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***** THURSDAY,FEBRUARY 18,2021~VOL. CCLXXVII NO.39 WSJ.com HHHH $4.00

DJIA 31613.02 À 90.27 0.3% NASDAQ 13965.49 g 0.6% STOXX 600 416.10 g 0.7% 10-YR. TREAS. À 1/32 , yield 1.297% OIL $61.14 À $1.09 GOLD $1,771.10 g $26.10 EURO $1.2043 YEN 105.88 Power Outage Stretches Into Third Frigid Day for Millions Recovery What’s News Broadens As Retail Business&Finance SalesJoin he U.S. economy’s recov- Terypicked up as consum- ersused stimulus checks to Upswing boost retail spending in Janu- arytoits largest increase in seven months,ajump that Fedmodel sharply comes as manufacturerscon- tinued to increase output and boostsGDP estimate employers resumed hiring. A1 amid growing streak  Executives and directors of good economic data at Pfizer,Moderna and other firms developing Covid-19 BY HARRIET TORRY vaccines sold about $496 million of stock last year. A1 TheU.S.economy’srecov-  Saudi Arabia plans to in- erypicked up as consumers crease itsoil output in the used stimulus checks to boost coming months,reversing a retail spending in January to recent big production cut. A1 itslargest increase in seven months,ajump that comes as  The SEC is weighing manufacturerscontinued to whether to requiremore S increase output and employers

transparencyinshort sell- PRES resumed hiring.

ing and the mechanics of TED Thelatestpositivesigns the bearish trades. B1 OCIA came Wednesdaywhen the gov- SS

 The Dow rose 0.3% to a /A ernment said retail sales,a record, while the Nasdaq measureofpurchases at stores,

lost 0.6% and the S&P 500 PHILLIP at restaurantsand online, inched 0.03% lower. B11 J. jumped aseasonally adjusted VID 5.3% in Januaryfromamonth  Nestlé is selling most of its DA ICY GRIP: Customers waited in the freezing rain in Houston on Wednesday to fill propane tanks. Millions of people across earlier,and manufacturing out- North American bottled-wa- Texas and other parts of the South were without power after frigid weather struck and overwhelmed power grids. A3 put neared pre-pandemic levels. terbrands to two private-eq- “Consumer spending is fir- uity firms for$4.3billion. B1 ing on all cylinders,” said  TwoAmericans accused James Knightley,aneconomist of helping Ghosn flee at INGFinancial MarketsLLC. Japan have appealed to NorthKorea Accused in CryptoHeists He said improvement in manu- the Biden administration facturing painted averyposi- to stop their extradition. B1 tive picture for the U.S. econ- BY ROBERT MCMILLAN apps,launched ransomware The hackers allegedly sent world’sleading bank robbers,” omy in the first quarter.  Facebook said it would AND ARUNA VISWANATHA attacks and promoted afraud- spear-phishing emails to em- said John Demers, the head of While the pandemic has restrict publishersand users ulent initial coin offering in ployees at the State and De- theJusticeDepartment’sna- continued to weigh on the in Australia from viewing or TheJusticeDepartment un- pursuit of digital cash, prose- fense departmentsand several tional security division. economyand recent winter sharing news articles,ramp- sealed an indictment on cutors said. U.S. technology companies in Starting in 2017, North Ko- weather hascaused disrup- ing up astandoff there. B5 Wednesdayagainst two alleged Thenew indictment Januaryand February2020, readeveloped an initialcoin tions,signs of growth, fresh  Google will pay for con- membersofNorth Korea’smil- charged Jon Chang Hyok and and at times traveled to and offering, called Marine Chain, government stimulus and eased tent from News Corp pub- itaryintelligenceservices,ac- Kim Il with the hacking and worked from Russia and that invited investors to pur- Covid-19-related businessre- lications under a three- cusing them of hacking banks related fraud. Athirdman, China, the indictment said. chasedigital tokens—similar strictions have prompted some year licensing deal. B5 and companies in morethan a Park Jin Hyok,who is also Thechargeschronicle a to bitcoin—that represented economiststoincrease gross dozencountries,including the named in the indictment, was criminal moneymaking opera- fractional stakes of maritime domestic product estimates for  Two of Boeing’s long- U.S.,aspart of awide-ranging previouslychargedinaSep- tion that mirrored the general vessels. Marine Chain, whose the firstquarter of the year. time directorsare expected scheme to steal $1.3billion tember 2018 case that accused public’s increasing interest in websitehas been removed PleaseturntopageA2 to step down from the over the past half-decade for him of playing arole in the digitalcurrencies,asbitcoin from the internet, wasafraud, aerospacegiant’sboard. B2 Pyongyang. 2016 theftof$81 million from topped the $50,000 mark. prosecutors said.  Greg Ip: Child tax credit vs. North Korean hackersare Bangladesh’saccount at the “North Korea’soperatives, NorthKorean hackerscut universal basic income...... A2 World-Wide increasingly focusing their Federal Reserve Bank of New usingkeyboardsrather than their teeth by launching a se-  Fedminutes showofficials criminal activity on the world York and the 2014SonyPic- guns,stealing digital walletsof ries of highly sophisticated at- staying the course...... A4 of cryptocurrencyand recently tures hack,among other intru- cryptocurrencyinstead of tacks on banking systems,  Democrats face a split on  TheJusticeDepartment built malicious cryptocurrency sions. stacks of cash, have become the PleaseturntopageA8 minimum wage...... A4 unsealed an indictment against two alleged mem- bers of North Korea’s mili- Talk-Radio Host Limbaugh, 70, Dies tary intelligence services, Va ccine Future Europe Task: accusing them of hacking banks and companies in morethan adozencountries Executives as part of ascheme to steal Unlocking Economy $1.3billion over the past half- decade forPyongyang. A1 Profited  Federal prosecutors have Nations have kept firms and jobs in place, begun an investigation of how the administration of New On Stocks preventing adaptation to new realities

York Gov. Cuomo handled GES

the Covid-19 pandemic in IMA BY INTI PACHECO BY TOM FAIRLESS region’s $18 trillion econ- the state’snursing homes. A3

GETTY AND ERIC SYLVERS omy, allowing businesses to

 TheBiden administration Executivesand directorsat SE/ fire up quickly and bring will pump $1.6 billion into Pfizer Inc., Moderna Inc. and For nearly a year, large back workers. It’s an inten- ramping up Covid-19 testing othercompanies developing swaths of Europe’s economy tional effort to slow an eco-

and sequencing of the virus as Covid-19 vaccines sold about ANCE-PRES have been in a deep freeze. nomic deep clean, dubbed by moretransmissible variants $496 million of stock last year, FR Trillions in state-backed many economists creative

aredetected acrossthe U.S. A8 reaping rewardsofpositive ENCE subsidies and inexpensive destruction. This reflects a AG  U.S. life expectancy de- vaccine developmentsthat loans have kept businesses political choice: Europeans droveupthe value of the MM/ alive, while governments pay are generally less tolerant of

clined by a year during the KA firsthalf of 2020,according drugmakers’ shares. S millions of furloughed work- the brutal adjustments re- Executives and directorsat ers to stay home. In much of quired by the U.S. model of to federal figuresthat show the same 13 companies sold Europe, layoffs or forced capitalism. the deadly impact of the NICHOLA about $132 million of stock in Rush Limbaugh, the talk-radio icon who helped build the bankruptcies are banned. But as the pandemic drags pandemic’searly months. A8 2019,according to insider power and reach of conservative media, died Wednesday of In pursuing such policies, on and Europe’s vaccine roll-  Millions of Americans re- transaction datafromresearch complications from lung cancer. He was 70 years old. A4 European leaders have bet out is expected to stretch mained without powerfor firm Kaleidoscope. More than that, once the pandemic sub- through the year and be- athirdstraight day, as an- 8.5million shares were sold sides, they can defrost the PleaseturntopageA10 other winter storm began hit- last year by insiders at these ting parts of the South. A3 companies,compared with 4.7  Democrats braced for million shares in 2019. ‘I’mLikeaSPAC—What the Hell Is In dollar terms,much of the an internal party battle Saudis Plan to Reverse sales came at asingle company, over raising the minimum That?’ RapExplains FinanceTrend Moderna, maker of one of two wage to $15 an hour. A4  Biden detailed his com- Covid-19 vaccines authorized iii Oil Cuts as Prices Rise ing economic stimulus and foruse in the U.S. Executives and adirector theresold more infrastructure plans with Special-purpose acquisition companies than $321 million of their stock BY BENOIT FAUCON already have committed to top labor leaders. A4 in morethan 700transactions. inspire investor’s song AND SUMMER SAID stick to cutsthrough March.  Biden and Israeli Merck &Co. insiderssold $58 The advisers cautioned the leader Netanyahu held million of their shares.At BY AMRITH RAMKUMAR year created the largest SPAC Saudi Arabia plans to in- plans still could be reversed if their firstphone call of Novavax Inc., executives sold ever andrecently tweeted a crease itsoil output in the circumstances change, and the the Biden presidency. A18 morethan $40 million of their Theflashiest trend in fi- link to the video,saying coming months,reversing a Saudis’ intention hasn’t yet  Dozens of high-school shares afterthe company’svac- nancehas Wall Street tycoons, “Watch this.” recent big production cut, ad- been communicated to the Or- boys and staff were kidnapped cine hit milestones in August professional athletes and ce- “I don’t knowhow many viserstothe kingdom said, a ganization of the Petroleum andSeptember. lebrities. rapperswith lessthan 500 fol- sign of growing confidence Exporting Countries, the peo- by gunmen in Nigeria. A18 Merck,which said last May Now it also has a rap song. lowers have had their music over an oil-price recovery. ple and OPEC delegates said. it was pursuing two vaccines, Oakland, Calif., videos shared by Theworld’slargest oil ex- “Weare in amuch better CONTENTS Opinion...... A15-17 scrapped those efforts last recording artist billionaires,” Mr. porter surprised oil markets placethan we were ayear ago, Arts in Review... A13 Personal Journal A11-12 Business News.. B3,5 Sports...... A14 month after data showed dis- Cassius Cuvéere- Cuvée said. last month when it said it but Imust warn, onceagain, Capital Account.... A2 Technology...... B4 appointing immune responses. leased amusic An amateur in- would unilaterally slash 1mil- againstcomplacency,” Prince Crossword...... A14 U.S. News...... A2-8 Novavax announced positive video about his ex- vestor in his lion barrels aday of crude pro- Abdulaziz bin Salman, the Heard on Street.B12 Weather...... A14 resultsofits clinical trials last perience investing mid-30s,who goes duction in Februaryand March Saudi energy minister,said at a Markets...... B11 World News...... A9,18 month. in special-purpose by his performance in an effort to raise prices. conferenceonWednesday. “The PleaseturntopageA8 acquisition compa- name,Mr. Cuvée But the kingdom plans to uncertainty is very high, and we > nies,orSPACs,on startedinvesting makepublic areversalofthose have to be extremely cautious.”  Testing, sequencing will be YouTube this early last year after cuts when a coalition of oil Oil prices this week returned expanded...... A8 month. Called the coronavirus producersmeet next month, to levels not seen sincethe  U.S. life expectancy fell in “SPAC Dream,” it has more crashed markets. His Spotify theadvisers said, in light of PleaseturntopageA7 first half of 2020...... A8 than 80,000 views. One Twit- pagesays he is a“recording the recent recovery in prices. s 2021 Dow Jones & Company, Inc. All Rights Reserved  U.K. trials will infect young terbooster: hedge-fund man- artist andsong writer.He’s Theoutput rise won’t kick in  Frackers hold back as oil with virus ...... A9 ager William Ackman, who last PleaseturntopageA10 until April, given the Saudis rallies...... B1 P2JW049000-0-A00200-1------XA

A2 | Thursday, February 18, 2021 THE WALL STREET JOURNAL. U.S. NEWS

CAPITAL ACCOUNT | By Greg Ip Child Tax Credit vs. Universal Basic Income

Entrepre- cipal research associateat Average annual value of child tax credit date for mayor of New York Universal basic income for neurs, intel- the Urban Institute. City. But it’s a lot of money kids costs a lot less than UBI Current Biden* Romney† lectuals and Federal benefitsusually to a lot of parents, regard- for everyone. Ms. Kearney presidential requirethe recipient to meet $6,000 less of whether they work has estimated UBI for adults, candidates some criterion of need: poor and (almost) regardless of depending on the design, have in recent (for food stamps,welfareand how much they earn. would cost $1 trillion to $2.5 years touted “universal basic Medicaid), unemployed(for 4,000 trillion a year. By contrast, income,” a cash stipend to unemployment insurance), lmost as important is Mr. Romney’s plan would everyone with no strings at- working or looking forwork how the plans are ad- add $66 billion to current tached, as the answer to (the earned-income taxcredit A 2,000 ministered: Both Mr. costs, which he would fi- poverty, automation and the and some programs with Biden’s and Mr. Romney’s nance by ending several tax drudgery of work. It has work requirements), or dis- proposals would pay the provisions and federal wel- never gotten off the ground abled (Social Security Dis- credit each month, instead of fare block grants. Mr. Biden’s in the U.S. ability Insurance). Only So- 0 once a year when the recipi- would cost $105 billion. He Instead, something similar cial Security and Medicare Lowest Second ThirdFourth Highest ent files his or her taxes. Mr. has yet to identify a perma- in spirit but cheaper and approach universality: Al- HOUSEHOLD INCOME QUINTILE Romney goes further by en- nent funding source. morepractical maybein most all elderly areeligible. trusting the job to the Social UBI could discouragealot sight. Both President Biden While some 90% of house- Shareofchildren in povertyaround the world Security Administration, of able-bodied adultsfrom and Sen. MittRomney (R., holds with children qualify 0% 5110 520 which already sends monthly working,although experi- Utah) have proposed signifi- forthe current child tax checks to Social Security mental evidenceisinconclu- Spain cantly expanding the child credit, manydon’t getthe beneficiaries. Mr. Biden sive.Bycontrast, the Na- taxcredit and dropping many full $2,000 because they U.S. would leave it to the Internal tional AcademyofSciences of itsrestrictions,ineffect don’t owe enough tax. At Italy Revenue Service. estimates a$3,000 annual turning it intoanear-univer- most, they canreceiveback Korea Melissa Kearney, an econ- child allowancewould reduce sal basic income forchildren. $1,400 more(the refundable Canada omist at the University of employment by only about The main aim of their pro- portion) than they owe. Maryland, thinks calling the 100,000 workers(compare posals is to reduce child pov- Japan benefit an allowance and ad- that to the 1.4million jobs a erty, which is higher in the r. Biden’splan, as de- Australia ministering it through Social $15-an-hour federal minimum Note:2016or U.S. than in most advanced tailed in legislative Germany latest year Security would underline wage would cost, according countries. Both would slash M available. Poverty languageunveiled by U.K. that this isn’t just another to the Congressional Budget the number of children in House Democratslast week, defined as living provision of the tax code. Office). Moreover,those who France in ahousehold poverty by around three mil- would boost the credit to below50% While academics consider a work lessare probably lion, or a third, according to $3,600 forachild under 6 Sweden median income. tax credit and an allowance spending moretime raising

the Niskanen Center, a cen- and to $3,000 forachild *Asproposed by House Ways and Means Committee “mathematically equivalent, their children, atrade-off ter-right think tank. aged 6to17and makeitfully †Beforechanges to earned income tax credit, welfare, tax breaks, food stamps. in practice, they are not,” most Americans canrelateto. In the process, it mayalso refundable,meaning even a Sources: Niskanen Center (child tax credit); OECD (shareinpoverty) she said. Just as Social Secu- UBI forkids is also easier become the only major bene- parent with no income would rity represents a commit- to sell politically.Manyliber- fitinthe U.S. that achieves receivethe full amount. would phase out the credit around $6,000 a year, Nis- ment to end elderly poverty, als likethat most of UBI for near universality—testing Mr.Romney would raise forhigher earners, and the kanen estimates. That’s less a child allowance would do kids goes to those on lower traditional American notions the credit forchildren under topsliver of households than the $12,000 per adult in the same for child poverty, incomes without robbing of the safety net. “It would 6evenmore, to $4,200.He wouldn’t getanything. universal basic income pro- she said. “We should set our other partsofthe safety net. be ahugechangeinhow we would match Mr.Biden’s The upshot is that under posed by Andrew Yang, for- priorities as a nation and Some conservatives likethat think about delivering bene- $3,000 forolder children. As both plans most families mer Democratic candidate then commit to spending on it’spro-family.The two may fits,” said Elaine Maag, prin- under current law, both men with children would collect for president and now candi- them.” be enough to makeithappen.

U.S. WATCH showing signs of healing.The Retail Labor Department reported last week that worker filings SOUTH CAROLINA forunemployment benefits— Sales Join whilestill high—decreased to ‘Fetal Heartbeat’ Bill 793,000 in the week ended Passes in the House Feb. 6, well belowanearly Upswing Januarypeak that exceeded The South Carolina House of 900,000,ashiring has resumed Representatives passed abill and job openingsincreased. Wednesdaythatwould ban ContinuedfromPageOne The strongest month-over- most abortions after six to eight TheFederal ReserveBank of month retail-sales gains came weeks, making it the latest of a Atlanta’sGDPNowmodel pre- in categories related to home dozenstatestesting the limits dicted on Wednesdaythe econ- improvement and work-from- of federal law. omywill grow at a9.5%sea- home,such as furnitureand The legislation, known as a sonally adjusted annual rate in electronics. Consumers “con- “fetal heartbeat” bill because the the firstquarter,upsharply tinue to spend on things that heart of afetus typically begins from a4.5%estimateaweek improvetheir lifeathome,” beating around six to eight ago. Minutes from the Fed’s said SarahWyeth,aretail ana- weeks, passed the stateSenate Januarypolicymeeting sepa- lyst at S&P Global Ratings.

in January following aGOP REUTERS rately showedthat policymak- Jewelryand home-decor re- pickup of seats in the November Y/ ersexpected the end-of-year tailer Gearys Beverly Hills has election. Republican Gov. Henry BERR federal stimulus packageand benefitedfromthe trend, said A

McMasterhas said he would UK progresstoward widespread ChiefExecutiveThomas Blu- sign it as soon as possible, which AL vaccinations would improve menthal,with relatively strong

could be Thursday, after afinal PHER the outlook forthe economy. salesofproductssuch as crys-

procedural reading in the House. TO Theretail-sales increase fol- tal, silverwareand bar items

Abortion-rights advocatessay CHRIS lowedthree months of decline despiteoccupancylimitsathis theywill challenge the bill in LENT BEGINS: Olivia Burnett, 3 years old, with a boost from Elvia Sabal, received ashes on her during the holidayseason, the five stores around LosAngeles. court forinfringing awoman’s forehead on Ash Wednesday at Saints Peter and Paul Catholic Church in Atlanta. Commerce Department said. It “People arereally nesting,” constitutional righttoterminate wasthe strongest gain since he said. When California re- apregnancy,established in the WASHINGTON, D.C. warehouse at an undisclosed lo- FLORIDA June,when the economywas in opened outdoor dining in late 1973 Roev.Wade decision. cation. the processofreopening from January, “itjust wasaboom of Manyplayers on both sides Millions of Counterfeit Acting on leads from 3M, Ex-FBI Agent Linked pandemic-related closures. excitement, people areout and saytheyexpect courts to block N95 Masks Seized DHS officials saytheyhave To Bulger to Be Freed Spending rose acrossthe restaurantsare full,” which the bill, as theyhave similar seized counterfeit items in five board, according to the report, drovetraffic to stores,hesaid. measures in Alabama, Mississippi Federal agents have seized states, and have opened criminal Aformer FBI agentconvicted including in categories hit The latest stimulus checks and Georgia. Advocatesonboth about 10 million counterfeit N95 investigations. of second-degree murder for hard by social distancing and were part of the $900 billion sides saytheyexpect states to face masksbearing the 3M Co. “Theyare extremely danger- leaking information to Boston pandemic-related restrictions, aid package former President passmoreabortion restrictions logo in recent weeks, officials ous,” SteveFrancis, director of gangsterJames “Whitey” Bulger such as bars and restaurants. Donald Trump signed intolaw after the confirmation of Justice said Wednesday, as theyurged the Intellectual PropertyCenter thatled to the shooting death of “It’shardnot to see ames- Dec.27, which expanded the AmyConeyBarrettinOctober thousands of hospitals and forDHS’s Homeland SecurityIn- agambling executivewill be re- sageherethat the stimulus amount and duration of unem- gave the U.S. Supreme Court a medical facilities to check their vestigations unit, said Wednes- leased from prison on medical worked in Januarytosupport a ployment benefitsavailable to 6-3 conservativemajority. inventories and stopusing sus- day. “Theyare providing afalse grounds, officials ruled Wednes- turnaround afteradecline in millions of laid-off workers. South Carolina is the first pected fakes. sense of securitytoour first-line day. early winter,” said Robert Employers also resumed hiring statetopassnew abortion re- The DepartmentofHomeland responders and to the American The Florida Commission on Rosener,senior U.S. economist in January, during which the strictions since JusticeBarrett Securitysaysthe counterfeit consumers.” Offender Review voted 2-1 in fa- at Morgan Stanley,referring to unemployment rate declined wassworn in,according to the masksweremade in China. The Officials saygrammatical er- vor of releasing 80-year-old John the $600-a-recipient stimulus to 6.3% from 6.7%. Lawmakers Guttmacher Institute, aresearch most recent interdiction oc- rors or typosonpackaging or Connolly, who has cancer and is checks distributedinJanuary. arecurrently debating afur- group supportiveofabortion curred Wednesday, with the sei- user instructions aretelltale believed to have less than a year Consumer spending is the ther coronavirus-relief pro- rights. zureofhundreds of thousands signs of counterfeit items. to live. main driver of the U.S. econ- gram that would potentially —Valerie Bauerlein of masksfromanEastCoast —Yuka Hayashi Mr.Connolly,who wasMr. omy, accounting formorethan include $1,400-a-person pay- Bulger’s FBI handler,was sen- two-thirds of economic output. ments to most households. THE WALL STREET JOURNAL tenced to 40 years behind bars TheFederal Reservealso Allen Merrysaid he used his CORRECTIONS  AMPLIFICATIONS after being convicted in 2008 in said Wednesdaythat industrial recent stimulus check to buy a (USPS 664-880) (Eastern Edition ISSN 0099-9660) the killing of World Jai Alai Presi- production, ameasureoffac- used acoustic guitar from alo- (Central Edition ISSN 1092-0935) dentJohn Callahan in Fort Lau- tory,mining and utility output, calmusical instrument shop. (Western Edition ISSN 0193-2241) In some editions Wednes- and injured aU.S.service derdale in 1982. Mr.Connolly increased aseasonally adjusted The55-year-old librarian from Editorial and publication headquarters: day, the firstname of Michelle member and five other con- tipped off Mr.Bulger and another 0.9% in Januarycompared with Philadelphia has playedthe 1211 Avenue of the Americas, Walker,ofLafayette, Ore.,was tractors, the U.S. militarysaid. gangster, Stephen “The Rifleman” December.That marked the guitar in his free time for New York, N.Y. 10036 incorrectly omittedfroma AWorld News article on Tues- Flemmi, thatMr. Callahan was fourth consecutivemonth of years, but has had moretime Published daily except Sundays and general legal holidays. Periodicals postage paid at Page One article about dis- dayabout the attack incor- about to implicate the gang in a gains,with manufacturing out- to dabble in recent months be- New York, N.Y., and other mailing offices. agreementsaround school re- rectly said it happened on killing, authorities said. put rising 1% in Januarytojust cause of remotework cutting Postmaster: Send address changes to openings. Sunday. —Associated Press belowits pre-pandemic level in down his commute. The Wall Street Journal, 200 Burnett Rd., Januaryayear ago. Mr.Merrysaid his firststim- Chicopee, MA 01020. WhiteHouse spokesman Ivy League conference SOUTH DAKOTA Thelabor market is also ulus check last year went All Advertising published in The Wall Vedant Patelwas discussing presidentsrebuffed aproposal straight intohis savingsac- Street Journal is subject to the applicable Four People Killed rate card, copies of which are available union concerns about revoking from Alibaba Group co-founder Total retailand count. Afrequent concertgoer from the Advertising Services Department, the Keystone XL permit when JoeTsai to fund asequestered In Highway Collision food-servicesales in normal times,hehasn’t spent Dow Jones & Co. Inc., 1211 Avenue of the he said that the Biden admin- “bubble” forthe conference’s much over the past year due to Americas, New York, N.Y. 10036. The $600billion Journal reserves the right not to accept an istration “will evaluate infra- lacrosse teams shortly afterit Four people were killed in a all the time at home,soheis advertiser’s order. Only publication of an structure proposals based on wasmade.ASportsarticle crash in southern South Dakota, grateful to be able to spend his advertisement shall constitute final our energy needs,their ability Tuesdayabout canceled sea- the stateHighwayPatrolsaid. second stimulus check on some- acceptance of the advertiser’s order. to achieve economywide net- sons incorrectly said that Ivy AJeep Grand Cherokee col- thing fun, he said. “Most people Letters to the Editor: 550 Fax: 212-416-2891; email: [email protected] zero emissions by 2050,and League ExecutiveDirector lided with aChrysler Sebring at have to use it to just keep theirability to creategood- Robin Harris said therejection the intersection of Highways 46 themselves going,soIdefinitely Need assistance with your subscription? By web: customercenter.wsj.com; paying union jobs.” AU.S. wasalmost immediate. and 50 west of Wagner at feel fortunate.” By email: [email protected] News article in some editions around 6p.m. Tuesday, the patrol 500 Problems with vaccine distri- By phone: 1-800-JOURNAL (1-800-568-7625) Wednesdayincorrectly said Noticetoreaders said. The car subsequently bution,along with the arrival of his comment was in response Wall Street Journal staff plunged into aditch whereit newcoronavirus variants, have Reprints &licensing: By email: [email protected]; to aquestion about aplanned membersare working re- caughtfire, authorities said. dashed some businessleaders’ By phone: 1-800-843-0008 meeting between President Bi- motely during the pandemic. The 64-year-old woman driving 450 hopesfor getting back to nor- WSJback issues and framed pages: den and union leaders. Forthe foreseeable future, the SUV waspronounced dead at malquickly.Coca-Cola Co.said wsjshop.com please send reader comments the scene. A31-year-old woman last week that the pandemic has Our newspapers are100% sourcedfrom Arocket attack on the U.S.- only by email or phone, using driving the other vehicle plus two been worsethis winter than the sustainably certified mills. led coalition in northern Iraq the contactsbelow, not via of her passengers—a28-year-old 400 beveragegiant expected, and on Mondaykilled acontractor U.S. Mail. woman and 33-year-old man— 2018 '20 thefirst half of the year would GOTATIP FORUS? were taken to ahospital, where be challenging. SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by they were pronounced dead. Note:Seasonally adjusted —Hannah Lang emailing [email protected] or by calling 888-410-2667. —Associated Press Source:Commerce Department contributed to this article. P2JW049000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** Thursday, February 18, 2021 | A3 U.S. NEWS Cuomo Is Probed Over Covid In Nursing Facilities

,BY JIMMY VIELKIND

Federal prosecutorshave begun an investigation of how the administration of New York Gov.Andrew Cuomo han- dled the Covid-19 pandemic in the state’snursing homes, people familiar with the mat- tersaid.

Thenew inquiry, led by the S

U.S. attorney’s officefor the PRES

EasternDistrict of NewYork TED

in Brooklyn, is in addition to CIA an August request forrecords SO AS

from the U.S. Department of O/ Justice’scivil-rightsdivision ER OT

about state-run nursing LM homes. City workers in Richardson, Texas, on Wednesday repairing a water main that burst due to the extreme cold. More severe weather is predicted for later this week. Thepeople didn’t specify Wednesdayany individuals as the focus of the newqueryor when it began. IcyGrip Across U.S. ProlongsOutages Aspokesman forthe U.S. attorney’s officedidn’t re- spond to arequest forcom- BY TALAL ANSARI swaths of iceahalf-inch thick. butlost the ability to import “two emergencyevents,” Wednesday it would move to ment. Representatives forthe AND KATHERINE BLUNT Hazardous weather will powerfromthe Midwest as namely,that the utility com- itshighest emergencylevel, Federal Bureau of Investiga- moveintothe Florida Panhan- demand theresurgedamid the pany is continuing outages to which would include planned tion in NewYork City didn’t Millions of Americans re- dle and the Carolinas on cold spell. help maintain Texas’ broader blackouts. Later, the utility immediately respond to a re- mained without powerfor a Thursday, including the possi- “We know millions of peo- statewide electric grid and said it would stay at level 2. quest for comment. thirdconsecutiveday,asan- bility of tornadoes,the NWS ple aresuffering,” ErcotChief that icestorms arecausing “Wehavebeen able to RichAzzopardi, asenior ad- other winter storm began warned. ExecutiveBill Magnesssaid. furtheroutages.“Customers avoid serviceinterruptions viser to Mr.Cuomo,said blanketing parts of the South Freezing conditions have “Wehavenoother priority should be prepared to not this morning, but things may Wednesday, “Aswepublicly with more snow and freezing strained electrical grids across than getting them electricity.” have power through Wednes- change quickly,” the company said,DOJ has been looking rain. the U.S.,and leftmillions of About 185 generation units dayand possibly longer,” Aus- said, adding that the next few intothis formonths.Wehave Thenew storm, which will people without power.More have tripped offline in Texas, tin Energy said. hours were critical. On Tues- been cooperating with them, move toward the East Coast than two dozenpeople have Outside of Texas,hundreds day, Lincoln recorded its sec- andwewill continue to.” later this week,will prolong icy died due to weather-related is- of thousands were without ond-coldest temperatureon TheDemocratic governor conditions in some areas hit sues,according to the Associ- electricity formost of Monday record at minus31°F, accord- said this week that the August earlier this week by an Arctic ated Press. and Tuesday. ing to the National Weather request prompted the state blast of subzero temperatures In Texas,whereextreme 2.8M In Oregon, whereGov.Kate Service in Omaha. Health Department to delay and snow, according to the Na- temperatures have broken dec- Brown declared a state of Frozen pipes and electrical the release of afuller tally of tional Weather Service’s adelong recordsinmultiple The number of households in emergencyoverthe weekend outages have caused wateris- the number of residentsof Weather Prediction Center. cities,about 2.8million house- Texas still without power following heavy snowinparts sues in cities acrossTexas and long-term-carefacilities who Predictions showsnowfall holds remain without power of the state, morethan 150,000 the South. died from thecoronavirus. of four inches and abovefrom ahead of the next storm, ac- customersremained without Austin WateronWednes- State recordsreleased last Oklahoma to the mid-Atlantic cording to the state’s utility. electricity,according to power- dayasked residentsintwo ar- week showthat the death toll region, with Pennsylvania po- TheElectric Reliability the grid operator said. outage.us.Other states,includ- eas of the city to boil water in long-term-care facilities is tentially seeing eight inches or Council of Texas, which oper- CenterPoint Energy Inc., a ing Kentucky, West Virginia, forcooking or drinking and more than 15,000. That is morelater this week.“Signifi- ates thestate’s electricity grid, utility that supplies electricity Ohio,Virginia, Louisiana and thoseelsewheretoconserve about 50% higher than earlier cant freezing rain is also likely said it directed electricity pro- in the Houston area, said Mississippi, were also experi- water. In Harris County,which reports, which didn’t include from Texas to Tennessee and viderstorestoreenough about 1.39 million customers encing outages. includes Houston, the Officeof morethan 5,600 facility resi- North Carolina to Virginia,” powertosupply about were without power Wednes- In Nebraska, temperatures Homeland Security &Emer- dentswho died in hospitals. the weather servicesaid on 600,000 households on Tues- day morning. hitnear-recordlowsinsome gencyManagement also asked Melissa DeRosa, Mr. Twitter, adding that partsof dayevening.The grid operator Austin Energy,the city’s places.Nebraska Public Power residentstoconservewater,as Cuomo’s topaide,told state Texas,Mississippi and the managed to restoresome bal- community-owned electric District, which supplies power broken pipes and electrical lawmakerslast week that the Mid-Atlantic could accumulate ance to the system overnight, utility,said the city is facing to most of the state, said early outages lowered pressure. stateHealth Department held back the fuller tally because of its fear that it would be politi- cized by the administration of Insurance Coverage then-President Donald Trump. State lawmakers, advocates andpeople whose loved ones For Storms Va ries died in nursing homes had been seeking full datafromthe statesincethe spring.They BY LESLIE SCISM roofing pros and insurancead- have criticized aMarch 25 state justers, with consumerscaught Health Department directive When the snowand ice in the middle,” she said. that nursing homes couldn’t re- melt, manyTexans will file in- Loretta Worters, a spokes- fuse to admit aresident who suranceclaims forthe damage. woman fortrade group Insur- tested positivefor Covid-19. Some will be annoyedthat anceInformation Institute,

Mr.Cuomo and stateHealth JOURNAL they getnothing forafreezer- said some disputes arise from

Commissioner Howard Zucker REET full of spoiled meat, while oth- effortsbyrooferstoreplace

have said the order wasissued ST ers will be pleasantly sur- entireroofs rather than areas to ensuretherewas adequate LL prised at howeasy it is to get of weather-related damage, spaceinthe state’shospital WA money to fixawrecked car. and as aresult of poor mainte- THE

network and that the policy R Theunusual winter storm in nance by homeowners.

wasconsistent with federal FO the big stateisgiving manyin- Disputes also can arise be- guidanceatthe time.AHealth ON surersopportunity to test new cause consumershave“actual

Department report in July said BINS mobile-based technologythat cash-value” policies that take the coronavirus wasintro- RO has proliferated over the past depreciation intoconsider-

duced intonursing homes by JULIA year formorequickly settling ation in making payouts. That infected staff. Alex Johnsonheld 4-month-old Mikayla beforethe family headed to arelative’shouse thatisalso claims forcar wrecks,insur- is in contrast to “replacement NewYork Republicans have without heatbut has afireplace. The cold had shattered ahole in the driver’s-side windowofthe car. ance-industryexecutives said. cost” coverage,which Insur- long called foranindependent But the massivestorm also anceInformation Institute probe,and some said they will highlight variations in ba- said is provided by most stan- were pleased to learn of the Desperate Texas Families sic homeownerspolicies that dardhomeowners-insurance newinquiry. State Sen. Jim Te- some consumer activistsla- policies.Replacement cost in- disco, aRepublican from ment have become morecom- surance is more expensive. Schenectady County,said it mon in recent years. Consumer In general, home policies was“welcome news that I Take Risks to Get Warm activistssay the disparity po- coverarangeofconditions re- hope will help gettothe bot- tentially leaveshomeowners sulting from intense winds,bliz- tomofthis deadly scandal.” underinsured wherethey zard conditions and prolonged Democratswho control both BY ELIZABETH FINDELL tion. Likeothersacrossthe ramic pot in his apartment liv- thought they were covered. freezing weather.They include, the stateAssembly and Senate state, Ms.Brewster’s family ing room, aided by hand sani- Manyhomeownerswill have said they were frustrated AUSTIN,Texas—Thechil- lost electricity—and, with it, tizer and gasoline.LaShay learn that policies areany- by the way Mr.Cuomo delayed dren playedinfront of four heat—late Sundaynight, be- Thomas, 34, said she had de- thing but standardized across ‘We expect a high releasing the data and aredis- lightedgas burnersinEast fore asnowstorm closed most veloped a migraine headache the industry, said Daniel cussing whether to repeal a Austin on Tuesdaynight as of the city and temperatures from fumes,and had begged Schwarcz, aUniversity of Min- volume of claims, March lawthat gavethe gover- their family tried to warm up plunged to single digits. As of neighborstoturn gasburners nesota Law School professor. particularly related nor expanded powertoman- during days of subfreezing middayWednesday, officials off, despite the vicious cold. Policies are more varied agethe pandemic. temperatures,nopower, and had no estimateofwhen City officials urgedresidents than they were a decade or to frozen pipes.’ —Ben Chapman no relief on the horizon. power might return. not to resort to dangerous two ago, he said. While some contributed to this article. One-year-old Alex Johnson TheElectric Reliability measures forheat. TheAustin differences might work to Jr.toddled, his brother Gabriel Council of Texas,which man- Fire Department reported re- homeowners’ advantage, a Brewster, 3, played with a toy ages the powergrid in the sponding to firesatseveral substantial majority could hurt according to the institute, dam- and their cousin Desiah Fisher, state, ordered blackoutstopre- houses that likely began in fire- them. As one example,some agetoahouse,roof and con- 6, huggedthem close,aseight vent damagetothe electricity places and to several toxic-ex- policies coverthe risk that a tents, and related garagesand other family membershuddled system afterfrozenpower posurecalls from residentsus- structurecollapses because of sheds,caused by wind; damage around the light of asingle plantsand ashortfall of natural ing charcoal in their homes. the weight of iceorsnow, from tree limbs,ice and other candle.Charlene Brewster,the gasrequired to runthe plants Thelocal emergencymedical whereas othersdon’t, he said. objectsthat fall ontothe struc- mother of the boys and a4- limited powerproduction. services department said it had Some maycover food spoilage tures; damagefromthe weight month-old daughter, said she In the public-housing com- responded to 63 carbon-mon- resulting from the lossof of snoworice,and damage knows how dangerous it is to plexwhereMs. Brewster lives, oxide exposurecalls in 2½ power, though othersdon’t. caused by burst pipes or “ice trytoheat an apartment with help seemed far away.Those days.InHouston, the local pub- Some insurersprovide dams,” when waterdoesn’t agas stove. She had no option who risked driving were likely lic health authority said the $1,000 per item damaged by a drain properly through agutter but to try it for a little while, to meet blocked roadways or city wasseeing record numbers sudden electrical current, for and ultimately seeps intoa she said. iced-over hills that manydriv- of carbon monoxide poisonings, instance, while others pay an home’sceilingsand walls. “I know carbon monoxide erscouldn’t traverse.Those including at least two deaths. aggregate of $1,000. “Weexpect ahigh volume poisoning,but what else can who called the city’s help line Some were braving the icy Amy Bach, executive direc- of claims, particularly related we do?” said Ms.Brewster,a fortransportation to an emer- roads Wednesdaytotry to torwith consumer advocacy to frozen pipes,” Camille Gar- OL

PO city of Austin crossing guard. gencywarming shelter met find somewhere safer to stay. groupUnited Policyholders, cia, a spokeswoman for trade S “Isanyone going to help us? I only busy phone lines,they Ms.Brewster’s family group of said her biggest worryfor association InsuranceCouncil

/PRES have a baby in here.” said.Manysaid they had no aboutadozenwas heading for people with icedamageare of Texas, said in an email. It wasalevel of despera- water or had run out of food. her boyfriend’sparents’ house, limitations insurershave “Withthe stateunder this FFER

TA tion manyothersinTexas had Most businesses had been which had no powereither, added for roof repairs. bitter cold, we expect claim AL

Y reached, days intoapower closed all week. but does have afireplace. That “What should be straight- numberstobeinthe 100s of

MAR grid shutdown during one of Daylan Cook,18, said he would be safer than the gas forward—‘fixmyroof’—is of- thousands forhome,business New York Gov. Andrew Cuomo the coldest weeks in agenera- hadbuilt afireinside ace- stove, she said. tenanadversarial warbetween and auto,” Ms. Garcia said. P2JW049000-5-A00400-17FEFF5178F

A4 | Thursday, February 18, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL. U.S. NEWS Radio Host Shaped Conservative Views

Some 20 million servativepolitical ideas during Bush administrations.Former the Republican revolution of the President George W. Bush said monthly listeners Reaganera.In1988 he began a Wednesdaythat Mr.Limbaugh tuned in to firebrand showatWABC-AM in NewYork wasafriend who “spokehis talk-show personality that wassyndicated nationally mind as avoicefor millions of

on AM and FM stations. Americans.” S “The Rush Limbaugh Hissuccess spawned con- PRES BY ANNE STEELE Show,” marked by his signa- temporaries in Glenn Beck,

turebrash and acerbic conser- Sean Hannity,Bill O’Reilly and ZUMA RushLimbaugh,conserva- vatism, wasthe most-listened- other political commentators BEE/

tive talk-radio icon and pio- to radio talk show in the U.S., acrossmedia, helping plant O

neer of arobust right-wing according to Nielsen Audio, conservativeviewpoints ENT media industry, died Wednes- reaching morethan 20 million deeper into the national con- AM CR

dayofcomplications from monthly listenersonmore sciousnessduring an eraofin- SA

lung cancer, his wife, Kathryn than 650 affiliates as of the creasing partisanship. LL/ Rogers, said on hisshow. He end of 2020. Mr.Limbaugh hosted atele- TO CH

was 70 years old. Mr.Limbaugh’sbreak came vision show from 1992 to 1996, MIT Mr.Limbaugh told listeners shortly afterthe repeal of the discussing manyofthe same Rush Limbaugh, shown in 1988, stood in front of a billboard promoting his radio show—an he wasundergoing treatment FairnessDoctrine in 1987, topics as his radio show, taped indication of how much he reveled in conflict. He underwent treatment for lung cancer in 2020. foradvancedlung cancer in which had required radio and beforealiveaudienceand pro- early 2020.Hesaid television stations to devote duced by Roger Ailes,the late ple to be the best they could U.S. Capitol by apro-Trump publishing two No.1NewYork OBITUARY later that year that airtimetomatters of public architect of FoxNews. Thepro- be,” he said in a2013 show mob.Onhis radio showthe Times bestsellers in the early RUSH the cancer was interest and to broadcast con- gram wassyndicated across criticizing Vladimir Putin and next day, Mr. Limbaugh char- 1990s. LIMBAUGH stage4,terminal trasting views on controver- dozens of U.S. stations.Fox BarackObama. “Nothing likeit acterized the rioters as over- His treatment forcancer was 1951-2021 andprogressing. sial issues.The Reagan admin- News parent FoxCorp.and Wall had ever happened. That’s whelmingly “well-behavedand the last of several health issues At the time he reit- istration’sreversalofthe rule Street Journal parent News American exceptionalism.” respectful” protesters, falsely he dealt with in the public eye. erated his intent to continue meant stations could air edito- Corp sharecommon ownership. Criticized by detractorsfor suggesting that “antifa and In 2001 he announced he had with his show. rial commentarywithout hav- Aproponent of American ex- disregarding fact in advancing Democrat-sponsoredinstiga- lost most of hishearing.Co- Ms.RogersonWednesday ing to present opposing views. ceptionalism—the idea that the his political opinions,Mr. Lim- tors” were responsible forthe chlear-implant surgery helped said Mr.Limbaugh had Mr.Limbaugh’sempire founding of the U.S. wasfunda- baugh wasfrequently in hot violence. restoresome of it, and then all “proudly fought and defended eventually spannedtelevision, mentally different from that of waterwith liberals forhis re- Nearly ayear earlier,Mr. of it in 2014when his other ear conservativevalues in away book publishing and the web. other nations—Mr.Limbaugh marks about minorities,femi- Trump had awarded him the wasoperated on. that no one else can. Rush of- While he said that he oftencriticized politicians who nism and environmental issues. Presidential Medal of Freedom It waswidely speculated ten stood up and took arrows strived lesstobecome apoliti- rejected that notion. “Enraging liberals is simply during his 2020 State of the that thehearing lossmight on his ownbecause he knewit calfigurethan asuccessfulra- “The U.S. is the firsttime in one of the moreenjoyable side Union address, amovethat have been aresult of his ad- was the right thing to do.” dio personality,Mr. Limbaugh thehistoryofthe world where effectsofmywisdom,” he drew reactions as polarizing diction to prescription pain- Beginning as arelatively un- found an immense market for agovernment wasorganized once said. as manyofthe views Mr.Lim- killers. He said he became ad- known disc jockey at stations in his right-wing musingsand with aConstitution laying out Mr.Limbaugh remained a baugh had championed during dicted afterhewas prescribed Pennsylvania and Missouri, Mr. became alarger-than-lifeforce the rules,that the individual staunch supporter of former his career,yet attesting to the medication for pain following Limbaugh’sstarrose quickly af- in conservative politics. wassupreme and dominant, President Donald Trump after national prominencehehad a botched spinal surgery. terhestarted atalk showin Republicans flocked to his and that is what led to the U.S. other conservatives distanced attained. Mr.Limbaugh, divorced 1984 in Sacramento, Calif., show, a must-listen for many becoming the greatest country themselves from him following Mr.Limbaugh also had a three times and married four,is wherehebegan espousing con- in the Reagan and George H.W. ever because it unleashed peo- the deadly Jan. 6attack on the successful runasanauthor, survived by his wife, Kathryn. Democrats Face a Split on Minimum Wage FedAgrees

BY ANDREW DUEHREN Continued Nonprofit Will Push advocacy organizations on is- WASHINGTON—Democrats President’s Agenda sues such as Covid-19, climate arebracing foraninternal battle change and the economy. LowRates over raising the minimum wage White House officials won’t to $15 an hour,asthey grappled directly oversee the nonprofit, with the political and procedural WASHINGTON—President but senior Biden officials have Needed for constraintsonreaching along- Biden’s allies are preparing to been involved in discussions held goal of the party’s progres- create a new nonprofit advo- about its structure and have sivewing. cacy organization, with the chosen a group of Biden cam- Recovery Raising the minimum wage to White House’s approval, that paign veterans and allies to es- $15 an hour,which President Bi- will be funded by donors and tablish it. The officials said Mr. BY PAUL KIERNAN den’s$1.9trillion coronavirus re- seek to build support for his Biden and senior White House lief plan proposes to do by 2025, policy agenda, senior adminis- advisers have been briefed on Federal Reserveofficials faces opposition from some OL tration officials said. the planning. agreed at their most recent PO

Democratic lawmakersand par- S The nonprofit, whose work- The new group will be a policymeeting that they liamentaryhurdles.Democrats ing name is “Building Back To- 501(c)(4) nonprofit, which would need to hold interest

cannot affordtolose asingle SH/PRES gether,” is expected to run ad- would allow it to operate with- ratesverylow and continue vote in the 50-50 Senateonthe NA vertisements promoting the out disclosing its donors. central bank bond purchases G

relief package, which also calls GRE president’s policies and coordi- —Ken Thomas to help spur the economy’sre- forsending manyAmericans a Sen. KyrstenSinema has said she doesn’tsupport raising the nate with existing nonprofit and Chad Day covery from the effectsofthe $1,400 check,bolstering federal minimum wage to $15 an hour as part of PresidentBiden’srelief plan. coronavirus pandemic. unemployment aid, and offering Most of them thought that funds forvaccine distribution. Sens.MittRomney of Utah and West Virginia, and Kyrsten Among the waysDemocrats most legislation, Democratsare the $900 billion federal stimu- At aCNN town hall Tuesday, TomCottonofArkansas said Sinema of Arizona—have said could modifythe proposal is proceeding with reconciliation to lus package approved in De- Mr.Biden floated the possibility they would soon introducetheir they don’tsupport increasing changing thetimeline forthe approvethe relief bill with asim- cember,the likelihood of more of raising the minimum wage to ownlegislation to raise the min- the minimum wage to $15 an wage increase or offering taxre- ple majority. fiscal support and continued $12 or $13 an hour by 2025, imum wage.The two Republi- hour as part of the relief pack- lief to small businesses to help Senaterules prevent Con- distribution of Covid-19 vac- rather than $15.“Idosupport a cans said they would pair it age. Alargergroup of 12 Demo- offset newlabor costs, according gressfromusing reconciliation cines “would lead to a sizable $15 minimum wage,” he said. with arequirement that employ- cratsthat includes Mr.Manchin to lawmakersand aides. to approvemeasures that aren’t boost in economic activity” “But that’sadebatable issue.” ersverifyimmigration status of and Ms.Sinema in the Senate But Democratsmust firstde- directly related to the budget. this year,according to minutes While manyRepublicans employees—likely anonstarter hasn’t signed ontoabill from termine whether they will even Thenonpartisan Senateparlia- of the Fed’s Jan. 26-27 meet- have assailed the proposed in- with Democrats. Sen. Bernie Sanders(I., Vt.) be able to passaminimum-wage mentarian rules on whether pol- ing. crease,arguing it would hurt In the Senate, two Demo- raising the minimum wage to increase under Senaterules.To icies areeligible to be passed Still, they noted “the pan- small businesses and cost jobs, crats—Sens.Joe Manchin of $15 an hour by 2025. skirt the 60-votethreshold for under reconciliation. demic continued to pose con- siderable risks to the eco- nomic outlook” and they believed that maintaining Biden and Union Leaders Huddle their current policies “was es- sential to foster further eco- nomic recovery,” the minutes, On Infrastructure, Stimulus Plans which were released Wednes- day, said. BY TIMOTHY PUKO Officials at the meeting AND KEN THOMAS “agreed that the economy re- mained far from the [Fed’s] WASHINGTON—President longer-run goals and that the Biden on Wednesday detailed path ahead remained highly

his coming economic stimulus GES uncertain,” the minutes said.

and infrastructure plans with IMA Economic reports released toplabor leaders, some of sincethe meeting showthe re- It’s notjustaboutachievingyourgoals... whom have voiced concerns GETTY covery picked up in the new It’s aboutthe path that gets youthere. that his energy policies will SE/ year as consumersused stimu- come at the expense of union lus checks to boost retail jobs. spending,manufacturerscon- ANCE-PRES

Mr.Biden’steam is prepar- FR tinued to increase output and ingtorelease aproposal, ex- employers resumed hiring.

pected next month, that would GENCE Fedofficials unanimously /A

encapsulatehis campaign’s EB agreed at the Januarymeeting

“Build Back Better” agenda LO to hold overnight interest UL

that will focus heavily on infra- SA ratesnear zero,wherethey’ve structure. Thedetails,includ- President Biden, Vice President Kamala Harris and labor leaders been set sinceMarch of last ingoverall costs, haven’t yet met Wednesday in the Oval Office. year. been set. It comes as his team Officials also elected to is pressing lawmakerstowin North America’sBuilding works forthe Communications continue increasing the Fed’s approval forhis $1.9trillion Trades Unions,and Mark Mc- WorkersofAmerica. holdingsofTreasurybonds coronavirus relief proposal in Manus, general president of She replaces Trump appoin- and mortgage-backed securi- Congress. the United Association of teePeter Robb, who wasfired ties by at least $80 billion and Mr.Biden, joined by union Union Plumbersand Pipefit- by Mr.Biden. Labor groups had $40 billion, respectively,per Aplace to become... Abusinessleader, ateacher,an leadersinthe Oval Office, told ters. criticized the NLRB during Mr. month. artist.Ifkids andteens candream it,Boys&Girls Clubs can reportersthat the nation is “so Mr.Biden noted that many Robb’stenurefor actions they TheFed plans to keep inter- help them become it.Because at our Clubs,it’snot magic far behind the curve,” on re- of the attendees were longtime said were hostile toward work- est ratesonhold until its that makesdreamscometrue, it’s thepeople. Like our building itsroads and bridges. friends—“as they sayinparts ersand organized-labor efforts. goals of lower unemployment YouthDevelopment Professionalswho ensure our youth have He said thecountrylaggedfar of my state, these arethe folks TheWhiteHouse also an- and 2% inflation areachieved. aplace to feel physically andemotionally safe.Aplace to behind foreign countries “in that brung me to the dance”— nounced effortstoexpand reg- And it plans to continue the belong.Aplace to have fun. Aplace to learnand grow on their terms of infrastructure, every- and the meeting capped anum- istered apprenticeship pro- current paceofasset pur- path to aGreat Future. thing from canals to highways ber of actions to appeal to his grams—endorsing legislation in chases “until substantial fur- to airports, to everything we labor allies. Congressand reinstating the ther progress” has been made candoand we need to do to Earlier in the day, the White National AdvisoryCommittee toward those goals,the min- makeourselves competitivein House said Mr.Biden nomi- on Apprenticeships.Ittouted utes said. the 21st century.” nated acurrent union attorney, the value of unions in the an- While officials believethose Union leadersmeeting with Jennifer Abruzzo,tobecome nouncement—mentioning the policies have helped the econ- Mr.Biden and Vice President general counsel of the National meeting—and said registered omy, they also tend to drive Kamala Harris included AFL- Labor Relations Board. She is apprenticeships would help to investorsintoriskier assets, GreatFutures.org CIO President RichardTrumka, former deputy general counsel expand the workforce as Mr. which can fuel financial bub- Sean McGarvey,president of forthe boardand currently Biden has promised. bles. P2JW049000-0-A00500-1------XA

THE WALL STREET JOURNAL. Thursday, February 18, 2021 | A5

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A6 | Thursday, February 18, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS

Touchdown Type of mission Origin NASA Rover Upcoming mission U.S. The U.S. and Chineserovers scheduledtoland on European Union Lander Rover Marsthis year could become the eighth and ninth Soviet Union or Russia spacecraft to land successfully on the planet since Failedlanding/swiftmalfunction China On Track for NASA's Viking 1 landedthere in 1976. Perseverance Phoenix Mars Landing Viking 2

Touchdown starts a pean SpaceAgencyare dis- Rosalind Franklin* cussing several mission sce- Viking 1 Tianwen-1 quest to search for narios that might return these signs that alien life samples by 2031, NASA offi- Pathfinder and Sojourner Insight cials said. Beagle 2 once existed on planet During itstwo-year mis- Opportunity Curiosity sion, Perseverance will roam BY ROBERT LEE HOTZ the surfaceand look for Schiaparelli EDM Spirit traces of organic matter, If alien life once existed on which could be evidenceof Mars, scientistsmay finally be primordial microbes or other Mars6 poised to find traces of it. Af- simple life-forms.Other Mars3 teraseven-month,292-mil- places in the solar system— Mars2 lion-mile journey,NASA’s big- from the searing clouds of Ve- gest, fastest and brainiest nus to the frozenoceans of rover ever—Perseverance—is moonsaround Jupiter and nearing its highly anticipated Saturn—might also have the MarsPolar Lander touchdown on the Red Planet. potential forlife.But those The$2.7billion rover, which places areconsidered even is scheduled to land at 3:55 moreinaccessible than Mars. p.m. ESTonThursday, embod- Perseverance is accompa- Previous ventures Total distancetraveledTotal pictures taken YearsactiveonMars ies the latest and most ambi- nied by the first helicopter to Plannedmission Actual tiouseffort by NASA to find be transported to another If all goes well, NASA’s Perseverancerover 0miles 10 20 30 0250K 500K 750K 04812 evidenceofpast lifeonMars. world. NASA engineersexpect Sojourner 328feet Sojourner 550pictures Sojourner Though it is nowabarren to conduct several test flights will join four previous placeoficy dunes,dust devils, of the four-pound drone, robotic vehicles that Spirit Spirit Spirit dead volcanoes and subzero called Ingenuity. These would Opportunity Opportunity Opportunity winds,scientistsbelieveMars be the firstpoweredcon- pioneered exploration in itsremotepast mayhave trolledflightsonanother of the RedPlanet. Curiosity Curiosity Curiosity (Still active) been acomparatively lush, planet. Perserverance warm world—one suitable for “It will truly be aWright *Rosalind Franklin, expected to land on Mars in 2023,isajointeffort between RoscosmosState Corporation forSpaceActivities and the European SpaceAgency. the chemistryoflife. Brothers moment, but on an- Source:NASA “It will attempt to answer other planet,” said MiMi Aung, an age-old question that has Ingenuity’s project manager at no contact with it—and no projectmanager at the Jet chuteeverconstructed. Sec- tems engineer at the Jet Pro- eluded humanity forgenera- NASA’s JetPropulsion Labora- way to control it—until it has Propulsion Laboratory. “Perse- onds later, the craft will jetti- pulsion Laboratory. tions: whether lifehas ever ex- tory in Pasadena, Calif. landed.Radio transmissions veranceisoperating perfectly son itsprotectiveheat shield If the landing succeeds,it isted elsewherebeyondour But getting Perseverance take 11 minutes,22seconds to nowand all systems are‘go’ and fire itsretrorockets. As will be the ninth time NASA ownplanet,” Thomas Zurbu- and Ingenuity on the ground travel from one planet to the for landing. The spacecraft is it descends,the lander’s on- has managed to land acraft chen, associate administrator won’t be easy. other—far toolong to allow focused. Theteam is focused.” boardnavigation should help safely on Marssinceitfirst forthe spaceagency’sscience Following aharrowing forcontrollershereonEarth Thelander,which carries it steer clear of obstacles on successfully parked alander mission directorateinWash- plungethrough the salmon to guide the craft. Perseverance and Ingenuity in- the ground below. on the planet’ssurfacein ington, said of the Persever- pink skies and blue clouds of Mission engineersradioed side aprotectiveshell, will be Oncethe lander comes 1976. Morethan half of at- ance mission. Mars—what NASA engineers the spacecraft its pre-landing going about 12,100 miles an within afew feet of the sur- tempted landingsonthe Red Bristling with sensors, cam- call “seven minutesofter- commands on Monday, acti- hour—about 3miles asec- face, it should lowerPersever- Planet have failed. eras,microphones and aro- ror”—the lander carrying Per- vating onboardsystems for ond—when it enters the Mar- ance to the surfaceoncables, China’sTiawen-1probe, boticarm, the one-ton, SUV- severanceand Ingenuity will entry, descent and landing and tian atmosphereat3:48p.m. like acrane lowering aheavy which entered orbit around sizePerseverancerover is settle on an ancient lakebed setting the stagefor what may Thursday. Friction from the package. Soon thereafter, NASA Marslast week,isexpected to designed to look forrock or called Jezero Crater.Itisthe be the most daring engineer- thin air will slowthe craftand engineersexpect to receivea makethe country’sfirst land- soil specimens that might har- smallest, most rugged landing ing maneuver in interplane- heat it to atemperatureof signal indicating that Persever- ing on the planet in May. bor evidenceofancient life zone upon which the space tary exploration. They said about 2,370degrees Fahren- anceissafely on the ground. “Marsishard, and we andpack what it finds into agencyhas ever attempted a they didn’t expect anylast- heit. That is hotenough to “We[will] have abrand- never take success for small tubes,tobecached for landing. minute course corrections. melt cast iron. new baby spacecraft ready to granted,” said Dr.Zurbuchen. retrieval by futuremissions Oncethe lander begins its “The targeting is on the Next, the lander will de- start rolling around,” said “Weare entirely focused on and brought back to Earth for automated descent, mission bull’s-eye,” said Jennifer Tro- ploya70-foot-wide para- Erisa Stilley,Perseveranceen- one thing right now—a suc- analysis. NASA and the Euro- controllersonEarth will have sper,Perseverancedeputy chute, the largest high-speed try, descent, and landing sys- cessfullanding.”

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THE WALL STREET JOURNAL. Thursday, February 18, 2021 | A7 U.S. NEWS

group of 10 producers—which Saudis to have been working together to boost prices—arelikely to main- World’sOldest DNARecovered tain production curbs at their Raise Oil next meeting on March 4, OPEC delegates said. However, some Genetic material taken membersofthat broad group, Output collectively known as OPEC- from carcasses in plus,are set to push foranin- permafrost reveals a crease in their own, individual ContinuedfromPageOne quotas,the delegates said. prehistoric species Covid-19 pandemic erupted in Theinformal group of some early2020,devastating oil de- of the world’s biggest oil pro- BY ROBERT LEE HOTZ mand globally.Brent crude,the ducerseffectively agreed to international oil benchmark,has maintain their collectiveoil Reachingback in time more hit $64 abarrel, while West output at about7.1 million than amillion years, scientists Texas Intermediate, the main barrels aday through Febru- reported Wednesdaythat they grade of U.S. crude,crossed $60. ary. But Russia and Kazakh- had recoveredthe world’soldest However, oil prices shed stan, which had both opposed known DNA from mammoths all their daily gains Wednes- keeping overall group produc- whose carcasses had lain frozen

dayonnewsofthe Saudi plan tion flat, were allowedtoin- in the Siberian permafrost since OV to restoresupplies,with crease output by acombined the IceAge. NIL DA Brent falling 0.1% to $63.33 75,000 barrels aday to help Extracted from molarstaken

and WTIfutures down 0.8% protect their market share. from the long-extinct elephants, GLEB

at $59.55 abarrel. Theplanned Saudi moveto the DNA dates back about 1.2 LÉN;

But they regained momen- restoresupplies isn’t expected million years, the scientistsre- DA E tumafter the American Petro- to immediately spark large out- ported in the journal Nature. LOV

leum Institutehad registered a put increases from other big Until now, the most ancient P: sharp drop in inventories of producers, analystssaid, given known DNA belonged to apre- TO OM

crude oil in the U.S. in the latest the kingdom is acknowledged historic horse that lived be- FR week.Brent closed at $64.85 a to have carried the biggest bur- tween 560,000 and 780,000 A woolly-mammoth tusk emerging from permafrost on Wrangel Island, off the coast of barrel, up 2.4% and WTIended den in reducing production. yearsago in what is nowthe Yu- northeastern Siberia. Below, Love Dalén and colleague Patrícia Pečnerová. up 2.7% at $61.66 abarrel. konterritoryinCanada. Prices have been steadily Theresearchersrecon- which typically measured 15 feet recovering in recent months The kingdom’s move structed relatively completese- tall and sported curving tusks as several Western countries quences of DNA from three up to 16 feet long.The third makeprogresswith vaccina- is a sign of growing specimens as part of an effort to specimen belonged to one of the tion programs,boosting hopes confidence over an study the mammoth family tree. earliest known woolly mam- of an economic recovery later Variations in the genetic mate- moths, asmaller species that in the year.Analystsalso point oil­price recovery. rial showedhow the 10-ton lived between 500,000 and to evidence of a pickup in oil tusked behemoths evolved in an 800,000 yearsago, the scien- demand in China and India, erawhen mile-thick icesheets tistssaid. and improvement in mobility coveredmuch of the Northern Thegenetic analyses identi- and employment in the U.S. However, analystsdoexpect Hemisphere—and revealed a fied one of the steppe mam- That recovery has been ac- compliancewith output curbs previouslyunknown ancestor of moths as amember of agroup celerated morerecently by a among producerstobein- the mammoths that once that eventually evolved intothe cold spell in the U.S.,which has creasingly loose as the recov- roamed North America. woolly mammoth.The other affected short-term crude pro- ery gains momentum. “Withthis mammoth DNA, steppe mammoth belonged to a duction. Effortsbyproducersto Saudi Arabia’s move to re- youcan look directly at evolu- previouslyunknown lineagethat reducesupply and rebalanceoil open the spigots, while the tion across morethan amillion mayhavebeen an ancestor of markets, led by Saudi Arabia, rest of the group keeps them yearsoftime,” said Alfred Roca, moth carcasses arepreserved forPalaeogenetics at Stock- the Columbian mammoths that have also shored up oil futures, tight, comes as global demand aconservation geneticist at the in theArctic permafrost, ac- holm University took the DNA later livedinNorth America. analystssaid. foroil is expected to recover University of Illinois at Urbana- cording to paleontologistsat from mammothcarcasses that “Toour surprise,theremay “A Saudi increase in produc- in the coming months. Champaign who studies ele- the U.K.’s Natural HistoryMu- had been found in northeastern well have been two species of tion…makes perfect sense given OPEC expectsworld oil con- phant evolution but who wasn’t seum in London. Siberia during the 1970s and mammoths out there, and one of the tightnessthat is starting to sumption to rise by 4.72 mil- part of the group that con- When exhumed, some mam- then kept at the Russian Acad- them we didn’t knowexisted,” emerge in the market,” said Ole lion barrels a day in the 2021 ducted the newresearch. “You moths appear so fresh that their emyofSciences’ Geological In- Dr.Dalénsaid. Hansen,head of commodity fourth quarter,compared with cansee the changes in the DNA softtissues and woolly peltsare stituteinMoscow. Thescientistsdated the strategyatLondon-based Saxo the firstthree months of the and watchone species evolve intact. From such specimens, “This DNA wasextremely specimens by using the evi- Bank. “The market will proba- year, amid a global economic intoaverydifferent species.” scientistsextractand study an- degraded intomanyverysmall denceofother remains at the bly take it quitewell.” recovery. At the height of IceAge cient DNA, hoping to betterun- pieces,” Dr.Dalénsaid. “We site, the ageofthe sedimentsin Thegain in prices in recent In itsmonthly market report some 20,000 yearsago the derstand the animals that once had to sequencemanybillions which the carcasses were bur- weeks will have morethan off- Feb. 11, the International En- cold, drygrassland wherethe dominated the planet—with of ultra-shortDNA sequences iedand the traces of periodic set the financial impact of the ergy Agencysaid that arecov- mammoths lived wasthe most some researcherswondering if in ordertopuzzle this genome changesinthe planet’smag- kingdom’soutput reduction, eryindemand would outstrip extensivehabitat on earth. It it might be possible to bring together.” neticfield preserved in the said Kathleen Kelley, head of production in the year’s second stretched from Spain eastward them back to life. DNA from the older two mineral layers.They also used a QueenAnne’sGateCapital, a half,prompting “a rapid stock acrossEurasia to Canada and Forthe newresearch, an in- specimensdated to around 1.2 so-called molecular clock that NewYork-based advisoryfirm. draw” of the glut of crude that from theArctic islands south- ternational team of scientists million yearsago, the scientists measures agebycalculating the Despitethe recovery,the 13- has built up sincethe coronavi- ward to China. led by the evolutionarygeneti- said. Both belonged to aspecies rate at whichgenetic mutations member OPEC and aRussia-led ruspandemic began. As manyas10million mam- cist Love Dalénatthe Centre called the steppe mammoth, accumulateovertime.

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A8 | Thursday, February 18, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS Testing, Sequencing Will Be Expanded

Move comes as more ing to about 25,000 samples a week from about 7,000. transmissible variants Thefunding comes as the are being discovered U.S. has identified the more transmissibleU.K.variant of across the U.S. Covid-19 in 1,277cases in morethan 40 states,territo- BY STEPHANIE ARMOUR ries and tribes.The CDC has AND SABRINA SIDDIQUI said it expectsthe strain to become dominant in the coun- WASHINGTON—TheBiden try in March. administration will pump $1.6 “We’requickly infusing tar- billion intoramping up geted resources here because Covid-19 testing and sequenc- the time is critical when it ing of the virus as moretrans- comes to these fast-moving missible variantsare detected variants,” Carole Johnson, the across the U.S. WhiteHouse’sCovid-19 supply TheWhiteHouse on coordinator,said at abriefing. Wednesday said $650 million Theadministration is fo- will go toward expanding test- cused on increasing vaccine ing opportunities for schools supply and inoculations to com- and settingssuch as homeless bat the spread, with the seven-

centers. TheDepartment of dayaverage reaching 1.7million GES

Health and Human Services shotsaday,upfrom1.1 million IMA will set up regional coordinate morethan four weeks ago. centerstopartner with labs President Biden on Tuesday GETTY and distributetesting supplies, reasserted his belief that there SE/ officials said. will be enough supply to vacci- Moreover,the administra- natethe majority of the Amer- ANCE-PRES

tion plans to invest $815 mil- ican public by the end of the FR lion to increase the making of summer.But he cautioned that ENCE

testing supplies in the U.S. An- public-health guidelines will AG other $200 million from the remain necessary. N/ TO

Centersfor Disease Control “They matter, and they can MIL

andPrevention will go to in- save alot of lives while we get HA creasing the identification and to this point where we get to TRICK

tracking of emerging strains of herdimmunity,” Mr.Biden PA coronavirus, raising sequenc- said at a town hall. Employees worked on the production line for a Covid-19 home-test unit at Australian company Ellume in Brisbane in December.

people aretargeting specific ings, the companysaid. MerckChairman and CEO Vaccine prices,increasing the paceof In November,PfizerCEO Kenneth Frazier sold $23 mil- Life Expectancy selling at ahigher priceor Albert Bourla sold about $5.6 lion in stock in November, these examples wherethereare million in shares—about 60% while the company’svaccine Executives significant changes in behav- of his holdings at the time—on candidatewas in clinical trial. ior,” Mr.Silverman said. the same daythe companyan- His trades weren’t attributed Fell in theU.S.in At Moderna, 17%ofthe dol- nounced positiveresultsfrom to atrading plan.The selloff Sold Stocks lar amount of the transactions, itsCovid-19 vaccine,which the represented 40% of his vested or about $56 million, waspart FDAauthorized foremergency stock at the time. of trading plans established be- use in the U.S. in December. Novavax executives sold FirstHalf of 2020 fore 2020 that weren’t updated Pfizer said at the time that the $23million of shares in Au- ContinuedfromPageOne last year,according to aWall sale relied on apreset plan. gust a day after the company Some of the sales toward Street Journal analysis of secu- Mr.Bourla authorized the sale announced the beginning of BY JANET ADAMY lowerlifeexpectancyearly the end of last year have drawn rities filings. Some Moderna in February2020 and renewed the second phase of itsclinical last year, Ms. Arias said. the attention of government executives amended their trad- the authorization in August trial. TheAugust sales weren’t U.S. lifeexpectancyde- Thegap between men’sand officials,with JayClayton, the ing plans or established new with identicalpriceand vol- attributed to atrading plan in clined by ayear during the women’slongevity widened in then-head of the Securities and ones in March, Mayand June, ume terms,the companysaid. securities filings. firsthalf of 2020,according to 2020.Female lifeexpectancy ExchangeCommission, calling aftertrials forthe vaccine In lateSeptember,executives federal figures that show the was 80.5 years as of June, or fornew restrictions. started and afterthe company at Novavaxsold an additional deadly impact of the coronavi- 5.4 years greater than that of Corporatecompensation ex- received government funding Some of thesales $19 million in shares days after rus pandemic’s early months. males.That gaphad been nar- pertssaid such sales arethe to speed up itsdevelopment. entering Phase 3clinical trials TheCentersfor Disease rowing during the past de- natural consequenceofashift Aspokesman forModerna have drawnthe forits vaccine candidate. Secu- Control and Prevention’s Na- cade. Black and Hispanic men to using stock forexecutive said all executivesales are attention of rities filingsfromthe last week tional Center forHealth Statis- experienced notably largerde- paytotie paytoperfor- made under preset plans.In of September tied the sales to a tics said lifeexpectancyat clines in life expectancy than mance—in this case the devel- August, executives and direc- government officials. trading plan but didn’t disclose birth was 77.8 years as of the their female counterparts opment of lifesaving vaccines. tors agreed not to enter into when the plan wasset up. end of June based on provi- early last year. “This is behavior that Iwould newplans,add shares to exist- Moderna and Pfizer insiders sional estimates.The one-year GbengaOgedegbe,aprofes- expect to see in most of these ing plans or engageinaddi- who set up preset trading plans decline from the previous year sor of population health at companies,” said Ben Silver- tional unscheduled sales,the Big-ticket stock sales at last year all had cooling-off pe- wasthe largest drop since NewYork University Grossman man, director of research at spokesman said. In December, Pfizer,Moderna and elsewhere riods of lessthan three months. World WarII, when lifeexpec- School of Medicine who di- InsiderScore,which analyzes the companyonceagain al- have come under scrutiny Novavax insidersdidn’t dis- tancyfell 2.9yearsbetween rectshealth-equity research, transactions by corporatein- lowedtrading through newor from some investorsand gov- close dates forthe adoption of 1942 and 1943.Itput lifeex- studied Covid deaths by race siders.While Mr.Silverman modified preset plans,follow- ernment officials. “For senior their preset trading plans.Most pectancyatits lowest level in in his health system last year. described some of the selling ing the disclosureofefficacy executiveofficersusing 10b5-1 of Merck insiders’ sales weren’t the U.S. since 2006. He and colleagues found that as aggressive,hesaid it isn’t numbers for its Covid-19 vac- plans to sell stock,Idobelieve tied to such trading plans,and “It’sveryconcerning when Black and Hispanic people unusual, particularly foryoung cine. that acooling-off period from the ones that were didn’t in- we see mortality increase to were more likely to test posi- companies likeModerna whose Chief ExecutiveStéphane the time that the plan is put in cludedates forthe plans. such adegree,” said Elizabeth tive forthe virus than white executives have seen the value Bancel sold $98 million of his placeorismaterially changed, Moderna’s spokesman said Arias, ahealth scientist at the people but were about equally of their holdingssurge. shares last year.Hehad been until the firsttransaction, is the companyrequires that any center and aco-author of the likely to be hospitalized. They Some of the selling was selling an average86,000 appropriate,” Mr.Clayton said neworrevisedpreset plans report. “It gives youaclear also found that Black Covid-19 part of preset trading plans shares amonth last year until at aSenatehearing in Novem- aresubject to asignificant pictureofthe magnitude of the patientswho received hospital that were established before June,after which the pacedou- ber,referring to the preset cooling-off period. effect of the Covid pandemic.” care were lesslikely to die thepandemic.The rest was bled. Mr.Bancel’ssales repre- plansbythe SEC rule that —Theo Francis Thefigures released Thurs- than hospitalized whitepa- mostly part of preset trading sented about 6% of his hold- governs them. contributed to this article. dayshowhow minority groups tients. Their findingswere plans that were changed or arebeing hit harder by the vi- published in December in adopted aftervaccine develop- Shotinthe Arm rus. Life expectancy for Black JAMA Network. ment began. Those changes al- Americans decreased 2.7years Prof.Ogedegbe said that Some insidersatcompaniesworking on aCovid-19 vaccine reported stock sales basedontrading lowed for more selling in the forthe firsthalf of 2020 to 72 minority-group members’ plans createdormodifiedlastyear. second half of the year when years, and forHispanics it fell overall higher mortality rates positive news about the vac- Value of shares sold in 2020 Moderna Change in stock performance 1.9yearsto79.9years. Among from the virus probably stem cines emerged. sincestart of 2020* non-Hispanic whites,itde- from the fact that they areless Preset trading plans often $300 million clined 0.8 year to 78 years. likely to have health insurance, areset up to allowofficers No trading plan disclosed 8,000% Novavax WhiteAmericans’ lifeex- and more likely to hold jobs who might have access to non- No date specifiedfor plan Vaxart pectancyisnow 6yearslonger that requirein-person working public information to sell Modifiedornew plan Moderna than that of Black Americans, and liveinhousing that exac- shares without exposing them- 200 6,000 the widest gap in that metric erbates their risks. selves to chargesofinsider Pre-pandemic plan Arcturus since1998.Hispanics livelon- In New York City, “most of Therapeutics trading.The plans canset gerthan both groups,with a the essential workerswere prices or other thresholds that 4,000 lifeexpectancythat is 1.9 Black and Brown people dur- trigger automatic sales. years longer than whites. ing the pandemic,” Prof. Oge- 100 Novavax said itsexecutives Ms. Arias said the declines degbe said. “They didn’t have adheretothe laws of insider 2,000 forthese minority groups the opportunity to social dis- Johnson Novavax Merck sales.Pfizerdidn’t respond to &Johnson were largerthan she had ex- tance. Thejobs they have requeststocomment. Merck Nantkwest Pfizer pected. didn’t allowthem to work didn’t provide anycomment. 0 0 Demographers predict life from home.” “Asaninvestor,what you 2020 ’21 expectancywill decline further He added that he is con- want to look out foristhat op- *Companies notshown with stock performancesince2020: J&J (14%); Pfizer(-6%); Merck (-17%) when figures for the full year cerned about reportsshowing portunistic behavior where Sources: Kaleidoscope, companyfilings (value of shares sold); FactSet (stock performance) arepublished, which Ms.Arias people of color aregetting said could occur in Mayor vaccinated at lower rates and June. Before 2020, life expec- suggested that inoculation ef- nine cryptocurrencyapplica- a total of $112 million, prose- tors moved to seize280 cryp- tancyhad inched up fortwo forts focus on ZIP Codes that Pyongyang tions that purported to be cutorssaid, including $75mil- tocurrencyaccounts they said consecutiveyears, afterdip- have been hardest hit by the trading software or digital lion from acryptocurrency were used by North Korean ping earlier in the decade as virus. wallets, all of which were ac- companyinSlovenia and hackerswho stole morethan a drug overdoses and suicides To date, nearly 490,000 Accused tually malicious applications, $24.9million from an Indone- quarter of abillion dollars rose and progressonheart- people in the U.S. have died prosecutors said. sian cryptocurrencycompany. from cryptocurrencycompa- disease mortality stalled. from Covid-19,according to Theapplications had names U.S. officials said they were nies around the world, includ- An increase in drug-related datafromJohns Hopkins Uni- Of Heists like Ants2Whale, CoinGo and working with victim compa- ing one in the U.S. deaths also contributed to the versity. iCryptoFX, which billed itself nies to trytorecover some of In arelated case unsealed as a“CryptocurrencyAlgo- the stolen funds. on Wednesday, aCanadian, ContinuedfromPageOne Trading Tool,” according to AfterNorth Korean hackers Ghaleb Alaumary, agreed to which nettedthem hundreds court documents. breached aU.S.-based finan- plead guilty to helping the of millions of dollars, but their The apps were designed to cial-services companylast NorthKorean hackersmove cryptocurrencyactivity “could givethe North Korean hackers year,the Federal Bureau of In- tens of millions of dollarsin be worth just as much or aback door intocomputer vestigation located and froze the stolen funds, including by more,” said John Hultquist,di- systems, officials said. around $1.8million in crypto- storing funds in bank accounts rector of intelligence analysis In August 2020,one of currency and obtained a war- and helping to retrieveitfrom at cybersecurity firm FireEye theseapplications,called rant forthe seizurelast week, hacked automated teller ma- Inc. CryptoNeuroTrader,was used said Kristi Johnson,who runs chines,according to his plea “These areincreasingly to break intoaNew York fi- the FBI’sLos Angeles field of- agreement. clever and unique schemes,” nancial institution wherethey fice. Mr. Alaumary worked with Mr. Hultquist said. stole datainanextortion at- The North Koreans are un- others,for example,tosteal Representatives of the tempt, and transferred about likely to be arrested, but the $16 million from ATMs at an NorthKorean government $11.8million in cryptocurrency chargesare part of acontinu- unnamed Indian bank in 2018,

couldn’t be reached to com- from the company’sdigital ing effort by U.S. authorities including in California, the O’HARE/REUTERS ment, but in the past have de- wallets. to pressureNorth Koreaand agreement said. nied anyinvolvement in hack- Between 2017and 2020, the entities that work with it Lawyersrepresenting Mr. GHAN

ing efforts. NorthKorea hacked at least over thelong-running cyber Alaumarydidn’t return mes- CALLA Between 2018 and 2020,the three financial companies with campaign. sages seeking comment on Mourners attended the funeral of 50-year-old Gregory Blanks, alleged hackersbuilt at least cryptocurrencyassets, netting In August, federal prosecu- Wednesday. who died of Covid-19, in San Felipe, Texas, last month. P2JW049000-4-A00900-1------NS

THE WALL STREET JOURNAL. **** NY Thursday, February 18, 2021 | A9 WORLD NEWS Brazil Launches Key Vaccine Test U.K. Trials Will Infect Majorityofresidents in in China, Sinovac turned to Butantan to carryout itslate- one citywill get shots stage trials of CoronaVac last Yo ung to learn howwell they year, which found the shot to be 50% effectiveoverall but curb virus transmission capable of preventing all seri- With Virus ous cases of the disease. BY SAMANTHA PEARSON Word of the experiment has BY JENNY STRASBURG AND LUCIANA MAGALHAES spread quickly.Real-estate companies in Serrana have LONDON—U.K.medical-eth- SERRANA,Brazil—As seen a rush of inquiries from ics authorities gavethe go- Covid-19 has ragedacrossBra- Brazilians across the country ahead to controversial trials zil, killing nearly a quarter of whoare eager to rent cheap that will deliberately infect amillion people,high infec- houses in the town for a year young,healthyvolunteerswith tion rateshaveturned the to qualify for vaccination. Covid-19 to betterunderstand country into the perfect test- “Wegot one proposal from the virus’simpact on the body ing ground for vaccines. someone who didn’t even want and speed vaccine develop- Now, Brazil is using itsmis- to pick up the key,” said real- ment. fortune to help answerone of estateagent Isabella Meghelli. Thehuman-challengetrials the pandemic’smost pressing Afterinforming callersthat will be the firstinthe world questions as millions arebeing Serrana already registered its targeting Covid-19 and initially inoculated world-wide: Can residents for the experiment, will involveupto90volunteers someone who is vaccinated they all lost interest, she said. 18 to 30 yearsold, the govern- still transmit the virus? Some in the town see Proj- ment said Wednesday. Thetri- In thefirst experiment of ect Sasanact of divine inter- als areset to begin in London itskind globally,researchers vention. “When they told me by March, backed by $47mil- Wednesdaybegan aproject to S Serrana had been chosen, I lion in U.K. government fund- vaccinatethe entireadult pop- PRES said God knows everything,it ing firstannounced in October.

ulation of Serrana, a hard-hit TED wasGod who sent us this as a With medics and scientists

commuter town of 45,000 peo- OCIA present,” said Maria Aparecida standing by 24 hoursaday,re- SS

ple in São Paulo state, before /A de Oliveira, a56-year-old el- searcherswill inject closely con- the rest of the country. derly caregiver. trolled doses of coronavirus into By immunizing everyone in In fact, Serrana waschosen the noses of quarantined volun- PENNER the town via controlled stages, because it wasasmall city teers. These volunteerswon’t

they saythe resultswill help ANDRE with ahigh infection rate near have received vaccines.The idea the world’sscientistsunder- People waited to get the CoronaVac shot in the town of Serrana in São Paulo state on Wednesday. aresearch center,said Mr. is to start with the smallest stand howquickly vaccines can Borges. About aquarter of the possible amount that allows re- curb the pandemic.And inocu- cret forsix months to prevent on afinitesupply of the Chi- mission of the disease. population goes to and from searcherstogaugeinfection lev- lating an entiretownwill coun- massmigration to the town by nese vaccine CoronaVac,which However, the Serrana study town everyday forwork, els,symptoms and transmission terBrazil’sgrowing anti-vax other Brazilians desperate to is being made at the Butantan will provide a more definitive mainly taking a20-minutebus methods while trying to ensure movement and demonstratethe get vaccinated. Institute, the SãoPaulo-based answer, Mr. Borges said. ride to the city of Ribeirão the volunteers’ safety. wider benefitsofmassimmuni- Like many other Brazilian public research center,with UnlikeIsrael’sstudies,Proj- Preto. That hasallowedthe vi- If that goes well, asecond zation, such as aquick eco- towns, Serrana had until now the Chinese company Sinovac. ect Sisacontrolled experi- rus to circulate easily. stageofthe trials is planned to nomic recovery expected with a barely enough vaccines to Forthe experiment, Serrana ment that will include data Afteranoutbreak last year at include the use of vaccines—re- fast reopening of Serrana. coverhealthcareworkers. Bra- has been divided into25areas, from the entire adult popula- anursing home next to Ser- searchershaven’t specified “It will giveusinformation zil has administered Covid-19 each of which will getvacci- tion and, with cases still surg- rana’shospital, researcherscar- which ones—totest howwell about the percentageofpeople shotsto3%ofits population nated at adifferent stagedur- ing in the rest of Brazil, it will ried out masstestsinthe town they protect against symptoms who need to be vaccinated to so far,compared with about ing the next two months. Re- be easier to measurethe effect in July and found that one in and possibly transmission. reach herdimmunity—no one 12% in the U.S., as a shortage searcherswill then study how of the vaccine. Brazil has reg- every20residentswas infected Some public-health experts knows this yet,” said Marcos of vaccines has forced many the immunization of one area istered 10 million infections. and transmitting the disease. arguethat high infection rates Borges, aprofessor of medi- cities to suspend their immu- affectsthe infection rate in an While researcherswill ad- SãoPaulo’s stategovern- negatethe need forsuch trials cine at the University of São nization campaigns this week area not yet vaccinated. They minister only CoronaVac dur- ment said it hoped the experi- because thereisample oppor- Paulo in nearby Ribeirão Preto only amonth afterthey began. will also comparedatafrom ing the experiment, the results ment also would showhow tunity to study the virus in peo- who is leading the study. Brazil’shealth expertshave the area beforeand afterit should help clarify how other massvaccination affectsthe lo- ple who contract it naturally. In Serrana, asleepy town blamed President Jair Bolson- wasvaccinated. Theresults vaccines canslowtransmis- calhealth system and economy. Otherssay thereisnosubsti- nestled among sugar-cane arofor bungling vaccine-sup- areexpected in three months. sion, epidemiologists said. Thereare aminority of res- tutefor controlled studies to fields,most residentscan’t be- ply deals and sowing doubt Only Israel, which has given Sinovac,the privatefirm identswho have expressed help fast-track vaccine develop- lievetheir luck.“Nothing much abouttheir effectiveness, in- shotstotwo-thirds of those el- that makes CoronaVac,has do- fearsabout the shot, saying ment so shotsquickly reach ever happensinSerrana—now cluding the one being used in igible to be vaccinated, has nated all the vaccines for the they didn’t want to be used as more people world-wide.But the whole world is talking about Serrana. With delays in the been able to producesome pre- study as part of itspartner- “guinea pigs.” But Mr. Borges young,healthypeople some- us,” said Ademir Silva, a64- rollout of the AstraZeneca-Ox- liminarydatasofar on the ef- ship with the Butantan Insti- said the vast majority of the timessuffer extreme Covid year-old retired factoryworker. ford shot, which the president fectsofmassvaccination. The tute, which came up with the town had agreed to take part symptoms,and thereisno Baptized“Project S,” the promoted, his administration findingssuggest that Covid-19 idea forProject S. With in the study.Sinovac didn’t re- proven, blanket treatment for experiment wasplanned in se- has had to rely almost entirely vaccines canhelp curb trans- Covid-19 largely undercontrol ply to arequest forcomment. subjectswho fall seriously ill. DelayedDeveloping-Nation ShotsRisk Extending Crisis

In the race to vaccinatethe Number of people living in could become breeding grounds world against Covid-19,devel- extreme povertyworldwide* forvirus mutations,expertssay. oping countries arerunning TheInternational Monetary Historical dangerouslybehind as muta- Fund expectsthe pandemic’s tions of the virus makeit Pre-Covid-19 projection economic damagetobedeeper harder to catchup—a situation Covid-19 downside projection and morepersistent in the de- that could spell at least another 750 million veloping world, especially in year of humanitarian and eco- countries that areheavily reli- nomic miseryfor poor nations. ant on tourism or oil exports. 700 TheWHO is urging wealthyna- By Saeed Shah tions to sharetheir vaccines in Islamabad, afterthey have inoculated their 650 Gabriele Steinhauser most vulnerable populations. in Johannesburg Arecent study by the U.S.- and Feliz Solomon 600 based National Bureau forEco- in Singapore nomic Research concluded that afailuretoinoculateall coun- TheU.S. has administered 550 tries equitably could wind up doses to about 12% of itspopu- ’15 ’16 ’17 ’18 ’19 ’20 ’21 costing advanced economies lation, while Europe has up to $2.6 trillion—far more *Living on lessthan $1.90per day. Note:2017 reached about 5%. But in South is the lastyear with official estimates than the cost of supplying America, just 1.8% of the popu- Source:World Bank global vaccine coverage.Itsaid LIFE SCIENCE lation had been given avaccine developed economies could by this week,while Asia reached partsofAfricaand some coun- see supply disruptions and low 1.5% and Africa0.1%, according tries in Latin Americaand demand forexportslong after LABSPACE. to Our World in Data, aproject Asia areunlikely to covermost their populations arefully in- based at OxfordUniversity. of their populations before oculated if developing econo- LIFE SCIENCE Almost 130 countries have 2023 or 2024, experts say. mies don’t recoverasquickly. yettoadminister asingle dose, That meansitcould be “Our point is that all econo- the World Health Organization yearsbeforelifereturns to mies areconnected to each WORKFORCE. said recently.Just two countries normal in poorer countries other through trade relation- in sub-Saharan Africa—the Sey- that sawmorethan 100 mil- ships,” said SelvaDemiralp, chelles and Mauritius—have lion people fall back intoex- one of the study’s authorsand started vaccinating asubstantial treme poverty last year and aprofessor of economics at Find all your businessneedsin proportion of front-line workers, that lack resourcestounleash Koç University in Turkey. though othersare likely to roll government spending as much Thebest manydeveloping MiddlesexCounty,New Jersey. out shotsinthe coming days. as rich countries have.Some countries canhope foristo The critically short supply emerging-market nations that coverhealth workers, the el- of inoculations for poorer na- were able to provide domestic derly and those with underly- Learnhow adeepcommitmentfrom tions risks being curtailed fur- stimulus last year arerunning ing illnesses by the end of the ther by the emergenceofnew out of resources to continue. year,through aWHO-sup- localgovernmentand thecommunity variantsofthe virus,including Thedisparity also could slow ported initiative known as Co- hascreated theperfect ecosystemwhere in South Africa and Brazil, the global economic recovery vax, which has yettosend a that appear to makesome of morebroadly and prolong the single dose.Covax says it is businesses andresidentscan thrive. thevaccines that have been pandemic,bycreating pockets on track to reach 27% of the securedlesseffective. Large of unchecked infection that population in 92 eligible coun- tries by the end of 2021, mostly in the second half of theyear. Covax’srelatively modest goals are heavily dependent on

/REUTERS the vaccine developed by Ox- ford University and AstraZen- ecaPLC.Questions about itsef-

VERNMENT ficacy emergedafter asmall GO humantrial in South Africa found it didn’t prevent mild and

AFRICAN moderateCovid-19 from anew

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SO pertssay it likely will still pre-

ANE/ vent severeillness, but South

JIY Africahas suspended adminis- tration of the vaccine.Astra- DiscoverMiddlesex.com/Biz

ELMOND Zenecasays it is updating itsin- Vaccines are unloaded at a Johannesburg airport. oculation to target the variant. P2JW049000-0-A01000-1------XA

A10 | Thursday, February 18, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

is responsible forabout half of In Italy, widespread use of Europe Put long-run productivity growth, job-retention schemes hurt la- some economists say. bor productivity growth dur- The pandemic is accelerat- ing the 2008-09 financial cri- Economyin ing a shift toward new digital sis,according to a2018 paper business models and automa- by Giulia Giupponi of Bocconi tion of processes.Some habits University in Milan and Ca- Deep Freeze maystick,such as working milleLandais, aprofessor at and shopping from home,per- the London School of Econom- manently reducing demand for ics.The least productivefirms ContinuedfromPageOne certain services.Ifthe econ- were three times morelikely yond,some policymakers, omy looks very different in a to tapthe job-retention economistsand businessexec- couple of years, anything that scheme than their stronger utives worrythat mothballing delayedthe adjustment would peers, the researchers found. the economyfor so long will be costly. In Italy,through early De- leave it struggling to adapt to Europe’senthusiasm for cember,29% of all workers the seismic businessand so- job-furlough programs is had been placed on furlough cial changes the crisis is driv- partly based on Germany’sex- sincethe start of the pan- ing.That could stall an eco- perienceinthe 2008-09 finan- demic,atotal of about 6.7mil- nomic recovery. cial crisis,when itsprogram lion people. “Trying to freeze work helped curb unemployment Thefurloughs,the ban on whereitwas and howitwas is and quickly restart the econ- layoffs and generous credit in manycases aprofound mis- omy once demand recovered. helped save about 400,000 take,because it delays the cor- This time,support to work- jobs during the pandemic, ac- poratereorganizations,new ersand businesses is vastly cording to an independent re- investmentsand newhires larger, as governmentssweet- port by Bank of Italy re- that arenecessary,” said Carlo ened or made it easier to ac- GER searcher Eliana Viviano. Bonomi,chairman of Confind- cess programs.Almost eight Antonio Gullo, who lives in ustria, the Italian employers’ million workerswereinjob- Turin, the heart of Italy’s HEIDELBER federation. While Europe retention schemes in Germany, Workers at Heidelberger Druckmaschinen’s factory. Half of the German firm’s staff are on furlough. shrinking autoindustry, has keeps the economyinsus- France, Italy and Spain in No- been in andout of furlough pended animation, the U.S. is vember,orroughly 7% of all Transatlantic Divide since 2001. He now works for already creating newjobs and workersinthose countries,ac- Lear Corp., a Michigan-based Europe has proppedupjobs during the Covid-19 crisis, businesses. cording to the European Cen- maker of seatsand electronics while the U.S. has supported unemployedworkers... Thecontrasting policyre- tral Bank.That wasdownfrom forthe carindustry. His last sponses feed aquestion likely about 24 million in April, but Monthly unemployment rates* Shareofemployees on full month of work wasin to be debated foryears: Which still alargershareofEurope’s job-retention schemes† 2015,and in two decades he economic model betterwith- workforce than at the worstof 15% hasnever hadmorethan 18 stands the maelstrom un- the financial crisis in 2009. U.S. 30% months in arow of full-time leashed by the pandemic? Furloughed employees typi- work, he said. He is currently TheU.S.approach “ismore cally work reduced hours, or working about six days a brutal butalso moreflexible,” in some cases none, while re- month. 10 France said Nicholas Bloom, an econ- ceiving a portion of their pay. 20 Germany “Weliveinastate of con- omist at Stanford University. In Germany, such workerscan- Eurozone stant uncertainty; it’simpossi- Italy LikeEurope,the U.S. has not undergo training unlessit ble to plan out your life,” said provided vast government is designated by the labor of- Spain Mr.Gullo,43, who is on apro- supportinthe pandemic, fice,orevenberequired to duction line making seats for 5 through paymentstobusi- look at work emails.InItaly, 10 Maseratis.“Leaving the fac- nesses and workersand credit they usually maynot take tory isn’t an option because from the central bank to sup- part-time jobs because they therearen’t anyfull-time jobs port struggling enterprises. might be called back to work out there.” The Fedestablished facilities from one day to the next. 0 0 With so many on furlough, to buy corporatedebt, support At Germany’sRecaroAir- German businessgroups have Jan. Feb. March April MayJune July Aug. Sept.Oct.Nov.Dec. Feb. 2020 '21 lending to smaller businesses craftSeating GmbH, which warned recently of ashortage and enable the issuanceofse- makes seatsfor European, U.S. of skilled workers in a nation curities backed by small-busi- and Chinese airlines,sales fell ...as Europe has focusedonpreserving jobs and businesses, wherethe unemployment rate ness, student and-credit card 60% last year to about €300 the U.S. has allowedmoretobedestroyed and created. is just 4.5%, particularly in en- loans.These unprecedented million($360 million). CEO Number of businessbankruptcies in 2020, Number of businessregistrations 2020, ergy, mechanical and civil en- programs helped to preserve Mark Hiller doesn’texpect compared with 2015–2019‡ change from ayearearlier gineering and health. jobs and keep alivedistressed salestoreturn to pre-crisis Germany’ssweetened job- but solvent companies. levels for five years. 2020 2015-2019range U.S. FranceGermany furlough scheme has “crazy Butwhile governmentson Recarocut about 30% of 80% consequences,” said Friedrich both sides of the Atlantic jobs at itsfactories in the U.S. U.S. Merz, asenior politician in strovetoput afloor under the and China, but in Germany it 60 Chancellor Angela Merkel’s slump,the U.S. did lesstostop hasn’t reduced itsworkforce Germany Christian Democratic party. workersand capital from of roughly 1,100.Instead, it 40 “Employees arekept in busi- shifting toward new uses. has tapped the government U.K. nesses even though they are Europe’slabor markets program, which pays itswork- Spain 20 needed in other places.” were lessflexible beforethe ers up to 87% of their salary, Still, some businesses say pandemic, with governments to amaximum of almost Netherlands 0 the European model is better adopting broadsocial safety €5,000 amonth, to stay home. in the long run. nets and job-protection laws. Almost all of Recaro’swork- France TheU.S.model weakens the –20 Those attitudes have hardened force is on furlough, working bond between acompanyand during the pandemic. 40% fewerhoursthan normal. 0 10,000 20,000 30,000 40,000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q itsemployees,reducing the in- The eurozone economy Recarohas agreed not to centivefor businesses to in- shrank morethan twiceas layoff employees until at least *Adjustedfor seasonality, notfor the calendar.†Latest data available vest in training,said GerdOhl, ‡Latest 2020 month varies; 2015–2019range is the minimum and maximum forthe corresponding months compared with 2020. much as the U.S. last year and mid-2023.The high cost and Sources: Eurostat(unemployment); European CentralBank (schemes); Bank forInternational Settlements (bankruptcies); general manager of Limtronik will recover more slowly this legal complexities of doing so OxfordEconomics (French and German registrations); U.S. Census Bureau (U.S. registrations) GmbH, an electronics manu- year,according to the Interna- in Europe deter many compa- facturer based near Frankfurt. tional MonetaryFund,largely nies from cutting staff. drews, aformer Australian IfigureI’ll wait acouple of ex- 20%ofall businesses this year He said he had trained Ameri- because Europe’sgovernments Butjob-retention schemes Treasury official nowatthe tra months,” Mr. Gomes said. from 7% beforeCovid, accord- can employees in Germany to adopted draconian social re- “can only bridgethe gapuntil Organization forEconomic Co- Some of hisworkershaveleft ing to research by Creditre- work forhis U.S. subsidiary, strictions to contain the virus. we’re back on a higher level,” operation and Development. forother sectors, but most are form, aGerman credit agency. only to see them leave the TheU.S.joblessrate firstrose Mr. Hiller said. “If we need to Before Covid-19 struck,Or- staying put. Alexander Alban,managing companysoon afterthey re- near 15% and then fell sharply, adapt to €300 million [sales] lando Gomes’s businesswas Half of German companies partner at German mechanical turned to the U.S. while the eurozone’s headline forever, it won’t work.” setting up tentsinPortugal at have halted or delayed trans- partsmanufacturer Walter At HeidelbergerDruckm- unemployment has barely Meanwhile,U.S.defense about 30 eventsevery week- formation and innovation proj- Schimmel GmbH, hustled last aschinen AG, amaker of print- budged during the crisis. group Raytheon Technologies end, from international fairs ects because of furlough pro- year to keep his businessin ing presses in southern Ger- Corp. cut a fifth of the work- to weddings. Nowhis com- grams, according to asurvey the black—cutting staff,put- many, revenue has fallen about forceinits commercial aero- pany, Multitendas, is luckyifit by Boston Consulting Group. ting workers on furlough and 20% and is unlikely to return Bankruptcy gap space division after sales at a gets one event aweekend. Job-retention schemes are canceling plans foranew fac- to itspre-crisis level forabout Europe registered far fewer unit that competes with Re- Most of his roughly 150 em- “a little bit too easy. You can tory—as he coped with a 25% five years, according to Mar- businessbankruptcies last caro fell 26% last year.It ployees have been on furlough delaydecisions and remain in decline in sales. cusA.Wassenberg, chief fi- year than in the previous five, doesn’t plan to hire all of the for10months,paid most of your comfort zone as aman- nancial officer.Hesaid around while bankruptcies in the U.S. people back. theirsalaries by the govern- ager,” said Karl Haeusgen, half of the company’sstaff are remained within the pre-pan- Thehospitality sector has ment to stay home. president of the German Me- Price reductions on furlough, down from 80% demic range, according to data taken a big share of furlough chanical Engineering Industry Though demand fell, athird early in the pandemic,and the from the Bank forInterna- programs,achangefromthe Association, alobby group for of that revenue drop was due companyclaimed about €85 tional Settlements. Applica- 2008-09 recession, when the Waiting game a sector that employs around to aroughly 12% fall in market million via the job-retention tions to start new businesses programs were tapped heavily Mr. Gomes is waiting, hop- 1.3 million people. prices,Mr. Alban said, as program last year. in the U.S. rose 42% in the six by manufacturers. ing for business conditions to Economistsand business struggling local competitors Mr.Wassenbergsaid the months through September Thecase forprotecting jobs improve. He recently received executives also saybusiness using government support of- furlough program waspart of but declined slightly in France is weaker in lessknowledge- astate-backed credit line for subsidies could increase the feredlow prices to stay afloat. abroad net of social protec- and Germany, according to Ox- intensivesectorssuch as hos- €1.5million. Switching into share of “zombie” companies “These zombie compa- tions that helps stabilize Ger- ford Economics. pitality,some economistssay. newsectorsseems impossible, that struggle to earn enough nies...run their business for a many’seconomyand sharethe Worker productivity has Young people might be using he said, because his work is over time to covertheir debt- couple of months below fruitsofgrowthbetween man- risen in the U.S. but been flat these jobs as asteppingstone, highly specialized. servicing costs, and that can costs,” Mr. Alban said. “They agersand workers, making its or down in Germany, France, so therecould be lessvalue in “I had planned to decide by undercut prices chargedby ruin the market. Afterwards, society betterable to absorb Italy and Spain, according to preserving the specific skills year-end whether to shut healthier competitors. In Ger- it’sveryhardtoget this busi- global shocks. Deutsche Bank.Eliminating and relationships workers down or stay in business, but many, the shareofzombie ness back. Usually it’s good if —Patricia Kowsmann unviable jobs andbusinesses have built up,said Dan An- with avaccine on the horizon, companies could increase to the market is cleaned.” contributed to this article.

quille O’Neal, Alex Rodriguez rants, inspired by aburgeoning companies arementioned at game companyGameStop Rap Song andColin Kaepernick,inves- community of online SPAC an- another point when Mr.Cuvée Corp. earlier this year. tors view them as a way in at alystswho use social media to acknowledges the high valua- Mr.Cuvéesays he plans to the ground floor with the hot communicatewith investors. tions of these companies and donate$1tocharity forevery

Explains companies of the futurebe- “I basically gotall of my ed- JOURNAL Tesla Inc.CEO Elon Musk,who YouTube subscriber he has at cause they canpurchase SPAC ucation on Twitter,” said Mr. is popular with individual in- the end of 2021. Among the REET

shares beforethe blank-check Cuvée, who says his ST vestors. “It amazeyahow blank-check companies name-

SPACs firm takes a startup public. SPAC holdingsof$250,000 as LL manyEVs areinfavor,” he checked in “SPAC Dream” is Individualstypically don’t of September have doubled WA raps.“Much respect to Mr. sports-betting firm DraftKings

getaccesstocompanies early and he nowhas about THE Musk—Elon the Trailblazer.” Inc. Afan of the NBA’sGolden R

ContinuedfromPageOne in traditional initial public of- $500,000 in SPACs. His song FO Former Cosmopolitan mag- State Warriors, Mr.Cuvéeput also acannabis and cham- feringsbecause companies go- featureshomages to some of V azineeditor Joanna Coles and money in shortly afterDraftK- pagne enthusiast.” ing public through IPOs first the Twitterpersonalities who former House Speaker Paul ingscombined with aSPAC

He says he now has half of woo large institutions. taught him about blank-check LESHNO Ryan areinthe group of celeb- last April. Shares have roughly his roughly $1 million portfo- “If[you’re] in the SPAC companies: SPACInsider, SA rities who have launched tripled since. lio tied to SPACs, which are game youknowwhat I’m talk- SPACTiger and SPACzilla. SPACs, which areamong the “I’m like a SPAC—what the MARIS shell companies that list on a ing about,” raps Mr.Cuvée. Financial trends have asur- Cassius Cuvéeinvested in most heavily traded stocks on hell is that? You get in on the stock exchange, aiming to ac- “[We’re] sick of IPOs,day one prising historyofinspiring SPACs, then rapped about them. apps like Robinhood Markets ground floor,” Mr. Cuvée raps quireaprivatefirm and take it locking us out.” music.Hip-hop artistsinclud- Inc. that arecommonly used when explaining howone of public.The privatecompany Afterholding several jobs in ing Fetty Wap began to refer- escaping the SPAC rap. Her 13- by individual investors. his friends firsttold him about then gets the SPAC’s place in recent years, including one in enceoverseas currencies when year-old grandson, 50-year-old There are at least 20 dedi- DraftKings. “It paid big—so I the stock market. therecreational cannabis in- the U.S. dollar lost value in re- son “and a variety of people” catedTwitteraccountstied to searched and then Ifound Also called blank-check dustry,heconsidered himself cent years. “Keep de ratesdem sent it to her.“Thelyrics were blank-check firms—including more.” companies,SPACs have be- an investing noviceasrecently low,” one singer calls out in a clever,” she said. Bill SPACman and separate Thesong also highlights come apopular way forstart- as last summer.Henow wakes video that was part of a viral “See the futureisEVand ones called SPACdaddy and “the big boss”—Warriorspart- ups to go public because they up at 5 a.m. in Oakland to 2019 Bank of Jamaica reggae also ESG,” Mr.Cuvéeraps,re- DaddySPAC.Thereisalso a owner and venturecapitalist have looser regulations and let monitor his portfolio and and pop campaign to educate ferring to electric vehicles and Redditgroup forSPACs that Chamath Palihapitiya, who has early-stagecompanies make watchCNBC.Inaddition to the public about inflation and environmental, social and cor- has about 140,000 people, more than 1.3 million Twitter projections about their busi- regular SPAC shares,healso monetary policy. porategovernancecriteria— though still far belowthe nine followers and several SPACs. nesses.Lured by business trades morecomplexinvest- Forfinanceentrepreneur two hot investing themes and million in the WallStreetBets Mr. Cuvée rhymed his six-syl- magnates,celebrities and for- mentstied to blank-check com- Betsy Cohen, 79, who created sectorsfor blank-check com- forumthat drovebig swingsin lable last name with the verse mer athletes including Sha- panies likeoptions and war- several SPACs, therewas no panies. Shares of electric-car shares of struggling video- “yeah, I see ya.” P2JW049000-5-A010A0-1------NS

THE WALL STREET JOURNAL. ***** NY Thursday, February 18, 2021 | A10A GREATER NEW YORK Suicides Rise Amid Schooling At Home

BY KATE KING

Five NewYork City public- school studentshavedied by suicide so far this academic year,surpassing last year’s to- tal, city officials said. Therewerefour student sui- cides last school year,accord- ing to aspokesman forthe New JOURNAL

York City Department of Educa- REET tion, who wasn’t able to imme- ST LL

diately provide statistics for WA prior years. With four months THE

remaining beforesummer vaca- R tion, schools areproviding so- FO cial workersand crisis-support teams to help struggling stu- BLESENER

dents, he said. H MayorBill de Blasio said RA SA manystudentshavebeen trau- This year, New York City pre-K teachers will write letters of recommendation for students to qualify for a lottery for the gifted-and-talented program for kindergarten. matized by the coronavirus pandemic,which has killed morethan 23,000 city residents sincelast March. Remotelearn- Lottery to Replace Gifted Test ing canalso exacerbatefeelings of isolation anddepression, un- derscoring the urgencyofre- turning to in-person schooling, Change for admission mer to determine the futureof said.“But Icannot allowmy will receiveoffersthis sum- Continuing the practiceof the mayorsaid. gifted-and-talented testing, children’sfuturetobeput in mer, the agency said. giving priority to siblings “is “It’snot easy when kids to program aims to Mayor Bill de Blasio has said. the hands of people who will Parentsand advocates actually doubling down on the aren’t in-personand that’s address concerns Thechangeannounced forsakethem in order to make raised questions about the ex- demographics” of the pro- what’scausing so much of the Wednesdayfollows weeks of apolitical statement or to ful- tent to which the newguide- grams,she said. “It’sdefinitely problem hereand it’spainful, over racial disparity uncertainty about the pro- fill some sort of whim that will lines rely upon the subjective going to benefit the families but we really aretrying to help gram’s future, admissions shortchangethem forever.” judgments of teachers. that arealready in those everychild,” Mr.deBlasio said BY LEE HAWKINS schedule and methodology. Under the newprocess, Theadvocacygroup Parent schools, big time.” Wednesday. “But the best thing Theprogram admitschil- which won’t involvetesting, Leadersfor Accelerated Cur- NewYork City Schools we candoisjust getmoreand NewYork City’s Depart- dren in kindergarten, and stu- families will be able to inform riculum and Education is Chancellor RichardCarranza morekids back in the school as ment of Education said chil- dents can remain enrolled up teachersabout their interest in pressing the city to keep the has said test scores at such a quickly as possible.” dren will be admittedtoele- to the eighth grade,depending the program beginning March program in placeand adminis- young age often reflect privi- Sarper Taskiran,achild and mentaryschool gifted-and- on the school. 8. Educatorsfromtheir child’s terthis year’s test. Co-presi- legeand coaching rather than adolescent psychiatrist at the talented programs this year by Queens resident Marius pre-K program will completea dent YiatinChu said the intellectual ability. ChildMind Institute, said he lottery based on letters of rec- Calin has ason enrolled in a questionnairethat determines changes hurt studentsofcolor Black and Hispanic students and his colleagues areseeing a ommendation from preschool gifted-and-talented program if the child is eligible to enter and those from low-income in 2019-20 made up 57% of significant increase in depres- teachers, instead of standard- andhad been preparing his the lottery foraseat. families. She said administer- kindergarten studentscity- sion, anxiety and obsessive- ized testing. daughter to test and apply. Siblingsofstudentsining the test to all students in wide,but only 14%ofthose in compulsivedisordersbecause Under the change, Now, he said he plans to enroll schools with gifted-and-tal- pre-K would have been “the gifted programs, according to of the pandemic.Kids,particu- prompted by the interruption both in private schools. ented programs will continue most objective option.” city data. Most children in larly those predisposed to men- of the pandemic and concerns Mr. Calin saw the test as a to have priority foradmission, “It’sonly based on the par- giftedclasses were whiteor tal-health issues,are suffering about racial disparities, moreequitable option, and be- the agencysaid. Children who ents’ initiation, reliant on the Asian, DOE data show. because of boredom, family teacher-recommended pre- lieves his daughter would have aren’t currently enrolled will be same engaged parentswho “Webelievedeeply that conflict and being cut off from schoolerswill be enrolled in performed well on it. evaluated “based on ashort re- knowhow to navigatethe wide scale changes areneeded their friends and normal activi- the lottery in May. Then, the “I wasasupporter of public moteinterview,” the DOE said. system,” she said. “Howlikely to addressthe racial dispari- ties,hesaid. DOE will go through “aninten- schooling,and we’regoing to Families eligible forthe lot- is ateacher to say‘no’to ties,” said Katie O’Hanlon, a —Lee Hawkins sivepublic engagement pro- be making alot of sacrifices to tery will be notified in mid- those parents? Thechances spokeswoman forthe city’s contributed to this article. cess” in the spring and sum- makethis happen,” Mr.Calin May, and selected students areverylittle.” Department of Education.

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AS •Updateyourpaymentinformation II/ •Resetyourpasswordand more ANKLIN FR ANK FR Mount Sinai said studies don't show a benefit for the therapy in hospitalized Covid-19 patients. Hospital Halts Plasma Explorenow at customercenter.wsj.com Treatments for Covid-19

BY AMY DOCKSER MARCUS use of the therapy,which is the coronavirus outbreak en- derived from the blood of gulfed NewYork.Mount Sinai Mount Sinai Health System people who have recovered set up aconvalescent plasma in NewYork said that it will from Covid-19. programinlateMarch 2020, no longer allowdoctorstouse TheFDA nowlimitsuse of and actively identified and re- convalescent blood-plasma to convalescent plasma to hospi- cruited recoveredpatients to treat hospitalized Covid-19 talized patientsearly in the donateplasma in hopes it patients, citing emerging clin- course of the disease and hos- might benefit those still fight- ical-trials datathat didn’t pitalized patientswith amed- ing the illness. show abenefit forpatients David L. Reich,president who received the therapy. and chief executiveofthe Rare exceptions maybe The institution was MountSinai Hospital and made forpatients who have presidentofMount Sinai certain medical conditions in- one of the earliest Queens,said doctorsreached volving immune deficiencies, to offer patients the decision to stop using according to amemo viewed convalescent plasma to treat by TheWall Street Journal convalescent plasma. Covid-19 following results and sent out Tuesdayan- from randomized, placebo- nouncing the change, which controlled clinical trials—con- became effectiveWednesday sidered the gold standardin morning. ical condition that impairs evaluatingwhether or not a Thedecision at an institu- their ability to makeantibod- drug works. tion that wasone of the earli- ies.Patients mayalso only re- Thestudies didn’t show est in the nation to offer pa- ceiveconvalescent plasma benefitsfor hospitalized pa- tientsconvalescent plasma containing high concentra- tients,Dr. Reich said. goes further than the Food tions of antibodies. “Wegaveitevery possible ©2021Dow Jones &Co.,Inc.All rights reserved.3DJ8275 andDrugAdministration. In Mount Sinai Health System chanceinthe world of pro- earlyFebruary, the FDAsaid wasone of the earliest cen- spective research to demon- it wasscaling back the emer- ters in the U.S. to adopt the strateabenefit, and it gencyauthorization of the use of convalescent plasma as didn’t,” said Dr.Reich. P2JW049000-2-A010B0-1------NS

A10B | Thursday, February 18, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK

METROMONEY | By Anne Kadet Revel Life on the Road Hits a Few Bumps To Begin

When Jess manyparks reserved for Leasing Glazer and her guests55-plus.Which ex- husband Mike plains whythey’vespent the DeRose traded last six weeks at asitethat E-Bikes their Manhat- has aniceclubhouse and tanapartment pool, but looks likeagiant fora40-foot motor home parking lot. BY PAUL BERGER last fall, they imagined criss- Lifeonthe road is more crossing the U.S.,camping by chill than lifeinthe city Revel,the electric-moped peaceful lakes and mountain whereeveryone’shustling, sharing company, announced streams.Last week,via they agree.But this presents that it will soon begin leasing Zoom, Ms.Glazer showedme the oppositeproblem: It’s electric bicycles in NewYork the Arizona RV park where hardtoclock your usual 10- City,hoping to capitalizeon they’vebeen stationed since hour workdaywhen most of cycling’s surge in popularity the start of the year. the people around youare re- during the Covid-19 pandemic. “It looks likeaparking tired or on vacation. Frank Reig, Revel’sco- lot,” she said, surveying the And it’sevenharder to founder and chief executive, vast expanse of gravel work when the Wi-Fi said his companyopened await crowded with hundreds of crashes—a reality that has list Tuesdayfor afew hundred motor homes.“Well, it is a led to several meltdowns.Ms. e-bikes that will be available parking lot.” Glazer typically schedules starting in early March. Mr. Likemanyyoung profes- back-to-back Zoom calls for Reig said he expectsRevel to sionals,Ms. Glazer and Mr. her business, which employs provide several thousand elec- DeRose fled Manhattandur- ateam of 11. But she’sfound tric bikes by thesummer.

ing the pandemic forgreener GLAZER that some RV parks advertis- Thee-bikes,which reach S

pastures.Only in their case, JES ing Wi-Fihavespotty service speeds of up to 20 miles an the newlocation canchange Jess Glazer and husband Mike DeRose paid $412,000 for their 40-foot long motor home. at best. They’vehad to sub- hour when arider pedals or en- weekly or daily.After leaving scribe to and install abewil- gagesathrottle,will cost $99 a last October,the self-de- city digsnever had—a Glazer,who is 36 yearsold, could join his wife’scompany dering array of services and month. Thepriceincludes scribed “digital nomads” mo- washer and dryer, heated washappily working at home, as itsCFO and COOafter they backup devices to compen- maintenanceand repairs. toreddownthe East Coast floors, acentral vacuum, and building her business-coach- hit the highway. sate. Reveljoins other companies beforeheading west through four built-in televisions.“It’s ing service. Mr.DeRose,37, They miss NewYork— in North America, including Alabama, Texas and Arizona. so silly!” says Ms.Glazer. loved his job managing ater- ut even getting on the walking to Central Park,Fri- Zygg and Beyond, offering And lifeonthe road is noth- “Wedon’t even watchTV.” ritoryoffinancial centersfor road wasachallenge. daynight Thai deliveryand leases forpeople who want Bank of America. B the convenienceofowning an ing likewhat they envisioned. Youcan’t just drivean Sundaygrocery delivery. RV lifehas manyadvan- hey enjoytheir revolv- They enjoyedlong week- RV intoManhattanand load Now, everyerrand and expe- electric bike or scooter with- tagesoverManhattanlife, ingcast of newneigh- end walks in the city.OnSat- up your things. They hadto dition requires adrive. “And out the responsibility for T maintenanceand repairs. Two they say. It’scheaper,for one. bors. Living in Manhat- urdaynights, they’d typically rent an RV-sizeparking spot we’vebeen to alot of Thai They were renting a1,100 tan, they didn’t knowwho meet friends fordinner, near Princeton, N.J.,and hire places along our journey.It’s other companies, Zoomo and square-foot two-bedroom in lived down the hall. But RV drinks and dancing. amoving vantotransport not Thai food!” Ms.Glazer la- VanMoof,also offer lease Hell’sKitchen for$5,800 a folks arefriendly and chatty, Then the pandemic hit. their belongings, stowing the ments. models geared toward com- month. Now, they’repaying they say. Suddenly,everything they majority in aself-storageunit Afterventuring north mercial use of electric bikes, $2,000 amonth on aloan for What they most enjoy, of loved about Manhattan—the they’rerenting. through Utah and Wyoming such as fordeliveryworkers their $412,000 Tiffin Pha- course,isthe freedom to restaurants, the theaters, the They also were surprised this spring,they plan to re- and couriers, in several large eton. Even factoring in insur- travel. They’vetaken their crowds—vanished. “It lost its to learn that alot of people turn to the East Coast in the U.S. cities including NewYork. ance, fuel and sitefees of Jeep,which they hitch to sparkle and uniqueness,” Mr. had the same pandemic plan. fall to settle down and start a Bikeridership grew in New about $700 amonth, their their RV,off-roading on the DeRose says. According to the RV Industry family. York City last year even as expenses areroughly half beach and in the mountains. They hitonthe RV idea Association, RV shipments Will they return to the masstransit use plummeted what they were in NewYork They’veexplored Texas ham- last summer on anetworking rose 34% in the second half city? Probably not. “Our and remained subdued be- City.“We’resaving alot of lets, national forestsand Ari- Zoom call forentrepreneurs. of 2020,to254,000. Manhattantime has passed,” cause of the coronavirus pan- money,” Mr.DeRose says. zona ghost towns.“Nowmy Thehost, who lived in Cali- ManyRVparks were to- Mr.DeRose says. demic. Bicycle countsatthe While the motor home is hiking shoes aremyfavorite fornia, recently bought an RV, tally booked months in ad- “But who knows?” says city’s East River bridges rose about 450 squarefeet, shoes that Ihave. It’sso and his tale wasinspiring. vance. Mr.DeRose took to Ms.Glazer. “Because if you 3% during the period of April they’veshared small apart- funny—Iwas little MissSti- Within two weeks,Mr. putting parks on speed dial, told me ayear agowe’dbe to October,according to city mentsinManhattanbefore, letto,” Ms.Glazer says. DeRose and Ms.Glazer pur- making call aftercall until he living in an RV,I’d tell you data, despitedrops in April so it doesn’t feel likea Thecouple never expected chased their motor home.Mr. gotthrough. youwerecrazy.” and May when most business squeeze, they say. Plus,the to join the nation’sRVherd. DeRose gaveseveral months And they’vediscovered activity shut down. RV includes featurestheir This time last year,Ms. notice to his employersohe they’renot welcome at the [email protected] Thecity recently announced that it would convert one lane of traffic on the Brooklyn and Queensborobridges intoa Subway KillingsPrompt Push forMorePolice dedicated bikelane to improve cycling options. E-bikes are seen as a good alternativetoregular bikes for BY PAUL BERGER sprawling system. They said pandemic.“Thecity cannot passerby who came to the in- crime declined last year.The trips of morethan afew miles. AND BEN CHAPMAN such levels are sufficient and come back unless the subway jured rider’s aid on the tracks. drop was driven in large part But the bikes oftencost up- that themain challengeisn’t system comes back,” Ms.Fein- Mr.Jackson died following a by a reduction in theft, which ward of $1,500,plus several Thefatal stabbingsoftwo crimebut the perception of berg said in an interview. scuffle that resulted in him fell 51% in 2020 at atime hundred dollarsayear to homelesspeople in the New crime. Aspateofhigh-profile falling and touching the elec- when ridership hovered at maintain. York City subway system over NYPD officials saymajor crimes during the pandemic in trified thirdrail. about30% of pre-pandemic Taco Carlier,the co-founder the weekend has sparked ade- crimes on the subway fell 31% which people were attacked or Ms.Feinbergsaid she has levels for much of the year. of VanMoof,which is based in batebetween stateand city of- last year compared with the killed on thesubway has made previously asked thecity to Some violent crimes ticked the Netherlands, said e-bikes ficials over howtokeep riders previous year.“Ithink our some riderswaryofreturning. designate the subway as a lo- up.Homicides increased to six are ideal for large cities such feeling safe. subway system is the safest The stabbingsoverthe cation that can be responded in 2020 from threeayear ear- as Paris and NewYork that Officials at the state-run large transportation system in weekend were the latest exam- to by homelessormental- lier,according to the MTA. have hills,hot summersand Metropolitan Transportation the world,” NYPD Chief of ple.RigobertoLopez, 21 years Rapes rose to seven last year trips that oftenrequirecover- Authority seized on the kill- Transit Kathleen O’Reilly said old, was arrested Sunday and from three in 2019, MTA data ing long distances. ings to call for the New York at anewsconferenceTuesday. chargedwith murder and at- A spate of high­ showed. So far this year the Electric pedal-assist bikes Police Department to deploy NYPD Commissioner Der- tempted murder after attack- two people killed this past have proven popular among an additional 1,000 policeoffi- mot Shea also said Tuesday ing four homelesspeople in profile crimes has weekend were the only homi- usersofCiti Bike, the city’s cers in the nation’slargest that the NYPD is making prog- separate incidents in the sub- made some riders cides in the subway system, docked bike-sharesystem. public-transit system. ress in reducing crime on sub- way system, killing two,police according to policeofficials. Caroline Samponaro, head of SarahFeinberg, the MTA’s waysbut policealone can’t en- officials said. Mr.Lopezwas wary of returning. Last year therewerenohomi- micro-mobility policyfor Lyft interim head of the subway surepublic safety.“Ithink also homeless and experienc- cides in the same period. Inc., which owns Citi Bike, said and bus systems,said this that police officers are asked ing psychiatric issues,accord- Despitethe ridership reduc- that although the pedal-assist week that she and her col- to do toomuch at times,quite ing to the officials.Alawyer tion, felonyassaultsinthe sub- bikes makeup20% of its leagues have made 30 requests frankly,” Mr.Shea said in ara- forMr. Lopezdidn’t respond health specialistsifsomeone way declined last year by just 19,000 bicycle fleet, they ac- in the past 18 months formore dio interview. to a request for comment. calls 311 to report aperson 5.3% to 359 from 379,according count for 40% of rides. policeofficersand mental- Thecity is taking steps to Recentincidentshavein- needing help. Currently, such to the MTA. Last month, police Revelispositioning itself as health professionals to patrol reopen itseconomyand needs volved mentally illpeople at- calls areredirected to 911. A recorded 43 felonyassaultsin aleader in electric mobility in transit. Theauthority says it to lureback NewYorkerswho tacking strangers. On aSatur- mayoralspokesman said the the system, up from 34 such New York City. It runs a fleet would like to see 4,000 NYPD stopped using the subway dur- dayafternoon last month, a issue requires atechnical fix assaultsinJanuary2020. of 3,000 electric mopeds, officers in the system. ing the Covid-19 pandemic. naked man ranintothe Central to the 311 system and that the Transit and NYPD officials which canberented by the City officials said Tuesday About 1.7million riders Park North-110th Street station upgrade is being made. saypolicing canbedifficult in minute, and it is about to they would add 644 NYPD of- take the subway on an average in Manhattanand pushed a City and transit officials say asystemthat includes almost launch acharging hub in ficers foratotal of about weekdayatthe moment, down rider off aplatform. Theman, that while recent stabbings 8,000 train trips aday and Brooklyn that can serve up to 3,000 officerspatrolling the from 5.5million beforethe Malik Jackson, assaulted a arealarming,overall subway 472 stations. 30 electric cars at one time.

Former Trump Casino Razed In Atlantic City

Trump Plaza Hotel and Ca- sino, a closed establishment on the Atlantic City, N.J., boardwalk once owned by former President Donald Trump, was demolished Wednesday. Atlantic City Mayor Marty Small, who took office in Janu- ary, made it a priority to destroy the vacant building, calling it an eyesore for the boardwalk. The city hosted a viewing party of the implosion and allowed peo- ple to pull up in their cars to witness the demolition of the property, which opened in 1984. Mr. Trump sold the financially struggling casino, which previ- ously was the cornerstone of his Atlantic City empire, in 2013. Trump Plaza was the last Atlan- tic City casino to bear the for-

mer president’s name and has S

been closed since 2014. NEW Mr. Trump’s other Atlantic G City casinos also fell on hard

times as the region began facing OOMBER

more gambling competition in /BL

the northeast. His other proper- ANT ties were repurposed by new MORD owners. —Joseph De Avila ANGUS P2JW049000-0-A01100-1------XA

TRAVEL & ENTERTAINMENT PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, February 18, 2021 | A11

THE MIDDLE The FurIsFlying SEAT SCOTT The new policy U.S. airlines sawasignificant McCARTNEY was spurred by increaseinpassengerstraveling unruly pets and with emotional-support animals, owners skirting apracticenow being banned. he free ride for Fido is rules and fees Passengers* flying with animals over. by type Given a green light from the Transportation 3.0 million passengers Department, airlines T Emotional- have banned so-called 2.5 support emotional-support animals from animals cabins, making it more compli- 2.0 cated—and more expensive—for pets to fly with their owners. Service 1.5 Say goodbye to Great Danes animals with red “ESA” vests—or cats, fer- Pets rets, spiders and pigs, for that 1.0 matter. Trained service dogs, and only dogs, are allowed to fly free 0.5 and uncaged, and that includes dogs trained to help with physical 0 limitations as well as psychiatric 2016 ’17 ’18 2019 service dogs. Service-dog owners have to *Originating passengers in U.S. airline cabins Source:Airlines forAmerica sign statements on federal forms verifying their dog’s training, health and behavior and poten- acted anew rule that putsair travel tially face fines for false state- closer to definitions spelled out in ments. They also have to name the the Americans with Disabilities Act. service-dog trainer or training or- Almost immediately,airlines ganization and acknowledge the changed their rules.American, rule that if the dog barks, jumps Deltaand United already have bans or otherwise misbehaves it will be in place; Southwest said it would no treated as a pet, sent to cargo and longer transport emotional-support fees will be collected. Officials animals starting March 1. think the federal form will discour- About half of disability-rights age cheaters. groups opposed the new rules, Formost air travelers, what’s with many saying that ESAs are leftistaking asmall animal in a necessary for people with autism, carrier that fits under the seat in depression, anxiety and post-trau- front of you, or shipping your pet in matic stress disorder. The Humane acrate in the belly of the plane.The Airlines Tighten Leash Society of the United Statesar- DOT estimates the changewill cost gued for a separate category of travelersupto$60 million ayear.A “assistance animal” in addition to carry-on pet costs$125 each way on service dogs, but the DOT said American, Deltaand United. that would be too confusing. Shipping pet kennels can be On Pets in the Cabin Brad Morris, director of gov- more expensive and very restric- ernment relations for Psychiatric tive. Some airlines aren’t accepting Emotional-support animals are no longer allowed to fly free, uncaged Service Dog Partners and a mem- pet shipments now because of ber of the DOT’s advisory commit- Covid-19 schedule disruptions. tee on accessibility, says the new Even with pandemics, pets may havior—involving ESAs on flights need for the animal could easily be about 224,000 ESAs in 2019 and rule is a mixed bag. His group is need veterinary documentation from 2016 to 2019.“We had flight bought online. 174,000 in 2020, a decline of 22%. pleased that psychiatric service and often need to be dropped off attendantswho were bit, customers In 2016, U.S. airlines carried Southwest’s overall passenger dogs, which typically get special- at cargo facilities three hours be- who were bit,’’ says Deltaspokes- 540,000 passengers with ESAs, ac- count last year fell 58%. ized service training as well as fore a flight. Weather and breed man MorganDurrant. “That’ssome- cording to the industry’s trade as- In 2018,Congressordered the training for behavior in stressful restrictions also can be a hassle. thing we can’t tolerate.” sociation, Airlines for America. By DOT to take action on the pet ex- public settings, were included in There are pet shipping services Problems started in 2008 when 2019, that number more than dou- plosion in airplane cabins.Trans- the definition of service dogs. But that handle arrangements. Ship- the DOT broadened rules to allow bled to 1.1 million. portation officials found that ESAs the group is upset there’s no ac- GES ping the pet can easily cost as emotional-support animals as well Over the same period, the num- were responsible forasignificant cess for legitimate emotional-sup- IMA much as your ticket, if not more. as service animals to help passen- ber of passengerswho paid to fly percentageofincidentsofanimal port animals.

ETTY Airlines, flight attendants, gers. For many, an ESA can be a with their petsincreased 39% to 1.4 misbehavior on planes,adding that “That’s not something that we /G many passengers and some dis- calming influence that helps peo- million—the number of passengers manyofthe ESAs were “fraudu- celebrate, but we do hope that GES ability-rights organizations had ple overcome anxiety when flying. with ESAs almost equaled the num- lent.” TheDOT also cited increasing will lead to a safer environment,” IMA been pushing for the change be- But when airlines pushed pet- ber of passengerswith regular pets. complaintsfrompassengerswith he says. AL cause of a proliferation of pets in transport fees higher in 2009, lots The pandemic saw high num- disabilities whose highly trained Some in the disability commu- cabins and a big increase in misbe- of travelers realized they could de- bers of ESAs, too, and that could dogs—it cancost $200,000 or more nity are upset they have to fill out UNIVERS havior problems and injuries to clare their pet an ESA that could pose a particular problem for peo- and take two yearstotrain aser- paperwork not required previ- G/ passengers and crew. fly free, without having to put ple who relocated when the rules vicedog—responded to aggressive ously; others say the paperwork is Deltasays it sawan85% in- them in a carrier or crate. ESA allowed ESAs and will find them untrained dogsand sometimes had less onerous than getting approval

GREENBER crease in incidents—bites,urina- vests for animals and certificates prohibited when they return. to be retired from service. from a doctor or veterinarian be-

JEFF tion, defecation and disruptivebe- asserting the traveler’s emotional Southwest Airlines says it carried Last month, the department en- fore flying.

sics about the Black Panther Party never had qualms about an English Daniel Kaluuya’sStarIsonthe Rise in school. “Later Ilearned about actor playing an important figure in them myself while navigating feel- African-American history. ingsabout being ayoung Black Mr.King recalls that during the man. Ialways knewthat when Igot shoot of the film, dialogue had been some time Iwould do adeep dive. rewrittentoincorporatescript sug- And hereIam.” gestions from Hampton’sson, Fred “Judas and the Black Messiah,” Hampton Jr., aconsultant on histori- directed by Shaka King is in theaters calauthenticity.Though Mr.Kaluuya and streaming on HBO Max.Italso had studied the revisions,the actor features LaKeith Stanfield (one of Mr. stumbled repeatedly delivering his Kaluuya’s“Get Out” co-stars) as Bill lines,Mr. King says.Discussing the O’Neal, apaid informant who infil- problem during abreak,they real- trated the Black Panther Party for ized that his character’s plea to the (2) the FBI and facilitated the killing of rival gang had gotten muddied in the Hampton, at age21, by Chicagopo- rewrite. CTION

LLE licein1969. “That allowedmetogoback,fig-

CO Thestory offersaglimpse into ureout the intent, put it back in the the federal government’sbroader use exchange, and the scene came out

EVERETT of surveillance, harassment and pro- great,” Mr.King recalls.“Thingshave paganda against prom- to really makesense inent political activists to him. Youhaveto

PICTURES; of the era. That’sthe have averyclear vi- .

OS subject of multiple sion of the scene’sin- BR films vying forawards, tent forDaniel to per-

RNER including “The Trial of form it effectively.

WA the Chicago7,”“The When it’sunclear,he : United Statesvs. Billie literally can’t saythe LEFT Holiday” and the docu- words.” OM

FR mentary“MLK/FBI.” Though the cast Daniel Kaluuya as Black Panther leader Fred Hampton, center, in ‘Judas and the Black Messiah’ out now. The“Black Mes- represented the full siah” filmmakerssay rangeofskin tones, the movie reframes a the filmmakers, in- BY JOHN JURGENSEN my hair everynight, going to bed Some thingsabout Mr.Kaluuya storythat wasdic- Above: Mr. Kaluuya in cluding cinematogra- with duragsand all this,was very oftendisappear on screen. He’sa tatedbythe FBI and Marvel’s ‘Black Panther’; pher Sean Bobbitt, aniel Kaluuyahas areliable different from howI’m living my British actor of Ugandan descent, the news media, and Below: The actor in were especially vigi- tool forunderstanding his life. It wasatrigger. Look in the but some of his biggest roles have presentsamorenu- Jordan Peele’s ‘Get Out.’ lant about howthey D lit Mr.Kaluuya. “We roles. mirror and you’reinadifferent been American characters. Other anced portrait of the “You knowwhat helps me in ev- space.” aspectsofhis identity arealways Black Panther Party were hyper-aware of erycharacter? My hair,” says the Mr.Kaluuyaescaped racist front and center.He’sastarwith and the chairman of Hollywood’shistory Oscar-nominated actor,31yearsold. bodysnatchersin“Get Out,” be- dark skin in an industrythat’sbeen itsIllinois chapter.In- of howdark-skinned “Howyou have your hair is awin- trayed the king of Wakanda in Mar- criticized forpractices favoring ac- tense monologues de- people arephoto- dowtohow youfeel about yourself vel’s “Black Panther,” stole the tors with lighter skin tones,includ- livered by Mr.Ka- graphed in films, and treat yourself.” crime thriller “Widows” as an icy ing in howthey’relit. luuya—“You can particularly when In the newmovie “Judas and the enforcer, and in “Queen &Slim,” Mr.Kaluuyawas born in London murder arevolution- they’reonscreen Black Messiah,” set in the late went on the runwith awoman he’d and raised therebyhis Ugandan arybut youcan’t mur- with whiteactors 1960s,heplays Fred Hampton, a just met following their fatal con- mother.Hegot abreak on “Skins,” a der arevolution”— and lighter-skinned leader of the Black Panther Party frontation with acop. U.K. TV sensation about teen life. In areinterspersed with Black actors,” Mr. who unified multiracial gangsin Theactor says he’sseeking out 2011, he appeared in an early episode moreintimatescenes King says.The result, Chicagoaround the group’smission work that is sophisticated but wel- of the British dystopian sci-fiseries between Hampton and especially in close- of community support and militant coming—a combo he dubs “accessi- “Black Mirror.” Several yearslater his fellowPanthers, including Debo- ups,headds,“is some of the most resistancetowhiteoppression. ble excellence.” His profile has risen theshowbecame an international hit rahJohnson (Dominique Fishback), striking imageryinthe film. His Talks with the head of the film’s alongside acohort of Black film- when Netflix picked it up.That’show the mother of his only child. skin is luminescent. Thestuff that hair department, Rebecca Wood- makerswith increasing clout, in- Mr.Peele noticed the actor,whom he “The speeches arepossibly the light does to it is astonishing.” fork,helped Mr.Kaluuyaknowthe cluding the directorsofthe films cast in “Get Out.” The2017comedic headline,but Ifeel that those quieter Mr.Kaluuyasays he wantshis symbolism of the compact Afro he listed above: Jordan Peele, Ryan horror movie,about aBlack man scenes rise to the top,” Mr.Kaluuya roles to have acumulativeeffect. grew forthe part. Coogler,Steve McQueen and Melina trapped by his whitegirlfriend’sfam- says.His nominations forthe role in- “I’m not in the businessofbeing a “It wasabout self love, self care, Matsoukas.“Tenyearsago I ily,brought Mr.KaluuyaanAcademy clude anod forbest supporting actor star,but Iwant the paying public,if empowerment,” he says.“Ihad couldn’t have this career,and I’m Awardnomination foroutstanding at the Golden Globes. they see my faceinthe trailer,to never had that much hair in my life. not ignorant to that. So Ihonor it lead actor. Mr.King says the role waswrit- say, yeah, Itrust him, there’ssome- Thefact that Ihad to take care of and keep grinding,” the actor says. Growing up,heonly gotthe ba- tenfor Mr.Kaluuya, and that he thing interesting there.” P2JW049000-0-A01200-1------NS

A12 | Thursday, February 18, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | TRAVEL & ENTERTAINMENT Ed Ruscha Examines His Oklahoma Roots

BY KELLY CROW

d Ruscha is going home. The 83-year- old artist has E long been linked to Los Angeles, but a new ex- hibit in his childhood hometown of Oklahoma City reveals his aes- thetic was set long be- fore he ever saw the Hollywood sign or the An exhibit at Oklahoma’s new art center Sunset Strip. Thesweeping,75- chronicles the rise of a hometown star work survey,“Ed Ruscha: OKLA,” opening Feb. 18 at the newOklahoma ContemporaryArtsCen- terbrims with telltale artist collected as to attend Los Angeles’ Chouinard paintingsofoil derricks, aboy.Acartoonist Art Institute (now California Insti- gasstations and open Clockwise from left: Ed Ruscha in neighbor wasan tute of the Arts), but he said he roads threading through vast, his L.A. studio in 2010; Mr. early artistic influ- never stopped finding excuses to empty expanses that echo the Ruscha’s ‘Mocha Standard’ (1969); ence, he said, as return home to visit friends or his state’sown scenery. Theshow his ‘Spam Study’ (1961-62). were the chunky older sister, who still lives there. chronicles his rise as one of the fontshespotted Each time, he said he tries to lis-

SIAN country’spioneering conceptual art- on pantryproducts ten for twangy accents he fears GO istsand includes everything from a kind in a state that’s better known likeSpam. In the are disappearing. He also jots GA

A/ rarely seen 1960 woodcut portrait for producing country singers than fourth grade,he down phrases of regional vernacu-

SCH of his mother,Dorothy, to his signa- contemporary art stars—an over- worked on class lar to take home and paint. RU turewordplaypaintings. Also in- sight made worse because so many murals recounting “Once, I owed a guy money, and

/ED cluded areapair of vellum drum artists like Mr. Ruscha felt com- said the words nod to the faith his the 1889 Oklahoma Land Run, and when I asked him how much, he

YER skins on which he’srecently written pelled to move elsewhere to see father devoutly followed. The art- later he attended NativeAmerican told me to ‘figure it on out,’” he MA slang he heardgrowing up,like“I and make cutting-edge art, said ist said he previously downplayed powwowsand painted blurrysil- said. “What a piece of English.”

BREY never done nobody no harm.” Jeremiah Davis, artistic director his ties to Catholicism—“I was houettesofteepees. Rather than mock, Mr. Ruscha

AU “Everything has an original and the show’s co-curator. “Now, never an altar boy,” he said—but As ateenager,hestumbled painted the idiom over a snowy source,and forme, that’sOkla- they can stay,” Mr. Davis added. these words poignantly remind ontobooks about surrealism in a mountain backdrop. “I wanted to UDIO;

ST homa,” Mr.Ruscha said in are- Alexandra Schwartz, who co-cu- him of his father, who moved the public library. Backthen, he as- glorify the words and let the scen- A cent interviewfromhis studio in rated the show, said she and the family to Oklahoma so he could pired to be acommercial sign ery serve as a stage,” he said. That SCH

RU LosAngeles. artist reexamined the overlooked work as an auditor for an insur- painter,but he marveled at the work, 2007’s “Figure It On Out,” is

ED Since finding fame in the influence that Mr. Ruscha’s Catho- ance company. surrealists’ fluid, lunar landscapes. in the show. mid-1960s, Mr. Ruscha’s wry works lic, middle-class upbringing had on “If I’m honest, the ornamenta- They reminded him of the flat vis- Looking back, Mr. Ruscha said SIAN; have been steadily collected by his oeuvre and found some fresh tion and ritual of the Church also tasheencountered whenever he he thinks his romance with Los GO

GA major museums like the Museum connections. “He’s an artist who is stayed with me, like silver threads, droveoutside his owncity.Even Angeles started in the air-condi- A/ of Modern Art and have resold for so identified with L.A., but now it and connected me early on to the now, Mr.Ruscha’slandscapes tend tioned movie theaters in Oklahoma SCH as much as $53 million at auction. feels like he has double citizen- world of art,” he said. to stretch out, not up.“Well, City where he and his siblings re- RU

ED Yet until now, he has never had a ship,” Ms. Schwartz said. Theshowalso includes his Well,” a1979 screenprint in the treated during hot summers. These

P: solo museum show in Oklahoma, For example, the exhibit in- 1970“ChocolateRoom” installa- show, illustrates his horizontal ap- days, it’s memories of home that TO where he lived from age 5 to 18. cludes several iterations of reli- tion featuring walls lined with pa- proach as well as showcases his turn him wistful. OM

FR The scope of the exhibit re- gious words like sin, angel and per sheetsthat have been dipped signatureknack forwordplay. In “The state has this rip-roaring, flects the ambitions of the nearly amen that he’s painted or drawn in chocolate. Other highlightsin- the work,apair of oil derricks hardscrabble history,” he said. “I WISE year-old, $30 million contempo- using unusual materials like gun- clude some of his early Popdraw- punctuateanotherwise flat void. do look back on it like a black-and- OCK

CL rary arts center, the first of its powder over the years. Mr. Ruscha ingsofcomic books,which the Mr. Ruscha left the city in 1956 white movie.”

WHATTOSTREAM From Two Dramas to S

ASitcom PRES ZUMA BY CHRIS KORNELIS WIRE/ PA An ExpertRecommends: T/ ‘It’s aSin’ WES IAN

(HBOMax) X;

Aside from being aworld- MA famous musician, Sir Elton HBO

John has devotedmuch of his P: advocacywork to the Elton TO OM

John AIDSFoundation, which FR he foundedin1992. Here, he recommends “It’s aSin,” which disease.Iurgepeople to Producer PeterSpears, who begins streaming Thursdayon watchthis program. The writ- also appearsinthe film, says HBOMax.Edited from an in- ing is brilliant. The cast is bril- thatwhen the pandemic hit, terview. liant. It’s an incredible thing.” the story felt lesslikealook “Russell TDavies,who has at “this relatively small sortof writtensomanywonderful NewRelease: subset of Americans living things—from ‘Queer as Folk’to ‘Nomadland’ this way.“ ‘Doctor Who’—has writtena (Hulu) “The whole countryhas newseries called‘It’s aSin’ “Nomadland,” which re- been on asimilar journey,” he that’sset amongagroup of ceived tophonorsatfilm festi- says,“living in isolation and gaymen in the early ‘80s and vals lastyear andisupfor living in away wherewehad the start of the AIDSepidemic four Golden Globes,begins to find newwaystocreate in Britain. Iwas wondering streaming FridayonHulu. communityand to find our howtheyweregoing to do it Writtenand directedby path forward.” and theydid it morethan bril- Chloé Zhao, the movie is liantly.Itwas so accurate. It basedonthe nonfiction book, NewRelease: ‘The wassomoving. “Nomadland: Surviving Amer- Crew’ We seeall the misinforma- icainthe Twenty-First Cen- (Netflix) tion from the era. We seehow tury,” about Americans who “The Crew,” anew sitcom people were lefttodie in hospi- on Netflix,starsKevin James tal wards. Yousee parents as acrewchief of aNascar come into London and take racing team whose winning their children back from their days arebehind him. The se- friends,hide them and then ries begins with the owner burn all their possessions,with handing the team overtohis their partnersbeing given no daughter, who has newideas rights whatsoever. forhow to turn things around. Therehave been alot of Netflix is mostclosely as- wonderful piecesofart about sociatedwith narrativeseries theAIDSepidemic—‘Angels in but “The Crew” is astraight- America,’‘The Normal Heart,’ up-the-middle sitcomwith a ‘Philadelphia’—but therehasn’t liveaudiencethatwould seem been enough of it.And we’ve moreathome on CBS. Show- kind of forgottenabout it be- runner Jeff Lowell is hoping to cause there’sbeensomany replicatethe success he found other things going on in the Elton John (above) while working on another Net- world, with politics,Covid and recommends ‘It’s a Sin’ (top) flix sitcom“The Ranch,” about God knows what. Russell has streaming on HBO Max. afamily of cattle ranchers managedtobring it to the starring Ashton Kutcher,Sam forefrontwith pathos,with liveinvans and RVsand travel Elliott and DebraWinger that humor,with tragedy and he the countrylooking forwork. ranfrom2016to2020. He tells it likeitis. Ms.Zhao’s film is afictional- hopes “The Crew” will appeal I’mhoping the program will ized adaptation. The film cen- to the same audience. draw attention to the fact ters on Fern (Frances McDor- Netflix “would showus that,yes,AIDSisstill out mand),awidowwho takes up maps of who would watch thereinabig, big way,but the nomadic lifestyle in her ‘The Ranch’versus who would thereishope nowand things van—which she dubs “Van- watchother shows,and the have changedfor the better. guard”—picking up work at ranch sortofhit the middle of Unfortunately,whatwe’ve Amazon warehouses,restau- the country, much more found is thatalot of people rants,and wherever she and strongly than some of the arestill stigmatized by this her fellowtravelerscan get it. other shows,” he says. P2JW049000-0-A01300-1------XA

THE WALL STREET JOURNAL. Thursday, February 18, 2021 | A13 ARTS IN REVIEW (3)

T Goya’s ‘Self-Portrait’ (c. 1795-97), left; ‘And there is no help’ (1810) from ‘The Disasters of War,’ above; and ‘Out

AR hunting for teeth’ (1799) from ‘Los Caprichos,’ below OF

MUSEUM the catalog putsit, “tofurther his artist’s traditional treatment of squad—a precursor to the one in

AN artistic development.” Rejected for war. He rejected depicting battles Goya’s famous painting,the huge

OLIT ascholarship to study in Rome,and and heroes in favor of showing the “The ThirdofMay 1808” (1814) in

OP receiving no votesatall in a1766 ground-level quotidian horrors. the Prado museum in Madrid; in painting competition sponsored by In “Not [in this case] either” the middle ground and center is METR the RoyalAcademy, Goya perse- (1810) aSpanish prisoner of waris the victim, dying while still tied to THE vereduntil 1775, when he received hanged by the neck,his suspended apost; to his lowerright lies the an appointment doing cartoons corpse gazedupon by aNapoleonic finally dead body. ARTREVIEW (i.e.,full-scale preparatorystudies) officer with the casual indifference Theexhibition—in agiant mu- forthe RoyalTapestryfactory. Dur- of someone who might be deciding seum substantially bereftofvisitors ing the 1780s,Goya’soeuvreasa on the purchase of dressboots. The owing to health and safety restric- Goya:Etched in painter consisted mainly of tions during the Covid-19 commissioned portraits, but pandemic—makes forun- in 1799 he sealed some pro- comfortable viewing.It fessional success and finan- doesn’t stint on social cial stability with an ap- comment, either wryor Blood and Acid pointment as FirstCourt angry. Twodrawingsdem- Painter to the King. onstrateGoya’sincisive- Although Goya described ness. “Maytheir joylast” Prints and drawings show the Spanish artist’s himself as apainter,he (c.1812-14) shows,inchiar- often macabre social critiques wanted to reach abroad, oscuroequal to anyinCar- popular audience, and the avaggio,agroup discussing way to accomplish that was the newSpanish constitu- BY PETER PLAGENS ous idiocies of humankind, which through editions of prints, tion accepted by King Fer- in one form or another washis which were far cheaper to dinand VII, and wondering New York constant and overriding subject. buy than even small paint- in the dark howlong it will young woman shields Thealbum didn’t sell well, and a ings. Etchingsand litho- survive. “Prisonersin her eyes from the few yearslater he sold theplates graphs,moreover,allowed Irons” (c.1812-20), the gruesome task of re- to King Charles IV in exchangefor Goya to bring uncensored most heartbreaking work moving a hanged alifetime annuity forhis son social criticism to bear upon in the exhibition, depictsa ‘A man’s teeth,” says the Javier,the only one of the artist’s the likes of those witches, father comforting his wonderfully illuminat- seven children to survivetoadult- madams running stables of young son in the prison in ing catalog entry about a particu- hood. “Out hunting forteeth” is a prostitutes,and clerics.(He which they areboth held. lar etching in “Goya’s Graphic brilliant work,with adynamic ranhot and cold about bull- Goya’s ownlifeknew Imagination,” the Metropolitan composition, aproto-expressionist fighting.) Thesatirical tragedy.Inaddition to ex- Museum of Art’s wonderfully ma- rendering of the human figure,and printsofthe British artists periencing the deaths of cabre exhibition on view through adizzyingly original employment William Hogarth and James his children, an illness May 2. “Out hunting for teeth” of aquatint that’sstill abit of a Gillray were known to him. that almost killed him (1799) is among more than 100 how-did-he-do-it mysterytocura- Goya also weighed in, took his hearing.His wife, prints and drawings in the show, tors and connoisseurstoday. graphically,oncapital pun- Josefa, died in 1812, dur- and it contains almost everything The drawings of Goya, whose ishment, court-ordered tor- ing afamine in Madrid. At we should know about the great only rival as a soulful draftsman tureand, in his most famous age78, Goya—“deaf,old, Spaniard Francisco José de Goya y was Rembrandt, foreshadowed album, “The Disastersof clumsy...without knowing a Lucientes, who was born in 1746, those of such artists as Honoré War” (1808-15), the hideous word of French and with- died in 1828, and was perhaps our Daumier and Georges Seurat. At consequences of Napoleon’s out aservant,” according first truly modern artist. the same time, the political and invasion and occupation of Spain. image—with the victim, suspended to afriend—moved to Bordeaux. Thewoman is awitch, the teeth emotional impact of his two-centu- Goya’s graphics, especially in from adead tree,dressed in astark He died thereatage 82, but not will be used in apotion, and Goya’s ries-old editorializing “graphic “The Disasters of War,” weren’t ti- whitegown, with his trouserscol- beforeleaving us,ineffect, amov- depiction—a product of itstimes— imagination” is as artistically vital tled in the conventional sense; in- lapsed around his ankles—is a ing epitaph and awarning about is part of his equating women with to us as the caricatures of Steve stead they bore such captions as punch to the gut. “And thereisno the ignoranceand violencethat superstition. It’sone print in “Los Brodner or the editorial cartoons “May their joy last,” “Bitter to be help” (1810), equally scathing,gives eternally plague our kind. Caprichos” (“The Caprices” or “The of Pat Oliphant. present,” and “And there is no us the whole sequenceofabarba- Whims”), a1799 album illustrating In 1763,Goyamoved from his help.” In “The Disasters,” Goya rous summaryexecution: We see in Mr. Plagens is an artist and writer what Goya thought to be the vari- nativeZaragozatoMadrid to try, as also veered away from the visual the background aFrench firing in New York.

OPERAREVIEW Lester Lynch and Krysty Swann in ‘The Glitch,’ by composer Nico Muhly and Dark Story, librettist Greg Pierce

Intimate sions of emotion, be they rapturous imaginings or angry confusion. The Approach singers are filmed with darkness around them, as if they are alone in the BY HEIDI WALESON void with their feelings and each other; Mr. THE PANDEMIC SHUTDOWN has Shields astutely often pushed opera companies to com- shows the reacting part- mission new works designed to be ner instead of the singing viewed on computer screens. Cata- one, so we hear the words pult Opera, founded by the con- and see their effect. The ductor Neal Goren (formerly head intensity of the voices— of the now-defunct Gotham Cham- Mr. Lynch’s opulent bari- ber Opera), had planned to present tone and Ms. Swann’s its first-ever season live in wiry mezzo—and both 2020-21. Foiled by Covid-19, the singers’ remarkable abil- company instead launched a digi- ity to act with their faces tal commissioning program. The civilian employeewho worked in dramatized the tale.) Tilly knows almost instantly is a are such that their performances first result is “The Glitch,” a 22- the tailor shop of aprison, helped Mr. Pierce’s trenchant libretto lie. And even though Tilly suggests never seem oversized or artificial minute, two-character opera by two inmates escape by providing drills deep into the couple’s ques- that killing Lyle (whom the con- on the small screen. Instead, we composer Nico Muhly and libret- prison contraband. She had agreed tions for each other and them- spirators called the “glitch” in the are drawn into their worlds. The tist Greg Pierce. As filmed by di- to accompanythem oncethe men selves, their motives and their plan) was her idea, not Richie’s, real power of opera is less in its rector Marcus Shields, performed brokeout, and part of the scheme bond. “How could you? Who are and that she wants to be rid of grandeur than in its ability to ex- by baritone Lester Lynch and so- involved killingher husband. But you?” Lyle asks. Tilly’s response, a him even now, he insists that he press the otherwise inexpressible; prano Krysty Swann, and con- at the last minute, she did not join romantic fantasy about the pris- will stand by her. “The Glitch” does that with ex- ducted by Mr. Goren, the piece the convictsonthe runand Lyle oner Richie and a dream of escape “The Glitch” delves so skillfully traordinary grace. powerfully demonstrates how the wasnot murdered. Theopera from everyday life, turns darker into the immediate emotional real- small screen can make opera—of- imagines Tilly’s conversation with with her realization that Richie, a ity of these two people that you Ms. Waleson writes on opera for

A ten the grandest of art forms— her husband aftershe has con- convicted murderer, might well don’t even need to know the back- the Journal and is the author of truly intimate. fessed and gone to prison herself. have abandoned or killed her while ground. Mr. Muhly’s lyrical vocal “Mad Scenes and Exit Arias: The OPER

T Thecharactersare based on real (Readersmight remember the they were on the lam. Lyle an- settings and atmospheric piano ac- Death of the New York City Opera

PUL people: Joyce“Tilly” Mitchell and storyfromthe television series swers her erotic taunting with an companiment performed by Adam and the Future of Opera in TA

CA her husband, Lyle.In2015,Tilly,a “Escape at Dannemora,” which invented dalliance of his own that Tendler feel like natural expres- America” (Metropolitan). P2JW049000-0-A01400-1------XA

A14 | Thursday, February 18, 2021 THE WALL STREET JOURNAL. SPORTS Teams Aim to Protect Their Pitchers

As spring training begins, MLB clubs will need to figure out how to prepare their hurlers for a full 162-game season

BY JARED DIAMOND ceive to be the right thing in ad- vance as often as you can to pre- s spring training vent that breakdown, which is camps open across inevitable,” Los Angeles Angels Arizona and Florida manager Joe Maddon said. A this week, the big All of this likely creates an ad- story in Major League vantage—not for the teams with a Baseball heading into 2021 in- couple great pitchers, but the volves health—and not only be- teams with a lot pretty good ones. cause of the coronavirus. With only the most durable and Pitchers, the most vulnerable established pitchers expected to and fragile players on the field, rack up large inning totals, depth suddenly find themselves in an un- will matter more than ever. It’s precedented and potentially dan- why the Dodgers signed Trevor gerous situation. They need to fig- Bauer last week, despite having six ure out how to prepare their other capable starters. It’s why the bodies for the grind of a full sea- San Diego Padres traded not only son after last year’s pandemic- for Blake Snell and Yu Darvish this shortened campaign. winter, but Joe Musgrove as well. Because of the truncated 2020 schedule, nobody compiled more than 84 total innings last season. Last year, for the first Only 16 threw more than 70 in- nings. On six teams—including the time in history, starters two World Series participants, the averaged fewer than five Los Angeles Dodgers and Tampa Bay Rays—no pitcher even reached innings per outing. 60 innings before the playoffs. Now MLB intends to return to a full slate, with rosters shrinking from 28 men to 26. The jump from Meanwhile, teams with older, 60 games back to 162 has left more established pitchers might managers, coaches and executives also have an edge. Teams bring scrambling to patch together a along young pitchers slowly, sys- plan to record 27 outs every day tematically increasing their in- for six months without leaving a nings each year to avoid curtailing graveyard of busted elbow liga- their development. Generally, a ments and torn shoulder muscles year-over-year increase of no more in their wake. than 30 innings is considered a Nobody knows how to do it. safe limit. Sticking to that will be “The idea of a set five-man ro- close to impossible for teams com- tation is not going to be a real peting for the postseason, forcing thing,” Chicago Cubs president of them to make difficult discussions baseball operations Jed Hoyer come August and September. said. “I just think you’re better off “The guys who have done this getting your mind around that.” for a long time, their bodies know The idea of a traditional pitch- what to expect,” said 37-year-old ing staff has already changed in Jon Lester, who signed a free- recent years, sparked by an in- agent contract with the Washing- creased reliance on bullpens and a Corey Kluber, above, pitched one ton Nationals this winter. “We’re de-emphasis on length. The Rays inning, while Noah Syndergaard, all old enough to where we’re past famously introduced the concept right, missed the entire 2020 season. of innings limitations” of the “opener” in 2018—begin- Forhalf the teams,the risk is ning a game with a relief pitcher they would consider the same. even greater.After using the desig- who throws just an inning or Others are toying with the idea nated hitterlast year forthe first two—and the trend has now swept of skipping starts for healthy time ever,the National League will through the sport. Some teams, in- pitchers as a proactive measure or again have pitchershitting in 2021, cluding the Dodgers, avoid letting temporarily sending starters to the barring alast-minuteagreement one pitcher face an opposing bullpen, simply to avoid too big of between the league and the play- lineup more than two times an innings increase from 2020. ers’ union. MLB ownersthis winter through the order in a game al- “It’s a concern for 30 clubs have offered the universal DH to

most as a rule. right now,” Rangers GM Chris the union in exchangefor an ex- GES

Last year, for the first time in Young said. “I think we’ll try to panded playoff format, atrade the IMA history, starters averaged fewer get creative in how we utilize union sees as uneven. ETTY

than five innings per outing. That these guys, how we manage work- Up to now, the two sides have /G represents a significant strategic loads throughout the season.” been able to strike an accord, and TZ HUL

shift brought about by a combina- Pitcher injuries emerged as a it appears unlikely they will re- SC tion of data analytics and a desire key story line last season as well, sume talks on the subject until the RICH

to protect pitcher arms during the severely damaging the aspirations fall, when they negotiate a re- S; bizarre pandemic season. of several teams. placement for the expiring collec- That sort of unconventional A spate of starters—including tive bargaining agreement. PRES thinking will become even more aces like Justin Verlander and Formal workouts didn’t resume this spring. Pitchers, more than So if the threat of arm injuries TED CIA

important this season. Seattle Corey Kluber—all went down al- until July, leaving pitchers in a anybody else in baseball, are de- wasn’t enough, now NL pitchers SO Mariners general manager Jerry most immediately after baseball state of limbo for months, unsure voted to their routines, devising also have to worry about running AS Dipoto already said his team will returned from its coronavirus-in- whether to let their bodies cool carefully regimented programs to the bases for the first time since deploy a six-man rotation in order duced hiatus last summer. Spring down or try to stay hot with no prepare their arms just in time for 2019. to more gradually increase the training shut down in mid-March set return date. Professional opening day. Last year, with those “We’re going to have to be flexi- GUTIERREZ/ workload for their young, develop- just two weeks before opening day, leagues in Japan, South Korea and routines temporarily upended, in- ble. We’re going to have to think NY TO

ing pitchers. Several other teams, when many pitchers had come Taiwan saw a similar phenomenon. juries followed. This year, they’re about things a little bit differently P: including the Boston Red Sox and close to building up their arm It has many in the industry trying to regain normalcy. than in the past,” Hoyer said. TO OM

Texas Rangers, have suggested strength for the season. worried about what’s in store for “You have to do what you per- “There’s nothing wrong with that.” FR

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THE WALL STREET JOURNAL. Thursday, February 18, 2021 | A15 OPINION Covid Catches Andrew Cuomo BOOKSHELF | By Moira Hodgson

AfterTrump, Theironies are mistakemade in From Frock Coat the deluge. just toorich. Over the fogofwar and Ask Andrew time,the opposition correct the data. Cuomo. to all Trump poli- We nowknowthe During the cies grew among answer: the Trump To Flip-Flops pandemic,the many people into a obsession. WONDER NewYork mania. It trans- Last week atop LAND governor’s formed Nancy Cuomo aide admit- Dress Codes daily corona- Pelosi intoaMa- tedtothe state’s By Daniel virus brief- dame Defarge,sit- Democratic leaders By Richard Thompson Ford Henninger ingsmade ting endlessly by an that they sup- (Simon & Schuster, 443 pages, $30) him the coun- impeachment guil- pressed the data try’smost famous anti-Trump, lotine erected for forfear that Mr. nthe early 1980s,dressed in abespokedark velvet aliberal folk hero, even as the just one person. Trump would order three-piecesuit and ruffled whitesilk shirt, my young

REUTERS I media torched the virus poli- Whatever else,the aJusticeDepart- English friend met me fordinner at the prestigious cies of governorspresumed to four-year Trump Y/ ment investigation. 21 Club restaurant. He wasdetained at the door.Where

be acolytesofMr. Trump— obsession allowed KELL Asked Monday washis tie? Afterabrief discussion, a21Club tie, Florida’s Ron DeSantis,Texas’ liberals to look whether he would festooned with jockeys, wasdraped over the ruffles and

Greg Abbottand, hilariously away from cracks in ANDREW apologize, Mr. we were escorted to Siberia. RichardThompson Ford calls in retrospect, Georgia’s Brian their ownpolitics. Cuomo replied: that 21 Club tie a“badgeofshame.” Kemp. California comes to mind but a daily tragicomedy, with the “Apologize? Look,Ihavesaid There are many badges of shame recorded in “Dress Today, with Mr.Trump none more so than New York governor routinely reversing repeatedly we made amistake Codes,” a sharp and entertaining history of the rules of gone,the cheering has state. Mr.deBlasio’s coronavirus in creating the void. When we fashion. In his introduction Mr. Ford, a Stanford law pro- stopped forMr. Cuomo.Pro- Gov.Cuomo’s pandemic decisions, sometimes within didn’t provide information, it fessor and cultural critic, writes that he learned his sense gressives arealways looking briefingsonCNN and MSNBC the hour. allowedpress,people,cynics, of style from his father, a trained tailor and an ordained forsomeone to push out of mayhaveturned him intoa Theclosing and reopening politicians to fill the void.” minister. “For years my dad endured my sartorial mis- theirpolitical path, and it star,but the networks were of schools,restaurantsand Let us join the void. Attor- adventures (asymmetrical ‘new-wave’ haircuts, nylon looks nowasifthey’ve feeding audiences only the small businesses degenerated ney General James’s nursing- parachute pants, the ‘punk’ look, which consisted of throwntheir ropes around the Cuomo highlight film. Those intoayearlong fiascoacross home report wasn’t about ac- deliberately torn garments held together with safety pins Cuomo monument. of us in NewYork City,which the state. Mr.Cuomo ordered countability,ofwhich thereis or duct tape) in quiet despair.” In the end the author took the harshest blows from intoplaceanindecipherable little in a one-party state like followed his father’s example and came to appreciate the Covid last spring,lived with a color-coded closuresystem, NewYork.Itwas about send- virtues of tailored suits, polished dress shoes and crisp Like Trump, Cuomo moredispiriting reality. which he would explain at ing a progressive shot across shirts. So much so that in 2009 he decided to enter Gov.Cuomo is correct that condescending length to New the bowofagovernor the left Esquiremagazine’s Best Dressed Real Man contest. has tried to impose back then everyone wasdo- Yorkerstoo dimwittedtoun- would lovetoreplacewith Among the book’sillustrations is asnapshot of the author himself on Covid. It ing the best they could. Not derstand the “science” that one of its own. in asmart pinstripe suit, his arms around his squirming to harp on it, but so wasthe wasputting them out of busi- Seeking afourth term, Gov. daughter.Ithelped Mr.Fordgain sixth placeinthe contest, may not end well. Trump coronavirus task ness. Cuomo has to runfor re-elec- but he blewthe interview. force, led by MikePence, Then in August came the tion in two years. It is the “I knewintuitively whyI though ridiculing it became Associated Press story that same election cycle in which wore what Idid, but Icould Thestate’s attorney gen- part of Gov. Cuomo’s daily Mr.Cuomo’s estimateofNewYork Sen. Chuck not explain it to save my life.” eral, Letitia James, a woman routine.Meanwhile,Covid’s some 6,600 nursing home Schumer, a mere liberal, will “DressCodes” is his be- of NewYork’sDemocratic left, Aprildeath toll in NewYork deaths could be “a significant likely faceaprimarychallenge lated but eloquent response. has driven the governor to the City rose above600 aday,an undercount.” Critics had said from Rep. Alexandria Ocasio- In ajam-packed, fact-filled edgeofthe cliff with a report almost unfathomable number. months earlier that the gov- Cortez. survey,Mr. Ford skillfully that his officemay have un- Bodies were stored in re- ernor’s order to transfer In 2018,Cynthia Nixon,the examines howfashion, far dercounted the state’snurs- frigerated trucks, sometimes Covid patientsfromhospitals hyperprogressiveactresswith from being mere frivolity, has ing-home deaths from Covid illegally.Local television ran to nursing homes wasamis- no political experience, got shaped people’s lives from the by up to 50%. footageofworkerssliding take. nearly 35% of the NewYork 14th century to the present. Headlines arescreaming rows of crude wooden caskets Central to the AP’sargu- primaryvote. ASiena poll re- His wide-ranging research is tweetsfromthe state’sDemo- into long shallow graves dug ment wasthat nearby north- leased this week says 46% of punctuated with quotations cratic politicians: “Trash. No on Hart Island in Long Island easternstates—NewJersey, NewYorkerswould re-elect from such cultural observers one believes you.” Sound. Pennsylvania, Massachu- Mr.Cuomo,while 45% “prefer as the semiotician Roland Some AlbanyDemocrats While Mr.Cuomo’s national setts—all had reported nurs- someone else.” Barthes,designer Miuccia mayjoin Republicans,possibly admirersswooned, people inghome deaths 60% higher Donald Trump fell, in part, Prada (who likeBarthes saw next week,toroll back the back home were watching than NewYork’s. Given the because he tried to impose fashion as “a wearable language”), historian Anne governor’s emergencypan- Covid policywhipsawbetween EmpireState’s experience, the “Trump” on Covid. NewYork’s Hollander and economist Thorstein Veblen. demic powers. the governor and Bill de Bla- Cuomo numbersjust looked governor imposed “Cuomo” Joan of Arc was one of history’s first fashion victims, Comedy Central’sTrevor sio, mayortoacity of more impossible.One wondered on Covid. It maynot end well burned at the stake for heresy. Among her crimes: the Noah mocked Mr.Cuomo’s de- than eightmillion. Theten- then whyMr. Cuomo per- for him, either. wearing of men’s clothes. In some 15th-century Italian flections and rationalizations. sion between the two became sisted in refusing to admit a Write [email protected]. cities, Christian women were forbidden to wear earrings (symbols of sin), while for Jewish women it was com- pulsory. During the Renaissance, sumptuous attire—furs, velvet,silks—was away of asserting social dominance, Trump Smears Don’t Diminish McConnell and sumptuary laws kept upstarts in their place. For this reason a badge of shame went to an unfortunate By Karl Rove the bespectacled Kentuckian’s. gia seatsbymaking his cam- mit privately that Mr.Trump London manservant arrested in 1595 for wearing “a very His achievementsare legion, paign appearances therenot hadnocoattails in last fall’s monsterous and outraygeous greate payre of hose.” Known onald Trump presum- including skillfully maneuver- about the need forchecks and election. Especially in the sub- as “trunk hose” because they ballooned at the waist, they D ably liked it when Sen- ing Mr.Trump’slegislativeac- balances on the incoming Bi- urbs,some Republicans and were popular among the aristocracyinElizabethan England ateRepublican Leader complishmentsand judicial den administration, but in- many GOP-leaning indepen- (you’ve seen them on Sir Walter Raleigh). When worn by MitchMcConnell votedtoac- appointments through the stead about his rage over los- dentsrefused to take his lawn lower classes, they were considered a public menace, quit him because the senator Senate. ing the presidential election. signs or support him. That’s disrupting “the political order of a society that treated believes impeachment of afor- Theformer president also As aFiveThirtyEight analysis whysomanyRepublican con- outward appearances [as] a marker of rank and privilege.” mer president is unconstitu- said Mr.McConnell lacked found, “The betterTrump did gressional candidates ranahead By the AgeofEnlightenment fashion had changed for tional. But Mr.Trump had a “credibility on China because in acounty in November,the of the former president. men; powdered wigs, high heels and opulent fabrics were very different reaction to Mr. of hisfamily’s Chinese busi- moreits turnout tended to Mr.Trump crowedTuesday no longer in style.Mr. Ford quotes British psychologist McConnell’sfloor speech Satur- nessholdings.” This smear drop in the runoffs.” Enough that he “received the most John Carl Flügel, who called this changethe “Great day, when he rightly said the wasaimed at Mr.McConnell’s votesofany sitting President Masculine Renunciation.” Within roughly half acentury, former president was“practi- wife, Elaine Chao,whose Tai- in history.” Then again, JoeBi- “the businesssuit became the liveryand regalia of Western cally and morally responsible wanese-American family runs The master of the den received morevotes than society” on itsway to arole as “the global symbol of forprovoking” the Jan. 6as- ashipping companyactivein anycandidateinhistory—and modernity,industry, and Enlightenment.” sault on the Capitol and for the Pacific.Neither Ms.Chao Senate isn’t going seven million morevotes than But even beforethe pandemic hit and sweatpants became failing to denouncethe violence nor Mr.McConnell owns stock anywhere, whatever Mr.Trump. standardwork garb on Zoom, the businesssuit had begun while it wasunder way. in the NewYork-based busi- Despitepossessing all the to lose ground. “Today’shigh-financeworld no longer On Tuesdayafternoon Mr. ness and, it’sworth noting, the ex-president says. powers of incumbencyand values the prudenceand sober judgment that the suit Trump attacked Mr.McConnell Mr.Trump wasn’t concerned leading aunited GOP,Mr. represents,” writes Mr.Ford. “Instead it prizes innovation at length,insulting him as a about all this when he made Trump lost the presidency. If and daring.” You’dthink this newfound freedom might find “dour,sullen, and unsmiling Ms.Chao his transportation of the former president’s he returned foranother White expression in afinancier’s choiceofwardrobe.Not achance. political hack” who lacked secretary. most fervent supportersbe- House contest, leading adi- “political insight, wisdom, In his statement, Mr.Trump lieved himthat Georgia elec- vided party at warwith itself skill, and personality” and even blamed Mr.McConnell tions were riggedand deter- and out of power, he’dbe Even thesubdued languageofbusiness casual “doesn’t have what it takes, forlosing two Georgia Senate mined it wasn’t worth voting. wiped out. —oxfordshirt, khakis, loafers, fleecevest— never did, and never will.” seatsinJan. 5runoffs because Theresult? Democratswon Mr.Trump should nowbe That wasreportedly the the senator had endorsed both racesand control of the focused not on settling scores, speaksvolumesvia thecodesoffashion. toned-down version. $600 stimulus checks rather Senate. but on healing,uniting and ex- Mr.Trump’saides may than matching the Democrats’ In suggesting that Senate panding the GOP.Politics is high-fiveeach other over their offer of $2,000.Nicetry,but Republicans oust Mr.McCon- aboutaddition, not subtrac- Mr.Fordpokes funatwhat he calls the “MidtownUniform”: rhetorical excesses,but they’ll Mr.Trump’sown Treasury nell, Mr.Trump is setting him- tion. So next time his cracker- an oxford cloth shirt, khaki or navy trousers, expensive never convinceMr. McCon- secretaryfloated the $600 self up fordefeat. Mr.McCon- jack wordsmiths suggest a loafers, and aPatagonia fleecevest, usually gray.“One can nell’sDemocratic adversaries stimulus check idea on Dec.8. nell won’t be removed and thermonuclear attack on other imagine that some people might actually dresslikethis or Republicansenatorial ad- Instead of stopping him, Mr. replaced with aTrump toady. Republicans,Mr. Trump ought when not at work but few people do.Asaconsequence, mirers that Mr.Trump’sslurs Trump waited until afterRe- Theformer president’sscreed to let the one-daystory that the MidtownUniform seems unpretentious—just something areaccurate. (Though some publicans had lined up behind will leave him appearing provoked them go away on its one has tossed on—yet it is also immediately recognizable might concede Mr.McConnell his administration’sproposal weaker while the Kentucky own. But then he wouldn’t be as professional attire. ...Three hundred yearsafter the is something lessthan aspar- to announce, on Dec.22, that senator shows that Friedrich Donald Trump, would he? Masculine Renunciation gavebirth to the suit, we have klingconversationalistatdin- he supported$2,000 checks. Nietzsche (and Kelly Clarkson) arrived wherewebegan, with aprofessional dresscode ner parties.) TheGeorgia Republican sena- wasright: What doesn’tkill Mr. Rove helped organize based on subtle social hierarchyand masculine exclusivity.” Sincethe Senate’sfirst tors looked likecontortionists youmakes youstronger. the political-action committee Silicon Valley “casual” is also a dress code. “If a sweat- meeting in March 1789,only a as they fell in behind the pres- Mr.Trump maynot be fully American Crossroads and is shirt and flip-flops demonstrate a single-minded focus on handful of leadershavedem- ident’slast-minutechangeof awareofshifting currents author of “The Triumph of innovation, asuit and tie betray an outmoded concern onstrated amasteryofthe mind. among congressional Republi- William McKinley” (Simon & with appearances and status. Accordingly, one Northern upper chamber that matches Mr.Trump lost those Geor- cans.Moremembersnow ad- Schuster,2015). California investor advised to ‘never invest in a tech CEO that wears a suit.’” An expert on civil rightsand antidiscrimination law, Mr.Ford has plenty to say when it comes to workplace The Intercession of the Grateful Dead regulations on hairstyles,makeup,tattoos,fingernails and jewelry. Clothes have of course also playedapivotal By Mike Kerrigan prayers. “It’snot everyday Ourshared interestscame bally,anyway. It wasjust his role in the struggle forracial equality.Mr. Ford writes: yousee them on the same up againlast month as Sun- way of doing me agood turn. “Anelegantly dressed Black person was a direct challenge met Michael around 10 bumper.” shine and Ichattedwhile run- It’searly still, but I’m back to a racist society because race itself was a social status I yearsago in aparking lot It turned out Michael loves ning together.Iadmittedthat working the beads.Lent seems determined largely by outward appearance.” In 1740, South where, strangely,hewas the Dead and the rosaryas while my loveofJerryand Bob aparticularly apt time to get Carolina’s “Negro Act” forbade slaves to dress “above their taking apictureofmytruck. much as Ido. Perhaps unsur- hadn’t waned, Ihad fallen out the rosaryback intomydaily condition.” During the 1940s, blacks and Latinos wearing Knowing Ihadn’t been in- prisingly, we became fast of the habit of saying the rotation. It’sbeen likereturn- baggy zoot suits (a look inspired by the Duke of Windsor, volved in an accident,Iap- prayer that oncebrought me ing to the seat of honor at a no less) were attacked by mobs. In 1963 civil-rights proached him with some trepi- such calm. “Funny,” he said. “It fireside feast where, despite activists, to project an imageofrespectability,made a dation. “That’smytruck,” I Picking up the rosary wasyour sticker that first my long absence, the fare point of being well-dressed as they sat at a whites-only said, walking around to where again is like returning challenged me to up my somehowhas remained warm. Woolworth’slunch counter in Mississippi (wherethey were he stood by my taillights. “Ev- game.” We joggedoninsi- Foramoment, Iamhome. pummeled with food) and wore suitsand ties at the famous erything OK?” to a fireside feast. lence, and Ididn’t think much Friendship,C.S.Lewis once March on Washington with Martin Luther King Jr. Michael smiled. “I wasjust moreofthe exchange. said, oftenbegins with the fol- The21Club,now closed, dropped itstie requirement admiring your stickers.” He Twoweeks later,Sunshine lowing observation between in 2009.Asfor the “badgeofshame” loaner tie,Mr. Ford wasreferring to my iconic friends.He’searned the nick- found me in the narthexofour two strangers: “What? You reportsthat it’sbecome asought-afterstatus symbol. It dancing bears, which showde- name “Sunshine” amongmy church right beforeSunday too? Ithought Iwas the only reveals that not only have youdined at that exclusive votion to the Grateful Dead, friend group forhis positive Mass. Therehepressed into one.” Iagree,and suspect Sun- restaurant, youweresononchalant as to showupwithout and a “Call Your Mother” dispositionand, likethe char- my palm ahandmade set of ro- shine does as well. atie.Too bad my friend lefthis on the table. sticker,adry reminder to pray acter in “Remember the Ti- sarybeads he’dordered for the rosary, the Roman Catholic tans,” his wholesome good me.Iwas surprised because I Mr. Kerrigan is an attorney Ms. Hodgson is the author of “It Seemed Like aGood compilation of meditative looks. hadn’t asked forthem; not ver- in Charlotte, N.C. Idea at the Time: My Adventures in Life and Food.” P2JW049000-4-A01600-1------XA

A16 | Thursday, February 18, 2021 **** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Texas Spins Into the Wind What a $15 Minimum Wage Will Really Do

hile millions of Texans remain formation Administration (EIA). Regarding your editorial “Reality and Medicarefor All. It’saself-fulfill- without powerfor athirdday,the Gas-fired plantsproduced 43,800 MW of Check fora$15 Minimum Wage” (Feb. ing prophecythat will ensurethe W wind industryand itsadvocates are powerSundaynight and coal plantschipped in 9): Raising the minimum wage to $15 drastic and permanent expansion of per hour would greatlyhurt the econ- the welfarestate which, of course,is spinning afable that gas, coal 10,800 MW—about two to An electricity grid that omy, and the young and underquali- exactly what the progressives crave. andnuclear plants—not their three times what they usually fied will be the ones to suffer if this is Thefallout from a$15 minimum frozenturbines—aretorelies on renewables also generateattheir peak on any enacted. will givethe progressives even more blame.PolitiFact proclaims given winter day—afterwind Ihavebeen employedbyanon- ammunition to blame the ever-pres- “Natural gas, not wind tur- needs nuclear or coal. powerhad largely vanished. In profit gymnastics association forthe ent, ever-misunderstood boogeyman bines,main driver of Texas other words, gasand coal past five years(sinceIwas 14). As a of capitalism forthe restaurant indus- powershortage.” Climate- plantsheld up in the frosty con- student instructor (until high-school try’sfailuretoadapt to a100% (or change conformity is hard for the media to re- ditions far betterthan wind turbines did. graduation) Imade $7.25 an hour.An more, if applied to the tipped mini- sist, but we don’t mind. So hereare the factsto It wasn’t until temperatures plunged intothe organization likethe one Iwork for mum) increase in labor costsoverthe cut through the spin. single digits early Monday morning that some employs mostly studentsages14-18. next four years. It’ll be aside effect of Texas energy regulatorswerealready warn- conventional power plants including nuclear Raising the minimum wage to $15 per “late-stagecapitalism” when unem- hour would result in areduction of ployment claims skyrocket among ing of rolling blackoutslatelast week as temper- started to have problems, which was the same staff,somuch so that the services we low-wageearnersand workersof atures in western Texas plunged into the 20s, time that demand surgedfor heating.Gas plants provide wouldn’t be able to adequately color,who aredisproportionately rep- causing wind turbines to freeze. Natural gasand also ranlow on fuel as pipelines froze and more be performed, ultimately leading to resented in the restaurant industry. As coal-fired plants ramped up to cover the wind was diverted for heating. the demise of the organization. one WashingtonPost headline so cal- power shortfall as demand for electricity in- “It appearsthat alot of the generation that Manyofthe employment opportuni- lously put it in 2017, “Minimum wage creased with falling temperatures. has gone offline todayhas been primarily due ties my college-student peersand I hikes do close restaurants. Just not Some readershavequestioned our reporting to issues on the natural gassystem,” Electric seek arepart-time and requirelittle to the ones youcareabout.” Tell that to Wednesday ("The Political Making of a Texas Reliability CouncilofTexas senior director no experience. These opportunities will the restaurateurswho watched their PowerOutage")that wind’sshareofelectricity Dan Woodfin said Tuesday. Thewind industry disappear if the minimum wage is in- life’swork evaporateinSan Francisco. generation in Texas plunged to 8% from 42%. and itsfriends areciting this statement as ex- creased to $15 per hour.With that in By issuing ablowtothis already Howcan that be,they wonder,when the Electric oneration. But noteheused the word “today.” mind, it is likely that Americawill see troubled industry, the progressives adecrease in employment and increase will solidifyacultureofdependency Reliability CouncilofTexas (Ercot) has reported Most wind powerhad already dropped offline in poverty among young adultsand in- from which my generation, especially, that it counts on wind to meet only 10% of its last week. experienced workers. will struggle to recover. Ihope we’ll be winter capacity. Gas generation fell by about one-third be- Forthe sakeofthe small businesses able to recognizethe real boogeyman Ercot’sdisclosureisslippery. Start with the tween lateSundaynight and Tuesday, but even and the young and inexperienced when that happens. term “capacity,” which means potential maxi- then wasrunning two to three times higher than workers, the proposal of a$15 per FRANCESCA GILLES mum output. This is different than actual power usual beforethe Arctic blast. Gas powernearly hour minimum wage needs to be Menlo Park, Calif. generation. Texas has atotal winter capacity of made up forthe shortfall in wind, though it fought and ultimately rejected. about 83,000 megawatts(MW) including all wasn’t enough to cover surging demand. LEAH BOOKSER Speaking as the mayorofasmall powersources. Totalpowerdemand and gener- Between 12 a.m. on Feb. 8 and Feb. 16, wind Pittsburgh Ohio town, Iworryabout the devasta- ation, however, at their peak are usually only power plunged 93% while coal increased 47% tion that a$15 minimum wage will Thereseems to be abroad miscon- cause to our Main Street businessdis- around 57,000 MW.Regulatorsbuild slack into and gas450%, according to the EIA.Yet the re- ception that the prospect of job losses trict wherefew businessownerscan the system. newable industryand itsmedia mouthpieces are poses an obstacle,either procedural or affordit. Ifear that manyclosingswill Texas has about 30,000 MW of wind capac- tarring gas, coal and nuclear because they didn’t ethical, forDemocrats’ shoving the occur not only in my town but ity, but winds aren’t constant or predictable. operateat100% of their expected potential dur- federal $15 minimum down the pipe- throughout the ruralred-statearea. Winds this past month have generated between ing the Arctic blast even though wind turbines line.Onthe contrary, the nearly 1.5 I’m athird-generation family business about 600 and 22,500 MW.Regulatorsdon’t failed nearly 100%. million newly-unemployedworkers owner,and a$15 minimum wage will count on wind to provide much more than 10% The policy point here is that an electricity that would result from this wage floor insurethat our family businesswon’t or so of the grid’stotal capacity sincethey can’t grid that depends increasingly on subsidized would allowprogressives to double makeittothe fourth generation. command turbines to increase powerlikethey but unreliable wind and solar needs baseload down on the “imperative” forsocialist JEFF RESER can coal and gas plants. powertoweather surgesindemand. Natural gas policies likeuniversal basic income Bucyrus, Ohio Wind turbines at times this month have gen- is crucial but it also isn’t as reliable as nuclear erated morethan half of the Texas power gener- and coal power. ation,though this is only about aquarter of the Politicians and regulators don’t want to ad- system’spowercapacity.Last week wind gener- mit this because they have been taking nuclear L.A. TeachersUnion Is Disingenuous on Covid ation plungedasdemand surged. Fossil-fuel and coal plantsoffline to please the lords of cli- Regarding Dr.Joseph A. Ladapo’s generation increased and covered the supply matechange. But the public pays the pricewhen “The‘Universal Vaccination’ Chi- gap. Thus between the mornings of Feb. 7 and blackoutsoccur because climateobeisancehas mera” (op-ed, Feb. 5): Thesuggestion Feb. 11, wind as ashareofthe state’selectricity made the grid toofragile.We’vewarned about by the LosAngeles Unified School fell to 8% from 42%, according to the Energy In- this for years, and here we are. District that it has the authority or powertorequirestudent vaccination forCovid is ared herring. Thedistrict must knowthat Covid GES Rush Limbaugh vaccines arenot currently approved IMA

foruse in children under 16.Thus,a GETTY

familiar voice in American media and erything else,which wasalways unfair.His real vaccination requirement forenroll- H/ politics has gone quiet. Rush Limbaugh, offense wastogain millions of weekly listeners ment is something that can’t nowbe OT

A the most listened-toradio host in Amer- by mocking the left’spieties.Hedissected envi- KENR realized. icafor 30 years, died Wednes- ronmental scarecampaigns, Thereare ongoing clinical trials EC Thetalk-radio host DIN day at age 70. and he ridiculed the news me- forages12through 15,but those re- RO We recall how bracing the popularized conservative dia forfinding epidemics of sultsare months away and will need An empty LAUSD high school hallway. Rush Limbaugh Showwas in homelessnessonly during Re- to showefficacy. Until thereisa itsearly days.For decades the ideas and policies. publican administrations. In valid pediatric clinical trial forchil- As cynical as it sounds,the vacci- airwaves had been governed 1994 Bill Clinton called aSt. dren under 12, and the FDAgives an nation of children forsafety pur- approval of said trial, therewill be poses is one moreexcuse by the by the FairnessDoctrine,a Louis radio station from Air no vaccination of children. With no teachersunion to not do the jobs for federal regulation requiring stations to balance ForceOne to complain about Limbaugh’scriti- approved vaccine forchildren, there which itsmemberswerehired. “controversial” claims with “contrasting view- cism—not forthe last time blaming scrappy ra- will be no in-person learning in Los LARRY CLAGUE points.” The rule gave incumbent candidates dio hosts for his own political woes. Angeles public schools. Escondido, Calif. and mainstream news outletsanear-monopoly In recent years, with the rise of moreacerbic on public discourse. Ronald Reagan scrapped competitorsand ageneral souring of public dis- the FairnessDoctrine in 1987.Bythe 1992 presi- course, Limbaugh took on a more exasperated Race Belongsinthe ACS, Notinthe Census dential campaign, the radio star’s first name tone. He also moved to the Trumpian right on was known across the U.S. issues such as trade, immigration and foreign In “TheWeekend Interviewwith Nor is the decennial robust enough to Limbaugh, whose showran on weekdays policy. RichardAlba: ‘Majority Minority’Amer- keep up with the demographic transfor- from noon to 3p.m. East Coast time,was invalu- But unlikeothersonthe talk-radio right, he ica? Don’t Bet on It” (Feb.6)John J. mation Mr.Alba documents. Miller notes that Ibelieveweshould Ending racial discrimination re- able to the conservativemovement in the 1990s. kept his sense of humor and rarely let anger quit counting racial/ethnic statistics. quires newpolicies based on newsta- He would spend an hour explaining supply-side drownhis fundamental optimism about the Correct, except that my subject was tistics.The American Community Sur- taxpolicyormaking the case forderegulation. United States. His great strength was never to only the decennial census.Ithas seven vey(ACS) is the source.Itisthe Millions of Americans had never heardacoher- take himself too seriously. Limbaugh knew he questions,two about race,occupying bureau’slargest sample survey,col- ent argument against the welfare state or Roe wasanentertainer,not an intellectual or politi- 40% of the form. No room forquestions lecting dataon3.5 million Americans v. Wade until they tuned in to Limbaugh’s cian, and he said so manytimes.Hewas popular on income,citizenship,immigration, each year,and asking awide rangeof show. He playedanenormous role in populariz- because he was superb at his craft and repre- etc. Is it not reasonable to conclude questions: health, placeofbirth, vet- ing conservative ideas and policies. sented traditionalAmerican values that the that the government caresabout race eran status,internet use,etc.Areas His critics called him a racist and about ev- dominant culture too often demeans. aboveother issues? This is not the mes- with afew thousand people canbe sagewewant sent to the entirepopula- studied by combining five years. The tion, including groups angrythat race ACS’sscope,frequencyand granular- statistics,writes the Census Bureau, ity canunderstand discrimination in Emmanuel Macron and the Woke provide “services of particular interest waysnot possible with the decennial to certain racial and ethnic groups.” census,the target of my “quit count- lassical Western values such as free of democratic values within. His October speech ing race”statement. Thenation needs speech andtoleranceneed all the de- detailing his newplan forcombating Islamism thedecennial forits constitutional re- C fendersthey canfind these days,soku- included awarning that afocus on “post-colo- A Pepper and Salt Cartoon sponsibility,the basic count used to dostoFrench President Em- nial or anti-colonial” discourse And a New Heart Valve reapportion, and forits capacity to manuel Macron for The French president constitutes aform of “self-ha- provide adenominator foravast ar- volunteering forthe mission. challenges American tred” of Francethat allows Is- Your newspaper has an unusual rayofstatistical agencies.For policies It’shardly an easy task,but it’s lamism to flourish. Officials ability to foresee events to come. I responding to the institutional racism an important one.Mr. Macron campus leftism. such as Ms.Vidal also warn suspended the delivery of my Journal still with us and to the assimilation subscription beginning on Jan. 19. To nowunfolding beforeusthe nation is right to conclude it’svital to against “Islamo-leftism.” my surprise, I discovered the first needs measures designed forthose France’sfuture—and we'dadd, Americans might chortle at day’s suspended delivery on my door- conditions.This is beyond the reach of to America’s. this French assault on “American” wokeness. step when I returned over a week the decennial, but not the ACS. Mr.Macron and ministersinhis government Manyofthe worstideas in the United Statesgrew later. I found your “Pepper . . . and KENNETH PREWITT in recent months have been fighting illiberal out of the work of French philosopherssuch as Salt” cartoon at the bottom of the New York anddivisivephilosophies they sayemanate Jacques Derrida. Cynics will also noteMr. Macron page. The caption under it read, “The Mr. Prewitt was Census Bureau from American universities.Mr. Macron in Oc- is up forre-election next year.His antagonism to heart wants what the heart wants, director 1998-2001. tober decried the influenceof“certain social- left-wing intellectuals and radical Islamistsmay and yours wants a new aortic valve.” sciencetheories entirely imported from the arise in part because his likely opponent in that On the morning of Jan. 19 I had an United States.” race,Marine Le Pen, is aright-wing politician aortic-valve replacement procedure Pepper ... He means in particular the habit of viewing whowill rally voters against mainstream politi- that was successful, painless and And Salt completed within hours. The astound- most matters in racial terms—a core tenet of cians’ failuretotackle extremism and willingness ing coincidence of your cartoon and THE WALL STREET JOURNAL “wokeness”—and his government wantseduca- to bowtopolitical correctness. the timing of my valve replacement tional institutions to eschewit. Minister for All the morereason forMr. Macron, acenter- was uncanny. That I even had that Higher Education Frédérique Vidal this week leftpolitician, to makehis stand. His warning is day’s Journal was an unexpected gift. promised an investigation intoacademics “look- that if intellectuals and politicians on the left Thank you for unknowingly having ing at everything through the prism of wanting can’t find waystodefend French values of free- thoughts of my welfare and the wel- to fractureand divide.” dom and equality,apolitician further to the fare of others who might benefit from This is part of abroader drivetoreassert rightwill. the same medical procedure. French values aftermanyyearsofIslamist terror It’samessageAmerican Democratsand pro- MIRIAM REISMAN attacks.Mr. Macron also is pushing foranew gressiveacademics missed as their woke fixa- Carlsbad, Calif. crackdown on religious extremism, and his law tions prepared the ground forDonald Trump’s Lettersintended forpublication should to that end passed through one chamber of the rise—and they missnow as they fail to speak up be emailed to [email protected]. Please National Assembly this week. against the censorious progressivemobs in the include your city, state and telephone Mr.Macron’spolitical and philosophical in- media, Silicon Valley and Hollywood. Mr.Macron number.All letters aresubject to sight is to tie together the fight against violent is performing apublic servicebytrying to make editing,and unpublished letters cannot be acknowledged. extremism from outside Franceand the defense classical liberal values abipartisan cause. “Here’s my ride.” P2JW049000-0-A01700-1------XA

THE WALL STREET JOURNAL. Thursday, February 18, 2021 | A17 OPINION An American Belt and Road Initiative? Media Tries To Divide By Jim Webb leadersshould implement acompre- hensive, coordinated national policy resident Biden last week that moves intothis vacuum, in Af- Republicans announced aPentagon task ricaand elsewhere, combining so- forcetoreview military phisticated diplomacy, security guar- P policytoward China, com- antees,and the innovativeenergy of By Nikki R. Haley menting that Americawill America’sbusinesssector.These are “meet the China challenge” and “win not lost causes.They areunrecog- heredoes the Republican the competition of the future.” From nizedopportunities.Despiteour re- W Party go from here? The itsmakeup itsclear the reviewwill cent turbulence, the U.S. remains the party that abolished slavery, look forways to moveU.S.policyto- countryofchoicethroughout the wonthe right to vote forwomen, and

ward agreater emphasis on diplo- CK world. beat Soviet communism must con- matic solutions. But in defining TO If the Biden administration can tinuetobestrong and principled to America'sfuturenational strategy, put together aviable program that moveAmericaforward.

the newadministration should take SHUTTERS combines enthusiastic leadership But the liberal media doesn’t care this processastepfurther. with incentives and arequirement about that. It wantstostoke anon-

China’slong-term strategy ELFIQI/ that American companies be sub- stop Republican civil war. Themedia stretches beyond the issues of trade stantially involved in anysupported playbook startswith the demand that

policy, great powerrivalry, nuclear KHALED project, wherever American busi- everyone pick sides about Donald proliferation and militaryexpansion. A Chinese-financed construction project east of Cairo, Jan. 26. nesses and diplomatsgo, they will be Trump—eitherloveorhateevery- Largely unexamined in the public de- welcomed. TheBelt and Road strat- thing about him. Themoment anyone bateisChina’spursuit of massivein- power. Beijing has takendownHong tions and threatens U.S. interestsand egywas specifically designed to so- on the right offersthe slightest criti- frastructureprojectsindeveloping Kong’sdemocracymovement; started international stability. lidifyChina’sglobal powerand influ- cism of the 45th president, the media countries,whereitseeks to cement militaryspatswith India; disrupted Theneed formajor international ence, itsstrategic framework the goes berserk: Republicans aretrying long-term relations.These economic lifefor tens of millions by damming investment in Asia, Latin America result of morethan adecade of gov- to have it both ways! It’sacalculated and diplomatic ties areanextension the headwatersofthe Mekong River; and, most of all, Africaare obvious. ernment planning.The model foran strategytopit conservatives against of power—with China’smilitaryand conducted what the U.S. government Africaisademographic explosion American plan already existsinthe one another.It’salso aridiculous security involvementjustified as nec- nowdeems acampaign of genocide waiting to happen. Itspopulation has structureofour government and our falsechoice. Reallifeisnever that essarytoprotect itsinterests. againstMuslim Uighurs; escalated quadrupled since1970, from 363 mil- society.Amajor effort by the simple.Someone candoboth good tensions with Japan over the Sen- lion to 1.4billion people,and contin- U.S.,based on the credibility of our andbad things. kakuIslands; consolidated itsillegal ues to grow at aratefar aboveother tested businessmodel and devoid of China is funding massive occupation of islands in the South continents. Of the top30countries in colonial aspirations,could jump start projects all over the world, ChinaSea; and made repeated belli- the world’sannual population developing economies,improveour Praising Trump’s record cose gestures designed to test the in- growth for2020, 28 were in Africa. own, and inspirefurther evolution of and criticizing his conduct and gaining influence. ternational community’s resistance This dramatic growth isn’t the result free societies globally. to “unifying” the “renegade prov- of extended lifespans but of birth Inspirational thoughtoften pre- isn’t ‘having it both ways.’ The U.S. can do the same. ince” of Taiwan. rates. The median ageonthe conti- cedes major changes that seem im- While anyofthese and similar nent is below20yearsold. Thecoun- probable at the outset. ThePeace It’s simply common sense. moves could expand intomajor cri- tries with the 10 highest birth rates Corps wasmerely an idea when Pres- China seeks to be the world’s ses,they already have raised suspi- in the world areall in Africa. The ident Kennedy proposed it, as was most powerful country, and itsBelt cions acrossthe international com- overall African fertility rate is 4.4 putting “a man on the moon.” Presi- People feel strongly about Mr. and Road Initiativeisanimportant munity.The BRI has to date children per woman. Asia’srateis dent Nixon’sadministration finally Trump,but we canacknowledgereal- component of itsstrategy. As asafe- remained aseparatematter, but the half of that at 2.2. In Japan it is 1.4, did land on the moon, and surpris- ity.People on the left, if they’rehon- guardtoour diplomatic and eco- cumulativeeffect of Beijing’srelent- in Singapore1.1, and in South Korea inglyopened up China. With afirm, est, canfind Trump accomplishments nomic health the U.S. should recali- lessprovocations has given pause to it is one child per woman. large-scale American commitment, they like—a coronavirus vaccine in re- brateits ownapproach to often manyofChina’sthird-world partners Economic and governmental sys- developing nations could grow and cord time,Middle East peace, moreac- ignored nations,evenaswecontinue in economic development. tems in Africahavenot kept up.In dramatically contributetothe countability from China. People on the to meet the moretraditional national TheBiden administration cantake 2020 only one of the top30coun- world’seconomy. Through it, Amer- right canfind fault with Trump ac- security challenges that dominate advantageofthis pause by ordering tries as measured by grossdomestic icacould reinforce itsimageasa tions,including on Jan. 6. Right or left, theheadlines. amajor revamp of America’sforeign product wasinAfrica(No.27Nige- forcefor freedom and earned wealth. when people makethese distinctions, Much of theworld is becoming policyinmuch of the developing ria). China has sought to cultivatefa- As the decades pass, Americawould they’renot trying to have it both ways. uneasy with China’sunremitting ag- world, whereChina has charged vorwith needier countries,some be remembered as the nation that They’reusing their brains. gression on itshome turfinAsia. ahead of the U.S. with itscoordi- with less sophisticated regimes. trulyopened up the world. Just as important, they’reproving Over the past decade China has been nated, structural approach to im- Lacking alternatives,manyAfrican people aremorethan their party affili- calling itsown shots, rejecting inter- proving infrastructureand fostering governmentshavesigned on. As of Mr. Webb is the Distinguished Fel- ations. If we can’t makejudgmentsbe- national lawand public opinion while long-term relations.Aninternational Jan., 2021, 40 countries in Sub-Saha- low at Notre Dame’s International yond whether someone is Republican signaling that it intends to replace system reliant on an authoritarian, ranAfrica have signed memoranda of Security Center. He served as Navy or Democrat, then Americacan’t face the U.S. as the region’sdominant mil- ethnocentric Chinese government is understanding on China’sBRI. secretary (1987-88) and aDemocratic itsbiggest challenges.Weseparate itary, diplomatic and economic not in the best interestsofthose na- Americanscan do it better. U.S. U.S. senator from Virginia (2007-13). intotwo camps that always hateeach other.Webecome estranged from family and friends over politics. Is that really what the anti-Trump My Mother Got Covid in a New Yo rk Nursing Home media wants? Maybe.Hatred andpo- larization draw attention, ratingsand By Kieran E. Morris emphysema), and she would be alive According to media reports, Mr. Cuomoadministration pushed the clicks.But what’sgood forthem is todaybut forGov.Andrew Cuomo’s Cuomoand Health Commissioner Legislaturetopassameasureshield- bad forAmerica. Some Never Trump ymother,Joan Morris,died executiveorder that forced nursing Howard Zucker then undercounted, ing nursing homes from civil liability. and Always Trump Republicans also M of Covid-19,which she con- homes to accept Covid patients— concealed and suppressed the nurs- This wasadefactogrant of immu- attack anyone who doesn’t join the tractedataBrooklyn, N.Y., which he issued despitethe availabil- ing-home death toll. nity forMr. Cuomo’s policydecision, all-or-nothing chorus.That’snot how nursing home.She arrived thereJan. ity of thousands of beds in the empty My mother shouldn’t be amere as lawsuitswould have revealed the Isaw Mr.Trump conduct himself 24,2020.She came down with Covid statistic on adubious government real numbers. Theimmunity was when Iworked with him in the White symptoms the week of April 5. She chart. Unlessthereismeaningfulac- scaled back with another lawinAu- House,whereheengaged in internal wassent to the hospital on April 10, The truth is coming out countability,the people Mr.Cuomo gust, but it should be reversed en- debates,welcomed disagreements, wasdiagnosed with Covid on April 11, oncecalled the most “precious” in tirely. and at times changed his mind. and died on April 17. about Cuomo’s disastrous our community will have died in vain. Thursdaywould have been my If the media gets itsway,the GOP Last month the stateacknowl- policy. Families like mine Families deservetoknowthe truth. mom’s82nd birthday. My 6-year-old will dissolveintoendlesswarfare, en- edged that 12,743people died of State and federal prosecutorsshould nephew, Liam, used to sing her “You suring extreme liberal government Covid contracted in nursing homes demand accountability. open an investigation to determine if AreMySunshine” everynight. He foryearstocome.Instead, Republi- because they were inexplicably put in Mr.Cuomo’s executiveresponse to misses her terribly,and our whole cans need to be honest about what harm’sway by the admission of new Covid-19 wascriminally negligent or family,along with thousands of oth- worked and what didn’t over the past residentswho were Covid-positive. JavitsConvention Center,the largely aviolation of laws against elder ers, deserves accountability. four years. My mother’s death wasentirely unused Central Park field hospital, abuse. We can’t go back to the pre-Trump preventable.She had atreatable ail- and the underused federal hospital Certainly it wasanunprecedented Mr. Morris is aformer captain and GOP.Those days areover, and they ment (a broken vertebra) along with ship USNS Comfort, which wassta- public-policydisaster.Instead of judge advocate general in the U.S. should be.But we lost our majorities apre-existing condition (advanced tioned in NewYork forall of April. owning itserrorsofjudgment, the Army. in the House and Senate, and we’ve lost the national popular vote in seven of the past eight presidential elections.Surely there’sroom forim- The Risks of Skimping on Covid Relief provement as aparty.Weshould em- bracethe successes of the Trump By Alan S. Blinder firstand second shots(which struck rection arenot symmetric. 6.3%. But recent estimates suggest presidencyand recognizethe need to him as short). Apply toolittle fiscal relief,orde- thereal unemployment rate is 8.3% attractmoresupport. big tempest is brewing in abig I’ll paraphrase the answer: We layittoo long,and the economic or even close to 10%. Here’smytake: Most of Mr. A teapot over President Biden’s were in the middle of apandemic. damage from the pandemic will Third, the Federal Reservehas Trump’smajor policies were out- $1.9 trillion coronavirus relief We didn’t want to take any chances worsen. Therecession will last longer been trying to push inflation up for standing and made Americastronger, plan. Republican objections aretobe of underdosing people,and we and perhaps deepen. Those who live nearly adecade,and has said it safer and moreprosperous.Manyof expected. But some of the objections wanted to getvaccines intopeople’s on the bottombranch of what’sbeing would welcome inflation above2% his actions sincethe election were come from nominally Democratic arms fast. That response both ac- called the K-shaped recovery will forawhile.Fourth, inflation from ex- wrong and will be judged harshly by economists, led by former Treasury knowledged the huge scientific un- sink further intomisery. cess aggregatedemand creeps up history. That’snot acontradiction. SecretaryLawrenceSummers. This is certainties and displayedakeen slowly; it doesn’tleap from 1.5% to It’s common sense. asurprise. sense of howasymmetric the risks “highest in ageneration” in months Mr.Trump’slegal team failed to TheBiden plan isn’t perfect. But were. Underdosing and waiting too Some economists warn or even quarters. If inflation startsto provemasselection fraud in court. with today’senormous uncertainties, long between shotsmeant moresick- rise,the Fedwill see it coming and But election security is still urgently no one canpossibly knowwhat the nessand death. Overdosing and giv- about too much spending, take steps to arrest it. needed. If youhavetoshowphotoID “right” plan really is. ing second shotsatshorter intervals but too little could hurt Mr.Summersisalso worried to buy Sudafed or getonaplane,you Here’s an analogy. Irecently lis- did not. about the exchangerate. Yes, if ase- should have to showphotoIDwhen tened to awonderfulscientific semi- That is notunlikedesigning an the economy more. rious inflation problem develops,the voting in person or by mail. Again, nar.Atone point, ascientist who was economic relief program. No one dollar might fall against other cur- thesestatementsdon’t contradict obviously very knowledgeable about knows either the exactly correct rencies.But the emphasis is on each other.They’reobviously true. vaccines asked ascientist from the dosageorthe precisely correct tim- Yes, as Mr.Summersand others “might.” If pro-growth policies power So is this: Mr.Trump brought mil- pharmaceutical industryhow re- ing. Only historywill judgewhether say, the Biden plan might err in the us out of the slump strongly,the U.S. lions of newvotersintothe Republi- searchershad decided on the dosage the program wastoo small or too oppositedirection—by doing too will again become amagnet forinter- canParty,for which he deserves in each shot (which struck him as big—and even then with much much or doing it toosoon afterthe national investment—thus driving great credit, but the party also lost large)and the interval between the guesswork.But the risks in each di- $900 billion dose applied in Decem- the dollar up.It’shappened before. millions of voters. ber.But howmuch would the na- Think back,for example,toPresident These arefacts. Admitting them, tion suffer in the event of that sort Reagan’sbig fiscal stimulus. even when it hurts, is the only way to of error? Another financial risk that Mr. achieveprogress. Denying them and PUBLISHED SINCE 1889 BY DOWJONES&COMPANY In his recent WashingtonPost op- Summersdoesn’t mention, but many dismissing those who disagree with Rupert Murdoch Robert Thomson ed,Mr. Summerswrote that such a othersdo, is that an exploding na- youonevenone thing is asurefire Executive Chairman, News Corp Chief Executive Officer, News Corp hugemacroeconomic stimulus might tional debt could push up interest way to go backward.That’struefor Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher “set off inflationarypressures of a rates. But budget Cassandras have Republicans who demand people Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: kind we have not seen in agenera- been voicing this concern fordecades praise everything Mr.Trump did. It’s Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; tion, with consequences forthe dol- while interest ratesfell. just as true forliberals who demand Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; larand financial stability.” His main Worrywartscan worryabout all everyone hateeverything he did. News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; worryisthat toomuch fiscal stimu- of thesethings. They arenot crazy Iwill gladly defend the bulk of the Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer lus will blast our economypast full thoughts.But the risks of doing too Trump record and his determination Andrew Dowell, Asia; AnthonyGalloway, Video & employment, intothe inflationary little seem both morelikely and more to shakeupthe corrupt status quo in Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; zone.Maybe,but consider these damaging. Washington. Iwill never defend the Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; four points: Finally,there’sanimportant politi- indefensible.Ididn’t do that when I Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; First, given the recent economic calrisk,one that takesusback to the served alongside President Trump, Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News turmoil, overshooting full employ- vaccine analogy. Strong protection andI’m not going to start now. Thomas SanFilippo, Customer Service; ment forawhile doesn’t sound so from Covid-19 requires two shots. If If that means Iwant to have it GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; terrible.Second, estimates of the re- the Biden packagefails in Congress, “both ways,” so be it. It’sreally the Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; maining slack in the economyare in- and Republicans tastevictory, will only way forward—for the party and Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International credibly uncertain right now. Payroll thepresident getasecond shot? the country. WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: employment is still 10 million jobs LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head belowpre-pandemic levels,and the Mr. Blinder, aprofessor of eco- Ms. Haley served as governor of

EDITORIAL AND CORPORATEHEADQUARTERS: labor-force participation rate is afull nomics and public affairs at Prince- South Carolina (2011-17) and U.S. am- 1211 Avenue of the Americas, New York, N.Y., 10036 two percentagepointslower. Yes, the ton, served as vice chairman of the bassador to the United Nations Telephone 1-800-DOWJONES official unemployment rate is only Federal Reserve, 1994-96. (2017-19). P2JW049000-5-A01800-1------XA

A18 | Thursday, February 18, 2021 ***** THE WALL STREET JOURNAL. WORLD NEWS Nigeria Is Hit by New Mass Kidnapping

A student is killed bandits,” he said. kidnapping in the Kagara re- Wednesday’skidnapping gion comes just days after 21 and dozens more are comes two months after344 travelerswerehauled from a abducted as gunmen boys were takenfromaschool bus and abducted by bandits in nearby Katsina, Mr.Bu- armed with machine guns and storm a high school hari’s home state, and then rocket-propelled grenades. freedafter aweek.Three of Thekidnappersreleased a BY JOE PARKINSON theabducted boys told The video parading their hostages, AND GBENGA AKINGBULE Wall Street Journal that the including women with infant kidnapperstold them aran- children. Dozens of schoolboys and som had been paid fortheir Thelatestincidentscome staff were kidnapped by gun- release.Government officials six yearsafter the kidnapping meninnorth-central Nigeria denied paying aransom and of 276schoolgirls in the town on Wednesday, according to said thekidnappersreleased of Chibok in the northeastern local officials,the latest in a the schoolboys because the stateofBorno,anabduction string of high-school abduc- militaryhad surrounded that ignited the global #Bring- tions that have roiled the them. BackOurGirlscampaign.The northern states of Africa’s Risinginsecurity has outcryled to the formation of most populous country. turned the practiceofkidnap- the Safe Schools Initiative, Thegunmen stormed the AHIM/REUTERS ping forransom intoaboom- which is backed by former Government ScienceCollegein IBR ing industry, and signaled the British Prime Minister Gordon

the Kagara district of Niger NLADI increasing integration of crim- Brownand raised over $30

state around 2 a.m. and over- DA inality and terrorism in the million to protect schools. whelmed the school’ssecurity, region. Thenumber of children out killing one student before MMAD “Ransom paymentshave of school in the countryhas

marching studentsand staff MUHA become so normalized and in- risentomorethan 10.5 mil- intothe sprawling Rugufor- A funeral is held for a student killed Wednesday in an attack on a school in north-central Nigeria. stitutionalized that it now lion, the highest in the world, est, according to officials. bears the hallmarks of a legal according to the United Na- “The situation is very seri- claim of responsibility,but an- that the nation is in “a stateof the northern states,Mr. Bu- enterprise,except it is more tions.“One in everyfiveofthe ous….Some 27 students, 3staff alystssaid the culpritswere emergency.” Nigeria, which hari reluctantly agreed to lucrative,” said Bulama Bu- world’sout-of-school children and 12 members of their fam- likely one of the heavily armed hasone of Africa’sstrongest shuffle his militarychiefs last karti, a terrorism analyst and is in Nigeria,” the agencysaid ily were kidnapped,” said bandit groups that have be- armies and is astrong U.S. month. columnist with the Daily in a recent report. Abubakar Sani Bello, the gov- come increasingly powerful counterterrorism ally,isstrug- Shehu Sani, a former sena- Trust, northern Nigeria’smost In Kagara late on Wednes- ernor of Niger state. acrossNigeria’snorthwest and gling to contain multiple torwho studied in Kagara as a popular newspaper. day, families who had gath- Schools acrossthe region not the jihadist groups based threats: a 10-year jihadist re- boy, said security in the region According to the Nigeria ered around the bullet-riddled were closed and surveillance in the northeast. bellion and swelling banditry has become adisaster,and Security Tracker,compiled by school compound, waiting for aircraftweresent to scour the Thenewscomes as Nigeria and lawlessnessthat have me- that kidnapping forransom the Washington-based Council news on their loved ones, be- forest, as security forces President Muhammadu Buhari tastasized intoaconflict of wasnow amultimillion-dollar on Foreign Relations,114 peo- gantoleave forhome.They hunted forthe missing on has quietly dropped his claim overlapping militant groups. business. “The ruralareas of ple have been kidnapped since areexpected to return on foot. that the insurgencies aretech- Aftermonths of criticism the northwest are now virtu- the beginning of Februaryin Thursdaymorning to continue Therewas no immediate nically defeated and conceded over rising insecurity across ally under the control of these northern Nigeria. Theschool their vigil. ‘Hotel Rwanda’ Hero’s Terrorism Trial Begins

BY NICHOLAS BARIYO widely condemned by human- rightsgroups,membersofU.S. KAMPALA,Uganda—The Congressand the European trial of aU.S.resident hailed as Parliament, among others—is aheroand immortalized by being seen as asignal that Hollywood forsaving more Rwanda’sgovernment is pre- than 1,200 people during the pared to reach far beyond its Rwandan genocide began borderstoquash dissent. Wednesdayinthe country’s Mr.Kagame,inpowerfor capital, in acase seen as spot- 20 years, has wonplaudits lighting President Paul Kag- for reducing poverty, attract- ame’seffortstoquell political ing foreign capital from aid dissent acrossthe globe. agencies and privateinvestors, Paul Rusesabagina, a66- and winning support from year-old recipient of the Presi- Western leadersincluding Bill dential Medal of Freedom who Clinton and Tony Blair. wasportrayed in the Oscar- But he has also ruthlessly UWIRINGIYIMANA/REUTERS nominated “Hotel Rwanda,” clamped down on dissent.The

appeared with 20 othersus- militaryhas pursued opponents CLEMENT pectstofaceterrorism who have fled intoexile from Paul Rusesabagina, portrayed as aheroinaHollywood movie about Rwanda's 1994 genocide, sits in acourtroom in Kigali on Wednesday. charges, including forming a neighboringnationsincluding rebel group and seeking to Uganda and Burundi to South disputed accusations that it is doctorsand family members. in 100 days. year later,President George W. launch an armed insurrection. Africa, Belgium and the U.K. An involved in killingits critics.A Mr.Rusesabagina’strial Aftersurviving,Mr. Rusesa- Bush awarded him the Presi- Mr.Rusesabagina, acritic of exiled Rwandan journalist was spokeswoman forMr. Kagame comes exactly one year aftera bagina expected safety as Mr. dential Medal. By the time of Mr.Kagame’sgovernment who shot in abar in Kampala in said that Mr.Rusesabagina prominent singer turned gov- Kagame’srebel fighterstook his arrest, Mr.Rusesabagina has lived between the U.S. and 2011. Threeyearslater,aRwan- would be accorded afair trial. ernment critic, Kizito Mihigo, control of Rwanda. But his ef- had been invited to speak at a Belgium formorethan ade- dan former spy chief turned Mr.Rusesabagina, afounder died in Rwandan policecus- fortstopush forethnic recon- church event in neighboring cade,says the chargesare po- Kagame critic wasfound stran- of the opposition Rwanda tody shortly afterbeing ar- ciliation soon set him on acol- Burundi. But beforehecould litically motivated. He wasar- gled in his hotel room in South Movement forDemocratic rested for his activism. lision course with Mr.Kagame’s reach his destination, he was rested last year after Africa. Pretoria later expelled Change, which describes itself Thetrial of Mr.Rusesabag- Tutsi-dominated government. intercepted in Dubai, from disappearing during avisit to several Rwandan diplomatsfol- as apro-democracyorganiza- ina is the latest test forMr. “Hefelt unsafeinRwanda, where he was bundled onto a Dubai airport, and then pa- lowing afailed assassination tion bringing together various Kagame’slegacy. During the so he decidedtoflee to exile,” privatejet to Kigali, according raded in Kigali, the Rwandan attempt against another promi- exiled opposition groups,has 1994 genocide, Mr. Rusesaba- Carine Kanimba, one of Mr. to his lawyers. capital, in handcuffs.Mr. Kag- nent critic,Kayumba Nyam- sharpenedhis criticism of Mr. gina, an ethnic Hutu married Rusesabagina’sdaughters, said “He is sitting in solitary ame,who says Mr.Rusesabag- wasa, aformer militarychief Kagame in recent years. Since to an ethnic Tutsi, successfully in aphone interviewfromBel- confinement, facing the same ina is afugitiveresponsible for who lives in South Africa. Po- his arrest, which rightsgroups shielded his 1,268 hotel resi- gium.“TheRwandan govern- made-up charges that the funding terrorism, denied he liceinthe U.K. warned Rwan- described as “kidnap and an dents from Hutu militias that ment immediately startedfab- Rwandan government has tried hadbeen kidnapped but called dan dissidentsthey facethreats enforced disappearance,” au- slaughtered everyone in their ricating evidenceagainst him.” to throw against him formore the operation flawless. from Kigali. thoritieshaverestricted him path, in arampagethat leftas His fame grew afterthe than 15 years,” aspokeswoman Thetrial—which has been Rwanda’sgovernment has from accessing his lawyers, many as 800,000 Tutsis dead success of the 2004 movie. A forhis foundation said. WORLDWATCH Biden, Netanyahu Vow NORTH KOREA JAPAN Kim’s Wife Returns Three AreCharged in Continued Cooperation To the Spotlight Wastewater Dumping President Biden and Israeli istration brokered peacedeals Prime Minister Benjamin Ne- between Israel and the United Kim Jong Un’s wife made her The U.S. JusticeDepartment tanyahu held their firstphone Arab Emirates,Bahrain, Sudan first public appearance in more charged three people at acon- call of Mr.Biden’spresidency and Morocco.Mr. Biden ex- than a year when she attended tractor forthe U.S. Navy in Japan on Wednesday, the White pressed his support forthat a concert celebrating one of with fraud involving the alleged push during his call with Mr.Ne- North Korea’s major holidays. dumping of waste from U.S. war- By Felicia Schwartz in tanyahu, the WhiteHouse said. Ri Sol Ju, who is believedto ships formorethan adecade. Tel Aviv and Sabrina Messrs. Biden and Netanyahu be in her early 30s, had been ab- Sojiro Imahashi, president and Siddiqui in Washington have known each other for40 sentfromstate media sinceJan. chief executive of Kanto Kosan years, sinceMr. Biden wasa 25, 2020, when she wasphoto- Co., as well as company manag- House said, noting ashared young senator and Mr.Netan- graphed at atheaterperfor- ers Tsuyoshi Ifuku and Yuki Ya- commitment “tostrengthen all yahu wasworking as an Israeli mance. Her public absencefueled mamiya allegedly conspired to aspectsofthe U.S.-Israel part- diplomat in Washington. Ties speculation thatshe could be bill the Navy under contracts to nership.” between Israel and the U.S. hit a NA/REUTERS

pregnant, ill, caring forasick rel- KC treat wastewater from U.S. Thetwo leadersdiscussed lowpoint under the Obama ad- ativeorpurged. South Korea’s North Korean leader Kim Jong Un and his wife, Ri Sol Ju, in a ships from 2007 to 2020 but in- the futureofthe Israeli-Pales- ministration when Mr.Biden spyagency this week told law- theater on Tuesday, her first public appearance in over a year. stead dumped contaminated wa- tinian peaceprocess,Iranand wasvicepresident, afterMr. makers her lowprofile could be ter into Japanese harbors, ac- other regional issues,and reaf- Netanyahu wagedapublic cam- due to concerns about Covid-19. UNITED KINGDOM burgh, is expected to remain for cording to the indictment. firmed cooperation between the paign against the 2015 nuclear But at the Tuesday concert, a few days of “observation and “The defendants deceived the two governmentsonsecurity deal between six world powers North Korea’s first lady was Duke of Edinburgh rest.” U.S. Navy by willfully failing to and defense in the Middle East. and Iran. shown smiling and without a Admitted to Hospital His illness isn’t believed to be satisfy the company’sobligations Speaking to reportersinthe Mr.Biden has said he will face mask, sitting next to Mr. related to Covid-19. The queen under $120 million in contracts,” Oval Office, Mr.Biden said it seek to return to the Iran nu- Kim in a crowded Pyongyang Britain’s 99-year-old Prince and the prince received a first said acting AssistantAttorney wasa“good conversation.” Mr. clear deal, criticized Israeli set- theater. She watched a song- Philip was admitted to a London dose of a vaccine against the General Nicholas L. McQuaid. Netanyahu’sofficesaid the call tlement building,and reiterated and-dance performance honoring hospital after feeling unwell, coronavirus in early January. When The Wall Street Journal “was very warm and friendly” his support foratwo-stateso- the birthday of Kim Jong Il, the Buckingham Palace said on The prince retired from public reported on the investigation into and lasted roughly an hour. lution forIsrael and the Pales- current leader’s late father, dur- Wednesday. duties in 2017 and rarely ap- suspected dumping in 2019, TheIsraeli government has tinians. ing the country’s “Day of the The palace said the husband pears in public. His most recent KantoKosan denied anywrong- been preparing forachangein Israeli politicians and Israeli Shining Star” holiday. of Queen Elizabeth II was admit- public event was a military cere- doing. On Thursdayafter the in- the U.S. approach to the region and U.S. media noted what Ms. Ri, firstmentioned as Kim ted to the private King Edward mony at Buckingham Palace in dictment, Mr.Yamamiya, Kanto under Mr.Biden, afterenjoying some took to be adelayin Jong Un’swifein2012, initially VII Hospital on Tuesday evening. July. Kosan’sgeneral manager,said: close ties to former President scheduling the call between the appeared often in statemedia, a It called the admission “a pre- Lockdown permitting, the “We’re puzzled and currently con- Donald Trump. TheTrump ad- two leaders. Mr.Netanyahu re- move thatPyongyang watchers cautionary measure” taken on royal household is planning cele- sulting with our lawyer about ministration pursued aMiddle peatedly brushed off that criti- said wasaimed at humanizing the advice of the prince’s doctor. brations to mark Philip’s 100th whataction to take. Fornow,we East strategy that waslargely cism and said Mr.Biden would the fresh-faced dictator. The palace said Prince Philip, birthday on June 10. can’tmakeany further comment.” aligned with Israeli priorities. call him oncehestarted dialing —Timothy W. Martin also known as the Duke of Edin- —Associated Press —Alastair Gale Last year,the Trump admin- leadersinthe Middle East. P2JW049000-4-B00100-1------XA BUSITECHNOLNEOGY: ‘FORTNITESS’ MAKER EX&FTENDS ITS DISPUTEINWITH ANAPPLE B4 CE

© 2021 Dow Jones & Company. All Rights Reserved. **** THE WALL STREET JOURNAL. Thursday, February 18, 2021 | B1

S&P 3931.33 g 0.03% S&P FIN À 0.36% S&P IT g 1.03% DJ TRANS g 0.62% WSJ $ IDX À 0.23% LIBOR 3M 0.181 NIKKEI (Midday) 30344.97 À 0.17% See more at WSJ.com/Markets Frackers Hold Back as Oil Rallies SECEyes

Producers focus on ered unworkable just afew vicecrews from reaching wells, flowsfromoperations back into “That’swhat it’sgoing to Rule to months ago. Some,such as De- and analystsestimated the dis- drilling,with the rest paying for take forthe world to stabilize,” restoring output in vonEnergy Corp., have begun ruptions could affect production debt and shareholder dividends. Mr.Muncrief said. “It will take Texas and other to loosen the purse stringsas through March. It will take Foryears, U.S. shale companies morediscipline forU.S.produc- Disclose the market improves. weeks to determine exactly how had runupdebtsbyspending erstogivethe market confi- storm-battered areas Fornow,though, manyfrack- manybarrels will have been lost moreoncapital projectsthan dence.” ersare unable to take advan- to the storm, Devon Chief Exec- they made from actually selling Still, Devon and othershave BY COLLIN EATON tage of the rally as they work to utiveRichardMuncrief said. oil and gas. started to liftspending from Short restoreasmuch as roughly a In earnings calls this week, Devon also said it would pay last year’s lowlevelsand ven- Oil’srecent rise above$60 a thirdofthe nation’soil produc- shaleexecutives said they’re avariable dividend of 19 centsa tureintonew regions.Devon, barrel will test the willpowerof tion. The winter storm that left sticking to capital discipline, share, or about $128 million, at whichacquired rival WPX En- Selling shale companies that pledged to millions without power this which has become amantraof the end of the firstquarter.The ergy Inc.last month, said its slowdrilling and repair balance week knocked out as much as the industryfollowing ayears- dividend fluctuates depending capital spending could reach as sheetsbatteredbythe pan- 2.5million barrels aday in the long push by investors. on levels of available cash. much as $1.8billion this year, BY DAVE MICHAELS demic. Permian Basin and Eagle Ford Some said they plan to re- In an interview, Mr.Muncrief about 56% higher than Devon AND DAWN LIM Thehighest prices sinceJan- of Texas and one million in strain growth this year in said higher oil prices sustained PleaseturntopageB11 uary2020 have given American other oil-rich states,traderses- spending,drilling and produc- at $60abarrel would only raise Wall Street’smain regulator drillersanunexpected opening timated. tion, anticipating they will rein- the amount of money the com-  Heard on the Street: Texas is weighing whether to require to invest in oil patches consid- Icyroads have blocked ser- vest roughly 70%oftheir cash panyreturns to shareholders. freeze heats up refiners.... B12 moretransparencyofshort selling and the opaque net- work of stock lending and bor- rowing that facilitates it, ac- AgenciesTemper cording to people familiar with the matter. TheSecurities and Ex- changeCommission wasor- Cost-Cut Efforts dered 11 yearsago to impose such rules but never did it. Now, dealing with the fallout from frenetic trading in At Wells Fargo GameStop Corp.shares,the agency under new leadership is considering using itsau- thority to shine morelight on BY BEN EISEN must also modernizetheir con- the mechanics of the bearish trols while managing through trades.

Plenty of companies are therecession. Citigroup Inc. S The2010 Dodd-Frank finan- cutting coststoweather the washit with a$400 million cial overhaul lawrequired the pandemic recession. Feware fine over itsown controls last PRES SEC to collect information trying to do so while also year.The bank has been hiring TED about how much of each pub- CIA

spending billions of dollarsto key staff and making significant SO liccompany’sstock has been

satisfy their regulators. investments. JPMorganChase AS sold short. TheSEC doesn’t These arethe tasks facing &Co. paid $250 million last gather or disseminatedataon

Wells Fargo &Co. Chief Exec- year as aresult of deficiencies ANDON/ such betsbyspecific investors. utiveCharles Scharf, who is in itsinternal controls,which it BR House lawmakersmeeting

attempting to slash at least $8 has remedied. ALEX Thursdayplan to examine the billion from the SanFrancisco Mr. Scharf also must chart Wells Fargo CEO Charles Scharf testifying before the House Financial Services Committee last year. GameStoptrading and discuss bank’sannual budget. The a different path than his pre- the dearth of short-sale data, bank’sexpenses last year were decessors at Wells. They, too, Noninterestexpenseat Wells Fargoemployee according to amemorandum $57.63 billion. tried to cut costsand re-envi- select U.S. banks,annually count by businessunit issued in advanceofthe hear- Wells Fargoissimultane- sion the bank while under reg- ing.The memo noted that the ously shelling out money to ulatoryrestraints. Yearslater, $60 billion 300,000 SEC hadn’t completed itsre- remakethe vast risk-and-con- those tasks remain largely un- sponsibilities under the Dodd- trol systems that regulators resolved. Frank mandate. have said were inadequate to Mr.Scharfhas said the It isn’t clear what specific catchthe fake-account scandal bank will refocus on the U.S. 55 Corporate disclosures the SEC would that got it in hot water more market and double down on 200,000 Wealth and propose.Any newrequire- than four yearsago. Wells is its consumer and commercial investment mentswould have to be issued still subject to 10 regulatory businesses.Cost cutswill management firstfor public comment be- Wells Fargo penaltiesknown as consent come from most cornersofthe 50 fore commissionerscould vote Bank of America orders. Theharshest, from the bank,including closing Corporateand to adopt them. Federal Reserve, has capped branches,automating loan un- Citigroup investmentbank GameStop’ssudden surge 100,000 thebank’sgrowthfor three derwriting,consolidating of- Commercial bank last month, from around $20 years. fices and cutting staff. 45 to over $400,forcedhedge HowWells Fargofixes its But regulatorsloom large in Consumer banking funds that had bet against the back-end systems—and the decision-making.Last fall, and lending stock to either put up more whether that clashes with other Amanda Norton,Wells Fargo’s margin or buy the stock to priorities—might hold clues for risk chief,was planning to cut 40 0 close out their positions, competitorsaswell. Wells staff in her group alongside 2015 '20 4Q 1Q 2Q 3Q 4Q which sent the stock soaring came intothe pandemic in the bank’sother divisions.But 2020 higher.Regulatorsnow must worsefinancial shape than during conversations with the Note:Shows Citigroup's total operating expenses piece together data from bro- most large banks,but others PleaseturntopageB10 Sources: the companies kerages to understand which asset managersweremost vul- nerable to the GameStopshort squeeze, which accelerated as A New Kind of Hedge: Ye s/No Bets on Events many smaller traders gather- ingonReddit urgedone an- other to buy the shares. BY ALEXANDER OSIPOVICH Sequoia Capital and discount- whether aCovid-19 vaccine fered by Robinhood Markets vember to runaderivatives TheSEC has in the past de- brokerage pioneer Charles R. would be approved by the end Inc.Kalshi also hopes itsmar- exchange. Sequoia led the Se- clined to require greater dis- An online-trading startup “Chuck” Schwab. of 2020. ketplace will be used by peo- ries Around, which bringsthe closureofshort selling,in- that aims to let people wager Kalshi Inc.expectsto TheSan Francisco-based ple and businesses looking to totalmoney raised by Kalshi cludinghow much of astock on questions about future launch in March. It plans to let startup hopes to benefit from hedge against risks that they sinceits 2018 founding to has been lent out. One provi- events ranging from econom- usersbet on “yes” or “no” an- surging interest in trading by face from future events. about $36 million. sion of Dodd-Frank required ics to the weather to public swers to questions about fu- individual investors.Individu- Kalshi’sfundraising round Other investorsinthe the SEC to issue rules within health has raised $30 million ture events. For instance, had als have jumped intostocks comes afteritwon approval round include HenryR.Kravis, two yearsthat would enhance from an array of prominent in- the platform existed last year, and options during the past from the Commodity Futures the billionaireco-founder of public information about the vestorsincluding venturefirm it might have asked users year,using apps likethose of- Trading Commission in No- PleaseturntopageB10 PleaseturntopageB10 Ghosn’s Escape Team INSIDE Nestlé to Sell Poland Spring, Calls On U.S. for Help

OL Other Brands for$4.3 Billion PO S BY MARK MAREMONT of any legal appeals. If U.S. officials decide to PRES BY SAABIRA CHAUDHURI G/ TwoAmericans accused of proceed with the extradition, BER helping former autotitan Car- the Taylors’ lawyersasked the Nestlé SA agreed to sell

los Ghosn escape from Japan State Department to put con- OLIVER most of itsNorth American have made alast-ditch appeal ditionsonthe surrender,in- bottled-water brands,includ- to the Biden administration to cluding that the nine months AUTOMOBILES ing Poland Spring,Arrowhead stop the pair from being extra- the Taylorsserved in aU.S. Ford investsinelectric- andPureLife, for$4.3billion, dited to Japan or to put new jail count towards any prison carplant, will phase hoping to jump-start growth conditions on their extradition. sentencethey might receivein by focusing on aslimmed- Attorneysfor Michael L. Japan. Theletteralso requests out gasoline vehicles in down groupofupscale and

Taylor and his son PeterM. that the Taylorsserveany Europe by 2030. B3 trendy brands. S Taylor sent a letter early this Japanese prison sentencein Theworld’slargest bottled- month to SecretaryofState the U.S. or a U.S. military de- watermaker said the sale to PRES

AntonyBlinken asking fora tention facility in Japan. private-equity firms One Rock ZUMA delay of 30 to 60 days for the TheTaylorsatminimum Capital Partners LLC and

newadministration to take a have requested a delay in ex- Metropoulos &Co. would al- LEVINE/

look at whether the pair tradition until at least Feb. 25, lowittofocus on premium B.

should be extradited, accord- the day after they are sched- SJ brands Perrier,San Pellegrino /W

ing to acopy of the letter uled to receivetheir second and Acqua Panna. RICHARD viewedbyThe Wall Street Covid-19 vaccine,according to Bottled-water sales boomed Bottled-water sales jumped in recent decades, particularly in the U.S.

Journal. Paul V. Kelly,one of their at- LENDOF in recent decades,particularly

TheState Department has torneys. ThereisaCovid-19 EMIL in the U.S.—Nestlé’s biggest Mainstream bottled water based foods. the final sayinextradition outbreak at the Norfolk watermarket—as consumers has faced fierce competition Thecost of selling bottled cases,which areconsidered County jail near Boston where MARKETS cut back on sugarysoft from storebrands,making the waterhas also risen, while the diplomatic matters.The the Taylorshavebeen held Asingle buyer takes a drinks.But growth has slowed category lessattractivefor pandemic has reduced sales of Trump-era State Department sinceU.S.authorities arrested $2.1 billion stakeinthe lately as the category matures Nestlé,which in recent years single bottles typically con- had cleared the Taylors’ extra- them in Mayatthe request of and consumersopt forspar- has sought to sharpen itsfocus sumed at home. dition. TheU.S.Supreme Court Japanese officials. niche cryptocurrency kling and flavored waters, on faster-growing,morelucra- Moreover,Nestlé and the on Saturday declined to take TheState Department re- dogecoin. B10 which areconsumed in tiveproductssuch as infant rest of the industry—long criti- up the case, marking the end PleaseturntopageB2 smaller quantities. formula, coffee and plant- PleaseturntopageB2 P2JW049000-4-B00200-1------XE

B2 | Thursday, February 18, 2021 **** 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 HollyFrontier...... B12 Pabst Brewing...... B2 Two Boeing Directors to Depart Airbnb...... B10 Hostess Brands...... B2 PBF Energy...... B12 Alphabet...... B4,B5 Hyundai Motor...... B3 Pfizer...... A1,A3,B12 Amazon.com...... B12 I Point72 Asset Management...... B10 As MAX Crisis Spurs Makeover Apple...... B3,B4 iHeartMedia...... B5 B Infineon Technologies B4 Q Qualcomm...... B4 BHP...... B11 K BY ANDREW TANGEL some of the people familiar directorsand executives during Boeing director since2009 be- BioNTech...... B12 Kalshi...... B1 R AND EMILY GLAZER with themattersaid. Four the MAXcrisis are facing a fore becoming CEO early last Boeing...... B2 Kering...... B2,B12 Recaro Aircraft Seating membersofthe expected 10- shareholders’ lawsuit that al- year.Boeing’s chairman is for- C L ...... A10 Twolongtime Boeing Co. member board will have been leges lax boardoversight be- mer airline executiveLarry directorsare expected to step added after the accidents. tween the crashes and their af- Kellner, who has been on the CenterPoint Energy....A3 Rio Tinto...... B11 Lear...... A10 down as the aerospacegiant’s Theboardhas faced scrutiny termath. Thesuit, filed in board since 2011. Citadel Securities.....B10 Robinhood Markets Limtronik...... A10 boardundergoes more from investorsand lawmakers Delaware’s Court of Chancery, Ayear ago, Boeing added ConocoPhillips...... B11 ...... B1,B10 LVMH Moët Hennessy changes in the wake of the 737 ever sincetwo of its737 MAX cites internal Boeing docu- Akhil Johri,former finance Louis Vuitton....B2,B12 S Continental Resources MAX crisis, according to peo- jetscrashed in October 2018 mentsand in part claims the chiefataerospacemanufac- ...... B11 M Samsung Electronics..B4 ple familiar with the matter. and March 2019,claiming 346 boardfailed to challengethen- turer United Technologies Creditreform...... A10 Melvin Capital Sequoia Capital...... B1 TheChicago-based plane lives.Ayear ago, the board CEO Dennis Muilenburgonthe Corp., and Steven Mollenkopf, CVR Energy...... B12 Management...... B10 Shopify...... B12 maker is expected to announce added two newdirectors with 737MAX’s safety.Italso al- chief executive of chip maker D Merck...... A1 Sinovac...... A9 the retirement of Susan Schwab safety and engineering experi- legescurrent CEO David Cal- Qualcomm Inc.They suc- Devon Energy...... B1 Metropoulos...... B1 Spotify Technology.....B4 and Arthur Collins,these peo- enceastwo longtime members houn later exaggeratedtojour- ceeded longtime directorswho DoorDash...... B10 Moderna...... A1,B12 U ple said. Thecompanyisn’t ex- stepped down. Sincethe acci- naliststhe extent of the board’s stepped down. Multitendas...... A10 pected to immediately nomi- dents, Boeing’sboardhas also oversight between and in the Sincethen, former U.S. Am- E Utz Quality Foods...... B2 N natenew directorstothe added apermanent safety com- wake of the two accidents. bassador Caroline Kennedy, a Epic Games...... B4 V board, one of these people said. mitteeand split the roles of Thecompanyisseeking to director since2017, stepped Nestlé...... B1 E.W. Scripps...... B5 Valero Energy...... B12 Mr.Collins,former chief ex- chairman and chief executive. dismissthe lawsuit, saying it down.She wassucceeded by News Corp...... B5 F ecutiveofmedical device- Theaccidentsled to anearly lacksmerit and “presentsa Lynne Doughtie,head of audit- Nissan Motor...... B2 Verband Deutscher Facebook...... B5 Maschinen- und maker Medtronic PLC,has two-year grounding of the air- misleading and incompletepic- ing firm KPMG’sU.S.opera- Novavax...... A1,B12 Anlagenbau...... A10 Ford Motor...... B3,B4 been a Boeing board member craftbeforeU.S.regulatorsap- ture” of Boeing’sactions and tion. Retired Navy Adm. John Nvidia...... B4 Volkswagen...... B4 since2007.Ms. Schwab, afor- proved it to resume passenger theboard’soversight. Boeing Richardson was named to the G - H NXP Semiconductors..B4 W mer U.S. trade representative, flights latelast year.The MAX hassaid the lawsuit predict- board in October 2019. GameStop...... B1,B10 O - P has been on the boardsince crisis,which Boeing has esti- ably provides adistorted ac- Twoproxyadvisory firms Wells Fargo...... B1 General Motors...... B4 One Rock Capital 2010.The departures have mated will cost it about $20 count of Mr.Calhoun’sinter- last year raised questions Gilead Sciences...... B12 Partners...... B1 Y been under consideration in billion,has sincebeen com- views,saying the board’s about boardmembers’ over- Goldman Sachs...... B10 Oxford Economics.....A10 Y Combinator...... B10 recent weeks and arepart of a pounded by the Covid-19 pan- extensiveand activeoversight sight and recommended share- longer-term push to bring new demic’sblowtoair travel and wasaccurately explained dur- holdersvoteagainst some Boe- directorsontothe boardinthe demand fornew jetliners. ing those media interviews. ing directors to protest their INDEX TO PEOPLE aftermath of the MAXcrisis, Current and former Boeing Mr.Calhoun has been a handling of theMAX crisis.

B J N Berry, William...... B11 Johri, Akhil...... B2 Norton, Amanda...... B1 Bertschy, Jean-Philippe K P ...... B1 Kelley, Kathleen...... A7 Pinault, Francois-Henri Bollore, Thierry...... B3 Kellner, Larry...... B2 ...... B2 Bourla, Albert...... A8 Kravis, Henry...... B1 Plotkin, Gabe...... B10 C L Powell, Scott...... B10 Calhoun, David...... B2 Lance, Ryan...... B11 R Chung, Eui-sun...... B3 Lara, Luana Lopes....B10 Rowley, Stuart...... B3 Cohen, Steven...... B10 Lorizio, Michael...... B11 S Collins, Arthur...... B2 M D Mansour, Tarek...... B10 Santomassimo, Mike Metropoulos, Dean.....B2 ...... B10 Doughtie, Lynne...... B2 Michele, Alessandro...B2 Scharf, Charles...... B1 F - H Mollenkopf, Steven....B2 Schneider, Mark...... B2 Frazier, Kenneth...... A8 Muilenburg, Dennis....B2 Schwab, Susan...... B2 Hansen, Ole...... A7 Muncrief, Richard...... B1 Sundheim, Daniel.....B10

an extradition treaty with Duo Asks Japan. He has said he couldn’t getafair trial in Japan, which

Japanese authorities have dis- CK U.S. to Halt puted. TO Michael Taylor,60years old, who ranaprivatesecurity SHUTTERS

Extradition businessafter leaving the U.S. A/ ArmySpecial Forces,has a

historyofarranging compli- SKI/EP

ContinuedfrompageB1 cated overseas rescues. VEV

ferred questions about the TheTaylors’ lawyersha- PLA Taylors’ requeststothe Jus- ven’t denied that the pair took ALEX ticeDepartment, wherea part in the escape plot but ar- The luxury retailer is in the midst of tweaking its image to burnish its appeal among clientele older than 40. A store in Shanghai. spokeswoman declined to gued that the father-and-son comment. duo didn’t commit a crime in Japan wantstotry the Tay- Japan. Bail jumping isn’t ille- Gucci Revenue Sinks, lorsfor their alleged roles in galinthe country, and the the dramatic escape of Mr. Japanese law against harbor- Ghosn,aformer chief execu- ing criminals under which the Hurt by FewerTourists, tiveofNissan Motor Co. who Taylors were charged doesn’t wasfacing financial-crime apply, they have argued. charges when he disappeared The lawyers also have said Limited NewProducts from Japan in late 2019. the Taylors face unfair treat- In aplot worthyofHolly- ment andpossibly torturein wood, he took abullet train Japan’s legal system. BY MATTHEW DALTON toned down the baroque flour- 300 miles from Tokyoto TheTaylorsfaceapotential ishes of his earlier collections Osaka, then wassmuggled in- sentenceoffour yearsina PARIS—Gucci fell further and removed sportslogos that side alarge musical-equip- Japanese prison, although behind its big competitors in helped his designs generate ment boxontoawaiting pri- their attorney says the maxi- the fourth quarter,asthe Ital- buzzonsocial media. Morere- vate jet. mum jail time would be three ian fashion house stumbled cently,Gucci has released new Mr.Ghosn turned up in yearsdue to concurrent-sen- without tourist shoppers fill- handbag lines that emphasize Lebanon, which doesn’t have tencing rules. ingits boutiques during the the brand’shistorical ties to pandemic. Jackie O and Princess Diana. Revenue at Gucci forthe Gucci is also investing in lippe Bertschycharacterized quarter totaled 2.3 billion eu- more-expensive product lines Nestlé to thesale priceas“highly at- ros, equivalent to $2.8 billion that appeal to wealthier indi- tractivefor such an underper- and down 14%fromayear ear- viduals, such as jewelryand forming business” and lauded lier,parent company Kering high-end watches. Sell Water Nestlé for its continuing SA said Wednesday. Forthe “Precious skins of course pruning of itsportfolio.Nestlé entireyear,revenue fell 23% to will be developed significantly, in recent yearshas sold itsU.S. €7.4 billion. particularly at Gucci,” said Brands chocolatebusinessand Gerber Theresultsmark asharp Francois-Henri Pinault,Ker- life-insurancebusinessamong turnaround forGucci after ing’s chief executive and con- others. yearsofoutperformanceun- trolling shareholder. ContinuedfrompageB1 Forbuyer Metropoulos,the der CreativeDirector Ales- Mr.Pinault said that anum- cized forbottling adrink deal is its latest in the food- sandro Michele. In the fourth ber of one-off factorshurt Gu- readily available from the and-drinkindustry.The pri- quarter, Gucci lagged well be- cci’squarterly results. The tap—arecontending with vate-equity firm previouslyin- hind Louis Vuittonand Dior, brand pushed back the unveil- mounting concerns about plas- vested in HostessBrands Inc., the leading fashion brands of ing of itscruise collection to tic waste.The companyhas Pabst Brewing Co.and Utz LVMH Louis VuittonMoet lateinthe fourth quarter,as pledged to addressenviron- Quality Foods LLC,among Hennessy SE. part of anew schedule.That mental concerns,saying it others. Those two brands reported meant adearth of newprod- would halveits use of plastic Thefirm, runbyfinancier C. surging revenue in the second ucts for much of the quarter. derived from fossil fuels and Dean Metropoulos and his sons half of last year afterthe in- Gucciisalso removing its makeits waterportfolio car- Evan and Daren, says it is dustry was allowed to reopen productsfromwholesale bonneutral by 2025. seeking to improvethe perfor- itsboutiques following lock- stores in favor of directly op- Nestlé Chief ExecutiveMark manceofwell-known brands downs acrossthe world in the erated boutiques,dragging on Schneider said Wednesdaythe that haven’t kept up with con- first half of 2020. sales. companywould nowfocus in sumer trends by focusing on Revenue at LVMH’sfashion “It’sirrelevant to use Q4 to North Americaonselling its productinnovation and brand and leather-goods division— draw long-term conclusions on premium brands and natural marketing. which is mostly Louis Vuitton Gucci,” Mr.Pinault said. “That mineral waters,aswell as Mr.Metropoulos plans to and Dior—rose 14%for the would be so wrong.” boosting effortsinso-called become chairman and interim quarter. Kering’sother brands, functional water, acommon CEO of the acquired unit, Kering’s shares fell 7%. which include Bottega Veneta, example of which is caffein- which has morethan 7,000 em- “Weexpect market pressure Saint Laurent and Balenciaga, ated water. ployees acrossthe U.S. and to increase on Gucci to pro- fared betterthan Gucci. Bot- ADVERTISEMENT Thecompany’sNorth Amer- Canada, when the deal closes, duceeffortsaimed at reinstat- tega Veneta has engineered a ican waterbusiness—excluding expected this spring. ing momentum,” analystsat rapid turnaround under de- The Marketplace the global brands it is keep- Meanwhile,One Rock Capi- the brokerageBernstein said signer Daniel Lee,becoming To advertise: 800-366-3975orWSJ.com/classifieds ing—generated sales of around tal, founded in 2010,says its in a note. one of the fastest-growing big 3.4billion Swissfrancs,equiva- experiencewith stand-alone Thedropduring the pan- brands in luxury. TheItalian lent to $3.8 billion, in 2019, businesses carved out from big demichas exposed Gucci’s leather goods brand boosted making up thebiggest chunk corporations will hold it in heavy relianceontourist shop- sales by 4% to €1.2 billion in BUSINESSOPPORTUNITIES BUSINESSOPPORTUNITIES of itsglobal bottled-water good stead. Thefirm, which pers, particularly forstoresin 2020, despite the drag of the business, which had 7.8billion last year morethan doubled its Europe that have depended on pandemic. 8(2=!@>#8 >A$8==82$!/= ;"<;8"$& .'9':,% "))64!*.,0':1: -+!149 francs in sales. managed assets, has also pre- Chinese clientele coming to Kering’soverall revenue fell B<3>=8 5/B>A5 ">5?$@7<" @/=8 &3/ ')/)<34) *1'A >!#&:/ 4=) 8<.07:/? Thesale,which Nestlé ini- viously been activeinthe food- theregion. Thebrand is in the 17.5%for the entireyear to *@ &@I81@#I)=@#EE6 :=:BE#1 )!=@)! "=#1> -#C8 &/+.94 @8#1E6 /C)EE)=@ !=:)8. )@ D2 68#1. #K/*FFA- H,.< 4<.079 3/+ 0,/4<3049 4=<,.?= tially said it was exploring last and-drink industry, including midst of tweaking itsimageto €13.1 billion. Net profit fell =5 >).I1)"BI)=@A>).I)@-B).+8> "6 B@)4B8 !=@I8@I7 ,.< 9.00)99(.5 4<307 <)0,<+ K:4=4=) year,includes itsU.S.direct- taking ingredientsmaker Inno- burnish its appeal among cli- 39% to €2 billion. %=)@ -1=<)@-$=!)#E '#C)@- &@>B.I16 89:8!I8> ,5+)94 2,4,< 03<<:)< :/ 4=) 6@;@ to-consumer and office-drinks phos HoldingsInc.privateina entele older than 40,aneffort I= "8 =?81 ;D33 ()EE)=@ )@ .#E8. "6 D3DG7 $, =3/+9,/23/3?)2)/4@ *<1<.A %;>+$ (@):$B9 &&( deliverybusiness. deal valued at about $932 mil- partly directed at Europeans.  Gucci isn’t keeping pace. *55 H,. +, :9 0,./4 H,.< ,<,(:49@ "@"$!@/;B#);2!@) C'+0;!A 7?=?4 8,3-,=56 ,,,!&("#$%)$+'!*%' Vontobel analyst Jean-Phi- lion, including debt. Mr.Michele has lately Heard on the Street...... B12 P2JW049000-0-B00300-1------XA

THE WALL STREET JOURNAL. Thursday, February 18, 2021 | B3 BUSINESS NEWS Ford to Go Hyundai Moves On, Minus Apple All Electric When Hyundai Motor Group’s new chairman Chung In Europe Eui-sun took over last fall, he outlined abold road map fora

By 2030 By Elizabeth Koh in Seoul and Ben Foldy BY WILLIAM BOSTON in Detroit

BERLIN—Ford Motor Co. futurewhereflying vehicles said it would invest $1 billion in and robotsmakeupasmuch aGerman factoryaspart of a business as typical gas-guz- plan to phase out gas-powered zling cars. cars in Europe by 2030,the lat- Afew months later,he est automaker to embracea would getabig opportunity to shifttoelectric vehicles. reshape the companyalong his Ford said Wednesdaythat it stated design: apotential deal

would convert itsplant in Co- with Apple Inc. to build driv- S lognetoproduceelectrics,in- erless cars. NEW

cluding the company’sfirst Investorscheered apromis- G European-built all-electric pas- ing union between Apple,the

senger carin2023.By2030, world’smost valuable com- OOMBER

electric vehicles should ac- pany, and anew Hyundai with /BL

count forall itspassenger-car Mr.Chung at the helm. CHO sales in Europe,along with Groomed his entirelifetorun two-thirds of itscommercial the autoempire, Mr.Chung, ONGJOON

vans and trucks, Ford said. the 50-year-old grandson of SE Most of thecar industry’s Hyundai’sfounder,has shirked Hyundai’s Genesis G70 sedan, developed to compete with BMW and other premium cars, at the company’s showroom in Seoul. well-known brands have dra- convention, down to often matically increased invest- changing the color on his com- collision course foryears. Both Hyundai-Apple discussions BMW AG and others. Thecon- rate metamorphosis expands ment into electric vehicles as panycar—occasionally opting sides need each other,with planted the flag forMr. glomeratehired talent away what the current chairman’s the broader automotiveindus- forgold or navy blue—instead factory-floor basics on one Chung’sfutureambitions. from Audi AG and Volkswagen father,Chung Mong-koo, trybegins in earnest to phase of keeping the standard-issue side and software wizardryon Hyundai has earmarked at AG. As president of Kia in the staked out forthe formerly out traditional engines and black.Heearned his M.B.A. in the other.But divvying up the least$30 billion forfuture mid-2000s,heled an effort to downtrodden South Korean shiftalmost entirely to elec- SanFranciscoduring the 1990s spoils from potentially lucra- technology. Thecompanyhas inject ahip imagefor itsfleet. auto maker two decades ago. tric vehicles and hybrids over dot-comboom and has become tive vehicle data has in some recently forged ajoint venture Thecompanyevenenlisted Onceknown as unreliable the next decade. one of the autoindustry’smost cases proven a sticking point, with Aptiv PLC on autonomous basketball star BlakeGriffin to and cheap,Hyundai leap- “Our announcement today outspoken technologists. industry analysts say. vehicles,and gained controlling jump over one of its cars at a froggedrivals by going beyond to transform our Cologne fa- But negotiations between Mr.Chung’squest to trans- interest of U.S. robotics com- slam-dunk contest in 2011. the traditional car-maker play- cility... is one of the most sig- the iPhone maker and Hyundai form Hyundai, the world’s panyBoston Dynamics.Kia It modernized internally, book. Others offered warran- nificant Ford has made in over and itssubsidiaryKia Corp. fourth-largest auto maker by too, swapping out cubicles for ties spanning threeyearsor ageneration. It underlines our brokedown,according to sales,isboth professional and more open-office designs. 36,000 miles.Hyundai and commitment to Europe and a South Korean regulatoryfil- personal. His father,who led Hyundai’s new NeitherHyundai or Apple Kia—which set up massive modern futurewith electric ings last week. Hyundai’s dis- Hyundai for two decades, be- has specified whynegotiations plants in nonunionized Ala- vehicles at the heart of our cussions for self-driving cars came the firstSouth Korean chairman, grandson brokedown, but the potential bama and Georgia—reached strategyfor growth,” said Stu- continue with unspecified oth- named to the AutomotiveHall of the founder, has deal had progressed far for10yearsand 100,000 miles. art Rowley,president of Ford’s ers, according to the filings. of Fame in Michigan. But to enough in the South Korean Lower labor costs helped the European business. Thefailuretoseal adeal carve out his own legacy, the shirked convention. firm’s eyes that Kia represen- South Koreans undercut com- General MotorsCo. said last showshow challenging the younger Mr.Chung aims to tatives had reached out to petitors on price. month that it would phase out terrain is forMr. Chung and turn Hyundai intomorethan partnersinrecent weeks When he took over the production of gasoline-pow- Hyundai, if notthe broader just a car maker—a challenge about aplan to assemble elec- chairmanship in October, Mr. ered vehicles by 2035,echoing autoindustryitself,struggling the whole autoindustryfaces. plans to boost electric vehicles tric cars forApple in Georgia, Chung signaled further plans similar plans by Volkswagen to partner up or home-brew “He knows the rules, so he to 40% of totalproduction by TheWall Street Journal re- to updatethe cultureofthe AG, Europe’s biggest automo- solutions for future technolo- knows howtobecreative and 2030,nearly quadrupling from ported earlier this month. company. “Ifeach and every tiveproducer.Jaguar Land gies outside the traditional whereand when to push,” said current levels. Investorssold the South employee thinks of oneself as Rover said Monday that its lines of business. Frank Ahrens,aformer vice Mr.Chung,abasketball Korean automakers’ shares af- apioneer,and channel that iconic Jaguar luxurybrand “Usually the auto maker is president at Hyundai’sKorean junkie and “Top Gear” fan, has terthey disclosed the halt in positiveenergy intoour would be fully electric by 2025 the one who decides every- headquarters. focused on improving the talks with Apple.But Hyun- growth and that of our future and it would launch electric thing and is in control,” said Mr.Chung,through a company’s image, rather than dai’sstock remains up 27% generations,” Mr. Chung said versions of itsentiremodel James Hong,head of mobility spokeswoman, declined an in- obsessing over wringing out this year,while Kia’shas in avideo to employees,“Iam lineup by 2030,asnew Chief research at Macquarie Capital, terview request. Hyundai and costs, according to former soared by roughly athird. In certain we will seizefresh op- ExecutiveThierryBollore in Seoul. “Here, Apple’sthe Kia declined to comment. Ap- Hyundai executives and em- contrast, South Korea’sbench- portunities out of crises.” moves quickly to transform one making the call.” ple didn’t respond to arequest ployees. He oversaw the roll- mark Kospi indexhas in- —Tim Higgins JLRintoamaker of luxury Global tech giantsand the to comment. out of Hyundai’s new Genesis creased 9% in 2021. in San Francisco electric vehicles. auto industry have been on a Even without adeal, the brand, apremium rival to Hyundai’splanned corpo- contributed to this article.

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B4 | Thursday, February 18, 2021 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech TheranosOfficial Disputed Testing Chip Supplies Lab chief says he ing.Dr. Das told federal agents practices in Theranos’slab and that Ms. Holmes was “always the company’sresponse.Ms. facedpushback from with” Boies Schiller lawyers. Holmes argues that the CMS Further managementwhen he Boies Schiller declined to com- violations areirrelevant to ment. chargesthat she misrepre- questioned technology Dr.Das “concluded the Edi- sented Theranos’sability to Pressed son devices never performed produce accurate and reliable BY SARA RANDAZZO at thelevel of accuracy and test results. BY ASA FITCH precision required, and could In March 2016, in response Theranos Inc.’slab director not have generated anyresults to aJournal storyonCMS de- Severeweather conditions in the company’sfinal yearsis which had clinical value,” the tailing the deficiencies it hitting much of the U.S. have expected to testify at founder court filing says. He said that found, Dr.Das said that the re- caused some semiconductor Elizabeth Holmes’s criminal he received some pushback port “does not reflect the cur- companies to idle production S trial that the failed blood-test- and that Theranos manage- rent state” of the lab and that capacity,threatening to exacer- NEW

ing startup’smanagement G ment “suggested this was not “wehavenoreason to believe bateachip shortagethat has pushed back against his as- adevice issue,but rather a that these issues have affected already prompted carmakersto

sessment that itstechnology OOMBER quality systems issue,” the fil- patients’ health.” curtail output at some plants.

wasn’t accurateenough to use. BL ing said. Dr.Das disagreed and Dr.Das said he found Ms. South Korea’s Samsung Kingshuk Das’s comments, T/ “decided to void all Edison Holmes and Mr.Balwani char- Electronics Co., oneofthe

included in newcourt filings SHOR tests,” the filing said, without ismatic when first interview- world’sbiggest chip makers, op- made by federal prosecutors, elaborating. ingfor the job,according to erates two factories in Austin,

represent his most extensive MICHAEL Dr.Das described other the court filing.Theranos told Texas,and wasasked by local public remarks about the com- Elizabeth Holmes is scheduled to go on trial in July. conversations he had with Ms. him to expect a few weeks of authoritiestoshut those down pany. His interview in Febru- Holmes that “did not go well,” paperwork,which he later on Tuesday, acompanyspokes- arywith federal agentssug- told federal agentsabout his ifornia, LosAngeles,the com- including one wherehetried learned wasresponding to the woman said. Samsung expects geststhe probe intoMs. work with Theranos from De- pany’sproprietarydevices, to explain to her why it was a CMS concerns,the filing said. to resume production as soon as Holmes remains active ahead cember 2015 until he waslaid known as the Edison, were no problem that adozenwomen’s Dr. Das, a board-certified pa- possible and, the spokeswoman of her July trial. off in June 2018, months be- longer being used, according blood-test resultsshoweda thologist, took over from a said, waswaiting forelectricity Ms.Holmes and Theranos’s fore the companydissolved. to the court filing.AsThera- prostate-specific antigen typi- dermatologist in the lab direc- provider Austin Energy to ad- former chief operating officer, By the time he became direc- nosworked to addressdefi- cally only seen in men. tor role. vise when thechip maker’s op- Ramesh “Sunny” Balwani,are torofTheranos’sNewark,Ca- ciencies with the lab cited by Dr. Das, who now works in Thedermatologist didn’t erations could start up again. accused by the U.S. Attorney’s lif.,lab, the facility wasunder CMS,Dr. Das said he con- Minnesota, declined to com- have adegree or boardcertifi- Texas has suffered wide- Officefor the Northern Dis- scrutiny by the Centersfor ducted an analysis that “con- ment through aspokeswoman cation in pathologyorlabora- spread powerdisruptions that trict of California of mislead- Medicareand Medicaid Ser- cluded the Edison devices did forhis employer. Attorneysfor tory sciencebut met federal began early Mondayamid ase- ing Theranos investorsand pa- vices.Theranos also faced not perform well, and the ac- Ms.Holmes and Mr.Balwani and staterequirementstobea vere winter storm. Theoutages tientsabout the company’s public pressureafter TheWall curacy and precision did not didn’t respond to comment re- lab director. have prompted local officials technology, which purported Street Journal revealed in late meet the level needed forclin- quests on his testimony. U.S. District Judge Edward to ask companies to reduceop- to test for a variety of health 2015 that the companyran few ical testing,” according to the In their court filing, prose- Davila is set to weigh more erations to minimizedemand conditions with asingle finger testsonits proprietaryma- summary of his interview. cutorssaid they expect Mr. than 20 requestsfromthe two on the region’spowergrid. prick and afew drops of chines,which produced unreli- He presented his conclu- Dastotestifyabout his find- sides on what evidencethe The Austin facilities repre- blood. Thetwo have pleaded able results, and instead per- sions at what he called an un- ings at Ms. Holmes’s trial. juryshould be allowedtosee. sent about 28% of Samsung’s not guilty to criminal fraud, formed most testswith comfortable meeting with Ms. Federal prosecutorsin- Ms.Holmes is seeking to block overall production capacity, with Mr. Balwani set to sepa- commercial analyzers bought Holmes,Mr. Balwani and an- cluded Dr.Das’sinterviewas testimony from Theranos pa- according to Citi analysts. rately face trial next January. from other companies and other employee, set up by part of a request for jurors to tientswho received inaccurate Austin is amanufacturing hub During an hourlong inter- sometimes altered. Theranos attorneysatthe law see details of the Centers for blood testsand to bar any forSamsung,which is consid- view on Feb. 1 recounted in a When Dr.Das joined Thera- firm Boies Schiller Flexner Medicareand Medicaid Ser- mentionofher wealth and ering a $17 billion plan to ex- Tuesdaycourt filing,Dr. Das nos from the University of Cal- LLP,according to the court fil- vices’ findingsofdeficient lifestyle. pand itsoperations thereorin other parts of the U.S. Dutch chip company NXP Semiconductors NV said Epic GamesTakes Apple ChallengetoEurope Wednesdaythat it had to scale back work at two facilities in Austin.“Affected customers BY VALENTINA POP maker’s U.K. lawsuit last arebeing notified directly by month against Google likewise NXP of the potential forsupply BRUSSELS—“Fortnite” accuses the search giant of disruptions,” the companysaid. game developer Epic Games abuse of dominanceand anti- NXP makes chips forthe Inc. filed an antitrust com- competitivebehavior in its automotiveindustry. Automo- plaint against Apple Inc.in Play store. tivesales made up $1.19 billion the European Union, broaden- Google said in response to of the company’sfourth-quar- ing its continuing legal battle the lawsuitsinthe U.S. and terrevenue,roughly half of afterfiling similar lawsuitsin U.K. that Epic violated rules the overall figure. the U.S.,Australia and the U.K. applying to all developersthat “Oncenecessaryutility ser- At the core of the legal dis- use the Play store, adding that vicesare restored, our opera- pute is howmuch control and the companywould continue tions team will be able to evalu- revenue sharetechnologygi- discussionswith Epic about atethe impact of the shutdown, antsshould have in relation to bringing “Fortnite” back to and when full production will popular apps.The online game the store. resume,” said NXP’svicepresi- GES “Fortnite” waskicked out of In Europe,Epic claims that dent of operations,David Reed. IMA both Apple’sApp Storeand Al- Apple blocked “Fortnite” up- NXP’s Austin facilities rep-

phabet Inc.’sGoogle Play Store ETTY dates in retaliation forEpic resented about 30% of the last year afterEpic introduced a /G having given users the option company’stotal factorysquare payment system that effectively of paying directly via the app footage as of 2019, according

cut off both companies from BARNARD instead of with Apple’sown to a regulatory filing.

the 30% shareofusers’ spend- ON payment system, Apple Pay. Other customersofAustin

ing that they had chargedEpic. NEILS When Apple launched itsown Energy have also shut down be- Epic has sued both Apple The ‘Fortnite’ game developer sued the tech giant after being kicked out of the App Store. games-distribution service, cause of the storm, according to and Google foralleged monop- Apple Arcade, it barred com- astatement from aconsortium olistic behavior in the U.S., forms,” said Epic founder and Google,though the timing may sion—the EU’sexecutivearm— petitorsfromdoing the same, of those customers. Germany- and Apple countersued. Chief ExecutiveOfficer Tim be different.” confirmed that it received a Epic alleged in its complaint. based Infineon Technologies In Europe,Epic’slegal com- Sweeney.“We will not stand Apple said Epic had vio- complaint from Epic against Apple’soperating system, AG, acar-chip supplier,has plaint joins plaintiffs including idly by and allowApple to use lated App Storerules that ap- Apple.“We will assessitbased iOS, “should be open to com- manufacturing facilities there music-streaming service Spo- itsplatform dominancetocon- ply to all developers. “Their on our standard procedures,” peting stores,” said Mr. that Citi analystssay mainly tifyTechnology SA that have trol what should be alevel recklessbehavior made pawns said commission spokes- Sweeney,adding that iPhone makememorychips critical for prompted a formal investiga- digital playing field.” of customers, and we look for- woman Arianna Podesta. usersand app developers automotiveand industrial mar- tion into Apple’s alleged anti- Mr.Sweeney said that while ward to making this clear to Thesimilar cases Epic has shouldn’t be restricted to us- kets that accounted forabout competitive behavior. the legal case filed in Europe the European Commission,” filed against Apple in the U.K. ingApple Paybut that other 5% of thecompany’srevenue “What’satstake hereisthe targetsApple,“the broad out- said an Apple spokesman. and Australia also allegeabuse paymentsystems should be last year.The companydidn’t very futureofmobile plat- lines…are equally applicable to TheEuropean Commis- of dominance. Thegame equally permitted. return arequest to comment.

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THE WALL STREET JOURNAL. ** NY Thursday, February 18, 2021 | B5 BUSINESS NEWS Google Will Pay News Corp for Content

Deal gives site access Google News Showcase.News publishers. Userswho click on to competewith Google News, Corp owns TheWall Street them will be taken directly to launching news aggregator to licensed articles, as Journal and news organiza- news organizations’ websites. Knewz.com in early 2020. well as new podcasts tions in the U.K. and Australia. Theprogram firstlaunched in News Corp will createcon- News Corp will also make Germanyand Brazil and has tent forYouTube and will get S and video products newpodcaststhat will be expanded to other countries both licensing fees and ashare available through Google’s PRES including France and Austra- of ad revenue,according to the

BY JEFFREY A. TRACHTENBERG voice-assistant technologyand UMA lia. Mr.Harrison said News person familiar with the matter. /Z

AND KEACH HAGEY newvideos forYouTube, the TO Showcase already had partner- Themedia companyalso has technologycompany’svideo- shipswith morethan 500 pub- agreed to createcontent for News Corp reached athree- streaming service. Theaudio lications around the world. Google’svoice-assistant tech-

year deal with Alphabet Inc.’s and video content won’t be ex- YI/NURPHO Google last year said it nology, primarily through its Google to license content from clusive to Google, the person would paypublishersatotal of expanding podcast offerings itspublications and produce familiar with the matter said. SHOU more than $1 billion for three and U.K.-based radio and digi-

newaudio and video products Theagreement will have “a CENG yearstolicense news content. tal-audio division Wireless forGoogle platforms,News positiveimpact on journalism The webgiantispaying tens of millions of dollars overthree years. News Corp properties that Group,the person said. Google Corp said Wednesday. around the globe as we have will join Google News Show- will paylicensing fees forthis Google is paying the media firmly established that there Google has argued that it ben- Facebook Inc.said sepa- case include the Journal, Bar- audio content as well, the per- companytens of millions of should be a premium for pre- efitspublishersbysending rately Wednesdaythat, as a ron’s, MarketWatch and the son said. dollars over the course of the mium journalism,” News Corp them traffic and until recently result of the legislation, it NewYork Post; the Times and Jason Kint, CEO of Digital deal, according to aperson fa- Chief ExecutiveOfficer Robert has resisted paying news or- would restrict publishers and the Suninthe U.K.;and out- Content Next, a trade organi- miliar with the matter. Thomson said in a statement. ganizations licensing fees for people in Australia from shar- letsinAustralia, the company zation that representspublish- Don Harrison,Google’s Executives at major news their articles. ing or viewing Australian and said. Thepublisherswill offer ers, said News Corp’sdeal president of global partner- organizations—including News Thedeal comes as the Aus- international news content. alimited number of their pay- with Google shows the impor- ships,said content from News Corp—have long criticized tralian Parliament began de- Google News Showcase, walled stories to Google users tance of laws that allow pub- Corp publications would be Google forusing news content bateonlegislation intended to which has yettolaunch in the free through News Showcase lisherstobecompensated available on several platforms, in itsproductswithout paying compel digital platforms to U.S.,will displaysummaries of as part of the agreement. fairly by tech platforms such including anew product called the publishersthat provide it. negotiate to pay for news. news articles from avariety of News Corp has been looking as Facebook and Google. Facebook Imposes Publisher Blackout In Australian Fight HOWDOYOU MANAGE RISK WHEN THEWORLD IS BY JEFF HORWITZ “It has leftusfacing astark choice: attempt to comply with Facebook Inc.said it would alaw that ignores the realities restrict publishersand usersin of this relationship,orstopal- UPSIDE DOWN? Australia from viewing or shar- lowing news content on our ing news articles,ramping up a services in Australia. With a standoff with the government heavyheart, we arechoosing thereoveraproposal that the latter,” the companysaid in would forcetech companies to astatement Wednesdayfrom paynewspapersfor content. William Easton,Facebook’s TheAustralian proposal, managing director forAustralia whichisproceeding through and NewZealand. thelegislature, could prompt On Thursdaymorning,Aus- other countries to followsuit in tralian treasurer Josh Fryden- aglobal transformation of the berg, who had previouslyex- relationship between tech com- pressed optimism about panies and traditional media. avoiding ablackout, said that Facebook’smovewill result he had aconstructiveconversa- in ablackout forcontent from tion with Facebook Chief Exec- Australian publishersonFace- utiveMark Zuckerbergabout book world-wide as well as the ending it. unavailability of stories from “Weagreed to continue our both domestic and interna- conversation to trytofind a tional news content within Aus- pathway forward,” he wroteon tralia. Facebook said that news Twitter. AFacebook spokes- accountsfor “lessthan 4% of woman acknowledged the con- the content people see in their versation,adding that “wewill News Feed” but didn’t provide continue to engagewith the detail on howithad calculated government on amendmentsto that number. the law.” Facebook,which has been Facebook said it would es- threatening formonths that the tablish asystemtoreview news proposal could forceits hand, content that slips through its said the Australian government filters. Thecompanysaid that misunderstands the relationship it believed that restricting between publishersand the com- news would cost publishers pany’ssocial-media platforms. over 300 million U.S. dollars. /REUTERS NG SO Y AL The social network opposes efforts to makeitpay news providers. Radio Giant iHeart to Buy E.W. Scripps Unit

BY ANNE STEELE viceadbuyers. Triton, whose customersinclude broadcast- iHeartMedia Inc.agreed to ers, podcasters, and online mu- acquire E.W. Scripps Co.’sTri- sic services in morethan 50 tonDigital for$230 million in countries,will continue to ser- adeal that will givethe radio vice clientsoutside of iHeart. giantafull slateofaudio ad- Podcasting has grown vertising technologyand mea- quickly over the past five surement capabilities as it years, and players in the space builds out itspodcast business. arevying forlistenersand for Thebiggest U.S. radio increasing advertising reve- broadcaster has been working nue.The medium nowattracts to expand its digital, stream- morethan 100 million monthly ing and on-demand business, activelisteners, according to andlaunched itsbiggerbet on Edison Research. podcasting in 2018 with its ac- Themigration of listenersto quisition of Stuff Media LLC. on-demand audio,particularly We can'tcontrol what's next,but we canhelpnavigateit. CMEGroup Triton—founded in 2006 and during the Covid-19 pandemic, purchased by Scripps in 2018 has sparked an arms race provides24-houraccess to trading opportunitiesinevery investable from private-equity firm Vector amongmajor media and tech asset class,allowingmarketparticipantsworldwidetomanagerisk and Capital for$150 million—pro- players,including SpotifyTech- capture opportunities. Forevery economic twistand turn,whenthe vides publishersadvertising in- nologySA, Amazon.comInc. frastructureand measurement and Sirius XM HoldingsInc. newnormalisanythingbut…CME Group. tools,including distribution for U.S. ad revenue from podcasts digital-audio streams and pod- is projected to exceed $1 billion casts, while dynamically insert- this year,according to the In- ing ads based on who is listen- teractiveAdvertising Bureau. VISITCMEGROUP.COM/ACTION ing and audiencetracking. Thecombination of iHeart’s It also operates amarket- owndataand Triton’swill placefor buying and selling help the companybuild better Derivatives arenot suitable forall investors and involvethe risk of losing morethan the amount originallydeposited and anyprofit youmight havemade. digital ads using automated tools to understand and reach This communication is not arecommendation or offer to buy,sell or retain anyspecific investment or service.Copyright ©2020 CME Group Inc. All rights reserved. technology, which will help audiences acrossbroadcast, iHeart expand itsofferingsto on-demand, digital streaming the long tail of smaller,self-ser- and podcasting, iHeart said. P2JW049000-0-B00600-1------XA

B6 | Thursday, February 18, 2021 THE WALL STREET JOURNAL.

MARCH23, 2021 ONLINE EVENT EXPLORETHE ISSUES AT THECENTER OF INTERNATIONAL CONVERSATIONS IN 2021.

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THE WALL STREET JOURNAL. * Thursday, February 18, 2021 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 31613.02 s90.27, or 0.29% Trailing P/E ratio 31.90 22.84 3931.33 t1.26, or 0.03% Trailing P/E ratio * 44.94 25.74 13965.49 t 82.00, or 0.58% Trailing P/E ratio *† 40.12 29.15 High, low, open and close for each P/E estimate * 20.75 18.64 High, low, open and close for each P/E estimate * 22.84 19.37 High, low, open and close for each P/E estimate *† 30.67 24.25 trading day of the past three months. Dividend yield 1.87 2.18 trading day of the past three months. Dividend yield * 1.49 1.79 trading day of the past three months. Dividend yield *† 0.72 0.90 All-time high 31613.02, 02/17/21 All-time high 3934.83, 02/12/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833 32200 4050 14400

31000 3925 13800

29800 3800 13200

28600 3675 12600 Session high DOWN UP Session open Close 65-day moving average t 27400 3550 12000 Close Open 65-day moving average

t 65-day moving average 26200 3425 11400 Session low Bars measure the point change from session's open 25000 3300 10800 Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 966,838,669 66,601,733 Industrial Average 31643.70 31338.76 31613.02 90.27 0.29 31613.02 28992.41 7.7 3.3 7.8 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 411,792,357 27,834,154 Transportation Avg 13162.02 12939.16 13098.94 -81.80 -0.62 13180.74 10908.94 19.7 4.7 7.6 Most-active issues in late trading Decl. volume* 543,678,064 38,566,421 Utility Average 853.57 847.34 853.06 1.86 0.22 952.40 851.20 -10.2 -1.3 7.8 Volume After Hours Issues traded 3,315 279 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 41615.56 41253.38 41591.17 -80.87 -0.19 41733.23 22462.76 20.1 6.0 13.8 Advances 1,377 84 Tilray TLRY 6,946.7 34.08 2.57 8.16 36.69 31.25 Barron's 400 937.89 925.93 933.81 -4.07 -0.43 941.02 455.11 26.4 9.6 8.9 Declines 1,839 184 PIMCO Dyn Mult EM MFEM 6,385.6 30.00 -0.12 -0.40 30.00 30.00 Unchanged 99 11 SPDR S&P 500 SPY Nasdaq Stock Market 5,057.3 392.48 0.09 0.02 392.50 391.54 New highs 164 15 Nasdaq Composite 13976.43 13804.26 13965.49 -82.00 -0.58 14095.47 6860.67 42.3 8.4 24.5 SOS ADR SOS 4,489.8 13.53 0.73 5.70 14.00 12.72 New lows 10 0 Nasdaq-100 13713.14 13552.66 13699.71 -74.06 -0.54 13807.70 6994.29 41.0 6.3 26.5 Rocket Cos. RKT 4,188.0 20.19 0.14 0.70 20.25 20.05 Closing Arms† 0.92 0.43 Snap SNAP 3,433.1 62.80 0.08 0.13 62.98 62.67 S&P Block trades* 5,569 426 Finl Select Sector SPDR XLF 3,229.7 32.22 ...... 32.26 32.18 500 Index 3933.61 3900.43 3931.33 -1.26 -0.03 3934.83 2237.40 16.1 4.7 12.9 Nasdaq NYSE Arca Palantir Technologies PLTR 3,202.9 27.06 -0.02 -0.07 28.03 26.77 MidCap 400 2532.92 2503.32 2525.61 -13.62 -0.54 2544.55 1218.55 20.3 9.5 9.9 Total volume*7,141,754,521 229,798,949 SmallCap 600 1290.01 1272.76 1286.82 -7.06 -0.55 1297.90 595.67 26.6 15.0 11.0 Percentage gainers… Adv. volume*3,173,978,553 117,397,009 Decl. volume*3,938,470,311 109,632,935 Other Indexes Sleep Number SNBR 97.4 136.00 15.99 13.32 136.89 120.01 Issues traded 4,086 1,483 Russell 2000 2271.96 2226.98 2256.11 -16.79 -0.74 2299.00 991.16 33.3 14.2 13.5 Crescent Point Energy CPG 257.1 3.70 0.40 12.12 4.90 3.28 Advances 1,542 557 NYSE Composite 15423.02 15289.40 15402.59 -20.43 -0.13 15423.02 8777.38 9.3 6.0 6.2 Stealth BioTherap ADR MITO 1,162.5 2.30 0.22 10.58 3.50 2.13 Declines 2,464 894 Twilio Cl A TWLO 685.9 453.14 41.49 10.08 472.71 409.00 Value Line 629.94 621.66 627.23 -2.71 -0.43 629.94 305.71 14.2 10.3 3.9 Unchanged 80 32 Corvus Pharmaceuticals CRVS 485.5 3.91 0.31 8.61 4.20 3.58 NYSE Arca Biotech 6129.13 6129.13 6129.13 60.53 1.00 6319.77 3855.67 15.5 6.8 9.3 New highs 236 112 NYSE Arca Pharma 708.56 702.62 708.19 3.58 0.51 725.03 494.36 7.6 2.7 8.6 ...And losers New lows 18 24 KBW Bank 112.80 110.67 112.23 0.43 0.39 112.23 56.19 3.1 14.6 -0.4 Comstock Mining LODE 1,146.3 5.11 -0.68 -11.74 5.79 5.02 Closing Arms† 0.78 0.53 § PHLX Gold/Silver 138.12 136.11 137.43 -2.57 -1.83 161.14 70.12 27.6 -4.7 18.2 Stamps.com STMP 113.8 232.01 -28.87 -11.07 269.00 222.18 Block trades* 51,036 1,146 § PHLX Oil Service 53.48 51.99 53.21 -0.09 -0.16 64.55 21.47 -17.6 20.0 -27.0 CLPS CLPS 451.9 9.70 -1.14 -10.52 10.84 9.55 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3216.39 3138.05 3178.24 -60.68 -1.87 3238.92 1286.84 60.6 13.7 34.1 iQIYI ADR IQ 306.2 22.48 -2.50 -10.01 25.55 22.02 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 23.44 21.09 21.50 0.04 0.19 82.69 14.38 49.5 -5.5 3.4 AM Antero Midstream 351.6 8.35 -0.80 -8.74 9.15 8.20 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg World MSCI ACWI 682.70 –2.36 –0.34 5.6 Comstock Mining LODE 5.79 3.54 157.33 9.85 0.33 861.6 Amplitech Group AMPG 6.61 -11.39 -63.28 19.80 0.54 460.2 MSCI ACWI ex-USA 347.79 –2.22 –0.63 6.5 CLPS CLPS 10.84 5.94 121.22 19.78 1.62 251.9 Gaucho Group Holdings VINO 6.40 -9.95 -60.86 21.45 3.00 29.3 MSCI World 2815.98 –12.17 –0.43 4.7 ZW Data Action Techs CNET 6.19 2.72 78.39 6.19 0.54 403.3 Socket Mobile SCKT 13.05 -7.63 -36.90 35.00 0.76 694.7 MSCI Emerging Markets 1444.93 2.76 0.19 11.9 EHang Holdings ADR EH 77.73 31.43 67.88 129.80 7.59 516.9 Virpax Pharmaceuticals VRPX 6.53 -3.47 -34.70 10.00 6.26 ... Americas MSCI AC Americas 1539.30 –2.50 –0.16 4.9 Powerbridge Technologies PBTS 6.38 2.45 62.34 9.65 1.75 105.3 Pyxis Tankers PXS 2.04 -0.92 -31.08 4.60 0.62 99.5 Canada S&P/TSX Comp 18374.78 –117.94 –0.64 5.4 TDH Holdings PETZ 4.88 1.75 55.91 14.52 0.52 214.8 Wunong Net Technology WNW 16.89 -6.37 -27.39 160.68 7.31 ... Latin Amer. MSCI EM Latin America 2415.93 –1.93 –0.08 –1.5 Greenpro Capital GRNQ 4.15 1.29 45.10 4.15 0.21 763.3 Luokung Technology LKCO 2.21 -0.79 -26.33 3.86 0.34 108.5 Brazil Sao Paulo Bovespa 120355.79 927.07 0.78 1.1 Puhui Wealth Invt Mgmt PHCF 5.25 1.50 40.00 8.55 1.80 105.1 Sify Technologies ADR SIFY 4.20 -1.45 -25.66 5.89 0.56 241.5 Chile Santiago IPSA 3116.28 –64.15 –2.02 9.1 MMTec MTC 4.96 1.29 35.15 7.70 0.64 163.2 Interpace Biosciences IDXG 4.44 -1.40 -23.97 11.00 2.57 -51.1 Mexico S&P/BMV IPC 45061.95 363.36 0.81 2.3 Processa Pharmaceuticals PCSA 10.76 2.68 33.17 11.50 3.40 10.4 Seanergy Maritime Hldgs SHIP 1.74 -0.52 -23.01 7.04 0.39 -67.1 EMEA Stoxx Europe 600 416.10 –3.10 –0.74 4.3 Ebang International EBON 10.48 2.60 32.99 14.95 3.80 ... Sundial Growers SNDL 1.72 -0.47 -21.46 3.96 0.14 27.4 Eurozone Euro Stoxx 413.25 –3.34 –0.80 3.9 Mammoth Energy Services TUSK 6.81 1.66 32.23 7.02 0.56 372.9 AIkido Pharma AIKI 1.68 -0.45 -21.13 5.46 0.47 69.9 Belgium Bel-20 3837.70 –17.81 –0.46 6.0 QuantumScape QS 66.52 15.88 31.36 132.73 9.74 ... Armstrong Flooring AFI 3.77 -0.99 -20.80 5.60 1.12 10.9 Riot Blockchain RIOT Immunic IMUX Denmark OMX Copenhagen 20 1509.43 –2.25 –0.15 3.0 77.90 18.40 30.92 79.50 0.51 5093.3 20.29 -5.01 -19.80 28.21 4.19 130.3 Shineco TYHT 5.68 1.34 30.88 7.65 2.10 14.4 Timber Pharmaceuticals TMBR 2.46 -0.60 -19.61 10.44 0.67 -45.4 France CAC 40 5765.84 –20.69 –0.36 3.9 Germany DAX 13909.27 –155.33 –1.10 1.4 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1603.28 –15.46 –0.96 7.0 Italy FTSE MIB 23178.56 –262.25 –1.12 4.3 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 681.04 –6.39 –0.93 9.0 Russia RTS Index 1462.35 –32.23 –2.16 5.4 Sundial Growers SNDL 477,777 -14.4 1.72 -21.46 3.96 0.14 Alpha Hlthcr Acqn Cl A AHAC 6,111 22123 12.65 20.94 14.10 9.65 South Africa FTSE/JSE All-Share 67110.07 –116.99 –0.17 13.0 Onconova Therapeutics ONTX 429,143 1052.7 1.51 23.77 1.87 0.19 PIMCO Dyn Mult EM MFEM 6,404 3920 30.12 0.00 30.40 15.23 Comstock Mining LODE Yunhong Intl Cl A ZGYH Spain IBEX 35 8122.70 –31.00 –0.38 0.6 204,052 3211.5 5.79 157.33 9.85 0.33 645 2931 10.78 3.55 11.07 9.60 SOS ADR SOS 194,552 952.9 12.80 8.11 15.88 0.51 Tribune Publishing TPCO 3,004 2839 17.03 6.64 17.34 4.91 Sweden OMX Stockholm 817.20 –6.80 –0.83 6.4 DenisonMines DNN 181,132 1410.8 1.51 1.34 1.81 0.19 DD3 Acqn II Cl A DDMX 298 2696 10.70 3.38 11.02 7.88 Switzerland Swiss Market 10809.28 –98.32 –0.90 1.0 Turkey BIST 100 1540.59 –2.23 –0.14 4.3 Castor Maritime CTRM 151,573 -1.9 1.16 -17.14 2.60 0.11 John Hancock Multi SC JHSC 2,484 2599 33.72 -0.68 34.38 15.83 U.K. FTSE 100 6710.90 –37.96 –0.56 3.9 Naked Brand Group NAKD 150,684 -36.8 1.35 4.65 3.40 0.07 Amplitech Group AMPG 688 2421 6.61 -63.28 19.80 0.54 U.K. FTSE 250 21149.49 –266.88 –1.25 3.2 Palantir Technologies PLTR 148,372 101.3 27.08 -2.73 45.00 8.90 EHang Holdings ADR EH 59,989 1936 77.73 67.88 129.80 7.59 CLPS CLPS 127,246 20309.9 10.84 121.22 19.78 1.62 iSh Yield Optimized Bd BYLD 917 1742 25.49 0.20 26.36 18.90 Asia-Pacific MSCI AC Asia Pacific 220.64 0.01 0.01 10.4 Zomedica ZOM 121,378 -31.2 2.32 -2.11 2.91 0.06 GreenSky GSKY 18,309 1695 6.90 18.76 9.17 3.05 Australia S&P/ASX 200 6885.20 –32.07 –0.46 4.5 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3655.09 … Closed 5.2 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 31084.94 338.28 1.10 14.2 Track the Markets India S&P BSE Sensex 51703.83 –400.34 –0.77 8.3 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 30292.19 –175.56 –0.58 10.4 global stock indexes, bond ETFs, Singapore Straits Times 2920.43 –14.91 –0.51 2.7 currencies and commodities at Currencies South Korea Kospi 3133.73 –29.52 –0.93 9.1 wsj.com/graphics/track-the-markets Taiwan TAIEX 16362.29 559.89 3.54 11.1 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1514.91 –8.20 –0.54 4.5 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Wed YTD chg Wed YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004345 23014 –0.3 CREDIT MARKETS Argentina peso .0112 88.9484 5.8 Europe Brazil real .1848 5.4124 4.2 Czech Rep. koruna .04661 21.454 –0.1 Canada dollar .7874 1.2701 –0.3 Denmark krone .1619 6.1763 1.4 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001402 713.20 0.4 Euro area euro 1.2043 .8304 1.4 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000283 3528.20 3.1 Hungary forint .003360 297.60 0.2 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007728 129.40 1.3 A consumer rate against its Money Market/Savings Accts Mexico peso .0494 20.2270 1.7 Norway krone .1176 8.5000 –0.9 benchmark over the past year 2.50% Uruguay peso .02346 42.6250 0.6 Poland zloty .2680 3.7307 –0.1 Bankrate.com avg†: 0.09% 10% Asia-Pacific Russia ruble .01356 73.763 –0.4

s Sweden krona .1201 8.3251 1.2 Colorado Federal Savings Bank 0.45% One year ago 2.00 Euro Australian dollar .7752 1.2900 –0.8 Switzerland franc 1.1127 .8987 1.6 1.60% Greenwood Village, CO 877-484-2372 t 5 China yuan .1548 6.4585 –1.1 1.50 Turkey lira .1434 6.9735 –6.2 t Federal-funds s Hong Kong dollar .1290 7.7528 ... VirtualBank 0.45% Ukraine hryvnia .0359 27.8500 –1.8 target rate 1.20 0 Yen India rupee .01374 72.765 –0.4 Miami, FL 877-998-2265 1.00 UK pound 1.3863 .7213 –1.4 Tradeweb ICE Indonesia rupiah .0000713 14020 –0.2 0.80 First Internet Bank of Indiana 0.50% Japan yen .009445 105.88 2.5 Middle East/Africa Wednesday Close 0.50 –5 s Money market Indianapolis, IN 888-873-3424 Kazakhstan tenge .002399 416.87 –1.1 Bahrain dinar 2.6523 .3770 ... account yields t WSJ Dollar Index 0.40 CFG Community Bank 0.56% 0.00 –10 Macau pataca .1252 7.9890 –0.03 Egypt pound .0640 15.6318 –0.7 t Malaysia ringgit .2476 4.0395 0.4 Israel shekel .3061 3.2672 1.7 Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7188 1.3912 –0.1 Kuwait dinar 3.3047 .3026 –0.5 0.00 month(s) years M A M J J A S O N D J F BankDirect 0.60% Pakistan rupee .00625 160.050 –0.2 Oman sul rial 2.5976 .3850 –0.01 maturity 2020 2021 Richardson, TX 877-839-2737 Philippines peso .0206 48.492 1.0 Qatar rial .2747 3.641 –0.02 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7528 1.3284 0.5 Saudi Arabia riyal .2666 3.7509 –0.02 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009038 1106.50 1.9 South Africa rand .0683 14.6425 –0.4 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050953 196.26 5.9 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Taiwan dollar .03573 27.986 –0.4 Yield (%) 52-Week Total Return (%) Thailand baht .03332 30.010 –0.1 WSJ Dollar Index 85.65 0.20 0.23 0.76 Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.18 0.20 0.18 l 1.70 -1.70 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2406.540 0.750 0.680 1.560 0.400 3.547 5.230 Money market, annual yield 0.09 0.10 0.09 l 0.50 -0.20 Five-year CD, annual yield 0.45 0.48 0.45 l 1.38 -1.11 U.S. Treasury Long, Barclays 4368.980 1.950 1.780 1.980 0.980 2.477 9.478 Commodities 30-year mortgage, fixed† 2.96 2.83 2.83 l 4.22 -1.44 Aggregate, Barclays 2256.810 1.300 1.190 2.310 1.020 3.966 5.572 Wednesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.41 2.36 2.32 l 3.43 -1.44 Fixed-Rate MBS, Barclays 2225.430 1.440 1.220 2.690 0.930 2.736 4.285 DJ Commodity Jumbo mortgages, $548,250-plus† 3.00 2.86 2.85 l 4.36 -1.72 809.90 1.92 0.24 809.90 433.70 32.56 10.70 High Yield 100, ICE BofA n.a. n.a. 3.348 n.a. n.a. n.a. n.a. Refinitiv/CC CRB Index 1.01 188.68 106.29 12.44 Five-year adj mortgage (ARM)† 3.14 3.16 2.85 l 3.69 -1.17 188.68 0.54 7.51 Muni Master, ICE BofA n.a. n.a. 0.725 n.a. n.a. n.a. n.a. Crude oil, $ per barrel 1.09 61.14 -37.63 26.01 New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.45 61.14 1.82 14.73 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 916.347 4.586 4.450 7.480 4.295 1.280 5.045 Natural gas, $/MMBtu 3.219 0.090 2.88 3.354 1.482 64.65 26.78 banks.† Excludes closing costs. Gold, $ per troy oz. 1771.10 -26.10 -1.45 2051.50 1477.30 10.18 -6.44 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW049000-1-B00800-1------XA

B8 | Thursday, February 18, 2021 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Soybean Oil (CBT)-60,000 lbs.; cents per lb. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June .7744 .7776 .7730 .7753 –.0012 819 March 47.33 47.64 s 46.55 46.77 –.50 75,974 March 135-210 135-305 135-150 135-240 –1.0 3,447,353 Mexican Peso (CME)-MXN 500,000; $ per MXN Contract Open June 134-185 134-275 134-120 134-210 –1.5 157,491 March .04941 .04951 .04892 .04936 –.00008 160,276 Open High hi lo Low Settle Chg interest May 46.69 46.99 s 45.91 46.14 –.47 176,158 Rough Rice (CBT)-2,000 cwt.; $ per cwt. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June .04876 .04903 .04848 .04889 –.00008 2,686 Copper-High (CMX)-25,000 lbs.; $ per lb. March 12.71 12.76 12.61 12.75 .03 4,311 March 125-107 125-155 125-075 125-130 .5 3,410,361 Euro (CME)-€125,000; $ per € Feb 3.8305 3.8305 3.8305 3.8360 –0.0120 1,402 June 124-315 125-040 124-277 125-017 .5 110,103 May 13.00 13.05 12.90 13.04 .03 5,275 March 1.2111 1.2112 1.2030 1.2043 –.0079 663,821 May 3.8360 3.8415 3.7965 3.8255 –0.0090 104,212 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Wheat (CBT)-5,000 bu.; cents per bu. June 1.2134 1.2134 1.2053 1.2066 –.0079 6,023 Gold (CMX)-100 troy oz.; $ per troy oz. March 110-151 110-162 110-150 110-160 .7 2,279,208 March 660.00 661.25 638.50 644.00 –13.50 68,007 Feb 1785.80 1789.70 t 1768.80 1771.10 –26.10 3,148 June 110-141 110-153 110-140 110-151 .9 64,244 Index Futures March 1789.20 1792.60 t 1767.70 1771.80 –26.10 2,374 May 664.00 665.00 642.25 648.00 –13.50 157,291 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. April 1793.10 1794.20 t 1767.90 1772.80 –26.20 389,736 Wheat (KC)-5,000 bu.; cents per bu. Feb 99.9250 99.9275 99.9250 99.9275 206,135 Mini DJ Industrial Average (CBT)-$5 x index June 1795.10 1796.90 t 1771.60 1775.80 –26.10 65,288 March 639.00 640.00 619.75 624.50 –13.00 40,021 April 99.9300 99.9300 99.9250 99.9250 148,059 March 31470 31581 31269 31549 91 93,373 Aug 1792.00 1798.00 t 1773.00 1777.70 –26.20 18,581 May 646.50 646.50 625.75 630.25 –13.00 101,019 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June 31375 31458 31165 31429 94 490 Oct 1796.00 1798.30 t 1777.60 1779.20 –26.20 7,615 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 93-210 3.5 142,525 S&P 500 Index (CME)-$250 x index Palladium (NYM) - 50 troy oz.; $ per troy oz. March 140.250 141.150 138.150 138.425 –2.350 12,944 Eurodollar (CME)-$1,000,000; pts of 100% March 3950.30 3931.70 3907.80 3928.00 0.30 25,016 Feb …… …2368.40 –18.50 April 144.500 145.175 142.500 142.750 –1.850 11,940 March 99.8300 99.8450 s 99.8275 99.8425 .0125 1,160,223 June …… …3917.70 0.40 22 March 2390.00 2392.00 2358.00 2369.70 –18.50 5,438 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 99.8350 99.8550 s 99.8350 99.8500 .0150 1,088,584 Mini S&P 500 (CME)-$50 x index Platinum (NYM)-50 troy oz.; $ per troy oz. March'22 99.7950 99.8200 99.7950 99.8150 .0150 908,330 March 3929.00 3932.25 3896.50 3928.00 0.25 2,584,230 Feb 1255.30 –21.70 3 Feb 115.725 116.500 115.050 115.300 –.850 6,345 March'23 99.6400 99.6750 99.6350 99.6600 .0150 1,057,963 June 3920.50 3921.75 3886.75 3917.75 0.50 51,233 April 1271.30 1273.00 1231.80 1257.70 –21.90 68,918 April 125.400 126.000 123.700 124.150 –1.650 152,730 Mini S&P Midcap 400 (CME)-$100 x index Silver (CMX)-5,000 troy oz.; $ per troy oz. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Currency Futures March 2540.60 2541.90 2499.60 2524.20 –12.60 51,052 Feb 27.314 –0.005 396 April 85.875 86.450 84.625 84.900 –1.275 102,776 June 2504.90 2545.10 2504.90 2533.00 –13.00 1 March 27.310 27.475 26.915 27.315 –0.010 80,782 June 92.500 93.325 s 92.350 92.625 –.250 51,075 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini Nasdaq 100 (CME)-$20 x index Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March .9426 .9456 t .9416 .9444 –.0001 186,956 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March 13758.25 13785.00 13543.00 13699.75 –68.00 230,179 March 60.24 61.73 s 59.43 61.14 1.09 143,369 June .9438 .9465 t .9426 .9453 –.0001 560 March 995.90 996.30 s 980.30 986.80 –5.60 1,327 June 13725.75 13771.50 13533.75 13688.00 –68.00 5,152 April 60.28 61.75 s 59.56 61.16 1.08 418,085 Canadian Dollar (CME)-CAD 100,000; $ per CAD May 850.60 861.00 s 841.20 857.20 10.70 1,265 Mini Russell 2000 (CME)-$50 x index May 59.97 61.27 s 59.28 60.76 0.98 278,728 March .7879 .7882 .7846 .7875 –.0013 152,052 Milk (CME)-200,000 lbs., cents per lb. March 2270.70 2273.50 2222.50 2255.00 –15.80 568,541 June 59.54 60.66 s 58.84 60.18 0.86 242,293 June .7874 .7883 .7846 .7875 –.0013 4,483 Feb 15.65 15.65 15.63 15.63 –.01 3,186 June 2262.70 2267.90 2218.60 2250.10 –15.80 998 July 58.94 59.96 s 58.35 59.52 0.76 147,816 British Pound (CME)-£62,500; $ per £ March 16.52 –.18 3,713 Mini Russell 1000 (CME)-$50 x index Dec 56.25 56.82 s 55.56 56.42 0.44 309,964 March 1.3907 1.3908 1.3831 1.3862 –.0051 166,608 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Cocoa (ICE-US)-10 metric tons; $ per ton. June 1.3894 1.3913 1.3836 1.3866 –.0052 3,486 March 2221.50 2234.20 2213.40 2231.20 –2.00 10,419 March 1.8156 1.8533 s 1.8007 1.8377 .0233 76,216 March 2,445 2,457 2,445 2,447 –51 2,171 Swiss Franc (CME)-CHF 125,000; $ per CHF U.S. Dollar Index (ICE-US)-$1,000 x index April 1.8052 1.8374 s 1.7882 1.8238 .0221 87,069 May 2,429 2,436 t 2,371 2,374 –54 111,127 March 1.1210 1.1212 1.1127 1.1129 –.0092 47,273 March 90.71 91.05 90.61 90.95 .45 34,665 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Coffee (ICE-US)-37,500 lbs.; cents per lb. June 1.1227 1.1240 1.1157 1.1157 –.0092 731 June 90.70 91.02 90.60 90.92 .45 1,114 March 1.7753 1.8240 s 1.7599 1.8105 .0376 59,809 March 125.00 125.90 123.35 125.70 1.35 8,432 Australian Dollar (CME)-AUD 100,000; $ per AUD April 1.8701 1.9060 s 1.8482 1.8938 .0301 109,905 May 126.65 127.65 125.15 127.40 1.20 102,846 March .7752 .7773 .7726 .7750 –.0012 139,067 Source: FactSet Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. March 3.098 3.316 s 3.049 3.219 .090 81,052 March 16.85 17.09 s 16.80 16.96 .23 149,255 April 2.964 3.043 s 2.939 3.032 .049 161,092 May 15.99 16.19 s 15.94 16.11 .19 408,526 May 2.978 3.049 s 2.953 3.040 .045 195,303 Bonds | wsj.com/market-data/bonds/benchmarks Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June 3.012 3.082 s 2.991 3.073 .043 70,442 Sept 3.044 3.110 s 3.024 3.103 .039 85,462 May 29.75 29.75 29.75 29.75 .05 2,332 Oct 3.060 3.120 s 3.035 3.112 .039 129,643 July 29.60 29.70 s 29.60 29.65 .10 2,414 Tracking Bond Benchmarks Cotton (ICE-US)-50,000 lbs.; cents per lb. Agriculture Futures March 88.01 88.49 87.58 88.36 .24 9,907 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week May 89.60 90.00 89.11 89.93 .33 115,755 highs and lows for different types of bonds Corn (CBT)-5,000 bu.; cents per bu. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Total Total March 552.00 554.75 547.50 553.00 .75 345,313 March 114.00 114.00 111.00 111.40 –2.45 5,472 return YTD total return YTD total May 549.50 552.00 544.50 550.75 1.00 643,785 Yield (%) Yield (%) May 116.40 116.40 113.00 114.00 –1.75 5,768 close return (%) Index Latest Low High close return (%) Index Latest Low High Oats (CBT)-5,000 bu.; cents per bu. March 353.50 353.50 350.00 352.75 –.50 1,645 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays May 358.00 360.00 357.25 359.50 –.50 2,154 Interest Rate Futures Mortgage-Backed Soybeans (CBT)-5,000 bu.; cents per bu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2256.81 -1.5 U.S. Aggregate 1.300 1.020 2.310 2225.43 -0.3 1.440 0.930 2.690 March 1386.25 1390.00 1376.25 1383.75 –1.00 174,951 March 195-200 197-310 194-280 196-160 23.0 1,105,421 U.S. Corporate Indexes Bloomberg Barclays 2167.81 -0.5 Ginnie Mae (GNMA) 1.380 0.290 2.660 May 1386.50 1391.00 1377.00 1384.75 –1.00 275,168 June 194-260 23.0 20,891 Soybean Meal (CBT)-100 tons; $ per ton. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 3389.12 -2.0 U.S. Corporate 1.930 1.740 4.580 1315.58 -0.2 Fannie mae (FNMA) 1.470 1.110 2.690 March 428.90 432.30 426.50 431.70 3.30 61,283 March 163-300 165-020 163-170 164-130 10.0 1,185,415 May 429.30 431.80 426.40 431.20 2.30 160,556 June 162-130 163-150 162-000 162-270 10.0 21,792 3095.88 -0.6 Intermediate 1.210 1.080 4.400 2017.84 -0.2 Freddie Mac (FHLMC) 1.460 1.080 2.710 4967.58 -4.3 Long term 3.100 2.730 4.930 n.a. n.a. Muni Master n.a. n.a. n.a. 681.25 -2.8 Double-A-rated 1.650 1.300 3.360 n.a. n.a. 7-12 year n.a. n.a. n.a. Cash Prices | wsj.com/market-data/commodities Wednesday, February 17, 2021 Triple-B-rated n.a. n.a. 12-22 year n.a. n.a. n.a. These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 906.21 -1.6 2.170 2.010 5.350 separate from the futures price on an exchange, which reflects what the commodity might be worth in future High Yield Bonds ICE BofA n.a. n.a. 22-plus year n.a. n.a. n.a. months. n.a. n.a. High Yield Constrained n.a. n.a. n.a. Global Government J.P. Morgan† Wednesday Wednesday Wednesday n.a. n.a. Triple-C-rated n.a. n.a. n.a. 602.77 -2.0 Global Government 0.780 0.390 0.930 Aluminum, LME, $ per metric ton *2077.0 Wheat - Hard - KC (USDA) $ per bu-u 6.4950 Energy Canada Copper,Comex spot 3.8360 Wheat,No.1soft white,Portld,OR-u 7.3000 n.a. n.a. High Yield 100 n.a. n.a. n.a. 843.58 -2.3 1.170 0.590 1.430 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.650 Iron Ore, 62% Fe CFR China-s 169.0 Food n.a. n.a. Global High Yield Constrained n.a. n.a. n.a. 413.49 -1.7 EMU§ 0.246 0.010 0.794 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.300 Shredded Scrap, US Midwest-s,m 402 France Metals Steel, HRC USA, FOB Midwest Mill-s 1200 Beef,carcass equiv. index n.a. n.a. Europe High Yield Constrained n.a. n.a. n.a. 775.18 -2.3 0.140 -0.160 0.430 choice 1-3,600-900 lbs.-u 197.67 Fibers and Textiles U.S Agency Bloomberg Barclays 541.80 -1.9 Germany -0.260 -0.740 -0.120 Gold, per troy oz select 1-3,600-900 lbs.-u 184.96 Engelhard industrial 1783.00 Burlap,10-oz,40-inch NY yd-n,w 0.6700 Broilers, National comp wtd. avg.-u,w 0.8274 1857.02 -0.5 U.S Agency 0.590 0.460 1.680 293.18 -0.7 Japan 0.360 0.040 0.360 Handy & Harman base 1780.70 Cotton,1 1/16 std lw-mdMphs-u 0.8718 Butter,AA Chicago 1.4950 Cheddar cheese,bbl,Chicago 1622.76 -0.3 10-20 years 0.450 0.340 1.600 603.73 -2.3 Netherlands -0.140 -0.540 0.080 Handy & Harman fabricated 1976.58 Cotlook 'A' Index-t *93.80 144.00 Cheddar cheese,blk,Chicago 153.00 LBMA Gold Price AM *1823.45 Hides,hvy native steers piece fob-u n.a. 4142.54 -3.1 20-plus years 1.950 1.170 2.140 1042.94 -4.8 U.K. 0.920 0.390 1.130 Milk,Nonfat dry,Chicago lb. 111.00 LBMA Gold Price PM *1794.25 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp Yankee Krugerrand,wholesale-e 1844.96 1.1703 2893.70 -1.4 1.530 1.370 3.500 916.35 -1.9 Emerging Markets ** 4.586 4.295 7.480 Grains and Feeds Coffee,Colombian, NY 1.7433 Maple Leaf-e 1862.70 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Eggs,large white,Chicago-u 1.1350 American Eagle-e 1862.70 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 16.50 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Mexican peso-e 2146.91 Bran,wheat middlings, KC-u 185 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1741.87 Corn,No. 2 yellow,Cent IL-bp,u 5.4350 Hogs,Iowa-So. Minnesota-u 76.19 Austria phil-e 1862.70 Corn gluten feed,Midwest-u,w 178.9 Pork bellies,12-14 lb MidUS-u n.a. Global Government Bonds: Mapping Yields Silver, troy oz. Corn gluten meal,Midwest-u,w 639.4 Pork loins,13-19 lb MidUS-u 0.9269 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Engelhard industrial 27.1000 Cottonseed meal-u,w 460 Steers,Tex.-Okla. Choice-u 114.00 Handy & Harman base 27.2790 Hominy feed,Cent IL-u,w 165 Steers,feeder,Okla. City-u,w n.a. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Handy & Harman fabricated 34.0990 Meat-bonemeal,50% pro Mnpls-u,w 333 LBMA spot price *£19.8000 Oats,No.2 milling,Mnpls-u 3.6775 Fats and Oils Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago (U.S.$ equivalent) *27.5750 Rice, Long Grain Milled, No. 2 AR-u,w 27.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 49.5300 Coins,wholesale $1,000 face-a 21050 Sorghum,(Milo) No.2 Gulf-u 7.6300 Grease,choice white,Chicago-h 0.4000 0.125 U.S. 2 0.109 t l 0.121 0.137 1.424 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 430.20 Lard,Chicago-u n.a. 1.125 10 1.297 t l 1.298 1.097 1.587 LBMA Platinum Price PM *1265.0 Soybeans,No.1 yllw IL-bp,u 13.7300 Soybean oil,crude;Centl IL-u 0.4852 5.500 Australia 2 0.123 s l 0.114 0.110 0.772 1.4 -1.1 -65.2 Platinum,Engelhard industrial 1244.0 Wheat,Spring14%-pro Mnpls-u 7.4550 Tallow,bleach;Chicago-h 0.4400 Palladium,Engelhard industrial 2398.0 Wheat,No.2 soft red,St.Louis-u 6.8150 Tallow,edible,Chicago-u 0.5600 1.500 10 1.408 s l 1.335 1.054 1.063 10.5 1.9 -52.5 0.000 France 2 -0.631 t l -0.624 -0.621 -0.612 -74.0 -74.9 -203.5 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 2/16 0.000 10 -0.123 t l -0.120 -0.319 -0.162 -142.6 -143.6 -175.0 Source: Dow Jones Market Data 0.000 Germany 2 -0.695 t l -0.686 -0.713 -0.650 -80.4 -81.1 -207.4 0.000 10 -0.369 t l -0.343 -0.540 -0.399 -167.2 -165.9 -198.8 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks 0.050 Italy 2 -0.348 s l -0.361 -0.328 -0.211 -45.7 -48.6 -163.5 0.900 10 0.588 s l 0.567 0.619 0.903 -71.5 -74.9 -68.5 Money Rates February 17, 2021 0.100 Japan 2 -0.121 s l -0.127 -0.124 -0.140 -23.0 -25.2 -156.4 0.100 10 0.098 s l 0.080 0.036 -0.038 -120.5 -123.6 -162.6 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. 0.000 Spain 2 -0.470 s l -0.475 -0.512 -0.446 -57.9 -60.0 -187.0 1.250 10 0.290 s l 0.222 0.052 0.288 -101.3 -109.4 -130.0 Week —52-WEEK— Week —52-WEEK— l Inflation Latest ago High Low Latest ago High Low 0.125 U.K. 2 -0.047 t -0.026 -0.130 0.561 -15.6 -15.1 -86.3 Jan. Index Chg From (%) 4.750 10 0.575 t l 0.621 0.290 0.666 -72.8 -69.5 -92.2 level Dec. '20 Jan. '20 High 0.0900 0.0900 1.6500 0.0900 Commercial paper (AA financial) Low 0.0200 0.0200 1.5800 0.0100 90 days 0.10 0.10 2.53 0.04 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close U.S. consumer price index Bid 0.0800 0.0800 1.6000 0.0100 All items 261.582 0.43 1.4 Offer 0.0900 0.0900 1.6300 0.0500 Libor Corporate Debt Core 269.755 0.20 1.4 One month 0.11100 0.10950 1.63938 0.10575 Treasury bill auction Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Three month 0.18138 0.20088 1.69600 0.18138 expectations International rates 4 weeks 0.030 0.030 1.575 0.000 Six month 0.19775 0.20800 1.69875 0.19775 13 weeks 0.035 1.545 0.000 0.040 One year 0.29613 0.30513 1.76888 0.29613 Investment-grade spreads that tightened the most… Week 52-Week 26 weeks 0.060 0.050 1.510 0.050 Latest ago High Low Spread*, in basis points Secondary market Euro Libor Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week One month -0.581 -0.360 -0.621 Prime rates -0.578 –15 Fannie Mae Three month -0.546 -0.142 -0.574 United Airlines 2019–2 Pass Through Trusts … 3.500 4.03 May 1, ’28 n.a. n.a. U.S. 3.25 3.25 4.75 3.25 -0.548 Six month -0.537 -0.541 -0.052 -0.543 Cisco Systems CSCO 5.900 2.58 Feb. 15, ’39 52 –11 69 Canada 2.45 2.45 3.95 2.45 30-year mortgage yields One year -0.495 -0.501 0.008 -0.511 Japan 1.475 1.475 1.475 1.475 30 days 2.232 1.995 3.017 1.751 Metropolitan Life Global Funding I … 0.450 0.25 Sept. 1, ’23 14 –11 25 60 days 2.265 2.031 3.081 1.804 Secured Overnight Financing Rate Microsoft MSFT –11 Policy Rates 3.500 2.45 Nov. 15, ’42 38 45 Other short-term rates 0.06 0.05 1.64 0.01 Euro zone 0.00 0.00 0.00 0.00 Astrazeneca AZN 4.375 2.99 Nov. 16, ’45 92 –8 n.a. Switzerland 0.00 0.00 0.50 0.00 Value 52-Week –8 Week 52-Week Latest Traded High Low Royal Bank Canada RY 0.875 0.88 Jan. 20, ’26 31 38 Britain 0.10 0.10 0.75 0.10 Latest high low ago Nbcuniversal Media … 5.950 2.90 April 1, ’41 86 –7 91 Australia 0.10 0.10 0.75 0.10 DTCC GCF Repo Index –7 Call money Treasury 0.080 59.250 1.720 0.002 General Motors GM 6.250 3.78 Oct. 2, ’43 172 178 Overnight repurchase 2.00 2.00 3.50 2.00 MBS 0.110 43.500 1.703 0.011 U.S. 0.08 0.03 1.65 -0.07 …And spreads that widened the most Notes on data: U.S. government rates U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Caterpillar Financial Services … 0.800 0.84 Nov. 13, ’25 28 10 30 and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Discount widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is Wells Fargo WFC 3.550 1.09 Sept. 29, ’25 54 10 58 as of February 16, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted 7 0.25 0.25 2.25 0.25 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- Apple AAPL 3.450 0.38 May 6, ’24 17 n.a. funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Stellantis … 6 Federal funds 5.250 0.97 April 15, ’23 87 83 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Effective rate 0.0800 0.0800 1.6000 0.0600 Tullett Prebon Information, Ltd. Rio Tinto Alcan … 6.125 1.95 Dec. 15, ’33 67 6 n.a. JPMorgan Chase JPM 3.875 0.69 Sept. 10, ’24 48 5 46 Svenska Handelsbanken Ab SHBASS 3.900 0.33 Nov. 20, ’23 22 5 20 Exchange-Traded Portfolios | WSJ.com/ETFresearch Teck Resources TCKBCN 6.125 3.68 Oct. 1, ’35 239 5 240 Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) High-yield issues with the biggest price increases… SPDR DJIA Tr DIA Wednesday, February 17, 2021 Closing Chg YTD 316.60 0.32 3.5 Bond Price as % of face value ETF Symbol Price (%) (%) SPDR S&PMdCpTr MDY 460.28 –0.54 9.6 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Closing Chg YTD SPDR S&P 500 SPY 392.39 0.02 5.0 ETF Symbol Price (%) (%) iShMSCIJapan EWJ 71.76 –0.14 6.2 SPDR S&P Div SDY 111.37 0.22 5.1 Seagate Hdd Cayman … 4.750 2.28 Jan. 1, ’25 109.100 0.57 108.970 ARKInnovationETF ARKK 152.17 –1.90 22.2 iShNatlMuniBd MUB 117.19 –0.30 –0.0 TechSelectSector XLK 136.92 –0.88 5.3 CnsmrDiscSelSector XLY 170.56 0.58 6.1 iSh1-5YIGCorpBd IGSB 55.08 0.07 –0.2 UtilitiesSelSector XLU 61.97 0.08 –1.2 American Airlines AAL 3.750 10.15 March 1, ’25 79.250 0.50 79.000 CnsStapleSelSector XLP 65.81 0.37 –2.4 iShPfd&Incm PFF 37.74 –0.05 –2.0 VanEckGoldMiner GDX 33.22 –2.55 –7.8 iShRussell1000Gwth IWF 252.78 –0.28 4.8 Transocean RIG 6.800 16.46 March 15, ’38 45.250 0.50 43.750 EnSelectSectorSPDR XLE 46.47 1.49 22.6 VangdInfoTech VGT 375.08 –1.07 6.0 iShRussell1000 IWB 223.47 –0.10 5.5 FinSelSectorSPDR XLF 32.22 0.50 9.3 VangdSC Val VBR 157.41 –0.53 10.7 Ligado Networks … 0.25 iShRussell1000Val IWD 145.04 0.09 6.1 15.500 15.35 Nov. 1, ’23 100.250 n.a. HealthCareSelSect XLV 116.54 0.36 2.7 VangdSC Grwth VBK 295.79 –0.90 10.5 iShRussell2000Gwth IWO 326.01 –0.91 13.7 IndSelSectorSPDR XLI 89.96 –0.28 1.6 VangdExtMkt VXF 185.05 –0.85 12.4 Onemain Finance OMF 7.125 3.15 March 15, ’26 118.500 0.25 118.200 iShRussell2000 IWM 224.06 –0.78 14.3 InvscQQQI QQQ 333.93 –0.48 6.4 VangdDivApp VIG 143.04 0.21 1.3 iShRussell2000Val IWN 151.43 –0.58 14.9 0.25 InvscS&P500EW RSP 135.34 –0.05 6.1 VangdFTSEDevMk VEA 49.59 –0.62 5.0 Occidental Petroleum OXY 6.450 4.94 Sept. 15, ’36 116.250 114.250 iShCoreDivGrowth DGRO iShRussellMid-Cap IWR 73.78 –0.46 7.6 46.26 0.17 3.2 VangdFTSE EM VWO 56.49 0.25 12.7 0.25 iShCoreMSCIEAFE IEFA 72.53 5.0 iShS&P500Growth IVW 66.86 –0.25 4.8 Teva Pharmaceutical Finance Netherlands Iii … 4.100 4.80 Oct. 1, ’46 89.800 92.000 –0.62 VangdFTSE Europe VGK 62.69 –1.04 4.1 iShCoreMSCIEM IEMG 69.45 –0.01 11.9 iShS&P500Value IVE 134.47 0.31 5.0 VangdFTSEAWxUS VEU 62.56 –0.30 7.2 iShCoreMSCITotInt IXUS 72.10 –0.39 7.3 iShShortTreaBd SHV 110.52 ... –0.0 VangdGrowth VUG 266.84 –0.36 5.3 …And with the biggest price decreases iShCoreS&P500 IVV 393.92 0.01 4.9 iShSilver SLV 25.40 0.55 3.4 VangdHlthCr VHT 233.99 0.09 4.6 iShCoreS&P MC IJH 252.13 –0.50 9.7 iShTIPSBondETF TIP 126.98 –0.04 –0.5 VangdHiDiv VYM 96.44 0.44 5.4 –1.98 iShCoreS&P SC IJR 105.82 –0.53 15.1 iSh1-3YTreasuryBd SHY 86.36 0.02 –0.0 Cleveland–Cliffs CLF 6.250 6.57 Oct. 1, ’40 96.522 96.012 VangdIntermBd BIV 91.36 0.18 –1.6 iShS&PTotlUSStkMkt ITOT 91.68 –0.15 6.3 iSh7-10YTreasuryBd IEF 117.02 0.07 –2.4 VangdIntrCorpBd VCIT 95.80 0.19 –1.4 Occidental Petroleum OXY 6.200 5.44 March 15, ’40 109.000 –1.00 109.000 iShCoreUSAggBd AGG 116.26 0.20 –1.6 iSh20+YTreasuryBd TLT 145.79 0.64 –7.6 VangdLC VV 184.98 –0.10 5.3 iShSelectDividend DVY 104.51 0.30 8.7 iShRussellMCGrowth IWP 110.29 –0.67 7.4 Carnival CCL 6.650 5.77 Jan. 15, ’28 104.938 –0.67 107.946 iShUSTreasuryBdETF GOVT VangdMC VO 222.18 –0.46 7.5 iShESGAwareUSA ESGU 90.76 –0.12 5.5 26.80 0.15 –1.6 –0.53 iShEdgeMSCIMinUSA USMV 67.73 0.28 –0.2 JPM UltShtIncm JPST 50.80 ... 0.0 VangdMBS VMBS 53.92 0.11 –0.3 Netflix NFLX 5.875 1.54 Feb. 15, ’25 116.721 117.010 VangdRealEst VNQ 88.79 –0.12 4.5 iShEdgeMSCIUSAMom MTUM 176.07 –0.85 9.2 PIMCOEnhShMaturity MINT 102.11 –0.01 0.1 –0.53 iShEdgeMSCIUSAQual QUAL 119.66 0.16 3.0 SPDR BlmBarcHYBd JNK 109.39 –0.01 0.4 VangdS&P500ETF VOO 360.79 0.02 5.0 Prime Security Services Borrower … 5.750 3.49 April 15, ’26 110.595 110.875 VangdST Bond BSV 82.70 0.02 –0.2 iShGoldTr IAU 16.92 –1.05 –6.7 SPDRBloomBar1-3MTB BIL 91.52 ...... L Brands LB 5.250 4.04 Feb. 1, ’28 107.250 –0.48 108.625 iShiBoxx$InvGrCpBd LQD 134.40 0.50 –2.7 SPDR Gold GLD 166.33 –1.14 –6.7 VangdSTCpBd VCSH 83.08 0.04 –0.2 iShiBoxx$HYCpBd HYG 87.61 –0.03 0.4 SchwabIntEquity SCHF 37.84 –0.55 5.1 VangdSC VB 215.48 –0.53 10.7 Ford Motor Credit … 4.389 2.66 Jan. 8, ’26 107.875 –0.47 108.250 iShJPMUSDEmgBd EMB 112.71 0.55 –2.8 SchwabUS BrdMkt SCHB 96.62 –0.10 6.2 VangdTotalBd BND 86.61 0.21 –1.8 … –0.44 iShMBSETF MBB 109.81 0.05 –0.3 SchwabUS Div SCHD 67.46 0.13 5.2 VangdTotIntlBd BNDX 57.60 0.10 –1.6 Sprint Capital 8.750 3.15 March 15, ’32 152.065 153.851 iShMSCI ACWI ACWI 96.33 –0.20 6.2 SchwabUS LC SCHX 96.02 –0.07 5.6 VangdTotIntlStk VXUS 64.40 –0.43 7.0 iShMSCI EAFE EFA 76.41 –0.59 4.7 SchwabUS LC Grw SCHG 135.64 –0.38 5.6 VangdTotalStk VTI 206.69 –0.21 6.2 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. iShMSCI EAFE SC SCZ 72.14 –0.91 5.5 SchwabUS SC SCHA 100.72 –0.70 13.2 VangdTotlWrld VT 98.39 –0.32 6.3 Note: Data are for the most active issue of bonds with maturities of two years or more iShMSCIEmgMarkets EEM 57.96 0.03 12.2 Schwab US TIPs SCHP 61.80 –0.03 –0.5 VangdValue VTV 125.13 0.38 5.2 Source: MarketAxess P2JW049000-1-B00900-1------XA

THE WALL STREET JOURNAL. * Thursday, February 18, 2021 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. FidNatlInfo FIS 132.99 -0.12 KingsoftCloud KC 69.34 -0.44 NuanceComms NUAN 48.60 -0.40 Smartsheet SMAR 81.11 -1.19 TexasInstruments TXN 178.53 -2.23 VirginGalactic SPCE 49.59 -0.77 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. s FifthThirdBncp FITB 33.53 0.06 KinrossGold KGC 6.85 -0.22 Nucor NUE 57.00 -0.34 SmithAO AOS 59.26 0.14 TexasPacLand TPL 1142.83 -21.40 Visa V 207.51 -0.39 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four FirstHorizon FHN 15.95 -0.19 KirklandLakeGold KL 36.07 -0.98 Nutrien NTR 55.85 -0.79 Smith&Nephew SNN 43.97 -0.29 Textron TXT 50.78 -0.52 Vistra VST 22.01 0.10 that include primary market trades as well as quarters. FirstRepBank FRC 163.15 0.05 KoninklijkePhil PHG 57.28 -0.30 NVIDIA NVDA 596.24 -16.97 Smucker SJM 115.44 2.33 ThermoFisherSci TMO 498.46 -1.62 VMware VMW 141.31 -1.88 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. FirstSolar FSLR 95.84 -2.87 KoreaElcPwr KEP 10.76 0.11 Snap SNAP 62.72 -0.09 ThomsonReuters TRI 82.13 -0.18 Vodafone VOD 18.60 -0.13 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing FirstEnergy FE 31.95 0.02 s KraftHeinz KHC 37.02 1.66 O P Q SnapOn SNA 188.87 0.30 3M MMM 176.65 0.02 VulcanMatls VMC 161.88 -0.57 Nasdaq ISE. standards Fiserv FISV 111.07 0.87 Kroger KR 34.37 0.71 Snowflake SNOW 288.78 -5.77 Toro TTC 99.42 -2.02 ONEOK OKE 45.99 0.04 The list comprises the 1,000 largest companies lf-Late filing s FiveBelow FIVE 195.86 0.92 L Brands LB 48.58 -0.63 SOQUIMICH SQM 55.63 -1.83 TorontoDomBk TD 59.49 -0.12 W X Y Z OReillyAuto ORLY 447.46 4.68 based on market capitalization. q-Temporary exemption from Nasdaq Five9 FIVN 180.04 -2.70 LKQ LKQ 36.78 -0.68 SolarEdgeTech SEDG 334.80 3.45 Total TOT 45.05 0.90 OakStreetHealth OSH 61.21 0.27 WEC Energy WEC 82.03 0.85 Underlined quotations are those stocks with requirements. FiverrIntl FVRR 306.26 -13.78 LPL Financial LPLA 131.64 -1.42 Sony SNE 114.92 -0.05 ToyotaMotor TM 156.53 0.05 large changes in volume compared with the t-NYSE bankruptcy OccidentalPetrol OXY 26.73 0.27 WEX WEX 224.67 1.11 FleetCorTech FLT 271.99 1.20 L3HarrisTech LHX 188.46 3.97 Southern SO 59.27 -0.03 s TractorSupply TSCO 170.25 8.31 issue’s average trading volume. v-Trading halted on primary market. Okta OKTA 284.09 -0.98 W.P.Carey WPC 68.62 -0.54 Flex FLEX 19.44-0.41 s LabCpAm LH 242.95 6.58 SoCopper SCCO 74.33 1.31 TradeDesk TTD 844.42 -24.56 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being OldDomFreight ODFL 207.99 -2.20 WPP WPP 57.90 -0.40 Floor&Decor FND 101.45 -1.30 LamResearch LRCX 585.91 -5.88 SouthwestAir LUV 52.44 0.48 Tradeweb TW 67.86 -0.42 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, OmegaHealthcare OHI 36.92 0.10 Wabtec WAB 79.35 -1.07 FomentoEconMex FMX 70.70 -0.56 LamarAdv LAMR 84.99 -0.95 Splunk SPLK 170.50 1.20 TraneTech TT 151.30 0.02 previous closing price was $2 or higher. or securities assumed by such companies. Omnicom OMC 67.10 1.20 WalgreensBoots WBA 49.56 0.42 FordMotor F 11.48 -0.06 LambWeston LW 77.09 0.37 Spotify SPOT 355.19 1.46 TransDigm TDG 570.37 -2.18 ON Semi ON 41.08 -0.77 Walmart WMT 147.20 1.54 s Fortinet FTNT 166.23 1.34 LasVegasSands LVS 57.99 0.53 Square SQ 270.94 -5.08 TransUnion TRU 88.51 0.91 OpenText OTEX 46.91 -0.33 WarnerMusic WMG 36.56 -0.39 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Fortis FTS 40.53 -0.14 Lear LEA 163.25 0.76 StanleyBlackDck SWK 170.47 -1.19 Travelers TRV 148.45 1.03 OpendoorTech OPEN 31.52 -1.23 WasteConnections WCN 98.24 -0.12 changes in the closing prices from 4 p.m. the previous day. Fortive FTV 67.60 -2.20 Leidos LDOS 105.48 0.26 Starbucks SBUX 104.44 -1.26 Trex TREX 104.56 -0.11 Oracle ORCL 62.09 -0.05 WasteMgt WM 112.21 -0.39 FortBrandsHome FBHS 85.74 -0.26 Lemonade LMND 152.25 -6.77 StateStreet STT 75.16 -0.30 Trimble TRMB 72.48 -2.69 Orange ORAN 12.18 0.14 Waters WAT 282.58 0.07 FoxA FOXA 31.75 0.02 Lennar A LEN 87.25 -1.05 SteelDynamics STLD 40.71 -0.48 s Trip.com TCOM 38.16 -0.45 Wednesday, February 17, 2021 Net Net Orix IX 87.94 3.01 Watsco WSO 240.95 -3.23 FoxB FOX 30.66 0.01 Lennar B LEN.B 71.65 -0.44 Stellantis STLA 15.99 -0.34 TruistFinl TFC 55.65 ... Stock Sym Close Chg Stock Sym Close Chg OtisWorldwide OTIS 62.69 -0.50 Wayfair W 273.26 -4.29 Net Franco-Nevada FNV 114.56 -4.70 LennoxIntl LII 293.60 2.57 Steris STE 185.00 2.50 Twilio TWLO 411.65 -9.61 OwensCorning OC 83.49 -0.70 Weibo WB 58.85 -2.14 Stock Sym Close Chg FranklinRscs BEN 27.68 -0.40 LeviStrauss LEVI 21.97 0.11 StitchFix SFIX 78.85 -5.55 Twitter TWTR 71.79 -2.17 BankNY Mellon BK 42.90 0.15 s Comerica CMA 64.83 -1.08 OzonHoldings OZON 60.66 -4.43 WellsFargo WFC 36.59 1.80 s FreeportMcM FCX 34.15 1.25 LiAuto LI 29.74 -0.66 STMicroelec STM 41.75 -0.73 TylerTech TYL 469.04 -2.69 BkNovaScotia BNS 55.95 -0.19 s CommerceBcshrs CBSH 73.57 -0.64 PG&E PCG 11.71 -0.09 Welltower WELL 67.29 0.12 A B C FreseniusMed FMS 37.13 -0.01 LibertyBroadbandC LBRDK 151.21 0.82 s StoneCo STNE 94.09 0.28 TysonFoods TSN 67.22 1.55 Barclays BCS 8.54 -0.13 CiaSiderurgica SID 6.24 0.08 PNC Fin PNC 167.55 -2.36 WestFraserTimber WFG 70.70 -2.44 Futu FUTU 183.35 -7.65 LibertyBroadbandA LBRDA 147.83 0.18 Stryker SYK 246.57 -1.29 BarrickGold GOLD 20.83 -0.87 ConagraBrands CAG 33.97 0.07 UBS Group UBS 15.62 -0.24 WestPharmSvcs WST 293.99 -1.62 ABB ABB 29.37 -0.37 LibertyGlobal B LBTYB 26.25 0.18 POSCO PKX 61.27 -0.57 SumitomoMits SMFG 7.21 0.02 s BauschHealth BHC 32.03 0.71 ConocoPhillips COP 49.36 0.51 UDR UDR 42.30 -0.20 s WestAllianceBcp WAL 82.92 2.39 AECOM ACM 56.98 -0.72 G H I LibertyGlobal A LBTYA 26.17 -0.08 PPD PPD 36.90 -1.14 SunComms SUI 149.36 -0.33 BaxterIntl BAX 77.68 -0.12 ConEd ED 70.16 0.11 UGI UGI 40.25 0.16 WesternDigital WDC 67.30 0.64 AES AES 28.76 -0.15 LibertyGlobal C LBTYK 25.98 0.11 PPG Ind PPG 136.60 -0.75 SunLifeFinancial SLF 48.48 -0.14 BectonDicknsn BDX 256.82 -0.52 ConstBrands A STZ 228.46 -3.54 t UWM UWMC 8.86 -0.11 WesternUnion WU 23.87 -0.03 Aflac AFL 47.04 0.69 GDS Holdings GDS 114.56 1.09 LibertyFormOne C FWONK 45.46 0.22 PPL PPL 28.07 0.06 SuncorEnergy SU 19.05 0.26 BeiGene BGNE 357.51 -24.61 ConstBrands B STZ.B 230.05 -10.52 Uber UBER 60.81 0.29 WestlakeChem WLK 86.94 -1.11 AGCO AGCO 118.71 1.06 GFLEnvironmental GFL 29.09 0.53 LibertyFormOne A FWONA 40.56 -0.01 PRA HealthSci PRAH 126.90 0.32 SunRun RUN 74.20 -3.02 BentleySystems BSY 47.30 -1.24 ContextLogic WISH 24.15 -2.41 Ubiquiti UI 346.08 -3.03 s WestpacBanking WBK 18.21 0.83 AGNC Invt AGNC 16.31 -0.12 GSXTechedu GSX 104.83 -3.84 LibertyBraves A BATRA 28.64 -0.03 PTC PTC 144.19 -1.94 s Suzano SUZ 13.44 -0.10 Berkley WRB 67.88 -0.13 ContinentalRscs CLR 23.24 -1.05 UltaBeauty ULTA 324.55 -3.22 WestRock WRK 44.00 0.24 Ansys ANSS 393.90 -7.96 Gallagher AJG 117.66 -0.01 LibertyBraves C BATRK 27.96 0.04 Paccar PCAR 96.05 -1.08 SynchronyFin SYF 37.47 -0.43 BerkHathwy A BRK.A 3705001167.00 Cooper COO 384.65 -1.81 UltragenyxPharm RARE 143.11 -1.23 Weyerhaeuser WY 34.16 -0.73 ASETech ASX 8.57 -0.06 Gaming&Leisure GLPI 44.16 0.06 LibertySirius C LSXMK 42.65 -0.15 PacBiosciCA PACB 44.17 -2.20 SyneosHealth SYNH 78.14 -0.45 BerkHathwy B BRK.B 245.25 -0.03 Copart CPRT 117.99 -0.15 UnderArmour A UAA 22.40 ... WheatonPrecMet WPM 38.03 -1.14 ASML ASML 587.58 -15.56 Gap GPS 22.95 -0.32 LibertySirius A LSXMA 43.41 0.08 PackagingCpAm PKG 133.42 0.38 Synopsys SNPS 283.76 -6.91 BestBuy BBY 118.34 -2.41 Corning GLW 37.89 -0.71 UnderArmour C UA 18.67 0.05 Whirlpool WHR 193.97 -2.24 AT&T T 29.57 0.60 Garmin GRMN129.51 -2.97 LightspeedPos LSPD 70.85 -0.80 PagSeguroDig PAGS 61.00 -0.51 Sysco SYY 74.89 -1.50 BeyondMeat BYND 167.87 -5.17 Corteva CTVA 44.98 -0.30 Unilever UL 55.06 -0.68 Williams WMB 23.09 0.18 AbbottLabs ABT 127.24 -0.78 Gartner IT 178.24 -0.53 EliLilly LLY 206.46 0.70 PalantirTech PLTR 27.08 -0.76 Bilibili BILI 146.84 -2.00 CoStar CSGP910.75 10.38 UnionPacific UNP 211.23 -2.76 Williams-Sonoma WSM 124.34 -0.42 AbbVie ABBV 106.29 2.09 s Generac GNRC 355.32 4.79 LincolnNational LNC 54.52 0.36 PaloAltoNtwks PANW 395.42 2.18 T U V Bill.com BILL 176.03 -7.43 Costco COST 358.04 4.04 UnitedAirlines UAL 46.08 0.37 WillisTowers WLTW 229.89 1.78 AbCelleraBio ABCL 45.64 1.60 GeneralDynamics GD 164.49 1.17 Linde LIN 249.28 -0.86 ParkerHannifin PH 272.01 -4.21 Bio-Techne TECH 407.26 -3.74 CoupaSoftware COUP 359.75 2.23 TAL Education TAL 85.70 -1.81 UnitedMicro UMC 10.31 -0.38 Wipro WIT 6.49 -0.09 Abiomed ABMD 316.30 -6.48 GeneralElec GE 11.86 -0.11 LithiaMotors LAD 371.33 -2.05 Paychex PAYX 89.18 0.38 Bio-RadLab A BIO 655.72 6.10 Credicorp BAP 167.94 2.75 TC Energy TRP 44.55 ... UPS B UPS 161.00 -0.75 Wix.comWIX 302.16 22.70 Accenture ACN 258.78 1.73 GeneralMills GIS 56.81 0.52 LiveNationEnt LYV 84.86 -0.15 PaycomSoftware PAYC 391.75 1.76 Biogen BIIB 276.67 -2.65 CreditSuisse CS 14.17 -0.26 TE Connectivity TEL 129.71 -1.55 UnitedRentals URI 277.81 -10.27 Workday WDAY 271.05 -3.82 ActivisionBliz ATVI 102.35 -0.61 GeneralMotors GM 52.89 -0.57 LloydsBanking LYG 2.14 -0.03 Paylocity PCTY 197.29 -3.79 BioMarinPharm BMRN 85.80 0.86 Cree CREE 116.63 -2.20 Telus TU 20.73 -0.15 US Bancorp USB 49.30 0.65 WynnResorts WYNN 122.17 0.75 AdaptiveBiotech ADPT 62.12 -2.09 Genmab GMAB 40.87 -0.08 LockheedMartin LMT 337.00 1.97 PayPal PYPL 297.20 -7.59 BioNTech BNTX 113.56 -0.82 CrowdStrike CRWD 238.56 -3.86 TJX TJX 66.83 -0.67 UnitedHealth UNH 326.86 2.24 XP XP 50.25 0.32 Adobe ADBE 491.23 -10.41 Gentex GNTX 35.58 -0.08 Loews L 48.52 -0.25 Pearson PSO 10.53 -0.24 BlackKnight BKI 80.29 -1.84 CrownCastle CCI 163.13 1.17 T-MobileUS TMUS 121.30 -0.70 UnitySoftware U 121.50 -3.91 XPO Logistics XPO 119.00 -3.70 AdvanceAuto AAP 161.82 6.31 GenuineParts GPC 98.94 -2.98 LogitechIntl LOGI 115.11 -3.20 Pegasystems PEGA 141.74 -4.27 BlackRock BLK 721.39 -8.92 CrownHoldings CCK 98.99 -0.50 TRowePrice TROW 163.24 0.02 UnivDisplay OLED 239.75 -8.93 XcelEnergy XEL 60.90 0.39 AdvMicroDevices AMD 89.94 -1.52 GileadSciences GILD 65.10 0.30 Lowe's LOW 177.13 3.07 Peloton PTON 139.23 -6.65 Blackstone BX 69.88 -0.46 Cummins CMI 241.81 -2.67 TaiwanSemi TSM 136.27 -3.78 UniversalHealthB UHS 129.02 0.81 Xilinx XLNX 139.32 -3.26 Aegon AEG 4.63 -0.01 GSK GSK 35.92 0.27 LufaxHolding LU 16.71 -0.72 PembinaPipeline PBA 27.92 -0.04 Boeing BA 215.52 -1.66 CureVac CVAC 110.00 -3.00 TakeTwoSoftware TTWO 195.93 0.14 VEREIT VER 37.23 -0.15 XPeng XPEV 43.41 -1.60 AffirmHldgs AFRM 112.53 -6.62 GlobalPayments GPN 192.85 -3.85 lululemon LULU 337.52 -2.33 PennNational PENN 117.60 2.34 BookingHldgs BKNG 2233.77 49.61 CyrusOne CONE 70.59 -0.24 TakedaPharm TAK 17.53 -0.02 VF VFC 79.52 -1.36 Xylem XYL 98.19 -0.51 s AgilentTechs A 130.12 2.17 Globant GLOB 218.91 -4.92 LumenTech LUMN 11.77 -0.02 Pentair PNR 54.88 0.06 BoozAllen BAH 80.70 -0.53 Tapestry TPR 38.65 -0.41 VICI Prop VICI 27.31 0.13 Yandex YNDX 70.15 -2.62 AgnicoEagle AEM 61.66 -2.21 GlobeLife GL 94.68 0.90 LuminarTech LAZR 34.05 -1.48 Penumbra PEN 275.52 -2.08 BorgWarner BWA 44.57 0.79 D E F Target TGT 193.60 3.01 VailResorts MTN 296.32 -4.19 YatsenHolding YSG 22.65 -0.56 Agora API 98.62 -3.44 GoDaddy GDDY 83.06 -1.95 Lyft LYFT 58.11 -0.34 PepsiCo PEP 134.46 0.08 s BostonBeer SAM 1213.62 46.91 GoldFields GFI 8.69 -0.36 PerkinElmer PKI 144.42 -2.07 TataMotors TTM 22.36 0.15 Vale VALE 17.87 -0.16 YumBrands YUM 104.34 -1.26 AirProducts APD 260.01 -0.72 DISH Network DISH 32.50 0.24 LyondellBasell LYB 97.81 -0.18 BostonProps BXP 92.75 0.03 s GoldmanSachs GS 312.74 0.78 PetroChina PTR 35.57 0.47 TeckRscsB TECK 20.72 0.09 ValeroEnergy VLO 68.12 1.16 s YumChina YUMC 64.18 -0.17 Airbnb ABNB 201.96 -7.90 DTE Energy DTE 120.15 -0.45 BostonSci BSX 37.50 -0.43 GoodRx GDRX 55.00 -0.91 PetroleoBrasil PBR 10.92 0.22 TeladocHealth TDOC 287.86 -3.35 VarianMed VAR 176.18 0.03 ZTO Express ZTO 36.91 -0.51 AkamaiTech AKAM 101.95 3.07 DadaNexus DADA 43.93 -1.25 M N s BridgeBioPharma BBIO 64.72 -0.26 Graco GGG 69.84 -1.00 PetroleoBrasilA PBR.A 10.92 0.23 s TeledyneTech TDY 403.24 12.87 Vedanta VEDL 10.63 -0.02 ZaiLab ZLAB 176.80 -0.90 Albemarle ALB 157.47 -4.73 Danaher DHR 239.91 -2.36 BrightHorizons BFAM 179.74 -1.95 Grainger GWW 372.18 2.53 M&T Bank MTB 148.20 -0.47 Pfizer PFE 34.89 0.20 Teleflex TFX 403.30 -1.20 VeevaSystems VEEV 316.29 -1.80 ZebraTech ZBRA 479.58 -6.43 Alcon ALC 72.05 -2.05 DaqoNewEnergy DQ 112.51 -7.71 BristolMyers BMY 60.59 1.19 Grifols GRFS 16.66 0.07 MGMGrowthProp MGP 33.45 0.24 PhilipMorris PM 86.61 0.61 Ericsson ERIC 13.13 -0.24 Ventas VTR 50.64 0.31 Zendesk ZEN 153.43 -0.25 AlexandriaRlEst ARE 169.50 -1.10 Darden DRI 128.27 -0.66 BritishAmTob BTI 36.84 -1.84 GuardantHealth GH 168.61 -4.63 MGM Resorts MGM 34.96 -0.03 Phillips66 PSX 80.64 1.25 TelefonicaBras VIV 8.81 -0.28 VeriSign VRSN 199.11 0.96 Zillow CZ189.76 -10.14 AlexionPharm ALXN 157.02 0.33 DarlingIngred DAR 69.47 -0.74 Broadcom AVGO 482.48 -6.65 Guidewire GWRE 125.33 -2.32 MinisoGroup MNSO 33.39 0.34 Pinduoduo PDD 202.82 0.01 Telefonica TEF 4.60 -0.05 VeriskAnalytics VRSK 188.56 0.20 Zillow AZG193.55 -10.24 Alibaba BABA 270.83 0.13 Datadog DDOG 103.08 -4.48 BroadridgeFinl BR 147.43 1.19 HCA Healthcare HCA 176.44 2.44 MKS Instrum MKSI 164.55 -7.65 PinnacleWest PNW 77.15 1.13 TelekmIndonesia TLK 22.80 -0.34 Verizon VZ 56.99 2.84 ZimmerBiomet ZBH 158.58 -1.79 AlignTech ALGN 599.53 -14.68 DaVita DVA 103.11 -1.07 BrookfieldMgt BAM 43.97 0.28 HDFC Bank HDB 81.81 -1.26 MPLX MPLX 25.20 0.20 Pinterest PINS 86.30 -2.85 10xGenomics TXG 187.55 -4.88 VertxPharm VRTX 214.85 4.58 ZionsBancorp ZION 50.64 -0.32 Alleghany Y 608.99 7.43 DeckersOutdoor DECK 323.66 -0.15 BrookfieldInfr BIP 51.47 0.64 HP HPQ 26.28 -0.88 MSCI MSCI 439.32 -1.60 PioneerNatRscs PXD 136.20 0.04 Tenaris TS 17.89 -0.42 s ViacomCBS A VIACA 61.02 1.75 Zoetis ZTS 168.90 2.58 Allegion ALLE 109.30 -0.51 Deere DE 312.08 -5.01 BrookfieldPropREIT BPYU 18.61 0.03 HSBC HSBC 29.91 0.14 MagellanMid MMP 41.78 0.14 PlainsAllAmPipe PAA 8.62 -0.06 TencentMusic TME 26.64 -1.66 s ViacomCBS B VIAC 61.00 1.86 ZoomVideo ZM 429.42 -15.09 AlliantEnergy LNT 48.23 0.41 DellTechC DELL 79.26 -0.18 BrookfieldRenew BEPC 48.31 -0.23 Halliburton HAL 20.55 -0.05 MagnaIntl MGA 78.05 -0.40 Playtika PLTK 32.78 -0.95 Teradyne TER 139.30 -4.34 Viatris VTRS 18.52 0.18 ZoomInfoTech ZI 53.95 -1.82 Allstate ALL 104.86 1.65 DeltaAir DAL 44.39 -0.26 Brown&Brown BRO 44.25 -0.22 HartfordFinl HIG 50.10 1.30 ManhattanAssoc MANH 134.80 -1.34 PlugPower PLUG 56.23 -2.77 Tesla TSLA 798.15 1.93 Vipshop VIPS 34.50 0.93 Zscaler ZS 224.83 1.20 AllyFinancial ALLY 41.74 -0.85 DentsplySirona XRAY 52.69 -1.54 Brown-Forman A BF.A 70.42 -0.31 Hasbro HAS 90.88 1.45 ManulifeFin MFC 19.76 0.25 Pool POOL 330.17 -3.16 TevaPharm TEVA 11.30 -0.07 VirBiotech VIR 80.03 12.65 Zynga ZNGA 11.54 0.04 AlnylamPharm ALNY 156.53 2.72 DeutscheBank DB 11.27 -0.08 Brown-Forman B BF.B 75.98 -0.25 HealthcareAmer HTA 28.40 -0.10 MarathonPetrol MPC 51.89 0.43 PrincipalFin PFG 54.27 -0.22 Alphabet A GOOGL 2118.62 7.92 DevonEnergy DVN 21.73 0.86 Bruker BRKR 61.41 -2.07 HealthpeakProp PEAK 30.30 0.15 MaravaiLifeSci MRVI 35.99 -0.22 Procter&Gamble PG 128.46 0.54 Alphabet C GOOG 2128.31 6.41 DexCom DXCM 414.12 9.74 BuildersFirstSrc BLDR 41.22 -0.49 Heico HEI 128.34 0.98 Markel MKL 1093.90 11.89 Progressive PGR 86.25 1.12 AlticeUSA ATUS 34.05 0.19 Diageo DEO 169.25 -0.26 IPO Scorecard Bunge BG 78.00 -1.31 Heico A HEI.A 117.66 2.59 MarketAxess MKTX 535.71 -1.81 Prologis PLD 105.83 -0.75 Altria MO 43.60 0.19 DiamondbkEner FANG 68.84 -0.13 BurlingtonStrs BURL 264.79 1.49 HenrySchein HSIC 64.87 -5.71 Marriott MAR 131.34 0.94 PrudentialFin PRU 83.42 0.66 Performance of IPOs, most-recent listed first s AlumofChina ACH 10.29 0.60 DigitalRealty DLR 138.28 1.08 CBRE Group CBRE 69.72 -0.84 Hershey HSY 151.29 -0.09 Marsh&McLen MMC 117.68 3.18 Prudential PUK 38.81 0.08 Amazon.com AMZN 3308.64 39.69 DiscoverFinSvcs DFS 91.70 -3.76 % Chg From % Chg From s CDW CDW 157.86 1.93 Hess HES 61.82 0.07 MartinMarietta MLM 325.30 -0.35 PublicServiceEnt PEG 58.01 0.06 Ambev ABEV 2.87 -0.01 DiscoveryB DISCB 49.60 -0.40 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day CF Industries CF 45.06 -0.18 HewlettPackard HPE 14.00 -0.30 MarvellTech MRVL 50.40 -2.54 PublicStorage PSA 234.07 4.12 Amcor AMCR 11.30 0.05 DiscoveryA DISCA 49.36 2.01 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close CGI GIB 78.20 -0.15 HighwoodsProp HIW 40.04 -0.13 Masco MAS 54.22 0.74 PulteGroup PHM 46.17 -0.50 s Amdocs DOX 78.26 0.19 s DiscoveryC DISCK 41.62 1.12 CH Robinson CHRW 89.95 1.45 Hilton HLT 111.43 -2.18 Masimo MASI 267.38 -6.14 Qiagen QGEN 55.15 -0.06 ABG Acquisition SportsTek Acquisition Amedisys AMED 295.20 -2.84 Disney DIS 186.44 0.09 10.34 3.4 ... 10.30 3.0 ... CME Group CME 191.14 1.73 Hologic HOLX 82.50 -0.93 Mastercard MA 337.33 -3.88 Qorvo QRVO 174.61 -2.42 Amerco UHAL 504.23 -2.23 DocuSign DOCU 254.98 -9.71 ABGI Feb. 17/$10.00 SPTKU Feb. 17/$10.00 CMS Energy CMS 55.83 0.38 HomeDepot HD 280.92 5.53 MatchGroup MTCH 160.80 -4.06 Qualcomm QCOM 144.75 -2.41 Ameren AEE 73.30 0.64 DolbyLab DLB 94.50 -0.35 CNA Fin CNA 44.66 0.86 HondaMotor HMC 29.20 0.22 MaximIntProducts MXIM 95.63 -0.53 QuantaServices PWR 76.83 -0.78 FS Development II 10.79 7.9 ... Virpax Pharmaceuticals 6.53 –34.7 ... AmericaMovil A AMOV 13.90 -0.20 DollarGeneral DG 201.50 1.27 CNH Indl CNHI 14.46 -0.18 Honeywell HON 201.90 -1.54 McAfee MCFE 19.28 -0.31 QuantumScape QS 66.52 15.88 FSII Feb. 17/$10.00 VRPX Feb. 17/$10.00 AmericaMovil AMX 13.70 -0.09 DollarTree DLTR 108.32 0.67 CNOOC CEO 127.31 6.03 HorizonTherap HZNP 87.17 0.21 McCormick MKC 85.95 -0.98 QuestDiag DGX 121.85 -0.23 AmerAirlines AAL 17.99 0.17 DominionEner D 72.39 1.26 Moringa Acquisition 10.66 6.6 ... Bite Acquisition 10.26 2.6 0.4 CRH CRH 44.23 -0.65 HormelFoods HRL 46.96 -0.11 McCormickVtg MKC.V 85.67 -2.12 Quidel QDEL 217.79 -4.15 AEP AEP 78.49 0.30 Domino's DPZ 376.49 -1.43 CRISPR Therap CRSP 150.03 -5.29 DR Horton DHI 78.39 -0.57 McDonalds MCD 213.45 -1.58 MACAU Feb. 17/$10.00 BITE.UT Feb. 12/$10.00 AmerExpress AXP 128.56 -2.12 DoorDash DASH 197.87 -14.30 CSX CSX 89.99 -0.76 HostHotels HST 15.66 0.05 McKesson MCK 181.29 0.49 R S AmericanFin AFG 107.92 -0.25 Dover DOV 120.63 -1.02 New Vista Acquisition 10.61 6.1 ... Broadscale Acquisition 10.61 6.1 0.7 C3.ai AI 140.06 -7.11 HowmetAerospace HWM 28.64 0.26 MedicalProp MPW 21.90 -0.30 AmHomes4Rent AMH 31.58 -0.61 Dow DOW 58.54 -0.21 RELX RELX 25.61 -0.29 NVSAU Feb. 17/$10.00 SCLEU Feb. 12/$10.00 CVS Health CVS 72.71 2.18 HuanengPower HNP 13.25 0.08 Medtronic MDT 118.16 -1.52 AIG AIG 43.27 1.12 DrReddy'sLab RDY 62.65 -1.37 RH RH 483.69 -3.62 CableOne CABO 2104.09 50.04 Huazhu HTHT 57.89 -2.87 MelcoResorts MLCO 18.59 0.15 AmerTowerREIT AMT 226.31 1.33 DraftKings DKNG 58.86 -1.64 RLX Tech RLX 23.72 -0.25 Pathfinder Acquisition Catcha Investment CadenceDesign CDNS 141.78 -4.21 Hubbell HUBB 168.35 1.78 MercadoLibre MELI 1890.25 -49.62 10.54 5.4 ... 10.55 5.5 –0.8 AmerWaterWorks AWK 160.78 -0.79 Dropbox DBX 24.10 -0.39 RPM RPM 86.00 0.11 CaesarsEnt CZR 78.61 0.27 HubSpot HUBS 523.33 -4.31 Merck MRK 75.54 1.29 PFDRU Feb. 17/$10.00 CHAA.UT Feb. 12/$10.00 AmericoldRealty COLD 35.65 0.13 DukeEnergy DUK 89.20 0.82 RalphLauren RL 111.41 -0.36 CamdenProperty CPT 105.06 -1.34 Humana HUM 377.52 2.37 MetLife MET 55.41 -0.60 Ameriprise AMP 218.39 -1.80 DukeRealty DRE 41.22 -0.17 RaymondJames RJF 116.90 -0.58 CampbellSoup CPB 46.38 0.27 JBHunt JBHT 143.82 -2.50 MettlerToledo MTD 1166.46 -24.37 Sources: Dow Jones Market Data; FactSet AmerisourceBrgn ABC 105.31 1.94 Dun&Bradstreet DNB 23.86 0.10 RaytheonTech RTX 73.06 0.45 CIBC CM 89.82 ... s HuntingtonBcshs HBAN 14.97 -0.08 s MicrochipTech MCHP163.05 0.81 Ametek AME 120.21 -1.02 DuPont DD 69.99 -1.00 RealPage RP 87.00 0.08 CanNtlRlwy CNI 108.93 -1.20 IAC/InterActive IAC 263.29 2.40 MicronTech MU 86.05 -1.69 Amgen AMGN 235.61 2.77 Dynatrace DT 52.50 -0.47 RealtyIncome O 61.76 0.06 CanNaturalRes CNQ 27.73 0.12 ICICI Bank IBN 17.96 -0.16 Microsoft MSFT 244.20 1.06 Amphenol APH 133.97 -1.77 ENI E 22.20 0.13 Redfin RDFN 90.79 -0.62 CanPacRlwy CP 363.25 -2.27 IdexxLab IDXX 540.35 2.19 MicroStrategy MSTR 941.80 -13.20 AnalogDevices ADI 159.75 -0.74 EOG Rscs EOG 63.54 0.44 RegencyCtrs REG 53.21 0.98 Canon CAJ 22.53 0.05 IHS Markit INFO 93.15 0.05 MidAmApt MAA 137.72 -0.72 Dividend Changes Anaplan PLAN 83.47 -0.25 EPAM Systems EPAM 391.70 -2.78 RegenPharm REGN 481.68 0.97 CanopyGrowth CGC 40.46 -1.67 II-VI IIVI 90.31 -1.64 MiratiTherap MRTX 199.57 -2.37 AngloGoldAsh AU 21.51 -1.35 EastWestBncp EWBC 68.90 -0.25 s RegionsFin RF 20.02 -0.20 s CapitalOne COF 118.91 -0.89 s ING Groep ING 10.85 -0.01 MitsubishiUFJ MUFG 5.40 0.04 AB InBev BUD 64.33 -0.40 EastmanChem EMN 110.25 -0.07 RelianceSteel RS 125.43 -2.06 Dividend announcements from February 17. CardinalHealth CAH 51.72 -0.03 Invesco IVZ 22.58 -0.26 s MizuhoFin MFG 3.09 0.03 AnnalyCap NLY 8.36 -0.19 Carlyle CG Eaton ETN 125.03 0.03 Repligen RGEN 215.03 -6.60 36.55 -0.61 IPG Photonics IPGP 237.59 -18.90 MobileTeleSys MBT 8.68 -0.19 Anthem ANTM 290.25 0.63 EatonVance EV 71.87 -0.59 RepublicSvcs RSG 90.08 -0.30 Amount Payable / CarMax KMX 122.51 0.15 IQVIA IQV 188.93 -1.57 Moderna MRNA 176.76 -1.77 Aon AON 229.20 2.10 eBay EBAY 63.05 0.18 ResMed RMD 199.73 5.63 Company Symbol Yld %New/Old Frq Record Carnival CCL 23.20 0.73 IcahnEnterprises IEP 64.75 1.31 MohawkInds MHK 168.45 -2.66 ApolloGlbMgmt APO 51.95 0.43 Carnival CUK Ecolab ECL 208.79 -2.12 RestaurantBrands QSR 59.45 0.15 19.59 0.22 Icon ICLR 206.99 -2.32 MolinaHealthcare MOH 216.90 1.47 Appian APPN 216.64 -6.07 CarrierGlobal CARR 37.24 -0.17 Ecopetrol EC 12.55 -0.03 RingCentral RNG 420.38 -16.64 Increased IDEX IEX 193.50 -3.79 MolsonCoorsB TAP 45.38 0.88 Apple AAPL 130.84 -2.35 Carvana CVNA 295.61 -0.64 EdisonInt EIX 56.49 -0.49 s RioTinto RIO 87.54 -0.09 ARC Document Solutions ARC 3.2 .02 /.01 Q May31 /Apr30 IllinoisToolWks ITW 198.24 -0.79 Mondelez MDLZ 54.92 0.04 ApplMaterials AMAT 115.71 -2.64 Catalent CTLT 120.95 -1.83 EdwardsLife EW 85.07 -1.91 s RobertHalf RHI 76.50 1.74 Illumina ILMN 494.24 1.69 MongoDB MDB 410.80 2.59 Clearway Energy Cl A CWEN.A 3.9 .324 /.318 Q Mar15 /Mar01 Aptargroup ATR 143.21 -0.39 Caterpillar CAT 202.30 -0.08 ElancoAnimal ELAN 30.04 -0.35 RocketCos. RKT 20.05 -0.52 ImperialOil IMO 21.02 0.03 MonolithicPower MPWR 380.28 -7.68 Clearway Energy Cl C CWEN 3.7 .324 /.318 Q Mar15 /Mar01 Aptiv APTV 156.57 1.48 Celanese CE 132.42 1.30 Elastic ESTC 160.25 -5.26 Rockwell ROK 248.10 -1.62 Incyte INCY 83.77 1.64 MonsterBev MNST 92.16 -0.02 Crawford & Co A CRD.A 2.7 .06 /.05 Q Mar12 /Feb26 Aramark ARMK 37.05 0.08 Cemex CX 6.41 -0.10 ElectronicArts EA 145.83 0.05 RogersComm B RCI 44.55 -0.64 Infosys INFY 17.60 -0.15 Moody's MCO 280.55 0.20 ArcelorMittal MT 23.65 -0.31 CenovusEnergy CVE 6.94 ... EmersonElec EMR 84.87 -0.20 Roku ROKU 456.97 -12.73 Crawford & Co B CRD.B 2.7 .06 /.05 Q Mar12 /Feb26 IngersollRand IR 42.99 -0.58 MorganStanley MS 75.45 -0.60 ArchCapital ACGL 35.35 0.44 Centene CNC 58.61 0.42 Enbridge ENB 34.52 -0.24 Rollins ROL 36.60 -0.24 Cross Timbers Royalty Tr CRT 7.7 .0867 /.04927 M Mar12 /Feb26 Inphi IPHI 168.47 -4.52 Morningstar MORN 251.46 -1.15 ArcherDaniels ADM 55.92 -0.13 CenterPointEner CNP 21.53 0.15 EnelAmericas ENIA 7.89 0.03 RoperTech ROP 387.12 3.32 FLMN Insulet PODD 279.69 -2.53 Mosaic MOS 30.43 -0.22 Falcon Minerals 4.6 .075 /.065 Q Mar08 /Feb25 s AresMgmt ARES 53.10 0.39 CentraisElBras EBR 5.52 0.10 EnergyTransfer ET 6.89 -0.07 RossStores ROST 119.47 -0.46 Intel INTC 61.85 -0.62 MotorolaSol MSI 181.79 -1.56 Genuine Parts GPC 3.3 .815 /.79 Q Apr01 /Mar05 arGEN-X ARGX 370.65 -0.22 CeridianHCM CDAY 95.90 -1.47 EnphaseEnergy ENPH 189.34 -4.16 RoyalBkCanada RY 84.59 0.74 InteractiveBrkrs IBKR 74.24 -0.41 NICE NICE 272.66 -0.15 Jack Henry & Associates JKHY 1.2 .46 /.43 Q Mar25 /Mar08 AristaNetworks ANET 312.21 -6.45 Cerner CERN 72.49 -0.26 Entegris ENTG 103.17 -4.08 NIO NIO 57.32 -1.91 RoyalCaribbean RCL 75.11 0.91 ICE ICE 112.78 0.36 PBT ArrowheadPharm ARWR 86.70 -0.70 s CharlesRiverLabs CRL 299.48 12.74 Entergy ETR 93.19 -0.56 RoyalDutchA RDS.A 40.56 0.41 Permian Basin Royalty Tr 4.0 .0165 /.01145 M Mar12 /Feb26 InterContinentl IHG 69.61 -1.55 NRG Energy NRG 39.77 -0.82 AscendisPharma ASND 168.19 7.54 CharterComms CHTR 624.12 5.65 EnterpriseProd EPD 21.94 0.02 RoyalDutchB RDS.B 38.45 0.36 PermRock Royalty Trust PRT 2.5 .0237 /.01593 M Mar12 /Feb26 IBM IBM 119.97 -0.10 NVR NVR 4704.40 54.40 AspenTech AZPN 156.14 -1.10 CheckPoint CHKP 116.92 -0.88 Equifax EFX 176.59 1.76 RoyaltyPharma RPRX 47.38 -0.13 PEG Q IntlFlavors IFF 137.67 0.78 NXP Semi NXPI 189.69 -5.74 Public Service Enterprise 3.5 .51 /.49 Mar31 /Mar09 AstraZeneca AZN 51.45 0.56 Equinix EQIX 694.43 6.34 Ryanair RYAAY 105.32 -1.42 Chegg CHGG 103.46 -8.54 IntlPaper IP 48.50 -0.18 Nasdaq NDAQ 144.69 0.70 Vulcan Materials VMC 0.9 .37 /.34 Q Mar15 /Mar01 Athene ATH 45.30 -0.57 Equinor EQNR 18.35 -0.03 SAP SAP 126.31 -4.45 CheniereEnergy LNG 69.29 0.69 Interpublic IPG 25.16 0.29 Natera NTRA 114.84 -5.02 Atlassian TEAM 250.53 1.58 s Equitable EQH 27.87 -0.12 S&P Global SPGI 338.93 0.60 CheniereEnerPtrs CQP 40.79 0.44 Intuit INTU 415.81 -6.45 NationalGrid NGG 60.29 1.16 Reduced AtmosEnergy ATO 92.43 1.30 EquityLife ELS 62.14 -0.36 SBA Comm SBAC 259.56 0.06 Chevron CVX 95.92 2.79 IntuitiveSurgical ISRG 780.06 -11.89 Natura&Co NTCO 19.48 -0.37 GMAC Capital Tr Ser2 ALLYpA 6.2 .3739 /.38372 Q May17 /May14 Autodesk ADSK 302.52 -5.70 EquityResdntl EQR 66.86 -0.32 SEI Investments SEIC 57.80 -0.15 Chewy CHWY 110.49 -4.25 Invitae NVTA 47.86 -1.21 NatWest NWG 4.92 -0.13 Autohome ATHM 137.00 -0.92 ErieIndemnity A ERIE 256.64 0.41 SK Telecom SKM 25.45 0.15 San Juan Basin Royalty Tr SJT 4.8 .0547 /.0586 M Mar12 /Feb26 ChinaEastrnAir CEA 22.50 0.28 InvitatHomes INVH 30.35 -0.57 NetApp NTAP 68.24 -0.61 Autoliv ALV 91.67 -2.18 EssentialUtil WTRG 45.39 -0.61 SS&C Tech SSNC 65.99 0.59 ChinaLifeIns LFC 11.01 0.19 iQIYI IQ 24.98 -0.13 NetEase NTES 126.90 -0.08 ADP ADP 167.13 0.97 s EssexProp ESS 266.77 -1.37 StoreCapital STOR 32.76 -0.51 Initial ChinaPetrol SNP 55.57 3.09 IronMountain IRM 32.74 -0.23 Netflix NFLX 551.34 -5.94 AutoZone AZO 1192.97 19.65 EsteeLauder EL 289.59 -6.15 s SVB Fin SIVB 530.12 4.97 Brighthouse Finl Pfd. C BHFAN 5.3 .4666 Mar25 /Mar10 ChinaSoAirlines ZNH 32.28 0.05 ItauUnibanco ITUB 5.23 0.05 Neurocrine NBIX 115.29 2.88 Avalara AVLR 171.21 2.58 Chipotle CMG 1459.50 -24.50 Etsy ETSY 222.41 -5.91 NewFortressEner NFE 54.27 -1.33 Salesforce.com CRM 247.66 -0.93 Avalonbay AVB 179.00 0.44 s Chubb CB 166.38 1.82 EverestRe RE 242.72 2.28 J K L NewOrientalEduc EDU 195.38 -1.41 Sanofi SNY 47.61 0.16 Stocks Avangrid AGR 46.45 0.31 ChunghwaTel CHT 39.05 -0.18 Evergy EVRG 54.80 0.38 NYTimes A NYT 49.68 0.69 Sasol SSL 13.55 -0.49 Amplitech Group AMPG 1:20 /Feb17 Avantor AVTR 29.63 -0.17 EversourceEner ES 82.34 -1.55 s Church&Dwight CHD 82.76 1.09 JD.com JD 106.88 3.45 NewellBrands NWL 24.08 0.29 Schlumberger SLB 26.87 0.06 Gaucho Group Holdings VINO 1:15 /Feb17 AveryDennison AVY 175.48 -3.63 ChurchillDowns CHDN 214.18 -2.12 ExactSciences EXAS 140.99 -13.29 Joyy YY 140.84 -6.96 Newmont NEM 56.99 -0.81 SchwabC SCHW 61.30 0.35 GreenBox POS GBOX 1:6 /Feb17 AxonEnterprise AXON 178.38 2.45 Ciena CIEN 55.21 -0.41 Exelon EXC 42.17 0.19 s JPMorganChase JPM 145.10 0.45 s NewsCorp B NWS 22.90 -0.30 ScottsMiracleGro SMG 238.85 -5.31 BCE BCE 44.02 0.29 Cigna CI 208.02 4.75 eXpWorld EXPI 72.91 -7.03 JackHenry JKHY 148.88 2.64 s NewsCorp A NWSA 23.18 -0.61 Sea SE 268.22 -9.92 Foreign BHP Group BHP 75.57 0.09 CincinnatiFin CINF 93.80 2.98 s Expedia EXPE 154.04 6.20 JacobsEngg J 112.81 -0.42 NextEraEnergy NEE 80.68 -0.51 Seagate STX 71.41 0.41 s BHP Group BBL 62.42 -0.18 Cintas CTAS 339.11 -5.99 ExpeditorsIntl EXPD 94.42 0.97 s JamesHardie JHX 31.92 -0.14 NielsenHoldings NLSN 23.34 -0.07 Seagen SGEN 158.83 -0.51 Ardagh Group Cl A ARD 3.0 .15 Q Apr01 /Mar18 BP BP 23.58 0.40 CiscoSystems CSCO 46.25 -0.26 ExtraSpaceSt EXR 117.78 0.59 JazzPharma JAZZ 164.28 -2.21 Nike NKE 143.99 2.28 SempraEnergy SRE 124.61 -0.07 Argo Group Intl Pfd A ARGOpA 6.6 .4375 Q Mar15 /Feb28 Baidu BIDU 308.68 -17.52 Citigroup C 64.76 0.64 ExxonMobil XOM 52.85 0.81 J&J JNJ 165.66 0.59 Nikola NKLA 21.72 -0.22 SensataTechs ST 58.57 -0.46 Enerplus ERF 2.1 .0079 M Mar15 /Feb26 BakerHughes BKR 23.55 0.32 s s ServiceCorp SCI 49.11 -1.63 CitizensFin CFG 41.83 -0.20 F5Networks FFIV 204.14 -4.21 JohnsonControls JCI 55.20 2.20 NiSource NI 22.67 0.29 Global Indemnity GBLI 0.8 .25 Q Mar31 /Mar22 Ball BLL 89.86 -0.32 CitrixSystems CTXS 134.08 -2.61 FMC FMC 106.75 -1.97 KB Fin KB 40.63 0.26 Nokia NOK 4.11 -0.02 ServiceNow NOW 580.94 -4.80 HIHO Q BallardPower BLDP 32.10 -1.65 Clarivate CLVT 30.04 -0.13 Facebook FB 273.57 -0.40 KE Holdings BEKE 66.67 -1.33 NomuraHoldings NMR 6.20 ... ShawComm B SJR 17.70 -0.17 Highway Holdings 4.3 .02 Apr08 /Mar01 BancoBilbaoViz BBVA 5.38 -0.06 Cleveland-Cliffs CLF 17.43 0.57 FactSet FDS 315.04 2.44 KKR KKR 47.55 -0.40 Nordson NDSN 183.76 -2.48 SherwinWilliams SHW 721.40 13.98 Triton International TRTN 4.3 .57 Q Mar26 /Mar12 BancoBradesco BBDO 4.21 0.01 Clorox CLX 187.76 4.41 FairIsaac FICO 469.24 3.11 KLA KLAC 330.30 -6.88 NorfolkSouthern NSC 253.03 -3.37 ShinhanFin SHG 29.76 0.18 Triton Intl Pfd. A TRTNpA 7.8 .53125 Q Mar15 /Mar08 BancodeChile BCH 22.97 -0.14 Cloudflare NET 84.40 2.33 Farfetch FTCH 67.99 -1.76 KSCitySouthern KSU 209.85 -1.29 NorthernTrust NTRS 97.46 -1.46 Shopify SHOP1425.00 -49.00 Triton Intl Pfd. B TRTNpB 7.5 .50 Q Mar15 /Mar08 BancSanBrasil BSBR 7.58 0.01 Coca-Cola KO 50.13 -0.14 Fastenal FAST 46.95 0.32 Kellogg K 58.03 1.17 NorthropGrum NOC 297.18 6.30 Sibanye-Stillwater SBSW 18.88 0.03 Triton Intl Pfd. D TRTNpD 6.6 .42969 Q Mar15 /Mar08 s BcoSantChile BSAC 23.99 0.03 Coca-Cola Euro CCEP 53.43 1.15 Fastly FSLY 94.85 -2.65 KeurigDrPepper KDP 31.66 0.24 NortonLifeLock NLOK 21.15 -0.24 SignatureBank SBNY 214.92 -0.10 Triton Intl Pfd. Series C TRTNpC 7.0 .46094 Q Mar15 /Mar08 BancoSantander SAN 3.52 -0.04 Cognex CGNX 87.14 -3.36 FateTherap FATE 103.22 1.78 KeyCorp KEY 19.72 -0.07 Novartis NVS 90.09 -1.37 SimonProperty SPG 108.23 -1.75 BanColombia CIB 35.88 -0.02 CognizantTech CTSH 76.43 0.56 FedEx FDX 259.09 -2.74 KeysightTechs KEYS 149.06 -2.01 Novavax NVAX 273.98 11.28 SiriusXM SIRI 6.01 0.02 BankofAmerica BAC 34.41 0.14 ColgatePalm CL 78.44 0.25 Ferrari RACE 199.93 -2.04 KimberlyClark KMB 130.77 0.53 NovoNordisk NVO 75.57 0.51 Skyworks SWKS 192.09 -2.05 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: BankofMontreal BMO 78.28 0.79 Comcast A CMCSA 52.99 0.15 FidNatlFin FNF 39.54 0.02 KinderMorgan KMI 15.13 0.09 Novocure NVCR 180.89 -4.42 SlackTech WORK 43.46 -0.82 spin-off.

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CascadeAcqn CAS.U 11.27 ... CuentasWt CUENW 1.61 -5.8 FS Devt II FSII 11.12 7.9 GoresVI Wt GHVIW 6.30 11.1 JuniperIndlA JIH 14.20 5.2 MedTechAcqnWt MTACW 13.39 2.6 OneStopSystems OSS 8.27 -1.4 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE CascadeAcqnA CAS 10.45 -0.4 Cullen/Frost CFR 103.72 -1.6 Farmmi FAMI 2.47 12.2 GoresVI GHVIU 21.95 13.5 KT KT 11.93 -1.0 MedTechAcquisition MTACU 11.49 0.8 OntoInnovation ONTO 65.85 0.2 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low CascadeAcqnWt CAS.WS 1.85 1.7 CullinanMgmt CGEM 46.55 3.5 FifthThirdBncp FITB 33.92 0.2 GreatAjaxNts24 AJXA 25.09 0.4 Kforce KFRC 48.21 2.6 MercurityFintech MFH 13.14 28.8 Oshkosh OSK 101.08 0.1 in the latest session. %CHG-Daily percentage change from the previous trading session. CelldexTherap CLDX 26.07 1.4 CuriosityStream CURI 22.99 15.8 FinTechAcqnV FTCVU 12.00 0.8 GreenproCap GRNQ 4.15 45.1 KingswoodAcqn KWAC.U 10.99 2.5 MesaAir MESA 12.35 11.3 Ovintiv OVV 22.97 1.0 CentennialRsc CDEV 3.92 -3.3 CuriosityStrmWt CURIW 11.27 36.5 FinTechAcqnV A FTCV 11.49 -1.2 Guess GES 25.85 1.2 KornitDigital KRNT 120.97 19.9 MetaFinancial CASH 44.38 1.7 OxfordLanePfd2024 OXLCM 25.60 1.0 CerberusTele CTAC.U 12.48 -0.8 DMC Global BOOM 66.42 10.1 FinVolution FINV 8.16 -1.7 H.I.G.AcqnWt HIGA.WS 2.00 1.1 KraftHeinz KHC 37.14 4.7 MetroMileWt MILEW 6.85 3.1 PacificPremBncp PPBI 38.72 -0.6 Wednesday, February 17, 2021 ChardanHlthcr2 CHAQ.U 12.50 1.6 Danaos DAC 40.80 0.3 FirstBancorpNC FBNC 38.77 1.1 HarborOneBncp HONE 11.78 -0.9 KrystalBiotech KRYS 76.83 3.4 MetroMile MILE 20.39 1.2 PathfinderAcqn PFDRU 10.60 5.4 52-Wk % 52-Wk % 52-Wk % CharlesRiverLabs CRL 303.79 4.4 DataIO DAIO 5.98 -0.3 FirstBanCorp FBP 10.65 1.0 HealthAssurance HAACU 16.16 4.0 Kulicke&Soffa KLIC 52.55 2.2 MicrochipTech MCHP 166.67 0.5 PAVmed PAVM 5.05 12.5 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Chimerix CMRX 11.57 4.4 DelekLogistics DKL 41.99 1.7 FiveBelow FIVE 198.10 0.5 HealthAssuranceA HAAC 15.20 2.6 LG Display LPL 11.22 -0.1 Mind CTI MNDO 3.23 ... PAVmedWtZ PAVMZ 3.30 17.4 ChinaBiologic CBPO 120.01 0.2 Denbury DEN 39.17 2.2 5:01Acquisition FVAM 11.07 1.4 HighwayHldgs HIHO 5.82 19.6 LIVCapAcqnUn LIVKU 11.35 1.8 MizuhoFin MFG 3.10 1.0 PeriphasCapA PCPC 26.49 2.4 AppliedGenetic AGTC 9.67 1.5 BostonBeer SAM 1236.57 4.0 ChinaPetrol SNP 55.79 5.9 DenisonMines DNN 1.81 1.3 Forterra FRTA 21.99 0.5 HiltonGrandVac HGV 37.59 3.3 LabCpAm LH 252.45 2.8 MohawkGroup MWK 48.99 0.3 PermianBasin PBT 4.30 ... Highs AppliedMolecular AMTI 57.37 7.1 BostonOmaha BOMN 46.62 9.3 ChromaDex CDXC 6.99 3.9 DiffusionPharm DFFN 1.85 -12.4 Fortinet FTNT 166.49 0.8 HomeStreet HMST 42.47 0.3 LaredoPetrol LPI 39.42 0.7 MoneyGram MGI 11.70 21.3 PershingSquWt PSTH.WS 17.80 1.9 MoringaAcqn 10.84 6.6 AquaMetals AQMS 8.06 13.7 BrilliantAcqnWt BRLIW 1.10 15.8 Chubb CB 166.85 1.1 DiscoveryC DISCK 41.81 2.8 FreeportMcM FCX 34.58 3.8 HorizonTechFin HRZN 14.88 1.7 Lazydays LAZY 24.40 -1.6 MACAU PinnacleFinPtrs PNFP 79.55 1.0 ABG Acqn I ABGI 10.50 3.4 NOW DNOW 11.19 -3.5 AresMgmt ARES 53.35 0.7 BurgundyTechWt BTAQW 2.48 1.7 ChurchillCapIV CCIV.U 66.81 9.9 Dogness DOGZ 4.85 29.1 FriedmanInds FRD 7.77 -2.3 Hovnanian HOV 60.32 5.5 LegatoMerger LEGOU 10.75 0.1 PintecTech PT 2.99 10.8 ACI Worldwide ACIW 43.23 4.2 NV5Global NVEE 104.19 -1.5 ArtWayMfg ARTW 5.48 7.0 ButterflyNtwk BFLY 27.15 16.9 ChurchillCapIVWt CCIV.WS 37.75 13.9 EQT EQT 19.69 7.3 GoAcqnWt GOAC.WS 1.97 9.5 HuntingtonBcshs HBAN 15.18 -0.5 LexinFintech LX 14.50 -9.4 Popular BPOP 64.43 1.6 Advaxis ADXS 1.57 24.8 NationalFuelGas NFG 46.83 2.8 Atlanticus ATLC 31.30 4.6 ButterflyNtwkWt BFLY.WS 14.40 52.2 ChurchillCapIV CCIV 59.50 6.7 EXFO EXFO 4.26 7.6 GSE Systems GVP 2.80 11.7 Hydrofarm HYFM 95.48 -4.5 LightInTheBox LITB 5.69 9.3 PowerbridgeTech PBTS 9.65 62.3 AgilentTechs A 136.98 1.7 NaturalHlthTrends NHTC 8.75 -0.2 AtlasCrestInvt ACIC.U 18.02 15.4 CAI Intl CAI 43.00 9.3 ChurchillCapVI CCVI.U 12.14 2.2 EagleBancorp EGBN 48.22 -0.3 G Willi-Food WILC 25.34 2.1 ING Groep ING 11.02 -0.1 LineageCell LCTX 3.13 0.6 PriorityIncmPfdC PRIFpC 25.58 -1.2 AirNetTech 6.94 30.5 NaturalResPtrs NRP 19.09 -1.5 ANTE AtlasCrestInvtWt ACIC.WS 4.90 28.7 CBRE Acqn CBAH.U 11.33 0.6 ChurchillCapVII 11.09 -0.2 EdtechX II 10.72 0.1 GabelliEqPfdG 26.15 -0.4 ION Acqn 2 11.48 0.7 LionGroupWt 0.72 6.7 PriorityTechn PRTH 8.50 3.8 CVII.U EDTXU GABpG IACB.U LGHLW NaviosMariPfdH NMpH 12.30 7.9 Akumin AKU 4.10 10.8 AtlasCrestInvt ACIC 16.50 13.9 CCNeubergerII PRPB 11.37 -0.4 ProcessaPharm PCSA 11.50 33.2 CitiTrends CTRN 68.92 0.8 EdtechX II A EDTX 10.40 0.3 Gaming&Hosp GHACU 10.65 1.4 ImageSensingSys ISNS 6.16 11.9 LouisianaPacific LPX 45.95 3.4 NektarTherap NKTR 26.75 13.4 AllegiantTravel ALGT 223.98 3.8 AvanosMedical AVNS 53.40 3.3 CDW CDW 158.58 1.2 Prothena PRTA 24.57 4.3 CitizensFin CFG 42.56 -0.5 Eltek ELTK 8.12 13.9 GatesIndustrial GTES 16.77 0.4 InsteelInds IIIN 29.88 ... LuciraHealth LHDX 37.99 7.9 Nesco NSCO 8.96 7.2 AlphaHlthcrA AHAC 14.10 20.9 AviatNetworks AVNW 69.98 -1.4 CF Bankshares CFBK 19.40 0.3 ClevelandBioLabs CBLI 9.67 12.3 eMagin EMAN 5.24 -1.7 Generac GNRC 361.00 1.4 IntegraLifeSci IART 71.34 2.4 LuxHlthTech LUXAU 14.49 1.2 NewVistaAcqn NVSAU 10.70 6.1 QuantumScapeWt QS.WS 55.49 36.7 AlphaHlthcrWt AHACW 4.51 128.0 BCB Bancorp 13.50 -0.2 CITICCapAcqnA 12.21 2.2 BCBP CCAC CoastalFinl CCB 24.35 ... EmbotellAndinaA AKO.A 15.04 0.9 GermanAmerBncp GABC 36.78 ... inTEST INTT 9.20 -0.7 LuxHlthTechAcqn LUXA 13.27 1.2 NewsCorp A NWSA 24.22 -2.6 RENN Fund RCG 2.38 3.0 AlphaHlthcrAcqnUn AHACU 16.52 25.8 BHP Group BBL 63.25 -0.3 CLPS CLPS 19.78 121.2 CodeChainNew CCNC 11.62 11.4 EncoreWire WIRE 68.99 4.3 GigCapital3Wt GIK.WS 5.00 19.8 Intricon IIN 22.73 2.8 MGP Ingredients MGPI 70.49 3.9 NewsCorp B NWS 24.11 -1.3 Radcom RDCM 12.65 -5.1 AltitudeAcqn ALTUU 11.97 0.9 BcoSantChile BSAC 24.26 0.1 CONSOL Energy CEIX 11.54 2.6 Comerica CMA 66.75 -1.6 EndoIntl ENDP 10.26 7.5 GladstoneLand LAND 19.06 2.2 JD.com JD 108.29 3.3 MP Matls Wt MP.WS 30.65 3.9 Nxt-ID NXTD 3.44 75.4 Rafael RFL 36.38 5.2 AlumofChina ACH 10.40 6.2 BankUnited BKU 40.76 0.4 CaliforniaRscs CRC 28.10 0.6 CommerceBcshrs CBSH 74.68 -0.9 Entercom ETM 6.10 -0.8 GladstonePfdB LANDO 25.76 0.3 JMP JMP 4.98 3.6 MP Materials MP 44.00 1.3 ONE GroupHosp STKS 4.75 9.2 RamacoRscs METC 4.72 3.0 Amdocs DOX 78.50 0.2 BattalionOil BATL 13.01 8.8 Cameco CCJ 17.18 -1.1 ComstockMining LODE 9.85 157.3 Equitable EQH 28.32 -0.4 GlobalCordBlood CO 4.66 -4.8 JMPGroup6.875%SrNt JMPNZ 24.58 0.9 MSA Safety MSA 172.84 -1.0 OasisPetrol OAS 54.08 4.5 RangeResources RRC 11.60 4.8 AmerCarMart CRMT 142.25 2.1 BauschHealth BHC 32.50 2.3 Canaan CAN 22.25 4.4 ConcordAcqn CND.U 11.19 2.0 EucratesBio EUCRU 11.13 1.2 GlobisAcqn GLAQ 10.32 0.1 JPMorganChase JPM 145.38 0.3 MammothEnergy TUSK 7.02 32.2 OccidentalPetrolWt OXY.WS 12.70 2.2 ReadyCapNts2026 RCC 25.85 1.2 AmerisBancorp ABCB 47.36 0.2 BioanalyticalSys BASI 17.48 1.8 CapitalOne COF 120.98 -0.7 ConcretePumping BBCP 6.97 1.7 EuroTech CLWT 7.56 -8.6 GoldenOcean GOGL 7.03 -3.0 JamesHardie JHX 32.49 -0.4 Manitex MNTX 8.43 10.8 OncolyticsBio ONCY 4.70 18.3 RegionsFin RF 20.47 -1.0 Andersons ANDE 29.29 3.3 BioAtla BCAB 58.19 5.7 CapitalSouthwest CSWC 21.66 1.9 Crawford B CRD.B 9.12 0.4 Expedia EXPE 155.53 4.2 GoldmanSachs GS 314.98 0.3 JohnsonControls JCI 55.33 4.2 MarathonPatent MARA 49.41 10.0 OnconovaTherap ONTX 1.87 23.8 RegulusTherap RGLS 1.97 -6.7 AngionBiomed ANGN 21.58 8.1 BlueknightEner BKEP 2.45 0.4 CarLotzWt LOTZW 3.11 17.8 CrownPropTech CPTK.U 10.50 0.2 FB Financial FBK 39.67 0.7 GoresVI A GHVI 20.80 14.2 JuniperIndustrial JIH.U 15.78 5.6 MedallionFin MFIN 7.47 7.7 OncternalTherap ONCT 8.65 0.6 Continued on Page B10

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fidelity LowP r 52.31 -0.14 7.6 JPMorgan I Class Income NA ... NA ExtndAdml 140.44 -1.25 12.6 VANGUARD FDS IdxIntl 20.68 -0.09 6.6 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. 500IdxInstPrem136.52 -0.02 4.9 Magin 13.39 -0.04 2.6 CoreBond 12.12 +0.02 NA PIMCO Funds Instl GNMAAdml 10.72 +0.02 -0.1 DivdGro 33.15 +0.04 -0.3 MdCpGrAdml 97.66 -0.83 7.0 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese Contrafund K6 19.83 -0.06 5.0 NASDAQ r 175.39 -0.98 8.4 EqInc 20.39 +0.02 NA IncomeFd NA ... NA GrwthAdml 137.38 -0.55 5.3 INSTTRF2020 26.90 -0.01 2.5 SmValAdml 67.67 -0.28 10.8 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, ExtMktIdxInstPre 93.92 -0.83 12.5 OTC 19.06 -0.11 8.8 JPMorgan R Class Price Funds HlthCareAdml r 93.01 -0.01 2.3 INSTTRF2025 28.31 -0.03 3.1 TotBd2 11.25 +0.02 -1.6 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r FidSerToMarket 13.71 -0.03 6.2 Puritn 27.32 -0.07 5.0 CoreBond 12.14 +0.02 NA BlChip 175.52 -0.56 6.0 HYCorAdml r 6.00 ... 0.9 INSTTRF2030 29.17 -0.04 3.7 TotIntlInstIdx r138.36 -0.60 6.6 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not IntlIdxInstPrem 47.56 -0.36 4.3 SrsEmrgMkt 28.25 -0.03 13.2 Lord Abbett A DivGro 61.36 +0.04 2.2 InfProAd 28.24 -0.01 -0.3 INSTTRF2035 29.97 -0.05 4.3 TotItlInstPlId r138.39 -0.60 6.6 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; MidCpInxInstPrem 29.07 -0.14 7.6 SrsGlobal 15.31 -0.08 6.8 ShtDurIncmA p 4.22 ... 0.6 EqInc 33.33 +0.04 6.7 IntlGrAdml 178.87 -2.35 11.6 INSTTRF2040 30.79 -0.06 4.9 TotSt 100.59 -0.17 6.2 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. 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B10 | Thursday, February 18, 2021 THE WALL STREET JOURNAL. BANKING & FINANCE Niche Cryptocurrency Draws Big Buyer

A single holder of cent, even as bitcoin prices anyserious blockchain analyt- Dogecoin’s price 8 cents coin, the major holder’s ad- GameStopand other stocks, had surgedtonearly $30,000. ics on doge,” said Chris dress is unlikely to belong to Robinhood MarketsInc.—don’t dogecoin appears to Thingschanged this year. Bendiksen,head of research at Mr. Musk, said Elias Ahonen, allow buyers of dogecoin and 7 Elon Musk tweets have accumulated a Dogecoin surgedinpopularity London-based asset manage- faux ‘DOGUE’ author of “Blockland.” Anyone other cryptocurrencies to afterbusinessand pop-culture ment firm CoinShares.“Ican’t magazine cover cansend dogecoin to apub- transfer them to their own $2.1 billion stake icons including Tesla’sChief even believewe’rehaving this 6 licly listed address, which wallet addresses.They let ExecutiveOfficer Elon Musk, conversation.” could explain the amounts traders buy or sell only in the BY CAITLIN OSTROFF rapper Soulja Boyand “Mal- Researchintocryptocur- 5 linked to Mr.Musk’sbirthday. addresses that the brokerage colm in the Middle” star rencytransactions has ramped Bloated addresses among uses. The dogecoin market has a Frankie Muniz began promot- up in recent years. But the fo- 4 cryptocurrencies arecommon. Ahigh concentration of a pack leader. ing it online.Itisn’t clear cus has been on bitcoin, which As of January, about 22%of cryptocurrency being held by Records show that aper- what caught their attention. crossed $50,000 forthe first 3 bitcoin belonged to minersand oneperson, or afew people, son, or entity,owns about 28% Dogecoin’spricehas climbed time Tuesdayand rose to a exchanges,according to an isn’tcause forconcern, Mr. of all of the cryptocurrencyin over 900% this year to 5cents market cap of $940 billion. 2 analysisbyblockchain re- Bendiksen said. circulation—a stakeworth apiece, according to CoinDesk. What is knownisthat asin- searcher Glassnode.Aminer Unlikebitcoin, which caps about $2.1 billion at current That makes themarket worth gle address—the unique iden- 1 runs software to verifytrans- the number of tokens that can prices.The holder’s identity about $6.9 billion, and putsits tifier of a cryptocurrency ac- actions in the cryptocurrency be generated to 21 million, isn’t known, which is common largest owner’s holdingsat count that letsother people 0 world, and solves mathematical dogecoin has no such limits. in the opaque world of digital roughly $2.1 billion. find the account on the net- problems to unlock morenewly That meansmoreofthe digital currencies. Likebitcoin, dogecoin is cre- work—holds about 36.8 billion Jan.2021Feb. minted digital currencies. currencycan be produced even It is hardtotell what to ated by aprocess known as dogecoin, according to the Note:Values areclosing prices. Exchanges that allow indi- if one buyer tried to corner make of this giant position in mining: people solvecomplex websiteBitinfocharts. That ad- Source:CoinDesk vidual investorstobuy and much of the existing market. what has long been asmall mathematical puzzles using dress has held dogecoin since sell cryptocurrencies have of- Still, whoever he or she is, and niche corner of the cryp- computerstounlock newcoins. February 2019. Sunday posted atweet that tenused asingle addressto the single holder could shake tocurrency world. It is nearly impossible to Theaddressalso offersan appeared to encourage major storeclients’ assetsoffline, up the dogecoin market by Dogecoin wascreated in identifythe holder due to the intriguing “Easter egg” for dogecoin holders to sell most called a“cold” wallet. Awallet drastically cutting holdings, 2013 as a satirical homage to anonymity offered by crypto- people trying to decipher the of theircoins,after weeks of is a piece of software to hold potentially leading to aprecip- bitcoin. Itsdeveloperswere currencies.The account could identity of the owner: the ac- stoking online interest in the cryptocurrency balances. For itous drop in its price. riffing off the meme of aShiba belong to an exchange on count has on several occasions cryptocurrency. bitcoin, agiven exchange “I would be very nervous Inu dog with bad spelling which dogecoin is traded, or to received 28.061971 dogecoins. “Too much concentration is might deal with transactions aboutthe newcomerswho habits. It wasn’t designed to the individuals and groups Mr.Musk’sbirthdayisonJune the only real issue,” Mr.Musk from around 130 million users, don’t understand howvolatile be used as aform of payment, whorun the software that 28, 1971. wrote. “I will literally pay ac- manyofwhom areretail trad- theseassetscan be,” said Gar- or as anything except ajoke. keep the digital currency’snet- Tesla and Mr.Musk didn’t tual $ifthey just void their ers. rick Hileman,head of research At the start of 2021, adoge- work going,researcherssay. return arequest forcomment. accounts.” Some platforms—such as at blockchain.com, acryptocur- coin wasworth about half a “I doubt anyone has done Thebillionaireexecutiveon Despitehis interest in doge- the popular app fortrading rencytransactions company.

from mutual funds.Itispossi- Fund Defends GameStop Strategy SEC Eyes ble for the same shares to be lent out multiple times,which cancause short interest in a BY JULIET CHUNG bullish individual tradersex- shares.Ken Griffin,ofChicago preposterous,” Mr.Gill wrote. “I Short-Sale stock to approach substantial hortingone another on plat- hedge-fund Citadel LLC and wasabundantly clear that my levels. Short sellersexit the Melvin Capital Manage- forms such as Reddit to buy market maker Citadel Securi- channel wasfor educational trade and makemoney if share ment had been betting against shares and options and ties; Robinhood co-founder purposes only.” Disclosure prices fall belowwherethey GameStop Corp.since2014and squeeze Melvin, aparticular Vlad Tenev;Keith Gill,the Mr.Gill echoed sentiments were when the stock wasbor- still believes GameStop’sbusi- target of posters. once-anonymous trader who shared by manyindividual in- rowed. nessmodel will be overtaken by GameStop’sseemingly re- goes by the online alias “Roar- vestorswho have been stuck at ContinuedfrompageB1 Some investorssay too online videogame downloads, lentlessmarch upwardalso cre- ingKitty,” and othersare ex- home during the pandemic.He lending or borrowing of secu- much transparencycould put a the hedgefund’sembattled ated what tradersdescribed as pected to testify. said that hedgefunds and other rities.Another told the agency damper on the activity,which founder said in an advance asort of contagion effect. Man- In his released testimony Wall Street firms have “teams to publicly report, at least can serve a beneficial role by copy of his congressional testi- agerslost confidenceintheir of analystsworking together” onceamonth, on howmuch of keeping shareprices closer to monymade public Wednesday. shortpositions and covered on research, something many acompany’sshares have been fair value and allowing inves- Gabe Plotkin’s Melvin Capital those betswhile also trimming In testimony, Melvin individual investorsdon’t have shorted. tors to hedge their risk. lost morethan 50% on itsin- their stakes in other companies access to. Some SEC officials have in Thestock-loan market is a vestmentsinJanuaryaslosses to reducerisk in their portfolio. Capital’schief says it Mr.Plotkin in his testimony the past expressed concern back-officeoperation typically piled up from itsshort bets Theepisode has led to ques- wasshortGameStop said agroup on Reddit began that if biginvestorshad to controlled by brokerages.The againstGameStopand other tions about the market’sinteg- posting about Melvin’spositions disclose short positions, oth- SECcould requireanew type companies.GameStophad rity and set off federal probes since2014. in Januaryusing information ersmight be prompted to copy of “ticker tape” that would been touted on the Reddit fo- intopossible market manipula- from regulatorydisclosures it and crowd intosuch trades, publicly report when shares are rumWallStreetBets and some tion.Prosecutorshavesubpoe- had made.Hesaid postswere raising the costsfor short sell- borrowedfor short sales and other social-media platforms, naed information from brokers often“laced with antisemitic erstoborrow stock,one of the howmuch it coststofinance with itssurging stock prices such as Robinhood Markets ahead of the hearing,Mr. Gill slursdirected at me and others.” people said. TheSEC is now theposition, Mr.Angel said. damaging the returns of several Inc., the popular online broker- said that he’s an individual in- He said he also received profane under Democratic control and Some SEC officials have ac- high-profile firms including age that manyindividual inves- vestor posting on social media and racist text messages. steered by Acting Chair Alli- knowledged in conversations Melvin Capital, Steven A. Co- tors used to trade GameStop about trading,rather than He said Melvin coveredits son Herren Lee. with Wall Street executives hen’s Point72Asset Manage- and other shares. someone who is trying to drive GameStopshort “because “They have the rule-making that it could have been useful ment and Daniel Sundheim’s D1 On Thursday, the House Fi- prices of GameStopshares. something unprecedented was authority to do almost any- during the most recent tempest Capital Partners. nancial Services Committeewill “The idea that Iused social happening” and took losses on thing,but generally they have to have arepositoryofdatato Theaction in GameStopwas hold ahearing to examine what media to promoteGameStop other positions that were being not done much,” said James draw on forafuller picture. fueled in part by an armyof happened with GameStop’s stock to unwitting investorsis writtenabout on social media. Angel, afinanceprofessor at TheSEC is nowanalyzing Georgetown University’s Mc- what happened with Donough School of Business. GameStopand plans to pub- Short sales aretypically ar- licly report on the factorsthat Platform ranged by brokerages,which drovethe pricetorise and allowclientstosell stock they then collapse.The agency’s don’t ownaslong as those staff could recommend policy Takes Bets shares canbeborrowed, often changes, the people said.

On Events ing documentation fordeci- Wells Fargo sions likelayoffs and pressure- testing them, aperson familiar ContinuedfrompageB1 with the mattersaid. It has ul- private-equity giant KKR &Co. TriestoCut timatevetopowerovercost- JOURNAL

Inc., and SV Angel, aseed- ALSHI cutting initiatives,which were /K

stageventurefirm whose in- REET previouslylefttoindividual SO vestmentshaveincluded ST businessheads.

LL Its Costs

Airbnb Inc.and DoorDash Inc. CARDO Another newgroup reviews WA Earlier investors in Kalshi in- O newproductsand policydeci- THE

clude YCombinator,aSilicon R ContinuedfrompageB1 sions with afocus on howthey RIBEIR Valley startup accelerator,and FO bank’sregulatorslast fall, affect customers. SY

Justin Mateen,aco-founder of NAINA overseersquestioned whether “The risk,control and regu- MIS dating app Tinder. JA she could do so while still latorywork continues to be KHA DespiteKalshi’shigh-profile TA meeting regulatorycommit- our toppriority,and we are LIA BER

backers, thereisnoguarantee DA RO ments, according to people fa- investing in those areas,” said it will succeed. Many startup Kalshi’s co-founder and CEO Tarek Mansour, left, and co-founder Luana Lopes Lara. miliar with the exchange. The Chief Operating Officer Scott exchanges fail to gain traction questions prompted Ms. Nor- Powell.“We have safeguards because it is tough to attract would vote to leave the Euro- determining the final, correct atearegulated market and has ton and Mr. Scharf to reverse in placetoensurethat noth- participantstoafledgling pean Union. Goldman devised answertothe question—the safeguards to prevent users course and put the group’s ing, including any actions we market. And event contracts— derivatives productsthat were priceofacontract could range from taking on toomuch risk. layoffs on ice, the people said. take to improveour efficiency, the type of product that Kalshi based on complexmodels of from 0to$1, depending on Unlikeinfutures or stock trad- Wells Fargoexecutives say interfereswith those efforts.” hopes to popularize—have had howvarious marketswould what users are willing to pay ing, Kalshi users can’t use le- the toppriority is to fixthe Sincehebecame CEO in Oc- limited success in the U.S. to react if Brexit passed. fora“yes” or a“no” outcome. verage. In markets that allow bank’srelationship with its tober 2019,Mr. Scharfhas re- date. Wouldn’t it be simpler,Mr. Usersdon’t have to wait for leverage, investorscan make regulators. “That takesprece- placed most of his topdepu- Kalshi wasfounded by Mansour said he thought, if the final outcome to exit their outsizegains with asmall up- denceovereverything,” said ties.The bank has hired key TarekMansour and Luana the contracts simply paid out trades.Auser,for example, front payment, but with the MikeSantomassimo,chief fi- leadersinrisk,including a Lopes Lara,apair of former in the event of a“leave” vote? could initially buy acheap danger that a wrong-way bet nancial officer,onaJan. 15 call newchief complianceofficer researchers at the Massachu- “A lot of trading activity to- “yes” contract for, say, 20 will result in steep losses. with reporters. “Weare going and chief risk officersfor each setts Institute of Technology. daystems from an opinion cents. Then if thereisashiftin Federal lawprohibitsKalshi to continue to spend whatever of itsbusinessunits. Thegoal Both are24yearsold. Mr. about afutureevent,” he said. the collectivewisdom and peo- from listing contractsina it takestomakesurethat we is to giveresponsibility for Mansour has interned at Gold- “You form an opinion about a ple begin to expect a“yes” out- number of areas,including do that in the right way.” risk to each businessline man Sachs Group Inc., while certain futureevent, and then come,the user could sell it at, war, terrorism, assassinations Mr.Scharfhas said Wells whilemaintaining central Ms.Lopes Lara has interned at youfigureout, ‘OK,how canI say, 60 cents. Or the opposite or gaming.Itisuptothe Fargoruns lessefficiently than oversight. Anew chief control electronic-trading firm Citadel trade on that opinion?’…What could happen, and the user CFTC to determine what peers and hopes to book $3.7 executiveshares responsibility Securities and hedgefund Kalshi allows you to do is get could exit the trade at aloss. countsas“gaming”—an area billion of savings in 2021. But with each businessfor over- BridgewaterAssociates. the exact hedge, or exposure, Such contractscould be wherethe lawleavessome after investments in risk and seeing the safeguards meant Kalshi’s name is derived from that an individual or abusi- risky, because usersmay po- ambiguity. controls,and other areas,just to prevent disasters. the Arabic word for“every- ness or an institution is look- tentially lose all their money if It is unlikely that Kalshi $1.5billion of it will flow to Therehavebeen signs of thing,” which refers to the ing to get, because they can they bet on the wrong out- would list contractsonelec- the bottom line this year, the progress on the regulatory breadth of topics that itsques- trade in yes-or-no contracts.” come.The CFTC has warned tion outcomes,because in bank said in January. front. In January, the Officeof tions could potentially cover. Kalshi will runanexchange investorsabout binaryoptions, 2012 the CFTC blocked an ef- Agroup formed last year is the Comptroller of the Cur- Mr.Mansour said Kalshi whereusersdetermine the asimilar type of contract, in fort to list political-event con- reviewing cost-cutting efforts rencyliftedaconsent order was partly inspired by his ex- price for such yes-or-no con- part because of fraud cases in- tracts,saying they involved to makesurethey don’t impede involving failures of thebank’s periencesatGoldman in 2016, tracts. Each contract will pay volving unregulated online bi- gaming and weren’t in the regulatorycommitments, The anti-money-laundering con- when some clientsasked the out $1 if the user is right, and nary-options platforms. public interest. Mr.Mansour Wall Street Journal reported trols.The order wasfrom bank to help them hedge nothing if the user is wrong. Kalshi says it worked says Kalshi isn’t planning to last year.The committee, which 2015, before the fake-account against the risk that the U.K. Beforethe event happens— closely with the CFTC to cre- offer sports contracts. is led by Ms.Norton, is review- scandal came to light.

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg

Continued From Page B9 52-Wk % 52-Wk % SixFlags SIX 40.98 1.0 SunCokeEnergy SXC 6.58 2.6 TribunePub TPCO 17.34 6.6 Ur-Energy URG 1.57 2.2 WhitingPetrol WLL 31.67 5.5 NexPointStratPfdA NHFpA 21.73 -0.7 SoYoungIntl 17.40 -2.6 Suzano 13.77 -0.7 UraniumEner 2.55 0.4 PeriphasCapWt 3.00 7.4 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg SY SUZ TriCoBancshares TCBK 41.40 0.6 UEC WideOpenWest WOW 13.78 6.3 Lows PCPC.WS SolitarioZinc XPL 1.25 19.6 Synaptics SYNA 137.28 -0.8 Trip.com TCOM 39.10 -1.2 Usio USIO 7.37 2.4 PetcoHealth WOOF 23.67 -3.7 Stock Sym Hi/Lo Chg SPAR Group SGRP 2.01 2.2 SevenOaksAcqnUn SVOKU 11.45 1.0 Wiley A JW.A 53.62 0.3 AltimarAcqnII ATMR.U 10.45 ... SouthwesternEner SWN 4.69 2.0 SynovusFin SNV 42.58 -1.0 TripAdvisor TRIP 38.31 2.0 VOXX Intl VOXX 27.78 21.7 RelianceGlobal RELI 4.26 -13.6 SRAX SRAX 7.20 4.3 SharpsCompliance SMED 14.95 -2.4 WintrustFin WTFC 71.99 -0.8 Apria APR 20.25 -2.1 ReinventTechZ Wt RTPZ.WS 4.55 2.8 SportsTekAcqn SPTKU 10.40 3.0 TDH PETZ 14.52 55.9 TuataraCap TCACU 10.88 -0.3 Vedanta VEDL 10.80 -0.2 RevolutionAccelWt RAACW 2.40 -4.0 SVB Fin SIVB 532.07 0.9 SharpSpring SHSP 26.78 -2.8 SpragueRscs SRLP 22.89 -1.2 TeledyneTech TDY 409.48 3.3 VerbTechnologyWt VERBW 0.66 -12.7 WorthingtonInds WOR 61.83 -0.8 AssurantNts2061 AIZN 25.64 -0.2 RiverNorthDoublPfd OPPpA 23.92 -1.7 Renasant RNST 39.84 -1.4 TurquoiseHill TRQ 15.29 3.7 Auddia AUUD 2.90 -19.0 SafeBulkersPfdC SBpC 22.77 -0.2 Shutterstock SSTK 94.17 4.7 StandexInt SXI 94.14 1.5 TesscoTech TESS 8.59 2.7 ViacomCBS A VIACA 61.25 3.0 XinyuanRealEst XIN 4.12 2.0 ScionTechI Wt SCOAW 1.75 -4.3 RevolutionAccel RAACU 11.50 1.7 US Silica SLCA 12.07 14.3 BiteAcqn BITE.U 10.20 0.1 SanJuanBasin SJT 4.50 -3.8 Sigmatron SGMA 6.80 -1.9 StarPeakEner STPK.U 60.99 10.8 TheBancorp TBBK 21.42 2.4 ViacomCBS B VIAC 61.41 3.1 YirenDigital YRD 6.80 -1.9 SelectiveInsPfdB SIGIP 24.40 ... RioTinto RIO 89.59 -0.1 SandersonFarms SAFM 155.72 2.0 SilenceTherap SLN 26.50 3.1 USWellServicesA USWS 2.50 13.9 CCNeubergerIII PRPC.U 10.44 0.1 StrPeakEnerA STPK 51.49 5.9 The9 NCTY 65.50 7.6 ViomiTech VIOT 9.90 -4.2 YumChina YUMC 64.64 -0.3 CatchaInvt CHAA.U 10.45 ... SevenOaksAcqnWt SVOKW 1.75 -4.4 RiotBlockchain RIOT 79.50 30.9 SantanderCons SC 27.03 1.5 SilverSpikeAcqn SSPK 29.50 4.1 USWellServicesWt USWSW 0.39 11.3 StrPeakEnerWt STPK.WS 32.98 27.5 360DigiTech QFIN 31.50 -13.8 VirTra VTSI 5.86 2.3 YunhongIntlA ZGYH 11.07 3.6 EvaxionBiotech EVAX 8.10 -5.8 TalisBiomed TLIS 23.00 -1.2 RobertHalf RHI 77.12 2.3 ScrippsEW SSP 19.25 5.3 SilverSpikeUn SSPKU 36.50 3.2 StarboardValue SVACU 11.81 0.1 Thryv THRY 30.00 -12.3 UltraClean UCTT 51.88 -1.2 VistasMediaWt VMACW 1.20 11.5 TerraIncmVI Nts TFSA 23.70 -0.1 YunhongIntlRt ZGYHR 0.83 28.7 FifthWall I FWAA 10.78 -0.8 SCVX SCVX.U 12.50 -0.8 SeacoastBkgFL SBCF 34.75 -1.1 SilverSpikeAcqnWt SSPKW 14.88 1.4 StarboardValueA SVAC 11.56 ... TowerSemi TSEM 34.45 -1.6 UtdCmtyBks UCBI 32.99 -0.3 VoltInfoSci VOLT 3.39 4.7 UWM UWMC 8.68 -1.2 YunhongIntlWt ZGYHW 2.00 63.2 GBS GBS 6.37 0.3 SMART Global SGH 48.50 -0.5 SenecaFoods A SENEA 52.97 2.3 SilverBowRscs SBOW 8.40 2.1 Starrett A SCX 5.74 1.2 TractorSupply TSCO 172.14 5.1 USComdtyIndxFd USCI 35.98 0.2 Vuzix VUZI 18.15 -1.9 LazardGrowthI LGACU 10.40 -0.4 uniQure QURE 34.30 -4.4 SM Energy SM 14.38 0.9 Senseonics SENS 5.56 -9.7 SilvergateCapital SI 187.86 -4.3 StockYardsBncp SYBT 49.07 -0.4 Transalta TAC 9.42 0.1 UnitedTherap UTHR 177.93 1.8 WestAllianceBcp WAL 83.15 3.0 ZimIntShipping ZIM 22.10 4.8 Longeveron LGVN 6.55 -8.1 VirpaxPharm VRPX 6.26 -34.7 SOS SOS 15.88 8.1 SevenOaksAcqnA SVOK 10.57 1.4 SimmonsFirstNat SFNC 27.89 0.6 StoneCo STNE 95.12 0.3 Travel+Leisure TNL 53.84 4.0 UpFintech TIGR 37.54 -6.9 WestpacBanking WBK 18.29 4.8 ZWDataActionTech CNET 6.19 78.4 NebulaCaravelWt NEBCW 1.80 -14.4 WashFedPfdA WAFDP 25.05 -0.1 P2JW049000-4-B01100-1------XA

THE WALL STREET JOURNAL. **** Thursday, February 18, 2021 | B11 MARKETS Yield Apple, Netflix Lead Tech Selloff On Bond BY WILL HORNER weren’t enough to assuagein- Indexperformance, Wednesday emergedasleadersfor the day, AND CAITLIN MCCABE vestorswho remain concerned with the S&P 500’senergy sec- 0.5% Benchmark about lofty stock valuations. toroutpacing all other groups TheNasdaq CompositeIn- Rising inflation expectations DowJones in the index. That sector rose dextumbled as investorsre- have also weighed on investors Industrial Average 1.5%. Steadies treated from manyofthe tech- as manybegin to priceinthe 0 In contrast, manymegacap nologycompanies that have consequences of morestimulus S&P500 technologycompanies lost BY SAM GOLDFARB poweredmarketsthis year. and spending. steam. Applefell $2.35,or Thetechnology-heavy index “We’reinthe early stages of 1.8%, to close at $130.84. Net- -0.5 U.S. government bonds fell 82 points, or 0.6%, to abusinessand market cycle, Nasdaq Composite flix lost $5.94, or 1.1%, to showedsigns of stabilizing 13965.49, draggeddownby andsothe worryiswhether $551.34. Facebook fell 40 Wednesdayafter awaveof heavy hitters including Apple it’spossible that it’sgetting Russell 2000 cents, or 0.2%, to $273.57. selling sent yields soaring a and Netflix.The S&P 500 also too hot too quickly and -1.0 In the days ahead, investors day earlier. slid,losing 1.26 points, or less whether the [Federal Reserve] will be watching corporate Theyield on the benchmark than 0.1%, to 3931.33. will makeamove,” said Brian earnings, with companies in- 10-year U.S. Treasurynoteset- TheDow Jones Industrial Levitt, global market strategist cluding Walmart and Marriott tled at 1.297%, according to Average, meanwhile,finished at Invesco. “I think that’sa -1.5 International set to report Tradeweb, compared with theday higher,rising 90.27 concern that'swildly over- Thursday. 1.298% Tuesday. points, or stated.” Strong earningsreports Yields,which fall when WEDNESDAY’S 0.3%, to Investorshavebeen watch- -2.0 have been abright spot forin- bond prices rise,reached as MARKETS 31613.02—the ing the yield on the 10-year vestors, helping justifyhigh 9:30 a.m. noon 4p.m. high as 1.331% early Wednes- index’sninth U.S. Treasurynote, which has valuations forstocks,said dayright afterthe release of record of the year.Earlier in continued to drifthigher after Source:FactSet Dorian Carrell, aportfolio better-than-expected retail- theday,the blue-chip index starting the year closing below manager at Schroders. sales data.But they then wasdownnearly 184 points. 1%. Theyield on the bench- ward becomes slightly lessat- bonds and mortgage-backed In commodity markets, nat- quickly dropped, suggesting TheU.S.stock market’sre- mark notesettled Wednesday tractivefor equities than what securities.Although some Fed ural-gas prices gained 2.9% to traderswereexpecting a cent rally has shown signs of at 1.297% afterclimbing earlier youwereanticipating,and that officials said they believed in- rise forthree consecutiveses- strong report and were re- cooling this week,evenasin- in the day. On Tuesday, it set- canlead to some pause and flation could pick up in the sions.Winter storms across lieved to have it behind them. vestorspoint to reasons for tled at 1.298%. some repositioning.” months ahead, they were skep- the U.S. have increased mo- Even so,yields remained optimism. Investorssay they Yields remain significantly Still, some investorsand an- tical that pricepressures mentum in energy markets. significantly higher than they arekeeping watchonthe pos- higher than they were just a alystssay they remain optimis- would be persistent enough to Gold prices fell 1.5% to close were just afew sibility formorefiscal stimulus few sessions ago, which may tic that stocks will continue to requireatightening of mone- lowerfor afourth consecutive CREDIT sessions ago—the out of Washingtonaswell as be causing some investorsto outperform this year,espe- tary policy, according to the session. MARKETS result of aburst thepotential foraspeedier reassesstheir appetitefor cially amid expectations that minutes. Overseas,the pan-continen- of selling that an- Covid-19 vaccine rollout. moreriskyinvestments, said monetary policywill continue Among individual stocks, talStoxxEurope 600 edged alysts said had no catalyst. Fresh datahavealso shown DerekHalpenny, head of mar- to support marketsand the Verizon Communications rose down 0.7%. BeforeFriday, the 10-year encouraging signs that the U.S. ketresearch at MUFGBank. economy. 5.2%, or $2.84, to $56.99to In Asia,the major indexes yield had spent about four economyisimproving.On Lowbond yields had helped That sentimentwas echoed post the largest gain of the ended mixed. Early Thursday, weeks drifting between 1.0% Wednesday, the latest retail- fuel interest in equity markets in the minutes of the Fed’sJan. Dow’scomponents. Chevron Japan’sNikkei 225was up and 1.2%. Yields,though, salesreport revealed that U.S. in recent months,hesaid. 26-27 meeting, released followed, rising 3%, or $2.79,to 0.2%, Hong Kong’sHang Seng edged abovethat rangeonFri- shopperssharply increased Theclimb in yields “has Wednesday. At the meeting, $95.92. Thestocks surgedafter Indexwas down 0.5% and the day. Selling of government spending in Januaryafter gone abit further than what Fedofficials agreed to hold in- Warren Buffett’s Berkshire Shanghai Composite, reopen- bonds then continued in Eu- three months of decline during the market wasexpecting,” Mr. terest ratesnear zero and to Hathaway said it had bought ing afterthe Lunar NewYear rope on Mondaywhen U.S. the holidays. Halpennysaid. “You gettoa continue the central bank’s large stakes in both companies. holiday, wasup1.1%. U.S. stock marketswereclosed forPresi- Still, those signs of progress level wherethe relativerisk-re- monthly purchases of Treasury Broadly,cyclical sectors futures were up 0.1%. dents Day and picked up with avengeanceonTuesdaywhen U.S. trading resumed. The10-year yield rose Rio Tinto CEO Looks to Take More Risks nearly 0.1percentagepoint Tuesday, itsbiggest one-day increase sinceNov.9,when BY RHIANNON HOYLE Pfizer Inc.announced positive resultsfromits coronavirus SYDNEY—The newchief ex- vaccine trial. ecutiveofficer of RioTinto Investors and analysts had PLC wantstochangearisk- few explanations forwhy averse cultureatthe world’s yields jumped exactly when second-largest mining company they did. “Thereare definitely that could see it pursue com- instances whereprices change modities vitaltothe energy morethan the news,orthe in- transition moreaggressively. formation surrounding it, and Jakob Stausholm said min- that’ssimply what’shappening ing companies had become too now,” said Michael Lorizio, a cautious after overpaying for senior trader at Manulife In- deals around adecade ago vestment Management. during arush to feed China At the same time,Mr. with metals and minerals vital Lorizio and othersweren’t too to its industrialization, which surprised by the selling—not- left them vulnerable to hefty ing that yields have generally asset write-downs when com- been expected to movehigher modity prices fell. this year due to aset of fac- Facing an investor backlash tors, including an increase in at the time,companies includ- thesupply of Treasurys and ing Rio Tinto forecastsfor accelerating eco- COMMODITIES moved to

nomic growth once coronavi- givepriority S

rus vaccines are more widely to dividends to shareholders NEW distributed. and buying back shares over G Faster growth could trans- deals or investmentsinnew latetohigher inflation,which mines that could turn sour. OOMBER would erode the purchasing Rio Tinto’sannual result on powerofbonds’ fixedpay- Wednesdaycontinued that

mentsand could eventually trend. A22% rise in net profit WEIDMAN/BL

lead the Federal Reservetolift to $9.77billion pavedthe way OR YL

short-term interest rates. forarecordfinal dividend and TA Yields could have further aspecial dividend in what was The newchief said the companyshould aspiretoproducemorecopper,used in low-carbon technologies. Acopper-gold mine in Mongolia. room to rise.The 10-year Mr.Stausholm’sfirst earnings yield fell as lowas1.270% af- updatesince succeeding Jean- “We should pursue those,” Analyststhink it is aneces- been occupied by humans mostly created when custom- terthe retail-sales databut Sébastien Jacques as CEO on said Mr.Stausholm, adding the saryshift. Investment bank morethan 46,000 yearsago. erstransport and use the com- climbed again aftera$27 bil- Jan. 1. Mr.Jacques wasousted companyneeded to regain a Jefferies said Rio Tinto, along Investors were unhappy with modities Rio Tinto produces. lion auction of 20-year Trea- last year amid the fallout from mind-set that put an emphasis with rival BHP Group Ltd., the company’sinitial response, Pressure has been building sury bonds attracted softde- the destruction of ancient rock on growth. “I need to see peo- will move to focus moreon and pushed forgreater ac- on mining companies to work mand from investors. Yields shelters in aremotepart of ple daring to raise their hands growth over the next one to countability, which led to Mr. harder with their customers to were then choppy afterthe Australia. and saying, ‘I believe in this.’ two years. Jacques and two other execu- curb carbon emissions.Rio Fedreleased minutes from its Rio Tinto’sincreased profit We areprobably abit toorisk “Rio and BHP areyield tives losing their jobs. Tinto’sironore is akey ingre- Jan. 26-27 meeting,which was driven by a rally in iron- averse,sothat is something plays for now, and this works Mr.Stausholm said Rio dient in the making of steel, a showedofficials broadly oreprices to anine-year high. we need to build internally.” in aworld of ultralowinterest Tinto’ssocial license—com- heavily polluting industry. agreed that they need to Iron ore is used to make steel Thestrategymight not lead munity supportfor itsactivi- Still, the company remains maintain current stimulus andhas been one of the hot- to areturn to big deals.Mr. ties—would be one of four vulnerable to missteps. When programs forthe foreseeable test commodities as China Stausholm suggested Rio Tinto Jakob overarching goals under his changing his topranks last future. betsoninfrastructure, such as is morelikely to focus on de- Stausholm stewardship.The othersare month, Mr.Stausholm chose Notably,the recent increase new highways and apartment veloping itsown mines.They said Rio Tinto sharper operational skills,de- an executiveseasoned in in Treasuryyields hasn’t construction, to drive its eco- includethe Winu copper de- needs to velopment capability and a China relations, Simon Trott, dimmed investors’ enthusiasm nomic recovery from the coro- posit in Australia, which Rio broaden the stronger focus on environ- to lead Rio Tinto’s important for riskier types of debt. navirus pandemic. Tintohopes will begin produc- commodities it mental, social and governance andveryprofitable iron-ore As of Tuesday, the extra In an interviewwith The tion in 2024, copper projectsin digs up. issues. business. Thereshuffle wasn’t yield, or spread, investorsde- Wall Street Journal, Mr. the U.S. and Mongolia, and a While Mr.Stausholm will communicated beforehand to manded to hold investment- Stausholm said Rio Tinto large lithium deposit in Serbia. work with his newexecutive the traditional owners of the gradecorporatebonds over needs to broaden the com- Rio Tintoisalso advancing a rates,” said Jefferies.“The team on a strategic plan that Juukan Gorge,the Puutu Kunti Treasurysstood at just 0.90 modities it digsupifitisto big African iron-oredevelop- question is: Will it continue to would likely be ready in the fi- Kurrama and Pinikurapeople, percentagepoint, according to playarole in the world’stran- ment as well as newprojectsin work in astrong global nalthree months of 2021, he or PKKP,who felt it wasan- BloombergBarclays data, sition away from fossil fuels to Australia that will replacethe growth environment with said it won’t mark aradical other sign of disrespect. down from 0.92 percentage cleaner alternatives such as tons it digsout of the ground. steepening yield curves?” shift. “I was the CFO the pre- ThePKKP and Rio Tinto pointFridayand itslowest batteries,electric vehicles and “Weneed to double down on Rio Tinto’s reputation was vious two years, and Ihave later said they would continue level since February 2018. renewable power. Thecom- our capability to develop,” said badly damaged by last year’s certainly bought intoalot to work on repairing ties. RisingTreasuryyields panyshould also aspiretopro- Mr.Stausholm, formerly Rio destruction of the cavesat around the strategy,” he said. “Of course,itdemonstrated could eventually curb eco- duce more copper and alumi- Tinto’schief financial officer.“I Juukan Gorge in Australia, An early movehas involved that our rebuild of the rela- nomicgrowthbyincreasing num, used in low-carbon really want to see us unleash- which contained atrove of ar- setting atargetonso-called tionship is still young and borrowing costsfor companies technologies, he said. ing all of our energy in this.” tifactsthat indicated they had Scope 3emissions,pollution fragile,” Mr. Stausholm said. and individuals, making them less likely to invest. That negativeimpact, River Basin for$215 million and idea of improving net debt,” up 1.8% on the day. on record,Rystadsaid. though, could be limited if in- Frackers raised itscapital budget to $1.4 CEO Ryan Lancesaid. “The biggercompanies may Continental, which also oper- vestorsretain their appetite billion, up 21% from last year.It Theshale industry’splanned fine-tune their spending plans, ates in Oklahoma,said it is pro- for corporate bonds, analysts expectstogenerate$1billion in investmentsare still belowpre- but Idon’t see anyone going ducing about 50% of itsgas noted. Hold Off free cash flow this year. pandemic levels.But if oil prices crazy,” said John Applegath,a while other operatorshavekept ConocoPhillips,the largest hold abovethe mid-$50-a-barrel former executiveatU.S.driller pumping 5% to 25% of their nat- independent U.S. oil producer, range, the largest U.S. shale RangeResourcesCorp., now ural-gas volumes.Continental AUCTION RESULTS Production said it plans to spend about 17% drillers could collect enough working as aconsultant. said it is working with pipelines Here are the results of Wednesday's Treasury auction. All bids are awarded at a single price at the moreoncapital projectsthan it cash to reinvest an additional “Smaller,private-equity-backed and powercompanies to keep market-clearing yield. Rates are determined by the difference between that price and the face value. did in 2020,about $5.5 billion. $6 billion in drilling,upmore companies maysee this as a compression equipment and 20-YEAR BONDS ContinuedfrompageB1 Still, if oil prices stay relatively than one-quarter compared way to break free.Some of wells running. Applications $63,850,159,300 alonespent in 2020 and close high,the companyexpectsits with plans set in November,ac- them could drill twiceasmany “We’regetting pretty well Accepted bids $32,849,044,800 to the $1.9billion it invested in dividend alone won’t be enough cording to the consulting firm wells as they had planned.” stressed herewith our electric " noncompetitively $3,471,300 " foreign noncompetitively $0 2019. to meet itsgoal of returning RystadEnergy.That increase At the same time,the oil- grids, powersystems,” Conti- Auction price (rate) 99.256119 Continental Resources Inc., morethan 30% of itscash from would bring the totalinvest- production outagesinTexas nental CEOWilliam Berrytold (1.920%) Interest rate 1.875% the largest producer in North operations to investors. “You ment forthose companies to and other states have dealt a investorsWednesday. “Wejust Bids at clearing yield accepted 12.69% Dakota’sBakken Shale,said it should not be surprised to see about $28 billion. blowtodrillers’ futurerevenue. need to put everybit of effort Cusip number 912810SW9 The bonds, dated March 1, 2021, mature on Feb. 15, plans to purchase thousands of us reactivatebuybacks as a U.S. oil futures settled at Theoutages have been the larg- possible intomaking surewe 2041. acres in Wyoming’sPowder channel, and we always likethe $61.14abarrel on Wednesday, est disruption to U.S. supplies load all the gasthat we could.” P2JW049000-0-B01200-1------XA

B12 | Thursday, February 18, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Texas Freeze Heats Up Refiners

Cold weather is both good and bad for some GES IMA The massive oil-and-gas com- GETTY plex along the Gulf Coast is built SE/ with extreme weather in mind— just not this kind. Bitter cold and

ANCE-PRES blackouts have shut in more pro- FR duction and refining capacity than

ENCE any recent hurricane, delivering a

AG windfall for some companies with the right assets in the right place. -JEAN/ Oilprices usually fall when refin- ST ersshut down unexpectedly but IEN

ST U.S. crude supply and demand are

SEBA being pinched.The pictureismore The cloud-commerce platform now boasts a stratospheric market capitalization of over $186 billion. bullish forthe fuels refinerschurn out. Morethan 3million barrels a dayofcrude-oil production, or about 27% of the total, is affected, Shopify’sFateIsTied to Small Firms according to Raymond James,while about 18% of refining capacity has been shut. Front-month gasoline futures hit their highest level since The company is selling a post-pandemic growth narrative, but not everyone is buying it October 2018 on Wednesday. The crack spread, the difference between gasoline prices and crude Can astock be overvalued if its Shopify’smerchant solutions revenue,quarterly forlack of primaryemployment be- oil, was up 5.13%, according to product remains tremendously un- cause of the pandemic. Robert Yawger, energy futures an- derutilized? That is thequestion in- $800 million Newbusinessapplications in the alyst at Mizuho Securities. That vestorsincloud-commerce platform U.S. reached recordslast year,ac- means higher profits for refiners Shopify must ask themselves as cording to aWall Street Journal re- still up and running. Independent post-pandemic bricks-and-mortar 600 port earlier this week,citing data refiners, battered by the pandemic, shopping promises to return. from the Economic Innovation Re- saw a bump. The biggest gainers Analystsare still scratching their port, with retail the most active include shares of PBF Energy and heads.While the majority of them sector. CVR Energy, both up by about a were neutral on the stock last May, 400 In the U.S.,atleast, the reality is fifth compared with a week ago. shares have nearly doubled since that most small businesses eventu- Around 82% of PBF’s total refining then, putting manyoftheir predic- ally fail. Datafromthe U.S. Bureau capacity is outside the Gulf Coast tions to shame.Shopifyappearsto of Labor Statistics showthat about area. Other refiners with mixed be one of Wall Street’smorecontro- 200 20% of newbusinesses fail in the footprints, such as HollyFrontier versial names,with roughly half of firstyear and just over 70%are no and Valero, saw gains. itsanalystsnow recommending the longer alivebeyondyear 10.Those Forthose that had to shut off Projections stock and half still on the sidelines. 0 statistics could mean Shopifyis substantial Gulf Coast refining ca- One thing is forcertain: 2020 about to lose alot of customers. Or pacity,alonger shutdown could just wasanepic win forShopify. On 2018 ’19 ’20 ’21 it could spell opportunity forthe erase temporaryprofits.Meanwhile, Wednesday, it posted resultsshow- Source:FactSet companytomarket itsmerchant Mr.Yawgernotes European buyers ing sales grew morethan 90% year services to keep them going strong. arepurchasing crude oil to refine over year forthe thirdconsecutive million total merchants using its Shopifynoted in itsfourth-quarter Investorsare certainly ascribing and export it to the U.S. as fast as quarter.Merchant sales on itsplat- platform. Shopify’s merchant ser- investor presentation that it had a significant value to that potential: they can. U.S. gasoline importsrose form were up nearly 76%amid the vices revenue continues to grow at 9% shareofall U.S. retail e-com- Shopifywould argueits platform 20% this week compared with a Black Friday-Cyber Mondayperiod. a significantly faster clip than its merce sales last year,pegging Ama- has been alifeline forsmall busi- week earlier,according to S&P Shopify, acompanythat 12 months subscription revenue, suggesting zon.com’s shareatnearly 39%. nesstosurvivethe pandemic,but it Global Platts.National-level short- agomanyoutside of the retail in- businesses are finding its services, Shopify’sgrowthgoing forward is nowvalued roughly the same as ages areunlikely.U.S.crude invento- dustryhad never heardof, boastsa like shipping, fulfillment and fi- maywell depend on the paceofnew some of the world’slargest pharma- ries were about 2% abovethe five- market value of over $186 billion. nancing, especially attractive. businessformation following the ceutical companies whose vaccines year averagefor the week ended Thecompanysaid Wednesdayit Shopify’sChief ExecutiveTobi pandemic,and howwell it helps areliteral lifesavers. Feb. 5, distillatefuel inventories expectsrevenue in 2021 to grow Lutkehas said the pandemic accel- newly started businesses stay afloat. To ownShopifynow,you have to were 7% higher than the five-year rapidly,but moderatefromthe 2020 erated the e-commerce industry’s ShopifyPresident Harley Finkelstein believethat small businesses will averageand motor gasoline invento- paceassome level of bricks-and- evolutionbyabout 10 years. This has said that most of Shopify’scus- continue to consider itsplatform ries were right around normal levels. mortar shopping returns.Shares fell suggeststhe company’s86% reve- tomersare first-time entrepreneurs, key to their survival, even as threats As long as the cold persists, refin- 3% on Wednesday. nue growth last year is unlikely to including manyyoung Americans from the pandemic fade. erswon’t knowfor awhile whether Shopify says it has about 1.7 be matched. That beingsaid, starting side hustles to compensate —Laura Forman to laugh or to cry. —Jinjoo Lee

Pfizershare-price, past six months Gucci’s Lower Price Tag $42

40 Looks Justified

38 During the pandemic, investors Share-priceperformance, past year CK

TO sought safety in a handful of top 40% 36 luxury stocks. Gucci’s owner Ker- ing hasn’t made the cut despite its Hermès SHUTTERS natural advantages. LVMH A/

EP Kering On Wednesdaythe Paris-listed 20 O/ 34 luxurycompanythat also owns fashion labels Yves Saint Laurent

MABANGL 32 and Bottega Venetasaid sales in the G. three months through December 0 2020 ’21

JOHN fell 4.8% at constant exchangerates Pfizer expects to book $15 billion in sales from its Covid-19 vaccine in 2021. Source:FactSet compared with the same period of 2019.Its most important cash cow, Gucci, reported a10% drop in reve- –20 Drugmakers’ Virus Profits Have Yet to Impress nue.The worse-than-expected num- berssent Kering’sshares down 7% in European trading. –40 For big drugmakers, a fresh $15 pandemic-erahighs,and both an especially lucrative product for Gucci had a much weaker fourth billion in sales just isn’t what it stocks peaked as their drugsap- the drug industry. And govern- quarter than comparable brands at 2020 ’21 used to be. proached the market. That perfor- ments will be far more inclined to rival LVMH Moët Hennessy Louis Source:FactSet Vaccines and therapeutics for mancestands in marked contrast to drive a hard bargain for future or- Vuitton. LVMH’s fashion and Covid-19 have been an unexpected smaller vaccine developerssuch as ders once the crisis abates. leather-goods division, home to pearstoberunning out of steam. windfall forthe drug industry, and BioNTech, Moderna and Novavax. Then thereisthe reality that big Louis Vuitton and Christian Dior, Management said on Wednesday thereismorewherethat came Thereare some valid reasons for drug companies arevalue stocks, increased sales by 18% in the that it will trytoboost businessat from as the pandemic dragson. that underperformance. Wall Street which canseem unattractiveina fourth quarter. It isn’t just a re- Gucci by targeting older and local Pfizer said this month that it ex- tends to placealow value on block- go-gomarket. Afterall, whybother cent phenomenon: Gucci hasn’t consumers—a reversal of the pectstobook $15 billion in sales buster drug sales if that drug faces collecting dividends and com- kept pace with LVMH’s fashion brand’sintense pursuit of Chinese from itsCovid-19 vaccine in 2021. ashort shelf life, oftenbecause of pounding your money when the brands since early 2019 according shoppersand millennial consumers To put that figure in context, it is an expiring patent or the expected market is offering such quick re- to analysis by Bernstein. The pan- who makeuparound 60% of the la- roughly equivalent to Pfizer’s entire approval of asuperior medication. wardsinhot stocks? Big drug com- demic is worsening the divide. bel’ssales.Acquisitions areprobably oncologyand immunologyrevenue Forexample,Gilead’sshareprice panies have outperformed the S&P Gucci should have a competitive the fastest routeout of the problem, in 2020.Pfizer’stotal topline was started to drop from itsrecordhigh 500 in just five calendar years edge right now. Its owner has deep and some foundersmay be more just under $42 billion in 2020.What in 2015 on concerns it faced since2005,according to Jefferies. pockets to invest heavily in e-com- willing to sell privately held brands is more, that vaccine sales forecast mounting competition forits hepa- In each case,itwas when the merce, digital marketing and to ex- as the outlook forluxurygets is very conservative, as it includes titis Cfranchise,eventhough those broad market waseither down or pand in Asia where demand from tougher.Kering said on an investor only sales from doses from existing sales didn’t actually decline until flat. So farthis year,the sector has Chinese consumers has rebounded call that it is on the hunt fornew contractswith governments. Mean- the next year.Those concerns are underperformed the market by quickly. That scale isn’t translating brands,although it ruled out invest- while, Gilead Sciences said it ex- only amplified in apublic-health about 3percentagepoints. into clear market-share gains. ing in the struggling watchcategory. pectstosell between $2 billion and emergencysincethe pandemic’sul- Still, betting this will be another Kering has become tooreliant on Kering is one of the cheapest $3 billion of itsantiviral drug rem- timateduration is uncertain. one of those yearsisn’t expensive: one brand—a problem investors European luxury stocks today, desivir in 2021. It booked $2.8bil- Even if annual booster shots be- Pfizer trades at about 11 times this have pointed out forseveral years. trading at 22.7 times projected lion in sales of the drug in 2020, come the standard in Covid-19 vac- year’s adjusted earningsguidance, Gucci generated 83% of group oper- earnings. That compares with most of it in the fourth quarter. cination, as some drug executives while Gilead fetches around 9times. ating profit in 2019.While that level LVMH’s multiple of 34.7 times, Youwouldn’t think the pandemic and health officials predict, the With so many signs of specula- of exposurewas aboon forshare- which makes for the widest valua- wasgenerating unexpected revenue onset of new competition likely tive froth elsewhere, these stodgy holdersinthe early days of the la- tion gap between the two in at by looking at those companies’ means a tougher pricing environ- cash gushers could regain their bel’sturnaround that kicked off least five years. Investors are shy shareprices.Both Pfizer and Gilead ment in the future. After all, the charm in a hurry. around five yearsago, performance about wearing Gucci, and one can aredownabout 20% from their flu shot is given annually but isn’t —Charley Grant is lagging nowthat the revamp ap- hardly blame them. —Carol Ryan