P2JW364000-5-A00100-17FFFF5178F

***** TUESDAY,DECEMBER 29,2020~VOL. CCLXXVI NO.152 WSJ.com HHHH $4.00

DJIA 30403.97 À 204.10 0.7% NASDAQ 12899.42 À 0.7% STOXX 600 398.58 À 0.7% 10-YR. TREAS. unch , yield 0.932% OIL $47.62 g $0.61 GOLD $1,877.20 g $2.70 EURO $1.2215 YEN 103.79 Hong Kong Defendants’ Families Await Mainland Verdicts House What’s News Votes to Override Business&Finance Veto on iffanyshareholders Tareexpected this week to approve amergerwith Defense French luxury giant LVMH, closing months of drama that nearly killed the $15.8 Lawmakers approve billion agreement. A1 separate bill to boost  All three major U.S. stock indexesclosed at recordsaf- relief checks; Senate terTrump signed aCovid-19 action is uncertain aid bill. TheS&P 500 gained 0.9%, while the Dowand Nas- BY NATALIE ANDREWS daq both advanced 0.7%. B1 AND CATHERINE LUCEY  Alibaba’sstock gains for the year have all but been WASHINGTON—TheHouse S erased afterChinese regula- on Monday votedtooverride tors signaled amajor change PRES President Trump’svetoofa

in posturetoward the com- TED $740.5 billion defense policybill,

panyand itsAnt affiliate. B1 OCIA sending the bill to the Senate SS

/A and putting it on track to be the  TheFAA established re- firstlegislation to become law quirementsfor remoteidenti-

CHEUNG over Mr.Trump’sobjections. fication of drones,along with Mr.Trump had rejected the newsafeguards forflights KIN SUPPORT: Relatives of 12 Hong Kong activists who were detained fleeing the city by sea in August held a news conference bipartisan National Defense Au- over populated areas and at Monday as trials were held on the mainland. The families called on the court to quickly issue its verdicts. A6 thorization Act over provisions night, in abid to expand com- that removebase names honor- mercial use of the craft. A3 ing Confederateofficersand es-  The EPA said that it has tablish troop levels abroad, as set its first-ever climate well as the legislation’slack of standards for commercial languagerevokinginternet airliners and large busi- LVMH-Tiffany Saga Nears platforms’ broad immunity for ness jets, giving jet makers the content they publish from eight yearstocomply. A2 usersontheir sites. Theoverride vote,which re-  Cisco is pulling the plug quired atwo-thirds superma- on a flagship effort to help End to Cap $15.8 Billion Deal jority,was 322to87, with a digitize the modern city, majority of Republicans joining the latest example of a big most Democratsinbreaking tech company struggling BY MATTHEW DALTON French billionaireBernardAr- dends before the deal closed, demicagreement than con- with thepresident. TheGOP- to enter a new market. B1 AND SUZANNE KAPNER nault, didn’t gethis way. demanded thejeweler lower tinue to fight, a person famil- controlled Senateisexpected to  SAPsaid it would return Mr.Arnault fought for the deal priceby11%, the peo- iar with the situation said. consider the bill as soon as Qualtrics to public markets, Tiffany&Co. shareholders months to renegotiatethe ple said. Nowhefaces the challenge Wednesday. TheWhiteHouse alisting expected to value are expected this week to ap- mergerafter the Covid-19 pan- Tiffanydeclined and pressed of reviving Tiffanyatatime didn’t respond to arequest for the business at least 50% proveamergerwith LVMH demic threw the luxuryindus- ahead with alawsuit,filed in a when the brand and the comment. above what it paid for the Moët Hennessy Louis Vuitton tryintoturmoil. He asked the Delaware court, to enforce the broader industryhavesuffered In aflurryoflast-minute startup two years ago. B3 SE that would givethe French French government forhelp initial mergeragreement. significant damage. LVMH’s legislation, the House also ap- luxurygiant abig cut of the getting out of it and later en- In the end, LVMH agreed to ownlawyers, in acounter law- proved sending $2,000 stimu-  Marketersand the rest high-end jewelrymarket and listed aRothschild &Co. buy Tiffanyata2.6%discount suit in September,said the pan- lus checks to manyAmericans, of the ad industryexpect a closemonths of drama that banker to conduct back-chan- from the original deal price. demic leftthe retailer with “no aday afterMr. Trump signed a busy year ahead confronting nearly killed the $15.8 billion nel talks with Tiffany, accord- Tiffanymade a$70 million end to itsproblems in sight.” sweeping Covid-19 aid bill into possible government rules agreement. ing to people familiar with the dividend payment last week. Among them: Manybig- PleaseturntopageA4 and regulations that would Wednesday’svoteisalso ex- matter. Mr.Arnault, upset Mr.Arnault decided he spending tourist shopperswho bear on their businesses. B3 pected to capadeal in which over Tiffany’sinsistenceon would rather ownTiffanyata travel the world buying luxury  Biden says Trump officials LVMH’scontrolling shareholder, paying full shareholder divi- priceclose to the pre-pan- PleaseturntopageA6 impede transition...... A4 World-Wide Stocks Rise on Bill’s Approval  TheHouse voted to over- Pushback on Xi’sChina ride the president’svetoofa U.S. stocks climbed to records Monday after President Trump defense policybill, sending signed a Covid-19 aid bill. Travel stocks, which have been hit the bill to the Senateand put- hard by the pandemic, were among the biggest gainers. B1 ting it on track to be the first Vision Spreads Beyond U.S. legislation to become law Share-priceand indexperformance, Monday over Trump’sobjections.The House also approved sending 6% $2,000 stimulus checks to More countries are moving closer to Washington’s harder stance manyAmericans; that bill’s 5 Senatefateisuncertain. A1 Carnival In March 2019,XiJinping flew to Paris to influence, the official said. Mr.Juncker cut  Biden said Trump admin- +4.2% meet French President Emmanuel Macron, the tension with ajokeabout the EU’sinabil- istration political appointees 4 German Chancellor Angela Merkel and the ity to agree on what China was. But Mr.Ma- in the OMB and Pentagon Norwegian Cruise Line then-president of the European Commission, cron wasblunt, the official recalled. were obstructing effortsof +3.9% his transition team in ways 3 Jean-Claude Juncker. It’strue, the French president said. Youare arival. that he said could impair American Afew weeks later,Francesent awarship U.S. national security. A4 Airlines By Drew Hinshaw, Sha Hua 2 +2.6% and Laurence Norman through the Taiwan Strait, provoking Beijing,  Officials investigating which accused the frigateofillegally entering the Christmas bombing in Aftertoasting with flutes of Champagne, Chinese waters. 1 Nashville, Tenn., said they S&P500 the Chinese president pressed the three lead- Inside China, Mr.Xi’sauthority is increas- were pursuing multiple +0.9% ers, according to an official present. Arecent ingly seen as absolute. He has sidelined rivals, leads on deceased suspect 0 European Union policypaper had described silenced dissidents and bolstered his popular- AnthonyWarner’s motive. A3 China as a“systemic rival.” Did the Europeans ity by promoting aresurgent China unafraid 9:30 10 11 noon 1234  Novavax said it is starting really mean it? to assert itsinterests. PleaseturntopageA8 anew clinical trial in the U.S. Source:FactSet Ms.Merkel demurred with acompliment forMr. Xi, saying the languageshowedEu- and Mexicototest whether rope recognized China’sgrowing strength and  Gerald F. Seib: China’s power grows...... A4 itsexperimental Covid-19 vaccine safely protects people from the disease. A2 Dining Out?  AChinese court imposed GroceryDelivery Fees afour-year prison term on a citizen journalist who doc- Grab Your umented howCovid-19 rav- Squeeze Supermarkets aged the city wherethe coro- Snowsuit navirus wasfirst detected. A6 BY JAEWON KANG customer interactions and ex-  ASaudi court sentenced iii women’s-rightsactivist Lou- pect it to take an increasing jain al-Hathloul to nearly One piecesare no Grocery-deliveryservice shareofmoney that food mak- six yearsinprison on ter- Instacart Inc.onceseemed like ersspend on marketing. longer justfor the perfect partner forsuper- All that has put grocersina rorism-related charges. A7 marketslooking to break into bind, as deliverycontinues to  Argentina’sSenate is set toddlers, or the ’80s e-commerce.After several boom and becomes anecessity. to vote on abroad legaliza- yearstogether,though, some Some grocersare focusing tion of abortion, which would BY LAUREN WEBER grocersare starting to question moreontheir ownpickup oper- makethe countrybyfar the the relationship. ations or working with rival de- largest in Latin Americato Snowsuitsaren’t just for Instacart’stechnologypro- liverycompanies. approvethe procedure. A6 kids or Alpine skiersthis sea- vided aready-made solution for Formanysupermarkets,  Died: ShirleyYoung,85, son. Americans arepreparing grocerychains that hadn’t yet food deliverycutsintoalready- fortheir firstCovid winter, created options forcustomers thin profits. “Wedon’t think we former GM executive. B2 and one of the hottest items is to shop online.And it became makemoney from an Instacart the onesie snowsuit foradults. even moreattractivewhen de- order,” said Mark Skogen,CEO We'regrateful CONTENTS Opinion...... A13-15 KarenFlanneryrecently livery demand ballooned with of Skogen’sFoodliner Inc., Arts in Review.... A11 Personal Journal A9-10 Business News...... B3 Sports...... A12 bought two on eBay. She wears the pandemic,providing armies which operates morethan 30 Capital Journal...... A4 Technology...... B4 them to walk her dog and for of on-demand shopperstoful- stores underits Festival Foods foryou. Crossword...... A11 U.S. News...... A2-4 socially distanced gatherings fill orders in-storeand deliver brand and began offering Insta- Heard on Street.B10 Weather...... A11 at thehome of aneighbor who groceries to people’shomes. cart about ayear ago. Markets...... B9 World News...... A6-7 recently stretched canvas But manysupermarketssay Mr.Skogensaid his company Thank youtoall our customers, acrossanold soccergoal, they aren’t making money pays Instacart apercentageof partnersand team members. > bought an outdoor projector, through Instacart, largely be- itsonline sales.The grocer still andinvites afew friends over cause the deliverycompany works with Instacart because it Here'stoabrightholidayand fortelevised football games typically chargesthem acom- allows forhigher revenue even abrightertomorrow. and screeningsof1970s and mission of morethan 10% of if thereisnoprofit. 1980s sitcoms in his Minneap- each order.Some of Instacart’s Nilam Ganenthiran,Insta- s 2020 Dow Jones & Company, Inc. All Rights Reserved olis backyard. retailer partnerssay the service cart’spresident, said the com- PleaseturntopageA8 holds toomuch control over PleaseturntopageA2 P2JW364000-4-A00200-1------XA

A2 | Tuesday, December 29, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS Novavax Starts New Vaccine Trial New Surge Is Feared BY PETER LOFTUS tional Institutes of Health, potential authorizations by Covid-19 vaccines,which use keep track of how many peo- which is helping fund the February, federal officials said gene-based technologies,and ple in each group contract Novavax Inc.said it is Novavax study. “That will re- recently. those from Johnson &Johnson Covid-19 with symptoms, After the starting anew clinical trial of quire multiple vaccines using Novavax’s vaccine contains andAstraZeneca, which use vi- starting seven days afterthe up to 30,000 people in the U.S. different approaches to ensure proteins resembling the ral-vector technology. second injections. and Mexicototest whether its everyone is protected safely “spike” proteins found on the Novavax,ofGaithersburg, It is being funded with Holidays experimental Covid-19 vaccine and effectively from this surfaceofthe coronavirus, Md., has previouslyreported some of the $1.6billion that safely protectspeople from deadly disease.” which aresupposed to trigger positive results from early- Novavax was awarded in July BY TALAL ANSARI the disease. The company didn’t say on an immune response to the vi- stagetesting of itsCovid-19 by the federal government. Novavax’sshot will become Mondaywhen it expectsto rusonceinjected. Novavax vaccine,showing it could in- That funding also covers es- Health expertswarn an- the fifthCovid-19 vaccine to generateresultsfromthe new manufactures the proteins in duceimmune responses and tablishing large-scale manu- other coronavirus surge may enterfinal-stagetesting in the study,but it will likely be insect cells.Italso contains an was generally safe. facturing and delivering 100 be on the horizon as aresult of U.S.,and if resultsare positive spring at the earliest. Studies adjuvant, asubstancede- Thecompanywas originally milliondoses of the vaccine holidaycelebrations and travel. it could receive authorization of the first two vaccines from signed to enhanceimmune re- planning to start alarge Phase for use in the U.S. Thenumber of newly re- during 2021.Public-health of- Pfizer Inc.and Moderna Inc. sponses.Novavax’sadjuvant is 3trial of the vaccine in the Other studies of the Novavax corded coronavirus cases fell ficials saythat despitethe in- took nearly four months for derived from the bark of an U.S. in the fall, but it has expe- vaccine outside the U.S. are Sunday, but the actual figure troduction of the firsttwo results to become available. evergreentreenative to Chile. rienced manufacturing issues continuing.The companysaid could be largergiven the dis- Covid-19 vaccines in the U.S., U.S. regulatorsauthorized This approach of combining that delayed the start. it has completed enrollment of ruption holidays have on data additional vaccines will be emergencyuse of the Pfizer aprotein with an adjuvant is Thestudy will be conducted 15,000 people in alate-stage, reporting. needed to meet demand and andModerna vaccines this similar to that of vaccines at about 115 sites. About two- Phase 3trial in the U.K. Interim Similar to previous holidays, control the pandemic. month. LargeU.S.studies of against some other diseases,in- thirds of the study volunteers resultsfromthis study could Christmas wasexpected to dis- “We’ve come this far,this two morevaccines,fromJohn- cluding GlaxoSmithKline PLC’s will receivethe vaccine in two become available in the first rupt Covid-19 datareported fast, but we need to gettothe son &Johnson and from As- shingles vaccine,Shingrix.But doses,three weeks apart, quarter of 2021, though timing from counties and states finish line,” said Francis S. traZenecaPLC andOxfordUni- it is adifferent mechanism while one-third will receive a depends on coronavirus trans- acrossthe U.S. NewYear’s Collins,director of the Na- versity,could yield resultsand from the Pfizer and Moderna placebo.Researcherswill then mission ratesinthe U.K. likely will do the same. PeterWalker,adata-visual- ization specialist with the U.S. WATCH Covid Tracking Project, said reported cases dropped on La- bor Day, Thanksgiving and EPA Christmas,only to shoot back up.“Some state[s] don’t report Emissions Limits Set anything on aholiday, as their For Jet Aircraft staff is given awell-deserved dayoff.People maybeless The Environmental Protection likely to getatest on aholiday. Agency said thatithas set its Some states report afraction first-ever climate standards for of their known cases...it’s commercial airliners and large messy,” Mr.Walker wroteon businessjets, aligning U.S. rules Twitter. with global standards and giving Reporting lags aside,itmay jet makers eightyears to comply. be weeks beforehealth experts Monday’s move follows years and officials cansee the true of momentum internationally to impact of theholidays on the S address the airline industry’s virus’sspread, said Michael G. contribution to climate change. PRES Ison,professor of infectious The sector accounts for about TED diseases at Northwestern Uni- CIA

2% of the global carbon emis- SO versity’s FeinbergSchool of

sions that are warming the AS Medicine.

planet, according to U.S. data ICE/ Dr.Ison said it takesfiveto VO

and environmental groups. The ’ 10 days from exposureof EPA first proposed the rule in Covid-19 to the onset of symp-

July while under legal pressure CITIZENS toms,and then an additional from environmental groups and five to seven days until people amid concern from U.S. jet mak- knowifthey areontheir way AN/THE ers about international sales. to beating the virus or not. The new rules create effi- MOR At that point, Dr.Ison said,

ciency standards to limit carbon- MARK an increase in cases would re- dioxide and nitrous-oxide emis- SPIRIT OF CHRISTMAS: Members of the confirmation class of St. Faustina Kowalska Roman Catholic Parish in Nanticoke, Pa., carried veal itself in the data, and re- sions from commercial airliners boxes of food and other items to the church’s food pantry on Monday. The class sponsored the food drive. lated hospitalizations also and large business jets in the should be seen soon after. A U.S. starting in 2028. Aircraft CALIFORNIA vealed the lengths to which some OHIO “Officer Coy was given the week or morewould passbe- companies have to apply the wealthyparents will go to get opportunity today to come and fore growth in the number of limits to any new designs start- Actress Loughlin their children into eliteuniversi- Police Officer Fired participate,” Brian Steel, vice loggedintensive-careunit ad- ing this year. Freed From Prison ties. Authorities said parents fun- Over Fatal Shooting president of the police union, missions; then, if the trajectory The core of these regulations neled bribes through afakechar- told reporters Monday. “He followedprevious surges, adopt metrics established by the “Full House” actor Lori Loughlin ityrun by an admissions A white Ohio police officer elected not to participate. I do deaths also would follow. International Civil Aviation Or- wasreleased from prison Monday consultanttoget their children was fired Monday after not know why.” World-wide,the totalnum- ganization, the United Nations after spending twomonths be- into topschools with fake athletic bodycam footage showed him Mr.Coy and another officer re- ber of coronavirus cases commercial-aviation regulator. hind bars forpaying half amillion credentials or rigged test scores. fatally shooting 47-year-old An- sponded to aneighbor’s nonemer- neared 80.8 million, with more EPA Administrator Andrew dollars in bribes to get her two The famous couple admitted dre Hill—a Black man who was gency call after 1a.m. Dec. 22 than 1.76 million dead, accord- Wheeler said in July that the daughters into college. in May to paying $500,000 to holding a cellphone—and refus- about acar in frontofhis house ing to Johns Hopkins data. U.S. aviation industry had made Ms. Loughlin was released get their two daughters into the ing to administer first aid for thathad been running, then shut it clear the agency should be from the federal lockup in Dub- University of Southern California several minutes. off,then turned back on, accord- adopting those standards to en- lin, Calif., where she had been as crew recruits even though Columbus police officer Adam ing to acopyofthe call. CORRECTIONS sure consistency globally. serving her sentence for her role neither girl was a rower. Coy was fired hours after a Policebodycam footage The EPA’saction helps prevent in the college admissions bribery Ms. Loughlin, who gained hearing was held to determine showedMr. Hill emerging from a AMPLIFICATIONS U.S. jets from getting shut out of scheme, the federal Bureau of fame for her role as the whole- his employment, Columbus Pub- garage and holding up acellphone the international market. U.S. Prisons said. Her husband, fash- some Aunt Becky in the sitcom lic Safety Director Ned Pettus Jr. in his left hand seconds beforehe manufacturers export three of ion designer Mossimo Giannulli, “Full House,” told the judge her said. Mr. Coy remains under wasfatally shotbyMr. Coy. There Rent forDoc’sBackyard every four aircraft theymake, the is serving his five-month sen- actions “helped exacerbate exist- criminal investigation for last is no audio because the officer Grill,which used to sit on EPAhas said, and U.S. companies tence at a prison in Lompoc near ing inequalities in society” and week’s shooting. hadn’tactivated the body camera; South CongressAvenue in Aus- face the potential of losing those Santa Barbara, Calif. pledged to do everything in her Members of the local Frater- an automatic “look back” feature tin, Texas,was around $30 a sales if their planes don’tmeet The couple wasamong the power to use her experience as nal Order of Police attended the captured the shooting without squarefoot yearly while it was international standards. highest-profile defendants a “catalyst to do good.” hearing on behalf of Mr. Coy, audio. therefrom2005 to 2016.A —Timothy Puko charged in the scheme, which re- —Associated Press who wasn’t in attendance. —Associated Press Page One article Mondayabout Austin incorrectly said the rent was$30 asquarefoot monthly. DeliveryRush continues to expand. Grocers Associated Food Stores,a Noticetoreaders Grocery-deliveryservices have seen demand rise during Weekly U.S. sales,change Salt Lake City-based coopera- Wall Street Journal staff thepandemicwithInstacart's sales boom in April leading from previous year tiveofmorethan 400 stores, membersare working remotely to its first-ever profitable month. Squeezed Instacart FreshDirect said it is exploring using Insta- during the pandemic.For the cart early next year.Todate, it foreseeable future, please send 100% Peapod Shipt Walmart Shareof has been using DoorDash, reader comments only by By Fees 90 U.S. weekly 600% partly because of the service’s email or phone,using the con- 80 sales lowcommission rate of roughly tactsbelow, not via U.S. Mail. 9% per order chargedtostores, 70 ContinuedfromPageOne Walmart said Thomas Horne,asenior e- Readers can alert The Wall Street 400 Journal to any errors in news articles pany’sservices help grocers 60 Shipt commerce manager at the com- by emailing [email protected] or grow without spending yearsof 50 Peapod pany. by calling 888-410-2667. work and capital investment to Instacart said that it wants 40 FreshDirect 200 build infrastructure. to giveall supermarketsan THE WALL STREET JOURNAL “Wedon’t competewith re- 30 Instacart edge. (USPS 664-880) tailers,” Mr.Ganenthiran said. 20 “It’smuch morecomplicated (Eastern Edition ISSN 0099-9660) “Wedon’t operateout of ware- 0 to pick the perfect bunch of ba- (Central Edition ISSN 1092-0935) houses and haven’t launched 10 nanas or the best replacement (Western Edition ISSN 0193-2241) our ownstoresorminimarts 0 foryour favoritecookies than it Editorial and publication headquarters: likeother services that directly is to deliver someone abur- 1211 Avenue of the Americas, Jan.2020Nov. New York, N.Y. 10036 competewith grocers.” –200 rito,” Mr.Ganenthiran said, Note:Percentages do notadd up to 100% due to rounding Published daily except Sundays and general TheSaveALot chain joined Source:Second Measure Jan. 2020 Nov. adding that the companycon- legal holidays. Periodicals postage paid at with Instacart this summer be- tinues to makeinvestmentsto New York, N.Y., and other mailing offices. cause the servicewas quick and Theboom in businesshas and discount productsonits on productsitsold through improveits operations. Postmaster: Send address changes to easy to implement, said Chris helped give Instacart itsfirst platform. Mark Griffin, presi- Instacart to help coverdeliv- Some supermarketsare The Wall Street Journal, 200 Burnett Rd., Hooks, chief merchandising of- profitable month, in April, since dent of B&RStoresInc.inNe- ery-related fees,said people fa- holding out. Northeast chain Chicopee, MA 01020. ficeratthe Midwest grocer itsfounding in 2012. Thecom- braska, said that means retail- miliar with the talks. Weis MarketsInc.prefers en- All Advertising published in The Wall Street Journal is subject to the applicable that operates morethan 1,000 panyhas raised nearly $500 ersand Instacart aregoing To maintain some control, couraging customerstoorder rate card, copies of which are available stores.Hesaid Save ALot million sinceMarch, foravalu- afterthe same pool of money othersare choosing not to out- online andpick up in stores, from the Advertising Services Department, views Instacart as away to ap- ation of $17.7billion. Instacart that brands spendonmarket- source their entiree-commerce said CEOJonathan Weis. The Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The peal to existing and potential has said it expectsaninitial ing. business. Kroger,the nation’s grocer doesn’t use Instacart but Journal reserves the right not to accept an customers. public offering but declined to “We’recompeting with what biggest grocer,handles pickup relies on Shipt fordelivery. advertiser’s order. Only publication of an Instacart said it has added comment on the timing. we perceivetobeapartner,” he orders with itsown staff.The “They were alittle expen- advertisement shall constitute final acceptance of the advertiser’s order. or expanded arrangementswith Over the years, Instacart has said. When working with Insta- companyalso encourages cus- sive, in our opinion,” he said of Letters to the Editor: morethan 150 retailersinthe added services such as suggest- cart, B&R becomes part of “a tomerstoorder delivery Instacart. Fax: 212-416-2891; email: [email protected] U.S. and Canada this year,put- ing replacementsfor out-of- whole laundrylist” of retailers through itswebsite—rather Instacart might remain just Need assistance with your subscription? ting it in partnership with more stock items based on customer rather than customers’ local than Instacart’s—by offering oneofmanyways to shop for By web: customercenter.wsj.com; than 500 companies including preferences and allowing con- store, he said. digital coupons and fuel savings groceries online.Farhan Sid- By email: [email protected] By phone: 1-800-JOURNAL Kroger Co., Walmart Inc., Aldi sumerstocommunicatedi- Instacart’sMr. Ganenthiran at Kroger gasstations formem- diqi, chief digital officer at (1-800-568-7625) Inc.and 7-Eleven Inc. rectly with Instacart shoppers, said theadvertising business bersofits loyalty program. KoninklijkeAhold DelhaizeNV, Reprints &licensing: Like many of itspeers, the Mr.Ganenthiran said. gives consumersaccesstodis- Kroger executives described said customerspreferspecific By email: [email protected]; delivery servicestruggled to Instacart has started deliver- counts, which would ultimately Instacart on arecent earnings deliveryservices.The owner of By phone: 1-800-843-0008 meet surging demand at the ing nongroceryitems,such as encouragethem to buy more call as abig partner but said Giant and Stop &Shop chains WSJback issues and framed pages: start of the pandemic but said prescriptions and alcohol. The from supermarkets.Instacart the grocer is always seeking uses Instacart in addition to its wsjshop.com it has sincecaught up.Instacart companyisexpanding abusi- has been built to protect retail- deliverypartners. in-house deliveryservices Pea- Our newspapers are100% sourcedfrom said itsordershavebeen up nessbuilding websites and pro- ersand help them gain sharein Retailers have moreoptions pod and FreshDirect LLC,which sustainably certified mills. 500% annually at timesthis viding technologysupport for the online market, he added. at hand.DoorDash Inc.and it is teaming up with aprivate- year and that itsworkforce of retailers. When H-E-B LP partnered Uber Technologies Inc.started equity firm to buy. GOTATIP FORUS? largely gig workers has more Instacart is also working with Instacart in 2015,the delivering groceries this year He added, “It’saverycom- SUBMIT IT AT WSJ.COM/TIPS than doubledto500,000. with manufacturerstopromote Texas-based chain raised prices whileTargetCorp.’sShipt Inc. plicated world.” P2JW364000-6-A00300-1------XA

THE WALL STREET JOURNAL. ****** Tuesday, December 29, 2020 | A3 U.S. NEWS Investigators In Nashville

Pursue Leads GES IMA GETTY BY ERIN AILWORTH Ms.Swing told investiga- SE/ AND DREW FITZGERALD tors that she believes he gave it to her because her mother Officials investigating the had aprior romantic relation- ANCE-PRES

Christmas bombing in Nash- ship with Mr.Warner,accord- FR ville were pursuing multiple ing to alaw-enforcement offi- ENCE

leads Mondayondeceased cial briefed on the AG suspect AnthonyWarner’s mo- investigation. tive, including aconnection in- Neither Ms. Swing nor her /ESN/ PD volving his father, as new in- mother,Luz Swing,returned formation came to light about calls seeking comment. whyhetransferred property Mr.Warner also gaveMs. SHVILLE NA

to aLos Angeles woman last Swing a Nashville property in O

month. 2019 that his mother lived in, METR Mr. Warner, 63, blew up an according to court documents. A screenshot from security-camera footage, released by Nashville police, shows the moment a bomb was set off on Christmas Day. RV in front of an AT&T facility Adeed shows Ms.Swing in downtownNashville,Tenn., transferred the home back to exploded outside an AT&T cording to Ed Amoroso, a re- said it took longer than usual Mr.Rausch said tips from Fridaymorning,killing himself Mr.Warner’s mother last year switching facility,damaging at tired AT&T chief security offi- to restorepowertothe facility the public were key to identi- and injuring three others. after a legal fight. In addition least 41 buildings, one of cerwho nowteaches at New afterbackup generatorsfailed. fying Mr.Warner as the sus- David Rausch, director of to the properties, Mr. Warner which was destroyed. York University. Interferencefromawater pected bomber.One tip in par- the Tennessee Bureau of In- also gaveMs. Swing some The explosion knocked out Manyofthese structures main, firefightersdousing the ticular,hesaid, gave vestigation, said his agency cash and acomputer,the law- phone and internet service in were built in cities’ urban building and investigators investigatorsaname and led and othersare following up on enforcement official said. much of Tennessee, Kentucky coresduring the original scouring the crime scene also them to places to search for anumber of leads,including Ms.Swing,who works at and northern Alabama. On AT&T’s 20th-centuryheyday, slowedrepair crews’ work,the forensic evidence to match to that Mr.Warner’s father concert promotion company Monday, some in Nashville when the government-pro- company said. tissue found at the site of the worked for AT&T. AEG Live, wasone of multiple were still dealing with those tected monopoly could afford Earlier Monday, the Tennes- bombing. On Nov.25, Mr.Warner people who helped investiga- outages. to construct thick,elaborate see Bureau of Investigation re- Acurfew remained in place transferred ownership of his tors identifyMr. Warner as TheAT&Tswitching center structures designed to resist leased acriminal historyfor forthe explosion impact area, home in theNashville suburb the bomber afterthe blast, the is one of several such facilities bombs and other attacks. Mr.Warner that included a which local officials have been of Antioch to Michelle Swing,a official said. throughout the countrythat TheNashville structure single arrest in 1978bythe coordinating with federal au- 29-year-old entertainment ex- Thebombing occurred were uniquely designed to worked as intended by shield- Metropolitan Nashville Police thorities to try to narrow. ecutivewho lives in LosAnge- around 6:30 a.m. on Christmas withstand the forceunleashed ing most of the equipment in- Department for possession of —Sabrina Siddiqui les,according to public records. when an RV blaring awarning by theNashville explosion, ac- side it from damage. AT&T marijuana for resale. contributed to this article. Battle Begins Over Redrawing 2022 House Districts

BY NATALIE ANDREWS Rhode Island and West Vir- Tenseats in theHouse of Representatives areexpected big part of our strategy,” said sulting firm Election DataSer- ginia. In total, 435 districts to move among states during reapportionment next year, Kelly Ward Burton,executive vices. WASHINGTON—Thefight aresplit between the states. basedonnew population estimates. director of the National Demo- “It’samoving target right over House districtsin2022is Texas could gain three cratic Redistricting Commit- nowfor redistricting,” Mr. starting well beforenew lines seatsand Florida is expected Projections forseatchanges tee, agroup organized by Bracesaid. One added compli- on statemaps aredrawn. to gain two.Fiveothersare Gaining seats +1 +2 +3 Losing seats -1 -2 No change 0 President Barack Obama’sfor- cation this year is that more Lawmakers, outside groups expected to gain one seat: Ari- mer attorney general, Eric people votedbyabsentee bal- and attorneysare readying for zona, Colorado,Montana, Holder. “So if and when these lot, and manystatesdon’t al- abattleoverredistricting that North Carolina and Oregon. Wash. N.H. states passillegal maps,we locateabsentee ballotsbypre- Maine could changethe control of Thereispotential forNew Mont. N.D. Minn. Vt. will be theretosue them.” cinct, instead placing them in theHouse majority in Presi- York to also lose asecond Ore. Mich. “I think the lawsuitswill aseparatecategory. So politi- Idaho S.D. Wis. N.Y.* dent-elect JoeBiden’sfirst seat—and Alabama to hold on Wyo. start very soon afterthe first caldatathat is used by parties term. Democratsare set to go to all itsseats, based on the Iowa Pa.. of the year,” Mr.Kincaid said. to determine districtscould be Nev. Neb. Ohio intothe newCongresswith final data. Utah Ill. Ind. Mass. In Texas,Pennsylvania, skewedtoward Republicans Colo. W.Va. 222 seats, to Republicans’ 211, “When the House majority Calif. Kan. Mo. Ky. Va. R.I. Florida and North Carolina, because moreGOP voteswere Conn. with two racesstill in dispute. is down to ahandful of seats, Tenn. N.C. Republicans will control the cast in-person and moreDem- Ariz. Okla. N.J. Thenarrow majority has Re- everyseat matters,” said Na- N.M. Ark. S.C. processbecause they control ocratssent in ballots. Del. publicans preparing to fight than Gonzales,editor of the Ala.* Ga. the legislaturethat will ap- While they failed to win key forfavorable maps and Demo- nonpartisanInside Elections. Miss. Md. provethe maps,though in statelegislativeseatsin2020, Texas La. cratsonthe defense. Theprocess fordrawing D.C. Pennsylvania, Democratic Gov. Democratssay their silver lin- “It’sgoing to be acycle un- districts varies in everystate. Alaska Fla. TomWolf has veto power. ing is that morestatesare likeany other in that there Republicans will be in charge Hawaii Theactual numbersthat drawing districtsbyindepen- will be morepotential gerry- of drawing the lines in many will be used forHouse dis- dent commissions.“Anything manderingthan ever before of the states that could matter trictswon’t be released until that moves it out of Republi- butalso morepushback than most forthe House balanceof *Either Alabama would lose aseatorNew York would lose asecond seat. Januaryand areexpected to cancontrol, we consider it a ever before,” said Michael Li, power. Democrats failed to flip Sources: Census Bureau, WSJresearch be delayedbecause of the pan- win,” Ms.Burton said. Some senior counsel at the Brennan several legislativeseats they demic and President Trump’s key states are out of total Re- Center forJustice. targeted in 2020,which they ing Trust. “And when they waysthat changehow they legal battles over whether publican control, such as Wis- U.S. House and statelegis- acknowledgewill hurt them in can’t decide or agree,then arerepresented in Congress. noncitizens should be in- consin, Michigan, Pennsylva- lativedistrictsare redrawn places whereGOP-controlled they go to court.” While the Supreme Court in- cluded.Further delays on data nia, Virginia and Ohio. every10years, based on cen- statelegislatures will draw Both Democratsand Repub- validated part of the Voting release could postpone final YetRepublicans see asimi- susdata. Estimates released the lines. licans expect manyofthe RightsAct,asection remains maps from being approved lar advantageinVirginia be- last Tuesday showthat 10 “Republicans draw maps to maps will likely be litigated. in forcethat says minorities in and cause stressaround can- cause the statepassed an states arelikely to lose at favorRepublicans,Democrats Democratsand outside civil- languageorraceshould have didatefiling deadlines and amendment moving the draw- least one congressional seat: draw maps to favorDemo- rightsgroups will also be the proportional opportunity even stateelections in Vir- ing of districtsaway from the Alabama, California, Illinois, crats,” said Adam Kincaid,the looking at howthe districts to elect candidates of their ginia and NewJersey,said Democratic-controlled govern- Michigan, Minnesota, New executivedirector of the Na- aredrawn and whether minor- choice. Kimball Brace, aDemocrat ment and putting it in abipar- York,Ohio,Pennsylvania, tional Republican Redistrict- ity communities aredivided in “Litigation will remain a who is president of the con- tisan commission. FAA Issues Rules for Commercial Drones

BY ANDY PASZTOR mentsthat drones transmit identifying information and U.S. regulators established their position over the inter- industrywide requirementsfor net. Instead, newly manufac- remoteidentification of tureddrones coveredbythe drones,along with newsafe- rules, typically weighing less guards for flights over popu- than 55 pounds,will be manu- lated areasand at night, in a factured with onboardradio long-awaited effort to expand transmitters forsuch pur- commercial use of the craft. poses. Existing models will Thepair of final rules is- have to be retrofittedwith the sued Mondayisintended to technology. That processcould promoteeventual widespread take years, for new and exist- home deliveryofsmall pack- ing drones alike. ages and a multitude of other In addition, the FAAde- applications forpilotlessvehi- cided that in most cases even cles that arecurrently sharply the smallest drones,weighing

restricted. But with asingle DETTE/REUTERS lessthan half apound, must AU

announcement, the Federal T be designed to avoid exposed OT

Aviation Administration is for- SC rotating partsthat could cause mally pivoting from approving The regulations are intended to promote home delivery of small injuries to people below. case-by-case exemptions to packages and other applications for pilotless vehicles. Therules also layout a setting broad safety standards complexseries of technical the industry has long sought. said in awrittenstatement ac- International, the largest measures to gaugeacceptable The new approach, replac- companying the rules.Mr. drone-industry trade associa- risks in the event malfunction- ingstringent protections that Dickson has told colleagues he tion. “We look forward to re- ing drones crash to the currently bar practically all intends to stay on under the viewing these rules and work- ground. home-deliveryoptions,goes Biden administration, accord- ing with the FAAon Thesmallest drones also intoeffect in two months,but ing to people involved in the implementation.” aremandated to have func- some requirements are likely conversations,tofill out the Therules won’t immedi- tioning remote identification to take years to implement. remainder of his five-year ately end restrictions on systems if they flyover Thedetailed regulations, term ending in 2024.The rules drones operating in higher-al- crowds, stadiums or open-air whichtotal morethan 700 are unlikely to be affected by titude airspaceorinthe vicin- concerts. NOLET’S SILVER GIN pages and parts of which had other personnel changes. ity of airports. They also don’t TheFAA has ahistoryof FEATURES REAL BOTANICALS OF been in the works sincethe Sincesome of the impor- spell out safety requirements fits and starts devising some Obama administration, also tant details differ from those forlarge autonomous or re- of the standards, particularly ROSE, PEACH &RASPBERRY. aim to addressconcerns re- contained in earlier draftpro- motely piloted craftcapable of as technologyadvancedrap- CRAFTED WITH 11 GENERATIONS OF lated to law enforcement, na- posals,initial industryreac- carrying passengers, often idly and the industrypushed FAMILYDISTILLING EXPERTISE. tional security and privacy tion waspositivebut muted. called urban aerial vehicles. fornew rules.Atthe same ENJOYRESPONSIBLY protection. Some aspectsofthe rules “will Flights of such airborne taxis time,federal, stateand local “They getuscloser to the have additional untold bene- remain yearsaway from be- law-enforcement agencies daywhen we will morerou- fits forAmerican society,” ac- coming a reality in U.S. skies. wanted enhanced protections tinely see drone operations cording to Brian Wynne,chief Major changes from the against the dangers posed by such as thedeliveryofpack- executiveofthe Association FAA’sprevious strategyin- thepossibility of rogue, hos- ages,” FAAchief SteveDickson forUnmanned Vehicle Systems clude eliminating require- tile or terrorist drones. P2JW364000-4-A00400-17FFFF5178F

A4 | Tuesday, December 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 DespiteU.S.Rhetoric,China’s PowerGrows

flowing intoChina. control is mutual economic Arecent Atlantic Council dependence. Unlikeinthe report shows that foreign Cold War, when the U.S. had purchases of Chinese debt little financial entanglement have risen markedly over the with the Soviet Union and vir- last four years, and concludes: tually no economic depen- “Generally speaking,China’s denceonit, Washingtonand opening measures promoting Beijing have adeeply layered CAPITAL JOURNAL further integration of itsfi- economic relationship that, so By Gerald F. Seib nancial marketswith global far at least, has almost forced marketsstand in sharp con- them to find away to coexist. trast with the decoupling That mutual dependence As President-elect Joe Bi- rhetoric coming out of Wash- nowisatleast being called den’s team prepares to move ington.” intoquestion, with poten- in, there’s a lot of loose talk David Dollar, aformer U.S. tially far-reaching ramifica- in Washington about getting Treasuryattaché in Bei- tions.“TheU.S.and China are tougher with China, and be- S jing,notes that America’sal- locked in an explicit and esca-

ginning the process of de- NEW lies generally arelessinter- lating powerstruggle that G coupling the two nations’ ested in detaching their could tear apart the rules and economies. economies from China’sthan institutions underpinning the As is often the case with OOMBER is the U.S. “Ifour allies remain global trade and governance loose talk, though, reality is engaged with China, then our systems,” says EswarPrasad, a lot more SHEN/BL decoupling would isolateus aprofessor of trade policyat

complicated. QILAI and strengthen China’srela- Cornell University.“This will Getting China’s economic leverage has increased in some ways in recent years. Above, a port in Guangzhou. tiveposition,” he says. have deleterious effectson tougher eco- Moreover,heargues,even multilateralism, giving way nomically will centrifugal forces coming and creating incentives for est month forwhich figures if the U.S. succeeded at push- instead to warring coalitions be, well, out of China are stronger American companies to move areavailable,was just 5% ing China out of the global on arangeofkey issues rele- tough. than they were in 2017.” critical supply chains home smaller than it wasayear economyand itsinstitutions, vant to businesses,consum- Despite four years of pres- from China. He hasn’t de- earlier.American exportsto “China likely would createal- ersand investorsaround the sure from the Trump admin- ndeed, the International clared yetwhat he will do China were higher,largely be- ternativeinstitutions,and world.” istration, China’s economy Monetary Fund projects with the tariffs President cause of morepurchases of manydevelopingcountries Thebottomline is that the actually is stronger in some I will find it in their interest U.S. and China inevitably are that China’s economy Trump has imposed on a agricultural products, but so ways at the moment than is will expand by 1.9% in 2020, rangeofimportsfromChina, were importsfromChina. to go with China. So,we heading intoamoretense re- the economy of the West. which means it is likely to be or the futureofapartial On other fronts, China’s would re-createthe kind of lationship during the Biden Though China has plenty of the only major world econ- trade deal the Trump admin- economic leverageactually blocs that we had during the years, on security,trade and its own problems, interna- omy to grow in this year of istration negotiated with Bei- has grown. It has joined 14 Cold War.” economic fronts. Thereis tional capital is flowing in, the coronavirus pandemic. jing. other countries in anew re- broad, bipartisan sentiment not out. Within Asia, China By contrast, the American As he faces those decisions, gional trade bloc that ex- orebroadly,thereisa foratougher approach to Bei- actually has improved its economy is expected to Mr.Biden is looking at a cludes the U.S. danger that economic jing.But exactly what shape trade position. M shrink by 4.3%, and the euro- China that, in manyrespects, Meantime,European na- decoupling actually this changing relationship “China is in a strong ne- zone is forecast to contract has weathered itstrade fight tions aretrying to completea would exacerbatethe geopo- takesisverymuch up in the gotiating situation,” says by 8.3%. with the Trump administra- bilateral investment agree- litical and militarytensions air.Meantime,the uncomfort- Josh Lipsky, director of pro- Mr.Biden has talked about tion surprisingly well. Data ment with China. Overall, de- that already hang over the able reality is that China en- grams and policy at the At- forging astronger front with from the U.S. Census Bureau spiterising political tensions U.S.-China relationship.One of ters this period of reassess- lantic Council’s GeoEconom- allied nations to reduce showthe U.S. trade deficit between China and the West, the forces that cankeep the ment with some strong ics Center. He adds: “The China’seconomic leverage, with China in October,the lat- Western financial capital is rivalryfromgetting out of economic cardsinits hand. Trump Officials Said to Impede Transition Work

BY SABRINA SIDDIQUI Management and Budget and AND WILLIAM MAULDIN the Pentagon. “Weneed full visibility into WILMINGTON, Del.—Presi- the budget planning under

dent-elect JoeBiden said way at theDefense Depart- GES

Trump administration political ment and other agencies in or- IMA appointees in the Officeof der to avoid anywindowof Management and Budget and confusion or catch-up that our GETTY the Defense Department were adversaries maytry to ex- SE/ obstructing effortsofhis tran- ploit,” he said in an appear- sition team in waysthat he ancewith Vice President-elect ANCE-PRES

said could impair U.S. national Kamala Harris. FR security. Atransition official said the ENCE

“Right now, we just aren’t Defense Department has con- AG

getting all the information that tinued to “denyand delay” KI/

we need from the outgoing ad- meetings, saying therehad OWS ministration on key national se- been “no substantial progress” curity areas,” Mr.Biden said sinceMr. Biden’steam com- SMIAL Mondayinremarks in Wilming- plained about the depart- AN

ton, Del. “It’snothing short, in ment’scooperation earlier this BREND my view, of irresponsibility.” month. ‘Right now, we just aren’t getting all the information that we need from the outgoing administration on key national security areas,’ Aides to Mr.Biden’stransi- TheDefense Department President-elect Joe Biden said Monday in Wilmington, Del., during a virtual foreign-policy and national security meeting. tion earlier this month said said Mondayithas held 164 theteam preparing forhis interviews with morethan 400 criticism of the OfficeofMan- with China and Iran, which is been hollowed out in person- French President Emmanuel newadministration had en- officials and provided more agement and Budget, saying increasing itssupply of en- nel, capacity and in morale,” Macron and German Chancel- countered some resistance in than 5,000 pages of docu- that his complaint wasn’t riched uranium afterMr. he said. “The policyprocesses lor Angela Merkel. the Defense Department, with mentstothe Biden team. about national security. Trump pulled out of the nu- have atrophied or have been Mr. Biden has long empha- meetingsput on hold. At the “DoD’seffortsalready surpass Mr.Biden is set to take clear deal with Iran and lead- sidelined.” sized the relationships he time,acting Defense Secretary those of recent administra- over next month as com- ing world powers.The presi- Following Mr.Biden’svic- forged with many world lead- Chris Miller said that a“mutu- tions with over three weeks to mander in chief from Presi- dent-elect also mentioned tory in November,manyfor- ersduring his two terms as ally agreed-upon holiday go, and we continue to sched- dent Trump.Some aspectsof Mondaythe recent cyberattack eign leadersmoved swiftly to vice president. A centerpiece pause” would take place. Tran- ule additional meetingsfor the his transition were initially targeting government agencies makeinroads with the incom- of his 2020 campaign was sition aides said no agreement remainder of the transition delayedwhen the General that U.S. intelligencehas ing administration. Mr.Biden what he said was the need to had been reached to stop hold- andanswerany and all re- Services Administration linked to Russia. has spoken with several of his restoretraditional U.S. alli- ing meetings. quests for information in our waited to formally ascertain Overall, Mr.Biden said overseas counterparts by ances that he said eroded un- On Monday, Mr. Biden said purview,” Mr. Miller said in a that Mr.Biden had wonthe agencies critical to national phone,including British Prime der Mr.Trump’s“America- his team has “encountered statement. November election. security hadincurred “enor- Minister Boris Johnson,aclose first” doctrine. roadblocks” from the political Asenior administration of- Theformer vicepresident mous damage” on Mr.Trump’s Trump ally; Canadian Prime —Catherine Lucey leadership of the Officeof ficial dismissed Mr.Biden’s is poised to inherit tensions watch. “Manyofthem have Minister Justin Trudeau; contributed to this article.

to speak on the Senatefloor on funds foraircraft, ships,nuclear knowledgeofthe talks.But it House Votes Tuesday, and senatorsare ex- Wherethe Year-End Status: Passed and signed weapons and other national-se- came afterdays of consultation pected to return to Washington into law. curity programs—“unduly bur- with aides and allies,among later this week to vote on over- Legislation Stands NDAA defense-policy bill: dened” the commander-in- them former WhiteHouse To Override riding the NDAA veto. The $740.5 billion proposal in- chief’sability to redeploy counselor Kellyanne Conway. To pressthe issue,Sen. Ber- cludes measure to remove troops.But he votedagainst the Allies argued blocking the bill nie Sanders(I., Vt.) said Mon- Covid-19 aid: $900 billion Confederate names from mili- $2,000 checks. could hurt the chances of Re- Veto of Bill daythat he will delaythe vote package includes joblessrelief, tary bases. Thevotes marked the latest publicansrunning in aGeorgia to override the defense-bill vaccine and school funding, Status: House voted 322-87 twistsinadramatic end to the special election Jan. 5that will veto unlessthe Senateholds a small-businessaid and $600 to override veto. Senate vote is year.Inthe faceofalooming determine control of the Senate. ContinuedfromPageOne vote on providing the $2,000 checksfor most Americans. expected later this week. government shutdown, Mr. Another person familiar with lawbut said that the $600 payments.Sen. Ed Markey (D., Status: Passed and signed $2,000 stimulus checks: Trump signed the pandemic-aid the talks said that Mr.Trump paymentsinthat packagewere Mass.)joined him. into law. Mr. Trump proposed increasing and omnibus spending bill Sun- wastold by his advisersand toosmall. ManyRepublican senators Omnibus spending: $1.4 the size of stimulus checks to daynight, ending ashowdown thoseworking on the Georgia TheHouse passed the stim- have opposed adding to the trillion package continuing gov- $2,000 from $600. with Congress. In signing the race that aveto“could sink” the ulus-checks bill 275to134, checks.The increase is expected ernment funding into Septem- Status: House passed bill 275 bill, the president said he Republicanincumbents, Sens. with 44 Republicans joining al- to add several hundred billion ber. to 134; Senate fate is uncertain. wanted biggerstimulus checks David Perdue and Kelly Loeffler. most all Democratsinsupport, dollarstothe cost of the $900 but also an investigation into When Mr.Trump vetoed the exceeding the two-thirds re- billion aid packageMr. Trump allegedvoter fraud and the re- NDAA earlier this month, he ob- quired under fast-track proce- signed intolaw Sunday, paving Schumer said.President-elect back to work and truly help this peal of Section 230 of the Com- jected to the provision that dures.The legislation increases the way formillions of Ameri- JoeBiden supportsthe in- recovery.” munications DecencyAct, would createacommission to the amount of the checks to cans to geteconomic relief as creased payments. Thetwo bills made for which relates to regulation of rename militaryinstallations $2,000,upfrom$600 per the coronavirus surgesacross Republicans opposed to in- strangebedfellows on arare online speech. honoring Confederates. adult and per child forindivid- the country. TheU.S.death toll creasing the amount of direct session in the House between SenateGOP leadershaven’t He also objected to provisions uals with adjusted grossin- from the disease surpassed paymentshavepointed to the Christmasand the NewYear’s commented on anyplans to ad- requiring the Trump administra- comes under $75,000.Afamily 334,000 on Monday. cost of such abill and said Con- holiday. In amatterofhours, dresshis concerns. tion to submit to Congressan of four that qualifies forthe SenateMinority Leader Chuck gressshould focus on waysto manylawmakersfromboth Mr.Trump’sdecision to end assessment of aplanned Afghan- paymentswould get$8,000 Schumer (D., N.Y.)plans to ask fully reopen businessinorder parties backed the demand by the standoff came afterexten- istan withdrawalbeforeitcan under the proposal. forunanimous consent to bring to increase demand forjobs. thepresident to increase the sive lobbying from Republican use funds to pull those troops. Thebiggerpayments, driven the bill to the floor Wednesday, “What we knowisthat much stimulus checks andthen also lawmakers, said people familiar Theadministration has said it by an unusual coalition of Dem- which means it won’t passifa of this extra$1,400 will go to objected to his veto on defense with the conversations. would cut troop levels in Af- ocratic leadersand the Republi- Republicanobjects. paydowncredit-carddebt, or legislation. Othersdid the op- Mr.Trump made the final ghanistan by half to roughly canpresident, nowheads to the “Leader McConnell ought to savings, or makenew purchases posite. decision Sundayduring aphone 2,500,byJan. 15.Another provi- Senate, whereits fateisuncer- makesureSenateRepublicans online at Walmart, Best Buy,or Rep.Warren Davidson (R., call with TreasurySecretary sion preventsthe withdrawalof tain. SenateMajority Leader do not stand in the way of help- Amazon,” said Texas Republi- Ohio) votedtosustain Mr. Steven Mnuchin, Sen. Lindsey troops from Germanyuntil after Mitch McConnell (R., Ky.) hasn’t ingtomeet the needs of Ameri- canRep.KevinBrady,who Trump’sNDAAveto. He said the Graham (R., S.C.)and House Mi- Mr.Biden takesoffice. commented on whether he will canworkersand families who votedagainst the bill. “Wecan annual bill—which setspay nority Leader Kevin McCarthy —Lindsay Wise take up the bill. He is expected arecrying out forhelp,” Mr. do bettertohelp people get ratesfor troops and authorizes (R., Calif.), said aperson with contributed to this article. P2JW364000-0-A00500-1------XA

THE WALL STREET JOURNAL. Tuesday, December 29, 2020 | A5 P2JW364000-5-A00600-1------XA

A6 | Tuesday, December 29, 2020 ***** THE WALL STREET JOURNAL. WORLD NEWS China Jails Wuhan Virus Chronicler Hong Kong Activists Zhang Zhan was to go thereafter seeing an on- line essay that described Wu- Are Tried convicted of ‘picking han as an “abandoned city.” quarrels and provoking In a series of YouTube vid- eos and tweets, Ms.Zhang By Beijing trouble’ with her posts documented scenes of daily life under mass quarantine in BY CHUN HAN WONG Wuhan, visiting medical facili- BY WENXIN FAN ties,walking through mostly HONG KONG—A Chinese deserted streets, and speaking HONG KONG—The families court imposed afour-year to residents. Sometimes she of agroup of Hong Kong activ- prison term on a citizen jour- offered commentaryoncondi- istswho were detained fleeing nalist whodocumented how tions in the city,ranging from the city in a speedboat in Au- Covid-19 ravagedthe city economic impact and govern- gust called on Chinese author- wherethe coronavirus was ment propaganda. ities to quickly issue verdicts, firstdetected, in acase that “The party flagsand red afterthey were tried in a underscores the lengths to symbols at manyneighbor- mainland court. which Beijing has defended its hood entrances all indicate Four hoursafter aclosed- narrative of the pandemic. that epidemic-prevention isn’t door hearing started Monday, ZhangZhan, 37 yearsold, important,” she wroteina the Yantian District Court in wasconvicted of “picking May 7 tweet featuring photos Shenzhen said the trials of 10 quarrels and provoking trou- of what appeared to be check- of the activistshad ended and ble” afteraroughly 2½-hour points at entrances to Wuhan the verdictswould be an-

trial at the Shanghai Pudong /REUTERS residential compounds. “Pro- nounced at another time.

NewAreaPeople’sCourt on SIU tecting regime stability that “I want to see my son. I Monday, whereprosecutors has been impacted by the pan- won’t be able to see him if you ONE

accused her of spreading false- TYR demic is the actual goal.” don’t decide,” said the mother hoods about the pandemic Pro-democracy activists in Hong Kong called forthe release of citizen journalistZhang Zhan on Sunday. Ms.Zhang’ssocial-media of one of the defendants, Wong through social-media posts postsappeared to have drawn Wai-yin. Themother has asked and interviews with overseas ger and suppressing criticism Thecharge against Ms. from ahunger strike, said Mr. relatively little attention. The not to be identified by name. media, her lawyers said. againstmissteps in the gov- Zhang,“picking quarrels and Zhang,who waspresent in the bulk of her YouTube videos The10chargedare accused Theverdict came morethan ernment’s initial response. provoking trouble,” is vaguely courtroom.The lawyer isn’t have each garnered hundreds of illegal border crossing, seven months afterauthorities Thecase against Ms.Zhang defined and has oftenbeen related to the defendant. of views as of late December, which carries a one-year sen- detained Ms.Zhang in the cen- is the firstknown prosecution used to prosecuteactivistsand Thecourt didn’t ask Ms. though some racked up thou- tence. Twoofthe 10 arealso tral Chinesecity of Wuhan, the of acitizen journalist who dissidents.“Authorities are Zhang if she sought to appeal, sands of views.Her last video, accused of organizing the at- pandemic’soriginal epicenter, covered the coronavirus pan- sendingawarning to anyone nor did she expressaprefer- posted just before her deten- tempted escape and arepoten- whereshe posted morethan demicinWuhan, where gov- who dares to cast the govern- ence before she was escorted tion on May 14, was the most tially facing longer prison 120YouTube videos chroni- ernment effortstopunish ment in abad light,” said out, Mr.Zhang said. Ms.Zhang popular,with about 30,000 terms.Two othersonthe boat clingconditions in the city whistleblowers and suppress Gwen Lee, aChina campaigner couldn’t be reached to com- viewsasoflateDecember, weren’t chargedbecause they and detailed what she saw as information on the early out- at AmnestyInternational,a ment. Calls to pressofficials at though Ms.Zhang’slawyer were under the age of 18, but missteps in the government’s break stirred apublic backlash human-rights watchdog. the Pudong court and procura- said manyofher videos they will be subject to ahear- initial pandemic response. and prompted some ordinary In Monday’strial, Ms. torate rang unanswered. gained viewership only after ing,the families said they Her detention dovetails citizens to chronicle condi- Zhang said she regarded the Aformer lawyer and a her detention. were told. with Chinese leader Xi Jin- tions in Wuhan with firsthand proceedings against her as il- Shanghai resident, Ms. Zhang “OrdinaryChinese people All 12 people on the boat ping’s campaign to recast the accountsoversocial media. At legitimate and refused to an- traveled to Wuhan in early can’t see them. What impact faced chargesinHong Kong coronavirus pandemic in China least three other citizen jour- swerthe prosecution’sques- February, after authorities could they have had? What ex- related to pro-democracy ac- as a showcase of the Commu- nalists in Wuhan disappeared tions, according to one of her sealed off the city in lateJan- actly is the government afraid tivities before they fled. The nist Party’s good governance, in Februaryand, though one of lawyers, Zhang Keke.She was uary to contain the coronavi- of?” said Mr. Zhang, the law- Hong Kong police said the 12 featuring extensivepropa- them briefly resurfaced in broughttothe courtroom in a rus. In avideo shared by yer. “The government perhaps activistseach paid tens of ganda and censorship efforts April, their fateremains un- wheelchair,likely due to her rightsactivistsafter her de- can’t toleratethe way she thousands of Hong Kong dol- aimed at mollifying public an- clear, rights activists say. weakened statestemming tention, she said she decided makes her criticism.” lars to be smuggled out. Argentina’sSenatetoVoteonAbortion Legalization

BY JUAN FORERO rise in those opposed to legaliz- ing abortion since2018,said Argentina’sSenateisset to JorgeGiacobbe, itsdirector. vote on abroad legalization of Polling in October by Opi- abortion, which would makethe naia showed49% felt the abor- countryof45million by far the tion issue should be treated at largest in Latin Americatoap- another time because of the ur- provethe procedure. gencyofother issues.Twenty- Passageofabill permitting four percent felt it should hap- electiveabortion up to the pen in the short term. 14th week of pregnancywould Some opponentssay be awin forwomen’srights Mr.Fernándezhas been press- groups in acountrywherethe ingfor quick approval because procedureisallowedonly he needs avictoryafter Ar- when apregnancyresultsfrom gentina loggedone of the rape or when awoman’slifeis world’sworst per capitadeath at risk.The vote in the Sen- ratesfromCovid-19.The coun- atecould come as early as tryisalso struggling economi- Tuesday, and would followthe cally,with growth slated to lowerhouse’sapproval earlier contract 10.9% in 2020. this month. “This is an issue that de- Thelegalization of abortion serves adebate,” said Fa- in Argentina could have ramifi- ther José María Di Paola,a cations throughout Latin Amer- leader in the anti-abortion ica. Though electiveabortions movement who is close to arepermittedinCuba, Uruguay Pope Francis.“What thesena- and Guyana, most countries in tors need to focus on is resolv- /REUTERS Latin Americaregulateitas ing ahealth crisis.Wehave

Argentina does,while ahandful VILLAR poverty,hospitals barely func-

have an outright ban. TIN tioning. I’m in aprovincewith

Well-organized abortion- MAR barely enough beds for Covid rightsmovementsincountries Opponents of the bill protestinBuenosAires. Polls generally showcitizens of heavily Catholic and evangelical Argentina oppose abortion. patients. And hereweare talk- includingColombia and Chile ing about abortion.” arelooking to Argentina forin- the vote is favorable,Ithink lifetoresolveaproblem,” the dent at thetime,Mauricio and aides to ahandful of sena- TheHealth Ministryin spiration and momentum as women’srightswill advance pope said in aNovember mis- Macri, opposed abortion, tors who areundecided said 2018 reported 35 deaths from their societies increasingly and could consolidate.” sivetoagroup of neighbor- though he said he would have passageisfar from guaranteed. complications related to abor- grow moresocially liberal. Butthe growing evangelical hood women who wrotetohim signed the bill if lawmakers Polls have generally tion—both legal and ille- “Webelievethis is going to movement in Argentina, and opposing abortion. Argentina’s hadapproved it. Abortion- shown citizens of this heavily gal. Human RightsWatch said have an impact on the re- theCatholic Church,remain Catholic hierarchyalso has rightsgroups said they believe Catholic andevangelical coun- nearly 40,000 women and gion,” said Vilma Ibarra, alegal strongly opposed to legaliza- come out against the measure. they have moremomentum tryoppose legalization. Sixty girls were admitted to public counsel forPresident Al- tion. Pope Francis is an Argen- Thevotewill be the second this time,sinceMr. Fernández, percent of respondentstold hospitals forhealth complica- bertoFernándezwho is spear- tine and has,incarefully time in two yearsArgentina’s of the leftist Peronist coali- pollster Giacobbe and Associ- tions arising from abortions or heading the effort to win ap- worded letters to allies in Ar- Senate has considered abill to tion, has made legalizing abor- ates in Buenos Aireslast month miscarriages in 2016. proval. “This is astruggle that gentina that have been made legalizeabortion. A2018 bill fell tion a central tenet of his 12- they didn’t want to see elective —Silvina Frydlewsky is taking placeinthe world, to public,reproached the idea. short of passing by 38 to 31. month-old government. abortion approved versus 27% in Buenos Aires advanceand win rights. And if “It’snot legal to eliminatea Theconservativepresi- Those who track Congress who did. Thepolls showeda contributed to this article.

“Tiffanyisbig on bridal, March, luxuryboutiques across Thephrase infuriated Mr.Ar- would be interested in set- and that Tiffany would likely Tiffany which is not the future,” said the world closed as major nault and LVMH’smanage- tling.Mr. Effron relayedthe require an “airtight” contract Erwan Rambourg, aluxury- economies went intolockdown. ment, according to aperson fa- messagetoMr. Farah, who that would prevent LVMH goods analyst at HSBC.Inside Over the summer,LVMH miliar with the situation. said, “No thanks. We like our from walking away,according Deal Set to LVMH, Mr.Rambourgsaid, “the representatives asked French On Sept. 16,Tiffany’sad- chances of winning in court,” to the filings. productswill evolvedramati- FinanceMinister Bruno Le viser on the deal, Blair Effron people familiar with thedis- Mr.Heuzé said LVMH was cally.Ithink the stores will Mairefor aletterthat would at CenterviewPartners, re- cussion said. prepared to settle for $131.50 End Clash changedramatically as well.” laythe grounds forthe com- ceived acall from aFrench In early October,Mr. Heuzé ashare. Mr.Farah felt it would ATiffanyspokesman de- panytorenegotiateorpull out banker, Grégoire Heuzé, then told Mr.Effron that LVMH be worth accepting asmall clined to comment. Beforethe of the mergeragreement, at Rothschild in Paris. Mr. Ef- would be willing to settle for discount forthe certainty of ContinuedfromPageOne pandemic,the companyhad French officials said. Mr.Le $120 ashare, down from the getting adeal done,the people goods have stayed at home been working to revitalize its Mairerefused. original price of $135. Mr. Ef- said. Thetwo companies an- due to the virus and itsrelated image, particularly with youn- On Sept. 8, LVMH told Tif- LV MH had been fron replied that Tiffanywould nounced an agreement at the restrictions,depriving Tiffany ger shoppers. fany that it had received alet- be unlikely to accept such a end of October,with LVMH of akey source of revenue. Tiffanyretains much of the terfromFrench Foreign Minis- eyeing Tiffany for large discount, according to paying $131.50 ashare. In No- Tiffanyalso depends heavily sparkle that drew Mr.Arnault terJean-YvesLeDrian asking years before making regulatory filings. vember,Mr. Heuzé leftRoth- on mall stores in the U.S., re- in the firstplace, in particular the companytodelayits pur- On Oct. 15,Tiffanyreleased schild to join Centerview’s tail locations that have been abrand name that is one of chaseofTiffanyuntil Jan. 6, an offer in 2019. preliminaryresultsfor August Paris office. hurt this year. themost recognizable in the 2021, to help Franceininterna- and September 2020 that Thediscount savedLVMH “The sharpdecline in foot luxury business. tional taxand tariff negotia- showedits businesshad begun $440 million, lessthan 1% of traffic in malls,which areat Mr.Arnault had been eye- tions with the U.S. government. to stabilize. World-wide sales its2019 revenue.Those sav- the heart of Tiffany’sretail ingTiffanyfor yearsbefore Thenextday,LVMH said it fron wassurprised to hear had decreased slightly but op- ingswerereduced by the $141 strategy, will have asignifi- making an offertobuy the waspulling out of the deal. Tif- from Mr. Heuzé and not from erating earningshad jumped million that Tiffanypaid in cant long-term detrimental company in October 2019 for fanypromptly filed alawsuit bankersatCitigroup Inc., 25% from ayear earlier.The dividendsinAugust and De- impact on the company,” $120 ashare. Afterseveral seekingtoforce LVMH to buy which had been working for companyalso reported strong cember,which LVMH could LVMH said in its lawsuit. weeks of negotiation, LVMH the companyorpay damages. LVMH on the deal, some of the e-commerce sales and growth have avoided by completing Those problems come on struck adeal to buy Tiffany TiffanyChairman Roger Farah people said. Mr.Heuzé had in China. the deal more quickly. topofother weaknesses,such for$135 ashare, close to the said in astatement the same previouslyadvisedMr. Arnault On Oct. 18,Mr. Heuzé raised “It seems it was more of a as aproduct range skewedto- company’s all-time high. daythat LVMH had “unclean in 2017 on a transaction unit- the offer to $131 ashare, ac- question of principle,” Mr. ward bridal jewelry at a time Weeks later,the firstcases hands,” suggesting that the ingLVMH and fashion house cording to the filings. Mr. Ef- Rambourgsaid. “Was it worth when fewercouples areget- of the coronavirus were re- companyhad asked the French Christian Dior SE. fron responded that the price the time spent and the cost of ting married, analysts say. ported in Wuhan, China. By government to writethe letter. Mr.Heuzé suggested LVMH would need to be $132 ashare legal action? I don’t know.” P2JW364000-0-A00700-1------XA

THE WALL STREET JOURNAL. Tuesday, December 29, 2020 | A7 WORLD NEWS Hazy Agenda Clouds U.K.’s Post-EU Future

BY JASON DOUGLAS less, with ambitious plans to Johnson would seek to create AND MAX COLCHESTER raise the minimum wage and alow-tax,low-regulation curb greenhouse-gas emis- economyguided the bloc’s LONDON—British Prime sions.Hehas promised more tough approach in the Brexit Minister BorisJohnson has statespending,not less, in or- negotiations.The concern was ended arockyyear on ahigh der to “level up” an economy the U.K. would become a low- note, with afree-trade agree- he says is toodependent on cost competitor on the EU’s ment with the European Union London and southern England. doorstep,able to undercut Eu- and massvaccination against His firsttask is to deal with ropean companies because its Covid-19 under way. what could proveanother standards were lower. The

Nowthat the countryisun- tough year.Disruption from EU’sanswerwas to construct OL PO

constrained by most EU rules, newtrade arrangementswith atrade agreement under S he has a once-in-a-generation the U.K.’s biggest export mar- which, if the U.K. did drop its political opportunity to re- ketrisks impeding economic standards—saybychanging /PRES ER

shape the U.K. and define its recovery from the pandemic. thelaw to allowfactories to OV

post-EU direction. Thebig un- A2019 election pledgeto pollutemore—it would lose GR UL

known is what he will do with reviveleft-behind regions tariff-free access to the bloc. PA that opportunity. looks trickier nowthat the vi- Mr.Johnson did seek in ne- Boris Johnson has broadly promised more spending to ‘level up’ an economy dependent on London. Brexit wasbilled by some rushas blown ahole in the gotiations to maximizeU.K. of itsadvocates as away to U.K.’s public finances. freedom from the bloc’sregu- on banks. ketorthodoxy that the ruling this uncertainty. unleash anew dynamismin Thepandemic itself isn’t lation. But, in important areas Mr.Johnson, who wasthe Conservatives have champi- Of Mr.Johnson’sentourage, Britain by ditching Brussels’ over:The countryisheading of policy, his plans mirror or leading public faceofthe oned sincethe premiership of Mr.Cummingshad presented redtape to createalow-tax, into the newyear with anew augment those of the EU, Brexit movement, lauded Brit- Mrs. Thatcher.Hefavorsstrict the most detailed vision for freewheeling economy selling variant of the coronavirus on rather than undercut them. ain’sdeparturefromthe EU as environmental rules and post-Brexit Britain. He wrote itsgoods and services across the loose and rising infections His bigelection victoryin areclamation of sovereignty. banned the export of live ani- extensively about howBritain the world. that will bring an inevitable 2019 wasonamanifestothat In speeches,hehas trumpeted mals forslaughter. would, without the constraints But Mr.Johnson isn’t a futuretoll in deaths.Even included promises to raise the traditional conservativeprior- It isn’t clear which strain of of EU regulation, be able to free-market Conservativein with avaccination program on minimum wage and clamp ities such as lowtaxes and de- political thought will domi- morenimbly manageissues the mold of Margaret track,itwill be months before down on corporatetax avoid- regulation, tougher policing natethe rest of his time in of- likeclimatechange, immigra- Thatcher.For Mr.Johnson and Covid-19 is under sufficient ance. In policyannouncements and stricter immigration rules. fice. tion shifts,urbanization and manyBrexit supporters, leav- control to lifteconomic re- covering the environment and But he also has spoken in Themixed messages mean harnessing bigtech. ing the EU wasabout return- strictions,resistancetowhich climatechange, the U.K. has favoroftraditionally left-of- his vision forhow post-Brexit Brexit aside,Mr. Johnson’s ing and consolidating lawmak- is likely to continue from res- set out ambitious targetsthat center goals,such as lavish in- Britain will diverge from the signatureelection pledgewas ing powers with elected tivesections of his ownparty. go beyond commitmentslaid vestment in infrastructureand EU is hazy.The departurein to revitalizeleft-behind for- representatives in Britain, Meanwhile,Scottish national- out by the EU.Meanwhile,the statesupport forindustry, in- November of Dominic Cum- merindustrial regions of the rather than pursuing specific istsare eager for another shot BankofEngland has said it cluding greater protection mings,his topadviserand one U.K. with lavish taxpayer- policygoals.Hehas promised at independence. won’t ease capital require- from foreign takeovers, mark- of the masterminds behind the funded investment in schools, Britons moreregulation, not TheEU’sfear that Mr. mentsand other regulations ing abreak from the free-mar- Brexit referendum, adds to hospitals and infrastructure. WORLDWATCH Pressed by Scandals, Va tican Kick-Starts Financial Overhaul

BY FRANCIS X. ROCCA almost all of the Holy See’sin- vestmentsalong with the Vati- VATICAN CITY—Pope Fran- canBank.Pope Francis specifi- cis has stepped up long-planned cally mentioned the London overhauls to the Vatican’sfi- deal in aletterordering the nances,after pressurefromthe change, which wasformalized pandemic and financial scan- in apapal decree released by dals in theCatholic Church. theVaticanonMonday. Thechanges arerelatively Vatican officials arealso set- modest and come morethan ting up acommitteeofoutside seven yearsafter Pope Francis expertswho will set financial waselected with amandateto and ethical guidelines forthe reform the Vatican’sfinances, Holy See’sinvestments, auni- following a series of scandals fied approach unprecedented in S over alleged corruption and the modern papacy. Pope Fran-

PRES incompetenceunder his pre- cis is expected to approvethe

UMA decessor, Pope Benedict XVI. committeeearly next year,ac-

/Z Thepope this year central- cording to Vatican officials. AM

UT ized the management of in- TheHoly See’sdeficit is ex-

GA vestmentshandled by officials pected to grow to as much as A in different offices and made €100 million for2020 on abud- AND

SK new rules on procurement to getofabout €300 million, NEPAL UNREST: Protests on Sunday continued in the capital Kathmandu over the dissolution of parliament this month, a move save money and prevent cor- largely reflecting lowerrental prompted by power-sharing differences in the governing coalition. New parliamentary elections are set for April 30 and May 10. ruption. The Vatican has also income from commercial real- become moreforthcoming estateproperties,tourism and RUSSIA search-and-rescue mission to re- Chad in the east. Over the past BANGLADESH about its use of donations. contributions from Catholics. cover the fishermen. Two of the sevenyears, the forces have “The economic situation and Thedeficit has ranged from Search Is Under Way 19 crew members were rescued foughtbranches of Islamic State, More Refugees Sent the scandals have accelerated €60 million to €70million in For 17 Fishermen by a nearby fishing ship shortly al Qaeda and other militant To Isolated Island the processofreform and most recent years, the Rev. after the accident. groups, which roam the region’s forced the Vatican to take mea- Juan Antonio GuerreroAlves, Russian President Vladimir —Thomas Grove isolatedvillages and threaten Officials in Bangladesh sent a sures it should have takenyears prefect of the Secretariat for Putin expressed his sympathies governmentforcesinMali, Niger, second group of Rohingya refu- ago,” said SandroMagister, a the Economy, told the official to family and friends of 17 fish- MALI Burkina Faso and elsewhere. gees from Myanmar to an iso- Vatican expert who writes for Vatican News this year.Itwas ermen lost in the frigid Barents The soldiers killed Monday lated island in the Bay of Bengal Italy’s L’Espresso magazine. reduced to €11 million for2019, Sea on Monday after their small Bomb Kills Three were conducting operations on Monday despite calls by hu- TheVaticancontinues to largely on account of success- fishing boat capsized in a storm. French Soldiers around Hombori, a small town in man-rights groups for a halt to grapple with a scandal over a fulfinancial investmentsand The Onega sank off one of Mali’s central Mopti province, as the process. More than 30 buses costly investment in London the sale of real estate, accord- Russia’s numerous Arctic archi- Three French soldiers were part of the French military’s Op- carrying about 1,500 refugees real estate,which erupted in ing to the secretariat. pelagoes near the border with killed in Mali on Monday when eration Barkhane campaign left their camps in Cox’s Bazar October 2019 with an extraor- Vatican City normally runs Norway in one of the worst di- their vehicle hit a bomb during against Islamist militants across district on the way to the island, dinaryraid by Vatican police asurplus,owing largely to the sasters in years, caused by a operations under France’s coun- the Sahel region of Africa, au- a government official said. of the Secretariat of State,the Vatican Museums,which typi- buildup of ice on the hull during terterrorism mission in the West thorities said. Authorities say the refugees Holy See’sexecutivearm. The cally makeaprofitofmore a storm, the Emergencies Minis- African nation, the French gov- Their deaths bring French fa- were selected for relocation Holy See refers to the Catholic than €40million ayear.But try said on its website. ernment said. talities to at least 47 soldiers based on their willingness. But Church’scentral administra- with the museums closed for Russia’s Il-38 anti-submarine Francehas morethan 5,000 during the current operation and several human-rights groups say tion in Romeand the papal several months because of the aircraft with underwater acous- soldiers deployedinanareaspan- the short operation before it, some refugees have been forced diplomatic network around the pandemic,VaticanCity is also tic capabilities were deployed ning thousands of miles from the which began in 2013. to go to the island. world. It is separatefromVati- expected to runadeficit of from the Northern Fleet for the Atlantic Ocean in the west to —Noemie Bisserbe —Associated Press canCity,the sovereign terri- millions of euros this year. tory in Italy ruled by the pope. Vatican officials saymore TheVaticanhas chargedan painful measures lie ahead, in- Italian businessman with ex- cluding the sales of assets. Saudi Women’s Rights Activist Sentenced tortion, embezzlement, fraud Thepope has ruled out job and money laundering in con- cutsamong the approximately nection with the London in- 5,000 Vatican employees. ASaudi court sentenced ac- up in 2008 to tryalQaeda sus- nowsentenceher and label Farhan said Ms.Hathloul had vestment. Theinvestment has Massimo Franco, author of tivist Loujain al-Hathloul, who pects, sentenced her Monday her a terrorist.” allegedly passed classified in- cost the Vatican morethan “The Bergoglio Enigma,” are- gained prominencefor advo- to five yearsand eight months Her sister said Ms.Hathloul formation to unfriendly states. €300 million, equivalent to cent book about Pope Francis, cating women’srightsinthe in jail, starting from the date will appeal the sentenceand Thetwo officials denied that around $366 million, through remains skeptical that recent conservativekingdom, to of her arrest, according to her askfor another investigation Ms.Hathloul’s activism was aseries of transactions involv- changes reflect a larger com- nearly six yearsinprison on family and people familiar into her allegations of torture, the reason forher detention. ing middlemen, or well over mitment to reform. terrorism-related charges—in with the case.Areduction for which she previouslysaid was The U.N. Human Rights of- €100 million morethan its “The measures arereac- acase that has garnered in- time served means she will perpetrated by former Saudi fice in a tweet called the sen- current value,anofficial fa- tions to scandals,not partsof tense Western criticism of Ri- likely be released in March on royaladviserSaud al-Qahtani. tencing forMs. Hathloul miliar with the matter said. aforward-looking strategy,” three years’ probation, with a deeply troubling. “We under- It wasone of several invest- Mr.Francosaid. “Did he find By Stephen Kalin five-year travel ban. stand early release is possible, mentsmade by the secretariat out only nowthat therewas a in Riyadh and Ms.Hathloul,who has been Acampaign for and strongly encourageitas without the supervision of the problem?” Summer Said in Dubai kept largely in solitary con- matter of urgency.” central economic institutions TheHoly See didn’t respond finement and held atwo-week women to be allowed The ultimately lighter sen- Pope Francis established as to arequest to comment. yadh’s human-rights record. hunger strike in November to to drive landed the tenceand apparent rush to under his reform in 2014. Ms.Hathloul wasdetained in protest her prison conditions, wrap up the case—at least six In September,Pope Francis The Holy See's financial May2018 just as Saudi Arabia has appeared physically weak defendant in trouble. sessions were convened in the accepted the resignation of statements,inmillions allowedwomen to drive, some- in court, her body shaking and past 2½ weeks—suggest an ef- Cardinal Giovanni Angelo Bec- Operating revenues thing she and other detained voicefaint. She has previously fort to removeapotential ciu, who oversaw the London activistshad long pushed for. testified to torturebyher cap- source of conflict with the investment when serving as a Operating expenses She waschargedwith aiding an tors,including electrocution, TheSaudi media ministry new U.S. administration. Two top official in the secretariat. enemycountryand destabiliz- lashing and sexual harass- didn’t respond to arequest to Saudi royaladvisers said the Cardinal Becciu has denied 2018 ing the Saudi regime,aswell as ment, claims the Saudi judi- comment on Monday’sruling. reduced sentencecame at the wrongdoing and the Vatican speaking with foreign journal- ciary has repeatedly denied. CrownPrinceMohammed behest of Prince Mohammed, hasn’t disclosed the reason for istsand diplomats, contacting “Loujain cried when she binSalman, known as MBS, who is seeking to alleviate his resignation. 2019 Saudi dissidentsliving abroad heardthe sentencetoday,” her has accused women’srightsac- pressure from Washington. Last month, the Vatican said and applying forajob at the sister Lina al-Hathloul said in tivistsofespionageonbehalf Authorities didn’t respond to all of the Secretariat of State’s United Nations. a tweet. “After nearly 3 years of regional rivals Qatar and requeststocomment. Saudi of- financial assetswerebeing €0 100 200 300 The Specialized Criminal of arbitrarydetention, torture, Iran. Earlier in December,For- ficials maintain that the king- transferred to the Holy See’s Note:€1=$1.22 Court in Riyadh, atribunal set solitaryconfinement—they eign Minister PrinceFaisal bin dom’sjudiciaryisindependent. treasury, which is to manage Source:Vatican's Secretariatfor the Economy P2JW364000-2-A00800-1------XA

A8 | Tuesday, December 29, 2020 ** THE WALL STREET JOURNAL. FROM PAGE ONE

PrincessDiinthe Alps.Afew weeks,she said. Adults days afterNew York City’s first Her jumpsuitsare designed big snowfall this month, she forwomen to wear while walk- debuted her look foroutdoor ingtheir dogs, running errands Embrace drinks at alocal bar.Her and, these days,having an al friends wore their onesies,too: frescowinter lunch with Kellyn Levetoninapuffypur- friends,she said. Snowsuits ple wearable sleeping bag and Skye Ostreicher ordered Ian Addison Hall in acollared herself aneon yellowsnowsuit industrial-style jumpsuit. from the brand Tipsy Elves a ContinuedfromPageOne Natalie McMullen worried few weeks ago, along with a Ms.Flanneryhas no plans that her newoutfitwould be matching one forher husband to learn to ski.“Iliterally baggy or that she’dlook like“a Sean Weissbart. bought them so Icould be a Ghostbuster or something,” They wore them to Marea, couch potatooutside,” she she said. But when she put on an upscaleseafood restaurant said. her 1990s-eraItalian-made in Manhattan, to celebrateMs. Theone-piecesnowsuit is a snowsuit, it wasmoreflatter- Ostreicher’s birthday, soon af- full-body outfitdesigned to ing than she expected. terNew York City banned in- keep skiersdry and warm on “It’sstill alittle bit cinched door dining forthe second theslopes.Itbecame fashion- in the waist,” she said. time.The eateryhad an apres- able decades ago, symbolizing Ms.McMullen, who lives in ski theme with amenu featur- Alpine glamour and fell out of HALL Ottawa,purchased hersmostly ing hot whiskey-spiked cider. fashion when moreconvenient ON to playwith her toddler out- Passersby “went nutsover

two-pieceoutfits came on the ADDIS side this winter.She ordered our matching outfits,” said Ms. scene. But the one-pieces are her orangesnowsuit from Etsy Ostreicher,apolitical consul- IAN experiencing arenaissancefor Arielle Chorney with her ‘snowsuit crew,’ Kellyn Leveton, Ian Addison Hall and dog, Tater. foraround $62, which included tant and district leader in their warmth and retrostyling, shipping from Ukraine.After Manhattan. “Weposed forso retailersand newfans say. dido,the owner of Wide- down, “but they have declared dered aloud howthey would she bought it, her mother dug manypictures with people,as With indoor gatherings spreadThreads. them to be ‘fire’ so Iguess socializetogether in winter. up an old photoofherself from if we were Mickey and Minnie curbed or discouraged, people Ms. Flannery found the they likethem,” she said. The“snowsuit crew” was 1977wearing asimilar bright at Disney World,” she said. aretackling winter with cre- WidespreadThreads storeon Arielle Chorney turned her born, she said. “I loveajump- orangesnowsuit. Ms.Ostreicher has takento ativity,nostalgia and neon. eBayand nowowns ablack snowsuit plan intoaproject, suit all year long and Ihad vi- Toronto-based designer Di- wearing her onesie on errands At WidespreadThreads,one onesie with fluorescent pink re-creating the look Princess sions of PrincessDiana in that nah Luxton addedacozyjump- with her Maltese tucked intoa of the largest online sellersof accentsand ashinyblue one Dianaworeonthe SwissAlps great redsnowsuit.” suit, available in black or white sling on her hip,and to meet vintageskiwear in the U.S., with afloral pattern on the during a1986 holiday, com- Ms.Chorney found herson and with adefined waist, to friends out fordrinks or abite. snowsuit sales jumped 78% shoulders. Both arebelted at pletewith apink-and-white eBayfor around $75, and in her outerwear collection in “People need these to go eat compared with last year. themiddle.She thought her braided headband. the fall she commissioned the 2019.Evenat$700to$850,it outside,” she said. “What else “The flashiest always sells two teenagesons would give Ms.Chorney and her two $40headband from aknitter quickly sold out. She’ll be ship- areyou gonna wear? Jeans? themost,” said Steven Can- the vintagelook athumbs- friends,amarried couple,won- on Etsy,sending photos of ping moreinthe coming They’renot warm enough!”

formal request forexplanation: Pushback By rival, did the EU mean en- emy? Mr.Xihad the same ques- On China tion when he arrived in Paris in March 2019 forameeting with Mr.Macron. TheFrench presi- Spreads dent had his ownbeefs with China, including in Africa, whereParis competes with Bei- ContinuedfromPageOne jing forinfluence. Mr.Macron Thebiggest challengetohis asked Mr.Juncker and Ms. vision forChina comes not Merkel to join the meeting. from within itsbordersbut Mr.Xigrewvisibly unhappy from other partsofthe world, when the topic of “systemic ri- in nations whose views of Bei- val” came up,said an official jing have dramatically whoattended. changed in just afew years. Afterafew moreweeks of Countries that onceavoided talks with EU officials,Mr. Xi’s upsetting Beijing are moving government offered to commit closer to Washington’sharder to provide broader EU access and largely bipartisan stance— to Chinese markets. But as to curb Chinese access to cus- months rolled by,talks to fulfill tomers, technologyand sensi- that promise stalled. Instead of

tiveinfrastructure. OL easing the flow of trade,Beijing

Australia, economically de- PO threatened newrestrictions to S pendent on China, became one punish European actions it said

of the firstcountries to block /PRES offended China’speople.

HuaweiTechnologyCo. on its MUS In theCzech Republic,Bei- CA

soil,and led global calls foran T jing called off aChina trip by investigation intoChina’sinitial UL the Prague municipal orchestra, handling of the coronavirus.In- citing aquarrel with the town’s THIBA dia, onceapillar of the world’s Chinese President Xi Jinping, second from left, met in Paris in March 2019 with, from left, then European Commission President Jean- mayoroverthe status of Tai- nonaligned movement, is ex- Claude Juncker, French President Emmanuel Macron and German Chancellor Angela Merkel. wan. Therebukewas also retal- panding militarycooperation iation forthe Czech warning with the U.S. and itsallies as it beholden to an increasingly thought might push Europe and we call democracy.” man government said it doesn’t against Huawei, the ambassa- fightswith China over con- self-confident population back China closer together. Mr.Juncker leftconvinced comment on confidential con- dor later told Czech diplomats. tested borders. home,and aleadership that In July of that year,Mr. that Chinawas trying to use versationsand internal deliber- As demonstrations contin- Europe nowtrades roughly wantstoshowcase China’s Juncker and other EU delegates Europe in itsfightswith the ations. ued in Hong Kong,aformer as much with ChinaasAmer- growing stature. met Mr.XiinBeijing,days after U.S. Mr.Juncker has sincere- ElsewhereinEurope, British colony, the U.K. started ica, andisonthe brink of con- Chinese officials have high- a fractious NATO summit be- tired and couldn’t be reached though, complaintsabout China nudging itsformer EU partners cluding an investment pact lighted howBeijing has con- tween President Trump and forcomment. were spreading. toward afirmer stance, circu- with Beijing that would further tained Covid-19 and provided European leaderswhen the U.S. Around that time,agroup of In the Czech Republic,offi- lating a12-point memo on deepen those economic links. aidand investment acrossthe president suggested he could German industryrepresenta- cials were takenaback when China’splans.Mr. Xi was At the same time,the continent world. In response to questions pull Washingtonout of the alli- tives and policymakersgath- their cybersecurity agencyde- breachingthe 1984 Sino-U.K. has installed newbarriersto forthis article,China’sForeign ance. Mr.Trump had shocked ered foradiscussion of China’s termined that somebody acting agreement that returned Hong Chinese acquisitions and tech- Ministry said it sees Europe as EU officials by saying in an in- ambitions to competewith Ger- in China’sinterestshad hacked Kong to China with certain nology. astrategic partner,not arival, terview the EU wasamong manyinindustries likerobot- the foreign ministry’semail freedoms enshrined, U.K. offi- TheU.K.and Francehave and defended itsown approach America’sbiggest foes. ics,autonomous driving and and researched Czech positions cials argued. chipped away at Huawei’sabil- to international relations. Mr.Xi, by contrast, waswel- clean-energy vehicles. on issues sensitivetoBeijing. In lateJuly,the EU approved ity to competeinEurope,and Thereare limitstoopposi- coming the EU officials with a Thebusinessleadersagreed sanctions that included ending while Germanyremains cau- tion to Beijing.China’seco- statedinner.Heoffered vague to lobby fortougher policies on extraditions to and from Hong tious,debates thereabout Eu- nomic might means most coun- reassurances of opportunities China. They produced apolicy Huaweiissue Kong.The U.K. barred itstele- rope’sdependencyonChina are tries can’t affordtopush too paper warning that liberal mar- Although Huaweiwasn’t im- comcompanies from buying growing moreheated. This hard, and much of the world ket economiesrisked losing out plicated and China denied any Huaweiequipment. summer,after Beijing curtailed lookstoBeijing to fund infra- An EU policy paper to China, acountryitlabeled a involvement, theagencyde- Ms.Merkel waslooking freedoms in Hong Kong,EU structureorfor access to a “systemic competitor.” creed in late2018 that govern- moreisolated. Her EU-China countries unanimously backed Covid-19 vaccine. called China not just Australian officials,waryof ment datacould no longer be conference, slated forLeipzig sanctions,aonceunthinkable Germany’sMs. Merkel re- a competitor but a China’srise,noticed that lan- sent over thecompany’shard- in September, had been down- step. mains committedtoengage- guageand repeated it during ware or software.Officials wor- graded because of coronavirus Foreign leaderscitecom- ment with Beijing,European ‘systemic rival.’ meetingswith Germany’sfor- ried Chinese lawcould compel to avideo call between Mr.Xi, plaintsabout the way Mr.Xi’s officials said. She has been the eign ministry.Australia had Huaweitocooperatewith Chi- Ms.Merkel and two topEUof- government initially handled main driver forthe EU to com- just blockedHuaweifromin- nese intelligencegathering. ficials. Covid-19,its clampdowns on pleteaninvestment pact that stalling 5G equipment at home, Huaweihas denied it would Themain topic wassup- Muslim minorities in Xinjiang would further bind Europe’s forEuropean businesses and afterwhich China penalized surrender datatoBeijing. posed to be trade,but one hour and democracyactivistsin economytoChina’s, and is collaboration on climate Australia’sbarley and beef ex- China’sambassador,Zhang in, Charles Michel,one of the Hong Kong and greater compe- pushing to cement adeal be- change, according to three peo- ports. Jianmin,aformer interpreter EU’s toptwo officials,pressed tition from Chinese companies fore anew U.S. president takes ple present. Ms.Merkel, however, forMr. Xi, came to the foreign China on human rights. Mr.Xi that oncewerecustomers. office. Still, concern about As waiterscleared plates, wanted to expand engagement ministryand issued awarning, started rattling off statistics, “What happened during the China’smarket powerisgrow- his languageshifted, those peo- with China and, according to according to people familiar noting a10% increase in anti- last year…is amassivedisrup- ing in Germany. And some EU ple recalled. China’sstate-led two European officials,pri- with thematter: If the Czech SemiticincidentsinGermany. tion or reduction in support in lawmakersare threatening to model would flourish in aglob- vately floated asummit that Republicdidn’t retract itsposi- He also alluded to the Black Europe,and elsewhereinthe block approval of the pact alized eraoffreetrade,Mr. Xi would bring Mr.XitoGermany tion on Huawei, Chinese tour- Lives Mattermovement world, about China,” the EU’s when it reaches them. said. Europe washobbled by forafirst-ever meeting with all istswould stop coming,and spreading from America, and ambassador in Beijing,Nicolas Earlier in Mr.Xi’stenure, “its slownessofdecision mak- EU national leadersinSeptem- other economic consequences mentionedmigrantsdrowning Chapuis, said at aBeijing en- most European leaderssaw ing,” and income inequality ber 2020.Beforethen, she would follow. at sea, according to two offi- ergy forumearlier this month. China mainly as an opportu- wasfueling populism, he said. hoped, Beijing would affordEu- Instead of backing down, cialsonthe call. “And I’m telling that to all my nity—a vast market whose ris- Mr.Juncker firedback,ac- ropean businesses moreaccess Czech officials worked with the “Wedon’t take anylec- Chinese friends,you need to ing staturecould help balance cording to two officials pres- to China’smarket. WhiteHouse National Security tures,” China’spresident told seriously look at it.” out U.S. dominance. ent: “What youcall slowness, Aspokesman forthe Ger- Council to bring European offi- them, according to attendees Sincethen, backlashes have cials to Prague foraninternet- and China’sstate news service. built acrossEurope,especially Percentage who have no confidenceinChinesePresident security summit. Chinese rep- “Nobody has aperfect record.” Distrustrises in smaller countries such as the Xi Jinping to do the right thing regarding world affairs resentatives weren’t invited. Mr.Michel responded that APew ResearchCenter sur- Czech Republic,whereheavy- Some French, German and theEUatleast had policies to 100% veyinOctober found distrust handed actions by Chinese dip- Dutch officials worried the resolvehuman-rightsproblems. in Mr.Xireaching highs in lomatsfueled resentment, and summit would needlessly of- “Weare far from perfect,” the nearly everycountrysurveyed. among businessleaderswho fend China, but they came any- two officials on the call recall “China has become plank worryabout unfair competition 75 France way,according to several par- Ms.Merkel saying,“but we are number one forthe U.S. in our with Chinese companies. ticipants. Australians at the willing to addressprobing diplomatic conversations with Officials including Mr. Germany eventwarned: TodayBeijing is questions.” By the call’send, Europeans,” said former U.S. Juncker,when he wasEuro- punishing us,but tomorrow it neitherside had progressed U.S. Assistant SecretaryofState for pean Commission president, 50 will do the same to you. much on trade. European AffairsWessMitch- have worked behind the scenes U.K. An EU policypaper early Weeks later,the EU’stop ell, who stepped down last to stiffen leaders’ spines.So, last year called China not just a diplomat held acall with U.S. year.“Our best ally in the ef- too, have diplomatsfromAus- Australia partner and competitor but a SecretaryofState Mike fort to makeChina an issue is tralia,who have crisscrossed 25 “systemic rival.” Thelanguage Pompeo to settle on ashared China’sown behavior.” Europe connecting China critics startled China’sdiplomatsto goal: TheU.S.and Europe China has said that negative in smaller nations with coun- the EU,according to one of should coordinateonChina. views toward Beijing areanis- terpartselsewhere. them familiar with theirre- That cooperation is set to in- sue mainly in Western coun- Concerns about Mr.Xial- 0 sponse. tensifyoncePresident-elect Joe tries,and have been stoked by ready were building in 2018,a 2015 ’16 ’17 ’18 ’19 ’20 TheChinese diplomats Biden takesoffice, the diplomat Washington. One senior For- time of heightened tensions be- looked up “rival” in adiction- recently said. Note:Only fiveof14surveyed countries shown eign Ministryofficial said that tween the EU and the Trump Source:Pew Research Center telephone surveys, most recent of 14,276 adults from arytobetterunderstand all its —Rachel Pannett contributed many Chinese diplomatsfeel administration that some June 10 to Aug. 3, 2020,in14advanced economies; margin of error: +/- 3.7 pct. pts. connotations,then asked, in a to this article. P2JW364000-4-A008A0-1------NS

THE WALL STREET JOURNAL. **** NY Tuesday, December 29, 2020 | A8A GREATER NEW YORK State Moves to Freeze Evictions Va ccine

Lawmakers pass bill said that lying about financial Providers hardship would be amisde- protecting tenants; meanor offense.Hesaid it critics say it will hurt wouldn’t be feasible to verify That Defy thousands of tenant claims struggling landlords during the four-month mora- torium period. The Rules BY KATE KING State Sen. Phil Boyle, a Re- publican from Long Island, NewYork is poised to enact said that whiletenantsand Face Fines wide-reaching protections for landlordsare suffering,he tenantssuffering from hard- worried that lawmakers were ship duetothe coronavirus opening the door to indefinite BY CHARLES PASSY pandemic,after lawmakers eviction moratoriums. votedtoplaceamoratorium “What arewesetting up?” NewYork Gov.Andrew on manyevictions until May1. he said. “Months and months of Cuomosaid Mondaythat he Gov.Andrew Cuomo,aDem- people adding on to the amount would sign an executiveorder ocrat, said Mondayhewould S of rent they owe is going to to penalizehealth-carepro-

sign the bill, amovecheered NEW cause disaster in the spring.” vidersthat administer the by tenant advocates who said G Thelegislation includes Covid-19 vaccine without fol- the statewould be enacting some provisions forproperty lowing stateprioritization one of the strictest eviction OOMBER ownerswith 10 or fewerunits, protocols. moratoriums in the country. including aban on foreclosure Thestate requires that Opponentssaid the legislation ANE/BL and tax-lien sales forthose fac- health-careworkersathigh

didn’t do enough to protect ANGIP ing hardship due to the pan- risk of being exposed to the

landlords and could prevent FR demic.Homeownerscan sub- coronavirus,along with nurs- UL

struggling building owners PA mit ahardship declaration to ing-home residentsand staff, from paying their taxes. Demonstrators called for a moratorium on evictions during an October protest in New York City. avoid negativecredit impacts. receivepriority forthe vac- The bill effectively bans all Some tenant advocates said cine.Mr. Cuomo,aDemocrat, evictions statewide for60 “You do not solveapublic said it doesn’t contain amech- afford to pay it now. the legislation didn’t go far said providersthat ignore days, including those already health crisis,you do not solve anism allowing landlords to “Creating abroad incentive enough. Cea Weaver,campaign this will facefines of up to $1 in motion. After that, tenants an economic crisis,bykicking verifythat tenantsare truly forany tenant to refuse rent coordinator for the nonprofit million and arevocation of who areunable to paytheir people out on the street,” said unable to paytheir rent be- would placeevengreater HousingJusticeFor All cam- allstate licenses. rent because of the coronavi- stateSen. Zellnor Myrie,a cause of the pandemic.James strain on NewYork’sailing paign, described the morato- In addition, Mr.Cuomo said ruspandemic canfile paper- Democrat from Brooklyn. “You Whelan, president of the Real economyand further deplete rium as a temporary solution the stateattorney general’sof- work to prevent or suspend solveitbykeeping people in EstateBoardofNew York,said the taxrevenue that fuels basic and urgedlawmakerstocancel fice would nowbehandling a evictionproceedingsuntil May their homes.” itsmemberssupported previ- government services forour the back rent owedbytenants case involving ParCareCom- 1. Households whereamember Thestate Senateand As- ous eviction moratoriums but entire population,” he said. and raise taxes on the state’s munity Health Network,a is at increased risk of severe sembly votedMondaytoap- arealso facing financial strain State Sen. Brian Kavanagh, highest earners. health-careprovider with of- illness from Covid-19 are also prove the moratorium. and need the income they are aDemocrat from NewYork —Charles Passy ficesinNew York City and Or- protected under the bill. Critics of the legislation owedfromtenantswho can City and sponsor of the bill, contributed to this article. angeCounty. State Health Commis- sioner Dr.Howard Zucker said over the weekend that ParCarewas being investi- gatedbythe statepolicefor possibly obtaining the vac- cine fraudulently and then transferring it to other parts of the stateand administer- ingittothe public without paying heed to the prioritiza- tion rules. Ultimately,Mr. Cuomo said he wants“to send aclear sig- nal” that the statewon’t tol- erateattemptstosubvert the processithas put in place

Mr. Cuomo said 140,000 doses have been administered in the state so far. (2)

forvaccine distribution and JOURNAL administration.

REET “Ifyou violatethe lawon ST these vaccinations,wewill LL

WA find out and youwill be prosecuted,” he said. THE

R ParCareissued astate- FO ment Mondaysaying it was “actively cooperating” with the stateonits investigation. BLESENER

H In aprevious statement, Par- RA

SA Caresaid it had followedthe Noelle Nikci teaches first-graders at P.S. 105 in the Bronx. Most of the students at the school come from families that speak Spanish or Arabic as a first language. state’sprocedures forobtain- ing the vaccine—specifically, the one developed by Mod- Pandemic Makes Teaching Reading Harder erna Inc.—and that it was approved by the statefor distribution. Mr.Cuomo said he wasn’t BY LESLIE BRODY DominicanRepublic,Peruand But achild can’t simply pick a surprised that issues areal- Yemen, administratorssaid, be- newbook anymore: School ready arising with health- First-graderspracticed cause working parentscouldn’t rules sayevery book has to be care providerspotentially vi- reading words with the short leave them home alone or cleaned and quarantined fora olating statemandates with “o” sound on arecent morning wanted them safefromNew few days beforeanother stu- vaccine prioritization. at P. S. 105 in the Bronx,where York’svirus outbreak.Some dent touches it. “You’regoing to see more wordslike“mop” and “pop” tuned in to classfromafar. P. S. 105 had trouble getting and moreofthis.The vaccine were displayed on an interac- Nowabout athirdofthe studentsongrade level well is avaluable commodity,” he tive board. school’s studentsattend in- before the pandemic.About said. Their teacher,Noelle Nikci, person two or three days a 37%ofthird-graderspassed Mr.Cuomo said 140,000 asked asquirmylittle boyto week,with remotelearning on state tests in reading in 2019, dosesofthe vaccine have sound out the circled word, other days.Most arefully vir- compared with 53% citywide. been administered in the “top.” tual, so manyclassrooms sit Five yearsago, NewYork statesofar,adding that the “Tee,” he said. empty.The air is chilly,with City MayorBill de Blasio set a figure put NewYork ahead of “Look at me,” she said, windows cracked open several goal of having everychild read all other states in the coun- pointing to her faceasshe inches to boost ventilation. on grade level by the end of try. enunciated tuh -ah-puh. But Ms.Nikci says this year has second grade,by2026.Teach- Thestate is expecting an- her mask blocked him from been her toughest in adecade erswill knowsometime this other 259,000 doses to arrive seeing her mouth’smove- with first-graders, and the year if what they are doing is this week,Mr. Cuomo said. ments. She tried several times stakes arehigh.Inthe early working or if children arestill With the increased availabil- to gethim to connect the years, students learn to read, falling behind. Studentswill ity,the statewould expand sounds.That didn’t work,so and afterthirdgrade they take periodic online assess- itsvaccine program to in- she said it herself. need to be able to read to mentsthat track their skills clude employees of urgent- “Top!” he echoed. out is when they really need a hit 40% this fall, up from 27% learn other subjects. Studies compared with typical years care centersaswell as to in- “You got it!” teacher who cansee what’s last year,according to Amplify showstudentswho can’t read and national norms. dividuals who administer the The coronavirus pandemic going on daytoday,” said Education Inc., acompanythat by third grade can fall behind On a recent day, Ms. Nikci vaccine,among others. has brought ahost of new Timothy Shanahan, a literacy provides assessmentsfor more at an accelerating clip and are had eight children in her class- As the vaccine rollout con- challenges to teaching the expert and professor emeritus than amillion studentsacross at high risk of eventually room, as well as 17 watching tinues,the stateisseeing an foundational skills of reading at theUniversity of Illinois. the country, mostly in cities. dropping out.“Firstgrade is from home as she live- uptick in the rate of those andwriting.With masks,so- “Myheart goes out to every About 35% of second-graders serious business,” she said. streamed alesson. Some had who aretesting positivefor cial distancing and millions of teacher trying to deal with scored significantly below Her studentsarrived this special needs.Her co-teacher, the coronavirus,Mr. Cuomo young children nationwide this.Idon’t knowhow Iwould benchmarks,upfrom29% last fall with abroader rangeof Rosemarie Diana, whowas said. On Sunday, the rate hit learning online at home—ei- teach afirst-grader to read at year, it said. skills than usual. Some can quarantining at home afterex- 8.33%, up from Saturday’s ther several days aweek or a distance.” “Weneed tutoring to catch read books on grade level or posuretothe virus,focused on figure of 5.8%. full-time—teacherssay they Physical constraintscome these kids up,” said Susan Neu- above, but others struggle to the online students. Theco- Mr.Cuomo said the spike have to find newways to on topoflost classtime due man, NewYork University pro- recognizeletters.Masks make teaching aimed forcontinuity: might be due to the fact that tackle literacy instruction, so to school shutdowns last fessor of literacydevelopment. it hardfor them to hear how Children cycling between in- fewerpeople were getting students don’t missacrucial March, higher absenteeism, “Ifwedon’t devotemassive words break down into small person and virtual days keep tested over the course of the windowinkindergarten and—for manystudents— amountsoffunding to build in segments, akey part of learn- thesame two teachers. post-Christmas period, since through second grade. waiting months forelectronic small-group learning hubs, ing to read. It is difficult for Ms.Nikci asked which letter the need fortesting waspar- They can no longer rely on devices or Wi-Fifor remote we’reliving in afantasy world.” her to hear them too. she should take away to ticularly tied with holiday read-alouds with kids answer- lessons.Research has found Sitting near the Bronx Zoo, “I can’t say, ‘Pull your mask change“lot” to “got” on an in- gatheringsand travel. ing questions as they sit to- school disruptions led to P. S. 105 has about 900 stu- down forasecond and tell teractiveboardvisible to all In effect, he said, the num- gether on arug.Teachers sloweracademic progressna- dentsinprekindergarten me,’ ” she said. Some teachers the children. ber of people testing positive can’t roam around aroom, tionwide,especially among through fifthgrade.Most use clear masks forlip-reading “L!” said achild piping up hadn’t actually increased, but peering over the shoulders of disadvantagedstudents, and come from low-income fami- but otherssay they don’t help from home. those individuals were now children trying to write, or put educatorsworrythat achieve- lies that speak Spanish or Ara- enough. “And I’m going to makeit part of asmaller testing theirhands on students’ hands ment gaps will widen. bic as a first language. Ms. Nikci tries to give chil- what?” she asked aboy in pool—hence, the growth in to help them hold apencil Theshareoffirst-graders During last spring’sclosure, dren different exercises ac- front of her. percentage. properly. nationwide in need of inten- some children went to livetem- cording to their needs and en- “G!” he chimed in. “The sample is artificially “When kids arejust starting sive intervention in reading porarily with relatives in the courages independent reading. “Awesome!” skewed,” Mr.Cuomo said. P2JW364000-2-A008B0-1------NS

A8B | Tuesday, December 29, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Farmers Await State Decision On Overtime

BY JIMMY VIELKIND were lowered. FarmersinNew York are Phil Schmitt, who grows spending the last week of vegetables and processes 2020 worrying that astate horseradish on around 225 panel will recommend a legal acres in Suffolk County,said changethat could increase he employs about 20 seasonal theirovertime costsfor the workerstotend, harvest and next growing season. bunch his crops.Much of what A2019 lawrequired the he growsissold on the whole- state’s farms to provide over- sale market, and Mr. Schmitt time pay to their employees if said he wasstruggling to keep they work morethan 60 hours prices in line with growers in in a week. It also created the nearby states that have lower three-person Farm Wage wage costs. The Schmittfamily and workers at their Suffolk County farm. Below, aJune storm damaged some apples at Dressel Farms in UlsterCounty. Board, which wastasked with “Customerswant your reviewing whether the over- product, they want the local riod was$68,486,according to time threshold should be low- stuff.But we have to compete. the U.S. Census Bureau. ered. They tell me,‘Phil, Ican get Farms had previously been The60-hour triggerwas a this stuff from another exempted from some of New compromise between agricul- state,’ ” Mr.Schmittsaid. He York’slabor laws because of tureinterestsconcerned about said he might have to reduce what farmerssaid were the increased costsand labor the acres he cultivates in 2021. unique conditions of their op- unions,who said the overtime Dressel Farms in Ulster erations,including dependence threshold forfarms should be County had amiddling year on weather andthe need to 40 hours, as it is formost because of aJune hailstorm concentrate work in key peri- other industries and occupa- that damaged some of its ap- ods like planting and harvest. tions in the state. ples.Sarah Dressel-Nikles, Labor leadersand clergy Thewageboardmust issue who manages the 300-acre campaigned to extend morela- a report by Thursday. A deci- farm’swholesale operations, bor protections to farmwork- sion about moving the thresh- said if labor costsincreased, ersfor two decades.The 2019 old ultimately rests with New the farm would focus moreon law, called the Farm Laborers

York stateLabor Commis- the stand whereitsells to the Fair Labor Practices Act, guar- RMS sioner Roberta Reardon, who general public. She urged Ms. anteed farmworkersaday of FA

could also order further study. Reardon to wait beforemaking rest and gavethem the right SEL

Thestate Department of a decision. to form a union—but prohib- DRES Labor abruptly postponed a “The responsible thing for ited strikes and lockouts. It ;

meetingofthe wage board this wage boardtodowould passed afterDemocrats, who HMITT last week due to scheduling is- be to encourage some kind of have controlled the stateAs- SC sues,department spokes- economic impact study over a sembly and governor’s office TT MA

woman Deanna Cohen said, few years—because this year since 2007, won a majority in P: but the boardisnow set to is definitely an anomaly,” Ms. the state Senate. TO OM

convene on Mondayand Tues- Dressel-Nikles said, referring During virtual public hear- FR day. She said it would be pre- to the coronavirus pandemic. ingsconducted in August, matureand inappropriateto Therewere23,523 people manyfarmersand some farm- rent job at acommunity and dental appointments, and one else in the food produc- comment further until the employedfor crop and animal workerstestified in favorof health clinic.She said the most important, family time,” tion chain—from deliverydriv- boardissues itsrecommenda- production in NewYork in keeping the threshold at 60 overtime threshold should be she said on Aug. 31. erstogrocery clerks—received tions. 2018,according to the state hours. Other workers and ad- loweredsoworkerscould NewYork stateAFL-CIO overtime payifthey worked TheNew York Farm Bureau Department of Labor.They vocatestestified that it should spend moretime with their President Mario Cilentosaid morethan 40 hoursinaweek. and other agriculturetrade earned aggregatewages of be reduced. families. his labor umbrella group be- “Why would the most es- groups said in aNovember let- $842.3 million. Theaverage Angie Hernandez, a former “Farmworkersgot used to lieved the overtime threshold sentialofthose workers, the tertoGov.Andrew Cuomo, wage varied by region, from farmworker in upstateWayne thinking likefarm slavesfor should be 40 hours in the ag- firstleg of that journey,not who appointed Ms.Reardon, $41,574onLong Island to County whose husband still manyyears, which means they ricultural sector and said receive40hours? It’soutra- that therewould be significant $28,055 in the Mohawk Valley. works in agriculture, testified spent morehoursatwork farmerswereemploying scare geous,it’snonsensical and we alterations to farm operations Themedian household income that she sees workerswith than at home—missing out tactics. should all be ashamed of our- in the stateifthe threshold in NewYork during that pe- medical problems in her cur- with specialevents, medical Mr.Cilentosaid that every- selves,” he said. P2JW364000-0-A00900-1------XA

HEALTH & WELLNESS PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, December 29, 2020 | A9

BY BETSY MORRIS

elley Cutler was deeply skeptical when she took part in a monthlong pi- lot test of Reveri Health, K a new digital hypnosis program, at Stanford University last year. The San Fran- cisco social worker needed help quitting smoking, and only joined the program at her doctor’s urg- ing. “I was thinking it was nonsense and was never going to work,” says Ms. Cutler, 44, who had smoked for 25 years. Her first hyp- nosis session, which took place in person with a clinician, was so anxiety-producing that she had to have a cigarette afterward. Reveri Health, one of anew gen- eration of hypnosis programs and apps that makethe practiceeasily Mindset Health, a hypnotherapy accessible at home,then required startup, has two hypnosis apps. her to take part in interactive, self- hypnosis sessions at home fora month. Aftertwo of the digital ses- has surgedinrecent years, large sions,she wasshocked to discover areas remain to be studied. that she no longer felt likesmoking. Joseph Green, apsychologypro- “The craving wasreally gone,” she fessor at Ohio State University,says says.“Ican’t explain it. It doesn’t it is difficult forresearcherstoiso- makesense.” latethe specific effectsofhypnosis, She hasn’t had a cigarette because it is so oftenused in tan- since. “This hypnosis is some dem with other therapies. crazy-ass voodoo,” she says. “And I But the biggest obstacle to the mean that in a good way.” large-scale adoption of hypnosis re- Hypnosis is no longer consid- mains itsstigma, practitionerssay. ered crazy in the medical field, Hypnosis is still known in many doctors say, but many patients, quartersasastage stunt rather like Ms. Cutler, still are leery. The than atherapeutic tool. practice has increasingly gained “You know, the guywith the acceptance in the medical commu- watch—the swirling thing—that nity, and in the last two years, the putsyou intoadeep,deep sleep research into how and why it and then youact likeachicken,” works has accelerated, with new says Mark Wise,ahypnotherapist studies on the use of hypnosis to in SantaCruz, Calif., who has alleviate anxiety; ward off pain; worked with individual athletes and and successfully inhibit the fear collegeteams.Hesaid that persis- circuitry structures in the brain. tent stereotype still preventsmany Silicon Valley entrepreneursand people from trying hypnosis. investorshavestarted to take no- CanHypnosis Cure Those who have experienced tice, creating newapps that aim to hypnosis, however, say it can be popularizehypnosis in asimilar very helpful, especially during the way to meditation, which until re- pandemic. Dr. Sholes says hypno- cently wasalso considered fringe. A sis—conducted over Zoom—has safer alternativetomedications like ThePandemic Blues? brought relief to her patients who opioids,hypnosis canbeahelpful feel stuck, burned out, and more tool forcombating the stressand vulnerable to compulsive behavior anxiety caused by the pandemic, Alex Naoumidis, its co-founder and more comfortable in their home and analysis, allowing a therapist due to the pandemic. “We have doctorsand researcherssay,espe- CEO. The company’s two hypnosis environment with less novelty to to reach areas of the brain that are wine more often, comfort foods,” cially as it canbedone successfully apps, Mindset and Nerva, have a distract their attention. more open to suggestion. says Dr. Sholes, who combines via recording or over Zoom. But total of roughly 6,200 paying us- Reveri Health works on Alexa Or as California hypnotherapist hypnosis with other therapeutic while manypeople areinneed of ers, Mr. Naoumidis says. by using natural language process- and coach Linda Shively explains it, techniques. “We binge on Netflix.” stressrelief right now, hypnosis Hypnosis is the practice of eas- ing, which decodes incoming “hypnosis gets the conscious mind When the pandemic forced Debi still has astrong stigma that often ing a person into a relaxed, highly sounds and matches them to pre- out of the way.” That way,she adds, Corrie—a self-described “emotional preventsthem from trying it. focused state that makes them un- prepared instructions or re- “changecan happen quickly,rela- eater”—toisolateather home in “People either think it’s ridicu- usually susceptible to suggestion, sponses. The program asks ques- tively painlessly and effectively.” Maryville,Ill., she gained 10 pounds. lous or dangerous,” says David typically through verbal cues and tions like “Where are you feeling Earlier this year, a study Dr. She wanted something quicker than Spiegel, a clinical psychiatrist and mental imagery. Today it is used stress right now?” and responds to Spiegel co-authored in Cerebral therapy to help,soshe decided to professor at Stanford University to help treat pain and conditions the answers accordingly, then asks Cortex found that hypnosis mobi- tryhypnotherapy although she was School of Medicine and co-founder such as anxiety, phobias and sleep the user to participate in a series lizes neurochemicals in the brain skeptical. of Reveri Health. “Because it’s disorders, and to help stop behav- of breathing and imagery exer- that enable a person to self- “I have always been traditional hypnosis, people just don’t take it iors like smoking or overeating. cises. (“Picture that you’re surfing soothe, a process he likened to medicine,and this isn’t traditional seriously.” Much like meditation, hypnosis waves of uncertainty.”) “helping people to use their own to me,” says Ms.Corrie,58, owner

LERNO Reveri Health, which is free and is a predominantly auditory ther- In recent years, new research internal pharmacy.” of afinancial services business. SA can be accessed through Amazon apy that can work as well over has led to a greater understanding Hypnosis doesn’t work forev- But sincestarting hypnotherapy

EVEN Alexa, launched in August and has Zoom as it does in person, says of how hypnosis works. Four years erybody.About one-thirdofthe over Zoom in October,she says ST about 2,200 users, Dr. Spiegel Cynthia Sholes, a neuroscientist ago, brain imaging published in population is not susceptible to she’slost morethan 7pounds and BY says. and CEO of the Mind Wave Insti- the journal Cerebral Cortex sug- hypnosis at all, according to Dr. stopped bingeeating. ION

AT Mindset Health, a hypnotherapy tute in Menlo Park, Calif. It may gested that the hypnotic state re- Spiegel. Thepracticeisalso not “I don’tunderstand the science,”

TR startup, received $1.1 million in even work better at home, Dr. duces activity in the parts of the well-regulated. And while the she says.“But it has been mind- US

ILL venture funding a year ago, says Sholes says, because people are brain involved in critical judgment amount of research on hypnosis blowing.Agame changer.”

arenot exercising—or being phys- WhyThere’sNothing ically activegenerally—it’sbe- cause they’resitting.Ifyou look at the data, work-time sitting is not strongly associated with nega- Natural About Exercise tivehealth outcomes,but it’slei- sure-time sitting that is,because BY ELLEN GAMERMAN with research that shows Neander- if yousit in the morning and then thals were only slightly moremus- sit in the evening then you’renot ne of the biggest myths cular than today’sregular humans. getting anyexercise.Ifyou went about exercise is that it’s Fitnessbuffs who think civiliza- to visit ahunter-gatherer tribe in O tion’spampering has muted our Africathat doesn’t even own natural. If anything, human instincts lean more toward taking natural strength might not realize chairs, they’resitting as much as a nap. Want to feel bad about skip- that aprofoundly inactivecouch we are, 9to10hoursaday. ping a workout? Blame evolution. potatomoves morethan atypical Daniel E. Lieberman argues this chimpanzee in aday.Asfor our Does that mean standing desks theoryinhis newbook “Exercised: natural talents, it bearsnoting that are not worth it? WhySomething We Never Evolved the averageperson runs as fast as There’salmost no dataonthat, so to Do Is Healthyand ahippo. Biological anthropologistDaniel E. Lieberman wrote ‘Exercised,’ anew book. the answerisnobody really Rewarding,” which Mr.Lieberman, 56,a knows.There’snothing wrong tips some of the fit- professor of human with standing desks.Iactually nessworld’smost sa- evolutionarybiologyat like you’re calling out CrossFit in From an evolutionary standpoint, have astanding desk and am cred cows. Everyone HarvardUniversity, particular. how do you explain people who standing while talking to you. But knows exercise is helped popularize I guess I am. I’ve done some love to exercise? it’snot aform of exercise.Inter- good forthem, yet barefoot running in the CrossFit workouts, they’re great. It’snot that we don’t have re- rupted sitting or moreactivesit- studies showmost U.S. afterpublishing a I’m not anti-CrossFit. But there’s wardsfor being physically active. ting—kneeling,squatting some- people don’t get paper in Natureon this CrossFit mystique that your Our brain produces this wonderful times,also standing—does turn enough of it. Mr.Lie- howand whypeople inner primal macho ripped hunter- mix of chemicals that makes us your metabolism on alittle bit. berman set out to ranbarefoot beforethe gatherer ancestor, is who you were glad we’veexercised. Thesad part You’respending maybe an extra find out why, and the invention of shoes.In meant to be. If that gets you of the equation is that our brain eight calories an hour standing. answers,hehopes, this book,the biologi- happy, that’s fine, all power to doesn’t createthese chemicals to Thepoint is that if yousit fora will help remove calanthropologist hails you, but you don’t have to make getustoexercise.We’veturned bunch of hoursaday and you’re some of the shame the benefitsoffitness the rest of us feel bad for not do- something normal and simple and not sitting petrified and com- people feel about and recommends beat- ing these intense crazy workouts. basic intoavirtue signaling thing. pletely immobile,you’renot going their owninactivity that makes it ing the anti-exercise instinct by They’re not necessary. It’slikepeople who areintoler- to kill yourself. even harder to getmoving. working out with friends and mak- You get this sense by reading ant of other peoples’ weight. Most Mr.Lieberman criticizes people ing commitmentslikeregistering some books or popular articles people in Americaare nowover- What have you learned about ex- he calls “exercists” who brag about forarace. His philosophy: Any that those of us who are contami- weight. They’renot overweight be- ercise and Covid-19? howmuch they work out and pass movement is an improvement on nated by civilization are somehow cause of some fault of their own The evidence is pretty clear that judgment on the lessfit as unnatu- none,moreisusually better, and it abnormal because we don’t want and they’restruggling,and yet physical activity does help reduce rally lazy.Those who take the esca- is never toolatetostart. to get out of bed and run an ultra- thereare people out therewho are peoples’ vulnerability to a wide lator instead of the stairsare not The 24-time marathoner re- marathon or go to the gym and lift unacceptably mean to people who range of respiratory tract infec- guilty of the sin of sloth, he writes, cently spoke with The Wall Street 300 pounds. Our ancestors never arestruggling.Ithink we need to tions. Of course there’s no data yet but doing what they were evolved Journal about why he’ll go running did that and they would think it’s have the same level of compassion on this for Covid, but for some to do—saving energy only forwhat on the day he gets his Covid-19 crazy because they were strug- toward people who arestruggling other immunizations there’s evi- is necessaryorrecreational. vaccination, how standing desks gling to survive with limited food. to exercise.There’snothing wrong dence that if you exercise the day Other highlightsfromthe book don’t count as exercise and why a [Editor’s note: A CrossFit with them. you have an immunization, you out Jan. 5: People who believebru- caveman would never do CrossFit. spokesperson said the program is have a better antibody response. talcross-training workoutsbring designed for functional fitness Do you disagree with those who US them closer to the brawny body I wonder how people who do high- across daily activities, like lifting call sitting the new smoking? So will you exercise on the day

ANDR that belonged to their ancient fore- intensity cardio with weight train- the kids or playing sports, rather Let’srelax.The chair is not the you get the Covid vaccine? SH

JO bearsprobably arenot familiar ing will respond to this book. I feel than strength alone.] enemy. It is true that when people I can’t wait. Yes, of course. P2JW364000-0-A01000-1------NS

A10 | Tuesday, December 29, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | HEALTH & WELLNESS

WHAT’SYOUR WORKOUT |JEN MURPHY His Biking Routine Hit 10,000 Miles

hen awinter Arthur didn’t have the target in storm blanketed mind when 2020 began, but when the Northeast in the pandemic hit, cycling preserved snowand icethis his sanity. W month, manyout- He used to bike 2 miles round door exercisers trip to work. “It was an easy way shiftedtoanindoor workout. But to turn my commute into exer- Stephen Arthur,a53-year-old IT cise,” he said. When he began specialist in the North Park Slope working from home in March dur- neighborhood of Brooklyn, was28 ing lockdown, there were days miles away from cycling 10,000 when he never left his 650-square- miles in 2020.Determined to reach foot apartment or spoke with any- his goal beforeyear’s end, he put one, except on Zoom. “Getting out- knobby,snow-worthytires on his doors to bike became the highlight mountain bikeand bundled up.Mr. of my day,” he said. “I kept wait- ing for the governor or mayor to say you can’t ride your bike, but HOW TO GIRD FOR instead they encouraged people to CYCLING IN WINTER get outside and exercise.” Pre-pandemic,Mr. Arthur would interweather doesn’t use vacations to take multi-day, solo Whave to mean aseasonof biketoursindifferent countries. indoor spin-bikeworkouts. With Unable to travel, he nowuses week- Stephen Arthur the proper equipment, gear and ends to exploreBrooklyn by bike. “I cycles in the Borough precautions,cycling canbean thought Iknewthe city,” said Mr. Park neighborhood enjoyable winteractivity,said Arthur,who grew up in Bergen of Brooklyn. Zack Allison, co-owner of Bike County,N.J.“Now, I’vegottento Sports,aracing team, bike-fit knowitonawhole other level.” studio and biketravelcompany When his mom died in May, cy- in Fort Collins,Colo.“Areally cling became an outlet for grief. NUTRITION AND GEAR onions, tomatoes and cilantro.” boughtnew in 1993for $500. good setofglovesand booties Weekend rides got longer, taking Anti-delivery: Mr. Arthur doesn’t “This bikeisasteamroller,perfect arethe mostimportant him along the Hudson River THE DIET believe in paying someone to deliver forashort commute,” he said. wintercycling apparel,” or to Coney Island or to Reformed vegan: Just because a food. “I’ll eat out or pick up food, “NowIprimarily use it forheavy he said. “If it’s below Rockaway Beach in cupcake is vegan doesn’t mean it but I’d never pay someone to bring shopping trips.” freezing, athin glove Queens. “I probably cy- is good for you, Mr. Arthur said. me a meal,” he said. Folding bike: Xooter Swift bought liner,then an outer cled at least four centu- In 2018, he ditched his mostly ve- Splurge: “If I’m going to have red usedfor $350in2010. “I have a glove that’smorewind ries in September,” he gan diet and focused on eating meat, I go to Sixteenth Ave. Glatt, rear rack mountedonitsoIcan protectantwill keep said, referring to rides of whole foods and lean meats. He carrysupplies,” he said. “This bike hands cozy.” 100 miles or longer. has lost nearly 25 pounds. Brooklyn’s version of Katz’s Deli, for a pastrami roll,” he said. has taken me from Casablancato Your booties don’t have to Mr.Arthur said he wasnever Salad for breakfast: He starts Istanbul and acrossBelgium, the be thatthick if youlayerwell, afan of tracking his exercise on the day with a bowl of kale, spin- ESSENTIAL GEAR Netherlands, Florida, Thailand, Is- he said. “A pair of wool socks, fitnessapps.But when he realized ach, fava beans, radishes, peppers Road bike: Bianchi Brava bought rael and Southern California, to then apiece of plastic or foil he could accomplish 10,000 miles and carrots topped with herbs, new in 1999 for $650. “It’s served name afew trips.” overyour toes,then shoes,then in one year,hebecame motivated me well,” he said. “I’m certain I’ve spices and tahini. Safety first: Mr. Arthur won’t aset of booties and you’re set to monitor his miles on Strava. logged over 50,000 miles on it.” forwell belowfreezing temper- “Tosee youare so close to agoal Dinner: “Canned wild-caught get on his bike before putting on atures,” he said. that seems unattainable makes salmon on a taco with chopped Mountain bike: GiantSedona his Giant helmet ($20). When it getsreally cold, you youwant to chase it down,” he maywanttograbyour warm- said. “It’sgetting darker earlier estdownjacket,but youwill and it’scold, but no matterwhat sweatrightthrough that, and the weather,Iwant to complete said. He uses 10-pound dumbbells Around noon, he rides the 3.35- my physical fitness.” wetalmostalwaysequals cold, this journey.” He completed his to perform an overhead press, mile loop in Prospect Park in On weekends he explores Mr.Allison said. “Thinner base 10,000 miles on Dec.20. He had front raises, lateral raises and bi- Brooklyn.“My goal is to go as fast Brooklyn’s neighborhoods. He layers and awindbreak arethe never ridden that much before. ceps curls until fatigued. He then as Ican to getmyheart rate up plans many of his routes around

JOURNAL way to go,while keeping the Based on Strava data, he esti- does four pull-ups. Mr. Arthur had midday,” he said. He rides with a take-out meals and food shopping. thick stuff on your extremities, mates he biked between 60% to given up his yoga studio member- mask that he canpull up if he sees To avoid grocery stores, he cycles REET

ST feet andhands.” 70%moredue to Covid. ship pre-pandemic due to cost and other cyclistsorpedestrians.On to outdoor markets and totes what LL “Iceisprobably the biggest commute, but devised a home rou- the rare instancethat he can’t get he buys in bike bags. He loves eth- WA danger in winter,” he said. “Low- The Workout tine with a focus on stretching his out in the middle of the day, he nic cuisine and on his bike has dis-

THE ering your tirepressureand Mr. Arthur has maintained his pre- back. After yoga, he straps five- putsonreflectivegear and rides at covered Jamaican, Trinidadian and R

FO looking up the road forice or pandemic routine of rising at 6:30 pound weights to his ankles and night. “I don’t think it’snaturalto Senegalese spots throughout obstacles arethe bestwaysto a.m. to exercise. “Life is busy, even performs leg lifts, sit-ups and stay indoorsall day,” he said. “It’s Brooklyn. His favorite take-out

ADLER stay safe.” in pandemic times, so I like to get push-ups until fatigued, then does just as important formetoget out place is Irie Caribbean Kitchen and S

BES my workout done first thing,” he another four pull-ups. formymental health as it is for Bakery on Utica Avenue.

picking behavior,compared with only ResearchersnotethatNAC is four of 21 participantswho received safe and well-tolerated by the aplacebo. body,eveninhigh doses—afinding “The studies thatwedohave, consistent acrossvarious studies. there’snot manyofthem, but they It is commonly sold as adietary REMEDYFOR NAIL-BITING? look really promising,” said Sam supplementin600 milligram cap- Chamberlain, apsychiatryprofessor sules at pharmacies and nutrition I’d like to kick my nail-biting at the UniversityofSouthamptonin stores, though its sulfuric odor and habit but I don’t know how to the U.K.,who worked on the study. sour taste canmakeitdifficult to Limited research andlittle funding stomach. Reported side-effects in- stop. What are the latest rec- formorestudies leave the science cludestomach aches,nauseaand ommended treatments, and how behind the results unclear.One diarrhea. effective are they? theoryisthatNAC helps limit the re- In New York City, dermatologist leaseofachemical known as gluta- Susan Bard has recommended NAC The Bottom Line mate in the part of the brain respon- to patients struggling with nail-bit- Formillions of people who struggle sible forreward-seeking behaviors ing, skin-picking and hair-pulling dis- with nail-biting, things have only got- likedrug use,nail-biting or skin-pick- orders. Those who can tolerate the tenworse amid the stress of the cor- ing. That, in turn, helps damp the regimen showed good results, she onavirus pandemic.Asnail-biters brain’s reward signal from the behav- said. Others discontinue the therapy know, kicking the habit is difficult. iors, thus helping inhibit them. because of the side-effects. Before theyrealizeit, their fingers “It’s a bit like telling the brain For those who can’t stomach the areagain in their mouths,evenas may be helpful to people who may seemed to stop biting their nails,” that this thing isn’t rewarding any- supplement, there are other treat- doctorswarn againsttouching faces be struggling with a disorder that’s Dr. Berk said. more and you better stop,” said Dr. ments that may help. Bitter nail lac- to keep the deadly virus from otherwise very difficult to manage,” The researchers wrote up the ac- Chamberlain, who runs a clinic that quers that contain unpleasant-tast- spreading. But anew potential treat- said Michael Berk, professor of psy- cidental findings, which have yet to treats behaviorally addictive disor- ing compounds, as well as nail mentisgettingthe attention of der- chiatry at Deakin University in Gee- be tested in a large-scale clinical ders ranging from nail-biting to coverings like band-aids or gloves, matologists and psychiatrists who long, Australia. trial. But several small-scale studies compulsive gambling. He has rec- can help lessen nail-biting, accord- treatpatients with onychophagia— Dr. Berk has been studying NAC’s of NAC’s effectiveness in treating ommended NAC to some patients ing to Dana Stern, a Mount Sinai the medical term fornail-biting. utility in treating various psychiatric related behaviors, such as skin-pick- and seen positive results. dermatology professor who special- disorders since 2002. While study- ing and hair-pulling, have shown The drug has been around since izes in treating nail disorders. So The Details ing the supplement’s effect on bipo- promising results. the 1960s when it wasintroduced as can substituting behaviors such as The new treatment is an inexpen- lar disorder in the mid-2000s, he In one randomized clinical trial, led an agentfor clearing mucus in the squeezing a stress ball. sive, over-the-counter supplement and his colleagues discovered that by Dr.Jon Grantatthe Universityof lungs and laterasanantidote forac- Dr.Stern said NACalso shows GES called N-acetyl cysteine, or NAC, three study participants who took Chicago,researchersfound that15 etaminophen poisoning. It hasonly promise and thatshe would be open IMA that is widely available. NAC saw their nail-biting ease. of 32 participantsreceiving NAC received attention as apsychiatric to trying it forthe rightpatient.

GETTY “It’s a promising alternative that “They just noticed that they showedalarge reduction in skin- treatmentinthe past20years. —Cezary Podkul P2JW364000-0-A01100-1------XA

THE WALL STREET JOURNAL. Tuesday, December 29, 2020 | A11 ARTS IN REVIEW

BY MARK RICHARDSON

nApril 24,rapper and Phoebe Bridgers singer Post Malone, performing in born Austin Post, September, right; strapped on aguitar Kurt Cobain Oand stood in front of a performing on Dec. cameratoperform Nir- 13, 1993, below vana covers formorethan an hour. Thelive-streamed event raised money forCovid relief and wasone of the moresuccessfulearly experi- mentsinproviding aconcert expe- rienceduring the lockdown, raising

morethan $500,000 with 200,000 S

people watching at one point. PRES Mr. Post’s own music—a spare TED and low-key hybrid of rap and OCIA

pop—sounds nothing like Nirvana, SS but his rendering of the Seattle /A grunge band’s catalog led to ho- TIMES TTLE Many of today’s SEA /THE

musicians were tooyoung RBO SO

to experiencebands like T BER

Nirvana firsthand RO VISIBLE; R sannas from former Nirvana mem- FO bers Dave Grohl and Krist No- GES voselic, along with Kurt Cobain’s IMA widow, Hole frontwoman Courtney GETTY

Love. And this was even more no- Y/

table since Mr. Post, age 25, was FUR born in 1995, the year after Mr. RICH

Cobain died by suicide. The live- P: stream was one highly visible mo- TO OM

ment among many in 2020 that FR confirmed how thoroughly ’90s al- ternative rock—both the heavier CULTURAL COMMENTARY and folkier varieties—has now be- come part of the musical conversa- tion for those who were too young to experience it firsthand. TheSound of the’90s Is Alive Among the most highly antici- pated debut albums of 2020 was “Fake It Flowers” from 20-year-old Filipino-British singer-songwriter The alt rock of an earlier decade is influencing artists like Post Malone, Taylor Swift and more Beatrice Laus, who performs as Beabadoobee. In 2019, Ms. Laus re- leased a single called “I Wish I neer of slickness. “Fake It Flowers” late-1990s tour festival Lilith Fair. SoccerMommy(“Color Theory,” 1990s meant spending time in re- Was Stephen Malkmus,” the front- made some year-end lists, was a Conceived by Canadian singer- No.25), both of whom draw inspi- cord stores,seeing concerts, and man of the quintessential ’90s in- modest success on its own terms, songwriter SarahMcLachlan, Lilith ration from prominent late-’90s reading print magazines. die rock band Pavement. Her LP and offers a glimpse at how the Fair wasfinancially successful, but artists. Haim frequently covers Ms.Bridgers, activeall year with transports the thick guitar sound sound of ’90s rock might be inte- the music pressmaligned it. The Paula Cole in concert (she played aseries of one-off covers and tele- of that decade and its quiet-ver- grated into the pop of the future. name became shorthand forartists Lilith in ’97) and put Ms.Apple’s vision appearances,closed 2020 sus-loud choruses into the present Themost significant ’90s trend who were toosoft, serious and in- 1996 hit “Shadowboxer” on aplay- with an explicit nod to the alt-rock moment. While plenty of indie in 2020 drew not from the male- trospectivefor their owngood—art- list that detailed their influences, ’90s.OnElection Day, she promised rock bands have touched on dominated grungeand indie scenes istswho didn’t rock,inother words. while SoccerMommy’swork is in- on Twitterthat if President Trump grunge over the years, her record of that erabut from the intimate That wasthen. In 2020,artists spired by and has been compared wasdefeated, she would record a channeled the more accessible end work by female singer-songwriters working in this tradition and who with the morelaconic indie rock of coverofthe Goo Goo Dolls’ “Iris,” a of the genre and imparted a ve- who dominated the stages at the draw inspiration from that eraare Liz Phair (Lilith ’98). hit from 1998,released when she topping polls and being nominated TheGrammynominees forBest wasonly 3yearsold. forawards. Phoebe Bridgers, Taylor Rock Performance, announced in Theoriginal, abombastic power Swiftand Waxahatchee arethree lateNovember,are all women— ballad associated with the commer- such songwriters, and each this besides Ms.Apple and Ms.Bridg- cialization of alternativerock,isa year released what is arguably her ers, thereare Haim, Brittany How- guilty pleasure—overwrought, but best record—Ms.Bridgers’sdreamy ard, GracePotter, and the band also catchy and hardnot to shout “Punisher,” Ms.Swift’sstark and Big Thief,led by Adrianne Lenker. along with. Ms.Bridgersenlisted autumnal “Folklore,” and Waxa- All makerootsy,introspectivemu- 26-year-old singer-songwriter Mag- hatchee’sdusty alt-country“Saint sic slowintempo and light on dis- gie Rogerstoassist on her version Cloud.” All three recordswerealso tortion that would have fitright and transformed it intoahushed among the topfour 2020 albums in in at aLilith Fair showatthe acoustic lament with plucked gui- acritics’ poll conducted by pop cul- close of the 20th century. Forcrit- tars and violin not terribly far from, turesiteUproxx. ics and forthe recording industry, say, IndigoGirls (Lilith ’97). The Thealbum at No.1inthis survey this is the sound of rock now, and track is two ’90s sounds colliding in of 230 music writers? “Fetch the it arrived right on time.Itwas a acover by two talented millennial Bolt Cutters” by Fiona Apple,avet- good year forthoughtful, patient artists. It shows the strangepaths eran artist who appeared at Lilith songsbyartistsunafraid to look pophistorycan take and howno- Fair in 1997 and is agodmother of within. And in ayear when an tions of “cool,” oftendictated by ar- sortstoartistsworking in this vein. enormous amount of time was bitrarygatekeepers,are never fixed. And that’snot to mention LPsby spent in front of the screen, it felt Haim, aband comprising three sis- nicetoremember the last decade Mr. Richardson is the Journal’s ters (“Women in Music,” No.6), beforethe internet took over our rock and pop music critic. Follow and Sophia Allison, who recordsas lives.Tobeamusic fan in the him on Twitter @MarkRichardson.

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A12 | Tuesday, December 29, 2020 THE WALL STREET JOURNAL. SPORTS The Sports Feats That Defied Covid

An old-school MVP, Americans abroad, a new wizard of tennis and other things you might have missed this year

n the pandemic sports year shot. A’ja Wilson, the 2020 sea- the calendar this fall. Chen was prorated contract worth about tion during the truncated 60- of 2020, training camps be- son MVP,took that to the ex- the skater who,after finding him- $155,000.Hewas an NBAplayer game schedule,going 43-17 and came quarantines, season treme: She took zero threes. self in 17th placefollowing adi- paid morelikeanNBA lawyer. leading the majorsinruns scored schedules became vague “I’m the type of person that’s sastrous short program at the When he guarded Houston Rock- and ERAtoclaim their eighth suggestions and “positives” like, If it’snot broken, don’t fix 2018 Winter Olympics,won the etsstarJames Harden, it wasa consecutivedivision crown. I it,” said Wilson, a6-foot-4Las became a negative. The cor- free program with his “screw it” phenomenal financial mismatch: Mookie Betts dazzled with his de- onavirus dominated sports cover- VegasAcesforward. She averaged decision to laydownsix other Harden’ssalarywas 25,000% fense and athleticism. Clayton age because the coronavirus domi- 20.5 pointsand 8.5rebounds with quadruple jumps,anunprece- higher than Dort’s. Kershawfinally earned his ring nated sports. athrowback style: fadeaway dented number. Dort wasastarondefense with aWorld Series performance Yet athletes—some household jumpersand quick-burst drives —Louise Radnofsky but aliability on offense.The worthyofhis greatness. names, some you may not have that helped her lead the league in Rocketsdistanced themselves No asterisk belongsnextto heard of—still performed amazing free throwsmade and attempted. AGold MedalistinaGarage Gym from Dort and dared him to these Dodgersinthe record feats. They threw, spun, swung, Wilson wasjust the second Ryan Crouser began 2020 as shoot. And it worked. At least for books.The undisputed best team swished and scored, often in front MVP in the WNBA’s24-year his- the reigning Olympic gold medal- awhile.But what happened next in baseball won. of cardboard cutouts of fans, the tory,after Minnesota’sSylvia ist in men’sshot put, with access wasdeeply weirdinthe most en- —Jared Diamond fans’ labradoodles—or no one at Fowles in 2017, to attempt no 3- to the nation’sfinest training fa- tertaining way possible.This guy all. Here are some stories you pointersinaseason. (No NBA cilities: the University of Arkan- who couldn’t makeashot sud- Next GymnastUp: AMom of Two? might have missed while you were MVP has attempted zero threes sas wherehe’savolunteer assis- denly couldn’t miss. Dort some- Chellsie Memmel has judged watching Dr. Fauci. sincethe 3-point line wasintro- tant coach, and the U.S. Olympic howmanaged to hit six 3-point- women’sgymnastics eventsatthe duced in 1979-80 although sev- Training Center. ersinGame 7—morethan last six national championships. U.S. Tennis’sQuiet Star eral, including Shaquille O’Neal in Weeks later,Crouser wasprac- Harden, Russell Westbrook and Next year,she might compete Anew U.S. tennis star arrived 1999-2000,went 0-for-1.) ticing behind an Arkansas ele- Chris Paul combined—and found in them. in 2020,quietly.Her name is So- Wilson, whose father named mentaryschool in ashot-put ring himself taking the last shot with In anynormal time,wewould fia“Sonya” Kenin—she’sRussian- her afterthe Steely Dan song he’dmade with plywood from his team’sseason on the line. have been screaming through a born, Florida-raised, and even if bullhorn about the progres- you’reatennis obsessive, you sion of a32-year-old mayhavealready forgottenthat mother of two in her bid she wonthe Australian Open to come back and com- last February, the daybefore peteagain in asport the Super Bowl, becoming,at dominated by teenagers. 21, the youngest woman to Memmel wonthe world win the tournament in a all-around title in 2005 and dozenyears. an Olympic silver medal with At five-foot-seven, 125 lbs., the U.S. team in 2008. Kenin’sphysicality or style This year,she has doesn’t seem to be especially posted regular video up- imposing,atleast at first. dates about her training Opponentshavelearned sincehinting at aseri- it’sfoolish to underesti- ous effort to resume in mateher.“She under- April. She landed adou- stands the geometryof ble piked dismount and the court likeawizard,” trained apiked Arabian MEMMEL Kenin’schildhood coach, forbalancebeam,

Rick Macci, said. “Her an- caught aHindorff re- CHELLSIE

gles arefromouter lease on the uneven S;

space.” bars, and pursued a PRES

Not long afterKenin’s double layout for TED triumph in Australia, the floor exercise. OCIA

tennis went sideways Most of the SS likeeverything else, current contend- /A CK shutting down itscal- ersfor the next endar,including afull U.S. Olympic EBENHA

cancellation of team remember M. Wimbledon. It the 2008 Olym- would have been pic squad as PHELAN understandable the firstthey if Kenin’smo- watched on GES; mentum television. Now IMA stalled, but they mayfind thereshe was themselves GETTY when the sport re- competing sumed in the late against some- EHRMANN/ summer.She reached one who was the fourth round at on it. MIKE

the no-fans,locked- —Louise GES;

down U.S. Open, and Radnofsky IMA then came close to an-

other 2020 major title at The Mahomes GETTY the chilly, ComebacksBefore autumn the Super Comeback OCKMAN/

French It feels like11 ST Open, yearsago. But it was

where only 11 months agothat TTHEW she Kansas City Chiefs quar- MA

reached terback Patrick Mahomes GES;

the final be- playedinthe Super Bowl in IMA fore bowing to front of morethan 60,000

another up-and-coming phenom, fans who didn’t have to worry GETTY

19-year-old IgaSwiatek of Poland. about masks and social distanc- UIRE/

Kenin finished the year ranked ing. SQ No.4inthe world; this disrupted Mahomes wasalready the IE season had proven to be adream best quarterback on the planet JAM

one.Sofia Kenin is not aU.S.ten- by last season’splayoffs. GES;

nis star on the rise anymore. He pulled off no-look IMA She’shere. passes and deep bombs

—Jason Gay off his back foot. He GETTY even completed athrow TITENE/

American SoccerStormed Europe with his lefthand. IS

European vacations mayhave Then he led aSuper Bowl N been canceled in 2020,but one rununlikeanything before. DA

classofAmerican tourist still When the Chiefs trailed the GES;

crossed the Atlantic in droves: Houston Texans 24-0 in the IMA the brightest talentsofthe U.S. Clockwise from top: Patrick second quarter of the divisional GETTY

men’sand women’snational soc- Mahomes, A’ja Wilson, Pita round, Mahomes had them up G/

certeams. “Aja” (pronounced Taufatofua, Chellsie Memmel, 41-24bythe thirdquarter. ELA

Women’sWorld Cup winners “Asia”), achieved her MVP Tobin Heath, Weston McKennie, When they trailed the Tennes- SZ flocked to England’stop division, under awkwardcircum- Sofia Kenin, Nathan Chen, Ryan see Titans by double-digitsinthe SZ KA

with AlexMorgandropping in for stances: living in the Crouser, Luguentz Dort. AFCChampionship,heled them LU

ashort stint at Tottenham and WNBA’spandemic bubble to adouble-digit win. GES;

the attacking duo of Tobin Heath in Florida alongside league refer- Lu Dort! If youdon’t remember anyof IMA and Christen Pressfiring Man- ees.She gothit with two techni- Home Depot. He did medicine-ball Thereason that youmight not that it’sbecause youonly remem-

chester United to the topofthe calfouls this season, one appar- workoutsunder abridgeand remember the amazing feat of Lu ber what he did next. TheSan GETTY standingsbeforeChristmas.Their ently forsaying “And one!” to liftedweightsinagarage. Dort scoring 30 pointsinaGame Francisco49ersled the Chiefs U.S. teammates SamMewis and celebratedrawing ashooting foul. Instead of backsliding during 7isthat he missed that last shot. 20-10 midway through the fourth

Rose Lavelle landed at the same “It wasjust really weirdseeing the pandemic,Crouser thrived. Harden blocked it. TheRockets quarter of the Super Bowl. Kan- DENHOLM/ airport, but went acrosstownto the refs in our hotels,and like In the handful of meetshe won. sas City faced third-and-15.Ma- M AHA

Manchester City. pretty much everywherewe competed in—some afterdaylong Thereweresomanyother bub- homes completed a44-yard GR

Arecord10American men, went,” Wilson said. “I’m like, ‘I’m drives in his Ford F-350—most of ble highlightsthat it’seasy to heave.That wasthe firstofthree S;

meanwhile,wereonthe rostersof not cool with you.’ ” his throwssailed far past 22 forget amissed shot from some- consecutivetouchdown drives PRES Champions League teams this —Rachel Bachman meters, the gold standardfor one you’venever heardof. But that were faster than Mahomes

season in some of Europe’smost shot put. therewas something magical could say“confetti.” ZUMA

Instagrammable destinations— FigureSkating’sQuad Leap By year’s end, the 28-year-old about that glorious moment when —Andrew Beaton ON/ and also Dortmund, Germany. Twomen arenow in the hunt Oregon nativewas the only Amer- the ball leftDort’shand. LT WA Christian Pulisic turned intoa forfigureskating’sHoly Grail: a ican among 10 male and female It wasabadly needed reminder Fat-Free Pita

key pieceofChelsea’sattack in quadruple axel jump.Landing—or finalistsfor World Athletics ath- in ableak year that uncertainty Pita Taufatofua, the shirtless JOHN London. even rotating—the firstfour-and- letes of the year,awarded by isn’t always harrowing.Itcan Tongan flag-bearer who lost his S; Weston McKennie became a a-half-revolution jump in compe- track and field’sworld governing also be thrilling. only taekwondo bout at the 2016 PRES starter forJuventus in Turin. And tition would be aseismic moment body. —Ben Cohen Olympics and nearly finished last ZUMA

Sergiño Dest made his firstap- in the sport. No skater has gone This year,Crouser said, “really in his cross-countryskiing race at ZI/

pearances forFCBarcelona. beyond four revolutions. made me focus on what the true The Dodgers BrokeThrough the2018 Olympics afterdiscover- OZ

As forGio Reyna, whose study Thetwo-time Olympic cham- necessities are.” Fans of the LosAngeles Dodg- ing snowfor the firsttime,quali- ALP abroad is happening in the less pion YuzuruHanyu of Japan—al- —Rachel Bachman erswaited 32 yearstosee their fied forthe 2020 Olympics that CO

picturesque German industrial ready the firstman to land aqua- team win another World Series ti- have been postponed to 2021. MAR S:

heartland, he’sdoing just fine at druple loop in competition—had ADort on the Court tle.When it happened, everybody Taufatofua secured his latest TO

Borussia Dortmund. Barely 18, shown his attemptsinpractice Kareem. Bird. Wilt. Steph. Du- paid attention forabout five min- taekwondo berth by winning his PHO Reyna has already racked up last year,and pledged to tryit rant. LeBron. MJ.Dirk.Shaq.Bill utes. one and only fight in Oceania’s ON,

moreleague appearances than during this year’s world champi- Russell, JerryWest…and Lu- Thirdbaseman Justin Turner’s qualifying tournament. And he’s IES

Pulisic at the same age. onships in March. He lost the guentz Dort. in-game coronavirus diagnosis still training—without ashirt—to JAM —Joshua Robinson chancetofollowthrough when There’snobody in the history and decision to break quarantine secureaspot in kayaking.Hehas the competition wascanceled due of basketball who scored 30 to celebrateonthe field with his not yetdisclosed his plans forthe NEIL The Old-School MVP to the pandemic. pointsinaplayoff Game 7and teammates defined the weirdness 2022Winter Games. ION: AT

While the past decade’sdata American Nathan Chen un- wasasimprobable as Dort. An of playing sportsduring apan- Or his attirefor the Opening TR revolution brought asurge in 3- veiled his effort at aquad axel undraftedrookie forthe Okla- demic—and overshadowedthe Ceremony. US ILL

pointerstothe NBA, the WNBA during apublic practicesession homa City Thunder,Dort came to Dodgers’ accomplishments. —Ben Cohen TO

has been slowertoembracethe at one of the few competitions on the NBAbubble on aminimum, They dominated thecompeti- and Joshua Robinson PHO P2JW364000-0-A01300-1------XA

THE WALL STREET JOURNAL. Tuesday, December 29, 2020 | A13 OPINION Beijing’s Bigger Honey Trap BOOKSHELF | By Diane Cole

What do Eric ner of “friendship” associa- back aone-wordresponse: Bollinger presented himself as The Lies Swalwell and tions. But the agenda is al- “Nuts.” achampion of free speech in a Hunter Biden waysthe same: to use Such actions help explain WashingtonPost op-ed in have in com- whatever tools it has to mute whyMr. Pompeo recently whichhedeclared, “No,I mon? opposition to China. shut down five “cultural ex- won’t start spying on my for- He Lived By Both are Forthe businesssector,the change” programs that al- eign-born students.” But he MAIN highly con- pitch is simple: Come,there’s lowedcongressional staffers said nothing about Columbia’s STREET nected, Mr. money to be made—so long to travel to China on trips Confucius Institute, an institu- Finding My Father Swalwell as a as no onebringsuphuman paid forbyBeijing.Because tion Mr.Pompeo calls “part of By William member of rights. in reality China isn’t inter- the Chinese Communist Party’s By Deborah Tannen McGurn the House In- Consider Disney. In 1997, ested in genuine exchange; it global influenceand propa- (Ballantine, 251 pages, $28) telligence the companyangered China wantsopportunities to de- ganda apparatus,” or reports Committeeand Mr.Biden as by releasing “Kundun,” apos- velop relationships with these that Columbia’sGlobal Center hirty yearsago, Ibecame hooked on the work of socio- the son of the incoming presi- itivefilm about the Dalai staffersand use them for in Beijing has canceled talks T linguist Deborah Tannen afterreading her smart, savvy, dent. Both have made news Lama. CEO Michael Eisner China’spurposes. that might upset Chinese offi- relationship-saving (yup,myhusband read it, too) fortheir dealingswith China, called the film a“stupid mis- cials.Orthe likelihood that bestseller “You Just Don’t Understand: Women and Men Mr.Swalwell forhis relation- take” and vowedthat Disney China is spying on Columbia’s in Conversation.” Here,and in Ms.Tannen’smanybooks ship with aChinese spy would “prevent this sort of Eric Swalwell and Chinese students. sincethen, she displays an acuteability to decode and named Christine Fang,and thing” going forward. When Theisthe missing backdrop explain the hidden messages and assumptions our words Mr.Biden forbusinessdeals RobertIgertook over,he Hunter Biden are only to the Hunter Biden and Eric unwittingly convey,whether about power, status,awish made with enterprises con- made apriority of getting the tip of the Chinese Swalwell cases.Mr. Swalwell forgreater connection or itsopposite. If thereisa nected to the Chinese Com- back in China’sgood graces, isn’t accused of anywrongdo- common lesson in all her volumes (among them, “I Only munist Party.Both also bene- and his achievementsinclude influence iceberg. ing,but does anyone believe Say This Because ILoveYou” and “You’rethe Only One I fitfromaU.S.press corps Disney’s theme park in he is the only U.S. politician Can Tell”), it’sthe importanceoflistening—and learning uninterested in getting to the Shanghai in partnership with (or staffer) compromised by a howtotune in to what’sreally being said. bottomoftheir stories. the government, through the Or take China’stheftof Chinese honey trap? As for Now, in her appealing memoir “Finding My Father: When the NewYork Post state-owned Shendi Group.In dataand intellectual property, Mr.Biden, even without crimi- His Century-Long Journey From World WarIWarsaw publishedemails in October addition, the studio filmed including research on nal charges, shouldn’t apress and My Quest to Follow,” Ms.Tannen reveals howshe raising doubtsabout JoeBi- partsofthis year’s live-action Covid-19.This columnist, who corps so eager to report the acquired this skill, courtesy of her adored father,Eli den’sclaims he’dnever dis- “Mulan” in Xinjiang province, worked in the George W. Bush false but salacious charges Samuel Tannen: cussed his son’sbusiness home to Chinese concentra- WhiteHouse,had his per- about Donald Trump at least dealings, many dismissed the tion camps holding morethan sonal information stolen by consider the possibility that When Iwas achild, and the family gathered afterguests storyas“Russian disinforma- amillion Muslim Uighurs. Chinaina2015 hack of the China mayhaveincriminating left, my father would comment, “Did younoticewhen she tion”—and some suppressed NowMr. Iger’s name is be- Office of Personnel Manage- evidenceonthe newpresi- said ...?”and go on to explain what meaning he gleaned it. As forMr. Swalwell’sChina ing floated as JoeBiden’sam- ment.InJuly,FBI Director dent’sson? from the guest’stone of voice, intonation, or wording. connection, the NewYork bassador to Beijing. Christopher Wraysaid China Next July marks the 50th So Itrace to him what became my life’swork: observing Times still refuses even to In aSeptember speech to has “pioneered an expansive anniversaryofHenryKissin- and explaining howsubtle differences in waysofspeaking mention it. statelegislators, Mr.Pompeo approach to stealing innova- ger’ssecret trip to China. canlead to frustration and misunderstandingsbetween Butitisn’t just the Biden cited Roger Roth, president tion through awide rangeof China has changed much NewYorkersand Californians,women and men, and and Swalwell stories the of the Wisconsin Senate, as actors—including not just sincethen, and so has itsap- people of different ages,regions,orcultures. pressismissing.Their cases another Chinese target. Mr. Chinese intelligenceservices proach to America. JoeBiden areonly amicrocosm of what Rothreceived an email from but state-owned enterprises, might be tempted to think his Over the course of his long life—he died in 2006,atthe SecretaryofState Mike Wu Ting,wifeofthe Chinese ostensibly privatecompanies, son’scase and that of Mr. ageof97—Eli loved nothing morethan to reminisce, Pompeo complains is an all- consul general in Chicago, certain kinds of graduatestu- Swalwell will pass. But they especially about his earliest yearsinWarsaw, wherehewas out Chinese Communist Party that asked him to “consider dentsand researchers, and a won’t, because they arepart born intoalarge Hasidic family.Heleftthat world behind effort “tomakeAmericans re- adopting aresolution ex- whole variety of other actors of amuch largerand more when he came to Americain1920,but he never stopped ceptivetoBeijing’sform of pressing solidarity with the working on their behalf.” sinister China storytowhich missing it. His oft-repeated tales made his wife, Dorothy— authoritarianism.” China does Chinesepeople in fighting American campuses area Americans areonly nowwak- Ms.Tannen’smother—roll this on multiple fronts, often thecoronavirus.” She help- particularly softtarget. In ing up. her eyes at what she masquerading under the ban- fully included adraft.Hesent 2019 Columbia President Lee Write to [email protected]. dismissed as tedious stories about dead people.For her part, Dorothyremembered almost nothing about her What’s Worse Than 2020 in America? childhood in what is now Belarus,fromwhich she and This wasaknee-jerk response that none- claimed by both countries, bility.In2009 the Congress her family had escaped in year from hell thelesssaved lives.Either way, blocking Indian access to tra- Party coasted to re-election 1923.Why look back on a for many India is among the countries ditional patrol routes and with the biggest national man- placethat, had they stayed, countries,and worsthit by the pandemic.In threatening access to an Indian dateinnearly two decades. would have probably cost India’s2020 terms of totalformally re- strategic air base.InJune Chi- Twoyearslater,agrowing an- them their lives in the wasarguably ported cases it lagsbehind nese troops armed with nail- ticorruption movement sapped Holocaust? EAST IS morehellish only the U.S. As of Tuesday studdedclubs and iron rods Prime Minister Manmohan But young Deborah loved EAST than most. Hit 10.2 million Indians had caught wrapped in barbed wire Singh’slegitimacy. her father’s tales,manyof simultane- Covid-19 and 147,901 had died. brawled with Indian soldiers. Yetpredicting Mr.Modi’s which resembled scenes ripped By Sadanand ously by the Given sketchyreporting in Theclash killed 20 Indians and downfall would be premature. from an Isaac Bashevis Singer Dhume Covid-19 pan- poorer partsofthe country, an unspecified number of Chi- Forstarters, he dominates In- story. She wascaptivated by Eli’sdetailed memories of the demic, an eco- the true numbersare almost nese,the worstlossoflifeon dian politics in away not seen tightly knit Jewish community wherehespent his first12 nomic crisis and aChinese land certainly higher. the China-India boundaryin sincethe 1980s.Much of the years. Thepoverty wasvisceral in aneighborhood teeming grab in the Himalayas, Prime In terms of officially re- morethan 50 years. domestic media actsmorelike with bow-leggedchildren suffering from rickets, and shoe- Minister NarendraModi ends corded cases and deaths per alap dog than awatchdog, am- lessbeggars wearing clothes made from rags. YetEli felt 2020 facing the strongest head- million people,India looks plifying the government’stalk- sustained by the sheer livelinessofhis grandfather’s winds of his 6½ yearsinpower. better than most Western India struggled as it ing pointsand savaging itscrit- multigenerational household, wherethe boylived with his Theyear began with pro- countries but worse than its ics.Anopaque fundraising widowedmother and only sister,surrounded by aunts, tests. Spurred by anew law Asian peers, including densely faced down Covid-19, system gives the ruling uncles and cousins of all ages. that imposes the firsteverre- populated Indonesia, Pakistan a collapsing economy, BharatiyaJanataParty afatter Manyofthese relatives had remarkable stories of their ligious test forIndian citizen- and Bangladesh. East Asian wallet than all itsopponents own. Aunt Magda, forinstance, having early in her life ship,Muslims and secularists success stories likeTaiwan, and border clashes. combined. Manyardent sup- eschewedreligion forcommunism, fought with the Soviets organized noisy sit-ins.Pro- Japan, South Koreaand Viet- portersbelievethat India is in in World WarIIand afterwardbecame ahigh-ranking testersfeared that the govern- nam arealmost in adifferent theearly stages of aglorious official in the Polish government. Aunt Dora’sbrillianceled ment would combine the new universe. India responded by banning Hindurevival. These arenot her to acareer as arespected mathematician and physicist law, which fast-tracks natural- TheIndian economywas scores of Chinese apps,includ- people prone to switch loyalties who studied with Einstein, became his lover and, even after ization fornon-Muslims from slowing even beforethe pan- ing TikTok and WeChat,and by based on IMF projections. aborting her pregnancybyhim, followedhim from Europe Pakistan, Bangladesh and Af- demic,inpart thanks to abi- strengthening militarycooper- Meanwhile,the inept Con- to Princeton, N.J. ghanistan, with aproposed na- zarre2016 cash ban and the ation with theU.S., Japan and gressParty leader,Rahul Gan- Eli’sown lifetook adifferent course.Despitehigh aptitude tional register of citizens to rockynationwide rollout of a Australia. But despitediplo- dhi, afourth-generation dynas- scores at his American public school, he dropped out at 14. disenfranchise India’sMuslim complicated goods-and-ser- matic talks,aheavy military tic politician, symbolizes a He spent the next three decades struggling to makeadecent minority.The pandemic cut vices tax. Thepandemic buildup on both sides,and flailing opposition short of living,first to support his widowedmother and his sister, short the protests, but not be- pushed it over acliff.The In- eight rounds of militarynego- ideas and charisma. Last and then his wifeand children. In those yearshenotched up fore Hindu-Muslim clashes in ternational MonetaryFund es- tiations,PLA troops showno month the BJP and itsallies 68 jobs and occupations,fromgarment worker to prison Delhi in Februarykilled more timates that Indian grossdo- signs of vacating newly occu- retained powerinBihar,India’s than 50 people,most of them mestic product will have pied territoryfivetimes the thirdmost populous state. Muslim. shrunk 10.3%byfiscal year- sizeofManhattan. Theyear ends as it began, She grew up rapt by her father’scharming tales Indiawas slowtoreact to end, easily itsworst perfor- What does allthis mean for with protests. SincelateNo- of familylifeinthe old country. Thereality, the virus threat, but at the end mancesinceindependencein Mr.Modi? That dependson vember,tens of thousands of of March Mr.Modi abruptly 1947.Among Group of 20 econ- whether Indian politics follows farmershavecamped on shelater learned, wasdarkerthan he admitted. declared anationwide lock- omies,only Argentina and It- itstraditional pattern of pun- Delhi’sborderstoprotest sen- down with only four hours’ no- aly will likely contract more ishing leaderswho underde- sible but politically riskynew tice, leaving many people sharply.Interms of per capita liver on their promises or it has laws that give the privatesec- guard, while also going to night school, eventually earning a stranded in cities without income,India has fallen behind entered anew phase of Hindu- torabiggerrole in agriculture. lawdegree beforefinally opening his ownlaw officeinthe work,money or transporta- Bangladesh. nationalist ascendancy. Mr.Modi mayovercome this 1950s.When he retired from his lawpracticeinthe late’70s, tion.Television screens soon Adding to Mr.Modi’strou- If historyoffersclues,he challenge, as he has othersin he began writing down and recording his memories on tape, filled with images of thou- bles,China picked India’smo- has reason to worry. In 1971 In- the past. But 2020 has been so that Ms.Tannen might somedaywriteabook about him. sandsofnewly unemployed ment of disarray to probe for diraGandhi comfortably won the toughest year he has faced Here, at last,isthat book. migrant workerstrekking weaknesses along adisputed her second national election. as prime minister. In her overly discursiveearly chapters, Ms.Tannen herself home to distant villages. 2,200-mile Himalayanborder. Twoyearslater,amid high in- wonderswhy it took so long.Tobesure, it wasadaunting Expertsdiffer on whether In Mayhundreds of People’s flation,student protests Walter Russell Mead is task to siftthrough the countlessletters,notes and personal Mr.Modi’slockdown wasan Liberation Armytroops erupted in much of the coun- away. journals Eli had preserved over the course of his long life. unmitigated disaster or a pitched tents in territory try, threatening national sta- But perhaps therewas adeeper obstacle.Inreconstructing the substanceofher father’s life, the author admitsthat she wasalso forced to revise what she thought she knewabout her parents, both as individuals and as acouple. If Yo u Must Talk About Race, Be Gracious Thefirst family myth to fall wasthe intimatesetting of his grandfather’s Warsaw household. Instead, Eli’sletters reveal By Rodney Stevens Thesegregation wasn’t uni- journalistsand artists, com- moreand more. Aunt Magda admonishing her nephewfor waxing nostalgic form. One doctor had a sepa- passionate politicians and fa- Fifth, do what lawenforce- about afamily warmth that never existed. Unable to rebut a merica is still obsessed rate waiting room; the other mous Hollywood actors. Their ment officersask youtodo. truth he had preferred not to acknowledge, Eli admitstohis A with race,and these didn’t.Ditto forthe town’s numberswill keep growing as Obviously that won’t solveev- idealized childhood imageand owns up to the lack of family days people seem to see two dentists. Oncethe 1964 long as we remember six eryproblem because police- closenesshehimself had so painfully observed, experienced— only strifeand injustice. But Civil RightsAct outlawedsep- things: men arehumans,not angels. and, it seems,repressed. as the American anthropolo- aratefacilities,thingsopened First, everylifematters. But that’s part of life. Simply Moreeye-opening forMs. Tannen is the dismantling of gist Ruth Benedict oncewrote up very quickly. Mine is not one cell moreor doing what the people in blue her ownlong-held notion that, instead of marrying Dorothy, in her journal, “The trouble lessvaluable than anyone ask youtodowould drasti- Eli should have married his “other girlfriend,” a woman with life isn’t that there is no else’s. That this idea hastobe cally reduceneedlessconfron- who had always struck Ms.Tannen, from her father’s stories, answer, it’s that there are so Racism is no longer debated or defended is lunacy. tations, injuries and deaths. as morecompatible with him than her mother was. But after many answers.” systemic in the United Second, racism still exists Sixth, if youmust talk the author reads between the lines of his lengthycorre- Igrewupblack in the but it is no longer systemic. about race,begracious and spondencewith this other woman, Ms.Tannen arrives at a 1960s in asmall South Caro- States. Trust me. Those who claim that racism respectful. Discussions about different conclusion: that Dorothywas,indeed, the right lina town. Trust me,today’s is everywheretodayare delu- it shouldn’tbeantagonistic— choice, the wifeable to giveEli the family warmth and Americaisnothing likeitwas sional. one’sraceisn’t achoice, after kindnesshealways yearned for. then. And even under segre- Manyofthe authors, com- Third, we tend to think too all—but forsome reason many Iwish Ms.Tannen—and her book—had arrived at this gation, the marginalization mentatorsand journalists highly of our individuality.My popular figuresinsist on mak- knowledgeinfewerpages,but the ultimaterecognition of her wasnot total. My father was whospend all their energy color,weight, sexand sexual ing the subject as unpleasant father’s painful need forconnection is searing,the depiction aplumber,mymother a thinking and talking about orientation arefour of the as possible. of the Jewish community in World WarI-eraWarsaw school librarian. We were race todayfail to acknowl- least interesting thingsabout Genuineinsight generally riveting.Not only does Ms.Tannen’sheartfelt portrait keep treated kindly.The local shop- edgehow much has improved me.IamaSoutherner and doesn’t makeyou angryand her father—and his memories—alive, but her storyalso hints keeperswanted our business, with regard to race in this loveSouthern food. Now that anxious.Itmakes yousmile, at theundiscovered currentsthat mayawait us,too,ifwe but they also wanted to avoid country. Thereare countless is interesting. and generates gratitude. but delvebeneath the surfaceofour ownfamily myths. trouble from the few who be- successfulblack Americans Fourth, policemen have to lieved wholeheartedly in ra- today—doctorsand lawyers, be held accountable fortheir Mr. Stevens is awriter and Ms. Cole is the author of the memoir “After Great Pain: cial segregation. entrepreneursand academics, actions,asisbeing done life-coach in Columbia, S.C. ANew Life Emerges.” P2JW364000-4-A01400-1------XA

A14 | Tuesday, December 29, 2020 **** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR How Tariffs Deepened the D.C. Swamp Seeing RedinAmerica’sTotalitarian Habits

resident Trump will soon leave town, but and restricted U.S. commerce and Iamencour- Regarding DavidSatter’sop-ed “So- Liberalism wasinevitably displaced by his tariffs maybestaying.Joe Biden aged by President Trump’sattention to this im- viet Politics,American Style” (Dec. radicalism, radicalism had to surren- P hasn’t been exactly clear about his trade portant issue,” he wrote. Yettariffs “could put 23): As ayounger man serving in our der to socialism and socialism could military, Isaw an extraordinarything never resist communism.” policy, so perhaps it’stime to South Carolina companies at a Will the GOP stand up on two continents. In both Europe and Mr Satter suggestsasanantidote point out one unsightly effect competitivedisadvantage.” Asia, the idea of aborder wall was that the U.S. find “a lodestar forsoci- of the Trump tariffs: expand- on trade once Joe Biden On TV,Mr. Graham said turned on itshead. No longer were ety’s moral development.” That lode- ing the D.C. swamp. thingslike: “We’vejust gotto walls built to keep invadersout but to star is Christ. Republicans who cheered is picking winners? accept the pain that comes keep people in. Ihaveseen govern- JULIET KANE when theTrump Administra- with standing up to China.” In mentssoloathed that minefields, Portland, Ore. tion picked winnersand losers privatecorrespondence, he guardtowers and canine patrols were might soon find out what it’slikewhen the Biden urged“carefulconsideration” of exclusions on required to keep inmates,euphemisti- Mr.Satterrightly decries the left’s Administration does it. Take Missouri Sen. Josh everything from Electrolux condenser coils to cally called citizens,fromescaping expanding intolerance, but he over- Hawley, who lobbied last year foracompanyin Z-Man fishing tackle. their borders. At itsmost benign, so- looks the elephant in the room. The his state, SM Products, to gettariff exclusions on Other letters illustratethe insanity of letting cialism requires compulsion and con- dominant Covid narrativejustifies trol of statemedia. Afair telling of lockdowns,social isolation, mask- imported Chinese-manufactured sawblades. the feds micromanagetrade.Congressman Bob this ill-conceived experiment might wearing at all times,and even snitch- In aSept. 19,2019,letter to the U.S. Trade LattaspokeupOct. 17,2019, forCampbell Soup, disabuse our young of itsallure. ing on friends and colleagues,de- Representative(USTR), four membersofMis- which has “a significant presence” in his Ohio CONAN M. WARD stroying community by reducing souri’scongressional delegation, including Mr. district.“Thesweet potatojuiceconcentrate Princeton, N.J. everyother person to apotential vi- Hawley,argued that “itwould not be beneficial sourcedbyCampbell is from araw sweet potato rusvector.Meanwhile,those who to impair asmall American companythat does variety whose flesh is yelloworwhite, but never Awarning against groupthink is challengethat fear-focused narrative not have the financial resourcesoralternative orange,” he wrote. Suppliersoutside China “can- useful. But awarning likeMr. Satter’s, or question itsenforcement mecha- supply chainoptions.” SinceSM’scostsand not meet clarity specifications.” solely against groupthink on the left, nisms arecastigated as evil “deniers,” prices are“locked in manymonths beforedeliv- Atariff is ablunt instrument that scrambles is only awarning against the left and their merespeech is attacked and ery,” the legislatorswrote,the Missouri com- the supply chains of people with exacting stan- styled as adefense of liberal norms. blocked as “dangerous.” pany“must absorb the entirecost of the tariffs,” dards fortheir never-orange-sweet-potato-juice Today’sright doesn’t likedissent, ei- PAUL F. SIMPSON ther.For manyRepublican politicians, Houston likely precluding profitability. concentrate—plus thousands of other products. accepting the election result would Join the club.CountlessAmerican businesses An Aug.27, 2019,letter from KentuckyRep. have “ended anyhope of acareer,” to Thereisnostate control of politi- were in asimilar situation. Most weren’t lucky Thomas Massie floated an exclusion for“TFM,” use Mr.Satter’swords.Talk about an calspeech in the U.S. as therewas in enough—or connected enough—tohaveaU.S. an ingredient in Iofina Chemical’s “Lampricide,” “attempt to impose adeluded version the Soviet Union, but none is neces- Senator pleading their case.Yet youmight be which is used to “control the invasivesea lam- of reality.” Theright’sleader culti- sary. All on itsown, the pressbecame surprised. As Mr.Trump’stariffs began to bite, prey population in the Great Lakes.” vatesapersonality cult and cam- acommunications officefor Demo- Congresssent hundreds of letters to the USTR, Rep.Steny Hoyersigned aletter, “onbehalf paigns against “enemies of the peo- crats, the sportsand entertainment supporting specific tariff exclusions.The exam- of the Congressional Fire Services Caucus,” ask- ple.” These arecoreSoviet practices. industries led the anti-Trump charge, ples hereare takenfromabout 100 pages of cor- ing foranexclusion on smokealarms.North Car- Want to be anti-Soviet? Fight all universities and academic journals respondencefrom2019,obtained via aFreedom olina Senator Thom Tillis sought one forHonda’s bad Soviet things. Especially in your censored speech, social-media gate- ownpolitical tribe,whereyou have keepersand influencerspushed the of Information Act request. lawn mowerflywheels.For Sen. Sheldon White- street cred. But hanging bogeyman la- left’sagenda, corporations and money Mark Meadows, nowthe WhiteHouse chief house,itwas BedJet’s“ultra-thin adjustable bed bels on opponents? That’ssuch aSo- managerscompeted to be the most of staff,urged tariff exclusions in aNov.22, 2019, ‘device.’” ForCongressman Doug Collins,Home viet thing to do. socially-conscious,and bureaucrats letter,aiming to prevent “severeeconomic harm Depot’s light fixtures.For Sen. PattyMurray, ILYA SHLYAKHTER undermined an outsider administra- to an important businessinmydistrict.” He said empty coffee K-cup pods. Allston, Mass. tion from within. the USTR had “mywholehearted support in your iii Soviet-style totalitarianism couldn’t work to combat Chinese intellectual property Some of these exclusions were granted, and Addressing the same problem as gain traction in Americabut, as Mr. theftand industrial espionage.” But given how many weren’t. It’sdifficult to knowiflobbying by Mr.Satter—the historical driftofna- Satter observes,the intellectual fast Mr.Trump’stariffs were kicking in, “itwas Congressmade adifference, sincethe Trump Ad- tionstothe left—in 1978Alexander hodgepodgeof“wokeism” has not possible forFairfield Chair to develop anew ministration’sapproval processisablack box. Re- Solzhenitsyn explained it thus: “The brought us totalitarian habits. If,as relationship with anew supplier of similar qual- turn letters from the USTR,Robert Lighthizer,gen- current of materialism which is most Mr.Satterargues,the antidotetoa to the leftalways ends up by being totalitarian urge is fidelity to higher ity.” Please,please don’t taxthese beech wood erally consisted of politeboilerplate, with an stronger,moreattractiveand victori- values,the U.S. is in trouble.Our tra- componentsfromChina. invitation: “Please do not hesitatetocall me if you ous,because it is moreconsistent. Hu- ditions and historyare rejected as Arizona Rep.Andy Biggs wrote Aug.27, 2019: would liketodiscussthis or anyother issues.” manism without itsChristian heritage vestiges of whiteprivilege. Besides,a “Makenomistake: Istrongly support President Supporterssay Mr.Trump’stariffs were nec- cannot resist such competition. We seductivesocial-justicemessagehas Trump’spersistent effortstoensurethat our na- essarytoget China’sattention on trade,though watchthis processinthe past centu- been part of everytotalitarian move- tion is no longer takenadvantage of by our Chi- the restrictions on Huaweihaveprobably been ries and especially in the past de- ment in history. nese trading partners.” Alas,headded, tariffs on moreeffectiveonthat score. In anycase,the tar- cades,onaworld scale as the situa- DANA DAVIS patio screens and pet grilles would “hurt the iffs aren’t cost-free.One substantial downside tion becomes increasingly dramatic. St. Augustine, Fla. many small businesses that rely on theseim- is morepolitical interferenceinthe economy. ports, including Unique Home Designs.” Pretty swampy,but maybe Republicans will be Sen. Lindsey Graham sent manyletters. moresuspicious when Mr.Biden’sappointees “China’sbehavior has unjustifiably burdened areincharge. Real Auditsfor Chinese Firms Listed in U.S. TheAmerican Securities Associa- and most of the world. tion shares the editorial board’scon- Yousay the languageinthe bill is Trump Gives Schumer an Assist cern regarding the growth of the ad- vagueand leavestoo much to be de- ministrativestate and the suffocating cided by the Securities and Exchange resident Trump finally signed the these sound reasons,but Mr.Trump has put effect needlessbureaucracycan have Commission. TheHouse passed much Covid-19 relief bill and 2021 budget on them in apolitical spot. Democratsimmediately on economic growth. But your edito- morespecific languageinthe Sher- P Sundaynight, but not beforegiving a joined Mr.Trump’scall forthe $2,000,and on rial “CongressPuntsonChina Stocks” man-Gonzalezamendment to the fis- big assist to Democratic Monday House Democrats (Dec.16) misses the mark on the Hold- calyear 2021 National Defense Autho- hopes of gaining control of The President writes a passed the largeramount by ing Foreign Companies Accountable rization Act. Republican senators Act, abill that passed both chambers demanded that the provision be struck theSenateinthe two runoff avoteof275-134. $2,000 check to make of Congressunanimously despitea from the NDAA.You suggest that elections on Jan. 5. Current That leaves Mr.McConnell multimillion dollar lobbying campaign rather than passthe Senatebill, the GOPMajority Leader Mitch Democrats the majority. with atough call of barring a against it from Wall Street. House should have amended it and McConnell is leftthis week SenatevoteasDemocrats The narrative that money will flow made it morespecific.Itthen would trying to undo the significant bang away in TV ads in Geor- to Chinese companies regardless of have been sent back to the Senateand political damage. gia against GOP incumbentsDavid Perdue and this bill rings hollow. Money manag- likely would have died. Mr.Trump had been insisting that Con- Kelly Loeffler. Or he canhold avote, which ers are subject to a fiduciary obliga- As chairman of the House’s Inves- gresswritechecks of $2,000 each to most would split the GOP caucus and upset fiscally tion that prevents them from invest- tor Protection Subcommittee, I be- Americans, rather than the $600 in the bill. conservativevoters. Either way it amountsto ing in companies they can’t perform lieve that those investing on U.S. His own Treasury Secretary, Steven Mnuchin, aDonald Trump in-kind contribution to Minor- due diligence on, such as those con- stock exchanges deserve not only in- negotiated the $600 figure.But afterthe bill ity Leader Chuck Schumer and JoeBiden. trolled by the Chinese Communist dependent audits, but oversight of Party. In a politically charged year the auditors by the PCAOB. Passing passed, Mr.Trump decided that wasn’t By all accountsMr. Trump is angryabout when Congress can’t agree on any- the bill when we did was the only enough. his election defeat, and he is lashing out at thing except naming post offices, Sen. way to achieve this objective. Inves- Never mind that the $2,000 would go to anyone who won’t indulgehis hopelesscam- John Kennedy, Sen. Chris Van Hollen tors on U.S. exchanges should get the tens of millions of Americans who have kept paign to overturn it. This includes SenateRe- and Rep. Brad Sherman should be ap- same level of financial-statement in- their jobs and maintained their incomes dur- publicans,who need to win in Georgia to re- plauded for taking a stand to end tegrity whether the issuer is in the ing the pandemic.Itwould also add some tain their majority and block Mr.Biden’s China’s fraud perpetrated on Amer- U.S., China or elsewhere. $350 billionormoretoafederal deficit that ability to indulgethe Democratic left. ica’s mom-and-pop investors and I believe that China will eventually is already intothe trillions of dollars. The Mr.Trump’snarcissism isn’t news.But if markets. concede and allow PCAOB review of economywon’t benefit sincethe recipients Republicans lose the two Georgia seatsand CHRISTOPHER A. IACOVELLA audits of Chinese companies. China aren’t going to changetheir behavior knowing their majority,Republicans acrossthe country CEO, American Securities Association knows that if its companies aren’t on it’smerely aone-time check. should knowtothank Mr.Trump fortheir Washington U.S. exchanges, less American capital will flow to them. That capital would SenateRepublicans oppose the $2,000 for 2021 taxincrease. TheKennedy-Sherman bill re- then be invested mostly in U.S. com- quires Chinese companies listed on panies. That wouldn’t be a bad out- American exchanges to allowthe come, but it isn’t the intent of the Japan’s Biden Jitters same Public CompanyAuditor Over- legislation. sight Boardsupervision of their au- REP. BRAD SHERMAN, CPA (D., CALIF.) na2020 campaign with little foreign policy Thelossofdemocratic Taiwan’sindepen- ditorsascompanies from the U.S. Sherman Oaks, Calif. substance, the idea JoeBiden mentioned denceagainst itswill would be ageopolitical I most wasrestoring alliances.Which alli- earthquake. ThePacific balanceofpowerwould ances? With Mr.Biden’sinau- shiftdecisively in China’sfa- Government HasMade aMessofEducation guration lessthan four weeks From Tokyo, a pointed vor. Asian countries would News that fewer than 1 in 5 of a vate sector. That would put parents away,some allies in the Asia- need to recalibratetheir rela- Taiwan question for city’s public elementary- and middle- in charge of schooling, and they could Pacific areapprehensive. tionship with the U.S.,with school students met the state’s expec- hardly do worse than the govern- Last week Japan’snumber- the President-elect. dramatic implications for tations in math and language arts ment. twocivilian defense official global security andtrade. would once have been shocking (“Ed- STUART GARNER told Reuters:“We arecon- TheU.S.goal should be de- ucation Rescue in Providence,” Re- Georgetown, Texas cerned China will expand itsaggressivestance terrence. Firstand foremost that means arming view & Outlook, Dec. 21). But such intoareas other than Hong Kong.Ithink one of Taiwan so the island canmakeaChinese inva- statistics are now commonplace, as is the next targets, or what everyone is worried sion costly even without American backup.The the fact that those students are dis- Pepper ... about, is Taiwan.” U.S. should also continue to lean on Taiwan to proportionately poor and minority. And Salt Yasuhide Nakayama added: “So far,Ihaven’t modernizeits militaryforcesand civilian plans Decade after decade, it only seems to yetseen aclear policyoranannouncement on foradefensivewar. get worse. The solutions proposed by THE WALL STREET JOURNAL the education establishment range Taiwan from JoeBiden. Iwould liketohear it TheTrump Administration significantly from ineffective to preposterous. quickly,then we canalso prepareour response stepped up U.S. armament of Taiwan, including If there is structural racism in on Taiwan in accordance.” He also asked, ac- missiles,mines and drones.Yet China is likely America, it is the government monop- cording to Reuters,“Howwill JoeBiden in the to pressureMr. Biden to return to President oly on public schools. Many schools WhiteHouse react in anycase if China crosses Obama’s accommodating policy, perhaps using have an opportunity to prepare poor this redline?” climatepromises as sweeteners. China will also and minority kids for a productive HardlinersinBeijing see democratic Taiwan be watching to see if Mr.Biden continues the life, but they fail at a rate that would as aseparatist provinceand aredetermined to current Administration’strend of allowing vis- be outrageous in the provision of any bring it under their control. They also want Tai- itstoTaiwan by higher ranking U.S. officials, other good or service. It’s time to wan’sadvancedmicrochip technology. Mean- which signal America’sinterest in the island’s turn K-12 education over to the pri- while,opinion in Taiwan has moved against uni- autonomy. Lettersintended forpublication should fication, especially as China reneges on itstreaty Mr.Biden is unlikely to commit the U.S. un- be emailed to [email protected]. Please obligations by arresting democracysupporters equivocally to Taiwan’sdefense,but China’s include your city, state and telephone in Hong Kong.AChinese militaryoperation threatsand militarymaneuversnear the island number.All letters aresubject to acrossthe 110-mile Taiwan Strait during Mr.Bi- areincreasing.IfMr. Biden wantstoreassure editing,and unpublished letters cannot “At least the brutality be acknowledged. den’sterm can’t be ruled out. U.S. allies in Asia, Taiwan is his firstbig test. was meaningful.” P2JW364000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, December 29, 2020 | A15 OPINION Biden’s Win for the American System Extradite DanielPearl’s By Rahm Emanuel should invest in ruralbroadband, giving young people in small towns anyAmericans were the same reliable connection to the Kidnapper takenaback when 126 wider world that their peersenjoy membersofCongress in NewYork or SanFrancisco. We M joined aspecious law- should makebig investmentsnot By Chris Christie suit to overturn last only in traditional public schools month’spresidential election. It ap- and colleges,but also in certificate- wassworn in as U.S. attorney for peared to be the latest, most glaring granting programs that canquickly I the District of NewJersey on Jan. evidencethat the country’scommit- propel aperson working formini- 17,2002. Six days later,Daniel ment to its constitutional system is mumwageintoasecurejob that Pearl, South Asia bureau chief for in decline.But there’sreason for pays aliving wage.And we should TheWall Street Journal, waskid- hope.Hyperbolic calls to abandon GES do all of this not only because of the napped in Karachi, Pakistan. Pearl the core institutions of American IMA measurable economic payoffs,but wasinvestigating astory about the

life—demands to forsakecapitalism ETTY also because these initiatives would shoe bomber,RichardReid, and had from the left, and vicious,norm- /G send the implicit cultural message been promised by his kidnappersthat TS bustingpartisanship from Donald that Americaintends to giveevery they would take him to meet Sheikh BER

Trump’sRepublicans—werede- RO citizen aplaceatthe table of oppor- Mubarak Ali Gilani.Pearl believed feated handily this year.The result A tunity and prosperity. Sheikh Mubarak had information re- SHU

of thepresidential election showed JO We’ve spent too much time over garding Mr.Reid, the British terrorist that beyond repudiating President Joe Biden leaves a Wilmington, Del., church after attending Mass on Dec. 19. thepast five yearstalking,thinking who attempted to detonateanexplo- Trump, Americans areseeking re- and obsessing over Donald Trump. sivedevice in his shoe aboardaParis- newaland revitalization. countryisangry, and their anger gate,shun, cancel or demonize He’samanifestation of the problem, to-Miami flight in December 2001. To be sure, polarization is areal is,atroot, entirely legitimate. those who have lost faith. Both not the problem itself.His emer- Pearl never met Sheikh Mubarak—the and serious problem. But this elec- Trump supportersand the far left camps have become ideologically genceopened awindowtothe ugli- meeting wasasetup—and he was tion waslessabout whether the U.S. both sense that in today’sAmerica tribal, and Mr.Trump wasparticu- nessthat lurks in various cornersof never seen again. Thekillersreleased would tack leftorright, and more the powerful few getahead and larly adept at exploiting the desire American life. But as of this mo- avideotape of Pearl’smurder. about whether the countrywould don’t see,hear or value everyday to find fellowship in grievance. But ment,our countryislesslikely to embracecompassion. Americans re- people.Irealizethat people on ei- the firststepinreconciliation or fall apart than the fight over the jected the radical vituperation pros- ther edgeofthe political spectrum bridging apolitical divide is to con- election results might have led you If Ahmed Omar Saeed elytized on the fringes and chose naturally take offense at being trol anyimpulse to dismissthe to believe. Theupshot of this year’s lumped in with the other lot. But other side,and instead reach for campaign is that Americans are de- Sheikh is freed by a everyone who still champions dem- mutual understanding.That’swhy termined to weavethe countryback Pakistani court, he must Voters whochose him ocratic capitalism—and that’smost Americans should adopt Mr.Biden’s together.Leadership requires finding of us—needs to realizethat the belief that everyone counts, that opportunities to do exactly that. face American justice. still have faithinpublic calls forrevolutionfromright and everyone’svoicematters,and that Mr.Biden’svictoryinitially institutions. His goal should lefthaveacommon foundation in ourcollectiveresponsibility is to seemed to be about getting rid of grievanceand estrangement. ensurethat the countrycan “grow Mr.Trump—and at abasic level, it ThePearl investigation wasmy be to reassurethe rest. Their uproar wasalong time together.” was. But the result wasalso an af- baptism intothe world of terrorism. coming.Manyoftoday’sradicalized Mr.Biden wasmocked during the firmation of the country’scapacity We were all still reeling from the voters come from families who sac- campaign forhis gauzy promises to forrenewal. We areadiverse na- Sept.11, 2001, attacks.The FBI had theoptimistic tradition of social rificed when the countrywent to reach acrossthe aisle in an effort to tion,and our citizens remain riven set up acommand center at the justiceassociated with Pope John waroverphantom weapons of mass “build back better.” But his message by conflicting ideas and beliefs.But South Brunswick,N.J., headquarters XXIII. (I knowthat maysound destruction and watched the re- wasdesigned specifically to help re- as President Clinton oncesaid, and of DowJones,the Journal’spublisher. strangecoming from apracticing sponsible policymakersget off scot- storethe faith of people who feel as is demonstrated by the ingenuity Through the combined effortsofthe Jew, but hereweare.) Theman who free.Their communities were deci- alienated by thestatus quo.That being shown by states,localities and JusticeDepartment and Pakistani au- decisively defeated Mr.Trump re- mated by thefinancial crisis,and said, even if Mr.Biden’ssuccess is places of worship in the absenceof thorities,three men were identified flectsthe “silent majority” of Amer- banksgot bailoutswhile victims an affirmation of the American federal leadership: “Thereisnothing as having takenpart in the abduction. icans,who believeinrenewing were leftholding the bag.Today promise,nopresident cansingle- wrong with Americathat cannot be Their organization, the National rather than revolutionizing our po- they struggle to affordcollegeeven handedly solvethe problem of cured by what is right with Amer- Movement forthe Restoration of Pak- litical and economic systems. as celebrities lie and cheat to get American alienation. Everyone has a ica.” Last month Americans demon- istani Sovereignty,had been sending Rootedinfaith, JoeBiden’spromise their children intoeliteschools. role to play. So nowisamoment to strated that their intention isn’t to ransom demands to the DowJones to “savethe soul of the nation” re- Over the yearsthey’vegrown to be- lean intothe firstCatholic presi- abandon the democratic experiment, computer serversinNew Jersey. flected his determination to address lievethat thereare two setsofrules dent’sinaugural admonition. As but to fixwhat’sbrokeninour dy- Through great computer forensics, the political, economic and cultural in the U.S.—one forthe rich and John F. Kennedy said in 1961: “Ask namic and resilient society. the task forceofcombined American alienation that fuels fervor on the powerful, and one foreveryone else. notwhat your countrycan do for andPakistani authorities wasable to farright and leftalike. They’renot entirely wrong. you. Ask what youcan do foryour Mr. Emanuel was asenior adviser identifyand arrest three people,in- Those who feel vindicated by Butthe solution isn’t to blowup country.” to President Clinton and chief of cluding the mastermind of the abduc- Mr.Biden’svictoryshouldn’t lose the system, ignoring the will of the TheU.S.should vastly expand op- staff to President Obama. He repre- tion, Ahmed Omar Saeed Sheikh. sight of howwegot here—or how people as expressed at the ballot portunities fornational service, sented Illinois’s Fifth Congressional Mr.Sheikh already had arecordof we gotPresident Trump four years box. Nor is it right forproponents which would help unitediverse com- District, 2003-09, and served as terrorism. In 1994, then amember of ago. Asignificant minority of the of America’sinstitutions to casti- munities in acommon mission. We mayor of Chicago, 2011-19. Harkat ul-Ansar, an Islamic militant organization, he wasconvicted of kidnapping four people,including an American in India. He wasjailed in Honesty Is the Best Policy in Selling Va ccines India but afterhis terrorist friends hijacked an Indian Airlines flight, Mr. By Robert M. Kaplan tion with theirdoctors, which bal- these minor discomfortsand small pleget upset. Feeling manipulated Sheikh wasfreed in exchangefor the And Dominick L. Frosch ancetheir personal preferences risks? That question isn’tsosimple and lied to,they spread dissatisfac- passengers. With assistancefromthe with imperfect scienceand uncer- either.Articles about the vaccines tion through social media and con- Taliban,hemade his way to Afghani- ow that two Covid-19 vac- tain risks.The same decision isn’t imply that it raises your likelihood of versationswith family,friends and stan. N cines have received emer- right foreveryone. avoiding infection from zero to 95%. colleagues.Community leaders Mr.Sheikh wasindicted in March gency-use authorization from Applying shared decision-making That’snot factually correct. The might rebel if they learn the infor- 2002 by aNew Jersey grandjuryfor the Food and Drug Administration, to the coronavirus vaccine requires Pfizer trial observed eight Covid-19 mation they aredisseminating is the kidnapping of Pearl resulting in the conversation has turned to the authorities to changetheir mind-set. cases among 18,198 people who re- not exactly right. Thebest remedy his murder.The indictment is still vi- crucial goal of persuading as many Insteadofpressuring patientsto“do ceived the vaccine within two months is to provide clear and unvarnished able and it is acase forwhich the U.S. people as possible to getvaccinated. the right thing,” the emphasis would of completing their second shot, an information on what to expect. Hon- canseek the death penalty.Inan- We worrythat public-health author- be on honest disclosureabout what infection rate of 0.04%. Of the 18,325 est information maybemorecom- nouncing theindictment, Attorney ities mayfollowstrategies that do to expect. In recent FDAhearings volunteerswho gotthe placebo 162, plicated to explain, but it produces General John Ashcroftalso an- moreharm than good. forthe Pfizer and the Moderna vac- or 0.88%, gotCovid. Less than 1% of the best results. Arecent reviewof nounced the unsealing of an indict- Thecurrent communication cines,multiple witnesses pointed to each group became infected, but published studies showed that peo- ment charging Mr.Sheikh with the strategy—built on listening to ad- among those who gotsick,95% were ple who had participated in shared kidnapping of the American tourist in vicefromtrusted leaders—is pater- in the placebo group. decision-making were morethan India. nalistic and outdated. Public-health Paternalism is the wrong Forsure, the vaccines arehighly twiceaslikely to accept apneumo- Mr.Sheikh and his co-conspirators authorities,politicians,sportshe- efficacious.But some vaccinated nia vaccine. were also chargedinPakistan. They roes and celebrities aretaking to approach. Patients need people will still getinfected. The Clinical medicine has made great were tried in 2002 and convicted. the airwaves to tout the vaccines. full information about the 0.04% rate from the study would progressinintegrating the patient While his accomplices were given life Protecting people from doubt is translateto80,000 Covid cases voiceindecision-making.Empower- sentences,Mr. Sheikh wassentenced central to the strategy. That entails risks and benefits. among200 million people vacci- ing the patient as apartner in the to death. His appeal languished until suppressing questions rather than nated. In practice, wide immunity in decision-makingprocess resultsin April, when aPakistani court ordered answering them. Anyhint about the population would mean fewer morevaccine acceptancethan hav- the release of all the defendantson vaccine imperfections could make higher-than-expected side-effect actual infections,but it’simportant ing expertstell people what to do. the grounds that therewas conflict- people apprehensiveand must be rates. Forboth vaccines,these rates to preparethe public forthe likeli- We endorse following the science— ing testimonyatthe original trial and avoided. Anyone who rejectsthe appear to be higher than those for hood that afew vaccinated people including the social sciencethat insufficient evidencetosupport the vaccine is stigmatized as foolish and other commonly used inoculations, will stillget sick. demonstrates paternalistic top-down murder charge.The Pakistani author- irresponsible. such Pneumovax 23 and Shingrix, Communication campaigns must persuasion campaigns don’t work. ities have been fighting the release Abetterapproach to persuasion forwhich patientsfrequently report recognizethat one sizedoes not fit Our role should be to help people andhavekept Mr.Sheikh jailed. But is to assume you’respeaking to ma- side effects. all. Deciding not to take the vaccine understand the best evidenceand on Thursdaythe court again ordered ture, self-interested decision mak- In both Covid-19 trials,substan- is afar riskier choiceifyou’re80 makethe choicethat is best for his release. ers, offer transparent and compre- tial majorities of participantsinthe than if you’re20. People 75 and over their personal circumstances. TheU.S.and Pakistan don’t have a hensiveinformation about the risks vaccine group had local reactions at aremorethan 200 times as likely to clear,formal extradition treaty.At- andbenefitsofthe vaccine,and en- the injection site. Morethan half of die as those under 30 if infected by Mr.Kaplan is afaculty member torneysfrommyformer officeasked gage patientsinthe decision-mak- participantsexperienced asystemic the coronavirus,and forthose over at Stanford Medical School’s Clinical the JusticeDepartment to notifyPak- ingprocess.Manymedical treat- side effect likefatigue, headache or 85,the gapgrows to 600 times. Excellence Research Center. He is a istan officially that the U.S. would mentsrequireconsideration of the fever. In both studies therewerea Olderpatients had lowerrates of former chief science officer for the like Mr. Sheikh extradited if he is balancebetween harms and bene- few cases of Bell’spalsy,atempo- side effectsinclinical trials. U.S. Agency for Health Care Re- ever released. No such formal re- fits.Overthe past 40 yearsthe rary or lasting partial paralysis of Patientswill tailor their decisions search and Quality and aformer as- questhas ever been made.That is an practiceofmedicine has evolved to the face. These were attributed to to their owncircumstances and sociate director of the National In- outrage. embraceaprocess known as shared chancebecause they were rare,but preferences anyway,and paternalis- stitutes of Health. Mr. Frosch is In aseries of tweets, the State De- medical decision-making,inwhich seven of the eight totalcases in the tic persuasion canbackfirebylead- executive director and senior scien- partment’sBureau of South and Cen- physicians provide patientswith twostudies were among those who ing people to stay away from the tist at the Palo Alto Medical Foun- tral Asian Affairshas said it is the best scientific information received the vaccine rather than a doctor’s office. When lived experi- dation Research Institute and aco- “deeply concerned” about the rulings. about benefitsand risks,and pa- placebo. encedeviates from expectations cre- director of theSutter Health Center Daniel Pearl’sparents, with the assis- tientsmakedecisions in collabora- Isn’t avoiding Covid-19 worth ated by marketingcampaigns,peo- forHealth Systems Research. tanceofThe Wall Street Journal, have been working to have the origi- nal sentencereinstated. But the Pearl family shouldn’t have to do this on PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: Books their own. Mr.Sheikh has twicebeen Rupert Murdoch Robert Thomson indicted in the U.S. forgrave terrorist Executive Chairman, News Corp Chief Executive Officer, News Corp Ashley Fetters reporting for Polit- booksabout politics,specifically crimes.Washingtonshould do more Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher ico, Dec. 26: with aprogressiveorliberal tilt—as than expressconcern. Acting Attor- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: one did in August—Wonder Book’s ney General Jeffrey Rosen and Secre- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Booksbythe Foot, aservicerun manager, JessicaBowman,would tary of State MikePompeo should im- Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; by the Maryland-based bookseller simply send one of her morepolitics- mediately demand that Pakistan News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; Wonder Book,has become ago-to savvy staffers to the enormous box extraditeMr. Sheikh immediately Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer curator of Washingtonbookshelves. labeled“Politically Incorrect” (the upon his release. Andrew Dowell, Asia; AnthonyGalloway, Video & ...Asretroasashelf of books might name of Books by the Foot’spolitics TheU.S.cannot again become Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; seem in an eraofflat-panel screens, package) to select about 120 books complacent in the faceofterrorism. Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; Books by the Foot has thrived by authors like Hillary Clinton, Bill We did that before9/11 and paid a Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; through Democratic and Republican Maher, Al Franken and Bob Wood- grievous price. Instead of being dis- Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News administrations....When the coro- ward.The books would then be tractedbyperipheral issues in the Thomas SanFilippo, Customer Service; navirus pandemic arrived, Books by “staged,” or arranged with the same waning days of this presidency, the GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; the Foot had to adapt to adownturn care aflorist might extend to abou- Trump administration should take Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; in office-and hotel-decor business— quet of flowers,onalibrarycart; this opportunitytostand up against Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International and an uptick in home-office Zoom double-checked by a second staffer; terror.Weowe that much to Daniel WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: backdrops forthe talking-head class. and then shipped off to the residence Pearl and his family. LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head TheWonder Book staff doesn’t or commercial spacewherethey

EDITORIAL AND CORPORATEHEADQUARTERS: prytoo much intowhich objectivea would eventually be shelved and dis- Mr. Christie served as U.S. attor- 1211 Avenue of the Americas, New York, N.Y., 10036 particular client is after. If an order played (or shelved and taken down ney for New Jersey (2002-08) and Telephone 1-800-DOWJONES were to come in for, say, 12 feet of to read). governor (2009-18). P2JW364000-0-A01600-1------XA

A16 | Tuesday, December 29, 2020 THE WALL STREET JOURNAL.

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S&P 3735.36 À 0.87% S&P FIN À 0.51% S&P IT À 1.16% DJ TRANS À 0.01% WSJ $ IDX À 0.06% LIBOR 3M 0.240 NIKKEI (Midday) 27292.37 À 1.63% See more at WSJ.com/Markets Alibaba Run-Up Abruptly Erased Aid Bill

Shares of e-commerce Alibaba’smarket capitalization Share-priceperformance, year-to-date Thehardpart is figuring Propels out “how much of the recent giant fall a further 8% $800 billion 60% Tencent regulatorymoves against Ant after finance affiliate and Alibaba is politically Stocks based, howfar it will go, and ordered to scale back 600 40 when it will be over,” said AlexAu, managing director at BY CHONG KOH PING AlphalexCapital Management, To Highs 400 20 AND XIE YU aHong Kong-based hedge fund. He said he is consider- No longer China’smost ingbuying Alibaba shares if BY CAITLIN OSTROFF 200 0 Alibaba valuable company, Alibaba they fall further. AND AKANE OTANI Group Holding Ltd. has erased At the center of the unfold- almost all itsstock-market 0 -20 ing regulatorydebacle is bil- U.S. stocks climbed to re- gains this year,just days after lionaireJack Ma, Alibaba’sco- cords Monday after President Chinese regulators signaled a Jan. Dec.Jan. Dec. founder and former boss, and Trumpsigned aCovid-19 aid major changeintheir posture Source:FactSet the controlling shareholder of bill,averting agovernment toward the e-commerce behe- Ant. shutdown andending uncer- moth and its finance affiliate, mainstay—and lesslucra- profit handsomely from Ant’s the regulatoryrisks faced by In earlyNovember, Beijing tainty about the rollout of the Ant Group Co. tive—digital-paymentsbusi- public listing. Chineseinternet companies. scuttled Ant’sblockbuster ini- spending package. Alibaba’s Hong Kong-listed ness. BeforeMonday’smarket Last Thursday, the country’s tial public offerings that had TheDow Jones Industrial shares tumbled afurther 8% Thedeclines extended a open, Alibaba said it would topcommerce regulator said been on track to raise at least Average added 204.10 points, on Monday, afterChina’scen- stock selloff on Christmas increase the sizeofanexist- it is investigating whether $34.4billion, afterMr. Ma in- or 0.7%, to 30403.97. TheS&P tral bank released aharshly Eve,taking Alibaba’smarket ing sharebuyback program to Alibaba abused itsdominant furiated China’sleadership by 500 advanced 32.30 points, or worded statement Sunday capitalization down to $586 $10 billion from $6 billion, market position in online re- criticizing financial regula- 0.9%, to 3735.36 and the Nas- criticizingAnt’sbusiness billion. Just two months ear- andthe arrangement would tailing through activities such PleaseturntopageB2 daqCompositegained 94.69 practices and instructing the lier,ithad hit arecordof remain in placethrough 2022. as making merchantssell points, or 0.7%, to 12899.42. financial-technologygiant to nearly $859 billion on expec- Alibaba’sswiftcomedown productsexclusively on its  Heard on the Street: Ant’s All three indexesset newclos- shiftits focus back to its tations that Alibaba would has led investorstoreassess platforms. woes risk spreading...... B10 ing highs. Mr. Trump’s signing of the $900 billion bill pavesthe way forthe government to make ‘Trash Gas’ Harnessed forRenewable Energy direct payments to American households as the surging cor- onavirus pandemic continues to disrupt businessand social BY RYAN DEZEMBER activity.Investorsexpect that the additional spending will Missouri hardly produces help cushion the economy anynaturalgas,unlessyou amid restrictions put in place count the hogs. by states and local authorities Themethane wafting from to manageCovid-19’sspread in the manureponds at swine the winter. farmsacrossthe stateisin- “Economically speaking, it creasingly funneled intopipe- is amajor support to bridge lines and delivered to power over this difficult winter pe- plantsand homes,whereitis riod,” said Hani Redha, amul- burned alongside shale gasfor tiasset portfolio manager at heat, hot showers and cook- PineBridge Investments. “The ing. market is going to still be in a Smithfield Foods Inc., the constructive mood.” country’slargest pork pro- Travel stocks were among ducer,expectstobeselling the biggest gainersinthe mar- gasfromall of itsMissouri ket Monday. Many such com- farming operations by sum- panies have been hit hardby mer.Most of itsfarms already restrictions tied to the pan- feed methane intothe gas demic, making them look es- grid. Oncecoversare pecially cheap to investors. stretched acrossthe 4-acrela- American Airlines, among

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“We’vebeen looking at how TO gain.

to makeenergy out of manure WES Norwegian Cruise Line ad- foracouple decades,” said vanced 95 cents, or 3.9%, to

Kraig Westerbeek,who leads ETHAN $25.53and fellowcruise oper- Smithfield’srenewable energy At a Smithfield Foods hog farm in Missouri, manure lagoons are in the process of being covered to capture and funnel methane. ator Carnival gained 87 cents, business. “We’vehad some or 4.2%, to $21.71. Both stocks failures,but these projects lesscarbon dioxide than shale much shale gasthat manyoil Analystsand utilities be- costly for most farmers, but are still down more than 50% showthat youcan actually get gas. But methane is amore drillerssimply burn their lieverenewable natural gas linking far-flung sourcesofgas in 2020,hurt by widespread it done.” potent greenhouse gasthan once-valuable byproduct— could reach 10% to 30% of to- to market is the day-to-day suspensions of sailings around Companies’ rush to affiliate carbon dioxide.Diverting what they call “trash gas”—at talnatural-gas supply by businessofenergy firms.Un- the world. with the reduction of green- methane from the atmosphere the wellhead rather than 2040.The lowerend of that likeoperatorsofthe electrical Meanwhile,technology housegases is making abig and intothe energy grid is spend money piping it to rangewill still requirehelp grid, pipeline ownersdon’t stocks took a step back, with businessout of harnessing the treated as areduction of emis- market. On Monday, natural from policymakers, the en- have wind and solar powerto Zoom Video Communications methane seeping from heaps sions and rewarded with valu- gasfutures fell 8.5% to close ergy industry’sdeep pockets tout to environmental, social sliding $23.78, or 6.3%, to of organic waste. So-called re- able low-carbon and renew- at $2.305 per million British and companies eager to bur- andcorporate-governancein- $351.39 and Chewy falling newable natural gascan be able-fuel credits, which canbe thermal units, apaltrywinter nish theirenvironmental cre- vestorsortodeflect skepti- $11.40,or11%, to $92.61. De- produced in commercial quan- traded with or separately from pricethat falls belowbreak- dentials forthe funds that cism over pipelines’ value in a spiteMonday’smoves,shares tities at swine and dairy the gas. even formanyproducers. steer trillions of dollarswith green-energy economy. of companies focused on e- farms,landfills,wastewater- Gas from landfills,farms, Gas from actual trash usu- environmental and social re- “Renewable natural gasis commerce,online communica- treatmentfacilities and from sewage plants, food wasteand ally costsmanytimes more. It sponsibility in mind. something green forthem to tions and at-home entertain- spoiled food and slaughter- other anaerobic digestion sys- can’t competewith shale gas Pipeline companies and talk about,” said RBC Capital ment have been among the house sludge. tems constitutes lessthan 1% without subsidies likefuel utilities arekey to abiogas Marketsanalyst T.J. Schultz. best-performing stocks in the Burningittogenerateelec- of U.S. natural-gas supply.The creditsand itsbeneficial effect boom. Connecting manure “The benefit forthem is it fits market this year, a testament tricity or heat produces no market is swamped with so on corporate emissions math. ponds to pipelines is too PleaseturntopageB9 PleaseturntopageB9 INSIDE Cisco Pulls Back From Ushering In SmartCities J WS

R BY AARON TILLEY And the effort, built largely year.

FO around thecompany’sCisco “Thereare lotsofgreat op- Cisco Systems Inc. is pull- Kinetic forCities software ser- portunities” in smart cities, ing the plug on a flagship ef- vices,became ahigh-profile Mr.Robbins told the Journal DEMCZUK fort to help digitize the mod- initiativefor Chief Executive in 2017,pointing to the poten- ern city,the latest example of Chuck Robbins as he tried to tial benefits technologies like

GABRIELLA abig tech companystruggling transform Cisco from a hard- connected lighting offered.

to enter a new market. ware vendor intoacompany GES Soon after, the company said

BUSINESS Thesetback comes as the moreclosely associated with IMA it waslaunching a$1billion Ad sector pandemic has weighed on the lucrative business of sell- program aimed at helping cit- Cisco’scorebusiness of sup- ing software services. GETTY ies adopt technologies to

prepares forwave SE/ plying networking equipment NowCiscoismoving on. transform their neighbor- of newprivacy rules and has limited the ability of “We recently decided to stop hoods. in 2021. B3 local governments to finance salesand eventually support ForCisco, the shutdown ANCE-PRES

such projects. [for] the CiscoKinetic forCity FR comes as the companyisun- City plannersand local gov- product line to align our prod- dertaking abroader restruc- ernments for years have been uct investment to evolving ENCE turing afteritdisappointed AG preparingfor afuturewhere market needs and customer Wall Street with itsfiscal technologyremakes the urban requirements,” acompany fourth-quarter results during

landscape, with features such spokesmantold TheWall BARRENA/ the summer.Mr. Robbins said U

as self-driving cars,smart Street Journal. PA Ciscowould cut $1 billion in lighting and connected alarms Trying to pivot alegacy The effort wasahigh-profile initiativefor CEOChuck Robbins as he expenses and cut staff to re- to help safeguardresidents. tech businesstopromising tried to transform Ciscofrombeing primarily ahardwarevendor. flect changes in customer Communications using 5G newareas canbedifficult. In- spending priorities during the technology blanketing the city ternational BusinessMachines giant MicrosoftCorp.fumbled Cisco bought Jasper Tech- coronavirus pandemic.The HEARD ON THE would allowwidespread adop- Corp. for years tried to bring itseffort to break intothe hot nologies Inc. for$1.4billion in company, he said, would place STREET tion of smart devices. itsWatsonartificial intelli- smartphone market.And chip 2016 to boost its expertise in moreeffort on security ser- China’s housing market ForCisco, best known for gencesystemintoindustries maker Intel Corp.said it re- the area of the Internet of vices nowprized by customers providing routersand other likehealth care,but manycli- cently closed its Intel Studios Things, the connected devices adapting to adistributed outstrips growth networking gear to corporate entsdropped the product effort that aimed at playing a that also would underpin a workforce. of itseconomy. B10 customers, that vision prom- when they found it had limited bigger role in augmented and smart city.Itlaunched Cisco The pandemic has hit hard ised abudding newmarket. impact on patients. Software virtual reality. Kinetic forCities the following PleaseturntopageB4 P2JW364000-4-B00200-1------XA

B2 | Tuesday, December 29, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A F Piper Sandler...... B4 Accenture...... B4 FireEye...... B10 Q Airbnb...... B3 Fortinet...... B10 Qualtrics International Alibaba...... B1,B9,B10 I ...... B3 Alphabet...... B4 Instacart...... A1 S Alphalex Capital Intel...... B1 Management...... B1 SAP...... B3 International Business American Airlines...... B1 Save A Lot...... A2 Machines...... B1 Sempra Energy...... B9 B J Smithfield Foods...... B1 Barnes & Noble...... B2 Jefferies...... B2 SolarWinds...... B10 Betterment...... B9 Jones Lang LaSalle.....B4 Sony...... B10 B&R Stores...... A2 K T C Koninklijke Ahold Target...... A2,B4 Carnival...... B1 Delhaize...... A2 Tencent...... B2 Check Point Software Kroger...... A2 Tiffany...... A1 Technologies...... B10 L Chevron...... B9 U

Chewy...... B1 LVMH Moët Hennessy Uber Technologies...... A2 S Louis Vuitton...... A1 China Evergrande Group UBS...... B10 PRES M ...... B10 UGI...... B9 TED

China Vanke...... B10 Meituan...... B2 United Airlines...... B4 CIA SO

Cisco Systems...... B1 Microsoft...... B1 W AS S/

Citigroup...... B10 N Webster Financial...... B4 AN Country Garden...... B10 EV Needham...... B2 Weis Markets...... A2 L

CrowdStrike...... B10 ME Norwegian Cruise Line Williams...... B9 Thepandemic has weighed on college bookstores’ finances as schools pivoted to online learning. Acollege bookstore in 2015. D Holdings...... B1 Z Novavax...... A2 Dominion Energy...... B9 Zoom Video DoorDash...... A2 P Communications...... B1 Barnes & Noble Education Faces Duke Energy...... B9 Palo Alto Networks..B10 Zscaler...... B10 INDEX TO PEOPLE Cuts, as Campuses Remain Closed

A H Prett, Penelope...... B4 Au, Alex...... B1 Higgins-Carter, Karen.B4 Pritchard, Walter...... B10 BY MARK MAURER about 5,500 employees as of on campus normalize, book- any sales orders that come in B Hooks, Chris...... A2 R May2—beforethe layoffs stores and cafesreopen and pretty quickly and within a Horne, Thomas...... A2 Thomas Donohue,the chief took effect—temporarily salesrecover. couple of weeks at most,” Mr. Boolani, Fatima...... B10 Reberger, Christopher B4 J financial officer of Barnes & closed all of itsstores. Fifty- Barnes &Noble Education MacDonald said. C Redha, Hani...... B1 Jaffe, Dan...... B3 Robbins, Chuck...... B1 Noble Education Inc., has two of them arestill closed, usually generates most reve- Despitethe cost cuts, Mr. Chen, Sujin...... B2 Jojo, Linda...... B4 S been slashing costs since the due either to stateortore- nue during the firstmonth of Donohue plans to keep invest- Childress, Ryan...... B9 early days of the pandemic.He gional restrictions. anew semester,Mr. Donohue ing in the company’sdigital K Serafin, Zig...... B3 D expectstokeep doing so as Barnes &Noble Education, said. businesses, including its bar- Klein, Christian...... B3 Sethi, Ramit...... B9 Donohue, Thomas...... B2 another semester of remote which wasspun off from While he doesn’t expect ad- tlebylearning service, which L Siddiqi, Farhan...... A2 E Skogen, Mark...... A1 learning approaches,forcing Barnes&Noble Inc.in2015, ditional job cuts, Mr.Donohue offershomework help and Lemmer, Jeff...... B4 the campus bookstorechain to sawits profitsfall 79.1% to said he is scrutinizing other writing resources. Barnes& Egan, Dan...... B9 W M - P keep some of itsoutlets $7.5 million during the fiscal costs, such as fees the com- Noble Education operates 671 F Wagoner, Edward...... B4 Ma, Jack...... B1,B10 closed. quarterended Oct. 31. Sales panypays to schools.Barnes & customized digital bookstores Fogg, B.J...... B9 Weis, Jonathan...... A2 MacDonald, Ryan...... B2 The coronavirus pandemic dropped22.9% to $595.5 mil- Noble Education shares reve- for colleges and schools, sell- Westerbeek, Kraig...... B1 G McDermott, Bill...... B3 has wreaked havoc on college lion during theperiod, after nues with the colleges that ing, forexample,e-book de- Ganenthiran, Nilam....A1 McNamara, Mike...... B4 Y and university bookstores’ fi- declining 36.2% in the period house itsstores, and rent pay- vices and digital media. Griffin, Mark...... A2 Pang, Iris...... B2 Young, Shirley...... B2 nances as manyschools piv- ended Aug.1.While students mentsare usually rolled into Reducing payroll costs and oted to online learning and canorder items online,the the agreements. operating expenses has helped studentsavoided campuses. businessremains heavily reli- Barnes&Noble Education the company’sfinancial re- and instructed the company College sporting events have ant on revenues generated in itsmost recent quarter sults, even though thereisstill Alibaba’s to refocus itsattention on its been taking place with few or through its brick and mortar spent $368.7 million on lease work to do,Mr. Donohue said. original paymentsbusiness no fans attending,weighing stores. payments. So far,the company Barnes&Noble Education’s andcomply with rules and down salesofT-shirtsand Some universities across hasn’t permanently closed any selling and administrativeex- 2020 Gain regulations for its other busi- other merchandise. the U.S. expect it will take un- of its campus bookstores due penses fell by $21.4million for nesslines spanning personal Basking Ridge,N.J.-based til the fall of 2021 forstu- to the pandemic,Mr. Donohue the quarter ended Oct. 31, lending,wealth management Barnes&Noble Education, dents to return to campuses. said. down 18.9%fromthe prior- Evaporates and insurance. which operates morethan 760 Health authoritiesinrecent Thedropindemand also year period. Richard Turrin,afinancial- stores on collegecampuses in weeks have greenlighted two hascreated newinventory Mr.Donohue said he regrets technologyindustryconsul- the U.S.,has responded with vaccines,but it will likely take challenges,said Ryan Mac- that he didn’t layoff fur- ContinuedfrompageB1 tant, said the recent Alibaba various cost-saving measures, time beforestudentsreceive Donald, asenior analyst at in- loughed workersearlier to tions and quoting aphrase selloffmay have moretodo including furloughing and lay- them. vestment bank Needham & help reducecosts. “We...could from ChinesePresident Xi with overreaction based on ing off an undisclosed number ForMr. Donohue,this CompanyLLC.“If they runout have acted quicker,” Mr. Jinping in acontroversial fear,rather than arational re- of employees. means he has to keep reduc- of inventory in certain areas, Donohue said. “That’s proba- speech, the Journal previ- valuation of Ant and Alibaba. Thecompany, which had ing expenses until operations they need to be able to fulfill bly my biggest lesson.” ously reported. “Whenever China intro- Some analystssaid the in- duces such harsh regulations tensifying pressureonAli- against big privateconglom- baba and Ant is tied to Mr. erates,people think of iron Immigrant Helped GM Set Up in China Ma fallingout of favorwith fist policies that might crush Chineseofficials,but there the latter. But Ant and Ali- could be spillover effectson baba shouldn’t be that kind of BY JAMES R. HAGERTY other large Chinese internet case,” he said. companies. It isn’tinChina’sinterest Shirley Young,aChinese On Monday, Hong Kong’s to break up,ordestroy such a immigrantwho served as a Hang Seng Tech indextum- profitable enterprise that is vice president of General Mo- bled 4.3%, with social-media already helping small busi- tors and helped the auto andvideogaming giant Ten- nessorpoverty alleviation, he maker set up amanufacturing cent HoldingsLtd.falling 6.7% added. joint ventureinChina in the and Meituan, the operator of Chen Shujin, abanking an- late 1990s, died Saturday at a apopular multipurpose app alyst at securities firm Jeffer- hospital in Manhattan. She forChinese consumers, down ies,said in digital payments, was85and had breast cancer. 6.9%. Both Tencent and Ant’sAlipayapp is operating Thedaughter of aChinese Meituan shares arestill up in what is already asaturated diplomat executed in Manila substantially forthe year. domestic market, so its during World WarII, Ms. growth potential could be Young arrived in the U.S. when limited. she was10yearsold and Ant’s valuation will On the antitrust probe,No- worked in market research be- muraresearch analystssaid in fore joining GM in 1988. most certainly be anoteMondaythat China Ms.Young wasafounder revised downward might want to use Alibaba’s and former chair of the Com- case as a precedent to send a mitteeof100,which advocates S

by investors. warning shot to other domi- forChinese Americans and PRES nant technologycompanies seeks to im- that have used their market OBITUARY proveSino- ZUMA powerinanticompetitiveways SHIRLEY YOUNG U.S. rela- A/ INHU

Alibaba owns athirdof “Any action on Alibaba will 1935-2020 tions.She /X Ant, which had been valued at not only affect the company also wasa morethan $300 billion just but also have profound impli- director of companies includ- YING NG

beforeits IPO wassuspended. cations forthe whole internet ing Bank of AmericaCorp.and WA Ant’svaluation will most cer- industry,” said the Nomura Salesforce.com Inc.and vice ShirleyYoung, at home in NewYork, in March. The car maker recruited her as avicepresidentin1988. tainly be revised downward analysts. chairman of thenominating by investors, as itsfast-grow- Thenet result could be a committeeofthe NewYork sionaries. learned wasthat whatever the tonHudson Corp., a ing businesses such as digital hit to the bottomlines of Stock Exchange. In her busi- Thefamily moved to Paris circumstance, youcan be department storeoperator. lending and sales of invest- China’sinternet giantsas nesscareer,she wasoften the in the late1930s and then to happy.Because actually we “Forward-looking companies ment productscould be they movetocomply with only woman and Asian in the Manila, where her father was had a very happy childhood.” want strong boards of adiver- forced by regulatorstoregulators’ wishes,said Iris room when decisions were be- consul general in the Chinese AfterWorld WarII, the sified nature,” she told the shrink. Pang, an economist with ING ing made. embassy and helped raise family moved to New York. “I NewYork Times in 1983,“and Chinese regulatorssum- BankinHong Kong.“Ulti- Afriend of the Chinese pia- money from overseas Chinese thought we’d reached heaven,” women arenolonger just fill- moned Ant representatives to mately,they will earn less,” nist Lang Lang and cellist Yo- families forChina’swar Ms.Young said later.Her ing spots.” ameeting over the weekend she said. Yo Ma, she promoted artistic against the invading Japanese. mother,Juliana Young,worked Grey appointed her presi- exchanges between China and In a2003 interviewwith forthe United Nations and dent of itsstrategic marketing the U.S. Bill Moyers,Ms. Young re- married V.K. WellingtonKoo, a arm in 1983.One of her clients In recent years, amid deteri- called being at the breakfast Nationalist Chinese diplomat. wasGM, which in 1988 re- orating relations between Bei- table when Japanese soldiers Shirley Young attended the cruited her as vicepresident jing and Washington, she arrivedinthe early 1940s to Abbot AcademyinAndover, of consumer market develop- called forreconciliation and arrest her father. “I guess my Mass.,beforestudying eco- ment, arareinstanceofthe greater understanding. father wasexpecting” the sol- nomics at Wellesley College, companybringing in an out- “Wehavetowork together,” diers, she said. “He went into whereshe graduated with Phi sideratthat level. GM later she told the Xinhua News the bedroom, got his suitcase Beta Kappa honors in 1955. gaveher responsibility for Agencyin2018.“Given the in- and he left.” She recalled being vague strategic development in tertwined relationship and Her family didn’t learn until about her ambitions and tell- China. Afterretiring from GM, globalization, it’sridiculous to much later that her father had ing potential employers her she worked as a consultant. think we cannot work to- been executed. Afterhis ar- goal was“to makethe world a She wasatrustee at gether.” rest, Shirley,her sistersand betterplace.” Afterscoresof Wellesley and served on the Thesecond of three daugh- hermother squeezedintoa rejections, a Wellesley friend boards of numerous cultural S ters,Young Xuelan, later bungalow with other families suggested she trymarket re- institutions,including the

NEW known as Shirley,was born of jailed Chinese diplomats. search. Philharmonic-SymphonySoci- G May25, 1935,inShanghai. Her Electricity and regular water Ms.Young learned that ety of New York. father,ClarenceKuangson supplies were cut off, and the emerging trade at several em- Her marriages to George OOMBER Young, wasadiplomat. Her Youngshelped raise chickens, ployers and joined Grey Ad- Hsieh, acomputer-software mother,the former Juliana ducks and pigs to survive the vertising in 1959. She rose to consultant, and Norman Kran- SHEN/BL Yen, thedaughter of abusi- wartime privations. executivevicepresident of dall, a Ford Motor Co. execu-

QILAI nessman, wasborn in Tianjin, “Wemade our ownshoes; Grey and began getting invita- tive,ended in divorce.She is Alibaba’sShanghai office. Investors arereassessing the regulatory China, and educated in a we did everything,” she told tions to join the boards of ma- survived by three sons and risksfaced by the e-commerce giantand other Chinese internet firms. school run by Methodist mis- Mr. Moyers. “The thing that I jor companies,including Day- seven grandchildren. P2JW364000-2-B00300-1------XA

THE WALL STREET JOURNAL. ** Tuesday, December 29, 2020 | B3 BUSINESS NEWS SAPUnit QualtricsPreparestoGoPublic

Companyexpected to between $12 billion and $14.4 made its debut. billion, according to aperson Qualtrics,inthe regulatory have avalue of at least familiar with the matter. Pric- filing,said this year’s sales $12 billion based on ing canchangebased on inves- through the end of September torfeedback until the daybe- rose to $415 million, up from initial pricerange fore acompany’sstock starts $309 million over the year- trading. priorperiod. It recorded a BY MATT GROSSMAN SAPCEO Christian Klein in $258 million net loss for the AND MAUREEN FARRELL July said the companywould CK first nine months, compared TO take Qualtrics public while re- with a $860.4 million loss in German business software maining the majority share- theyear-earlier period.

giant SAP SE said it would re- holder.The deal, he said, SHUTTERS Qualtrics said it has more turn Qualtrics International would allowQualtrics to bet- A/ than 12,000 customers, and

Inc.topublic markets, in a ter pursue non-SAP business SE/EP over 3,300 employees spread

listing expected to value the opportunities. /NY acrossmorethan 25 countries. business at least50% above Qualtrics shares will trade The company was founded in

what it paid forthe startup on the Nasdaq under the ticker RINGLER 2002 by Ryan Smith,who

two yearsago. symbol XM. SAPwill retain a SA served as chief executiveuntil YS

SAPsaid in November 2018 controlling stakeinQualtrics AL this summer and remains the it planned to buy the cus- following the planned IPO,in- The listing comes amid a tumultuous period for SAP, in part brought on by the pandemic. company’schairman. Zig Se- tomer-relationship manage- cluding all of the company’s rafin, aformer MicrosoftCorp. ment software vendor shortly ClassBshares that giveitex- the company cut its full-year such as SnowflakeInc.and $21.64 ashareand the remain- executive, took over as CEO in beforeQualtrics wasabout to travoting rights. guidance. In October,the Wall- ServiceNowInc., runbyfor- der at the IPO priceaspart of July. go public.SAP paid around $8 Thelisting comes amid a dorf, Germany-based company mer SAPCEO Bill McDermott, the offering. Silver Lake, ear- Theplanned IPO helps capa billion, one of its largest ac- tumultuous period forthe Ger- again cut itsoutlook as coro- have surgedduring the pan- lier this year,provided financ- year in which tech companies quisitions ever,inabid to man tech company, in part navirus cases began to surge demic as morebusinesses ing to pandemic-hit Airbnb have seen their valuations keep pacewith rivals such as brought on by the pandemic. again. have embraced such services. Inc. with warrants that, when soar to the highest levels since Salesforce.com Inc. SAPinApril abandoned its SAP’sacquisition of Qual- SAP’sshares aredown12.5% exercised, would value the the dot-com bubble of the Provo, Utah-based Qual- dual-chief-executivestructure, trics, which closed in 2019, this year. companyat$18 billion. Airbnb early2000s.Airbnb is now trics,inaregulatoryfiling less than six months afterem- helped the company improve In itsfiling,Qualtrics said wasvalued at $47billion on a valued at around $93 billion, Monday,set an initial price bracing the leadership model. itscompetitivenessinthe that technologyinvestment fully diluted basis at itsIPO far morethan traditional lodg- rangeofbetween $20 and $24, It said the movewas aimed at cloud-computing market,SAP firm Silver Lake would pur- pricewhen it made itsdebut ing companies such as Mar- which would value the com- expediting decision making has said. Shares of companies chase $550 million of itsstock, in December.Its stock price riottInternational Inc.orHil- pany on a fully diluted basis during the health crisis after that provide cloud services, including 15 million shares at has morethan doubled sinceit tonWorldwide HoldingsInc. Ad Industry Braces for Wave of New State Privacy Rules

BY ALEXANDRA BRUELL “2021 is going to be the nesses collect about them. closure every 10 years, but it ing and is ripe foraregulatory of social media was created,” most active year in regard to This year,the statealso hasn’t updated thosefor en- face-lift, said Jeffrey Green- he said. Marketersand the rest of privacyatthe statelevel,” said passed the California Privacy dorsementsinads overall baum,managing partner at Aspokesman forthe FTC theadvertising industry ex- Mr.Jaffe. “Numerous states RightsAct, creating agovern- since 2009. Frankfurt Kurnit Klein & Selz said the commission wasn’t pect abusy year ahead con- looked at the issues this year, ment agencysolely focused on Theissue has gained signif- PC.“Therules governing influ- ready to disclose which rules fronting possible government but because of Covid alot of it dataprivacywith the powerto icancewith the rise of social encers and a lot of social me- and guides it will reviewin rules and regulations that got sidelined.” implement and enforce new media and influencer market- diawerecreated before alot 2021. would bear on their busi- Theadindustryfor years rules. nesses. has been pushing forafederal “So far the proposals we Not only will brands and ad privacylaw,saying it would be are seeing are not identical,” ADVERTISEMENT agencies be working to rebuild bettertohaveone set of na- said Mr.Jaffe. “It’ll createa businesses disrupted by the tional rules foreveryone to Balkanizedlandscape and reg- pandemic,they arelikely to follow. But states including ulatory framework which will TheMarketplace facerevivedproposals that Washington, Utah and Virginia be extremely difficult forev- To advertise: 800-366-3975orWSJ.com/classifieds mayhavebeen on hold this aredrafting their ownrules erybody.” year,said Dan Jaffe, executive around howadvertisers can Mr.Jaffepredicted that half CLASSACTION vicepresident and head of use their residents’ data. the states in the U.S. will have government relations at the California wasthe first their ownbills forprivacy Association of National Adver- statetoimplement sweeping laws by themiddle of 2021. E]*F02 XF8F0X 2*XFY*4F 4\EYF tisers. privacyregulations in 2020 “Howmanywill go and how X\EF+0Y] 2*XFY*4F \- F0B8X “This is going to be an under itsCalifornia Consumer farthey’ll go, we’ll have to +\EXF\] 2*D*X*\] enormously activeperiod, Privacy Act, which sets strict see,” he said. 48Y\_ ,_\4`( *O'TKT'L@QQH @O' h 4TKTQ 8=cT

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BUSINESSOPPORTUNITIES

9'$$%"&5!7< (79%"'99A Learn moreat THE MARKETPLACE %2/3@ &@0:. %2-, ;*$)3+82= (:>82)>> habitat.org. ADVERTISE TODAY (@06)@3=) 32+ #1* ?@4, (800)366-3975|[email protected] /#7 &--?=C)@ 97?0 8?.)=-..)..7@1 /&0--!;@?;C)7= "2)=)7= /*=9 (?.)=-..+>- B=7< (?9-0. ';@@ $;9 %=8;0 1)0-5C3 :4,+,,4+66A6 ©2020Dow Jones &Company,Inc.All Rights Reserved. ---,'%*+$($#"!,)#& P2JW364000-0-B00400-1------XA

B4 | Tuesday, December 29, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Overtaxed CIOs Try to Tame Workdays

Leaders who need to nologyand chief digital officer of-year questionnaireonre- remotework in March, manag- beginning and end of each control the end of it. forUnited Airlines Holdings mote work and other issues. ers and employees worked an workday. Another go-tofor busy tech ensure remote offices Inc. “I planted tomatoes from With the added demands of average of four more hours a “I miss the mental separa- executives is the sanity walk,a keeping functioning seeds and made a killer pasta rolling out and managing re- week.They also had more tion adaily commutepro- popular Covid-era breather. sauce,” she said. “I’ll have motework and business-conti- meetings, sent 52% morein- vided,” Ms.Higgins-Carter “I take time to be outside unplug when possible homemade pastasauceall nuity software tools,over- stant messages between 6p.m. during the day, walk around winter long.” worked information technology and midnight and worked anddisengagefromthe all- BY ANGUS LOTEN EdwardWagoner,digital chiefs arepressing the refresh more hours on weekends, ac- ‘Who knew video-all-the-time mentality,” chief information officer at buttonwhenever possible to cording to the study. celery root says Penelope Prett, CIO at Corporatetechnologylead- commercial real-estateservices avoid burnout. To help lessen the load, could be used tech-consulting firm Accenture ersare stepping outside the companyJones Lang LaSalle “In the beginning,Iwas at- tech leaders and other execu- in so many PLC. technology bubble to unwind Inc., said he worked his way tending toomanymeetings, tives aresetting strict param- recipes?’ says For many, the situation of- from the stressofkeeping through an entirecookbook by working around the clock,los- eterstohem in the sense of IT JLL’s Edward fers the opportunity to work companies running during the celebrity chef Ina Garten. ing the thinking time Ineeded, workers being on call around Wagoner. from just about anywhere. coronavirus pandemic. “Who knewceleryroot and not clearing spacetore- the clock.That includes clear- Ford Motor Co. CIO Jeff Lem- Manyare turning to non- could be used in so manyreci- charge,” said Target Corp.CIO cut shifts,daily breaks and ad- mer says he relocated his of- tech hobbies such as cooking, pes?” said Mr. Wagoner, who Mike McNamara. “Things had ditional time off, CIOs said. says.“As asubstitute, Iwalk fice from Dearborn, Mich., to a hiking and gardening. also adopted an Australian to change,” he said. Webster Financial Corp.CIO my dog everymorning,” she morebucolic setting in north- “Tomatoes! Ilet my inner Shepherd puppy, he said. AMicrosoftCorp.study KarenHiggins-Carter says she said. Thedaily routine enables ern Michigan. “Nothing better gardener come out during Mr.Wagoner wasone of 45 found that in the four months has tried to separate working her to fenceoff the start of than going foranevening bike lockdown,” said Linda Jojo, ex- IT executives who responded afteraninternal 350-person lifefromhome,inpart by herworking day, she adds, ride along the Lake Huron ecutivevicepresident of tech- to CIO Journal’sannual end- team at the companymoved to sticking to aschedule at the though she still struggles to shoreline,” Mr. Lemmer said.

brace. Ciscocast awider net CiscoEnds of partnerships working with locations in various countries to help support their smart ItsSmart city projects. “Smart cities areahard sell,” said Christopher Re- CitiesPush berger,aformer director at Ciscowho has analyzedthe economics of smart cities.The ContinuedfrompageB1 return on investment canbe thebudgetsoflocal authori- hard to quantify, he said, and ties that areneeded forsmart stitchingtogether disparate city investments. A June sur- smartcity technologies can veybythe National League of appear daunting. Cities,anadvocacygroup fora “Even basic thingslikepub- large number of cities,showed lic Wi-Fi have been difficult,” that 65% of cities in the U.S. he said. aredelaying or canceling in- Ciscosaid it wasn’t aban- frastructure projects. doning businesswith local au- Ciscoisn’t the only com- thorities and that it wascom- pany to struggle with making mitted to working with cities smart cities abusinesssuc- in areas like network connec- cess. This year Alphabet Inc.- tivity and security.Italso backed Sidewalk Labs Inc. would support companies of- pulled out of abillion-dollar fering smart-city technologies, smart city project on To- the company said. ronto’swaterfront. TheGoogle But the decision to retrench CK TO parent had poured hundreds marks asetback forCisco, of millions of dollarsinto which has been trying to boost

Sidewalk,with most of that sales of software services over SHUTTERS earmarked forthe Toronto hardware. A/ project, and had little to show “Cisco’stransition toward N/EP for it. software and subscriptions SO TES Cisco’sapproach to the has been mediocreatbest,”

smart city differed from said Jim Fish,asenior re- PETIT

Google’s,which focused search analyst at Piper Sand- PHE

largely on showcasing itstech- ler &Co. Mr.Robbins has said TO

nologyatasingle sitetoserve the companywas meeting CHRIS as amodel othersmight em- goals it had laid out. The retreat comes as the company is undertaking a broader restructuring after its fiscal fourth quarter disappointed Wall Street.

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THE WALL STREET JOURNAL. Tuesday, December 29, 2020 | B5

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B6 | Tuesday, December 29, 2020 THE WALL STREET JOURNAL. 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. DeckersOutdoor DECK 290.93 -1.81 Gap GPS 20.31 -0.12 KinrossGold KGC 7.28 -0.11 Netflix NFLX 519.12 5.15 RepublicSvcs RSG 96.42 0.79 Total TOT 43.22 -0.24 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. s Deere DE 267.50 -1.71 Garmin GRMN 120.73 0.52 KirklandLakeGold KL 41.43 -0.56 Neurocrine NBIX 95.53 -2.14 ResMed RMD 211.43 -0.99 ToyotaMotor TM 152.60 2.13 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four DellTechC DELL 72.85 -0.14 Gartner IT 159.21 0.58 s KodiakSciences KOD 151.07 -2.96 s NewFortressEner NFE 54.62 -2.38 RestaurantBrands QSR 60.56 -0.15 TractorSupply TSCO 143.29 -3.59 that include primary market trades as well as quarters. DeltaAir DAL 40.15 0.42 s Generac GNRC 233.04 -0.16 KoninklijkePhil PHG 54.61 0.82 NewOrientalEduc EDU 171.49 -0.97 RingCentral RNG 387.33 -11.18 TradeDesk TTD 832.62 -99.15 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. DenaliTherap DNLI 85.77 -0.10 GeneralDynamics GD 148.72 -0.29 KoreaElcPwr KEP 12.12 0.08 NYTimes A NYT 51.62 0.27 RioTinto RIO 75.59 -0.35 Tradeweb TW 62.49 -0.90 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing DentsplySirona XRAY 52.31 0.49 GeneralElec GE 10.64 -0.01 KraftHeinz KHC 35.21 0.23 NewellBrands NWL 21.24 0.02 RitchieBros RBA 70.35 -0.89 TraneTech TT 144.20 0.54 Nasdaq ISE. standards DeutscheBank DB 11.19 0.34 GeneralMills GIS 59.35 0.22 Kroger KR 31.39 -0.14 Newmont NEM 59.82 -0.66 RocketCos. RKT 20.50 -0.33 TransDigm TDG 609.86 3.15 The list comprises the 1,000 largest companies lf-Late filing DexCom DXCM 362.31 7.29 GeneralMotors GM 41.66 0.08 L Brands LB 38.82 -0.14 NewsCorp B NWS 18.09 0.41 Rockwell ROK 248.36 -0.27 s TransUnion TRU 99.04 -1.93 based on market capitalization. q-Temporary exemption from Nasdaq Diageo DEO 159.82 0.47 Genmab GMAB 39.07 -0.04 LKQ LKQ 36.25 -0.01 NewsCorp A NWSA 18.18 0.36 RogersComm B RCI 46.74 -0.02 Travelers TRV 139.19 0.70 Underlined quotations are those stocks with requirements. DiamondbkEner FANG 47.63 -0.62 Genpact G 41.55 -0.20 LPL Financial LPLA 104.25 0.41 NextEraEnergy NEE 75.49 0.51 Roku ROKU 340.41 -16.58 s Trex TREX 83.56-2.73 large changes in volume compared with the t-NYSE bankruptcy DigitalRealty DLR 138.61 1.18 Gentex GNTX 33.92 0.07 L3HarrisTech LHX 187.32 2.16 Nike NKE 142.43 0.83 Rollins ROL 38.81 -1.24 s Trimble TRMB 66.43 -0.22 issue’s average trading volume. v-Trading halted on primary market. s DiscoverFinSvcs DFS 88.29 ... GenuineParts GPC 100.04 0.68 LabCpAm LH 202.52 -1.35 NiSource NI 22.30 0.21 RoperTech ROP 423.15 3.03 Trip.com TCOM 31.90 -0.09 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being DiscoveryB DISCB 31.19 -0.32 Gerdau GGB 4.61 -0.04 LamResearch LRCX 476.10 -4.24 Nokia NOK 3.90 0.01 RossStores ROST 122.62 4.60 TruistFinl TFC 47.53 0.54 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, DiscoveryA DISCA 29.45 0.88 t GileadSciences GILD 56.89 -0.18 LamarAdv LAMR 83.55 2.16 NomuraHoldings NMR 5.21 -0.01 RoyalBkCanada RY 81.81 -0.06 Twilio TWLO 355.66 -7.22 previous closing price was $2 or higher. or securities assumed by such companies. DiscoveryC DISCK 25.82 0.68 GSK GSK 36.29 0.15 LambWeston LW 77.44 -0.21 Nordson NDSN 198.41 -0.54 RoyalCaribbean RCL 72.89 2.23 TwistBiosci TWST 159.73 -4.31 s Disney DIS 178.86 5.13 s GlobalPayments GPN 208.98 3.43 LasVegasSands LVS 58.98 1.97 NorfolkSouthern NSC 236.71 2.32 RoyalDutchA RDS.A 35.90 0.07 Twitter TWTR 54.43 0.46 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and DocuSign DOCU 229.20 -15.73 Globant GLOB 216.80 -1.87 Lear LEA 159.22 -0.64 NorthernTrust NTRS 92.48 0.89 RoyalDutchB RDS.B 34.12 -0.17 TylerTech TYL 431.93 -2.33 changes in the closing prices from 4 p.m. the previous day. s DolbyLab DLB 96.17 0.89 GlobeLife GL 93.29 0.42 Leidos LDOS 104.78 0.54 NorthropGrum NOC 303.02 3.42 RoyaltyPharma RPRX 49.24 0.34 TysonFoods TSN 64.38 -0.41 DollarGeneral DG 210.39 -0.89 GoDaddy GDDY 83.59 -1.37 Lennar B LEN.B 62.80 -1.63 NortonLifeLock NLOK 21.02 -0.02 Ryanair RYAAY 108.63 0.63 UBS Group UBS 14.08 0.01 DollarTree DLTR 107.93 -1.10 GoldFields GFI 9.35 -0.13 Lennar A LEN 78.34 -2.09 NorwegCruise NCLH 25.53 0.95 SAP SAP 130.91 4.85 UDR UDR 38.02 0.70 Monday, December 28, 2020 Net Net DominionEner D 73.70 -0.53 s GoldmanSachs GS 259.59 3.43 LennoxIntl LII 272.18 -1.25 Novartis NVS 91.20 2.65 S&P Global SPGI 318.04 1.46 US Foods USFD 33.50 0.19 Net Stock Sym Close Chg Stock Sym Close Chg Domino's DPZ 400.18 3.45 GoodRx GDRX 43.58 -2.74 LeviStrauss LEVI 20.33 -0.28 Novavax NVAX 116.85 -12.49 SBA Comm SBAC 276.25 1.23 Uber UBER 51.97 -0.91 Stock Sym Close Chg t DoorDash DASH 147.89 -10.57 s Graco GGG 72.82 -0.02 LiAuto LI 27.01 -2.31 NovoNordisk NVO 70.25 0.82 SEI Investments SEIC 56.68 0.17 Ubiquiti UI 275.26 2.26 Athene ATH 42.28 -0.10 CIBC CM 85.60 -0.58 Dover DOV 124.28 0.26 Grainger GWW 414.30 -1.27 LibertyBroadbandC LBRDK 156.67 -2.76 s Novocure NVCR 169.79 -2.18 SK Telecom SKM 25.09 0.43 UltaBeautyULTA 278.17 13.53 A B C Atlassian TEAM 231.80 -9.99 CanNtlRlwy CNI 110.69 0.97 Dow DOW 54.29 -0.50 Grifols GRFS 18.44 -0.21 LibertyBroadbandA LBRDA 155.78 -2.97 NuanceComms NUAN 43.87 0.13 SS&C Tech SSNC 72.38 0.69 UltragenyxPharm RARE 169.89 -2.98 AtmosEnergy ATO 93.41 0.64 CanNaturalRes CNQ 23.51 -0.45 DrReddy'sLab RDY 70.42 -0.01 GuardantHealth GH 126.68 -7.11 LibertyGlobal A LBTYA 24.45 0.09 Nucor NUE 52.11 -0.33 StoreCapital STOR 34.00 0.94 UnderArmour C UA 14.96 -0.09 Autodesk ADSK 299.65 -1.74 s CanPacRlwy CP 345.05 0.75 ABB ABB 27.86 0.21 DraftKings DKNG 48.96 -3.15 Guidewire GWRE 128.11 0.90 LibertyGlobal B LBTYB 24.27 -0.88 Nutrien NTR 46.70 -0.60 s SVB Fin SIVB 378.01 2.02 UnderArmour A UAA 17.27 -0.14 Autohome ATHM 95.18 0.06 Canon CAJ 19.72 0.13 AcadiaPharm ACAD 53.17 -1.84 Dropbox DBX 23.60 -1.05 HCA Healthcare HCA 164.00 -0.24 LibertyGlobal C LBTYK 23.71 -0.08 NVIDIA NVDA 516.00 -3.75 Salesforce.com CRM 224.64 -1.14 Unilever UL 59.09 0.41 Autoliv ALV 92.15 -0.41 CanopyGrowth CGC 24.68 -1.18 s AES AES 23.30 0.03 DukeEnergy DUK 90.25 0.58 HDFC Bank HDB 70.60 1.05 LibertyFormOne A FWONA 39.14 1.09 Sanofi SNY 47.93 0.48 UnionPacific UNP 205.65 2.26 ADP ADP 176.61 0.05 CapitalOne COF 97.55 0.25 Aflac AFL 43.92 0.08 DukeRealty DRE 39.72 0.42 s HP HPQ 24.27 0.01 LibertyFormOne C FWONK 43.14 1.47 O P Q SareptaTherap SRPT 174.15 -0.88 UnitedAirlines UAL 43.92 0.66 AutoZone AZO 1192.62 -11.60 CardinalHealth CAH 53.66 -0.14 AGCO AGCO 102.18 -1.03 Dun&Bradstreet DNB 26.25 -0.24 HSBC HSBC 25.85 -0.20 LibertyBraves A BATRA 25.30 0.13 Schlumberger SLB 21.57 -0.07 UnitedMicro UMC 8.64 0.35 Avalara AVLR Carlisle CSL 155.73 -1.62 ONEOK OKE 38.41 -0.39 AGNC Invt AGNC 15.64 0.07 169.60 -10.91 DuPont DD 68.65 -0.90 Halliburton HAL 18.89 -0.32 LibertyBraves C BATRK 25.19 0.29 s SchwabC SCHW 52.94 0.88 UPS B UPS 171.36 -0.83 Avalonbay AVB 160.33 2.59 Carlyle CG 31.44 0.08 OReillyAuto ORLY 457.06 -4.70 Ansys ANSS 363.72 -0.45 Dynatrace DT 41.55 -1.63 HartfordFinl HIG 48.20 -0.21 LibertySirius A LSXMA 43.05 0.37 ScottsMiracleGro SMG 197.32 -2.18 UnitedRentals URI 226.99 -5.63 Avangrid AGR 45.45 0.57 CarMax KMX 91.00 -1.30 OakStreetHealth OSH 62.35 -0.11 s ASETech ASX 5.91 0.17 ENI E 20.92 0.22 Hasbro HAS 93.34 0.19 LibertySirius C LSXMK 43.16 0.37 Sea SE 180.28 -12.90 US Bancorp USB 46.66 0.17 Avantor AVTR 26.92 -0.15 Carnival CCL 21.71 0.87 OccidentalPetrol OXY 17.40 -0.27 s ASML ASML 480.24 -2.85 EOG Rscs EOG 48.94 -0.66 HealthcareAmer HTA 27.48 0.01 EliLilly LLY 166.50 -0.16 Seagate STX 62.52 -0.43 UnitedHealth UNH 345.95 5.16 AveryDennison AVY 153.94 0.54 Carnival CUK 18.84 0.85 Okta OKTA 262.75 -12.85 AT&T T 28.55 -0.14 EPAM Systems EPAM 353.63 -2.71 HealthpeakProp PEAK 29.92 0.16 LincolnNational LNC 49.89 0.15 Seagen SGEN 185.86 -4.75 UnitySoftware U 156.44 -8.48 AxonEnterprise AAXN 125.16 -5.59 CarrierGlobal CARR 37.76 -0.13 OldDomFreight ODFL 194.91 -3.34 AbbottLabs ABT 107.79 -0.56 EastmanChem EMN 99.55 -1.76 Heico A HEI.A 118.84 0.56 Linde LIN 260.02 3.40 SempraEnergy SRE 126.49 0.59 UnivDisplay OLED 232.13 -1.02 BCE BCE 42.65 -0.11 Carvana CVNA 251.49 -23.22 OmegaHealthcare OHI 37.33 0.11 AbbVie ABBV 103.45 0.19 Eaton ETN 117.72 -0.35 Heico HEI 132.04 0.84 LithiaMotors LAD 295.54 5.53 SensataTechs ST 52.15 -0.08 UniversalHealthB UHS 136.53 -0.40 BHP Group BHP 65.29 0.14 Catalent CTLT 102.88 -2.43 Omnicom OMC 62.38 1.08 t AbCelleraBio ABCL 40.55 -1.87 EatonVance EV 67.59 -0.11 HenrySchein HSIC 66.22 0.39 LiveNationEnt LYV 74.68 3.04 ServiceCorp SCI 48.92 0.18 VEREIT VER 37.76 0.18 BHP Group BBL 53.01 0.23 Caterpillar CAT 178.37 -1.19 ON Semi ON 31.95 -0.04 Abiomed ABMD 312.91 9.50 eBay EBAY 50.24 0.12 Hershey HSY 151.80 1.85 LloydsBanking LYG 2.04 0.03 ServiceNow NOW 543.74 -10.15 VF VFC 85.45 1.55 BP BP 20.99 -0.07 Celanese CE 127.77 -2.08 OneConnectFinTech OCFT 20.45 -0.50 AcceleronPharma XLRN 126.89 -4.03 Ecolab ECL 214.70 -1.42 Hess HES 52.83 -0.71 LockheedMartin LMT 354.18 2.21 ShawComm B SJR 17.28 -0.18 VICI Prop VICI 25.79 -0.09 Baidu BIDU 193.08 2.06 Cemex CX 5.10 -0.04 OpenText OTEX 45.68 -0.05 Accenture ACN 259.68 2.38 Ecopetrol EC 12.97 -0.01 HewlettPackard HPE 11.79 0.03 Loews L 44.42 0.42 SherwinWilliams SHW 729.34 -4.56 VailResorts MTN 274.56 -0.59 BakerHughes BKR 20.88 -0.13 Centene CNC 58.83 0.81 OpendoorTech OPEN 24.51 -2.84 s ActivisionBliz ATVI 91.43 0.47 EdisonInt EIX 62.45 0.26 HighwoodsProp HIW 39.16 0.46 LogitechIntl LOGI 94.25 1.29 ShinhanFin SHG 30.52 0.17 Vale VALE 16.73 -0.16 Ball BLL 91.37 -0.97 CenterPointEner CNP 21.41 -0.17 Oracle ORCL 64.87 -0.09 AdaptiveBiotech ADPT 61.00 -1.53 s EdwardsLife EW 90.58 1.95 Hilton HLT 107.38 0.49 Lowe's LOW 162.04 -0.73 Shopify SHOP 1147.06 -78.46 ValeroEnergy VLO 55.09 -0.59 BancoBilbaoViz BBVA 5.01 0.05 CentraisElBras EBR 7.04 -0.09 Orange ORAN 12.10 0.12 Adobe ADBE 498.95 -0.91 ElancoAnimal ELAN 30.66 0.12 Hologic HOLX 72.58 -2.19 LufaxHolding LU 13.76 -0.41 Sibanye-Stillwater SBSW 15.81 0.09 VarianMed VAR 174.75 -0.02 BancoBradesco BBDO 4.75 0.12 CeridianHCM CDAY 106.67 -3.39 Orix IX 76.28 2.29 AdvanceAuto AAP 158.80 -1.88 Elastic ESTC 152.30 -3.69 HomeDepot HD 269.25 -1.67 lululemon LULU 351.36 -0.06 SignatureBank SBNY 136.75 2.55 Vedanta VEDL 8.76 0.08 BancodeChile BCH 20.82 0.34 Cerner CERN 78.05 -0.36 OtisWorldwide OTIS 66.00 0.21 AdvMicroDevices AMD 91.60 -0.21 ElectronicArts EA 140.72 -1.09 HondaMotor HMC 28.40 -0.16 LumenTech LUMN 9.84 -0.02 SimonProperty SPG 85.48 1.11 VeevaSystems VEEV 275.30 -12.28 BancSanBrasil BSBR 8.70 0.04 CharlesRiverLabs CRL 247.17 -4.54 s Lumentum LITE s OwensCorning OC 75.67 -2.73 Aegon AEG 3.89 0.09 EmersonElec EMR 79.87 -0.11 Honeywell HON 209.94 0.41 98.94 0.64 SiriusXM SIRI 6.35 0.04 Ventas VTR 49.36 0.17 BcoSantChile BSAC 19.46 0.01 CharterComms CHTR 651.90 -4.59 OzonHoldings OZON 44.91 2.95 AgilentTechs A 117.83 0.52 Enbridge ENB 31.80 -0.39 HorizonTherap HZNP 70.27 1.35 LuminarTech LAZR 31.05 -2.01 Skyworks SWKS 153.22 2.01 VeriSign VRSN 216.80 2.21 BancoSantander SAN 3.14 -0.05 s CheckPoint CHKP 137.59 2.84 PG&E PCG 12.32 -0.07 AgnicoEagle AEM 70.74 -0.75 EncompassHealth EHC 82.36 -0.32 HormelFoods HRL 47.22 0.05 Lyft LYFT 49.77 0.91 SlackTech WORK 42.31 -0.34 s VeriskAnalytics VRSK 207.98 6.75 BanColombia CIB 40.60 0.32 Chegg CHGG 91.71 -0.70 PNC Fin PNC 146.54 0.39 AirProducts APD 268.60 0.25 EnelAmericas ENIA 8.17 -0.09 DR Horton DHI 70.40 -1.45 LyondellBasell LYB 90.60 -0.01 Smartsheet SMAR 70.45 -2.05 Verizon VZ 58.98 0.14 BankofAmerica BAC 30.13 0.17 Chemed CHE 538.88 2.14 POSCO PKX 61.57 0.27 Airbnb ABNB 149.00 -5.84 EnergyTransfer ET 6.23 -0.21 HostHotels HST 14.56 0.36 SmithAO AOS 55.62 0.14 VertxPharm VRTX 232.47 -1.99 BankofMontreal BMO 75.91 0.01 CheniereEnergy LNG 59.01 1.11 s M N PPD PPD 34.03 -0.82 AkamaiTech AKAM 107.28 -0.18 EnphaseEnergy ENPH 175.49 -5.90 s HowmetAerospace HWM 27.73 0.35 Smith&Nephew SNN 42.40 0.34 ViacomCBS B VIAC 36.73 0.74 BankNY Mellon BK 41.44 0.40 CheniereEnerPtrs CQP 33.04 -0.18 PPG Ind PPG 143.17 -1.83 s Albemarle ALB 149.72 0.08 Entegris ENTG 94.58 -1.68 HuanengPower HNP 14.27 0.44 Smucker SJM 116.33 0.24 ViacomCBS A VIACA 37.66 0.63 BkNovaScotia BNS 53.54 0.05 Chevron CVX 84.90 -0.43 M&T Bank MTB 125.70 0.74 PPL PPL 27.25 0.36 Albertsons ACI 15.98 0.23 Entergy ETR 95.66 0.31 Huazhu HTHT 43.85 -0.55 Snap SNAP 48.26 -1.89 Viatris VTRS 17.74 -0.03 Barclays BCS 8.17 0.06 Chewy CHWY 92.61 -11.40 EnterpriseProd EPD MGMGrowthProp MGP 31.78 0.18 PRA HealthSci PRAH 121.40 0.26 Alcon ALC 65.63 0.76 19.74 -0.12 Hubbell HUBB 158.29 -2.54 SnapOn SNA 170.37 0.60 s Vipshop VIPS 25.79 -0.52 BarrickGold GOLD 22.84 -0.06 ChinaEastrnAir CEA 21.81 0.08 Equifax EFX 193.66 -0.30 MGM Resorts MGM 31.29 0.55 s PTC PTC 118.81 -1.04 AlexandriaRlEst ARE 175.87 1.37 HubSpot HUBS 397.50 -17.26 Snowflake SNOW 302.81 -20.23 Visa V 212.63 3.93 BaxterIntl BAX 79.26 -0.33 ChinaLifeIns LFC 11.04 0.28 Equinix EQIX 709.88 3.94 MinisoGroup MNSO 25.63 -5.41 Paccar PCAR 85.58 -0.53 AlexionPharm ALXN 154.36 1.73 Humana HUM 410.19 5.36 SOQUIMICH SQM 49.20 1.32 Vistra VST 19.12 0.41 BectonDicknsn BDX 248.15 0.16 ChinaMobile CHL 29.42 0.88 Equinor EQNR 16.41 0.12 MKS Instrum MKSI 151.27 1.39 PackagingCpAm PKG 136.78 0.68 Alibaba BABA222.36 0.36 JBHunt JBHT 136.74 -0.68 SolarEdgeTech SEDG 318.41 -5.68 VMware VMW 141.91 -0.99 BeiGene BGNE 252.64 -11.08 ChinaPetrol SNP 45.16 0.72 Equitable EQH 25.07 -0.03 MPLX MPLX 21.50 -0.24 PagSeguroDig PAGS 54.62 0.80 AlignTech ALGN 520.86 -7.17 HuntingtonBcshs HBAN 12.46 0.11 Sony SNE 97.95 1.11 Vodafone VOD 16.75 0.04 BentleySystems BSY 38.10 -0.38 ChinaSoAirlines ZNH 29.04 -0.65 EquityLife ELS 62.06 0.62 MSCI MSCI 436.37 3.91 PalantirTech PLTR 25.63 -2.12 s Allakos ALLK 152.45 0.92 HyattHotels H 73.23 0.41 SoteraHealth SHC 27.58 0.64 VornadoRealty VNO 36.98 0.83 Berkley WRB 66.09 -0.01 ChinaTelecom CHA 28.85 0.64 EquityResdntl EQR 59.42 1.22 MagellanMid MMP 42.41 -0.37 PaloAltoNtwks PANW 361.48 -5.66 Alleghany Y 599.14 0.99 IAA IAA 65.20 0.26 Southern SO 59.99 0.19 VulcanMatls VMC 146.17 2.95 BerkHathwy A BRK.A 3426012338.75 ChinaUnicom CHU 5.93 0.23 ErieIndemnity A ERIE 244.69 1.44 s MagnaIntl MGA 73.50 2.87 ParkerHannifin PH 267.70 -1.75 s Allegion ALLE 114.52 1.49 ICICI Bank IBN 14.26 0.27 SoCopper SCCO 63.53 -0.57 BerkHathwy B BRK.B 228.41 1.88 Chipotle CMG 1401.49 -11.06 EssentialUtil WTRG 46.08 0.61 ManulifeFin MFC 17.60 0.08 Paychex PAYX 94.30 -0.41 AlliantEnergy LNT 50.31 0.29 s IdexxLab IDXX 494.70 -2.44 SouthwestAir LUV 46.12 -0.16 W X Y Z BerryGlobal BERY 55.13 -0.53 Chubb CB 151.88 1.05 EssexProp ESS 238.32 4.07 IHS Markit INFO 86.94 0.57 MarathonPetrol MPC 40.78 -0.43 PaycomSoftware PAYC 463.59 1.46 Splunk SPLK 175.55 -4.65 Allstate ALL 107.47 0.28 MaravaiLifeSci MRVI 28.82 -0.89 BestBuy BBY 102.58 0.03 ChunghwaTel CHT 38.79 0.47 EsteeLauder EL 263.82 2.87 s II-VI IIVI 78.19 0.36 s Paylocity PCTY 212.12 -2.16 Spotify SPOT 317.29 -11.10 WEC Energy WEC 90.48 1.05 s AllyFinancial ALLY 34.98 0.44 Markel MKL 991.88 0.98 BeyondMeat BYND 126.44 -10.15 Church&Dwight CHD 87.48 0.62 Etsy ETSY 178.12 -12.19 ING Groep ING 9.55 0.01 PayPal PYPL 235.73 -2.91 Square SQ 223.34 -4.94 WEX WEX 201.40 -2.11 AlnylamPharm ALNY 134.08 -3.48 MarketAxess MKTX 565.77 -7.31 Bilibili BILI 81.38 -0.63 ChurchillDowns CHDN 207.52 0.61 EuronetWorldwide EEFT 140.95 -2.00 Invesco IVZ 17.20 -0.41 Pegasystems PEGA 133.30 -5.33 StanleyBlackDck SWK 177.29 -2.63 W.P.Carey WPC 70.99 0.59 Alphabet A GOOGL 1773.96 39.80 Marriott MAR 128.32 -0.43 Bill.com BILL 141.00 -7.39 Ciena CIEN 53.47 0.22 EverestRe RE 230.78 1.60 s IPG Photonics IPGP 225.05 4.08 Peloton PTON 152.18 -10.54 Starbucks SBUX 104.34 2.33 WPP WPP 55.24 0.50 Alphabet C GOOG 1776.09 37.24 Marsh&McLen MMC 115.20 0.07 s Bio-Techne TECH 315.79 -5.83 Cigna CI 202.16 3.33 Evergy EVRG 53.83 0.40 IQVIA IQV 175.32 -0.62 PembinaPipeline PBA 23.89 -0.18 StateStreet STT 72.12 0.34 Wabtec WAB 72.59 -0.72 Alteryx AYX 125.22 -3.72 MartinMarietta MLM 278.69 3.64 Bio-RadLab A BIO 571.99 -3.08 CincinnatiFin CINF 87.37 2.14 EversourceEner ES 85.04 0.89 IcahnEnterprises IEP 50.82 -0.17 PennNational PENN 88.71 -5.96 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Welltower WELL 62.97 -0.55 BorgWarner BWA 39.24 0.28 CognizantTech CTSH 81.37 0.30 Farfetch FTCH 62.41 -1.59 s Medtronic MDT 115.13 1.10 Pinterest PINS 67.79 -3.25 s Synopsys SNPS 256.16 -0.12 AmerAirlines AAL 16.06 0.40 InteractiveBrkrs IBKR 62.31 1.23 WestPharmSvcs WST 277.53 -5.43 BostonBeer SAM 992.23 -22.70 ColgatePalm CL 85.41 0.37 Fastenal FAST 50.05 0.53 MelcoResorts MLCO 18.85 0.30 PioneerNatRscs PXD 110.65 -1.84 Sysco SYY 73.83 1.41 AEP AEP 81.28 -0.14 ICE ICE 113.59 0.90 WesternDigital WDC 50.06 0.14 BostonProps BXP 95.14 1.21 Comcast A CMCSA 51.11 0.73 Fastly FSLY 90.22 -7.27 MercadoLibre MELI 1663.72 -26.76 PlainsAllAmPipe PAA 8.65 -0.20 AmerExpress AXP 118.36 1.01 InterContinentl IHG 63.09 0.21 WesternUnion WU 21.71 -0.15 BostonSci BSX 34.92 0.33 Comerica CMA 56.20 0.30 FateTherap FATE 96.21 -3.29 IBM IBM Merck MRK 80.45 0.31 s PlugPower PLUG 33.57 -2.01 T U V AmericanFin AFG 86.75 -0.82 124.82 0.13 WestlakeChem WLK 80.23 -0.86 s BridgeBioPharma BBIO 69.48 -0.02 CommerceBcshrs CBSH 66.92 0.54 FedEx FDX 262.94 -5.88 IntlFlavors IFF 109.23 -0.83 MetLife MET 46.25 -0.06 Pool POOL 362.76 -1.97 AmHomes4Rent AMH 29.85 0.38 TAL Education TAL 68.00 -1.71 WestpacBanking WBK 14.88 -0.05 BrightHorizons BFAM 168.32 2.98 CiaSiderurgica SID 5.84 ... s Ferrari RACE 228.61 3.08 IntlPaper IP 49.39 -0.37 MettlerToledo MTD 1134.76 -5.43 PrincipalFin PFG 48.68 0.20 AIG AIG 37.07 -0.30 TC Energy TRP 40.82 -0.52 WestRock WRK 43.91 -0.57 BristolMyers BMY 61.12 -0.03 ConagraBrands CAG 36.62 0.24 s FiatChrysler FCAU 18.00 0.32 Interpublic IPG 23.79 0.27 MicrochipTech MCHP 136.25 -0.52 Procter&Gamble PG 138.68 0.96 AmerTowerREIT AMT 221.07 2.42 s Weyerhaeuser WY 33.71 -0.14 BritishAmTob BTI 37.50 0.25 ConchoRscs CXO 57.18 -0.28 FidNatlFin FNF 38.98 0.45 s Intuit INTU 381.12 -0.04 MicronTech MU 70.66 0.08 Progressive PGR 98.12 -0.19 TE Connectivity TEL 119.92 0.10 AmerWaterWorks AWK 149.65 0.51 WheatonPrecMet WPM 41.71 -0.71 s Broadcom AVGO 431.88 0.42 ConocoPhillips COP 39.30 -0.19 FidNatlInfo FIS 140.28 -0.51 IntuitiveSurgical ISRG 805.16 -1.84 Microsoft MSFT 224.96 2.21 Prologis PLD 98.22 0.98 Telus TU 20.00 0.04 AmericoldRealty COLD 36.12 -0.28 s Whirlpool WHR 185.19 -8.01 BroadridgeFinl BR 152.06 2.05 ConEd ED 71.26 0.82 FifthThirdBncp FITB 27.53 -0.05 Invitae NVTA 45.45 -1.62 MidAmApt MAA 124.97 0.37 Proofpoint PFPT 136.58 1.45 TJX TJX 68.40 1.42 Ameriprise AMP 189.98 0.28 s Williams WMB 20.14 -0.60 BrookfieldMgt BAM 40.98 0.07 s ConstBrands A STZ 218.64 2.83 s FirstRepBank FRC 142.67 2.14 InvitatHomes INVH 29.34 0.23 MiratiTherap MRTX 225.57 -9.26 PrudentialFin PRU 76.91 0.17 T-MobileUS TMUS 133.00 0.08 AmerisourceBrgn ABC 96.80 -0.17 Williams-Sonoma WSM 104.12 -3.56 BrookfieldInfr BIP 49.72 -0.51 s ConstBrands B STZ.B 219.15 5.40 FirstSolar FSLR 101.19 -1.21 IonisPharma IONS 58.93 -0.75 MitsubishiUFJ MUFG 4.43 0.09 Prudential PUK 36.73 0.09 TRowePrice TROW 148.06 -0.22 Ametek AME 119.76 0.72 s TaiwanSemi TSM WillisTowers WLTW 207.94 -3.87 BrookfieldPropREIT BPYU 15.31 0.13 ContextLogic WISH 19.61 -0.48 FirstEnergy FE 29.62 -0.06 iQIYI IQ 17.08 -0.36 MizuhoFin MFG 2.52 0.01 PublicServiceEnt PEG 57.32 0.17 106.15 0.18 Amgen AMGN 223.65 0.72 TakeTwoSoftware TTWO Wipro WIT 5.58 -0.02 BrookfieldRenew BEPC 58.32 -0.25 Cooper COO 359.96 1.59 Fiserv FISV 112.67 0.04 IronMountain IRM 29.53 -0.01 MobileTeleSys MBT 8.89 0.01 PublicStorage PSA 229.14 0.29 201.12 -1.38 Amphenol APH 129.84 0.67 TakedaPharm TAK 18.14 0.03 Wix.comWIX 252.73 -14.37 Brown&Brown BRO 45.88 -0.43 Copart CPRT 126.72 3.01 FiveBelow FIVE 165.56 6.71 ItauUnibanco ITUB 6.13 -0.06 Moderna MRNA 111.40 -11.99 PulteGroup PHM 44.47 -0.73 s AnalogDevices ADI 144.68 0.21 Woodward WWD 120.80 -0.20 Brown-Forman A BF.A 72.61 -0.39 Corning GLW 36.19 -0.08 Five9 FIVN 176.16 -3.88 MohawkInds MHK 140.49 1.77 Qiagen QGEN 52.49 0.28 s Tapestry TPR 30.86 0.01 s Anaplan PLAN 72.42 -0.30 Workday WDAY 241.92 -6.84 Brown-Forman B BF.B 78.35 0.32 Corteva CTVA 38.35 -1.15 FiverrIntl FVRR 194.15 -17.41 J K L MolinaHealthcare MOH 206.52 -0.58 Qorvo QRVO 166.44 -0.67 Target TGT 176.39 1.20 AngloGoldAsh AU 22.81 -0.11 WynnResorts WYNN 115.47 1.08 Bruker BRKR 53.82 -0.51 s CoStar CSGP939.50 32.87 FleetCorTech FLT 273.44 2.95 MolsonCoorsA TAP.A 63.88 13.88 Qualcomm QCOM 147.74 -1.05 TataMotors TTM 12.50 0.70 AB InBev BUD 70.57 0.02 XP XP 40.18 -1.17 Bunge BG 64.11 -0.22 Costco COST 371.06 6.48 s Flex FLEX 18.00-0.16 JD.com JD 81.61 -2.88 MolsonCoorsB TAP 45.48 0.01 QuantaServices PWR 70.71 -0.22 TeckRscsB TECK 17.62 0.09 AnnalyCap NLY 8.56 0.12 XPO Logistics XPO 117.83 -1.31 s BurlingtonStrs BURL 258.32 10.44 CoupaSoftware COUP 343.11 -13.63 Floor&Decor FND 95.20 -4.66 JPMorganChase JPM 125.34 0.82 Mondelez MDLZ 58.27 0.42 QuestDiag DGX 118.50 -1.73 TeladocHealth TDOC 197.83 -10.12 Anthem ANTM 312.89 4.22 XcelEnergy XEL 65.32 0.69 CBRE Group CBRE 62.97 0.04 Credicorp BAP 165.00 ... FomentoEconMex FMX 74.66 0.07 JackHenry JKHY 159.71 2.02 MongoDB MDB 363.08 -15.40 Quidel QDEL 183.24 -14.25 TeledyneTech TDY 386.80 3.32 Aon AON 206.83 -3.78 Xilinx XLNX 141.52 -0.47 CDW CDW 131.06 1.83 CreditSuisse CS 12.76 0.10 FordMotor F 8.89 0.03 JacobsEngg J 106.82 -0.46 s MonolithicPower MPWR 360.46 3.39 Teleflex TFX 406.56 1.50 ApolloGlbMgmt APO 48.36 -0.73 XPeng XPEV 38.01 -3.86 CF Industries CF 37.20 0.39 Cree CREE 101.02 -2.08 Fortinet FTNT 149.29 -0.50 JamesHardie JHX 29.27 -0.04 s MonsterBev MNST 90.81 1.00 R S Ericsson ERIC 11.77 0.01 Appian APPN 154.96 -3.02 s Xylem XYL 100.37 0.12 CGI GIB 79.36 0.01 CrowdStrike CRWD 212.55 -8.57 Fortis FTS 40.87 -0.11 s JazzPharma JAZZ 159.64 2.36 Moody's MCO 277.97 -0.91 TelefonicaBras VIV 8.68 -0.03 Apple AAPL 136.69 4.72 Yandex YNDX 68.20 0.55 CH Robinson CHRW 94.67 0.01 CrownCastle CCI 156.25 2.25 Fortive FTV 68.97 -0.67 J&J JNJ 153.19 0.72 MorganStanley MS 68.05 -0.04 RELX RELX 24.73 0.33 Telefonica TEF 4.03 -0.09 ApplMaterials AMAT 84.87 -0.46 YatsenHolding YSG 15.61 -0.39 CME Group CME 180.39 1.91 CrownHoldings CCK 97.66 -0.94 FortBrandsHome FBHS 86.40 -2.67 JohnsonControls JCI 46.11 0.18 Morningstar MORN 222.63 0.33 RH RH 455.07 -20.65 TelekmIndonesia TLK 24.33 0.72 s Aptargroup ATR 135.68 -0.02 YumBrands YUM 109.78 2.24 CMS Energy CMS 58.82 0.66 Cummins CMI 224.14 -2.39 FoxA FOXA 29.14 0.83 JonesLang JLL 152.81 -0.95 Mosaic MOS 21.61 -0.35 RPM RPM 90.56 0.50 10xGenomics TXG 147.03 -4.30 Aptiv APTV 128.14 -0.28 YumChina YUMC 57.12 -0.59 CNA Fin CNA 38.58 -0.06 CureVac CVAC 87.88 -13.85 FoxB FOX 28.88 0.88 JuniperNetworks JNPR 22.56 0.16 MotorolaSol MSI 169.41 0.94 RalphLauren RL 103.44 2.52 Tenaris TS 16.12 -0.03 Aramark ARMK 37.49 -0.15 s ZTO Express ZTO 27.93 -0.09 CNH Indl CNHI 12.86 0.11 CyrusOne CONE 73.17 0.42 Franco-Nevada FNV 124.52 -5.45 KB Fin KB 40.97 0.09 s NICE NICE 281.05 1.25 RaymondJames RJF 94.78 1.86 TencentMusic TME 18.54 -0.37 ArcelorMittal MT 23.13 -0.02 ZaiLab ZLAB 130.35 -3.43 CNOOC CEO 96.90 2.35 FranklinRscs BEN 25.04 0.24 KE Holdings BEKE 62.40 -2.94 NIO NIO 44.06 -1.71 RaytheonTech RTX 70.63 0.36 Teradyne TER 117.73 -1.15 ArchCapital ACGL 35.33 0.47 ZebraTech ZBRA 382.59 5.70 CRH CRH 42.53 0.14 D E F FreeportMcM FCX 24.63 -0.16 KKR KKR 39.48 -0.36 NRG Energy NRG 35.23 0.15 RealPage RP 87.46 -0.07 Tesla TSLA 663.69 1.92 ArcherDaniels ADM 49.70 0.26 s s Zendesk ZEN 139.45 -3.38 CRISPR Therap CRSP168.93 0.43 FreseniusMed FMS 41.61 0.31 KLA KLAC 257.58 -1.50 NVR NVR 4156.60 -59.79 RealtyIncome O 61.77 0.68 TevaPharm TEVA 9.71 -0.12 AresMgmt ARES 48.54 -0.52 CSX CSX 90.64 0.59 DISH Network DISH 31.93 0.87 s KSCitySouthern KSU 201.09 1.36 NXP Semi NXPI 158.17 0.84 Redfin RDFN 73.46 -4.59 TexasInstruments TXN 161.47 -0.17 Zillow C Z 132.68 -5.96 arGEN-X ARGX 301.01 1.52 C3.ai AI 145.88 -15.12 DTE Energy DTE 119.23 -0.49 G H I Kellogg K 62.34 0.56 Nasdaq NDAQ 128.85 0.23 RegencyCtrs REG 45.77 0.36 Textron TXT 47.70 -0.37 Zillow A ZG 138.34 -5.52 s AristaNetworks ANET 290.94 2.10 CVS Health CVS 68.08 0.11 DadaNexus DADA 37.09 -0.39 s KeurigDrPepper KDP 31.99 0.11 s Natera NTRA 106.26 -5.48 RegenPharm REGN 482.96 -5.97 ThermoFisherSci TMO 460.73 2.64 ZimmerBiomet ZBH 148.89 -0.36 ArrowheadPharm ARWR 79.94 -4.25 s CableOne CABO 2265.14 4.28 Danaher DHR 222.75 1.26 GDS Holdings GDS 89.80 -1.50 KeyCorp KEY 16.25 0.06 NationalGrid NGG 58.00 0.11 RegionsFin RF 15.96 0.01 ThomsonReuters TRI 81.09 0.49 Zoetis ZTS 162.39 1.67 AscendisPharma ASND 169.82 -1.12 s CadenceDesign CDNS 134.76 0.76 Darden DRI 117.74 -0.15 GFLEnvironmental GFL 28.31 0.11 s KeysightTechs KEYS 131.82 0.87 Natura&Co NTCO 19.70 -0.12 ReinsGrp RGA 115.32 1.74 3M MMM 174.71 0.19 ZoomVideo ZM 351.39 -23.78 AspenTech AZPN 128.58 -1.93 CaesarsEnt CZR 73.64 -2.20 DarlingIngred DAR 56.50 0.41 GSXTechedu GSX 50.95 -4.05 KimberlyClark KMB 133.95 0.06 NatWest NWG 4.47 0.01 RelianceSteel RS 118.41 0.29 Tiffany TIF 131.31 0.15 ZoomInfoTech ZI 45.27 0.43 Assurant AIZ 133.38 0.76 CamdenProperty CPT 99.10 0.40 Datadog DDOG 100.22 -6.06 Gallagher AJG 123.03 -0.39 KinderMorgan KMI 13.64 -0.19 NetApp NTAP 65.90 0.10 RenaissanceRe RNR 162.50 1.15 Toro TTC 94.08 0.18 Zscaler ZS 199.37 -5.90 AstraZeneca AZN 49.38 0.86 CampbellSoup CPB 48.43 -0.12 DaVita DVA 115.45 0.32 Gaming&Leisure GLPI 42.67 -0.33 KingsoftCloud KC 43.74 -1.51 NetEase NTES 91.13 -1.53 Repligen RGEN 187.02 -8.67 TorontoDomBk TD 56.04 -0.04 Zynga ZNGA 9.73 -0.18

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AllstatePfdH ALLpH 28.14 0.4 Conx CONXU 10.64 0.6 FTACOlympusWt FTOCW 2.22 10.6 KeysightTechs KEYS 132.62 0.7 PeridotAcqn PDAC.U 11.30 2.2 SustOppsAcqnA SOAC 11.42 3.4 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American AllyFinancial ALLY 35.32 1.3 CONXWt CONXW 2.03 -1.1 FtacOlympus FTOCU 11.13 2.0 KingswayFin KFS 4.75 2.0 PinnacleFinPtrs PNFP 65.96 0.4 SustOppsAcqnWt SOAC.WS 2.75 8.3 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest Alphatec ATEC 14.97 1.7 CRISPR Therap CRSP 181.42 0.3 FalconCapA FCAC 11.20 1.1 KodiakSciences KOD 159.18 -1.9 PlugPower PLUG 37.51 -5.6 SwitchbackEner SBE.U 56.90 -8.1 session. %CHG-Daily percentage change from the previous trading session. AltairEngg ALTR 60.00 -1.2 CableOne CABO 2290.00 0.2 Fathom FTHM 40.05 7.9 KornFerry KFY 45.86 0.3 PopulationHlth PHICU 10.59 0.8 SwitchbackEnerWt SBE.WS 20.88 -8.9 AlticeUSA ATUS 37.14 2.5 CadenceDesign CDNS 136.00 0.6 Ferrari RACE 229.67 1.4 KratosDefense KTOS 28.12 5.5 PorchGroup PRCH 17.31 -2.1 Synaptics SYNA 94.73 6.9 Monday, December 28, 2020 AltimarAcqn ATAC.U 13.07 1.0 CallawayGolf ELY 25.36 2.3 FiatChrysler FCAU 18.21 1.8 KymeraTherap KYMR 91.92 2.0 PowerIntegrations POWI 82.00 2.3 Synopsys SNPS 261.13 ... AltimarAcqnWt ATAC.WS 3.78 9.6 Camtek CAMT 21.90 2.2 FinServAcqnUn FSRVU 16.00 -1.3 L&F Acqn LNFA.U 10.44 0.6 PraxisPrecision PRAX 56.31 6.0 TE Connectivity TEL 121.18 0.1 52-Wk % 52-Wk % 52-Wk % AltimarAcqnA ATAC 12.07 1.7 CanPacRlwy CP 348.15 0.2 FinServAcqnWt FSRVW 4.06 0.8 LakelandInd LAKE 30.39 6.5 Precigen PGEN 10.87 5.4 TJX TJX 68.67 2.1 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AltitudeAcqn ALTUU 10.45 0.5 CapitolInvtV CAP.U 10.33 1.0 FinTechAcqnV FTCVU 10.73 1.5 LandcadiaII LCAHU 33.00 5.6 PrimeImpactIWt PIAI.WS 1.57 -2.9 T-MobileUS TMUS 134.76 0.1 AlussaEnergy ALUS.U 11.00 2.3 Capri CPRI 44.08 1.6 FirstFoundation FFWM 20.56 1.8 LandcadiaII A LCA 27.18 2.9 Progyny PGNY 44.22 -0.6 37.36 -7.0 ASML ASML 488.72 -0.6 AeroCentury ACY 38.04 414.9 TPGPaceBenFin TPGY.U Ambarella AMBA 96.80 3.1 Capstar CPSR.U 11.25 -0.1 FirstRepBank FRC 143.23 1.5 LatticeSemi LSCC 45.17 2.6 PublicStoragePfH PSApH 29.00 -0.1 TPGPaceBenWt TPGY.WS 10.50 1.8 Highs Abcam ABCM 20.90 2.0 AerSale ASLE 16.91 40.9 AmeriWt AMRHW 0.90 592.9 CapstarSpacWt CPSR.WS 1.89 -1.3 FirstMarkHorizonA FMAC 10.89 1.7 LightspeedPos LSPD 70.16 0.6 PublicStoragePfM PSApM 26.85 0.4 TWC Tech II A TWCT 10.89 2.1 AcaciaComms ACIA 72.65 0.3 AerSaleWt ASLEW 2.37 69.1 AceConvergence ACEVU 11.20 -1.6 AmerEagle AEO 20.58 1.9 CapstarSpacA CPSR 10.43 -0.1 FirstMarkHorizonWt FMAC.WS 3.15 -0.8 Lindsay LNN 130.18 -0.5 PureTechHealth PRTC 56.89 1.9 Taitron TAIT 3.30 3.9 AcamarPtrs ACAMU 13.06 13.7 AffiliatedMgrs AMG 103.34 -0.2 AconS2AcqnA STWO 10.73 0.1 AmFinTrPfdC AFINO 25.14 1.2 Cellectis CLLS 33.59 2.5 FirstMarkHorizon FMAC.U 11.90 0.6 Littelfuse LFUS 255.95 0.4 PurpleInnovation PRPL 36.18 -2.6 TaiwanSemi TSM 108.17 0.2 AcamarPtrsWt ACAMW 3.10 40.3 Airgain AIRG 18.75 17.5 AEA-BridgesA IMPX 10.60 ... AmerFinDeb2060 AFGD 28.60 ... CelsiusHldg CELH 45.10 -5.1 Flagstar FBC 41.81 -1.9 LiveOakAcqnUn LOAK.U 32.65 14.3 QellAcqnWt QELLW 4.06 -3.3 Tapestry TPR 31.65 ... AcamarPtrs ACAM 11.45 7.0 AjaxI AJAX.U 13.20 1.7 AEA-BridgesWt IMPX.WS 1.78 9.4 AmplitudeHlthWt AMHCW 1.98 11.8 ChardanHlthcr2Wt CHAQ.WS 1.39 21.5 Flex FLEX 18.48 -0.9 LiveOakAcqn LOAK 28.12 11.3 QellAcqn QELLU 14.87 -2.7 TempurSealy TPX 28.65 -1.9 AEA-Bridges IMPX.U 11.30 1.0 AckrellSPACPtrsIUn ACKIU 10.47 1.0 AjaxI AJAX 13.35 -0.4 Amyris AMRS 6.11 10.1 CheckPoint CHKP 137.97 2.1 FlexShopper FPAY 3.36 3.8 LiveOakAcqnWt LOAK.WS 11.06 23.5 QuanexBldg NX 22.93 0.6 10xCapVenture VCVCU 10.69 0.9 AES AES 23.61 0.1 AclarisTherap ACRS 7.95 -11.7 Alarm.com ALRM 103.52 4.4 AnalogDevices ADI 147.48 0.1 ChinaRecycling CREG 10.08 31.3 Fluent FLNT 6.48 8.7 LiveOakAcqnII LOKB.U 10.87 2.0 QuestResource QRHC 2.94 9.5 ThunderBridgeII THBRU 17.45 11.6 AMCIAcquisition AMCIU 24.71 8.9 ActivisionBliz ATVI 92.26 0.5 Albemarle ALB 153.48 0.1 Anaplan PLAN 76.37 -0.4 ChurchillCapIV CCIV.U 10.50 0.3 FluxPower FLUX 21.89 36.3 LongevityAcqnUn LOACU 20.50 47.6 QuinStreet QNST 22.70 -1.4 ThunderBridgeIIA THBR 14.94 9.6 AMCI Acqn AMCI 17.17 4.4 Adtran ADTN 16.18 4.9 AlbertonAcqn ALAC 11.96 3.5 AndinaAcqnIII ANDA 11.00 1.7 ChurchillCapCorp.V CCV.U 10.70 1.0 FoleyTrasimene WPF.U 13.07 2.0 LongevityAcqnWt LOACW 3.20 45.2 Qumu QUMU 7.68 ... ThunderBridgeIIWt THBRW 4.77 12.0 AMCIAcqnWt AMCIW 4.15 -2.2 AdvDrainageSys WMS 83.29 0.9 Allakos ALLK 157.96 0.6 ApellisPharm APLS 57.04 1.3 Chuy's CHUY 28.29 -5.4 FoleyTrasimeneA WPF 11.99 1.3 LongevityAcqnRt LOACR 4.00 14.9 RBC Bearings ROLL 185.13 0.8 Tortoise II A SNPR 11.85 -1.7 ASETech ASX 5.94 3.0 AequiAcqn ARBGU 10.40 1.0 AllstatePfdG ALLpG 28.66 ... ApexTechAcqnWt APXTW 5.47 1.3 CitiTrends CTRN 49.08 2.4 FoleyTrasimeneWt WPF.WS 3.13 -0.7 LongevityAcqn LOAC 19.25 17.3 RCI Hospitality RICK 41.33 0.5 Tortoise II Wt SNPR.WS 3.60 4.7 ApexTechAcqn APXT 17.90 -2.6 CleanSpark CLSK 30.63 16.2 FoleyTrasimII BFT.U 19.10 9.2 LongviewAcqn LGVW.U 25.433.4 RMG Acqn RMG.U 45.96 -1.3 TortoiseAcqnII SNPR.U 12.65 -1.4 APi Group APG 18.17 -0.9 ClearwayEnergyA CWEN.A 31.19 -0.4 FoleyTrasII Wt BFT.WS 5.14 15.3 LongviewAcqnWt LGVW.WS 7.86 4.5 RMGAcqn RMG 38.90 -6.1 TottenhamAcqnI TOTAU 20.62 58.6 ApolloStratGr APSG.U 11.31 2.5 ClimateChgI CLII.U 12.17 2.0 FoleyTras II A BFT 17.00 7.0 Lumentum LITE 101.25 0.7 RMG Acqn Wt RMG.WS 17.47 -1.2 TottenhamAcqnI TOTA 17.50 13.3 Aptargroup ATR 137.14 ... Cognex CGNX 82.90 2.1 FordMotor6%Nts FpC 26.66 0.6 LumosPharma LUMO 31.87 5.2 RMGAcqnII RMGBU 10.93 1.6 TottenhamAcqnIRt TOTAR 0.99 40.0 AquaMetals AQMS 3.55 29.5 CohnRobbinsA CRHC 10.75 2.5 FortressTransport FTAI 23.49 -1.2 Macom Tech MTSI 55.65 0.3 R1RCM RCM 24.03 1.4 TottenhamAcqnIWt TOTAW 1.50 77.5 ArcLightCleanA ACTC 12.10 0.3 CohnRobbinsWt CRHC.WS 2.30 2.2 FortressValueII FAII.U 11.60 2.3 MSC Industrial MSM 87.84 ... RadaElectronic RADA 10.70 -0.7 ToughBuiltWt TBLTW 0.33 9.8 ArcLightCleanWt ACTCW 3.20 -11.4 CohnRobbins CRHC.U 11.08 ... FortressValueIIWt FAII.WS 3.25 9.0 MSG Entertainment MSGE 101.49 7.5 RadiusGlbInfr RADI 14.25 1.1 TransUnion TRU 102.80 -1.9 ArcLightClean ACTCU 13.25 -0.8 CommVaultSys CVLT 58.25 -1.1 ForumMergerIII FIII 15.30 0.7 MagalSec MAGS 5.92 6.3 RandolphBancorp RNDB 21.41 6.5 TrebiaAcqn TREB.U 11.90 0.6 ArgoGoupPfdA ARGOpA 26.95 0.2 ConcordAcqn CND.U 10.40 1.0 FullHouse FLL 4.22 1.0 MagnaIntl MGA 75.65 4.1 RedBallAcqnWt RBAC.WS 2.71 -1.7 TrebiaAcquisition TREB 11.20 -1.4 AristaNetworks ANET 293.78 0.7 Conmed CNMD 114.64 -0.6 FusionAcqnUn FUSE.U 12.85 10.2 Magnite MGNI 33.00 -4.5 RegionalHealth RHE 15.77 93.8 Trex TREX 87.88-3.2 ArtiusAcqn AACQU 11.93 1.2 ConstBrands B STZ.B 219.15 2.5 FusionAcqnA FUSE 11.63 8.9 MarathonPatent MARA 14.66 12.2 ReinventTechA RTP 12.27 0.8 TriMas TRS 33.00 0.8 ArtiusAcqnA AACQ 10.84 0.8 ConstBrands A STZ 219.78 1.3 FusionAcqnWt FUSE.WS 2.75 25.6 MarineMax HZO 39.96 4.1 ReinventTechPtrs RTP.U 13.04 0.8 Trimble TRMB 67.86 -0.3 ArtiusAcqnWt AACQW 2.75 7.4 Corts Aon KTN KTN 35.22 1.0 GOAcquisitionUn GOAC.U 10.64 -0.2 MarqueeRaineAcqn MRACU 11.18 -0.5 ReinventTechZ RTPZ.U 12.15 -2.2 Trinseo TSE 52.69 0.5 Arvinas ARVN 86.44 0.3 CoStar CSGP 951.18 3.6 GoAcqnWt GOAC.WS 1.50 ... MasTec MTZ 71.110.8 ReneSola SOL 12.55 28.9 TritonIntlPfdD TRTNpD 27.84 -0.4 AscendantDigital ACND.U 11.96 -0.3 Covetrus CVET 32.17 -1.9 GS Acqn II Wt GSAH.WS 2.75 9.9 MaxeonSolar MAXN 37.99 -14.0 ReplayAcqnWt RPLA.WS 2.31 5.0 Tronox TROX 15.09 -1.2 AscendantDigA ACND 11.00 -0.7 Curis CRIS 9.20 -0.9 G Willi-Food WILC 21.50 1.4 MaximIntProducts MXIM 88.28 ... ReplayAcqn RPLA 10.95 0.9 TurmericAcqnWt TMPMW 1.50 15.4 by AspenAerogels ASPN 18.22 -6.8 D8 Holdings DEH.U 10.98 3.7 GalileoAcqnWt GLEO.WS 1.00 -7.2 MaxLinear MXL 37.61 -0.3 ResideoTech REZI 22.85 -4.7 TurningPoint TPB 47.95 -1.2 AspirCnsUn ASPL.U 10.50 ... D8 Wt DEH.WS 1.36 0.8 Generac GNRC 239.62 -0.1 MayvilleEngg MEC 14.74 10.8 Rexnord RXN 40.15 0.9 TuscanWt THCBW 6.30 8.2 AssdBancPfdF ASBpF 28.87 -0.5 DPCM Capital XPOA.U 12.11 0.6 GeorgiaPwrNt77 GPJA 28.51 0.1 MedicennaTherap MDNA 6.84 28.4 RibbitLeapA LEAP 14.44 2.1 Tuscan THCB 20.93 4.0 AteaPharm AVIR 39.46 13.4 DPCM Cap A XPOA 11.07 1.0 Gevo GEVO 4.95 30.3 MegalithFinAcqnWt MFAC.WS 3.10 -2.8 RiceAcqnA RICE 11.99 3.7 TuscanIIWt THCAW 2.59 5.4 AthenePfdD ATHpD 25.17 0.1 Danaos DAC 22.01 0.1 GigCapital3Wt GIK.WS 4.20 7.0 MicroStrategy MSTR 379.99 14.7 RiotBlockchain RIOT 17.43 19.3 TuscanIIUn THCAU 14.00 16.6 AtlUnionPfdA AUBAP 27.75 ... DarioHealthWt DRIOW 0.56 218.8 GigCapital2Un GIX.U 15.00 7.3 MillerIndustries MLR 38.36 3.3 RodgersSilicVal RSVAU 14.50 -1.8 USA Tech USAT 11.84 -4.1 AtlanticaSust AY 41.25 -7.3 Decarbonization DCRBU 12.28 2.5 GigCapital2Wt GIX.WS 2.47 19.0 Mimecast MIME 59.48 -0.9 Roman DBDR A DBDR 10.26 ... US BancorpPfdL USBpQ 25.35 0.5 Introducing an AtlasCrestInvt ACIC 11.82 4.1 Deere DE 273.56 -0.6 GlobalPayments GPN 209.89 1.7 Mogo MOGO 4.48 18.4 RomanDBDR Wt DBDRW 1.30 5.9 UnionAcqnII LATN 10.40 -0.8 Atomera ATOM 15.40 5.6 DeerfieldHlthcr DFHTU 16.84 0.8 GlobalShipLease GSL 12.02 4.7 MohawkGroup MWK 19.08 9.0 RothCHAcqnI ROCH 17.75 3.6 Unisys UIS 19.55 1.9 AtriCure ATRC 58.03-0.8 DeerfieldWt DFHTW 4.39 2.3 GlobalWaterRscs GWRS 16.20 6.9 MonarchCasino MCRI 60.97 -0.1 RothCHAcqnIWt ROCHW 4.90 24.3 Ur-Energy URG 0.93 9.8 Ergonomic Heat AvalonHoldings AWX 4.75 38.7 DeerfieldHlthcA DFHT 16.00 1.8 GlobisAcqn GLAQU 10.75 1.7 MonolithicPower MPWR 365.03 0.9 RothCHAcqnII ROCCU 10.70 1.4 UraniumEner UEC 2.02 7.4 AvantiAcqnA AVAN 10.83 2.8 DelwindsIns DWIN.U 10.30 0.4 GoldmanSachs GS 262.65 1.3 MonsterBev MNST 90.91 1.1 RyderSystem R 64.71 -1.6 VPC Impact VIHAU 10.60 -0.9 AvantiAcqnWt AVAN.WS 2.26 1.7 DenisonMines DNN 0.75 15.2 GoodTimesRest GTIM 3.24 13.9 MotionAcqnUn MOTNU 10.70 0.1 SC Health SCPE 10.41 0.5 Valvoline VVV 23.75 0.2 and Massage AvantiAcqn AVAN.U 11.50 3.0 DiamedicaTherap DMAC 10.43 -1.0 GoodWksAcqn GWAC 10.53 0.5 MotionAcqnA MOTN 10.51 -1.1 SCVX SCVX.U 11.77 0.1 VectorAcqnWt VACQW 1.65 4.9 Avient AVNT 40.90 ... Diginex EQOS 17.62 41.2 GoresIV A GHIV 14.38 8.3 MountainCrestRt MCACR 0.99 -1.5 SRAX SRAX 3.80 19.1 VentouxCCMAcqn VTAQU 10.32 1.1 Chair for Work AxosFinancial AX 38.02 -0.6 DiscoverFinSvcs DFS 90.08 ... GoresIV Wt GHIVW 4.87 12.5 MudrickCapII MUDSU 10.39 0.9 SVB Fin SIVB 381.22 0.5 Vericel VCEL 29.57 -0.2 AzurePowerGlbl AZRE 40.47 8.1 Disney DIS 179.92 3.0 Graco GGG 73.45 ... MyersIndustries MYE 20.64 -0.4 SageTherap SAGE 90.58 -1.2 VerintSystems VRNT 67.59 0.2 BMC Stock BMCH 56.24 -0.8 dMY Tech DMYT.U 28.75 3.8 GraphicPkg GPK 17.07 -0.5 MyovantSciences MYOV 30.90 20.5 SandbridgeAcqn SBG.U 10.73 0.5 VeriskAnalytics VRSK 208.75 3.4 and Home B.RileyNts2025 RILYM 25.40 0.2 dMY TechA DMYT 25.40 1.4 GreatLakesDredge GLDD 12.84 2.1 NCR NCR 38.09 2.4 SangamoTherap SGMO 19.43 1.3 VesperHlthcrA VSPR 12.84 7.6 B RileyFin RILY 44.73 2.9 dMY TechWt DMYT.WS 9.00 4.8 Greenbrier GBX 37.99 -0.3 NGM Biopharm NGM 31.88 0.2 SchnitzerSteel SCHN 31.69 -1.7 VesperHlthcrAcqn VSPRU 13.60 8.3 BRileyFin6.50%SrNt RILYN 25.78 0.4 dMYTechA DMYD 17.50 -1.1 GreencityAcqn GRCY 10.68 2.4 NICE NICE 283.00 0.4 SchwabC SCHW 52.97 1.7 Vipshop VIPS 26.45 -2.0 BadgerMeter BMI 96.00 0.7 dMYTechII Wt DMYD.WS 5.20 -2.8 GreenVisionAcqn GRNV 10.30 0.3 NIC EGOV 26.77 1.8 ScIONTechGrowthI SCOAU 10.50 0.8 VirtusInvtPtrs VRTS 218.50 -0.6 BallardPower BLDP 24.60 -2.5 dMYTechIII Un DMYI.U 11.10 -0.2 GuildHldgs GHLD 17.40 1.1 NV5Global NVEE 80.47 0.8 SealedAir SEE 46.41 -1.2 VistasMediaAcqnUn VMACU 10.80 0.9 BankOZK OZK 31.70 1.0 Docebo DCBO 60.99 1.9 H.I.G.AcqnWt HIGA.WS 1.81 29.0 Natera NTRA 112.93 -4.9 SeaportGlb SGAMU 10.87 0.7 VornadoPfdN VNOpN 25.81 1.1 BankofAmPfd4 BMLpJ 25.35 1.0 DolbyLab DLB 96.81 0.9 HP HPQ 24.63 ... NaviosMaritime NMCI 3.76 -1.9 SeaportGlbA SGAM 10.20 0.2 WSFS Financial WSFS 45.48 1.5 Barnes&NobleEduc BNED 5.84 0.8 DoverMotorsports DVD 2.43 13.2 HPX A HPX 10.46 1.6 NavSightWt NSH.WS 1.50 ... 7GC VIIAU 10.47 -0.4 WattsWater WTS 123.03 0.8 BassettFurniture BSET 21.45 2.4 DragoneerGrwWt DGNR.WS 5.26 11.4 HainCelestial HAIN 40.62 0.8 NeoGames NGMS 37.00 0.6 SevenOaksAcqnUn SVOKU 10.60 1.2 WescoIntl WCC 78.95 1.3 BeaconRoof BECN 41.15 -0.2 DragoneerGrowthII DGNS 12.50 5.7 Headhunter HHR 32.14 1.9 Netgear NTGR 41.94 13.0 ShoeCarnival SCVL 40.69 4.5 WholeEarthBrds FREE 11.80 -0.6 BeamGlobal BEEM 69.68 19.3 DukeEnerDeb73 DUKH 26.76 0.2 HealthCatalyst HCAT 45.56 -0.3 Neuronetics STIM 11.71 7.5 Shyft SHYF 29.50 -0.5 WideOpenWest WOW 10.88 5.1 BeamGlobalWt BEEMW 61.79 26.1 DuneAcquisitionUn DUNEU 10.35 -0.1 HelenofTroy HELE 230.56 1.2 NewBeginningsWt NBA.WS 1.30 11.7 SilverbackTherap SBTX 36.70 2.0 Willdan WLDN 45.56 8.6 Bio-Techne TECH 326.44 -1.8 EMCOR EME 93.65 -0.2 HercHoldings HRI 67.32 0.3 NewFortressEner NFE 60.42 -4.2 SilvergateCapital SI 78.05 5.2 WintrustFinPfdE WTFCP 28.98 0.3 BionanoGenomWt BNGOW 0.60 15.4 E.MergeTechA ETAC 10.37 1.5 HighlandTransI HTPA.U 10.75 0.3 NewFrontierWt NFH.WS 2.34 3.6 SimplyGoodFoods SMPL 30.75 1.3 WisdomTreeInvs WETF 5.60 -2.5 BitDigital BTBT 12.45 81.2 E.MergeTechWt ETACW 1.95 0.6 HighwayHldgs HIHO 5.29 7.8 NewProvidenceAcqn NPAUU 17.80 5.2 SiteOneLandscape SITE 161.88 -1.6 XOMA XOMA 46.32 3.4 BlinkCharging BLNK 56.12 -5.3 EagleMaterials EXP 101.56 0.3 HorizonAcqn HZAC.U 11.10 1.0 NewProvidenceA NPA 15.99 6.9 SiyataMobileWt SYTAW 6.10 8.0 XTL Biopharm XTLB 3.04 6.9 BlinkChargingWt BLNKW 51.87 -5.7 EastRscsAcqnA ERES 10.35 0.7 HorizonAcqnWt HZAC.WS 1.96 1.2 NewProvidenceWt NPAWW 4.74 1.3 SocialCapHedII IPOC.U 18.80 16.6 Xperi XPER 21.27 -0.4 BloomEnergy BE 31.58 -7.6 EastRscsAcqnWt ERESW 1.49 4.8 HovnanianPfdA HOVNP 8.49 3.2 NewbornAcqnWt NBACW 4.15 -2.5 SocialCapHedIII IPOC 17.20 14.6 Xylem XYL 101.61 0.1 BlueWaterAcqn BLUWU 10.38 0.4 EastStoneAcqn ESSCU 11.20 4.5 HowmetAerospace HWM 28.07 1.3 NexaResources NEXA 9.38 8.8 SocialCapHedWt IPOC.WS 5.45 12.6 YucaipaAcqn YAC.U 10.75 ... BowXAcqnA BOWX 11.75 2.0 EastStoneWt ESSCW 0.75 22.0 HudsonExecA HEC 11.00 -0.4 908Devices MASS 74.00 -1.6 SocialCapHedIV IPOD.U 15.46 -0.7 ZaniteAcqn ZNTEU 10.65 -0.5 BowXAcqnWt BOWXW 2.10 13.3 EasternBankshares EBC 16.89 -1.4 HudsonExecWt HECCW 1.75 -1.6 NoahHoldings NOAH 44.68 1.6 SocialCapHedV A IPOE 13.04 2.1 Zendesk ZEN 144.59 -2.4 BowXAcquisitionUn BOWXU 13.00 0.7 EdocAcqnWt ADOCW 0.85 -15.4 ICL Group ICL 4.92 3.4 NorthernGenesis NGA.U 23.25 -0.5 SocialCapHedV IPOE.U 13.92 2.5 BreezeHldgsWt BREZW 1.25 8.2 EdocAcqnA ADOC 10.25 2.0 IdexxLab IDXX 503.83 -0.5 NorthernGenesis NGA 20.09 -1.2 SocialCapHedVI A IPOF 13.24 4.3 Lows BridgeBioPharma BBIO 70.72 ... EdwardsLife EW 90.78 2.2 IG Acqn Wt IGACW 2.00 18.0 NorthernGenesisWt NGA.WS 6.74 5.5 SocialCapHedVI Wt IPOF.WS 3.90 -3.7 BridgetownUn BTWNU 20.50 5.8 EllingtonResiMtg EARN 13.05 3.1 IG Acqn IGACU 11.20 0.1 Novocure NVCR 179.62 -1.3 SocialCapHedVI IPOF.U 14.49 2.9 Arko ARKO 8.42 -9.4 %( 1-# *( /!& +$) 0-.'", Brightcove BCOV 19.36 6.7 Emcore EMKR 5.21 5.3 II-VI IIVI 79.77 0.5 ODP ODP 30.98 3.7 SoftwareAcqnGrpII SAIIU 10.55 0.9 Aaron's AAN 16.20 -2.4 BrilliantAcqn BRLIU 11.05 -0.4 Endava DAVA 77.95 0.7 IonAcqn1Wt IACA.WS 4.94 5.1 Orbcomm ORBC 7.39 6.1 SoftwareII Wt SAIIW 1.30 4.5 AbCelleraBio ABCL 38.30 -4.4 BrilliantAcqn BRLI 10.58 -0.1 EndeavourSilver EXK 4.80 1.3 IPG Photonics IPGP 225.94 1.8 OTRAcquisition OTRA 10.25 1.5 SouthMtnA SMMC 17.39 2.4 AIG Wt AIG.WS 0.11 -36.0 Broadcom AVGO 437.27 0.1 EnergyFuels UUUU 4.82 7.2 InariMedical NARI 86.99 4.6 OTRAcquisitionWt OTRAW 1.19 -4.7 SouthMtnWt SMMCW 4.60 3.8 ApreaTherap APRE 5.35 -78.1 BroadstoneAcqnA BSN 10.23 1.9 EnergyFuelsWt UUUU.WS 2.23 21.6 IndlTechAcqns ITACU 11.15 1.0 OaktreeAcqnWt OAC.WS 4.70 -1.3 SouthMountainUn SMMCU 19.50 -0.7 BEST BEST 1.98 -7.0 BroadstoneAcqnWt BSN.WS 1.30 12.2 EnergyRecovery ERII 13.98 0.7 Infr&EnerAltern IEA 20.19 2.5 OaktreeAcqn OAC.U 19.00 0.3 SouthernNt2016A SOJB 27.05 0.3 CooTekCayman CTK 2.62 -5.4 BroadstoneAcqn BSN.U 10.85 2.9 EnphaseEnergy ENPH 189.41 -3.3 Infr&EnerAltWt IEAWW 4.24 5.4 OaktreeAcqnIIWt OACB.WS 2.15 11.9 SouthernNts77 SOJC 27.42 -0.6 DoorDash DASH 141.51 -6.7 Broadwind BWEN 8.85 45.6 EnPro NPO 76.66 1.1 IngersollRand IR 46.82 -2.0 one AONE.U 11.47 0.9 SoCopper SCCO 65.18 -0.9 GileadSciences GILD 56.70 -0.3 BrookfieldFinNts BAMI 25.45 0.6 EquityDistribution EQD.U 11.10 1.7 InnovativeIndPfdA IIPRpA 40.00 0.6 OneStopSystems OSS 5.33 10.3 SpartacusAcqnUn TMTSU 11.47 -0.3 HlthcrSvcs HCARU 10.11 -0.6 BrookfieldInfr BIPC 74.60 -1.4 EquusTotReturn EQS 2.30 5.5 Inphi IPHI 162.08 -0.8 OntoInnovation ONTO 49.11 0.3 SpectrumBrands SPB 78.13 1.7 InhibikaseTherap IKT 8.61 -4.7 BuildersFirstSrc BLDR 42.78 -0.8 EssaPharma EPIX 12.49 20.4 IntegraLifeSci IART 67.10 -0.3 OrbitalEnergy OEG 2.29 46.6 SperoTherap SPRO 23.64 0.5 InterceptPharm ICPT 25.56 -4.3 BullHorn BHSE 10.18 1.1 EthanAllen ETH 20.66 0.8 IntelliaTherap NTLA 70.00 -2.0 Organogenesis ORGO 6.78 3.3 SportsEntAcqn SEAH.U 11.21 2.6 LibertyBroadPfdA LBRDP 28.31 -1.0 BurgundyTechAcqnUn BTAQU 11.03 1.9 EtonPharm ETON 9.40 -4.4 Intellicheck IDN 11.35 6.3 OrlaMining ORLA 6.04 12.2 SpringValleyWt SVSVW 1.84 12.2 Liquidia LQDA 2.53 -7.8 Free Shipping&30Day Risk Free Trial BurgundyTechWt BTAQW 1.65 17.6 EuroTech CLWT 6.58 17.2 InteractiveBrkrs IBKR 62.48 2.0 OrmatTech ORA 88.71 1.5 St.Joe JOE 49.98 2.6 OptheaADR OPT 11.03 -2.9 BurgundyTechA BTAQ 10.20 0.7 EveloBiosci EVLO 12.50 14.2 inTEST INTT 6.49 -2.4 OwensCorning OC 78.99 -3.5 StableRoadWt SRACW 6.41 -4.5 OrientalCulture OCG 4.89 -4.1 BurlingtonStrs BURL 259.25 4.2 EvercoreA EVR 112.19 1.0 Intuit INTU 387.94 ... PGT Innovations PGTI 21.49 -0.7 StableRoadAcqn SRAC 19.85 -1.4 Pharming PHAR 14.32 -7.0 Save $100 Now! And, Use code Ergonomic CC Neuberger I PCPL.U 12.38 -0.8 Evogene EVGN 6.00 27.7 Itron ITRI 97.79 3.1 PMV Consumer PMVC 10.10 ... StarPeakEner STPK.U 28.48 -1.7 PrimeEnergy PNRG 43.77 -3.7 CC NeubergerI Wt PCPL.WS 2.91 -6.8 EvolentHealth EVH 16.78 0.8 JackintheBox JACK 97.15 -1.3 PMV Consumer Wt PMVC.WS 1.28 6.3 StrPeakEnerA STPK 26.43 -1.6 Q&K Intl QK 2.78 -5.7 For Free X-Wheel Casters CC NeubergerI A PCPL 11.50 1.5 ExecutiveNtwk ENPC.U 26.73 0.4 JawsSpitfire SPFR.U 12.78 -0.1 PTC PTC 121.75 -0.9 StrPeakEnerWt STPK.WS 7.40 6.5 QualigenTherap QLGN 3.11 -2.2 CCNeubergerII PRPB.U 10.85 -0.5 ExlService EXLS 87.54 0.3 JazzPharma JAZZ 162.59 1.5 PTK Acqn Wt PTK.WS 1.49 0.9 StarboardValWt SVACW 2.64 1.8 Qutoutiao QTT 1.54 -1.2 *$50 per month based on purchase of $89999 for 18-months 0% interest CF Acqn IV CFIVU 10.44 1.0 Exponent EXPO 90.19 1.3 JohnsonOutdoors JOUT 111.64 3.0 PacBiosciCA PACB 29.73 0.8 StepStone STEP 38.39 3.3 TidewaterWtA TDW.WS.A 0.41 -20.8 CHS PfdB4 CHSCL 29.50 -0.6 FastAcqn FST.U 10.86 0.6 KinsTech KINZU 10.58 0.2 PayaWt PAYAW 4.27 -1.0 SunnovaEnergy NOVA 48.84 -4.1 US NatGas UNG 8.22 -8.0 CITICCapAcqnWt CCAC.WS 2.02 -4.3 FastAcqnWt FST.WS 1.80 4.1 KVH Inds KVHI 11.54 9.9 Paya PAYA 15.00 -1.1 SunOpta STKL 11.55 3.6 VenusConcept VERO 1.73 -2.7 CMSEnerNts2078 CMSC 28.45 -0.1 F5Networks FFIV 177.68 0.5 KSCitySouthern KSU 202.75 0.7 Paylocity PCTY 218.34 -1.0 SupernovaPtrs SPNV.U 12.29 0.1 ViriosTherapeutics VIRI 8.10 -10.2 CNH Indl CNHI 12.95 0.9 FG NewAmerica FGNA.U 10.85 -0.9 KeurigDrPepper KDP 32.14 0.3 PepsiCo PEP 147.60 1.3 SustOppsAcqnUn SOAC.U 12.75 2.3 YumanityTherap YMTX 16.27 -15.3 P2JW364000-1-B00700-1------XA

THE WALL STREET JOURNAL. * Tuesday, December 29, 2020 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 30403.97 s204.10, or 0.68% Trailing P/E ratio 29.91 21.17 3735.36 s32.30, or 0.87% Trailing P/E ratio * 39.94 25.53 12899.42 s 94.69, or 0.74% Trailing P/E ratio *† 38.92 27.55 High, low, open and close for each P/E estimate * 24.68 19.09 High, low, open and close for each P/E estimate * 26.55 19.77 High, low, open and close for each P/E estimate *† 32.45 24.10 trading day of the past three months. Dividend yield 1.98 2.23 trading day of the past three months. Dividend yield * 1.61 1.82 trading day of the past three months. Dividend yield *† 0.75 0.97 All-time high 30403.97, 12/28/20 All-time high 3735.36, 12/28/20 All-time high: 12899.42, 12/28/20

Current divisor 0.15198707565833 32200 3750 12800 Session high DOWN UP Session open Close 31000 3625 12400 t

Close Open t 29800 3500 12000 Session low

28600 3375 11600 65-day moving average

27400 3250 11200 65-day moving average 65-day moving average

26200 3125 10800

Bars measure the point change from session's open 25000 3000 10400 Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 734,094,177 30,785,341 Industrial Average 30525.56 30283.23 30403.97 204.10 0.68 30403.97 18591.93 6.8 6.5 7.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 347,696,924 21,940,166 Transportation Avg 12654.58 12511.44 12524.02 1.10 0.01 12803.02 6703.63 15.2 14.9 5.5 Most-active issues in late trading Decl. volume* 379,169,709 8,688,799 Utility Average 856.18 846.44 849.55 3.58 0.42 960.89 610.89 -3.0 -3.4 5.5 Volume After Hours Issues traded 3,245 282 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 39192.76 39065.53 39090.96 203.52 0.52 39090.96 22462.76 18.7 18.3 12.0 Advances 1,658 132 SPDR S&P 500 SPY 5,182.0 372.42 0.25 0.07 372.44 371.92 Barron's 400 858.68 851.95 852.20 0.37 0.04 852.20 455.11 16.5 16.4 6.0 Declines 1,509 140 Realogy Holdings RLGY 4,917.7 13.58 … unch. 13.58 13.58 Unchanged 78 10 Vipshop Holdings ADR VIPS Nasdaq Stock Market 4,678.5 25.50 -0.29 -1.12 25.79 25.21 New highs 300 15 Nasdaq Composite 12930.89 12827.45 12899.42 94.69 0.74 12899.42 6860.67 44.2 43.8 22.9 Stratasys Ltd. SSYS 3,878.4 21.03 -0.06 -0.28 21.57 21.00 New lows 60 Nasdaq 100 12861.91 12747.05 12838.86 127.85 1.01 12838.86 6994.29 47.4 47.0 25.8 American Eagle Outfitters AEO 3,222.2 20.20 … unch. 20.60 20.02 Closing Arms† 1.33 0.25 Apple AAPL 2,970.5 137.05 0.36 0.26 137.26 136.09 S&P Block trades* 4,537 233 Hanesbrands HBI 2,852.5 14.62 0.01 0.07 14.70 14.51 500 Index 3740.51 3723.03 3735.36 32.30 0.87 3735.36 2237.40 16.0 15.6 11.6 Nasdaq NYSE Arca Apartment Inv Mgmnt AIV 2,473.8 5.01 -0.07 -1.38 5.09 4.97 MidCap 400 2334.51 2309.00 2309.52 -5.84 -0.25 2315.36 1218.55 12.1 11.9 6.5 Total volume*5,059,702,137 169,215,973 SmallCap 600 1133.23 1124.41 1124.94 3.43 0.31 1124.94 595.67 10.5 10.2 6.0 Percentage gainers… Adv. volume*3,090,443,014 103,925,888 Decl. volume*1,916,646,360 63,212,678 Other Indexes Universal Security UUU 2,068.7 5.39 2.31 75.00 6.77 3.07 Issues traded 3,858 1,438 Russell 2000 2026.24 1996.25 1996.25 -7.70 -0.38 2007.10 991.16 20.0 19.6 8.8 NTN Buzztime NTN 613.0 2.86 0.46 19.17 3.17 2.33 Advances 1,962 929 NYSE Composite 14481.48 14396.23 14405.77 23.27 0.16 14516.73 8777.38 3.8 3.5 3.9 Iridex IRIX 1,637.0 2.87 0.46 19.09 3.60 2.41 Declines 1,811 481 Cango ADR CANG 61.1 8.12 0.89 12.31 8.20 7.22 Value Line 572.49 567.84 567.98 0.14 0.02 568.70 305.71 3.3 2.9 0.1 Unchanged 85 28 Immersion IMMR 75.1 10.10 0.68 7.22 10.48 9.42 NYSE Arca Biotech 5978.80 5862.95 5864.65 -71.53 -1.20 6142.96 3855.67 16.2 15.7 11.1 New highs 448 294 NYSE Arca Pharma 680.90 675.01 676.98 3.30 0.49 691.70 494.36 3.8 3.6 7.3 ...And losers New lows 20 38 KBW Bank 98.02 96.46 96.91 0.51 0.53 114.12 56.19 -14.3 -14.5 -3.4 Arcturus Therapeutics ARCT 536.0 57.75 -34.67 -37.51 95.99 54.56 Closing Arms† 0.67 1.33 § PHLX Gold/Silver 147.66 142.29 142.34 -1.39 -0.97 161.14 70.12 32.8 33.1 18.5 AeroCentury ACY 786.3 11.00 -2.85 -20.58 13.75 9.50 Block trades* 33,511 796 § PHLX Oil Service 44.99 43.65 43.75 -0.40 -0.90 80.99 21.47 -44.9 -44.1 -33.5 Regional Hlth Properties RHE 543.6 2.96 -0.18 -5.73 3.83 2.75 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2782.66 2741.90 2744.30 -5.94 -0.22 2816.27 1286.84 48.8 48.4 29.4 ReneSola ADR SOL 89.6 12.14 -0.36 -2.88 12.60 12.00 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 22.12 21.15 21.70 0.17 0.79 82.69 12.10 46.4 57.5 28.7 RPM RPM Intl 77.8 88.75 -1.81 -2.00 90.56 88.75 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. WklyPctChg 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 0.54 World MSCI ACWI 640.92 3.46 13.4 AeroCentury ACY 13.85 11.16 414.85 38.04 0.71 188.5 Aprea Therapeutics APRE 5.50 -19.59 -78.08 53.11 5.35 -88.6 0.37 MSCI ACWI ex-USA 322.14 1.19 6.8 Bit Digital BTBT 10.49 4.70 81.17 12.45 0.28 2525.1 Air T AIRT 20.29 -18.09 -47.13 42.93 8.95 -2.2 MSCI World 2676.80 17.53 0.66 13.5 Broadwind BWEN 8.75 2.74 45.59 8.85 1.12 430.3 Addex Therapeutics ADR ADXN 14.02 -10.17 -42.04 37.52 6.19 ... MSCI Emerging Markets 1252.33 –2.87 –0.23 12.4 Diginex EQOS 15.88 4.63 41.16 17.62 5.11 58.5 Humanigen HGEN 17.08 -4.58 -21.14 33.95 1.50 583.2 Americas MSCI AC Americas 1461.28 8.94 0.62 17.1 AerSale ASLE 16.75 4.87 40.94 16.91 8.68 64.9 Pro-Dex PDEX 31.60 -7.88 -19.96 42.60 12.83 85.6 Canada S&P/TSX Comp 17623.88 … Closed 3.3 Avalon Holdings AWX 3.19 0.89 38.70 4.75 1.18 60.3 MINISO Group Holding ADR MNSO 25.63 -5.41 -17.43 31.60 17.98 ... Latin Amer. MSCI EM Latin America 2417.22 –7.89 –0.33 –17.2 Flux Power Holdings FLUX 17.44 4.64 36.25 21.89 3.80 93.8 Eyegate Pharmaceuticals EYEG 5.03 -0.91 -15.32 12.89 3.20 -58.8 Brazil Sao Paulo Bovespa 119123.70 1316.85 1.12 3.0 DPW Holdings DPW 5.01 1.20 31.50 10.94 0.53 321.0 Yumanity Therapeutics YMTX 16.67 -3.01 -15.29 47.80 16.27 -60.9 Chile Santiago IPSA 2859.66 32.06 1.13 –14.3 China Recycling Energy CREG 5.83 1.39 31.31 10.08 1.84 111.2 Monopar Therapeutics MNPR 6.40 -1.09 -14.55 23.00 4.28 -65.5 Mexico S&P/BMV IPC 43883.41 511.21 1.18 0.8 Gevo GEVO 4.82 1.12 30.27 4.95 0.46 107.8 ProSh Ult Bloombg Nat Gas BOIL 18.25 -3.06 -14.36 87.40 17.05 -78.3 EMEA Stoxx Europe 600 398.58 2.60 0.66 –4.2 Aqua Metals AQMS 3.03 0.69 29.49 3.55 0.33 265.1 Maxeon Solar Technologies MAXN 30.34 -4.95 -14.03 37.99 11.78 ... Eurozone Euro Stoxx 399.73 3.66 0.92 –1.0 The9 ADR NCTY 3.73 0.84 29.07 12.30 2.04 -59.4 Lemonade LMND 107.67 -17.44 -13.94 137.30 44.11 ... Belgium Bel-20 3663.06 3.90 0.11 –7.4 ReneSola ADR SOL 12.50 2.80 28.87 12.55 0.85 781.6 eXp World Holdings EXPI 67.87 -10.76 -13.68 83.95 6.51 484.6 Medicenna Therapeutics MDNA CureVac CVAC Denmark OMX Copenhagen 20 1472.55 27.85 1.93 29.7 5.97 1.32 28.39 6.84 1.46 133.4 87.88 -13.85 -13.61 151.80 36.15 ... Evogene EVGN 5.63 1.22 27.66 6.00 0.75 288.3 Canoo GOEV 15.39 -2.42 -13.59 24.90 9.21 51.5 France CAC 40 5588.38 66.37 1.20 –6.5 Germany DAX 13790.29 203.06 1.49 4.1 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1494.43 –2.95 –0.20 –11.2 Italy FTSE MIB 22288.52 158.34 0.72 –5.2 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 Netherlands AEX 627.59 1.22 0.20 3.8 Russia RTS Index 1391.31 12.98 0.94 –10.2 ATIF Holdings ATIF 205,798 19310.2 1.06 51.43 3.75 0.65 Longevity Acquisition LOAC 2,213 8753 13.80 17.35 19.25 10.24 South Africa FTSE/JSE All-Share 59006.07 –169.73 –0.29 3.4 Zomedica ZOM 183,044 259.4 0.25 9.65 0.50 0.06 Aprea Therapeutics APRE 15,887 8676 5.50 -78.08 53.11 5.35 Naked Brand Group NAKD Bit Digital BTBT Spain IBEX 35 8155.60 44.10 0.54 –14.6 147,770 46.9 0.21 1.05 2.62 0.07 60,298 6933 10.49 81.17 12.45 0.28 Ocugen OCGN 137,722 284.5 2.25 27.84 3.05 0.17 Tottenham Acquisition I TOTA 688 3970 12.97 13.28 17.50 10.30 Sweden OMX Stockholm 768.63 8.29 1.09 12.9 Apple AAPL 123,233 5.4 136.69 3.58 137.98 53.15 Air T AIRT 1,293 3049 20.29 -47.13 42.93 8.95 Switzerland Swiss Market 10603.49 191.57 1.84 –0.1 Turkey BIST 100 1439.29 13.26 0.93 25.8 Sundial Growers SNDL 109,987 -50.7 0.48 0.68 3.88 0.14 Invesco BuyBack Achievers PKW 780 2968 72.81 0.50 73.33 39.13 U.K. FTSE 100 6502.11 … Closed –13.8 NIO ADR NIO 104,070 -38.9 44.06 -3.74 57.20 2.11 Kinsale Capital Group KNSL 4,227 2831 208.00 0.35 252.70 80.93 U.K. FTSE 250 20546.68 … Closed –6.1 Greenpro Capital GRNQ 89,975 3039.7 1.87 46.09 3.12 0.21 Acamar Ptrs Acqn ACAM 12,826 2678 11.21 6.97 11.45 9.50 Jaguar Health JAGX 80,215 167.2 0.75 5.48 1.29 0.19 Fusion Acquisition Cl A FUSE 5,267 2618 11.33 8.94 11.63 9.68 Asia-Pacific MSCI AC Asia Pacific 194.95 0.12 0.06 14.2 Alibaba Group Holding ADR BABA 72,956 267.8 222.36 0.16 319.32 169.95 Thunder Bridge II Cl A THBR 17,197 2459 14.09 9.65 14.94 9.15 Australia S&P/ASX 200 6664.80 … Closed –0.3 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3397.29 0.72 0.02 11.4 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 26314.63 –71.93 –0.27 –6.7 Track the Markets 0.81 India S&P BSE Sensex 47353.75 380.22 14.8 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 26854.03 197.42 0.74 13.5 global stock indexes, bond ETFs, Singapore Straits Times 2840.14 –1.90 –0.07 –11.9 currencies and commodities at Currencies South Korea Kospi 2808.60 1.74 0.06 27.8 wsj.com/graphics/track-the-markets Taiwan TAIEX 14483.07 151.65 1.06 20.7 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1452.67 –33.64 –2.26 –8.0 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Mon YTD chg Mon YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004320 23135 –0.2 CREDIT MARKETS Argentina peso .0119 83.8414 40.0 Europe Brazil real .1906 5.2470 30.5 Czech Rep. koruna .04637 21.567 –4.9 Canada dollar .7784 1.2847 –1.1 Denmark krone .1642 6.0891 –8.6 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001404 712.00 –3.7 Euro area euro 1.2215 .8187 –8.2 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000286 3500.00 6.7 Hungary forint .003358 297.79 0.8 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007815 127.96 5.7 A consumer rate against its Five-year ARM, Rate Mexico peso .0500 20.0183 5.8 Norway krone .1158 8.6393 –1.6 benchmark over the past year 2.50% Uruguay peso .02367 42.2450 13.7 Poland zloty .2716 3.6819 –2.9 Bankrate.com avg†: 3.21% 10% Asia-Pacific Russia ruble .01355 73.785 18.9 5-year Euro s Sweden krona .1208 8.2770 –11.6 Citizens Equity First Credit Union 2.50% One year ago 2.00 Australian dollar .7581 1.3191 –7.4 adjustable-rate t Switzerland franc 1.1254 .8886 –8.2 4.00% Peoria, IL 309-633-3603 5 China yuan .1530 6.5371 –6.1 mortgage (ARM) 1.50 Turkey lira .1343 7.4466 25.2 s Hong Kong dollar .1289 7.7562 –0.4 t Citadel Federal Credit Union 2.63% Ukraine hryvnia .0353 28.3500 19.7 3.00 0 Yen India rupee .01360 73.548 3.1 Exton, PA 800-666-0191 1.00 UK pound 1.3450 .7435 –1.4 Tradeweb ICE Indonesia rupiah .0000706 14155 2.0 East Cambridge Savings Bank 2.63% Middle East/Africa 2.00 Monday Close 0.50 –5 s Japan yen .009635 103.79 –4.5 5-year Treasury Cambridge, MA 866-354-3272 t WSJ Dollar index Kazakhstan tenge .002381 420.05 10.0 Bahrain dinar 2.6473 .3778 0.2 note yield 1.00 Star One Credit Union 2.63% 0.00 –10 Macau pataca .1251 7.9945 –0.3 Egypt pound .0636 15.7224 –2.0 Malaysia ringgit .2469 4.0503 –1.0 Israel shekel .3104 3.2220 –6.7 t Sunnyvale, CA 408-742-2801 1 3 6 1 2 3 5 7 10 20 30 2020 New Zealand dollar .7102 1.4081 –5.2 Kuwait dinar 3.2764 .3052 0.7 0.00 month(s) years J F M A M J J A S O ND Associated Bank, NA 2.75% Pakistan rupee .00622 160.650 3.6 Oman sul rial 2.5974 .3850 ... maturity 2020 Rockford, IL 800-682-4989 Philippines peso .0208 48.048 –5.3 Qatar rial .2719 3.678 0.9 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7518 1.3301 –1.2 Saudi Arabia riyal .2665 3.7530 0.05 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009113 1097.34 –5.0 South Africa rand .0683 14.6329 4.5 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0053191 188.00 3.7 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Taiwan dollar .03556 28.123 –6.0 Yield (%) 52-Week Total Return (%) Thailand baht .03315 30.170 1.4 WSJ Dollar Index 85.49 0.05 0.06 –4.55 Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.24 0.24 0.20 l 1.91 -1.45 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2455.880 0.590 0.590 1.800 0.400 7.628 5.190 Money market, annual yield 0.20 0.20 0.19 l 0.58 -0.14 Five-year CD, annual yield 0.58 0.58 0.58 l 1.41 -0.92 U.S. Treasury Long, Barclays 4702.790 1.530 1.550 2.340 0.980 15.921 9.816 Commodities 30-year mortgage, fixed† 2.92 2.88 2.86 l 4.22 -1.04 Aggregate, Barclays 2287.830 1.150 1.170 2.310 1.020 7.170 5.327 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.40 2.38 2.37 l 3.57 -0.99 Fixed-Rate MBS, Barclays 2230.120 1.300 1.300 2.690 0.930 3.860 3.746 DJ Commodity Jumbo mortgages, $510,400-plus† 2.94 2.89 2.87 l 4.36 -1.41 717.03 -4.95 -0.69 725.56 433.70 11.04 11.63 High Yield 100, ICE BofA 3325.433 3.577 4.031 10.740 3.577 4.090 5.125 TR/CC CRB Index -1.42 187.39 106.29 -11.65 Five-year adj mortgage (ARM)† 3.21 3.19 2.85 l 4.58 -0.82 164.13 -0.86 -12.16 Muni Master, ICE BofA 595.565 0.867 0.873 3.441 0.838 5.261 4.489 Crude oil, $ per barrel -0.61 63.27 -37.63 -22.01 New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.69 47.62 -1.26 -22.80 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 930.752 4.355 4.375 7.480 4.351 5.549 4.851 Natural gas, $/MMBtu 2.305 -0.213 -8.46 3.354 1.482 5.44 5.30 banks.† Excludes closing costs. Gold, $ per troy oz. 1877.20 -2.70 -0.14 2051.50 1477.30 23.95 23.54 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW364000-1-B00800-1------XA

B8 | Tuesday, December 29, 2020 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Wheat (KC)-5,000 bu.; cents per bu. March 1.3569 1.3590 1.3439 1.3458 –.0094 141,263 Mini S&P 500 (CME)-$50 x index Swiss Franc (CME)-CHF 125,000; $ per CHF March 3682.00 3732.25 s 3676.00 3727.50 32.50 2,464,275 Contract Open March 590.50 592.00 569.75 577.00 –12.00 122,168 May 594.00 594.00 573.50 580.25 –11.75 37,813 March 1.1256 1.1295 1.1241 1.1269 .0022 52,509 June 3675.00 3721.25 s 3665.75 3717.00 32.75 3,999 Open High hi lo Low Settle Chg interest June 1.1299 1.1323 1.1273 1.1299 .0022 80 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index Copper-High (CMX)-25,000 lbs.; $ per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Jan 140.825 141.975 140.525 141.000 .075 9,399 March 2306.50 2341.30 s 2303.30 2305.10 –6.90 54,064 Dec 3.5805 3.5895 3.5750 3.5700 0.0100 910 Jan .7609 .7624 .7561 .7579 –.0027 796 March 142.275 143.700 142.100 142.600 .275 21,093 June …2325.10 s 2321.70 2318.50 –6.80 n.a. March'21 3.5690 3.6180 3.5565 3.5710 0.0085 159,071 March .7607 .7629 .7564 .7582 –.0027 134,860 Cattle-Live (CME)-40,000 lbs.; cents per lb. Mini Nasdaq 100 (CME)-$20 x index Gold (CMX)-100 troy oz.; $ per troy oz. Mexican Peso (CME)-MXN 500,000; $ per MXN Dec 112.000 113.375 112.000 113.050 .900 1,494 March 12676.25 12855.50 s 12655.25 12832.75 128.25 209,928 Dec 1895.50 1895.80 1873.70 1877.20 –2.70 143 Jan .04922 .05024 .04964 .04978 –.00041 100 Feb'21 115.025 116.300 115.000 115.775 .800 111,067 March .04984 .04997 .04927 .04945 –.00041 141,667 June 12655.00 12838.75 s 12649.25 12817.25 128.25 1,035 Jan'21 1884.40 1900.80 1873.00 1877.90 –2.80 1,982 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € Mini Russell 2000 (CME)-$50 x index Feb 1887.00 1904.10 1873.00 1880.40 –2.80 415,514 Feb 67.200 67.225 65.775 66.500 –.450 78,751 Jan 1.2205 1.2261 1.2194 1.2218 .0021 2,102 March 1997.00 2032.30 s 1991.00 1995.00 –7.80 527,768 April 71.225 71.300 70.000 70.750 –.350 43,355 April 1890.90 1908.00 1877.20 1884.80 –2.60 82,686 March 1.2219 1.2278 1.2208 1.2233 .0021 664,728 June 1997.10 2025.80 s 1990.20 1991.10 –8.00 11 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 1895.00 1910.00 1882.00 1887.80 –2.50 34,515 Mini Russell 1000 (CME)-$50 x index Jan 897.10 897.10 866.00 885.00 .60 745 Aug 1900.80 1912.20 1884.60 1890.80 –2.30 12,329 Index Futures March 2095.00 2110.10 s 2097.00 2107.20 13.20 7,970 Palladium (NYM) - 50 troy oz.; $ per troy oz. March 789.90 797.10 754.10 775.00 –8.80 1,607 Mini DJ Industrial Average (CBT)-$5 x index U.S. Dollar Index (ICE-US)-$1,000 x index Dec 2339.00 5.90 2 Milk (CME)-200,000 lbs., cents per lb. Dec 15.70 15.73 15.70 15.70 –.01 4,054 March 30028 30418 s 29956 30305 196 82,335 March 90.26 90.32 89.90 90.28 .03 35,356 March'21 2342.50 2476.50 2335.00 2351.80 5.90 8,904 Jan'21 16.58 16.98 16.40 16.42 –.24 3,811 June 30015 30288 s 29878 30181 190 66 June 90.10 90.26 89.89 90.24 .02 541 Platinum (NYM)-50 troy oz.; $ per troy oz. Cocoa (ICE-US)-10 metric tons; $ per ton. S&P 500 Index (CME)-$250 x index Dec 1042.20 14.20 22 March 2,599 2,604 2,550 2,560 –33 98,987 March 3694.70 3730.20 s 3683.30 3727.50 32.50 5,100 Source: FactSet April'21 1033.10 1063.20 1033.10 1049.10 14.10 52,311 May 2,525 2,530 2,484 2,492 –30 55,710 Silver (CMX)-5,000 troy oz.; $ per troy oz. Coffee (ICE-US)-37,500 lbs.; cents per lb. Dec 26.800 26.820 26.455 26.460 0.649 123 March 125.75 126.50 121.50 123.35 –2.60 111,262 | March'21 26.130 26.980 26.000 26.539 0.631 142,895 May 127.40 128.35 123.45 125.30 –2.55 45,445 Bonds wsj.com/market-data/bonds/benchmarks Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Feb 48.23 48.96 47.50 47.62 –0.61 372,121 March 14.93 15.13 14.83 14.98 .08 382,297 Tracking Bond Benchmarks March 48.39 49.07 47.63 47.77 –0.58 263,225 May 14.19 14.33 14.08 14.23 .10 207,903 April 48.38 49.15 47.72 47.87 –0.56 122,114 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week March 28.45 28.45 28.45 28.45 .10 2,830 May 48.30 49.16 47.75 47.93 –0.52 99,601 highs and lows for different types of bonds Cotton (ICE-US)-50,000 lbs.; cents per lb. June 48.37 49.13 47.73 47.95 –0.48 218,199 Total Total March 76.40 76.67 76.15 76.35 .15 125,592 YTD total YTD total Dec 47.57 48.26 47.03 47.27 –0.38 270,021 May 77.13 77.31 76.83 77.00 .14 42,278 return Yield (%) return Yield (%) NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. close return (%) Index Latest Low High close return (%) Index Latest Low High Jan 1.4903 1.5084 1.4744 1.4790 –.0110 20,751 Jan 119.00 121.90 118.50 119.40 .45 1,673 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Feb 1.4908 1.5093 1.4740 1.4798 –.0105 88,276 March 122.00 124.90 121.20 122.20 .50 8,148 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 2287.83 7.3 U.S. Aggregate 1.150 1.020 2.310 2230.12 3.8 Mortgage-Backed 1.300 0.930 2.690 Jan 1.3788 1.3985 1.3630 1.3677 –.0112 21,472 Interest Rate Futures U.S. Corporate Indexes Bloomberg Barclays 2178.03 3.7 Ginnie Mae (GNMA) 0.800 0.290 2.660 Feb 1.3729 1.3923 1.3553 1.3607 –.0115 120,838 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 212-260 212-260 210-210 212-180 1,025,445 3447.96 9.5 U.S. Corporate 1.780 1.780 4.580 1316.91 3.9 Fannie mae (FNMA) 1.470 1.110 2.690 Jan 2.311 2.343 t 2.238 2.305 –.213 12,883 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Intermediate 2021.22 3.8 Freddie Mac (FHLMC) 1.450 1.080 2.710 Feb 2.322 2.368 t 2.263 2.326 –.186 202,662 March 172-300 172-300 171-270 172-240 1,152,249 3107.37 7.2 1.120 1.120 4.400 March 2.329 2.371 t 2.268 2.329 –.169 253,022 June 171-130 12 5162.31 13.3 Long term 2.820 2.730 4.930 595.57 5.3 Muni Master 0.867 0.838 3.441 April 2.351 2.453 2.308 2.357 –.161 107,818 Treasury Notes (CBT)-$100,000; pts 32nds of 100% May 2.401 2.465 2.352 2.388 –.147 61,812 March 137-295 137-305 137-215 137-295 1.5 3,164,462 700.75 8.6 Double-A-rated 1.430 1.300 3.360 421.54 5.7 7-12 year 0.852 0.771 3.447 June 136-250 137-020 136-250 137-040 1.0 52 Oct 2.649 2.649 2.555 2.581 –.120 102,476 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 919.28 9.5 Triple-B-rated 2.040 2.040 5.350 482.22 6.5 12-22 year 1.263 1.224 3.690 Dec 125-250 .5 53,156 High Yield Bonds ICE BofA 468.43 6.3 22-plus year 1.897 1.765 4.123 Agriculture Futures March'21 126-027 126-030 125-310 126-025 .5 3,147,045 Corn (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 494.52 5.9 High Yield Constrained 4.281 4.281 11.400 Global Government J.P. Morgan† Dec 110-152 23,032 March 452.00 457.50 s 448.00 456.50 5.50 844,319 March'21 110-155 110-155 110-147 110-152 –.1 1,894,252 455.34 4.0 Triple-C-rated 8.375 8.375 19.071 n.a. n.a. Global Government n.a. n.a. n.a. May 452.50 458.00 s 449.00 457.00 5.25 256,070 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. n.a. Canada Oats (CBT)-5,000 bu.; cents per bu. Dec 99.9125 99.9125 99.9075 99.9075 –.0050 117,223 3325.43 4.1 High Yield 100 3.577 3.577 10.740 n.a. n.a. n.a. n.a. March 336.50 339.25 335.25 336.75 1.25 3,976 Jan'21 99.9150 99.9200 99.9150 99.9150 154,037 446.63 6.0 Global High Yield Constrained 4.289 4.289 11.310 n.a. n.a. EMU§ n.a. n.a. n.a. May 334.75 335.75 333.50 335.50 2.00 484 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Soybeans (CBT)-5,000 bu.; cents per bu. March 97-225 –1.5 103,178 337.42 2.7 Europe High Yield Constrained 2.863 2.464 8.183 n.a. n.a. France n.a. n.a. n.a. Jan 1273.00 1279.50 s 1245.00 1255.25 –8.25 61,607 Eurodollar (CME)-$1,000,000; pts of 100% Jan 99.8050 99.8100 99.8025 99.8075 .0050 231,630 U.S Agency Bloomberg Barclays n.a. n.a. Germany n.a. n.a. n.a. March 1275.25 1280.50 s 1247.00 1257.25 –7.25 399,338 March 99.8250 99.8300 99.8250 99.8300 .0050 1,087,938 Soybean Meal (CBT)-100 tons; $ per ton. 1866.42 5.4 U.S Agency 0.490 0.460 1.880 n.a. Japan June 99.8250 99.8300 99.8200 99.8250 …948,870 n.a. n.a. n.a. n.a. Jan 419.80 424.10 412.10 415.30 –1.50 23,947 Sept 99.8150 99.8200 99.8100 99.8150 –.0050 788,924 1626.86 4.1 10-20 years 0.380 0.340 1.760 n.a. n.a. Netherlands n.a. n.a. n.a. March 419.80 421.60 409.60 412.70 –1.40 186,207 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Currency Futures 4266.03 11.8 20-plus years 1.650 1.170 2.450 n.a. n.a. U.K. n.a. n.a. n.a. Jan 42.06 42.06 s 41.26 41.72 –.12 23,083 Japanese Yen (CME)-¥12,500,000; $ per 100¥ 2930.29 7.1 Yankee 1.390 1.390 3.500 5.5 Emerging Markets ** March 41.36 41.39 s 40.56 41.05 –.08 205,874 930.75 4.355 4.351 7.480 Jan .9678 .9678 .9631 .9636 –.0019 1,272 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Rough Rice (CBT)-2,000 cwt.; $ per cwt. March .9665 .9683 .9636 .9642 –.0018 193,338 Jan 12.32 12.32 11.99 12.00 –.29 1,299 Canadian Dollar (CME)-CAD 100,000; $ per CAD ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan March 12.46 12.54 12.30 12.30 –.15 8,476 Jan .7785 .7806 .7770 .7789 –.0018 1,354 Wheat (CBT)-5,000 bu.; cents per bu. March .7789 .7808 .7770 .7790 –.0018 150,703 March 627.00 631.50 607.00 614.25 –12.75 187,646 British Pound (CME)-£62,500; $ per £ Global Government Bonds: Mapping Yields Jan 1.3542 1.3583 1.3438 1.3454 –.0094 691 July 616.75 620.00 600.50 607.00 –8.75 80,142 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Cash Prices | wsj.com/market-data/commodities Monday, December 28, 2020 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 0.125 U.S. 2 s l 0.121 0.154 1.587 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 0.125 months. 0.875 10 0.932 t l 0.933 0.841 1.872 Monday Monday Monday 2.250 Australia 2 0.089 l 0.089 0.101 0.923 -4.1 -3.2 -65.5 Energy Aluminum, LME, $ per metric ton *n.a. Wheat - Hard - KC (USDA) $ per bu-u 6.0200 Copper,Comex spot 3.5700 Wheat,No.1soft white,Portld,OR-u 6.4000 1.000 10 1.005 l 1.005 0.910 1.323 7.4 7.2 -55.5 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.350 Iron Ore, 62% Fe CFR China-s 164.3 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Shredded Scrap, US Midwest-s,m 371 0.000 France 2 -0.718 t l -0.670 -0.684 -0.626 -84.7 -79.1 -220.3 Metals Steel, HRC USA, FOB Midwest Mill-s 1000 Beef,carcass equiv. index choice 1-3,600-900 lbs.-u 179.28 Fibers and Textiles 0.000 10 -0.326 t l -0.306 -0.341 0.048 -125.7 -123.9 -183.0 Gold, per troy oz select 1-3,600-900 lbs.-u 165.37 Engelhard industrial 1889.00 Burlap,10-oz,40-inch NY yd-n,w 0.6400 Broilers, National comp wtd. avg.-u,w 0.8102 Handy & Harman base n.a. Cotton,1 1/16 std lw-mdMphs-u 0.7360 Butter,AA Chicago 1.4925 0.000 Germany 2 -0.702 s l -0.703 -0.754 -0.633 -83.1 -82.3 -221.1 Cheddar cheese,bbl,Chicago Handy & Harman fabricated n.a. Cotlook 'A' Index-t *n.a. 147.00 Cheddar cheese,blk,Chicago 0.000 10 -0.554 t l -0.546 -0.585 -0.253 -148.5 -147.9 -213.1 LBMA Gold Price AM *n.a. Hides,hvy native steers piece fob-u 45.000 159.75 Milk,Nonfat dry,Chicago lb. 114.25 LBMA Gold Price PM *n.a. Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp Krugerrand,wholesale-e 1951.25 Closed 0.050 Italy 2 -0.412 t l -0.384 -0.413 -0.190 -54.1 -50.4 -176.7 Grains and Feeds Coffee,Colombian, NY Maple Leaf-e 1970.01 Closed Eggs,large white,Chicago-u 0.7650 American Eagle-e 1970.01 Barley,top-quality Mnpls-u 0.900 10 0.547 t l 0.597 0.598 1.378 -38.4 -33.6 -50.0 n.a. Flour,hard winter KC 15.90 Mexican peso-e 2270.13 Bran,wheat middlings, KC-u n.a. Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1842.05 Corn,No. 2 yellow,Cent IL-bp,u 4.5150 Hogs,Iowa-So. Minnesota-u 60.10 0.100 Japan 2 -0.125 t l -0.123 -0.141 -0.121 -25.4 -24.4 -169.8 Austria phil-e 1970.01 Corn gluten feed,Midwest-u,w n.a. Pork bellies,12-14 lb MidUS-u n.a. 0.100 10 0.021 s l 0.019 0.030 -0.011 -91.4 -188.9 Silver, troy oz. Corn gluten meal,Midwest-u,w n.a. Pork loins,13-19 lb MidUS-u 0.7882 -91.0 Engelhard industrial 26.6000 Cottonseed meal-u,w n.a. Steers,Tex.-Okla. Choice-u 110.00 Handy & Harman base n.a. Hominy feed,Cent IL-u,w n.a. Steers,feeder,Okla. City-u,w 152.06 0.400 Spain 2 -0.636 t l -0.616 -0.592 -0.394 -76.5 -73.7 -197.1 Handy & Harman fabricated n.a. Meat-bonemeal,50% pro Mnpls-u,w n.a. LBMA spot price *n.a. Oats,No.2 milling,Mnpls-u 3.6125 Fats and Oils 1.250 10 0.047 t l 0.085 0.062 0.410 -88.4 -84.8 -146.8 (U.S.$ equivalent) *n.a. Rice, Long Grain Milled, No. 2 AR-u,w n.a. Corn oil,crude wet/dry mill wtd. avg.-u,w 41.0000 Coins,wholesale $1,000 face-a 19694 Sorghum,(Milo) No.2 Gulf-u 6.6650 Grease,choice white,Chicago-h 0.3200 0.125 U.K. 2 -0.126 l -0.126 -0.042 0.544 -25.5 -24.7 -103.3 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 412.80 Lard,Chicago-u n.a. LBMA Platinum Price PM *n.a. Soybeans,No.1 yllw IL-bp,u 12.4650 Soybean oil,crude;Centl IL-u 0.4272 4.750 10 0.256 l 0.256 0.286 0.758 -67.6 -67.7 -112.0 Platinum,Engelhard industrial 1055.0 Wheat,Spring14%-pro Mnpls-u 7.0675 Tallow,bleach;Chicago-h 0.3800 Palladium,Engelhard industrial 2470.0 Wheat,No.2 soft red,St.Louis-u 6.4175 Tallow,edible,Chicago-u n.a. Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 12/24 Corporate Debt Source: Dow Jones Market Data Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific expectations Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Investment-grade spreads that tightened the most… Money Rates December 28, 2020 Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a –6 guide to general levels but don’t always represent actual transactions. HSBC Holdings HSBC 4.375 1.64 Nov. 23, ’26 126 132 … –5 Week —52-WEEK— Week —52-WEEK— Toyota Motor Credit 2.900 0.32 March 30, ’23 15 9 Inflation Latest ago High Low Latest ago High Low –3 Nov. index Chg From (%) Verizon Communications VZ 4.125 2.90 Aug. 15, ’46 120 112 level Oct. '20 Nov. '19 Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction Britain 0.10 0.10 0.75 0.10 4 weeks 0.080 0.075 1.575 0.000 American International AIG 4.125 0.67 Feb. 15, ’24 29 –1 Australia 0.10 0.10 0.75 0.10 34 U.S. consumer price index 13 weeks 0.095 0.090 1.550 0.000 All items 260.229 –0.06 1.2 Overnight repurchase 26 weeks 0.100 0.090 1.560 0.080 Core 269.473 0.05 1.6 …And spreads that widened the most U.S. 0.12 0.09 1.65 -0.07 Secondary market International rates Citigroup C 3.700 0.93 Jan. 12, ’26 57 6 U.S. government rates Fannie Mae n.a. Week 52-Week Discount 30-year mortgage yields Wells Fargo WFC 4.750 3.09 Dec. 7, ’46 138 2 Latest High Low 138 ago 0.25 0.25 2.25 0.25 30 days 1.938 1.897 3.310 1.751 Prime rates 60 days 1.962 1.916 3.321 1.804 Svenska Handelsbanken AB … 3.900 0.35 Nov. 20, ’23 17 1 Federal funds 20 U.S. 3.25 3.25 4.75 3.25 Other short-term rates Canada 2.45 2.45 3.95 2.45 Effective rate 0.0900 0.0900 1.6200 0.0600 Japan 1.475 1.475 1.475 1.475 High 0.1000 0.1000 1.6500 0.1000 High-yield issues with the biggest price increases… Low 0.0500 0.0500 1.5800 0.0100 Week 52-Week Latest high low Bond Price as % of face value Policy Rates Bid 0.0800 0.0800 1.6000 0.0100 ago Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Euro zone 0.00 0.00 0.00 0.00 Offer 0.1000 0.1000 1.6300 0.0500 Call money 0.88 2.00 2.00 3.50 2.00 Teva Pharmaceutical Finance Netherlands Iii Bv* … 2.800 3.00 July 21, ’23 99.500 98.625 Commercial paper (AA financial) 0.75 Key Interest Rates Hughes Satellite Systems … 6.625 4.19 Aug. 1, ’26 112.030 110.500 Data are annualized on a 360-day basis. Treasury yields are per annum, 90 days n.a. 0.25 2.53 0.04 0.65 on actively traded noninflation and inflation-indexed issues that are Libor Netflix NFLX 4.375 2.26 Nov. 15, ’26 111.550 110.625 adjusted to constant maturities. Data are from weekly Federal Reserve One month 0.14513 0.14525 1.80475 0.12663 0.53 Ford Motor F 4.750 4.57 Jan. 15, ’43 102.529 101.000 release H.15. Three month 0.24013 0.24488 1.96050 0.20488 Six month 0.26663 0.26050 1.92125 0.23375 Week Ended 52-Week Week Ended 0.30 52-Week One year 0.34038 0.33250 2.01200 0.32763 Sprint S 7.125 1.87 June 15, ’24 117.530 116.000 Dec 25 Dec 18 High Low Dec 25 Dec 18 High Low 6-month 0.09 0.09 1.60 0.06 Federal funds (effective) Euro Libor GrafTech Finance … 4.625 Dec. 15, ’28 0.15 1-year 0.09 0.09 1.57 0.09 4.46 101.125 101.250 One month -0.597 -0.595 -0.360 -0.621 0.09 0.09 1.59 0.04 2-year 0.13 0.13 1.62 0.11 Three month -0.564 -0.568 -0.142 -0.574 3-year 0.18 0.18 1.64 0.13 Commercial paper Six month -0.530 -0.533 -0.052 -0.540 …And with the biggest price decreases 5-year 0.38 0.38 1.72 0.21 One year -0.485 -0.484 0.008 -0.501 Nonfinancial 7-year 0.66 0.65 1.84 0.39 1-month 0.09 0.10 1.60 0.07 10-year 0.95 0.93 1.90 0.55 Bombardier … 7.450 9.16 May 1, ’34 87.000 –0.50 2-month Secured Overnight Financing Rate 87.000 0.10 0.11 1.74 0.07 20-year 1.47 1.46 2.20 0.99 3-month 0.15 0.12 1.84 0.09 0.08 0.09 1.64 0.01 Intesa Sanpaolo S.p.A. … 5.017 1.91 June 26, ’24 110.453 –0.14 Financial 109.372 Treasury yields (secondary market) Value 52-Week 1-month 0.11 0.12 2.15 0.08 1-month 0.08 0.08 1.58 0.00 Latest Traded High Low 2-month n.a. 0.23 2.27 0.08 *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. 3-month 0.17 0.18 2.44 0.11 3-month 0.09 0.08 1.55 -0.01 DTCC GCF Repo Index Note: Data are for the most active issue of bonds with maturities of two years or more 6-month 0.09 0.09 1.56 0.06 Source: MarketAxess Discount window primary credit Treasury 0.122 61.448 1.720 0.002 TIPS MBS 0.131 71.500 1.763 0.011 0.25 0.25 2.25 0.25 5-year -1.54 -1.51 0.41 -1.54 Notes on data: Treasury yields at constant 7-year -1.28 -1.26 0.35 -1.28 maturities 10-year -1.01 -0.99 0.35 -1.05 U.S. prime rate is the base rate on corporate Dividend Changes loans posted by at least 70% of the 10 largest 20-year 1-month 0.08 0.08 1.61 0.01 -0.56 -0.55 0.47 -0.70 U.S. banks, and is effective March 16, 2020. Dividend announcements from December 28. 3-month 0.09 0.08 1.58 0.01 Long-term avg -0.44 -0.44 0.62 -0.50 Other prime rates aren’t directly comparable; lending practices vary widely by location; Amount Payable / Amount Payable / Notes on data: Discount rate is effective March 16, 2020. Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by December 23, 2020. DTCC GCF Repo Index is Foreign Transalta Corp TAC 1.8 .035 Q Apr01 /Mar01 Depository Trust & Clearing Corp.'s weighted discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Banco Bradesco Ord ADR BBDO 1.9 .00331 Feb08 /Jan06 average for overnight trades in applicable Special primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars. Banco Bradesco Pref ADR BBD 3.1 .00364 Feb08 /Jan06 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Macquarie Infrastructure MIC ... 11.00 Jan08 /Jan05 Federal-funds rates are Tullett Prebon rates as Cdn Imperial Bank Of Comm CM 5.3 1.1369 Jan28 /Dec29 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Territorial Bancorp TBNK 3.8 .10 Jan20 /Jan06 of 5:30 p.m. ET. COPEL ADR ELP 3.5 .51443 Dec29 / yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Telefonica Brasil ADR VIV 8.7 .139 Dec29 / Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Telefonica Brasil ADR VIV 8.7 .0256 Dec29 / S2:1: stock split and ratio; SO: spin-off. P2JW364000-4-B00900-1------XA

THE WALL STREET JOURNAL. **** Tuesday, December 29, 2020 | B9 MARKETS Small StepsAdd Up to Sizable Nest Eggs

BY ANNE TERGESEN foundation forbiggerhabits— Thekey is to attach such they seem so ineffectiveand Group,$100,000 invested at 6% identifypotential savings. forexample,doing six push- goals to specific actions,such minor,” he said. “It feels like, ayear would grow to $429,000 Don’t getupset by setbacks, Here’sasuggestion forthose ups aday or saving 2% of pay. as establishing an emergency ‘What’sthe point? It’snot go- after25yearswith no fees. Dr.Foggsaid. “Think of it as planning to makebig changes Here are strategies to con- fund or catching up on retire- ing to amount to anything.’ With a1%annual fee, the bal- an experiment, he said. “Fig- in the newyear: Consider mak- sider: ment savings, and to start But when youunderstand ancewould grow to $339,000. ureout whyitdidn’t work, ing them small instead. with a realistic step, said Dan compounding,you realizethat makechanges to your ap- This approach is likely to be Don’trely on motivation Egan,managing director of be- something that happens habit- Experimental approach proach, and try again.” especially helpful in 2021, after NewYear’s is when many havioral financeand investing ually can add up.” When looking forways to ayear when manyhavebeen people feel motivated to make at Betterment LLC. For exam- save,Mr. Sethi cautions Justtakeone step under financial strain. People changes,including making sav- ple, you might decide to save against cutting back on things In contrast to eating health- who arestressed or over- ing forretirement apriority. $500 in an emergencyaccount Theeasier thetask, you enjoy, big or small. If you ierorexercising more, retire- whelmed, “cannot makebig But motivation candissipate or 1% of pay in your 401(k). abstain from vacations or a ment savingscan be put on au- changes and aren’t likely to quickly,asanyone who has By sticking with a1%savings thebetterthe odds daily Starbucks habit, you topilot, via payroll deductions to even try,” said BJ joined agym in Januaryand rate,you arelikelier to keep the of sticking to it when might feel deprived and lose a401(k) or automated transfers PERSONAL Fogg,abehavior stopped going in February habit alivewhen an unexpected the motivation to stick with it. from asavingsaccount to an in- FINANCE scientistatStan- knows. expense arises,Dr. Fogg said. motivation flags. To generatesavings, he rec- dividual retirement account. ford University. “Motivation maysufficefor ommends starting with wind- When it comes to tasks that To boost the odds of suc- one-time featsbut it’snot Stress the positive fallsthat requirelittle effort. can’t be automated, such as re- cess,herecommends focusing enough forsustained change,” People have atendencyto Examples include getting viewing your spending,Dr. Fogg on small, even tiny, changes— said Dr.Fogg, who instead rec- focus on the negative. But re- Calculate small changes rid of subscriptions you don’t recommends two techniques to such as doing two push-ups a ommends finding waysto sist the urge to dwell on how Someone with a$50,000 use,negotiating discounts makethem feel easier. day or saving 1% of pay. shrink your goals to make far behind you are. salarywho saves1%ayear with cellphone or cable com- Thefirst is to take just one Theeasier the task,the bet- them easier to accomplish. Instead, focus on howthe will have almost $19,000 in 20 panies,and saving aportion of step.For example,ifyour goal terthe odds youwill keep it small steps youare taking now years and more than $77,000 a tax refund or raise. is to open an IRA, simply set up going when motivation inevita- Keep the bar low will add up to something sub- in 40 years, assuming a6%an- He recommends eventually alogon at abrokerage firm and bly flags, said Dr.Fogg, author Dr.Foggsays people often stantial over time, said Ramit nual return. attempting biggerwindfalls, program acalendar reminder of “TinyHabits: TheSmall set themselves up forfailureby Sethi, author of “I Will Teach Seemingly small reductions such as refinancing amortgage to take the next step later. Changes that ChangeEvery- choosing goals that arevague You to Be Rich.” in investment fees canalso or negotiating arent reduction Alternatively,set atimer for thing.” When asmall habit be- or overly ambitious,such as “One reason we arehesitant producebig savingsovertime. or salaryincrease and regularly five minutes and tell yourself comes ingrained, it creates a achieving financial security. to make small changes is that According to Vanguard reviewing your spending to youcan stop when it goes off.

AUCTION RESULTS Accepted bids $66,824,414,100 Here are the results of Monday's Treasury auctions. " noncompetitively $124,453,800 All bids are awarded at a single price at the market- " foreign noncompetitively $0 clearing yield. Rates are determined by the difference Auction price (rate) 99.976041 between that price and the face value. (0.137%) Interest rate 0.125% Bids at clearing yield accepted 69.37% 13-Week 26-Week Cusip number 91282CBD2 Applications $161,037,727,100 $166,501,403,300 The notes, dated Dec. 31, 2020, mature on Dec. 31, Accepted bids $63,102,584,800 $59,598,151,700 2022. " noncomp $590,203,100 $371,942,300 " foreign noncomp $900,000,000 $1,000,000,000 FIVE-YEAR NOTES Auction price (rate) 99.975986 99.949444 Applications $150,027,505,300 (0.095%) (0.100%) Accepted bids $67,976,554,900 0.096% 0.101% " noncompetitively $14,068,300 Bids at clearing yield accepted 75.23% 37.77% " foreign noncompetitively $5,000,000 9127964P1 912796B40 Auction price (rate) 99.906021 Both issues are dated Dec. 31, 2020. The 13-week bills (0.394%) mature on April 1, 2021; the 26-week bills mature on Interest rate 0.375% July 1, 2021. Bids at clearing yield accepted 61.36% Cusip number 91282CBC4 TWO-YEAR NOTES Applications $151,105,026,600 The notes, dated Dec. 31, 2020, mature on Dec. 31, 2025.

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changed due to pandemic-re- up 1%. ETHAN lated lockdowns. Hong Kong-listed shares of Renewable natural gas could rise from 1% of U.S. supply to up to 30% by 2040. A tarp on the Smithfield Foods manure-gas project. Overseas,the pan-continen- Alibaba Group Holding tum- talStoxxEurope 600 rose 0.7%. bled 8% Monday.China’scentral beforesomanycompanies Dominion andSmithfield, mitted morethan $200 mil- Marketsinthe U.K. were closed bank released aharshly worded ‘Trash Gas’ promised carbon neutrality the latterofwhich aims to lion. Williams Cos.Chief Exec- forBoxing Day. statement Sundaycriticizing and ESGfunds held such sway. eliminatemoreemissions by utiveAlan Armstrong told MONDAY’S Sentiment in Ant’sbusinesspractices and in- “Nowthe gasutilities are 2030 than areproduced at its investorsthat the firm, which MARKETS theregion was structing the financial-technol- Harnessed coming to us asking howthey U.S. properties,haveother carries nearly one-thirdofall buoyedafter the ogygiant to shiftits focus back canget their hands on renew- projectsplanned or under way U.S. gasinits pipelines,ispo- European Union began distrib- to itsdigital paymentsbusiness. able natural gas and help get in Arizona, California, Virginia sitioned to swapout fossil fu- uting Covid-19 inoculations Looking forward, analysts ForEnergy moresystems built to green and North Carolina, where els to reduceemissions. Sunday. Just days earlier, the saytrading volumes arelikely their gassource and green millions of hogsare fattened King of Prussia, Pa.’s UGI EU reached apost-Brexit trade to remain thin this week,with their pipelines,” Mr.Serfass each year.“Southeast North Corp.sold itsstake in acoal- agreement with the U.K., manyinvestorsand traders ContinuedfrompageB1 said. Carolina has the potential to firedpowerplant in the state. bringing an end to yearsof taking time off in the year-end within their existing infra- Dominion Energy Inc., a be one of the leading renew- It bought abusinessthat uncertainty about futurerela- holiday period. structure. They don’thaveto big utility striving forcarbon able natural-gas production trades in California’srenew- makechanges.” neutrality by 2050,plans to in- regions,” said Ryan Childress, able-gas credit marketsand RBC estimates that com- vest $2 billion in biogas proj- Dominion’sdirector of gas invested in an Idaho dairy-gas mercial quantities of gascould ects. It has a$200 million pact businessdevelopment. project. UGIexecutiveDavid be produced at morethan to install them on dairyfarms SempraEnergy’s SoCalGas, Lindenmuth told an online 2,500 U.S. and is pursuing another $500 the country’slargest gasutil- biogas conferencethis month

S COMMODITIES landfills,the million worth with Smithfield ity,isworking with dairy that the gas-distribution firm

NEW most prolific separatefromthe pork pro- farmersand says 20% of its is following the lead of itsEu- G sources, and about 8,000 ducer’s Missouri operations. gaswill come from wasteby ropean businesses. farms,which yield the most Thepartnership’sfirst proj- 2030.California regulatorsre- “Utilities over therehave

OOMBER valuable creditsbecause they ect gathersgas in Utah’sEs- cently said the LosAngeles found out howtoremain rele- /BL arethe most potent polluters. calanteDesert from 26 swine utilitycan charge extrafrom vant,” he said. “Keep that in-

ANT TheAmerican Biogas Coun- farms.The gasflows to a customerswho want biogas. vested infrastructure, but also cil struggled to reach utilities pipeline between Wyoming’s DukeEnergy Corp.says it talk about howthey canbea MORD three yearsago, said Patrick gasfields and Bakersfield, Ca- has afive-year plan to be a partner in reducing green-

ANGUS Serfass, executivedirector of lif.The pigsare expected to leader in renewable natural house gasses and not be picked Shares of American Airlines, an aid recipient, jumped 2.6%. the advocacygroup.That was heat about 3,000 houses. gas. Chevron Corp.has com- apart by environmentalists.”

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) iShMBSETF MBB 110.07 0.01 1.9 iShTIPSBondETF TIP 127.34 0.07 9.2 SPDR DJIA Tr DIA VangdHlthCr VHT 221.50 –0.30 15.5 Monday, December 28, 2020 Closing Chg YTD 304.00 0.66 6.6 ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 90.18 0.66 13.8 iSh1-3YTreasuryBd SHY 86.38 0.01 2.1 SPDR S&PMdCpTr MDY 420.31 –0.34 12.0 VangdHiDiv VYM 90.61 0.25 –3.3 Closing Chg YTD iShMSCI EAFE EFA 72.95 0.82 5.1 iSh7-10YTreasuryBd IEF 119.81 0.01 8.7 SPDR S&P 500 SPY 372.17 0.86 15.6 VangdIntermBd BIV 92.70 –0.01 6.3 ETF Symbol Price (%) (%) iShCoreMSCITotInt IXUS 66.69 0.54 7.7 iShMSCIEmgMarkets EEM 50.27 0.28 12.0 iSh20+YTreasuryBd TLT 157.36 0.04 16.1 SPDR S&P Div SDY 105.52 0.35 –1.9 VangdIntrCorpBd VCIT 96.90 0.02 6.1 ARKInnovationETF ARKK 129.80 –2.43 159.3 iShCoreS&P500 IVV 373.53 0.87 15.6 iShMSCIJapan EWJ 66.49 1.02 12.2 iShRussellMCGrowth IWP 102.92 –1.31 34.9 TechSelectSector XLK 130.52 1.13 42.4 VangdLC VV 174.93 0.58 18.3 iShCoreS&P MC IJH 230.04 –0.28 11.8 CommSvsSPDR XLC 67.45 1.80 25.8 iShNatlMuniBd MUB 117.14 –0.03 2.8 iShUSTreasuryBdETF GOVT 27.35 0.04 5.4 UtilitiesSelSector XLU 61.48 0.44 –4.9 VangdMC VO 205.84 –0.60 15.5 iShCoreS&P SC IJR 92.42 0.38 10.2 CnsmrDiscSelSector XLY 159.68 1.14 27.3 iSh1-5YIGCorpBd IGSB 55.10 0.02 2.7 JPM UltShtIncm JPST 50.82 ... 0.8 VanEckGoldMiner GDX 35.69 –0.94 21.9 VangdMBS VMBS 54.03 0.04 1.6 iShS&PTotlUSStkMkt ITOT 85.98 0.53 18.3 iShPfd&Incm PFF 38.19 –0.05 1.6 PIMCOEnhShMaturity MINT 102.06 0.01 0.5 VangdRealEst VNQ 84.38 0.60 –9.1 CnsStapleSelSector XLP 67.25 0.79 6.8 VangdInfoTech VGT 355.36 0.70 45.1 EnSelectSectorSPDR XLE 37.88 –0.63 –36.9 iShCoreUSAggBd AGG 118.01 0.02 5.0 iShRussell1000Gwth IWF 241.25 0.83 37.1 SPDR BlmBarcHYBd JNK 108.65 0.09 –0.8 VangdS&P500ETF VOO 342.11 0.87 15.7 VangdSC Val VBR 141.99 –0.02 3.6 FinSelSectorSPDR XLF 29.09 0.48 –5.5 iShSelectDividend DVY 95.29 0.12 –9.8 iShRussell1000 IWB 210.98 0.59 18.2 SPDRBloomBar1-3MTB BIL 91.52 ... 0.1 VangdST Bond BSV 82.84 –0.02 2.8 VangdSC Grwth VBK 269.00 –1.07 35.4 HealthCareSelSect XLV 111.75 0.25 9.7 iShESGAwareUSA ESGU 85.71 0.63 20.2 iShRussell1000Val IWD 135.41 0.24 –0.8 SPDR Gold GLD 175.71 –0.36 23.0 VangdSTCpBd VCSH 83.15 0.04 2.6 VangdExtMkt VXF 165.53 –1.00 31.4 IndSelSectorSPDR XLI 88.11 0.12 8.2 iShEdgeMSCIMinUSA USMV 67.34 0.34 2.7 iShRussell2000 IWM 198.27 –0.37 19.7 SchwabIntEquity SCHF 35.95 0.70 6.9 VangdSC VB 194.92 –0.50 17.7 InvscQQQI QQQ 312.68 1.01 47.1 iShEdgeMSCIUSAMom MTUM 161.01 –0.45 28.2 iShRussellMid-Cap IWR 68.30 –0.45 14.6 SchwabUS BrdMkt SCHB 90.72 0.47 18.0 VangdDivApp VIG 140.07 0.60 12.4 VangdTotalBd BND 87.98 –0.03 4.9 InvscS&P500EW RSP 126.46 0.30 9.3 iShEdgeMSCIUSAQual QUAL 115.31 0.74 14.2 iShRussellMCValue IWS 96.19 0.11 1.5 SchwabUS Div SCHD 63.86 0.05 10.3 VangdFTSEDevMk VEA 47.06 0.62 6.8 VangdTotIntlBd BNDX 58.50 0.07 3.4 iSh3-7YTreasuryBd IEI 132.90 0.01 5.7 iShGoldTr IAU 17.87 –0.28 23.2 iShS&P500Growth IVW 63.78 1.19 31.7 SchwabUS LC SCHX 90.66 0.60 18.0 VangdFTSE EM VWO 49.02 0.20 10.2 VangdTotIntlStk VXUS 59.72 0.61 7.2 iShCoreDivGrowth DGRO 44.46 0.50 5.7 iShiBoxx$InvGrCpBd LQD 137.86 0.07 7.7 iShS&P500Value IVE 126.68 0.44 –2.6 SchwabUS LC Grw SCHG 128.76 1.00 38.6 VangdFTSE Europe VGK 60.60 0.68 3.4 VangdTotalStk VTI 194.04 0.63 18.6 iShCoreMSCIEAFE IEFA 69.12 0.77 5.9 iShiBoxx$HYCpBd HYG 87.16 0.13 –0.9 iShShortTreaBd SHV 110.51 –0.01 0.0 SchwabUS SC SCHA 89.85 –0.41 18.8 VangdFTSEAWxUS VEU 57.90 0.54 7.7 VangdTotlWrld VT 92.01 0.46 13.6 iShCoreMSCIEM IEMG 60.50 0.30 12.5 iShJPMUSDEmgBd EMB 115.52 0.03 0.8 iShSilver SLV 24.43 1.96 46.5 Schwab US TIPs SCHP 61.91 0.08 9.3 VangdGrowth VUG 253.46 0.88 39.1 VangdValue VTV 117.68 0.32 –1.8

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret DoubleLine Funds CpInc r 10.68 +0.02 9.8 CapApInst 104.30 -0.18 54.6 PIMCO Funds A EMAdmr 40.61 +0.05 12.3 WelltnAdml 81.13 +0.57 10.4 ExtndIstPl 309.90 -3.22 33.1 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. CoreFxdIncmI NA ... NA DivIntl 47.22 +0.46 17.8 Harding Loevner IncomeFd NA ... NA EqIncAdml 78.53 +0.25 2.1 WndsrAdml 70.70 +0.19 6.5 IdxIntl 19.17 +0.11 9.8 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese TotRetBdI NA ... NA GroCo 36.02 -0.04 68.6 IntlEq 28.25 +0.25 NA PIMCO Funds I2 ExplrAdml 120.34 -0.91 32.2 VANGUARD FDS MdCpGrAdml 91.25 -0.81 34.5 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Edgewood Growth Instituti GrowCoK 36.10 -0.04 68.8 Invesco Funds Y Income NA ... NA ExtndAdml 125.58 -1.31 33.1 DivdGro 33.67 +0.21 11.2 SmValAdml 61.02 +0.03 5.8 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r EdgewoodGrInst 51.29 +0.13 40.9 InvGrBd 11.89 ... 9.6 DevMktY 52.07 +0.07 14.4 PIMCO Funds Instl GNMAAdml 10.73 ... 3.7 INSTTRF2020 26.91 +0.07 11.6 TotBd2 11.54 ... 7.1 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not Fidelity LowP r 48.28 +0.21 8.5 JPMorgan I Class IncomeFd NA ... NA GrwthAdml 130.48 +1.21 40.2 INSTTRF2025 27.90 +0.10 12.8 TotIntlInstIdx r128.23 +0.72 9.9 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; 500IdxInstPrem129.43 +1.12 17.7 Magin 13.01 +0.13 27.9 CoreBond 12.28 ... NA Price Funds HlthCareAdml r 90.05 +0.13 11.6 INSTTRF2030 28.51 +0.10 13.5 TotItlInstPlId r128.26 +0.73 10.0 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. Contrafund K6 18.85 +0.16 30.6 NASDAQ r 163.00 +1.22 44.7 EqInc 19.58 +0.08 NA BlChip 164.52 +1.23 33.9 HYCorAdml r 5.97 +0.01 5.2 INSTTRF2035 29.11 +0.12 14.2 TotSt 94.37 +0.49 20.4 ExtMktIdxInstPre 84.04 -0.87 33.0 OTC 17.51 +0.19 46.7 JPMorgan R Class DivGro 59.51 +0.40 13.0 InfProAd 28.26 +0.02 10.7 INSTTRF2040 29.70 +0.13 14.8 VANGUARD INSTL FDS FidSerToMarket 12.86 +0.07 20.3 Puritn 25.95 +0.10 20.2 CoreBond 12.30 ... NA EqInc 30.91 +0.08 0.3 IntlGrAdml 156.85 +0.16 56.3 INSTTRF2045 30.22 +0.15 15.4 BalInst 44.78 +0.15 16.1 Monday, December 28, 2020 IntlIdxInstPrem 45.41 +0.41 7.7 SrsEmrgMkt 24.19 +0.02 20.9 Lord Abbett A Growth 96.63 +0.57 36.5 ITBondAdml 12.57 +0.01 9.6 INSTTRF2050 30.30 +0.15 15.6 DevMktsIndInst 15.14 +0.11 9.5 YTD YTD YTD Net Net Net MidCpInxInstPrem 26.90 -0.11 16.6 SrsGlobal 14.17 +0.08 9.4 ShtDurIncmA p 4.21 ... 2.9 HelSci 99.49 -0.59 31.0 ITIGradeAdml 10.72 +0.01 10.1 DevMktsInxInst 23.66 +0.17 9.5 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret INSTTRF2055 30.43 +0.15 15.6 SAIUSLgCpIndxFd 19.52 +0.17 17.6 SrsGroCoRetail 22.91 -0.02 70.8 Lord Abbett F LgCapGow I 60.98 +0.41 39.0 LTGradeAdml 12.10 ... 14.9 IntlVal 39.97 +0.22 8.2 ExtndInst 125.57 -1.31 33.1 GrwthInst 130.49 +1.21 40.2 American Century Inv Baird Funds DivIncom I 25.62 +0.11 7.0 SeriesBondFd 10.77 +0.01 7.5 SrsIntlGrw 17.58 +0.15 17.3 ShtDurIncm 4.21 ... 3.0 MidCap 112.69 -0.68 23.7 MidCpAdml 255.16 -1.22 17.7 LifeCon 23.05 +0.05 11.1 MuHYAdml 11.98 ... 5.4 InPrSeIn 11.51 ... 10.8 Ultra 75.94 +0.82 49.8 AggBdInst 11.74 -0.02 8.4 Dimensional Fds SeriesOverseas 12.30 +0.10 15.4 SrsIntlVal 10.07 +0.09 4.7 Metropolitan West NHoriz 82.90 -1.06 58.9 LifeGro 41.16 +0.18 14.8 MuIntAdml 14.86 ... 5.2 InstIdx 334.42 +2.89 17.7 American Funds Cl A CorBdInst 12.12 -0.02 8.6 5GlbFxdInc 10.89 ... 1.5 SmCpIdxInstPrem 25.24 -0.10 21.2 TotalBond 11.30 +0.01 9.1 TotRetBdI 11.16 +0.01 8.9 R2020 22.65 +0.06 NA LifeMod 32.35 +0.11 13.0 MuLTAdml 12.28 ... 6.2 InstPlus 334.45 +2.89 17.7 AmcpA p 38.72 +0.10 20.2 BlackRock Funds EmgMktVa 28.27 +0.31 1.4 TMktIdxInstPrem107.34 +0.55 20.4 Fidelity SAI TRBdPlan 10.47 +0.01 8.9 R2025 19.27 +0.05 NA PrmcpCor 28.71 +0.09 11.0 MuLtdAdml 11.26 ... 3.4 InstTStPlus 81.10 +0.42 20.6 AMutlA p 44.19 +0.17 3.8 HiYBlk 7.76 ... 5.3 EmMktCorEq 23.75 +0.14 11.4 USBdIdxInstPrem 12.43 +0.01 7.6 TotalBd 10.74 +0.01 8.8 MFS Funds Class I R2030 NA ... NA STAR 32.79 +0.03 20.7 MuShtAdml 15.95 ... 1.9 MidCpInst 56.37 -0.27 17.7 BalA p 30.03 +0.11 10.2 HiYldBd Inst 7.75 ... 5.2 IntlCoreEq 14.48 +0.08 7.1 Fidelity Advisor I Fidelity Selects Growth I 161.36 +1.14 31.3 R2035 21.11 +0.06 16.3 TgtRe2015 16.69 +0.03 9.9 PrmcpAdml r151.91 +0.52 15.8 MidCpIstPl 277.99 -1.33 17.7 BondA p 14.20 +0.01 10.5 BlackRock Funds A IntSmCo 20.09 +0.05 8.2 NwInsghtI 37.63 +0.25 23.8 Softwr r 27.12 +0.06 45.4 ValueI 44.50 +0.13 2.5 R2040 30.24 +0.10 17.4 TgtRe2020 36.29 +0.10 11.6 RealEstatAdml119.66 +0.83 -5.2 SmCapInst 93.46 -0.41 19.4 CapIBA p 62.52 +0.20 2.5 GlblAlloc p 21.41 +0.05 19.8 IntSmVa 19.01 +0.07 0.2 Fidelity Freedom Tech r 26.85 +0.12 63.6 MFS Funds Instl PRIMECAP Odyssey Fds SmCapAdml 93.46 -0.41 19.4 TgtRe2025 22.37 +0.07 12.8 STIGradeInst 11.02 ... 5.2 CapWGrA 58.70 +0.34 14.0 BlackRock Funds III LgCo 27.99 +0.25 17.7 FF2020 17.76 +0.03 12.9 First Eagle Funds IntlEq 30.57 +0.34 10.9 AggGrowth r 53.56 -0.30 28.7 SmGthAdml 94.62 -0.94 36.2 TgtRe2030 41.37 +0.15 13.5 STIPSIxins 25.59 ... 4.9 EupacA p 68.32 +0.24 23.0 iShS&P500IdxK441.74 +3.81 17.7 TAUSCoreEq2 22.91 +0.11 15.4 FF2025 15.89 +0.03 13.8 GlbA 60.84 +0.19 7.6 Northern Funds Schwab Funds STBondAdml 10.87 ... 4.7 TgtRe2035 25.71 +0.11 14.2 TotBdInst 11.60 ... 7.5 FdInvA p 68.73 +0.26 14.3 BlackRock Funds Inst US CoreEq1 29.57 +0.15 16.0 FF2030 19.87 +0.05 14.7 Franklin A1 StkIdx 41.75 +0.36 17.6 1000 Inv r 83.17 +0.53 NA STIGradeAdml 11.02 ... 5.1 TgtRe2040 44.91 +0.20 14.8 TotBdInst2 11.54 ... 7.2 GwthA p 66.95 +0.18 36.6 StratIncOpptyIns 10.35 ... 7.0 US CoreEq2 26.88 +0.12 15.3 Old Westbury Fds S&P Sel 57.09 +0.49 NA Freedom2020 K 17.75 +0.03 13.0 CA TF A1 p 7.82 ... 5.2 TotBdAdml 11.60 ... 7.5 TgtRe2045 28.54 +0.14 15.5 TotBdInstPl 11.60 ... 7.5 HI TrA p 10.17 +0.04 6.8 Bridge Builder Trust US Small 38.58 +0.10 11.6 Freedom2025 K 15.87 +0.03 13.8 IncomeA1 p 2.28 ... 2.7 LrgCpStr 16.99 +0.08 14.3 TSM Sel r 66.23 +0.34 NA TgtRe2050 45.99 +0.22 15.6 Parnassus Fds TotIntBdIdxAdm 23.37 +0.03 4.4 TotIntBdIdxInst 35.07 +0.04 4.5 ICAA p 44.10 +0.31 13.7 CoreBond 10.78 +0.01 8.4 US SmCpVal 34.45 +0.13 2.3 Freedom2030 K 19.86 +0.05 14.9 FrankTemp/Frank Adv TIAA/CREF Funds TgtRet2055 49.92 +0.25 15.6 TotStInst 94.41 +0.49 20.6 ParnEqFd 53.24 +0.42 20.3 TotIntlAdmIdx r 32.07 +0.18 9.9 IncoA p 23.42 +0.06 4.4 CorePlusBond NA ... 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B10 | Tuesday, December 29, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY China Builds An Empire With Concrete

Housing market has boomed, outstripping the rampant growth of the economy itself

A Chinese asset market which sales conducted afew miles south in barely existed three decades ago is Hong Kong,still under British con- now one of the world’s largest and trol at the time.The model would most important centers of leverage eventually be adopted by municipal- S

and economic activity. ities acrossthe countryand become NEW G Thecountry’sproperty sector has acritical source of funding forcash- developed at abreakneck pace, con- strapped local governments. struction and asset prices have Land sales and taxes on devel- OOMBER surged, and the country’stop real- opers now make up a large portion estatedevelopershavebecome some of local government revenue, pro- SHEN/BL

of the largest firms in the world. viding an overwhelming incentive QILAI Real-estate investment has out- for local and regional party elites The country’s property sector has developedatarapid pace. Construction of aresidential siteinShanghai in October. stripped grossdomestic product to keep the show on the road. growth forthe most of the past two The real-estate industry now ac- as 2014, and below20% in 2004. hot spotsinsouthern Europe,where household wealth, explaining its decades,excluding brief periods of counts for around 7% of Chinese Large developers like China Ev- second homes arecommon. pivotal role in the country’s eco- financial stressin2008-09,2015-16, GDP, having climbed steadily up- ergrande, Country Garden Hold- Dealing with overburdened nomic policy, and why Beijing is and the firstquarter of 2020.With ward from around 4% or below at ings and China Vanke have loaded real-estatedevelopersistough for reluctant to allow prices to fall. negligible foreign investment, that the time of the big bang privatiza- up on debt to different degrees, the central government, but mid- Much recent lending and pur- means debt has mounted both at tions of the 1990s. but the sector is heavily leveraged dle-classChinese families who chasing has been done by families developersand the families buying China’slarge banks,onceprimar- across the board. Taking on debt have borrowedlarge sums to in- who already own at least one the properties. ily financiersofindustry, arein- allows the companies to bid ag- vest in property areafar more property, with additional apart- As recently as 1978, virtually no creasingly devoted to the mortgage gressively in land auctions. sensitiveissue. ments regularly left empty. Some housing wasprivately owned in industry. Real-estate-related lending The sector has become a major Chinese household debt sat be- will be passed onto the next gener- China. In December 1987,Shenzhen nowmakes up 37.8%ofIndustrial chunk of the global dollar debt low20% of GDP until 2009,but has ation, but China’s awkward demo- held itsfirst auction of land use and Commercial Bank of China’s market, even though it has almost climbed aggressively since. Despite graphics mean the population will rights, apracticemimicking the book,frombelow30% as recently no dollar-denominated income. rapid economic growth, the metric soon begin to shrink, worsening Around half of the ICE Asian Dol- stood at 57.2% as of March 2020. the equation. House-pricegrowthinmajor Chinesecities sinceJanuary 2011 lar High Yield index is now made The burden of household debt Optimists note that the risks as- up of Chinese developers’ debt. in China is even heavier than that sociated with Chinese real estate Shenzhen 125% The already-common practice of statistic would suggest, since have been a perennial subject of selling units that haven't yet been household income is a smaller doom-laden warnings for a decade 100 completed, and in some cases fraction of China’s economy than and more: China is more prosper- Guangzhou where construction has barely be- in the Western world. Research ous than it was a decade ago, and Shanghai gun, now makes up around 90% of firm Rhodium Group suggests the blowups have been rare. 75 residential housing sales. household debt to income ratio But repeated efforts by the cen- Beijing Combined, self-raised funds— sits at an eye-watering 128%. tral government to restrain the in- the category which includes bond- Stocks in China are seen as an dustry have floundered, with the 50 Chongqing market proceeds—and deposit and unreliable, speculative market. Pri- incentives of households, develop- Tianjin mortgage payments from home vate workplace pensions are still ers and local bureaucrats all buyers make up around two-thirds not widespread, households can’t aligned to keeping the party going. 25 of the companies’ funding. easily invest abroad, and ironically As time goes on, the risks aren’t And though developershave for an ostensibly communist coun- just of losses and defaults, but learned their lesson when it comes try, social-security programs offer waste: Plowing large proportions 0 to building properties that won’t be little protection. All of this chan- of the country’s income into an as- 2011 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 purchased, the vacancyrateofur- nels more money into property: set market with no yield has con- Note:Monthly data, through November ban Chinese housing,atover20%, Residential housing comprises sequences for prosperity and pro- Source:FactSet still exceeds that of some vacation about three-quarters of Chinese ductivity. —Mike Bird Fed’s Rate FireEye Needs to Keep the Heat On Vow Could curity already wasthe topspending Going from predator to prey Share-pricechange sincethe SolarWinds hack and price-to-forward sales priority forcompanies this year,ac- back to predator again has been a cording to aDecember survey of 75% Be Yield profitable ride for FireEye inves- FireEye chief information officersbyGold- tors. How it works out for the Biggestgain man Sachs.Fatima BoolaniofUBS company itself remains to be seen. and cheapest notes that checks with companies

High-profile network breaches 11 50 sincethe SolarWinds attack became Of Dreams have oftenbeen aboon forcyber- C. public “indicatea‘spending smart’

DE CyberArk security stocks,and the massive Palo Alto not ‘spending hard’ mentality.” SolarWinds hack has been no ex- Networks So cybersecurity stocks could be

Long-term Treasury yields seem ception. The NYSE FactSet Global SINCE 25 setting up forabig correction later Fortinet CrowdStrike poised to move up in the first half Cyber Security Index has jumped as reality setsin. FireEye’sadvan- of 2021, but the Federal Reserve 12% sincethe attack wasreported Check Point Zscaler tage hereisthat it is still one of may set a limit on how high they on Dec.13. The12largest pure- CHANGE Proofpoint Okta the cheapest pure-playcybersecu- 0 can go. playvendorsonthat indexare now Cloudflare rity vendors, trading at just 5.4 At 0.95%,the yield on the 10- up an average18% in that time, PRICE times forwardsales.And it isn’t year Treasuryisupfromthe levels based on Monday’sclosing prices. alone in asector long driven by a it plumbed earlier this year but is Theattack used aflawinthe net- –25 hot-or-not approach by investors. near ahistoric low. That reflects work-management software sold by CHEAPER 20 times 40 MORE EXPENSIVE CrowdStrikeand Zscaler carrymul- bond-market investors’ uncertainty SolarWinds,aTexas-based IT com- SHARE PRICE AS AMULTIPLE OF FORWARD SALES tiples ranging from 46 to 48 times about howstrong the economywill panythat countsmanyfederal agen- Source:FactSet forwardsales.Bycontrast, Palo be on the other side of the pan- cies as customers. Ironically, it was AltoNetworks, Check Point Soft- demic and whether higher inflation brought to light by FireEye,which phisticatedstate-sponsored at- tively,and morethan 300% forthe ware and Fortinet—three of the will take hold. It also reflectsa specializes in hack investigations tacker utilizing novel techniques.” year.SolarWinds,bycontrast, has largest cybersecurity pureplays by promise from the Fedthat to keep and wasitself avictim of the attack. But sincemorenewshas dribbled lost one-thirdofits market value annual revenue—trade around itstargetrangeonovernight rates It has been awild ride.FireEye’s out about the scale of the attack and sincethe attack became public. eight to nine times forwardsales. near zero until it sees evidenceofa shares sank 13% afteritreported SolarWinds’ centrality to it, senti- Investorsgenerally treat high- But as Mr.PritchardofCiti noted tight labor market and inflation has the breach of itsown system on ment shifted. FireEye’sshares have profile breaches as promotional in aDec 21 report, the most relevant obviously cleared its2%targetrate, Dec.8.That seemed likeverybad soared 70%fromtheir initial selloff eventsfor cybersecurity companies. countermeasures to the SolarWinds and that it will keep buying $80 news foracompanythat is often and arenow up 53% this month— But the impact on actual business hack don’t involvethe cloud, where billion in Treasurys and $40 billion the firstcall forother companies beating out even other red-hot cy- isn’t always clear-cut. FireEye the most highly valued companies in mortgagebonds each month un- who suffer an attack.Citigroup an- bersecurity names such as Crowd- playedamajor role in investigating specialize. He expectsthe hack to til jobs and inflation have made alyst Walter Pritchardwarned at Strike and Zscaler that analysts the Sony hack in late2014, but that remind investors“that some ‘legacy’ “substantial further progress.” the time that FireEyefaced aclear believewill be the primarybenefi- didn’t stop the company’srevenue players arelessirrelevant than what Investors’ hesitancy on the risk of “reputational damage,” ciaries of increased corporateITse- growth from decelerating sharply is priced intoshares.” FireEyejust economy and inflation should ease even as thecompanydescribed the curity spending.Those two areup from the triple-digit ratesithad en- needs to translatethat relevance as spring approaches and more of attack as the work of “a highly so- 39% and 28% forthe month, respec- joyedinprevious quarters. And se- intonew business. —Dan Gallagher the population gets vaccinated, however. Inflation should pick up as well, in part because the year- ago inflation comparison will be with when the pandemic first hit, Ant’s Regulatory Woes Risk Spreading to Others but also because rebounding de- mand will at least temporarily boost prices. As that occurs, belief in the Fed’s low-rate promise could China’s latest salvo against one Alibaba,which owns athirdofAnt. Beijing’sone-two punch against start to wear thin. of its most well-known technology Thewriting has been on the wall the businessempireofJack Ma, the But Fedofficials also might try giants could portend a more peril- forAnt ever sinceregulatorsforced billionaireco-founder of Alibaba, re- to limit howmuch Treasuryyields ous regulatory regime for others the companytoput alast-minute flectshis dwindling political for- rise.After ayearlong policyreview, in the industry as well. stop to itscombined $34 billion of tunes,but it mayalso point to a the Fedthis summer concluded China’scentral bank Sunday initial public offeringsinHong Kong shiftinthe regulatoryenvironment that it should allowfor catch-up publicly criticized Ant Group, and Shanghai last month. Ant will forother technologycompanies. periods afterinflation has been be- which owns one of the country’s likely have to scale back some of its These companies have become so lowits target—effectively saying two dominant digital-payment sys- higher-margin, faster-growing busi- big partly because the government that it should keep rateslowerthan tems,for multiple regulatoryfail- nesses,such as online lending.The has imposed relatively few con- S

it has in the past. Next year could ings, and it urgedthe companyto companyhas previouslyacted as an straintsontheir growth. Tighter PRES

see the Fedtaking pains to remind rectifyproblems in some of its online platform forthese loans regulations could be good news if TED

investorsofthat changeinstance. fastest-growing areas such as on- without taking on much of the Beijing is going to layout clear CIA Still, the 10-year yield might line lending.Ant wasaccused of risk—an asset-light model that boundaries and rules,helping create SO AS

need to be closer to 2% than 1% engaging in regulatoryarbitrage, helped it scoreavaluation of more alevel playing field. But if it means TI/

before the Fed starts complaining. showing contempt forregulatory than $300 billion beforeits IPOs ran morearbitraryregulatoryactions re- WA The lowest long-term rates that in- complianceand damaging consum- aground, but wasalso likely afactor lated to political rather than market vestors will ever see might already ers’ rights. On Thursday, China’s irking regulators. Ant maynow have missteps,that could be anightmare LISNA

have come and gone. market regulator said it had to put up moreofits owncapital forChinese technologygiants—and FIRDIA —Justin Lahart launched an antitrust probe into and be regulated morelikeabank. their investors. —Jacky Wong Alibaba co-founder Jack Ma