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****** WEDNESDAY,APRIL 29,2020~VOL. CCLXXV NO.100 WSJ.com HHHH $4.00

DJIA 24101.55 g 32.23 0.1% NASDAQ 8607.73 g 1.4% STOXX 600 341.09 À 1.7% 10-YR. TREAS. À 14/32 , yield 0.610% OIL $12.34 g $0.44 GOLD $1,710.50 g $1.40 EURO $1.0821 YEN 106.87 Soaring Salute Honors Those on Front Line in Virus Fight Trump What’s News Orders Meat Business&Finance Plants to oogle parent Alphabet Gposted strong resultsin what the firm called “a tale of Operate two quarters,” with ahead start in advertising earlier this year making up forthe crunch President Trump signed an of the pandemic later. B1 executiveorder on Tuesdaypav- ing the way formeat-processing  Boeing faces criminal and plantstoremain open during civil scrutinyintoyearsof the coronavirus pandemic,as widespread quality-control hundreds of workershavefallen lapses on its737 MAXassem- ill and concerns mount about bly lines,according to people food-supply shortages. familiar with the details. B1 Themove, which came as  Oil prices whipsawed on their way to ending lower. By Andrew Restuccia West Texas Intermediatefor in Washington June delivery fell 3.4%. B1 and Jacob Bunge  BP said debt rose sharply in Chicago and warned of falling pro- ON/REUTERS confirmed cases of the newcor- duction and aworsening out- CKS onavirus in the U.S. topped one look forrefining margins. B13 JA S million, is expected to relieve CA

 U.S. stocks fell, with the LU pressure on meatpackersand S&P 500 slipping 0.5% and OUTREACH: Health-care workers from NYU Langone Medical Center in Manhattan watched as the Navy Blue Angels and farmers, who have struggled the Dowand Nasdaq off 0.1% the Air Force Thunderbirds performed a flyover Tuesday to honor medical teams and first responders. with food-supply upheavals fol- and 1.4%, respectively. B13 lowing demandsfromlocal and stateofficials to close plants. It  Thewidespread cessation is likely to draw fire from unions of business activity is damp- and worker advocates,who have ing resultsevenfor compa- said such closures areaneces- nies that have productsand Half of WorkersGet ZuckerbergAsserts sarysteptostemthe virus’s services in high demand. B1 spread through communities.  Samsung posted aslight Thepresident invokedthe drop in first-quarter net profit More PayLaid Off PoweratFacebook Defense Production Act, aKo- despiteincreased demand rean War-eralaw,tokeep the forits memorychips. B4 facilities open, designating the BY ERIC MORATH off worker should rise to about BY DEEPA SEETHARAMAN were the culmination of the plantsascritical infrastructure  Ford reported anet loss $978fromthe nearly $378the AND EMILY GLAZER chiefexecutive’scampaign under the law. Theadministra- of $1.99 billion forthe first About half of all U.S. work- Labor Department said was over the past two yearsto PleaseturntopageA9 quarter.The automaker erswould earn moreinunem- paid on averagelatelast year. In December,Facebook consolidatedecision-making at said it has acash cushion ployment benefitsthan they Labor Department statistics Inc.’stop brassgathered at the companyheco-founded 16 of about $35 billion. B3 did at their jobs beforethe cor- showhalf of full-time workers Mark Zuckerberg’s more than yearsago. The35-year-old ty-  The“Trolls” sequel’s onavirus pandemic shut down earned $957 or lesseach week 700-acre, beachfront estatein coon also jumped into action THE performancehas convinced much of the U.S. economy, are- in the firstquarter of 2020. Kauai, Hawaii, for an unusual steering Facebook intoahigh- CORONAVIRUS executives at Universal sult of government relief that Thestimulus measuremeans boardmeeting to discusshow profile campaign in the coro- that digital releases canbe employers said is complicating that in the coming months to redirect the company after navirus response,while put- PANDEMIC awinning strategy. B1, B2 plans to reopen businesses. manylow-wageworkerswill years of turmoil. ting himself in the spotlight Thepackageofcoronavirus avoid both significant harm to Changes came,but they interviewing prominent health  Simon Property is plan- stimulus laws Congresspassed their finances and the potential weren’t what everyone ex- officials and politicians. Greg Ip: Globalization is ning to reopen 49 malls andPresident Trump signed in health risks—and further virus pected, according to people fa- Theresult is aFacebook down, but notout, A2 and outlet centersinstates March included a$600 boost to spread—of returning to miliar with the gathering. CEOand chairman moreac- that are loosening stay-at- Some schools decide weekly unemployment benefits crowded workplaces.That Within months,Facebook tively and visibly in charge home restrictions. B6 to end year early,A3 through July 31. As that sup- money in consumers’ pockets announced the departureof PleaseturntopageA12 port is addedtostate benefits in turn puts the U.S. economy two directors, and added a Crisis widens Europe’s World-Wide over the coming weeks,the av- on firmer footing to rebound longtime friend of Mr.Zucker- Google parent posts sales economic gulf,A9 erageweekly payment to alaid- PleaseturntopageA2 berg’stothe board. Themoves rise, with a caveat...... B1

 Trump signed an execu- tive order paving the way Investors Flee for meat-processing plants Va ccine ‘A Bargain With the Devil’: to remain open during the Oil’s Turmoil pandemic, as hundreds of workers have fallen ill and Research With the world awash in Bill ComesDue forAirbnb Hosts concerns mount about crude,near-term futures food-supply shortages. A1 contracts tumble. B1  California joined the Picks Up WTIcrude-oil futures ranks of states preparing Short-term renters vanish under lockdowns, leaving mortgages to pay forJune delivery to ease coronavirus-con- The Pace tainment measures. The $16 abarrel BY TRIPP MICKLE AND PREETIKA RANA In her mind, the promise of more rental number of confirmed U.S. income offset the growing debt, she said. “I cases topped one million. A8 15 For years, Cheryl Dopp considered the made a bargain with the devil.”  Theracefor avaccine is BY JARED S. HOPKINS AND JONATHAN D. ROCKOFF ding on her phone from a new Airbnb Inc. Ms.Dopp is part of an upper-crust dimen- moving faster than scientists 14 booking to be the sound of what she called sion of the gig economy:property ownersand and drugmakersexpected, Theracefor avaccine to “magical money.” A property she rented out speculatorswho bought or leased real estate though some researchers 13 combat the newcoronavirus is in Jersey City, N.J., on Airbnb could gross in pursuit of Airbnb profits. Airbnb spawned a have been forced to rework moving faster than research- more than $8,000 a month, she said, double cottageindustryofhomeownersrunning their or scrap clinical trials. A1, A8 12 ersand drugmakersexpected, what long-term tenants would pay. ownproperty empires,turning the startup  McConnell told GOP law- with Pfizer Inc.joining several 11 Now, Ms.Dopp associates the dingswith intoahotelier without anyhotels. makersonaprivatecall that other groups saying that they cancellations and financial misery. The54- Thecoronavirus’sspread has exposed he wants to shield compa- had accelerated the timetable 10 year-old information-technologycontractor swaths of the U.S. economythat were ill- nies from liability over pan- for testing and that a vaccine said she had about $10,000 in bookingsevapo- suited foracrisis—great foroffering inex- demic-related lawsuits. A5 could be ready foremergency Mon. Tues. rate overnight in March. She has $22,000 in pensivegoods and services quickly,terrible  Small businesses that bor- use in the fall. Source:FactSet monthly expenses foralargely Airbnb portfo- in an economic disaster. Pfizer said Tuesdayitwould lio,she said, that included another Jersey City Thesharing economyhas proven particu- rowmoney through the gov- begin testing of itsexperimen- home andahouse in Miami. PleaseturntopageA10 ernment’said program could faceauditsbeforethe loans talvaccine in the U.S. as early as next week.OnMonday, Ox- areforgiven, Mnuchin said. A5 ford University researcherssaid Coronavirus Lockdown Creates  Prominent Democrats their vaccine candidatecould have lined up behind Biden in be available foremergencyuse Captive Audience for ’80s Show the month sinceanex-Senate as early as September if it Salesforce. staffer made public an alle- passes muster in studies,while iii gation that he sexually as- biotech Moderna Inc.said it saulted her in the 1990s. A4 waspreparing to enter itsvac- ‘Ramayan,’ a 78-part telling of an epic #1 CRM.  Biden wasdeclared the cine intothe second phase of winner of Ohio’s Democratic humantesting. Hindu tale, is a hit again on Indian TV presidential primary. A4 Johnson &Johnson said ear- Ranked #1 for CRM Applications basedon  An appeals court heardtwo lier this month it shaved BY ERIC BELLMAN of times regular levels in some IDC 2019H1 Revenue Market ShareWorldwide. months offthe usual timelines slots, reaching hundreds of cases brought by the House 17.3% fordevelopingavaccine,and As Hollywood battles for millions of viewers,according against the administration to decide when, if ever,the expectstostart human testing subscribersinthe world-wide to television ratings company judiciaryshould resolvedis- of acoronavirus candidateas streaming bingebrought on by Broadcast Audience Research putes between the other two soon as September,with possi- the newcoronavirus,reruns of Council of India. The series is ble availability on an emer- a1980s religious drama from a set to end this week. branches of government. A4 gency-use basis in early 2021. state-run broadcaster have Suman Nagalia, 69,loved  ProtestersinLebanon “Thisisacrisis right now, emergedasasur- Ramayanwhen it hit the streetstodemand and asolution is desperately prise hit in India. firstcame out in relief from the country’sde- needed by all,” Pfizer Chief Ex- India’spublic 1987 and is now teriorating economy. A11 ecutiveAlbert Bourla said. broadcaster Doord- watching it again 5.5% The experimental vaccines arshan, or DD, with her children 5.3% still faceagantlet of testing to hasn’t dominated and grandchildren. 3.5% CONTENTS Opinion...... A17-19 3.5% BusinessNewsB3,5,7 Property Report... B6 make sure they work safely— the ratingsfor Her extended fam- Capital Account.... A2 Sports...... A16 so all of the effortscome with years. But the net- ily of eight enjoy- Crossword...... A16 Technology...... B4 2015 2016 2017 2018 2019H1 Heard on Street.B14 U.S. News...... A2-4 big ifs and caveats. Many work waslooking ing it together has Life & Arts...... A13-15 Weather...... A16 drugsand vaccines wind up forways to enter- helped reassure Source: IDC, Worldwide Semiannual Markets...... B13 World News...... A12 faltering during rounds of tain Indians during Ram’s her during the na- SoftwareTracker,October 2019. study. Theaverage vaccine anationwide lock- Crown tionwide shut > takes10.71 yearstodevelop down and started down. from itspreclinical phase and rerunning ahit from back when “It gives me moretime with has amarket entryprobability “Cheers” waspopular in Amer- my sons,their wives and salesforce.com/number1CRM PleaseturntopageA8 ica: “Ramayan,” a78-part tell- grandchildren,” she says.“Oth- CRM market includesthe followingIDC-defined functional markets:Sales ForceProductivity andManagement, ing of an epic Hindu tale. erwise,they would be busy on MarketingCampaign Management, Customer Service, Contact Center,Advertising,and Digital Commerce s 2020 Dow Jones & Company, Inc. Applications. ©2019salesforce.com, inc. Allrightsreserved.Salesforce.comisaregisteredtrademark of salesforce. All Rights Reserved  Pandemic complicates drug, Doordarshan viewership their phones.” com, inc.,asare other namesand marks. vaccine search...... A8 has sincejumped to hundreds PleaseturntopageA10 P2JW120000-4-A00200-1------XA

A2 | We dnesday, April 29, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS

CAPITAL ACCOUNT | By Greg Ip Globalization Is Down, but It’s Not Out Yet

Globaliza- In 2008, a crisis originat- medical supplies.Another importance, likevaccines,are strategic advantage. But Mr. foravoiding mutually destruc- tion was on ing in U.S. subprime mort- flaw is the inordinatedepen- made in the U.S. This is a Rubio warns that one day it tiveprotectionism on sensi- the ropes gages brought the world denceonChina. It supplies type of industrial policylong might, as it has attempted tiveproducts. Singaporeand when the pan- economy to its knees. Many 42% of the world’simportsof derided by economistsas with rare earth minerals, NewZealand just signed an demic deliv- countries moved to ringfence personal protectiveequip- “picking winners.” But he which are vital in many tech- accord to eliminatetariffs and ered a gut their banks from foreign ment. TheU.S.depends on it said, “Using an industrial pol- nological applications. export restrictions on medical punch. Barriers to trade and markets. But they resisted foractivepharmaceutical in- icydoesn’t makeusthe same Mr. Rubio said some in- supplies.Simon Evenett, of immigration, already on the protectionism, and President gredientsand manygeneric as the Chinese.We’ddoitfor dustries are too important to the University of St.Gallen in rise, have been joined by Obama went on to negotiate medicines such as penicillin, narrow purposes,and not ex- national security to be al- Switzerland, and Alan Win- travel bans, border closures the 12-nation Trans Pacific according to a2019 Senatere- pand it to everything.” lowed to migrate overseas, ters,ofthe University of Sus- and restrictions on medical Partnership. port overseen by Florida Re- Beyond anarrow set of as the free market might dic- sex, have proposed abroader exports. publican Marco Rubio. products, Mr.Bossert said, tate. He advocates incentives version in which participants Yet Covid-19 doesn’t have resident Trump, how- The question is, what to the U.S. shouldn’t aim to re- to locate them in the U.S. agree to restrain exportsonly to split the world apart. ever, doesn’t share Mr. do about it? Self-sufficiency shoresupply chains,but de- But in an interview, he in well-defined, limited cir- Whether the global order P Bush’s or Mr. Obama’s in everything related to na- centralizethem to avoid ex- said not all foreign suppliers cumstances,and in return fragments or emerges wiser globalist instincts, and many tional security is out of the cess dependenceonany pose the same risk: “It’s other signatories would elimi- and more resilient depends of his actions in response to question. The U.S. simply single source:“We don’t have China, and way down the list natetariffs on such products. critically on the lessons that the pandemic show it—ban- doesn’t have the capacity or to makeall of our penicillin is everyone else.” Rather than The U.S. and its allies national leaders draw. ning travel with China and know-how to supply every here. Ijust don’t want to rely impose tariffs on allies in the could even agree to build Consider two other recent then Europe, suspending le- conceivable input. on 65% of ourpharmaceuti- name of national security,Mr. stockpiles of essential equip- transnational crises.In2001, gal immigration and with- Mr. Trump’s effort to bol- cals coming from one place.” Rubio said,U.S.defense trea- ment and cooperate on their al Qaeda terrorists, sheltered holding funds from the ster domestic steelmakers in ties should recognizethat distribution. After the 1973 by the Taliban in Afghanistan, World Health Organization. the name of national secu- n Congress, China skep- “security and defense isn’t Arab oil embargo: The indus- attacked the U.S.;inresponse, Still, even defendersof rity by imposing tariffs on tics in both parties simply howmanytanks and trialized nations created the President George W. Bush globalization would have to imported steel has yet to I worry China’s plans to artillerypieces youhavebut International Energy Agency toughened border controls acknowledgethe flawsex- prove a success—the indus- dominate future industries also coordinated effortson and a system of emergency against suspected terrorists posed by the pandemic.One try is in dire straits. pose a national security thingslikesupply chains.” He stockpiles including the U.S. and their weapons.But he is the vulnerability of supply TomBossert, who worked threat, and see the pandemic would likeWestern allies to Strategic Petroleum Reserve. also assembled acoalition of chains: At least 75 countries, on pandemic preparednessfor as a wake-up call. To be form an alternativetoChina’s It’s a reminder that foreign allies that toppled the Taliban including global-minded gov- PresidentsBush and Trump, sure, there’s little sign China HuaweiTechnologies to sup- threats like pandemics can and poured billions of dollars ernmentslikeGermany’s, have said the U.S. mayneed to en- has withheld exports of med- ply 5G technology. lead to more global coopera- intocombating AIDS in Africa. restricted exportsofcritical suresome productsofcritical ical supplies for economic or Thereare already models tion rather than less.

Weekly average unemployment benefit payment,bystate U.S. WATCH 2019 Unemploymentpayment Additional $600 federal payment 0$500 $1,000 0$500 $1,000 PRESIDENTIAL ELECTION Mass. Md. Hawaii Maine Amash Explores Wash. N.M. Libertarian Run N.D. S.D. Minn. N.H. Rep. Justin Amash of Michi- N.J. Idaho gan, a Republican-turned-inde- Colo. Calif. pendent who is an outspoken Utah W. Va. critic of President Trump, said Ore. Wisc. Tuesday evening that he has Texas Mich. EVIEW formed a presidential exploratory

SR Iowa Va. Conn. Ga. committee to run for the Liber- Wyo. Ind. tarian Party’s nomination. BUSINES Pa. Del. “Americans are ready for Ill. Ark. practical approaches based in

ALBANY Okla. N.C. humility and trust of the peo- S/ Kan. Mo. ple,” he wrote on Twitter. Vt. Alaska Mr. Amash, a fifth-term con- -VLAHO

TT N.Y. S.C. gressman, would need consider- Mont. Fla. able help to still get on the bal- ABBO Ohio Tenn. lot in many states. Ky. Ariz.

DONNA The Libertarian Party plans to Tom Hoffman Jr. said some of his employees will be worse off financially returning to work. R.I. Ala. pick a nominee at its national Nev. La. convention in Austin, Texas, over D.C. Miss. but will still ask them not to re- allowfor paymentstobecali- Memorial Day weekend. Neb. Some Get port to work. brated to each worker’s wages. —John McCormick State regulatorsrecently al- “Ifwewaited forthe sys- Americans receiving unem- Federal unemployment lowedexteriorcar washes to tems to be set for100% wage ployment benefits, by week benefit payments,byweek NORTH CAROLINA More Pay reopen but still prohibit inte- replacement, the payments Governor Says Nascar rior cleaning,limiting on-site wouldn’t go out until June,” 15 million 15.98 $15 billion $15.28 staff to two,Mr. Hoffman said Michele Evermore, an Race Is Cleared to Go Laid Off said: “The problem is there’s NELP senior policyanalyst. She nothing forthem to do.” added that manylaid-off work- 12 12 Nascar can go forward with Figuresonprior earningsof erswaited weeks to have un- the Coca-Cola 600 at Charlotte ContinuedfromPageOne the morethan 26 million peo- employment claims processed 9 9 Motor Speedway without fans in onceauthorities allowbusi- ple in the U.S. who sought un- andsome still arewaiting for attendance at the end of May nesses to reopen. employment benefits from enhanced payments. unless health conditions deterio- Butenhanced benefitsalso March15through April 18 The$600 payment aligns 6 6 rate in the state, Gov. Roy Coo- createdisincentives that might aren’t yetavailable.But the ini- with working full time at $15 per said Tuesday. hamper effortsbyemployers to tial wave of job losses were an hour.The federal minimum Mr. Cooper, a Democrat, said recall workerswhen some concentrated among restaurant, wage—followedby21states—is 3 3 he and state public-health offi- states aretrying to reopen hospitality and retail workers, $7.25 an hour and has been un- cials have had discussions with their economies.Workerscould whose median hourly payis changed foradecade.Restau- Nascar and the speedway in 0 0 ask their bosses to leave them lessthan the minimum now rant and front-end retail work- Concord regarding safety proto- on furlough so they cancollect paid under enhanced unem- ersinthose states,including ’08 ’10 ’12 ’14 ’16 ’18 ’20 ’08 ’10 ’12 ’14 ’16 ’18 ’20 cols for staging the race. “We the largerpayments. Employ- ployment benefits. Texas and Georgia, arelikely to Source:Labor Department(average benefit payments, total jobless); believe that unless health condi- ers, meanwhile,are in the posi- The$600 bonus payment receivemoreinbenefitsthan Treasury Department(federal spending) tions go down, we believe we tion of asking workerstoget wasintended to makesurethe from theirjobs. can hold the Coca-Cola 600,” he back on the payroll, either so averageworker had full wage TracyJackson, 50,ofNacog- “I likethe college, Ireally dian hourly payinfood-service said. “I think Nascar will be mak- companies canreopen or the replacement in the months fol- doches,Texas,started receiving do,” she said. “But they’rego- occupations was$11.65 in 2019, ing that announcement, but business canqualifyfor for- lowing masslayoffs. Last year, unemployment benefitsafter ingtohavetocome with more or $466 fora40-hour week.In that’s what will happen.” givenessofgovernment loans. states’ unemployment benefits losing herjob as acook at a money.” some states,restaurant work- Mr. Cooper last week ex- TomHoffman Jr.found out replaced about 45% of laid-off college. Her payof$1,200 every Still, Ms.Jackson is itching erscould be receiving double tended North Carolina’s stay-at- last week that his Hoffman Car workers’ wages, according to two weeks is almost twicewhat to work.She inquired about a their usual payonunemploy- home order through May 8. Wash locations in Albany, N.Y., the National Employment Law she would earn on the job. night-shiftposition at afactory ment benefits. Most teams are based in the qualified foragovernment Project, whichadvocates for She wantstoreturn to work, making plastic containers, but “The unemployment benefits Charlotte area and are expected small-businessloan. To getthat low-wageworkers. but the extramoney has made therewerenoopenings. “I just aresogenerous that in many to return to work this week as loan forgiven, he is recalling Congressopted foraflat her conclude she had been un- can’t sit here,” she said. places workersare telling their essential businesses. the morethan 500 employees— amount because decades-old derpaid at her previous job, Theenhanced paymentscre- bosses they’d rather be unem- —Associated Press manywho work part-time—he technologyunderpinning state earning $10.30anhour after ateatrickysituation forres- ployedthan return to their furloughed when stateofficials unemployment systems didn’t five years. taurant owners. Nationally,me- jobs,” said Sean Kennedy,exec- MISSOURI ordered carwashes to close utivevicepresident of public andsales fell sharply at his affairsatthe National Restau- CoastGuardMissteps nine oil changeshops. Record Souring of in April from a revised 118.8 in survey of consumer sentiment rant Association. Cited in Crash Probe While he is happy to have Consumers’ Outlook March. The index of current released Friday registered a Workersshould be ineligible the loan, Mr.Hoffman knows conditions drove the decline, similar gap, as the index of cur- forunemployment benefitsifa Aduck boatsinking on aMis- some of his workerswill be falling in April by a record rent conditions plunged 29.4 job is made available to them. souri Lakethatkilled 17 people worseoff financially. The coronavirus pandemic change to 76.4, from 166.7 in points in April, compared with a ButMr. Kennedy said restau- twosummers ago likely could “Our interior-cleaning staff prompted a record souring of March. Despite this unprece- 9.6-point fall in the expecta- rant ownersare reluctant to have been preventedifthe U.S. aregoing to have to come back consumers’ views on the U.S. dented drop, a measure of con- tions index. sever relationships with em- CoastGuardhad followedrecom- on the payroll rather than mak- economy in April surveys, but sumer expectations rose The gap also signals the ex- ployees they might need later. mendations made foryears to ing the equivalent of $23 an people remain hopeful the slightly—signaling an increase pectation that the shutdown Ms.Evermore, of NELP,said improve the safetyofsuch tourist hour to stay home,” Mr.Hoff- gloom will be short term. in the share of respondents will be short-lived, said Kathy extrapay to low-wagework- attractions, federal safetyregula- mansaid. Those workersearn The Conference Board, a who think business conditions Bostjancic, the chief U.S. finan- ers—who will have ahigh pro- tors said Tuesday. about $13 an hour,which is private research group, on will have improved six months cial economist at Oxford Eco- pensity to spend—is aminimal The National Transportation abovethe state’sminimum Tuesday said its index of con- from now. nomics. concern in a$2trillion bill. SafetyBoardreleased the find- wage.Hewill use the loan to sumer confidence sank to 86.9 The University of Michigan —Gwynn Guilford —David Harrison ings of its investigation into the paythem their regular wages contributed to this article. July 2018 tragedy,when aRide the Ducksvehicle sank during a severe and sudden storm on Ta- THE WALL STREET JOURNAL CORRECTIONS  AMPLIFICATIONS ble Rock Lakenear Branson. (USPS 664-880) (Eastern Edition ISSN 0099-9660) Investigators believe thatif (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) the CoastGuardhad followed Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 KN95isaChinese mask that stores areclosed because article Mondayabout daily ex- recommendations forsmall pas- Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. standardthat is similar to N95, of coronavirus.ABusiness& ercise incorrectly said Whistle senger boats thatthe NTSB Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. which blocks 95% of very small Financearticle Mondayabout has 100,000 usersnationwide. made after asimilar boatsank in All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of airborne particles.ACoronavi- J.C. Penney Co.incorrectly said Arkansas in 1999, killing 13 peo- which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of rusPandemic article Monday RossStoresskipped April 1 ple, the Missouri boat“likely the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. aboutexportsofmedical gear rent payments. Noticetoreaders would nothave sunk,” said Brian Letters to the Editor: Fax: 212-416-2891; email: [email protected] from China incorrectly referred Wall Street Journal staff Young, an NTSB accidentinvesti- Need assistance with your subscription? to N95 masks sent from China ThecompanyWhistle ana- membersare working remotely gator. By web: customercenter.wsj.com; By email: [email protected] rather than KN95. lyzeddatafrom50,000 U.S. us- during the pandemic.For the Among the files released Tues- By phone: 1-800-JOURNAL (1-800-568-7625) ersofits pet-activity tracker to foreseeable future, please send daywas aletterthe NTSB re- Reprints &licensing: By email: [email protected] |Byphone: 1-800-843-0008 Ross Stores Inc.has told determine that dog walking reader commentsonly by email ceived lastweek from the Coast WSJback issues and framed pages: wsjshop.com landlords that it plans to stop went up 50% in the last two or phone,using the contacts Guardagreeing thatcanopies and Our newspapers are100% sourcedfromsustainably certified mills. paying rent during the period weeks of March. ALife&Arts below, not via U.S. Mail. side curtains should be removed from amphibious tour vehicles GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling known as stretchduck boats. 888-410-2667. —Associated Press P2JW120000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** We dnesday, April 29, 2020 | A3 U.S. NEWS Ahead of Virus, Price Of Homes WasUp

BY NICOLE FRIEDMAN

Home-pricegrowthacceler- ated in Februarytoits highest level in more than a year, but the housing market’smomen- tum headed intothe spring sellingseason has been re- versed in recent weeks by the coronavirus pandemic. TheS&P CoreLogic Case- Shiller National Home Price Index, which measures average home prices in major metro- politanareas acrossthe na- tion, rose 4.2% in the year that ended in February, up from a 3.9% annual rate the prior month. February marked the high-

estannual growth rate since S January 2019. Thefigures released Tues- PRES dayare the latest indication TED CIA

that the housing market wasset SO

forarobust spring selling sea- AS A/

son beforethe pandemic hit due UP

to astrong job market at the KR time and lowmortgagerates.

Also on Tuesday, the Com- CHARLES merce Department reported School buses parked at a depot in Manchester, N.H. The pandemic has forced districts to launch remote learning for more than 50 million children across the country. that the homeownership rate ticked up to 65.3% in the first quarter from 64.2% ayear ear- lier and the highest level since Schools Decide to End Year Early mid-2013. Forhouseholds headed by someone under 35 yearsold, a BY TAWNELL D. HOBBS hour south of Atlanta. “There over theweeks to next school and-mortar classrooms to dis- Some districts have gotten key source of home-buying de- were inequities between year,possibly starting early, tancelearning in one week,” creativeinending academic mand, the homeownership Some districtsare giving up schools.Ihad teacherswho andhope to be back in school Ms.Davis said. learning while not proclaiming rate rose to 37.3% from 35.4% on remotelearning and ending were telling me,‘I’m trying to then. In manystates, unlessthere the school year over to comply a year earlier. the academic year early,after figure out howtodomyjob as “Webelievethat preserving is an executiveorder closing with requirements. U.S. existing-home sales concluding that it wastoo well as teach my class.’ It some time from June and po- schools, it is up to the school Ysleta Independent School rose to a 13-year high in Feb- cumbersome forteachers, stu- made sense to us to getrid of tentially utilizing that time in district on whether to open or District in El Paso,Texas,says ruary, according to the Na- dentsand parents. the stressand getready for August would be the best ap- close them. May15will be the last day tional Association of Realtors. Washington, D.C.,aswell as the following school year.” proach to provide the optimal Some administrators have studentswill be assigned new But sales dropped 8.5% in partsofGeorgia, Texas and Georgia, likesome other learning experiencefor stu- been hesitant to end the aca- content and assignments, but March, as buyersand sellers elsewhereplan to end aweek states,has waived minimum dents,” Chancellor Lewis Fere- demicyear,fearing an early the academic year won’t offi- pulled out of pending deals or to several weeks early. instruction-time requirements bee said during arecent brief- “summer slide,” or information cially end until June 5—and opted to stay out of the mar- Schoolshavestruggled to during the pandemic,allowing ing. that children lose over summer studentscan turn in outstand- ket. Economists expect home launch remotelearning for districtstoend the academic Thedistrict didn’t respond vacation. Thereisalso concern ing work until then. Thear- sales to fall more this month. morethan 50 million children year early.Without astate by parentsabout what to do rangement wasmade to en- As home sales fall, price acrossthe countryduring the waiver,districtsnot meeting with studentswho arestarting sure the district meetsthe growth is likely to slowinthe coronavirus pandemic in the time requirementsrisk losing Not all students their summer break early as 75,600 minutes of instruction coming months, said Danielle largest experiment in remote statefunding. social distancing andshelter- required under Texas law, ac- Hale, chief economist at Real- learning ever.Among the is- In Bibb County,TeraEd- have internet access in-place orderscould drasti- cording to the district. tor.com. sues they have encountered, wards, who has a10- and 12- or parents available cally limit summer activities or DeKalb County School Dis- In recent weeks,“sellersare notall studentshaveinternet year-old in the district, said working. trict in the Atlantametroarea getting much less aggressive, access or have parentsavail- shutting down earlywas the to help. “Trying to shiftlearning is ending learning about a which has led to declines in able to help,causing concerns right decision forvarious rea- modes mid-school year,inthe week beforeplanned—on May newlistingsand kept asking about inequity.Asaresult, sons,including that not all stu- midst of a pandemic that 8for seniorsand May15for prices flat,” shesaid. News many districtshaven’t re- dentshaveinternet and it was bringsaveryreal set of stres- other grades.The district said Corp,parent of TheWall quired schoolwork be com- hardtoturn in completed to arequest forfurther com- sorstoeveryone in the com- in a statement that it “recog- Street Journal, operates Real- pleted or graded. Student par- work during shelter-in-place ment. munity,makes balancing all of nized the digital divide,avail- tor.com. ticipation, when schools are rules. Amajority of memberssur- this difficult foreveryone,” ability of internet service, and TheCase-Shiller 10-city in- even able to measureit, has “We’reliving in the middle veyed by the Washington said Monadnock Regional inequities that exist during re- dexgained 2.9% over the year oftenbeen belowregular at- of aglobal pandemic,” she Teachers’ Union preferred to School District superintendent motelearning” in bringing the ended in February, up from a tendancelevel. said. “Ifyour child is having a keep schoolsopen through the Lisa Wittelast week in aFace- semester to a close. 2.6% annual change in Janu- TheBibb County School Dis- meltdown and scared because school year but wanted sup- book post. Schools in Omaha, Neb., ary. The 20-city index gained trict in Macon, Ga., is ending of what’sbeing seen on the port to ensurestudentshad Thedistrict, which serves will end the academic year a 3.5%, afteranannual gain of school Fridayfor about 21,500 news, maybe the spelling devicesand could getonline about 1,600 studentsfromsev- week early on May15, which 3.1% in February. students—three weeks early. wordscan wait.” and that professional develop- eral small communities in officials said will allowtime Pricegrowthaccelerated in “The vast majority of our Thepublic school district in ment wasavailable,said Eliza- southern NewHampshire, will for training in distance learn- 17 of the 20 cities.Phoenix community wasfeeling Washington, D.C.,will end re- beth Davis, president of the end school about two weeks ing.Aspokesman said the dis- had the fastest home-price stressed,” said Curtis Jones motelearning three weeks 5,000-member union. earlyonMay 29.The district trict wants to strengthen the growth in the country, at 7. 5%, Jr., superintendent of the Bibb early,onMay 29.District offi- “Those teachersbasically didn’t respond to requestsfor learning method in case it’s followed by Seattle at 6%. County district, just over an cials said they hope to carry hadtotransition from brick- comment. needed in the future. Crisis Tests Housing Regulator’s Free-Market Views

BY ANDREW ACKERMAN Thecompanies,which origi- natesome 60% of home loans, Foryears, Mark Calabria has saythey will need help from said the government should thegovernment.Mr. Calabria shrink itsrole in the housing says the industryfearsare market. Thecoronavirus pan- overblown and that thereisno demic is putting his free-mar- evidenceits cash-flowprob- ketbeliefs to the test. lems areinsurmountable. Mr.Calabria, who heads the Mr.Calabria has takenrela- Federal Housing Finance tively modest steps to ease the Agency, is resisting pleas for mortgagefirms’ cash crunch. help from lendersseeking relief Last week,heimposed afour- as millions of Americans stop month limit on howlong the paymentsontheir home loans, companies will have to advance sending tremorsthrough the paymentstoinvestorsbefore $11trillion mortgagemarket. Fannie and Freddie step in. He hassaid he is willing to TheFHFAwill also allow stand aside even if some of the Fannie and Freddie to buy cer- mortgagelendersfail, and he tain loans on which payments says thereisplenty of capacity have been suspended—on con- to movebusinessout of those dition lenderspay steep fees. firms and intohealthyones,if Some housing-financeoffi-

necessary. JOURNAL cials said the fees would be

In abriefing this month with REET passed on to borrowers,mak-

SenateDemocrats, Mr.Calabria ST ing mortgages moreexpensive. said he wasreluctant to signal LL Lendersalso might tighten loan government help wasimminent WA requirements, they said. THE

because that would discourage R “It appearsthat the FHFA

the firms from fixing their FO hastheir hands on the wheel,

cash-flowproblems on their RICK but itsfoot on the brake,” said

own, according to people famil- AT KenFearsofthe National Asso- iar with the conversation. ciation of Realtors. “The FHFA’s KIRKP J.

Mr.Calabria says his priority T. actions do not solvethe prob- is to ensurethat Fannie Mae Mark Calabria, director of the Federal Housing Finance Agency, said he is willing to stand aside even if some mortgage lenders fail. lems hurting averageAmerican and Freddie Mac,the two home buyersand the econ- mortgage-financegiantshe deployedtrillions of dollars to on housingfinance. As head of As part of the emergency banks arelending only to bor- omy.” oversees that together guaran- help abroad array of indus- financial regulation studies at stimulus packageapproved by rowers with pristine credit who Thedownturn comes ayear teemorethan $5.5 trillion of tries,fromretailerstoairlines. thelibertarian CatoInstitute, CongressinlateMarch, home- canafforda20% down payment. intoMr. Calabria’stenure. Until mortgageloans,are themselves “His job maynot be to prop he said banks and other lenders ownersaffected by the pan- As morehomeownerssus- the outbreak,hespent most of strong enough to withstand the up privatemortgagelenders,” should keep mortgages on their demic were allowedtosuspend pend payments, the companies his time focused on preparing downturn. said Eric Kaplan, director of books rather than having them mortgagepaymentsfor up to a that servicetheir mortgages, Fannie and Freddie to exit from “Just likeonanairplane, housing financeatthe Milken packaged intosecurities and year without penalty.Asoflast which include firms likeQuicken government control. That effort you’vegot to put your ownoxy- Institute, acentrist Washington sold to investors. week,3.4 million people had Loans Inc.and Freedom Mort- is likely to be delayed, accord- genmask on first,” Mr.Calabria think tank.“But the fact re- He also called foreliminat- suspended payments, repre- gage Corp., saythey arebeing ing to Donald Layton,aformer said in arecent interview. mains that his actions do impact ing government support forthe senting about $754 billion of squeezed. Thecompanies collect head of Freddie.And with His position offersastark privatemortgagelendersand popular 30-year fixed-rate unpaid principal, according to paymentsfromborrowers and credit losses rising,investors contrast to the rest of the fed- thehousing-financesystem.” mortgage, afoundation of the Black Knight, amortgage-data passthem on to investorsinthe aren’t likely to provide the tens eral government. Congress, the Mr.Calabria, 50,made a U.S. housing market—a position and technologyfirm. loans.When homeownerssus- of billions of dollarsofcapital TreasuryDepartment and the name forhimself as an aca- he reversed during his Senate Nervous lendersstarted re- pend payments, the firms must the companies will need to exit Federal Reservehavetogether demic with iconoclastic views confirmation hearing last year. stricting credit. Some major stillpay the investors. from government control. P2JW120000-5-A00400-27FFFF5178F

A4 | We dnesday, April 29, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL. U.S. NEWS CourtConsidersBorder Wall, Subpoena Cases

Appeals court weighs becoming amonarch,” Mr.Let- powertospend money on a whether House can tersaid. border wall without congressio- In the McGahn case,the nal approval. bring suits against the House JudiciaryCommitteeis- Thepresident and congres- Trump administration sued asubpoena to the former sional Democratshavefought WhiteHouse counsel last year heatedly on the issue,which led BY BRENT KENDALL as it wasexamining whether to abudget impasse and a35- S Mr.Trump engaged in miscon- daygovernment shutdown. WASHINGTON—Afederal PRES duct, including whether he ob- Atrial judgelast year ruled

appeals court on Tuesday TED structed special counsel Robert theHouse didn’t have alegal

heardapair of cases brought OCIA Mueller’s investigation into right to take the executive by the Democratic-led House of SS Russian interferenceinthe branch to court. /A Representatives against the 2016 U.S. presidential election. Theissue of the legislature’s

Trumpadministration to de- TIMES Mr.Trump has denied any standing to sue the executive Y

cide when, if ever,the judiciary BA wrongdoing. branch is rare but not novel,

should resolvedisputes be- PA TheWhiteHouse instructed and it remains unsettled. tween the other two branches AM Mr.McGahn not to appear,and TheD.C.Circuit, which tends /T of government. the administration has argued to lean to the left, on Tuesday

TheU.S.Court of Appeals JONES that close adviserslikehim voiced resistancetothe Trump forthe District of Columbia IO have absoluteimmunity from administration’sarguments AV

Circuit spent three hoursin OCT testifying beforeCongress. that the judiciaryhas no role to oral argumentsbyteleconfer- The House Judiciary Committee is seeking to force former White House counsel Don McGahn, Adivided three-judgepanel play, but it also signaled that it ence, weighing whether the pictured in January, to testify in a congressional investigation of President Trump. of the D.C. Circuit ruled in Feb- didn’t want to open the flood- House canbring the two law- ruarythat the judiciary gatesfor lawmakerstorun to suits. In one, the Judiciary gumentsfeatured two very dif- unsanctioned tactic” that put Congress,but he said the shouldn’t getinthe middle of the courtsroutinely when they Committeeisseeking to force ferent visions of howchecks judges in ano-win situation, Trump administration has such disputes,but the court reach an impasse with the former WhiteHouse counsel and balances in the U.S. system possibly jeopardizing the judi- made other alternatives un- later withdrew that decision WhiteHouse. Don McGahn to testifyinacon- aresupposed to function. ciary’sreputation. workable,with the president and is nowhearing the case Several judges suggested gressional investigation of JusticeDepartment lawyer Lawmakershavepolitical refusing to cooperateatall in again, with all of the court’seli- they were looking to find tena- PresidentTrump,while the Hashim Mooppan, representing tools they canuse to forceex- House investigations and pledg- gible judges participating. ble legal lines that would allow other challenges the president’s the administration, said it ecutivebranch complianceor ing to build aborder wall with Thefull court also is consid- courtstoplayarole in some decision to build asouthern would be aradical break from to reach an acceptable compro- or without Congressonboard. ering the border wall clash,in circumstances without interfer- U.S. border wall with funds not tradition forthe courtstoref- mise,Mr. Mooppan said. TheHouse is trying to pre- which the House argues Mr. ing in delicateissues likefor- appropriated by lawmakers. eree battles between the politi- House General Counsel serveimportant aspectsofthe Trumpisviolating constitu- eign policyand militaryaction. Much likethe political dis- calbranches.Lawsuitslike Douglas Letter said litigation is U.S. constitutional structure tional separation-of-powers Decisions in the cases could putes themselves,Tuesday’sar- these,hesaid, “are anovel and “normally the worstoption” for “toprevent the executivefrom principles by asserting the take several months. TopDemocrats Stick With Biden AfterAllegation

BY JULIE BYKOWICZ Street Journal that Mr.Biden had oncecornered her in a Prominent Democrats, in- corridor of the U.S. Capitol cludingsome women thought complexand touched her geni- to be on JoeBiden’s running- tals without permission. mate shortlist, have lined up Ms.Reade said she told her behind theformer vicepresi- mother,brother and several dent in the month sinceTara friends about her alleged expe- Reade, aformer Senatestaffer, rienceatthe time it happened. made public an allegation he She also said she reported the sexually assaulted her oncein alleged touching that made the 1990s. her uncomfortable,but not the Sens.Amy Klobuchar of alleged assault, to three high- Minnesotaand Kamala Harris level Biden staff members. of California and former Geor- Ms.Reade also said she gia House Minority Leader Sta- filed acomplaint with the Sen- ceyAbrams all have said that ate’spersonnel officeabout they respect women making the alleged sexual harass- Z/REUTERS such allegations and take them ment—though not the alleged ANT FR seriously.But they haven’t wa- assault—but nothing hap-

veredintheir support forMr. pened. She said she wasforced ABETH

Biden, the presumptiveDemo- out of the job as Mr. Biden’s ELIZ cratic presidential nominee, coordinator of interns after Former presidential candidate Sen. Amy Klobuchar leaving the stage after endorsing Joe Biden for president at a March 2 rally. whose campaign has strongly making the reports. She said denied the allegations. she doesn’t have acopy of her said she recalled discussing it 2018 Medium post,said she Forthe most part, Demo- complaint to the office, and ef- on two phone calls with Ms. Biden Wins Ohio in to postpone the balloting until leftbecause of what she con- cratshaven’t voiced their opin- fortstolocateitwith the Sen- Reade theday afterMs. Reade June 2asRepublican Gov. Mike sidered Washington’sxeno- ions on the accuracyofMs. atewereunsuccessful. Theof- said the assault occurred; the Mostly Mail-In Vote DeWine had recommended. phobic attitude toward Russia Reade’s claims.Instead, they fice no longer exists. friend said she took the calls The in-person voting was and so that she could pursue have attested to the longtime TheBiden campaign has de- in her collegedormitoryroom subsequently placed on hold an acting andartistic career. lawmaker’s character and pol- nied all of Ms.Reade’sallega- and remembered it being late Ohio’s primary election, after the state’s top health of- Ms.Reade said she recently icyefforts. California Rep.Ro tions.KateBedingfield,the in the spring semester of 1993. which started in mid-February ficial ordered polls closed and contacted the District of Co- Khanna, aco-chairman of Ver- campaign’s communications Ms.Reade also said she had with early voting, wrapped up the Ohio Supreme Court de- lumbia Metropolitan Police. mont Sen. Bernie Sanders’s director, said in a statement: long,tearfulconversations Tuesday with former Vice nied a last-minute legal chal- Thestatuteoflimitations had presidential campaign, said “VicePresident Biden has ded- with her mother,Jeanette Alti- President Joe Biden being de- lenge to the postponement. passed, but Ms.Reade said she President Obama had assessed icated his public lifetochang- mus, about the alleged inci- clared the winner of the state’s In late March, the state’s believed filing apolicereport his former No.2,and “forme, ing the culture and the laws dentsthroughout her time 2020 Democratic presidential Legislature enacted a plan that would possibly encourage that’sthe ultimatevetting.” Mr. around violenceagainst working forMr. Biden. She nominating contest. required postcards to be sent other women to come forward. Sanders endorsed Mr.Biden on women. He authored and said her mother encouraged Mr. Biden, the likely Demo- to every registered voter in the Thepublic version of the April 13,after suspending his fought forthe passageand re- her to quit and, after the as- cratic nominee, had 73.4% of state that explained how to incident report doesn’t contain campaign aweek earlier. authorization of the landmark sault allegedly occurred, to file the vote with 59% of precincts obtain the form necessary to names but says the filer “dis- Forher part, Ms.Reade ViolenceAgainst Women Act. apolicereport. Ms.Reade said reporting in an election con- request an absentee ballot. closed that she wasthe victim said she has been deflated by He firmly believes that women she didn’t take the advice. ducted almost entirely by mail. Those ballots had to be of asexual assault which was the lack of reaction over the have aright to be heard—and Ms.Altimus died in Decem- Bernie Sanders, Mr. Biden’s ri- postmarked by Monday to committedbySubject-2in past month, feeling that she heardrespectfully.Such claims ber 2016, but Ms. Reade said val until the self-described count, but voters were allowed 1993.” Ms.Reade said she has little support even from should also be diligently re- her mother had oncediscussed democratic socialist senator to drop them off at secure named Mr.Biden in her police #MeToo advocates. Still, she viewedbyanindependent her situation in vague terms, from Vermont ended his bid drop boxesuntil early Tuesday interview. says,she has no regretsabout press. What is clearabout this without naming Mr.Biden, early this month, had 15.1% of evening. In-person voting was Apolicespokesman de- telling her story. claim: it is untrue.This abso- during acall to CNN’s“Larry the vote, according to the As- available Tuesday. scribed the investigation as “I can’t getrestorativejus- lutely did not happen.” King Live.” sociated Press. Also Tuesday, Hillary Clinton “ongoing” and declined to an- tice, but I wanted to further Mr.Biden’scampaign de- Thecall wasanonymous, Ohio wasone of the first endorsed Mr.Biden’spresiden- swerfurther questions. the sexual-harassment conver- clined to makehim available and Ms.Reade couldn’t recall states to reschedule its pri- tial bid, saying the former vice PresidentTrump’sallies sation, particularly about how foraninterviewfor this article. when the episode aired. Dur- mary because of the coronavi- presidenthad been “preparing have seized on the allegations powerful men canuse the sys- Ms. Reade’s brother and a ing an Aug. 11, 1993, show, a rus crisis. On the eveofits forthis momenthis entirelife.” of Ms.Reade and other women tem,” she said. friend who had been aCapitol caller from San Luis Obispo, planned March 17 voting, a —John McCormick who saythey had uncomfort- Mr.Biden, aDelaware sena- Hill intern in other offices Calif., said her daughter had court thererejected arequest and Ken Thomas able interactions with Mr.Bi- torfrom1973to2009,hasn’t both told the Journal that Ms. left“afterworking foraprom- den. Mr.Trump’sson, Donald commented on Ms.Reade’sal- Reade hadtold them about the inent senator, and could not Trump Jr., is among those who legations. His campaign and alleged assault, which she said getthrough with her problems allegations areincomplete ViolenceAgainst Women Act, have promoted Ms.Reade’s former aides who worked in occurred afterher supervisor at all.” contradiction to both the inner she admired. Ms. Reade sup- claims on Twitter, calling Mr. his officeatthe time have de- had asked her to take aduffel AfterCNN recently aired workingsofour Senateoffice ported Mr.Sandersduring the Biden “creepy.” Numerous nied that anywoman, includ- bag to Mr.Biden. She said he the clip,Ms. Reade said sheis and to the man Iknowand primary, but she posted social- women have accused Mr. ing Ms.Reade,was mistreated kissed her and reached under certain the caller washer worked so closely with foral- media messages supportiveof Trump of sexual misconduct by Mr. Biden or brought any herskirt to put his fingersin- mother,who lived in SanLuis most two decades." Mr.Biden as recently as 2017 over the years. Mr.Trump has concerns to them. In the last side hervagina. Obispo at the time. Messrs. Kaufman and Toner and said she voted twice for denied those allegations. month, he hasparticipated in Ms.Reade,her brother and Thethree former Biden both told the Journal they Mr.Obama in presidential Aides to Mses. Klobuchar, about 20 television interviews her friend couldn’t remember aides whom Ms.Reade said didn’t remember Ms.Reade. elections. Harris and Abrams and to as well as podcastsand virtual the exact date of the alleged she told about the alleged “I don’t remember,and I She said she decided to Michigan Gov.Gretchen Whit- fundraisers. He hasn’t been assault. Ms.Reade’sfriend touching—longtime Biden ex- would have remembered her if come forwardwith the allega- mer pointed the Journal to asked about Ms.Reade’s ecutiveassistant Marianne she’dcome to me,” said Mr. tion of inappropriatetouching comments they had made in claims at anyofthose events. Baker,chief of staff TedKauf- Kaufman, who has known Mr. afterreading about other previousinterviews and de- Ms.Reade,56yearsold, has man and policyaide Dennis Biden foralmost five decades. women who said Mr.Biden clined to comment further. made two sets of allegations Toner—all denied she ever Mr.Toner,who worked for had touched them in waysthat All four politicians, in es- againstMr. Biden, 77,both of told them anything likethat. Mr.Biden for34years, also made them uncomfortable.Mr. sence, said that women need which stem from her time In astatement provided by said he would have recalled a Biden said in April 2019 of to be listened to and have working in his Senateoffice the Biden campaign, Ms.Baker conversation of that nature. those complaints:“Ihear what their claims investigated, forlessthan ayear beginning said she had worked for him “I do not remember any they’resaying.Iunderstand it, while adding that they knew in December 1992, when she for20yearsand “never once such conversation that I was and I’ll be much moremindful. Mr.Biden to be alongtime ad- wasinher late20s.She has witnessed, or heardof, or re- alleged to have with Tara re- That’smyresponsibility.” vocate forwomen. said formorethan ayear that ceived, anyreportsofinappro- garding JoeBiden and alleged Ms.Reade said she waspre- Ms.Klobuchar told National whileshe worked forhim, Mr. priateconduct, period—not sexual behavior,” he said. “I pared to tell reporters about Public Radio that all women Biden repeatedly rubbed her from Ms.Reade,not from any- would recall it, Iwould re- the alleged assault last year, have a right to be heard and shouldersand neck in ways one.Ihaveabsolutely no member the date. But it didn’t too, “but I lost my courage.” fortheir claims to be re- that made heruncomfortable. knowledgeormemoryofMs. happen. That’snot JoeBiden.” She said she decided to speak viewed. Of Mr.Biden, she said Late last month, Ms.Reade Reade’s accounting of events, As alifelong Democrat, Ms. up when Mr.Biden became the he is “someone Iworked with, made anew allegation public. READE which would have leftasear- Reade said in an interview, she likely Democratic nominee. Isee him on, aleader on, do- RA

She said in apodcast interview TA ing impression on me as a “always felt conflicted about Ms.Reade has previously mestic abuse." and subsequent interviews Tara Reade, in 1992, around the woman professional, and as a Biden,” whose legislative ef- given other explanations for —Eliza Collins with media including TheWall time she worked for Sen. Biden. manager. These clearly false forts, such as sponsoring the leaving Mr.Biden’soffice. In a contributed to this article. P2JW120000-4-A00500-1------XA

THE WALL STREET JOURNAL. **** We dnesday, April 29, 2020 | A5 THE CORONAVIRUS PANDEMIC Audits Come Before SBA Loans Forgiven

BY BOB DAVIS SBAwith the responsibility for AND KATE DAVIDSON ensuring that businesses fulfill their obligations—including re- Small businesses that bor- taining or rehiring 75%oftheir rowmoney through the gov- workforces—tohavetheir loans ernment’said program could forgiven and turned intogrants. faceauditsbeforethe loans are “The disastersthe SBAhas forgiven, TreasurySecretary had to deal with in the past Steven Mnuchinsaid Tuesday, pale in comparison to what even as others warned that they have to deal with now,” federal officials facedaunting said Jonathan Bean,aSouthern challenges in ensuring the Illinois University economic funds areproperly spent. historian. “The SBAisashoe- TheTreasurysecretarysaid string agencywith several

loans formorethan $2 million thousand employees.It’sliter- /REUTERS from the Paycheck Protection ally impossible forthem to do Program would facefull audits, the kind of job that taxpayers MILLIS

with spot checks forsmaller would desire.” LEAH amounts. Thegovernment is is- The SBA has had problems The Small Business Administration is offering about $660 billion in loans. A restaurant in Washington, D.C., is still giving customers options. suing about $660 billion in in the past during loan surges. loansthat canbeforgiven if In a2011 audit of lending to In traditional SBAloans,itis borrowers use them to retain combat the global financial Mnuchin Says Some the roughly $660 billion in loans money, including AutoNation up to the bank to check or rehireemployees. crisis,the agency’sinspector available through the Paycheck Inc., the nation’slargestcar-deal- whether aloan is on the up “One of the thingsthat will general found “documentation Firms Owe Apology Protection Program and warned ership chain, Ruth’sHospitality and up.The SBAonly guaran- be required is youwill have to deficiencies” in 40% of the theycould face criminal liability Group Inc. and ShakeShack Inc. tees aportion of aloan, usually showapayroll report that you loans it reviewed resulting in if the moneyisn’treturned. Mr.Mnuchin said Tuesday 75%, so the bank is on the hook actually spent the money on “inappropriateorunsupported Treasury Secretary Steven The Treasury Department thatnone of the program re- if the loan goes bad. payroll and other items that loan approvals.” TheSBA said Mnuchin is seeking an apology lastweek asked publicly traded quirements have changed. He When the bank asks the SBA qualifyfor forgiveness,” Mr. most of problems uncovered to American taxpayers from companies thatreceived loans said the Treasury and Small to payits guarantee,the Mnuchinsaid in an interview were nonmaterial. large companies thatsought to return the money. It also up- BusinessAdministration made agencyclosely examines all with TheWall Street Journal. TheSBA has two main areas coronavirus hardship funds in- datedguidancetomakeitclear clear from the start thatcompa- portions of theloan to make But the Small BusinessAd- to review: Did the money go to tended forsmall businesses. thatitwas “unlikely thatapub- nies mustcertify thatthe funds sureitwas handled correctly, ministration, which is oversee- eligible recipientsand should “Some of these companies lic companywith substantial were necessary to support their which cantakeweeks,said ing the program, faces added those recipientshavetheir should be apologizing,” he said market value and access to cap- operations. bank and former SBAofficials. hurdles in auditing howthe loans forgiven. in an interviewwith The Wall ital markets” would be able to “It wasvery clear in the cer- But paycheck loans don’t re- money is being used. In both instances, thereis Street Journal on Tuesday. “The demonstratethatitneeded a tification the importanceof quirethe bank to conduct the Theagencynormally counts enormous potential forfraud owners should be apologizing government-backed loan to stay this,” he said in the interview, same level of scrutiny. If the on lenderstoaudit the small or mistakes that would be thattheytook this, notjustgiv- afloat. adding thatcompanyrepresen- lender collectsthe necessary business loans it backs.But to costly to taxpayers.Ingeneral, ing the moneyback.” At least13ofthe public tatives were required to person- payroll documentation, accord- ensurethe newPaycheck Pro- paycheck loans aredesigned Mr.Mnuchin rebuked compa- companies thatreceived loans ally initial each certification. ingtothe stimulus lawthat cre- tection Program loans quickly forplaces with 500 or fewer nies thatinappropriately tapped said theywould return the —Kate Davidson ated thepaycheck program, “an reached recipients, Congress workersand have amaximum enforcement action maynot be largely absolved thebanks of payout of $10 million. takenagainst the lender.” thetime-consuming responsi- As long as 75%ofaloan made the loan necessaryto Late Tuesday, the SBAsaid loan wasused to payemployees. TheSBA didn’t respond to bility of checking forfraud or goes forsalaries,itissupposed support “ongoing operations.” that privatecompanies with Financeexpertssay it will requestsfor comment, but egregious errors, as long as to be forgiven. But thereare Butafter anumber of res- adequate sourcesofliquidity be tempting to trytogame the lenderssay the SBAand Trea- borrowers provided necessary manyexceptions.The Treasury taurant and hotel operations arealso unlikely to be able to system, betting the SBAwill be suryhaven’t provided guidance documentation. and the SBAhaveupdated their with hundreds of millions of qualifyfor aPPP loan. overwhelmed and unable to de- yetonloan forgiveness. “The bank doesn’t have alot guidancefor the program, pub- dollarsinrevenue andthou- Nowitisuptothe SBAto tect fraud. Forinstance, an em- “The best-case scenario” of incentive” to investigate, lished as frequently-asked- sandsofemployees qualified makesurethe newguidance ployerwho lays people off from the bank’spoint of view, said RichardPrisinzano,abud- questions,about 10 times since forloans,creating a wave of wasfollowedand recipients could fill out payroll forms in- said John Asbury, chief execu- getexpert at the University of the program started accepting negativepublicity,Mr. Mnuchin weren’t only entitled to the dicating the money is going for tiveofAtlantic Union Bank- Pennsylvania. “They’ll do bare- loans on April 3. added to the requirements. He funds but should have the loans salaries,kick back aportion of shares Corp., is “wecan take minimum checks.” Initially,the SBAsaid bor- said the loans weren’t meant forgiven. Theanalysis involves the funds to workerscollecting the borrower’swordfor it, With hundreds of billions of rowers only had to certifythat forbig publicly traded compa- complicated formulas to deter- unemployment insuranceand send it to the SBAand the SBA dollarsatstake,that leavesthe “current economic uncertainty” nies that could raise capital. mine what proportion of the keep the rest. will do audits.” McConnell Wants to Shield Companies From Lawsuits

BY NATALIE ANDREWS coronavirus cases and 190 deaths, while the number of WASHINGTON—SenateMa- cases in the U.S. surpassed jority Leader Mitch McConnell 100,000.The city is on ashel- told Republican lawmakersona ter-in-placeorder until May15. privatecall that he wantsto House Majority Leader Steny shield companies from liability Hoyer(D.,Md.) noted that the over pandemic-related suitsand next coronavirus bill wouldn’t doesn’t support including an in- be ready foravotenextweek. frastructurepackageinacoro- Congress’sattending physi- navirus relief bill, according to cian, Brian Monahan, advised people familiar with the call, House Democratic lawmakersin despitePresident Trump’spush /REUTERS acall on Mondaythat normal forinfrastructureinvestment. operationsshouldn’t resume in

TheKentuckyRepublican is BRENNER the Capitol until therewas a M

responding to amajor push by TO widely administered vaccine for American businesses,which Mr. McConnell doesn’t want the newcoronavirus—which aregetting hit with lawsuits infrastructure in the relief bill. likely won’t be until next year,at as workersinmeat-processing the earliest—and recommended facilities,grocery stores,re- want any bill to demand con- teleworking and limiting staff at tailersand other locations get cessions from states. the Capitol, according to two sick or die from Covid-19. “The problem with the people familiar with the call. “Weneed to keep the White states is we’re not looking to Mr.McConnell’sspokesman House in the box,” Mr.McCon- recover 25 years of bad man- didn’t answerquestions about nell said, referring to anyinfra- agement and to givethem the whether Mr.McConnell had structurepackage. “The Demo- money that they lost,” Mr. consulted Congress’sattending cratsand the WhiteHouse Trump said at an event on the physician about whether it need to getthe message.” Paycheck Protection Program wassafefor memberstore- Mr.McConnell hasn’t yet at the WhiteHouse.But, he turn to Washingtonnextweek. shared specific details of his added: “If it’s Covid-related, I Mr.McConnell told Republi- plans forthe next relief bill, guess we could talk about it.” cansenatorsinthe call on but they arealready shaping Thepresident said he would Tuesdaythat he wantstore- up as a flashpoint in negotia- likely want “sanctuarycity ad- sume in-person group lunches, Lasting Impression tionswith Democratsasthe justments” from states in ex- according to two people famil- coronavirus pandemic contin- changefor the federal funds, iar with the call. Thepeople Edouard LéonCortès ues to damage communities. said that at one point that Sen. SenateMinority Leader Lisa Murkowski of Alaska asked Chuck Schumer (D., N.Y.) said Democrats say about protocols forcommittee Important artist. Rare subject. Tuesdaythat the Republican hearingsduring the pandemic, Brilliantpalette. This original proposal highlighted astark funding for states noting,“As much as judges are oilbythe Frenchartist Edouard differenceinpriorities.Demo- and municipalities important, what people want Léon Cortès captures thesun- cratssay that additional fund- us to be focused on is Covid.” bathed Thiouriver in Annecy. ing for states and municipali- is a top priority, Mr.McConnell responded Ararityinhis bodyofwork, it is ties is the toppriority for that he would have moreto oneofonlyahandful of paintings them, to protect states from sayabout operations later in laying off policeofficers, the week, the people said. theartist composed that did teachersand firstresponders. referring to the dispute be- Mr.McConnell also threw notfeaturethe Parisian urban “That’sanother example of tween his administration and cold wateronaninfrastructure landscape. Signed (lower left). 7 the Republicans’ misplaced pri- states over illegal immigrants. package, the people said. Dem- Circa1935-40.Panel:16”hx12/8”w; 7 orities,” Mr.Schumer said in a Mr.Trump also said again ocratsand Mr.Trump have Frame:24”hx20/8”w. #31-1261 phone call with the Afscme that he would favorincluding both backed doing asweeping public serviceworkersunion. payroll tax cuts in the next infrastructurepackageasa “During this global health cri- round of stimulus legislation, way to jump-start the economy sis,they areworried about saying that “itwould really be when the crisis has passed. protecting the companies,” Mr. an incentivefor people to Asked Tuesdayabout Mr. Schumer said of Republicans. come back to work and forem- McConnell’s comments on in- “Democratsare worried about ployers to hire.” Theidea has frastructure, Mr. Trump said: protecting the workers.” previously fallen flat among “Wewant to do infrastructure, Meanwhile,Mr. Trump on lawmakersofboth parties. but alot of people—a lot of 622 RoyalStreet,New Orleans,LA•888-677-2801 •[email protected] •msrau.com Tuesdayagain expressed skep- TheSenateplans to return the Republicans—would liketo ticism about including in the to Washington next Monday. keep that as aseparatebill. So Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. next round of legislation fund- TheHouse announced on we’ll see howthat works out.” Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. ing forstateswhose econo- Tuesdaythat it would delayits —Siobhan Hughes mies have been hard-hit by return due to health concerns. and Lindsay Wise coronavirus, saying he would Washingtonhad nearly 4,000 contributed to this article. P2JW120000-0-A00600-2------XA

A6 | We dnesday, April 29, 2020 THE WALL STREET JOURNAL.

PAID ADVERTISEMENT ALesson of History by prof. Piotr Gliński, Deputy Prime Minister of Poland, Minister of Culture and National Heritage

Things that are happening survival (essential services garding the contours of the protection of freedom and before our very eyeswill vs. nonessential services) futureemerging from be- the right to privacy must changeforever the shape are functioning. hind the horizon, politicians not be forgotten, which is of the world we know. must, using, obviously, extremely difficult at atime Everyday life of the West- Bringing our economy into fragmented knowledge and when modern monitoring ern people, which is orga- astateof“forced coma” is often unreliable forecasts, technologies are used by nized around conquering, unprecedented in modern make difficult decisions. governments to support maintaining and expand- history.Noprevious eco- Andthisistobedonebefore the fight againstthe pan- ing the sphere of prosper- nomic crises of the twenti- afull picture of the devas- demic. ity,has been unexpected- eth and twenty-first centu- tation emerges, the eval- ly and brutally invadedby ry can provide areference uation and assessment Remaining in asituation History. point here. We are facing of which would create the of absenceofthe econ- something completely new ground for the right course omy costs our states 2 Aglobal pandemic has -the paralysis of the econ- of action. percentage points of GDP torn the veil, behind omy in all its most import- each month. Aid packag- which the horror of the ant areas: supply,demand, The exit scenarios from es prepared by G20 coun- world has appeared. We labor market, financial sys- the phase of the crisis we tries and Poland amount do not see it every day tem, world trade, almost are currently in, consti- to USD 4800 billion (as of because we live with all sectors of the econo- tute the most important April 2020). This is much astrong conviction that my,whether related to ser- task that governments of more than during the finan- the fundamental problems vices or manufacturing are countries affected by the cial crisis ten years ago. of life and death, health infected, paralysed, or at global pandemic, are fac- and safetyaswell as least suppressed. ing now,alongside sav- Is it ahigh price to pay for the survival and develop- Acomparisonofthe eco- ing lives and health. Slow health care, which is the ment of our political com- nomic forecasts of the In- and careful waking up first and the most import- munities have been solved ternational Monetary Fund apatient from acoma is al- ant army deployed in this once and for all. from January and April ways ahigh risk endeavor. war? Is it ahigh price for this year demonstrates saving another life, the life the scale of helplessness In this particular case, of aperson who no longer Economy.Politics. Civ- of economists in the face the dilemma that pol- contributes to our pension ilization. The three di- of the phenomenon we are iticiansface todayissystem, but benefits from mensions of the global dealing with. Within afew achoice between sav- it? These are the ques- plague. months it turned out that ing the economyfrom tions that lead us to the the forecasts for the glob- along-term recessionor next one that we cannot 1. al economicsituation must protecting theircitizens escape from: What makes We live in times of uncer- be radically revised. And from death. In the com- our community?What dis- tainty and turmoil. The in- today’sextremely cautious ing years therewillbetinguishes us from the rest fectious disease which is comparisonofthe level of no return to the pre-pan- of the world? In one word, sweeping across the world, recession to that of 2007- demic situation. What do we live only for our- sparing no one, besides 2009 or even to the period liesahead is, at best, selves or for the others? extremely dramatic and of the great economicde- a“newnormal”inwhich, devastating implications pressionbetween1929and simultaneously protect- 3. for health, is also causing 1933 will soon cease to be ing the most vulnerable These are the questions enormous turbulence in valid. groups of citizens and from the field of morality, the global economy. As Iamwriting this text, returning to the pathofwithout which good and the U.S. DepartmentofLa- economic growth, will effective policies cannot First, it breaksthe global bor has just releaseddata require the dexterityofbe pursued. And we have networks of connections on 22 millionpeoplewho ahigh-wire acrobat. known this, or at least and supply chains thatun- applied for unemployment Today,bytaking action, those of us who still re- derpin global trade. Then it benefits between March 14 politicians not only take re- member it, since Socra- leads to social distancing and April 11 alone. This is sponsibility for the future tes and his student Plato and, in the next step, to 13% of the entire U.S. labor state of their countries’ were strolling through the acomplete lockdown. force of 162 million people. economies, but also face Acropolis in Athens 2,500 The latest forecasts of the the most important and years ago. We are in the middle of 20% unemployment rate fundamental challenge of the next phase of the cri- are, in the light of these modern politics in gener- The issues of life and sis, in which the econo- data, quite conservative. In al: providing security for death have become the my has been quenched to the USA there was no situ- their citizens. This is no center of politics. For one adegree comparable only ation like this on the labor longer an empty phrase,it moment they put aside the to awar-like situation. Only market even in the 1930s. is aprerequisite for surviv- discussion on how best to those sectors of the econ- al. Not only physical,but achieve economic growth, omy that Paul Krugman 2. also survival of the com- maintain healthy public fi- described as essential for Despite the uncertaintyre- munity.Inthis context, the nances, or the survival

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THE WALL STREET JOURNAL. We dnesday, April 29, 2020 | A7

PAID ADVERTISEMENT Poland.AGateBetween the East and the West

of the welfare state. For duced to the Western life- public debt, reduced for- the cost of public finance one moment the pan- style, has achance to think eign debt and high eco- consolidation, tax simpli- demic revealed the true what else it has to offer to nomic growth, despite fication, labor law reform. stakes of politics. Its eter- the world. aslight downturn, give Finally,itshould stimulate nal nature and purpose. the authorities today public investmentsinstra- Realizing where we alarge financial cushion tegic areas: essential infra- Will it affect the commer- are now as aciviliza- for fiscal stimuli. structure, modernization cial clashes between ma- tion-culturalarea is Poland now has the sixth of schools and hospitals, jor global powers, the agood starting point. largest stimulus package energy transformation, fight for access to trade Reaching into our past, in the G20 plus Poland investmentsinthe bio- routes, strategic resourc- learning lessons from in terms of GDP ratio. technology and phar- es, including space control the lives of our ancestors And this is just the maceutical sectors and and the undisputed right to and unearthingour vital beginning. Expertsadvis- increased spending on set the rules of the game springs are essential ing the government pre- research and develop- in world politics? Yes, ab- means for our survival and sented conclusions from ment. solutely so. But that’sthe development. Then we will dealing with the effects only thing you can say with have no dilemmasabout of previous crises: the All the issues above are certainty.The rest is diffi- whether to choose the Spanish flu, SARS, the crucial in situations of real cult to predict. quality of life and the lev- financial crisis 2007-2009, threat for our communities. Civilisational consequenc- el of development of our the eurozone crisis 2009- And we are acutely experi- es of the globalpandemic GDP or solidarity with the 2012 and Fukushima. encingittoday. will be as severe as the most deprivedinour com- Without going into too economicand political munities. And this is what many details, there is one Comingback to the above ones. distinguishes the West conclusion: the statemust mentioned article by The awakening has from the rest of the world. be active. But it must act Pancevskiand Hinshaw, adouble meaning for Poland is located, as geo- wisely. one important lesson can us, the people of Cen- politicians call it, in the be drawn from the Polish tral Europe. It concerns crush zone between the The preparation of com- experience. In the histori- above all the desire to great powers, also referred prehensive multidimen- cal and existential sense, return to our way of life, to more neutrallyasthe sional crisis tools includ- Poles live in acountry aworld of prosperity “Baltic-Black Sea Bridge”. ing monetary and fiscal that has been repeatedly and uninterrupted de- In other words: between policy (stimuli packages, threatened with complete velopment without wars. the West and the East. public finance consolida- annihilation, wiping out But this awakening from tions), bailouts where nec- of the world maps, which, acoma has also adiffer- Bojan Pancevski and essary,and well thought- by the way,did occur for ent meaning for us. It is Drew Hinshawintheir out development policy 123 years during the cru- the realization that after article entitled “Poor- is one thing. The second cial time of the industrial five centuries of success er Nations in Europe’s thing is to prepare for revolution and progress of and imperial power,weare, East Could Teach the subsequent crises, i.e. the Western world. There as Niall Ferguson wrote, West aLesson on Coro- referring to Mariane Maz- are peopleamong us who one step from collapse. navirus.” published in zucato’swords “recon- remember the destroyed In this sense, the global The Wall Street Jour- struction of capitalism” Warsaw and the deaths of pandemic can be acata- nal (April 12th 2020) consisting not only in ad- millions of people in Ger- lyst for awakening or yet stated that Poland and aptation to new conditions man Nazi concentration another strong chord of the other Central European imposed by the global pan- and extermination camps decline of our civilization’s countries could teach demic. and in Russian gulags and domination. the West alesson prisons. on how to properly According to the Pol- The Western civilization respond in an emergen- ish Institute of Eco- For us, therefore, political has alreadyfallen once. cy.Iamfar from teaching nomics, this should be decisionsrelated to infec- Not as aresult of asin- lessons, but Iwould like to amulti-annual program tious disease COVID-19 gle spectacular event, al- point out afew things. of economic transforma- and its devastating con- though for educational tion, assuming anew ap- sequencesare always purposes such caesuras Fortunately,the Polish proach to strategic re- made with awareness and are attempted. The Roman economy was in avery serves, strengthening the memory of the past be- Empire collapsed not only good condition when potential of domestic in- ing the source not of off- as the result of abarbarian the first wave of the cri- dustry,investmentsinpub- the-shelf solutions, but of invasion, but also because sis hit. Good labor mar- lic services, including first amore reflective search it lost self-confidence. ket situation, record low and foremost health care. for solutions for the new Today we are facing the unemployment, balanced It should be anew open- reality.And this may be same threat. public finances, record ing in international trade, aPolish lesson for the The Western world, re- low deficit,controlled afiscal stimulus even at West.

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A8 | We dnesday, April 29, 2020 ****** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC California Plans Gradual Opening Laid Off But Now California joined growing Coronavirus Daily Update fully or prematurely could in- ranks of states preparing to crease deaths caused by the vi- Building ease coronavirus-containment As of 11:32 p.m. EDT April 28 rus. Dr.Fauci, speaking measures,with manyplanning Tuesdayatanevent sponsored gradual rollbacks to help re- by the Economic Club of Wash- Ventilators duce the potential for new 1,012,582 58,355 115,936 ington, said he was“almost wavesofinfections. certain” the virus will return in U.S. cases U.S. deaths U.S. recoveries the winter. As the new By Jennifer Calfas, In Massachusetts,Republi- coronavirus Joshua Jamerson canGov.Charlie Baker ex- forces big and Stella Yifan Xie 3,116,680 217,168 928,712 tended his stay-at-home advi- changes in sorythrough mid-Mayasthe how we U.S. confirmed cases of the World-wide cases World-wide deaths World-wide recoveries number of positivecases and work, The Wall Street Journal newcoronavirus topped one deaths continue to climb.More is looking at how different million Tuesday, just over two Source: Johns Hopkins University Center for Systems Science and Engineering than 3,150 people in the state people are coping with the weeks afterthey reached have died. stresses and risks. For earlier 500,000 and about three of ordersthat vary by speed accommodatesocial distancing. notgone away.” NewYork Gov.Andrew articles in the series, visit months sincethe firstre- andapproach. In states hit Businesses that required close Businesses arealso pushing Cuomo, who outlined aplan wsj.com/makingitwork. ported U.S. infection appeared, hardest by the pandemic,how- human contact—such as nail forwardwith plans to reopen this week to start reopening according to datafromJohns ever,leadershaveextended salons or barbershops—would manufacturing operations.De- less-affected partsofthe state BY JOHN D. STOLL Hopkins University. stay-at-home ordersand be reopened as part of alater troit’scar companies are tar- as soon as mid-May, empha- Infections in the U.S. make warned that acting prema- wave.The final stageofre- geting May18to resume some sized that steps to reopen Trina Birdhas driven to up aboutone-thirdofthe 3.1 turely could hinder progress opening likely wouldn’t come production at their U.S. facto- should be dictated by data, the same Ford Motor Co.fac- million cases reported world- made against the virus. formonths,hesaid. ries after shutting them in rather than politics or rhetoric. tory in Ypsilanti, Mich., for26 wide.Expertswarn the esti- DemocraticCalifornia Gov. In addition, the state’snext March, according to people fa- “Emotions can’t driveare- yearstowork.Early on the mates understatethe impact GavinNewsom said Tuesday school year could be shiftedto miliar with the plans. openingprocess,” the Demo- morning of April 17,she sat in of thepandemic. that the statewas “weeks,not start beforesummer’s end, As more states look to re- cratic governor said,asnew her compact cargripped by More than 217,000 people months,away” from easing its such as in July or August. open their economies,health daily infections in the state something she’dnever experi- world-wide have died from stay-at-home order,ashis ad- Around the U.S.,some school expertshavesaid officials continued agradual decline. enced before. Covid-19, the respiratorydis- ministration worked firsttoin- districtsplan to end their aca- need to put in placemeasures State labor-department offi- “When Ipulled intothe ease caused by the coronavi- crease testing and contact-trac- demic yearsearly aftermany that include expanded testing cials in Iowa and Nebraska, parking lot, Iwas like, ‘Oh no, rus, and morethan 928,000 ing capabilities. students, teachersand parents capacity and contact-tracing whereRepublican governors I’m not doing it,’ ” she said. people have recovered, accord- Mr.Newsom said he ex- struggled with remotelearning. teams to safely return to some have taken steps to reopen Ms.Birdwas returning to ing to the Johns Hopkins data. pected enough progressto “Ifwepull back too version of normalcy. businesses,havesaid employ- the plant afteraroughly four- U.S. deaths areabove58,000. safely reopen some manufac- quickly…it could start asecond AnthonyFauci,director of ees who refuse to return to week layoff to makemachines In recent days,U.S.gover- turing,retail businesses and wave that could be even more theNational InstituteofAl- work afterbeing called upon forpeople with Covid-19.A nors have detailed phased re- public spaces in the coming damaging than thefirst,” Mr. lergyand Infectious Diseases, to do so wouldn’t be eligible couple of friends had ex- opening plans,inapatchwork weeks,with modifications to Newsom said. “The virus has said that reopening unsuccess- forunemployment benefits. pressed concern about her safety,and those comments echoed when she spent time alone as the sun came up. Pandemic Complicates Drug,Vaccine Search “I had amoment of panic,” she said, recalling the situa- tion several days later.“Then, BY DENISE ROLAND said researchers added a new Iwas all right.” She walked AND JARED S. HOPKINS arm to the trial exploring intothe building,took aseat whetherthe drug prevents at aworkstation packed with Thefast-evolving coronavi- hospitalization in symptomatic spools of tubes,and started ruspandemic is posing un- patients. the firstofmany12-hour usual challenges in the search Companies and researchers workdays making ventilators. fordrugs and vaccines,forcing arealso wrestling with howto Ms. Bird, 49 years old, researcherstorework or even balancetesting experimental doesn’t need to show up if scrap clinical trials as the sci- medicines as quickly as possi- she doesn’t want to. Ford encebecomes outdated and ble without sacrificing scien- has given hourly employees lockdowns makestudy sub- tific rigor in clinical trials. the option to stay on layoff jects harder to find. Forsome studies,that means because of widespread con- ResearchersinChina this departing from the best stan- cerns about catching the cor- monthhad to shut down two dardfor assessing adrug’s onavirus in the workplace. studies they had hoped would safety and efficacy: measuring She has grandchildren to examine a Gilead Sciences Inc. howone group of patientsget- care for, and is eligible for drug because they couldn’t find ting the drug fares against acon- unemployment. “That $962 a enough patientsafter the vi- trol group receiving either the week was looking mighty rus’speak had passed. Mean- standard therapy or aplacebo. good,” Ms. Bird said, refer- while,researchersatGilead and Aseven-weektrial evaluat- ring to the funds she would other places areopting to forgo ing hydroxychloroquine as a collect staying at home. standardtools such as apla- prophylactic didn’t wait the Ford’s factories had been cebo arm in order to speed up typical two months to manu- shut forseveral weeks when trials,eventhough that might factureaplacebo in order to her phone rang earlier this mean sacrificing rigor. investigateasquickly as possi- month. It wasarobocall from Themost immediatechal- ble the antimalarial’ssafety the companyasking forabout lenge: finding patients before and efficacy, said PeterMc- 500 factoryworkerstomake infections drop because of so- More than 1,000 clinical trials Cullough,acardiologist who is ventilators. Thejob paid the cial restrictions. are under way. At left and leading the trial at the Baylor $28-to-$33-an-hour wage that Thetwo trials suspended in above, a potential vaccine is Scott&WhiteHealth in Dallas. asenior employeeisentitled China were planning to test studied at Oxford University. Instead, subjectswho getthe to,but it required congregat- Gilead’s experimental drug drug aren’t randomly selected, ing with hundreds of other remdesivir,which showed by thenew coronavirus,ac- and the normal control group people at atime when many promise when used in mice. cording to Informa Pharma In- will receivestandardtreatment, were sheltering in place. (2)

Afterestablishing strict crite- S telligence. Many of those are Dr.McCullough said. She didn’t hesitatetocall ria for who could participate, led by universities and govern- “The rules and standards the number,thinking about the trials struggled to enroll PRES ment research agencies. arealittle bit morefavoring the need forventilatorsand enough patients beforelock- TED Researchers are struggling getting to aquick answerthan the manyparentsorpeople in

down measures slowedthe OCIA to keep studies up to speed necessarily having the most poor health among her Ford SS

spread of the virus. /A with the fast-moving virus and rigorous study,” said Laurie colleagues who couldn’t raise Government effortstokeep discoveries emerging daily Halloran, chief executiveof their hand. “I asked myself, people at home and social dis- about it. Halloran Consulting Group, ‘What would my dad do?’ ”

tancing could makeitmore UNIVERSITY TheUniversity of Minnesota whichadvisescompanies on The auto industry has

difficulttoensurevaccine- RD decided to rework astudy ex- clinical trials. She also said it changed dramatically since study subjectsmovearound FO amining antimalaria drug hy- would be unethical to avoid she first punched the clock OX and getexposed to the virus droxychloroquine as aprophy- giving apatientatreatment April 21, 1994. Rawsonville is enough to assess whether the giving an experimental vaccine virus, or look overseas forar- lactic treatment in health-care that could be life-saving. slimmed down after decades experimental vaccine guards to volunteersinthe U.K., eas wherethe virus is spread- workersand family members Gilead skipped acontrol of Ford restructuring activi- againstinfection or not, re- whereagovernment-imposed ing moreaggressively if it takes living with Covid-19 patients, arm in alarge trial in the U.S. ties. Ms. Bird was focused on searchers say. lockdown is starting to slow toolong forthe U.K. study to because testing revealed that on remdesivir in patientswith assembling batteries for hy- “If there’s no transmission case numbers. provide ameaningfulresult. one-quarter of the first200 po- severeCovid-19,acompany brid vehicles before the pan- of thevirus,and no cases,it To overcome the potential Counting experimental tential subjectshad symptoms, spokesman said, partly out of demic. makes it very challenging to problem, Dr.Pollardsaid, re- drugsand ones approved for said David Boulware, an infec- concern people wouldn’t enroll Working with lithium-ion test whether the vaccine searcherswould consider tar- other diseases,thereare more tious-diseases physician who if they might not getthe drug. packs is dangerous. It takes works,” said Andrew Pollard, geting certain groups such as than 1,000 clinical trials test- wasleading the study. Gilead also didn’t have time to intense training and “if whose OxfordUniversity re- health-careworkerswho are ing treatmentsorvaccines for To accommodate the likely makeaplacebo forits trials, you’re not paying attention search group last week began naturally moreexposed to the Covid-19,the disease caused sick patients, Dr.Boulware the spokesman said. you can electrocute your- self,” she said. Thejob of making ventila- very,veryquickly with this.” could start in the U.S. as early will be extremely,extremely Thestudy would test the exper- tors is no lesschallenging or Vaccine Theeffort has been expe- as next week if health regula- high,” Mr.Bourla said. imental vaccine in about 600 stressful. To do her part, she dited, Dr.Orenstein said, by tors sign off,Pfizer’sMr. Bourla OxfordUniversity research- healthyvolunteerstosee if it sitsinanisolated workstation rapid discoveries about the vi- said. Resultsfromthe study erslast week began vaccinating wassafeand triggeredthe pro- and pulls medical-grade Research rusand vaccine-making tech- could come as early as next people fora1,100-subject study duction of antibodies that could spools.Her hands stay busy, nologies.Yet he said he is skep- month, he said. testing the safety of their can- neutralizethis newcoronavirus. using amachine to measure tical asafeand effective If further testing also proves didateand monitoring itseffi- If the vaccine shows signs of and cut tubes intodifferent Speeds Up vaccine could be available soon, successful, Pfizer could start cacy,according to Adrian Hill, working safely in the study, lengths—some 2feet long, given all the testing required. distributing thevaccine on an director of the university’s Moderna said the thirdand fi- othersmuch shorter.She Vaccines cantakeyearsto emergencybasis in the fall and Jenner Institute,which devel- nal phase of testing could start checks measurementsona ContinuedfromPageOne hatch and then test to make receiveapproval forwide- ops vaccines. in thefall. Thecompanysaid it chart, and studies the cuts of 6%, according to a2013 surethey work safely—so long spread distribution by year’s If the vaccine candidate could seek FDAapproval to sell with her fingersand eyes. study published by PLOSONE. that researchersweren’t able to end, Mr.Bourla said. proves safe, the researchers the vaccine by year’s end, if it “This is going to save “Medicine is litteredwith ready vaccines against previous Pfizer is investing $500 mil- would then aim to explore succeeds in testing. someone’slifeand Iwant it studies of treatmentspeople viral outbreaks likeEbola in lion in coronavirus vaccine and whether it actually protects Merck &Co.,alongtime to be perfect,” she said. believed worked, but didn’t,” West Africabeforethey had pe- against the coronavirus in a makerofvaccines,said it is said Stephen Evans,amedical- teredout. 5,000-subject trial starting in talking to potential partners statistics expert at the London Therearen’t anydrugs or A vaccine candidate late May, Dr.Hill said. about three different technolo- School of Hygiene and Tropical vaccines that have been proven Theresearcherscould know gies to manufacturecoronavi- Medicine. to fight off the newcoronavi- must first be proven whether the vaccine works by rus vaccines. Merck Chief Ex- Adding to the potential ob- rus. Before granting approval, safe, and then September,and emergencydis- ecutiveKen Frazier said stacles,researcherssaid, is the federal health regulatorscan tribution could begin as early Tuesdaydrugmakerswill need fast-moving natureofthe virus authorizeanexperimental vac- proven effective. as that month. “That is the tar- to develop morethan one cor- and the strict measures to limit cine’suse during apublic- gettimeline.Itwill be tough to onavirus vaccine to meet de- itsspread. Those thingshave health emergency. do that, but it is not impossi- mand world-wide.Healso said complicated efforts to set up NewYork-based Pfizer is ble,” Dr.Hill said. TheNew York different vaccines might have some studies and find patients working on vaccine candidates drug research, and is spending Times reported Mondayonthe different profiles that could forresearch. with Germany’s BioNTech SE. afurther $150 million to ready Oxfordgroup’sprogress. benefit certain groups of peo- “I’m not aware of anyvac- Theshotsare based on an itsmanufacturing capabilities Moderna, which is also de- ple over others. cine that’sbeen developed after emerging gene-based technol- so the companycan quickly veloping an mRNA vaccine,said Mr.Frazier wouldn’t provide only ayear to ayear-and-a-half ogyknown as messenger RNA, makelarge quantities of antivi- it had asked the U.S. Food and potential timing forMerck’s afteridentifying apathogen.It or mRNA,which carryinstruc- ralagents, including avaccine Drug Administration to autho- coronavirus vaccine efforts, usually takesyears,” said Wal- tions from DNA to the body’s if one should succeed and clear rizethe next phase of testing,a though he said he doesn’t view RD

terOrenstein, associatedirector cells to makecertain proteins. all of the testing hurdles. standardrequest beforestart- the companyasbehind rivals. FO of the EmoryVaccine Center in Testing of avaccine,which “You canimagine the de- inganew vaccine trial, and it —Peter Loftus Trina Bird repurposed her skills Atlanta. “People aremoving has already started in Germany, mand forsomething likethat could begin as early as May. contributed to this article. during the pandemic. P2JW120000-4-A00900-1------XA

THE WALL STREET JOURNAL. **** We dnesday, April 29, 2020 | A9 THE CORONAVIRUS PANDEMIC SouthKorea To Open Up With Caution

BY DASL YOON be wearing masks.Hotels and restaurantswill take their SEOUL—After two months temperaturebeforeletting of intensive social distancing, them in, and people will be re- South Korea is about to open quired to sanitize their hands up.And it has arule forevery- before shopping at stores.

thing. Theguidelines arethe work JOURNAL

When meeting in an office, of acommitteeofSouth Korean REET

people will wear masks.At health officials,medical experts ST meals,dinerswill sit next to and civic groups.The panel of LL each other or in a zigzag pat- 18 experts, formed April 10,ad- WA THE

tern. Hotel rooms will be ven- vises the government on how R

tilated for15minutes after people and communities should FO travelerscheck out. Visitorsat behave until avaccine forthe

zoos and aquariums must coronavirus is developed. CHUNG

stand 6feet apart. Shouting Therules areaimed at allow- JEAN and hugging will be discour- ing people to getback to their Hikers at Seoul’s Mount Bukhan on Sunday walked past signs warning about the coronavirus and urging keeping a distance of 6 feet. aged at sporting events.So routines—and companies to get will high-fives. back to business—without get- testing and aggressivecontact traffic,” said Heo Dong-soo, a wear facemasks and facilities ercise equipment and bar en- SouthKorea went further ting tooclose.But they mean tracing.South Koreaclosed church official at Bulgwang keep recordsofthose attending. trybypeople without amask. than most countries to test its stores will take fewercustom- schools in favorofonline Catholic Church in Seoul. When people gather for South Korean health offi- population and systematically ersatany given time,and shop- classes,and banned protests Fornow,the newguidelines weddingsorfunerals,they also cials have urgedvigilance, say- track down infections.Now,as perswill be monitored closely. and religious gatheringstopre- lack legal power. South Koreans must stay 3feet apart, and a ing they will have to reimpose parts of Asia, Europe and the Kwon Sae-min, 29 years vent the virus from spreading. have largely stayed home volun- “prevention officer” must be intensivesocial distancing if U.S. start to open back up,itis old, who works at a bakery in Thecountryhas extended most tarily sincelateFebruary, when appointed by the venue to take the countryfaces another applying that same attention Seoul, is nowtaking shoppers’ of those restrictions until May infections jumped. But if com- temperatures and monitor mass outbreak. to detail in prescribing the temperatures at the entrance 5, but has provided some relief. plianceislow,officials aresay- symptoms like coughing. If “Wenow liveinasociety habits of the new normal. and asking them to sanitize Catholic churches in South ing clubs,barsand other places morethan five guestsorstaff wherethe cost of social activ- The government rolled out their hands and swipe their Koreaopened on Thursdayfor wherepeople gather could face exhibit symptoms within four ity is risking infection,” said preliminaryguidelines on Fri- credit cardsthemselves.“It’sa thefirst time in two months. chargesifinfections occur and to five days,managersmust Kwon Soon-man, aprofessor daythat spell out everything lot of extrawork to manage All churches must take atten- spread because they didn’t take alert anearby health clinic. at Seoul National University’s from howtowork to howto customers now,” she said. danceofworshipers, to ease preventivemeasures. Hotels should ventilate GraduateSchool of Public relax ahead of afull resump- Daily infections in South Ko- contact tracing later,and every- Places of worship,gyms and rooms by keeping windows Health, who advises the gov- tion of daily activities. When reahavefallen to fewerthan 15 one must wear masks indoors. entertainment venues shut in open for15minutes aftercus- ernment on social-distancing Korean touristsdescend on in recent days from apeak “We’rereminding worship- March. Last week, the South tomersleave and disinfect ele- guidelines.“We should return the resort island of Jeju dur- above900 at the end of Febru- erstomaintain adistanceand Korean government allowed vatorbuttons and doorknobs to daily life, but without let- ing public holidays this week, ary. Thecountrycontained its sit in assigned seats, but it’s them to reopen as long as cus- “constantly,” the guidelines ting our guarddowntoo the strictures saythey should epidemic through widespread hardtokeep track of all the tomersare dispersed, people read. Gyms should disinfect ex- much.” Crisis Widens Europe’sEconomic Gulf EU Nations Set Steps

Most nations of Europe’s The pandemic's economic blow To Loosen Constraints north areset to recoverfaster to jobs and growth in Italy and from their medically induced Spain—already saddledwith BY SAN SCHECHNER ourhealth depends on it.” economic comas than those in debtworries—is expected to be AND GIOVANNI LEGORANO Theprime minister said the south, exacerbating adi- moreseverethan in Germany partsofhis plan would require vergenceoffortunes in the eu- and France. PARIS—European govern- newlegislation that the gov- rozone and feeding political mentsare preparing to unlock ernment will put to avote tensions about howtopay for Annual unemployment rate the continent’seconomybyin- next week.The legislation, he the fallout of the novel coro- 20% troducing rules and guidelines said, would aim to givelegal navirus pandemic. that amount to asweeping re- authoritytounprecedented Spain configuration of everyday life, government action, such as By Giovanni Legorano 15 from subway seating to class- banning nonessential travel in Rome and Tom room size. between French regions and Italy Fairless in Frankfurt 10 GovernmentsfromParis to thecreation of abrigade of OL France Madrid arenavigating amine- health officials to perform PO U.S. In the north, Germanyhas a S field as they look forways to contact tracing. lighterlockdown, morefiscal 5 revivetheir economies without Spain, Greeceand Portugal /PRES firepower, and entered the pan- Germany triggering asurge in infections. also announcedplans to lift

demic in bettereconomic shape. TNER Thereopening will be gradual, their lockdowns.Starting next 0 In the south, Italy has aworse OER stretching intothe summer, week,small retail shops and health crisis,adeeper economic PF 2017 ’18 ’19 ’20 ’21 andhighly targeted to first hairdresserswill open in EN

standstill and high debtsthat SW Note:Estimatesafter 2019 benefit regions with fewerin- Greeceand people will be al- deteraggressivestimulus. Volkswagen’smain plantinWolfsburg, Germany, resumed operations. Source:International Monetary Fund fections,European officials say. lowedtoenter churches to pray That widening economic di- Evaluations of the epi- alone.Religious services and vide poses achallengetothe ment rate is expected to average German shipping warehouse that our clientskept on work- demic,officials say, will deter- some schools will resume activ- long-term viability of the euro. It 3.5% next year,while Italy’s job- last week were similar to the ing,while we had to stop,” mine whether stricter rules ity in mid-Maywhile barsand erodes support forthe currency lessratewill average13% and level beforethe crisis,hesaid. said Ruggero Ceriali,chief ex- need to be reimposed. restaurantsthat serveclients in Southern Europe,while mak- Spain’s17%, the report said. In Italy and Spain, lock- ecutiveofOMR SpA, an Italian Overall, the rules mean an outside canreopen in June. ing it harder forthe European “Wesee the crisis as abig downs started earlier than in manufacturer of components era of European confinement Spanish Prime Minister Pe- Central Bank to set interest rates opportunity and arepreparing Germanyand have extended to of industrial and commercial will not end oncenational droSánchezsaid Spain will lift that aresuitable forall mem- systematically forthe time af- most nonessential businesses. vehicles.“We arethrowing lockdowns begin to officially one of the world’sstrictest bers.European economies are tercorona,” said Klaus Fischer, “The differenceisthat other GDP out of the window.” lift in May. Instead, govern- lockdowns in four phases with expected to suffer steep drops in owner of Fischer Group,a countries never stopped,” said Southern Europe’sweaker mentsare digging in for an aim of reaching a“new grossdomestic product this year manufacturer of fastening Giuseppe Pasini, chairman of banking system could amplify months to come,crafting normal” by the end of June. because of the virus and the products for the construction Feralpi Group,anItalian steel itsdownturn. Manybanks are changesthat arelikely to On May4,restaurantscan lockdowns aimed at containing and autoindustries based near producer that has part of its wrestling with a large pile of placelonger-term strains on start offering takeout food and it. But economistsexpect the re- Germany’s Black Forest. production in Germany. nonperforming loans from the social and democratic norms. people will be allowedtodo coveries to differ markedly. Mr.Fischer’s factories have Thecompany’splant in Ger- latest financial crisis and will In amarathon addressto sportsindividually,such as cy- Germany’seconomyisex- continued rumbling through- many, which employs 700peo- struggle to financeaneco- the National Assembly,French clingorrunning.Aweek later, pected to bounceback better out the crisis,partly due to ple, continued production, he nomic recovery,the Interna- Prime Minister ÉdouardPhi- small shops will open. than Southern Europe’s. German safety measures that were de- said. He noted he would meet tional Monetary Fund said. lippedetailed myriad restric- Authorities acrossthe conti- grossdomestic product is ex- veloped in-house. hisproduction and sales tar- Thehealth emergencycould tionsontravel, work and so- nent areclosely monitoring a pected to be 2.5% smaller in the While factoryclosures have gets forthe German part of push between 100,000 and cial gatheringsthat will take metric knownasthe reproduc- last quarter of 2021 than it was been the norm in Italy and his business, while the Italian 145,000 Italian companies into effect onceFrance’slockdown tion number,which chartsthe in the same period last year,but Spain, fewer than one-fifth of division likely would suffer liquidity crises,affecting 3.2 lifts on May 11. speedatwhich the pathogen Italy’s GDP is expected to be German manufacturersclosed about a20% revenue shortfall. million workers, said Italian “These social rules arecom- spreads in the population. Are- 9.2% lowerand Spain’s7.7% in recent weeks,according to a Thedifferent degrees of na- consulting firm Cerved Group. plicated,” Mr.Philippe said. production number below1 lower, according to research by survey conducted last week by tional lockdowns areasource Some 80,000 companies areat “But we cancount on the civic means the number of infected MorganStanley published on economic think tank Ifo. of frustration formanyItalian risk of exhausting their liquidity spirit of our fellowcitizens to people in the countryatany one Monday. Germany’sunemploy- Volumes at Fischer’s main exporters. “The problem is by the end of May, the firm said. apply them rigorously. All of time will decrease over time.

and pork,and deepening worries recently forbeef.WhiteHouse of- terlocal health and government partment StoreUnion, said plant held back on farms,pork pro- Trump Tells about the food supply.Morethan ficials said that they feared as officials,including the Black shutdowns were necessaryto ducerssaid, and mayeventually adozenmajor meatpacking much as 80% of the industry’s Hawk County BoardofHealth, save workers’ lives.“We only need to be euthanized. plantshaveshut afteroutbreaks processing capacity could have called forthe move. wish that this administration “Aspork,beef and chicken Meat Plants among employees and other been shut without action from “Even if the plant is de- caredasmuch about the lives of plantsare being forced to close, workerschoosing to stay home theadministration. manded to stay open, I’m not working people as it does about even forshort periods of time, rather than risk infection. Those shutdowns arecutting surethat all employees will feel meat, pork and poultryprod- millions of pounds of meat will To Operate Such closures “threaten the deeply intothe U.S. meat supply. that it’sasafeplacetowork at ucts,” Mr.Appelbaum said. disappear from the supply chain,” continued functioning of the na- Beef production forthe week this time,” said Adam Roise, Plantsoperated by companies wroteJohn Tyson, chairman of tional meat andpoultrysupply ended April 25 was24.5% lower medical director of the North- likeTyson,Smithfield Foods Inc. TysonFoods,inanewspaper ad ContinuedfromPageOne chain, undermining critical infra- than the same week ayear ago, and JBS USAHoldingsInc.have and webpost published this tion is also planning to take structureduring the national according to datafromCoBank, recorded hundreds of cases asso- week. steps to improvesafety forem- emergency,” according to Mr. an agricultural lender.Pork pro- More than a dozen ciated with workers, and some Lakesha Bailey,aquality-as- ployees at the facilities,offi- Trump’sorder. ductionfell 14.6%, and chicken health officials have pressured suranceworker at aTyson cialssaid. TheLabor Department also 8.2%. major meatpacking meat companies to shut plantsto chicken plant in Temperanceville, Thepresident’sorder came af- plans to issue guidanceaimed at Theclose-quarterswork typi- factories have shut prevent the virus from spreading. Va., began calling in absent April teradministration officials had giving plant ownersprotection caltomeat processing has made Meat-companyexecutives 19 afteraco-worker’s relative privateconversationswith execu- from the liability that could result meatpacking plantsparticularly in recent weeks. have said they aretaking steps to tested positivefor the coronavi- tives of major meat-processing from keeping the facilities open, susceptible to outbreaks. protect workers, including issu- rus. She said she tested negative companies to discussconcerns an administration official said. Officials said they believed ing masks and installing plastic forthe virus,but she still feared aboutfood shortages.The order TheDefense Production Act most workerswould return to shields between processing-line getting infected and passing the will insulatemeat plantsfrom allows the president to control the plants, adding that the ad- east Iowa Family PracticeCenter workstations.But they said it is virus to her elderly mother. state-level actions that Mr. theproduction and distribution ministration has no plans to and amember of the county critical that their plantscontinue ATyson spokesman said the Trump said have led to closures. of critical productsand supplies. compel workerstogotowork if health board. He said his com- to operate. Supermarket compa- companyhas changed policies to Thepandemic has upended Mr.Trump has invokedthe law they areuncomfortable with mentsreflected his ownviews. nies including Walmart Inc.and accommodateworkerswho are the U.S. food-supply chain in re- previouslytopressurecompanies their work environment. About 20 meat- and food- Costco Wholesale Corp.are brac- sick or symptomatic. cent weeks,slashing prices and to producesupplies needed by In Black Hawk County,Iowa, processing workershavedied ing forproductstorun short and Ms.Bailey said she mayseek demand foragricultural com- medical professionals responding where1,346 Covid-19 cases have from Covid-19,the disease the seeking alternatesuppliers. another job or go back to school modities as restaurantsand to the outbreak. been confirmed along with 12 coronavirus causes,according to Meatpacking-plant closures rather than return to her job. schools sit closed. Meat-industry officials esti- deaths,Tyson Foods Inc., the the United Food and Commercial arealso creating chaos on She said she worried that Mr. Meatpacking plants have be- mateabout one-fifth to one-quar- largest U.S. meat companyby WorkersInternational Union. farms.Around 100,000 pigsdue Trump’sorder would put more come hot spotsfor the virus,cut- terofthe U.S. pork-processing in- sales,last week closed indefi- Stuart Appelbaum, president of to be sent to slaughter each workersatrisk.“Everybody is in ting production of chicken, beef dustryisshut this week,and 10% nitely itsWaterloopork plant af- the Retail, Wholesale and De- daythis week will have to be fear of their lives here,” she said. P2JW120000-0-A01000-1------XA

A10 | We dnesday, April 29, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

Hindu god named Ram, espe- morethan one million. He hadonly around 30,000 con- Sundayservices so that pa- when it wasfirst broadcast, he ’80s Show cially hisquest to rescue his started posting life-lesson vid- firmed infections and below rishionerswouldn’t missit. said. “It’s also content people kidnapped wife, Sita. It is full eos forthem and has been 1,000 deaths as of Tuesday. Backthen as well as today can happily rewatch.” of long ballads, speeches on swamped with messages. Doordarshan’slibrarygives some critics said it was inap- Engineering student Gaurav Is Big Hit morals and featuresapan- “A lot of commentscome it aunique advantage. Com- propriatefor statetelevision Jain, 19,has been watching theon of Hindu gods. on Facebook but it’s impossi- petitorsoften depend moreon to promote Hindu teaching in with his grandmother.“It’sre- Amid the current revival, ble to respond to all,” he said. shows that are live or almost asecular nation, but that ally basic with static sets and In India enthusiasm forthe epic has “In one of the messages,aper- liveand have had to stop run- hasn’t doused its popularity. low-resolution video,not to takennew forms.The new son had writtenthat his ning because they are unable Advertisershavejumped on mention the sudden interrup- generation of Ramayanfans mother wanted to hear my to film fresh episodes. Prime- the throwback bandwagon. tionsfor devotional songsin ContinuedfromPageOne aresharing Ramayanmemes voice, as the voiceofLord time soap operas forexample, Amul,one of India’sbiggest the middle of important Thetelevision show’s on Twitter and TikTok videos Ram, beforeleaving this will oftenfilm only aweek be- dairybrands,dug up itsads scenes,” he said. “Still, it’sa brightly lighted scenes stuffed of kids lip syncing dialogue world.” fore being broadcast. Dance from the ’80s to broadcast great series to connect us to with colorfulcharactersand and families worshiping the Therenewedenthusiasm contestsand quiz shows are with the show. Doordarshan our culture and roots. I enjoy extras in wigs, heavy makeup images of the gods by putting forRamayanshows howdiffi- other prime-time pillars that decidedtobring back other watching it.” and bright costumes bring to garlands near their televisions. cult times have triggeredare- don’t record much in advance. hits back from the days when Kamal Khanna watched mind grand old movies like Thereisevenahashtag,the treat into family and religion, Fans already knowthe out- Indians had few other options, DD’sRamayanreligiously “The Wizard of Oz.” The pace #Ramayaneffect, to describe, said Shashi Shekhar Vempati, comes of earlier seasons so including “Shaktimaan,” a when it firstbroadcast—as is more telenovela: lots of in- forexample,how children are thechief executiveofficer of they don’t want the reruns. showabout an Indian super- most Indians back then did— trigue punctuated by long purportedly morerespectful Prasar Bharati Corp., which Sports, another top-rated herowho gets his powerfrom and he nowreturns to the pauses to zoom in on the faces after watching the show. oversees India’spublic-televi- category, has been shut down meditation. channel to watchitwith his of actorsreacting.The special Arun Govil, 68,the actor sion stations. with no live events to broad- The demand for the classic grandson when it is broadcast effects: Think black-and-white who starred as the hero Ram, “Citizens across India tun- cast. News and movie channels has also spilled over into twiceaday:at9a.m. and 9 “Godzilla” movies. experienced adulation during ing intoDDtowatch Ramayan aredoing well, as aresome streaming services that carry p.m. Theoriginal Ramayan, also itsfirst runbut says it has is an important sign of the streaming services,but most it and have seen ajump in He said it reminds him of a known as Ramayana, is millen- reached a new level this time role occupied by cultureand Indians online can’t afford to searches and downloads of Ra- simplertime and will help his nia old. It is a pillar of Hindu as possibly even moreIndians spirituality across all regions pay for them. mayansinceittook off on DD, grandson be brave. “It helps teaching,known and per- arewatchingitthan in the of India,” he said. In the 1980s, Ramayan was said KaranBedi, CEO of MX him understand that the scary formed in manyforms ’80s. India’slockdown, which is one of television’sbiggest Player,one of India’sbiggest times will end but the truth throughout India and other He had basically ignored the largest-ever, affecting 1.3 blockbusterseverinIndia. It streaming apps. will remain there forever,” he partsofAsia. It outlines the social media until last month, billionpeople,was extended wassopopular,evenwith “It’scontent that people ha- said. adventures and wisdom of an when the followers on his afterthree weeks to May3. non-Hindus, that some Chris- ven’t seen beforebecause —Vibhuti Agarwal exiled princewho is also a Facebook account shot up to TheSouth Asian nation has tian churches rescheduled most Indians weren’t born” contributed to this article.

the period the companies areon ‘A Bargain the hook to makemonthly pay- mentsonbehalf of homeowners who fall behind on their loans. With Thepandemic’sfinancial hit could cause lenderstore-evalu- atetheir exposuretoAirbnb, The Devil’ said Susan Wachter,areal-es- tate professor at University of Pennsylvania’sWharton School ContinuedfromPageOne of business. “There’snorescue larly unstable in the pandemic. in placefor this.” Silicon Valley championed the ManyAirbnb hostsare des- concept of turning Americainto peratetosell properties,say aland of entrepreneurstaking real-estatebrokers likeGreg advantageofflexible hours, un- Hague,who runs aPhoenix impeded by regulations or spe- real-estatefirm and helped cialized training.People who statelawmakersdraft short- bought intothe idea turned term-rental legislation. “There’s their cars intowork stations for been aflood of people.You Uber Technologies Inc.and Lyft have people coming to us say-

Inc.orbecame couriersfor (2) ing,‘I’m amonth or two away food-deliveryservices like from foreclosure. What’sitgo- DoorDash Inc. ing to take to getitsold now?’ ” They have takenahit, but JOURNAL he said. That hasdiminished

with Airbnb,the problems are REET overall property values,hesaid. broader.Hostsbrought with ST Airbnb’sMr. Papas said them cleaning services,interior LL therewas no statistical evi- WA designersand property-mainte- dencesuggesting home sales or THE

nanceworkerswho helped R prices had been affected. build miniatureproperty em- FO As short-term-listingsbans pires—so their plight has ripple were passed around the country, effectsthat go far beyond their Airbnb said it wasshifting to fo- MCINTYRE

ownlistings. T cus on long-term stays and en- OT

Airbnb hostssaw $1.5billion SC couraged hoststoallowthem. in bookingsvanish in mid-March Some hostsunder pressureto as the travel industryfroze,ac- Cheryl Dopp, above, at a Miami generateincome have pursued cording to market-research firm home she has rented out traditional12-month leases on AirDNA LLC,which analyzes through Airbnb; left, a couple Zillow, Craigslist and other sites. bookings. Airbnb gaveguests whose family is renting the In Nashville,Tenn., which full refunds and forced hoststo house from her at a discount. grantspermitstohosts, about a dip intotheir pocketsorbeg for dozenofthe city’s 3,600 non- leniencyonApril loans and rent. Airbnb,Ms. Landrum said. owner-occupied listings—which “Hostsshould’vealways They spendabout $50,000 includeAirbnb properties—sur- been prepared forthis income annually with cleaning services, faced in the firstdays of April to go away,” said Gina Marotta, about $25,000 on an inspector as advertisementsfor one-year aprincipal at Argentia Group and $30,000 ayear on mainte- leases on ZilloworCraigslist, Inc., which does credit-risk nancestaff and landscapers, according to Host Compliance analysis forreal-estateloans. Ms.Landrum said, not to men- LLC,asoftware provider track- “Instead, they built an expen- tion spending on furnishings. ing permitsfor the city.City sive lifestyle feeding off of it.” When Airbnb began refund- leaderssaid they feared more Thestartup that gaverise to ingguestsMarch 14,the Lan- would follow. the short-term rental economy drums had nearly $40,000 in is slashing expenses and se- cancellations,she said. Thecou- cured $2 billion in financing ple has been able to payonly a ‘Magical thinking’ this month,including a$1bil- portion of April rent on the 18 One of the apartmentsisin lion loan at ahefty interest apartmentsthey lease and can’t City View,adevelopment with a rate.The Wall Street Journal fulfill their obligations to pay swimming pool and rooftop reported last month that three months’ rent unlessbook- views of downtown. When City Airbnb had racked up hundreds ingsresume.Adding to the View wascompleted in 2015, of millions in losses due to the stress, Georgia banned short- councilman Freddie O’Connell, pandemic.The companyhasn’t term rentals through April. who representsthe district and publicly reported figures. TheLandrums have negoti- has worked to rein in short-term Though most real-estate AirDNA’s data. He said more appeared as the crisis took hold Later, Airbnb said it would ated to getsome leniencyfrom rentals,hoped it would lure economistssay thereare too than 70%ofhostsworld-wide and the companystepped in to payhosts25% of what they apartment ownersontheir young professionals and fami- few Airbnb properties to ignitea have only one listing,and those amelioratetravelers’ panicked would have received forcan- leases.Ifnot, Ms.Landrum lies.Instead, he said, it became housing crisis,the breakdown of listingsaccount forabout half cancellations.Airbnb granted celed bookingsand created a said,they would have to sell ahaven forshort-term rentals. the Airbnb economycould strain of Airbnb’slistings. He declined guestsfull refunds forstays be- $17million fund to help top- their house. “With Airbnb,magical think- lenders, undermine property to break down the percentage tween March 14 and May31, ratedhostscover mortgages. Florida,Pennsylvania, Ver- ing gotout there,” said Mr. values and validatesome local of hostslisting entirehomes wrenching the finances of those Airbnb said it would capgrants mont and Delaware also have O’Connell. “People have taken governments’ long-held suspi- versus those subletting rooms. whohad used Airbnb income to at $5,000 per host. clamped down on short-term on alot of risk,and we’resee- cions that Airbnb contributed to sustain their mini-empires. That sumwould provide little rentals,instituting temporary ing the consequences of that the affordable-housing crisis. Airbnb has said while it gave relief to hostssuch as Jennifer bans on Airbnb properties and now.” City View declined to “No one anticipated that a No bookings hoststhe flexibility to set their and David Landrum of Atlanta. similarlistings. comment. global pandemic would require Smaller players have spent owncancellation policies,hosts In 2016,they started acompany Nearly one in five hoststhat Ms.Dopp,the IT contractor, the countrytoshelter in place, hundreds of thousands of dol- agreed to an “extenuatingcir- named Local, renting the 18 Airbnb recently surveyed said bought two Jersey City proper- upend the economy,” said larseach buying homes for cumstances policy” that allowed apartmentsthey leased and 21 hosting on the platform helped ties in 2015 each with multiple Airbnb spokesman Nick Papas. short-term rentals.Jennifer thecompanytooverride them— apartmentsthey managed to them avoid eviction or foreclo- apartments. She listed one “This is temporary: Travel will Kelleher-HazlettofClawson, as it did when the pandemic hit. corporatetravelersand film-in- sure. Thecompanypresented apartment for$140anight and bounceback and Airbnb Mich., spent about $380,000 to Some hostsfeel Airbnb hung dustryworkers. They spent thesefindingstoU.S.congres- generated $4,200 from it that hosts—the vast majority of buy two Michigan properties in them out to dry. “I don’t think more than $14,000 per apart- sional leadersand successfully month, she said. She also whom have just one listing— 2018.She said she and her hus- that hostseverthought their ment to outfitthem with rugs, lobbiedtohavehostscovered bought aMiami house that she will continue to welcome guests band cashed out their financial policies would be overridden,” throw pillows,art and chande- under the Coronavirus Aid, Re- listed on Airbnb and other and generateincome.” investmentsand borrowed said Ms.Kelleher-Hazlett. liers. They grossedabout $1.5 lief,and Economic Security short-term rental sites under a Mr.Papas said the company $100,000 from employers to “They’reveryguest-centric.” million annually,mostly through Act—known as theCares Act— pseudonym and used the antici- accountsfor afraction of the furnish them. making them potentially eligi- pated revenue from the proper- global housing stock and would The47-year-old expected to EmpireBuilding ble forsmall-businessloans and ties to support asix-figureloan have minimal effect on the net up to $7,000 amonth from unemployment assistance, formaintenance, she said. The number of hosts and property listings on Airbnb has soared broadermarket. Airbnb has Airbnb aftermortgagepay- among other things. When states began locking sinceFebruary2016. Bookings contracted sharply in the U.S. as morethan three million hosts ments, supplementing her in- That program’sfunds ran down, Ms.Dopp said, “I the countrymovedtocontain the coronavirus. andmorethan seven million come as apart-time pharmacist out but were replenished with thought, ‘Holy God. We’re listingsglobally,hesaid. and her husband’sasaschool- Change sinceFebruary 2016 Weekly bookings Congress’ approval this month about to lose everything.’ ” Airbnb hosts’ models range teacher.Beforethe virus struck, of another $484 billion in aid.It Though some of her proper- from owning property to sign- the couple wasconsidering 500% 600 thousand wasn’t clear howmanyhosts ties hadlong-term tenants, she ing long-term rental agree- buying morehomes.Now,they would qualifyorwhether dis- lost most Airbnb bookings mentsfor apartments. can’t makemortgagepayments Activelistings 500 bursementswould be fast through spring,she said, and AirDNA estimates that a because no one is booking,she 400 enough to covertheir losses. can’t coverApril’smortgages, thirdofAirbnb’sU.S.listings said. “We’reeither borrowing 400 In March, the Federal Hous- property taxesand insurance. A forentirehomes or apart- more or defaulting.” 300 ing FinanceAgencysaid owners family rented her Miami home ments—excluding shared Airbnb let hostsset their own of investment properties with at adiscounted rate on Airbnb, rooms—arebyhostswith asin- refund policies over canceled 300 loansbacked by Fannie Mae or shesaid, providing some relief. Hosts gle property.Another thirdare stays.Hostswith strict policies 200 Freddie Mac could seek forbear- She also plans to apply fora runbyhostswith between two would receivehalf the money on 200 anceifthey couldn’t paytheir small-businessloan, seek for- and 24 properties.The remain- canceled stays.Manyfactored a mortgages due to lossofin- bearancefrombanks,find long- 100 ing thirdinvolvehostswith steady stream of income when 100 come related to the coronavi- term tenantsindependently of morethan 25 properties. planning forthe future. rus—a changethat could help Airbnb and sell one property. Airbnb’sMr. Papas said the Airbnb’sMr. Papas said the 0 0 some Airbnb hosts. Theagency She has begun shutting companydoesn’t break down majority of activelistingsdidn’t later moved to help mortgage down her Airbnb account, she 2016 ’17 ’18 ’19 ’20 Feb. 2March 1April 5 databyproperties and can’t have strict cancellation policies. companies facing acash-flow said.“Idon’t want to bargain comment on the accuracyof Hosts’ sense of control dis- Source:AirDNA crunch,capping at four months with the devil anymore.” P2JW120000-2-A01100-1------XA

THE WALL STREET JOURNAL. ** We dnesday, April 29, 2020 | A11 THE CORONAVIRUS PANDEMIC Violent Protests Erupt as Lebanon Opens

BY NAZIH OSSEIRAN of the Lebanese currency. At AND DION NISSENBAUM least a half-dozen banks have been hit by firebombs, stones BEIRUT—AsLebanon be- or metal pipes in recent days. gins to reopen afterapan- And the peaceful nationwide demiclockdown, protesters marches that characterized have burst ontothe streetsto the prepandemic protestshave demand relief from the coun- been supplanted by newanger. try’sdeteriorating economyin “Molotovs! Molotovs! In- one of the first signs of a vio- stead of candles we nowwant lent backlash following weeks Molotovs,” protesterschanted under quarantine. Monday night outside a bank Onedemonstrator died on in the southern city of Sidon. Tuesdayafter soldiersinTrip- Tripoli has emergedasthe oli, Lebanon’ssecond-largest latestprotest hot spot. Over- city,used tear gas, batons and nighAt,hundreds of demon- livebulletstorepel protesters, strators ignored curfew or- including some who lobbed dersand poured intothe Molotov cocktails. streets, wherethey clashed As the protester waslaid to with soldiers.One protester, rest, angrydemonstratorsin 26-year-oldFawazal-Saman, the city set fire to at leasttwo died Tuesdayafter being shot closed banks and small dem- S in the leg during the demon-

onstrations spread to the capi- PRES stration in Tripoli, his family

talofBeirut, whereactivists TED said.

sought to shut down main CIA Themilitarysaid it had SO

downtown streets. AS opened an investigation into “It’s not so much a protest Mr.Saman’sshooting.Itac- as an explosion,” said Paul Sa- SEIN/ cused agitatorsofhijacking lem, president of the Middle HUS the protests.

East Institute, a Washington- BILAL Mr.Salem, of the Middle based think tank.“Thedesper- Soldiers ran past a bank that antigovernment protesters had set on fire on Tuesday in Tripoli, Lebanon’s second-largest city. East Institute, warned that the ation of notbeing able to feed protestscould spread across your family will push people Lebanon is slowly emerging countryeased the nightly cur- Thecountrywas in trouble the countryissaddled with theregion, as weak and un- onto the streets in some kind from nearly two months of a few as the firststage of afive- beforethe pandemic swept massivedebt. In March, Leba- popular governments grapple of undefined rage forsome- nationwide lockdown that doc- part plan set to unfold over across the region this year. non defaulted forthe first with their response to the vi- thing to happen.” tors and activistssay helped the next few weeks. Months of peaceful anticor- time on $1.2 billion of euro- rus. Sporadic protestshave contain the spread of Covid-19, But the success comes at a ruption street protests bonds. “There is no political relief popped up in other countries, limiting the known death toll severe economic cost. TheIn- brought down the U.S.-backed Onerous restrictions banks valve,” he said. “I think we wherepeople have lost jobs to 24 so far. ternational MonetaryFund ex- government last fall, but the have imposed on howmuch risk moresocial chaos and so- because of orderstostayin Small businesses began re- pectsLebanon’seconomywill newgovernment didn’t take money customerscan with- cial disintegration across the their homes. opening this week and the shrink 12% this year. shape until January. Moreover, draw has weighed on the value region.” Pressure Mounts for Catholic Churches to Reopen for Public Worship

BY FRANCIS X. ROCCA Prime Minister Giuseppe seemed to encouragepatience Regular worshipersinclude the same debatehas broken begun loosening restrictions. Conteannounced that funerals with the reopening process, manyolder Italians,who areat down alongideological lines, France’sCatholic bishops ManyCatholicsinItaly and will be allowedfromMay 4, praying during his morning higher risk of being hospital- with calls forpublic worship released astatement Friday other European countries are with a maximum of 15 people Massfor the “grace of prudence ized if they contract the virus. coming mostly from avocal mi- saying they are“profoundly calling on governmentstoper- in attendanceand preferably and obedience” to the Italian Manypriestsalso areinthe nority of conservativeCatholics. conscious of,and share, the mit public Masses again after outdoors, but he gave no spe- government’splan, “sothat the older agerange. BeforeMasses This month, the president impatience of the faithful to weeks of lockdown to contain cifics forthe resumption of pandemic does not return.” were suspended in March, bish- of the German bishops confer- gather together to celebrate the coronavirus,inadebate any other public worship. Thegovernment has re- ops had urgedolder people and ence, Bishop GeorgBätzing of and nourish their faith.” that pitsreligious liberty The Italian bishops confer- sponded to the bishops by say- those with underlying medical Limburg, criticized Germany’s On Sunday, Cardinal Juan against public-health concerns. encecriticized the govern- ing it will study aplan to per- conditions to stay home. federal government for re- José Omella of Barcelona, Italian bishops areunhappy ment’splan, which they said mit public worship “assoon as Some priestsalready are opening shops without lifting president of the Spanish Cath- that the government has set a “arbitrarily excludes” commu- possible…under conditions of preparing to resume public aban on public worship.The olic bishops conference, said: reopening datefor barsand nal Masses,and said they maximum safety.” Thebishops Masses. government is in talks with “Wewant to be able to return hairdressersbut not forMass, couldn’t accept what they saythey have developed aset Thecall forrestarting public Germany’s16federal states to to our temples and pray to- which has been halted nation- called an infringement of the of protocols forholding public Masses has come from Italian develop aframework forre- gether,hear together the word wide since early March. freedom of worship. Masses,including the use of Catholics on both leftand right, suming public worship nation- of God and together praise the On Sundaynight, Italian Pope Francis on Tuesday masksand social distancing. in contrast with the U.S.,where wide.Some states already have Lord. May it be soon.”

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A12 | We dnesday, April 29, 2020 THE WALL STREET JOURNAL. WORLD NEWS WORLD WATCH

SYRIA Policeinitially reported that Anne-Elizabeth Falkevik Hagen At Least 40 Killed had been abducted. The 69-year- In Attack on Town old childhood sweetheart that Mr.Hagen had married at age 19 A fuel tanker exploded Tues- disappeared from the couple’s day in an attack on a northern home eastofOslo,authorities Syrian town controlled by Turk- said. Aransom wasdemanded, ish-backed opposition fighters, policesaid, in January 2019, but killing at least 40 civilians, Tur- declined to givethe amount. key’s Defense Ministry said. Prosecutor Aase Kjustad Er- The ministry tweeted that iksson said authorities would the attack occurred in a crowded seek Wednesdaytohave Mr.Ha- street in Afrin and the dead in- gen held forfour weeksinpre- cluded 11 children. It said 47 trial custody and thatmorear- people were wounded. restswerepossible. Police Turkey’s statenewsagency declined to elaborateonamotive. cited unnamed securityofficials —Associated Press who said the attack wasbelieved to have been carried out by Syr- NETHERLANDS ian Kurdish fighters linked to S Kurdish militants fighting Turkey. Details Revealed of PRES Turkey and allied Syrian fight- ‘Pearl Earring’ Work ers took controlofAfrin in 2018 in ZUMA amilitary operation thatexpelled Researchers using a battery OM/

SC local Kurdish fighters and dis- of modern imaging techniques

NEW placed thousands of Kurdish resi- have gotten under the skin of S/ dents. Ankaraconsiders the Kurd- Johannes Vermeer’s “Girl with a

NEW ish fighters who were in controlof Pearl Earring,” but tests haven’t Afrin to be terrorists. answered the key question NHAP

YO —Associated Press about the world-famous paint- North Korean leader Kim Jong Un, who was last photographed on April 11, was out of public view for six weeks in 2014 after surgery. ing’s enigmatic subject. NORWAY “Who was the girl?” Martine Gosselink, director of the Maurit- Tycoon Arrestedin shuis museum in The Hague Kim Saga Follows a Familiar Path Missing Wife’s Death said in apresentation Tuesday of new research findings. BY TIMOTHY W. MARTIN health accelerated afterhe Il Sung,who died in 1994, and speaking two weeks after Norway’s wealthiest man was The project uncovered details AND ANDREW JEONG failed to show up for an April Kim Jong Il, killed by aheart Seoul’sintelligenceservicepub- arrested Tuesday in connection including how the Dutch master 15 celebration marking the attack in 2011,took the world licized the elder Kim’sillness. with his wife’s 2018 disappear- painted the girl and where he SEOUL—North Koreatypi- birth anniversaryofhis grand- by surprise when they were re- Thedocumentscouldn’t be ance and held on suspicion of got his pigments. They even cally putsonagood poker face father,North Koreafounder ported in somber state-media independently verified, though murder or complicity to murder confirmed that the girl has eye- when amember of itsruling Kim Il Sung.Other senior broadcastsfromPyongyang. they largely match what South in a case that police had earlier lashes and revealed she is Kim dynasty falls gravely ill. North Korean officials have South Korean intelligenceof- Korean officials recall about the thought was a kidnapping. painted in front of a green cur- Thehealth of North Korean also stayed out of the spot- ficials suspect only ahandful of correspondencewith the U.S. TomHagen, areal-estate in- tain that has faded from view. leadersisamong the isolated light in recent weeks. Kim regime insidershad real- Thae Yong-ho,asenior vestorand owner of an electric The findings will be put online, regime’smost closely guarded The coronavirus pandemic is time information about what North Korean diplomat who company, wasarrestedonhis along with explanations from secrets—and something on one reason Mr.Kim and others washappening in those cases. defected four yearsago, said waytowork, chief policeinvesti- those involved. which foreign intelligenceagen- maybelimiting their public ap- When Kim Jong Il had a even the most senior Kim re- gatorTommyBroeskesaid. —Associated Press cies have struggled to keep tabs. strokeinthe summer of 2008, gime officials “don’t knowthe Kim Jong Un,the third it waskept secret fordays—or whereabouts of the Kim Jong member of his family to run Seoul officials have possibly weeks—beforeU.S. Un family,” in a Tuesday post the communist dictatorship, intelligencelearned that on his Facebook page. has been out of public viewfor expressed confidence French doctorswereasked for North Korea, though quick morethan two weeks.Heis that their neighbor’s their opinion of a brain scan, to publish state-media mis- rumored to be alive, dead or according to former South Ko- sives striking back against U.S. somewhere in between. dictator is alive. rean officials and diplomatic officials’ commentsabout the South Korean officials,who cables released by WikiLeaks. regime,doesn’t have atradi- keep aclose eyeontheir clois- American spies determined tion of responding to rumors teredneighbor,onTuesdayex- that Mr.Kim wasn’t terminally aboutthe health of the coun- pressed confidenceMr. Kim is pearances,security analysts ill, partly by monitoring tele- try’sleaders, said Rachel Lee, a alive. Thecountry’sunification said. Mr.Kim, last photo- communications between former senior North Koreaan- minister referred to media re- graphed on April 11, has disap- Pyongyang and France, Mr. alyst forthe U.S. government. portssuggesting otherwise as peared from the public eyefor Namsaid. U.S. officials relayed Therefore, notions about the CK an “infodemic” and dismissed longer stretches before. In 2014, the information to their South North’ssilenceonthe current TO the coverage as fake news. he had ankle surgery that side- Korean counterparts. media frenzy shouldn’t be taken

On Monday, President lined him fornearly six weeks. ButNorth Korearemained as definitiveevidencethat SHUTTERS Trump suggested he had infor- “It’simpossible to knowin largely “a black box” forU.S. something is amiss, she added. A/ mation about Mr.Kim’shealth real-time when and if the North and South Korean officials,ac- “Maybe it doesn’t dignifya

status and hoped he was fine. Korean leader has fallen ill,” cording to diplomatic cables response from North Korea,” SNAIN/EP

“I do know howhe’sdoing,” said NamSung-wook,the for- from that time.South Koreahas Ms.Lee said. “You also don’t HUS Mr.Trump said, adding, mer head of the South Korean “no firm information about Kim want to giveanimpression QAR

“You’ll probably be hearing in intelligenceservice’sthink tank. Jong-il’shealth,” read aU.S.ca- that theleader’s actions are WA the not-too-distant future.” News of the demise of the ble dated Oct. 6, 2008,quoting being dictated by international FRUITSOFHIS LABOR: Aworker sorted watermelons Tuesdayduring Speculation about Mr.Kim’s North’sfirst two leaders, Kim asenior government official rumors.” the holy month of Ramadan amid the pandemic in Pakistan. FROM PAGE ONE

About Face Bowles,aformer investment dreessen, people familiar with weighing in from his com- banker and aClinton adminis- the matter said. As Facebook pound in Palo Alto, Calif.It Zuckerberg Changes on the boardwerepart of Mark Zuckerberg's campaign tration official. worked toward complying was rolled out within days. to consolidate decision-making at Facebook. Afterhis departure, Mr. with the FTC settlement, the In mid-March, Facebook Asserts Bowles privately criticized two were “ateach other’s said Kenneth Chenault, the Member of the Compensation, Nominating &GovernanceCommittee Facebook leadership forfailing throats,” one of the people former American Express Co. to take his advice on politics, said. Mr.Andreessen ex- CEO,was leaving the board. Board memberswho left/areleaving His Power according to aperson with di- pressed frustration to some He and Mr.Zuckerberghad at rect knowledgeofhis remarks. about whether Facebook one time been close.Before Mr.Bowles declined to com- would be able and willing to Mr.Chenault joined the board ContinuedfromPageOne ment. Aspokeswoman forMr. comply with the terms,and he in February2018,the Face- than he has been in years. Hastingsdidn’t respond to a considered leaving the board, book chief called him some- It is far from certain that request for comment. the people said. Aspokes- timesweekly foradvice and Mr.Zuckerberg’srepositioning Erskine Reed Susan Kenneth Jeffrey In October,Facebook said woman for Andreessen Horo- treated him as a“kind uncle,” of Facebook,and his role at Bowles Hastings Desmond- Chenault Zients Susan Desmond-Hellmann, its witz declined to comment. The according to aperson familiar thetop,will lead to alasting (leftMay (May2019) Hellmann (leaving (leaving lead independent director Facebook spokesman said Mr. with their relationship. turnaround in itsreputation 2019) (October in May) in May) since June 2015, was leaving. Andreessen never doubted the Soon afterjoining,hetried following morethan three 2019) Facebook quoted her saying it company’s ability or commit- to create an outside advisory years of controversy over the Newboardmembers wasfor health and family rea- ment to comply with the FTC group to study Facebook’s spread of misinformation, sons. Ms. Desmond-Hellmann settlement. problems and deliver reports loose oversight of user data conveyed to some people that In February, Mr.Zuckerberg to the board, circumventing andthe company’scompeti- she leftinpart because she brought on moreboardroom Mr. Zuckerberg, according to tive practices. didn’t think the boardwas op- support, adding longtime people familiar with the mat- Thedepartureoflong-serv- erating properly,and that friend Drew Houston, the 37- ter. Others on the board were ing directors, along with those management wasn’t consider- year-old CEO of cloud-soft- opposed, and the idea sank. of several longtime lieutenants Peggy Drew Nancy Robert Tracey ing board feedback, a person ware companyDropboxInc. Mr.Chenault and Jeffrey D. over the past two years, Alford Houston Killefer Kimmitt Travis familiar with the matter said. Theprevious spring,hehad Zients, aformer economic ad- (joinedin (February) (March) (March) (March) means he is navigating this May2019) This month, Ms. Desmond- added Peggy Alford, a PayPal viser to President Obama, had moment without key advisers Hellmann joined Pfizer Inc.’s HoldingsInc.executivewho spearheaded a group of inde- who might be able to help him Boardmemberswho haven't changed board. When reached forcom- had worked forhim at the pendent directorswho last spot potential pitfalls. ment, she said Facebook’s Chan Zuckerberg Initiative. year held separatemeetings, Facebook will givealook at pressrelease wasaccurateand Aspokeswoman forMr. worried their perspectives recent businessperformance disputed the person’s charac- Houston declined to comment. were being dismissed as Face- when it reportsfirst-quarter terization. Ms.Alforddidn’t respond to a book faced regulatorywoes, earnings Wednesday. Mr. Zuckerberg hosted the request for comment. people familiar with the mat- Mr. Zuckerberg declined to December boardmeeting in As Covid-19 struck the U.S., ter said. comment forthis article.A Mark Sheryl Marc PeterThiel Hawaii, hoping achangeof Mr.Zuckerbergmoved quickly In the Facebook announce- Facebook spokesman said: Zuckerberg Sandberg Andreessen scenerycould help smooth to mobilizeFacebook,calling a ment, Mr.Chenault said he “The fundamental mission of Source:the company; Photos: AFP/Getty Images (Bowles); Zuma Press(Zuckerberg, Hastings); over tensions, said people fa- meeting on March 2ofhis top wasleaving to join the Berk- Facebook is connection, and Reuters (Desmond-Hellmann); AP (Chenault); Getty Images (Zients, Thiel, Killefer); Bloomberg miliar with the gathering. businessand product deputies. shire Hathaway board. connection has never been News (Sandberg, Andreessen, Alford,Houston, Kimmitt); Getty Images forLincoln Center (Travis) Directorsand executives re- Mr.Zuckerbergand other About two weeks later, more important.” viewedthe growing list of reg- topleaderssaw an opportu- Facebook said Mr.Zients In some ways, Mr. Zucker- tlement last July. Thefocus would makeFace- ulatorywoes,including how nity forFacebook to playa would leave the boardtode- berg is positioning Facebook Mr.Zuckerberghad long re- book morelikealiving room Facebook would deal with the role, people familiar with the vote moretime to his own along lines he laid out in a lied on Sheryl Sandberg, his than atownsquare, he said. It FTC agreement. They dis- mattersaid. They asked execu- business. Messrs. Chenault nearly 6,000 word manifesto chief operating officer and de also gaveMr. Zuckerberg cussed strategy, cultureand tives to come up with abig and Zientswereboth unhappy in February2017. He envi- facto deputy, to handle policy poweroverInstagram and governance, these people said. idea that would “help change with executivemanagement sioned the social-media giant and operational issues,and on WhatsApp,unitshehad prom- Some left the meeting with a public opinion about Face- and howthe companyhandled as a“social infrastructure” Chris Cox, chief product offi- ised to leave independent. sense that thingscould get book,” one of the people in- misinformation, people famil- that could help battle global cerand alongtime friend, to Shortly afterthe announce- better, one of the people said. volved in thediscussions said. iar with the matter said. ills,including disease—an am- oversee manyofthe biggest ment, Mr.Cox,viewedasapo- Yetinanearningscall the One result wasanadvertis- Of the nine Facebook direc- bitious vision that wasover- changes to the platform. tential successor to Mr. Zuck- next month, Mr.Zuckerberg ing campaign showing people tors at the start of 2019, only takenbynewsofRussian ma- But as he tired of playing erberg, unexpectedly stepped seemed done with apologies. using Facebook and bearing four will remain. nipulation of itsplatform, as defense,Mr. Zuckerbergin down after13years. Mr.Cox Facebook in the past hadn’t the slogan, “We’renever lost if Last week,Facebook bought well as improper access by 2018 took on the role of a war- worried the shifttoencryption communicated itsviews we can find each other.” anearly $6 billion stakeina CambridgeAnalyticatodata time leader who needed to act would impede detection of clearly “because we were wor- Thecompanyspokesman telecom operator in India. The on tens of millions of Face- quickly and, sometimes,unilat- such criminal activity as ter- ried about offending people,” disputed that Mr. Zuckerberg CEO soon announced anew book users. erally. He announced a series rorism and child trafficking, he said. “My goal for the next encouraged deputies to think videochat service to rival Several federal and state of productsthat took Facebook according to people briefed on decade isn’t to be liked but to of Facebook’sresponse as a Zoom, called Facebook Rooms. agencies have been investigat- in newdirections,starting the matter. be understood.” public-relations opportunity. “We’regoing to be dealing ing Facebook,including the with the March 2019 an- Last April, Facebook dis- Mr.Zuckerbergneeded Early in March, a group of with this for quite some time Federal Trade Commission, nouncement that the company closed that two longtime inde- moreboardsupport. He had 20 senior managersworked on to come,” Mr.Zuckerbergsaid. which began aprobe over user would emphasize private, en- pendent directorswould leave been sparring with one of his a Covid-19 information hub— —Jeff Horwitz datain2018 that resulted in a crypted messaging instead of the board: Netflix Inc.CEO longest-serving directors, ven- such as tips on social distanc- and Dana Mattioli record-setting $5 billion set- public posts. Reed Hastingsand Erskine turecapital luminaryMarcAn- ing—with Mr.Zuckerberg contributed to this article. P2JW120000-2-A012A0-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, April 29, 2020 | A12A GREATER NEW YORK City to Ease Grading in Public Schools

Some students will be tary schools will be marked quickly to remote learning. gets alettergrade,hecan take because many middle schools panicking because the whole “meets standards” or “needs Other parentswanted even that gradeand have it factored and high schools use students’ application processseemed to promoted, with amark improvement,” MayorBill de moreflexibility,saying any intohis grade point average, academic records in selective have been undermined. “The of ‘meets standards’ or Blasio said. Middle schoolers gradingisn’t fair during the or opt fora“pass” rating, admissions.Manyparentsof rug’sbeen pulled out and there in grades sixthrough eight emotional upheavalofthis leaving his GPA unaffected. seventh-graders, forexample, arenoanswers about what ‘needs improvement’ will getthose marks,aswell pandemic, especially because ‘‘The goal hereisnot to fail want their children’swork this will happen instead,” she said. as “course in progress,” which thousands of low-income stu- students,” said Schools Chan- spring to be judged with preci- Thechancellor has long BY LESLIE BRODY will triggerenrollment in sum- dentsstill lack devices and in- cellor Richard Carranza. “The sion foruse in high school ap- questioned the rationale for merprograms.The mayorsaid ternet access to online lessons. goal is to have students mas- plications submittedduring screening studentsfor admis- NewYork City’s public- he sought to balanceflexibility High-school studentswill ter the subject matter.” their eighth-grade year.An- sion,saying it exacerbates in- school system announced a with high standards forthe getgrades according to the pol- Mr. de Blasio gave few de- nual statetestsfor grades equities and segregation. looser grading policytocover nation’slargest school district. icies of their schools,but won’t tails on the natureofthe sum- three through eight in reading Some parentssaid the de Bla- the spring’sdifficult shiftto Some parentsexpressed getfailing marks.Instead, mer programs to be offered, and math have been canceled sio administration will try to remotelearning due to the frustration with this plan, say- those who haven’t kept up will saying only that he expects forthis spring.The city has use the virus crisis as an op- coronavirus, upsetting a vast ing their hardworking stu- geta“course in progress” and them to enroll far morestu- said attendancewon’t factor portunity to further limit such rangeofparentswho argued dents’ achievements won’t be be enrolled in summer and fall dentsthan in the past, and his into admissions either. selectivity.The mayorsaid the newsystemwas either too recognized, and the city is try- programs.Seniorswill gethelp team is working out options. Elissa Stein, apublic-school Tuesdayhis team is working harsh or not strict enough. ing to skirt accountability for to graduateinAugust. Grading is an especially admissions adviser at High out howtohandle admissions Students in public elemen- itsown failuretoswitch Afterahigh-school student fraught issue in NewYork City School 411, said families were for fall of 2021. State Will Have ‘Circuit Breaker’ After Reopening

BY CHARLES PASSY To allowfor such tracing, Mr.Cuomo said the state As NewYork prepares to let would need to have at least30 businesses reopen with the tracersfor every100,000 resi- easing of the coronavirus pan- dents, which equates to a demic,the statewill have workforce of roughly 6,000 measures in placethat will basedonNew York’spopula- signal another outbreak of the tion of more than 19 million. disease and the need to curb Thestate could tapthose activity onceagain, Gov.An- already working in stateand drew Cuomo said Tuesday. county health departments, In particular,Mr. Cuomo but also would have to hire said that if either the hospital additional employees forthe system in an area of the state task, the governor said. hits 70%ofcapacity or if the Former NewYork City Mayor rate of transmission reaches Michael Bloombergalso has 1.1—meaning forevery person pledged morethan $10 million who has the virus,another 1.1 to help with the tracing efforts. areinfected—that would con- Mr.Cuomo continued to say stitutewhat he called a“cir- that the state’sapproach to re- cuit breaker.” Currently,the opening would be regional, statewide transmission rate is with areas lessaffected by the about 0.8, meaning lessthan virus able to start first. one person is infected. Thegovernor also re-em- phasized that the state would followthe Centersfor Disease New Yo rk will put Control and Prevention recom- mendations foraphased ap- measures in place to proach to reopening,allowing alert officials to industries that arelessatrisk of spreading the virus,such as another outbreak. construction and manufactur- ing,tostart ahead of the rest. While Mr.Cuomo sounded notesofoptimism about the “Wewant to reopen but we state’srecovery, he said restric- want to do it without infecting tions and closures maystill be morepeople or overwhelming the order of the day. In particu- the hospital system,” he said lar,heindicated that the New at a news conference. York State Fair,which draws TheDemocratic governor’s hundreds of thousands annu- announcement came as the ally and is scheduled to open statecontinued to see adecline this year on Aug.21, maybein in hospitalizations from the vi- jeopardy.“Everything is about rus, with the number decreas- reducing density,” he said. ing on Tuesdayby173 patients Meanwhile,Mr. Cuomo and to 12,646.The daily death toll New Jersey Gov. Phil Murphy also fell, albeit just by two indi- announced the formation of viduals,to335,the statere- advisorycouncils to assist ported. Still, that is lessthan with each state’sreopening. half the 799 deaths recorded on Thecouncils will both be com- April 8, the peak daily figure so posed of expertsand leaders far.Inall, the statehas recorded from various industries and morethan 17,000 deaths. sectors of the community. Mr.Cuomo reasserted that “No one’s seen how an ad-

contact tracing would be key vanced economyreturns and /REUTERS to the state’sability to reopen recovers from aglobal pan- safely.The processcalls forde- demic,” said Mr.Murphy. “We termining what individuals an arewriting this set of rules for MCDERMID infected person mayhavebeen the first time and together.” AN

in contact with, so such people —Joseph De Avila BREND could go intoquarantine. contributed to this article. The Navy’s Blue Angels and the Air Force Thunderbirds fly over the Manhattan Bridge to honor first responders and essential workers. MTA Aims Hundreds of Cases Go To Tackle Unprosecuted Amid Crisis Subway S BY BEN CHAPMAN glaries of businesses in Brook- thesame time last year.The

NEW lyn hadtheir cases deferred slight rise in burglary arrests Homeless G New York City prosecutors and subsequently were ar- came during adropofmore have declined trials fordozens rested again on similar charges. than half in overallarrests OOMBER of criminal cases in which ar- NYPD Chief of Crime Con- during the same period. Problem /BL restsweremade sincethe cor- trol Strategies Michael LiPetri Mr.Gonzalezsaid his office onavirus struck,citing court said such repeat offenders began to decline prosecuting PICKETT

BY PAUL BERGER Y closures and public health should be held accountable. misdemeanor cases in March,

HOLL concerns associated with in- “For those recidivists to then partly to limit the spread of TheMetropolitan Transpor- MTA workers at the Coney Island subway station earlier this month. carceration. be freed without consequences the coronavirus in city jails. tation Authority has struggled The agency cut service in March after ridership fell by about 90%. According to records kept is unacceptable and puts New Theofficehas deferred the to deal with the number of by the NewYork PoliceDepart- Yorkers at risk,” he said. prosecution of fewer than 50 homelesspeople sheltering on city workerscan betteroffer reach workers a chance to of- ment, district attorneys have Chief LiPetri said he believes felonycases because of freezes NewYork City’s subway sys- homeless people services. fer services. declined to prosecutemore the actions of such recidivist placed on some NewYork temasridership and service On Tuesday, the mayorsaid TheMTA has been conduct- than 500 such cases since criminalsmay be behind the statecriminal court opera- have declined because of the the city and state must tackle ing asimilar program at some MayorBill de Blasio declared a rise of commercial burglaries in tions, including the assembly new coronavirus crisis. homeless outreach together. terminal stations for months. stateofemergencyonMarch 12. NewYork City sincethe emer- of grand juries, Mr. Gonzalez State and city officials this The best way to deter people Thereare about 80,000 NYPD officials and prosecu- gencymeasures—including the said,adding that they would week called on each other to from sleeping on trains is to homeless people in New York tors said the practiceismost closureofnonessential busi- be prosecuted at a later date. do moretoresolvethe issue, forcethem to leave terminal City. Several thousand people common in Brooklyn. There, nesses—wereenacted. In some cases in which peo- which has been highlighted by stations, he said. arethought to liveonthe District Attorney Eric Gonzalez Commercial burglaries ple were arrested twicefor photos and videos on social MTAofficials said closing streets. MTA officials say it is has declined to prosecute391 spiked 75%inthe firsttwo separatefelonyburglaries,de- mediashowing people and stations isn’t agood idea, in unclear whether the number of arrestsfor nonviolent misde- weeks afterthe stateofemer- fendantswerebrought to theirbelongingssprawled part because front-line work- homelesspeople in the subway meanor chargesand deferred gencywas announced, accord- prosecution in the second in- acrosssubway carseatsand ersneed constant access to system has increased during 65 cases of moreserious ing to figuresfromthe NYPD. stance so they might be held floors. The images have exac- the system. But they agreed to the crisis or whether the prob- chargesfor later prosecution. Closed restaurants, markets on bail if rearrested, he said. erbated fearsabout cleanliness take trains out of service and lem appearsworse because Policeofficials have ex- and retail establishmentsare Representatives fordistrict in the system. closeplatforms forcleaning thetransit agencyisrunning pressed concerns about those frequently the target of such attorneysinthe Bronx,Queens MayorBill de Blasio on during a few late-night hours fewertrains.The MTA reduced policies and have said some de- burglaries,policeofficials said. and StatenIsland said those of- Mondaynight called on the at thestations Mr.deBlasio subway service last month af- fendantsare released back into NYPD figuresshowpolice ficeshaven’t changed their pol- state-controlled MTA to close identified. Such measures terridership fell by about 90%. the public to commit more made 563 burglaryarrests icies on prosecutions.Aspokes- 10 end-of-line subway stations would forcehomelesspeople Gov.Andrew Cuomo de- crimes.NYPD officials cited from March 12 through April woman forthe Manhattan between midnight and 5 a.m. to disembark and moveon, scribed the recent subway im- several cases in which individu- 20,anincrease of nearly 4% district attorney didn’t respond so trains canbecleaned and giving policeofficersand out- ages as “disgusting.” als chargedwith felonybur- from 542 such arrests during to arequest forcomment. P2JW120000-2-A012B0-1------NS

A12B | We dnesday, April 29, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK

METROMONEY | By Anne Kadet ‘Outlaws’ Break Rules to Reclaim A Slice of Life

After Man- ing a 30% rise in appoint- hattan barber ments for in-home Sal Salzano’s treatments. About 40% of OR

shop closed in current bookings are for YL

March, he such services, she says, with TA spent two the remainder performed YN RR

weeks in quarantine at home virtually. Generally the rates DA

in Yonkers. Then he got on are the same, she adds. ON; his phone and texted every Darryn Taylor,who lives in WILS

client he knew: “I’m offering Manhattanand works in fash- B home haircuts.” ion, spent four weeks in isola- RO Thanks to this and ads tion beforeheasked his bar- BY he’s posted online, Mr. Sal- ber,Rene Guemps,tocome by ION AT

zano has been driving and givehim ahaircut. TR around the New York City “My hair grows really fast, US ILL

area this month cutting hair it’s very short on the sides P: in customers’ homes for and long at the top,” says TO OM

rates ranging from $60 to Mr. Taylor. “I just hate hav- FR $120, depending on location. ing to feel hair on my ears.” His clients have included a When Mr.Guemps came Thevisits, conducted over Then the former hair Scarsdale chief executive, a over,hestopped in the alcove, Zoom, typically include rec- model, who typically visits a Bronx nurse, a firefighter removed his jacket and shoes, ommendations fortreatments salon weekly for blowouts, and three cops. sprayed himself with Lysol, clientscan perform them- hit on the idea of a new ‘do.’ “They need to look good,” applied hand sanitizer and selves to maintain the results “I said I need to do some- he says of his police clients. donned amask.They agreed of previous procedures. thing to get out of this funk “They’re still patrolling.” to not talk during the haircut. While her clients are and take control of what I Mr. Salzano says his cli- “Which wasawkward,” Mr. stuck at home, some are can,” Ms. Gripp says. ents have a common charac- Taylor says.“We’reboth very more concerned with their She called one of her styl- teristic—they’re strong. social people.” looks than ever. “We all have ists, who agreed to guide the “People who are trying to time to sit and think and ob- procedureoverFaceTime for keep America going. People r. Guemps, who has sess over minutia and de- a$500 consultation fee—and who are trying to keep life provided in-home tail,” Dr. Weiser says. half-jokingly requested an ex- going. They get in their M Paul Labrecque Salon and tra-large tip forwhat she barber services for chair, and they’re loud and years, says he’s kept busy SkincareSpa in MidtownMan- suspected might be an ordeal. vocal about what they want.” this month, as clients aim to hattan, meanwhile,isdeliver- When haircuts are out- avoid what he calls “Were- ing custom hair color touch- he result? Adarker lawed, only outlaws will get wolf Syndrome.” up kitstoclientswho don’t color,new bangsand a haircuts. Not surprisingly, want their rootsshowing. T “Thereisalook they need sense of victory. “It’s the ban on nonessential to maintain,” he said. “They The kits are a hit with cli- weirdthat cutting my hair at businesses has created a have Zoom meetingsand chat ents who include “typical home feels likeagiant gray market for at-home with their clientsonline.” Upper East Side finance, me- achievement,” Ms.Gripp says. beauty services. On certain Many providers have no dia and fashion executives, “But Ifelt trapped and nowI internet forums, you can find intention of performing in- and ladies who lunch,” most feel liberated. Ithink that’sthe providers offering every- person services during lock- of whom have never dyed powerofdoing it yourself.” thing from an at-home blow- down, of course. Manhattan their own hair, says Brian Should stylists worry that out to a bikini wax. board-certified dermatolo- Cantor, co-founder and co- Rene Guemps gives Darryn Taylor a haircut in Mr. Taylor's home. clients will continue the DIY Overall, beauty bookings gist Jessica Weiser says that owner. routine after salons reopen? are down 80% since the lock- since closing her SoHo prac- “If you’re feeling a little a solution.” Ms. Gripp, who has a pri- In Ms. Gripp’s case, proba- down started on March 22 in tice, Weiser Skin MD, she’s bit depressed and stuck at Hayley Gripp, a philan- mary immunodeficiency dis- bly not. “It’s a week after the New York, says Danielle Co- been turning down clients home, the one thing you can thropist and advocate for the ease and lives alone, started cut,” she says, “and I can al- hen-Shohet, co-founder and asking her to visit them in control is how you look,” disabled who lives in Man- to panic when her doctor ready tell it’s growing in at a CEO of GlossGenius, a New the Hamptons on Long Is- adds partner Paul Labrecque. hattan, says giving herself a warned that catching slant, which my hairstylist York City-based booking and land. Instead she’s offering “You do your hair, you take a haircut and henna treatment Covid-19 could mean a death will have to fix.” payments platform for sa- virtual skin-care consulta- shower. Otherwise you’re earlier this month stopped a sentence—he advised her to lons and spas. But she’s see- tions from her kitchen table. drinking a lot, and that’s not downward spiral. put her affairs in order. [email protected]

Allthe Power Withoutthe Pinch

Healthcare Starts with HealthyFood.

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godslovewedeliver@godslovenyc God’sLove We Deliver is amember of the Food is Medicine Coalition (FIMC). To learn moreabout FIMC’s work around the country,visit fimcoalition.org P2JW120000-0-A01300-1------XA

THE WALL STREET JOURNAL. We dnesday, April 29, 2020 | A13 LIFE&ARTS

FAMILY&TECH |JULIE JARGON Don’tLet the Screens Win

Parents struggle to dial back the extra screen time they have allowed their kids during the pandemic; some ways to help

ucker Dansie, a father of five near Salt Lake City, relaxed the nor- The U.S. lockdown has resulted in more mally stringent screen time for kids. Aidan Dansie, below Tscreen-time limits he left, played 25 hours of videogames in a had for his kids once week. His sister Stella, below right, has the coronavirus shutdown began. gotten hooked on ‘Animal Crossing.’ Now, like many parents who are several weeks into working from home while caring for children, he fears the extra nonschool screen time has gotten to be too much. He increased his kids’ daily screen-time allowance up from one to four hours. “I never thought they’d hit that and now they are— and they want more,” said Mr. Dansie, a

postproduction man- (2) ager for his church. NSIE

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8% beforethe stay-at-home orders. P: Most of that time is spent on You- TO OM

Tube, Netflix and TikTok. FR Mr. Dansie said his 9-year-old daughter has been playing “Animal WISE OCK

Crossing” on her Nintendo Switch CL for hours at a time and that his 14- year-old son has become so en- HOWTOMANAGE QUARANTINE SCREEN TIME grossed in playing online video- games with friends that he often doesn’t want to stop to have din- n Enforce a schedule. While we and forentertainmentisagood way n Set time limits and over,” said Titania ner with the family. The last Xbox have to giveourselves abreak from to manage screen use, says Pamela screen breaks on your Jordan, Bark’smar- weekly usage report Mr. Dansie re- time to time, creating astructurefor Hurst-Della Pietra, founder of Children kids’ devices. Our keting chief. ceived showed his son had played the dayhelps kids stay on task. and Screens: InstituteofDigital Media sense of time has been for 25 hours. “Screens arethe default when there’s and Child Development. altered by the quaran- n Challenge your It presents a no structure,” David An- Thatmightnot be possible in all tine. Before long that kids to giveup quandary for Mr. derson, aclinical psy- households, but if astudentuses the hour of screens you (some) screens Dansie and his wife: chologistatthe Child family computer or aloaner laptop built into the schedule foraweek. Some What limits are ap- Mind Institute,said. from school, it mightbeeasier to has turned into three parents areopting propriatewhen vid- He suggests building keep them from toggling between because you were on your fifth Zoom to forgoscreens altogether forat eogames and in limited screen time— schoolwork and YouTube. Keeping on- meeting of the day and forgot to eat leastaweek to see if theycan in- phones provide the perhaps an hour or two line learning in acentral location in- lunch, let alone check on the kids. still newhabits in their children. only socializing after online classwork stead of in their bedrooms or play- Screen-time limits can be set right ScreenStrong, an organization fo- many kids are get- and some more while rooms also removesthe temptation to from most devices themselves now. cused on helping families find bal- ting these days— you’re cooking dinner— goof off. Thereare also other services and de- ancewith screens, has createda and the only inter- so that kids know vices, likeCircle, aparental-control de- challenge thatprovides astructure ruption-free time when to expect it and n Provide alternatives. Experts say viceand app, thatcan shut off Wi-Fi forparents to follow. The idea is to parents might get how long it will last. boredom is good for kids because it at adesignatedtime,and Bark,amon- eliminate recreational screen time to work? forces them to be creative. But after itoring app thatrecently rolled out forseven days. “Maybe it’s a coping mechanism n Keep school devices in one weeks of being cooped up at home and screen-time and web-filtering features. “The goal is to find a new normal for them right now,” he said. “All place, entertainmentinanother. building the 500th pillow fort, kids may “If we can all keep screen time to of screen time after the challenge,” of our emotions are so complex Having dedicateddevices—and need help coming up with new ideas. two-hour blocksatatime or less, we’ll said Melanie Hempe, ScreenStrong’s right now. I almost feel like they spaces in the house—forlearning Activity lists abound on the internet. be bettersuited forwhen this is all founder and executive director. need that.” He worries about how to wean them off the games as shutdown school project or spending a lot of how to redirect kids. Child Mind Institute. Are your kids them to turn off the videogame or restrictions ease and distance time watching educational shows The first thing parents should getting enough sleep? Are they ex- stop scrolling Instagram? learning stops for the summer. “I or how-to videos, don’t fret. I do is go through a mental-health ercising? Are they eating when “Screens themselves aren’t in- don’t know how we’ll handle that, asked child psychologists and chil- checklist to determine whether they should? Are they invested in trinsically harmful, it’s the things to be honest,” he said. dren’s tech experts for tips on how screen time has gotten out of their schoolwork? Are they having they push out—the things we need Not all screen time is equal, of parents can recognize when screen hand, said David Anderson, a clini- enough face-to-face time with fam- for mental health and wellness,” course. If a kid is researching a time is becoming problematic and cal psychologist at the nonprofit ily? Do they resist when you ask he said.

YOUR HEALTH |SUMATHI REDDY On the Virus’sFront Line,and Older

Hospitals need the expertise, but risks to older workers are greater

AVETERAN emergency-medicine deaths, 10 were among employees front-line position with Covid-19 pa- physician, James Aiken stands 65 and older, and eight were peo- tients, he says.“Forothersit’smore gown-to-gownwith the residentshe ple between 55 and 64 years old. of agrayzone,” says Dr.Reich. teaches as they perform intuba- About half of ICU admissions were NYU Langone Health in NewYork tions,risking exposurefrompa- in workers 55 and older. City says employees canrequest tients that mayhaveCovid-19. The report concluded that older and be granted exemptions from At 67 yearsold, Dr.Aiken is at health care employees and people working directly with Covid-19 pa- higher risk if he contractsthe dis- with underlying conditions “should tients. Criteria include,but aren’t ease.“I’m healthy; Idonot take any consider consulting with their limited to,being pregnant, 65 and medicines,” says Dr.Aiken, an asso- health care provider and employee older,orhaving certain immuno- James Aiken, an ER doctor in New Orleans; Clyde W. Yancy, a cardiology chief. ciateprofessor of emergencymedi- health program to better under- suppressed conditions. cine and public health at LSU stand and manage their risks re- Clyde W. Yancy, chief of cardiol- print form, wasapproved to be overseen five to eight intubations Health ScienceCenter in NewOr- garding Covid-19.” ogy at Northwestern Medicine in published in ajournal soon. in a shift, which entails putting leans.“That doesn’ttakeaway from Chicago, is 62. Dr. Yancy has hy- “There is a move toward having the sickest Covid-19 patients on me being 67.” pertension, which he manages older physicians either do things ventilators so they can breathe. Hospitals scrambling to respond with lifestyle modifications. “The like telemedicine or staffing non- LSU has a new emergency-medi- to the coronavirus outbreak need all bigger risk for me was being over Covid-19 patients and limiting the cine telehealth clinic to counsel the help they canget,especially 19 the age of 60,” he says. Covid units to the relatively youn- patients with questions about from experienced stafferslikeDr. He sees older physicians like ger physician groups,” says Dr. Covid-19. Providers uncomfortable Aiken. But older workersalso facea Estimated percent of registered himself taking on more of the tele- Khera. The challenge is doing that having direct contact with greater possibility of complications nurses in U.S. hospitals age 55 to 64 medicine responsibilities. As chief in hospitals that are over capacity Covid-19 patients have the option if they contract the disease,creat- of cardiology, he and other leaders and face shortages of personal of doing that. MEDICINE ingaconundrum forhospitals and identified the critical mass of car- protective equipment. But Dr. Aiken is continuing his

TERN employees alike. diologists they needed in the ICU Douglas Staiger,aneconomics normal work in the ER. “I think it Thereare no comprehensivena- Hospitals have takenvarying ap- and instructed everyone else to professor at Dartmouth College, just comes down to comfort level THWES tional guidelines on howhospitals proaches.Some,likethe University work from home. wasaco-author of arecent edito- and quite frankly we love what we NOR should handle high-risk workers, of Maryland Medical System, have He still works in the hospital rial in JAMA. Using Census Bureau do,” says Dr. Aiken. which include seniorsaswell as policies whereat-risk employees— daily because of his leadership re- data, the authorsnoted that an esti- He takes precautions at home. people of anyage with conditions based on medical conditions or sponsibilities, but consults with mated 19% of registered nurses in He leaves his shoes at the front JOURNAL; likediabetes,heart disease or high pregnancy—canrequest accommo- patients via telemedicine rather hospitals are55to64yearsold, door, enters the house through the

REET blood pressure. That leaves it up to dation and be excused from caring than in person. “A number of my while 3% are65orolder.Anesti- back stairs, and throws his scrubs ST

LL individual hospital groups and em- forCovid-19 patients. Excusal from patients have come in with mated 20% of physicians are55to into the washing machine.

WA ployees to navigatethe challenges. caring forCovid-19 patientsisn’t Covid-19,” says Dr. Yancy. 64 yearsold and 9% are65orolder. He and his wife are social dis-

THE The Centers for Disease Control based on agealone. Rohan Khera, acardiologyfellow One option is having older clini- tancing as best as they can. They R and Prevention doesn’t have a run- Others, likeMount Sinai Health at the UT Southwestern Medical cians staff areas dedicated to non- use different bathrooms. He sleeps FO ning tally of how many health care System in NewYork City,manage Center in Dallas,and his team ana- Covid patients. “It’s not as safe as in a bedroom downstairs. At meals GAN workers are infected, but it did do employees on acase-by-case basis. lyzednational dataoflicensed phy- doing telemedicine but it does re- they sit across from each other. a survey recently that provided a “There’snospecific agecutoff,there sicians and found that roughly one- duce risk compared to actually be- “As this continues, my wife and FLANA snapshot of the virus’s impact. is no specific disease,” says David quarter of physicians areover64 ing the hands-on provider for the I will continually reassess what

ANNIE Among more than 9,000 U.S. Reich, president of the hospital sys- yearsold and one-thirdare over 59. Covid floors,” Dr. Staiger says. I’m doing, but I’ve been at this for : health-care workers who con- tem. Foranemployeewith cancer or California and NewYork had the Some older physicians say they a while, so I’d like to think I’m LEFT tracted Covid-19, the median age who is immunocompromised, it’s highest number of older physicians. feel a responsibility to help during good at what I do and I think I OM

FR was 42 years old. Among 27 fairly obvious they wouldn’t be in a He says the data,released in pre- a pandemic. Dr. Aiken says he has have something to offer,” he says. P2JW120000-0-A01400-1------XA

A14 | We dnesday, April 29, 2020 THE WALL STREET JOURNAL. LIFE & ARTS (2) KUGLER ON LT CO Y; MIL FA KUGLER KUGLER; RRI KA AND KUGLER ON LT CO P: TO OM

FR Steve and Janis Kugler

WISE with their grandchildren. OCK CL

MY RIDE |A.J.BAIME AFamily’s1958 Buick Carries Generations

Steve Kugler, 63, amechanical contractor living in Littleton, Colo., on his 1958 Buick Super, as told to A.J. Baime. All the photos were taken before the coronavirus pandemic.

My grandparents Lottie and Ar- thur Kugler bought the Buick on Jan. 15, 1958. On that day my grandmother wrote in her diary (which I still have), “Got our new car today, it is very beautiful.” Steve Kugler, second from left, and They paid $3,789—a lot of money his sister Nancy with their as they were very poor, living on a grandparents Lottie and Arthur farm in western Nebraska. They Kugler on Easter Sunday in 1958 did not even have running water. beside the Kuglers’ new Buick. It was the same year that Presi- dent Dwight Eisenhower estab- lished NASA, in response to the Soviet Union’s Sputnik satellite. Why did they spend so much on a luxury Buick? At the time, sales of imported cars had started to pick up for the first time, so the Buick, for them, was a symbol of pride—American craftsmanship and ingenuity. Theearliest photoIhaveofme she sold me the Buick for$1,000.I It drove, but not well. It was you cannot stop. We found shot- Today the car has only 41,000 with the carisfromEaster 1958. had good memories of hunting trips not until 2017 that I decided to re- gun shells—probably from my fa- miles. I have used it to go to That photoisone of the last of my with my father in this car, and Idid store the car. I sent it out for ther firing shots through the open church on Easter and to take the grandfather as he died acouple not want to let it go. Iwas living in bodywork and upholstery. At the windows. grandkids for ice cream. During yearslater.Mygrandmother moved Colorado,and when Iwent to getit time, a friend whom I had worked Dave put over 500 hours in, and the pandemic, we have used it for intotown, so the only time she in Nebraska, the whole back end fell with for 30 years named Dave the process took three years. I drive-by birthday celebrations. drovethis carwas to church and the off.The carended up at aneighbor- Robinson had just retired. He is a drove the car home on my 60th My grandkids love it, and I love grocerystore,three blocks away. ing farm, and the farmer put it back mechanical engineer by trade, and birthday, feeling the same pride the idea that the next generation When Iwas in high school, my together.Ifinally hauled it out about a real car nut. We started to take my grandparents did when they will someday own their great- grandmother gottoo old to drive, so five yearslater,around 1980. the car apart and once you start, first bought it. great-grandmother’s Buick.

Louisville Orchestra’s 29 Musicians,One Song Teddy Abrams, inset, assembled a cross- section of the city’s To Combat the Blues music scene. expanded to in- clude vocals by Ja- BY JOHN JURGENSEN world are trying to answer: How son Clayborn, a to offer a panacea for the emo- gospel singer MAYORGREGFISCHER has long tional toll of the pandemic, or at based at Louis- wanted a theme song for Louis- the very least, entertain people ville’sSt. Stephen ville, Ky. Now the city has one, but stuck at home? baptist church, the tune doesn’t mention bourbon Coronavirus has not produced along with blue- whiskey, the Kentucky Derby, Mu- an equivalent of “WeAre the grassplayers and hammad Ali or any other beacons World,” the all-star famine-relief five membersof of civic pride and tourism. singalong released 35 yearsago. the orchestra. Lo- It opens with somber piano So far,the soundtrack of the crisis calengineer Kevin chords and these lines: “Hard has included jingles and song par- Ratterman helped times come, hard times go. The odies about handwashing,aceleb- mix all the individ- hardest things to understand are rity rendition of “Imagine” that ually recorded the new and the unknown. How went viral (in abad way), me- pieces intoamulti- long will we have to stay cooped gastarslive-streaming perfor- layeredwhole. up in our homes? mances from their Unlikethe lyrics How much longer homes,and agrow- in anthems in- until we can hold all ing number of new tended forall-pur- our loved ones songsthat seem pose inspiration, close?” timely,such as a re- “LiftUpLouisville” Thenearly six- cently released Roll- 500,000 people statewide have Sollee, a cellist and singer who is loaded with direct references to minuteanthem “Lift ing Stones tune filed forunemployment during helped produce the song. the pandemic,likethe lines “shel- Up Louisville” was called “Living In a the pandemic.Job losses in Louis- Despite Mr. Abrams’s reputation teredinplaceand daydreaming of ordered up by the Ghost Town.” ville include 380 furloughed city as a local dynamo—commissioning good times ahead, staying healthy mayorasamorale Therehavebeen employees. new symphonies, having grade- at home just likethe governor booster and fund- grand-scale enter- In March, as coronavirus was schoolers conduct the orchestra, said.” raiser forthe city.It tainment fundraisers, forcing shutdowns around the leading performances in homeless Arapped versebyJecorey wasproduced as a such as arecent country, the city tapped its arts shelters and hospitals—he says he “1200” Arthur includes the lines tag-team collabora- Global Citizen broad- community, paying up to $200 in procrastinated for a few days on “a newseason full of sunshine,a tion of Louisville cast featuring Lady “micro commissions” for pieces “Lift Up Louisville.” Then he sat newstart forthose who’vedone musicians writing Gaga and dozens of that get posted publicly each day. down at the Steinway in his house time.” It’sacall to release people and recording remotely,while using other artists,which reportedly drew The person Mayor Fischer re- in the NuLu neighborhood and cre- from jails and prisons to quell acloud-composition program and 270million viewers.Atthe same cruited to lead the privately ated the chord progressions that Covid-19,and “topush the reset VILLE email chains.The completed track time,home isolation has manyart- funded art effort was the same became the spine of the song. buttononawhole lot of inequi- UIS

LO featuresthe work of 29 people and iststurning to their roots. Regional one he called to request an uplift- An initial group of nine musi- ties,” says Mr.Arthur,who once UP aseemingly unlikely cross-section benefiteffortshaveincluded a“Jer- ing original song for the city: cians swapped and shaped melo- portrayed Muhammad Ali in a

LIFT of the city’s music community: sey 4Jersey” event headlined by Teddy Abrams. The 32-year-old dies and lyrics electronically.They piecewrittenbyMr. Abrams. E; membersofthe Louisville Orches- BruceSpringsteen, and one forthe music director of the Louisville Or- included ScottCarney of the rock “The fact that it’ssospecific is CO tra, mandolin and fiddle players,a artsinNorth Carolina featuring chestra is the youngest conductor group WaxFang,Mr. Oldham, who what makes it areal song that cap- BRIS rapper,agospel singer,abeatboxer, statenativesBen Folds and An- of a major orchestra in the U.S. recordsunder the name Bonnie tures amoment in history,” the con-

PHER and acouple of bona fide starsof thonyHamilton. and turned around the 83-year-old “Prince” Billy,and membersofthe ductor says,adding that he hopes TO indie rock and folk singers, Jim Louisville has had about 1,100 symphony, which had gone bank- band My Morning Jacket, fronted other communities will use the

CHRIS James and Will Oldham. confirmed cases of Covid-19,rep- rupt in 2010. by Mr.James,who released an al- same model. “This is our flag we’re : “Lift Up Louisville” is a locally resenting the highest percentage “Teddy has pulled in people bum with the Louisville Orchestra putting down forour town, not just LEFT sourced response to a call musi- of Kentucky’sroughly 4,000 cases from every genre, community and last year. to makepeople feel positive, but as OM

FR cians and other artists around the and morethan 200 deaths.Some culture in the city,” says Ben Therelayofhome recordings agenuine moment to connect.” P2JW120000-0-A01500-1------XA

THE WALL STREET JOURNAL. We dnesday, April 29, 2020 | A15 LIFE & ARTS

THE STAYING INSIDE GUIDE—OPERA Outdoor Performances for Indoor Times

Nature provides the ideal backdrop for these operas that you can enjoy even during lockdown

BY HEIDI WALESON

WITH THE OPERAHOUSE off- limits and outdoor access limited, now’s the moment for online events that successfully combine the two. In March, the Industry, the boundary-breaking Los Ange- les opera company, was presenting “Sweet Land” in Los Angeles State Historic Park when pandemic

precautions forced the cancellation TS of half of the run. Fortunately, a AR video, available on demand, per- mits a much larger audience to at PEARS least approximate the experience of attending this remarkable work; the $14.99 charge helps the Indus-

try weather the loss of its perfor- RKMAN/BRITTEN

mances, WO T I saw “Sweet Land” live on BER

March 7, and while the video can’t RO Y;

fully capture its visceral impact— TR the piece seemed to physically

conjure the blood-soaked history INDUS

of colonialism out of the land you THE were standing on—you can still S; get the idea. There are even a few MPRES

pluses. The three-camera setup, CO with close-ups of individual char- RT /A

acters, helps clarify the action in OR

some of the more layered sections. VICT

Viewers can also take in both of AL SC

the opera’s tracks: “Feast” (depict- PA

ing Thanksgiving from the per- P: spective of the conquered) and TO OM

“Train” (doing the same for Mani- FR fest Destiny), which played simul- taneously in the live version. Each WISE OCK

video runs about an hour, and the CL double exposure to their common material, in addition to the scenes stars Alan Oke, belea- A scene from ‘The Rake’s Progress,’ unique to each, deepens the expe- guered and desperate in above; Alan Oke as the title character rience and amplifies the raw, pas- the title role, and Giselle in ‘Peter Grimes,’ left; a still from the sionate violence of the tale, as the Allen as a touching Ellen ‘Feast’ section of ‘Sweet Land,’ below narrative of the Hosts is ruthlessly Orford. The supporting erased by that of the Arrivals. singers deftly portray the Benjamin Britten’s “Peter complex village society Grimes” is inextricably linked with (the busybody, the quack, its setting, an isolated fishing vil- the alcoholic preacher, the lage on the Suffolk coast. In 2013, good-time girls) and the to celebrate the composer’s cen- fine chorus is terrifying tennial, the Aldeburgh Festival when its members, wield- staged the opera on the beach. In ing flashlights and home- the film of that production—avail- made weapons, coalesce able on MarqueeTV, which has free into a lynch mob in Act III. trial offers, as well as on Med- Outdoor venues define ici.tv—you feel as though you are some summer operafesti- there, especially since the sounds vals; one example is the of the sea and the waves breaking Aix-en-ProvenceFestival’s over the pebbled beach are audible airyThéâtredel’Archevê- in the interstices of Britten’s sea- ché,the courtyardofafor- inspired music. The set, hugging mer archbishop’spalace. the water’s edge, is a ramshackle- The2020 Festival has been looking assemblage of platforms canceled, but several op- and boats; the storm clouds, the eras from past seasons are wind, and the lights against the available on demand gathering darkness intensify the through the website. Simon McBur- leaving gaping holes, and serve as German, but it’s a small price to parent display boxes. Hang on for opera’s portrait of a community ney’s riveting 2017production of screens for arresting contempo- pay. Just Google the libretto and Act III and the show’s best sing- huddling fearfully against the ele- Stravinsky’s“TheRake’sProg- rary video backdrops. Tom’s Lon- follow along. ing: Riccardo Massi’s “Nessun ments and turning on the pre- ress” canbeseen through July 10. don establishment is a soaring The enormous floating stage on dorma” and Guanqun Yu’s poi- sumed evildoer, the fisherman Pe- It boasts a splendid cast of glass penthouse against a crowded Lake Constance is the hallmark of gnant rendition of Liu’s death ter Grimes. young Americans: Julia Bullock is cityscape of lights; photos of Baba Austria’s Bregenz Festival, and its scene. Then, for comic relief in a Director Tim Albery’s concept a luminous Anne Trulove; Paul Ap- the Turk multiply like a giant “Turandot,” on YouTube, is all much more modest, but delightful, updates the opera to 1945, the pleby, a tormented Tom Rakewell; Zoom meeting screen; tumbling about spectacle. There’s an im- outdoor opera experience, try On year of its premiere, from the and Kyle Ketelsen, a smoothly evil stock prices scroll as Tom’s ruin is mense Great Wall of China, part of Site Opera’s production of Mo- mid-19th-century original setting, Nick Shadow. The updated produc- complete. In the haunting final which tumbles down dramatically; zart’s “The Secret Gardener,” and hints of the war add an extra tion suits the open-air theater and scene, the mad Tom tries without boats deliver characters to the staged in a New York City commu- tinge of menace. The musical per- the opera’s themes of false prom- success to tape the now-blank stage, which is filled with a swirl- nity garden, on YouTube through formance, conducted by Steuart ises and the temptation of easy white walls back together. The po- ing host of masked extras in Mao the end of June. Bedford, is excellent. You would money and fame. The walls of the etic English text isn’t always as jackets, martial artists and fire never know that the orchestra was set, a plain white box, rip like pa- clear as one might like, and the jugglers; there’s a gruesome li- Ms. Waleson writes on opera for pre-recorded, and the superb cast per as characters enter and exit, only subtitles are in French and brary of severed heads in trans- the Journal.

THE CACHET of Irish writer Sally Daisy Edgar-Jones and Paul Mescal in Rooney might be the honey that Hulu’s ‘Normal People’ drawsaudiences to “Normal Peo- ple,” but what will have them stick- the other in the hallways at school. ing around for12episodes will be In this,Connell is despicable,of LennyAbrahamson’sdirection, course,and one of the most grati- which translates what might easily fying scenes in the early episodes have become amaudlin messinto is when his ownmother—who cer- something uncannily smart, sophis- tainly knows what’sbeen going on ticated and seductively melancholy. in Marianne’shouse—deliversupon Readersare always concerned him acauterizing appraisal of his about how“faithful” an adaptation moral shortcomings. Forall his lit- is going to be.But it’shardto erarygifts and academic success, imagine “Normal People” devotees Connell is,atleast at first, agreat not lapping up this adaptation pre- lump.Marianne,for all her brains cisely because it is something all and beauty,isasnarl of complica- itsown—which, if youhaven’t read tions and conflicts. One of the ex- the book,isn’t bad news either. traordinarily articulatethingsex- Mr.Abrahamson (“Room”)hands pressed in the performanceofMs. the series off to the formidable Het- Edgar-Jones,and Mr.Abrahamson’s tie Macdonald (“HowardsEnd”)af- direction of it, is Marianne’sresent- terepisode 6; the adaptation is by ment of her ownlust—she forgives AliceBirch, Mark O’Rowe and Ms. Connell forthe degrading arrange- Rooney.But it’sthe momentsofelo- ment she acceded to,but can’t quent reservebetween the two quiteforgiveherself forwhat hap- principal characters, as well as their pened then or forwhat is to come. oftenmuteintelligence, that estab- Thescars she carries areepic.The lish the series right away as some- way Marianne’shormones operate thing beyond an immersion in star- TELEVISION REVIEW |JOHN ANDERSON independent of her brain, Ms.Ed- crossed love, torrid sexand class gar-Jones might have gotten two divisions with aMarxist subtext. acting credits. From the firstrush of wind through Lest “Normal People” sounds the trees,weknowthe place. From Love’s Labour’s Found likesome sex-soaked porn romp, the firstsilent gestures,weknow rest assured it’snot. Thephysical the people.And sense the passions communication between Marianne ready to be uncorked. ering retortstoher oppressors, two young people exist on opposite brother,playedbyFrank Blake, re- and Connell—and others—is amir- Theperpetratorsofall the com- who arefurther antagonized by the sides of the Sligotracks,soto mains an enigma far toolong.) But rornot just of heartsand souls but mingling-to-be—Marianne (Daisy fact she’sthe smartest person speak,doesn’t prevent their colli- the supremely fascinating aspect of psychologyand even the charac- Edgar-Jones) and Connell (Paul there. Though they shareclass- sions from taking place, either “Normal People,” which is served ters’places in society.Handled the Mescal)—begin their sometimes rooms and hallways,Marianne and home or in Dublin, wherethey’ll up in approximately half-hour in- way it is,the physical becomes an romantic,sometimes purely erotic Connell areahaveand have-not, at both attend Trinity College. stallments, is Marianne as amodel intellectual tool and awindowinto career together as studentsata atime when the Irish economy Money and need—and pride— of adolescent (and post-adolescent) character.That the people involved posh secondaryschool in their wasfaltering (the late2000s). will makeadifferencetolifein female insecurity.The initial ar- areverybeautiful doesn’t hurt, of hometownofSligo. There, Connell Marianne’spoisonous widowed general as the two attractand repel rangement she and Connell come course.But viewers will ultimately is amember of the popular clique mother,Denise (Aislin McGuckin), one another over the ensuing years, to,intheir almost formal way,is love“Normal People” forits mind. and Marianne is amember of no is awealthylawyer; Paul’ssingle along storylines that aresometimes foraclandestine relationship—no clique at all: Unloved at home,un- mother,Lorraine (Sarah Greene), morevague than they ought to one will knowthey’resleeping to- Normal People U

happy at school, she deliverswith- cleans house forDenise.That the have been. (Marianne’sthuggish gether,neither will acknowledge Wednesday, Hulu HUL P2JW120000-0-A01600-1------XA

A16 | We dnesday, April 29, 2020 THE WALL STREET JOURNAL. SPORTS

MLB Teams to Update Refund Policies

Clubs had faced criticism for not providing refunds to fans. That’s about to change.

BY JARED DIAMOND To this point, missed games on the sinceitabruptly ended spring train- calendar have officially been listed as ing on March 12, just two weeks be- nanormal world, Major postponed rather than canceled. fore what wassupposed to be open- League Baseball would be ing day. about amonth intothe sea- ing howfans canrequest refunds. Themajority of teams have com- Ison, which means that more (Some teams had already been qui- mittedtopaying their full-time em- than 10 million ticketssold etly processing refunds forindivid- ployees through the end of May, would already have been counted ual fans who cited financial hard- though what will happen afterthat toward the sport’soverall atten- ship on acase-by-case basis, is still unknown. MLB commissioner dance. according to several people familiar Rob Manfred has suspended Uni- But because of the coronavirus with the matter, but that approach form EmployeeContracts, effective pandemic,nobody has passed wasn’t official protocol.) May1,enabling teams to furlough through the turnstiles of aMLB sta- Theissue of sportsleagues and staff or reducepay.The SanDiego dium this year,and it seems in- concert promotersrefusing to re- Padres and NewYork Metsare creasingly likely that nobody will. fund ticketshas drawnthe ireof among teams that have indicated Yetbaseball so far has not offered government officials.Rep.Frank that they intend to impose paycuts. refunds to most paying customers— Pallone (D., N.J.,), chairman of the (MLB and the players’union even forgames that would have al- House Energy and Commerce Com- reached an agreement last month

ready been played. Baseball’sposi- mittee, said that, “Full refunds,in- that has ownersfloating a$170mil- S tion has been met with customer cluding all ancillaryfees,should be lion salaryadvance to be divided PRES complaints, political pressureand fectively being treated as rainouts spectivespring training sites in issued so fans canspend or save among players that will become legal action. that would ultimately be resched- Florida and Arizona, among others. their money as they need during nonrefundable if thereisnoseason.) TED Fans this week will finally re- uled. Teams typically allowfor Nonetheless, manyteams contin- this time of national crisis.” Recently, complaintsabout teams OCIA SS

ceiveananswertothe question: ticket exchanges or credit in those ued to denyrefunds,prompting Meanwhile,Reps.Bill Pascrell (D., not giving refunds grew louder.A /A When will Iget my money back? cases,but not arefund. MLB had in- outcryfromfans who felt as if their N.J.)and Katie Porter (D., Calif.) pair of fans filed alawsuit in U.S. AK Teams areplanning to unveil new structed teams to hold off on an- favoritebaseball teams were essen- wrotealettertoTicketmaster ear- District Court last week against DEJ NY

ticket policies,following updated nouncing anything morespecific, tially using their money as an inter- lier this month calling forthe com- MLB,the 30 teams and large ticket- TO guidancefromthe league office, clinging to the hope that most or all est-free loan during atime of eco- panytostart offering refunds for merchantsseeking refunds.The S;

that laythe groundwork forre- games could still be playedintheir nomic crisis.Around 26 million events that had been postponed. complaint is seeking class-action PRES

funds,aperson familiar with the respectivecities at alater date. Americans have filed forunemploy- “Getting arefund foranevent certification. MLB declined to com- TED matter said. As time passed, however, it be- ment in the past five weeks.Season that is postponed until who-knows- ment, citing pending litigation. OCIA

Themovecomes as MLB,along came clear that wouldn’t be possi- ticketsfor 81 home baseball games when mayseem likesmall potatoes, “During apandemic,itremains SS with manyother companies that ble. MLB has focused itseffortson cancost thousands of dollars. but foralot of people without their notable that America’sbeloved pas- /A

stageand promoteliveevents, has various ideas that involveplaying MLB is nowtelling teams that paycheck that might be acart of time is forcing loyalfans to take the ANES faced mounting criticism forkeep- games at alimited number of sites they candevise planstohandle groceries or abottle of prescription lossofticket sales,” said Kelly Hy- RG VA

ing millions of dollarsofticket rev- in empty ballparks,inorder to still their ownsituations as they see fit. medicine,” Pascrell said in astate- man, an attorney at MilbergPhillips DO enue forgames that almost cer- have some sort of season in 2020. Representatives from several clubs ment to TheWall Street Journal. Grossman LLP,the firm that repre- tainly won’t happen. These include sequestering players responded to an inquiryfromThe It isn’t difficult to see whyteams sentsthe plaintiffs in the lawsuit. MIAN DA

To this point, games have offi- and other essential personnel in the Wall Street Journal by saying that might be reluctant to return money “Millions of American workersare P: cially been listed as postponed Phoenix area and playing all games they soon expected to release de- at this moment. MLB revenue has out of work and need access to the TO OM

rather than canceled and were ef- thereorsending teams to their re- tails of their newpolicies—includ- been reduced to virtually zero ever funds.It’sjust not fair to them.” FR

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NewYork City 54 50 r6156sh Dublin 56 39 r5239r Warsaw6445sh6447c s REUN ITESTELLAR Oklahoma City 73 48 s7959pc Edinburgh 53 38 sh 51 39 sh Zurich 61 46 sh 56 44 r Solvethis puzzle online and discussitatWSJ.com/Puzzles. ESPANOLALYSSA P2JW120000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, April 29, 2020 | A17 OPINION The Media vs. Flatten the Curve BOOKSHELF | By Gregory Curtis

Ijoked the sion. Youare what economists The1957,1968 and even We canhope forsuccess in Forgeries other day call a“negativemarginal prod- 1918 strains arestill with us, these areas but betting our na- that the me- uct” employee. Your nonpar- contributing to an estimated tional survival on hitting a dia doesn’t ticipationwould add value. 650,000 fludeaths world-wide hole-in-one is not astrategy. do multivari- Your participation subtractsit. everyyear. From my view, the most im- And Fires ate, but it Let’sapply this to the U.S. Themost up-to-dateesti- portant thing the government BUSINESS wasn’t a Americanstook steps to coun- matefromthe OxfordCentre could do now is give people WORLD joke. Some- terthe 1957 and 1968 novel flu forEvidence-Based Medicine theinformation they need to Bluffing Texas Style times it im- pandemics but nothing likein- predicts the newcoronavirus resurrect the economy. The By Holman W. poses ahard discriminatelockdowns.Ad- will be fatal in aflu-like0.1% World Health Organization’s By Michael Vinson Jenkins, Jr. caponwhat justed fortoday’sU.S.popula- to 0.36% of cases.This implies Maria VanKerkhove, on return (Oklahoma, 236 pages, $21.95) we can tion (never mind our older 141,000 to 655,800 further from Wuhan, said flatly the achievewith public policy averageage), 1957’skilled the diseasewas not spread in ca- sthe extended subtitle of Michael Vinson’sbook when the presscan’t fulfill its equivalent of 230,000 Ameri- sual interaction but in close A says,JohnnyJenkins (1940-1989) wasanarsonist, necessarycommunication cans todayand 1968’s165,000. Despitethe dopamine family and institutional set- aforger, arare-book dealer and ahigh-stakes poker function. So far,Covid has killed 57,000. tings. Hendrik Streeck,the vi- playerwho clomped around in cowboybootsand aStetson This column isn’t about Beforepatting ourselves on economicsofonline rologist leading an investiga- while shuttling back and forth between LasVegas and Sweden, but the pressnow the back,however, noticethat news,weneed to see tion of a severe outbreak in Austin, Texas.Jenkins wasthat irresistible type—a Wild claims Sweden’sCovid policy we haven’t stopped the equiva- Germany’sHeinsbergdistrict, West conman youcouldn’t help but likeand almost is “failing” because it has more lent deaths,only delayedthem multiple variables. found similar results. He saw admirewhile he wascheating you. He even, it seems,tried deaths than itsneighbors. Let while we destroy our economy little evidencethat shopping to cheat death by committing suicide in such away that it me explain again: When youdo and the livelihoods of millions or even touching contami- would be takenfor murder.Suicide would have shown moresocial distancing,you get of people. deaths in the U.S. over the nated surfaces posed asignifi- weaknessand deflated the legend of himself that Jenkins lesstransmission. When you That’sbecause public offi- next year or so.Yes,these cant risk to awell-advised worked all his lifetocreate. On the other hand, murder do less, youget moretrans- cials haven’t explained howto deaths will be heavily concen- public. wasasuitable,eveninevitable end forthe frontier gambler mission. Almost all countries lifttheir unsustainable lock- trated among the elderly.An- In China, a study of 318 JohnnyJenkins portrayed himself as being.RIP. arepursuing amore-or-less downswhile most of the pub- other bit of journalistic virtue- clusters(involving 1,245pa- In the months beforeand afterJenkins’sdeath there goal, not areduce-to-zerogoal. lic remains uninfected and signaling holds that it’snow tients) found 80% involved were stories in Texas newspapersand magazines about Sweden expectsahigher curve there’snovaccine. “ageism” to take this intoac- transmission in the home,34% him. (I wroteone,for Texas but in line with itshospital ca- Hopefully we will demon- count, though adisease that in public transportation. Only Monthly.) Calvin Trillin even pacity.Sweden’sneighborsare strateour mettle in the next killsanewborn is obviously two people were found to have arrived in Texas to write not avoiding the same deaths chapter but Ihaveyet to see it. morecostly to him or her than been infected in an outdoor about Jenkins forthe New with their stronger mandates, All this belies another me- one that kills the same person setting.InHong Kong,where Yorker.Although these they aredelaying them, to the diatrope,advancedtomake at 95.The regulatorystate that people practice good social articles oftentalked about detriment of other values. manyincoherent points, that liberals idolizehas long recog- distancing,lockdowns haven’t suspicions surrounding the Theonly clear failurefor the fluisa“nonserious” dis- nized as much in weighing the been needed to keep hospitals way Jenkins did business, no Sweden would come if adeus ease and not to be compared value of proposed lifesaving from overflowing. one wasable to provethat he ex machina of some sort were with Covid-19.Infact, the flu interventions. Much remains to be found ever did anything really to arrivetocureCovid-19 in kills “only” 35,000 Americans Letmecommend a plan by out: aerosols vs.droplets, the wrong,much lessillegal. But the near future. Then all coun- ayear because we have vac- Avik Royand his colleagues at effectivenessofmasks.Hand in this book Mr.Vinson, an tries (not just Sweden) might cines and millions of us have the Foundation forResearch washing is probably a good experienced rare-book dealer wish in retrospect to have sup- previouslyacquired immunity. on Equal Opportunity,which idea but doesn’t have alot of himself,has done exactly that. pressed the virus moreuntil Apply the flu’sestimated 0.1% they expressly call apessi- peer-reviewed science behind Jenkins lefthis paperstothe their citizens could benefit death rate not to the 10% of mism plan: Avaccine won’t be it. This is information the pub- DeGolyer LibraryatSouthern from the miracle cure. the population susceptible to developed. An effectivetreat- lic needs as it resumes work Methodist University in Dallas,and Please,ifyou areajournal- today’sfamiliar strains but to ment won’t soon materialize. andsocializing in defianceof Mr.Vinson spent weeks thereturning over ist reporting on these matters the 60% likely to be infected Universal testing will not those single-variable thinkers everypage. He also interviewedwidely among the many and can’t understand “flatten by a novel strain. Result: quickly scale up.Infection who imagine civilization will booksellers, gamblers, collectorsand academics who had the curve” as amultivariate 200,000 deaths in today’spop- won’t be found to confer last- put itself in adeep freeze until dealingswith Jenkins over the years. proposition, leave the profes- ulation. ing immunity. avaccine materializes. Mr.Vinson has solved the long-standing mysteryof JohnnyJenkins.His research shows that, beginning with his collegedays,therewas never atime when Jenkins was not cheating,swindling,stealing and lying.In After Lockdowns, Don’t Expect ‘Normal’ particular,Mr. Vinson has discovered stubs from the two checks that Jenkins used to buy the printing plates he America’scen- Our current fiscal policies are Covid-19,but manyyearn to olderAmericans and those then used to print forgeries of rare Texas documents terofgravity transfusions intoableeding work and resume amorenor- with anow-familiar litanyof from the time of the Texas Revolution. Jenkins had has shifted patient, aprocess that can’t malexistence. Still, most peo- pre-existing conditions are always denied that he owned these plates,but the during the continue indefinitely.And ple understand that the new much morelikely to die from forgeries he created with them were by far his cleverest past week. thereare signs that American normal will be different. it. It would be sensible to al- and most lucrativeswindle. Thequestion patiencefor sheltering in place Nearly two decades after9/11, lowthe least vulnerable In March 1836,during the Texas Revolution, ahastily POLITICS is no longer is wearing thin. we still endurelong security groups to movetoward their assembled government issued aDeclaration of & IDEAS whether to At the other end of the lines in our airports. We grum- normal activities—schooland Independence. Athousand copies were immediately begin reopen- spectrum of possibilities lies ble and curse Osama bin work—while encouraging the printed as abroadside and nailed up in the various small By William ing the econ- Sweden, which chose to im- Laden,but we knowthis is most vulnerable to protect settlementsthat were Texas in those days.When the A. Galston omy, but how. pose minimal restrictions and necessary. Face masks maybe themselves,atleast until we Alamo wasunder siegeinFebruaryand March of 1836, Some stra- allowcitizens to makethe ad- annoying,but they’rehardly find effectivetreatments.At the commander of the Texan soldiers, William Barret tegic options canbeset aside justmentsthey chose.This beyond the bounds of human the same time,wewill need to Travis,had alettersmuggled out addressed “Tothe as unavailable or unattainable. strategymay appeal to Ameri- endurance. institutemeasures that pre- People of Texas &All Americans in the World,” which Australia, NewZealand, South cans’ libertarian, “don’t fence vent the lessvulnerable from proclaimed that he and his troops stood for“Victoryor Koreaand Taiwan responded me in” heritage,but it would infecting the morevulnera- Death.” Athousand copies of this letter, too, were printed quickly with an all-out effort notserveuswell. States will embrace ble—not an easy task in nurs- as broadsides,and these were nailed up as the Declaration to contain the virus beforeit Indeed, it has not served ing homes and multigenera- of Independencehad been. spread beyond initial hot Sweden well. Sweden’scon- different strategies. tional households. Thebroadsides disappeared over the years, as political spots. TheU.S.did not, losing firmed death rate from But we must protect Finally,some sectorsofour ephemeratends to do.By1970only five Declarations out whatever chanceithad to halt Covid-19 nowstands at 233 per economyand society will be of the original 1,000 were known to exist. But in 1987 a the virus in itstracks.Wecan- million, compared to 38 per the vulnerable. able to reopen faster than oth- rare-book dealer in Austin named TomTaylor realized not go back to wherewewere million in Norway,its neighbor ers. Construction and manu- that newly discovered Declarations were appearing in Februaryand begin again. to the west. Thedeath rate per facturing will likely come back regularly.Mr. Taylor knewofabout 20 copies,and they Nor canwefollowthe “test, million is 36 in Finland, 75 in Thereisnoplaybook for faster than services.Restau- were commanding prices of around $30,000.(Thegenuine traceand isolate” strategyfa- Denmark, and 73 in populous, what comes next, but thereare rantswill be among the slow- Declaration most recently sold realized $750,000 at voredbyepidemiologists. De- federalist Germany. some guidelines.Because no est to do so,aswill food-pro- Sotheby’s in 2004.) Therehad been asimilar florescence spiteimprovements, our By comparison, America’s one knows what will happen as cessing factories where of the broadside of Travis’sletterfromthe Alamo. Covid-19 testing capacity re- ramshackle approach has led restrictions areeased, public workersare jammed together Where, Taylor wondered, had all these newly discovered mains insufficient. Our ability to poor resultsall around—a officials should movecau- on assembly lines.Workers broadsides come from? to perform contact tracing at frozeneconomyand adeath tiously,monitoring resultsat will need protection against scaleisinits infancy. Manyof rate of 172per million, more each step.And because the employerswho placeprofits the early serological testswere than twiceashigh as Ger- U.S. is large and diverse,some and efficiencyabovehealth Johnny Jenkins was that irresistible type—a unreliable,and as one expert many’s.Itwould have been areas will be able to move and safety; employers who do Wild West con man you couldn’t help but like told the Journal last week,re- even worseifwehad begun faster than others.What is everything right will need re- sultsare still variable: “It’s with theSwedish approach necessaryinNew York,with lief from litigation. and almost admire while he was cheating you. kind of the Wild West out and then shiftedcourse mid- more than 22,000 deaths so Removingrestrictions will there.” Even if everything goes stream, as British Prime Minis- far and adeath rate of 1,153 not magically restoreeco- right, it will be months before terBoris Johnson wascom- per million, won’t makesense nomic health. “Field of Oncesuspicion wasaroused, the newdiscoveries were serological testing canbepelled to do.Despiteits single- in Wyoming,with only seven dreams” economics will yield quickly exposed as forgeries.For one thing,the type was brought to scale. payer, universal National deaths, or 12 per million. mixed results: If we reopen ever so slightly smallerthan it should have been. To the If we could keep our econ- Health Service, the U.K.’s death Demographymakes abig shopsand restaurants, cus- surprise of no one with anyknowledgeofthe Texana omyand society shut foran- rate per million nowstands at differenceaswell. Despitedis- tomersmay not come.The less market in those days,one man implicated in the forgery otherthree to six months,we 311. turbing anecdotes to the con- vulnerable will movefirst turned out to be Dorman David, aswashbuckling dealer might getwithin hailing dis- Recentsurveysshowthe trary, people under 45 are whilethe risk-aversehang and collector from Houston with an inheritancefromthe tanceofmeeting the epidemi- American people grappling much lesslikely to endurethe back.Changing the rules is one oil industry, astring of ex-wives and girlfriends,and a ologists’ criteria. But we do with conflicting desires.No severest consequences of thing,restoring confidencean- heroin habit. David admittedthat he had used two not have the luxuryoftime. one wantstocontract Covid-19 infections,while other. printing plates to createahandful of forgeries of the Declaration and the Travis letter. He also said he had then sold the plates to Jenkins,who used them to print additional forgeries. Yo u Must Wear a Mask—or Yo u May Not Jenkins,despitehis denials,surely felt thingsclosing in on him in early 1989.Besides the local news reports By Randy Maniloff loween costumes and mas- the mask “gives rise to a rea- struck down as unconstitu- about the forgeries,therewas also suspicion surrounding querade balls.(NewYork sonable apprehension of in- tional the application of Cali- two firesinhis warehouses during the previous five years, hen it comes to makes asimilar exception.) timidation, threatsorimpend- fornia’santimask lawtoan and it looked likeJenkins would soon be indicted on a W masks,itsometimes Virginia’s1950 antimask ing violence.” Iranian student peacefully charge of arson. He wasdelinquent on his federal taxes. seems as if every- lawissimilar to Georgia’sbut In 1999,afederal district picketing the Iranian Consul- Meanwhile,atjust the wrong time,hehad apparently lost thing that isn’t forbidden is comes with an impressively court ordered NewYork to al- ate. Fearfulofretaliation by interest in running his book business. Instead he was compulsory. TheCentersfor farsighted exception foralowmasked Klansmen to rally the shah’sgovernment, he spending weeks at atime in LasVegas playing in poker Disease Control and Preven- declaration of astate of emer- near City Hall. TheSecond concealed his identity.The tournamentsand side games whereheoccasionally won tion discouraged the public gency“in response to apublic U.S. Circuit Court of Appeals court concluded that the alittle but morefrequently lost alot. He owedatleast from wearing them to prevent health emergency.” partly reversed, holding that state’sfear “that the mereap- $1 million to creditorsall over LasVegas. infection, until it changed its the state’santimask lawcould pearanceofanonymous per- From time to time,Jenkins told stories about howto adviceonApril 3. Some gov- be enforced, and the Klansmen sons in public will inevitably makeasuicide look likeamurder so that the survivors ernorshavesincemandated Some states suspend held abare-faced rally. lead to violenceand other ille- could collect insurance. During apoker game with friends theiruse “whereyou come anti-Klan laws to Constitutional protections galactivities” wasunfounded. in Austin, he described one such scheme: “You getaboat, intocontact with other people couldn’t save TimothyRyan Wearing amask to stop the tie the guntoaballoon, and the guyshootshimself in the in asituation that is not so- combat coronavirus. afterhewas arrested for spread of infection would back of the head.” Then the balloon would float the gun cially distanced,” as New wearing amask in an Illinois seem asimple matterofpub- downstream until it leaked enough air and sank. York’sAndrew Cuomo put it. courthouse to protest the lic health, but these days peo- On April 16,1989,Jenkins’sbody wasfound in the But at least 18 states,includ- Some antimask laws,in- building’sair quality.InRyan ple will politicizeanything. Colorado River in aremotespot about 30 miles from ing NewYork,havelawsmak- cluding Georgia’sand Vir- v. County of DuPage (1995), AfterMr. Kemp issued his or- Austin. Therewas asingle shot in the back of his head. ing it a crime to wear a mask ginia’s, were enacted to pre- the Seventh Circuit ruled that der in Georgia, Macon’s No gunwas ever found, but in Jenkins’sgold Mercedes, in public. vent membersofthe Ku Klux the antimask rule wasreason- WGXA-TV tweeted: “Is it okay parked nearby,therewas areceipt from aconvenience Georgia’sGov.Brian Kemp Klan from concealing their able.“Imagine what awitness forKlan memberstowear storeshowing he had bought abag of iceearlier that signed an ordersuspending identities.InState v. Miller in acriminal case would hoodstoprevent spreading afternoon. Agun, tied to the bag of ice, would have his state’s1951 lawthat (1990), aKlansman unsuccess- think,orajuror,ifeither saw the virus?” Thestation floated down the river until the icemelted. makes it amisdemeanor to fully challenged the statuteon masked people sitting in the promptly deleted the tweet. Although “Bluffing Texas Style” is an indictment of wear,onpublic property,“a FirstAmendment grounds. spectator section of the court- Jenkins, I think he might have been secretly proud that his mask,hood, or devicebyTheGeorgia Supreme Court room,” JudgeRichardPosner Mr. Maniloff is an attorney exploits inspired this readable and solidly researched book. which anyportion of the face held that the statutepasses wrote. at White &Williams LLP in is so hidden” that it conceals constitutional muster when YetinGhafari v. Municipal Philadelphia andanadjunct Mr. Curtis was editor of Texas Monthly for 19 years. one’sidentity.The lawhas a applied against acitizen who Court for San Francisco professor at Temple Univer- His latest book is “The Cave Painters: The Story of the few exceptions,including Hal- knows, or should know, that (1978), astate appeals court sity’s BeasleySchool of Law. World’s First Artists.” P2JW120000-0-A01800-1------XA

A18 | We dnesday, April 29, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Coming GOP Spending Split PPP: Badly Written but Don’t Make It Worse

he U.S. Congresshas appropriated an as- keteffectsand other thingsand he figuresa$7 I’m amazed that aGOP senator like ish hardworking nonprofits who are tonishing $2.9trillion in ameresix trillion net cost per year of shutdown. Ron Johnson would propose moving on the front line of the community re- T weeks to counter the coronavirus,and As Mr.Mulligan putsit, “Without anyim- the goal postsofthe Paycheck Protec- sponse to Covid-19 after the fact is tion Program while the game has al- immoral. Democratsand some Republi- provementinour techniques Trump risks dividing his ready started (“PPP Loan Forgiveness KEN DAVENPORT cans want trillions more. Pres- forfighting the war[on the Needs Limits,” op-ed, April 23). One of San Diego ident Trump talks as if he’sea- party in the Senate with coronavirus], the sacrifices by the Republican Party’s core values is gertogoalong,but if he does households and businesses supposed to be areverence forthe Sen. Johnson’sdesiretoreduceor he mayhaveaSenateRepubli- another $1 trillion bill. will be staggering and histori- rules and their fair application. eliminateloan forgivenessundermines canrevoltonhis hands.The cally unprecedented.” The Changing the PPP’sforgivenessrules the incentivefor employers to retain betterstrategyistopause,see largerpoint is that no amount afterthe fact is the opposite. or rehireworkers. It makes no eco- howthe country’sreopening goes,and then de- of public spending cansubstitutefor the eco- Irun anonprofit that used the PPP nomic sense forabusinesstouse the cide wherethe money is needed if it still is. nomic losses to privateproduction and human money to save the jobs of manyofmy PPP loan to retain workersthat would iii and financial capital. employees.Werun on averytight normally be laid off if thereisa To put $2.9trillion in perspective, that’s60% This means reopening the economyfirst and budget with little in reservefor un- chancethat the businessmay lose the planned expenses,and Iknewthat the forgivenessifprofits recoverlater in of what the feds had expected to spend forall of foremost and finding avaccine.But it also means prolonged economic shutdown and at- theyear.Furthermore, his methodol- fiscal 2021. TheCongressional Budget Officesays thinking morethoughtfully about the government tendant decline in donations and pro- ogyfor eliminating the forgiveness the federal deficit this year is nowexpected to response,rather than spending willy-nilly on Dem- gram activity would gravely damage doesn’t take intoaccount the varied quadruple to $3.7 trillion, or astunning 17.9%of ocratic priorities plus Republican priorities to our business. We took the PPP loan profit structures of the millions of GDP.Evenafter the $800 billion Obama-Pelosi reach what Washingtoncalls acompromise. (and were fortunatetoactually getit) small businesses applying.For exam- spending bill in 2009,the deficit reached only This is the messagethat SenateMajority with the understanding that if used ple,amanufacturing firm with high 9.8% of GDP.The 2008 TARP money wasrepaid; Leader Mitch McConnell has been sending to his forpayroll and rent we’d have it for- fixedcostsmay lose money with a10% most Cares Act spending and loans won’t be. party in Congress—and to the WhiteHouse.No given. NowSen. Johnson is proposing decline in revenues while aservice Not sincethe end of World WarIIhas debt as one is moreattuned to the mood of his own something entirely different, based on businesssuch as adental officethat ashareofthe economyrisen so fast.In1946the Membersthan Mr.McConnell,and he knows the metrics that anyone who works in a wasforcedtoclose by the statemay debt held by the public stood at 106.1% of GDP. rumblingsofdissent aregrowing.Behind the nonprofit knows areirrelevant to the still break even with a50% decline. health of the business. RUSSEL B. WALCHER, CPA Slowly but surely the postwargrowthboom scenes manyare starting to ask if signing onto When Sen. Johnson says that for- Cleveland worked the debt down to alow of 23.2% in 1974. everyChuck Schumer-NancyPelosi priority is givenesswill be based on net assets, Theresponse to the recession of 2008-2009 set good forthe country. he clearly doesn’t understand that Requiring a40% reduction in gross debt climbing again, and both parties have kept Mr.McConnell made atactical mistakelast net assetsfor anonprofit areoften receiptsfor forgivenessisfoolish— it rising during the Trump era. Debt wasexpected week in floating the idea of statebankruptcy, made up of one-time grantsand do- anyone whose receiptsfall that much to be 79% of GDP this year,but CBO nowsays it which runs intoconstitutional problems.But at nations.Manynonprofit annual net- will be out of business. If the econ- will rise to 101% by September 30. least he goteverybody’s attention. He is right asset reportsvarysignificantly from omycomes roaring back,asthe presi- We’venever been deficit scolds as long as that Democratswant to use the virus to achieve year to year,and most of those assets dent has suggested will happen, will policies promoteeconomic growth, and the U.S. non-virus-related priorities,especially bailing arerestricted to specific programs we be punished forthat, too? If Con- has the advantageofpaying off itsdebtsinits outthe public union governancemodels that and services.They can’t be reallo- gressdid abetterjob of writing laws, catedtopay forpayroll at the organi- perhaps changing the rules afterthe owncurrency. TreasurySecretarySteven have done so much economic and fiscal harm in zation’sdirection. fact wouldn’t be one moreintrusion Mnuchin likes to saythe debt is no problem be- states likeIllinois. Even worse, Sen. Johnson is part of intobusinesses that have been cause interest ratesare near zero.He’sright, at He wasalso right Tuesdaytowarn Mr.Trump the very Senate that wrote the bill. If harmed in the firstplacebecause of least forthe near term, but he overlooks that so about abig budget blowout on public works. he was so concerned about this, he government action. much federal borrowing makes an outsizeclaim None of that money would be spent in time to should have done a better job setting ROBERT JAMISON on the world’slimited capital. help the economythis year.Mr. Trump needs the up the rules in the first place. To pun- Phoenix Everydollar the federal government is recovery to begin this summer if he wantsto spending,and having to financewith Treasury have anychancetowin asecond term—or if Re- bills,isadollar that won’t be available forlend- publicans want to have anychanceofkeeping a ing to privatecitizens or investing in newbusi- Senatemajority. Hong Kong Arrests Follow Hong Kong’s Law nesses.Unlessyou believethat the government iii Regarding your editorial “China’s months arelegitimatefromthe per- canreplacethe privateeconomyasanengine If Mr.Trump sends Mr.Mnuchin to negotiate Hong Kong Roundup” (April 20) con- spectives of our constitution, gover- of growth, as manyDemocratsnow believe, another trillion-dollar spending deal with Demo- cerning the implementation of “one nanceand operation, and areinfull wherewill the investment come from to drive crats, he runs the risk of dividing his ownparty country, two systems” and the Basic compliancewith our constitutional or- the recovery? in Congress. Adivided GOP will makehis re-elec- LawinHong Kong: April 18 arrestsof der under “one country, two systems.” On that point, Casey Mulligan,the University tion chances well-nigh impossible. certain figuresfor taking part in unau- It is also incorrect to statethat last of Chicagoeconomist formerly on the White Mr.Trump doesn’t have to rule out all new thorized assemblies were made by year’s proposed changes to Hong HouseCouncil of Economic Advisers, has calcu- spending.Hecan saylet’sspend what Congress Hong Kong authorities in accordance Kong’sextraditionlaw “would have al- lated in anew paper the real cost of shutting has already appropriated, including $150 billion with Hong Kong law. In Hong Kong,ev- lowedBeijing to extraditeanyone in down the economyasthe government has done. forthe states,see howthe Federal Reservelend- eryone is equal beforethe law. Hong Kong to the mainland.” It is rele- He estimates about a$6trillion lossofprivate ing programs work,and howwell the economic Recentcommentsbythe Central vant to notethat under the extradition market production ayear,plus another $2 trillion reopening goes.Then we cansee what the urgent People’sGovernment (CPG) Liaison Of- proposals which have been withdrawn, fice in Hong Kong on the operation of only crimes of the most serious nature forthe futurecosts(i.e.,higher taxes) of paying needs areand respond. Our guessisthat millions the LegislativeCouncil should be seen (carrying asentenceofatleast seven forcurrent relief efforts. Subtract forblack mar- of taxpayers would applaud. from the perspectiveofthe constitu- yearsinjail) and which were crimes in tional setup of the Hong Kong Special both jurisdictions would have been AdministrativeRegion (HKSAR). As a considered. In addition, anysuch cases Hawaii Penalizes the Helpers special administrativeregion of China, were also subject to judicial appeal at the HKSAR enjoys ahigh degree of au- different stages of the process, while r. Rogersfamously advised children What Mr. Marrero didn’t give away, he sold tonomyand comes directly under the crimes of apolitical natureorrelating to “look forthe helpers” during to local businesses or offered to his customers CPGaccording to Article 12 of the Basic to freedom of expression would not be M scarytimes.Amid the pandemic, forfreewith anypurchase.Hesays that caught Law. Theconcerns expressed about the covered. they include entrepreneurswho have applied the attention of the Department of Liquor Con- failureofthe House Committeeofour EDDIE MAK LegislativeCouncil to elect itschair- Hong Kong Commissioner to the U.S. creativity and expertise to getessential goods trol forMaui County,which suggested his pro- man after15meetingsoverthe past six Bethesda, Md. to health workersand consumers. Thebad motional offer amounted to an illegal induce- news is that no good deed goes unscrutinized ment to purchase alcohol. by regulators. “Wedidn’t do anything wrong,” says Mr.Mar- Inflation Isn’t a Big Risk, Mia Land O’Lakes’s Sad In Hawaii and elsewhere, the pandemic has led rero.Purchases likecoffee or merchandise were Even With All the Spending End and Patrick DesJarlait to shortages of hand sanitizer.Alcohol producers also eligible,sotherewas no inducement to buy are“in aunique position to help the community, booze. “Wewanted to getitout to the commu- Tim Congdon’swarning that the I was disappointed to read in your and we did that,” says GarrettMarrero, co- nity,but we knewifwesaid ‘freesanitizer,’ we Federal Reserve’srecent bold mone- editorial “Mia Land O’Lakes, founder of Maui Brewing Company. As soon as would have madness,” he says.Henever turned tary policyaction will lead to higher 1928-2020” (April 21) that Land O’ federal regulatorsgavethe go-ahead in March, away people in need, even if they couldn’t afford inflation is all tooreminiscent of simi- Lakes has redesigned its logo and re- the licensed brewery,distilleryand winerybegan to buy something,hesays. lar direwarningsoverthe past decade moved the iconic image of Mia, the that the Fed’searlier rounds of quanti- Native American maiden who graced churning out hand sanitizer in bulk. Maui County says the matterisunder inves- tativeeasing would lead to aburst in its butter cartons for close to a cen- Mr. Marrerosays he gave around 1,200 gal- tigation and no enforcement action has been inflation (“Get Ready forthe Return of tury. That the Mia we’ve known since lons,worth as much as $35,000,topolice, first taken. But “the last thing anybody needs is a Inflation,” op-ed, April 24). the 1950s was designed by a Native responders, health workersand local nonprof- fine right now,” Mr. Marrero says. Before the In the same way that inflation American artist is significant, and I its. Thebrewery’s donations helped “ensurethe pandemic, Maui Brewing Company employed didn’t materializeoverthe past de- hope that those who read this edito- safety of our officerswhen responding to calls some 700workers, but with alcohol sales down cade,sotoo,asthe U.S. Treasury-bond rial will look up the artist Patrick forserviceand to our Kupuna,” or elderly,wrote 40% and food sales down 100%, Mr.Marrerohas market seems to be telling us with re- DesJarlait. He was known not only Maui’schief of police, Tivoli Faaumu, in athank- had to furlough most of the staff. cord-lowlong-term interest rates, in- for his commercial artwork, but also you letter. Wiser regulators than those in Maui would flation is unlikely to be aproblem in for his brilliant watercolor paintings, The hand sanitizer also “helped us to con- avoid bloody-minded enforcement that deters the yearsimmediately ahead. two of which are in the permanent tinue to provide vital services forchildren with voluntarycivic action to help the public in acri- It is an excess of aggregatedemand collection of the Minneapolis Mu- over aggregatesupply that generates seum of American Art. He was also autism,” says Kristen Koba-Burdt,the director sis. Entrepreneurs have been willing and able inflation. With the U.S. and global an art educator and wrote two books of clinical operations forthe behavioral health to help,but they’ll be forced to stop if they fear economies nowlikely to experience about his work as a Native American practice at BAYADA Home Health Care. it will invite punishment. foraprolonged time the largest gaps artist. DesJarlait’s artwork is note- in both output and labor marketsthat worthy for its representations of we have experienced in the postwar Ojibwe culture and its bold and color- Germany’s R0 Virus Experiment period, it is difficult to see howinfla- ful beauty. tion could acceleratesolong as those Forits 100th anniversary, Land O’ weden’sresistancetoagovernment-im- policyincontrast to acertain U.S. President. Yet gaps persist. If anything,deflation is Lakesmight have chosen to shine a posedlockdown is generally viewedas it’s plagued by problems. One, as the RKI ac- likely to be moreofarisk than are- light on Mia, Patrick DesJarlait and S Europe’sboldest coronavirus experiment, knowledges in itsdaily briefings, is that no one turn of inflation. their unique placeinAmerican cul- DESMOND LACHMAN ture. If this cloud has asilver lining, but nowBerlin is giving Stockholm arun forits can know in real time what the reproduction American Enterprise Institute it will be an increased awareness money.AsGermanyreopens forbusiness, there rate is.RKI’sfigureisonly an estimate. Any Washington and appreciation forthe artist. aresigns that itslockdown hasn’t permanently leader who picks R0 as a policy target will be DONNA MARIA TICCHI blocked Covid-19 afterall. flying half-blind. Wellesley, Mass. German officials areconcerned that the dis- Worse, it probably isn’t possible to perma- Strange, Sad Link Between ease’s reproduction rate,orR0, has driftedup- nently suppressR0below1and have afunctioning ‘Jaws’ and the Coronavirus ward sincesmaller shops were allowedtore- economyatthe same time.Germanytodatehas Pepper ... open April 20.The Robert Koch Institute, the experienced one of Europe’slowerdeath ratesrel- Thesurprising parallels of the cur- And Salt government’sdisease-control agency, estimated ative to population sizethanks to Berlin’srela- rent Covid-19 crisis with the 1975 Mondaythat the rate is 1. That meanseach in- tively swiftrollout of testing and contact tracing movie “Jaws,” is aptly described by THE WALL STREET JOURNAL fected person on averagespreads the virus to earlier in the pandemic and astrict lockdown. The LeeSiegel (“Coronavirus as aSequel to ‘Jaws,’” op-ed, April 24). He,like one other person. Arateaboveone signifies ex- upwarddriftinthe reproduction rate nowsug- manyofus, wasleftwith the indelible ponential growth in infections. geststhat those measures maynot have stopped scene of the grieving mother confront- That matters because Berlin is conducting an the disease in itstracks so much as delayedthe ing the town officials about the need- experiment in whether it’spossible to reopen an inevitable—and at enormous cost. lessdeath of her boy. Ironically,the ac- economyinaway that controls R0.Chancellor Most politicians in most countries arechang- tresswho playedthat part, LeeFierro, Angela Merkel,who holds adoctorateinchemis- ing the explanation forwhy they locked down died from complications of Covid-19 in try, became an internet sensation this month for their economies. Originally they said they early April. Apoignant echo of the apress conferenceinwhich she soberly lectured wanted to slowCovid-19’sspread to ease pres- reach of this ongoing plague. Germans on whythey must suppressthe rate, sureonhospitals,but increasingly they seem to PAUL BLEICHER and whyR0would be the benchmark forthe gov- want to stop it entirely.(NewYork Gov.Andrew Newton, Mass. ernment’sreopening policies.Two days before Cuomo is also invoking an R0 of 1beforehis Lettersintended forpublication the lockdown started easing,RKI estimated the statecan reopen.) Berlin mayprovide acaution- should be emailed to [email protected]. rate was0.8. arytale in whether that is possible as lockdowns Please include your city, stateand That approach andGermany’saggressive ease—and, therefore, whether the lockdowns telephone number.All letters aresub- test-and-traceprogram earlier in the outbreak have been worth their immense human and eco- ject to editing,and unpublished letters “No. Instagram was enough! cannot be acknowledged. were presented as a triumph of science-based nomic cost. I don’t want to know about Tic Toc.” P2JW120000-0-A01900-1------XA

THE WALL STREET JOURNAL. We dnesday, April 29, 2020 | A19 OPINION Relying on Foreign Drugs Is Dangerous How My Joke On Twitter By Scott W. Atlas and production. Reducing vulnerabil- And H.R. McMaster itytohealth threatssuch as Covid-19 restsonAmerican discoveryand Became a ealth security is critical competitiveness. While the U.S. leads to national security.The the world in health-careinnovation, Covid-19 pandemic is a this is no reason to be complacent. Federal Case H moment to re-evaluate Congressshould strengthen taxin- U.S. dependenceon centives forhigh-risk investmentsin China forpharmaceutical ingredients early stagemedtech and life-science By Ben Domenech and to solidifythe pharmaceutical companies,including drug develop- supply chain in advanceofproliferat- ment,and target additional incen- ’m under federal investigation for ing threats. tivestodomestic drug manufactur- making ajokeonTwitter. G I Americans filled the equivalent of ing. In June 2019,employees at the 5.8billion 30-dayprescriptions in Developinganew drug typically left-liberal VoxMedia Inc.walked off

2018.That doesn’t count the hun- OOMBER costsmorethan $2.5billion and the job demanding anew collective

dreds of millions of vaccinations ad- N/BL takesmorethan adecade.Safety bargaining agreement. As the pub- ministered annually.In2019 the Food TO standards shouldn’t be compromised, lisher of aconservativewebsite, the and Drug Administration estimated HYL but lengthyclinical trials canbe Federalist, Ifound the clash ironic.I RA

that 40% of finished medications and SA streamlined. TheFDA should con- tweeted: “FYI @fdrlst firstone of you 80% of activepharmaceutical ingre- An Indian pharmaceutical factory tinue the impressivework it began in tries to unionizeIswear I’ll send you dients were manufactured overseas, 2016 to expeditedrugapprovals. back to the salt mine.” mainly in China and India. U.S. is enough to constitute“manu- is highly reliant on foreign sourcesof During 2017 and 2018,yearly new Although Twitterleftistswereen- While U.S. pharmaceutical compa- facturing.” Adrugmade intotablets more-expensivebrand-name drugs, drug approvals increased by around raged, my employees were amused. nies maypreserveredundancyin in the U.S. with activeingredients which makeup90% of overall drug 70%relativetothe eight yearsunder They joked aboutselling branded their sourcesfor patented drugs, the from Indiamay list only the U.S. as revenues,exporting only 1.2% of all the Obama administration. Finally, salt-shakersand writing sympathetic generic drug business, which ac- “principal placeofbusiness” forFDA medications in totalvalue; the U.S. is legislatorsmust avoid the temptation vignettesabout union rebels from countsfor morethan 90% of all U.S. purposes.Labeling should be among the topfiveexporters. to impose priceregulation and limit Federalist salt mines. straightforward, but not at the sacri- China is deeply dependent on U.S. patentprotections.These measures Then thingstook an unfunnyturn. fice of security. cancer drugsinparticular.Ofthose delaydruglaunches,reduceaccess TheNational Labor Relations Board Generics are often made Protecting the drug supply also launched world-wide from 2013 to and crush research and development. informed me that the leftist writer requires guarding against poor-qual- 2017, 51 of 54 were available within Asecuredrugsupply chain MattBruenig had filed aformal com- in India, with ingredients ity and counterfeit medications,are- two yearsinthe U.S. Only two were couldn’t have made up forthe Chi- plaint about my tweet. He withdrew from China. Time to peated problem of medications from available in China. Cancer survival in nese CommunistParty’s decision to it, but Joel Fleming,aMassachusetts China in particular.Although the FDA China is only half that in the U.S. The conceal the threat of Covid-19.But it lawyer,filed another. diversify the supply chain. conducts3,500 inspections of generic Communist Party recognizes this is essential formobilizing resources plantsayear,additional measures problem. ItsHealthyChina 2030 Plan to mitigatethe crisis.And the stakes arenecessary. Morethan half of FDA exemptsmost drugsfromtaxes and arehigh, even in normal times.More The NLRB is investigating prescriptions,prioritizes lowcost inspections areconducted on foreign omitsU.S.cancer drugsfromtariffs than 15 million American seniors, or me for a humorous tweet over supply-chain resiliency. Most ge- manufacturers, but only asmall mi- placed on other medications in 2019. 1in3,takefiveormoremedications nerics,including antibiotics,are im- nority aredone unannounced in China has emphasized generating daily.Asthe U.S. population ages,so- about Vox’s labor dispute. ported from India—and India imports Chinaand India. TheU.S.govern- newpharma patents. China nowex- ciety will become even moredepen- some 70%ofits activeingredients ment should requirefar greater on- ceeds the U.S. in published applica- dent on drugsindispensable to treat- from China. Americaneeds to under- siteaccessand increase the funding tions,eventhough the U.S. still leads ing the biggest killers—heart disease, Mr.Fleming alleged Ihad violated stand and diversifysourcesofsupply, and staff to implement that policy. It by awide margin in patentsthat are cancer and stroke. Preventing an in- Section 8(a)(1) of the Wagner Act, as well as maintain astrategic re- is also time to stop viewing the reim- ultimately granted. Mutual depen- terruption of the supply of vital med- whichstatesthat “itshall be an un- serveofantibiotics and the key drugs portation of drugsasapotential so- denceonuninterrupted access to ications that save lives and treat dis- fair labor practicefor an employerto forthe most prevalent serious dis- lution without serious downsides. critical drugs, among both allies and eases,whether during pandemics or interfere with, restrain, or coerce em- eases. Astrategytodiminish supply- adversaries,isavital part of risk in routine care,isamatterofna- ployees in the exercise of the rights Beyond scale and complexity,de- chain risk must also take account of mitigation. Leadersshould make tional security. guaranteed in Section 7”—namely the tails on drug manufacturing are China’sdependenceonU.S.drugs. clear that the U.S. will never with- rights“to self-organization, to form, opaque and complex. TheFood and TheU.S.isthe world’spredominant hold pharmaceuticals from other na- Dr. Atlas is aphysician. Lt. Gen. join, or assist labor organizations,to Drug Administration requires coun- source of pharmaceutical innovation, tions forcoerciveorpunitivepur- McMaster, aretired Army officer, bargain collectively through repre- try-of-origin markings, but the U.S. including newcancer drugs, next- poses,except when faced with served as White House national secu- sentatives of their ownchoosing,and Court of Appeals forthe Federal Cir- generation biopharmaceuticals and hostile actions,such as actsofwar. rity adviser, 2017-18. Both are senior to engageinother concerted activi- cuit ruled in Februarythat process- teststhat determine which patients Perhaps most important, policies fellows at Stanford University’s Hoo- ties forthe purpose of collectivebar- ing ingredientsintotabletsinthe will benefitfromthose drugs. China must encouragepharma innovation ver Institution. gaining or other mutual aid or pro- tection.” Theaccusation waslaughable.No employeehad expressed adesireto Borrower Beware: Cares Loans Carry a Steep Cost unionize. If anyone had, my joke wouldn’t have stood in the way.Mr. By Paul S. Atkins notable cases necessarytotheir sur- AutoNation,ShakeShack,the Los latorywhipsawing.The company Fleming wasaninterloper anyway— vival. TheTreasuryDepartment Angeles Lakers and other well- whose SBAloan is forgiven under to- he had no association with the Feder- uestions arealready arising browbeat manyreluctant banks to knownentities have already re- day’s Paycheck Protection Program alist. Butaccording to the NLRB, any- Q about whether the federal dol- seek TARP funding “voluntarily” in turned Cares Act funds. We may be guidelines may face future govern- one canfile such acomplaint against larsflooding the U.S. economy the name of systemic safety and seeing only the beginning of the ment demands forenvironmental or anycompany. during the Covid-19 crisis are soundness, as away of preventing naming and shaming of businesses— corporate-governanceregulations. TheNLRB proceeded to invade our reaching the intended recipients. more-eager banks from looking in an election year,smacking the Helpingbusinesses avert certain publication, heedlessofthe freedom Rightly so,when trillions in taxpayer weak. The effort backfired by mak- right organization canmakeacandi- bankruptcy todayisagreat hook for of the press. Membersofmystaff dollarsare at stake.But it should ingthe whole industrylook weak, dateacultural hero. And that’sall politicians to impose special post were subpoenaed to testifyinNew make businesses think twice before and it has tarnished banking for beforethe oversight commission and hoc obligations tomorrow. York,wherenone of them lived and they take federal money. more than a decade. inspectorsgeneral start digging into Policymakerscan head off some of we had no office. The NLRB at- Clearly thereshould be afinancial the payout rolls.Lawmakersand this turmoil. In writing the final rules tempted to subpoena all emails and lifeline forAmerica’shundreds of othersare already signaling that forthese programs,for instance, the communications between staff mem- thousands of small businesses and They invite investigations, otherwisesuccessfulcompanies or Treasuryand SBAcan clarifythat or- bersgoing back years—including 22 million unemployed. When the their owners that receive Cares Act ganizations with ample alternative about editorial decisions,hiring deci- government ordersyour “nonessen- reputation costs, and money todaywill have alot to an- resourcesaren’t eligible and won’t sions,and confidential sourcesdur- tial” businesstoclose (despiteits maybe even social and swer for tomorrow. have their loans forgiven. ing our coverage of the Russia-collu- being essential to your and your em- To deter freeloading,the Treasury This isn’t to suggest that compa- sion hoax. ployees’ livelihoods), it’sonly rea- environmental measures. and the Small Business Administra- nies shouldn’t take federal funding if Help arrived in the form of the sonable that it should compensate tion incorporated from the outset a they absolutely need it and qualify, NewCivil Liberties Alliance, anon- you. much-needed loan-application certi- but they should know the potential profit set up by legal scholar Philip But borrowerbeware!Businesses Copying TARP, the new Congres- fication stating that the loan is “nec- long-term implications.For the sake Hamburgerthat defends constitu- with flexibility should seriously con- sional Oversight Commission will essarytosupport the ongoing opera- of taxpayers and businesses alike, tional rightsagainst overreach by the sider to what extent accepting the oversee the $2.2 trillion in Cares Act tions of the Applicant,” and criminal policymakersshould adopt clear, administrativestate. terms of federal loans or other sup- spending.Because the pandemic is a penalties attach if it is not. It is en- public guidelines to focus relief on TheNLRB proposed asettlement: port maybeaFaustian bargain. The truly global forcemajeureevent and tirely possible the special inspector those that truly need it, reducing the Ideletethe joke, Ipost information ultimatecost maydramatically out- the recipientsoffunds arenot in- general will interpret “necessary” likelihood of poisonous recrimina- on the rightsofemployees to union- weigh the temporary gain. dustry-specific,the oversight will be narrowly,astherewill be many tions.Clarity will help ensurethe ize, and the complaint goes away.I Through the congressional over- more complicated. Few if any com- tempting targetstorecoup taxpayer economic revival we desperately said no. sightcommission established under panies were prepared for Covid-19, money and tarnish reputations.It need. That meantthe NLRB’scase the Cares Act, the newSpecial Inspec- and most aregoing to be negatively won’t be pretty forthe businesses against me would be adjudicated by torGeneral forPandemic Recovery, affected in some way.Onthe recipi- caught in the crossfire. If in doubt, Mr. Atkins, CEO of Patomak an NLRB employee,Administrative and numerous other freshly funded ent side,companies large and small stay out. Global Partners, is aformer commis- LawJudgeKenneth Chu. As expected, inspectorsgeneral, the groundwork is arefiling forassistancebeforethe Another consideration firms sioner of the Securities and Ex- we lost. Theboardcalled no wit- already laid foraggressiveinvestiga- relevant regulations have been fully should mull is the potential forregu- change Commission. nesses.Itsubmittedmytweet and tion and reviewofwhich businesses drafted or implemented. printoutsofFederalist articles and received—and howthey spent—fed- While different in scope and de- asserted we were not apublication eral emergencyfunds. tail, TARP and Cares have enough butan“anti-union website.” Having served on the Congressio- similarities that some lessons from The STEM M.B.A. Thegovernment lawyer claimed nal Oversight Panel forthe Troubled the TARP days are worth consider- that “the editorialpositions of the Asset Relief Program in the years ation here. For one, expect aggres- By Anupriya Dwivedi existing curriculum against the defi- websiteare reasonably ...understood following the 2008-09 financial cri- siveoversight and enforcement. nition provided by the Department of as Mr.Domenech’sown,” even though sis, I appreciate that the two-sided Whenever public money is distrib- yStanfordfriend A.J. flew Homeland Security and in case of a we publish thousands of conflicting effect of taking federal funding can uted to privatehands,anomalies will M back to India days beforethe match apply foraSTEM designation. opinions under various bylines.Feder- be both asuccorand arisk to abusi- arise and accusations of favoritism, coronavirus lockdown. Hav- TheMassachusetts InstituteofTech- alist employees filed affidavitsstating ness’s reputation and operation. discrimination and fraud will follow. ing lost the H-1B visa lottery,here- nologyand the universities of Roch- they viewedmytweet as ajoke. Mr. In 2008 the $700 billion TARP TheTARP special inspector general’s turns jobless, with amanagement de- ester,Wisconsin and California at Chudismissed their opinions as sub- packagewas enacted mainly to re- investigations have led to 24 regula- gree and morethan $200,000 in Berkeley have all done so.Analter- jectiveand irrelevant. spond to afinancial-sector crisis tory enforcement actions and 380 debt.With 11 years’ experiencein nativeistooffer “tracks” or special- Eventually we’ll gettoareal court, caused by government housing and convictions, totaling more than $11 strategyand marketing,hehoped to izations in the form of optional wherewe’ll be able to assert our monetarypolicyand market re- billion to date. work in the U.S. and eventually courses,asDuke, Wharton, Dart- rights and proveour case.Why sponses.Banks and automobile com- Already, the old saw that “optics launch astartup.But he ranup mouth, Michigan and Southern Cali- bother when the stakes seem so low? panies received alifeline—in some matter” is coming intoplay. Harvard, against the 12-month deadline forthe fornia have all done.InApril Harvard Because they aren’t. It’samatterof Optional Practical Training period, BusinessSchool successfully earned principle. during whichgraduates areallowed aSTEM designation by creating a It is my good fortune to know to remain and work in the U.S. management-sciencetrack.The pro- manybrilliant lawyerswho arewilling PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Iwas also born and raised in In- cess is straightforward, quick and to stand up against abuses of the ad- Rupert Murdoch Robert Thomson dia, butIhad betterluck because I largely up to the school itself. ministrativestate.Most people aren’t Executive Chairman, News Corp Chief Executive Officer, News Corp went to school in England. Istudied Americans should be prioritized so lucky. What happenswhen another Matt Murray William Lewis Editor in Chief Chief Executive Officer and Publisher neuroscienceatOxford, then worked forAmerican jobs,but the there small-businessowner on social media Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: on developing strategies in the finan- aren’t enough STEM-qualified profes- makes asimilar joke? When aneigh- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; cial-services sector.Ifthe U.K. had sionals who arecitizens.ASTEM bor decides to makeafederal case out Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; subjected my fatetoalottery,Icould M.B.A. is aleg up not only forthe of an impolitic Facebook post? What News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; have been dispatched home after graduate but also foraprospective happensiffreedom of speech is only Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer university,asA.J.was. employer.Who would youpick from worth what the common business Features &Special Projects; Andrew Dowell, OPERATING EXECUTIVES: Butthe U.S. is moregenerous to two similarly qualified candidates? owner is willing to payinlegal fees, Asia; AnthonyGalloway, Video &Audio; Kenneth Breen, Commercial; AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; graduates in STEM fields—science, Onewho canstayfor three yearsor missed work and the cost of flying Features &Weekend; Emma Moody, Standards; TracyCorrigan, Chief Strategy Officer; technology, engineering and mathe- one who maybeout in 12 months? employees to other states to testifyin Shazna Nessa, Visuals; MatthewRose, Enterprise; Frank Filippo, Print Products &Services; matics—who are allowed to stay This isn’t wangling free passes for front of bureaucrats? Michael Siconolfi, Investigations; Nikki Waller, Live Kristin Heitmann, Chief Commercial Officer; Journalism; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; three yearsunder the OPT program. uninvited party guests. These guests It’sunderstandable that those who Thomas SanFilippo, Customer Service; If A.J.’s M.B.A. had been classified as are the party.Ifrebaptizing business can’t affordtofight oftenbend the GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; STEM, he would have been able to degrees as STEM keeps talent in the knee.But in that America, the bu- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International stay until 2022. U.S.,let’sdoit. Let’salso please in- reaucrats, and the trolls who use Barron’s Group: Almar Latour, Publisher Manyschools have achieved STEM viteA.J. them to shut down speech they don’t WALL STREETJOURNAL MANAGEMENT: Professional Information Business: classification forbusinessdegrees. like, will keep rolling on until some- Joseph B. Vincent, Operations; Christopher Lloyd, Head; LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head Typically,aSTEM M.B.A. includes Ms. Dwivedi is amaster’s student one stands up and says no.

EDITORIAL AND CORPORATEHEADQUARTERS: courses in dataanalytics,operations, at Stanford’s Graduate School of 1211 Avenue of the Americas, New York, N.Y., 10036 finance, economics and strategy. Business and aformer management Mr. Domenech is publisher of the Telephone 1-800-DOWJONES Some businessschools assesstheir consultant. Federalist. P2JW120000-0-A02000-1------XA

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S&P 2863.39 g 0.52% S&P FIN À 0.91% S&P IT g 1.41% DJ TRANS À 1.08% WSJ $ IDX g 0.21% LIBOR 3M 0.760 NIKKEI 19771.19 g 0.06% See more at WSJ.com/Markets Oil Falls After Swinging Wildly Alphabet PostsSales Investors exit from negativeterritory. nesses to reopen. Governors lived, though, and the June mostly seaborne,soitisn’t Theworld is awash with of some others, including contract resumed itsslide by prone to the same pipeline near-term futures toomuch oil as coronavirus Ohio and Texas, have outlined latemorning.Itended Tues- and storageissues. Rise, With contracts in fear of lockdownsondriving,flying plans to ease stay-at-home or- daydown3.4%at$12.34 a Alightly traded futures and industrial activity have ders in the coming days. barrel.Later-dated futures contract forWTI traded for repeat of collapse all but eliminated the need June futures contractsfor contractsbounced between negativeprices last week, A Caveat forthe stuff. West Texas Intermediate—the gains and losses in erratic spooking marketsand BY DAVID HODARI That hascommodity inves- main U.S. bellwether— trading. prompting investorstorace AND CAITLIN OSTROFF tors eschewing oil in the near dropped nearly 20% to $10.24 Brent crude moved around outofcontractsthat require B Y R OB COPELAND term and pushing out their abarrel in early trading be- in amorenarrow band, end- them to take deliveryofoil in Oil prices whipsawedTues- exposuretoprices later in the fore shooting up to around ingup2.4%to$20.46abar- the coming months.Most oil Google’sparent posted dayontheir way to ending year in hopes that swaths of $13.56 abarrel, or 6% above rel. Theglobal benchmark is watchersconsider the most strong resultsinwhat the lowerasinvestorsand index the economywill be reopened Monday’sclose,after Presi- tradingatsuch abig differ- actively traded contract at company called “a tale of two funds rushed out of near-term then and normal fuel con- dent Trump tweeted his ap- encetoWTI because of severe PleaseturntopageB13 quarters,” with ahead start in futures contractsfor fear that sumption will resume. proval of Texas’ plan to re- bottlenecks in storing oil in advertising earlier this year thefinancial instrumentsmay Some U.S. states, including open businesses. Cushing,Okla., wherethe U.S.  BP reports loss, increased making up forthe crunch of repeat last week’splungeinto Georgia,haveallowedbusi- Thepricerise wasshort- contractsare settled. Brent is debt, weak outlook...... B13 the global pandemic later. Alphabet Inc.’s results add to indications that Silicon Val- High-yield bond Extrayield to hold high-yield ley might weather theeco- issuance, by week bonds overU.S.Treasurys nomic slowdownbetterthan othersinthe corporateworld. $16 billion 12 percentagepoints One heavy caveat: Alphabet SeaWorld executives said that company 14 Entertainment performance fell off dramati- 10 cally as the coronavirus crisis 12 accelerated, and cautioned $228M that they couldn’t predict how 10 8 the coming months would turn out. Chief ExecutiveSundar 8 Pichai said that March pro- duced “a significant and sud- 6 6 den slowdowninadrevenues.”

S Alphabet reported totalrev- enue of $41.2 billion forthe

4 PRES 4 firstquarter,up13% from a TED year earlier. Though the com-

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Source:S&P Global Market Intelligence(issuance); BloombergBarclays (extrayield) JOHN well-timed report foracom- panythat has been amodel of growth during its 22 years of existence. Corporate-Bond Analysts polled by FactSet had expected revenue of $40.8 AMC billion. The company’s shares Rally Opens Entertainment gained morethan 8% in after- hourstrading afterthe re- lease. $500M TheAlphabet resultsrepre- Debt Floodgates sent asignificant public hint of howthe major technology companies arefaring in an S economybrought lowbythe

BY SAM GOLDFARB nies—which tend to have large NEW Covid-19 pandemic.The con- G debt loads,challenged busi- glomerate’s many arms over- Arally in corporatedebt is nessoperations or both—had lap with tech rivals reporting enabling riskier companies to gone most of March without OOMBER earningslater this week. Face- raise much-needed cash while issuingnew debt, afterinves- /BL PleaseturntopageB4

fueling debateoverwhether tors dumped their bonds and MBERS

investorshavegrown overly potential borrowing costssky- CHA  Heard on the Street: Google

optimistic about the economy. rocketed. TIN hides its woes well...... B14

From April 13 through Fri- On Feb. 18,the averageex- DUS day, companies such as Ford trayield, or spread, investors Motor Co., AMC Entertain- demanded to hold speculative- ment Holdings Inc.and Sea- grade bonds over U.S. Trea- Assembly World Entertainment Inc.is- surys wasjust 3.41 percentage sued acombined $28 billion of points, according to speculative-grade bonds,the BloombergBarclays data. By Ford Motor Lapses fourth-largest two-week total March 23,ithad climbed to 11 Company on record,according to LCD,a percentagepoints. But Mon- unit of S&P Global Market In- day, it wasback down to 7.74 Examined telligence. percentagepoints—still rela- $8B Thesurge in issuancefol- tively high,but lowenough lows an even biggerboom in that large numbersofcompa- At Boeing

newsales of investment-grade nies canborrow in the market, S

bonds, as businesses of all especially if they back their NEW stripes trytostock up on bonds with collateral. G BY ANDY PASZTOR funds to weather aperiod in Theyield on the benchmark AND ANDREW TANGEL

which manycan expect little 10-year U.S. Treasurynoteset- OOMBER

to no incoming cash flow. tled at 0.610%, according to E/BL Boeing Co.faces criminal

Bond sales have continued de- Tradeweb, compared with OT and civil scrutinyintoyears spitevolatility in oil prices, 0.655% Monday. Yields fall of widespread quality-control with investorslargely separat- when bond prices rise. LANZIL lapses on its737 MAXassem- ing the problems of energy Along with other assetslike bly line,according to people

companies from those in other stocks,high-yield bonds have ANTHONY familiar with thedetails,po- sectors. been boosted by government SeaWorld, AMC Entertainment, and Ford are among companies that have recently issued speculative- tentially exposing the plane Speculative-grade compa- PleaseturntopageB13 grade bonds. Improved demand for riskier debt has already helped some companies meet funding needs. makertogreater legalliabil- ity than previouslyantici- pated by industryand govern- ment officials. ‘Trolls’ SkipsTheaters INSIDE Even Firms Benefiting Theinquiries build on a federal grand-juryinvestiga- tion intohazardously de- On NewPathtoProfit From Crisis Feel Pain signed flight-control systems, these people said. As part of BY ERICH SCHWARTZEL according to aperson familiar S the expanded probes, Justice

with the matter. Itsperformance NEW BY PAUL ZIOBRO other areas of our portfolio Department prosecutorsand LOSANGELES—Last month, has convinced Universal execu- G experiencing high demand federal air-safety regulators as the nation’smovie theaters tives that digital releases canbe United Parcel Service Inc. duetothe pandemic,” 3M have been scrutinizing poten- were days from closing down, awinning strategy, and maydi- OOMBER is logging higher revenue as Chief ExecutiveMikeRoman tially significant safety prob- BL executives at Comcast Corp.’s minish the role of theaterseven homebound Americans shop said. “Atthe same time,we lems stemming from 737MAX Universal Pictures moved on a after the pandemic passes. BUSINESS online during the coronavirus experienced weak demand in production missteps,these decision that would soon pay Hollywood has had itseye Starbucksrecords its pandemic.But itsmoreprofit- several end marketsthat were people said. offhandsomely. on “Trolls,” which maynow of- first drop in sales since able businessofdelivering big moreseverely impacted by Thegrand juryprobe has Amassivemarketing cam- ferthe best ammunition yetin shipmentstooffices and actions takenaround the focused largely on what cer- paign wasalready under way an industrywide push to change 2009 as manystores stores has dried up. world to slowthe pandemic. tain Boeing employees told forthe studio’s April 10 release, the way movies arereleased. areclosed. B5 3M Co.added $100 million PepsiCo Inc.reported an Federal Aviation Administra- “Trolls World Tour,” an ani- Foryears, studios have de- in extra face-mask sales this increase in salesofpotato tion officials about the dan- matedsequel to the 2016 hit. bated movie theatersovertheir quarter.But the maker of chips, oatmeal and pancake gers of afaulty stall-preven- Thestudio decided not to post- requirement to showamovie Post-it Notes also said sales mixes as consumerswereeat- tion feature beforeitled to pone theopening,instead mak- exclusively formorethan two of officesupplies have de- ing breakfast at home and two fatal MAXcrashes in less ing the movie available as a months beforescreening at creased. Overall, itsadjusted snacking morethroughout the than five months and digital rental on platforms like home,all while watching Net- salesinthe Americas region day. But the companysaid its prompted the March 2019 Apple Inc.’sApple TV for flix Inc.dominateat-home en- fell 20% in April. businesswas hurt by fewer grounding of the global fleet, S $19.99. tertainment. With theaters Such contrastsacrosscor- people grabbing sodas at con- according to people familiar Threeweeks later,“Trolls closed, studios arejumping at PRES porateAmericaare becoming veniencestoresand gassta- with thematter.

World Tour” has racked up the chancetoexperiment with ZUMA increasingly common, as a tions. But simultaneously,the peo- nearly $100 million in rentals. getting first-run releases into widespread cessation of “The negativeimpact on ple familiar with the inquiries With nearly five million rent- thehome sooner. FINANCE global businessactivity is beverages is moresignificant said, DOJprosecutorsand FAA als in the U.S. and Canada, the Businesses from Silicon Val- Companysuspensions damping resultsevenfor than the positiveimpact on investigatorsalso have been digital release has in three ley tech firms to manufacturing companies that have products snacks andfoods,” PepsiCo examining factoryproblems weeks generated morerevenue plantshaveshiftedstrategyin of dividend payments and services in intense de- CEO Ramon Laguartasaid that raise redflagsabout the forUniversal than the original the months sincethe pandemic reach their highest mand. Tuesday. Chicagoplane maker’s compli- “Trolls” did during itsfive- shut down whole industries,re- recorded level. B12 “Wesaw strong growth in PepsiCo’s longtime finance ancewith mandatoryproduc- month domestic theatrical run, PleaseturntopageB2 personal safety,aswell as in PleaseturntopageB7 PleaseturntopageB2 P2JW120000-4-B00200-1------NS

B2 | We dnesday, April 29, 2020 NY **** 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 Fannie Mae...... A3,A10 OMR...... A9 SouthwestPosts FirstQuarterly Airbnb...... A1 Feralpi Group...... A9 1-800-Flowers...... B5 Airbus...... B14 Fischer Group...... A9 P AirDNA...... A10 Five Below...... B6 Ford Motor Paramount Group...... B6 Alphabet...... B1,B13,B14 PepsiCo...... B1,B5 Amazon.com...B4,B5,B13 ...... A8,B1,B3,B12,B13 Freddie Mac...... A3,A10 Pfizer...... A1,B7 Loss in 9Years,SeesMorePain AMC Entertainment Procter & Gamble.....B12 ...... B1,B2 G R Anbang Insurance...... B6 General Motors...... B12 Apple...... B1,B13 Gilead Sciences...... A8 Rivian Automotive.....B3 Ross Stores...... A2 BY ALISON SIDER Southwest's quarterly in convertible notes. With nearly half its742 Atlantic Union H Bankshares...... A5 Ruth's Hospitality...... A5 profit/loss Southwest’sshares rose planes parked, Southwest said AutoNation...... A5 Harley-Davidson...... B3 S Southwest Airlines Co.ex- nearly 2% Tuesday. On an ad- it wasworking with Boeing to B Host Compliance...... A10 $1.75 billion HSBC Holdings...... B12 Samsung Electronics..B4 pectsthe lack of demand for justed basis,the airline re- slowdeliveries.The airline BioNTech...... A8 Huawei Technologies.A2 SeaWorld air travel to linger forsome ported alossof$77 million, and the manufacturer have BlackRock...... B13 I Entertainment...... B1 time,asthe coronavirus pan- 1.50 or 15 centsashare, compared agreed that Southwest won’t Boeing.....B1,B2,B12,B14 Shake Shack...... A5 Boston Properties...... B6 iShares S&P GSCI Simon Property...... B6 demic continues to keep pro- with profitsof$387 million, have to take deliveryofmore BP...... B13 Commodity-Indexed SL Green Realty...... B6 spective fliersathome. 1.25 or 70 centsashare, ayear than 48 aircraftthrough the C Trust...... B13 Snap...... B4 Thelargest U.S. domestic ago. end of next year,lessthan Carnival...... B12 J Southwest Airlines....B2 carrier Tuesdayreported a 1.00 Theairline plans to cut fly- half of what wasoriginally Caterpillar...... B3 Johnson & Johnson Spotify Technology...B14 $94million lossfor the first ing capacity by 60% in the scheduled...... A1,B12 Starbucks...... B5 CBL & Associates quarter—itsfirst since2011— 0.75 second quarter from itsorigi- Thecarrier is set to receive Properties...... B6 T K - L and said revenue fell nearly nal plan—lessthan the 80% to about $3.3 billion in aid from Chevron...... B12 Tesla...... B4 Kushner...... B6 18% afterbookingsbegan to 90% reductions by some of its the TreasuryDepartment and Coca-Cola...... B5,B7 Live Nation 3M...... B1,B3,B13 0.50 Comcast...... B1,B2 Entertainment...... B14 U - V drop off in lateFebruary. competitors. said earlierthis month that it Credit Suisse...... B12 M Airlines have been pum- 0.25 Southwest and other air- had received the first$1.6bil- D UBS Group...... B12 Macy's...... B12 United Parcel Service.B1 meled by the coronavirus linesare stepping up cabin lion. Airlines arerequired to Dajia Insurance GroupB6 Merck...... A8 United States 12 Month pandemic,astravelrestric- cleaning and taking other use the funds to continue Delta Air Lines...... B12 0 Microsoft...... B4,B13 Oil Fund...... B13 tions,stay-at-home orders stepsaimed at making air paying workersand aren’t al- E Mirae Asset Global Vornado Realty Trust.B6 and fear of infection have t$94million travel safer forpassengers lowedtoimplement involun- Empire State Realty Investments...... B6 W - Z –0.25 Moderna...... A1 kept away most of travelers, and employees.Mr. Kelly said tary furloughs through the Trust...... B6 Walmart...... B5 ’12 ’14 ’16 ’18 ’20 Exxon Mobil...... B12 Mondelez International bringing adecadelong travel Southwest is considering cap- end of September. Washington Prime ...... B5 F Group...... B6 boom to an abrupt halt. An Source:S&P Capital IQ ping the number of ticketsit Mr.Kelly has said the air- F5 Networks...... B13 N - O Wirecard...... B8 economic recession will fur- will sell foreach flight, so line is doing everything it can Facebook...... B1,B13 Nissan Motor...... B3 Zillow Group...... A10 ther slowthe recovery,South- Mr.Kelly said thereare passengersdon’t have to sit to avoid resorting to the first west Chief ExecutiveGary some signs that the free fall shoulder to shoulder.The air- involuntaryfurloughs in its Kelly said during aconference hascome to apause. line is also installing plexi- history. call with analystsand inves- “It does feel likewebot- glassshields at ticket coun- But he has told employees INDEX TO PEOPLE tors. tomed out the firstweek of ters,among other measures. to bracefor the possibility “Realistically we just can’t April,” he said. “Hopefully by “Thingswill getback to that Southwest will have to A Halloran, Laurie...... A8 Mathias, Andrew...... B6 expect that thingsare going July,August we’rebeginning normal, it’sjust aquestion of shrink if things don’t improve Abney, David...... B7 I - J P - R to be back to normal in six or to see some improvement.” when and what we have to do in the next few months.Mr. Aron, Adam...... B2 Ismail, Daniel...... B6 Patterson, Justin...... B14 12 months,” he said. To shoreupfinances, to getfromheretothere,” Kelly said he would prefer ev- B Johnston, Hugh...... B7 Roman, Mike...... B1 Southwest estimated that Southwest said that it would Mr.Kelly said. eryone take asmall, tempo- Bell, Mike...... B13 L S operating revenue would be sell 55 million shares in adeal Southwest flies afleet of rary paycut acrossthe board Bonfield, Andrew...... B3 Laguarta, Ramon...... B1 Schieldrop, Bjarne....B13 down as much as 95% in April that could bring in around all Boeing 737jetsand wasal- if it comes to that. Bourla, Albert...... A1,B7 Langley, Donna...... B2 Schmidt, Susan...... B13 from ayear earlier,with $1.6 billion, based on Mon- ready struggling with the “Ifweneed to radically re- C - D Levine, Michael...... B14 Shell, Jeff...... B2 planes flying just 6% full on day’sshareprice. Theairline grounding of its34MAX jets structureSouthwest Airlines, Ceriali, Ruggero...... A9 Looney, Bernard...... B13 U average. Theairline’soutlook will also issue $1 billion in andawaiting the deliveryof we will do that,” he said Durels, Thomas...... B6 M Umpleby, Jim...... B3 forMay isn’t anybetter, and convertible bonds.Underwrit- dozens more. Mr.Kelly said Tuesday. “I don’t feel that will F - H Malek, Christyan...... B13 Z Southwest said it couldn’t erswill have the option to the MAXwill remain off the be necessary, but we’regoing Frazier, Ken...... A8 Malkin, Anthony...... B6 Zaller, John...... B13 reasonably estimaterevenue buy another 8.25 million airline’sschedule through to be prepared forevery pos- Hale, Danielle...... A3 Mallouk, Peter...... B13 Zeitz, Jochen...... B3 beyondnextmonth. shares and up to $150 million Oct. 30. sible scenario.”

person familiar with the matter, leadership in thefall of 2019 ‘Trolls’ who didn’t disputethe estimate. Boeing Is anddetailed in testimonybe- Thesame amount of revenue fore the House Transportation during atheatrical runwould Committeethree months later, Finds New have required abox-officegross Scrutinized rangefromfatigued workersto of $154 million, or about the fi- sloppy workmanship to chaotic nal tally of the original “Trolls” assembly-line practices. Profit Path movie.The sequel cost about On Quality Eight months beforeMr. $90 million to produce. The Pierson’spublic appearanceon original “Trolls” collected Capitol Hill, he spelled out his ContinuedfrompageB1 $153.7 million at the domestic ContinuedfrompageB1 allegations to criminal investi- quired supply-chain revamps boxoffice. Universal received tion rules and safeguards.Boe- gators,according to his attor- and opened up demand fornew about $77million of that total; ing found debris mistakenly ney,Eric Havian.Prosecutors

products. Therelease of “Trolls about half stayed with theaters. leftbehind by workersinfuel /REUTERS and Federal Bureau of Investi- World Tour” is Hollywood’smost It is unclear howthe $20 tanks or other interior spaces gation agentsquestioned Mr. high-profile example of respond- rental strategywill affect fu- of approximately half of the Pierson forseveral hoursin ing to this pandemic market- ture sales of “Trolls World MAXaircraftitinspected REDMOND Seattle in April 2019,accord- ON

place—by deploying astrategy Tour” DVDs and digital down- starting last November,ac- JAS ing to Mr.Havian. Prosecutors executives had wanted to experi- loads.ResearchersatUniversal cording to acompanyspokes- Boeing said it has incorporated additional training for workers also have questioned FAAoffi- ment with long beforethe na- found 51% of people who rented man. Anotherperson briefed and updated debris-prevention audits. cials about some of the same tion’stheatersclosed last month. thesequel said they would have on the details said most of the issues,according to the person On Tuesday, the Academyof “definitely” seen the movie in undelivered planes have been ups—usually referred to as for- facturing-operations leader, briefed on the details. Motion PictureArtsand Sci- theaters. About one-fifth said inspected. eign-object debris,orFOD—in waspromoted to anew role as Mr.Pierson didn’t specifi- ences said it would allowmov- they rarely or never rent mov- Neitherthe JusticeDepart- lateNovember.The revelation vicepresident formanufactur- cally mention debris in that in- ies released only via streaming ies from digital services. ment’sinterest in MAXassem- showedBoeing’squality-assur- ing and safety in the commer- terview, according to Mr. to contend in the upcoming Os- Thetitle set digital records bly issues nor the extent of de- anceprotocols were falling cial-airline division. Thedivi- Havian. But industryand gov- cars race.The normal rules say at platforms operated by Ama- bris discovered inside short at itsRenton, Wash., fac- sion’schief,StanDeal, said in ernment expertssaid the types only movies that playinaLos zon.comInc., Apple and Com- undelivered MAXplanes has tory aftersimilar flawshad an internal memo he was of quality-control lapses he Angeles theater foraweek are cast’sown Xfinity service. The been reported before. Industry surfaced in production of its counting on Mr.McCulley for laid out—including understaff- eligible—something that won’t moviebenefited from amarket and government expertssay military refueling tanker. “FOD-free” production. ing and persistent problems be feasible formanyofthis largely devoidofcompetition, such debris,including tools, The Seattle Times previ- TheseparateDOJ and FAA stemming from work done out year’s releases,given that no sincestudios have postponed rags and other materials, ously reported that DOJcrimi- investigations have both in- of sequence—oftenlead to reopening datehas been set. most releases,and families poses potentially serious nal investigatorsweregather- cluded interviews of Ed Pier- problems with debris.Accord- ForJeff Shell, head of the sheltering in placeare seeking safety concerns when lodged ing information about son, aformer production su- ing to Mr.Havian, his client film studio’s parent division, thingstowatch together. inside fuel tanks or scattered potential manufacturing prob- pervisor in Rentonwho has considersthat leaving debris NBCUniversal, the campaign to Universal says it will deploy around compartmentsorother lems at aSouth Carolina plant alleged apattern of assembly- inside aircraft“is just the sort experiment with the digital the same release strategyon interior spaces of airliners. whereBoeing builds its787 line problems stretching back of mistakethat overworked marketplaceknown as premium “The King of StatenIsland,” a ABoeing spokesman said Dreamliner model. to 2018.Mr. Pierson’sallega- factoryemployees arelikely to video on demand, or PVOD,had newcomedy directed by Judd the inspection results Early inspection resultsof tions,provided to the FAA’s make.” been agoal long beforeheas- Apatow that had been sched- prompted an internal investi- MAXjets, reported in February cended to his current job,four uled to hit theatersonJune 19. gation and immediatecorrec- by TheWall Street Journal, months beforethe coronavirus In March, Universal shipped tive actions,which arebeing coveredsome 50 aircraftand pandemic struck. four other movies to digital implemented acrossall com- indicated roughly two-thirds of “The resultsfor ‘Trolls platforms for$20 rentals when mercial airplane programs.As them had debris in their fuel World Tour’haveexceeded our thetheatersclosed: “The Invis- aprecautionarymeasure, the tank,including tools,ragsand expectations and demonstrated ible Man,” “The Hunt,” “Emma” spokesmansaid, Boeing rec- boot coverings. Such items can the viability of PVOD,” Mr.Shell and “Never Rarely Sometimes ommended that all 737MAX clog fuel lines and damage said. “Assoon as theatersre- Always.” Those four movies operatorsinspect fuel tanks sensors, pumps or interior lin- open, we expect to release have in totalgenerated about fordebris and provided de- ings. Boeing is storing about movies on both formats.” $60million in rentals to date, tailed instructions forthose 400MAX jetsawaiting deliv- Forstudios,the prospect of with about$48 million flowing checks. ery. digital releases is especially al- back to Universal, according to TheFAA is pursuing possi- In itsstatement Monday, SAVE luring because they retain the person familiar with the ble civil-enforcement action Boeing also said it has incor- $170 about 80% of the rental or pur- matter. and is considering proposing a porated additional training for chase fee—compared with But forexpected blockbust- multimillion-dollar fine against workersand updated debris- about 50% of box-officesales. erslikea“Fast &Furious” in- Boeing regarding the debris is- prevention audits. And the Universal has made more stallment, awide theatrical re- sue,according to the person companyadded that additional than $77million in revenue from lease remains toolucrativeto briefed on the details.The checks areinplaceaspart of “Trolls World Tour” domestic passup, Hollywood executives agency also is drawing up procedures to close up fuel TOP customerssofar.That means say. Universal and itsrivals plans forstepped-up govern- tanks. “Trolls World Tour” has gener- have postponed the release of ment oversightand enhanced Thecompanycontinues to ated about $95 million in rental manytentpole releases by sev- assembly-line inspections amid stressthe importanceofthe fees from nearly five million cus- eral months,insome cases into anticipated resumption of issue.Earlier this month, Gary tomerssinceits release,based next year,asthey await the- MAXproduction in coming McCulley, Boeing’s737 manu- on revenue figurescited by the atersbeing open again. months,the person said. No final regulatorydeci- sions have been made by the 12 AMCBlasts Plans In an open letterTuesday FAA, the person said. On Mon- evening addressed to Universal dayanagencystatement in re- ForDigital Releases Chairman Donna Langley, Mr. sponse to aWall Street Jour- WinesYou Aron accused the studio of re- nal inquirysaid that all of the BIDDING NOTICE INTERNATIONAL PUBLIC Need to Try neging on years of conversa- issues discovered during con- COMPETITION No. 20200001 ORIGINAL LOSANGELES—Universal tions between the studio and tinuing reviewofthe 737MAX FROM CAGECE Pictures’ plan to experiment theaterchain about preserving will be resolved to the FAA’s The Secretariat of the Civil House makes public the International Public Competition Plus with thetheatrical distribution the exhibitors’ righttoanex- satisfaction beforethe plane is No. 20200001 of interest to Companhia de model has sparked all-out war clusiveengagement. allowedtofly again. Two Água eEsgoto do Ceará -Cagece, whose 3BONUS Bottles object is Concession of Desalination with the world’slargestmovie- “AMC believesthatwith months ago, when Boeing for Services, Including Project Design, theaterchain. this proposed action to go to the first time publicly ac- Construction, Operation and Maintenance AMC EntertainmentHold- the home and theatres simul- knowledged debris problems of aSeawater Desalination Plant with 1m3/s Capacity in the Metropolitan Region of ings Inc. Chief ExecutiveAdam taneously,Universal is break- with MAXaircraft, the agency Fortaleza. Aron said his chain would re- ing the businessmodel and said it stepped up itsoversight ADDRESS AND DATE OF THE SESSION FOR RECEIVING AND OPENING fuse to book anyofthe Com- dealings between our two of the manufacturing process ENVELOPES: Avenida Dr.José Martins cast Corp.-owned studio’s companies,” Mr.Aronwrote. and planned further action as Rodrigues, 150 -Edson Queiroz, Fortaleza movies in his theaters follow- AUniversal spokesman appropriate, based on addi- –CE, Brazil, on September 1st, 2020 at 9:00 am. ing aWall Street Journal re- said, “Weabsolutely believe in tional inspection results. SUPPLYOFTHE TENDER NOTICE: at the port on the studio’splan to re- the theatrical experienceand AJusticeDepartment website www.seplag.ce.gov.br or at the State of Ceará Bidding Center (address lease forthcoming titles in have made no statementto spokesman declined to com- above), equipped with aPen Drive. theaters and on digital plat- the contrary.” ment. April 23, 2020 forms. —Erich Schwartzel Boeing hassaid employees Maria BetâniaSaboiaCosta VICE Go to wsjwine.com/now 2WSJW1907 CHAIRMAN OF THE CCC initially discovered the slip- P2JW120000-2-B00300-1------EC

THE WALL STREET JOURNAL. ** We dnesday, April 29, 2020 | B3 BUSINESS NEWS Ford Posts Manufacturers Offer Dark Outlook $2 Billion Caterpillar, Harley, 3M Loss for among U.S. companies idling factories, trying Quarter to preserve their cash

BY AUSTEN HUFFORD BY ALLISON PRANG AND BOB TITA AND MIKE COLIAS Major U.S. manufacturers Ford Motor Co.reported a said some closed plantsmay largerpretaxloss, adjusted for never reopen and newproduct one-time items,than the com- introductions could be de- panywas expecting and said layed, afterthe coronavirus that number is expected to top pandemic slashed demand for $5 billion in the current quar- everything from motorcycles ter. to industrial paint. Ford also said Tuesdaythat Caterpillar Inc. said Tues- it has about $35 billion in cash, daythat itsfirst-quarter reve-

enough to cushion it through nue fell by afifth, and Harley- CK the end of the year even if it Davidson Inc.said retail sales TO were unable to resume factory of itsmotorcycles slumped

output because of the Covid-19 around the world during the SHUTTERS

outbreak.Fordand other major quarter. A/ automakershaveidled their 3M Co.said it would fur- /EP

plants in the U.S.,Europe and loughworkersand idle some HONG

elsewheresincemid-March. factorylines apart from its WU Ford said itsfirst-quarter booming N95 mask business,a The motorcycle maker is restarting some production but reconsidering when to introduce some new models as it moves to save cash. adjusted lossbeforetaxes was sign of the broad economic $632 million and that the pan- malaise affecting even compa- Major manufacturersreported sales drops in manyoftheir main businesses. Manufacturerssaid the eco- demic drained at least $2 bil- nies with a hot product. nomic fallout from the pandemic lion from itsearningsinthe “The impact of Covid-19 on Caterpillar’s revenue,change 3M’s 1Q segment sales and Harley-Davidson’s motorcycle has followedthe spread of the period. Theautomaker said our businesshas been signifi- from previous year change from previous year retailsales,change from virus. Demand firstdropped in earlier this month it expected cantly moresevereand cha- previous year Chinaearly this year and then adjusted pretax earningsof otic than anycyclical down- 40% spread to Europe,executives about $600 million and a16% turn we had envisioned,” $2.9 Safety & U.S. International said. Demand in the U.S. started drop in revenue. Caterpillar CEO Jim Umpleby billion industrial to plummet in mid-March. Man- 30 5% Ford overall reported anet said on a conference call. t 1% ufacturing output in March fell lossof$1.99 billion, or 50 Thehit to the companies’ 6.3% from the prior month, ac- centsashare, and revenue of earningswas lighter than some 20 0 cording to the Federal Reserve. $34.32 billion, down 15%from analystsexpected. Shares in Cat- Minnesota-based 3M, which ayear earlier.According to erpillar rose lessthan 1% to makes arangeofproducts, said –5 FactSet, analystsexpected a $115.46, while shares in 3M 10 $2.2 Transportation adjusted April sales in the Amer- lossof8centsashareand climbed 2.6% to $157.61and Har- &electronics icas region were down 20% from $34.69 billion of revenue. ley’s rose 15% to $21.82. 0 t 5% –10 ayear earlier as factories sus- Carproduction washalted But executives offered adark pended production, dentistscut last monthand demand in the outlook forasector of the econ- back on operations and office –10 –15 industryhas slowedbecause of omythat wasalready faltering $2.1 Health care t15.5% managersbought fewersupplies the pandemic,but TheWall beforethe coronavirus crisis forworkforcesnow at home. 1Q 2020 s 21% Street Journal this week re- sapped demand andhobbled –20 –20 Caterpillar said it expectsthe ported that major carmanu- plantsand supply chains.Cater- t21% t20.7% current quarter to be the weak- facturers, including Ford,are pillar,3M, Harley and other Consumer est forthe global economy. –30 $1.3 planning to partly reopen fac- companies have suspended their s 4.6% –25 “With the general economic un- tory production in the U.S. financial guidancefor the year. 2018 ’19 ’20 2018 ’19 ’20 certainty,wedid see people de- starting May18. Ford said Big chunks of the U.S. indus- Note:3Mexcludes corporate, unallocatedand eliminations ferbuying machines,” Caterpil- Tuesdaythat it would begin trialbase remain closed as part Sources: the companies; S&P Capital IQ (Caterpillar) lar financechief Andrew opening European plantsnext of the effort to contain the virus. Bonfield said. week. Otherfactories areclosed due to duction. TheMilwaukee-based thirds of itsU.S.dealersremain needs to be minimized ” Jochen Harley said it would preserve Sinceclosing itsEuropean declining demand or parts companyalso said, though, that closed. Zeitz, Harley’s acting CEO,said cash, including by suspending andU.S.factories last month, shortages.Caterpillar and3M the worsening economic outlook “Wehavechallenges to ad- on acall. sharebuybacks and slashing its the companyhas bolstered its said aquarter of their factories has prompted it to reconsider dressthat have become more Some factories maynot come shareholder dividend to 2cents cash reserves.Iteliminated its areoffline.Harley,which idled when to introduce some new apparent in this crisis,including back online.Caterpillar said it asharefor the second quarter dividend, tapped about $15 bil- assembly plants in mid-March, models it is counting on to draw the high level of complexity wasconsidering closing plants from 38 centsfor the firstquar- lion in credit lines and issued said it is restarting some pro- newcustomers. Nearly two- acrossthe organization that in Germany. ter. $8 billion in unsecured debt. “Our objectiveisnot just to withstand the crisis,” finance chiefTim Stone said during a Nissan SettoReportFirst media conferencecall. “We’re assuring the flexibility to con- Annual Deficit in 11 Years tinue to invest in our future.” Mr.Stone said the cash BY KOSAKU NARIOKA earningsofaffiliates contrib- cushion should allowFordto uted to the lowering of its continue investing in vehicle- Nissan Motor Co.said it forecast. development programs.Still, expected to record anet loss Thecompanyhad planned some projectsare likely to get forthe fiscal year just ended to release itsfiscal-year re- delayedorevenfall victim to because of the initial impact sultsand its midterm business the Covid-19 crisis.Fordcon- of thecoronavirus pandemic, plan in mid-Maybut said firmed Tuesdaythat it has can- itsfirst annual lossin11 Tuesdayitwould push that celed plans foraLincoln-brand years. back to May28. electric vehicle that wastobe Thecar maker had forecast The coronavirus pandemic developed with startup truck in Februaryasmall profit for is adding to the challengeof maker Rivian Automotive. the year that ended in March turning around Nissan follow- Thecoronavirus outbreak but nowprojectsanet lossof ing the arrest of former chair- came at adifficult time for ¥85 billion to ¥95 billion man Carlos Ghosn in Novem- Ford.The companyisinthe ($792 million to $885 million) ber 2018. early stages of amultiyear plan forthe period. Even before the virus hit, to close factories and layoff It would be Nissan’sfirst the companywas battling fall- thousandsofworkersinEu- annual losssincethe year ing sales in the U.S. and other rope and South America, re- ended March 2009,reflecting key markets. gions whereFordisreposition- the global financial crisis that Nissan said itsglobal sales ing itself as asmaller player started in 2008. in March fell 43% from ayear focused on more-profitable Nissan said slowercar earlier.Sales in the U.S.,tradi- market segmentslikecommer- sales,greater loss provisions tionally itsmost profitable cial trucks and vans. forcar financing and lower market, fell 48% in March.

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B4 | We dnesday, April 29, 2020 **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Tesla Expected to Outperform Rivals Samsung Reports BY TIM HIGGINS lyst forBarclays who has long been critical of the company’s Investorsbegan the year high valuation, told investors Slight Fall betting Tesla Inc.was best po- that Tesla maybeable to post sitioned to usher in anew era an adjusted profit, in part from of electric vehicles.They are efficiencyimprovementsand In Profit sticking with that wagerde- by wranglingcost savingsout spiteconcerns of aprolonged of suppliers. He predicted an BY ELIZABETH KOH recession caused by the coro- adjusted profit of 61 centsa navirus pandemic that has sharefor the firstquarter. Samsung Electronics Co. forced the companytosuspend Thefinancial forecastsfor reported Wednesdayaslight

production at itslone U.S. car GES Tesla arebetterthan expecta- decline in itsfirst-quarter net

plant. IMA tions forits car-making rivals. profit despiteincreased com- Tesla’ssharepricehas re- Ford Motor Co.this year is ex- puting demand forits memory

turned to soaring heights, GETTY pected to post itsfirst annual chips,warning that the corona-

morethan doubling sincemid- SE/ loss since2008,and General virus pandemic’simpact could March, helped in part by the Motors Co.’sprofitinthe first further threaten the company’s companyreporting ajump in quarter is expected to fall 75%, margins throughout the rest of ANCE-PRES

first-quarter cardeliveries ear- FR according to analystssurveyed the year. lier this month that wasstron- by FactSet. TheSouth Korean technol- gerthan some expected. Sales ENCE Global new-vehicle sales are ogycompanysaid itsfirst- in China surgedevenasthe AG expected to have fallen 25% in quarter net profit fell to 4.88 AL/

country’sbroader new-vehicle AM the firstquarter compared trillion South Korean won

market collapsed. Registration RET with ayear ago, according to ($3.99billion) from 5.04 trillion

datainthe U.S. indicates OR research firm LMC Automotive wonthe prior year.Revenue CT

strong demand in California HE Ltd. GM’sglobal deliveries may rose 5.6% to 55.33trillion won before the pandemic hit hard The company reported a jump in first-quarter deliveries earlier this month and its stock has soared. have fallen 22%, while Ford from 52.39 trillion wonayear at theend of March. mayhavedeclined 19%, accord- earlier. Investor enthusiasm has re- rail that plan. that depends on howoptimis- Fremont in the final weeks of ing to LMC data. That con- Samsung,the world’slargest bounded sincelocal authorities Investor sentiment will get tic they areabout reopening March and increasing produc- trastswith numbersfor Tesla, smartphone and memory-chip forced Tesla to stop production tested anewonWednesday Fremont soon.” tion at itsnew Shanghai fac- which increased deliveries 40% maker,had forecast alimited on March 23 at itsfactoryin when ChiefExecutiveElon Wall Street’sviewismixed tory.Analystsexpect Tesla to in the same period driven by hit to itsfirst-quarter earnings. Fremont, Calif., cutting off its Musk reportsfirst-quarter fi- on theimpact the turmoil of post an adjusted per-shareloss itsnew Model 3compact car. Thecompanybenefited from a ability to makevehicles forthe nancial results. “Given the mar- recent weeks will have on of 27 cents, narrowerthan the Itsresultswerehelped by sales bump in chip sales as people U.S. and European markets. kethas been treating the stock Tesla’sbottomline.Analysts $2.90 lossreported in the year- in China, even though Tesla worked from home during the Tesla has said it wantstore- as if it’simmune from the cor- surveyed by FactSet, on aver- agoquarter,the survey shows. had to briefly shut down pro- pandemic,causing internet use open the factoryonMay 4, onavirus,I’m morecurious as age, no longer expect the com- Theadjusted figure excludes duction at itsplant thereasthe to increase and itssemiconduc- though alocal government or- to howthe market will react panytoturn aprofitinthe stock-based compensation. countrydealt with the peak of toroperating sales to rise 22% dertoclose nonessential busi- post earnings,” David Whiston, firstorsecond quarter.The Some analystsare expecting itscoronavirus outbreak. from ayear earlier. nesses wasextendedthrough an analyst forMorningstar Re- companylikely faced higher Mr.Musk to pull off asurprise, —Trefor Moss Other partsofthe company the month of Mayand mayde- search Services,said. “I think costsfromlowerproduction at though. Brian Johnson, an ana- contributed to this article. have languished as supply chains dried up and consumer demand plummeted. Operating came in at $8 billion, up from ment,” Mr. Pichai said. Advertising revenue on the Alphabet segmentrevenue sales forthe company’smobile $6.6 billion ayear ago. The He said on a call with ana- company’straditional proper- division dropped 4% though Alphabet Google ad revenue companymakes most of its lysts that coronavirus-related ties like search—its longtime Samsung in Februarylaunched Other Google revenue* money from online advertising searches were,atpeak,com- flagship franchise—was track- alineup of handsets, which typ- Reports in areas likesearch, where ing in at four times the pace ing down more than 10% year $50 billion ically deliver an earningsboost. manymajor customersare of equivalent queries during over year by the end of March, At the start of the year, pulling back sharply in indus- the Super Bowl. Afew minutes Ms.Porat said, apossible indi- Samsung’sleadershad Sales Rise triesincluding travel and re- later,however, executives cau- catorfor advertising rivals 40 sketched out adifferent game tail. TheYouTube unit, on the tioned that they weren’t sure Amazon and Facebook.New plan: advertising their latest other hand, has an opportu- whether they could make hardwareactivations of de- 30 forayintothe high-end smart- ContinuedfrompageB1 nity to grab eyeballs, and as- money off the increased activ- vices fell in the firstquarter,a phonemarket with afoldable book Inc.and Microsoft Corp. sociated advertising,from ity. potentially discouraging sign offering and 5G-enabled de- report on Wednesday, while homebound usersturning to Despitethe encouraging forApple.“Other Bets,” acat- 20 vicesand banking on apro- Amazon.com Inc.and Apple the video platform in lock- overall results, Google showed egorythat includes theoreti- jected rally in itssemiconduc- Inc. follow on Thursday. down. signs of aslowdownacrossthe cally more-static outlying ef- 10 toroperations. Snap Inc.reported another Google’s revenue has risen boardthat could also affect fortslikeself-driving-car Samsung warned Wednes- tech surprise to the upside in everyquarter of itshistory. other tech giants. Chief Finan- division Waymo,lost more dayofmoredeclines in the last week,when it posted “People arerelying on cial Officer Ruth Poratcalled it than before. 0 coming quarter,with demand growth in users and revenue, Google’sservices morethan “a tale of two quarters,” with YouTube’sadvertising reve- 2016 ’17 ’18 ’19 ’20 plummeting further forits

sending itsshares up more ever,and we’vemarshalled theperiod bifurcatedbythe nue did better, up 33%. That *Includes hardware, cloud and app-store sales smartphones,appliances and than 30%. our resourcesand product de- start of U.S. quarantine orders growth, too, wasdownbythe and ‘Other Bets’ segmentrevenue displays as stores remain Alphabet’soperating profit velopment in this urgent mo- in March. end of the quarter. Source:the company closed.

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THE WALL STREET JOURNAL. **** We dnesday, April 29, 2020 | B5 BUSINESS NEWS Food and Snacks Help PepsiCo Offset Drop in Beverages

BY JENNIFER MALONEY sumer spending is unlikely to AND DAVE SEBASTIAN bounceback immediately as countries begin to reopen, and PepsiCo Inc.isgrappling said they expect the biggest with a drop in beverage sales impact on the company’s sec- caused by coronavirus lock- ond-quarter results. downs, as fewerpeople grab Mr.Johnston declined to sodas on the go at conve- saybyhow much PepsiCo’s niencestoresand gasstations. beveragevolumes had The decline in the company’s dropped in April. He said he

beverages has been only par- expectstosee sales rebound S tially offset by an increase in in restaurantsand conve- salesofpotatochips,oatmeal nience stores beforethey PRES

and pancakemixes,ascon- come back to largervenues UMA /Z

sumerseat breakfastathome such as movie theatersand SS and snack morethroughout sports stadiums.Headded TA V/ the day. that he didn’t knowhow the ANO

“The negativeimpact on pandemic might changecon- IV

beverages is more significant sumer behavior over the long OM TY

than the positiveimpact on run. “It’sagreat question and AR snacks and foods,” Chief Exec- one that we wrestle with ev- The chain expects the slump to lastthrough the year.Alocation in China, wherenearly all storesare open again with modified service. utive Ramon Laguartasaid in ery day,” he said. prerecordedremarks posted PepsiCo also is leaning hard on the company’swebsite intoenergy drinks.Amonth Tuesday. PepsiCo posted after buying Rockstar Energy StarbucksPosts FirstSalesFall higher sales forthe firstquar- Beverages for$3.85billion, terofthe year but withdrew the soda-and-snacks giant said itsfull-year guidanceciting Tuesdayithad signed adeal the uncertainty caused by the to distributeanother energy Since2009 as Many SitesClose Covid-19 pandemic. drink: Bang, the third-largest The maker of Doritos, Lays in the U.S. behind Monster and potatochips,Quaker Oatsand Red Bull. Aunt Jemima syrup said its Forthe firstquarter,Pep- BY HEATHER HADDON and reducing expenses but will adjusted forunforeseen ex- Thecompany’sChina busi- food brands have benefited as siCo reported sales rose 7.7% continue to paydividends. penses,including the added nesshas felt the virus’simpact consumerssheltering in place from ayear earlier to $13.88 Starbucks Corp.said global Starbucks has takensome of worker pay, came to 32 centsa sinceJanuary, with same-store look forcomfort in trusted, billion. Excluding the effect of same-storesales dropped 10% the strongest measures among share. Analystspolled by Fact- sales declining 90% at the peak well-known brands.That trend currency swings and acquisi- in itssecond quarter as are- restaurant companies to safe- Set had expected adjusted of the outbreak there, in the maycontinue even as econo- tions, so-called organic reve- sult of thecoronavirus crisis, guardworkersand customers earningsof34centsashare. middle of February. mies reopen, financechief nue rose 7.9% in the firstthree the firstdownturn by that in response to the virus. Thecompany’sshares de- Nearly 100% of itsstoresin Hugh Johnston said in an in- months of the year. measureinnearly 11 years. It wasone of the firstna- clined 1% to $78. China arenow running with terview. Revenue at itsNorth Ameri- Thecoffee giant said Tues- tional chains to restrict dine-in Roughly 50%ofStarbucks’s limitedhoursand modified “For along time,craft, canbeveragedivision, the daythat it expectsthe impact service,eventually shifting company-owned stores in the service. Starbucks said Tues- niche-y brands gotquitepopu- company’sbiggest contributor, of the pandemic to be even nearly all of itssales to drive- U.S. areclosed. Theothers daythat it will open anet-500 lar,” he said. “It wouldn’t sur- rose 7. 3% to $4.84 billion. In largerinits current quarter, through and delivery. The have continued with drive- stores in China this fiscal year, prise me,Iwould say, if itsFrito-Lay North America andtocontinue to depressits companyhas paid workersat through and deliverysales. and defer 100 openingsorigi- brands that have made a division,which produces po- businesstoalesser extent stores it owns to quarantine Starbucks has said it won’t nally planned. comeback…sustained some of tato chips and other snacks, later in the year. and compensated employees open dine-in serviceatU.S.ca- Thesame-storesales de- that as people gotreac- sales rose 6.8% to $4.07 bil- TheSeattle-based company who chose to stay home for30 fessoon, relying on drive- cline put an end to 41 consecu- quainted to them.” lion. said that it expectsthe virus’s days rather than work. through, deliveryand pickup tivequartersofglobal growth Rival Coca-Cola Co.last Net income fell to $1.34 bil- impact to be temporaryand Those measures have come sales fornow.The chain plans forStarbucks.Starbucks’ssales week reported revenue was lion from $1.41 billion in the that itsbusinesswill eventu- at acost. Starbucks said the to begin reopening closed in stores open foratleast 13 down 1% for the March quar- comparable quarter last year. ally recover. Starbucks has sus- pandemic cutits profit in the stores with the modified ser- months last declined in 2009 terand cautioned that its Adjusted earnings were $1.07 pended guidanceacrossits Americas by $450 million as it viceonMay 4, with around during therecession. global beveragevolumes had ashare, ahead of the $1.03 a businessfor itsfiscal year. lost sales, spent on safety sup- 90%ofits 8,870 company- Thecompanyreported dropped by 25% in April. Coke shareanalystspolled by Fact- Thecompanysaid it was plies and boosted wagesfor owned locations running by earningsper shareof28cents executives warned that con- Set were expecting. suspending sharerepurchases workers. Earningsper share early June. on $328 million in profit. BUSINESS WATCH

AMAZON.COM 1-800-FLOWERS.COM WALMART SenatorPushes DOJ Harry &David Stores Mexican Unit Posts On Criminal Probe To Shut in Digital Shift Earnings Increase

Asenatorispushing the Jus- The parentcompanyofHarry Retailer Wal-Mart de Mexico ticeDepartmenttoopen acrimi- &David, the gourmet fruit seller SABincreased net profit by 15% nal antitrustinvestigation into known forits gift baskets, de- in the firstquarter as sales and Amazon.com Inc. after aWall cided to permanently close most operating gains rose. Street Journal report detailed the of the brand’sbricks-and-mortar Walmex, as the unit of Wal- company’s use of third-party locations in the U.S. and focus on mart Inc. is known, reported net seller data forits products. an e-commerce future. profit of 10 billion Mexican pesos In aletteraddressed to Attor- S 1-800-Flowers.com Inc., which ($411 million), compared with 8.7

neyGeneral William Barr,Sen. NEW owns the 86-year-old brand, is billion pesosinthe 2019 period. Josh Hawley(R., Mo.) urged the G closing 38 Harry &David stores Sales rose 13%, while earnings be- JusticeDepartmentto“open a overthe next severalmonths, the fore interest,taxes, depreciation criminal antitrustinvestigation of OOMBER companytold The Wall Street and amortization increased by Amazon.” He said recent reports /BL Journal. 16%. OCK

suggestthe company“has en- SC The only store thatwill remain Supermarket chains, deemed

gaged in predatory and exclusion- GLA open is alocation near Harry & essential services, areamong

ary data practices to build and OR David’smain operations and or- businesses likely to suffer the YL

maintain amonopoly.” Mr.Hawley TA chards in Medford, Ore. leastfromrestrictions on eco- said the departmentshould look The food company exceeded revenue forecasts for the quarter as shoppers stocked up, but its profit fell. 1-800 Flowers said about 370 nomic activityamid the pandemic. at Amazon’sposition as an online employees work forthe affected Deemed essential services, they platform thatalso createsprod- MONDELEZ INTERNATIONAL ruptions weighed on its first- moretoget larger orders to re- retail locations. Theywill be of- remain open while other retailers, ucts thatcompetewith its third- quarter earnings. tailers. Like other food makers, feredjobs in other parts of the such as departmentstores, have partysellers. Snack Maker Gains The maker of Oreo cookies, the companyincreased factory- companyorseverancepackages. been closed sincethe beginning Amazon has launched an in- Sales, Spends More Triscuit crackers and other food worker wages and hired tempo- The food and gifts division of April. ternal investigation into the mat- products on Tuesdayreported rary workers. On an organic basis, thathouses Harry &David had Walmex competitor Organza- ter, and the companysaid em- Mondelez International Inc. $6.71 billion in revenue forthe first excluding the effect of currency roughly $650 million in revenue in cion Soriana SABreported a9.6% ployees using such data to inform said the pandemic is driving un- quarter,upfrom$6.54 billion a fluctuations, mergers and asset the year thatended June 2019, increase in first-quarter same- private-label decisions would vio- precedenteddemand forits year earlier and morethan the sales, quarterly sales were up and about $509 million came store sales, as shoppers stocked late its policies. snacksinNorth America, but $6.62 billion analystshad predicted. 6.4% compared with ayear earlier. from e-commerce. up ahead of stay-at-home recom- —Dana Mattioli higher costsand supply-chain dis- Mondelez is also spending —Micah Maidenberg —Allison Prang mendations. —Anthony Harrup

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B6 | We dnesday, April 29, 2020 ** THE WALL STREET JOURNAL. THE PROPERTY REPORT Retailers Seek Virus Rent Relief Mall Giant Simon to Tenants asking for new pandemic clauses Reopen 49 in their leases clash with landlords Properties

BY ESTHER FUNG BY ESTHER FUNG

Some retail tenantsare Simon Property Group, aiming to rewrite their leases thelargest shopping mall to include pandemic escape owner in the U.S.,isplanning clauses and other forms of re- to reopen 49 malls and outlet lief,setting up ashowdown centersinstatesloosening with landlords. stay-at-home restrictions,ac- Most retail leases limit a cording to aperson familiar tenant’sability to claim arent with thematter. abatement based on business Theproperties will begin interruption or force majeure operating with reduced hours, clauses, which either exclude and they will offer free masks pandemicsordon’t relievea to shoppers at the mall man- tenant from paying rent. Ten- agement office, the person ant lawyerssay they arein- said.

sisting these clauses become a S Mallsand outlet centersin part of new leases. Georgia, Texas,Oklahoma, NEW

“IfI’m representing aten- G South Carolina, Tennessee ant, I’m going to ask fora and Indiana areamong those

clause that says the tenant OOMBER opening on May1orMay 2,

doesn’t have to payrent if the /BL theperson said. Theopen- government ordersashut- ingsinclude some of Simon’s

down due to ahealth crisis,” MORRIS top-performing shopping

said RossYustein, chair of law UL centers, likePhipps Plazain firm KleinbergKaplan’sreal- PA Atlantaand the Galleria in VID

estate group. DA Houston. Landlords sayother tenants Property owners say some tenants want to add provisions that cancel rent payments when stores are closed for long periods. ASimon representative want to add provisions that didn’t respond to requests to cancel rent paymentswhen South Carolina, which loos- lords aresitting on frothybal- “All real-estatefinancing cations. comment. stores areclosed forlong peri- ened lockdown restrictions ance sheets to fund their ten- has to faceuptothe risk “I am prepared to rewrite TheIndianapolis-based mall ods,and to be able to pay over the weekend, rent collec- ants,” said Mark Sigal,chief posed by rolling pandemics,” leases,” said Philippe Lanier, giant, which owns more than variable rent—typically aper- tion in May is expected to be executiveofDatex Property said JimSullivan,ananalyst Principal at EastBanc,aprop- 200 properties in the country, centageofsales as rent—when worse than in April, property Solutions, areal-estatedata at BTIG Research. erty developer and owner of plans to enhancesanitization, stores reopen. Some arerefus- owners said. firm that tracks rent collection Still, some commercial open-air retail properties in including adding HEPA—or ing to consider quid pro quos They sayahealth crisis is on thousands of properties. landlords said they could Washington, D.C.’s Georgetown high-efficiencyparticulate such as lease extensions or the beyond the property owner’s Lenders, insurersand finan- agree to shorter-term rent de- neighborhood. “I am prepared air—filtersthat planes use. sharing of sales dataproposed control. Moreover,landlords cial partners will have to fig- ferrals if another shutdown to grant rent relief,rent abate- Thecompanyalso will offer by the landlords. add, they can’t offer tenant re- ureout away to underwrite occurs. With moreretailers ment, if that’s what’s needed, infrared temperaturetesting Many landlords see this as lief when they areonthe hook this calamity in aseparate potentially filing forbank- if that’sthe only way forward. to customers. unreasonable. While some re- formortgagepayments, tax, in- way,they said, similar to how ruptcy protection, some prop- Iwill use everytool that Ican Local government officials tailersreopened in afew suranceand maintenancecosts. flood insuranceisseparate erty owners suggest they are to makesurethe tenant re- around the countryhavebeen states includingGeorgia and “I don’t think manyland- from generic home insurance. willing to discusslease modifi- opens.” urging companies to gettheir businesses ready to reopen with safety measures such as more frequent sanitization of TwoNew Yo rk Landlords Highlight Office Woes their facilities and social-dis- tancing protocols. WashingtonPrime Group, BY PETER GRANT landlordbyamount of office Wednesdayand Boston Prop- said Thomas Durels, an execu- credit lines and take other another mall owner based in spaceowned, is moving to erties Inc.isexpected to report tivevicepresident. steps to become “bulletproof” Columbus,Ohio,and Chatta- NewYork City’s officeland- shoreupits balancesheet after this week. Vornado Realty SL Green’sshares have fallen against the prospect of rent nooga, Tenn.-based CBL Prop- lordsare struggling with rent adeal to sell the former New Trust is scheduled to report 46% sinceFeb.21, the most for shortfalls and other problems, erties reopened malls in South defaults, awafer-thin sales York Daily News headquarters the firstweek in May. anyU.S.officereal-estatein- said Andrew Mathias,SLCarolina last week. market and the evaporation of for$815 million fell through in TheearningsreportsbySL vestment trust and signifi- Green’spresident. Other retailers, including financing in the statehardest- lateMarch. Thecompany, Green and EmpireState offer cantly worsethan the sector Both EmpireState and SL Five Below Inc., have in- hit by the pandemic. which also makes loans,iscon- some of theclearest signs yet averageof32%, according to Greensaid they arehoping to formed landlords that they EmpireState Realty Trust, sidering sales of noncoreprop- that the pandemic is slamming Daniel Ismail,ananalyst with have enough cash on hand to will payatleast part of May’s the owner of the EmpireState erties and put hundreds of mil- the country’slargest commer- Green Street Advisors. Mr.Is- take advantageofdistressed rent as their stores reopen. Building and 13 other commer- lions of dollarsofdebt on the cial-officemarket. SL Green mail said SL Green has one of prices,though few buildings Simon Property said on cial properties in the NewYork market at discounted prices. said it collected morethan 90% the highest debt levels of any arechanging hands right now. March 18 that the company region, said last week in its SL GreenonMondayclosed of itsApril officerents, but U.S. office-building REIT rela- EmpireState’s chief executive, would be closing all of its re- first-quarter earningspresenta- thesale of a$30 million loan rent checks arrived from less tive to earnings. AnthonyMalkin,said the com- tail properties temporarily to tion that it collected 73%ofits backed by aBrooklyn apart- than 65% of itsretail tenants. Executives at SL Green—who panyalready has $1 billion in slowthe spread of the new April officerentsand 46% of its ment building to Kushner Cos., EmpireState’s portfolio, have long defended the REIT’s cash. “This is lifeduring war- coronavirus. retail rentsdue in April. Those according to people familiar which consistsprimarily of debt as appropriatefor New time,” he said. Thereopened malls will op- collections,which didn’t in- with the matter. Kushner paid towers built before1960,tends York officecompanies—said it SL Green executives saythat eratefrom11a.m. to 7p.m. cludeportions of security de- about 90 centsonthe dollar, to attracttenantsthat aremore wasmaking up forthe failed oncethey have raised about $1 Mondays to Saturdays,and posits applied to rents, arethe the people said. price-conscious than those that sale of the Daily News building billion to shoreupthe balance from 12 p.m. to 6p.m. on Sun- lowest reported forthe first Otherlarge REITswith big lease spaceinthe moremodern in part by selling $100 million sheet, they toowill start look- days,areduction of afew quarter in anyreal-estatein- NewYork holdingsreport their towers of Park Avenue and to $150 million of loans in its ing forbargains.“We’vemade hoursdaily compared with vestment trust’sresultssofar. first-quarter earningsinthe Hudson Yards. “Our portfolio is debt portfolio.SLGreen plans some of our best purchases their regular schedules.CNBC SL Green Realty Corp., New days ahead. Paramount Group aprettygood reflection of the to borrow money against the through distressed trades,” Mr. previouslyreported the open- York’slargest office-building Inc.isexpected to report on broader market and economy,” building,drawdownfromits Mathias said. ings.

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HHH8+8V:P;P:?A89> .6$!501> #$ "( '(&!$% AND KONRAD PUTZIER couldn’t be reached forcom- Miraealso raised another ('!6-;'4<+'4 /=< 8282 &//#22'3 ment. issue fornot completing the .&3#2### 6*,-/-1 "/0 44 .3#2### !,*+'/% 5,)$/(,0 AChinese insurancefirm is Thehotel portfolio includes transaction, these people say. suing aSouth Korean finan- 15 high-end properties,among Thefirm referred to abizarre NOTABLE cial-services companyfor fail- them EssexHouse Hotel over- incident whereaCalifornia in- COMMERCIAL ing to close itspurchase of a looking Manhattan’sCentral dividual had secretly created 24(< 6#1%3!3! (#!! *'?64+')$ 88,2>:12@1@" PROPERTIES luxury U.S. hotel portfolio for Park,the Four Seasons Hotel fake deeds andpurported to /#!!&/4-'?%.0<)##537%<+ $5.8 billion, according to a in Jackson Hole,Wyo., and San transfer ownership of at least 70> =:5*< -+($ 7:+&79 ===7/4-'?%.0<)##537%<+ 22 89;28@82:8:1 EVERYWEDNESDAY Mondayfiling in the Delaware Francisco’sWestin St.Francis. six hotels in California. The =7F7D#B7 -#@$B&, ?3 %=#;" =G!7F7BG;& Court of Chancery. Mirae has said it didn’t Wall Street Journal wasun- IOWA Mirae Asset Global Invest- close the deal by the deadline able to identifythe individual ments,part of aSouth Korean in part because the hotels behind the deed transfers. %$!&0-'&$- /""/#-($%-,. LISTYOUR financial-services company, were operating outside the or- Thetwo sides were close to )&!&*/"'&$- *+$) PROPERTY TODAY agreed to buy the 15-hotel dinarycourse of businessamid signing adeal in August 2019, $$# "!&'% "A# .) @.77=1B ;+EE8=1 portfolio from Anbang Insur- the coronavirus pandemic,ac- but the agreement washeld up ;598<:+4&75>("&>* =1 !.E387: $.38F>,+2<82978E anceGroup Co.in2019.Mirae cording to people familiar when Anbang discovered the 6=+3C .) #8:+(.72?+C<+EF failed to close on the deal by with the matter. fraudulent deed transactions (800)366-3975 the April 17 deadline,say peo- As the virus has spread, while performing aroutine ti- *1<=2=,8<+- 9C+C =1279-+ (.44+E2=87/ [email protected] ple familiar with the matter. global travel has nearly tle search, according to people ;:+(&59 9+(7>9 "97<=)84=70/81- @+C=-+1<=87 G.1=1BF Formoreinformation visit: #.28<+- >.9("&>* "+E4A> &.E8--=<=.187 =1).E48<=.1 C2><9-9C2<9E. 28-<9E. =8/5A-< 1= E? =23A* asked the court to compel tels areclosed and the other default judgmentsvoiding the !,/5%/ "()$51$ ©2020Dow Jones &Company,Inc. Miraetocompletethe pur- 13 areoperating with reduced deed transfers, court records 1&50-'.0)-413&/2+#33/,,'1(* All Rights Reserved. chase for $5.8 billion. business, saypeople familiar show. P2JW120000-0-B00700-1------EW

THE WALL STREET JOURNAL. We dnesday, April 29, 2020 | B7 BUSINESS NEWS Self-EmployedHurtbyLateStart forAid

BY AMARA OMEOKWE AND CHARITY L. SCOTT

Self-employedworkersand independent contractorshave been among the hardest hit in a pandemic.They were also amongthe last to knowhow to get help. Delays in eligibility and guidance set back these busi- ness ownersbymorethan a week in applying for a forgiv- able loan during the first round of the Paycheck Protec- tion Program. Ellen Beard, an equestrian instructor in Kernersville,N.C., hasn’t given ariding lesson in weeks and washoping fora loan to keep her horses fed and healthy. But days aftershe submittedher application, Ms. Beardfound out the initial $350 billion lawmakersappro- JOURNAL

priated forthe program had REET dried up. ST “I found the whole scenario LL WA frustrating,” said Ms.Beard, THE

who added she is running out R of money and options. FO The funds opened to these AY NW

groups April10, aweek after CO

small businesses and nonprof- SEY

itsbegan applying.Bythat VEA time,lenderswerealready in- Ellen Beard, an equestrian instructor in Kernersville, N.C., hasn’t given a riding lesson in weeks and was hoping for a loan to keep her horses fed and healthy. undated with applications. The TreasuryDepartment mand Monday. tors and self-employed work- applications,itsaid on its with his application and even- whether the additional money didn’t issue guidelines for in- Allen McPhaull, an IT con- erscover payand some websitethat applicantswere tually gave up. “At that point, is enough to meet demand. dependent contractorsand the sultant, says he received con- expenses forroughly two required to have abusiness just out of sheer frustration, I Many lenders reported a sig- self-employeduntil April 14, flicting advicewhen he tried months. The loans are issued checking account with Chase didn’t even bother trying,” he nificant backlog of applica- meaninglendersand potential to apply fora$30,000 loan. by banks and other lenders, as of Feb. 15.That delayedsole said. tions before the first wave of borrowers were initially un- His bank, First National Bank backed by the SBAand are proprietors who use personal Chase declined to comment loans ran out, and some con- clear about needed documents of Omaha, told him he couldn’t forgivable if borrowers meet on itsapplication require- tinued to accept applications and other requirements. Two apply using his 2018 tax criteria. Major banks were mentsorthe loans it issued to during the lapse,further days later, the Small Business forms,eventhough he doesn’t criticized for their part in ap- Of her application, public companies.Aspokes- building their pipelines. Administration,which admin- have the 2019 documents be- proving the loans for publicly person referred to the bank’s “A lot of these self-em- istersthe program, said the cause of the extension issued traded companies and for Ms. Beard, said, website, whereasection on ployed[workers] arequeued funds were gone. by theInternal Revenue Ser- largersmall businesses with ‘I’m not holding any PPP loans says,“Chase served up and keyed up with the PresidentTrump on Friday vicegiving taxpayers until whom they had lending rela- clientsasthey came to us,and lendersthey started with,” Mr. signed abill to replenish the July 15 to file.Another lender tionships, while thousands of optimism’ about it. no businessorclient segment Peterson said. “But it’sstill program with $320 billion, incorrectly told him he could small businesses were unable wasprioritized over another.” first-come, first-serve.” and the SBAresumed taking applywith the taxdocuments to getapproved or,insome Carl Peterson,vicepresi- Ms.Beardreceived an email applications this week. Some he had. “It’salready bad cases, apply. dent of small firm interestsat from her bank that her appli- self-employedworkersand in- enough that youfeel likeit’sa JPMorgan Chase approved checking accounts to conduct the American InstituteofCer- cation is on file and ready to dependent contractorssay one in amillion shot to getap- loans totaling more than $115 business. tified Public Accountants, said be processed afterthe pro- they fear the second round of proved,” he said. “I don’t even millionfor at least two-dozen Randy Greer,amusic independent contractorsand gram resumes. “Honestly, I’m funding will be gone before know what’strueornot true.” publicly traded companies,ac- teacher in Stanislaus County, the self-employedshould make not holding anyoptimism theirapplications areready. Theprogram offersloans to cording to Securities and Ex- Calif., has banked with Chase outbetterinthe current phase whatsoever about it,” she said. TheSBA’s electronic loan por- help small businesses,non- changeCommission filings. formorethan adecade,but of the program. “I wish Icould saythat Ido, talwas overwhelmed by de- profits, independent contrac- When the bank started taking said he struggled to gethelp Still, concerns linger over but I don’t.”

ADVERTISEMENT BusinessReal Estate&Services To advertise: email [email protected] or WSJ.com/classifieds S NEW G OOMBER /BL MORRIS UL PA VID DA UPS’ profitable business of delivering big shipments to offices and stores has dried up. Mixed Results Even Firms UPS reported ajump in U.S. home deliveries as consumers ordered more, but the increased businessled to higher costs. Helped by UPSdomestic package Quarterly revenue,change from Quarterly operating profit, Crisis Ail ayear earlier change from ayear earlier 30% 30%

ContinuedfrompageB1 15 15 chief,Hugh Johnston, expects to see sales rebound in res- 0 taurantsand convenience 0 stores beforethey come back to largervenues such as –15 –15 movie theatersand sports stadiums.But the company –30 –30 doesn’t knowhow the pan- demic might changeconsumer behavior over the long run. –45 –45 “It’sagreat question and 1Q2019 1Q2020 1Q2019 1Q2020 one that we wrestle with ev- Source:the company eryday,” Mr.Johnston said. Coca-Cola Co.saw asimi- fectivemedicines used to arehaving to travel farther lar dynamic as PepsiCo.While treat Covid-19 patientsand and makemorestops on their the companybenefited from wholesaler buying forthe daily routes to keep up with early pantryloading in cer- blood thinner Eliquis. rising demand.Inaddition, tain marketsand asharp in- Pfizer,though, also said packages to homes areabout crease in e-commerce sales, the rate of newprescriptions 33%lighter,generating less Cokewas hurt by adecline in forcertain productsand vac- revenue than the bulkier ship- away-from-home retail chan- cination has slowed, because mentsthat would go to busi- nels—the restaurants, bars, of fewervisitsbetween sales nesses. movie theatersand sports representatives and doctors Thedeliverygiant said it is stadiums that have been shut as well as between patients cutting $1 billion from itscap- world-wide—which represent anddoctors. ital-spending budget in 2020 about half of the company’s Thecompanyexpectsthe and suspending stock buy- business. slowdowntocarryoverinto backs forthe year. Thephenomenon also is thesecond quarter,but it as- UPS said it is unable to playing out in the pharmaceu- sumespatientvisitswill re- provide revenue and profit tical industry. “Weexperi- bound later in the year. forecastsbecause of uncer- enced both headwinds and At UPS,the shareofdeliv- tainty about the impact of the tailwinds related to Covid-19 eriesinthe company’smain pandemic and howlong it will during this quarter,” Pfizer U.S. segment that went to last. Inc. Chief ExecutiveAlbert homes rose to nearly 70%by “I don’t knowthat we’ll Bourla said Tuesday. the end of March, compared ever getback to what we’d Thedrugmaker said de- with around 54% over all of call the old normal, but we’re mand related to the pandemic last year. not ready to declarewhat we contributed $150 million to Operating profit forthat see todayasthe newnormal, sales forthe quarter,led by business fell morethan 40% either,” Chief ExecutiveDavid certain injectable and anti-in- as the companysaid drivers Abney said Tuesday. P2JW120000-0-B00800-1------NS

B8 | We dnesday, April 29, 2020 NY THE WALL STREET JOURNAL. BUSINESS & FINANCE

Share-priceand Audit Concerns Sink Wirecard Stock indexperformance 10%

DAX BYPAUL J. DAVIES itsaccounting forseveral years “It is clear that KPMG still three Wirecard divisions and a of the annual financial state- Wirecard from hedgefunds that bet has work to do,manyquestions major part of earningsbefore mentsfor 2016,2017and 2018, 0 Shares in German electron- against the company’sshares remain and the report does not interest and taxfor the group. it said. KPMG sees no further ics-payments giant Wirecard as well as from media. Allega- giveWirecardthe clean bill of However, it added that need foranaudit of Wirecard’s AG dropped 26% on Tuesday tions of falsified transactions in health it hoped to receive,” said therehad been alack of coop- businessactivities in Singa- –10 afteraspecial audit reviewing itsSingaporedivision led to an Neil Campling,ananalyst at eration from these partners porebeyondthat done forits allegations about some of its investigation by the Singapor- Mirabaud Securities in London. and KPMG had been unable to 2018 annual report, it added. accounting practices leftunan- ean police’sfinancial arm. Themain area of investiga- trace or verify any of the un- The Singapore allegations, swered questions. TheKPMG report said derlyingtransactions forthe firstreported in the Financial –20 Wirecard,which has been Wirecard didn’t deliver all of period it wasinvestigating, Times in January2019,put the celebrated as one of the big- thedocumentsrequested by Thepaymentsfirm 2016 to 2018.“KPMG can…nei- group’sshares under pressure. gest and fastest-growing Euro- the auditor or delivered them ther makeastatement that By early Februaryofthat year, –30 pean fintech companies,also several months later.Italso has facedquestions thesales revenue existsand the stock wasdownnearly said it wouldn’t report its al- said almost all documentssub- overaspectsofits the amount is correct, nor 50% from its peak in Septem- ready delayedfull-year 2019 mitted were electronic copies makeastatement that the ber 2018. –40 resultsonThursday. Thecom- and couldn’t be verified. accounting foryears. sales revenue does not exist In April 2019,the company panysaid it would complete “Due to the lack of available and the amount is incorrect. announced a$1billion invest- Feb. March April its ordinary audit of 2019 re- documentsorITsystemac- In this regard, there is an ob- ment from Japan’sSoftBank, Source:FactSet sultswith itsmain auditor, cess, some of the original in- stacle to investigation.” one of the world’smost prolific E&YinGermany, as soon as vestigativeactions brought to tion wasintoWirecard’srela- Wirecard said in astate- technologyinvestors. That dered a special audit in Octo- possible given the restrictions the client’sattention at the tionship with three third-party ment Tuesdaythat “no incrim- liftedWirecardshares 8.5% on ber of allegations related to its related to the coronavirus beginning of the investigation acquirers, which processpay- inating evidencewas found” the dayitwas announced. Singaporeoperations as well pandemic and the completion could not be carried out or mentsonbehalf of Wirecard regarding the accusations of However, it later turned out as questions linked to a 2015 of the special audit by KPMG. could not be carried out in the customers. KPMG said that balance-sheetmanipulation. SoftBank itself had put no acquisition in India and its TheGerman companyhas manner originally intended,” these partnersaccounted for Therehavebeen no findings money intothe company. lendingoperations in Brazil faced questions over aspectsof the KPMG report said. the vast majority of sales of that would requireacorrection Thecompany’sboardor- and Turkey.

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THE WALL STREET JOURNAL. We dnesday, April 29, 2020 | B9 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 24101.55 t32.23, or 0.13% Trailing P/E ratio 19.05 18.54 2863.39 t15.09, or 0.52% Trailing P/E ratio * 22.54 21.98 8607.73 t 122.43, or 1.40% Trailing P/E ratio *† 26.82 23.67 High, low, open and close for each P/E estimate * 20.58 16.71 High, low, open and close for each P/E estimate * 20.98 17.61 High, low, open and close for each P/E estimate *† 25.63 21.55 trading day of the past three months. Dividend yield 2.74 2.16 trading day of the past three months. Dividend yield * 2.14 1.90 trading day of the past three months. Dividend yield *† 1.00 0.99 All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 9817.18, 02/19/20

Current divisor 0.14579812049809 30000 3500 10500

27500 3250 9750 65-day moving average 65-day moving average 65-day moving average

25000 3000 9000

Session high 8250 DOWN UP 22500 2750 Session open Close t

Close Open 20000 2500 7500 t

Session low 17500 2250 6750

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,032,499,133 26,199,197 Industrial Average 24512.24 24031.20 24101.55 -32.23 -0.13 29551.42 18591.93 -9.4 -15.5 4.8 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 794,923,473 18,228,046 Transportation Avg 8502.44 8321.40 8407.32 89.90 1.08 11304.97 6703.63 -22.5 -22.9 -2.6 Most-active issues in late trading Decl. volume* 232,055,993 7,512,611 Utility Average 824.29 801.46 804.93 -0.87 -0.11 960.89 610.89 1.9 -8.4 4.5 Volume After Hours Issues traded 3,019 271 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 29488.91 28868.12 28914.43 -107.59 -0.37 34631.28 22462.76 -4.7 -12.5 5.3 Advances 2,139 148 Advanced Micro Devices AMD 8,819.2 53.22 -2.29 -4.13 56.72 52.40 Barron's 400 613.94 600.09 604.46 5.70 0.95 746.64 455.11 -15.5 -17.4 -1.8 Declines 822 106 General Electric GE 7,066.3 6.81 0.01 0.15 6.84 6.75 Unchanged 58 17 Ford Motor F Nasdaq Stock Market 7,038.8 5.14 -0.24 -4.46 5.45 4.98 New highs 31 0 Nasdaq Composite 8830.57 8600.70 8607.73 -122.43 -1.40 9817.18 6860.67 6.3 -4.1 12.5 SPDR S&P 500 SPY 5,190.0 287.00 1.27 0.44 291.00 285.64 New lows 41 Nasdaq 100 8918.38 8668.67 8677.60 -160.06 -1.81 9718.73 6978.02 11.5 -0.6 15.8 Inovio Pharmaceuticals INO 4,918.5 14.77 1.02 7.42 15.39 13.52 Closing Arms† 0.72 0.32 Intel INTC 4,516.9 58.41 -0.34 -0.58 59.07 58.27 S&P Block trades* 6,219 230 CarGurus Cl A CARG 3,963.9 20.36 ... unch. 20.36 20.35 500 Index 2921.15 2860.71 2863.39 -15.09 -0.52 3386.15 2237.40 -2.8 -11.4 6.3 Nasdaq NYSE Arca Carnival CCL 3,701.6 14.70 0.24 1.66 14.70 14.25 MidCap 400 1662.02 1615.75 1629.89 16.36 1.01 2106.12 1218.55 -17.3 -21.0 -2.0 Total volume*3,692,382,469 312,138,032 SmallCap 600 769.02 750.63 761.08 15.24 2.04 1041.03 595.67 -21.9 -25.5 -3.7 Percentage gainers… Adv. volume*1,988,923,459 205,171,004 Decl. volume*1,685,030,545 104,737,367 Other Indexes Accuray ARAY 92.5 2.46 0.38 18.27 2.80 2.08 Issues traded 3,324 1,419 Russell 2000 1316.71 1282.77 1298.08 16.20 1.26 1705.22 991.16 -18.4 -22.2 -2.5 Marker Therapeutics MRKR 158.4 2.31 0.33 16.66 2.39 2.10 Advances 1,874 941 NYSE Composite 11481.30 11272.78 11319.70 54.86 0.49 14183.20 8777.38 -13.3 -18.6 -0.6 Blackstone Mortgage Cl A BXMT 66.2 22.77 1.92 9.21 22.90 20.40 Declines 1,366 462 Alphabet Cl A GOOGL 1,036.1 1345.50 112.91 9.16 1346.85 1206.57 Value Line 410.14 398.04 405.09 7.05 1.77 562.05 305.71 -26.4 -26.6 -8.2 Unchanged 84 16 Alphabet Cl C GOOG 542.9 1342.00 108.33 8.78 1345.00 1216.50 NYSE Arca Biotech 5451.93 5240.88 5259.53 -140.22 -2.60 5399.75 3855.67 11.6 3.8 13.1 New highs 54 9 NYSE Arca Pharma 659.91 646.60 647.27 -12.04 -1.83 670.32 494.36 10.6 -1.0 8.1 ...And losers New lows 822 KBW Bank 76.53 73.92 74.07 1.15 1.57 114.12 56.19 -27.5 -34.7 -6.7 iRobot IRBT 111.9 55.50 -5.63 -9.21 61.16 54.63 Closing Arms† 1.16 1.15 § PHLX Gold/Silver 118.41 114.89 117.58 -0.11 -0.10 117.69 66.14 65.2 10.0 12.3 Paramount Group PGRE 70.1 8.20 -0.78 -8.69 8.98 8.20 Block trades* 22,014 1,273 § PHLX Oil Service 29.54 28.21 29.14 1.24 4.46 92.96 21.47 -68.6 -62.8 -42.5 Oneok Inc OKE 149.3 28.58 -1.95 -6.39 30.60 28.50 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 1764.94 1712.28 1713.21 -11.83 -0.69 1979.50 1286.84 10.1 -7.4 19.4 Unisys Corp UIS 152.4 11.49 -0.73 -5.97 12.80 11.39 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 35.39 30.54 33.57 0.28 0.84 82.69 11.54 155.9 143.6 45.9 BYD Boyd Gaming 52.1 16.05 -0.82 -4.86 17.24 15.02 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.68 World The Global Dow 2624.80 17.62 –19.3 Syndax Pharmaceuticals SNDX 19.50 7.99 69.42 20.74 5.35 172.7 DarioHealth DRIO 7.44 -2.01 -21.27 18.60 3.02 -55.2 0.23 DJ Global Index 366.92 0.85 –15.5 BioCardia BCDA 5.18 1.80 53.13 17.50 2.10 -53.2 Yield10 Bioscience YTEN 6.43 -1.48 -18.71 58.80 3.50 -85.3 DJ Global ex U.S. 212.44 2.28 1.09 –19.4 Kura Oncology KURA 15.52 5.10 48.94 21.42 6.35 2.5 Blueprint Medicines BPMC 58.63 -12.27 -17.31 102.98 43.29 -22.5 Americas DJ Americas 660.69 –1.77 –0.27 –13.2 RTI Surgical RTIX 2.96 0.92 45.10 5.67 1.46 -45.3 CNX Resources CNX 10.70 -2.20 -17.05 14.19 4.26 19.4 Brazil Sao Paulo Bovespa 81312.23 3073.63 3.93 –29.7 Marlin Business Services MRLN 8.41 2.39 39.70 25.44 4.66 -61.4 Ampco-Pittsburgh AP 3.60 -0.72 -16.67 4.92 1.94 11.8 Canada S&P/TSX Comp 14798.29 156.18 1.07 –13.3 NGL Energy Partners NGL 4.40 1.15 35.38 15.71 1.15 -69.1 FNCB Bancorp FNCB 5.26 -0.91 -14.75 9.41 5.10 -34.1 Mexico S&P/BMV IPC 35830.81 862.72 2.47 –17.7 Select Interior Concepts SIC 3.31 0.75 29.30 14.00 1.25 -73.3 Merus MRUS 14.80 -2.56 -14.75 20.95 10.19 -4.1 Chile Santiago IPSA 2743.25 57.82 2.15 –17.8 Aeglea BioTherapeutics AGLE 7.11 1.56 28.02 9.10 3.50 3.7 Harmonic HLIT 5.66 -0.90 -13.72 8.57 4.44 ... Apergy APY 10.90 2.28 26.45 40.77 2.89 -72.5 Gaia Cl A GAIA 8.82 -1.34 -13.19 11.00 4.70 -16.6 EMEA Stoxx Europe 600 341.09 5.65 1.68 –18.0 GasLog GLOG 4.50 0.91 25.35 16.73 2.67 -71.2 Mesoblast ADR MESO 10.07 -1.52 -13.11 20.57 3.12 71.4 Eurozone Euro Stoxx 321.26 4.71 1.49 –20.5 Belgium Bel-20 3121.32 84.88 2.80 –21.1 SmileDirectClub SDC 6.71 1.32 24.49 21.10 3.64 ... Aytu BioScience AYTU 1.76 -0.26 -12.87 2.99 0.34 -14.1 Denmark OMX Copenhagen 20 1179.54 10.52 0.90 3.9 OneWater Marine Cl A ONEW 10.93 2.08 23.50 18.40 3.41 ... Benefitfocus BNFT 9.91 -1.46 -12.84 40.84 6.09 -75.7 France CAC 40 4569.79 64.53 1.43 –23.6 BiondVax Pharma ADR BVXV 11.24 2.13 23.42 13.50 5.20 56.4 Allakos ALLK 64.16 -9.21 -12.55 139.99 30.32 63.6 AMC Entertainment Holding AMC Lightbridge LTBR Germany DAX 10795.63 135.64 1.27 –18.5 4.14 0.78 23.21 15.43 1.95 -72.7 3.58 -0.51 -12.47 13.44 1.71 -69.6 Diebold Nixdorf DBD 5.23 0.98 23.06 14.66 2.80 -48.2 Cincinnati Financial CINF 71.81 -10.22 -12.46 118.19 65.69 -25.3 Israel Tel Aviv 1415.35 … Closed –15.9 Italy FTSE MIB 17677.15 296.94 1.71 –24.8 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 519.97 7.78 1.52 –14.0 Russia RTS Index 1109.60 25.92 2.39 –28.4 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 50029.22 501.99 1.01 –12.4 Spain IBEX 35 6836.40 104.60 1.55 –28.4 General Electric GE 140,202 45.2 6.80 5.75 13.26 5.90 Syndax Pharmaceuticals SNDX 15,015 5636 19.50 69.42 20.74 5.35 Sweden OMX Stockholm 596.33 8.38 1.43 –12.4 Zomedica Pharmaceuticals ZOM 128,322 960.3 0.21 27.13 0.50 0.11 iM DBi Mgd Futures DBMF 393 4042 26.23 0.31 28.53 24.02 American Airlines Group AAL Aeglea BioTherapeutics AGLE Switzerland Swiss Market 9889.46 130.64 1.34 –6.9 113,812 140.4 11.26 12.38 34.99 9.09 2,798 3889 7.11 28.02 9.10 3.50 Nordic American Tankers NAT 110,581 1797.0 7.34 1.94 9.00 1.66 Kura Oncology KURA 8,912 2581 15.52 48.94 21.42 6.35 Turkey BIST 100 100707.48 –559.88 –0.55 –12.0 SPDR S&P 500 SPY 104,386 -38.2 285.73 -0.46 339.08 218.26 NeuBase Therapeutics NBSE 2,955 2371 7.60 -6.98 8.85 2.26 U.K. FTSE 100 5958.50 111.71 1.91 –21.0 U.K. FTSE 250 16291.58 338.86 2.12 –25.6 Ford Motor F 103,227 7.1 5.38 4.06 10.56 3.96 iSh ESG MSCI USA Leaders SUSL 988 1874 50.00 -0.48 59.33 38.16 iBio IBIO 99,738 275.6 1.12 22.26 3.40 0.05 Distillate US Fund Stbl DSTL 428 1870 27.99 0.17 32.97 20.95 Asia-Pacific TOP Ships TOPS 98,237 181.6 0.24 -10.15 14.70 0.08 Franklin Short Dur US FTSD 703 1820 95.56 0.15 99.04 92.16 Australia S&P/ASX 200 5313.10 –8.34 –0.16 –20.5 Carnival CCL 90,049 82.7 14.46 11.40 56.04 7.80 Nordic American Tankers NAT 110,581 1797 7.34 1.94 9.00 1.66 China Shanghai Composite 2810.02 –5.47 –0.19 –7.9 Delta Air DAL 83,371 150.6 24.34 9.84 63.44 19.10 Forward Pharma ADR FWP 438 1590 7.55 13.29 11.01 4.61 Hong Kong Hang Seng 24575.96 295.82 1.22 –12.8 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 1.17 India S&P BSE Sensex 32114.52 371.44 –22.2 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 19771.19 –12.03 –0.06 –16.4 Singapore Straits Times 2562.95 13.56 0.53 –20.5 Track the Markets South Korea Kospi 1934.09 11.32 0.59 –12.0 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 10616.06 0.46 –11.5 global stock indexes, bond ETFs, 48.79 currencies and commodities at Currencies Thailand SET 1274.99 7.58 0.60 –19.3 WSJ.com/TrackTheMarkets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Tues YTD chg Tues YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004265 23446 1.2 Argentina peso .0150 66.5638 11.2 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1817 5.5041 36.9 Czech Rep. koruna .03980 25.124 10.8 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7143 1.4000 7.8 Denmark krone .1451 6.8912 3.4 notes and bonds major U.S. trading partners Chile peso .001184 844.60 14.2 Euro area euro 1.0821 .9242 3.6 A consumer rate against its New car loan Colombiapeso .000248 4038.51 23.1 Hungary forint .003026 330.46 11.9 Ecuador US dollar Iceland krona benchmark over the past year 11unch .006787 147.33 21.6 Bankrate.com avg†: 4.28% 4.00% 8% Mexico peso .0412 24.3008 28.4 Norway krone .0961 10.4052 18.5 Uruguay peso .02287 43.7200 17.7 Poland zloty .2378 4.2050 10.9 First Command Bank 2.75%

One year ago Yen Asia-Pacific Russia ruble .01348 74.167 19.5 3.00 s 5.40% Fort Worth, TX 888-763-7600 t 4 Sweden krona .1011 9.8958 5.6 Australian dollar .6491 1.5406 8.1 Prime rate Switzerland franc 1.0257 .9749 0.8 Think Mutual Bank 2.99% China yuan .1413 7.0796 1.7 t 4.80 2.00 0 Turkey lira .1431 6.9871 17.5 Rochester, MN 800-288-3425 Hong Kong dollar .1290 7.7503 –0.5 Ukraine hryvnia .0370 27.0564 14.3

India rupee .01316 75.968 6.5 t 4.20 Cambridge Savings Bank 3.24% Tradeweb ICE Tuesday Close 1.00 UK pound 1.2426 .8048 6.7 –4 s s Indonesia rupiah .0000648 15423 11.1 New car loan t Cambridge, MA 888-418-5626 WSJ Dollar index Euro Japan yen .009357 106.87 –1.6 Middle East/Africa 3.60 PNC Bank 3.34% 0.00 –8 Kazakhstan tenge .002318 431.49 13.0 Bahrain dinar 2.6452 .3781 0.3 Macau pataca .1252 7.9847 –0.4 Egypt pound .0635 15.7473 –1.9 Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 710 30 2019 2020 3.00 month(s) years Malaysia ringgit .2293 4.3615 6.6 Israel shekel .2858 3.4994 1.3 M J J A S O N D J F M A First National Bank of Omaha 3.49% New Zealand dollar .6055 1.6515 11.2 Kuwait dinar 3.2166 .3109 2.6 maturity 2019 2020 Omaha, NE 800-642-0014 Pakistan rupee .00620 161.375 4.1 Oman sul rial 2.5972 .3850 0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0198 50.591 –0.2 Qatar rial .2746 3.642 –0.04 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7057 1.4171 5.3 Saudi Arabia riyal .2660 3.7600 0.2 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008185 1221.81 5.8 South Africa rand .0536 18.6677 33.4 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.25 -0.75 Sri Lanka rupee .0052072 192.04 5.9 Yield (%) 52-Week Total Return (%) Taiwan dollar .03336 29.975 0.2 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.50 3.25 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03080 32.470 9.1 WSJ Dollar Index 93.78 –0.20–0.21 4.71 Libor, 3-month 0.76 1.04 0.74 l 2.58 -0.41 U.S. Treasury, Barclays 2484.760 0.520 0.490 2.470 0.490 14.49 5.86 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.31 0.32 0.31 l 0.78 0.01 Five-year CD, annual yield 0.85 0.86 0.85 l 2.01 -0.46 U.S. Treasury Long, Barclays 5005.200 1.160 1.110 2.890 0.980 38.91 13.95 Commodities 30-year mortgage, fixed† 3.62 3.60 3.52 l 4.23 -0.42 Aggregate, Barclays 2234.860 1.400 1.420 3.020 1.320 10.80 5.16 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 3.14 3.15 2.95 l 3.69 -0.10 Fixed-Rate MBS, Barclays 2217.560 1.300 1.370 3.200 0.930 7.49 3.97 Jumbo mortgages, $510,400-plus† 3.69 3.66 3.54 l 4.71 -0.90 DJ Commodity 437.33 0.16 0.04 647.86 433.70 -29.73 -31.91 High Yield 100, ICE BofA 2839.684 7.967 7.758 10.740 4.516 –6.528 0.686 Five-year adj mortgage (ARM)† 3.27 3.26 3.26 l 4.78 -0.01 TR/CC CRB Index 108.21 0.21 0.19 187.39 106.29 -41.27 -41.76 Muni Master, ICE BofA 561.097 1.889 1.666 3.441 0.959 3.091 3.273 New-car loan, 48-month 4.28 4.27 4.26 l 4.81 1.17 Crude oil, $ per barrel 12.34 -0.44 -3.44 63.91 -37.63 -80.69 -79.79 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 780.909 6.604 6.544 7.480 4.523 –5.057 0.020 Natural gas, $/MMBtu 1.794 -0.025 -1.37 2.862 1.552 -30.33 -18.04 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1710.50 -1.40 -0.08 1756.70 1269.70 33.34 12.57 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Plus, deeper money-flows data and email delivery of keystock-market data. Available free at WSJMarkets.com P2JW120000-0-B01000-1------XA

B10 | We dnesday, April 29, 2020 THE WALL STREET JOURNAL.

COMMODITIES WSJ.com/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 July 25.47 25.80 25.31 25.77 .30 183,206 May 99.9275 99.9275 99.9225 99.9250 .0000 274,087 June 1.0842 1.0901 1.0821 1.0847 .0004 534,364 Rough Rice (CBT)-2,000 cwt.; $ per cwt. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Contract Open May 1715.00 1732.50 s 1614.00 1686.00 –11.50 661 June 105-230 106-135 105-205 106-080 15.5 68,702 Index Futures Open High hi lo Low Settle Chg interest July 1499.50 1500.50 t 1471.50 1476.00 24.00 7,314 Eurodollar (CME)-$1,000,000; pts of 100% Copper-High (CMX)-25,000 lbs.; $ per lb. Wheat (CBT)-5,000 bu.; cents per bu. May 99.5125 99.5800 99.5075 99.5750 .0750 398,649 Mini DJ Industrial Average (CBT)-$5 x index April 2.3430 2.3875 2.3265 2.3790 –0.0030 724 May 523.00 528.00 517.25 526.75 5.75 8,157 June 99.6150 99.6500 99.6100 99.6400 .0350 1,576,630 June 24015 24435 23878 24045 46 67,215 July 2.3460 2.3725 2.3300 2.3455 0.0005 91,235 July 526.75 531.75 520.25 526.00 1.25 180,397 Sept 99.6750 99.7000 99.6700 99.6950 .0200 1,587,686 Sept 23930 24348 23810 23963 40 701 Gold (CMX)-100 troy oz.; $ per troy oz. Wheat (KC)-5,000 bu.; cents per bu. Dec 99.6500 99.6750 99.6450 99.6700 .0200 1,113,487 S&P 500 Index (CME)-$250 x index April 1716.60 1716.60 1707.10 1710.50 –1.40 124 May 473.50 479.25 469.75 474.50 4.00 8,136 June 2865.40 2912.70 2851.80 2867.20 –1.70 98,788 June 1724.40 1731.90 1704.10 1722.20 –1.60 338,832 July 483.50 489.00 478.50 483.75 4.25 131,120 Currency Futures Sept …… …2859.10 –1.90 11 Aug 1729.10 1736.70 1709.40 1727.80 –0.90 74,111 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index Oct 1718.20 1736.80 1715.20 1730.20 –0.70 13,082 Japanese Yen (CME)-¥12,500,000; $ per 100¥ April 119.750 120.475 119.400 119.625 –.775 970 June 2867.75 2913.50 2851.00 2867.25 –1.75 3,300,264 Dec 1731.80 1740.00 1712.70 1731.20 –0.20 51,258 Aug 127.450 129.625 127.100 127.925 .650 15,726 May .9322 .9387 .9320 .9362 .0034 440 Sept 2857.00 2906.00 2842.50 2859.00 –2.00 29,800 Feb'21 1724.20 1733.50 1722.50 1732.20 –0.10 8,845 Cattle-Live (CME)-40,000 lbs.; cents per lb. June .9331 .9392 .9324 .9366 .0034 137,226 Mini S&P Midcap 400 (CME)-$100 x index Palladium (NYM) - 50 troy oz.; $ per troy oz. April 84.800 85.750 84.700 85.525 .725 1,041 Canadian Dollar (CME)-CAD 100,000; $ per CAD April 1593.60 1593.60 1593.60 1887.00 –16.10 25 June 84.850 85.950 83.250 84.700 .650 116,352 May .7118 .7176 .7107 .7150 .0027 1,335 June 1609.10 1659.90 1598.00 1624.90 15.20 73,463 May …2260.00 s 2260.00 1874.80 –16.10 ... Hogs-Lean (CME)-40,000 lbs.; cents per lb. June .7131 .7177 .7107 .7151 .0027 112,607 Sept 1434.70 1650.80 1606.40 1632.30 15.20 1 June 1911.10 1922.10 1862.50 1878.70 –16.10 6,086 May 57.075 59.000 54.000 55.050 –1.225 2,609 British Pound (CME)-£62,500; $ per £ Mini Nasdaq 100 (CME)-$20 x index Sept 1905.00 1905.80 1874.00 1873.80 –14.70 1,231 June 56.975 60.775 55.300 56.200 .925 76,077 May 1.2424 1.2518 1.2406 1.2433 .0011 1,450 June 8819.00 8945.75 8654.50 8719.75 –104.50 178,585 Dec 1891.80 1891.80 1815.00 1860.70 –13.90 436 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 1.2431 1.2523 1.2407 1.2436 .0011 157,700 Sept 8797.25 8931.00 8646.00 8708.00 –104.50 1,767 Platinum (NYM)-50 troy oz.; $ per troy oz. May 314.00 331.50 314.00 326.50 10.90 472 Swiss Franc (CME)-CHF 125,000; $ per CHF Mini Russell 2000 (CME)-$50 x index April 793.00 755.00 755.00 792.00 15.40 1 July 312.50 326.40 307.50 319.30 10.90 1,490 June 1.0269 1.0301 1.0218 1.0280 .0015 35,888 June 1277.50 1320.70 1264.80 1301.80 24.30 542,181 July 781.20 801.50 771.30 795.60 18.60 42,506 Milk (CME)-200,000 lbs., cents per lb. Sept 1.0292 1.0326 1.0254 1.0310 .0014 68 Sept 1292.00 1318.20 1264.50 1300.50 24.50 4,160 Silver (CMX)-5,000 troy oz.; $ per troy oz. April 13.17 13.20 t 13.17 13.17 –.02 3,034 Australian Dollar (CME)-AUD 100,000; $ per AUD Mini Russell 1000 (CME)-$50 x index April 15.010 15.010 14.995 15.162 –0.039 6 June 12.00 12.55 11.97 12.12 .17 4,925 May .6453 .6514 .6436 .6501 .0036 408 June 1572.30 1599.90 1568.70 1569.70 –7.80 7,793 July 15.435 15.505 15.085 15.328 –0.013 90,592 Cocoa (ICE-US)-10 metric tons; $ per ton. June .6466 .6515 .6435 .6501 .0035 127,543 U.S. Dollar Index (ICE-US)-$1,000 x index Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 2,360 2,360 2,360 2,360 12 3 Mexican Peso (CME)-MXN 500,000; $ per MXN June 12.96 13.69 10.07 12.34 –0.44 325,985 July 2,327 2,383 2,321 2,342 12 79,053 May .04066 .04110 .04006 .04107 .00085 1,027 June 100.16 100.30 99.49 99.93 –.16 31,603 July 18.24 19.66 t 17.27 17.60 –0.48 367,994 Coffee (ICE-US)-37,500 lbs.; cents per lb. June .04009 .04099 .03982 .04088 .00085 102,692 Sept 100.22 100.26 99.55 99.94 –.16 684 Aug 21.60 22.97 20.82 21.17 –0.25 156,331 May 105.70 105.70 105.70 105.70 1.10 817 Euro (CME)-€125,000; $ per € Sept 23.66 25.19 23.34 23.77 –0.07 194,207 July 106.90 108.95 105.90 107.60 1.40 78,365 May 1.0839 1.0893 1.0815 1.0840 .0004 1,848 Source: FactSet Dec 27.52 28.60 26.91 27.47 0.01 282,243 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Dec'21 33.16 34.00 32.64 33.37 0.18 110,789 May 9.21 9.44 t 9.05 9.34 .13 54,498 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. July 9.37 9.63 t 9.21 9.52 .14 359,949 May .6126 .6530 t .5800 .6308 .0204 14,360 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Bonds | WSJ.com/bonds June .7036 .7325 t .6724 .7108 .0072 93,472 July 25.80 25.80 t 25.80 25.80 –.10 1,809 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 25.90 25.90 t 25.90 25.90 –.10 3,139 May .6466 .6920 .6274 .6672 .0189 15,212 Cotton (ICE-US)-50,000 lbs.; cents per lb. Tracking Bond Benchmarks June .6841 .7361 .6626 .7040 .0191 105,971 May 57.77 57.77 57.77 56.18 2.25 8 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. July 55.11 56.99 54.55 55.78 .77 101,406 May 1.831 1.923 1.702 1.794 –.025 2,593 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. highs and lows for different types of bonds June 1.920 2.018 1.884 1.948 .032 247,874 May 111.50 114.20 111.50 113.60 1.00 1,673 Total Total July 2.152 2.229 2.114 2.170 .017 178,234 July 112.65 114.50 112.00 114.10 1.90 7,065 return YTD total Yield (%) return YTD total Yield (%) Sept 2.302 2.379 2.284 2.324 .011 115,204 close return (%) Index Latest Low High close return (%) Index Latest Low High Oct 2.395 2.461 2.374 2.412 .011 100,046 Interest Rate Futures Jan'21 3.066 3.116 s 3.063 3.093 .013 78,223 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Agriculture Futures June 224-160 227-190 223-280 226-280 2-01.0 1,041,067 2234.86 4.9 U.S. Aggregate 1.400 1.320 3.020 2217.56 3.2 Mortgage-Backed 1.300 0.930 3.200 Sept 225-080 225-280 222-130 225-100 2-00.0 2 Ginnie Mae Corn (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Barclays 2171.27 3.4 (GNMA) 1.040 0.490 3.150 May 305.00 308.50 t 301.25 302.75 –2.75 90,488 June 180-120 182-070 180-030 181-270 1-09.0 974,622 3185.04 1.4 U.S. Corporate 2.710 2.220 4.580 1307.49 3.2 Fannie mae (FNMA) 1.400 1.110 3.220 July 313.25 316.50 t 310.50 312.00 –1.25 628,223 Sept 180-050 180-190 178-210 180-080 1-09.0 156 Oats (CBT)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2905.10 0.5 Intermediate 2.310 1.760 4.400 2008.91 3.2 Freddie Mac (FHLMC) 1.380 1.080 3.220 May 302.00 309.25 297.25 305.75 .75 467 June 138-200 139-035 138-170 139-005 11.5 3,196,463 July 281.50 283.75 281.25 282.75 .25 1,783 Sept 138-170 138-285 138-105 138-260 12.0 53,819 4680.15 2.9 Long term 3.380 2.950 4.930 561.10 -0.8 Muni Master 1.889 0.959 3.441 Soybeans (CBT)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 7-12 year May 829.50 835.50 822.50 826.00 –3.00 33,808 June 125-062 125-137 125-052 125-122 5.5 3,576,494 666.27 4.0 Double-A-rated 1.880 1.670 3.360 394.84 -1.0 1.852 0.924 3.447 July 837.00 842.50 829.50 832.00 –4.50 318,178 Sept 125-077 125-092 125-012 125-080 5.7 41,899 -1.2 Triple-B-rated 447.41 -1.2 12-22 year 2.293 1.224 3.690 Soybean Meal (CBT)-100 tons; $ per ton. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 819.57 3.330 2.570 5.350 May 285.30 286.20 t 281.00 281.80 –3.50 14,318 June 110-050 110-065 110-047 110-058 1.0 2,501,111 High Yield Bonds ICE BofA 425.17 -3.5 22-plus year 3.169 1.765 4.123 July 291.40 292.60 t 287.50 288.40 –3.10 171,305 Sept 110-095 110-106 110-094 110-100 1.0 18,765 Soybean Oil (CBT)-60,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 417.93 -10.5 High Yield Constrained 8.449 5.151 11.400 Global Government J.P. Morgan† May 24.98 25.32 24.84 25.30 .31 19,198 April 99.9475 99.9500 99.9475 99.9475 .0000 218,326 344.58 -21.3 Triple-C-rated 16.376 10.558 19.071 611.42 4.9 Global Government 0.580 0.390 1.420 2839.68 -11.1 High Yield 100 7.967 4.516 10.740 859.80 7.0 Canada 0.840 0.590 1.860 Global High Yield Constrained 400.27 0.03 EMU§ 0.552 0.109 0.960 Cash Prices |WSJ.com/commodities Tuesday, April 28, 2020 377.87 -10.3 8.404 4.893 11.310 767.49 1.1 France 0.230 -0.160 0.600 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 296.93 -9.6 Europe High Yield Constrained 5.779 2.464 8.183 separate from the futures price on an exchange, which reflects what the commodity might be worth in future U.S Agency Bloomberg Barclays 547.82 2.2 Germany -0.350 -0.740 0.140 months. 1852.63 4.7 U.S Agency 0.710 0.710 2.570 298.22 0.03 Japan 0.190 -0.070 0.260 Tuesday Tuesday Tuesday 1612.69 3.2 10-20 years 0.560 0.560 2.460 606.50 1.8 Netherlands -0.170 -0.540 0.250 Energy Aluminum, LME, $ per metric ton *1472.5 Wheat - Hard - KC (USDA) $ per bu-u 4.8450 Copper,Comex spot 2.3790 Wheat,No.1soft white,Portld,OR-u 6.1350 4270.62 11.9 20-plus years 1.500 1.170 3.040 1100.58 9.5 U.K. 0.500 0.390 1.540 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.200 Iron Ore, 62% Fe CFR China-s 82.4 Food 2721.62 -0.3 Yankee 2.220 1.920 3.500 780.91 -11.4 Emerging Markets ** 6.604 4.523 7.480 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Shredded Scrap, US Midwest-s,m 236 Metals Steel, HRC USA, FOB Midwest Mill-s 468 Beef,carcass equiv. index *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Fibers and Textiles choice 1-3,600-900 lbs.-u 234.71 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Gold, per troy oz select 1-3,600-900 lbs.-u 222.83 Engelhard industrial 1711.00 Burlap,10-oz,40-inch NY yd-n,w 0.5700 Broilers, National comp wtd. avg.-u,w 0.5270 Handy & Harman base 1691.55 Cotton,1 1/16 std lw-mdMphs-u 0.5253 Butter,AA Chicago 1.1575 Global Government Bonds: Mapping Yields Cheddar cheese,bbl,Chicago Handy & Harman fabricated 1877.62 Cotlook 'A' Index-t *65.15 108.00 Cheddar cheese,blk,Chicago LBMA Gold Price AM *1717.25 Hides,hvy native steers piece fob-u 23.000 119.00 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Milk,Nonfat dry,Chicago lb. 80.75 LBMA Gold Price PM *1714.95 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Krugerrand,wholesale-e 1770.29 1.0237 Grains and Feeds Coffee,Colombian, NY Maple Leaf-e 1787.31 1.5413 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Eggs,large white,Chicago-u 0.9050 American Eagle-e 1787.31 Barley,top-quality Mnpls-u Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago n.a. Flour,hard winter KC 14.15 Mexican peso-e 2060.34 0.125 U.S. 2 0.207 t l 0.212 0.246 2.286 Bran,wheat middlings, KC-u 100 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1671.50 Corn,No. 2 yellow,Cent IL-bp,u 2.8700 Hogs,Iowa-So. Minnesota-u 59.38 1.500 10 0.608 t l 0.664 0.683 2.500 Austria phil-e 1787.31 Corn gluten feed,Midwest-u,w 117.9 Pork bellies,12-14 lb MidUS-u n.a. 2.000 Australia 2 0.235 s l 0.232 0.254 1.343 2.7 -43.2 -94.3 Silver, troy oz. Corn gluten meal,Midwest-u,w 504.9 Pork loins,13-19 lb MidUS-u 1.5033 Engelhard industrial 15.2000 Cottonseed meal-u,w 270 Steers,Tex.-Okla. Choice-u n.a. 2.500 10 0.936 s l 0.921 0.929 1.788 32.8 25.8 -71.2 Handy & Harman base 15.0640 Hominy feed,Cent IL-u,w 110 Steers,feeder,Okla. City-u,w 142.00 0.000 France 2 -0.529 t l -0.511 -0.652 -0.539 -73.6 -117.5 -282.6 Handy & Harman fabricated 18.8300 Meat-bonemeal,50% pro Mnpls-u,w n.a. LBMA spot price *£12.2100 Oats,No.2 milling,Mnpls-u 3.1775 Fats and Oils 0.000 10 0.005 t l 0.022 -0.068 0.354 -60.3 -64.2 -214.7 (U.S.$ equivalent) *15.2050 Rice, Long Grain Milled, No. 2 AR-u,w 28.50 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.2300 0.000 Germany 2 -0.694 t l -0.674 -0.708 -0.597 -90.1 -133.8 -288.3 Coins,wholesale $1,000 face-a 14141 Sorghum,(Milo) No.2 Gulf-u 7.3250 Grease,choice white,Chicago-h 0.3000 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 289.90 Lard,Chicago-u n.a. 0.000 10 -0.468 t l -0.453 -0.477 -0.018 -107.6 -111.6 -251.9 LBMA Platinum Price PM *764.0 Soybeans,No.1 yllw IL-bp,u 8.1750 Soybean oil,crude;Centl IL-u 0.2462 1.000 Italy 2 0.584 t l 0.678 0.198 0.538 37.6 1.4 -174.8 Platinum,Engelhard industrial 778.0 Wheat,Spring14%-pro Mnpls-u n.a. Tallow,bleach;Chicago-h 0.3450 Palladium,Engelhard industrial 1898.0 Wheat,No.2 soft red,St.Louis-bp,u 5.4900 Tallow,edible,Chicago-u n.a. 1.350 10 1.733 t l 1.756 1.319 2.583 112.6 109.2 8.3 0.100 Japan 2 -0.175 t l -0.175 -0.170 -0.155 -38.2 -83.9 -244.1 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; t l M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 4/27 0.100 10 -0.045 -0.037 0.010 -0.047 -65.2 -70.1 -254.7 Source: Dow Jones Market Data 0.400 Spain 2 -0.084 t l 0.023 -0.267 -0.278 -29.1 -64.1 -256.4 0.500 10 0.840 t l 0.896 0.528 1.032 23.3 23.3 -146.8 Borrowing Benchmarks | WSJ.com/bonds 0.500 U.K. 2 0.054 t l 0.078 0.130 0.733 -15.4 -58.6 -155.3 4.750 10 0.288 t l 0.302 0.364 1.145 -32.0 -36.2 -135.6 April 28, 2020 Money Rates Source: Tullett Prebon Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always represent actual transactions. Corporate Debt Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in Week —52-WEEK— Week —52-WEEK— that same company’s share price. Inflation Latest ago High Low Latest ago High Low March index Chg From (%) Investment-grade spreads that tightened the most… level Feb. '20March '19 High 0.1500 0.1500 3.0000 0.1400 Commercial paper (AA financial) Low 0.0300 0.0300 2.3800 0.0200 Spread*, in basis points Stock Performance 90 days n.a. n.a. 2.58 0.58 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg U.S. consumer price index Bid 0.0400 0.0400 2.4000 0.0100 Offer 0.0700 2.5000 0.0500 Park Aerospace Holdings … 5.250 Aug. 15, ’22 883 –39 925 ...... All items 258.115 –0.22 1.5 0.0700 Libor Arrow Electronics ARW 3.250 Sept. 8, ’24 201 –27 n.a. 59.15 0.75 Core 267.312 0.02 2.1 Treasury bill auction Husky Energy HSECN 4.400 April 15, ’29 678 –26 685 ...... One month 0.40363 0.62463 2.48325 0.40363 4 weeks 0.090 0.150 2.390 0.000 MPLX MPLX 4.875 Dec. 1, ’24 461 –24 496 17.46 4.24 International rates Three month 0.76013 1.04300 2.57563 0.74050 13 weeks 0.120 0.125 2.385 0.000 Ryder System R 2.500 Sept. 1, ’24 247 –24 275 30.70 1.09 Six month 0.86188 1.02425 2.63850 0.73538 Week 52-Week 26 weeks 0.150 0.145 2.395 0.080 Truist Financial TFC 4.800 Sept. 1, ’49 527 –24 594 37.52 0.13 Latest ago High Low One year 0.90975 0.98650 2.74550 0.74350 Fresenius US Finance II FREGR 4.500 Jan. 15, ’23 248 –21 n.a...... Secondary market Activision Blizzard ATVI 2.600 June 15, ’22 98 –20 n.a. 63.86 –4.77 Prime rates Fannie Mae Euro Libor U.S. 3.25 3.25 5.50 3.25 …And spreads that widened the most 30-year mortgage yields One month -0.422 -0.366 -0.360 -0.621 Canada 2.45 2.45 3.95 2.45 Baker Hughes Holdings … 2.773 Dec. 15, ’22 265 45 225 ...... 30 days 2.301 2.380 3.802 2.281 Three month -0.165 -0.158 -0.142 -0.539 Japan 1.475 1.475 1.475 1.475 TransCanada Pipelines TRPCN 2.500 Aug. 1, ’22 197 32 n.a...... 60 days 2.355 2.444 3.824 2.341 Six month -0.088 -0.078 -0.052 -0.491 Tapestry TPR 3.000 July 15, ’22 664 30 564 16.11 7.04 Policy Rates One year -0.040 0.002 0.008 -0.441 Booking Holdings BKNG 2.750 March 15, ’23 199 27 242 1439.32 2.59 Euro zone 0.00 0.00 0.00 0.00 Other short-term rates Value 52-Week TOTAL Switzerland 0.50 0.50 0.50 0.50 Total Capital International 2.700 Jan. 25, ’23 135 23 145 ...... Week 52-Week Latest Traded High Low BA Britain 0.10 0.10 0.75 0.10 Boeing 3.750 Feb. 1, ’50 363 19 328 131.30 2.04 Latest ago high low GLENLN Australia 0.25 0.25 1.50 0.25 DTCC GCF Repo Index Glencore Funding 4.875 March 12, ’29 355 19 397 ...... Exxon Mobil XOM 1.571 April 15, ’23 108 19 127 44.97 2.34 Overnight repurchase Call money Treasury 0.060 46.270 6.007 0.002 2.00 2.00 4.25 2.00 MBS 0.069 68.600 6.699 0.011 High-yield issues with the biggest price increases… U.S. 0.08 0.03 3.40 -0.07 Bond Price as % of face value Stock Performance U.S. government rates Notes on data: Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, American Airlines AAL 5.000 June 1, ’22 59.500 6.50 55.063 11.26 12.38 and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Discount NGL widely by location; Discount rate is effective March 16, 2020. DTCC GCF Repo Index is Depository NGL Energy Partners 7.500 Nov. 1, ’23 60.120 6.12 52.000 4.40 35.38 0.25 0.25 3.00 0.25 Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in Hertz … 5.500 Oct. 15, ’24 28.500 5.50 36.500 … … billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Occidental Petroleum OXY 6.200 March 15, ’40 70.000 5.00 61.500 15.17 7.21 Federal funds Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Staples … Effective rate 0.0600 0.0600 2.4600 0.0600 10.750 April 15, ’27 50.000 5.00 54.500 ...... Tullett Prebon Information, Ltd. Fresh Market TFM 9.750 May 1, ’23 64.000 4.25 57.500 ...... Realogy … 9.375 April 1, ’27 66.500 4.00 75.000 … … CNX Resources CNX 7.250 March 14, ’27 86.750 3.75 79.470 10.70 –17.05 Exchange-Traded Portfolios | WSJ.com/ETFresearch …And with the biggest price decreases Closing Chg YTD Tupperware Brands TUP 4.750 June 1, ’21 42.500 –6.00 52.000 2.58 21.70 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Ladder Capital Finance Holdings … 5.250 Oct. 1, ’25 73.125 –4.25 82.250 … … SchwabUS LC Grw SCHG 88.57 –1.36 –4.7 Tuesday, April 28, 2020 Closing Chg YTD QEP Resources QEP 5.625 March 1, ’26 25.450 –3.73 n.a. 0.55 14.58 ETF Symbol Price (%) (%) Schwab US TIPs SCHP 59.54 0.39 5.1 Intelsat Jackson Holdings INTEL 9.750 July 15, ’25 56.500 –3.25 59.000 ...... Closing Chg YTD SPDR DJIA Tr DIA 241.09 –0.10 –15.4 ETF Symbol Price (%) (%) iShMSCI EAFE EFA 56.36 0.75 –18.8 SPDR S&PMdCpTr MDY 296.95 1.05 –20.9 Oceaneering International OII 4.650 Nov. 15, ’24 50.000 –3.00 54.000 4.59 8.00 CnsmrDiscSelSector XLY 114.80 0.39 –8.5 iShMSCI EAFE SC SCZ 48.50 1.02 –22.1 SPDR S&P 500 SPY 285.73 –0.46 –11.2 L Brands LB 6.625 April 1, ’21 89.750 –2.43 90.500 12.58 9.39 CnsStapleSelSector XLP 59.21 0.56 –6.0 iShMSCIEmgMarkets EEM 36.37 0.19 –18.9 SPDR S&P Div SDY 88.60 1.07 –17.6 Michaels Stores … 8.000 July 15, ’27 70.500 –2.25 74.000 … … iShMSCIJapan EWJ 52.34 1.45 –11.6 TechSelectSector XLK FinSelSectorSPDR XLF 22.72 1.07 –26.2 88.20 –1.33 –3.8 APX APXSEC 7.625 Sept. 1, ’23 80.000 –2.03 83.250 ...... FT ValDivFd FVD 30.11 1.21 –16.4 iShNatlMuniBd MUB 111.31 –0.44 –2.3 UtilitiesSelSector XLU 59.15 0.37 –8.5 iShPfd&Incm PFF 34.11 0.03 –9.3 VanEckGoldMiner GDX HealthCareSelSect XLV 99.53 –2.02 –2.3 33.81 0.06 15.5 *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. iShRussell1000Gwth IWF 168.08 –1.25 –4.5 InvscQQQI QQQ 211.50 –1.88 –0.5 VangdInfoTech VGT 233.55 –1.27 –4.6 iShRussell1000 IWB 157.63 –0.36 –11.7 Note: Data are for the most active issue of bonds with maturities of two years or more InvscS&P500EW RSP 95.37 1.38 –17.6 VangdSC Val VBR 99.37 2.04 –27.5 iShRussell1000Val IWD 110.26 0.81 –19.2 VangdSC Grwth VBK 172.52 0.09 –13.2 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data InvscS&P500LowVol SPLV 50.51 0.58 –13.4 iShRussell2000 IWM 129.11 1.45 –22.1 VangdDivApp VIG 113.99 –0.04 –8.6 iSh3-7YTreasuryBd IEI 133.33 0.18 6.0 iShRussell3000 IWV 165.11 –0.30 –12.4 VangdFTSEDevMk VEA 35.46 0.80 –19.5 iShCoreDivGrowth DGRO 36.21 0.22 –13.9 iShRussellMid-Cap IWR 49.08 0.66 –17.7 VangdFTSE EM VWO 35.84 0.25 –19.4 iShCoreMSCIEAFE IEFA 52.71 0.86 –19.2 iShRussellMCValue IWS 72.42 1.63 –23.6 VangdFTSE Europe VGK 45.55 0.49 –22.3 iShCoreMSCIEM IEMG 43.36 0.23 –19.3 Dividend Changes iShS&P500Growth IVW 183.09 –1.21 –5.4 VangdFTSEAWxUS VEU 43.55 0.69 –19.0 iShCoreMSCITotInt IXUS 50.07 0.68 –19.1 iShS&P500Value IVE 106.64 0.42 –18.0 VangdGrowth VUG 174.77 –1.29 –4.1 iShCoreS&P500 IVV 286.64 –0.54 –11.3 iShShortCpBd IGSB 53.49 0.13 –0.3 VangdHlthCr VHT 188.02 –2.14 –1.9 Dividend announcements from April 28. iShCoreS&P MC IJH 162.61 0.97 –21.0 iShShortTreaBd SHV 110.92 0.03 0.4 VangdHiDiv VYM 78.36 0.41 –16.4 Amount Amount iShCoreS&P SC IJR 62.58 2.22 –25.4 iShTIPSBondETF TIP 122.37 0.34 5.0 VangdIntermBd BIV 91.14 0.30 4.5 Payable / Payable / iShS&PTotlUSStkMkt ITOT 63.73 –0.28 –12.3 iSh1-3YTreasuryBd SHY 86.66 0.03 2.4 VangdIntrCorpBd VCIT 90.94 0.22 –0.4 Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record iShCoreUSAggBd AGG 117.28 0.39 4.4 iSh7-10YTreasuryBd IEF 122.02 0.44 10.7 VangdLC VV 131.69 –0.57 –10.9 Increased Foreign iShSelectDividend DVY 81.25 1.70 –23.1 iSh20+YTreasuryBd TLT 169.59 1.15 25.2 VangdMC VO 150.00 0.39 –15.8 iShEdgeMSCIMinEAFE EFAV 64.77 0.33 –13.1 iShRussellMCGrowth IWP 139.26 –0.39 –8.7 VangdMBS VMBS 54.38 0.22 2.3 Cheniere Energy Ptnr CQP 7.6 .64 /.63 Q May15 /May07 Altera Infr 7.25% Pfd. A ALINpA 13.0 .4531 Q May15 /May08 iShEdgeMSCIMinUSA USMV 59.40 –0.02 –9.5 iShUSTreasuryBdETF GOVT 28.15 0.36 8.5 VangdRealEst VNQ 75.86 0.82 –18.2 Raytheon Technologies RTX 4.5 .475 /.43351 Q Jun18 /May15 Altera Infr 8.5% Pfd. B ALINpB 13.7 .5313 Q May15 /May08 iShEdgeMSCIUSAMom MTUM 117.22 –1.25 –6.6 JPM UltShtIncm JPST 50.25 0.06 –0.4 VangdS&P500ETF VOO 262.68 –0.46 –11.2 Altera Infr 8.875% Pfd. E ALINpE 14.0 .5547 Q May15 /May08 iShEdgeMSCIUSAQual QUAL 89.94 0.01 –11.0 PIMCOEnhShMaturity MINT 100.53 0.04 –1.0 VangdST Bond BSV 82.57 0.01 2.4 Reduced iShFloatingRateBd FLOT 49.90 0.04 –2.0 Canadian Natl Railway CNI 2.0 .4097 Q Jun30 /Jun09 SPDR BlmBarcHYBd JNK 97.16 0.18 –11.3 VangdSTCpBd VCSH 80.80 0.06 –0.3 Affiliated Managers AMG 0.1 .01 /.32 Q May21 /May07 iShGoldTr IAU 16.34 –0.55 12.7 SPDRBloomBar1-3MTB BIL 91.55 ... 0.1 VangdSC VB 130.60 1.03 –21.2 HMLPpA Q CenterPoint Energy CNP 3.4 .15 /.29 Q Jun11 /May21 Hoegh LNG 8.75% Pfd A 9.4 .54688 May15 /May08 iShiBoxx$InvGrCpBd LQD 129.20 0.27 1.0 SPDR Gold GLD 160.84 –0.45 12.6 VangdTotalBd BND 87.52 0.30 4.4 CNXM Hoegh LNG Partners HMLP 14.4 .44 Q May15 /May08 iShiBoxx$HYCpBd HYG 78.88 0.31 –10.3 SchwabIntEquity SCHF 27.31 0.77 –18.8 VangdTotIntlBd BNDX 57.15 0.32 1.0 CNX Midstream Partners 16.2 .0829 /.4143 Q May15 /May07 iShIntermCorpBd IGIB 57.60 0.26 –0.7 SchwabUS AggrBd SCHZ 55.83 0.38 4.5 VangdTotIntlStk VXUS 44.89 0.72 –19.4 Global Partners GLP 16.7 .3938 /.525 Q May15 /May11 Torm TRMD ... .10 May15 /May04 iShJPMUSDEmgBd EMB 98.74 0.98 –13.8 SchwabUS BrdMkt SCHB 67.35 –0.38 –12.4 VangdTotalStk VTI 143.69 –0.31 –12.2 Kimbell Royalty Partners KRP 20.0 .17 /.38 Q May11 /May04 Unilever ADR UN 3.2 .4445 Q Jun04 /May15 iShMBSETF MBB 110.69 0.26 2.4 SchwabUS Div SCHD 50.80 0.75 –12.3 VangdTotlWrld VT 68.44 ... –15.5 iShMSCI ACWI ACWI 68.00 0.01 –14.2 SchwabUS LC SCHX 68.10 –0.48 –11.3 VangdValue VTV 98.81 0.46 –17.6 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. P2JW120000-2-B01100-1------XA

THE WALL STREET JOURNAL. ** We dnesday, April 29, 2020 | B11 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. HostHotels HST 11.69 0.12 s MSCI MSCI 319.16 -12.45 Peloton PTON 30.00 -1.78 Starbucks SBUX 78.69 0.95 TractorSupply TSCO 102.94 -0.15 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. HowmetAerospace HWM 11.99 0.58 MagellanMid MMP 40.99 -0.81 PembinaPipeline PBA 21.62 1.16 StarsGroup TSG 26.23 0.68 TradeDesk TTD 257.94 -5.23 W X Y Z listed securities. Prices are composite quotations dd-Indicates loss in the most recent four Huazhu HTHT 31.98 1.42 MagnaIntl MGA 37.38 1.41 Pentair PNR 34.46 1.28 StateStreet STT 62.75 1.46 s Tradeweb TW 53.41 -2.79 WABCO WBC 134.18 0.21 that include primary market trades as well as quarters. Hubbell HUBB 123.74 1.14 ManulifeFin MFC 11.95 0.33 PenumbraPEN SteelDynamics STLD 24.72 -0.21 TraneTech TT 87.64 1.27 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. 179.40 -9.89 WEC Energy WEC 94.73 3.21 HubSpot HUBS 155.01 3.02 MarathonPetrol MPC 28.43 1.98 People'sUtdFin PBCT 12.74 0.48 Stericycle SRCL 49.84 0.04 TransDigm TDG 336.65 19.20 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing WEX WEX 122.55 3.64 Humana HUM 362.87 -10.65 Markel MKL 908.11 7.19 PepsiCo PEP 136.32 1.86 Steris STE 146.21 -3.46 TransUnion TRU 78.11 3.05 Nasdaq ISE. standards W.P.Carey WPC 64.29 1.91 JBHunt JBHT 105.42 0.77 s MarketAxess MKTX 441.43 -0.16 PerkinElmer PKI 88.45 -0.31 STMicroelec STM 26.21 0.53 Travelers TRV 104.29 1.40 The list comprises the 1,000 largest companies lf-Late filing WPP WPP 36.46 0.81 HuntingtonBcshs HBAN 9.14 0.23 Marriott MAR 87.42 2.15 Perrigo PRGO 53.80 1.50 StoneCo STNE 25.27 1.52 Trex TREX based on market capitalization. q-Temporary exemption from Nasdaq 96.664.87 Wabtec WAB 56.32 1.89 HuntingIngalls HII 191.27 3.01 Marsh&McLen MMC 93.26 -1.44 PetroChina PTR 35.66 0.16 Stryker SYK 185.01 -6.95 Trimble TRMB Underlined quotations are those stocks with requirements. 34.23 -0.12 WalgreensBoots WBA 44.65 0.22 HyattHotels H 55.72 -0.01 MartinMarietta MLM 189.12 7.11 SumitomoMits SMFG 5.26 0.07 Trip.com TCOM large changes in volume compared with the t-NYSE bankruptcy PetroleoBrasil PBR 6.56 0.56 24.47 0.03 Walmart WMT 128.00 -0.30 IAA IAA 38.97 1.01 MarvellTech MRVL 26.88 -0.55 SunComms SUI 136.00 -0.04 issue’s average trading volume. v-Trading halted on primary market. PetroleoBrasilA PBR.A 6.26 0.42 TruistFinl TFC 37.52 0.05 WasteConnections WCN 86.96 -1.00 IAC/InterActive IAC 217.13 -5.06 Masco MAS 41.72 0.19 SunLifeFinancial SLF 33.49 1.14 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Pfizer PFE 37.91 -0.42 Twilio TWLO 104.59 -4.83 WasteMgt WM 101.66 0.53 ICICI Bank IBN 9.26 0.03 Masimo MASI 212.56 -1.77 SuncorEnergy SU 16.67 0.86 Twitter TWTR 28.79 -1.21 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, PhilipMorris PM 77.25 2.33 Waters WAT 184.11 -10.90 ICU Medical ICUI 224.03 -6.86 Mastercard MA 264.60 -0.52 Suzano SUZ 6.98 -0.12 previous closing price was $2 or higher. or securities assumed by such companies. Phillips66 PSX 67.34 3.85 TylerTech TYL 312.01 -8.93 Watsco B WSOB 166.22 6.40 IDACORP IDA 93.48 1.10 MatchGroup MTCH 75.24 -3.14 SynchronyFin SYF 18.74 1.12 PilgrimPride PPC 21.31 0.78 TysonFoods TSN 62.80 3.12 Watsco WSO 164.75 2.84 IdexxLab IDXX 264.25 -11.60 MaximIntProducts MXIM 55.00 -0.16 SyneosHealth SYNH 53.14 1.09 Pinduoduo PDD 48.06 -3.13 UBS Group UBS 10.33 0.55 Wayfair W 123.68 -5.13 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and IHS Markit INFO 67.45 0.28 McCormickVtg MKC.V 157.76 -0.94 Synopsys SNPS 151.83 -2.31 PinnacleWest PNW 79.99 1.23 UDR UDR 37.76 0.14 Weibo WB 36.65 -0.53 changes in the closing prices from 4 p.m. the previous day. ING Groep ING 5.53 0.22 McCormick MKC 156.70 -0.17 Sysco SYY 55.84 0.92 Pinterest PINS 19.89 -0.89 UGI UGI 30.09 0.82 WellsFargo WFC 28.87 0.46 IPG Photonics IPGP 131.09 5.01 McDonalds MCD 185.93 0.04 PioneerNatRscs PXD 82.76 0.90 US Foods USFD 21.02 0.70 Welltower WELL 49.06 3.12 IQVIA IQV 135.88 4.00 McKesson MCK 140.36 -2.92 T U V Tuesday, April 28, 2020 Net Net PlainsAllAmPipe PAA 8.10 0.05 Uber UBER 30.12 0.04 Wendy's WEN 19.79 -0.02 ITT ITT 52.45 0.33 MedicalProp MPW 16.46 0.15 Net Stock Sym Close Chg Stock Sym Close Chg PlanetFitness PLNT 60.44 -2.00 TAL Education TAL 51.84 0.44 Ubiquiti UI 160.84 -2.33 s WestPharmSvcs WST 193.02 -4.82 IcahnEnterprises IEP 50.29 0.59 Medtronic MDT 98.04 -2.72 Stock Sym Close Chg Pool POOL 220.69 -1.93 TC Energy TRP 46.47 0.68 UltaBeautyULTA 218.68 10.59 WesternDigital WDC 44.70 1.61 Icon ICLR 152.54 1.52 MelcoResorts MLCO 15.02 -0.76 Bristol-Myers BMY 62.14 -0.42 DukeRealty DRE 36.20 0.48 PostHoldings POST 93.33 -0.23 TD Ameritrade AMTD 38.58 0.35 UnderArmour A UAA 10.83 0.39 WesternUnion WU 19.13 ... IDEX IEX 157.78 1.49 MercadoLibre MELI 598.54 9.07 BritishAmTob BTI 39.20 1.40 Dunkin' DNKN 62.29 1.47 PrincipalFin PFG 33.61 1.92 TE Connectivity TEL 73.65 0.18 Unilever UN 48.66 -0.47 WestlakeChem WLK 42.58 0.25 A B C IllinoisToolWks ITW 166.48 3.25 Merck MRK 81.18 -2.80 Broadcom AVGO 264.73 -3.72 DuPontDD46.41 2.59 Procter&Gamble PG 116.89 -0.56 Telus TU 16.29 0.11 Unilever UL 50.97 -0.54 WestpacBanking WBK 9.81 0.24 BroadridgeFinl BR 112.47 -1.87 Illumina ILMN 313.79 -0.79 s MercurySystems MRCY 85.00 0.09 ABB ABB 18.63 0.71 Dynatrace DT 28.49 -0.40 Progressive PGR 81.14 -1.82 TIM Part TSU 11.36 0.32 UnionPacific UNP 161.36 2.40 WestRock WRK 32.90 2.41 Immunomedics IMMU 29.06 0.73 MetLife MET 35.18 0.76 ACADIA Pharm ACAD 50.64 -1.25 BrookfieldMgt BAM 32.94 0.20 ENI E 18.64 0.13 Prologis PLD 89.59 -2.25 TJX TJX 49.09 1.25 UnitedAirlines UAL 27.84 2.84 Weyerhaeuser WY 21.37 0.71 ImperialOil IMO MettlerToledo MTD 699.98 -35.28 AECOM ACM 35.90 1.14 BrookfieldInfr BIP 38.52 -0.44 EOG Rscs EOG 44.98 0.44 14.38 0.94 Proofpoint PFPT 119.56 -3.23 T-MobileUS TMUS 87.94 -2.97 UnitedMicro UMC 2.48 -0.13 WheatonPrecMet WPM 39.67 -0.05 MicrochipTech MCHP 87.35 2.64 AES AES 13.63 0.35 Brown&Brown BRO 35.60 -0.14 EPAM Systems EPAM 208.55 2.77 IncyteINCY 97.67 -5.31 ProsperityBcshs PB 54.18 -0.31 TRowePrice TROW 113.89 7.39 UPS BUPS 96.43 -6.12 Whirlpool WHR 113.85 4.67 MicronTech MU 45.31 0.03 Aflac AFL 37.79 0.52 Brown-Forman B BF.B 64.35 3.58 E*TRADE ETFC 40.86 0.75 Infosys INFY 8.79 -0.14 PrudentialFin PRU 60.65 1.39 TaiwanSemi TSM 52.76 -0.75 UnitedRentals URI 116.55 5.52 Williams WMB 18.91 0.39 Microsoft MSFT 169.81 -4.24 AGNC Invt AGNC 12.69 0.38 Brown-Forman A BF.A 59.37 3.06 EastWestBncp EWBC 33.80 1.68 IngersollRand IR 29.27 0.50 Prudential PUK 27.50 1.54 TakeTwoSoftware TTWO 120.51 -5.42 US Bancorp USB 36.65 0.77 Williams-Sonoma WSM 62.13 0.63 MidAmApt MAA 112.15 1.47 Ansys ANSS 257.35 -5.52 Bruker BRKR 37.59 -1.11 EastmanChem EMN 60.65 1.30 Ingredion INGR 83.11 -0.28 PublicServiceEnt PEG 51.88 -0.13 TakedaPharm TAK 18.37 -0.28 UnitedTherap UTHR 109.74 -1.84 WillisTowers WLTW 174.93 -1.06 s MitsubishiUFJ MUFG 4.02 0.04 ASETech ASX 4.23 -0.12 Bunge BG 40.42 0.73 Eaton ETN 83.10 0.56 Inphi IPHI 98.96 -0.57 PublicStorage PSA 191.01 -1.95 TandemDiabetes TNDM 70.19 -5.10 UnitedHealth UNH 288.36 -5.62 Wipro WIT 2.99 ... MizuhoFin MFG 2.34 ... ASML ASML 291.42 0.52 BurlingtonStrs BURL 186.79 4.35 eBay EBAY 39.08 -0.55 Insulet PODD 191.65 -7.26 PulteGroup PHM 28.99 1.75 Target TGT 112.00 2.12 UnivDisplay OLED 142.69 -0.12 Wix.com WIX 127.85 -4.65 MobileTeleSys MBT 8.31 0.04 AT&T T 30.65 0.11 CACI Intl CACI 249.16 -3.72 Ecolab ECL 197.58 10.07 Intel INTC 58.75 -0.72 Qiagen QGEN 41.29 -0.30 TechData TECD 138.99 -0.37 UniversalHealthB UHS 105.37 0.29 WooriFin WF 20.87 -0.41 Moderna MRNA 47.88 -0.17 AbbottLabs ABT 91.46 -3.49 CBRE Group CBRE 41.90 0.51 Ecopetrol EC 10.27 0.53 ICE ICE 90.29 -2.06 Qorvo QRVO 93.14 1.86 TeladocHealth TDOC 181.15 -13.74 VEREIT VER 5.23 0.20 Workday WDAY 145.07 -3.03 MohawkInds MHK 87.51 3.77 AbbVie ABBV 82.76 -1.93 CDK Global CDK 36.54 0.06 EdisonInt EIX 62.19 1.44 InterContinentl IHG 45.39 0.66 Qualcomm QCOM 75.29 -0.69 TeledyneTech TDY 325.90 5.96 VF VFC 59.50 1.79 WynnResorts WYNN 82.16 -0.61 MolinaHealthcare MOH 166.35 -4.52 Abiomed ABMD 164.40 0.93 CDW CDW 107.12 0.84 EdwardsLife EW 213.16 -6.72 IBM IBM 126.27 0.35 QuantaServices PWR 37.12 2.16 Teleflex TFX 340.27 -9.81 VICI Prop VICI 16.78 0.47 XP XP 24.93 1.15 MolsonCoorsA TAP.A 63.53 ... AcceleronPharma XLRN 94.36 -5.19 CF Industries CF 28.04 -0.33 ElancoAnimal ELAN 24.21 -0.45 IntlFlavors IFF 131.71 1.17 s QuestDiag DGX 111.91 -4.11 Ericsson ERIC 8.18 -0.10 VailResorts MTN 168.28 -2.50 XPO Logistics XPO 66.41 -0.06 MolsonCoorsB TAP 45.44 0.85 Accenture ACN 178.36 -1.07 CGI GIB 61.11 -1.27 Elastic ESTC 60.70 -1.49 IntlPaper IP 35.75 2.94 Quidel QDEL 134.19 -3.90 TelefonicaBras VIV 8.43 0.06 Vale VALE 8.11 0.23 XcelEnergy XEL 66.17 0.70 Mondelez MDLZ 51.17 -0.31 ActivisionBliz ATVI 63.86 -3.20 CH Robinson CHRW 74.01 -0.03 ElbitSystems ESLT 132.11 -1.95 Interpublic IPG 16.55 0.82 Telefonica TEF 4.43 0.03 ValeroEnergy VLO 57.87 2.30 Xilinx XLNX 85.89 -2.92 MongoDB MDB 154.75 -5.63 Adobe ADBE 333.45 -15.05 CME Group CME 184.32 -3.43 ElectronicArts EA 111.35 -4.67 Intuit INTU 266.31 -5.52 R S TelekmIndonesia TLK 20.06 -0.21 VarianMed VAR 108.86 -2.11 Xylem XYL 73.46 2.69 s MonolithicPower MPWR 191.31 -2.56 AdvanceAuto AAP 120.97 2.02 CMS Energy CMS 59.21 1.21 EmersonElec EMR 57.53 1.50 IntuitiveSurgical ISRG 503.45 -13.65 10xGenomics TXG 76.26 0.07 VeevaSystems VEEV 182.74 -2.85 YamanaGold AUY 4.74 -0.03 MonsterBev MNST 60.14 -0.38 RELX RELX 22.81 0.49 AdvMicroDevices AMD 55.51 -0.98 CNA Fin CNA 32.25 1.30 Enbridge ENB 30.39 0.73 InvitatHomes INVH 22.80 0.22 Tenaris TS 13.05 0.03 Ventas VTR 29.16 0.68 Yandex YNDX 37.59 0.63 Moody's MCO 252.03 -2.53 RPM RPM 66.88 -0.21 Aegon AEG 2.54 0.10 CNH Indl CNHI 6.25 -0.12 EncompassHealth EHC 67.42 -2.56 IonisPharma IONS 57.20 -1.18 TencentMusic TME 10.87 -0.16 VeriSign VRSN 211.07 -3.16 YumBrands YUM 88.27 0.08 MorganStanley MS 40.13 0.82 RalphLauren RL 78.45 3.63 AgilentTechs A CNOOC CEO 111.72 1.36 EnelAmericas ENIA 8.03 0.16 IovanceBiotherap IOVA 33.84 -2.80 Teradyne TER 63.19 -0.56 VeriskAnalytics VRSK 151.79 -0.01 YumChina YUMC 45.90 -0.03 75.45 -0.80 Morningstar MORN 143.10 1.26 RaymondJames RJF 68.15 2.34 CRH CRH 29.78 0.12 EnelChile ENIC 3.85 0.21 iQIYI IQ 16.65 -0.57 Verizon VZ 57.83 0.02 s ZTO Express ZTO 29.17 -0.06 AgnicoEagle AEM 61.13 0.31 RaytheonTech RTX 65.39 0.32 Tesla TSLA 769.12 -29.63 CSX CSX 66.85 0.44 EnergyTransfer ET 7.25 0.02 IronMountain IRM 24.79 0.36 MotorolaSol MSI 145.43 -9.01 VertxPharm VRTX 256.96 -11.55 ZaiLab ZLAB 63.61 -0.94 AirProducts APD 223.62 1.36 RealPage RP 62.78 -0.14 TevaPharm TEVA 10.84 0.12 CVS Health CVS 63.24 -0.26 EnphaseEnergy ENPH 43.00 5.79 IsraelChemicals ICL 3.56 -0.07 Mylan MYL 16.44 0.30 ViacomCBS A VIACA 20.07 0.17 ZebraTech ZBRA 228.48 7.55 AkamaiTech AKAM 101.93 -1.14 RealtyIncome O 53.19 1.88 TexasInstruments TXN 114.24 -1.54 CableOne CABO 1855.12 -3.03 Entegris ENTG 53.02 0.94 ItauUnibancoITUB 4.25 0.45 NICE NICE 167.51 -0.76 ViacomCBS B VIAC 17.45 0.47 Zendesk ZEN 71.91 -1.83 Albemarle ALB 64.31 2.06 ReataPharm RETA 161.94 -5.38 Textron TXT 29.02 0.86 CabotOil COG 20.54 -0.55 Entergy ETR 99.67 -1.64 NRG Energy NRG 33.71 0.03 s ThermoFisherSci TMO 332.46 -10.25 Vipshop VIPS 16.35 -0.27 Zillow C Z 42.16 -0.85 Alcon ALC 53.02 -0.95 RegencyCtrs REG 40.53 3.09 s CadenceDesign CDNS 78.47 -2.84 EnterpriseProd EPD 17.24 0.50 J K L NVR NVR 3163.84173.14 ThomsonReuters TRI 71.34 -0.21 Visa V 171.25 -0.51 Zillow A ZG 41.76 -0.43 AlexandriaRlEst ARE 152.17 1.39 RegenPharm REGN 528.61 -18.91 CaesarsEnt CZR 9.49 0.24 Equifax EFX 140.68 2.59 NXP Semi NXPI 98.34 1.21 3M MMM 157.61 3.96 VistraEnergy VST 19.21 0.26 ZimmerBiomet ZBH 114.74 -2.75 AlexionPharm ALXN 106.92 -3.94 JBG SMITH Prop JBGS 33.39 0.62 RegionsFin RF 10.69 0.21 CamdenProperty CPT 86.42 0.08 s Equinix EQIX 683.76 -18.24 Nasdaq NDAQ 111.21 -0.42 Tiffany TIF 126.55 1.56 VMware VMW 129.63 -0.32 ZionsBancorp ZION 31.33 0.54 Alibaba BABA 201.15 -2.54 JD.com JD 43.58 -2.00 ReinsGrp RGA 107.44 2.06 CampbellSoup CPB 50.98 -0.26 Equinor EQNR 13.00 0.10 NationalGrid NGG 58.41 -0.19 Toro TTC 64.61 -0.69 Vodafone VOD 13.93 0.09 Zoetis ZTS 123.00 -4.42 AlignTech ALGN 203.51 6.84 JPMorganChase JPM 95.29 0.67 RelianceSteel RS 89.46 -0.76 CIBC CM 59.05 0.78 Equitable EQH 18.03 1.61 NatlInstruments NATI 39.26 0.19 TorontoDomBk TD 41.41 0.98 VornadoRealty VNO 41.56 1.47 ZoomVideo ZM 156.72 -7.88 Alleghany Y 549.81 0.79 JackHenry JKHY 160.35 -3.12 RenaissanceRe RNR 149.13 0.48 CanNtlRlwy CNI 82.42 1.73 EquityLife ELS 63.06 0.30 NatlOilwell NOV 11.77 -0.58 Total TOT 35.69 0.53 VoyaFinancial VOYA 43.88 0.85 Zscaler ZS 66.72 -3.75 Allegion ALLE 101.62 2.55 JacobsEngg J 83.50 3.71 Repligen RGEN 111.59 -6.39 CanNaturalRes CNQ 14.87 0.85 EquityResdntl EQR 64.87 -0.43 NatlRetailProp NNN 31.91 1.05 ToyotaMotor TM 125.49 1.29 VulcanMatls VMC 110.77 2.49 Zynga ZNGA 7.49 -0.25 Allergan AGN 187.35 -0.89 JamesHardie JHX 12.28 0.11 RepublicSvcs RSG 78.98 0.36 CanPacRlwy CP 231.33 0.17 ErieIndemnity A ERIE 181.52 1.38 Natura&Co NTCO 12.65 0.35 AlliantEnergy LNT 50.65 0.31 JazzPharma JAZZ 112.38 2.28 ResMed RMD 158.22 -4.55 Canon CAJ 20.78 0.04 EssentialUtil WTRG 43.86 -0.14 NetApp NTAP 42.27 -0.43 Allstate ALL 101.84 -1.25 J&J JNJ 151.39 -2.90 RestaurantBrands QSR 49.49 1.65 CanopyGrowth CGC 16.74 -0.79 EssexProp ESS 247.46 -4.61 Netease NTES 353.37 -5.87 AllyFinancial ALLY 16.22 1.02 JohnsonControls JCI 29.73 0.68 RexfordIndlRealty REXR 40.90 0.54 CapitalOne COF 63.75 4.56 EsteeLauder EL 168.92 3.62 Netflix NFLX 403.83 -17.55 AlnylamPharm ALNY 137.50 -5.20 JonesLang JLL 106.31 -0.48 ReynoldsCnsmr REYN 32.04 -0.01 BANKRATE.COM® MMA, Savings and CDs CardinalHealth CAH 51.45 -0.48 Etsy ETSY 66.25 -3.03 Neurocrine NBIX 98.63 -3.04 Alphabet A GOOGL 1232.59 -38.27 JuniperNetworks JNPR 23.94 0.20 RingCentral RNG 223.39 -10.06 Carlisle CSL 123.56 -1.00 EuronetWorldwide EEFT 89.82 2.43 NewOrientalEduc EDU 120.29 0.25 Alphabet C GOOG 1233.67 -42.21 KB Fin KB 27.99 -0.01 RioTinto RIO 46.96 0.07 Carlyle CG 24.81 0.37 EverestRe RE 179.65 3.93 NY CmntyBcp NYCB 10.29 0.13 Alteryx AYX 108.33 -5.69 KKR KKR 25.42 0.46 NYTimes A NYT 31.70 0.31 RitchieBros RBA 42.82 -0.39 Average Yields of Major Banks Tuesday, April 28, 2020 AlticeUSA ATUS 26.13 -0.42 CarMax KMX 74.10 -0.87 Evergy EVRG 60.09 0.83 KLA KLAC 166.27 0.21 NewellBrands NWL 14.23 0.74 RobertHalf RHI 46.30 0.79 Altria MO 40.71 0.96 Carnival CCL 14.46 1.48 EversourceEner ES 86.22 0.65 MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR KT KT 9.65 0.02 NewMarket NEU 426.22 -1.92 Rockwell ROK 196.10 14.42 Type Amazon.com AMZN 2314.08 -61.92 s CarrierGlobal CARR 17.00 0.20 ExactSciences EXAS 77.17 -3.10 KSCitySouthern KSU 133.30 1.47 Newmont NEM 62.67 0.06 RogersComm B RCI 42.25 0.81 Ambev ABEV 2.13 0.05 Carvana CVNA 82.96 -7.35 Exelixis EXEL 26.62 -0.75 National average Kellogg K 65.76 0.66 NewsCorp A NWSA 9.81 0.35 Roku ROKU 119.36 -9.27 Amcor AMCR 9.02 0.34 CaseysGenStores CASY 152.81 -2.99 Exelon EXC 37.84 0.02 Kemper KMPR 68.50 0.15 NewsCorp B NWS 9.91 0.31 s Rollins ROL 40.68 1.19 Savings 0.17 0.08 0.08 0.15 0.24 0.39 0.45 0.42 0.63 Amdocs DOX 63.57 0.47 Catalent CTLT 62.92 -0.30 Expedia EXPE 71.84 2.69 KeurigDrPepper KDP 27.11 1.25 NextEraEnergy NEE 239.30 -4.30 RoperTech ROP 336.79 22.24 Jumbos 0.33 0.09 0.08 0.17 0.29 0.41 0.48 0.43 0.66 Amedisys AMED 188.63 -3.36 Caterpillar CAT 115.46 0.26 ExpeditorsIntl EXPD 71.92 -0.37 KeyCorp KEY 11.83 0.22 NielsenHoldings NLSN 13.60 0.44 RossStores ROST 92.54 1.71 Amerco UHAL 277.92 2.69 Celanese CE 81.94 -0.67 ExtraSpaceSt EXR 92.67 1.01 Weekly change KeysightTechs KEYS 95.93 -0.40 Nike NKE 88.80 -0.57 RoyalBkCanada RY 61.50 1.02 Ameren AEE 74.25 0.83 Centene CNC 67.17 -3.65 ExxonMobil XOM 44.97 1.03 KilroyRealty KRC 62.55 0.29 NiSource NI 26.85 0.60 RoyalBkScotland RBS 2.90 0.17 Savings 0.01 0.00 0.00 0.00 0.01 0.00 0.00 0.01 -0.01 AmericaMovil AMX 11.35 0.31 CenterPointEner CNP 17.41 0.09 F5NetworksFFIV 140.86 9.94 KimberlyClark KMB 141.00 0.64 Nokia NOK 3.41 -0.05 RoyalCaribbean RCL 41.59 2.12 CentraisElBras EBR 4.27 0.31 FMC FMC 90.89 0.51 Jumbos -0.01 0.01 0.00 0.01 0.01 -0.01 0.00 0.01 -0.01 AmCampus ACC 34.34 1.71 KinderMorgan KMI 15.19 0.17 RoyalDutchA RDS.A 36.00 0.18 CenturyLink CTL 10.61 0.27 FTI Consulting FCN 140.11 2.11 NomuraHoldings NMR 4.07 0.05 AEP AEP 84.63 1.01 KinrossGold KGC 6.90 -0.06 RoyalDutchB RDS.B 34.94 0.26 CeridianHCM CDAY 53.92 -0.52 Facebook FB 182.91 -4.59 Nordson NDSN 159.95 -1.81 AmerExpress AXP 88.19 3.13 KirklandLakeGold KL 43.38 0.06 RoyalGold RGLD 125.93 -0.41 Cerner CERN 71.76 -1.54 FactSet FDS 275.22 -10.85 NorfolkSouthern NSC 170.64 3.77 AmericanFin AFG 67.13 2.62 Knight-Swift KNX 37.63 0.25 NorthernTrust NTRS Ryanair RYAAY 58.85 0.35 Consumer Savings Rates CharlesRiverLabs CRL 139.95 -0.28 FairIsaac FICO 324.89 15.23 80.13 0.22 AmHomes4Rent AMH 23.58 -0.07 KoninklijkePhil PHG 43.25 -0.41 NorthropGrum NOC SAP SAP 116.86 ... CharterComms CHTR 497.16 -11.28 Fastenal FAST 36.96 0.12 344.53 -0.28 AIG AIG 25.28 1.10 KoreaElcPwr KEP 9.78 0.11 NortonLifeLock NLOK 20.97 -0.31 S&P Global SPGI 295.83 4.64 Below are the top federally insured offers available nationwide according to Bankrate.com’s CheckPoint CHKP 105.25 -2.84 FederalRealty FRT 77.23 3.81 AmerTowerREIT AMT 243.53 -6.69 KraftHeinz KHC 30.43 0.24 Novartis NVS 88.04 -1.55 s SBA Comm SBAC 305.31 -3.49 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please Chegg CHGG 41.15 -0.70 FedEx FDX 127.74 0.45 AmerWaterWorks AWK 126.52 0.77 Kroger KR 32.36 -0.92 s NovoNordisk NVO 64.59 -0.55 SEI Investments SEIC 51.01 0.06 Chemed CHE 437.16 -19.68 Ferrari RACE 155.86 -2.64 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.. AmericoldRealty COLD 32.29 0.26 Line LN 49.14 -0.30 Novocure NVCR 72.83 -1.07 SK Telecom SKM 19.26 0.01 CheniereEnergy LNG 43.08 0.28 FiatChrysler FCAU 8.48 0.10 Ameriprise AMP 113.48 1.03 LKQLKQ 23.99 1.22 NuanceComms NUAN 19.25 -0.32 SS&C Tech SSNC 53.05 0.68 High yield savings CheniereEnerPtrs CQP 33.04 0.06 FidNatlFin FNF 27.60 0.75 AmerisourceBrgn ABC 89.53 -1.25 LPL Financial LPLA 58.13 1.32 Nucor NUE 40.49 -0.01 SVB Fin SIVB 193.25 0.62 Chevron CVX 89.91 0.20 FidNatlInfo FIS 129.13 1.49 Bank Yield Bank Yield Ametek AME 80.76 1.48 L3HarrisTech LHX 195.79 3.09 Nutrien NTR 35.65 0.36 Salesforce.com CRM 154.46 -3.17 Chewy CHWY 44.16 -2.02 FifthThirdBncp FITB 18.58 0.23 Amgen AMGN 237.67 -4.76 LabCpAm LH 175.96 -2.53 NVIDIA NVDA 291.36 -5.72 Sanofi SNY 49.87 -0.76 Phone number Minimum (%) Phone number Minimum (%) ChinaLifeIns LFC 10.62 0.03 58.com WUBA 50.93 -0.95 Amphenol APH 88.34 0.81 LamResearch LRCX 261.85 -2.56 SareptaTherap SRPT 119.69 -2.43 ChinaMobile CHL 40.28 -0.23 FirstAmerFin FAF 47.57 0.62 AnalogDevices ADI 107.61 -0.42 LamarAdv LAMR 56.88 2.11 O P Q Schlumberger SLB 16.15 0.10 Money market and savings account Six-month CD ChinaPetrol SNP 49.43 0.03 FirstIndRlty FR 37.53 -0.05 Anaplan PLAN 38.93 -1.21 LambWeston LW 60.16 1.61 SchwabC SCHW 37.08 0.24 ChinaTelecom CHA 34.36 0.07 FirstRepBank FRC 105.26 0.55 HSBC Direct $1 1.70 Live Oak Bank $2,500 1.25 AngloGoldAsh AU 25.56 -1.26 LasVegasSands LVS 46.58 0.20 OGE Energy OGE 32.43 0.23 ScienceApplicat SAIC 86.66 -0.81 ChinaUnicom CHU 6.54 -0.15 FirstSolar FSLR 41.77 -1.49 (844) 867-5750 (866) 656-0286 AB InBev BUD 46.85 2.69 Lear LEA 96.64 1.88 ONE Gas OGS 84.72 -1.79 s ScottsMiracleGro SMG 125.12 -3.45 Chipotle CMG 868.36 -14.71 FirstEnergy FE 42.64 -0.87 AnnalyCap NLY 6.26 0.31 Leidos LDOS 102.32 -0.48 ONEOK OKE 30.53 2.01 s Sea SE 53.30 -2.04 Comenity Direct $100 1.70 First Internet Bank of Indiana $1,000 1.21 Chubb CB 110.41 3.88 Fiserv FISV 99.78 0.60 Anthem ANTM 268.22 -1.84 Lennar B LEN.B 37.57 3.01 OReillyAuto ORLY 384.50 -5.00 Seagate STX 48.99 -0.04 (833) 755-4354 (888) 873-3424 ChunghwaTel CHT 36.71 0.05 FiveBelow FIVE 90.03 3.42 Aon AON 172.33 -0.60 OccidentalPetrol OXY 15.17 1.02 SealedAir SEE 29.67 1.46 Church&Dwight CHD 69.42 -2.06 s Five9 FIVN 96.22 -1.54 Lennar ALEN 49.52 4.16 Vio Bank $100 1.70 Sallie Mae $2,500 1.20 ApartmtInv AIV 37.21 0.64 Okta OKTA 147.66 -4.28 SeattleGenetics SGEN 143.37 -4.11 s Ciena CIEN 46.99 -1.93 FleetCorTech FLT 235.59 3.33 LennoxIntl LII 186.99 2.34 ApolloGlbMgmt APO 40.62 -0.76 OldDomFreight ODFL 144.49 1.89 SempraEnergy SRE 126.96 -1.84 (888) 999-9170 (877) 346-2756 Cigna CI 189.59 -3.22 Flex FLEX 9.11 0.30 LeviStrauss LEVI 13.15 0.04 Apple AAPL 278.58 -4.59 OldRepublic ORI 16.09 0.28 SensataTechs ST 37.05 0.55 CincinnatiFin CINF 71.81 -10.22 FlirSystems FLIR 43.02 1.77 LibertyBroadbandC LBRDK 125.17 -1.87 One-month CD One-year CD ApplMaterials AMAT 50.42 -0.61 OmegaHealthcare OHI 27.95 0.38 ServiceCorp SCI 37.63 0.52 Cintas CTAS 218.17 5.70 FlowersFoods FLO 22.84 0.15 LibertyBroadbandA LBRDA 122.50 -1.35 Aptargroup ATR 111.18 -1.04 Omnicom OMC 56.50 2.16 ServiceNow NOW 296.00 -12.60 VirtualBank $10,000 0.65 Comenity Direct $1,500 1.70 CiscoSystems CSCO 42.49 -0.57 LibertyGlobal A LBTYA 18.42 -0.64 Aptiv APTV 66.68 1.17 FomentoEconMex FMX 61.96 3.02 ON Semi ON 15.84 0.45 ShawComm B SJR 16.84 0.16 Citigroup C 47.21 0.65 LibertyGlobal C LBTYK 17.59 -0.62 (877) 998-2265 (833) 755-4354 Aramark ARMK 26.63 1.95 FordMotor F 5.38 0.21 OpenText OTEX 36.48 -0.59 SherwinWilliams SHW 508.73 -2.73 CitizensFin CFG 22.29 0.25 Fortinet FTNT 105.44 -0.20 LibertyFormOne A FWONA 28.27 0.25 M.Y. Safra Bank, FSB $1,000 0.30 Merrick Bank $25,000 1.62 ArcelorMittal MT 10.35 0.13 LibertyFormOne C FWONK 30.03 0.46 Oracle ORCL 53.20 -0.17 ShinhanFin SHG 24.72 -0.55 CitrixSystems CTXS 141.19 -6.29 Fortis FTS 39.44 0.49 Orange ORAN (212) 652-7200 (866) 638-6851 ArchCapital ACGL 24.75 0.10 LibertySirius A LSXMA 34.44 1.59 12.00 -0.21 Shopify SHOP 633.65 5.07 ClarivateAnaly CCC 23.43 -0.18 Fortive FTV 64.71 0.73 Orix IX 58.04 1.08 ArcherDaniels ADM 37.17 0.63 LibertySirius C LSXMK 34.87 1.99 Sibanye-Stillwater SBSW 7.86 0.05 Presidential Bank, FSB $1,000 0.10 Goldman Sachs Bank USA $500 1.60 Clorox CLX 186.94 -2.11 FortBrandsHome FBHS 49.66 2.84 Oshkosh OSK 67.32 0.53 AresMgmt ARES 34.93 -0.05 EliLilly LLY 157.30 -3.99 SignatureBank SBNY 106.50 4.59 (800) 383-6266 (855) 730-7283 Cloudflare NET 23.47 -1.00 FoxA FOXA 27.14 0.75 s OtisWorldwide OTIS 49.86 1.64 arGEN-X ARGX 144.03 -2.11 LincolnElectric LECO 80.99 0.26 SimonProperty SPG 63.33 6.14 Coca-Cola KO 46.74 -0.04 FoxB FOX 26.97 0.96 PG&E PCG 10.92 0.44 AristaNetworks ANET 218.03 0.12 LincolnNational LNC 33.71 1.84 SiriusXM SIRI 5.76 0.14 Two-month CD Two-year CD Coca-Cola Euro CCEP 40.08 -1.35 Franco-Nevada FNV 136.16 0.59 PLDT PHI 24.75 -0.33 ArrowElec ARW 59.15 0.44 Linde LIN 186.88 2.30 Skyworks SWKS 100.67 2.29 Cognex CGNX 55.85 6.01 FranklinRscs BEN 17.40 0.56 PNC Fin PNC 105.99 0.50 VirtualBank $10,000 0.65 Comenity Direct $1,500 1.75 AscendisPharma ASND 130.70 -1.75 LiveNationEnt LYV 43.64 1.63 SlackTech WORK 26.88 -0.43 CognizantTech CTSH 56.53 0.49 FreeportMcM FCX 8.92 0.07 POSCO PKX 36.13 0.39 AspenTech AZPN 96.56 0.56 LloydsBanking LYG 1.60 0.13 Smartsheet SMAR 51.88 -1.38 (877) 998-2265 (833) 755-4354 ColgatePalm CL 71.11 0.08 FreseniusMed FMS 38.42 -0.65 PPD PPD 23.50 1.40 Assurant AIZ 109.58 1.21 LockheedMartin LMT 384.73 6.16 SmithAO AOS 43.36 0.83 Presidential Bank, FSB $1,000 0.10 Merrick Bank $25,000 1.62 ColumbiaSportswr COLM 75.57 1.80 PPG Ind PPG 91.49 -4.51 s AstraZeneca AZN 50.97 -0.51 Loews L 34.11 1.55 Smith&Nephew SNN 38.86 -0.66 Comcast A CMCSA 38.08 -0.13 G H I PPL PPL 25.93 0.38 (800) 383-6266 (866) 638-6851 Athene ATH 26.27 0.97 LogitechIntl LOGI 47.26 -0.84 Smucker SJM 118.64 -2.21 Comerica CMA 35.20 0.69 PRA HealthSci PRAH 90.20 0.81 Applied Bank $1,000 0.05 First Internet Bank of Indiana $1,000 1.62 Atlassian TEAM 148.61 -3.26 GCI LibertyA GLIBA 62.11 -0.30 Lowe's LOW 103.52 1.55 Snap SNAP 16.41 -0.50 CommerceBcshrs CBSH 59.25 1.75 PTC PTC 66.37 0.09 AtmosEnergy ATO 107.15 1.60 GDS Holdings GDS 55.89 -2.82 lululemon LULU 224.47 -2.42 SnapOn SNA 126.39 1.35 (800) 616-4605 (888) 873-3424 SABESP SBS 7.59 0.45 Paccar PCAR 69.16 0.35 Autodesk ADSK 177.31 -5.20 GFLEnvironmental GFL 15.39 0.12 Lumentum LITE 80.46 -0.65 SolarEdgeTech SEDG 109.79 5.10 ConagraBrands CAG 34.61 0.01 PackagingCpAm PKG 98.29 8.13 Autohome ATHM 77.84 -0.77 GSXTechedu GSX 38.13 2.71 Lyft LYFT 32.74 -1.58 SolarWinds SWI 16.17 -0.01 Three-month CD Five-year CD ConchoRscs CXO 54.04 0.19 PagSeguroDig PAGS 23.10 1.55 SonocoProducts SON Autoliv ALV 58.84 -3.43 Galapagos GLPG 206.65 -4.32 LyondellBasell LYB 55.67 3.26 49.42 0.82 First Internet Bank of Indiana $1,000 0.85 Comenity Direct $1,500 1.80 ADP ADP 143.01 0.79 ConocoPhillips COP 38.48 1.33 PaloAltoNtwks PANW 193.55 -3.33 Sony SNE 62.92 -0.53 ConEd ED 83.10 0.43 Gallagher AJG 77.22 -0.16 (888) 873-3424 (833) 755-4354 AutoZone AZO 1055.45 -5.07 Gaming&Leisure GLPI 27.32 0.66 M N PanAmerSilver PAAS 22.09 0.31 Southern SO 58.06 -0.42 Avalara AVLR 87.18 -0.58 ConstBrands A STZ 167.43 4.28 ParkerHannifin PH 146.45 4.75 SoCopper SCCO 33.36 0.79 Popular Direct $10,000 0.75 First Internet Bank of Indiana $1,000 1.77 ContinentalRscs CLR 13.44 0.61 Garmin GRMN 83.40 2.66 Avalonbay AVB 162.47 1.72 Gartner IT 114.75 0.80 M&T Bank MTB 111.79 1.47 Paychex PAYX 68.66 0.10 t SouthwestAir LUV 29.69 0.58 (800) 274-5696 (888) 873-3424 Cooper COO 291.10 -2.55 PaycomSoftware PAYC Avangrid AGR 44.98 -0.59 Generac GNRC 99.16 0.31 MDU Rscs MDU 23.09 0.03 236.69 10.59 Splunk SPLK 130.09 -2.52 VirtualBank $10,000 0.65 Goldman Sachs Bank USA $500 1.65 Avantor AVTR 13.81 -0.40 Copart CPRT 80.65 4.58 MGM Resorts MGM 15.81 0.58 Paylocity PCTY 100.02 7.14 Spotify SPOT 139.78 -0.47 s GeneralDynamics GD 136.49 1.99 AveryDennison AVY 114.68 0.68 Coresite COR 124.33 1.81 MKS Instrum MKSI 97.75 1.67 PayPal PYPL 116.14 -4.39 Square SQ 61.75 -1.80 (877) 998-2265 (855) 730-7283 Corning GLW 22.14 0.51 GeneralElec GE 6.80 0.37 AxaltaCoating AXTA 19.26 0.12 GeneralMills GIS 60.96 0.98 MPLX MPLX 17.46 0.71 Pegasystems PEGA 77.64 -0.52 StanleyBlackDck SWK 117.82 5.08 BCE BCE 40.95 0.33 Corteva CTVA 26.19 0.63 High yield jumbos - Minimum is $100,000 CoStar CSGP 607.84 -9.91 GeneralMotors GM 22.18 -0.27 BHP Group BHP 39.94 0.44 Genmab GMAB 24.01 -0.16 BHP Group BBL 33.14 0.39 Costco COST 304.95 -3.83 CoupaSoftware COUP 160.99 -7.90 Genpact G 34.43 0.35 Money market and savings account Six-month CD BP BP 24.16 -0.15 Gentex GNTX 24.48 0.05 New Highs and Lows | WSJ.com/newhighs B2Gold BTG 5.29 -0.08 Credicorp BAP 139.93 2.28 First Internet Bank of Indiana 1.51 Live Oak Bank 1.25 CreditAcceptance CACC 295.91 4.35 GenuineParts GPC 79.22 1.69 BWX Tech BWXT 53.75 0.33 GileadSciences GILD 78.67 -1.23 CreditSuisse CS 8.84 0.46 (888) 873-3424 (866) 656-0286 Baidu BIDU 97.13 -3.43 GSK GSK 42.09 -0.54 CrowdStrike CRWD 70.13 -3.47 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American ableBanking, a division of Northeast Bank 1.40 First Internet Bank of Indiana 1.21 BakerHughes BKR 14.20 0.60 GlbBloodTherap GBT 78.57 1.01 CrownCastle CCI 161.26 -2.54 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest Ball BLL 67.01 -0.56 GlobalPayments GPN 162.87 4.04 (877) 505-1933 (888) 873-3424 CrownHoldings CCK 62.98 -0.33 session. %CHG-Daily percentage change from the previous trading session. BancoBilbaoViz BBVA 3.12 0.24 GlobeLife GL 83.07 0.84 Discover Bank 1.30 Sallie Mae 1.20 CubeSmart CUBE 26.10 0.40 BancoBradesco BBDO 3.30 0.24 GlobusMedical GMED 47.54 -0.01 Cummins CMI 161.08 9.64 Tuesday, April 28, 2020 (800) 347-7000 (877) 346-2756 BancodeChile BCH 17.27 1.03 GoDaddy GDDY 66.05 -1.44 CyrusOne CONE 74.60 -0.11 BancSanBrasil BSBR 4.89 0.58 GoldFields GFI 7.85 -0.16 52-Wk % 52-Wk % 52-Wk % One-month CD One-year CD Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg BcoSantChile BSAC 15.80 1.06 D E F GoldmanSachs GS 187.01 3.47 VirtualBank 0.65 Comenity Direct 1.70 BancoSantander SAN 2.18 0.07 Graco GGG 45.90 0.07 HalozymeTherap HALO 24.45 -0.3 ShenandoahTel SHEN 56.94 3.9 BankofAmerica BAC 23.89 0.42 DISH Network DISH 24.53 0.15 Grainger GWW 286.02 8.90 (877) 998-2265 (833) 755-4354 Highs Hill-Rom HRC 117.44 -1.4 SilganHoldings SLGN 35.65 1.5 BankofMontreal BMO 50.91 1.18 DTE Energy DTE 106.32 3.64 Grifols GRFS 20.80 0.07 M.Y. Safra Bank, FSB 0.30 Merrick Bank 1.62 I-Mab IMAB 16.70 0.1 SocialCapHedIII IPOB.U 10.15 1.2 BankNY Mellon BK 37.40 0.46 s Danaher DHR 165.33 -4.18 GpoAvalAcc AVAL 4.10 0.07 ATN Intl ATNI 71.50 2.3 Imara IMRA 18.00 1.1 SpartanNash SPTN 17.89 -0.9 (212) 652-7200 (866) 638-6851 BkNovaScotia BNS 39.62 0.85 Darden DRI 74.80 2.40 GuardantHealth GH 76.98 -2.04 ArcturusTherap ARCT 36.55 -2.3 Inphi IPHI 101.73 -0.6 Switch SWCH 19.00 -5.2 USAA 0.08 Live Oak Bank 1.60 Barclays BCS 4.87 0.34 Datadog DDOG 43.60 0.37 Guidewire GWRE 87.97 -2.07 AstraZeneca AZN 52.32 -1.0 Inseego INSG 15.15 -0.9 SyndaxPharm SNDX 20.74 69.4 BarrickGold GOLD 26.96 0.03 DaVita DVA 78.61 -0.34 HCA Healthcare HCA 109.26 -1.63 AudioCodes AUDC 30.67 3.9 (800) 583-8295 (866) 656-0286 KiniksaPharm KNSA 22.32 -0.8 TarenaIntl TEDU 5.30 -0.4 BauschHealth BHC 17.52 -0.59 Deere DE 141.56 1.86 HDFC Bank HDB 40.84 0.25 BigRockPtrsUn BRPAU 11.36 5.5 Luminex LMNX 36.81 -2.4 TeekayTankers TNK 26.92 -6.5 BaxterIntl BAX 91.00 -1.67 DellTechC DELL 40.84 0.65 HD Supply HDS 29.75 1.36 BlackDiamond BDTX 43.49 -0.1 Two-month CD Two-year CD MSCI MSCI 344.00 -3.8 ThermoFisherSci TMO 346.89 -3.0 BectonDicknsn BDX 261.92 -8.08 DeltaAir DAL 24.34 2.18 HP HPQ 15.52 0.49 BostonBeer SAM 467.39 0.4 VirtualBank 0.65 Comenity Direct 1.75 MarketAxess 452.78 ... Tradeweb TW 57.05 -5.0 BeiGene BGNE 163.12 -1.88 DentsplySirona XRAY 41.63 0.53 HSBC HSBC 25.88 0.06 CadenceDesign CDNS 82.46 -3.5 MKTX TsakosEnergy TNP 4.77 4.0 (877) 998-2265 (833) 755-4354 Berkley WRB 54.05 1.15 DeutscheBank DB 6.85 0.16 Haemonetic HAE 114.22 -4.69 Calix CALX 10.68 0.7 MartenTransport MRTN 23.99 -2.5 USAutoPartsNtwk PRTS 3.47 12.1 Applied Bank 0.05 Merrick Bank 1.62 BerkHathwy B BRK.B 187.12 -0.34 DexCom DXCM 313.53 -21.52 Halliburton HAL 9.52 0.61 CarrierGlobal CARR 17.75 1.2 MercurySystems MRCY 89.98 0.1 WeisMarkets WMK 52.27 1.3 BerkHathwy A BRK.A 280600-664.00 Diageo DEO 137.69 1.24 HartfordFinl HIG 39.34 1.31 ChinaJoJoDrug CJJD 2.40 -2.6 MonolithicPower MPWR 198.86 -1.3 (800) 616-4605 (866) 638-6851 WernerEnterprises WERN 42.49 -1.0 BerryGlobal BERY 40.06 1.87 DiamondbkEner FANG 38.00 1.78 Hasbro HAS 77.86 1.10 ChromaDex CDXC 5.48 -2.3 Neonode NEON 4.96 9.9 Colorado Federal Savings Bank 0.05 First Internet Bank of Indiana 1.62 BestBuy BBY 77.59 3.02 s DigitalRealty DLR HealthcareAmer HTA 24.22 0.65 WestPharmSvcs WST 201.79 -2.4 154.15 -0.08 Ciena CIEN 49.91 -3.9 NeoPhotonics NPTN 9.50 2.6 (877) 484-2372 (888) 873-3424 BeyondMeat BYND 99.52 -0.11 HealthpeakProp PEAK 26.51 1.19 ZTO Express ZTO 29.99 -0.2 DiscoverFinSvcs DFS 40.06 2.62 Coresite COR 125.78 1.5 NordicAmTankers NAT 9.00 1.9 Bilibili BILI 26.96 -0.75 Heico A HEI.A 70.50 3.76 ZentalisPharm ZNTL 35.57 12.0 DiscoveryB DISCB 32.50 1.40 CreativeRealWt CREXW 0.70 1288.7 NovoNordisk NVO 65.88 -0.8 Three-month CD Five-year CD Bio-Techne TECH 204.75 -4.12 DiscoveryA DISCA 23.42 0.68 HeicoHEI 84.73 6.04 Zynex ZYXI 16.95 -2.8 CreativeRealities CREX 4.36 308.0 OraSureTechs OSUR 16.43 -6.2 Bio-RadLab A BIO 430.68 -12.89 DiscoveryC DISCK 21.29 0.59 HenrySchein HSIC 55.27 0.41 First Internet Bank of Indiana 0.85 Comenity Direct 1.80 CyberOptics CYBE 27.50 2.4 OtisWorldwide OTIS 50.95 3.4 Biogen BIIB 305.22 1.98 Disney DIS 106.21 0.15 Herbalife HLF 36.85 0.67 Lows (888) 873-3424 (833) 755-4354 DSP Group DSPG 17.62 0.5 PB Bancorp PBBI 15.25 2.1 BioMarinPharm BMRN 94.49 -3.46 s DocuSign DOCU 103.94 -4.31 Hershey HSY 134.25 -0.86 Danaher DHR 170.64 -2.5 PapaJohn's PZZA 74.05 1.6 AkazooWt SONGW 0.03 -10.0 Popular Direct 0.75 First Internet Bank of Indiana 1.77 BioNTech BNTX 45.83 -3.57 DolbyLab DLB 60.20 0.15 Hess HES 44.30 1.13 DigitalRealty 158.36 -0.1 PetMedExpress PETS 39.90 1.3 Avinger 0.24 -15.5 BlackKnight BKI 70.93 -0.06 DollarGeneral DG 178.43 -1.06 HewlettPackard HPE 9.80 0.14 DLR AVGR (800) 274-5696 (888) 873-3424 QTS Realty QTS 68.80 1.1 BlackRock BLK 497.77 1.12 DollarTree DLTR 80.79 0.52 s Hill-Rom HRC 114.11 -1.60 DocuSign DOCU 111.36 -4.0 CementosPacasm CPAC 5.95 -2.8 VirtualBank 0.65 Goldman Sachs Bank USA 1.65 QTSRealtyPfdB QTSpB 150.11 0.5 Blackstone BX 51.40 0.01 DominionEner D 79.27 0.75 Hilton HLT 75.75 0.56 DonegalGroup A DGICA 15.99 2.4 ChardanHlthcr2 CHAQ.U 9.95 ... QuestDiag 125.00 -3.5 (877) 998-2265 (855) 730-7283 Boeing BA 131.30 2.62 Domino's DPZ 356.01 -6.02 HollyFrontier HFC 30.73 0.97 EHang EH 16.24 6.8 DGX ConyersParkII Wt CPAAW 1.20 -7.2 BookingHldgs BKNG 1439.32 36.33 Donaldson DCI 44.61 0.87 Hologic HOLX 48.69 -0.82 Equinix EQIX 715.75 -2.6 RedHillBio RDHL 9.12 -10.9 LegacyAcqnUn LGC.U 10.25 -3.5 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of BoozAllen BAH 76.17 -0.93 DouglasEmmett DEI 30.18 0.49 HomeDepot HD 217.63 -0.13 EquityCommnwlth EQC 35.08 -2.5 Rollins ROL 40.89 3.0 Perma-PipeIntl PPIH 5.51 -0.9 compounding and rate stated for the lowest required opening deposit to earn interest. CD SBA Comm 317.11 -1.1 BorgWarner BWA 28.55 0.49 Dover DOV 94.91 1.72 HondaMotor HMC 23.33 -0.24 ErytechPharma ERYP 9.77 10.5 SBAC SouthwestAir LUV 28.25 2.0 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of s Honeywell HON Five9 FIVN 99.96 -1.6 SORL AutoParts SORL 4.65 4.3 36Kr KRKR 3.31 -5.3 BostonBeer SAM 459.14 2.04 Dow DOW 35.87 1.43 142.76 2.88 which may be checks. Rates are subject to change. BostonProps BXP 97.07 2.93 DrReddy'sLab RDY 51.33 -1.30 HorizonTherap HZNP 33.67 -1.01 GenMarkDiagn GNMK 12.20 1.3 SandstormGold SAND 8.12 1.3 ThunderBridgeIIWt THBRW 0.56 -2.4 BostonSci BSX 35.93 -1.07 Dropbox DBX 20.55 -0.25 HormelFoods HRL 47.76 1.11 GoresIV A GHIV 10.05 1.6 ScottsMiracleGro SMG 131.18 -2.7 USBrentOilFd BNO 5.91 -1.2 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 BrightHorizons BFAM 116.21 4.92 DukeEnergy DUK 87.63 0.88 DR Horton DHI 46.93 4.82 HainCelestial HAIN 28.35 -1.4 Sea SE 56.80 -3.7 UnitedStatesOilFd USO 2.11 -2.7 Internet: www.bankrate.com

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Dodge & Cox Contra 13.00 -0.22 -4.5 TotRtnBdFdClInst 28.28 +0.11 5.1 TotalReturnBond NA ... NA VANGUARD ADMIRAL TxMCapAdml146.90 -0.77-11.0 WellsI 26.61 +0.07 -1.8 NOTICE TO READERS Balanced 86.34 +0.57-13.4 ContraK 13.02 -0.22 -4.5 Harbor Funds PIMCO Fds Instl 500Adml 264.60 -1.38-10.8 TxMIn r 11.42 +0.09-18.9 Welltn 39.79 -0.09 -7.5 Due to extreme market activity and delayedreporting of closing prices Income 14.19 +0.05 2.1 CpInc r 8.80 +0.01-13.0 CapApInst 74.13 -1.43 -2.1 AllAsset NA ... NA BalAdml 36.98 -0.04 -5.0 USGroAdml 110.97 -1.77 -0.4 WndsrII 30.39 ...-16.5 from the sources, some NAVs mayreflect previous day’strading. Intl Stk 32.07 +0.59-26.4 GroCo 21.79 -0.35 2.0 Harding Loevner TotRt 10.66 +0.03 4.1 CAITAdml 11.84 -0.04 -1.3 ValAdml 38.54 +0.14-16.9 VANGUARD INDEX FDS SmValAdml 42.72 +0.85-27.2 Up-to-date mutual-fund data canbefound online at WSJMarkets.com. Stock 151.66 +1.13-20.2 GrowCoK 21.83 -0.36 2.1 IntlEq 20.18 +0.17-15.2 PIMCO Funds A CapOpAdml r136.02 -0.70-13.8 WdsrllAdml 53.92 ...-16.5 DoubleLine Funds InvGrBd 11.83 +0.04 3.2 Invesco Funds Y IncomeFd NA ... NA DivAppIdxAdm 30.92 -0.03 -8.2 WellsIAdml 64.47 +0.17 -1.8 TotBd2 11.44 +0.03 4.7 CoreFxdIncmI NA ... NA LowP r 40.22 +0.43-19.6 DevMktY 37.26 +0.48-18.3 PIMCO Funds I2 EMAdmr 29.81 +0.13-19.2 WelltnAdml 68.70 -0.17 -7.5 TotIntl 14.42 +0.11-19.1 TotRetBdI NA ... NA Magin 9.71 -0.13 -4.8 JPMorgan I Class Income NA ... NA TotSt 69.88 -0.26-11.9 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. 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NA ExtndAdml 78.47 +0.40-17.8 DivdGro 27.53 -0.03 -9.8 BalInst 36.99 -0.04 -5.0 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Fidelity SAIUSQtyIdx 13.64 -0.11 -7.1 JPMorgan R Class Price Funds GNMAAdml 10.81 +0.01 3.3 INSTTRF2015 22.22 +0.04 -3.3 DevMktsIndInst 11.44 +0.10-18.8 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r 500IdxInstPrem 99.33 -0.52-10.8 SrsEmrgMkt 16.79 +0.14-18.6 CoreBond 12.22 +0.01 3.9 BlChip 119.41 -2.04 -4.0 GrwthAdml 89.97 -1.25 -3.9 INSTTRF2020 22.71 +0.03 -5.8 DevMktsInxInst 17.88 +0.15-18.8 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not Contrafund K6 13.75 -0.23 -5.0 SrsGlobal 10.73 +0.10-18.5 CorePlusBd 8.57 ... 2.2 DivGro 47.22 -0.12-11.1 HlthCareAdml r 84.99 -1.28 -0.4 INSTTRF2025 22.89 +0.02 -7.4 ExtndInst 78.47 +0.40-17.8 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; GrwthInst 89.98 -1.24 -3.9 ExtMktIdxInstPre 52.44 +0.27-17.8 SrsGroCoRetail 18.26 -0.28 2.9 Lord Abbett A EqInc 25.02 +0.25-21.5 HYCorAdml r 5.41 +0.01 -7.7 INSTTRF2030 22.90 +0.02 -8.8 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. InPrSeIn 11.09 +0.03 5.3 IntlIdxInstPrem 35.00 +0.33-18.5 SrsIntlGrw 15.58 +0.09-11.1 ShtDurIncmA p 4.03 ... -3.3 EqIndex 76.12 -0.40-10.9 InfProAd 27.22 +0.08 5.2 INSTTRF2035 22.90 +0.02-10.2 InstIdx 255.69 -1.34-10.8 MidCpInxInstPrem 19.59 +0.14-17.1 SrsIntlVal 7.53 +0.11-23.9 Lord Abbett F Growth 69.09 -0.92 -5.8 IntlGrAdml 95.62 +0.11 -7.0 INSTTRF2040 22.89 +0.02-11.6 InstPlus 255.70 -1.34-10.8 Tuesday, April 28, 2020 SAIUSLgCpIndxFd 15.40 -0.08-10.9 TotalBond 11.05 +0.04 2.2 ShtDurIncm 4.03 ... -3.2 HelSci 80.52 -1.96 -1.1 ITBondAdml 12.34 +0.04 5.3 INSTTRF2045 22.82 +0.02-12.8 InstTStPlus 59.80 -0.22-11.9 Net YTD Net YTD Net YTD SeriesOverseas 9.26 +0.07-14.1 Fidelity SAI Lord Abbett I InstlCapG 42.13 -0.77 -4.4 ITIGradeAdml 10.17 +0.03 2.8 INSTTRF2050 22.85 +0.02-12.9 MidCpInst 41.09 +0.21-15.3 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SmCpIdxInstPrem 16.44 +0.21-21.8 TotalBd 10.56 +0.04 1.5 ShtDurInc p 4.03 ... -3.2 IntlStk 15.66 +0.09-16.0 LTGradeAdml 11.65 +0.09 8.3 INSTTRF2055 22.94 +0.02-12.8 Metropolitan West MidCpIstPl 202.63 +1.02-15.3 American Century Inv NEcoA p 41.81 -0.50 -8.6 CorePlusBond 10.31 +0.03 2.2 TMktIdxInstPrem 79.50 -0.30-12.0 First Eagle Funds MidCap 83.86 +0.10-12.0 MidCpAdml 185.99 +0.94-15.3 IntlVal 29.37 +0.22-21.7 TotRetBd 11.36 +0.03 4.5 SmCapInst 62.61 +0.62-20.8 Ultra 50.70 -0.70 -2.8 NwWrldA 59.41 +0.22-15.8 Intl Eq 9.93 +0.05-17.2 USBdIdxInstPrem 12.46 +0.04 5.5 GlbA 51.06 +0.26-11.9 N Inc 9.59 +0.03 -0.4 MuHYAdml 11.04 -0.04 -4.9 LifeCon 20.17 +0.03 -3.7 TotRetBdI 11.36 +0.03 4.7 STIGradeInst 10.71 +0.02 0.7 American Funds Cl A SmCpA p 51.27 +0.08-12.9 LargeCapValue 11.11 +0.06-18.5 Fidelity Advisor I FPA Funds NHoriz 59.66 -0.33 0.5 MuIntAdml 14.16 -0.03 -1.3 LifeGro 32.16 +0.04-11.0 TRBdPlan 10.68 +0.02 4.6 STIPSIxins 24.82 +0.04 0.5 AmcpA p 30.78 -0.31 -8.3 TxExA p 12.88 -0.04 -2.6 Dimensional Fds NwInsghtI 29.77 -0.31 -9.0 FPACres 28.32 +0.14-16.3 OverS SF r 9.00 +0.07-19.6 MuLTAdml 11.54 -0.04 -2.1 LifeMod 26.74 +0.04 -7.3 MFS Funds Class I TotBdInst 11.52 +0.03 5.1 AMutlA p 38.45 -0.10-11.1 WshA p 41.50 -0.14-13.3 5GlbFxdInc 10.80 +0.01 0.7 Fidelity Freedom Franklin A1 R2020 20.25 +0.03 -8.3 MuLtdAdml 10.94 -0.01 -0.7 PrmcpCor 23.22 -0.04-16.8 ValueI 37.50 +0.03-15.6 TotBdInst2 11.44 +0.03 4.8 BalA p 26.85 -0.04 -5.4 Baird Funds DFARlEst 33.99 +0.25-16.5 FF2020 14.99 +0.05 -7.5 CA TF A1 p 7.37 -0.03 -2.7 R2025 16.10 +0.02 -9.4 MuShtAdml 15.75 -0.01 -0.1 STAR 25.59 +0.01 -6.4 MFS Funds Instl TotBdInstPl 11.52 +0.03 5.1 BondA p 13.77 +0.04 6.0 AggBdInst 11.58 +0.03 4.1 EmgMktVa 21.32 +0.16-25.7 FF2025 13.08 +0.04 -8.7 IncomeA1 p 2.02 ...-12.5 R2030 23.15 +0.02-10.6 PrmcpAdml r123.61 -0.83-14.3 TgtRe2015 14.66 +0.02 -3.4 IntlEq 23.45 +0.32-15.8 TotIntBdIdxInst 34.25 +0.03 1.2 CapIBA p 55.74 +0.22-11.1 CorBdInst 11.80 +0.03 3.0 EmMktCorEq 16.89 +0.10-22.2 FF2030 16.00 +0.06-10.3 FrankTemp/Frank Adv R2035 16.84 +0.02-11.5 RealEstatAdml107.55 +0.93-17.6 TgtRe2020 30.63 +0.04 -5.8 Nuveen Cl I TotIntlInstIdx r 96.43 +0.74-19.1 CapWGrA 44.72 ...-14.0 BlackRock Funds IntlCoreEq 10.74 +0.11-22.1 Freedom2020 K 14.97 +0.05 -7.6 IncomeAdv 2.00 ...-12.5 R2040 23.73 +0.01-12.3 SmCapAdml 62.61 +0.62-20.8 TgtRe2025 18.37 +0.03 -7.4 HYMunBd NA ... 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B12 | We dnesday, April 29, 2020 THE WALL STREET JOURNAL. BANKING & FINANCE Dividend Suspensions Reach Record Levels

BY PAUL VIGNA Companies have cut or canceledtheir dividends at the highest rate since2009.Some dividend aristocratshave recently GeneralMotors Co. sus- increased dividends,while othersmay cut. pended itsdividend earlier Number of companies Number of consecutiveyears this week,part of araftof announcing cuts to dividends of increasing dividends* moves to keep the company 400 afloat in the midst of the coro- Johnson &Johnson navirus pandemic.Itisfar Canceled/ 57 from alone. suspended Procter &Gamble More companies have sus- Cut 57 pended or canceled their divi- 300 dends so far this year than in Clorox the previous 10 yearscom- 43 bined, with companies scram- Walmart bling to preservecash as the 43 coronavirus pandemic saps 200 revenue. Exxon Mobil Through Tuesday, 83 U.S. 37 companies and public invest- AT&T ment funds,likereal-estatein- 100 35 vestment trusts, have sus- Chevron GES pended or canceled their 32 IMA dividends,the highest number in datagoing back to 2001, ac- Caterpillar GETTY cording to S&P Global Market 0 26 UEBEL/

Intelligence. In the previous 10 2001 ’10 ’20 S CA

years, 55 companies elimi- *Data go back to 1962. LU nated their dividends—pay- Sources: S&P Capital IQ (cuts); S&P DowJones Indices (years) GM is oneof83companies to halt dividends this year.ABrazil plantwhereventilators arerepaired. outsthat companies maketo shareholdersasareward for since2009 when therewere manager of the VanguardDivi- on March 23 wasthe widest to maintain their dividends. nies arehesitant to cut their standing by them. 316 such cuts. All the dividend dend Growth Fund. “A period on record in datagoing back Almost as important as the payouts because they don’t “You would be hard-pressed actions so far add up to sav- of weaker dividend growth to 1999,according to Dow income stream itself,dividends want to be removed from such to find abettertime to cut ingsofabout $23 billion, ac- given the environment should Jones Market Data. areaway forcompanies to funds. dividends and getforgiveness cording to S&P DowJones In- not bother you.” “Dividends versus fixedal- send asignal to investors, Oneofthe most high-pro- from investors,” said David dices. Therecent stock-market ternatives look moreattrac- which is abig reason whythey file is the ProShares S&P 500 Lafferty,chief market strate- Overall, dividend payouts rout has made dividends an tive,” Mr. Lafferty said. But areloath to cut them, said Dividend AristocratsETF.The gist at Natixis Investment will fall about10% this year, even more crucial source of in- that on itsown doesn’t offset Simeon Hyman, the chief strat- ETFisdown15% on the year, Managers. “We’regoing to see BankofAmericapredicts, with come forinvestors. With the therisk that acompanywill egist at asset manager underperforming the S&P 500. amassivepullback” among the biggest cutscoming from market in turmoiland central cutorsuspend itspayout, he ProShares,which sells dozens But the drop has nudged up companies attempting to companies in the energy and banks pushing down rateson cautioned. of exchange-traded funds. thefund’syield to 2.4% from hoardcapital or bowing to po- consumer discretionarysec- government debt, the yields on Thesurge in yields has been “Ifyou increase your divi- 2.3% at theend of 2019. litical pressure. tors.Last year set arecordfor dividend-paying stocks and even more dramatic forsome dend, youare pounding the ta- “Some of these funds,in GM and rival Ford Motor dividend payoutsat$491 bil- fundshavebecome moreat- beaten-down stocks. Exxon ble that youhaveconfidence,” fact, could shield investors Co., which also suspended its lion. tractive. TheS&P 500 is down Mobil Corp.shares,for in- he said, mentioning recent in- from acollapse in dividends,” dividend last month, are at- In the short term, investors 11.4% this year. stance, have fallen 36% year- creases from both Johnson & Mr.Hyman said. tempting to ride out amulti- haven’t punished companies Thecollapse in prices has to-date, pushing the yield up Johnson and Procter &Gam- That isn’tonly because in- week shutdown of the autoin- forsuspending their dividends. translated intoasurge in to 7.7% from 4.99% at the start ble Co.“If you’recutting,you vestorsare buying long-term, dustrythat has led to a Shares of GM, Boeing,Carnival yields—the ratio of the divi- of the year. Chevron Corp.is arecapitulating.You aresay- quality companies, he said, collapse in vehicle demand. and Deltaall rose in the trad- dend payout divided by stock down 25% this year; that has ing times aregoing to be bad they arealso shielded from the Other companies such as Delta ing session afterthey an- price. TheS&P 500’sdividend pushed itsyield up to 5.7% foralittle while.” direct impact of dividend cuts. Air Lines Inc., Carnival Corp., nouncedthe moves—a sign yieldhas risen to 2.06% from from 3.95%. All four companies are If adividend aristocrat cuts Boeing Co. and Macy’s Inc. that investorsare ignoring the 1.73%atthe start of the year. Rising yields aregood for known as dividend aristocrats, itspayout, it is dropped from paused theirdividends when usual dour implications of It climbed as high as 2.56% on investors, but the subtext is firms that have increased their S&P’sindexand subsequently global travel stalled and retail- such cutsatatime when com- March 23 when stocks hit critical.Ifthe yield is rising shareholder payoutsevery theETFsthat track it. But at ers temporarily closed their panies acrossindustries need their recent lows,marking the because of afalling stock price year foratleast 25 years. S&P least forthe ProShares fund, doors to slow the spread of to conservecash. highest level sinceAugust or problems at the company, it has an index that tracks 64 the shares aresold and the the virus. “Ifthe dividend suspension 2009. maynot be sustainable.Both companies in its benchmark proceeds arereinvested in the An additional 142 compa- makes sense, I’d be OK with In comparison, the yield on Exxonand Chevron have out- indexthat meet the criteria. remaining companies.The re- nies have reduced their pay- it,” said DonKilbride,senior the benchmark 10-year U.S. lined plans to slowother Thereare anumber of ETFs sult could be that the fund’s outstoshareholdersin2020, managing director at Welling- Treasury note is 0.61%. The spending during the pandemic, that, in turn, track the divi- yield actually goes up,not on pacefor the worstyear tonManagement and portfolio spread between the two yields partly to preservetheir ability dend aristocrats. Some compa- down, he said. HSBC Loan Losses EatIntoEarnings UBS Profit Soars as

BY SIMON CLARK Rich Clients’ Gains LONDON—HSBC Holdings PLC said itsnet profit forthe firstquarter sank as Europe’s Offset Blow to Credit largest bank by assetsstrength- ened itsprovisions against BY MARGOT PATRICK would reducerecurring fees in losses from borrowers hit by the second quarter and that thecoronavirus. UBS Group AG said profit transaction-based revenue TheU.K.-based, Asia-focused rose sharply in the firstquarter could also fall from the first bank set aside $3 billion to as itsfocus on lending to the quarter’s unusually high levels. coverpotential loan losses in world’swealthyand Swisscus- Clientsrepositioning their thefirst quarter of the year, tomerscushioned it from the portfolios pushed wealth-man- five times the amount it esti- blow felt by other global lend- agement revenue 14%higher in mated would be needed in Feb- ers from the coronavirus. the quarter,to$4.55 billion. ruarywhen the disease was GES UBS is the world’slargest Transaction-based income rose mainly affecting Asia. Provi- IMA wealth manager by assets, serv- 46%. sions in the firstquarter of last ing manybillionaires as well as UBS’sinvestment bank also year were $585 million. GETTY moremoderately wealthypri- sawmoreactivity,with revenue SE/ “The economic impact of the vate-banking clients. It pivoted up 39% at $2.45 billion from Covid-19 pandemic on our cus- away from investment banking higher volume in foreign-ex-

tomershas been the main ANCE-PRES adecade agotofocus on wealth change, ratesand cash equities driver of the changeinour fi- FR management, afterneeding a trading,aswell as fees on large

nancial performancesincethe ENCE Swissgovernment bailout in transactions it advised on in

turn of the year,” Chief Execu- AG the financial crisis to shed toxic the period. Thecredit-lossex-

tive Noel Quinn said Tuesday. CE/ investment-banking assets. pense in the unit was$122mil- “The resultant increase in ex- LLA Itslending nowconsists lion, of which around $70mil- pected credit losses in the first WA mainly of Swissmortgages and lion wasfromenergy-related quarter contributed to amate- collateralized loans to the exposures.The bank said its

rial fall in reported profit.” ANTHONY world’srich. Itsbusinessmodel net lending exposureinoil and Announcing itsquarterly The U.K. bank set aside $3 billion to coverpotentially bad loans, fivetimes whatitestimatedinFebruary. shields it, to some extent, from gasisaround $1.5billion. performance, the bank said net the losses that U.S. and other UBSsaid it expected credit profit fell 57% to $1.79 billion in stressthe emergenceoffraud ing up their capital buffers 235,000 employees areworking international banks have re- losses to remain elevated the firstquarter from the same becomes moreprevalent,” the against economic shocks stem- from home,Mr. Quinn said. The ported or areexpecting from acrossbanks while the virus period last year. HSBC chief said. ming from the pandemic.The bank has issued morethan companies and credit-cardcus- weighs on the global economy, Banks across the world are HSBC also lent to NMC bank said it would reviewits 28,000 laptops to staff this tomersstruggling with or de- but noted that the majority of increasing provisions to ac- Health PLC,ahospital operator dividend policyatorahead of year to help them to continue faulting on loan repaymentsas itslending is either to wealth- count forthe impact of the vi- in the United Arab Emirates the release of itsannual results working. aresult of the crisis. management clientsorto rus. Credit Suisse Group AG, that earlier this year disclosed for2020 early next year. Beforethe pandemic started, Thebank,Switzerland’slarg- households and companies in Switzerland’ssecond-largest by financial irregularities includ- In February, Mr.Quinn said HSBC,one of the U.K.’s domi- est by assets, said itsclients Switzerland and is of “high assets, set aside 568 million ing the extent of itsdebts, Mr. the bank would shed 35,000 nant retail banks,was already traded moreinvolatile markets quality.” Rival Credit Suisse Swissfrancs ($582 million) in Quinn said. jobs,cut businesslines and cus- dealingwith uncertainty sur- during the firstquarter and Group AG reported 568 million the firstquarter.Earlier this Thebank expectsthe global tomer relationships acrossthe rounding the country’sdepar- credit losses were relatively Swissfrancs ($584 million) in month, thelargest U.S. banks health crisis to reducerevenue turefromthe European Union, lowasthe virus slammed the credit provisions last week, braced forarecession by taking and increase credit risks this antigovernment protestsin brakes on theglobal economy. while U.S. banks have takenbil- billions of dollarsinnew credit year.Profitability will fall while Thelender took a Hong Kong and trade tensions Net profit was$1.6billion, up lions of dollarsinprovisions to provisions. risk-weightedassetswill likely between the U.S. and China. 40%fromlast year’s $1.14bil- coverexpected loan losses from HSBC also said it took asig- rise,the bank said. HSBC esti- charge tied to a‘large HSBC’sbusinessinHong lion in the firstquarter of 2019. U.S. consumersand businesses. nificant charge related to a mated it will set aside as much as corporateexposure’ Kong is proving moreresilient Credit losses in the firstquar- Mr.Ermotti is leaving the “large corporateexposure” in $11 billion forbad loans this year, than elsewhere. Provisions for terwere$268 million, a13-fold bank later this year and has Singapore. Mr.Quinn said in an up from $2.76 billion last year. in Singapore. bad loans thereincreased just jump from ayear earlier but lined up ajob as the next chair- interviewthat it was“fair to Estimating provisions was 12% to $133 million in the first lowrelativetorivals. man of SwissReLtd.His suc- assume” the borrowerwas Hin “part science, part art” because quarter compared with the ChiefExecutiveSergio Er- cessor,ING Groep NV CEO Leong Trading Pte. Ltd., ama- it is unclear howthe pandemic fourth quarter of last year.By motti said the bank’schoices Ralph Hamers, will start as jor energy trading firm that will impact the economy, said U.S. and Europe,and refocus on contrast, provisions in the over the past decade to move chief of UBS on Nov.1,follow- Singaporepoliceare investigat- Ewen Stevenson, HSBC’schief the bank’sAsian heartland. bank’sU.K.unit increased to alower-risk,capital-light ing atwo-month transition pe- ing afterrevelationsthat it may financial officer.“We’realready HSBC wasfounded in Hong 463% to $569 million in the businessmodel made UBS less riod when they will work to- have hidden about $800 million seeing the start of adecent re- Kong in 1865. same period. structurally exposed to the gether. in losses.The companyowes covery,particularly in mainland “I take the well-being of our Governmentsaround the credit downturn. “It is the inev- On Sunday, the architect of HSBC $600 million, according China,” Mr.Stevenson told ana- people extremely seriously,” world have committedhun- itable outcome of our strategic much of UBS’spre-financial-cri- to acourt filing. lysts. “Weexpect the second Mr.Quinn said Tuesday. “We dreds of billions of dollarsto choicesand will continue to be sis growth, MarcelOspel, died “Wemade asubstantial pro- quarter to be tough in Western have thereforepaused the vast support bank lending during adifferentiating factor in the of cancer.During his tenurein vision but we’renot saying how Europe,the U.K. and U.S.” majority of redundancies re- the crisis.Mr. Quinn said he time to come,” he said. topjobs including CEO and much,” Mr.Quinn said about Thebank joined with other lated to the transformation we was“very impressed” with the He said it wastoo early to chairman,UBS grew intoa the case in Singapore. British lendersearlier this year announced in Februarytore- scale and paceofthe response. predict the timing and shape of global powerhouse.Itbought Fraud will become morevisi- in canceling dividend payouts ducethe uncertainty they are “It’sunprecedented to have anypotential economic recov- Paine Webber Group Inc.in ble as economic conditions de- at therequest of the Bank of facing at this difficulttime.” this level of government sup- eryfromthe coronavirus crisis, 2000,but itsaspirations were teriorate, he said. “Atatime of England,amoveaimed at shor- Morethan 90% of HSBC’s port,” Mr.Quinn said. but warned lowerasset prices curtailed by the 2008-09 crisis. P2JW120000-5-B01300-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, April 29, 2020 | B13 MARKETS StocksFall, Pulled Down by Tech, Energy

Stocks edged lowerasmore said John Zaller,chief invest- S&P500 sectorsperformance, Tuesday businessgoing forward. rose morethan 9% in latetrad- states prepared to relax coro- ment officer of MAICapital “The qualitativecommentary ing.Itwill be followedbyFace- -2% -1 012 navirus-containment measures, Management. “I think that’sa on howbusinesses areposi- book and Microsoft on though aresurgenceofeco- good sign forthe overall mar- Energy tioned to handle it and ride it Wednesdayand Amazon.com nomically sensitiveshares sug- ket recovery,that it’snot just outIthink is what the market and Apple on Thursday. The gested growing optimism the megacap growth companies is really looking to,” said Susan five companies collectively ac- among investors. dominating the market.” Industrials Schmidt,head of U.S. equities count for20% of the market TheDow Jones Industrial at AvivaInvestors. capitalization of the S&P 500. By Karen Langley, Averageshed 32.23 points, or Financials Shares of 3M gained $3.96, or “The market will gettotest Joe Wallace 0.1%, to 24101.55,while the 2.6%, to $157.61after the manu- whether these companies really and Frances Yoon tech-heavy Nasdaq Composite S&P500 facturer said first-quarter profit areasimmune and as defensive fell 122.43 pointsor1.4%, to rose 45% from ayear before, as the market seems to think at TheS&P 500 ticked down 8607.73. Technology with sales growing in itsmedical the moment,” said MikeBell,a 15.09points, or 0.5%, to Shares of smaller compa- business. Thecompany’sprod- strategist forJ.P.MorganAsset 2863.39, as declines in technol- nies,which tend to be moreex- Communications uctsinclude N95 facemasks Management. “I don’t think be- ogyand health-carestocks, posed than largerfirms to eco- services used by workerstreating corona- ing online necessarily makes which have the smallest losses nomic growth or weakness, virus patients. youimmune to apotential cut- year to date also outperformed, with the Health care F5 Networks jumped $9.94, back in advertising revenues.” TUESDAY’S of the 11 sec- Russell 2000 indexrising 1.3%. or 7.6%, to $140.86after the TheStoxxEurope 600 index MARKETS tors,weighed Thesmall-cap indexisup5.3% Source:FactSet computer-networking company rose 1.7%. In early trading againstgains this week. said itsquarterly earningsben- Wednesday, Hong Kong’sHang in the harder-hit energy,finan- “Onceyou start to see small cent days,and governorsof shares climbed 21 cents, or efited from the rise in working Seng Indexwas up 0.2%, the cial and industrial groups.The stocks doing betterthan large states including Alabama, 4.1%, to $5.38. from home. Shanghai Compositewas up broadU.S.stock indexisdown stocks,the market’sstarting to Texas,Michigan and Ohio de- Investorstrying to gaugethe Ahandful of technology 0.5% and South Korea’sKospi 11% in 2020. lean towardsabet that we’re tailed phased reopening plans prospectsofcompanies grap- companies that have helped wasup0.9%. Tokyowas closed “Asstatesstart to reopen really recovering here,” said Pe- this week.Detroit’scar compa- plingwith the effectsofthe powerthe U.S. stock market foraholiday. S&P futures were their economies,Ithink those terMallouk,chief executiveand nies aretargeting May18tore- pandemic have been parsing areset to report earningsin up 1%. TheWSJ Dollar Index segmentsofthe market that co-chief investment officer at sume some production at U.S. earningsannouncements. the coming days. Alphabet, wasdown0.3%. aremorelevered to economic CreativePlanning,awealth- factories,The Wall Street Jour- Money managershavesaid parent of Google,after trading Theyield on the benchmark growth, thingslikesmall-cap, management firm. nal reported. Ford Motor said they areparticularly interested closed Tuesdayreported 10-year U.S. Treasurydropped banks,energy,seem to all be Ahandful of U.S. states re- it would restart most European in what executives have to say higher-than-expected revenue to 0.610% from 0.655%Monday. starting to lead alittle bit,” opened some businesses in re- manufacturing from May4.Its about their expectations for forthe firstquarter.Its shares Yields fall as bond prices rise.

that oil and paythe buyer to Oil Prices do so. Manyfear that negativeoil prices could happen again. Swing Prices on WTIcontractsfor July delivery have also come down in recent days to less Wildly than $20 abarrel. Contracts fordeliveryatthe end of the year areatabout $27 abar- ContinuedfrompageB1 rel. anygiven time as the price Government-imposed lock- that best reflectsmarket con- downs aimed at preventing ditions. the spread of the newcorona- Theselloff picked up steam virus have suffocated global early Tuesdayasinvestors oil demand. Major oil compa- sold the June contract and nies,frackersand national oil bought intoones that aretied companies around the world to oil delivered in months have racedtoshut off wells.A down the road, said Giovanni curtailment pact among major Staunovo, commodity analyst oil-producing nations that GES at UBS’s Chief Investment Of- will hold back approximately IMA

fice. 13% of global supply takesef- ETTY “Everyone’srunning out of fect on Friday. /G the contract and they don’t But investorsworrythese MUS SHA

want to be the last ones on measures won’t relievethe Y the train, so that’snot helping glut fast enough. GOR

prices,” Mr.Staunovosaid. Alack of spacetostore oil GRE S&P DowJones Indices onshoreinthe largely land- The company has reduced spending by $3 billion and costs by $2.5 billion in response to the coronavirus pandemic. said afterMonday’smarket locked U.S. market has pushed close that it would remove U.S. prices lower, said Bjarne the June U.S. crude contract Schieldrop, chief commodities BP Posts Loss, Increase in Debt during Tuesdaytrading hours analyst at SEB Markets. The from itswidely followedin- hit to Brent prices has been dexesthat track the oil mar- lesssevere. TheBrent market BY SARAH MCFARLANE Capital expenditurebudgetshave been cut sinceoil prices fell. tion hastobe, will consumers ketand switch to the July is largely seaborne,and space consume less and I think contract. to storeoil offshoreremains. BP PLC said debt rose Previous plan Revised2020spending plan there’sareal possibility of Themove, which S&P said As long as production con- sharply and warned of falling $0 billion 5 10 15 20 25 30 35 that.” would include the S&P Gold- tinues amid weakening de- production and aworsening BP has slashed spending by man Sachs Commodity Index, mand, spacewill runout, Mr. outlookfor refining margins, Exxon Mobil $3 billion, or 25%, and cut comes earlier in the trading Schieldrop added. offering afirst look at howthe costsby$2.5billion, in re- monththan usual, and was “The final crunch point in newcoronavirus pandemic is RoyalDutch Shell sponse to the collapse in oil “based on the potential for time is stillahead of us,” he straining the balancesheetsof prices and the pandemic. the June 2020 WTICrude Oil said. “Supply and demand will the world’slargest oil compa- Itspeersincluding Royal contract to priceatorbelow be forced to align meaning nies. Chevron Dutch Shell PLC and zero,” the indexannounce- that production will have to London-based BP,the first Exxon Mobil Corp.havetaken ment said. BlackRock Inc.’s shut down. That will be thefi- major oil companytoreport in Total SA similar steps.Benchmark Brent iShares S&P GSCI Commod- nal lowpoint, but we arenot the current earningsseason, oil prices have lost around ity-IndexedTrust exchange- thereyet.” posted areplacement-cost BP two-thirds of their value since traded fund tracks that index loss—a metric similar to the the start of the year and set- and had around $400 million Global crude-oil supply net-income figure that U.S. oil tled Tuesdayat$20.46abar- of assetsasofApril 27,ac- and demand companies report—of $628 Source:the companies rel. cording to the fund website. million forthe three months Thecompany’sgearing—the That followedadecision by 105 million barrels aday ended March 31, compared search forEurope and the Mid- facing BernardLooney as he ratio of net debt to the totalof the United States Oil Fund— PROJECTED with aprofitof$2.1 billion a dle East at JPMorganChase & presided over his firstset of net debt and equity—rose to the largest exchange-traded year earlier. Co. resultsasBP’schief executive, 40% including leases,from35% fund that attemptstotrack oil 100 Supply BP’snet debt rose $6 billion “I think the next quarter, aftertaking up the post in Feb- in the previous quarter.The prices—to sell itspositions in to $51.4billion from the fourth they will have to resolveit ruary. Analystsexpect the in- companytargets 20%-30% the June contract and pur- quarter,asoil prices fell 60% through additional measures dustry’sresultsfor the April- gearing but expectsthe level chasepositions in contracts 95 in the three months to the end such as moredivestmentsand, June period to be hit even to remain above30% into2021. severalmonths away. of March. or,areview of their dividend harder,sincemanylockdowns “Over time youwould ex- Thecrash in prices,and Demand Analystssaid that BP had policy,assuming oil demand didn’t begin until March. pect that gearing to come back the dip intonegativeterritory preserved itsdividend of 10.5 stays under pressure,” he said. “The pandemic only adds to intothe rangethat we’veseen forthe Maycontract last 90 centsasharebypulling other Lockdown restrictions to the challengeofoil in the fu- in the past but it did rise in week,highlighted the dangers leverssuch as cutting costs slowthe spread of Covid-19 ture,” said Mr.Looney on the firstquarter,” Mr.Looney associated with holding oil fu- and investment plans. devastated global demand for Tuesday. said in an interview. tures that expiresoon. Some 85 But BP’shigh debt-to-equity oil during the January-March As moreconsumersinthe At the end of the firstquar- contractsrequireownersto ratio and $8.4 billion annual period, prompting BP and industrialized world grow ac- ter, BP had $32 billion in li- take deliveryofoil when the dividend areoutsizeinthe many of itspeerstoslash customed to working from quidityavailable,including a contractsexpire. With oil 80 contextofthe company’scash costs, shelvebuyback plans or home and traveling less, there new$10 billion revolving- tanks and pipelines full, some flowsand investmentsdue to cut dividends and seek ex- is areal possibility that some credit facility.The company 2015 ’16 ’17 ’18 ’19 ’20 oil investorswereforcedto the loweroil price, said Chris- tended credit from banks. behavioral changes will stick, also issued $7 billion in bonds unload the right to collect Source:Alpine Macro tyan Malek,head of oil re- Those arethe challenges he said.“Thereforethe ques- in April.

yield at InvescoFixed Income. grade bond sale on record,ac- ket-implied default rate on Fri- year,continuing to depress prolonging the inevitable and Rally Improved demand forspec- cording to LCD. Its new 10- dayat7.4%overthe next nine economic activity and causing impairingrecoveries at aju- ulative-grade bonds has al- year bonds came with an months. bankruptcies and job losses nior level,orwhether we’re ready helped some companies. interest rate below10%. By contrast, Moody’s Inves- that will further drag on providing the Band-Aid to ac- Opens Debt Prices forFordbonds col- The recent rally in high- tors Service has forecast a growth. tually getthe company lapsed last monthwhen the yield bonds is part of a trailing 12-month default rate “My sense is the market is through to sustainability,” said companyshut down carpro- broader trend that has lifted of 12% by the end of the year attaching ahigher probability Geof Marshall,head of fixed Floodgates duction. On March 24,the the S&P 500 by about 28% and 13% by the end of next to aV-shaped recovery than I income at SignatureGlobal As- company’s7.45% unsecured sinceits March lows.Aswith March. AnalystsatGoldman would or most economists set Management, adivision of bonds due in 2031 traded as stocks,however, investorsare Sachs Group have similarly would at this point,” said Mark CI Investments. ContinuedfrompageB1 lowas62.25 centsonthe dol- questioning the durability of forecast a12-month default Zandi,chief economist at andcentral-bank policies. lar,according to MarketAxess, themove. rate of 13% by the end of this Moody’s Analytics,which pro- Those include the Federal Re- translating to ayield above One cause forconcern is an year. duced the economic forecasts AUCTION RESULTS Here are the results of Tuesday's Treasury auctions. serve’spromise to buy invest- 14%. S&P Global Ratingsdown- unusually large disconnect be- With social and businessac- underlying the default forecast All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference ment-grade corporatebonds graded the company’scredit tween what the market is im- tivity severely restricted of itssister ratingsfirm. between that price and the face value. and even some lower-rated rating to below investment plyingabout howmanycom- acrossthe country, thereislit- One wild card could be the SEVEN-YEAR NOTES bonds, provided they were grade the next day. panies will defaultoverthe tle debateabout the near-term market’sability to help create Applications $92,798,010,600 only recently downgraded. Already wrestling with next nine to 12 months and hit to the U.S. economy. Inves- itsown reality.The stronger Accepted bids $38,039,593,700 " noncompetitively $6,452,100 Investors’ analysis of his- slowing sales beforethe pan- what analystsatratingsfirms tors,though, have tended to- the high-yield market is,the " foreign noncompetitively $0 tory has also helped. Over the demic, Ford has estimated it and Wall Street banks arepre- ward optimism about how more likely it is that strug- Auction price (rate) 99.828398 (0.525%) past three decades,high-yield could burn through around $5 dicting. quickly the economycan re- gling companies such as Interest rate 0.500% bond investorshavebeen able billion amonth beforeitgrad- According to one model de- cover, with marketsconsis- movie-theater operator AMC Bids at clearing yield accepted 26.91% Cusip number 912828ZN3 to generatesome of their best ually restartsproduction in veloped by Marty Fridson, tently rallying on signs that will be able to obtain rescue fi- The notes, dated April 30, 2020, mature on April 30, returns in the months after the second quarter. chief investment officer at the spread of the virus is slow- nancing,holding down the de- 2027. large selloffs pushed spreads Thebonds,though, jumped Lehmann Livian Fridson Advi- ing or that potential drug fault rate at least over the TWO-YEAR FRNs to about 9percentagepoints. to nearly 90 centsonApril 9, sorsLLC andalongtime high- treatmentsare working. near-term horizon. Applications $68,272,481,300 Accepted bids $23,910,733,300 Thelesson from that is “you when the Fed said it would yield bond analyst, the market Manyeconomists—and, for Still, extending loans to " noncompetitively $21,007,900 don’t getthis opportunity ev- buy recently downgraded is pricing in a12-month de- that matter, epidemiologists— businesses that might other- Spread 0.114% Bids at clearing yield accepted 33.89% eryyear,and when youdo bonds.Aweek later,Fordis- faultrateof8.1%. Adifferent have been morepessimistic.In wise runout of cash isn’t Cusip number 912828ZK9 you’vegot to jump on it,” said sued $8 billion of unsecured model produced by research their view, the threat from the without risk. The floating-rate notes, dated April 30, 2020, mature ScottRoberts, head of high bonds,the largest speculative- firm CreditSightsput the mar- virus could linger intonext “Wedon’t knowifweare on April 30, 2022. P2JW120000-0-B01400-1------XA

B14 | We dnesday, April 29, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Google Hides Its Pain Well

Growth in Alphabet’s first quarter obscures what is likely internet giant’s toughest year ahead GES IMA Google’slatestresultsare but a cover.

GETTY tasteofwhat lies ahead forthe in- As aresult, Mr.Levine andat

SE/ ternet company. It isn’t aprettypic- least eight other analystssurveyed ture. by FactSet areprojecting adecline On Tuesdayafternoon, parent in Alphabet’stotal revenue for

ANCE-PRES company Alphabet Inc.reported 2020,which would be the com- FR that first-quarter revenue rose 13% pany’sfirst annual drop on record.

GENCE year over year to $41.2 billion. That Wall Street’scurrent consensus

/A marked thecompany’sslowest forecast has revenue forthe year growth in nearly five years. Adver- growing by 5% to about $170.3 bil- tising revenue grew by 10% to $33.8 lion, which still would be arecord REDMOND billion—the slowest pacefor the lowinterms of growth. To varying ON

JAS company’scorebusinesses sinceat extents, analystsseem to agree that The jet maker is expected to clarify how it expects to downsize operations when it reports results Wednesday. least 2010.The companysaid that this year will be Google’stoughest advertising was“significantly im- and that the full impact of the pan- pacted” in the final weeks of the demic still isn’t understood. quarter. Google didn’t do much to clear Dash for Cash Cost Boeing Revenue slightly exceeded Wall thingsuponTuesdaybeyond con- Street’srecently diminished expec- firming plans to slowhiring and tations,pushing Alphabet’sshares “recalibrate” investmentsinareas up 9.2% following the report. But such as datacenters. Thexpected to Decisions its CEO makes to keep it airborne come at expense of its portfolio investorsmight be underestimating confirm the same in itsresults the pain that lies ahead. Google’s Wednesday. massiveonline-advertising business Likeits big tech peers, Google Whatever flight path Boeing amajority stakeinEmbraer’s com- its strategic calls in recent decades is heavily exposed to marketssuch will no doubt weather thecurrent finds through the Covid crisis, it is mercial-jet division for$4.2 billion. were often spot on. The 787 as travel and small business—seg- crisis.Itmay even emerge stronger, unlikely to improve the aerospace TheBrazilian aerospacecompanyis Dreamliner was a visionary bet on mentshit hardbythe pandemic. if only because asevererecession giant’s competitive position versus demanding compensation, whereas leaner planes when Airbus was Michael Levine of PivotalResearch could rid the market of smaller, European rival Airbus. Boeing is blaming Embraer forfail- wasting resources on the behe- Group estimates that half or more weaker competitors. But the com- Alongside reporting first-quar- ing to meet the required conditions. moth A380. Even the MAX was an of Google’sadvertising base comes panyconceded Tuesdaythat adver- ter results on Wednesday, Boeing Boeing isn’t linking the move to efficient temporary response to from small-to-midsizebusinesses tising closely tracks the overall is expected to give investors clar- the current crisis, but the reality is the challenge posed by the mas- and that travel is the company’s health of the economy. That means ity on how it expects to rebuild its it needs the money. On Monday, sively popular Airbus A320. largest vertical segment. He noted Google’s core businesshas plenty of cash buffers and downsize its op- Mr. Calhoun said he expects air What Mr.Calhoun had to fixwas that he would be “stunned” if the sick days ahead. erations. The company’s cash bal- traffic to remain depressed for be- Boeing’sexcessivefocus on cost- latterdidn’t take yearstofully re- —Dan Gallagher ances could rise to $24 billion by tween two and three years. cutting,which led to botched exe- June as it raises yet more debt, ac- The deal’s demise is an immedi- cution. The787 wasdelayedfor Alphabet’sannual revenue cording to FactSet’s consensus of ate problem for Embraer, which years, giving Airbus time to come analyst estimates. will struggle to stay afloat. Yet the up with arival. And Boeing’sfailure $175 billion Even that might not cover Boe- impact on the Chicagocompany to quickly green-light amidsizejet ing’s potential cash outflows if could be just as significant. handed the Airbus A321 abig lead 150 travel restrictions last for longer Boeing needed Embraer’s state- in apromising market segment. than expected, especially given of-the-art E-Jet E2 family to com- In addition to the E-Jet E2, the 125 that the 737 MAX is still awaiting pete in the market for commercial Embraer purchase would have recertification. So one closely planes in the 90-to-150 seat range. given Boeing more engineering 100 watched question is whether Chief Airbus started to reinvigorate this know-how. Now, there are no lon- Executive David Calhoun will ask segment since its 2017 purchase of ger-range projects to challenge 75 the federal government for help. Bombardier’s CSeries—now re- Airbus’s supremacy in all segments He has shown reluctance to do so named the A220. A post-coronavi- apart from wide-bodies—the one 50 if it comes with strings attached. rus scenario of record-low fuel most affected by the pandemic. In reality, any decisions he takes prices and sluggish demand will Both jet makerswill have a 25 to keep the business airborne will probably make such jets more pop- rough time getting through what is necessarily come at the expense of ular, as filling a 737 or an A320 likely to be the biggest crisis in avi- 0 0.1 0.4 its longer-term strategy. becomes harder. ation history. ForBoeing the lost 2001 ’05 ’10 ’15 ’20* Boeing said last weekend it was For all the criticism leveled at time could come at ahigher cost. *FactSet consensus forecast pulling out of itsagreement to buy Boeing since the 737 MAX debacle, —Jon Sindreu Source:S&P Global Market Intelligence Oil Treasure Leaves China Investors With a Big Loss OVERHEARD Worried a haircut. An article on the group’s site about the quotes agents who cite “the best buyer’s Treasure hunting is a perilous movementsthemselves.But such economy? It is market I have seen in my career,” that undertaking—particularly when warningsare easy to discount when an excellent time “there’s excess supply” and that mortgage the gold is black. offered by big state-owned banks. to buy a home. rates are so low that owning is often Bank of China, one of China’s Beijinghas made significant Sheltering in cheaper than renting. largest banks, has found itself in progressincleaning up itshydra- place due to But people who actually have to sign on the crosshairs of domestic neti- likeshadowbanking system, of Covid-19? It is still the dotted line in these uncertain times zens in recent days thanks to a re- which wealth-management products an excellent time are as pessimistic as they have ever been tail investment product named such as Crude Oil Treasureare one to buy a home. about whether it is a good time to buy. Crude Oil Treasure. The oil-linked type.Moody’s estimates shadow- Global thermonu- Gallup has been asking the question since product has, according to Chinese banking assetsinaggregate were 59 clear war? You can the late 1970s and a record-low half of media outlet Caixin, left investors trillion yuan at the end of 2019, probably guess the Americans surveyed this month answered sitting on losses of about 9 billion down from 65.6 trillion yuan in answer. yes, including 53% of those who now own TO yuan ($1.3 billion) after an expir- 2017. But banks keep offering depos- Asking the National Association a home and just 44% of those who rent.

ing U.S. oil-futures contract plum- itorsnew creativealternatives to of Realtors, a body representing real-es- A commission is a commission, so per- CKPHO meted into negative territory on keep their business—the most re- tate agents, whether conditions are haps a change of tack is in order: Telling TO April 20. Retail investors found cent being structured depositsof- right for taking the leap is a bit like ask- the public it is an excellent time to sell a /IS themselves not only without their fering higher ratesaslong as cer- ing a very cheery barber if it is time for home. GES principal but also on the hook for tain conditions,likebig currencyor IMA

millions more of additional liabili- commodity movements, aren’t met. GETTY ties as the product, which requires Structured deposits, which aren’t 100% margin, plumbed untested considered shadow-banking instru- depths. The bank initially took a mentsper se,are still growing at a tough line on repayment, but on 10% clip ayear at big banks,accord- Canceled Live Events Hurt Music Streamers Monday state media reported that ing to Moody’s.Acouple clicks away it wouldn’t, at least for now, be from Crude Oil TreasureonBank of pursuing unfortunate customers China’swebsitetakes youtoasam- Music might seem like a fully albums so far include Sam Smith, $95 last year, according to the who owed it additional money. pling of structured depositslinked digital business now, but the in- Lady Gaga and Alicia Keys, accord- Pollstar trade magazine. Politics and financehavealways to,for example,dollar-eurorates. dustry still relies on old-fashioned ing to an accounting by Keith Investors so far are treating this been intertwined in China in away Retail investors, meanwhile, crowds. In a pandemic, that is a Caulfield, Billboard magazine’s se- as mainly a problem for the con- that just isn’t true elsewhere. The keep assuming that they can get big problem. nior director of charts. The first cert business. Live Nation Enter- government owns almost the entire their money back in a pinch, re- Concerts and festivals were can- two have yet to set new release tainment shares are down 41% banking system. Beijing has for gardless of the fine print. As long celed or postponed across the dates, and Mr. Smith even went this year—nearly four times the yearsalso pursued apolicyofnega- as that is true, expect more blow- globe and the window on when back to the drawing board on his hit to the S&P 500. But a dearth of tivereal interest ratesonbank de- ups and more confusion over who those types of events will return is album’s original title: “To Die For.” new music poses a problem for the posits, which means that depositors exactly is on the hook for them. far from certain. This month, Cali- Last week, the Dixie Chicks can- industry’s streaming side, which arecontinually subsidizing the big —Nathaniel Taplin fornia Gov. Gavin Newsom called celed the planned May 1 release of might not be fully reflected in the banks and, indirectly,the central the prospect of mass gatherings market. Spotify Technology’s government itself.Trouble in bank- U.S. crude-oil futures price “negligible at best” until the state shares are down only 6% this year. backed investment products, there- gets to herd immunity and a vac- California’scriteria make Spotify, which reports first- fore,becomes apolitical issue very $80 abarrel cine is available. Those criteria quarter results on Wednesday, quickly.Big losses forretail inves- would make even next year’s next year’s Coachella could use all the help it can get to tors aredoubly sensitivewhen, as 60 Coachella festival a questionable festival a questionable keep users engaged, as restrictions now, unemployment is high and the proposition. related to the pandemic keep many government is concerned about the 40 That makes the release of new proposition. people from driving—a prime lis- health of itsundercapitalized banks. music problematic. Recorded mu- tening time. The company built up Discussion online and in official sic generated $11.1 billion in reve- a business to let musicians pro- media has focused on the need to 20 nue in the U.S. last year, up 13% mote albums and tours directly to makesuresophisticated financial from the year before, according to their first studio album in 14 listeners. Justin Patterson of Ray- productsaren’t sold to unsophisti- 0 the Recording Industry Association years, with no new date set. mond James cited album delays as catedinvestors. But as long as sav- of America. But for artists, re- Some are trying to plug the hole a major factor in his downgrade of ershardly makemoney on bank de- –20 corded music serves primarily as with live-streamed performances Spotify to a neutral rating this posits, they will have an incentiveto promotion for performances and from their homes. But it is difficult month, noting that delays mean chase alternatives.Bank of China’s tours, from which they derive the to imagine even ardent fans “artists simply have less to mar- online description of Crude Oil –40 majority of their income. coughing up the same kind of ket.” Treasuredoes flag policyrisk,mar- 2019 ’20 Many musical acts pulled al- money to see their favorite acts Even a digital business needs ketrisk and liquidity risk and says Note:Front-month contract bums slated for release this sitting on their couches. Concert real people at some point. investorsbear risks from market Source:Dow Jones Market Data spring. Major artists who delayed tickets in the U.S. averaged nearly —Dan Gallagher