Half of Workers Get More Pay Laid Off Zuckerberg Asserts Power At
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P2JW120000-6-A00100-17FFFF5178F ****** 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