sign in sign up
<<
Home , Amazon Wind Farm Texas, Anna Sorokin, Chris Sheldon, Climate Pledge Arena, Derek Chauvin, Facebook Portal

P2JW111000-5-A00100-17FFFF5178F

***** WEDNESDAY,APRIL 21, 2021 ~VOL. CCLXXVII NO.92 WSJ.com HHHH $4.00

DJIA 33821.30 g 256.33 0.8% 13786.27 g 0.9% STOXX 600 433.80 g 1.9% 10-YR. TREAS. À 11/32 , yield 1.562% OIL $62.44 g $0.94 $1,777.30 À $7.90 EURO $1.2038 YEN 108.08 What’s Chauvin ConvictedofMurder News Ex-officer faces 40 &Finance years on top count in Floyd killing, a case anadian National Railway that incited unrest Cmade aroughly $30 bil- lion bid forKansas City South- BY JOE BARRETT ern, kicking off abidding AND JACOB GERSHMAN warfor arailroad operator that has already agreed to a —Derek sale to Canadian Pacific. A1 Chauvin wasconvicted of three counts, including said first-quarter charges, in the death of subscriber growth was , aBlack man weaker than expected. The whose death last May while in firm’sshares were 8.4% lower policecustody wascaptured in after-hours trading. B1 on video that went viral and  boardcast avote set off asummer of unrest of confidenceinCEO Calhoun over law enforcement’s treat- by extending his job forupto ment of people of color. five years. Boeing said CFO Thejury, whose members’ Smith will retireinJuly. B1 names haven’t been released, deliberated formorethan 10  Apple unveiled asubscrip- hoursovertwo days.Without tion podcast servicethat asking the judgeasingle ques- deepens itscompetition with tion, they filed back intothe , plus upgrades to Hennepin County Government itsiPadand iMac lines. B1 Center on Tuesdayafternoon to  is scaling back acourtroom under tight secu- plans for an LCD plant in rity and Covid-19 restrictions. Wisconsin, saying it ex- Mr.Chauvin, 45 yearsold, pects to invest a fraction sat impassively as JudgePeter of the $10 billion promised Cahill read that he wasguilty nearly four years ago. A2 of all three counts: second-de-

OL gree murder,third-degree mur-

 P&G said it would start PO

S derand manslaughter.Wearing charging morefor household amask likeeveryone else staples this fall, as it posted /PRES PleaseturntopageA4 4% growth in organic sales. B1 TV T

UR  Black Americans express  U.S. stocks fell,with the CO S&P 500,Dow and Nasdaq Former Minneapolis Officer was handcuffed after Tuesday’s verdict, with his lawyer, Eric Nelson, looking on. relief, caution...... A4 retreating 0.7%, 0.8% and 0.9%, respectively. B13  rebuffed a takeover proposal from U.S. RailroadAttracts$30 Billion RivalBid private-equity firm CVC, saying the overture didn’t provide enough detail. B3 BY CARA LOMBARDO dian National shares.The com- from the coronavirus pan- trains bringautos and other amortization—of about $1 bil-  Chatstartup Discordhas panysaid the offer represents demic. Either combination industrial products up from lion, mainly from increased halted talks to sell itself to Canadian National Railway a21% premium to Canadian would createthe firstfreight- factoriessouth of the border revenue from offering lower- potential suitors including Co.made aroughly $30 billion Pacific Railway Ltd.’s agree- rail network linking the U.S., into and the Midwest cost alternatives to trucking as it resumes in- bid for Kansas City Southern, ment to pay $275 a share, in- Mexicoand by con- and haul U.S. farm goods back routes.The companysaid it is terest in apotential IPO. B3 kicking off abidding warfor a cluding $90 in cash, aroughly necting portsinthe three to . It also runs arail betterpositioned than Cana- railroad operator that has al- $25 billion deal reached last countries. link along the Panama Canal. dian Pacific given alarger  TheDailyMail’sowner ready agreed to a sale to an- month. Kansas City Southern, the Canadian National antici- footprint and limited route filed an antitrust suit other Canadian rival. Themovesetsupatussle smallest of the five major pates thecombination it is overlap with Kansas City against Alphabet’sGoogle. B5 Canadian National offered forakey strategic asset freight railroads in the U.S., proposing would generate in- PleaseturntopageA2 $325 foreach Kansas City poised to benefit from an ex- plays abig role in U.S.-Mexico cremental cash flow—in the World-Wide Southern share, including pected surge in economic ac- trade, with anetwork stretch- form of earningsbeforeinter-  Heard on the Street: Rail $200 in cash and 1.059 Cana- tivity as the world emerges ing across both countries. Its est, taxes, depreciation and valuations head north...... B14

 Derek Chauvin was con- victed of three counts, includ- Netflix Subscriber Growth Slips ing murder charges, in the EU Urges Russia Moves Forces death of George Floyd,aBlack Netflix said first-quarter subscriber growth was weaker than man whose death while in po- expected, as consumers started to emerge from pandemic- licecustody wascaptured on Attaching related lockdowns and streaming competition increased. B1 Near Border video that set off unrest over lawenforcement’streatment Netchange in Netflix Shareand indexperformance, of people of color. A1, A4 Warning to subscribers past three years* Russiahas moved war- photofromApril 16,hadn’t planes to Crimea and bases been there in late March.  ’s health agency 15 million 80% said awarning about unusual Netflix near Ukraine to an extent Other Russian militaryunits greater than has previously on the Crimean peninsula in- blood clotsshould be added J&J Shot 60 been disclosed, adding to its cludeairborne troops,motor- to the product information of 12 +3.98M ized rifle and armored units, the J&JCovid-19 vaccine,but BY THOMAS . BURTON attack helicopters, smokegen- that the benefitsoftaking the 40 By R. Gordon AND ERIC SYLVERS erators, reconnaissance shot outweigh the risks. A1 9 in and drones,jamming equipment 20 Georgi Kantchev in Kyiv  Russia has moved war- Europe’shealth agencysaid and amilitaryhospital, the planes to Crimea and bases awarning should be added to 6 capability for political intimi- photos indicate. near Ukraine to an extent the product information of the 0 dation or militaryinterven- Those forces and the station- greater than previouslydis- Johnson &Johnson Covid-19 tion, according to commercial ing of Su-34, Su-30,Su-27,Su-25 3 S&P500 closed, according to com- vaccine that unusual blood –20 satellitephotos of areas being and Su-24aircraftelsewherein mercial-satellitephotos. A1 clotsare a very rare possible used for the military buildup. the region, which arealso de- side effect,but it said the bene- Thephotos,which were re- picted in the photos,have  Biden told agroup of law- 0 –40 makersthat he intends to pro- fits of taking the shot outweigh viewedbyThe strengthened ’s political 2018 ’19 ’20 ’21 2019 ’20 ’21 PleaseturntopageA9 pose atemporaryextension of the risks. Journal, showSu-30 fighters an enhanced child taxcredit, ThemovebyEuropean offi- *Weekly data Sources: the company(subscribers); FactSet (performance) lined up on arunway at an air cials comes as use of the shot base in Crimea. Theaircraft,  Putin retains popularity rebuffing requestsfromsome has been paused in both Eu- which areshown in asatellite despite of protests... A9 Democratswho favormaking rope and the U.S.,whereanad- the benefit permanent. A2 visory committeetothe federal  Soaring carbon emissions Centersfor Disease Control and areontrack to reverseabig Prevention is scheduledto Strained IRSIsKey chunk of last year’s sharp re- meet Fridaytoadvise aboutthe duction, with energy demand course of action. Salesforce. increasing as countries re- It also comes as the number To Biden’sAgenda start their . A8 of U.S. cases of blood-clot dis- orders linked to the shot has #1 CRM.  Chad’spresident,Idriss risen to nine,upfromthe six Déby,died aftersustaining injuries in clashes between initially reported, according to Administration seeks more money to step Ranked #1 for CRM Applications basedon rebels and government troops asenior U.S. health official. Thenine U.S. cases,includ- IDC 2020H1 Revenue Market ShareWorldwide. outside the capital. A18 up enforcement and fix other problems ing one death, arebeing inves- 19.8%  Thebreakaway Super tigated, the official said. that aimed to reshape instances of clotsoverall is still BY RICHARD RUBIN 17, the agency must imple- the European soccerlandscape very small given that about ment a retroactive change to collapsed as six of the pro- seven million doses of the vac- WASHINGTON—If Presi- taxation of posed circuit’s12eliteclubs cine have been administered in dent Biden is to implement benefits received in 2020. pulled out of the project. A14 the U.S. his ambitious economic More challenges await.  and the U.S. are TheEuropean Medicines agenda, he will have to rely The Biden administration close to naming newenvoys to Agencysaid Tuesdaythat it on a beleaguered arm of the and congressional Democrats had looked at datafromthe government: the Internal are considering tax increases their respectivecapitals. A18 U.S. in making itsassessment. Revenue Service. on companies and top earn- 5.3% Last week,U.S.health au- The U.S. tax agency, ers that would require sig- 4.8% CONTENTS Personal Journal A11-12 thorities,onthe recommenda- shrunken after a decade of nificant implementation and 3.9% Arts in Review... A13 Property Report... B6 3.8% Business News.. B3,5 Sports...... A14 tion of the Food and Drug Ad- budget cuts, is sending enforcement. They also hope Crossword...... A14 Technology...... B4 ministration and CDC,urged $1,400 payments to most to collect hundreds of bil- Heard on Street.B14 U.S. News...... A2-4,7 the pause in the shot’srollout. Americans, the third such lo- lions of dollars by expanding 2016 2017 2018 2019 2020H1 Markets...... B13 Weather...... A14 They hadconsidered only issu- gistical challenge in a year. the IRS and beefing up au- Source: IDC, Worldwide Semiannual Opinion...... A15-17 .A8-9,18 ing awarning but decided a Last month’s $1.9 trillion re- dits. SoftwareTracker,October 2020. PleaseturntopageA7 lief law requires the IRS to Getting all that done likely > create a system outside of will require a transformation  Countries’ rapid rollouts hold annual tax filings for issuing of the U.S. tax agency. Al- lessons for U.S...... A7 child tax credit payments. though the IRS still inspires salesforce.com/number1CRM  North Dakota to inoculate And, further complicating an fear and anger in many, it CRM market includesthe followingIDC-defined functional markets:Sales ForceProductivity andManagement, Canada truckers...... A7 already messy filing season lost a net 15% of its employ- MarketingCampaign Management, Customer Service, Contact Center,,and Digital Commerce s 2021 & Company, Inc. Applications. ©2020salesforce.com, inc. Allrightsreserved.Salesforce.comisaregisteredtrademark of All Rights Reserved  Japan set to revive Covid-19 in which the April 15 dead- ees between 2010 and 2020, salesforce.com, inc.,asare other namesand marks. emergency...... A8 line was pushed back to May PleaseturntopageA10 P2JW111000-6-A00200-1------XA

A2 | We dnesday, April 21, 2021 ****** . U.S. NEWS Biden DoubtsChild TaxCredit Foxconn Shrinks Expansion CanBePermanent Plans in Wisconsin BY VALERIE BAUERLEIN announced at the WhiteHouse and touted by then-President Foxconn is scaling back Trump as apillar of the ad- BY ANDREW DUEHREN Caucus,Mr. Biden said he ex- Rep.PeteAguilar (D., Calif.), arestill being finalized, so plans for a liquid-crystal-dis- ministration’splan to boost AND ANDREW RESTUCCIA pectsthat proposing aperma- who attended Tuesday’smeet- speculation as to itsfinal con- play plant in Wisconsin, say- U.S. manufacturing jobs. nent expansion of the taxcredit ing,referencing the Congres- tentsisprematureatthis ing it expectstoinvest afrac- On Tuesday, Gov.Evers said WASHINGTON—President would runintotrouble in the sional Budget Office, which point,” WhiteHouse spokes- tion of the $10 billion the newcontract delivered on Biden told agroup of lawmak- Senate, according to lawmakers also scores the cost of policy man Michael Gwin said. promised nearly four years his campaign commitment to ersthat he intends to propose at themeeting.When Rep.Te- proposals. TheWashingtonPost previ- ago, according to anew con- save taxpayermoney and pro- atemporaryextension of an resa LegerFernandez(D.,N.M.) Mr.Biden’sremarks to law- ously reported that the White tract with the state. tect public investmentsfor the enhanced child taxcredit, re- said she asked Mr.Biden about makerscome as the is considering proposing The electronics maker, for- existing plant sitesouth of buffing requestsfromsome making the expanded taxcredit House prepares another major atemporaryextension of the mally known as Hon Hai Pre- Milwaukee,whereofficials Democratswho favormaking permanent, Mr.Biden said he spending package, focused on childtax credit through 2025 cision Industry Co., negoti- have invested hundreds of mil- thenew benefit permanent. planned to propose extending it education andanti- ef- as part of aroughly $1 trillion ated anew economic- lions of dollarsinroads and As part of a$1.9trillion by several years. forts, in afollow-up to its$2.3 package. development deal on Tuesday other infrastructure. Covid-19 relief packageDemo- “He said, ‘I’dlovetodoit trillion infrastructureplan. As they look ahead to the with the stateofWisconsin “I made a promise to work cratspassed earlier this year, permanent, but I’m not sure next WhiteHouse proposal, that wasashadowofthe re- with Foxconn to cut abetter Congressraised the child tax that Ican getthat through the Democratsare also weighing cord-setting incentives pack- deal forour state,” he said. credit to $3,000 from $2,000, Senate,’ ” Ms.Leger Fernandez Thepresident said he howtoproceed with Mr.Bi- ageannounced in the summer “The last deal didn’t work for setting it at $3,600 forparents said. “You could tell he wasin- den’sinfrastructureplan. Law- of 2017. Wisconsin.” of children under age6and terested in making it perma- planned to propose makersand the WhiteHouse Foxconn, the world’sbig- Foxconn, asupplier of making parentsof17-year-olds nent,that wasthe back and extending thebenefit areholding aseries of meet- gest electronics contract man- screens forApple Inc., has eligible.The credit, which forth on that.” ingstodetermine whether abi- ufacturer,now plans to invest previously said fast-changing scales down abovecertain in- Theone-year expansion of by severalyears. partisan compromise is possi- as much as $672million and LCD technologycomplicated come thresholds,isfully re- the child taxcredit in the relief ble,with agroup of Senate create1,454 jobs by the year plans in Wisconsin. In arecent fundable and wasdesigned to plan cost roughly $100 billion, Republicans working on a 2025 to qualifyfor $80 million report, Foxconn said the proj- be paid in intervals,rather according to the Joint Commit- counter-offer of roughly $600 in incentives,according to the ect wasalso slowedby“cul- than in one lump sum. teeonTaxation, meaning the While the details of the second billion to $800 billion. contract. turalassimilation, changing But the expansion of the tax pricetag on apermanent ex- packageare still being worked SenateMinority Leader Thecompanypreviously businessdemands,tariffs,a credit, which advocates said pansion could runintothe tril- out, people familiar with the Mitch McConnell (R., Ky.) said agreed to invest as much as pandemic,and apresidential would slash child-poverty in lions. Republicans opposed the measuresaid it could cost more Tuesdayhecould support a $10billion and hire13,000 election year.” the U.S. in half,isonly set to $1.9trillion relief plan, attack- than $1 trillion, with funding modest infrastructurebill that people by the year 2032 to Foxconn media representa- last through 2021, and some ingitasanexpensivelaundry forchild care,paid leave,uni- is paid for. TheBiden adminis- qualify for $2.85 billion in in- tives didn’t respond to are- Democratshavesought to list of Democratic policygoals. versal pre-kindergarten educa- tration has proposed raising centives. quest forcomment. But Fox- makeitpermanent. Mr.Biden “Look,it’sacostly proposal, tion and tuition-free community taxesoncorporations to cover TheFoxconn deal wasorigi- conn officials have previously had previouslysignaled he we getthat. We think it’sa college. Thecost is expected to the cost of their $2.3trillion nally struck by the company’s asked formoreflexibility on might also back apermanent worthwhile investment forthe be offset with taxincreases,in- plan, though Republicans have former chairman and founder, what types of investments expansion. American public.But Iunder- cluding an increase in the top rejected those taxincreases. TerryGou,and former Repub- could qualifyfor incentive At ameeting at the White stand that from aCBO perspec- income taxrateand higher “We’reopen to amoremodest lican Gov.Scott Walker,who payments, which the governor House Tuesdaywith members tive, youknow, people have to taxesoninvestmentsgains. and targeted infrastructure lost his post in 2018 to Demo- said the newcontract pro- of the Congressional Hispanic makethese thingswork,” said “The details of that package bill,” he said. crat Tony Evers. Thedeal was vides. U.S. WATCH DemocratsPrevent OHIO PoliceFatally Shoot Rep.Waters’sCensure Teen Girl in Columbus BY KRISTINA PETERSON We’vegot to getmorecon- Police shot and killed a teen- frontational. We’vegot to age girl Tuesday in Columbus, WASHINGTON—House makesurethat they know Ohio, just as the verdict was be- Democrats defeated an effort that we mean business.” ing announced in the trial for by Republicans on Tuesdayto Ms.Waterslater clarifiedher the killing of George Floyd. censureRep. remarks.“Iamnonviolent,” she Police showed body-cam foot- (D., Calif.) over her remarks later told TheGrio. “I talk about age at a news conference of the related to the high-profile trial confronting the justicesystem, officer shooting the girl, who of Derek Chauvin, the former confronting the policing that’s was Black, as she appeared to Minneapolis policeofficer con- going on, I’m talking about attempt to stab two people with victed of murder in the death speaking up.I’m talking about a knife. A black-handled of George Floyd. legislation.” resembling a kitchen knife or In aparty-line vote held Republicans called her com- steak knife appeared to be lying shortly beforeMr. Chauvin was mentsaninappropriateincite- on the sidewalk next to her im- convicted,the House voted ment to violencethat could

mediately after she was shot. S 216-210 to table avoteonares- unduly influence the jury.

Officers had responded to an PRES olution censuring Ms.Waters. Ms.Waterssaid afterthe

attempted stabbing call when TED Thedisputecentersoncom- vote that she hadn’t wanted to

policeshotthe girl at about 4:45 CIA mentsMs. Waters made over put her colleagues in adiffi- p.m., policesaid. The 911 caller SO the weekend at aprotest in the cult position. AS

reported afemale wastrying to O/ Minneapolis area. Thefight over Ms.Waters’s stab them beforehanging up, ER Ms.Waterssaid she would commentsintensified Monday OT

policesaid. It wasunclear LM urge amoreconfrontational ap- when Eric Nelson,the defense whether anyone else wasinjured. FORTHE FENCES: John Journey, 86 years old, had the ball in his sights TuesdayinRichardson, Texas. proach over the U.S. legal sys- attorney forMr. Chauvin, Hundreds of protesters tem’streatmentofBlacks if the brought up Ms.Waters’scom- pushed past barriers outside po- WASHINGTON of the Justice Department’s day- rience for the department’s No. jury, which hadn’t yetbegun de- ments and asked whether the lice headquarters and ap- to-day operations as it confronts 2 post. liberations,didn’t return a jury could makeanindepen- proached officers as city officials Vote Confirms Deputy a rise in domestic extremism She has worked in national guilty verdict. dent decision, given media were showing the body-cam AttorneyGeneral and threats from abroad. security and law-enforcement “We’relooking foraguilty coverage of the trial. video inside. Officers with bicy- Ms. Monaco, 53 years old, jobs for nearly two decades, verdict,” Ms.Waterstold re- JudgePeter Cahill said he cles pushed protesters back and The Senate confirmed Lisa was overwhelmingly confirmed serving at the end of the Obama porters. Asked what should wished politicians would stop threatened to deploy pepper Monaco to be deputy attorney Tuesday evening by a vote of administration as the president’s happen if therewasn’t a talking about the case and spray on the crowd. general, putting a seasoned na- 98-2 with Democrats and Re- -security adviser. guilty verdict, she said: said that the defense mayhave — tional security official in charge publicans alike praising her expe- —Sadie Gurman “We’vegot to getmoreactive. grounds for an appeal.

liet andEastern Railway Co., buyer would createatrust to Rival Bid Wisconsin Central Ltd. and Il- acquireKansas City Southern linois Central Corp.Asare- shares,with the companycon- sult,itcould have atougher tinuingtoberun by itsboard Emergesfor time winning regulatoryap- and management until the STB proval than Canadian Pacific, reviewiscompleted. If the reg- which has major rail lines run- ulator rejectsthe merger, the Railroad ning acrossCanada, some trustwould divest itself of the northern U.S. states and south shares underaplan to be ap- to Chicago. That mighthelp proved by the regulator.Both

ContinuedfromPageOne explain whyCanadian National S companies would have U.S.

Southern. It also owns aroute felt compelled to offer so NEW headquartersfor acombined

that bypasses Chicagoconges- much more. G companyinKansas City,Mo. tion,which cansavedays of Thereisnoguarantee ei- Kansas City Southern has

travel time. ther deal would passregula- OOMBER been seen as one of the last

Canadian Pacific had said it tory muster. /BL bigacquisition targetsinthe

expectsits combination would Atransaction would need JAS railroad sector afterBrookfield meaningfully reducetruck approval from the U.S. Surface RO InfrastructurePartnersLPand

traffic on U.S. highwaysand Transportation Board, which ONIO Singaporesovereign-wealth

produceannual synergies of requires major railroad combi- ANT fund GIC agreed to take Gene- IS

about $780 million over three nations to be in the public in- LU see &Wyoming Inc.privatefor years. terest and enhancecompeti- Canadian National said its bid forKansas CitySouthern is a21% premium to the Canadian Pacific deal. $8.4 billion including debt in Canadian National has a tion. Kansas City Southern 2019.Beforestriking the deal network spanning Canada that said Tuesday it would review tional’sproposal, which would benefits for customers. it or walk away with a$700 with Canadian Pacific on stretches down past Chicago Canadian National’s proposal createthe third-largest major Should Kansas City South- million breakup fee, as stipu- March 21, Kansas City South- to NewOrleans afterthe ac- and respond in due course. railway,would increase regula- ern deem Canadian National’s lated by the current merger ernhad rejected takeover in- quisition of other,smaller U.S. Canadian Pacific said in a tory risk forKansas City bid superior,Canadian Pacific agreement. Kansas City South- terest from buyout firms operators including Elgin Jo- statement that Canadian Na- shareholdersand decrease would have achancetomatch ern investorscheered the Blackstone Group Inc.and news,first reported Tuesday Global InfrastructurePartners, morningbyThe Wall Street the Journal reported last year. THE WALL STREET JOURNAL CORRECTIONS  AMPLIFICATIONS Journal, sending the shares up Merger-and-acquisition ac- (USPS 664-880) (Eastern Edition ISSN 0099-9660) more than 15%. Canadian Na- tivity is up significantly in (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) tional stock was off 6%, while 2021 compared with last and publication headquarters: 1211 Avenue of the Americas, NewYork, N.Y. 10036 TheParis Agreement aims Business&Financegraphic on Canadian Pacific wasdown year’s slow start and has fea- Published daily except Sundays and general legal holidays. Periodicals postage paid at NewYork, N.Y.,and other mailing offices. to capglobal temperaturerise Mondayabout new-car supply 2.2%. tured ahealthyhelping of bid- Postmaster:Send addresschanges to The Wall Street Journal, this century to 2 degrees Cel- incorrectly said those percent- Kansas City Southern had a ding wars,not to mention spe- 200 BurnettRd., Chicopee, MA 01020. sius abovepreindustrial levels. ages represented semiconduc- market value of about $24bil- cial-purpose-acquisition- AllAdvertising published in The Wall Street Journal is subject to the applicable rate card, copies of AWorld News article on - tors’ share of the cost. lion as of Monday’s close. Ca- company deals. which areavailable from the Advertising Services Department, DowJones &Co. Inc.,1211 Avenue of dayabout U.S. and Chinese nadian National’swas about Typically ararephenome- the Americas, NewYork, N.Y. 10036. The Journal reserves the rightnot to accept an advertiser’s order.Only publication of an advertisementshall constitutefinal acceptanceofthe advertiser’s order. discussions on climatechange Noticetoreaders $84 billion and Canadian Pa- non, bidding wars arepopping Letters to the Editor: Fax: 212-416-2891; email: [email protected] incorrectly said the cli- Wall Street Journal staff cific’s, $50 billion. Canadian up morefrequently,partly be- Need assistancewith your subscription? matepact aims to capaverage membersare working re- National is roughly 14%-owned cause of sky-high valuations By web: customercenter.wsj.com; By email: [email protected] global annual temperature motely during the pandemic. by LLC, that leave alimited number of By phone: 1-800-JOURNAL (1-800-568-7625) rises to that level. Forthe foreseeable future, ’s investment firm, attractive acquisition targets, Reprints &licensing: please send reader comments according to FactSet. and lowinterest ratesthat By email: [email protected] By phone: 1-800-843-0008 Electronics accounted for only by email or phone, using If successful, Canadian Na- make financing cheap and WSJback issues and framed : wsjshop.com about 40% of acar’s cost in the contactsbelow, not via tional plans to use the same abundant. Laser maker Coher- Our are100% sourcedfromsustainably certified mills. 2020, up from 18% in 2000. A U.S. Mail. two-step process for the deal ent Inc.was the subject of a that Canadian Pacific previ- frenzied three-way bidding GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by ously outlined. contest that ended in anearly emailing [email protected] or by calling 888-410-2667. Under the arrangement, the $7 billion deal last month. P2JW111000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** We dnesday, April 21, 2021 | A3 U.S. NEWS Lack of Hispanic Homeownership Surges Sleep Tied BY NICOLE FRIEDMAN To Risk of Hispanic homeownership grew at arecordpacelast year,fueled by younger buyers Dementia who have helped makethis de- mographic a growing force in BY SARAH TOY the red-hot U.S. housing mar- ket. Middle-ageadultswho Thenumber of Hispanic- sleepsix or fewerhoursa homeowner households rose night maybeathigher risk of by morethan 700,000 to developing dementia in later nearly nine million in 2020, , a new study suggests. according to Census Bureau People age50or60who datacompiled by regularly slept six hoursor Association of Hispanic Real lesseach night were more EstateProfessionals,anindus- likely than those who slept trygroup.Those gains marked sevenhourstobediagnosed the biggest one-year increase with dementia, according to in dataonHispanic - the study published Tuesday ownership going back two de- in the scientific journal Nature cades, the association said. Communications. Hispanic buyers have been JOURNAL

Even aftercontrolling for aconsistent source of strength REET

cardiac,metabolic and mental- in the housing market in re- ST health issues,the study re- cent years. Their buying LL searchersfound that 50-year- powercontinues to grow as WA THE

olds who were sleeping six individualsenter their early R hoursorlessanight had a 30s,the most typical yearsfor FO N

22%higher risk of developing first-time home buyers. His- TO dementia later in life. Sixty- panics in theU.S.had ame- year-olds were 37% more dian age of 30 in 2019, which LANGS M.

likely to develop the disorder. wasabout 14 yearsyounger B CO

Thecomparisons were with than the median age for non- JA people whoslept forseven Hispanic . Jonathan and Heidy De La Cruz with their daughter Lia Brito at their new home in Deltona, Fla., on Sunday. hours each night. Heidy andJonathan De La Agroup of European re- Cruz purchased a newly built projectsthat between 2020 Hispanic homeownership rate them,” Ms.Figueroa Aponte growth rate in Hispanic home- searcherslooked at survey data home in Deltona, Fla., this and 2040,70% of the net new said. “They didn’t have the ex- ownership in 2019 included fornearly 8,000 adultsinthe spring.“It really,really feels homeowner households will be 50% 2020 tracash to go over bidding Durham, N.C.; Boise,Idaho; U.K. over 25 yearsand linked surreal,” said Ms. De La Cruz, Hispanic. Over that period, it ESTIMATED RANGE price.” and Atlantic City, N.J. the datawith dementia diagno- whois28. She said they de- projectswhiteand Black 48-49% Tight credit standards and Thetypical home bought by ses in electronic health records. cided to buy ahome after homeownership rates will de- 49 lack of fluency in English can aHispanic household with a Thedatacame from astudy of speaking with afriend who cline.This reflectsthe His- also makethe processmore mortgagein2020 had avalue British civil servantsout of works in real estateabout the panic population’s household complicated. About one-third of $265,000,according to University CollegeLondon that importanceofhomeownership. formation growth and youth, 48 of Ms. Figueroa Aponte’s cus- NAHREP. That was below the began in 1985.Sincethen, par- “I knowmoreabout buying said Laurie Goodman, co-di- tomerslack permanent legal overallmedian U.S. existing- ticipantshavebeen surveyed ahouse than my parents rector of the Urban Institute’s status, which limits the num- home priceof$313,000 in Feb- everyfour to five years. would, and then my daughter Housing FinancePolicyCenter. ber of lendersthey canuse, ruary, according to the Na- 47 Participants reported their will knowmorethan me,” she TheBlack homeownership she said. tional Association of Realtors. sleep duration and some wore said. rate also rose last year,to Myra Arenas, a real-estate Allison and Elijah Vargas, sleep trackersovernight to While Hispanics makeup 45.3% from 42.1% in 2019, ac- agent in , had ahome who have two daughters, confirm that their self-report- about 18% of the country’s cording to Census Bureau 46 purchase fall through last year found ahouse in Mansfield, ing wasaccurate. While the population, they accounted for data, afterstagnating in re- afterher clients’ jobs were af- Texas,that fittheir needs un- authorscautioned that the morethan half of the coun- cent years. fected by the pandemic. der their $200,000 budget. findingscan’t establish try’shomeownership growth TheU.S. housing market 45 Even so,she said 2020 was “Wewerekind of outgrow- whether less sleep causes de- in thedecade leading up to hascontinued booming this 2000 ’10 ’20 her busiest year ever,driven ing our apartment and it’sjust mentia, they said the new the pandemic,NAHREP said. year,with strong demand by a wave of Hispanic buyers. become really expensiveto Source:U.S. Census Bureau via National study adds to shorter-term re- Theassociation estimated that driven by lowinterest rates Association of Hispanic Real Estate Ms.Arenas said about half her rent,” Ms.Vargassaid. They search showing that too little 48% to 49% of Hispanic house- and a record-lowsupply of Professionals (2000-19);NAHREP (2020 est.) clients don’t speak English or bought athree-bedroom house sleep is linked to the develop- holds owned their homes in homes.That is making it espe- prefer to speak with her in for$185,000 in April. Once ment of the disorder. 2020,upslightly from 47.5%in cially difficult for many first- N.C., said the majority of her Spanish. they finish repairsand Other studies have shown 2019 and the highest level time buyers and otherswith clients are Hispanic and most Houston; Dallas; Orlando, in next month, their monthly that both toolittle sleep and sincethe mid- housing limited cash fordownpay- have abudget of lessthan Fla.; ; andFresno,Calif., mortgagewill be cheaper than excessivesleep arelinked to boom. ments to get into the market. $300,000. added the most Hispanic their rent, Ms. Vargas said. increased risk,but this particu- That growth is expected to Ana Figueroa Aponte, a “Inthis market today, it’s homeownersin2019.The “It’sastressrelief for lar study didn’t showalink be- continue. The Urban Institute real-estateagent in Charlotte, very hardtofind ahome for metroareas with the biggest sure,” she said. tween dementia and sleeping eighthoursormoreanight. Studies have also shown that interruptions preventing peo- Arizona Governor Declares Border Emergency ple from getting agood night’s sleep areassociated with higher dementia risk later on. BY ALICIA A. CALDWELL nonprofits, lefttopick up the TheDepartment of Home- Troops have remained at the said. Past research also suggests pieces of broken federal poli- land Security didn’t respond to border under Mr.Biden. Mr.Ducey blamed the most that obesity, high systolic Arizona Gov.Doug Ducey de- cies,are strained.” arequest forcomment. National Guardtroops were recent increase in illegal border blood pressure and mental- clared astate of emergencyat Arizona is the firststate to Texas deployedasmanyas also previouslydeployedtothe crossersonthe Biden adminis- health issues like depression the southwest border in Ari- declareanemergencyrelated 500 National Guardtroops last border during the administra- tration’simmigration policies. increase the risk of sleep is- zona and said the statewould to this year’s rapid increase in month as part of abroader tions of PresidentsBarack “The numbersdon’t lie,this sues and dementia. deploy250 National Guard arrestsofpeople crossing the surge of lawenforcement at the Obama and George W. Bush. drastic surge is adirect result “Even though we can’t say troops to help local lawen- border illegally.Border Patrol border,but the governor didn’t TheArizona troops won’t of the bad policy, coming out of sleep duration has acausal forcement. agentsmade about 168,000 ar- declareastate of emergency. conduct law-enforcement oper- Washington, D.C.,and yetwe impact on dementia, it would “The U.S. Border Patrol is rests at the border in March, Former President Donald ations, as has been the case still haven’t received an ade- be good to encouragegood overwhelmed. Locallaw en- compared with about 71,000 in Trump order ordered thou- during previous deployments. quateresponse from the Biden sleep hygiene,” said Séverine forcement and mayors arecall- December. sands of federal troops and Na- Instead, the troops will help administration,” Mr.Ducey Sabia,anepidemiologist at the ing out forhelp,” the Republi- Thegovernor said the state tional Guardtroops to the bor- with medical operations inside said. French National Instituteof cansaid Tuesdayinarecorded would allocate$25 million to der at the start of the last detention centersand install- TheWhiteHouse referred a Health and Medical Research, statement. “Citizens and our fund the National Guardmis- surge of illegal immigration in ing, maintaining and monitor- request forcomment to the De- also known as Inserm, who is border communities arecon- sion.Hedidn’t sayhow long 2018.Helater declared ana- ing astate-operated border partment of Homeland Secu- lead author of the study. cerned fortheir safety and the deployment would last. tional emergencyatthe border. cameranetwork,Mr. Ducey rity. Tests Show Rebound From Learning Loss

BY JENNIFER CALFAS thetwo—could have had on Garden progress studentsmade over Manystudentsare starting this past year,said Aaron Pal- to rebound from academic las, aprofessor of sociology Party setbacks morethan ayear af- and Education at the Teachers tercoronavirus pandemic re- CollegeatColumbia Univer- strictions upended education sity. nationwide,according to are- “It’shardtoisolatethis port released Tuesdayonnew particular batch of dataand testing data. saythis definitively tells us On average, studentsare whereweare,” he said of the performing belowpre-pan- report. demicexpectations,but the Theextentofprogress / learning gaps that existed for noted in the Renaissance

manyatthe start of the BEIER Learning report varies,with 2020-21 school year are ruralstudentsshowing the

shrinking,particularly in HANNAH greatest improvement as math, according to areport A class last week at Kratzer Elementary School in Allentown, Pa. manystudentsofcolor fell from RenaissanceLearning behind. Inc., an online testing pro- them four to seven weeks to year with significant setbacks Disrupted learning in gram used in thousandsof catchup, the report said. in math and, to alesser ex- spring 2020 set back some U.S. schools. Thereport’sfindingsare tent, reading,when compared students, particularly in math, “That is averyencouraging based on datafrom3.8 mil- with fall 2019 assessment re- at theCatholic schoolsinthe finding about what has been a lion students’assessments, sults. Diocese of OrangeinOrange very,verychallenging school called Startests, over three Thenew report wasn’t en- County,Calif., said superin- year,” said Katie McClarty, testing periods between fall tirely encouraging: Middle tendent Erin Barisano.But be- DROP EARRING vicepresident of research and 2019 andwinter 2021 across schoolershaveexperienced tween the fall and winter,dis- WITH SAPPHIRES & design at RenaissanceLearn- everystate and the District of more challenges in reading. trictwide math scores jumped BRILLIANT DIAMONDS ing, referring to the report’s Columbia. That includes 2.3 Renaissanceprojectsitwill by 7percentagepoints—from findingsfor studentsonaver- million studentstaking early nowtakeseventh-and eighth- the 73rd percentile to the age. literacy or reading exams in graderseight to 11 weeks to 80th. During atypical school “I don’t think people would firstthrough eighth grade and catchuptowherethey areex- year,those test scores typi- have expected the kind of typ- 1.5million studentsinsecond pected to perform at this time cally jump by about 3percent- ical year growth ratesthat through eighth grade taking of year—a wider gapthan in agepoints, Dr.Barisano said. we’vebeen seeing,” she math assessments. Thenum- the fall, when they were only Dr.Barisano attributed the added. ber of studentswho took the slightly behind meeting ex- gains in part to the schools Studentsacrosssecond online testsdeclined as the pectations. opening forin-person instruc- through eighth grades are pandemic wore on, but the The new report didn’t ana- tion in thefall aftereducators nowcloser to reaching expec- findingsinclude only those lyze whether schools operated spent the summer preparing tations in math than they students who consistently with remoteorin-person fordifferent learning models. PAULMORELLI.COM were in the fall. It will now took the testsfrom2019 to learning options forstudents. “Thank God forthose sum- NYC: 895MADISON (72ND&MADISON) take second- and third-grad- 2021. It is still unclear what the im- mer months,” she said. “We PHL: 1118WALNUTSTREET ersabout two to three weeks A November 2020 report pact different instructional probably worked harder than to catchupinmath.Last fall, from theorganization found models—remotelearning,in- we ever didreally gearing up 212.585.4200 scores projected it would take students started the school person learning or amix of forthe unknown.” P2JW111000-4-A00400-17FFFF5178F

A4 | We dnesday, April 21, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. U.S. NEWS S PRES TED CIA SO AS TIN/ MAR YN UEL CQ JA JOURNAL; REET ST LL WA THE R FO BENNETT BRIDGET P: TO OM FR People celebrated as the verdict wasannounced outside the Hennepin County GovernmentCenterinMinneapolis on Tuesday. Below, aman burstintotears in Washington, D.C., after hearing the jury’sdecision. Black Americans ExpressRelief,Caution

BY JOSHUA JAMERSON that the officer mistook her 16th Street NW that wasre- AND ARIAN CAMPO-FLORES gunfor aTaser.Prosecutors named Black MatterPlaza have charged the officer, who during last summer’s protests. FormanyBlack Americans, has resigned, with second-de- “It marks abeginning of theconviction of Derek Chau- gree manslaughter. something new,” said Ron Stein- vin in the death of George Ms.Jones,a33-year-old hoff,24. He said he grew up in Floyd inspired feelingsofrelief travel insurancecustomer-ser- Minneapolis,afew miles from and a sense that the verdict vice agent, said her views on whereMr. Floyd waskilled, and might have been an anomaly. defunding the policehad wasanxious all daybeforethe “I hope it will changesome changed sincelast summer, verdict. “I wasnot focusing at things. I’m praying it’sastep- when she wasinfavor of abol- all. It wassoheartbreaking to pingstone,” said Christin Hick- ishing traditional policeforces see the video.This hopefully man, a 35-year-old from Min- altogether. marks achangewherepolice neapolis.“But it didn’t change “Having time to reassess brutality is held accountable.” with EmmettTill. It didn’t my thoughtsand thinking: ‘Do ReggieBurgess,the first change with Rodney King. So, Ithink that defunding the po- Black policechief in the South youknow, I’m not holding my licewould actually change Carolina city of North Charles- breath.” howmychildren were pro- ton, praised the verdict, say- Mr.Chauvin, aformer Min- tected, my uncles,mybroth- ing,“Thesame system Ipro- neapolis policeofficer, was ers?’” she said. “I don’t.” tect and Iservehas worked convicted of all counts in the Instead, she said, she would for this country.” death of Mr. Floyd, which in- liketosee policedepartments Last summer’s demonstra- spired nationwide protests take steps such as improving tions,often organized by and debateafter it wascap- andexpanding de-escalation groups associated with Black tured on video by bystanders. training for officers. Lives Matter, pursued a more Like the 1995 O.J. Simpson In Baltimore’spredomi- aggressiveagenda than earlier murder trial and the Rodney “I’m overwhelmed…I feel like or manslaughter.But he said rose from the crowd. nantly Black Penn North civil-rights groups had in the King police-brutality case in we have to take amoment and that recent killingsbypolicein Elsewhere, manyBlack neighborhood, George Wil- past. Among other common 1992, the three-week Chauvin say that this is a win.” the Minneapolis suburb of Americans were glued to the liams, a63-year-old retiree, demands were defunding po- trial was closely watched and Thecase stoked rawfeelings Brooklyn Center and in Chi- trial. Keisha Jones,amother stood not far from whereFred- licedepartments and redirect- viewedbymanyAmericans as between manyBlack Ameri- cago suggest that the verdict of two in Houston,said she die Gray,a25-year-old Black ing money to social services. awatershed moment in U.S. cans and police, and prompted won’t offer an easy to- watched the trial each day on man, wasarrested in 2015 for Theresultsweremixed. An race relations, even hearken- calls from manycornersfor ward reducing policekillings Live. allegedly possessing an illegal effort by the Minneapolis City ing to EmmettTill, aBlack overhauls of lawenforcement. of BlackAmericans. “AsI’m going through knife. He later sustained afatal Council to dismantle the po- teenager who wasmurdered in It inspired widespread mass “Wehaveahistoryoffight- watching this,itjust doesn’t spinal cord injurywhile being lice department lost momen- Mississippi forpurportedly of- protestslast summer,some of ing [for] full compliance with seem likethingsare in the transported in apolicevan. tum in the fall as crime rose. fending awhitewoman in the whichturned violent. our Constitution,” Mr.Johnson processofchanging,and all Prosecutorschargedsix offi- But in Los Angeles, city lead- 1950s.That episode,and the “It shows that one badge, in said. “This is asystemic prob- you can do is hope and pray,” cers in his death but didn’t se- erscommitted$250 million to lack of accountability forthe this case, was not a shield for lem that must be addressed.” she said, adding that the po- cureconvictions. investing in Black and minor- killers, helped galvanizethe being held accountable,” said Outside the Hennepin licekilling of DaunteWright in “Repeatedly in the past, hav- ity communities,including civil-rights movement. NAACPPresident Derrick County Government Center in aMinneapolis suburb earlier ing it on film meant nothing,” some fundsredirected from “I wasn’t expecting the Johnson. “It’sanimportant Minneapolis,whereNational this month—while the Chauvin Mr.Williams said. “We’vestill the police department. guilty verdict, not on all step in the right direction.” Guardmemberslined the trial wasproceeding—showed gotalong waystogo. But this —Douglas Belkin, Erin counts,” said , It is rare,Mr. Johnson steps,therewereloud, sus- progresswould be slow. Au- wasone giant step forward.” Ailworth, Vivian Salama, co-founder of the Black Lives pointed out, forapoliceoffi- tained cheersasthe verdict thorities in that instance said In Washington, D.C.,acrowd Alex Leary and Scott Calvert MatterLos Angeles chapter. certobeconvicted of murder wasread. “All three counts!” that it wasanaccident and gathered along asection of contributed to this article.

Outside the courthouse in Minneapolis area and other Floyd were heardinthe court- Chauvin Minneapolis,sustained exuber- parts of the country. room over and over. ant cheerswent up.Men, “Wehavetoprotest, be- Defense lawyer Eric Nelson women and children raised cause it seems likethis is a said shortly beforethe verdict Convicted their fistsand screamed their never-ending cycle,” said Phil- came in that he didn’t plan to approval. Afew started crying. onise Floyd,Mr. Floyd’s address the media upon a “It’sabeautiful dayin brother.“I’m going to put up a guilty verdict and didn’t an- Of Murder America,” said Farji Shaheer,a fight everyday,because I’m sweraquestion about whether 41-year-old Black man who notjust fighting forGeorge he planned to appeal. Before lives in Minneapolis. “It feels anymore, I’m fighting for ev- andduring the trial, he asked ContinuedfromPageOne great to be recognized as ahu- erybody around this world.” to movethe case out of Minne- there, the former Minneapolis man being.” TheMinneapolis police apolis,arguing that the tension police officer washandcuffed Minneapolis authorities union issued astatement read- theremade it difficult forju-

and takenout of the courtroom lifted a curfew that had been I/REUTERS ing, “There are no winners in rors to render afair verdict

afterthe judgerevoked hisbail in effect for the last week. OS this case and we respect the out of fear fortheir safety.He PF

and remanded him to the Hen- President Biden hailed the S jury’sdecision.” It added, “We also complained about the city nepin County sheriff’s office. verdict.“We canand we must need the political pandering to of Minneapolis’sdecision to

Thedecision came in acity do more to reducethe likeli- NICHOLA stop and the race-baiting of announcea$27 million settle- on edge from the recent killing hood that tragedies likethis will George Floyd’sbrothers Rodney, left, and Philonise Floydembrace. elected officials to stop.” ment with Mr.Floyd’s family in of another Black man, Daunte ever happen to occur again,” Thetrial unfolded on live the middle of juryselection. Wright, by apoliceofficer in Mr.Biden, aDemocrat, said. Mr.Chauvin faces up to 40 asked MinnesotaAttorney television and the internet be- Throughout the trial, Mr. the suburb of Brooklyn Center. Over 14 days of testimony yearsinprison forsecond-de- General to take fore millions of viewers,amid Nelson tried to defend Mr. Alarge policeand National from dozens of witnesses,pros- gree unintentional murder,the over the case from Hennepin an atmospherefraught with ra- Chauvin’sactions as areason- Guardpresence around gov- ecutorsbuilt their case largely most seriouscharge.Because County Attorney Michael Free- cial tensions.Trial expertssaid able use of force. He argued ernment buildingsand along around acellphone video that Mr.Chauvin has no prior felo- man at theurging of activists, they can’t recall another mur- that the officer wasdoing his commercial corridorsacross emergedaday afterthe May nies,state sentencing guidelines Mr.Floyd’s family and some der case in which the death at job while distracted by the theTwin Cities has been in 25,2020,killing.Itdepicted recommend arangeofaround Minneapolis City Council issueand the defendant’sac- threat of agrowing and angry place for days. Mr.Floyd handcuffed and face- 11 to 15 yearsfor his crimes,but members. tionsweresographically cap- crowd of onlookers. In Minneapolis and other down in the street as Mr.Chau- prosecutorssaid they would “I would not call today’s turedonvideo from so many Afterclosing argumentson cities grippedbydemonstra- vin, who is white, knelt on his seek aharsher sentence. verdict justice, however, be- perspectives and distances. Monday, Mr.Nelson made a tions last summer,fearsofan- neck andback formorethan Threeother former offi- cause justiceimplies true res- Surveillancecameras,re- foramistrial based on other outbreak of violent pro- nine minutes.Mr. Floyd,who cers,chargedwith aiding and toration. But it is accountabil- cordingsfromofficers’ body commentsbyRep.Maxine Wa- testseased afterthe jury’s was46, pleaded forhis life, abetting Mr.Chauvin, areset ity,which is the firststep cameras and bystander phones ters (D., Calif.) who had called decision. Policeand journalists called out to his mother and to facetrial in August. toward justice,” Mr.Ellison captured hoursofevidentiary on protesterstoget morecon- outnumbered demonstrators eventually passed out. Police Prosecutorswereunder said. footage. Tearfulbystanderson frontational if the jurydidn’t who made their way to Wash- were responding to areport considerable pressurefromac- MembersofGeorge Floyd’s the stand watched their own reach aguilty verdict. Judge ington, D.C.’s Black Lives Mat- that Mr.Floyd had used an al- tivistsand politicians to win a family said they plan to re- videos and medical expertsan- Cahill denied themotion but terPlaza, wherepoliceclashed legedly counterfeit $20 bill to murder conviction in the case. main politically active, citing alyzedindividual still frames. said Mr.Nelson might have with protesters last year. buy apack of cigarettes. Gov.,aDemocrat, recent police shootings in the Theanguished cries of Mr. grounds foranappeal. P2JW111000-0-A00500-17FFFF5178F

THE WALL STREET JOURNAL. We dnesday, April 21, 2021 | A5

Yo ur clientsdon’t have to be engineers to help makethe futureasmarterplace.

Help poweryour clients'portfolios with the innovatorsofthe Nasdaq-100.

NOTFDICINSURED |MAY LOSE VALUE|NOBANK GUARANTEE Thereare risksinvolved withinvestinginETFs, includingpossiblelossofmoney. ETFs aresubject to risks similartothose of stocks.Investmentsfocusedinaparticularsector, such as technology,are subjectto greaterrisk, andare more greatlyimpactedbymarketvolatility,thanmorediversifiedinvestments. The Nasdaq-100 Index comprises the100 largestnon-financialcompanies traded on theNasdaq. An investment cannot be made directlyintoanindex. Before investing,considerthe Fund’s investment objectives, risks, chargesand expenses.Visit invesco.com/fundprospectus foraprospectuscontainingthisinformation.Readitcarefully before investing.

InvescoDistributors, Inc. P2JW111000-0-A00600-1------XA

A6 | We dnesday, April 21, 2021 THE WALL STREET JOURNAL.

Explorethe BreadthofYour WSJDigital Benefits

Thebenefits of aJournal membershipgofar beyond thesepages. Startexploring thefullscope of your WSJdigital benefits today with apreviewoffeatureshere.

PRINT EDITION

THEPRINT EDITIONAPP LIVE Q&ASESSIONS Access theJournal’sprint coverage anytimewith Join live virtual events whereour journalists and afully interactiveversionofthe day’spaper in a expertsdiscuss timely issues.Asamember, youget dedicatedmember-only app. to askyourown questions andjointhe conversation. WSJ.COM/PRINTAPP WSJ.COM/LIVEQA

EMAILSHARING THE10-POINT NEWSLETTER Sharethe news youtrust forfreewith Getapersonal,guidedtourtothe best scoops theemail sharing icon on allJournal andstoriesevery daywithour member-exclusive articles online. 10-Point newsletter. CLICKONANY ARTICLE WSJ.COM/10P

LATEST COMMENTING No more waiting forthe next paper—access Help advanceathoughtfuldiscourse between coverage as soon as ourjournalistspublish it readersand journalists.Jointhe conversation at ourLatest Headlines hub. viaarticle commenting on WSJ.com. WSJ.COM/LATEST JOINTHE CONVERSATION

Notsurehow to access WSJ.comwith your currentprintmembership? Followthesethree simple steps:

Go to WSJ.COM/DIGITALACCESS

Enteryour accountnumber

Fill in the rest of your details

©2021 Dow Jones &Co., Inc. All rights reserved. 6DJ7934 P2JW111000-2-A00700-1------XA

THE WALL STREET JOURNAL. ** We dnesday, April 21, 2021 | A7 U.S. NEWS North Dakota Old U.S. Covid HotSpots Heat Up Again The recent riseinCovid-19 casesinthe U.S. has largely been driven by ahandful of states,manyofthem the same places thatfirstemergedashot spots ayearago.Through Monday, about 75%ofthe previous To Inoculate week’s newcases in the U.S. came from Michigan, Florida, NewYork,Pennsylvania and NewJersey. April 10,2020 Cases per 100,000 April 18,2021

Canada Truckers 51020 20 40 80

BY VIPAL MONGA TheCentersfor Disease Control and Prevention told North Dakotaisoffering North Dakota’shealth depart- free Covid-19 vaccinations to ment that thereisnoprohibi- Canadian truckerstraveling tion on vaccinating non-U.S. from the Canadian provinceof citizens or nonresidents, a Manitoba starting Wednesday, spokesman forthe governor’s the firstcoordinated cross- officesaid. Thestate has so border vaccination program faradministered 21 doses to between the U.S. and its Canadian residents, he said. northern neighbor. North Dakotahas vaccinated Theannouncement comes morethan half of over-18-year- as Canada struggles to get its olds living in the state, said vaccination program rolling, Gov. Burgum. Thesituation When casesreachedtheir first peak in mid-April 2020,, Pennsylvania, NewYork and while the U.S. continues to ex- contrastswith Manitoba’s, Michigan were leading thatsurge.Following asharp drop from the deadly fall surge,newly reported pand access to its citizens. whereonly 26% of over-18s Covid-19 cases have remainedelevatedacrossthe U.S. But some states have seen casesjump back “The reality of Covid in have received doses,according Canada today is such that the to government statistics. higher again. Theyseemtofollowafamiliar pattern. variantsofconcern arehere, Manitoba moved to access NewYork Michigan the thirdwaveishere, but the vaccines forworkersasCan- Covid-19 casesper 100,000 150 vaccines arenot hereyet,” ada struggles with itsimmuni- When the said Brian Pallister,Manitoba’s zation program. Thecountry NewJersey Pennsylvania national rate premier. doesn’t manufactureits own peaked during Roughly 4,000truckers vaccines and is thereforede- 100 100 awave* could be vaccinated with the pendent on supplies from Eu- Inc.and BioNTech SE or rope.Those have been beset State’s Moderna Inc. vaccines by with delays. Last week, Mod- daily rate American nurses and medical erna said it would curb ship- 50 50 staff at clinics in the state, said mentsofits vaccine to Canada North DakotaGov.Doug Bur- as it deals with manufacturing gum. He said the program is a delays.Shipmentstothe coun- , which could be expanded trycould fall by as much as 0 0 to include energy workers 16%for the three-month pe- March ’21 March ’21 March ’21 March ’21 from the provinceofSaskatch- riod ending June 30. 2020 2020 2020 2020 ewanwho travel to North Da- Thedelays come as infec- *For Spring and Summer waves. Note:Case rate is an average of previous sevendays. April 17,2021cases forMissouri omitteddue to data revisions by the state. kota’s Bakkenoil fields. tions in Canada are surging. Source:/AssociatedPress Countries’ Rapid Va ccine RolloutsHold Lessons forU.S.

Rapid Covid-19 vaccination happens if vaccination outpaces wane,suggesting widespread wrestling with asurge of new Chile wastoo quick to celebrate afterone shot and 67% effective rolloutsinIsrael, the U.K. and the virus.The countrywas aver- immunity from vaccination or infections that forced President itsrapid vaccination rollout. As two weeks afterthe second Chilehold an important lesson aging morethan 8,000 newin- past infection is keeping alid on Sebastián Piñera’sgovernment officials eased restrictions,resi- dose. forthe U.S. as it navigates back fections aday at thepeak of its the virus’sspread. to implement anew lockdown, dentsloweredtheir guardon U.K. officials,who arewres- to normalcy: Risks remain, even last big wave in mid-January. “A lot of people,including close borders, and postpone measures such as mask wear- tling with vaccine-supply issues afterinoculating asignificant Newcases noware in the low us,said it’sapossibility that elections. Newcoronavirus ing,hand washing and social as they chart arouteout of a shareofyour population. hundreds.Some Israeli hospi- we’d have another wave in cases rose above9,000 aday distancing,said Claudia Cortés, strict lockdown needed to con- tals,including the country’s March,” said Eren Segal, acom- this month, the highest daily an infectious disease expert at trol the contagious B.1.1.7vari- By Jason Douglas largest, Sheba Medical Center, putational biologist at the total, pushing hospitals to ca- the University of Chile. antfirst detected in England, in , Dov Lieber have begun shutting their Weizmann Instituteincentral pacity with younger patients. “They gavethe wrong mes- see Chile’sexperienceascau- in Tel Aviv and Ryan Covid-19 treatment wards. Israel and amember of acivil- Health expertssay the rise sage,” she said. “For the gen- tionary. Thecountryhas suf- Dube in Lima, Peru Residents packed intorestau- ian advisorycommitteetothe in infections highlightsthe risk eral population, it wasvery feredthe highest death toll in rantsinbarsasthe Israeli econ- government on coronavirus is- of easing social restrictions be- confusing.” Europe,and scientistsand pub- Thethree countries have so omyreopened in March and sues.“We’reveryhappy it fore enough people have been Chile has also relied heavily lic-health expertsadvising the far had contrasting experiences. students returned to class- hasn’t happened so far.” inoculated,and the threat of on China’sSinovac vaccine, government areurging aslow Israel has reopened itseconomy rooms,sparking concern an- Chile’svaccination campaign variantssuch as P. 1, firstidenti- which Chile’sgovernment said and gradual release of restric- and is closing down itsCovid-19 other wave wasimminent. has been abright spot in Latin fied in Brazil. last week wasonly 16% effective tions to ensurevaccinations treatment wards. Chile has Instead, cases continued to America. But the countryis Some epidemiologistssay in reducing the risk of infection keep outpacing the virus. locked down again and shut its Disease modelersadvising borders. TheU.K.istaking it the U.K. government have ana- slow,with astagedreopening lyzedthe possible course of the plannedovermonths. pandemic over the next year if Epidemiologistssay the risk restrictions on the is real of aso-called exit wave and daily lifeare eased in line of newinfections as countries with Prime Minister Boris drop their guardwhile shotsin- Johnson’sfour-step road map crease,sincevaccines don’t outoflockdown. provide 100% protection Their work highlightsthe against contracting Covid-19. risk of an exit wave,with a Newcoronavirus variants that modelbyepidemiologistsat canevade the immunity con- Imperial CollegeLondon sug- ferred by vaccination or past gesting the U.K. could facea infection heighten the risk. further five million cases Ease restrictions toorapidly through June 2022ifcontrols and the virus will seizeits arerelaxed as planned. That chance, scientistssay. compares with four million “We’reinakind of foot race known cases already recorded, between vaccination and virus,” though gaps in early testing

said Graham Medley,professor GES mean the true totalofinfec-

of infectious disease modeling at IMA tions is likely far higher. the London School of Hygiene Vaccination means hospital-

andTropical Medicine. GETTY izations and deaths from Still, even with anew wave SE/ Covid-19 arelikely to be much of infections,scientistsare opti- lowerthan in previous surges mistic that broad vaccination of the pandemic,according to ANCE-PRES

coverage should provide signifi- FR the models.But they arestill cant protection against severe substantial, with Imperial’s illnessand death. Datafromall ENCE model, forinstance, pointing to AG three countries shows at-risk as manyas15,700moredeaths groups that were given priority through June 2022. So far,the AKMEN/

forvaccination arefor the most A U.K. has suffered 150,000 LG

part staying disease-free. TO deathswith Covid-19 men- Israel offersalesson in what Customers enjoyed drinks at tables outside the pubs and bars in the Soho area of London earlier this month. tioned on the death certificate.

predictedonSundaythat the ing forabout 13% of 410 million lion people had received at cases up to April 13,the EMA sion. J&J Shot pause would end as soon as expected doses in the period. least one dose of the AstraZen- said. Theagencydidn’t sayhow “Early intervention by aspe- Friday, perhaps with additional But because the J&Jvaccine re- ecavaccine by April 5, there manyofthose resulted in cialist canchangethe out- restrictions or warnings. quires only one shot—not two, has been about one case of un- deaths. come,” Ms.Cookesaid. To Get EU Thecases in the U.S. were likeall other available Covid-19 usual clotting with lowplate- Most cases and deaths have TheAstraZenecavaccine, similar to those that have oc- vaccines—the deliveries could lets forevery 200,000 shots been in women under 60, like the J&Jone,isknown as curred with theAstraZeneca account foralmost 25% of vac- given. Therehavebeen 22 prompting manycountries to an adenovirus-vectorvaccine, Warning PLC vaccine in Europe,some- cinations. deaths out of 99 cases.Overall restrict the use of the vaccine in which avirus causing the thing that the EMA said it took In the U.K.,where20.6mil- in Europe,therehavebeen 287 to older recipients. common cold is altered to intoconsideration in making its TheU.S.official noted that cause human cells to grow ContinuedfromPageOne recommendation. Thetwo vac- more cases could still arise. spikes similar to those of the pause would help makedoctors cines use similar technology. Thecases so far involved blood spikeprotein on coronavirus aware of howtotreat therare “Wehavealready done a clotsinamajor vein draining cells.The changes in avaccine condition. J&Jthen followed very detailed reviewofthe thebrain, while the patients recipient’scells cause an im- with the decision to pre-emp- risks and cases with the Astra- had sharp drops in their blood mune response to the coronavi- tively pause the rollout in Eu- Zenecavaccine,which gaveus platelets, and, in some cases, ruscells that protectsalarge rope,which had just begun. the experiencetocome to a bleeding. percentageofrecipients Thefinding by the European conclusion in the contextofthe Because some of the pa- against the virus. agencyleavesituptoEUgov- [J&J] vaccine,” EMA Executive tients gotthe wrong treat- TheAstraZenecavaccine ernments whether to use the Director Emer Cookesaid at a ment—the blood-thinner hepa- hasn’t been authorized foruse J&Jvaccine and whether to im- briefing Tuesday. rin—U.S.authorities issued a in theU.S.

pose anyrestrictions.J&J said TheEMA worked closely S pause on the use of the J&J J&Jsaid Tuesdaythat the

afterthe EMA announcement with theFDA while carrying PRES vaccine. product contributed $100 mil-

that it would resume European out the reviewand has com- TED TheEMA warned healthcare lion to the company’ssales

deliveries. missioned moreresearch to CIA providersand people who have growth in the latest quarter, Federal authorities in the look intothe blood-clotting is- SO received the AstraZenecaor though theoutlook forfuture AS

U.S. have considered apossible sue, Ms.Cookesaid. TI/ J&Jvaccines to be on the look- sales is uncertain. It said it is

agerestriction forthe J&J Europe’sslowly accelerating /M out forsymptoms likeshort- unclear whether publicity shot—the U.S. cases were all in vaccine campaign should geta AK ness of breath, chest pain, leg around the blood-clot risk will TICS

people 48 yearsold or youn- boost from the conclusion of SZ swelling,persistent abdominal hurt demand forthe vaccine.

ger—or adding cautionarylan- the J&Jreview.Beforethe KO pain and skin bruising beyond J&Jsaid it remains commit- guagetodoctorswho use the companyhalted deliveries,the the area of the injection. There tedtosupply 100 million vac- ILARD

vaccine. EU expected to receive55mil- SZ canalso be neurological symp- cine doses forU.S.use under a AnthonyFauci, President Bi- lion doses of the vaccine in the Europe’s slowly accelerating vaccine campaign should get a boost toms such as severeand persis- contract with the federal gov- den’schief medical adviser, quarter through June,account- from the conclusion of the review of the J&J shot. tent headaches and blurred vi- ernment. P2JW111000-0-A00800-1------XA

A8 | We dnesday, April 21, 2021 THE WALL STREET JOURNAL. WORLD NEWS Carbon Emissions Climb Sharply Japan Set To Revive Energy demands rise as countries restart Covid-19 economies amid persistent pandemic Emergency

BY DAVID HODARI BY MIHO INADA

Soaring carbon emissions TOKYO—Japan is preparing this year areontrack to re- to reintroduceastate of emer- verseabig chunk of last year’s gencyinTokyo and Osaka with sharp reduction, which some just three months to go before climateresearchershad hoped the Summer Olympics are set might be an environmental sil- to kick off in Tokyo. ver lining of the pandemic. With coronavirus infections Covid-19 shut many of the rising sharply again, the gov- world’sbiggest economies— ernor of Tokyosaid Tuesday grounding planes,closing fac- that sheplanned to ask the tories and keeping drivers off central government to bring . That sent demand back a for forcarbon-dioxide-emitting a third time in the capital. fuels such as coal, oil and nat- Thegovernor of Osaka, ural gas tumbling. The Inter- S wherethe British variant of NEW

nationalEnergy Agencyesti- G the virus has been quickly mates emissions fell 5.8% in spreading, formally made the 2020,the steepest percentage same request. decline since World War II. OOMBER “We should not fall behind Now, they areclimbing the speed at which variantsof again sharply.The IEA,inare- SHEN/BL the virus are spreading infec-

port published Tuesday, said QILAI tion,” said Tokyo Gov. Yuriko emissions areexpected to jump Developing countries such as China—wheresmokestacksloom above Fuxin, Liaoning province—arehelping driveglobal energy demand. Koike. 4.8% this year,the biggest an- Prime Minister Yoshihide nual gain since2010’srecord- low2019 levels this year,should Theagencypreviously fore- Global carbon-dioxide joined in February, calls for Suga hinted he would grant setting increase,when the exceed that level in 2023,the cast amuted bounceback in oil emissions areforecast to rise cutting emissions enough to the requests. world wasbouncing back from agency said in October,before and gasoline demand in the sharply,after falling lastyear. keep temperatures lessthan 2 Asked whetherarenewed the global economic crisis. peaking around 2030. developed world, but the ex- degrees Celsius aboveprein- state of emergency would af- Governmentsare trying to Still, the IEA forecast anet pected gains in coal demand Annual emissions dustrial levels. fect the Olympics,which are restart economies amid global reduction of about 400 million by the developing world will 36 billion tons “We’vebeen seeing agrow- set to begin July 23, Mr. Suga vaccination rollouts. In some big tons of carbon-dioxide emis- dent the gains made in lower ing gapbetween the ambition said it wouldn’t. countries,such as the U.S. and sions over 2020 and 2021. It emissions on a global scale. of officials in setting climate On Tuesday, Osaka, the cen- 2021 projection China, demand is coming back said net emissions fell 1.9 bil- Thebig drop in emissions targetsonthe one hand, and terofJapan’ssecond-most-pop- 34 33B strongly.Aspartsofthe global lion tons last year and, based in 2020 wasindicativeofa willingnesstoimpose those ulous urban region, reported economyrev back up,countries on itsprojections,will rise 1.5 painful economic rout in many policies to achievethem on 1,153new cases,the highest areturning back to carbon-in- billion tons this year. places.While manyecono- 32 the other,” said Robert Mc- number foraTuesday, while To- tensivefuels—though in mark- The developed world’s en- mistsand climateresearchers Nally, a former adviser in the kyohad 711 newcases,upfrom edly different degrees depend- ergy mix continues to move predicted emissions would George W. Bush administration 510 aweek earlier. ing on economic development. toward less-carbon-intensive kick back in once economic 30 and president of consulting Nationwide,the daily figure Developing countries such fuels.The U.S. consumed more growth started to return, firm Rapidan Energy Group. topped 4,000—still far short as China will help driveoverall than coal manyotherswerealso bank- President Biden is preparing of thepeaks in Western Eu- 28 global energy demand above last year,for the firsttime ing on essentially a one-time to hold avirtual climatesum- rope and the U.S. during the 2019 levels this year, accord- sincethe 1880s. was down payment that might mit this week,inviting 40 world pandemic but near Japan’s ing to the IEA,aParis-based historically the top source of makemeeting previous com- 26 leaders, including Russian Pres- peak in early January. energy watchdog.Itcited a U.S. energy,and the only com- mitmentstoreduceemissions ident and Chi- Thedetails of the latest surge in coal use in the devel- mercial-scale source,until hy- easier in years to come. 2007 ’10 ’15 ’20 nese PresidentXiJinping.The stateofemergencyremain to oping world, in particular,for droelectric powerplants Theresurgenceincarbon Source:IEA administration plans to use the be decided, but Osaka said it abig chunk of the forecast in- emergedinthe countrytoward emissionsshows “that the summit to set anew U.S. goal wasstudying the closureofres- crease in emissions.China the end of the 19th century. In economic recovery from the world moverapidly to start of reducing itsemissions. taurants, theaters, theme parks alonewill account formore Europe,the IEA said, coal- Covid crisis is currently any- cutting emissions,weare TheParis accordstreat and department stores.Some than 50%of2021’snew coal firedelectricity generation “is thing but sustainable forour likely to faceanevenworse China, the world’ssecond-larg- classesmay be moved online. use, the agency said. disappearing or becoming neg- climate,” said Fatih Birol, the situation in 2022.” est economy, as a developing Vaccination of the full pop- Oil demand, while still ex- ligible” in an increasing num- IEA’s executive director. “Un- TheParis Agreement, which country, thus granting it more ulation isn’t set to kick into pected to remain about 3% be- ber of countries there. less governments around the the Biden administration re- time to lower its emissions. full gear until late 2021. ©2 02 1D ow Jone s&C o. ,I nc .A ll ri ght sr es er ve d. 6D J8 37 5

SAVE $25 Register JUNE 9, 2021 by 4/30 ONLINE EVENT

The Transformation SPEAKERSINCLUDE and Advancementin Dr.AnthonyFauci Dr.Ashwini Zenooz Director Chief Medical Officer National Institute Salesforce HealthcareTechnology of Allergy and Infectious Diseases Join tech executives,health-industryleaders, researchersand policy makersfor in-depth DannyYeung David Feinberg conversations on howtechnology canhelp Co-founder and CEO Head of Healthcare Prenetics eradicateCovid-19.Together,we’ll look at tech’s significantrole in healthcarethrough the Journal’sbusinesslens,ascompanies AlexGorsky Stephen Hoge large and small push foraradical redesign Chairman and CEO President of the medical world as we knowit. Johnson &Johnson Moderna

Register Now: WSJTechHealth.WSJ.com

Presenting Sponsor P2JW111000-0-A00900-1------XA

THE WALL STREET JOURNAL. We dnesday, April 21, 2021 | A9 WORLD NEWS Putin Retains Popularity Despite Wave of Protests S

Navalny’s high-profile PRES UMA

opposition does little /Z /DDP

to shakeRussians’ faith UP

in longtime president GALL SEAN BY THOMAS GROVE Armin Laschet, chairman of ’s Christian Democratic Union, will lead the conservative bloc’s election bid in September. KALININGRAD,Russia— Thousands of demonstrators areexpected to take to the Merkel’s Bloc Selects streetsinmanyRussian cities on Wednesdayinsupport of , the jailed op- JOURNAL Fall Vo te Candidate

position leader who has galva- REET

nized popular discontent with ST LL the long rule of President BY BOJAN PANCEVSKI joys far greater popularity Vladimir Putin. WA both with conservativevoters THE

But even as the opposition R Angela Merkel’s conserva- and the general electorate, ac-

leader stirsdissent, Mr.Putin FO tive bloc picked its chairman cording to various polls. cancount on the support of VA to lead its ticket at this fall’s Mr.Söder,who has culti-

manyRussians who either trust ANO German election,opting for vatedanimageasapugna- IV in his leadership,fear the un- continuity over amorepopular ciousand dynamic politician certainties of political change politician in amovethat could lessenamored with consensus KSENIA or disapprove of Mr.Navalny ‘If it were up to me, Putin would stay another 20 years in power,’ said Irina Larkina, center, with complicate its attempt to re- than Ms. Merkel, is seen as a andhis protest movement. two of her daughters, in Kaliningrad, where rising unemployment sparked protests this year. tain control of the chancellery. strong leader by 57% of Ger- “If it were up to me, Putin Ms.Merkel, one of the lon- mans and 40% would likehim would stay another 20 yearsin those Mr. Putin counts on for years,” he added. dentsconsider his sentenceto gest-serving democratic lead- to become chancellor,accord- power,” said fashion designer his continued rule—a long- Furthermore, manyRus- be fair,the datashows. ersofthe postwarera,will bow ing to the Forsa poll. IrinaLarkina from her home standing base and an equally sians don’t consider Mr.Na- In acountrywheremany out of politics after16yearsas The leadership of the CDU, in adrabapartment block in large classofRussians who re- valny, sidelined and discred- depend on jobs in sectors chancellor in September. however, opted forMr. Laschet this Russian city on the Baltic main politically detached. ited by theRussian judicial owned by or linked to the gov- Armin Laschet, chairman of in avoteMonday. Mr.Söder, Sea. “He’sthe one who has But Mr. Navalny’s support- system throughout much of ernment, manyare reluctant Ms.Merkel’sChristian Demo- who is chairman of the Chris- boosted our living standards ers are fighting an uphill bat- his political career,tobease- to speak out against the gov- cratic Union and statepremier tian Social Union, the CDU’s and given us respect for our- tle. rious contender.And fora ernment, especially in the cur- of North-Rhine Westphalia, Bavarian sister party,con- selves again.” Even amid falling living countrythat has along history rent downturn. Russia’s state will lead the bloc’selection bid. ceded Tuesdayand vowedto Aportrait of two Russias, standards, Western sanctions of political tumult, many dis- sector makes up between 40% Mr.Laschet generally has support Mr. Laschet. The two polarizedbythe two-decade and promises from Russian au- and 50% of the country’secon- supported Ms.Merkel’scen- parties contest federal elec- rule of Mr.Putin, has emerged thorities to ban Western social omy, while large portions of trist, sometimes left-leaning, tions as a bloc. in the wake of astandoff be- networks such as Twitterand Sociologists say the the privatesector arealso of conservatism. He has Thebloc’ssupport has tween the Kremlin and Mr.Na- TikTok,Mr. Putin continues to loyal to the Kremlin. backed her liberal asylum pol- dropped to 28% from 39% last valny. Theopposition politi- enjoyenviable approval rat- Kremlin can count Andrei Gikalo,39, who works icyand her championing of year, according to a poll by cian has been on ahunger ings. Sociologistssay while on approval ratings forthe municipal government, economic ties to China and INSApublished Tuesday. Poll- strike for nearly three weeks few mayfeel deep support for says he isn’t adeep supporter RussiadespiteU.S.objections. stersmainly attributethe loss to protest what he calls prison Mr.Putin, the Kremlin can of around 60%. of Mr.Putin, but believes he is Yetthe 60-year-old, who be- of support to the government’s authorities’ refusal to grant continue to count on approval the only person strong enough came chairman in January,is pandemic management, which himadequatemedical treat- ratings of around 60%. to lead acountryasbig and relatively unpopular with vot- is perceived as erratic,ineffec- ment. On Monday, he was ad- “There’sapoint at which chaotic as Russia, even if it ers. Arecent representative tiveand economically costly. mittedtoaprison hospital. popularity won’t fall any fur- trust his protest movement. means accepting the corruption poll by Forsafound that 35% of TheCDU’s main rivals,the His supporters say his health ther,” said LevGudkov,head of Sincehis return to Russia, that plagues Russia—one of the conservativevoterswould ei- Greens,acenter-leftenviron- deteriorated dangerously. independent polling organiza- his detention and the firstpro- main targetsofMr. Navalny’s ther vote foranother party or mentalist party,are the second- Mr.Navalny’sdetention this tion . test that followed, mistrust in protest movement. abstain in September if he were largest political forcewith 21% year sparked Russia’s biggest “The countryhas fallen into Mr.Navalnyhas risen to 56% “Among my circle of nominated. Only 19% would like support, the same poll says. nationwide protest movement two camps,but the Kremlin from 50%, according to data ,noone is interested in to see Mr.Laschet become According to the latest poll- in nearly a decade. At parlia- knowsthereisawealth of from Mr.Gudkov’s Levada Cen- politics,maybe some have just chancellor,the poll found. ing,the most likely coalition mentaryelections this year,al- support it can still draw from ter. Nearly half of Russians be- thrownuptheir hands in frus- Mr. Laschet’s unsuccessful to emerge from the September lies want to use that momen- within the population, even lieveMr. Navalnywas rightly tration,” he said. “But IknowI rival forthe candidacy, Bavar- ballot would be between the tumtomakeinroads among though it’s fallen in recent imprisoned and 48% of respon- don’t want Navalny.” ian Premier Markus Söder,en- conservatives and the Greens.

IntelligenceCommittee. “So it’s U.S. officials estimatethat Russian something not only the United thereare currently as manyas States, but also our allies have 80,000 Russians in Crimea and to take very seriously.” near Ukraine. That is nearly Forces Near Biden administration offi- double the Russian forcede- cials have been preparing op- ployedthereabout four weeks tions to provide lethal and non- ago, the officials said. TheEu- Ukraine lethal militaryaid to Ukraine in ropean Union’sforeign-policy the event of aRussian attack. chief, Josep Borrell, put the Theoptions include antitank, number at morethan 100,000, ContinuedfromPageOne antiship and antiaircraftsys- which he said would makeit leveragetocoerce Ukraine,cur- tems,aperson familiar with largerthan the forcethe Rus- rent and former officials said. the deliberations said, though sians deployedwhen they “They have appropriately de- they haven’t yetbeen pre- seized Crimea in 2014and sent ployedthe various elementsof sented to President Biden fora troops intoeastern Ukraine. airpowerthat would be needed decision. Theadministration is One U.S. militaryofficial to establish air superiority over also considering moreeco- said the Russian forcecur- thebattlefield anddirectly sup- nomic sanctions against Russia, rently includes 48 battalion port the ground troops,” said administration officials said. tactical groups,which consist Philip Breedlove, aretired U.S. Russia’sdefense minister, of several hundred soldiersand Air Forcegeneral who served as Sergei Shoigu, said last week officerseach. U.S. intelligence, the topNorth Atlantic Treaty that the countrywas conduct- however, hasn’t yetspottedall Organization militarycom- ing exercises in response to of the logistics capabilities and mander when Russian forces moves by NATO that “threaten supporting unitsthat would seized Crimea andintervened Russia” andhas accused generally be used forasignifi- in easternUkraine in 2014. Ukrainian authorities of trying cant assault acrossthe border Gen. Breedlovesaid the to stoke up tensions. intoUkraine,including ammu- photos indicated that the Rus- Thesatellite photos were nition stockpiles and deploy- sian unitsweren’t poised to takenbetween March 27 and able hospitals,the official said. strikeimmediately but said April 16 by Maxar Technolo- Su-34 aircraftatthe Moro- Moscow has multiple options gies,acommercial satellite zovsk base east of Ukraine had to take military action. andimaging companythat been moved to the flight line, Central IntelligenceAgency provides extensiveimageryto the satellitephotos show, a Director William Burns pro- the U.S. and other Western step that indicates ahigher vided a similar assessment to governments. Dan Jablonsky, state of readiness. Congresslast week,noting the company’schief executive, “This is not ademonstra- that the Russian deployments said it wasmaking the unclas- tion.Itispreparation fora might be intended to intimi- sified photos public because of major offensive,” said Phillip MOORISHGRANDEUR datethe Ukrainian govern- acommitment to transpar- Karber,president of the Poto- LOUISCOMFORT TIFFANY ment and send amessageto ency, but hadn’t been asked to mac Foundation, aU.S.think the Biden administration. do so by the U.S. government. tank. “I am not predicting an “That buildup has reached “I think it removes some of attack,but within two weeks it Creative .Raremedium. Inspired the point where, youknow, it the uncertainty and doubt will be an option at the Rus- artistry. This original watercolor was could also provide the basis for about what is really happening sians’ discretion.” paintedbyone of thegreatestartistic alimited militaryincursion as in afairly critical region of the Other expertssaid President mindsinAmericanhistory, Louis well,” Mr.Burns told the Senate world,” Mr. Jablonsky said. Vladimir Putin of Russia might ComfortTiffany.The work captures be trying to pressureUkraine thefamed Moorisharchesofthe to resume the supply of water Alhambra in Granadawithrichcolor to Crimea, which Kyiv authori- andarchitecturaldetail, displaying the ties cut off afterthe Kremlin Orientalist stylethatdefinedmuchofhis annexedthe peninsula. output. Renowned forhis extraordinary In Ukraine,the troop buildup has leftmanyguessing about glass andjewelry creations with Mr.Putin’sintentions seven TiffanyStudios,Tiffany beganhis career as afine artist,and yearsintoaconflict that has todayhis paintingsare ararityonthe market.Circa 1874. 3 3 1 3 claimed morethan 14,000 lives. Paper:14/8”h x11/8”w;Frame:24/4”h x18/4”w. #31-2894 “In afew weeks from now they will be close to sufficient combat readinesstopursue a militaryescalation. By our esti- mations,their combined mili- OGIES tary forcewill reach over

CHNOL 120,000 troops by then,” Ukrai- TE nian Foreign Minister Dmytro R

XA Kuleba told the Journal in writ- MA tencomments. “Wedon’t know 622 RoyalStreet,,LA•877-677-2801 •[email protected] •msrau.com whether Putin will decide to at- © 2021 tack,but he will certainly be Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. GE ready to do so.” Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. IMA —Gordon Lubold in Washington and TELLITE

SA James Marson in Brussels Asatelliteimage shows Russian Su-30 aircraft in Crimea Thursday. contributed to this article. P2JW111000-0-A01000-1------XA

A10 | We dnesday, April 21, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE S

IRS Is Key NEW G

To Biden’s OOMBER BL O/ AG Big Agenda DR AL S; NEW

ContinuedfromPageOne G including thousands who pur-

sued taxavoidanceand an- OOMBER sweredtaxpayers’queries.It M/BL

opens about half as many RU

criminal investigations as in CO 2010.Infiscal 2019,the per- MUEL

centageofindividuals audited SA reached itslowest level in at : least 40 years. LEFT Theresult: At least $381 OM FR billion in taxesowedgoes un- IRS headquarters in collected annually, according Washington, left. IRS to agencyestimates fortax Commissioner Charles Rettig, years2011 through 2013.Infla- above, said that as much as $1 tion and budget cutssince trillion in taxes owed goes then mean the current number uncollected annually. is likely much larger, and IRS Commissioner Charles Rettig getting an opportunity to look Audit Slide ualtax returns and other in- the enforcement budget is said last week that it could be at the IRS differently.” formation the IRS receives, down 25%, according to Janet as high as $1 trillion annually, In other waysthe IRS As the IRShas shrunk in recent years, the percentage of improving compliancewithout Holtzblatt, a former Congres- which is morethan the annual seems hopelessly broken. Tax- individuals audited has declined. audits. sional Budget Officeexecutive defense budget. payers wait longer to get KeyIRS enforcement Audit ratesbyyear† At itscore, the agency’sad- who is nowatthe Urban Insti- Getting morethan half that phone calls answered—or personnel at end of fiscalyear* vocatessay,what the IRS tute, apolicyresearch group missing money would require never getthem answeredat needs is morepeople,particu- in Washington. much more intrusive enforce- all. Paper taxreturns and 25,000 15% larly skilled agentstodig Budget cutscascaded ment. But picking up the easi- other correspondencepiled up through the finances of through the agency. Abbey est quarter could yield as in trailerslast year,and the Returns over$1million wealthypeople,complexpart- Garber, alawyer who super- much revenue as Mr.Biden’s agencyisstill working through 20,000 12 nerships and companies,and vised small-business cases in proposed corporatetax-rate the backlog.The IRS errone- that can’t happen overnight, the Southwest before leaving increase.Tothe agency’sback- ously sent hundreds of thou- 15,000 9 even if Congress is willing to in 2018,said it became harder ers, this is ano-brainer,the sandsofwarning notices to throw billions at the agency. to preparefor trials because rare government program that people whose returns were Newworkershavetobere- auditorslacked time to do more than pays for itself. caught up in those delays.Au- 10,000 6 cruited and trained, which re- morethan hand files to law- IRS officials have prepared dit ratesdropped steadily quires pulling experienced IRS yers.Agroup of economists a six-year turnaround plan to since funding peaked in 2010, employees out of the field who analyze ’ trans- modernizeaging technology so manynoncompliant taxpay- 5,000 3 temporarily,said Deputy Com- actions shrank from 20 to and improvecustomer service. ersget away with not filing or All individuals missioner SunitaLough.Then four,Mr. Garber said. “Stuff Mr.Rettig,aveteran not paying. it takesseveral yearsbefore would just end up in the queue 0 0 taxlawyer who wasappointed A recent inspector general’s they areproducing revenue and not be able to come out of by then-President Donald inquiry found that a group of FY 2010’12 ’14 ’16 ’18 ’20 2010 ’12 ’14 ’16 ’18 and operating at full strength, there,” he said. Trump and whose term lasts taxpayers with averagein- particularly as they work com- Doreen Greenwald, a reve- *Fiscal year ends Sept. 30 †Rate represents audited returns as ashareofreturns filed in the prior until November 2022, has comes of $1.6 million had un- calendar year. plicated, contentious cases in- nue officer in Milwaukee who been seeking billions to imple- collected balances topping Source:Internal Revenue Service volving high-incometaxpayers is currently on leave, said the ment it. $2.4billion. Thereport or partnerships. number of such employees col- warned that such noncompli- quick profits. arise when the IRS challenges “Ifweget funding—let’ssay lecting unpaid taxesinWis- ancebyhigh-income individu- In 2016,the IRS labeled the estates and large businesses. tomorrow or next year—for a consin dropped from 100 to Political support als can have corrosive effects syndicates questionable and Democratsare considering lot of revenue agentsthat about 30.She estimated that it Democraticcontrol of the on taxadministration and fur- required participantstohigh- changes to estateand capital- would be fantastic,but the re- would take five or six yearsof WhiteHouse and Congressen- ther the perception that the light the transactions on their gains taxes, which would gen- sultstakealong time,” Ms. hiring and training to rebuild sures political support for taxsystemfavorsthe wealthy. taxreturns so the government eratemoresuch fightsover Lough said. that capacity.“Thefear is that funding that plan, the new Anew study from IRS re- could identifythem moreeas- what businesses’ assetsare The Obama administration if you’re not out there knock- law’sprovisions and tougher searchersand academic econ- ily for audits. It filed the first worth. boosted IRS funding from ingondoors, people notice,” enforcement—for now. There- omists estimated that the top criminal chargesinlate2020. Though it gets much less $10.9 billion in 2008 to $12.1 said Ms. Greenwald, a former lief lawgives the IRS about $2 sliver of high-income Ameri- TwoGeorgia promoters attention, tax dodging also is billion in 2010 and 2011. It chapterpresident at the Na- billionfor implementation and cans dodges significantly more pleaded guilty to conspiracyto common at small businesses, also leaned on the tax agency tional TreasuryEmployees modernization. Agencyoffi- in taxesthan previously defraud the U.S. in acase in- according to IRS estimates.Al- to implement priorities: the Union. cials saythat money will ac- thought. most no wage-earners under- 2009 stimulus lawand the Thelevel of service—the celeratelong-overdue com- Aging technologycan make report their incomes,because 2010 Affordable CareAct, shareofpeople wanting and puter revamps,but emphasize it hardfor employees to track At itscore, agency they knowtheir employers along with a2010 lawaimed receiving telephone assistance that they need support to con- cases acrossthe system, re- send the IRS a W-2 form dis- at curbing Americans’ use of who getit—wasbelow50% for tinue,which is never acer- quiring multiple calls and let- advocatessay,what closing salaries and withheld offshore accounts. much of last year’s filing sea- tainty. The Biden administra- terexchanges.That canbe theIRS needs is taxes. Those laws came with ur- son, according to the Govern- tion’sfirst budget calls for particularly hardonlow-in- Manycash-dependent res- gent deadlines,requiring the ment Accountability Office. another $1.2 billion boost over come people who can’t afford morepeople. taurantsand rental-home IRS to createsystems and “The public is getting baseline funding,plus $417 lawyers and accountants. owners, though, arelargely forms,push other work to the shortchanged,” said Rep.Rosa million as part of a multiyear IRS enforcement is ham- black boxes to the IRS. With- back burner and pull employ- DeLauro(D.,Conn.), chair- increase in enforcement. pered by the complexity of out withheld taxesorthird- ees from other projects. woman of the House Appropri- “A healthyIRS is very im- tax-avoidancestrategies and volving $250 million in taxes. partyreporting of income, ations Committee, who backs portant to ahealthycountry,” sophisticated opponents with But the deals persist, partly noncompliancereaches 55%, asubstantial funding increase. said Jeffrey Tribiano,the dep- theresourcesand incentives because promoterscan flood the IRS estimates.Of$352 bil- Funding cuts Ms.DeLauroisanarchitect uty commissioner who over- to risk auditsand court bat- the system with transactions, lion in taxes uncollected annu- OnceRepublicans took con- of the expanded child tax sees information technology tles. Disputes with multina- setting aside money in each ally in tax years 2011 through trol of the House of Represen- credit, which requires the IRS andback-officeoperations. tionals such as Facebook Inc. deal to fight the government 2013 because of underreported tatives in 2011, additional to do something unusual for “Weneed consistent, timely drag on for years. and knowing the IRS can’t income,$110 billion wasat- money started drying up.Like it—todistributemonthly ben- and multiyear funding,and we challenge them all. tributable to businesses,often other agencies,the IRS washit efitspayments. That means need increases.” In 2013, one group claimed small, that pay through their in the fiscal-austerity push processing frequent updates of In recent years, Republicans Difficult cases a$6.9million deduction on owners’ individual returns, that culminated in the 2011 addresses and bank accounts. haven’t been pushing to fur- Theagency’s multiyear land in Tennessee.Tochal- andanadditional $45 billion budget deal between then- TheIRS will draw on experi- ther shrink the IRS,but they campaign against so-called lengeit, the IRS needed itsau- to self-employment income, President and ence from stimulus payments haven’t voiced support for syndicated conservation ease- ditors, an in-house forestryex- according to the IRS. congressional Republicans. andreach out to people who Democrats’ drive to dramati- ments shows howtime-con- pert, adrone-based video TheIRS plans to address In 2013,the agencyapolo- typically don’t file taxreturns cally expand enforcement. GOP suming and labor-intensive it camera showing rows of some of itsshortcomingswith gized forgiving extrascrutiny to get them into the system. lawmakers backed the recent canbetotakeonhigh-income trees, ateam of lawyersand technology, including dataan- to some conservativegroups Last week,Sen. Chuck increasesinIRS funding and taxpayers.Inthese land deals, expert witnesses.The court alytics to guide enforcement seeking nonprofit status,a Grassley (R., Iowa)said he was last year’s one-time boosts to landownersdonaterightsto case required analysis of tim- work.Technologyalready controversy that cost the act- concerned that programs like implement the pandemic re- develop their property to con- ber economics and residential means the government no lon- ing IRS commissioner his job. the child-tax-credit payments sponse. servation groups.Those re- real-estatedevelopment ab- gerneeds armies to process Republicans further tightened push the agencyaway from its Aturnaround takesmore strictions reduce the value of sorption rates in middle Ten- paper returns.Automation and the IRS’s purse strings. Their core tax-collection mission. than money.Itisamanage- theland, and the landowner nessee after the financial cri- self-service, likethe popular argument: The IRS proved it- While the administration ment challenge as complex as canclaim that diminished sis. TheIRS finally prevailed “Where’sMyRefund” web self abad steward of federal hasn’t detailed itsfull plan for the IRS itself. The agency is a value as acharitable deduc- in a2019 trial when U.S. Tax , free employees to take money and didn’t deserveany the IRS,Mr. Biden called for collections company, police tion. Developers and promot- Court Judge David Gustafson more complex calls. more. more enforcement during his force, lawfirm, financial insti- erscreated amini-industry denied the deduction and im- TheIRS also developed Even aftergetting the $2 campaign and the corporate tution, call center and high-se- that relies on aggressiveap- posedpenalties.But the ver- fraud-detection systems that billioninone-time money to taxproposal in his infrastruc- curity information-technology praisals to channel taxbreaks dict has been appealed, and prevented billions of dollarsin implement the coronavirus re- tureplan emphasizes taxen- shop rolled into one. It oper- to people trying to cut their thereare dozens moresuch erroneous refunds.Document- lief programs, the IRS’s infla- forcement. His TreasuryDe- ates with politicalconstraints bills.They makemoney on the cases in the pipeline. matching programs identify tion-adjusted budget is down partment has hired University no privatecompanyfaces, deals while offering investors Similarvaluation disputes discrepancies between individ- 7% since fiscal year 2010, and of Pennsylvania economist such as budgetsthat fluctuate Natasha Sarin, a leading aca- with election resultsand push- demicadvocatefor boosting back from influential busi- IRS funding. nesses large and small when it TheCongressional Budget ramps up enforcement. Office estimates that an addi- “IfIhadn’t lived in Wash- tional $20billion forenforce- ington for50years, Iwould ment would yield $60 billion say, ‘Wow,this is the moment, morerevenue,while other an- definitely,’ ” said Charles Ros- alystssay the deterrent effects sotti, aformer IRS commis- and tougher information-re- sioner who has urgedsus- porting rules could yield up to tained attacks on tax $1 trillion over a decade. avoidance. “I’m alittle more Democrats have signaled a cautious.” willingnesstofund such an ef- TheIRS’srecent record has fort. been mixed, at times offering Fornow,atleast, some Re- glimmers of what Democrats publicans seem willing to give seek.Itnotched court victo- the IRS moremoney.Rep. ries against Coca-Cola Co., SteveWomack (R., Ark.), the Whirlpool Corp. and promot- topGOP member of the sub- ersofland-rightstax-break committeeoverseeing IRS deals.Itimplemented amajor funding, said he has been im- taxlaw after2017, then imple- pressed with Mr. Rettig. mented more changes during “I don’t hesitateatall to the pandemic with employees help deliver what he believes working from home.It he needstohelp executehis churned out hundreds of mil- mission,” Mr.Womack said. lionsofstimulus checks last But he said he wants to make spring,faster than in 2008, sure the public gets areturn then beat that paceinthe sec- on additional investment, and ond and third rounds. he worries about the agency “The IRS was able to dem- /REUTERS taking on newresponsibilities onstrate that we are a can-do outside its core areas.

agency,” said Corbin, the BRENNER “They’vegot atough job chief taxpayerexperienceoffi- M anyway,” he said. “Remember: TO cer. “American citizens are President Biden, shown signing the Covid stimulus package on March 11, is considering tax increases on companies and top earners. It is the IRS.” P2JW111000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, April 21, 2021 | A10A GREATER De Blasio Looks to Curb Gun Violence

Mayor's plan includes system, the mayor said. youth-led crewsfor manyof than doubling thenumber of Aspokesman forthe Office help detect shootingsand con- “Weknowthat investing in the shootings. available jobs to 2,000 from of Court Administration said tinue to work with community redeploying officers, our young people makes ahuge TheNew York PoliceDe- 800during the summer and the next incremental step for partnerstodrivedowncrime. investing in activities difference,” Mr.deBlasio said partment hasseized more throughout the year,the resuming full court operations Thepolice’sstrategyisto at aTuesdaynewsconference. guns so far this year than at mayor said. is May 24, although some ar- work with the community in for young people “Weknowthat part of the anypoint since1996,but it Moreover,officials have com- eas would still hold virtual efforts to stop shootings and strategytokeep people safe, an isn’t helping to bring down mittedtorefurbishing basket- proceedings. to encouragepeople to come BY KATIE HONAN essential part, is bringing com- shootingsand homicides since ball courtsatparks and public- TheNYPD also is relaunch- forwardafter crimes arecom- munity and policetogether.” the start of the pandemic. housing developmentsaround ing Ceasefire, a program that mitted, Chief Harrison said. NewYork City MayorBill Theannouncement comes Shooting incidentsare up the city,and hosting other works with community organi- “We need the community’s de Blasio unveiled new initia- as thecity struggles with a morethan 56% compared with events targeted toward young zations to speak with young help,” he said at the news con- tives aimed at reducing an up- surgeofgun violence unlike this time last year,to300 people in areas with higher people about the danger of ference. “But it’sgoing to be a tick in gunviolence that has anything it has seen in the from 192, according to data. crime,according to officials. joininggangs, according to partnership,strengthening plaguedthe city during the past 20 years,after bringing Thenumber of shooting vic- Fully reopening the court Chief of Department Rodney neighborhood policing,getting past year. crime down to record lows. tims has increased to 335 from system is another way the city Harrison. back to the build-a-block Theinitiative, dubbed “Safe Mr.deBlasio,aDemocrat, 220through the week ended hopes to bring down crime,Mr. Additionally,the NYPD will meetings, making sureitisdi- Summer NYC,” focuses on haspointed to the Covid-19 April 11. de Blasio said, as well as col- shiftits policepresencetoar- alogue,making surethereis community investment, rede- pandemic as one reason for Part of the city’s effort is laboration with multiple city eas with known violencefrom communication.” ploying policeofficersand im- the increase.Policeofficials investmentsintoactivities for agencies and each borough’s gangsand crews, expand its —Ben Chapman provementswithin the court also have blamed gangs and young people, including more district attorney’s office. ShotSpottertechnologyto contributed to this article. MTAImprovements Threatened Amid Covid Revenue Losses

BY PAUL BERGER nually on capital projects, be- low a target of $7.1 billion. TheNew York Metropolitan At the beginning of the Transportation Authority’s pandemic,inspring of 2020, $55 billion plan to modernize the authority froze most of its subways,buses and commuter capital spending as revenues rails is at risk because of reve- from fares,tolls and dedicated nue losses and increased bor- taxesplummeted. It has bal- rowing caused by the pan- anced and expects to balance demic, according to a report. itsoperating budgets, of about NewYork stateComptroller $17billion annually,for the JOURNAL

Thomas DiNapoli,inanannual period 2020 through 2023 REET

report on MTA debt, said the with the help of nearly $15 bil- ST authority might need to cut lion in federal Covid-19 relief LL several billion dollarsfromits and a $2.9 billion loan from a WA THE

five-year spending plan unless short-term lending program R

it canreduceexpenses or find set up by the Federal Reserve. FO new sources of revenue. Mr.DiNapoli’sreport said the

“The MTA’smounting debts authority mayhavetodeduct MILANO and devastated revenue make the$2.9billion from itscapital

it unlikely that it canaffordall budget when it repays that JOHNNY the work it planned,” he said. loan. Mr.Donovan, said such as- Mayor Kathleen Mulcahy said her village of Sag Harbor is considering allowing cannabis sales because it doesn’t want to lose tourists. TheMTA’s debt burden, sumptions areprematureand which has tripled during the that theMTA hasn’t decided past 20 years, will reach nearly howitwould repaythe debt. Hamptons Weigh Approach to Pot $47billion by 2023,Mr. Di- Because of the capital Napoli said. Debt repayments spending freeze, the MTAspent areprojected to consume 23% $5.4 billion on capital projects of operating revenues by 2024, in 2020,short of its$13.5 bil- BY RICH CALDER likebreathalyzers used by po- eratemillions of dollarsinex- sales because it also doesn’t he said, compared with an av- lion goal. Thefreezedelayed licetomeasurealcohol intoxi- traShinnecock revenue yearly. want to lose tourists. “We erageofabout 16% over the projectstoadd newsubway es- Communities throughout cation, authorities lack a Southampton Town Super- don’t want touristschoosing past decade. calatorsand , and to Long Island’sEast End are universal standardtomeasure visorJay Schneiderman said Martha’s VineyardoverSag A spokesman for the MTA, bring serviceonthe authority’s grappling over whether to opt drivers’ impairment from pot. thetown’sboardhas yetto Harbor because it has stores Aaron Donovan, said the au- Metro-North Railroad to New out of anew statelaw that le- Governing bodies in some decide whether it should ban to buy marijuana in,” she said. thority would be able to com- York’sPenn Station. galized the sale of recreational municipalities—including the marijuana sales,adding mem- Southampton Town sets pletecapital projectsfaster MTAofficials said earlier marijuana foradultsbeginning Town of Hempstead in Nassau bers are split on the issue. policyfor unincorporated vil- and less expensively than be- this year that they expect to next year. County—havesaid they would He said he believes South- lages,orhamlets, within its fore because of arecently cre- spend between $7 billion and Under legislation signed opt out of the law. ampton should allowsales and borders, including East Quogue ated division that oversees $10 billion on capital projects into law by Gov. Andrew Communities that makeup focus on regulating wheremar- and Hampton Bays.However, construction and development. in 2021 thanks to the federal Cuomo last month, recreational the largely affluent region ijuana canbeused and sold. incorporated villages within TheMTA has aspotty re- Covid-19 relief,which has use of marijuana by people 21 known as the Hamptons in Suf- “Marijuana will be readily thetown—including SagHar- cord of achieving itscapital- taken some strain off operat- and older is nowlegal state- folk County faceanother issue: available locally regardless,” bor,Quogue and Southampton spending goals.The comptrol- ing budgets. Mr.DiNapoli’sre- wide.But cities,towns and vil- Proximity to the Shinnecock Mr.Schneiderman said. “So,if Village—will gettodecide sep- ler’s report notes that between port notes that many funding lages have until the end of Indian Nation, aself-governing the town optsout, it is opting arately on the opt-out through 2016 and 2019,the MTAspent sourcesfor the capital spend- 2021 to decide independently tribe preparing to moveahead out of the sales tax—not the atrustee boardvoteorarefer- an average of $5.8 billion an- ing remain at risk. whether to prohibit cannabis with amultimillion-dollar re- use—because of the availabil- endum question put to voters. sales within their jurisdictions. tail marijuana business. ity at the Reservation.” Ms. Mulcahy said Sag Har- NewYork City and other Thetribe—whose 800-acre He estimated recreational bor’s boardwill wait until the politically progressivepartsof reservation is located in the marijuana sales could generate summer to decide but plans to the EmpireState arelargely Town of Southampton—began an extra$1million in annual introduce legislation as early embracingthe newindustry, cleanup work Mondayona sales-tax revenue forthe town. as next month to ban pot projected to createupto former trash dump sitewhere Under the newlaw,the smoking on itsbeaches,parks 60,000 newjobs and generate it plans to build a30,000- statecollectsa9%tax on re- and Main Street business dis- $350 million annually in sales- squarefoot medical-marijuana tail marijuana sales,munici- trict. Officials in Quogue and tax revenue statewide to help retail and cultivation facility. palities collect 3% and coun- Southampton Villagesaid they fund education,anti-addiction BryanPolite, the tribal ties collect 1%. However, state have yettodecide whether to S programs and other initiatives. chairman, said the tribe also and local governmentscan’t allow cannabis sales.

NEW However, leadersinmore would build aseparatemedi- collect taxesfromcannabis In East Hampton Town— G moderate and conservative cal-cannabis dispensarynearby sales on tribal land because of which also setspolicyfor Mon- suburban communities on on Montauk Highway,and said itssovereignty,Mr. Politesaid. tauk and other —its OOMBER

BL Long Island areweighing thereiswidespread support TheShinnecock Nation will supervisor,Peter VanScoyoc,

T/ whether the additional reve- throughout the Shinnecock Na- createaseparatetribal feeon said he supportsallowing pot VEL nue and jobs areworth the po- tion to expand intorecre- cannabis sales comparable to sales but doesn’t expect the TER tential problems,including ational-marijuana sales. local taxes charged by neigh- town boardtodecide on the

WES hostingcannabis establish- He said he expectstribe boring communities,headded. issueuntil the summer.

NINA mentsintypically family- trustees to approverecre- SagHarbor MayorKathleen East Hampton Villagewill The MTA’s plan to upgrade the system could be derailed unless it friendly businessdistrictsand ational salesthis summer,a Mulcahysaid her villageis decide on theopt-out sepa- cuts expenses or finds new revenue sources, a report says. increased druggeddriving.Un- movehepredicted would gen- considering allowing cannabis rately. Sheep Have Their Work CutOut forThem on GovernorsIsland

BY CHARLES PASSY deal with the two species, Theplan is to movethe phragmites (also known as the sheep from one to an- Talk about taking along common reed) and mugwort. other during the coming lunch break. In particular,trust officials months,according to Mr.Gore. Thenewest employees on wanted to limit growth of the It takesabout two to three GovernorsIsland arespending invasivespecies in the Ham- days forthe crew of five to their days doing nothing but mock Grove, aforest-style set- tackle each area. In addition to eating—in fact, that is their ac- ting that is being developed chowing down on invasive tual job.But the spread is a with the planting of some species,the sheep eat the limitedone,consisting espe- 1,200 trees. grass, which cutsdownon cially of two invasiveplant spe- As Malcom Gore, senior gar- maintenance. Their diet is sup- cies that island officials would dener forthe Trust forGover- plemented with other foods,

very much liketokeep in check. norsIsland, explained it, the ISLAND includinghay and grains. In other words, the sheep trees would thrivebetterwith But the animals don’t have arrived. such landscaping efforts. But bother with tree bark,which Theisland is the most recent because the forest area has un- VERNORS makes them abettercandidate GO

green spaceinthe city to use even terrain, lawn equipment R for the job than tree-loving FO

farm animals to control plant isn’t always forthe job. T goats, Mr.Goresaid. Theproj- growth and clear fields.Stuyve- “I’vebeen mowing forthe US ect’sgoal, afterall, is to ensure sant CovePark in lowerMan- past two yearsand it’salot of /TR the health of the trees so the

hattan brought in goatslast work,” he said. HAER area will become atrueforest. year to do some landscaping. Enter the five sheep,named SC Thesheep don’t come free, Thereishistorical precedent Chad, Flour,Evening,Philip Ar- however. Mr. Gore said that

as well: ’sSheep ies,and Sam, that have come JULIENNE the trust is paying Tivoli Meadow takesits name from its forthe spring and summer These sheep were brought to to help control the growth of invasive plant species. $4,500 to rent the animals. very connection to the animal. seasons from Tivoli Lake Pre- Still, he and other island of- In the case of the 172-acre serveand Farm in Albany. space’ssteward,said it wasan through the NewYork City they focused on the task at ficials consider it a good in- GovernorsIsland, much of Kim Tateo, executivedirector adventurebringing the sheep streetsand the animals had to hand: grazing and moregrazing. vestment. Thesheep take on whichisoverseen by anon- of the Friends of Tivoli Lake down earlier this month, partic- contend with the commotion. Plus, Ms. Tateo said, “They another important task,he profit trust, the farm animals Preserveand Farm, anonprofit ularly when the transport vehi- But Ms.Tateo said that once the seem to likethe attention” said: “They also naturally fer- were seen as a helpful way to organization that serves as the cle started making itsway sheep arrived on the island, they getfromGovernorsstaff. tilizethe ground.” P2JW111000-2-A010B0-1------NS

A10B | We dnesday, April 21, 2021 NY ** THE WALL STREET JOURNAL.

CERT

CERTARA ACCELERATING MEDICINES WITH BIOSIMULATION

Certaraisthe global leader in biosimulation, apowerfuland proventechnology. We transform traditional drug development by helpingour customerscreate safe and effectivemedicines,faster.

To learnmore, visitwww.Certara.com Certaraisproudly listed on Nasdaq.

NeitherNasdaq, Inc. norits affiliatesmakes anyrecommendationtobuy or sell anysecurityorany representationabout anycompany’s financial condition. Investorsshouldundertake theirown duediligencebeforeinvesting.©2021. Nasdaq,Inc.All Rights Reserved.nasdaq.com P2JW111000-0-A01100-1------XA

FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. We dnesday, April 21, 2021 | A11

Covid rule.After afew seconds of quick thought, Ms.Mattingly came up with acompromise: She would start on the oppositeend of the lane. Families arefacing awkward- nesstoo.Earlier this month, after the CDC issued newtravelguide- lines forvaccinated people,Pa- mela Zimmer called her daughter to let her knowshe received her second vaccine and that she couldn’t wait to visit. “I said, ‘I

He decided on a ‘light, halfhearted handshake,’ he says. ‘Totally awkward.’

am ready,’ ” says Ms.Zimmer,a 67-year-old retired leadership de- velopment coordinator in Brook- field, Wis.,who hasn’t seen her O

TT grandchildren Hank,6,and Lena,

BUGA 3, sincelast October. Her daughter,however, wasn’t sure. While Natale Zimmer,a41- DOMINIC year-old communications consul- BY tant in Silver Spring,Md., and her ION

AT husband have received their first

TR shots, their children aren’t vacci- US

ILL nated. With grandparentseager to visit, “We’vehad awkwardcon- versationswhereI’vesaid, ‘I’m BY ANNE MARIE CHAKER not sureitisthe right thing right now,’ ” she says,concerned about fter playing a softball Navigating theNew the possibility that grandparents game earlier this could still transmit the virus to month, Kevin Carlson, the children. a Washington, D.C., She still wantsthe grandpar- A real-estate agent, was Post‑Vaccine Etiquette entstotakestrict precautions, introduced to a team- such as quarantining forseveral mate’s friend as they walked off days upon arrival and taking a the field. Covid test. Pamela, her mother, Moments after some introduc- in times like these,” says etiquette lessrelaxed. professor at . nowsays she will likely wait until tory chitchat the unthinkable hap- expert Jacqueline Whitmore, Courtney Dennis,aschool “Now, it is exponentially ampli- everyone—including the children, pened: “The guy reaches his hand founder of the Protocol School of boarddirector in York County, fied because of newrules and in- when avaccine becomes avail- out and says, ‘I’m John.’ ’’ Palm Beach. ”We are entering un- Pa., says she has noticed in the dividual differences in howyou able—can be fully vaccinated be- In amatterofseconds,Mr. Carl- charted waters.” line at her grocerystore in recent approach risk.” fore visiting,ormight drive son, who hadn’t shaken anyone’s The CDC has relaxed guidelines weeks that morepeople aren’t fol- Terry Mattingly, a 46-year-old rather than fly. hand in over ayear,says he for fully vaccinated people. It says lowing the social-distancing mark- school psychologist and family me- When ElyssaGraywent to visit weighed everything from health it is now safe for vaccinated peo- ersonthe floor.Itmakes her un- diator, recently ran into someone her friend Leslie Hirsch, she risks to rudeness. Even though he ple to gather privately in small easy,soatfirst she tries to send she knew near the entrance to the walked up to her front door in Old had gotten his second Moderna groups without masks or physical asilent messagewith her body local gym. Ms. Mattingly wore a Westbury, N.Y. Theformer college shot last month, “all sortsofcalcu- distancing. It is also safe for vacci- language. “Ifitisastraight line, mask, but he didn’t—and he went roommates,now both 51 years lations went flowing through my nated people to travel without I’ll take alarge step to the side,” in for a hug. She balked. “Ohhhh, old, hadn’t seen one another in head,” he recalls.“Minimum con- quarantining afterward. But the she says.“Or the person will I’m not really hugging,” she recalls over ayear.Ms. Gray and Ms. tact? Maximum contact? Firm CDC also advises vaccinated peo- moveupinline,but Iwon’t,” she saying. She stepped back and per- Hirsch both received their second handshake?” In the end, he decided ple to continue practicing social says.Sometimes,her fellowshop- formed “that sort of air hug that shots, though Ms.Gray, an execu- on a“light, halfhearted handshake,” distancing and wear masks in pub- pershavefailed to pick up her people do,” she says. She got her tivecoach, still wore amask: She he says.“Totally awkward.” lic places. signals.Soshe’shad to turn second vaccine shot last month, waswithin two weeks of the sec- As people soldiered through Nearly half of U.S. adultssay around and stateitdirectly; “I’ll but is still finding her way toward ond dose and knewher friend had months of the pandemic, they got they feel at least somewhat more say, ‘Yeah, I’m just social distanc- what feels comfortable. autoimmune issues.“Iwas being accustomed to Covid-era social eti- relaxed about pandemic public- ing,’ ” she says. She had another awkwarden- cautious forher,” Ms.Graysays. quette: distancing, masking, avoid- health rules compared with last Thelack of clear social norms counter afew days later.While Ms.Hirsch, alawyer,recalls “I ing contact. But now as vaccina- winter,according to aCivic- nowflies against our desirefor swimming laps in an indoor pool, wassoexcited. Iwent to the tions rise, expectations around Sciencesurvey of morethan certainty,psychologistssay.“We another man approached her to door—and Isee her with her social interactions are changing 2,000 people this month. Of always have an implicit, deep- ask if he could sharethe lane. mask on.” She thought foramo- again—and nobody knows how to those,18% feel “much morere- seated worrythat we might of- “I’vehad both my shots,” he said. ment, asked her friend to take her navigate them. “There aren’t any laxed.” But 40% saythey feel the fend someone by what we say,” She hesitated, pointing to the sign mask off,“and we looked at each etiquette manuals I can reference same,and 9% at least somewhat says K. Luan Phan, apsychiatry indicating aone-person-at-a-time other and hugged.”

community and have no tolerance RobloxEnlists THE KEY PARENTAL for content or behavior that vio- account for your child and discuss Robloxdeems appropriate for lates our rules,” Mr. Malan said. Ratings to CONTROLS IN ROBLOX the controls you’re establishing and kids under 13.Italso lockscon- Some parentsIspoketohave your reasons for doing so. By indi- tacts so other players can’tsend seen role-playing that involved ram- cating a child’s real age, certain lan- messages to your child. Other pant talk of sexand avatarsbump- ControlRacy or now, there’s nothing in guage in the chat section communications ing up against each other. FRoblox that screams “parental will be filtered out. controls canbe I’veseen it myself,and it made Content controls.” Here’s how to set up a found in the Privacy me wonder howmuch exploration child’s account so they can play  Restrictinappropriate setting. is safefor young kids.Isthis the as safely as possible. Keep in games.Click the gear icon 21st-centuryequivalent of “playing FAMILY mind that nothing is foolproof: at the toprightofthe  Set up a PIN. ”? &TECH Kids can easily create alternate main Robloxwebpage,or In the Security set- Thedifferencehere, online JULIE accounts because no email ad- tap the three dots in the tings, parents can safety expertssay,isthat kids JARGON dress is required. app.Choose Settings, create a four-digit might not knowwith whom they’re then Securityand scroll to Account PIN required to change any set- engaging in such role-playing; it  Enter your child’s correct Restrictions.Toggling thatbar to tings. This can prevent kids from could be another curious 10-year- or many families during the birth date. It’s best to set up an greenlimits playtogames that disabling the other controls. old or it could be ateen or an adult. pandemic, the massive gam- “It’s considered normal curios- F ity if they’re similar ages. But ing platform Roblox has been a fun outlet to keep children busy when the age disparity is more and connected with friends. Its than two years, it’s questionable,” popularity among cooped-up kids  In a Roblox game known for said Kristen Jenson, founder and helped fuel a successful public de- sexual role-playing, a female chief executive officer of Protect but for the company, which relies avatar is seen, near bottom, Young Minds, a company that on its users to create games and wearing fishnet stockings. seeks to educate parents about the other content. dangers of pornography and child Yet this platform of 32.6 million exploitation. daily users—more than half of through the company’s website Elizabeth Milovidov, a digital whom are under 13—has some and on but never parenting coach, said that when dark corners. In some games, play- heard back. He decided to call it she conducts online safety work- ers’ blocky avatars simulate sex, quits on Roblox altogether. “I can’t shops, she urges parents not to engage in raunchy talk and “date” trust the platform,” he said. freak out when they learn their other avatars. While much of this Roblox said it plans to investi- children have explored sexual con- isn’t new, Roblox’s explosive gate his claims. tent or engaged in sexual role- growth has drawn fresh attention “Roblox was designed for kids playing online. to what’s happening at the and teens, and we have a responsi- “I tell parents to take the tech fringes—and what responsibility bility to make sure our players can out of the equation and to think the company has to protect its learn, create and play safely,” Mr. about how they would handle this young audience. Malan said. if they caught their child and a Roblox is now working on de- Thenew Robloxcontent-rating friend playing doctor,” she said. veloping content ratings for games system, Mr.Malan said, will pro- Still, she agrees with Ms. Jen- and on ways to make parental con- vide amorenuanced look at what son that the difference with online trols easier to find and use, said Roblox, only around 1,000 are on of the typical blocky visuals, there kids might encounter in aspecific role-playing is that the child Remy Malan, vice president of that curated list. was an actual photo. It was a game,giving parentsmorecontrol doesn’t necessarily know who’s on trust and safety for Roblox and its Bryan Buffinton, a dad in woman wearing a thong. And she over what they feel is and isn’t OK the other end. chief privacy officer. Tampa, Fla., had done his research had multiple scratch marks on her fortheir kids.There’snoway to re- Dr.Milovidov,who lives in Paris Even when children say they’re before he allowed his 8-year-old bottom. ally knowwhat aparticular game and onceconsulted with Robloxon under 13 when creating accounts, son to play Roblox. He read the After confirming that the ac- entails until youplayit. Mr.Malan aFrench parents’ guide,said she age-inappropriate games can show company’s guide for parents and count restrictions were still in said he couldn’t provide aspecific advises parentstohaveongoing up on their “recommended for knew how to restrict the games place, Mr. Buffinton said he time frame forthe content-rating discussions with their children. you” lists. his son could access. So he was started perusing the game. He rollout. “You canspeak to them in an age- Within the hard-to-find con- shocked one day last year when the word “sex” scrawled three Roblox employs a team of more appropriatemanner and ask if trols, parents can restrict the his son came to him with his iPad times across the top of the screen than 2,300 people to monitor they’veeverseen something that games kids can play in Roblox to and said, “I think something’s and a cartoonish depiction of sod- games for safety, using a combina- makes them feel ickyoruncomfort- those deemed appropriate by the wrong.” omy in the sky. He could hear mu- tion of artificial intelligence and able,” she said. “You canalso watch company. But of the tens of mil- The boy had entered a Roblox sic with racist lyrics playing. human moderators. “We work re- their behavior afterthey play—do lions of multiplayer games within role-playing game where, instead He said he tried to alert Roblox lentlessly to create a safe and civil they seem secretiveorupset?” P2JW111000-0-A01200-2------NS

A12 | We dnesday, April 21, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL.

the artist’s cryptic presence. “We’ve had thousands of hours of conversations over text, but I’ve Who Is never seen Pak or heard their voice,” said Pablo Rodriguez-Fraile, a mathematician and investor who owns at least 75 NFT pieces by Pak. Pak? Neither has Eric Young, a Bay area investor who won a 90-min- ute bidding war Wednesday over Sotheby’s plucked the Pak’s $1.4 million image of a me- dium-gray “Pixel.” Mr. Young said artist he has no idea whose art he is ac- from the NFT canon tually collecting. “Pak is not this warm and fuzzy persona,” he said. gaining steam online “He is in his natural environment in the meta, and he offers you his thoughts and BY KELLY CROW beliefs” on social-media IS PAK THE FUTURE of art? The $17m platforms like question continues to puzzle the Discord and art establishment after the enig- The total amount , Mr. matic digital artist who goes by a Sotheby’s Young said single moniker was ushered into collected during referring to the art world’s upper echelons last its Pak sale. the artist in week through a high-profile, three- male terms. day online auction at Sotheby’s Histori- that totaled $17 million. cally, collectors have paid as much The sale was the auction as $21.3 million for works by house’s first foray into the new Banksy, an anonymous street art- marketplace for non-fungible to- ist. And museums have bought kens, or NFTs. The sale also stood performance pieces by Tino Sehgal out to art-market insiders because even though the Berlin-based art- the creator behind it all isn’t well ist’s work doesn’t physically exist known to galleries or museums. and the artist refuses to sign bills The fact that Sotheby’s ele- of sale. vated the artist with a solo sale Scott Lynn, whose art-invest- anyway is the latest sign of Pak’s ment firm Masterworks.io buys

ascendance as the Pied Piper of K blue-chip art, worries because PA

virtual art—a creator long hailed & owners of NFTs don’t inherit the S

by a new generation of digital art- Y’ copyright—the artists retain that— ists and crypto investors whose and yet the images remain easily THEB

purchasing power could ultimately SO replicable. A “Basquiat that’s real affect art values overall. ‘100 Cubes’ is an NFT work by the anonymous digital artist known as Pak that sold at a Sotheby’s auction. and scarce and I can hang in my Everything about Pak is delib- home—that has value,” he said. “I erately opaque—much like the just don’t understand what people cryptocurrency markets that pro- crypto investor Colin Goltra, who ist, I see a face, not the work—so could conceivably be printed and are doing.” pelled the artist’s career. Pak is a logged on during the sale and re- I’m trying to separate the two,” hung on a wall. As NFT prices overall have soft- pseudonym for an anonymous art- ferred to Pak in male terms, add- Pak said. “I like being gray.” Not so with Pak. The artist, ened in recent days, Pak said they ist or possibly a team of creators. ing, “But we see him as one of us.” Pak is best known for creating who said they privately trade in are aware that collectors will start The artist, who the auction house Pak agreed to speak with the the Archillect, an artificial-intelli- cryptocurrencies, approached the sifting their favorite NFT artists, says prefers the pronouns they/ Journal by phone using a voice gence algorithm the artist Sotheby’s sale like a gamemaster taking stock.Already, major Pak them, won’t say—and the artist’s distorting mechanism the day be- launched in late 2014 that acts as seeking to demonstrate several admirers like Justin Sun, who online fans don’t appear to care. fore the Sotheby’s sale and main- a virtual curator. The AI culls so- technological intricacies offered by founded the cryptocurrency Tron, Some digital-art websites such as tain regular contact via a messag- cial-media feeds and posts images NFT smart contracts that might have started collecting trophies Behance have listed Pak as hailing ing app arranged by the auction it deems popular every 10 minutes confound traditional art lovers but like a $20 million Pablo Picasso from Istanbul. Others on Twitter house throughout the course of or so on its own feed. were designed to appeal to Pak’s portrait of the artist’s mistress of- claim Pak is Pakistani without of- the event, which was operated on It’s unclear if traditional art fans. Some digital pieces in the fered last month at Christie’s Lon- fering evidence. Digital sleuths in the digital platform Nifty Gateway. collectors are ready to embrace artist’s “Fungible” series can be don. (Mr. Sun said he still bought lengthy debates have Anonymity, Pak said, has proven a Pak’s level of the unknown, rendered useless or altered by 1,686 of Pak’s cubes in the open- tracked Pak’s sites’ IP addresses to useful way to deflect attention though. Mike Winkelmann, who their owners, a digital feat not edition portion of Sotheby’s sale.) Istanbul and Amsterdam. Pak’s so- from the artist to the art. On the goes by Beeple, caused a stir last usually touted by sellers of - “Now, I feel like we’re almost cial-media avatar is a zero, and the other hand, the artist knows that month by selling his digital collage ings or sculptures. mainstream, and everyone is tak- artist’s nickname is “The Nothing.” same anonymity appeals to their at Christie’s for $69 million. But “I like creating things that are ing positions,” Pak said. Rather “I’m sure art purists will be put core admirers, who often use ava- Mr. Winkelmann’s backstory is hard to consume,” the artist said. than take a social-media break, the off by the artist since the market tars themselves. comparatively straightforward, Pak’s earliest collectors, mainly artist said, “I feel like the main is part of his performance,” said “When I see a name of an art- and the piece he put up for sale cryptocurrency investors, revel in game is just starting now.”

Roddy Chong driving his 2006 F430.

MY RIDE |A.J.BAIME on-black look. So I traded in my Toyota for a Ferrari. The F430 is known as a His ’06 Ferrari Is Better real driver’s car. Newer cars have so much computer Than aBusinessCard equipment, and this one is more of a modern classic. The visceral feeling you get Roddy Chong, a public cert and Jeremy Piven was when driving it is inexplicable. speaker and rock violinist, on there. I could not see Jeremy I love the look of the car his 2006 Ferrari F430, as told Piven, the actor. I saw Ari from every angle—the big to A.J. Baime. Gold, the Hollywood agent. ovals in the nose, and the Meanwhile, the Ferrari F430 four taillights in the back. hen Ifirst movedto symbolized for me the Los But I also love this car for LosAngeles from Angeles performing-arts busi- another reason: It has helped W ness, which I was now be- me socially. I have made so whereIcome from, Chicago,the big buzz televi- coming a part of, not just many friends—many Ferrari sion showwas “Entourage.” A with music, but acting owners, for example—be- main character wasAri Gold, classes and auditions. cause of this car. It has also the Hollywood agentplayed I had a friend who was an helped my career. I take it to by JeremyPiven, and he has a exotic car specialist, and he car shows and I make con- Ferrari F430 Spider in the helped me as I started test- nections with so many peo- show. There’sasmaller char- driving F430s. My friend ple. I call the Ferrari my busi- acter namedNick Rubenstein, helped calm my nerves, be- ness car, because it is kind of and he also has aF430Spider. cause it is a six-figure car, a like a business card. I let peo- At the time, I was driving big investment. Six years ago, ple sit in it all the time, and a Toyota Corolla and I was I found my car at an L.A. in the process, it has opened frugal to a fault. I thought, as dealership. I loved the black- a lot of doors for me. a musician, I was always go- ing to be poor. I toured with Shania Twain and Celine Dion, playing my violin, and years ago I joined a called the Trans-Sibe- rian Orchestra. I am still in that group. At one point, my accountant said to me, “You know, Roddy, it’s OK for you (2) to stop being so frugal.” Strangely, I started to no-

tice that there were things JOURNAL

about “Entourage” that began REET

to overlap in my real life. One ST time, I was speaking at a din- LL ner and I sat next to a guy WA THE

who was one of the titans of R

Hollywood in the show. An- FO

other time, I was backstage TED7 at a Bruce Springsteen con- Mr. Chong is a public speaker and rock violinist. P2JW111000-0-A01300-1------XA

THE WALL STREET JOURNAL. We dnesday, April 21, 2021 | A13 ARTS IN REVIEW (2) CIETY SO

AN An installation view of AP

/J ‘When Practice Becomes TA Form:

KUBO From Japan’ NAHO

EXHIBITION REVIEW whole wall is takenupbyadisplay of eight types of Japanese , including cedar,cherryand the all- important Hinoki cypress, each No Nails? No Problem! beam standing upright likethe saintsinachurch portal. But the A modest subject—joinery—belies the magic of the Japan Society’s current show curatorsalso wanted to showthe sensuousnessofthe material, and beneath each beam, in atranspar- BY MICHAEL J. LEWIS ent case,are thin wood shavings from that beam. Theintention was New York that visitorscould liftthe case and hen PracticeBe- inhale the distinct fragranceof comes Form: each species—a casualty,alas,of CarpentryTools Covid-19 rules. From Japan,” Thefinal room gives us the art ‘Wthe exhibition of Japanese joinery, the technique nowonviewat forcutting and fitting the end of NewYork’sJapan Society,has ati- one beam to attach it to another, tle so modest as to be misleading. entirely without nails,which tradi- By this standard, “The JoyofCook- tional Japanese carpentryspurns. ing” should be renamed “Uses for Herethe standardtypes of joint, Knife&Fork.” Thetools arethere, such as , tongue in abundance, along with rooms de- and , and dovetail, aredevel- votedtotemple construction and oped with ingenious intricacy. A the art of joinery, but the real sub- single joint cancombine one or ject is the ethos of Japanese car- moretechniques,asina“mortised pentry. Theresult is averitable rabbeted oblique scarfjoint.” The shrine to the sacrednessofwood. geometric ingenuity is made vivid Curated by Sou Fujimoto, the A selection of tools on view in the show, which explores the ethos of Japanese carpentry. by the superb lighting,giving us a Japanese architect, and Yukie solemnly dark chamber with care- Kamiya, Japan Society’s gallerydi- fully arranged spotlightsplayedon rector,the exhibition reveals the ments. Theplatform on which the weather.They were drawnby ically emphasizecontrol, rather agrid of lowtables on which the surprising extent to which the cul- temple partsare mounted is espe- Tsunekazu Nishioka, whose drafting than force, and that the wood beams stand erect and flaunt tureoftraditional carpentrysur- cially winning,alattice of timber instrumentsare on displayinthe makes the cut by pulling the sawto- their joints. This bringsout the ab- vives in Japan, and by deliberate beams to be used forconstruction next gallery, the Bamboo Room, ward himself,for example,rather stract angularity of the faceted policy. TheJapanese practiceofre- afterthe exhibition. whereweare introduced to the than pushingitaway,which can beam ends,and in the sharp light building wood temples periodically, world of the master carpenter. givethem unusual contours. The and dim spacethey areasexpres- and in exactly the same form, re- Thehighlight of this room is the wide-blade rip aredisconcert- siveasaBrancusi. quires aliving cultureofmaster car- The culture of full array of 87 carpenter’s tools, ing with their predatorycurves,a Beforeleaving,one ought to penters, passing on their craftto neatlyarrayed to showtheir intri- strangeconflation of fiercenessand kneel and look acrossthe upright each newgeneration of apprentices. traditional carpentry cate taxonomy—not only hammers elegance, likesavageviolins.Espe- beams,whose chiseled forms and It is analogous to the way that or- survives in Japan to a and saws but the staggeringly spe- cially striking arethe tools forfell- jaggedcrowns suggest, if fortu- chestras continually runthrough cialized tools of joinery: 20 differ- ing trees and squaring logs, activi- itously,the NewYork skyline,a their repertoireofthe great sym- surprising extent. ent kinds of planes,23different ties long sincegiven over to power happy imagefor an international phonies,thereby keeping them alive. .Not all the tools areimme- tools in the West. But the selection exhibition successfully installed—in Thelegacyofthis survival is diately recognizable,such as apair of trees fortemple construction is a part via from Japan—in a made clear in the firstroom, where of black and redinkpots, with their matterofgreat deliberation; trees year of Covid. several superb large-scale models Thevisitor should not missthe matching bamboo stylus.Each ink- growing on anorthern exposure, for showthe and roof trussof exquisiteworking drawingsfor pot contains aspindle with are- example,will be used forthe timber When PracticeBecomes Form: those temples,with their distinc- buildingsatthe Hōryū-ji temple tractable silk thread that canbe on the north side of abuilding. Carpentry Tools From Japan tiveflaring eavesand springyout- complexfrom1936.Although me- pulled through the ink reservoir, One hardly needs to read the Japan Society, through July 11 stretched brackets. Along the walls ticulously drawnasifonlinen or stretched taut, and then snapped, wall labels—always the mark of a arehung astaggering array of tem- mylar,they areinfact on wooden marking aboardwith aperfectly well-conceived exhibition—toap- Mr. Lewis teaches architectural plates,full-sizestencils to guide the panel and tough enough to be used straight line. preciatethe reverencewith which history at Williams and reviews cutting of repeated decorativeele- outdoorsand in all kinds of We learn that Japanese tools typ- the carpenter viewedwood. A architecture for the Journal.

TELEVISION REVIEW | JOHN ANDERSON ‘Generation Hustle’: True Grift

incethe con-artistryextrava- or not—a taped policeinterview Sganza“Generation Hustle” with the subject of “The 23 Lives makes itsdebut on Thursday, of Jeremy ” (episode 3) re- and the AcademyAwardsare on ally is “a master classinfraud Sunday, one’sthoughtsmight turn and forgerycrimes,” sayDiego to “The Sting” of 1973. In that Diaz,aformer assistant Manhat- Best Picturewinner,the point is tandistrict attorney.Inmaking made that the greatest flimflams “ Delvey TakesManhattan” of all arethe ones in which the (episode 4) about the counterfeit Clockwisefromabove:Rachel piring artistswerelured into victims never even realizethey’ve socialiteAnna Sorokin, the pro- Deloache Williams,Perla Litchi paying their ownway to Indone- been snookered. Such wasnot the ducershad to rely on pencil and Ian Bick in HBOMax’s new with the promise of work case with the instances of decep- sketches from theirsubject, who 10-partdocumentary series and, possibly,wealth and fame. tion and fraud recounted in “Gen- had already sold her storyto ‘Generation Hustle’ That it wasall an elaborateruse eration Hustle,” of course,or Netflix and couldn’t contribute becomes clear quickly,alot therewould be no show. But what otherwise.The episode has morequickly than it did to the kind of ingenious minds could pull plenty of other intriguing people, victims—it’saseries about off such near-masterpieces of de- though, including Sorokin’slaw- fraud, afterall, so we viewers ception and be satisfied that no yer, Todd Spodek,who could host areatanadvantage.But what one would ever know? his owntalk show. arrives eventually in “Con As is made plain in the se- To explain toomuch about the Queen,” and the other install- ries—10 stand-alone - hustles would be likepulling on ments, is the wow moment, ries about cons and their art- the wrong thread. Thefabric of wherewhat had appeared to be ists—money isn’t always the each narrativeisveryapt to un- an audaciously winding trail of objective. Egoispart of the ravel. That said,“Generation Hus- deception goes somewhereyou equation. Pathologies,too,which tle” seems something of amisno- never expected, off the figurative is what makes the cases so inter- mer.Itimplies that there’s rails and intothe metaphoric esting.Anumber of directorsare something neworgeneration-spe- trees.Audiences might feel, in a involved (and producers, includ- cific about convincing someone to small way,that they’vebeen ing CNN Original Studios and - pick his or her ownpocket, or conned, too. But “Generation sawProductions), and the vari- that the internet has somehowal- Hustle” consistently delivers ous installmentsare all teredhuman nature. As the series people who really want to believe ofteneventually is,used to crack more, not less, than what we’ve ambitiously expressionistic inter- makes plain, the accomplished in the mirageare disinclined to the cases. been set up to expect. (3)

X pretations of the crimes re- fraudster is always inclined to perform “due diligence,” aphrase This is spectacularly true in

MA counted. Sometimes the crimi- target avictim predisposed to that echoes throughout the series: episode 1, “Hollywood Con Generation Hustle

HBO nals areinvolved, too, willingly buy some dubious bill of goods; Theinternet could have been, and Queen,” in which anumber of as- Thursday, HBO Max P2JW111000-2-A01400-1------XA

A14 | We dnesday, April 21, 2021 ** THE WALL STREET JOURNAL. SPORTS

BY JOSHUA ROBINSON

Thebreakaway that aimed to reshape the European soccerlandscape collapsed in sud- den and dramatic fashion on Tues- dayassix of the proposed circuit’s 12 eliteclubs pulled out of the proj- ect aftertheir attempt to securea morelucrativefuturewas routed by other teams and their ownfans. Thesix teams,all from the Eng- S

lish Premier League,formally ended PRES

their involvementinquick succes- UMA

sion over the course of afew hours /Z

afterChelsea and Manchester City SIER revealed they had initiated awith- TIS AU

drawal. Manchester United vice- TE chairman Ed Woodward, one of the plan’schief architects, also an- nounced that he would step down at the end of the year. JEAN-BAPTIS

Themoves marked astunning U- DPPI/ turn, lessthan 48 hoursafter the S;

$4 billion Super League plan was PRES disclosed and touched off abitter warbetween the game’smost pres- ZUMA

tigious teams and European soccer WIRE/ A

authorities,along with abacklash /P

from players and supporters. VY “Asaresult of listening to you DA and the wider football community AM AD

over recent days we arewithdraw- P: ing from the proposed Super TO OM

League,” Arsenal said in astate- FR ment. “Wemade amistake, and we apologizefor it.” Tottenham Hotspur also struck a Soccer’sSuper League Collapses sheepish tone.“We regret the anxi- ety and upset caused by the ESL proposal,” it said. It wasn’t clear lateTuesdaywhat the Spanish and The lavish plan to reshape the sportaround 12 wealthyclubs unraveledunder intenseopposition Italian clubs in the proposed league would do afterthe English clubs’ exit. TheSuper League had un- advantageofmembership in any all football lovers,” Ceferin said on veiled plans to createapar- American sportsleague: Once Monday. allel tournament to the you’rein, you’reinforever. Prime Minister Boris Johnson Champions League in order But the cost, as fans around Eu- had already been vocalinhis anger to securemoregames and rope have cried this week,was a about the project and reiterated greater television and com- split with the historyand authentic- that opposition in an emergency mercial revenue foradozen ity they valued most about soccer meeting with representatives of the clubs.That group included culture. Premier League on Tuesdaymorn- Arsenal, Chelsea, Manchester Foreign investorsfirst began ing.Johnson even opened the door United, Manchester City,Liv- flooding intoEuropean soccerin to legislation that would prevent erpool, Tottenham, AC Milan, the mid-2000s,attracted to the rel- clubs joining the Super League. Internazionale,Juventus, atively lowprices of clubs and the Angryreactions only piled up as AtléticoMadrid, Barcelona rapidly growing value of television the daywent on. Bayern Munich and Real Madrid. rightsand playertrading—plus the and Paris Saint-Germain, two of Eu- Teams currently must prestigeofrunning some of the rope’suber-rich clubs who would qualifyeach year to partici- most popular sportsoutfits on the have been natural candidates for pateinthe pan-European planet. Over the next 15 years, they the Super League,came out force- Champions League.The became such desirable properties fully against it. Thehead of soccer’s wealthyfounding clubs of that todayonly three of the 20 Pre- world governing body,FIFApresi- the Super League would be mier League clubs aremajority- dent Gianni Infantino,also said guaranteed to participatein owned by British backers. “Thereisnodoubt whatsoever of the competition year after Four of the 12 founding clubs of FIFA’sdisapproval forthis.” year,regardlessoftheir perfor- Top, Chelsea and Manchester City players pay tribute to the Duke of the Super League were American- None of the U.S.-based members manceindomestic leagues. Edinburgh before an April 17 match. Above, Bayern Munich and Paris Saint- owned—Arsenal, Liverpool, Man- of the Super League have spoken Opponentsofthe project argued Germain, two of Europe’s -rich clubs, came out against the Super League. chester United and AC Milan—but publicly beyond afew bland com- that aclosed-shop setup—similar to their influenceamountstofar more mentsattached to Sunday’spress U.S. sportsleagues—shatteredthe per League had begun expressing sawinthe NFL wasamodel for than athirdofthe project. United, release.They preferred to leave the sport’scompetitiveframework in their distastefor the project. “I making money from modern sports, owned by the same family behind talking to RealMadrid president which anyclub could dream of win- don’t likeitand Idon’t want it to completewith glitz,lionized dynas- the Super Bowl Tampa Florentino Perez, who had been agi- ning the shiniest prizes. happen,” the entireLiverpool squad ties,and lavish television contracts. BayBuccaneers, wasone of the key tating forthe project foryears. Manchester City and Chelsea— posted on . Until last week,super leagues driversand has been prodding He wasdue to appear on Spanish owned by amember of the royal Thedominoes continued toppling were just auseful threat used by other membersofthe Premier television on Tuesdayevening fora family of Abu Dhabi and aRussian shortly afterManchester City for- powerful clubs to extract morecon- League’sBig Six clubs in that direc- victory-lap interviewtorepeat ar- oligarch, respectively—had agreed mally announced that it had pulled cessions from competition organiz- tion foryears, according to people gumentshehad made 24 hours to join the newleague at the last out. ers. But on Sundaynight, the own- familiar with the talks. prior.“Theattractivething in foot- minute, people familiar with the “I am delighted to welcome City ersofEurope’smost storied soccer Criticism of the Super League ball is playing between big clubs, mattersaid. back to the European football fam- clubs—no longer just domestic has poured in from all cornersof the value fortelevision increases As news of Chelsea’sdecision ily,” the head of European soccer’s businessmagnates,but rather the soccerworld sinceits emer- and moreincome is generated,” he trickled out beforethe club’sTues- governing body,UEFApresident global billionaires—took that old vi- gencelateSunday. FIFAand UEFA, had said on Monday. “It’snot just daygame against Brighton, afan Aleksander Ceferin said. sion to itslogical extreme. the sportsglobal and European gov- the rich who want the Super protest outside itsStamfordBridge Theidea of aSuper League had They hopedtocreatethe closest erning bodies,threatened that the League,we’redoing it to save foot- stadium in West London suddenly been kicked around in European thing soccerhas ever known to an participating players and clubs ball.” morphed intoacelebration. soccerfor at least 20 yearsbyexec- elite, money-spinning,made-for- would be suspended from other ma- But by midnight in Europe,Perez Even players and executives from utives who had one eyeonpro television competition. And they did jor competitions. couldn’t even save the Super teams that intended to join the Su- sportsacrossthe pond. What they it by borrowing the single greatest “This idea is aspit in the faceof League.

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. 50s 50s <0 12345678910111213 68 Occupants of a 27 Taking alook at Edmontondt 20s 65-Across 0s 14 15 16 28 Bradleywith five VVancouver CalgaryCalgary 10s 69 Consequently stars 60s 40s 17 18 19 Seattle 70s 50s Winnipegip 20s 40s 70 Agentofan 30 “Go, team!” PoPPortlandrtl d 30s 30s 20 21 22 uprising? Helenal Montreal 31 Islands welcome Bismarck 40s Billings 23 24 Down Eugeneg Ottawa AAtAugustg a 32 Having only Boisei TToronto 50s Mpls./St.P. aulau AAlbanyb nyy Bostot n 25 26 27 28 29 30 31 32 33 1Slightly open unfavorable Siouxoux FFalllls Hartfordrtford 60s 40s PPierre Milwaukkee Detroitt Buffalo 2Magnet end outcomes Newew YYorkk 70s 34 35 36 37 CChChicago CleveCleveland 80s Reno Salt LaLakeL ke CCityCity Deses Moines Cheyenney 3ChapStick target 33 Portable shelters Omahah Pitttsbburghh 60s PhiladelphiaPhil dlhi 80s 38 39 40 41 Sacramento Indianappolis 30s Springfieldp ifild 90s Denver 40s Washingtonh onnDn D.CDCC. 4Free, as afish 36 Undiluted Sanan Francisco 60s Topeka Kansas 42 43 44 45 City CharlesCharlestonhlt 100+ Las Cololdraddo Richmondh d 39 Jeans brand Vegas Wichithita St.Louis LoLouisu villeill 5Resolutely loyal 60s Springspg 50s Raleighh 46 47 48 49 50 Nashvillehill 41 Hide foraride LosAAngeeles 70s CCharlotthl e 70s 6Tater SantatFaFFe Memphisphi 51 52 53 Atltlanta PPhoenixh AAlbuquerqueb q q CColumbiab Warm Rain 7Maximum 44 Curb San Diego Little Rock 90s 80s Birminghamihg 54 55 56 57 58 59 60 61 amount Ft. h JacJackkson 47 Desktop TTuucsoncson El PPaso Ft. Worth DDallas Cold T-storms Mobileb Jacksonville 62 63 64 8V-cut accessory 20s 60s AtAustini 80s Stationary Houstot n Snow 65 66 67 9Whatpep rallies 48 Jim Palmer, 30s 40s NeewwOrleans Orlandold 80s Sanan AntonioAntonio Tampa generate notably 50s 68 69 70 Honolulul Showers Flurries AAnchorh ageg 70s Miami 10 Fix, in away 50 Threat 70s Ice SPLITTINGTHE PROFITS | 11 Golf,e.g. 52 Less welcoming U.S. Forecasts TodayTomorrow TodayTomorrow By MaryEllen Uthlaut 12 Like acocoon 54 Persistent urge City Hi Lo WHiLoW City Hi Lo WHiLoW s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 55 It’sabout afoot Omaha 49 28 pc 57 42 sh Frankfurt 64 38 sh 56 34 pc Across 25 Game that 49 Padded 13 Some t...t’storms; r...rain; sf...snowflurries; sn...snow; i...ice Orlando 82 60 pc 78 59 s Geneva 60 43 sh 65 42 sh 1Mark of makes babies footstools rejects 56 Writer Uris TodayTomorrow Philadelphia 68 36 t5440pc Havana 89 70 pc 87 69 s excellence laugh City Hi Lo WHiLoW Phoenix 90 61 s8260s 81 73 s8375s 51 Scorched 19 Multitudinous 57 Venomous vipers 29 Oppressiveruler Anchorage 46 35 s5034pc Pittsburgh 42 28 sn 48 33 pc Istanbul 60 49 s6250s 6Lacking, literarily 21 Idris of “Pacific 61 40 s6647s Portland, Maine 55 34 c4635c Jakarta 90 76 s8975c 53 Ram’ssister 58 Brand with tiger 34 Notclergy Austin 67 47 pc 67 60 c Portland, Ore. 77 47 pc 67 46 pc Jerusalem 71 51 pc 71 50 s 10 Spotfor merit Rim” ads Baltimore6736t 55 39 pc Sacramento 81 48 s8148s Johannesburg7154s 71 53 pc 54 Like badges 35 Oakland A’s Muhammad’s 24 2016 Drakesong Boise 66 40 s7042pc St.Louis 52 34 pc 59 45 s London 58 37 pc 57 37 pc outfielder 59 TajMahal city Boston6637pc5039pc Salt LakeCity 55 39 pc 61 45 s Madrid 64 51 sh 63 48 c 14 Arthroscopy followers with guestvocals Burlington 41 30 sn 43 36 c SanFrancisco6450pc6551pc Manila 93 82 pc 93 82 t target Laureano from Rihanna 60 Driving aids 58 Issue forth Charlotte 69 37 pc 63 41 s SantaFe6735pc6837pc Melbourne 58 51 pc 61 53 pc 37 Lily family Chicago 45 31 sn 56 41 s Seattle7349pc6247pc MexicoCity 80 55 s8160s 15 Fall heavily 25 61 Formerly, 40 31 sn 47 36 pc Sioux Falls 49 28 pc 61 41 s Milan 64 44 sh 67 47 pc succulent 62 They’re divided formerly by victors, and 26 Like some Dallas 64 49 pc 68 57 c Wash., D.C.6638t 56 42 pc Moscow 49 40 r5944r 16 Chrysalis, e.g. 38 Lopsided Denver3827sn5334sh Mumbai 91 82 pc 92 82 pc divided in four kitchens 63 Hiker’s seat Detroit 42 27 sf 53 36 pc International Paris 66 44 c6341pc 17 Leader of the 40 Period of history rowsofthis Honolulu 85 71 s8571pc Rio de Janeiro7672r 77 71 sh pack puzzle Previous Puzzle’sSolution Houston7250s 74 62 c TodayTomorrow Riyadh 99 76 pc 100 77 pc 41 Put in an City Hi Lo WHiLoW COBB ELECT MAMA Indianapolis 47 29 pc 53 34 s Rome 62 48 pc 62 47 r 18 Final offer appearance 64 Bettor business? AURA MO LAROPAL Kansas City 50 30 pc 59 43 pc Amsterdam 55 35 sh 51 35 c SanJuan 87 75 pc 87 75 pc RIOT TWOBASEH IT 77 58 s7859pc Athens 69 52 pc 70 55 s Seoul 78 56 pc 77 58 c 20 Fixed, as pumps 42 Fanpublication WI IPINTS IZE 65 Holder of JUNKSC IENCEDER Little Rock 61 40 s6347pc Baghdad 105 77 pc 100 73 pc Shanghai 74 64 pc 73 64 r ATEAAS SEWN LosAngeles 64 55 c6457c Bangkok 95 81 pc 97 81 pc Singapore8978pc8877t 22 Boxful for 43 Mocking tribute 68-Across drawers BUYALLYONME Miami 84 71 t8371sh Beijing 67 52 c6248pc Sydney6752s 70 52 s 66 Some summer BREAKFASTSPREAD Milwaukee 41 31 c5642pc Berlin 61 36 sh 50 38 pc Taipei City 85 74 s8873pc 45 Crowd-pleaser ANDS LOCO ADS Minneapolis 45 31 pc 62 43 s Brussels 59 34 sh 54 34 c Tokyo7256s 75 53 pc 23 Nocturnal raptor babies PIMA MARTEE 46 Boxing trainer COP CANOERENTAL Nashville 56 37 c6043s BuenosAires 75 68 c7368pc Toronto3929sn4634pc 24 Slicer setting Dundee 67 Map measures ONEMONTH SIR NewOrleans 70 54 s7059s Dubai 97 78 s9878s Vancouver 61 45 s5947s MENINBLACKKIDS

NewYork City 64 36 t5241pc Dublin 54 40 pc 52 38 s Warsaw6241c 51 35 sh s BANS AERIEKCUP Oklahoma City 59 42 pc 53 49 r Edinburgh 52 30 pc 61 32 pc Zurich 64 40 sh 58 35 sh Solvethis puzzle online and discussitatWSJ.com/Puzzles. OLES GRADYIKEA P2JW111000-0-A01500-1------XA

THE WALL STREET JOURNAL. We dnesday, April 21, 2021 | A15 OPINION Is AT&T a Train Wreck? BOOKSHELF | By Peter Cozzens

There’snoth- Youalso have to believe bloom seems to me the diffi- on 5G wasaHobson’schoice ABoone ing like (the leastspeculativepart) cult question. Most mobile to preserve its dividend. And reaching out that anewly enlarged T-Mo- dataisstill consumed at home yetevendefendersagree that to aWall bile, which inherited Sprint’s or office, where Wi-Fi carries it’snonsensical forAT&T Street ana- remains,holds an exception- the load. Will 5G apps materi- shareholderstobepaying a Forthe lyst whom I ally strong position, thanks to alizethat makeaspeed im- notional 7% to givethem- BUSINESS knowonly by an underutilized network that provement palpable to con- selves cash on which they’re WORLD reputation it canfill with customers sumers? Unknown. Then luckytoearn 2%. Youdon’t Blood and Treasure and hearing poachedfromVerizon and again, if millions want to live- have to be adoctrinairebe- By Holman W. that he was AT&T by offering higher stream their lives even if no- liever in efficient marketsto By Bob Drury and Tom Clavin Jenkins, Jr. just thinking speeds and lower prices. body is watching, all carriers suspect, aftersome tumult, (St. Martin’s, 383 pages, $29.99) of me too. “It’sthe Olympics.The Rus- will need to add capacity furi- jilted dividend seekers would Apparently Ineed to write sians aregood, the Chinese ously in the years ahead. be replaced by growth inves- ob Drury and Tom Clavin together have given us a something to encourage arereally good, but [AT&T] is tors eager to have more cash B half-dozenelegantly writtennarratives of exhilarating AT&T’s board to get the com- fine as well,” says Mr.Chaplin, to invest in AT&T’s higher- episodes in American history, ranging from eventsin pany off its suicide mission. as long as it doesn’t show up The company’s margin broadband and the Indian Wars of the American West to the Korean War. At least, that’s the meticu- “drinking abottle of scotch streaming opportunities. Among their outstanding co-authored works are“TheLast lously detailed thesis of Jona- and smoking three packs of epic adventure in Butmanaging agiant and Stand of FoxCompany: ATrueStory of U. S. Marines in than Chaplin, of the boutique cigarettes a day.” reinvention reaches visible public companyis Combat” (2009) and “The of Everything That Is: analyst firm NewStreet Re- OK,Mr. Chaplin is hyper- partly apolitical act. Even TheUntold StoryofRed Cloud” (2013). search.Legions of analysts bolizing.Heactually applauds a moment of truth. coldhearted Wall Streeters Fortheir latest collaboration, Messrs. Druryand Clavin have not bubbled with enthu- the company’s announced in- seem to accept the unthink- have interwoven the lifeofthe iconic pioneer Daniel Boone siasm forAT&T’sforay into vestment plans forHBO Max ability of AT&T correcting a with the bloody and brutal early decades of the trans- video entertainment, with its and afiber rollout to millions Mr. Chaplin has clearly in- payout strategythat started Appalachian frontier to produce“Blood and Treasure: Daniel expensive 2018 acquisition of of U.S. homes but sees its tuited amoment, however. In- 37 yearsago in acompletely Boone and the Fight forAmerica’sFirst Frontier.” This may theWarner studios and HBO skimpy 5G rollout leaving it vestorsand analystsare be- different kind of company. An be the authors’ finest work to date. Unquestionably,“Blood streaming network.But Mr. two yearsbehind T-Mobile coming reconciled to AT&T’s unspoken reason: On biting and Treasure” is among the most redolent of time and place. Chaplinmakes acase that a and ayear behind . epic adventureinreinvention, this bullet, the desired growth Ifelt myself immersed in the sights, sounds and smells of charismatic megafauna of the This is a“bold gamble,” he or what one calls CEO and vet- investorsmight still not show frontier life, as well as the lurking dangersand gruesome U.S. corporatelandscape is says,meaning reckless: The eran Bellhead ’s up if they distrust current deep-forest clashes between grasping frontiersmen and not merely adisappoint- Sprint lesson is that no “convergence conglomerate.” AT&T management afterits NativeAmericans defending their country—such arethe ment—it’sheaded fordisaster amount of discounting can Last quarter,HBO Max ac- failed 2011 attempt to pur- authors’ keen descriptive due to its distracted decision keep users on a network they quired moresign-ups than any chase T-Mobile,after itsdi- powers.Numerous excellent to underinvest in itscore find inadequate. other streaming service, sastrous 2015 DirecTV miscal- maps enhancethe text. wireless business. AT&T stock has hardly thanks to AT&T’s widely culation, afteraparade of Boonewas far more To buy his argument, you budged, so the market may panned but non-disastrous de- confusing and shifting ratio- complexthan most frontiers- have to believethe 5G mo- notbelistening or mayhave cision to stream its2021 nales by which it advanced its men. Unlikemanyofthe ment is finally arriving thanks already gotten to Mr.Chaplin’s movie releases even as they $85 billion Warner Media ac- thousands of settlersfor whom to government auction that conclusion. Apeep hasn’t been appeared in theaters. Itsag- quisition. he carved the eponymous put midband into heardfromElliottManage- gressivediscounting of the Mr.Chaplin’strain wreck Boone’sTrace through the the hands of carriers. You ment, the activist firm that latest iPhone wasperhaps not analysis depends on him being Cumberland Gap and into have to believeatenfold launched itsown critique 18 a desperate act either—but a right about 5G.Separatefrom Kanta-ke—the futureBluegrass speed difference over sizable months ago and retains a big sensible betthat itsaffluent that, he underlines whycor- State—Boone genuinely admired, swaths of urban and suburban stakethrough derivativehold- iPhoneupgraderswereripe recting itshistoric dividend and oftenemulated, the Americawill be apparent to ings despite public reporting customersfor itsunique video policy may be the year’s real American Indians with whom he customers, leading them to to the contrary. offerings too. test of whether AT&T manage- clashed, even living among them flee acarrier that doesn’t Do Iendorse the AT&T Mr.Chaplin provokes great ment believes in itself and foratime as an adopted Shawnee. keep up as they oncedid hap- train wreck thesis? Um,er, umbragebyspeculating that whether investors should be- Messrs. Druryand Clavin excel less Sprint. um. Howfast the 5G flowers AT&T’s decision to hold back lieve in it too. not only in superb portrayals of Boone and his whitefrontier contemporaries,but also in the evocation of the Eastern Woodland Indians,their way of lifeand their heart-wrenching effortstoprotect their land from whiteencroachment. The $1 Trillion Tax Evasion Opportunity Aself-aware Boone “had always despised, and would for the rest of his life, his outsizereputation as an Indian fighter,” Internal Reve- taxed. In addition, the IRS is cost of $64 billion, Mr.Ros- fies the changes in organiza- the authorstell us.“He maintained that dealing with nue Service forced to rely on obsolete tech- sotti estimates that a10-year tion, management and person- belligerent NativeAmericans,whether via combat or negoti- Commis- nology. Forexample,the IRS program to rebuild the IRS nel that would be required. ation, wasfor the most part amatterofluck and instinct. ... sioner Charles receives Schedule K-1forms, would boost taxrevenuescol- Technologyupgrades would He wasvastly moreproud of his ability to endurethe burdens Rettigtold the which report income from lected by $1.4trillion over this cost $12 billion over 10 years, of ahuntsman’slifewith aseemingly preternatural stoicism.” SenateFi- partnerships and pass-through period, areturn of $22for while $52 billion would be de- Boone lived aremarkably long and peripatetic life. The POLITICS nanceCom- entities,but it doesn’t have the each dollar invested. votedtostaff increases needed authorscorrectly choose to focus principally on the tumul- & IDEAS mitteelast technologytomatch thesere- to expand auditsand improve tuous yearsbetween Braddock’sDefeat in 1755 during the week that the portstoindividual taxfilings. customer service. Theagency French and Indian War—a British disaster that Boone By William annual gap An additional $1 billion in would need apot of manda- barely escaped with his life—and the end of the American A. Galston A little spending on between taxes fundingwould enable the IRS tory funding. Revolution in 1783.Although areluctant rebel against owedand to hirenearly 5,000 moreen- the IRS could yield a Implementing aplan of this Britain, Boone contributed greatlytopreserving and taxespaid could be as much as forcement personnel. Amulti- lot of revenue that’s scope would requiresupport ultimately expanding the American grip on the Kentucky $1 trillion. Theso-called tax year program could replaceits from theWhiteHouse,con- country. “Blood and Treasure” offersanengrossing gaphas doubled over the past legacyinformation technology, going uncollected. gressional action, and obscure narrativeofthe RevolutionaryWar on the trans-Appalachian decade,asIRS resources among the oldest in the entire but important rule changes. frontier,and the roles not only of Boone but also of George shrank.The number of IRS em- federal government. According Forexample,current rules pre- RogersClark,Simon Kenton, the Shawnee chiefs Blackfish ployees has declined by to Mr.Rettig,such aprogram Some of the additional reve- vent the Congressional Budget and Black Hoof,and ahost of other luminaries both Native 33,000,with morethan half of would help narrow the taxgap nues would be used to ramp up Officefromincluding revenue American and white. the decrease coming in the by at least 20%. enforcement, with afocus on gains from taxcompliance hard-pressed enforcement di- Theprinciple underlying high earners. Mr.Rossotti rec- when estimating the fiscal im- vision. As aresult, Mr.Rettig this initiative—individuals and ommends auditing 20% of fil- pact of IRS modernization pro- Boone despised his reputation as an Indian says,the IRS is “outgunned.” corporations should paywhat ersearning between $1 million grams.Congressislesslikely fighter. He was vastly more proud of his ability Official statistics under- they owe—enjoys near-univer- and $5 million, up from 2%; to act if the plan appearstoin- scorethe point, particularly on sal support acrossparty lines. 33% of filersearning between crease the budget deficit. to endure the burdens of the huntsman’s life. wealthyfilersand corpora- Theextrarevenuescould fund $5 million and $10 million, up No doubt corporations and tions.Between 2011 and 2018, much of President Biden’s from 4%; and 50% of those high-earning individualswill the shareofreturns audited agenda, without breaching his earning morethan $10 million, protest the increased burden Born in 1734 to Pennsylvania Quaker parents, Boone lacked fell by nearly half.For filers campaign pledgenot to raise up from 7%. Largeinvestments of taxcompliance. But Mr.Ros- formal schooling but neverthelesslearned to read and write, earning morethan $1 million, taxesonhouseholds making will be needed to upgrade the sotti reportsthat during his and mastered enough mathematics to become an able auditsfell by 74%; forcorpora- less than $400,000 ayear or IRS’sinformation technology term as commissioner,hewas surveyor.In1750his family moved to frontier North Carolina, tions,42%. requiring Republicans to walk so that it canbettermatch in- visited by tax-compliant busi- wherethe teenageDaniel firstindulged his thirst foralife But it’salso tooeasy for back their2017tax bill. formation to taxreturns. nesspeople complaining that lived close to natureand frequently on the fringes of American taxpayers to underreport their It sounds toogood to be Fred L. Forman,the former they couldn’t competeagainst society.Hebecame a“long hunter,” one of abold set of men income.Noncompliancerates true,but expertsthink it’sdo- associateIRS commissioner thetax evadersintheir indus- who would vanish deep intothe wilds formonths at atime arelessthan 5% when the IRS able.Working with economists formodernization, helped Mr. try. Not only would amoreef- hunting and charting lands previouslyknown only to their has information from, say, and information technology Rossottidraft aplan forover- ficient and effectiveIRS in- NativeAmerican inhabitants. “Just as the contoursofariver banks that it canuse to check experts, former IRS Commis- seeing the service’slegacyin- crease revenues; it also would dictatethe pilot’scourse,America’sEastern Woodlands shaped taxpayers’filings. Without sioner CharlesO.Rossotti has formation systems while exe- bolster the rule of lawand en- the routeofDaniel Boone’sjourney intomanhood,” Messrs. such information, only 45% of developed adetailed plan to cuting acareful transition to hancepublic confidenceinthe Druryand Clavin write. Boone’s“early packhorse journeysinto unreported income ends up reducethe taxgap.Atatotal newsystems.The plan speci- fairnessofthe system. North America’sinterior served as prologue to the country’s narrativeofwestward expansion.” “Blood and Treasure” is araw and rugged tale with no shortageofhorror and gore.The work is not hagiographic in A Shipping Crisis Waiting to Happen itsappraisal of Boone,whose shortcomings—his business naivete, forinstance—the authorsreadily acknowledge. And By Elisabeth Braw cost. In the U.K.,aSouth North America’sbusiest but expanding it. Already by 2019, therecan be no escaping the painful truth that Boone’s American orange sets the ranks only 17th internationally the port washandling 18.5% frontier aspirations were antithetical to NativeAmerican henthe Ever Given shopper back amere30pence and can’t regularly receive morecontainersthan it did in survival. Nonetheless, he emergesasafundamentally decent W container ship got (41 cents). But with small 20,000-container vessels.It 2017. Cosco, ashipping com- man, particularly in his devotion to family. stuck in the Suez Ca- profit margins,shipping com- also lacks time and infrastruc- panyaswell as aport - Boone married his wifeRebecca Bryanwhen he was21, nal, it showedthe vulnerability panies have to makemoney on turetoreceivemanymore , plans to add another con- she 17.Theirswas along and by all accountshappy union, of the global shipping system, volume.“Biggerships make midsizeships. tainer terminal. but not without itsmisadventures.Inthe autumn of 1762, which carries productsaround shipping moreefficient, which This do-or-die race includes In a2019 congressional Boone returned from extended militia servicetofind Rebecca the world at surprisingly low feeds global consumption, and so-called feeder ports, the hearing,Carolyn Bartholomew had given birth to achild. It could not have been his; Boone cost. But there’sanevenmore when global consumption smaller portstowhich cargo of the U.S.-China Economic had been gone formorethan ayear.Rebecca tearfully worrisome problem: Ships are travels afterarriving in mega- and Security ReviewCommis- confessed that, thinking him dead, she had sought “comfort getting toobig. portssuch as Rotterdam, the sion told legislatorsatleast and solace” from Daniel’sunmarried younger brother,Edward. TheEverGiven wascarry- Enormous container world’s11th-largest. In the past two-thirds of the world’stop Concluding that he had “married awoman, not apainting of ing some 20,000 TEU contain- afeeder ship typically carried 50 container ports—including asaint,” Boone not only forgaveRebecca her infidelity but also ers(to use the official term, vessels move goods 500 TEUs; nowitoften carries container terminals at the confessed his owndalliances with NativeAmerican women which stands for“twenty-foot efficiently—but a lot 1,000 or more. “Ifportsdon’t portsofSeattle and LosAnge- while away from home.Asfor the child’spaternity,Boone equivalent”)ofevery conceiv- expand, they lose customersto les—areowned by Chinese purportedly said: “So much the better, it’sall in the family.” able good. Dozens of 20,000- could go wrong. other ports,” said Nick May, a companies or have Chinese in- Neither Boone’srelationship with his younger brother or his TEU vessels traverse the port expert with the global in- vestments, up from roughly new“daughter” suffered. “It wasatypical Boone moment,” world’swaterways, putting to surancebrokerWillis Towers 20% adecade previously. saythe authors: “Slowtoanger,quick to understand, and shame the 10,000-TEU ships grows, ships have to grow even . “Todayportsneed to Shipping maybetoo suc- anxious to see life’sironies from another’s point of view.” that only afew yearsago were more,” said Cormac Mc Garry, invest alot of money to keep cessful. Because people and Of the first49yearsofhis life, Boone would tell his first of the ocean. In 1975, amaritime analyst with Con- going.And if the vessels get businesses think nothing of or- biographer,“my footsteps have oftenbeen mixed with blood. an averageof27vessels trav- trol Risks.For the past four anylarger, what arethe conse- dering imported goods and Twodarling sons and abrother have Ilost by savage hands. eled through the Suez Canal years, so-called ultralarge con- quences?” practically demand food from But nowIliveinpeaceand safety in this delightfulcountry each day, carrying an average tainer vessels have accounted Who’ll payfor Western abroad (not to mention cof- which Ihaveseen purchased with avast expence[sic] of load of 242tons.By2019,52 formorethan half of all ship ports’ expansion? Because fee), ships will continue to get blood and treasure.” ships did so,with an average orders. They serveconsumers they’reconsidered national in- bigger. Thelow cost of ship- Boone lived another 37 years. Debt and wanderlust would load of 3,307 tons. well—except when they get frastructure, they oftenre- ping makes domestic products drivehim farther west. In 1799,hesettled with his extended Ships’ sizeisdirectly linked stuck in narrow canals. ceivegovernment funding.But expensivebycomparison. The family in what is todayMissouri. Although partially crippled with consumer demand. Be- Portsare becoming an even because the costsare astro- next classofcontainer vessels, by arthritis—the product of incessant exposuretothe cause shipping is cheap and biggerconcern. They have to nomical, foreign investorscan capable of carrying 24,000 elementsinhis younger days—at age75Boone participated in globalization is lifting trade expand as ships grow.Today step in as well. That’swhat containers, arealready cross- asix-month hunt up the Missouri River,traveling perhaps as barriers, businesses bring Chinaishome to seven of the happened in Greece’s Port of ingthe oceans.But we land- far as the Yellowstone River,aremarkable exercise in fortitude components from various world’s10largest container Piraeus.In2016 the state- dwellersshould consider the and afitting final achievement in an exceptional life. Fewmen countries to be assembled in ports. Portsalong the key owned Chinese shipping giant consequences of this ever- of his daysaw moreofthe continent or did moretoshape its another country, then ship fin- -Europe routecan already Coscobought amajority stake growing global trade. destinythan the self-effacing,good-humored Daniel Boone. ished productsall over the handle freighterscarrying in the port, akey European world. Consumers expect 23,500 containers. ThePort of hub, and it has since spent Ms. Braw is afellow at the Mr. Cozzens’s latest book is “Tecumseh and the Prophet: goods to be delivered at low LosAngeles,bycontrast, is hundreds of millions of dollars American Enterprise Institute. The Shawnee Brothers Who Defied aNation.” P2JW111000-2-A01600-1------XA

A16 | We dnesday, April 21, 2021 ** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Chauvin Ve rdict Replying to Jeffrey SonnenfeldonWokeCEOs

Minneapolis juryonTuesdayconvicted prompt reflection among those who have ex- ’s“CEOs Lead rate social responsibility out of con- former policeofficer Derek Chauvin on ploited Floyd’s killing forpolitical purposes.But America’sNew Great Awakening” (op- text. Friedman plainly states that A all three countsinthe death last Mayof it probably won’t. Even afterthe verdict, com- ed, April 16) purportstotell aheroic “the use of the cloak of social respon- tale of the Yale dean’scorralling busi- sibility and the nonsense spoken in George Floyd.ManyAmericans mentatorswho applauded the The jury and justice nessleaderstostand against the its name by influential and presti- arerelieved that justicewas jurygavelast year’s riotsin forces of darkness. (After all, the Geor- gious businessmen does clearly harm done forFloyd,while others worked better than the American cities the credit for gia voting bill was“draftedinthe dark the foundations of a free society.” breathed asigh that there inspiring it. of night.”)But hereisthe sum totalof It should not be surprising, then, won’t be riotsassome feared political critics claimed. Not the facts. Not the law. information Mr.Sonnenfeld provides that Mr. Sonnenfeld assumes the if therewas even apartial ac- But lawlessprotests. If alarge about the bill: “Among the law’santi- mantle of spiritual awakening. Fried- quittal. faction of Americans really be- democratic features, it authorizes par- man and God in one essay? The pur- Ourconclusion is that the juryand justice lievethat only mayhem in the streetscan guar- tisan legislatorstodismissthe author- view of our intellectual elites is often system performed betterthan political critics anteejusticeinAmerica, then this verdict will ity of elected county voting officials quite breathtaking. predicted or behavedthemselves as they con- mean little and we areinfor far moreunrest and override the elected secretaryof BRUCE NELSON doned violent protestsand demanded aguilty ahead. statetodecide,atwill and afteran Minot, N.D. election, whose ballotscount.” verdict from afar. On this point, President Biden has been little That is not what the law does. It Mr. Sonnenfeld causes me to re- iii help,despitehis inaugural pleas forunity and empowers the State Election Board to consider. As a moderate conservative Most Americans sawatleast some of the dis- healing.OnTuesdaybeforethe verdict, Mr.Bi- conduct performance reviews of and registered Republican, I believe turbing video of Floyd’s death while Mr.Chauvin den said he was“praying” forthe jurytoreach county voting officials, who can be all legal citizens should be encour- and other officersrestrained him beside aMin- “the right verdict” and that the evidencewas removed only if an investigation finds aged to vote and that the process of neapolis squad car. In convicting Mr.Chauvin of “overwhelming.” That’sanoutrageous interfer- either three clear violations of State registering and voting should be sim- second-degree murder,the jurydetermined that encewith the administration of justice. Though Election Board rules or “demon- ple and easy. Bribing is wrong, but his actions substantially caused Floyd’s death. the jurywas sequestered at the time,it’spossi- strated nonfeasance, malfeasance, or providing access to the voting pro- They didnot have to find that he did so inten- ble word of his commentscould have made it to gross negligence in the administra- cess, including busing, vote harvest- tionally,but rather that the death occurred in the juryhad their deliberations gone on. That tion of the elections” in two consecu- ing and so forth, should be OK; both the course of afelonyassault. could have been grounds foramistrial. Someone tive elections. But nowhere in the parties have the same opportunities. Georgia law did I see any provision The process simply needs to ensure Theencounter began when policearrested should ask the newAttorney General, Merrick for state legislators to override any that only registered, living voters are Floyd on suspicion of passing afakebill to buy Garland, what he thinks of those needlesspresi- other elected officials to determine allowed one ballot and one vote. cigarettes. He appeared to be on drugs, and po- dential comments. “whose ballots count.” TOM MOENING licetried to put him in the back of the policecar. Thecase also isn’t over.Mr. Chauvin’sfellow KEVIN CONNORS Beverly Hills, Mich. He resisted vigorously and asked to be put on the arresting officerswill go on trial later this year. Easton, Md. ground. Theofficerskept him on his stomach, And Mr.Chauvin’slawyersare suretouse the Prof.Sonnenfeld’svaluable depic- applying pressure to his neck or upper back for politicalatmospherics surrounding the case as Prof.Sonnenfeld characterizes the tion of businessleaders’ engagement morethan nine minutes and keeping him there groundsfor appeal. CEOs who participated in his “rapid- in the latest Great Awakening only even afterhewent limp. One defense witnesshad his former house response crisis caucus” as courageous heightened my puzzlement about Expert witnesses differed over the cause of vandalized, which might have unsettled some ju- and defiant. Thegood professor has what the fuss is all about. He gives a spent toomuch time in his ivory single example of the “antidemo- Floyd’s death. Thepolicerestraint wasthe most rors about the implications of an acquittal. The tower. Anyone who works foralarge cratic” featuresofGeorgia’snew elec- obvious culprit, but the defense pointed to city settled acivil case with Floyd’s relatives that U.S. corporation knows that it is any- tion law, the poweritgives “partisan Floyd’s severeheart disease and that he had re- wasn’t shielded from the jury. Trial JudgePeter thing but courageous to recitethe legislators” over “elected county vot- cently consumed fentanyl and methamphet- Cahill said Mondaythat Rep.Maxine Waters’s party line or criticizeaconser- ing officials” and “the elected secre- amines,which caninterfere with cardiopulmo- weekend call in nearby Brooklyn Center that vativeposition. Precisely the opposite tary of state.” But isn’t it equally “an- naryfunction. But policewitnesses forthe protesters should get“confrontational” in the is true.Employees of large corpora- tidemocratic” to placebeyondthe prosecution said Mr.Chauvin had violated stan- event of an acquittalcould be grounds formis- tions darenot expressany but the scrutinyofelected legislatorsthe de- dardpolicepractice. trial on appeal. most tepid conservativeviews forfear cisions of partisan county officials and Themultiracial juryappeared to have little As the cases moveahead, the politicians and of limiting or ending their careers. apartisan secretaryofstate?Can’t doubt about the factsand law, as it returned the media elites should be calming tempers, not in- ANTHONY reasonable,democracy-loving people verdictsafter only 10 or so hoursofdeliberation. flaming them. Theverdict showedthat the legal Houston differ about the bettersystemfor making such judgments? Thesecond-degree murder charge,the most se- system isn’t systemically racist, and that apolice Mr. Sonnenfeld praises Henry Ford DANIEL D. POLSBY vere,carries amaximum sentenceofupto40 officer who exceeded his powercan be found and Thomas Edison for speaking “to Fairfax, Va. yearsinprison. Unlessthe verdict is overturned guilty.The challengeasalways is to let policede- issues outside the shop.” Ford pub- on appeal, the 45-year-old Mr.Chauvin is likely fend the innocent and public order while punish- lished anti-Semitic conspiracy theo- Mr. Sonnenfeld concludes that the to livebehind barsfor morethan adecade. ing those who misuse their power. American jus- ries, earning the Grand Cross of the business movement he is leading is a It would be nicetothink all of this would ticeisn’t perfect, but it works. German Eagle in 1938. Edison pro- fifth Great Awakening in our nation’s moted the electric chair (which used history. The previous awakenings, alternating current) to discredit his however, were sparked by people who Railing Against the Wind rival. These are the examples that recognized (and repented of) their prove CEOs should instruct voters? own sin. The Great Awokening of the resident Biden aims to build wind and which has historically provided aquarter of GEORGE GARVEY is the opposite—calling Los Angeles out the sins of others while trumpet- solar farms from sea to shining sea to electricity for and Westchester ing one’s own virtues. P replacefossil fuels in the electricity County, to shut down at the end of this month. Mr. Sonnenfeld quotes Milton THOMAS W. STEWART grid by 2035.But his plans are Yethe’sblocked pipelines to Friedman’s brilliant essay on corpo- Gainesville, Ga. already aground off Biden cancels offshore deliver morenaturalgas to the coast of Long Island in projects amid local power plants. NewYork,wherehis Adminis- So howdoes Mr.Cuomo tration last week canceled political opposition. plan to replaceNew York City’s Don’t Add Up for the Vaccine Pause two offshorewind develop- nuclear power? Good question. ment zones. TheGovernor has proposed Your editorial “TheJ&J Covid Vac- pause all J&Jvaccinations, present Bureau of Ocean Energy Management offi- building 9,000 megawattsofoffshorewind and cine Pause” (April 14)doesn’t makethe the risks—six in 6.8 million vacci- necessaryinferences.Six people in 6.8 nated, but varying by demographic cials said the zones off the island’scoast raised a250-mile transmission line from upstateto million vaccinated have had cerebral group—to patients and allow them to problems with maritime traffic,marine life powerNew York City with renewable energy.But venous sinus thrombosis (CVST). The make their own decisions. Patients feeding areas,and concerns over visibility from theseprojectsare suretofaceopposition tooand “natural” annual incidenceofthese should know that this vaccine comes South Shorebeaches.Inshort, they were anui- won’t be completed anytime soon. brain blood clotsranges from two to 16 with an extremely small chance of sance to fishermen, shippers and gentry with Richard Dewey, the New York Independent per million. Using these figures, we having a blood clot—not far from its homes in the tony Hamptons area full of Man- System Operator CEO,says the statewon’t face would expect between 13 and 109 clots occurrence in the general population hattanites during the summer. widespread poweroutages sincenaturalgas annually in 6.8million people.Since without the vaccine. This approach The feds are portraying the wind rescission plants can switch to burning oil in a demand- the vaccine has been available for would still allow vaccinations to con- as no big deal since other offshore zones be- supply pinch. Manydid so last winter amid gas around six weeks,however, we’d expect tinue and prevent many more deaths tween NewYork and NewJersey arestill under shortages. In his fervor to purge natural gas, Mr. between two and 13 clotsoverthis pe- from Covid-19. review. But these mayrun intosimilar prob- Cuomo has made New York City more depen- riod. Thus,the rate of clotsinthe vac- Public health and medicine are cinated is similar to the “natural” rate. never perfect. They balancerisks and lems. Residents in the town of Wainscott have dent on dirtier oil. AU.K. study also shows that aCovid benefitswhile keeping patientsin- already sued to prevent atransmission line con- TheLong Island wind cancellations show patient’srisk of CVST is 100 times formed of the trade-offs.But we are necting a off the coast of Montauk that renewables arefar from an energy panacea. greater than normal and eight-to-10 in aworld-wide crisis.Manymore from coming ashore on their beach. Asmart political classwould be surethat it has times that of avaccinated person. The lives areatrisk than six in 6.8million. None of this bodes well forthe green energy replacementsinplacebeforeitshutsdownreli- CDC and FDAmay be overreacting. SCOTT WILKINSON, M.D. agenda in NewYork or nationwide.Gov.Andrew able energy sources, but that’s not who is run- RICHARD L. ATKINSON, M.D. Birmingham, Mich. Cuomo is forcing the Indian Point nuclear plant, ning most of America’s governments today. Manakin Sabot, Va.

“Informed consent” is missing RBG’s Retirement Decision: Jerry Nadler’s Taxation Lesson from the discussion. Rather than A‘What If’for the Ages Regarding Philip Hamburger’s op- emocratsfromhigh-tax blue areas are asidedeductions and whatnot, the federal cor- ‘Mom Cardigan’DoesNot ed “Court Packing Is a asking President Biden to restoreanun- poratetax on that money is 21%, and Mr.Biden Game” (April 16): The coming legisla- D limited federal deduction forstate and wantstomakeit28%. When the profitshit your Do This Garment Justice tion to pack the Supreme Court local taxes(SALT), and here’s taxreturn, the feds take an- “Clothing That Dates You” (Off should be called the Ruth Bader Gins- NewYork Rep.JerryNadler’s He unwittingly calls to other cut, with atop rate of Duty,April 10) calls draping Eileen burgAct. Justice Ginsburg rejected pithypitch on Twitter: “No one abolish the corporate 23.8%oncapital gains or quali- Fisher cardigans “mom cardigans” and advice to retire when Barack Obama should ever be taxedtwiceon fied dividends. notes they aredesigned fora“widen- could appoint her successor. The re- the same income.It’snot fair and estate taxes. That’snot all, as they sayon ing behind.” Comfortable yetrefined, sult, when she died, was a Supreme and it’snot just.” TV.Imagine that instead of cel- these flowing garmentsare empower- Court with an additional Trump nom- Deal! Quick,shakeonit, be- ebrating the remaining fruits ing.They warm us on cold planes and inee, a liberal bloc reduced from four in offices and transition from to to three, and now, prompted by the fore he realizes what he’ssaying.Conservatives of your work by taking the family on vacation, corporateboardmeeting (oftensev- disparity, the move to pack the court. have been making argumentsabout double taxa- youprudently save and reinvest. If youdie after eral timesaweek). Manyalso have It’s all part of the Ginsburg legacy. tion foryears. We’reglad to hear Mr.Nadler managing to accumulateasufficient sum, your pocketsthat allowustocarryour DONALD NAWI thinks thedeath taxand the corporate-income reward is to have the feds swoop in again to as- phones,pens and notes hands-free. Scarsdale, N.Y. taxare unjust and should be repealed. Also,it’s sessthe estatetax,with arateof40%. As if three These areall important and have nicetosee him pledgenever to vote forany sort mouthfuls of that original $1 weren’t enough, nothing to do with covering my be- of . Sen. wantsanannual wealth hind, which doesn’t need covering. Pepper ... This is ajoke, alas.Inreality Mr.Nadler is tax, with ratesupto6%. The “mom” reference and instruc- And Salt simply trying to reframe the unlimited SALT de- Mr.Nadler’s interest is something else en- tions on how to avoid a “mumsy duction, which is atax break forwealthyurban- tirely.Since2018,the SALT deduction has been look” are pejorative. I’m a mother, THE WALL STREET JOURNAL ites mostly in NewYork and California, as amat- capped at $10,000.Ifthe unlimited deduction wife, friend, law-firm partner and trusted adviser to many. I have a terofjustice. What makes hiscomplaint were restored, according to areport last year wardrobe that allows me to be all especially unpersuasiveisthat it involves over- from the left-leaning BrookingsInstitution, 96% these things, and it involves several lapping taxesbydifferent bodies: Thefederal of the benefitswould go to taxpayers in the top of these cardigans. government has an income tax. So does New quintile,with “essentially no benefit to the mid- I will resist addressing the many York state. So does NewYork City. dle class.” When the TaxFoundation crunched sustainability issues raised by your This kind of thing happens all the time.Prop- the 2016 data,the SALTiest placeinAmericawas article, including the suggestion that erty taxesare assessed by cities,counties,school , which Mr.Nadler partially repre- readers exchange one pair of dated districts, fire districts and the like. The federal sents, with deductions of $25,627 per filer. sustainable shoes for another. government taxesgasoline,asdostates. When Uncapping the SALT deduction would subsi- NICOLE MARIE CRUM youbuy apack of gum, by Mr.Nadler’s logic,the dizeand inducehigher stateand local spending, Bethesda, Md. local sales taxshould be deducted on the receipt sincelegislatorsand county councilorscould im- Lettersintended forpublication should beforethe statesales taxiscalculated. pose atax of $1 without inflicting $1 of pain on be emailed to [email protected]. Please Morepernicious double taxation is when the their residents. It’s bad policy, and a sop to Mr. include your city, state and telephone same level of government takesmultiple bites, Nadler’s constituents. If he’dreally liketoworry number.All letters aresubject to “There’s a lot of volatility in which is what businessprofits face. Say youown about double taxation, the corporaterevenue editing,and unpublished letters cannot the market right now. It’s a really be acknowledged. part of acorporation that makes $1. Setting code is the placetolook. exciting time to be in graphs.” P2JW111000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, April 21, 2021 | A17 OPINION Afghanistan: Tax Hikes Will Stifle the Recovery The U.S. By ability of these compa- nies to competeover- Can Always he Biden administration seas,resulting in lost and congressional Demo- American jobs. crats’ $2.7 trillion “infra- TheBiden administra- Go Back T structureplan” is deeply tion also proposes to concerning.Republicans eliminate a provision of and Democratsagree on investing in the taxcode regarding By Gil Barndollar America’sinfrastructure—the roads, what’scalled foreign de- bridges,electrical grids,railroads rived intangible income, he U.S. is finally getting out and broadband networks we all use. or FDII. This 2017rule T of Afghanistan. While most Thelast infrastructurebill passed by encouraged American Americans have long sup- Congress, 2015’sFixing America’s companies to bring their ported an exit, advocates of acon- SurfaceTransportation Act, cost intellectual property tinued U.S. militarypresencewarn about $300 billion and passed back to the U.S. and of the Afghan government’scol- 359-65 in the House and 83-16 in the keep it here. Google, lapse,the subjugation of women Senate. TheBiden plan broadens the Qualcomm and Facebook and the re-establishment of ater- definition of infrastructuretoin- brought intellectual rorist haven. clude morethan $2 trillion in fund- property home,and ing for things like the National Sci- companies such as enceFoundation,long-term care, and Disney kept theirsin Harsh but limited strikes corporatechild care,and electric-car the U.S. because of this companies.Some areworthycauses, incentive. can deter and punish but they don’t belong in an infra- TheBiden administra- terrorism. Nation building structure bill. tion claims that it wants About $600 billion of the plan ER the U.S. to be morecom- is an expensive diversion. ST isn’tpaid forand will take the na- FO petitive, yetits taxin-

tion further intodebt. Democrats PHIL creases would do the op- will payfor the rest of the plan with posite. In atelling Both sides of the debateignore an enormous tax increase, the bur- seas earningscame back to the U.S. Under the Biden plan, the combined admission, Ms.Yellen asked other akey point: U.S. troops cango den of which would ultimately be Most important forworking fami- federal and state corporate tax rate countries earlier this month to raise back.Apermanent militarypres- borne by American workersand con- lies,70% of the savingsfromthe would go from 25.8%—already above their corporate tax rates to ensure enceand apermanent retreat sumers. It would make the U.S. less corporatetax cutsfloweddirectly the average rate of 23.4% for other “a more level playing field.” Those aren’t the only militaryoptions for competitive in the global economy, intohigher wagesfor workers, con- developed countries—to 32.8%, the countries understand competition. dealing with potential sourcesof reversing progressmade in the past tributing to the 19 straight months highest rate in the developed world. They’reignoring her adviceand low- transnational terrorism. Punitive few years. The2017tax reforms— of wage growth beforethe pan- TheU.S.tax rate would again be ering rates. Ireland’s finance minis- expeditions—strategic raids to pun- which the Biden proposal would higher than China’s. terhas indicated that his country ish or deter hostile actors—are largely dismantle—unleashedrecord The abrupt tax hikes—five times has no interest in raising taxes. overdue forareturn to America’s growth in jobs and wages and pro- Biden’s proposal would as large as the corporatetax cutsin Multiple studies, including from strategic tool kit. duced the lowest poverty rate since 2017—would reducethe competitive- the nonpartisan Congressional Bud- Punitiveexpeditions offer amid- the government started tracking it make American companies nessofAmerican workersand busi- getOffice, showthat workerswill dle course: brief,high-intensity 60 years ago. less competitive overseas, nesses right as the U.S. economy bear most of the burden of higher campaigns to punish sponsorsof In promoting the Biden taxin- startstorecover from the pandemic. ratesinthe form of lowerwages and terrorism and deter others. Large creases, TreasurySecretaryJanet resulting in lost U.S. jobs. TheBiden plan would also double lost jobs.Instead of a$2.7trillion raids have both amoral and aphys- Yellen claims the 2017reforms en- the taxon“global intangible low- plan that goes way beyond anydefi- ical forcethat far outweighs the couraged U.S. businesses to move taxedincome,” or Gilti, making it nition of infrastructure and is paid largely symbolic impact of cruise jobs out of the country. Theopposite demic.Thanks to the 2017reforms, more costly forU.S.companies to forwith taxhikes on workersand missiles or limited bombing cam- is true: The2017reforms stopped the largest U.S. companies increased operate globally. This unfairly pun- theeconomy, let’sgoback to the paigns,while swiftwithdrawalafter so-called corporateinversions,which their domestic research-and-devel- ishes American workerswho support proven model: abipartisan bill fo- achieving the immediateobjective made American companies intofor- opment expenditures by 25%, international sales.InOhio,compa- cused on real infrastructurewith preventsthe U.S. from being drawn eign companies.The old, uncompeti- amounting to $707 billion, and in- nies likeProcter &Gamble rely on sensible funding mechanisms.Parti- into“foreverwars.” tiveU.S.tax laws forced jobs and in- creased capital expenditures by overseas production to serveforeign san taxhikes will only makeAmerica Intractable wars in the greater vestment overseas. 20%, aided by this return of foreign marketsinanaffordable manner, uncompetitiveagain, hurting Ameri- Middle East and the challengeof The2017reforms also reversed profits. which helps them employthousands can workers and their families. great-powercompetition with Rus- the “lockout” effect that kept for- Mr.Biden’sproposed taxhikes of Ohioans who support those for- sia and China shouldn’t obscurean eign profitsofU.S.companies over- would put all this U.S. investment, eign operations.The proposed Biden Mr.Portman, aRepublican, is a important truth: Thanks to strategic seas.Instead, $1.6trillion in over- jobcreation andresearch at risk. taxincreases would hamstring the U.S. senator from Ohio. mobility,expeditionarylogistics, andhigh levels of readiness, the U.S. militaryispeerlesswhen it comes to projecting combat power. Democrats Are Fooling Themselves on Immigration Americacan put thousands of sol- diersonsomeone else’ssoil on very Out to lunch. That that lowernumber,and forgood rea- porarily, and the White House soon debates arelesslikely to happen short notice, especially against a might be the kindest sons. The number of apprehensions reversed itself. On Saturday Mr. Bi- while hordes of foreign are foelacking modern antiaccess/area- way to describe Joe along the southern border in March, den said the refugee limit would be exploiting our laws or attempting to denial systems. Biden and Democrats more than 171,000, was the highest raised afterall, albeit by an amount forcetheir way intothe country, and Studentsofmilitaryhistorymay these days on immi- since 2006. still to be determined. Scoreanother while the WhiteHouse pays little think of raiding Roman legions or gration. If they think According to the Journal,“the Of- one for the Squad. morethan lip servicetotrying to Victorian Britain’scampaigns of UPWARD they have avoter fice of Refugee Resettlement, which At some point, Mr.Biden will have stop them. “butcher and bolt,” but the punitive MOBILITY mandatetoreverse runs anetwork of child-welfareshel- to decide if his interest in immigra- On balance, Americans areagen- expedition is as American as the restrictions ad- ters to house unaccompanied minors, tion policygoes beyond political erous bunch when it comes to immi- By Jason L. minuteman or the tomahawk. vanced by the previ- has exhausted its$1.3billion budget posturing.Our immigration laws gration. Maybe it’sinour DNA.Sur- Riley George Washingtonand Thomas ous administration, forthis year as it copes with record veys showalot of sympathy, from Jefferson both endorsed and prose- even with thesouth- numbersofmigrant teenagersand both Democratsand Republicans, cuted raids.The U.S. flag wasfirst ern border effectively under siege, children.” Quantitatively,this latest Voters didn’t always like even forpeople who come illegally raised overseas during one such they’rekidding themselves. surge isn’t ablip,orsomething that in search of work and abetterlife. campaign: the Marine Corps’ 1805 As with other issues—taxes,cli- “happens everyyear,” which wasthe Trump’s tone, but they Yetthe electorateisskittish now. stint on “the shores of Tripoli,” an mate, court-packing—the Biden ad- initial WhiteHouse spin. Rather,it’s broadly supported his Thepandemic has raised concerns expedition to punish and deter the ministration is confusing the na- afull-blown crisis,and it finally about the health of migrantsand the corsairsofthe BarbaryStates. tion’srejection of looked as if Mr.Biden wasstarting to strategy at the border. availability of jobs in the U.S. as the TheU.S.can launch punitiveex- with an endorsement of aprogres- treat it that way. economyrecoversfromthe Covid peditions at lowcost, especially in sive agenda. But if voters wanted On Fridayafternoon, the presi- disruption. comparison with occupying acoun- far-left policies,the Democratic dent announced that he wasshelving need updating.Should the U.S. de- Some of those concerns maybe tryorconducting prolonged secu- House majority wouldn’t be so puny, plans to increase the refugeelimit emphasizefamily ties and put more overblown. There is no shortage of rity-force assistance. Theoverthrow the Senatewouldn’t be evenly split, and would keep the Trump adminis- weight on the education and skills of empirical evidenceshowing that im- of the Taliban in 2001-02 cost $20.8 and Elizabeth Warren or Bernie tration capinplacefor now. It’sget- newcomers, and howdoyou strike migration canhelp facilitateeco- billion and adozenAmerican com- Sanderswould be president. ting harder to denythat the immi- the right balance? What should we nomic growth by increasing both la- bat deaths.Americahas sincespent Beltway elites arereluctant to ac- gration system is overwhelmed, that do with the millions of undocu- bor productivity and demand for more than 90 times that amount in knowledgeit, but Mr.Trump had his resourcesare limited, and that qua- mented people whoalready live goods and services.Still, it would be Afghanistan on astabilization and ear to the ground on immigration. drupling the number of refugees ad- here?What arethe economic and amistakefor the political lefttodis- counterinsurgencyeffort. Operation Voters didn’t always like his tone— mittedthis year would further ag- humanitarian costsofdeporting missthese concerns out of hand and Iraqi Freedom, the invasion of a and polling suggested they didn’t gravateanalready dicey situation. them? And if youlet them stay,how assume that racial or ethnic bias is countryof25million people,cost share his wall fixation—but his pri- Nevertheless, immigration activists do youdosowithout encouraging primarily driving any opposition to $90.3billion in fiscal 2003.The oritization of border security reso- and progressives in Congresslike future illegal entries or making im- moreopen immigration. Don’t inter- subsequent cost of the Iraq warwas nated with millions,including many Reps. Alexandria Ocasio-Cortez and migrantswho playbythe rules look pret as bigotrywhat is far more morethan $2 trillion. who typically vote forDemocrats. complained loudly about like saps? likely a call for immigration sanity. Forreasons of both risk aversion Even Democratic strategistshaveac- the administration’sdecision to keep These arequestions worth debat- On some level, border control must and misplaced humanitarianism, the knowledged that deferencetopro- the Trump limit in place, even tem- ing openly and in depth, but serious precede border reform. U.S. has foolishly abandoned the gressives, who by the way are now punitiveexpedition. Americacan’t raising stateincome taxestofinance affordtogarrison Afghanistan, or five-figureCovid-relief checks for other failing states,against disor- undocumented workers, playeda Even in Cricket, No Rest From the Woke der endlessly.Itcan affordtoinflict role in the party’s underperformance short and sharp punishment in re- among Hispanics last year.Mr. Biden By male cricketers, “itisaccurate,” just pattern of complaintsfromfemale sponse to threatsthat grow large ignores all this at his peril. as using “batswoman” forfemale players,noallegations of sexism. The and obstinateenough to warrant it. By the time Mr.Trump leftoffice, anyculturewarsstart as skir- cricketers is “perfectly palatable.” body that oversees the laws of Americasuccessfully did that to the he had limited to 15,000 the number M mishes in obscurecornersof Theproblem, he insists, “lies in the cricket—known as the Marylebone Taliban in the months after9/11. of refugees admittedannually to the human interaction, sparked sovereignty of one term over an- Cricket Club afterthe part of London We candoitagain. U.S. In February, President Biden by aremark in alectureatasmall other.” Thewordbatsman,hesug- whereit’squartered—undertook its said that he would increase the cap university or by an aperçuatameet- gestsunctuously,setsupalinguistic last revision of the game’srules in Mr. Barndollar is asenior fellow to 125,000,which SecretaryofState ing of local officials.Yet the most pas- default mode that is biased against 2017.After consulting numerous fe- at Defense Priorities. He deployed to AntonyBlinken later reduced to sionatecultural tussles seem to begin women: Those who bat “are batsmen, male players and administrators— Afghanistan as aU.S. Marine infan- 62,500. Nowthe administration is in matters related to sports—as has unlessspecified otherwise.” So the who accepted that it wasanintrinsic try officer in 2011 and 2013. having second thoughts about even just happened with cricket, ateam word must go. part of the game—the MCCfound no game so venerable that even Oliver reason to do away with the word Cromwell refrained from prohibiting “batsman.” itsplayinthe Puritan yearswhen he The venerable term ESPNCricinfo’sdecision is an ex- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY governed England. ample of hyper-righteous activists Robert Thomson On April 16,cricket came under ‘batsman’ has been hurtling ahead of popular opinion Executive Chairman, Chief Executive Officer, News Corp the scolding scrutinyofmodern-day and common sense.Itisaself-start- Matt Murray Almar Latour banished from an Editor in Chief Chief Executive Officer and Publisher puritans when ESPNCricinfo.com, the ESPN website. ing leap out of the blocks in araceto Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: oldest and most popular websiteded- virtue in virgin territory. To Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; icated to the game,published an an- borrow wordsfrom“Dominion,” the Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; nouncement by itseditor,Sambit Bal. historian TomHolland’s book on the News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; Mr.Bal declared that his publication ESPNCricinfohas no official status Protestant revolution in the modern Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer would battle “discrimination” by dis- in the game or itsadministration. It’s world, ESPNCricinfo’seditorsare Andrew Dowell, Asia; AnthonyGalloway, Video & continuing the use of awordthat has aprivatepublication, owned by the “yearning to be gathered intothe Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; been part of cricket’slexicon sinceat Walt Disney Co., that is free to make ranks of the elect,” to awakeninus Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; least the early 17th century—“bats- itsown lexical decisions.But with 20 asense of our guilt, and to offer us Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; man,” which, plainly enough, de- million monthly visitors, it is abehe- salvation—in this instancebyimpos- Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News scribes the playerwho uses abat to moth in the coverage of cricket, the ing awordthat robs us of morethan Thomas SanFilippo, Customer Service; hit aball that’sbeen hurled at him. only publication that hasasizable 400 yearsofsporting and cultural GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; Theequivalent forbaseball is batter, following in each of the dizzying tradition. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; the “gender neutral” word Mr.Bal in- rangeofcountries—from Afghanistan Iprefertocall this vandalism. , Deputy Editor, Editorial Page Jonathan Wright, International tends to use instead. Theterm, he to Zimbabwe—wherecricket is apas- WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: says,“will be updated acrossall areas sion. Itsability to influenceothersis Mr.Varadarajan, aJournal con- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head of the site.” considerable. tributor,isafellow at the American

EDITORIAL AND CORPORATEHEADQUARTERS: Mr.Bal writes that “itcan be ar- Thepublication’sswitch from Enterprise Institute and at New York 1211 Avenue of the Americas, New York, N.Y., 10036 gued” that the word batsman is “not “batsman” to “batter” canbesaid, University Law School’s Classical Lib- Telephone 1-800-DOWJONES overtly offensive.” When applied to fairly,tobegratuitous.Thereisno eral Institute. P2JW111000-0-A01800-1------XA

A18 | We dnesday, April 21, 2021 THE WALL STREET JOURNAL. WORLD NEWS Chad Leader Killed In FightWith Rebels

BY JOE PARKINSON Mr. Déby’s son, a 37-year-old AND BENOIT FAUCON four-star general, will seek to develop dialogue and consen- IdrissDéby,the military sus about the way forward or commander who ruled the oil- trytosustain the autocratic producing desert nation of system the leader centralized Chad with an iron fist for around his personal authority. three decades, died after sus- “It remains to be seen what taining injuries in clashes be- kind of impact this has.…There-

GES tween rebels and government gime is attempting as much

IMA troops outside the capital. continuity as possible,” said It was a shocking develop- Ambassador J. PeterPham, for-

GETTY ment for a region plagued by mer U.S. special envoy forthe

SE/ instability and rising jihadist Sahel region, nowwith the violence. Washington-based Atlantic Gen. Azem Bermandoa Ago- Council .“Should the ANCE-PRES

FR uma, amilitaryspokesman, transition falter or the conflict read astatement on statetele- spread, the ensuing vacuum ENCE vision saying that Mr.Déby could be exploited by jihadists— AG died from injuries in aweekend whether al Qaeda or ISIS-linked battle with rebels advancing on or BokoHaram—tothe detri-

ULEIMAN/ N’Djamena from the Libyan bor- ment of Chad and other West SO der.Parliament wasdissolved African countries,including Ni-

DELIL and Mr.Déby’s son, Mahamat geria,” he said, referring to the A camp in Syria holds suspected relatives of Islamic State fighters. The militants, who lost control of their self-proclaimed caliphate Kaka, took over as interim pres- Islamic State militant group. some two years ago, no longer control significant territory, but have recently stepped up attacks again on Bashar al-Assad’s forces. ident until newelections canbe Mr.Déby wasone of Af- held, Gen Agouma said. rica’slongest-ruling leaders TwoWestern diplomatsand and akey ally of Chad’s for- arebel spokesman confirmed mer colonial powerFranceand Russia Hits ISIS in Syria that Mr.Déby waswounded in the U.S. in the fight against ji- the desert region of Kanem on hadistsfactions acrossa Mondaythen flown130 miles sprawling region from Nigeria Airstrikes targeted a lamic State claimed to have sinceIslamic State is able to . In 2019,the extremist to an N’Djamena hospital across the Sahara to Libya. killed two Russian soldiers who strikeIran-backed factions grouplost itslast territorial wherehedied of his injuries. “Chadislosing afriend of training camp that attempted to land in ahelicop- even inside therelativesafety foothold in northeastern Syria. But they said questions re- Franceand areliable partner,” Moscow says killed up terinSyria’sHoms province. of major towns and cities. Counterterrorism officials mained over the circumstances, said French Foreign Minister From hideoutsinthe desert Theinsurgencyalso adds and expertsexpected the including howhewas killed Jean-Yves Le Drian, who also to 200 militants in central and eastern Syria, pressure on the Biden admin- group to return to itsearlier and whyhewas so close to the called foraswifttransition to IslamicState militantsover istration as it considersthe fu- condition as agrass-rootsmil- front line.Chad’sgovernment a civilian government. Russiaunleashed airstrikes the past year have extended tureofthe U.S. presencein itantorganization that formed hasswitched off the internet, Soldiersfromthe Muslim- that it said killed as many as their reach, striking major Syria,which includes hun- during the insurgencyagainst imposed a6p.m. curfew and majority nation became known 200 militants in central Syria highways across the country, dredsofAmerican troops the U.S.-led invasion of Iraq in closed external borders. as the region’scrack expedition- amid an intensifying assault attacking oil convoys,assassi- working with local militias to 2003.The intensity of the News of the 68-year-old aryfighting force.Itregularly nating Syrian militarycom- combat Islamic State in asec- group’sresurgencehas sur- president’s death plunges the deployed to fight BokoHaram, By Jared Malsin in mandersand killing aRussian tion of eastern Syria north of prised manywho have tracked strategic West African Sahel Islamic State and al Qaeda fran- Istanbul and Nazih major general in aroadside the Euphrates river. the its evolution. region intofresh uncertainty chises in neighboring Nigeria, Osseiran in Beirut bombing in April 2020. Operations by the U.S.- In 2020, Islamic State car- at amoment wherelocal Cameroon and Niger,where Though they no longer con- backed Syrian Democratic ried outatleast 286 attacks armies—backed by U.S. and otherlocal militaries have by IslamicState insurgents trol significant territorytwo Forces have flushed out within Syria, more than dou- European forces—have strug- struggled. Mr.Déby traveled to that threatens the Syrian gov- yearsafter losing aself-pro- ble the number of the previous gled to check the rapid rise of the front line last year to lead ernment’saccesstooil and claimed caliphate, the militants year,and killed at least 432 jihadist and militant groups. his forces in an offensive heightens the risks forits for- areaccelerating the tempo of Islamic State has pro-government fightersand On Monday, Mr.Déby wasde- against BokoHaram that he eign backers. their attacks,leaving President 41 civilians,according to ade- clared the winner of an April claimed killed 1,000 insurgents. Theairstrikes on atraining Basharal-Assad to battle an in- intensified attacks tailed count of the assaultsby 11 presidential election with Mr.Déby faced criticism camp took placeMondayin surgencyinpartsofthe coun- on the military and Gregory Waters, a researcher 79% of avotethat the opposi- over hisautocratic gover- Palmyra, according to Alexan- tryhenominally rules. at the Middle East Institute tion decried as rigged, his nance, including allegations of der Karpov,deputy chief of “You cancontain it but you oil convoys. and aspecialist on the extrem- sixth successive victory since election fraud, jailing oppo- the Russian Center forRecon- can’t destroy it,” said Robert ists’ Syrian insurgency. Since seizing power in a 1990 coup. nentsand corruption in oil ciliation of the Opposing Par- Ford, a former U.S. ambassa- January 2021, the group’s at- Much depends on whether contracts. ties in Syria, amilitaryentity. dortoSyria, referring to Is- tacks have killed at least 189 Islamic State militantsare lamic State. groups of Islamic State fight- people including civilians, ac- known to operate in the area. Therising violencepose ersand commandersfrom cording to Mr. Waters. TheSyrian Observatoryfor problems for Russia and Iran. northeastern Syria, only to Operations by Syrian and Human Rights, which monitors Thetwo foreign powers have the militants find refuge Russian forces to retake the developmentsinthe Syrian helped Mr.Assad reclaim in government-held territory militants’ strongholds have GES war,said 26 Islamic State much of the country and are south of the Euphrates,ac- collapsed against moreformi- IMA members died in Russian air- critical to efforts to reimpose cording to Omar Abu Layla, a dable opposition. GETTY

strikes in Palmyraand other government control in remote Syrian expert on the conflict In oneoperation last year SE/ areas of the central Syrian partsofcentral and eastern and the head of a news outlet Syrian government troops and desert in recent days. Syria. in Deir Ezzor, the largest city Russian military contractors

Islamic State in 2015 cap- Meanwhile,Iran-backed fac- in the country’s east. attempted to clear Islamic ANCE-PRES tured the ruins of the ancient tions arefortifying bases in AfterIslamic State captured State from an oasis in central FR

city of Palmyraand destroyed the desert on the Syrian-Iraqi avast swath of territoryin Syria afteraseries of attacks ENCE

aseries of Roman temples, border in an effort to curb Is- Iraq and Syria in 2014, itster- on anearby town. Over- AG tombs and other objects. lamic State attacks and secure ritorial empirecollapsed under whelmed by Islamic State Backed by Russian airstrikes, their influenceinthe region. an assault by Iraqi and Syrian fighters in the area, the pro- NGARI/ LO

the Syrian government retook The bases have so far proven forces backed by thousands of government forces were forced CO the ruins in 2016. ineffective, says Manhal Ba- U.S. airstrikes and aparallel to retreat, according to Syrian MAR Theairstrikes came afterIs- reesh, aSyrian researcher, military effort organized by monitorsand Mr.Waters. IdrissDéby ruled the oil-producing African nation forthree decades. China, U.S. to Name New Envoys as Relations Shift

BY LINGLING WEI has served in both Democratic requeststocomment. Spokes- askillful diplomat to help re- as ameasured career diplomat affairs at the U.S. Chamber of AND BOB DAVIS and Republican administrations, people forthe State Department store regular,high-level meet- rather than ahigh-wattage Commerce. as itsambassador to Beijing, and the WhiteHouse declined to ingsbetween the two sides. warrior who has come to de- Mr.Burns,65, served as China and the U.S. areclose saypeople familiar with the ad- comment. Mr.Burns didn’t re- Theso-called strategic-dia- fine the reputation of Chinese State Department spokesman to naming newenvoys to both ministration’sdecision making. spond to arequest to comment. logueformat wasfirst put in diplomats overseas. and ambassador to Greece in capitals as the two world pow- Theexpected appointments In aspeech Tuesday, without placeduring the George W. Achallengefor Mr.Qin will the Clinton administration. ersare locked in an increas- come at atime when the bilat- mentioning the U.S. by name, Bush administration, but was be to represent Beijing’sinter- During the George W. Bush ad- ingly heated competition for eral relationship has continued Mr.Xiappeared to challenge abolished by the Trump admin- ests, while building bridges ministration, he wasambassa- global leadership. to fray after plummeting dur- America’srole in global leader- istration as an exercise that with a Washington that is ex- dor to the North Atlantic Beijing plans to appoint Qin ing the Trump administration. ship.“We must not let the tied up the U.S. in fruitlessdis- hibiting rare unity across the TreatyOrganization and Gang, an adept diplomat who President Biden has been try- rules set by one or afew coun- cussions.With the relationship two major parties in its hard- helped organizeNATO’sre- has acted as President Xi Jin- ingtobuild alliances to con- tries be imposed on others,” he becoming morecompetitive, line stance toward China. sponse to the Sept. 11, 2001, ping’schief protocol officer,as frontamoreself-confident said at the Bo’aoForum for Beijing sees the mechanism as “Theincoming Chinese am- terrorist attacks on the U.S. the next ambassador to Wash- and assertiveChina,while Mr. Asia, an annual gathering of astabilizer to reducechances bassador will have to work “He’snot just apolitical per- ington, according to officials Xi is intent on reshaping the government leaders, business of conflict. So far,the Biden overtime to be seen as acredi- son but someone with apolicy with knowledgeofthe matter. relationship as one between executives and academics. team has shown no interest in ble bridge in the relationship background,” said David Dollar, Washingtoniswidely ex- two head-on competitors. By dispatching Mr. Qin to re-establishing the talks. andnot just amouthpiecefor who served as the TreasuryDe- pected to name R. Nicholas TheChinese Embassy in Washington, China’sleadership With a polished demeanor, Beijing’spolicies,” said Myron partment envoy to Beijing in Burns,aveteran diplomat who Washingtondidn’t respond to is indicating itsdesiretohave Mr. Qin, 55 years old, is seen Brilliant, head of international theObama administration. WORLDWATCH

IRAN- EGYPT JAPAN Tehran, Riyadh Meet Top Railway Official China Group Blamed To Reduce Tensions Fired After Deaths For Cyberattacks

A first round of direct talks Egypt’stransportation minis- Police are investigating cyber- between regional rivals Saudi tersaid he fired the country’stop attacks on about 200 Japanese Arabia and Iran signaled a possi- railway official, following three companies and research organi- ble de-escalation following years train accidents in lessthan a zations, including the space of animosity that often spilled month thatleft at least29peo- agency, by a group believed to into neighboring countries and ple dead and some 320 injured. be linked to the Chinese military, at least one still-raging war, but The firing of Ashraf Raslan, the government said Tuesday. few expect quick results. head of the railway authority, Police have forwarded the The talks, hosted by Iraq ear- was part of a wide-ranging over- case involving attacks on the lier this month, were confirmed haul of the rundown railway sys- Japan Aerospace Exploration Tuesday to the Associated Press tem’s leadership amid public out- Agency to prosecutors. by an Iraqi and a Western offi- cry over repeated train crashes. Police believe the hacks were cial in Baghdad. Mr.Raslan, who headed the done in 2016-17 by “Tick,” a cy- Details of the meeting, earlier authoritysinceJuly 2018, was berattack group under the direc- reported by the , succeeded by MustafaAbuel-Ma- tion of a unit of the People’s Lib- were sparse. The Yemen war karm, the officeofTransportation eration Army, Chief Cabinet figured prominently, the Iraqi of- MinisterKamal el-Wazir said. The Secretary Katsunobu Kato said.

CINE/REUTERS ficial said. The rivalry has played overhaul wasdesigned to “inject a A Chinese Foreign Ministry

RE out in Yemen, as well as in Iraq number of competentprofession- spokesperson said all countries and Lebanon, both home to als” amid efforts to upgrade the faced cyberattacks and warned CARL LIVING ON THE EDGE: A drone captured an image Tuesday of houses in the coastal village of powerful Iran-backed militias. poorly maintained network. against wrongly accusing China. Nefyn, Wales, where a landslide pulled parts of residents’ backyards onto the beach below. —Associated Press —Associated Press —Associated Press P2JW111000-4-B00100-1------XA BUSITENECHNOLOGY: TIKTSSOK TO ROLL&FOUT AUTOMATEDINCAPTIONSANB4 CE

© 2021 Dow Jones & Company. All Rights Reserved. **** THE WALL STREET JOURNAL. We dnesday, April 21, 2021 | B1

S&P 4134.94 g 0.68% S&P FIN g 1.81% S&P IT g 0.84% DJ TRANS À 0.65% WSJ $ IDX À 0.14% 0.184 NIKKEI 29100.38 g 1.97% See more at WSJ.com/Markets Netflix Subscriber Growth Slows Boeing

BY JOE FLINT “It’sjust alittle wobbly “There’saboost in engage- lated closures and restrictions, vals including AT&T Inc.’sHBO Extends AND MICAH MAIDENBERG right now,” Netflix Chairman ment that you get when peo- have stepped up hiring. Max,Apple Inc.’sApple TV+ and Co-Chief ExecutiveReed ple areinalockdown situa- Netflix said in aletterto and .com Inc.’s Prime Netflix Inc.said subscriber Hastingssaid on the com- tion,” Netflix operations chief shareholders it believed sub- Video arespending heavily for Tenure growth forthe firstquarter pany’svideo call to discussre- GregoryPeterssaid at an in- scriber “growthsloweddue to content, driving up program- wasweaker than expected, a sults. vestor event last month. the big Covid-19 pull forward ming costs. potential warning sign forthe Netflix shares were 8.4% Manyconsumerswho get in 2020 and a lighter content Despitethe crowded companyasconsumersin lowerinafter-hourstrading. vaccinated areventuring out slateinthe firsthalf of this streaming marketplace, Netflix For CEO manycountries start to Thestock is up nearly 26% of their homes moreand shift- year, due to Covid-19 produc- said itsrivals didn’t playa emerge from pandemic-related over the last 12 months. ing spending despitethe lin- tion delays.” part in the companymissing lockdowns and as streaming Thesubscriber gain in the gering threat posed by corona- Thecompany’slower-than- its estimates. BY ANDREW TANGEL competition increases. firstquarter wasfar belowthe virus. are looking for expected growth comes as it “There’snoreal changethat ThecompanyonTuesday 15.8 million increase from a aresurgenceinsummer travel. faces its greatest competitive we can detect in the competi- Boeing Co.’sboardcast a said it added another four mil- year earlier, when the spread Movie theatersand other ven- threats. Walt Disney Co.’sDis- tive environment” that would vote of confidenceinChief Ex- lion subscribersonanet basis of the coronavirus wasfirst ues have reopened in New ney+, which launched just have affected the results, Mr. ecutiveDavid Calhoun by ex- globally between Januaryand intensifying and people were York,Los Angeles and else- about ayear and ahalf ago, al- Hastingssaid. “Wereally tending his job foruptofive March, fewerthan itsforecast homebound and binging on where. Restaurantsand hotels, ready has 100 million sub- looked through all the data yearsand said it wassearching of six million. content. both hardhit by pandemic-re- scribersworld-wide.Other ri- PleaseturntopageB2 foranew chief financial officer. Theaerospacegiant said Greg Smith, who has been considered a possible succes- Fund Hit sor to Mr.Calhoun, will retire in July afterserving as finance chief foradecade.Heincreas- By Losses ingly took on operational roles and briefly served as interim CEO before Mr. Calhoun took over in January 2020. Misvalued Theleadership moves on Tuesdaycome as Boeing is un- der continued pressure stem- Its Swaps ming from two fatal crashes of its737 MAXpassenger jet and BY GUNJAN BANERJI slumping demand fornew air- planes amid the Covid-19 pan- A U.S. mutual fund that suf- demic.The manufacturer’s

ferednearly $500 million of S commercial, defense and space losses appearstohavemisval- divisions also faceahost of PRES ued itslarge derivatives port- quality problems,and Mr.Cal- folio,according to an analysis TED houn haspresided over efforts CIA

of the fund’sdisclosures by SO to overhaul howBoeing handles The Wall Street Journal, aca- AS engineering and safety matters. demics and traders. Mr.Calhoun, 64 yearsold, The Infinity QDiversified faces anew mandatoryretire- Alpha Fund disclosed in filings LENNIHAN/ ment ageof70, rather than

with the Securities and Ex- MARK thecompany’stypical ageof changeCommission valuations The maker of Tide detergentsaid the priceincreases will be on babyproducts, adult diapers and feminine-carebrands. 65.Mr. Calhoun, adirector of investmentsthat in at least since2009,isamong Boeing’s three instances were incorrect longest-serving boardmem- or inconsistent with market bers. He previously served as conditions,said tradersand P&G to Raise Prices in September lead director and chairman. academics.One valuation was Without the extension Mr. mathematically impossible, PleaseturntopageB2 said aformer MorganStanley BY SHARON TERLEP Organic sales, Sales by segment forthe mostrecent quarter, managing director who re- change from ayearearlier* change from ayearearlier* viewedthe disclosures. Procter & Gamble Co. this In one instance, the disclo- fall will startcharging more 10% Apple Puts suresshow, Infinity entered forhousehold staples from di- 7% 7% two nearly identical swaps aperstotampons,the latest 8 contractsreferencing the same and biggest consumer-prod- NewWares indexoverthe same period, uctscompanytoannounce yetbooked again on one that price increases. 6 was more than three times as Themaker of razors 4% 4% On Display large as the other—an out- and Tide detergent cited rising 4 come analystssaid defied costsfor rawmaterials,such 3% logic.Swaps arebilateral con- as resin and pulp, and higher 2 BY TIM HIGGINS tracts, brokered by banks,that expenses to transport goods. AND ANNE STEELE tradersuse to bet on asset Theannouncement, which -1% prices, interest rates or other P&Gsaid could be aprecursor 0 Apple Inc.unveiled new financial trends. to broader increases, follows a FY2018 ’19 ’20 ’21 BeautyGrooming HealthcareFabric & PG total productsincluding asubscrip- In February, the firm made similarmovelast month by ri- home tion podcast servicethat deep- theunusual moveofhalting val Kimberly-Clark Corp. Baby, ens itscompetition with Spo- redemptions to investors and “This is one of the biggerin- feminine & tify Technology SA as well as U.S. consumer priceindex, change from ayearearlier† family care saying it could no longer value creases in commodity costs upgrades to itsiPadand iMac itsholdings. At least two peo- that we’veseen over the period 3.0% hardware lines. ple raised concerns about the of time that I’vebeen involved TheannouncementsTues- 2.5 fund to the SEC, and it is un- with this,which is afairly long All items day, during Apple’sfirst prod- der investigation by the regu- period of time,” said P&GOper- 2.0 lessfood uctevent of the year,also in- lator,people familiar with the ating ChiefJon Moeller,a33- cluded newwirelesstagsthat 1.5 matter said. year companyveteran. Personal enable iPhoneuserstotrack TheSEC informed Infinity Mr. Moeller said P&G aims 1.0 care gadgets, competing with the of evidencethat the firm’s to improveand add featuresto similarproduct from Tile Inc. chief investment officer, products, as the company in- 0.5 That companyand Spotifyhave James Velissaris, was adjust- creases prices so that consum- 0 been among the most promi- ing parameters of third-party ersfeel they aregetting more. nent corporatecritics of the PleaseturntopageB12 Thepriceincreases,totakeef- –0.5 tech giant, claiming it uses its fect in September,will be on 2018 ’19 ’20 ’21 strength to competeunfairly, baby products, adult diapers *Excludes currency fluctuations, acquisitions and asset sales †U.S. cityaverage, all urban consumers, seasonally adjusted whichApple denies. and feminine-carebrands and Note:Fiscal quarter ended March 31 Therollout featuredafur- INSIDE will be in the mid- to high-sin- Sources: the company(sales); Labor Department(prices) ther expansion of the com- gle-digit percentagepoints, pany’sin-house-designed pro- the company said. the cost of diapers, toilet paper Februaryfreezethat triggered eneand other chemical com- PleaseturntopageB4 Thelast time big consumer- and other products. massblackoutsinTexas led to pounds to their highest levels productscompanies raised Global supply chains,al- chemical-plant shutdowns and in years.  Heardonthe Street: Mac, iPad prices significantly because of ready struggling due to the caused a shortage in raw ma- Kimberly-Clark,maker of momentshould linger...... B14 materials costswas 2018,when Covid-19 pandemic,haveseen terials that in turn sent prices Huggies diapersand Scottpaper  Personal Technology: Apple surging pulp prices droveup additional disruptions.The for polyethylene, polypropyl- PleaseturntopageB2 offers buffet of devices...... B4 Carbon Market Pays Pine Growers Not to Cut BUSINESSNEWS Toshiba rebuffsa BY RYAN DEZEMBER gers they keep to showinves- takeoverbid from tors and customerstheir pollu- Hereisanew way forSouth- tion-reduction efforts. buyout firm CVC ern pine growers to getpaid Landownersget acheck as long Capital Partners. B3 fortheir timber: Leaveitstand- as their trees remain standing. ing. Themarket’sarchitect, Silvi- Companies eager to offset aTerra,plans to expand its their emissions arepaying Natural Capital Exchangethis Southern timberland owners summer from Southern pine to not to cut morethan amillion foreststhereaswell acres of mill-bound pine trees as to around the Great until next year. Lakes. Thefirm uses satellite Theidea is that the longer photos,forest surveysand com- thetimber stands,the more puter programs to sizeuptim-

carbon the trees cansponge ber,calculatehow much carbon JOURNAL from the atmospherebeforebe- the trees cansequester and de- REET

coming two-by-foursand tele- termine howmanyoffsetstheir ST phone poles. ownerscan sell. Theprice—$17 LL PROPERTY REPORT Thecompanies arecredited an offset—was setwith an auc- WA THE

Blackstone Group with socking away carbon in tion that landownersbegan by R plans amajor purchase wood, measured in metric tons naming the priceitwould take FO and documented with tradable to keep them from cutting. YLE of e-commerce assetscalled carbon offsets. SilviaTerra’scomputerstold DO warehouses in . B6 RY

Companies buy offsets to scrub Keith McDaniel he could sell 43 RO emissions from the carbon led- PleaseturntopageB13 Keith McDaniel walks through loblolly on his tree farm in Coila, Miss. P2JW111000-4-B00200-17FFFF5178F

B2 | We dnesday, April 21, 2021 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A CSX...... B14 Norfolk Southern...... B14 Alden Global Capital CVC...... B3 Nuveen Real Estate....B6 ...... A2,B5 D - E P Alphabet...... B5 ...... B13 Philip Morris Altria...... B14 Discord...... B3 International...... B14 Amazon.com...... B6 Embassy Group...... B6 Procter & Gamble...... B1 American Airlines.....B13 Everstone...... B6 Prologis...... B6 Apple...... B1,B14 F - G S Archegos Capital Facebook...... B5 Management...... B12 ...... B6 ...... B12 AstraZeneca...... A7 SilviaTerra...... B1 AT&T...... B1 I - J Simon & Schuster...... B3 Imperial ...... B14 SolarWinds...... A2 B S Infinity Q Capital Sotheby's...... A12

Berkshire Hathaway.B14 Management...... B12 Southwest Airlines..B13 PRES Binance...... B12

Johnson & Johnson Spotify Technology.....B1 TED Blackstone...... A2,B6 ...... A1,B14 T CIA Boeing...... B1 K - L SO British American Semiconductor AS Tobacco...... B14 Kansas City Southern Manufacturing...... B14 Brookfield Infrastructure ...... A1,B13,B14 Tanglewood Property..B6

Partners...... A2 Kimberly-Clark...... B1 Toshiba...... B3 /NETFLIX/ ByteDance...... B4 L Brands...... B6 Travelers...... B12 AY GR C M Tribune Publishing...... B5 ...... B4 Canadian National U - W Railway...... A1,B13,B14 Maxar Technologies...A9 Union Pacific...... B14 CHARLLIE Microsoft...... B3 Canadian Pacific ...... B13 The company expects subscriber growth to pick up in the second half. A scene from Netflix’s hit ‘The Queen’s Gambit.’ Railway...... A1,B14 Molpus Woodlands...B13 ...... B6 Cascade Investment...A2 N Walt Disney...... B1 sodes,including “The Witcher” 2022. It also spent $440 mil- riod. Revenue rose to $7.16 bil- ...... B12 Netflix...... B1,B13 Warburg Pincus...... B6 Netflix and “You.” Netflix projected it lion forthe rightstomaketwo lion from $6.64billion. will spendmorethan $17bil- sequels to the film “Knives Netflix had forecast $1.36 lion on content this year. Out” starring Daniel Craig. billion in net income and $7.13 Growth “A lot of the projectswe As part of the Sonypact, the billion in revenue forthe pe- INDEX TO PEOPLE hoped to getout earlier did get two companies will also create riod. pushed,” Netflix Co-Chief Exec- original content forthe stream- Forthe firstquarter,sub- B K P Slows utiveand Chief Content Officer ing service. scribersinmarketsoverseas Bainum, Stewart...... B5 Karp, Jonathan...... B3 Peters, Gregory...... B1 TedSarandos said. Netflix said it would com- continued to drivegrowth. Buffett, Warren...... B14 Kellner, Larry...... B2 S In recent weeks,Netflix has menceastock-buyback pro- Netflix reported gaining 1.8 Kempka, Dick...... B13 C Sarandos, Ted...... B2 ContinuedfrompageB1 also made movestoshoreup gram this quarter,and has au- million newsubscribersinthe Kim, Sean...... B4 Smith, Greg...... B1 and we just can’t see any dif- itscontent through acquisitions thorized up to $5 billion in region that includes Europe Calhoun, David...... B1 Kubota, Masayuki...... B3 Cook, Tim...... B4 Kurumatani, Nobuaki.B3 T - V ference.” and licensing deals. It struck a buybacks. and the Middle East and 1.4 Netflix said it expectssub- five-year deal valued at well Thecompanyreported a million across Asia. E M Tsunakawa, Satoshi...B3 Velissaris, James...... B1 scriber growth to pick up in the over $1 billionwith SonyPic- quarterly profit of $1.71 billion, Subscriptions in Latin Englander, Steve...... B13 Maguire, Brian...... B12 McDaniel, Keith...... B1 W - Z second half of the year,when tures Entertainment for or $3.75ashare, compared Americaincreased by 360,000 H Moeller, Jon...... B1 Wolk, Joseph...... B14 some of itsmoresuccessful streaming rightstothe studio’s with $542.2 million, or $1.19 a and in the U.S. and Canada by Hastings, Reed...... B2 Muilenburg, Dennis....B2 Ziccardi, Anthony...... B3 shows return with fresh epi- theatrical releases starting in share, forthe year-earlier pe- 450,000.

boardhavefaced several according to aperson familiar Boeing shake-upsinthe past two with the preliminaryvotetally. years. In late 2019, the board Boeing has made progress ousted Dennis Muilenburgas in overcoming some of its Gives CEO CEO,installing Mr.Calhoun in businessproblems. It recently the topjob.Seven directors reached adeal to sell 100 who were on the board when more 737 MAX jets to South- Its Support thesecond 737MAX crashed west Airlines Co.and resumed have left. Thecompanyhas deliveries of the wide-body four new directors. Dreamliner in Marchafter a ContinuedfrompageB1 ShareholdersonTuesdayre- five-month halt. Challenges re- Calhoun would have had to re- elected Boeing’sslateof10di- main, including earlier this tire April 2022. The company rectors, Mr.Kellner said during month when airlines removed said Tuesdaytherewasn’t a the company’sannual meeting. dozens of newly built 737MAX fixedterm with Mr.Calhoun’s One proxyadvisory firm, jets from service after Boeing employment. GlassLewis, had recommended flaggedapotential electrical Chairman LarryKellner said that shareholdersvoteagainst problem,just months after Boeing had “effectively navi- Mr.Kellner and Edmund Giam- carriersbegan flying them gatedone of the most chal- bastiani,another longtime di- again. Boeing said it was lenging and complexperiods” rector who leads anew safety working with the Federal Avia- in the company’s history dur- committeeonthe board. The tion Administration on resolv- ing Mr. Calhoun’s tenure. The firm cited their previous service ing the issue. Wall Street Journal reported Mr.Calhoun on Tuesday last week that the board was said he believed proposed considering extending the re- fixesfor the MAX’selectrical tirement ageand Mr.Calhoun issues would be rolled out in a had floated the possibility. 10 “relatively short order,” but Boeing shares fell 4.1% to added that regulatorscon- $234.06 on Tuesday. The number of directors that trolled the timing.Once Mr.Smith, 54, has worked shareholders re-elected scheduled, he said, the fixes at Boeing forabout 30 years. should take days,not weeks While he most recently served or months. as financechief,heamassed Mr.Smith, who wasap- responsibilities overseeing on the board’saudit committee, pointed Boeing’schief finan- various companyoperations which oversees major risks fac- cial officer in 2011, lasted in during the 737MAX crisis. ing the company. Another proxy the role longer than manyof Earn Extra Income Thetwo crashes,which firm, Institutional Shareholder his peers at other companies claimed 346 lives,led to a Services Inc., recommended in the S&P 500 and Fortune nearly two-year grounding of shareholdersvotefor Boeing’s 500.Tenureinthe position for the aircraftthat is estimated slateofdirectors, giving the the group averaged 4.9 years to cost the companyabout companycredit forboardand in 2020,roughly in line with Lending Your Fully $20 billion. Mr.Smith was management changes to its previous yearsbut down from deeply involved in Boeing’s ef- safety and compliancepro- an averageof5.2 yearsin fortstoreturn the 737MAX,a cesses. 2015,according to the Crist topmoneymaker,toservice Messrs. Kellner and Giam- Kolder volatility report track- Paid Shares and borrow billions of dollars bastiani received morethan ing executivemoves at large to aid the companyasthe 80% of shareholder votescast U.S. companies. pandemic worsened. this year,garnering moresup- —Nina Trentmann Boeing’s leadership and port than they did last year, contributed to this article. Starting at $0 Commissions on US listed stocksand ETFs1 IGNOL/REUTERS SS RO AL SC PA S; NEW G OOMBER /BL GOODNEY PHER TO CHRIS : LEFT OM

FR ibkr.com/lendit Boeing CEO David Calhoun, left, has had the top job since 2019. CFO Greg Smith will retire in July.

Foods Corp.said in February since August 2018. P&G that it raised prices on itstur- P&Gannounced the price key products, such as Jennie-O increase as it disclosed finan- ground turkey, in response to cial resultsfor the quarter To Increase higher grain costs. J.M. ended March 31. Thecompany Smucker Co.said it recently said organic sales—a measure Rated #1 ... Again raised prices forits Jif peanut that strips out deals and cur- Prices butterand that it might do the rency moves—grew 4% in the Best Online Broker 2021 by Barron’s* same with pet snacks because quarter ended March 31. of higher shipping costsand During thequarter,P&G’s ContinuedfrompageB1 other inflationary pressure. net sales rose 5% to $18.1 bil- products, said itspercentagein- TheLabor Department said lion.Volume wasflat forthe creases would be in the mid- to last week that itsconsumer- firsttime in years, while price high-single digitsand take ef- price index—which measures and mix both increased 2%. Member -NYSE, FINRA, SIPC –*Interactive Brokers rated #1, Best Online Broker according to fect in lateJune.They will apply what consumerspay forevery- P&Gposted net income of Barron’s Best Online Brokers Survey of 2021: February 26, 2021. For more information see,ibkr.com/ to the company’sbaby-and dayitems,including groceries, $3.27 billion, or $1.26 ashare, info -Barron’s is aregistered trademark of Dow Jones &Co. Inc. [1] IBKR Lite provides commission- free trades in US exchange-listed stocksand ETFs routed to select market makers. IBKR may charge child-care, adult-careand Scott clothing,recreational activi- up from $2.92 billion, or $1.12 non-commission related fees. For more information, see ibkr.com/liteinfo bathroom tissue businesses. ties and vehicles—jumped ashare, ayear earlier.Ana- 04-IB21-1463CH1440 Several food makershave 2.6% in the year ended March, lystsexpected net income of raised prices as well. Hormel the biggest 12-month increase $3.09 billion. P2JW111000-0-B00300-1------NS

THE WALL STREET JOURNAL. NY We dnesday, April 21, 2021 | B3 BUSINESS NEWS Chat Startup Discord Calls Off Talks on Sale

BY SARAH E. NEEDLEMAN Partners and Index Ventures. AND CARA LOMBARDO In amovethat could facili- tate an IPO, Discordlast month Chat startup Discord Inc. hired itsfirst financechief, has halted talks to sell itself to TomaszMarcinkowski,afor- potential suitorsincluding Mi- mer Inc.executive. crosoft Corp., people familiar While Discordisn’t avideo- with the matter said, as it re- game company, manyofits us- sumes interest in apotential ersrely on it to communicate . with each other while playing Microsofthad been in ad- games,and several businesses vanced talks to acquireDis- with ties to the videogame in- cord foratleast $10 billion, dustryhave gone public in the TheWall Street Journal re- past year,including developers ported in March.Those talks RobloxCorp.and Playtika ended without a deal, though Holding Corp., game-hardware it is possible they could be re- maker Corsair Gaming Inc.and kindled in the future, some of game-creation tool provider the people said. Unity Software Inc. Microsoft, whose market Robloxdid adirect listing value on Tuesdaystood at in March, shelving original

S nearly $2 trillion, has been on plans to go the traditional IPO the hunt for acquisitions that route, afterthe videogame PRES would help it reach morecon- companydecided it was too

ZUMA sumers. Last summer,itex- difficult to determine the right S/ plored abid to purchase parts price for its shares. AS

/T of the video-sharing app Tik- Tokamid ahigh-profile geopo- GERDO litical standoff prompted by the Trump administration.

VLADIMIR Discordfielded interest 140 A medical worker in a protective suit operates a Toshiba Aquilion Prime spiral multi-slice CT scan at a university facility in Moscow. from at least three companies about adeal, some of the peo- Millions of monthly users of ple said. They said Discord is Discord’s online platform performing well and prefersto Toshiba Rejects Takeover Bid stay independent at this time. SanFrancisco-based Dis- cord operates afreeonline Adeal forDiscordwould Board wants more mation, the boardhas con- Toshiba’sstatement said Non-Japanese shareholders platform forchatting by text, have helped Microsoftexpand cluded it is not possible to CVCsent aletterMondaysay- have held adominant role at audio and video.Especially be- itspresenceinsocial media be- details on CVC’s offer; evaluate it,” Toshiba said. ing the private-equity firm Toshiba since a share issue in loved by gamers, itspopularity yond LinkedIn Corp.and what it supports status as a ArepresentativeofCVC de- would await guidanceasto 2017. has surged sincethe pandemic has developed through itsXbox clined to comment on Tues- whether aprivatization of Thecompanyhas shed took hold as people turned to videogame business. Discord public company day’s release. The private-eq- Toshiba would suit the com- most of itsconsumer busi- it as asafeway to connect userssay the platform offers uity firm has said it preferred pany’smanagement and nesses,but RakutenSecurities with friends and family. moreattractivefeatures such as BY KOSAKU NARIOKA to makeadeal under nonhos- board. strategist Masayuki Kubota Discordsaid it doubled its higher-quality audio than com- AND MEGUMI FUJIKAWA tile conditions and valued Toshiba said it didn’t agree said the diversified conglom- monthly user base last year to peting chat services,including partnership. with asuggestion by CVCthat eratestill faced tough choices about 140 million as daily life even that of Xbox and , Toshiba Corp.rebuffed a Toshiba’smarket capitaliza- itsstatus as apublic company about strategy. moved online in the coronavi- whichMicrosoftalso owns. takeover proposal from pri- tion briefly topped $20 billion wasdetrimental to building “If Toshiba is to reject the ruspandemic.The company In addition to the unsuc- vate-equity firm CVC Capital earlierthis month on the buy- corporatevalue.Itsaid it was acquisitionoffer,itneeds to generated $130 million in rev- cessful TikTok talks last year, Partners,saying the proposal out talk,but fell back afterini- proud to have recoveredits showwhich businesses it in- enue in 2020, up from nearly MicrosoftgaveuponMixer, didn’t have enough detail to tial suggestions by Toshiba listing on the firstsection of tends to keep or let go,” Mr. $45 million in 2019, though it itsvideogame live-streaming be considered and Toshiba leadersthat the CVCproposal the Tokyo Stock Exchangeaf- Kubota said. still isn’t profitable, the Jour- servicethat struggled to com- preferred to remain apublic might not work out. terfinancial problems several Toshiba Chief ExecutiveNo- nal has reported. petewith the likes of Ama- company. Thestock closed down 1.1% yearsago and believed itscur- buaki Kurumatani, who was a Launched in 2015,Discord zon.comInc.’s , Alpha- Toshiba said CVChadn’t Tuesday, beforethe company’s rent shareholder structurewas former chairman of CVC’s doubled itsvaluation to $7 bil- bet Inc.’sYouTube and provided specific information latest news release with aneg- suitable. Japan unit, resigned last week lion in aDecember funding Facebook Gaming. aboutthe bidding group and ative viewonthe CVCoffer,to Toshiba said it would con- under pressurefromshare- round. Overall, the company Thetechnologygiant has itspost-acquisition business ¥4,350,equivalent to $40.12. siderofferstotakethe com- holders.Satoshi Tsunakawa, has raised roughly $480 mil- made severalacquisitions in plan. That gaveToshiba amarket pany private, but anysuitor who had preceded Mr.Kuru- lion, according to Crunchbase recent years, most recently its “Asthis preliminarypro- capitalization equivalent to would need to offer adetailed mataniinthe topoperating data. Investorsinclude proposed deal forNuance posal lacks the required - just over $18 billion. proposal. role, replaced him. Greenoaks Capital, Greylock Communications Inc. Pence Book Will Proceed

BY JEFFREY A. TRACHTENBERG books.Itwas unclear how of Post Hill Press, didn’t re- manysignatories the petitions spond to arequest to com- Simon &Schuster Chief had. ment. Executive Jonathan Karp said An online petition says Si- In alettertostaffers, Mr. thepublisher would proceed mon&Schuster “has chosen Karp said, “Asapublisher in with abook by former Vice complicity in perpetuating this polarized era, we have ex- President Mike Pencedespite whitesupremacybypublish- perienced outragefromboth objections from some of its ing MikePenceand continuing sidesofthe political divide employees,saying he wantsto to distributebooks forPost and from different constituen- preserveaculturethat pres- Hill Press.” Thepetition ac- cies and groups. But we come ents different perspectives. cused Mr.Penceofadvocating to work each daytopublish, Thepublisher responded to forpolicies that were racist, not cancel, which is the most petitions circulated by em- sexist and discriminatoryto- extreme decision apublisher ployees internally and on so- ward LGBTQ+people,among canmake, and one that runs cial media. They demanded other criticisms of his tenure counter to the very core of our the companycancel Mr. as apublic official. “This is mission to publish a diversity Pence’sbook,refrain from notadifferenceofopinions; of voices and perspectives.” signing deals with other this is legitimizing bigotry,” SE has agreed Trump administration figures the petition said. to acquire Simon &Schuster for and end adistribution rela- Aspokesman forMr. Pence almost $2.18 billion. Thedeal is tionship with Post Hill Press, a declined to comment. expected to close this year publisher of conservative AnthonyZiccardi, publisher pending regulatoryapproval.

ADVERTISEMENT WHEREARE 5MAJOR Showroom AUTONOMOUS VEHICLE To advertise: 800-366-3975orWSJ.com/classifieds STUDIESBEING DONE PORSCHE RIGHT NOW?

Find all your businessneedsin MiddlesexCounty,New Jersey.

Learnhow adeepcommitmentfromlocal governmentand thecommunity hascreated theperfect ecosystemfor businesses developingthe electric,connected,and autonomous vehiclesofthe future.

DiscoverMiddlesex.com/Biz P2JW111000-2-B00400-1------XA

B4 | We dnesday, April 21, 2021 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Joanna Stern TikTok to Apple Offers Buffet of New Devices Roll Out Automated What do 1 thenew Apple TV re- Captions mote, M1 iMac,12.9- inch iPad Pro BY ANN-MARIE ALCÁNTARA and AirTagshaveincom- mon? You’ll never lose them. TikTok is introducing auto- TheApple TV remotebe- mated captions,afeaturethat cause it is no longer the size will add subtitles to postsinits of apea. TheiMac because popular video-sharing app it’sadesktopthat stays on without requiring userstoen- your desk.The iPad Probe- terthe text themselves. cause with itsnew mini-LED Thefeature, which is being display, it’sthe tablet equiv- rolled out in the coming weeks, alent of the . is the latest attempt by aso- And ? Because that’s cial-media companytomake their deal: trackerstohelp itsproductsmoreaccessible youfind stuff youusually and avoid shutting out large misplace. segmentsofthe population. Of- At avirtual event on tenthose moves have followed Tuesday, Apple executives pressurefromadvocates,as announced all these prod- wasthe case last summer, ucts, plus afew more. I when TwitterInc.began letting wasn’t able to see anyofit usersshareaudio tweets, but formyself but that doesn’t initially didn’t allowcaption- 6 2 mean Idon’t have prelimi- ing,making it uselesstodeaf narythoughts. Here’smy people.Facebook Inc.’sInsta- take on all the newstuff. gram last September added au- tomated captions to itsIGTV AirTags video app. Not counting the Apple “Our hope with this release 3.5mm dongle,AirTags is that we ease the burden for might be Apple’ssmallest creatorsasthey add captions product yet. Yetitmight be to their videos,while also mak- all-powerful forthose of us ing the viewing experienceac- who would lose our socks if cessible to moreusers,” said 5 they weren’t on our feet. Sean Kim,head of product at On the surface, AirTags TikTok,which is operated by work similarly to other lost- ByteDance Ltd. item trackers. Youattach the “Wewant to encourageand $29 Mentos-looking object inspirecreatorstobeinclusive to thingsyou oftenlose: in the content they createbe- keys... wallet... spatula, or is cause at the end of the day, be- that just me? Thetracking ing moreinclusivealso helps to devices use and grow one’saudience,” he said ultra-wideband technology in an email. to report back to your Previously,TikTok usershad iPhone. to add text themselves or come 4 3 If you’relooking fora up with methods likerunning missing item, youopen the their clips through Instagram’s app on your iPhone Threads app,which generates and see if it’sonthe map.A captions forvideos,before feature called Precision posting them on TikTok. Tracking will guide youwith Thenew system, which was ahelpful arrow to the object tested with the advocacygroup if it’sinclose proximity.And Deaf Collective, promptspeo- if youcan’t see it, youcan ple to accept automatic cap- sound an alarm on the tions.But usersmust select the AirTag’sspeaker. feature everytime. Lost your keysonthe side Userscan edit the captions of the road? Apple’snew that come up,and, fornow, Find My network canlever- they will only be available in ageall Apple’sdeviceswith Englishand Japanese. Bluetooth to help locate With roughly 48 million these devices wherever 1. Apple’s new M1 iMac comes in seven colors. 2. The $1,499-and- people who aredeaf or hardof someone might be passing up versions comes with a keyboard with Touch ID for easy logins hearing in the U.S.,the moveis by.Apple is working with and purchases. 3. The new Apple TV has an improved astepinthe right direction for third-party accessorymakers (6) remote. 4. AirTags helps people find lost items. 5. Two new iPad TikTok,whereaudio often

to build Find My capabilities APPLE Pro models. 6. The iPhone 12 now comes in purple. plays abig role in posts, advo- intotheir products. catessay. No longer speed. It allcomes ogyisn’t unique to Apple, Purple iPhone 12 new iMac has better micro- Amanda Spitalieri,aneduca- Apple TV down to software and touch but it’sstill cutting-edge. That’sit. TheiPhone 12 phones and a six-speaker tion professional who postsas Readers of my column screen now. TheiPadProsget anew nowcomes in purple.It’sthe sound system. @ThatDeafTikTokker,said it knowmypain: The Apple Both iPad Promodels webcam. Thefront-facing 12- same priceasthe other Thelower-end iMac mod- usually takesher about 30 min- TV’sSiri remote has been were upgraded to the Apple megapixel ultra-wide camera iPhone models. els will start at $1,299,with utes to createcaptions forher the bane of my existence M1 chip that’sbeen power- works with anew feature only four color choices; the videos.During that time,she sinceit’ssosmall it gets lost ing Macs sincelast fall. called Center Stage,which iMac higher-end configurations sometimesforgets what she in the couch, and when it’s They’llnow come with the recognizes people and virtu- Forthose with an ancient start at $1,499 and come in all said whilerecording,compli- in your hand, youcan’t tell option of 5G cellular connec- ally pans and zooms to keep iMac,Apple has anew the colors. If youspring for cating the task of captioning, which end is up.The biggest tivity,ifyou’reconfident them framed during video model—and the company the $1,499-and-up models, sheadded. Apple TV news? Itsnew re- thereare enough towers in calls.It’ssomething we’ve pulled out all the tricks (and you’ll also getakeyboard motemight not suck.It’s your area to justifythe cost. seen (and appreciated) on colors!) forit. Thefirst nota- with built-in Touch ID for bigger, bringsback the click (Sinceyou do moredata-in- other devices, most recently ble iMac redesign since2012, easy logins and Apple Pay The system was wheel and putsthe Siri but- tensivestuff on your tablet the Facebook Portal.While this one has a24-inch screen purchases. tononthe right edge. or ,Iactually think 5G the iPad’swebcam is still in but is only abit biggerthan tested with an TheApple TV unveiled could actually makesense.) the wrong place—at the top the older 21-inch iMac.Plus, iOS14.5 advocacy group for Tuesdayhas the same body, And because their USB-C of the screen, which means the displaysounds likeareal Probably the biggest Apple with internal improvements connectorswill support at the side if youuse the upgrade with what Apple is product of them all, because the deaf. in performance. With anew Thunderbolt accessories, tablet horizontally during a calling “4.5K” resolution. it’sinmost of itsdevices, and A12 Bionic chip,itpromises they’ll be able to access video call—Apple says Cen- Theslimmer design is youdon’t have to payfor it: betterHDR playback.But faster Ethernet networks terStage should keep things poweredbythat same M1 iOS14.5. Theoverdue soft- Apple didn’t removethe big- and storagedevices, and be looking morebalanced. chip in the iPad Pro—and the ware updateisarriving next But automated captions also gest pain point: the device’s compatible with monitors Thenew 11-inch iPad Pro 2020 we loveso week,says Apple.This isn’t a have some drawbacks. exorbitant price. Honestly, such as Apple’s6KPro Dis- startsat$799; the 12.9inch much. full system overhaul likewe Thereare anumber of with astarting priceof$179, play. at $1,099.And that doesn’t Apple says the new iMac’s getinthe fall but it does have thingsthe system might not al- Apple TV is ahardsell for Thehugest tablet in Ap- include anyaccessories,like webcam is the “best camera notable newfeatures. waysrender correctly: accents, anyone looking foracon- ple’slineup,the 12.9-inch the $129 , the ever in a Mac.” Of course If youhaveanApple Watch background noise and singing, nected streaming device. iPad Pro, is getting avisual $179 Smart KeyboardFolio that isn’t saying much. And you’ll nowbeable to unlock among others. And anyof Roku, Google Chromecast, improvement in the form of or the $299 Magic Keyboard at 1080p, it is lower resolu- your iPhone when wearing a those could result in embar- Amazon Fire sticks and oth- anew displaypoweredby case. tion compared with the front mask without inputting your rassing caption mistakes for erscost afraction of that. mini-LEDs.Translation: Over What we didn’t get? An camera on the iPad Pro and .Italso featuresApp people and companies,said 10,000 tinylightsembedded updated iPad Mini. Thething iPhone, but Apple says its Tracking Transparency, apri- Meryl Evans,adeaf digital iPad Pro behind the screen adjust is still saddled with alower- sensor is improved and the vacy feature that will nowask marketer. What’sthe differencebe- constantly to provide ex- resolution screen and old de- new chip makes for far bet- your permission beforean “It only takesone word and tween aMac and an iPad? treme contrast. This technol- sign. ter video processing. The app startstracking you. even onelettertobedifferent andthe captions canconfuse the viewer,” she said. “Hearing lion, and other Apple products subscription option within Ap- ple in part afterSpotifyac- podcasterscharge listenersfor people won’t notice, because New Wares such as itsMac computers, ple’spodcast app comes with a cused the tech giant of abusing access on the streaming service. they canfill in the gaps on bad watches and wirelesshead- revamp of that app. itscontrol over howapps ap- Thenew subscription options captions.Dialogue moves fast. phones also sawsales increases It underscores acorestrat- pear in itsApp Store. Apple has areset to be announced on Spo- Youdon’t have time to figure Are Placed because of the pandemic. egythat Chief ExecutiveOfficer denied wrongdoing.Spotifyhas tifyassoon as next month, ac- out the bad captions beforethe Thetech giant topped $100 has been champion- complained foryearsthat Ap- cording to people familiar with next line with bad captions billion in quarterly sales forthe ing sincewell beforethe pan- ple aimed to limit competition the matter. shows up.” On Display firsttime as consumersflocked demic,one focused on building to benefit itsown streaming Thestreaming companyhas Even so,accessibility advo- to newiterations of the iPhone out the company’sdigital ser- service. been adding subscribersthanks cates say TikTok can do more and other devices. vices to fuel growth and keep Executives from Spotify, to itsfocus on , spend- with itsuser interfacetoget ContinuedfrompageB1 Analystssurveyed by Fact- consumersevenmoreclosely Tile,Apple,Google and Match ing big money to lock in high- as manypeople as possible to cessor chips to the iMac Set, on average, expect iPad tied with Apple’secosystem. Group Inc.—a dating company profile talent such as JoeRogan. use the newcaptioning.The desktopcomputer.The chip sales to fall in the second half Thetech giant’sservices divi- that owns the app Tinder and Amazon.com Inc.has signaled app could turn on captioning changewas part of afull iMac of the fiscal year compared sion generated almost $16 bil- otherproperties—areset to itsexpanded interest in pod- as adefault feature,for in- redesign—the firstsignificant with ayear ago, but still finish lion in sales in the quarter that testifyWednesdayinahearing castsbypurchasing . stance, or apop-up window redesign of Apple’spopular 2021 in September betterthan ended in December,analmost beforeaU.S.Senatesubcom- Thetracking devicerevealed could prompt userstoadd desktopsince2012. Apple also ayear earlier. 25% increase from the same mittee focused on competition Tuesdayhad been expected for captions as a final step. said it is bringing itsnew chips ThelatestiPadPro will be period the previous year. and antitrust issues. awhile.Called AirTag,the de- Morebroadly,tech compa- to the high-end iPad Pro, which available to order April 30.The Mr.Cook’sservices-driven In 2005,Apple helped make vicescan be affixed to users’ nies still have work ahead to comes with abrighter screen devicestartsat$799,while the strategywill put Apple in podcastsmainstream by bring- bags or other items to track include people with disabilities. and speedy fifth-generation, or largerversion with itsbrighter closer competition with compa- ing the to iTunes.The with their iPhone,similar to a “It’sreally important for 5G,connectivity. screen will begin at $1,099.The nies that operateonits devices. format has takenoff sincethen product by Tile. people to involvepeople with TheCupertino,Calif.-based iMac,which will be offered in a Some of those businesses have with listenersand advertisers, Applewill begin taking or- disabilities,” said Kate Kal- companybegan offering the variety of colors, begins at grownmorevocal in com- and tech companies have been ders forAirTag on Friday, with cevich,who is hearing-im- faster 5G technologyinits new- $1,299.Apple’snew M1 chip plaintsabout Apple,saying it working recently to beef up the productsarriving April 30. paired and works as head of est last fall, helping will allowthe desktoptobe uses itsmight in anticompeti- their offerings. They areselling for$29 apiece services at Fable Tech Labs juicesales forthe device. iPad much slimmer,according to the tiveways. Spotifyhas said it plans to or as afour-pack for$99. Inc., an accessibility platform. sales rose 41% in the October-to- company. The European Union has launch asubscription podcast- —Benjamin Mullin contributed “You’regoing to find things December quarter to $8.4 bil- Thedevelopment of apaid opened formal probes intoAp- ing model that would let certain to this article. that youwon’t find otherwise.” P2JW111000-0-B00500-1------NS

THE WALL STREET JOURNAL. NY We dnesday, April 21, 2021 | B5 BUSINESS NEWS Google Is Sued by Owner of

Antitrust case alleges of the industryuses Google software to sell ad spaceinad- Tribune Sets Date Alphabet unit uses vertising exchanges.But Google search rankings to also competes with publishers For Vote on Bid foronline ad dollarsand sup- punish publishers plies tools to ad buyers. Google had anearly 29% shareofthe Tribune Publishing Co. BY PATIENCE HAGGIN U.S. digital ad market in 2020, has set a May 21 deadline for according to research firm shareholders to vote on a TheDaily Mail’sowner filed eMarketer. takeover proposal by hedge an antitrust suit against Alpha- In the suit brought by the fund Alden Global Capital

bet Inc.’sGoogle on Tuesday, al- CK Mail’sowner,Associated News- LLC, narrowing the window leging the tech giant manipu- TO papersLtd., and itsU.S.unit, for hotel magnate Stewart lates search resultsand Mail MediaInc., the publisher Bainum Jr. to firm up financ- advertising auctions in ways alleges Google linked itssearch ing for his competing bid. SHUTTERS

that harm online publishers. A/ engine and ad-sales platform to The company Thesuit, filed in Manhattan put pressureonpublishers, on Tuesday announced a May federal court, alleges that GA/EP abusing itsmarket power. 21 vote on Alden’s $635 mil-

Google punishes publishersin ABALA In 2019,Google punished the lion bid, which a special com- search rankingsifthey don’t Daily Mail in itssearch results mittee of the board tasked sell enough advertising space ARRIZ because the publisher had con- with reviewing the takeover through Google’smarketplace. figuredits online ad sales in a proposals has recommended CUNDO

TheDaily Mail’sconcerns FA way that sent itsbusinessaway shareholders accept. The call stem in part from itsassess- The Daily Mail claims search results played down its coverage of the U.K.’s royal family in 2021. from Google in manyinstances, for a vote comes just days ment that itscoverageofthe according to the complaint. after a key partner in Mr. Bai- U.K.’s royalfamily in 2021 has wherepublishershaveand ex- those two tech companies,cit- the world’smost read websites, Google later tweaked itstech- num’s $680 million bid pulled been playeddowninGoogle’s ercise multiple options,” the ing adeal between them code- with 75 million unique monthly nologytocounteract that tactic out. search results, aspokesman for statement said. named “Jedi Blue.” visitorsinthe U.S.,according to and restored the Daily Mail’s On Monday, the special the publisher said. Publishing executives com- Separately,Google is facing the suit, which seeks unspeci- normal search performance, the committee said it could no In astatement, aGoogle plaininprivateabout Google’s antitrustsuits brought by the fied damages.The suit also asks suit alleges.Morerecently, longer reasonably expect the spokeswoman denied the alle- dominanceofsearch and adver- U.S. JusticeDepartment and at- Google to discontinue itsal- Daily Mail executives have been competing bid to be superior gations in the suit. “The Daily tising,but few go public with torneysgeneral in several legedmisconduct and offer disappointed that the site’scov- to Alden’s as it no longer had Mail’sclaims arecompletely in- their grievances.InJanuary, the states.The companyhas denied transparencyintoits news- erageofthe royalfamily has the necessary financing. It accurate. Theuse of our ad tech parent companyofWest Vir- abusing itsmarket powerand search algorithm. not shown up prominently in also said it would “carefully tools has no bearing on howa ginia’sCharleston Gazette-Mail has said the ad technologymar- Publishershaveacompli- search resultsfor keywords consider any further develop- publisher’s websiteranks in filed an antitrust suit against ketiscompetitive. catedrelationship with Google. such as “Meghan and Harry,” ments,” leaving open an op- Google Search. Moregenerally, Google and Facebook Inc.Sev- TheU.K.-based Daily Mail, Thetech company’ssearch en- “PiersMorgan” and “ portunity for Mr. Bainum to we competeinacrowded and eral other small publisherson knownfor celebrity and pop- gine is amajor source of web Philip,” the spokesman forthe come up with other financing. competitiveadtech space Mondayfiled suitsagainst culturenews, has built one of traffic formanysites,and most publisher said.

ADVERTISEMENT TheMarketplace To advertise: 800-366-3975orWSJ.com/classifieds

BUSINESSOPPORTUNITIES CAREERS COMMERCIAL REAL ESTATE NOTICE OF SALE

#)).SLl(Q ?''BE<7N; A>7+ C4HN;+1?B%,@#%0 %$$ .')"#- &+"( ,!*#-( !..0!*31 ,(&$+!+1 -#*2 eTQj n.*JbTQj n.*Jd o` ]` :Mlj -!.`b V= ^&UiW&j&?IXUL&P dWBd ZdBjRUXWd [&RBdULUdI+Mj&( \BjdI.7KURR )QQJ)lP'IIa(L1Q#)).SLl(Q(.j.*JL/L() .PPLSQ 5`)K?) =Kc)FE=!-) =#K=WEF)? VKF% VK2K``) @G)A!-K?N XF-L EA KF K'P`!K=)EA?;I?!+!KAZ=#)A)E'NEF <#&j dW& $ BM>dU

dU

1 213@1_[X_2 XX U731[@[_<@5X1@V VVUBR 4<(& Bi UP &#&>dUPdW& ZdBd&<$^&K C1MUiUdU

W& Q)(L1l(Q)b l/R(li *Q('*/)P.* ,*L&l(QQ+'L(hl/R G)GI)A?#!D !F=)A)?=? !F 1:< 57XT1_N VV&jdBUP `MjUdI8Xj&&Q&Pd) 1K*34 KG6FH3 1,G4 MQRNQP'/R Q/(L(LQ)`4.*J./,*.SQ)) L1,*.&Qa )"::"(<:6QN ^#!-# !? =#) ?E`) E^F)A E' =#) DAED)A=Z -EGGEF`Z cFE^F K? 1#) 5E!F=)`E-K=)+K=(JJ (Bd&(Bi<$^_3N VVMj&( \BjdI) Bi R&P(&j)BP( jL(M (MQ(li j.*J ,l,Q*)(.,*.R'SQ PQRQ*lIa E' I;?!F)?? K= &*.J 2E;=#@`?=EF @9)F;)N 2;!=) ,.JN :;A#KGN TEA=# dUL&RI)dW& /\R&(X&( 4& Z&>Mj&( \BjdIkijUXWdi UP dW& \R&(X&( 4W i&>Mj&i :BIQ&Pd <$ 6AIIQ (MQ8li 8QSM/.I.Nh N*.',./(MQ l'(.1l(L./ .P 1#) 2)-;A)+ 5KA=ZN K? `)F+)ANGK+) K`EKF (=#) #*<$$.%4%<-".%6Q =E =#) U)YYKF!F)>EAAE^)AL >&jdBUP UP(&?d&(P&ii 9dW& /*P(&?d&(P&ii.7 <$ 2&?dMj&( \BjdI3 ]P& EAAE^)A#K? %AKF=)+ =E =#) 2)-;A)+ 5KA=ZK &L&Pdi <$ (&$BMRdWBL&<>>Mjj&( MP(&j dW& ` BM>dU

EAAE^)AEAE=#)A^!?) K'')-=!F% =#) DAED)A=Z K&?&J3>>&ii 4<(&= lg% %gc cll7 ><@ +BN7&8 49CE .7;C (>( : A!&8L +&;$LE 6A "<'(' (. Q/)'*Q (L1QIh PLIL/N)`#/lIhfQ RL&LRQ/RL/a R%$& 82<%4": -".%!'" >&ii 4<(&= lg% %gc cll73 222CA!!&BN?;HL97)B);15N=C?LO S.1Q (. RQ(Q*1L/Q(MQ lS('lI RL&LRQ/R L/S.1Q 1#) ?K`) E' =#) XF=)A)?=? ^!`` I) ?;Ie)-= =E K`` KDD`!-KI`) =#!A+DKA=Z -EF?)F=? KF+ A)%;`K=EAZ Z&>Mj&( \BjdIWBi &PXBX&( 2M# A\W&R:i Z&>MjUdU&i)``4 9dW&/6jddW& P.* QlSMQ/(L(h IQ&QI(.,lh jL(MM.IRL/N (liQ) (. KDDAE9K`?N !' KFZL /!=#E;=`!G!=K=!EF =E =#) 'EA)%E!F%N D`)K?) =Kc)FE=!-)=#K= =#)A) KA) ?D)-!P- iBR&3 O) /4ER>D+>5/ -N&;E7H/ 94N5N5" HR+ >E;HN45 EJN5" HR+ ><4D+ 7N58 4K 2R45+ (MQ7`:`N.&Q*/1Q/(` #/lIhfQl/R L1,IQ1Q/( A)C;!A)G)F=? 'EAKFZ DE=)F=!K` ?;--)??';`I!++)A!F-EFF)-=!EF ^!=# EI=K!F!F% !F'EAGK=!EF KF+ I!++!F% 5E6<+K:27+>J+ ;45H>;HQ+4(K+/ !K>58+7:M>5>"N5" %NK+;H4K>HHR+ *K48+K:>H l/h 7`:`(li S.1,ILl/SQ SMl/NQ` 8MQ)'SSQ))a EF =#) XF=)A)?=?N !F-`;+!F% I;= FE=`!G!=)+ =EN (.Q =#K= )K-#I!++)AG;?= -EGD`Z ^!=# =#) A)?=A!-=!EF? %88CD:- '$ &#,B:8, 8618,D8:A8; KDD`!-KI`) =E =#) ?K`) E' =#) XF=)A)?=? ;F+)A =#) XF=)A-A)+!=EA @%A))G)F= +K=)+ K? E' UKZ,(N ,J." IZ 3PF3IPG3.PG$I$ 4K "+4(K+/L)K>58+7=-E(>5-2R+72JL;46L P'I Sl/RLRl(QjLII Ml&Q l"lSMQI.*6) RQN*QQ L/ KF+ KGEF% =#) 2)-;A)+ 5KA=ZN =#) #E`+)A E' =#) U)YYKF!F)VEKF KF+ =#) #E`+)A E' =#) 2)F!EA VEKF *d Ui dW& MP(&jidBP(UPX BP( ?&RU&$ <$ Z&>Mj&( \BjdI9?Md KUdWMj&( \BjdIBid>MjB>IRM(& Udi (Uj&>dBP( UP(Uj&>d j.*J ,l,Q*)l/R ,Q*P.*1L/NSl**h lII.Sl(L./)% =#K= )K-# I!++)A G;?= +)`!9)A ?;-# +E-;G)F=? KF+ DKZ?;-# KGE;F=? K? A)C;!A)+IZ=#) XF=)A-A)+!=EA Bd&( UP 16',*/#%74%&5') 1.RLPhL/N(MQ 7)Q* Y/(Q*PlSQP.* Y/)(L('(L./lI #)a @%A))G)F= KF+ =#) KDD`!-KI`) %E9)AF!F%+E-;G)F=? A)`K=!F% =E =#) XF=)A)?=?L 1#) XF=)A)?=? KA) I)!F%E'')A)+ K? K?!F%`) `E=N #K?M!?N ^#)A)M!?6N ^!=# FE )\DA)?? EA !GD`!)+ ^KAAKF=!)?N Y&JBi)dW& QBTW UP>RM(& dW& ZBP 8PdMQ?&j&( ?I i&PUMjUdIUPd&j&idi i&>MjUPX dW& YjBP>W& 8Y&jQ 120*+8(6!.%74%&5') E=#)A D)A?EF K-=!F% 'EAEAEFI)#K`' E' =#) 2)-;A)+ 5KA=ZKF+ )K-# I!++)A G;?=GKc)!=? E^F!FC;!AZ `Mj&( \BjdId<2&?dW& 8Y&jQ `U:BR BQdU

jU?&( W&j&UP) dW& YjBP>W& 8Y&jQ `>&ii$MR ?U((&jh:j (#,@"[email protected]= kl)L)%l/lIhfL/N l))Q(klSJQR)QS'*L(LQ)l/R I))F GK+) IZ KI!++)A=#K= !? ;FKI`) =E ?K=!?'Z =#) A)C;!A)G)F=? !GDE?)+ IZ =#)2)-;A)+ 5KA=Z;DEF >Mj&( \BjdI3 *#@@>500)/<4)E?40 S*QRL(RQPl'I( )jl,)l/R l'(.1l(L/N j.*J ,la DAE?D)-=!9)I!++)A? !F -EFF)-=!EF ^!=# =#) ?K`) EA =E ^#EG !F =#) 2)-;A)+5KA=Z4? ?E`) e;+%G)F=K?K`) 8d dW& iBR&)dW& *Pd&j&idi KURR ?& iMQ&Pdi) ,Q*)% ,Q*P.*1L/N4l(Q*PlIISlIS'Il(L./)(.lII.a GKZFE= `K^';``Z I) GK+)Q KF+ =)AG!FK=)EAK+eE;AF =#) ?K`) =E KFE=#)A =!G)N ^!=#E;= ';A=#)A FE=!-)L Bi BiUPXR& RMjUdU&i Mj&( \BjdI '<%!!7/= $*/!-)1%<7-/ Q*lI (li *Q('*/)b :SMQR'IQWaH)b l/Rl)).SLl(QR E' =#) 2)-;A!=!)?@-= KF+ =E !GDE?) ?;-#E=#)A `!G!=K=!EF? EA -EF+!=!EF? !F -EFF)-=!EF ^!=# =#) ?K`) E' j&i&jL&idW& jUXWd d< j&idjU>d:jdUL&?U((&ji d< dWWBiUPX dW& *Pd&j&idi $>W *Pd&j&idi)d&jdU">Bd&j&:j&i&PdUPX *# !:)$/$-)$%& 5=$(-$ '8:)(') L/Nl'(M.*L(LQ)%S./R'S(L/N (li*Q)Ql*SM ')L/N @`` I!+? (E=#)A =#KF -A)+!= I!+? E' =#) 2)-;A)+ 5KA=ZQ G;?= I) 'EA-K?#N KF+ =#) ?;--)??';` I!++)A dW& *Pd&j&idi d< ?& iddWBd iM>W *Pd&j&idi (7#5 %< !MQSJ,.L/( ;Y#%S.1,'(L/N >*LNL/lI Y))'QoL)a G;?= (KQ I) DA)DKA)+ =E +)`!9)A !GG)+!K=)`Z K9K!`KI`) %EE+ ';F+? EF =#) +KZE'=#) ?K`) 'EAKFZ A)C;!A)+ WBL& PMjUdU&i 8>d<$;Occ) Bi BQ&P(&( 9dW&/Z&>MjUdU&i S.'/()b1lL/(lL/L/N l1.*(Lfl(L./ )SMQR'IQ)b +)DE?!=N (IQ ^!=#!F =#A)) (*Q T)^SEAcI;?!F)?? +KZ? E' =#) ?K`) DKZ=E2)-;A)+ 5KA=Z =#) IK`KF-) E' =#) 8>d.7) BP( QBIPMjUdU&i8>d) (,635-5'4!0/",1)6+/ l/RSlIS'Il(L./ l,,.L/(1Q/( PlS(.*)P.* RQk( L)a I!+ KGE;F= KF+ (-Q E=#)A^!?) -EGD`Z ^!=# =#) I!++!F% A)C;!A)G)F=?L];A=#)A !F'EAGK=!EF -EF-)AF!F% ! 4*#.$4&.#%22 ! =#) XF=)A)?=?N =#) A)C;!A)G)F=? 'EAEI=K!F!F% !F'EAGK=!EFKF+ I!++!F% EF =#)!F=)A)?=? KF+ =#) 1)AG? E' BP( d< UQ:W dU

Mj&( \BjdI(&&Qi P&>&iiBjIA)== 3E?)FI)A% O. ,.,Mf.,M&d,$H IA)==LAE?)FI)A%BKGLe``L-EG KUdW dW& Z&>MjUdU&i 8>dB?R& RBK) Bi K&RR Bi dW& d&jQi <$ dW&bEki ,Q*)khL/S.*,.*l(L./ )QSF^DSb )QSABH1RL&La MQ&Pdi3 5066 2",64, 21@)6@ 420 3.!,B&*44,. RQ/R)bl/R UV=)jl,)` #I(Q*/l(L&QIhb(MQ Q1a ,I.hQ* jLII lSSQ,( )LieCd hQl*).PQi,Q*LQ/SQ Z&>Mj&( \BjdIj&i&jL&idW& jUXWd d< B>>&:d dBPI ?U( BP( iWBRR P&3 Z&>Mj&( \BjdIj&i&jL&idW& jUXWd $BiW BP(ej&(UdUPX iWBi&j Bd dW& iBR& d< ?& QB(& :MjiMBPd d< dWUi P&3 Z&>Mj&( ;F9*A1+A.4&E",,9?(.6?14A ?4(93&%> (L./lI #))Q(Ul/lNQ1Q/( j.*J ,l,Q*)% ,*Q,l*a \BjdIQBI B(TBP>&R dW& iBR& W&j&?IB(L&jdUi&( $j&BdUW iBR& QBI?&QB(& Bd dW& dUQ& & /?$#I.H ,1%4(?4$ A?$4I%?$#6E ./SLILl(L./bS'1'Il(L&Q (lil/lIh)L)b l/R(lilkIQ d< KWU>W dW& iBR& QBIWBL&?&&P i< $MjdW&j B(T,&?8>4& L/NMQRNQP'/R (lij.*J,l,Q*)b L/SI'RL/N l/lIa Y/&Q)(1Q/( "l/JL/N =.)L(L./) 20Z4[*602 86]E0)\`08Z0 4]^Y84YY+0 6[]a0[ 8Y=,&<#j&I -jBPS&R)_BPBXUPX h)L).P(lilkIQ L/S.1Q l/R,*Q)Q/(l(L./)%S.1a 1$4=97%=$7+0$36$: 8"9676"$9-/6#= 8;=96( !.1,ILl/SQ Y8 2Uj&>d `";3) *> "<( eTQj n.*Jb Tnd? oQPL/Q-RQIL&Q* !.1,ILl/SQ EU>& \j&iU(&Pd) Bd ;VN;NVl!GVN%Oc 3RMdU

RMQ&PdBdU

+5<401 10,)1)7- @.3 =081/ l/RlR&L).*)L/l))Q(klSJQR)QS'*L(LQ)l/R ,*La (MQ UQRLl -8QIQS.11'/LSl(L./) L/R')(*h` =Q*a KQS(L&Q)` ]/)'*Q -Q&lI'l(Q +'lIL(h ,Il//L/Nb &l(Q Q+'L(h P'/R)%*Q&LQjL/N *QN'Il(.*h,l*(/Q*a P.*1 S.1,*QMQ/)L&Q PL/l/SLlI -1l(MQ1l(LSlI +'lIL(h S./(*.Ib +'lIL(h l))'*l/SQb+'lIL(h L1a CAREERS CAREERS !08/5704 #878-0907, )7 "<860 )ML, (li lII.Sl(L./ j.*J ,l,Q*)% *Q&LQjL/N \QRa 1.RQIL/N -l/lIh)Q)` =*Q,l*Q SILQ/( ,*Q)Q/(la ,*.&Q1Q/()b -*L)J 1l/lNQ1Q/( .P MLNMa*L)J !8<0/ 2@;39 &($:'*2@39 Q*lI (li *Q('*/)b :SMQR'IQWaH)b l/Rl)).SLl(QR (L./)b L/(Q*/lI 1Q1.*l/Rlb ,'kILSIhaPLIQR R.S'a ,*.R'S() L/ (MQ,*.R'S( ,.*(P.IL.` #RR*Q)) -*Qa *?4),04 %)7876)8*LNL/lIY))'Q (L(l(L&Q (*l/)lS(L./ (Q*1) IQ&Q*lNL/N J/.jIQRNQ RQPL/QR N.&Q*/l/SQ )(*'S('*Q` YRQ/(LPh L1,*.&Qa (MQ RQ&QI.,1Q/( (Ql1 (. ,*.&LRQ +'lIL(h )h)a oL)S.'/()b1lL/(lL/L/N l1.*(Lfl(L./ )SMQR'IQ)b QiQS'(L./ (L1Q kh @^0` =Q*P.*1X5U kh(Q S.RQ .P (MQSILQ/(6) L/R')(*hb k')L/Q)) .,Q*l(L./)b 1Q/( .,,.*('/L(LQ) L1,lS(L/N ,*.R'S( +'lIL(h - (Q1) (Ml( L1,*.&Q ,*.R'S(L&L(hb RQS*Ql)Q .,Q*a ,l*)L/N -L/)(*'1Q/(l(L./ (. S*Ql(Q !Ml/NQ oQa l/RSlIS'Il(L./ l,,.L/(1Q/( PlS(.*)P.* RQk( L)a 1l*JQ( S./RL(L./)b -)(l(Q .P Sl,L(lI 1l*JQ() (. S')(.1Q* )l(L)PlS(L./ kh )Ml*L/N kQ)( ,*lS(LSQ)b l(L./lI *L)Jb -Q/lkIQ(MQ k')L/Q)) (. Qi,l/R` 45/,.7#& 2)54 /4 36'.9/& )'QR kh oL*QS( !l,L(lI\'/R)%l/Rb,*Q,l*L/N ,Q/RQ/Sh [*l,M`"lSMQI.*6).*Q+'L& L/ !:b 'I(L1l(QIh ,*.&LRQ )(*l(QNLS lR&LSQ (. SILQ/() L/ Q1Q*NL/N (*Q/R)b -L//.&l(L./ (. )',,.*( S'Ia "'LIR.'( -1lL/(lL/ (MQ !*QRL( oQk( !l,L(lI ]/N6Nel/hdb Ul(Mb:(l()b.**QI PLQIRcDh*) *QIa :-,.36 766- (#*6, !).57.12 5/*+ l/R*Q&LQjL/N RL&LRQ/R jL(MM.IRL/N j.*J ,la RQ&L)L/N -QiQS'(L/N (*l/)lS(L./)` !..*RL/l(Q ('*lISMl/NQ (.jl*R) l1.*Q ,*.R'S( P.S')QR Ul*JQ( :h/RLSl(L./ 8QSM/.I.Nh ,Il(P.*1` !./a ,Q*)khL/S.*,.*l(L./ )QSF^DSb )QSABH1RL&La Q&l/(Qi, >; Ul)(Q*6) .* Q+'L& L/ !:b]/N6N /1 *06 -#++&!#,,.6, .+5#17&$ RQlI QiQS'(L./QPP.*()b L/SI'RL/N (MQQ&lI'l(L./ e<#d l,,*.lSM` Zl/RIQ j.*JP.*SQ )(*l(QNh (*Lk'(Q(.Rlha(.aRlh RQ&QI.,1Q/( -,l*(LSL,l(Q el/hdb Ul(Mb:(l()b.**QI PLQIRcGh*) *QIQ&l/( RQ/R)bl/R UV=)jl,)`#,,ILSl/() )M.'IR )'ka .P *L)J PlS(.*)b/QN.(Ll(L./ .P (Q*1)b-1./L(.*a 1l/lNQ1Q/( -QiQS'(L./b L/SI'RL/N MQlRS.'/( L/ lII PlSQ() .P RQ)LN/b RQ&QI.,1Q/(b -,Il//L/N` 1L( l*Q)'1Q(.o`]`:Mlj-!.`b V=bHHCC Qi,` ]i, j_l/lIh)L)b RQ)LN/ -k'LIRL/N).P(j +*#, ,6+/,*16'*7//," L/N .P K'/L.* (Ql1)L/S.1,IQ(L/N (l)J) Q/S.1a 1l/lNQ1Q/(b *Q).'*SQ 1Lib (l*NQ(1l/lNQa oQ)LN/ ).I'(L./) -RQ,I.h1Q/() jL(M S.IIlk.*la l,,)`]i, j_,*QRLS(L&Q l/lIh(LS)-S.1, Il/a #&Q/'Q.P(MQ #1Q*LSl)b TQjn.*Jb TQjn.*J ,l))L/N &lI'l(L./b S.*,.*l(Q PL/l/SQb -lSa 1Q/(b 8.(lI !.)(.P>j/Q*)ML,b ML*L/Nb-S./a (L./ P*.1 (MQL/P*l)(*'S('*Q (Ql1 (Ml( S./)LRQ*) %$88&888"88#17 %$:$&///"// H^^FC` :'k1L))L./) 1')( *QPQ*Q/SQ#WWa4X` N'lNQRQ)LN/` oQ1./)(*l(QR J/.jI.PXl&lAc` S.'/(L/N` #,,Ih J/.jIQRNQ .P IQ&Q*lNQR PLa (*lS( *Q/QjlI l,,*.&lI)` Ul/lNQ (Q)(L/N)S.,Qb *Q)LILQ/Sh -.,(L1LfQ) ,Q*P.*1l/SQ jMLIQ JQQ,a ]i, j_RQ)LN/ ,l((Q*/)`oQ1./)(*l(QR J/.jI .P 6.&/(25/.&32 /!,7,,-41#%7*-$04+47' T. ,M./QSlII) ,IQl)Q` o` ]` :Mlj L) l/ Q+'lI /l/SQ Sl,L(lI 1l*JQ() -MLNMahLQIR k./Rb )h/RLa k'RNQ(b-lS('lI)b L/SI'RL/N *Q).'*SQ ,Il/) P.* L/N L/ 1L/R (MQ.&Q*lII (.(lI S.)( .P .j/Q*)ML, .P Q1,I.h1Q/( .,,.*('/L(h Q1,I.hQ* l/RR.Q) /.( Rl(l )(*'S('*Q) -lIN.*L(M1)` ]i, j_1'I(La 3.5/&")/32.)/,,,+(''*&!+%#")$! Sl(QR I.l/)b -S*QRL( PlSLIL(LQ)` =Q*P.*1 PL/l/SLlI Y8 ,*.KQS()b -Q/)'*Q 1LIQ)(./Q) l*Q (*lSJQR` L/P*l)(*'S('*Q` oQ&QI., -RQ)LN/ l,,ILSl(L./) (M*QlRL/Nl,,)` ]i,j_X5U kh(QS.RQ L/)(*'a RL)S*L1L/l(QlNlL/)(l/h l,,ILSl/( ./ (MQkl)L) )(l(Q1Q/( l/lIh)L) -'(LILfQ &lI'l(L./ (QSMa 7(LILfQZ=#,,ILSl(L./ VLPQShSIQ Ul/lNQ* e#VUd (M*.'NM ,*..P .P S./SQ,( ,*.(.(h,Q ')L/N Xl&lb .P *lSQbS.I.*b*QILNL./b NQ/RQ*bNQ/RQ* LRQ/(L(hb 1Q/(l(L./b ,l*)L/N -1l/L,'Il(L./` ]i, j_!./a /L+'Q) eS.1,l*lkIQ (*l/)lS(L./)b RL)S.'/(QR -l,,Ih J/.jIQRNQ .P PL/l/SLlI l,,ILSl(L./)b Xl&l]]b -:,*L/N kl)QR (QSM/.I.NLQ)` oQa (L/'.') Y/(QN*l(L./ -!./(L/'.')oQIL&Q*h,L,Qa ,*QN/l/Shb /l(L./lI.*LNL/b lNQb1LIL(l*h)Q*&LSQ Sl)M PI.j l/lIh)L)b 1Q*NQ* 1.RQI)b -lSS*Qa Y8YVbY:]"b -Rl(l IL/QlNQ` :',Q*&L)Q )Li eCd &QI.,-RQ)LN/ P*./( Q/R l,,ILSl(L./ P.*Q/R ')a QILNLkLIL(hb &Q(Q*l/)(l(')b )Qi'lI.*LQ/(l(L./b IL/Q)`]i, j_:,*L/Nb:,*L/N"..(b -:,*L/N (L./_RLI'(L./l/lIh)L)d` ;Q+6) Ul)(Q*6) RQN* ,I') Q1,I.hQQ)bL/SI'RL/N(j. eGd #/lIh)() -P.'* eEd Q*) ')L/N Z8UV -#/N'Il* P*l1Qj.*J`4*L(Q >*a "l(SM` ]i,j_;]:8 jQk)*&S) R&I,1( j_:,*L/N` CAREERS 1l*L(lI )(l(')bRL)lkLIL(hb .* .(MQ*Sl(QN.*h,*.a Fh*) Qi, .* "lSMQI.*6)RQN* ,I') Dh*) Qi,` #))L)(l/( 5LSQ =*Q)LRQ/()`;Q+6) "lSMQI.*6) lSIQ :` ".i Qi,`=IQl)Q P.*jl*R h.'* *Q)'1Q (. !*QRL( ;QIQl)Ql,,ILSl(L./) ')L/N S./(L/'.') L/(QN*la MLNMIhal&lLI-)SlIlkIQRL)(*Lk'(QR)h)6)` ]1a #V@C!:Tnb H^ ;.SJQPQIIQ* =Ilflb :'L(Q H^HCb :'L))Qb =`>` ".i o;a!:a^EHbH^;.SJQPQIIQ* (L./ -S./(L/'.') RQIL&Q*h -RQ,I.h1Q/( kh S.a ,I.hQ* jLII lSSQ,( l/hl1.'/(.P,*.P6IQi, 5LSQ =*Q)LRQ/( <'l/(L(l(L&Q oQ&QI.,Q* TQj n.*JbTnH^^G^` T. ,M./Q SlII)` =Ilflb :'L(QH^HCb TQj n.*Jb Tn H^^G^` T. .*RL/l(L/N jL(Mol(lkl)Q #R1L/L)(*l(L./b Y/P*la j_*Q+6R )JLII)` 8. l,,Ihb &L)L( M((,)?__Sl*QQ*)` o" 7:# !.*Q !.*,.*l(L./ )QQJ) 5LSQ =*Q)La eTQj n.*Jb TQjn.*Jd o` ]` :Mlj-!.`b V= ,M./Q SlII)` )(*'S('*Qb -)',,.*( (Ql1)` 7(LILfQ :,*L/N "..(b ,1.*Nl/`S.1_')_Q/_,*.PQ))L./lI)-l,,Ih(. RQ/( L/ Tnb Tn (. Ml/RIQ (MQ RQIL&Q*h .P (*l/)a )QQJ)lP'IIa(L1Q <'l/(L(l(L&Q oQ&QI.,Q* (. j.*J X".))b-8.1Sl(` ;Q+6)Ul)(Q*6) RQN* ,I') F K.k2GH^H^H@G^`]>]b##]b U_\_o_5` X`=` ,l*Q/(-*.k')( *L)Jakl)QR .&Q*)LNM(b (MQ,*.&La L/ L().PPLSQ L/ TQjn.*Jb TQj n.*J` ;Q),./)La h*) Qi, .* "lSMQI.*6) RQN* ,I') Ch*) Qi,` U.*Nl/ !Ml)QL)l1l*JQ(L/N /l1Q .P X=U.*a )L./ .P *QIQ&l/(b (L1QIhb -lSS'*l(Q S./(*.I *Qa kLIL(LQ)? Y/&Q/(b *Q)Ql*SMbl/R RQ&QI.,+'l/(L(la =IQl)Q P.*jl*R h.'* *Q)'1Q (. !*QRL( :'L))Qb Nl/!Ml)Q -!.` 8MQ!Ml)QUl/Ml((l/ "l/J ,.*(L/N(.\L/` UN1(b -(MQ RQPL/L(L./ .P S./(*.I (L&Q L/&Q)(1Q/( 1.RQI)b )h)(Q1bl/R )(*l(QNLQ) 5=b \L/gI #/lIh)L) =`>` ".i #V@D!:Tnb H^ ;.SJQPQIIQ* =Ilflb L) l)'k)LRLl*h.PX`=`U.*Nl/!Ml)Q-!.`$ (. kQ RQ,I.hQR L/ P'('*Q)l/R S'**Q/SLQ)1l*a \L/l/SLlI :Q*&LSQ) TnbTn` :Q*&Ql)1Q1kQ*.PY/&Q)(.*;QIla :'L(QH^HCb TQj n.*Jb Tn H^^G^` T. ,M./Q )(l/Rl*R) -JQh *L)JL/RLSl(.*)` ;Q+6)? "lSMQa JQ()`#,,Ih1l(MQ1l(LSlI (QSM/L+'Q) (. *Qa G^^F X`=` U.*Nl/ !Ml)Q-!.`#II *LNM() *Qa I.*6) L/ "')` #R1L/b \L/`b .* *QI` PLQIR .* Q+'L&b - U.*Nl/ :(l/IQh :Q*&LSQ)[*.',bY/S`ML*L/NP.* (L./)eY;d(Ql1` #))L)(j_S*Ql(L./ .P +'l*(Q*Ih SlII)` )Q*&QR`jjj`K,1.*Nl/SMl)Q`S.1 )Ql*SMbRQ&QI.,bl/R 1lL/(lL/).P(jl*Q(Ml(L1a Ql*/L/N)1l(Q*LlI)b L/SIbk'( /.(IL1L(QR (.b Dh*) .P Qi, 1./L(.*L/N S.1,ILl/SQ L/RLSl(.*) - ,IQ1Q/() )(l(L)(LSlI1.RQI)b L/&Q)(L/Nb l/R(*lRa P.II.jL/N *.IQ)L/Tnb Tn?5LSQ=*Q)LRQ/( (. ,*.&LRQ l*SML(QS('*Q -RQ)LN/) P.*1lK.* )(*l(Qa ,*Q)Q/(l(L./b,*Q)) *QIQl)Q-<-#1l(Q*LlI)b ILlL)L/N j_ S.1,ILl/SQ -IQNlI (Ql1) ./ (*l/)a L/NP.* S.1,'(Q*LfQR PL/l/SLlI)(*l(QNLQ)` [Q/a l) jQII l) S./PQ*Q/SQ ,*Q)Q/(l(L./)-&l*L.') ]iQS oL*QS(.*b ;Q)Ql*SM #/lIh)( lS(L./) -#/(L U./Qh Vl'/RQ*L/N l),QS()` U')( Q*l(QLRQl)bRQPL/Q*Q)Ql*SM lNQ/Rl)bS./R'S( NLSL/L(Ll(L&Q)j_L ]/(Q*,*L)Q TQ(j.*J:Q*&LSQ) ,*.KQS()`=l*(LSL,l(Q L/ 1QQ(L/N)-SlII) j_)* Y; L/SI l( IQl)(Dh*) .P Qi, QiQS'(L/N l'RL( -*QNa 1.RQIL/N *Q)Ql*SMbl/R S*Ql(Ql/R L1,*.&QL/a e]T:dj_P.S') ./ ),QSLlILfQR QIQS(*./LS (*lRL/N (*) '#%!.$%&" *.&"+-, TnbTn` \L/6Il/lIh)L).P]1Q*NL/NU*J()S.*,6) (Ql1 1Q1kQ*)b L/)(L('(L./lIL/&Q)(.*b-)QIIa .P Vl(L/#1Q*LSlb),QSLlIIh P*.1 "*lfLIb (Ml( 'Il(.*h 1./L(.*L/N% '(LILfL/N U: =*.KQS( (. 1./a &Q)(1Q/( )h)(Q1)` oQ&QI.,L/&Q)(1Q/(l/R L/P*l)(*'S('*Q e:]8Yd eFHC@GAGd% 5LSQ =*Q)LRQ/( )LRQ l/lIh)( S.11'/L(h (. RL)S')) PL*1g) PL/6I (*lRQlIN.*L(M1)l/R (*l/)Il(Q (MQlIN.*L(M1) (. Q/)'*Q S.1,ILl/SQj_SMl/NQ) L/ *QN'Il(.*h UL87/L# +M9 H77PH UD" S794MQ9;O Ml&Q7:o RQ/.1L/l(QR k./R) L/ L/(Q*/l(6ISl,a L(.* -S./(*.I #'RL( PL/RL/N) -RQPLSLQ/SLQ)b -*Qa ,Q*P.*1l/SQ-)(*l(QNh`"lSMQI.*6).*Q+'L&L/ L(lI 1*J()` [Q/Q*l(QS*QRL(*QS.11Q/Rl(L./) 1QRLl(Q,*.KQS( ,Il/)%,*.KQS(a1l/lNL/N (MQ L/(. S.RQ ')L/N!ccb =Q*Ibl/R =h(M./` 8MQ)'Sa *Q+61()b L/SI L/L(Ll(L&Q)*QI (. "l)QI #SS6(Nb \L/6Sb ]S./.1LS)b Ul(Mb.**QI PLQIRcD DM;O.H3 QM B477P3L0;5;# $< eFHCAH@Gd%#)).SLl(Q (. 1./L(.*-l/lIhfQ *L)J I7HKLMHQ:O7 6LI 87HQ5M ;M8 kl)QR ./ k.((.1a',-(.,aR.j/ -*QIl(L&Q .PP)M.*L/N ,*.SQ)) .P PL/` lS(L&L(LQ)% R&I,L/N SQ))P'I Sl/RLRl(Q jLII Ml&Ql"lSMQI.*6)RQN*QQ h*) *QIQ&l/( Qi,` oQ1./)(*l(QRJ/.jI.PULa &lI'Ql/lIh)L)P.* ]1Q*NL/N U*J()S.*,RQk( L/ !.1,'(Q* :SLQ/SQb Ul(MQ1l(LS)b :(l(L)(LS) .P S.1,ILSl(QR RQk('/RQ*j*L(L/N (*l/)lS(L./) S*.).P( ]iSQIb4.*R-=.jQ*=.L/(` oQ1./a :2QO8V7/37M8 UD" ?QLIQ;KKOQ9;3QLM <'lIL(h #))'*l/SQP'/S(L./) P.* ;QN'Il(.*h - eFHD@^FCd%5LSQ =*Q)LRQ/(b #,,ILSl(L./ oQ&` P'/R)`"lSMQI.*6) .* Q+'L&L/#SS(Nb!.*,\L/6Sb UN1()*Q,.*(L/N ,*.SQ))Q) -!!#;% '/RQ*(lJa .* l*QIl(QR PLQIR.P)('Rh`W/.jIQRNQ.*Qi,Q*La )(*l(QRJ/.jI .P "I..1kQ*N8Q*1L/lI` ]i, S.1a 'UD"=+F%! A7HQ5M# 9LM6Q52I7# ]S./.1LS)b .* *QIPLQIR cH^h*) *QIQ&l/( Qi,` Q/SQL/(MQ P.II.jL/N1')(Ml&QkQQ/ NlL/QR 8Ql1 VQlRb[I.klI"l/JL/N 8QSM/.I.Nh(. 1'/LSl(L/N -,*Q)Q/(L/N(.QiQSIQ&QI )* 1N1(` L/N PL/6I 1.RQIL/N (. Ilh.'( (MQIl/R)Sl,Q .P j.*JSI.)QIh j_"')` 7/L( (. Nl(MQ*bl/lIhfQb- 92H3LNQ-7 UD" ?QLIQ (;2M94 ";8 oQ1./)(*l(QR )(*./N J/.jI.PVl(L/ #1Q*LSl/ (M*.'NMlSlRQ1LS *Q)Ql*SM l/R_.* S.'*)Qj.*J? ]i, S.11'/LSl(L/N )(*l(QNLS-PL/6I 1Q))lNQ) S.'/(*LQ)-S.*,6)b Q),QSLlIIh "*lfLI` =.*(P.IL. - T./a\L/6I;L)J)% S..*RL/l(L/N *QN'Il(.*h l'RL() ,*.N*l11L/N jL(M =h(M./l/R !cc% ol(la1L/a *QPL/Q ).P(j*Q+61()P*.1kl/JQ*)b PL/6IlR&L).*)b ;M8 0LIP LM 9I7;3QM5 B;3;OL5# -*Q1QRLl(L/N L))'Q) *QI` (. PL/6I ,*.SQ))Q) - L/ j*L((Q/1l(Q*LlI)b PL/6I1.RQI)-Rl(l l/lIh)L)` *L)J 1N1( Qi,.P\LiQR Y/S.1Q ]1Q*NL/N U*J() L/N% ,*.klkLIL(h(MQ.*hl/R )(l(L)(LSlI l/lIh)L).P *QNL./lI1N*)-.(MQ* k')`')Q*) ]i, ,Q*P.*1L/NPL/6I l/lIh)L)-S.1,Q(L(.*l/lIa >IL2KH# SQO7H ;M8 WLO7H 3L :2QO8 S.*, P'/R)`oQ1./)(*l(QRJ/.jI .P P'/Rl1Q/a !!#;% R&I,L/N -IQ&Q*lNL/N S./(*.I P*l1Qa /.L)h Rl(l)Q()%.,(L1Lfl(L./ (QSM/L+'Q)%Rl(l eFHDEEEEd%5LSQ=*Q)LRQ/((.,l*(LSL,l(QL/,*.a h)L)b L/SI S.`&lI'l(L./)`oQ1./)(*l(QRJ/.jI .P j.*J) P.* *QN'Il(.*h *Q,.*(L/N L/ (MQ (*Ql)'*h PL/` UD" ?QLIQ (;2M94 ";8 '@M8 =H7I (lIS*QRL(l/lIh)L)b lSS(Nb QS./.1LS)b -S.*, l/lIh)L)(..I)%l/RbL/(Q*,*Q(L/NQ1,L*LSlI *Qa KQS()l)R&I,1(IQlRP.* P'IIh L/(QN*l(QR R&I,1( :]! Ilj) -7`:`)QS'*L(LQ)RL)SI.)'*Q*Q+61()` "LI3;O%! )L:I7JH C;94 A75 QM PL/6S` ]i, Q)(lkIL)ML/N *QIl(L./)ML, j_PLiQRL/a P'/S(L./b kh R.S'1Q/(L/N lII S./(*.I) ,Q*(lL/L/N )'I()` #,,ILSl/() )M.'IR )'k1L( l*Q)'1Q(.o` (Ql1)L/SIR&I,*)b <#_7#8(Q)(Q*)b-k')` .j/a oQ1./)(*l(QR J/.jI .P Sl,L(lI1*J()b lSS6(N - S794# @M5# LI IO38 *G.IH L6 S.1Q ]1Q*NL/N U*J()L/&Q)(1Q/(S.11'/L(h` (. (*Ql)'*h PL/` ,*.SQ))Q)-L/(QN*l(L/N S./(*.I) ]` :Mlj -!.`bV=b HHCC #&Q/'Q .P (MQ#1Q*La Q*)eFHDA@B^d%-#)).SLl(QbU.RQI;L)JUl/a PL/6S` oQ1./)(*l(QR J/.jI .P kl/J PL/6I)(l(Qa :LN/LPLSl/( S*QRL(l/lIh)L) Qi,j_L))'Q*)P*.1 '(LILfL/N(MQ :>3 -*L)J P*l1Qj.*J)% -'(LILfL/N Sl)b TQjn.*Jb TQjn.*JH^^FC`:'k1L))L./) lNQ1Q/((.)',,.*( U.RQI ;L)J Ul/lNQ1Q/(6) 1Q/()bkl/J &lI'l(L./ -kl/J PL/6I1.RQIL/N` 87HQ5MQM5# :2QO8QM5 *7/37M8QM5 &l*LQ(h .P )QS(.*)` oQ1./)(*l(QRJ/.jI .P PLiQR :>3 S./(*.I)b FV.o eF*R VL/Q .P oQPQ/)Qdb -G 1')( *QPQ*Q/SQ]b##]b U_\_o_5` X`=` ,*.PQ))L./lI)-l,,Ih (. K.k 2GH^H^FFGB` ]>]b (.jl*R "lSMQI.*g) -Hh*.P*QI` j.*J Qi,Q*LQ/SQ ";I3M7I ;3 L/ ILQ' .P "lSMQI.*g)` #,,Ih l( S.I.*b *QILNL./b NQ/RQ*bNQ/RQ*LRQ/(L(hb,*QNa 1.*Nl/)(l/IQh`S.1_lk.'(_Sl*QQ*)_ U.*Nl/ !Ml)QL)l1l*JQ(L/N /l1Q .P X=U.*a ##]bU_\_o_5`X`=`U.*Nl/!Ml)Q L) l1l*JQ(a /l/Shb /l(L./lI .*LNL/blNQb1LIL(l*h)Q*&LSQ QILa Sl*QQ*)Ql*SM`M(1I:S*.IIR.j/(.OX.L/ .'* Nl/!Ml)Q -!.` 8MQ!Ml)QUl/Ml((l/ "l/J W79I2Q3N7M3!=UDEHL87/L!9LN! L/N/l1Q.PX=U.*Nl/!Ml)Q -!.` 8MQ!Ml)Q M((,)?__jjj`Rk`S.1_Sl*QQ*)_Q/_,*.P_*.IQa NLkLIL(hb &Q(Q*l/)(l(')b )Qi'lI .*LQ/(l(L./b1l*La Ul/Ml((l/"l/J L) l)'k)LRLl*h .P X`=` U.*Nl/ )Ql*SM`M(1I -)Ql*SM kh ,*.P6I)b JQhj.*R (Ql19MQlRL/N -)Ql*SM P.*(MQ)Q .,,6(h)` T. L) l)'k)LRLl*h.PX`=`U.*Nl/!Ml)Q-!.` $ W767I7M97USDRT! (lI )(l(')b RL)lkLIL(hb .* .(MQ*Sl(QN.*h,*.(QS(QR SlII) ,I)` ]>] G^^F X`=` U.*Nl/ !Ml)Q-!.`#II *LNM() *Qa !Ml)Q-!.`$G^^F X`=` U.*Nl/ !Ml)Q-!.` U;E@FCDC@` kh Ilj` )Q*&QR` jjj`K,1.*Nl/SMl)Q`S.1 #II*LNM() *Q)Q*&QR` jjj`K,1.*Nl/SMl)Q`S.1 P2JW111000-0-B00600-1------XA

B6 | We dnesday, April 21, 2021 THE WALL STREET JOURNAL. THE PROPERTY REPORT Having One Office Tenant Backfires On Landlords

BY KONRAD PUTZIER their mortgages in March, up from 1.9% ayear earlier,ac- With the U.S. officemarket cording to Trepp. in itsworst crisis in adecade, Yetevenifasingle or major JOURNAL some landlords arediscover- tenant renews these days,they

REET ing the risks of putting all usually do so at steep discounts. ST their eggs in one basket. And in cases wherenodefault LL

WA Officelandlords oftencon- appearsimminent, losing abig sider leasing an entirebuilding tenant still creates challenges. THE

R to one companyanefficient At the Blackstone Group FO way to collect steady rent Inc.’s 1740 Broadway in Man- CH checks.Now asmall but grow- hattan, LBrands Inc.said it MAR

Y ing number of landlords arein won’t renewits lease,which

LIBB danger of losing their proper- expires next March, according Silas Patel and Micky Patel plan to sell their hotel in Rochester, N.Y., after they offered the property as a Covid shelter. ties as their primarytenant de- to Trepp. The fashion retailer clines to renewalease. occupies abouttwo-thirds of Manus Clancy, asenior man- the roughly 600,000-square- aging director at research firm foot tower, which wasap- Hotel Feels Quarantine Strain Trepp,said adeparting major praised at $605 million in tenant is usually the main issue 2015,according to Trepp. with officeloans that arein Finding a new tenant in Man- BY ESTHER FUNG reopening it this month. the lease that wasnegotiated decade working in healthcarefi- trouble.That wasthe case in hattan is no easy task: The They said at leastone guest with the hotel, including with nanceand policy. His wifewas a theHouston suburbs,where squarefeet of newleases ROCHESTER,N.Y.—When the canceled abooking afterrealiz- respect to cleaning. registered nurse.In2018,they oil-field-services company signed in the firstquarter in pandemic erupted last spring, ing the property wasoncea Mr.Patel andhis wifeplan to purchased the Pointe Schlumberger Ltd. occupied Manhattanwas down 33% the husband-and-wifeownersof “Covid hotel,” and sayitisim- sell the property.“Idon’t think hotel, which is about 9miles morethan half of a100,000- from a year earlier, according an upstateNew York hotel felt possible to knowhow manyoth- they showedusthe same cour- from Lake Ontario,and reno- square-foot building.But the to real-estateservices com- compelled to offer the 43-room ersare staying away.Occupancy tesy as we did to them,” he said. vatedit. lease expired in lateFebruary pany Colliers International. property to Monroe County au- has been around 20% sincethe The Rochester hotel might Thecounty said it followed and Schlumbergerdidn’t renew. “Wehavebeen planning for thorities as aquarantine facility. startofApril, the Patels said, be struggling morethan most. the guidelines set by the New The landlord, Tanglewood LBrands’ departurefor several Silas Pateland his wife, well off the 69% occupancyrate That is in part because most York State Department of Property Group,defaulted on yearsand have fully reposi- MickyPatel, both hadworked in in April 2019.Itisbelowthe na- ownerscontinue operating Health forcleaning and disin- the mortgageinMarch, ac- tioned the asset to makeitap- healthcare, and they were eager tional averageof59.7% forthe their hotel when they take on fecting areas housing individu- cording to the special servicer pealing to futuretenants,” to provide shelter at their Clar- week ended April 10,according government contracts during als under movement restric- managing thesecuritized loan Blackstone’shead of U.S. asset ion Pointehotel forpeople who to lodging datafirm STR. disaster relief or to house the tions,according to emails sent on behalf of bondholders. The management, Rob Harper,said. had Covid-19,orwereexposed Mr.Patel spent$6,000 and homeless, lawyers said. to the Patels and reviewedby servicer said it hired alawyer Losing abig tenant canlead to the coronavirus.The couple weeks cleaning the rooms,vents In NewYork City,thereare TheWall Street Journal. to file forforeclosure. Theof- to asteep drop in abuilding’s said it brought in some revenue and furniture. Yethecan’t help more than 130 commercial ho- Mr.Patel said he is grateful fice vacancyrateinHouston valuation. Another officebuild- when the rest of their lodging butwonder if he is paying too tels used as shelters, including he didn’t lose theproperty to was25.7% in the firstquarter, ing in Houston lost itstwo business evaporated. high apricefor helping his com- 67 locations that house around foreclosure. Thelease payments up 1.9percentagepointsfrom main tenantsin2016 and 2019 Morethan 15,000 hotels munity.The county paid the 10,000 individuals relocated from the county started off near ayear earlier,according to and sawits valuation cut to acrossthe U.S. offered to pro- ownersabit morethan from congregatesheltersat $80,000 amonth in April 2020, Moody’s Analytics. $25 million, down from $121 vide temporaryhousing for $450,000 to take over the prop- the height of the pandemic, were nearly cut in half in June, In Nottingham, Md., the million, as aresult, according emergencyand healthcare erty forthe 11-month period, he according to the Department and then roughly cut in half owner of a56,000-square-foot to Trepp.Itmakes banks more workers, according to the Amer- said, though that coveredonly of Social Services. again in September. officebuilding,isfacing de- reluctant to refinancemort- ican Hotel &Lodging Associa- the costsofoperation. “It’simpractical forthe Afteragrace period of faultonthe mortgageafter gages, which canbeaproblem tion, though it isn’t clear how Upon returning to it in Feb- government to step intothe three months,lendersand thebuilding’sonly tenant, when loans come due. manyactually served in this ca- ruary, Mr.Patel found busted shoes of an operator and take vendors imposed late fees af- Johns Hopkins University, Still, some saylosing the pacity.Manyhotels didn’t publi- microwavesand refrigeratorsin over an asset such as ahotel,” terthey missed payments, Mr. didn’t renew its lease. main tenant offersthe chance cizethat their properties served adumpster. Therewas much said Yariv C. Ben-Ari, apart- Patel said. He said his insurer Office-owner defaultsare to renovatethe building or people in quarantine. morewear and tear in the ner in the real-estate depart- dropped coverage afterlate still ararity,largely because convert it to apartmentswith- Experiences varied widely af- rooms,too,because patients ment at Herrick Feinstein LLP, payments and because it was most tenantssign long-term out having to buy out tenants, tergovernment contractsex- spentmanymorehoursthere who advises hotel owners. unsure how to insure a build- leases and continue paying said David Heller,asenior pired and ownersresumed more than atypical guest. County officials didn’t re- ing housing Covid-19 patients. even when employees are managing director at real-es- normal operations.But the Pa- AMonroe County spokes- spond to arequest to comment “Wewerecommittedto working from home.Only 2.2% tate services firm Savills Inc. tels have had agood deal of woman said the county fully on thequestion of operation. this,” said Mrs. Patel. “But frus- of officebuildingswith securi- “When do youget that oppor- trouble with the property since complied with all the terms of Mr.Patel spentmorethan a tration built up over time.” tized loans were delinquent on tunity again?” he asked.

2*1 /."/%( (,"*/1*- !1//1*-0"(/1*

$08,7' '$*+.0# *,$0+'7+*7,0 $6,.0# .1 VE/REUTERS DA IT AM #' Industrial propertyisgathering strength in the country because online retailers areramping up there. 8$%+ *. 94.+7 Blackstone Bets on India’s E-Commerce Warehouses 2/91$74 9! "$&*7,# +(0 $44/$097

8$%*.0$ "7$91# 54 BY PETER GRANT from home during the pan- pany focused on logistics. demic. Anew outbreak of Blackstone,which owns 18 Blackstone Group Inc., the Covid-19 cases in India sent million squarefeet of Indian in- largest owner of office build- cases soaring,forcing the gov- dustrial property,typically buys ings in India,isabout to be- ernment to order lockdowns. property and rarely develops come one of that country’s TheIndian industrial market from theground up.But devel- $) biggest ownersofwarehouses. became moreattractivetoin- opment is abig part of itsIndia 8$%+ Theinvestment firm is on ternational investorsin2017, af- strategybecause the countryof- the vergeofbuying 3.5million terPrime Minister Narendra fers few large modern ware- *. 94.+7 squarefeet of industrial ware- Modi implemented atax over- houses and distribution facilities houses as well as development haul.Government investment in forsale,according to Christo- sites that could house an addi- roads,railways and other infra- pher Heady, thehead of Black- tional 18 million squarefeet of stone’sAsian real-estategroup. 2/91$74 1$47%# 5)447, ,7$4 7+*$*7 logistics properties,according “You’retalking about a to people familiar with the country with one billion plus $),.,$# 9. matter. Thefirm plans to spend people with hardly anymod- about $720 million to buy the 3.5M ern warehouses,” said Mr. existing buildingsand develop Heady,who declined to com- the sites,the people said. Number of square feet of ment on the pending deal. Blackstone and other big industrial warehouses in deal Some global investors ran +& U.S. real-estateownerssuch as into problems in previous cy- Prologis Inc.and Nuveen Real cles when forming ventures 8$%+ Estate have been gobbling up with local Indian partnersthat *. 94.+7 U.S. industrial properties for structurealso helped modernize turned into feuds. years, leasing buildingsasful- the country’slogistics business. Mr.Heady noted that Black- fillment centerstocapitalizeon Industrial property is gath- stone successfully worked the explosion in e-commerce. ering strength in India because with Indian companies in the 2/91$ ($0 2$,967# 7837 ,7$4*% -$,*07,+ Online retail growth, which online retailersare ramping up past on office developments. has superchargedthe value of in the country. Thetwo largest “Although it has some of the '1$,*.0# *& industrial property in Europe competitorsare Amazon.com risk youtypically experience and China, has been more Inc.and Flipkart Group,which with development, the growth modest in India. Online shop- was acquired in 2018 by a justifies that,” he said. ping accounts for 4% of retail group led by Walmart Inc. Blackstone is planning to sales in that country, com- Other global players in the purchase the portfolio from a pared with 12% in the U.S. and India industrial market include ventureofWarburgPincus #$ 24%inChina, according to the Canada Pension Plan In- LLC and Embassy Group, ac- 8$%+ Prahlad Tanwar,logistics sec- vestment Boardand Ever- cording to people familiar tor leader of KPMG in India. stone Group,aSingaporepri- with the matter. Embassy is *. 94.+7 But the pandemic is accel- vate-equity firm, which in one of India’slargest property erating Indian e-commerce be- 2017formed anew venture companies and apartner of cause people prefer shopping with IndoSpace, alocal com- Blackstone’sinprevious deals. P2JW111000-0-B00700-1------XA

THE WALL STREET JOURNAL. We dnesday, April 21, 2021 | B7

'1")%* 25&)

,<3=5".="5 2PRUS="P. O37=5?'247Q"P[)"S=9=R> 37"PS4O25 WRU=P34 N"53P=547UN "P> 35243?"P> O25N=ONR= UP8 =/W=N3UOP"R ">1UW="P> O23WOQ=4375O287 W7"RR=P8UP83UQ=4M

'EFZC,A-H,AVEFB AE E-CAED D#C!ECG#CB EF H#,%VFZE-C VF%-BAC& AE )X,A6B F#(AM

!023,")(-")/02* )0 0(, $#$# )0..5,40,+5,*

AOND=52435U"R? E:W=? C=3"UR? +"R2"3UOP[,>1U4O5.? ,44=3 B=51UW=4? D5OT=W3[%=1=RONQ=P3 B=51UW=4? !UP"PW=?A=W7PORO8.? XC? H=8"R? G"5S=3UP8?'OQQ2PUW"3UOP4 [C=4="5W7

%"P ,YYOP>"P>ORO D=3=5 '7"P KO7P Z"53R"P> K"QU= I"3W7=5 ,P>. G=5UP AUQC=R.=" AOQB2RRU1"P *5.W= ,Y=58 K"WS '7"P8 D"2R Z"51=. KO7P I"3UPO4 '75U4 G=3J8=5 G"5WC=P"5> G"33 B2RRU1"P *5"P3 ,Y=58 K=; '7U"3= '7"5RU=ZUY4OP GUW7"=R I"2SOP=P KOP"37"P G=3JR COY=53 CUW7"5>4 AUQB2QQ=54 KO= ,WW254O K2> 'R=Q=P34 D=3=5 ZUY4OP GUS=IYO2>U *5">R=.GU8>"R GUS=CUW7QOP> CUWS B0"53J A5"1U4 ,WS=5Q"P ,P>. 'RO2> ZU>=OPZUR Z"55=33 I="U4 KO7P GUP=51UPU I253 CUW73=5 BON7U"A64O KUQQ.,>"Q4 COY'OW75"P G"5S ZURY=53 K"WS I==P"P %OQUPUWS GO>28PO COYY.CU=S= '75U4 A".RO5 *5U"P ,7="5P A"U'O7=P COY=53 ZU1=P G"25==P I=RR.'OON=5 *5U"P GOP"87"P *OY COY=54 Z=O58= A=>>=5 +UPW=P3 ,UW"R= K=;5=. 'OR= )URR ZOR>=P GUS=I=Q=37=5 %OQUPUW GOP3"J=QU G"5WCOYUP4OP GUS=A=P3=5U4 BWO33 ,R"P *URR 'ORRUP4 H"55. ZOR>0"44=5 GUS=I=QQ=3 GUS=GO5"P C=Y=WW" COWS=. K"55=> A=43" KO7P ,R"4WUO D"2R 'ORRUP4 K"5=> ZOO>Q"P )7U3P=.I=55 K5M I"J2SOGO58"P B32"53 COQ"PO; H=PA=/3=5 !=>=5UWO,RWOW=5 B"Q 'ORRU4OP F=> ZOO>0UP KO472"IUP8 KUQ GO4Y. KO58=CO4" 'O55UP A7OQN4OP *5U"P ,RWO5P '7UN 'OR1URR B32"53 ZO5>OP ,5U IR=UP *52W=GO4R=5 D=3=5 CO4"P '75U43ON7=5 A7OQ4OP K=; ,R3=P"2 *=P 'OQQ KO4=N7Z5"PSO04SU B3=1=IO7P *=P GO4R=. G"5W CO4=PY=58 I=1UP A7O5N= GUW7"=R ,P>=54OP GUS='OP>OP BWO33 Z5=>R=5 *5=33 I5OP=5 D"35UWS G2RRUP %"1U> CO4=PYROOQ Z=O58= AUSUTU"P A7OQ"4 ,47= HRO.> 'OON=5 KOP Z5==PY=58 COYI2NN=54QU37 D"3G25N7. ,"5OP CO4=PJ0=U8 C."P AOR"P> A.R=5 ,1=5U33 KO7P '5U4N Z"5. Z5==P4N"P KO47 I25URO; CO5. G255". %O28 CO374W7UR> %"1U> AO0P=4 %"P" *"U5> BWO33 '5O0R= KO7P Z5U:P AOP. I24"S F"37"PF=UN5U4 COYC2Y"PO XO0"5> A5"2R *R"S=*"R>0UP B7=55. '247Q"P I253 Z5U:P K"4OP H"S= A. F=0R"P> COY=53 C2>UP A5"1U4 A5"231=33=5 A5O. *"RR"5> HO2%6,1"PJO %=1Z2N3" B7OP H"QN A.R=5 F=0Q"P GUW7"=R C."P G"33 A5OP= 'OPPO5 *"5P=4 I=1UP %"RDO53O GUS=X"=P=R #> H"QNU33 BWO33 FU=>=58"P8 *OY C."P !5"PSA52=4>=RR GU3W7 *"5P=33 A=55. %"R. D7UR X"=P=R Z5=8 H"PW= K2R=4 FU44UQ $"W7 B"WSR=. A=PP.A4"U K"4OP *"53OP B3"P %"PJU8 B3=1=X"8=5 #5US H"P8Y253 D"2R FO5Q"P K=; B"Q"5"4 AOQA2WWU COYYU= *"3. D"2R %"55 K".X"88R2P> *=P H"P8 G"25==P E6*O.R= ,243UP B"P>=54 I=1UP A25P=5 BWO33 *"JOU"P GUS=%"1U4 HO2X"RR #5US H"54OP Z=O58= E6'OPPO5 ,53 B"P35. ,>"Q A.R=5 *5"> *="4R=. COYY.%"1U4 #5US X"RR85UQ4OP I"375.P H"0P BWO33 E6%OPP=RR B3=<"P B"58="P3 %"1U> -Y"874 '72WS *=R>=P KOP %='OU3= K243UP X"RN=5P #5UW H= ZO; B7"PPOP E6X"5= &"7U5 B"5QU=P3O K2"P '"5RO4 -RRO" I=U37 *=RR G"5S %=Z5"; GUS=X"P5"7"P %"5U"P H=YR"PW GUW7"=R E6H="5. I253 BW7=U>3 B="P -P8=Q"W7 K=; *=P>=5 ,N5UR %=4"Y5"U4 %O28 X"5QOP Z=55. H==4 A7OQ"4 E6C=8"P G"33 BW7=P>R= A.4OP +"RR=P"5U ZO5>OP *=P=>UW3 GUS=%=B"P3U4 *URR X"53Q"P D"2R H=OP= #5UW ERO<4OP D=3=5 BW7QU>3 HO2+"54"Q=4 %"1U> *=5P7"23 AOQ%=B"23=R KO7P X"53. KO7P H=0=5=PJ F"37"P E5YUP B3=N7=P BW7P=U>"2 %=PPU4+U44=5 B3=1=*URRU8Q=U=5 COYUP %O>4OP %"1U> X"4Y5O2WS 'R"5S=H=0U4 I"5U E53Y"R4 B3=1=BW7P=U>=5 K".)"8P=5 AOP. *UP40"P8=5 *5U"P %O7=53. C."P X"33=54R=. !5"PS HU88UO X"PP"7E33 GUS= BWUQO AUQ)"RR"W= A".RO5 *U5> GUS=%OP"R>4OP %"1U> X"0SUP4 Z5"P3 HUP>R=. I=U37 D">U=P F==32 B=78"R #QUR. )"R47 Z5=8 *U4WOP3U ,>"Q %OP=8=5 A5"1U4 X="R=. D"35UWS HUP>R=. ,SU D"RQ=5 KOP B=5SO *5=33 )"5> Z=55. *RUP=Y25. I=1UP %OPP=5 G"33 X=U>=RY"287 I"5=PHUP8 F"O2Q AOQB7==34 GUS=)"5P=5 GUW7"=R *OOP47O<3 K"Q=4 %O0P=. C=2Y=P X=RUWS *5U"P HUPPU7"P D"N"8U"PONO2RO4 BWO33 B7=RYO25P= #> )"53=R4 KO7P *OO3= G=8"P %52>UP8 B="P X=P5UWS KO4=N7HU4UP8 I=RR=.D"5S=5 '75U4 B7=R>OP #1=5=33=)"34OP C"P>. *O55OP #5UW %2PW"P4OP B3=1=X=5Q"PP ZUPO HORRUO C=88U= D"5S4 K=PP B7UN4 KO5>"P )=U>P=5 '75U4 *O4R=. G"33 #"43UP GU3W7X=53J D7UR HOQY"5>O '7"5RU=D"5Q=RRU B=37 BU=8=R GUW7"=R )=U47""5 %=Y *O2W7=5 CUWS #"43Q"P *5U"P X=37=5UP83OP COYHO0= K"4OP D"55 #37"P BUR1=543=UP G"5S )=U44 %U"P" *O235O44 H2S=#RRUO33 '5"U8 X=. A=>H.OP *=P D"2R G"5S BUQ4 Z5=8 )=RR4 KO7P *O.R= CUWS #RRU4OP %"1U> XU=Y=53 'RUP3 G">U4OP IUN D"2R KO7P BU4WO COPPU= )=PJR=5 B"P>5"*O.R= *52W=#57"5>3 COYXURRNO3 GUS=G"8RU"PO FUWS D"1R"SO1UW7 ,R=/BQU37 H2S=)=44=R B="P *5">. CUWS #3P=5 K5M '75U4 XORR=PY=WS +UW3O5U" G"RSUP *5OOS4D=>>=5 K"QU= BQU37 K"4OP )=43 AO>> *5"P>OP +"P=44" #243"W= C."P XOR3JQ"P G"5S G"P>=RR %"1= D=58OR" KUQ BQU37 AO>> )7==R=5 *=P *5=PP=5 *"/3=5 !"UP K"WOY XO54R=. Z5=8 G"5S G"5" D=35O14S. C243. BQU37 B3O5Q. )7U3= ,R=/*5O0P G"5W=RR" !"42RO B3=1=XO53OP ,P>. G"5S7"Q Z5=8 DUWS=33 I=1UP BQU37 *5U"P )7U3Q=5 CUWS *5288= '72WS !=5P %=5=S X2R4= D"2R G"5R= *5U"P DU=58=P3URU D=3=5BPO0 D=3=)7O5U4S=. )"34OP *5."P3 Z5=8 !UP>R=. B"QU5V>5U4 '"4=.G"43=54 H"54 DR"33 FUWOR= BOR=5" #5UW )UW73=5Q"P A5=1O5 *2WS GWH"P=!U47=5 I=P3 VR7"5>3 G"337=0GW,RRU43=5 KO"PP= DO>=RR ,1=5. BOROQOP %"P )URSUP4 GUW7"=R *258UO %5=0 !ROO> A5"1U4 V1=4 KO5>"P GW'"5R=. ,"5OP DOQ=5"P3J !5"PSRUP BN=.=5 Z"5. )URRU"Q4 COY*.5P= KUQ !O5=Q"P KO7P K"WS4OP )7U3 GW'5"5. H"25"DOQ=5"P3J ,>"Q BNU=4 K=; )OTWU=W7O04SU '75U4 *.5P= C."P !O54.37 I=1UP K"WS4OP B="P GW'5O5U= '"5=. DOOR= G"33 BL2U5=4 '75U4 )OO> B3=0"53 '"R7O2P *5U"P !O43=5 %"P KO7P4=P I=1UP GWZROOP '75U4DO53=5 A"5" B3"WOQ G"5S )OO3=54 ,>"Q '"QNY=RR '253U4 !O43=5 X=P5. KO7P4OP AOQGWG"7OP %"R= DO0=RR *5U"P B3"5WS ,"5OP )5U873 KUQ '"5N=P3=5 KUQQ.!5"PS '5=04KO7P43OP KO7P GWG"P24 B3=N7=P D5=244 ,5UW B3"5WS GUW7"=R &25"4 KOP '"5N=P3=5 KM !5"PS !5"PJ=4= BWO33 KO7P43OP %5=0 GWG"P24 )".P= C"QO4SU K=; B3"5SO1UW7 *"55. $=RR=5 ,R '"52"P" AOQ!5==Q"P AOP. KOP=4 B7=" G=>>UP *URR C"P>"RR ,P>5=0 B3"5P=4 H"55. '"4=. %"1U> !5U=>R"P> D7UR KOP=4 I=1UP G=U44P=5 %"P C"4Q244=P )"R3 B3=N7=P4OP *5U33 '"4=. ,>"Q !5UJJ=RR GUW7"=R KO.W= GUS=G=R= *R"S=C"4Q244=P K".B3=0"53 '5"U8 '"44=RR Z"5. Z"Y5U=R *="2 I"R==R %"1U> G=RUP= KOP C"24W7 COY=53 B3UWS=R I"5UPP" '"44U>. *5U"P Z"R= CUWS I"NR"P D=3=5 G=PP" ,R=/C". '75U43U"PB35"UP KO7P '=<"R. KO7P Z"RRU1"P %"1= I"54OP FUWS G=ORU CUWS C==>=5 )URR B35OP8

*-.&!+$,+%('(#)/*"! P2JW111000-0-B00800-17F9AF7128E

B8 | We dnesday, April 21, 2021 THE WALL STREET JOURNAL. MARKET DATA

Exchange-Traded BANKRATE.COM® MMA, Savings and CDs

Portfolios Average Yields of Major Banks Tuesday, April 20, 2021 Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR Largest100 exchange-traded funds, latest session National average Savings 0.06 0.05 0.05 0.07 0.09 0.14 0.17 0.15 0.26 Tuesday, April 20, 2021 Jumbos 0.13 0.05 0.06 0.08 0.10 0.15 0.19 0.15 0.28 Closing Chg YTD Weekly change ETF Symbol Price (%) (%) Savings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 -0.01 ARKInnovationETF ARKK 119.00 –1.20 –4.4 Jumbos 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 CommSvsSPDR XLC 76.00 –0.54 12.6 CnsmrDiscSelSector XLY 175.61 –1.26 9.2 EnSelectSectorSPDR XLE 47.07 –2.65 24.2 FinSelSectorSPDR XLF 34.64 –1.87 17.5 Consumer Savings Rates HealthCareSelSect XLV 121.98 0.39 7.5 IndSelSectorSPDR XLI 99.61 –1.10 12.5 Below are the top federally insured offers available nationwide according to Bankrate.com's InvscQQQI QQQ 336.41 –0.73 7.2 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please InvscS&P500EW RSP 145.37 –0.74 14.0 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. iShCoreDivGrowth DGRO 49.75 –0.40 11.0 iShCoreMSCIEAFE IEFA 74.01 –1.79 7.1 High yield savings iShCoreMSCIEM IEMG 65.03 –0.73 4.8 iShCoreMSCITotInt IXUS 71.78 –1.37 6.8 Bank Yield Bank Yield iShCoreS&P500 IVV 413.81 –0.73 10.2 Phone number Minimum (%) Phone number Minimum (%) iShCoreS&P MC IJH 265.99 –1.46 15.7 iShCoreS&P SC IJR 107.07 –2.35 16.5 Money market and savings account Six-month CD iShS&PTotlUSStkMkt ITOT 94.80 –0.94 10.0 Live Bank $1 0.60 Presidential Bank, FSB $1,000 0.50 iShCoreUSAggBd AGG 114.63 0.16 –3.0 iShSelectDividend DVY 116.31 –0.76 20.9 (866) 518-0286 (800) 799-1424 iShESGAwareUSA ESGU 94.63 –0.63 10.0 BrioDirect $100 0.60 BankDirect $10,000 0.50 iShEdgeMSCIMinUSA USMV 72.19 0.29 6.3 (877) 369-2746 (877) 839-2737 iShEdgeMSCIUSAMom MTUM 170.92 –0.94 6.0 Vio Bank $100 0.57 First Internet Bank of Indiana $1,000 0.45 iShEdgeMSCIUSAQual QUAL 126.21 –0.65 8.6 (888) 999-9170 (888) 873-3424 iShEdgeMSCIUSAVal VLUE 102.81 –1.32 18.3 iShGoldTr IAU 16.93 0.36 –6.6 One-month CD One-year CD iShiBoxx$InvGrCpBd LQD 130.98 0.19 –5.2 iShiBoxx$HYCpBd HYG 87.01 –0.17 –0.3 Lone Star Bank $1,000 0.20 CFG Community Bank $500 0.67 iShJPMUSDEmgBd EMB 110.86 –0.25 –4.4 (713) 358-9400 (888) 205-8388 iShMBSETF MBB 108.76 0.14 –1.2 State Bank of India California $1,000 0.15 Live Oak Bank $2,500 0.65 iShMSCI ACWI ACWI 98.21 –1.07 8.3 (877) 707-1995 (866) 518-0286 iShMSCI EAFE EFA 77.73 –1.79 6.5 iShMSCI EAFE SC SCZ 74.25 –1.79 8.6 Presidential Bank, FSB $1,000 0.10 Merrick Bank $25,000 0.65 iShMSCIEmgMarkets EEM 53.71 –0.81 3.9 (800) 799-1424 (866) 638-6851 iShMSCIJapan EWJ 67.79 –2.16 0.3 iShNatlMuniBd MUB 116.97 0.03 –0.2 Two-month CD Two-year CD iSh1-5YIGCorpBd IGSB 54.75 0.07 –0.8 Lone Star Bank $1,000 0.20 Comenity Direct $1,500 0.75 iShPfd&Incm PFF 38.61 –0.28 0.3 (713) 358-9400 (833) 755-4354 iShRussell1000Gwth IWF 257.76 –0.60 6.9 State Bank of India California $1,000 0.15 Merrick Bank $25,000 0.71 iShRussell1000 IWB 232.80 –0.80 9.9 iShRussell1000Val IWD 154.70 –0.92 13.1 (877) 707-1995 (866) 638-6851 iShRussell2000 IWM 217.19 –2.05 10.8 VirtualBank $10,000 0.15 First Internet Bank of Indiana $1,000 0.70 iShRussell2000Val IWN 156.91 –2.51 19.1 (877) 998-2265 (888) 873-3424 iShRussellMid-Cap IWR 76.12 –0.99 11.0 iShRussellMCValue IWS 111.64 –1.13 15.1 Three-month CD Five-year CD iShS&P500Growth IVW 69.09 –0.58 8.3 BrioDirect $500 0.25 CFG Community Bank $500 1.00 iShS&P500Value IVE 143.84 –0.86 12.4 (877) 369-2746 (888) 205-8388 iShShortTreaBd SHV 110.51 ... –0.0 iShSilver SLV 23.96 –0.08 –2.5 Lone Star Bank $1,000 0.25 Connexus Credit Union $5,000 1.00 iShTIPSBondETF TIP 126.34 0.06 –1.0 (713) 358-9400 (800) 845-5025 iSh1-3YTreasuryBd SHY 86.27 0.02 –0.1 State Bank of India California $1,000 0.25 First Internet Bank of Indiana $1,000 0.96 iSh7-10YTreasuryBd IEF 114.51 0.30 –4.5 (877) 707-1995 (888) 873-3424 iSh20+YTreasuryBd TLT 139.50 0.46 –11.6 iShRussellMCGrowth IWP 106.47 –0.90 3.7 iShUSTreasuryBdETF GOVT 26.41 0.19 –3.0 High yield jumbos - Minimum is $100,000 JPM UltShtIncm JPST 50.74 0.02 –0.1 PIMCOEnhShMaturity MINT 101.97 0.03 –0.1 Money market and savings account Six-month CD SPDRBloomBar1-3MTB BIL 91.49 ... –0.0 SPDR Gold GLD 166.48 0.36 –6.7 CFG Community Bank 0.62 BankDirect 0.50 SchwabIntEquity SCHF 38.55 –1.73 7.1 (888) 205-8388 (877) 839-2737 SchwabUS BrdMkt SCHB 100.15 –0.87 10.1 BrioDirect 0.60 Presidential Bank, FSB 0.50 SchwabUS Div SCHD 74.40 –0.60 16.0 (877) 369-2746 (800) 799-1424 SchwabUS LC SCHX 100.01 –0.77 10.0 SchwabUS LC Grw SCHG 138.53 –0.67 7.9 Presidential Bank, FSB 0.55 First Internet Bank of Indiana 0.45 SchwabUS SC SCHA 98.99 –2.05 11.2 (800) 799-1424 (888) 873-3424 Schwab US TIPs SCHP 61.59 0.06 –0.8 SPDR DJIA Tr DIA 338.12 –0.77 10.6 One-month CD One-year CD SPDR S&PMdCpTr MDY 486.00 –1.47 15.7 Lone Star Bank 0.20 CFG Community Bank 0.67 SPDR S&P 500 SPY 412.17 –0.73 10.2 (713) 358-9400 (888) 205-8388 SPDR S&P Div SDY 121.13 –0.24 14.3 State Bank of India California 0.15 Live Oak Bank 0.65 TechSelectSector XLK 140.85 –0.89 8.3 VanEckGoldMiner GDX 36.20 1.15 0.5 (877) 707-1995 (866) 518-0286 VangdInfoTech VGT 378.96 –1.01 7.1 VirtualBank 0.10 Merrick Bank 0.65 VangdSC Val VBR 166.46 –1.88 17.1 (877) 998-2265 (866) 638-6851 VangdExtMkt VXF 178.69 –1.69 8.5 VangdSC Grwth VBK 277.56 –1.26 3.7 Two-month CD Two-year CD VangdDivApp VIG 151.97 –0.26 7.7 Lone Star Bank 0.20 Comenity Direct 0.75 VangdFTSEDevMk VEA 50.37 –1.66 6.7 (713) 358-9400 (833) 755-4354 VangdFTSE EM VWO 52.27 –0.76 4.3 VangdFTSE Europe VGK 65.54 –1.75 8.8 State Bank of India California 0.15 Merrick Bank 0.71 VangdFTSEAWxUS VEU 61.85 –1.48 6.0 (877) 707-1995 (866) 638-6851 VangdGrowth VUG 272.29 –0.68 7.5 VirtualBank 0.15 Live Oak Bank 0.70 VangdHlthCr VHT 237.55 0.28 6.2 (877) 998-2265 (866) 518-0286 VangdHiDiv VYM 102.48 –0.66 12.0 VangdIntermBd BIV 89.25 0.25 –3.9 Three-month CD Five-year CD VangdIntrCorpBd VCIT 93.70 0.15 –3.5 VangdLC VV 192.84 –0.78 9.7 Lone Star Bank 0.25 CFG Community Bank 1.00 VangdMC VO 227.34 –0.85 9.9 (713) 358-9400 (888) 205-8388 VangdMC Val VOE 137.08 –0.95 15.2 State Bank of India California 0.25 Connexus Credit Union 1.00 VangdMBS VMBS 53.64 0.13 –0.8 (877) 707-1995 (800) 845-5025 VangdRealEst VNQ 97.10 0.82 14.3 First Internet Bank of Indiana 0.25 First Internet Bank of Indiana 0.96 VangdS&P500ETF VOO 378.94 –0.73 10.3 VangdST Bond BSV 82.29 0.04 –0.7 (888) 873-3424 (888) 873-3424 VangdSTCpBd VCSH 82.63 0.08 –0.7 VangdSC VB 215.85 –1.60 10.9 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of VangdTotalBd BND 85.31 0.17 –3.3 compounding and rate stated for the lowest required opening deposit to earn interest. CD VangdTotIntlBd BNDX 57.17 0.18 –2.4 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of VangdTotIntlStk VXUS 64.05 –1.39 6.5 which may be checks. Rates are subject to change. VangdTotalStk VTI 213.75 –0.92 9.8 VangdTotlWrld VT 100.23 –1.12 8.3 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 VangdValue VTV 133.99 –0.76 12.6 Internet: www.bankrate.com

ADVERTISEMENT BusinessReal Estate&Services To advertise: email [email protected] or WSJ.com/classifieds or call 1(800) 366-3975

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

%76< $=:+-8 '<1768.-;<1 99/>7) (3- *73-+ >, Q<,?: =,

,-<><," M? )#;: O,<?" M? $.PD \7VX5/:[= C/5]]/ $WD2 &WWW KX5/< C/(/] C/

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

MA %,K\#O CR K#OCIKa M,K,`\K` *EIQ#E E# O\' >2WRDW12Z.R M? G^\O\G E^#\O\`#E E# O\' E*W?DDDW1.3 MIKB# +R OI+%#EM,K ,A' O\' ,AWDWDDDPP3 Q75$1 >R)5 #IG)GR"CC' 74 $11LRJ)G714 D7G8 ;J&)4 '1E4GJ/ >R)5G/CC'" =GE)JG?)9R"<-*J16RJ"C7$K 2H0.N3FK +\OO\,MC &+\OO\,MC MEQB` CE-'Ca \K'R ,A' O\' ,'.D>DDDP.R >O %,K\#O CR K#OCIK E# O\' *EQGRPDW@DDP.>.3 ,K%E#+ +^\B# ,A' O\' PDD.DDDWP@3 E#C ,A'B\IK C#E-\'#C E# O\' YPDDZDD>W@ZR ?S *A)#E6C GE#M\AMR P2JW111000-0-B00900-1------XA

THE WALL STREET JOURNAL. We dnesday, April 21, 2021 | 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 explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. ContinentalRscs CLR 25.54 -0.99 Farfetch FTCH 45.50 -2.12 IcahnEnterprises IEP 57.14 0.01 MSCI MSCI 468.03 -0.24 Oshkosh OSK 119.01 -2.92 Salesforce.com CRM 227.96 -2.54 Twilio TWLO 367.65 0.19 Market listed securities. Prices are composite dd-Indicates loss in the most recent s COO 400.48 1.15 Fastenal FAST 51.13 0.33 Icon ICLR 206.36 2.72 MagellanMid MMP 45.49 -0.10 s OtisWorldwide OTIS 70.47 -0.56 SNY 52.00 0.18 Twitter TWTR 65.70 -2.24 quotations that include primary market trades four quarters. Copart CPRT 121.29 -0.47 FederalRealty FRT 107.04 -0.01 s IDEX IEX 222.47 2.62 MagnaIntl MGA 92.31 -1.69 OwensCorning OC 94.53 -2.74 SantanderCons SC 30.54 -0.70 TylerTech TYL 446.14 0.18 as well as trades reported by Nasdaq BX FD-First day of trading. Corning GLW 45.56 -0.50 FedEx FDX 280.34 -2.91 IllinoisToolWks ITW 222.86 -0.97 ManulifeFin MFC 20.99 -0.60 OzonHoldings OZON 59.88 -1.32 Sasol SSL 16.05 -0.43 s TysonFoods TSN 78.53 -0.02 (formerly Boston), Chicago , h-Does not meet continued listing Corteva CTVA 46.96 -0.56 Ferguson FERG 129.08 -1.62 Illumina ILMN 398.39 -5.79 MarathonOil MRO 10.11 -0.52 PG&E PCG 11.20 ... Schlumberger SLB 25.25 -1.28 UBS Group UBS 15.57 -0.37 Cboe, NYSE National and Nasdaq ISE. standards CoStar CSGP 912.93 13.93 Ferrari RACE 209.85 -2.35 ImperialOil IMO 24.82 -0.55 MarathonPetrol MPC 52.05 -1.38 PNC Fin PNC 171.73 -5.99 SchwabC SCHW 63.69 -2.19 s UDR UDR 45.82 0.69 The list comprises the 1,000 largest lf-Late filing Costco COST 371.73 2.18 FidNatlFin FNF 43.97 -0.75 Incyte INCY 84.57 1.90 MaravaiLifeSci MRVI 35.49 -1.19 POSCO PKX 77.82 -0.74 ScottsMiracleGro SMG 227.46 -5.81 s UGI UGI 44.51 0.65 companies based on market capitalization. q-Temporary exemption from Nasdaq CoupaSoftware COUP 258.38 -5.09 FidNatlInfo FIS 151.78 -0.44 Infosys INFY 18.03 -0.23 Markel MKL 1197.49-14.06 PPD PPD 46.29 0.09 Sea SE 236.44-13.56 US Foods USFD 38.07 -0.63 FifthThirdBncp FITB 36.44 -1.43 IngersollRand IR 50.34 -0.57 PPG Ind PPG 169.00 0.22 s Seagate STX t Underlined quotations are those stocks with requirements. Coupang CPNG 42.62 -3.10 MarketAxess MKTX 529.12 -4.50 82.41 0.08 UWM UWMC 7.23 -0.27 t-NYSE bankruptcy Credicorp BAP 127.02 -7.07 FirstCitizBcshA FCNCA 830.33-30.56 Inphi IPHI 172.27 -1.88 Marriott MAR 141.97 -5.93 PPL PPL 29.00 0.12 Seagen SGEN 144.76 0.75 Uber UBER 55.48 -2.37 large changes in volume compared with the s issue’s average trading volume. v-Trading halted on primary market. CreditSuisse CS 10.29 -0.41 FirstHorizon FHN 16.78 -0.82 Insulet PODD 283.48 1.97 s Marsh&McLen MMC 127.35 0.20 PRA HealthSci PRAH 162.68 1.35 s SempraEnergy SRE 139.86 1.62 Ubiquiti UI 276.30 -4.34 vj-In bankruptcy or receivership or Cree CREE 103.09 -6.60 FirstRepBank FRC 172.62 -3.02 Intel INTC 62.70 -0.93 MartinMarietta MLM 344.61 -6.01 PTC PTC 142.19 2.39 SensataTechs ST 56.62 -1.56 UltaBeauty ULTA 316.94-11.32 Boldfaced quotations highlight those issues being reorganized under the CrowdStrike CRWD 206.60 -6.77 FirstEnergy FE 36.28 0.48 InteractiveBrkrs IBKR 74.25 -3.11 MarvellTech MRVL 45.84 -0.81 Paccar PCAR 92.10 -1.25 ServiceCorp SCI 51.72 0.36 UnderArmour C UA 17.79 -0.28 whose price changed by 5% or more if their Bankruptcy Code, or securities s CrownCastle CCI 183.00 2.28 Fiserv FISV 124.56 -0.57 ICE ICE 119.76 0.02 Masco MAS 63.50 -1.05 PackagingCpAm PKG 140.81 -0.31 ServiceNow NOW 540.78 -8.59 UnderArmour A UAA 21.23 -0.46 previous closing price was $2 or higher. assumed by such companies. s CrownHoldings CCK 107.88 -0.89 FiveBelow FIVE 190.59 -3.70 InterContinentl IHG 69.31 -2.47 Masimo MASI 243.51 0.53 PagSeguroDig PAGS 43.70 -0.90 ShawComm B SJR 27.69 -0.09 UL 57.81 0.13 s CubeSmart CUBE 41.67 0.62 Five9 FIVN 172.52 -2.01 s IBM IBM 138.16 5.04 Mastercard MA 376.63 -5.53 PalantirTech PLTR 21.78 -0.16 s SherwinWilliams SHW 267.24 1.64 UnionPacific UNP 220.67 -2.80 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Cummins CMI 259.98 -2.83 FleetCorTech FLT 284.75 -6.15 IntlFlavors IFF 141.82 -1.10 MatchGroup MTCH 139.72 -6.28 PaloAltoNtwks PANW 360.00 -6.96 ShinhanFin SHG 33.20 0.16 UnitedAirlines UAL 50.30 -4.69 changes in the closing prices from 4 p.m. the previous day. CureVac CVAC 110.78 -2.22 Flex FLEX 17.90-0.48 IntlPaper IP 56.41 -0.77 MaximIntProducts MXIM 92.58 -1.31 ParkerHannifin PH 312.16 -5.36 Shopify SHOP 1123.01-22.77 UnitedMicro UMC 9.46 -0.01 CyrusOne CONE 75.24 1.60 Floor&Decor FND 109.09 -3.54 Interpublic IPG 30.01 -0.43 McAfee MCFE 24.71 0.07 Paychex PAYX 97.51 1.08 Sibanye-Stillwater SBSW 19.61 -0.39 UPS B UPS 179.69 1.63 FomentoEconMex FMX 79.59 0.49 Intuit INTU 405.37 3.08 McCormick MKC 90.62 1.77 PaycomSoftware PAYC 382.42-10.76 SignatureBank SBNY 219.23 -8.61 UnitedRentals URI Net Net 310.74-13.85 Tuesday, April 20, 2021 FordMotorF 11.45 -0.66 IntuitiveSurgical ISRG Paylocity PCTY 189.60 -1.25 SimonProperty SPG 114.26 -2.30 Stock Sym Close Chg Stock Sym Close Chg D E F 811.11 -0.08 McCormickVtg MKC.V 90.57 1.79 US Bancorp USB 56.22 -1.50 Net Fortinet FTNT 202.80 -3.34 s InvitatHomes INVH 33.98 0.35 McDonalds MCD 233.01 1.20 PayPal PYPL 264.43 -3.48 SiriusXM SIRI 6.31 0.03 s UnitedTherap UTHR 207.58 3.74 Stock Sym Close Chg ArcelorMittal MT 28.72 -1.15 s CBRE Group CBRE 81.41 -0.93 DISH Network DISH 36.89 -0.11 s Fortis FTS 44.26 0.23 t iQIYI IQ 14.15 -0.85 McKesson MCK 194.53 0.84 Paysafe PSFE 12.83 -0.22 Skyworks SWKS 182.72 -3.15 s UnitedHealth UNH 396.53 6.69 s ArchCapital ACGL 39.24 -0.46 CDW CDW 180.74 -1.46 DTE Energy DTE 141.67 1.97 Fortive FTV 72.56 0.21 IronMountain IRM 39.49 1.01 MedicalProp MPW 22.18 -0.06 Pearson PSO 11.07 -0.31 SlackTech WORK 42.10 -0.20 UnitySoftware U 97.40 -0.53 A B C ArcherDaniels ADM 58.71 -0.58 CF Industries CF 46.23 -0.68 Danaher DHR 241.85 -0.14 FortBrandsHome FBHS 100.64 -1.87 ItauUnibanco ITUB 4.90 -0.06 s MDT 128.28 2.15 PEGA 126.77 -1.82 SmithAO AOS 67.11 -0.76 UnivDisplay OLED 219.45 -7.24 AresMgmt ARES 54.47 -1.54 CGI GIB 85.15 -1.01 Darden DRI 142.94 -3.02 FoxB FOX 36.65 0.06 MelcoResorts MLCO 18.78 -0.34 Peloton PTON 106.50 -1.25 Smith&Nephew SNN 39.65 0.19 UniversalHealthB UHS 144.88 -1.16 ABB ABB 32.59 -0.65 arGEN-X ARGX 278.34 3.54 CH Robinson CHRW 99.48 0.84 DarlingIngred DAR 68.45 -3.65 FoxA FOXA 37.80 0.12 J K L MercadoLibre MELI 1533.41-37.58 PembinaPipeline PBA 29.47 -0.23 s Smucker SJM 132.51 0.36 AECOM ACM 66.06 -0.93 Upstart UPST 91.79 -5.76 AristaNetworks ANET 309.53 -5.28 CME Group CME 206.12 0.53 Datadog DDOG 83.96 -3.93 Franco-Nevada FNV 138.76 1.97 Merck MRK 78.57 0.91 PennNational PENN 89.00 -4.00 Snap SNAP 58.49 -1.95 s VEREIT VER 41.31 0.56 AES AES 28.25 -0.09 JD.com JD 74.55 -2.40 ArrowElec ARW 115.96 -1.90 CMS Energy CMS 65.27 1.15 DaVita DVA 112.20 1.42 FranklinRscs BEN 29.09 -0.88 MetLife MET 61.16 -1.94 Pentair PNR 63.44 -0.56 s SnapOn SNA 234.57 -1.44 VF VFC 84.55 0.57 Aflac AFL 52.59 -0.97 JPMorganChase JPM 149.27 -3.38 AspenTech AZPN 149.38 -0.29 CNA Fin CNA 46.48 -0.22 DeckersOutdoor DECK 327.85 -9.41 FreeportMcM FCX 35.88 -1.45 MettlerToledo MTD 1276.91 -0.38 Penumbra PEN 279.90 0.31 Snowflake SNOW 225.22 -3.85 s VICI Prop VICI 30.15 0.28 AGCO AGCO 145.13 -6.59 JackHenry JKHY 163.85 2.70 s Assurant AIZ 154.03 0.79 CNH Indl CNHI 14.90 -0.48 Deere DE 370.27-10.45 FreseniusMed FMS 38.50 -0.10 MicrochipTech MCHP 149.73 -4.30 PepsiCo PEP 145.71 0.96 SOQUIMICH SQM 53.92 -1.74 VailResorts MTN 310.29 -3.32 AGNC Invt AGNC 17.32 -0.02 JacobsEngg J 133.19 -0.53 AstraZeneca AZN 52.27 0.64 CRH CRH 47.22 -1.23 DellTechC 101.48 -1.94 Futu FUTU 136.24-41.68 MicronTech MU 87.48 -0.93 PerkinElmer PKI 134.36 -0.23 SolarEdgeTech SEDG 243.87 -0.99 Vale VALE 19.16 -0.27 Ansys ANSS 364.94 0.47 JamesHardie JHX 32.93 -0.66 Athene ATH 55.35 -0.18 CRISPR Therap CRSP 121.67 6.63 DeltaAir DAL 44.45 -1.70 Microsoft MSFT 258.26 -0.48 PetroChina PTR 35.44 -1.26 Sony SONY 108.61 -1.37 ValeroEnergy VLO 68.68 -2.17 ASETech ASX 7.92 0.11 s JazzPharma JAZZ 168.09 0.93 Atlassian TEAM 226.34 -1.87 s CSX CSX 98.45 -0.26 DentsplySirona XRAY 65.48 -0.05 G H I s MidAmApt MAA 154.69 2.87 PetroleoBrasil PBR 8.33 -0.21 s Southern SO 66.09 1.17 Vedanta VEDL 11.83 -0.27 ASML ASML 616.94-13.17 DeutscheBank DB 11.97 -0.55 J&J JNJ 166.48 3.79 PetroleoBrasilA PBR.A 8.54 -0.14 SoCopper SCCO 71.39 -3.12 AtmosEnergy ATO 104.59 2.75 CVS Health CVS 75.91 0.16 GDS Holdings GDS 79.86 1.21 Middleby MIDD 166.83 -1.73 VeevaSystems VEEV 268.85 -1.53 AT&T T 29.89 -0.10 DevonEnergy DVN 20.97 -1.06 JohnsonControls JCI 61.20 -1.12 Pfizer PFE 39.03 0.10 SouthwestAir LUV 59.85 -2.18 Autodesk ADSK 286.36 -3.84 CableOne CABO 1817.48 3.91 GFLEnvironmental GFL 33.02 0.85 MiratiTherap MRTX 155.82 0.87 Ventas VTR 55.48 0.68 AbbottLabs ABT 120.00 -4.53 DexCom DXCM 388.91 -4.13 JonesLang JLL 176.38 -2.96 s PhilipMorris PM 94.00 2.33 Splunk SPLK 131.74 -1.16 Autohome ATHM 91.04 -3.25 CadenceDesign CDNS 140.94 -1.00 Gallagher AJG 136.26 ... MitsubishiUFJ MUFG 5.32 -0.10 VeriSign VRSN 209.50 2.24 AbbVie ABBV 109.03 0.42 DEO 178.60 -2.17 JuniperNetworks JNPR 25.33 -0.59 Phillips66 PSX 75.42 -2.52 Spotify SPOT 271.20 -9.17 Autoliv ALV 94.64 -2.71 CAE CAE 29.25 -0.05 GameStop GME 158.53 -5.84 MizuhoFin MFG 2.84 -0.03 VeriskAnalytics VRSK 184.44 -0.09 Abiomed ABMD 330.10 0.68 DiamondbkEner FANG 74.27 -3.40 KB Fin KB 47.22 0.30 Pinduoduo PDD 125.61 -7.19 Square SQ 245.50 0.17 s ADP ADP 192.81 0.06 CaesarsEnt CZR 89.88 1.13 Gaming&Leisure GLPI 45.51 0.70 MobileTeleSys MBT 8.32 -0.03 Verizon VZ 58.39 ... s Accenture ACN 288.60 2.06 DigitalRealty DLR 150.94 3.18 KE Holdings BEKE 51.52 1.10 PinnacleWest PNW 85.97 1.73 StanleyBlackDck SWK 202.94 -2.95 s AutoZone AZO 1514.11 9.81 s CamdenProperty CPT 119.49 2.37 Gap GPS 31.78 -0.63 Moderna MRNA 156.78 -5.13 VertxPharm VRTX 220.16 0.98 ActivisionBliz ATVI 94.47 -1.53 DiscoverFinSvcs DFS 96.80 -3.81 KKR KKR 52.60 -0.71 Pinterest PINS 71.32 -2.59 SBUX 116.27 -1.33 Avalara AVLR 139.49 -4.37 CampbellSoup CPB 50.14 0.48 Garmin GRMN 138.20 -2.35 MohawkInds MHK 196.05 -3.86 ViacomCBS B VIAC 37.92 -0.48 Adobe ADBE 514.21 -1.96 DiscoveryB DISCB 82.70 -1.15 KLA KLAC 318.92 -5.47 PioneerNatRscs PXD 145.92 -2.66 StateStreet STT 78.60 -2.29 Avalonbay AVB 192.68 2.32 CIBC CM 97.93 -1.46 Gartner IT 191.43 -0.51 s MolinaHealthcare MOH 252.49 -2.18 ViacomCBS A VIACA 42.33 -0.87 s AdvanceAuto AAP 193.91 1.37 DiscoveryA DISCA 35.47 -0.90 s KSCitySouthern KSU 295.50 39.10 PlainsAllAmPipe PAA 9.01 -0.12 SteelDynamics STLD 50.12 -1.07 Avangrid AGR 53.22 0.48 CanNtlRlwyCNI 110.15 -7.98 Generac GNRC 313.77 -4.91 MolsonCoorsB TAP 52.43 -1.58 Viatris VTRS 13.11 -0.14 AdvMicroDevices AMD 79.27 -1.84 DiscoveryC DISCK 30.20 -1.00 Kellogg K 64.22 0.52 Playtika PLTK 26.68 -0.20 STLA 17.16 -0.66 Avantor AVTR 31.60 -0.28 CanNaturalRes CNQ 29.40 -1.18 GeneralDynamics GD 184.07 -0.72 Mondelez MDLZ 59.21 0.52 Vipshop VIPS 27.17 -1.77 Aegon AEG 4.48 -0.15 Disney DIS 182.79 -4.64 s KeurigDrPepper KDP 36.17 0.04 PlugPower PLUG 25.25 0.01 s Steris STE 209.39 0.76 AveryDennison AVY 198.04 -0.56 CanPacRlwy CP 355.12-10.25 GeneralElec GE 13.06 -0.40 MongoDB MDB 297.63 -3.29 Visa V 223.28 -2.51 t AffirmHldgs AFRM 65.00 -1.02 DocuSign DOCU 219.43 -3.87 KeyCorp KEY 19.84 -0.58 Polaris PII 143.00 -1.51 STMicroelec STM 37.05 -1.37 AxonEnterprise AXON 150.79 0.24 Canon CAJ 23.50 -0.41 GeneralMills GIS 62.30 1.00 MonolithicPower MPWR 364.28 -5.32 Vistra VST 17.81 -0.05 AgilentTechs A 132.46 -1.04 DolbyLab DLB 99.61 -1.60 KeysightTechs KEYS 143.00 -0.63 Pool POOL 386.06 3.11 StoneCo STNE 65.62 -0.58 BCE BCE 46.33 -0.07 CanopyGrowth CGC 25.56 -1.90 GeneralMotors GM 55.77 -2.11 MonsterBev MNST 97.40 -0.46 VMware VMW 165.88 -4.15 AgnicoEagle AEM 66.37 0.77 DollarGeneral DG 218.29 1.56 KimberlyClark KMB 142.39 3.46 PrincipalFin PFG 61.50 -1.76 Stryker SYK 258.43 1.68 BHP Group BHP 72.46 -1.66 CapitalOne COF 131.50 -3.91 Genmab GMAB 35.74 0.15 s Moody's MCO 323.76 3.04 VOD 18.57 -0.47 AirProducts APD 284.54 0.14 DollarTree DLTR 116.34 -0.61 KimcoRealty KIM 19.79 -0.08 Procter&Gamble PG 137.75 1.14 SumitomoMits SMFG 6.94 -0.20 BHP Group BBL 60.80 -1.47 CardinalHealth CAH 61.05 -0.18 Genpact G 44.72 0.20 MorganStanley MS 77.29 -2.74 VornadoRealty VNO 44.48 -0.99 ABNB 169.57 -5.01 DominionEner D 80.11 1.37 KinderMorgan KMI 16.55 -0.07 Progressive PGR 99.79 0.50 s SunComms SUI 161.67 2.65 BP BP 24.78 -0.53 Carlisle CSL 175.70 -1.30 Gentex GNTX 35.34 -0.51 Morningstar MORN 235.70 -1.96 VulcanMatls VMC 174.51 -2.23 AkamaiTech AKAM 105.38 -0.36 Domino's DPZ 398.05 0.09 KingsoftCloud KC 44.15 -1.14 s Prologis PLD 114.75 2.50 SunLifeFinancial SLF 51.83 -0.58 BIDU 207.99 -1.91 Carlyle CG 39.28 -0.56 GenuineParts GPC 119.25 -0.15 Mosaic MOS 32.21 -0.52 AlaskaAir ALK 66.90 -1.87 DoorDash DASH 144.35 -2.32 KinrossGold KGC 7.59 0.14 PrudentialFin PRU 96.02 -2.52 SuncorEnergy SU 20.03 -0.86 BakerHughes BKR 19.51 -0.52 CarMax KMX 127.80 -2.30 Gerdau GGB 5.78 -0.08 MotorolaSol MSI 185.27 -2.39 W X Y Z Albemarle ALB 148.52 -8.98 s Dover DOV 144.86 4.43 KirklandLakeGold KL 38.28 0.49 Prudential PUK 41.90 -1.51 SunRun RUN 48.23 -0.31 Ball BLL 92.29 1.39 Carnival CCL 25.72 -1.17 GileadSciences GILD 66.38 0.43 NICE NICE 238.34 3.45 s ACI 20.31 -0.08 Dow DOW 62.48 -2.07 Knight-Swift KNX 49.27 -0.55 s PublicServiceEnt PEG 63.65 0.17 Suzano SUZ 12.96 -0.02 WEC Energy WEC 99.15 2.30 BancoBilbaoViz BBVA 5.20 -0.22 Carnival CUK 22.04 -0.99 GSK GSK 37.70 -0.28 NIO NIO 36.93 0.15 Alcon ALC 74.34 0.56 DrReddy'sLab RDY 67.36 1.36 Kohl's KSS 56.70 -2.72 s PublicStorage PSA 273.37 2.99 SynchronyFin SYF 39.57 -1.16 WEX WEX 220.50 -5.84 BancoBradesco BBDO 3.75 0.01 CarrierGlobal CARR 42.52 -1.35 GlobalPayments GPN 213.03 -2.87 NRG Energy NRG 37.85 -0.52 AlexandriaRlEst ARE 179.24 2.66 DraftKings DKNG 55.71 -0.97 KoninklijkePhil PHG 59.90 -0.73 PulteGroup PHM 52.51 -1.20 SyneosHealth SYNH 85.27 0.04 W.P.Carey WPC 73.71 0.59 BancodeChile BCH 24.53 0.05 Carvana CVNA 262.63-13.87 Globant GLOB 227.29 3.68 s NVR NVR 4906.22-78.20 s AlexionPharm ALXN 166.54 1.07 DBX 25.72 -0.40 KoreaElcPwr KEP 10.80 -0.02 Qiagen QGEN 52.24 -0.20 Synopsys SNPS 250.17 -0.47 WPP WPP 65.66 -2.28 BancSanBrasil BSBR 6.91 -0.04 Catalent CTLT 109.36 0.73 GlobeLife GL 103.32 -0.95 NXP Semi NXPI 193.86 -0.90 Alibaba BABA 229.88 -4.90 s DukeEnergy DUK 101.41 1.21 KraftHeinz KHC 41.03 0.08 Qorvo QRVO 183.95 -4.49 Sysco SYY 80.31 -0.77 Wabtec WAB 80.61 -0.59 s BcoSantChile BSAC 25.70 -0.01 Caterpillar CAT 227.63 -4.76 GoDaddy GDDY 84.79 -0.87 Nasdaq NDAQ 159.68 1.05 AlignTech ALGN 596.20 -7.52 s DukeRealty DRE 45.79 0.96 Kroger KR 37.76 0.33 Qualcomm QCOM 133.40 -1.85 WalgreensBoots WBA 53.34 -0.45 BancoSantander SAN 3.42 -0.12 Celanese CE 155.54 -2.73 GoldFields GFI 9.95 0.08 Natera NTRA 104.06 -0.86 Alleghany Y 680.66 4.66 L Brands LB 64.12 -1.78 T U V BankofAmerica BAC 38.08 -1.09 Cemex CX 7.35 0.01 Dun&Bradstreet DNB 23.45 -0.20 QualtricsIntl XM 33.84 0.28 Walmart WMT 140.79 1.08 GoldmanSachs GS 331.88-11.21 s LKQ LKQ 43.87 -0.94 NationalGrid NGG 63.42 0.21 Allegion ALLE 132.45 0.11 BankofMontreal BMO 89.26 -1.71 DuPont DD 75.13 -1.84 QuantaServices PWR 93.75 -2.08 WarnerMusic WMG 36.05 -0.52 CenovusEnergy CVE 7.31 -0.54 GoodRx GDRX 38.64 0.44 LPL Financial LPLA 141.44 -4.86 Natura&Co NTCO 17.58 -0.35 TAL Education TAL 62.64 1.88 AlliantEnergy LNT 57.42 1.23 BankNY Mellon BK 46.58 -0.23 Dynatrace DT 49.96 -2.33 QuantumScape QS 30.95 -0.67 s WasteConnections WCN 116.65 0.25 Centene CNC 65.43 0.05 Graco GGG 76.02 0.22 L3HarrisTech LHX 210.20 0.47 NatWest NWG 5.33 -0.17 TC Energy TRP 47.29 -0.31 s Allstate ALL 122.87 0.03 BkNovaScotia BNS 60.81 -0.80 E 24.46 -0.45 QuestDiag DGX 129.37 -1.72 WasteMgt WM 134.87 0.44 CenterPointEner CNP 24.23 0.45 Grainger GWW 413.70 4.72 LabCpAm LH 260.00 -0.51 NetApp NTAP 75.19 -2.12 TE Connectivity TEL 128.39 -1.96 AllyFinancial ALLY 46.79 -1.30 Barclays BCS 10.13 -0.31 CentraisElBras EBR EOG Rscs EOG 68.57 -2.72 Waters WAT 296.27 -2.54 6.46 0.08 Grifols GRFS 18.20 -0.20 LamResearch LRCX 613.03 -8.70 NetEase NTES 106.73 -0.10 R S Telus TU 20.42 -0.12 AlnylamPharm ALNY 136.03 -1.37 BarrickGold GOLD 22.40 0.29 s EPAM Systems EPAM 446.92 -0.02 s Watsco WSO 282.34 -0.77 CeridianHCM CDAY 91.05 -1.09 GuardantHealth GH 149.47 -3.45 LamarAdv LAMR 96.12 0.28 Netflix NFLX549.57 -4.87 TJX TJX 67.75 -1.25 Alphabet C GOOG 2293.63 -8.77 BauschHealth BHC 28.44 -0.68 EastWestBncp EWBC 71.50 -3.15 Wayfair W 314.00 -1.33 Cerner CERN 75.32 0.64 Guidewire GWRE 103.58 -0.42 LambWeston LW 79.16 -0.57 Neurocrine NBIX 96.16 1.31 RELX RELX 26.72 -0.22 T-MobileUS TMUS 130.55 -1.44 Alphabet A GOOGL 2279.01-10.75 BaxterIntl BAX 87.07 0.55 s EastmanChem EMN 112.07 -1.49 Weibo WB 47.70 -1.46 CharlesRiverLabs CRL 322.37 -2.22 HCA Healthcare HCA 192.94 -1.95 LasVegasSands LVS 59.04 -1.58 NewOrientalEduc EDU 16.16 0.98 RH RH 636.00 -5.44 TRowePrice TROW 176.55 -0.49 AlticeUSA ATUS 34.66 -0.10 BectonDicknsn BDX 256.44 -2.52 Eaton ETN 138.46 -2.32 WellsFargo WFC 42.54 -1.34 CharterComms CHTR 652.46 8.04 HDFC Bank HDB 68.54 0.29 Lear LEA 172.08 -8.28 NewellBrands NWL 26.50 0.02 RLX Tech RLX 9.08 -0.20 TaiwanSemi TSM 114.95 -0.45 Altria MO 47.19 -1.89 BeiGene BGNE 292.75-10.62 eBay EBAY 61.79 -2.00 Welltower WELL 76.12 1.24 CheckPoint CHKP 119.04 -0.14 HP HPQ 33.37 -0.33 Leidos LDOS 101.53 0.04 Newmont NEM 65.84 0.99 RPM RPM 93.39 0.31 TakeTwoSoftware TTWO 177.90 -0.01 AlumofChina ACH 12.18 -0.08 BentleySystems BSY 49.71 -0.22 Ecolab ECL 220.84 0.53 WestFraserTimber WFG 81.68 -2.75 Chegg CHGG 90.94 0.96 HSBC HSBC 29.06 -0.71 B LEN.B 80.38 -2.77 NewsCorp A NWSA 26.49 -0.25 RalphLauren RL 119.44 -2.74 TakedaPharm TAK 16.84 -0.12 Amazon.com AMZN 3334.69-37.32 s Berkley WRB 80.67 -0.09 Ecopetrol EC 12.44 -0.35 s WestPharmSvcs WST 319.19 2.57 CheniereEnergy LNG 73.22 -1.43 HAL 19.81 -0.86 Lennar A LEN 100.10 -3.65 NewsCorp B NWS 24.71 -0.17 RaymondJames RJF 126.71 -2.70 Tapestry TPR 43.52 -1.71 Ambev ABEV 2.84 -0.02 BerkHathwy A BRK.A 403089-3416.00 EdisonInt EIX 61.52 0.40 WestAllianceBcp WAL 96.92 -5.22 CheniereEnerPtrs CQP 40.95 -0.41 HartfordFinl HIG 65.73 -1.00 s LennoxIntl LII 334.55 -1.25 NextEraEnergy NEE 80.53 0.74 RaytheonTech RTX 77.09 -1.50 Target TGT 207.27 -1.38 Amcor AMCR 11.86 ... BerkHathwy B BRK.B 267.89 -2.39 EdwardsLife EW 89.63 1.07 WesternDigital WDC 67.98 -0.33 Chevron CVX 101.33 -1.93 HAS 96.73 -1.28 LeviStrauss LEVI 28.91 0.64 NielsenHoldings NLSN 24.81 -0.50 RealPage RP 88.65 0.06 TataMotors TTM 19.32 -0.70 Amdocs DOX 76.89 0.02 BerryGlobal BERY 62.64 -0.19 ElancoAnimal ELAN 30.66 0.66 WesternUnion WU 25.97 -0.18 CHWY 77.00 -1.98 s HealthpeakProp PEAK 34.05 0.70 LiAuto LI 19.16 -0.09 Nike NKE 127.11 -5.46 s RealtyIncome O 68.59 1.25 TeckRscsB TECK 21.36 -1.09 Amedisys AMED 281.04 0.01 BestBuy BBY 118.45 -0.39 Elastic ESTC 120.39 -2.75 WestlakeChem WLK 92.88 -2.64 ChinaEastrnAir CEA 23.02 -0.11 Heico HEI 132.68 -1.08 LibertyBroadbandA LBRDA 152.87 2.08 NiSource NI 26.18 0.44 s RegencyCtrs REG 60.13 0.37 TeladocHealth TDOC 180.91 -3.18 Amerco UHAL 598.08 -2.80 BeyondMeat BYND 131.48 -3.77 ChinaLifeIns LFC ElectronicArts EA 140.86 1.23 s WestpacBanking WBK 19.33 -0.22 10.09 -0.03 Heico A HEI.A 121.39 -0.64 LibertyBroadbandC LBRDK 157.37 1.75 NOK 4.15 -0.02 RegenPharm REGN 504.42 4.73 TeledyneTech TDY 425.64 -3.56 Ameren AEE 85.89 2.10 Bilibili BILI 100.64 -5.08 ChinaPetrol SNP 53.33 -1.55 EmersonElec EMR 90.83 -0.96 WestRock WRK 53.39 -0.78 HenrySchein HSIC 70.52 -0.12 LibertyGlobal A LBTYA 26.19 -0.18 NomuraHoldings NMR 5.25 -0.08 RegionsFin RF 20.00 -0.90 Teleflex TFX 431.86 0.07 AmericaMovil AMX 14.49 0.08 Bill.com BILL 148.93 -4.46 ChinaSoAirlines ZNH 35.76 -0.59 ENB 36.80 -0.58 Weyerhaeuser WY 38.38 -0.50 s Hershey HSY 162.19 1.21 LibertyGlobal B LBTYB 26.41 0.39 Nordson NDSN 206.20 0.27 ReinsGrp RGA 127.58 -3.89 Ericsson ERIC 13.54 -0.20 AmericaMovil A AMOV 14.40 0.22 Bio-Techne TECH 411.91 -2.60 Chipotle CMG 1532.09-17.92 EnelAmericas ENIA 8.01 0.19 WheatonPrecMet WPM 42.58 0.02 Hess HES 67.73 -1.67 LibertyGlobal C LBTYK 26.13 -0.22 s NorfolkSouthern NSC 273.31 2.85 RelianceSteel RS 152.85 -2.45 TelefonicaBras VIV 7.89 0.03 AmerAirlines AAL 20.37 -1.18 Bio-RadLab A BIO 628.30 -1.29 Chubb CB 161.71 ... EnergyTransfer ET 7.93 -0.11 s Whirlpool WHR 236.45 1.18 HewlettPackard HPE 15.75 -0.21 LibertyFormOne A FWONA 40.89 0.13 NorthernTrust NTRS 107.37 1.14 RenaissanceRe RNR 169.74 -1.35 Telefonica TEF 4.51 -0.07 AEP AEP 90.14 1.49 Biogen BIIB 273.20 4.15 s ChunghwaTel CHT 40.88 0.25 EnphaseEnergy ENPH 147.00 5.86 Williams WMB 23.45 -0.24 HighwoodsProp HIW 43.46 -0.04 LibertyFormOne C FWONK 45.97 0.05 NorthropGrum NOC 345.14 0.50 Repligen RGEN 211.99 -0.05 TelekmIndonesia TLK 22.80 -0.20 AmerExpress AXP 145.10 -3.44 BioMarinPharm BMRN 79.45 -0.14 Church&Dwight CHD 89.17 1.83 Entegris ENTG 110.72 -2.43 s Williams-Sonoma WSM 168.27 -0.67 Hilton HLT 122.22 -3.71 LibertyBraves A BATRA 27.87 -0.79 NortonLifeLock NLOK 21.82 0.02 RepublicSvcs RSG 105.01 0.34 10xGenomics TXG 180.74 -6.23 AmericanFin AFG 119.34 -0.04 s BioNTech BNTX 156.18 6.70 ChurchillDowns CHDN 210.96 -3.56 Entergy ETR 107.99 1.41 WillisTowers WLTW 237.23 -0.78 Hologic HOLX 73.82 -2.86 LibertyBraves C BATRK 27.32 -0.70 NorwegCruise NCLH 26.75 -1.22 ResMed RMD 205.70 0.04 Tenaris TS 21.42 -0.67 s AmHomes4Rent AMH 35.54 0.24 BlackKnight BKI 74.13 1.02 CIEN 54.17 -0.71 EnterpriseProd EPD 22.86 -0.11 Wipro WIT 6.96 ... HomeDepot HD 323.96 -2.89 LibertySirius C LSXMK 45.87 0.83 NVS 87.83 -0.55 RestaurantBrands QSR 66.05 -0.19 TencentMusic TME 16.99 -0.84 AIG AIG 45.53 -1.20 BlackRock BLK 804.96 -6.13 CI 253.37 0.88 Equifax EFX 192.20 2.61 Wix.com WIX 290.58 1.52 HondaMotor HMC 29.89 -0.79 LibertySirius A LSXMA 45.82 0.74 Novavax NVAX 208.15-13.35 RingCentral RNG 325.22 6.15 Teradyne TER 124.27 -2.05 AmerTowerREIT AMT 252.67 4.13 Blackstone BX 79.50 0.20 CincinnatiFin CINF 106.97 -0.25 Equinix EQIX 726.22 8.93 Tesla TSLA 718.99 4.36 Workday WDAY 249.92 -4.59 HON 227.33 -3.64 LightspeedPos LSPD 64.08 -0.41 NovoNordisk NVO 73.28 0.58 RioTinto RIO 84.72 -1.58 AmerWaterWorks AWK 161.31 2.59 Boeing BA 234.06-10.09 Cintas CTAS 341.70 -2.04 Equinor EQNR 19.35 -0.50 TevaPharm TEVA 10.11 -0.17 WynnResorts WYNN 121.64 -4.64 HorizonTherap HZNP 91.06 0.80 EliLilly LLY 190.61 0.97 Novocure NVCR 194.84 3.94 RobertHalf RHI 81.25 -0.23 AmericoldRealty COLD 39.11 0.41 BookingHldgs BKNG 2345.00-111.20 CiscoSystems CSCO 51.79 -1.06 Equitable EQH 32.64 -0.98 TexasInstruments TXN 185.27 -1.79 XP XP 38.40 -0.01 HormelFoods HRL 47.27 0.75 LincolnNational LNC 62.40 -2.38 NuanceComms NUAN 53.09 -0.11 Roblox RBLX 69.24 -2.76 Ameriprise AMP 242.38 -4.33 BoozAllen BAH 83.39 -1.44 C 69.79 -2.34 s EquityLife ELS 68.46 0.63 XPO Logistics XPO 134.83 -0.58 DR Horton DHI 91.93 -3.79 Linde LIN 285.84 -2.61 NUE 78.49 -0.95 RocketCos. RKT 21.67 -0.34 TexasPacLand TPL 1467.66-78.34 s AmerisourceBrgn ABC 120.50 1.00 BorgWarner BWA 47.93 -1.39 CitizensFin CFG 42.71 -1.90 EquityResdntl EQR 74.09 1.06 XcelEnergy XEL 71.55 1.06 HostHotels HST 16.94 -0.46 LithiaMotors LAD 374.79-12.53 Nutrien NTR 52.83 -1.12 Rockwell ROK 263.22 -3.88 TXT 58.22 -0.84 Ametek AME 130.89 -1.23 s BostonBeer SAM 1306.45 18.76 CitrixSystems CTXS 138.12 -0.73 ErieIndemnity A ERIE 223.15 -1.71 HowmetAerospace HWM 31.00 -1.57 Xilinx XLNX 123.62 -3.28 LiveNationEnt LYV 78.45 -3.13 NVDA 606.85 -7.62 RogersComm B RCI 48.72 -0.48 ThermoFisherSci TMO 482.36 -5.28 Amgen AMGN 259.14 3.17 BostonProps BXP 106.13 -0.02 Clarivate CLVT 24.87 -0.55 EssentialUtil WTRG 47.84 0.48 HuanengPower HNP 14.24 -0.10 Roku ROKU 354.85 -6.30 XPeng XPEV 31.27 0.07 LloydsBanking LYG 2.29 -0.12 ThomsonReuters TRI 91.70 -0.26 Amphenol APH 66.79 -0.72 BostonSci BSX 41.13 0.25 Cleveland-Cliffs CLF 16.60 -0.79 s EssexProp ESS 294.87 4.30 Huazhu HTHT 55.44 -2.05 Rollins ROL 35.18 0.37 3M MMM Xylem XYL 107.59 -0.62 LockheedMartin LMT 387.33 -4.40 O P Q 198.30 -0.29 AnalogDevices ADI 154.47 -2.44 BrightHorizons BFAM 163.26 -1.40 CLX 194.47 5.62 EsteeLauder EL 309.43 0.25 Hubbell HUBB 185.81 -3.24 RoperTech ROP 426.55 1.09 Toro TTC 113.38 0.42 Yandex YNDX 60.82 -0.24 Loews L 53.93 -0.33 Anaplan PLAN 57.67 -0.69 BristolMyers BMY 66.08 0.48 Cloudflare NET 72.39 -0.91 Etsy ETSY 206.86 -6.33 HubSpot HUBS 497.71-12.23 ONEOK OKE 50.63 -1.15 RossStores ROST 124.96 -2.53 TorontoDomBk TD 64.96 -0.72 YumBrands YUM 117.96 0.25 LogitechIntl LOGI 112.90 -1.16 Angi ANGI 15.91 -0.88 BritishAmTob BTI 38.18 -1.43 Coca-Cola KO 54.17 0.17 s EverestRe RE 262.43 -1.57 HUM 443.00 3.08 s OReillyAuto ORLY 536.27 2.50 RoyalBkCanada RY 92.46 -1.58 Total TOT 44.72 -1.20 YumChina YUMC 59.00 -0.53 Lowe's LOW 202.77 -0.64 AngloGoldAsh AU 22.10 0.06 Broadcom AVGO 457.26 -4.74 Coca-Cola Euro CCEP 55.17 ... Evergy EVRG 64.81 1.57 JBHunt JBHT 168.37 1.44 OakStreetHealth OSH 58.96 0.41 RoyalCaribbean RCL 81.07 -2.71 ToyotaMotor TM 154.10 -2.31 ZTO Express ZTO 30.18 0.19 LufaxHolding LU 13.17 -0.63 AB InBev BUD 67.31 -1.40 s BroadridgeFinl BR 158.85 2.91 Cognex CGNX 84.39 -1.30 EversourceEner ES 90.58 1.24 HuntingtonBcshs HBAN 15.17 -0.70 OccidentalPetrol OXY 23.20 -1.34 RoyalDutchA RDS.A 38.32 -1.11 s TractorSupply TSCO 181.05 -2.03 ZaiLab ZLAB 150.77-13.56 lululemon LULU 316.29 -5.98 AnnalyCap NLY 8.76 -0.04 BrookfieldMgt BAM 44.21 -1.58 CognizantTech CTSH 79.61 -0.79 ExactSciences EXAS 125.62 -1.91 HuntingIngalls HII 207.57 -2.43 Okta OKTA 265.80 -0.21 RoyalDutchB RDS.B 36.29 -1.07 TradeDesk TTD 686.07 -9.41 ZebraTech ZBRA 499.56-10.07 LumenTech LUMN 12.68 0.04 s ANTM 381.88 2.22 BrookfieldInfr BIP 54.31 -0.43 CoinbaseGlbl COIN 320.82-12.18 Exelon EXC 45.80 0.30 HyattHotels H 79.88 -2.47 OldDomFreight ODFL 247.64 -0.27 RoyaltyPharma RPRX 41.44 -0.33 Tradeweb TW 78.87 -0.82 Zendesk ZEN 146.07 -1.89 LYFT 60.80 -1.07 AON 234.82 -1.01 BrookfieldPropREIT BPYU 17.83 -0.17 ColgatePalm CL 81.33 1.41 Expedia EXPE 170.46 -5.16 IAC/InterActive IAC 236.25 -7.09 OlinkHolding OLK 37.08 -0.54 Ryanair RYAAY 102.88 -3.79 TraneTech TT 168.20 -4.08 Zillow C Z 129.20 -3.80 LyondellBasell LYB 104.64 -2.56 ApolloGlbMgmt APO 51.32 -0.17 BrookfieldRenew BEPC 42.79 -1.50 A CMCSA 54.16 0.02 ExpeditorsIntl EXPD 110.45 0.23 ICICI Bank IBN 14.60 -0.35 OmegaHealthcare OHI 37.93 0.64 SAP SAP 139.11 -0.42 TransDigm TDG 595.75-10.25 Zillow A ZG 131.68 -2.91 Appian APPN 120.32 -5.55 s Brown&Brown BRO 49.37 -0.11 Comerica CMA 67.30 -2.09 s ExtraSpaceSt EXR 146.39 2.46 IdexxLab IDXX 532.27 3.69 M N s Omnicom OMC 78.86 -0.45 S&P Global SPGI 379.06 2.62 TransUnion TRU 96.57 -0.29 s ZimmerBiomet ZBH 173.81 1.28 Apple AAPL 133.11 -1.73 Brown-Forman B BF.B 75.95 1.11 CommerceBcshrs CBSH 74.48 -2.16 ExxonMobil XOM 55.29 -1.19 s IHS Markit INFO 103.90 0.40 ON Semi ON 39.70 -1.37 SBA Comm SBAC 292.02 3.93 Travelers TRV 155.73 1.35 ZionsBancorp ZION 52.35 -3.65 ApplMaterials AMAT 128.59 -2.30 Brown-Forman A BF.A 71.59 1.14 s CiaSiderurgica SID 8.37 -0.14 F5Networks FFIV 207.01 -1.48 II-VI IIVI 75.77 -1.26 M&T Bank MTB 149.67 -5.31 OpenText OTEX 48.65 -0.64 SEI Investments SEIC 62.64 0.13 Trex TREX 101.27 -3.08 ZTS 168.74 0.89 Applovin APP 60.15 1.29 Bruker BRKR 67.16 0.19 ConagraBrands CAG 38.27 0.42 FMC FMC 113.00 0.18 ING Groep ING 12.18 -0.38 MGMGrowthProp MGP 35.15 ... OpendoorTech OPEN 16.44 -0.96 s SK Telecom SKM 30.17 0.39 Trimble TRMB 79.42 -1.55 ZoomVideo ZM 321.78 -2.55 s Aptargroup ATR 150.42 0.71 BuildersFirstSrc BLDR 47.71 -2.10 ConocoPhillips COP 48.65 -2.24 Facebook FB 302.65 0.41 Invesco IVZ 25.79 -0.69 MGM Resorts MGM 39.55 -0.20 Oracle ORCL 79.24 0.49 SS&C Tech SSNC 71.56 -1.14 Trip.com TCOM 36.61 -0.40 ZoomInfoTech ZI 45.63 -1.75 Aptiv APTV 135.04 -5.28 Bunge BG 81.31 -1.87 ConEd ED 79.35 1.00 FactSet FDS 318.85 1.51 IPG Photonics IPGP 219.28 -2.84 MKS Instrum MKSI 176.33 -4.71 Orange ORAN 12.67 0.03 StoreCapital STOR 35.02 -0.08 TruistFinl TFC 55.75 -1.65 Zscaler ZS 186.08 -4.86 Aramark ARMK 38.31 -1.19 BurlingtonStrs BURL 318.70 -2.18 ConstBrands A STZ 238.31 0.71 FairIsaac FICO 523.60 -6.39 s IQVIA IQV 217.12 0.90 MPLX MPLX 26.18 -0.52 Orix IX 80.71 -1.89 SVB Fin SIVB 507.71-11.55 Tuya TUYA 17.77 -0.23 ZNGA 10.48 -0.11

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 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

Manpower MAN 115.02 3.8 Southern SO 66.40 1.8 BellerophonTherap BLPH 4.22 6.9 DPCM Cap Wt XPOA.WS 1.11 -1.6 Hims&HersHealth HIMS 9.87 -11.8 NuCana NCNA 3.95 -3.4 SimonPropWt SPGS.WS 1.04 -4.5 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE Marsh&McLen MMC 128.86 0.2 SouthernUnSeriesA SOLN 53.50 0.9 BeyondSpring BYSI 9.25 -1.7 DelwindsInsWt DWIN.WS 0.42 -9.0 HomologyMed FIXX 6.21 -1.9 NuvveHolding NVVE 8.01 -5.6 SoYoungIntl SY 8.43 -2.2 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low Maximus MMS 96.05 -0.9 SpragueRscs SRLP 24.38 2.8 BiomeaFusion BMEA 15.15 -1.2 DesignTherap DSGN 21.00 -7.2 HuadiIntl HUDI 3.91 -12.2 NuZee NUZE 2.86 -7.3 SoaringEagleA SRNG 10.00 0.3 in the latest session. %CHG-Daily percentage change from the previous trading session. Medtronic MDT 128.42 1.7 SteelPartners SPLP 20.95 -3.6 Biomerica BMRA 4.28 -8.7 dMYTechIIIA DMYI 10.12 0.5 HycroftMiningWt HYMCW 0.33 -13.1 ON24 ONTF 40.41 -4.0 SocialCapHedIV A IPOD 10.38 -1.6 MercuryGeneral MCY 66.75 -0.7 Steris STE 211.26 0.4 BrainstormCell BCLI 2.97 ... DocumentSecSys DSS 2.74 -3.8 HycroftMiningWt HYMCL 0.49 -26.3 OraSureTechs OSUR 9.26 -0.8 SocialCapHedosIVWt IPOD.WS 2.01 -9.6 Tuesday, April 20, 2021 MidAmApt MAA 154.94 1.9 StratusProp STRS 35.24 1.2 BreezeHldgsWt BREZW 0.50 -5.5 DuneAcqnWt DUNEW 0.55 -9.5 Hyliion HYLN 8.08 -2.9 PatriaInvts PAX 14.91 -3.3 SolenoTherap SLNO 1.10 -6.8 52-Wk % 52-Wk % 52-Wk % MolinaHealthcare MOH 257.68 -0.9 SunComms SUI 162.94 1.7 BriaCellTherap BCTX 2.81 -7.4 EmergentBiosol EBS 64.87 -3.3 Hywin HYW 6.31 -7.5 Pharvaris PHVS 23.03 -11.3 Spartan II Wt SPRQ.WS 1.36 -10.1 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Moody's MCO 325.23 0.9 TeledyneTech TDY 431.92 -0.8 BridgetownWt BTWNW 2.03 -2.3 EnvericBiosci ENVB 2.13 -5.7 IthaxAcqnWt ITHXW 0.50 -16.2 PineIslandWt PIPP.WS 1.02 -16.0 SportsVenturesWt AKICW 0.75 -12.6 MuellerIndustries MLI 45.81 -1.1 Tiptree TIPT 11.56 12.1 BroadmarkRltyWt BRMK.WS 0.17 -3.5 EnvlImpactWt ENVIW 0.69 -13.9 IderaPharm IDRA 1.00 ... PioneerMergerWt PACXW 0.72 -13.6 SportsTekAcqnWt SPTKW 0.50 -5.7 CarecloudPfdA MTBCP 29.490.4 GladstoneCap GLAD 10.90 -0.2 NVR NVR 5028.85 -1.6 TractorSupply TSCO 185.89 -1.1 BroadscaleWt SCLEW 0.86 -11.3 ErosSTX ESGC 1.15 -16.7 InhibikaseTherap IKT 5.00 -3.1 PivotalInvtIII Wt PICC.WS 0.80 -5.4 SpringValleyWt SVSVW 0.70 -16.7 CasellaWaste CWST 68.41 ... GladstoneInvt GAIN 14.22 0.4 NatlRetailProp 47.00 1.5 Highs NNN TriPointe TPH 22.97 -4.1 Bumble BMBL 55.10 -5.3 EvofemBiosci EVFM 1.40 -7.8 InMedPharm INM 2.65 1.1 Poshmark POSH 36.11 -2.3 StealthBioTher MITO 1.06 -0.9 CaseysGenStores CASY 225.00 -0.5 GladstoneInvPfdE GAINL 26.20 ... NatlStorage NSA 44.33 1.2 CHF Solutions CHFS 4.88 -5.1 Exterran EXTN 2.79 -5.3 Inseego INSG 8.23 -2.5 SupernovaPtrsA SPNV 9.83 -0.6 AG Mortgage PfdA MITTpA 25.18 0.6 TsakosEnergyPfdD TNPpD 24.75 -0.2 Pwr&DigitalWt XPDIW 1.02 -6.2 CedarRealtyPfC CDRpC 25.23 1.5 GladstonePfdD LANDM 27.18 4.5 Neogen NEOG 97.36 1.2 79.28 ... CovaAcqnWt COVAW 0.56 ... FangddNetwork DUO 4.75 -5.8 iQIYI IQ 14.09 -5.7 TomiEnvl TOMZ 3.20 -6.3 AXIS Capital AXS 54.25 -0.3 TysonFoods TSN PresidioProperty SQFT 2.63 -5.8 CharahSolutions CHRA 6.54 -7.7 GlobalPtrsPfdB GLPpB 27.22 0.1 NewHome NWHM 6.59 -7.5 UDR UDR 46.13 1.5 CYREN CYRN 0.56 -6.5 FedNat FNHC 4.25 -4.2 ItiquiraAcqnWt ITQRW 0.52 -7.1 TPGPaceTechWt PACE.WS 1.23 ... Accenture ACN 288.90 0.7 PrimeImpactIWt PIAI.WS 0.68 -7.1 CharlesRiverLabs CRL 327.72 -0.7 GoldenbridgeWt GBRGW 0.42 50.0 NewJerseyRscs NJR 42.81 1.8 UGI UGI 44.54 1.5 CalitheraBiosci CALA 2.03 -5.1 FinchTherap FNCH 13.94 -8.1 KaryopharmTherap KPTI 8.96 2.3 TailwindIntlWt TWNI.WS 0.58 -5.5 AcuityBrands AYI 174.52 -1.1 PriveterraAcqnWt PMGMW 0.65 -4.3 ChesapeakeUtil CPK 121.16 1.1 GolubCapital GBDC 15.53 -0.3 NexPointResidentl NXRT 50.81 3.3 UMH Prop UMH 20.72 3.0 Canoo GOEV 7.50 -7.6 FlameAcqnWt FLME.WS 0.61 -6.2 KismetAcqnOneUn KSMTU 9.37 -12.2 TelecomArgentina TEO 4.61 -4.9 AdvanceAuto AAP 198.52 0.7 Progenity PROG 2.99 -5.3 ChinaBiologic CBPO 120.05 1.7 GoresVII A GSEV 10.10 0.8 NomadFoods NOMD 29.56 0.2 USComdtyIndxFd USCI 37.73 0.8 CarLotz LOTZ 6.45 -5.7 FoghornTherap FHTX 9.85 -1.5 KronosBio KRON 19.60 -0.1 TherapAcquisition RACA 9.81 -0.3 AgileGrowth AGGRU 10.03 -0.3 PropSolnsII Wt PSAGW 0.81 -3.4 ChunghwaTel CHT 41.13 0.6 GoresTechPtrsII GTPBU 10.43 -0.7 NorfolkSouthern NSC 278.37 1.1 UnitedTherap UTHR 208.63 1.8 CarneyTechII Wt CTAQW 0.79 -3.4 4D Molecular FDMT 30.55 -3.2 LixteBiotech LIXT 2.36 -0.8 ThomaBravoAdv TBA 9.95 -1.4 agilon health AGL 34.14 0.1 PropTechInvII Wt PTICW 0.71 1.3 CincinnatiBncp CNNB 13.52 2.7 GreatAjaxNts24 AJXA 25.24 -0.2 Northwestern NWE 70.53 1.6 UnitedHealth UNH 397.88 1.7 CatchaInvtWt CHAA.WS 0.70 -2.8 FreedomI Wt FACT.WS 0.85 -15.0 LordstownMotors RIDE 8.80 ... TioTechA TIOAU 9.99 -0.6 Albertsons ACI 20.89 -0.4 ProspectorCapWt PRSRW 0.82 -10.9 CtznCmntyBcp CZWI 14.81 -13.3 HarborOneBncp HONE 15.14 -4.2 OReillyAuto ORLY 539.82 0.5 VEREIT VER 41.43 1.4 CelyadOncology CYAD 6.06 -6.5 FusionAcqnIIA FSNB 9.75 ... LuciraHealth LHDX 6.66 -10.7 TroikaMedia TRKA 2.85 -24.8 AlexionPharm ALXN 166.81 0.6 Pulmatrix PULM 0.90 -1.6 CocaColaCon COKE 318.37 -1.5 HarleyDavidson HOG 47.53 4.3 OasisPetrol OAS 73.24 -0.8 VICI Prop VICI 30.20 0.9 CheckmatePharm CMPI 5.84 -1.6 FusionAcqnIIWt FSNB.WS 0.76 -12.2 MediciNova MNOV 4.28 -2.0 USHG Acqn A HUGS 9.82 -0.7 Allstate ALL 123.57 ... QellAcqnWt QELLW 1.32 -8.1 CiaSiderurgica SID 8.60 -1.6 HealthpeakProp PEAK 34.16 2.1 Omnicom OMC 80.99 -0.6 VillageBank&Tr VBFC 44.35 3.1 ChemoCentryx CCXI 44.32 1.1 GBS GBS 4.03 0.7 MedicusSciWt MSACW 0.60 -10.4 UWM UWMC 7.18 -3.6 AmFinTrPfdC AFINO 25.35 1.0 Quhuo QH 4.66 -2.6 Cooper COO 403.45 0.3 Hershey HSY 163.19 0.8 OneLiberty OLP 24.60 0.5 WarriorTechA WARR 10.00 2.6 ChurchillVI Wt CCVI.WS 1.11 -6.7 GWG GWGH 6.35 -1.5 MedTechAcqnWt MTACW 0.93 -3.0 UniversePharm UPC 3.40 -3.1 AmHomes4Rent AMH 35.77 0.7 Corvel CRVL 114.59 1.8 HighlandGlbAlloc HGLB 9.05 1.8 Oppenheimer A OPY 45.80 -2.0 WasteConnections WCN 117.41 0.2 CloopenGroup RAAS 9.91 -0.9 GaleraTherap GRTX 6.43 -5.9 Metacrine MTCR 3.72 -11.2 RaMedicalSys RMED 3.60 -4.1 VyneTherap VYNE 4.74 -6.1 AmerisourceBrgn ABC 120.94 0.8 Cricut CRCT 24.85 -12.8 HomeTrustBcshs HTBI 26.77 -1.4 OtisWorldwide OTIS 71.69 -0.8 Watsco WSO 287.51 -0.3 ComputeHlthWt CPUH.WS 1.11 -1.7 GenieEnergy GNE 5.61 -2.4 MetenEdtechX METX 1.69 -8.5 RedBallAcqnWt RBAC.WS 1.01 -9.7 Vaxcyte PCVX 17.20 -0.7 Anthem ANTM 386.78 0.6 CrossAmerPtrs CAPL 19.98 -1.3 Hovnanian HOV 121.94 -4.7 PRA HealthSci PRAH 163.12 0.8 WestPharmSvcs WST 319.82 0.8 ConcertPharm CNCE 4.11 -0.9 GigCapital3Un GIK.U 8.62 -7.5 MetroMile MILE 7.14 -4.7 RevolutionAccelWt RAACW 1.28 ... VectivBio VECT 14.93 ... Aptargroup ATR 150.75 0.5 CrownCastle CCI 184.51 1.3 IDACORP IDA 103.24 0.5 PSBusinessParks PSB 165.19 1.7 Whirlpool WHR 240.50 0.5 ConcordAcqnWt CND.WS 0.72 -15.6 GigCapital3 GIK 7.56 -7.7 MillendoTherap MLND 0.92 -3.7 RomeoPower RMO 6.97 -6.1 ViantTech DSP 33.07 -15.0 ArmstrongWorld AWI 99.05 -1.1 CrownHoldings CCK 111.67 -0.8 IHS Markit INFO 104.28 0.4 PetIQ PETQ 42.13 5.7 Winmark WINA 200.99 0.7 ContextLogic WISH 11.71 -1.9 GlbPtrII Wt GPACW 0.76 1.6 MontaukRenew MNTK 8.87 -8.6 Root ROOT 9.42 -2.9 VinciPartnersInvt VINP 11.59 -4.9 Assurant AIZ 154.94 0.5 CubeSmart CUBE 41.93 1.5 IQVIA IQV 219.60 0.4 PhilipMorris PM 94.64 2.5 XAIOctagonPfd XFLTpA 25.75 0.9 ContraFect CFRX 3.63 -1.8 GlobusMaritime GLBS 3.86 -5.1 Movano MOVE 5.20 -2.6 SVF Invt Wt SVFAW 1.71 -13.5 VisionMarineTech VMAR 6.01 -1.5 AstroNova ALOT 17.64 4.5 CustomTruckWt CTOS.WS 2.62 -3.0 IDEX IEX 222.83 1.2 PortlandGenElec POR 51.50 1.5 ZimmerBiomet ZBH 175.18 0.7 CooTekCayman CTK 1.95 -1.5 GoresVII Wt GSEVW 1.15 -20.0 NGL Energy NGL 1.90 -3.0 ScionTechI Wt SCOAW 0.75 -5.8 ViveveMedical VIVE 2.43 2.7 Atlanticus ATLC 35.87 -2.8 DTE Energy DTE 141.98 1.4 IndepRealty IRT 16.71 1.8 PostHoldings POST 112.00 0.7 CornerGrowthWt COOLW 0.74 -12.8 GracellBiotech GRCL 12.09 -3.6 NeuBaseTherap NBSE 5.62 -1.7 ScionTechII A SCOB 9.80 -1.7 WarriorTechA WARR 9.73 2.6 AtriCure ATRC 70.83-2.3 DentsplySirona XRAY 65.94 -0.1 IntegraLifeSci IART 73.87 -0.1 Prologis PLD 115.70 2.2 CrownPropWt CPTK.WS 0.60 -0.5 GraybugVision GRAY 4.40 -9.2 NewVistaAcqnWt NVSAW 0.72 9.1 7GC Wt VIIAW 0.66 ... XL Fleet XL 5.91 -5.7 AusterlitzI A AUS 10.05 1.4 Lows DicernaPharma DRNA 30.92 4.7 IBM IBM 139.77 3.8 PublicServiceEnt PEG 63.92 0.3 Cuentas CUEN 2.55 -6.0 Haemonetic HAE 66.47 -10.7 Nikola NKLA 9.57 -6.2 17Educ&Tech YQ 6.06 -4.3 XomaPfdB XOMAO 24.63 -0.1 AusterlitzII Wt ASZ.WS 1.31 -11.3 Dover DOV 146.90 3.2 InvitatHomes INVH 34.08 1.0 PublicStorage PSA 276.29 1.1 ADC Therap ADCT 21.16 4.9 CypressEnvl CELP 1.71 -7.8 HelixAcqn HLXA 10.06 -0.4 NovusCapII Wt NXU.WS 0.84 -7.6 SigilonTherap SGTX 14.85 -0.4 Zymeworks ZYME 24.82 -3.6 AusterlitzII A ASZ 9.92 0.2 DukeEnergy DUK 101.83 1.2 iRadimed IRMD 26.33 1.5 Rayonier RYN 37.48 1.4 ADMA Biologics ADMA 1.45 -7.9 ADP ADP 193.97 ... DukeRealty DRE 45.93 2.1 IsleworthHlthWt ISLEW 0.69 29.4 RealtyIncome O 68.67 1.9 AGM AGMH 11.00 -8.3 AutoNation AN 99.78 -4.4 DynagasLNG PfdB DLNGpB 24.00 0.1 j2Global JCOM 135.24 1.0 RegencyCtrs REG 60.50 0.6 AevaTech AEVA 8.78 -6.9 AutoZone AZO 1524.98 0.7 DynagasLNG PfdA DLNGpA 25.97 -0.5 JackintheBox JACK 121.81 -3.5 RepublicSvcs RSG 105.80 0.3 AffirmHldgs AFRM 63.02 -1.5 ADVERTISEMENT AxaltaCoating AXTA 31.80 -1.0 elfBeauty ELF 30.07 -0.6 KT KT 13.04 2.7 RetailOppor ROIC 17.50 0.1 AgileTherap AGRX 1.70 -2.8 B RileyFin RILY 73.03 -5.7 EPAM Systems EPAM 450.42 ... KademSust KSICU 10.01 -0.1 RexfordIndlRealty REXR 56.56 2.2 Agrify AGFY 9.71 -17.6 BcoSantChile BSAC 25.95 ... EastGroup EGP 156.29 1.5 KSCitySouthern KSU 299.52 15.2 SK Telecom SKM 30.31 1.3 Akoya AKYA 22.16 0.7 Berkley WRB 81.05 -0.1 EnerTransferPfdE ETpE 25.70 -1.4 KenonHoldings KEN 36.27 1.3 STAG Indl STAG 36.75 3.0 AllenaPharm ALNA 1.02 -2.7 BioNTech BNTX 157.30 4.5 EnterpriseBncp EBTC 34.42 -1.5 KensingtonII Wt KCAC.WS 1.90 -0.6 AltimarAcqnIIWt ATMR.WS 0.91 13.0 BusinessReal Estate&Auctions SafeBulkersPfdC SBpC 25.34 0.1 BlackHills BKH 71.34 0.9 EquityLife ELS 69.43 0.9 KeurigDrPepper KDP 36.38 0.1 SafeBulkersPfdD SBpD 25.38 0.3 AltitudeAcqnWt ALTUW 1.14 -7.4 BostonBeer SAM 1315.38 1.5 EssexProp ESS 296.24 1.5 Knoll KNL 23.50 -0.7 SanJuanBasin SJT 4.83 3.9 AngionBiomed ANGN 12.56 -2.0 To advertise: email [email protected] or WSJ.com/classifieds Braskem BAK 19.06 -1.4 EverestRe RE 265.00 -0.6 KnotOffshore KNOP 19.31 -0.7 SaulCentersPfdD BFSpD 26.16 0.7 AppliedGenetic AGTC 3.54 -4.7 BroadridgeFinl BR 159.07 1.9 ExtraSpaceSt EXR 148.28 1.7 KronosWorldwide KRO 17.45 -2.0 Seagate STX 83.72 0.1 ArrayTech ARRY 26.02 -1.5 Brown&Brown BRO 49.88 -0.2 FigureAcqnI Wt FACA.WS 1.74 -3.2 LGI Homes LGIH 171.00 -3.8 SealedAir SEE 48.62 0.6 AspenGroup ASPU 5.00 -2.7 BurgundyTechWt BTAQW 0.94 -6.4 FirstIndRlty FR 49.80 1.6 LKQ LKQ 45.06 -2.1 SempraEnergy SRE 140.11 1.2 AssemblyBiosci ASMB 4.01 -0.2 MASSACHUSETTS CBD Pao CBD 7.04 8.5 FlameAcqnA FLME 9.79 ... LennoxIntl LII 339.02 -0.4 SendasDistrib ASAI 14.83 0.8 AuburnNatlBncp AUBN 35.05 -1.3 CBRE Group CBRE 82.83 -1.1 FlameAcqnWt FLME.WS 0.70 -6.2 LeoHoldingsIII A LIII 10.05 3.1 SherwinWilliams SHW 269.76 0.6 Auddia AUUD 2.21 -11.0 CRH Medical CRHM 4.01 ... Fortis FTS 44.34 0.5 LifeStorage LSI 95.28 1.3 SilganHoldings SLGN 44.50 -0.2 AuriniaPharm AUPH 11.60 -0.8 CSX CSX 101.35 -0.3 FreedomI A FACT 10.05 2.0 MDU Rscs MDU 33.18 0.1 Smucker SJM 134.12 0.3 AusterlitzII Wt ASZ.WS 1.02 -11.3 CamdenProperty CPT 119.76 2.0 FusionAcqnIIWt FSNB.WS 1.09 -12.2 MGE Energy MGEE 75.00 1.5 SnapOn SNA 238.10 -0.6 AusterlitzII A ASZ 9.87 0.2 /%*< %-+*+% 9*; CapitalBancorp CBNK 22.00 -5.0 GencoShipping GNK 12.97 -1.3 Macrogenics MGNX 33.90 5.6 SoaringEagleWt SRNGW 3.00 17.4 AxsomeTherap AXSM 50.18 -2.5 *='!&#$ )"*/"'%*%" *#&%1+- 22 3%0"3"7$ 5,7%3 53&%31 "99%&"*0% 1*!% *&?4!6!6# /%-!&%6+!*< Cash Prices | wsj.com/market-data/commodities Tuesday, April 20, 2021 !6'49% 1/41%/+!%- 49%&"'*!05$$"'% '57&59"7",9/ These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— ;: 7530# 103%%0)&*7(.3+'0-2;8- separate from the futures price on an exchange, which reflects what the commodity might be worth in future &=6[C6 ECXUJ^396=?C55"=XJ^ =?/GC5 6JX)C ?6=[ ;FNT+ %;FN4+ V& I months. HS"^U "X ;>A-7 (PGC^^CXU ^=GJU"=X Q"U' CJ5O JGGC55 U= ]%A+7 -> ["^C5 ?6=[ YJ$SJ6E"J ."69=6U I-A["^C5 ?6=[ !J6U?=6EF ,K7 M\,1*8@ Tuesday Tuesday Tuesday %\:W@D8*Z\: 0@B\@:BR2:-*W<*# '(- '$ #!R2 - ,(")) L!,&")) L!+ Energy Aluminum, LME, $ per metric ton *2331.0 Wheat - Hard - KC (USDA) $ per bu-u 6.5075 5$$%1%& )".# 3,(!"/#%&1%/%1+% 31"'%/ 5$ Copper,Comex spot 4.2240 Wheat,No.1soft white,Portld,OR-u 6.7000 57!;82-:--- %*'#6 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.700 Iron Ore, 62% Fe CFR China-s 187.8 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w .)'!')2,$'0 #%0'-& 12.100 Shredded Scrap, US Midwest-s,m 432 2"// -*(0 !0'/"+1 /826;2864/-- Metals Steel, HRC USA, FOB Midwest Mill-s 1420 Beef,carcass equiv. index choice 1-3,600-900 lbs.-u 223.31 2*--* &+..")&1*/ ! .1&2*"/ (")/*-$, &% )" ()+0") Gold, per troy oz Fibers and Textiles select 1-3,600-900 lbs.-u 214.00 Engelhard industrial 1768.00 Burlap,10-oz,40-inch NY yd-n,w 0.7350 Broilers, National comp wtd. avg.-u,w 0.9995 Handy & Harman base 1777.85 Cotton,1 1/16 std lw-mdMphs-u 0.8292 Butter,AA Chicago 1.7975 Cheddar cheese,bbl,Chicago Handy & Harman fabricated 1973.41 Cotlook 'A' Index-t *91.00 180.50 Cheddar cheese,blk,Chicago 180.00 LBMA Gold Price AM *1788.40 Hides,hvy native steers piece fob-u n.a. FLORIDA RHODE ISLAND Milk,Nonfat dry,Chicago lb. 123.00 LBMA Gold Price PM *1774.50 Wool,64s,,Terr del-u,w n.a. Coffee,Brazilian,Comp Krugerrand,wholesale-e 1849.80 1.2270 Coffee,Colombian, NY 1.8059 Leaf-e 1867.58 Grains and Feeds Eggs,large white,Chicago-u 0.8650 American Eagle-e 1867.58 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 17.55 Mexican peso-e 2152.52 Bran,wheat middlings, KC-u 138 Hams,17-20 lbs,Mid-US fob-u 0.90 Austria crown-e 1746.43 =!*=! (%*'" Corn,No. 2 yellow,Cent IL-bp,u 6.0250 Hogs,Iowa-So. -u 98.91 Austria phil-e 1867.58 Corn gluten feed,Midwest-u,w 178.6 Pork bellies,12-14 lb MidUS-u n.a. Silver, troy oz. Corn gluten meal,Midwest-u,w 609.8 Pork loins,13-19 lb MidUS-u 1.1134 2,)@GI '=@8= (FGE8G@. >H,$ACGED "=C5 75%!(%7*#3 9!#. +*!#&"$( +")$'#%, Engelhard industrial 25.8000 Cottonseed meal-u,w 373 Steers,Tex.-Okla. Choice-u n.a. ('""$!& $! ,%' *!,$#',+ )!"+ Handy & Harman base 25.9350 Hominy feed,Cent IL-u,w 168 Steers,feeder,Okla. City-u,w 161.00 C7-#;.6/2 *>014 (0?<69,4 %* 44- $'.3&91'# :,/68 #208"4324/." Handy & Harman fabricated 32.4190 Meat-bonemeal,50% pro Mnpls-u,w 335 !+@/14 %:8B5:,33:< #9)"A,0 961,+5!'7)!-*$61(%& LBMA spot price *£18.7500 Fats and Oils Oats,No.2 ,Mnpls-u 3.8725 J.428.GA J.8C$8B: ?(D./9 L>A 3F 133>K&32K0 /4 0!%1 "0#1% :,+8 (5-8",: %", ;0 ". ;;*% (U.S.$ equivalent) *26.1050 Rice, Long Grain Milled, No. 2 AR-u,w 26.88 Degummed corn oil, crude wtd. avg.-u,w 60.2500 Coins,wholesale $1,000 face-a 21007 Sorghum,(Milo) No.2 Gulf-u 7.6675 Grease,choice white,Chicago-h 0.5000 4; 0!%13: ,/2)8 ;17 *!563 <+ &/)2 Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 415.90 Lard,Chicago-u n.a. #<+68 %(' LBMA Platinum Price PM *1222.0 Soybeans,No.1 yllw IL-bp,u 14.7650 Soybean oil,crude;Centl IL-u,w 0.6385 %&+*5& $%5:*:&%) %"+, $9.-<+34 Platinum,Engelhard industrial 1189.0 Wheat,Spring14%-pro Mnpls-u 7.9400 Tallow,bleach;Chicago-h 0.5300 #I649 %DMM ?8.K-9 *.4"8. H8)$-G.>G$4I =L4.8 >G: Palladium,Engelhard industrial 2798.0 Wheat,No.2 soft red,St.Louis-u 6.8725 Tallow,edible,Chicago-u n.a. ??9A@@[email protected];=C &8-#@*2%@@!=*: 5%*@ %2/*/% ! #>%; 8*'"*$& *3*#!*(!& ! 6G4A67EA;7E7 ,*%% $" -&/&. +()/&.( '$" #$"(&!'$ 3BB70H:7B::: 5<@@B91:)*elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; L, '4/ !$; F37+ FDF<90B9..1,DFA?C, C4,)?+6),,66 Source: Dow Jones Market Data P2JW111000-0-B01000-1------XA

B10 | We dnesday, April 21, 2021 THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 33821.30 t256.33, or 0.75% Trailing P/E ratio 30.14 18.12 4134.94 t28.32, or 0.68% Trailing P/E ratio * 45.51 22.10 13786.27 t 128.50, or 0.92% Trailing P/E ratio *† 40.12 26.86 High, low, open and close for each P/E estimate * 21.02 20.61 High, low, open and close for each P/E estimate * 23.82 20.75 High, low, open and close for each P/E estimate *† 30.51 25.77 trading day of the past three months. Dividend yield 1.74 2.87 trading day of the past three months. Dividend yield * 1.39 2.13 trading day of the past three months. Dividend yield *† 0.71 1.00 All-time high 34200.67, 04/16/21 All-time high 4185.47, 04/16/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833 34400 4150 14400

33200 4025 13800

32000 3900 13200

12600 Session high 30800 3775 DOWN UP 65-day moving average Session open Close t 29600 3650 65-day moving average 12000 65-day moving average Close Open t

Session low 28400 3525 11400

Bars measure the point change from session's open 27200 3400 10800 Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 878,612,317 17,942,091 Industrial Average 34034.18 33687.01 33821.30 -256.33 -0.75 34200.67 23018.88 46.9 10.5 11.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 206,559,871 6,070,395 Transportation Avg 15080.55 14772.50 14894.93 96.09 0.65 14969.58 7761.00 89.9 19.1 12.1 Most-active issues in late trading Decl. volume* 653,780,451 11,510,238 Utility Average 934.81 920.91 933.37 12.54 1.36 933.37 744.49 19.5 7.9 10.5 Volume After Hours Issues traded 3,440 284 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 43401.88 42889.16 43082.47 -364.13 -0.84 43735.05 27478.69 56.8 9.8 15.8 Advances 877 79 SPDR S&P 500 SPY 7,656.5 411.89 -0.28 -0.07 412.33 411.51 Barron's 400 996.17 977.76 982.97 -13.20 -1.32 1004.09 557.81 76.2 15.3 10.8 Declines 2,440 189 Marvell Tech Group MRVL 5,458.3 45.20 -0.64 -1.40 45.99 44.19 Unchanged 123 16 Lloyds Banking Group ADR LYG Nasdaq Stock Market 5,148.4 2.28 -0.01 -0.44 2.33 2.27 New highs 177 3 Nasdaq Composite 13927.67 13698.67 13786.27 -128.50 -0.92 14095.47 8263.23 66.8 7.0 24.5 Netflix NFLX 4,130.9 500.70 -48.87 -8.89 561.00 480.00 New lows 44 2 Nasdaq-100 13934.89 13730.59 13809.30 -98.37 -0.71 14041.91 8403.00 64.3 7.1 27.5 US Bancorp USB 3,516.4 56.00 -0.22 -0.39 56.30 56.00 Closing Arms† 1.14 0.80 VanEck Vectors Gold Miner GDX 3,111.0 36.26 0.06 0.17 36.26 36.18 S&P Block trades* 4,950 164 Vanguard FTSE DevMkts VEA 2,587.9 50.06 -0.31 -0.62 50.50 50.06 500 Index 4159.18 4118.38 4134.94 -28.32 -0.68 4185.47 2736.56 51.1 10.1 15.7 Nasdaq NYSE Arca Intel INTC 2,587.1 62.70 ...... 62.87 62.43 MidCap 400 2702.14 2651.04 2666.77 -37.41 -1.38 2721.08 1490.58 78.9 15.6 12.0 Total volume*4,239,816,262 225,449,736 SmallCap 600 1330.28 1293.31 1303.70 -29.70 -2.23 1397.66 692.66 88.2 16.5 10.7 Percentage gainers… Adv. volume*1,024,846,735 54,779,777 Decl. volume*3,178,112,180 170,217,108 Other Indexes Sierra Metals SMTS 140.0 3.18 0.36 12.77 3.29 2.82 Issues traded 4,350 1,487 Russell 2000 2231.13 2171.68 2188.21 -43.79 -1.96 2360.17 1185.09 84.6 10.8 11.8 Williams Indl Svcs WLMS 121.7 4.19 0.47 12.63 4.50 3.75 Advances 1,007 349 NYSE Composite 16107.56 15887.39 15944.61 -162.94 -1.01 16186.29 10706.44 48.9 9.8 8.1 inTEST INTT 69.0 10.65 1.11 11.64 10.80 9.64 Declines 3,197 1,123 PHX Minerals PHX 148.6 2.34 0.16 7.34 2.63 2.10 Value Line 657.01 643.61 647.15 -9.86 -1.50 662.21 368.54 75.6 13.8 5.2 Unchanged 146 15 Oil States Intl OIS 59.3 5.74 0.26 4.74 5.74 5.47 NYSE Arca Biotech 5550.77 5480.43 5540.02 34.61 0.63 6319.77 5021.50 7.7 -3.5 6.7 New highs 68 79 NYSE Arca Pharma 715.28 706.91 713.08 2.41 0.34 725.03 613.07 12.3 3.4 10.7 ...And losers New lows 138 10 KBW Bank 121.82 118.62 119.05 -3.50 -2.86 124.01 62.74 78.9 21.6 3.5 Planet Green Holdings PLAG 193.4 2.11 -0.29 -12.08 2.52 2.00 Closing Arms† 0.98 0.78 § PHLX Gold/Silver 148.60 146.39 148.41 0.84 0.57 161.14 105.29 40.9 2.9 20.4 Netflix NFLX 4,130.9 500.70 -48.87 -8.89 561.00 480.00 Block trades* 26,255 1,039 § PHLX Oil Service 51.47 48.88 49.45 -2.38 -4.59 63.89 25.80 91.7 11.6 -31.5 Ambow Education ADR AMBO 59.5 2.43 -0.13 -5.08 2.55 2.42 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3171.17 3106.19 3121.43 -49.57 -1.56 3305.43 1588.70 96.5 11.7 34.9 Iovance Biotherapeutics IOVA 109.4 29.05 -1.12 -3.71 30.17 29.05 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 19.70 17.24 18.68 1.39 8.04 45.41 16.25 -58.9 -17.9 3.4 ROKU Roku Cl A 128.6 342.45 -12.40 -3.49 354.98 335.01 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 697.04 –5.95 –0.85 7.9 Infobird IFBD 6.03 2.03 50.75 ...... Syndax Pharmaceuticals SNDX 13.42 -5.96 -30.75 27.85 10.20 29.4 MSCI ACWI ex-USA 344.96 –3.72 –1.07 5.7 Brooklyn ImmunoThera BTX 9.79 2.10 27.31 15.52 1.88 353.2 Troika Media Group TRKA 3.12 -1.03 -24.82 4.15 2.85 ... MSCI World 2915.78 –28.27 –0.96 8.4 Technologies EBET 25.05 4.96 24.69 54.00 18.65 ... China Green Agriculture CGA 12.84 -4.03 -23.89 17.73 1.77 432.8 MSCI Emerging Markets 1347.61 –0.94 –0.07 4.4 Sequential Brands Group SQBG 18.66 3.37 22.04 40.49 4.14 177.7 Futu Holdings ADR FUTU 136.24 -41.68 -23.43 204.25 10.00 1243.6 Americas MSCI AC Americas 1605.13 –11.40 –0.71 9.4 Summer Infant SUMR 10.83 1.48 15.83 24.00 2.28 357.0 Clean Energy Fuels CLNE 9.35 -2.49 -21.03 19.79 1.69 434.3 Canada S&P/TSX Comp 19040.78 –163.64 –0.85 9.2 Kansas City Southern KSU 295.50 39.10 15.25 299.52 122.35 125.6 Baosheng Media BAOS 4.45 -1.09 -19.64 10.20 4.02 ... Latin Amer. MSCI EM 2410.83 0.13 0.01 –1.7 Purple Biotech ADR PPBT 4.36 0.53 13.84 7.25 0.28 1312.8 MER Telemanagement MTSL 2.92 -0.66 -18.44 5.68 0.83 179.6 Brazil Sao Paulo Bovespa 120061.99 –871.79 –0.72 0.9 Sharps Compliance SMED 15.36 1.83 13.53 15.47 5.45 100.8 Auris Medical Holding EARS 2.80 -0.63 -18.37 6.60 0.73 250.1 Chile Santiago IPSA 3386.57 3.75 0.11 18.5 Moxian MOXC 5.27 0.62 13.33 7.38 0.55 571.3 Dynavax Technologies DVAX 8.94 -1.95 -17.91 12.44 3.16 163.7 Mexico S&P/BMV IPC 48528.97 456.35 0.95 10.1 Puyi ADR PUYI 5.15 0.57 12.45 9.11 3.69 -15.8 Agrify AGFY 9.75 -2.08 -17.58 21.43 9.71 ... EMEA Stoxx Europe 600 433.80 –8.38 –1.89 8.7 ICC Holdings ICCH 16.57 1.82 12.34 19.05 9.70 60.3 TDH Holdings PETZ 2.27 -0.44 -16.24 14.52 0.80 126.1 Eurozone Euro Stoxx 435.48 –8.13 –1.83 9.5 Tiptree TIPT 11.21 1.21 12.10 11.56 4.50 112.7 Medley Management Cl A MDLY 4.92 -0.87 -15.03 27.90 2.80 18.5 Belgium Bel-20 3946.37 –50.53 –1.26 9.0 AST SpaceMobile ASTS 8.01 0.86 12.03 25.37 7.12 -18.6 Viant Technology DSP 33.35 -5.89 -15.01 69.16 33.07 ... CEL-SCI CVM Equillium EQ Denmark OMX Copenhagen 20 1498.02 –14.25 –0.94 2.2 18.71 1.94 11.57 40.91 10.58 63.7 5.78 -0.96 -14.24 27.05 2.37 131.2 MyMD Pharmaceuticals MYMD 4.95 0.49 10.86 13.94 3.30 -28.5 Up Fintech Holding ADR TIGR 17.36 -2.85 -14.10 38.50 2.63 509.1 France CAC 40 6165.11 –131.58 –2.09 11.1 Germany DAX 15129.51 –238.88 –1.55 10.3 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1634.45 –7.67 –0.47 9.0 Italy FTSE MIB 24088.65 –602.81 –2.44 8.3 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low AEX 700.19 –11.75 –1.65 12.1 Russia RTS Index 1455.43 –21.15 –1.43 4.9 Sundial Growers SNDL 339,636 -31.1 0.84 -10.49 3.96 0.14 iSh iBonds Dec 2027 Trea IBTH 645 9120 25.40 0.24 26.61 25.14 South FTSE/JSE All-Share 66835.52 –1258.76 –1.85 12.5 Apple AAPL 94,284 -11.1 133.11 -1.28 145.09 66.36 iSh iBonds Dec 2028 Trea IBTI 550 6632 25.35 0.27 26.83 25.04 Castor Maritime CTRM Equity Distribution Acqn EQD.UT Spain IBEX 35 8459.40 –252.00 –2.89 4.8 92,575 -46.1 0.45 -7.82 1.95 0.11 1,621 5991 10.30 0.68 12.12 10.00 Ford Motor F 82,717 7.8 11.45 -5.45 13.62 4.52 Invsc S&P 500 EW Real Est EWRE 296 3052 34.34 0.72 34.45 21.61 Sweden OMX Stockholm 895.17 –18.42 –2.02 16.5 Fisker FSR 82,591 387.4 12.93 4.53 31.96 8.70 Baosheng Media BAOS 4,123 2481 4.45 -19.64 10.20 4.02 Switzerland Swiss Market 11078.98 –130.86 –1.17 3.5 Turkey BIST 100 1365.27 –11.96 –0.87 –7.5 SPDR S&P 500 SPY 80,817 -2.0 412.17 -0.73 417.91 272.02 Glbl X Data Center REITs VPN 533 2373 16.48 0.86 17.11 14.10 U.K. FTSE 100 6859.87 –140.21 –2.00 6.2 SOS ADR SOS 75,744 6.6 4.32 8.82 15.88 0.91 iSh iBonds Dec 2025 Trea IBTF 144 2322 25.74 0.12 26.29 25.57 U.K. FTSE 250 22108.55 –382.31 –1.70 7.9 ProSh UltraPro Shrt QQQ SQQQ 71,127 -24.4 11.09 2.12 73.45 10.54 Prop Solns Acqn II Cl A PSAG 158 2155 9.70 -0.61 9.89 9.68 NIO ADR NIO 71,000 -25.7 36.93 0.41 66.99 2.91 KFA Val Line Dyn Core Eq KVLE 180 2021 23.71 -0.32 24.06 20.06 Asia-Pacific MSCI AC Asia Pacific 207.92 –1.22 –0.59 4.0 Nano Dimension ADR NNDM 68,045 141.8 7.14 7.53 17.89 0.65 Tiptree TIPT 2,248 1762 11.21 12.10 11.56 4.50 S&P/ASX 200 7017.80 –47.84 –0.68 6.5 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3472.94 –4.61 –0.13 0.00 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 29135.73 29.58 0.10 7.0 Track the Markets India S&P BSE Sensex 47705.80 –243.62 –0.51 –0.1 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 29100.38 –584.99 –1.97 6.0 global stock indexes, bond ETFs, Straits Times 3192.17 –17.55 –0.55 12.2 currencies and commodities at Currencies South Korea Kospi 3220.70 21.86 0.68 12.1 wsj.com/graphics/track-the-markets Taiwan TAIEX 17323.87 60.59 0.35 17.6 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1580.04 5.13 0.33 9.0 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Tues YTD chg Tues YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004334 23075 –0.02 CREDIT MARKETS Argentina peso .0108 92.9568 10.5 Europe Brazil real .1796 5.5675 7.2 Czech Rep. koruna .04642 21.542 0.3 Canada dollar .7930 1.2611 –1.0 Denmark krone .1619 6.1780 1.4 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001435 696.90 –1.9 Euro area euro 1.2038 .8307 1.5 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000274 3643.00 6.5 Hungary forint .003331 300.23 1.1 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007935 126.03 –1.4 A consumer rate against its 30-year mortgage, Rate Mexico peso .0501 19.9701 0.4 Norway krone .1196 8.3591 –2.6 benchmark over the past year 2.50% Uruguay peso .02258 44.2850 4.6 Poland zloty .2644 3.7819 1.3 Bankrate.com avg†: 3.14% 16% Asia-Pacific Russia ruble .01300 76.936 3.9

s Sweden krona .1186 8.4338 2.5 Astra Bank 2.88% 2.00 Euro Australian dollar .7725 1.2945 –0.4 30-year fixed-rate Switzerland franc 1.0921 .9157 3.5 4.00% Scandia, KS 785-335-2243 Tradeweb ICE 8 China yuan .1539 6.4995 –0.5 mortgage t 1.50 Turkey lira .1232 8.1165 9.1 Tuesday Close .1288 7.7613 0.1 t First National Bank 2.88% Ukraine hryvnia .0357 28.0500 –1.1 3.00 0 India rupee .01325 75.447 3.3 Waverly, IA 319-266-2000 1.00 s UK pound 1.3940 .7174 –2.0 Yen Indonesia rupiah .0000690 14498 3.2 Union Bank 2.88% Middle East/Africa 2.00 0.50 –8 s Japan yen .009252 108.08 4.6 10-year Treasury One year ago Goldsboro, NC 919-583-8989 t WSJ Dollar Index Kazakhstan tenge .002323 430.56 2.2 dinar 2.6525 .3770 –0.01 t note yield 1.00 Dearborn Federal Svgs Bk 3.00% 0.00 –16 Macau pataca .1250 8.0000 0.1 Egypt pound .0637 15.7051 –0.3 Malaysia ringgit .2430 4.1155 2.3 Israel shekel .3076 3.2511 1.2 Dearborn, MI 313-565-3100 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7174 1.3939 0.1 Kuwait dinar 3.3198 .3012 –1.0 0.00 month(s) years M J J A S O N D J F MA Home Loans Today 3.00% Pakistan rupee .00652 153.300 –4.4 Oman sul rial 2.5972 .3850 0.01 maturity 2020 2021 Centennial, CO 866-919-2064 Philippines peso .0207 48.374 0.7 rial .2747 3.640 –0.02 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7523 1.3293 0.6 Saudi Arabia riyal .2666 3.7504 –0.03 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008949 1117.42 2.9 South Africa rand .0699 14.3072 –2.6 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0052370 190.95 3.1 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50 Taiwan dollar .03555 28.126 0.1 Yield (%) 52-Week Total Return (%) Thailand baht .03197 31.280 4.1 WSJ Dollar Index 86.10 0.12 0.14 1.29 Prime rate* 3.25 3.25 3.25 l 3.25 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.18 0.18 0.18 l 1.04 -2.18 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2374.110 0.920 0.950 1.030 0.400 –4.213 4.776 Money market, annual yield 0.08 0.08 0.08 l 0.32 -0.28 Five-year CD, annual yield 0.47 0.47 0.44 l 0.86 -1.22 U.S. Treasury Long, Barclays 4193.340 2.190 2.230 2.400 1.090 –15.553 7.871 Commodities 30-year mortgage, fixed† 3.14 3.19 2.83 l 3.62 -1.35 Aggregate, Barclays 2232.230 1.510 1.530 1.630 1.020 0.022 5.268 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.41 2.46 2.32 l 3.25 -1.56 Fixed-Rate MBS, Barclays 2219.980 1.690 1.690 1.850 0.980 0.436 4.172 DJ Commodity Jumbo mortgages, $548,250-plus† 3.14 3.20 2.85 l 3.70 -1.61 835.47 0.43 0.05 836.48 433.70 92.64 14.20 High Yield 100, ICE BofA 3359.619 3.783 3.749 7.996 3.261 17.684 5.557 Refinitiv/CC CRB Index -0.20 195.13 106.29 15.48 Five-year adj mortgage (ARM)† 3.15 3.12 2.85 l 3.32 -1.31 193.78 -0.10 82.31 Muni Master, ICE BofA 597.990 0.827 0.890 1.940 0.725 5.371 5.065 Crude oil, $ per barrel -0.94 66.09 10.01 28.69 New-car loan, 48-month 4.04 4.04 4.02 l 4.44 0.18 62.44 -1.48 523.78 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 907.755 4.787 4.884 6.612 4.295 15.973 4.803 Natural gas, $/MMBtu 2.727 -0.022 -0.80 3.354 1.482 49.75 7.40 banks.† Excludes closing costs. Gold, $ per troy oz. 1777.30 7.90 0.45 2051.50 1676.20 5.91 -6.12 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW111000-1-B01100-1------XA

THE WALL STREET JOURNAL. * We dnesday, April 21, 2021 | B11

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 Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 2226.00 2230.90 2162.10 2180.10 –45.30 421 June 91.04 91.27 90.84 91.23 .18 36,720 May 2,417 2,417 2,417 2,379 –58 1,547 Mini Russell 1000 (CME)-$50 x index Sept 91.02 91.20 90.85 91.21 .17 954 Contract Open July 2,488 2,503 2,414 2,419 –73 93,615 June 2339.10 2340.40 2315.60 2324.60 –16.30 9,381 Open High hi lo Low Settle Chg interest Coffee (ICE-US)-37,500 lbs.; cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index Source: FactSet Copper-High (CMX)-25,000 lbs.; $ per lb. May 130.05 132.95 129.90 132.45 2.60 11,444 April 4.2485 4.2695 4.2245 4.2240 –0.0260 1,384 July 131.85 135.00 131.85 134.45 2.55 101,106 July 4.2410 4.3035 4.2130 4.2210 –0.0240 104,848 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Gold (CMX)-100 troy oz.; $ per troy oz. May 16.33 16.88 16.33 16.77 .48 90,952 Bonds | wsj.com/market-data/bonds/benchmarks April 1769.30 1776.30 1765.50 1777.30 7.90 3,801 July 16.25 16.80 s 16.25 16.72 .51 401,432 May 1769.50 1779.20 1762.80 1777.60 7.90 1,875 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June 1770.50 1780.80 1763.50 1778.40 7.80 387,258 July 31.55 31.55 31.55 31.55 –.05 3,381 Tracking Bond Benchmarks Aug 1772.70 1782.60 1765.80 1780.40 7.70 39,995 Cotton (ICE-US)-50,000 lbs.; cents per lb. Oct 1777.20 1784.40 1768.20 1782.40 7.80 12,909 May 83.49 84.60 83.49 83.77 .51 8,904 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Dec 1776.90 1786.40 1770.00 1784.70 7.90 21,306 July 84.72 86.05 84.71 85.17 .46 98,979 highs and lows for different types of bonds Palladium (NYM) - 50 troy oz.; $ per troy oz. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Total Total April …… …2752.10 –56.20 May 114.15 114.15 110.80 111.40 –2.55 4,001 return YTD total return YTD total June 2824.50 2824.50 2721.50 2757.40 –56.20 10,706 July 116.60 116.65 113.70 114.20 –2.45 7,117 Yield (%) Yield (%) Platinum (NYM)-50 troy oz.; $ per troy oz. close return (%) Index Latest Low High close return (%) Index Latest Low High April 1199.40 1199.40 1188.60 1193.80 –10.20 183 Interest Rate Futures Mortgage-Backed Bloomberg Barclays July 1212.40 1214.50 1185.10 1196.30 –10.20 61,491 Broad Market Bloomberg Barclays Silver (CMX)-5,000 troy oz.; $ per troy oz. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2232.23 -2.5 U.S. Aggregate 1.510 1.020 1.630 2219.98 -0.5 Mortgage-Backed 1.690 0.980 1.850 April 25.855 25.855 25.855 25.835 0.004 185 June 186-070 187-220 185-050 187-160 1-03.0 1,138,010 May 25.875 26.150 25.725 25.840 0.003 79,046 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Barclays 2166.50 -0.5 Ginnie Mae (GNMA) 1.630 0.290 1.840 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. June 157-110 158-100 156-270 158-050 21.0 1,184,443 May 63.47 64.30 61.50 62.44 –0.94 20,309 Sept 156-190 21.0 42 3333.15 -3.6 U.S. Corporate 2.180 1.740 2.840 1311.53 -0.5 (FNMA) 1.710 1.160 1.860 June 63.53 64.38 61.49 62.67 –0.76 455,009 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3065.75 -1.5 Intermediate 1.480 1.080 2.380 2011.57 -0.5 (FHLMC) 1.710 1.140 1.870 July 63.42 64.25 61.44 62.60 –0.71 268,073 June 132-065 132-195 131-315 132-180 10.5 3,918,555 Aug 63.14 63.88 61.21 62.31 –0.69 153,907 Sept 131-240 11.0 4,683 4831.40 -6.8 Long term 3.340 2.730 3.720 597.99 0.4 Muni Master 0.827 0.725 1.940 Sept 62.68 63.39 60.81 61.87 –0.66 164,128 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 60.98 61.67 59.34 60.27 –0.66 307,486 June 123-305 124-045 123-270 124-037 5.2 3,347,780 670.60 -4.1 Double-A-rated 1.830 1.300 1.990 422.64 0.2 7-12 year 0.859 0.712 1.912 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% -3.1 Triple-B-rated 484.94 0.5 12-22 year 1.227 1.095 2.352 May 1.8925 1.9155 1.8483 1.8801 –.0124 60,146 June 110-117 110-126 110-116 110-125 .6 2,256,268 891.34 2.410 2.010 3.460 June 1.8950 1.9174 1.8507 1.8820 –.0127 103,794 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. High Yield Bonds ICE BofA 474.54 1.3 22-plus year 1.773 1.682 3.262 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. April 99.9300 99.9300 99.9300 99.9300 –.0025 155,730 May 2.0475 2.0720 1.9895 2.0174 –.0271 59,468 May 99.9150 99.9200 99.9150 99.9200 137,616 503.48 1.6 High Yield Constrained 4.156 3.955 8.476 Global Government J.P. Morgan† June 2.0442 2.0742 1.9934 2.0209 –.0254 118,995 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. 483.26 5.8 Triple-C-rated 6.991 6.809 18.112 597.20 -2.9 Global Government 0.910 0.460 0.960 June 91-280 9.0 151,539 May 2.741 2.759 2.719 2.727 –.022 101,505 Eurodollar (CME)-$1,000,000; pts of 100% 829.30 -4.0 Canada 1.450 0.610 1.520 June 2.811 2.830 2.793 2.803 –.015 168,735 3359.62 0.9 High Yield 100 3.783 3.261 7.996 May 99.8100 99.8150 99.8100 99.8125 .0025 93,685 July 2.880 2.898 2.864 2.874 –.011 184,603 June 99.8100 99.8150 t 99.8050 99.8100 … 1,205,873 453.85 1.4 Global High Yield Constrained 4.179 4.037 8.456 408.43 -2.9 EMU§ 0.392 0.010 411.523 Aug 2.907 2.923 2.892 2.902 –.010 70,698 Sept 99.7950 99.8050 t 99.7950 99.8000 …945,498 Sept 2.890 2.903 2.876 2.887 –.008 103,990 Europe High Yield Constrained 766.28 -3.5 France 0.260 -0.160 0.340 March'23 99.4950 99.5200 99.4750 99.5100 .0150 1,152,811 344.70 2.1 2.497 2.434 6.011 Oct 2.910 2.922 2.893 2.905 –.007 126,568 U.S Agency Bloomberg Barclays 536.54 -2.8 Germany -0.150 -0.530 -0.120 Currency Futures Agriculture Futures 1847.27 -1.0 U.S Agency 0.730 0.460 0.840 294.64 -0.2 Japan 0.320 0.190 0.420 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Corn (CBT)-5,000 bu.; cents per bu. May .9246 .9263 .9216 .9251 –.0001 713 1616.55 -0.6 10-20 years 0.610 0.340 0.710 597.32 -3.4 Netherlands -0.030 -0.450 -0.010 May 593.00 611.75 s 592.75 606.50 14.50 293,449 June .9252 .9266 .9217 .9254 –.0001 162,926 July 581.00 597.50 s 580.75 592.00 11.50 714,917 Canadian Dollar (CME)-CAD 100,000; $ per CAD 4073.96 -4.7 20-plus years 2.250 1.290 2.460 1028.89 -6.1 U.K. 1.050 0.410 1.170 Oats (CBT)-5,000 bu.; cents per bu. April .7995 .8014 .7975 .7985 .0004 59 May 380.50 390.00 380.50 385.25 4.50 1,197 2857.26 -2.6 Yankee 1.730 1.370 2.260 907.76 -2.8 Emerging Markets ** 4.787 4.295 6.612 June .7983 .8015 .7922 .7926 –.0056 163,701 July 381.50 391.25 s 380.75 386.75 4.25 2,486 British Pound (CME)-£62,500; $ per £ *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Soybeans (CBT)-5,000 bu.; cents per bu. May 1.3994 1.4009 1.3928 1.3930 –.0062 540 May 1450.50 1485.50 s 1450.00 1472.00 22.25 181,192 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan June 1.3990 1.4012 1.3928 1.3931 –.0062 159,587 July 1435.75 1471.50 s 1435.75 1457.75 21.25 327,161 (CME)-CHF 125,000; $ per CHF Soybean Meal (CBT)-100 tons; $ per ton. June 1.0946 1.0963 1.0921 1.0930 –.0021 41,615 May 407.60 415.30 407.00 410.40 2.90 63,340 Global Government Bonds: Mapping Yields Sept 1.0982 1.0988 1.0952 1.0957 –.0021 160 July 411.20 419.60 410.80 414.70 3.40 172,800 Australian Dollar (CME)-AUD 100,000; $ per AUD Soybean Oil (CBT)-60,000 lbs.; cents per lb. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in May .7763 .7816 .7710 .7716 –.0045 219 May 56.27 58.77 s 56.22 58.32 2.05 66,954 June .7757 .7818 .7711 .7717 –.0045 135,260 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session July 53.71 55.79 s 53.68 55.14 1.27 191,777 Mexican Peso (CME)-MXN 500,000; $ per MXN Rough Rice (CBT)-2,000 cwt.; $ per cwt. Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points May .05008 .05034 .04990 .04993 –.00037 13 May 12.85 12.86 12.82 12.84 –.01 4,198 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago June .05013 .05026 .04971 .04977 –.00038 144,906 July 13.14 13.16 13.12 13.14 …3,509 Euro (CME)-€125,000; $ per € 0.125 U.S. 2 0.151 t l 0.159 0.149 0.200 Wheat (CBT)-5,000 bu.; cents per bu. May 1.2049 1.2086 1.2030 1.2037 –.0009 2,225 1.125 10 1.562 t l 1.599 1.729 0.625 May 651.50 679.00 650.25 659.75 7.50 59,355 June 1.2050 1.2094 1.2036 1.2044 –.0009 653,972 July 653.00 679.50 s 651.25 661.25 7.50 218,766 5.500 Australia 2 0.089 s l 0.084 0.105 0.217 -6.4 -8.1 0.3 Wheat (KC)-5,000 bu.; cents per bu. 1.500 10 1.735 s l 1.672 1.817 0.839 6.9 23.1 May 612.00 635.75 609.25 620.75 8.75 34,196 Index Futures 16.9 July 618.75 642.50 615.75 628.00 9.25 110,619 Mini DJ Industrial Average (CBT)-$5 x index 0.000 France 2 -0.654 t l -0.652 -0.633 -0.457 -80.7 -81.7 -67.1 -Feeder (CME)-50,000 lbs.; cents per lb. June 33996 34066 33572 33703 –255 91,840 0.000 10 -0.005 t l 0.018 -0.045 0.077 -158.5 -53.0 April 137.600 138.150 135.825 137.575 –.150 1,498 Sept 33925 33948 33470 33593 –255 333 -157.1 Aug 152.900 154.675 151.375 154.525 1.750 20,687 S&P 500 Index (CME)-$250 x index 0.000 Germany 2 -0.690 t l -0.677 -0.692 -0.678 -84.3 -84.2 -89.1 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 4167.80 4166.20 4120.80 4126.60 –28.90 32,423 April 120.400 121.075 119.750 120.575 .225 6,438 Mini S&P 500 (CME)-$50 x index 0.000 10 -0.258 t l -0.234 -0.290 -0.450 -182.4 -183.7 -105.8 June 118.750 119.825 118.100 119.200 .600 140,101 June 4156.25 4167.25 4110.50 4126.60 –29.00 2,627,255 0.050 Italy 2 -0.366 t l -0.344 -0.387 0.908 -51.9 -50.9 69.5 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 4119.00 4146.50 4092.75 4107.75 –27.25 44,703 May 106.375 108.300 s 106.300 108.075 2.425 3,046 Mini S&P Midcap 400 (CME)-$100 x index 0.900 10 0.782 t l 0.793 0.672 1.943 -78.4 -81.0 133.5 June 104.925 106.400 104.775 106.350 2.025 107,075 June 2701.70 2712.90 2645.50 2661.30 –40.00 46,302 0.005 Japan 2 -0.126 s l -0.133 -0.134 -0.136 -27.9 -29.8 -35.0 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Sept 2678.00 2704.10 2645.00 2658.90 –40.00 51 May 1349.50 1374.70 s 1278.70 1278.70 –48.00 1,267 Mini Nasdaq 100 (CME)-$20 x index 0.100 10 0.084 t l 0.086 0.116 0.013 -148.2 -151.7 -59.5 July 1231.80 1247.90 s 1151.90 1151.90 –48.00 1,233 June 13900.00 13933.75 13719.25 13794.25 –103.00 215,604 0.000 Spain 2 -0.490 s l -0.493 -0.494 0.102 -65.8 -11.2 Milk (CME)-200,000 lbs., cents per lb. Sept 13898.75 13918.75 13708.75 13782.00 –103.00 1,294 -64.3 April 17.69 17.72 17.67 17.68 .01 3,353 Mini Russell 2000 (CME)-$50 x index 0.100 10 0.407 t l 0.412 0.347 0.885 -115.9 -119.1 27.8 May 19.05 19.34 18.89 19.32 .16 4,706 June 2229.30 2235.70 2164.60 2184.00 –45.30 453,252 0.125 U.K. 2 0.029 t l 0.039 0.098 0.108 -12.5 -12.6 -10.6 4.750 10 0.733 t l 0.759 0.840 0.336 -83.3 -84.4 -27.2 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close

Money Rates April 20, 2021 Corporate Debt Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a expectations guide to general levels but don’t always represent actual transactions. Investment-grade spreads that tightened the most… Week —52-WEEK— Week —52-WEEK— Spread*, in basis points Inflation Latest ago High Low Latest ago High Low Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week March index Chg From (%) Citigroup C 5.300 3.51 May 6, ’44 119 –11 n.a. March High 0.1000 0.1000 0.1500 0.0800 Commercial paper (AA financial) level Feb. '21 Low 0.0300 0.0300 0.0600 0.0000 Georgia–Pacific … 0.625 0.63 May 15, ’24 30 –11 40 '20 90 days 0.10 0.12 0.26 0.04 Bid 0.0700 0.0600 0.1000 0.0100 National Securities Clearing NSCCLF 1.200 0.26 April 23, ’23 11 –10 14 Offer U.S. consumer price index 0.0800 0.0900 0.1100 0.0500 Libor HP HPQ 6.000 3.80 Sept. 15, ’41 153 –8 156 One month 0.10750 0.11463 0.62463 0.10300 All items 264.877 0.71 2.6 Treasury bill auction BAC 4.200 1.11 Aug. 26, ’24 79 –7 74 Three month 0.18375 0.18375 1.04300 0.17525 Core 271.713 0.38 1.6 4 weeks 0.010 0.010 0.150 0.005 Six month 0.22263 0.21950 1.02425 0.18950 MetLife MET 5.700 2.51 June 15, ’35 96 –7 92 13 weeks International rates 0.025 0.020 0.175 0.015 One year 0.28700 0.28775 0.98650 0.27588 Banco Santander SANTAN 5.179 1.84 Nov. 19, ’25 104 –7 109 26 weeks 0.040 0.040 0.185 0.035 Wells WFC 5.606 3.65 Jan. 15, ’44 138 –6 133 Euro Libor Week 52-Week Secondary market Latest ago High Low One month -0.576 -0.578 -0.366 -0.607 …And spreads that widened the most Fannie Mae Three month -0.545 -0.547 -0.142 -0.574 Prime rates Marathon Oil MRO 6.800 3.95 March 15, ’32 238 19 n.a. 30-year mortgage yields Six month -0.522 -0.527 -0.052 -0.543 U.S. 3.25 3.25 3.25 3.25 One year -0.494 -0.499 0.008 -0.511 Eaton Vance … 3.625 0.66 June 15, ’23 50 16 n.a. Canada 2.45 2.45 2.45 2.45 30 days 2.409 2.466 2.622 1.751 Delta Airlines, Inc. Retirement Plan … 4.750 3.35 Oct. 20, ’28 255 12 240 60 days 2.437 2.497 2.674 1.804 Secured Overnight Financing Rate Japan 1.475 1.475 1.475 1.475 Societe Generale SOCGEN 4.250 2.35 Aug. 19, ’26 153 12 145 0.01 0.01 0.13 0.01 Policy Rates Other short-term rates ING Groep INTNED 4.100 0.64 Oct. 2, ’23 49 10 52 Euro zone 0.00 0.00 0.00 0.00 Value 52-Week WFC 3.000 1.20 Feb. 19, ’25 40 9 27 Week 52-Week Latest Traded High Low Switzerland 0.00 0.00 0.50 0.00 Latest ago high low Toronto–Dominion Bank TD 1.150 1.05 June 12, ’25 25 8 20 Britain 0.10 0.10 0.10 0.10 DTCC GCF Repo Index GA Global Funding Trust GBLATL 1.625 1.57 Jan. 15, ’26 78 7 67 Australia 0.10 0.10 0.25 0.10 Call money Treasury 0.005 47.250 0.151 -0.008 Overnight repurchase 2.00 2.00 2.00 2.00 MBS 0.010 29.672 0.169 0.002 High-yield issues with the biggest price increases… Bond Price as % of face value U.S. 0.00 0.00 0.14 -0.04 Notes on data: Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week U.S. government rates U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, NEWLSQ 15.500 17.26 Nov. 1, ’23 96.500 0.50 101.500 and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Discount widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is Ford Motor Credit … 3.664 2.46 Sept. 8, ’24 103.890 0.39 103.739 as of April 19, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average Dish DBS … 5.000 2.71 March 15, ’23 104.200 0.33 103.875 0.25 0.25 0.25 0.25 for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Hughes Satellite Systems … 6.625 4.27 Aug. 1, ’26 111.000 0.28 111.673 Federal funds Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Ball BLL 5.000 1.09 March 15, ’22 103.480 0.23 103.700 Effective rate 0.0700 0.0700 0.1000 0.0600 Tullett Prebon Information, Ltd. ADT Security ADT 3.500 1.08 July 15, ’22 102.950 0.20 n.a. CF Industries CF 5.150 3.52 March 15, ’34 116.776 0.15 116.250 Dividend Changes …And with the biggest price decreases American Airlines AAL 3.750 7.52 March 1, ’25 87.563 –1.94 87.000 Dividend announcements from April 20. Navient NAVI 5.625 6.48 Aug. 1, ’33 92.799 –1.69 94.750 Amount Payable / Amount Payable / Teva Pharmaceutical Finance … 6.150 5.44 Feb. 1, ’36 107.188 –1.31 n.a. Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record L Brands LB 5.250 3.71 Feb. 1, ’28 109.125 –0.75 108.379 Brookfield BRP 4.625% Nts BEPH 4.7 .28906 Q Oct30 /Oct15 Increased Sprint Capital … 6.875 3.01 Nov. 15, ’28 126.000 –0.75 126.750 Knight-Swift Transport KNX 0.8 .10 /.08 Q Jun28 /Jun04 Coca-Cola Femsa ADR KOF 5.0 1.27286 SA May14 /May03 Springleaf Finance … 6.875 3.10 March 15, ’25 113.753 –0.55 114.000 Southern SO 4.0 .66 /.64 Q Jun07 /May17 Granite REIT GRP.U 3.8 .20 M May14 /Apr30 Bombardier BBDBCN 7.450 7.12 May 1, ’34 102.750 –0.50 n.a. Kenon Holdings KEN 3.5 1.86 May06 /Apr29 Initial Ford Motor Credit … 4.389 2.82 Jan. 8, ’26 106.875 –0.50 106.755 Global Partners Pfd. B GLPpB 5.0 .3365 May17 /May03 Perrigo PRGO 2.3 .24 Q Jun22 /Jun04 *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. Foreign KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Note: Data are for the most active issue of bonds with maturities of two years or more Brookfield BRP 4.625% Nts BEPH 4.7 .33724 Jul30 /Jul15 S2:1: stock split and ratio; SO: spin-off. Source: MarketAxess

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret NASDAQ r 173.36 -1.61 7.2 HighYield 5.55 -0.01 2.2 CAITAdml 12.31 -0.01 0.3 WdsrllAdml 78.71 -0.76 14.6 ExtndIstPl 334.64 -5.33 9.3 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. F OTC 18.93 -0.22 8.0 J TotalReturnBond NA ... NA CapOpAdml r196.41 -2.22 10.6 WellsIAdml 69.91 -0.07 2.6 IdxIntl 20.58 -0.25 6.4 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese Fidelity Puritn 27.80 -0.29 6.8 John Hancock Instl PIMCO Fds Instl DivAppIdxAdm 41.23 -0.10 8.0 WelltnAdml 81.13 -0.40 6.7 MdCpVlAdml 71.04 -0.67 15.9 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, 500IdxInstPrem143.52 -0.98 10.7 SrsEmrgMkt 25.77 -0.20 3.2 DispValMCI 27.03 -0.36 15.9 AllAsset NA ... NA EMAdmr 43.51 -0.14 4.6 WndsrAdml 82.24 -0.92 15.2 SmValAdml 71.50 -1.39 17.7 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r Contrafund K6 20.22 -0.17 7.1 SrsGlobal 15.17 -0.21 5.8 JPMorgan I Class TotRt 10.31 +0.01 -2.1 EqIncAdml 88.55 -0.47 12.5 VANGUARD FDS TotBd2 11.09 +0.02 -2.7 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not ExtMktIdxInstPre 85.75 -1.37 13.8 SrsGroCoRetail 24.38 -0.30 7.1 CoreBond 11.98 +0.02 -1.9 PIMCO Funds A ExplrAdml 130.09 -1.91 8.7 DivdGro 35.67 -0.10 8.3 TotIntlInstIdx r137.65 -1.71 6.4 IncomeFd NA ... NA available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; FidSerToMarket 14.18 -0.12 10.3 SrsIntlGrw 18.61 -0.24 4.7 EqInc 22.00 -0.11 12.3 ExtndAdml 135.61 -2.16 9.4 INSTTRF2020 27.09 -0.11 3.2 TotItlInstPlId r137.69 -1.71 6.4 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. JPMorgan R Class PIMCO Funds I2 IntlIdxInstPrem 48.34 -0.83 6.3 SrsIntlVal 11.03 -0.24 9.3 GNMAAdml 10.70 +0.01 -0.2 INSTTRF2025 28.57 -0.14 4.1 TotSt 104.10 -0.88 10.5 MidCpInxInstPrem 30.08 -0.30 11.4 TotalBond 11.05 +0.01 -1.7 CoreBond 12.00 +0.02 -1.9 Income NA ... NA GrwthAdml 140.12 -0.99 7.7 INSTTRF2030 29.51 -0.17 4.9 VANGUARD INSTL FDS SAIUSLgCpIndxFd 21.71 -0.14 10.6 Fidelity SAI PIMCO Funds Instl Tuesday, April 20, 2021 HlthCareAdml r 92.24 +0.11 3.2 INSTTRF2035 30.39 -0.20 5.8 BalInst 46.21 -0.21 5.2 SeriesBondFd 10.45 +0.01 -2.6 TotalBd 10.51 +0.01 -1.6 L IncomeFd NA ... NA Net YTD Net YTD Net YTD HYCorAdml r 5.94 -0.01 0.6 INSTTRF2040 31.30 -0.23 6.6 DevMktsIndInst 16.22 -0.25 7.0 SeriesOverseas 13.13 -0.18 5.9 Fidelity Selects Lord Abbett A Price Funds Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret InfProAd 28.11 +0.02 -0.5 INSTTRF2045 32.12 -0.27 7.5 DevMktsInxInst 25.35 -0.40 6.9 SmCpIdxInstPrem 27.75 -0.56 11.1 Softwr r 28.68 -0.20 9.6 ShtDurIncmA p 4.21 ... 0.7 BlChip 175.57 -1.77 6.1 ExtndInst 135.60 -2.16 8.7 A AggBdInst 11.43 +0.01 -2.4 EmgMktVa 31.88 -0.04 11.5 TMktIdxInstPrem118.66 -1.00 10.4 Tech r 26.76 -0.34 12.6 Lord Abbett F DivGro 65.21 -0.25 9.2 IntlGrAdml 164.36 -2.43 2.5 INSTTRF2050 32.24 -0.28 7.6 CorBdInst 11.81 +0.02 -2.1 EmMktCorEq 26.12 -0.05 7.7 EqInc 36.02 -0.36 15.9 ITBondAdml 12.09 +0.02 -3.1 INSTTRF2055 32.32 -0.28 7.6 GrwthInst 140.13 -0.98 7.7 American Century Inv USBdIdxInstPrem 12.06 +0.02 -2.6 First Eagle Funds ShtDurIncm 4.20 -0.01 0.5 BlackRock Funds IntlCoreEq 15.85 -0.27 9.0 Growth 104.20 -1.07 7.5 ITIGradeAdml 10.08 +0.01 -2.5 IntlVal 43.13 -0.73 7.2 InPrSeIn 11.45 +0.01 -0.5 Ultra 80.74 -0.58 6.3 Fidelity Advisor I GlbA 65.63 -0.47 7.1 HiYBlk 7.81 -0.02 1.5 IntSmCo 22.19 -0.35 9.6 M InstIdx 361.37 -2.47 11.7 American Funds Cl A NwInsghtI 39.58 -0.36 8.0 Franklin A1 HelSci 101.14 -0.04 2.3 LTGradeAdml 10.77 +0.02 -7.3 LifeCon 23.04 -0.07 2.0 HiYldBd Inst 7.80 -0.02 1.5 InstPlus 361.39 -2.46 11.5 IntSmVa 21.19 -0.38 10.8 Fidelity Freedom CA TF A1 p 7.80 ... 0.6 Metropolitan West LgCapGow I 66.75 -0.64 9.1 MidCpAdml 281.45 -2.25 10.3 LifeGro 42.83 -0.32 6.4 AmcpA p 42.37 -0.39 8.3 BlackRock Funds A LgCo 31.02 -0.21 10.8 FF2020 17.82 -0.11 3.8 TotRetBdI 10.91 +0.01 -2.0 MidCap 120.01 -0.80 6.1 MuHYAdml 12.05 ... 1.7 LifeMod 32.96 -0.17 4.1 InstTStPlus 81.30 -0.69 10.5 AMutlA p 49.15 -0.17 11.0 GlblAlloc p 22.58 ... 4.9 IncomeA1 p 2.47 -0.01 8.6 TAUSCoreEq2 25.84 -0.30 12.8 TRBdPlan 10.23 +0.01 -2.1 NHoriz 84.32 -0.50 2.5 MidCpInst 62.17 -0.50 10.2 BalA p 31.88 -0.14 6.1 BlackRock Funds Inst FF2025 16.15 -0.11 4.5 FrankTemp/Frank Adv MuIntAdml 14.84 ... 0.6 PrmcpCor 33.17 -0.37 14.5 US CoreEq1 33.23 -0.35 12.5 MFS Funds Class I R2020 23.86 -0.14 4.9 MidCpIstPl 306.63 -2.45 10.2 BondA p 13.44 +0.01 -2.2 EqtyDivd 23.01 -0.28 13.8 FF2030 20.31 -0.15 5.3 IncomeAdv 2.45 -0.01 8.8 MuLTAdml 12.23 ... 0.8 STAR 32.54 -0.24 4.7 CapIBA p 67.03 -0.42 7.0 US CoreEq2 30.49 -0.34 13.1 R2025 20.46 -0.15 5.6 SmCapInst 103.42 -1.67 11.3 StratIncOpptyIns 10.33 -0.02 0.3 FF2035 17.74 -0.17 7.1 FrankTemp/Franklin A Growth I 172.25 -1.30 6.5 MuLtdAdml 11.26 ... 0.4 TgtRe2015 16.02 -0.04 1.8 CapWGrA 63.46 -0.80 7.3 US Small 45.30 -1.00 18.3 R2030 30.32 -0.25 6.6 SmCapIstPl 298.50 -4.82 11.4 Bridge Builder Trust FF2040 12.72 -0.14 8.3 Growth A p 143.84 -1.13 6.2 ValueI 50.22 -0.28 12.0 MuShtAdml 15.95 ... 0.2 TgtRe2020 35.38 -0.14 3.2 EupacA p 70.20 -1.28 1.2 US SmCpVal 43.10 -1.28 25.5 R2035 22.82 -0.21 7.4 STIGradeInst 10.96 +0.01 -0.1 CoreBond 10.48 +0.01 -2.3 Freedom2025 K 16.13 -0.10 4.6 RisDv A p 86.47 -0.32 8.2 MFS Funds Instl PrmcpAdml r172.91 -1.87 12.4 TgtRe2025 22.41 -0.11 4.0 FdInvA p 75.40 -0.78 9.5 US TgdVal 29.27 -0.82 24.6 R2040 32.93 -0.32 8.2 STIPSIxins 25.96 ... 1.5 CorePlusBond 10.35 +0.01 -1.8 Freedom2030 K 20.29 -0.16 5.3 IntlEq 31.98 -0.53 4.4 RealEstatAdml137.63 +1.14 15.0 TgtRe2030 42.53 -0.26 4.9 GwthA p 71.96 -0.67 6.5 USLgVa 43.42 -0.57 16.3 PRIMECAP Odyssey Fds Intl Eq 14.24 -0.21 6.6 Freedom2035 K 17.72 -0.17 7.1 G TotBdInst 11.24 +0.01 -2.6 ICAA p 48.65 -0.47 10.0 N SmCapAdml103.42 -1.67 11.4 TgtRe2035 26.67 -0.18 5.7 Dodge & Cox Freedom2040 K 12.72 -0.14 8.3 Guggenheim Funds Tru AggGrowth r 57.06 -0.69 6.3 TotBdInst2 11.09 +0.02 -2.6 IncoA p 25.29 -0.14 7.4 LargeCapGrowth 22.23 -0.16 8.1 SmGthAdml 97.61 -1.16 3.9 TgtRe2040 47.18 -0.37 6.6 Balanced 111.65 -1.12 11.4 Fidelity Invest TotRtnBdFdClInst 28.71 +0.03 -2.4 Northern Funds TotBdInstPl 11.24 +0.01 -2.6 N PerA p 64.09 -0.73 6.0 LargeCapValue 16.71 -0.17 14.1 S STBondAdml 10.79 +0.01 -0.3 TgtRe2045 30.29 -0.26 7.4 GblStock 15.10 -0.29 13.5 Balanc 30.22 -0.22 6.9 StkIdx 46.28 -0.31 10.8 NEcoA p 61.91 -0.69 4.0 TotIntBdIdxInst 34.30 +0.04 -2.1 C Income 14.25 +0.01 -1.6 H Schwab Funds STIGradeAdml 10.96 +0.01 -0.1 TgtRe2050 48.87 -0.43 7.5 NwWrldA 90.54 -1.15 2.9 BluCh 174.57 -2.46 7.0 TotStInst 104.15 -0.87 10.5 Intl Stk 47.32 -1.05 8.3 O 1000 Inv r 91.83 -0.69 9.9 TotBdAdml 11.24 +0.01 -2.6 TgtRet2055 53.06 -0.46 7.5 SmCpA p 85.12 -1.10 7.0 Calamos Funds Contra 17.63 -0.14 12.8 Harbor Funds ValueInst 52.27 -0.36 13.6 S&P Sel 63.49 -0.43 10.6 TotIntBdIdxAdm 22.86 +0.03 -2.1 TgtRetInc 15.11 -0.03 1.5 TxExA p 13.66 ... 1.0 MktNeutI 14.16 -0.01 1.9 Stock 225.18 -3.62 19.1 ContraK 17.67 -0.14 10.6 CapApInst 106.65 -1.30 2.3 Old Westbury Fds TSM Sel r 73.30 -0.62 10.3 TotIntlAdmIdx r 34.42 -0.43 6.3 TotIntBdIxInv 11.43 +0.01 -2.1 WshA p 55.64 -0.34 11.5 Columbia Class I DoubleLine Funds CpInc r 11.18 -0.04 5.4 Harding Loevner LrgCpStr 18.31 -0.17 6.8 W TotStAdml 104.13 -0.87 10.4 USGro 68.19 -0.74 3.9 Artisan Funds DivIncom I 28.66 -0.10 11.0 TotRetBdI NA ... NA GroCo 35.09 -0.43 6.8 IntlEq NA ... NA P V WCM Focus Funds IntlVal Inst 44.25 -0.66 11.0 E GrowCoK 35.19 -0.43 6.8 TxMCapAdml217.47 -1.65 10.0 WellsI 28.86 -0.03 1.9 WCMFocIntlGrwIns 25.56 -0.26 3.3 D InvGrBd 11.63 +0.02 -1.8 I Parnassus Fds VANGUARD ADMIRAL TxMIn r 16.20 -0.25 7.0 Welltn 46.99 -0.22 6.9 Western Asset B Dimensional Fds Edgewood Growth Instituti LowP r 56.50 -0.74 16.2 Invesco Funds Y ParnEqFd 59.61 -0.22 11.3 500Adml 381.88 -2.61 10.2 USGroAdml 176.66 -1.90 3.9 WndsrII 44.35 -0.44 14.5 CoreBondI NA ... NA Baird Funds 5GlbFxdInc 10.91 ... 0.2 EdgewoodGrInst 56.03 -0.41 8.2 Magin 13.84 -0.08 6.1 DevMktY 55.05 -0.50 3.0 PGIM Funds Cl Z BalAdml 46.20 -0.21 5.3 ValAdml 52.27 -0.36 13.6 VANGUARD INDEX FDS CorePlusBdI NA ... NA P2JW111000-0-B01200-1------XA

B12 | We dnesday, April 21, 2021 THE WALL STREET JOURNAL. BANKING & FINANCE Credit Suisse Questioned on Sales Travelers Disaster U.S., Swiss regulators people familiar with the trades TheSenateBanking Com- lion charge. of another Credit Suisse client, said. Regulatorsasked Credit mittee wrotetoCredit Suisse BloombergNewsreported Greensill Capital,with which press bank on stock Suisse forinformation about andother banks this month earlierabout the additional the bank rana$10 billion set Loss Soars transactions related to the sales and anypotential seekinginformation on their stock sales and the potential of investment funds.Credit losses,the people said, and business with Archegos. foradditional losses. Suisse says costsrelated to collapse of Archegos howthe bank is managing its Swissregulator Finma said TheSwissbank has been the those funds and aloan to To Record exposuretoArchegos. in lateMarch it wasintouch hardest hit among lenders Greensill could be material but BY EMILY GLAZER ACredit Suisse spokesman with Credit Suisse.The U.K.’s from the hedgefund’smelt- hasn’t given afigure. BY ALLISON PRANG AND MARGOT PATRICK declined to comment. Financial Conduct Authority down.Archegos,aU.S.family In itsannual report last Therecent regulator ques- and Prudential Regulation Au- investment firm, took huge month, Credit Suisse said regu- RegulatorsinSwitzerland tionsare part of abroader in- thority arealso monitoring the betsonafew stocks with latorshad started or were con- Travelers Cos.’ pretax ca- and the U.S. asked Credit vestigation intothe bank’sre- situation. money borrowedfrombanks. sidering investigations and ac- tastrophe losses morethan Suisse Group AG formorein- lationshipwith Archegos and JPMorganChase &Co. ana- When some rising positions tions,and that itsmain doubledfromayear agofor formation in recent days about itswind-down, one of the peo- lystsinaresearch noteonFri- reversed and Archegos couldn’t regulator,Finma, asked it to in- thecompany’sfirst quarter, additional stock sales related ple added. dayestimated therecould be meet margin calls,ittriggered crease acapital buffer related due in part to winter storms. to the collapse of Archegos It couldn’t be determined another $400 million in one of the biggest sudden to Greensill. Theproperty-casualty in- Capital Management,people which U.S. regulatorswereask- chargesfromthe recent sales, losses in Wall Street history. Afterdisclosing the $4.7bil- surancecompanyloggedpre- familiar with the mattersaid. ing questions about the most depending on howCredit Other banks including Nomura lion lossfromArchegos on taxcatastrophe losses of Thesales could result in ad- recent stock sales.The Securi- Suisse calculated the earlier HoldingsInc.and Morgan April 6, Credit Suisse slashed $835 million. Ayear earlier, ditional losses that go beyond ties and ExchangeCommission figure,and that they believe Stanley also reported large itsdividend to conservecapi- those were $333 million. the $4.7billion hit the bank launched aprobe intoArchegos Credit Suisse needs to “drawa losses. tal, and Chief Executive Thethree-month period disclosed this month, one of trading in March, TheWall line under this issue and the fi- Theunraveling of Archegos Thomas Gottstein said, “Seri- wasthe company’shighest the people added, and anyad- Street Journal reported earlier. nal scale of chargesitcould highlighted the dangerswhen ous lessons will be learned.” firstquarter ever of catastro- ditional losses areexpected to TheFederal Reserveisex- take on Archegos.” banks lend to hedgefunds,and Thebank pushed out itstop phe losses,Chairman and be small in relation to the ear- amining the Archegos situation Credit Suisse is expected to howrisks aremanaged. Credit risk manager and the head of Chief ExecutiveAlan lier amount. and working with overseas reg- giveanupdatewhen it re- Suisse lent moretoArchegos itsinvestment bank,and sev- Schnitzer said in prepared Sincedisclosing the loss, ulators, “tomakesureit portsfirst-quarter earnings relativetoits size than other eral more employees working remarks. Credit Suisse has looked to un- doesn’t happen again,” Federal on Thursday. It previously lending banks,The Wall Street in equities and risk manage- Thecompanysaid those load roughly $4 billion in stock Reserve Chairman Jerome said itspretaxlossfor the Journal previouslyreported. ment. losses were mainly from win- tied to Archegos,including a Powell said in a“” quarter should be around $1 Thefund’sproblems came —Julie Steinberg terand wind storms in the sale as recently as last week, interview this month. billion because of the $4.7bil- only weeks afterthe collapse contributed to this article. U.S. Travelersreported earn- ingsof$733million, or $2.87 ashare. Thecompany’sprofit Former Regulator to Join Crypto Company rose from $600 million, or $2.33ashare, ayear ago. Coreincome was$2.73 a BY ALEXANDER OSIPOVICH areatype of digital coin joined several other financial affiliatein2019,amovethat share. According to FactSet, backed by acommodity or tra- firms in forming the Crypto allowedthe companytolegally analystswereexpecting Aformer topU.S.banking ditional currency like the U.S. Council forInnovation,atrade serveAmerican customers. Bi- $2.37 ashareincoreincome. regulator is set to join Bi- dollar. group that aims to lobby pol- nance’smain overseas ex- Revenue increased to $8.31 nance.US, one of the world’s Mr.Brooks wasacting head icymakersoncryptoregula- changeblocks Americans to billion, up from $7.91billion a biggest exchanges,in of theOCC, aunit of the Trea- tion. Among the group’s first avoid running afoul of U.S. year ago. the latest movebyacrypto- suryDepartment, from May moves was to release a paper regulators. Net writtenpremiums at currencycompanytodeepen 2020 to January. Before join- by MichaelMorell,aformer Based in San Francisco, Bi- the companyrose alittle its ties to Washington. ingthe OCChewas the chief acting director of the Central nance.US says it is a separate over 2% to $7.51billion. Ana- Brian Brooks,anacting legal officer of Coinbase IntelligenceAgency, arguing companyfromthe overseas lystswereexpecting net head of the Officeofthe Global Inc., the U.S. bitcoin that themedia and govern- Binance. Both were founded by writtenpremiums of $7.55 Comptroller of the Currency exchange. He also previously ment officials had significantly the same person, Changpeng billion. under the Trump administra- worked as general counsel of overstated the role of bitcoin Zhao, who is CEO of Binance Thecompanyalso said its tion, will become the new mortgage giant Fannie Mae. in illicit finance. and aboardmember of Bi- boardapproved $5 billion chief executiveofBinance.US, Cryptocompanies have CURENCY Cryptocompanies areflush nance.US. moreinsharebuybacks. the U.S. affiliateofoverseas hired anumber of former offi- THE with cash afteramassive run- BloombergNewsreported crypto-exchangegiant Bi- cials in recent months as they OF up in the digital-currencies in March that Binanceisunder

nance Holdings Ltd. increasingly seek mainstream OLLER market.Bitcoin has nearly investigation by the CFTC to Mr.Brooks said in an inter- acceptance. Such hires could doubled sincethe beginning of determine whether the ex- Ex-Analyst viewthat he would start the help companies such as Bi- MPTR the year to around $55,000. change allowed U.S. residents CO newjob May1.Aspokes- nanceand Coinbase navigate Coinbase went public on the to trade derivatives in viola- woman forthe cryptoex- potential pitfalls in the emerg- THE Nasdaq Stock Market last tion of CFTC rules.Binance Is Barred OF change confirmed the hire. ing U.S. regulatoryframework week and boastsamarket cap- has said it complies with U.S.

During his time at the OCC, fordigital currencies.But they OFFICE italization of $87 billion. regulations.ACFTC spokes- Mr.Brooks wasdubbed the are also a striking contrast to Brian Brooks is set to become Binanceruns the world’s man declined to comment. For Insider “CryptoComptroller” on social the early,libertarian vision of chief executive of Binance.US. largest cryptocurrencyex- Mr. Brooks said his priori- media forhis friendly attitude bitcoin as away to conduct changebytrading volume,ex- ties at Binance.US would in- Trading toward digital currencies.Un- transactions outside the reach mission’sformer topregulator ecuting tens of billions of dol- clude making the exchangea der his watch, the OCCre- of governments. forstock exchanges,Brett larsoftrades aday,according robust competitor to Coinbase leased guidanceclarifying that BlockFi, acryptocurrency Redfearn, as a vice president. to data provider CryptoCom- and reinforcing itscommit- BY ALLISON PRANG banks could provide crypto- startup,said Tuesdaythat it Also in March, Binancesaid it pare. Founded in 2017, Binance ment to regulatorycompli- currencycustody services and wasadding former Commodity washiring ,afor- wasinitially based in China. It ance. A Goldman Sachs &Co. an- use stablecoins to facilitate Futures Trading Commission mer Democratic senator from later moved itsoffices to “I wouldn’t have taken this alyst has been barred from payment activities,moves that chairman J. Christopher Gian- Montana and U.S. ambassador Japan and Maltaand nowsays job if Ididn’t have astrong the broker-dealer industry by helped make it easier for tra- carlo to itsboard. Last month, to China, as a policy and gov- it is adecentralized organiza- commitment from the board the Financial IndustryRegula- ditional financial institutions Coinbase said it washiring the ernment-relations adviser. tion with no headquarters. to lead astrong compliance tory Authority forinsider to getintocrypto. Stablecoins Securities and ExchangeCom- This month, Coinbase Binancelaunched itsU.S. program,” he said. trading, the regulator said Tuesday. Brian Maguire, formerly an sures showed. One investor at cases,they said, it appears Total netassetsfor the Staneski, founder of consult- analyst at Goldman, bought Fund afamily officesaid the firm they weren’t. Infinity QDiversified ing firm Derivatives Solutions, shares in two different com- considered the mutual fund a Take the case of aswap Alpha Fund, monthly says the firm’s variance swap panies—oncelast April and hedge to its holdings. that Infinity Qsold tied to the $1.76B portfolio appeared overvalued oncelast June—afterfinding Misvalued It appeared to pay off, par- MSCI World Index, according $1.8 billion by tens of millions of dollars out through internal emails ticularly during thebrunt of to its disclosures in .6 as of May2020.The prices the that another analyst wasup- last year’s selloff.InMarch 2020.Investorsoften sell fund used “wereunusually fa- grading his recommendation Its Swaps 2020, the mutual fund posted swaps as away of betting that 1.4 vorable and not consistent on those firms to “buy” from areturn of about 7%, while the volatility will decline. with wherethe market was,” “neutral,” Finrasaid. S&P 500 fell 12.4%, itsworst Tradersand analystsevalu- 1.2 Mr.Staneski said. “They’reso In April, Mr.Maguire ContinuedfrompageB1 month since2008.That ated the sizeofthe position— 1.0 far off,they’renot in the ball- bought 2,000 shares of one pricingmodels used to value month, the fund drew itshigh- which stood to gain about park with [volatility] that any- companyfor around $128,000. itsderivatives,leaving Infinity est inflows ever, according to $600,000 forasmall drop in 0.8 body is reporting.” In June,hebought 29,000 unable to accurately value its Morningstar Direct data. volatility—and what’sknown as Expectations of volatility shares of another companyfor holdings, the firm has said. Infinity attracted morethan the strike, or the level of vola- 0.6 candiffer among various nearly $722,000. Infinity also has said it $1 billion of inflows last year tility the bet is tied to.Inthis 0.4 banks providing quotes to cli- Thestock upgrades had barred Mr.Velissaris from and has boasted of its affilia- case,that number was17. 3%, ents, Mr.Staneski said. But for been approved internally at trading,placed him on admin- tion with Wildcat, which is the Infinity’s disclosures show. 0.2 some swaps,expected volatil- thetime Mr.Maguirebought istrativeleave and is reassess- family officeofDavid Bonder- On Feb. 29, 2020, Infinity’s ity at the time would have had his shares but he did so ahead ing previous valuations before man, the founding partner of filing showedagain on the 0 to be outside the rangeofnor- of publication of the up- it returns money to investors. private-equity giant TPG. A position of $5.6 million. 2017 ’18 ’19 ’20 ’21 mal expectations, he said. grades,Finrasaid.

TheFederal Bureau of In- now-archived version of Infin- But given the stated terms, Note:Figures through Jan. 1, 2021 In another instancelast Theregulator didn’t dis- vestigation and prosecutorsat ity’s websitestatesthat Infin- the most Infinity could expect Source:Morningstar Direct May, Infinity disclosed that it close the companies in ques- the ManhattanU.S.attorney’s ity QCapital Management was to makeonthe trade would be had sold a variance swap tied tion. officeare also investigating, “managed by David Bonder- $5.2 million, according to Pe- another,overthe identical to the S&P 500,abet that Finra, Wall Street’sregula- the people familiar with the man’s family office.” terCarr,aformer Morgan term of 12 months. would profit if volatility de- tory organization, also said matter said. Aspokesman forWildcat— Stanley managing director and Theswapthat had the clined through the end of the that Mr.Maguiretraded secu- Aspokesman forInfinity who also representsInfinity chair of the Finance and Risk lowerhurdle of 22.4%was year.Instead, volatility sky- rities of issuersthat he cov- andWildcat Capital Manage- Q—said the firm “was shocked Engineering Department at somewhat moreaggressive, rocketed. ered and sold issuers’ securi- ment, afamily officeaffiliated and disappointed to learn of the NewYork University putting about $250,000 at risk Infinity disclosed around a ties when he ratedthem as a with the firm, said they were theSEC’sallegations” tied to Tandon School of Engineering. forasmall changeinvolatility, $5 million lossasofthe end of “buy” in his research. “both working cooperatively Mr.Velissaris,and that Infinity That would be the gain if vola- compared with roughly May. But volatility had jumped He also wroteresearch re- with the SEC and all other Q“has been majority owned tility fell to zero. $150,000 at risk for the swap so much—the Cboe Volatility portsand didn’t disclose that government agencies and are and controlled by Mr.Velissa- Such adropwould be with the higher hurdle. Infin- Indexrose to as high as 37 that ahousehold member had afi- supportiveofthe steps now ris. Bonderman family invest- rare—volatility hasn’t fallen to ity’s gains stood to rise expo- month from around 16 in early nancial interest in the issuers’ beingtaken to maximizere- ment vehicles have only been zero in the S&P 500 since its nentially as volatility jumped February, when the swapbe- securities,which is against turns to investors.” passiveinvestorsinInfinity Q inception in 1957. above those thresholds. came effective—that Infinity Finraregulations,the regula- Mr.Velissaris declined to be Capital Management.” Mr.Bon- “Thereisnojustification Yetthe gains the fund waslikely sitting on alossof torsaid. interviewed. Sean Hecker,Mr. derman declined to comment. forthat gain,” said Mr.Carr, booked on the firsttrade were roughly three times that, Mr. Mr.Maguirealso lied to the Velissaris’slawyer,said two of Infinity took positions in morethan three times as large Staneski and other traderssaid. regulator regarding his trad- the misvaluations described by stocks,currencies and other as on the second, adivergence Mr.Hecker said that ing during testimony, Finra the Journal were “clerical er- assetsacrossmarkets, but ana- Alawyerfor thenow­ that academics said wastoo “Bloomberg’sinteractivepric- said. rors” that had been remedied lyststrying to figure out what big to be accounted forbypo- ing tool is designed to be used Goldman firedMr. Maguire and Mr.Velissaris made ef- went wrong have focused on barred investment sition sizeorother stated interactively by userstomake in November.Hehad started forts “to act in the best inter- itsuse of complexWall Street chief blamed clerical variables.One showedareasonable estimates of asset working at the companyin ests of investors.” products, including those roughly $13 million gain and valuations,and anyinquirywill 2010. TheJournal interviewed known as varianceswaps.They mistakes. the other a $4.1 million gain. determine James used these In settling the matter, Mr. half adozenequity derivatives enable investorstobet that “Bothofthose gains can’t tools and otherswhen deter- Maguiredidn’t admit or deny tradersand academics who re- pricemoves in indexeslikethe be right,” said Mr.Carr.He mining appropriatevaluations the charges, the regulator viewed Infinity’s positions as S&P 500 will exceed or fall said at least one of the inputs as part of hiseffortstoact in said. He did allowFinratoen- published in disclosures with short of afixed amount over a who has helped writeformulas used waswrong—Infinity the best interestsofinvestors.” terits findings, it said. the SEC.Those interviews and stated period. Swaps canbe to value varianceswaps and should have used the same in- Investorssay they areex- Arepresentativefor Mr. the Journal’sanalysis of the tailored by the users, such as followedthem formorethan put forexpected volatility in pecting big losses.Infinity re- Maguiredidn’t immediately fund’sportfolio revealed de- investorsand the banks they two decades.Hereviewedthe theRussell forboth swaps. cently valued itsholdingsat respond to arequest forcom- partures from standard prac- trade with, to makeapurebet position and said the gain was That meansthe valuation on around $1.2 billion, or roughly ment. tices in howsome investments on aspecific outcome. mathematically impossible. at least one of the swaps was 28%belowthe $1.7billion dis- “The former employeein are typically valued. Thenature of swaps and In- A few months later, in May incorrect, he said. closed on Feb. 18. question violated afirm policy Themutual fund, which finity’s disclosures with the 2020,Infinity Qdisclosed Mr.Hecker said “both of the The firm said in an update and we terminated his em- launched in 2014and is apart SEC makeitpossible to deter- holding two nearly identical examples that were provided to to investorsthat the plunging ployment,” Goldman said in of Infinity QCapital Manage- mine how some of the invest- swaps tied to the Russell 2000 us involveclerical errorsthat value of itsholdingsstemmed an emailedstatement. “We ment LLC,sought to generate mentswerebeing valued, index. As the buyer,Infinity Q have been previouslyidenti- primarily from over-the-coun- have azero-tolerancepolicy returns that weren’t as tied to tradersand academics said, wasbetting that volatility in fied, remedied and reported.” ter trades it had with banks. forbehavior of this sort and the returns of other assetslike and whether those valuations the Russell indexwould exceed There are other oddities in —Rebecca Davis O’Brien have cooperated with the stocks and bonds,its disclo- were appropriate. In some 22.4%inone case and 22.8%in the firm’sdisclosures.Paul contributed to this article. proper authorities.” P2JW111000-2-B01300-1------XA

THE WALL STREET JOURNAL. ** We dnesday, April 21, 2021 | B13 MARKETS StocksFall With Airlinesthe Big Losers

BY WILL HORNER TheDow Jones Industrial Share-priceand indexperformance, Tuesday months,Mr. Keon said, as the In after-hourstrading, AND JULIA CARPENTER Averagedropped 256.33points, global shortageofcomputer shares of Netflix dropped or 0.8%, to 33821.30,while the 0% chips, lumber and other sup- about 9% afterthe streaming Stocks extended losses as S&P 500 fell 28.32points, or pliescontinues. giant said itsfirst-quarter sub- S&P500 investorsassessed blue-chip 0.7%, to 4134.94 and the Nas- “These maynot last forever, scriber growth fell short of ex- companies’ profitsand sales daq Compositelost 128.50 –2 but at least forthe moment pectations—adding four million prospects. points, or 0.9%, to 13786.27. thereare spot shortages both subscribersglobally,lessthan Investorsare looking to Investorsentered earnings AlaskaAir of goods and waysofgetting itsforecast of six million. companies’ first-quarter results season with high expectations, thosegoods to customers,” he In the bond market, the 10- and their outlooks forthe rest particularly foreconomically –4 Delta said. “That is likely to continue year U.S. Treasuryyield edged of theyear to gaugewhether sensitivestocks such as banks Air Lines to put some upwardpressure down to 1.562% from 1.599% on valuations on stocks arejusti- and retailersthat stand to win on some of those productsand Monday. Yields fall as prices fied. Strong U.S. economic data the most from the economyre- –6 American services.” rise. has bolstered ex- opening. Airlines Kansas City Southern In cryptocurrencymarkets, TUESDAY’S pectations and “The only risk is that expec- shares jumped $39.10,or15%, , the digital currency MARKETS fueled the recent tations acrossthe boardare so to $295.50asCanadian Na- created as ajoke,pared gains rally that has left high, they aregoing to be very –8 tional Railway offered to buy afterclimbing morethan major indexeshovering close difficult to meet,” said Seema United the railroad forabout $30 bil- 8,000% this year.ByTuesday, it to records. Shah,chief strategist at Princi- Airlines lion, topping the bid from Ca- fell to 31 cents, according to “All these companyshare pal Global Investors. “Weare –10 nadian Pacific last month. CoinDesk,despitesome online prices arenear or close to re- getting intoterritory—both “When we see recovery in a users’ effortstopush it to $1 to cord highs and we areseeing a with earningsand economic 10 a.m. 11 noon 1p.m. 234 lot of the manufacturing sec- recognizewhat some have lot of people taking money off data—whereitwill be very dif- Source:FactSet tor, forexample,orinthe en- called “DogeDay.” the table,” said Michael ficult to have positivesur- ergy sector,oreveninthe min- Overseas,the pan-continen- Hewson,chief market analyst prises.” Group, DeltaAir Lines and way down. To really getback ing and commodities sector,a talStoxxEurope 600 fell 1.9%. at CMC Markets. “Thereisa Airlinestocks were among Southwest Airlines falling to profitability,they need the lot of that is predicated on an- TheU.K.’sFTSE100 retreated general lack of impetus.” the losers. United Airlines fell morethan 3%. businesstraveler to come back, ticipation of amorenormalized 2% as tobacco companies RisingCovid-19 infection $4.69,or8.5%, to $50.30after “Air travel is really astory and that is still happening very economic environment that dropped. In Asia, Japan’sNik- levels in some countries and reporting weaker-than-ex- of two segments,” said Ed slowly.” will look morelike2019 than kei225 fell 2%, while Hong signsthat the vaccine rollout pected resultsfor the first Keon, chief investment strate- Shares of manufacturing 2020,” said George Maris,co- Kong’sHang Seng ticked up maybefaltering aretempering quarter.Other airlines fol- gist at QMA.“Leisuretravelis and tech companies,however, head of equities,Americas,at 0.1%. TheShanghai Composite that optimism. lowed, with American Airlines back,but businesstravelisstill maybenefit in the coming Janus Henderson. Indexedged down 0.1%.

Yields on 10-yearbonds from ECB’sweekly bond purchases the U.S. and Germanyand the through the Pandemic Weak Lending Hurts EU Rebound gap betweenthem Emergency PurchaseProgram

2.0% €40 billion BY PATRICIA KOWSMANN Thedour survey weighed accelerated itsbond-buying to businesses in the firstquar- Gap on financial marketsTuesday. program in March, in part to ter, although the tightening 1.5 Demand for business loans An indexofeurozone bank lean against tightening credit waslesssharp than in the pre- 30 in the eurozone fell and banks shares dropped by more than conditions. vious two quarters. Actual 1.0 U.S. tightened credit standards in 2%. Yields on benchmark Ger- TheECB’spolicy-making terms set on approved loans 20 the firstquarter of this year,a man 10-year bunds slipped to committeemeetsThursday, remained unchanged from the combination that challenges minus 0.25% from minus whereitisn’t expected to fourth quarter.The ECB said 0.5 the bloc’s sloweconomic re- 0.24% a day earlier. makechanges.The tightening margins on averageloans nar- 10 covery from the pandemic. “When thereislessappetite of credit conditions in the first rowedbecause of competition 0 According to the European from the supply side with quarter putsthe eurozone fur- amonglenders, although mar- CentralBank’slatestlending banks not wanting to expose ther away from aquick recov- gins on riskier loans widened. Germany 0 –0.5 survey released Tuesday, de- themselves to the domestic erytopre-pandemic levels, Forthe second quarter, mand from companies for economy, and from the de- Bert Colijn, asenior economist banks expect asimilar tighten- –1.0 –10 loans and credit lines fell for mand side wherethe compa- at ING, said. ing of credit standards, while the thirdquarter in arow.The nies have no visibility on when Philip Lane,the ECB’schief demand is expected to in- May2020 ’21 April 2020 ’21 ECB said businesses seem to the economy will open, that’s economist, has warned in the crease as companies struggle €10billion=$12.04billion be postponing investments, as not agood recipe foranecon- past aboutrisks of a“mutu- to paybills during renewed Sources: Tradeweb(yield, gap); European CentralBank (purchases) the pandemic triggers fresh omyreliant on the banking ally-reinforcing adverse loop,” lockdowns, the ECB said. lockdownsand other restric- system,” said Shaniel Ramjee, under which banks see dwin- “Risk perceptions related to tions in manypartsofEurope. a multiasset fund manager at dling loan demand as a nega- the deterioration in the gen- Bonds ReflectHope European companies tend Pictet Asset Management. tive signal about the stateof eral economic and firm-spe- to rely more heavily on bank Thesluggish lending will be the economy, and companies cific situation became consid- lending than U.S. counterparts. seen as afrustration forthe see their concern confirmed erably smaller but continued In Europe’sRecovery That makes demand and sup- ECB,which unleashed massive by atightening of borrowing to be the main factor contrib- ply of loans akey gaugeofthe stimulus intothe economy conditions. uting to the tightening of health of the region’secon- through bond buying,cheap Thecentral bank’ssurvey credit standards on loans to BY PAUL J. DAVIES questioning whether the Euro- omy, and one closely followed lending to banks and negative showed banks tightened their firms,” the ECB said. AND ANNA HIRTENSTEIN pean Central Bank will signal by the ECB when setting its interest ratestocounteract lending guidelines and ap- —Anna Hirtenstein anychangeinits policies after monetary policy. the effectsofthe pandemic.It proval criteria fornew loans contributed to this article. Thegap between U.S. and itsinterest-ratesetting meet- European 10-year government ing on Thursday. Inflation ex- bond yields has tightened to pectations have picked up for itsnarrowest in morethan a the region, but Mr.Veit said Growers month as Treasurys rallied and that wasn’t enough to spark a German bunds sold off in re- changeofpolicy. cent days. “I wouldn’t expect European Paid Not Themovesignals that in- yields to back up considerably vestorsare changing their from here, given the ECB’sin- views about the relativeper- flation outlookisstill below To Cut formanceofthe two econo- target, meaning financing con- mies:The strong recovery of ditions aretoo tight at the cur- the U.S. has been priced in and rent level,” he said. ContinuedfrompageB1 apickup in Covid-19 vaccina- However, technical charac- offsetsifhedidn’t log his 133 tions in Europe is teristics of market positioning acres in Mississippi. He consid- CREDIT raising hopes and flows may have also ered thinning his 17-year-old MARKETS that the summer helped drivethe movein loblolly pine and selling logsto will bringbetter yields. the pulp mill. But aftersub-

growth there, according to in- One thing potentially push- tracting logging and trucking JOURNAL vestorsand analysts. ingeurozone yields higher is costs, Mr.McDaniel estimates REET

U.S. 10-year yields slipped theECB not buying as many that lowpulpwood prices ST to 1.562% on Tuesday, having bonds each week as the market would have lefthim with just LL dropped from apeak close of expected, though it said in $3 aton. Acarbon sale would WA THE

1.744% at the end of March, ac- March that it would accelerate offset his property taxesand R

cording to Tradeweb. German the purchase program in part leave the FO

10-yearyields were at minus to ward off tightening credit COMMODITIES trees forafu- YLE 0.264%, up from minus 0.381% conditions in the region. tureharvest. DO RY

in lateMarch and close to their Demand forbusinessloans “It wasano-brainer,” he RO peak close of minus 0.233% in in the eurozone fell and banks said. “Everyyear they grow The longer the timber stands, the more carbon the trees can sponge from the atmosphere. lateFebruary. Yields fall when tightened credit standards in they’reputting on volume.” bond prices rise. thefirst quarter,according to Big landownerstook the of- method is to paylandowners bie Stabenow, aMichigan Demo- map U.S. forest data, including Thefall in Treasuryyields theECB’slatestlending survey fer, too. Molpus Woodlands nottocut down trees. crat, who introduced the bill tree speciesand wood volume. has come despitestrong eco- released Tuesday. That may Group LLC,one of the coun- Logging has been limited on with Sen. Mike Braun, atree- Twoyearsago, the companies nomic datafromthe U.S. show- deal ablowtothe bloc’sslow try’slargest timberland invest- morethan 5million acres of farmingRepublican from Indi- paid 20 Pennsylvania landown- ing an improving labor market economic recovery. ment-management organiza- U.S. forest by pactsbetween ana. erstostoplogging forayear, and rising inflation. Such data At the same time,investors tions,agreed to hold off landownersand polluters. Most SilviaTerraisamong the com- measuring howmuch carbon would usually prompt arise in have large short positions in harvesting about 468,000 acres of those deals were struck to panies trying to expand forest accruedasaresult and tweak- bond yields as investorsmove European government bond fu- acrossthe South, said Dick comply with regulatorsinCali- offset markets to smaller land- ingthe market model forthis funds out of safeassets. tures,orbetsthat European Kempka, whose job is to gener- fornia, whereacap-and-trade ownersbyusing technology year’s rollout in the South. “The market has been try- yields will still rise,according atenontimber income from system makes it moreexpen- such as satellites and lasersto Forest offsetsfacecriticism ing to figure out what was to David Bieber, quantitative Molpus properties. siveovertime forcompanies eliminatealot of the legwork when landownersare paid to priced in, and investorshave analystatCitigroup. Thepay-to-wait offer was operating in the statetopol- and expense involved in gather- preservetrees at little risk of realized that alot of the good This contrastswith posi- opportune forMr. McDaniel, lute. ing the dataneeded to underpin being loggedbecause they grow news wasalready there,” said tioning in Treasuryfutures, Molpus and thousands of other Lately,companies have been carbon markets. in forbidding terrain, arefar SteveEnglander,head of whereinvestorshavebeen tak- timber ownersinthe South, buying voluntaryoffsets, which “Everyone believes there’s from mills or already subject to global FX research and North ing profitsonlong-held bets where thereare so manypine areused to satisfyinvestors morevalue to aforest than just conservation agreements. Silvi- Americamacrostrategyat against U.S. bonds sincethe re- trees that log prices have andcustomersrather than to aTerraonly allows landowners StandardChartered. cent peak in yields,drastically plungedtotheir lowest levels comply with regulators. with mill-worthytimber to sell At the same time,hesaid cutting back what had been in decades despiteprices for Voluntaryoffsetsare usually Companies buy offsets. Thefirm ditched centu- investorshave“shiftedfrom thebiggest short positioning finished lumber and pulp that created by sticking to Califor- rylong contractsinfavor of an- all-outeuropessimism to ordi- sinceabout 2005,Mr. Bieber have soared during the pan- nia’srules,which require100- voluntary offsets to nual agreements, reasoning naryeuropessimism.” said. demic. year contractsand forestersto satisfy investors that shortercommitments Thegap between U.S. and “Short positionsinTrea- “It’sverymuch aseller’s measuretrees multiple times. would appeal to morelandown- German 10-year yields shrank surys have morethan halved,” market,” said Isabel Hagbrink, Giventhe multigenerational and customers. ersyear afteryear. from apeak of 2.04 percentage he said. “Thereare still big who works forSouth Pole,a commitment, and coststhat “It’salittle daunting to sign pointsonMarch 31 to about shortpositions in eurozone firm that bought offsetstore- usuallystart at six figures, it amultigenerational contract,” 1.82 Tuesday, according to bonds…shortshavedeclined a sell to companies that it ad- hasn’t been feasible forthe Mr.Parisa said. “Wouldn’t it be Tradeweb. little but they arestill very ex- on sustainability matters. bulk of U.S. forest ownersto timber,” said Zack Parisa,Silvia- silly if we were managing for- Konstantin Veit,portfolio tended.” MicrosoftCorp., RoyalDutch sell intocarbon markets. Terra’schief executive. “It comes estsbased on contractsthat manager at Pimco, said while ShellPLC—both buyers of Silvi- Lawmakerswant to givea down to measurementsthat were signed 100 yearsago and manyEuropean countries were aTerra’soffsets—and manyoth- push, too, especially when it both the supply and demand based on scienceand social val- still in lockdown, vaccinations AUCTION RESULTS ershavepromised to reduce comes to including mom-and- side canhaveconfidencein.” ues from that time?” Here are the results of Tuesday's Treasury auction. were accelerating toward what All bids are awarded at a single price at the market- and offset emissions.Big com- pop timber owners. Senators Mr.Parisa started Silvia- Carbon-reduction pledges by clearing yield. Rates are determined by the difference he expectstobetop speed by between that price and the face value. panies cannot conduct business from wooded states last week Terraabout adecade agoto companies likeMicrosoften- mid-May. 52-WEEK BILLS without generating emissions, put forth the Rural Forest Mar- supply conservation groups, couraged Mr.McDaniel to con- “The European economyis Applications $129,382,723,300 so abooming market foroffsets kets Act,which would guaran- governmentsand big landown- sider SilviaTerra’smarket more still largely closed,but the pe- Accepted bids $38,010,243,700 has emerged. teeloans up to $150 million for erswith forest datatohelp seriously than earlier attempts " noncompetitively $237,697,900 riod of stronger dataisex- " foreign noncompetitively $0 Carbon offsetsare created companies and nonprofitsthat them managetimber and vet to start forest carbon markets. pected to be around the cor- Auction price (rate) 99.934278 alongside projectsthat capture help small landownerstap into acquisitions.Inrecent years, “It has the support of corpo- (0.065%) ner,” he said. Coupon equivalent 0.066% methane seeping from dairy- carbon markets. the firm has shiftedtocarbon rate Americathis time,” he Hopes foranimproving out- Bids at clearing yield accepted 62.26% farm manurelagoons and de- “It’ssomething Iviewas markets. said. “They’regoing to be big Cusip number 912796G45 look and the rise in European The bills, dated April 22, 2021, mature on April 21, stroy ozone-depleting sub- bringing moreinvestment to ru- With Microsoft’shelp,Silvia- buyersofcarbon creditsto yields have some investors 2022. stances,but the most popular ralcommunities,” said Sen. Deb- Terraused satelliteimageryto showthey’remaking progress.” P2JW111000-0-B01400-1------XA

B14 | We dnesday, April 21, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Danger for Cigarette Stocks Re-Emerges

Biden administration weighs tighter tobacco rules, jolting investors who had been complacent

U.S. cigarette companies are ing already lost 6% shortly before caught between hawkish regulators the Mondayclose.Europe-listed and the scarring experienceof peers Marlboro-maker Altria Group’s di- and Imperial Brands dropped 8%. sastrous investment in vaping brand Philip Morris International, . What is surprising is that this which controls Marlborooverseas, predicamentstill has the capacity to has been lessaffected. Thecom- catchinvestorsoff guard. panyspun out itsAmerican busi- On Mondayafternoon, TheWall ness—nowAltria—in 2008 pre- Street Journal reported that the cisely to fend off this kind of risk. Biden administration is considering Investors now dumping tobacco tighter tobacco regulations.The stocks have been complacent. The GES triggerisapetition that the U.S. dangers of a menthol ban and IMA

Food and Drug Administration lower nicotine levels have been GETTY

must respond to later this month, around since mid-2017, and the SE/ stating whether or not it plans to Democrats are traditionally more ban menthol cigarettes. TheWhite hawkish on tobacco regulation. In

House is also weighing whether to the latest election cycle, two- ANCE-PRES reducethe nicotine content of ciga- thirds of all cigarette industry do- FR

rettes to makethem lessaddictive. nations went to the Republicans, ENCE On Tuesday, Altria fell 4%, hav- data from lobbying monitor AG EZ/

OpenSecrets shows. RT

Forwardprice/earnings multiples Some may have been lulled into CO

since2008 split believing that the issue had YURI slipped down the political agenda The WhiteHouseisalsoconsidering whether to lowerthe nicotine content of cigarettes to makethem lessaddictive. 25 times after a period of calm. This was the first strong indication of the to lose from tougher regulation including through Reynolds’s big heated tobacco sticks generated 20 Biden administration’s intentions. have made little progress in man- menthol business, although its ex- 28% of sales over the three And the tobacco business has aging the risk. In 2020, Altria posure to the U.S. market is lower months through March. The Philip Morris fared well during the pandemic: made 88% of net revenue from than Altria’s. stock’sforwardearningsmultiple 15 U.S. cigarette volume was flat in smokable products, just 1 percent- Thenewswill likely sharpen in- wasjust 7% higher than Altria’s 2020 for in years. age point less than in 2017. The to- vestors’ existing bias toward to- when the two split; nowthe pre- Cigarette companies can delay bacco giant’s $13 billion invest- bacco companies that have large mium is 51%. 10 implementation for several years ment in Juul Labs in 2018 is now smokelessportfolios,such as To narrow the gap, Altria and by dragging any fresh rules valued at just $1.6 billion, after Swedish Match. Among the indus- British American need to double Altria through the courts. The bar for several write-downs. try’sgiants, the ironyisthat the down on smokelessproductswith- 5 new regulations also is high: The British American Tobacco made companymost insulated from the out being panicked intooverpaying FDA must have science to prove a different kind of bad bet with its U.S. regulatoryproblems has the forthe next Juul. It isn’t an easy that the changes will benefit pub- almost $50 billion buyout of Reyn- most promising transition plan: task,nor anew one,but the Biden 0 lic health and not simply push de- olds American in 2017. It makes Philip Morris,which reported administration’semerging stance 2008 ’10 ’12 ’14 ’16 ’18 ’20 mand underground. more than four-fifths of overall quarterly resultsTuesday, said underlines hownecessaryitis. Source:FactSet Still, the companies with most sales from old-school cigarettes, smokelessproductslikeits IQOS —Carol Ryan Canadians Send Rail Va luations North, but Not Beyond Reason

Oh, Canada! Share-priceperformance In abid to snap up what might be S the last available rail asset of itssize 50% PRES in the vast North American market, Kansas

TED Canada’slargest freight railroad, Ca- 40 City

CIA nadian National Railway,onTues- Southern SO

AS day outbid itssmaller rival, Cana- 30 Y/ dian Pacific Railway. Kansas City Southern had agreed to be acquired SLADK by Canadian Pacific last month for 20 NNE

LY about $25 billion. Thevalue of Ca- The company’s Covid-19 vaccine isn’t material to the company’s finances. nadian National’sbid was$33.7 bil- 10 lion at Monday’sclosing prices or Canadian $325 per Kansas City Southern Pacific Johnson & Johnson share, with $200 of that in cash and 0 Railway the remainder in stock.Kansas City Canadian Southern’sboardwould still need to National –10 Railway approveCanadian National’soffer Shows Health Economy Jan. Feb. March April over the Canadian Pacific deal. The initial market reaction sug- Source:FactSet gests that the new bid is too rich Is Nearing Full Strength and that the original one was no will have an easier approval process competition concerns. slam dunk. Canadian National despitebeing somewhat largerthan Thecompetitiveargumentsare shares fell 6.8% Tuesday and Cana- Canadian Pacific,pointing out that subtle and bidders’ ability to After a year of pandemic-related for 11% growth from the same pe- dian Pacific shares dropped 2.8%. the combined companywill be “a environmental benefitstothe Biden disruptions, the healthcare indus- riod a year earlier, when elective But that ignores the long-term distant fifth” among North Ameri- administration is untested, but if try has nearly returned to business surgical procedures ground to a opportunity and the scarcity of canClassIrailroads in terms of net- they cansucceed then the value is as usual. Wall Street doesn’t yet halt in key markets like China and the asset in question. While rail- work sizebehind Norfolk Southern, still therefor either Canadian bidder seem to have noticed. the . And there is road valuations areatthe high Union Pacific, CSX and BNSF,which even at about 31 times forwardearn- Take Johnson & Johnson for room for further improvement. end of their historical rangeand is owned by ’s Berk- ings, according to the analyst con- instance. Investors and the general Procedure volume remained sub- recent volume trends just so-so, shireHathaway.Canadian Pacific sensus on FactSet. Theother five public have focused lately on dued in Europe and Latin America, they areauniquely valuable asset. applied forawaiver with the Sur- ClassIrailroads trade in atight Johnson & Johnson’s Covid-19 vac- and certain categories like vision Their networks represent natural faceTransportation Board, which band of around 22 to 23 times earn- cine, the rollout of which has been care have been slower to recover. monopolies that areimpossible to must approvethe deal, but Cana- ingsafter asharp rally over the past paused by regulators in the U.S. as Finance chief Joseph Wolk said in replicate. Theindustry’scash cow, dian National hasn’t. It assertsthat year.Synergies,the ability to win adverse events related to blood an interview that a recent increase hauling coal from mines to power the mergerwould enhancecompeti- market sharefromtrucking firms clotting are reviewed. While Euro- in diagnostic procedures is a good plants, has been dying foryears, tion by giving shippersthe option of and other railroads and rock-bottom pean regulators declined to halt sign for future patient demand. but the fight against global warm- bypassing perennially cloggedtracks ratescould justifythe premium fora the vaccine on Tuesday, and shots Meanwhile, sales in the pharma- ing makes them an attractiveop- around Chicagovia asmaller U.S. deal that is mostly in cash. could resume soon in the U.S., the ceuticals unit reached $12.2 bil- tion forinland transport in terms railroad it already owns.Previous In an industrythat can’t consoli- vaccine itself isn’t material to the lion. That is up nearly 10% from a of energy efficiencycompared attemptsbyCanadian Pacific to datemuch more, Canadian National company’s finances. year earlier, thanks to strong sales with trucks. merge with largerNorfolk Southern wasn’t about to let this train pull ThecompanyonTuesday re- of cancer drugs like Darzalex and Canadian National believes that it and CSXwereunsuccessfuldue to out of the station. —Spencer Jakab Imbruvica. A return to normalcy is cer- Progress in fighting the tainly positive news for J&J, but not universally so. Sales in the pandemic has a major consumer health division fell 2.3% Apple’s iPad and Mac Moment Should Linger positive impact on the from a year earlier overall, includ- ing 7.4% in the United States, company’s business. thanks to the absence of panic- Apple Inc.’s new iPad and iMac company’s iPhone, services and ersare touting ahybrid approach buying of household staples. Nev- might seem a bit late to the game, wearables segments in size. to returning to the office, promis- ertheless, Wall Street should but there is good reason to think Both are facing some rather ing employees moreflexibility. gladly accept that trade-off, since they will still find their mark. tough comparisons ahead. The That will likely keep demand for ported first-quarter sales of $22.3 prescription drugs and medical de- The two biggest news items pandemic boosted demand for productivity devices elevated; IDC billion and adjusted earningsof vices command far higher profit coming out of Apple’s Spring computing devices across the reported a55% jump in PC sales in $2.59 ashare; those figuresgrew margins than J&J products like Loaded event on Tuesday involved board as employees and students the firstquarter of this year.Apple by about 8% and 12.5% from ayear and Band-Aids. updates to what have become the were sent home. Tablets and PCs seems to tailor the newiMac espe- earlier,respectively.J&J booked Shares were slightly higher in company’s smallest business seg- enjoyed a strong 2020 overall. Ap- cially forthe Zoom age, adding a $100 million of Covid-19 vaccine early trading on Tuesdayand are ments. Apple updated the iPad Pro ple’s iPad and Mac revenue jumped three-microphone array and a sales in the quarter,lessthan 1% up about 5% so far this year com- with its new M1 chip—effectively 28% and 18% respectively during beefed-up camera. Wall Street ex- out of itstotal revenue.The indus- pared with 10% forthe S&P 500. adding a PC-grade processor to a the calendar year. But that might pectsthe Mac and iPad segments trybellwether also boosted its Investorsshould reconsider that tablet that typically has been pow- cool with the return to normalcy. to boost revenue again forthe fis- 2021 sales and profit forecast and relativelack of enthusiasm. J&Jis ered with the same chips used in Market tracking firm IDC warned calyear ending in September. increased itsdividend. That is an trading at about 17 times this the iPhone. It overhauled the de- in February that the tablet cate- The main challenge for the com- encouraging sign forthe rest of the year’s profit forecast, athor- sign of its iMac for the first time gory “is not expected to retain this pany under Chief Executive Tim healthcareindustry, which accounts oughly reasonable valuation fora since 2012, adding the M1 chip to momentum in the long term,” as it Cook might be making enough of forabout 18% of grossdomestic blue-chip stock with asteady its lineup. still faces strong competition from the products given the severe product in the United States. growth outlook. Investors seem unimpressed. PCs and . Apple’s iPad semiconductor production short- But while the vaccine sales If the vaccine rollout continues Apple’s stock—a weak performer revenue fell for six consecutive fis- age that has chip makers such as aren’t material, progress in fight- to gain steam world-wide, don’t be this year—closed down 1.3% fol- cal years after peaking in 2012. Taiwan Semiconductor Manufac- ing the pandemic has a major pos- surprised if that profit forecast lowing the event. Indeed, while the That return might be moregrad- turing Co. scrambling. One of Ap- itive impact on J&J’s business. proves to be conservative, despite Mac and iPad segments generate ual, though, when it comes to new ple’s favorite marketing terms Medical-device revenue reached the snags its own vaccine has hit. annual sales well above $20 bil- working habitsfollowing morethan aside, and Macs don’t run on $6.6 billion in the quarter, good —Charley Grant lion, they both now rank below the ayear of lockdown. Manyemploy- magic. —Dan Gallagher