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****** MONDAY,APRIL 13,2020~VOL. CCLXXV NO.86 WSJ.com HHHH $4.00

Last week: DJIA 23719.37 À 2666.84 12.7% NASDAQ 8153.58 À 10.6% STOXX 600 331.80 À 7.4% 10-YR. TREASURY g 1 12/32 , yield 0.722% OIL $22.76 g $5.58 EURO $1.0936 YEN 108.35 Rejoicing in Solitude as Pandemic Changes Easter Rituals OPEC, What’s News Oil Allies Seal Deal Business&Finance To Cut audi Arabia, Russia Sand the U.S. will lead a multinational coalition in Output major oil-production cuts afteradropindemand due to the coronavirus crisis Plunge in demand in and aSaudi-Russian feud the virus’s wake spurs devastated crude prices. A1  ParsleyEnergy is working 23 nations to withhold to conserve cash and cut 9.7 million barrels aday drilling to keep costslow as the industryfaces one of the worstdemand drops ever. B3 Saudi Arabia, Russia and the U.S. will lead amultinational  The start of earnings coalition in major oil-produc- season this week will give tion cutsafter adropinde- investors a first glimpse of mand due to the coronavirus the impact of the corona- crisis and aSaudi-Russian feud virus shutdown on corpo-

S devastated oil prices. rate profits. A1, B9 PRES  Thebiggest tech compa- By Benoit Faucon, nies are pursuing talent as TED Summer Said CIA

some startups layoff SO and Timothy Puko workers and others freeze AS Y/

hiring amid the pandemic. B1 GA As part of the agreement,

ERIC sealed Sundayafter President  The $2 trillion stimulus IN PRAYER: A worshiper attended an Easter service at Trinity Baptist Church in San Antonio, Texas, on Sunday. Around Trump helped resolveaSaudi package passed last month the world, Christians adjusted their ways of celebrating the holiday amid concerns over spreading the coronavirus. A18 standoff with Mexico,23coun- included all that airlines re- tries committedtowithhold col- quested, and some restraints lectively 9.7million barrels a they find difficult to accept. B1 dayofoil from global markets.  Facebook’s ad-auction Thedeal wasdesigned to ad- prices plunged between Officials Mull Lockdown End dressamounting oil glut result- February and March, ac- ingfromthe pandemic’serosion cording to executives at sev- of demand and seeks to with- eral companies that do busi- hold arecordamount of crude ness on the platform. B4 AgainstRisk of Virus Rebound from markets—morethan 13% of world production. TheU.S.  Smithfield Foods will keep had never been so activeinforg- itsSioux Falls,S.D., pork plant ing apact likethis. closed indefinitely at the As social-distancing require- Italy’s death toll, according to cases watching priestsorminis- On ahastily convened confer- state governor’s urging ments curbed Easter celebra- datafromJohns Hopkins Uni- ters on TV or over the internet. encecall with delegates from the amid the pandemic. B3 THE tions around the world, officials versity.Globally,the number of At the Vatican, Pope Francis 13-nation Organization of the Pe-  Financechiefs are tackling CORONAVIRUS warned that early signs of suc- confirmed coronavirus cases proclaimed what he called a troleum Exporting Countries and the challengeofmaintaining topped 1.8million on Sunday. “contagion of hope” afterheof- others, including Russia, partici- corporateliquidity during the PANDEMIC By Talal Ansari, In Italy,which has asmaller feredMassinanear-empty St. pantsraced to strikeadeal be- coronavirus pandemic. B5 Sadie Gurman population than the U.S. and Peter’sBasilica. fore oil marketsopened Monday. wherethe number of confirmed In the U.S.,health officials In Asian trading early Mon-  Mexican stock exchange and Courtney McBride Some schools curtail newcases has trended down for and stateand local leadersex- day, U.S. crude was5.5%higher chief Ruiz Sacristán died, a meal deliveries, A3 cess in slowing the spread of manydays,the death toll hit pressed caution about reopen- at $24abarrel, while Brent month afterhetested posi- the newcoronavirus shouldn’t 19,899. ingthe U.S. economybyMay 1, crude wasup4.5%to$32.90 a tivefor the coronavirus. B5 Anew push fordisclosure by nursing facilities, A7 bring aquick lifting of lock- Under restrictions imposed adatesome Trump administra- barrel. down orders. to battle the pandemic,millions tion officials have posed as a Mr.Trump and his represen- World-Wide Taiwan’ssuccess on virus TheU.S.leads the world in of Catholics and Protestants possible time foreasing restric- PleaseturntopageA2 stirs China tensions, A9 the number of confirmed cases, marked Easter,the holiest day tions.  As social-distancing re- at more than 557,000,and fatal- on the Christian calendar,in Thedebateabout when to  Oil CEO wants Texas to cut quirements curbed Easter cel- ities, at over 22,000,surpassing isolation at home,inmany PleaseturntopageA6 output as demand drops.... B3 ebrations around the world, officials warned that early signs of success in slowing U.K. Leader Leaves Hospital the spread of the coronavirus EarningsPoseTestfor Market shouldn’t mean aquick lifting of lockdown orders. A1, A18  Lawmakersare drawing BY KAREN LANGLEY S&P500 earnings growth leading them to furlough em- up proposals forthe federal ployees and drastically cut government to guarantee pri- Thekickoff of earningssea- 30% ESTIMATES spending as they trytostay vate companies’ paychecks sonthis week will giveinves- afloat. during the pandemic. A4 tors afirst glimpse of the im- Despitethe turmoil, stocks  Apartisan impasse over pact of the coronavirus 20 have rallied over the past three fresh relief spending contin- shutdown on corporateprof- weeks on early indications that ued, as funds forasmall-busi- its—and potentially clues about 10 social-distancing practices are nessloan program dwindled the outlook forthe rest of the helpingtoslowthe spread of and state leaders called for year. the virus.The S&P 500 climbed more federal aid. A4 Those resultswill offer atest 0 12% last week,its best weekly

 Johnson left the hospi- /REUTERS forastock market that is at- performancesince1974, and it

tal and is continuing to re- REET tempting to rebound aftera has rallied 25% from itsMarch cover from the coronavi- ST bruising selloff.The pandemic –10 23 low. Theindexisstill down rus as recorded deaths is expected to cause asevere 14%for the year. from Covid-19 in the U.K. WNING economic contraction and a “It’sbeen remarkable to DO –20 passed the 10,000 mark. A8 sharp decline in corporateearn- watchmarketsjust climb /10 ingsin2020.What remains un- 2016 ’17 ’18 ’19 ’20 higher and higher,” said Emily  U.S. tariffs on Chinese im- WLES known is the extent of the dam- Source:FactSet Roland, co-chief investment

portsare exacerbating FO

A age. strategist at John Hancock In- shortagesofproductsneeded

PIPP Companies from General such uncertainty.Businesses vestment Management. “We to fight the coronavirus,say Prime Minister Boris Johnson was released from the Electric Co.toFedEx Corp.and acrossthe countrysaid revenue PleaseturntopageA4 firms seeking exemptions. A7 hospital and is continuing to recover from coronavirus. A8 Starbucks Corp.havewarned has evaporated following stay-  Therecent lapse of aset of they cannolonger forecast at-home orders and the closure  James Mackintosh: Downturn surveillancepowers has begun their ownresultsinaperiod of of nonessential businesses, threatens to leave scars...... B1 to limit the FBI’sability to pur- sue some terrorism and espio- nagesuspects, atop Justice Copy That: Walkie-Talkies INSIDE Department official said. A3 Ford,GMRetool  Cities along the Missis- Are No Longer Over and Out sippi River are fighting iii Covid-19-related stresses ForVentilators just as officials face spring People stuck at home in pandemic flooding and the coming

hurricane season. A3 embrace the World War II-era device DORSEY Y  Congofaces asetback in Auto giants trade drills for tweezers

the fight against Ebola, dash- BEVERL ing hopes that an outbreak BY SARAH KROUSE children and viceversa. His to mass-produce lifesaving machines dating to 2018 could for- daughter regularly radios in to LIFE &ARTS mally be declared over. A16 While attorney Eric Monzo ask her dad howhe’sdoing Dutycomes first for took part in abankruptcy-court and to makesurehelooks out three pregnant BY MIKE COLIAS videoconferencelast month, he the windowtowatch heron cility in Dearborn, Mich., en- JOURNAL REPORT kept an eyeonhis newlink to the monkey bars. physicians on dutyin Assembly-line workers at gineers plastered a confer- 5G, What’sNext: the world outside the guest “Who knewthat I the same ER. A11 America’s largest auto mak- ence-room wall with yellow Who’s Winning the Key bedroom of his Delaware would be using it?” said ers, ordered to turn their sticky notes last week, mock- High-TechBattles. R1-10 home: aPokemon-themed yel- Mr.Monzo, arestruc- skills from vehicles to venti- ing up a factory layout to lowwalkie-talkie. turing and insolvency lators, must first master produce the machines. Some CONTENTS Opinion...... A15-17 Afamily friend gave partner at lawfirm tweezers and tiny screwdriv- only weeks ago had been im- Business&FinanceB2,5 Outlook...... A2 his 6-year-old twins Morris James LLP.“I Y ers. mersed in the launch of the

BusinessNews...... B3 Sports...... A14 MIL

Crossword...... A14 Technology...... B4 two of the push-to-talk am trying to juggle life FA That is one of the many new Ford Bronco SUV. HeardonStreet... B10 U.S. News...... A2-3 devices last year,for a and work and save busi- steps ahead in the race to At a GM plant in Kokomo, Life & Arts...... A11-13 Weather...... A14 ORD

way to talk to each nesses and save my CKF convert car plants to medi- Ind., factory workers in sur- Markets...... B9 World News...... A18

other from different family’s health, and we BLA cal-supply factories before gical masks and latex gloves partsofthe house. arefinding anew way the coronavirus pandemic learned how to whittle to- > Now that the house to communicate.” SPORTS reaches its peak in the U.S. gether circuit boards and is also an office, school Thehumble walkie- Young athletesuse General Motors Co. and Ford connect tiny tubes on test and playground, talkie and other push- free time and Motor Co. hope to head off a ventilators. Production there thanks to coronavirus stay- to-talk two-way communica- shortage of the lifesaving is scheduled to start this home rules,hefinds walkie- tions,whose consumer use technology to improve machines but have only week. s 2020 Dow Jones & Company, Inc. All Rights Reserved talkies are also the most effi- seemed to be going the way of their games. A14 weeks to deliver them. The intricate machines cient way to keep tabs on his PleaseturntopageA10 At a Ford engineering fa- PleaseturntopageA10 P2JW104000-5-A00200-1------XA

A2 | Monday, April 13, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS

| THE OUTLOOK By Tom Fairless and Jason Douglas ECONOMIC Spending Grows in Virus’sWake CALENDAR Data out this week is ex- pected to show the effects of orld leadersfrom joled or ordered chunks of in- Government spending as apercentageofGDP II helped the U.S. government shutdown and social-distancing President Trump to dustrytoshut down or switch reduceits debt as ashareof orders on the economy. W 70% WORLD WARI WORLD WARIIFINANCIAL CRISIS President Emmanuel production to essential goods, economic output, without ac- Macron of Franceand Queen seized control of supply lines tually paying it down. Tuesday Elizabeth II of Britain have in- to procurevital equipment, 60 The International Monetary vokedthe wartime spirit as and considered making in- he analogies areimper- Fund releases its world eco- they rally citizens to defeat vestmentsinkey sectors such fect. During World War nomic outlook. The forecast is 50 the newcoronavirus. as airlines. T likely to offer a sober start to a II, allied nations includ- Likethe great wars of the Majorcentral banks have ing the U.S.,the U.K. and the week of spring meetings that 20th century, some analysts pledged to buy nearly unlim- 40 Soviet Union gaveoveras will focus on fallout from the and historians think the cur- ited amountsofsovereign much as half their national new coronavirus—and be con- rent crisis could fuel anew debt to backstop government 30 output to producing aircraft, ducted virtually because of the eraofbig government in borrowing.Meanwhile,world warships,weapons,and other pandemic. which public officials control powers areinatechnological materials and equipment es- China trade data for March is moreofthe leversofthe race to find avaccine. 20 sential forthe wareffort, said expected to reflect subdued de- economy, forbetterorworse. When the crisis is over,“it Germany Adam Tooze, aprofessor of mand at home and weakness “National institutions tend will be very hardfor anygov- 10 U.K. historyatColumbia Univer- abroad as countries grappled to getsignificantly better ernment not to increase Japan sity whose work has focused with the virus. funding during wartime,and spending on health” or to U.S. on warand financial crises. Wednesday it’sverydifficult to reverse fund newareas such as medi- 0 Thegoal of policymakers U.S. retail sales for March are that when people areused to calresearch and vaccine pro- 1900 ’10 ’20 ’30 ’40 ’50 ’60 ’70 ’80 ’90 2000 ’10 now, unlikeinwartime,isn’t expected to plunge, reflecting it,” said Tony Travers, apro- duction, said Mr.Travers. to reorient the whole economy the mandatory closure of restau- Note:Datanot available forGermany(1914–24,1935–49); Japan (1944–46); Figures for2019are fessor of government at the Asimilar shifthappened estimates; Japan estimates2018–19 toward fighting the virus but rants, malls and nonessential London School of Economics afterthe depravationsof Source:International Monetary Fund to do almost the reverse, Mr. stores, as well as heightened who advises the U.K. govern- World WarII, when countries Kathryn Tam/THE WALL STREET JOURNAL Tooze said: Shut most of it caution among consumers amid ment. likethe U.K. pushed up taxes down to prevent spread. Using mass layoffs and increasing un- During World Wars Iand to financesweeping new Mr.Obstfeld said. main low. That hasbeen idle factories to makeface certainty. II, government spending rose safety nets, including univer- aided by central banks,which masks and ventilatorsis U.S. industrial production for sharply in the U.S.,U.K.and sal health care. olicymakersare realiz- have recently loweredrates worthwhile but would account March is likely to falter amid other countries to finance In the U.S.,“the virus could P ing that in public-health andswitched their focus from foratinyfraction of GDP,in global supply-chain disruptions, wartime production and re- improveprospectsfor some emergencies,asinwar- controlling inflation to di- contrast to the vast resources falling energy prices and weak search, and it remained aspectsofsocial safety nets, time,worries about budget rectly supporting govern- mobilized to fight awar. global demand for many goods. higher afterfighting ended. such as in health care,” said deficitsgoout the window, mentsand businesses. And while major econo- Thursday To be sure, wartime analo- MauriceObstfeld, aformer said Mark Harrison, emeritus TheFederal Reserveand mies grew rapidly at the start U.S. jobless claims have gies only go so far.People chief economist at the Inter- professor of historyatWar- European Central Bank re- of World WarII, they arenow surged, with nearly 17 million and businesses arehunkering national MonetaryFund who wick University and an author cently introduced open-ended shrinking.That means gov- Americans filing for unemploy- down,not mobilizing for teaches at the University of of books on the economics of bond-buying programs that ernmentsneed to do more ment benefits since mid-March. combat, and nations aren’t California, Berkeley. both world wars. echo the Fed’sactions during with lessmoney,triggering an Economists are estimating an- fighting one another but a Some decisions go even fur- In the U.S.,government and afterWorld WarII, when explosiverise in borrowing. other bleak reading for the week common enemy—the virus. ther than World WarII, with debt could soon rise to 130% the central bank committed Thescale of newdeficits ended April 11. But as the pandemic has governmentsaround the or 140% of grossdomestic to pin long-term government- suggestsgovernmentswon’t Friday escalated, Western govern- world directly supporting the product, versus around 100% borrowing costsbelow2.5%. be able to control their debts China’s economy likely con- mentshavemade economic payofmillions of idle workers. last year and higher than af- TheFed’sactions “are as through spending cuts, as the tracted in the first quarter. Econ- interventions long considered “You won’t necessarily have terWorld WarII, when debt close to monetaryfinancing of U.K. and other countries did omists expect one of the worst unthinkable outside wartime: big government programs,but reached around 120% of GDP, the deficit as we have come” afterthe financial crisis. quarterly gross domestic product They have pledged astronomi- youcould have extensivein- estimates Mr.Obstfeld. and risk some inflation down “It’shardnot to see higher readings since the country calsums to support stricken tervention” in economic areas Such aburden is only sus- the road, said Mr.Obstfeld. taxes,” which is linked to a launched a program of economic businesses and workers, ca- deemed critical, such as trade, tainable if interest ratesre- High inflation afterWorld War biggerstate,Mr. Traverssaid. reforms in the 1970s. U.S. WATCH

SUPREME COURT Ruling Sought Over Texas Abortion Order

Abortion providers asked the Supreme Court to relax a Texas executive order that bans nearly all abortions during the public- health crisis created by the new coronavirus. S Providers have been battling the state since a March 22 order PRES

by Texas Republican Gov. Greg TED Abbott barred nonessential med- CIA SO

ical procedures, citing a need to AS R/

preserve protective medical TA

equipment and other resources S-S

for the treatment of coronavirus NEW patients. State Attorney General Ken Paxton, also a Republican, /THE has interpreted the order to ap-

ply to abortions. GALINDO Texas argues thatabortion S OLA

shouldn’tget an exemption from NIC pandemic-relatedrestrictions. Neighbors and family helped clean up ahome in Monroe, La., after it sustained heavy storm damage Sunday. The same weather systemclaimed at leastsix lives in Mississippi. Abortion-rights supporters say Texas and other conservative-led ALASKA House bid. MISSISSIPPI Mississippi Emergency Man- said strong winds swept through states areusing the pandemic to The former vice president agement Agency director Greg other parts of Mississippi, and a pursue an antiabortion agenda. Biden Is Winner of won the state with 55.3% of the Fierce Storms Leave Michel said one person killed tornado was spotted north of Twice a federal judge in Aus- Vote-by-Mail Primary vote compared with 44.7% for At LeastSix Dead was in Walthall County, two Meridian near the Alabama state tin has issued temporary re- the senator, according to the were killed in Lawrence County line. straining orders blocking the Joe Biden, the presumptive Alaska Democratic Party. Alaska Strong storms pounded the and three were killed in Jeffer- Before the storms moved state from enforcing its ban in Democratic presidential nominee, voted entirely by mail because South on Sunday, killing at least son Davis County. All three into Mississippi, the weather full. And twice a federal appeals won Alaska’s Democratic pri- of the coronavirus, as the state six people in south Mississippi counties are more than an hour’s service reported multiple torna- court has stepped in to let the mary days after his last remain- party had suspended in-person and damaging up to 300 homes drive south of Jackson, near the does and damaging winds over Texas ban stay in place. ing rival, Sen. Bernie Sanders of voting. and other buildings in northern Louisiana state line. much of northern Louisiana. —Brent Kendall Vermont, ended his White —Joshua Jamerson Louisiana. The National Weather Service —Associated Press

Thecurbs will mitigatesome forces,ascompanies tend to cut withhold 20 millionbarrels a CORRECTIONS  AMPLIFICATIONS Producers issues in oil markets, but some production voluntarily when dayofsupplies from the market, analystssaid they were toolit- prices drop,she said. OPEC said in the draftrelease. tle,too late. Amid travel restric- TheAmerican Petroleum In- Oil prices aredown40% since As of 7:01 p.m. EDT Friday, 18,849,which wasthe death Will Cut tions and work stoppages,oil stitute, the largest oil and gas early March, when Saudi Arabia reported U.S. fatalities from toll in Italy at the time. consumption is expected to fall trade group in the U.S.,praised andRussia failed to agree on an the coronavirus stood at by as much as 30 million barrels thedeal. “Wewelcome today’s emergencyplan to addressthe 18,586,according to datagath- An Exchangearticle Satur- Oil Output aday this month. announcement of an agreement supply glut. Afterthe disagree- ered by Johns Hopkins Univer- dayabout David Calhoun, Boe- Under the final deal disclosed by other producing nations to ment, Saudi Arabia embarked on sity.Insome editions Satur- ing Co.’s chief executive offi- Sunday, Mexicowill cut 100,000 followthe lead of the global mar- an aggressivepricewar in an at- day, a Page One article about cer, wasaccompanied by a ContinuedfromPageOne barrels aday of output, some ketplace—and U.S. producers—to tempt to grab market share the contagion’simpact on photoofformer CEO Dennis tatives weren’t present at Sun- 250,000 barrels fewerthan reducesupply,” the group’s from Russia, akey rival. nursing homes and other se- Muilenburg. Thecaption in- day’smeeting.But leadersinthe Saudi Arabia initially wanted. leader,MikeSommers, said. Theinternational deal had nior facilities in the U.S. incor- correctly said the photowas oil industryhad prodded Mr. Delegates were told that the U.S. In addition, Saudi Arabia, the stalledthree times in recent rectly gavethe number as of Mr. Calhoun. Trump to pressinternational ri- pledged to compensatefor the United Arab Emirates and Ku- days,with scheduled votescan- vals to cut supply beforeit Mexican amount with 300,000 wait have agreed to cut acom- celed and ministersrepeatedly Readers can alert The Wall Street Journal to any errors in news articles by caused awaveofU.S.bankrupt- barrels of reductions of itsown. bined two million barrels aday dismissed and called back,ase- emailing [email protected] or by calling 888-410-2667. cies.Inrecent days,Mr. Trump It couldn’t be determined nior WhiteHouse official said. called the Saudi leadership and whether that wasinaddition to Tensions grew inside the President AndrésManuel López other U.S. cuts, or howthe U.S. Investors worry the WhiteHouse on Sundayafter- THE WALL STREET JOURNAL Obrador of Mexico. Last month, cutswould be implemented. noon afterafourth vote didn’t (USPS 664-880) (Eastern Edition ISSN 0099-9660) he had urgedthe Saudi and In theend, the U.S. appears curbs might not be start at the scheduled time.Sev- (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Russian leaderstocall acease- to be yielding little,with Saudi enough to support eral officials believed it wasthe Editorial and publication headquarters: fire in their pricewar against Arabia,Russia and their other last chancefor adeal. Mr. 1211 Avenue of the Americas, New York, N.Y. 10036 each other. oil allies expected to bear the higher prices. Trump made another round of Published daily except Sundays and general legal holidays. Without the deal, the global brunt of the work rebalancing calls to keep leadersatthe table, Periodicals postage paid at New York, N.Y., and other mailing offices. oil industrywould have runout thehistoric glut. Some of the the WhiteHouse official said. Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. of storageinthe next few weeks, cutsare expected to coincide Fordecades,Mr. Trump has All Advertising published in The Wall Street Journal is subject to the applicable rate and prices would have crashed, with anaturaldecline in produc- abovetheir quota, Oil Minister been avociferous opponent of card, copies of which are available from the Advertising Services Department, Dow Jones hitting financial markets, said tion due to falling prices. Bijan Zanganeh of Iran said in a the cartel, deeming itseffortsan & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the Daniel Yergin, vicechairman of TheU.S., Canada, Brazil and televised interview. evilforce that squeezedU.S.mo- right not to accept an advertiser’s order. Only publication of an advertisement shall energy consultancyIHS Markit. Group of 20 countries that Industrialized nations that torists. But the Saudi-Russia constitute final acceptance of the advertiser’s order. “This restrains the build-up of aren’t part of OPEC will hold arepart of the International En- pricewar’s threat to the U.S. oil Letters to the Editor: Fax: 212-416-2891; email: [email protected] inventories,which will reduce back 4million to 5million bar- ergy Agencyare set to announce industryled to what seemed to Need assistance with your subscription? the pressureonprices when rels aday,OPEC said in adraft crude purchases to fill their na- be achangeofheart. In addition By web: customercenter.wsj.com; By email: [email protected] normality returns,” he said. news release. tional inventories as away to to prodding both sides,the U.S. By phone: 1-800-JOURNAL (1-800-568-7625) Still, investorsremain con- Canada wasn’t asked to im- take some surplus oil off the has also warned it would retali- Reprints &licensing: By email: [email protected] cerned that the cutsmight not pose production cutsonits oil market, according to people fa- ateifSaudi Arabia didn’t turn By phone: 1-800-843-0008 be enough to support higher producers, said Sonya Savage, miliar with the matter. off the spigots. On April 4, Mr. WSJback issues and framed pages: wsjshop.com prices in the coming weeks as energy minister forthe province Overall, the measures,com- Trump threatened tariffs on world-wide lockdowns have of Alberta, wheremost of Can- bined with existing sanctions on crude imports. Our newspapers are100% sourcedfromsustainably certified mills. pummeled demand forgasoline, ada’soil is buried. Instead, the Iran and Venezuela and outages — Michael C. Bender GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS diesel and jet fuel. decrease will come via market in hot spotslikeLibya, could contributed to this article. P2JW104000-0-A00300-1------XA

THE WALL STREET JOURNAL. Monday, April 13, 2020 | A3 U.S. NEWS River Towns Go From One Crisis to Next

BY JOE BARRETT had 5,600 reported cases of Covid-19 and 235 deaths as of Cities along the Mississippi Sunday—one of the highest Riverare fighting emergencies ratesinthe nation—is expect- on two fronts: Covid-19 is ing cases to peak soon. The straining health-caresystems river has been high enough that andhitting taxrevenue just as the U.S. ArmyCorps of Engi- officials arefaced with spring neersonApril 3opened the flooding and the coming hurri- Bonnet CarreSpillway to re- cane season. duceflooding in NewOrleans S “Weare dealing with some foranunprecedented thirdyear unprecedented times in local in arow. PRES government to managetwo di- Ms.Cantrell is also worried TED CIA

sasterssimultaneously,” said aboutthe approaching hurri- SO

Sharon Weston Broome,mayor cane season, which startsJune AS

of Baton Rouge, La., and co- 1. She said the city of 391,000 HUH/

chair of the Mississippi River has to take intoaccount Y. M

Cities and Towns Initiative, whether it will still be dealing NA which representsabout 100 with large numbersofCovid-19 Gemini Middle School staffer Nikho Seham prepares meals forstudents, families and members of the communitytopick up in Niles, Ill. mayors. patientsinhospitals and its These cities have been convention center in the event scrambling to getenough per- that ahurricane requires a Schools Curtail Meal Deliveries, sonal protectivegear formedi- massevacuation. “We’rere- calworkersonthe front lines evaluatingour emergencyplan of the coronavirus fight—as right now,” she said. well as to firstresponderswho MayorErrick D. Simmons of Fearing Safety of Drivers,Families could be called upon forflood Greenville,Miss.,said the city evacuations.Meanwhile,repair of 34,000 has been facing from last year’s flooding has heavy rains and arising river BY TAWNELL D. HOBBS duced-pricemeals at school. In Oneidea being considered is andgranddaughter.Beforethe been delayeddue to high water that has also shut down re- recent years, school districts cooperating with neighboring change,she said she used her in NewOrleans and elsewhere, pairsfromlast year’s flooding, Some school districtshave and government agencies have districtsinaregional food op- walker to go four houses down and East St.Louis is scrambling which caused some $4 million halted meal deliveries to stu- increased focus on feeding stu- eration to limit staffing and re- to abus stop to getthe food. to build aCovid-19 testing site in damage. dentsafter the deaths of two dents, even providingthem din- ducecontact. “They didn’t look at the fact and completeflood repairs Some residentsare still in delivery bus driversand grow- ner afterschool. Norwalk Public Schools in that alot of people aren’t able amid afinancial emergency. temporaryhousing from last ing worries over worker safety. TheFerguson-Florissant dis- Connecticut stopped delivering to gettothose areas,” Ms. This is all playing out in cit- year’s floods,and nowthe city Now, these districts—closed trict said April 5that one of its meals to bus stops and making Smith said of the pickup sites. ies wheremorethan 10,000 is dealing with massunemploy- due to the coronavirus pan- bus driverstested positivefor door-to-door deliveries to spe- She said afriend has helped people had been diagnosed ment from the coronavirus demic—arerethinking food dis- thecoronavirus and died that cial-needs studentsoversafety provide them with some food. with Covid-19. shutdown. With apoverty rate tribution, citing the spread of day. Another bus driver,who concerns as community trans- ANorwalk school official TheU.S.iscoming off one of of 30.6%, the mayorsaid, “we the virus and difficulty main- died theday prior afterapro- mission of the virus spread. said that it wasadifficult deci- the wettest yearsonrecord have almost no capacity to deal taining social distancing while longed illness, had symptoms Thedistrict of about 11,700stu- sion to scale back the delivery with some of the worstflood- with this at all.” handing out meals. associated with the virus.Four dentsisnow providing adrive- operation but that it wasneces- ing ever seen in manyplaces. East St.Louis,Ill., apoor “Wedidn’t knowifwecould through serviceat10locations, sarytoreducethe number of TheMississippi has been and largely African-American assurethe safety of our stu- or people canwalk up to re- employees working outside high forseveral weeks as snow city directly acrossthe river dents, their families or our bus ‘These kids are trievemeals. their homes,fromabout 200 to melted in the north and abig from St.Louis,Mo.,isalso in drivers,” said Kevin Hampton, Norwalk parent Saleska Que- fewerthan 50. rain system moved through the direstraitsfinancially. spokesman in the Ferguson-Flo- really some of the sada-Rodriguezhas begun pick- Some school districtshave center of the country, said Thecity normally gets about rissant School District in Mis- most vulnerable,’ ing up the meals and delivering lessened exposuretotheir Corey Loveland, servicecoordi- 60% of itsgeneral-fund revenue souri, which suspended food it to some homes in her area. workersbyusing third-party nation hydrologist with the from the Casino Queen, ariver- deliveries by bus last week. said one parent. “These kids arereally some of businesses to deliver food. Jef- North Central River Forecast boat casino that is shut down Manyrecipientsofmeal de- the most vulnerable,” she said. ferson County Schools,a Center of the National Weather alongwith all other nonessen- liveries arelow-income stu- But parentslikeTracey 36,000-student district in Bir- Service. tial businesses in the state. City dents, who depended on daily Smith, who lives in Norwalk mingham, Ala.,has ended its “We’reatacritical time officials said they also recently school meals beforethe spread otheremployees in the district but isn’t in Ms.Quesada-Rodri- drive-through meal lines when we’revulnerable to any ended aseveral-month period of the newcoronavirus forced have tested positive. guez’s deliveryarea, arestrug- staffed by cafeteria workers additional rainfall,” he said. in which paymentsfromthe school closures. Thedriverslast worked in gling.Ms. Smith is concerned and teachersand is nowhaving Now, the highest river level statewerediverted to under- At the start of the pandemic, the district on March 20.Dis- notonly about the changein an outside companydistribute from snowmelt—what river funded police and fire pension school districtsthroughout the trictofficials said they don’t food servicebut whyithap- meals curbside from various watcherscall acrest—is beyond funds. countrymade serving meals a believethat studentsorfami- pened. TheNorwalk Hour sites. Davenport, Iowa,and working “Wewerejust coming off priority and scrambled to orga- lies came in contact with the newspaper reported that abus “Manyofour people who itsway south. Astorm system thecusp of that and then we nizedeliveries and pickups. driversorthe other employees driver forthe district died from arecafeteria workersare older, stretching from the Southwest gethit with the coronavirus,” Some were reluctant to close who tested positive. Thedis- the coronavirus.Norwalk moreat-risk to the virus,and into the Great Lakesthis past said MayorRobert Eastern III. schoolsout of fear students trict, which serves amostly school officials declined to single women,” said Jefferson weekend could bring flooding Thecity of 27,000,which is wouldn’t have enough to eat. poor studentbody in the St. comment on the issue,citing County Superintendent Walter and prolong the crest. Thenext in acounty with 173cases of About 26 million public- Louis metroarea, said it is privacyrules. GonsoulinJr. “Ifthey getsick, few weeks,however, areex- Covid-19 andseven deaths, is school students, just over half seeking safer alternatives for Ms.Smith said because she who takescareoftheir family?” pected to be mostly dry, allow- working with the National in the U.S.,are considered low- food serviceand hopes to have is disabled,she can’t driveto —Ben Kesling ing the surge from snowmelt to Guardtoset up atesting facil- income and rely on free or re- something in placethis week. getthe food forher daughter contributed to this article. work itsway south without too ity,the mayorsaid. It is also much additional flooding. eyeing flood levels closely. “Oncethis flood works its Damagefromlast year’s way through, right nowwe’re flooding means the jail at City State Parties Pick Delegates Virtually not expecting asecond round,” Hall and aveterans home areat said Shawn Carter,ahydrolo- risk of flooding and evacuation gist with theweather service’s if necessaryrepairstothe city’s BY EMILY GLAZER March that hundreds of people North Dakota, she and her National WaterCenter in Tus- storm and sewerdrains aren’t couldn’t safely gather forlocal staff devised an alternative caloosa, Ala. undertaken soon. As Washingtonstate reels meetingstoelect delegates for plan forits stateconvention. NewOrleans MayorLaToya “It’saveryscary time for from the coronavirus pan- the stategathering. He en- Theparty used Simply Voting, Cantrell said her city,which our city,” Mr.Eastern said. demic,its local Republican listed politicaltech startup a balloting platform. IC-NPL

Party has abackup plan in VoterSciencetoquickly build AT It created an invite-only case it isn’t possible for hun- aplatform forvoting,paired Facebook group forstate con-

dreds of people to gather in with Zoom videoconferencing DEMOCR vention delegates and people June to pick delegates to the for participants to interact, A seeking endorsements for lo- Republican National Conven- “This is such an unprece- KOT calraces.Ms. Oversen said a DA

tion two months later. dented situation that we have TH newpagewas launched within

Thestate’s “virtual” con- to be open to alternative NOR the party websitetohost can- vention plan, which it is em- methods,” Mr.Heimlich said. Kylie Oversen, chairwoman of didates’ personal statements ploying forsmaller,local “This is forced change.” the North Dakota Democratic- or videos. meetings, could be amodel for Anumber of Democratic Nonpartisan League Party, on Ms.Oversen gaveled in vot- Facebook Live. S the two national parties if the and Republican stateparties ing through Facebook Live. pandemic lingersand disrupts areusing or seeking digital Over afive-hour period, about PRES theirgatherings scheduled for platforms to host virtual con- ever,ifpublic-health experts 500 people votedthrough the TED August. Republicans areset to ventions at the state and dis- arestill warning against big Simply Voting platform, she CIA

SO meet in Charlotte,N.C., to for- trict level in the run-up to the gatherings. said, adding that she helped a

AS mally nominatePresident national events. The technol- At least one virtual conven- fewolder people who didn’t Trump forNovember,while ogyincludes amix of secure tion has been held at the state have access to the internet or

TRIBUNE/ Democraticdelegates areex- electronic voting and video or level. TheNorth DakotaDemo- had trouble logging in.

R pected to choose former Vice phone conferences. cratic-Nonpartisan League “It’s invaluable in creating TA

/S President JoeBiden as their Republicans and Democrats Party conducted electronic some of those connections on- candidate in Milwaukee. at thenational level arestill voting in late March. line and jump-starting what is JOLES WashingtonRepublican planning forin-person conven- Party Chairwoman Kylie certain to be a very different VID

DA Party Chairman Caleb Heim- tions. It is unclear how those Oversen said oncethe first campaign cycle,” Ms.Oversen A walkway was underwater recently in Taylors Falls, Minn. lich said he realized by mid- eventswould proceed, how- Covid-19 case wasreported in said. Surveillance Law’sLapse LimitsTerror Probes, Justice Official Says

BY ARUNA VISWANATHA lanceprovisions to expire last which expired on March 15. of businessrecords deemed rel- usingthat part of the law. the intelligencecommunity has AND DUSTIN VOLZ month, said John Demers, the Theissue wasleftunre- evanttocontinuing terrorism He also said investigators turned intothe boywho cried head of thedepartment’sna- solved in part due to compet- or espionageinvestigations. haven’t been able to obtain re- wolf,because they arealways WASHINGTON—Therecent tional-securitydivision, in an ing factions within both politi- Theother expired powers al- newals forexisting roving wire- painting the most direpicture lapse of aset of federal surveil- interview. calsparties disagreeing over lowinvestigatorstoeasily taps sincethe law’sexpiration, if they lose an authority.” lancepowers has begun to limit “The House legislation in- which privacymeasures to add wiretap asuspect who has but declined to quantifyhow With rank-and-file members the FBI’sability to pursue some cludes important reforms to to the proposed legislation ex- switched phones—known as many. of Congressout of town and terrorism and espionagesus- FISAand reauthorizes national tending the authorities,aswell roving wiretaps—and surveil a Privacyadvocates have chal- leadership of both partiesfo- pects, atop JusticeDepartment security tools that we would as inconsistent signals from the so-called lone wolf terrorist lenged claims that the expira- cusedonthe coronavirus pan- official said, outlining howthe have used, but have not in the Trump administration. whodoesn’t possessany dis- tion of the tools jeopardizes demic,itremains unknown ripple effectsofthe coronavirus weeks sincethe lawexpired,” Theprospect of aprolonged cernible ties to aforeign ter- national security. when lawmakerswill be able to pandemic arebeing felt across Mr.Demerssaid, referring to period without the national-se- rorist organization. “Clearly,the skyhasn’t passlegislation renewing the U.S. national security efforts. the Foreign IntelligenceSur- curity authorities created in Thebusiness-records provi- fallen,” said Elizabeth Goitein, surveillance authorities. TheJusticeDepartment has veillanceAct, adecades-old law the wake of the Sept. 11, 2001, sion canallowfor investiga- co-director of the national se- Thepandemic is affecting been unable to obtain certain that has recently endured bi- terrorist attacks has alarmed tions that were taking placebe- curity program at the Brennan other aspectsofnational secu- wiretaps and to file requeststo partisan scrutiny.. current and former intelligence fore March 15 to continue Center forJustice, apublic-pol- rity investigations,acourt fil- obtain businessrecords from Focused on addressing the and law-enforcement officials. unencumbered. Mr.Demersac- icythink tank founded by for- ing shows.Some changes companies in connection with coronavirus pandemic,lawmak- They warned that the Federal knowledged that officials were merlaw clerks of the lateSu- planned in the wake of aDe- national-security investigations ersleftWashingtonlast month Bureau of Investigation, espe- “considering right now” preme Court JusticeWilliam J. cember watchdog report are between five and 10 times since without renewing three FISA- cially,now lacks acritical tool whether to trytofile some Brennan Jr. temporarily on hold, the filing Congress allowedthe surveil- enabled intelligencetools, it uses to access awide variety business-records applications “What we areseeing is that said. P2JW104000-2-A00400-17FFFF5178F

A4 | Monday, April 13, 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. THE CORONAVIRUS PANDEMIC Lawmakers Seek to Cover Paychecks

Plans aim to stem job Theplans would both last forthe duration of the health losses, provide payroll crisis instead of standing as a funds for companies permanent feature of the U.S. safety net, and neither is in- hurt by pandemic tended to serveasaform of universal basic income,in BY SIOBHAN HUGHES which citizens areguaranteed AND ERIC MORATH abasic income even without working.And while paycheck

WASHINGTON—U.S.law- support hasn’t been embraced /REUTERS RD

makersare drawing up pro- by party leadersasapart of FO

posals for the federal govern- the next economic-rescue pack- OX

ment to guarantee private age, the idea is gaining aseri- NICK companies’ paychecks during ous look within Congressamid People in line lastweek to apply forunemploymentbenefits in Fort Smith, Ark. The idea of paycheck support is gaining alook in Congress. thecoronavirus pandemic to frustration with programs arrest soaring job losses,aim- rolled out in recent weeks. ties.Ms. Jayapal, the co-chair hired the workersback.To Mr.Hawley is floating a allowing them to avoid the ing to fill holes in last month’s “Wemust stop masslayoffs of the Congressional Progres- guardagainst fraud, companies similar idea. He has called for long-term scarring effectsof aid package. if we are going to avoid a de- siveCaucus,which represents would have to certifytothe agovernment guarantee of layoffs and help businesses by Theplans from Rep. pression,” said Damon Silvers, nearly 100 House Democrats, TreasuryDepartment that their 80% of wagesuptothe na- giving them aready workforce Pramila Jayapal (D., Wash.) policydirector and special is calling forguaranteeing businesshad been impaired; tional median, with bonuses when the economy restarts. and Sen. Josh Hawley (R., Mo.) counsel to the AFL-CIO,an workers’ wagesfor three another potential safeguard forfirms that rehirelaid-off “Workers ought to be able differ in the level of govern- umbrella organization fora months,uptoanannual salary could be to tie the level of aid workers. His officesaid that to keep their jobs,” Mr.Hawley ment aid that they would pro- group of unions that represent of $100,000 a worker. to the decline in revenues. he is working to build support said. “It’ll put us in aposition vide and the degree to which about 12.5million people.“We Theguarantees would be re- Theplan would be an alter- forthe idea within the Senate, to come back stronger.” they have been developed. But urge lawmakerstopay close newedmonthly afterthat, until nativetothe programs avail- and Ms.Jayapal said that their Nearly 16.8 million Ameri- both would put the U.S. on a attention to this important agovernment gaugeofcon- able through last month’seco- offices areinconversation cans—or one in 10 U.S. work- track similar to those that proposal,” referring to Ms. sumer spending increases nomic rescue package, so that about finding common ground. ers—sought unemployment have been takenincountries Jayapal’s plan. nearly to the level beforethe companies would have to Under the Hawley proposal, benefitsinthe three weeks such as Franceand Denmark— Under her plan, companies pandemic closed big partsof choose to participate in the the backstopping of wages ended April 4. Economistsex- and could spark arethinking that shut down or suffer ade- the economy. Some economists paycheck-guarantee program, would also be retroactive, ap- pect another five million of some cornerstone elements cline in demand as a result of arepredicting the labor market or loans,grantsand other pro- plying to workerslaid off in Americans sought the bene- of the $2.2 trillion economic the pandemic would be eligi- won’t fully recoveruntil grams aimed at both small and March who arerehired in fits in the week ended April 11, rescue enacted two weeks ago. ble to receivemoney from the 2023.Her plan would be retro- large businesses runbyenti- April or Maybytheir former and economistssurveyed by “Weneed aproposal that is government to coverthe costs activetoMarch 1, so compa- ties including the Treasury, employers.His proposal has a TheWall Street Journal expect going to match the scale of the of payroll and related benefits, nies that already laid off work- the Federal Reserve and the goal similar to that of Ms.Jay- the unemployment rate to hit crisis,” Ms. Jayapal said. as well as rent and utili- erscould still benefit if they Small BusinessAdministration. apal’s: to benefit workersby 13% in June. Next Aid Is DebatedasSmall-Business Loans Dwindle

BY ANDREW DUEHREN morethan half its$350 billion $500 billion from the federal AND KRISTINA PETERSON total, according to Sen. Marco government, states will have to U.S. Olympic-Sports sports’ typical funding model. Rubio (R., Fla.),chairman of the confront the prospect of signifi- Weeksago,the U.S. Olympic & WASHINGTON—Apartisan SenateSmall Businessand En- cant reductions to critically im- Groups Seek Help Paralympic Committee, which impasse over fresh coronavirus trepreneurship Committee. Ad- S portant services all acrossthis pays foritself mainly through

relief spending stretched ministration officials have said PRES country,” Messrs. Hogan and corporatesponsorships and through the holidayweekend, as the program could runout of Cuomo said. Unlikemanyother promi- broadcast-rights fees, polled 50 funds forasmall-businessloan money this week. ZUMA House Speaker NancyPelosi nentOlympic nations, the U.S. NGBs, concluding thattheyand

program dwindled and state SenateMajority Leader CALL/ (D., Calif.), responding to the has no government-funded their athletes stood to lose up

leaderscalled foradditional fed- Mitch McConnell (R., Ky.) and OLL governors’ statement, wroteina sports ministry. to $800 million in revenue

eral aid. HouseMinority Leader Kevin QR tweet Saturdaythat “Democrats Now, governing bodies are through August, in part due to /C

Republican lawmakers want McCarthy(R.,Calif.) reiterated MS will continue to push forur- seeking help from the one place eventcancellations. to add $250 billion to the $350 Saturdaytheir desiretoapprove gently needed funds forstate theydidn’tget it before: the Congressdeclined arequest billionsmall-business-support only small-businessaid in the ILLIA and local governments” in the U.S. government. from the USOPCtogrant the MW

plan approved in lateMarch. short term, writing that further TO interim emergencybill. The federal economic-rescue NGBsand athletes $200 million While Democratssay they,too, action should wait forfuture Sen. Mitch McConnell NewJersey Gov.Phil Murphy package allows certain employ- as part of the roughly $2 trillion support moremoney forthe legislation. President Trump has said on CBS Sundaythat he and ers to apply forloans to cover rescue package. Thatdenial fund, they also want to expand also called forspeedy passageof ernments is just as urgent as ex- his counterpartsinNew York, payroll, rent and utilities. Sports came on the heels of conten- access to the loans.Inaddition, ameasurefocused just on small panding the small-business Connecticut and Pennsylvania governing bodies believe they tious dealings with the Olympic they want to include $100 bil- business. program. TheNational Gover- estimatetheir four states alone meet the criteria, including hav- committeeand its handling of lion forhospitals and $150 bil- Democratswant changes to norsAssociation—led by Mary- need $100 billion in cash assis- ing fewerthan 500 employees, sexual-abuse cases, in particular. lion forstate and local govern- the small-businessprogram to land GOP Gov.LarryHogan and tance. TheDemocrat said that and theyare seeking or plan to Now, the sports governing mentsalong with the small- help firms that were initially NewYork Gov.Andrew Cuomo, his stateis“constantly and per- seek aid alongside tens of thou- bodies under the USOPC’spur- businessaid. shut out of the loans receive aDemocrat—called on the fed- sistently” seeking assistance sands of businesses and non- vieware seeking government Competing effortstoapprove funds going forward. eral government to provide im- from the federal government to profits. help on their own, in an effort newpandemic aid failed last Sen. Chris VanHollen (D., mediately $500 billioninaid to securepersonal protective “I think every NGB will ap- to stemthe tide of furloughs, week in the Senate, when Demo- Md.) said in an interviewSatur- stategovernments. equipment and ventilators. ply,” said Max Cobb, president layoffsand program cuts. cratsblocked stand-alone small- daythat the Senateshould do Thepair warned Saturday Smaller cities shut out of the and CEOofU.S. Biathlon and It varies from year to year businessfunds and Republicans morethan just increase the that without newfunding, last relief bill have also asked chair of the National Governing and group to group, but collec- objected to the broader Demo- small-business funding.“We states—whose budgetshave Congressfor aid to staveoff Bodies Council. “I knowsome of tively NGBsreceivelessthan cratic proposal. also need to ensurethe funds been decimated by the pan- budget cutstopoliceforcesand them arestill struggling with 10% of their annual revenue Lawmakersare seeking aregoing to everybody who demic—maysoon need to cut fire departments. getting all the documents from the USOPC. Some receive agreement early this week.The needsit, not just businesses otherkservices.They said fed- Republicans have indicated needed together.” support from international small-businessprogram, created with the best banking connec- eral aid shouldn’t be limited to they areopen to providing more The recent postponementof sports federations, but NGBs in a $2.2 trillion relief bill that tions,” he said. coronavirus-related expenses. funding to stateand local gov- the Tokyo2020 Games to July mustpay most operating costs. passed last month, has ap- Democratsalso sayaddi- “In the absenceofunre- ernments and hospitals—but in 2021 has mangled U.S. Olympic —Rachel Bachman proved $178 billion in loans— tional aid to stateand local gov- stricted fiscal support of at least alater bill.

S&P500 first-quarterearnings estimates, by sector rants—whereprofits areex- Earnings With priceperformancesincethe S&P500’speak on Feb. 19 pected to sink 32% from ayear earlier,according to FactSet. 30% MarriottInternational Inc., Earnings estimate forone, has begun furloughing Pose Test as of Dec. 31 Communications Technology what it expectswill be tens of Utilities Health care thousands of employees,while For Market temporarily closing properties and curbing other spending. Shares of the company, which

ContinuedfromPageOne 0 EARNINGS has withdrawnits financial guid- haven’t really seen marketsre- IN ance, aredown46% this year. flect the full extent of the dam- Real estate Meanwhile,earningsamong agethat coronavirus is having Consumer staples energy companies,which have to corporateprofitability.” CHANGE All been hit both by an unprece- Forthat reason, some ana- sectors dented drop in demand and the lystsworrythe stock market is Financials pricewar between Saudi Arabia on the cusp of areckoning and Materials and Russia, areexpected to –30 another painful selloff could be Industrials plummet 52%. in storeifcorporateprofits Consumer Both Exxon Mobil Corp.and plunge. Othersfear Wall discretionary Chevron Corp.haveslashed Street’scurrent earningsesti- their capital spending plans in mates don’t fully reflect the ex- response to the crash in oil tent of the expected damage. Energy As of April 9 prices.Those stocks areoff Because projections forearn- CHANGE IN SHARE PRICES morethan 30% in 2020. ingsare an important part of –60 One of the brighter spotsis howstocks arevalued, the –40% –30 –20 –10 0 expected to be the communica- opaque view intocorporate Source:FactSet tion-services sector,which in- profitssuggestsmajor indexes cludes Facebook Inc.and Google could see morevolatility ahead. “Thereismoreuncertainty 2020,based on analysts’ expec- fulslowdown, the decline could said Lisa Shalett, chief invest- parent Alphabet Inc. Big banks including JPMor- forthis quarter than almost tations forindividual compa- be 57%. ment officer at MorganStanley Earningsamong those com- ganChase &Co. and Bank of anyquarter Ican remember,” nies in the S&P 500,asharp re- Thesecond quarter is ex- Wealth Management. “That’s panies areprojected to grow by AmericaCorp., along with said Bob Doll, chief equity versal from the 9.2% growth pected to see the brunt of the whythis is going to be such a 7.8%, down from an expected health-insurancegiant United- strategist and senior portfolio anticipated as last year ended. damage based on the current scrutinized petri dish, if you 17%growthatthe end of last Health Group Inc., transporta- manager at Nuveen. “My guess Such adecline pales in com- scaleofthe shutdown. Profits will, of an experiment forpeo- year.Analystsare calling for tion bellwether J.B. Hunt Trans- is somewherebetween ahalf parison with the profit collapse amongcompanies in the S&P ple to understand, really,what profitsatFacebook to more port Services Inc.and health- andthree-quartersofanalysts forecast by big banks. 500 areprojected to drop 21% in arethe companies that have a than double,despiteaslow- productscompanyJohnson & have yettotakeaknifetotheir BofA Global Research proj- thecurrent quarter aftersinking true resilient and recurring rev- down in advertising due to the Johnson,will be among the first earnings[estimates] because ects a29% drop in per-share 11% in the firstthree months of enue stream?” pandemic.Its shares aredown big companies to open their they don’tknowwhat knifeto earningsthis year,anestimate theyear,according to FactSet First-quarter earningsfore- 15% this year,inline with the books this week. take to them and howdeep to that incorporates “cataclysmic estimates.Inthe second half, castshavedropped forall 11 broadermarket. While those resultswill be of cut.” losses in travel, restaurantsand profitsare expected to continue sectorsinthe S&P 500.The “We’relooking forwardto great interest, investorswill Therangeofestimates re- other industries directly im- shrinking,but at aslowerpace, pain is projected to be particu- earningsseason with aparticu- morecarefully scrutinizecom- flectsthe deep uncertainty pacted by social distancing.” falling 9.6% in the thirdquarter larly acuteamong companies in lar fascination to see what we mentsfromexecutives forindi- about the path ahead. FactSet Goldman Sachs has predicted and1.6%inthe fourth. the consumer-discretionary learn about different compa- cations of what will come later projects a9%year-over-year profitswill decline 33%, while “We’venever,ever, ever seen group—a category that includes nies’ businessmodels,” Morgan this year. declineinearningsfor all of cautioning that in amorepain- asudden stop of the economy,” hotels,cruise lines and restau- Stanley’s Ms.Shalettsaid. P2JW104000-0-A00500-1------XA

THE WALL STREET JOURNAL. Monday, April 13, 2020 | A5

OUR COMMITMENT TO AMERICA

PRATT INDUSTRIES THANKS OUR 10,000 GREATEMPLOYEES WHOARE PART OF THE FOOD-PACKAGING SUPPLYCHAIN KEEPING OUR SUPERMARKET SHELVES STOCKED

Sincerely,

Anthony Pratt Chairman of Pratt Industries & The Pratt Foundation

Pratt Industries is one of the largest corrugated boxmanufacturers in the United States. Our boxessave money and save the environment. www.prattindustries.com P2JW104000-6-A00600-1------XA

A6 | Monday, April 13, 2020 ****** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC States Can’t Get Enough Rapid Tests

Some governors say creasing production. As of Fri- day, it had shipped nearly half U.S. governmenthasn’t amillion cartridges to doctors’ met pledge to provide offices, universities and labo- ratories that have placed their all needed equipment ownorders, aspokeswoman said, in addition to those pur- Arapid test forthe new chased by the federal govern- coronavirus that wastouted ment. Therapid-test machines by the WhiteHouse as agame- cost $4,500 per device, while changing development has each cartridge costs $40. proved vexing forstate offi- Detroit, wasable to buy and cials,who saythe federal gov- deploy a large number of Ab- ernment has failed to provide bott’srapid testsshortly after enough necessary equipment. the companygot approval from theFDA on March 27. Thequick resultshelped re- By Dan Frosch, Deanna shape the city’s response to Paul and Ian Lovett the virus. Sincethe start of the “It’sincredibly frustrating,” month, Detroit has adminis- said NewHampshireGov. teredmorethan 1,000 tests, Chris Sununu, whose stategot initially focusing on firstre-

15 of AbbottLaboratories’ S spondersand bus driverswho

testing machines forCovid-19, PRES had been in quarantine,said the illness caused by the new John Roach, a spokesman for TED

coronavirus—and cartridges to CIA the mayor. Thecity has al-

conduct only about 100 tests. SO ready purchased 4,000 addi- Mr.Sununu, speaking at a AS tional testsfromAbbottand news conference, said most of recently said that rapid tests

the machines would sit idle ENDOLA/ would be used at nursing until he could figure out how AM homes and homelessshelters.

to get more of the cartridges, ELISE Forstates, their compara- one of which is needed to Covid-19 tests are conducted in Lowell, Mass. The federal government gave every state except Alaska 15 devices and 120 cartridges. tively tinynumber of Abbott complete each test. testscan’t makethat sort of “Therewas alot of hype on agoand thought he had an testing shortages.While more woman Mia Heck said the fed- remote areas, she said. impact. Officials in NewYork, this nationally,” the Republi- agreement to conduct 88,000 coronavirus testshavebeen eral government had pur- HHS said it had also pur- at the center of the coronavi- cangovernor said. “Tohave13 tests a month, or about 3,000 made available in recent chased limited quantities for chased 250Abbottmachines rusoutbreak,said their Abbott of these devices and no way to testsaday.Hesubsequently weeks,via privatelaboratories statelabs because it wanted to for the Indian Health Service, devices wouldn’t be used until use them—I’m banging my learned that the federal gov- that now have FDA approval, allow enough for hospitals to which provides health care for enough cartridges arrived to head against the wall.” ernment wastaking over pur- resultscan take days.High- buy as well. Ms.Heck said 2.6 million Native Americans. make them practical. Afterconducting abulk chasing and distribution of the volume tests have been ham- states could order moresup- Tori Kitcheyan, chairwoman of In Louisiana, another hot purchase with Abbott, the fed- tests. pered by inaccurateresults, plies through the Centers for the National Indian Health spot,Gov.John Bel Edwards eral government this month Instead, Illinois received 15 delays and technical problems. Disease Control and Preven- Board, said the number of in- said hisadministration had gaveevery stateexcept Alaska Abbott machines and 120 car- During apress conference tion.She didn’t respond to a dividual cartridges available hoped to deploythe Abbott 15 devices and 120 cartridges, tridges.“That’seight testsper last week,President Trump question about why 49 states forthose machines wasn’t teststohelp health-carework- regardlessofits population or machine forall of Illinois,” Mr. touted the Abbotttests, which received asimilar number of enough fortribal membersliv- ersstatewide so they could severity of itscoronavirus out- Pritzker, a Democrat, said. deliver resultsinunder 15 testsand machines,which ing on remotereservations stay on the job and preserve break. Thefrustration over how minutes,as“awhole newball- process one test at a time. with limited access to any personal protectiveequip- In Illinois,whereAbbott the Abbotttestsare being game” in the fight against the Despitehaving the third- Covid-19 testing. ment. “Wehavethe machines, Laboratories is based, Gov.J.B. doled out underscores the new coronavirus. smallest populationofany Abbottismanufacturing but not necessarily the car- Pritzker said he spoketothe Trump administration’sstrug- In a statement, U.S. Health state, Alaska received 50 ma- 50,000 cartridges daily and tridgestomakeabig differ- companymorethan aweek gle to respond to national andHuman Services spokes- chines to ramp up testing in has vowedtocontinue in- ence,” Mr. Edwards said. Effort to Identify People With Immunity Stumbles

BY DENISE ROLAND These antibody testsare Theprospect is tantalizing. But antibody testsare chal- ployedinfending off closely caution that they need more AND DAVID GAUTHIER-VILLARS different from the swab tests Immune workerscould return lenging to develop.Anaccurate related viruses.Atest that time to assesswhat concentra- aimed at determining whether to jobs.Health-careemployees test must detect an antibody picked up one of those would tion is necessaryand howlong TheBritish government has aperson carries the virus. could go to work without fear that is unique to SARS-CoV-2, producefalse-positiveresults, any protection will last. touted “immunity passports” They arethe same as the ones of contracting the virus. Peo- the virus that causes the dis- and risk sending someone back “Even if people know as anear-term way of loosen- being rolled out in manycoun- ple could visit elderly relatives to work who wasn’t immune. they’vehad the virus,wehave ing the coronavirus-inspired tries,including the U.S.,as again, confident they wouldn’t Oncethe right antibody has no idea howlong the immu- lockdown that is threatening part of long-term campaigns pass on the virus. In the U.K., officials been identified, biologistsalso nity will last,” said Louise to bring the U.K.’s economyto aimedatdetermining what Othercountries,including must ensurethat it is potent Cosby, aprofessor of microbi- a standstill. Rolling them out proportion of thepopulation the U.S., also are considering hoped antibodytests enough to beat afutureen- ologyatQueen’sUniversity is proving complicated. has been infected by the new the use of immunity passports. would clear some to counter with the virus. Belfast. “Everybody’s operat- Theeffort would rely on coronavirus, and gauging im- “This is something that’sbe- “For the coronavirus,itis ing with alack of knowledge.” testing to identify those who munity at a national level. ing discussed,” AnthonyFauci, leave lockdown. still difficult to answerthat Another issue is that in have contracted and recovered In theU.K., however, offi- director of the National Insti- question,” said BernardBine- countries that have imposed from the disease caused by the cials have proposed using tute of Allergy and Infectious truy,aresearch director with lockdowns to limit the spread newvirus,byidentifying spe- them at an individual level,to Diseases and amember of the French medical instituteInserm. of the virus,the number of cific antibodies—tailor-made provide people assurances WhiteHouse Coronavirus Task ease.The immune system pro- Doctorsand scientistssay people with effectiveimmu- proteins produced by the body that they can leave lockdown Force, told CNN. “It might ac- duces amedley of antibodies they hope that antibodies will nity—and thereforewho could to neutralizeviruses and other without risk of contracting the tually have some merit under in response to anypathogen, provide a degree of immunity be eligible forimmunity certif- invaders—in the blood. disease, known as Covid-19. certain circumstances.” some of which mayalso be de- against the coronavirus but icates—might be limited.

howdoes this stateeconomy getthat test to scale,and this RiskMulled come back? Howdowereally executiveorder will help do start to fund schools?” he said. that,” he said. Mr.Cuomo said he and Mary- Another issue will be whether On Lifting land Gov.LarryHogan have is- the disease rebounds afterany sued ajoint statement calling for midyear lull. $500 billion in funding forstate “I hope we don’t have are- Lockdowns governments. Mr.Hogan, aRe- bound,” Dr.Fauci said, “but if we publican, and Mr.Cuomo,a do,and that certainly is apossi- Democrat, arechairman and vice bility,hopefully we’ll be able to ContinuedfromPageOne chairman, respectively,ofthe respond to that rebound in a reopen focuses on several data National GovernorsAssociation. much moreeffectiveway than pointsofficials areclosely NewJersey Gov.Phil Murphy, what we have seen nowinJanu- watching,including the number whose statehas the second- ary, March, February.” CK

of newinfections,death counts, TO highestnumber of positive Morethan 114,000 people the number of admissions to cases,said on CNN that while he have died world-wide from hospital intensivecareunitsand would liketobeable to restart Covid-19,according to the Johns

the number of ICU patientsbe- SHUTTERS business,“Ifear,ifweopen up Hopkins data.

ing put on ventilators. EFE/ tooearly…wecould be pouring Although the U.S. has the A-

“Wesee the light at the end EP gasoline on the fire,eveninad- most deaths of anynation,

of thetunnel,” Food and Drug O/ vertently.” America’srateof6.25 deaths per Administration Commissioner ALZ Illinois Gov.J.B.Pritzker said 100,000 people wasbehind that SC

Stephen Hahn said on ABC. LO he has been speaking with econ- of Italy,with 32.22deaths per

“But Ithink it’sjust tooearly JIM omists, scientistsand industry 100,000 people,and Spain, with forustosay whether May1is A woman in a Robin costume showed her appreciation Saturday outside a hospital in Leesburg, Va. leadersonhow to properly re- 35.54deaths per 100,000. that date.” open businesses and have resi- In France, wherealockdown Thedecision on lifting re- Coronavirus Daily Update dentsreturn to work,noting a has been enforcedfor four strictions and encouraging busi- lowerdeath rate reported Sun- weeks,health authorities said nesses to restart restsmainly As of 10:55p.m. EDTApril 12 daysignaled that the crisis the pandemic has plateaued but with stateand local officials, might be stabilizing in the hard- warned it maytakemorethan a but WhiteHouse guidancecan hit state. Mr.Pritzker said 43 monthbeforepeople cangradu- have abig impact. When to do 557,300 22,079 41,759 people died in the statefrom ally resume normal life. “The or- so has been the subject of vigor- Covid-19 in the last 24 hours, the der of the dayisnot deconfine- ous debates within the medical U.S. cases U.S. deaths U.S. recoveries lowest number in six days. ment, it’sevenmorestrict community,and the Trump ad- Arkansas Gov.Asa Hutchin- respect forconfinement mea- ministration is taking note, Mr. son hasn’t issued astay-at-home sures,” France’stop health offi- Hahn said. 1,850,220 114,215 430,455 order forstate residentsbut has cial,Jérôme Salomon, said on Dr.AnthonyFauci, director imposed some restrictions to Saturday. of theNational InstituteofAl- World-wide cases World-wide deaths World-wide recoveries stem the spread of the novel Churches held Easter services lergyand Infectious Diseases, coronavirus.“Youcannot lock in front of few or no parishio- told CNN that some limited Source: Johns Hopkins University Center for Systems Science and Engineering down, youcannot shelter in ners, though many livestreamed openingsmight be possible by placefor six months,” the Re- or televised services. May. “I think it could probably handled the virus early on. Mr. adviceinagreeing to extend so- Cuomo said NewYork would publican said, but “ifweneed to In NewYork City,Cardinal start, at least in some ways, Trump himself stoked questions cial distancing guidelines look at howother countries are do more, we will do more.” TimothyDolan preached in a maybe next month,” he said. about Dr.Fauci’sfatebyretweet- through the end of April. approaching the issue of re- One key to reopening will be near-empty St.Patrick’sCathe- But Dr.Fauci added that “it’s ing amessageSundaynight NewYork Gov.Andrew opening,while keeping in mind further testing,including anti- dral, focusing on the theme of the not going to be alight switch from aformer Republican con- Cuomo said that while hospital- the possibility of asecond wave body teststhat detect who has empty tomb discovered by Jesus’ that we say, it is nowJune, gressional candidate, who ended izationsinthe stateweredown, of infections. been infected and recovered, the friends on Easter morning. July,click,the light switch goes her tweet, “Time to #FireFauci.” 758people died on Saturday, Whatever form reopening FDA’sMr. Hahn said. He ex- “Wehear plenty about empti- back on.” Mr.Trump did not repeat bringing the number of those would take,Mr. Cuomo said de- pressed concern that some avail- nessthese days,don’t we,thanks On the show, Dr.Fauci also thosewords but shared them who have succumbed to cisions would followconsulta- able antibody tests“haven’t to the dreaded pandemic,” Cardi- said that had the government with his nearly 77 million follow- Covid-19,the respiratorydisease tion with counties within the gone through the FDAscientific nal Dolan said. But, he concluded: imposedrestrictions earlier, ers. Mr.Trump has been known resulting from the virus,to stateand neighboring states. review,” adding that “having “Emptinessmight be ablessing, “you could have savedlives.” to have been frustrated with Dr. 9,385,the highest toll forastate. Mr.Cuomo said NewYork wildly inaccuratetests” is worse not acurse,asthe God of the liv- That comment prompted a Fauci, who has called forstrict “That’sthe one number that would have difficulty reopening than having no tests. ing fills us with light, meaning, Twitterbacklash from conserva- social distancing measures to Ilook forwardtoseeing drop as without federal help,asthe state ForNew York,Mr. Cuomo resolve, hope and life.” tivesupportersofPresident combat the virus.But Dr.Fauci soon as Iopen my eyes in the has spent billions of dollarson signed an executiveorder to al- —Jennifer Calfas Trump sensitivetoarguments has also drawnpraise from the morning,” Mr.Cuomo said. combating the pandemic. lowfor morepeople to adminis- and Francis X. Rocca that the administration had mis- president, who listened to his Over the weekend, Mr. “Without federal assistance, terantibody tests. “Wehaveto contributed to this article. P2JW104000-4-A00700-1------XA

THE WALL STREET JOURNAL. **** Monday, April 13, 2020 | A7 THE CORONAVIRUS PANDEMIC Heart Problems Nursing Homes Raise Death Risk Face Push

BY BETSY MCKAY Cardiologistssay they control and don’t have any To Disclose aren’t surprised that Covid-19 other risk factors are advised

People with cardiovascular takes a heavier toll on heart- to take extraprecautions GES BY ANNA WILDE MATHEWS

disease face more life-threat- disease patients. So have SARS against Covid-19 infection. IMA AND JON KAMP ening complications and a and MERS, two other corona- “My gutfeeling is hyperten- substantially higher risk of viruses,aswell as severein- sion as asingle entity—not as- ETTY Federal health regulators /G

death from the new coronavi- fluenza. Still, they aretaken sociated with anyother car- TT areexpected to push the nurs-

rus, according to data and re- aback by the hugenumbersof diovascular disease or PLA ing-home industrytoinform ports from doctors in several such cases.“Ihavenever seen diabetes or obesity or smoking residents, their families and

countries,and even those with such avolume of patients or vaping—probably is not SPENCER staff quickly when facilities simple high blood pressureare come in all at once and all be much of an increased risk fac- HeHealtharwotPrkersroblemsbring a patient into an ambulance in Brooklyn, N.Y. confirm Covid-19 cases,accord- being urgedtotakeextracare so critically ill,” said Sahil tor, but we don’t know that,” ing to people with knowledge against infection. Parikh, an interventional car- said Mariell Jessup,the AHA’s Covid-19 patients with cardiovascularissuesfareworse of the matter. Among the complications diologist at Columbia Univer- chief scienceand medical offi- than others... TheCentersfor Medicare are conditions that put these sity Irving MedicalCenter in cer. “Wejust have to urge Mainland China's deathrate Clinical outcome of patients and Medicaid Services could patients’ already strained New York City. great caution for everyone.” by underlying condition† in Wuhan, China announcethe moveasearly as heartsunder additional stress. Scientistssay they don’t Cardiologistsalso worry this week,the people said. While Covid-19 is arespiratory fullyunderstand whycardio- that patientswho arestuck at Among 44,672 cases Without cardiac injury It isn’tclear whether CMS disease,doctorsincreasingly vascular disease putspeople home or recently unemployed Cardiovascular disease With cardiac injury will orderfacilities to disclose report that some patients de- at such increased risk.The aremissing out on medica- cases to family,residentsand Among 416cases velop cardiovascular complica- American Heart Association is tions and care.They arepar- staff,orstrongly recommend Diabetes tions such as heart-rhythm funding research to learn ticularly concerned that pa- Remainedinhospital it. Nor is it clear whether the disorders, blood clots and in- more. tientsmay stop taking blood- federal government will take flammation causing chest pain Many of these patients are pressuremedications following Chronic respiratory disease action to gather all the data that mimics a heart attack. older,moreprone to hyperten- reportsthat certain types—an- Discharged and release totalfigures on the These complications canbe sion, and already morevulner- giotensin-converting enzyme Hypertension spread of the virus in nursing deadly. “We’ve certainly seen or ACE-inhibitorsand angio- homes. cardiac arrests,” said Matthew tensin receptor blockers— Cancer CMS is working with other Tomey,director of the cardiac People stuck at home could increase the risk of Died federal agencies to exploreac- intensive-careunit at Mount Covid-19 infection. Several None tions that would improvetrans- Sinai Morningside Hospital in maybemissing out medical societies have said pa- parency about the pandemic,a New York City. on blood­pressure tientsshould remain on the CMS spokesman said. “The “It’sveryclear that thereis drugsbecause evidenceofin- 0 20% 40% 60% 0 20% 40% 60% 80% agencyremains committedto a cardiovascular involvement medications. creased infection risk is weak. greater transparency,” he said. in Covid-19 disease,” said Nir Doctorshavereported a ...compounding the threatinareas wheresuch issues arecommon Ahead of aCMS move, two Uriel,director of advanced surprisingly high number of U.S. patients’ ICU patients with underlying leading industrygroups put out heart failureand cardiac Covid-19 cases in which pa- underlying conditions* conditions in Lombardy,Italy statementsthis weekend urging transplantation at New York- able because immune systems tientsdeveloped symptoms of memberstodisclose cases to Presbyterian Hospital. naturally weaken with ad- aheart attack.Instead, they Among 178cases Among 1,591cases families,staff and residents. These complications also vanced age. But high blood were found to have myocardi- “Long-term care facilities Hypertension Hypertension strike Covid-19 patientswho pressure, coronary-arterydis- tis,aninflammation of the support transparencytoour were otherwise healthy, but ease and other heart condi- heart muscle that cancause a residents, families and other people with heart disease have tionsput manyyounger peo- weakening of its function and Obesity Cardiovascular disease stakeholdersbecause knowl- moretrouble because their ple at increased risk, too. increase itssusceptibility to edgeispivotal during apan- cardiovascular systems areal- About 46% of American rhythm disorders, said Dr. Chronic metabolic disease High cholesterol demic and our public health of- ready impaired, Dr.Uriel said. adultshavehigh blood pres- Parikh, the Columbia cardiolo- ficials need to knowwhereto Cardiovascular disease is sure, according to guidelines gist. send urgently needed re- the most common and deadli- by the American Collegeof “Patients will come to the Chronic lung disease Diabetes sources,” the American Health est so far of several underly- Cardiologyand the AHA.Afri- hospital presenting forall the CareAssociation said Sunday. ing conditions that makesome can-Americans, who have the world likeaheart attack,” said Diabetes Cancer TheCMS movewould follow people morevulnerable to the highest mortality from cardio- Dr.Parikh. Normally,such pa- areport in TheWall Street ravages of Covid-19, a disease vascular disease of all racial tientsare whisked to acar- Journal highlighting the limited that causes barely an ache or and ethnic groups in the U.S., diac-catheterization labto Cardiovascular disease Chronic lung disease public information about cases pain forsome who arein- arebeing infected and dying identifyand treat blockages. inside the facilities,and the fected but sends othersto from the new virus at dispro- Now, cardiologiststakepa- patchwork of rules governing 0 20% 40% 60% 0 20% 40% 60% ICUsfor weeks.People with portionately high rates. tientswho could have Covid-19 release of the information. diabetes,chronic lung disease Because so little is known, to the emergencydepartment Note:*As of March 30,2020; †AsofFebruary 11, 2020. Morethan 2,100 facilities and cancer arealso at risk,ac- even people who have their firstfor an assessment, he Sources: U.S. DepartmentofHealth &Human Services; JAMA; Chinese Center forDisease Control acrossthe countrywerehit by cording to several studies. high bloodpressureunder said. and Prevention Covid-19 by Friday, and there were morethan 2,300 deaths, according to datasupplied by 37 states. Tariffs Exacerbate Hand Sanitizer Shortages Thevirus’simpact on nurs- ing homes,assisted-living cen- ters and other elder-carefacili- BY KATY STECH FEREK Medical Supply Chain keep up with orders. quested exclusions formore ties wasfar greater than the AND JOSH ZUMBRUN George Kenhan,aFlorida than 100medical items im- most recent tally released by Shareofimports from China import specialist, said he has ported from China, including the Centersfor Disease Control WASHINGTON—Compa- 0% 25 50 75 100 gotten calls from a handful of face masks,stethoscope cov- and Prevention.InlateMarch, nies asking forexemptions Regular thermometers clientswho noticed the hand- ers, examination gloves and the agencyreported morethan from theTrump administra- sanitizer shortageand took operating-room-table covers. 400 facilities had been hit by tion’stariffs on Chinese im- Plastic face shields steps to bring it in from Chi- On March 20,the USTR the virus,but it said the figure portssay widespread shortages Textile face masks nese partnerstosell to the opened aspecial docket to re- represented asnapshot, and it of hand sanitizer,disinfectants public. The extra cost has ei- viewrequestsfor virus-related doesn’tkeep alist of affected and other productsneeded to Protectivesurgical garments ther discouraged importers tariff exclusions.“Notably,the locations. combat the spread of the coro- from ordering as much hand imposition of tariffs on certain And expertssay the true Thermometers,infrared and other navirus arebeing exacerbated sanitizer or deciding to import Chinese importshas not re- numbersare likely significantly by the levies. Ventilators it at all, he said. “It will hand- sulted in an overall decline in higher than the Journal’stally. Medical-supply companies cuff the importersbecause the availability of needed med- Not everystate provided infor- and other importershavefiled Hand sanitizer they’renot going to be able to ical equipment and supplies,” mation. Some states that re- dozens of requestsfor tariff bring in as much,” he said. it said at the time. ported anumber forsenior- Note:Some categories include items thatmay have non-medical uses relief in recent weeks,public Source:Trade Data Monitor TheWhiteHouse referred Sincethen, medical-supply care facilities with Covid-19 filingsshow. These businesses questionstothe U.S. Trade companies and others have cases didn’t sayhow manypeo- saythe levies areincreasing asked U.S. officials to remove BerryGlobal Group Inc., Representative’sOffice, which filed requestssaying tariffs are ple from the places have died. the costsofproductsneeded the25% tariff on glutaralde- which makes sanitarywipes at decides what productstoplace hitting chemicals,equipment, Thefederal government to fight the pandemic and are, hyde, a disinfectant the com- its Benson, N.C., factory, said under tariff. It didn’t respond parts for devices and other hasn’t been formally tracking in some cases,contributing to panysays is so effectiveat tariffs on viscose rayonfibers to a request for comment. items needed in the fight or regularly releasing dataon shortages. killing the coronavirus that its “are asignificant financial im- TheWall Street Journal re- against coronavirus,but which coronavirus infections in nurs- Berkshire Hathaway Inc.’s Chinese distributor donated it position” in atime when com- ported last month that the maynot be readily identifiable ing homes and other elder-care chemical maker Lubrizol Corp. to Wuhan hospitals. panyofficials arestruggling to USTR granted company-re- as medically related. facilities. Grocery Demand Adds to a Stocker’s Load, and Paycheck

As the new based grocerygiant is giving trying to shop forthe day. coronavirus full-time workerslikehim a When they come in and we’re forces big one-time $300 bonus and a$2- outofproducts, they canget changes in per-hour raise through the frustrated.” how we middle of April. Supermarkets, including work, The Wall Street Journal Mr.Harshbargerisordering Kroger,are limiting the num- is looking at how different items and replenishing shelves ber of customersthat canbe people are coping with the morefrequently.Paper prod- inside itsstores, installing stresses and risks. For earlier ucts, rice, canned food and plexiglassguards at cashiers articles in the series, visit bottled waterare selling fast. and putting markersthat indi- wsj.com/makingitwork. Recently, he restocked paper cate whereshopperscan wait. productsthat were disappear- Last week,his storereceived BY JAEWON KANG ing in lessthan an hour.Mr. gloves and paper masks forits Harshbargerisrefilling pallets workers. Samuel Harshbargerisget- of bottled waterfour times a Still, Mr.Harshbargersaid ting used to the 12-hour shifts. dayrather than once,each of UDILL he doesn’tfeel protected at CA The32-year-old stocker for which canweigh 2,000 pounds. work and thinks Kroger should ON aKrogerCo. storeinHunting- “You bring out canned vege- limit people in the storetoone ton, W.Va., has added 20 hours tables,and people will want to THER per cart. AKrogerspokes- to his typical 40-hour work- stop youbeforeyou canget it woman said the companyhas week.The coronavirus pan- stocked,” he said. ANDER no plans to limit the number of

demicpushed up demand for Consumersstarted prepar- ALEX customersper cart. groceries,and folks likeMr. ing forhome quarantine in M “The whole time I’m work-

Harshbargerrank among the March, buying loads of shelf- WILLIA ing,it’sonmymind. If Istart nation’s most essential work- stable foods and cleaning Samuel Harshbarger at the Kroger store in Huntington, W.Va., where he works as a stocker. hearing someone cough, that’s ers. items.“Thefirst initial week in the back of my mind,” he He is starting work as early wasone of the most stressful products, likeConagraBrands bargerspent four of his 12 noreguidelines and bring their said. as 4a.m., three hoursearlier timesI’vehad sinceworking Inc.’sChef Boyardee canned hoursatwork packing online families.Some arevisiting To decompress, Mr.Harsh- than the typical time forclock- here,” Mr.Harshbargersaid. goods,Mr. Harshbargercan orders.Other times,heisthe stores to getout of their barger takes15-minutebreaks ing in. He carries heavy pallets This surge in demand has only order acertain number of sole stocker on the floor when house—not shop with purpose. in the backroom wherehewill of food to shelves and assists forced grocerstoset alimit on cases at atime. his team membersare helping His interaction with customers playPokémon Go on his phone anxious customersuntil as late howmanyproductsMr. Harsh- In addition to replenishing getbagsready forpickup. is changing,too.They aren’t as and listen to rock bands like as 6p.m. bargerand other stockerscan theshelves,Mr. Harshbarger “When you’rethe only one, friendly as they were before Fall Out Boyand Panic! at the “By the end of the day, I’m order from warehouses that has started filling online or- youhavealot that’sgot to be the health crisis and getirked Disco. Increasingly,hehas had definitely worn out,” said Mr. storeproductsfromfood com- ders. Morecustomersare try- done,” he said. by empty shelves. to skip them to finish his tasks. Harshbarger, who started panies.The capvaries daily ing grocerypickup as they Mr.Harshbargersaid some “Customersare alot more “I’m just trying to take it working at Kroger nearly five and ranges from 1,300 to 2,600 avoid public places altogether. shoppersare conscious of so- scared,” he said.“Thereare daybyday,” Mr.Harshbarger yearsago. TheCincinnati- items.For some fast-selling One daythis week,Mr. Harsh- cial-distancing while othersig- some customerswho arejust said. P2JW104000-2-A00800-1------XA

A8 | Monday, April 13, 2020 ** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC SPREAD U.K. Leader Returns FACTS, Home to Recuperate NOT Steep Climb BY JAMES HOOKWAY Britsh officials said England to help financespend- coronavirus deaths topped ing,asign the government’s U.K. Prime Minister Boris 10,000 on Sunday. need forcash is rising as it FEAR. Johnson has left the hospital pumps money to stricken busi- andiscontinuing to recover Cumulativedeaths nesses and households. from coronavirus,asrecorded British officials Sundaysaid 20,000 U.S. deaths from the illnessacross the death toll from Covid-19 Tune out the opinions Italy Britain and Northern Ireland hadpassed 10,000 to reach and listen to the experts. Spain passed the 10,000 mark. 15,000 10,612 after737 additional peo- Mr.Johnson, 55 yearsold, plewerereported to have died. will spend some time at Che- Thefigures don’t include quers, the countryresidence 10,000 U.K. deaths outside hospitals,out in of British prime ministers, as the community or in facilities his government begins to as- such as care homes.MattHan- sesswhen and howtoease the 5,000 cock,Britain’shealth secretary, lockdown restrictions intro- told anewsbriefing thereare ducedtolimit the spread of Germany signs that the numbersoffresh the infection, or whether to 0 infections and hospitalizations extend them. March April were beginning to flatten, but “On the adviceofhis medi- Note:AsofApril 12,6p.m. EDT people should continue practic- cal team, the P. M. will not be Sources: Johns Hopkins CSSE (U.K., U.S., ing social distancing to prevent immediately returning to Germany);governments (Italy,Spain) further infections. work,” a spokesman said. “The futureofthis virus is In avideo messagereleased Street, but his condition unknown,” Mr.Hancock said. after his discharge, Mr. John- quickly deteriorated. News he Thelockdown, in which son thanked the staff of Brit- had been taken into intensive people areencouraged to stay ain’s National Health Service, care and administered oxygen home except foressential or NHS, for saving his life af- to help ease his breathing tasks or brief exercise,will re- terhewas admittedtoSt. fanned worries about the dan- main in placeatleast until the Thomas’ Hospital in London gers posed by the virus. end of this week,when offi- on April 5; he mentioned doc- Carrie Symonds,Mr. John- cials are scheduled to discuss tors and nurses by name.He son’sfiancée, with whom he is the matter, and likely for lon- urgedpeople to continue prac- expecting achild, said she owed ger to slow the spread of the ticing social distancing and adebt of gratitude to the staff virus, officials have said. stay home whenever possible of the NHS that she would Britain’sinformal code of to ease the burden on the never be able to repay. government doesn’t designate country’s health-care system. “Thereweretimes last aviceprime minister who au- “Because although we week that were very dark in- tomatically takescharge when mourn everyday those who deed,” she said on on Twitter. the leader is incapacitated. On aretaken from us in such num- “My heart goes out to all those falling ill, Mr.Johnson handed bersand though the struggle is in similar situations,worried those duties to Foreign Secre- by no means over,weare now sick about our loved ones.” tary Dominic Raab,who is ex- making progressinthis incred- TheseverityofMr. Johnson’s pected to continue the role un- ible national battle against illnessraised the prospect of a til the prime minister has coronavirus—a fight we never powervacuum as Britain ap- recovered further. picked against an enemywe proached theworst of the un- TheBritish government has Go to COVID-19FACTS.COM still don’t entirely under- precedented public-health crisis. been criticized by opposition to learn more. stand,” Mr.Johnson said. “We In addition to testing the re- parties and some medical ex- aremaking progressinthis na- silienceofBritain’sstate health- pertsfor an unorthodoxstrat- tional battle because the Brit- care service, the pandemic also egytoaddressthe coronavi- ish people formed ahuman prompted the government to rus. They sayitwaited too shield around this country’s instruct millions of citizens to long to impose stringent so- Message from greatest national asset, our stay at home,badly disrupting cial-distancing measures. National Health Service.” the economyand presenting the Mr. Johnson’s government He initially had tried to challengeofhow to restart it has also been criticized fornot shakeoff the symptoms of once the spread of the virus is mass testing people to identify *Mucinexisnot for treatmentofCOVID-19. Covid-19,the disease caused considered to be under control. potential carriersand those by the newcoronavirus,while TheU.K.Treasurysaid who have contracted the virus isolating himself in his apart- Thursdayitplans to dip intoan but have recoveredand are ment at No.10Downing overdraftfacility at the Bank of now immune. SPREAD FACTS, GES IMA NOT GETTY SE/

ANCE-PRES FEAR. FR

GENCE Stay 6feet apart to lower /A

CIZEK the risk of getting sick. Practice social distancing. MICHAL Musicians performing on a rooftop last week in Prague, one of the first European capitals to lock down. East Europe Controls Spread More EffectivelyThan West

AcrossWestern Europe,hos- tries,wherepopulations are close,after confirming 17 cases pitals overflow with people older and doctorsfewerthan in over nine days. sickened by the newcoronavi- the West and wherehospitals “Weweresureour hospitals rus and morgues struggle to aren’t as well equipped fora were not able to withstand the keep up with the mounting flood of seriously ill patients. situation,” said Czech Health number of dead. In nations to It also helped that the virus Minister Adam Vojtěch. “We the east, however, infections wasslowertoappear in the re- had to react.” have largely been kept under gion, which receives fewerin- Theday Prague went into control and governmentsare tercontinental travelersthan lockdown, U.K. Prime Minister starting to loosen lockdowns. theirhard-hit counterparts. Boris Johnson told citizens they As the newcoronavirus could continue attending Mass By Bojan Pancevski spread, Germans celebrated sporting events. Twodays ear- in Berlin and Carnival, Italians flocked to lier,President Trump said, Drew Hinshaw soccergames and Britons “We’reprepared, and we’redo- in Warsaw, Poland packed concert stadiums.Inthe ing agreat jobwith it. And it U.S.,spring breakerspartied will go away.Just stay calm. It Thedifferenceisstark.By andfilled Gulf Coast beaches will go away.” Sunday, Spain had lost 350 peo- well intoMarch. Those events In manyWestern countries, ple per million of itspopulation later proved to have had aso- policymakershesitated to im- to Covid-19,Italy 322, Belgium called super-spreader effect, pose curbs,out of concern for 314, France202 and Britain 145, disseminating the virus widely. the economic fallout and be- according to Johns Hopkins Britain didn’t go intofull cause they feared their popula- University data. Romania, in lockdown until March 24,after tions wouldn’t adheretosocial- contrast, had lost 15 per mil- confirming morethan 8,000 distancing rules foraprolonged lion, the Czech Republic 12, Po- cases and losing 422lives.By period. British government be- land 5and Slovakia 0.4. contrast, the Czech Republic havioral studies made public Go to COVID-19FACTS.COM Abig reason forthe discrep- closed itsschools and itsbor- last monthfound that people ancy: Thepoorer countries of ders, shutting down alucrative were unlikely to obey lockdown to learn more. Centraland Eastern Europe, tourist industry, on March 12, rules forweeks.The U.K. has fearing their relatively weak less than two weeks afterits been underheavy restrictions health-caresystems would be firstconfirmed case and when sinceMarch 23,with no plans overwhelmed by the virus, it had recorded about 100 announced to liftthem. Message from moved morequickly to enact known infections.Slovakia de- Countries that went into strict social-distancing rules clared astate of emergency lockdownsearlier arenow and restrict movement to con- that same day, six days and 21 moving to restart at least some tain outbreaks. cases intoits ownoutbreak. public life. Health authorities *Mucinexisnot for treatmentofCOVID-19. Their speed and decisive- Thenextday,Poland ordered expect the cases to swell again, ness, public-health expertssay, borders, bars, dine-in restau- potentially compelling another were critical forthese coun- rantsand shopping malls to round of restrictions. P2JW104000-0-A00900-1------XA

THE WALL STREET JOURNAL. Monday, April 13, 2020 | A9 THE CORONAVIRUS PANDEMIC SPREAD FACTS, NOT GES IMA

FEAR. GETTY SE/ It’s currently unknown ANCE-PRES

if coronavirus is affected FR

by the weather. ENCE AG YEH/ M SA Taiwan’s President Tsai Ing-wen, center, visited a military base last week. Taiwan’s Virus Success Stirs China Tensions

BY CHUN HAN WONG million people. opportunity to burnish the is- That Taiwan achieved this land democracy’sglobal stand- Thecoronavirus pandemic is despiteits exclusion from the ing.Officials from the U.S., stoking long-simmering ten- World Health Organization—at Japan and the European Union, sionsbetween China and Tai- Beijing’sbehest—has reinforced among others, have praised Tai- wan, underscoring differences confidenceamong manyTai- wan’sresponse,and some have between their political systems wanese in standing up to what said the WHO should have lis- and deepening resentment to- they see as China’sbullying. tened to Taiwanese health au- ward Beijing. Foryears, Beijing has thorities,who said they had In recent weeks,Beijing and worked to isolateTaiwan by raised concerns about human-to- Taipei have escalated rhetoric keeping it out of international human transmission long before accusing one another of ex- institutions including the WHO, China confirmed it on Jan. 20. ploiting the pandemic forpolit- aUnited Nations agency, while President Trump,who has ical ends,evenasthey compete poaching Taipei’sdiplomatic blamed Beijing formishandling to provide medical supplies and partners, which nownumber the pandemic,last month expertise to coronavirus-hit just 15 states. signed intolaw acommitment countries. Anger in Taiwan against to advocateTaiwan’sparticipa- Beijing,which claims Taiwan such tactics helped President tion in international bodies like as itsown territory, also ac- Tsai Ing-wen win re-election in the WHO,and Washingtonhas cused Taipei of pursuing inde- alandslide in January. Ms.Tsai continued sending warships pendence,while sending mili- hadvowedtoresist authoritar- through the Taiwan Strait in a Go to COVID-19FACTS.COM tary aircraftand civilian fishing ianencroachment from China’s signal to Beijing,most recently to learn more. vessels to test Taiwanese con- Communist Party. this week. trol over itsairspaceand wa- ForBeijing,Taiwan’ssuc- “Thisattention to Taiwan, ters in recent weeks. cessfulpandemic response respect forTaiwan and sudden While Beijing has claimed poses two challenges,undercut- support forTaiwan is obviously success in curbing the coronavi- ting the Communist Party’s irksome forBeijing,” said Jona- Message from rusafter locking down much of claims to superiority over lib- than Sullivan,director of China mainland China fortwo eral democracies, and bolster- Programs at the University of months,Taiwan has wonglobal ing asense of local identity Nottingham Asia Research In- plauditsfor an early and less- among the Taiwanese who ob- stitute. China, he added, “isun- *Mucinexisnot for treatmentofCOVID-19. coerciveepidemic response ject to China’seffortstoisolate likely to accept this outcome that has limited the contagion and assimilatethe island. graciously.” to 385 confirmed infections and ForMs. Tsai, Taiwan’scoro- —Joyu Wang six deaths among itsnearly 24 navirustrack record offersan contributed to this article. WORLDWATCH SPREAD INDONESIA GES

Krakatau Eruption Is IMA

Longest Since 2018 GETTY

SE/ FACTS, Indonesia’sAnak Krakatau vol- cano spewedash into the sky in

the longesteruption sincethe ex- ANCE-PRES plosivecollapse of the island FR NOT

caused adeadly tsunami in 2018, ENCE scientists said. AG

Closed-circuit TV from Indone- GIAN/

sia’sCenterfor Volcanology and SIA FEAR. Geological DisasterMitigation showedlavaflares Fridaynight. NALD RO The agency said the volcano was Anak Krakatau volcano, whose eruption in 2018 killed hundreds of Nods and waves are cool again. continuously erupting until Satur- people, blew a column of ash 1,640 feet into the air late Friday. daymorning. Alevel 2alert sta- Avoid handshakes. tus wasinplace, the second-high- Netanyahu from serving as UNITED KINGDOM estonascale of four. prime minister in the future. Therewerenocasualties re- But in an about-face, Mr. Assange Partner Says ported in the eruption, which blew Gantz accepted an invitation from They Had Children acolumn of ash 1,640 feet into Mr.Netanyahu to form a“na- the air.The 2018 eruption caused tional emergency” governmentto Julian Assange’spartner re- atsunami along the coasts of Su- confrontthe then-burgeoning cor- vealed Sundaythatshe had matraand Java,killing 430 people. onavirus outbreak. twochildren with him while he Anak Krakatau is the offspring Mr. Gantz froze the anti-Ne- lived inside the Ecuadorian Em- of the famous Krakatau volcano, tanyahu legislation and accepted bassy in London, and she issued whose monumental eruption in the post of parliament speaker aplea forthe WikiLeaks 1883 triggered aperiod of global as he began talks on a rotation founder to be released from cooling. agreement in which both men prison overfears forhis health —Associated Press would serve as prime minister. during the coronavirus pan- The turnabout prompted Mr. demic. ISRAEL Gantz’s main partner—the secu- Mr.Assange has been im- lar and middle-class Yesh Atid prisoned at London’sBelmarsh Netanyahu Boosted party—to bolt, causing his Blue prison sincepolicedragged him By President’s Ruling and White alliance to disinte- out of the embassy ayear ago. grate and leaving it at less than He is awaiting aMay 18 hearing Israel’s president on Sunday half its original strength. on his extradition to the U.S., rejected a request to extend co- In the meantime, unitytalks wherehefaces espionage alition talks between the coun- with Mr.Netanyahu stalled, re- charges overthe activities of try’s two most powerful political portedly overissues thathave lit- WikiLeaks. parties—appearing to give a tle to do with the pandemic. In avideo uploaded to You- boost to Prime Minister Benja- Israeli media have reported Tube, Stella Moris said she met min Netanyahu and pushing the thatMr. Netanyahu insistedon Mr.Assange in 2011 when she nation toward an unprecedented pushing ahead with his plans to helped his legal team, and that fourth consecutive election in annex parts of the Israeli-occu- theygot together four years just over a year. pied West Bank and demanded later. Ms. Moris says their chil- The decision by President Re- moreinfluenceoverjudicial ap- dren are3-year-old Gabriel and uven Rivlin capped a turnaround pointments. 1-year-old Max. in the fortunes of Mr. Netan- Claiming that he was close to Ms. Moris said in astate- yahu, who just a month ago was a deal, Mr. Gantz on Saturday mentlastmonth in support of fighting for his political survival asked Mr. Rivlin for a two-week Mr.Assange’sbail application as he prepared to go on trial on extension. thatshe had gone “togreat corruption charges. His chal- But on Sunday, Mr. Rivlin re- lengths to shelter our children lenger, Blue and White party jected the request, citing the from the climate thatsurrounds Go to COVID-19FACTS.COM leader Benny Gantz, now faces “current circumstances.” He said him.” Mr.Assange respected her an uphill struggle as he races to he was giving both Mr. Gantz wish forprivacy,she wrotein to learn more. salvage a power-sharing deal and Mr. Netanyahu until the the statement, which wasdated with Mr. Netanyahu. original deadline, at midnight March 24 and seen by the As- Mr. Rivlin last month gave Monday, to reach a deal, and sociatedPress. Mr. Gantz the task of forming a would consider giving them ex- Jennifer Robinson, counsel to Message from new government, after a narrow tra time only if both said they Mr.Assange and WikiLeaksand majority of lawmakers endorsed were close to agreement. abarristeratDoughty Street him as prime minister in the The looming deadline, along Chambers, said Ms. Moris had wake of March 2 elections. With with the coronavirus crisis, has “nottaken this decision lightly, *Mucinexisnot for treatmentofCOVID-19. his parliamentary majority, Mr. placed Mr. Netanyahu in a much having fiercely protected her Gantz began work on legislation stronger position. family’sprivacy formanyyears.” that would have prevented Mr. —Associated Press —Associated Press P2JW104000-0-A01000-1------XA

A10 | Monday, April 13, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

Walkie-talkies have had a Ms.Hobson, head of communi- looking at her friend while Walkie- long lifeeversincewith public- cations at acharity called the talking over the walkie-talkie. safety officials and work crews School forSocial Entrepre- In hissouthwest Arkansas in certain businesses such as neurs. “I think finding alittle neighborhood, Nichole Holze’s Talkies Get mining,not to mention Holly- bit of funinand amongst it all 8-year-old son has started wood, in productions such as is really important foryour playing Battleship from his “Jurassic Park,” “Ghostbusters” well-being and foryour rela- kitchen table with afriend in New Life and Netflix’s“Stranger Things.” tionship.” California using awalkie- As the coronavirus reshapes Maggie Beasley and afriend talkie-style,push-to-talk radio howpeople liveand work,the from her third-grade class, who devicecalled aRelayGo, which ContinuedfromPageOne simplicity and immediacyof lives in anearby house in uses cell service. Each boyuses the transistor radio,are getting the push-to-talk feature has Humble,Texas,use apair of one to announcehis latest anew lifeinthe midst of a gained greater appeal. walkie-talkies to communicate moveand exchangejokes while pandemic. Motorola Solutions has seen nowthat they can’t playin they play. Children areusing them to an increase in demand for person. Sitting in abeanbag “It’snicefor aquick check-

stay in touch without hogging ON walkie-talkies sincethe begin- chairinher front yard in late in andjust kind of brightens

the Wi-Fibandwidth parents HOBS ning of March, aspokeswoman March, the 9-year-old de- everyone’smood abit,” Ms. need forvideoconferences.Co- said, driven by consumers, by scribed the blue slime she had Holzesaid. PHIE

workersare turning to walkie- SO businesses such as restaurants made to her friend acrossthe Leanee Marsh is at home talkie devices and apps to Sophie Hobson and husband James Colacicchi with their gadgets. coordinating curbside pickups, road. with three children while avoid having to type or dial as and by health-careorganiza- TheBeasley family began teaching seventh-grade science they work remotely.Spouses Brighton, England. TheUniver- tiating aFaceTime video ses- tionswith staff that need to distancing themselves from remotely in the suburbs of and roommates areusing them sity of Sussex student presses sion,she added. quickly communicate. friends several weeks agobe- Charleston, S.C. Her 9-year-old to stay in touch as they work thewalkie-talkie app through- Mobile two-way radios date Sophie Hobson and her hus- cause Maggie’sfather is afire- daughter,whom Ms.Marsh in differentcornersofhomes. out the daytoinstantly say to the late1930s but were band work in separatecorners fighter and aparamedic ex- deems tooyoung foracell- “Scones in the living room? hello to her sisters, whom she pretty clunkyatfirst. Shortly of their two-level London flat posed to sick patients. The phone,uses awalkie-talkie-like Over!” one of Lucy Powderly’s hasn’t been able to visit in beforeWorld WarII, engineers and radio each other forlunch decision led to “a lot of tears devicetotalk to friends,in- housemates said through a weeks.“It’slikethey’rewith at Galvin Manufacturing Corp., and teabreaks using yellow from the kids,” said Maggie’s cluding some the family had walkie-talkie app on their you,” she said. predecessor to Motorola Solu- Motorola walkie-talkies,which mother,Tara, so they have plannedtosee during acan- smartphones one afternoon. “We’resodesperatefor tions Inc., developed amodel he onceacquired forhis fishing bent some rules to makethe celed Easter trip to Michigan. “I wasjust about to ask the communication and social in- that asoldier could use with trips. change easier. “Being able to talk to people same thing! Over!” Ms.Pow- teraction at atime when we’re one hand, aboon to battlefield “Are youready forlunch? “Never in my lifehaveIal- that they were looking forward derly replied. all so physically distant from communications.Among other Over,” they’llask,orone will lowedslime,but hereweare,” to seeing—it doesn’t take the Shared scones and morning each other,” Ms.Powderly said. thingsithelped the forces that summon the other by saying, said Ms.Beasley. placeofthat but it definitely Pilates areamong the few so- Walkie-talkie-style communica- landed on the beaches at Nor- “Come in, come in, areyou Maggie made afort with helps,” she said. “It’saway to cial interactions Ms.Powderly tion is moreimmediatethan mandy stay in contact with there? Over.” umbrellas and towels one day have aconversation with andher housemates canenjoy calling on the phone,typing each otherand with officers “It’squiteanoverwhelming when it started to rain so she someone other than their as they quarantine together in out atextmessageorevenini- aboardships. situation at the moment,” said could stay at herpost outside mom.”

VentilatorDemand Ford, GM Ventilators areusually built at the rate of dozens aweek. GM and Ford plan to produce Retool for 80,000 by late summer. Projected ventilatorsneeded Ventilators by dayinthe U.S.* 40,000 Uncertainty ContinuedfromPageOne range typically areassembled at the 30,000 rate of dozens aweek.GMand Ford plan to produce80,000 by latesummer,morethan the es- 20,000 timated totalnumber nowin U.S. hospitals. 10,000 Even if the companies hit their targets, the ventilators maynot come in time forhos- 0 pitals to handle the patient Jan. March MayJuly surge in manyhard-hit areas. *Assuming full social distancing through May. “Toproduceaventilator in two Source:IHME

months doesn’t do anything for (3) me,” NewYork Gov.Andrew RS ExecutiveMaryBarra. He TO

Cuomo said in aTVinterview. MO blasted an email to GM’snearly

Theswitch from vehicles to AL 20,000 supplierswith detailed ventilatorsrequires morethan sketches and measurementsfor GENER

adash of American ingenuity. R what he needed.

Carsand engines arebuilt on FO MichaelBugbee,adirector assembly lines with power ST at Chicago-area autosupplier MA

drills androbotic welding ma- AJ TennecoInc., had planned to chines.Ventilatorsare made at Workers prepared last week to build ventilators at a General Motors facility in Kokomo, Ind., where GM and Ventec Life Systems are spend that weekend playing workbenches with hand tools. collaborating to produce the machines. GM plans to set up hundreds of workers there. outside with his children. After “You’vegot to bring 1,200 acall from GM, he spent hours people up to speed on pro- NV and Toyota Motor Co.also had picked the machine apart, on conferencecalls in his home cesses that they’venot ever have initiated ventilator pro- scattering valves,tubes and office. done before,” said Gerald John- ductionplans,though GM and electronic bits acrossconfer- Within 10 days,Mr. Bugbee’s son, GM’sglobal manufacturing Ford arefurthest along. enceroom tables,Mr. Price companywas producing wiring chief.Assembly-line workers Forecastsofhow manynew said. They took photos and vid- harnesses,normally used to took dexterity teststomake ventilatorsare needed for eos of each part and laid them connect to headlightsand turn surethey were up to the job. Covid-19 patientsvarywidely. out in order of howthey might signals,for the GM-Ventec ven- Neil Carpenter,who is working be assembled. tilator.“That processnormally on Covid-19 response planning Morethan 500 workershave might take six months to a Supply chains forhealth-careconsultantsAr- volunteered to work at the fac- year,” he said. While sedans and ventilators rayAdvisors,estimated around tory despitethe risk of infec- arevastly different, automak- 25,000.Morewould be needed tion. Morethan 15 auto-factory ersare expert at marshaling if thereisasecond wave of in- workersinthe Midwest have Tight deadlines supply chains and manufactur- fection, he said. died from Covid-19,the United GM this week plans to set up ing partsand finished products “The number of people who AutoWorkershas said. It hundreds of workersatthe fa- to meet exacting specifications might getsick is very unpre- wasn’t known if anycontracted cility in Kokomo,anidled facil- and safety regulations in mass dictable,” Mr.Carpenter said. the virus on the job. ity that previouslymade elec- volume. “The production of ventilators At both Ford and GM, work- tronic componentsfor engine GM on Wednesdaygot a is one of the few variables we erswill be stationed at least 6 controls and air bags. Office $490 million firstfederal con- cancontrol.” with howmuch air pressure. vals to install their pieceofthe feet apart and wear medical- furnitureand carpeting were tracttodeliver 30,000 ventila- Ford isn’t worried about Themachines weren’t de- ventilator,said Adrian Price, gradefacemasks,precautions hauled out to makeway for tors by August forthe national making toomany, Chief Execu- signed forhigh-volume produc- the Ford director overseeing likely to foreshadowfactorylife hundreds of newwork stations. stockpile.The contract came tive Jim Hackettsaid in an in- tion, such as the assembly-line the operation. As they arebuilt, aftercompanies officials and Tightdeadlines forthe man- nearly two weeks afterPresi- terview: “We’vejust put our automation used to churn out the machines will be carried union leadersrestart produc- ufacturing makeover put pres- dent Trump criticized the com- head down, and we’rebuilding.” an F-150 pickup truck every from one standing desk to the tion at auto plants. sureonsuppliersbut also offer panyand invokedthe Defense Theautomotiveindustryhas minute. next on trays,hesaid. Thecompanies pivoted to opportunity. Production Act to pressthe ahistoryofmeeting national Ventilator companies have Ford and GE officials said ventilator manufacturing in Todd Olson, chief executive automaker to movefaster.The emergencies.During World War relatively limited supply chains they licensed aventilator de- mid-March, around the time of Twin City Die Castingsin companysaid it wasalready II, GM built tanks and ammuni- because they manufacturein sign from aFlorida manufac- theirfactories and the rest of Minneapolis,had planned to advancing on the project at the tion. Ford made B-24 Liberator small numbers. That hasforced turer that uses fewerparts, the U.S. economywereclosing. spend the weekend of March 21 time. bombersatafactoryabout 5 GM and Ford to createsupply which could acceleratemass GM began working with calling lenderstowarn them TheU.S.also signed a$647 miles from wherethe company lines and assembly systems production. Ventec LifeSystems,asmall that auto-plant shutdowns were millioncontract with Nether- plans to makeventilators. Ford from scratch. Employees at the firm, Airon Seattle-area ventilator maker. drying up companyrevenue. lands-based RoyalPhilips NV developed an “ironlung” for Lastweek,atthe Ford engi- Corp., assemble ventilatorsby On March 19,four GM engi- Then he gotacall from his fordeliveryof43,000 ventila- polio patientsinthe 1940s. neering center,workersre- hand, producing about 10 a neersflewtoSeattle to look at GM purchasing manager asking tors by the end of the year. Ventilators, which areabout moved computer monitorsfrom week.Ford, which invented the the inner workingsofthe Ven- if Mr.Olson could makeasmall Ford is working with General the sizeofadesktopprinter, the tops of hundreds of stand- moving assembly line in 1913,is tecmachines.Ventec shared piston foracompressor in a Electric Co.tomake50,000 pump air intothe lungsofpa- ingdesks.They were shipped designing steps to speed up specs and diagrams fortheir ventilator,among other compo- ventilatorsbyearly July.To- tientswho can’t breathe on to afactoryinYpsilanti, Mich., manufacturing to make7,200 a ventilator’s roughly 700com- nents. Mr.Olson spent hourson gether,the three manufacturers theirown, asymptom in the to be used as work stations. week. ponents. the phone with materials and could meet the WhiteHouse worstCovid-19 cases.The de- Inside the64-year-old fac- An Airon ventilator wasde- Thefollowing weekend, GM tooling suppliers. Within a target of 100,000 newventila- vicesare made with hundreds tory,which makes oil pumps liveredtoFord’sengineering linedupnearly 100 suppliers. week,his factorywas churning tors produced by summer.Ford of parts, including valves,blow- and hybrid-car batteries, center in Dearborn, Mich., On Saturdaynight, GM pur- out itsfirst ventilator parts. and GE areincontract talks ers, tubes,electronics and soft- among other things, two shifts around 10 p.m. on March 27.By chasing chief Shilpan Amin was “The speed this is moving,” with the Trump administration. ware that regulates howmuch of about 260 employees each latethe next morning,ateam afew dozenpartsshort of he said,“I’venever seen any- Fiat Chrysler Automobiles oxygen reaches the lungsand will work in one-minuteinter- of nearly two dozenengineers meeting adeadline set by Chief thing likeit.” . CO R TO MO RD FO Ford engineers in Dearborn, Mich., used sticky notes to mock up the layout of a ventilator production facility on the wall. left, and GM employees in Kokomo, right. P2JW104000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, April 13, 2020 | A10A GREATER NEW YORK Hospitals Losing Millions of Dollars

Surging labor costs, ingtoplaces that areneeded,” to acash-strapped system that he said. was finally in the black last fall equipment expenses Aspokeswoman forHealth afteryearsoffinancial woes. and lost revenue are and Human Services said the “Weneed the federal gov- agencyismoving as fast as pos- ernment to focus the distribu- taking mounting toll sible to provide relief to Ameri- tion of stimulus funds desig- canhealth-careproviders, and nated forhospitals on NYC’s BY MELANIE GRAYCE WEST themethodologyused moves Health +Hospitals,which is at initial paymentstoproviders the epicenter of the outbreak NewYork City’s academic without requiring an individual- and must continue to provide hospital systemsare losing ized application process. critical care to the most vul- some $350 millionto$450 “This is just the firstdistri- nerable NewYorkers,” said the million a month each as they bution,” said the spokes- mayor’s spokeswoman.

respond to asurge of patients JOURNAL woman. “Health and Human Steven Corwin,the presi- with the novel coronavirus, Services andthe Administra- dent andchief executiveof REET

while itsindependent and ST tion will rapidly disburse addi- NewYork-Presbyterian, one of

smaller hospital systems are LL tional distributions to provid- the city’s largest private

being pushed to the financial WA ersinareas particularly health-caresystems,said the

brink and maysoon be unable THE impacted by the Covid-19 out- system will take a$1billion R

to makepayroll, according to a FO break and providersthat were hit over athree- to four-month top official. not proportionately reflected period. He expectstorecover Themounting cost to the NGA in the firstdistribution such as some,but not all, of those

city’s regional hospitals is be- JEHAD children’shospitals,pediatri- costsfromfederal sources. cause of surging labor costs, Crews cleaning last week in an ambulance bay at NewYork-Presbyterian Hospital in Manhattan. cians and Medicaid providers.” Thesystemhas 280 days of capital and equipment expenses, Aspokeswoman forNew cash on hand, he said, and its and dramatic losses in revenue “One breakinthe link could and distributed based on apro- Mr. Raske called the distri- York City MayorBill de Blasio credit lines were increased to from elective procedures that break everything.” portionateshareof2019 Medi- bution methodology“woefully said spending forthe Covid-19 $800 million. Some $350 mil- have been postponed, according On Friday, area health-care care fee-for-servicepayments. insufficient,” disadvantaging response reached a total of lion has been drawndown to Kenneth E. Raske, president providersstarted seeing initial Bea Grause,president of the providerswith ahigh number $77million last week,upfrom from that line of credit, said of the Greater NewYork Hospi- details about disbursements HealthcareAssociation of New of patientswho areinsured $2 million the first week of Dr.Corwin. talAssociation, atrade group from a $30 billion grant from York State,atrade group,said through Medicaid, as is the March, forNew York City Hospital staff is still receiv- representing some 160 area the federal government, part she appreciates that funding is case with NewYork City’s hos- Health +Hospitals,the city’s ing normal paychecks,hesaid, hospitals and health systems. of a $100 billion federal relief beginning to flow to New pital systems. public system with 11 hospitals and workershaven’t been fur- Independent and smaller fund forhospitals and other York,but opposes howthe Mr.Raskeand otherswork- serving the neediest New loughed. “For our long-term hospital systems,hesaid, “have health-care providers. funds were allocated. ing on negotiations with fed- Yorkers. Totalspending forthe health as an organization and their backs against the wall.” Thedisbursements, deter- Themethodologyused by eral officials about the funding Covid-19 response acrossthe for the confidence our physi- “Some will be pushed to the minedbythe U.S. Department Health andHuman Services saythey anticipatethat the city is just over $500 million cians have in us and workers financial brink and maynot be of Health and Human Services, “did nothing to prioritizesup- next trancheoffederal relief and those costsare expected have in us, we didn’t want to able to makepayroll in a arebeing given to health-care port forCovid-19 hot spots will be prioritized to hot spots. to continue to rise,she said. go the routeoffurloughing week,ortwo,” said Mr.Raske. providersacrossthe country like New York,” she said. “You gottaget dollarsflow- Thecostsare aparticular hit and cutting salaries,” he said. No Decision Ye t on Schools, Cuomo Says

BY KATIE HONAN ecutive order on March 18 re- AND LEE HAWKINS quiring stateapproval forany local ordinances.Heprevi- Anydecision to close New ouslyordered all schools in York City public schools for the statetoremain closed un- the remainder of the academic til April 29. year is prematureand must be Mr.deBlasio on Sundayde- coordinated with other dis- fended his decision to close trictsinNew York,New Jersey the city’s public schools and Connecticut, NewYork through June, saying he con- Gov. Andrew Cuomo said. sulted with health and educa- “I do not knowwhat we will tion expertsbeforemaking the be doing in June,” the Demo- announcement. He said he in- cratic governor said at a Sun- formed the governor’s office day news conference. of his decision beforetelling

S Mr.Cuomo wasresponding the public. to MayorBill de Blasio’s an- “Our jobistoprotect the PRES nouncement on Saturdaythat children of NewYork City,” TED New York City would keep its said the mayor, a Democrat.

OCIA public-school system, the larg- Themayor said Saturday SS

/A est in the country, shut forthe that the city’s Department of rest of the school year to stem Education would enact afive-

WENIG the spread of the novel coro- point plan to help teachers,

SETH navirus. Thesystem, which students, and their families People strolled on the Coney Island Boardwalk in Brooklyn on Easter Sunday. Despite signs that measures to slow coronavirus infections are hasbeen closed sinceMarch adapt to extended remote working, officials warned residents against relaxing their guard and said any easing of stay-at-home restrictions was at least weeks away. 16,won’t reopen classrooms learning,including an ex- until September out of caution forstudents, faculty and staff, Officials Voice Cautious Optimism Mr.deBlasio said. Thecity ‘Whatever plan we has been using remote learn- ing for its students. come up with will BY CHARLES PASSY same thing,” said Gov.Andrew of badly needed medical sup- that not only was the corona- Mr.Cuomo challenged the be driven by data Cuomo on Sunday, speaking of plies and equipment. virus test itself needed forthe mayor’sannouncement on Sat- New Yorkers headed into a the general improving trend. Mr.deBlasio said Sunday recovery,but also one that de- urday, calling it “an opinion.” and science.’ newweek with notes of cau- At the same time,Mr. that the city had enough ven- tected whether someone had On Sunday, Mr.Cuomo said tious optimism from their Cuomo and other officials,in- tilators for the week ahead. the antibody. all schools in the state would elected leadersafter enduring cluding New York City Mayor Mr.Cuomo also said in a Mr.Cuomo said the state remain closed until they were the toughest days to datein Bill de Blasio,noted that the Fridayinterviewwith ABC’s alonecouldn’t producethe safe to reopen but said there panded parent help line and the coronavirus pandemic. death toll remained high. “Good Morning America” that millions of testsrequired, even wasnotimeline forwhen that more creative programming. The state reported Sunday On Sunday, the statere- the statehad increased itshos- through partnerships with the would be. All studentswho need elec- that the net number of hospi- ported 758deaths over the pre- pital-bed capacity from 53,000 privatesector,and he called “Whatever plan we come up tronic tabletslikeiPads will talized patients, factoring in vious 24 hours. That brought to 90,000 over the past month. upon the federal government with will be driven by data also getthem by the end of admittances and discharges, the cumulativestatewide fatali- Despitethe hopeful signs, to assist. and science,” he said. April, city Schools Chancellor increased by 53 on Saturday, ties from the virus to 9,385. public officials cautioned local Mr.DeBlasio said Sunday Mr.Cuomo said he planned Richard Carranzasaid. the lowest daily sum since NewYork City has accounted residentsagainst relaxing the city would soon be open- to talk to the governorsof Michael Mulgrew,the presi- NewYork started tracking for6,898 of the deaths. their guard and thus contrib- ing new testing centers in all NewJersey and Connecticut dent of the United Federation such figuresrelated to the Therapid spread of the coro- utingtoanew spread of the five boroughs. about a coordinated effort to of Teachers, which represents newcoronavirus almost a navirus prompted concern from virus.They also indicated any Mr.Cuomo also said Sunday reopen the economies and 116,000 city teachers, agreed month ago. Thepeak daily in- stateand city officials that the easing of stay-at-home restric- that anyattemptstoreopen schoolsinthe three states. with the mayor’sdecision on crease, on April 2, was 1,427. city’s health-caresystemwould tions wasatleast weeks away. the statewould have to be co- Anydecision on schools would keeping schools closed forthe Thenewsfell in line with be taxedtothe breaking point Thekey to apost-pandemic ordinated on a regional level. affect the economy, he said. remainder of the academic year. other evidencethat the pan- last week. recovery rested in medical NewYork has worked with “If you say the schools are “Keeping school buildings demic maybeplateauing state- In the end, the city made it testing, officials said, so that NewJersey and Connecticut in closed through June, you are closed is unquestionably the wide.The net number of intu- through. That waspartly be- those who ventured back to itseffort to mitigatethe vi- effectively saying businesses right decision,” he said. bated patientsactually declined cause of the flattening of the work don’t risk spreading the rus’s spread. areclosed through June,” he Morethan 40 union mem- by 26 on Friday, forexample. curve. But the stateand city virusorcontracting it them- “Weneed to be smart in the said. bers have died from the coro- “It’sall reaffirming the also benefited from an influx selves.Mr. Cuomo said Friday way we reopen,” he said. The governor issued an ex- navirus, Mr. Mulgrew said.

STATESTREET | By Jimmy Vielkind Governor Says He’s NotRunning, but WhiteHouseTalk Persists

Despite an Democratic primary contest should be the party’s stan- Even supporters of the idea Cuomo should be considered he had no interest in a cabi- elevated na- between former Vice Presi- dard-bearer. The Club for acknowledge Mr. Biden over some of the two dozen net position, and that being tional profile dent Joe Biden and U.S. Sen. Growth PAC, which normally would have to decline or be- people who actually did run governor was “the most im- from his man- Bernie Sanders receded, and supports Republicans, said a come unable to accept the for president. portant job to me that I agement of ended last week. poll it commissioned found Democratic nomination— “There’s no doubt that he could ever have.” the coronavi- “You almost have adaily 52% of Democrats preferred leading to a floor vote at the has been the breakout star Regardless, the new atten- rus crisis and chatter in split screen happening be- Mr. Cuomo to Mr. Biden. party convention—for Mr. during this crisis, but realis- tion on Mr. Cuomo could some political circles, the tween the WhiteHouse and A Quinnipiac University Cuomo to have a shot. tically this is a Twitter fever give him more of a role in idea that New York Gov. An- Albany,” said Jonathan poll released Wednesday “It looks good on paper, dream,” said Ms. Smith, who the rest of the presidential drew Cuomo would enter Rosen, aDemocratic political found 59% of respondents except for the part about not also advised Mr. Cuomo’s campaign, said Jay Jacobs, this year’s presidential cam- consultant and co-founder of around the country approved having any delegates,” said 2018 re-election bid. “We’ve chairman of the New York paign is little more than a BerlinRosen, acommunica- of Mr. Cuomo’s response to Nathan Gonzales, a nonparti- gone through months and State Democratic Committee. fever dream. tions firm based in NewYork. the pandemic, compared san political analyst who is months of primaries and “If I were Joe Biden and I Mr.Cuomo,aDemocrat in Mr. Rosen said he isn’t with 46% for Mr. Trump. The the editor and publisher of caucuses and campaigning, were going into a fall elec- his thirdterm, has become a normally a Cuomo booster biggest takeaway is that 60% Inside Elections. and the idea that we’re go- tion, one guy I’d make sure I regular presenceonnational but tweeted on March 24 of the 2,077 voters surveyed Mr. Cuomo is disliked by ing to overturn that by fiat was sending all around the television as his daily brief- that delegates to the Demo- said they knew enough of activists in the party’s pro- is fantastical.” country as a surrogate is An- ings on the state’sresponse cratic National Convention the governor to have an gressive wing, including And Mr. Cuomo himself drew Cuomo,” Mr. Jacobs arecarried by cable networks should make Mr. Cuomo opinion of him, up from 47% many supporters of Mr. has said, repeatedly, that he said. “And if Andrew Cuomo and light up social media. their presidential nominee. in the summer of 2014, the Sanders, and Mr. Gonzales isn’t running, has no plans to isn’t considered for a key- They have been a contrast Two polls last week show last time Quinnipiac asked wondered how he could run and wishes to remain in note speech [at the conven- with President Trump, ob- he isn’t alone in his thinking. about Mr. Cuomo in a na- bring them into the fold. Lis his current post. On Satur- tion], following in the foot- servers said, in both sub- A Rasmussen Reports survey tional poll. Smith, a senior adviser to day, he called the specula- steps of his father, that stance and tone. At the same showed an almost equal Mechanically, it is now former South Bend, Ind., tion about replacing Mr. Bi- would be a big mistake.” time, they have filled a void share of Democrats believed next to impossible for the Mayor Pete Buttigieg’s cam- den “flattering” but on the political left as the Messrs. Cuomo and Biden governor to enter the race. paign, wondered why Mr. “irrelevant.” Mr. Cuomo said [email protected] P2JW104000-2-A010B0-1------NS

A10B | Monday, April 13, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK A Volunteer EMS Crew Presses On

BY JOSEPH DE AVILA ered and never had to be hos- pitalized, he said. And Mr. On emergencycall after Levin, who also recovered, re- emergencycall, Teaneck Vol- turned to the ambulancecorps unteer AmbulanceCorps foremergencycalls on Friday. member C.J. Levin trans- Theambulancecorps,ado- ported Covid-19 patients, nation-funded group of un- knowing each interaction in- paid volunteers, has con- creased his risk. fronted nearly twiceasmany

The25-year-old emergency emergencycalls in recent (2) medical technician worried days.The nationwide shortage about infecting his parents, of personal-protectiveequip- with whom he lived in Tea- ment has forced them to JOURNAL

neck,the center of NewJer- scour forleads on medical- REET sey’s coronavirus crisis.But equipment suppliers. ST LL

just as he waspacking abag In addition to Mr.Levin, WA and planning to moveout of four other membershavecon- THE

theirhome on March 18,he tracted Covid-19.One addi- R came down with body aches tional member wasrecently FO

and afever.Hegot tested that hospitalized and is awaiting GEN day, and the resultscame back test results. Another 40 are HA

positive. being monitored due to possi- KEVIN Then his fear came true: ble exposuretothe illness. Teaneck, N.J., Volunteer Ambulance Corps member Joe Horowitz loads a patient into an ambulance. Below, volunteers at corps headquarters. His parentsalso became in- About 30% of the volunteer fected with the newcoronavi- corps isn’t going on calls be- doesn’t in order to make sure ment of personal-protective rus, likely contracting it from cause they areinhigh-risk the system doesn’t become equipment forthe group but their son. They hadchest groups or have loved ones moreoverwhelmed than it is.” stillrides on calls.Likethe pains,fever andacough, and who are. Dropping patientsoff at the rest of the volunteers, he were sick forabout two Teaneck MayorMohammed hospital is also taking longer, comes home uncertain if he weeks,hesaid. Hameeduddin said the ambu- duetobacklogsinthe emer- will infect his wifeand 7-year- “I wassick,upatnight, lancecorps,founded more gency room, said Capt. Jacob old daughter. terrified that my parentswere than 80 yearsago, is an insti- Finkelstein, 24.That means “There is no doubt there is going to die because of me,” tution in the township. more volunteers are working afear that Icould have poten- said Mr.Levin, whocame out “They mean everything to everyday, all day, he said. tially come home with it at of quarantine in the basement the town. They arefirst re- “Itreally is an exhausting some point,” said Mr.Rudin, to take care of them. “Weare sponderswho do this job,day state. Ithink that it in waysis 33,who grew up in Teaneck all bringing this home to our in and dayout, without any howweare able to get and lives in Manhattan. families,and it’sterrifying.” compensation whatsoever,” through it—by just constantly As Mr.Levinreturned to The120-member Teaneck Mr.Hameeduddin said. “And pushing,” he said, “asopposed work Friday, he said he is still Volunteer AmbulanceCorps then we ask them to really to stopping and processing frightened. Not enough is has been on the front lines as put their lives on the line as what’sgoing on and howcrazy known about the disease to the coronavirus ripped well as putting their families it is.” rule out reinfection, he said, through BergenCounty,which at risk.” Former Capt. Ariel Douek, and not help.” additional equipment was and he doesn’t want to mess includes Teaneck. It responds In BergenCounty,the who grew up in Teaneck and Theambulancecorps nor- needed and had to develop with his plan to start medical to all medical-emergencycalls Covid-19 outbreak has un- met his wife in the volunteer mally focuses on the health of guidelines forchecking forpo- school in July at theRutgers within the town. With about folded likeamass-casualty corps,comes back to help as the people calling forhelp,but tential symptoms of the volun- RobertWood Johnson Medical 40,000 residents, Teaneck has event, turningEMS respond- much as he can, especially during this crisis,the team teers, Dr.Cooper said. They School. 560 cases or about 1,378cases ersintogatekeepers of the now. has to be equally aware of the also began treating anycalls “IfIdie now, does that limit per 100,000 people.That is hospital system,Mr. Levin “It’s going to be a huge is- health of itsmembers, said Dr. involving respiratoryissues the good I’ll be able to do as a comparatively morethan New said. sue if we don’t have people Eliyahu Cooper,36, medical di- and fevers as apossible doctor later?” Mr. Levin said. York City,about 6miles “Our job in EMS is essen- stepping up as EMTs, as rector for the corps. Covid-19 case out of an abun- “But at the same time, I have southeast of Teaneck,which tially the waiting room of an nurses and doctors,” said Mr. At the beginning of the out- dance of caution, he said. to ask myself,will Ibeable to has 1,044 cases per 100,000 ER,” Mr.Levinsaid. “Wehave Douek,32, who lives in the break,the corps had to deter- Andy Rudin, president of forgivemyself if Idon’t act people. to decide who really needs a Bronx. “This isn’t the type of mine the sizeofcrews re- the Teaneck Volunteer Ambu- when Ifeel that Imay be able Mr.Levin’sparentsrecov- hospital rightnow and who thingwhereIcan step away sponding to calls,what lanceCorps,handles procure- to help?”

Staying home saves lives.

For moreinformation, visit coronavirus.gov P2JW104000-0-A01100-1------XA

THE WALL STREET JOURNAL. Monday, April 13, 2020 | A11 LIFE&ARTS

YOUR HEALTH |SUMATHI REDDY Duty Comes Firstinthe ER

Three pregnant physicians at the same hospital stay on the job; ‘I feel my baby kicking all the time while I’m working’

gree of risk,” says Douglas Mayo, chairman of UM Prince George’s Hospital Center’s emergency de- partment. “We’ve talked about giv- ing them options all the way from not working any clinical shifts or seeing patients to doing what they’re doing now.” Thehospital has personal protec- tiveequipment, but supplies are limited and doctorsreuse their res- pirator masks.They use them fora week or two until they arevisibly soiled or damaged, says Michele Callahan, another of the three preg- nant emergency-room physicians. Dr. Callahan is more than 32 weeks pregnant and due on May 30. She worries about the risk of becoming infected and having to be on a ventilator, and the poten- tial effects on her unborn child. She also worries about whether her husband will be allowed into the delivery room, and who will take care of her 2-year-old son, Parker. If it is her parents, she is concerned he could unknowingly pass on the virus to them if he’s asymptomatic, as experts say many children seem to be. Dr. Callahan says she has been exposed to a handful of patients From left, physicians who ended up being positive for Michele Callahan, Covid-19, but she hasn’t yet done

ORK Elizabeth Clayborne and an intubation on a patient who has Tu Carol Nguyen. tested positive for the virus. AFEW “But I’m sure that’s coming,”

TENBIT she says. “Our workplace is trying to minimize our exposure as preg- nant women, but sometimes we lizabeth Clayborne she says.“So we decided to ask ad- health-care providers to Covid-19 positivefor Covid-19. get so busy that multiple patients sees death and illness ministration forshifts that arealit- patients, if staffing levels permit. “I’vedefinitely had contact” with will come in who are critically ill, all around her as an tle lessriskysothat we cancon- Dr. Clayborne knows she is tak- Covid-19 patients, says Tu Carol and it may get to the point where emergency-room doc- tinue to help the group and ing a risk. Her 17-month-old, Ada, Nguyen, 35,another of the three we’re going to have to be doing Etor amid the corona- continue working.” All three are was born five weeks early, so she pregnant emergencyphysicians.Her that because that’s our job.” virus pandemic. juggling their pregnancies with de- has a higher chance of having a baby is due July 28.“We were The doctors have small children, But the 36-year-old physician at manding jobs and toddlersathome. preterm birth. She and her col- wearing the appropriate[personal spouses, and caregivers at home UM Prince George’s Hospital Cen- Pregnant women aren’t believed protectiveequipment].” whom they are trying to protect. ter in Cheverly, Md., is constantly to be at an increased risk of con- Dr. Nguyen, who also has a 1- That means rituals that include reminded of the life inside of her. tracting Covid-19,and thereisno “All of us leaving at the year-old son, said she had to do an changing clothes at the end of Dr. Clayborne is seven months evidencethat the newcoronavirus intubation recently on a patient their shift or in the garage, throw- pregnant, due to have a baby girl is transmittedfrommother to fetus, same time would put a who later tested positive for ing clothes into the laundry every on June 18. though expertscaution thereisn’t fairly significant strain Covid-19 while the physician work- day and showering right when “I feel my baby kicking all the much datayet. Some babies have ing with her saw another patient they get home. All work equipment time while I’m working,” she says. tested positivefor Covid-19,but it is on our staffing.” suspected of having the virus. is wiped down and stowed in the “It is a reminder that I’m not by unclear if the transmission occurred Their hospital is an affiliate of car or at the hospital. myself when I’m serving on the during pregnancyordelivery. the University of Maryland Medi- Still, Dr. Nguyen says even one front lines.” Groups such as The American cal System, which instituted a pol- or two of them not working in the Though given the option of tak- College of Obstetricians and Gyne- leagues say they make their deci- icy where at-risk staff such as ER right now would be a signifi- ing an unpaid leave of absence, Dr. cologists, the Society for Maternal- sions to stay on a day-to-day basis. pregnant women and those with cant strain on their group. Clayborne has chosen to work for Fetal Medicine and the Centers for Their hospital has arranged it underlying medical conditions can “There’s some level of sense of now. Thedecision wasfueled by an Disease Control and Prevention so the pregnant ER doctorsaren’t be excused from caring for duty to want to help your col- unusual situation at her hospital: recommend pregnant health-care on the same shiftand work with Covid-19 patients. leagues out during this pandemic,” She is one of three ER doctorswho workers follow the same guide- another physician who canassist “It’s always about risk reduc- she says. “I don’t know who else arepregnant. “All of us leaving at lines as other health-care workers. with such procedures as intuba- tion, but obviously we all know would be doing it if all of us de- the same time would put afairly But they say hospitals may want to tions and resuscitations.But they and they know that just stepping cided not to do it anymore. There significant strain on our staffing,” limit the exposure of pregnant still see patientswho later test in the door puts you at some de- would be no one.”

Coping With Depression During the Pandemic

BY ANDREA PETERSEN to feel very hopeful about,” Dr. Wright says. DURING THE TWO weeks after About 22% of Americans ages 13 Minnesota issued its stay-at-home and older have an anxiety disorder order in response to the Covid-19 each year, and 9.4% have a mood pandemic, Jane Egerdal cried ev- disorder, including major depres- ery day. sion and bipolar disorder, accord- Ms. Egerdal, 62, has a history of ing to a study published in 2012 in depression. Almost overnight, the the International Journal of Meth- things she had been doing to suc- ods in Psychiatric Research. About cessfully cope with her condition— 32% will have an anxiety disorder going to the gym, meeting friends during their lifetimes and 17.5% at coffee shops, her job as a school will have a mood disorder, accord- nurse—disappeared. ing to the same study. “I lost that network of people Morethan one-thirdofAmeri- and sense of job and purpose,” cans saythe pandemic is having a says Ms. Egerdal, who lives alone “serious impact” on their mental in Faribault, Minn. “The loneliness health, according to asurvey re- is unbearable.” leased March 25 by the American Thepandemic is Psychiatric Associ- upending everyone’s ation. TheNational phone and video,says BruceJ. far away from your bed as possi- hood. She’s added to the wall of lives.But it has been Alliance on Mental Schwartz,president of the Ameri- ble,” she says. “You have to force inspirational quotes in her home particularly destabi- Illness, an advo- canPsychiatric Association. Be- yourself to get out of your bed.” office. And she’s talking to her lizing forthe mil- 22 cacy group,says cause of anational shortage of And since research has found that best friend every day and cooking lions of people who calls and emails to mental health providers, however, it exercise can alleviate depression with her daughter. deal with depression percent of Americans 13 and itshelp line have cansometimes be difficult to obtain symptoms, Dr. Wright recommends Reachingout to friends and and anxiety. older with an anxiety disorder jumped 40% in the anew patient appointment. Dr. sleeping in workout clothes. “You family forsupport is key,says Many people are past two weeks. Schwartz is warning patientsto might be more motivated to work GarySachs,aclinical associate worried about their Most people men- avoid turning to alcohol and drugs, out,” she says. professor of psychiatryatHarvard own health and the tion Covid-19,says which some people use to self-med- Jenny Meyer, 45, was first diag- Medical School. Dr.Sachs says health of their loved ones. The Dawn Brown, NAMI’sdirector of icatetheir anxiety and depression. nosed with depression when she he’salso finding that those pa- stress of job losses and the shred- community engagement. With normal schedules and rou- was a teenager. She had a relapse tientswho aregiving assistanceto ding of routines and support sys- Crisis Text Line, a service tines likely impossible, it is impor- last fall, but recovered with the others, too, are“finding they actu- tems can exacerbate symptoms staffed by trained volunteers who tant for people with depression help of antidepressant medication ally feel betterthan they had be- and make relapse more likely, says offer 24/7 support via text, has and anxiety to create new ones, and the support of friends and col- fore,” he says. Charles B. Nemeroff, chair of the seen demand in the U.S. rise by says Aarti Gupta, a clinical psy- leagues at the startup company Ms. Egerdal in Minnesota says department of psychiatry at the 40% since March 16. The most chologist in Palo Alto, Calif. “When she founded in Houston. But she she’s been feeling better in recent University of Texas at Austin’s Dell common issues its users, about the world feels so chaotic, you has struggled since she’s been on days. She called her primary-care Medical School. Studies have 75% of whom are younger than 25 need to find organization and pre- lockdown: She had what she calls physician and is considering going found a link between social isola- years old, are now mentioning are dictability,” she says. a “tank day” recently, when she back on antidepressant medica- tion and depression. And the un- anxiety, depression and suicidal She recommends setting regular could barely get out of bed, the tion. She’s going for walks with certainty can fuel the feelings of thoughts, says Bob Filbin, co- wake and sleep times.(Insomnia is first she’s had in six months. “My friends—6 feet apart. She’s doing

SE hopelessness and helplessness that founder and chief data scientist. a risk factor fordepression.) She best days are when I have lunch Zoom meetings with her book

AU are a hallmark of depression, says Themost evidence-based treat- also directsher patientstosched- and two coffees out meeting with club. And when she wakes up in KR C. Vaile Wright, director of clinical mentsfor depression and anxiety ule pleasurable activities everyday. executives. You can’t do that,” she the middle of the night, she’s JON research and quality at the Ameri- disordersare antidepressant medi- Since getting out of bed in the says. “It’s the uncertainty of what laughing along to clips of the Carol BY can Psychological Association. cations likeProzacand Lexaproand morning can be difficult for people the new normal could be.” Burnett Show on YouTube. “In- ION

AT “Westill don’t have agreat talk therapy. Manypsychiatrists with depression, Dr. Wright sug- Ms. Meyer, who lives with her stead of thinking about what you

TR handle on thevirus.There’sno and other mental health clinicians gests setting the alarm on your 18-year-old daughter, is coping by don’t have, you can think about US

ILL cureorvaccine.There’snot alot have pivoted to offer treatment via clock or phone and then “put it as running more in her neighbor- what you do,” she says. P2JW104000-0-A01200-1------XA

A12 | Monday, April 13, 2020 THE WALL STREET JOURNAL. LIFE & ARTS

In Quarantine, An Artist Changes Course

BY KELLY CROW “continual optimism.” Artists accustomed to collabo- ANDREA JOYCEHEIMER, an art- rating with foundries or fabrica- ist and former horse trainer, tors, or managing studios buzzing paints folksy figures who live side with assistants, must now cope by side, yet are isolated. Ms. with whatever materials they have Heimer’s suburban subjects cook, at home. Many have turned to sew, exercise and sleep in rooms hand-made art to express their that evoke cramped dollhouses, feelings about a world turned up- but their blank expressions convey side down. “For artists, it’s all an unsettling strain. about art therapy now,” said Half The coronavirus pandemic now Gallery owner Bill Powers. “It’s the has the artist living out that very only terrain where they still have scenario at her home and studio in any control.” Ferndale, Wash., a small city al- It is unclear if,orhow,the pan- most 100 miles north of Seattle. demic will affect the overall trajec- Ms. Heimer spent the past year tory of art history, but it already is making paintings changing Ms. she shipped to Heimer’s prac-

New York in mid- It is unclear if, or how, tice. Growing up (2) March for a solo in Great Falls,

show that was to the pandemic will affect Mont., the artist HEIMER open last week said, she strug- E the overall trajectory YC at Half Gallery. gled with clini- JO The public-health of art history. caldepression

crisis postponed made worseby ANDREA the exhibit and the “strained re- Artist Andrea Joyce Heimer, above left, has turned to drawing after an exhibition of her paintings, including this 2020 left her seques- lationship” she acrylic on panel, above, that was slated to open at a New York gallery this month was postponed until this summer. tered at home with an empty stu- had with the family who adopted dio and no easy way to restock her her.She did managetobond with added layer of goth-girl sass. making aracket. Thetitle is “The craftsman she uses is under quar- art supplies. her grandmother,who kept akiln Her interiorsoften feature ornate Migrating Swans Always Woke Us antine in Seattle.Before, she said, “I paint my disconnected feel- and invited her to paint pottery. wallpaper,she said, in part because Up At Dawn During TheMonth Of she never really sketched ahead of ings,” she said, “so this is a subject “Making thingswas almost the only painting patterns relaxes her.Over March And Made TheDogsBark making her paintings. These days matter I know well, but I still felt time Igot praised,” she said. the years, her tinycharactershave Too.” Recentworks such as this one she is practicing with oil pastels suddenly lost.” Fifteen years ago, she moved to evolved from lookinglikelithe fig- sell forupto$20,000. and asketchbook she had handy. Ms. Heimer, who is 39 years old, Washington from Montana. She ures on Greek vases to chunkier, Half Gallery plans to mount Ms. Ms.Heimer said she tries to spend is emblematic of an entire genera- went on to train horses for a living Lego-likevillagersfromthe video- Heimer’s show this summer. The up to eight hourseach daycom- tion of artists caught up in quar- but turned to art around 2012 game “Minecraft.” Ms.Heimer said gallery’s Mr. Powers said he has pleting one drawing. antine. New York artist George when her therapist encouraged her she has been influenced by Pieter opened an online viewing room so In sharp contrast with her signa- Condo is making a series of to paint her emotions. Instead, Ms. Bruegel’smedieval peasant scenes people can see at least one of her turestyle,the newdrawingsdepict crayon-pencil-and-ink portraits Heimer began painting panoramic as well as 19th-centurydrawingsby works before the exhibit. oversizepeople crammed into called “Distanced Figures”—with memories from her small-town ad- NativeAmericans. Now, she spends days with her rooms toosmall forthem, clustered titles like “Together and Apart.” olescence, such as slumber parties “I’m drawn to people who make catMeatball forcompany, texting together rather than living apart. Vaughn Spann, who lives in New and pillow fights as well as giant worlds in the smallest friendsand pledging to makeand “Bodies have become more im- Haven, Conn., had stepped away crushes on boys and neighborhood spaces,” she said. trade artworks with fellowartists. portant to our conversations now,” from his signature series rainbow disputes that disguised racial ten- One painting she shipped to New Looking around her home studio, Ms. Heimer said. “We’re constantly paintings a few months ago but sions. For some, her work is remi- York forher now-postponed show Ms.Heimer realized she had used thinking about how clean our said he returned to them amid the niscent of Grandma Moses’s folk depictspeople lying in beds or all the wood panels on which she hands are and how close we are to lockdown because he’s been think- paintings or Thornton Wilder’s brushing their teeth in ahouse sur- typically paints. Ordering more others.” She is calling the new se- ing more about society’s need for play, “Our Town,” but with an rounded by birds that appear to be would have to wait, sincethe ries “People Waiting.”

THE NEPALESE government has WHAT’SYOUR WORKOUT? | JEN MURPHY Theevent requires participants closed Mount Everest for the rest to hikethrough the night. Last year, of this year’s climbing season as a the couple prepared by donning result of the global coronavirus Still Training to Climb headlamps and hiking starting as pandemic. But that hasn’t deterred lateas1a.m. Ms.Egansays they Christine Egan from training to areskipping the night training this hike 29,029 vertical feet, the eleva- With the EventinDoubt year. They arestill getting out for tion of the world’s highest peak. 10-mile walks in weighted vestson Ms. Egan, 51, is preparing for alocal beach. “The walks areno 29029, a challenge where partici- longer really about training foran pants have 36 hours over two days event,” shesays.“They getusout- to ascend a stand-in mountain side in natureand that’swhat is multiple times. All of those trips keeping us sane and healthyduring combine to equal the elevation of these uncertain times.” Mount Everest. She anticipates that the compe- The Diet tition she is signed up for, involv- Ms.Eganand her husband arevege- ing15climbs up Bald Mountain tarians.“We arereally particular near SunValley,Idaho,will be about our food,” she says.“Ihaveto postponed, but is using her work- knowevery ingredient.” They usu- outsasmotivation to keep ally rely on theirCSA—community healthyand getoutdoors. (The supported agricultureshares in a June event has yettobecanceled, local farm—for fresh produce, but though officials areclosely watch- their winter subscription just ended ing government recommendations Thecouple wasingood shape, Christine Egan and summer doesn’t start until Me- and will act accordingly,anevent but not prepared forthe elevation pulling a sled on morial Day. “Usually during the lull

US spokesman says.) or the rainyconditions.They the beach, above, farm stands pitch in, but nothing is HA Organizersofthe series rent a completed 11 of the 17 summitsup and with her open,” says Ms.Egan. “I set my privatemountain forthe three- Stratton. Participantsride agon- husband after alarm at 6:30 a.m. todaysoIcould MEDIA

E night, 250-person competitions. dola down. “I thought Iwas an completing 29029 order abox of producefromafarm RA Theeventsfeatureabase camp enduranceathletebecause I’drun Vermont in October. beforethey sold out.” Thecouple

AND villagecompletewith glamping amarathon, but this made me re- makes smoothies forbreakfast. accommodations,food and alco- alizeIhad no concept of endur- could get to simu- Lunch is oftenariff on dinner.Soif TIRL

/S hol, bonfires and bands.Pre- ance,” she says.Two hoursafter lating uphill they have tortilla soup with black event, participants cansit in on finishing and swearing they’d climbing. The cou- beans fordinner,lunch might be CLARK lectures from proathletes,adven- never do it again, they signed up ple would borrow black bean stew with asweet po- turers and coaches. forthe following year’s Vermont weighted plates tato.Virtuous eating habitsgoout TTHEW Ms.Egan, ahealth coach in event, which they completed in from CrossFit, the windowduring the big climb. MA Bayport, N.Y.,and mother of chil- 34.5hours. where they dren ages 23,21and 19,at- Ms.Egansays she has been sur- The Workout trained five days a week, and drag The Gear and Cost

JOURNAL; tempted her first29029 event in prised that postsonthe 29029 Training to climb amountain in her the sled around their neighbor- Ms. Egan trains wearing a Hyper- 2018 at Stratton Mountain in Ver- Facebook group arestill focused on relatively flat sectionofLong Island hood for up to two hours. “The wear weight vest ($200). She is REET

ST mont. She had seen apost about training and gear,with few men- requires ingenuity.Onceaweek,the crossing guard would always mock devoted to Injinji Run Original toe

LL the challengeonFacebook and de- tions of possible event cancellation. couple would go to StonyBrook us, but we ignore the jokes,” she socks ($13 a pair) and On Cloud- WA cided it would be the perfect way Thecouple has made serious ad- University and climb stairsin says. With CrossFit now closed, flyer Waterproof sneakers ($180).

THE to celebrateher 50th birthday, as justmentstotheir workouts, but at weighted vestsfor at least two they are left with a 38-pound sled She packed nine pairs of each for R

FO well as being eight yearsbreast this point, Ms.Egansays she’sjust hours. Nowthe university,where and no weights. To improvise, they her first event and used them all cancer-free.She also enlisted her going through the motions of train- Dr.Egannormally teaches oncea plan to drive 30 minutes to a hill due to rain. The 29029 event reg-

ADLER husband, Frank Egan, an ortho- ing.“Theevent wassupposed to be week,isclosed and has been turned so they can pull the sled up re- istration cost $4,195 and includes S dontist. “He thought Iwas crazy, the highlight of my year,” she says. intoadrive-through testing center peatedly. “One of us will drive the three nights’ glamping accommo- BES

P: because we could have takenare- “Given what’sgoing on in the forcoronavirus. car to the top of the hill and bring dations, four days of food and bev- TO ally nicetrip forthe same amount world, my excitement around the She says pulling a 130-pound the sled back down and then we’ll erages, daily training plans and OM

FR of money,” she says. event has disappeared.” weighted sled was the closest they switch,” she says. weekly coaching calls. P2JW104000-0-A01300-1------XA

THE WALL STREET JOURNAL. Monday, April 13, 2020 | A13 LIFE & ARTS

BY MARTIN JOHNSON THE STAYING INSIDE GUIDE—MUSIC with each other’s tendencies,all of which gaveyou an immediatesense EARLYINTHE AFTERNOON of that they must oftenjam together April 10,pianist Fred Hersch sat Taking Improvisation at home.Mr. Frisell performed a down at his keyboardand dove solo set that alternated between intothe Rodgersand Hammerstein scruffy, edgysounds and tender classic “This Nearly WasMine.” ones; the set list washighlighted by Thetune from “South Pacific” is a To aWhole NewLevel apoignant rendition of “NewYork, great match forMr. Hersch, aven- NewYork” and closed with “We erated musician known forhis aus- Shall Overcome.” tere elegance. He captured the Organizations big and small wistfulmood of the pieceand in have also jumped intothe fray. his improvisations he hinted at Jazz at LincolnCenter is updating morecomplexemotions beforere- itsYouTube channel—oftenposting solving it with ahopeful flourish. concerts, panels and educational Theonly thing missing wasap- programming.And itsblog offersa plause.Mr. Hersch routinely per- comprehensivelisting of daily jazz forms in leading jazzclubs and livestreams.SFJazzhas begun ase- concert halls.This time,though, he ries of archived shows called “Fri- wasinhis living room— his perfor- days at Five,” wherefor $5 viewers manceseen by many thousands of canwatch four concertsfromre- fans via Facebook Liveontheir cent seasons.The Jazz Galleryhas computersorphones.Inthe past begun aseries of online program- few weeks,Mr. Hersch has pre- ming that includes Zoom chats sented single-song gigsdaily at 1 with musicians,archived shows p.m. EDT, oftenfeaturing works by and interviews. CliffordBrown, Billy Joel, Joni Not all of these online perfor- Mitchell and Thelonious Monk. mances aresolos and duos.Veteran In amovethat gives newmean- saxophonist Chad Lefkowitz-Brown ing to the word “improvisation,” has,byadapting cinema’ssplit- Mr.Hersch is one of manyleading screen aesthetic to the virtual jazzperformerswho have re- world to feature groups of musi- sponded to the closing of clubs and cians and sometimes the whole other venues by turning their living band onscreen at once, created a spaces intoperformancevenues. virtual big band with 18 musicians Manyofthese livestreamed perfor- and posted the number “Easy to mances typically occur on Face- Love” on his YouTube channel. book Live(whereanaccount is not That Cole Porter evergreen radiates aprerequisitefor viewing), while newvibrancyinaflashyarrange- otherscan be seen on Instagram, ment by Steven Feifke.And Mr. YouTube or on specially created Brown, in his video edits, captures platforms.Inaddition, presenting the momentum of the performance, organizations areresponding to the showcasing each horn section and situation by curating series of their solo with breathtaking ease.Mr. archived performances,and some Brownand Mr.Feifke areworking upstart organizations have begun on an arrangement of “Giant Steps” sponsoring festivals of musicians forthis ensemble.

playing in safespaces and intimate Manyofthese performances have CK settings, all of them making honey- rougher edges than concert hall ap- TO sweetened, mint-garnished lemon- pearances.Most of these musicians ade out of lemons. arewell accustomed to walking on- SHUTTERS

Sincethe early days of social stageinfront of large crowds. Click- A/ media, musicians have been posting ing abuttonontheir phone to begin EP performanceclips,but aturning ashowand hearing no response (2); point in this trend came last month from an audiencemust be jarring to GES when Cecile McLorin Salvant, who them. But without exception, a IMA haswon three GrammyAwards, Clockwise from top left: Fred Hersch; Brandee Younger; Linda May Han Oh; and Cecile McLorin Salvant grooveisfound within atune or two. and pianist Sullivan Fortner per- It’sasifthe daily rushes become the GETTY formed in her living room, stream- have become weekly performances calist/guitarist Becca Stevensand Thefestival’s23concertsand director’s cut in minutes. ing the concert on Facebook Live, on their Facebook pages,Friday the duo of bassist Linda MayHan five workshops will be archived at There’sanemerging subgenre ZEMAN; whereitcan still be seen. In a morningsat11EDT,that showcase Oh and pianist Fabian Almazan. the sitethough April 15 and warrant building.Perhaps several yearsfrom TIN MAR

nearly two-hour gig that has re- their virtuosity and rapport. Thesite, which describes itself as investigation. Ms.Ohand Mr.Alma- now, enterprising labels will offer : ceived morethan 150,000 views so Mr.Douglas and Ms.Younger “anonline music festival and fund- zan’sjoint performancewas daz- the completelivestreams of various LEFT

far,the duo playednew material as were participantsin“LiveFrom raiser” wasput together by three zling.They aremarried to one an- artiststocapturethe time when we P well as older repertoire. Shortly af- Our Living Rooms,” aweeklong se- musicians—Thana Alexa, Owen other,and herethe setting offered all sheltered at home and concert TO OM

ter, Mr.Hersch began his Tune of ries that concluded April 7and fea- Broder and Sirintip—and the non- newinsightsintothem as artists. halls and jazzclubs were shuttered. FR the Dayseries,and afew days later turedluminaries likeguitarist Bill profit organization MusicTalks with Rhythms and tempos shiftedona harpist Brandee Younger and bass- Frisell and pianist Chick Corea and the aim of providing financial sup- dime; therewas afamiliarity with Mr. Johnson writes about jazz for WISE OCK

ist Dezron Douglas began what such fellowup-and-comersasvo- port to unemployedmusicians. complexmaterialand, of course, the Journal. CL

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A14 | Monday, April 13, 2020 THE WALL STREET JOURNAL. SPORTS Shooting Hoops Through aPandemic

Youth athletes are using free time and technology to improve their games. Just ask the Blackford sisters.

BY BEN COHEN

Not toolong ago, when lifewas normal, MorganBlackfordhad a routine.She went to high school tooearly in the morning.She had sportspracticeinthe afternoon. She did homework toolateat night. Morganhas another routine now. She wakesup, finishes her as- signmentsand walks outside to playbasketball until it’stoo dark to playbasketball. “Basically my whole day,” Mor- gansays,“is school and basket- ball.” Morgan, Mackenzie and Marissa Blackford—15,14and 12 years old—have been stuck at home in the suburbs fornearly amonth now. Their house is their school. It’salso their basketball court. This disruption to everyday life is one of the most unsettling con- sequences of the pandemic.It’smi- nor in theorybut feels major when it’syour reality.Atalented fresh- man starter on her school’svarsity basketball team, Morganwas until recently aregular at her local rec- reational center,whereshe would take about 300 shotsper day. But oncethe lockdown began, the only thing she could practicewith other people wassocial distancing. That’swhen Morganset her quarantine goal: 1,000 shotsper day. She hasn’t takenaday off since. She wasoutside so lateone night last week that she watched the skyturn from blue to pitch Y MIL

black and had trouble seeing the FA last of those 1,000 shots. “So my ORD dad gotaflashlight,” Morgansaid. CKF

This is not just happening in the BLA Blackfordfamily driveway in Solon, They’re stuck at home. They can’t go to school or see their friends. But Morgan, Marissa and Mackenzie Blackford are playing basketball in their driveway. Ohio.Morgan, her sistersand kids around the world suddenly have free time and free technology. main closed indefinitely.But kids tificial intelligence and the smart Theworld is so weirdatthe mo- batical from the endlessscrim- They’reusing both to improveat areresourceful. And the Blackford premise that phones canbetrans- ment that Morganand her sisters mages,games and tournamentsof basketball. sistersare still finding waysto formativebasketball equipment, arenow shooting morethan NBA youth basketball. And they’reeach In the three weeks sinceMarch work on their basketball skills. and it turned out to be prescient in teams.They shoot layups.They getting something different from 20, the shot-tracking app Home- They happen to have one thing away that no amount of artificial shoot from the mid-range. They being on the driveway at thesame Court recorded 5times moreshots that Giannis Antetokounmpo intelligencecould have predicted. even shoot3-pointersafter mea- time.Morganistracking her prog- and 25 times moredribbles than in wishes he owned: ahome basket- Theonly places to playbasketball suring their very ownline. ress through her statistics.Mack- the prior month, according to the ball hoop.NBA players canget into these days arehome courts. “Wehad it in chalk,but it kind enzie is perfecting the consistency company’sdata. At this time last palatial gyms whenever they want. Not long afterschools across of erased,” Mackenzie said. of her shot’sarc.Marissa is experi- year,the app had loggedatotal of Or at least they could. Even the “Multiple times,” said Colleen menting with her lefthand. 10 million dribbles.Now it’sseeing world’sgreatestshooter built an Blackford, their mother.“And now They don’thavethe competition morethan 12 million dribbles per outdoor hoop to have aplaceto They happen to have one we’reout of chalk.” of playing games with their friends day. shoot when he waslocked out of They have also encountered an- against completestrangers. “We’rereally trying to take ad- his team’spracticefacility.“It took thing that Giannis other problem of playing outdoors: They’retrying to manufactureit vantage,” Morgansaid, “tomake me back to playing the game when Antetokounmpo wishes weather.Sometimes they go inside forthemselves.The shooting con- ourselves better.” Iwas akid,” Stephen Currysaid. their garage forHomeCourt’scus- testsbetween the sistersget Thepast month will be the for- But afew of those kids already he owned: a hoop. tomized skills workouts. “And heated, and they’reevenbattling mativeevent foranentiregenera- had an outdoor ball, abasket and sometimes we shoot in the rain,” theirown teammates in Home- tion of developing athletes.But each other.That waseverything Morgansaid. Court’sdrills and workouts. when youlook at the Blackfords, the Blackfords needed to keep Their father likes to dressap- They stilldon’t knowthe next youcan see howthat might not be playing through apandemic. the U.S. were shut down, the com- propriately when he rebounds for time they’ll playbasketball with such abad thing.Thereisalong They also had aproduct called panybehind HomeCourt made the them. His daughtersinshortslike other people.The only thing they historyofplague yearsproducing HomeCourt,which has been Ap- product free.Itwas around this to remind him that he looks ridicu- candointhe meantime is exactly unexpected outcomes,and this ple’smost popular sportsapp for time when the Blackfords installed lous in awool capand gloves. what they’vebeen doing.Sothey mayturn out to be the sportsver- most of the past month, morepop- the app,moved atripod to their “Don’t let them fool you,” Darrin keep shooting.And beforelong the sion of Shakespearewriting “King ular than ESPN,the NBAorthe driveway and began shooting. Blackfordsaid. “It’scold out Blackfordsistersmight be shooting Lear” in quarantine. NFL’s apps.AdultshaveZoom. Kids Morganstarted on March 21. By there.” in aplacethat’snot their driveway. This is harder in some places have HomeCourt. March 22,she’dmade 500 shots. Theearly resultsofthis natural “I want to playDivision Ibas- and impossible in others. Therims This basketball app turns any She wasupto1,000 by the next experiment in youth sportsare ketball,” said Morgan. have been removed from parks in shooting workout on anyrim into day, 5,000 by the next week and oddly promising.Their focus on in- “Me,too,” Mackenzie said. some cities,and suburban gyms re- atrove of data. It’spowered by ar- 10,000 by last week. dividual skills is almost likeasab- “Me,three,” Marissa said.

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THE WALL STREET JOURNAL. Monday, April 13, 2020 | A15 OPINION Coronavirus Shatters Complacency BOOKSHELF | By Joseph C. Sternberg

With 30 min- ploring spaceand going to the as Jeffrey Tucker of the Ameri- them. Modernity rules.We’dall TheDismal utes’notice, I moon. It meant an entiregen- canInstitutefor Economic Re- starvesavefor digitized supply gotinvited to eration could spend their par- search writes,as“marred by chains.Weinstantly sequence adinner with ents’ money,dropout and re- appropriation, microaggres- killer-virus DNA.We3-D print the writer writethe rules. sion, identitarian denialism, ventilator parts, stream enter- Overreachers TomWolfein Sound familiar? Thelong and structural racism/sexism/ tainment everywhere, Door- INSIDE dot-com era boom that ranfromthe 1980s imperialism.” Take your pick. Dash takeout food, Zoom vir- VIEW Palo Alto, Ca- until last month, with afew Yes, awarenessisimportant tual happyhoursand watch Radical Uncertainty lif.Oddly,Iar- temporaryinterruptions,cre- forthose slandered, held back, almost-realistic baseball simu- By Andy rived firstand ated chronic complacency. Ev- disadvantaged. But should “so- lations from “MLB TheShow By John Kay and Mervyn King Kessler was led to a erything wassoeasy.Noone cial justice” decompose Amer- 20” (though Imissreal sports). (Norton, 528 pages, $30) corner table really knewwherestuff came ica’sentire$22 trillion econ- All modern flourishes,defi- forfour,whereIgrabbed the from anymore. Theinternet omy? No thanks. nitely notprovided by “start arely is abook’spublication as well-timed as John Kay best seat, overlooking the res- just worked, without even a from zero” cave dwellers. R and Mervyn King’s“Radical Uncertainty: Decision- taurant. Wolfearrived late, dial tone.Click and abook Therewill be relearning for Making Beyond the Numbers.” We’reinthe grip of a dressed in white, naturally, showedupatyour house.Click The pandemic has sure—with progresscomes global pandemic that we don’t understand and must make and sat oppositeme—his back again and acar picked youup. questions.Istechnologyevil or immediatechoices that balancethe demands of our health to the restaurant. He asked Again and someone rented you awakened us from mostly useful to solveprob- against the needs of our economy. questions about Silicon Valley asparebedroom. Tooeasy. climate nightmares lems?Will robotskill jobs or The main advice to emerge from this book is: Don’t ask and then told stories of trying Medicine just showedupat save lives? Do we protect pri- an economist. Economics has claimed foritself the right to out forthe NewYork Giantsas pharmacies.Milk and cookies and socialist dreams. vacy or track movement dur- addresshealth policyand manyother issues outside its apitcher and getting cut be- overflowedstore shelves.Some ing apandemic? Do we trust usual orbits. “Radical Uncertainty” reminds us how cause he only had asinker and dreamed of utopia. government? inappropriatethat is.Chemists, plumbersand doctors no fastball. Great metaphor, Soon modernity wasswept When times were good, Social relearning is inevita- identifyproblems within their subject areas,then develop actually.Eventually other din- aside to “start out from zero,” this swept-away thinking was ble.For awhile anyway,no tools with which to solvethem. Economistsappear unbidden ersfigured out who wasinthe as manyAmericans old and given free rein, and then it morehigh-fives,nonfamily on anydoorstep they please with abox of mostly useless house,and Iwatched with de- mostly young embraced social- ranwild. Only four months hugging,air kisses,Seinfeldian tools in search of problems. light as the chirping in the ismand demanded big govern- ago, in an obvious case of mis- close-talkers, overcrowded res- Messrs. Kayand King should know. They’vespent their room grew deafening. ment and the end of capital- placed priorities,Congress taurants, eating bats—good careersinside the academic and monetary-policyestablish- Irecalled this recently while ism. People gottheir political appropriated $25 million for riddancetoall. But no way are ment. Mr.King ranthe Bank of England foradecade,including rereading his December 1987 views from comedians and the Centersfor Disease Con- we starting from zero.I’d bet during the 2008 panic. American Spectator article, Teen Vogue. Just one short trol andPrevention to study half as many Californians Their field, they note, is “TheGreat Relearning.” In month ago, 1,548,025 Califor- gunviolence. would vote forBernie today dominated by probabilistic 1968,San Francisco’sHaight- nians actually votedfor Bizarrely,the world these (though AnthonyFauci might methods.Politicians and their AshburyFreeClinic wasob- avowedsocialist Bernie Sand- antimodern mental twitchers getamillion votes). advisersassessrisks with the serving all sortsoflong-gone ers. Amazing.Like“Night of were pining forhas the same We can’t go backward.The aid of statistical tools derived diseases.That’sbecause hip- the Living Dead,” antimoder- stench as thelockdown we’re good news is that modernity is from games of chance, in the pies had become prone to nity took over partsofthe nowin. Todaywehave17mil- unbridled. So let’stry to hold hope that scientifically “sweep aside all codes and re- body politic.How stupid—a lion freshly unemployed, but off on repeating past mistakes. quantifying risk will allow straintsfromthe past and mental grunge,mental scroff ...carbon emissions have Be wary of California Gov. them to makeintelligent trade- start out from zero,” and thus andmental rot. plummeted, dolphins returned Gavin Newsom’srecent scroffy offs about the future. “For were “relearning the laws of We were arich cultureob- to Venice, wolves walk the promise of a“progressive morethan half acenturya hygiene by getting the mange, sessed with aclimate“crisis” streetsofSan Franciscoand agenda” to “reshape howwe single approach to rational the grunge, the itch, the based on centurylong models potuse is at an all-time high. do business.” Instead, markets choiceunder uncertainty has twitch, the thrush, the scroff, that areaspie-in-the-skyas Unicorns and equality every- need to keep providing capital dominated economics,” the the rot.” Therewas along current doomsdaypandemic where? Not quite. Pollution to fund great ideas that will authorswrite. “Agentsoptimize, postwareconomic expansion, models.Activistsinsisted that andcrime aredownbecause createasafefuture. That’sthe subject to defined constraints. They list and it wasalmost as if every- housing,health care and col- we’re all basically in prison. defining feature of afreesoci- possible courses of action, define the thing useful had already been legewerehuman rights. Acan- It’s awful. Set us free. ety.Mental rotisnot. consequences of the various alternatives,and evaluatethese invented. Heck we were ex- celcultureviewedthe world, Fortunately,the joke’son Write to [email protected]. consequences.Then they select the best available option.” There’saplacefor those tools,but economics habitually overreaches.Modern economistsassume that whatever outcome their models predict must be axiomatically rational. Audit the WHO’s Pan American Arm When human beingsfail to act according to these predictions, it is takenasafailureofthe people,not the model. President from the regime,which leaves asolution that would fulfill the doctorswerealso told to req- This insulting assumption, Messrs. Kayand King point out, Trump is un- them in poverty.The dictator- commitment it had made to uisition medicalsupplies and is at the heart of microeconomics’ behavioral turn and the happy with ship profitsbykeeping the Cuba under the agreement. pharmaceuticals forpatients proliferation of “nudge” quackeryinpolicy-making circles. the response lion’sshareofthe income. According to the minutes, who didn’t exist. This would Thesame tic entersmacroeconomics as an appeal to of theWorld This is human trafficking PAHO legal counsel Heidi Jimé- have allowedFarmacuba, a exogenous shifts or shocks to explain economic crises the Health Organ- and it violates international nez, acting “onbehalf of state-owned pharmaceutical models didn’t see coming or about which economistssimply AMERICAS ization to lawand the laws by which the PAHO,” committedtoenforcing company, to sell itsproductsto have chosen not to fret. Covid-19 and WHO is governed. As I re- the commitmentsBrazil had host countries.Farmacuba also Yetlifeisnot agame of chance. “Radical Uncertainty” By Mary haspromised ported in January, Cuban med- made under the agreement. collectsafee as an intermedi- usefully,though tediously,catalogsall the reasons whya Anastasia to take a ics who escaped the program Ms.Jiménezfurther commit- arybetween medical suppliers close study of blackjack or roulette doesn’t yield analytical O’Grady “good look” at aresuing PAHO in U.S. federal tedtopreparing forthe attor- in China, India and Russia and tools of use forpublic-policyproblems.It’sashame this itsU.S.fund- court. They allege that when ney general of Brazil “anoffi- its“clients” in Latin America. meandering recitation of mathematical history, business- ing.Hallelujah. If the coronavi- Brazilian lawand congressional cial response ...tothe legal When productsarrived, the school case studies and economics-department minutiae ruspromptsaWashingtonau- opposition gotinthe way of actions put forth by the [Cu- doctor said, the Cuban medics isn’t shorter and crisper forageneral audience, sincethe dit of the practices of the launchingthe scheme,PAHO ban] doctors.” PAHO didn’t re- were instructed to destroy fundamental insightsare correct. WHO,adevastating storm will stepped in as afinancial inter- ply to requestsfor comment. them. Another doctor said Cardgames are“small worlds,” in aphrase from the have blown some good. mediarytolaunder the illegal spreading regime propaganda mid-20th-centuryeconomist Jimmie Savage that the authors Areview of the WHO’s paymentsofasecret Cuba-Bra- waspart of his job. use throughout. Therules arewell-defined, all possible Western Hemispheresubsid- zil agreement. On April 3the PAHO shouldn’t geta Afurther public-health outcomes known, the inputsfully quantifiable and the games iary, the PanAmerican Health venue forthat suit wasmoved problem generated by Cuba is runrepeatedly. Organization, or PAHO, is also to Washington. dime of U.S. funding its“Latin American School of None of that is true fora“large-world” event such as a in order.Its record of support- Thedeal wasexposed when until it stopscarrying Medicine,” which educates Cu- pandemic or afinancial crisis.Decisions must be made before ing antidemocratic regimes Brazilian journalistswon the bans and studentsfromaround basic facts, such as adisease’srateoftransmission or what seekingtodestabilizelegiti- release of Brazilian documents waterfor Cuba. the region. Yetwhen Cuba- proportion of the infected develop symptoms,are understood. mategovernmentsweakens connected with the Cuban trained doctorsreturn to their Meanwhile politicians no longer seem to knowwhat questions public health rather than medical missions.These in- home countries they often they want answered. Probability cantell youhow likely youare strengthening it. clude the minutes of aFebru- PAHO’scomplicity in mak- don’t passmuster.Asfar back to win ahand of blackjack because youknowwhat “winning” TheU.S.onceplayedalead ary2017meeting in Havana of ing chattelout of Cuban work- as 2012, the University of Costa means.But should we define winning against Covid-19 as the role at PAHO,and the organi- Cuban, Brazilianand PAHO of- ersisappalling.But the more Rica found that most graduates minimization of infection? Or merely slowing the flow of new zation achieved substantial ficials,which Ihaveseen. outrageous aspect of itspart- of Cuban medicine were un- cases intoour hospitals—and if so,towhat rate? gains against infectious dis- PAHO told me in Januarythat nership with Havana mayturn qualifiedtopracticeinthat eases. In the 1950s and 1960s, “itisfalse to state” that Brazil out to be the health outcomes country. In 2015 Chile’sElMer- dengue feverwas eradicated in wasengaged in human traf- forthe region. curio reported that out of 787 Economists have claimed theright to address most of the region. ficking with Cuba and that Cuban doctors, who escaped Cuban-educated doctorsin manyissuesoutside their discipline’sorbit. Yetwhile American tax- PAHO “would never participate from various assignments Chile morethan half couldn’t payerdollarsstill fund roughly in anyactivity or program re- around Latin America, testi- passlocal medical-boardexams This book reminds us howinappropriatethat is. half PAHO’sbudget, serious lated to human trafficking.” fied at aState Department even on thefourth try. medical influenceatthe or- But the minutes outline how event in 2019 in NewYork. Cuba’smedical scams aimed ganization has waned. In its the three parties strategized a One doctor said that when no at earninghardcurrencyand Unlikewith blackjack,we’redealt only one hand. The placeare ideologues who carry response to legal challenges patientsvisited the clinic in spreading communist propa- terrible truth is that everytime apolitician makes adecision, waterfor the Cuban military filed in Brazil by Cuban work- Bolivia whereshe worked, her ganda have created afalse families might lose aparent or child, or be cast intoan dictatorship andits medical ersdemanding to receivetheir bossinHavana instructed her sense of progressinthe battle economic tailspin from which they maynever recover. export business. full payasper Brazilian law. to invent names and illnesses against infectious diseases in Facedwith such radical uncertainty,“real households,real Havana boastsabout send- TheCuban viceminister of to provide “statistics.” Logi- the region. BeforePAHO gets businesses and real governmentsdonot optimize; they cope.” ing medical personnel abroad health expressed concern cally,this created an illusion another dime of U.S. funding, These fundamental uncertainties aren’t unique to a as if it runs acharity.But gov- about the potential legal pit- that Cuban medicine wasserv- it ought to explain whyitaids pandemic,although the stakes areunusually high. Writing ernmentspay Havana forCu- fallsfor Havana’smoneymak- ing agreat need abroad and Havana’sphonyhealth-care beforethe newcoronavirus,Messrs. Kayand King find plenty ban health-careworkers, who ing arrangement with Brazil curing the sick. schemes. of other examples.Corporate-strategydocuments, they note, then receiveamiserly stipend and demanded that Brazil find According to her testimony, Write to O’[email protected]. aredesigned to lend afalse air of probabilistic precision to what is at best aguessabout the market. Economistsmeasure the economic impact of public-works projectsbyfeeding invented numbersintofaulty models,deriving outputsthat When News Suppression Hits Home enter the public realm with an undeserved auraofcertainty. Theauthorsargue instead forareturn to anarrativeform By Tunku Varadarajan adeservedly poor light. The crimes: disobeying an order Ayodhya on April 14.(India of decision-making that pretends to lessprecision and offers Wire reported that Mr. of apublic official, spreading will still be on lockdown on morescope forhuman intuition. Lloyd’s of London operated ndia has seen asharp Adityanath, apreacher- arumor against areligious that day.)His wife, Nandini in such away forcenturies,weare told, setting premiums to I erosion in civil liberties turned-politician, had at- community with intent to Sundar, acollegeprofessor, insureagainst unquantifiable risks—such as the likelihood underthe government of tended asizable religious cause ariot, using acom- intercepted them on the that arareart collection might be stolen—through the theHindu nationalist Prime gathering in Ayodhya—a puter to impersonatesome- road outside.She insisted hunches of individual human underwriters. Minister NarendraModi. town regarded as the birth- one,transmitting obscene that they hand the papers Politicians appear to be taking this approach to Covid-19. “Journalists, academics,and placeofthe Hindu deity material online,disobeying a over to her.After demur- Britain’searly,relatively laissez-faireapproach didn’t othershavefaced harassment Rama—in obvious violation of public official in atime of ring—one copsaid that the respond adequately to the intuition of voters worried about and intimidation when ad- epidemic,and spreading aru- rules didn’t allowhim to afatally overstretched health service; alockdown ensued, dressing politically sensitive mor with the intention to servepaperstowomen and justified by only one of several available models.President topics,” Freedom House ob- My brother in India cause panic. children—they did as she Trump’stug-of-war with himself over reopening the U.S. serves in arecent report. faces criminal charges These charges are so evi- asked. economybyEaster canberead charitably as an attempt to Theextentofthis intimi- dently incongruous as are- IspoketoNandini, who take the narrativetemperatureofthe American public. dation has become personally for reporting a story. sponse to anewsreport that said: “Atatime when there’s This approach makes use of apowerful tool economists apparent. My journalist one has to conclude they were apandemic lockdown, when despise—politics—tosettle on adecision the public finds brother,Siddharth Varadara- brought against Siddharth to everycop is deployedtoen- tolerable.Alas,another fruitfulsolution to decision-making jan, wasserved noticeFri- anational coronavirus lock- intimidatehim and tie him up forcethe lockdown, sending is largely absent from thebook: not making policyatall. day—coincidentally,his 55th down. It misattributed a in litigation forseveral an SUV-load of cops 700kilo- This maynot be possible or desirable in special circum- birthday—to appear before quotetoMr. Adityanath, but months.While much of the meters”—around 435 miles— stances such as aglobal pandemic,but most thingsour thepoliceofUttar Pradesh, the error waspromptly cor- media has turned turtle,he “fromAyodhya to Delhi to governmentsdoaren’t that special. Must they really nudgeus India’smost populous state, rected and is clearly acknowl- and the Wire haven’t flinched servepapersonSiddharth is toward optimal soda consumption via taxation, or managethe and answerchargesthat he edged at the story’send. from criticizing Messrs. Modi astonishing.” economy’sgrowthand contraction through the manipulation hasviolated several laws. Tworeadersalleged that and Adityanath. Thewhole affair,she said, of interest rates, when they don’t really knowwhat constitutes Siddharth, whoworks in the storywas disrespectfulof On April 10,several Uttar “reeks of bad intentions. “optimal” in either case? NewDelhi, is founding editor Mr.Adityanath. One of them Pradesh policemen, some in They want to silencethe free If you’reradically uncertain about what to do,doing nothing of the Wire,aleading online said it caused him “anguish,” plain clothes,showedupmedia.” is oftenthe best option. news portal.Hepublished a Both filed acomplaint with outside my brother’s home news storythat showedthe thepoliceinAyodhya.Inre- in NewDelhi to servepapers Mr. Varadarajan is execu- Mr. Sternberg, the Journal’s Political Economics columnist, chief minister of Uttar sponse,mybrother has been on him that requirehim to tive editor at Stanford Uni- is author of “The Theft of aDecade: How the Baby Boomers Stole Pradesh, Yogi Adityanath, in chargedwith six different appear at apolicestation in versity’s Hoover Institution. the Millennials’ Economic Future.” P2JW104000-0-A01600-1------XA

A16 | Monday, April 13, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR It’s Still America, Virus or Not The Fed’s Loan Relief Must Be Non-Political

mericans by and large have willingly Gov. Whitmer has barred Michiganders from In “The Fed’s New Mission To Save nesses and jobs, not profit maximiza- obeyed the government’sshelter-in- traveling to each other’s homes.“All public and the Economy” (op-ed, April 7), Gary tion and certainly not using invest- A placeand social-distancing orders, but private gatherings of any size are prohibited,” Cohn and Glenn Hutchins argue that ment to change the composition of the Federal Reserveshould take a the American economy to fit the pref- that doesn’t seem to be enough theGovernor explained at a Draconian orders will page from sovereign-wealth funds as erences of those making investment forsome public officials. pressconference. “People can it administers its emergency direct- decisions. They’reindulging their inner undermine support for still leave the house forout- lending program for small- and me- As such, the Fed and whatever pri- bully in waysthat over time door activities,” shegener- dium-sized businesses, including “rig- vate-sector partners it uses should be will erode public support for social distancing. ously allowed, and outdoor ac- orous disclosure, independent limited in their discretion and fully behavior that canreducethe tivities “are still permittedas oversight boards, and investment de- transparent as to how and why they spread of the coronavirus. long as they’retaking place cision-making by professional staffs.” assess what investments to make and One problem is excessiveenforcement. Some outside of six feet from anyone else.” The authors argue that such practices how to price risk. For example, con- stateand local officials tasked with implement- Michigan stateofficials also have imposed a lead to “portfolios that are commer- troversial concepts like environmen- ing shelter-at-home ordersappear either to mis- series of heavy-handed restrictions, including cially sound and faithful to the legis- tal, social and governance investing understand the edictsthey aremeant to carry bans on supposedly “non-essential” sections of lative mandate.” (ESG) were not endorsed by Congress An area where rigorous disclosure and therefore should not bear on the out or to suffer from alack of discernment. Po- supermarkets, which have accordingly been cor- and tight control will, in fact, be Fed’s decision-making. Congress liceofficersinBrighton, Colo., handcuffed a doned off.Under Gov.Whitmer’s order aMichi- most critical is the “investment deci- meant to preserve the jobs and busi- manfor playing with his wifeand six-year-old gander canbuy abag of candy or alottery sion-making by professional staffs.” nesses that exist today when it au- daughter on anearly empty softball field— ticket, but not apack of seeds or acan of paint. Otherwise there is a risk that the Fed thorized spending trillions of dollars, though the order policeclaimed he had violated He can enjoy a boat ride by himself or with his will, intentionally or not, end up not allow the Federal Reserve to re- barred only groups of five or more. dog—but not if his boat has a motor. The logic molding the economy that emerges shape the composition of the post- In public parks in Washington, D.C.,and else- of these seemingly arbitrarydistinctions must from the crisis in ways that run coun- crisis American economy. where, policeofficersare prohibiting locals elude most Americans. ter to the purpose of the rescue. The BRIAN KNIGHT from sitting on park benches, even if they are As these limitsonliberty drag on, the courts legislative mandate for this program Mercatus Center alone. In Philadelphia, police officers dragged will be asked with growing frequencytorule on is the economic preservation of busi- Arlington, Va. aman from apublic bus fornot wearing amask. whether mayors and governorshavethe au- He had evidently refused to exit the bus when thority to decide which businesses must shut asked, but the officers’ conduct—given the of- down and which mayremain open, what prod- PPP Loan Program: Ponderous, Bureaucratic fense—appears excessive. uctsthe lattermay sell, and whether religious Ihavespent time recently helping Katrina and others) aretypically In their defense these officers are carrying believersmay be barred from gathering in a multimillion-dollar businessclients slowtoexecute. Manyoftheir in- out the ordersofelected officials,and in many parking lot while remaining in their cars.Pub- preparefor the Paycheck Protection tended beneficiaries wind up waiting cases those ordersare unclear or worse. In Lou- lic-health emergencies givegovernment offi- Program. But Ialso wonder about lo- months,ifnot years, to receivehelp. isville,Ky.,Mayor Greg Fischer prohibited cials wide latitude.But the FirstAmendment cal, small firms equally devastated by Thecurrent emergencylending effort Christian believers from gathering on Easter still barsgovernment from prohibiting the free the virus—the immigrant barbers dwarfs anyofthose regional disas- Sunday—including in “drive-thru” services in exercise of religion and still guarantees the who have cut my hair forover20 ters.Itdemands amuch moreradical which worshippersremained in their vehicles. righttofreeassembly. years, or the bikeracer whose shop approach to provide funds quickly to has helped me and my children buy small businesses. Themayor’s position wasneither constitution- Government officials would be betterad- morebikes than Ican count (“Small Neither the Small BusinessAdmin- ally nor epidemiologically sound. vised to govern with alighter hand. Thecorona- Firms See Hiccups Applying forNew istration nor the nation’sbig banks Alocal congregation sued, arguing the mayor virus threat isn’t going away until we have a Loans,” Page One,April 4). Idoubt areequipped to process, approveand had violated their right to free exercise of reli- vaccine or better treatments, and Americans anyofthem arepaying lawyersfor disburse millions of small loans.That gion. Federal Judge Justin Walker, in a cogent will have to practice some form of social dis- that advice. Ihope that Iwill see all isn’t their businessmodel. TheSBA decision issued over the weekend, stayed the tancing and self-quarantine formanymore of them again, oncethe pandemic doesn’t have the luxuryofbuilding mayor’shand. President Trump recently nomi- months once the government allows the econ- has eased. itsown capabilities.Instead it should nated JudgeWalker to the D.C. Circuit Court of omy to reopen. Only bureaucratswho haven’t turn to the newbreed of fintech Appeals, as noted in these columns.His defense Decrees likethose from the Michigan Gover- stepped outside the Beltway bubble lenders, such as OnDeck,Kabbage of religious liberty won’t endear him to Senate nor’s office and their capricious enforcement would createsuch obstacles forthe and others, whose businessisbuilt Democrats. runthe risk of encouraging masscivil disobedi- cash help small businesses need im- around rapid, low-cost digital pro- mediately.Iunderstand the need cessing of loans to small- and me- Perhaps the most excessivedecrees have ence that will undermine the point of the or- forrules to prevent abuse.How- dium-sizebusinesses.Their scalable come from Michigan Gov.Gretchen Whitmer.In ders. Better—for reasons of public health and ever,inaholy season forseveral underwriting platforms and agile addition to shutting down “non-essential” busi- American constitutionalism—to treat Ameri- faiths,perhaps abetterapproach to businesscultureare ideal forthis ef- nesses,asmanyother governorshavedone, cans as responsible citizens. help such hardworkerswould have fort. Renting their capabilities to the been what Iheardinasermon— government could be attractiveto hope and trust—and cash available them, an excellent way to turbo- New Yo rk’s Incurable Spenders immediately. charge the newloan program, and STANLEY P. JASKIEWICZ support badly needed competition in ov.Andrew Cuomo says that Congress’s gress] than almost anyother area the statebud- Lansdale,Pa. our banking system. $2.2 trillion coronavirus bill short- getcovers,” Mr.Cuomo said. So he’staking JONATHAN HAKIM G changed NewYork,but then the $177 bil- money from hospitals to fund his climateagenda Federal emergency-relief programs CEO, CignifiInc. (think Deepwater Horizon, Hurricane Boston lion blowout budget he signed and Albany’sincumbent re- recently suggeststhat Albany Coronavirus? Albany election campaigns. doesn’t think it has to practice spends as usual as it Mr.Cuomo did push anyspending discipline. through some sensible Medic- Oddly, Hospitals, M.D.s, Facing Hard Times Thestate budget is $2 bil- awaits a federal bailout. aid reforms that caplong- lion larger than last year’s de- term managed care enroll- “Busy Hospitals,DoctorsCaught cause my colleagues and Iaren’t per- spitewhat Mr.Cuomo says ment, but this violates the in Financial Vise” (PageOne,April 2) forming important electivesurgery. could be a$10 billion hit to revenues this year “maintenanceofeffort” requirement that Con- highlightsaveryimportant and po- Meanwhile,ambulatorysurgery on topofa$6billion deficit beforethe coronavi- gressimposed as acondition fora6.2 percent- tentially long-lasting impact of the centersthat don’t have the capability rus. Legislatorsdidn’t even attempt to triage age-point increase in federal Medicaid funding coronavirus,the health of the health- to take care of Covid-19 patientsare care industry. Apart of the financial at risk of shutting theirdoorsbythe spending or rationalizepriorities. match forstates. TheNew York Governor is strain in medicine arises from can- crushing restrictions that affect all Thebudget authorizes a$3billion Restore joining the party of GOP governorswho oppose celing all electivesurgery.Iaman businesses,but specifically the can- Mother NatureBond to “adapt to the intensify- such restrictions. orthopedic surgeon who performs cellation of all electivesurgery.In ing impactsofclimatechange, and reduceemis- “Why would the federal government say, electivehip replacements. Sincemid- 2008 morethan 20 million surgeries sions.” It also includes a7.5%refundable tax ‘I’m going to trample the state’sright to rede- March we haven’t performed surgery. were performed in ambulatorysur- credit forgreen jobs and a5%investment tax sign itsMedicaid program, that it runs—that Therationalewas to save resources gery centers. credit forgreen projects. Expect everyNew York savesmoney?’” Mr.Cuomo said the other day. such as masks in anticipation forthe We cannot continue to denymedi- businesstoclaim it’s“green.” “I don’t even knowwhat the political interest rush of Covid-19 patients. Sincepro- calcaretothe masses when alogi- Thereare also hundreds of millions of dollars is they’retrying to protect.” He canthank tectiveequipment is very different cal, surgical approach exists. With of morepork forupstateNew York to makeup DemocratsinWashingtonfor tucking in this from surgical gowns,surgical masks added screening and testing for forMr. Cuomo’s ban on fracking,which the bud- Medicaid poison pill. aren’t N95,and most patientswho Covid-19 along with routine preoper- undergo electivesurgery go home ativelab tests, patientscan move getmade permanent. Thepoliticians made sure TheNew York budget allows Medicaid cuts within one to two days,one could ar- forwardwith much needed surgery to help themselves toowith $100 million in pub- to be postponed so the statedoesn’t lose federal guethis shutdown of electivesur- in areasonably safefashion. We shut lic campaign financing,including up to $375,000 dollars. It also authorizes the statetoborrow $11 gery waspremature. Thefinancial down alarge portion of health care forstate Senatecandidates and $175,000 forAs- billion to financeits deficits. Congresshas di- struggle that is occurring and will prematurely; let us not wait toolong sembly candidates. rected the Federal Reservetoset up afacility to continue foryearstocome is be- to resume this vital function of a Although NewYork hospitals arerunning on lend to stateand local governments, but in the healthysociety. empty,the budget cuts$400 million that they case of NewYork it will be financing astate gov- TIMOTHY JACKSON, M.D. usually getfor treating uninsured patients. ernment that is spending as if the coronavirus What Would Ike Do About Pasadena, Calif. “Hospitals aregetting moremoney [from Con- didn’t exist. Current Oil Price Collapse? Your editorial “Pain in the Oil Psychology of Facing Some Patch” (April 1) emphasizes business- Losses Among Your Group 3M Isn’t a Coronavirus Villain government cooperation in a crisis. President Dwight D. Eisenhowersuc- Regarding Holman W. Jenkins, hen President Trump singled out aregoing to increase given last week’sjoint an- cessfully managed two related crises Jr.’s“WasDr. StrangeloveanEpide- 3M forexporting some of itsN95 nouncement by U.S. Customs and Border Protec- with some of the elements present miologist?” (BusinessWorld, April W respirator masks,the American tion and the Federal EmergencyManagement today. 4): In the very early morning dark, companyinstantly became Agencythat Customs will seize In 1956, Egypt nationalized the standing on the troopship deck, thefaceofcorporateprofi- If the U.S. blocks exportsofpersonal protective Suez Canal, resulting in military inva- waiting to go over the side intothe teering at the expense of ordi- medical exports, so equipment at the border. sion by Britain, France and Israel. Our landing boat, and nervously watch- naryAmericans. FEMA will then determine government organized the Middle ing the shells exploding on our tar- On April2the President will other countries. whether the goods should be East Emergency Committee with ma- get, PlatoonSergeant Winkler jor oil companies under the Defense calmed us by noting that only 10% tweeted, “Wehit 3M hardto- returned foruse in the U.S., Production Act of 1950. Washington of us wouldn’t be coming back.In dayafter seeing what they purchased by the U.S. govern- pressed invading governments to our immortal youth we each turned were doing with their Masks.‘PAct’ [Defense ment, or be allowedtobeexported. withdraw their forces, successfully. to the men on our right and left, Production Act] all the way.Big surprise to Within some partsofthe Administration, Then the Texas Railroad Commis- and said: “You poor bastard.” manyingovernment as to what they were do- theCovid-19 crisis has been regarded as a sion balked at increasing production JIM SHRIVER ing—will have abig pricetopay!” convenient means to advanceamorerestric- to stabilize world oil markets. At a Carlsbad, Calif. Last week the companyreached adeal with tivetrade policy. But whatever Washington press conference on Feb. 6, 1957, the WhiteHouse.Under itsterms,3Mwill be candotokeep goods manufactured herefrom Eisenhower characteristically men- allowedtosell itsmasks from the U.S. to Can- leaving our borders, other nations candothe tioned using “conference and argu- Pepper ... ada and Latin America, but it will import 166.5 same to ensuregoods manufactured there ment” to achieve compliance but then And Salt million masks over the next three months, don’tleave their borders. This is not awar alluded to other actions because “it must be done.” Prof. Robert O. Keo- THE WALL STREET JOURNAL mostly from itsplant in China. anyone wins,especially when expanding sup- hane of Princeton University, in his ThePresident says he’ssatisfiedwith the ply is critical. fine book “After Hegemony,” notes deal. But the question is howfair this interven- ManyU.S.manufacturers, not merely those that “faced with this barely veiled tion wasinthe firstplace. As the Minnesota- making medical supplies,havealready learned threat” the commission got in line. based giant pointed out in itsoriginal re- from this crisis howvulnerable they canbe Ike always got the job done. sponse,ithad already doubled itsglobal output when their supply chains aresodependent on PROF. ARTHUR I. CYR of masks in response to the virus to 1.1 billion one country—in this case,China. But private Carthage College ayear,and it had invested in morecapacity to business is always more nimble in responding Kenosha, Wis. double that again. Thecompanyfurther to emergencies than federal bureaucracies. pointedout that it is acritical supplier of Andwhile it’snot popular with the trade pro- Lettersintended forpublication should maskstoCanada and Latin America, and it tectionists, access to world marketsgives com- be addressed to:The Editor,1211 Avenue of the Americas, NewYork, NY 10036, rightlyraised the “significant humanitarian panies moreflexibility as they struggle to or emailed to [email protected]. Please implications” of cutting them off from masks adapt to disruptions. includeyour cityand state. All letters they had lawfully ordered. We’reglad the WhiteHouse and 3M have aresubject to editing,and unpublished Not to mention the resentment such amove worked it out. But wheredoes 3M go to getits letters canbeneither acknowledged nor “Just wait until that woman I’m returned. creates or,worse,the retaliation it invites.Both reputation back? dating hears about your behavior.” P2JW104000-0-A01700-1------XA

THE WALL STREET JOURNAL. Monday, April 13, 2020 | A17 OPINION We Need The Employer Will Test Yo u Now Politicians By Scott Gottlieb start placing orders now. areother options.They canwork of these screening systems. And Lauren Silvis This should be part of abroader with companies developing home Businessleaderscan help in other In aPandemic employer effort to fight respiratory collection tests, which would help ways. When someone is diagnosed he intense measures and illnesses in the workplace. Employers makethis technologyavailable with Covid-19 and canbesafely man- restrictions to combat have long offered fluvaccines and sooner,orcould contract with phar- aged at home,the prudent course is By George Gilder Covid-19 areanecessary passed out hand sanitizer in the win- macies running screening programs. to allowthe patient to self-isolatefor hardship to prevent a ter. This coronavirus should be Statescould sponsor collaborative the duration of the illness. Work- he U.S. economyhas been cra- T wider and more devastat- treated similarly,with employers in- testing programs and allowsmall placetesting programs should also T teredlessbythe coronavirus ing epidemic.But even afterthe epi- vested in protecting workers. Until work with the local health depart- than by theresponse to it— demic subsides,the virus will remain thereisavaccine,preventing ment to ensurecontact tracing.But driven by theundemocratic idea athreat until thereisaneffective Covid-19 outbreaks will depend Reopening the economy these employees need to be compen- that “science” should rule,even vaccine.Americaneeds aplan to re- mostly on testing,isolation and trac- sated formissed work,ormanywill when much of the scienceand the ducethat threat, and businesslead- ing the contactsofpeople who test will depend on companies be reluctant to forfeit payfor amild databehind it remain in dispute. ers can play a big part. positive.Workplacetesting would diagnosing coronavirus disease.Businessleadersshould ex- We’retold in this plague year As employees return to work,per- catchthe disease whereitspreads— pand paid sick leave to all employees that politicians have no role—in es- haps as early as May, employers can especially foremployees who can’t cases in the workplace. forthe duration of aCovid-19 illness. sence, that the people have no real offer screening at their placeofbusi- work remotely and risk infection by Nobody should have to fear losing in- rights against consensus science, ness. Rapid diagnosis and contain- coming in contact with manyothers come for doing the right thing of which candemand that we forfeit ment will be a critical part of limit- during the day, such as storeclerks. businesses to join. Government could staying at home to reducethe ourliberties and suspend the Con- ing spread. Bringing these activities Systems on the market arewell financially support these efforts for spread. stitution. Political leaders, elected intothe workplacewould makethem suited to this mission. TheGeneXpert higher-risk businesses that maynot As the epidemic is brought under to exercise judgment on our behalf, morewidespread and routine,and by Cepheid is ahighly sensitivema- have capital available to expand test- control, and the countrybegins to must defer to doctors, because the can be done in conjunction with ef- chinethat uses achemical process ing, such as grocery stores. contemplatereopening,employers viral threat is addressable only fortstoexpand testing throughout called polymerase chain reaction to Many testing platforms canalso canhelp Americans return to work— through medical expertise. the health-care system. test forinfection by detecting the vi- distinguish Covid-19 from the flu, safely. People who have signs of respira- ralRNA.This machine doesn’t re- which canhelp employers keep their tory illness should see a doctor. But quirecomplicated sample prep or workplace healthy. If testing for re- Dr. Gottlieb is aresident fellow at The conceit that everyone manyCovid-19 patientshavemild or even aperfect swabofthe nose and spiratory illnesses becomes a stan- the American Enterprise Institute no symptoms.Without prompt test- throat. It canuse arelatively small dardbusinesspractice, medical com- andwas commissioner of the Food must bow to ‘science’ is ing to differentiate mild colds from sample of upper-airway secretions to panies will respond with more and Drug Administration, 2017-19. not only undemocratic but the novel coronavirus, people could discriminateapositivetest from a innovation in creating efficient and He serves on the boards of Pfizer and spread the virus unknowingly.Porta- negativeone precisely.Cepheid said accurate testing platforms. Compa- Illumina and is apartner at the ven- dangerous in its own right. ble and relatively inexpensivetesting it is expanding itsproduction of test nies will invest in developing prod- ture-capital firm New Enterprise As- platforms canbebrought to busi- kitsand the machines that runthem. ucts that are simple to use, such as sociates. Ms. Silvis is asenior vice nesses in mobile vans or deployed Other testing systems in develop- swabsticks that screen forviruses president at Tempus Inc. and was Yetsincemanyliken fighting the on-site and administered by profes- ment mayhavethe same potential. and giveanimmediate, readable re- deputy director of the FDA’s medical coronavirus to war, we should re- sionals.Testing companies areramp- Forbusinesses that can’t easily sult to the user.Greater demand device center and the agency’s chief member that in waradmirals and ing up supply,and businesses can bring testing to the work site, there from employers will increase supply of staff, 2017-19. generals defer to civilian author- ity—tothe president, as commander in chief,onmatters of strategyand to Congressonmatters of budget. A Medical Family Faces the Coronavirus This is not adesign flaw but howa free people governs itself,evenina By Ted Rall $100 or $200 fortwo masks.For $100 perilous crisis.Itishow we bring apiece, which is unfathomable.” thelargest possible perspectiveto lmhurst Hospital in the New Online retailershaveattempted to decision-making. E York City borough of Queens is crack down on coronavirus price Thedemands of health-careex- ground zero in America’scoro- gouging.But vendorsare clever. pertsare not greater than the de- navirus pandemic.Lines of worried They delete their listingsimmedi- mands of the economy, foravery people,including manywho have ately after making a sale. simple reason: Thehealth-caresys- symptoms consistent with Covid-19, Thecrisis has prompted Dr.Fana temisnot separatefromthe econ- queue in front of this 545-bed facility to question her basic assumptions omybut acrucial part of it. The where13people died in asingle 24- about the country’spreparedness. “I health-caresystemsaves lives; the hour period. Photographer Nancy never imagined that Iwould have to economyprovides everything we Siesel wastaking pictures outside purchase N95 masks.Ienvisioned need to live. Thedamagebeing the hospital when surgeon Melissa that if we really were hit hard with done to the economy—if sustained— Fana,noticing Ms.Siesel’sblue ban- this virus,the government would re- could easily cost morelives world- dana wrapped around her face, called lease PPE”—personal protective wide than the coronavirus. her to her cartooffer an N95 face equipment—“to society.” Thereare not, and never will be, mask—the preferred, ubiquitously But the personal stressisthe

scientific answers to all public sold-out form of protection. SIESEL most pronounced. “My younger sis- problems.Scientific expertise and Dr.Fana, 42, is chief of breast terisCovid-positive. Thecircum-

specialization inform good policy, surgery at SouthsideHospital,apri- NANCY stancesleading to that mayhave but they should never be the final vately owned facility in the Long Is- Surgeon Melissa Fana (left) delivers masks to nurse Janice Fana, her sister. been lack of proper PPE. Fortunately word.Tonavigatesuccessfully be- land city of Bay Shore, N.Y. Most of she didn’t deteriorate. She isn’t criti- tween competing interestsorcom- her family works in health care. some jam-packed likeElmhurst while So Dr.Fana “spends money Idon’t cally ill. She’s40yearsold; her oxy- peting calamities,between warand “Both of my parentsimmigrated othersremain under capacity. have” to buy dozens of N95 masks gen saturation was decreasing. We peace, and even between deadly herefromthe Dominican Republic,” Dr.Fana tells atale of two hospi- on the black market. It’snot uncom- were totally terrified. We were pandemics and deadly economic de- tals,oftwo different worlds.“I’m not mon forthem to cost $5 to $20 working in health care but she was pressions,weneed politics—and afrontline worker,” she says.“Aper- apiece. Until January, they sold for home,trying to getbetter, and I politicians. Dr. Fana, a surgeon, comes son in my position has guilt about about 58 cents. grew very concerned forour remain- TheAmerican system of govern- my siblingsbeing frontline workers. According to Dr.Fana, physicians ing family memberswho work in ment assertsthese truths: that the with masks for her sister, a Iwork foralarge health system that gather in privateFacebook groups to medicine.” people have an ineradicable right to hospital nurse. Another has been excellent. They’vedone an discusshow to source black-market Now, Dr. Fana has been deployed govern themselves,that politics is excellent job at providing protection masks.“Iwouldn’t even consider that to coverSouthside’smedicine unit howweexercise our free will, and sister contracted Covid-19. for their employees and excellent to be supreme pricegouging.I’vejust on the frontline. that rather than reflexively defer- workflowrecommendations so seen in the past few weeks on Ama- ring to experts, we should defer as there’snot alot of mysteryonwhat zonand eBayselling a10-pack of Mr. Rall is apolitical cartoonist, much as possible to the principles she says in aphone interview. to do and howtoproceed and how masks, sometimes two 3-M N95 columnist and author of the graphic of freedom and common sense. “Thereare four of us siblings. My to protect yourself and your pa- masks—or not even N95 masks,just biography “Bernie: Revised 2020 Common sense says that if adis- older sister,Janice, is aregistered tients. My sister doesn’t.” particulatemasks—for as much as Edition.” ease threatens to kill millions of el- nurseatElmhurst Hospital in the derly people already afflicted by emergencyroom. My younger sister, disease,those people should be se- Roseann Perez, is a board-certified questered and protected. But the child psychiatrist. She works at ur- Biden-Cuomo Is the Way to Beat Trump rest of us should proceed with our gent care in Queens Hospital Center. work,taking prudent precautions, Her husband is also aregistered By Lance Morrow ida, the U.S. electorateisstill split, one-term president if elected, and even if some of us dieanyway. nurse who works at the emergency with eerieprecision, right down the thereforeaninstant lame duck.He AnthonyFauci is undoubtedly a room at Elmhurst Hospital.” Rose- he Democrats’ overriding im- middle. could offer the Biden-Cuomo partner- fine physician, but he is not in apo- ann, whose employer is part of the T perative is to oust Donald Mr.Biden has reason to worry. But ship as apromise of continuity in sition to curewhat ails us.Weare public New York system, is out sick Trump. Their other ambi- including Mr.Cuomo on the ticket—a power. He could cast Mr.Cuomo in a beset by morethan avirus; we are with Covid-19. tions—putting awoman on the ticket, leader who is being battle-vettedas CEO role,incharge of managing the beset by bad ideas about what gov- Dr. Fana worried that Janice was the Green NewDeal, Medicarefor strong,calm, competent and bless- details of government, while he,as ernment canand should do,and treating Covid-19 patientswithout All—should be put on hold. They are edly nonideological in the thick of the president, would be akind of chair- about who should be making crucial appropriate protective gear, so she irrelevant to the purpose at hand. crisis—is the best bet to draw enough man, setting overall policy. Mr. decisions. bought packages of N95s at wildly TheDemocrats’ job isn’t to per- votesfromthe disconsolateambiva- Cuomo is astrong-minded, even au- It maybeahardtruth formany inflated prices on eBayand Amazon suadethe already-persuaded but to lentstogiveDemocratsthe winning tocratic character and might be diffi- to grant, especially because so and through back channels.She was attractand reassurethe unwoke—the edge. cult to control. But he couldn’t over- manyinthe media hatethe presi- delivering them to Janiceand her millions of independents, conserva- rule the president. And Mr.Biden’s dent with afever that itself seemsa colleagues when she ranintoMs. tiveDemocratsand discomfited Re- choosing astrong No.2would itself contagion, but an optimistic,patri- Siesel. publicans who urgently seek adecent, The former vice president be asign of strength. otic,practical-minded politician like The doctor invited the photogra- plausible alternativetoMr. Trump. Mr.Cuomo would be Mr.Biden’s Donald Trump,who over the past pher to accompanyher inside the This election will be decided by the promised a female running heir apparent. That is onereason Mr. few yearspresided over aperiod of hospital. Her photos arereminiscent plague-on-both-their-houses center, mate, but the world has Cuomo might likethe deal—and one singular economic success,isex- of the 1971 film “The Andromeda by voters who nowfeel homeless. reason Democratic women might find actlythe man to provide the cor- Strain,” in which government scien- JoeBiden will be the Democratic changed since then. it intolerable.IfMr. Cuomo ranfor rect, if undoubtedly painful, curefor tists in Hazmat suits race to try to nominee.New York Gov.Andrew president in 2024and again in 2028, the current crisis.Wemay not envy contain an alien micro-organism Cuomo should be his running mate. theDemocratscould have no woman him his decisions,but he is in the they don’t know enough about. Thelatestpoll by FoxNewsshows Sometimes in chess, you have to at thetop of their ticket until 2032. best position to makethem. In hisdaily pressbriefingsNew Mr.Biden running dead even against sacrifice your queen in the interest Butwecan’t see that far ahead. York Gov.Andrew Cuomo oftenbe- Mr.Trump,42% to 42%, having lost of toppling the opponent’s king—or We proceed from daytoday.Mr. Mr. Gilder is author of “Life After moans the fragmented natureofthe an 8-pointlead sincethe coronavi- exchanging her in the heat of battle Trump is now—the One Big Thing for Google:The Fall of Big Data and the state’shospital organizations,bifur- rus’sarrival in America. Twenty foracouple of bishops and arook. Democrats, the Carthago delenda est. Rise of the Blockchain Economy.” catedbetween public and private, yearsafter the hanging chads of Flor- Beforethe pandemic,Mr. Biden If Biden-Cuomo wins,all sortsof promised he would put a woman on rooks and bishops and knights(in- theticket. It wasone of those mis- cluding avice-presidential spot on a Notable & Quotable takesofthe moment that politicians Cuomo ticket in 2024) will come into PUBLISHED SINCE 1889 BY DOWJONES&COMPANY make—likeTeddy Roosevelt promis- playoncethis crisis is past. Rupert Murdoch Robert Thomson From the Toronto Star, March 20: ing right after the 1904 election not Theharddynamics of the 2020 Executive Chairman, News Corp Chief Executive Officer, News Corp to runfor another term, or John Mc- race areentirely uncertain. Mr. Matt Murray William Lewis Editor in Chief Chief Executive Officer and Publisher This horoscope column includes Cain naming Sarah Palin as his run- Trump’sperformanceasleader dur- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: some suggestions that arecontraryto ning mate. ing this pandemic will be decisive— Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; the advicetosocially distanceorself- Mr.Biden would payapricefor and will depend on outcomes still un- Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; quarantine whichhavebeen urgedby going back on his promise.Hecould known. News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; local health agencies,the provincial mitigatethe perceived betrayal by Theimperfect need not become Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer andCanadian governments. That is making clear that Democratic the enemyofthe good. To put it Features &Special Projects; Andrew Dowell, OPERATING EXECUTIVES: because these horoscopes were writ- women would gain at least two mildly,Mr. Biden’sage and appear- Asia; AnthonyGalloway, Video &Audio; Kenneth Breen, Commercial; AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; tenafew weeks ago, beforethese bishops and two rooks—that aBiden anceoffragility and weaknesscreate Features &Weekend; Emma Moody, Standards; TracyCorrigan, Chief Strategy Officer; warningswereissued. administration would establish afe- shadows in voters’minds.Mr. Shazna Nessa, Visuals; MatthewRose, Enterprise; Frank Filippo, Print Products &Services; To allowustofocus on reporting male team of rivals,favoring Eliza- Cuomo’s strong presenceonthe Michael Siconolfi, Investigations; Nikki Waller, Live Kristin Heitmann, Chief Commercial Officer; Journalism; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; the news,some aspectsofputting to- beth Warren, AmyKlobuchar, Ka- ticket, and in aBiden administration, Thomas SanFilippo, Customer Service; gether anewssiteroutinely take mala Harris and other women for would givemillions of unhappy vot- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; placeacouple of weeks in advance. cabinet postsand topWhiteHouse erssufficient hope to abandon the Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International ...Overthe next few weeks,you will jobs. exhausting Mr.Trump and take a Barron’s Group: Almar Latour, Publisher noticethe tone of our horoscope col- Would Mr.Cuomo accept the sec- chanceonaBiden-Cuomo continuum. WALL STREETJOURNAL MANAGEMENT: Professional Information Business: umn will changetoreflect the time ondspot? Should Mr.Biden lose in Those arethe voters who will decide Joseph B. Vincent, Operations; Christopher Lloyd, Head; LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head we find ourselves living in. In the 2020,the governor would be ideally the election in November.

EDITORIAL AND CORPORATEHEADQUARTERS: meantime,please followthe adviceof situated forapresidential runin 1211 Avenue of the Americas, New York, N.Y., 10036 public health agencies and the gov- 2024. And if Mr.Biden wins? He is 77, Mr.Morrow is asenior fellow at Telephone 1-800-DOWJONES ernment first. and counting—almost certainly a theEthics and Public Policy Center. P2JW104000-0-A01800-1------XA

A18 | Monday, April 13, 2020 THE WALL STREET JOURNAL. WORLD NEWS WorldChristians Mark Easter in Isolation

Pope Francis, holding over the internet. sanctions during the pandemic In NewYork City,epicenter and areaffirmation of solidar- MassinSt. Peter’s of the U.S. coronavirus out- ity within the European Union, Basilica, proclaims a break,Cardinal TimothyDolan whose unity has been strained preached in a near-empty St. by the crisis. ‘contagion of hope’ Patrick’sCathedral, focusing Yetnothing he has said on the theme of the empty sincethe start of the pan- BY FRANCIS X. ROCCA tomb discovered by Jesus’ demic has stirred as much in- friends on Easter morning. terest as his use of traditional ROME—Celebrating Easter “Wehear plenty about symbols, especially his bless- in the shadowofthe coronavi- emptinessthese days,don’t ing of Rome and the world on ruspandemic,Pope Francis on we,thanks to the dreaded the rainynight of March 27, Sundayproclaimed what he pandemic. ... Empty chairs at when he stood alone in an called a“contagion of hope,” home wherethose we cher- empty St.Peter’s Square, hold- afterheoffered Massina ished use to sit with us.Empty ing up agold monstrancecon- near-empty St.Peter’s Basilica. churches,” Cardinal Dolan taining the Blessed Sacrament.

Speaking beforejust ahand- said, but concluded: “Empti- S That ceremonyalso fea-

fulofpeople,the pontiff called nessmight be ablessing,not a PRES tured a “miraculous crucifix,” forthe “victoryofloveoverthe curse,asthe God of the living which normally hangsina

root of evil, avictorythat does fills us with light, meaning,re- ZUMA Romechurch, and which devo- not bypasssuffering and death, solve, hope and life.” tees carried through the INETTI/

but passes through them, open- This year’s Easter was O streets during an outbreak of ing apath in theabyss,trans- marked not only by the un- the plague in the 16th Century. forming evil intogood.” precedentedcircumstanceof ANDR Some saysuch relics canbe EV Similar scenes playedout in churches closed world-wide Pope Francis celebrated Easter Mass on Sunday in a near-empty St. Peter’s Basilica. powerful signs of hope that churches large and small but by uncertainty over the resonateevenbeyondthe throughout the world. pandemic’sduration and its Yethistorysuggeststhat Jenkins said the effect could tice and the environment. ranks of believers. Easter,which Catholics and consequences forsociety,in- the devastating effects of the be different in developing Thepope observed along “The Catholic Church is the Protestantsobserved on Sun- cluding religious life. pandemic, on the economy as countries. silenceinlieu of ahomily at most stable institution in the dayand OrthodoxChristians “Wedonot knowwhat will well as public health, could “In AfricaorAsia, youcould MassonSunday, but after- world; it’sgot a2,000-year will celebrateonApril 19,isthe be our lifeafter the lock- weaken religious faith in some imagine an upsurge of healing ward,inhis traditional Easter historyofcontinuity,” said the holiest dayonthe Christian down,” said Bishop Broderick parts of the world. movementsand healing message“to the city [of Rome] Rev. John O’Malley,achurch calendar,when the faithful be- Pabillo, leader of the Catholic “For the West, this could be churches when all kinds of sec- and the world,” the pope con- historian at Georgetown Uni- lievethat Jesus rose from dead. Archdiocese of Manila, in his a really catastrophic blow for ular medicine have failed,” he soled victims of Covid-19, the versity. “It’s lived through all Under restrictions imposed Easter messageonFriday. “We institutional religion,” said said, recalling the rise of such respiratory disease caused by kinds of upheavals and some- in response to the pandemic, will rise up,hopefully not to Philip Jenkins, a professor of movementsinAfricaduring the novel coronavirus,and howorother has survived. So millions marked the dayin go back to our former way of historyatBaylor University, the 1918 influenzapandemic. thanked health-care workers. this is not the end of every- isolation at home,unable to life...We will rise up with who noted that the 2008 eco- In another view, the lock- Thepope called forforgive- thing.The church is agood receiveCommunion but in greater trust in our God, who nomic crisis wasfollowedbya downs are an opportunity for ness or reduction of the debt symbol of that.” many cases watching their never leaves us and who sus- sharp decline in religious affil- Christian leaderstostress owedbypoorer countries,the —Ian Lovett contributed priests or ministers on TV or tains us in difficult times.” iation among Americans.Mr. their teachingsonsocial jus- relaxation of international to this article. Beijing Offers Tax Breaks for Exports of Some Wild Animals

BY KATE O’KEEFFE produces nonpartisan analysis AND EVA XIAO formembersofCongress. But the move to encourage Chinese authorities have wild animal sales abroad,

GES shut down domestic wild-ani- while banned at home, “could

IMA mal tradersonfearstheir spread the risk to global mar- goods sparked the coronavirus kets,” the report said. GETTY pandemic.Now officials are China is amajor exporter of SE/ offering tax incentives to the medicines and medical equip- multibillion-dollar animal- ment, but the newtax incen- products industrytoship tives made no mention of ANCE-PRES

FR some of the creatures over- goods in short supply during seas,according to Chinese the pandemic,including per- GENCE government documents. sonal protectiveequipment for /A China’sNational People’s medical workers. SELS CongressonFeb.24imposed a China’sFinanceMinistry WES ban on the sale and consump- didn’t respond to arequest to

JOHN tion of wild animals in the comment. Neither did the Chi- The outbreak isn’t yet at an end. Above, an Ebola treatment center in Bunia, Democratic Republic of the Congo, in November 2018. country. “The prominent prob- nese Embassy in Washington, lem of recklessly eating wild D.C. Manycountries,including animals and its potential risk China and the U.S.,haveput CongoFaces Setback in EbolaFight to public health have aroused export restrictions on medical- wide public concern,” a equipment exportsdue to spokesman said at the time, global shortages. BY JOE PARKINSON break canformally be declared bracing forthe next stageof by locals who thought they according to state media. China’sexportsofwild ani- AND NICHOLAS BARIYO exhausted. Aid agencies the coronavirus pandemic. were part of a Western plot. Less than amonth later, mals and animal partsare mi- warned Congocould nowface Last year,the spread of Eb- At one point DoctorsWith- China’sMinistryofFinance nuscule compared with the ModesteBakwanamaha was a“triple emergency” as au- ola seemed unstoppable in out Bordersand other foreign andtax authority said they vast volumes of goods China expecting to spend Easter thorities dealt with lingering Congo, a nation bedeviled by aid groups pulled their staffs would raise value-added tax ships abroad. China’sliverep- Sundayleading the Demo- cases of Ebola even as it mobi- conflict, poverty and corrup- out of the towns as treatment rebates on nearly 1,500 Chi- tile exports—which arealmost cratic Republic of Congoin lizes forasurge in the corona- tion. Theinfection is lesscon- centers were torched. nese products, including offer- entirely edible reptiles—gopri- celebration as he formally de- virus alongside the instability tagious but considerably more One of the women who re- ing a9%rebateonthe export marily to Vietnam, with more clared the end of the world’s and violencethat has racked deadly than coronavirus,with mained was Pamela Kiyangal- of animal productssuch as edi- than $1 million of sales in total second-most-deadly Ebola out- swathsofthe countryfor 66% of cases resulting in iya, part of asmall band of ble snakes and turtles,primate during Januaryand February break.Instead, the mayorof more than a decade. death. Lengthyexperience survivors-turned-health-work- meat, beaverand civet musk, of this year,according to China Beni, the town at the epicenter CongoonSundayreported with Ebolaand other infec- erscalled the Guardians of the and rhino horns,aChinese customs statistics tabulated by of a two-year battle against a that thenumber of confirmed tious disease emergencies like Ill, who became firstrespond- government document shows. Trade DataMonitor. disease that has leftalmost coronavirus cases rose to 234 HIV/Aids and malaria is one of erstoEbola patientsinCongo. China’s economy is strug- Even small amountsofex- 2,300people dead, spent his with 20 deaths,just afraction the reasons whyacluster of Their previous infections glingamid aglobal downturn portscould pose arisk,should day visiting the bodies of the of the numbersinwealthier na- meant they were the only peo- and aprolonged trade war wild animals provetobethe first new Ebola victims in al- tions likethe U.S.,now the epi- ple who could treat the ill with the U.S. Thegovern- source of pandemics,assome most two months at aclinic center of the pandemic.Yet the Aid agencies warn safely. ment’snew taxincentives are Chinese reportssuggest. The that hasalready been repur- countryhas only 65 ventilators “The people of Butembo fi- tied to abroad array of ex- U.S. wasthe biggest importer posed forfighting anew en- for80million people spread the country could nally understood the Eb- ports, designed to support of China’sanimal productsused emy: coronavirus. over aland massthe sizeof now face a surge in ola virus was real when there Chinese industries from steel in pharmaceuticals,such as TheWorld Health Organiza- Western Europe.The govern- were alot of deaths among and construction to agricul- civet and beaver, buying around tion unexpectedly reported ment is facing an ultimatum the coronavirus. us,” said Ms.Kiyangaliya, who turalproducts, according to a $865,000 over Januaryand two newcases of Ebola in Beni from health workerstoim- treated hundreds of infected report by the U.S. Congressio- February2020,according to on Fridayand Sunday, dashing provetheir payorrisk astrike people aftershe recovered nal Research Service, which the data. hopes that the outbreak, by mid-April. Amid dwindling from the disease.“Themost which began in August 2018, exportsearnings, Congo, the African authorities are better important thing wastointe- could formally be declared world’stop source of cobalt, prepared for disease epidem- grateussurvivorsintothe re- over on Sundayafter two in- could tumble intoadeep reces- ics than some outsidersmight sponse and involvethe pastors cubation periods, or 42 days. sion, the World Bank has assume.“Youcannot call your- at church to communicatepro- S Thenewsisablowfor the warned. Cobalt is akey ingre- self asoldier if youhavenever tective measures.” doctors, government officials dientinelectric-car batteries. been to war,” said Dr. Diafuka Ms.Kiyangaliyahas re- PRES and volunteers who have bat- The government is in talks Saila-Ngita. “Wehavebeen to turned to her old job as ahair- ZUMA tled thefirst Ebola outbreak with the International Mone- warwith this disease with our dresser, running a salon from inside an active conflict zone tary Fund foranemergency small army.” her home in Butembo. OPI/ A/R perched next to the porous bailout. Halting the spread has been “Weweresupposed to be RET

borders of three nations. Congolese doctors, manyof apunishing grind that fre- celebrating,but nowI’m wor- AC

The setback, which under- whom have already shifted quently lurched intoviolence. ried,” she said. “What are the PIS

scores howdifficult it is to from working on Ebola to the Health-careworkersfound authorities doing about it? We ONIO

eradicateavirus,means it will coronavirus,say their coun- themselves targeted—both by still don’t know.” ANT likely take another couple of try’sexperienceoffersles- militias that have ravagedthe —Julia Steers China said it would offer tax incentives on the export of some months to be surethe out- sons—and hope—for aworld area fornearly 25 yearsand contributed to this article. Chinese products including civet musk. Above, a civet cat. Mexican Leader Resists Economic Relief for Businesses

BY ROBBIE WHELAN taxbreaks or other kinds of lowinrelations between Mex- As measures restricting shop,this drycleaner,toall roughly $1,000 each to house- help forbusinesses,saying ico’sleader and much of its work and mobility begin to the people who earn their liv- holds and businesses with MEXICOCITY—ManyLatin those policies amount to a businesscommunity.Mr. López cause steep job losses,the ing day-to-day, with their ser- fewerthan 10 employees. American countries arean- handout to the rich. Instead, Obrador has already cast doubt country’sleading business vices, with their efforts,” said Themoves stand in con- nouncing hefty support pack- he wantstofocus the govern- on the security of capital in- chamberrecently asked the Carlos Salazar,president of trast to other Latin American ages to keep businesses afloat ment’said on the country’s vestmentsbycanceling large government to offer alarge- the business chamber. countries embarking on more during the economic downturn poor, including Mexico’s vast private-sector projects, includ- scale program of federally So far,Mr. LópezObrador aggressivestimulus to counter from the coronavirus.But underground economyofing anew airport under con- guaranteed loans to keep work- hasn’t agreed to anyofthe pro- the economic hit. Mexico’s nationalist leader is street vendors. struction outside MexicoCity ersemployed, and to defer posals,businessleaderssay.In “The authorities seem to be giving theprivatesector the “Why do the poor come and abeer plant in the north- taxesand employersocial-se- aspeech Sundaylaying out his underestimating the economic cold shoulder,leading to grow- first? Because we must show ern stateofBaja California. curity contributions until the plan to counter the pandemic’s impact of theviral pandemic ing friction between the gov- humanity,wemust showsoli- Businessownersworrythat worstofthe pandemic passes. hit, he ruled out taking on more and the need foradeeper re- ernment and businessinthe darity,” Mr.LópezObrador without government support, “We’vetried to giveour debt or anybig jump in spend- orientation of fiscal policy,” Al- U.S.’s largest trading partner. said Tuesdayinhis morning Mexico’seconomycould suffer supporttothis problem, to ing,including private-sector bertoRamos,Goldman Sachs’s President AndrésManuel press conference. through adeeper downturn as this beauty salon, to this little credit. Instead, he offered sev- chief economist forLatinAmer- LópezObrador has ruled out Thecommentsmark anew a result of the pandemic. stationerystore,this corner eral million small loans of ica, said in anotetoclients. P2JW104000-2-B00100-1------XA BUSITECHNOLNEOGY: FACEBOOKSS’S AD RATES&FFALL AS VIRUSINCRIMPS SPENDINGANB4 CE

© 2020 Dow Jones & Company. All Rights Reserved. ** THE WALL STREET JOURNAL. Monday, April 13, 2020 | B1

Last Week: S&P 2789.82 À 12.10% S&P FIN À 19.12% S&P IT À 10.59% DJ TRANS À 12.75% WSJ $ IDX g 1.65% LIBOR 3M 1.219 NIKKEI 19498.50 À 9.42% See more at WSJ.com/Markets Large Tech Companies Hunt for Talent

Pandemic sets off Inc.’sGoogle and Amazon.com nology recruiters say. teams as it tries to combat tional résumés, asign the Prashay Deo, a 29-year-old Inc.are pursuing software en- “This is agreat time” for misinformation and focus on companymay be looking to in Austin, Texas,isamong search for software gineers, data scientists, prod- some of the industry’sbiggest social issues such as election hire additional students, said those considering tech giants engineers, scientists uct designersand others. players,said Martha Heller, integrity,said Miranda Kal- Drew Pascarella,associate forhis next opportunity.Until Facebook Inc. says usage has chief executiveoftech recruit- inowski,avicepresident of re- dean of M.B.A. programs at last month, Mr.Deo worked as at Apple, Google spiked during the coronavirus ing firm Heller Search Associ- cruiting at the social-network- the school. Theschool is send- acity launcher forthe buzzy crisis and it is committedto ates, noting that stability is a ing company. ing 12 M.B.A.s from the class SanFranciscorental startup BY CHIP CUTTER policing platforms ahead of selling point now. “The big, Apple hired aggressively of 2020 to Amazon. Thecom- Sonder,anAirbnb-likecom- AND PATRICK THOMAS the 2020 presidential election, 500-pound gorilla has always during the financial crisis,cur- panysays as of April 10 it had panythat last year hit abil- so it will hiremorethan come in and hired from rent and former employees 20,000 open tech jobs. lion-dollar valuation. Mr. Deo The biggest players in tech 10,000 people this year for smaller,less-stable compa- say, and Chief ExecutiveTim “Given thelevel of uncer- traveled the world, helping to arehoovering up talent in the critical roles on itsproduct nies—you’rejust seeing the Cook has indicated in commu- tainty we face, working for quickly hirestaffersand midst of the coronavirus pan- and engineering teams. beginning of an increase in nication with staff that it will Apple,with its$200 billion launch rentals in places such demic. Thecurrent moment may that.” do so again, according to peo- cash pile,orAmazon, which as Dubai and Vancouver, Brit- As some of Silicon Valley’s givewell-capitalized tech com- Facebook is hiring design- ple close to the company. can deliver the world to a so- ish Columbia. Theposition most-promising startups lay panies achancetopoach ers, researchersand engineer- Amazon in March reached cially distanced customer “was adream come true,” Mr. off workers and others freeze skilled workerswho until re- ing talent, along with profes- out to Cornell University’s SC base, seems more comforting Deo said. Last month, he was hiring,established companies cently were gravitating to sionalstowork in itspolicy, Johnson GraduateSchool of than working forastartup let go with hundreds of others. including Apple Inc., Alphabet smaller upstarts, veterantech- legal and global operations Management, requesting addi- burning cash,” he said. PleaseturntopageB4 Airlines Hesitate Over Terms Of Aid

BY ALISON SIDER AND KATE DAVIDSON

The $2 trillion stimulus package passed last month in- cluded everything airlines re- quested, and some restrictions they find difficult to swallow. Theaid offer includes $50 billion, half in direct payroll assistance and half in loans andloan guarantees.But the $25 billion to paysalaries and benefitsthis summer comes MBLE

GA with morestringsthan the

& largest airlines were hoping for. TreasurySecretarySteven OCTER

PR Mnuchin told chief executives P&G makes nearly 30% of the U.S.’s toilet paper.Its plantinAlbany, Ga., has raised production even as it tries to protect its workers in acityhardhit by the newcoronavirus. of the largest airlines Friday that 30% of that money is to be repaid and that they will As Virus ImpactGrows,Factory KeepsGoing need to offer stock warrants on about 10% of the loan amount, which the BY SHARON TERLEP per with close to 30% of the have died as of Sunday. More tory have been through rough that this is going to be abig government could convert to market. Thesprawling Albany people have died in the county stretches.Albanyhas among deal. Then the floodgates shares later. Almost everyday an em- factory, one of six that make than in Fulton County,which the state’shighest ratesof opened and everyone realized That surprisedsome airline ployee at Procter &Gamble toilet paper,isP&G’ssecond- includes Atlantaand has apop- crime and poverty.In2018,a the seriousness.” industryofficials who had Co.’splant in Albany, Ga., atown largest U.S. plant. It makes ulation morethan 10 times hurricane wiped out powerfor Thestate of Georgia and the believed the money would be with one of the nation’shighest productsthat generateroughly larger. days to thousands in the com- U.S. Department of Homeland in the form of grants, accord- ratesofcoronavirus,learns that $1.3billion in annual sales,ac- Health officials tracethe munity.Ayear beforethat, a Security consider the plant an ing to people familiar with someone close has become seri- cording to the Georgia Manu- spread of coronavirus in Albany tornado leveled the warehouse essential business, so it has re- those discussions. Airline ex- ously ill or died of Covid-19. facturingAlliance. to alate-Februaryfuneral that at theP&G complex. mained open as offices,shops ecutives spent the weekend Thereislittle time forconso- Thefactoryhas ramped up drew morethan 100 mourners, Around the same time Mr. and restaurantsclose through- discussing concerns with an lation between co-workers. They production by 20% of both toi- including aman who later died Dorough waslearning of the out the rest of the state. industrytrade group and seek- areall racing to churn out one let paper and paper towels, of Covid-19,the illnesstied to firstdeaths in his town, execu- Demand fortoilet paper shot ing to negotiateadjustments of the most in-demand products even as it revamps itsopera- the newcoronavirus. tives at P&G’sCincinnati head- up in the outbreak’sinitial to those conditions with the in America: toilet paper. tions to keep itsroughly 600 In mid-March, AlbanyMayor quarterswerestrategizing weeks,doubling in the second TreasuryDepartment, federal “It’salot quieter herethan it workershealthy. Among other Bo Dorough received word from about howtoramp up produc- week of March, according to officials and airline industry used to be,” said John Patterson, measures,ithas instituted pre- county health officials that a tion. Thecompanyhad already Nielsen. leaders said. a16-year veteranofthe plant, shifttemperaturechecks and few residentshad tested posi- mobilized safety plans in the Beforethe surge,Americans Treasury Department offi- which makes Charmin toilet pa- staggeredstart times.P&G de- tive forcoronavirus.Officials U.S. that it had previouslyput spent roughly $9 billion ayear cials defended the terms of per alongside Bounty paper tow- clined to comment on whether thought the cases were isolated in placeinChina, the com- on toilet paper.The internet the assistance. els.Workers, who must stay 6 employees have tested positive. instances.“We thought it was pany’ssecond-largest market. flooded with memes and jokes “We’veattempted to treat feet apart, console one another Theplant sitsinamidsize an anomaly,” Mr.Dorough said. “I started to realize, this about toilet-tissue scarcity,as everyone equitably and do not over headsetsand on video calls. town of 75,000 people ravaged “But afterthose three deaths, isn’t going to skip over us,” well as tales of serious panic. intend to getintoindividual P&G, which produces house- by the newcoronavirus.More thingsjust started to cascade said RickMcLeod,who over- P&Gadded aprerecorded mes- negotiations that would re- hold staples from Tide deter- than 1,150people have tested downward and it hasn’t sees product supply forP&G’s sagetoCharmin’stoll-free line quirechanges acrossthe gent to Pampersdiapers, is the positiveinDougherty County, stopped since.” family care unit, which includes specifically forpeople hunting methodology,” Brent McIntosh, biggest U.S. maker of toilet pa- whichincludes Albany, and 72 Thecommunity and the fac- toilet paper.“Therewerecues PleaseturntopageB2 the Treasuryundersecretary for international affairs, said in an interview Sunday. STREETWISE | By James Mackintosh Other conditions to the aid INSIDE includeablock on laying off workersorslashing salaries until October,and require- Downturn Threatens to Scar aGeneration mentsthat airlines maintain a Cy certain level of service to the The coro- Aftercrashes such as in 1929,1974and 2000,itcan takestocks sensitive to economic news cities in their networks. They navirus pan- along time to regain their prior peaks. because their experience is must also refrain from buying demic will much shorter than for an back shares or paying divi- eventually be S&P500,monthly older person who has been dends, and agree to limits on behind us, 3125 through bad times before,” executive compensation. Air- maybe soon, says Stefan Nagel, a finance /REUTERS lines haven’t raised objections RD

maybe not. Either way, the professor at the University FO to those requirements.

scars will long persist for an of Chicago Booth School of OX Unions that pushed forpay- 625

entire generation of inves- Business. “It’s this younger NICK roll grantssaid requiring some tors and future managers generation that over the next of the funds to be repaid could now living through what is year will tend to be more ENERGY lead to layoffs and burden air- rapidly becoming the deep- pessimistic about returns lines with more debt, making 125 Young shale CEOasks est downturn since World and risky assets and choose Texastocurb their path to recovery more War II. more conservative portfo- uncertain. Investors in their forma- lios.” oil output as pandemic “Thisiswrong,this is not tive years have just discov- 25 Prof. Nagel and Ulrike cutsprices. B3 what the bill intended,” said ered that stocks come with Malmendier, a finance and Sara Nelson, president of the big risks attached. Unless economics professor at the union that representsflight

there is a rapid recovery— University of California, S attendantsatUnited Airlines 5

the V-shaped economic Berkeley, also found that NEW Holdings Inc.and several bounce many are hoping 1900 ’20 ’40 ’60 ’80 2000 ’20 long-term attitudes toward G other airlines. for—these investors could Note:Dataare plotted on alogarithmic scale to showchanges in the indexproportional to its value. risk are affected by the per- Mr. McIntosh, who is coor-

take 2020 as their reference Source:Prof. Robert Shiller,Yale University sonal experience of investing OOMBER dinating the Treasury’sairline point for bad news and have when younger. Those who assistanceprogram, disagreed

a lower appetite for risk concern than the debilitating markets can linger in the started out with years of ANCA/BL with that interpretation. “It’s throughout their lives. That effect on workers of a long minds of those hit hard by poor equity performance clearly consistent with the law

means holding less in stock spell of unemployment, the them long after they have tended to avoid stocks, while VILLAFR Congress passed,” he said.

but also that as they advance threat of faster deglobaliza- sunk into the history books those who grew up in better AY Thelaw gives the Treasury

through the corporate ranks tion, the potential political for everyone else. In the times were less influenced VEEJ secretary discretion to deter- they put less company pressure for more govern- short run, the scale of the by a turn for the worse in mine what constitutes appro- money into uncertain proj- ment spending and higher loss is also likely to encour- markets. HEARD ON THE priatecompensation, and spe- ects, hitting future invest- taxes, let alone the grand age caution among those It isn’t just private inves- STREET cifically refers to warrants, ment; fewer may opt to take scale of the debt being taken with less financial experi- tors whose approach to risk Vulnerable supply options,preferred stock,debt the big financial risk of set- on by both the public and ence about returning to the is shaped by early personal securities,notes or other fi- ting up their own businesses. private sectors. market, just as it did in experience. Prof. Malmendier chains put pressure nancial instruments. This sort of financial scar- But studies have shown 2009. and others found that chief on food. B10 To determine what the gov- ring is less of an immediate that the impact of big bear “Younger people are more PleaseturntopageB5 PleaseturntopageB2 P2JW104000-0-B00200-1------XA

B2 | Monday, April 13, 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 General Electric...... A1 Pony.ai...... R3 License to Print MoneyIsonaRoll Abbott Laboratories...A6 General Motors.....A7,R3 Procter & Gamble...... B1 Alibaba Group Holding Goldman Sachs Group Qualcomm...... R2,R9 R2 A4, B9 S BY JOE BARRETT Ally Financial...... B9 GoPro...... A7 Samsung Electronics Alphabet.....A4,B1,B4,R2 H - I R3,R9 Billy Leewas making chicken Amazon.com...... B1 Hasbro...... B4 Semiconductor Apple...... B1 Huawei Technologies Manufacturing marsala and texting aneighbor AT&T...... R5,R8 R1,R4,R9 International...... R3 when they both realized they B Huawei Technologies ...... Service Corp. had something the other International...... B10 Baidu...... R2 Intel...... R8 wanted. Smithfield Foods...... B3 Bank of America...A4,B9 InterDigital...... R2 Sprint...... R5 So they met at the fencebe- Bausch Health...... A7 International Business tween their backyardsinJack- Machines...... R3 Starbucks...... A1 Berkshire Hathaway...A7 son, N.J.,and Mr.Lee used a Berry Global Group.....A7 J T Taiwan Semiconductor mechanical grabbertopass C J.B. Hunt Transport Manufacturing...... R3 over aheaping plateofthe dish Services...... A4 Cellular Operators Telefon L.M. Ericsson Johnson & Johnson....A4 coveredinfoil. Then, he re- Association of India.R4 R2,R4,R5 JPMorgan Chase ..A4,B9 trieved something even more Chevron...... A4 T-Mobile US...... R5,R8 Cisco Systems...... R2 M - N Twitter...... B4 valuable from his neighbor: a Citigroup...... B9 Marriott International U 12-packoftoilet paper. CrowdStrike Holdings.B4 A4 “I think it wasagreat trade,” D United Airlines...... B1 Mattel...... B4 UnitedHealth Group...A4 said the 30-year-old manager of Delta Air Lines...... B2 Microsoft...... R2 V afondue restaurant. “They Didi Chuxing Technology Morgan Stanley...... B9 were big rolls—likeindustrial R3 Motorola Solutions..A10 Verizon Communications R5,R8 size. It works forme.” E - G Nippon Telegraph & Telephone...... R8,R9 Vistabeam...... R8 As Americans have stocked Electronic Arts...... B4 Nokia...... R2,R4 W up to hunker down during the Energizer Holdings.....A7 coronavirus pandemic, the Y EOG Resources...... B3 O- Q Wells Fargo...... B9 Z humble roll of toilet paper re- MIL

Exxon Mobil...... A4,B3 Occidental Petroleum.B3 FA Facebook...... A4,B1,B4 Parsley Energy...... B3 ZTE...... R4 mains one of the hottest com- FedEx...... A1 Pivotal Commware.....R5 Zynga...... B4 modities at thesupermarket.

Onceanitemtossed thought- GOLDMAN lessly intoshopping carts, it has Alyssa Goldman, a 10-year-old Girl Scout, sold hundreds of boxes of cookies with this unusual offer. become hardtoget as people INDEX TO PEOPLE hoard. line,and Ms.Pachowiczsaid ingoverthe same customers,” set up shop at ahardwarestore That hasraised itsprofile to shehad been trying forafew he said. and acraft store—and the A Godement, François....R4 N near luxurystatus and made it yearstopersuade her to give Manufacturerssay they are cookies sold likehot cakes— Aramaki, Yuzo...... R9 H Nakamura, Taiji...... R8 asort of currency—likesalt in her aparticular print dress, ramping up toilet paper pro- thanks in part to the 28 rolls of B Heller, Martha...... B1 Neville, Alexis...... B4 ancientRome or cigarettesin which retails for$100 to $120. duction, butpeople arestill toilet paper the family donated Barr, William...... R2 Herrera, J.C...... B4 P prison. So Ms.Pachowicztook the buying it at afast clip.Since to the cause.Sureenough, Girl Berdichevskiy, AndreyR3 Herskind, Nikolaj...... R3 Pangalos, Mene...... A6 This canlead to some rough offer.“If worsecomes to worst, people aren’t actually using Scouts of the USAonMarch 16 Binetruy, Bernard...... A6 I Pascarella, Drew...... B1 negotiating. in liketwo days,I’ll getmore more, supply and demand will recommended the shutdown of Bock, Laszlo...... B4 Iyer, Krish...... R5 R Edyta Pachowiczwas on the toilet paper,but I’ll have the eventually balanceout, analysts all face-to-facecookie sales. phone last month with afriend dressforever,” she said. say. Most of theTagalongs, Sa- C J Rezza, Giovanni...... A6 Calhoun, David...... A2 Jaishankar, Jaishankar Roland, Emily...... A1 who had been out of town and “She went down to the one In early March, Leslie Gold- moas and Thin Mintswere wasdesperately trying to find roll, but she gotthis great man had 600 boxesofGirl gone.“We sold all but 18 boxes, Chen, Jay...... R4 R4 S Coleman, John...... R5 Jielong, Duan...... R4 toilet paper. dress,” Ms.MacPhee said. “It Scout cookies on her dining which we obviously areeating,” Sa, Paul de...... R8 Cook, Tim...... B1 K Ms.Pachowicz, a45-year-old wasafair trade.” room table and afear that Ms.Goldman said. Shalett, Lisa...... A4 Cosby, Louise...... A6 Kania, Elsa...... R3 artist in LosAngeles,had a12- Manyrestaurantshave cookie booths would soon be When he made the Chicken Sheffield, Bryan...... B3 pack,but considering the needs startedgiving out rolls of toilet shut down by the virus. Marsala trade,Mr. Leewasn’t D Katagiri, Yoshihiro...... R9 Skilton, Mark...... R5 Dimon, James...... B9 Kuoppamaki, Karri...... R5 Stankey, John...... R8 of herself and her little boy, she paper with their takeout or- “Needlesstosay,wewere quiteout of toilet paper,but he Doll, Bob...... A4 Kwok, Robby...... B4 Sullivan, James...... R4 said, “I cangiveyou one roll.” ders—as kind of areverse tip kind of likepanicking,” said Ms. wasgetting close. Herfriend, Dalia MacPhee, fortheir customers. Some peo- Goldman, a40-year-old stay-at- Now, Mr.Lee is in good E L T hesitated foramoment, Ms.Pa- plereally need the rolls,others home mom of three in Highland shape, but he suspectshis Echevarria, Rick...... R8 Larsen, Matt...... R8 Taylor, David...... B2 Lewis, Jim...... R3 chowiczsaid, then made an of- appreciatethe novelty. Township,Mich. neighbor might have moreto Ernst, Ricardo...... R5 Triolo, Paul...... R2 fer: “Listen, here’swhat I’m go- Justin LaRocque, co-owner So sheand her 10-year-old trade.“Ihavethis hunch that Esper, Mark...... R4 M V ing to do.IfIleave youwith of the Spud Jr., apub in East daughter,Alyssa, decided to of- my neighbor has moreand he’s Malladi, Durga...... R5 F Vestberg, Hans...... R5 Mathews, Rajan...... R4 oneroll, and yougivemethe Grand Forks,Minn., gives out feraroll of toilet paper as a just waiting to find out what I Farm Saechou...... R8 Mavrakis, Dimitris...... R2 W rest, I’ll giveyou the dress.” rolls with take-out ordersover sweetener with everyfiveboxes cook next, which would be G McLeod, Rick...... B1 Wang, Dan...... R2 Ms.MacPhee,43, is ade- $25 whenever he’sable to get of cookies. strangely diabolical, but Ire- Gallagher, Matt...... B3 Muilenburg, Dennis....A2 Whitty, Chris...... A6 signer with her ownclothing them in stock.“We’reall fight- Over the next few days,they spectthe move,” he said.

tricately pieced-together parts, Abig toilet paper operation rus’sspread. wasinher early 40s.Earlier their shifts.Start times and Factory which costsbillions of dollars could churn out afew million P&GCEO David Taylor, that day, he learned that an Al- lunchbreaks arestaggered to and takesmonths to build. individual paperrolls aday, whose early career included a banyemployeelost their father. avoid lines at the doorsorpeo- Bathroom tissue begins with with that number varying sig- three-year stint in the 1980s as “The morewecan serveour ple sitting close on breaks.The Ramps Up wood chips that areturned into nificantly based on howmany an operations manager of the consumersthe betteritisfor cafeteria has no salad bar or pulp.The machinerycleans the lines the factorydevotes to toi- Albany factory, directed acor- everyone,” he said. “Ifthey can open food, just prepackaged pulp and feeds it through mas- let paper and the type and size poratejet to be sent to Georgia just see some product in the options. Team meetingsare ItsOutput siverollersthat soak out any of each roll, said Mr.Rager of to retrievethe workersand store, it will help.There’sa generally held over video,even water. Thepulp is then chemi- Fastmarkets. take them home to Missouri sense of pride of being able to if everyone is at the plant. cally whitened and then spread Quickly changing over aline and Pennsylvania. deliver that thing that’sso Mr.Patterson, the P&Gplant ContinuedfrompageB1 on ascreen and put through a or adding production at an- needed right now.” veteran, said the hardest thing fortoilet paper. hotdryer,emerging as adeli- other factorywasn’t an option Increasing production while is having to maintain distance While Americans aren’t us- cate sheet of paper that gets forP&G.But in Albany, P&G Raising production keepingworkerssafeisachal- from friends and family who ing moretoilet paper amid the rotatedintoaspool. Asingle had an idled pieceofequip- lengefor manyU.S.employers, arestruggling. pandemic,they aregoing spool canhold close to 50 miles ment that, if put to use,could while keeping from meatpackers to factories “In other times we could be through substantially moreat of paper,which is then em- increase volume. workers safe is a making hospital ventilators. theretoconsole folks in their home.The thin, scratchytissue bossed both foraesthetics and Setting up the equipment to P&Ghas started producing face time of need, really displaythat found in officebathrooms and to thicken the sheets. help makethe current product, challenge for many. masks and hand sanitizer for Southern hospitality,” he said, public restrooms is different Aseparatemachine con- and staffing it with workers itsemployees,aswell as for recalling the aftermath of the enough that it is generally built structscardboardintotubes trainedtouse it, would typi- medical workers. hurricaneand tornado that hit at separate plants—with differ- roughly five-feet long.Two cally take months forAlbany’s Overtime is eschewedbe- Albany. His wife, who is afur- ent supply chains—and can’t be sheetsofthe finished paper are team of 10 technicians. Mr.McLeod, the P&Gexecu- cause putting workersonan loughed nurse,isteaching their redirected to storeshelves combined to maketwo-ply tis- So P&Gsent ahalf-dozenen- tive, also started his career at extrashiftwith adifferent crew five children at home since overnight, said analyst Jona- sue,which is then wrapped gineersfromother plantsto the Albanyplant and lived there exposes morepeople should schools shut down. than RagerofFastmarketsRISI, around the cardboardtubes.A help.The equipment wasoper- nearly adecade.His voice someone become infected. If a Work,hesaid, is aconsola- an analytics firm specialized in machine seals the roll with a ational within two weeks,but cracked as he talked about are- worker becomes ill, their entire tion.“We’vebeen able to de- the pulp and paper industry. light glue and then acircular the companyhad another prob- tiredtechnician, in her late60s, team goes intoquarantine. livermorethan I’veeverseen Making toilet paper in bulk sawcutsthe long roll intobath- lem. Theengineers’ return whom he supervised in his P&G, at allits factories in- us do before,” he said. “Please requires amassivemachine,a room-sized rolls that arepack- flightshad been canceled as early days who died of Covid-19, cluding Albany, checks workers’ let folks knowthat Charmin is four-story-tall collection of in- aged and loaded fordelivery. airlines shut down amid the vi- along with her daughter,who temperatures at the start of on the way.”

Airlines The Virus Destroying 10 Minute Hesitate Smartphone Sanitizer Over Aid Quick, easy to use, and provides alittle morepeaceofmind. ContinuedfrompageB1 —Gloria, NY ernment should receivefor providingpayroll assistance, Special Offer Treasury Department officials analyzed what portion of the S $20OFF funds would ultimately benefit PRES any purchase of $99 or more

U.S. taxpayers—for example, TED use code WSPHONE through taxescollected on the by 6/21/20 OCIA #95371 funds and savingsonunem- SS ployment benefits that would /A

have gone to laid-off airline WMER

workers. BO

Mr.McIntosh said Treasury RICK officials determined that the U.S. carriers have slashed flying by some 70%. Above,aticket counterinSalt LakeCityinlateMarch. government should receive compensation forabout 30% some of which hadn’t yetre- homebound, and governments other aviation workers cham- of the aid. Treasuryofficials ceived terms—said some air- have closed off international pioned the grants, arguing planned to have further dis- line officials were takenaback borders. Passenger volume has that they would protect work- cussions with some airlines by the terms offered to the dropped 95%. ers and keep jobs intact. Monday. Once companies de- majorairlines.“Therewas U.S. airlines have slashed Republicans and some Dem- cide whether to accept the some surprise therewould be flying by some 70%, and the ocratswereinitially reluctant •Helps reduce the risk of spreadinggerms government terms,officials aloan component of agrant remaining flightsare often to sign off on what they per- withyour smartphone expect they can get money to element of the law,” Mr.No- nearly empty.Thousands of ceived to be a bailout. The fi- carriers quickly. vaksaid. airline workershavevolun- nal approved wording of the •UV-Clight destroysupto99.9% of viruses, Theagreementswould stip- TheTreasuryDepartment teered for unpaid leave. legislation wasprecise and bacteria, and germs ulatethe conditions under said Fridaythat small airlines Providing airlines acash in- fiercely debated,with lawmak- •Charges your smartphone as it sanitizes which warrantswould convert in line for less than $100 mil- fusion has been contentious erssettling on aprovision that to stock,but officials were still lion won’t need to provide fi- sinceairlines firstraised the would allowMr. Mnuchin to Browse allour virus and in discussions with airlines nancial stakes or repayment in idea in March. take afinancial stakeinair- germ eliminatingsolutions over the weekend about the exchange for grants. Airlines wanted to avoid lines in exchangefor grants— exact contoursofthose terms. Even with government the bureaucratic hang-ups that but not require his doing so. Online: www.hammacher.com/phone TreasuryDepartment officials funds,airlines including made it difficult forthem to Unions and some lawmak- weren’t inclined to make sub- United and DeltaAir Lines access government loans after ershad urgedMr. Mnuchin not TollFree: 1-866-409-5548 stantivechanges to other Inc.had warned they will 9/11, and they wanted to avoid to demand equity stakes in terms. likely emerge from the crisis taking on moredebt that airlines, fearing that such George Novak,president of smaller. Travel demand has could cripple them when the terms would be so onerous Hammacher Schlemmer the National Air Carrier Asso- been decimated as the re- immediate crisis passes. that airlines might refuse the Guaranteeing theBest, theOnly, andthe Unexpected for 172 years. ciation, atrade group that sponse to the coronavirus pan- Labor unions representing money—something that could representslow cost carriers— demic has leftmanypeople flight attendants, pilotsand lead to layoffs or bankruptcies. P2JW104000-0-B00300-1------XA

THE WALL STREET JOURNAL. Monday, April 13, 2020 | B3 BUSINESS NEWS Smithfield Pork Plant to Remain Closed

Meatpacking facility is than half of all cases in the the continuity of operations to stocked if ourplantsare not ploys about 3,700 people and Other plantshaveslowed county.Smithfield’splant and feed the nation,” she wrotein running.” accounts for 4% to 5% of U.S. their operations,with some linked to 239 cases of other meatpacking facilities the letterwith Sioux Falls Smithfield’splant closureis pork production, according to employees falling ill and oth- Covid-19; CEO warns around the countryhave Mayor Paul TenHaken. part of adeepening conun- Smithfield, which is owned by ersstaying home forfear of emergedasCovid-19 hotspots, Smithfield’sChief Executive drum forfood companies that Hong Kong-based meat con- contracting the virus,orto of effects on farmers with unions and advocacy KenSullivan said on Sunday must balance workers’ health glomerate WH Group. care for children amid school groups warning that close said the plant would stay with the need to keep the U.S. The plant closure followed closures. BY JACOB BUNGE quartersfor workersonpro- closed afterapreviously an- food system working, and re- similar moves this month by The Trump administration cessing lines raises the risk of nounced plan to close for plenish grocery-store shelves JBS USA Holdings Inc., which is developing aplan to provide Smithfield Foods Inc. will infection. three days.But he warned that whilerestaurantsacrossthe temporarily closed a Pennsyl- coronavirus testsand other keep its Sioux Falls, S.D. pork Ms.Noem, South Dakota’s the 550 farmerswho supply countryremain shut. People vania plant that slaughters resourcestoU.S.food-process- plant closed indefinitely at the governor,acknowledged the plant will no longer have a delivering packages for Ama- cattle and produces ground ing plants, TheWall Street urging of the state’sgovernor, Smithfield’seffortstomitigate place to send their hogs, and zon.com Inc., working super- beef. Cargill Inc. also closed a Journal reported last week,to though the company’schief Covid-19’sspread among its that not operating the plant’s market checkout aisles and Pennsylvania beef plant, and help boost workers’ confi- executive warned of dire con- plant employees,but wrotein processing lineswill makeit staffing food plantsare per- Empire Kosher PoultryInc., dence and keep the food sys- sequences forfarmersand a letter to Smithfield that the harder to keep grocery stores forming what government offi- the largest U.S. kosher chicken temoperating.OnFriday, JBS consumers. company could do more. stocked with pork. cials and company executives supplier,closed itsPennsylva- said the federal and stategov- South DakotaGovernor “Asacritical infrastructure “We have a stark choice as call essential services,though nia plant early for the annual ernmentswould supply tests Kristi Noem on Saturday employerfor the nation’sfood a nation: We are either going fear for their own health and Passover holidaybreak.Tyson to itsGreeley,Colo.plant, called on Smithfield to keep supply chain and a major em- to producefood or not, even frustration with employers has Foods Inc.temporarily shut an wheregrowing levels of cases the plant closed after linking ployerinSioux Falls,itiscru- in thefaceofCovid-19,” Mr. led some to walk off the job Iowa pork plant afterabout have led to hundreds of work- it to 238 cases of the newcor- cial that Smithfield have a Sullivan said. “It is impossible and demand moreprotections. two dozenemployees tested ersstaying home,according to onavirus,representing more healthyworkforce to ensure to keep our grocerystores TheSmithfield plant em- positive. company and union officials. Oil CEOWantsTexas to Cut Output as Demand Drops

BY COLLIN EATON quet on the bleeding,” said Mr. He also has been an outspo- Gallagher,who believes that kencritic of natural gasflaring One of the youngest chief ex- without broad U.S. market inter- in West Texas,one of the indus- ecutives in the American oil ventions and access to capital, try’smost controversial prac- patchisslashing spending to America’sworld-leading oil pro- tices,calling it a“black eye” for surviveacrash in crude prices, duction could be halved to about the industrybecause flaring re- whiletrying to convinceTexas 6million barrels aday by 2022. leases carbon dioxide intothe to curtail output forthe first “We’re fighting forabase pulse atmosphere. time sincethe 1970s. in the American oil-and-gas in- Parsley’s shares have fallen GY MattGallagher,the 37-year- dustryfor the next few years.” about 62%fromthe start of the ENER old leader of ParsleyEnergy Mr.Gallagher’s emerging year as oil prices have fallen,

Inc., is working to conservecash leadership role is no surprise to compared with a56% drop fora ARSLEY and cut drilling to keep costslow those who knowthe third-gen- broad indexofU.S.oil-and-gas at hiscompanyasthe oil indus- eration oilman, aformer Indiana companies.Oil prices have tum- DURBIN/P

tryfaces one of the worstde- high school quarterback and bled 63% this year. ES

mand drops ever because of the football playeratthe Colorado Amid thepandemic,Mr. Gal- JAM coronavirus pandemic. School of Mines who wasnick- lagher has used virtual meetings Matt Gallagher,one of the youngestchief executives in the energy industry,atasiteinMidland, Texas. From his home in Austin, Mr. named “Smoothie” forhis calm with engineersand accountants Gallagherisalso trying to rally demeanor. to drill intocostsand other de- ergy industry. “I recognize, un- ruary. That should allowthe Mr.Gallagher is nowworking fellow Texas oil producers to Colleagues said Mr.Gal- tails,said BryanSheffield,Pars- fortunately,it’snot the time for companytohold net debt to less closely with the elder Mr.Shef- support amandatorycut in pro- lagher’s conservativeapproach ley’s executivechairman and that,” he said. than 2.5times pretax earnings, field on the effort to persuade duction, acontroversial idea in makes him stand out among previous CEO.Those,Mr. Shef- Mr.Sheffield pointed in par- Mr.Sheffield said. Texas regulatorstoback output an industry wherewildcatters bombastic Texas oilmen, as does field acknowledged, arethings ticular to Mr.Gallagher’s quick Mr.Sheffield, Parsley’s co- cuts. Theidea has drawnoppo- frownatgovernment interven- his attention to line-item details he likely wouldn’t have exam- decision in mid-March to hedge founder,poached Mr.Gallagher a sition from largercompanies tion,and one that has put his and preoccupation with costs ined as closely during his own asubstantial majority of Pars- decade agofromPioneer Natural like Exxon Mobil Corp., EOG companyatodds with several of and debt. One of his firstinitia- tenureaschief. ley’s crude production through Resources Co., the companyrun Resources Inc.and Occidental the industry’slargest drillers. tives sincebecoming CEO early Mr.Sheffield, aself-described 2020 and 2021. If oil prices re- by his father,Scott Sheffield. Petroleum Corp., which have TheRailroad Commission of last year wastoscrap plans to “deal junkie,” said he had fo- main in the low- to mid-$20s a Mr.Gallagher had atalent for said statewide cutswon’t lift Texas,which regulates the build an employeemeeting cused mainly on growing the barrel range, the value of Pars- explaining the nitty-gritty of the prices and would only disadvan- state’soil industry, is set to dis- room. Thedecision saved companyinits early days,a ley’s oil hedges could be more oil patch to generalists, after tage Texas producers. cussthe proposal on Tuesday. $300,000 in costsfor audiovi- strategythat has fallen out of than $1 billion, up from roughly traveling with the elder Mr. —Rebecca Elliott “It’saway to put atourni- sual equipmentalone. favorwith investorsinthe en- $350 million at the end of Feb- Sheffield on investor trips. contributed to this article.

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B4 | Monday, April 13, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Facebook Ad Rates Fall as Pandemic Crimps Spending

BY SAHIL PATEL newstrategic questions for manyadvertisers. Facebook Inc.’sadbusiness Facebook declined to com- is feeling the impact of the new ment, but said on March 24 that coronavirus. rising use of itsapps and ser- Even as people stuck in their vices wouldn’t protect it from homes spend moretime on so- expected declines in digital ad- cial media, advertisersare pull- vertising acrossthe globe.The ing back during the economic companyplans to report itsnext shocknow under way. quarterly earningsonApril 29. Facebook is trying to keep Thedropinadrates is mak- what spending it can, partly by ing Facebook advertisersdecide chasing ad budgetsthat were whether to take advantageby onceintended fortelevised reaching morepotential cus- sports, according to senior ad tomers—or by pocketing the agencyexecutives familiar with savingsheading intoanex- the matter. tremely uncertain economy. Karen and David Rosenthal of Long Island, N.Y., play online Rummy with their granddaughters, who live in Bannockburn, Ill. Prices in Facebook’sadauc- “Right nowthe cost is in the tionsnonethelessplunged be- advertisers’ favor,” said Doug tween Februaryand March, ac- Rozen, chief media officer of cording to executives at several Dentsu Inc.-owned ad agency Game Night Sees a Revival companies that do businesson 360i. “Wehaveclientsasking the platform. us if they should be spending to Thecost to put an ad in budget or spending to goal: front of Facebook users1,000 They mighthave$100,000 to As Classics Are Found Online times in March dropped 15% to reach 1,000 people,but because 20% from February, according media is cheaper right now, if to arecent analysis by one ad- they spend $100,000,they BY SARAH E. NEEDLEMAN sion of Scrabble. It shows ads vertising holding company’s might reach 2,000 people.” Some Basics to help streamline this process by that canberemoved by sub- buying group. “Our viewistospend to goal Playing boardgames and letting users invite their phone scribing to amonthly service Such ratesfell about 25% in right now,” Mr.Rozensaid. cardshas always been astaple Know About Before or social-media contacts to that costs$6.99 amonth or the same time frame forthe dig- Marketersmight need the pastime forfriends and family. You Begin Playing participate. $39.99 foraone-year plan. It ital marketing agencyWpromote But as we wait out the pan- Don’t want strangers crash- has several dozenother games, LLC,which said it manages demic,not everyone has access ing your party? Fortunately, but most aresingle-playerand morethan $130 million in an- Thecostof1,000 ad to their favoriteScrabble nem- The rules for the online most games allow you to cre- Ifound itsinterfaceabit tough nual ad spending on Facebook. esis or poker cohorts. versions of these classic ate a private experience with to navigate. Aspokesman for Thedecline was20% at 4C impressions in Fortunately,the internet of- games are the same or similar your friends by sending them a EA said the companyiswork- InsightsInc., amarketing tech- Marchfell 15%to fers arangeofclassic games to their analog equivalents. link or code that allows them ing to makethe platform more nologycompanythat helped that canbeplayedwith far- Most also call for the same to join you. responsivefor abetteruser ex- brands manage$350 million in 20% from February. flung opponents. All youneed number of players. Note that if you are using a perience. ad spending acrossmajor tech is amobile deviceoraweb In most cases, playing a smartphone or tablet, you are Zynga Inc.offersafree platforms including Facebook, browser,and manyoptions are game with people you know going to need a second device Scrabble-likealternativefor Instagram and Twitter Inc. free or sold at adiscount in requires each player to create to video chat to see your op- mobile devices, “Words With from JanuarytoMarch. money later in the year if the bundles. an account with the application ponent. But for laptop and Friends.” It has been around “I would characterizeFace- economyimproves and ad Giventhat classics such as and choose a username. computer gamers, getting formorethan adecade.The book ads as being quitethe prices leap,hesaid. Monopoly and Battleship were Next, search for each other away with just one might be gameplayand boardare simi- bargain right now,” said Aaron Facebook wasaccelerating designed forplaying with oth- by username and select an op- possible if your screen is big lartoScrabble,but with some Goldman,chief marketing offi- itseffortstoattract advertis- ersinperson, their online tion to connect or become enough to have two windows distinctions such as different cerat4C. ers’ TV budgetsthis year well counterpartsmight seem likea “friends.” Many applications side by side. point values forletters.It While prices were down, to- beforethe pandemic forced lessthan ideal substitute. But shows video ads and offers taladspending on Facebook sportsleagues to suspend play just as people areusing video- playersthe option to watch and Instagram through 4C was and delayedthe Olympics until chat apps to hold virtual happy who liveinLong Island, N.Y. likea“1935 Atlantic City” ver- moreinexchangefor virtual up 2% in March compared with 2021, depriving marketersof hours,you canuse these,too, His wife, Laura, is playing sion of Monopoly or additional currency to buy virtual perks. February, Mr.Goldman added. anticipated big,liveaudiences. to see your opponent cringe Mahjong with friends using an- versions of Clue characters Absent the pandemic,hesaid he But in March, Facebook pro- when she lands on your Board- other web-browser app, such as Peacock and Orchid. Card games, checkers would have expected month-to- posed to ad buyersthat itsvideo walk with ahotel priceof One of Mr.Rosenthal’s Also,because the apps auto- and chess month growth of at least 10%. ad offeringscould be asuitable $2,000. friends used to makecookies mate much of the experience, PlayingCards.io is afree March ad spending on Face- landing spot foraddollarsbeing Michael Rosenthal recently forthe group when they played like pickingupcards and mov- websitefromindependent book and Instagram through 4C reallocated from sportssponsor- resumed his monthly card facetoface. This week,though, ing characters, it isn’t as funas game developer Rob Middleton wasdown5%fromMarch 2019, ships and media, according to game with seven friends in his this friend dropped off home- the physical versions. of SanFrancisco, who created Mr.Goldman said. Without the senior ad agencyexecutives and Bannockburn,Ill., neighbor- made dough so they could bake it forfun in his sparetime.It coronavirus,hesaid he would an email reviewedbyThe Wall hood by moving it online.They their ownbatch.Mr. Rosenthal Yahtzee, Scrabble and letsgroups of usersplayjust have expected a30% increase. Street Journal. areplaying two nightsaweek wasthrilled.“They’rereally WordsWith Friends about anycardgame,with the “This is the impact of the “Manyadagencies have be- usingPlayingCards.io,afree good cookies,” he said. Game developer Scopely Inc. option to createcustom decks. pandemic: It has slowedFace- gunthe processofreallocating web-browser app,and Zoom, makes mobile versions of two Thesitefeatures grids for book’sgrowth,” he said. budgetspreviously earmarked which is available on browsers Monopoly, Life, moreHasbroclassics, Yahtzee playing games such as check- Facebook isn’t alone: Thecost forlivesportsintoother con- and mobile devices.Hedis- Battleship and Clue and Scrabble.(Hasbroco-owns ers, chessand others. of 1,000 impressions fell 22%on tent categories,and in some plays them side by side on a These Hasbro-owned clas- the rightstothe latterwith PlayingCards.io doesn’t Facebook sibling Instagram from cases,evenadding additional large computer screen. sics cost between $2.99 and Mattel Inc.) Called Yahtzee showads,though itsprivacy FebruarytoMarch, Mr.Goldman dollars,” said MikeEvans,se- Theexperienceissoimmer- $3.99and areavailable on iOS With Buddies and Scrabble Go, policysays it mayone daytake said. YouTube,part of Alphabet nior vice president of demand sivethat “you forget you’renot and Android devices. Devel- they arefreetodownload from users’ information to develop Inc.’sGoogle, also sawa15% to facilitation at SpotX Inc., a in the same room,” said Mr. oped by Marmalade Game Stu- the major app stores,and with and displaycontent and adver- 20% drop in prices from Febru- technologycompanythat helps Rosenthal,a41-year-old execu- dio,the games in some cases the latter, youcan playitona tising,which is fairly common. arytoMarch, according to the publisherssell video ads. tivefor amarket-research come with options such as the computer via Facebook.com on Also keep in mind that unlike ad-holding buying group. Other ad sellersare also in companywho is working from ability to playshort sessions. the game’sprofile page. the boardgames mentioned And advertisers arepulling pursuit. Snap Inc., forexample, home. Monopoly aficionados may Both showads and in-app above, PlayingCards.io’s virtual back in all sortsofmedia. has been pitching apackageof Twoofhis three daughters, want to trythe “house rules” purchase offers. Formany tabletop games areentirely But Facebook’spopularity sportscontent and audiences whose schools closed down option,which letsplayers re- games,you canpay to remove manual. Youmust click on among marketers, including on itsSnapchat platform, ar- three weeks ago, areusing the ceiveareward forlanding on ads. cardstoturn them over,move small businesses and direct-to- guing that fans arestill watch- same applications almost daily “FreeParking.” Pogo.com, afreesitefrom them offthe screen when nec- consumer brands that rely on it ing sports-related content, one to playthe card game Rummy Items including specialty videogame giant Electronic essaryand keep tabs on what forsales,mean lowadprices of the senior agencyexecu- with Mr.Rosenthal’sparents, boards and tokens cost extra, Arts Inc., offersadesktopver- your opponent is doing. create both opportunities and tives said. Tech Firms Go on Hunt ALL STAR SAMPLER ForTalent Super ContinuedfrompageB1 10 Premium Mr.Deo,who has also worked forApple,said he has Hand-Rolled Cigars submittedabout 30 applica- tions so far to a range of em-

RATED ployers. He also established a 94 Slackchannel to help former co-workersconnect and net-

work.Already,some of his GES

laid-off colleagues have been IMA hired by Facebook. “I do think most people will GETTY RATED end up landing at biggercom-

91 MOORE/ RATED panies,” Mr. Deo said. 92

Interviewing in the eraof JOHN coronavirus lockdowns means Amazon in March reached out to Cornell Universityfor moreresumes. Companyheadquarters. PLUS getting to knowcompanies FREE from adistance. Slack Tech- companyhas morethan 200 foravariety of engineering past economic downturns.One SHIPPING nologies Inc., based in San open positions and is seeing a andsales positions.Applica- tech recruiter noted Google Francisco, previouslybrought “noticeable” increase in appli- tions have risen forsome of has posted manynew open- candidates to itsoffices for cations and employeereferrals its roughly 250 job openings, ings in the past few weeks. four or five hoursofface-to- for those, Mr. Kwok said. An- said Alexis Neville,vicepresi- Thecompanydidn’t respond facemeetingswith hiring ecdotally,heishearing of em- dent of talent acquisition. to arequest forcomment. $19 95 managers, said Robby Kwok, ployees from startups and “Weare getting an influx of Laszlo Bock, the former head . the company’ssenior vice other previouslyfast-growing people that have either been of human resourcesatGoogle president of people.Now it businesses gravitating to Slack laid offorare very nervous who nowruns behavioral- Compare similar at $75 conductsinterviews by video- now. Thecompany, which em- about the industrythey are change startup Humu Inc., conferenceand is breaking up ployed2,045 people as of Jan. in,” she said. said some of Google’s key Special Introductory Price! interviews acrossmultiple 31, is also accelerating some Most of Crowdstrike’sroles early hires came onboardafter days. hiring forcustomer-support are for remote workers. Posi- being laid off elsewheredur- Recruiterstell candidates roles to keep up with a surge tions that do require employ- ing the dot-com bust. that it is OK if achild appears in inquiries. eestorelocatewill be allowed “Ifyou have alot of re- CALL NOW! Limited Supply 1-800-237-2559 or the background isn’t quiet. Recruiterssay technology to start from home until it is sourcesand you’rehiring and Mention code TCSA305 OR VISIT OUR WEBSITE “All of us understand,” Mr. roles exist at plenty of non- safefor them to come in, said other companies arestrug- THOMPSONCIGAR.COM/TCSA305 Kwok said. consumer-facing companies, J.C. Herrera, the company’s gling,that’swhen youpick off Promo Code TCSA305 OFFER VALID UNTIL 5/15/2020 – Shipping is Included – (1OASST28-SP). Slack,which is experiencing too. Cybersecurity firm chief human-resourcesofficer. the right people,” Mr.Bock Purchase may be subject to state, local or excise taxes where applicable. First-time purchasers only. One per customer. No sales to anyone under the age of 21. We do not ship to Utah or South Dakota. asurge in usage, said it is CrowdStrikeHoldings Inc., Companies in a position to said. Only good in the USA. sticking to staffing plans made which provides cloud-based hiremay benefit in the long —Tripp Mickle contributed beforethe pandemic.The security technology, is hiring term, according to veterans of to this article. P2JW104000-0-B00500-1------XA

THE WALL STREET JOURNAL. Monday, April 13, 2020 | B5 BUSINESS & FINANCE Finance Chiefs Aim to Preserve Cash

To maintain liquidity, commercial paper,a$4trillion Officer David O’Reilly said. business and their credit rat- backstop formoney-market Some CFOs are attempting ing.Companies whose debt CFOs are extending funds,corporate-bond pur- to avoid struggles their com- wasbarely investment grade credit lines and chases and direct bridgeloans panies faced during the finan- at the start of the pandemic to businesses. cial crisis.Sonic Automotive likely will struggle to meet tapping bond markets On Thursday, the Fedsaid it Inc.,aCharlotte,N.C.-based theirdebt obligations,said would expand lending pro- car-dealership chain, defaulted Nilly Essaides,asenior re- BY MARK MAURER grams to companies with due to adistressed-debt ex- search director at Hackett AND NINA TRENTMANN weaker credit ratings, includ- changein2009.Inrecent Group Inc. ing those that have had their weeks,the companyhas drawn Rating firms have down- Finance chiefs are tackling creditworthinessdowngraded down credit lines and commu- graded a flurry of companies one of the biggest business sincethe outbreak of the coro- nicated with banking partners in recent weeks,which canre- challenges during the corona- navirus in the U.S. Thecentral to ensure assistance in secur- ducefirms’ access to the pub- virus pandemic:maintaining bank said it would offer loans ing other lines if needed, lic marketsorresult in a liquidity. forsmall businesses—the Sonic CFO Heath Byrdsaid. higher cost of debt. Thelockdown of significant Main Street Landing Pro- “Weall knowthe banks are Companies need to examine partsofthe world economyis gram—which comes atop for- in very good shape,which is their debt covenantsand keep CK

resulting in revenue declines givable loans forpayroll costs TO such ablessing in hindsight that the communication open with forhotel operators, airlines, from the Small BusinessAd- 2009 happened and created rating firms and debtorsbefore retailers, carmanufacturers ministration. those liquidity ratios to be bet- defaulting,Ms. Essaides said. andmanyother companies. Meanwhile,companies are SHUTTERS terfor the banks,” he said. Thepandemic also has A/ Businesses also arenavigating looking to expand their capital Some lendersare shrinking prompted CFOs to consider

supply-chain disruption and a buffers. Mr.Zechmeister,for in- CH/EP lines of credit they have with debt issuanceasfar as four surge in costsrelated to the stance, has tested borrowing theircustomerstominimize years into the future. Compa- EINBA

transition to remote work. from the company’sexisting $1 ST the risk of companydefaults nies that might be planning to

Companies arecutting ex- billion credit facility to make HA andbankruptcies.Inrecent issue debt in 2021 or 2022can SC

penses—not forprofit, but to sureadditional liquidity would SA weeks, that credit crunch has lock in financing at current in- preservecash—and idling be ready foruse as needed. The CFO Thomas Toepfer says Covestro is reducing spending. pushed some companies closer terest rateswith ahedge. “If plantsand furloughing or lay- company, which held $448 mil- to breaching debt covenants. rates go lower, you might re- ing off employees to ensure lion in cash and cash equiva- extend maturities and Dallas-based real-estatedevel- Coal supplier Murray Energy gret that youentered the they survive. CFOs areleading lentsatthe end of December, strengthen their liquidity buf- oper, raised $600 million late Corp.said it is concerned it hedge,” said Amol Dhargalkar, the charge in extending credit also is examining accountsre- fer. Fortune 500 companies last month through an equity maybreach covenants in its managing director at finan- lines,bolstering emergency ceivable and overdue payments have about $981 billion in ma- issue and aparallel private bankruptcy loan afterits fi- cial-riskadviserChatham Fi- cash reserves and tapping bond to manageits liquidity position, turities between now and the placement. Together with ex- nances were hit hardbythe nancial Corp. markets, as they revise debt Mr.Zechmeister said. endofnextyear,according to isting cash, Howard Hughes pandemic andbeleaguered As an alternative, compa- strategies and seek to avoid CovestroAG, aGerman spe- data from Dealogic Inc. nowhas about $1 billion at coal markets. nies mayrely on cash pooling, mistakes from past crises. cialty-plastics maker,drew Anheuser-Busch InBev SA hand. “This will help us sur- Access to public debt mar- the internal shifting of money “Aswelook forwardwith- down on existing €500 million said last week that one of its vive this, independent of how kets and newbank loans is from cash-rich entities to out knowing exactly where ($547million) working-capital subsidiaries issued $6 billion deep or howlong this pan- limited formanycompanies, those that arecash-starved, this is headed—the depth and facilities and secured a€225 in newbonds.The brewer demic will be,” Chief Financial depending on the health of the Ms. Essaides said. the length of the strain on the million loan as it looks to ac- plans to hold the proceeds as economy—liquidity is the celerate existing cost-cutting cash while conditions remain number one question that plans and reduces capital ex- uncertain, and use them to re- ADVERTISEMENT rises to the topofthe list in penditures,CFO Thomas Toep- ducedebt as market condi- terms of viability of abusi- fersaid. tions normalize. “Atany given ness,” said Mike Zechmeister, Other companies,such as time,wework to have enough TheMarketplace financechief of freight broker Ford Motor Co.and Children’s cash on hand to meet our li- To advertise: 800-366-3975orWSJ.com/classifieds C.H. Robinson Worldwide Inc. PlaceInc., have suspended div- quidity needs formorethan In recent weeks,the Federal idends,while AT&T Inc., JP- one year,especially in times of Reserve has unveiled various Morgan Chase & Co. and oth- increased volatility,” said Lau- CLASSACTION measures aimed at alleviating ershavehalted share- renAbbott, vicepresident of credit stressand providing repurchase plans. investor relations at the Bel- 7H J#?:G6%D6$BI" @% A?G#"#996G >?B?GID -#%BG6$BD 6%"+#G F!B@#%D #% A?G#"#996G >?B?GID #% A($C6%EID, companies with access to capi- Some businesses have gium-based company. D?$C 6D BCI -C@$6E# .IG$6%B@9I A($C6%EI, 3IB)II% 46%?6G& 8, 5**2 6%" .6& 28, 5*88, tal, including purchases of turned to the bond market to Howard Hughes Corp., a B"8-0% ,A :29>9/2A ;" 6A#A95A <0%&A$; "@ 0<"?;9"$ "@ .>>?A>0;A 4A;;2A&A$; 78$!= 3";029$> '1)+*(((*(((G 8LP,'*,.)P .O (LK) /.(KRP K) (. 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B6 | Monday, April 13, 2020 THE WALL STREET JOURNAL. MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market Last Year ago Last Year ago 23719.37s2666.84, or 12.67% last weekTrailing P/E ratio 18.47 18.24 2789.82 s301.17, or 12.10% last week Trailing P/E ratio * 19.49 21.72 Public Offerings of Stock High, low, open and close for each of P/E estimate * 15.40 16.26 High, low, open and close for each of P/E estimate * 16.10 17.32 the past 52 weeks Dividend yield 3.76 2.19 the past 52 weeks Dividend yield * 2.42 1.94 All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 IPOs in the U.S. Market None expected this week Current divisor 0.14579812049809 30000 3400 Lockup Expirations 65-day moving average Below, companies whose officers and other insiders will become eligible 28000 3200 to sell shares in their newly public companies for the first time. Such sales can move the stock’s price. 65-day moving average 26000 3000 Lockup Offer Offer amt Through Lockup expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision April 14 Oct. 17, ’19 BellRing Brands BRBR 14.00 525.0 20.6 180 days 24000 2800 Week's high 200-day moving average Sources: Dealogic; Dow Jones Market Data 200-day moving average DOWN UP Monday's open Friday's close 22000 2600 IPO Scorecard t Performance of IPOs, most-recent listed first Friday's close Monday's open t 20000 2400 % Chg From % Chg From Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day Week's low IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close 18000 2200 Keros Thera 21.57 34.8 7.4 LifeSci Acquisition 10.00 ... –2.4 KROS April 8/$16.00 LSACU March 6/$10.00 Bars measure the point change from Monday's open Zentalis Pharmaceuticals 24.31 35.1 4.8 GFL Environmental 15.37 –19.1 –8.5 16000 2000 ZNTL April 3/$18.00 GFL March 2/$19.00 A M J J A S O N D J F M A A M J J A S O N D J F M A Imara 15.90 –0.6 6.0 Passage Bio 17.08 –5.1 –23.1 Primary IMRA March 12/$16.00 PASG Feb. 28/$18.00 NYSE weekly volume, in billions of shares t

market t Composite Financial Flashback DFP Healthcare Acquisitions 9.96 –0.4 –2.4 Zhongchao 2.40 –40.0 –40.0 36 DFPHU March 9/$10.00 ZCMD Feb. 24/$4.00 24 The Wall Street Journal, April 13, 1993 Flying Eagle Acquisition 10.06 0.6 –3.3 dMY Technology Grp 9.90 –1.0 –4.3 12 Intel’s profit nearly tripled in the first quarter to $548 FEAC.U March 6/$10.00 DMYT.UT Feb. 21/$10.00 0 million, reflecting heavy demand for its 486 chip and A M J J A S O N D J F M tight cost controls. Sources: Dow Jones Market Data; FactSet Other Stock Offerings Major U.S. Stock-Market Indexes Nasdaq Composite Secondaries and follow-ons expected this week in the U.S. market Latest Week 52-Week % chg s 780.49, or 10.59% None expected this week High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Dow Jones Off the Shelf Industrial Average 24008.99 21693.63 23719.37 2666.84 12.67 18591.93 l 29551.42 -9.3 -16.9 4.7 “Shelf registrations” allow a company to prepare a stock or bond for Transportation Avg 8425.45 7569.12 8236.92 931.61 12.75 6703.63 l 11304.97 -23.6 -24.4 -3.3 8200 sale, without selling the whole issue at once. Corporations sell as Utility Average 837.96 731.81 121.82 17.25 610.89 l 960.89 -5.8 827.83 6.5 5.8 conditions become favorable. Here are the shelf sales, or takedowns, 12.93 l Total Stock Market 28358.46 25762.94 28075.87 3215.12 22462.76 34631.28 -5.7 -15.0 4.8 over the last week: Barron's 400 589.69 540.87 581.79 81.32 16.25 455.11 l 746.64 -18.0 -20.5 -2.1 7850 Takedown date/ Deal value Nasdaq Stock Market Issuer/Industry Registration date ($ mil.) Bookrunner(s) 7500 Nasdaq Composite 8227.91 7617.79 8153.58 780.49 10.59 6860.67 l 9817.18 2.6 -9.1 11.5 HEXO Corp April 8 $28.5 Canaccord Genuity Healthcare Dec. 20,318 Nasdaq 100 8334.23 7763.09 8238.53 710.42 9.44 6978.02 l 9718.73 8.5 -5.7 15.0 7150 S&P 2 3 6 7 8 9 Public and Private Borrowing 500 Index 2818.57 2574.57 2789.82 301.17 12.10 2237.40 l 3386.15 -3.4 -13.6 5.8 April MidCap 400 1609.34 1397.84 1586.37 248.42 18.57 1218.55 l 2106.12 -18.7 -23.1 -2.4 DJ US TSM Treasurys SmallCap 600 745.16 645.21 743.23 120.88 19.42 595.67 l 1041.03 -23.0 -27.2 -3.5 s 3215.13, or 12.93% Monday, April 13 Thursday, April 16 Other Indexes last week Auction of 13 and 26 week bills; Auction of 4 and 8 week bills; Russell 2000 1250.13 1085.88 1246.73 194.67 18.50 991.16 l 1705.22 -21.1 -25.3 -3.0 announced on April 9; settles on April 16 announced on April 14; settles on April 21 NYSE Composite 11272.48 10233.04 11136.61 1255.98 12.71 8777.38 l 14183.2 -13.6 -20.0 -0.9 Value Line 395.52 343.20 389.80 61.80 18.84 305.71 l 562.05 -28.8 -29.4 -8.9 27900 NYSE Arca Biotech 4788.79 4517.73 4734.18 323.30 7.33 3855.67 l 5313.05 -6.9 -6.6 10.8 A Week in the Life of the DJIA NYSE Arca Pharma 614.51 588.80 611.78 30.56 5.26 494.36 l 670.32 3.8 -6.4 6.4 26600 Alook at how the Dow Jones Industrial Average component stocks KBW Bank 76.31 63.23 75.26 15.07 25.04 56.19 l 114.12 -22.9 -33.6 -6.1 did in the past week and how much each moved the index. The DJIA PHLX§ Gold/Silver 98.57 86.53 98.22 13.86 16.43 66.14 l 111.51 29.3 -8.1 4.5 gained 2,666.84 points, or 12.67%, on the week. A$1change in the PHLX§ Oil Service 30.97 24.38 28.33 4.272 17.76 21.47 l 102.39 -71.5 -63.8 -44.8 25300 price of any DJIA stock =6.86-point change in the average. To date, PHLX§ Semiconductor 1673.65 1508.74 1601.73 158.69 11.00 1286.84 l 1979.5 8.5 -13.4 17.0 a$1,000 investment on Dec. 31 in each current DJIA stock CBOE Volatility 47.51 41.39 41.67 -5.13 -10.96 11.54 l 82.69 220.0 202.4 47.9 24000 component would have returned $25,392, or aloss of 15.36%, on the 2 3 6 7 8 9 $30,000 investment, including reinvested dividends. §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data April The Week’s Action Pct Stock price Point chg $1,000 Invested(year-end '19) International Stock Indexes Commodities and chg (%) change in average* Company Symbol Close $1,000 Currencies 30.71 8.59 58.92 Dow DOW $36.56 $680 Latest Week 52-Week Range YTD YTD Region/Country Index Close % chg Low Close High % chg Last Week Close Net chg % Chg % chg 29.60 14.78 101.37 Raytheon Technologies RTX 64.71 736 World The Global Dow 2583.14 9.25 2138.97 3300.22 –20.5 • DJ Commodity 492.24 12.09 2.52 -23.36 28.83 21.22 145.54 American Express AXP 94.82 769 DJ Global Index 357.88 10.71 292.30 • 444.78 –17.5 TR/CC CRB Index 127.82 -0.14 -0.11 -31.20 25.41 37.33 256.04 Goldman Sachs GS 184.26 806 DJ Global ex U.S. 208.13 8.33 174.38 • 267.54 –21.0 Crude oil, $ per barrel 22.76 -5.58 -19.69 -62.73 JPMorgan Chase JPM Americas DJ Americas 642.21 12.62 512.68 796.10 –15.6 22.26 18.71 128.33 102.76 750 • Natural gas, $/MMBtu 1.733 0.112 6.91 -20.83 Brazil Sao Paulo Bovespa 77681.94 11.71 63569.62 • 119527.63 –32.8 21.94 27.32 187.38 Boeing BA 151.84 469 Gold, $ per troy oz. 1736.20 102.50 6.27 14.26 Canada S&P/TSX Comp 14166.63 9.49 11228.49 17944.06 –17.0 • 16.88 15.85 108.71 Travelers TRV 109.74 807 Mexico S&P/BMV IPC 34567.78 4.51 32964.22 • 45902.68 –20.61 U.S. Dollar Index 99.52 -1.06 -1.05 3.25 15.09 34.64 237.59 UnitedHealth Group UNH 264.13 902 Chile Santiago IPSA 2696.02 4.02 2045.49 • 3849.38 –19.2 WSJ Dollar Index 93.51 -1.57 -1.65 4.41 EMEA Stoxx Europe 600 331.80 7.36 279.66 • 433.90 –20.2 Euro, per dollar 0.9145 -0.0115 -1.24 2.55 14.58 23.37 160.29 McDonald’s MCD 183.70 936 Stoxx Europe 50 2794.23 4.76 2383.14 • 3539.12 –17.9 Yen, per dollar 108.35 -0.17 -0.16 -0.27 14.38 21.84 149.80 Visa V 173.69 926 Eurozone Euro Stoxx 315.99 8.80 261.53 • 421.34 –21.8 U.K. pound, in dollars 1.24 0.0181 1.48 -6.13 IBM IBM Euro Stoxx 50 2892.79 8.63 2385.82 3865.18 –22.8 14.26 15.16 103.98 121.50 916 • 52-Week Austria ATX 2184.06 11.15 1630.84 • 3301.38 –31.5 Low Close(l) High % Chg 12.78 22.83 156.59 Home Depot HD 201.53 929 Belgium Bel-20 3092.39 8.24 2528.77 • 4198.31 –21.8 12.25 9.20 63.10 Chevron CVX 84.31 708 DJ Commodity France CAC 40 4506.85 8.48 3754.84 6111.24 –24.6 451.81 l 647.86 -22.33 • 11.80 5.17 35.46 Coca-Cola KO 49.00 893 Germany DAX 10564.74 10.91 8441.71 • 13789.00 –20.3 TR/CC CRB Index 118.50 l 188.36 -31.77 Walt Disney DIS Greece Athex Composite 607.29 12.31 484.40 • 948.64 –33.8 Crude oil, $ per barrel 20.09 l 66.30 -64.20 11.31 10.62 72.84 104.50 723 Israel Tel Aviv 1337.04 5.37 1171.21 • 1751.79 –20.6 Natural gas, $/MMBtu 1.552 l 2.862 -34.95 11.01 26.58 182.31 Apple AAPL 267.99 915 Italy FTSE MIB 17621.62 7.55 14894 • 25478 –25.0 Gold, $ per troy oz. 1269.30 l1736.20 34.74 10.46 13.99 95.95 3M MMM 147.78 Netherlands AEX 508.04 7.76 404.10 • 629.23 –16.0 845 Portugal PSI 20 4196.31 5.63 3596.08 • 5435.85 –19.5 U.S. Dollar Index 94.90 l 102.82 2.62 10.06 7.93 54.39 Nike NKE 86.79 859 Russia RTS Index 1142.07 8.78 832.26 • 1646.60 –26.3 WSJ Dollar Index 89.47 l 97.02 3.85 10.00 3.92 26.89 Exxon Mobil XOM 43.13 627 South Africa FTSE/JSE All-Share 48011.56 7.65 37963.01 • 59544.80 –15.9 Euro, per dollar 0.8742 l 0.9352 3.34 9.03 10.36 71.06 Caterpillar CAT 125.03 853 Spain IBEX 35 7070.60 7.43 6107.2 • 10083.6 –26.0 Yen, per dollar 102.37 l 112.20 -3.27 Sweden OMX Stockholm 574.44 8.03 478.95 • 732.67 –15.6 8.18 6.24 42.80 Merck MRK 82.49 914 U.K. pound, in dollars 1.15 l 1.33 -4.80 Switzerland Swiss Market 9452.83 2.28 8160.79 • 11263.01 –11.0 8.01 3.26 22.36 Walgreens WBA 43.98 753 U.K. FTSE 100 5842.66 7.89 4993.89 • 7686.61 –22.5 7.35 11.31 77.57 Microsoft MSFT 165.14 1,050 Asia-Pacific Real-time U.S. stock 5.56 3.01 20.64 Intel INTC 57.14 Australia S&P/ASX 200 5387.30 6.31 4546.0 • 7162.5 –19.4 quotes are available on 959 China Shanghai Composite 2796.63 1.18 2660.17 • 3270.80 –8.3 WSJ WSJ.com. Track most- 5.48 2.14 14.68 Cisco Systems CSCO 41.20 873 Hong Kong Hang Seng 24300.33 4.58 21696.13 30129.87 –13.8 .COM active stocks, new • 5.26 7.06 48.42 Johnson & Johnson JNJ 141.23 974 India S&P BSE Sensex 31159.62 12.93 25981.24 • 41952.63 –24.5 highs/lows, mutual Japan Nikkei Stock Avg 19498.50 9.42 16552.83 • 24083.51 –17.6 funds and ETFs. 5.20 1.75 12.00 Pfizer PFE 35.39 913 Malaysia FTSE Bursa Malaysia KLCI 1357.50 2.02 1219.72 • 1691.00 –14.6 Plus, get deeper money-flows data and 5.01 2.74 18.79 Verizon VZ 57.44 955 Singapore Straits Times 2571.32 7.62 2233.48 • 3407.02 –20.2 email delivery of key stock-market 1.94 2.32 15.91 Walmart WMT 121.80 1,030 South Korea Kospi 1860.70 7.84 1457.64 • 2267.25 –15.3 data. –0.36 –0.42 –2.88 Procter & Gamble PG 114.66 Taiwan TAIEX 10157.61 5.11 8681.34 12179.81 –15.3 923 • All are available free at Source: FactSet; Dow Jones Market Data WSJMarkets.com *Based on Composite price. DJIA is calculated on primary-market price. Source: Dow Jones Market Data; FactSet. Consumer Rates and Returns to Investor Benchmark Yields and Rates Currencies U.S. consumer rates Selected rates Treasury yield curve Forex Race A consumer rate against its 30-year mortgage, Rate Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. U.S.-dollar foreign-exchange rates in late New York trading benchmark over the past year notes and bonds major U.S. trading partners US$ vs, US$ vs, Bankrate.com avg†: 3.75% Fri YTD chg Fri YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Home Loans Today 3.00% 4.00% 8% Americas Europe 4.00% Centennial, CO 866-919-2064

One year ago Argentina peso .0155 64.6249 7.9 Czech Rep. koruna .04046 24.716 9.0

t Charter Bank 3.13% 3.00 Yen 30-year fixed-rate 4 s Brazil real .1958 5.1070 27.1 Denmark krone .1465 6.8266 2.5 3.00 t mortgage Eau Claire, WI 715-832-4254 Canada dollar .7167 1.3954 7.4 Euro area euro 1.0936 .9145 2.6

2.00 Midwest Heritage Bank, FSB 3.25% 2.00 0 Chile peso .001181 846.50 14.5 Hungary forint .003091 323.57 9.6 t Colombiapeso .000261 3827.00 16.6 Iceland krona .007015 142.56 West Des Moines, IA 800-782-0521 Tradeweb ICE Thursday Close 17.7 10-year Treasury 1.00 1.00 –4 s Ecuador US dollar 11unch Norway krone .0980 10.2027 16.2 Cambridge Savings Bank 3.50% t s note yield WSJ Dollar index Euro Mexico peso .0422 23.6706 25.1 Poland zloty .2402 4.1633 9.8 Cambridge, MA 888-418-5626 Uruguay peso .02336 42.8000 15.2 0.00 0.00 –8 Russia ruble .01355 73.791 18.9 TBK Bank, SSB Sweden krona .1006 9.9415 6.1 M J J A S O N D J F MA 3.50% 1 3 6 1 2 3 5 710 30 Asia-Pacific 2019 2020 Australian dollar .6349 1.5751 10.5 Switzerland franc 1.0362 .9651 –0.2 2019 2020 Dallas, TX 214-365-6900 month(s) years China yuan .1421 7.0361 1.0 Turkey lira .1493 6.6974 12.6 Yield/Rate (%) 52-Week Range (%) 3-yr chg maturity Hong Kong dollar .1290 7.7532 –0.5 Ukraine hryvnia .0366 27.2992 15.3 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data India rupee .01313 76.177 6.8 UK pound 1.2447 .8034 6.5 Indonesia rupiah .0000630 15868 14.3 Federal-funds rate target 0.00-0.25 0.00-0.25 1.00 l 2.25 -0.75 Middle East/Africa Corporate Borrowing Rates and Yields Japan yen .009230 108.35 –0.3 Prime rate* 3.25 3.25 3.25 l 5.50 -0.75 Kazakhstan tenge .002324 430.27 12.7 Bahrain dinar 2.6508 .3773 0.1 Spread +/- Treasurys, Macau pataca .1259 7.9397 –1.0 Egypt pound .0634 15.7685 –1.7 Libor, 3-month 1.22 1.37 0.74 l 2.60 0.06 Yield (%) in basis pts, 52-wk Range Total Return Malaysia ringgit .2320 4.3098 5.4 Israel shekel .2795 3.5784 3.6 Money market, annual yield 0.34 0.32 l 0.78 Bond total return index Last Wk ago Last Low High 52-wk 3-yr 0.32 -0.02 New Zealand dollar .6083 1.6439 10.7 Kuwait dinar 3.2144 .3111 2.6 Five-year CD, annual yield 0.89 0.91 0.89 l 2.01 -0.41 U.S.Treasury,Barclays 0.580 0.55013.82 5.81 Pakistan rupee .00599 166.975 7.7 Oman sul rial 2.5957 .3853 0.1 30-year mortgage, fixed† 3.75 3.88 3.52 l 4.34 -0.32 U.S. Treasury Long,Barclays 1.290 1.21035.39 13.46 Philippines peso .0198 50.521 –0.4 Qatar rial .2746 3.642 –0.04 Singapore dollar .7082 1.4121 4.9 l Aggregate,Barclays 1.470 1.5808339127 10.12 5.06 Saudi Arabia riyal .2657 3.7642 0.3 15-year mortgage, fixed† 3.28 3.38 2.95 3.73 -0.02 South Korea won .0008254 1211.55 4.9 South Africa rand .0557 17.9689 28.4 Jumbo mortgages, $510,400-plus† 3.82 4.00 3.54 l 4.71 -0.80 Fixed-Rate MBS,Barclays 1.150 1.3204128132 7.73 4.15 Sri Lanka rupee .0052367 190.96 5.3 High Yield 100,ICE BofA Five-year adj mortgage (ARM)† 3.49 3.29 3.29 l 4.78 0.14 7.371 8.804 688 271 1018-5.58 1.14 Taiwan dollar .03340 29.944 0.1 Muni Master,ICE BofA 1.733 2.197 28 -12 29 4.463.66 Thailand baht .03061 32.670 9.8 Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.27 4.40 4.27 l 4.81 1.05 EMBI Global,J.P. Morgan Vietnam dong .00004267 23438 1.1 WSJ Dollar Index 93.51 –0.05–0.05 4.41 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest 6.415 6.701 562 277 662 -4.07 0.71 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Sources: Tullett Prebon, Dow Jones Market Data P2JW104000-0-B00700-1------XA

THE WALL STREET JOURNAL. Monday, April 13, 2020 | B7 CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk Prem12 Mo Prem12 Mo Prem12 Mo 52 wk measured by assets. Closed-end funds sell a limited Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not Investment Grade Bond Funds Nuveen Taxable Muni Inc NBB NA 19.76 NA 6.1 Western Asset Mgd Muni MMU NA 12.05 NA 5.2 buy their shares back from investors who wish to cash First Tr Enhanced Eq FFA 13.90 13.30 -4.3 -5.5 BlRck Core Bond BHK 14.79 13.91 -5.9 5.9 PIMCO Corp & Inc Oppty PTY NA 14.73 NA 12.3 Westn Asst Mu Def Opp Tr MTT NA 19.18 NA 4.4 ACAP Strategic:A 19.70 NA NA 18.1 in their holdings. Instead, fund shares trade on a stock ACAP Strategic:W 14.65 NA NA 19.1 exchange. NA signifies that the information is not FirstTrEnergyInfra FIF 10.99 10.06 -8.5 -31.9 BR Credit Alloc Inc BTZ 13.12 12.83 -2.2 7.7 PIMCO Corp & Inc Strat PCN NA 15.53 NA 10.5 Single State Muni Bond available or not applicable. NS signifies fund not in BMO LGM Front ME;I 6.19 NA NA -31.4 FirstTrMLPEner&Inc FEI 5.97 4.96 -16.9 -53.1 InvescoBond VBF 19.77 18.98 -4.0 4.5 PIMCOHilnco PHK NA 5.34 NA 15.0 BlackRock CA Mun BFZ 14.70 12.71 -13.5 3.8 existence of entire period. 12 month yield is computed CalamosGlbTotRet CGO 9.36 9.55 +2.0 -14.8 by dividing income dividends paid (during the previous Gabelli Healthcare GRX NA 9.64 NA -2.1 J Han Income JHS 14.68 14.19 -3.3 4.7 PIMCO IncmStrFd PFL NA 9.29 NA 12.7 BR MH CA Qly Fd Inc MUC 15.01 13.51 -10.0 4.0 twelve months for periods ending at month-end or Gab Utility GUT NA 6.74 NA 8.1 Prem12 Mo during the previous fifty-two weeks for periods ending MFS Intmdt MIN 3.97 3.69 -7.1 9.5 PIMCO IncmStrFd II PFN NA 8.40 NA 12.6 BR MH NJ Qly MUJ 14.95 13.17 -11.9 4.8 Fund (SYM) NAV Close /Disc Yld at any time other than month-end) by the latest GAMCOGlGold&NatRes GGN NA 3.34 NA -11.9 BR MH NY Qly MHN 14.35 12.83 -10.6 4.2 month-end market price adjusted for capital gains Western Asset Inf-Lk Inc WIA NA 10.99 NA 3.9 Putnam Mas Int PIM 4.11 4.16 +1.2 8.8 Loan Participation Funds J Han Finl Opptys BTO 21.34 20.95 -1.8 -32.3 distributions. Western Asset Inf-Lk O&I WIW NA 10.29 NA 4.5 Putnam Prem Inc PPT 4.55 4.64 +2.0 9.2 BR MuniYld CA MYC 14.92 13.37 -10.4 4.0 1WS Credit Income Source: Lipper NA NA NA 7.0 Neuberger Brmn MLP & EI NML 2.87 2.15 -25.1 -70.6 Loan Participation Funds Wells Fargo Multi-Sector ERC NA 10.31 NA 12.4 BR MuniYld CA Qly MCA 15.06 13.47 -10.6 4.2 Thursday, April 9, 2020 AlphCntrc Prime Merid In 9.76 NA NA NS NubrgrRlEstSec NRO 3.88 3.60 -7.2 -21.2 BR MuniYld MI Qly MIY 15.20 13.23 -13.0 4.5 52 wk Apollo Senior Floating AFT NA 12.37 NA 10.2 World Income Funds Angel Oak Str Crdt:Inst NA NA NA 8.5 Prem Ttl Nuv Dow 30 Dyn Overwrite DIAX NA 13.38 NA -19.2 BR Debt Strategy DSU 10.13 9.52 -6.0 9.9 Abrdn AP IncFd FAX 4.15 3.53 -14.9 6.6 BR MuniYld NJ MYJ 14.99 13.71 -8.5 5.3 Axonic Alternative Inc NA NA NA 4.2 Fund (SYM) NAV Close /Disc Ret Nuveen Nasdaq 100 Dyn Ov QQQX NA 20.42 NA -3.8 BR F/R Inc Str FRA 12.25 11.26 -8.1 8.8 BrndywnGLB Glb Inc Oppts BWG NA 11.19 NA 7.4 BR MuniYld NY Qly MYN 13.80 12.40 -10.1 4.1 Blackstone/GSO FR EI D NA NA NA 8.0 Blackstone/GSO FR EI I NA NA NA 8.4 General Equity Funds Nuv Real Est JRS NA 7.61 NA -19.7 BlackRock Floatng Rt Inc BGT 11.88 10.79 -9.2 8.6 EtnVncStDivInc EVG NA 11.55 NA 8.1 EVCAMuniBd EVM 12.25 10.84 -11.5 4.3 Blackstone/GSO FR EI T NA NA NA 7.7 Adams Diversified Equity ADX 15.79 13.57 -14.1 -0.4 Nuveen Rl Asst Inc & Gro JRI NA 11.26 NA -24.8 Blackstone / GSO Strat BGB NA 11.08 NA 12.7 MS EmMktDomDebt EDD 6.33 5.34 -15.6 10.3 Eaton Vance NY Muni Bd ENX 12.83 11.29 -12.0 4.1 Blackstone/GSO FR EI T-I NA NA NA NS Boulder Growth & Income BIF 11.75 9.82 -16.4 -8.2 NuvS&P500DynOvFd SPXX NA 12.70 NA -12.8 InvCaValMuIncTr VCV 12.83 11.57 -9.8 4.8 Blackstone/GSO Sr Flt Rt BSL NA 12.47 NA 11.0 PIMCO Dyn Crd & Mrt Inc PCI NA 18.96 NA 14.9 Blackstone/GSO FR EI U NA NA NA NS NuvSP500BuyIncFd BXMX NA 10.89 NA -11.0 InvPAValMuIncTr VPV 13.33 11.87 -11.0 5.0 Central Secs CET 33.46 28.37 -15.2 0.3 Eagle Point Credit ECC NA 7.92 NA 35.0 PIMCO Dynamic Income PDI NA 24.70 NA 13.8 Blstn Commnty Dev 9.37 NA NA 3.7 ReavesUtilityIncome UTG 30.39 29.00 -4.6 -9.7 InvTrInvGrNYMu VTN 13.54 11.90 -12.1 4.9 CohenStrsCEOppFd FOF 10.57 10.49 -0.8 -9.7 EtnVncFltRteInc EFT 12.20 10.89 -10.7 10.0 PIMCO Income Opportunity PKO NA 22.03 NA 11.2 BNYM Alcntr Glb MS Cr Fd NA NA NA NS EVTxAdvDivIncm EVT 19.39 18.47 -4.7 -13.7 Tortoise Enrgy Infra Crp TYG NA 3.15 NA -85.1 EV SenFlRtTr EFR 11.97 10.75 -10.2 10.2 PIMCO Stratg Inc RCS NA 6.70 NA 12.1 Nuveen CA AMT-F Qual MI NKX NA 14.55 NA 4.3 CLIFFWATER CL FD;I 10.08 NA NA 1.5 GabelliDiv&IncTr GDV NA 15.93 NA -22.0 Tortoise Midstream Enrgy NTG NA 1.35 NA -89.2 EVSnrIncm EVF 5.67 4.99 -12.0 9.3 Templeton Em Inc TEI NA 7.77 NA 10.1 Nuveen CA Val NCA NA 9.89 NA 3.4 CNR Strategic Credit 7.26 NA NA 10.8 NuveenCAQtyMuInc NAC Gabelli Equity Tr GAB NA 4.63 NA -15.8 Income & Preferred Stock Funds FT/Sr Fltg Rte Inc 2 FCT 12.02 10.64 -11.5 9.4 Templtn Glbl Inc GIM NA 5.50 NA 7.0 NA 14.11 NA 4.6 FedProj&TrFinanceTendr 9.76 NA NA 3.9 Nuveen MD Qual Muni Inc NMY GeneralAmer GAM NA 29.39 NA -8.1 CalamosStratTot CSQ 11.08 10.85 -2.1 -8.4 FT/Sr Fltg Rte 2022 TgTr FIV 8.62 8.01 -7.1 4.8 WstAstEmergDebt EMD NA 11.11 NA 11.4 NA 12.77 NA 4.1 FS Global Crdt Opptys D NA NA NA 8.4 Nuveen MI Qual Muni Inc NUM NA 13.50 NA 3.9 Garrison Capital Inc GARS NA 1.75 NA NA JHancockTaxAdvDiv HTD 21.13 19.73 -6.6 -16.2 CohenStrsLtdDurPref&Inc LDP 21.74 22.10 +1.7 -1.2 Highland Income HFRO 12.47 9.53 -23.6 10.8 Western Asset Gl Cr D Op GDO NA 15.44 NA 8.8 NuvNJ Qual Muni Inc NXJ NA 13.35 NA 4.7 Schrdrs Opp Inc;A 22.56 NA NA NS Librty AllStr Eq USA 5.59 5.35 -4.3 -5.5 CohenStrsSelPref&Income PSF 22.73 24.11 +6.1 -5.1 InvDYCrOpp VTA 9.78 8.72 -10.8 10.4 National Muni Bond Funds FirstTrIntDurPref&Inc FPF 19.83 19.68 -0.8 -5.3 Nuveen NY AMT/Fr Qual MI NRK NA 12.64 NA 4.3 Schrdrs Opp Inc;A2 NA NA NA NS Royce Micro-Cap Tr RMT 7.09 6.05 -14.7 -21.2 InvSnrIncTr VVR 3.97 3.52 -11.3 8.5 AllBerNatlMunInc AFB 14.26 13.25 -7.1 4.3 Schrdrs Opp Inc;I 22.57 NA NA NS JHanPrefInc HPI 16.69 17.66 +5.8 -17.9 Nuveen NY Qual Muni Inc NAN NA 13.29 NA 4.3 Royce Value Trust RVT 12.20 10.48 -14.1 -20.1 Nuveen Credit Strat Inc JQC NA 6.23 NA 21.3 BlckRk Inv Q Mun BKN 15.45 14.85 -3.9 4.5 Schrdrs Opp Inc;SDR 22.57 NA NA NS JHPrefIncII HPF Nuveen OH Qual Muni Inc NUO NA 14.63 NA 3.5 Source Capital SOR 37.00 31.67 -14.4 -11.2 16.40 16.73 +2.0 -18.7 NuvFloatRateIncFd JFR NA 8.00 NA 9.7 BlackRock Muni 2030 Tgt BTT 24.75 23.32 -5.8 3.3 Invesco Sr Loan A 5.58 NA NA 5.7 Nuveen PA Qual Muni Inc NQP NA 13.39 NA 4.5 Tri-Continental TY 25.88 22.44 -13.3 -10.3 HnckJPfdInco III HPS 14.69 14.99 +2.0 -14.8 NuvFloatRteIncOppty JRO NA 7.98 NA 9.9 BlackRock Muni BFK 13.34 13.05 -2.2 5.0 Invesco Sr Loan C 5.60 NA NA 4.8 Nuveen VA Qlty Mun Inc NPV NA 12.99 NA 4.0 Specialized Equity Funds J Han Prm PDT 12.31 12.97 +5.4 -17.2 Nuveen Senior Income NSL NA 4.60 NA 10.0 BlackRock Muni II BLE 13.85 14.05 +1.4 5.2 Invesco Sr Loan IB 5.58 NA NA 6.0 PIMCO CA PCQ NA 16.07 NA 5.6 Aberdeen Glb Prem Prop AWP 5.41 4.66 -13.9 -15.2 LMP CapInco SCD NA 9.26 NA -21.2 PionrFltRate Tr PHD 9.62 8.54 -11.2 8.9 BlckRk Muni Inc Qly BYM 14.69 13.49 -8.2 4.4 Invesco Sr Loan IC 5.58 NA NA 5.8 PIMCOCAMuniII PCK NA 8.31 NA 4.8 Invesco Sr Loan Y 5.58 NA NA 6.0 Adams Natural Resources PEO 11.71 9.83 -16.1 -38.6 Nuveen Pref & Inc Opp JPC NA 8.00 NA -11.0 High Yield Bond Funds BR MuniAssets Fd MUA 13.23 12.84 -2.9 4.7 Nuveen Fd JPS Pimco CA Muni III PZC NA 9.76 NA 5.0 High Yield Bond Funds AllianzGI AI & Tech Opps AIO NA 16.72 NA NS NA 8.00 NA -7.3 AllianceBernGlHiIncm AWF 10.95 9.86 -10.0 8.5 BR MuniEnhanced MEN 11.45 10.63 -7.2 4.5 Nuveen Pref & Inc Term JPI NA 19.91 NA -8.7 52 wk Griffin Inst Access Cd:A NA NA NA 8.1 GI NFJ DivInt&PremStr NFJ NA 10.44 NA -7.7 Angel Oak FS Inc Trm FINS NA 17.50 NA NS BR MuniHoldings Qly MFL 13.88 13.22 -4.8 4.3 Prem Ttl Griffin Inst Access Cd:C TCW Strat Income TSI NA 5.43 NA 5.6 NA NA NA 8.0 ASA Gold & Prec Met Ltd ASA 14.24 12.19 -14.4 20.8 Barings Glb SD HY Bd BGH 12.40 11.74 -5.3 15.7 BR MH Qly 2 MUE 13.27 12.26 -7.6 4.5 Fund (SYM) NAV Close /Disc Ret Griffin Inst Access Cd:F NA NA NA 8.0 Convertible Sec's. Funds BR Enh C&I CII 14.77 13.85 -6.2 -8.7 BR Corporate HY HYT 9.63 9.75 +1.2 10.2 BR MuniHoldngs MHD 15.67 15.29 -2.4 4.8 Specialized Equity Funds Griffin Inst Access Cd:I NA NA NA 8.0 AdvntCnvrtbl&IncFd AVK 12.99 11.55 -11.1 -15.0 BlackRock Energy & Res BGR 7.64 7.45 -2.5 -34.5 BlackRock Ltd Dur Inc BLW 14.34 13.47 -6.1 8.4 BR MuniVest Fd MVF 8.97 8.53 -4.9 5.3 Bluerock Total Inc+ RE:A 30.32 NA NA 6.2 Griffin Inst Access Cd:L NA NA NA 8.1 GI Conv & Inc NCV BlackRock Eq Enh Div BDJ 7.68 7.09 -7.7 -11.8 NA 3.85 NA -27.7 Brookfield Real Asst Inc RA 17.99 16.30 -9.4 16.2 BR MuniVest 2 MVT 14.06 13.21 -6.0 5.0 Bluerock Total Inc+ RE:C 29.01 NA NA 5.4 PIMCO Flexible Cr I;A-2 7.74 NA NA NS AGI Conv & Inc II NCZ BlackRock Enh Glbl Div BOE 10.02 9.10 -9.2 -9.9 NA 3.40 NA -27.8 CrSuisHighYld DHY 2.05 1.93 -5.9 11.9 BR MuniYield Fd MYD 13.78 12.94 -6.1 5.3 Bluerock Total Inc+ RE:I 30.85 NA NA 6.5 PIMCO Flexible Cr I;A-4 7.74 NA NA 11.7 AGI Dvs Inc & Conv ACV PIMCO Flexible Cr I;Inst BlackRock Enh Intl Div BGY 5.39 4.84 -10.2 -9.7 NA 19.80 NA -5.7 DoubleLine Inc Sol DSL NA 14.22 NA 13.8 BR MuniYield Qlty MQY 15.27 14.50 -5.0 4.4 Bluerock Total Inc+ RE:L 30.11 NA NA 5.9 7.74 NA NA 12.7 AGI Eqty & Conv Inc NIE NA 19.64 NA -2.9 CC Real Estate Income;A 7.23 NA NA -19.6 PionrILSBridge NA NA NA 0.0 BlackRock Hlth Sci Tr II BMEZ 19.33 19.00 -1.7 NS DoubleLine Yld Opps DLY NA NA NA NS BR MuniYld Qlty2 MQT 13.28 12.06 -9.2 4.3 CalamosConvHi CHY 9.76 9.88 +1.2 -1.9 CC Real Estate Income;Ad 6.89 NA NA -24.3 WA Middle Mkt Dbt NA NA NA 10.4 BlackRock Hlth Sciences BME 37.65 38.08 +1.1 2.1 First Tr Hi Inc Lng/Shrt FSD 14.38 12.84 -10.7 10.6 BR MuniYld Qly 3 MYI 13.89 12.51 -9.9 4.3 CalmosConvOp CHI 9.27 8.86 -4.4 -7.1 CC Real Estate Income;C 7.00 NA NA -23.4 WA Middle Mkt Inc NA NA NA 11.4 BlackRock Res & Comm BCX 6.39 5.55 -13.1 -28.0 IVY HIGH INCOME OPP IVH 12.04 11.03 -8.4 12.0 BNY Mellon Muni Bd Infra DMB 13.18 12.57 -4.6 5.1 Other Domestic Taxable Bond Funds World Equity Funds CC Real Estate Income;I 7.23 NA NA -19.6 BlackRock Sci&Tech Tr II BSTZ 18.70 18.27 -2.3 NS NeubHgYldStrt NHS 10.38 9.70 -6.6 12.2 BNY Mellon Str Muni Bond DSM 7.62 7.16 -6.0 5.5 CC Real Estate Income;T 7.01 NA NA -20.8 Am Beacon Apollo TR:T 9.56 NA NA NS Aberdeen Emg Mkts Eq Inc AEF 6.34 5.47 -13.7 -25.7 BlackRock Sci&Tech Trust BST 29.76 30.05 +1.0 -1.7 NexPointStratOppty NHF 17.06 9.38 -45.0 27.8 BNY Mellon Strat Muni LEO 7.82 7.61 -2.7 5.6 Clarion Partners REI D NA NA NA NS Am Beacon Apollo TR:Y 9.56 NA NA 3.4 Aberdeen Tot Dyn Div AOD 8.10 7.12 -12.1 -9.3 BlackRock Utl Inf & Pwr BUI 18.32 18.84 +2.8 -6.3 Nuveen Crdt Opps 2022 TT JCO NA 7.98 NA 7.0 DWS Muni Inc KTF 11.90 10.47 -12.0 4.6 Clarion Partners REI I NA NA NA NS Am Beacon SP Enh Inc:T 8.50 NA NA NS Calamos GloDynInc CHW 6.44 6.21 -3.6 -16.4 CBRE ClrnGlbRlEst IGR 6.95 5.84 -16.0 -15.4 Nuveen Global High Inc JGH NA 12.31 NA 10.9 EVMuniBd EIM 13.53 12.49 -7.7 4.2 Clarion Partners REI S NA NA NA NS Am Beacon SP Enh Inc:Y 8.50 NA NA 6.0 Cdn Genl Inv CGI 29.46 20.75 -29.6 -14.8 CLEARBRIDGE ENGY MDS OPP EMO NA 1.74 NA -80.1 Nuveen HI Nov 2021 Tgt JHB NA 8.90 NA 5.7 EVMuniIncm EVN 13.16 12.21 -7.2 4.7 Clarion Partners REI T NA NA NA NS BR Credit Strat;Inst 8.66 NA NA 5.6 China CHN 22.47 19.10 -15.0 -4.2 NexPointHCOpp;A BlackRock Mlt-Sctr Oppty 70.73 NA NA 10.6 CLEARBRIDGE MLP&MDSTM TR CTR NA 1.96 NA -78.0 PGIM Global High Yield GHY NA 11.80 NA 11.1 EVNatMuniOpp EOT 20.13 19.15 -4.9 4.6 15.12 NA NA -2.9 EV TxAdvGlbDivInc ETG 14.03 13.25 -5.6 -10.8 NexPointHCOpp;C 14.89 NA NA -3.6 BlackRock Mlt-Sec Opp II 70.47 NA NA NS ClearBridge MLP & Midstm CEM NA 2.51 NA -78.1 PGIM High Yield Bond ISD NA 12.48 NA 10.6 InvAdvMuIncTrII VKI 11.32 10.43 -7.9 5.2 EtnVncTxAdvOpp ETO 19.15 19.73 +3.0 -12.0 NexPointRlEstStrat;A 14.26 NA NA -24.7 Carlyle Tact Pvt Cred:A NA NA NA 9.1 Cntr Cst Brkfld MLP&EI CEN 1.14 1.07 -6.1 -84.5 PioneerHilncmTr PHT 7.40 6.96 -5.9 11.5 Invesco MuniOp OIA 7.02 6.90 -1.7 5.5 Gabelli Multimedia GGT NA 6.10 NA -17.0 NexPointRlEstStrat;C 14.41 NA NA -24.9 Carlyle Tact Pvt Cred:I NA NA NA 10.0 ChnStrInfr UTF 22.34 20.30 -9.1 -12.6 Wells Fargo Income Oppty EAD NA 6.75 NA 11.1 InvescoMuOppTr VMO 12.67 11.89 -6.2 5.2 NexPointRlEstStrat;Z 14.40 NA NA -24.2 Carlyle Tact Pvt Cred:L NA NA NA 9.5 GDL Fund GDL NA 7.90 NA -12.6 COHEN & STEERS MLP INC&E MIE 1.91 1.85 -3.1 -78.6 WstAstHIF II HIX NA 5.51 NA 11.3 InvescoMuTr VKQ 12.66 11.84 -6.5 5.1 PREDEX;I 26.05 NA NA 3.7 Carlyle Tact Pvt Cred:N NA NA NA NS Highland Global Alloc HGLB 8.84 4.93 -44.2 -56.5 Cohen&SteersQualInc RQI 11.91 10.41 -12.6 -13.4 Western Asset Hi Inc Opp HIO NA 4.40 NA 8.6 InvescoQual Inc IQI 12.86 11.77 -8.5 5.1 PREDEX;T 26.12 NA NA 3.7 Carlyle Tact Pvt Cred:Y NA NA NA 9.7 India Fund IFN 16.35 14.29 -12.6 -24.5 CohenStrsREITPref RNP 20.86 18.79 -9.9 -2.4 Western Asset Hi Yld D O HYI NA 13.39 NA 8.8 InvTrInvGrMu VGM 13.08 12.07 -7.7 5.0 PREDEX;W 26.12 NA NA 3.7 CION Ares Dvsfd Crdt;A NA NA NA 6.4 Japan Smaller Cap JOF NA 6.95 NA -14.2 Cohen&Steers TotRet RFI 12.22 11.58 -5.2 -6.5 Other Domestic Taxable Bond Funds InvescoValMunInc IIM 15.61 14.23 -8.8 4.9 Principal Dvs Sel RA A 19.88 NA NA NS CION Ares Dvsfd Crdt;C NA NA NA 6.4 MS ChinaShrFd CAF 22.27 18.76 -15.8 -19.5 Principal Dvs Sel RA Ins CION Ares Dvsfd Crdt;I NA NA NA 6.4 Columbia Sel Prm Tech Gr STK 18.66 19.98 +7.1 -0.8 Apollo Tactical Income AIF NA 11.98 NA 10.6 MAINSTAY:MK DEFTR MUN OP MMD 19.57 19.76 +1.0 5.3 19.89 NA NA NS MS India IIF 15.96 13.25 -17.0 -36.8 Principal Dvs Sel RA Y 19.92 NA NA NS CION Ares Dvsfd Crdt;L NA NA NA 6.4 DNP Select Income DNP 8.99 10.72 +19.2 0.4 Ares Dynamic Crdt Alloc ARDC NA 10.89 NA 11.9 NeubrgrBrm NBH 14.17 13.52 -4.6 5.1 New Germany GF 14.43 12.59 -12.8 -10.4 SharesPost 100;A 30.56 NA NA 4.6 CION Ares Dvsfd Crdt;U NA NA NA NS Duff&Ph Uti&Infra Inc Fd DPG 11.52 10.69 -7.2 -21.9 Barings Corporate Inv MCI NA 12.94 NA 10.3 Nuveen AMT-Fr Mu Val NUW NA 15.26 NA 3.6 Templeton Dragon TDF 20.46 17.60 -14.0 -3.9 SharesPost 100:I 30.74 NA NA 4.9 CION Ares Dvsfd Crdt;W NA NA NA 6.4 EtnVncEqtyInc EOI 13.65 12.90 -5.5 -5.9 BlackRock Mlt-Sctr Inc BIT 14.31 13.75 -3.9 11.9 Nuveen AMT-Fr Qlty Mun I NEA NA 13.84 NA 4.7 CNR Select Strategies 10.91 NA NA 0.0 Templeton Em Mkt EMF 13.65 11.93 -12.6 -16.4 SharesPost 100:L 30.40 NA NA 4.4 EtnVncEqtyIncoII EOS 15.22 14.96 -1.7 -4.8 BlackRock Tax Muni Bd BBN 22.57 23.03 +2.0 6.2 Nuveen AMT-Fr Mu CI NVG NA 14.89 NA 5.3 USQ Core Real Estate:I 25.59 NA NA 3.7 GL Beyond Income 1.10 NA NA NE VirtusTotalRetFd ZF 8.23 8.05 -2.2 -5.6 EVRskMnDvsEqInc ETJ 9.11 8.93 -2.0 5.0 DoubleLine:Oppor Crdt Fd DBL NA 17.91 NA 8.2 Nuveen Enh Muni Val NEV NA 13.46 NA 5.2 USQ Core Real Estate:IS 25.59 NA NA 3.7 KKR CREDIT OPPTY;I NA NA NA NS Wells Fargo Gl Div Oppty EOD NA 4.05 NA -13.6 ETnVncTxMgdBuyWrtInc ETB NA 13.04 NA -8.1 Duff&Ph Util Cor DUC 9.19 8.97 -2.4 5.5 Nuveen Int Dur Mun Term NID NA 12.75 NA 3.9 Versus Cap MMgr RE Inc:I 26.82 NA NA NE Lord Abbett Cred Opps Fd 8.20 NA NA NS EtnVncTxMgdBuyWrtOpp ETV 12.39 12.72 +2.7 -7.8 Prem12 Mo EVLmtDurIncm EVV 12.01 11.00 -8.4 9.6 Nuveen Mu Crdt Opps NMCO NA 11.33 NA NS Versus Capital Real Asst 24.40 NA NA -0.2 Lord Abbett Cred Opps Fd 8.20 NA NA 9.3 Fund (SYM) NAV Close /Disc Yld Palmer Square Opp Inc EvTxMnDvsEqInc ETY 10.53 10.10 -4.1 -5.2 Franklin Ltd Dur Income FTF 8.81 8.28 -6.0 13.0 Nuv Muni Credit Income NZF NA 14.07 NA 5.5 Wildermuth Endwmnt:A 13.62 NA NA 5.2 NA NA NA 8.0 U.S. Mortgage Bond Funds Wildermuth Endwmnt:C 13.20 NA NA 4.4 Resource Credit Inc:A NA NA NA 9.3 EtnVncTxMgdGlbB ETW 8.62 8.03 -6.8 -11.5 J Han Investors JHI 14.92 13.78 -7.6 10.0 NuvMuniHiIncOpp NMZ NA 12.47 NA 5.7 BlckRk Income BKT 6.31 5.89 -6.7 7.1 Wildermuth Endowment:I 13.75 NA NA 5.5 Resource Credit Inc:C NA NA NA 8.4 EVTxMnGblDvEqInc EXG 7.26 6.86 -5.5 -8.9 KKR Income Opportunities KIO NA 11.05 NA 14.0 Nuveen Muni Val NUV NA 9.89 NA 3.8 Income & Preferred Stock Funds Resource Credit Inc:I NA NA NA 9.6 Invesco HI 2023 Tgt Term IHIT 7.94 8.35 +5.2 7.4 First Trust Energy Inc G FEN 11.76 10.60 -9.9 -47.6 MFS Charter MCR 8.28 7.74 -6.5 9.6 Nuveen Quality Muni Inc NAD NA 13.95 NA 4.6 A3 Alternative Cr 10.34 NA NA NS Resource Credit Inc:L NA NA NA 9.0 Nuveen Sel TF NXP NA 15.25 NA 3.6 Calamos L/S Eqty and DI CPZ 17.17 15.54 -9.5 NS Resource Credit Inc:W NA NA NA 9.3 Nuveen Sel TF 2 NXQ NA 14.50 NA 3.5 Destra Multi-Altrntv;A 12.10 NA NA -5.9 Thrivent Church Ln&Inc:S 10.67 NA NA 3.2 Insider-Trading Spotlight PIMCO MuniInc PMF NA 13.08 NA 5.5 Destra Multi-Altrntv;C 11.63 NA NA -6.6 World Income Funds PIMCOMuniIncII PML NA 12.82 NA 6.0 Destra Multi-Altrntv;I 12.33 NA NA -5.6 Destra Int&Evt-Dvn Crd:A 21.75 NA NA 6.4 Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys Pimco Muni III PMX NA 10.85 NA 5.6 Destra Multi-Altrntv;L 11.78 NA NA -6.4 Destra Int&Evt-Dvn Crd:I 21.75 NA NA 6.7 Flat Rock Opportunity 15.76 NA NA -11.4 Destra Int&Evt-Dvn Crd:L 21.75 NA NA 6.1 new information about the prospects of a company. Insiders are required to report large trades to the SEC PioneerHilncAdv MAV 11.70 10.28 -12.1 4.5 Variant Altrntv Inc:Inst 26.31 NA NA 9.4 Destra Int&Evt-Dvn Crd:T 21.75 NA NA 5.8 within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by PioneerMunHiIcmT MHI 12.57 11.26 -10.4 5.0 Variant Altrntv Inc:Inv 26.32 NA NA 9.2 National Muni Bond Funds Thomson Financial on April 10, and year-to-date stock performance of the company Putnam Mgd Inc PMM 7.41 7.06 -4.7 5.3 Convertible Sec's. Funds PIMCO Flex Mun Inc;A-3 NA NA NA NS KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer Putnam Muni Opp PMO 12.85 12.05 -6.2 5.3 Calmos Dyn Conv and Inc CCD 17.59 17.37 -1.3 -5.0 PIMCO Flex Mun Inc;Inst NA NA NA 3.2 CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner RiverNorth Mgd Dur Mun I RMM NA 17.88 NA NS World Equity Funds Tortoise Tax-Adv Soc Inf 9.39 NA NA 5.0 I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: unknown VP: vice president Excludes pure options transactions Borrowing Benchmarks | WSJ.com/bonds Biggest weekly individual trades Based on reports filed with regulators this past week Money Rates April 10, 2020 No. of shrs in Price range ($) $ Value Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always represent actual transactions. Buyers Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low Apr. 1 Carvana CVNA E. Garcia BI 556 45.00 25,000 61.35 -33.4 March index Chg From (%) High 0.1500 0.1500 3.0000 0.1500 level Feb. '20March '19 Commercial paper (AA financial) Apr. 1-3 HD Supply Holdings HDS L. Wolfe DI 268 25.76-26.98 7,018 32.07 -20.3 Low 0.0300 0.0500 2.4400 0.0200 Bid 0.0500 0.0300 2.4400 0.0100 90 days n.a. n.a. 2.58 0.58 Apr. 3 Equinix EQIX W. Luby D 5632.22 3,161 686.94 17.7 U.S. consumer price index Offer 0.0700 0.1200 2.5000 0.0500 All items 258.115 –0.22 1.5 Libor Apr. 3 NexPoint Residential Trust NXRT J. Dondero PI 95 21.81 2,061 29.51 -34.4 Core 267.312 0.02 2.1 Treasury bill auction One month 0.81400 0.98163 2.48738 0.61163 Apr. 3 MGM Resorts International MGM P. Salem D 195 10.40 2,027 14.55 -56.3 4 weeks 0.190 0.090 2.400 0.000 International rates Three month 1.21888 1.37300 2.60100 0.74050 13 weeks 0.125 0.085 2.400 0.000 Apr. 3-7 NGM Biopharmaceuticals NGM D. Goeddel DOI 138 12.41-14.38 1,960 15.27 -17.4 Six month 1.22588 1.20488 2.63850 0.73538 Week 52-Week 26 weeks 0.160 0.100 2.400 0.080 Apr. 3-7 P. Svennilson DOI 138 12.41-14.38 1,960 One year 1.06013 2.76188 0.74350 Latest ago High Low 1.05088 Apr. 8D. Goeddel DOI 113 14.95 1,683 Secondary market Prime rates Euro Libor Apr. 8P. Svennilson DOI 113 14.95 1,683 Fannie Mae U.S. 3.25 3.25 5.50 3.25 One month -0.379 -0.389 -0.379 -0.621 Apr. 2 Cardlytics CDLX C. Sosin BI 48 30.90 1,474 43.68 -30.5 30-year mortgage yields Canada 2.45 2.45 3.95 2.45 Three month -0.212 -0.241 -0.212 -0.539 Apr. 3 Science Applications International SAIC N. Keene CEOI 14 70.42-71.66 1,012 78.30 -10.0 Japan 1.475 1.475 1.475 1.475 30 days 2.372 2.433 3.857 2.281 Six month -0.139 -0.178 -0.139 -0.491 60 days 2.442 2.480 3.884 2.341 One year -0.126 -0.164 -0.126 -0.441 Apr. 9 Simply Good Foods SMPL N. Ghez D 30 15.81-16.82 489 15.79 -44.7 Policy Rates Other short-term rates Apr. 9C. Daley D 10 16.77 168 Euro zone 0.00 0.00 0.00 0.00 Value 52-Week Switzerland 0.50 0.50 0.50 0.50 Latest Traded High Low Week 52-Week Apr. 3-7 Liquidity Services LQDT W. Angrick CEOI 114 4.05-4.44 484 4.76 -20.1 Britain 0.10 0.10 0.75 0.10 Latest ago high low Australia 0.25 0.25 1.50 0.25 DTCC GCF Repo Index Apr. 6-7 NexPoint Real Estate Finance NREF J. Dondero PI 44 8.30-9.39 392 10.95 Call money Treasury 0.106 23.960 6.007 0.002 Mar. 10 BancorpSouth Bank BXS J. Campbell D 16* 21.46 335 23.04 -26.6 Overnight repurchase 2.00 2.00 4.25 2.00 MBS 0.126 71.020 6.699 0.011 U.S. 0.08 0.05 3.40 -0.07 Apr. 6 LyondellBasell Industries LYB B. Patel CEOI 549.35 230 58.93 -37.6 U.S. government rates Notes on data: Apr. 3 Kohl's KSS J. Prising D 18 11.15 200 19.91 -60.9 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. DTCC GCF Repo Index is Depository Sellers 0.25 0.25 3.00 0.25 Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Federal funds Apr. 1 Workday WDAY D. Duffield DOI 407 121.67-125.50 50,013 145.41 -11.6 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Effective rate 0.0800 0.0900 2.4800 0.0800 Tullett Prebon Information, Ltd. Apr. 6 lululemon athletica LULU D. Wilson DI 259 188.92-194.62 50,000 203.51 -12.2

Apr. 6-8 NVIDIA NVDA M. Stevens DI 100 261.20-269.13 26,432 262.95 11.8 Cash Prices WSJ.com/commodities Friday, April 10, 2020 Apr. 6-7 Monolithic Power Systems MPWR M. Hsing CEO 114 170.00 19,333 167.93 -5.7 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Apr. 6 Xencor XNCR J. Stafford BI 645 27.10-31.84 17,686 30.84 -10.3 separate from the futures price on an exchange, which reflects what the commodity might be worth in future Apr. 7-8 Zoom Video Communications ZM E. Yuan CEO 140 110.73-125.49 16,548 124.51 83.0 months. Apr. 6-7 Black Knight BKI W. Foley CB 250 61.56-62.26 15,495 63.48 -1.6 Friday Friday Friday Palladium,Engelhard industrial Closed Wheat - Hard - KC (USDA) $ per bu-u Closed Apr. 7-9 Uber Technologies UBER G. Camp DI 510 26.10-28.60 13,780 27.11 -8.8 Energy Palladium,Engelhard fabricated n.a. Wheat,No.1soft white,Portld,OR-u Closed Apr. 8-9 Masimo MASI J. Kiani CEO 70 185.27-185.59 12,979 185.42 17.3 Coal,C.Aplc.,12500Btu,1.2SO2-r,w n.a. Aluminum, LME, $ per metric ton *1428.5 Food Apr. 3-6 J. Kiani CEO 64 185.07-185.65 11,898 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w n.a. Copper,Comex spot Closed Iron Ore, 62% Fe CFR China-s Closed Apr. 7-9 Credit Acceptance CACC D. Foss B 40 267.48-324.04 11,896 317.17 -28.3 Metals Beef,carcass equiv. index Shredded Scrap, US Midwest-s,m 280 Apr. 2-6 D. Foss B 35 240.78-255.70 8,735 choice 1-3,600-900 lbs.-u Closed Gold, per troy oz Steel, HRC USA, FOB Midwest Mill-s Closed select 1-3,600-900 lbs.-u Closed Apr. 6-7 Biohaven Pharmaceutical Holding BHVN J. Childs D 350 30.54-33.26 36.24 -33.4 Engelhard industrial Closed 11,068 Broilers, National comp wtd. avg.-u,w Engelhard fabricated n.a. Fibers and Textiles 0.6661 Apr. 7 Apple AAPL L. Maestri CFO 41 260.10-269.44 10,858 267.99 -8.7 Handy & Harman base Closed Butter,AA Chicago Closed Burlap,10-oz,40-inch NY yd-n,w 0.5700 Apr. 2J. Williams CO 41 238.03-244.98 9,914 Handy & Harman fabricated Closed Cheddar cheese,bbl,Chicago Closed Cotton,1 1/16 std lw-mdMphs-u Closed LBMA Gold Price AM *1662.50 Cheddar cheese,blk,Chicago Closed Apr. 6 Moody's MCO R. Mcdaniel CEO 43 218.47-230.76 9,533 241.68 1.8 Cotlook 'A' Index-t *64.45 LBMA Gold Price PM *1680.65 Milk,Nonfat dry,Chicago lb. Closed Hides,hvy native steers piece fob-u Closed Apr. 1 Forty Seven FTSV C. Takimoto O 79 95.42 7,557 Krugerrand,wholesale-e Closed Coffee,Brazilian,Comp n.a. Wool,64s,staple,Terr del-u,w Closed Coffee,Colombian, NY n.a. Apr. 8 Zscaler ZS R. Canessa CFO 110 65.00 7,150 62.59 34.6 Maple Leaf-e Closed American Eagle-e Closed Grains and Feeds Eggs,large white,Chicago-u 2.8250 * Half the transactions were indirect **Two day transaction Mexican peso-e Closed Flour,hard winter KC 15.15 p - Pink Sheets Barley,top-quality Mnpls-u Closed Austria crown-e Closed Hams,17-20 lbs,Mid-US fob-u n.a. Bran,wheat middlings, KC-u 110 Austria phil-e Closed Hogs,Iowa-So. Minnesota-u 46.14 Corn,No. 2 yellow,Cent IL-bp,u Closed Buying and selling by sector Pork bellies,12-14 lb MidUS-u n.a. Silver, troy oz. Corn gluten feed,Midwest-u,w 119.5 Pork loins,13-19 lb MidUS-u 1.0695 Based on actual transaction dates in reports received this past week Engelhard industrial Closed Corn gluten meal,Midwest-u,w 492.7 Steers,Tex.-Okla. Choice-u n.a. Engelhard fabricated n.a. Cottonseed meal-u,w 295 Steers,feeder,Okla. City-u,w 136.69 Sector Buying Selling Sector Buying Selling Handy & Harman base Closed Hominy feed,Cent IL-u,w 108 Handy & Harman fabricated Closed Meat-bonemeal,50% pro Mnpls-u,w 228 Basic Industries 13,458 1,231,725 Finance 956,526 28,740,349 Fats and Oils LBMA spot price *£12.2000 Oats,No.2 milling,Mnpls-u Closed Business services 104,134 535,971 Health care 66,070 60,590,523 (U.S.$ equivalent) *15.1750 Rice, Long Grain Milled, No. 2 AR-u,w 26.50 Corn oil,crude wet/dry mill wtd. avg.-u,w n.a. Coins,wholesale $1,000 face-a Capital goods 00Industrial 018,423,246 Closed Sorghum,(Milo) No.2 Gulf-u Closed Grease,choice white,Chicago-h 0.2300 Other metals SoybeanMeal,Cent IL,rail,ton48%-u n.a. Lard,Chicago-u n.a. Consumer durables 22,350 0 Media 373,149 11,295,595 LBMA Platinum Price PM *735.0 Soybeans,No.1 yllw IL-bp,u Closed Soybean oil,crude;Centl IL-u n.a. Consumer nondurables 291,203 56,196,218 Technology 47,885 56,542,865 Platinum,Engelhard industrial Closed Wheat,Spring14%-pro Mnpls-u Closed Tallow,bleach;Chicago-h 0.2900 Consumer services 365,105 2,704,667 Transportation 00Platinum,Engelhard fabricated n.a. Wheat,No.2 soft red,St.Louis-bp,u Closed Tallow,edible,Chicago-u 0.3450

Energy 350,805 185,780 Utilities 15,377 487,511 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 4/9 Sources: Thomson Financial; Dow Jones Market Data Source: WSJ Market Data Group P2JW104000-0-B00800-1------XA

B8 | Monday, April 13, 2020 THE WALL STREET JOURNAL.

In uncertain times, youcan be certain of this: Your generosity will deliver hope andhelp to thosewho need it most.

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THE WALL STREET JOURNAL. Monday, April 13, 2020 | B9 BANKING & FINANCE BankstoGivePeek at Sector’sChallenges

BY ORLA MCCAFFREY drew its 2020 forecast, citing zero last month to try to bol- uncertainty around the pan- ster aU.S.economystarting to When U.S. banks report demic’sdamagetoU.S.busi- show signs of weakness. first-quarter earningsthis nesses and households.A“sig- Falling interest rateserode week,investorswill getthe nificant number” of the banks’ profitsbylimiting how best impression yetofhow the company’sautocustomers much they cancharge on loans. coronavirus pandemic is have chosen to defer their Net interest margin, which weighing on the U.S. financial payments for as many as 120 measures howprofitably banks sector. days, Ally said. canlend out depositors’ funds, Thefirst three months of Investorswill want to know is expected to decline. 2020 presented banks with what the bank resultssignal Feeincome,often alifevest their most formidable chal- about the broader economy. forbanks amid declining inter- lenges in recent memory— Delinquent loans and est rates, will have little power near-zerointerest rates and a charge-offs were at or near to right the ship this time. free-falling U.S. economy that postcrisis lows going into the Many of the strategies banks threatens to upend almost all year.Analyststhink delinquen- areemploying to deal with the their business lines. cies remained relatively lowin economic crisis,such as waiv-

JPMorganChase &Co. and the firstquarter as well. But ing certain fees,will drag S Wells Fargo &Co. report re- manylendersare offering for- down nonlending income.And sultsonTuesday. Goldman bearanceprograms that could external factors, including re- PRES Sachs Group Inc., Bank of mask loans under pressure. strictions on corporate travel TED

America Corp. and Citigroup and afreezeonmuch mergers OCIA SS

Inc.followonWednesday. and acquisitions activity, will /A MorganStanley is expected to put pressureonbanks’ pay- Delinquent loans FFER report later in the week. mentsbusinesses and corpo- TA AL

KBW analysts expect large were at or near rate advisory businesses. Y banks’ earningstodropby Thepandemic has already postcrisis lows going MAR 23% in the first quarter com- damped housingdemand. A JPMorgan Chase & Co. is among the companies reporting earnings this week. pared with a year earlier. into the year. measureofhome-purchase ap- Lackluster earningswill put plications recently fell forthe Indexperformance, year to date even more pressureonbank fourth consecutiveweek,toits 10% stocks.The KBWNasdaq Bank lowest level since 2015. Feb. 25 March 16 Indexplummeted 42% in the Commercial and industrial Thepressureonnearly all CDCsaysit Federal Reserve firstquarter,its worststart to loans,used by small busi- parts of the banking business expects virus to slashesrates to a ayear on record.Shareprices nesses, are the first category model means banks have few spread in the U.S. range between of the four largest banks were where delinquencies will rise, leverstopull to boost earn- 0% and 0.25%. down between 35% and 47%in analystssaid. And loans to ings. Cutting expenses,atried- the quarter. companies in industries essen- and-true path to improved “It should be expected that tially shut down by the virus— profit, will be hardwhen the 0 our earningswill be down hospitality,tourism, restau- banks are spending money to Jan. Feb. meaningfully in 2020,” JPMor- rants—could soon be hit hard. deal with the pandemic—in- ganChief ExecutiveJames Di- Analysts expect that banks cluding bonuses forfront-line mon said in a letter to share- will squirrel away moremoney workers, equipment forem- holders last week. forpotential loan losses, ployees to work from home Other banks have revised or which could drag down re- andthe cleaning of branches abandoned guidanceissued sults. and corporate offices. just a few months ago. Thefall in interest rates An exception will be trading Weekly commercial bank deposits, –10 AllyFinancial Inc., one of will also weigh on earnings. arms,which likely benefited change from ayear earlier S&P500 the country’slargest auto-fi- TheFederal Reserveslashed from the 20% drop in the S&P –14% nance lenders, recently with- itsbenchmark rate to near 500 in the first quarter. 10%

5 FedtoWeigh Firms’ ploymenttorecordhighs. Randal more. Mr.Quarles said the Fed’s Quarles, the Fed’svicechairman analysis of the results would in- Virus Response –20 forsupervision, signaled thatthe form its supervision and regula- 0 existing testswerenolonger a tion of the financial sector. sufficientmeans by themselves Bankswererequired to sub- Jan. Feb. March WASHINGTON—The Federal to measurebank health. mit plans showing howthey Reservehas foradecade made “The rightthing to do is for would weather adeep recession Rate of noncurrentloans and up hypothetical doomsdaysce- us to continue our stress tests and maintain sufficientcapital charge-offs nariostotestthe abilityofbig but as part of them to analyze by Monday. The Fedwill an- 6% Noncurrentrate bankstowithstand acrisis. This howbanks’ portfoliosare re- nouncethe results of the tests Charge-offrate KBW year banks—including JPMorgan sponding to real, currentevents, by the end of June. 4 –30 Nasdaq Chase &Co., Bank of America notjusttothe hypothetical Some economists have pre- Banking Corp. and Goldman Sachs Group eventthatweannounced earlier dicted thatthe currentdownturn 2 –34% Inc.—will be testedagainstareal this year,” Mr.Quarles said, could be sharper and reach fur- one: the coronavirus pandemic. speaking in an online discussion. ther than the worst-case sce- 0 The Fedsaid Fridayitisad- The Fed’sapproach contrasts nario on this year’s test. 2010 ’15 ’19 justing its annual “stresstests” with some overseas policy mak- Forinstance, the Fed’shypo- forbankstoincorporatelenders’ ers thathave canceled the tests thetical severe recession imag- Commercial and industrial loan performanceduring the corona- for2020, reasoning thatwould ined U.S. grossdomestic product volume,change –40 virus-triggered downturn, which alleviate operational burdens on dropping 9.9% in the second is worse than the hypothetical firms during the outbreak. quarter and unemploymenthit- 10% scenariosthatthe centralbank Mr.Quarles provided fewde- ting 6.1% by the end of June. previously planned to use. tails forhow the centralbank Economists surveyed by The The annual testsfor the big- would incorporatereal-world Wall Street Journal this month 5 gestbanksare meanttogauge stresses into this year’s tests, predicted GDP would contract at if lenders would surviveareces- suggesting the Fedwas still an annual rate of 25% in the sion thatsends the stock mar- ironing out the details. Banks’ second quarter, and unemploy- 0 –50 ketplunging, oil into atailspin, balancesheets aregrowing, as mentwould hit 13% in June. 2019 ’20 March April loan defaults rising and unem- theytakeondeposits and lend —Andrew Ackerman Note:Indexperformancethrough Friday Sources: FactSet (indexes);Federal Reserve(deposits, loan volume); Federal Deposit InsuranceCorp. (asset qualitiy) LowerBond-MarketVolatilityOffersEncouragingSignforStocks

BY GUNJAN BANERJI sinceearly February, before stock-market volatility—closed On March 19, both indexes firm said. while stock-market volatility U.S. stocks entered abear mar- Thursdayat41.67,well above were near their highest levels “This relatively rare condi- receded. Forexample,awidely Bond-market volatility has ketand fearsofarecession in- the averagelevel of roughly 18 in history, according to the tion of intense stock market followedbond-market signal dropped, sending apositive tensified. that the indexhas recorded Leuthold Group. Thedropin fear,combined with agenerally knownasthe yield curvewas signal forthe U.S. stock Themeasurejumped dra- since2009. bond-market volatility com- calm bond market, has proved also indicating that arecession market. matically during the market “Volatility within the stock pared with stock volatility has to be apowerful combination wasonthe horizon. Ameasureofbond-market turmoil in March and has now and bond marketshas recently happened previouslyand forensuing stock-market re- TheS&P 500 gained 12% volatility known as the ICE Bo- receded to averagelevelsover parted company,” Jim Paulsen, tends to be followedbystrong turns,” Mr.Paulsen said. last week,its best weekly per- fAML U.S. Bond Market Option the past decade. chief investment strategist at stock returns,the firm said. It is asharp shiftfromlast formancesince1974. Markets Volatility EstimateIndexre- Meanwhile,the Cboe Vola- the Leuthold Group,said in a That wasthe case in February year,when measures in the were closed Friday for the cently hit the lowest level tility Index—a measure of research noteearlier last week. and December of 2018,the bond market were flashing red Good Fridayholiday.

THE TICKER | Market events coming this week

Monday EIA status report Charles Schwab Earnings expected* Previous change in stocks in 0.62/0.69 Estimate/Year Ago($) Nomajorevents scheduled millions of barrels Citigroup 1.07/1.87 Abbott Laboratories Crude-oil stocks up 15.2 Goldman Sachs 3.23/5.71 0.62/0.63 Gasoline stocks up 10.5 U.S. Bancorp 0.61/1.00 Bank of New York Mellon Tuesday Distillates up 0.5 UnitedHealth 3.63/3.73 0.90/0.94 BlackRock 6.32/6.61 Import price index Empire Manufacturing Intuitive Surgical Feb., previous down 0.5% Mar., previous -21.5 Thursday 2.69/2.61 March, expected down 3% Apr., expected -30 KeyCorp 0.18/0.38 Sonoco Products Earnings expected* Building Permits 0.84/0.85 Estimate/Year Ago($) Industrial production Feb., previous 1.464 mil. Fastenal 0.34/0.34 Feb., previous up 0.6% Mar., expected 1.250 mil. First Republic Bank Mar., expected down 4.1% Friday 1.04/1.26 EIA report: natural gas Mort. bankers indexes J.B. Hunt Transport Previous change in stocks in Services 1.01/1.09 Purch., previous billions of cubic feet Leading indicators Johnson &Johnson down 12% up 38 Feb., previous up 0.1% 2.03/2.10 Refinan., prev. down 19% March, expected JPMorgan Chase down 7.2% 1.89/2.65 Retail sales, ex. autos Housing Starts

ION Wells Fargo 0.39/1.20 Feb., previous down 0.4% Feb., previous 1.599 mil. AT Mar., expected 1.340 mil. Mar., expected down 5.2% Earnings expected* OUND Wednesday Estimate/Year Ago($) Retail sales Initial jobless claims Citizens Financial GOOD+F Feb., previous down 0.5% R Business inventories Previous 6,610,000 0.39/0.92

FO Mar., expected down 8% Jan., previous down 0.1% Expected 5,000,000 Kansas City Southern

GES Feb., expected down 0.4% 1.76/1.54

IMA Earnings expected* Regions Financial Capacity utilization Estimate/Year Ago($) Philadelphia Fed survey 0.22/0.38 ETTY Feb., previous 77% Bank of America Mar., previous -12.7 Schlumberger 0.26/0.30 O/G

RG March, expected 73.9% 0.49/0.70 Apr., expected -30 State Street 1.34/1.24 WA O

THE * FACTSET ESTIMATES EARNINGS-PER-SHARE ESTIMATES DON’T INCLUDE EXTRAORDINARY ITEMS (LOSSES IN PARENTHESES)NOTE: FORECASTS Johnson &Johnson will report earnings Tuesday. AcompanydisplayinNew York’sCentral Park lastyear. ARE FROM DOW JONES WEEKLY SURVEY OF ECONOMISTS P2JW104000-0-B01000-17FFFF5178F

B10 | Monday, April 13, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Supply Death Industry Is No Spotlight Haven in a Pandemic MissesKey Trying to think of businesses Share-priceand indexperformance, that couldn't only hold their own year to date Commodity but possibly prosper in the pan- demic would make for a very short ServiceCorp.International S&P500 list. One that comes to mind is the 20% death-care industry, but the oppo- Transport, labor site may be true. shortage put food at risk S People are deferring all sorts of 10 PRES purchases, particularly when it

UMA comes to services, but we can’t do 0 /Z

If the coronavirus has shown us TZ much to postpone the end of life.

anything,itishow vulnerable global KA Even before the pandemic, compa- Y –10

supply chains really are—both to a AM nies like Service Corp. Interna- pandemic and to the breakdown of The U.S. is unlikely to experience serious issue, although prices could rise. tional, with a 15% market share of trust and cooperation that follows. funerals in North America, were –20 Widespread limitsonexportsof Ricefutureprice about 200,000 workersoverthe positioned for decades of growth medical goods likemasks,price next three months,according to the as the baby boom generation aged. –30 gouging and diverted cargoes are $15 per hundredweight country’smain farmers’ union. Some 2.84 million Americans died likely to createpermanent changes One concern is that avicious cy- in 2018 and the Census Bureau ex- Jan. Feb. March April 14 in the medical equipment supply cle of export controls,limited trans- pects that to reach 3.6 million Source:FactSet chain oncethe pandemic ebbs. port capacity and stockpiling by big in 2037. But what about that even more 13 food importerscould further drive Sadly, some of those people pectancy. They have risen in nine precious commodity,food? up prices and createproblems for passed away prematurely as out of 10 years since and the one TheU.S., Europe and other 12 the most vulnerable nations even Covid-19, a respiratory ailment drop was nowhere as sharp. wealthyregions areunlikely to expe- though overall food production re- caused by the coronavirus, became People feeling a financial pinch rienceserious problems,although 11 mains robust. Thepresident of a leading cause of death in recent are less likely to pay thousands of prices could rise significantly for Egypt, which is the world’slargest days for Americans. But a com- dollars for a service they hope some items,likefresh produce. But 10 wheat buyer,has ordered officials to pany in the funeral business de- they won’t need for many years. If poorer countries could struggle.Un- boost the sizeofthe nation’sfood pends much more on economic they do, then they might opt for a necessaryrestrictions on food ex- 9 reserves.Top riceimporter the Phil- than on mortality indicators in the cheaper option such as a less-or- portsbybig producersrisk exacer- ippines is planning to boost pur- short run. A major recession and nate casket. bating the problem. 8 chases,the country’scabinet secre- stock-market slump could impact The long-term trend toward In lateMarch, the United Nations tary said last week. it severely. normally cheaper cremation in- Food and AgricultureOrganization 2017 ’18 ’19 ’20 Thepandemic has highlighted A large part of Service Corp.’s stead of burial has long been a warned that disruptions to food Source:Refinitiv hownaturaldisasterstend to do the sales are “pre-need,” in which headwind for death-care providers. supply chains could materializein most damagetothose on precarious salespeople sell a cemetery plot, That is, if they can make the sale April and May. Vietnam, the world’s pects763 million metric tons of ground economically.Vulnerable na- funeral service or both to people at all: During the pandemic, people third-largest riceexporter,tempo- global wheat production in 2020, tions—for example,those in the who may have many years left locked down aren’t only worried rarily banned the signing of new comparable with 2019. Horn of Africastruggling with lo- to live. about their nest eggs and salaries riceexport contractsonMarch 25. Instead, the problem is getting custs—could find themselves con- The funds are generally placed but also far less likely to encoun- Ricefutures have surged12% since food out of the fields and onto fronting health and economic crises in a trust and invested until the ter a funeral salesperson, at least early March and arenow up nearly trucks,ships and trains as logistics as the virus hitslocal food produc- services are rendered. The com- face-to-face. 40% from ayear ago. Wheat futures networks seizeupand agricultural tion, countries with surplus produc- pany can earn money from any ex- During the last bear market, also have shot higher.Russia, labor becomes scarce.Fresh produce tion hoardabundant supplies and cess return or be on the hook if Service Corp. shares had a mi- Ukraine and Kazakhstan have an- and seafood, which don’t keep well, global transport capacity seizes up. funds are insufficient to cover fu- nus-78% total return, falling far nounced or areconsidering newre- areparticularly vulnerable. Investorswatchingcritical medi- ture promises. Its “backlog” is more sharply than the S&P 500. So strictions on shipments. Throughout Western Europe,mi- calsupplies dryupinthe U.S. and around $12 billion, while it had far, they are outperforming the UnlikeN95 masksand ventilators, grant laborersfromnorthern Africa Europe shouldn’t worryabout simi- $3.23 billion in sales in 2019. market slightly. If the period of so- the problem forfood supply isn’t a or other areas who usually work lar shortages of food. But tangled Back in 2008, when stocks last cial distancing lasts months, and lack of production capacity.Har- fields arelocked out of the conti- supply chains and multiplying ex- entered a bear market, Service especially if the recent recovery in vestshavebeen good and stockpiles nent. France’sagricultureminister port restrictions risk adeeper eco- Corp.’s various trusts slumped by share prices proves fleeting, bet- areabundant. Riceinventories are has asked the country’snewly un- nomic downturn, and ahigher hu- around 25%. The company’s sales ting on further outperformance near arecordhigh according to the employed to step up and help with man cost, in the developing world. also fell in both 2008 and 2009, could be a grave error. U.N.,and the organization still ex- the spring harvest. Franceneeds —Nathaniel Taplin despite no sudden jump in life ex- —Spencer Jakab Investing has enough surprises. Hidden fees shouldn’t be one of them.

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© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, April 13, 2020 | R1

THE U.S. VS. CHINA Who’s Winning The Key High‑Tech Battles?

5G. Quantum computing. AI. Autonomous cars. Semiconductors. How the countries compare in these crucial areas of innovation.

B Y ASA FITCH AND STU WOO

DOUG CHAYKA

NAWORLD wheregeopolitical poweris administration is weighing new curbs de- increasinglylinked to technological signed to hamper China’s ability to make advancement, the U.S. has long led its leading-edge semiconductors, according to people familiar with the matter. The chair- rivals.American companies makesome of man of Chinese telecom giant Huawei the world’s fastest computers, deadliest jet Technologies Co. warned last month that fightersand most capable robots. Beijing would impose its own restrictions But China’s growing economy—now if the U.S. moves forward with that plan. the world’s second largest—and hugegov- Themost visible technological battle has Moving ernment investmentsintechnologies are been over 5G,the superfast cellular networks eating away at thatedgelikeneverbefore. thatpromise to be the foundation fortomor- row’stechnologies.The U.S. government has business Such progress has spurred President takenextraordinarymeasures to tryto ITrump’s all-out trade and economic battle thwart Huawei, the cellular-technology with Beijing, encompassing tariffs, export leader thatWashingtonconsidersacyber- forward. controls and a crackdown on Chinese scientists security threat. allegedly stealing American companies’ secrets. Thebattle has also extended to other tech- It’snot clear yethow the economic devasta- nologies that, like5G, arenot life-altering to- daybut could transform howwelive, work tion wrought by the coronavirus will changethe andfight wars in the not-so-distant future. rivalry, but one thing is certain: Thedisease Artificial intelligenceisoften touted as the hasn’t done much to cool tensions.The Trump > PleaseturntopageR2 INSIDE ATESTFOR ALLIANCES 3Flavors WIRE OR WAVE? The U.S. wants its of 5G Apartisan European allies to debate simmers overhow to keep Huawei out of The big wirelesscarriers use differentvarieties deliver 5G their 5G networks. ©2020 AT&T Intellectual Property.All rights reserved. All marks used herein arethe of spectrum to deliver servicetothe property of their respectiveowners. Most are resisting. R4 their 5G service. R5 underserved. R8 P2JW104000-0-R00200-1------XA

R2 | Monday, April 13, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | 5G

A crew for Verizon works to update a cell tower to Growing Influence handle the Agrowing field-weightedcitation new 5G impact of Chinese AI researchers network in reflects advances in AI research Orem, Utah influence.The U.S. leads the world in influential AI research. Field-weighted citation impactof U.S. and ChineseAIauthors, indexedtoglobal average

2.0 U.S.

1.5

1.0 Global average 0.5 China 0 2000 ’05 ’10 ’15

Note:FWCIuses the number of citations a publication receives to gauge its influencewithin a field and globally. Source:The AI Index2019Annual Report

Pursuit of Intelligence By 2006, China outpaced the U.S. in number of AI publications. Number of AI paperstracked by Scopus*

25 thousand

20

15 China

10

5 U.S. 0 2000 ’05 ’10 ’15

*Scopus collects data on abstracts and citations. Source:The AI Index2019Annual Report

leader in AI by 2030, envisioning a domestic industry alone worth some $150 billion. China’s publiclytraded tech gi- ants, including Alibaba Group Holding Ltd. and Baidu Inc., have plowed billions of dollars into AI research and set up labs in China and Silicon Valley, taking advan- tage of the latter’s openness. That has made them juggernauts, out- shining global rivals in areas in- cludinge-commerce algorithms andfacial recognition. China’s hugepopulation, surveillancein- frastructureand morelax atti- ContinuedfrompageR1 more than 60% of awirelesscar- whether and howtotighten sanc- tude on privacy rights generate The linchpin of anew industrial revolution, rier’s 5G capital expenditures tions on Huawei,” says Dan Wang, hugevolumes of data,which pro- with applications such as augmented real- could go to cellular equipment, aBeijing-based technologyana- duces ever-smarter AI. U.S. vs. ityand remotesurgery.Quantum comput- such as radios, a market Huawei lyst at research firm Gavekal But while China may contrib- ing could help discover newdrugs and de- leads. “All the moneyisinradio,” Dragonomics. “If theydo, then utemoreAIresearch and be cipher encrypted data oncethought says Dimitris Mavrakis,5Gre- Huawei’s operations will be dis- ahead in some important subsets China uncrackable.Autonomous vehicles could search director at market-advi- rupted in major ways,such thatit of AI, like facial recognition, it’s fundamentallyrevamp our transportation sory firm ABI Research. mayhavedifficulty making not ahead in all of them. And S In Tech systems and infrastructureand the waywe Huawei’s technologicallyad- smartphones and 5G equipment.” when it comes to research into PRES all getaround. Advanced computer chips vanced cellular equipment, and artificial general intelligence, or ZUMA act as digital brains thatorchestrateitall. itsability to churn it out quickly, EDGE GOES TO: China AI with broader,humanlikethink-

Hereishow the technologybattle be- helped China quickly roll out 5G, ing abilities,the large U.S. compa- YUGE/

tween the U.S. and China is shaping up turning much of the nation intoa nies—Microsoft Corp., Alphabet XUE XI:

in some of the most important areas of potential lab for5G-dependent Inc.’sGoogle and others—are TA

innovation. technology, such as self-driving clearly leading, says Paul Triolo, BO cars.Meanwhile,airwaverestric- an analyst at political-risk con- RO tions have slowedthe construc- sulting firm Eurasia Group.Amer- tion of U.S. 5G networks. ican tech giantshaveuntold

Still, it would be prematureto amountsofmoneytospend on GE/REUTERS; declareChina the winner in the AI, which they’re using in recom-

5G race,especiallysinceWashing- mendation engines, targeted ad- NOUVELA

tonhas further tools to slowHua- vertising and automatic filtering AH

wei’sdominanceinboth the cellu- of obsceneorotherwise banned ELIJ Y: lar-equipment industryand Artificial intelligence pictures and videos,among other CHEV

smartphone business, in which it areas. Some also sell AI services, S; is also a global leader. letting companies,governments PRES 5G “Federal agencies in Washing- Threeyearsago,Beijing declared and police departments tap into

tonare currently debating itsintention to be the world the power of their algorithms. ZUMA

60%+ JUNXI/ The portion of AttorneyGeneral William Barr made it LIU wireless carriers’ clear wherethe U.S. stood in 5G in Febru- capital spending that arybysuggesting thatWashingtonand its JIANWEI: allies should consider taking a financial GES;

could go to cellular interest in Huaweirivals Nokia Corp.and IMA equipment, such as Ericsson AB. Both are based in Europe. radios, a market TheWhiteHouse laterdismissed the GETTY SE/ Huawei leads. idea of buying either company, but Mr. Barr’s remarks still emphasized howthere

is no American giant to challengeHuawei, ANCE-PRES the world’s biggest maker of telecom FR

equipment, such as the radio hardware GENCE

that hangs on cellular towers. /A

After bad bets, what remained of one- FREY time American champions Lucent and Mo- GE REPRINTSAVAILABLE OR

torola were acquired by Finland’s Nokia GE Individual Copies: Recent issues and Sweden’s Ericsson. They in turn have

of The Wall Street Journalcan be gone through layoffs and unprofitability PICHAI: purchasedatwsjshop.com while supplies last. The entireissue in- while competing with Huawei, which GES;

cluding this report canbeobtained gained nearlythe combined market share IMA for$11. The report alone is $6. of itsEuropean rivals via itscutting-edge Bulk Orders: Formorethan products and low prices. GETTY 10 copies,pleaseemail SE/ [email protected] to inquire TheU.S.has some 5G players. Cisco about discountedpricing and Systems Inc. is the largest maker of the shipping.

behind-the-scenes routersand switches ANCE-PRES ReprintsorLicenseArticles: To thatconnect to cellular equipment. Qual- FR order reprints of individual articles in printordigital format, or to li- comm Inc.and InterDigital Inc.are lead- GENCE

cense content, pleasecontact: ing intellectual-property companies earn- /A Online: www.djreprints.com ing royalties forcellular-technology FREY Phone: 1-800-843-0008 patents. GE Email: customreprints@dow- OR

jones.com But those marketsare comparatively GE small, and Huaweiisaplayerinboth. And P: TO P2JW104000-0-R00300-1------XA

THE WALL STREET JOURNAL. Monday, April 13, 2020 | R3 JOURNAL REPORT | 5G

TheU.S.produces some of the enough to defeatcurrent meth- world’s best AI research and tal- ods of encryption and runcom- entbecause of itscombination of plexsimulations to discover new leading universities,deep-pock- drugs, the field has attracted a eted tech companies and an groundswell of investment from opennesstoideas and people privatecapital sourcesand gov- from across the globe—areas ernments. wherethe U.S. has asustainable TheU.S.isthe clear world advantage, at least in the me- leader in the construction of dium term. Notshutting down quantum computers. Google last academic andcommercial ex- year claimed its54-qubit ma- changes with Canadian, Euro- chine,which excels at measuring pean,Israeli and evenChinese probabilities in randomlyout- experts is crucial forthe U.S. to puttednumbers, achieved “quan- maintain the advantages it has, tumsupremacy,” making acalcu- Mr.Triolo says. lation thatwasn’t possible—or, “In some sense the AI industry at least, not practical—on aclas- is still in itsinfancy, and manyare sical computer. International contributing to itsgrowthand BusinessMachines Corp., an- maturity,” he says. “This maybe other American companythat moreimportant than the levelof has aquantum computer rivaling funding in determining the suc- Google’s,disputed thatresult, cess of U.S. companies in leverag- saying the calculation actually ing AI in newand important sec- could be performed with asu- tors likeautonomous driving and percomputer in areasonable health care.” amount of time.Chinese scien- tistshavebuilt quantum com- EDGE GOES TO: U.S., puters,but analysts saythey’re but it’s close. yearsbehind the U.S. Quantum technology, however, goes beyond computersand ex- Competing self-driving cars in tends intousing quantum prop- development include GM’s Chevy erties to communicatequickly Bolt EV, above, and the robo taxi and securely. That’s whereChina at left from China’s Baidu and auto mayhavethe advantage. Ledby maker FAW. Pan Jian-Wei, dubbed China’s “father of quantum,” the country has pushed the envelope in China is poised to quantum communications,sen- sors and radar—all areas with come out ahead possible militaryapplications. in the long term Thecountryin2016 launched a Quantum Computing satellite, called Micius,thatuses in the photon beams in aquantum development statethatmakes transmissions of self-driving Unliketoday’scomputers, which impervious to interception. It’s use streams of ones and zerosto building ahugequantum-infor- cars. encode data,quantum computers use atom-scale quirks thatallow particles to exist in morethan Patent Frenzy two states.Thatadded complex- China has exponentially increased ity gives them the ability to pro- the number of quantum informa- ready the world’s biggest car mar- cess moreinformation more tion technology (QIT)patents, ket, and the country’sregulatory en- quickly, potentiallyfar exceeding largely in software. vironment—such as restrictions on the powerofsupercomputers. Number of QIT patent families* China’s semiconductor technology accessing maps on national-security Harnessing thatpotential will by priority country and gap with leading chip-makers, grounds,aswell as requiring foreign probablytakeadecade or more. technology type by chip size companies to partner with local Today’squantum computers Year made by ones—favors domestic champions have arelativelysmall number 500 Chinese chip-makers trying to win the market there, of quantum bits, or qubits, with which include Baidu, Didi Chuxing China hardware 1960 ’70’80 ’90 2000 ’10 ’20 which to makecalculations.It 400 Technology Co.and Pony.ai. “It will China software 16 years will not be easytoget to the be difficult forAmerican companies U.S. hardware 25 to 30 millimeters* pointwherethere’senough of 300 to be competitive,” says Nikolaj Her- U.S. software 14 them to perform hardcalcula- 5microns skind,ofScandinavian consulting 200 tionsquickly. Year made 19 firm Qvartz. Because quantum computers by leading 3microns China’s hugepopulation will give global eventuallycould be powerful 100 Semiconductors 10 Chinese companies moredatathey chip-maker 0.8microns canuse to refine autonomous-vehi- 0 1-2 cle technology. It also helps that 0.13 microns Select major milestones in the 1995 2000 ’05 ’10 ’15 China has spent tens of billions of 1-2 the Chinese aremorewilling to try development of quantum *By earliestpublication year.Apatentfamily is aset dollarsoverdecades trying to get 40 nanometers† self-driving cars.While 48% of computing power of patent applications covering similar technical content. aleg up in semiconductors, es- 1-2 Americans said in a2020Deloitte Source:Patinformatics sential ingredientsinthe race for 28 nanometers† survey thattheythought autono- 1998 2-qubit faster computersand smart- mous vehicles were unsafe, only quantum *1 millimeter =1000 microns †1 micron =1000 Oxford University computer phones and more-sophisticated nanometers 35% of Chinese respondents mation-sciences lab in east weaponry. Statistics from the Source:Journal of International Commerce and thought the same thing. 2000 China, aproject with a$10 bil- Semiconductor IndustryAssocia- Economics China’s lead in 5G infrastructure LosAlamos lion pricetag. tion, based in Washington, D.C., means itscar companies cantest, National Laboratory 7-qubit So the scorecardissplit: The suggest U.S. exports of chips to tutes.Inthe long term, though, in real-world conditions,how the U.S. leads in quantum comput- China have stayed around the many industryobserversthink wirelesstechnologycan be used to 2006 ing,and China leads in quantum same levelfor years, and that it’samatterofwhen, not if, beam map and traffic data to cars, Institutefor Quantum communications and encryption. Chinese companies haven’tgained China’s hugeinvestmentsinchip or evenremotelycontrol vehicles in Computing, PerimeterInstitutefor Thefutureishardtoforecast tremendous market share, even making finallypay off. some situations. Theoretical Physics, because advances thatwill shape domestically. About 47.5%ofchips “If you’re willing to spend bil- But given howgovernmentsin- MIT 12-qubit the field arelikelystill decades sold in ChinawereAmerican as of lions of dollarsfor dozens of tenselyregulate self-driving car 28-qubit off,saysElsa Kania,aresearcher 2018, according to SIA figures. years, eventuallyyou’ll getthere,” testsand technology, says Andrey 2007 quantum at the Center foraNew Ameri- China’s neighborshavemade a says Jim Lewis,asenior vice Berdichevskiy, director of Deloitte’s annealing canSecurity,athink tank based prominent placefor themselvesin president at the Center for Stra- FutureofMobility Solution Center, D-Wave Syste ms computer in Washington, D.C. the global semiconductor supply tegic and International Studies,a the most likelyoutcome of the au- “We’reatarelativelyearly chain, with SouthKorea’s Sam- Washington, D.C., think tank. tonomous-vehicle technologyrace 2017 stageofwhatIthink canbe sung Electronics Co.becoming a is abifurcatedworld—similar to IBM 50-qubit moreaccuratelycharacterized as dominant smartphone and chip EDGE GOES TO: U.S. howthe U.S. and China aredevel- amarathon,” she says. supplier and Taiwan Semicon- oping their ownecosystems for 2018 72-qubit quantum ductor Manufacturing Co.be- other hardwareand software. Google chip EDGE GOES TO: U.S. in coming the world’s largest con- “Iexpect U.S. and Chinese play- quantum computing, China tract chip manufacturer. erstofirst become successfulin Source:newsreports in quantum communications That’s amodel thatChina their home markets, but regula- could neverseem to replicate. tionsand consumer perception Thecountry’sleading chip maker, makes it harder foreither side to Semiconductor Manufacturing flourish on the other’s territory International Corp., isn’t able to without alocal partner,” Mr.Berdi- producethe most cutting-edge chevskiy says. chipswith the smallest transis- Theedgegoes to:U.S., fornow. tors.Some estimatessuggest China is five to sevenyearsbe- Mr.Fitch,aWall StreetJournal hind the U.S. and Taiwan on chip Autonomous Vehicles reporterinSan Francisco, canbe technology, but it maytakelonger [email protected]. forChina to catchupbecause cut- Mr.Woo,aWall StreetJournal ting-edgechips areamoving tar- Silicon Valleybusinesses such as reporterformerly basedin get. By the time China is able to Google’s Waymo and General Beijing,can be reachedat makechips thatcompetewith the Motors Co.’sCruise gotahead [email protected]. best available today, the rest of startontesting driverless-car the industrywill likelyhavetaken technology, helping giveU.S. another leap ahead. companies the earlylead in sen- That said, China has surprised sor hardware, such as the cam- U.S. officials by replacing Ameri- eras andradar needed to detect canchips in manyofits compa- obstacles on the road. And the nies’electronic devices with a U.S. dominanceofthe semicon- 48% combination of domestic chips and ductor industrygives American ones sourcedfromnon-U.S.com- companies the edgeinmaking of Americans thought panies.Huawei’snewest phablets, the chips thatwill essentiallybe autonomous vehicles launched last year,didn’t include the brains of such vehicles. were unsafe, anyU.S.chips,according to a tear- Chinese companies were two down of the devices commissioned to three yearsbehind interna- according to a Deloitte Left,Sundar Pichai, AlphabetInc.’schief executiveofficer, with by the investment bank UBS. tional rivals in the important ca- survey, compared with aGoogle quantum computer at alab in SantaBarbara, Calif. Forthe shortterm, China’s pabilities needed for self-driving only 35% of Chinese Above,physicistPan Jianwei, dubbedChina’s ‘father of semiconductor strategyisfo- cars,McKinsey&Co.said in a respondents. quantum,’works at alab of the University of Scienceand cused on reducing relianceon reportlast year. Technology of China in Hefei. The U.S. has the lead in quantum the U.S.,which oftenmeans find- But in the long term, China is computing, but China is ahead in quantum communications. ing other non-Chinese substi- poised to come out ahead. It is al- P2JW104000-0-R00400-1------XA

R4 | Monday, April 13, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | 5G

about,” U.S. Defense Secretary Mark Esper said in February. “And that Allies Wary of U.S. Stance would undermine the alliance.” TheU.S.hasn’t declassified anyev- idence concerning Huawei. The com- pany has repeatedlysaid it doesn’t So far, the U.S. mostly has with ambassadorsthreatening to broader conflict between the U.S. conduct espionageonbehalf of the failed to convince Europe curtail imports from countries that and China, as Washingtontries to Chinese state and that the U.S. is us- to take a hard line on 5G ban the company. maintain itstechnological and se- ing cybersecurity concerns as a pre- It all boils down to whatEuro- curity advantages over Beijing.The tense to contain arival company. Hua- and Huawei pean governmentsvalue more: U.S. has sought to contain China’s wei has often been able to undercut America’ssecurity umbrella or ac- advancing high-tech sector by re- competitorsonpricing,thanks in European BY DREW HINSHAW cess to China’s $12 trillion economy. stricting exports of specialized part to tens of billions of dollarsin So far, Europe has mostlychosen productslikemicrochips to China, state financing. telecoms merica’sglobal cam- China, declining to follow the U.S.’s while blocking some tech firms “In the name of national security, argue that paign to prevent Huawei hard-line position. Largepowers and from sharing sensitivekinds of ad- theU.S.uses itspowertosuppress Huawei’s Technologies from close allies likethe U.K. and Ger- vanced research with Chinese com- and sanction Huawei,” said China’s building the next genera- manyhavebalked, telling the Trump panies. ambassador to Hungary, Duan Jielong, equipment is tion of superfast internet administration thattheir owninter- American officials expect 5G in- in arecent speech. “It’strying to much cheaper hasfaltered on the conti- nal cybersecurity agencies canmoni- ternet will prove to be some of the forceChina to swallowbitterfruit Anent whereWashington torHuaweiequipment and keep it most critical infrastructure for the that would harm its sovereignty and and more finds some of itsclosest allies: Europe. secure. Telecommunications compa- next major technological break- security,and China must fight back.” advanced Formonths until the coronavirus nies in small countries,likeHungary, throughs.The network is expected Huaweididn’t respond to requests than that of pandemic,America’stop officials criss- have already started rolling out 5G to allowfor advances likeautomated for comment for this article. crossed the continent, arguing thatthe with Huaweiasapartner,shrugging factories,remotemonitoring of med- its rivals. Chinese companyisanespionage off threats that the U.S. will curtail ical patientsand hugeleaps in artifi- threat, subservient to itsauthoritarian defense cooperation if theyproceed. cial intelligence. Washington wants government. ForEurope to transmit TheU.S.threats have been coun- that information channeled along The Russia factor dataonnetworks using Huawei5G terproductive, says James Sullivan, networks owned by companies from To be sure, European governmentsmay equipment would offer Beijing an easy head of cyberresearch at the Royal allied, democratic states. still roll back Huaweiparticipation in waytospy on the sensitiveinforma- United Services Institutefor Defence The U.S. Justice Department has theircountries’networks,some ana- tion thatwill soon powerautomated and Security Studies in London. “It’s chargedHuaweiwith racketeering lystssay.And acouple of European factories,advanced hospitals,self-driv- become asortofzero-sum game,and and stealing source code and other Union countries thatborder Russia ing cars and more, said U.S. officials. fartoo all-or-nothing,” he says. “The intellectual property from itsrivals. have backed Washington. Last year,Po- Therisks areconsidered so high 5G ship has sailed, nations have made Thedepartment hasn’t shied away land jailed aHuaweiexecutiveonespi- that senior officials like Secretary of their decision. It comes down to how from issuing strong ultimatums to onagecharges, accusing him of crimes  State Mike Pompeo warned that the do youdorisk management?” U.S. allies,whose trade and military thatthe Polish government says are During a U.S. mayroll back itsdecades-old se- secrets, it warns,would be easier to toosensitivetodetail publicly. Warsaw recent trip curity and intelligencepartnerships steal over 5G networks. has offered the U.S. assurances it will to Europe, with allies in the NorthAtlantic “Theconcern still remains thatif allowonlya“trusted partner” to con- Mike Pompeo Treaty Organization who don’t heed Charges and denials countries choose to go the Huawei struct 5G equipment. Estonia has made pressed NATO their warning. Thecontest over who builds the route, it could well jeopardizeall the asimilar pledge. allies to shun Huaweirejectsthe accusations and next layerofinternet infrastructure information sharing,intelligence But those commitmentshavebeen Huawei. Chinese diplomacyhas fought back, in Europe is akey battle in a sharingthatwe’ve been talking largely motivated not by fearsof China, but of Russia, as governments look to curry favor with the U.S., the only military power they view as ca- pable of effectivelydeterring Moscow. Elsewhereonthe continent, access to China’s economy has usually won out over American security concerns. Telecoms have pressured their gov- ernments, arguing thatHuawei’s equipmentissignificantlycheaper than thatofits rivals Ericsson or Nokia,and yearsahead technologi- cally. Thecoronavirus crisis has driven down telecom profits, creating added pressuretogowith the cheap- est supplier.Small countries have sought to leapfrog larger economies by rushing to roll out 5G, using Hua- wei equipment. And broadly, leaders arewaryofchoosing sides in acostly U.S.-China rivalry. “The more the Trump administra- tion asks foropen-ended, 100% state- mentssaying ‘Wewon’t use Huawei,’ the lessitislikelytoget it, quitesim- plybecause this implies choosing sides,” says François Godement,se- nior adviser forAsia at the Institut Montaigne, a nonprofit think tank in Paris that proposes public-policysolu- tions to French agencies and busi- nesses. “Deep down, Idon’t think the U.S. canmakeEuropeans move on the basis of the threats….People very of- tenshrug their shouldersand say, ‘We don’t know what they’ll do, and they don’t knowwhatthey’ll do,anyway.’ ”

Mr. Hinshaw is a Wall Street Journal reporter based in Warsaw. Email [email protected].

India Could Be KeyPlayerinU.S. sion could make or break the Trump last year, the India Mobile Congress. Huawei Effort to Thwart Huaweiin5G administration’s campaign to prevent was one of the main sponsors of the event Huawei’s dominance of 5G around the and had the largest booths demonstrating how world. Pressure from the U.S. to pick a 5G could be used in India for everything from side presents a painful dilemma not smart cities and surveillance to speeding up BY ERIC BELLMAN adding around 171 million new wireless just for India but also for other devel- airport security and virtual-reality teaching. internet subscribers in the next five oping countries. As developing nations “Wehope to playakey role in bringing the NEW DELHI—When PresidentDonald years, according to estimates from begin to update their internet infra- latest and the bestsolutions to makeIndia 5G- Trump visited India in February, he GSMA Intelligence. That is twice the structures, Huawei is a potentially crit- ready…in the domains of education, agriculture, wasexpected to trytopressure number expected to be added in China ical supplier and financer of equipment health care,etc.,” JayChen, chief executiveof  Prime MinisterNarendraModi to join and the U.S. combined. at competitive prices. Bowing to U.S. HuaweiIndia, says. Attendees at the U.S. in banning use of equipment Those worried about Huawei argue demands to shun the company could a New Delhi from HuaweiTechnologies Co.inthe that it has to comply with demands of mean falling behind technologically or Rajesh Roy contributed to this article. Mr. event test a building of India’s next-generation 5G the authoritarian Chinese government, paying more for non-Chinese gear. Bellman is deputy bureau chief of The Wall phone made networks. making it a potential tool for espio- India is scheduled to start auction- Street Journal’s New Delhi bureau. Email by Huawei Mr. Trump said they discussed the nage. Huawei has repeatedly said such ing its 5G rights this year—a necessary [email protected] and [email protected]. Technologies. importance of building secure 5G sys- concerns are unfounded. Its founder step before network con- tems. Mr. Modi’s office wouldn’t dis- has said his company has never spied struction can begin. In close what was said. for the Chinese government and won’t the meantime, telecom- S But the world’s largest democracy is in the future. munications companies NEW

giving signs that it won’t be pressured Policy makers and phone companies want to know how much G into limiting its options. India is al- in India, meanwhile, aren’t persuaded freedom they will have,

ready allowing Chinese technology so far thatHuawei’s equipment pres- once the rights have OOMBER companies Huawei and ZTE Corp. to ents a security threat for India’s tele- been purchased, to buy

participate in 5G trials and was still com networks. Some powerful local equipment, analysts say. THA/BL deciding whether restrictions are voices argue that the risk is small and With 5G likely to cost

needed, External Affairs Minister Sub- is far outweighed by Huawei’s compet- more than $30 billion to KULSHRES rahmanyam Jaishankar told The Wall itive prices and capabilities. “Operators install in India, letting Street Journal back in January. [in India] have always supported non- Huawei compete could UDIT “We have agreed to trials for every- discriminatory, technology-neutral se- significantly lower pro- GES; body, but that’s a preliminary step,” Mr. lection criteria by government,” says jected costs and allow IMA

Jaishankar said. “I would say, I don’t Rajan Mathews, director of the Cellu- the network to reach fur- ETTY think it’s a subject for purely politics.” lar OperatorsAssociation of India. ther into India’s rural hin- /G India is one of the world’s largest “Operators see no specific security terlands where most of

and most competitive telecommunica- concerns with the use of Chinese the country lives. SUMMERS tions markets—and one with some of equipment in their networks.” Huawei’s hopes for In- PETER

the most room to grow. While expan- India is just starting to test 5G sys- dia were apparent at one P: sion in most mature telecommunica- tems, and the size of its 1.3-billion-per- of the largest industry TO tions markets has slowed, India will be son market means its eventual deci- events held in New Delhi OM FR P2JW104000-0-R00500-1------XA

THE WALL STREET JOURNAL. Monday, April 13, 2020 | R5 JOURNAL REPORT | 5G

Antennae like these on a build- tion C-band frequencies,which are ing in Manhattan are sprouting used by satellite companies to carry as 5G networks are built. TV signals,this year. That spectrum has satinlimbo as regulators decided how best to compensate the satellite reached and the benefitsofthe type firms,generaterevenue forthe U.S. of airwaves it is using. Treasuryand makethe airwaves Threeflavors of 5G coverage are available to carriers quickly. emerging,shaped by the spectrum AT&T and Verizon areexpected to each U.S. carrier is using to power be interested bidders. Verizon has it. That is leading to increasingly been peppered with questionsfrom nasty marketing spats over what5G Wall Street analysts about whether it actuallyis. has adequate spectrum to expand its Verizon’s 5G is based on high-fre- coverage and howitisovercoming quencymillimeter-wavespectrum some of the challenges posed by milli- that delivers ultrafast speeds but meter-wave spectrum. can’ttravelfar or easilypenetrate “The initial performance of [milli- hardmaterials.The carrier has fo- meter-wave] spectrum has been cused on building out servicein worse than promised in terms of the hubs likestadiums and pitching coverage it provides,” analysts at re- businesses on itsability to deliver search firm LightShed Partnerswrote localized private networks. in aJanuarynotethatsaid Verizon Sprint Corp.’searly5Gservicein has lessspectrum than AT&T and the nine cities,meanwhile,relied on newT-Mobile eventhough it has mid-band spectrum, which is consid- more customers. ered the sweet spot forthe next- Verizon’s Mr.Vestberg, in an inter- generation service because it offers view, says the companyhas the spec- broad coverage and the signals pen- trum and assetsitneeds to execute etrate walls easily. Most of Sprint’s customers will transition to T-Mo- bile US Inc., along with Sprint’s spectrum holdings, nowthatthe car- Each of the big U.S. riers’ merger has closed. carriers is trying to T-Mobile relied primarilyonlow- band spectrum for its early 5G cov- set itself apart from erage, which it launched nationwide the others in 5G. late last year.Thatlow-band spec- trum travels long distances but can offer speeds comparable to 4G. The company has used millimeter-wave its5Grollout. ThecompanyinFebru- spectrum for5Gserviceinsome arycommittedtobringing millimeter- parts of a few cities. wave-based 5G to morethan 60 cities Karri Kuoppamaki,T-Mobile vice by the end of 2020,and in March, president of network technologyand amid the coronavirus crisis,vowedto Three Roads to 5G strategy, said late last year beforeT- increase itscapital spending this year. As U.S. carriersroll out the latest generation of cellular networking, the speed and range you’ll get depends in Mobile’s 5G launch thatitwas “just It is unclear howseverely the pan- part on your location—and the frequency of the signal. astarting point” thatthe carrier demic will financiallyimpact the ma- would build on, particularlyasit jor carriers, all of which have closed Low-band Mid-band High-band gains more spectrum from Sprint. some retail locations. AT&T Inc., meanwhile,uses milli- Afterthe Super Bowl, Verizon exec- meter-wavespectrum forthe 5G ser- utives hosted major shareholders in- viceitbuilds forbusinesses and cluding Fidelity InvestmentsinMiami hubs like sports arenas,and low- to showcase its5Gservice. It dis- band spectrum for consumers. The played equipment from vendorsin- companyhas said it would offer na- cluding Ericsson AB and Pivotal tionwide 5G coverage by the end of Commware.The Pivotalequipment This workswell acrosslong distances Carriersare hunting formoreofthese Higher millimeter-wave frequencies the second quarter. helps pull millimeter-wave5Gsignals and will coverrural areas.Speedswill airwaves, which offer greaterspeeds provide the fastestspeeds—ifyou’re “Thetruth is thatyou need all of indoors and around corners. while covering relatively large typically be greaterthan 4G but slower near an antenna. Also,signals can’t the above,” from low- to high-band AT&T has strengthened itsspec- distances. alwayspenetratewalls. than other 5G signals. spectrum, to maximize the way 5G trum portfolio and network infra- Source:the carriers service is used, says Durga Malladi, structure in recent years by winning senior vice president of 5G at Qual- a competition to operate a federally comm Inc., which designs semicon- backed communications system for BY SARAH KROUSE ForU.S. ductorsused in mobile phones.This emergencyresponderscalled FirstNet. year and next, U.S. carrierswill The $6.5 billion contract gave the Ineed anumber!” Verizon broaden their coverage using other carrier aswath of airwaves thatitcan Carriers, 5G Communications Inc.’schief spectrum bandsastheyrepurpose use to serve first responders as well executivecalled to his senior airwaves currently used for 3G and as its commercial network. The con- network lieutenant shortly implementtechnologythatshares tract has helped coverthe cost of net- Comes in Three beforethe carrier reported spectrum in the same band between work improvements that the carrier “ fourth-quarterearnings. 4G and 5G users, he adds. says will accelerateits 5G rollout. For Hans Vestbergwanted to be able to Countries likeGermanyand South example,when AT&T sends acrewto Different Flavors broadcast to Wall Street analysts how Koreahavemade mid-band spec- atowertomakeFirstNet-relatedim- manycities the carrier would light up trum the centerpieceoftheir 5G roll- provements, the companyalso de- with faster 5G service in 2020. outs, but those airwaves in the U.S. ploys 5G-ready equipment. A marketing battle is breaking It is earlydaysfor 5G networks, have been tied up by government out, as wireless companies use but each large U.S. wirelesscarrier is squabbles and competing uses. Ms. Krouse is a Wall Street Journal different varieties of spectrum looking to differentiate itsservice, TheFederal Communications reporter in New York City. Email her touting the number of marketsithas Commission has said it would auc- at [email protected].

How5GCould Transform Supply Chains

BY JAMES RUNDLE Georgetown University’s McDonough School of Business, says this new level The rollout of 5G has the potential of analytical capability will help solve to transform the supply chain—among one of the toughest challenges for other things, helping companies more supply-chain management: figuring out precisely measure consumer demand, how much of something people want cut waste and react in real time as sit- at any particular moment. uations change. Granular data on product sales and “I believe it will bring as fundamen- movements, and customer behavior,will tal a transformation of our world as enable companies to adequately prepare the introduction of the internet,” says their supply chains to meet demand. Åsa Tamsons, head of business area technologies and new businesses at Ericsson AB. Here are some of the Food waste ways 5G will influence the supply Inventorysurplus is an economic issue chains of the future. forall sectors, but forfood and agri- culture, oversupply introduces environ-

S mental concerns as well. Experts say

PRES Supply and demand this is an area where5Gcan have a Supply chains using artificial intel- vest in their own communications infrastructure  Part of the problem with modern sup- marked effect. ligenceand blockchain also will help or to create hyperlocal networks for specific uses, The enhanced ZUMA

A/ ply chains is that, often, businesses Up to 30% of all food is lostor in such areas of environmental con- such as for a factory or manufacturing plant. data volumes

/DP and their suppliers have only a vague wasted, according to an Augustreport cern as “energy,scarcewater supplies “We’re still likely yearsaway from small and and speed of CK

DE idea of where goods are at any one from the United Nations.Oversupply in and climate-securitythreats,” says midsizeenterprises and consumersfeeling the im- 5G will allow

ULI point in time, what condition they are grocerystoresand other retail environ- Mark Skilton, aprofessor of practice pact of the ‘trickle down’effect,” says Krish Iyer, for greater in and whether they are even needed ments is amajor source of overall at Britain’s Warwick BusinessSchool. head of industryrelations and strategic partner- delivery-route at their destination. waste,according to the U.S. Depart- Businesses will incur feweroversup- ships at Stamps.com Inc.’sShipStation, which de- optimization. JOURNAL; The technology already exists to mentofAgriculture. plies of goods,reducing their impact velops e-commerce software.

REET measurethese data points, but there 5G canhelp by enabling real-time on the environmentbyproducing less Amoreimmediate benefit forsupply-chain spe- ST

LL arelimits in current4Gnetworks to data transmissions to monitor failures in waste and requiring fewerdeliveries. cialists will be the abilityfor wireless5Gtoside-

WA howmanysensors, cameras and other refrigerated containers, forinstance, stepaging infrastructurethatwould otherwise be

THE internet-connected devices canbesup- which will mitigate food loss, says Erics- prohibitively expensivetoreplace, says Ranjit Gill, R

FO ported at anyone time.The enhanced son’s Ms.Tamsons.John Coleman, chief Infrastructure overhaul chief information officer at pharmaceutical distrib- bandwidth and stabilitythat5Goffers information officer at West Chester, Pa.- Taking advantage of 5G will require utor McKesson Corp.’sU.K.business. GEN

HA will enable farmoredevices to be live basedtransport companyA.Duie Pyle new software and infrastructure in- on asingle connection, allowing much Inc., says thatthe enhanced data vol- vestment. That’s why in the short KEVIN

P: moregathering and sharing of data in umes and speed of 5G will also allowfor term, at least, the real benefits of 5G Mr. Rundle is a reporter for The Wall Street TO granular detail. greaterrouteoptimization, taking into will largely be realized by multinational Journal in New York City. Email him at OM Ricardo Ernst, a professor at accounttraffic and other information. corporations with the resources to in- FR [email protected]. P2JW104000-0-R00600-17FFFF5178F

R6 | Monday, April 13, 2020 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Monday, April 13, 2020 | R7

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AT&T and University of Missouri Deliver 5G Course Purdue’sCollege of Engineering Conducting to Students Research with AT&T 5G

AT&T andthe UniversityofMissourilaunched“Connectivity disciplineare meant to inspireinnovation andcreative Purdue University’sCollege of Engineering andthe Also abuild-outinthe Purdue Research LabinWest and5G,”anew immersive5Gcourse that will explore problem-solving.The studentsalsohaveaccess to AT&T IndianaEconomicDevelopment Corporation areworking Lafayette, Indianaisexpectedtobecompleteasearly theimpactofadvancedwireless technologyoncampus mentors,who will providesupportand inputasthe with AT&T to create an urbantestbed for5G-based as spring 2020.Oncecomplete, theLab will accelerate environments.Studentswill earn course credit forprojects semester progresses. research anddevelopment.Located in thenewly launched academic research andinnovation already underwayto that couldinformnew usecases anduserexperiencesin Indiana5GZoneinIndianapolis, thelab will useAT&T’s5G advance 5G’s potential in otherareas,includingadvanced Some of theworld’s greatest innovationscometolife industries likeeducation, healthcare,publicsafety, sports, millimeterwavenetwork (5G+)and commerciallyavailable manufacturing, smartcitiesand IoT, andruralbroadband on college campuses. 5G,the next generation of wireless entertainment andmore. Multi-access Edge Computing(MEC) technologies to help andagriculturaltechnologyfor disaster response. technology, will revolutionize theway people,devices and societybyadvancing precisionagriculture,enhance public Thecurriculumusesaninterdisciplinaryapproach with experiencesare connected. AT&T bringstogether the Some of theworld’s greatest innovationscometolife safety by improvingdisasterrecovery,and explore new studentsand instructors from avarietyoffields of study powerofour network—our employees,our technology on college campuses. 5G,the next generation of wireless usecases wherebusiness andcommunity intersect—like includingarts&sciences, business,engineering,journalism andorganizations—tocollaboratewithuniversities to technology, will revolutionize theway people, devicesand smartcities. andeducation.The combined strengthsofeachacademic enableafuturewhere vision anddiscoveries collide. experiences areconnected.

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Tyndall Air ForceBase to Use AT&T 5G Services Nellis Air ForceBase Selects AT&T to Provide 5G and FirstNet Services

TheU.S.Air Forceisworking with AT&T to helpitcreate nationwide,dedicated communicationsplatformpurpose- a“SmartBaseofthe Future”atTyndallAir ForceBase builtfor public safety.FirstNetoperates on adedicated core Under anew agreement with NellisAir ForceBase, AT&T deliverFirstNetcapabilities across thebasefor eligiblefirst (Tyndall),starting with AT&T’s 5G service, whichitdelivered networkthatsupports enhancedsecurityand provides will provideAT&T5Gservicestothe base in Southern responderand public safety personnel. to thebaseinFebruary 2020. always-onpriority andpreemption services forTyndall’s Nevada.Wewill also deliverFirstNet—the nationwide contingency anddisasterresponse operations. AT&T ’s approachto5Gisbased on anew setofnetwork Tyndallsuffered catastrophic structuraldamagein2018 public safety communicationsplatform—toeligible public security standardsthatwill ultimately offer improved caused by Hurricane Michael’s Category5,160-mph winds. Tyndallhas already experiencedthe benefits of FirstNet. safety personnel across Nellis. encryption protectionsfor wireless communications. AT&T is comprehensively rebuilding andmodernizing FollowingHurricane Michael,AT&Tpersonnel arrived onsite AT&T will equip Nelliswith5Ginfrastructuretosupport Newsecurityfeatureswill eventuallyincludeenhanced communicationsinfrastructureand capabilities across at Tyndallwithin 30 minutesofbeingcontactedbythe Air wireless data andvoiceservicesconnectingthe base’s capabilities to detectand respondtocybersecuritythreats Tyndall. It is providing future-forward networking capabilities Force. Within hours,the AT&T team established temporary more than 40,000 AirForce personnel,their families,and whilehelpingtoprotect subscriber identities,network poweredbyAT&T5Gtosupportaugmented andvirtual communicationscapabilities in supportofTyndall’s retirees. It will providewireless high-speed external and access anddeviceauthentication. reality, IoT, andabroad array of innovative technologies. immediatestorm response andrecovery efforts using in-buildingconnectivity across Nellis’ flightline, facilities, FirstNet networkcapabilities anddevices. TheAir Forcealsoplans to equip itsfirstresponders and dormitories, andthe Mike O’CallaghanMilitaryMedical eligible public safety users at TyndallwithFirstNet—the Center.Inadditiontodeploying5G, we arealsoset to

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R8 | Monday, April 13, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | 5G

Fiber optic cable networks, like the one being worked on here in Wiggins, Colo., are an alternative to wireless broad- band service.

instead focus moreonnew fiber op- need forfaster fiber-optic landlines. tic lines. Beforehedropped out of the presi- APartisan Debate But the argument over which dential race,Democratic candidate technologyisbettersuited to the Bernie Sanderspitched a$150billion task is morethan adebate about en- grant program that would fund pub- Over Dead Zones gineering.Ithas gained apolitical liclyowned municipal broadband net- tinge, too. TheTrump administra- works.The funding would onlygoto- tion has touted itsfederal policies ward open-access networks, a model designed to spur 5G network invest- that usually favors fiber-optic infra- The question of which technology telehealth projects. But the aid mentsasananswertothe digital di- structure. should be used has taken on a stopped shortofplowing more vide that haskept millions of Ameri- Fiber advocates sayahardwireto surprising political dimension money into other broadband-devel- canhouseholds disconnected from the home will last the longest without opment programs. high-quality internet service. requiring acostlyreplacement in afew The promise of 5G cellular stan- Speaking at a 2019 White House years. Acellphone towerthatcould dards, meanwhile,makes wireless event highlighting the administra- servesome disconnected homes today BY DREW FITZGERALD technology a leading contender for tion’s 5G-friendlypolicies,President might become congested tomorrow. areas where companies consider fi- Trump said the administration’s “Clearly, if youput cost aside,fiber peedier 5G wirelesstechnologyisrekin- ber tooexpensive. Ahome with a wireless push would “get networks is still the gold standard,” says Paul dling along-running debate over the best wirelesshot spot could connect to built in rural America faster and at de Sa,ananalystattelecom advisory waytoreach America’sinternet dead 5G cell towers morecheaplywhile much, much lowercost than it is QuadraPartners. “Do youneed the zones: by wireorbywave. providing downloads nearing fiber- even today.” gold standard? That is a very legiti- All online activity at some point likespeeds.Onthe other hand, pro- mate debate.” passes over afiber-optic cable,the work- ponentsoffiber-optic infrastructure Fiber boosters acknowledgethat Shorse of the physical internet. But broad- say hard-wired homes benefit from theshovel-in-the-ground business band companies have severalchoices forserving the more-reliable connections thatare model demands morecapital and “last mile” of aneighborhood internet connection, lesslikelytobecome obsoleteina sometimes requires morestate in- from fiber to coaxial cable to wirelessradio waves. few years. About 21million volvement. But theysay it is an in- Thequestion of howbest to servethose custom- Cellphone carriersincluding Veri- U.S. households have no vestment thatdeliversproveneco- ersgained moreurgencyoverthe past month as the zonCommunications Inc.and T-Mo- access to broadband. nomic benefits. coronavirus pandemic closed schools acrossthe U.S., bile US Inc.say newwirelesstechnol- Fiber andwirelessservicearen’tal- forcing tens of millions of pupils to studyfrom ogies will let them servemorehome- ways at odds.MattLarsen,chief exec- home.Smartphones arehardlyideal fordoing home- broadband subscriberswithout utiveofrural wireless-broadband pro- work and taking tests, which putsstudentswithout sending atechnician to wireupa T-Mobile this month closed its vider Vistabeam,sayshis Nebraska- home internet serviceatadisadvantagetotheir customer’s house.The companies purchase of Sprint Corp. The hard- basedcompanycompetes with fiber- more connected peers. have promised to build profitable ser- fought mergercleared federal regu- optic lines in some areas while in About 21 million U.S. households lack broadband viceswhereother wirelessbroadband lators partlybecause of the carrier’s othersitrelies on the local wired in- service, which the Federal Communications Commis- companies,likeClearwireCorp., have promises to improve rural wireless ternet provider to carryhis customers’ sion defines as an internet connection offering failed to build aviable business, but service. T-Mobile last year also un- data back to the broader internet. “If download speeds of 25 megabitsper second or theyhaveyet to detail howmany veiled aplan to send free internet yougobyspeed, fiber’s alwaysgoing faster. The problem is especially acute in rural ar- wirelesshomes theyserve. hot spotstoupto10million homes, to be faster,but we have some low- eas. Most near-term efforts to reach those discon- AT&T Chief Operating Officer offering a cablelike service to fami- cost packages,” he says. nected homes have come from the privatesector.A John Stankey told analysts in a re- lies that lack affordable service. $2 trillion aid bill Congresspassed in March in- cent conferencecall thatthe com- On the other side of the political Mr. FitzGerald is a reporter for The cluded some extrafunding forthe Rural Utilities panyis“not as optimistic as maybe aisle,some Democratic lawmakers Wall Street Journal in Washington. Service, a program run by the U.S. Agriculture De- some are” about wireless home-in- saythe hype around wirelesshome- Email him at partment, and $200 million of grantsfor urgent ternet businessmodels and would internet serviceisovershadowing the [email protected].

Companies Seethe 2021 Olympics as aChancetoTry Out New Cutting the cord 5G-EnabledTechnologies True VR already offers coverage of Na- tional Basketball Association games (which, of course, have been sus- pended in the face of the Covid-19 BY RIVER DAVIS demonstration. By 2021, “we’re plan- threat) and National Football League ning to develop the technology so that games, but it has been hampered by YOKOSUKA, Japan—The shuttlecock is it will project even more realistic, ultra- lags. When viewers move their heads flying as twochampion badmintonplay- high-definition 8K video of the ath- without an immediate change in what ersexchange shots. The action is furi- letes,” says a spokesman for NTT. they are seeing, it can lead to intense ous,but an onlooker canstray onto the If sporting-event shutdowns con- motion sickness. 5G speeds will help court foracloser look without fear of tinue due to the spread of coronavirus, iron out that issue, Ms. Saechou says. getting hurt. “holograms could even be used to al- For regular sports viewing, 5G’s abil- That’s because the match is be- low spectators to watch certain events ity to carry high-definition images with tween two 3-D holograms simulating from different, more safe, locations,” only a few milliseconds of latency may the real contest. They are projected in he adds. accelerate the trend of people giving such high definition that spectators up traditional cable TV. Thirty percent can see the muscles in their legs of sports fans said they stream live clench and unclench, without virtual- ‘Technology accelerator’ sports on their smartphone or tablet, reality headsets or other gear. Companies see the Games as a chance according to a 2018 Google sports

The demonstration at a Nippon to experiment with new technologies. viewing survey. JOURNAL Telegraph &Telephone research facil- The 2021 Olympic Games will be the In a year’s time, Intel’s VR service REET

ity south of Tokyo is part of prepara- first held since 5G began to spread may be accessible to a wider popula- ST tions for the Summer Olympic Games, world-wide in 2019. tion as VR devices like headsets gain LL which have been postponed until 2021 “The Olympics have always been a in popularity. WA THE

as the coronavirus pandemic spreads technology accelerator, from the cre- The hologram demonstration sug- R FO

world-wide. But while the Games will ation of instant replay after the 1960 gests live viewing is another applica- A

not go on as planned, the technology Winter Games to the adoption of color tion of 5G. NTT engineer Taiji Naka- AD companies plan to use there is an TV after the 1968 Games. It’s an ideal vice called Intel True VR using 5G networks at  murasays 5G networks can transmit FUK early glimpse at how 5G could change platform to trial breakthrough innova- Olympic sites. The service draws footage from Holograms in a and project the holograms with less SHIHO sports viewing in the years to come. tions and accelerate adoption world- multiple camera pods, each holding as many as judo match at than one second of lag. The uses may With 5G wirelessdatatechnology, wide,” says Rick Echevarria, vice presi- 12 cameras, installed around an arena. an NTT lab, in a extend beyond watching sports. In the GES; spectators in Tokyomay get the chance dent and general manager of Intel’s Viewers in the U.S. and elsewhere will be demonstration future, a tennis school might use 5G IMA

to watchholograms mirror the moves Olympics Program. able to don a VR headset and look around the of technology networks to project Rafael Nadal on GETTY

the actual Olympians aremaking, in The forthcoming Olympic Games opening ceremony in Tokyo, or watch events that could be the court to model a backhand for stu- VIA

real time,inanarena 15 miles west of will bring “immersive virtual-reality ex- including boxing, track and field, and gymnas- used in the dents, he says, adding: “It would have ST the citycenter, according to NTT. periences that will allow sports fans to tics from vantage points such as a front-row Tokyo Olympics. to be a very rich school, though.” PO In Japan, commercial 5G services engage with their favorite sports in seat or the eye line of the athletes. “It’s not DENVER

began to roll out last month. NTT says more ways,” he says. like passively watching TV. You’ll feel like Ms. Davis is a reporter in The Wall P: with another year of time it will be Intel, the VR technology provider for you’re really standing right next to the gym- Street Journal’s Tokyo bureau. Email TO able to further improve its hologram the Games, is looking at running a ser- nasts,” says Intel spokeswoman Farm Saechou. her at [email protected]. OM FR P2JW104000-0-R00900-1------XA

THE WALL STREET JOURNAL. Monday, April 13, 2020 | R9 JOURNAL REPORT | 5G It’s Time to Consider...6G

A look at what’s ahead over long distances and through phys- ical obstacles.While 5G is expected to reach frequencies of around 30 giga- BY RIVER DAVIS hertz to 50 gigahertz in Japan, NTT Docomo expects 6G to be carried on ait aminute, frequenciesexceeding 100 gigahertz. 6G?Isn’t 5G just Alreadythe higher frequencies getting started? used in 5G have led to service-quality Indeed it is. problems and slowrolloutsduring But the rollout of 5G’s initial stages.One problem is aglobal telecom- that those frequencies require more Wmunications base stations—the sitesthatact as standardisn’t the work of aday,so common connection pointsfor local some people arealreadythinking wirelessnetworks—which canpro- aboutwhatthe sixth generation of voke opposition from communities wirelesstechnologywill look like. They and building owners. areenvisioning speeds 10 times Transmitting moredataatfaster greaterthan the fifthgeneration now speeds also requires extraenergy. beginning to reach consumers, and Phoneswith 5G servicehavebeen morebandwidth to handle newdata- known to overheat and drop service hogging devices including autonomous back to 4G in the U.S. These issues cars and unmanned factoryequipment. will likelybeamplified with the even “With 5G,the thingsyou cando speedier and higher-capacity 6G. thatare beyond 4G areenormous,but “Right nowasthe world transfers 5G still doesn’t quite reach the level from 4G to 5G,weare looking closely thatwewant to be at,” says Yoshihiro at the technological issues thatcome Katagiri,aplanning director at up so thatwepreparefor them in Japan’s MinistryofInternal Affairs advancenexttime,” says Mr.Kata- and Communications, which is in giri,the Japanese official in charge charge of telecommunications. of 6G planning. TheInternational Telecommunica- tion Union,aUnited Nations agency thatcoordinatesglobal wireless Angling for business standards, set up an initiativein the parent of Japan’s topmobile- motely by doctors, perform surgery Companiesthatmakebase stations, 2018 to identifyand research the phone provider,NTT Docomo,which on patients without any potentially transmitters and the likewant to post-5G technologies thatare ex- is aiming for6Gspeeds topping 100 dangerous lag time. In the business makesuretheir technologyisin- pected to emerge in 2030and be- gigabits per second. world, meetingscould be attended cluded in the next standard. They in- yond. From Japan to South Korea, Saving three seconds on a movie by high-resolution holograms mim- clude the companies alreadyatthe China, Finland and the U.S.,coun- download is amarginal benefit, but 6G will icking in real time the movementsof core of 5G,such as the U.S.’s Qual- tries arealreadyvying to gettheir every second is crucial for autono- allow people working remotely. In facto- comm Inc., which stands on topwith preferencesonthe list. mous vehicles.Tocoordinate traffic ries, 6G will provide the bandwidth 11.4% of the global share of essential So, what kind of technological ad- involving multiple self-driving cars, advances and speed needed to supportfar 5G patents. It is followed by China’s vances are we talking about? live footagefromthe vehicles needs on the moreproduction by unmanned, HuaweiTechnologies Co., with 11.1%, Forone,6Gwill allowamuch to be sent to remote computers for cloud-connected machines. and South Korea’s Samsung Electron- greaterfulfillment of the potential of analysis before instructions can be roads, in ics Co.with 9.2%, according to tele- autonomous vehicles than 5G can. A relayedback.With 5G,the minimum hospitals communications consulting firm Cy- more-familiar application—movie time required forthis back-and-forth and in Hurdles to clear ber Creative InstituteCo. downloads—illustrates whythat’sthe is about sevenseconds,saysMr. All this will requireovercoming If all goes to plan, it will take about case.With 5G,the maximum data- Aramaki, which is too slow to sup- factories. plenty of technical challenges,asthe a decade for 6G to be ready for con- transfer speed is about 10 gigabitsper port the widespread use of autono- messy rollout of 5G in the U.S. is sumers. So mark your calendar for a second, so atwo-hour high-definition mous vehicles—toomuch cango highlighting. To achieve faster net- Journal Report on 6G around 2030— movie could be downloaded in three wrong on acrowded road in seven work speeds, telecom providers of- and a preview of 7G. seconds. “6G will allowthatmovie to seconds.With 6G,the back-and-forth ten seek to use high frequencies in

O be downloaded instantly,” says Yuzo can happen with no delay, he says. the millimeter-wavespectrum—gen- Ms. Davis is a Wall Street Journal JAS Aramaki, aspokesman for Nippon Futuristsalso areimagining a erally24gigahertz or higher.Those reporter in Tokyo. She can be Telegraph &Telephone Corp.NTT is world whererobots, manipulatedre- frequencies struggle to carrydata reached at [email protected]. MIKEL

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R10 | Monday, April 13, 2020 THE WALL STREET JOURNAL.

Keeping youconnected when business is anything but usual.

These days, working together is moreimportant than ever. That’swhy we’vebeen working around the clock during this crisis to maintain network integrity under unprecedented demand –all to avoid disruption to your business. We’velaunched six new Command Centers that areenabling the fast deliveryofincreased bandwidth, new circuits and unified communication services. These centers will help those nowworking from home and provide extrasupporttoessential institutions experiencing significantly higher data and voicetraffic.

At AT&T,our network is designed to be resilient and our people arestrong. Our job is to keep youconnected.It’swhat we’vealwaysdone.It’swhat we’ll always strivetodo.

Learn howelse we can help keep your business going at att.com/beprepared

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