. vaccines for children and adoles- cents will depend on the type of studies done. Experts say efficacy studies in children don’t necessarily need to be done. Rather, when vaccines ex- ist for adults, companies often do studies demonstrating safety in children and what are called “bridging” studies demonstrating that the immune response in chil- dren is similar to adults. But a spokeswoman for Pfizer said their studies in adolescents and children are not bridging studies.The ado- lescents are part of the current Phase 3 study; a planned under-12 study would involve a different formulation and dose so will re- quire a new safety and efficacy study. Stanford’s Dr. Lee, a member of the CDC’s Advisory Committee on Immunization Practices, which makes recommendations on vac- cines once they’re authorized for use, says she wants to see both safety and some efficacy data on the vaccine in children.

S Are side effects a concern in chil-

PRES dren?

TED Despitethe fact that the vaccine has been tested in tens of thou- OCIA

SS sands of people,unexpected side ef- /A fectscan still surface. On the first

ANES daythat the U.K. started vaccina- RG tions,two people suffered allergic VA

DO reactions.That prompted the U.K.’s health regulatoryagencytoadvise MIAN

DA thosewith ahistoryofsignificant allergic reactions to vaccines,medi- cine or food to hold off on receiving seriously sick from the new coro- a long haul with schools,” says Dr. the inoculation fornow. navirus at the same rates as adults Mina. Some doctors say there is a An Uncertain do, notes Roberta DeBiasi, division possibility, particularly with the chief of Infectious Diseases at Chil- Does Covid severity vary depend- novel type of vaccines produced by dren’s National Hospital in Wash- ing on kids’ age? Pfizer and Moderna using messen- ington, D.C. But cases in children Rates of infection, transmission ger RNA, that side effects such as Timeline for are rising, with more than 1.4 mil- and serious illness from Covid-19 fever, fatigue and headaches seen lion U.S. children infected so far, appear to increase as children get in adults may be more pronounced according to the most recent esti- older, research has shown. “I think in children. Dr. Pavia says mRNA mates from the American Academy it was a mistake not to move more vaccines trigger side effects in Kids’ Vaccine of Pediatrics and Children’s Hospi- quickly on adolescents,” says An- part through the innate immune tal Association. “They clearly are drew T. Pavia, chief of pediatric in- system, which is more robust in spreading the virus to vulnerable fectious diseases at the University younger children. adults, grandparents and health of Utah. “They get sick with the vi- Studies need to be done in chil- care workers, so it’s really impor- rus more so than younger kids and dren so physicians can educate YOUR more at risk for severe complica- tant that children are vaccinated,” are important in transmission.” parents and children about what HEALTH tions. Covid vaccines for younger says Dr. DeBiasi. to expect in terms of side effects, SUMATHI children especially may require And children themselves have Are companies starting to test particularly because the vaccine REDDY different dosage levels or formula- become seriously ill or died from vaccines in children? will likely require boosters and tions than the adult versions. Kids the virus. Children need to be vac- Pfizer and its German partner they don’t want families to be generally can’t get the vaccine un- cinated to prevent hospitalizations BioNTech started testing their vac- scared off by strong reactions. hen will Covid-19 til it is authorized for their spe- and rare but se- cine candidate Side effects are a sign that the vaccines be avail- cific age. rious complica- in children 12 vaccine is working and the im- able for children, The result is a delay in children tions such as Researchers have yet to and older in the mune system is doing its job, doc- and will they be having access to the vaccine, cre- myocarditis or fall. A Pfizer tors say. Even if the side effects safe? ating uncertainty over whether multisystem in- begin clinical trials in spokeswoman are similar to Covid-19 the vaccine W flammatory syn- said they expect can’t cause Covid-19 and those Parents are kids will be vaccinated before the kids under 12; trials in asking those questions as the first start of the 2021 school year. drome (MIS-C), full safety and side effects shouldn’t pose the Covid vaccine authorized for a hyperinflam- teens started recently. efficacy results same potential serious health ef- adults and older teens begins to Why is it important for children to matory re- for adolescents fects as the coronavirus. roll out across the country. But the be vaccinated? sponse to the ages 12 to 17 in Cody Meissner is a professor of timeline for younger children is A delay in vaccinating children new coronavi- early 2021. They pediatrics at Tufts Children’s Hos- still unclear. Here’s what parents could slow down the country’s rus. are working with regulators on a pital and a member of the federal need to know. ability to reach herd immunity, the “I have still seen really sick pediatric study plan for younger advisory board that makes recom- point at which enough people are kids come into our hospital,” says age groups which will potentially mendations to the U.S. Food and Why isn’t a vaccine available for immune to a disease to make its Grace Lee, a professor of pediat- require a modified formulation or Drug Administration. While he children yet? spread unlikely. Studies estimate rics at Stanford University School dosing schedule, she said. strongly agrees that a vaccine is Researchers have yet to begin about 75% to 80% of the U.S. popu- of Medicine. Moderna, working in partner- needed for children, he would first clinical trials in children under 12; lation needs to be immune to ship with the National Institute of like to wait and see how vaccina- trials in teens have just recently Covid-19 to reach herd immunity. How does a delay in vaccinating Allergy and Infectious Diseases, is tion goes with the millions of started. It’s not unusual in drug “It would be very, very difficult kids affect the need to continue finalizing a design for a trial in adults about to get it, reasoning development to test adults first: for us to reach herd immunity be- taking Covid precautions? children under 12, which they an- that the lower risk of severe dis- New drugs and vaccines are often fore vaccines are available to Until herd immunity is reached, ticipate launching in the first ease in children changes the risk- tested on adults before children, younger individuals,” says Michael measures like social distancing quarter of the year. benefit calculation. “If by early whose bodies are still developing Mina, an epidemiologist at the and masking will need to remain A spokeswoman said they hope 2021 we don’t see any surprises, and can have different responses Harvard T.H. Chan School of Public in place, even for those who have to have a vaccine for adolescents then that’s a firm basis by which to medication. In the case of Health. been vaccinated, experts say. That by the start of the 2021 school to look at adolescents and young Covid, adults are also generally In general, children don’t get as includes in schools. “We’re still in year. children,” he says.

also allow people to collect their Gauss’s app scans the rapid test and The Race to own samples at home and ship uses AI to interpret the results. them off to be processed in labs. Yet Covid-19 tests that can be per- up the test or collect a sample. BoostHome formed and processed entirely at Cue Health has “invested a lot in home are still likely weeks or instructional videos,” said chief ex- months away. ecutive Ayub Khattak. The device, The FDA authorized the first which has already been deployed Covid Tests such at-home Covid-19 test from in nursing homes and the National Lucira Health in November, but the Basketball Association bubble, con- BY BRIANNA ABBOTT test won’t be available nationally nects to the company’s mobile app until the spring and requires a via Bluetooth. It isn’t currently au- hen an at-home Covid-19 doctor’s prescription, the company thorized for at-home use and it’s test finally arrives at your said. A handful of other at-home not clear when that might happen. W test-makers have submitted their doorstep, you may need to Gauss Surgical, a health care AI unlock the results on your smart- tests for authorization, but Lu- company, has partnered with bio- phone. cira’s is the only at-home test technology company Cellex on an As diagnostic companies move cleared by the agency so far. at-home Covid-19 test that would to bring Covid-19 tests into peo- For months, doctors and public require a smartphone. They have ple’s homes, some developers are health authorities have been call- submitted their test for FDA re- planning to pair the tests with dig- ing for tests that quickly and eas- view. A user would snap a photo ital tools and smartphone apps. ily diagnose patients from any- put to use in the rapid testsde- capture for tests done outside of of the colored lines that appear on The tools will be able to walk the where. Some are pushing to deploy ployedindoctors’ offices and nurs- the lab. On Nov. 16, the FDA and the testing device with their user through the testing process the tests for screening people ing homes.Tomarket atest forat- Department of Health and Human smartphone. An algorithm would or in some cases report results di- without symptoms to reduce silent home use,test-makersmust pass Services launched a weekslong help the user interpret the result. rectly to health authorities. transmission, as Covid-19 contin- the FDA’sbar forauthorization. competition for designers to sub- Lucira Health’s test isn’t digital, “We have to make this so easy ues to surge across the U.S. The agency says the tests mit digital health tools to help en- but the FDA is requiring the com- that you can’t help but do the Around two dozen companies should be easy enough for a lay able data capture and reporting pany to either design a mobile app right thing,” said Thomas Grys, co- are racing to bring Covid-19 test- person to use and interpret at from “at-anywhere” Covid-19 tests. or a website within four months to director of microbiology at the ing into homes. Some, like Lucira’s home. User mistakes could lead to Companies working on software enable better reporting to public Mayo Clinic in Arizona. He is test, search for the virus’s genetic inaccurate results, and the tests al- platforms say that they will be se- health authorities. working with health-care technol- material, while others hunt for the ready won’t be as precise as those cure and adhere to medical privacy An at-home test from digital di- ogy company Safe Health Systems, virus’s proteins. For many of the run in a lab. The FDA also recom- regulations. Privacy is likely to be agnostics company Ellume would which has designed a digital plat- tests, a person would use a short mends that test-makers have a a concern for some people, public transmit the results from the test- form to aid in at-home testing. nasal swab to collect their own plan for reporting results, so health experts say. Such skepti- ing device to a person’s phone via Covid-19 tests that can provide sample and insert it into a box-like health authorities can respond to cism has in part slowed the adop- Bluetooth as well. The results faster, cheaper results are becom- analyzer or cartridge, waiting up positive cases and keep track of tion of contact-tracing apps. couldn’t be accessed without a ing more common in settings such to 30 minutes for a result. where the virus is spreading. Most companies working on smartphone. The company has ap-

S as nursing homes, schools and The basic technologies to ana- Federal officials are taking mobile apps have developed fea- plied to the FDA for at-home use US

GA doctor’s offices. Mailable test kits lyze the samples have already been steps to encourage better data tures to show people how to set authorization. P2JW350000-0-A01400-1------NS

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

WHAT’SYOUR WORKOUT? |JEN MURPHY Using Fitness and Food To Fight Stress’sToll An executive with Crohn’s disease is vigilant about diet and exercise

THE DIET

Breakfast of Champs: Egg homemade oatmeal balls. whites and turkey bacon on a Dinner ritual: “Six ounces of Thomas’ plain Bagel Thins. protein with a side of sautéed Shopping routine: Mr.Villaflor or baked vegetables.” hasn’t been to agrocery store Won’t touch: Fast food or pro- sinceMarch. He shops online cessed foods. and does curbside pick-up at his Splurge: Chocolateand redmeat. butcher and seafood store. “I “IfIeat redmeat morethan once take pride in sourcing the best aweek,Paul gives me aknowing ingredients,” he says. look because my stomach will Snacks: All-natural fig bars and be upset,” says Mr.Harris.

regimen that included 4:30 a.m. When Mr.Harris couldn’t see his training sessions at the gymfive trainer,Mr. Villaflor created awork-

(2) days aweek.The dedication paid out using the handle of their rowing off: He hasn’t had aflare-up since machine to createresistancewhile BY JEN MURPHY | PHOTOGRAPHS BY 2015,hesays.Annual physicals performing shoulder raises,shoul- JOURNAL TAMIR KALIFAFOR THE WALL STREET showedhewas gaining muscle der presses,triceps extensions,bi-

REET JOURNAL mass. He has been able to maintain ceps curls and isolated back pulls. ST his fitnessthroughout the pan- He leverages the seat in different LL

WA Brian Harris, above, demic.This year,the doctor told waystodoexercises including Bul- stretching at the gym, him his body age, ameasureofhow garian split squats, knee tucks and THE

R exercises regularly and old youare based on health and fit- pikes.The two men would do push- FO

A eats healthy meals, top nesslevels, was28. ups with their hands on the seat,

LIF right, prepared by his which forced them to engagetheir KA husband Paul Villaflor. THE WORKOUT core to prevent the seat from slid- MIR

TA Even though Mr.Harris has been ing.InlateMay,Mr. Harris and Mr. working from home sinceMarch, he Villaflor resumed sessions with andemic-induced stress chine and that provided resistance Mr.Harris,who wasdiagnosed with has maintained his early-birdexer- their personal trainer. has affected everyone dif- forupper-body work.” Mr.Harris Crohn’satage 17,used to have three cise routine.His alarm sounds at Thecouple took up tennis during ferently,but it has the po- says when he feels overwhelmed, to four major episodes ayear.Asan 3:30 a.m. By 4:15 a.m. he is on his the pandemic and now, instead of tential to be particularly Mr.Villaflor pushes him to make adult, he wasending up in the hos- yoga mat following different rou- cycling fortwo to three hourson Pdebilitating forBrian Har- time to work out. pital at least onceayear.“Iknew tines on the app Down Dog.Hethen the weekend, they spend up to six ris.HesuffersfromCrohn’s Mr.Harris works in businessde- something had to change,” he says. spends an hour strength training, hoursplaying tennis on afriend’s disease,aninflammatorybowelail- velopment, mergers and acquisi- In 2015,shortly afterhemet Mr. devoting days to each of the major court. “It’sadifferent kind of car- ment that canflareupamid stress. tions foraSan Antonio financial- Villaflor,heconsulted with adoctor muscle groups,such as legsor dio,” says Mr.Harris.Cycling is just Exercise has been alifeline forMr. services companyand Mr.Villaflor who urgedMr. Harris to revamp his chest. Thecouple bought aPeloton forwardand back,but the lateral Harris,who is 48 yearsold. When has been instrumental in managing diet. Mr.Villaflor,who had been bikeinJuly and Mr.Harris is afan movement required in tennis is his gymclosed temporarily in his husband’sstressoverthe years. working in retail, quit his job to of the company’s20-minuteab morefunctional, he says. March and he couldn’t meet with “I wasaveraging 70-to80-hour stay home full-time and manageev- classes. Themen’scompetitivenesshas his personal trainer,his husband work weeks sinceIwas 28,” Mr. erything from meal prep to working He pays attention to stretching— helped each of them stay account- Paul Villaflor stepped in. Harris says.“And 18- to 20-hour with Mr.Harris’schief of staff to something he typically skipped able throughout the pandemic.“If I Mr.Villaflor,36, has apersonal- days arethe norm when Ineed to ensurework lunches had healthy when he wasrushing out the door rode the Peloton for15minutes and training background and in the gettransactions acrossthe finish options.“At firstitfelt likeittook a to commutetowork.“Yoga and see he did 20—well, tomorrow,I’m early days of the pandemic,de- line.” villagetokeep him healthy,” jokes stretching have made ahugediffer- going for20minutes,” Mr.Villaflor signed workoutsthe couple could Foryearshelet the paceofhis Mr.Villaflor.“His diet waspretty enceinthe way my body feels,” he says.“And if he’shitting harder in do together.“Ihad to getcreative,” job drivehis life. “I didn’t focus on strict—no spice, no heavy dairy, no says.“Ithought the big knotswere tennis it drives me to hit harder. he says.“We didn’t have weights eating well or working out and I roughage.” normal, but nowIrealizerecovery We’realways trying to keep up with but we did have awater rowing ma- suffered the consequences,” he says. Mr.Harris also adopted afitness is just as important as the training.” each other.”

recording.Long before recognize the repetitive Krissyanne Designs.“Covid isn’t very AHands-Off the pandemic,manyof movement. Oncethat fun—if we could add a little bit of the problems his clients gestureisrecorded on fun in your day, good,” she says. sought help forinvolved the device, whenever the KayBall, asurgery nurse and ad- Approach hands coming to the user does it, the bracelet junctprofessor of nursing in Lewis mouth, such as smoking, vibrates as areminder to Center,Ohio,for 45 yearshas been overeating and nail-bit- stop.The devicesyncs professionally committedtokeeping ContinuedfromPageOne ing.Inrecent months with an app to track be- her hands from her faceand has germyfingersaway from our faces several clientshave havioral patterns and trainedstudentstodothe same. to help dodge Covid, breaking the needed help with these progress,and abutton Nevertheless, she still thinks of her- unconscious habit is tough. habits returning,caused initiates adeep-breathing self as a“face-toucher” and suspects “Onceyou become aware of how by increased stress, Mr. exercise so userscan re- that washow she contracted oftenyou do it, youcan come up Mongiovi says. placetheir unwanted be- Covid-19,for which she washospital- with some substitutebehavior,” says Forthem, he some- havior with ahealthy Hinda Dubin, apsychiatrist and ad- times makes custom re- one,the companysays. junct assistant professor at the Uni- cordingsthat focus on Sales also grew be- ‘You do not touch your versity of Maryland School of Medi- interrupting the hands cause the stressofthe cine. coming to the mouth. pandemic caused more face with dirty hands,’ a Dr.Dubin suggestsholding arub- “You notice any urge to people to seek relief from hypnotist repeats over a ber band or stressball to keep hands touch your face, and sud- the repetitivehabitsthe occupied—or sitting on them. Apply- denly your arms and devicewas originally in- slow dance beat. ing perfume or scented lotion to handsfeel heavy and tended for, says Aneela hands canalso makeyou morealert calm,” he says. Idnani, the company’sco- to when they arenearing your face, Before the pandemic, founder. she says.Ifyour hands keep brush- NoSweat Performance “The parallel of face- ized in April. “Who knows howIgot ing your hair off your face, tryapo- Inc. linersweremainly touching to these other it, maybe Igot it at the store, Imay nytail or atrim. Dryeyesthat beg to promoted forathletes to behaviorsisthis idea have touched something and touched be rubbed might requirewearing absorb perspiration in- that youcan’t just stop my face,” she says. glasses more often instead of con- side caps, visors and helmets. But hockey and bikehelmetsand base- because youdon’t knowthat it’s Now, whenever she shops she tacts. “Find the triggers,” Dr.Dubin seeing health-careworkersstruggle ball caps. happening,” she says. keepsher hands planted on the says. with forehead irritation caused by Sales of HabitAware’s Keen de- Kristin Damian’sanxiety about cart—wiping the handle with hand John Mongiovi, ahypnotist based plastic faceshields,NoSweat execu- vice, which costs $129, are up 50% transferring germs from door han- sanitizer first, abottle of which she in NewYork,uses direct commands tives decided to start manufacturing sinceApril compared with the year- dles, light switches, ATMs and her keeps strapped to the outside of her in afreehypnotic recording he made liners that would fitinside personal- beforeperiod, boosted in part by officepark’ssecurity-code buttons to purse—and sometimes also wears to help people keep their hands off protection equipment. Absorbing people seeking technology to help her hands and facemotivated her to surgical gloves to be moreaware of their faces.“Youdonot touch your sweat helps keep the shields from stop touching their face, the com- start manufacturing “touchlesskey- what she is touching. She catches facewith dirty hands,” his deep fogging and reducing skin irritation pany says. The device resembles a rings” this spring. herself touching her facemost often voicerepeatsoveraslowdance anddiscomfort helps keep medical fitness watch and before the pan- Thelarge acrylic keyscome with when she is tired. “You’reyawning beat. “You never touch your eyes, workers’ hands from their faces,says demic wassold as atool to curb a heart-shaped handle and can be and youautomatically put your hand your nose,ormouth.” NoSweat ChiefExecutiveDavid Holt. hair-pulling, skin-picking and nail- used to push buttons or pull open le- in front of your mouth,” she says. SE Mr. Mongiovi says he wrote the Now, NoSweat highlights howits biting. verdoor handles.They come in rain- “You just have to continually remind AU

KR meditation in iambic pentameter so liners“eliminatethe need to touch/ Keen firstrecords the user’s un- bowcolorssimilar to the cheeryaes- yourself ‘donot touch your face, do

JON therhythm would help people relax wipe the face,” including those for wanted gesture—including wrist an- thetic used throughout Ms.Damian’s not touch your face,’eventhough I during theseven-minute, 15-second construction hard hats, sun visors, gle,position, motion and speed—to sticker and accessories company, still catchmyself touching my face.” P2JW350000-0-A01500-1------XA

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

“Another Day” he switches up his flow,skipping acrossvowels like they’restones in acreek with a curling melodic cadencethat bringstomind Jamaican dancehall. “She KnowsThis” and “ShowOut” bring the floor-vibrating low-end of the au courant rapsubgenre drill intothe mix (a hook from Pop Smoke, the most prominent figure in Brooklyn drill, on the latter makes the genrenod explicit). This is gorgeous stuff.The more upbeat tunes present the allureof partying and the temptations that accompanyit, while the slow-roll- ing arrangementsare perfect fora late-night driveonanempty stretch of road. But Mr.Mescudi’s lyrics paint only with the broadest strokes—in the chorus of “Another Day” he’sfeeling the “same old pain,” while on “She KnowsThis” he shutsdownaninteraction with “you can’t judgeme, babe,I’m

Kid Cudi performing at Coachella in 2019; his new album, ‘Man on the

CK Moon III: The Chosen,’ is out now TO

SHUTTERS twisted in the brain.” He conveys

A/ theache of his interior statewith- /EP out grounding it in anything con- crete. URENT

LA As one might expect, the al- bum’sback half offersareckoning

ETIENNE and akind of absolution, though the narrativedoesn’t moveina straight line.The lovely “Elsie’s MUSIC REVIEW |MARK RICHARDSON Baby Boy(Flashback),” built around awarped sample of the guitar from the Animals’ “House of the Rising Sun,” tells the storyof Making Problems Tuneful the rapper’s childhood, including his father’s death, with refreshing specificity.“Lovin’ Me,” which has an appealing clattering beat and a Kid Cudi’s latest album offers his usual self-reflection held aloft by gorgeous melodies strong cameo from indie-folk singer Phoebe Bridgers, is about finding inner resolveamid turmoil. leveland-born rapper Scott who shared his anxiety. Ostensibly,Mr. Mescudi reserves torDot Da Genius (born Oladipo In an interviewwith Apple Mu- Mescudi, aka Kid Cudi, has Besides his bond with his audi- that lunar title forhis most per- Omishore), “The Chosen” is soni- sic’sZane Lowe,Mr. Mescudi said morethan enough music- ence, Mr.Mescudi’scult status sonal music.“TheChosen,” likeits cally lush and musically varied he views his music as “one big industryaccomplishments owessomething to his wild incon- predecessors(“Man on the Moon without straying toofar from its S.O.S. to the world, to see who out Cto call him amajor star— sistency. His artistic gifts include II: TheLegend of Mr.Rager” came core sound—moody synths,heavily thereconnectswith what I’m say- GrammyAwards, platinum melody—he singsand raps—and a out in 2010), groups songsinacts processed vocals,and the skittering ing.” That notion informs “4 Da albums—and yetit’salso fair to sharp ear forproduction, but his with anarrativearc that suggests percussion of trap.This musical Kidz,” the record’s penultimate describe him as acult artist. Be- writing canbedull on aline-by- conflict followedbyredemption. backdrop helps compensatefor the track.It’sadirect addresstofans cause while he’sbeen embraced by line basis and he has trouble as- And there’sbeen plenty happening album’slyrical shortcomings—for who struggle with mental health the broader listening public, sembling coherent album-length in his lifesincethe release of his all itsharrowing subject matter, his and it gets at theessenceofhis there’sanunusual intensity to the statements. In addition he some- last solo album, 2016’sbleak “Pas- wordscan be frustratinglyvague work,how his appeal to those who connection he has with his most times follows his muse down blind sion, Pain &Demon Slayin’.” That and light on emotional insight. arehurting canmakethem feel devoted fans.The strength of that alleys—he’sindulged his fondness year,heentered rehab,and many Afterashort introductorytrack, lessalone,evenwhen he doesn’t bond owesalot to his willingness forgrungyalternativerock in both songsonthe newLPare about “Tequila Shots” drops us intothe expresshimself artfully.For those to makehis emotional travails the amisfired side project (the 2012 coming to terms with substance action and introduces the theme not attuned to the Kid Cudi aes- focalpoint of his work.Beginning self-titled record from his duo abuse. that dominates the record’s first thetic or those who might find the with his 2009 debut album, “Man WZRD) and adreadful and unbear- Thegood news forthose put off act—that even when one is com- record’s extreme inward obsession on the Moon: TheEnd of Day,” Kid ably long release under his own by the extreme length and desolate mittedtosobriety,the allureof off-putting,“Man on the Moon III: Cudi has portrayed himself as an name,2015’s“Speedin’ Bullet 2 mood of his past two solo records oblivion is difficult to shake. “Lotta TheChosen” is musically satisfying artist of rare vulnerability.His per- Heaven.” His just-released seventh is that this one is comparatively demons creepin’ up,” he raps at enough. sona, that of adepressed and LP,“Man on the Moon III: TheCho- brief (58 minutes) and features one point, later adding “Can’t stop lonely man self-medicating with sen” (Republic), avoids these fatal some of the best production of his this warinme”on the chorus.The Mr. Richardson is the Journal’s potent marijuana and other intoxi- pitfalls and is one of his most en- career.Executiveproduced by Mr. beatsare crisp and forceful, and rock and pop music critic. Follow cants, appealed to the listeners gaging albums from end to end. Mescudi and his regular collabora- the synths float and shimmer.On him on Twitter @MarkRichardson.

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NewYork City 39 27 s3227sn Dublin 48 42 pc 50 40 sh Warsaw3732c 39 35 c s PILESELLAZONK Oklahoma City 34 25 sn 39 22 pc Edinburgh 48 39 pc 49 44 r Zurich 43 37 r4535pc Solvethis puzzle online and discussitatWSJ.com/Puzzles. YEESHSEEDETSY P2JW350000-0-A01600-1------XA

A16 | Tuesday, December 15, 2020 THE WALL STREET JOURNAL. SPORTS The Eagles Are Chasing aData Revolution

The inefficiencies the team exploited during aSuper Bowl run arenow the efficiencies behind the NFL’s booming offenses

BY ANDREW BEATON

he Philadelphia Eagles were the toast of football three yearsago. It wasn’t Tjust that they wonthe Super Bowl. It was how they wonthe Super Bowl. In the 2017season, they were a previewofwhat the NFL might look likeinafew years. They went forit on fourth downs and ranaprogres- siveoffense.They beat the New England Patriotsinthe Super Bowl with their backup quarterback,Nick Foles,after their MVP-caliber quar- terback,Carson Wentz,got hurt at the end of the regular season. In the 2020 season, the Eagles areawindowintohow dramatically and rapidly football has changed in those few years. They show howthe fortunes of one team canchange swiftly and howmuch the game has evolved around them. Theineffi- ciencies the Eagles onceexploited arenow the efficiencies behind booming offenses acrossthe league—with Philadelphia leftto adapt and catchup. This wasnever clearerthan on Sunday, when the Eagles benched Wentz to start Above, Eagles quarterbacks Carson Wentz and Jalen Hurts stand together in rookie Jalen Hurtsinadeci- the huddle. Left, Eagles coach Doug Pederson is on the hot seat this season. sion that would have once been nearly unthinkable.The Wentz’s playhas deteriorated, the helped seal awin. changeproduced an upset win offensiveline has deteriorated even Earlier in the day, the Tennessee over the NewOrleans Saints moreand the talent at the skill po- Titans faced fourth-and-2inthe that could save Philadelphia’s sitions has waned. firstquarter in their ownterritory, longshot season in the weak Yetthe Eagles’ struggles could up seven points. They ranafake NFCEast. also be viewedagainst the backdrop punt and gotthe firstdown. Just three yearsago, Hurts against the league as awhole. On Sundayafternoon, Hurtstook wasastarquarterback at Ala- Other teams had begun to play the field forhis firstNFL start. bama. He hadn’t yetbeen likethe Eagles oncedid, with run- Hurtsoncewasn’t seen as much of benched in that season’sna- passoptions and fourth-down at- an NFL prospect. He wasbenched tional championship,and he temptsbecoming moreand more at Alabama in the middle of the na- hadn’t transferred to Okla- standard. tional championship forTua Ta- homa. TheEagles,likeAla- In 2017, NFL teams went forit govailoa, who’s nowMiami’srookie bama, had not one,but two 12.5% of the time on fourth downs. quarterback,beforethriving at quarterbacks that made the In 2020,that’supto19.1%.That Oklahoma. His numbersbacked his rest of the league jealous. means offenses aregoing forit abilities,but he wasseen as apro- Wentz had emergedasthe 52.8% morefrequently than they totypical college-quarterback—not sensation of the 2017NFL sea- did just afew yearsago. an NFL one.Itmade sense when a

son until he tore his ACLin Quantshad grownhoarse yelling team steeped in numbers, the Ea- S

December.When he went about this idea. Thenumbers gles,splurgedonhim with asecond PRES

down, Philadelphia wasthe rare that were still seen by manyteams betterdecisions on game day.” backed the seemingly basic notion round pick despitehaving Wentz, TED

contender prepared with alegiti- as acollege-level gimmick. Fast forwardseveral years, and that offenses with agood chanceto an entrenched starter. CIA matebackup plan. Nick Foles TheEagles were the ultimateil- those same charactersare in re- keep the ball and tryand scorea Hurtshad one edgeonWentz, SO stepped in and the rest became part lustration of howsmart NFL teams markably different positions. touchdown should do that instead though: speed. One of the biggest AS SH/

of football lore: Foles threw three should be operating but in most Foles wasbenched by the Jack- of willingly giving it back to the changes over the last several years GA touchdowns in the Super Bowl, he cases weren’t. Philadelphia’scoach, sonville Jaguarslast year and the other team or settling forachance had been NFL quarterbacks starting Y

caught another on “Philly Special,” Doug Pederson, wasadisciple of of- ChicagoBearsthis year.Wentz was at three points. to use their legsmorethan ever, MORR and Philly fans were actually happy fensivewizardAndy Reid. He was benched forHurts. Pederson, just a Today, teams aren’t just going for and this wassomewherePhiladel- S;

about their football team foronce. also open-minded enough to let an- short-time removed from delivering it on fourth downs when they’rebe- phia had fallen behind. Wentz’s sto- PRES But it wasn’t just the Eagles’ two alytics staffersadvise himonin- Philadelphia itsfirst-ever Super hind and desperate. They’redoing it icism in the pocket had led him to quarterbacks that dazzled the foot- game decisions and trust the wis- Bowl, suddenly found himself on moreand moresituations when the take moresacks than anyother ZUMA

ball world. dom of dataovergut instinct. The the hot seat with ateam that was numberssimply sayitgives them a quarterback this season. SMI/

It washow they playedfootball. Eagles converted aleague-high 17 3-8-1entering Sunday’sgame betterchanceatwinning. This time,the Eagles were catch- ON /IC

They ranacontemporaryoffense fourth downs in 2017. against the Saints. (Andy Reid, Ped- When the Kansas City Chiefs ing up to the rest of the NFL and SS

and executed data-based strategies. “It canbeoverwhelming,quite erson’smentor,last year wonthe were up six lateagainst the Miami not viceversa. It ended with Hurts RO They threwthe ball frequently on honestly,with the amount of num- Super Bowl with the Kansas City Dolphins on Sunday, they went for throwing for167 yardsand atouch- LE KY

early downs,they went foritag- bersand thingsthat come in,” Ped- Chiefs.) it on fourth-and-1—allowing Patrick down, running for106 more yards— P: gressively on fourth downs and erson said that season. “I payatten- Therewereplenty of Eagles-spe- Mahomes to completea22-yard and leading the Eagles to awin that TO OM

they deployedrun-passoption plays tion to what canhelp me make cific reasons fortheir decline. passthat set up afield goal and snapped afour-game losing streak. FR

JASONGAY

Northwestern isn’t given which include a45-24 defeat in an- much of achance. Well, Northwestern Football Versus the World other Big Tentitle game in 2018. maybe they’regiven a But that wasthen. This squad is chance,but it’sacour- different, he says.Let the predic- tesy chance, the kind the (And, MoreAlarmingly,Ohio State) tions of gloom come.Let the play- cashier gives with aPowerball ersuse it anyway they like. ticket—an “anything canhappen” “Whatever gets our guys going,I chance, because we’resupposed to Covid-19 outbreaks,but western is ahandful on don’t care,” Fitzgeraldsays.Heof- be apolitesociety,and that’sthe also with the unsaid as- defense,giving up less fers amemory: “Coach Barnett sort of optimism the civilized sumption that this 2020 than 15 pointsagame, used to makeupall these t-shirts. I among us project. TheWildcats Buckeyes team is very, and itsoffense,led by thought they were pretty cheesy.I have been invited to participatein very good, as in national Indiana transfer quarter- cut the sleeves off to showoff the afootball contest this upcoming championship good. back Peyton Ramsey,is pipe cleaners. Youknowwhat I Saturday, and in the football con- To the kingpins,to an upgrade afteradis- mean?” test, they could scoremorepoints denythe Buckeyes the mal 3-9 season in 2019. Ithink Iknowwhat he means. than the Ohio State Buckeyes.The- right to steamroll Therap on the Cats, be- Coach Fitzgeraldhad fantastic arm oretically,itcould occur.Crazy through another Big Ten sides the usual snide muscles back in the day. happens! It does.Sometimes. championship and vault dismissiveness, is that Northwestern also offersthis: But really,no, absolutely not. intoaplayoff with illu- they playonthe weaker Fitzgeraldsays the team has,so No.Don’t be absurd. Right? minati likeAlabama, or side of the Big Ten, that far,remained Covid-free,anim- When 6-1Northwestern plays Clemson, or whomever the Big Tenisahot pressiveaccomplishment in asea- 5-0 Ohio State on Dec.19inIndia- else,would be an affront messthis year,anyway, son in which collegefootball out- napolis forthe Big TenChampion- to the conference, the and they haven’t breaks have been routine,and the ship,thereislittle expectation that sport, and probably life knocked off aknown schedule has resembled ashopping the No.14Wildcatswill givethe itself,and so the six- heavyweight—North- cart with abrokenwheel. The No.4Buckeyes agame. game minimum was western’sbiggest win is coach credited the success to the Ohio State has been installed as dissolved. probably itsone-point reduced number of studentson ahearty 20.5-point favorite, and It wasabummer for victoryonHalloween Northwestern’scampus,strict in- the historyisbleak; Ohio State has Indiana, which has had over now6-2 Iowa. ternal protocols of masks and so- won32ofthe past 33 meetings, in- itself athrilling season, No matter. As the cli- cial distancing,and aresolutebuy- cluding a52-3romp in Evanston playedbeyondthe mini- ché goes,you canonly in from his team. last year. mum number,and hung playwho youplay. Hat- “I’m just so proud of our play- “They probably shouldn’t even with OSUina42-35 erswill hate, skeptics ers.” Fitzgeraldsays.“To me,that have shut the buses off,” deadpans loss, but even Indiana will skeptic.Fitzgerald, a normal collegeexperience—you Northwestern’shead coach, Pat kinda/sortaunderstood Wildcatsdefensive give[that] up as an athletealready, Fitzgerald. the deal. standout during the Gary and then to have the Covid pan- Last year waslast year,but the It’s Ohio State,for Barnett‘90s heyday, demic on topofthat, our guys have wide assumption is that sometime crying out loud. Every- doesn’t seem rattled. just been so disciplined, sacrificed lateinSaturday’s firsthalf,maybe body’s making 2020 up “When the ball goes so much. [I’m] just really thankful earlier,we’ll look at another Wild- as they go along,any- up in the air,all that forhow they looked aftereach cats-Buckeyes scoreand wonder way. What wasone more stuff doesn’t matter,” other.” whythey bothered putting the tweak? Ramaud Chiaokhiao-Bowman, right, celebrates with RileyLees says the coach. “It’s In 2020,you don’t knowfor sure whole thing on. It’sapresumptuous great forblogsand it’s until they kick it off,but they in- Ohio State is playing for more, conversation which might make torJoey Galloway described North- gottobeunbelievable forTwitter. tend to playthis championship, afterall. you, if you’reaNorthwestern Wild- western as a“bunch of ReceDa- What great stuff, right?” He veers Saturdayatnoon, at LucasOil Sta- When the Big Tenkingpins reas- cat, or afriend to one,feel alittle vises”—a referencetothe wonky, intoanamusing digression: “This dium, wherethe NFL Coltslive. sembled last week to tweak their disrespected, alittle forgotten, a 55-year-old host “CollegeGame generation probably doesn’t even Ramsey,the CatsQB, will tryto pandemic rules,and allowthe little prematurely writtenoff—a Day”—Fitzgerald pithily rebranded go on Twitteranymore, right? You borrow some of the magic from the S Buckeyes intothe title game de- plus one,onaparty invitation for the roster as the “Fighting Rece guys arenow on Instagram or famous Peyton who built the barn, spitehaving only playedfive somebody much moreimportant. Davises.” something? Facebook is foryour and Fitzgeraldisn’t afraid to think PRES games—the minimum forthis pan- And yetthis is acustom. Disre- “Howabout the Fighting Rece grandparents, right? Twitterisfor about what it would be likeif TED CIA

demic season wassupposedly six— spect is afamiliar vibe at North- Davises?” Fitzgeraldquipped after dads and moms now.” Northwestern pulled it off. SO

it wasdone not only with the belief western; they bottle the public’s the Catsknocked around my be- Fitzgeraldknows his team is up “It would be ahell of aride AS

that Ohio State shouldn’t be pun- jibes and backhanded compliments loved and then-undefeated Wiscon- against it. He is quick to laud Ohio home on I-65,” the coach says. HUH/

ished formissing games itsoppo- and drink it up as fuel. Earlier in sin BadgersinNovember. State’s success and acknowledge Sure would. Sometimes achance Y. M

nentscouldn’t playbecause of the season, when ESPN commenta- They’renot bad. At all. North- Northwestern’srecent defeats, is all it takes. NA P2JW350000-2-A01700-1------XA

THE WALL STREET JOURNAL. ** Tuesday, December 15, 2020 | A17 OPINION A Special Counsel Christmas BOOKSHELF | By Randall Stross

Will Hunter cial counsel as pernicious. independent counsels. special counsel isn’t the only HireTeachersfor Biden wake Alas,each time we givein Thetravesty of Bob Muel- way to get those answers. up to aspe- to claims that the circum- ler’s appointment is a perfect If JoeBiden wishes to avoid cial counsel in stances in this or that particu- expression of the dangersthat beginning his presidencywith his Christmas lar case must trump our nor- remain even in itswatered- aspecial counsel hanging over Higher Education stocking? malskepticism about special down, special counsel succes- his administration, he could MAIN News re- counsels,itonly invites calls sor. TheMueller investigation announcehewill keep the U.S. STREET portssay formore. Nowweare hearing became an obsessivepursuit attorney nowleading the in- The Amateur Hour President them forHunter Biden. David of itsquarry, went on far lon- vestigation intoHunter until By William Trump wants Rivkin, aconstitutional lawyer gerthan it should have,and he’s finished the job. Then he By Jonathan Zimmerman McGurn his attorney who has served in the Justice strayed well beyond its origi- could promise the full cooper- (Johns Hopkins, 294 pages, $34.95) general to Department and WhiteHouse nal purpose.But unlessthe ation of theBiden JusticeDe- name one.The lawsays aspe- Counsel’sOffice, explains the partment. sthe pandemic has forced most colleges and cial counsel is warranted in a risks of not naming one: This U.S. attorney wouldn’t A universities to adopt remoteinstruction, it’sworth criminal investigation when “Given Bill Barr’s decision— How a Joe Biden enjoyall the privileges of a remembering that morethan 50 yearsago some leaving it to the JusticeDe- properly driven by DOJpoli- special counsel. Even so,likea schoolsvoluntarily experimented with remoteinstruction partment presents “a conflict cies,toproceed extracau- Justice Department special prosecutor—but with- via televised classes.That did not go well either.Students of interest.” It’shardtoimag- tiously with the Biden could investigate out the infringements on the did not feel the same connection to their instructorsand ine amoreunambiguous con- investigation during the elec- president’sproper authority— that, in turn, made adifferenceinwhat waslearned. “It’s flict of interest than the one tion season—the failureto Biden’s son Hunter. his appointment would make bettertohaveapoor instructor in the classroom,” said one Hunter Biden presents: A Joe moveforwardvigorously with it harder for the incoming Bi- unhappy professor in 1967,“than to have agood one on TV.” Biden Justice Department in- this investigation now would den administration to squelch Thevignette comes from Jonathan Zimmerman’s“The vestigating his son over con- result in immunity forall in- target is aDemocrat, those on the investigation. Allowing the Amateur Hour: AHistoryofCollegeTeaching in America.” duct that might also implicate volved.This would mean that the left rarely take such com- current investigation to play Mr. Zimmerman, an education historian at the University of the sitting president. running forPresident and plaintsseriously.SoTrump out this way would further Pennsylvania, has braided together asmooth narrativefrom Even so,aspecial counsel is winning effectively puts that supportersmight well ask help restorethe public’sconfi- manyshort pieces of thread, consisting of glimpses intothe a bad idea. person and his family above wherethe concerns forconsti- dence that Justice can be de- experiences of faculty members, studentsand administrators Twoweeks ago, William the law.” tutional norms and niceties pended on to apply the law from the early 19th centuryupthrough the 1990s,and Barr announced that in Octo- Advocatesfor aspecial were when their man wasin fairly and without favor. encompassing two-and four-year institutions,large and ber he’dappointed U.S. Attor- counsel also have apoint the crosshairs? It wouldn’t please all those small, eliteand not. Thebook is economical in its ney John Durham as special when they ask whyany attor- The Bidens haven’t exactly demanding a special counsel. presentation of materials, counsel forthe investigation ney general investigating seri- made agood defense of them- But unlessthe Bidens truly gathered from 60-plus into the origins of the FBI’s ous allegations against the son selves,either.Atthe last pres- have something to hide—and archives,and even-handed in Russia-collusion probe.Hedid of aman who will soon be idential debate, JoeBiden Hunter insistsanobjectivere- presenting the gripes of so to ensureMr. Durham could president shouldn’t use every flatly told the American peo- view will find he handled his instructorsand students. finish his investigation regard- tool at his disposal. pleHunter hadn’t made any affairs “legally and appropri- Thebook’sclever title less of the election outcome. It isn’t a popular view, but money in China. Sen. Ron ately”—keepingthe existing refers to the way that higher Theargument wasthat the thecounterargument is that Johnson,whose Homeland Se- U.S. attorney on would guar- education, when hiring, magnitude and natureofthe the special counsel’sinsula- curity Committeeisinvesti- antee the “objectivereview” evaluating and rewarding allegation—thatthose at the tion from the president’snor- gating the young Mr.Biden’s he says he wants. And letting faculty,gives most attention uppermost levels of the gov- mal executiveauthority still overseas dealings, is blunt: aRepublican-appointed fed- to research productivity and ernment abused their power raises some of the same con- “Joe Biden has been caught in eral prosecutor complete this little to teaching effectiveness. to intervene in a U.S. election stitutional objections Justice repeated lies over Biden Inc.” investigation would be an ex- Partly this is due to the and then to undermine aduly Antonin Scalia raised in his Nowthat Mr.Biden has cellent way forHunter’s father difficulty of measuring elected president—made ap- magnificent 1988 dissent from been elected president, surely to showhe’sserious about his effectivenessinthe classroom, pointing aspecial counsel the in Morrison v. Olson. In that it’s even more imperative the pledgetolook beyond party but it is also due to the lesser of evils.It’sastrong ar- decision the Supreme Court American people learn exactly lines forways to come to- resistanceoffaculty members gument, and it has persuaded upheld the constitutionality of what Hunter wastrading,as gether in the interests of our to having their teaching reviewed manywho otherwise rightly the now-expired lawthat al- well as what his father knew country. by peers—something that would, Mr.Zimmerman says, regard the institution of spe- lowed for the appointment of and when he knewit. Still, a Write to [email protected]. “maketheir teaching truly professional.” “The Amateur Hour” begins with the recitation model of collegeteaching,which wasnear universal in the early 1800s. Studentswereasked to read an assigned passageand then, Can Biden Find Clarity on China and Russia? at classtime,reciteeither asummaryor, some professors might insist, the passageinits entirety.When lectures began Critics areal- won’t derail the newteam, norities.First the 9/11 attacks Soviet Union shared adesireto to displacerecitation, some collegepresidentsworried aloud ready attack- failing to deal effectively with and then the hostility of Russia avoid anuclear death match about the problem of keeping studentsactively engaged ing the incom- the challengearising China and China over time shifted and so were able to reach throughout the classsession. TheYale Report of 1828 ing Biden poses to Americaand itsIndo- American foreign policyto- arms-control agreements. But wondered whether the student attending alecture“may administra- Pacific allies could. ward afocus on great-power that didn’t makethe Cold War repose upon his seat and yield apassivehearing ...without tion, raking it Though thereismuch to rivalries.This culminated in disappear. ever calling intoexercise the powers of his ownmind.” GLOBAL forsending criticizeabout the Trump ad- theTrump administration’s Thehardreality is geopoli- As morestudentsenrolled in higher education, hiring VIEW mixed signals ministration, itsmembersun- 2017 National Security Strat- tics come first. An interna- did not keep pace. Classsizes grew,and studentshad less on China. The derstood that without geopo- egythat put “great-power tional order is only as strong contact with professors. Previously,faculty membersat By Walter Biden Team is litical success it doesn’t really competition” at the center of andeffectiveasthe geopoliti- small liberal-artscolleges knewevery student on campus Russell Mead playing asort matterwhat Americans think America’sinternational calfoundations on which it and could demonstratepersonal concern forthem. By the of good cop, about climatechange, human agenda. stands. It is good to have late19th century, however, manyAmerican faculty members bad copwith Beijing—Jake Sul- rightsorthe politics of gender. global governancegoals.Itis were trained in Germanyand brought back with them a livan urgesAmericans to sup- If the U.S. had lost World War important to think about win- passion forresearch, as well as moreinterest in libraries port Australia against Chinese II, Franklin Roosevelt’s ideas Shared interests help winoutcomes and to work to- and laboratories than in students. In 1887,Julius Seelye, pressure as John Kerrymuses about human rightsand multi- ward common values both to the president of Amherst College, lamented the changes: about grand climatedeals with lateral institutions would be shape geopolitical inspireallies and conciliateop- “Education is awholly personal work.Itisnot gained by Beijing.But amixed-signal historical curiosities. rivalries, but they ponents. But the U.S.—with its books,orbyinstruction alone,nor by anything in placeof strategyatthis stageis, if any- This is not an endorsement allies—must getthe power the living inspiration of the living teacher.” thing,beneficial to Team Biden. of “AmericaFirst” foreign pol- can’t erase them. politics right, or watchits By 1900,the demotion of teaching in institutional priorities It’sthe newadministration’s icy. Quitethe contrary. Strong hopes foramorepeaceful and wassopronounced that the headline foraneditorial in the potential forlater fuzzythink- alliances matteringeopolitical sustainable world order fade Nation magazine declared, in uppercase letters,“THE ing when it comes to great competition. Nor is good geo- Manyofthe people around away. DECLINE OF TEACHING.” Tenyearslater DavidS.Jordan, powerrivals such as China that politics values-free.AsTalley- the president-elect believethis Russiaand China sensed the president of StanfordUniversity,conceded that “the should worryonlookers. rand allegedly said about Na- wasatragic error,partly be- American weaknessatthe end young instructor has been urgedtoplaceasmanyprinted Sending mixed signals is a poleon’sinability to turn his cause they viewclimate of the George W. Bush adminis- pages as possible to his credit” and “encouraged to look with standarddiplomatic technique. militaryvictories intoalasting changeand pandemics as more tration, as the U.S. wasbogged scorn on the ‘mereteacher’who caresfor the intellectual Iran has been using agood cop, order,“Youcan do anything frightening and immediate down in unpopular Middle East welfareofthe students.” bad copstrategyagainst the youlikewith bayonetsexcept dangersthan great-powerri- conflictsand the financial cri- U.S. fordecades,and it has paid sitonthem.” In other words, vals.They also believehuman- sis.The Obama administration off pretty well. There’snorea- hardpowercan win awar,but ity has such acompelling com- wasn’t responsible forthis sit- Want better instructors at universities and son an American president youneed something moreto mon interest in wrestling with uation, but Washingtondid fail colleges? Then emphasize teaching, not shouldn’t giveitatry. createastable peace. Success- issues from public health to fi- to addressiteffectively.The True,Beijing doesn’t appear fulstatesbuild institutions,set nancial regulation that na- geopolitical conditions grew research, when recruiting faculty members. to be seeking relationship re- norms and establish their le- tional leaderscan’t ignore significantly morethreatening sets: China is behaving aggres- gitimacythrough meaningful them forlong.Team Biden over the next eight yearsas sively toward India, Australia effortstoaddressinternational thinks that dealing with these Russiaand China moved ag- Worse, the betteraninstructor wasatteaching,the less and others. Confrontational problems. issues will allowthe U.S. to gressively against an indecisive standing he had in his discipline.AnOhio State dean wrote Chinese“wolf warrior diplo- Theincoming Biden team is form global coalitions that will and oftenuncomprehending that same year that “thereisarather wide spread notion in mats” continue to be promi- nostalgic forthe golden 1990s drivegeopolitics intothe back- American government. American Universities that aman who is an attractiveteacher nent.Still, the Trump years when historywas over.After ground. Thepromotion of Theglobal governanceis- must in some way or other be superficial or unscientific.” have been awild ride,and giv- theCold War, world politics global governance, in this sues that manyonTeam Biden Theleitmotif that runs through Mr.Zimmerman’snarrative ingBeijing achancetodecide looked to be about global gov- view, is abetternational strat- care most about cannot be ad- is that class sizes continued to grow and grow and grow: whether it wantstodeal with ernance: developing amore egythan the pursuit of geopo- dressed without the hard- Theeconomics proved toocompelling even forliberal-arts thegood or bad cops in the Bi- open tradeand financial sys- litical advantage. nosed geopolitics that many colleges,the last bastions of small-batch instruction, to den administration will at least tem, addressing climate Unfortunately,that is not Democratsreject. Thepresi- ignore. Thelargest classes have been at universities,of clarifyU.S.choices. change, and promoting democ- howthingswork.Common in- dent-elect’sforeign policywill course,and sincethe early 20th centurythese institutions But while agood cop, bad racy,human rightsand equal- terestscan help shape geopo- stand or fall on his ability to have been trying to counterbalancethe worsening student- coproutine in December 2020 ity forwomen and sexual mi- litical rivalry: Americaand the managethat paradox. instructor ratio with honorsseminars, independent study, small-group tutorials and other morepersonalized formats. But these programs also required assigning manymore studentstoverylarge classes.“If the colleges aretoask Trump Isn’t the One Politicizing Science society to support amoreindividualized type of instruction,” wroteHomer L. Dodge, aphysicist and dean at the University By Joel Zinberg tradicted in his next sentence, mune response that the SARS- abandoned when trials fail to of Oklahoma, in 1932, “collegeprofessorsmust be willing to which notes that the Food and CoV-2 virus elicited in confirm their usefulness. learn the technique of handling large groups of students.” olitics has infected Drug Administration approved severely ill patients. They be- Mr.Trump has made dis- Foundations funded many20th-centuryinitiatives to P manyissues over the an emergency-use authoriza- gan to deploy hydroxychloro- jointed and flat-outgoofy improvecollegeteaching,but alack of knowledgeofwhat past four yearsand has tion forhydroxychloroquine quine because it has long statementsduring the pan- wasneeded forexcellencestymied these efforts. “Weperhaps nowreached the supposedly on March 28,one week before been used to treat autoim- demic,but medical profes- canrecognizeitwhen we see it,” said one University of objectivehalls of official med- Mr.Trump’scomments. The mune diseases likerheuma- sionals did not base their au- Minnesotaprofessor,“but we cannot draw up abill of icine.Inaneditorial forthe toid arthritis and lupus,with thorization or treatment particularsbeforehand.” Journal of the American Med- agood safety profile. decisions on these remarks. Newtechnology, at various junctures,has briefly promised ical Association,“Misguided Antimalarials seemed Hydroxychloroquine and its Mr.Trump’sendorsement of ameans of giving everystudent personalized instruction— UseofHydroxychloroquine for cousin chloroquine had also hydroxychloroquine did not and freeing the amateur instructor to pursue research in his COVID-19: TheInfusion of Pol- promising, then failed been studied as antivirals lead to itsuse or hinder the discipline.Mr. Zimmerman bringstolight the evangelism of itics IntoScience,” Dr.Michael in trials. That’s how with activity against the simi- scientific processthat led the psychologist Fred S. Keller, who in the early 1960s developed Saag claims that “the politici- lar SARS coronavirus and FDAtowithdraw itsEUA less atemplatefor self-paced collegecourses that he called the zation of the treatment” was it’s supposed to work. other viruses.Several encour- than three months later.The Personalized System of Instruction. But self-paced classes moreimportant than the sci- aging preclinical studies and editorial is ashamelessdem- required considerable self-discipline of the students, and enceinpromoting the use of small clinical trials,including onstration of the “infusion of though PSIs enjoyedavogue in hundreds of places in the the antimalaria drug to treat FDAgranted that authoriza- aFrench study published in politics intoscience” that the early 1970s,course completion ratesweredismal. Covid-19.This evidence-free tion at the request of the Bio- Marchand cited by Dr.Saag, journal’seditorspurport to Mr.Zimmerman has been honored forhis teaching and is claim is contradicted by infor- medical Advanced Research reinforcedphysicians’ willing- condemn. an activeparticipant in ateaching-improvement initiativeat mation in the same editorial and Development Authority, nesstotry hydroxychloro- his home institution. But even he fumbles forwords when andthe scientific literature. or Barda, another U.S. govern- quine. Dr. Zinberg is asenior fel- trying to describe what makes agreat collegeteacher.It Dr.Saag doesn’t citeasin- ment health agency. Within ashort time,well- low at the Competitive Enter- requires a“distinctiverapport” with students, he says,but gle source to support his Physicians prescribed hy- conducted clinical trials failed prise Institute and an associ- also “a kind of mystical presencethat cannot always be claim that President Trump’s droxychloroquine to treat to confirm the effectivenessof ate clinical professor of defined but also cannot be denied.” Also worth noting for April 4promotion of the drug Covid-19 because they had hydroxychloroquine to treat surgery at the Mount Sinai our Year of the Plague: He believes that the ineffable, influenced physicians’ pre- reason to believeitcould or preventCovid-19.This is Icahn School of Medicine in energizing spark of education cannot be conveyed via scribing decisions. His claim work.Inthe early days of the theway medical scienceis New York. He served as senior computer connection, but only face-to-face. that “no health official” in the pandemic when therewereno supposed to work.Treatments economist and general counsel U.S. government endorsed use established therapies,clini- fornew diseases aretried at the White House Council of Mr. Stross is the author, most recently, of “A Practical of hydroxychloroquine is con- cians noted the severeim- basedonatheoryand then Economic Advisers, 2017-19. Education: Why Liberal Arts Majors Make Great Employees.” P2JW350000-2-A01800-1------XA

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

REVIEW & OUTLOOK LETTERS TO THE EDITOR Yo ur New Climate 401(k) How Perilous Is China’s Threat to the U.S.?

emocrats accuse President Trump of changeCommission to incorporateclimaterisks John Ratcliffe’s “China is National grip on power. But China has an un- politicizing the Federal Reserve, and in its fiduciary standard for asset managers. Security Threat No. 1” (op-ed, Dec. 4) derclass of perhaps half a billion who D sometimes not without cause.But look Pension funds and 401(k) managerswould have presents a surprisingly narrow view are not content. It has massive debt, a of the U.S.-China relationship, and its suspect shadow-banking system, who’s nowdemanding that the to invest worker retirement Senate Democrats lay call to arms is troubling. As director overbuilt real-estate markets, a central bank and other finan- money based on Democratic of national intelligence, Mr. Ratcliffe hugely expensive bet that the Belt and cial regulators accommodate out their green agenda climatepolicywhether or not must focus on threats to U.S. inter- Road Initiative will increase influence their plans to politically allo- a law passes Congress. ests. But there is some data missing and access to markets and resources, cate capital. for financial markets. Thegoal is to denycapital in his analysis—data that reveals that huge corruption at all levels of gov- TheSenateDemocrats’ Spe- to companies that produce partnership with China, not antago- ernment and no real allies. cial Committeeonthe Climate fossil fuels or hold other as- nism, should be pursued. Despite China’s extraordinary eco- Crisis recently issued areport detailing howthe setsthat politicians deem “toxic.” Democrats First, competition is a force for nomic growth and its militarization of Fedand eight other regulatoryagencies should explicitly saythat “utilities,automobiles,avia- change. Without competition, indus- islets in the various offshore seas, penalizeinvestment in fossil fuels and promote tion, shipping,real estate, and heavy industry” tries become complacent, some even that doesn’t sound like a superpower green energy.They claim financial institutions could also become stranded assets. Banks rent-seeking. Mr. Ratcliffe mentions capable of dominating the world. the extremes to which Chinese com- HARLAN ULLMAN areunderpricing the risk that carbon-intensive would suddenly have to account forthe risk panies go to steal trade secrets. But Washington assetswill become “stranded.” that home and commercial mortgages in shale stealing trade secrets isn’t new. Chal- Mind you, their worry isn’t about how cli- basins would fall underwater if fracking is lenges from competitors, whether The No. 1 threat to U.S. security matechangeper se would devalue investments, banned.Airlines might getdowngraded be- they be states or private actors, often and economic power isn’t any foreign which financial institutions already account for. cause the Green New Deal contemplates limit- lead to advances. country but our own failure to suc- They want awarning about the costsofgovern- ing air travel. Second, cooperation is possible be- cessfully educate people. The U.S. ment climate policies. “Because Congress has And don’t think monetarypolicygetsoff the tween rivals. Challenges that cut isn’t even in the top 20 in educational not advanced anycomprehensiveclimatepoli- hook. The report says “the Fed must account across borders such as climate achievement in math and science. Ed- cies in the last decade,the market has not for[climate] risks in monetarypolicy: itswork change, future pandemics and the im- ucation underpins technical innova- priced in the possibility of significant federal to buffer the economyfromunexpected shocks pact of Artificial intelligence must be tion and economic vitality in any action,” the report notes. and achieve maximum employment and price met in partnership. A majority of re- country. It isn’t reasonable to expect spondents in a recent poll by the Car- that the U.S. can remain a world “This process—or moreaccurately,the mere stability.” Democratsaren’t specific,but the Eu- negie Council of voters interested in power without a world-class educa- realization that this processisimminent—will ropean Central Bank has been buying corporate international affairs found greater in- tion system. drivedownthe value of assetstied to the car- and government bonds that financeclimate terest in peaceful competition versus I wouldn’t discount the impact of bon-sensitiveenergy,electric power, and projects. forcible confrontation with China. China’s bad behavior, but there are transportation sectors, among others,” Demo- Fedmodels predicting priceinflation and un- Third, social media is redefining far more fundamental, internal, lon- cratswarn. “The risk of holding this type of as- employment have often been wrong, and cen- geopolitics. Although China is trying ger-term threats to the U.S., including set, which will lose value in alow-carbon econ- tral bankershaveahistoryofoverlooking risks to tamp down on dissent, borderless massive and apparently unstoppable omy, is referred to as transition risk.” In other in thefinancial system likehousing.But Demo- technology is connecting youth move- deficit spending. words, Democratswant to kill your business, crats somehow think the oracles of the Eccles ments in a way we haven’t experi- BILL COLTON so please account forthe hospitalization and Building canproject changes in climateand enced before. And Gen Z is sure to Houston have an increasing say in how coun- burial costs. government policy over the next 30 years. tries, diplomats and intelligence Mr. Ratcliffe is correct. I know this Forstarters, Democratswant the Fedtouse So does aspecial committeeconvened by the agents interact in the coming years. to be true because of my 35 years of capital and liquidity standards and annual stress Commodity Futures Trading Commission, The “us versus them” argument no teaching experience at Texas A&M. teststomakebanks—and potentially also insur- which issued a report that endorsed much of longer resonates in policy circles or Some years ago I was physically at- ersand asset managers—priceinthese unknow- theSenateDemocrats’ plan including climate- with consumers. Simply put, we need tacked by a Chinese student rummag- able political risks.They want regulatorstoas- changestresstests. Thecommittee, which was China and the U.S. to work together ing through an engineering office sign carbon-intensiveassetshigher risk weights, organized by Democratic Commissioner Rostin to thrive. while most faculty had left the build- so banks would have to hold morecapital against Behnam,included membersfromCalpers, TATIANA SERAFIN ing during a smoke alarm. I believe them. This would discouragebanks from financ- BloombergNEF, several investment firms and Carnegie Council for Ethics in that no one cares. Universities love ing such investments, while “green” investments asset managers. International Affairs international students because they would be deemed lowerrisk. Manyhope to makemoney from this regula- New York pay the full price. Part of that money then goes to support U.S. or in-state Marketsare already anticipating agusher of tory arbitrage, including these financial firms. Hyperbole aside, the evidence Mr. students. I have been trying for more government green stimulus and fossil-fuel regu- Michael Bloombergwrote an op-ed on Monday Ratcliffe presents consists of cases of than two years to find out whether lation. Renewable energy indexfunds have urging the Biden Administration to adopt the “rob, replicate and replace.” This Chi- my university even attempts to deter- surgedthis year.Investorshavealso poured into reporting guidelines of the “Task ForceonCli- nese intellectual-property theft is a mine whether Chinese students are electric-vehicle start-ups with no track record mate-related Financial Disclosures,” which he real problem, but it is one that can be supported by the Chinese Communist such as Fisker and LordstownMotors. chairs.Mr. Bloomberg, BlackRock and other corrected with smarter cyber hygiene Party. I was told by a former dean of Democratswant companies with high emis- masters of finance may do very well from cli- on our part. As for influence opera- students that Chinese students must sions to be downgraded and paymorefor mate-changemandates and regulation. Every- tions, the U.S. has proved far more in- agree to spy to get full support from credit. They also want the Securities and Ex- one else, watch out. vasive than China. Just check the their government. My result so far is CIA’s history. no answer, “We cannot discriminate As no one in the intelligence com- by ethnicity” or “The university has munity even suspected the Soviet software that does that.” Really? I Biden, Bibi and Bhutan Union’s collapse, are we exercising have become skeptical. Christmas the same intellectual arrogance in not break provides a great time for IP srael’sera of diplomatic good feeling One payoff for the U.S. of the Abraham Ac- uncovering Chinese weaknesses as theft: The lights are on, but nobody is presses on, with the Jewish state winning cords was the promise that they could lead to well as strengths? No one is predict- home. I recognition last week from Morocco in increased investment in Israeli technologyfrom ing that China will implode or some- ELIZABETH TEBEAUX North Africaand over the wealthy Arab states, displac- how the Communist Party will lose its College Station, Texas weekend from Bhutan in Another diplomatic ing Chinese capital. If the Bhu- South Asia. Themajority-Bud- normalization shows tan-Israel agreement further dhist Himalayankingdom of strengthens Israel-India ties, lessthan amillion people may Israel’s greater clout. that also redounds to the ben- Debating the FDA’sVaccine Approval Delay not be astrategic powerhouse, efit of the U.S. as it tries to Your editorial “TheFDA’s Political encing the vaccine approval process: but itsnormalization shows balanceChina’sinfluencein Inoculation” (Dec.4)onthe FDAre- “The U.K. did not do it as carefully” that Israel’s new diplomatic standing extends Eurasia. view of Pfizer-BioNTech’sSARS- as the FDA. This disparages our beyond the Persian Gulf. As JoeBiden begins Middle East diplomacy, CoV-2 vaccine application misses British colleagues by suggesting Unlike the Abraham Accords involving the he will be engaging with an Israel that is in a the mark.The FDAisthe lead regu- that the U.K. processallowedfor United Arab Emirates,Bahrain, Sudan and Mo- stronger strategic position than when he was latoryagencyinthe world. The earlier approval only because it was rocco, the U.S. didn’t broker the deal between last in the White House. He says he wants to stringencyofFDA reviews set a deficient. Dr.Fauci is providing Israel and Bhutan. The agreement was signed build on the Trump Administration’s diplomatic high bar.Tobesure, two decades in coverfor the FDAinertia that is de- in India. Yet Israeli Prime Minister Benjamin progress between Israel and the Arab world, the biopharmaceutical industryhas laying the vaccine approval process. Netanyahu tweeted that Bhutan’s recognition and aNovember Journal report suggestsSaudi shown me that the processisoften MICHAEL T. VALLEY, M.D. was“additional fruit of the peaceagreements.” Arabia is holding out on recognizing Israel in plagued with unreasonable require- St. Louis Park, Minn. mentsand inefficiencies.But the It’salso fruit of Israel’seconomic and strate- the hope of using it to improveits standing with speed of the MHRA’s(U.K. drug reg- Your editorial contains the state- gic clout in South Asia. India’s trade with Is- the Biden Administration. ulatoryagency) approval of the vac- ment: “There’snoevidencethat a rael—including militaryequipment—has been Will Mr. Biden take that political win? The cine has been driven as much by three-week reviewisneeded.” You steadily increasing as its economy grows, and big question is whether he and his team recog- European politics as it has by inter- knowthis how, exactly? Has anyone Prime Minister NarendraModi and Mr.Netan- nize the new Mideast landscape, and Israel’s nal processes.Each regulatory at the Journal seen the data(which yahu have warm relations.Bhutan is aclose In- role in it, or whether it will return to the Obama agencyhas itsown style influencing runtohundreds of thousands of dian partner and China has stepped up disputes Administration’s failed approach of sidelining the approval processincluding tim- pages)? Has anyone at the Journal along the kingdom’s borders. U.S. allies and drawing closer to Iran. ing.Lesshostagetothe EU’sEuro- ever seen, let alone touched, an ap- pean Medicines Agencybureaucracy, plication forapproval of adrugor MRHA canbenimble and set its vaccine? Ihave. As an FDAreviewer, ownpriorities and timelines. Ifound extraordinarycomplexity, Thank Yo u, Bill Barr Thestandardreview takes10 and sometimes shortcomingsorin- months (six forapriority review). A consistencies,inmanysubmissions. illiam Barr resigned as Attorney Gen- Attorney,Jeffrey Jensen,tore-examine Mr. one-month timeline from submission Especially when aproduct will eral on Monday, effectiveDec.23, Mueller’sprosecution of Michael Flynn.That to approval is alightning-fast re- potentially be administered to hun- W and he’scertainly earned the right to probe turned up moremalpracticeand adecision viewfor an application that must be dreds of millions of healthyAmeri- leave early.Hehas been the to dismisschargesthat never several thousands of pages.When cans,meticulous care is necessary. right man at the right time for The AG was the right should have been brought. Mr. assessing staffing and timelines, Oh, and by the way,myteam ap- that difficult job,with the prin- man for the job in Barrused the lessons of these keep in mind that the FDAstill car- proved the firstbiopharmaceutical, ciples and toughnesstomake misguidedprobes to impose ries the burden of other reviews of human insulin, in what wasthen re- difficult decisions despitebit- hyper-partisan times. newrules and limitsonpoliti- newmedications beyond those re- cord time foranew drug applica- terDemocratsinCongressand calinvestigations. lated to Covid-19.The FDAreview tion: five months,in1982. teams work diligently and nowmust HENRY I. MILLER, M.D. awillful President Trump. We disagreed with Mr.Barr be working 24/7.Givethese highly Redwood City. Calif, Mr.Barr had already been AG oncesohe on the weak antitrust case against Google. But he skilled and committedprofessionals Dr. Miller was founding director didn’t need the title.Hetook the job in aWash- has been achampion of free speech and religious credit. of the FDA’s Office of Biotechnology. ingtonmarked by no-limitspartisanship know- liberty when both areunder attack by progres- COLEMAN GROSS, M.D. ing that he would be criticized no matterwhat sives.His interventions on Covid-19 restrictions Berkeley, Calif. he did. But he wanted to clean up aJusticeDe- against houses of worship supported lawsuits Pepper ... partment that he rightly knewhad been tainted that have been vindicated at the Supreme Court Preliminarydisclosureofdata And Salt by acorrupt FBI under James Comey and politi- and forced governorstoconsider the First showsthat the Pfizer-BioNTech vac- calappointees in both parties who lacked the Amendment’slimit on their power. cine is both effectiveand safe. De- THE WALL STREET JOURNAL courageortenacity to take responsibility for Perhaps Mr.Barr’s greatest contribution was laying the vaccine approval decision hardprosecutorial judgments. speaking truth to Mr.Trump,who wanted his so that outside expertscan review dataand the public cansubmit com- His achievementsincluded navigating the end tormentorsprosecuted whether or not the evi- mentsisdelaying the deliveryof of the Robert Mueller probe while protecting the dencewarranted. This resistancechafed on Mr. the vaccine,leading to the lossof officeofthe Presidencyfromunconstitutional Trump as Mr.Barr’s tenurewent on, and espe- lives.Asyou state, the FDAexperts conclusions about obstruction of justice. Future cially when Mr.Durham declined to bring indict- have been poring over these data Presidentsofboth parties will thank him. mentsorleak evidencebeforethe presidential from the moment they have been He waswilling to enduremedia and Demo- election. This wasthe right decision and shows produced and arefully qualified to cratic smearsbytaking fresh looks at old investi- Mr.Barr’s adherencetoprinciple. makeajudgment on vaccine ap- gations.This included hiring U.S. Attorney John Mr.Barr recently said publicly that his inves- proval—unencumbered by political Durham to examine howthe FBI could decide to tigatorshad not found enough evidenceofvoter pressure. investigatethe 2016 Trump campaign as aRus- fraud to overturn the presidential election, YouquoteAnthonyFauci refer- sian front. Hisrelease of documentshas helped which wastruebut infuriated Mr.Trump.These Lettersintended forpublication to showthe FBI probe began in partisan schem- run-ins influenced Mr.Barr’s decision to leave should be emailed to [email protected]. ing and unlawful practices,and Mr.Durham is early.Ashas so oftenbeen the case with this Please include your city, stateand staying on the job and mayhavemoretoreport President and his advisers, Mr.Trump never ap- telephone number.All letters aresub- and indictments. preciatedall that Mr.Barr did forhis Presidency ject to editing,and unpublished letters cannot be acknowledged. Mr.Barr also had the guts to ask another U.S. and the country. “I actually prefer this six-foot deal.” P2JW350000-0-A01900-1------XA

THE WALL STREET JOURNAL. Tuesday, December 15, 2020 | A19 OPINION The Left Wants a Philanthropy of the Few

By Elise Westhoff nor-advised fund has alittle more (Similar initiativeswould require than $166,000 set aside forcharity. foundations to pay10% of their fund- ttakes afine sense of ironyto Donor-advised funds allowindividu- ing everyyear,effectively forcing start the season of giving by als to donateasmuch as they likean- them to spend down their assets.) trying to limit Americans’ gen- nually,evenafew hundred dollars. It’snosurprise wherethis control- I erosity.Yet that would be the Some choose to giveright away, ling attitude comes from. Ms.Madoff, outcome of ahigh-profile legis- while otherstakealong-term ap- the primaryauthor of the initiative’s lativeproposal unveiled on Dec.1, proach, waiting to align their priori- policyproposals,has made her career “Giving Tuesday,” conceived by for- ties with the needs of the communi- calling on philanthropy to servethe merhedge-fund manager John Ar- ties they aimtoserve. These funds “public good.” But likemanyprogres- nold andBoston Collegelaw profes- also providedonorswith the option sives,her definition of the public sorRay Madoff. Theproposal would of privacy—the particular focus of good tends to be narrow,springing stifle Americans who want to support politicalattack. mainly from aworldviewhostile to worthycauses but aren’t superrich. It Donor-advised funds have multi- wealth and privateaction, while sup- would also further the goals of pro- plied. Thenumber of accountshas portiveofgovernment regulation in gressivepoliticians who seek to pun- risen by morethan 300% since2010, pursuit of predefined political and ish charitable giving they don’t like and as their popularity has grown, so cultural aims.

and can’t control. has the criticism. Sen. Sheldon E This viewcannot be squared with

Whitehouse routinely savagesthem, OW the longstanding purpose of philan- sincehecan’t see and thereforeat- CR thropy.Throughout America’shistory,

Major foundations back a tack or control who gives to them. CHAD generous citizens have voluntarily Yetthe vast majority of giversare turned to charity to solvesociety’s proposal that would force supporting critical services helping alike should have the option to ad- it mandates anew model forprivate problems without external control. smaller donors to spend people in need, and liberals use do- dressthe needs of communities over foundations that have employees or These personal, passionateand varied nor-advised funds to support their fa- alonger time horizon. boardmembersfromthe families of effortshaveimproved countlesslives down their funds. voredcauses too. The Arnold-Madoff proposal the foundation’sdonors. Foundations and spurred progressonsome of the TheArnold-Madoff initiativewould would take that long-term freedom would be unable to count the salaries country’stoughest challenges,from starvethem of funding.Most notably, away from smaller donors. It would and travel expenses of family mem- polio to educational opportunity for The“InitiativetoAccelerateChari- it encourages Congresstopasslegis- also lead to lesscharitable funding berstoward their annual 5% payout, low-income families.The coronavirus table Giving” is framed as away to lation that would forcedonor-advised during crisis moments. Payoutssur- even though such payments aremade pandemic is acase in point: Philan- forcethe wealthytogivemore. It en- funds to disburse money within 15 passed contributions in the wake of in serviceofthe organization’smis- thropic giving wasup7.5%inthe first joys the backing of some of America’s yearsorlose taxdeductibility,push- the2008 financial crisis,and early sion. Paymentsand travel reimburse- six months of the year,and major do- biggest and most prominent founda- ing moremoney intothe hands of tax signsindicatethe same mayhappen mentstoemployees and boardmem- nor-advised fund providershaveseen tions,including Ford,Kresge, Kellogg collectorsinstead of charities.The 15- in the pandemic.Byputting asell-by bersfromoutside the family would both the value and number of charita- and Hewlett. These large and power- year marker is entirely arbitrary, and dateondonor-advised funds,this be treated differently,evenfor the ble grantsrise by about 50%. fulinstitutions areeffectively trying discriminatory: Thefoundations that “rainy-dayfund” would dwindle.Do- same work. Thecurrent system of philan- to dictatehow smaller and lessinflu- back the proposal would still be able norswould also have feweropportu- This is afirst step toward limiting thropic freedom enables Americans ential donorsgive, which dovetails to hold their tax-advantaged funds in nities to involvetheir children and afamily’s ability to serveits own of all backgrounds,beliefs and bank- neatly with thegoals of progressive perpetuity.Yet donor-advised funds grandchildren in their giving.And foundation, further discouraging account sizes to support worthy politicians and activists. already have ahigher payout rate anonymous giving would take ahit— charitable giving.The victims would causes and benefit their communities Thecenterpieceisaseries of regu- than the required minimum payout agifttothose who want to name and be smaller and less-wealthydonors, and the country. That system should lations on donor-advised funds,a forafoundation—approximately 20% shame and “cancel” donorswith sinceonly 2% of privatefoundations be preserved and expanded, not con- popular option forphilanthropists compared with 5%—even though they whom they disagree. have morethan $50 million in assets. trolled and shrunk by apowerful few. outside the 1%. While the foundations have only atenth of the $1 trillion Beyond donor-advised funds,the Forthose who want to taxorlimit supporting the initiativecontrol a managed by foundations.Donor-ad- Arnold-Madoff proposal takesaim at generational wealth, stifling family Ms. Westhoff is president and CEO combined $38 billion, the averagedo- vised funds and privatefoundations intergenerational wealth. Specifically, foundations is aworthyproject. of the Philanthropy Roundtable. The Bipartisan Moral Rot of America’s Institutions

promotetheir ideological objectives. wasdeemed a“distraction” by one of nalists as traitors peddling Kremlin caucus,did in signing on to aSu- Most of the nation’scelebrated our leading news organizations and propaganda. Whowould have preme Court case that took the jus- newsrooms abandoned the last pre- amenacetodemocratic health by thought that 2020 would be the year tices—three of them appointed by FREE tense of objectivity and revealed the technology companies that con- JoeMcCarthyand John Birch finally President Trump—about four min- EXPRESSION their selectiveuse and manipulation trol the flow of much of our informa- gotthe recognition from the Ameri- utes to dismiss. By Gerard Baker of factsaslittle morethan propa- tion. And it wasmoreorlesscom- can media they deserved? Again, the object of our scorn ganda. pletely ignored or rubbished by most Theother episode wasthe specta- should be not the argument itself, npolitics,inbusiness, in the cul- Thereare exceptions,but depress- of the U.S. and world media. cle of a large part of the Republican but the chosen means forpursuing I tural discourse that plays out on ingly few to celebrate. Themost no- party selling its soul for the tainted it: the idea that conservatives should anever-endingdoom loop on our table last holdoutstothis encroach- penny of an embittered president’s embraceapolitical mechanism to screens and in our heads,the year ing empireofdishonesty arethe Media discover the Hunter approval in apolitical stunt that was producearemedy that explicitly de- has been marked by the triumph of millions of decent and honorable irresponsible, futile and deeply un- mands the subjugation of states’ con- cynical expediency, the relentless Americans who have suffered un- Biden story, and the GOP dermining of the principles forwhich stitutionally protected rights. pursuit of self-interest dressed up as precedentedhuman and economic falls in line with Trump’s the party is supposed to stand. What are they going to argue the public-spirited principle. damagethis year,evenastheir com- There’sacase to be made that the next time some activist federal judge Political leaders, businesschiefs fortably distanced, self-aggrandizing futile election challenge. presidential election wasconducted seeks to impose California-style envi- andthe media and entertainment superiorslecturethem on their igno- in away that castsdoubt on the offi- ronmental regulations on Texas? figuresthey ventriloquizehave ranceand inadequacy. Lions led by cial outcome.The changing of the At astroke, these conservatives grasped their opportunities in this donkeys. We’ll never know what effect the electoralrules in midcampaign in were ready to jettison two of the tempestuous year to advancetheir Two episodes last week stand as storymight have had on the election many states, enabling an avalanche foundational principles of conserva- own causes. A pandemic, urban vio- fitting codas to this spectacle,timely if it had been given the airing it de- of postal voting—with itsnotably tivejurisprudence, federalism and ju- lence, the machineryofelectoral de- examples of the moral corruption served. Theelectoral margin in three greatersusceptibility to fraud and dicial restraint, forashort-term po- mocracy—all carefully repurposed eating away at American institutions. states—Georgia, Wisconsin and Ari- manipulation—had political conse- litical advantage in furtherance of a and packaged in agauzy wrapping of Thefirst wasthe sudden discov- zona—that combined to giveJoe Bi- quencesthat maywell have influ- highly controversial objectiveof useful lies to ensureaboveall else erybythe media, amonth afterthe den 37 electoral votes, and the presi- enced the result. overturning an election. their gain. votesweresafely cast, of the news dency, wasalittle under 43,000 Butthere’sadifferencebetween Thetruly depressing aspect to Some of the nation’s biggest and that Hunter Biden has aserious votes, avanishingly small sliver of challenging those resultsand com- these cynical assaultsonthe nation’s most powerful companies exploited problemstemming from his pen- the two men’s155.5 million totalna- pletely abandoning constitutional honor is that they act like a ratchet. an unprecedentedhuman crisis to chanttosell himself to foreigners tionwide votes. propriety and political principle to With everynew breach in the politi- grow biggerand morepowerful, with potential businessbeforehis But it’slessits potential electoral do so. calorcultural proprieties that hold a making sure to shed crocodile tears father. impact that stinks and morethe cyn- That’swhat the stateofTexas, nation together,anew norm is estab- forthe losers. Progressivepoliticians TheNew York Post brokethe most ical way in which the Biden-support- joined by more than adozenother lished. Thealready lowdishonesty of at thelocal and national levels cyni- explosiveelement of this storybe- ing pressshouldered the storyaside, Republican-controlled states and our institutions becomes aceiling, cally seized on repeated crises to fore the election. But back then it in the processdefaming fellowjour- morethan half the House Republican not a floor. A Reckoning Looms for Commercial Real Estate—and Its Lenders

By Brian Graham can reduce future lending volumes, valuation prior to the pandemic on- year,with severeimplications for Services.“We’ll have to adjust the impairing an important driver of set in March. Office-property REITs traditional retail properties.Many way we serveour clients, and it is venasCovid-19 cases surge earnings. Based on what we know aredown36% and lodging property companies arelooking hardattheir likely that will mean lessphysical E world-wide,the arrival of via- now, things don’t look good. REITsare down 50%—all despitethe officespaceand concluding they space.” ble vaccines holds the promise Neiman Marcus and at least 28 recent stock-market rally on vaccine need much lessofit. Similarly,banks It isn’t all bad news.Businesses of areturn to something resembling other major retailershavefiled for news. are reducing their branch networks like Amazon have prospered, boost- normality by the middle of next year. bankruptcy.Hotel occupancyis Some of the pressureoncommer- ing demand forwarehouse and dis- But the commercial real-estate sec- down 32%. TheJournal reported cial real estate is undoubtedly tem- tribution space. Stock prices fordata- tormay never getback to normal, last month that world-wide airline porary.Recreational and business Thecomposition of their center REITsare up 23% this year, and that could spell trouble for capacity in October wasdown58% travel is likely to recover gradually, andindustrial REITsare up 9%. But banks. from 2019.Apartment rent levels aiding travel industries.Recent col- portfoliosmakes small those types of properties command Manybanks areconcentrated in have collapsed 15% to 25% in large legegraduates who have been living communitybanks much lowerrentsthan officeand re- and dependent on commercial prop- cities including NewYork,San and working from their parents’ tail. And strong performanceofone erty lending.Banks hold half of all Francisco, Boston and Seattle.Sub- homes will eventually moveout, especiallyvulnerable. type of property is modest comfort commercial real-estateloans.The urban shopping malls have been boosting the recovery of apartment foralender facing losses on retail, 5,000 or so U.S. community banks, devastated. rental markets. With a vaccine dis- office or lodging properties. with about athirdoftotal assets, are Arecent Citigroup report on 400 tributed, patrons likely will flock as the pandemic sweeps away their Forproperties financed with typ- two to three times as concentrated properties in the retail and hotel back to restaurants and bars. customers’ concerns about mobile ical debt levels of 75% to 80%, even in commercial real-estatelending as sectors found an average decline in But some more-permanent shifts banking. “What’s clear is consumer a30% drop in value—if sustained— the approximately 30 larger banks. value of 27%. Thestock prices of in the commercial real-estatemarket behavior has changed, and my belief is morethan enough to push the Problems in commercial real es- real-estate investment trusts, com- areonly beginning to emerge,driven is,inalot of ways, it’schanged per- property underwater.Receding tate canhurt banks in two ways. panies that own equity in commer- by the acceleration of pre-existing manently with this adoption to digi- temporaryfactorsmay improvethis Losses on existing loans candamage cial properties,are down 42% forre- trends.The decadeslong shifttoon- tal,” said William S. Demchak, chair- picture, but the emerging long-term earningsdirectly,and acorrection tail properties sincethe most recent line retail went to warp speed this man and CEO of PNC Financial factorswill makeitworse formany properties.Ifthe downdrafts fora specific pieceofreal estateare en- tirely temporaryinnature and the PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: ‘Liar’ property ownershavethe resources Rupert Murdoch Robert Thomson to stay afloat (or getthem through Executive Chairman, News Corp Chief Executive Officer, News Corp From aDec. 13 editorial in the Ar- Trump in itsheadlines.When the futuregovernment aid), perhaps Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher kansas Democrat-Gazette: newspaperofrecorddoes this,itis even underwater properties won’t Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: cheered by all those who despise become totallosses.But howmany Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Each morning NPR does afive- Donald Trump.And the divide among retail, officeand lodging properties Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; minutenewspodcast, as do FoxNews Americans gets even deeper. will be so well-positioned in the News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; and other news organizations.Last Foryears, even decades,actually end? Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer week,while listening to NPR,we most of the20th century, the press Today, banks areingood shape Andrew Dowell, Asia; AnthonyGalloway, Video & heardthis: “President Trump contin- did not call the president of United and their large commercial real-es- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; ues to lie,saying he wonthe election, Statesaliar.That wasn’t necessary, tate exposure is not yet a problem. Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; and that fraud wasrampant ...” because when officials were lying,the Hopefully that continues,but the Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; President Trump certainly presscould present contradictory available factssuggest achallenging Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News wouldn’t be the firstpresident to lie factsand information which was few yearslay ahead. Many, including Thomas SanFilippo, Customer Service; to the American people.And he prob- morebelievable. community banks,will weather this GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; ably won’t be the last. But he proba- That letthe readers, listeners, and storm in solid shape due to some Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; bly is the firstAmerican president to viewers decide forthemselves.But combination of loan diversification, Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International be called aliar by so manylarge todaymanyinthe pressdon’t trust careful underwriting and good for- WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: mainstream news organizations in their readers, listeners, and viewers tune.Unfortunately,not all will be so LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head theirnewsaccounts. to come to their ownconclusions. lucky.

EDITORIAL AND CORPORATEHEADQUARTERS: Not just National Public Radio,ei- They believethey must tell the mass 1211 Avenue of the Americas, New York, N.Y., 10036 ther.The NewYork Times uses the audienceifsomeone with political Mr. Graham is a partner and co- Telephone 1-800-DOWJONES word “lie” and “liar” referring to powerislying. founder of the Klaros Group. P2JW350000-0-A02000-17FFFF5178F

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

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S&P 3647.49 g 0.44% S&P FIN g 1.22% S&P IT À 0.41% DJ TRANS g 2.28% WSJ $ IDX g 0.18% LIBOR 3M 0.219 NIKKEI (Midday) 26648.83 g 0.31% See more at WSJ.com/Markets Boeing Widens Dreamliner Checks Google Outage Previously disclosed Boeing engineersand U.S. the officials said. It also ex- said the inspections have pin- Thecompanyfound the lat- air-safety regulatorsagree the plains whynoDreamliners pointed areas whereassembly est issue through strengthened defect appears in newly discovered problem were delivered in November. of portions of the 787fuselage quality-assurancepractices Jolts Users sections of newly doesn’tpose an imminent TheChicago-based plane “maynot meet specified skin over the past year,when other safety hazard, the officials said. maker disclosed the inspection flatnesstolerances.” defectshad been identified, the produced 787 jets But the newissue is likely to and deliverydelays Dec.4 Thedefectsmark the fourth Boeing spokesman said. And he Globally ramp up aFederal Aviation Ad- without specifying the reasons assembly-line lapse affecting said the companyhas asked BY ANDREW TANGEL ministration review of 787pro- forthem. Boeing’spopular family of supplierstoperform similar BY SAM SCHECHNER AND ANDY PASZTOR duction safeguards sparked Thedefectsinquestion are wide-body jetsthat have come checks.“These findingsare AND SARAH E. NEEDLEMAN earlier this year by other de- spotswherethe surfaceofthe to light in as manymonths. part of Boeing’sreview of as- Boeing Co.has expanded fects, one of these officials 787’scarbon-compositefuse- Other than May, afterthe sembled 787aircrafttoensure More than adozenGoogle inspections of newly produced said. lageisn’t as smooth as it is Covid-19 pandemic roiled air- each meetsour highest quality services such as Gmail and 787Dreamlinersafter finding Thebroader quality-control should be,aBoeing spokesman line operationsand forced the standards prior to deliveryto YouTube were offline for apreviously disclosed manu- checks,covering the entirefu- said. Such areas cancreatetiny plane maker to briefly shut customers,” he said. roughly an hour Monday, but facturing defect in sections of selageofthe planes rather gaps wherefuselagesections down production facilities,No- TheFAA,which has been it wasenough time to close the jet whereithadn’t been than just certain sections arelinked together and could vember wasthe only month considering actions to mitigate schools,disrupt work and initially detected, according to around the tail, arewhy in- lead to prematurestructural since2013 without aDream- the problems by potentially is- highlight again people’sde- industryand government offi- spections aretaking longer fatigue,which canrequireex- liner delivery, according to an suing safety directives,onSun- pendencyonthe internet amid cials. than previously anticipated, tensiverepairs. Thespokesman analysis of deliverydata. PleaseturntopageB2 the pandemic. The Alphabet Inc.-owned company’sservices showeder- PERSONAL After Vaccines, Investors Weigh Runup in Shares of Drugmakers rors forusersattempting to TECHNOLOGY sign in or access their emails or files,according to social- By Nicole Nguyen $15 billion Expected global revenue from Covid-19 vaccines mediapostsfromusers. On The latest estimate assumes aboostershot YouTube, the home page was Pfizer everythree years. replaced with an illustration of The U.K. grants 150% New Apple emergency-use amonkey with ahammer,with Moderna authorization for the title, “oops.” Moderna On Google,searches for“Is 10 the vaccine by App Can Pfizerand +141.5% Google down?” rocketed in BioNTech. popularity. AGoogle spokeswoman said Replace AstraZeneca the outageaffected the com- 120 pany’ssystemthat authenti- 5 NovavaxJ&J Other cateslogin credentials forus- Your Gym ersofits wide swath of services.Engineerstracedthe One revela- Moderna says problem to internal servers tion I’vehad its vaccine was and the issues weren’t the re- 94.5% effective during the sult of a cyberattack or re- 0 in an early look coronavirus at study results. 90 cently announced changes to crisis is that 2021 ’25 ’21 ’25 ’21 ’25 ’21 ’25 ’21 ’25 ’21 ’25 cloud-storagequotas within thereisno certain Google products, a way I’m paying foragym PleaseturntopageB2 again.Working out from home is moreaffordable and Stock and index Vaccines by Pfizersaysits convenient. Depending on the performancesince Moderna and Pfizer the end of June enterapivotal phase vaccine developed app,itcan be pretty dang with BioNTechshowed 60 BioNTech Website fun, too. Goodbyeforever, of their studies,with plans to enroll tens in early analysis to be +62.2% grimylocker-room showers. of thousands of morethan 90% It’sbeen niceknowing you. volunteers. effective. Owner Apple’s Fitness+ is another digital workout subscription afteryour gymmoney.While Gears Up the newprogram, launching 30 Pfizer Monday, arrives latetoa +26.6% well-established, highly com- For Deals petitiveapp category,itis right on time forpeople like S&P500 BY BENJAMIN MULLIN me,who arestill experiment- +17.7% ing with different online Group Nine Media Inc., the training solutions.But the owner of websites such as the 0 app’schief requirement—that Dodo and NowThis, is consid- youown an Apple Watch— AstraZeneca ering using ablank-check will likely turn off people who –5.4% companytoacquiresome of would otherwise giveitatry. itscompetitors, according to Fitness+ will appear as a people familiar with the mat- newtab in Apple’sexisting ter, as the digital-media sector Fitnessapp.Asubscription continues to consolidate. comes with newweekly video –30 In recent weeks,Group workoutsacross10disci- July Aug. Sept. Oct. Nov. Dec. Nine Media has consulted with plines,including cycling, advisersabout the possibility treadmill running,yogaand Sources: Bernstein Research (revenue estimates);FactSet (performance) Ana Rivas and James Benedict/THE WALL STREET JOURNAL of pursuing deals through a strength. An attractivecast of special-purpose acquisition high-energy trainersdraped Drugmakers have pulled off a that have never brought a vac- ven’t risen as much, in part be- uary, according to estimates by company, also known as a head to toeinNike—which remarkable feat, quickly develop- cine to market. cause there is little expectation Geoffrey Porges, director of SPAC,the people said. has apartnership with Ap- ing vaccines that aim to stem a From the pandemic’s start, lit- that even a hit vaccine would re- therapeutics research at SVB Those blank-check compa- ple—hoststhe sessions. world-wide pandemic. Investors tle-known biotech companies shape their finances. Pfizer— Leerink. nies raise capital by going Equally energetic music play- have been enthusiastic. Now the captured investors’ interest. whose vaccine developed with A hit vaccine stands to be public andcan put the pro- listsserveasthe soundtrack. question is whether some up- Many of those stocks soared as BioNTech was the first to re- transformative for the smaller ceeds intodeals. Compared with similar fit- starts can justify these windfall the broader market began plum- ceive U.S. authorization late Fri- developers. Group Nine Media is inter- nessapps,itisarelatively share-price gains. meting in February, and then day—has trailed the broader Moderna, which is expected ested in acquisitions that good deal. Fitness+ costs More than 200 Covid-19 vac- continued rising amid signs of market this year. to follow Pfizer with the second could expand itsaudienceand $9.99amonth, and youcan cines are in development, but in- vaccine progress. This year, The run-up in share prices for vaccine to market, has posted giveitmorebargaining power save by paying the $79.99 an- vestors have focused on a hand- shares of Novavax are up some companies has sent mar- net losses since its inception with online advertisers. nual rate.Everyone in your ful of public companies with 3,038% and Moderna is up ket values soaring. Publicly about a decade ago. Analysts Theventure-backed com- Apple “family”—up to six products in clinical trials. The 702%, versus the S&P 500’s 13% traded vaccine developers are expect a successful vaccine will pany,which formed in 2016 people—getsaccesstothe race pits pharmaceutical giants rise, according to FactSet. estimated to have gained $188 help the company post a profit through the mergerofseveral subscription. And thereare against tiny biotechnology firms Established drugmakers ha- billion in market value since Jan- for the first time. digital-media businesses,has PleaseturntopageB4 PleaseturntopageB10 Exxon Vows to Reduce INSIDE Assets at Small BanksSwell T

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CHR With U.S. Stimulus Efforts BY CHRISTOPHER M. MATTHEWS Agency. R FO Thetargets arerelated to GES Exxon Mobil Corp.pledged emissions that come directly BY ORLA MCCAFFREY to reducegreenhouse-gas emis- from Exxon’soperations and IMA

sions from itsoperations over not from itsproducts, likegas- GETTY When the coronavirus thenextfiveyearsand elimi- oline and jet fuel. Exxon said it closed businesses in Baltimore nateroutine flaring of methane would begin disclosing emis- SPORTSWEAR and its suburbs in the spring, by 2030,responding to pres- sionsdatarelated to itsprod- Adidas says it maysell Kevin Benson feared the worst JOURNAL sure from activistsand inves- uctsnextyear. Reebok,nearly 15 forthe small lender he runs—

tors to lowerits carbon foot- “Werespect and support so- widespread defaults, anemic REET print. ciety’s ambition to achievenet yearsafter acquiring loan growth. ST the U.S. brand. B3 LL

TheTexas-based oil giant zero emissions by 2050,and Instead, Rosedale Federal WA said Mondaythat it would cut continue to advocatefor poli- Savings&Loan surpassed $1 THE

the “intensity” of emissions cies that promotecost-effec- billion in assetsinMay,years R from itsoil-and-gas production tive, market-based solutions to ahead of schedule,aided by a FO by 15% to 20% by 2025.It addressthe risks of climate government-backed lending ON didn’t provide hardnumbers change,” Exxon Chief Executive boom. Thevast majority of its on howmuch of totalemis- Darren Woods said. borrowers—consumersand GELLERS T. sions those reductions would Thetargets stop short of businesses—areingood TIN

represent. pledges by European peers, in- standing. JUS Thecompanyalso said it cluding BP PLC and Royal “We’re all pretty surprised Rosedale Federal in Baltimorebenefited from small-businessloans. would end routine flaring,or Dutch Shell PLC,toreach net- by the resiliency,” said Mr. burning,ofmethane from its zero carbon emissions—efforts HEARD ON STREET Benson,chief executiveat at theoutset of the coronavirus kept borrowers from falling be- oil-and-gas operations in the Mr.Wood has previouslycalled PlanetFitness’s RosedaleFederal. “It’snot recession—largely thanks to hind on their loans. next 10 years. Methane is apo- a“beauty competition.” prospectshavebeen time for a victory lap yet, but government money that passed ThePaycheck Protection tent greenhouse gasthat, like Exxonsaid Mondaythat it we’re cautiously optimistic.” through banks on the way to Program, the government’s carbon dioxide,contributes to would reduceits methane seriously dentedby As 2020 drawstoaclose, households and businesses. small-businessbailout, brought climatechange, according to emissions intensity by 40% to the pandemic. B11 small lenderslikeRosedale are Stimulus and unemployment them newcustomers and kept the Environmental Protection PleaseturntopageB6 doing far betterthan expected checks boosteddepositsand PleaseturntopageB10 P2JW350000-4-B00200-17FFFF5178F

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

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

A Fiat Chrysler...... A2 P PinterestSettles Gender-Bias Suit Adidas...... B3 FireEye...... A3 Pfizer...... A1,B1,B10 Alexion Pharmaceuticals G Pinterest...... B2 ...... B10 General Motors...... A2 Planet Fitness...... B11 BY KIMBERLY CHIN were retaliated against for Alphabet...... A2 Gold's Gym...... B11 Pluralsight...... B10 speaking up about it. Amazon.com...... A2 Group Nine Media...... B2 R Pinterest Inc.agreed to pay Their criticism prompted a Apple...... B1 H Reddit...... A2,B3 $22.5 million to settle claims wave of support as staff AstraZeneca...... B10 Reebok...... B3 of gender discrimination and posted messages in Slack Hafnia...... A8 B HelloFresh...... B11 S retaliation by its former chief channels backing the claims BioNTech...... A1,B10 Huawei...... B11 Semiconductor operating officer,Francoise and pushed forimprovements Brougher, as SiliconValley at the company. Blackstone...... B6 K Manufacturing Blue Apron...... B11 International...... B11 grapples with growing pres- Theemployees asked for Kimmeridge Energy Boeing...... B1 Snap...... A2 suretoaddressdiscrimination supporters to use the hashtag Management...... B10 Brookfield Asset SolarWinds...... A3 and diversity issues within its #changeatpinterest and sign a Management...... B6 L T ranks. petition calling foranend to ByteDance...... A2 Lapham-Hickey Steel.B3 Taiwan Semiconductor Ms.Brougher sued Pinter- discrimination and retaliation C Lockheed Martin...... A3 Manufacturing...... B11 est in August, alleging the so- at the company.

Luxe Minerals...... B10 T Callon Petroleum...... B10 Town Sports cial-media companymain- Soon after, the company Cboe Global MarketsB11 M International...... B11 tained acultureofsecrecy said it hired alaw firm to con- Twitter...... A2

D Majestic Steel USA....B3 among topmale executives PINTERES duct an independentreview of

24 Hour Fitness...... B11 R Microsoft...... A3 that resulted in her being left its workplace culture. Dubsmash...... B3 FO Moderna...... B1,B10 U out of meetings and decision In August, the company

E GES N Unilever...... B6 making. tapped Tyi McCray as its E&E Manufacturing....B3 U.S. Steel...... B3 IMA NGP Energy Capital In a blog post, she accused global head of inclusion and Exxon Mobil...... B1 Management...... B10 W the company of having a hos- ETTY diversity,reporting to co- F /G Nike...... B1 WhatsApp...... A2 tile work environment for LK founder and Chief Executive

Facebook...... A2 Novavax...... B1,B10 Wing Resources...... B10 women and that “female exec- PO Officer Ben Silbermann.

utives,evenatthe highest lev- RICH Pinterest has added two els,are marginalized, ex- The company hired a law firm to conduct an independent review. Black women to itsboardof cluded, and silenced.” directors. Theimage-sharing INDEX TO PEOPLE Ms. Brougher, a former ex- tions to improve its culture,” ward advancing women and companybrought on veteran ecutive of Square Inc. and Al- the companysaid in ajoint underrepresented communi- media executiveAndrea B Foley, Jane...... B10 Onuekwusi, Justin....B10 phabet Inc.’sGoogle,was hired statement with itsformer em- ties in the technologyindus- Wishom and former Walt Dis- Benson, Kevin...... B1 H R in 2018 and became Pinterest’s ployee. Thecompanysettled try. ney Co.executiveSalaam Cole- Brougher, Francoise....B2 Hayes, David...... B10 Rorsted, Kasper...... B3 firstoperating chief and one the lawsuit without admitting Thecompanyhas been pub- man Smith as directors. of thetop female figuresat any liability. licly accused of other in- Ms. Brougher said she was C Hickey, Bill...... B3 S Horneman, Megan....B10 the company. She said she was Pinterest will payMs. stances of gender bias and ra- encouraged by Pinterest’s ac- Coleman Smith, Salaam Silbermann, Ben...... B2 Huffman, Steve...... B3 fired in April. Brougher and her attorneys cial discrimination. tions to addressits culture ...... B2 Smith, Greg...... B2 L “Pinterest recognizes the $20 million as part of the set- In June,two former female that will help employees feel D - F W importanceoffostering a tlement, aPinterest spokes- employees,Ifeoma Ozoma and included and supported, she Leebow, Todd...... B3 Daines, George...... B10 Wasser, Samantha.....B2 workplaceenvironment that is person confirmed. AericaShimizu Banks,who are said in the joint statement. Dash, Suchit...... B3 M - O Wishom, Andrea...... B2 diverse,equitable and inclu- Thesettlement includes an Black,said they were paid less —Sarah E. Needleman Dell, Ben...... B10 McCray, Tyi...... B2 Woods, Darren...... B1 siveand will continue itsac- investment of $2.5million to- than male counterpartsand contributed to this article. GES IMA ETTY /G HEAR AS BR EPHEN ST Several Boeing 787 Dreamliners sit outside the company’s factory in Everett, Wash.

Deliverydelays threaten to viewing quality-control lapses NewChecks add to Boeing’sfinancial strain in Boeing’s787 production as it struggles with fallout stretching back almost ade- from the pandemic,which has cade. AddedFor sapped global demand forair Boeing also previouslyiden- travel and passenger jets. Boe- tified athirdquality-control ing Chief Financial Officer Greg lapseaffecting the horizontal Dreamliner Smith has said Boeing expected stabilizer,amovable,winglike to continue working to clear its panel in the tail. growing inventoryofundeliv- Earlier this month, Mr. ContinuedfrompageB1 ered Dreamlinersthrough next Smith disclosed Boeing’sinten- dayreleased astatement say- year. tion to further cut 787produc- IBKR charges ing the agencyregularly Earlier this year,Boeing dis- tion next year because of weak engages with Boeing on “con- closed the skin-smoothnessde- demand and agrowing backlog tinued operational safety and fect near the rear of the planes, of parked planes. manufacturing oversight pro- as well as improperly sized Boeing,which has been pro- margin loan cesses to appropriately address shims—or partsused to fill ducing around 10 Dreamliners anyissues that might arise.” small gaps wherethe fuselage amonth, as of early December Under pressurefromthe sections arejoined together.It had 53 built but undelivered FAA, Boeing also has stepped- wasn’t immediately clear how 787s that had been in itsinven- 1 up internal manufacturing con- manyplanes have been found tory foranaverage of about rates from trols focusing on other lapses with theskin-smoothnessde- five months,according to avia- ranging from inspection paper- fectsinadditional locations, tion-research firm Ascend by work problems to debris mis- butofficials familiar with the Cirium. takenly leftbehind by assem- mattersaid instances appeared Mr.Smith said the monthly bly-line workersinside 737 relatively isolated. 787production rate would re- MAXjetlinersand military Boeing engineerspreviously main belowBoeing’stargetof tankers. determined that when the de- 10 beforeslowing to five in % Thewide-body passenger fectsinvolving skin smoothness Mayatits plant in North 0.75 jets,which Boeing firstdeliv- and shim sizeboth occur in the Charleston, S.C. Assembly of ered in 2011,haveanexcellent same location, the result can 787s is set to end at aSeattle- safety record and arefre- be tinyimperfections creating area Boeing facility. quently used on long interna- apotential hazardsuch as a The787 manufacturing is- tional routes.Iffound on cracking in the fuselageunder sues areunrelated to design TO planes already carrying passen- extreme flying conditions.Boe- flawsinaflight-control system % gers,the latest defect canbe ing in August took the unusual that kept the global fleet of 737 addressed during comprehen- step of voluntarily grounding MAXjetsgrounded fornearly 1.59 sive maintenancechecks that eight aircraftinairlines’ fleets two years. Theplane models arerequired as the jetsage, forimmediaterepairs. arebuilt in separatefacilities. some of the officials familiar Those earlier problems —Doug Cameron with themattersaid. prompted the FAA to start re- contributed to this article.

which Google is awidely used cian-staffing business’sdisas- Google provider. ter plan. “I’m very dependent Google’sGmail is one of the on Google,” she said. “Most di- most popular email clients saster plans arefor in case Outage globally,and the company’s phone networks go down, so I Workspaceofficetools,for- need a multi-tier disaster ap- merly known as GSuiteand a proach.” Hits Many competitor to Microsoft Her company, OrchardInc., Corp.’sOffice, arepopular is located in aChicagosuburb among businesses and institu- but does business nationwide ibkr.com/margin ContinuedfrompageB1 tions. andrelies on Google’scloud- companyspokeswoman said. “Why gsuitewhy?Why based applications including Theoutagebegan about would you crash on a freakin Gmail, Sheetsand Driveto 6:45 a.m. Eastern Time and Monday!! Oh wait #2020,” reach contract workers, physi- lasted roughly an hour,the wrote one Twitter user. cians and customers. “We no companysaid. Google apolo- Some schools closed forthe longer keep thingsonour gized to affected users and in day. Wayne-Westland Commu- computerslocally,” Ms.Saladi Interactive Brokers Rated #1 astatement pledged to “con- nity Schools in Westland, said. Best Online Broker 2020 by Barron’s* duct a thorough follow up re- Mich., gave its roughly 9,800 “I wasworried about my viewtoensurethis problem elementary, middle- and high- physicians being at the hospi- cannot recur in the future.” school studentsthe dayoff af- tals they needed to be at” she The problems affected ser- teramorning of disruption. said, especially given the high Trading on margin is only for sophisticated investors with vices used by billions of peo- They rely on Google for demand created by Covid-19.“I pleworld-wide,which arebe- classes over Google Meet and couldn’t check their schedules.” high risk tolerance.You may lose more than your initial investment. ing relied upon morethan for exchanging emails. Temporaryinterruptions to ever as people have had to “This is the newsnowday,” the availability of popular on- Member -NYSE, FINRA, SIPC -*Interactive Brokers rated #1, Best Online Broker according to Barron’s Best Online Brokers Survey of 2020: February 21, 2020.For more information stay home on and off forthe said JennyJohnson, aspokes- line services arerelatively com- see,ibkr.com/info -Barron’s is aregistered trademark of Dow Jones &Co. Inc. better part of a year because woman for the 19-school dis- mon, though their impact has [1] Margin Loan rate as of 07/08/2020.IBcalculates the interest charged on margin loans of the coronavirus pandemic. trict, which this year provided increasedasmorebusinesses using the applicable rates for each interest rate tier listed on its website.Rates shown apply to IBKR Pro clients only.Rates subject to change.For additional information on Remotework and learning itsstudentswith Chromebooks outsource their digital infra- margin loan rates, see ibkr.com/interest have left businesses and indi- and internet hot spots. structureand tools to outside 11-IB20-1386CH1358 viduals more dependent than The outage inspired Indira businesses,often large internet ever on online services,for Saladi to rethink her physi- companies. P2JW350000-0-B00300-2------XA

THE WALL STREET JOURNAL. Tuesday, December 15, 2020 | B3 BUSINESS NEWS Reddit Jumps Into User-Made Video, Buying Dubsmash

BY SARAH E. NEEDLEMAN but has limited editing fea- tures.Byacquiring Dubsmash, Reddit Inc.said Sunday Mr.Huffman said Reddit will that it bought video-sharing gain moresophisticated user- app Dubsmash to expand its created video much faster presenceinone of the hottest than if it tried to develop the corners of the internet: user- same on its own. created video. “The cost of video keeps Fifteen-year-old Reddit says going down, the technology Dubsmash—with itsfreeapp for recording and encoding it forcreating andsharing user- keeps getting better and bet- generated videos—is itsfirst ter, and on the advertising majoracquisition; financial side,video ads aremoreeffec- S

terms of the cash-and-stock tive,” he said. “They’remore NEW G deal weren’t disclosed. visceral and engaging.” SanFrancisco-based Reddit Dubsmash, founded in 2015, OOMBER

is best known for its message waslast valued at $47. 5mil- BL

boards on millions of topics lion in 2016 and has raised S/ and its“ask me anything” dig- roughly $20 million as of 2019, AM AD ital town halls with celebrities, according to PitchBook,apro-

politicians and various ex- vider of privatemarket data. HOLLIE perts. Earlier this month, the Dubsmash’sapp has been An Adidas store in London. In the third quarter, Reebok sales dropped 12.3% while Adidas sales fell 6.7% amid the pandemic effect. downloaded nearly 197 million times,app-analytics firm Sen- sor Tower Inc. estimates. Dubsmash says about 30% Adidas Explores Reebok Sale 12 of itsuserslog in daily to cre- ate video. The number of employees at Thecompany, which doesn’t New York-based Dubsmash. generaterevenue buthas As Revival Efforts Disappoint grownafollowing through word-of-mouth, says it is dedi- cated to giving a spotlight to social-media company said it underrepresented creatorsand BY RUTH BENDER at thetime wasasponsor of two yearsahead of schedule, azin in October reported about hadanaverage of 52 million communities not seen on theNational Basketball Asso- Adidas said Mondayinan- a possible Reebok disposal. daily active users as of Octo- mainstream social networks. BERLIN—Adidas AG Mon- ciation. But the plan has dis- nouncing the strategic review On acall to reportersfor ber, up 44% from ayear ear- “Our focus is showing adif- day said it was reviewing the appointed, analystssay. of the business. third-quarter earnings in No- lier,the firsttime it has dis- ferent side of the internet,” futureofReebok and might Adidas managed to improve In 2019, Reebok sales grew vember,Mr. Rorsted defended closed such data. said Dubsmash’sco-founder sell theU.S.fitnessbrand—a the Reebok businessbut sales 3.6% to €1.75 billion, driven by Reebok’sturnaround, saying User-created video is be- and president, Suchit Dash. business it had spent years have laggedbehind those of double-digit growth in the he washappy with the prog- hind the success of the hit app He declined to provide a trying to revamp and that Adidas itself and dragged U.S.,its home market. Sales at ress made. TikTok, which has inspired number forDubsmash’stotal could nowfetch several billion down the group’sprofits.In the Adidas brand, however, A sale would come as Adi- Facebook Inc.’sInstagram and usersbut said 70%are female, dollars, according to analysts. 2016,Adidas Chief Executive grew 8.3% to €21.51 billion. das,likeother retailers, is Snap Inc.’s Snapchat to intro- and that about aquarter of all Adidas said asale wasone Kasper Rorsted launched a “Returning to profit wasa struggling to rebound from ducesimilar services.Also Black teens in the U.S. use the of the options it wasconsider- turnaround plan forReebok good step but driving the top theimpact of the Covid-19 popular areplatforms that let app. ing as part of afive-year shortly aftertaking on the job. line is something else,” said Pi- pandemic. usersbroadcast livevideo Under the terms of the deal, strategyplan it is set to pres- He cut costsbyclosing down ralDadhania, an analyst with In the thirdquarter,Reebok such as Amazon.com Inc.’s Dubsmash will remain an inde- ent March 10.Itmay also de- dozens of Reebok stores in the RBC Capital Markets, who esti- sales fell 12.3% while Adidas Twitch and Alphabet Inc.’s pendentapp forApple Inc.and cide to keep the business, the U.S. and aimed to makethe mated that Reebok could fetch sales fell 6.7%. Mr.Rorsted YouTube. Android devices,and itsvideo- German sportsretail group unit’smanagement moreinde- somewherebetween €1.9bil- said Reebok washit harder be- “The transition to video creation tools will be incorpo- said. pendent from Adidas. lion and€3.6billion. cause the brand waslesspres- will be biggerthan the transi- rated into the mobile version Adidas,the world’ssecond- Mr. Rorsted repeatedly op- Mr.Dadhania said investors ent in the outdoor and running tion to mobile,” said Reddit of Reddit’sapp.New York- largest sportswear maker af- posed calls from some share- had lost faith in aturnaround segment, whereconsumers Chief Executiveand co- based Dubsmash’s 12 employ- terNikeInc., bought Reebok holderstoditch Reebok,argu- and thought a disposal would made morepurchases during founder SteveHuffman. ees will join Reddit’swork- in 2006 forroughly €3 billion, ing that the revamp,not a free up time for management the pandemic.Reebok’slarger “We’re still only at the begin- force of around 700 people. equivalent to $3.6 billion, as sale, was the answer. to focus on its core brand. exposuretothe U.S. also ning.” Reddit’sdeal forDubsmash part of abid to expand in the TheCEO’s“muscle up” plan Adidas shares rose 1.5% in a turned out to be adisadvan- Redditalready letsusers wasreported earlier by tech U.S. and challengeits bigger led to some success.In2018, broadly higher market Mon- tage as sales recoveredthere upload and live-stream video publication the Information. rival on itshome turf. Reebok Reebok returned to aprofit, day. Germany’sManager Mag- slowerthan in Europe this fall. JOURNAL REET ST LL WA Ourirresistible 14kt gold THE R

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

TECHNOLOGY WSJ.com/Tech ‘Cyberpunk’ Game MakerOffersRefunds

Move comes after tures Hollywood actor Keanu month. Theday it came out, coronavirus pandemic hindered Still, players in recent years “I took aweek off of work Reevesand came out last CD Projekt said the game had the later stages of four yearsof have come to expect games to to playthis game and Iquickly initial version contained week,doesn’t function prop- eight million preorders, of development, which followed debut with some imperfec- realized it’s not the game I’ve bugs, the latest erly on SonyCorp.’sPlaySta- which about 59%, or 4.7mil- preproduction work that tions and fordeveloperstodo been thinking about everyday tion 4and MicrosoftCorp.’s lion copies, were for PCs. started around 2012. away with them via post-re- for eight years,” the message setback sincelaunch XboxOne.The companyapolo- Aspokeswoman forCDPro- Theexecutives also said the lease online updates. said. gized and said it has ad- jektdeclined to comment fur- companyfound itself over- “It’samajor misfire,” Jef- Several other prominent de- BY SARAH E. NEEDLEMAN dressed some issues with re- ther.CDProjektshares are whelmedbyeffortstomake feries analyst KenRumph said veloperspostponed games this cent updates and is planning down about 25% since “Cyberpunk” playable on nine about CD Projekt. year,citing work-from-home Themaker of “Cyberpunk more in the weeks ahead. Wednesday’sclose in Warsaw platforms at launch. It previ- Thegame has gotten mixed challenges caused by the health 2077,” one of this year’s most “Wewould appreciateitif trading,shedding morethan ously developed games for reviews from professional re- crisis as akey factor.For exam- anticipated videogames,told youwould giveusachance, $2 billion of market value. three platforms at a time. viewers as well as everyday ple,MicrosoftinAugust players they could seek re- but if youare not pleased with “Cyberpunk” is the biggest It is unusual forgame pub- players, with some complain- pushed back the release of a funds because the initial ver- the game on your console and and most expensiveproject yet lisherstosuggest players seek ing aggressively on social me- newinstallment of itsshooter sion included bugs, arare don’t want to wait forupdates, forthe morethan two-decade- out refunds for their big-bud- dia. Tesla Chief ExecutiveElon franchise Halo to next year.It movefor amajor publisher youcan opt to refund your old videogame company. CD getreleases.Typically compa- Musk tweeted areply to CD is important for“Cyberpunk” and the latest mark on aproj- copy,” the company said. Projekt’sco-CEOs told TheWall nies will delay games riddled Projekt’s tweet with a screen- to be ahit forCDProjekt. The ect beset by launch delays. Analystshad forecast that Street Journal earlier this with problems to makefixes shot of a message expressing companyhas only one other Warsaw-based CD Projekt “Cyberpunk” would sell any- month that they miscalculated beforeletting them go on sale. disappointment with aPlay- major franchise,“TheWitcher,” SA said Mondayinatweet wherefrom18million to 25 howlong it would take to com- One or two delays arerela- Station 4copy of “Cyberpunk” and itslast major release is that the $60 game,which fea- million copies in itsfirst plete“Cyberpunk” and that the tively common, but not more. from an unidentified writer. nowfiveyearsold.

cess to arower, Icould at nection to play. App Can least dance. Or tryto, anyway. Thereisplenty of room for Theworkout—a 20-minute improvement. Some high-in- cardio-infused hip-hop class— tensity,strength and core Replace wasboth terribly hardand workoutsrequiredumbbells, stupidly fun. And according to while othersdon’t. Iwould the numbersonscreen, Isuc- liketobeable to filter results, Your Gym cessfully arm-pumped my by “no equipment” or waytosome burned calories. “weights,” forinstance. What differentiates Apple’s Fitness+’sfocus on metrics ContinuedfrompageB1 appisits approach to work- canbeconfusing,especially potentially moresavingson out newbies.Thereisa forthe beginnersatwhich the the $29.95-a-month Apple starter collection of videos as app is aimed. Fitness+ doesn’t One Premier plan if youal- asort of introductorycourse provide anycontextaround ready subscribe to Apple Mu- to each of the app’sdisci- heart rate.Isthe number

sic and two terabytesof JOURNAL plines.And even in the harder shown good or bad? Is it iCloud storage. Themost sessions,one of the trainers higher or lowerthan aminute REET

analogous app,Peloton Digi- ST in the background offersa ago? Whycareabout heart

tal, costs$12.99 amonth for LL modified version forless-ad- rate at all? Actionableinsights

one user. WA vanced practitioners. would be helpful here. There’sacatch:AFitness+ Unfortunately forme, there IlikeZova’sapproach. The subscription requires an Ap- wasno“easy” version of the iOS-only $60-a-year fitness ple Watch, Series 3($199) or danceworkouts. and nutrition app similarly NGUYEN/THE newer. While the app’score Overall, Fitness+ feels like uses the Apple Watchtomea- OLE

workout experienceisvideo, NIC aPeloton Digital Lite(which sureheart rate,and shows the streamed on an iPhone,iPad Fitness+, which requires an Apple Watch, includes challenging dance classes for cardio workouts. doesn’t otherwise exist). Ap- dataalongside the streamed or Apple TV,you can’t access ple’sapp and Peloton Digital exercise.The app’sworkouts the app without the smart- in aworkout canbeadded to TheworkoutsItried are turns up the competition by have high production value, arebased on heart-rate“zone” watch. If youforgettocharge your Apple Music library, if comparable to the pricey in- comparing your calories- motivating music playlists training,which is an assess- your watch, or leftitathome youare asubscriber.The person versions offered at burned effort with others. and charismatic trainers. But ment of the intensity of your while youare traveling,you watchserves as aremotecon- boutique fitnessstudios—the Thereischill yoga,and Fitness+ doesn’t have as workout as apercentageof canstill access the videos and trol, able to playclasses on cycling ones,inparticular. thereisenergizing yoga that manyworkout types,and the your maximum heart rate.In do workouts, but youneed to other Apple devices. Therides rangefrom45-min- will work up asweat. The libraryofworkoutsisn’t as other words, Zovashows you physically ownanApple Apple also leverages any utesessions to ultra-quick 10- high-intensity interval train- large.Italso lacks Peloton’s what to do with your numbers. Watchtosign up forFitness+. workout datayou have shared minutesprees.The workout ing,strength and core work- liveand social features. The Still, Fitness+ is agreat Wherever youfireupthe to your iPhone’sHealth app, itself includes aperiod of fast outsare short—30 minutes or Apple app does have one edge value—at least forApple app,itsyncs immediately including from third-party fit- sprints, slowerhigh-resis- less—and Ioften playeda over Peloton’s: Youcan down- Watchowners. But don’t pay with your watch—even if you nessapps.Soifyou’vedone tanceclimbs and recovery. couple in arow. load classes and playthem up just yet. Theone-month use an Apple TV in somebody yoga with Glo or cycling with Youcan match your pedal to Danceand rowing aretwo offline.While youcan preload free trial should tide youover else’shouse—and your heart Peloton, Fitness+ will use that the beat or meet the target disciplines herethat aren’t Peloton content formoresta- until youread my guide to fit- rate and calorie dataappear historytorecommend similar rotations aminutecalled out common in other fitness ble playback,the workoutsre- nessapps,sometime in Janu- on screen. Anysong featured workouts. by the trainer.A“burn bar” apps.While Ididn’t have ac- quireanactiveinternet con- ary.

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B6 | Tuesday, December 15, 2020 ** THE WALL STREET JOURNAL. BUSINESS NEWS Blackstone Buys Lab Buildings For $3.45 Billion

BY PETER GRANT InstituteofTechnology. More than 95% of the portfolio is Blackstone Group Inc.is leased thanks to strong demand raising itsbet on biotechnology from pharmaceutical and other lab spaceand other life-sci- life-sciences companies that encesreal estate, agreeing to want to be close to the school’s pay$3.45 billion foraportfolio students, faculty and research of buildingsprimarily in the ac- activities,Blackstone said. tiveCambridge, Mass.,market. Thelife-sciences sector has Theacquisition is the latest been one of the few bright sign of growing investor inter- spots in the commercial real-es- S estinlife-sciences real estate tate industrythis year.Many during thepandemic.Black- other property types,likehotels PRES

stone wasalready one of the and malls,havebeen hammered UMA /Z

world’sleading investorsinthis by the pandemic,which has dis- SS

type of property even before couraged shopping and travel. TA V/

the Covid-19 outbreak. Most officespacehas been TO Nowthe firm’sinterest is in- hurt by the large number of OKTIS

tensifying.Earlier this fall, businesses that areallowing FE Blackstone recapitalized most of their employees to Y

BioMed Realty,the largest pri- work from home.But life-sci- DMITR vate U.S. owner of life-sciences ences businesses have aharder The consumer-goods maker has promised to eliminate emissions from its operations by 2030. Its Inmarko ice cream factory in Russia. property, for$14.6 billion.The time doing that because lab firm is also close to acquiring work requires specialized de- anothertwo life-sciencebuild- signs,ventilation and other in- ings in the Boston-Cambridge frastructure. UnileverAllows ClimateInput area for$1billion, according to “You can’t createanew drug people familiar with the matter. from your living room or “The pandemic has only am- kitchen,” Mr.Meghji said. “You Company is first to addressing the threats posed tors to provide aclear state- cess of cutting emissions from plified the need forvital drug need to be in physical lab by climatechange, with share- ment of intent to the company consumersusing itsproducts. discoveryand shined alight on space.” give shareholders a holder resolutions on the issue about the importanceofstick- To achievethose goals,Uni- the importanceofinnovation in Blackstone’slife-sciences bet say on emissions plan, becoming morecommon. By ing to itsplans foratransition lever said it would need to re- lifesciences,” said Nadeem still has risk.The strong de- proposing itsown climateres- to net-zeroemissions,” said think the rawmaterials it Meghji,Blackstone’shead of mand forlife-sciences space through advisory vote olutions forshareholdersto PiersHugh Smith,the investor sources, use morerenewable real estatefor the Americas. this year has driven up prices vote on—which take intoac- group’s point person for Uni- energy and eliminatedefores- Blackstone is one of the to near peak levels.Thereis BY SAABIRA CHAUDHURI count the challenges and reali- lever. tation from itssupply chain, world’slargest real-estatein- also the danger of newsupply ties of achieving them—Uni- AUnilever spokeswoman amongother measures.The vestorswith aportfolio valued saturating the market. Unilever PLC said it would lever is in thedriving seat, said investor interest in man- companysaid it would rely on at $341 billion. Mr.Meghji said Thefirm is betting it can become the firstmajor com- said one big investor. aging the transition to net carbon creditstobalancere- lifescienceisone of the firm’s mitigatethat risk by investing panytovoluntarily giveshare- BlackRock Inc., one of Uni- zero wasgrowing and that the sidual emissions. “high-conviction” bets—prop- in topmarketslikeCambridge, holdersavoteonits effortsto lever’s largest investors, said companywanted to send asig- Nestlé SA said earlier this erty types Blackstone believes whereitismoredifficult to de- reducecarbon emissions,seek- earlier this year that it would nal that it wasserious about month that it would invest the areamong the biggest benefi- velop newlab space. “We’vere- ing greater engagement with be increasingly likely to vote meeting these targets. equivalent of about $3.6 bil- ciaries of emerging macroeco- ally been prioritizing the top investors on climate issues. against management and Theconsumer-goods giant lion over the next five yearsin nomic trends. biotech clusterswhereyou Theowner of Dovesoap boards if companies don’t dis- is among the growing number cutting carbon emissions as Thefirm also has been mak- have the greatest depth of de- andBen &Jerry’sice cream close climate-changerisks and of companies setting public the Nescafé coffee owner ing big investments in indus- mand andtalent,” Mr.Meghji said Mondayitwould seek ap- plans in line with key industry targetsfor cutting carbon works toward hitting its own trial properties,which have said. proval from investorsevery standards. emissions over the next few targets. Other consumer-goods gained in value as distribution Blackstone also has been a three yearsonits plan to miti- ClimateAction 100+, a years. London-based Unilever giantssuch as Colgate-Palmol- hubs forbooming e-commerce, big investor in life-sciences gate itscarbon impact and the group of large investorsin- has promised to eliminate iveCo., Procter & Gamble Co. and in Hollywood studios and companies this year.InJuly, risks of climate change on its cluding BlackRock that is pres- emissions from itsown opera- and Kimberly Clark Corp.have offices driven by newcontent the firm raised a$5billion life- business. However, the vote suring companies to act on cli- tions by 2030 and to do the made similar pledges. creation. sciences privatefund and in would be only advisoryand matechange, welcomed same from sourcing to point of Unilever said it would share Theportfolio of lab build- August, it invested $275million doesn’trequireUnilever to Unilever’s announcement as sale by 2039.Italso plans to moredetails about itsclimate ings, which Blackstone is buy- in Cryoport Inc., atemperature- make changes. meaningful. halvethe footprint of itsprod- strategyinthe firstquarter ing from Brookfield Asset controlled-logistics business. Major investorssay they “Despiteonly being an advi- uctsinthe next decade,which and plans to report on its an- Management,consistsof2.3 “This is averylong-term areputting moreemphasis on sory vote, it will allow inves- involves themoredifficult pro- nual progress in 2022. million squarefeet of space. trend forusthat will persist far Most is on a30-acrecampus beyond the end of the pan- adjacent to the Massachusetts demic,” Mr.Meghji said. Exxon to Cut Carbon Footprint

ContinuedfrompageB1 50% and cut itsflaring inten- (2) sity by 35%to45% by 2025. Thecompanysaid those tar- TIONS

LU gets areconsistent with the

SO Paris climateaccord from which President Trump with-

INFLIGHT drew the U.S. that Exxon says Photo illustrations of two of the buildings in Cambridge, Mass., it supports. bought by the investor as it commits to life-sciences real estate. Anewcomer activist inves- torlaunched aproxyfight ANI/REUTERS against Exxon last week,argu- -SUD ADVERTISEMENT AL ing the beleaguered energy gi- M SA

ant needs to act faster to re- ES The Marketplace makeitself and invest in clean The oil companypledged to end routine flaring, or burning, of methane by 2030. Its fields in Iraq. energy. To advertise: 800-366-3975orWSJ.com/classifieds Engine No.1,aninvestment gasemissions,” Engine No.1 the roles weren’t separated. increase emissionsoverall if it firm with asustainability bent, said Mondayinresponse to PeterTrelenberg, Exxon’sdi- is producing moreoil and gas PUBLIC NOTICES said in alettersent to Exxon Exxon’spledge. rector of greenhouse gasand in total. that it needs to exploresignifi- Exxon said it regularly climatechange, said on acall Mr.Trelenbergalso said

.,(-75 ,3 4'61505.( ".6 ,*65* ,3 "++*,&"2".6 cant investment in clean en- meetswith investorsbut with reportersMondaythat the that Exxon hadn’t set targets -0+2505.("(-,. ,3 (/5 -.)'*".75 !')-.5))(*".)35* +2". ergy to help the companyprof- doesn’t provide details of spe- targetswereaproduct of forreductions to emissions '&2C PZ8 'WaK)Y[aTTB[ b\ O;C %`2O3`gO 'ZI3O Z@ N_^&;Z]& 'ZI\O,cHO&OC Z@ N_^&;Z]& itably meet emission-reduction cific conversations. Exxon’sannual planning and from itsproducts, referred to LS#.H# F.U# PNFb'#8 N\ NgOZ"C3 Y>c K)K)c &WID<]C\O &\D N3DC3 Z@ .XX3ZG&^ &\D b]X^C]C\O&O`Z\ Z@ &\ b\2I3&\gC targets. Theletter, which also Some of Exxon’slargest in- budgetingprocess.Hedidn’t as scope 3emissions,because +I2`\C22F3&\2@C3 :6b+F59 L^&\ :6b+F N3DC359 E&2<3&\OCD ", O;C %`2O3`gO 'ZI3O Z@ N_^&;Z]& 'ZI\O,cHO&OC Z@ N_^&;Z]&c `\ '&2C PZ8 'WaK)Y[aTTB[c XI32I&\O OZ N_^&;Z]&42b+F .gOc NUS.8 HF.F8O`O8 MTc 11 YTBYAYTBB :K)K)98 argued forcost-cutting mea- vestorshavepushed the com- signal anynew investmentsin it has control only over emis- F;`2 \ZO`gC `2 X3ZG`DCD XI32I&\O OZ O;C b+F .gO8 F;C b+F N3DC3 3C7I`3C2 L3ZG`DC\gC *&2;`\c K)K)c &^^ `\2I3&\gC XZ^`g`C2 &\DRZ3 3C`\2I3&\gC &<3CC]C\O2 `DC\O`?CD `\ O;C b+F L^&\ 2;&^^ "C 10-personboard. moving tooslowly to address in an overall reduction in to reduceemissions acrossthe &\D ;C3C", &3CO3&\2@C33CD &\D \ZG&OCD @3Z] L*b' OZ (Z2C]`OC8 .DD`O`Z\&^ `\@Z3]&O`Z\ gZ\gC3\`\< O;C b+F N3DC3 &\D b+F L^&\ ]&, "C 3C7IC2OCD @3Z]e “While reducing emissions climaterisks,and it cited those Exxon’scarbon emissions but energy system,” he said. .22I]`\< b\2I3C3e F3&\2@C33`\< b\2I3C3e N_^&;Z]& b\2I3&\gC 'Z]]`22`Z\C3e intensity is important, nothing concerns earlier this year in didn’t provide anyspecific Exxon said it would also (Z2C]`OC b\2I3&\gC 'Z]X&\, L3ZG`DC\gC *&2;`\ U`^GC3O HO3CCO HI`OC MM) N_^&;Z]& '`O,cNUVMY)> *&3E`g_c Jb )KBBT =V> U`^GC3O HO3CCO FC^CX;Z\Ce :=)>9 >KYaKBKB betterpositions it forlong- tors and in favorofseparating tensity generally means cutting talperformanceintoexecutive FC^CX;Z\Ce B))aB=>aKVK= *&3E`g_c Jb )KBBT FZ^^ !3CC aNUe :B))9 >KKa))VY term success in aworld seek- the chairman and CEO roles. it per amount of energy pro- compensation and support put- FC^CX;Z\Ce B))aB=>aKVK= EEE8Z`D8Z_8

BUSINESSOPPORTUNITIES COMMERCIAL REAL ESTATE ELECTRONIC ARTS BED BATH & BEYOND 3M WYNN RESORTS 9'$$%"& 5!7< (79%"'99A &9**!& ', %' #0)/.+/0-. %#"<$(* Firm Beats Out Rival Cost Plus World Unit Sales Increase Seen Macau Unit Expects %2/3@ &@0:. %2-, ;*$)3+82= (:>82)>> (*' $+)5- ;4,=E%@<-E#:83 !8+-:3 (@06)@3=) 32+ #1* ?@4, 47 %-C853 %8F $:8F *:1B4D02000 "!& Electronic Arts Inc. agreed to Bed Bath & Beyond Inc. 3M Co. said it expects sales Wynn Resorts Ltd.’s Macau /*=9 (?.)=-..+>- B=7< (?9-0. buy European computer games agreed to sell Cost Plus World in the final quarter of $8.2 billion operations expect operating rev- ';@@ $;9 %=8;0 1)0-5C3 :4,+,,4+66A6 7+0(',4#1(+ "4-- ---,'%*+$($#"!,)#& 68 $'(/2' )*.53&%!3%9.. maker Codemasters Group Market, its last noncore banner, to $8.4 billion, or a roughly 1.1% enue of $258 million to $262 Holdings PLC for roughly $1.25 to private-equity firm King- to 3.6% increase from the same million for October and Novem- billion, overtaking an earlier offer swood Capital Management period last year, as the industrial ber, compared with $775.2 mil- CAREERS from Take-Two Interactive LLC for an undisclosed amount. conglomerate has experienced lion in the comparable two Software Inc. The retailer, which has al- strong demand for its N95 face months a year ago, the company THE Codemasters, a maker of rac- ready shed its Christmas Tree masks this year. said. !-*(35$<'55 (79#'75 ing games, withdrew its recom- Shops chain and Personalization- The St. Paul, Minn., company The casino operator sees ad- MARKETPLACE mendation of the roughly $1 bil- Mall.com business, said the sale said quarterly sales through No- justed property earnings before 5@66 -5>0: (=,;2@,,@, lion offer from Take-Two, includes 243 stores, the Cost vember were $5.7 billion. The interest, taxes, depreciation and &/> '/2.74 *<++/55/<)5 ADVERTISE TODAY publisher of the “Grand Theft Plus digital business, two distri- expectations came after the amortization of $13 million to #$ 7*53&3*53*: !(*:%0.:(% (800)366-3975 Auto” franchise. bution facilities and a corporate company earlier this month said $15 million for the two-month 10.8 &.04 %04@ A9=?,;)@ 5/6@, Take-Two said it was consid- office in Alameda, Calif. it would cut 2,900 jobs to re- period in Macau, compared with 6305$ 98%*+$,35 "2%0+*+*- "4+*.3 ')1/ Formoreinformation visit: 5@2) "@??@. -7@,=4@ ?0+ wsj.com/classifieds ering its options regarding Code- Bed Bath & Beyond said it flect slumping demand for some $244.8 million in the same pe- !7<-475"2<0045+#)1:<+;#)=9:<+ masters and would make a fur- also approved a $150 million ac- of its products apart from per- riod last year. The company has $/5/0 <.7 ,4!5/0482<0045+#)1:<+;#)=9:<+ ©2020Dow Jones &Company,Inc. ther announcement when celerated share-repurchase pro- sonal-protective gear, such as of- faced declining visits because of %)/046 &0#045 3*#)#6# 3(.7<;4 All Rights Reserved. appropriate. gram. fice supplies and industrial the Covid-19 pandemic this year. —Ian Walker —Colin Kellaher products. —Dave Sebastian —Dave Sebastian P2JW350000-0-B00700-1------XA

THE WALL STREET JOURNAL. Tuesday, December 15, 2020 | B7 MARKETS DIGEST

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Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 29861.55 t184.82, or 0.62% Trailing P/E ratio 29.39 21.02 3647.49 t15.97, or 0.44% Trailing P/E ratio * 41.52 24.85 12440.04 s 62.17, or 0.50% Trailing P/E ratio *† 38.21 26.42 High, low, open and close for each P/E estimate * 24.71 18.79 High, low, open and close for each P/E estimate * 25.85 19.27 High, low, open and close for each P/E estimate *† 31.92 23.39 trading day of the past three months. Dividend yield 2.04 2.26 trading day of the past three months. Dividend yield * 1.65 1.84 trading day of the past three months. Dividend yield *† 0.74 0.99 All-time high 30218.26, 12/04/20 All-time high 3702.25, 12/08/20 All-time high: 12582.77, 12/08/20

Current divisor 0.15198707565833 32200 3750 12400 Session high DOWN UP 31000 3650 12000 Session open Close t

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27400 3350 10800

65-day moving average 65-day moving average 26200 3250 10400

Bars measure the point change from session's open 25000 3150 10000 Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,030,304,981 20,010,696 Industrial Average 30325.79 29849.15 29861.55 -184.82 -0.62 30218.26 18591.93 5.8 4.6 6.8 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 209,540,010 6,909,692 Transportation Avg 12828.04 12381.51 12382.97 -289.41 -2.28 12803.02 6703.63 13.9 13.6 6.2 Most-active issues in late trading Decl. volume* 806,673,689 11,633,168 Utility Average 869.36 852.68 852.81 -2.29 -0.27 960.89 610.89 -1.7 -3.0 4.3 Volume After Hours Issues traded 3,246 280 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 38581.86 38071.87 38085.78 -115.92 -0.30 38576.35 22462.76 16.7 15.3 11.6 Advances 1,218 103 SPDR S&P 500 SPY 11,862.5 364.92 0.26 0.07 365.29 364.58 Barron's 400 835.75 824.64 824.65 0.67 0.08 828.38 455.11 13.5 12.6 5.7 Declines 1,932 165 Philip Morris Intl PM 5,436.7 84.40 unch. unch. 85.59 83.13 Unchanged 96 12 iShares Russell 2000 ETF IWM Nasdaq Stock Market 5,253.1 190.15 0.22 0.12 192.10 189.90 New highs 221 21 Nasdaq Composite 12543.00 12432.71 12440.04 62.17 0.50 12582.77 6860.67 41.1 38.6 22.0 Intel INTC 4,861.8 50.69 0.22 0.44 50.78 50.43 New lows 21 Nasdaq 100 12544.31 12426.25 12462.21 86.80 0.70 12635.72 6994.29 45.4 42.7 24.9 Transocean RIG 4,476.7 2.45 0.01 0.41 2.47 2.43 Closing Arms† 2.50 0.87 Williams Cos WMB 4,461.4 21.68 0.17 0.79 21.80 21.51 S&P Block trades* 5,292 182 Republic First Bancorp FRBK 4,419.8 2.88 0.02 0.70 2.88 2.86 500 Index 3697.61 3645.84 3647.49 -15.97 -0.44 3702.25 2237.40 14.3 12.9 11.2 Nasdaq NYSE Arca Front Yard Residential RESI 4,404.2 16.12 -0.06 -0.37 16.18 16.12 MidCap 400 2269.13 2233.98 2234.01 -5.93 -0.26 2249.57 1218.55 9.6 8.3 6.2 Total volume*4,480,041,696 215,850,952 SmallCap 600 1100.46 1083.05 1083.05 -3.54 -0.33 1095.22 595.67 7.5 6.1 5.7 Percentage gainers… Adv. volume*2,563,567,795 67,970,514 Decl. volume*1,876,696,062 147,002,179 Other Indexes Blonder Tongue Labs BDR 2,800.1 2.06 0.61 42.07 2.17 1.44 Issues traded 3,808 1,445 Russell 2000 1944.12 1913.86 1913.86 2.16 0.11 1922.70 991.16 16.0 14.7 8.3 MediWound MDWD 85.2 4.50 0.86 23.63 4.73 3.64 Advances 1,858 594 NYSE Composite 14459.65 14214.03 14214.93 -140.36 -0.98 14417.33 8777.38 3.0 2.2 4.0 MicroVision MVIS 294.8 3.33 0.20 6.39 3.33 3.12 Declines 1,843 825 Gossamer Bio GOSS 59.5 11.18 0.63 5.97 11.18 10.55 Value Line 565.18 555.52 555.52 -3.72 -0.67 562.82 305.71 1.9 0.6 0.3 Unchanged 107 26 22nd Century Group XXII 194.6 2.49 0.14 5.96 2.53 2.35 NYSE Arca Biotech 5812.02 5661.71 5731.85 189.44 3.42 6142.96 3855.67 11.0 13.1 11.7 New highs 337 185 NYSE Arca Pharma 690.21 673.41 673.49 -15.91 -2.31 691.70 494.36 4.6 3.0 7.4 ...And losers New lows 15 28 KBW Bank 95.42 92.61 92.72 -1.47 -1.57 114.12 56.19 -18.0 -18.2 -4.1 GrafTech International EAF 318.2 9.20 -0.45 -4.66 9.65 9.20 Closing Arms† 0.74 1.44 § PHLX Gold/Silver 140.08 135.26 135.35 -3.26 -2.35 161.14 70.12 36.4 26.6 19.3 Rubius Therapeutics RUBY 125.7 8.33 -0.40 -4.58 8.88 7.71 Block trades* 21,346 1,072 § PHLX Oil Service 47.33 44.76 44.88 -1.35 -2.92 80.99 21.47 -40.1 -42.7 -30.3 Ocular Therapeutix OCUL 95.4 21.30 -1.02 -4.57 22.49 20.25 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2751.76 2723.89 2736.25 32.17 1.19 2816.27 1286.84 50.9 47.9 30.5 iShs S&P GSCI Cm-Idxed Tr GSG 191.0 11.40 -0.49 -4.12 11.83 11.40 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 24.82 21.95 24.72 1.41 6.05 82.69 12.10 103.6 79.4 33.1 SYBX Synlogic 67.8 2.44 -0.10 -3.94 2.54 2.33 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 MSCI ACWI 628.84 –0.99 –0.16 11.3 Arvinas ARVN 58.38 28.45 95.06 75.00 19.68 36.1 Aerpio Pharmaceuticals ARPO 1.20 -1.05 -46.67 2.31 0.42 111.4 MSCI ACWI ex-USA 318.58 0.13 0.04 5.6 BioCardia BCDA 4.48 1.66 58.87 6.95 1.91 11.7 Fossil Group FOSL 9.66 -3.64 -27.35 13.61 2.69 26.2 MSCI World 2619.43 –2.46 –0.09 11.1 Veru VERU 9.70 3.34 52.56 10.83 2.30 252.5 SELLAS Life Sciences SLS 6.69 -1.68 -20.07 19.38 1.46 67.3 MSCI Emerging Markets 1250.45 –7.21 –0.57 12.2 Rubius Therapeutics RUBY 8.73 2.34 36.62 14.44 3.35 -36.3 Titan International TWI 4.21 -1.03 -19.66 6.07 1.05 19.3 Americas MSCI AC Americas 1426.77 –4.97 –0.35 14.3 AnPac Bio-Medical ADR ANPC 5.70 1.48 35.07 12.18 3.15 ... AMC Entertainment Hldgs AMC 3.19 -0.73 -18.62 8.78 1.95 -61.8 Canada S&P/TSX Comp 17387.40 –161.52 –0.92 1.9 Big Rock Ptrs Acqn BRPA 15.20 3.45 29.36 16.50 9.80 44.3 Virgin Galactic SPCE 26.47 -5.57 -17.38 42.49 8.98 184.9 Latin Amer. MSCI EM Latin America 2386.25 –25.01 –1.04 –18.2 Alexion Pharm ALXN 156.31 35.33 29.20 160.03 72.67 40.4 Eargo EAR 47.47 -9.51 -16.69 59.80 32.58 ... Brazil Sao Paulo Bovespa 114611.12 –516.88 –0.45 –0.9 CooTek (Cayman) ADR CTK 6.33 1.40 28.40 7.45 4.12 23.8 SolarWinds SWI 19.62 -3.93 -16.69 24.34 11.50 7.8 Chile Santiago IPSA 2774.29 –0.86 –16.8 –23.93 BioLine RX ADR BLRX 3.39 0.72 26.97 3.58 1.06 52.7 Greenwich LifeSciences GLSI 46.80 -9.20 -16.43 158.07 3.26 ... Mexico S&P/BMV IPC 43569.84 –42.47 –0.10 0.1 Humanigen HGEN 11.96 2.49 26.29 33.95 1.50 431.6 TechTarget TTGT 50.31 -9.86 -16.39 63.11 16.82 100.2 EMEA Stoxx Europe 600 391.85 1.73 0.44 –5.8 ReneSola ADR SOL 6.98 1.44 25.99 9.49 0.85 362.3 IEC Electronics IEC 10.50 -1.93 -15.53 13.22 5.00 17.8 Eurozone Euro Stoxx 390.84 1.94 0.50 –3.2 Arbutus Biopharma ABUS 4.88 0.97 24.81 9.02 0.88 118.8 AbCellera Biologics ABCL 50.01 -8.89 -15.09 71.91 48.98 78.3 Belgium Bel-20 3673.30 23.56 0.65 –7.1 Evelo Biosciences EVLO 9.41 1.87 24.80 11.67 3.01 116.3 NextDecade NEXT 2.93 -0.52 -15.07 6.37 1.12 -52.6 Denmark OMX Copenhagen 20 1410.58 12.20 0.87 24.2 Chinook Therapeutics KDNY 16.40 3.08 23.12 20.20 4.90 195.5 BioNTech ADR BNTX 108.27 -19.03 -14.95 131.00 27.73 209.3 France CAC 40 5527.84 20.29 0.37 –7.5 Graybug Vision GRAY 22.81 4.20 22.57 37.88 12.50 ... Solid Biosciences SLDB 4.79 -0.82 -14.62 6.10 1.93 7.8 Germany DAX 13223.16 108.86 0.83 –0.2 Israel Tel Aviv 1492.42 5.84 0.39 –11.3 Most Active Stocks Volume Movers Ranked by change from 65-day average* Italy FTSE MIB 21759.73 57.57 0.27 –7.4 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Netherlands AEX 612.88 –1.58 –0.26 1.4 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Russia RTS Index 1398.12 –14.76 –1.04 –9.7 NIO ADR NIO 170,888 4.8 40.98 -2.38 57.20 2.11 Rubius Therapeutics RUBY 49,197 22984 8.73 36.62 14.44 3.35 South Africa FTSE/JSE All-Share 59508.80 96.19 0.16 4.2 Veru VERU 126,545 7535.4 9.70 52.56 10.83 2.30 Veru VERU 126,545 7535 9.70 52.56 10.83 2.30 Spain IBEX 35 8140.80 77.70 0.96 –14.7 Sundial Growers SNDL 125,259 -35.5 0.51 1.22 3.88 0.14 Seaport Global A SGAM 1,414 7352 9.93 -0.40 10.02 9.80 Sweden OMX Stockholm 759.73 3.06 0.40 11.6 Teligent TLGT 107,473 3607.2 0.81 28.21 6.46 0.46 Arvinas ARVN 18,232 3449 58.38 95.06 75.00 19.68 Switzerland Swiss Market 10373.03 –18.73 –0.18 –2.3 Pfizer PFE 94,164 147.2 39.21 -4.64 43.08 26.41 Pluralsight Cl A PS 38,889 2566 20.19 6.38 22.69 6.59 1.30 Turkey BIST 100 1388.55 17.85 21.4 BioCardia BCDA 90,597 103871.9 4.48 58.87 6.95 1.91 Evelo Biosciences EVLO 4,156 2557 9.41 24.80 11.67 3.01 U.K. FTSE 100 6531.83 –14.92 –0.23 –13.4 American Airlines Group AAL 87,489 18.8 16.70 -2.05 30.78 8.25 Homology Medicines FIXX 11,186 2552 11.97 17.01 22.50 8.70 U.K. FTSE 250 19764.02 141.87 0.72 –9.7 General Electric GE 78,964 -30.2 10.83 -2.96 13.26 5.48 Opiant Pharmaceuticals OPNT 530 2067 8.47 3.04 15.20 6.79 Asia-Pacific MSCI AC Asia Pacific 194.53 –0.34 –0.17 14.0 Apple AAPL 78,398 -37.8 121.78 -0.51 137.98 53.15 PIMCO Dyn Mult EM MFEM 270 2017 26.48 0.46 26.49 15.23 Australia S&P/ASX 200 6660.20 17.62 0.27 –0.4 Ford Motor F 76,519 17.7 8.91 -1.22 9.58 3.96 Equity Distribution Cl A EQD 940 1718 10.13 -0.49 10.90 9.32 China Shanghai Composite 3369.12 21.93 0.66 10.5 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 26389.52 –116.35 –0.44 –6.4 India S&P BSE Sensex 46253.46 154.45 0.34 12.1 Track the Markets Japan Nikkei Stock Avg 26732.44 79.92 0.30 13.0 Compare the performance of selected CURRENCIES & COMMODITIES Singapore Straits Times 1.29 global stock indexes, bond ETFs, 2858.14 36.43 –11.3 currencies and commodities at South Korea Kospi 2762.20 –7.86 –0.28 25.7 wsj.com/graphics/track-the-markets Currencies Taiwan TAIEX 14211.05 –50.64 –0.36 18.5 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1476.13 –6.54 –0.44 –6.6 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Mon YTD chg Mon YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004324 23127 –0.2 CREDIT MARKETS Argentina peso .0121 82.3723 37.6 Europe Brazil real .1953 5.1191 27.4 Czech Rep. koruna .04609 21.697 –4.3 Canada dollar .7834 1.2766 –1.7 Denmark krone .1632 6.1285 –8.0 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001360 735.40 –0.5 Euro area euro 1.2143 .8236 –7.6 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000292 3428.00 4.5 Hungary forint .003430 291.55 –1.3 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007834 127.65 5.4 A consumer rate against its 30-year mortgage, Rate Mexico peso .0494 20.2424 6.9 Norway krone .1144 8.7447 –0.4 Uruguay peso .02355 42.4650 14.3 Poland zloty .2736 3.6549 –3.6 benchmark over the past year 2.50% Bankrate.com avg†: 2.93% 10% Asia-Pacific Russia ruble .01354 73.873 19.0 Sweden krona East Boston Savings Bank 2.50% One year ago 2.00 Australian dollar .7533 1.3275 –6.8 .1190 8.4016 –10.3 s Switzerland franc 30-year fixed-rate 4.00% Boston, MA 800-657-EBSB t 5 Euro China yuan .1527 6.5508 –5.9 1.1274 .8870 –8.3 t mortgage 1.50 Hong Kong dollar .1290 7.7518 –0.5 Turkey lira .1273 7.8533 32.0 Teachers Federal Credit Union 2.63% s Ukraine hryvnia .0358 27.9500 3.00 0 India rupee .01358 73.641 3.2 18.1 Farmingville, NY 1.00 Yen 631-698-7000 Indonesia rupiah .0000709 14095 1.5 UK pound 1.3331 .7501 –0.5 Tradeweb ICE 2.00 Dearborn Federal Svgs Bk 2.75% Japan yen .009611 104.05 –4.2 Middle East/Africa Monday Close 0.50 –5 s Kazakhstan tenge .002386 419.13 10-year Treasury Dearborn, MI 313-565-3100 t WSJ Dollar index 9.8 Bahrain dinar 2.6522 .3771 ... note yield Macau pataca .1252 7.9899 –0.3 t 1.00 Prairie State Bank and Trust 2.75% 0.00 –10 Egypt pound .0635 15.7474 –1.9 Malaysia ringgit .2467 4.0535 –0.9 Israel shekel .3067 3.2605 –5.6 Mt Zion, IL 800-597-2977 1 3 6 1 2 3 5 7 10 20 30 2020 2020New Zealand dollar .7081 1.4122 –4.9 Kuwait dinar 3.2756 .3053 0.7 0.00 month(s) years J F M A M J J A S O N D TBK Bank, SSB 2.85% Pakistan rupee .00623 160.392 3.5 Oman sul rial 2.5972 .3850 0.01 maturity Philippines peso 2020 Dallas, TX 214-365-6900 .0208 48.066 –5.2 Qatar rial .2746 3.642 –0.05 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7490 1.3351 –0.8 Saudi Arabia riyal .2666 3.7515 0.01 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009147 1093.31 –5.3 South Africa rand .0665 15.0331 7.4 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0053422 187.19 3.2 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.25 Taiwan dollar .03555 28.129 –6.0 Yield (%) 52-Week Total Return (%) Thailand baht .03321 30.110 1.2 WSJ Dollar Index 85.80 –0.15–0.18 –4.20 Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.22 0.23 0.20 l 1.96 -1.38 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2460.560 0.570 0.600 1.860 0.400 7.625 5.132 Money market, annual yield 0.20 0.20 0.19 l 0.58 -0.14 Five-year CD, annual yield 0.58 0.59 0.58 l 1.41 -0.91 U.S. Treasury Long, Barclays 4736.130 1.490 1.550 2.340 0.980 15.528 9.786 Commodities 30-year mortgage, fixed† 2.93 2.94 2.90 l 4.22 -0.95 Aggregate, Barclays 2286.070 1.160 1.180 2.370 1.020 7.087 5.213 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.48 2.37 2.37 l 3.57 -0.82 Fixed-Rate MBS, Barclays 2226.300 1.320 1.340 2.690 0.930 3.791 3.608 DJ Commodity Jumbo mortgages, $510,400-plus† 2.88 2.95 2.88 l 4.36 -1.41 703.98 2.88 0.41 703.98 433.70 10.46 9.60 High Yield 100, ICE BofA 3304.343 3.783 3.731 10.740 3.589 4.014 4.953 TR/CC CRB Index 0.99 187.39 106.29 -12.68 Five-year adj mortgage (ARM)† 3.21 3.21 2.85 l 4.61 -0.50 162.24 0.61 -12.40 Muni Master, ICE BofA 594.638 0.890 0.934 3.441 0.838 5.131 4.430 Crude oil, $ per barrel 0.42 63.27 -37.63 -23.04 New-car loan, 48-month 4.04 4.04 4.04 l 4.50 0.73 46.99 0.90 -21.96 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 925.150 4.413 4.443 7.480 4.413 5.621 4.699 Natural gas, $/MMBtu 2.682 0.091 3.51 3.354 1.482 14.57 22.52 banks.† Excludes closing costs. Gold, $ per troy oz. 1828.70 -11.10 -0.60 2051.50 1472.60 23.98 20.35 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW350000-0-B00800-1------XA

B8 | Tuesday, December 15, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Feb'21 113.250 113.575 112.550 113.100 –.150 115,439 Mexican Peso (CME)-MXN 500,000; $ per MXN March'21 3670.00 3691.50 3637.50 3640.00 –13.50 1,025,914 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec .04973 .05000 .04963 .04964 –.00009 52,860 Mini S&P Midcap 400 (CME)-$100 x index Contract Open March'21 .04925 .04955 .04891 .04898 –.00029 138,456 Dec 2237.60 2269.50 s 2234.00 2235.20 –4.10 28,520 Open High hi lo Low Settle Chg interest Dec 64.700 64.925 64.700 64.900 .225 8,390 Feb'21 63.025 65.850 63.025 65.675 2.450 81,567 Euro (CME)-€125,000; $ per € March'21 2251.00 2266.40 s 2231.40 2232.50 –3.10 25,930 Copper-High (CMX)-25,000 lbs.; $ per lb. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 1.2132 1.2177 1.2116 1.2135 .0022 119,156 Mini Nasdaq 100 (CME)-$20 x index Dec 3.5420 3.5420 3.5045 3.5220 –0.0020 2,631 Jan 800.00 819.80 s 785.00 813.00 18.00 1,382 March'21 1.2162 1.2206 1.2146 1.2176 .0033 642,821 Dec 12405.50 12545.00 12386.50 12456.50 88.50 190,554 March'21 3.5405 3.5560 3.5080 3.5265 –0.0015 163,230 March 733.10 737.10 710.80 729.30 7.30 980 March'21 12414.00 12549.50 12388.00 12462.50 94.25 65,411 Gold (CMX)-100 troy oz.; $ per troy oz. Mini Russell 2000 (CME)-$50 x index Milk (CME)-200,000 lbs., cents per lb. Index Futures Dec 1835.50 1835.70 1822.70 1828.70 –11.10 6,324 Dec 1921.00 1945.70 s 1913.30 1915.20 3.80 374,479 Dec 15.93 15.93 15.77 15.84 .05 4,219 Jan'21 1838.70 1839.80 1821.10 1829.80 –11.60 2,039 Mini Russell 1000 (CME)-$50 x index Jan'21 16.25 16.40 16.08 16.10 –.12 3,616 Mini DJ Industrial Average (CBT)-$5 x index Feb 1845.00 1845.60 1820.00 1832.10 –11.50 401,305 Dec 2078.20 2085.20 2059.10 2059.70 –5.60 4,687 Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 30134 30325 s 29848 29865 –168 69,564 April 1849.00 1849.00 1825.00 1836.10 –11.50 76,216 March'21 2049.00 2081.70 s 2055.70 2056.30 –5.10 4,430 Dec 2,713 2,713 2,713 2,713 –34 5 March'21 30052 30240 s 29763 29781 –154 37,136 June 1846.90 1848.00 1827.00 1839.00 –11.40 32,811 S&P 500 Index (CME)-$250 x index U.S. Dollar Index (ICE-US)-$1,000 x index Aug 1848.30 1850.80 1830.00 1841.90 –11.20 12,028 March'21 2,639 2,653 2,581 2,589 –33 99,061 Dec ...... 3646.50 –14.70 36,023 Dec 90.78 90.90 t 90.46 90.73 –.24 11,407 Palladium (NYM) - 50 troy oz.; $ per troy oz. Coffee (ICE-US)-37,500 lbs.; cents per lb. March'21 3672.40 3684.20 3642.30 3639.90 –13.70 43 March'21 90.73 90.85 t 90.35 90.66 –.27 34,159 Dec 122.50 123.85 122.50 123.55 4.45 66 Dec ...... 2307.90 –14.20 7 Mini S&P 500 (CME)-$50 x index March'21 2328.50 2340.50 2304.00 2318.90 –14.20 9,057 March'21 120.85 126.90 120.65 126.15 4.55 116,642 Dec 3677.75 3698.00 3642.75 3646.50 –14.75 1,782,609 Source: FactSet Platinum (NYM)-50 troy oz.; $ per troy oz. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Dec ...... 1014.40 –6.20 22 March 14.43 14.45 14.09 14.12 –.31 398,006 Jan'21 1019.50 1034.20 1005.20 1015.60 –6.20 42,763 May 13.78 13.81 13.53 13.55 –.23 222,652 Silver (CMX)-5,000 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks Dec 24.160 24.160 24.160 23.985 –0.047 1,026 March 28.40 28.40 28.30 28.35 …3,004 March'21 24.140 24.365 23.755 24.047 –0.045 131,521 Cotton (ICE-US)-50,000 lbs.; cents per lb. Tracking Bond Benchmarks Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 74.20 75.20 s 74.20 74.67 .59 129,712 Jan 46.73 47.44 45.69 46.99 0.42 212,885 May 75.06 76.02 s 75.06 75.51 .62 40,114 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Feb 46.92 47.57 45.88 47.15 0.40 302,487 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. highs and lows for different types of bonds March 47.01 47.67 46.02 47.27 0.40 235,155 Jan 117.15 117.15 114.05 114.25 –1.80 5,093 April 47.08 47.73 46.13 47.36 0.40 106,926 March 118.90 119.50 117.35 117.55 –1.35 5,321 Total Total June 47.04 47.71 46.20 47.38 0.41 212,127 return YTD total Yield (%) return YTD total Yield (%) Dec 46.20 46.89 45.58 46.61 0.41 271,889 close return (%) Index Latest Low High close return (%) Index Latest Low High NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Interest Rate Futures Mortgage-Backed Bloomberg Barclays Jan 1.4393 1.4612 1.4186 1.4544 .0175 82,035 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Broad Market Bloomberg Barclays Feb 1.4424 1.4654 1.4231 1.4576 .0160 69,972 Dec ...... 215-250 ... 22,319 U.S. Aggregate 2226.30 3.6 Mortgage-Backed 1.320 0.930 2.690 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March'21 213-260 214-080 211-250 214-010 –1.0 1,007,473 2286.07 7.2 1.160 1.020 2.370 Jan 1.3113 1.3285 1.2862 1.3191 .0114 87,078 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Barclays 2171.75 3.4 Ginnie Mae (GNMA) 0.830 0.290 2.660 Feb 1.3122 1.3340 1.2914 1.3220 .0083 71,492 Dec ...... 172-210 1.0 31,588 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March'21 173-160 173-270 172-160 173-220 1.0 1,128,453 3437.44 9.2 U.S. Corporate 1.820 1.800 4.580 1315.09 3.8 Fannie mae (FNMA) 1.490 1.110 2.690 Jan 2.658 2.708 2.612 2.682 .091 127,295 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3.7 Freddie Mac (FHLMC) Feb 2.664 2.711 2.613 2.678 .075 156,020 Dec ...... 138-160 ... 56,230 3098.11 6.9 Intermediate 1.170 1.170 4.400 2018.56 1.470 1.080 2.710 March 2.649 2.695 2.600 2.660 .063 242,159 March'21 137-310 138-040 137-230 138-025 –.5 3,171,447 5146.05 12.9 Long term 2.830 2.730 4.930 594.64 5.1 Muni Master 0.890 0.838 3.441 April 2.639 2.687 2.607 2.662 .066 97,344 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% May 2.658 2.699 2.622 2.673 .061 62,468 Dec ...... 125-250 ... 65,814 699.56 8.5 Double-A-rated 1.440 1.300 3.360 420.80 5.5 7-12 year 0.877 0.771 3.447 Oct 2.780 2.828 2.761 2.802 .051 90,671 March'21 126-015 126-035 125-300 126-030 ... 3,122,317 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 915.05 9.0 Triple-B-rated 2.090 2.080 5.350 480.85 6.2 12-22 year 1.307 1.224 3.690 Agriculture Futures Dec ...... 110-154 ... 26,505 High Yield Bonds ICE BofA 6.0 22-plus year March'21 110-150 110-153 110-143 110-151 –.1 1,849,269 467.15 1.929 1.765 4.123 Corn (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec 424.75 429.75 422.00 419.25 –5.00 219 491.33 5.2 High Yield Constrained 4.467 4.439 11.400 Global Government J.P. Morgan† Dec 99.9125 99.9125 99.9100 99.9100 –.0025 119,946 March'21 423.50 428.50 421.25 424.00 .50 867,614 Jan'21 99.9200 99.9200 99.9150 99.9150 –.0050 151,210 3.0 Triple-C-rated 615.79 5.6 Global Government 0.540 0.390 1.060 Oats (CBT)-5,000 bu.; cents per bu. 450.73 8.745 8.745 19.071 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Dec ...... 344.75 …36 Dec ...... 100-300 –4.5 66,371 3304.34 3.5 High Yield 100 3.783 3.589 10.740 860.05 7.0 Canada 0.870 0.590 1.740 March'21 338.75 342.75 s 335.25 337.50 –.50 3,920 March'21 ...... 98-050 –4.5 99,934 Soybeans (CBT)-5,000 bu.; cents per bu. Global High Yield Constrained n.a. n.a. EMU§ n.a. n.a. n.a. Eurodollar (CME)-$1,000,000; pts of 100% 444.17 5.4 4.429 4.425 11.310 Jan 1164.75 1173.00 1161.25 1169.50 9.00 179,304 Dec 99.7825 99.7825 99.7800 99.7807 –.0018 1,094,616 March 1169.50 1178.00 1166.50 1174.50 8.50 326,259 337.16 2.6 Europe High Yield Constrained 2.854 2.464 8.183 795.62 4.8 France -0.140 -0.160 0.430 March'21 99.8300 99.8300 99.8200 99.8300 … 1,181,086 Soybean Meal (CBT)-100 tons; $ per ton. June 99.8400 99.8400 99.8250 99.8350 …896,862 U.S Agency Bloomberg Barclays 554.32 3.5 Germany -0.510 -0.740 -0.050 Dec 386.50 386.50 380.80 380.80 –3.30 63 Sept 99.8300 99.8300 99.8200 99.8300 …816,790 March'21 382.20 384.00 378.60 382.00 .60 162,133 1866.94 5.4 U.S Agency 0.460 0.460 1.950 295.62 -0.8 Japan 0.280 0.040 0.320 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 40.10 40.11 s 40.10 40.11 .53 4 Currency Futures 1627.06 4.1 10-20 years 0.350 0.340 1.850 620.22 4.1 Netherlands -0.430 -0.540 0.080 March'21 38.11 38.76 s 38.11 38.52 .46 181,162 Japanese Yen (CME)-¥12,500,000; $ per 100¥ 4273.60 12.0 20-plus years 1.630 1.170 2.450 1092.42 8.7 U.K. 0.560 0.390 1.180 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec .9617 .9661 .9610 .9617 .0002 74,653 Jan 12.45 12.51 12.37 12.42 –.06 6,070 March'21 .9633 .9675 .9619 .9623 –.0006 190,474 2921.08 6.8 Yankee 1.420 1.420 3.500 925.15 4.9 Emerging Markets ** 4.413 4.413 7.480 March 12.67 12.67 12.55 12.60 –.05 3,059 Canadian Dollar (CME)-CAD 100,000; $ per CAD Wheat (CBT)-5,000 bu.; cents per bu. Dec .7839 .7862 .7819 .7837 .0007 39,587 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Dec 615.50 615.50 610.00 593.50 –14.75 5 March'21 .7843 .7867 .7823 .7842 .0007 141,846 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan March'21 618.00 622.00 595.75 596.50 –18.00 186,525 British Pound (CME)-£62,500; $ per £ Wheat (KC)-5,000 bu.; cents per bu. Dec 1.3335 1.3445 1.3291 1.3352 .0126 31,024 Dec ...... 579.00 …1March'21 1.3341 1.3458 1.3303 1.3334 .0096 137,322 Global Government Bonds: Mapping Yields March'21 583.50 588.00 s 561.00 562.25 –19.00 124,653 Swiss Franc (CME)-CHF 125,000; $ per CHF Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 1.1253 1.1298 s 1.1243 1.1264 .0021 12,455 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Jan 139.700 140.625 139.175 140.025 .300 13,349 March'21 1.1289 1.1334 s 1.1277 1.1307 .0029 48,200 March 140.550 141.400 140.300 140.600 .050 16,828 Australian Dollar (CME)-AUD 100,000; $ per AUD selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec .7553 .7578 s .7525 .7549 .0012 36,475 Country/ Spread Under/Over U.S. Treasurys, in basis points Dec 108.750 109.200 108.700 109.100 .350 8,269 March'21 .7559 .7586 s .7533 .7551 .0006 120,421 Yield (%) Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago 0.125 U.S. 2 0.117 t l 0.125 0.181 1.610 0.875 10 0.895 t l 0.897 0.895 1.827 Cash Prices | wsj.com/market-data/commodities Monday, December 14, 2020 2.250 Australia 2 0.108 s l 0.098 0.111 0.827 -0.9 -2.7 -78.3 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 1.000 10 0.975 t l 0.996 0.898 1.266 8.0 9.9 -56.2 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 0.000 France 2 -0.724 t l -0.719 -0.670 -0.613 -84.4 -222.3 months. -84.1 0.000 10 s l -0.382 -0.304 0.003 -127.9 Monday Monday Monday -0.370 -126.5 -182.5 Energy Aluminum, LME, $ per metric ton *2022.0 Wheat - Hard - KC (USDA) $ per bu-u 5.8725 0.000 Germany 2 -0.765 s l -0.777 -0.723 -0.617 -88.2 -90.2 -222.6 Copper,Comex spot 3.5220 Wheat,No.1soft white,Portld,OR-u 6.3250 0.000 10 -0.618 s l -0.633 -0.547 -0.288 -151.2 -153.1 -211.6 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.350 Iron Ore, 62% Fe CFR China-s 154.5 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Shredded Scrap, US Midwest-s,m 371 0.050 Italy 2 -0.438 t l -0.436 -0.409 -0.213 -55.5 -56.1 -182.3 Steel, HRC USA, FOB Midwest Mill-s 904 Beef,carcass equiv. index 0.900 10 0.548 t l 0.560 0.671 1.160 -33.7 -66.7 Metals choice 1-3,600-900 lbs.-u 178.92 -34.6 Fibers and Textiles select 1-3,600-900 lbs.-u 160.77 0.100 Japan 2 -0.143 s l -0.144 -0.143 -0.138 -26.0 -26.9 -174.8 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8333 Engelhard industrial 1833.50 Burlap,10-oz,40-inch NY yd-n,w 0.6400 Butter,AA Chicago 1.4450 0.100 10 0.014 s l 0.013 0.027 -0.028 -88.1 -88.4 -185.5 Handy & Harman base 1831.15 Cotton,1 1/16 std lw-mdMphs-u 0.7192 Cheddar cheese,bbl,Chicago 143.50 0.400 Spain 2 -0.629 s l -0.636 -0.561 -0.395 -74.6 -76.1 -200.5 Handy & Harman fabricated 2032.58 Cotlook 'A' Index-t *80.90 Cheddar cheese,blk,Chicago 163.00 LBMA Gold Price AM *1833.65 Hides,hvy native steers piece fob-u 39.500 Milk,Nonfat dry,Chicago lb. 113.75 1.250 10 0.003 s l 0.000 0.116 0.424 -89.1 -89.7 -140.4 LBMA Gold Price PM *1842.00 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.1345 0.125 U.K. 2 -0.083 s l -0.112 -0.022 0.552 -20.0 -23.7 -105.8 Krugerrand,wholesale-e n.a. Grains and Feeds Coffee,Colombian, NY 1.6905 Maple Leaf-e n.a. Eggs,large white,Chicago-u 0.7150 4.750 10 0.225 s l 0.173 0.341 0.794 -67.0 -72.4 -103.4 American Eagle-e n.a. Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.45 Mexican peso-e n.a. Bran,wheat middlings, KC-u 150 Hams,17-20 lbs,Mid-US fob-u 0.78 Source: Tullett Prebon Austria crown-e n.a. Corn,No. 2 yellow,Cent IL-bp,u 4.1650 Hogs,Iowa-So. Minnesota-u 67.14 Austria phil-e n.a. Corn gluten feed,Midwest-u,w 149.0 Pork bellies,12-14 lb MidUS-u n.a. Corporate Debt Silver, troy oz. Corn gluten meal,Midwest-u,w 553.3 Pork loins,13-19 lb MidUS-u 0.7795 Engelhard industrial 24.1500 Cottonseed meal-u,w 430 Steers,Tex.-Okla. Choice-u n.a. Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Handy & Harman base 23.9050 Hominy feed,Cent IL-u,w 122 Steers,feeder,Okla. City-u,w 149.56 expectations Handy & Harman fabricated 29.8810 Meat-bonemeal,50% pro Mnpls-u,w 275 Fats and Oils LBMA spot price *£18.0600 Oats,No.2 milling,Mnpls-u 3.6100 Investment-grade spreads that tightened the most… (U.S.$ equivalent) *23.8150 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 41.0000 Spread*, in basis points Coins,wholesale $1,000 face-a 17939 Sorghum,(Milo) No.2 Gulf-u 6.2925 Grease,choice white,Chicago-h 0.3200 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week SoybeanMeal,Cent IL,rail,ton48%-u Other metals 378.20 Lard,Chicago-u n.a. Southwest Airlines LUV 4.750 0.91 May 4, ’23 74 –21 n.a. LBMA Platinum Price PM *1009.0 Soybeans,No.1 yllw IL-bp,u 11.6050 Soybean oil,crude;Centl IL-u 0.3973 –15 Platinum,Engelhard industrial 1030.0 Wheat,Spring14%-pro Mnpls-u 6.6250 Tallow,bleach;Chicago-h 0.3625 Nissan Motor NSANY 3.043 1.35 Sept. 15, ’23 118 n.a. Palladium,Engelhard industrial 2329.0 Wheat,No.2 soft red,St.Louis-u 6.2400 Tallow,edible,Chicago-u 0.3750 BPCE BPCEGP 4.625 1.26 July 11, ’24 90 –11 89 Pacific Life Insurance PACLIF 9.250 4.34 June 15, ’39 270 –11 n.a. KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 12/11 Wells Fargo WFC 3.000 1.11 April 22, ’26 75 –11 69 Source: Dow Jones Market Data Reynolds American BATSLN 6.150 4.09 Sept. 15, ’43 242 –10 n.a. Goldman Sachs GS 5.150 2.90 May 22, ’45 126 –10 120 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Molson Coors Beverage TAP 5.000 3.41 May 1, ’42 177 –9 165 …And spreads that widened the most Money Rates December 14, 2020 BNP Paribas BNP 3.800 0.95 Jan. 10, ’24 57 12 42 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Main Street Capital MAIN 5.200 2.68 May 1, ’24 232 11 231 guide to general levels but don’t always represent actual transactions. BorgWarner BWA 5.000 1.30 Oct. 1, ’25 94 9 87 Microchip Technology MCHP 2.670 0.92 Sept. 1, ’23 75 8 64 Inflation Week —52-WEEK— Week —52-WEEK— Latest ago High Low Latest ago High Low JPMorgan Chase JPM 3.200 0.44 Jan. 25, ’23 27 7 17 Nov. index Chg From (%) Procter & Gamble PG 2.800 0.98 March 25, ’27 35 7 29 level Oct. '20 Nov. '19 Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction Britain 0.10 0.10 0.75 0.10 4 weeks 0.065 0.075 1.575 0.000 Royal Bank of Canada RY 0.500 0.40 Oct. 26, ’23 23 7 20 U.S. consumer price index Australia 0.10 0.10 0.75 0.10 13 weeks 0.075 0.080 1.555 0.000 Barclays BACR 4.375 1.43 Jan. 12, ’26 107 6 95 All items 260.229 –0.06 1.2 Overnight repurchase 26 weeks 0.085 0.090 1.570 0.080 Core 269.473 0.05 1.6 High-yield issues with the biggest price increases… U.S. 0.01 0.07 1.65 -0.07 Secondary market Bond Price as % of face value International rates Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week U.S. government rates Fannie Mae Week 52-Week 30-year mortgage yields Transocean RIG 6.800 20.60 March 15, ’38 35.250 3.40 28.500 Latest ago High Low Discount 30 days 1.912 1.921 3.362 1.751 Ford Motor F 7.450 4.11 July 16, ’31 128.470 1.35 129.000 0.25 0.25 2.25 0.25 60 days 1.940 1.947 3.370 1.804 Royal Caribbean RCL 7.500 5.71 Oct. 15, ’27 110.000 1.28 110.500 Prime rates American Airlines AAL 3.750 11.12 March 1, ’25 75.750 1.25 76.250 U.S. 3.25 3.25 4.75 3.25 Federal funds Other short-term rates Canada 2.45 2.45 3.95 2.45 Effective rate 0.0900 0.0900 1.6200 0.0600 Teva Pharmaceutical Finance Netherlands … 3.150 3.74 Oct. 1, ’26 96.970 0.57 95.950 Week 52-Week Japan 1.475 1.475 1.475 1.475 High 0.1000 0.1000 1.6500 0.1000 Sprint Capital … 6.875 2.54 Nov. 15, ’28 130.875 0.56 130.500 Low 0.0500 0.0500 1.5800 0.0100 Latest ago high low BBDBCN 0.53 101.750 Policy Rates Bid 0.0800 0.0800 1.6000 0.0100 Bombardier 5.750 4.91 March 15, ’22 101.000 Call money Euro zone 0.00 0.00 0.00 0.00 Offer 0.1100 0.1100 1.6300 0.0500 TransAlta TACN 6.500 5.60 March 15, ’40 110.500 0.50 110.000 2.00 2.00 3.50 2.00 …And with the biggest price decreases Commercial paper (AA financial) Seagate HDD Cayman … 4.750 2.90 Jan. 1, ’25 107.000 –1.19 109.490 Key Interest Rates 90 days n.a. n.a. 2.53 0.04 Hughes Satellite Systems … 6.625 4.64 Aug. 1, ’26 109.720 –0.53 111.000 Data are annualized on a 360-day basis. Treasury yields are per annum, Libor Prime Security Services Borrower PRSESE 5.750 3.77 April 15, ’26 109.500 –0.50 109.375 One month on actively traded noninflation and inflation-indexed issues that are 0.15313 0.14575 1.80475 0.12663 United Airlines Holdings UAL 4.250 4.09 Oct. 1, ’22 100.270 –0.48 100.500 adjusted to constant maturities. Data are from weekly Federal Reserve Three month 0.21925 0.23038 1.96050 0.20488 –0.38 release H.15. Six month 0.24713 0.25313 1.92438 0.23375 Springleaf Finance … 6.875 3.05 March 15, ’25 115.125 115.750 One year 0.33488 0.33825 2.01200 0.32763 Navient NAVI 7.250 3.64 Jan. 25, ’22 103.884 –0.37 104.500 Week Ended 52-Week Week Ended 52-Week Dec 11 Dec 4High Low Dec 11 Dec 4High Low Euro Libor L Brands LB 6.950 6.37 March 1, ’33 104.875 –0.35 102.156 … –0.29 102.250 Federal funds (effective) 6-month 0.09 0.10 1.60 0.06 One month -0.584 -0.595 -0.360 -0.621 Ford Motor Credit 3.370 2.74 Nov. 17, ’23 101.750 1-year 0.10 0.11 1.57 0.10 Three month -0.565 -0.556 -0.142 -0.572 0.09 0.08 1.59 0.04 *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. 2-year 0.14 0.16 1.63 0.11 Six month -0.535 -0.525 -0.052 -0.536 Note: Data are for the most active issue of bonds with maturities of two years or more Commercial paper 3-year 0.20 0.21 1.66 0.13 One year -0.498 -0.487 0.008 -0.501 Source: MarketAxess Nonfinancial 5-year 0.39 0.40 1.73 0.21 1-month 0.09 0.09 1.64 0.07 7-year 0.66 0.67 1.84 0.39 Secured Overnight Financing Rate 2-month 0.11 0.10 1.74 0.07 10-year 0.93 0.92 1.91 0.55 0.08 0.09 1.64 0.01 3-month 0.13 0.13 1.84 0.09 20-year 1.46 1.46 2.20 0.99 Value 52-Week Dividend Changes Financial Treasury yields (secondary market) Latest Traded High Low 1-month 0.10 0.13 2.15 0.08 Dividend announcements from December 14. 1-month 0.08 0.07 1.58 0.00 2-month 0.20 0.19 2.27 0.08 DTCC GCF Repo Index 3-month 0.08 0.09 1.55 -0.01 3-month 0.16 0.17 2.44 0.11 Amount Payable / Amount Payable / 6-month 0.09 0.10 1.56 0.06 Treasury 0.082 47.550 1.720 0.002 Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record Discount window primary credit MBS 0.106 54.700 1.763 0.011 TIPS Increased Foreign 0.25 0.25 2.25 0.25 5-year -1.44 -1.35 0.41 -1.44 Notes on data: Abbott Laboratories ABT 1.3 .45 /.36 Q Feb16 /Jan15 AEGON 6.2996% Fltg Perp. AEB 4.0 .25 Q Mar15 /Mar01 Treasury yields at constant 7-year -1.21 -1.15 0.35 -1.22 U.S. prime rate is the base rate on corporate Albany Intl AIN 1.1 .20 /.19 Q Jan08 /Dec22 Broadcom AVGO 3.5 3.60 Q Dec31 /Dec21 maturities 10-year -0.96 -0.92 0.35 -1.05 loans posted by at least 70% of the 10 largest Bristol Myers Squibb BMY 3.3 .49 /.45 Q Feb01 /Jan04 Brookfield Fin 4.5% Nts BAMI 4.5 .28125 Feb24 /Feb09 1-month 0.08 0.07 1.61 0.01 20-year -0.53 -0.50 0.47 -0.70 U.S. banks, and is effective March 16, 2020. CenterPoint Energy CNP 3.0 .16 /.15 Q Mar11 /Feb18 Brookfield Fin 4.5% Nts BAMI 4.5 .28125 Q May24 /May09 3-month 0.08 0.09 1.58 0.01 Long-term avg -0.42 -0.40 0.62 -0.50 Other prime rates aren’t directly comparable; Nutrien NTR 3.7 .45 Q Jan14 /Dec31 lending practices vary widely by location; Cerner CERN 1.0 .22 /.18 Q Jan12 /Dec28 Edison Intl EIX 4.3 .6625 /.6375 Q Jan31 /Dec31 Willis Towers Watson WLTW 1.4 .71 Q Jan15 /Dec31 Notes on data: Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of Packaging Corp Amer PKG 3.0 1.00 /.79 Q Jan15 /Dec21 Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Special December 11, 2020. DTCC GCF Repo Index is Pfizer PFE 4.0 .39 /.35997 Q Mar05 /Jan29 on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by Amerco UHAL ... 2.00 Dec30 /Dec21 Depository Trust & Clearing Corp.'s weighted Quanta Services PWR 0.3 .06 /.05 Q Jan15 /Jan04 discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window average for overnight trades in applicable CME Group Cl A CME 1.9 2.50 Jan13 /Dec28 Trinity Industries TRN 3.3 .21 /.19 Q Jan29 /Jan15 primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars. Innovative Sols & Support ISSC ... .50 Dec30 /Dec21 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as Initial SilverSun Technologies SSNT ... .40 Dec28 /Dec21 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. Utz Brands UTZ 1.0 .01 Jan11 /Dec21 Assurant 5.25% Nts 2061 AIZN 4.9 .5323 Apr15 /Apr01 yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor CNO Finl 5.125% Deb. 2060 CNOpA 4.9 .32031 Feb25 /Feb12 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; McAfee MCFE ... .087 Jan07 /Dec24 please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. S2:1: stock split and ratio; SO: spin-off. P2JW350000-1-B00900-1------XA

THE WALL STREET JOURNAL. * Tuesday, December 15, 2020 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. DuPont DD 65.76 -0.64 Hilton HLT 103.04 -1.70 MGM Resorts MGM 29.51 -0.67 Novavax NVAX 129.70 4.82 RPM RPM 86.44 -0.08 STMicroelec STM 35.28 0.37 UnivDisplay OLED 232.55 0.79 Dynatrace DT 38.45 -0.64 Hologic HOLX 74.17 -0.15 MKS Instrum MKSI 150.41 2.76 NovoNordisk NVO 68.72 -0.82 RalphLauren RL 98.90 -2.44 s StoneCo STNE 77.45 2.34 UniversalHealthB UHS 134.56 2.21 Market listed securities. Prices are composite dd-Indicates loss in the most recent ENI E 20.95 -0.59 HomeDepot HD 265.58 1.03 MPLX MPLX 22.83 -0.77 s Novocure NVCR 168.99 -2.72 RaymondJames RJF 91.46 -0.88 Stryker SYK 230.95 -1.25 VEREIT VER 7.51 -0.13 quotations that include primary market trades four quarters. EOG Rscs EOG 52.08 -1.52 HondaMotor HMC 29.24 -0.10 MSCI MSCI 423.90 4.43 s NuanceComms NUAN 42.20 -1.45 RaytheonTech RTX 70.80 -2.09 SumitomoMits SMFG 5.98 0.06 VF VFC 85.75 -0.91 as well as trades reported by Nasdaq BX FD-First day of trading. EPAM Systems EPAM 325.22 4.02 s Honeywell HON 211.85 -2.78 MagellanMid MMP 45.57 -1.01 Nucor NUE 55.66 -0.98 RealtyIncome O 60.62 0.16 SunComms SUI 143.22 -0.02 VICI Prop VICI 25.38 -0.27 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing EastmanChem EMN 100.19 -1.62 HorizonTherap HZNP 77.87 2.30 MagnaIntl MGA 62.22 0.81 Nutrien NTR 48.82 -0.24 RegencyCtrs REG 46.88 -0.20 SunLifeFinancial SLF 44.28 -0.24 VailResorts MTN 278.76 0.78 Cboe, NYSE National and Nasdaq ISE. standards Eaton ETN 113.84 -1.76 HormelFoods HRL 47.20 ... ManulifeFin MFC 17.56 -0.31 NVIDIA NVDA 532.35 11.82 RegenPharm REGN 500.38 20.61 SuncorEnergy SU 18.10 -0.49 Vale VALE 16.46 -0.40 The list comprises the 1,000 largest lf-Late filing EatonVance EV 64.11 -0.78 DR Horton DHI 70.40 0.49 MarathonPetrol MPC 40.76 -2.15 RegionsFin RF 15.15 -0.39 SunRun RUN 57.10 -1.18 ValeroEnergy VLO 56.39 -2.64 companies based on market capitalization. q-Temporary exemption from Nasdaq eBay EBAY 49.57 0.44 HostHotels HST 14.03 -0.48 Markel MKL 992.69-16.39 O P Q ReinsGrp RGA 117.63 -1.30 Suzano SUZ 10.09 -0.12 VarianMed VAR 174.13 -0.45 Vedanta VEDL Underlined quotations are those stocks with requirements. Ecolab ECL 217.00 -3.77 HowmetAerospace HWM 26.81 0.38 MarketAxess MKTX 551.15 3.48 RelianceSteel RS 119.57 -1.71 SynchronyFin SYF 31.91 -0.36 7.81 -0.15 Ecopetrol EC 13.29 -0.11 HuanengPower HNP ONEOK OKE 40.14 -1.43 Synopsys SNPS 238.86 2.47 VeevaSystems VEEV 264.78 0.73 large changes in volume compared with the t-NYSE bankruptcy 13.99 0.10 Marriott MAR 126.62 -1.89 RenaissanceRe RNR 165.48 -1.37 v-Trading halted on primary market. EdisonInt EIX 62.26 -0.54 Huazhu HTHT 46.48 -0.01 Marsh&McLen MMC 114.92 -0.52 OReillyAuto ORLY 447.55 -0.39 Repligen RGEN 184.09 3.19 Sysco SYY 73.43 -2.45 Ventas VTR 47.84 -1.21 issue’s average trading volume. OakStreetHealth OSH vj-In bankruptcy or receivership or EdwardsLife EW 83.57 -0.61 Hubbell HUBB 157.71 -2.69 MartinMarietta MLM 259.70 -7.50 56.32 -0.13 RepublicSvcs RSG 94.90 -0.08 VeriSign VRSN 212.11 2.12 Boldfaced quotations highlight those issues being reorganized under the ElancoAnimal ELAN 28.71 0.06 HubSpot HUBS 381.97 -9.37 MarvellTech MRVL 44.33 1.39 OccidentalPetrol OXY 19.17 -1.72 ResMed RMD 206.38 1.85 T U V VeriskAnalytics VRSK 194.77 1.05 Elastic ESTC 139.50 -1.98 Humana HUM 388.23 -2.90 Masco MAS 55.06 0.71 Okta OKTA 251.54 -0.81 RestaurantBrands QSR 61.29 0.73 Verizon VZ 59.98 -0.37 whose price changed by 5% or more if their Bankruptcy Code, or securities TAL Education TAL 67.99 0.55 ElectronicArts EA 137.54 1.74 JBHunt JBHT 133.78 -5.11 Masimo MASI 263.00 -2.00 OldDomFreight ODFL 195.35 -5.44 s RingCentral RNG 352.52 -2.48 VertxPharm VRTX 228.13 3.96 previous closing price was $2 or higher. assumed by such companies. TC Energy TRP 44.21 -1.18 s EmersonElec EMR 80.41 -2.01 HuntingtonBcshs HBAN 12.51 -0.42 Mastercard MA 331.15 3.73 OmegaHealthcare OHI 37.49 -0.10 s RioTinto RIO 74.39 0.27 ViacomCBS A VIACA 35.36 -1.01 TE Connectivity TEL 117.17 -0.91 Enbridge ENB 33.35 -0.75 HuntingIngalls HII 174.98 -2.72 MaximIntProducts MXIM 85.31 1.10 Omnicom OMC 63.58 -1.01 RitchieBros RBA 70.07 -0.61 ViacomCBS B VIAC 34.67 -0.69 Telus TU 19.95 -0.15 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and EncompassHealth EHC 83.50 -0.94 HyattHotels H 70.99 -2.59 McCormickVtg MKC.V 94.16 -0.68 ON Semi ON 30.82 0.16 RobertHalf RHI 63.08 -1.12 Viatris VTRS 17.33 -0.01 s TJX TJX 65.34 -0.72 changes in the closing prices from 4 p.m. the previous day. EnelAmericas ENIA 7.75 -0.06 IAA IAA 61.55 0.30 McCormick MKC 93.28 -0.14 OneConnectFinTech OCFT 22.44 1.75 RocketCos.RKT 21.94 1.08 Vipshop VIPS 25.12 0.10 T-MobileUS TMUS 129.36 -1.87 EnergyTransfer ET 6.95 -0.06 ICICI Bank IBN 14.29 0.19 McDonalds MCD 211.92 4.16 OpenText OTEX 45.98 0.38 Rockwell ROK 242.99 -3.73 VirginGalactic SPCE 26.47 -5.57 TRowePrice TROW 147.86 -2.73 EnphaseEnergy ENPH 145.07 5.16 IdexxLab IDXX 458.17 1.94 McKesson MCK 172.33 -2.33 Oracle ORCL 60.76 0.15 RogersComm B RCI 47.07 -0.42 Visa V 207.25 1.01 TaiwanSemi TSM 103.56 -0.47 Monday, December 14, 2020 Net Net Entegris ENTG 95.34 1.15 IHS Markit INFO 88.97 -0.36 MedicalProp MPW 20.80 0.12 Orange ORAN 12.09 0.02 s Roku ROKU 324.32 -6.55 Vistra VST 18.14 -0.14 s TakeTwoSoftware TTWO195.20 4.99 Net Stock Sym Close Chg Stock Sym Close Chg Entergy ETR 101.41 -1.37 II-VI IIVI 71.57 1.49 Medtronic MDT 111.97 -0.41 Orix IX 77.00 1.75 Rollins ROL 38.46 1.79 VMware VMW 143.66 1.81 TakedaPharm TAK 18.84 0.05 EnterpriseProd EPD 21.16 -0.45 ING Groep ING 9.55 0.03 MelcoResorts MLCO 18.00 -0.36 OtisWorldwide OTIS 62.78 -0.95 RoperTech ROP 422.89 2.44 Vodafone VOD 17.34 0.13 Stock Sym Close Chg Avangrid AGR 44.48 -0.41 CenterPointEner CNP 21.64 -0.11 Tapestry TPR 29.03 -0.30 s Equifax EFX 189.12 0.98 Invesco IVZ 17.10 -0.76 s MercadoLibre MELI 1618.06 11.43 OwensCorning OC 72.65 -1.57 RossStores ROST 110.55 -2.27 VornadoRealty VNO 38.08 -0.72 Avantor AVTR 26.80 -0.11 CentraisElBras EBR 7.46 -0.18 OzonHoldings OZON 41.41 -2.00 Target TGT 170.99 -0.72 Equinix EQIX 690.03 1.17 IPG Photonics IPGP 209.11 0.08 Merck MRK 80.32 -1.99 RoyalBkCanada RY 82.17 -1.14 VoyaFinancial VOYA 57.49 -0.21 A B C AveryDennison AVY 148.77 -1.24 CeridianHCM CDAY 98.75 0.88 PG&E PCG 11.85 -0.09 TataMotors TTM 11.99 -0.13 Equinor EQNR 16.58 -0.29 IQVIA IQV 167.30 -0.51 MetLife MET 45.84 -1.35 RoyalCaribbean RCL 74.06 -2.40 VulcanMatls VMC 135.44 -3.44 AxonEnterprise AAXN 127.24 4.12 Cerner CERN 74.25 -0.26 PNC Fin PNC 141.79 -1.87 TeckRscsB TECK 17.73 -0.25 ABB ABB 26.66 -0.09 Equitable EQH 25.27 -0.72 IcahnEnterprises IEP 50.76 -0.19 MettlerToledo MTD 1139.26 -5.61 RoyalDutchA RDS.A 36.42 -1.39 BCE BCE 44.29 -0.91 CharlesRiverLabs CRL 240.07 3.80 POSCO PKX 62.65 -1.67 TeladocHealth TDOC 194.63 -4.95 AcadiaPharm ACAD 52.13 0.87 EquityLife ELS 60.98 0.61 Icon ICLR 190.81 -2.49 MicrochipTech MCHP 141.50 0.89 RoyalDutchB RDS.B 34.56 -1.28 W X Y Z BHP Group BHP 63.40 -1.12 CharterComms CHTR 649.67 -2.09 PPD PPD 34.04 -0.38 TeledyneTech TDY 380.90 -6.61 AECOM ACM 46.80 -1.37 EquityResdntl EQR 57.90 -1.04 IDEX IEX 192.67 -0.26 MicronTech MU 71.54 1.01 RoyalGold RGLD 107.11 -2.15 BHP Group BBL 51.74 -1.00 CheckPoint CHKP 122.52 2.20 PPG Ind PPG 141.76 -1.17 Teleflex TFX 380.67 -2.75 WEC Energy WEC 91.58 -0.66 AES AES 21.30 0.15 ErieIndemnity A ERIE 235.72 2.40 IllinoisToolWks ITW 199.67 -3.89 Microsoft MSFT 214.20 0.94 RoyaltyPharma RPRX 43.12 0.71 BP BP 21.36 -0.67 Chegg CHGG 83.46 1.51 PPL PPL 27.60 -0.48 Ericsson ERIC 11.71 0.05 WEX WEX 184.93 -2.82 Aflac AFL 44.20 -0.64 EssentialUtil WTRG 47.07 -0.52 Illumina ILMN 347.11 5.10 MidAmApt MAA 121.44 -0.22 Ryanair RYAAY 106.29 -0.62 s Baidu BIDU 162.96 1.72 Chemed CHE 490.08 5.08 s PRA HealthSci PRAH 115.26 0.70 TelefonicaBras VIV 9.07 -0.32 W.P.Carey WPC 69.16 0.36 AGNC Invt AGNC EssexProp ESS 240.26 -3.68 ImperialOil IMO 19.20 -0.64 Middleby MIDD 132.68 -4.03 SAP SAP 121.31 0.46 15.30 -0.02 BakerHughes BKR 21.68 -0.99 CheniereEnergy LNG 59.18 -1.35 s PTC PTC 113.83 0.85 Telefonica TEF 4.28 -0.07 WPP WPP 51.74 0.57 EsteeLauder EL 247.45 1.70 Incyte INCY 86.81 5.51 s MiratiTherap MRTX 234.85 -3.44 S&P Global SPGI 323.68 -1.14 Ansys ANSS 343.39 8.20 Ball BLL 90.30 -2.28 CheniereEnerPtrs CQP 35.74 -0.55 Paccar PCAR 84.46 -1.00 TelekmIndonesia TLK 23.06 0.10 Wabtec WAB 73.26 -1.59 s Etsy ETSY 169.97 -0.05 Infosys INFY 15.66 -0.08 MitsubishiUFJ MUFG 4.32 0.02 SBA Comm SBAC 274.17 -1.45 ASETech ASX 5.55 -0.03 BancoBilbaoViz BBVA 4.84 0.06 Chevron CVX 89.44 -3.01 PackagingCpAm PKG 131.68 -3.90 10xGenomics TXG 151.75 3.80 WalgreensBoots WBA 41.48 -0.05 ASML ASML 452.99 0.36 EverestRe RE 229.70 -1.92 IngersollRand IR 43.86 -0.46 MizuhoFin MFG 2.58 0.01 SEI Investments SEIC 55.49 -0.83 BancoBradesco BBDO 4.63 -0.05 s Chewy CHWY 82.81 -2.30 s PagSeguroDig PAGS 49.84 2.42 Tenaris TS 16.22 -0.25 Walmart WMT 145.65 -1.35 AT&T T 30.55 -0.46 Evergy EVRG 54.41 -0.72 Inphi IPHI 152.12 3.01 MobileTeleSys MBT 8.53 -0.13 s SK Telecom SKM 24.97 0.22 BancodeChile BCH 19.64 -0.26 ChinaEastrnAir CEA 22.49 -0.35 PalantirTech PLTR 27.24 0.04 TencentMusic TME 18.88 0.16 WarnerMusic WMG 33.09 -0.07 AbbottLabs ABT 106.79 -0.23 EversourceEner ES 85.46 -0.33 Insulet PODD 239.05 0.09 Moderna MRNA 155.07 -1.86 SS&C Tech SSNC 71.49 0.03 BancSanBrasil BSBR 8.54 -0.20 ChinaLifeIns LFC 10.99 0.09 s PaloAltoNtwks PANW 314.28 4.35 Teradyne TER 117.18 1.81 WasteConnections WCN 101.22 -0.89 AbbVie ABBV 104.20 -2.14 ExactSciences EXAS 129.80 0.30 Intel INTC 50.47 0.74 MohawkInds MHK 131.53 -3.22 StoreCapital STOR 32.37 -0.23 BcoSantChile BSAC 18.97 -0.03 ChinaMobile CHL 28.53 0.24 ParkerHannifin PH 270.09 -4.59 Tesla TSLA 639.83 29.84 WasteMgt WM 114.78 -0.63 AbCelleraBio ABCL Exelon EXC 41.06 -0.13 InteractiveBrkrs IBKR 54.39 -0.70 MolinaHealthcare MOH 199.68 -0.50 SVB Fin SIVB 349.49 -0.41 50.01 -8.89 BcoSantMex BSMX 5.36 -0.02 ChinaPetrol SNP 44.10 -0.16 Paychex PAYX 91.33 -0.49 TevaPharm TEVA 10.31 -0.02 s Waters WAT 240.75 0.42 Expedia EXPE 123.33 0.31 ICE ICE 107.71 -1.11 MolsonCoorsB TAP 45.92 -1.38 Salesforce.com CRM 221.27 -1.15 Abiomed ABMD 267.62 9.17 BancoSantander SAN 3.13 0.04 ChinaSoAirlines ZNH 31.12 -0.26 PaycomSoftware PAYC 425.98 2.09 TexasInstruments TXN 160.12 -0.49 Watsco WSO 219.75 0.09 s ExpeditorsIntl EXPD 90.18 -0.31 InterContinentl IHG 62.10 -1.04 Mondelez MDLZ 57.29 -0.11 Sanofi SNY 46.69 -1.14 AcceleronPharma XLRN 130.01 5.73 BanColombia CIB 38.55 0.66 ChinaTelecom CHA 27.64 0.21 Paylocity PCTY 193.99 1.88 Textron TXT 46.74 -0.89 Wayfair W 253.48 9.88 ExtraSpaceSt EXR 109.88 0.38 IBM IBM 123.53 -0.74 s MongoDB MDB340.12 0.12 s SareptaTherap SRPT169.54 2.30 Accenture ACN 243.75 -2.08 BankofAmerica BAC 28.22 -0.35 ChinaUnicom CHU 5.59 0.04 s PayPal PYPL 220.79 6.73 ThermoFisherSci TMO 467.13 -4.04 Weibo WB 41.73 2.08 ExxonMobil XOM 42.22 -1.58 IntlFlavors IFF 109.25 -1.79 MonolithicPower MPWR 319.46 12.89 Schlumberger SLB 22.18 -0.76 ActivisionBliz ATVI 85.94 2.26 BankofMontreal BMO 75.33 -0.80 s Chindata CD 18.71 -1.08 Pegasystems PEGA 125.42 0.19 ThomsonReuters TRI 80.40 -0.48 WellsFargo WFC 28.64 -0.44 s s F5Networks FFIV 171.20 -1.19 IntlPaper IP 48.01 -0.62 s MonsterBev MNST 88.42 0.40 SchwabC SCHW 49.84 0.41 AdaptiveBiotech ADPT 57.18 1.13 BankNY Mellon BK 39.83 -0.41 Chipotle CMG 1309.52 9.52 Peloton PTON 121.91 4.81 3M MMM 173.08 -0.94 Welltower WELL 63.24 -1.01 FMC FMC 114.52 -1.91 Interpublic IPG 23.70 -0.22 Moody's MCO 274.62 -0.02 s ScottsMiracleGro SMG 192.31 2.09 Adobe ADBE 486.42 10.51 BkNovaScotia BNS 53.41 -0.39 Chubb CB 150.86 -2.88 PembinaPipeline PBA 26.30 -0.80 Tiffany TIF 131.11 -0.11 WestPharmSvcs WST 264.92 0.94 AdvanceAuto AAP 157.56 -0.10 Facebook FB 274.19 0.64 Intuit INTU 365.51 1.19 MorganStanley MS 61.88 -1.44 Sea SE 190.26 -3.12 Barclays BCS 7.51 0.33 ChunghwaTel CHT 38.33 0.14 s PennNational PENN 79.01 4.59 s Toro TTC 91.55 0.03 WesternDigital WDC 51.14 0.05 AdvMicroDevices AMD 94.78 3.13 FactSet FDS 344.89 -6.58 IntuitiveSurgical ISRG 764.79 4.79 Morningstar MORN 208.19 3.34 Seagate STX 64.64 -0.12 BarrickGold GOLD 22.44 -0.46 Church&Dwight CHD 86.06 0.21 s FairIsaac FICO Pentair PNR 51.36 -0.10 TorontoDomBk TD 56.17 -0.17 WesternUnion WU 22.07 -0.06 Aegon AEG 3.54 0.01 517.64 5.73 s Invitae NVTA 54.24 -2.36 s Mosaic MOS 22.68 0.45 Seagen SGEN 193.59 2.41 s BauschHealth BHC 20.61 0.06 ChurchillDowns CHDN 196.35 3.02 s Farfetch FTCH 59.09 -0.99 PepsiCo PEP 144.23 -0.74 Total TOT 44.12 -1.05 WestlakeChem WLK 81.28 -2.14 s AgilentTechs A 116.74 -1.74 BaxterIntl BAX InvitatHomes INVH 28.78 -0.18 MotorolaSol MSI 165.92 -1.77 SempraEnergy SRE 128.04 0.04 s WestpacBanking WBK 15.00 0.01 78.83 -0.51 Ciena CIEN 47.83 0.02 Fastenal FAST 49.22 0.01 s s PerkinElmer PKI 145.32 -0.75 ToyotaMotor TM 153.58 2.58 AgnicoEagle AEM 68.69 -1.47 IovanceBiotherap IOVA 50.26 0.31 NICE NICE 245.01 1.94 SensataTechs ST 49.94 0.84 WestRock WRK 43.02 -0.51 BectonDicknsn BDX 240.00 -2.69 Cigna CI 203.15 -6.20 Fastly FSLY 94.25 -1.44 PetroChina PTR 30.81 -0.02 TractorSupply TSCO 140.53 1.87 AirProducts APD 265.40 -1.96 iQIYI IQ 22.60 0.05 NIO NIO 40.98 -1.00 ServiceCorp SCI 48.83 -0.13 s Weyerhaeuser WY 32.36 0.36 BeiGene BGNE 228.06 -0.19 CincinnatiFin CINF 79.61 -0.56 s FateTherap FATE 96.38 1.64 PetroleoBrasil PBR 10.90 -0.23 TradeDesk TTD 922.42 -3.72 t Airbnb ABNB 130.00 -9.25 IronMountain IRM 29.27 -0.49 NRG Energy NRG 32.63 -0.55 ServiceNow NOW 532.48 -4.88 WheatonPrecMet WPM 40.23 -0.80 BentleySystems BSY 36.25 -0.23 Cintas CTAS 347.26 -1.85 FedEx FDX 285.54 -3.93 PetroleoBrasilA PBR.A 10.81 -0.13 Tradeweb TW 64.70 -0.16 AkamaiTech AKAM 103.27 -0.26 ItauUnibanco ITUB 6.05 -0.19 NVR NVR 4022.00 18.34 ShawComm B SJR 18.14 -0.03 Whirlpool WHR 184.03 0.10 Berkley WRB 64.11 -0.56 CiscoSystems CSCO 44.24 -0.08 s Ferrari RACE 216.40 1.51 Pfizer PFE 39.21 -1.91 TraneTech TT 137.71 -2.23 Albemarle ALB 134.57 -4.08 NXP Semi NXPI 158.46 1.73 SherwinWilliams SHW 718.85 0.24 Williams WMB 21.51 -0.42 BerkHathwy A BRK.A 335400-4664.00 Citigroup C 58.74 -0.19 s FiatChrysler FCAU 16.77 0.14 PhilipMorris PM 84.40 -0.60 TransDigm TDG 595.82 -5.97 Albertsons ACI 15.10 -0.22 J K L Nasdaq NDAQ 124.04 -1.63 ShinhanFin SHG 30.94 -0.51 Williams-Sonoma WSM 107.01 2.01 BerkHathwy B BRK.B 222.85 -3.54 CitizensFin CFG 34.62 -0.75 FidNatlFin FNF 37.51 0.07 Phillips66 PSX 67.19 -2.32 TransUnion TRU 97.64 2.13 Alcon ALC 64.06 -0.18 s Natera NTRA 98.47 1.91 Shopify SHOP 1059.17 1.30 WillisTowers WLTW 205.76 1.36 BestBuy BBY 101.28 1.23 CitrixSystems CTXS 128.43 -2.22 FidNatlInfo FIS 144.22 -3.60 JD.com JD 79.96 -2.65 Pinduoduo PDD 142.12 -5.53 Travelers TRV 133.99 -0.96 AlexandriaRlEst ARE 172.83 0.25 NationalGrid NGG 58.28 0.44 Sibanye-Stillwater SBSW 14.24 -0.07 Wipro WIT 5.25 -0.06 BeyondMeat BYND 137.73 -0.97 Clarivate CCC 29.21 -0.30 FifthThirdBncp FITB 26.62 -0.72 JPMorganChase JPM 118.30 -1.26 PinnacleWest PNW 79.14 -0.58 Trex TREX 79.651.99 s AlexionPharm ALXN 156.31 35.33 Natura&Co NTCO 18.84 -0.13 SimonProperty SPG 87.32 -0.58 s Wix.com WIX 260.94 -5.47 Bilibili BILI 78.20 2.29 Clorox CLX 202.38 0.65 FirstRepBank FRC 129.26 -0.37 JackHenry JKHY 157.38 1.56 Pinterest PINS 69.79 -1.34 Trimble TRMB 64.64 1.80 Alibaba BABA 256.03 -8.51 NatWest NWG 4.13 0.19 SiriusXM SIRI 6.33 -0.09 Woodward WWD 116.81 -1.42 Bill.com BILL 143.00 -0.43 Cloudflare NET 81.43 -0.98 FirstSolar FSLR 86.59 0.22 JacobsEngg J 105.26 -3.39 PioneerNatRscs PXD 113.11 -2.46 Trip.com TCOM 33.86 0.90 AlignTech ALGN 504.31 -2.77 nCino NCNO 80.28 -2.26 Skyworks SWKS 139.26 0.02 Workday WDAY 220.37 1.13 Bio-Techne TECH 306.45 1.49 Coca-Cola KO 53.27 -0.08 FirstEnergy FE 30.35 -0.03 JamesHardie JHX 28.11 0.17 PlainsAllAmPipe PAA 8.59 -0.17 TruistFinl TFC 45.91 -1.10 Alleghany Y 586.97 2.03 NetApp NTAP 61.67 -0.15 SlackTech WORK 42.26 0.02 s WynnResorts WYNN 107.54 -3.44 Bio-RadLab A BIO 579.65 12.39 Coca-Cola Euro CCEP 47.00 ... Fiserv FISV 113.63 -1.19 JazzPharma JAZZ 149.23 3.68 PlainsGP PAGP 8.87 -0.20 Twilio TWLO 350.09 7.68 Allegion ALLE 109.69 0.11 NetEase NTES 86.88 -1.38 Smartsheet SMAR 70.14 -1.75 s XP XP 36.72 0.95 Biogen BIIB 245.25 3.82 s Cognex CGNX 77.84 1.19 FiveBelow FIVE 159.23 -4.51 J&J JNJ 149.07 -3.88 PlugPower PLUG 25.70 -1.07 Twitter TWTR 52.02 0.58 AlliantEnergy LNT 51.34 -0.36 Netflix NFLX 522.42 19.20 SmithAO AOS 55.41 -0.95 s XPO Logistics XPO 120.00 -0.87 BioMarinPharm BMRN 82.85 3.36 CognizantTech CTSH 79.19 0.68 s Five9 FIVN 164.82 2.25 JohnsonControls JCI 45.10 -0.45 Pool POOL 346.58 8.79 TylerTech TYL 446.49 -4.31 Allstate ALL 104.87 0.44 Neurocrine NBIX 93.46 3.25 Smith&Nephew SNN 40.33 0.38 XcelEnergy XEL 65.04 0.04 BioNTech BNTX 108.27-19.03 ColgatePalm CL 84.19 -0.49 FleetCorTech FLT 271.16 -2.52 JonesLang JLL 145.36 -2.91 PrincipalFin PFG 47.82 -0.95 TysonFoods TSN 69.78 0.49 s AllyFinancial ALLY 33.67 -0.25 NewFortressEner NFE 53.64 1.14 Smucker SJM 113.25 -1.92 Xilinx XLNX 149.03 5.20 BlackKnight BKI 87.93 0.10 Comcast A CMCSA 50.99 0.06 Flex FLEX 16.860.45 JuniperNetworks JNPR 22.08 0.16 Procter&Gamble PG 135.85 -0.66 UBS Group UBS 13.94 -0.02 AlnylamPharm ALNY 132.69 3.04 NewOrientalEduc EDU 160.53 0.52 Snap SNAP 51.60 -1.73 XPeng XPEV 47.17 2.86 BlackLine BL 123.80 -2.70 Comerica CMA 51.82 -0.19 s Floor&Decor FND 88.26 -1.53 KB Fin KB 42.46 -0.55 Progressive PGR 94.10 -0.29 UDR UDR 37.59 -0.55 Alphabet A GOOGL 1752.26-22.54 NYTimes A NYT 50.32 -0.52 SnapOn SNA 175.18 -5.60 s Xylem XYL 97.14 -1.34 BlackRock BLK 683.92-11.28 CommerceBcshrs CBSH 62.98 -0.01 FomentoEconMex FMX 77.30 2.07 KE Holdings BEKE 65.82 -0.31 Prologis PLD 96.87 -0.50 UGI UGI 34.98 -0.06 Alphabet C GOOG 1760.06-21.71 NewellBrands NWL 20.32 -0.19 Snowflake SNOW 329.15-24.81 Yandex YNDX 68.23 -2.05 Blackstone BX 63.11 -0.73 CiaSiderurgica SID 5.32 -0.24 FordMotor F 8.91 -0.11 s KKR KKR 39.22 -0.40 PrudentialFin PRU 76.61 -1.97 US Foods USFD 32.35 -0.91 Alteryx AYX 119.14 1.13 Newmont NEM 57.56 -1.31 SOQUIMICH SQM 45.71 -0.49 YatsenHolding YSG 15.60 -0.80 Boeing BA 228.62 -1.71 ConagraBrands CAG 35.63 0.28 Fortinet FTNT 130.69 2.33 KLA KLAC 260.13 2.50 Prudential PUK 34.78 0.50 Uber UBER 51.46 -1.17 AlticeUSA ATUS 34.59 -0.31 NewsCorp A NWSA 17.75 -0.21 SolarEdgeTech SEDG 293.32 1.81 YumBrands YUM 105.50 -0.49 BookingHldgs BKNG 2066.01-23.20 ConchoRscs CXO 61.59 -1.68 Fortis FTS 41.56 0.04 KSCitySouthern KSU 192.02 -4.55 PublicServiceEnt PEG 56.43 -0.05 Ubiquiti UI 253.14 -8.66 Altria MO 42.90 -0.10 s NewsCorp B NWS 17.63 -0.23 SolarWinds SWI 19.62 -3.93 YumChina YUMC 56.75 -0.04 BoozAllen BAH 88.29 0.52 ConocoPhillips COP 42.32 -1.16 Fortive FTV 68.26 -0.29 Kellogg K 61.92 -0.19 PublicStorage PSA 223.74 5.68 UltaBeauty ULTA 265.79 0.40 AlumofChina ACH 8.73 -0.13 NextEraEnergy NEE 73.55 -0.25 s Sony SNE 93.37 -1.31 s ZTO Express ZTO 27.00 -1.00 BorgWarner BWA 36.34 -0.18 ConEd ED 72.41 -0.75 FortBrandsHome FBHS 83.07 -0.16 KeurigDrPepper KDP 30.35 -0.01 PulteGroup PHM 42.12 -0.23 UltragenyxPharm RARE 153.22 8.28 Amazon.com AMZN 3156.97 40.55 Nike NKE 136.28 -1.13 Southern SO 59.66 -0.76 ZaiLab ZLAB 108.78 -0.09 BostonBeer SAM 927.44-12.73 ConstBrands A STZ 207.00 1.71 FoxB FOX 28.34 -0.38 KeyCorp KEY 15.43 -0.41 Qiagen QGEN 51.96 0.04 UnderArmour A UAA 17.14 -0.03 Ambev ABEV 3.02 -0.11 NiSource NI 22.65 -0.24 SoCopper SCCO 59.23 -0.53 s ZebraTech ZBRA 383.46 5.90 BostonProps BXP 98.50 -1.48 Cooper COO 342.85 3.69 FoxA FOXA 28.78 -0.54 KeysightTechs KEYS 123.72 -2.58 Qorvo QRVO 154.51 1.87 UnderArmour C UA 14.97 -0.13 Amcor AMCR 11.27 -0.17 Nokia NOK 4.00 -0.06 SouthwestAir LUV 45.26 -0.62 s Zendesk ZEN 137.30 -1.78 BostonSci BSX 33.45 -0.15 Copart CPRT 118.29 1.31 Franco-Nevada FNV 129.90 -1.31 KimberlyClark KMB 136.00 ... Qualcomm QCOM 146.29 2.01 Unilever UL 58.16 -0.83 Amdocs DOX 67.72 0.96 NomuraHoldings NMR 5.23 -0.06 Splunk SPLK 159.38 4.13 s Zillow CZ s BridgeBioPharma BBIO 61.20 -0.15 Corning GLW 36.81 1.17 FranklinRscs BEN 23.73 -0.60 KinderMorgan KMI 14.31 -0.44 QuantaServices PWR 68.51 -3.56 UnionPacific UNP 198.00 -5.06 134.17 7.70 s Amedisys AMED 269.97 -0.32 Nordson NDSN 199.72 1.93 Spotify SPOT 320.34-20.88 s BrightHorizons BFAM 168.52 3.87 s Corteva CTVA 38.76 0.37 FreeportMcM FCX 23.80 -0.81 s KingsoftCloud KC 46.20 -0.90 QuestDiag DGX 123.16 1.10 UnitedAirlines UAL 46.72 -1.64 Zillow AZG137.65 8.62 NorfolkSouthern NSC 229.25 -6.00 Square SQ 215.86 -0.73 Amerco UHAL 429.10 -1.76 BristolMyers BMY 59.97 -0.75 CoStar CSGP 853.20 4.56 FreseniusMed FMS 40.89 ... KinrossGold KGC 6.90 -0.30 Quidel QDEL 206.93 4.37 UnitedMicro UMC 8.22 0.10 ZimmerBiomet ZBH 142.59 0.91 Ameren AEE 77.24 -0.23 BritishAmTob BTI 38.47 -0.25 Costco COST 374.38 -0.72 KirklandLakeGold KL 39.03 -2.00 NorthernTrust NTRS 88.58 -1.52 StanleyBlackDck SWK 170.40 -4.80 UPS B UPS 166.62 -1.78 Zoetis ZTS 159.50 -0.03 AmericaMovil A AMOV 13.95 ... Broadcom AVGO 411.80 5.98 CoupaSoftware COUP 314.79 -3.64 G H I KoninklijkePhil PHG 51.94 0.16 NorthropGrum NOC 298.00 -2.57 R S Starbucks SBUX 103.32 0.32 UnitedRentals URI 238.89 -1.87 ZoomVideo ZM 395.99 -1.02 AmericaMovil AMX 14.04 0.01 BroadridgeFinl BR 146.10 -0.96 Credicorp BAP 161.54 0.91 KoreaElcPwr KEP 10.78 0.04 NortonLifeLock NLOK 19.87 0.28 StateStreet STT 70.70 -2.10 US Bancorp USB 44.81 -1.03 ZoomInfoTech ZI 42.14 0.38 AmerAirlines AAL 16.70 -0.35 BrookfieldMgt BAM 40.61 -1.05 CreditSuisse CS 12.41 -0.04 GCI LibertyA GLIBA 93.53 -0.08 KraftHeinz KHC 34.42 0.35 NorwegCruise NCLH 25.41 -1.10 RELX RELX 23.92 -0.22 SteelDynamics STLD 37.94 -1.19 UnitedHealth UNH 336.13 -0.94 Zscaler ZS 183.45 1.54 AEP AEP 82.21 -0.55 BrookfieldInfr BIP 51.35 -0.41 Cree CREE 91.28 -1.52 GDS Holdings GDS 90.57 -0.52 Kroger KR 31.30 -0.04 Novartis NVS 90.55 -2.07 RH RH 426.68 -2.20 Steris STE 186.33 0.11 UnitySoftware U 146.72 -5.78 Zynga ZNGA 8.71 0.02 AmerExpress AXP 117.36 -2.87 BrookfieldPropREIT BPYU 15.75 -0.23 CrowdStrike CRWD 173.80 -2.12 GFLEnvironmental GFL 26.96 -0.90 L Brands LB 38.20 -1.34 AmericanFin AFG 86.85 -1.21 BrookfieldRenew BEPC 49.37 2.41 CrownCastle CCI 155.19 -1.16 GSXTechedu GSX 59.51 -2.70 Line LN 51.57 -0.20 AmHomes4Rent AMH 29.74 0.24 Brown&Brown BRO 45.45 0.44 CrownHoldings CCK 95.19 -1.61 Galapagos GLPG 117.53 -0.36 LKQ LKQ 36.61 -0.05 AIG AIG 38.16 -0.63 s Brown-Forman A BF.A 81.28 0.36 Cummins CMI 216.41 -2.25 s Gallagher AJG 120.50 0.56 LPL Financial LPLA 97.77 0.12 Exchange-Traded Portfolios | WSJ.com/ETFresearch AmerTowerREIT AMT 216.72 -3.10 Brown-Forman B BF.B 75.53 -0.84 CureVac CVAC 121.06 2.98 Gaming&Leisure GLPI 42.14 -0.54 L3HarrisTech LHX 189.95 0.77 AmerWaterWorks AWK 148.55 0.27 s Bruker BRKR 53.60 -0.43 CyrusOne CONE 66.68 0.52 Gap GPS 20.34 -0.51 LabCpAm LH 204.11 -0.05 AmericanWell AMWL 33.18 1.55 Bunge BG 63.78 -2.26 Garmin GRMN 117.21 -1.12 LamResearch LRCX 491.87 0.17 Closing Chg YTD AmericoldRealty COLD 33.88 -0.07 BurlingtonStrs BURL 230.51 1.00 D E F Gartner IT 154.59 -0.18 LamarAdv LAMR 78.49 -0.21 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Ameriprise AMP 190.99 -0.75 CBRE Group CBRE 65.13 -1.02 Generac GNRC 218.06 0.78 LambWeston LW 76.54 -0.74 DISH Network DISH 35.03 -0.98 Schwab US TIPs SCHP AmerisourceBrgn ABC 97.12 -0.94 CDW CDW 131.73 1.03 GeneralDynamics GD 153.34 2.01 LasVegasSands LVS 56.53 -0.22 Closing Chg YTD 61.77 ... 9.1 DTE Energy DTE 123.52 -1.55 Monday, December 14, 2020 Ametek AME 116.30 -2.08 CF Industries CF 38.82 -0.55 GeneralElec GE 10.83 -0.33 Lear LEA 156.07 1.06 ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 299.10 –0.61 4.9 DadaNexus DADA 42.60 -1.65 Amgen AMGN 229.46 2.06 CGI GIB 75.96 0.37 GeneralMills GIS 59.35 0.03 Leidos LDOS 104.13 -0.95 Closing Chg YTD SPDR S&PMdCpTr MDY 408.06 –0.23 8.7 Amphenol APH 130.30 -0.42 CH Robinson CHRW 91.78 -1.39 Danaher DHR 221.10 -2.65 GeneralMotors GM 41.62 -0.30 Lennar B LEN.B 59.68 1.28 ETF Symbol Price (%) (%) iShMSCI EAFE EFA 71.53 0.06 3.0 SPDR S&P 500 SPY 364.66 –0.45 13.3 Darden DRI 112.51 -0.21 AnalogDevices ADI 142.33 1.18 CME Group CME 177.55 -2.72 Genmab GMAB 39.11 0.01 Lennar A LEN 74.68 1.92 iShMSCIEmgMarkets EEM 49.94 –0.52 11.3 SPDR S&P Div SDY 105.54 –1.01 –1.9 Anaplan PLAN 70.15 -0.01 s DarlingIngred DAR 53.39 -1.02 ARKInnovationETF ARKK 124.25 0.31 148.3 CMS Energy CMS 59.22 -0.16 Genpact G 40.50 0.12 LennoxIntl LII 273.00 -7.42 iShMSCIJapan EWJ 65.91 0.33 11.3 TechSelectSector XLK 124.75 0.36 36.1 AngloGoldAsh AU 21.35 -0.14 CNA Fin CNA 37.39 -0.19 Datadog DDOG 102.27 3.29 Gentex GNTX 33.01 -0.06 CommSvsSPDR XLC 66.73 –0.31 24.4 LeviStrauss LEVI 20.33 -0.16 iShNatlMuniBd MUB 117.09 –0.03 2.8 UtilitiesSelSector XLU 61.92 –0.51 –4.2 AB InBev BUD 70.00 0.36 CNH Indl CNHI 10.96 0.03 DaVita DVA 109.19 0.87 GenuineParts GPC 95.82 -1.24 CnsmrDiscSelSector XLY 156.53 0.15 24.8 LiAuto LI 31.33 -0.03 iSh1-5YIGCorpBd IGSB 55.06 0.03 2.7 VanEckGoldMiner GDX 34.29 –2.25 17.1 AnnalyCap NLY 8.24 ... CNOOC CEO 91.74 3.58 DeckersOutdoor DECK 294.90 2.99 Gerdau GGB 4.47 -0.08 LibertyBroadbandC LBRDK 161.22 -0.47 CnsStapleSelSector XLP 67.06 –0.39 6.5 iShPfd&Incm PFF 37.94 0.13 0.9 VangdInfoTech VGT 339.38 0.43 38.6 Anthem ANTM 310.10 -1.30 CRH CRH 39.43 -0.15 Deere DE 252.72 -3.05 GileadSciences GILD 59.84 -0.24 LibertyBroadbandA LBRDA 158.59 -0.16 EnSelectSectorSPDR XLE 39.68 –3.50 –33.9 iShRussell1000Gwth IWF 232.83 0.32 32.3 Aon AON 203.96 -0.15 CRISPR Therap CRSP 150.06 1.65 DellTechC DELL 72.43 0.79 GSK GSK 36.83 -0.76 LibertyGlobal A LBTYA 24.57 0.65 FinSelSectorSPDR XLF 28.13 –1.16 –8.6 VangdSC Val VBR 139.13 –0.86 1.5 ApolloGlbMgmt APO 47.83 -0.07 DeltaAir DAL 40.69 -1.05 iShRussell1000 IWB 205.58 –0.40 15.2 CSX CSX 88.92 -1.51 GlobalPayments GPN 191.88 -0.18 LibertyGlobal C LBTYK 23.63 0.61 HealthCareSelSect XLV 110.84 –0.75 8.8 VangdSC Grwth VBK 257.63 0.49 29.7 Appian APPN 144.18 -8.69 C3.ai AI 102.36-17.22 s DenaliTherap DNLI 82.27 2.25 Globant GLOB 189.54 8.94 iShRussell1000Val IWD 133.40 –1.00 –2.3 VangdExtMkt VXF 160.62 0.36 27.5 LibertyFormOne C FWONK 42.66 -0.14 IndSelSectorSPDR XLI 87.62 –1.30 7.5 Apple AAPL 121.78 -0.63 CVS Health CVS 69.72 -1.86 DentsplySirona XRAY 52.23 -0.73 GlobeLife GL 91.77 -1.93 LibertyFormOne A FWONA 38.81 -0.16 iShRussell2000 IWM 189.93 0.12 14.6 VangdDivApp VIG 137.96 –0.56 10.7 DeutscheBank DB 10.61 -0.01 InvscQQQI QQQ 304.04 0.73 43.0 s ApplMaterials AMAT 88.50 0.20 s CableOne CABO 2144.01 26.13 GoDaddy GDDY 84.60 -1.07 LibertyBraves A BATRA 25.65 -0.28 iShRussellMid-Cap IWR 66.73 –0.28 11.9 VangdFTSEDevMk VEA 46.52 0.02 5.6 s Aptargroup ATR 128.41 -2.04 DexCom DXCM 353.59 5.88 InvscS&P500EW RSP 124.82 –0.72 7.9 CadenceDesign CDNS 121.31 2.79 GoldFields GFI 8.66 -0.14 LibertyBraves C BATRK 25.44 -0.29 iShRussellMCValue IWS 94.17 –0.79 –0.6 VangdFTSE EM VWO 49.05 –0.37 10.3 Aptiv APTV 121.65 -0.59 CaesarsEnt CZR 71.81 1.91 Diageo DEO 159.41 -0.10 GoldmanSachs GS 237.79 -2.20 iSh3-7YTreasuryBd IEI 133.01 ... 5.8 LibertySirius C LSXMK 42.76 0.39 iShS&P500Growth IVW 61.69 –0.01 27.4 VangdFTSE Europe VGK 59.28 0.12 1.2 Aramark ARMK 37.24 -0.36 CamdenProperty CPT 96.50 0.54 DiamondbkEner FANG 46.95 -3.16 GoodRx GDRX 45.01 2.36 iShCoreDivGrowth DGRO 43.71 –0.90 3.9 LibertySirius A LSXMA 42.52 0.33 iShS&P500Value IVE 125.03 –1.07 –3.9 VangdFTSEAWxUS VEU 57.46 –0.10 6.9 s ArcelorMittal MT 21.17 0.13 CampbellSoup CPB 46.71 -0.50 DigitalRealty DLR 128.09 -1.06 s Graco GGG 69.60 -0.38 LibertySirius B LSXMB 46.35 4.31 iShCoreMSCIEAFE IEFA 67.58 0.17 3.6 DiscoverFinSvcs DFS 82.63 -0.83 iShShortTreaBd SHV 110.52 ... 0.1 VangdGrowth VUG 245.26 0.27 34.6 ArchCapital ACGL 33.57 -0.18 CIBC CM 86.82 -0.49 Grainger GWW 400.46 -3.07 EliLilly LLY 157.91 -2.13 iShCoreMSCIEM IEMG 59.99 –0.49 11.6 ArcherDaniels ADM 48.69 -1.12 CanNtlRlwy CNI 109.13 -1.27 DiscoveryB DISCB 34.00 1.29 Grifols GRFS 18.84 0.10 iShSilver SLV 22.16 –0.45 32.9 VangdHlthCr VHT 219.57 –0.43 14.5 s LincolnElectric LECO 118.28 -2.43 iShCoreMSCITotInt IXUS 65.50 –0.13 5.8 s AresMgmt ARES 48.49 -0.12 CanNaturalRes CNQ 24.52 -0.53 DiscoveryA DISCA 28.65 -0.28 GuardantHealth GH 121.98 -2.11 iShTIPSBondETF TIP 126.83 ... 8.8 VangdHiDiv VYM 90.55 –1.04 –3.4 LincolnNational LNC 50.05 -1.28 iShCoreS&P500 IVV 364.35 –0.45 12.7 s arGEN-X ARGX 303.33 8.82 CanPacRlwy CP 334.77 -4.07 DiscoveryC DISCK 25.21 -0.27 Guidewire GWRE 126.23 3.00 Linde LIN 247.60 -1.80 iSh1-3YTreasuryBd SHY 86.41 –0.01 2.1 VangdIntermBd BIV 93.38 0.04 7.1 iShCoreS&P MC IJH 222.61 –0.24 8.2 AristaNetworks ANET 274.48 -2.86 Canon CAJ 19.85 0.23 Disney DIS 169.30 -6.42 s HCA Healthcare HCA 160.86 3.29 LithiaMotors LAD 269.56 -1.13 iSh7-10YTreasuryBd IEF 120.08 –0.06 8.9 VangdIntrCorpBd VCIT 96.81 0.04 6.0 ArrowElec ARW 95.08 -0.72 CanopyGrowth CGC 25.28 -1.25 DocuSign DOCU 228.33 2.84 HDFC Bank HDB 66.60 -0.16 LiveNationEnt LYV 70.35 -0.58 iShCoreS&P SC IJR 88.94 –0.23 6.1 iSh20+YTreasuryBd TLT 158.33 –0.28 16.9 VangdLC VV 171.39 –0.31 15.9 s ArrowheadPharm ARWR 74.91 0.85 DolbyLab DLB 90.86 -0.25 CapitalOne COF 90.42 -1.75 HD Supply HDS 55.86 0.01 LloydsBanking LYG 1.85 0.08 iShS&PTotlUSStkMkt ITOT 83.75 –0.31 15.2 iShRussellMCGrowth IWP 100.15 0.30 31.3 VangdMC VO 202.67 –0.37 13.7 s AscendisPharma ASND 182.76 3.65 CardinalHealth CAH 53.55 -0.73 DollarGeneral DG 205.90 -0.71 HP HPQ 23.21 0.10 LockheedMartin LMT 357.66 -4.05 iShCoreUSAggBd AGG 117.96 –0.06 5.0 iShUSTreasuryBdETF GOVT 27.41 –0.09 5.7 VangdMBS VMBS 54.05 –0.04 1.7 AspenTech AZPN 135.97 1.10 Carlisle CSL 153.93 -1.52 DollarTree DLTR 107.68 1.13 HSBC HSBC 26.68 0.13 Loews L 42.87 -0.79 iShSelectDividend DVY 94.50 –1.32 –10.6 JPM UltShtIncm JPST 50.80 ... 0.7 VangdRealEst VNQ 84.02 –0.44 –9.5 Assurant AIZ 131.65 -0.57 Carlyle CG 29.40 -0.24 DominionEner D 74.47 -0.44 Halliburton HAL 18.96 -0.87 LogitechIntl LOGI 89.39 -0.40 iShESGAwareUSA ESGU 83.57 –0.30 17.2 PIMCOEnhShMaturity MINT 102.02 –0.01 0.4 VangdS&P500ETF VOO 335.01 –0.46 13.3 AstraZeneca AZN 50.03 -4.24 CarMax KMX 92.54 -1.39 Domino's DPZ 383.23 0.64 HartfordFinl HIG 45.54 -0.70 Lowe's LOW 160.09 2.27 t iShEdgeMSCIMinUSA USMV 66.33 –0.28 1.1 SPDR BlmBarcHYBd JNK 108.03 –0.03 –1.4 Athene ATH 41.75 -0.67 Carnival CCL 20.93 -0.39 DoorDash DASH 160.00-15.00 Hasbro HAS 90.11 1.11 LufaxHolding LU 13.26 -0.81 VangdST Bond BSV 82.87 –0.04 2.8 iShEdgeMSCIUSAMom MTUM 157.21 0.63 25.2 s Atlassian TEAM 234.74 2.73 Carnival CUK 18.36 -0.21 Dover DOV 120.13 -1.24 HealthcareAmer HTA 26.17 -0.01 lululemon LULU 352.37 8.05 SPDRBloomBar1-3MTB BIL 91.51 –0.01 0.1 VangdSTCpBd VCSH 83.05 –0.01 2.5 AtmosEnergy ATO 99.51 0.44 CarrierGlobal CARR 36.62 -0.54 Dow DOW 53.06 -0.94 HealthpeakProp PEAK 28.88 -0.45 LumenTech LUMN 10.42 0.23 iShEdgeMSCIUSAQual QUAL 112.90 –0.56 11.8 SPDR Gold GLD 171.54 –0.55 20.0 VangdSC VB 189.34 –0.15 14.3 s Autodesk ADSK 288.33 8.65 Carvana CVNA 250.97 -7.29 DrReddy'sLab RDY 68.02 -0.22 Heico HEI 132.33 0.47 Lyft LYFT 46.77 -0.10 iShGoldTr IAU 17.44 –0.57 20.3 SchwabIntEquity SCHF 35.28 0.06 4.9 VangdTotalBd BND 88.16 –0.03 5.1 Autohome ATHM 100.24 1.45 Catalent CTLT 97.93 2.70 DraftKings DKNG 50.58 0.49 Heico A HEI.A 120.55 -0.92 LyondellBasell LYB 87.10 -1.40 iShiBoxx$InvGrCpBd LQD 137.18 –0.07 7.2 SchwabUS BrdMkt SCHB 88.37 –0.27 14.9 VangdTotIntlBd BNDX 58.65 –0.17 3.7 Autoliv ALV 90.54 -0.48 Caterpillar CAT 178.05 -1.24 Dropbox DBX 23.32 0.83 HenrySchein HSIC 68.07 -1.88 iShiBoxx$HYCpBd HYG 86.70 0.02 –1.4 SchwabUS Div SCHD 63.08 –1.28 8.9 VangdTotIntlStk VXUS 59.31 0.02 6.5 ADP ADP 173.15 -0.38 Celanese CE 128.99 -2.01 DukeEnergy DUK 91.13 -0.41 Hershey HSY 149.14 0.03 M N iShJPMUSDEmgBd EMB 114.92 ... 0.3 SchwabUS LC SCHX AutoZone AZO 1151.13 -4.17 Cemex CX 5.24 -0.13 DukeRealty DRE 38.71 0.37 Hess HES 53.90 -2.48 88.38 –0.29 15.1 VangdTotalStk VTI 189.64 –0.28 15.9 Avalara AVLR 169.02 3.75 CenovusEnergy CVE 6.04 -0.17 Dun&Bradstreet DNB 25.76 0.21 HewlettPackard HPE 11.87 -0.12 M&T Bank MTB 124.76 -1.08 iShMBSETF MBB 109.94 ... 1.7 SchwabUS LC Grw SCHG 123.82 0.34 33.3 VangdTotlWrld VT 90.57 –0.22 11.8 Avalonbay AVB 159.67 -2.69 Centene CNC 59.73 -0.98 Dunkin' DNKN 106.48 0.06 HighwoodsProp HIW 39.32 0.03 MGMGrowthProp MGP 33.08 0.06 iShMSCI ACWI ACWI 88.21 –0.30 11.3 SchwabUS SC SCHA 86.31 ... 14.1 VangdValue VTV 116.97 –1.09 –2.4

New Highs and Lows | WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low in the latest session. %CHG-Daily percentage change from the previous trading session. E.MergeTechWt ETACW 1.65 8.0 GatosSilver GATO 9.34 16.1 Investindustrial IIAC.U 10.50 -1.5 MrCooper COOP 28.10 -0.4 PrimeImpactI A PIAI 10.27 1.0 Sony SNE 95.05 -1.4 UniqueFabricating UFAB 5.81 -3.9 EagleMaterials EXP 99.98 -1.4 Gentherm THRM 64.36 1.3 Invitae NVTA 61.59 -4.2 MyersIndustries MYE 19.01 -1.7 PrimeImpactI PIAI.U 10.49 -0.2 SpartacusAcqnWt TMTSW 1.05 16.2 US GlobalInv GROW 4.42 9.2 Eargo EAR 59.80 -16.7 GlobalShipLease GSL 10.98 -1.0 IovanceBiotherap IOVA 52.43 0.6 NGM Biopharm NGM 30.00 5.5 PrimorisSvcs PRIM 27.89 -0.8 SpartacusAcqnUn TMTSU 10.63 0.7 UnitedTherap UTHR 146.24 3.2 Monday, December 14, 2020 EastRscsAcqnA ERES 10.05 0.2 GlobusMedical GMED 62.66 3.0 Iteris ITI 6.10 1.7 NanoStringTech NSTG 72.50 0.2 Progyny PGNY 43.21 1.3 SpectrumBrands SPB 71.46 -0.5 Ur-Energy URG 0.74 7.2 EasternBankshares EBC 16.67 0.4 GoldmanSachsPfK GSpK 29.28 0.2 JawsAcquisition JWS.U 15.49 1.0 Natera NTRA 103.53 2.0 PropTechAcqnWt PTACW 2.89 -6.5 SperoTherap SPRO 18.37 3.5 UraniumEner UEC 1.77 6.7 52-Wk % 52-Wk % 52-Wk % EditasMedicine EDIT 67.68 -0.7 GoodWksAcqn GWAC 9.94 -0.1 JawsAcqnA JWS 14.70 0.1 NavSight NSH.U 10.70 0.2 ProventionBio PRVB 19.19 3.2 SportsEntA SEAH 10.50 1.0 VaronisSystems VRNS 141.77 4.0 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg EidosTherap EIDX 119.41 -0.3 GoodWksAcqnWt GWACW 1.18 15.6 JiyaAcqnA JYAC 10.25 0.6 NeoGenomics NEO 52.74 2.5 PublicStoragePfdO PSApO 25.60 0.4 SpragueRscs SRLP 19.88 -1.7 VectorAcqn VACQU 10.70 0.7 Emcore EMKR 4.67 2.7 GoresHldgsIV GHIVU 12.79 1.4 KKR KKR 40.26 -1.0 Network1Techs NTIP 3.36 1.1 PulseBiosciences PLSE 20.50 5.8 SpringValleyAcqn SVSVU 11.00 -0.1 Veru VERU 10.83 52.6 AtlStreetAcqn 10.05 -0.3 ASAQ Cameco CCJ 14.42 -0.4 EmersonElec EMR 83.14 -2.4 GoresIV Wt GHIVW 3.70 -7.8 Kennametal KMT 38.92 -1.6 Neuronetics STIM 9.99 -4.4 Q2Holdings QTWO 121.11 2.8 SproutSocial SPT 52.73 12.4 VistasMediaAcqnUn VMACU 10.65 1.4 Atlassian TEAM 240.70 1.2 Highs CantelMedical CMD 77.45 2.1 Endava DAVA 73.02 1.7 GoresVI GHVIU 10.69 1.3 Kforce KFRC 44.37 -3.2 NewBeginnings NBA.U 10.89 0.7 QellAcqn QELLU 14.45 -2.6 St.Joe JOE 37.66 3.3 Walker&Dunlop WD 87.87 2.9 Atomera ATOM 13.50 10.9 CapitalOnePfdI COFpI 26.15 ... EnergyFuels UUUU 3.49 ... GoresHoldingsV GRSVU 11.00 0.3 KingsoftCloud KC 48.71 -1.9 NewBeginnings NBA 10.52 0.3 QuanexBldg NX 22.70 -1.9 StepStone STEP 34.42 2.7 Waters WAT 247.52 0.2 ACI Worldwide ACIW 39.99 0.1 Autodesk ADSK 293.48 3.1 Capstar CPSR.U 10.65 0.9 EnergyFuelsWt UUUU.WS 1.55 7.1 Graco GGG 71.99 -0.5 KingswoodAcqn KWAC.U 10.30 0.2 NewProvidenceA NPA 10.50 ... RMG Acqn Wt RMG.WS 8.76 -9.2 SterlingCnstr STRL 19.67 16.5 WattsWater WTS 120.69 -0.3 AEA-Bridges IMPX.U 11.02 -0.9 AvanosMedical AVNS 48.86 -0.1 Cardlytics CDLX 139.60 2.6 EnergyRecovery ERII 12.93 1.5 GreencityAcqnWt GRCYW 0.70 32.6 KymeraTherap KYMR 69.74 8.3 NewHoldInvtWt NHICW 1.74 5.7 RMGAcqnII RMGBU 10.65 1.6 StifelFinancial SF 76.39 1.4 WellsFargoPfdAA WFCpA 25.67 0.3 AcadiaHealthcare ACHC 48.04 0.8 AvantiAcqnA AVAN 10.18 -0.6 CareDx CDNA 74.74 0.5 EnPro NPO 74.41 -0.5 GreencityAcqn GRCY 10.29 -0.8 L&F Acqn LNFA.U 10.32 1.0 NexGenEnergy NXE 2.73 ... Radcom RDCM 11.24 2.3 StitchFix SFIX 64.86 6.7 WescoIntl WCC 75.87 -0.7 AcceleronPharma XLRN 132.74 4.6 AvantiAcqnWt AVAN.WS 1.60 39.6 CarneyTechII CTAQU 10.36 0.8 EnvivaPartners EVA 46.81 -0.3 GreenroseAcqn GNRSU 11.50 5.5 LIVCapAcqnWt LIVKW 0.82 22.2 NextGenAcqn NGACU 10.41 1.2 RandolphBancorp RNDB 19.16 2.1 StokeTherap STOK 58.89 8.2 WestAllianceBcp WAL 59.74 0.6 AdaptiveBiotech ADPT 59.92 2.0 AvantiAcqn AVAN.U 10.79 1.2 CastleBiosci CSTL 65.00 3.6 Equifax EFX 191.16 0.5 GreenroseAcqnWt GNRSW 1.20 20.9 LandstarSystem LSTR 140.40 -4.0 Norbord OSB 45.62 -1.6 RechargeAcqnWt RCHGW 1.25 21.3 StoneCo STNE 78.97 3.1 WestlakeChem WLK 84.90 -2.6 AdvantageSolns ADV 12.57 1.6 Avaya AVYA 21.21 -3.0 Cellectis CLLS 32.30 5.8 EstablishLabs 32.20 0.8 GriffinIndlRealty 79.40 2.6 LefterisAcqn 10.88 1.8 NorthernStar 10.38 1.5 RechargeAcqn 10.45 0.4 Strattec 49.72 5.8 Weyerhaeuser WY 33.00 1.1 Affimed AFMD 7.46 5.1 Avient AVNT 39.93 -0.4 ESTA GRIF LFTRU STIC.U RCHGU STRT CentrusEnergy LEU 20.98 17.9 Etsy ETSY 176.48 ... GuildHldgs GHLD 15.70 -1.4 LeisureAcqnUn LACQU 16.48 9.9 Novocure NVCR 174.62 -1.6 Redfin RDFN 65.13 7.7 SupernovaPtrs SPNV.U 12.21 1.2 WideOpenWest WOW 9.49 -3.1 AgilentTechs A 120.24 -1.5 BadgerMeter BMI 89.99 -0.9 CerberusTeleA CTAC 10.50 0.4 WillScotMobile WSC 23.38 -0.6 AjaxI AJAX.U 12.15 2.1 Baidu BIDU 167.29 1.1 EucratesBio EUCRU 10.57 -0.4 HCA Healthcare HCA 165.24 2.1 LibertyOilfield LBRT 11.50 -4.3 NuanceComms NUAN 43.97 -3.3 RenaissancePfdF RNRpF 28.17 0.4 SurfaceOncol SURF 10.74 10.7 CerevelTherap CERE 18.24 0.8 EveloBiosci EVLO 11.67 24.8 HIG Acqn HIGA.U 10.45 0.7 LincolnElectric LECO 122.51 -2.0 NurixTherap NRIX 52.38 22.0 RenewableEnergy REGI 67.89 4.3 Systemax SYX 38.00 2.1 WintrustFinPfdE WTFCP 28.75 0.1 AlerusFinancial ALRS 26.27 -0.3 BankofAmPfdE BACpE 25.17 0.3 CerevelTherapWt CEREW 6.30 16.2 Workiva WK 80.60 -0.1 AlexionPharm ALXN 160.03 29.2 BankofAmPfdHH BACpK 28.01 0.8 EvercoreA EVR 104.65 1.1 H.I.G.AcqnA HIGA 15.46 1.6 LineageCell LCTX 2.01 4.6 Orbcomm ORBC 7.18 0.1 RibbitLeapA LEAP 14.30 0.4 TCR2 Therap TCRR 35.86 -13.8 ChartIndustries GTLS 117.28 0.2 Evertec EVTC 41.45 0.7 H.I.G.AcqnWt HIGA.WS 1.70 -5.9 LionheartAcqnII LCAP 10.49 -0.5 OTR Acqn OTRAU 10.25 0.5 RibbitLeapUn LEAP.U 14.99 -4.2 TFI Intl TFII 54.30 -0.7 XOMA XOMA 41.24 7.3 AligosTherap ALGS 28.69 7.6 BeamTherap BEAM 84.87 7.1 Chewy CHWY 85.95 -2.7 XPEL XPEL 50.28 -0.1 Alkermes ALKS 22.22 2.7 BigRockPtrsRt BRPAR 0.87 87.5 EvolvingSystems EVOL 2.58 -6.8 HPX A HPX 10.05 ... LiveOakAcqnII LOKB.U 10.55 -0.8 OceanFirstPfdA OCFCP 27.62 1.1 RingCentral RNG 357.41 -0.7 TG Therap TGTX 45.59 3.5 Chindata CD 21.85 -5.5 eXpWorld EXPI 70.38 2.0 HancockJaffeWt HJLIW 0.80 184.7 LongevityAcqnWt LOACW 0.84 6.1 OcularTherapeutix OCUL 22.72 7.7 RioTinto RIO 75.30 0.4 TJX TJX 66.95 -1.1 XPO Logistics XPO 123.59 -0.7 AllyFinancial ALLY 34.80 -0.7 BigRockPtrs BRPA 16.50 29.4 ChurchillCapIV CCIV.U 10.30 0.1 XTL Biopharm XTLB 2.89 10.0 AlphaHlthcrAcqnUn AHACU 10.25 -0.5 BigRockPtrsWt BRPAW 1.97 152.7 FARO Tech FARO 71.970.3 HannonArmstrong HASI 57.47 -0.5 LouisianaPacific LPX 40.76 -0.8 Olin OLN 24.25 -4.5 Roku ROKU 336.17 -2.0 TPGPaceTechOpps PACE.U 12.41 0.6 CincinnatiBncp CNNB 11.29 0.8 F5Networks FFIV 174.22 -0.7 Headhunter HHR 28.75 -1.6 MP Matls Wt MP.WS 10.74 -0.3 Omnichannel OCA.U 10.69 0.6 Roman DBDR A DBDR 10.25 -0.6 TPGPaceTechA PACE 12.43 -2.0 Xencor XNCR 47.24 5.8 AltairEngg ALTR 57.74 0.7 BigRockPtrsUn BRPAU 19.39 90.0 CitizensFinPfdE CFGpE 26.30 0.6 Xylem XYL 99.54 -1.4 AltimeterGrwWt 10.00 12.2 FairIsaac FICO 524.35 1.1 HealthCatalyst HCAT 40.45 -3.2 MSA Safety MSA 155.47 -1.9 OpenLending LPRO 35.24 3.7 RubiconTech RBCN 9.24 0.6 TPGPaceTechWt PACE.WS 4.60 17.4 AGCWW BioanalyticalSys BASI 7.34 1.3 Clearfield CLFD 28.32 4.0 YellowstoneAcqnA YSAC 10.50 2.2 AltitudeAcqn ALTUU 10.40 ... FalconCapA FCAC 10.92 -1.8 HelenofTroy HELE 223.03 -0.9 MagalSec MAGS 5.04 3.5 Oppenheimer A OPY 31.93 0.4 RushEnt B RUSHB 38.05 -0.8 TTEC TTEC 73.86 -0.9 BioCardiaWt BCDAW 1.85 3.7 CoastalFinl CCB 23.05 -0.8 YellowstoneAcqnWt YSACW 1.35 34.0 AlussaEnergyWt ALUS.WS 1.15 -4.0 BioCardia 6.95 58.9 FalconCapAcqn FCACU 10.85 -1.2 HeliosTechnologies HLIO 53.82 -1.2 MalaccaStraits MLACU 10.25 0.3 OptimizeRx OPRX 29.90 -0.6 RushEnt A RUSHA 41.97 -0.4 TailwindAcqnA TWND 10.13 0.4 BCDA Codexis CDXS 19.69 7.4 YucaipaAcqnA YAC 10.37 -2.1 Amedisys AMED 281.01 -0.1 BioCryst BCRX 8.99 4.7 FarPeakAcqn FPAC.U 10.29 -0.2 HelixAcqn HLXA 11.46 0.7 MalibuBoats MBUU 65.19 7.8 Otonomy OTIC 5.74 -0.9 RyderSystem R 64.25 -3.2 TailwindAcqn TWND.U 10.70 0.9 Cognex CGNX 79.07 1.6 ZaniteAcqn ZNTEU 10.30 ... AmerFinDeb2060 AFGD 27.80 0.2 BioLifeSols BLFS 42.89 0.8 Farfetch FTCH 61.65 -1.6 HighlandIncmPfdA HFROpA 26.24 0.3 MallardAcqnA MACU 10.29 5.0 PJT Partners PJT 78.84 0.6 SC Health SCPE 10.39 -0.3 TakeTwoSoftware TTWO 203.69 2.6 Cohu COHU 39.14 -2.5 ZebraTech ZBRA 386.74 1.6 AmerSupercond AMSC 20.67 3.8 BioLineRX BLRX 3.58 27.0 FarmlandPtrs FPI 8.79 -0.7 HighlandTransI HTPA.U 10.60 -0.1 MammothEnergy TUSK 4.60 0.2 PRA HealthSci PRAH 118.73 0.6 SK Telecom SKM 25.26 0.9 TarsusPharm TARS 43.75 20.1 ColonnadeAcqn CLA.U 10.85 1.0 Zendesk ZEN 139.68 -1.3 AmicusTherap FOLD 24.62 8.1 BlueprintMed BPMC 119.66 2.3 FateTherap FATE 103.66 1.7 Hilltop HTH 26.48 -0.2 Manning&Napier MN 6.65 -10.2 PRGX Global PRGX 7.27 1.1 SPX FLOW FLOW 59.00 0.2 TekkorpDigital TEKKU 11.90 5.1 ColonnadeAcqnA CLA 10.19 1.3 Zillow A ZG 139.03 6.7 AmpioPharm AMPE 1.69 -6.0 BluescapeOpps BOAC.U 11.15 -0.7 Ferrari RACE 218.72 0.7 Honeywell HON 216.70 -1.3 MannKind MNKD 3.36 12.1 PTC PTC 116.23 0.8 SailPointTechs SAIL 51.15 2.7 TempurSealy TPX 27.18 -0.1 Zillow C Z 136.50 6.1 AmplitudeHlthcr AMHCU 14.65 27.9 BoozAllen BAH 89.88 0.6 ColonnadeWt CLA.WS 1.20 6.5 FiatChrysler FCAU 17.00 0.8 HorizonII A HZON 11.25 3.5 MasTec MTZ 69.39-1.8 PTC Therap PTCT 68.81 1.6 SanaraMedTech SMTI 45.00 0.7 ThayerVentures TVACU 10.46 0.3 AnteroMidstream AM 8.59 -6.3 BridgeBioPharma BBIO 64.32 -0.2 CommVaultSys CVLT 53.85 1.5 FirstRepublicPfdK FRCpK 26.15 0.5 HorizonII Wt HZON.WS 2.84 17.8 MatchGroup MTCH 150.55 -2.2 PTK Acqn Wt PTK.WS 0.95 3.3 SandbridgeAcqn SBG.U 10.40 0.5 ThunderBridgeII THBRU 12.50 2.1 ApellisPharm APLS 56.32 8.8 BrilliantAcqn BRLIU 10.82 0.6 CorceptTherap CORT 25.96 1.3 Five9 FIVN 167.55 1.4 HorizonAcqnII HZON.U 11.90 2.8 MedleyCapNts23 MCV 25.23 1.1 PTK Acqn PTK 10.19 0.1 SareptaTherap SRPT 178.66 1.4 Timken TKR 77.66 0.7 Lows Corteva CTVA 40.23 1.0 APi Group APG 17.98 -0.3 BroadstoneAcqnA BSN 10.07 0.8 FiveStarSrLiving FVE 8.44 1.8 HoulihanLokey HLI 71.00 -2.7 MegalithFinWt MFAC.WS 3.01 -5.1 PacBiosciCA PACB 23.67 -1.2 SchmittIndustries SMIT 6.49 -1.2 Toro TTC 93.01 ... Airbnb ABNB 125.16 -6.6 ApolloStratGrWt APSG.WS 1.90 19.3 BroadstoneAcqnWt BSN.WS 1.14 2.6 Cowen COWN 26.88 -0.4 Floor&Decor FND 92.36 -1.7 HudsonExecUn HECCU 11.05 2.8 MercadoLibre MELI 1640.00 0.7 PagerDuty PD 44.51 2.2 ScholarRock SRRK 52.00 -0.3 Tortoise II Wt SNPR.WS 2.97 18.3 AvitaTherap RCEL 19.11 -6.7 ApolloStratGr APSG.U 10.79 0.8 BroadstoneAcqn BSN.U 10.54 0.3 Curis CRIS 8.66 3.9 FlyingEagleWt FEAC.WS 8.14 -7.9 HudsonExecWt HECCW 1.47 10.1 MercuryGeneral MCY 55.71 7.9 PagSeguroDig PAGS 50.86 5.1 SchultzeSpaq SAMA 14.49 -3.1 ToyotaMotor TM 154.90 1.7 BEST BEST 2.36 -6.3 ApplMaterials AMAT 90.52 0.2 Broadstone BNL 19.30 -2.0 DPCM Capital XPOA.U 10.98 0.7 FocusFinPtrs FOCS 47.09 -0.7 HumanCoAcqn HMCOU 11.60 2.2 MetallaRoyalty MTA 11.59 12.2 PaloAltoNtwks PANW 315.40 1.4 SchultzeSpaqWt SAMAW 2.74 -7.2 TravereTherap TVTX 27.32 0.2 DoorDash DASH 151.20 -8.6 Aptargroup ATR 131.99 -1.6 Brooks Auto BRKS 77.44 5.0 Danaos DAC 19.32 -2.2 FoghornTherap FHTX 23.90 -13.0 IAC/InterActive IAC 151.41 1.4 Methanex MEOH 45.05 -3.3 ParTechnology PAR 62.21 6.2 ScottsMiracleGro SMG 196.65 1.1 TrebiaAcquisition TREB 10.82 -0.5 EdocAcqnRt ADOCR 0.25 11.2 ArcelorMittal MT 21.49 0.6 Brown-Forman A BF.A 82.20 0.4 DarlingIngred DAR 56.43 -1.9 FoleyTrasimeneA WPF 11.42 4.1 IEC Elec IEC 13.22 -15.5 MiddlesexWater MSEX 76.08 -1.4 PatrickIndustries PATK 70.15 0.1 SeaportGlb SGAMU 10.46 2.1 TrebiaAcqnWt TREB.WS 2.71 21.2 4D Molecular FDMT 36.10 ... ArcelorMittalNts MTCN 51.76 0.7 Bruker BRKR 55.51 -0.8 DeerfieldHlthcA DFHT 11.41 -1.3 FoleyTrasimII BFT.U 16.70 5.0 IES Holdings IESC 45.68 -1.3 MiratiTherap MRTX 249.42 -1.4 PayPal PYPL 223.16 3.1 SharpsCompliance SMED 9.36 7.8 TrepontAcqnI TACA.U 10.45 0.4 GlobusMaritime GLBS 5.85 -4.8 ArcLightCleanA ACTC 10.75 2.8 Buckle BKE 33.50 -0.9 DenaliTherap DNLI 85.92 2.8 FoleyTras II A BFT 15.39 4.4 IG Acqn Wt IGACW 1.79 14.5 Moelis MC 46.13 0.9 PennNational PENN 84.49 6.2 ShattuckLabs STTK 41.82 -13.0 Trimble TRMB 65.24 2.9 HF Ents HFEN 5.00 -1.4 ArcLightClean ACTCU 11.63 2.2 BurgundyTechA BTAQ 10.15 1.0 DenisonMines DNN 0.63 2.4 FoleyTrasII Wt BFT.WS 3.96 21.8 II-VI 6% Pfd IIVIP 316.64 1.7 MongoDB MDB 351.41 ... Pennant PNTG 59.99 -1.4 SiyataMobile SYTA 9.80 10.5 TrinityIndustries TRN 26.67 -2.8 InMedPharm INM 2.97 -1.6 AresMgmt ARES 49.13 -0.2 BurgundyTechWt BTAQW 1.20 1.9 DigitalTurbine APPS 47.94 7.8 ForwardAir FWRD 78.63 -1.7 ITT ITT 78.99 -1.6 MonmouthRealEst MNR 16.25 5.5 PeridotAcqn PDAC.U 11.15 -0.6 SiyataMobileWt SYTAW 3.47 16.6 TritonIntl TRTN 49.39 -2.2 MetenEdtechX METX 2.13 -3.9 arGEN-X ARGX 311.27 3.0 CC NeubergerI Wt PCPL.WS 2.19 5.4 dMY TechWt DMYT.WS 6.43 1.3 Fossil FOSL 13.61 -27.4 Immunogen IMGN 7.68 10.3 MonsterBev MNST 89.49 0.5 PerkinElmer PKI 149.95 -0.5 SleepNumber SNBR 85.14 0.2 TritonIntlPfdD TRTNpD 26.08 2.0 Nanobiotix NBTX 15.89 -6.1 ArgoGoupPfdA ARGOpA 26.50 ... CCNeubergerII PRPB.U 10.61 -0.2 dMYTechIII Un DMYI.U 10.77 1.4 FranklinElec FELE 71.96 -1.0 IndependentBank IBTX 61.86 -0.2 MontesArchimedes MAACU 10.50 1.5 Personalis PSNL 40.93 -9.6 SocCapHedII A IPOB 29.48 15.9 Trupanion TRUP 108.30 0.2 OlemaPharm OLMA 39.76 -7.1 ArrowheadPharm ARWR 78.27 1.1 CF Bankshares CFBK 15.97 1.7 Domo DOMO 57.20 20.8 FreedomHolding FRHC 46.34 -3.9 Infinera INFN 10.01 3.8 MontesArchWt MAACW 2.12 6.2 PopulationHlth PHICU 10.48 0.8 SocialCapHedIII IPOB.U 35.00 23.9 TurningPtTherap TPTX 127.80 6.6 Parts Id ID 5.16 -9.4 ArtiusAcqnA AACQ 10.58 0.8 CMSEnerNts2078 CMSC 28.32 0.6 DonnelleyFin DFIN 20.33 -7.3 FrequencyTherap FREQ 37.35 7.6 Inhibrx INBX 41.72 7.8 MorganStanleyPfd1 MSpI 29.63 0.2 PotlatchDelt PCH 49.24 1.9 SocialCapHedosIVWt IPOD.WS 4.13 7.0 22ndCentury XXII 3.13 -7.5 PubMatic PUBM 24.10 -0.6 Arvinas ARVN 75.00 95.1 CompassPath CMPS 61.69 -4.6 DycomInds DY 79.41 -3.9 FusionAcqnUn FUSE.U 11.34 0.5 InnovativeIndProp IIPR 172.05 4.7 MorganStanleyPfdK MSpK 30.07 ... PraxisPrecision PRAX 49.86 -7.0 SocialCapHedV A IPOE 11.36 0.5 Twilio TWLO 358.18 2.2 PyxisTankersWt PXSAW 0.25 -7.4 AscendisPharma ASND 183.98 2.0 Conx CONXU 10.44 ... EMCOR EME 91.00 -1.3 GabelliDivPfdH GDVpH 27.74 -0.3 Inseego INSG 16.50 10.2 Mosaic MOS 23.70 2.0 Precigen PGEN 9.50 11.6 SocialCapHedVI A IPOF 11.72 -1.2 Twitter TWTR 53.48 1.1 SocTelemed TLMD 7.23 -0.1 AthiraPharma ATHA 31.84 2.4 CableOne CABO 2197.84 1.2 E.MergeTech ETACU 10.64 0.9 GalileoAcqnWt GLEO.WS 0.90 ... Insmed INSM 42.71 ... MotionAcqnUn MOTNU 10.51 1.6 PreludeTherap PRLD 75.00 16.9 SocialCapHedVI IPOF.U 12.40 -2.3 US BancorpPfdK USBpP 28.88 0.1 SeaportGlbAcqnWt SGAMW 0.77 -8.9 AtkoreIntl ATKR 44.52 -0.8 Calix CALX 29.25 17.2 E.MergeTechA ETAC 10.24 0.8 Gallagher AJG 122.01 0.5 IntelliaTherap NTLA 56.99 -2.2 MotiveCapital MOTV.U 10.35 0.4 PriceSmart PSMT 89.08 1.0 SoftwareII A SAII 10.00 -0.9 UltragenyxPharm RARE 158.29 5.7 TenzingAcqn TZAC 8.33 -2.8

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret SAIUSLgCpIndxFd 19.05 -0.08 14.8 Fidelity SAI MFS Funds Instl S&P Sel 56.75 -0.24 14.9 TotStAdml 92.33 -0.26 17.4 Welltn 46.18 -0.24 8.4 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. SeriesBondFd 10.77 ... 7.4 TotalBd 10.72 -0.01 8.4 IntlEq 29.85 +0.08 8.2 TSM Sel r 65.57 -0.19 17.2 TxMCapAdml 192.36 -0.62 17.4 WndsrII 40.12 -0.24 NA e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnoteseand s SeriesOverseas 11.98 +0.03 12.4 Fidelity Selects Northern Funds TIAA/CREF Funds TxMIn r 14.95 +0.01 7.3 VANGUARD INDEX FDS apply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply,12b-1. r- SmCpIdxInstPrem 24.19 +0.03 16.2 Softwr r 26.72 +0.16 39.0 StkIdx 41.94 -0.17 14.8 EqIdxInst 26.97 -0.08 17.3 USGroAdml 171.66 +0.82 54.1 ExtndIstPl 300.52 +0.84 28.5 Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand rapply. v-Footnotes TMktIdxInstPrem 104.55 -0.30 17.2 Tech r 29.59 +0.06 54.8 Old Westbury Fds VANGUARD ADMIRAL ValAdml 45.64 -0.52 -0.1 IdxIntl 19.05 -0.02 8.1 xand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Notavailable due to incomplete USBdIdxInstPrem 12.43 ... 7.5 First Eagle Funds LrgCpStr NA ... NA 500Adml 337.72 -1.42 14.9 WdsrllAdml 71.19 -0.44 NA MdCpGrAdml 88.95 +0.08 30.9 price, performanceorcostdata. NE-Notreleased by Lipper; data under review. NN-Fund not Fidelity Advisor I GlbA 59.94 -0.30 6.0 Parnassus Fds BalAdml 44.06 -0.08 14.2 WellsIAdml 69.53 -0.35 7.4 SmValAdml 59.81 -0.45 3.0 tracked. NS-Fund didn’texistatstart of period. NwInsghtI 36.71 +0.07 20.7 Franklin A1 ParnEqFd 52.25 -0.07 17.8 CAITAdml 12.37 -0.01 4.6 WelltnAdml 79.76 -0.41 8.5 TotBd2 11.54 ... 7.0 Fidelity Freedom CA TF A1 p 7.82 ... 5.1 PGIM Funds Cl Z CapOpAdml r 189.11 -0.29 19.9 WndsrAdml 75.00 -0.76 NA TotIntlInstIdx r 127.43 -0.17 8.2 FF2020 17.56 -0.01 11.7 IncomeA1 p 2.27 -0.02 2.2 TotalReturnBond 15.05 ... NA DivAppIdxAdm 37.44 -0.22 12.2 VANGUARD FDS TotItlInstPlId r 127.46 -0.17 8.2 Monday, December 14, 2020 FF2025 15.69 -0.01 12.3 FrankTemp/Frank Adv PIMCO Fds Instl EMAdmr 40.67 -0.23 11.8 DivdGro 33.12 -0.24 NA TotSt 92.28 -0.27 17.3 Net YTD Net YTD Net YTD FF2030 19.58 -0.02 13.0 IncomeAdv 2.25 -0.02 2.4 AllAsset NA ... NA EqIncAdml 78.25 -0.85 0.8 INSTTRF2020 26.62 -0.03 10.4 VANGUARD INSTL FDS Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Freedom2020 K 17.55 -0.01 11.7 FrankTemp/Franklin A InvGrdCrBd 11.24 ... 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B10 | Tuesday, December 15, 2020 **** THE WALL STREET JOURNAL. MARKETS Tech Stocks Keep Rally Going SECVotes On Miners’ Nasdaq gains, but “The other thing that we’re watching closely is the senti- S&P 500, Dow slip on ment from Americans on who Foreign fear of further will getvaccinated,” said Me- ganHorneman,director of lockdowns portfolio strategyatVerdence Payments Capital Advisors. “We’veseen BY CAITLIN OSTROFF that improveoverthe past BY DYLAN TOKAR AND AMBER BURTON couple months wheremore Americans say that they will TheSecurities and Exchange Technologystocks extended take the vaccine.The full dis- Commission is scheduled to a robust 2020 rally that has tribution of this vaccine is vote this week on arule man- propelledmuch of the mar- very important forittowork dating the disclosureofpay- ket’sgains sinceMarch. forthe long term.” mentsmade by oil, gasand The Nasdaq Composite In- Ms.Horneman said she also mining companies to foreign CK

dex, home to manyofthe TO is monitoring the pandemic- governments. U.S.’s biggest related businessclosures in Avoteonthe rule,scheduled MONDAY’S tech stocks, the short term as some states forWednesday, could bring to outperformed SHUTTERS call forrestaurantstotempo- close another chapter in adec-

MARKETS A/

itspeers. The EP rarily halt indoor dining. adelong attempt to enact acon- Y/

benchmark ticked up 62.17 UR “That’s going to have an im- troversial provision of the

points, or 0.5%, to 12440.04, MA pact on some of the economic Dodd-Frank Wall Street Reform bringing itsgains forthe year datawe’ll see in Januaryand and Consumer Protection Act NNEN

to 39%. TA February,” she said. that wasdesigned to help stave TheS&P 500 edged down Pfizer shares fell 4.6% as the pharmaceuticals company starts to roll out its Covid-19 vaccine. Pluralsight rose $1.21, or off corruption by companies in 15.97points, or 0.4%, to 6%, to $20.19 afterprivate-eq- resource extraction industries. 3647.49. The tech sector was spending will help bolster the 8% Share-priceand index uity firm Vista Equity Part- Afirst version of the rule, the only one of the index’s11 economic rebound. performance, Monday ners agreed to buy the educa- adopted by the SEC in 2012, groups to finish the dayup. “In the U.S., it is all about tional-software maker. was defeated in court by the The Dow Jones Industrial fiscal policy,” said Justin 6 In bond markets, the yield American Petroleum Institute Averageslipped 184.82 points, Onuekwusi,head of retail mul- on the 10-year U.S. Treasury which had argued that the rule or 0.6%, to 29861.55,reversing tiasset funds at Legal & Gen- notedeclined to 0.891%, down would have put companies it 4 amorning gain of as much as eral Investment Management. Novavax 1.018 percentagepointsthis representsatacompetitivedis- 279 points. TheS&P and Dow “The marketshavepriced year. advantage. Opponentsofthe are up 13% and 4.6%, respec- some of this in and believeit 2 Overseas,the pan-continen- newproposal have indicated tively,for the year. is going to happen.” talStoxxEurope 600 rose they might launch anew legal All three indexesopened Pfizer started shipping its 0.4%. challengeagainst the rule,if higher on optimism that talks Covid-19 vaccine in the U.S., 0 Investors hope that the U.K. passed. for additional fiscal stimulus bolstering optimism that ris- S&P500 and European Union will strike Asecond version of the rule are progressing and the roll- ing infection levels maybe Moderna a trade deal after both sides wasrescinded by Republicans out of Covid-19 vaccines could checked in coming months and –2 agreed to continue negotia- afterthe party gained control help stem the pandemic. prompt an end to restrictions tions past aSundaydeadline. of theU.S.Senatein2017. But stocks pulled back as on social and businessactivity. Officials said they were nar- Thelatestversion—the the session progressed as in- An end to lockdowns would –4 rowing differences over some SEC’sthird—takes amorein- vestors fretted about the po- improvethe outlook forcom- Pfizer of the issues that have bedev- dustry-friendly approach than tential for further lockdown panies whose operations have –6 iled the talks. previous iterations.But the measures. been disrupted this year by “The fact that the talks are agency’seffortstoease the U.S. lawmakers on Sunday the pandemic. 10 a.m. 11 noon 1p.m. 234 continuing has leftaspark of complianceburden on compa- signaled agrowing willingness Thevaccine “gives you Source:FactSet hope that both sides do want nies has drawncriticism from to compromise on the most greater certainty around the to find compromise,” said Jane anticorruption advocates,who contentious issues that have earningsnumbersfor 2021 this permanent economic scar- waveredafter the Food and Foley, head of foreign-ex- have accused it of rushing a held up thepassageofafresh and2022because thereisa ing.” Drug Administration autho- changestrategyatRabobank. vote in the final weeks of the coronavirus-relief packagein lesser probability of lock- In corporatenews, shares of rized Pfizer’s and partner Bi- Stocks were lower in Asia Trumpadministration. recent months.Leadership downs,” Mr. Onuekwusi said. Alexion Pharmaceuticals rose oNTech’s shot on Friday. earlyTuesday. Japan’sNikkei “The SEC threw this in at from both partiesindicated “The longer youspend at $35.33, or 29%, to $156.31after Pfizer slid $1.91, or 4.6%, to was down 0.3%, Hong Kong’s the last minute,” said Zorka Mi- they might look to passanar- lowerearningslevels, the AstraZeneca agreed to buy $39.21, while Moderna fell Hang Seng Indexwas down lin,asenior legal adviser for rowerspending bill.Investors more companies start to get the Boston-based company for $1.86,or1.2%, to $155.07. 0.5% and South Korea’sKospi Global Witness, aLondon-based continue to bet that adeal will into trouble because demand $39 billion in cash and stock. Novavax climbed $4.82, or wasdown0.4%. U.S. stock fu- anticorruption advocacyand be struck, and the additional isn’t there, and then you get Shares of vaccine makers 3.7%, to $129.70. tures were up 0.1%. investigativegroup. TheSEC’smost recent pro- posal, unveiled last year,soft- Post, bringing two of the most ens key definitions and adds Private-EquityFirms Form Funds Website prominent new-media compa- exceptions to some of the rule’s nies together. requirements. Last year,ViceMedia Group It requires public disclosure To BuyMineral Rights, Royalties Owner announced adeal to acquire of reportsregarding payments women-focused publisher by oil, gasand mining compa- Refinery29, while VoxMedia nies.But it allows information BY LUIS GARCIA well operatorsbecause they vestorsviewroyalties as asafer Eyes Deals Inc. mergedwith NewYork on paymentstobeaggregated don’t have to help payfor drill- betonanindustryrecovery, en- Magazine publisher NewYork at anational level in most Some private-equity firms ing and production costs, said ergy expertssaid. Media. cases,instead of on acontract- areincreasingly turning to roy- David Hayes, apartner at NGP, NGP-backed energy compa- ContinuedfrompageB1 Digital-media companies by-contract basis. alties and mineral rightstode- during apresentation to Alaska nies and mineral-rightsinves- already begun buying compet- have struggled to maintain Therule has caused asplit ploycapital in a depressed en- Permanent Fund Corp., the tors,such as Luxe Minerals itors. fast growth in online ad sales, between some large U.S. oil and ergy industry,preferring to state’s$65 billionsovereign in- LLC and Wing Resources LLC, Last year, it purchased Pop- given stiff competition from gascompanies,represented by partakeinwells operated by vestment vehicle.That means a invested $638 million in royal- Sugar, a women-focused digi- tech giantsincluding Face- the API, and rivals in Europe others than running the wells drop in oil prices will dispro- ties and mineral rightsacross talpublisher,adding itssite book Inc.and Alphabet Inc.’s andCanada, which aresubject themselves. 1,846 transactions from 2015 and webproperties to aport- Google. to transparencyrules that were NGP Energy Capital Man- through June,according to the folio that includes animal-fo- Thecoronavirus pandemic modeled afterthe Dodd-Frank agementLLC,for one,israis- Low oil prices presentation. cused the Dodo and NowThis, addedmorepressureonthe provision. ing afund to buy mineral rights Several other private-equity anewspublisher. sector,though some compa- Companies such as the U.K.’s afterhaving backed several suppress buyout firms have sought to expand It isn’t clear which com- nies have begun to bounce BP PLC,France’sTotal SA,Nor- mineral rights-focused entities activity and make it their betsinroyalties and min- panyorcompanies Group Nine back. way’s state-controlled Equinor from two previous funds that eral rightsinrecent years. One, Media would target foracqui- BuzzFeed expectstoturn ASA and Anglo-Australian min- also invested in oil and gaspro- hard to run wells. KimmeridgeEnergy Manage- sitions. an operating profit this year ing companyRio TintoPLC ducers. TheDallas firm is seek- ment Co., last year formed Des- Group Nine’sall-stock deal forthe firsttime in years. have voiced support in com- ing as much as $500 million for ert Peak Minerals by combining with PopSugar valued Group Group Nine is known for mentstothe SEC fordisclosing NGP Royalty PartnersLP, which itsoil and gasroyalty assets Nine at $600 million, TheWall news,traveland animal videos paymentsonacontract-by-con- will focus exclusively on rights portionately squeeze the opera- with those of Desert Royalty Street Journal reported. posted on social-media plat- tract basis.The Dodd-Frank deals,according to public docu- tor’sincome compared with Co.The resulting company As the digital-media sector forms that areshared widely. provision allows the SEC to ei- ments. royalty owners, the presenta- owns morethan 75,000 net has matured, several compa- Itsother properties in- ther requirecompanies to dis- Mineral-rightsowners, who tion showed. royalty acres in the Delaware nies have looked to deal mak- clude Thrillist, popular with close the paymentstoasearch- typically areentitled to 20% to As lowoil prices suppress Basin,part of the broader ing to spur growth. travel and food enthusiasts, able database,ortocollect 25% of the revenue generated buyout activity and makeit Permian Basin, agiant shale-oil BuzzFeed Inc.last month which wasfounded by Group such information and publish it by underlying oil and gaswells, morechallenging to operateoil field in West Texas and south- announced astock deal to ac- Nine Chief ExecutiveBen in an aggregated, anonymized have an advantageoverthe and gaswells,some energy in- eastern NewMexico. quireVerizon Media’sHuff- Lerer. compilation.

When the pandemic hit and filing forunemployment re- Community shut down entireindustries, cently hit itshighest level many feared that small banks sinceSeptember,and millions would suffer,too—tied as they will lose their benefits by the BanksFind aretotheir small-business end of the year.Manybusi- borrowers. nesses long agospent their Yetthose ties to local com- PPP loans,and the program NewAssets panies worked to their advan- closed to newapplicantsin tage.Small banks made about August. Lawmakersare still 28% of PPP loans,despite haggling over a new round of ContinuedfrompageB1 holding about 12% of industry JOURNAL stimulus payments.

old ones afloat. assetsatthe end of last year, REET Fornow,though, bankers Profit at community according to FDIC data. These ST saythey arepositioned to LL

banks—small, local lenders— “economic firstresponders” WA weather adownturn. That is in jumped 10% in the thirdquar- helped quickly deploy hun- part because of historically THE

terfromthe same time last dreds of billions of dollarsin R high capital levels,which year,according to the Federal forgivable loans,FDIC Chair- FO would allowthem to absorb DepositInsuranceCorp.Total manJelena McWilliams said ON more losses than they could loans rose 13.4%inthe third earlierthis month during an during the last recession. quarter,compared with 4.9% online conference. GELLERS In March, Paul Kohler and T. forthe industry. Deposits Lendersalso earn afee of histeam at Charter Bank in TIN

surged16.7%. Noncurrent loan between 1% and 5% on each JUS EauClaire, Wis.,looked back rateshaverisen slightly this loan. Rosedale Federal Savings &Loan surpassed $1 billion in assets in May. One of its drive-through units. at what happened afterthe year but arestill far below That income is helping to 2008 crisis, when noncurrent levels seen during the last fi- offset tight margins in their businessclients, Mr.Benson ershelped limit losses.What’s Some of the boost is from loans rose as high as 2.72%, to nancial crisis. core lending businesses.Net said. He expectsRosedale to more, direpredictions that the the 9,000-plus PPP loans pro- figure out howmuch money to Small lendershavelong interest margin, the difference bring in roughly $1.7million in pandemic would devastatea cessed by the bank.But acon- set aside for loan losses. struggled to competewith between what abank earns on feeincome from PPP,more swath of businesses didn’t ma- siderable shareisorganic, “It wasscary because we their biggerrivals.They lack loans and what it pays to de- than double itsnoninterest in- terialize. At manybanks,prob- said George Daines, the bank’s didn’t know how this was go- thetrading desks and deal- positors, fell to record lows come of $730,000 in 2019. lem loans have remained con- CEO.Some companies in the ing to affect our customers,” making businesses that but- forcommercial banks in the Thelender focused exclu- centrated in ahandful of hard- area have thrived during the said Mr. Kohler, the CEO. tressmegabanks when lowin- thirdquarter. sively on mortgage and com- hit industries: hospitality and pandemic,hesaid. He nowsays he believes terest ratescrimp lending “PPP wasatremendous mercial real-estateloans be- tourism; bricks-and-mortar re- “Fromafinancial perspec- Charter has morethan profitability.And consumers shock in terms of balance fore the pandemic,but it saw tail; and energy. tive, it’sprobably been the enough money set aside to have come to rely on the sheet growth, earningsand li- an opportunity with itsPPP AssetsatCache Valley Bank best year ever,” Mr.Daines coverpotential loan losses. smartphone apps and digital quidity,” said Sandy Brown, an customerstoexpand into in Logan, Utah, stood near said. Noncurrent loans areat services that manysmall attorney at Alston &BirdLLP small-businesslending.PPP $2.8billion at the end of Sep- Still, a nationwide surge in 0.33%, the lowest they have banks can’t affordtooffer. who counsels community “issomething that’scata- tember,almost twiceasmuch coronavirus cases and the ex- ever been at thebank,which Technologycostsand wafer- banks. pulted us forward, forsure,” as the same time last year.Net piration of federal aid pose surpassed $1 billion in assets thin lending margins have Rosedale issued morethan he said. loans and leases areupmore newrisks forsmall banks and this year. prompted manysmaller banks 500 PPP loans of morethan PPP’sdeliveryofcash to than 91%. Depositshavein- the communities they serve. “It’sabsolutely crazy,” Mr. to consolidate. $50 million, all to newsmall- banks’ small-businesscustom- creased by over 40%. Thenumber of Americans Kohler said. P2JW350000-2-B01100-1------XA

THE WALL STREET JOURNAL. ** Tuesday, December 15, 2020 | B11 ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY U.S.-China Tech War Won’t End Under Biden

But there may be less fire and fury

Thetech warbetween the U.S. and China will likely continue under the Biden administration, although modestly sweeter talk maymask some of the deep bitterness. The Huawei sagahas been a centerpiece of the U.S.-China ri- valry in the past couple of years. The Trump administration has re- stricted the Chinese telecom equipment company’s access to chips made using U.S. technology. And U.S. dominance in semicon- S ductor equipment and design tools PRES means it is now essentially impos- TED sible for Huawei to source chips. CIA

SO The U.S. has also put export con-

AS trols on Semiconductor Manufac-

HUH/ turing International Corp.,

Y. China’s homegrown alternative to M

NA Taiwan Semiconductor Manufac- While overall revenue fell by 37% year over year, equipment revenue, the lucrative business of outfitting franchised gyms, tumbled by 71%. turing Co., the world’s largest chip foundry by market share. Such flexing of U.S. tech suprem- acyhas laid bareChina’svulnerabili- Planet Fitness Needs Flatter Curves ties in semiconductors, and the countryhas responded by redou- bling itsresolvetoachieveself-suf- ficiencyinchip-making.Ithas de- Gym chain’s investors seem unaware that the pandemic has seriously dented its business prospects votedbillions of dollarstothe industryand is recruiting topengi- neersfromother countries.China Planet Fitness Inc.kicked off membersinMarch even as lock- “development requirements.” normal can’t obscurethe fact that wasthe world’slargest market for 2020 by announcing that it would down ordersshut down all their Growth in newgyms has fallen far the fast-growing chain’smomentum semiconductor equipment in the sponsor the television show“The U.S. gyms.Cancellations had to be short of expectations.Planet Fitness has been seriously disrupted. thirdquarter with sales of $5.62bil- Biggest Loser.” Little did it know in person or by letterevenasgyms ended the quarter at about one- On the plus side,Planet Fitness lion, according to industryassocia- that Covid-19 would soon makethat were closed, and memberswaryof thirdofits original 2020 store- has merely bent while the likes of tion SEMI. an apt label foritself—a crash diet unnecessarytrips still can’t do so growth target and has suspended fi- 24 Hour Fitness, Gold’sGym, TheTrump administration’sblunt that leftits market value 70% online or by phone even with gyms nancial guidance. Town Sports and countlessinde- approach succeeded in kneecapping lighter in lessthan amonth. reopened. That infuriated those Thecompany’s“no judgment pendent gyms have broken. Retail Huawei. In the long run, however, Yet, while manylarge and small forced to moveorwho were finan- vacancies resulting from the pan- such a strategycould weaken the competitorswerepushed intobank- cially pinched, judging by social-me- demic present cheap opportunities U.S. High-tech companies eyeing the ruptcy by the pandemic,Planet Fit- dia posts. Membership went from Membership went from forfranchisees looking to expand. Chinese market mayrethink sourc- nesssomehowgained all the weight 15.5 million in March to just 14 mil- But should they? People areea- ing from the U.S.,ordoing research back,and then some.Its shares lion at the end of October.The 15.5 million in March to gerfor areturn to normal, but or having operations there. closed 4% higher than ayear earlier movealso artificially flattered just 14 million at the end manyhavebought home exercise Atargetedapproach with allies on Monday. That makes no sense. third-quarter resultsreported last equipment and could remain wary such as Taiwan and South Korea, Planet Fitnesshas aclever busi- month sincethose monthly reve- of October. of panting strangers. And while with the aim of keeping the most nessmodel that has helped it grow nues were credited forfutureuse Planet Fitnesshas loggedmany advanced technologyout of China’s rapidly,but certain elementsofit and were deferred until gyms re- downloads of itsown fitnessapp,it hands maybepreferred by the new backfired recently.Charging very opened. entersacrowded field and must administration. Supporting chip- little and deliberately making it dif- While overall revenue fell by 37% zone” slogan doesn’t apply to ana- tread carefully lest it cannibalize making at home is also consistent ficult to cancel, itsbest customers year over year,equipment revenue, lysts. An expected profit for2020 franchisees’ prospects. with President-elect JoeBiden’s rarely show up but keep paying any- the lucrativebusinessofoutfitting has turned intoaprojected loss. Forshareholderswho hung on, it pledgetoboost domestic manufac- way.Its gyms couldn’t fitthem all and periodically refurbishing fran- Earnings-per-shareexpectations for is time to hop off this elliptical turing. at onceifthey did. Even so,turn- chised gyms,tumbled by 71%. The 2021 have tumbled by almost half while they areahead. It is hardto Though theremay be lessfire over is high enough to requirecon- companywas forced to offer adis- sinceFebruary, according to Fact- squarethe damageand continuing and fury,the tech rivalrybetween stant recruitment of newmembers. count of 15% on equipment to sup- Set. In other words, even expecta- uncertainty from Covid-19 with a the two superpowers is unlikely to Thecompanymade an apparent port newstore openingsand it gave tions that itsgyms will remain open stock trading at 60 times next go away. tactical error by drafting dues from franchisees a12-month extension on and that vaccines will return lifeto year’s earnings. —Spencer Jakab —Jacky Wong Meal Kits Face Heat S PRES

TED From the Microwave CIA SO AS Meal kitswereindemand this Share-priceperformance, year to date

CHANGE/ year as consumersspent moretime EX cooking at home.When the Covid-19 300%

OCK vaccine rollout gradually allows nor- ST mal lifetoresume,speedier dinner HelloFresh RK

YO options likeready meals could eat 200 intotheir growth. HelloFresh,at /NEW least, has takennote. Thelargest U.S. meal-kit provider ZIEMER last week raised itsfull-year sales 100 LIN

CO and profit guidancefor the fourth Exchanges have long been evolving away from pure transaction-linked revenue and are diversifying revenue sources. time in 2020,lifting itsstock to new Blue Apron highs.Berlin-based HelloFresh also laid out plans to morethan double 0 SEC’s New Stock-Exchange Rules Have Pluses itsrevenue to €10 billion, equivalent to around $12 billion, by the middle of the decade.The shares have –100 Therules arechanging forstock transaction-linked revenue,diversi- bersofshares,could migrateonto gained 220% this year,making it the exchanges when it comes to market fying revenue sourcesand getting exchanges from off-exchangeven- second-best performing name in the JFMAMJ JASOND datarevenue,but it needn’t be a intowider information services,like ues,noted Piper Sandler analysts. StoxxEurope 600 index. Source:FactSet game changer forinvestors. datatoanalyze trades beforemak- This year’s retail trading boom However, management expects Exchanges have always fought ing them or evaluatethe perfor- helps exchanges via listing fees for sales to slowin2021 from their pro- Factor75, abusinessthat will gener- hardfor market shareinstock trad- manceoftrades afterthe fact. A initial public offeringsbut doesn’t jected 110% surge in 2020.Consum- ate$100 million this year from ing,which in turn helps partly de- Moody’s InvestorsServicereport do as much forvolume overall, as ers arelikely to spend lesstime freshly prepared meals. termine howmuch of the collective last week anticipated “futuretrans- retail trades tend to be executed cooking dinner from scratch and re- Thedirect-to-consumer ready- datafees forthe market’sSecurities actions to further expand intonon- off-exchange, according to Moody’s. turn to restaurantsoncethe virus is meal market in the U.S. is valued at Information Processors, or SIPs, go traditional acquisitions such as Some shiftinthat trend, or adiffer- under control. Ready meals that are lessthan $1 billion. But it is growing to that exchange. But the Securities data, technology, cybersecurity and ent phase of the market character- sold directly to consumersthrough quickly.Competition from American and ExchangeCommission on software services” forexchangeop- ized by rising volatility or uncer- online subscriptions look poised to supermarketsmay be lessintense Wednesdayadopted rules to open erators. tainty about rates, could spark a take sharefrommeal kitsaslives than in categories likefrozen: U.S. that exclusivedatatocompetition. Anyrevenue hitlikely wouldn’t moreinstitutional tilt that would become busier.Sales of fresh din- grocershaven’t figuredout howto In theorythis threatens SIP reve- come forsome time,asnew compe- help exchanges’ shareofoverall ac- nersthat canbeheated in the mi- transport fresh meals over long dis- nue forexchanges because market tition will be phased in aftertesting tivity. crowave already grew faster than tances to reach nationwide stores participantsmay getthat datadi- and development, and exchanges Shares of the four big U.S. ex- meal kitsinthe U.S. this year—by within their short shelf life. rectly or from competing aggrega- will still have packages with the changeoperators, which also in- morethan 100% compared with However, thereiscompetition tors,analystshavenoted. Cboe most detail-rich datatosell to the clude CME Group, haven’t kept 60%, respectively—according to elsewhere. Nestlé recently bought Global Markets generated about most sophisticated customers. Ex- pacewith S&P 500 financials’ over- credit-carddataanalytics firm En- Freshly,the biggest playerinthe 9% of its2019 net revenue from SIP changes could also challengethe all 15% rise in the past three vestnet Yodlee. U.S. fresh-prepared meal market data, according to analystsatPiper SEC in court, as they have on other months.Inpart that reflectsinves- Blue Apron is lessprepared for with annual sales morethan four Sandler.Its stock is down over 6% measures.Plus,thereare also other tors’focus on near-term vaccine- the shiftthan itsbiggerrival. As its times those of Factor75. Freshly was sincethe SEC’sannouncement. partsofthe rules that could in driven rebounds in credit, banking meager 7% share-pricegain this being prepared foraninitial public But investorsshould keep the theoryboost revenue or volume, and other partsofthe economy, year suggests, the U.S. company offering beforethe world’sbiggest biggerpictureinmind. Already the such as treating certain sub-100- which don’t provide as clear a struggled to meet higher demand food companysnapped it up,people participantsinthe stock-exchange sharetrade orderslikelargerones boost to trading.This lag and any forits productsduring the pan- with knowledgeofthe industrysay. industry, including Nasdaq and the in terms of dataand priceprotec- selloff on the datarule makeex- demic.HelloFresh will trytoprotect Meal kitshavehad astellar run, NewYork Stock Exchange’sowner, tion. Thereisanargument that changes one way to bet on alon- itsbusinessbyexpanding intodif- but it can’t last. Investorsshould be Intercontinental Exchange, have moretrades of high-pricestocks, ger-term uptick in ratesand volatil- ferent meals such as lunch and new relieved that HelloFresh is shaking long been evolving away from pure which tend to be forsmaller num- ity. —Telis Demos products. It recently bought up itsmenu. —Carol Ryan P2JW350000-0-B01200-1------XA

B12 | Tuesday, December 15, 2020 THE WALL STREET JOURNAL.

YuvalNoahHarari David Vandermeulen •Daniel Casanave Sapiens AAG Grraapphichic History

TheBirth of Humankind Volume One P2JW350000-0-S00100-1------XA

THE WALL STREET JOURNAL. Tuesday, December 15, 2020 | S1

Aspecial report by the Barron’s Wealth &Asset ManagementGroup GU IDEET TOOW WEALTH DECEMBER 15,2020

WHAT S IT HASBEEN FORTY YEARS ’ since Enjoli perfume proclaimed that women can “bring home the bacon,

fryitupinapan,” and women hav-

en’tonly made bigstrides in equal

HOLDING payand opportunity, theyalso con-

trol 32%ofglobal wealth and more

than half of U.S. personal wealth.

Ye t, whether because of deeply WOMEN entrenched gender roles, alack of time, interest, or understanding—or

some combination of the above—

women of all ages, education levels,

and income bracketsare still behind

BACK? the times when it comes to taking

control of their big-picturefinancial

decisions. Women control morewealth than men, “Asasociety, we don’tthink it’s very sexy when women talk about but too manyhaven’ttaken their rightful money,”saysHaleh Moddasser,a seat at the table when it comes to investing senior financial advisor at Stearns

and other keyfinancial decisions. Financial Group in Chapel Hill, N.C.,

and author of severalbooksabout StoryBySARAHMAX Illustration by Marina Munn

HowtoGet—and Stay— Our BestMoneyAdvice An Investor’s Crusade to On Track Financially For All of Life’s Stages Protect Children Online Page S4 Page S5 Page S7

Reprinted from the December 7, 2020,issue of Barron’s, aDow Jones publication P2JW350000-0-S00200-1------XA

S2 | Tuesday, December 15, 2020 THE WALL STREET JOURNAL.

TimWerth FinancialAdvisor MissionViejo,CA

ACENTURY OF ORGANIC GROWTH ISN’TBUILT BY CHASING QUARTERLYEARNINGS.

At Edward Jones,weknowlong-termsuccess isn’tbuilt on short-term thinking. Ourfinancialadvisors have thefreedom to recommend solutions basedontheir clients’ unique needs,not firmquotas. Which means that they’reabletobuild their practice by doingthings theright way—by focusing on their clients. Meet theEdwardJones of now.

Visitedwardjones.com/knowmore

Member SIPC

Edward Jones does not discriminate on the basis of race,color,gender,religion, national origin, age,disability, sexual orientation, pregnancy,veterans status, genetic information or any other basis prohibited by applicable law. P2JW350000-0-S00300-1------XA

THE WALL STREET JOURNAL. Tuesday, December 15, 2020 | S3

BARRON’S SPECIAL SUPPLEMENT

women and money.She thought this roadmap of your financial life.” (See page might have justbeen the case among her R5 for advice on managing money from baby boomer peers and clients, but ap- “I’mreallyproud of that I’ve been able to recapture your 20s throughyour 50s.) parentlynot. “I hadawoman working for There are myriadreasons thatwomen me whowas in her 20s, and sheended controlofall of my finances,understand what’s should engage with their finances. For up changing her online dating profile to goingon, and makeeducated choices.” people whoare married, equal participa- takeout ‘financial advisor.’ ” tion in major financial decisions can have Are we generalizing?You bet. Butas LesleyShorrKlein benefits beyond the bank account. loathsome as the notion of stereotyping “The more successful couples Iknow women as being no-good-at-the-money- schedule adate, once amonth, to sit stuff is, there’s an alarming amountof down to discuss strategies, big purchases data demonstrating thatwomen in gener- coming up,when are they going to retire, al simplydon’t engage with their finances and what are they going to do in retire- often, or thoroughly, enough. “Ihear over and over again from my femaleclients ment,” says UBSfinancial advisor Tracy “This is the reallysad part of this that theyare embarrassed becausetheydon’t Byrnes. “Inthis busyworld, that’sreally whole thing:You’d think we’d makesome important.” progress, and we haven’t,” says Valerie understand their finances—and theseare Couples whoare on the same page Newell, aprincipal and senior wealth highlysuccessful women.” about money matters tend to fight less, advisor with Mariner Wealth Advisors in and feel more in sync on their biggerlife Cincinnati. In fact, her affluentmillennial Julie Knight, JanneyMontgomeryScott goals. “One of the main reasons people clients are among the worstoffenders, divorce is because they don’tcommu- shesays. Many saythey justaren’t inter- nicate about money,” says Ballou, who ested, or don’tsee the urgency.“Yo unger won’tworkwithcouples unless they women neverthink thatbad thingsare both participate.“Isaw early on in my going to happen,” shesays. career thateventhose with the bestin- In arecentsurveyofnearly 3,000 “I’m good with managingmoneythat Ihave, tentions couldn’t reallyknowthe minds Americans by UBSGlobal Wealth but Ididn’t fully understand howtoinvest and hearts of their partners, and how Management, half of married women, their goals and viewpoints might evolve. and 54%ofmarried millennial women, to have moreofitinthe future.” More than one clienthas mentioned that said they defer to their husbands when it Elizabeth Ortiz Imight have savedtheir marriage.” comes to long-term financial decisions. Theimportance of money in relation- “It’snot thatwomen aren’t engaged shipsisacommon refrain. “I don’tknow in their financial well-being,but our if Iwould be with my husband todayif researchshows they’re more engagedin my relationshiptofinances waswhat short-term money matters than the lon- it wasinmyearly 20s,” says Hannah ger-term decisions,” says Paula Polito, “I grew up in afamilythat wasextremely Carpenter,35, afilm editor whomovedto divisional vice chairman at NewYorkafter college. Carpenter gotse- UBSGlobal Wealth Management. But frugal, but moneymanagement rious about budgeting and saving when a those longer-term decisions, which wasn’t part of the conversation.” co-worker introduced her to her mother, relate to investments, insurance,and financial advisor Rosemarie Dios at UBS. estate planning,havethe greatestconse- Hannah Carpenter By the time Carpenter met her now- quences—particularly for women. Eight husband, shewas saving and investing out of 10 women end up solelyrespon- regularly.Her husband earns more and sible for their fiances at some pointin came to the marriage with more assets, their lives, says Polito. shesays, but it’s amarriage of financial Women also have less room for error equals because of the steps shetook to on big financial decisions. “Wetend be independent. “Thatwas importantto to live longer,get paid less, and go in “Financial planningislikethat closet you both of us,” shesays. and out of the workforce,” says Carrie Whether single,married, divorced, Schwab-Pomeranz, board chair and pres- haven’tquitegotten around to cleaning, or widowed, knowing where youstand identofthe Charles Schwab Foundation. but youknowyou should.” financiallyisempowering.When Shorr On average, women have significantly Klien divorced this spring,she realized less savedfor retirementthan men, ac- Anne Alexander justhow checkedout she’dbecome.“I cording to the latestdatafrom the Trans- chose to disengage entirelybecause Ihad america Center for RetirementStudies. so much on my plate,” shesays. With Nearly athird report having savedless the help of her financial advisor,and than $10,000 or nothing at all. ex-husband, shehas become reacquaint- What’s holding women back? It isn’t ed with her finances and nowknows alack of competency.Multiple studies “After Igot married, Irealized Iwas making where thingsstand “downtothe penny,” have shownthatwhen women do take shesays. In the process, shehas ramped the reins on investmentdecisions, they moremoneythan he was, and Iwantedto up her charitable giving;incorporated outperform men by one to twopercent- take the reinsoninvesting.” environmental, social, and governance agepointsayear,onaverage. Rather,a values into her portfolio; and gotten combination of factors perpetuate the Mabe Rodríguez more proactive about financial decisions gender gap. Some are societal, some are related to her business. institutional. Butall need to be dis- mantled. Barron’s spokewithadvisors, researchers, and women to better assess eQual treatment, the problem and offer some solutions. different approach saving and investing.“Ihad three goals: but they do have differentneeds and So,whatdowomen need that’sdifferent? One wastobuy my ownhouse,two was communication preferences. Astudy Advisors say—and studies support this— traditional gender to payfor my children’s education, and by Coqual, aglobal think tank focused thatwhen it comes to big money moves, roles persist three wastoretire by the ageof50.” on diversity and inclusion, found that and investing in particular,women tend Women have made significantleaps over Rodríguez retired at 46,and has since women want to work with advisors who to consider their decisions in the context the pastseveral decades, but longstand- held multiple leadershippositions at are sensitive to their time constraints (for of their overall lives, as opposed to look- ing gender roles continue to influence various institutions and nonprofits in example,nothankstothe golf outing), ing at investmentreturns or other key howthey think and talk about money. Cincinnati. and whotakethe time to learn about their numbers at face value. “Itboils down to financial education, clients’ values, aspirations, and family “Men are usuallymore focused on whichisstill not offered or required situations—and incorporate all of that returns, and women are more focused in mostschools,” says Lynn Ballou, a wealth advisors information into their recommendations. on security,” says Moddasser.“So,if senior wealth advisor and partner with could do better Theimpression thatmanywomen you’re talking to amale advisor and he EP Wealth Advisors in Lafayette,Calif. That women are akey segmentisn’t lost have of financial advice is “men smoking keeps pressing youonhow something is “Wesay,makesure kids learn aforeign on the wealth managementindustry. cigars and talking to their brokers,” says undervalued or has acertain standard language, but we neversay let’steach our Over the pastdecade,there has been a Anne Alexander,56, whobegan working deviation, they’re speaking completely kids about money.” groundswell of women-specific studies, with Knight after getting adivorce and differentlanguages.” Theresponsibility then falls on par- products, and marketing campaigns. being downsized from her publishing Sometimes, they reallyare speaking a ents, and in manyhouseholds women are “But these efforts are still too superficial,” job. “Whatyou reallywanttodoistalk differentlanguage. “One of the problems taught,whether explicitlyorbyexample, says Anna Zakrzewski, apartner and to somebodywho can help youget your with the industryisthatthere’s avernac- not to talk about finances. “Westill hear global leaderofwealth managementat financial life in order and say, ‘Here’s ular,there are more acronyms than in about clients whogivetheir sons $1,000 Boston Consulting Group. where youare,and this is howyou can anyother industry,”Byrnes says.“And to trysome stock-picking,but don’thave In acomprehensive study, BCG getwhere youwanttogo.’” if Istart throwing acronyms at you, I’ve their daughters do the same,” says Kath- concludedthatthe wealth management lostyou.” rynGeorge, apartner and chairwoman industryisstill missing the markwhen What can happen, shesays, is that of the Brown Brothers Harriman’s Center it comes to meeting the needs of female women have alot women are embarrassed or don’twant for Women and Wealth. “When we ask clients. on their plates to slow down the conversation by asking why, they saybecause she’snot inter- Among other issues, 30%ofwomen Lesley Shorr Klein says she’ll never too manyquestions. At the same time, ested. Well, maybeshe’s not interested surveyed by BCGsaid they believe advi- forgetthe advice shegot when shegrad- they tend to want to getmore infor- because you’re not talking about it with sors speak with them differentlybecause uated from collegeand gother firstjob. mation before they makebig financial her.” of their gender.Inone blatantexample, “Myroommate’s father satusdownand decisions. Theproblem becomes self-perpetuat- “a wealthywoman, whoisahighearner, said, ‘Enroll in your 401(k), open an IRA, “Once women have the informa- ing,and can have long-lasting effects. In told us about an advisor who, during the and invest everymonth,’ ”saysShorr tion needed to makeawell-informed asurveyofpeople ages 16 to 25,Schwab firstmeeting,spokeprimarilytoher hus- Klein, 51. Shetook thatadvice to heart, decision, and that’sanimportantthing, found thatyoung women aren’t lacking band and then sentfollow-up documents savedconsistently, and even bought afew their investmentprofile is relatively in financial grit. Relative to their male addressed onlytohim. Shereceiveda individual stocks. similar to thatofmen,” says Zakrze- peers, they’re more likelytotakeonextra charm bracelet,” says Zakrzewski. Herenthusiasm for investing con- wski. When women don’tget adequate work,for example,and followafinancial “There are alot of firms out there that tinued after shegot married. “But then answers, however, they are likelytohold plan. Ye ttwice as manymen said they saythey cater to women, and they basi- life gotcrazy.Wehad kids, and Ileft my on to too much cash. In the BCGstudy, would invest spare cash; women were callychanged the fonttopink,but that’s corporate jobtostart my ownrecruit- women had30% of their holdingsin more likelytokeep thatmoney in check- justnot going to cut it,” says Moddasser. ing business,” shesays. “The one thing slower-growth assets. That can leadto ing and savingsaccounts. To be fair,there are manymale advi- thatwas very easytoslice off were the awealth deficitthatisexacerbated by “There needs to be better commu- sors whohaveterrific rapport with their finances.” longer life spans. nication between parents and the next female clients. Still, the industryisgoing Women face manyobstacles when ”Studies show thatwomen are not generation,” says George. “People,and to be prone to biases and communication it comes to managing their money,but more riskaverse,but rather thatmen are especiallypeople whohavemoney,don’t misfires if it continues to be dominated some of the biggest barriers are self- overconfident, whichiswhy women are talk about it.Sokids don’tunderstand by men. imposed. Women are juggling more than often better long-term investors,” says savingsorcompounding,and all of those “A big part of the problem is thatmost their share of responsibilities—perhaps Moddasser.“They don’tchase returns, basic skills thatare the underpinning to advisors are men,” says Julie Knight,an nowmore than ever,given the dispro- they chase security.” investing.” advisor with Janney MontgomeryScott portionate impact of Covid-19—and if “Withour good friends and partners, Money wasnot something Mabe in Allentown, Pa.Thatisn’t surprising they can delegate money managementto we talk about our dreams all the time, Rodríguez, 52, learned about at home. givenlongstanding gender roles, she their spouse,all the better. but we don’ttalk about the money,” says “Finances were always managedbymy says.The problem is persistent: less than It’s one thing to step back from routine Elizabeth Ortiz, 41, whoisanassistant dad,” shesays. Even so,she gota“deep 20%ofall advisors are women; the same money matters, but the stakes are too professor of communications and co- appreciation for cashflow”when she percentage as advisors over65. In other hightokeep keyfinancial issues at arm’s owns arestaurantwithher husband. visited her grandparents in Venezuela, words, there isn’t an influx of younger length. “There’s adifference between del- “Withfinancial advisors, youtraditional- and they trusted her to help them pay women advisors. “Weneed to getmore egation and abdication,” says Polito.“Yo u ly talk about money but not your dreams, bills and balance their checkbook.When female advisors in our industry,”she don’thavetoknoweverything about the and it’s like, wait aminute: We should shelanded ajob at Procter &Gamble says. markets or everyaspect of financial ser- probablytalk about those thingstogether in her early 20s, shegot serious about Women don’twanttobepatronized, vices, but youdohavetohaveyour own for the bestfuture.” B P2JW350000-0-S00400-1------XA

S4 | Tuesday, December 15, 2020 THE WALL STREET JOURNAL.

GUIDE TO WEALTH 2019

Keyquestions: •Are youearning more or less than last year? Howdramaticallydoes your annual income changeyear to year? •How much investmentincome do you expect to have this year? •Are youexpecting income from unusu- al sources, such as aone-time bonus at work,aninheritance,orwithdrawals from aretirementaccount?

Expenses: Get asnapshot of your household expenses, focusing on indi- vidual bills and categories where you spend the most.

Keyquestions: •Whatexpenses have increased or de- creased in the pastyear,and what are your projections for the next year? •How much do yousaveevery month and where do youput it? •Whatareas of your spending can go toward saving more and paying down debt faster?

your strategic plans “A goal without aplan is justawish,” wrote Frenchexistentialistauthor An- toine de Saint-Exupéry. Even seemingly nonfinancial goals often have afinancial aspect, and, let’sfaceit, being financially HowtoMakeItHappen: secure makes alot of thingseasier. Think about what it is youwanttodo, and howyou want to do it.Think big, and if your plans feel too out of reach, consider whether afinancial advisor Be Your OwnCEO can help. Aholistic financial plan can serve as ablueprintfor enabling acareer change, philanthropic goals, raising kids, the ability to care for others, and Managing your moneycan be daunting, boring,orjust an arrayofother goals. achore.These simple steps will getyou on track. Retirement key questions: •When do youwanttoretire?What does retirementlook like, both ideally By sarahmax listofyour financial situation. Getting •Are yousaving in the mosttax-and and realistically? Illustrations by GlennHarvey organized isn’t always fun, but it is sat- fee-efficientway?Are yousaving more •How much of your retirementincome isfying. Barron’s worked with advisors or less than lastyear? What would you will come from savingsversus other Fewwomen woulddispute the impor- to determine the basics of what every liketosee next year? sources, such as Social Security or tance of financial empowerment. It was woman should know—and what,in pension benefits? justageneration ago—until 1974—when their experience,they often don’t. Here’s Liabilities: Do an inventoryofev- •How much do youneed to have saved bankswere allowedtodenywomen howtotackle it likeaboss. erything youowe—all loans, creditcard to getthere?Are youontrack? credit, such as creditcards or mortgages, balances, and other liabilities. Note the •Whatcan youchangetohaveyour in their ownnames and based on their your balance sheet total amountowed, monthlypayment, savingsmeet your expectations? ownfinancial wherewithal. Assets: Do an inventoryofall of and payoffdates. Addkey accountde- We’vecome along wayinthose 40- your assets at leastonce ayear.This tails and contacts. Family key questions: odd years, but not nearly farenough. includesall your accounts—checking, •Are youteaching and talking to your Studyafter studyshows thatwomen savings, brokerage, retirement—as well Keyquestions: kids about money? aren’t engaging enoughwiththeir fi- as the valueofyour home and anyother •How much of your after-tax monthly •Are youand your partner on the same nances. Thefinancial-services industry physical property.Note whichassets are income goes to paydebt? page when it comes to biggertopics, is still falling short in serving this half held jointlyorseparately. Make sure you •How much do youpay in interestevery such as loans for adult kids or college of the population. Women, whooften have,orknowwhere to find, updated year,and can thatbeminimized? financing? need more money in retirementtocover information on accountnumbers, finan- •Whatexpenses or behaviors are •Doyou have college-savingsplans? health and caretaking issues during cial institutions, login credentials, and contributing to this debt, and what are Howmuchare youcontributing,and their longer life spans, are,onaverage, keycontacts. your goals for paying it off? is it too much or too little based on farbehind men in terms of savings. expected tuition? Financial empowermentgets lostinthe Keyquestions: NetWorth: Subtract liabilities from dailychaos of living. •Doyou have enoughcashtocover assets to estimate your net worth and Estate and legacy key questions: Afew small steps can getyou back unexpected expenses or aperiod of lost set goals. •Doyou have updated wills and on track. “Think of it as being the CEO income? estate-planning documents? of your ownhome,” says UBSfinancial •How are the restofyour assets—in your income •Doyou have acharitable-giving plan? advisor TracyByrnes. “You don’tneed brokerage or retirementaccounts— statement •Doyou want to manage this on your to knowwhere the Dowclosed, but you invested?What’sthe ratio of stocks Income: Get asnapshot of your ownorbring in aprofessional? do need to knowthe big picture.” to bonds?What’sthe rationale for household’s monthlyand annual income, That big picture entails compiling a howeveryou’reinvested? both before (gross)and after (net)taxes. risk management Take alook at variables thatcould disruptyour plans and anyproducts or strategies for minimizing risk.

Keyquestions: •Ifsomething happened to youoryour partner today, would your survivors be OK financially? •Whatlife-insurance policies do you have?Whatisthe amount, howlong is the term, and is thatenough? •Doyou have long-term disability insur- ance?Could thatbehelpful? •Whatisthe likelihood you’ll need to support aparent, sibling,oradult child at anypoint in the future? B

Think likeaCEO, and use this checklist to manage money likeaboss. P2JW350000-0-S00500-1------XA

THE WALL STREET JOURNAL. Tuesday, December 15, 2020 | S5

BARBARRROON’SN’S SPECIAL SUPPLEMENT What’s Your Best Financial Advice forWomen in Their 20s, 30s, 40s, and50s?

Everydecade brings newchallengesand opportunities—financial andotherwise. Barron’s askedexperts fortheir best pieceof advice foreachstage of life.

By nancyf.smith Illustrations by Alex Fine

your 20s: nowisthe time to work hard

As youget older,your responsibilities grow exponentially.

MaryCallahan Erdoes, CEO,J.P.Morgan Asset & Wealth Management

My first real job wasduring the sum- mer when Iwas in college. Iworked in the computer room of Stein Roe& Farnham back in Chicago with two middle-agemen whohad been doing it forever—or at leastitseemed so in my eyes. Our jobwas to peel off the individ- ual portfolio printouts and deliverthem to the portfolio managers, basically a9-to-5job.Itdidn’t takemelong to notice thatone of the guys arrived everymorning at 8:59 a.m. and left at 5:01 p.m. Theother seemingly never left. Halfway throughthe firstmonth, I askedthe long-hours guy, “Do youever leave?” “Ohyeah,” he said, “but Iwantto work extra hours.” Why, Iwondered. PA RT NERSHIP

ACTIVELYPARTNERING WITH ADVISORS

MFShas nearlyacentury of activemanagement experience. By having long-term discipline, considering sustainability and managing risk, we help advisorspursue client goals in all market environments. Find out moreabout our commitment to advisorsatmfs.com/partnership

©2020 MFSInvestment Management 46496.1 P2JW350000-0-S00600-1------XA

S6 | Tuesday, December 15, 2020 THE WALL STREET JOURNAL.

GUIDE TO WEALTH

“Myadvice to people in their 30s is to startthinking about investmentsseriously. If youcan’tbuy ahouse or an apartment whereyou live, buy land anywhere.”

Carla Harris, right

“Because youget time and ahalf.” of times and eventuallysold at multiples “So everyone gets time and ahalf for of what Iwould have paid. That wasa extra hours?” big ah-hamomentfor me.Itled me to “Yeah.” understand thattobuild wealth, Ihad “OK. I’ll be here at 6inthe morning.” to takemoney out of the bank account That wasone of my early formational and invest it.For young people,property insightsintothe connection between is agood waytostart. That’s one of the hard work and money,and thatitwas reasons they are often advised early on something Icould control. Whatever job to buyahouse or an apartment. It’s one youhave, youget out of it what youput waythey can begin acquiring wealth. into it. My advice to people in their 30s is to Working hard is easywhen you’re start thinking about investments serious- young,20s and 30s. In manyways, it’s ly.Ifyou can’t buyahouse or an apart- all about you. Yo u’re doing your thing: mentwhere youlive, buyland anywhere. learning,connecting with people,moving Theproperty my mother recom- up.Then youstart to have children and, mended and Ishould have bought was somewhere in your 40s, twothingshap- in Florida, and Iwas in NewYorkCity. pen. First, yourealize youare grooming Even thoughshe didn’t knowawhole young ones whoneed to understand lot about wealth or investing,mymother risks of staying versus the risks of trying paid less than we could have earned us- thatthey are going to live along life,and wassmart enoughtoknowthatland something new? Midcareer isn’t the ing the same skill set—heisanewspaper they need to plan for it.And second, you wasafoundation for wealth building. worsttime to takearisk. Ineeded to let reporter and Iamaconsumer advocate. watchasthe generation thatcame before go of the jobIwas doing in order to find We felt we could be confidentthatif begins to retire.Whathappened when the next greatthing. something happened, one of us could your parents stopped working?Did they My mother used to saythatworkis move on to do something more lucrative. have to completelychangetheir lifestyle your 40s: not fun all day, everyday.Ifitwas, the Butwhen you’re in your 50s and or hadthey planned aheadsothey are take calculated risks companywould be charging youadmis- you’re watching the economycome to enjoying thatpart of their lives? It’s not sion insteadofgiving youapaycheck. the brink—friends lose jobs and then about some big massive plan, it’s about a In your career and your There’s gottobeabalance between the strugglebecause companies are less little bitevery day. investments,find that thingsyou love to do,the thingsyou find likelytohire someone in their 50s and Yo uwanttoteach your kids thatit’s balance. satisfying,and the thingsthatdrive you 60s—I began to feel vulnerable in away importanttostart saving and investing alittle bitcrazy. Inever hadbefore. early,but it is especiallyimportantfor Deborah F. Kuenstner, youtofocus on your investments as Chief InvestmentOfficer, youget into your 40s and 50s. Why? WellesleyCollege Because to stay the course youneed to have hadthe experience of the good and Ihad been working at Putnam Invest- the badinthe markets. Yo uhavetohave ments for sevenyears when Ihad to lostmoney and made money,you have decideifIwanted to stay or move on. I to have askedquestions. haddone well—Iwas chief investment When it comes to financial matters, officer,global value, and Iwas on the the onlydumbquestion is the one you executive committee—but the company don’task. Yo uhire financial-service hadundergone achangeinstrategic providers to answerthose questions, not to speak in jargonthatissoconfusing youjustsay,OK, do what youwant. If youdon’t understand the product, if you “Midcareer don’tfullyunderstand the risks,don’t invest in it.Now’s the time to makesure isn’tthe worst if you’ve worked hard, youcan enjoythe fruits of your labor. time to takea risk.Ineeded your 30s: to let go of the time to purchase job Iwas doing property in order to find It mayseem likeahugeleap, but it will set youupwell for the next great the rest of your life. thing.” Deborah F. Kuenstner, Carla Harris, right Vice Chairman, Global Wealth Management, Morgan Stanley direction thatIdidn’t agree with and It’s the same with taking risks with As the markets were tumbling,my When Iwas 28, my mother made the Iwasn’t enjoying the work anymore.I your money.You need to have abalance. husband wondered if maybeweshould suggestion thatIbuy some land that hada15-year-old daughter,and Ididn’t Am Itaking enoughrisktoearn what I move our money out of the market. No, members of the older generation in my want to set an example for her in whichI need to earn or to compound my money Isaid, we’rebuy-and-hold investors. familywere selling.They were in their spentthe majority of my working hours without keeping me up all night,every In fact, thatturned out to be the right 70sand were tired of paying taxes on it. doing something thatdidn’t makeme night?Imanage alarge portfolio,and decision, but the crashmade me feel less “Whatwould Idowithit?” Ithought. happy.But givenmyposition, Icouldn’t people might think it’s about managing confident. There’s not ahouse on it,nothing else have one hand at Putnam and the other returns, but it is reallyabout managing We gotlucky,because we both kept on it.And it would have taken justabout out looking for ajob.Ineeded to let go riskwhile generating returns. our jobs and we hadn’t yetretired. And all Ihad been able to save at thatpoint. with both hands. we hadafinancial planner we could call Iwas working at Morgan Stanley,and Iwas 46 years old, and it wasthe up and askquestions, whoprovided Icouldn’t imagine wiping out my bank kind of risky move—leaving without a peace of mind thatwewere on the right accounttobuy something thatwas ut- joblined up—thatmight keep youupat your 50s: track. Whichisironic,given thatmy terly illiquid, not seeing it as something night.But amentor Ihad years earlier hire afinancial firstbig project as aconsumer advocate thatwould appreciate. hadencouragedmetothink about my advisor wasa1986studyonabuses in the finan- Theproperty changed hands acouple career in terms of risk: What are the cial-planning profession. And be suretowork with Iamapassive investor.But that afiduciarywho putsyour report also made me very cautious in interests first. choosing my advisors, making sure they hadall of the characteristics Itell people BarbaraRoper, to look for:They embrace their fiduciary Director of Investor obligations so they minimize the con- Protection,Consumer flicts of interestintheir business model. Federation of America Nobodyelse is paying them; they aren’t getting revenue-sharing payments. They Iwas in my 50s during the financial don’tderive benefits from what they crisis, and it wasanawakening for me. recommend, separate from what Ipay Up until thatpoint,Ifelt invulnerable them. They keep costs low. They have because both my husband and Ichose to years of experience,aclean disciplinary spend our livesinjobsfor whichwegot record, and an excellentreputation. B

“Myhusband wondered if maybe we should move our moneyout of the market.No, Isaid, we’rebuy-and-hold investors. In fact, that turned out to be the right decision.”

BarbaraRoper,left

Reference photos: (Erdoes) courtesyofJ.P.Morgan; (Harris) Victoria Will; (Kuenstner)courtesyofWellesleyCollege; (Roper)Nick Roper P2JW350000-0-S00700-1------XA

THE WALL STREET JOURNAL. Tuesday, December 15, 2020 | S7

BARRON’S SPECIAL SUPPLEMENT

LisetteCooper,vice chair of Fiduciary Trust, wants Facebook to do moretocurb theexploitation of children.

bergand managementcontrol 88% of the vote throughsupervoting shares. InvestorsTakeonFacebook Take those out and Cooper’s resolution wasbacked by 43%ofthe remaining, nonmanagement-owned, shares. That’s aremarkable amountwhen compared BigTechwants airtight digitalprivacy.That’sagreat idea— with the support even popular share- except when it’s not. Onetragicstory demonstrates how. holder resolutions typicallyget. When Sarah decided to finallytell Lisette her storythis pastspring,she By leslie p. norton One companystood out: In 2019, “If Facebook Cooper’s resolution. Franklin said that hadbeen studying psychology and, as Photograph by Mary Beth Koeth some 94%ofthe reports stemmed from it hadnothing further to addtoCooper’s part of her senior project, needed to pull Facebook and itsplatforms, including doesn’t find comments. Today, Franklin has about together all thatshe’d learned. The balancingact between personal Messenger and Instagram. Thecenter asolution four million Facebook shares, according Now 23,Sarah will graduateinafew privacyand public safety has bedeviled said the next closest, Google,accounted to Bloomberg. weeks. Sheand her mother are on good Big Tech since the advent of instant for 2.7%. voluntarily, terms. “Now,wehavethe ability to col- messaging in the mid-1990s. From the Cooper founded institutional invest- it faces laborate,whichisfantastic,” Sarah says. beginning,the thorniestissues arose mentfirm Athena Capital in aBoston challenges ooper soon learned shehad an- It has been painful to share her story, but from the online sexual exploitation of suburbin1993. Some 90%ofclients other reason to work the phones. Sarah has spoken publicly to avariety of children. Butare technology companies were familyoffices, manycontrolled by from C Acouple of weeksbefore the big organizations on the topic of child sexual responsible for the criminal use of their women interested in expressing values customers, news conference thatthey hadscheduled abuse,determined thather experience platforms?Manybig investors nowsay throughinvestments. Athena helped about Facebook in May, sheasked her won’tberepeated. they are.And thathas led to one of this fund the Women’s Inclusion Project, advertisers, 22-year-old daughter,Sarah, whether Sarah and Lisette declined to discuss year’s mostmemorable shareholder an impact-investing initiative,with and shehad anystories to share about Face- anyinteractions they’ve hadwithlaw initiatives, in whichLisette Cooper took shareholder-advocacy firm Proxy book.Mother and daughter were briefly enforcement. on Facebook. Impactand clients of other major regulators.” estranged in 2015 when Sarah turned 18, Cooper is awell-known advisor,the advisors, such as Aperio,Veris Wealth changed her phone number,and moved vice chair of FiduciaryTrust,Franklin Partners, and Tiedemann Advisors. Ini- Lisette out of the house.Thatyear,for several acebook pledged to encrypt its Resources’ $25billion wealth manage- tially, they worked on gender-lens cam- Cooper weeks, Cooper hadn’t heard from Sarah, messaging services in 2019. except for amysterious call in whichher F WhatsApp, used by more than two mentarm. An approachable investor paigns likeequal pay. Soon they began with adoctorate in geology from Har- working on child sexual exploitation. daughter said, sadly, “I miss my mom.” billion people in 180countries, already vard University,Cooper has long been In 2019, the groupcampaigned against Butnow they were tight again, and when has end-to-end encryption. That’s not troubled by the growth in online child Verizon Communications, asking Cooper asked, shethought Sarah might yetthe case for Messenger;inanemail to exploitation, and made preventing it a Verizon’s board to evaluatethe risks share astoryortwo. “I thought,oh, she Barron’s,aFacebook representative said part of her professional work years ago. of potential child sexual exploitation might have sentsome sexy pictures or the company“is committed to making This year,Cooper askedfellowFace- throughits products. Apple hadalready some normal teenage thing,” Cooper Messenger end-to-end encrypted.” The book shareholders if the steady increase threatened to remove Verizon’s Tumbler recalls. representative added, “Facebook leads in online child exploitation posed arisk appfrom itsApp Store after finding a Aday or twolater,Sarah came to Coo- the industryincombating child abuse to their investmentinthe social-media significantamountofchild pornography per in the sunroom and told her mother online,and we’ll continue to do so on our juggernaut. Facebook wasadding priva- on the site.The resolution won34% of the following story: When shewas 16, private messaging services.” cy tools such as end-to-end encryption, the vote.After the vote,Verizon created Sarah met aman on Facebook whom It isn’t an either/or, says Cooper.She’d in whichonlythe twopeople involved in anew digital safety hubonits website, shecalls J. He admired her,told her she liketosee Facebook hire more live mon- the communication could see the data, beefed up itschild-safety program, and looked sexy and, likeSarah, lovedread- itors to sift throughthe vast amounts of not lawenforcement, nor anyone else. created anew digital safety leadofficer. ing the Twilight booksand listening to data to find abuses thataren’t caught by It’s aboon for privacy—and for preda- NickiMinaj. Shesenthim nude pictures. the company’sartificial intelligence,and tors. Cooper advised shareholders who Shelived for his messagesonFacebook to strengthen age-verification protocols agreed with her to back her proposal hen came Facebook.Cooper and Messenger.When sheturned 18,they to keep predators and children apart. directing Facebook’s board to assess the Proxy Impactasked for ameet- made plans to meet. Meanwhile,Facebook has faced a T Sarah told her mother thatwhen variety of other challenges. Congress has risks. ing;they sayFacebook never “Privacytools are good, but they have answered. In December 2019, they filed shegot into his car,hebrought her to started looking at the alleged monopo- implications for child predators and the their shareholder resolution. From the anearby house where he forced her to listic powerofBig Tech.This year,the exploitation of children online,” said start, Cooper washands-on, sitting in on drink shots and takecocaine.There he Senate introduced the Lawful Access to Cooper in an interviewwith Barron’s. the calls, reaching out to other insti- forced her to have sex with him and Encrypted Data Act, or LAEDA, which “Our concern is thatkids be safe,that tutional shareholders. “I have worked another woman as somebodyfilmed would require techcompanies to assist lawenforcementcan access the material on 500shareholder resolutions,” says them. Then he brought her to amotel lawenforcementtoaccess their encrypt- so they can find the kids and prosecute MichaelPassoff,CEO of Proxy Action. in NewYorkstate,where he lockedher ed devices and services when authorities the predators, or stop someone from “Lisette wasonlythe second person who into aroom, raped her,and forced her to obtain asearchwarrant. harming hundreds of children.” wanted to be involved personally. That have sex with customers. One day, when TheEuropean Union has made fight- Facebook opposed the measure and, wasreallyrare.” the guards thather rapisthad posted ing child sexual abuse apriority,saying likethe restofBig Tech,has generally Facebook advised investors to reject weren’t looking,she called afamily end-to-end encryption “makes identi- opposed creating backdoors into encryp- the proposal, pointing out thatithad friend on the hotel phone.Aday later, fying perpetrators more difficult, if not tion, arguing thatitweakens security. partnerships with NCMEC and other “Privacy he arrived. As he circled the parking lot, impossible.” Says Cooper:“If Facebook “Strong encryption is importantto nongovernmental organizations, and tools are Sarah ran out and leaped into his car.J doesn’t find asolution voluntarily, it fac- keeping everyone safe from hackers and thatitused sophisticated technology to and his guards gave chase.The family es challenges from customers, advertis- criminals,” aFacebook representative detect child-exploitation imagery and good,but friend gunned the engine back to Boston, ers, and regulators. Alegislative solution told Barron’s.“We disagree with those potentiallyinappropriate interactions theyhave where they arrivedsafely. will end up mandating lawful access. whoargue privacymostlyhelps badpeo- between minors and adults, including Cooper wasfloored. It wassucha There’s already regulatoryscrutinyand ple,whichiswhy we’ll continue to stand artificial intelligence and photo and implications terrible storythatshe told Sarah that pressure on the antitrustside.” up for encryption.” video technology thatdetected more forchild staying away from the news conference “Lisette does aremarkable jobof There are plenty of laws to hold com- than 99% of the users and contentthatit might be better.“We went back and forth combining her tremendous professional panies accountable for facilitating sex removedfor violating itspolicy. predators for aweek.Itwas aterrible situation,” skills and intelligence with amother’s trafficking on their platforms. Still, the This wasn’t enoughfor Cooper,who and the Lisette recalls. ButSarah pressed; she pain and anguish,” says Lori Cohen, ex- incidents of abuse are growing swiftly. In lobbied for more support. Institutional wanted to do it.“It wasahuge, huge leap ecutive director of Ecpat-USA,aleading 2019, there were more than 16.8million Shareholder Services and Glass Lewis, exploitation of faithtocome forward,” Sarah told anti-child-trafficking organization. “If reports of online child sexual abuse the big proxy advisors, agreed to back of children Barron’s.“Iwas going throughmyown lawenforcementcan’t getaccess to data, material, including graphic and violent the resolution. Franklin bought Ath- journey of wanting to help others.” then all of our children become vulnera- imagesand videos, up from 10.2 million ena in early 2020,soCooper went to online.” Both Sarah and Cooper spoketearfully ble to criminal exploitation.” reports in 2017, according to National persuade the Franklin analystabout at the news conference.Thenext week, Cooper refiled her resolution in Center for Missing &Exploited Children, Facebook.Eventually, shesaid, Franklin Lisette Cooper’s resolution received12.6% of the December,intime for Facebook’s next or NCMEC. decided to vote all of itsshares in favorof Cooper vote.Facebook founder Mark Zucker- proxy ballot. B P2JW350000-0-S00800-1------XA

S8 | Tuesday, December 15, 2020 THE WALL STREET JOURNAL.

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Carlin $3m Typical AccountSize (415) 315-7801 Merrill Lynch $2,054m Team Assets Morgan Stanley Private $1,668m Team Assets jpmorgansecurities.com/ Indianapolis elainemeyers Wealth Management Coral Gables [email protected] Raj Sharma NEWYORK $50m Typical AccountSize (317)624-8451 Merrill–Private Wealth adam.e.carlin@ Management $2,892m Team Assets fa.ml.com/cf LeoMarzen morganstanleypwm.com Boston (305)476-3302 $3.2m Typical AccountSize Bridgewater Advisors Greg Onken fa.morganstanley.com/ $865m Team Assets [email protected] NewYork J.P. Morgan Securities (617)946-8030 adam.e.carlin lmarzen@bridgewateradv. San Francisco pwa.ml.com/sharma_group $20m Typical AccountSize IOWA com [email protected] $3,084m Team Assets $10m Typical AccountSize (212) 221-5300 (415) 772-3123 Jerry Ask $7,381m Total Assets bridgewateradv.com/team/ jpmorgansecurities.com/ JerryK.Ask Investment leo-marzen os-group Aimee Cogan Morgan Stanley Services MICHIGAN $5m Typical AccountSize $15m Typical AccountSize Sarasota Cedar Rapids $1,470m Team Assets $3,500m Team Assets aimee.cogan@morganstanley. [email protected] James Kruzan com (319) 395-9230 Kaydan Wealth Justin McCarthy DebWetherby (941) 363-8513 jkainvest.com Management, Inc. Mariner Wealth Advisors Wetherby Asset advisor.morganstanley.com/ Fenton NewYork Management $0.5m Typical AccountSize the-bellwether-group $408m Team Assets jim.kruzan@kaydanwealth. justin.mccarthy@ San Francisco com $10m Typical AccountSize marinerwealthadvisors.com [email protected] (810)593-1624 $1,066m Team Assets Matt Fryar (212) 869-5900 (415) 399-9159 kaydanwealth.com Wells FargoAdvisors marinerwealthadvisors. wetherby.com com/why-us/people/justin- Stephen Curley Des Moines $1.5m Typical AccountSize mccarthy $33.3m Typical AccountSize WaterOak Advisors matthew.r.fryar@wellsfargo. $511m Total Assets $5,779m Team Assets Winter Park com $2.9m Typical AccountSize [email protected] (515) 245-3120 David Kudla $1,169m Team Assets Dale Yahnke (407) 567-2956 fa.wellsfargoadvisors.com/ MainstayCapital Dowling &YahnkeWealth wateroak.com matthew-fryar Management Robert Stolar Advisors Grand Blanc Morgan Stanley Private $12.5m Typical AccountSize $5m Typical AccountSize San Diego mainstay@mainstaycapital. Wealth Management $2,114m Team Assets $780m Team Assets [email protected] com NewYork (858)509-9500 (866)444-6246 robert.stolar@ TrevorFried KANSAS dywealth.com mainstaycapital.com morganstanley.com Morgan Stanley (212) 761-8138 $4.2m Typical AccountSize Fort Lauderdale TreyBarnes $0.8m Typical AccountSize advisor.morganstanley.com/ $4,674m Team Assets Mariner Wealth Advisors $2,777m Team Assets trevor.fried@morganstanley. family-wealth-group com Overland Park CherylL.Young Charles C. Zhang (954) 713-8436 trey.barnes@ $50m Typical AccountSize Morgan Stanley Zhang Financial advisor.morganstanley.com/ marinerwealthadvisors.com $3,150m Team Assets LosGatos Portage |Grand Rapids | the-las-olas-group (913)387-2734 Troy cheryl.young@ marinerwealthadvisors.com/ RonVinder $2m Typical AccountSize morganstanley.com why-us/people/trey-barnes charles.zhang@ Morgan Stanley Private $814m Team Assets (408)358-0976 zhangfinancial.com Wealth $1.8m Typical AccountSize fa.morganstanley.com/ (269) 385-5888 NewYork Trent Leyda $1,697m Team Assets youngandassociates zhangfinancial.com ron.vinder@ Morgan Stanley $6m Typical AccountSize $2m Typical AccountSize morganstanleypwm.com Vero Beach KENTUCKY $992m Team Assets $3,638m Team Assets (212) 503-2365 trent.leyda@morganstanley. advisor.morganstanley.com/ com Barry Barlow the-vinder-group COLORADO (772) 234-1805 Merrill Lynch NEBRASKA advisor.morganstanley.com/ Louisville $50m Typical AccountSize JimSiemonsma $7,752m Team Assets Melissa Corrado the-leyda-group [email protected] Harrison Mariner Wealth Advisors $5m Typical AccountSize (502) 329-5097 UBSFinancial Services Omaha Elizabeth Weikes $1,271m Team Assets fa.ml.com/b_barlow Denver jim.siemonsma@ J.P. Morgan Securities $4m Typical AccountSize [email protected] marinerwealthadvisors.com NewYork ScottMacaione $882m Team Assets (402)829-3650 elizabeth.weikes@jpmorgan. (303)820-5770 WaterOak Advisors marinerwealthadvisors. com financialservicesinc.ubs.com/ Winter Park team/corrado-harrison Travis Musgrave com/why-us/people/jim- (212) 272-9214 [email protected] Merrill Lynch siemonsma jpmorgansecurities.com/ $25m Typical AccountSize (407) 567-2956 Lexington lsswgroup $1,218m Total Assets $1m Typical AccountSize wateroak.com [email protected] $1,138m Team Assets $25m Typical AccountSize (859)231-5258 $3m Typical AccountSize $3,600m Team Assets $2,114m Team Assets fa.ml.com/musgrave $5m Typical AccountSize $652m Team Assets

Participation in this section is only open to advisorswho have been listed in our editorial rankings. Advisorspay afee to be included in this reprint.Participation in this section has no bearing on the outcome of our rankings. Assets aretied to the most recent ranking. Formoreinformation, visit barrons.com/guide. P2JW350000-0-S00900-1------XA

THE WALL STREET JOURNAL. Tuesday, December 15, 2020 | S9

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Mike Absher Linnell Sullivan BarbaraHudock Jason Pharris Stephan Cassaday Absher Wealth TheEvelo/Singer/Sullivan Hudock Capital Group Morgan Stanley Cassaday&Company Management Group Williamsport Nashville McLean Chapel Hill Merrill Private Wealth [email protected] jason.pharris@ [email protected] [email protected] Cincinnati (570)326-9500 morganstanley.com (703)506-8200 (919) 283-2340 [email protected] hudockcapital.com (615) 298-6555 cassaday.com absherwealth.com (513)579-3890 fa.morganstanley.com/ $1m Typical AccountSize $1.5m Typical AccountSize pwa.ml.com/ theedwardspharrisgroup $1.5m Typical AccountSize $536m Team Assets $3,298m Team Assets evelosingersullivan $474m Team Assets $4m Typical AccountSize $7m Typical AccountSize RobThomas $1,003m Team Assets Joseph Montgomery Mike Bell $1,490m Team Assets Mariner Wealth Advisors TheOptimal Service Group Edward Jones StateCollege TEXAS of Wells FargoAdvisors Hickory OKLAHOMA rob.thomas@ Williamsburg [email protected] marinerwealthadvisors.com Bonner Barnes joe.montgomery@ (828)328-8111 Jana Shoulders (814)867-2050 Corda Investment wellsfargoadvisors.com edwardjones.com/mike-bell Mariner Wealth Advisors marinerwealthadvisors.com/ Management (757) 220-1782 Tulsa why-us/people/rob-thomas Houston optimalservicegroup.com $0.8m Typical AccountSize $387m Team Assets jana.shoulders@ $0.2m Typical AccountSize bonner@cordamanagement. $7m Typical AccountSize marinerwealthadvisors.com $1,667m Team Assets com $17,044m Team Assets R. Neil Stikeleather (918)991-6910 (713)439-0665 marinerwealthadvisors. cordamanagement.com Bank of America RHODEISLAND WASHINGTON com/why-us/people/jana- Merrill Lynch $0.9m Typical AccountSize shoulders Charlotte Malcolm Makin $1,163m Team Assets MichaelMatthews [email protected] $3m Typical AccountSize Raymond James UBSPrivate Wealth (704)705-3233 $1,893m Team Assets Westerly Alexander Ladage Management fa.ml.com/ [email protected] UBSFinancial Services Bellevue stikeleatherandassociates OREGON (401) 596-2800 Austin [email protected] $0.8m Typical AccountSize ppgadvisors.com [email protected] (425) 451-2350 JudithMcGee (512) 479-5287 ubs.com/team/ $461m Team Assets $1.5m Typical AccountSize Raymond James Financial financialservicesinc.ubs.com/ thematthewsgroup $1,340m Team Assets Services fa/alexladage OHIO $5m Typical AccountSize Portland Matthew Young $10m Typical AccountSize $1,559m Team Assets Valerie Newell judith.mcgee@ Richard C. Yo ung &Co.,Ltd. $1,046m Team Assets Mariner Wealth Advisors raymondjames.com Newport Erin Scannell Cincinnati (503)597-2222 TommyMcBride Ameriprise Financial mcgeewm.com [email protected] valerie.newell@ (401) 849-2137 Merrill LynchWealth Mercer Island marinerwealthadvisors.com $1m Typical AccountSize younginvestments.com Management [email protected] (513)618-3040 $621m Team Assets Dallas (425) 709-2345 $1.7m Typical AccountSize marinerwealthadvisors.com/ [email protected] heritage-wealth.com $1,163m Team Assets why-us/people/valerie-l- (214) 750-2004 PENNSYLVANIA $0.5m Typical AccountSize newell fa.ml.com/mcbride David Reiser $2,870m Team Assets $3m Typical AccountSize PattiBrennan J.P. Morgan Securities $7.5m Typical AccountSize $3,447m Team Assets KeyFinancial, Inc. Providence $1,593m Team Assets West Chester WISCONSIN [email protected] David Singer pbrennan@keyfinancialinc. (203)722-9900 John Merrill Andrew Burish TheEvelo/Singer/Sullivan com jpmorgansecurities.com/ Tanglewood Total Wealth UBSFinancial Services Group (610)429-9050 reiserwmgroup Management Madison Merrill Private Wealth keyfinancialinc.com Houston $2m Typical AccountSize [email protected] Cincinnati jmerrill@tanglewoodwealth. $2m Typical AccountSize $438m Team Assets (608)831-4282 [email protected] $1,177m Team Assets com ubs.com/team/burishgroup (513)579-3889 (713)840-8880 TENNESSEE $2m Typical AccountSize pwa.ml.com/ MichaelHirthler tanglewoodwealth.com $3,591m Team Assets evelosingersullivan Jacobi Capital Management Christi Edwards $2.5m Typical AccountSize $15m Typical AccountSize Wilkes-Barre Morgan Stanley $978m Team Assets $3,634m Team Assets [email protected] Nashville (570)826-1801 ScottTiras christi.edwards@ jacobicapital.com Tiras Wealth Management morganstanley.com Houston $3m Typical AccountSize (615) 298-6554 $1,279m Team Assets advisor.morganstanley.com/ [email protected] the-edwards-pharris-group (713)332-4400 tiraswealth.com $4m Typical AccountSize $977m Team Assets $4m Typical AccountSize $2,375m Team Assets

Belowisareprintofselect firms from Barron’s Top100 RIA firms ranking whoare actively taking on new clients. Formore information on them and other ranked advisors, visit barrons.com/guide.

We began ranking independentadvisory(RIA)firms in 2016asanacknowledgmentofthe rapid growth and evolution in thatarea of wealth management. TheRIA space is consolidating at adizzying pace,asfirms build scale in aquesttoimprove the sophistication and efficiency of their services. Our RIA Firm ranking looksto TOPRIA FIRMS the ability of firms to serve their clients well, using data such as assets under management, revenue, technology spending,staffing levels, and more.

1919 InvestmentCounsel Carson Wealth EP Wealth Advisors Kovitz RegentAtlantic Baltimore,MD Omaha, NE Torrance,CA Chicago,IL Morristown, NJ [email protected] [email protected] [email protected] [email protected] [email protected] (410)454-5719 (888)321-0808 (310)910-9477 (312) 334-7300 973-738-9353 1919ic.com carsonwealth.com epwealth.com kovitz.com regentatlantic.com 50 Advisors |8Offices 159 Advisors |120 Offices 47 Advisors |15Offices 35 Advisors |4Offices 24 Advisors |2Offices $16b Total Assets $11.90b Total Assets $6.93b Total Assets $5.15b Total Assets $4.90b Total Assets $1m AccountMinimum $100k AccountMinimum $500k AccountMinimum $1m AccountMinimum $1m AccountMinimum

Advance Capital Cary Street Partners Gofen and Glossberg, MAI Capital SignatureEstate & Management Richmond, VA LLC Management InvestmentAdvisors Southfield, MI [email protected] Chicago,IL Cleveland, OH LosAngeles, CA [email protected] (804)340-8100 [email protected] [email protected] [email protected] (248)350-8543 carystreetpartners.com (312) 828-1100 (216) 920-4800 (310)712-2326 acadviser.com 42 Advisors |13Offices www.gofen.com mai.capital seia.com 20 Advisors |5Offices 11 Advisors |1Office 56 Advisors |9Offices 20 Advisors |8Offices $2.9b Total Assets $2.96b Total Assets $100k AccountMinimum $4.97b Total Assets $7.17b Total Assets $11.21b Total Assets $0 AccountMinimum $1m AccountMinimum $1m AccountMinimum $500k AccountMinimum Chevy Chase Trust Balasa Dinverno Foltz Bethesda, MD HightowerAdvisors Mariner Wealth Snowden Lane Partners LLC smurchison@ Chicago,IL Advisors NewYork, NY Itasca, IL chevychasetrust.com businessdevelopment@ Leawood, KS [email protected] info@bdfllc.com (240)497-5008 hightoweradvisors.com startyourjourney@ (646) 218-9760 (800)840-4740 chevychasetrust.com (312) 962-3800 marinerwealthadvisors.com snowdenlane.com bdfllc.com 22 Advisors |1Office hightoweradvisors.com (913)647-9700 52 Advisors |12Offices 28 Advisors |3Offices 178 Advisors |105 Offices marinerwealthadvisors.com $34b Total Assets $2.49b Total Assets 346Advisors |40Offices $4.60b Total Assets $3m AccountMinimum $57b Total Assets $0 AccountMinimum $138.62m AccountMinimum $1m AccountMinimum $29.43b Total Assets Churchill Management $100k AccountMinimum Sullivan, Bruyette, Beacon Pointe Advisors Group HomrichBerg Speros &Blayney Newport Beach,CA LosAngeles, CA Atlanta, GA PagnatoKarp |Cresset McLean, VA [email protected] info@churchillmanagement. [email protected] Reston, VA [email protected] (949) 718-1600 com (404)264-1400 [email protected] (703)734-9300 beaconpointe.com (877) 937-7110 homrichberg.com (703)468-2700 sbsbllc.com 103 Advisors |17Offices churchillmanagement.com 52 Advisors |4Offices pagnatokarp.com 30 Advisors |2Offices 45 Advisors |41Offices 46 Advisors |8Offices $9.95b Total Assets $6.99b Total Assets $4.29b Total Assets $1m AccountMinimum $6.55b Total Assets $1m AccountMinimum $9.52b Total Assets $1m AccountMinimum $750k AccountMinimum $10m AccountMinimum CAPTRUST IEQCapital Raleigh, NC Edelman Financial San Francisco,CA Private Advisor Group [email protected] Engines [email protected] Morristown, NJ (800)216-0645 Sunnyvale,CA (650)581-9807 startthedialogue@ captrust.com prteam@ ieqcapital.com privateadvisorgroup.com 275Advisors |52Offices edelmanfinancialengines. 10 Advisors |2Offices (973)538-7010 com privateadvisorgroup.com $390b Total Assets $10.8b Total Assets (857)305-8564 664 Advisors |306 Offices $500k AccountMinimum edelmanfinancialengines. $10m AccountMinimum com $21.22b Total Assets $100k AccountMinimum 332Advisors |163 Offices $229b Total Assets $5 AccountMinimum

Participation in this section is only open to advisorswho have been listed in our editorial rankings. Advisorspay afee to be included in this reprint.Participation in this section has no bearing on the outcome of our rankings. Assets aretied to the most recent ranking. Formoreinformation, visit barrons.com/guide. P2JW350000-0-S01000-1------XA

S10 | Tuesday, December 15, 2020 THE WALL STREET JOURNAL.

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