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% NASDAQ 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 GOLD $1,777.30 À $7.90 EURO $1.2038 YEN 108.08 What’s Chauvin ConvictedofMurder News Ex-officer faces 40 Business&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 MINNEAPOLIS—Derek sale to Canadian Pacific. A1 Chauvin wasconvicted of three counts, including murder Netflix said first-quarter charges, in the death of subscriber growth was George Floyd, 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 Boeing 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 Spotify, plus upgrades to Hennepin County Government itsiPadand iMac lines. B1 Center on Tuesdayafternoon to Foxconn 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 Derek Chauvin 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 Toshiba 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 Texas and the Midwest cost alternatives to trucking Microsoft as it resumes in- bid for Kansas City Southern, ment to pay $275 a share, in- Mexicoand Canada 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 Mexico. 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 Ukraine 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. Europe’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 M. BURTON attack helicopters, smokegen- that the benefitsoftaking the 40 By Michael R. Gordon AND ERIC SYLVERS erators, reconnaissance shot outweigh the risks. A1 9 in Washington 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 Wall Street strengthened Moscow’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 wave 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 next course of action. Salesforce. increasing as countries re- It also comes as the number To Biden’sAgenda start their economies. 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. The League 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 unemployment 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. China 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 World News.A8-9,18 ing awarning but decided a Last month’s $1.9 trillion re- dits.