Congress Passes Virus-Relief Bill

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***** THURSDAY,MARCH 11, 2021 ~VOL. CCLXXVII NO.57 WSJ.com HHHH $4.00

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What’s Congress Passes Virus-Relief Bill President’s $1.9 trillion packagethrough Congressjust expansion of the child tax and one Democrat, Rep.Jared News as the nation begins to emerge credit that will provide periodic Golden of Maine,voting package, with a raft of from ayear of pandemic- checks formanyhouseholds. against the bill. TheHouse had antipoverty measures, spawned shutdowns. It also disbursesmoney to earlier passed legislation but Business&Finance Therelief bill, marking Pres- schools,vaccine-distribution ef- had to vote again to reconcile is to be signed Friday ident Biden’sfirst major legis- fortsand stateand local gov- it with the Senate version. lativeachievement, is one of ernments, provides support to Mr. Biden, a Democrat,

eneral Electric agreed BY ANDREW DUEHREN the largest aid bills in U.S. his- struggling multiemployerpen- planstogiveaprime-time GES

Gto combine itsjet-leas- AND KRISTINA PETERSON tory and is similar in sizeand sions,and makes the biggest speech Thursdayabout the IMA ing unit with rival AerCap scopetothe firstmajor virus changes to the Affordable Care pandemic response and sign ETTY

as the industrial giant’s WASHINGTON—TheHouse aidpackagethat wassigned Act sinceits passagein2010, thebill Friday. /G CEO moves to turn off the narrowly passed a$1.9trillion intolaw nearly ayear ago. The amongother measures. Theraftofnew payments, lightsatGECapital, a coronavirus-aid bill Wednes- newbill offersa$1,400 check Unlikeprevious rounds of PleaseturntopageA4 once-sprawling lender. A1 day, afterDemocratsused to manyAmericans,anexten- aid, the vote waslargely along ANGERER their slim majorities to muscle sion of a$300 weekly jobless- party lines. The tally was 220  Biden seeks increase in J&J  Shares of Robloxsurged DREW the latest economic-stimulus aid supplement, and aone-year to 211, with all GOP lawmakers dose supply...... A7 House Speaker Nancy Pelosi morethan 54% in their public debut, giving the videogame platform amarket capitalization of about $45 billion. A1 Texas Lifts Mask Mandate in Bid to Return to Normal GE to Sell  TheDow rose 1.5% to a record 32297.02, itsfirst close above32000.The Division S&P 500 rose 0.6% and the Nasdaq slipped 0.04%. B11  Facebook asked a judge To Exit to dismissantitrust lawsuits brought by the Federal Trade Commission and Lending state attorneys general. A3

 McKinseysaid Bob Stern- BY THOMAS GRYTA fels will take over as the consulting firm’sglobal managing General Electric Co.Chief partner in July, succeeding Executive Larry Culp is turn- Kevin Sneader, who failed ing off the lightsatGECapital, to win a second term. B1 aonce-sprawling lender,and shedding debtsthat have hung  Credit Suisse removed its over the industrial giant since European head of asset man- the 2008 financial crisis. agement and two managers On Wednesday, GE agreed who worked on its Green- to combine itsjet-leasing unit, sill supply-chain finance GE Capital Aviation Services, funds from their posts. B1 with rival AerCap HoldingsNV  Gensler cleared a key in a deal valued at more than hurdle to Senate confirma- $30 billion. It will createa

tion as SEC chief,garnering /REUTERS leasing giant with more than support from two Republi- 2,000 aircraftwhen global UBER

cans in acommitteevote. A2 TA travel has been hobbled by the Y Covid-19 pandemic.The Wall  GameStop’sshares con- Street Journal reported Sun- tinued their wild ride, SHELB ON THE MENU: Diners turned out for breakfast at Bill Smith’s Cafe in McKinney, Texas, on Wednesday after Texas Gov. daythat the two companies climbing to nearly $350 in Greg Abbott lifted the state’s mask mandate and capacity restrictions on restaurants and other businesses. were near a deal. intradaytrading only to GE will getabout $24billion giveupmost of the gain. B1 in cash and 46% ownership in  Disney’s ESPN and the the newmergedcompany, a NHL struck aseven-yeardeal Booming Firms Now Face Hurdles stakeitvalued at about $6 bil- that will bring the Stanley lion. It will transfer about $34 Cup Finals to ABC and make billioninnet assetstoAerCap hundreds of local-TV games along with morethan 400 available on ESPN+. B3 BY PAUL ZIOBRO that spending will shift again ing Texas have rolled back lim- fourth quarter,ithandled 273 workers. Thedeal is expected as people indulge pent-up de- itsonmanybusinesses and million orders, morethan triple to close in nine to 12 months. World-Wide Companies whose businesses mand foreating out, traveling, commercial activities.OnMon- the amount ayear earlier.Its Mr.Culp will use the pro- boomed during the Covid-19 attending concerts and other day, the federal Centersfor overall performance drovea ceeds from the AerCap deal to pandemic facenew obstacles to activities that have been heav- DiseaseControl and Preven- better-than-expected stock- paydowndebtsand fold the  TheHouse narrowly sustaining fast growth as the ily limited. tion said fully vaccinated peo- market debut in December. rest of GE Capital intothe passed a$1.9trillion coro- U.S. economystartsreturning Thereckoning might come ple cangather privately with- But as dinersreturn to eat- company’scorporateopera- navirus-aid bill, afterDem- to normal activity. in months. President Biden out masks or social distancing. ing in restaurants, they are tions.GEwill take a$3billion ocratsused their slim ma- Businesses from DoorDash said last week that the U.S. DeliverycompanyDoorDash likely to order lessathome, charge in the firstquarter and jorities to muscle the latest Inc.and Etsy Inc.toLowe’s would have enough Covid-19 thrived during the downturn as and DoorDash, which remains cease to report GE Capital as a economic-stimulus package Cos.and KelloggCo. said they vaccines forall adults by the restaurantsclosed or sharply unprofitable,expectsgrowth stand-alone businesssegment. through Congressjust as arebracing forthe prospect end of May, and states includ- curtailedindoor dining.Inthe PleaseturntopageA7 PleaseturntopageA2 the nation begins to emerge from ayear of pandemic- spawned shutdowns. A1 Dow DowJones Industrial Average,pastyear  Federal regulators lifted Roblox Stock Skyrockets 54% 32000 restrictions on visitstonurs- Closes ing homes,after widespread vaccination helped sharply Above In Latest Red-Hot Tech Debut reduceCovid-19 cases and 32000 28000 WEDNESDAY deaths among residents. A6 32297.02 BY MAUREEN FARRELL companies to go public that fornewly minted shares of  Biden directed his ad- As rate worries sidesteps the traditional IPO fast-growing companies in the ministration to secureanad- eased, the Dow Shares of videogame plat- process. At itsclosing priceof midst of arecordsurge in ditional 100 million doses of Jones Industrial form RobloxCorp.soared in $69.50, the SanMateo,Calif., technologyand other stocks. J&J’sCovid-19 vaccine by 24000 year-end and said he planned Average climbed their public debut Wednesday, companyhas amarket capital- So farthis year,nearly $103 464.28 points, or an indication that the mania ization of about $45 billion, a billion has been raised in to shareany excess vaccine 1.5%, to 32297.02, that gripped the IPO market steep jump from the $29.5 bil- IPOs,including the red-hot supply with other nations. A7 marking its 11th latelast year shows no sign of lion valuation it secured in a SPAC market, according to  Brazil has overtaken the 20000 record of 2021 and abating. privatefundraising just two Dealogic.That far outpaces U.S. as the countrywith the 2020 ’21 most daily Covid-19 cases its first close Thestock leapt morethan months ago. everycomparable-period total above 32000. B11 54% abovethe $45 reference It is the latest marker of a on record and the full-year and deaths in the world. A8 Source:FactSet pricefor itsdirect listing, an historic boom in initial public tally in all but three years  The Senate confirmed increasingly popular way for offerings, as investors clamor PleaseturntopageA8 Garland as attorney general in a70-30 vote,putting arespected jurist in charge Brothers Who of the JusticeDepartment. A4 Yo uths Take the Lead  Thenumber of unaccompanied children cross- Brew Are in ing the border illegally In Myanmar Protests Cybersecurity rose 63% to 9,297 in Feb- Short Supply ruary, U.S. Customs and Border Protection said. A3 iii Raised in an era of relative freedom, a new is about  TopU.S.and Chinese of- Trappistabbeys ficials are set to hold talks generation confronts military after coup next week in the first high- need moremonks to change. level in-person meeting BY NIHARIKA MANDHANA ple—who came of age during between the two powers to makeprized beer AND FELIZ SOLOMON a period of relative openness since Biden took office. A7 and democratic transition in  South Korea will pay BY JAMES MARSON When massive demonstra- a country that spent decades ON APRIL 20 YOU WILL tions swept Myanmar in op- as an isolated authoritarian the U.S. more than $7 bil- HAMONT-ACHEL,Belgium— position to last month’s mili- state—are at the forefront of lion over six years against SEE EVERYTHING. the cost of maintaining ExclusiveTrappist breweries are tary coup, 17-year-old Sithu the movement to restore American troops on the facing asupply problem: Shein rushed to the front elected government. Their Join us on April 20 for the launch of Omnis,™ They’rerunning out of monks. lines. The high-school stu- struggle, following large- Korean Peninsula. A8 Brothers at thepicturesque dent, who used to spend his scale protests in Hong Kong, the most advanced cybersecurity platform abbeysare aging,and fewer free time playing video- Thailand, Belarus and Russia, combining the pervasive visibility of NETSCOUT CONTENTS Opinion...... A15-17 men aretaking vowsthese days. games, organized friends and come at a time when both Arts in Review... A13 Personal Journal A11-12 with the security power of Arbor. Business News.. B3,5 Sports...... A14 But in order to be labeled an neighbors and exhorted autocratic rule and resis- Capital Account.... A2 Technology...... B4 “Authentic Trappist Product”— workers at a nearby garment tance to it have been rising, Crossword...... A14 U.S. News...... A2-7 which commands apricepre- factory to join what he pitting often youthful crowds Register at NETSCOUT.com/engage/security-summit Heard on Street.B12 Weather...... A14 mium as well as historical ca- called a fight for democracy. in the streets against re- Markets...... B11 World News...... A8-9 chet—real monks need to be A week ago, security gimes willing to arrest, in- involved. forces opened fire at a pro- timidate and even kill to > Thesituation gotsobad at test in his neighborhood in hold on to power. St.Benedict’sAbbey in Hamont- Yangon, the country’s big- Today’s generation in Achel,Belgium, that in January gest city, and he was shot. Myanmar glimpsed what it’s it relinquished the Authentic la- One bullet struck his chest, like to live in a free society. bel forits Achel beers, known another his hip. He died State censorship was lifted s 2021 Dow Jones & Company, Inc. All Rights Reserved fortheir malty and fruity taste, hours later. in 2012, and millions of PleaseturntopageA10 Myanmar’s young peo- PleaseturntopageA10 P2JW070000-2-A00200-1------XA

A2 | Thursday, March 11, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS

CAPITAL ACCOUNT | By Greg Ip China’s RiseSpursU.S.Push on Chip Supply

American Incentives as shareofcost Distribution of global semiconductor uctsthat our lives depend trial policyiswell deserved. leadershave of asemiconductorplant manufacturing capacity upon,” he said. “We’venever OnceWashingtonstartswrit- long trusted in hadatime where…the control ing checks forsemiconduc- RANGE 100% privatemar- Others over the technologyisas tors,other industries mayget kets rather China much at stake.” in line. As in shipbuilding, than the fed- China targeted companies mayend eral government to pick the Taiwan (mainland) very major host coun- up in perpetual need of fed- economy’swinnersand los- South Korea trysubsidizes semicon- eral protection. Former Presi- ers, shunning the industrial Taiwan E ductor manufacturing; dent Donald Trump delved policypopular with France, Israel China’sincentives arethe intoindustrial policy, but his 50 Japan and others. most lavish and the U.S.’s tariffs failed to revivesteel- Not anymore. President Bi- Singapore South among the skimpiest. Gener- makers, and aheavily subsi- den and both parties in Con- Korea ous incentives made Taiwan dized liquid-crystal-display U.S. gresshavebegun edging into Japan Semiconductor Manufactur- factoryhechampioned in industrial policy,with semi- Japan ing Co.the world’slargest Wisconsin hasn’t been built. conductorsakey testing Europe contract chip maker.Such in- Mr.Warner counters: “We ground. In January, Congress Germany 0 U.S. centives mayviolateWorld have acrummyrecordonin- enacted legislation to match Trade Organization rules,but dustrial policywhen we tryto 0 10 20 30 40% 1990 2000 ’10 ’20 2030 stateand local incentives for ESTIMATE FORECAST market sharecan migratein pick winning companies,but I newsemiconductor fabrica- Source:BostonConsulting Group, Semiconductor Industry Association ‘Statusquo’ the time it takestoresolvea don’t think that’sright when tion plants(fabs) and bank- subsidies case. we trytopick winning indus- roll extensivenew research, tion of chips,mostly to Asia. kets,” Jennifer Harris of the height of the Cold Warthat “This industryisfiercely tries.” Indeed, the Pentagon development and training. TheU.S.shareofglobal chip Roosevelt Instituteand Jake the most sophisticated jet en- competitiveand fiercely mar- and NASA were critical early Congresshasn’t appropri- making has shrunk to 12% Sullivan, nowMr. Biden’sna- gines were all made in West ket driven,” said John buyersofsemiconductors. ated funding forthose provi- and on current trends will tional security adviser, wrote Berlin, surrounded by the Red Neuffer, head of the SIA. Unlikewith LCDs,the U.S. to- sions,orenacted arelated slip to 10% by 2030,accord- in Foreign Policy ayear ago. Army. Youget asense of the “Thereisone piecehere dayhostsseveral semicon- 40% taxcredit toward the ing to Boston Consulting “Advocating industrial policy urgencyinWashingtonover wherewedon’t have alevel ductor ecosystems,clustered capital costsofnew fabs.But Group and the Semiconductor (broadly speaking,govern- semiconductorsnow. playing field, and that’sthe around Hillsboro, Ore.;Phoe- Mr.Biden has signaled sup- IndustryAssociation. ment actions aimed at re- Addtothat chip shortages semiconductor manufactur- nix; Austin, Texas; and up- port forfunding and an- shaping the economy) was that have crippled some auto ing.This one pieceofour in- stateNew York. nounced a100-dayreview of nadifferent erathe U.S. onceconsidered embarrass- makers this year,and semi- dustryneeds fixing.” Semiconductorsare too supply-chain vulnerabilities in I mayhavelet chip making ing—nowitshould be consid- conductorstodayresemble oil With a$50 billion incen- globally integrated and reliant four industries: semiconduc- migrateoverseas,asit ered something close to obvi- in the 1970s: acritical input tiveprogram, the SIA predicts on economies of scale forany tors,batteries,pharmaceuti- had with televisions,laptops ous.” to the economywhose supply the U.S. shareofcapacity countrytobefully self-suffi- cals and strategic materials. and cellphones.What Besides pouring money is amatterofnational secu- would rise to 14%inadecade. cient. That, though,isn’t the “We’ll be using amix of in- changed? In aword, China. intoits chip sector,China is rity. Time,itsays,isofthe es- goal of the U.S.’s forayintoin- centives to encourageproduc- Itsstate-guided pursuit of dialing up threatstoreunite, “Textiles,furniture, televi- sence: Manufacturersare de- dustrial policy. Rather,itisto tion here,” PeterHarrell, who technological dominanceand by forceifnecessary, with sions—they’resingle prod- ciding nowonlocations that ensurethat the U.S. and its serves on the WhiteHouse coerciveeconomic diplo- Taiwan, ademocratic self- ucts,” said Sen. Mark Warner will liftcapacity 56% in the allies have,between them, a National Security Council, macyhas infused economic governing island that Beijing (D., Va.), who co-sponsored next decade.Incentives will supply chain insulated from said last month. transactions with national se- claims as itsterritory. Taiwan the incentiveprogram with likely influenceplans by China. As the WhiteHouse’s While U.S. companies pio- curity implications. supplies 22%ofthe world’s GOP Sen. John Cornyn of TSMC and Samsung Elec- Mr.Harrell put it last month: neered semiconductorsand U.S. foreign policymust chips and 50% of itsmost ad- Texas.“Semiconductorsare tronics Co.tobuild fabs in “Our supply chain should not dominatechip design, many abandon its“reflexiveconfi- vanced. Imagine American the fundamental building the U.S. be vulnerable to manipulation have outsourcedthe fabrica- denceincompetitivemar- leadersdiscovering at the block of thousands of prod- Skepticism toward indus- by competitor nations.”

U.S. WATCH GE Capital assets 2020 owns about 90 million shares GE Sheds $113.5B of GE, or about 1% of its $700 billion shares outstanding,according Insurance ECONOMY WASHINGTON to FactSet. $50.8 Leasing 600 “Moving on in abiggerway Consumer Prices SEC, CFPB Nominees from GE Capital to focus on a Picked Up LastMonth Advance in Senate really promising futurefor the Business 500 industrial business, it feels like U.S. consumer prices picked up PresidentBiden’s nominee to asmart movestrategically,” early this year as the paceofthe oversee Wall Street firms and 400 Mr. Babkes said. economic recovery increased fol- public companies,Gary Gensler, ContinuedfromPageOne GE ended 2020 with about Gecas lowing awinterlull, buoyedby cleared akey hurdle to Senate Thecompanymaintained its $75billion in debt, with more $35.9 higher gasoline and energy costs. confirmation, garnering support financial forecasts for 2021. 300 than $50 billion of that tied to The consumer-priceindex— from twoRepublicans in avote “This really does mark the GE Capital. Mr.Culp said the Working Capital which measures whatconsumers Wednesday. transformation of GE intoa companywould payoff $30 200 Financing payfor everydayitems including The Senate Banking Commit- more focused, simpler, stron- billionindebt following the $5.9 food, clothing, cars and recre- teevoted 14-10 in favorofsend- gercompany,” Mr.Culp said in AerCapdeal. He has taken ational activities—increased asea- ing Mr.Gensler’s nomination for an interview. GE will essen- 100 Energy Financial other steps to repair GE’sbal- sonally adjusted0.4% in February chairman of the Securities and tially return to being a manu- Other Services ancesheet, by cutting costs, from the prior month, the Labor Exchange Commission to the Sen- facturer of powerturbines,jet $2.4 refinancing debt and selling 0 $18.6 Departmentsaid Wednesday. atefloor forconfirmation. Republi- engines,wind turbines and off abiopharma unit for$21 Gasoline prices jumped 6.4% can Sens. MikeRounds of South hospital equipment. 2000 ’05 ’10 ’15 ’20 billion in cash. overthe previous month, driving Dakotaand Cynthia Lummis of Thejet-leasing Gecas unit Thecompany’soncetriple- morethan half of the overall in- Wyoming joined all 12 Democrats wasthe biggest remaining GE borrowings at year end GE Capital GE Industrial A credit rating has been hov- crease, while electricityand natu- in supporting the nomination. pieceofGECapital, accounting ering afew notches abovejunk ral-gas prices rose 3.9%. The panel also voted12-12 formorethan half of the unit’s 2018 status. GE has had to prop up The so-called core priceindex, along partisan lines to advance $7.25 billion of revenue in GE Capital in recent years. In which excludes the often-volatile the nomination of Rohit Chopra, 2020. The remainder is a leg- thefourth quarter,the parent categories of food and energy, who was tapped by Mr.Biden to acyinsurancebusinessthat 2019 companysent $2 billion of rose 0.1% in February versus Jan- head the Consumer Financial Pro- has plagued the company and cash to GE Capital. uary,and wasup1.3% from the tection Bureau. Atie vote can ad- asmall operation that helps fi- By exiting the jet-leasing year prior.Coreprices had re- vancetothe Senate floor via a nance purchases of GE power 2020 business,“youlose alot of mained flatoverthe previous motion by the majorityleader. turbines and wind turbines. debt andthat matters,” said three months. —Paul Kiernan Credit-rating firms took dif- $0 billion 10 20 30 40 50 60 Melius Research analyst Scott Annual inflation also picked up, ferent views of the AerCap deal Source:the company Davis.“It is howalot of people increasing by 1.7% in the year MINNEAPOLIS and the unwinding of GE Capi- think of the risk profile of GE.” ended February,onanonseason- tal. S&P Global Ratingssaid it awell capitalized companyaf- At itspeak,itgenerated On Wednesday, S&P said ally adjustedbasis. High Court Declines would downgrade itscredit terbeing “almost wholly fo- more than half of GE’s profit. that when thedeal closes it —Gwynn Guilford To Intervene in Case rating on GE by one notch fol- cused on deleveraging and Butthe 2008 financial crisis expectstolowerits credit rat- lowing thetransaction, while strengthening our operations.” turned GE Capital intoaliabil- ing on GE to triple-B,two U.S. BUDGET The Minnesota Supreme Moody’s InvestorsServicesaid As that happens,henoted that ity that required abailout to notches abovejunk status.Af- Court said it wouldn’t intervene the deal didn’t increase GE’s paying ahigher dividend be- keep afloat.Starting in 2015, terthe Gecas sale,S&P said Deficit Hit $1 Trillion in the trial of a former Minneap- overallfinancial risks. comes an option. GE slashed GE sold most of the operations GE’sdebt leveragewill be In Fiscal Year So Far olis police officer accused of kill- Shares of GE fell 5.4% in its dividend to a token penny and investorsworried about higher than previously ex- ing George Floyd, potentially re- Wednesday trading to $13.25, per share in late 2018. risks on itsbalancesheet. pected due to the consolida- The federal budget gap wid- moving a threat that could see afterrebounding from less On Wednesday, GE also said Most of the insurancebusiness tion of GE Capital financials. ened 68% in the firstfive the case put on hold. than $7 in October. The stock itsboardhas recommended a Meanwhile,Moody’s said the months of the fiscal year,as Hennepin County District hasrallied in recent months reverse1-for-8 stock split,a industrial operations aren’t ad- governmentspending continued Court Judge Peter Cahill, who is after being battered by prob- movethat would shrink the The jetleasing ditionally burdened following to outpacerevenue collection presiding over the case, on lems in the company’score number of shares outstanding. the sale of Gecas and any while the country slowly recovers Wednesday announced the high powerand jet-engine business “Ifyou look at our share Gecas unit was the money needed to bolster GE from the coronavirus pandemic. court’s decision not to hear a de- and losses inside GE Capital count, it is way out of whack biggest remaining Capitalinsurancereserves The U.S. rana$1trillion defi- fense appeal over the issue of that forced GE to sell off as- with anyconceivable peer,” would have already come from cit from October through Febru- whether to include a charge of sets and slash its dividend. Mr.Culp said. piece of GE Capital. the industrial side.Itrates GE at ary,compared with $624 billion third-degree murder. He said he Although GE’sindustrial GE Capital wasonce one of Baa1, threenotches abovejunk. during the year-earlier period, the would discuss the matter further businesses have improved un- the largest lendersinthe In an investor meeting Treasury Departmentsaid on Thursday and continued with der Mr.Culp and the company country,with morethan $600 Wednesday, GE executives Wednesday. Federal outlays to- jury selection Wednesday after- has paid down debts, concerns billion in assets. It rivaled JP- became Genworth Financial maintained their financial tar- taled $2.5 trillion, a25% increase, noon. So far, five jurors have about additional losses or MorganChase &Co. and other Inc. Thecredit-cardbusiness gets for2021, including agoal while total receipts rose 5% to been seated. risksfromGECapital have banking giants. Using GE’stop- became Synchrony Financial. of generating between $2.5bil- $1.4 trillion. Former officer Derek Chauvin weighed on investors. Follow- notch credit rating,GECapital “GE Capital, formost inves- lion and $4.5billion in free Forthe 12 months thatended is facing charges of second-de- ing the AerCap deal, GE will provided money formortgages tors,isseen as moreofarisk cash flow from the industrial in February,the deficit totaled gree murder—unintentional, have paid down about $70bil- in Poland, long-term-carein- than part of the futurefree operations. $3.5 trillion, or 16.5% as ashare while committing a felony—and lion in debt since 2018. surancefor nursing-home resi- cash flows,” said Daniel Bab- —Cara Lombardo of economic output. second-degree manslaughter. Mr.Culp said the AerCap dentsand financed power- kes, apartner at Pzena Invest- and Emily Glazer —Kate Davidson —Joe Barrett deal bringsGEcloser to being plant projectsinAfrica. ment Management,which contributed to this article.

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THE WALL STREET JOURNAL. **** Thursday, March 11, 2021 | A3 U.S. NEWS Facebook More Children Cross Border Illegally Seeks to BY MICHELLE HACKMAN Dismiss WASHINGTON—Thenum- ber of unaccompanied children crossing the border illegally Antitrust rose 63% to 9,297 in February, U.S. Customs and Border Pro- tection said Wednesday, an ac- Lawsuits celeration that has strained government resourcesand BY BRENT KENDALL sparkedapolitical backlash against the Biden administra- WASHINGTON—Facebook tion’splanned immigration Inc.asked afederal judgeto overhaul. dismissantitrust lawsuitsby Border-patrol agentsoverall the Federal Trade Commission made nearly 97,000 arrestsin and stateattorneysgeneral, February. Thenumber of mi- arguing that government en- grantstraveling as families forcershavenovalid basis for more than doubled from the alleging the social media giant previous month to 18,945, is suppressing competition. whilethe number of single TheFTC “utterly ignores adultsgrew9.9%to68,732. the reality of the dynamic,in- Single adultsinparticular have tensely competitive high-tech been making repeated attempts industryinwhich Facebook to enter the countryillegally, operates,” the companysaid in officials said, so the actual seeking to dismissthe com- number of individuals attempt- mission’scase.Inasecond ing illegal crossingsislower. motion, Facebook argued the TheBiden administration states’ case “does not and can- hassaid it wantstomakethe not assert that their citizens immigration system lessreliant /REUTERS TIF

paid higher prices,that output on long-term detention and LA wasreduced, or that anyob- other enforcement measures,

jective measure of quality de- and to emphasizehumane ADREES clined as aresult of Face- treatment and quick decisions Asylum-seeking unaccompanied minors are transported in a U.S. Border Patrol vehicle Tuesday after they crossed the Rio Grande. book’s challenged actions.” on asylum seekers’ requestsfor Thecompany’sfilingsin protection. Theincreasing num- anewsconferencewith Repub- Unaccompaniedchildren TemporaryProtected Status. Ms.Jacobson acknowledged U.S. District Court in Washing- bersofpeople at the border licans from border states detainedatthe Mexican border TheBiden administration that the administration’smes- tonmark itsfirst legal salvo make that task moredifficult. Wednesday. “This crisis is adi- May2019 said it would firstopen the saging—that it hopes to have sincethe FTC and 46 states Theadministration has said it rect result, let’sbeveryclear,a 11,475 program to applicantswhose betterlegal immigration pro- sued Facebook in December on needs moretime to accomplish direct result of President Bi- 10,000 pending cases were closed cesses in the future, but is dis- allegations it has unlawfully itsgoal and has repeatedly den’sunilateral actions.” when the program wastermi- couraging people from coming February preserved monopoly status by warned prospectivemigrants TheCentral American Mi- 9,297 nated.Itwill then be open to to the border now—could con- freezing out and buying up po- that nowisn’t the time to make norsprogram wasstarted by 7,500 newapplicants, possibly with fuse some migrants. tential competitors. the journey to the border. former President Barack expanded criteria. The flow of migrants, who Facebook will have to meet As part of itsresponse,the Obama in 2014inresponse to “Neither this announcement areprimarily from Mexico, U.S. said Wednesdayitisre- the firstwaveofCentral Amer- 5,000 nor anyofthe other measures Guatemala, Honduras and El starting aprogram allowing ican children arriving at the suggeststhat anyone,espe- Salvador,began ticking up last TheFTC and states CentralAmerican children to border.Former President Don- cially children andfamilies summer.The increase likely come to the U.S. legally if they ald Trump terminated the pro- 2,500 with young children, should has several causes: The coro- allege Fa cebook has have aparent here. Mr.Biden gram in 2017, saying it wasan makethe dangerous trip to try navirus pandemic has wors- unlawfullypreserved wasbriefed earlier in the day immigration pathway that had to enter the U.S. in an irregular ened economic conditions by ateam of senior administra- been created withoutcongres- fashion,” RobertaJacobson, acrossthe region and gang vi- 0 monopolystatus. tion officials who recently trav- sional approval. the administration’scoordina- olencehas increased. Guate- eled to the southern border to Theprogram allowedchil- 2018 ’19 ’20 ’21 torfor the southern border, mala and Honduras were reviewthe situation. dren in Central Americawith a Source:U.S. Customs and Border Protection said at anewsconferencean- slammed with back-to-back Republicans criticized the parent in the U.S. to apply for nouncing the restart of the hurricanes in November. ahigh legal standardtocon- administration’sapproach, say- refugeestatus,ortobeallowed journeystothe U.S.,the State Central American Minorspro- Mr.Biden’selection has also vinceafederal judgetothrow ing it invited the surge of peo- intothe U.S. under another op- Department said when the program at theWhiteHouse.“The playedarole,with word out the cases.Inorder to pre- ple at the border and would tion known as parole,subject gram wasannounced. border is not open.” spreading acrossthe region vail on amotion to dismiss, it weaken the nation’ssecurity. to renewal, in order to rejoin a Parentsofthe children Ms.Jacobson said the ad- that thenew president might must show that the plaintiffs’ “You would have to have the parent. TheCentral American would need to have legal au- ministration would request provemorewelcoming than his factualallegations about the most acutecase of suspended Minorsprogram wasmeant to thorization to liveinthe U.S., $4 billion over four yearsfrom predecessor. natureofthe marketplace, reality to denythat we have a provide asafeand legal alter- either through citizenship,per- Congresstoaddressthe root —Andrew Restuccia even if accepted as true,don’t border crisis,” Rep.Jodey Ar- nativefor children who would manent residency, avisa or a causes of migration as part of and Tarini Parti establish a valid legal claim. rington(R.,Texas) said during otherwise undertakedangerous deportation relief program like itsforeign-assistancepackage. contributed to this article. TheFTC and the states each allegeFacebook chose to buy companies rather than competewith them, with Gap in Death Data Worried Cuomo Officials much of their cases focusing on the company’spast acquisitions of mobile-messaging ser- BY JOE PALAZZOLO Senior adviserstoMr. viceWhatsApp and Instagram, AND JIMMY VIELKIND Cuomo successfully pushed the the photo-sharing platform. stateHealth Department to TheFTC argues time has When NewYork Gov.An- strip the July report of the shownthat the companyhas drew Cuomo’s administration deaths of about 3,000 nursing- used the deals to entrench a learned last year that the fed- home residents, TheWall monopoly position. Thestates eral government wasabout to Street Journal reported last arguethat alack of competi- release dataonCovid-19 week.The final statereport tors to Facebook has led to con- deaths in nursing homes,state documented 6,432 residents sumer harm. officials were concerned: who died inside nursing homes. TheFTC and states aredue Would the federal numbers Mr.Cuomo declined to an- to respond to the motions in tell the public adifferent story swerTuesdayifhehad directed April. TheFTC declined to than the state’s own? changes to the July report, de- comment Wednesday. New In apreviously unreported ferring to his counsel, Beth York Attorney General Letitia call last June,New York offi- Garvey,who reiterated that the James asserted that “Facebook cialspressed Robert Redfield, datawas withheld out of con- is wrong on the lawand then the director of the Centers cerns forits accuracy. wrong on our complaint.” forDisease Control and Preven- Dr. Redfield didn’t respond Facebook said the commis- tion, and Seema Verma, then GES to requeststocomment on the sion hasn’t defined a relevant administratorofthe Centers IMA June call. Ms.Verma said that

market that Facebook alleg- forMedicareand Medicaid Ser- GETTY the federal dataprovided edly dominates.Nearly all of vices,for details on the coming transparencyand drovepolicy

Facebook’srevenue comes datarelease,according to for- MOON/ decisions within the U.S. De- from advertising,which is a mer Trump administration offi- partment of Health andHu-

relentlessly competitive mar- cials familiar with the call. JEENAH man Services. ket, the company said. NewYork statehad reported A U.S. attorney is probing how Gov. Cuomo’s administration handled nursing-home death data. Forthe betterpart of a Facebook also argued the about 6,000 nursing-home year,New York officials had FTC hasn’t plausibly alleged deaths by the time of the call, howitcompared with the inner circle on howthe state’s were seeing on the ground, declined requeststopublicly thecompanyhas monopoly butthat figure excluded resi- state’s data. nursing-home deaths were pre- and we sought to understand release datashowing how power, because the government dentswho died in hospitals. When it wasreleased, the sented to the public. why,” Mr. Azzopardi said. many residents died in hospi- can’t showthat the company Howard Zucker,the statehealth federal dataincluded fatalities RichAzzopardi, asenior ad- The U.S. attorney’s officein tals.The Cuomo administra- hasraised prices or restricted commissioner,and Linda Lace- inside both nursing homes and viser to the Democratic gover- Brooklyn is nowinvestigating tion released the data in Feb- output, given that “Facebook’s well, the head of the NewYork hospitals.But the federal tally nor,said the call wasone of the state’shandling of nursing- ruary, in response to alawsuit productsare offered forfree State Department of Financial of 3,525 deaths waslower dozens that stateofficials had home death data, including a filed by the EmpireCenter,a and in unlimited quantities.” Services,asked whether the than the state’s total of 5,944 with the federal government public report in July about fac- right-leaning think tank. Thecompanyemphasized the federal datareflected those because nursing homes andother large institutions tors that led the virus to State officials nowsay that commission previouslyallowed out-of-facilitydeaths,one of weren’t required to report about Covid-19-related data. spread in the facilities,astate more than 15,000 residentsof it to acquireInstagram and the former officials said. “The deaths to the federal govern- “Whether it be federal vac- official confirmed Tuesday. nursing homes and other long- WhatsApp in 2012 and2014, re- big issue waswherethe patient ment from Marchand April, cine allocation stats, how Prosecutors are also inter- term-carefacilities arecon- spectively.The FTC reviewed died,” the official said. thedeadliest period forthe probable deaths arecounted— ested in efforts by the gover- firmed or presumed to have those deals at the time and de- No other staterequested state in the pandemic. when New York is one of only nor’s officetopush back died from Covid-19 since cided not to challengethem. details about the datarelease, NewYork officials made no nine states to collect that against criticism of aMarch March 2020.That figure is TheFTC and the states con- according to the official. The effort to stop the publication of data—or other similar issues, 25 nursing-home policy, ac- about 50% higher than earlier tend those acquisitions have federal health officials on the dataortoalter it, but the June these institutions were rou- cording to ahealth-policylob- official death tolls. served to eliminate rising, in- call described the scope of the call wasanother example of the tinely putting out numbers byist in Albanywho spoke —Jacob Gershman dependent tech firms. data, howitwas collected and intense focus by Mr.Cuomo’s that didn’t match what we with investigators. contributed to this article. Justice Department BacksCollege AthletesinSupreme CourtCase

BY BRENT KENDALL terofskeptics of the National Though couched in dense sumers. While the NCAA can that it should enjoy“ample lat- way forcollegeathletes to ac- AND LOUISE RADNOFSKY CollegiateAthletic Associa- legal language, the brief,filed placesome limitsonathletes’ itude to govern collegesports,” cept an expanded rangeof tion’seffortstomaintain tight by acting Solicitor General compensation that wouldn’t be saying lower courts have benefits, such as laptop com- WASHINGTON—TheJustice control over the amateur Elizabeth Prelogar,said lower acceptable among other or- wrongly redefined amateurism puters, study-abroad pro- Department urgedthe Su- model of collegesports. The courts acted reasonably in rul- ganizations,the department and undermined itssupervi- grams,internships and paid- preme Court to side with col- JusticeDepartment’santitrust ing that the association un- said, the evidenceshowedthat sion of collegeathletics. forgraduateschool. Those legeathletes who arechal- division during the Trump ad- lawfully limited competition some of the association’sre- TheSupreme Court is set to decisions didn’t liftNCAAlim- lenging the NCAA’s limitson ministration had also voiced forcollegeathletes by restrict- strictions “did not actually hear oral argumentsonMarch itsonathletecompensation their compensation, adding skepticism of the NCAA’s ap- ing the types of compensation foster consumer demand.” 31. Thecase,brought in the unrelated to education. the government’svoicetoa proach. they could receiverelated to TheFederal Trade Commis- name of former West Virginia Theruling,expected by high-stakes case scheduled for Thedepartment’snew brief their education. sion, which shares antitrust University running back June,could have the potential arguments later this month. argued that the NCAA’s inter- Thedepartment said col- authority with the depart- Shawne Alston and other Divi- to reshape the NCAA’s ap- In filing itswrittenbrief ests in amateurism didn’t ex- lege sports were “an unusual ment, supported the brief. sion Iathletes,isfocused on proach to compensation amid Wednesday, the Biden admin- clude its rules from the same product” in which athletes’ TheNCAAdidn’t comment the forms of education-related a broader battle over control istration officially aligned the kind of antitrust scrutinythat amateurstatus has been at on the JusticeDepartment’s benefits athletes can receive. of the multibillion-dollar col- department with a broad ros- applies to other organizations. least part of the appeal to con- brief.Ithas argued previously Lowercourtscleared the lege-sports industry. P2JW070000-4-A00400-17FEFF5178F

A4 | Thursday, March 11, 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 House Passes Union-Friendly Labor Bill

BY ALEX LEARY lowing recent setbacks foror- vote threshold formost legis- hour,though that effort is cur- Trump that could have paved million in support of a ballot AND ELIZA COLLINS ganized labor and diminished lation, a change he and some rently stalled. the way forcontractorsand measureallowing them to by- union membership. centrists in his party oppose. ThePRO Act would estab- workersatfranchised busi- passastate lawintended to WASHINGTON—TheHouse Businessgroups such as the There is also no guarantee all lish penaltiesupto$50,000 nesses to form unions. provide employee-likeprotec- lateTuesdaypassed legisla- U.S. Chamber of Commerce 50 Democratic senatorswould foremployers who violatethe “The PRO Act is our litmus tions fordrivers. Now, despite tion that would represent the and the App-Based Work Alli- support the union bill. National Labor Relations Act test and if progressisdelayed low Senate prospects, the in- most significantchangetola- ance, which includes Uber Labor groups arelooking to and set a10-daytimeline for or denied yetagain, the suffer- dustryisworking to defeat the bor lawindecades,advancing Technologies Inc., Lyft Inc. Mr. Biden to push for the bill union-employernegotiations ing of the past year will only federal legislation. a priority for unions that are and DoorDash Inc., assailed as the latest sign he is deliver- to commence; currently there getworse,” AFL-CIO President Many Republicans saythe pressuring President Biden the bill, saying it would tram- ing on his campaign promise is no enforceable timeline. Richard Trumka said, referring House bill will stifle business and Democrats to deliver leg- ple on statelawsand endanger to boost unions. Thebill also makes it easier to the coronavirus pandemic. and empowerunion leaders, islative victories. the flexibility that ride-share Thepresident has firedoffi- forgig workers—including in- “But if our leaders step up to and some key moderateDemo- TheProtecting the Right to and deliverydriversenjoy. cials at the National Labor Re- dependent contractorsand on- the plate and deliver genera- crats haven’t yet weighed in. OrganizeAct, or PROAct, was Mr.Biden called on Con- lations Boardseen by unions line platform workers—to tional change—the changewe Thelegislation could draw approved by the House gresstosend the legislation as hostile to their goals,sided unionizeunlesstheir employer votedfor—wewill emerge moreattention to the brewing 225-206,with the support of forhis signature, but it faces a with Amazon.com Inc. work- meets certain requirements. from this crisis stronger than fight over the Senatefilibus- nearly all Democrats and five steep challenge in the evenly ers’ unionization driveinAla- It would codifyintolaw a ever before.” ter,the requirement that most Republicans. divided Senate. bama,picked aunion ally to decision made by the NLRB Companies such as Uber legislation have at least60 Backers say the legislation ProgressiveDemocrats runthe Labor Department and under former President Barack and Lyft wonavictoryagainst votestopass, because Demo- would be amajor advance- want Mr.Biden to endorse backed increasing the federal Obama and reversed under labor groups last year in Cali- cratshaveonly 51 votesif ment in employeerightsfol- eliminating the Senate’s60- minimum wage to $15 per former President Donald fornia, afterspending $200 they stick together. Congress Trump Approves Pressed Covid Aid For Probe

ContinuedfromPageOne In Georgia coming as vaccines have rolled out nationwide and newcases BY CAMERON MCWHIRTER have slowed,has buoyedex- pectations about the speed of ATLANTA—In alateDecem- the economy’srecoveryafter a ber phone call, then-President year marked by closed schools, Donald Trump urgedthe chief shut businesses and morethan investigator of the Georgia 500,000 deaths in the U.S. SecretaryofState’s officeto Major expansions to several look forfraud during an audit aid programs forlow-income of mail-in ballotsinasubur- people will be temporaryunder ban Atlanta county. the bill, though Democrats During the six-minute call, hope to makethem permanent which wasreviewedbyThe later in abroader effort to ex- Wall Street Journal, Mr. S pand the federal safety net. Trump repeatedly said that he NEW

Taking advantageofDemo- G wonGeorgia. “Something bad crats’ narrow majorities in happened,” he said. Congress, Mr.Biden is weighing “When the right answer OOMBER asecond major spending pack- comes out, you’ll be praised,” ageinthe coming months that M/BL Mr.Trump told the chief in- RU

his advisersexpect will focus CO vestigator, Frances Watson. on climateand infrastructure. She responded: “I canas- MUEL

“This legislation is about SA sureyou that our team and giving the backbone of this na- House Speaker Nancy Pelosi, seatedattable, and Senate MajorityLeader Chuck Schumer signed the aid bill in aceremonyWednesday. the [Georgia Bureau of Investi- tion—the essential workers, gation], that we areonly inter- the working people who built coming weeks promoting the the full direct paymentswill go in the Senate, lawmakers “Weshould expect…we’ll see ested in the truth and finding this country, the people who packageand explaining the to individuals making as much downsized some elements. The the largest one-year reduction the information that is based keep this countrygoing—a benefits. PresssecretaryJen as $75,000 and married cou- direct paymentswill go to in child poverty not just in our on the facts.” fighting chance,” Mr.Biden Psaki said the president will ples making as much as zero forindividuals with in- nation’shistorybut possibly in TheWashingtonPost re- said afterWednesday’svote. appointanofficial to oversee $150,000,and the $300 weekly comes above$80,000,afaster anynation’s history,” said Indi- ported on the call in January, House Speaker NancyPelosi implementation of the package. jobless-aid supplement law- phase-down than in previous varDutta-Gupta, co-executive butthis is the firsttime the (D., Calif.) called the bill a In their first major legisla- makersapproved in December aidpackages.The sizeofun- director of the Georgetown Cen- recording has been released. “forcefor fairnessand justice tiveeffort sincethey took con- will continue through Sept. 6. employment aid was also cut. teronPoverty and Inequality. Fulton County District At- in America,” and compared it trol of the WhiteHouse and Thelegislation also pro- Thebill will expand the Thepackage’ssizehas re- torney Fani Willis has launched to the ACA in its significance. both chambersofCongress, vides $7.5 billion forvaccine child taxcredit,makeitre- newedsome concerns about acriminal investigation into Thenew payments, financed Democratslargely stuckto- fundable andauthorizeperi- increasing the debt and deficit. alleged effortstohaveofficials with deficit spending,have gether on the broad package, odic payments. Making the “It’sgood we passed abill, you in Georgia overturn the state’s raised fresh worries about infla- reconciling demands between The law will expand credit refundable will mean it definitely don’t want unem- resultsofNovember’s presi- tion and potentially overheating the party’s progressiveand is available to millions of very ployment paymentstoexpire, dential election. In aFebruary the economy. Republicans op- centrist members. the child tax credit low-income households. but it definitely could and lettertoofficials,Ms. Willis posed the bill, attacking its Though the packagereceived and authorize The bill will broaden eligi- should have been moretar- said agrand jurywould con- pricetag and calling manyofits no Republican support in Con- bility forand increase the geted,” said Maya MacGuineas, vene this month. measures bloated or unneces- gress, Democratsand the Biden periodic payments. amount of subsidies forpeople president of the Committeefor In early January, media out- saryand unrelated to the crisis. administration repeatedly cited who buy ACAhealth plans. aResponsible Federal Budget, lets, including the Journal, “So let’sbeclear.This isn’t public-opinion polling demon- That could mean lowerpre- afiscal watchdog group. published news of arecording arescue bill, it isn’t arelief strating itsbroad support: A mium paymentsfor almost 14 Economistssurveyed by The of atelephone conversation bill,it’salaundrylist of left- recent PewResearch Center distribution,$48 billion for million people insured on the Wall Street Journal expect the between Mr.Trump and sev- wing priorities that predatethe survey showed70% of people in testing and contact-tracing ef- individual market. aid to propel the economytoits eral supportersand Mr. pandemic and do not meet the the U.S. favorthe legislation. forts, $22billion forrental as- Advocatessaid the mea- fastest annual growth in nearly Raffenspergerand his staff. needs of American families,” Manyofthe planks of the sistance, $39 billion for child sures—along with the direct four decades.They expect the During that Jan. 2call, Mr. said Rep.KevinMcCarthyof bill continue or build on aid care,$29 billion forthe res- payments, expansions of the economytogrow5.95% from Trump urgedMr. Raffen- California, the GOP leader. measures Congress approved taurant industryand more earned-income tax credit and last year’s fourth quarter to the spergerto“find” votesto Mr.Biden, Vice President in aseries of bipartisan bills than $160 billion forschools an extension of boosted food same period this year. change the election outcome. Kamala Harris and cabinet sec- totaling about $4 trillion last and universities. assistance—would dramati- —Andrew Restuccia He berated Mr. Raffensperger retaries plan to travel in the year.Likeinprevious packages, Afterapush from centrists cally cut poverty in the U.S. contributed to this article. fornot doing moretooverturn the election. Representatives of the former president didn’t immedi- In 70-30 Vote,SenateConfirms ately respond to requests for comment. President Biden wonthe Garland as AttorneyGeneral statebyabout 12,000 votes out of five million cast. Two statewide recounts confirmed BY SADIE GURMAN Mr.Biden won,making Mr. Trump the firstsitting Repub- WASHINGTON—TheSenate lican president to lose the SAVE confirmed Merrick Garland as state since 1992. $170 President Biden’sattorney Afterthe recounts, the general, putting arespected Georgia secretaryofstate con- jurist and experienced former ducted aforensic audit of prosecutor in charge of aJus- about 15,000 mail-in ballotsin ticeDepartment poised to Cobb County,checking signa- confront arising threat of do- tures on ballot envelopes to TOP mestic extremism and aggres- makesurethey matched signa- sively enforce civil-rights law turesonfile with the county.It amid a nationwide reckoning wasduring that audit that Mr. OL

on race and policing. PO Trump called Ms.Watson. Mr. Mr.Garland, 68 yearsold, S Trump said in the call that he

wasconfirmed in a70-30 vote, /PRES contacted Ms.Watsonatthe with both Democratsand Re- request of Mark Meadows,Mr. publicans hailing him as Trump’schief of staff.The au- 12 uniquely equipped to restore ANGERER dit found no evidenceoffraud.

morale,stability and institu- DREW During the call, Mr. Trump tional integrity to aJusticeDe- Merrick Garland has said he would combat extremist violence. told Ms. Watson that she had WinesYou partment roiled by political themost important job in the Need to Try storms during the Trump ad- expected to be adramatic shift Thenew attorney general countryatthe time and urged ministration. Twenty Republi- in the JusticeDepartment’s said he would be independent her investigatorstoreview cans joined all 50 SenateDemo- approach to a series of other in his oversight of several polit- signatures going back several Plus cratsinconfirming Mr.Garland. issues,fromcivil-rightsen- ically sensitiveinvestigations years, according to the record- Mr. Garland, who spent 24 forcement and policereform begun under the previous ad- ing. 3BONUS Bottles years on the powerful U.S. to the use of the federal death ministration, including acrimi- While her audit wasfo- Court of Appeals for the Dis- penalty and the level of discre- nal taxinvestigation intoMr. cused on Cobb County,hesaid trict of Columbia Circuit, is ex- tion prosecutorshaveinBiden’sson, Hunter,and aspe- she should look at Fulton pected to be sworn in Thurs- charging crimes. cial-counsel probe examining County,the state’smost popu- day. He has said he would Mr.Garland said during his theorigins of the FBI’s2016 lous county that includes most combat extremist violenceand confirmation hearing that he Russia investigation. of Atlanta. “Ifyou canget to make a first priority of an ex- would pursue strong enforce- Earlier on Wednesday, the Fulton, youare going to find tensivefederal investigation ment of civil-rightslaws, fo- Senatevoted 66-34 to confirm thingsthat aregoing to be un- intothe Jan. 6riot at the U.S. cusing on hate-crimes prose- Rep. Marcia Fudge(D., Ohio), believable,” he said. Capitol. cutions, voting rights and the as secretaryofthe Depart- In thecall, Mr.Trump of- While the investigation into equitable treatment of minori- ment of Housingand Urban ferednoevidenceofany the Jan. 6attack is expected ties in the criminal-justicesys- Development. wrongdoing. to continue largely unchanged temafter last year’s nation- Ms. Fudge was expected to Ms.Watsondeclined to Go to wsjwine.com/now 2WSJW1907 under newleadership,Mr. wide protests over killings of resign from her House seat be- comment through the Secre- Garland will oversee what is Black people by police. fore being sworn in. tary of State’s office. P2JW070000-0-A00500-1------XA

THE WALL STREET JOURNAL. Thursday, March 11, 2021 | A5

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A6 | Thursday, March 11, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS Shots Target Multiple Strains New Antibody Drug Found to Cut Deaths BYJARED S. HOPKINS

Drugmakersare crafting BY JOSEPH WALKER highly effective. Covid-19 vaccines that would “Welook forwardtothe target morethan one strain of Amonoclonal-antibody drug possibility of making VIR-7831 the virus,hoping to strengthen reduced hospitalizations or available to patientsassoon as the immunization campaign death from Covid-19 by 85% possible and to further explor- against the pathogen as it compared with aplacebo in a ing itspotential in other set- evolves. clinical trial,said VirBiotech- tings,” said Hal Barron,Glaxo’s ResearchersatModerna nology Inc.and GlaxoSmith- chief scientific officer and Inc., Novavax Inc.and the Uni- Kline PLC,the drug’sdevelopers. president of research and de- versity of Oxfordare designing Based on theresults, the velopment. the shots, known as multivalent companies said Wednesday Thecompanies didn’t dis- vaccines,toprotect not only they will immediately ask closedetailed study results, againstthe form of the virus health regulatorsinthe U.S. such as the percentageofpa- commonly circulating but po- and other countries to autho- tients who were hospitalized

tentially contagious strains that JOURNAL rizethe therapy,which would or died.

have emergedormight in the REET addtothe arsenal of Covid-19 Study volunteerswill con-

future. ST treatmentsthat help keep in- tinue to be monitored for24 Thework belongstoarange LL fected people out of hospitals. weeks,and moredatawill be re- of effortsvaccine makersand WA If authorized, the medicine leased afterthe study is com- THE

drug researchersare undertak- R would be the fourth antibody pleted, the companies said. The

ing to getahead of variants like FO drug available in the U.S. after study is evaluating patientswith

the one identified in the U.K., RICK ones made by Eli Lilly &Co. mild or moderateCovid-19

South Africaand Brazil. AT and Regeneron Pharmaceuticals symptoms who areatahigh risk Researchindicates some Inc. Then-President Donald of developing severedisease. KIRKP J.

vaccines currently in use gener- T. Trump praised Regeneron’sfor Monoclonal antibodies are ateweaker immune responses Researchers at work last month at Novavax facilities in Gaithersburg, Md. his recovery,but the drugs the only treatmentsauthorized against the strain found in have been lightly used. forpatients early in the course South Africainparticular, widely used weapon against and if we knewthe answerto midyear to begin testing abiva- Virand Glaxosaid that an of the disease who areathigh though thereisn’t evidencein- other viruses,such as measles, that, then we could stop it,” lent vaccine,the companysaid independent monitoring com- risk of becoming hospitalized. dicating that current vaccines mumps and rubella. Some said Sean Whelan, avirologist this month. mitteerecommended the study However, manyofthe available don’t protect against variants. pneumonia vaccines target as at WashingtonUniversity in St. Oxfordresearchersare pur- be stopped early because an in- doses have gone unused be- To be safe, companies are manyas23strains,while most Louis whose lab is trying to suingamultivalent approach terim analysis of datafrom583 cause of the logistical chal- exploring strengthening the flushotstargetfour different predict important mutations. that includes targeting strains study subjectsshowedthe lenges thedrugs present for protection conferred by exist- influenzastrains. Yetmultivalent vaccines are firstidentified in Brazil and drug,called VIR-7831, was hospitals. ing shotsbyadding doses,up- To defeat avariety of vari- morecomplextoresearch and South Africa, according to As- datingthe shotsorcrafting a ants, the vaccines essentially manufacture, which canin- traZeneca PLC,which licensed booster.Amultivalent shot is blend together anumber of dif- crease companycostsand the the shot to distribute. another approach in the works. ferent shots. So long as re- time it takestomakethem, Trials could begin this Restrictions Lifted on Testing multivalent vaccine searcherspick the right combi- vaccine expertssay. spring with the shot available candidates in people hasn’t nations,the vaccines should Theworld-wide market for in the summer,AstraZeneca started yet. Some companies Covid-19 vaccines would be said last month. Nursing-Home Visits hope to begin in the spring so worth morethan $15 billion if Drew Weissman, an immu- that shotscan be available for Multivalent vaccines annual shotsare needed to ad- nologist at theUniversity of BY ANNA WILDE MATHEWS Indoor visitsshould generally use as early as the summer. dresswaning protection over Pennsylvania whose research be allowedfor all residents, re- Health expertssay the essentiallyblend time andmultivalent vaccines contributed to the mRNA tech- Federal regulatorsliftedre- gardlessofwhether the resident broad-acting shotscould make together anumber arerequired to head off vari- nologyused by BioNTech SE strictions on visits to nursing is vaccinated, the newguide- adifferenceinthe pandemic ants, Bernstein Research esti- andModerna, said his team is homes,after widespread vacci- linesstate.Among the excep- fight by stymieing mutations to of different shots. mates. working on amultivalent vac- nation helped sharply reduce tions arevisitstounvaccinated the coronavirus that could help Moderna, which is develop- cine. Covid-19 cases and deaths residentswhen lessthan 70%of it evade existing vaccines being avaccine targeting the Johnson &Johnson has among residents. anursing home’sresidentshave fore widespread herdimmunity strain identified in South Africa said it is preparingananti- ThemoveonWednesdayby been vaccinated and thereisa is achieved. work,though not if the mixture specifically,isalso pursuing a gen—the substancethat avac- the Centersfor Medicareand heavy incidenceofCovid-19 in “Ifthereare two or three spreads protection toothin, candidatethat would combine cine relies upon to generatean Medicaid Services came nearly thesurrounding county. predominant world-wide vaccine expertssay. thevariant-focused shot with immune response—that would ayear afterthe agencyhad Therelaxed guidelines strains,and infection or immu- Multivalent vaccines would the company’svaccine cur- target the variant that spread largely banned nursing-home come as evidencemountsthat nity to one doesn’t protect be especially useful against rently in use.Moderna hasn’t in South Africa. Thecompany visits as the coronavirus pan- vaccines have significantly againstthe others, then we Covid-19,virologistsand vac- specified when astudy would hasn’t committedtoamultiva- demic took hold in the U.S. slowed the crisis in U.S. nurs- mayneed multivalent vaccine expertssay,ifscientists begin forthe multivalent candi- lent shot but would develop Though some limited visitshad ing homes.The Centersfor cines,” said Buddy Creech,di- areable to predict which muta- date. one if avariant escaped protec- been allowedinmanyplaces, Disease Control and Preven- rector of Vanderbilt Univer- tions might spread, as is done Novavax,which has a tion from the vaccine. the newguidelines throw the tion earlier this week said sity’s vaccine-research with influenzaeach year. Covid-19 vaccine targeting the Pfizer Inc.isonly working doorsopen much farther,a fully vaccinated people could program. “The real question is what’s original version of the virus in on avaccine targeting the step that families have been gather privately in small Multivalentvaccines area the virus going to evolveto, late-stageU.S.testing,plans South African variant. advocating forweeks. groups without masks.

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THE WALL STREET JOURNAL. **** Thursday, March 11, 2021 | A7 U.S. NEWS Chinese, HacksExploited U.S. SecurityGap Biden BY DUSTIN VOLZ that China wasbehind the Mi- powers,though is generally last week,MicrosoftPresident Tools. About half the servers AND ROBERT MCMILLAN crosofthack and referred to prohibited from using them to Brad Smith said the method identified as connected to the Officials earlier commentsfromBeijing collect intelligenceondomes- wasofobvious appeal to the Exchangehack were in the U.S. lawmakersand security in which the government said tic targets, including computer Russiansbecause it enabled U.S.,according to the Domain- expertsare voicing concern it “opposes and combatscy- serversinside the U.S. main- them to circumvent U.S. intel- Tools analysis. To Meet that foreign governments are berattacks and cyber thefts in tained by American compa- ligence collection. ADigital Ocean spokes- staging cyberattacks using all forms.” nies. Amazon declined to appear woman said that “illegal activ- BY ALEX LEARY serversinthe U.S.,inanap- It is the second major sus- “The combination of these at the hearing, prompting bi- ity is not tolerated on our AND BOB DAVIS parent effort to avoid detec- pected nation-statehack un- twoattacks definitely has partisan ire from lawmakers, platform.” Thecompany, she tion by America’sprincipal cy- earthed in the past few and hasn’t commented pub- said, takesaction when misuse WASHINGTON—TopU.S.and berintelligenceorganization, months to have employedU.S. licly on the use of itsdatacen- is discovered, including work- Chinese officials areset to hold the National Security Agency. serversasalaunchpad. Suspected Russian ters in the SolarWinds attack. ing with government agencies talks next week in the first When hackersrecently tar- Suspected Russian hackers “This is a sophisticated ac- if they are affected. high-level in-person meeting geted servers running Micro- used U.S.-based cloud services hackersused U.S. torthat apparently took the Security expertssaid Mi- between the two powers since soft Corp.’swidely used Ex- to support key stages of their based cloud services time to research legal author- crosoftiscaught in the middle President Biden took office, af- changesoftware,they attack that leveraged ahack at ity. It knew that by operating of both attacks in part because termonths of deteriorating ties. employed U.S.-based comput- SolarWinds Corp., the Austin, to supportanattack. from serversinthe United itsproductsare ubiquitous.It The meeting between Sec- ers from at least four service Texas,network software pro- States, it could evade some of is also amajor software pro- retary of State AntonyBlinken, providerstomount their at- vider through which they pen- the U.S. government’sbest vider to the U.S. government national security adviser Jake tack, according to an analysis etrated U.S. government and threat hunters,” TomBurt, Mi- andlarge corporateclients, Sullivan and their Chinese by the threat intelligencecom- corporatenetworks. pushed us to atipping point in crosoftcorporatevicepresi- making Microsoftsoftware counterpartswill be held in pany DomainTools LLC. In both cases, the hacks terms of the policymakers dent forcustomer security, flawsappealing targetsto Alaska,istentatively set for Theattack that Microsoft were disclosed by private-sec- and the executive branch rec- said of the Exchange hack. hackerstrying to spy on U.S. March 18 and 19,and will give disclosed last week affected at torresearchers, not the U.S. ognizing nowthat we need to Based on theinternet ad- networks, they said. each side time to layout their least tens of thousands of cus- government. do something,” said Glenn dressesused, the hack ema- TheMicrosoftExchangeat- priorities and coverarangeof tomers and has been linked by TheNSA,with itstens of Gerstell, former general coun- nated from lesser-known ser- tacks were carried out by at divisiveissues,U.S.officials the software giant and other thousandsofemployees,is sel at the NSA. viceproviderssuch as least four hacking groups, all said Wednesday. security researcherstoChina- one of the main U.S. govern- TheSolarWinds hackers DigitalOcean Inc., as well as of whichhavebeen linked to “Prettysimple: This is an basedhackers. ment organizations responsi- used cloud-computing systems serversinHong Kong,the China, said Alexis Dorais-Jon- importantopportunity forus TheChinese Embassy in blefor protecting the U.S. in runbyMicrosoftand Ama- Netherlands, China and other cas, aresearcher with ESET,a to layout in very frank terms WashingtononTuesdaydidn’t cyberspace. zon.com Inc.tolaunch their jurisdictions, said Joe Slowik, security companythat has the manyconcerns we have directly addressthe charge It has vast surveillance attacks.AtaSenatehearing aresearcher with Domain- been tracking the attack. with Beijing’sactions and behavior that arechallenging the security,the prosperity and the values of the United States,” Mr.Blinken told the House For- American Farm Exports to China Surge eign AffairsCommittee. He said the talks would also ex- ploreareas forcooperation. BY J ESSE NEWMAN Topics will include the Covid-19 pandemic,climate China is onceagain the change, and issues of disagree- U.S.’s chief customer foragri- ment including China’sstance cultural goods,three yearsaf- on Hong Kong and pressureon terthe start of abruising trade Taiwan, and the “undeclared warthat prompted American economic embargoes” China farmerstotry to wean them- has placed on Australia, a se- selves off their biggest market. nior administration official Following acease-firebe- said. TheU.S.will also discuss tween the world’stwo largest Chinese practices seen as economies last year,U.S.farm- damaging to American work- ersare shipping record vol- ersand farmers, as well as in- umes of crops and meat across tellectual property theft, the Pacific.The surging agricul- forced technologytransfer and tural exportsare helping power human rights, the official said. aturnaround in the U.S. farm TheChinese Embassy didn’t economy, lifting commodity respond to arequest to com- prices and profits foragribusi- ment. Beijing has been request- nesses,and fueling expectations ing ameeting between high- that farmerswill devotemore ranking officials since land than ever forsome crops. December,reaching out to the U.S. agricultural exports to Biden administration afterrela- China in 2020 rose to 55.5 mil- tions spiraled down under for- lion tons and were one-quarter

mer President Donald Trump. of all farm shipments, accord- JOURNAL Thesit-down comes as the ing to U.S. AgricultureDepart- REET

contoursofthe Biden adminis- ment data. China is now buy- ST

tration’sChina policytake ingmorefarm goods than it LL

shape.Part of that centerson did before the trade war, and WA

bolstering the U.S.’s economic U.S. agricultural officials ex- THE R

competitivenessand itslead in pect Chinese demand to grow FO

cutting-edgetechnologies like further. US semiconductors. SenateMajor- Therevivaloftrade rela- RR JA

ity Leader Chuck Schumer (D., tions is rippling across fields IA LV

N.Y.)recently instructed com- and barns throughout the U.S., SY mitteechairstocraft legisla- buoying businesses that suf- Brian Pridgeon hand-feeds a22-day-old piglet at his farm in Montgomery,Mich. He worries about the industry relying toomuch on China. tion to promoteinvestmentsin fered as Chinese tariffs on U.S. American research and manu- goods such as soybeans and portstoChina fell 74%byvol- recovery from the coronavirus riod. Prices forthe oilseeds U.S. farm exports to China facturing,including semicon- pork slashed exportsand pres- ume.Prices forthe oilseeds pandemic,and effortstorebuild areup64% from year-agolev- surgedtoarecordfollowing a ductor production, augment- sured prices. tumbled, too, and the Trump the country’shog herd follow- els. In response, U.S. farmers bruising two-year trade war ing administration efforts. Josh Gackle,aNorth Dakota administration launched are- ingadeadlyswine disease,are are expected to plant arecord Enlisting the support of al- farmer who growscorn, soy- lief program that ultimately further fueling China’sappetite 182 million acres of corn and 60 million tons 55.5 lies is also crucial to the ad- beansand other crops,said would dole out morethan $23 forU.S.farm goods,agriculture soybeans this spring,boosting million ministration’sstrategy, pre- sharply higher commodity billion in aid to farmers. executives and analystssaid. soybean acreagebyseven mil- 50 senting amoreunited front to prices have allowedhim to U.S. farmers, industrygroups China’sracetofattenits lion from 2020,according to a counter Beijing’s more-asser- showhis bankersthis year— and government officials hur- hogshelped drivea53% jump USDA forecast. tivepolicies. the first in six—that his farm ried to woobuyersinmarkets in U.S. soybean exportstothe Farmersand agricultural of- 40 On Friday, Mr.Biden will will turn a profit. beyond China,including Europe countrylast year compared ficials caution that China’s host avirtual summit with “It’sdefinitely encouraging and Southeast Asia. Launching with 2019,representing the rapid return must not impede 30 other leaders of the so-called to see China back in the mar- aproject to makeupfor lost second-highest volume on re- recent U.S. effortstocourt Quad,astrategic group seen ket,” Mr.Gackle said, adding sales to China, soybean officials cord and morethan half of all buyersinother world markets. as a bulwark against Chinese that he plans to build a joined regional trade exchanges soybean shipments, according Michigan hog farmer Brian 20 expansionism that includes $500,000 shop on his farm for overseas and led prospective to USDA.Corn exportssoared Pridgeon said China’spork- Australia, Japan and India. fixing equipment. buyersontoursofU.S.farms morethan 20-fold to anew purchasing spree is exciting. Acenterpieceofthe sum- Likeother farmers, Mr. andshipping infrastructure. high. But he said he worries it will 10 mit will be reaching an agree- Gackle had bet big on China in TheU.S.and China signed a In thefirst eight weeks of wane as China’s own produc- ment to greatlyincrease recent years,planting soybeans deal in January2020 marking a this year,Chinese buyershave tion rebounds. “We can’t just 0 Covid-19 vaccine production acrosshalf his 6,000 acres.In truceinthe trade war, with Bei- purchased nearly triple the be reliant on one partner,” capacity in India,the Biden 2018,the year the trade con- jing pledging to boost U.S. agri- amount of U.S. soybeans com- said Mr. Pridgeon, who raises 2010 ’12 ’14 ’16 ’18 ’20 administration official said. flict began, U.S. soybean ex- cultural imports. China’sswift pared with the year-earlier pe- 70,000 pigs a year. Source:USDA

with the 38% jump in itssales Thriving Biden to Increase ments by Pfizer Inc. and Mod- in 2020,but analystsexpect erna Inc. to provide 600 million that to moderateto16.8% in the J&J Dose Supply doses of their two-shotvac- fourth quarter,which would be Companies cines, the U.S. is expected to itsslowest pacesinceearly have morethan enough supply 2015,according to FactSet. PresidentBiden directed his by the end of Maytovaccinate Other companies arelooking

Face Test S administration to secureanaddi- the eligible U.S. population, Mr. forways to adapt. Zoom Video tional 100 million doses of John- Biden said. Communications Inc., whose NEW

G son &Johnson’s Covid-19 vac- “Weneed maximum flexibil- revenue quadrupled last year as ContinuedfromPageOne cine by year-end and said he ity. There’salwaysachance it became ahousehold name,is

to slow. Financechief Prabir OOMBER planned to shareany excess vac- we’ll encounterunexpected chal- projecting revenue will rise

Adarkar said on arecent earn- /BL cine supply with other nations. lenges,” Mr.Biden said of his ad- morethan 40% this year and is ingscall that while business If an agreementwith J&J is ditional intended purchases on adapting itstools forbusinesses

held up somewhat in markets MORRIS completed, the additional supply Wednesday, following ameeting that will have some workersin

that have reopened, “vaccina- UL would double the company’s at the WhiteHouse with J&J the officeand othersathome. tion and full re-openingscould PA previous commitmenttoprovide Chief ExecutiveAlex Gorsky and Food makersincluding Kel- VID

drive sharper changes in con- DA 100 million doses to the U.S. Merck &Co. CEOKenneth Fra- loggare bracing forashiftaf- sumerbehavior than current Lowe’s has laid out three projections for the coming year—all of Taking into accountcommit- zier. —Sabrina Siddiqui tersales during the pandemic data would predict.” which anticipate a decline in revenue, ranging from 2% to 7%. rose as people were at home Analystsproject DoorDash’s moreoften. KelloggCEO Steve revenue will increase 29% this ExecutiveOfficer Marvin Ellison include featuressuch as an out- doubled itsrevenue in 2020,as might benefit if overall con- Cahillane said that he believes year,according to datafrom has said the companywill em- door field and wellnessspaces. shoppers purchased everything sumer demand strengthens. morepeople will continue to FactSet—healthybymost mea- phasizegaining market share Tech companies in particular from facemasks to home décor. Jonathan Golub, chief U.S. eq- eat at home than beforethe sures but about one-eighth its andimproving profit margins. prospered over the past year as But executives have said those uity strategist at Credit Suisse, pandemic,but that akey chal- rapid pacein2020.Its stock is “2021, to statethe obvious,isa people and companies diverted purchases could wane.“We also projectsthat earningsfor lengeismaking surethey don’t off morethan 30% from its very difficult environment to spending to online tools and know, we hope,that as the growth companies will increase getbored of it, which the com- highest closing on record. forecast,” he said last month. pursuits. Gene Munster,manag- world opens up later this year, 17%this year,after rising 13% panyplans to addresswith new Sales at home-improvement Dick’sSporting Goods Inc.on ing partner at investment and consumerswill soon be able to in 2020.“They’regoing to look flavorsofcereals and snacks. retailer Lowe’s rose 24%last Tuesdaysaid it expectssales research firm Loup Ventures, spend moreoftheir money on even better as agroup because “Howdowemakethis in- year,the fastest paceintwo de- this year to be between 2% said that the biggest players travel, dining and entertain- they aresitting on amuch home dining experience more cades,ashomeownersremod- higher and 2% lower, afterris- will remain in strong shape,but ment, and this will createsome stronger economy,” he said. exciting than aMichelin- eled bathrooms,built decks and ing nearly 10% in the fiscal year forsome smaller businesses headwinds to Etsy’s growth rel- At the same time,some com- starred restaurant so that peo- completed other improvements. that ended in January, as peo- that had breakout years, ative to 2020,” financial chief panies whose businessremains ple arenot using our food be- Lowe’s has laid out three pro- plespent moreonfitnessand “there’sgoing to be some read- Rachel Glasser said on arecent strong might faceslower cause they have to but because jections forthe coming year.All outdoorsgear.The company justing forthese companies earningscall. growth. Amazon.comInc.proj- they want to?” he said. anticipateadecline in revenue, said it is experimenting with a when thingsgoback to normal.” Manycompanies that ectsrevenue increasing 33%to —Annie Gasparro ranging from 2% to 7%. Chief newprototype location that will Online marketplaceEtsy thrived in the remote-work era 40% in the firstquarter,inline contributed to this article. P2JW070000-2-A00800-1------XA

A8 | Thursday, March 11, 2021 ** THE WALL STREET JOURNAL. WORLD NEWS Brazil SurpassesU.S.inCovid-19 Deaths

Aggressive new strain spread of the P. 1strain from ConﬁrmedCovid-19 deaths,seven-dayrolling average of fatalities—and the fact it the Amazonian city of Manaus, runs contrarytothe global increases toll, leaving which studies have shown to 1 Early November: AggressiveP.1 strain is born in the Amazonian cityofManaus, trend—hasprompted deep hospitals, cemeteries be morecontagious and better according to researchers' estimates concern over the country’s able to reinfect people than fateaswell as the potential of struggling to cope previousversions of the dis- 2 Jan. 17: Brazil begins its vaccination campaign with alimited supply of shots the P. 1strain to wreak similar ease. havoc across the region. 3 Feb. 13: Localtransmission of P.1conﬁrmedinBrazil's biggest BY SAMANTHA PEARSON Deaths have also surged as Arecent study showedP.1 city, SãoPaulo,asstrain spreads fast AND LUCIANA MAGALHAES Brazil’shealth system has 3,000 to be 1.4to2.2 times more struggled to cope,meaning 4 March 1: ICU Covid-19 wardsreachcapacityornear-capacityin U.S. contagious than versions of SÃOPAULO—Brazil has patients who could have been mostBrazilian states 2,500 the virus previously found in overtaken the U.S. as the saved were left to die in cha- 4 Brazil,and 25% to 61% more countrywith the most daily otic hospital corridors or—in capable of reinfecting people. Covid-19 cases and deaths in the worstcases—suffocated to 2,000 ResearchersbelieveP.1 first theworld, as an aggressive death for lack of oxygen. 1 2 3 1,566 emergedinManaus in early 1,500 strain of the disease from the Brazil is home to hundreds 1,573 November and by January, the Amazon leavesLatinAmerica’s of newCovid-19 variants,re- newstrain wasresponsible for biggest nation scrambling for searcherssaid, warning that 1,000 85% of newCovid-19 infections spaceinhospitals and ceme- other more-dangerous ver- in the city. teries. sions could emerge the longer Brazil Chaos soon followed. After 500 Brazil’sdaily Covid-19 death the disease is lefttofester and scores of patientssuffocated toll surgedto2,286 on mutate, threatening to under- India to death in Manaus in January Wednesday, itshighest during mine the progressofother 0 102 following a citywide shortage the pandemic. The U.S. death countries against the pan- March April MayJune July Aug. Sept.Oct.Nov.Dec.FJan. eb.March of oxygen, a convoy of trucks toll on Tuesday was 1,947. demic. 2020 2021 from Venezuela made the 26- Brazil’sseven-day average “It seems likeanightmare,” Note:DataasofMarch 9 hour drive south through the daily death toll has risen to said Mohamed Parrini, chief Source:Johns Hopkins CSSE rainforest to deliver supplies. 1,573while the rate in the U.S. executiveofthe Moinhos de Prosecutorshavealso been in- is plunging—down to 1,566 a VentoHospital in the southern trying to understand why. about 4% of itspopulation. pitals in Brasília, the Amazon vestigating reportsinFebru- day—amid fewercases and city of Porto Alegre, who has Covid-19 has killed more That means cases and deaths and the south have resorted to ary that intubated patients in morevaccination, according to been racing to convert other than 260,000 people in Brazil, are likely to remain higher in renting refrigerated shipping the region were tied to their Our World in DataatOxford wardsintomakeshiftICUs. including morethan 10,000 in Brazil forthe coming months, containerstostore corpses af- beds following ashortageof University.The U.S. hit apeak “The saddest thing is when the past week.That putsthe epidemiologists say. tertheir on-sitemorgues filled sedatives. of just over 3,400 daily deaths youstart to see the people country behind only the U.S., TheU.S., Brazil and India up. While the infection rate and in January. around you also getting intu- which has more than 525,000 have led in the totalnumber of Meanwhile,cemeteries in daily death toll have shown As many countries put the bated—people’shusbands,the deaths. daily deaths for every month some cities such as Campo signsoffalling in Amazonas worstofthe pandemic behind spouses and uncles of employ- Public-health specialists of the pandemic but the first Grande in the center-west stateoverrecent weeks,other them, Brazil is facing one of ees.” have also blamed President few, when the virus began its have dug up their parking lots states farthersouth arefacing its worst humanitarian crises Likemanydoctorsand hos- Jair Bolsonarofor failing to deadly march from China to to makemoreroom forgraves. their darkest days yetasP.1 as deaths and infections surge, pital directorsacrossthe secure more vaccines and for South Korea and Europe. As aproportion of itspopu- continues to spread. São registering in the past week country, Mr.Parrini said he playing down the danger of Public hospitals in the capi- lation of 213 million people, Paulo,Brazil’sbiggest and almost 1,000 new cases every was seeing more younger pa- the disease. The former army talBrasília and acrossmore Brazil has suffered fewer wealthiest city,has called on 20 minutes—morethan 70,000 tients—manyintheir 30s and captain recently told Brazil- than 20 of Brazil’s 26 states deaths so far than the U.S.,as volunteer doctorstohelp re- a day. 40s—than during Brazil’sfirst ians to getback to work and have reached full capacity or well as Mexico, Peru and sev- lieve exhausted medical staff Public-health specialistslay wave of cases in the middle of “stop whining.” areclose to running out of eral European nations.But the as ICU occupancy rates reach part of the blame on the rapid last year.Researchersare still Brazil hasinoculated only beds in their ICU wards. Hos- speed of Brazil’s recent wave 80% for the first time. Russian Watchdog Slows Speed Of Twitter

BY GEORGI KANTCHEV

MOSCOW—Russia’scommu- nications watchdog said it is slowing the speed of Twitter in the countryfor failing to

S deletebanned content, esca- lating itscrackdown on in- PRES ternet freedoms.

ZUMA Theregulator,Roskomnad- S/ zor, on Wednesdaysaid it

NEW would limit the speed of the serviceonall cellphones and NHAP

YO half of stationarydevices, such The U.S. and South Korea on Monday kicked off a nine-day joint military drill, which is being done through computer simulations in Pyeongtaek amid the pandemic. as desktopcomputers. Theagencysaid it could block Twitterentirely if it failed to re- South Korea, U.S. Set Deal on Troop Costs movebanned content linked to suicide,pornographyand drugs. Themovefollows awarning BY MICHAEL R. GORDON cordswill set the stagefor a on the issue. arewithin the historical pa- by the regulator this month visit next week to both coun- The agreement will Theagreement will cover rametersofprevious cost- that if the companydoesn’t re- WASHINGTON—South Ko- tries by SecretaryofState about 44% of U.S. costsonthe sharing arrangements, which movethe content, it could face reawill paythe U.S. morethan AntonyBlinken and Defense cover about 44% of peninsula. Thecash is used to date from 1991. fines of $100,000 or more. The $7 billion over six yearsunder Secretary Lloyd Austin. U.S. costs on the paythe salaries of Koreans President Biden has decision to restrict Twitter, anew agreement on howto SouthKorea will increase working on U.S. bases,con- stressed the importanceof which is used by Kremlin op- sharethe cost of American itscontribution for2021 by peninsula. struction costsonAmerican strengthening ties with Asian position activists, comes after troops on the Korean Penin- 13.9%, or alittle morethan $1 installations,and logistics allies,asthe U.S. seeks to protestsinFebruaryfollowing sula, a State Department offi- billion, under the deal. That is fees. competewith arising China the detention of opposition cial said. slightly more than South Ko- It doesn’t include U.S. mili- and works to devise a negoti- politician AlexeiNavalny. The agreement, which will reaoffered the Trump admin- peninsula, which totals 28,500 tary and civilian salaries and ating strategy forNorth Korea, “In order to protect Russian coverthe period from 2020 istration, according to people troops. the cost of U.S. militarytrain- whose nuclear and missile citizens and forcethe internet through 2025,will remove familiar with those talks. Thebreakthrough came Sat- ing outside the Korean Penin- programs have continued to servicetocomply with the leg- what the State Department of- President Donald Trump urdaynight during face-to-face sula, the State Department of- grow. islation on the territoryofthe ficial described as an unneces- had demanded $5 billion fora talks at the South KoreaEm- ficial said. On Wednesday, the admin- Russian Federation, central- saryirritant in U.S.-South Ko- one-year agreement,which led bassy in Washington. Formal South Korea’sparliament istration said topU.S.and Chi- ized response measures have rea relations. to aprolonged deadlock in the agreement on the text came still needs to approvethe nese officials would hold two been takenagainst Twitter, It follows a parallel accord talks. the next morning. agreement, but itsendorse- days of talks next week in namely,the primaryslowdown the U.S. worked out in Febru- During this period,Trump Thetalks were led by State ment is expected. Alaska,the firstin-person of the servicespeed,” Roskom- aryoncost-sharing with administration officials re- Department negotiator Donna The State Department said meeting between senior repre- nadzor said, adding that there Japan. viewed options to reduce the Welton and Jeong Eun-bo, that SouthKorea’scontribu- sentatives of the two countries were morethan 3,000 posts Completion of thetwo ac- U.S. military presence on the South Korea’schief negotiator tionsunder the newaccord since Mr. Biden took office. containing illegal content. FROM PAGE ONE

the height of the dot-com the public marketsnow. PartnersLLC arepoised to Roblox boom. Bankers and other IPO ad- book big gains on the While therehas been are- visers said both established Coupang IPO. cent selloff in shares of tech- and still-nascent companies Greenoaks,whose founder Leaps 54% nologyfirms and SPACs, areaccelerating their timeta- Neil Mehtaserves on the manyofthe hardest hit bles formoving intothe pub- board, invested in Coupang in among them surgedTuesday lic markets. In two examples, 2010 when it wasvalued at In Debut in a sign that the appetite for WeWork and Shutterfly Inc. about$10 million and now risk that is fueling newissues areintalks to go public owns about 17%ofthe com- remains voracious. through SPACs, TheWall pany. Maverick bought in at a OX

ContinuedfromPageOne Indeed, the 2021 IPO party BL Street Journal has reported. valuation of lessthan $100

since1995. is just getting started, bank- RO All the exuberanceishelp- millionin2011, and nowit R

What also makes this surge erssaid. FO ing to mint fortunes.The rush owns about 6% of the South different from prior ones is South Korean e-commerce of public investorsintoRob- Korean company. GES that companies aretaking a giant Coupang Inc.isex- loxand Coupang means giant Since2015,SoftBank has IMA variety of routes to the public pected on Thursdaytofollow returns fortheir early inves- invested $2.7billion in

market, including by merging Robloxwith atraditional IPO GETTY tors. Coupang in exchangefor with SPACsorthrough direct that is set to be the largest Robloxraised $520 million about 37% of the company. At

listings. this year by dollarsraised TUTTLE/ from Altimeter Capital and a$60 billion valuation, Soft-

Special-purpose acquisition and valuation, and the biggest IAN Dragoneer Investment Group, Bankand itsVision Fund companies,empty shells that foraforeign companysince CEO David Baszucki’s company has a market cap of $45 billion. which paid $45 a share in the would generateaprofitof raise money in an IPO and AlibabaGroup Holding Ltd.’s Januaryfunding round. about $19 billion. then look foraprivatecom- blockbuster 2014debut. ous that the underwriting the offering leave big money That valuation wasalready SoftBankalso holds more panytomerge with, have Theshares priced at $35 team has expressed concerns on the table,led Robloxtode- adizzying jump from the $4 than one-thirdofCompass dominated theheadlines this apiece, aboveanalready- that the shares will pop as layaplanned December IPO billionatwhich the company Inc.’sstock. year,raising morethan $75 raised rangeof$32 to $34, dramatically on the firstday and opt instead foradirect raised money in early 2020, Thereal-estatebrokerage billion, or about 74%ofover- according to people familiar of trading as stock in Airbnb listing, in which no money is from agroup including ven- firm is expected to debut in all stock issuance. Yeteven with the deal. That means Inc.and DoorDash Inc.did in raised. ture-capital firm Andreessen thecoming weeks at avalua- stripping out that amount, Coupang’sIPO will raise more their respectivedebutsinDe- Thecurrent boom times Horowitz. tion of around $20 billion, ac- moremoney has been raised than $4 billion and itsvalua- cember,according to people will invariably come to an Agroup of investorsin- cording to people familiar so far this year fortraditional tion on afully diluted basis familiar with thematter. end—it is just amatterof cludingJapan’sSoftBank with thedeal. That is more IPOs—about $26.5 billion— including proceeds is set to Fearsoversuch apop, when and why—and some Group Corp., hedgefund Mav- than triple the $6.4 billion than in any other comparable be nearly $63 billion. which effectively means the market participantshavesaid erick Capital Ltd. and venture- valuation at which Compass period on record,including at Demand has been so raven- companyand other sellersin that helps explain the rush to capital firm Greenoaks Capital last raised capital. P2JW070000-0-A00900-17F6DF7178F

THE WALL STREET JOURNAL. Thursday, March 11, 2021 | A9 WORLD WATCH WORLD NEWS

CONGO HONG KONG U.S. Sanctions ISIS Facebook Drops Plan Spat Previews Slimmer Monarchy In Central Africa To Run Fiber Cable BY MAX COLCHESTER The U.S. imposed sanctions on A Facebook Inc. consortium twoofIslamic State’sfast-grow- withdrew its bid to build a new LONDON—PrinceCharles, ing affiliatesinCentral Africa for internet conduit between Califor- heir to the British throne,has the firsttime, according to people nia and Hong Kong after months long wanted aslim-line British familiar with the matter and an of pressure from U.S. national- monarchy. His vision is slowly advanceU.S. notice, underscoring security officials, the latest sign turning to reality in an unex- the rising threatposed by the of a deepening rift between the pected way. group outside the Middle East. two governments. PrinceHarryand Meghan The State Department said it Facebook told the U.S. Federal Markle arethe latest senior was sanctioning the assets of Communications Commission it royals to leave as full-time the Congo franchise of Islamic would withdraw its application working membersofthe mon- State in Iraq and Syria and its to land the Hong Kong-Americas archy, following apublic leader, Musa Baluku, along with project, known by its abbrevia- showdownwith Buckingham an affiliate in Mozambique and tion HKA, pending a new re- Palaceovertheir roles in the its commander Abu Yasir Has- quest for “a possibly-reconfig- family. san. The move requires banks to ured submarine cable system.” Their departure, coming freeze the individuals’ and The cable would have connected just over ayear afterthe groups’ assets and ban any deal- sites in California with branches PrinceAndrew,Prince OL

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and the international community royalduties amid ascandal, /PRES that these groups have commit- CANADA leavesBritain’smonarchywith AS ted or pose a significant risk of Central Bank Leaves about 12 full-time working -OLIV

committing acts of terrorism,” royals. LEAL the State Department said. Key Rate Unchanged Giventhe expense of sup- NIEL

The move underscores how portingthe royalfamily,“re- DA ISIS has been able to regroup The Bank of Canada kept its ally it should be about six,” PrinceHarry and Meghan Markle arethe latest toproyals to leave as working members of the family. outside the Middle East after its benchmark interest rate un- said David McClure, an author defeatinSyria and Iraq. The two changed at 0.25%, in adecision and expert on royalfinances. scandal over his past friend- mean, Ican think of so many does present them adistinct groups, which operateasISIS’s thatacknowledged stronger- PrinceCharles is heading ship with convicted sex-of- right nowwho areall, they’re advantageinEnglish society. CentralAfrican franchise, have be- than-anticipatedgrowth while effortstoprune the family fender Jeffrey Epstein. royalhighnesses,princeor Likeother royals, the duke come some of the most lethal arguing monetary stimulus memberswho enjoyfinancial Queen Elizabeth’shusband, princess, dukeorduchess— lendshis support to various among its global affiliatesand are would be required to securea supportfromthe palace, but PrincePhilip,retired from who earn aliving,liveonpal- charitable foundations and ar- threatening billions of dollars of recovery in employment. thedifficulties in managing public duties in 2017. acegrounds,can support the chitectural associations.In U.S.-funded oil and gas projects. The centralbank’sgoverning the exit of PrinceHarry—who An extended weboffamily queen if and when called 2013,herepresented Queen In thepastyear,ISIS’s Congo- council said it would carry on is nowpursuing anumber of memberscontinue to repre- upon,” said Ms.Markle during Elizabeth at the inauguration based fighters have killed more with its asset acquisition plan commercial ventures in the sent the queen at official func- the interview. of Pope Francis. than 1,000 civilians, United Na- until arecovery waswell under U.S. with Ms.Markle—illus- tions.She personally bankrolls TheHouse of Windsor was Other extended membersof tions peacekeepers and Congolese way. It reiterated it would keep tratehow hardthat will be. acast of lesser royals from embarrassed by the last at- the family continue to repre- soldiers, and displaced morethan its policy rate unchanged until Thelarge cast of royals herprivatewealth. Expendi- tempt to put in placewhat of- sent thequeen while not re- ahalf-million civilians, according 2% inflation is “sustainably who leave full-time duties ex- tureonroyal duties and main- ceiving taxpayerfunds.Prince to the U.S.-based Armed Conflict achieved”—something it doesn’t pose the palacetothe risk taining various palaces has Michael of Kent runs aconsul- Location &Event Data Project envisage happening before that such figureswill exploit soared in recent years, almost Prince Charles tancywhile being 49th in line —Benoit Faucon 2023.. their regalconnections for doubling to nearly 70 million to the throne and holds sev- and Gordon Lubold —Paul Vieira profit, possibly undermining pounds—$97.4 million—since learns how hard it is eral honorary militarytitles. themonarchy’simage—and 2013,inpart due to the costs to trim the ranks of PrinceHarryand Meghan alienating Britishtaxpayers of renovating Buckingham Pal- won’t getthat privilege. Last

GES who arefooting ballooning se- ace. Thelavish 2018 wedding the royal family. monththey were stripped of

IMA curity and other costs. of theSussexescost Thames all patronages and honorary Palaceofficials saythat Valley Police £3.4million, militarytitles.Officials con-

GETTY PrinceCharles wantsamonar- around two-thirds of which cluded that the couple were

SE/ chybuilt around his immediate wasreimbursed by the U.K. ficials call a“flexi-monarchy” toohigh-profile to be both in direct heirsand their consorts. government. with famous royals allowedto and out of the monarchy. Working out what to do with During their interviewwith both represent the monarchy In the end being trimmed is ANCE-PRES othermembersisunclear. Oprah Winfrey on Sunday, the and makemoney. no bad thing,said Mr.Mc- FR Progressonstreamlining dukeand duchessofSussex But as the duchessofSus- Clure, as being aworking

ENCE the family has been hampered gaveahint of what they sexpointed out to Ms.Win- royal“turns people crazy.” AG by the 94-year-old Queen Eliz- wanted as they stepped back frey,some of the British royal PrinceHarrysaid his lifeis RI/

ATA abeth. Themonarch has from palacelife. family’s younger members nowimproved. “My father and

SP proved reticent to reducing “Thereissenior members have had some success in my brother,they aretrapped. the number of working royals of the family,and then there carving out aniche forthem- They don’tget to leave.And I in recent years, royalwatchers are non-senior members. And selves.The two daughtersof have hugecompassion for MICHELE DEADLY PROTEST: A bystander was killed by police Wednesday say. An exception wasPrince we said, specifically,“We’re PrinceAndrew have both that,” he told Ms.Winfrey. as officers clashed with students protesting tuition fees in South Andrew,who stood down as a stepping back from senior forged independent careers, —James Hookway Africa, the University of Witwatersrand in Johannesburg said. senior royalin2019 aftera roles to be just likeseveral—I though their royalbackground contributed to this article.

In Schoolsand Beyond This year,there aremorestudentslikeAlina whoneed extrasupport whethertheyare learninginschoolorathome. At CommunitiesInSchools,our trainedprofessionals help ensure allkids have thesameopportunity to succeed.Wegowhereverwe’re needed to connect them with resourceslikesupplies, technology,mentoring andcounseling.

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A10 | Thursday, March 11, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE Myanmar’s Youths Take Lead

ContinuedfromPageOne young people connected to the world through the internet for the firsttime.They sawthe promise of foreign investment, and manyaspiretojobs in fields liketech and travel. The transition wasincomplete, but afterhalf acenturyofmilitary rule,itopened the door to mo- mentous change. “Despitethe governments of the past decade being far S

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author andhistorian Thant AW Myint-U. KY Sinceauthorities began us- NG AU ing force, the young men and Protesters react after riot police fired tear gas canisters during a demonstration in Yangon, Myanmar’s largest city, this week against the military coup; Sithu Shein, 17, women at the front lines of shown below, used to spend his time on videogames before getting involved in the pro-democracy movement. He died of gunshot wounds on March 3. demonstrations have adjusted their tactics and borrowed Striking civil servantsand said he himselfhasn’t used he said. Lin Tun Ko declined, strategies from Hong Kong’s stateemployees—electrical one. still recovering from an ankle street battles,staying fluid and railways workers, banking March 3 was the first time injury he sustained when un- and using encrypted messag- staff,doctorsand others— he had to runfor his lifeasse- known assailantsambushed ing apps.While manystill sup- threaten to bring government curity forces with guns sent him one night and warned him port the pro-democracyeffort to a standstill. protestersfleeing.“They came to steer clear of protests. that fordecades wasled by Livestreams of marches, usingforce and tried to kill us, “I feel really sorryand Ire- Aung SanSuu Kyi—the 75- gunfireand people being Iwill never forget that,” he ally regret that Iwasn’t able year-old ousted civilian leader beaten with batons and rifle said. to accompany him to the pro- nowdetained in her home— butts flood Facebook daily. Othersdidn’t escape.Mr. testsonthat day,” Mr.Lin Tun young people arebeginning to Young citizens scan social-me- Sithu Shein, the 17-year-old, Ko said. viewthemselves as leadersof dia feeds and dozens of en- became ateenager at atime Policebroke up the demon- what is emerging as amore cryptedTelegram and Signal when having amobile phone stration with flashbangsand diverse and decentralized groups to stay on topofstreet and internet wasnolonger a tear gas. A bulldozer rammed movement than before. battles in real time. novelty.Beforethat, SIM protesters’ makeshiftbarri- Hein Min Oo is part of what cards—the chips that connect cade. Mr. Sithu Shein, accom- he calls the defense team. phones to amobile network— panied by adifferent friend, Lost hope Geared up in ahardhat, gas could cost thousands of dol- scurried intothe nearest Afterthe coup on Feb. 1, mask,red-rimmed goggles and lars in the isolated country. home.When policeleft, they 20-year-oldprotester Aung gloves,his job is to smother reassembled. Hein Cho, said at first he lost tear-gas canisters. The28- Returning home that after- hope.“My futurelooked bleak year-old studied YouTube vid- Jolted by coup noon, the pair encountered and opaque—I couldn’t let eos from Hong Kong, he said, He playedvideogames roadblocks and decided to that happen,” he said. and uses wetblanketsand old 30 Dialogue,broadcast by Miz- galvanized iron.Healso ar- “DOTA-2” and “Mobile Leg- walk.Acrowd had gathered What startedoff as massive clothes for the job. zima, anewsoutlet that re- ranges forhide-outsfor police ends.” His father said his son near an overpassinanarea centralized rallies has increas- Until Feb. 28,Mr. Hein Min turned to Myanmar in 2012 af- defectors and others like him wasn’t interested in the family called North Okkalapa and ingly shifted to smaller dem- Oo wasn’t an activeprotester. teryearsofoperating from who are being hunted. construction business, and in- they joined the protest. Police onstrations in neighborhoods, He contributed through the exile in India. On Monday, the Another activist said the stead thought he might con- hurled tear gas, but it didn’t making them moredifficult for car-rental serviceheruns, military junta revoked the li- continuing protestsare differ- sider a career in travel. end there, said the friend, Tin authorities to track and con- whose fleet of Toyota Al- censes of Mizzima and four ent from the past in one key Thecoup jolted him and his Moe Naing. trol. Manyare fortified with phards offered free rides from other outlets. way:“This time,the militaryis friends. Eldershad shared sto- Some protestersconfronted makeshiftbarricades of protest venues to help partici- Ms.Thinzar Shunlei Yi taking us towardsdarkness ries of land confiscations, ar- policeand the two watched re- wooden planks,trash bins and pantsreturn home.But a threw herself intothe anti- from the light which we sawin restsand scarce opportunities inforcementsarrive: soldiers cartires to slowauthorities, crackdown that killed 18 peo- coup movement. She attends recent years.” during militaryrule.With the in military vehicles. Then the andvolunteersmonitor the ple convinced him he needed regular in-person meetings Mr.Aung Hein Cho agrees. takeover,they sawfor them- shooting began. Manywerehit streetsfor policeorsoldiers. If to fight, he said. with other activists. Everyday, Theinternet’sarrival made it selves howhundreds were de- and fell to the ground. Some spotted, crowdswill oftendis- He says he can’t tolerate she wakesupand checks her possible to learn about events tained and the internet cut off lunged forwardtohelp the in- perse and reconvene when the the idea of returning to mili- channels on Signal, Telegram in the world, he said. More everynight. They knew the jured and were gunned down. coast is clear. tary rule,wheresoldierscan and Viber,then she takesto books became available; one of armywould “dowhatever they Arrayed against them are harass and detain with impu- Twitter to send out a few up- want to people whenever they Myanmar’s armed forces, nity.Onseveral occasions in dates beforeshe setsout. have an opportunity,” said a Bleeding men whichhaveviolently sup- recent days,hehas sought ref- She’sprepared to throw away ‘They came using friend of Mr. Sithu Shein’s. Thefriends were separated pressed past protests and for ugeinstrangers’ homes to her phone beforeallowing it Mr.Sithu Shein immersed in the melee.Mr. Tin Moe Na- most of thecountry’spost-in- evade police. to be taken by authorities. force and tried to himself.Onthe dayofthe ing called Mr.Sithu Shein’s dependencehistorywaged “We’reall aware of what kill us, I will never coup,heposted on Facebook phonerepeatedly but gotno bloody civil wars in the bor- we’re dealing with—we could an illustration of civilian answer. Around him, bleeding derlands. ‘Peek-a-boo’ be killed, arrested, jailed,” she forget that.’ leader Ms.Suu Kyiwhose gov- men were being dragged into In thepast two weeks,at “It’s like a game of peek-a- said. “But we knowand the se- ernment was deposed, which cars and rushed to hospital. least 59 people have died. boo,” said Thinzar Shunlei Yi, curity forces knowthat they had the words“Giveher back” He learned later that Mr. Amongthem:a19-year-old 29, a prominent activist. Stun can’t kill all of us.” acrossthe top. Ms.Suu Kyi Sithu Shein wasone of them. Taekwondo practitioner shot grenades erupted in the back- Authoritieshaverounded his favorites is aBurmese-lan- wasdetained in her home in a He hadbeen hit in the chest in the head while wearing aT- ground as she spokefromher up hundreds of protesters, guagebootleg copy of Francis predawn raid and hasn’t been andhip.Doctorsperformed shirt that read, “Everything Yangon neighborhood. politicians and activists. Apol- Fukuyama’s“TheEnd of His- heardfromsince, except in surgerytotry to removethe will be OK”;aKorean-language Ms.Thinzar Shunlei Yi is itician arrested Saturdaynight tory and the Last Man.” His closed videohearingsonthe bullets, but he waslosing student weeks from his 25th emblematic of her generation. wasconfirmed dead in amili- family used to read the state- charges against her. blood and the influx of birthdaywho aspired to travel She remembers the first time tary hospital the next morn- runnewspaper,New Light of Mr.Sithu Shein quickly took wounded had overwhelmed the to Seoul as an electrical spe- she felt emboldened to express ing,his party said. On Sunday, Myanmar, but after2012, in- on aleadership role mobiliz- emergencyroom, his father cialist; and a23-year-old in- herself—in 2012, when she Yangon residentsheardrounds dependent newspapersap- ingothers. He made friends said.His upper body in ban- ternet network engineer who was invited to a youth forum of gunfireand stun grenades peared on newsstands in easily, networking among ac- dages,the young man breathed bled to death. in Cambodia. She and other erupting after nightfall. Myanmar. tivistshemet on the streets his last aftermidnight. While the young areplaying participantsfromMyanmar While some democracy These days,the 20-year-old and joining with groups from Thousands attended the fu- acritical role,the resistance feared they would faceback- fightersare visible,othersare canoften be found huddled other neighborhoods. neral. Symbols of resistance is drawing from all layers of lash when they returned. But behind the scenes,including behind ahomemade shield One of his newfriends said were everywhere: three-finger Myanmarsociety,helped by when their plane landed, those who participated in ear- fashioned from old water Mr.Sithu Shein paid formate- salutes common to activists, student and labor unions, “nothing bad happened.” lier movementsin1988 and tanks.His and his friends’ rials to make a dozen protec- the pro-democracyparty’s red civil-society groups and other “That was the moment we 2007. From a hiding place he backpacks arefilled with fire- tiveshields.Onthe morning of flagsand protest poetry. “I networks with longstanding knewwecould widen the has called home since shortly crackers, bottles of Coca-Cola March 3, Mr.Sithu Shein came will still keep fighting for de- connections allowing for fast boundaries,” she said. afterthe coup,one activist to wash tear gasfromtheir to his house to convincehim mocracyand freedom until my transmission of plans,particu- She went on to host ayouth furnishes protesterswith food eyes andsometimes,afew to join ademonstration in a last breath,” said Mr.Tin Moe larly through social media. debate platform called Under supplies and shields made of Molotov cocktails,though he neighborhood farther south, Naing.

Themonks “believeinGod years. Thelast two monks at St. Abbeys and that He will solvethis,” says Benedict’srelocated to West- Manu Pauwels,marketing man- malle last year due to their ad- ager forthe brewery at West- vanced age, and the abbey’s li- Need Monks malleAbbey,arelativegiant cense to use the Authentic with some 30 brothersinWest- Trappist Product logolapsed. malle,Belgium. Still, brewing will continue,and To Brew Other businessneeds canbe anew brewhouse will open this achallengefor the aging broth- spring.The beer will be the ers. At St.Joseph’sAbbey in same butthe abbey’s coat of ContinuedfromPageOne Spencer,Mass.,the monks run arms will replacethe Authentic because no monks remained to sales and marketing fortheir Trappist Product logo. supervise production. Trappist beer,including Insta- St.Joseph’sAbbey in Massa- Othermonasteries arealso gram andFacebook accounts. chusetts,the association’sU.S. running lowonmembersofthe “Tobecandid, the monastic life- member,sent two brothersto cloistered Catholic order. style doesn’t attract alot of peo- Scourmont Abbey foreight

“Our father abbot jokes that ple who areskilled at that,” says HERMAN/REUTERS months of training to help it we used to have 15,enough fora Father Isaac Keeley,the brew- ES launch itsSpencer label beer. YV rugby team, but nowweonly ery’s70-year-old chief executive. Brother Paul, aTrappistmonk at Belgium’sSaint-Sixtus Abbey, wheretheymakeWestvleteren beer. Theabbey has just under 50 have 12—a soccerteam plus one Twodecades ago, agroup of brothers, and some monks work reserve,” says FabriceBordon, abbeysformed the International cessions to modernity.Monks retreatsinthe silenceofthe Westvleteren beer one of the in the brewery,frombottling to brandambassador forChimay, Trappist Association to protect todayrarely do the brewing,al- monastery, says Mr.Bordon. world’smost sought-after. Some labeling and accounts. the label forbeersand cheese theTrappist designation from though they supervise it. Saint- Still, “it’snot ahotel,” he abbeyshavedeveloped signifi- Despitethe numbers, Father from ScourmontAbbey,inChi- commercial brewers using mo- Sixtus Abbey of Westvleteren, says.“Youneed to followthe cant commercial operations Isaac still has apersonnel issue. may, Belgium. Chimay, like nastic images to market beers. whichused to take ordersby rules.” with snazzy websites.Scour- One of the brotherswho went manyofthe Trappist breweries, To win membership the beer telephone forpickup from the Trappists—a centuries-old mont Abbey’s Chimaybrand on thetraining mission to Bel- has astaff of laypeople to oper- must be brewedatamonastery; monasterygates,recently Catholicorder known forits (slogan: Tasty.Meaningful. Au- gium became so takenwith atemuch of the business, al- the businesssupervised by launched online ordersand a strict observance, including thentic.) expanded and modern- brewing that he leftthe abbey though the monks have the final monks; and the profitsused for delivery service. Some abbeys praying seven times aday—be- ized itsoperations as it gained to work in acommercial brew- sayonbig decisions. the needs of the abbey or char- have cafesand shops.Chimay ganproducing beer in Belgium popularity in the second half of ery—on the monastic equivalent Monkshope to attractnew ity.Today, 11 membersbrew brewerScourmont Abbey, at the start of the 19th century. the 20th centuryand is now of sabbatical leave,hesays. brotherstofill gaps.Just two beer and canuse the Authentic whereone monk died last year Brothersstrivetolivebythe known globally. Whether the man will return aresufficient to oversee brew- logo. Other membersmake at theage of 105,has added work of their hands. St.Benedict’sisone of the is forhim to work through with ing,although five or moreis productssuch as cheese or bathroom facilities in some cells Saint-Sixtus Abbey produces smallest Trappist breweries in the abbot, Father Isaac says,but preferable to preservethe com- honey. to attractovernight visitors— only as much beer as it needs to Belgium, and itscommunity of themonk intends to weigh in: “I munity,says Mr.Bordon. Theabbeyshavemade con- andpotential newrecruits—to financethe abbey,making its monkshas dwindled in recent want my brewerback.” P2JW070000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Thursday, March 11, 2021 | A10A GREATER NEW YORK CityTab forEach Inmate: $447,337 aYear

Fewerprisoners and figures kept by Mr. Stringer’s that contributetoincarcera- sion rates in city jails are sig- tion, according to Mr.Stringer. facilities around the city. office. tion and inefficacyinthe city’s nificantly lowerthan the city- Programs meant to divert peo- Mr.Stringer’s report steady staffing partly Meanwhile, the city’s over- jail system. “That is fiscally wide average, and the ple who commit low-level showedthat violenceincity accountfor record cost all budget forthe Department unwise,given the pandemic, department is working to keep crimes away from incarcera- jails increased last year, with of Correction fell to $1.28 bil- but it is also not going to staffers and inmates safe. tion also helped to drivethe reports of assaults among in- of about $1,226 aday lion forfiscal 2020,down solve these issues relating to The city’s jail population decline. mates and on correction offi- from $1.36 billion in fiscal criminal-justice reform,” said fell to arecordlow in 2020,as Thecity’s averagedaily jail cers both rising,along with re- BY BEN CHAPMAN 2019,according to Mr. Mr. Stringer. hundreds of people being held population stood at 5,841 in- portsofuse of forceby Stringer’s report. Thecity should redirect mates in fiscal 2020,accord- correction staffersagainst in- Thecost of incarcerating an In an interview, Mr. funding to mental-health ing to the report, representing mates. individual in NewYork City Stringer said the rising aver- treatment and programs to Theoverall adecline of 26% from an aver- Thereport also showed reached arecordlast year, agedaily cost of incarceration prevent incarceration, reduce ageof7,938 inmates forthe that a slightly larger percent- even as thenumber of inmates in city jails could be attributed violence within jails and help Department of previousfiscal year,and a ageofinmates had mental- in the city’s jail system plum- to anumber of factors, includ- people succeed upon release, Correction budget drop of 56% from an average health diagnoses in fiscal meted during the coronavirus ing adropinthe number of said Mr. Stringer, a Democrat of 13,362 inmates in fiscal 2020,compared with the pre- pandemic,according to city people whoare incarcerated who is running formayor this has begun to shrink. 2009.For the fiscal year 2021 vious fiscal year,rising to 46% ComptrollerScott Stringer’s while staffing levels were rela- year. to date, the averagedaily from 45% of all inmates. office. tively unchanged. Department of Correction number of inmates in city jails Mr. Thorne, the Correction In areport published While the overall Depart- spokesman Peter Thorne said fell further to 4,193. Department spokesman, said Wednesday, Mr. Stringer’s of- ment of Correction budget has Wednesdaythat Mr.Stringer’s in RikersIsland and other city Thedecrease in people who his agencyhas invested in fice said the city nowspends a begun to contract, the pace is analysis wasmisleading.“Sim- jails were let out in an attempt areincarceratedcoincides equipment forofficer training record $447, 337 to incarcerate far slowerthan declines in the ply calculating total spending to prevent the spread of the with MayorBill de Blasio’s ef- and safety,and has funded one person forafull year,or jail population, leading to divided by averagedaily popu- coronavirus in the facilities. fortstooverhaul the city’s jail substantial increases in pro- roughly $1,226 aday.That higher per-person costs, he lation ignores the investments Court reforms enacted in system.Mr. de Blasio,aDemo- gramming forpeople in cus- sum representsanincrease of said. we have made to keep our jails 2020,including the elimina- crat, is working to close Rikers tody.The department has also 146% since2014, when the Mr.Stringer said the De- safeinaonce-in-a-lifetime tion of cash bail formany Island,the city’s largest jail faced increased personnel city’s daily cost of incarcera- partment of Correction is fail- pandemic,” Mr. Thorne said. crimes,also contributed to a complex, and replaceitwith costsunder anew contract, tion was$499,according to ing to address circumstances He said Covid-19 transmis- plungeinpretrial incarcera- four neighborhood detention according to Mr. Thorne. GREATERNEW YORKWATCH Coronavirus VariantsAre Spreading Locally

LONG ISLAND BY MELANIE GRAYCE WEST

Toddler Is Killed in An estimated half of cur- Suffolk County Fire rent Covid-19 cases in New York City have been linked to A toddler was killed in a variantsfirst identified in the house fire on Long Island early city and the U.K.,indicating Wednesday, authorities said. that new variants continue to Nine members of an extended spread, health officials said family were in ahouse in Gordon Wednesday. Heights when firebroke out just JayVarma,asenior adviser after 3a.m., Suffolk County po- to MayorBill de Blasio,said licesaid. Firefighters from sev- preliminaryanalysis of the eral departments responded. variant firstdetected in New Afterthe firewas extin- York, called B.1.526, indicates guished, a23-month-old girl was “that it is probably more in- found inside, policesaid. She was fectious than older strains of pronounced dead at the scene. the virus.” Three additional residents “It may be similar in infec- and one Medford Fire Depart- tious to the B.1.1.7the U.K. ment member were taken to strain, but we’renot certain hospitals for treatment of minor about this yet,” Dr.Varma injuries, police said. The fire said. doesn’t appear to have been in- Viruses constantly mutate tentionally set, police said. and newvariantsare expected —Associated Press of all virus strains,including the coronavirus.But three NEW JERSEY strains firstdetected in the U.K.,South Africaand Brazil Ex-Pharmacy Tech have raised concerns after OL

Accused of Drug Theft emerging datasuggested they PO spread moreeasily than ear- S

A former pharmacy technician lier forms of the coronavirus, /PRES stole more than $8.2 million leading to more infections.

worth of prescription HIV medi- Scientistsinthe U.S. are WENIG cation from a Veterans Affairs studying two domestic muta- SETH hospital in northern New Jersey, tions,including the one found Aline outside avaccination siteinQueens lastmonth. Morethan 2.4 million doses of Covid-19 vaccine have been given in NewYork City. federal prosecutors said. in New York. Lisa Hoffman, 48, of Orange, Datafromthe NewYork emergedand haven’t seen evi- in 12% of samples from the to 50% beginning March 19. he said, while also seeking out is charged with theft of medical City Department of Health and dencethat it is concentrated most recently analyzed week, NewJersey will also expand avaccine if eligible.Morethan products. She was due to make Mental Hygiene showthat the in a particular area. The vari- up from 8% the prior week,he indoor capacity to 50% start- 2.4million doses of Covid-19 her initial court appearance seven-day average number of ant identified in NewYork has said. ingMarch 19,Gov.Phil Mur- vaccine have been adminis- Wednesday afternoon. It wasn’t newCovid-19 cases and hospi- also been found in other Drs. Varma and Chokshi phy said. teredinNew York City,ac- known if she had an attorney. talizations hasn’t yetreturned states. said NewYorkersdon’t need However, Dr. Chokshi said, cording to Mr. de Blasio. Ms. Hoffman worked at the to preholidaylevels. Health Of the most recent Covid-19 to take extra precautions, nor the city can’t movetoo quickly “The numbersmay be stub- hospital in East Orange, where Commissioner Dave A. Chokshi samples that have been se- is therecause forshutting to allowlarge gatheringsor born, but Ithink NewYorkers she was responsible for ordering said the city’s levels have hit a quenced at the city’s Pandemic down activities that have been other activities that would fa- aremorestubborn than the vi- drugs and supplies for the site’s plateau, while the B.1.526 vari- ResponseLab,39% had the allowed to reopen. cilitatethe spread of the virus. rus,” said Dr.Chokshi. “Ifwe outpatient pharmacy and main- ant increases in prevalence variant firstidentified in New NewYork Gov.Andrew Residents should continue to keep doing the thingsthat we taining its inventory. From at across the city. York,upfrom31% aweek Cuomo said Wednesdaythat follow public-health guidance knowhaveworked then Ido least August 2017 through No- City officials have said they prior, Dr. Chokshi said. NewYork City restaurantscan on hand hygiene,the use of believe that the numbers will vember 2019, prosecutors said, don’t know where the variant TheU.K.variant wasseen expand indoor dining capacity masksand social distancing, fall further.” Ms. Hoffman used her position to steal prescription HIV medica- tion from the hospital. —Associated Press Library Reading Rooms Go Al Fresco in Brooklyn CONNECTICUT BY CHARLES PASSY access at home.And those UtilitytoGiveRebates needs only increased when To Offset Rate Boost TheBrooklyn Public Library people could no longer go into is planning on taking itsread- offices,schools or public Connecticut reached an agreeing rooms outdoorsinthe spaces. mentwith United Illuminating to coming weeks. “It’sheartbreaking if you provide rebatestothe electric Officials with the nonprofit can’t getonZoom. What are utility’scustomers as part of the librarysystemsaid they would you going to do?” she said. state’sCovid-19 relief efforts. be offering the al frescoop- Last year,the Brooklyn Pub- The state’s second-largest tion, allowing patrons to read lic Libraryalso decided to cre- electricity distributor agreed to books or other materials or atean“Outdoor Living offer credits totaling $46.5 mil- make useofthe free Wi-Fi Room”—partseating area, lion and to keep base distribu- connection, at 22 of its60 part art installation created by tion rates unchanged until at branches starting in April. To Brooklyn-based artist Heinrich least 2023, Gov. Ned Lamont’s that end, it has ordered Spillmann—at itscentral office said Wednesday. $55,000 worth of outdoor fur- branch, located at Grand Army The deal is subject to review nituretoaccommodatelibrary Plaza. Thenextlogical step, and approval by the Public Utili- patrons and will also provide officials said, wastoexpand ties Regulatory Authority. laptop computersfor use out- the outdoor seating this year, The money is designed to side. albeit with moretraditional offset 5% to 8% increases in bills While other branches may furniture, at other branches. expected on May 1 due to feder- not have the reading-room Theoutdoor offering won’t ally mandated transmission setup and furniture, manywill just be in terms of the al

charges and the costs of the still offer free Wi-Fioutdoors, JOURNAL fresco reading room, officials Millstone power purchase agree- officials added. said. TheBrooklyn librarysys- REET

ment, the governor’s office said. Themovecomes as the ST temhas plans to introduce

—Associated Press city’s other librarysystems LL outdoor programming,such as also look for ways to make it WA some form of achildren’s

as safeaspossible forpatrons THE storytime,atvarious R

CORRECTIONS  to visit their local branches FO branches while keeping in while still being mindful of mind the need forsocial dis-

pandemic-related health con- ADLER tancing.

AMPLIFICATIONS S cerns. The plans may extend into BES Officials with the NewYork A patron checking out a book in July at the Kings Highway branch of the Brooklyn Public Library. the future, even when Theloans that arepart of a Public Library, which covers branches canwelcome users NewYork City fund fortaxi- branches in Manhattan, Staten tefinise,aspokeswoman for brary’soutdoor-reading-room when itsfacilities were com- indoorswithout restrictions, medallion ownerswon’t Island and the Bronx, and the the New York Public Library. initiativeisinsome waysan pletely shut during the early officials said. If anything, Ms. charge interest. In some edi- Queens Public Librarysaid Many branches in all three extension of an effort it stages of the pandemic. Johnson, said the pandemic tions Wednesday, an article in- they are considering offering librarysystems areopen in- started last year,officials said. Linda E. Johnson, the has helped the system realize correctly said some low-inter- outdoor services and eventsof doors, but only forquick Thelibrarysystemnoted that Brooklyn system’spresident thereare manyways to en- est loans will be offered. some kind as well. pickup and drop-off service, users were congregating out- and chief executiveofficer, gage usersand the open-air “Weunderstand howmuch which is allowedunder New side branches to take advan- said she realized that the li- option may become a perma- Readers can alert The Wall Street our patrons missour pro- York state’spandemic guide- tage of the internet connec- brary was providing a lifeline nent one. Journal to any errors in news articles by emailing [email protected] or grams and engaging with our lines. tion, so it made sure the free of sortsfor manylocal resi- “We’re taking a look at ev- by calling 888-410-2667. staff,” said Angela Mon- TheBrooklyn Public Li- Wi-Fiwas maintained even dentswho didn’t have internet erything,” she said. P2JW070000-2-A010B0-1------NS

A10B | Thursday, March 11, 2021 NY ** THE WALL STREET JOURNAL.

Jacob Sanchez Diagnosed with autism

Lack of speech is asign of autism. Learn the others at autismspeaks.org/signs. P2JW070000-0-A01100-1------XA

TRAVEL & ENTERTAINMENT PERSONAL JOURNAL.

THE MIDDLE Fliers might not recognize rebuilt SEAT airport terminals like LaGuardia’s SCOTT Terminal D when they return. McCARTNEY

still carry change fees, too, and an any good come from those can cost up to $400. U.S. air- this? line customers may also find that In travel, yes, there code-share partners may still actually are some silver charge change fees. Lots linings to the pandemic. of international airlines C Some Some technologies are still charge them. And rolling out faster. Some key air- airlines have remember, even with- port projects have been sped up to committed out change fees, a take advantage of the absence of to a partial change can be expen- passengers and airplanes. Some elimination of sive because all air- airline policies have changed for change fees. lines make you pay the benefit of fliers. any fare difference. The lack of cleaning on air- Overall, the reduction planes and in airports and hotels in changefees is agood has been exposed. Cleanliness thing forconsumers, if it standards may be changed for at lasts. There’splenty of skepticism least the next several years. that the change-fee elimination will The partial elimination of endure, as airlines likeUnited change fees is one of the major promise.But the industrywill face pandemic-related changes for air continual pressurenot to charge travel, although like so many changefees from carrierslike things with airlines, there’s fine Southwest, which has grownto print that erodes consumer value. competeinmost major domestic The most significant silver lin- marketsand avoids those fees. ings may be found at big con- Thepandemic has also acceler- struction projects at congested ated adoption of newtechnologies airports like Los Angeles In- to speed up check-in. Keylesshotel ternational and New York’s locks that open with aguest’s LaGuardia. Disruption in 95% phone eliminatethe need to stop at those spots has been a adesk.Travelerswill find moreki- nightmare in the past for When LAX passenger osks in hotels as well—a trend that travelers and threatened traffic dropped 95%, Companies echoes howairportsand airlines to get worse before the construction projects have been have made check-in self-serve. (Of pandemic. Now travelers sped up. course this automation represents will be spared a lot of dis- forced to pay bad news forhotel workerswho ruption. In some cases, when more attention lost their jobs during the pandemic they come back they’ll find to howplanes and haven’t been hired back.) places they barely recognize. and hotels are Cleanliness is a trend that “No chance we would have cleaned. could reverse over time. But air- been able to do this” without the lines have acknowledged that they massive traffic decline, says Mark were deficient on cleaning before Pearson, Delta’s vice president of the pandemic. corporate real estate. “You have to Now the expectations have find good news wherever you can.” changed. Some airlines have added When Los Angeles International health and cleanliness executives Airport lost 95% of its passenger to management teams. Airport traffic last April, the airport fig- TheSilverLiningsof bathrooms and public areas get ured it had an opportunity to re- more frequent cleaning, too. think the massive construction A lot of older airplanes have project under way. Instead of just been retired, meaning more flights working overnight to minimize will be on newer aircraft. Ameri- passenger disruption, crews could Pandemic‑EraTravel can accelerated retirement of its work two and three shifts a day. 757s, 767s and A330-300s. Delta Congested roads that previously flew its last MD-88 and MD-90 had to be kept open for picking up Rebuilt airports, cleaner planes and more await returning travelers flights in June. and dropping off passengers could Travelers will find plenty of be narrowed all day long. dark clouds along with the silver Delta is rebuilding Terminals 2 director of the Port Authority of improvements,” Mr. Cotton says. tickets because those tickets, linings when they return. They’ll and 3. Instead of keeping both par- New York and New Jersey, which Delta’sgiant terminal con- starting at the end of March, won’t encounter fewer direct flights,

GES tially open, Delta shut Terminal 3 oversees the area airports. struction project at LaGuardia be changeable. (Changes were al- meaning more connections. On-

IMA completely. That shaved about 18 But the decline has helped in also benefited. Crewsclosed lanes lowed on basic economy tickets board service will take some time months off the construction sched- one respect: All roads at LaGuardia and positioned giant cranes right once the pandemic started, with- to return to normal. Airlines have GETTY ule. The new facility will open in had to be rebuilt because newter- next to the terminal under con- out fees. But that expires at most taken on enormous debt, which SE/ mid-2023 instead of the end of minals arebeing constructed 600 struction. That wasn’t in the airlines by the end of March.) will limit spending on equipment 2024. “When people do start com- feet closer to the Grand Central plans beforethe pandemic. In effect, starting with basic and facilities in the future. ing back, we’ll already have a lot Parkway—away from the runways— Completion of Delta’s rebuild- economy tickets purchased in The news wasn’t so good for ANCE-PRES

FR of the work done,” says Justin Er- to createmoreroom forplanes. ing has moved up six months to April, if you have to change, you’ll the Port Authority’s construction bacci, CEO of Los Angeles World Travelerslived the nightmareof the end of 2025 instead of have to buy a new ticket—the new projects at Kennedy International ENCE

AG Airports, which operates LAX. closed roads when LaGuardia was mid-2026, Mr. Pearson says. ticket price becomes the change Airport. Facing a $3 billion drop in

Y/ Traffic at New York’s LaGuardia busy.Now,road construction was Some travelers will see elimina- fee, in essence. That affects a lot revenue, the Port Authority put

CLAR Airport, now undergoing an $8 bil- sped up six to eight months and tion of change fees on United, of passengers who buy the air- JFK on hold. The Port Authority

A. lion complex rebuilding, remains newfacilities that have opened American and Delta as a silver lin- lines’ cheapest offering, sometimes hopes airport support in the new

THY 75% lower than pre-pandemic, ac- have gotten rave reviews. ing—but not all travelers. It’ll still 30% of the passengers on a flight. stimulus bill will shore up finances

TIMO cording to Rick Cotton, executive “There were very significant cost you to change basic economy Some international tickets will so it can begin JFK work.

ANATOMY OF ASONG |MARCMYERS itsintentions.Next, Ihad to figure strings down a whole out howtoturn it intoasong. note and strummed a Our first album under our new great big D chord. I John Fogerty on the Devil name came out in May ’68. My bought the LesPaul. It cover of “Suzie Q” was our first made “Bad Moon Ris- hit, but it was a novelty song. Un- ing” sound big and omi- Behind ‘Bad Moon Rising’ less we had a solid follow-up, I nous. worried we’d be a one-hit wonder. In February’69,the ohn Fogerty’s “Bad Moon Ris- the Golliwogs to Creedence Clear- When the band recorded “Bayou band flew down to RCA ing,” writtenfor Creedence water Revival. Country,” our second album, in Oc- Studios in LosAngeles. J tober ’68,Iknewwehad to topour On the session, Tom, Clearwater Revival and released During the Summer of Love in in 1969,warned of impending ’67, the hippie movement was be- last one.“Proud Mary” wasthe first my older brother, doom. Areflection of late-’60s con- coming quite a thing. Astrology single released. playedhis 1967 Ricken- fusion and strife, the song reached was the rage, especially phrases As it shot up the charts, I felt backer 360.Stu Cook No.2onBillboard’spop chart. like “Capricorn rising” and “the we needed another single fast, playeda1967 Fender Recently, Mr. Fogerty, the moon is in the seventh house.” even before recording our third al- Precision bassand band’s lead guitarist, lead singer Ipoked funatthat stuff,likewe bum. My intention was for us to Doug Cliffordplayed and principal composer, talked do with UFOs.When asked about get on the radio and never get off, his Camcodrums. about some of the unexpected in- my sign, Itold people Iwas adou- like one long possession of the The instrumental spirations for the song. The vinyl ble asparagus with abroccoli rising. football. I started flipping through arrangement I wrote edition of Mr. Fogerty’s latest al- But afterhearing all those astro- my notebook and landed on the was influenced by El- bum, “Fogerty’s Factory” (BMG), logical phrases along with lunar phrase “Bad Moon Rising.” vis Presley’s “I’m Left, was recently released. Edited from names likeharvest moon, hunter’s As achild, Iloved the 1941 You’re Right, She’s an interview: moon and wolf moon, the idea of a movie “The Devil and Daniel Web- Gone.” “bad moon” popped intomyhead. I ster.” It’sabout aNew Hampshire I loved Scotty John Fogerty: In 1967, I bought a wroteitdowninmynew notebook. farmer who makes apact with the Moore’s guitar lick on little notebook to jot down song-ti- When Ilooked at the phrase,it Devil to enrich himself in exchange the 1955 Sun record. tle ideas. I was living in the San felt flat andincomplete. What’sa forhis soul. But when it wastime “Hope you got your things to- On “Bad Moon Rising,” I played Francisco Bay Area, and the band bad moon? So Iadded the word forthe Devil to collect, the farmer gether / Hope you are quite pre- that rockabilly lick, channeling had just changed its name from “rising,” to giveitaction and define enliststhe help of attorney Daniel pared to die / Looks like we’re in Scotty Moore as best as I could. GES Webster to gethim for nasty weather / One eye is Aweek or so later,Ireturned to IMA out of the jam. taken for an eye.” the studio. Isang my lead vocal What Iremem- Iwrote the song’swords and with slap-back echo to givemyvoice GETTY bered most is this music in asmall house that my then aSun sound. But the echo obscured JR./

SS furious storm the wifeand Iwererenting in El Cer- my last line of the chorus.Instead of

IOO town endures.All of rito, Ca. Ifigured out the chords to hearing,“There’sabad moon on the

ER my lyricsfor the “Bad Moon Rising” on my Gibson rise,” some people heard, “There’sa LT

WA song were inspired ES-175,ajazzand countryguitar. bathroom on the right.” Now, when by that scene: One day in January ’69, I drove Iperform the song,Ipokefun at it GES; “Don’t go around to Oakland to visit Fantasy Re- by singing the incorrect lyrics. IMA tonight / Well it’s cords. I parked my Peugeot in In 1986, I was at a music-

ETTY bound to take your front of the building. When I came awards event when out of no- /G life / There’s a bad out, someone had thrown a brick where, someone wrapped his arms moon on the rise.” through the rear-door window. My around me from behind. “Give me CHIVES

AR The next verses Gibson and the little Fender Trem- back all my licks,” he said, laugh- were about the olux amp and speaker that I’d ing. It was Scotty Moore. OCHS storm: bought in 10th grade were gone. He knew I was a huge fan from “I hear hurri- Iwas heartbroken. Idrove to a the way I played on “Bad Moon

MICHAEL canes a-blowing / I music storeinnearby Albany. I’d Rising.” When I turned to talk to : know the end is heardthat Jeff Beck,JimmyPage him, I was metaphorically down on LEFT coming soon / I fear and Eric Clapton all playedLes Paul my knees thanking him. That’s OM

FR rivers over-flowing / guitarsthrough aMarshall amp. when I realized that between Elvis Creedence Clearwater Revival in 1970: from left, John Fogerty, Doug Clifford, Tom I hear the voice of In the store, I took down a Les and “Daniel Webster,” there’s quite Fogerty and Stu Cook. Above, Mr. Fogerty performing in 1970. rage and ruin.” Paul Custom and tuned all the a bit of my childhood in that song. P2JW070000-0-A01200-1------NS

A12 | Thursday, March 11, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | TRAVEL & ENTERTAINMENT

wide variety of genres represented when asked about the unexpected nods last November. “That’s what Jacob Collier makes the Grammys so special— earned a you don’t know, from year to surprise Meet the Outlier year,” he said. Grammy nod Grammy nominees are judged for album of by their musician peers. Once the the year. In the Running Recording Academy’s more than 11,000 voting members—perform- ers, songwriters, producers and ForaTop Grammy other creators—narrow down nominees for the top awards to 15 to 20 contenders, nomination-review committees select the eight official nods. The nomination-review committees have been criticized for not making members public and the integrity of the overall voting system has been questioned. But Grammy officials contend that keeping the names of committee members confidential prevents solicitation. The support of Quincy Jones, who has racked up a record 80 Grammy nominations (he is tied with Jay-Z) obviously helps Mr. Collier, Billboard says—though in an interview with the magazine, Mr. Jones said he didn’t lobby for “Djesse Vol. 3.” Also, artists associated with jazz have sometimes notched surprise wins: In 2008, Herbie Hancock beat front-runners Kanye West and Amy Winehouse for album of the year. Another factor is the respect JONG that Mr. Collier, whose mother is a AN

DY violinist and conductor, commands among musicians across generations, geographies and genres. BY NEIL SHAH bum of the year nod without ap- “The Jacob Collier nod is prob amount of potential I have into Mr. Collier’s relatively anti- pearing on Billboard’s album chart. the most transparently industry- this existing thing,’” he says. commercial approach—he writes, acob Collier,the English The overwhelming majority of al- insider Big Four nom this century,” “Rather than, ‘I can do anything, performs, produces, records and music wunderkind known bum-of-the-year nominees over Billboard deputy editor Andrew ever. Where do I start?’” mixes his music in his home and as agenre-defying vocalist the years, Billboard says, have Unterberger said on Twitter when Other nominees for album of disregards genre boundaries— and multi-instrumentalist, made the chart’s top 10. “Djesse nominations were announced. the year include blockbuster acts makes him something of a musi- J wasassurprised as every- Vol. 3,” which was released in Au- Mr. Collier has been quietly Post Malone, Taylor Swift and Dua cian’s musician at a time when one else in November when gust, has sold only 22,000 units, making his way up musical circles major stars like Travis Scott and he wonanomination foralbum of including 3,000 copies as a full al- for years. He took off in 2013 when Billie Eilish are experimenting the year at the GrammyAwards. bum, according to MRC Data— his cover of a Stevie Wonder song with song structures and abandon- The album, “Djesse Vol. 3,” which is a tiny amount. went viral on YouTube, eventually ing genres. “Genre is pretty 20th hadn’t cracked Billboard’s flagship Mr. Collier’s nod is one of sev- earning the support of legendary 22,000 century,” Mr. Collier says. album-sales chart. Meanwhile, eral unusual album-of-the-year musician and producer Quincy Then there’s Mr. Collier’s fre- pop-R&B star The Weeknd’s ac- nominations this time around. Jones, whose management firm The number of units that Mr. Collier’s quent collaborations with other claimed No. 1 album “After Hours,” Others include retro-soul duo took Mr. Collier under its wing. nominated album has sold since Aug. artists: His albums feature musical which featured one of the most Black Pumas, which briefly hit the In recent years, Mr. Collier has exchanges with respected musi- popular hits of the 21st century lowest rung on the Billboard 200 won four Grammys for rearrange- cians such as Chris Thile, Steve (“Blinding Lights”), was snubbed. before news of their nomination. ments of well-known songs like Vai, Rapsody and Ty Dolla $ign. “I was completely flabber- But Mr. Collier, with his eclectic the Flintstones theme and “Moon Lipa and praised rock sister-trio Recently, Mr. Collier co-wrote and gasted,” the British musician, 26, sound—a fusion of jazz, pop and River.” Cover songs were initially a Haim. Less expected were nods for contributed vocals to R&B singer says. “I would never in a million R&B that includes a cappella and way for Mr. Collier to make his rock veterans Coldplay and R&B SZA’s hit “Good Days.” years have predicted that I would stacks of harmonized voices—is music more accessible—but they singer Jhené Aiko, along with Mr. “What sets the Grammys apart get anything like this nomination.” the most extreme case. This year’s also help him focus his talents by Collier and Black Pumas. from other music awards…is that At the Grammy Awards on Sun- unexpected nods have renewed working with constraints. “Some- Harvey Mason Jr., the interim it’s voted on by musicians,” Mr. day, Mr. Collier will be a dark- complaints that the Grammys may times it’s a relief, especially for CEO and president of the Record- Collier says. Musicians “were the horse candidate: He is the first be more driven by internal machi- someone with so many ideas, to ing Academy, which runs the first people to gravitate toward artist since 1963 to receive an al- nations than the zeitgeist. think, ‘OK, I’m going to reduce the Grammys, praised the unusually the things I was doing.”

WHATTOSTREAM Drugs, Angstand Saying Yes

B Y C HRIS KORNELIS

Here are new releases X streaming this week: MA HBO ‘Cherry’

(Apple TV+) NETFLIX; “Cherry” stars Tom Holland P: TO as an Iraq war veteran whose OM

opioid addiction spirals into a FR series of bank robberies and Above: Netflix’s ‘Yes Day.’ Below: ‘Genera+ion’ on HBO Max. unravels at the tempo of a caper. ‘Genera+ion’ subjects than I did before: Mr. Holland’s unnamed (HBO Max) drugs, intimacy, all of that,” character enlists in the Army When Zelda Barnz was 16, says Ms. Barnz, now 19. “He’s during a temporary breakup she started thinking about very good at separating see- with his girlfriend, Emily. bits of prose and entries in ing me as his daughter and When he gets home, he her journal as the basis for a seeing me as his collaborator, struggles with PTSD, is pre- novel that she could spin into which is important.” scribed OxyContin, which a TV show. She brought the both he and Emily embrace idea to her father, Daniel ‘Yes Day’ en route to heroin addiction. Barnz, a screenwriter, who (Netflix) The movie begins streaming said, if the end goal is a TV In “Yes Day,” out Friday, Friday on Apple TV+ show why don’t you just Edgar Ramírez plays the fa- Directed by Anthony and write a TV show? ther of three opposite Jenni- Joe Russo, the film is based “I really did not think this fer Garner. When the couple’s on the semi-autobiographical TV show was going to get kids proclaim their mom to novel written in prison by made,” Mr. Barnz says. “Not be a suburban dictator ruling Nico Walker. Jessica Gold- because I didn’t think the with an iron “no,” the parents berg, who co-wrote the idea was great, but because propose a day in which they’ll script, says that when she the chances of any show get- only (with a just a few rules) read Mr. Walker’s book, she ting made are very slim.” say yes. As the day pro- was drawn by the personal The experience yielded gresses, it turns into a kind and global aspect of the “Genera+ion,” a no-holds- of family relationship reset. story.“We still haven’t fig- barred look at the intimate, Mr.Ramírez,seenre- ured out how to take care of sometimes graphic, lives of a cently in HBO’s “The Undo- our service members,” she group of teens.It also trans- ing,” isn’t afather in real life, says. “None of these issues formed the relationship be- but he is achampion of the have gone away. They just tween the father and daugh- yesday concept, calling it “a were eclipsed by all these ter. “I definitely think that I greattool forthe restoration other crazy things that hap- feel more comfortable talking of balancewithin anyrela- pened in our world.” to him about more sensitive tionship.” P2JW070000-0-A01300-1------XA

THE WALL STREET JOURNAL. Thursday, March 11, 2021 | A13 ARTS IN REVIEW

Clockwise from top: a gallery view of Giovanni Bellini’s ‘St. Francis in the Desert’ (c. 1476-78); a display of European and Asian porcelain (c. 1500 to c. 1900) and 18th- century French furniture; Jean- Honoré Fragonard’s ‘The Progress of Love: Love Letters’ (1771-72)

wainscoting,everything is at eye level, with betterlighting.Instead of keeping our distance, we canlose ourselves in the voluptuous redvel- vetofasleevebyHans Holbein or revelinthe bravurabrushwork of FranciscodeGoya’sportrait of the DukeofOsuna. Thereare virtually no vitrines,nobarriers, and no paintingsare under glass. We enter intonew relationships with beloved works that we grew up with and payattention to othersthat we never properly focused on before. Each floor is introduced by a sculpture. Jean Barbet’s slim 15th- century bronze angel welcomes us to Northern Europe on Floor 2, while a trio of fetching young women in marble, two by Fran- cesco Laurana, one by Andrea del Verrocchio, greets us on Floor 3, with its wealth of Italian and Spanish masterworks. Two por- traits by Jean-Antoine Houdon and a magnificent clock with a base by Clodion usher us onto Floor 4, dedicated to French and British art. Throughout, portrait busts and small bronzes come into their own; the gallery of Renaissance bronzes is nothing short of sump- tuous. Fabulous 18th-century furniture made for Marie Antoinette by Jean-Henri Riesener, usually part of the décor, becomes sculpture. ARTREVIEW Magnificent Mughal rugs, fantastic clocks, and elaborate porcelain ob- jects are treated as significant Relocated, works of art, not as incidentals.

The sense of being a Reshuffled privileged visitor is replaced by physical And Revitalized intimacy. The Frick Collection temporarily trades Everything entersintonew rela- its Gilded Age mansion for Marcel Breuer’s tionships,grouped by geography and chronology, so that related Brutalist icon and makes us see its paintingsthat areusually separated hold conversations.Holbein’spor- masterpieces with fresh eyes traitsofSir Thomas Moreand Thomas Cromwell faceeach other, BY KAREN WILKIN no longer divided by an El Greco. Giovanni Bellini’s“St.Francis in the New York Desert” has been isolated forpri- he Frick Collection’sfirst vate delectation or devotion, with announcement, in 2018, light from awindowcoming from that it would movetempo- the same direction as the mystical rarily intothe Marcel illumination on the saint. Rem- TBreuer building,the for- brandt’ssearching 1658 self-portrait mer Whitney Museum, on calls to us from awall of his own, Madison Avenue at 75th Street, accompanied at arespectfuldis- while itsoriginal home at 70th tancebyhis portrait of Nicolaes Street on FifthAvenue wasup- Rutsand “The Polish Rider”—all graded and improved, triggered miraculously accessible.John Con- endlessquestions.Would the Bru- stable’s“TheWhiteHorse” shares a talist icon be domesticated? Would spacewith two enormous J.M.W. the mansion’srobber-baron opu- Turnersinacapsule demonstration lencebere-created? We’d had a of 19th-centurypolarities of natu- previewofhow traditional art lived ralism and romanticism. Thefour in the tough modernist building initial panels of Jean-Honoré Frago- when the Metropolitan Museum in- nard’sdelicious “ProgressofLove” stalled the wide-ranging “Unfin- areinstalled as they were originally ished” to inaugurateits four-year in Mme.duBarry’spavilion at Lou- tenureat“Met Breuer.” Then, see- light: intelligent, informative, ele- veciennes,with the painter’s later ing a19th-centuryportrait beside a gantly lean and visually rich. There additions to the cycle in an adjacent signaturetrapezoidal windowwas is no attempt to echo the Gilded space, allowing us to relish their startling.But since“Unfinished” in- Agecharacter of the 70th Street meersand agrand gallerydevoted Renaissancebronzes—harmonize loose,spontaneous brushwork. cluded only asmall number of older mansion or to disguise the powerof to Anthonyvan Dyck.Similarly,on with Breuer’s aggressively coffered Not everything usually on view works and sincethe exhibitions that Breuer’s spaces.Each floor has been the thirdfloor,analcoveofsmall ceiling and provide aluxurious,re- on 70th Street is at Frick Madison. followedemphasized the recent minimally reconfigured to create Venetian paintings(and two newly strained background that makes the The selection is very generous, but past and present, no firm conclu- zones scaled forsmall groups of acquired pastels by the 18th-century colorsinthe paintingssing. we’ll all find something we miss. sions were possible.Anxious specu- works,punctuated by generous Italian portraitist Rosalba Carriera) High pointsfromthe collection No matter. Seeing the collection in lation about what the Frick’stempo- spaces as crescendos,inarhythm opens ontoalarge spacesparsely arepresented in waysthat makeus the Breuer building is like being rary movewould bring continued. of contract and release.The second furnished with Paolo Veronese’s see them and think about them in given a new set of eyes. First-time We canstopwondering.For ap- floor,devoted to Early Netherland- lush, moralizing allegories and fresh ways. Thesense of being a visitors and Frick regulars alike proximately the next two years, we ish, Dutch Golden Age, Flemish and bronzebusts. Everywhere, warm privileged visitor at 70th Street is will share the thrill of discovery. cansavor asplendid installation of Northern art, forexample,includes gray walls—darker behind gold- replaced by physical intimacy. No impeccably selected works on three both amodest “chapel” with the ground early Italian Renaissance furniturecomes between us and the Ms. Wilkin is an independent floorsof“Frick Madison.” It’sade- collection’sthree Johannes Ver- paintings, cooler and paler behind paintingsand, absent the mansion’s curator and critic. (5) CTION LLE CO FRICK IA/THE SC CO JOE Rosalba Carriera’s ‘Portrait of a Man in Pilgrim’s Costume’ (c. 1730-50), left; bronze statute by Francesco da Sangallo placed atop a replica of its original base and paintings by Veronese on the back right wall, above. P2JW070000-4-A01400-1------XA

A14 | Thursday, March 11, 2021 **** THE WALL STREET JOURNAL. SPORTS

ew people on earth have been tested forCovid-19 Pandemic Turned Sports IntoScience morethan LeBron James For TomBrady. NBAprotocols suggest that James is one of several players The NBAand NFL generated rich data—and changedthe wayresearchersthoughtabout the virus who have takenclose to 300 coronavirus testsduring the pandemic. Brady wastested at least 200 times while the NFL tested in morethan nearly adozenU.S.statesthrough

By Ben Cohen, Louise Radnofsky and Andrew Beaton

the end of itsregular season. And something unexpected happened as the leagues poured money intopro- tecting their business: They became an essential part of the scientific process. “What we sawinsportsoverthe past year wasreally public health and scienceinaction,” said Chris- tina Mack,anepidemiologist who consulted forthe NBAand NFL. Theresourcesthat sportsleagues devoted toward playing through a pandemic allowedthem to provide rich information in real time that would changethe way researchers thought about the novel disease rav- aging the world. Theleagues were both envied and resented forthe infrastructures they built. Those environmentspro- duced unparalleled data, funded research, earned them access to many of the country’stop epidemiologists and led to case studies in leading scientific publications,including the Centersfor Disease Control and Pre- vention’sweekly journal. This wasayear in which proath- letes were the world’sbiggest, tallest, strongest, fastest lab rats. “The NBAand NFL areteaching us about SARS-CoV-2 epidemiol-

ogy,” said Joseph Fauver,anassoci- O ateresearch scientist at the Yale TT

School of Public Health, which han- BUGA dled genomic sequencing forthe

NFL and NBA. “Ifyou had said those DOMINIC words18months ago, it would be, like, ‘What areyou talking about?’ ” the league’ssenior vicepresident of ducted fewerteststhan afootball the teststhat it helped createfor tact tracerstoprovide necessary Theimprobable contributions of playermatters.“But at the time,I’d league have an averagepopulation the rest of the season. context, such as whether they were sportstopublic health—some inten- never heardit. Idon’t think anyone of 1.6million people.The NFL’s is Theleagues’ standing as scien- masked. That’show they concluded tional, othersaccidental—started on wastalking about that.” closer to 10,000. tific marvels went far beyond their that prosaic activities likeeating to- the very firstday of the pan- Theleague proceeded to run Theleagues didn’t just use tests. dedication to testing.Researchers gether,getting haircutsand sharing demic.The last time the NBAplayed 119,658 testsofplayers,coaches and They also helped invent them. have spent the past year contem- rides were far moredangerous than in arenas packed with 20,000 staff inside the NBA’sbubble,anen- TheNBA contacted ateam of plating the possibility of hidden playing sportsoutdoors. screaming,unmasked fans was vironment that in theoryshould Yale researchersinthe spring and Covid heart damageinpeople with- They also learnedthat the virus March 11, 2020.Rudy Gobert tested have made testing lessnecessary. they became partnersindeveloping out severecases.Asitturned out, wasfar moretransmissible in risk- positive. Thesportsworld shut One benefit of testing so manypeo- asalivatest that wasauthorized by sportscould help. ier indoor activities than they previ- down. American lifechanged. ple so oftenwas the ability to track the Food and Drug Administration NBA, WNBA, NFL,MLB,NHL and ously believed. TheCDC published a In one of the firstexamples of viral loads with aprecision that by the summer afterthe results MLS players who tested positive study based on the NFL and NFL sportsgetting privileged access to would have been impossible other- were being screened using an ex- PlayersAssociation’scontact tracing resources, NBAteams secured tests wise.That washow the league pro- haustivebattery of testsmeant to databecause it upended the forplayers when thereweren’t vided the subjectsfor astudy that This was a year in which avoid catastrophic outcomes.Itwas Covid-19 doctrine that the virus enough testsfor hospital patients. detailed the exact timeline foratyp- aresearcher’s dream. “It wasvery could be contracted by spending 15 But overlooked in the public outrage ical course of infection. pro athletes were the obvious,” said David Engel, an asso- minutes or morewithin 6feet of that followedwas auseful public- “That datareally does not exist world’s biggest, tallest, ciateprofessor of medicine at Co- someone infectious.Those rules health finding.The number of posi- in anyother segment of society lumbia University Irving Medical went out the windowfor the NFL. tivetestsamong NBAplayers who over that period of time because strongest lab rats. Center,“that this wasatremendous Thesportsresearch is continuing. never felt sick wasanearly hint thereare no other groups that are opportunity.” Arecent preprint study of positive that asymptomatic cases were com- being tested everysingle dayand This troveofinformation re- testsamong NBAplayers suggests mon and silent transmission wasfu- have the same type of observation,” sulted in anew study in JAMA Car- that the B.1.1.7variant is more eling the pandemic.The anecdotal said Allen Sills,the NFL’s chief med- were validated with nearly 4,000 diologybased on 789athletes that transmissible because infectiousness evidencewas soon followedbypub- ical officer. samples from players and staffers. determined inflammatoryheart dis- endures forlonger than other lished research. TheNFL rannearly 1million tests It’snow in use acrossthe country ease wasrare—an encouraging an- strains.Itcould mean alonger time- It wasinearly April when David over the course of itsseason, in- and around the world. swertothe troubling question of line forquarantine and isolation for Ho,alongtime AIDS researcher and cluding 922,220 from Aug.1toJan. TheNFL went searching forits long-term consequences. people who haven’t been vaccinated. infectious diseases specialist advis- 2, beforeteams were eliminated for owntest that didn’t sacrificeaccu- Theleagues were able to study But sincethe paper is based on a ing the NBA, passed along astriking the playoffs.That amounted to racy forexpediencyand found a the way the virus spreads by ob- sample of seven people,the study’s messageafter studying the virus’s about 0.5% of the entirecountry’s point-of-caretest that looked prom- serving their populations.NFL and authorsare carefultosay their find- behavior: returning to playwould testing supply during that time— ising.When the league compared NBAplayers wore monitoring de- ing meritsfurther study. requiredaily testing. meaning one of every200 testsin the resultsofthe rapid PCRtests vices that tracked the proximity and Theremight be only one way to “That’snow become common- Americawas used on an NFL player and laboratory-runPCR tests, they duration of their interactions inside getbetterdata: by watching more placeinsports,” said David Weiss, or employee. Thestatesthat con- were aperfect match. TheNFL used facilities,and the leagues hired con- sports.

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THE WALL STREET JOURNAL. Thursday, March 11, 2021 | A15 OPINION A Year of Living With Covid BOOKSHELF | By Edward Chancellor

Even with former president wasperson- home,the politicians went at dencethat NewYork was Eastern much of the ally responsible forthousands each other’s throats, not least right and Florida waswrong. United States of deaths in apandemic that Democratic governorssuch as When the next pandemic still in astate wasravaging the world. But Gretchen Whitmer,Andrew comes,standing on anystage of standstill it worked. Cuomo and JayInslee,who with public-health experts Standard one year after Avirus doesn’t care about quickly developed blood must be coequal representa- WONDER the social re- anyofthis.Originally known feuds with Mr.Trump. tives of the economic and so- LAND strictions of as SARS-CoV-2 (that name Thepress,amid much good cial interestsofthe general Empire of Silver Covid began, wasn’t going to last), the vi- reporting,became the pan- population. By Daniel thenewscy- rusitself wasapolitical. Like demic’suncompromising en- Unlessyou have been to By Jin Xu Henninger cle flashes in anydisease,the Covid virus forcersofatotalist lockdown NewYork City,it’shardto (Yale, 374 pages, $30) and out of wassimply an agent of dam- strategy. Ergo, blue-stategov- imagine what ahollowed-out our lives likelightning. ageordeath. One might have ernorsGavin Newsom and Mr. shell it has become. Midtown hina mayhavebeen the firstcountrytoexperiment Standing in the wrong place thought aviral pandemic Cuomo were drawnasangels Manhattan, oncethe heart of C with paper money,but modern financetook off in during one of the pandemic’s would bring the countryto- of mercy and red-statelead- thecity’s commercial life, re- Europe rather than the FarEast. In the West, banks lightning strikes wasDonald gether.Not achance. ersRon DeSantis,GregAb- mains aghost town. Broad- and credit marketsseeded the growth of capitalism. By J. Trump. Recallhow,early in George bott and Brian Kemp as en- way is dead. Ayear on, the contrast, China gaveuponpaper money long before Youhavetofocus hard W. Bush’spresidency, the ter- ablers of death. public-school system, the na- Columbus set sail forthe NewWorld. From the 15th century nownot to think that Mr. rorist attacks of 9/11 caused a tion’slargest, is ashambles through the 1930s,the Chinese were stuck with silver Trump lost the election be- period of comity.That didn’t formost students, as in Chi- money.Without access to credit, the Middle Kingdom cause of the Capitol invasion. last long. In the next pandemic, cago and LosAngeles.And yielded economic primacytoEngland and later the United That postelection eventhas Now, after12long months nowwelearn that Gov. States. This important storyisrelated in “EmpireofSilver,” blottedout virtually all else steeped in Covid and with Mr. public-health experts Cuomo has basically been aquirky, though instructive, monetaryhistorybyJin Xu,a about the former president. A Trump gone,what have we can’t be the only ones suppressing the totaldeath Shanghai-based editor at the Financial Times Chinese. moment’sthought returns the learned? We have learned numbersfromanearly bad Paper money,Ms. Xu tells us,dates back to the Tang reality that apresidential that todaythe U.S. political telling us what to do. call on nursing-home resi- dynasty in the ninth century, when the authorities allowed election waslost in part be- system will turn anything,in- dents. merchantstoexchangebronzecoins forpromissorynotes, cause of an earlier lossof cluding avirulent global pan- It is also clear that despite known as “flying cash.” Twocenturies later,inthe time of confidenceinthe incumbent’s demic,intoapetty and ulti- What this media-driven distribution of three vaccines, the Song dynasty,merchantsinSichuan were using private handling of the pandemic. mately destructivecat fight. tribalism means forAmerica’s JoeBiden’sWhiteHouse has exchangenotes in placeofthe cumbersome iron coinage. That withdrawalofconfi- In the beginning,with lit- politics is that no one will been improbably insisting TheSong emperor issued his ownpaper money against dencemay or maynot have tle information about the vi- step back and no one can that U.S. lifeinMarch 2021 is depositsofcoin. The jiaozi, been justified on the merits, rusand Covid deaths surging stand down. And because of still ahealth and economic as these notes were called, but presidential campaigns in NewYork and Washington that default, agreat many catastrophe,threatened by proved so popular that they have an instinct forthe jugu- state, the response of the Americans suffered deeply “Neanderthal thinking,” traded at apremium to cash. lar,and the people around public-health authorities,led this year. merely to build public sup- Theconvenienceofpaper Joe Biden built theirs around by epidemiologists, wasun- In retrospect, with schools port forhis $1.9trillion money proved itsundoing, this Trump vulnerability. derstandable.Based on data closed, businesses shuttered spending bill. Post-pandemic however. Thefirst temptation TheBeltway establishment from the flupandemic of and personal anxieties be- “normalcy” arrives the day wasfor the Song authorities to had already been carpet- 1918,they believed that so- coming epidemic,itwould afterMr. Biden signs that bill. makethe jiaozi inconvertible, bombing Donald Trump be- cial-distancing protocols used have made sense latelast We areonareal road to severing the connection with fore Covid started killing back then in St.Louis had summer to take anational normalcythanks mainly to metal reserves.The next step Americans in February2020. produced significantly fewer timeout and reassessthe data this awfulyear’s only authen- wastoincrease the issue of Thelast thing Mr.Trump deaths than in non-social-dis- to see whether alesspoliti- tic heroes—the medical per- paper money,both to feed the needed in an election year tanced Philadelphia. If social cized consensus about amid- sonnel whotreated patients people and, morepressingly,to wastoturn apandemic into distancing worked 100 years dle path waspossible be- while discovering therapeutic fund the fight against the Mongol fodder forhis enemies,but ago, it would work now. And tween the severity of the treatmentsonthe flyand pri- invaders. Theinevitable outcome that’swhat happened with so the crude lockdowning of early response and partial re- vate vaccine developers, who wasinflation, followedbythe his self-regarding news con- Americabegan. Overwhelm- openings. together aredelivering the collapse of the currency. TheMongols resurrected paper ferences throughout the ingly,Americans complied Some states pushed re- U.S. and the world from both money.Marco Polo,inthe late13th century, reported that spring. last spring with restrictions opening anyway,but ana- this virus and afearfulpoliti- Kublai Khan, the great Mongol leader,had discovered the Ifound repellent Mr.Bi- on virtually all aspectsof tionwide rethinking of guide- calclass. Betterluck next “secret of alchemy” by making money from the bark of den’sstrong intimation—re- their lives. lines never happened. Today time. mulberrytrees.But in time the Mongols issued toomuch stated even now—that the Butwhile Americans went thereisnotransmission evi- Write [email protected]. paper and sparked ahyperinflation, as did their successors, the Ming.Fromthe late14th centuryonward, silver replaced paper money in China. Theadvantage of “whitegold,” Ms.Xuemphasizes,was Dems Nix GOP Spending-Bill Improvements that it couldn’t be conjured up at the emperor’s command. Thesilver currencyprovided stability,aquality much prized By Karl Rove though it’sadding to adebt billionbailout formultiem- proved ayear go 96-0 to allo- by the mandarinate. But thereweredisadvantages.Lacking their kids and grandkids ployer union pension funds, cate general state aid in the domestic reserves,silver had to be imported fromabroad— uoyedbypolls showing must payback with interest. an issue that’sbedeviled first2020 Covid relief bill. firstfromJapan and then from the Americas.Massiveinflows B the popularity of its Republicans took advan- Congressfor yearsand has Republicans also offered to of silver promoted vigorous economic expansion in the late $1.9trillion Covid tage of Senaterules Saturday nothing to do with Covid; distributethe 2021 bill’s$30.5 Ming era. In the 1630s,however, Spain stopped exporting spending bill, Team Biden is to offer prudent amendments and limit agenerous tax billion in transit funds by ap- American silver to the FarEast. Themoney shortageinChina planning abig signing cere- that—despitebeing defeated credit that subsidizes plying longstanding formulas that followedcoincided with crop failures brought about by monyand extended victory by Democrats—showvoters ObamaCareinsurancepur- rather than the bill’snew the Little IceAge.Ms. Xu suggeststhat “silver wasthe fuse” lapnow forpassing one of howbad this bill is.Every chases available forhouse- rule.The Democratic version forthe collapse of the Ming dynasty in 1644. the federal government’sbig- Democratic candidateshould holds earning up to $500,000 gives 30% of the money to Silver retained itsmonetaryrole under the Qing—the gest expansion in decades. be held to account forthe ayear to those making NewYork City—nearly twice dynasty that ruled China from the mid-17th centurytothe Perhaps we’ll even hear party’s unanimous opposition $132,000 or less. TheGOP as much as it’d normally re- early 20th—and money shortages remained. Part of the from President Biden himself. to even modest improve- also tried removing what ceive. Both amendmentswent problem wasthat China needed to runatrade surplus in But will he take reporters’ mentsinthe legislation. amountstoAmerica’sfirst nowhere. order to increase itsmoney supply.Importsofforeign goods, questions? He’sthe first federal race-based repara- Sen. MittRomney made a which drained silver from the country, were officially dis- president sinceCalvin Coo- tions law: aprovision allow- valiant effort to limit the couraged. When Lord Macartney,the British envoy,visited lidgenot to have apress It’s popular now, but ing nonwhitefarmersand $350 billion in stateand lo- Peking in 1793 to open up the Chinese market to British conferenceinhis opening rancherstowriteoff govern- calgovernment aid so that it goods,hewas told by the emperor: “Our Celestial Empire nine weeks in office. The voters may regret the ment loans because they’re covers only actual budget possesses all thingsinprolific abundance. ...Therewas countryawaitsbreathlessly. $1.9 trillion expense “socially disadvantaged.” Re- shortfalls.California, forex- thereforenoneed to import the manufacturersofoutside Thelegislation is labeled publicans additionally tried ample, is projected to start barbarians in exchangefor our ownproduce.” Covid relief,and there’ssome by November 2022. to denyblock grantstosanc- itsnextfiscal year with a$19 TheBritish, unable to sell enough manufactured goods to of that. But it’ssprinkled tuarystatesand cities.Dem- billion surplus but gets $26.2 China to pay for their imports of tea, turned to pushing intoagigantic trough of tax- ocratsrejected all five billion under this bill. Mr. Indian-produced opium. China’sopium addiction created a payerdollarsonwhich Dem- Republicans firsttried re- amendments and even said Romney pointed out that 21 monetaryproblem alongside apublic health crisis.In1838 ocratic constituencies will ducing the packagetosome- no to requiring states to pro- states have revenues at or asenior Qing minister complained that silver currencywas gorge. TheCommitteefor a thing that only addressed vide accuratemonthly re- abovepre-Covid levels.Dem- “being secretly wasted on the filth of foreigners.” Soon a Responsible Federal Budget Covid-related woes.They cut portsfromstatesonnursing- ocratstold him to getlost. ban on foreign opium wasannounced in Canton, followedby says about 1% of the bill goes itscost by $1.2 trillion by home deaths. Democratshad their way an embargo on British trade.Ms. Xu describes the ensuing forvaccines,5%for pan- limiting stimulus checks to TheGOP also focused on on this bill, but as with the hostilities as a“silver war.” demic public-health needs, the truly needy—rather than education.They suggested 2009 Obama-Biden bailout, and morethan 15% forthings paying roughly 75%ofAmeri- that the moredays aschool they maycome to rueit. completely unrelated to cans,asthe Democrats’ bill district is open, the more Americans arepractical: The China’scenturies-long insistenceonlimiting its Covid. Nearly half is dedi- does—and providingsupple- money it should gettoman- morethey learn about this currencytosilverproveddisastrous overtime, catedto“poorly targeted re- mental unemployment pay- ageCovid risks.Republicans bill, the morethey might ask batechecks and stateand lo- mentsthrough July rather also argued that if aschool whywespent all that money allowing theWesttosurge ahead. calgovernment aid,” the than September,asjob num- isn’topen five days aweek, and ranupall that redink committeesays,including to bersare already improving. as much as $10,000 in Covid simply to reward Democratic jurisdictions“that have expe- Despitelimiting the bill’sto- funding should followstu- constituencies.Ifthat hap- That China’smonetaryhistorydiffersfundamentally from rienced little or no financial talcost, the GOP bill covered dentsifparentssend them to pens,itwill be because Re- that of the Western experiencemakes it of special interest. loss.” the actual costsofreopening another school that’sopen all publicansmakepersuasive Unfortunately,the narrativeof“EmpireofSilver” is often Democratsare betting this schools and getting people week.Democratsshot both and principled arguments. confused, jumping chronologically back and forth. Thetext, round of bread and circuses vaccinated. Democratsstill ideasdown. translated from the Chinese by Stacy Mosher,ispeppered will win them the 2022mid- gaveitthe thumbs down. GOP senatorstried undoing Mr. Rove helped organize with puzzling statements. (“Historyisapieceofwind- terms.They think America Trying to save futuregen- formulas that send more the political-action committee batteredpaper,with misreadingsand obstructions every- has entered an erawhen vot- erations some debt pay- money to blue states and cit- American Crossroads and is where.”)One suspectsthat atoo-literal translation is partly erscan be bribed intosup- ments, Republicans moved to ies than redstatesand small author of “The Triumph of to blame.Attimes,the author seems confused as to whether porting the party that show- reject stimulus checks forfel- towns. They first suggested William McKinley” (Simon & silver money wasresponsible forChina’sarrested financial ersthem with cash—even ons in prison; deletean$86 using abipartisan formula ap- Schuster, 2015). development or wasmerely asymptom thereof.Common sense suggeststhe latter. Thereisnoreason whysilver shouldn’t have provided the base money foramodern credit system, performing arole America Needs Leaders Like Elaine Chao similar to the one gold playedelsewhere. Theproblem lay with China’sinstitutions.Capitalism firstappeared in By Michelle Park Steel benefited from her tireless Reform Committeeconcluded prepared them for. We con- countries,likeHolland, whereproperty rightswererespected. And Young Kim commitment to breaking barri- that Ms.Chao “followedethics tinuetowork everyday to By pursuing their privateinterests, Dutch merchantsraised erssinceshe firstcame to this andfinancial disclosurerules.” combat discrimination. We are the nation’swealth. Imperial China had no lack of hard- simmigrantstothe U.S., countryonacargo ship. That hasn’t stoppedthe media proud to serveaspart of the working people,but they lived in acountrywithout the rule A we areproud to be As we build on her legacy from suggesting otherwise. most diverse freshman class of law, whose autocratic rulersdespised commerce. among the firstKorean- and help inspireall Americans Rep.Sam Graves,ranking ever electedtothe House.As Under pressurefromWestern powers,China finally American women to servein to achievetheir dreams,we member of the Transportation hatecrimes against Asian- modernized its financial practices in the late 19th century. Congress. We have sought, and find it necessarytoconfront a andInfrastructureCommittee, Americans and Pacific Island- In 1897 the Imperial Bank of China wasestablished, and afew encouraged otherstoseek, who worked directly with Ms. ershaverisen acrossthe U.S., yearslater theBank of China emerged. Still, China remained mentorswho brokebarriers Chao’s Transportation Depart- we were honored to introduce true to silver afterthe Nationalistsunder Chiang Kai-shek forwomen and minorities. She’s an inspiration ment, said the resultsofthis and support aresolution con- came to powerin1928.This proved advantageous at the onset SecretaryElaine Chao is one of investigation showed“this was demning such acts. of the world depression, when asharp decline in silver’s price the women we have looked up to minorities and acompletewasteoftime and Americans knowthat parti- relativetogold helped boost Chinese exports. to and counted on forguidance women and is under taxpayerresources—and pro- san attacks in Washingtonare TheAmericans unwittingly brought silver’s long monetary and advicethroughout our ca- vides yetanother unfortunate commonplace. But this most reign to an end. In June 1934, President Roosevelt signed the reers. baseless attack. reminder of the lengths to recent round against Ms.Chao Silver Purchase Act, instructing his Treasurytoacquirethe When she became labor which partisans will go to at- should be leftbehind, along- precious metal at several times itsprevailing market price. secretaryin2001, the Taiwan- tack the achievementsofan side thebarriersshe has bro- Roosevelt intended to help out U.S. silver producers, but the born Ms.Chao wasthe first disturbing distortion of her re- ideological opponent.” kenfor generations of women chief effect of his measurewas to suck silver out of China. Not Asian-American woman ap- cord.Abarrageofnewsstories MarchisWomen’sHistory and countlessAsian-Ameri- long after, Chiang abandoned silver,issuing apaper currency pointed to apresident’scabi- in the past week have high- Month, as another reminder cans who have sought alifeof that wasprinted in unlimited quantities afterthe Japanese net. She is the longest-serving lighted an investigation of her that we should work together public service. invasion. Theresult wasanother Chinese hyperinflation. As cabinet member sinceWorld conduct as transportation sec- everyday to combat discrimi- Ms.Xuwrites in her idiosyncratic fashion: “Historyalways WarII, having also served as retary.The JusticeDepartment nation. Women and minorities Mrs. Steel and Mrs. Kim knocks twice, firstascomedy and then possibly as tragedy.” President Trump’stransporta- closed the probe without ac- have struggled fordecades to represent California’s 48th and tion secretary. Countless tion andthe ranking member earn the positions their skill, 39th congressional districts, Mr. Chancellor is the author of “Devil Take the Hindmost: Asian-Americans likeushave of the House Oversight and experience, and determination respectively. AHistory of Financial Speculation.” P2JW070000-0-A01600-1------XA

A16 | Thursday, March 11, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Progressive Steamroller Has Carbon Pricing’s Time Finally Arrived?

emocrats on Wednesday passed their work laws in 27 states,but the GOP has no me- Regarding “CarbonPricing Gains have previouslyendorsed these $1.9 trillion spending and welfare bill dia messagetolet voters in those states know. Traction” (U.S.News, March 2): The proposals.Both of these organiza- D that would have been unimaginable This is in part alegacyofthe Trump American Petroleum Institute’sen- tions have long ceded their core dorsement of carbon pricing comes missions in some attempt to remain even in theObama years, and years, and especially the The $1.9 trillion at the right time.The Biden admin- relevant. With the Biden adminis- the big news is howeasily post-election meltdown. The istration and Congresswill be tak- tration’spronouncementsoncli- they did it. Theparty is united spending bill is only a party is still preoccupied ing action to addressthe climate. mateand fossil fuels,API is un- behind the most left-wing with Donald Trump, who is Thebusinesscommunity needs to doubtedly desirous of aseat at the agenda in decades, while Re- taste of what’s coming. preoccupied with revenge help assurethat these actions are table.Good luck with that. publicans are divided and in againstRepublicans who both practical and effective. In Iwitnessed similar effortsfirst- intellectual disarray.This is don’t bowtothe Mar-a-Lago working forExxon my entirecareer, hand during my tenureaspresident only the beginning of the progressive steam- throne.Membersare fighting each other Isaw howindustryand society ad- of the American Fuels and Petro- roller, and it’s worth understanding why. rather than Democrats. justed to the oil-priceshocks of the chemical Manufacturers. Iam iii Theparty also lost some of itsintellectual 1970s,becoming much moreeffi- grateful that we had industrylead- One lesson from the Covid non-fight is that mooringsduring the Trump years, notably on cient with energy use.We’veall ership that refused to abandon seen howineffectivemanyregula- their core principles of arobust thereare no Democratic moderates in Con- spending and economics.Right-wing anti- tions areand howinefficient the free market, pro-employeeand gress. Theparty base has moved so sharply business populism has empoweredleft-wing regulatoryseesawofexecutiveac- community,and protecting share- leftthat even swing-stateMembersare more populism, and toofew GOP Membersare able tion is.Now is the time to getrea- holder investment. liberal than manyliberals in the Clinton years. to makeaneconomic argument. Thepredic- sonable carbon pricing enacted, like CHARLIE DREVNA Democratslost not asingle vote in the Senate tion of an immigration border crisis has been the Baker-Shultzplan of the Cli- Dunn Loring, Va. and only one in the House.The fear of primary the dominant messagefromRepublicans on mateLeadership Council. It will challenges from theleft, which took out House Capitol Hill or cable TV.That’sabout it. giveour industrythe long-term- TheAPI endorsement forputting warhorses in 2018 and 2020,has concentrated iii pricesignals to efficiently transi- apriceoncarbon emissions re- incumbent minds. All of this is giving Democratsgrowing con- tion to acleaner energy system. minds me of when the tobacco in- Asecond lesson is that President Biden is fidencethat they candrivetheir agenda into BILL BRAY dustryfinally admittedthat smok- no moderating political force. Democratsin lawdespitehistorically narrow majorities. Houston ing led to lung cancer.It’stime to adopt legislation to support acar- the House and Senateare setting the agenda, They’llpasshugetax increases on aparty-line TheAPI’smovecomes as no sur- bon feeand dividend program that and Mr.Biden is along forthe ride.He’sthe vote.They also still hope to peel off enough prise but is nonethelessdisappoint- will further guarantee the health ideal political front-man forthis agenda with GOP Senatorstoraise the minimum wage,per- ing.It’snosurprise,either,that and safety of our citizens. his talk of “unity” and anti-Trump persona, haps to $11 or $12 an hour,and for$2trillion both the BusinessRoundtable and SUE STEWART but he isn’t shaping legislation. He is signing in green energy and public-works spending. the U.S. Chamber of Commerce Laguna Beach, Calif. on to whatever chief of staff Ron Klain tells Don’t be surprised if they succeed. him he needs to support. Republicans counting on Democrat Joe Fornow at least, therealso isn’t much of Manchin to maintain the Senatefilibuster may Hong Kong Deserves to Be in Freedom Index an opposition. With afew exceptions,the me- also be disappointed. He’s from Trumpy West dia aremarching in lockstep support of what- Virginia, but he is also apartisan Democrat. Edwin Feulner’s explanation of individual member of international Hong Kong’sexclusion from the Heri- organizations likethe WTOand ever Democratswant. Thesubstanceofthe He said he wouldn’t vote forthe $1.9trillion tage Foundation’slatestIndexofEco- APEC.Wehavesigned free-trade Covid bill wasbarely coveredoutside of these bill unlessitwas bipartisan but went along nomic Freedom is flawedand inexpli- agreementsand double-taxation pages.Opposition to H.R.1, the federal take- anyway in the end. cable (“Hong Kong Is No Longer agreementswith 20 and 45 econo- over of state election law, is literally reported As bills that passthe House pile up at the What It Was,” op-ed, March 4). mies respectively. as arevivalofJim Crow racism. Senatedoor,the pressuretobreak the filibus- Hong Kong always ranked high in Hong Kong remains committedto Thebusinesscommunity has also been co- terwill be enormous.The media will turn Mr. business, trade,financial freedom promoting afreeand open economy. opted, as it oftenisatthe beginning of aDem- Manchin intothe moral equivalent of GOP and fiscal health, which arethe pa- This philosophyisingrained in our ocratic Presidency. Industries aretrying to leader MitchMcConnell. rametersused in compiling the index. DNA.Last year Hong Kong wasthe protect their specific iron ricebowls,but one Dick Durbin, the Senate’ssecond ranking Our strength in these areas has not second-largest IPO market, recorded priceistheir accommodation with the larger Democrat, said this week that Democratsplan changed. anet capital inflowofU.S.$50 billion progressiveagenda. Small businessopposes to bring two or three bills from the House to Sincethe establishment of the and over 9,000 mainland and over- Hong Kong Special Administrative seas companies operating in the city. the $15 minimum wage,but biggerbusinesses the floor soon. “Weneed some floor experi- Region (HKSAR) in 1997,the city has Theabovespeaks volumes about don’t mind saddling smaller competitorswith encefirst,” he told the Capitol Hill press. “I retained itscapitalist system, mone- Hong Kong’shigh degree of auton- higher costs. Big Oil doesn’t mind selling out think this is progression. First, trythe legisla- tary and fiscal autonomy, common- omyoverits economic,financial and independent frackersonclimaterules. tion. Second, trymodifications to filibuster. lawsystemand judicial indepen- trade policies and makes plain that Despitetheir sizable minorities,Republi- Then see what happens.” They’lluse the threat dence. This is whyHong Kong was our exclusion from the indexwas cans areadivided mess. They stayed united of breaking the filibuster as leveragetowin ranked as the world’sfreest economy nothing but politically biased. on the Covid vote but they had no consistent GOP policyconcessions even if they don’t for- for25consecutiveyearsofthe in- Hong Kong will continue to cham- strategyormessage. They’refocused on the mally rewritethe Senaterules. dex’s27-year history. pion principles of economic freedom culturewar over Dr.Seuss, while Democrats Politics is never static,and perhaps this Theexclusion of Hong Kong from in driving growth formanyyearsto aremoving legislation with hugeeconomic momentum will ebb as Democratslose the the indexignores the fact that, under come. consequences. false coverof“Covid relief” fortheir agenda. the Basic Lawand the “One Country, PAUL CHAN MO-PO TwoSystems” principle,the HKSAR Financial Secretary The House this week passed the most radi- But it’snoexaggeration to saythe countryis is aseparatecustoms territoryand HKSAR Government calpro-union labor bill sincethe 1935 Wagner facing the most confident left-wing majority Act, but youwouldn’t knowitfromthe muted since1965.This isn’t what JoeBiden prom- GOP protests. Thebill would erase right-to- ised, but it is what we’regetting. An Enlightened Approach to Pay Negotiation Bill de Blasio Fights Success I’d like to share a different ap- Also, he said that I should agree to proach to negotiating pay raises (“At whatever salary is requested. He said ost mayors aremoving heavenand In aZoom call with parentsand the press Work: When to Think Twice About he never got taken advantage of when earth to getchildren back in the class- Wednesday, SuccessAcademyCEO Eva Negotiating Pay,” Personal Journal, doing this. March 1). Decades ago, I was manag- I was skeptical, but when an em- M room, but NewYork’sBill de Blasio is Moskowitz says this reflectsthe mayor’swell- ing a collection agency. I had a friend ployee of mine asked for a raise, I nowpreoccupied with trying to take away the established hostility to chartersingeneral and named Art Friedman who was very told her what Art had told me, and classrooms forone school. Witnesshis harass- SuccessAcademyinparticular.Afew weeks creative and successful in running his she asked for a reasonable amount. It ment of Hollis Middle School in Queens,part of agoheannounced that the city wouldn’t offer company. When I asked him how he was less than I would have offered. theSuccess Academycharter schools.IfMayor Covid-19 testing to children in chartersthat the would respond to an employee who With two other employees, the out- de Blasio doesn’t come up with asitefor the city’s other public school children receive. Keep asked for a raise, his answer stunned come was the same. school,the futurefor 250 children, 91% black in mind that chartersare public schools,albeit me. He said that employees know Incidentally, collection-agency em- and Latino,will be thrownintolimbo. without union control. better what they’re worth—how hard ployees aren’t terribly passive. As you Last Maythese studentsweregranted a Themayor’s actions come as parentsseem they want to work, how much more can imagine, they have to be fairly temporaryhome,for one year,inthe same to be drawing their ownconclusions about city- they want to learn, what they would aggressive to succeed in their job of building as I.S. 238 Susan B. AnthonyAcad- runschools.InJanuarythe city’s Department do in an emergency, how they would getting overdue bills paid. Still, the handle a co-worker who had com- Art Friedman approach worked just emy. This wassupposed to givethe city time of Education reported that K-12 public school plaints, etc. Therefore, the employee fine. to find apermanent location. Thecity still enrollment dropped 4% this year, in good part is in the best position to determine LEONARD SKLAR hasn’t come through, though it is required by because of Covid-19 and the closures.Charter how much of a raise is appropriate. Redwood City, Calif. laweither to provide the required spaceor enrollment is up almost 7%. Charter success is coverthe costsfor anyprivateorpublic space embarrassing forunion-run schools,soMr. de the school needs. Blasio thinks it must be punished. Colleges, Feds and Due Process on Campuses Regarding your editorial “Here duct represented sound policythat Hong Kong’s Illusionist Comes the Due ProcessRollback” anycollegeadministrator would be (March 5): To be sure, Education wise to embrace. But the editorial ealmost sympathizewith Paul Chan Mr.Chan wantsreaderstobelievethat eco- SecretaryBetsy DeVos’sguidelines raises abroader question: Why on ensuring due processininvesti- should federal bureaucrats, much Mo-po,who writes a letter to the edi- nomic freedom continues no matterthe political gations of campus sexual miscon- lessCongress, be involved in micro- W tornearby.The Hong Kong Financial repression. But China is not Singapore. In China managing howprivatecolleges Secretaryisupset that the dissenterssimply disappear. choose to enforce standards of stu- Heritage Foundation has Financial Secretary Paul Foreign businessmen canbear- Left and Right Handedness dent behavior? At last report the dropped Hong Kong from its Chan invokes a system rested and held as diplomatic Is Complex, Like Politics federal government wasn’t dictating annual IndexofEconomic hostages,astwo innocent Ca- course offeringsoracademic stan- Freedom afteryearsatthe top that no longer exists. nadians noware to pressureOt- Stephen Miller’s “Beyond Left and dards or dining options at these pri- of the list. tawa not to extraditeaHuawei Right” (op-ed, March 1) evokes dis- vate institutions; these matters are Mr.Chan has the impossible executivetothe U.S. turbing memories of my doctoral largely determined by market task of denying what everyone canplainly see: Economic freedom? Tell that to Apple Daily dissertation that had the alluring ti- forces—the preferences of prospec- tle “Writing PostureasaMarker of tivestudentsinselecting acollege. China’sCommunist Party is remaking Hong Kong publisher JimmyLai,who remains in jail because Cerebral Organization in Left Hand- In likefashion, whynot let prospec- in itsown Mainland image. That wasthe point the government has invokedthe national-secu- ers.” Idefined left-handednessby tivestudentsfactor in the natureof of Heritage’sEdFeulner in his explanation on rity law, overturning the presumption of bail in writing preferenceand divided these “due process” protections acollege these pages last week.Until Singaporetook the the common lawthat supposedly governs Hong lefties intotwo groups,those who has adopted in deciding what school topspot on the index, Hong Kong had reigned as Kong.Xia Baolong—Beijing’stop official for wrotewith ahook and those who will best meet their needs? No.1for 25 years. As the prefacetothe 2019 In- Hong Kong—says that only true “patriots” are did not. Afterarduous study using KENNETH A. MARGOLIS dexnoted, “The Hong Kong government has fitfor the city’s “administrative, legislative, and such measures as finger-tapping Chappaqua, N.Y. takenout full-pageads to tout itsnumber-one judicial bodies.” speed and fingerprint asymmetry, I ranking.” But China’saggressiveassimilation of China is also dictating to corporateboard- determined therewas little utility in Hong Kong,Mr. Feulner wrote, is turning it into rooms.Two yearsago, the Civil Aviation Admin- the predictivevalue of writing pos- Pepper ... merely one moreChinese city. istration of China demanded that CathayPacific tureinleft-handed writers. And Salt Mr.Miller’s article demonstrates Mr.Chan disagrees,invoking “the principle Airways ban anyemployeewho’d participated why. Aseemingly simple dichot- THE WALL STREET JOURNAL of OneCountry, TwoSystems.” This wasthe in “illegal protests” from flightsintomainland omy, left- versus right-hand prefer- promise of autonomyfor Hong Kong embodied airspaceChina, and begin submitting informa- enceisremarkably complexand in the1984 Sino-British Joint Declaration that tion about all crew beforeany flight to China canbeapplied to the political envi- set out the terms of the former British colony’s would be approved—driving down itsshare ronment. “Leftwing” and “right return to China. What Mr.Chan does not sayis price. Last Maythe former chief executivefor wing” contain the mixed dominance that Beijing has made clear the Joint Declaration Hong Kong,Leung Chun-ying, called foraboy- and preferences Mr.Miller observes is adead letter. cott of London-based HSBC bank because it had in himself. In 2017LuKang, aspokesman forChina’sfor- not forthrightly endorsed the national-security MAURICE REGAN eign ministry, called the Joint Declaration “a his- law. Itstop executivesoon signed apetition sup- Pembroke, N.H. torical document that no longer has anyrealistic porting the law. Lettersintended forpublication should meaning.” Hong Kongershaveevery reason to Our advicetoMr. Chan is to stop trying to be emailed to [email protected]. Please believehim afterwatchingChina ramthrough convincethe world that Hong Kong is what it include your city, state and telephone an unpopular national-security lawwhose provi- wasand accept that he’snow flacking forthe number.All letters aresubject to sionsinclude allowing Beijing to take some Hong man who really runs Hong Kong: Chinese Presi- editing,and unpublished letters cannot “Actually, it’s remedial be acknowledged. Kong cases to China fortrial. dent Xi Jinping. obedience school.” P2JW070000-0-A01700-1------XA

THE WALL STREET JOURNAL. Thursday, March 11, 2021 | A17 OPINION Beware New Laws Against ‘Domestic Terror’

By Thomas J. Baker statutes ranging from wire ters in law-enforcement his- fraud to conspiracyaided tory and athreat to the mid understandable con- in stopping theirdomestic FirstAmendment. Advocate cern over political vio- terrorism. something of which the au- lencecome calls forCon- But in the 1970s some thorities disapprove, and A gresstoenact laws complained that groups youmay become asubject dealing with domestic were being investigated for forinvestigation. terrorism. But domestic terrorism their advocacyrather than State and local police isn’t a new problem, and a new law their actions.In1976 work closely with federal runs the risk of abusing Americans’ abuses of federal powerled authorities in the fight constitutional rights. Sen. Dick Attorney General Edward against domestic as well as Durbin (D., Ill.) and otherstried to Levi to issue the original international terrorism. The use last week’sJudiciaryCommittee setofattorney general’s FBI’sJoint Terrorism Task hearing as astage to push foranew guidelines forthe FBI’sdo- Forces,made up of both fed- law. But FBI Director Christopher mestic-intelligenceinvesti- eral and local officers, is a Wraytold senatorsthat the bureau gations.The key guidance: prime example of this col- has had remarkable success disrupt- Investigations aretobeun- laboration. TheFBI works to ing attacks using existing law-en- dertaken only of groups ad- prevent massshootingswith forcement tools. vocating or engaging in vio- projectssuch as the Na- lence, not simply fortheir ER tional Instant Criminal ST

radical speech or beliefs. FO Background Checks forfire-

It’s an old problem, but Theguidelines have been PHIL arms purchases,which has amendednumerous times, the challenging task of keep- targeting groups for what but that distinction is still the stan- to let policetakethe gloves off.But his thoughtsonthe policyorcon- ing firearms from those who would they advocate is a needless dard. Speech that stops short of in- it is proper to focus investigations duct of the government. Un- harm us,while respecting citizens’ citing violenceisprotected, how- on actions,not on speech or abomber TedKaczynski is serving a Second Amendment rights. and discredited solution. ever ugly it maybe. thoughtsongovernment policy. lifesentenceinthe federal super- Amenu of federal criminal laws True,the attorney general’s Thecurrent attorney general’s maxprison in Colorado. already on the books canbeand guidelines constrain FBI investiga- guidelines authorize“abroad exam- Proposed bills might upend these have been invokedtofight domestic TheFBI has been successfully tionsagainst domestic terrorism. ination of groups” for“offenses constitutional principles.The Do- terrorism without compromising engaged in the fight against domes- But the Bill of Rightshindersinves- characteristically understood as ter- mestic Terrorism Act of 2021, intro- theFirst Amendment. TheBill of tic terrorism formorethan half a tigations against criminals of all rorism” as described under federal duced on Jan. 19 by Rep.Brad Rightscan’t getlost in an urge to century. Throughout the 1950s and sorts. Should it be junked, too? law. Under this rubric,investiga- Schneider (D., Ill.), calls forthe “dosomething” that will makesome early 1960s,the bureau wageda While protecting core rights, well- tions have been carried out against “monitoring” of domestic groups. advocates feel better. As former FBI campaign against the Ku Klux trained professionals have led suc- groups as diverse as the Earth Lib- Sens.Durbin and AmyKlobuchar Director William H. Webster fre- Klan’s murdersand bombings. cessfulinvestigations and prosecu- eration Front and the Jewish De- (D., Minn.) arepushing asimilar quentlyreminded us agents: “We Agentsoften invokedlawsprotect- tions of domestic terrorists. The fense League.The oft-discussed bill. must do thejob the American peo- ing citizens from conspiracies to Black Panther Party and Black Lib- lone wolf hasn’t escaped attention. From their public remarks,these ple expect of us,but in the manner deprivethem violently of their con- eration Army, murderersofpolice TimothyMcVeigh murdered 168 in sponsorsare clearly focusing on fol- that the Constitution demands of stitutional rights. In the late1960s, officers, have been investigated, as the1995 Oklahoma City bombing. lowers of Donald Trump.The bill us.” attention shiftedtothe left-wing have the AryanNationsand the He wasarrested, convicted and exe- would ask investigatorstodelve violence of the Weathermenand KKK.Confronting such violent and cuted under laws that criminalized intoasuspect’spolitical beliefs,a Mr. Baker is aretired FBI special similar groups.Federal criminal hateful groups,itmay be tempting hisviolent acts—without regard to return to some unfortunatechap- agent and legal attaché. Covid Prescription: Get the Va ccine, Wait a Month, Return to Normal

By Marty Makary Theguidelines do approveofvac- of circulating antibodies from vacci- people to restoretheir relationships Loneliness has become a public- cinated people meeting with low-risk nation. and rebuild their lives. That would health crisis. In pre-Covid times, it he Centersfor Disease Control unvaccinated ones—but only with In its guidance the CDC says the encouragevaccination by giving hes- wasestimated that 20% of Ameri- T and Prevention haslost alot people from the same household and risks of infection in vaccinated peo- itantpeople avivid incentivetohave can’sstruggled with loneliness, afig- of credibility during the in a small private setting. So much ple “cannot be completely elimi- the shots. urethat has surely multiplied faster Covid-19 pandemic by being late or forrestaurants, birthdayparties and nated.” True, we don’t have conclu- Throughout the pandemic,au- than research has been able to mea- wrong on testing,masks,vaccine al- weddings. sivedatathat guarantees vaccination thoritieshavemissed the mark on sure. We were reminded of this last location and school reopening.Stay- An unpublished study conducted reduces risk to zero. We never will. precautions.Hospitals blocked fam- week in aFAIRHealth study that re- ing consistent with that pattern, this by theIsraeli Health Ministryand We areoperating in the realm of ily membersfrombeing with their vealed self-harm among kids in- week—three months afterthe vac- Pfizer showedthat vaccination re- medical discretion based on the best loved ones as they gasped forair, creased as much as 300% last year in cine rollout began—the CDC finally duced transmission by 89% to 94% gagging on a ventilator tube—what some partsofthe country. Futurere- started telling vaccinated people and almost totally prevented hospi- some patientsdescribe as the worst search will likely find that the harms that they canhavenormal interac- talization and death, according to The CDC claims to be feeling in the world. In addition to of isolation aregreater than is un- tions with other vaccinated people— pressreports. Immunity kicks in the powerofholding ahand, family derstood today. but only in highly limited circum- fully about four weeks afterthe first ‘following the science,’ memberscoordinatecareand serve Some expertsselectively appeal stances.Given the impressive vaccine dose,and then youare es- but its advice suggests as a valuable safety net, a partner- to common sense when it comes to effectivenessofthe vaccine,that sentially bulletproof.With the added ship that wasbadly needed when using discretion. AnthonyFauci said should have been immediately obvi- safety of wearing amask indoorsfor it’s still paralyzed by fear. many hospitals had staffing short- it was“common sense” to wear two ous by applying scientific inference afew moreweeks or months—a ages.Separating family members masks at once. Itoo will invoke and common sense. practical necessity in public places wasexcessiveand cruel, driven by “common sense” to answer the big Partsofthe newguidelines are even if notamedical one,sinceyou available data, as practicing physi- narrow thinking that focused singu- question so many are asking: What absurdly restrictive. Forexample, can’t tell on sight if someone’sim- cians have always done.The CDC larly on reducing viral transmission am Iallowedtodoafter I’vebeen the CDC didn’t withdraw its advice mune—thereislittle avaccinated highlightsthe vaccines’ stunning risk,heedlessofthe harm to the vaccinated? Onceamonth has to avoid air travel aftervaccination. person should be discouraged from success but is ridiculously cautious quality of human life. passed afteryour firstshot, go back Ayear of prevaccine experiencehas doing. about itsimplications.Public-health As people yearn to be with their to normal. demonstrated that airplanes aren’t a On apositivenote, the CDC did officials focus myopically on trans- loved ones and rebuild communities, source of spread. A study conducted saythat fully vaccinated people who mission risk while all but ignoring we shouldn’t repeat that mistake. We Dr. Makary is a professor at the forthe defense department found are asymptomatic don’t need to be the broader health crisis stemming cannot exaggerate the public-health JohnsHopkins School of Medicine that commercial planes have HEPA tested. But that obvious recommen- from isolation. TheCDC acknowl- threat, as we did with hospital visita- and Bloomberg School of Public filtration and airflow that exceed the dation should have come two edges “potential” risks of isolation, tion rules,and keep crushing the hu- Health.Heischief medical advisor to standards of ahospital operating months ago, beforewasting so many but doesn’t go into details. man spirit with overly restrictive Sesame Care and author of “The room. testsonpeople who have high levels It’stime to liberatevaccinated policies forvaccinated Americans. Price We Pay.” Mario Draghi Should Consider a Full Embrace of Politics

By Adam O’Neal suggest millions of Italians believe lion reported 19,725 new cases and stifles growth. Supply-side tax and It appearsthe newprime minister’s “Super Mario” cansavethe country 376deaths on March 9. Only 9.6 regulatory reform could stir animal goal is to stabilizethe country, enact ario Draghi’s economic cre- he loves.Some even wonder if he doses of the vaccine have been ad- spirits, and Mr.Draghi wasn’t shy whatever reforms possible, and re- M dentials made him prime can fix the European Union too. ministered for every 100 residents, about calling forsuch changes while turn to a peaceful life in Città della minister of Italy,but he also TheItalian job should keep him slightly behind the EU’sabysmal av- he was at the ECB. Pieve. Polls suggest acenter-right has to addressthe country’s busy enough. Gross domestic prod- erage. Among countries with at least YetRome hasn’t delivered. The coalition led by MatteoSalvini,a Covid-19 crisis.Nosurprise then uct shrank 8.8%in2020.Atthe end amillion residents, only Belgium, country’sproblem isn’t alack of po- former deputy prime minister,has a that his government recently of 2020 unemployment stood at 9%. the Czech Republic,Slovenia and the litical entrepreneurship or willing- good shot at victoryinnational elec- blocked the export of 250,000 vac- Government debt could reach U.K. have suffered more deaths per ness to tryout creativecoalitions. tions taking placenolater than cines doses to Australia. If only around 160% of GDP this year.The capita. 2023. Nixoncould go to China, perhaps optimism in Italy might seem The vaccine should eventually, if Butthere’sanother option. Mr. only an internationalist likeMr. strange, but Mr.Draghi’srésumé haltingly,mitigatethe pandemic and His options are limited as Draghi canlook beyond the national- Draghi canembracevaccine nation- goes a long way. allowMr. Draghi to focus on reviving unity government’sconstraints. The alism. His heroics during the eurozone Italy’s economy. His immediatecon- a technocrat heading a vaccine-export move, and his first Theformer European Central crisis, when he vowed to do “what- cern is howtospend morethan unity government. Why address as prime minister, suggest Bankpresident, who retired in 2019, ever it takes” to preserve the euro, €200 billion in EU stimulus funds. he knows operating as a pure tech- now presides over a national-unity arewell-known. But his tenureasdi- It’s alot of money forthe Italian not seek a voter mandate? nocrat isn’t enough. Pushing for government. A truncated term and rector general of the Italian Trea- economy, but Mr.Draghi knows that transformativechangeasprime min- ideologically incoherent coalition sury(1991-2001) wasimpressivetoo. Italy’s problems aremorestructural ister is completely different from re- limit what Mr.Draghi cando, but he He playedakey role in major priva- than cyclical. It’sthat no politician has com- assuring marketsatanECB press already is adjusting to the demands tizations and helped prevent the TheItalian economyhad been manded enough respect, or devel- conference. This means focusing on of national, rather than pan-Euro- country from defaulting on its debt disappointing foryearsbeforethe oped the political skills,togenerate persuading the public,rather than pean, leadership. even as a generation of Italian offi- pandemic.The countryregistered broad public support forpainful but political insiders, to support his re- “Today,unity is not an option. cials self-imploded amid corruption 0.3% GDP growth in 2019 while dou- necessary reforms. form agenda. If an aggressively po- Unity is aduty,” Mr.Draghi, 73,said scandals. ble-digit unemployment leftmillions Is Mr.Draghi, anoviceinparty litical prime minister means the in- shortly afterbecoming head of gov- Fornow containing Covid-19 is languishing forthe betterpart of the politics,the man forthe job? Former clusivegovernment collapses,sobe ernment last month. “It’saduty Mr. Draghi’s main challenge, which past decade. The inefficient Italian ECB Vice President VítorConstâncio it. He cancreateanew party and driven by what I am certain unites explains his aggressiveness on vac- judicial system gives investors believes his old boss“does not want run on economic renewal. everyone: the loveofItaly.” Polls cine exports. Thecountryof62mil- pause, and its gigantic bureaucracy to stay in politics forthe long term.” French President Emmanuel Ma- cron wasonceviewedaslittle more than abright technocrat. But ayear after creating his centrist party, La PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: Hollywood République en Marche, he won the Rupert Murdoch Robert Thomson presidency running on an economi- Executive Chairman, News Corp Chief Executive Officer, News Corp Laura J. Nelson reporting for the lege....The registration link for cally liberal, pro-European platform. Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Los Angeles Times March 9: Thursday’svaccination clinic had Unlike Mr. Draghi, Mr. Macron was Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: spread quickly.Awarning in redlet- only in his late30s and benefited Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Pasadena officials on Tuesday ters,telling usersnot to forwardthe from arunoff system that pittedhim Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; canceled aCOVID-19 vaccination links,had failed to keep the links against an unpopular opponent. The News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; clinic forsenior citizens,grocery private. septuagenarian Mr.Draghi would Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer storeemployees and other essential TheCalVax websitedoes not al- tussle with gifted campaigners like Andrew Dowell, Asia; AnthonyGalloway, Video & workersafter hundreds of people lowhealth departmentsorvaccine Mr.Salvini. Whatever hisbureau- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; who were not eligible for the shots clinics to limit registrations to peo- cratic skills,the prime minister isn’t Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; signed up forappointments. ... ple who live or work in certain ZIP a natural politician and could come Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; Manyofthe appointmentswere Codes. That means people who are up short on the essential ingredient Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News booked by people who worked in the not eligible forvaccines,ornot eligi- for reform: retail politics. Thomas SanFilippo, Customer Service; media and in Hollywood. . . . ble at a particular site, can still fill It’s unlikely that Mr. Draghi will GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; ThePasadena Public Health De- outthe registration forms and se- take this path, and no one could Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; partment last week sent an email to cure an appointment. blame him. But his unique stature Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International healthcare workers, senior citizens, Some patients said they thought and sense of serviceshould call him WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: child-careworkers, teachersand they were eligible because the page to consider it—or at least to find a LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head food workerswho had expressed in- included adrop-down menu that worthy successor to support.

EDITORIAL AND CORPORATEHEADQUARTERS: terest in getting the vaccine,telling asked userstoselect their industry, 1211 Avenue of the Americas, New York, N.Y., 10036 them they could book appointments including “Service—entertainment, Mr.O’Neal is aEuropean-based Telephone 1-800-DOWJONES at aclinic at Pasadena City Col- performance.” editorial page writer for the Journal. P2JW070000-0-A01800-1------XA

A18 | Thursday, March 11, 2021 THE WALL STREET JOURNAL. P2JW070000-4-B00100-1------XA BUSITECHNOLNEOGY: SECURITYSSVIDEO LINKED&FTO HACK OF TESLINA WAREHOUANSES B4 CE

S&P 3898.81 À 0.60% S&P FIN À 1.92% S&P IT g 0.40% DJ TRANS À 0.60% WSJ $ IDX g 0.23% LIBOR 3M 0.184 NIKKEI (Midday) 29179.84 À 0.49% See more at WSJ.com/Markets McKinsey Appoints New Leader Credit

Change at consulting chiefoperating officer in his search arm, in an unusually changes Mr.Sneader had Mr.Sternfels finished sec- Suisse current role, will become the public leadership contest at spearheaded. “Working to- ond to Mr.Sneader in the vot- giant follows internal 13th partner to head McKinsey the firm. gether with my partnersand ing three yearsago, and Mr. dismay over handling since its founding in 1926. Mr.Sneader lost support in colleagues,Iamdetermined to Sneader appointed him as a Revamps He succeeds Mr.Sneader, part because some partners use this moment to make our powerful No.2,according to a of several crises thefirst McKinsey leader in chafed at changeshepushed partnership stronger,morein- senior partner.Ashead of decades not to win asecond, that were intended to keep clusiveand betterable to help McKinsey’s client capabilities BY VANESSA FUHRMANS three-year term. McKinsey’s McKinsey free of scandal but our clientsthriveinafast- and in aprevious role,Mr. Managers 650 senior partners effectively also limited some partners’ changing world.” Sternfels has overseen the ex- McKinsey &Co. said Bob votedMr. Sneader out of the autonomy, people familiar AMcKinsey veteranof26 pansion of McKinsey’s capabil- Sternfels will take over as its role last month by not award- with themattersaid. Mr. yearsand aprivatepilot in his ities in digital and advanced BY MARGOT PATRICK global managing partner in ing him enough ballotstopro- Sneader will be the global sparetime,Mr. Sternfels grew analytics from asmall, nascent July after itscurrent leader, ceed to a final voting round. managing partner until July up in Lodi, Calif., and studied businesstoahefty part of Credit Suisse Group AG re- Kevin Sneader,failed to win a Instead, the runoff came andafterwardwill remain a at Stanford University, where McKinsey’s revenues today, moved itsEuropean head of second term amid internal dis- down to adecision between senior partner. he playedonthe varsity water the firm said. asset management and two satisfaction with his handling Mr.Sternfels,aprotégé of for- “I am honored to be chosen polo team, and at the Univer- Though he lives in the San fund managerswho worked on of several crises at the elite mer McKinsey leader Dominic by my peersasthe next global sity of OxfordasaRhodes FranciscoBay Area, Mr.Stern- its Greensill Capital supply- consulting firm. Barton, and Sven Smit, co- managing partner of McKin- scholar.Henow serves on the fels isn’t viewedinside the chain financefunds from their Mr.Sternfels,aSan Fran- chairman of the McKinsey sey,” the 51-year-old Mr.Stern- advisory board of USA Water firm as atech specialist but as positions,the latest fallout cisco-based senior partner Global Institute, the firm’s fels said in a statement, add- Polo and as atrustee of the an operations expert who from the collapse of the finan- who is effectively the firm’s business and economics re- ing that he would build on the Rhodes Trust. PleaseturntopageB2 cial startup. TheSwissbank froze four funds last week that invested Supply of Treasurysvs. Federal Reservepurchases* in securities created by Green- Wave of New sill, which specialized in mak- $3 trillion ing short-term cash-advance- style loans to companies Net Treasury $300 billion before filing forinsolvency issuance Monday. Debt to Test 2 It is nowliquidating the $10 billion funds and returning cash to investors. 1 According to an internal Treasury Market Change in memo from Credit Suisse’s Fedholdings global head of asset manage- 0 ment, Eric Varvel,the three BY SAM GOLDFARB nomic outlook has already men won’t be performing their made investorshesitant to buy 20-yearbond roles “for the time being.” Some on Wall Street see bonds, traders say. In May2020, He didn’t elaborateonthe –1 signs the U.S. government’sex- “It just makes everything so the Treasury reasons forthe personnel traordinaryborrowing spree is much worse,” said Daniel Mul- 2010 ’15 ’20 ’21 Department switch. auctioned its first starting to test investors’ appe- holland, a senior bond trader 20-year bonds Michel Degenhad been in titefor newTreasurydebt. at Crédit Agricole.The sizeof Monthly Treasury debtauctions,byyears to maturity since1986 charge of asset management Over the past few months, Treasurydebt auctions “are in Switzerland and Europe,the falling bond prices have completely out of control,” he $200 billion Middle East and Africa. Luc pushed the yield on the bench- added. Mathys washead of fixedin- mark 10-year U.S. Treasury Investorspay close atten- come in the unit and Lukas notefromabout 1% to more tion to U.S. Treasuryyields be- Haas managedthe supply- than 1.5%,around itshighest cause they help determine chain finance funds. level in morethan ayear. borrowing costsacrossthe The bank declined to make Most investorsthink the climb economy. Investors generally thethree available and they Financial 30-yearbond largely reflectsexpectations welcome higher yields if they crisis couldn’t be reached indepen- foravaccine- and stimulus- come about slowly and are dently for comment. fueled economic resurgence clearly the result of an im- Greensill made supply-chain that could eventually lead the proving economy. They tend to 10-yearnote financeloans to companies, Federal Reservetoraise short- be lessenthusiastic about the which help stretch out pay- term interest rates. type of sharp rise that has oc- ment terms and bettermanage Another factor pushing curred this year,when other cash flows. yields higher,manyanalysts factors also seem at play. Seven-year note It then packaged those sup- and traderssay:the sheer vol- Onepieceofgood news for ply-chain dealsintosecurities, ume of Treasurys nowflood- investors is that the Treasury $100 billion known as notes.The Credit ing the market—a byproduct Department maynot need to Suisse funds were major buy- of the trillions of dollarsthe increase the amount of notes ersofthese notes,serving as a government is spending to and bonds it issues to fund the critical form of off-balance- support the economyduring $1.9trillion coronavirus relief Five-year note sheet financing for Greensill. the coronavirus pandemic. package that President Biden TheWall Street Journal re- Netnew supply of two-to is expected to sign shortly,an- ported last week that the 30-year Treasurys is expected alystssaid, given itscash on Credit Suisse funds had be- to reach $2.8trillion this year, hand and the sizeofcurrent come tooreliant on asmall according to BofA Global Re- auctions. Three-yearnote groupofcredit insurersto search,upfrom$1.7trillion Investors, though, hardly protect against default and last year and around $990 bil- expect anylet up in govern- failed to remedy the situation. lion in 2019.The Fed, mean- ment borrowing.Inrecent Pandemic Threeofthe four Credit while,isexpected to purchase weeks,congressional Demo- lockdowns Suisse funds used credit insur- $960 billion of Treasurys, cratsand the Biden adminis- Two-year note begin ance arranged by Greensill to down from more than $2 tril- tration have signaled interest guardagainst defaultsbycom- lion last year. in another multitrillion-dollar panies receiving the short- 0 Supply may not be the pri- spending package to update term financing. Messrs. Haas maryfactor driving yields thecountry’sinfrastructure. 2007 ’10 ’15 ’20 ’21 and Mathys were involved in a higher. But it has been an ac- Investorsalso areonedge decision not to implement a *Comprises Treasury notes, bonds, Treasury inflation-protected securities and floating-ratenotes. celerant, weighing on the mar- about the possibility that the Note:10-year,20-year and 30-year shows new-issue sizeonly. limit on how much insurance ketprecisely because the eco- PleaseturntopageB2 Source:BofA Global Research PleaseturntopageB10 INSIDE Prices of E-Car Battery Metal Lithium Take Off

BY WILL HORNER compound of the silverymetal electric cars—created aglut of pledgestoinvest in clean-en- lithium, he said. used in the batteries that the metal that depressed ergy projects. Chinese electric-vehicle sales Lithium prices aresurging, powermost of China’selectric- prices. “The whole dynamic is com- morethan tripled in January sparking concerns about lim- carfleet, has jumped 68% since But analystsand industry pletely changed,” said David Ar- from ayear earlier,according ited supplies of the battery the start of the year to $11,250 executives saythe pandemic cher,chief executiveofSavan- to the China Association of Au- metal that is crucial to the elec- ametric ton, according to has proved to be areset point nah Resources,which is tomobile Manufacturers. In Eu-

REUTERS tric-vehicle boom. Benchmark Mineral Intelli- forthe market. Thegradual end seeking to develop Western Eu- rope,sales of alternatively Y/ Chineseprices forlithium, gence. to lockdowns has unleashed a rope’sfirst major lithium mine. poweredcars—which include

KELL considered abellwether be- Therally marks a sharp wave of pent-up demand for While battery-poweredvehicles thosethat use batteries,hy- cause of the market’shigher li- turnaround forlithium.Awave electric cars that has whittled were onceregarded as aniche PleaseturntopageB11

ANDREW quidity and activespot market, of investment in newmines un- down surplus stocks of the product, they are nowseen as have soared sincethe start of til 2018—driven by overexuber- metal, while governmentshave the futureoftransport,provid-  Northvolt buys battery TECHNOLOGY theyear.Lithium carbonate, a ant expectations of demand for emergedfromrecessions with ing solid futuredemand for startup...... B11 Dating app Bumble says revenue jumped GameStop’sintradayshare-priceperformanceonWednesday 31%inthe latest GameStop Goes on Wild New Ride quarter. B3 $350 Early afternoon BY CAITLIN MCCABE $172, erasing roughly half its andfall as an extraordinary 325 trading washalted value in lessthan 30 minutes. event, with some expecting severaltimes as the Shares of GameStop Corp. Trading in the stock was thestock to return to Earth. stock dropped continued their wild ride briefly halted seven times dur- Individual investors, however, 300 by morethan 40% Wednesday, as the meme stock ing the session forvolatility. held on, and enthusiasm rein 26 minutes. beloved by individual inves- Therewerenoobvious cata- mained high on Reddit’sWall- tors surged to nearly $350 in lysts for the moves. StreetBets internet forum, 275 intradaytrading—only to give Thebig swingsinwhereinterest in GameStop up most of the gain. GameStop’ssharepriceare first gained steam. Thevideogame retailer’s reminiscent of lateJanuary, GameStop’sshares received 250 stock pricerose 7. 3%, or when individual tradersbanded ajolt in lateFebruaryand $18.10,to$265 forthe day, a together to drivethe stock to then took off again afterthe modest increase following er- record highs,inflicting punish- company announced Monday 225 ratic swings. ing losses on top-performing that itsboard had formed a Yesterday’s close HEARD ON THE GameStopshares jumped at hedgefunds.GameStopsoared committee dedicated to accel- $265.00 STREET the opening bell and climbed as high as $483 in intraday erating itstransformation into 200 Abetterlabor market as much as 41% to $348.50 trading that month beforefall- a technology business. Board midday—amovethat briefly ing below$40 intradayonly a member Ryan Cohen,the One-minuteintervals stands to alleviate some put them on pacetoclose at a few weeks later. Chewy Inc. co-founder known 175 pricepressures. B12 new all-time-high. Manymarket observers forhis e-commerce savvy, was 9:30 a.m. 10 11 noon 1p.m. 234 The stock then tumbled to viewedthe stock’sswiftrise tapped to lead the committee. Source:FactSet P2JW070000-4-B00200-1------XA

B2 | Thursday, March 11, 2021 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES CORPORATE WATCH

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

A G P AerCap...... A1 GameStop...... B1 Pfizer...... A6 Amazon.com...... A7,B12 General Electric...... A1 R AMC Entertainment...B2 General Mills...... B12 Riedell Shoes...... B5 Apple...... B12 GFG Alliance...... B10 Roblox...... A1 AstraZeneca...... A6 Goldman Sachs...... B10 S B Greensill Capital..B1,B10 Samsung Electronics..A2 Bank of America...... B10 J Savannah Resources..B1 Benchmark...... B11 Johnson & Johnson....A6 Shipping Corp. of India Best Buy...... A7 JPMorgan Chase...... B10 ...... B5 BioNTech...... A6 Juul Labs...... B2 Sonos...... B12 Bumble...... B3 K SVolt Energy Technology BYD...... B12 Kellogg...... A1,B12 ...... B11 C Kweichow Moutai.....B12 T Campbell Soup.....B2,B12 L Taiwan Semiconductor Citigroup...... B10 Lowe's...... A1 Manufacturing...... A2 Cloudflare...... B4 Lumentum...... B2 Tesla...... B4,B12 Coherent...... B2 Lyft...... A4 TripAdvisor...... B3 Contemporary Amperex Technology...... B11 M U Corsair Gaming...... A7 McKinsey...... B1 Uber Technologies...... A4 Credit Suisse...... B1 Merck...... A6 V Cuberg...... B11 Microsoft...... A7 Verkada...... B4 Moderna...... A6 D W N Dentsply Sirona...... B4 Walt Disney...... B3 Dick's Sporting GoodsA7 NHL...... B3 Z DoorDash...... A1,A4 Northvolt...... B11 Zhejiang Geely Holding E - F Novavax...... A6 Group...... B4 MOON/REUTERS O Etsy...... A1 Zoom Video Communications...... A7 Facebook...... A3 Oracle...... B2 JEENAH Domestically, 527 out of AMC’s 589 theaters are open; internationally, just 78 out of its 356 are open.

AMC ENTERTAINMENT delayed releasing films, sold 21% over the past three months, company’s brands grew or held INDEX TO PEOPLE them for online distribution or fell 2% in after-hours trading, fol- share during the quarter. The Winter Covid-19 focused on streaming platforms. lowing news of the results. company’s stock rose 2% on A F R Surge Hurt Results AMConWednesdayreported —Maria Armental Wednesday. Anadu, Margaret...... B10 Frazier, Kenneth...... A6 Rawles, Caspar...... B11 alossof$946.1 million forthe —Annie Gasparro AMCEntertainmentHoldings fourth quarter,bringing its annual CAMPBELL SOUP Archer, David...... B1 G Rima, Filippo...... B10 Inc. said the wintersurge in coro- loss for2020 to $4.59 billion. The COHERENT Aron, Adam...... B2 Gorsky, Alex...... A6 S navirus cases prompted it to close companygenerated $162.5 million Supply Constraints B New Deal With Gottstein, Thomas....B10 Smit, Sven...... B1 manytheaters it had reopened in revenue to close out 2020, off Hold Back Sales Grossman, Jeremiah...B4 Barton, Dominic...... B1 Sneader, Kevin...... B1 during the final months of 2020. 89% year overyear.Shares of Lumentum Is Set Gupta, Sanjeev...... B10 As of the end of December, AMCgained 6% in after-hours Campbell Soup Co. said its Bouchardy, Alexandre Speiser, Augusta...... B4 ...... B10 H AMC said it was operating 394 trading as results were better sales rose 5.4% in its most re- Coherent Inc. agreed to a re- Sternfels, Bob...... B1 domestic theaters with limited than analyst expectations. cent quarter but were hurt in vised $6.6 billion acquisition by Bush, Tim...... B11 Haas, Lukas...... B1 T seating capacities. That number —Micah Maidenberg part by supply constraints fellow laser maker Lumentum C Herd, Whitney Wolfe.B3 Teunissen, Ernst...... B3 was down from at the start of caused by the Covid-19 pan- Holdings Inc., topping a sweet- Carlsson, Peter...... B11 J October, when it reopened 467 ORACLE demic. ened offer from II-VI Inc. that V Caron, Jim...... B2 Jeary, James...... B11 properties. The company said higher Coherent earlier this week said “In response to state and lo- Cloud Growth Fuels rates of Covid-19 cases led to it planned to accept. Clouse, Mark...... B2,B12 M - N Varvel, Eric...... B1 cal government mandates re- more absenteeism at its facto- Under the new deal an- Culp, Larry...... A1 Y Rise in Revenue Mathys, Luc...... B1 lated to a domestic resurgence ries in December. “We crossed nounced Wednesday, Lumentum D Mulholland, Daniel...... B1 Yang, Richard...... B11 of Covid-19, many of AMC’s 467 Oracle Corp.’s revenue rose the double-digit line on absen- would pay $175 in cash and is- Degen, Michel...... B1 Nordlund, Steve...... B11 Yarham, Scott...... B11 reopened U.S. theatres sus- 3% in its most recent quarter, teeism, which was really the sue 1.0109 shares for each Co- pended operations,” the com- boosted by cloud-product sales. highest we had seen and really herent share. The latest offer in- pany said Wednesday. The business-software giant did reduce a little bit of our fire- cluded more cash and less stock. in annual revenue,McKinsey The situation has improved in also expanded its stock-buyback power,” Chief Executive Mark Based on Tuesday’s closing McKinsey countsitself one of the world’s 2021, AMC said. Domestically, plan by $20 billion and increased Clouse said on a conference call. prices, the transaction values Co- largest privatepartnerships. 527 out of its 589 theaters are its dividend. Campbell Soup had expected herent at $261.62 a share. Its partners have historically open; internationally, 78 out of Oracle’s revenue has been to be able to produce enough to Coherent on Monday had said Appoints enjoyedwide latitude over its 356 are open. helped by growth in its cloud get ahead of demand in the II-VI made a superior cash-and- their work and clients. Cinema operators were business, particularly infrastruc- quarter, but products like its stock takeover proposal, worth One change he oversaw re- among the businesses hardest ture demand.. soup broths and sandwich crack- about $251.93 a share based on New Head quires the firm’s top partners hit by the spread of the corona- The company’s third-quarter ers were in short supply. “We Friday’s closing prices, to its Jan- to approve controversial new virus. Executives temporarily earnings surged to $5.02 billion continue to make steady prog- uary agreement with Lumentum, clients, and McKinsey has also closed manydowntheaters last from $2.57 billion a year earlier. ress,” Mr. Clouse said. but that Lumentum had until ContinuedfrompageB1 said it won’t accept work for year and have operated with lim- On a per-share basis, profit was Earnings were $245 million, or Thursday to make a better offer. bringstechnologytosolve defense,intelligence, justiceor ited capacities as governmentof- $1.68, or $1.16 as adjusted. Reve- 80 centsashare, down from Lumentum said Coherent classic businessproblems such policing institutions in non- ficials permit. Some consumers nue rose to $10.09 billion from $1.21 billion, or $3.97 ashare, in shareholders will own roughly as digitizing factories.Hepre- democratic countries.This worry about visiting indoor $9.8 billion a year earlier. the year-earlier quarter,which in- 24% of the combined company viously led McKinsey’s opera- made it potentially harder for spaces forbusinessorrecreation. Oracle’s board raised the cluded alarge boost in earnings upon completion of the deal, tions practiceinthe Americas non-U.S.partnerstotakeon Meanwhile, home streaming quarter dividend by 8 cents, or from discontinued operations. slated for the second half of the and itsprivate-equity and some clients and was seen as has boomed during the pan- about 33%, to 32 cents. Sales were $2.28 billion. Mr. year. principal investorspractice centralizing poweraway from demic, and Hollywood studios Share of Oracle shares, up Clouse said nearly 75% of the —Colin Kellaher globally. partners, according to people Mr.Sternfels faces some of familiar with operations.Some the same challenges his prede- partners, particularly those over the previous three days. surynotesettled at 1.520% on chological as it is mechanical. cessor did: moving McKinsey overseas,also pushed back Wave of Demand wassolid forthe first Wednesday, down from 1.545% Auctions likethe most re- past aseries of crises that against the opioid settlement, of those two auctions but soft on Tuesday. Yields fell in the cent seven-year note sale are have tarnished the consulting asking whythe firm didn’t forthe 30-year sale on Feb. 11. morning afternew data “not something we liketo firm’sreputation and over- fight moreand whyithad to Debt Tests Primarydealers, financial showedthat inflation re- see,” said Jim Caron, head of coming the inner-firm ten- paysomuch money if it institutions that cantrade mained muted in Februaryand global macrostrategies for sions that led to Mr.Sneader’s wasn’t admitting wrongdoing, with the Fedand arerequired were little changed afterin- MorganStanley Investment short-lived leadership tenure. those people said. Treasurys to bid at auctions,wereleft vestorsshowedlukewarm de- Management’sfixed-income One of the biggest tasks for In aMcKinsey blog post with arelatively large shareof mand for the 10-year auction. team. So far, he said, the sup- Mr.Sneader wasresolving Wednesdayfeaturing an inter- the total—an outcome that Some investorsand ana- ply of Treasurys has been McKinsey’s previous work ad- viewwith Mr.Sternfels,the ContinuedfrompageB1 Jefferies analystsnoted at the lysts also say the threat from manageable in his opinion, but vising OxyContin maker Pur- newly selected global manag- Fedcould start scaling back its time did “not bode particu- increased government borrow- “ifwesee another one of due Pharma LP and other drug ing partner dismissed the no- monthly purchases of Trea- larly well forthe market” ing and supersizedebt auc- those then I think we start to manufacturerstoaggressively tion that his election repre- surys oncethe economypicks given the likelihood that deal- tionsmight be as much psy- get more concerned.” market opioid painkillers—resented arejection of the up momentum, putting even ers would try to unload some sulting in a$573million set- changes Mr. Sneader had im- more bonds in circulation. of their new bonds. tlement last month. The firm plemented. Theimpact of supply on Sure enough, Treasurys— had also drawn scrutiny over “I’vespoken to manyofmy Treasuryyields is disputed on and 30-year bonds in particu- itswork with e-cigarette fellowsenior partners, and I Wall Street. Some analystsare lar—fared poorly the following maker Juul Labs Inc.aswell don’t sense that there’sare- adamant that it historically day. Trading volumes were rel- as some autocratic foreign jection of our journey to work hashad almost no influence atively lightfor the sizeofthe governments,including Saudi more responsibly,” Mr. Stern- on yields and that growing move, and analystscharacter- Arabia. fels said. “These reforms are levels of debt could even push ized the rise in yields as more Mr. Sternfels was involved not the work of anyindividual. of abuyersstrikethan asurge by in another controversy,ahigh- They were votedonand in selling—one possibly influ- profile fight over itssmall but agreed to by a body of senior Some see a link enced by the volume of new lucrativebankruptcy business. partners, of which I’m apart.” bonds that investors had just In December,McKinsey agreed McKinsey declined to make between greater absorbed. to walk away from $8 million Messrs. Sternfels or Sneader supply and an Over thefollowing weeks, Introducing an in fees in asettlement with available for interviews. yields continued to climb Ergonomic Heat the U.S. JusticeDepartment Mr.Sneader hailed his suc- uptick in yields. sharply,often with heavier over howthe firm disclosed cessor in a statement. trading.Morelarge auctions and Massage potential conflictsofinterest. “In leading our client capa- arrived in the midst of the In both the opioid and disclo- bilities forthe past three selling,including a$61 billion Chair for Work suresettlements, McKinsey years, Bob has consistently yields loweroverthe long sale of five-year notes on Feb. and Home admitted no wrongdoing. pushed ourfirm to raise our term by dragging on economic 24 and a$62 billion sale of Much of Mr.Sneader’s re- sights, innovateand ensurewe growth. seven-year notes on Feb. 25 sponse to those crises canalways deliver the best Still, many say the current that analystsdescribed as one amounted to exerting more possible advicetoour clients,” situation is unusual and could of the most poorly received of control over the firm’sdecen- he said. “I look forwardto lead to different outcomes. recent decades.Those only tralized culture, fueling dis- working with Bob to help our In the past, the U.S. has added to the selling,with five- sent within itssenior ranks, clientsthrive, support our typically ramped up borrowing and seven-year yields rising people familiar with the mat- people and strengthen our during economic downturns, nearly 0.2percentagepoint ter say. With 30,000 employ- firm and partnership forthe when demand forTreasurys during the week of their auc- ees and more than $10 billion future.” from nervous investors is es- tions—a biggerchangethan pecially strong.That makes it other Treasurys. hardtodiscern anynegative Investorsget only short effect from increased supply. restsbetween auctions.The Now, however, marketsare Treasurysold another $58 bil- bubbling with optimism about lion of three-year notes on %( 1-# *( /!& +$) 0-.'", the prospects for a post-pan- Tuesdayand $38 billion of 10- demic economy. year notes Wednesday, with a Some traders and analysts $24billion auction of 30-year saytherehas been aclear con- bonds still to come on Thurs- nection between supply and day. Ayear ago, auctions of the recent uptick in yields. the same bonds totaled $38 They pointtoFeb.12, when billion, $24billion and $16 bil- the10-year Treasuryyield lion respectively. driftedabovethe topofits Supply concerns aside, Free Shipping&30Day Risk Free Trial previous range of about 1% to some investorsargue that Save $100 Now! And, Use code Ergonomic (2) 1.2% Treasury yields have climbed For Free X-Wheel Casters TheTreasuryDepartment toofar tooquickly based on *$50 per month based on purchase of $89999 for 18-months 0% interest

MCKINSEY had just sold arecord$126 unrealistic expectations for Bob Sternfels, left, won an unusually public leadership contest billion in three-year notes,10- the U.S. economy. Theyield on against Sven Smit, co-chairman of the McKinsey Global Institute. year notes and 30-year bonds the benchmark 10-year Trea- P2JW070000-4-B00300-1------XA

THE WALL STREET JOURNAL. **** Thursday, March 11, 2021 | B3 BUSINESS NEWS Rising Use Hockey Deal Is Worth$2.8Billion Of Dating Under ESPN-NHL ing itsrelationship with the league,one of the people fa- Apps Lifts pact, Stanley Cup miliar with themattersaid. Finals will be shown As aresult of the agreement, the Stanley Cup Finals Bumble on ABC network will be broadcastonABC in four of the next seven years, BY KIMBERLY CHIN BY BENJAMIN MULLIN the companies said. ESPN and AND JOE FLINT ABC will also have live, exclu- Bumble Inc.’ssales climbed sivecoverageofone confer- in the latest quarter,driven by Walt Disney Co.’sESPN and encefinal series and half of all an increase in paying usersfor the National Hockey League first- and second-round games itsdating apps as people said they struck aseven-year from the Stanley Cup Playoffs. spend moretime online be- deal that will bring the Stanley Thedeal also includes cause of the pandemic. Cup Finals to Disney’s ABC rightstoshowTVgames in TheAustin, Texas,company broadcast network and make some international markets said fourth-quarter revenue hundreds of local-TV games likeLatinAmericaand Europe. surged 31% to $165.6 million, available on the ESPN+ At about $400 million on aver- ahead of analysts’ consensus streaming service. ageayear forfull U.S. digital estimates of $163.3 million. ESPN is paying roughly $2.8 rightsand partial U.S. TV Revenue from the Bumble billion for the pay-TV and rights, ESPN is paying apre- app rose 47%to$105.8 million streaming rights over the mium over what NBCUniversal while revenue from Badoo,a course of the deal, according pays forthe full U.S. TV rights, dating-focused social network to people familiar with the a person familiar with the popular in Europe and Latin matter. An ESPN spokeswoman mattersaid. ESPN currently America, grew 11% to $59.8 declined to comment on finan- pays $100 million to the NHL million. cial terms.“We believethat annually fordigital and Totalpaying usersacrossits the deal reflectsthe quality streaming rights, which are dating apps increased to 2.7 and volume of content we ac- also part of the newdeal, the million, up about 33% from the quired,” she said. BURKE/REUTERS person said. OFF

prior year,the companysaid. Thepact, which startsat GE NBCUniversal carries most Averagerevenue perpaying the beginning of the 2021-22 The companies said the deal gives ESPN the rights to stream 1,000 local-TV games on ESPN+. of itsNHL coverage on the user,akey metric,was $20.02 season, puts dozens of na- NBC SportsNetwork and the forthe December quarter,up tional regular-season games ported by The Wall Street person familiar with the mat- license the other half,the per- NBCbroadcast channel, but from $19.99inthe year-earlier exclusively on ESPN’stradi- Journal and othersTuesday. tersaid. son said. the company has said it is period.The companyexpects tional TV networks and the Thecompanies said the deal In addition to the digital Currently,Comcast Corp.’s shutting down NBC Sports revenue of around $716 million ABC broadcast network and gives ESPN the rightsto rights, the deal between ESPN NBCUniversal is the biggest Network at the end of the year to $726 million. In 2020,ithad gives ESPN+ and Hulu the ex- stream 1,000 local-TV games and the NHL covers the TV television partner of the NHL and moving itsNHL games to $542.2 million in revenue. clusiverightstostream 75 na- on ESPN+ forpeople living in rightsfor about half of the in the U.S. It has a10-year pact the USANetwork.The NHL Shares rose roughly 6.7% in tional regular-season games, differentmedia markets. That league’splayoffs and regular- valued at $2 billion that ex- also carries games on itsown after-hourstrading on thecompanies said. offering that waspreviously season games,the person said. pires at the end of this season. channel, the NHL Network. Wednesdayafter closing at Thetalks between the NHL available on NHL.TVstreaming Theleague is in talks with sev- NBCUniversal is also in talks Comcastisapartner in the $62.91 ashare. Bumble went and ESPN were previouslyre- servicewill be shut down, a eral other media companies to with the NHL about maintain- NHL Network. public in February in an offering priced at $43 a share. Thecompanysaid itsout- look takesacautious approach Tripadvisor CracksDownonCosts Amid Rebound in factoring pent-up demand from people who have limited most social interactions dur- BY MARK MAURER bettertechnologyand by fo- could arguethat acompany compared with 4,194atthe ond quarter of last year as the ing the pandemic. cusing its spending on select should have the discipline to endof2019.Reorganization- pandemic stalled travel. “The entire globe has gone Tripadvisor Inc.’sonline initiatives. always do that, but apandemic related costs totaled $41 mil- Tripadvisor mayconsider through an incredibly lonely travel-booking business is re- Tripadvisor cut itscosts really sharpens your focus.” lion last year. hiring moreemployees for period,” founder and Chief Ex- covering,but the company and expenses by 32% to $933 Mr.Teunissen helped lead a Cost cutting in recent certain businesslines depend- ecutiveOfficer Whitney Wolfe doesn’t want to add back some million during its 2020 fiscal pre-pandemic reorganization months didn’t prevent losses. ing on demand in the coming Herdsaid on acall. “Webe- costsitcut during the year ended Dec.31from$1.37 to improveTripadvisor’s prof- Tripadvisor on Feb. 19 re- months, Mr. Teunissen said. lievethat that digital-first ap- Covid-19 pandemic. billion the previous year. The itability. The undertaking be- ported a$73 million net loss In some cases,the company proach lives on in apost-pan- Chief Financial Officer companydeclined to provide a ganinJanuary2020 and in- forthe quarter ended Dec.31, stopped investmentsit demic world,” she said. ErnstTeunissen said he is cost projection for2021, but volved cutting and compared with net income of deemed no longer strategically Bumble wascreated as a lookingtohold the line on itsCFO expectstocontinue consolidating brands, a man- $15million in the prior year important to itsbusiness. Last digital platform wherewomen costssuch as ones related to operating a leaner structure. agement shuffle and layoffs. period, and revenue fell 65% to July,Tripadvisor sold its makethe firstmoveonmen. head count and real estate at “We’regoing to very much By last spring, Tripadvisor $116 million from ayear ear- SmarterTravel Media portfolio Theapp also has an option for the Needham, Mass.,travel resist just adding back what laid off about 25% of itswork- lier.The companydoesn’t dis- of online brands to digital usersseeking people of the company, which has said it can we had beforejust because we force, and as of Dec. 31 it was close bookings, but revenue marketing company Hopjump same sex. do morewith lessbyusing can,” Mr.Teunissen said. “You down to 2,596 employees, fell as much as 86% in the sec- for an undisclosed price.

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B4 | Thursday, March 11, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech VolvoCarsLooksto Beef Up Compliance With Data Regulations

BY JACK HAGEL “Managing dataand operating in acompliant manner VolvoCarsisstrengthening from a data protection per- itsfocus on compliancewith spectivehavealways been im- data-protection regulations as portant to VolvoCars, but with it looks to bolster online sales the transformation of the in- andbuild cars with morecon- dustry and our business, data nected features. protection hasbecome astra- TheSwedish automaker, tegic priority forVolvoCars,” owned by China’s Zhejiang Maria Hemberg, the company’s GeelyHolding Group,has head of legal and corporate

JOURNAL hired a new chief compliance governance, said in an email. and ethics officer with aback- Oneofthe main challenges REET

ST ground in data protection. for the compliance team, Ms.

LL AugustaSpeiser,who was Hembergsaid, will be keeping

WA appointed to oversee the com- up with the transformation of

THE pany’s global compliance and the industryand Volvo’sbusi- R

FO ethics programs,will be ex- nesswhile ensuring that

UX pected to lead ateam that works more closely with divi- YNEA sions throughout the organiza- MOL Thecompany tion to help them navigate

BRIAN complexdataprotection is- expectstoshifthalf The hacking group said it obtained footage from 222 cameras placed inside various Tesla factories and warehouses. sues, the company said. of itssales to electric Ms.Speiser comes to Volvo from dental-equipment maker vehicles by 2025. Video Feed Linked to Tesla Hack DentsplySirona,whereshe held avariety of legal and compliance roles, including a BY MICAH MAIDENBERG thorized access and has both gregating dataacrossdevices information and against intel- stint as itsglobal data-protec- changing regulatoryrequire- internal and external teams in- intoacentralized platform, lectual property, a huge dose tion officer.Ms. Speiser re- ments are adhered to. Hackerssaid they accessed vestigating the matter, a Command provides userswith of anticapitalism, ahint of an- places Cédric Dubar, who will Volvoexecutives said last internal video feeds at several spokesman said. Thecompany acompletepictureofwhat’s archism,” adding,“It’salso remain with the companyina month that the companyison companies,including Tesla said it notified lawenforce- going on acrosssites,” the site just too much fun not to do.” newrole as head of corporate pace to shifthalf of itssales to Inc., and at public agencies by ment and customers. says.Thousands of devices can Kottmann posted a screen- compliancefor anticorruption, fully electric vehicles by 2025. breaching the network of se- Although the hack was un- be connected to the platform, shot on Twitterfromwhat Volvosaid. He will report to The company also has said it curity-cameravendor Verkada sophisticated, with acrucial according to Verkada. were described as an officefor Ms.Speiser,the companysaid. aims to generatehalf of its Inc., the latest cybersecurity password leftopenly exposed, Tesla didn’t respond to re- gymchain Equinoxand of a Volvo, likeothersinthe auto revenue from itsdirect con- incident in whichasupplier it adds to anumber of attacks questsfor comment. Theelec- video from inside aBank of industry, has been shifting its sumer business by that time. unwittingly opened aback on networks launched through tric-vehicle maker told Utah office, according to the focus to online sales,electric In her newrole,Ms. Speiser door into client networks. vendors. These “supply-chain Bloomberg, which previously archived Twitterthread of the cars, autonomous driver tech- reportstoMs. Hembergand to Tillie Kottmann, one of the hacks” have become agrowing reported the incident, that now-suspended account. nology and connected features, the audit committeeofthe hackers, said the group found concern forcybersecurity pro- hacked cameras were placed Those companies couldn’t im- such as those that integrate board overseeing Volvo Cars, a username and password for fessionals in recent years. at a supplier. mediately be reached. with adriver’s mobile device. according to the company. aVerkada administrativeac- Those worries were ampli- Thehack illustrates how Othercompanies involved count on the internet, permit- fied latelast year when sus- buyers of software connected in the hack said they have ting them to obtain the foot- pected Russian hackers to the internet depend on takensteps to contain the age. That included footage breached U.S. government and their supplierstofollowsecu- problem. Cloudflare Inc. said from 222 cameras placed in- corporatenetworks aftercom- rity protocols and safeguard it wasalerted that Verkada se- side various Tesla factories promising code manyofthe or- their own operations. curity cameras that monitor

andwarehouses,Kottmann ganizations used that waspro- “Their security becomes entrances and thoroughfares S said in amessage. In all, the vided by little-known network- your security,” said Jeremiah in some of itsoffices might group could have accessed ma- software companySolarWinds Grossman, chiefexecutiveat have been affected. PRES

terial from 150,000 Verkada Corp.MicrosoftCorp.said this Bit Discovery, which helps “Assoon as we became ZUMA

cameras,according to Kott- month that hackers targeted companies track what they aware of the compromise, we A/ mann, who doesn’t identifyas usersofits Exchangesoftware. ownonline.Companies are disabled the cameras and dis- XINHU male or female and uses they Verkada sells security cam- commonly hacked by leaving connected them from office as a pronoun. eras that customersmanage assetsexposed online,hesaid. networks.Nocustomer dataor KEREN/ Verkada has since disabled over aweb-based platform it Kottmann said they pur- processes have been impacted

all internal administrator ac- calls Command, according to sued the effort because of “cu- by this incident,” the company ZHANG countstoprevent anyunau- thecompany’swebsite. “By ag- riosity,fighting forfreedom of said. The automaker is focusing moreononline sales and electric cars.

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THE WALL STREET JOURNAL. Thursday, March 11, 2021 | B5 BUSINESS NEWS Roller-Skate Makers Hit a Bump India’sTop Shipping Supply-chain woes, plant closures, surge Firm Is Up in demand result in lengthy order delays For Sale

BY BROOKE HENDERSON BY COSTAS PARIS

Riedell Shoes Inc.hasn’t At least five maritime oper- seen demand forits roller ators are in talks with the In- skates this strong sincepeople dian government to buy ama- were lacing them up forturns jority stakeinthe country’s on the dancefloor in the disco biggest shipping company, era of the 1970s. which could be among the But the Red Wing,Minn., first public entities to be sold maker of iceand roller skates is in thecountry’sbiggest ever dealing with asupply chain privatization drive. that is stuckinanother era. Thesale of the state-run

With production still hampered JOURNAL Shipping Corp.ofIndia, by pandemic bottlenecks and which controls up to aquarter REET

priceincreases forraw materi- ST of the country’swaterborne als,Riedell is working overtime LL tonnage, is seen as atest case to catchupwith ordersthat WA forbiggerprivatizations down

have been delayedfor months. THE the road afteryearsofsmall R

Thecompany’sproblems FO divestmentsand growing pres-

moving itscolorful, Moxi- ON sureonIndia’sgovernment to

brand skates arerolling across BINS replenish depleted statecof-

the skating world, prompting RO fers afterCovid-19 lockdowns.

complaints, outrage, anxiety NINA Tuhin KantaPandey,the and even aReddit group called A skate night at Roller Garden in St. Louis Park, Minn. Delays have left some skaters waiting months to try out new skates. secretaryatIndia’sDepart- DudeWheresMyMoxis.Moxi ment of Investment and Public skates arethe brainchild of McDonald never received triple-digit sales growth each ular Lolly model on Sept. 23 to with skatepartsthat had been Asset Management, said the professional roller skater Mi- emails from before, from Is- month sinceMay compared catchup. Thecompanydelayed sitting forfour weeks not far government is talking to po- chelle “Estro Jen” Steilen. rael to NewZealand. In the with the previous year. the release of newproductsto from Riedell’splant. “They had tential buyersfor its63.7% “I came herelooking to find U.S.,popular stores likeSan “Wethought thingswere ease extreme deliverydelays, been on arailcar alongside a stakeinthe shipping company, hope and it is clear thereis Diego-basedFritzy’s Roller thegreatestwhen we were Steilen said. Certain colorshave highway because the rail yards which operates a fleet valued none,” said Daniel Molloy, a Skate Shop said their big bet taking all these orders,” Rie- been reserved only forskates it arefull,” he said. at morethan $1 billion, ac- San Franciscomember of an- on Moxi skates is paying off. dell’s Mr. Riegelman said. produces in partnerships with On Reddit’sDude- cording to London maritime other online roller-skating Whenever the store’sfounder, But Riedell quickly outsold its otherbrands.Manufacturing WheresMyMoxis community, data provider VesselsValue. group. Christina “Fritz” Stang,puts capacity to producethe skates lead times went from two wannabe rollershavecom- But the processcould be de- Mr.Molloyordered “pool newpairsonher website, they in atimely manner,hesaid. By weeks to three or four months pared deliverytimes.One user layedbyopposition groups and blue” skates as agiftfor his sell out in minutes, she said. the time workersreturned to just to getthe materials,said created a master spreadsheet court rulingsthat pushed back now-fiancée, Cheyenne Den- Riedell,likeother busi- the production plant in May, the financechief TomAhern. forordersbythe group’spar- or derailed several attemptsto nen, in June.August passed nesses,was hit hardatthe companyhad overshot itsca- Relianceonpartsfrom ticipantstofigureout when privatizestate entities.The and he hadn’t received aship- start of the pandemic.The overseas and shipping delays the next batch might ship. government tried to privatize ping update. The skates came companyshut down itspro- made fulfilling orderseven It has been atough nine SCIin2017, but the sale was six months later,afew days duction plant in March as Thepandemic harder. Boots and parts made months forboth the consumer canceled afterpushback. before Christmas, he said. lockdown ordersspread, and it in Taiwan and China, and sent and the production team, said Bankersand other people Thefuror makes roller lost over 40% of itsbusiness brought thehighest to the U.S. for final assembly Mr. Riegelman. working on the sale said the skates the latest in astream of selling shoes to roller rinks, number of Riedell nowtake, on average, eight Riedell contracted with a government is talking to at exercise and entertainment said RobertRiegelman,Rie- months afterordering to ar- shoe manufacturer in Arkan- leastfivepotential bidders. products,frombicycles to free dell’s president. orderssincethe ’80s. rive, up from the typical four sastobuild bootsand help People familiar with the pro- weights, that have become Then social media took months,the companysaid, cope with the overload. Mem- cess confirmed three:Piscat- morepopular among consum- over.Instagram and TikTok and some shipmentsfacelon- bersofthe shipping team have away,N.J.-based Safesea Group; ersduring the pandemic, leav- timelines with skaterssuch as gerdelays because of big bot- worked 60-hour weeks forthe Great Eastern Shipping Co., In- ing suppliersscrambling to Berlin-based Oumi Jantastrut- pacity by about 50,000 units, ac- tlenecks at portsand other past seven months, it said. dia’sbiggest privatevessel op- catch up to the demand. ting in the sunshine gotbig cording to Steilen. freight chokepoints. Riedell nowexpectsout- erator; and Belgium’sExmar Skateshops arehearing followings, and ordersfor Thepandemic brought the “The containers are sitting standing orders will be deliv- NV. These people said two oth- from would-be buyersfromall skates started pouring into highest number of ordersfor out in the ocean waiting to ered in the next few weeks. ers areVedantaLtd., an Indian over the world. Riedell andother manufactur- skates that the four-generation, come in,” said DannyJohnson, Moxi hasbeen restocking as mining companyand oil-and- Bad Girlfriend Roller ers. Impala Rollerskates,a family-owned companyhas Riedell supply-chain manager. inventorycomes in and gasproducer,and aconsortium Skates,astore in Morinville, Melbourne,Australia-based seen sincethe 1980s.Riedell In early February, said Mr. started taking some newor- led by Dubai-based Foresight Alberta, Canada, has shipped brand owned by Globe Inter- stopped taking ordersfor U.S.- Johnson, the companyun- dersfor Lolly models last OffshoreDrilling Ltd. and GMS to places owner Lesley national Ltd., said it has seen made products likeMoxi’spop- loaded some containerspacked month, Steilen said. SA,aship recycler in Dubai.

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B6 | Thursday, March 11, 2021 NY THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net 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 Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. s BcoSantChile BSAC 24.94 0.14 s CRH CRH 47.96 0.43 Clorox CLX 189.28 3.64 DominionEner D 73.21 0.27 Fastenal FAST 46.15 0.46 s GFLEnvironmental GFL 33.72 0.27 HealthpeakProp PEAK 30.77 0.54 Market listed securities. Prices are composite dd-Indicates loss in the most recent BancoSantander SAN 3.57 0.02 CRISPR Therap CRSP 124.15 -1.48 Cloudflare NET 70.49 1.06 Domino's DPZ 357.93 3.85 Fastly FSLY 68.99 -0.01 GSXTechedu GSX 81.01 -7.61 Heico HEI 125.86 0.54 quotations that include primary market trades four quarters. BanColombia CIB 34.09 0.60 CSX CSX 93.59 0.85 Coca-Cola KO 51.44 0.58 DoorDash DASH 135.77 -5.71 FateTherap FATE 89.85 1.33 Gallagher AJG 125.25 0.51 Heico A HEI.A 117.14 0.50 as well as trades reported by Nasdaq BX FD-First day of trading. BankofAmerica BAC 37.37 1.05 C3.ai AI 84.56 -0.35 s Coca-Cola Euro CCEP 53.88 0.02 s Dover DOV 133.07 2.15 FederalRealty FRT 107.52 1.37 GameStop GME 265.00 18.10 HenrySchein HSIC 65.91 0.73 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing s BankofMontreal BMO 87.33 1.65 CVS Health CVS 72.70 1.47 Cognex CGNX 78.23 -0.14 s Dow DOW 64.09 1.83 FedEx FDX 260.42 2.50 Gaming&Leisure GLPI 41.98 0.29 Hershey HSY 152.65 2.09 Cboe, NYSE National and Nasdaq ISE. standards BankNY Mellon BK 45.90 0.96 CableOne CABO 1829.22 9.70 CognizantTech CTSH 76.02 1.63 DrReddy'sLab RDY 61.23 0.43 Ferguson FERG120.60 -1.75 s Gap GPS 30.15 1.16 Hess HES 70.89 0.39 The list comprises the 1,000 largest lf-Late filing s BkNovaScotia BNS 62.79 1.07 CadenceDesign CDNS 126.88 -0.42 ColgatePalm CL 75.80 0.86 DraftKings DKNG 69.29 7.09 Ferrari RACE 191.83 -1.20 Garmin GRMN 126.89 1.66 s HewlettPackard HPE 15.15 0.29 companies based on market capitalization. q-Temporary exemption from Nasdaq Barclays BCS 9.74 0.05 CAE CAE 27.81 -0.37 s Comcast A CMCSA 57.21 1.64 Dropbox DBX 24.48 -0.26 FidNatlFin FNF 40.50 0.80 Gartner IT 184.03 0.42 HighwoodsProp HIW 43.22 0.73 BarrickGold GOLD 20.12 0.13 s CaesarsEnt CZR 98.39 4.61 Comerica CMA 70.66 1.13 DukeEnergy DUK 90.79 -0.16 FidNatlInfo FIS 145.52 2.68 Generac GNRC 314.50 5.36 Hilton HLT 124.51 0.39 Underlined quotations are those stocks with requirements. t-NYSE bankruptcy BauschHealth BHC 32.82 -1.11 CamdenProperty CPT 103.82 1.33 CommerceBcshrs CBSH 79.04 1.04 DukeRealty DRE 39.42 0.38 FifthThirdBncp FITB 38.02 1.32 GeneralDynamics GD 172.42 3.68 Hologic HOLX 68.76 -3.12 large changes in volume compared with the FirstHorizon FHN v-Trading halted on primary market. BaxterIntl BAX 77.72 0.45 CampbellSoup CPB 47.88 0.95 CiaSiderurgica SID 5.98 -0.02 Dun&Bradstreet DNB 22.01 -0.36 17.28 0.59 GeneralElec GE 13.25 -0.75 HomeDepot HD 266.24 2.93 issue’s average trading volume. FirstRepBank FRC 170.70 0.93 vj-In bankruptcy or receivership or BectonDicknsn BDX 237.89 -4.96 s CIBC CM 98.66 0.96 ConagraBrands CAG 36.81 0.77 DuPont DD 76.69 1.05 GeneralMills GIS 58.56 1.16 HondaMotor HMC 29.98 -0.04 Boldfaced quotations highlight those issues being reorganized under the BeiGene BGNE 305.10 -8.80 CanNtlRlwy CNI 114.42 1.50 ConocoPhillips COP 59.42 1.52 Dynatrace DT 51.10 0.25 FirstSolar FSLR 75.72 -0.95 GeneralMotors GM 56.83 2.18 Honeywell HON 212.91 5.30 BentleySystems BSY 44.76 1.39 CanNaturalRes CNQ 31.79 1.25 ConEd ED 70.37 0.68 s ENI E 24.55 0.49 FirstEnergy FE 34.55 0.37 Genmab GMAB 32.14 0.30 HorizonTherap HZNP 89.24 0.89 whose price changed by 5% or more if their Bankruptcy Code, or securities s previous closing price was $2 or higher. assumed by such companies. s Berkley WRB 76.00 1.86 CanPacRlwy CP 372.29 2.54 ConstBrands A STZ 227.06 -0.04 EOG Rscs EOG 75.11 1.50 Fiserv FISV 123.86 1.36 Gentex GNTX 36.50 0.85 HormelFoods HRL 48.24 0.65 s BerkHathwy B BRK.B 263.99 4.97 Canon CAJ 21.96 -0.06 ContextLogic WISH 16.63 -0.36 EPAM Systems EPAM 353.24 1.79 FiveBelow FIVE 183.38 0.66 GenuineParts GPC 115.16 1.67 DR Horton DHI 82.09 2.35 s BerkHathwy A BRK.A3988407380.00 CanopyGrowth CGC 31.91 -1.09 ContinentalRscs CLR 30.73 1.02 EastWestBncp EWBC 75.74 0.97 Five9 FIVN 160.74 0.26 GileadSciences GILD 63.91 -0.42 HostHotels HST 16.54 0.09 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and BerryGlobal BERY 60.31 0.96 CapitalOne COF 129.53 3.23 Cooper COO 382.95 0.57 EastmanChem EMN 116.91 2.58 FiverrIntl FVRR 229.69 0.39 GSK GSK 35.60 0.50 s HowmetAerospace HWM 31.45 1.69 changes in the closing prices from 4 p.m. the previous day. BestBuy BBY 108.15 2.33 Capri CPRI 53.86 0.29 Copart CPRT 108.67 2.36 Eaton ETN 139.25 3.00 FleetCorTech FLT 285.37 3.47 GlobalPayments GPN 209.56 4.39 HuanengPower HNP 13.68 -0.03 BeyondMeat BYND 138.61 -0.97 CardinalHealth CAH 56.17 1.86 Corning GLW 38.97 0.55 eBay EBAY 55.34 -0.83 Flex FLEX 17.590.45 Globant GLOB 204.24 -2.53 Huazhu HTHT 54.93 -0.79 Bilibili BILI 103.10 -4.30 Carlisle CSL 157.99 2.70 Ecolab ECL 216.97 2.49 Floor&Decor FND 90.90 1.02 Wednesday, March 10, 2021 Net Net Corteva CTVA 47.00 2.29 s GlobeLife GL 101.14 2.09 s Hubbell HUBB 187.63 3.88 Bill.com BILL 144.76 -3.98 Carlyle CG 36.33 0.44 CoStar CSGP 808.12 -6.85 Ecopetrol EC 13.37 0.40 FomentoEconMex FMX 74.65 1.36 GoDaddy GDDY 73.67 -0.76 HubSpot HUBS 452.92 2.92 Net Stock Sym Close Chg Stock Sym Close Chg s Bio-Techne TECH 363.76 -0.35 s CarMax KMX 133.55 4.88 Costco COST 323.83 5.05 EdisonInt EIX 58.22 0.76 FordMotor F 12.91 0.34 GoldFields GFI 9.32 -0.31 Humana HUM 403.01 0.16 Stock Sym Close Chg s Fortinet FTNT 180.46 4.69 Alleghany Y 644.50 11.19 Aon AON 229.75 -1.75 Bio-RadLab A BIO 559.22 -2.72 Carnival CCL 26.70 -0.88 CoupaSoftware COUP 275.28-15.38 EdwardsLife EW 82.98 0.96 s GoldmanSachs GS 342.02 11.43 JBHunt JBHT 157.00 -3.69 Fortis FTS 41.27 0.31 Allegion ALLE 115.95 1.51 ApolloGlbMgmt APO 45.53 -0.24 Biogen BIIB 262.61 -3.88 Carnival CUK 22.88 -0.66 Credicorp BAP 153.32 0.98 ElancoAnimal ELAN 32.74 0.16 GoodRx GDRX 40.62 -1.74 HuntingtonBcshs HBAN 16.35 0.29 A B C Fortive FTV 69.46 0.26 AlliantEnergy LNT 50.39 0.51 Appian APPN 154.79 5.09 BioMarinPharm BMRN 77.46 -1.28 CarrierGlobal CARR 38.78 1.66 CreditSuisse CS 13.95 -0.03 Elastic ESTC 112.24 -2.20 Graco GGG 67.51 1.27 HyattHotels H 84.85 -0.97 FortBrandsHome FBHS 89.89 2.39 Allstate ALL 113.71 2.12 Apple AAPL 119.98 -1.10 BioNTech BNTX 98.02 1.54 Carvana CVNA 260.45 0.03 Cree CREE 102.79 1.42 ElectronicArts EA 130.12 -0.81 Grainger GWW 395.91 7.46 IAC/InterActive IAC 237.64 0.54 ABB ABB 30.72 0.28 FoxB FOX 38.96 0.72 s AllyFinancial ALLY 45.47 1.18 ApplMaterials AMAT 112.68 -1.54 BlackKnight BKI 76.00 0.80 Catalent CTLT 103.05 -0.25 CrowdStrike CRWD 194.86 -4.24 EmersonElec EMR 91.72 1.72 Grifols GRFS 15.15 -0.01 ICICI Bank IBN 17.25 -0.09 s AECOM ACM 60.81 1.41 FoxA FOXA 41.46 1.14 AlnylamPharm ALNY 134.68 -3.00 Aptargroup ATR 139.38 1.69 BlackRock BLK 728.50 6.50 Caterpillar CAT 221.06 4.26 CrownCastle CCI 151.94 0.90 Enbridge ENB 35.91 0.29 GuardantHealth GH 136.70 0.42 IdexxLab IDXX 488.78 -4.79 AES AES 27.49 -0.04 Franco-Nevada FNV 113.04 1.63 Alphabet C GOOG 2055.03 2.33 Aptiv APTV 148.69 5.19 Blackstone BX 70.76 1.41 Celanese CE 147.56 2.20 CrownHoldings CCK 98.02 0.53 EncompassHealth EHC 78.84 -2.37 Guidewire GWRE101.13 0.27 IHS Markit INFO 93.94 0.68 Aflac AFL 50.81 0.61 s s FranklinRscs BEN 28.62 2.56 Alphabet A GOOGL 2036.19 -4.17 Aramark ARMK 41.37 -0.44 Boeing BA 245.34 14.73 Cemex CX 6.99 -0.02 s Cummins CMI 273.13 6.46 EnelAmericas ENIA 8.31 0.18 HCA Healthcare HCA 185.37 1.04 ING Groep ING 12.49 0.24 AGCO AGCO 134.99 4.07 FreeportMcM FCX 34.46 0.60 AlticeUSA ATUS 34.04 0.44 ArcelorMittal MT 24.85 -0.31 BookingHldgs BKNG 2369.32 2.53 CenovusEnergy CVE 8.31 0.32 CureVac CVAC 85.68 0.88 EnergyTransfer ET 8.58 0.53 HDFC Bank HDB 82.99 -0.27 s Invesco IVZ 25.19 0.71 AGNC Invt AGNC 16.40 0.05 FreseniusMed FMS 36.19 0.90 s Altria MO 48.20 0.52 ArchCapital ACGL 37.10 0.36 BoozAllen BAH 78.42 0.38 Centene CNC 61.59 0.10 CyrusOne CONE 65.48 -0.85 EnphaseEnergy ENPH 152.43 3.73 HP HPQ 30.26 0.16 IPG Photonics IPGP 206.16 -3.38 ANGI Homesvcs ANGI 15.66 -0.37 AlumofChina ACH 12.02 0.24 ArcherDaniels ADM 58.39 0.40 BorgWarner BWA 49.90 0.99 CenterPointEner CNP 21.32 0.42 Entegris ENTG 98.66 -2.87 Futu FUTU 147.30 -5.61 Ansys ANSS 310.09 2.09 HSBC HSBC 31.08 0.17 IQVIA IQV 189.74 0.35 Amazon.com AMZN 3057.64 -5.21 s AresMgmt ARES 53.68 -0.09 BostonBeer SAM 1100.95 -5.88 CentraisElBras EBR 5.66 0.21 D E F Entergy ETR 94.44 3.69 IcahnEnterprises IEP APA APA 21.63 0.03 G H I Halliburton HAL 24.14 0.67 60.73 0.38 Ambev ABEV 2.71 0.07 arGEN-X ARGX 308.87 -6.30 BostonProps BXP 106.51 0.74 CeridianHCM CDAY 85.29 -0.08 EnterpriseProd EPD 23.25 0.23 HartfordFinl HIG 54.71 0.30 Icon ICLR 177.25 -3.83 ASETech ASX 7.17 -0.19 BostonSci BSX 39.34 -0.21 Cerner CERN DISH Network DISH 35.78 1.35 Amcor AMCR 11.93 0.18 AristaNetworks ANET 272.09 -3.94 70.83 0.30 Equifax EFX 172.55 -2.35 GDS Holdings GDS 88.04 -1.04 Hasbro HAS 96.76 0.94 Continued on Page B10 ASML ASML 523.33-16.19 s Amdocs DOX 78.98 0.04 AspenTech AZPN 149.23 -2.00 BridgeBioPharma BBIO 69.72 4.82 ChargePoint CHPT 28.63 0.15 DTE Energy DTE 126.23 1.60 Equinix EQIX 638.70 15.99 AT&T T 29.99 0.35 Amedisys AMED 255.87 0.19 AstraZeneca AZN 49.81 0.54 BrightHorizons BFAM 164.00 1.31 CharlesRiverLabs CRL 276.59 -1.85 Danaher DHR 212.93 -3.41 s Equinor EQNR 20.60 0.72 AbbottLabs ABT 115.88 -0.82 Amerco UHAL 595.46 9.94 Athene ATH 49.80 -0.13 BristolMyers BMY 60.93 0.36 CharterComms CHTR 629.07 14.30 Darden DRI 142.09 2.77 Equitable EQH 31.92 0.76 AbbVie ABBV 108.00 1.21 Ameren AEE 76.19 1.47 Atlassian TEAM 225.69 -7.36 BritishAmTob BTI 37.15 0.42 CheckPoint CHKP 114.43 0.23 s DarlingIngred DAR 74.68 -3.84 EquityLife ELS 60.99 0.21 AbCelleraBio ABCL 32.22 1.58 AmericaMovil AMX 13.31 0.28 AtmosEnergy ATO 90.81 1.47 Broadcom AVGO 437.59 -6.01 Chegg CHGG 84.22 -1.72 Datadog DDOG 80.70 -1.30 EquityResdntl EQR 71.42 0.59 Dividend Changes Abiomed ABMD 296.28 -0.52 AmericaMovil A AMOV 13.08 0.06 Autodesk ADSK 263.64 -0.33 BroadridgeFinl BR 142.38 0.40 CheniereEnergy LNG 74.00 2.65 DaVita DVA 107.11 -0.52 ErieIndemnity A ERIE 231.84 -0.11 Accenture ACN 257.14 2.77 AmerAirlines AAL 21.75 0.15 Autohome ATHM 97.22 3.48 BrookfieldMgt BAM 42.62 0.32 s CheniereEnerPtrs CQP 42.36 1.74 DeckersOutdoor DECK 315.94 -6.69 EssentialUtil WTRG 42.39 0.26 ActivisionBliz ATVI 91.31 -1.19 AEP AEP 81.20 0.60 Autoliv ALV 95.56 0.02 BrookfieldInfr BIP 52.51 0.24 s Chevron CVX 111.37 1.87 Deere DE 361.22 8.53 EssexProp ESS 272.67 -0.26 Dividend announcements from March 10. Adobe ADBE 437.01 -2.17 AmerExpress AXP 146.75 1.65 s ADP ADP 182.07 -0.99 BrookfieldPropREIT BPYU 17.82 0.18 Chewy CHWY 80.59 0.16 s DellTechC DELL 87.68 1.19 EsteeLauder EL 285.25 5.23 AdvanceAuto AAP 176.34 3.29 AmericanFin AFG 116.57 2.45 AutoZone AZO 1256.00 33.51 BrookfieldRenew BEPC 43.60 -0.49 ChinaEastrnAir CEA 22.85 0.55 DeltaAir DAL 47.80 0.18 Etsy ETSY 205.93 -0.86 Amount Payable / AdvMicroDevices AMD 77.52 -1.01 AmHomes4Rent AMH 30.70 0.49 Avalara AVLR 137.55 -3.96 Brown&Brown BRO 46.51 0.44 ChinaLifeIns LFC 10.71 -0.23 s DentsplySirona XRAY 62.06 2.20 EuronetWorldwide EEFT 157.15 -0.37 Company Symbol Yld %New/Old Frq Record Aegon AEG 5.06 0.02 AIG AIG 47.85 1.23 Avalonbay AVB 185.18 3.16 Brown-Forman B BF.B 72.03 1.35 ChinaPetrol SNP 55.67 -0.68 DeutscheBank DB 12.82 0.13 EverestRe RE 250.22 3.07 AffirmHldgs AFRM 80.76 1.10 AmerTowerREIT AMT 204.42 1.72 Avangrid AGR 47.75 -0.30 Brown-Forman A BF.A 66.79 1.22 ChinaSoAirlines ZNH 33.39 0.06 DevonEnergy DVN 23.90 0.07 Evergy EVRG 56.95 0.41 Increased AgilentTechs A 119.99 0.15 AmerWaterWorks AWK136.38 -0.45 Avantor AVTR 27.60 -0.47 Bruker BRKR 60.32 -0.53 Chipotle CMG 1416.67-10.94 DexCom DXCM 356.39 -6.55 EversourceEner ES 81.69 0.03 Dick's Sporting Goods DKS 2.0 .3625 /.3125 Q Mar26 /Mar19 AgnicoEagle AEM 57.90 0.29 AmericoldRealty COLD 34.60 0.10 AveryDennison AVY 180.25 -2.02 s BuildersFirstSrc BLDR 47.08 2.26 Chubb CB 173.48 3.83 Diageo DEO 167.36 2.62 ExactSciences EXAS 127.15 3.19 AirProducts APD 271.62 4.11 Ameriprise AMP 225.65 2.15 AxonEnterprise AXON 141.10 -3.30 Bunge BG 80.52 1.46 ChunghwaTel CHT 39.31 0.04 DiamondbkEner FANG 80.94 -0.09 Exelon EXC 41.86 0.33 Reduced Airbnb ABNB 183.79 0.68 s AmerisourceBrgn ABC 111.83 1.70 s BCE BCE 46.11 0.51 BurlingtonStrs BURL 293.38-10.73 Church&Dwight CHD 81.15 0.74 DigitalRealty DLR 135.35 0.27 s Expedia EXPE 167.58 1.81 National CineMedia NCMI 3.8 .05 /.07 Q Apr05 /Mar22 AkamaiTech AKAM 96.36 -0.71 Ametek AME 123.72 3.09 BHP Group BHP 72.97 -2.66 CBRE Group CBRE 76.81 1.86 s ChurchillDowns CHDN 247.71 10.40 DiscoverFinSvcs DFS 99.61 2.08 ExpeditorsIntl EXPD 97.46 ... AlaskaAir ALK 66.39 -0.50 Amgen AMGN 229.96 0.97 BHP Group BBL 59.77 -1.96 CDW CDW 156.44 1.97 Cigna CI 238.22 1.61 DiscoveryB DISCB 67.21 -2.78 ExtraSpaceSt EXR 129.07 1.34 Foreign Albemarle ALB 152.30 6.53 Amphenol APH 62.09 -0.11 BP BP 26.65 0.54 CF Industries CF 49.33 1.20 CincinnatiFin CINF 106.25 0.79 DiscoveryA DISCA 65.82 2.81 s ExxonMobil XOM 61.77 1.84 Albertsons ACI 17.89 0.72 AnalogDevices ADI 147.11 -2.32 BakerHughes BKR 24.38 0.43 CGI GIB 78.47 -0.84 Cintas CTAS 353.04 7.20 s DiscoveryC DISCK 56.01 3.04 F5Networks FFIV 191.70 -1.24 Pyxis Tankers Pfd. A PXSAP 7.9 .1615 M Mar22 /Mar15 Alcon ALC 69.03 0.31 Anaplan PLAN 56.84 -0.50 Ball BLL 85.22 -1.04 CH Robinson CHRW 94.52 0.91 CiscoSystems CSCO 48.29 0.40 Disney DIS 195.06 0.55 FMC FMC 106.35 1.53 Tecnoglass TGLS 1.1 .0275 Q Apr30 /Mar31 AlexandriaRlEst ARE 161.68 -1.28 AngloGoldAsh AU 22.53 0.17 BancoBilbaoViz BBVA 5.63 0.01 CME Group CME 206.64 -3.08 s Citigroup C 73.75 2.76 DocuSign DOCU 212.67 -0.55 Facebook FB 264.90 -0.84 AlexionPharm ALXN 153.48 0.87 AB InBev BUD 63.36 1.18 BancoBradesco BBDO 3.92 0.16 CMS Energy CMS 57.09 0.56 CitizensFin CFG 44.62 0.56 DolbyLab DLB 97.89 -1.18 FactSet FDS 312.29 -0.20 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and Alibaba BABA 234.30 -3.84 AnnalyCap NLY 8.64 0.13 s BancodeChile BCH 24.19 0.60 s CNA Fin CNA 45.95 0.86 CitrixSystems CTXS 131.78 -0.64 DollarGeneral DG 187.55 0.85 FairIsaac FICO 458.73 1.56 AlignTech ALGN 511.79 -4.08 Anthem ANTM 333.53 -0.25 BancSanBrasil BSBR 7.02 0.29 CNH Indl CNHI 15.54 -0.01 Clarivate CLVT 22.50 -0.26 DollarTree DLTR 107.83 0.24 Farfetch FTCH 56.47 0.23 ratio; SO: spin-off.

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CNX Resources CNX 15.10 9.4 EnableMidstream ENBL 7.35 6.5 HomeBancShares HOMB 28.02 2.4 MineralsTechs MTX 79.26 2.6 RetailOppor ROIC 17.02 2.9 Transocean RIG 4.81 18.5 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American CRA Intl CRAI 72.00 1.9 EncoreWire WIRE 69.57 2.9 HomeStreet HMST 49.24 4.9 MistrasGroup MG 10.55 1.9 RetailPropofAmer RPAI 12.15 3.7 TriCoBancshares TCBK 50.67 3.2 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest CRH CRH 48.26 0.9 EnerpacTool EPAC 26.68 5.2 HookerFurniture HOFT 38.41 2.9 MitsubishiUFJ MUFG 5.55 1.7 Rexnord RXN 49.85 3.6 Trinseo TSE 73.39 7.4 session. %CHG-Daily percentage change from the previous trading session. CSW Industrials CSWI 138.50 2.3 Enerplus ERF 5.51 6.2 HopeBancorp HOPE 15.45 3.2 Movado MOV 26.22 0.7 RichmondMutBncp RMBI 14.25 1.3 TriplePtVent TPVG 15.23 1.3 Cabot CBT 53.13 2.8 EnerSys ENS 96.49 4.2 HorizonBancorp HBNC 19.92 2.3 MrCooper COOP 35.89 4.5 Roblox RBLX 74.83 54.4 TritonIntl TRTN 61.88 2.0 Wednesday, March 10, 2021 CadenceBancorp CADE 22.94 5.4 EnovaIntl ENVA 39.13 4.0 HoughtonMifflin HMHC 7.05 2.4 MuellerIndustries MLI 43.62 2.6 RotorAcqnA ROT 9.95 -0.6 TrustcoBank TRST 7.80 2.8 CaesarsEnt CZR 98.84 4.9 EnPro NPO 92.59 2.4 Hovnanian HOV 102.86 13.5 MyersIndustries MYE 23.98 2.5 RoyalBkCanada RY 92.13 1.7 TsakosEnergyPfdF TNPpF 23.07 0.5 52-Wk % 52-Wk % 52-Wk % Calix CALX 45.00 0.2 EnstarGroup ESGR 266.75 1.4 HowardBancorp HBMD 17.25 2.1 Napco Security NSSC 35.58 3.6 RoyalDutchA RDS.A 44.48 2.7 TutorPerini TPC 19.44 1.2 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CambridgeBncp CATC 86.19 3.7 EnterpriseFinSvcs EFSC 49.64 4.2 HowmetAerospace HWM 31.78 5.7 NBT Bancorp NBTB 41.84 2.7 RoyalDutchB RDS.B 42.22 2.6 TwelveSeasII TWLVU 10.11 -0.4 CamdenNational CAC 48.58 3.2 Entravision EVC 3.67 3.4 HubGroup HUBG 65.12 0.4 NI NODK 19.23 -3.2 RubiusTherap RUBY 16.62 8.9 TwoHarborsPfdE TWOpE 25.32 ... AresCommRealEst ACRE 14.79 2.2 BenchmarkElec BHE 31.34 1.6 Canaan CAN 32.45 -2.5 EnvlImpactA ENVI 9.99 1.0 Hubbell HUBB 188.11 2.1 NVR NVR 4823.00 1.6 RushEnt A RUSHA 47.50 2.1 TysonFoods TSN 74.52 2.3 AresMgmt ARES 54.59 -0.2 Berkley WRB 76.35 2.5 Highs CIBC CM 99.30 1.0 EnvlImpactWt ENVIW 1.30 -14.8 Hurco HURC 37.10 0.2 NamTaiProperty NTP 13.36 -6.8 RushEnt B RUSHB 44.14 4.3 UFP Inds UFPI 68.92 5.1 ArgoGroup ARGO 52.48 1.3 BerkHathwy B BRK.B 267.50 1.9 CapitalBancorp CBNK 20.96 3.2 Equinor EQNR 20.64 3.6 ICL Group ICL 6.11 2.2 NatlBankHoldings NBHC 42.18 2.7 RymanHospitality RHP 84.67 2.2 UMB Fin UMBF 95.44 2.1 AAR AIR 43.67 3.1 ArmstrongFlooring AFI 6.54 11.7 BerkHathwy A BRK.A 407750 1.9 CapitalCityBank CCBG 28.72 3.2 EthanAllen ETH 27.90 5.1 IDEAYA Bio IDYA 23.45 -3.7 Navient NAVI 13.25 4.9 S&T Bancorp STBA 34.42 3.0 US Cellular USM 37.47 5.4 ABMIndustries ABM 55.48 7.2 ArrowFinancial AROW 35.94 3.4 BerkshireHills BHLB 23.89 2.2 CapitalaFinNts22 CPTAG 24.48 -0.1 EvansBancorp EVBN 35.51 2.9 Invesco IVZ 25.41 2.9 NaviosMaritime NMCI 7.90 6.5 SCE III Pfd SCEpH 26.05 0.9 US Concrete USCR 69.61 4.8 ACNB ACNB 33.16 5.5 AsburyAutomotive ABG 189.17 5.5 BioAtla BCAB 61.96 8.2 CapStarFin CSTR 17.88 5.2 EvercoreA EVR 135.86 2.0 iHeartMedia IHRT 16.37 0.4 NaviosMaritime NMM 21.07 9.6 SITECtrsPfdA SITCpA 25.67 0.3 US Ecology ECOL 43.62 2.4 AECOM ACM 60.99 2.4 AstecIndustries ASTE 74.56 3.7 BioCryst BCRX 13.77 12.8 CarMax KMX 135.12 3.8 ExelaTech XELA 7.82 -9.5 ImperialOil IMO 25.42 2.7 NewMtnFin NMFC 13.03 0.9 SLM SLM 16.47 0.6 US Foods USFD 39.51 1.8 AveoPharma AVEO 15.37 89.1 AtHomeGroup HOME 30.00 0.1 Birks BGI 4.45 0.2 CarpenterTech CRS 46.14 3.3 Expedia EXPE 173.22 1.1 InariMedical NARI 120.54 19.1 NewSeniorInvt SNR 6.48 1.3 SPX FLOW FLOW 69.34 2.0 US Lime&Min USLM 154.89 4.8 AZZ AZZ 54.72 1.3 Atkore ATKR 75.03 4.3 BlkRkTCPCap TCPC 14.15 2.0 CarterBkshrs CARE 14.70 3.3 ExxonMobil XOM 61.92 3.1 Independence IHC 43.69 0.7 NewYorkMtgPfdD NYMTN 24.99 -0.6 Sabre SABR 16.82 -4.1 Unifi UFI 30.76 0.2 Abercrombie&Fitch ANF 33.96 3.2 AtlCapitalBcshs ACBI 25.58 2.9 BluegreenVac BXG 10.36 7.8 Cemtrex CETX 4.20 53.3 FB Financial FBK 48.00 3.2 Independence ACQRU 10.07 0.7 NewYorkMtgPfdE NYMTM 24.58 -0.2 Sabre6.5%Pfd SABRP 208.98 -3.6 UnitedNatFoods UNFI 37.31 18.2 Adecoagro AGRO 9.12 3.3 AtlasPfdI ATCOpI 26.10 0.6 BluegreenVac BVH 18.44 9.4 CentralGardenA CENTA 46.67 2.0 FarmersNatlBanc FMNB 16.94 4.3 IndependentBank INDB 96.23 1.5 NewYorkMtgPfB NYMTP 24.60 0.5 SachemCapital SACH 4.79 0.4 UnitedSecBcshrs UBFO 8.90 3.1 Alcoa AA 32.42 6.8 Atlas ATCO 14.73 6.9 BlueknightEner BKEP 2.875.4 CentralPacFin CPF 25.90 3.0 Fauquier FBSS 21.36 4.3 IndepBankMI IBCP 23.71 3.2 NewsCorp A NWSA 25.66 2.7 SafeBulkersPfdC SBpC 23.00 0.5 USGasolineFd UGA 33.50 2.1 AlerusFinancial ALRS 33.05 2.6 ADP ADP 184.59 -0.5 Boeing BA 246.80 6.4 CenturyAluminum CENX 18.48 5.8 FedAgriMtg C AGM 94.48 2.2 IndependentBank IBTX 77.02 1.6 NewsCorp B NWS 24.77 2.4 SalisburyBancorp SAL 49.54 7.7 Universal UVV 56.78 2.8 AllegianceBcshs ABTX 42.27 1.9 Avient AVNT 48.75 2.9 BogotaFinl BSBK 10.75 5.6 CenturyBancorpA CNBKA 99.01 2.6 FederatedHermes FHI 31.50 4.5 InglesMarkets IMKTA 61.35 1.6 NewtekBusSvcs NEWT 25.92 2.5 SallyBeauty SBH 21.70 2.4 UnivElectro UEIC 64.53 3.0 AllianceData ADS 109.98 1.4 AxosFinancial AX 50.55 1.8 BoiseCascade BCC 60.25 4.5 CenturyComm CCS 63.69 5.7 Ferro FOE 18.20 3.3 InnovAge INNV 26.76 2.9 NexstarMedia NXST 156.16 1.1 SandySpringBncp SASR 42.42 4.2 UnivLogistics ULH 26.65 3.3 AllyFinancial ALLY 45.92 2.7 BCE BCE 46.20 1.1 BoltBiotherap BOLT 38.37 -0.2 ChampionX CHX 24.52 8.0 FirstBanCorp FBP 11.77 4.1 InsightEnt NSIT 94.78 2.9 NicoletBankshares NCBS 86.07 2.5 Sanmina SANM 39.99 -0.2 UrbanOutfitters URBN 40.74 -0.1 AltaEquipment ALTG 11.50 2.0 BGSF BGSF 15.46 0.6 Brady BRC 56.60 2.2 Chase CCF 123.13 1.9 FirstBancorpNC FBNC 47.02 3.0 InsteelInds IIIN 37.96 4.8 NomuraHoldings NMR 6.36 1.0 Sasol SSL 15.35 3.3 VSE VSEC 42.49 2.8 Altabancorp ALTA 38.76 2.6 BK Tech BKTI 5.45 8.4 BrandywineRealty BDN 13.73 2.5 ChemungFinl CHMG 44.73 3.0 FirstBancorp FNLC 30.42 2.4 IntegerHoldings ITGR 94.86 2.8 NortheastBank NBN 30.08 0.9 SaulCenters BFS 42.63 3.7 ValleyNatlBncp VLY 13.84 3.8 Altria MO 48.44 1.1 B.RileyNts2023 RILYI 25.78 -0.3 BriaCellTherapWt BCTXW 1.23 21.6 CheniereEnerPtrs CQP 42.66 4.3 FirstBancshares FBMS 36.75 2.1 InteractiveBrkrs IBKR 80.57 -0.6 NorthernTrust NTRS 103.15 1.0 SchnitzerSteel SCHN 43.50 3.9 VectorAcqnIIA VAQC 10.15 ... AmbacFin AMBC 18.60 1.6 Bally's BALY 69.57 8.7 BrighamMin MNRL 16.50 6.4 ChesapeakeUtil CPK 119.76 1.7 FirstBusey BUSE 25.88 2.0 Interpublic IPG 29.44 2.4 NorthfieldBanc NFBK 15.89 2.1 SchweitzerMaud SWM 50.13 2.9 VectorGroup VGR 15.07 3.9 Amdocs DOX 79.82 0.1 BancCalifornia BANC 21.00 2.1 BrightView BV 17.44 1.2 Chevron CVX 112.01 1.7 FirstBusFinSvcs FBIZ 26.99 6.0 inTEST INTT 10.83 4.0 Nucor NUE 67.86 2.4 ScrippsEW SSP 24.78 1.0 VeecoInstr VECO 23.13 ... AmerantBancorpA AMTB 19.18 3.5 BancFirst BANF 73.63 3.5 Brink's BCO 84.72 0.2 ChimeraInvPfdB CIMpB 24.49 0.7 FirstChoiceBncp FCBP 24.46 2.4 Investar ISTR 21.46 2.1 NuSTAR PfdA NSpA 21.97 0.9 Seaboard SEB 3945.00 -0.2 Ventas VTR 57.81 1.2 AmerantBancorpB AMTBB 14.60 2.5 BancodeChile BCH 24.31 2.5 BrookdaleSrLiving BKD 6.30 2.2 ChurchillDowns CHDN 249.70 4.4 FirstCitizBcshA FCNCA 821.24 2.3 InvestorsBancorp ISBC 14.61 3.1 NuSTAREnergy NS 20.17 2.4 SelectBancorp SLCT 12.30 0.9 VeraBradley VRA 12.19 4.4 AmericanAxle AXL 11.85 1.0 BcoSantChile BSAC 25.31 0.6 BrookfieldPropPfd BPYPP 25.25 0.8 CincinnatiBncp CNNB 12.74 0.8 FstCmntyBcsh FCBC 30.00 3.6 IsosAcqn ISOS.U 10.11 0.4 NuvationBio NUVB 13.48 2.1 SelectMedical SEM 35.58 4.7 VermilionEnergy VET 8.42 15.7 AmNtlBcsh AMNB 36.08 2.6 BankOZK OZK 44.88 -0.2 BrookfieldREITPfdA BPYUP 25.00 0.2 Citigroup C 73.88 3.9 1stConstBncp FCCY 22.47 2.4 J Alexander's JAX 9.27 -0.9 nVentElectric NVT 29.38 0.9 SelectiveIns SIGI 77.01 2.3 VerricaPharm VRCA 17.23 13.8 AmericanNatl ANAT 101.59 1.5 BankofCommerce BOCH 12.59 4.0 BrooklineBcp BRKL 15.93 2.9 Citizens&Northern 24.47 2.4 FirstFinBkshs 49.26 1.9 OFGBancorp 22.55 3.1 CZNC FFIN J&JSnackFoods JJSF 169.58 1.9 OFG SensientTech SXT 81.06 3.4 VickersVantIWt VCKAW 0.70 12.8 AmerVanguard AVD 21.88 5.3 BankofMontreal BMO 87.73 1.9 Brunswick BC 99.47 3.1 CityHolding CHCO 86.25 2.9 FirstMerchants FRME 49.11 3.5 OaktreeSpec OCSL 6.30 -0.1 JPMorganChase JPM 156.16 2.2 SequentialBrands SQBG 25.00 -1.9 VickersVantageI VCKA 9.92 0.2 AmericanWoodmark AMWD 105.59 4.7 BkNovaScotia BNS 62.90 1.7 BrynMawrBank BMTC 49.01 14.2 CivistaBcshrs CIVB 22.97 1.7 FirstMidwestBncp FMBI 22.81 2.9 OceanFirstFin OCFC 24.29 1.4 j2Global JCOM 117.74 1.0 ServisFirstBcshs SFBS 57.19 2.2 VidlerWater VWTR 11.16 -1.3 AmerCarMart CRMT 157.71 3.0 BankofPrinceton BPRN 30.00 4.1 Build-A-Bear BBW 8.80 22.5 ClassAccelA CLAS 9.95 0.9 FirstSavingsFin FSFG 69.00 1.1 OhioValleyBanc OVBC 32.47 6.0 JacobsEngg J 124.98 2.5 SevernBancorp SVBI 12.12 4.8 ViewWt VIEWW 2.10 6.4 AmerisBancorp ABCB 53.71 2.2 BankofSC BKSC 19.97 1.4 BuildersFirstSrc BLDR 47.31 5.0 CleanHarbors CLH 91.94 -0.1 FirstSeacoastBncp FSEA 9.96 0.1 OldDomFreight ODFL 228.84 0.9 JetBlue JBLU 20.67 -1.7 Shift4Paymts FOUR 84.70 2.4 VillageBank&Tr VBFC 40.02 0.1 AmerisourceBrgn ABC 113.57 1.5 BankFinancial BFIN 11.23 0.5 BurgundyTechWt BTAQW 1.51 -2.4 Coca-Cola Euro CCEP 54.55 ... 1stSource SRCE 49.76 1.6 OldNatlBncp ONB 20.43 2.4 JohnsonOutdoors JOUT 146.87 3.8 ShoeCarnival SCVL 55.35 -0.3 VinceHolding VNCE 9.80 1.7 Andersons ANDE 29.90 2.2 BankUnited BKU 48.13 5.5 BusFirstBcshs BFST 24.25 2.3 ColonyCapital CLNY 6.91 ... FirstUnited FUNC 20.48 -0.3 OldRepublic ORI 21.69 2.2 KBR KBR 33.39 3.9 ShoreBancshares SHBI 17.46 4.8 Vipshop VIPS 42.13 1.0 AnteroResources AR 10.48 11.9 BankwellFin BWFG 28.79 4.0 C&F Fin CFFI 53.04 2.0 ColonyCapPfdH CLNYpH 24.95 0.1 FirstWesternFin MYFW 23.00 2.5 Olin OLN 33.60 3.7 KaiserAlum KALU 126.96 5.7 SierraBancorp BSRR 28.36 3.2 WPP WPP 64.09 0.5 AnworthMtg ANH 3.02 2.4 Barnes&NobleEduc BNED 8.30 12.9 CBTX CBTX 31.95 2.1 ColonyCapPfdI CLNYpI 25.05 ... Fiserv FISV 124.35 1.1 OlympicSteel ZEUS 27.43 11.0 KennedyWilson KW 20.65 3.1 SignetJewelers SIG 58.19 1.2 WashTrBcp WASH 54.03 2.2 ApogeeEnt APOG 41.91 4.1 BeaconRoof BECN 53.27 4.1 CIT Group CIT 50.65 2.2 Comcast A CMCSA 57.69 3.0 FlushingFin FFIC 24.39 3.3 OportunFin OPRT 22.40 -0.1 KeurigDrPepper KDP 34.05 1.4 SiliconMotion SIMO 65.60 2.4 WellsFargo WFC 39.70 3.8 ApolloComRlEst ARI 14.32 2.2 BeazerHomes BZH 21.80 6.3 CMLifeSciII CMIIU 14.74 9.8 ComfortSystems FIX 75.63 0.5 FootLocker FL 57.37 1.6 Oppenheimer A OPY 43.13 2.9 Kirby KEX 67.35 2.7 SilverBowRscs SBOW 8.59 3.2 Welltower WELL 74.19 1.7 ArcBest ARCB 74.99 -2.2 BelFuse B BELFB 21.59 5.7 CNA Fin CNA 46.16 1.9 CommVehicle CVGI 10.49 -0.3 FordMotor F 12.98 2.7 Oracle ORCL 73.62 -0.7 KraftHeinz KHC 39.71 1.0 SimplyGoodFoods SMPL 34.59 6.9 WescoIntl WCC 90.58 2.9 Ardagh ARD 27.22 -2.3 BelFuse A BELFA 20.12 2.6 CNO Financial CNO 26.15 2.6 CommBkSys CBU 80.01 1.8 Fortinet FTNT 181.25 2.7 OriginBancorp OBNK 42.69 3.2 LCNB LCNB 19.50 3.0 SimpsonMfg SSD 108.86 3.2 WestBancorp WTBA 26.66 2.7 CommunityBkrs ESXB 8.59 3.8 ForwardAir FWRD 91.78 1.3 OscarHealth OSCR 37.00 5.9 LGI Homes LGIH 140.26 2.9 SinclairBroadcast SBGI 38.21 1.4 WestNewEngBncp WNEB 8.89 2.3 CmntyTrBcp CTBI 47.07 2.9 FosterLB FSTR 19.18 2.2 Owens&Minor OMI 37.87 9.1 LPL Financial LPLA 140.92 2.1 SmithAO AOS 65.35 2.5 WestlakeChemPtrs WLKP 25.00 2.2 CommWestBcshs CWBC 11.94 13.2 Franchise FRG 41.29 3.3 OxfordIndustries OXM 90.03 0.6 LakelandBcp LBAI 18.27 3.5 SolarisOilfield SOI 14.10 5.5 Winnebago WGO 84.37 -0.4 ComputerTask CTG 9.50 7.5 FranklinRscs BEN 28.77 9.8 PCB Bancorp PCB 16.38 3.3 LakelandFin LKFN 77.04 2.6 SonicAutomotive SAH 53.51 5.7 WisdomTreeInvs WETF 6.27 3.0 ComtechTel CMTL 30.40 3.3 FullerHB FUL 60.24 1.0 PDLCommBncp PDLB 12.82 4.2 ADVERTISEMENT Lands'End LE 34.27 6.1 SotherlyHotelsPfB SOHOB 20.02 0.7 WolverineWwide WWW 38.61 4.0 Concentrix CNXC 139.53 1.2 Funko FNKO 14.87 4.4 PGT Innovations PGTI 26.21 4.2 LawsonProducts LAWS 56.78 0.7 SotherlyHotelsPfC SOHOO 20.08 4.7 WorthingtonInds WOR 73.04 3.6 Constellium CSTM 15.62 3.3 GAMCO Investors GBL 21.02 3.6 PWP Forward I FRWAU 10.01 -0.2 Lear LEA 186.28 2.6 SotherlyHtlsPfd SOHON 22.00 14.5 WyndhamHtls WH 68.88 -0.2 Volaris VLRS 16.52 3.8 GFLEnvironmental GFL 34.47 0.8 PacificPremBncp PPBI 45.13 3.2 LevelOneBncp LEVL 24.98 2.1 SoundFinBancorp SFBC 39.56 2.0 Xperi XPER 24.09 -3.4 CoreLabs CLB 41.53 7.8 GFL Env Un GFLU 80.19 0.4 ParkAerospace PKE 15.13 4.1 Yellow 8.84 5.9 The Marketplace LibertyLatAmA LILA 14.50 6.1 SouthPlainsFin SPFI 24.50 3.1 YELL Core-Mark CORE 40.17 0.7 GMS GMS 42.59 4.6 ParkNational PRK 138.18 3.1 LibertyLatAmC LILAK 14.50 5.4 SouthernFirstBcsh SFST 52.11 2.2 Yelp YELP 41.37 2.5 CostamarePfdD CMREpD 26.26 ... GP Strategies GPX 15.86 -0.2 ParkeBancorp PKBK 21.86 3.4 LibertyBraves C BATRK 31.76 0.3 SouthsideBcshs 41.12 2.2 To advertise: 800-366-3975orWSJ.com/classifieds Coty COTY 8.90 2.6 Gannett GCI 6.24 0.2 ParkerHannifin PH 308.32 3.5 SBSI LibertyOilfield LBRT 14.74 7.7 SparkEnergyPfdA 25.95 0.2 Lows CountyBancorp ICBK 26.46 1.2 Gap GPS 30.45 4.0 PatrickIndustries PATK 91.67 3.5 SPKEP LibertyTripAdvA LTRPA 6.36 0.2 Cowen COWN 42.27 7.0 GencorIndustries GENC 15.73 5.6 PeapackGladFinl PGC 30.87 4.3 SpectrumBrands SPB 86.06 3.1 AryaSciencesIV ARYD 10.55 ... LightJumpA LJAQ 9.93 0.4 CrackerBarrel CBRL 170.32 2.7 Genesco GCO 52.29 0.6 PebblebrookHotel PEB 25.01 4.0 Sprott SII 43.89 4.0 AgileGrowth AGGRU 9.96 -0.3 LimestoneBncp LMST 17.00 1.2 PRODUCTS Crane CR 91.69 1.9 GermanAmerBncp GABC 46.50 3.2 PembinaPipeline PBA 29.79 4.0 StandexInt SXI 107.69 2.6 AltimarAcqnA ATAC 9.92 -0.4 Limoneira 19.08 0.2 Crawford B CRD.B 10.67 0.2 GIIIApparel GIII 32.91 1.6 LMNR PenskeAuto PAG 84.01 4.9 StateStreet STT 83.98 1.7 ArcoPlatform ARCE 28.32 0.7 CrescentPoint CPG 4.63 6.8 GladstoneCap GLAD 10.30 ... LithiaMotors LAD 398.06 5.7 Pentair PNR 60.57 1.5 SteelDynamics STLD 49.35 3.0 ArctosNthStar ANAC.U 10.00 -0.8 CrossTimbers CRT 9.67 2.4 GlbPtrII Wt GPACW 2.29 11.6 LiveOakBcshs LOB 59.76 5.0 PeoplesBncpOH PEBO 35.73 3.7 Steelcase SCS 16.22 4.9 AthlonAcqnWt SWETW 0.72 17.0 CrossFirstBkshs CFB 15.67 2.4 GlobeLife GL 101.80 2.1 LouisianaPacific LPX 52.03 1.1 PeoplesBncpNC PEBK 29.69 0.7 SterlingBancorp STL 24.14 3.2 BigCypress BCYP 9.70 0.3 CrownCrafts CRWS 8.40 6.5 GoldenEnt GDEN 26.25 7.4 LutherBurbank LBC 12.38 1.5 PerformanceFood PFGC 57.84 3.9 StevenMadden SHOO 39.53 0.9 ClarimAcqn CLRMU 9.99 -0.6 CullinanOncology CGEM 59.85 4.6 GoldmanSachs GS 342.40 3.5 Luxfer LXFR 21.78 2.8 PermianBasin PBT 4.61 5.0 StifelFinancial SF 65.82 1.2 ClassAccelWt CLAS.WS 0.90 -10.0 Cummins CMI 274.06 2.4 GoodWksAcqn GWAC 12.00 -1.1 MBIA MBI 10.82 5.6 PinnacleFinPtrs PNFP 90.91 1.4 StockYardsBncp SYBT 55.76 0.6 CloopenGroup RAAS 16.10 -10.7 CumulusMedia CMLS 10.91 2.8 GoodWksAcqnWt GWACW 2.86 -3.1 MDC Holdings MDC 60.49 6.1 PiperSandler PIPR 120.42 1.8 StratusProp STRS 29.39 3.7 DigitalTransform DTOCU 9.95 ... CustomersBancorp CUBI 31.96 3.9 GraniteConstr GVA 39.82 3.8 MDU Rscs MDU 31.40 3.4 PlayaHotels PLYA 7.52 2.6 SumitomoMits SMFG 7.37 1.7 DrivenBrands DRVN 23.53 -5.7 DCPMidstrmPfdB DCPpB 23.66 0.7 GreatAjaxNts24 AJXA 25.88 2.0 MPLX MPLX 26.43 3.9 Plexus PLXS 89.881.8 SummitFin SMMF 26.86 3.8 ESM Acqn ESM.U 9.98 ... DCPMidstrmPfdC DCPpC 23.50 -1.1 GreatElmNts22 GECCL 25.58 0.3 MRC Global MRC 9.96 4.6 PontemWt PNTM.WS 1.37 -3.5 SummitHotelPfdE INNpE 24.79 1.5 Epizyme EPZM 8.78 ... DHI Group DHX 3.99 2.8 GreatWesternBncp GWB 32.81 2.1 MSC Industrial MSM 89.58 4.2 Popular BPOP 72.61 2.4 SummitMaterials SUM 30.70 4.6 Espey ESP 14.94 -17.3 DIRTT Envl DRTT 3.18 -1.6 Greenhill GHL 18.76 6.3 MTBC PfdA MTBCP 27.86 -0.1 PrecisionDrilling PDS 27.00 4.6 SunLifeFinancial SLF 51.52 1.0 FoxWayneEntsWt FOXWW 0.52 -10.6 Daktronics DAKT 6.85 5.2 GreenlightCapRe GLRE 8.76 2.5 MVB Financial MVBF 36.23 2.0 PrefApartment APTS 10.60 1.2 SuncorEnergy SU 22.60 3.0 GlbPtrII A GPAC 9.98 0.8 Dana DAN 26.34 2.8 Greif A GEF 57.38 2.3 MagentaTherap MGTA 13.68 4.1 PremierFinBncp PFBI 18.08 2.3 SuperMicroComp SMCI 35.92 4.0 GlblSynergyWt GSAQW 0.77 -3.4 Danaos DAC 45.50 9.0 Group1Auto GPI 171.18 4.7 MagnaIntl MGA 90.42 1.6 Primerica PRI 151.68 3.2 SurgeryPartners SGRY 44.56 3.5 GlobisAcqn GLAQ 9.93 -0.4 DarlingIngred DAR 79.48 -4.9 GuarantyBcshrs GNTY 34.50 1.7 MalibuBoats MBUU 88.00 1.9 PrimorisSvcs PRIM 39.86 2.5 Surmodics SRDX 55.86 1.7 GoHealth GOCO 9.82 -3.4 Dave&Buster's PLAY 45.64 3.2 H&E Equipment HEES 35.82 3.8 Marcus MCS 23.22 3.2 PrincipalFin PFG 61.73 2.5 SykesEnterprises SYKE 45.65 1.9 GoresHldgsVIII GIIXU 10.06 0.5 DellTechC DELL 88.11 1.4 HancockWhitney HWC 43.50 4.4 MarineMax HZO 55.16 0.9 PriorityIncmPfdA PRIFpA 25.49 ... Synaptics SYNA 140.00 -2.3 GoresMetroII GMIIU 10.14 0.5 DentsplySirona XRAY 62.76 3.7 HanmiFinancial HAFC 20.68 3.8 MarinusPharma MRNS 20.04 -1.0 ProAssurance PRA 27.74 2.7 SynchronyFin SYF 41.86 3.6 Immunocore IMCR 35.62 -3.7 DesignerBrands DBI 15.65 -2.0 HanoverIns THG 128.67 2.1 MarlinTechWt FINMW 1.22 -8.4 ProvidentBncp PVBC 14.54 3.1 Synnex SNX 98.29 0.1 IvanhoeCap IVAN.U 10.30 -0.4 DiamondrockPfd DRHpA 27.95 1.2 HarvardBioSci HBIO 5.25 14.7 MarriottVacations VAC 190.97 -1.0 PureCycle PCYO 13.74 5.8 SynovusFin SNV 47.96 3.2 IvanhoeCapA IVAN 9.86 ... DiamndrckHspty DRH 10.51 3.1 Hawkins HWKN 36.52 5.2 MasoniteIntl DOOR 117.25 3.0 PyxisTankersPfdA PXSAP 25.38 11.6 TCG BDC CGBD 13.34 1.2 IvanhoeCapWt IVAN.WS 1.40 -7.9 DigitalTransform DTOCU 10.05 ... HawthornBcsh HWBK 26.06 2.0 MasTec MTZ 96.364.4 PzenaInvtMgmt PZN 11.68 7.3 Tegna TGNA 19.69 2.9 JustEnergy JE 1.03 -34.2 DiscoveryC DISCK 56.64 5.7 HaynesIntl HAYN 33.00 1.9 Materion MTRN 80.70 2.3 QCR Holdings QCRH 46.99 3.2 Talend TLND 65.90 27.5 KL Acqn Wt KLAQW 0.92 -4.1 dMYTechIV DMYQ.U 10.47 0.5 HeartlandFinUSA HTLF 52.17 2.1 MatrixService MTRX 15.90 3.4 QuanexBldg NX 27.81 1.7 Team TISI 13.84 0.5 LeoHldgsII A LHC 9.80 -0.1 Dover DOV 134.67 1.6 HelixEnergy HLX 6.70 7.6 MatthewsIntl MATW 42.38 3.6 RBB Bancorp RBB 22.18 3.0 TeekayLNG un TGP 14.52 2.8 LeoHldgsIII LIII.U 9.96 0.3 AUCTIONS PUBLIC NOTICES Dow DOW 64.46 2.9 Helm&Payne HP 33.70 2.5 MayvilleEngg MEC 16.59 -0.1 REV REVG 16.82 13.7 Teleflex TFX 420.00 2.9 LibertyBroadPfdA LBRDP 26.84 -1.1 Ducommun DCO 59.36 5.4 HemisphereMedia HMTV 14.15 3.0 MediaAlpha MAX 62.25 5.1 RLI RLI 115.07 2.6 Tennant TNC 80.95 2.7 LightJumpA LJAQ 9.79 0.4 elfBeauty ELF 27.81 4.1 HercHoldings HRI 91.84 3.9 MercantileBank MBWM 33.85 3.0 RPTRealty RPT 12.50 3.6 Terex TEX 46.81 1.2 LocustWalkWt LWACW 0.95 -12.7 *+&"$%&+$)%#"&+)( EMCOR EME 112.31 4.2 HeritageCommerce HTBK 10.58 2.9 MercuryGeneral MCY 65.98 1.6 RXR Acqn RXRAU 10.20 -0.5 TerraIncmVI Nts TFSA 25.55 0.6 MarlinTechWt FINMW 0.91 -8.4 +"-!&% "# *,'$!& )($% !' ENI E 24.56 2.0 HeritageFin HFWA 30.07 1.8 Meredith MDP 36.88 0.7 RadianGroup RDN 22.77 2.7 TerritBanc TBNK 28.46 2.6 NebulaCaravel NEBCU 10.08 0.7 @+624B1 *5+O6& IGI")BB =O/:/=(H MeridianBancorp EBSB 18.89 1.9 TexasPacLand 1382.03 6.0 1:>=<%BA?& 8A#:! 3%$'MV;?= Ê)A%Y OK7O6&H56 @/E.H '573=6C8 EagleBancorp EGBN 55.36 3.3 HershaHospitality HT 11.91 6.0 MesaAir MESA 16.78 8.4 RegencyCtrs REG 60.15 1.9 TidewaterWtA TDW.WS.A 2.00 22.9 PioneerMergerA PACX 9.75 0.2 =. L5=6 @/E.H++ Ê)A%Y +N ETF Symbol Price (%) (%) 8!:%-2$+/2)+ -+/%*8-. iShCoreS&P MC IJH 258.08 1.41 12.3 iShRussell1000Gwth IWF 237.34 –0.11 –1.6 SchwabIntEquity SCHF 37.48 0.48 4.1 )@53(< 37 6<9<*C830<) =#I= DE SIA-# iShCoreS&P SC IJR 112.45 2.07 22.4 -*$%+? *5& -%':)-!25 *+ !+-(%-+77 bM ,H,.M =#) @CC_!-IE=? ?D;%#= IE+ DG=I!E)+ ARKInnovationETF ARKK 121.19 –0.46 –2.7 iShRussell1000 IWB 220.47 0.53 4.1 SchwabUS BrdMkt SCHB 95.47 0.64 4.9 IE WE!=!I_ 7A+)A P=#) 83%;=;24 @A"BA6N ;E+)A=#) CommSvsSPDR XLC 73.51 0.42 8.9 iShS&PTotlUSStkMkt ITOT 90.51 0.61 5.0 iShRussell1000Val IWD 150.54 1.31 10.1 SchwabUS Div SCHD 71.87 1.65 12.1 *,(( %'#&%)) "-+! $/.!-/! &"$!,#%).-&0)+%*"0.(00,#')$)#* (/* P=#) CnsmrDiscSelSector XLY 163.77 0.51 1.9 iShCoreUSAggBd AGG 114.45 0.17 –3.2 iShRussell2000Gwth IWO 306.90 1.21 7.0 SchwabUS LC SCHX 94.63 0.57 4.0 8((--6N 'ADF =#)7E=IA!D 2;C)A!DA ,'#12 =#) @CC_!-IE=?4 <<@@ CAD-))+!E%? !? ?-#)+;_)+ InvscS&P500EW RSP 139.59 1.03 9.4 iShGoldTr IAU 16.43 0.43 –9.4 SPDR S&P 500 SPY 389.58 0.62 4.2 'DASIA-# .bM,H,.I=.H`HH IKFKP1DADE=D=!F)NM iShS&P500Value IVE 140.50 1.33 9.7 "154 &%#%# /.+ %#%, !2(' 12-0 3'/)'$* I= ]#!-#=!F) IEY!E=)A)?=)+ CIA=Y ]#D ]!?#)?=D iShCoreDivGrowth DGRO 47.11 1.05 5.1 iShiBoxx$InvGrCpBd LQD 130.13 0.47 –5.8 iShShortTreaBd SHV 110.51 –0.01 –0.0 SPDR S&P Div SDY 117.81 1.74 11.2 I&+L&8&;D[.H(M 1DADE=DM 7E=IA!D S&U .ZdM &!#(" "($%"%#' this area of activity,the opening of VangdFTSEAWxUS VEU 60.69 4.0 5#DE)` (.$L$(bLd.,"M 1D__ \A))` .Ld((L$$bL IPO Scorecard 0.23 $*(HM ^FI!_` c;?=)E)A%YB'=!-DE?;_=!E%K-DF INTERNATIONAL TRADING SESSIONS WITH VangdGrowth VUG 251.07 –0.02 –0.9 & or by request ESM Acquisition 10.00 ...... Vector Acquisition 10.00 ...... VangdSC VB 215.48 1.16 10.7 "="D63216 62K25-=32168391062A .D-3 by e-mail: ; ESM.UT March 10/$10.00 VAQC March 10/$10.00 VangdTotalBd BND 85.15 0.19 –3.4 wsj.com/classifieds VangdTotIntlBd BNDX 57.27 0.07 –2.2 6<2 6<-D-0)8 Phone Number:(+55) 11-3327-4307 /3327-4301. Forest Road Acquisition II Independence Hldgs VangdTotIntlStk VXUS 62.63 0.27 4.1 5"D)2 A<-==91) 3"55 ":D-AA 6<2 A6D226G VLADIMIR GOULARTDECARVALHO 10.02 0.2 ... 10.07 0.7 ... FRXB.UT March 10/$10.00 ACQRU March 9/$10.00 VangdTotalStk VTI 204.32 0.71 5.0 ©2021Dow Jones &Company,Inc. Captain Chief of Tenders and 4+3,8CCC;":D2,,0;+3/;C,>, All Rights Reserved. VangdTotlWrld VT 96.58 0.47 4.3 Contracts Section Sources: Dow Jones Market Data; FactSet VangdValue VTV 130.67 1.34 9.8 P2JW070000-0-B00700-1------XA

THE WALL STREET JOURNAL. Thursday, March 11, 2021 | B7

Hisfirst footballseason, Isaiah told us,‘Wear ajerseywithmy name on it.Iwanteveryoneto know you’re here forme.’ Darnell and Denna, adopted 16-year-old Isaiah

LEARNABOUT ADOPTING ATEEN ADOPTUSKIDS.ORG YOUCAN’T IMAGINETHE REWARD P2JW070000-0-B00800-1------XA

B8 | Thursday, March 11, 2021 THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 32297.02 s464.28, or 1.46% Trailing P/E ratio 32.86 18.31 3898.81 s23.37, or 0.60% Trailing P/E ratio * 43.22 23.86 13068.83 t 4.99, or 0.04% Trailing P/E ratio *† 36.55 26.35 High, low, open and close for each P/E estimate * 20.39 16.69 High, low, open and close for each P/E estimate * 22.15 17.42 High, low, open and close for each P/E estimate *† 27.52 22.15 trading day of the past three months. Dividend yield 1.84 2.73 trading day of the past three months. Dividend yield * 1.51 2.01 trading day of the past three months. Dividend yield *† 0.80 0.98 All-time high 32297.02, 03/10/21 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

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

Session low 26200 3425 11400

Bars measure the point change from session's open 25000 3300 10800 Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. *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*1,154,412,231 26,701,027 Industrial Average 32389.50 31906.96 32297.02 464.28 1.46 32297.02 18591.93 37.1 5.5 8.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 845,366,912 12,027,788 Transportation Avg 13945.50 13748.88 13869.90 83.08 0.60 13869.90 6703.63 70.7 10.9 8.9 Most-active issues in late trading Decl. volume* 284,542,528 13,881,576 Utility Average 839.43 829.12 837.05 6.12 0.74 917.38 610.89 3.0 -3.2 7.6 Volume After Hours Issues traded 3,362 276 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 41256.76 40929.29 41060.42 274.90 0.67 41733.23 22462.76 48.1 4.7 12.5 Advances 2,441 168 AVEO Pharmaceuticals AVEO 13,119.0 18.33 3.05 19.96 20.74 14.11 Barron's 400 956.00 940.61 952.46 11.86 1.26 952.46 455.11 67.0 11.8 8.7 Declines 824 99 AMC Entertainment Hldgs AMC 9,902.0 10.76 0.91 9.24 10.95 9.67 Unchanged 97 9 Discovery Series C DISCK Nasdaq Stock Market 5,033.5 55.99 -0.02 -0.04 56.13 55.88 New highs 392 17 Nasdaq Composite 13277.11 13035.44 13068.83 -4.99 -0.04 14095.47 6860.67 64.3 1.4 20.0 SPDR S&P 500 SPY 4,627.3 390.43 0.85 0.22 390.58 389.39 New lows 14 2 Nasdaq-100 12979.38 12726.85 12752.07 -42.42 -0.33 13807.70 6994.29 59.3 -1.1 21.5 Bausch Health BHC 4,174.4 32.82 ... unch. 32.88 32.75 Closing Arms† 1.25 2.07 ViacomCBS Cl B VIAC 4,042.4 82.94 0.05 0.06 83.83 82.45 S&P Block trades* 6,588 186 Finl Select Sector SPDR XLF 3,255.1 34.59 0.07 0.20 34.65 34.40 500 Index 3917.35 3885.73 3898.81 23.37 0.60 3934.83 2237.40 42.2 3.8 11.8 Nasdaq NYSE Arca iQIYI ADR IQ 3,094.1 27.78 -0.06 -0.20 27.87 27.60 MidCap 400 2592.07 2557.30 2582.99 35.41 1.39 2582.99 1218.55 63.0 12.0 9.8 Total volume*5,960,056,027 289,500,262 SmallCap 600 1372.87 1346.43 1366.99 27.00 2.01 1366.99 595.67 80.5 22.2 12.1 Percentage gainers… Adv. volume*2,985,728,241 213,843,205 Decl. volume*2,894,806,432 74,959,731 Other Indexes AVEO Pharmaceuticals AVEO 13,119.0 18.33 3.05 19.96 20.74 14.11 Issues traded 4,193 1,494 Russell 2000 2299.46 2246.96 2285.68 40.62 1.81 2299.00 991.16 80.8 15.7 12.7 Rush Street Interactive RSI 207.5 18.20 1.65 9.97 19.00 16.20 Advances 2,607 1,179 NYSE Composite 15573.27 15375.63 15521.84 146.20 0.95 15539.42 8777.38 38.9 6.9 6.3 AMC Entertainment Hldgs AMC 9,902.0 10.76 0.91 9.24 10.95 9.67 Declines 1,460 304 Blue Apron Cl A APRN 55.0 7.84 0.61 8.44 8.37 7.23 Value Line 645.94 635.64 643.82 8.18 1.29 643.82 305.71 61.4 13.2 4.2 Unchanged 126 11 22nd Century Group XXII 123.6 2.40 0.18 8.11 2.40 2.22 NYSE Arca Biotech 5547.19 5421.47 5425.60 -27.98 -0.51 6319.77 3855.67 21.4 -5.5 3.6 New highs 427 267 NYSE Arca Pharma 691.20 681.53 686.90 5.38 0.79 725.03 494.36 16.7 -0.4 7.7 ...And losers New lows 27 23 KBW Bank 121.59 118.47 121.36 2.96 2.50 121.36 56.19 67.4 23.9 1.5 Kadmon Holdings KDMN 507.2 4.40 -0.52 -10.57 4.92 4.15 Closing Arms† 1.73 1.33 § PHLX Gold/Silver 136.58 134.10 135.65 0.90 0.67 161.14 70.12 54.7 -5.9 19.8 Cloudera CLDR 1,646.0 13.20 -1.53 -10.39 14.95 12.12 Block trades* 34,894 1,281 § PHLX Oil Service 64.08 60.34 63.89 3.38 5.58 63.89 21.47 129.5 44.1 -22.9 New Concept Energy GBR 108.7 5.94 -0.67 -10.14 6.57 5.40 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2976.06 2876.18 2879.32 -52.89 -1.80 3238.92 1286.84 84.3 3.0 26.2 Just Energy Group JE 248.9 2.35 -0.25 -9.62 2.60 2.00 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 23.87 22.38 22.56 -1.47 -6.12 82.69 19.97 -58.1 -0.8 15.5 GTT GTT Communications 524.9 2.24 -0.19 -7.82 2.56 2.17 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.50 World MSCI ACWI 666.28 3.29 3.1 AVEO Pharmaceuticals AVEO 15.28 7.20 89.11 15.37 2.23 337.8 Just Energy Group JE 2.60 -1.35 -34.18 29.70 1.04 -87.8 0.41 MSCI ACWI ex-USA 336.00 1.38 2.9 Koss KOSS 30.28 12.38 69.16 127.45 0.80 2868.6 INVO BioScience INVO 6.44 -2.96 -31.49 13.68 2.80 -12.5 MSCI World 2775.34 13.52 0.49 3.2 Enveric Biosciences ENVB 4.54 1.61 54.95 21.20 2.36 8.1 Sundance Energy SNDE 1.71 -0.64 -27.23 6.60 1.00 -42.4 MSCI Emerging Markets 1324.90 7.05 0.53 2.6 Roblox RBLX 69.50 24.50 54.44 74.83 45.00 ... MingZhu Logistics Hldgs YGMZ 5.40 -1.98 -26.83 58.00 3.66 ... Americas MSCI AC Americas 1515.16 8.69 0.58 3.2 MediciNova MNOV 8.74 3.06 53.87 13.25 2.79 165.7 Second Sight Medical Prod EYES 11.63 -3.85 -24.87 20.00 0.69 229.5 Canada S&P/TSX Comp 18690.00 90.81 0.49 7.2 New Concept Energy GBR 6.61 2.05 44.96 30.99 0.55 768.4 AnPac Bio-Medical ADR ANPC 6.70 -1.91 -22.18 12.09 3.15 -21.2 Latin Amer. MSCI EM Latin America 2235.11 42.75 1.95 –8.8 Gold Royalty GROY 4.79 1.21 33.80 5.00 3.39 ... TD Holdings GLG 1.78 -0.50 -21.93 4.02 1.20 29.0 Brazil Sao Paulo Bovespa 112776.49 1445.87 1.30 –5.2 Talend ADR TLND 65.40 14.10 27.49 65.90 18.30 133.5 SiNtx Technologies SINT 2.27 -0.60 -20.91 3.44 0.28 448.3 Chile Santiago IPSA 3341.39 34.43 1.04 16.9 Express EXPR 4.25 0.87 25.74 13.97 0.57 84.8 Tupperware Brands TUP 25.96 -6.44 -19.88 38.59 1.15 1273.5 Mexico S&P/BMV IPC 47549.67 446.07 0.95 7.9 Affimed AFMD 6.77 1.30 23.77 7.48 1.42 272.0 MultiPlan MPLN 6.25 -1.53 -19.67 12.93 6.07 ... EMEA Stoxx Europe 600 422.11 1.70 0.40 5.8 Alimera Sciences ALIM 9.27 1.75 23.27 10.79 2.86 75.2 Vertex VERX 25.13 -6.14 -19.64 39.71 21.11 ... Eurozone Euro Stoxx 422.60 2.64 0.63 6.3 Build-A-Bear Workshop BBW 8.75 1.61 22.55 8.80 1.01 220.5 Anchiano Therapeutics ADR ANCN 4.10 -0.96 -18.97 10.55 0.51 400.5 Belgium Bel-20 3872.61 4.41 0.11 6.9 Sino-Global Shipping Amer SINO 6.72 1.19 21.52 12.28 1.37 244.6 Espey Mfg Elec ESP 15.25 -3.20 -17.34 23.00 14.94 -23.8 ImmunityBio IBRX Quidel QDEL Denmark OMX Copenhagen 20 1439.45 16.13 1.13 –1.8 38.70 6.21 19.11 45.42 2.52 999.4 130.01 -25.87 -16.60 306.72 73.01 45.0 Inari Medical NARI 118.27 18.93 19.06 120.54 39.55 ... Auris Medical Holding EARS 4.44 -0.76 -14.62 6.60 0.65 402.9 France CAC 40 5990.55 65.58 1.11 7.9 Germany DAX 14540.25 102.31 0.71 6.0 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1576.25 2.36 0.15 5.1 Italy FTSE MIB 23925.96 109.46 0.46 7.6 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 678.03 2.93 0.43 8.6 Russia RTS Index 1479.57 –2.28 –0.15 6.6 Sundial Growers SNDL 288,203 -46.4 1.31 -5.76 3.96 0.14 MediciNova MNOV 27,426 10671 8.74 53.87 13.25 2.79 South Africa FTSE/JSE All-Share 68516.99 –138.97 –0.20 15.3 Enveric Biosciences ENVB 263,691 15148.3 4.54 54.95 21.20 2.36 AVEO Pharmaceuticals AVEO 37,386 8984 15.28 89.11 15.37 2.23 AMC Entertainment Hldgs AMC Talend ADR TLND Spain IBEX 35 8525.20 28.80 0.34 5.6 252,273 71.6 9.85 -6.19 20.36 1.91 8,824 2963 65.40 27.49 65.90 18.30 General Electric GE 218,887 166.7 13.25 -5.36 14.42 5.48 Petra Acquisition PAIC 494 2004 9.96 -0.20 10.80 9.75 Sweden OMX Stockholm 851.84 3.81 0.45 10.9 NIO ADR NIO 189,787 62.3 41.32 -0.07 66.99 2.11 Graybug Vision GRAY 3,011 1981 7.41 2.92 37.88 7.00 Switzerland Swiss Market 10909.77 51.80 0.48 1.9 Turkey BIST 100 1564.94 15.79 1.02 6.0 Naked Brand Group NAKD 149,465 -28.4 0.98 -3.92 3.40 0.07 Espey Mfg Elec ESP 120 1586 15.25 -17.34 23.00 14.94 U.K. FTSE 100 6725.60 –4.74 –0.07 4.1 Cemtrex CETX 142,131 8306.9 2.56 53.29 4.20 0.60 Healthcare Capital Cl A HCCC 108 1581 9.78 0.41 10.10 9.74 U.K. FTSE 250 21406.67 24.20 0.11 4.5 ProSh UltraPro Shrt QQQ SQQQ 131,819 66.3 14.50 0.76 162.15 11.76 Koss KOSS 60,114 1435 30.28 69.16 127.45 0.80 Exela Technologies XELA 123,236 937.4 4.17 -9.54 7.82 0.26 InnovAge Holding INNV 2,437 1249 24.95 2.89 26.76 20.86 Asia-Pacific MSCI AC Asia Pacific 204.84 0.36 0.18 2.5 Genius Brands Intl GNUS 122,665 303.7 2.15 13.16 11.73 0.05 Cactus Cl A WHD 4,773 1243 33.46 3.02 39.07 8.16 Australia S&P/ASX 200 6714.10 –57.06 –0.84 1.9 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3357.74 –1.55 –0.05 –3.3 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 28907.52 134.29 0.47 6.2 Track the Markets 0.50 India S&P BSE Sensex 51279.51 254.03 7.4 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 29036.56 8.62 0.03 5.8 global stock indexes, bond ETFs, Singapore Straits Times 3079.72 –28.80 –0.93 8.3 currencies and commodities at Currencies South Korea Kospi 2958.12 –18.00 –0.60 2.9 wsj.com/graphics/track-the-markets Taiwan TAIEX 15911.67 58.58 0.37 8.0 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1573.05 22.46 1.45 8.5 Get real-time U.S. stock quotesand track most-activestocks, new US$ 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 .00004338 23054 –0.1 CREDIT MARKETS Argentina peso .0110 90.7037 7.9 Europe Brazil real .1763 5.6723 9.2 Czech Rep. koruna .04551 21.971 2.3 Canada dollar .7924 1.2620 –0.9 Denmark krone .1604 6.2344 2.3 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001380 724.40 2.0 Euro area euro 1.1929 .8383 2.4 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000281 3552.75 3.8 Hungary forint .003250 307.71 3.6 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007822 127.84 0.04 A consumer rate against its 30-year mortgage, Rate Mexico peso .0479 20.8880 5.1 Norway krone .1186 8.4287 –1.7 benchmark over the past year 2.50% Uruguay peso .02240 44.6450 5.4 Poland zloty .2608 3.8341 2.7 Bankrate.com avg†: 3.23% 10% Asia-Pacific Russia ruble .01358 73.625 –0.5

s Sweden krona .1179 8.4791 3.1 TBK Bank, SSB 2.85% 2.00 Euro Australian dollar .7734 1.2930 –0.5 30-year ﬁxed-rate 4.00% Dallas, TX 214-365-6900 Tradeweb ICE 5 Switzerland franc 1.0757 .9296 5.1 t China yuan .1537 6.5059 –0.4 mortgage 1.50 Turkey lira .1333 7.5021 0.9 Wednesday Close Hong Kong dollar .1289 7.7596 0.1 t Union Bank 2.99% Ukraine hryvnia .0360 27.7500 –2.1 3.00 0 India rupee .01375 72.709 –0.5 Goldsboro, NC 919-583-8989 One year ago 1.00 s UK pound 1.3933 .7177 –1.9 Yen Indonesia rupiah .0000694 14405 2.5 Astra Bank t Middle East/Africa 2.00 3.00% 0.50 –5 Japan yen .009226 108.39 4.9 10-year Treasury Scandia, KA s 785-335-2243 WSJ Dollar Index Kazakhstan tenge .002380 420.14 –0.3 Bahrain dinar 2.6515 .3771 0.03 t note yield 1.00 First National Bank 3.00% 0.00 –10 Macau pataca .1250 7.9980 0.1 Egypt pound .0636 15.7296 –0.1 Malaysia ringgit .2423 4.1275 2.6 Israel shekel .3009 3.3230 3.4 Waverly, IA 319-266-2000 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7196 1.3897 –0.2 Kuwait dinar 3.3034 .3027 –0.5 0.00 month(s) years A M J J A S O N D J FM Guardian Savings Bank 3.00% Pakistan rupee .00637 157.050 –2.1 Oman sul rial 2.5976 .3850 –0.01 maturity 2020 2021 Covington, KY 859-341-0700 Philippines peso .0206 48.512 1.0 Qatar rial .2746 3.641 ... Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7445 1.3431 1.6 Saudi Arabia riyal .2666 3.7510 –0.02 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008796 1136.91 4.7 South Africa rand .0663 15.0788 2.6 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050901 196.46 6.1 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.25 -1.25 Taiwan dollar .03538 28.265 0.6 Yield (%) 52-Week Total Return (%) Thailand baht .03258 30.690 2.2 WSJ Dollar Index 86.54 –0.20–0.23 1.82 Prime rate* 3.25 3.25 3.25 l 4.25 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.18 0.19 0.18 l 1.45 -1.90 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2372.850 0.910 0.880 1.080 0.400 –2.939 4.747 Money market, annual yield 0.10 0.08 0.08 l 0.45 -0.20 Five-year CD, annual yield 0.45 0.45 0.45 l 1.17 -1.17 U.S. Treasury Long, Barclays 4197.600 2.170 2.180 2.250 1.090 –13.729 8.131 Commodities 30-year mortgage, fixed† 3.23 3.17 2.83 l 4.22 -1.23 Aggregate, Barclays 2224.580 1.510 1.450 2.310 1.020 0.010 5.124 Wednesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.49 2.52 2.32 l 3.43 -1.43 Fixed-Rate MBS, Barclays 2215.760 1.660 1.600 2.690 0.930 1.136 4.125 DJ Commodity Jumbo mortgages, $548,250-plus† 3.27 3.16 2.85 l 4.36 -1.48 818.51 -0.58 -0.07 836.48 433.70 54.51 11.88 High Yield 100, ICE BofA 3318.522 3.955 3.745 10.740 3.261 12.345 5.346 Refinitiv/CC CRB Index 0.42 195.13 106.29 14.28 Five-year adj mortgage (ARM)† 3.19 3.19 2.85 l 3.68 -1.19 191.76 0.22 29.74 Muni Master, ICE BofA 592.942 0.958 1.054 3.441 0.725 3.217 4.816 Crude oil, $ per barrel 0.43 66.09 -37.63 32.81 New-car loan, 48-month 4.03 4.03 4.02 l 4.45 0.49 64.44 0.67 95.39 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 889.257 4.985 4.813 7.480 4.295 4.545 3.984 Natural gas, $/MMBtu 2.692 0.030 1.13 3.354 1.482 43.34 6.03 banks.† Excludes closing costs. Gold, $ per troy oz. 1721.50 4.90 0.29 2051.50 1477.30 4.88 -9.06 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW070000-1-B00900-1------XA

THE WALL STREET JOURNAL. * Thursday, March 11, 2021 | B9

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 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. April 142.050 142.550 141.325 141.725 –.350 14,210 Eurodollar (CME)-$1,000,000; pts of 100% April 2.653 2.707 2.615 2.692 .030 147,055 Cattle-Live (CME)-40,000 lbs.; cents per lb. March 99.8175 99.8225 99.8150 99.8175 –.0025 1,028,635 Contract Open May 2.688 2.742 2.652 2.728 .032 221,458 April 119.350 119.575 118.675 118.775 –.875 94,901 June 99.8400 99.8400 99.8350 99.8350 –.0050 1,126,638 Open High hi lo Low Settle Chg interest June 2.748 2.799 2.710 2.785 .033 87,245 June 119.225 119.450 118.300 118.975 –.675 110,162 Dec 99.7600 99.7700 99.7600 99.7600 –.0050 953,172 Copper-High (CMX)-25,000 lbs.; $ per lb. July 2.800 2.854 2.768 2.842 .035 82,213 Hogs-Lean (CME)-40,000 lbs.; cents per lb. March'23 99.4750 99.5000 99.4550 99.4900 .0300 1,042,618 March 4.0275 4.0555 4.0075 4.0420 0.0225 3,510 Sept 2.814 2.866 2.780 2.853 .031 99,077 April 88.350 88.925 87.850 88.775 .425 68,013 May 4.0135 4.0625 3.9815 4.0325 0.0240 148,175 Oct 2.826 2.877 2.793 2.865 .031 126,361 June 96.525 97.475 s 96.525 97.400 .575 73,212 Currency Futures Gold (CMX)-100 troy oz.; $ per troy oz. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Japanese Yen (CME)-¥12,500,000; $ per 100¥ March 1713.60 1720.90 1711.00 1721.50 4.90 1,935 March 998.70 999.00 969.00 984.90 –5.20 140 Agriculture Futures March .9216 .9231 .9181 .9226 .0006 155,547 April 1714.50 1722.50 1705.60 1721.80 4.90 266,619 May 909.90 920.30 877.10 903.70 –5.40 2,017 Corn (CBT)-5,000 bu.; cents per bu. Milk (CME)-200,000 lbs., cents per lb. June .9223 .9239 .9190 .9235 .0006 54,597 May 1714.30 1720.70 1710.00 1723.30 4.80 164 Canadian Dollar (CME)-CAD 100,000; $ per CAD March 564.50 564.50 547.50 547.75 –14.25 2,283 March 16.36 16.40 16.25 16.28 –.12 3,861 June 1717.40 1725.00 1708.40 1724.50 4.80 151,532 March .7914 .7931 .7884 .7921 .0006 128,597 May 545.25 545.75 531.25 534.00 –11.75 732,053 April 17.85 18.01 17.83 17.86 –.03 3,308 Aug 1719.50 1727.00 1711.30 1726.50 4.60 26,663 June .7913 .7931 .7886 .7922 .0006 41,154 Oats (CBT)-5,000 bu.; cents per bu. Cocoa (ICE-US)-10 metric tons; $ per ton. Oct 1717.00 1728.90 1713.60 1728.50 4.60 9,286 British Pound (CME)-£62,500; $ per £ March 2,727 2,727 2,727 2,733 20 185 Palladium (NYM) - 50 troy oz.; $ per troy oz. March 381.75 –7.50 4 March 1.3893 1.3939 1.3845 1.3932 .0035 126,280 May 2,540 2,585 2,539 2,573 20 93,098 March 2289.00 0.20 9 May 390.25 392.00 381.00 384.50 –7.50 3,441 June 1.3898 1.3943 1.3851 1.3937 .0035 53,327 June 2292.50 2301.00 2273.50 2293.20 1.00 9,248 Soybeans (CBT)-5,000 bu.; cents per bu. Coffee (ICE-US)-37,500 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Platinum (NYM)-50 troy oz.; $ per troy oz. March 1441.25 1441.50 1411.25 1411.50 –29.75 451 March 129.15 129.15 128.80 129.35 .45 28 March 1.0779 1.0780 1.0727 1.0759 –.0016 47,098 March 1188.00 1191.00 1188.00 1200.60 26.40 81 May 1442.00 1445.75 1408.25 1409.75 –30.25 352,602 May 131.65 132.40 129.20 130.85 .45 108,281 June 1.0805 1.0811 1.0755 1.0786 –.0016 10,115 April 1172.50 1210.30 1155.20 1201.80 26.40 49,473 Soybean Meal (CBT)-100 tons; $ per ton. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Silver (CMX)-5,000 troy oz.; $ per troy oz. March 416.90 416.90 t 409.70 410.10 –9.10 533 May 15.95 16.13 15.91 15.96 .06 391,566 March .7716 .7746 .7669 .7736 .0019 114,434 March 26.010 26.155 25.680 26.102 –0.046 1,402 May 417.00 418.20 t 406.00 406.80 –9.80 180,083 July 15.48 15.64 15.46 15.53 .09 206,453 June .7720 .7749 .7673 .7739 .0019 34,633 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. May 26.025 26.235 25.610 26.130 –0.053 125,217 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 54.92 55.42 s 54.50 55.36 .21 72 May 29.99 30.10 s 29.99 30.10 .15 2,143 March .04717 .04788 .04696 .04783 .00065 100,611 July 30.08 30.13 s 30.00 30.13 .10 2,783 April 63.84 64.96 63.13 64.44 0.43 245,616 May 53.66 53.77 s 52.60 53.51 –.04 200,007 June .04673 .04744 .04650 .04738 .00066 66,140 Cotton (ICE-US)-50,000 lbs.; cents per lb. May 63.81 64.90 63.10 64.42 0.43 329,020 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Euro (CME)-€125,000; $ per € May 84.32 86.59 82.87 85.22 .90 101,639 June 63.48 64.55 62.80 64.09 0.40 337,161 March 12.76 –.16 16 March 1.1905 1.1931 1.1870 1.1923 .0021 573,188 Dec 81.40 83.07 80.44 82.42 1.02 63,806 June 1.1926 1.1955 1.1894 1.1947 .0021 140,488 July 62.96 64.01 62.32 63.58 0.38 182,549 May 13.16 13.17 13.00 13.02 –.17 8,645 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Dec 59.98 60.75 59.33 60.38 0.25 315,743 Wheat (CBT)-5,000 bu.; cents per bu. March 112.50 112.50 112.50 112.00 .50 2 Dec'22 55.48 55.96 54.98 55.66 0.01 130,102 March 653.25 653.75 643.50 650.75 –5.75 154 Index Futures May 111.50 114.35 111.50 113.70 1.80 10,437 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 656.75 656.75 641.25 652.50 –4.00 178,215 Mini DJ Industrial Average (CBT)-$5 x index Wheat (KC)-5,000 bu.; cents per bu. April 1.9000 1.9292 1.8812 1.9173 .0100 99,145 Interest Rate Futures March 31868 32373 s 31727 32279 468 84,223 May 1.8975 1.9279 1.8802 1.9172 .0113 81,030 March 605.00 614.75 605.00 608.00 –10.00 24 June 31740 32254 s 31613 32166 469 8,555 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. May 626.00 626.00 610.75 616.50 –10.00 105,456 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index April 2.0423 2.0880 2.0202 2.0795 .0293 93,819 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 189-160 13.0 9,237 March 3813.80 3906.40 3859.00 3896.50 23.20 29,531 May 2.0415 2.0830 2.0183 2.0747 .0266 108,356 March 137.100 137.400 135.650 136.200 –.950 3,130 June 188-030 188-100 186-190 187-260 13.0 1,150,607 June …… …3886.80 23.40 44 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index March 159-220 12.0 2,926 March 3878.50 3916.25 3856.25 3896.50 23.25 2,577,850 | June 158-030 158-110 157-100 158-050 12.0 1,205,532 June 3868.50 3906.25 3847.00 3886.75 23.25 200,897 Cash Prices wsj.com/market-data/commodities Wednesday, March 10, 2021 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini S&P Midcap 400 (CME)-$100 x index March 133-200 7.0 57,947 March 2549.60 2593.20 s 2536.20 2581.30 34.40 49,387 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— June 2547.00 2587.50 s 2537.00 2576.50 34.50 40 June 132-130 132-215 132-045 132-170 7.5 3,620,171 Mini Nasdaq 100 (CME)-$20 x index separate from the futures price on an exchange, which reflects what the commodity might be worth in future 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 12812.00 12993.25 12703.00 12749.25 –39.50 242,097 March 124-130 4.5 18,376 months. June 12800.00 12981.50 12695.00 12739.00 –39.00 11,327 Wednesday Wednesday Wednesday June 123-272 123-317 123-232 123-300 5.0 3,435,563 Mini Russell 2000 (CME)-$50 x index 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Aluminum, LME, $ per metric ton *2141.0 Wheat,No.1soft white,Portld,OR-u 7.4250 March 2247.40 2303.70 2234.60 2285.40 39.70 539,786 Energy March 110-132 .5 40,360 June 2243.50 2300.00 2231.40 2282.50 40.20 10,469 Copper,Comex spot 4.0420 Food June 110-113 110-120 110-107 110-117 .5 2,355,226 Mini Russell 1000 (CME)-$50 x index Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.100 Iron Ore, 62% Fe CFR China-s 164.7 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. March 2199.60 2210.50 2188.70 2199.80 12.00 10,190 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.950 Shredded Scrap, US Midwest-s,m 451 Beef,carcass equiv. index March 99.9325 99.9325 99.9300 99.9325 .0025 110,795 U.S. Dollar Index (ICE-US)-$1,000 x index Metals Steel, HRC USA, FOB Midwest Mill-s 1257 choice 1-3,600-900 lbs.-u 191.52 April 99.9350 99.9350 s 99.9300 99.9300 154,962 March 92.04 92.25 91.77 91.83 –.14 30,385 select 1-3,600-900 lbs.-u 181.60 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June 92.01 92.26 91.78 91.83 –.13 10,624 Fibers and Textiles March 92-090 9.5 118,478 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8337 June 91-255 10.0 57,978 Source: FactSet Engelhard industrial 1721.00 Burlap,10-oz,40-inch NY yd-n,w 0.7100 Butter,AA Chicago 1.7100 Handy & Harman base 1716.20 Cotton,1 1/16 std lw-mdMphs-u 0.8247 Cheddar cheese,bbl,Chicago 150.00 Handy & Harman fabricated 1904.98 Cotlook 'A' Index-t *93.65 Cheddar cheese,blk,Chicago 175.00 Bonds | wsj.com/market-data/bonds/benchmarks LBMA Gold Price AM *1702.85 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 117.25 LBMA Gold Price PM *1716.90 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.2257 Krugerrand,wholesale-e 1793.79 Grains and Feeds Coffee,Colombian, NY 1.7707 Tracking Bond Benchmarks Maple Leaf-e 1811.04 Eggs,large white,Chicago-u 1.2350 Barley,top-quality Mnpls-u n.a. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week American Eagle-e 1811.04 Flour,hard winter KC 16.20 Bran,wheat middlings, KC-u 193 highs and lows for different types of bonds Mexican peso-e 2087.59 Hams,17-20 lbs,Mid-US fob-u 0.80 Corn,No. 2 yellow,Cent IL-bp,u 5.2450 Austria crown-e 1693.65 Hogs,Iowa-So. Minnesota-u 84.69 Total Total Corn gluten feed,Midwest-u,w 188.6 Austria phil-e 1811.04 Pork bellies,12-14 lb MidUS-u n.a. return YTD total return YTD total Corn gluten meal,Midwest-u,w 649.5 Yield (%) Yield (%) Silver, troy oz. Pork loins,13-19 lb MidUS-u close return (%) Index Latest Low High close return (%) Index Latest Low High Cottonseed meal-u,w 455 0.9949 Engelhard industrial 26.1500 Steers,Tex.-Okla. Choice-u 113.83 Hominy feed,Cent IL-u,w 175 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Handy & Harman base 26.0350 Meat-bonemeal,50% pro Mnpls-u,w 375 Steers,feeder,Okla. City-u,w 158.19 Handy & Harman fabricated 32.5440 Oats,No.2 milling,Mnpls-u 3.8600 Fats and Oils 2224.58 -2.8 U.S. Aggregate 1.510 1.020 2.310 2215.76 -0.7 Mortgage-Backed 1.660 0.930 2.690 LBMA spot price *£18.5600 Rice, Long Grain Milled, No. 2 AR-u,w 26.88 U.S. Corporate Indexes Bloomberg Barclays 2158.61 -0.9 Ginnie Mae (GNMA) 0.290 2.660 (U.S.$ equivalent) *25.7550 Sorghum,(Milo) No.2 Gulf-u 7.8838 Corn oil,crude wet/dry mill wtd. avg.-u,w 48.5000 1.670 Coins,wholesale $1,000 face-a 20357 SoybeanMeal,Cent IL,rail,ton48%-u,w 417.10 Grease,choice white,Chicago-h 0.4500 3304.98 -4.4 U.S. Corporate 2.230 1.740 4.580 1309.88 -0.6 Fannie mae (FNMA) 1.660 1.110 2.690 Other metals Soybeans,No.1 yllw IL-bp,u 14.0950 Lard,Chicago-u n.a. -2.0 Intermediate LBMA Platinum Price PM *1166.0 Wheat,Spring14%-pro Mnpls-u 7.5125 Soybean oil,crude;Centl IL-u,w 0.5568 3050.32 1.530 1.080 4.400 2008.46 -0.7 Freddie Mac (FHLMC) 1.660 1.080 2.710 Platinum,Engelhard industrial 1181.0 Wheat,No.2 soft red,St.Louis-u 6.8500 Tallow,bleach;Chicago-h 0.4825 4763.49 -8.1 Long term 3.400 2.730 4.930 592.94 -0.5 Muni Master 0.958 0.725 3.441 Palladium,Engelhard industrial 2321.0 Wheat - Hard - KC (USDA) $ per bu-u 6.4650 Tallow,edible,Chicago-u 0.5450 663.22 -5.0 Double-A-rated 1.900 1.300 3.360 418.85 -0.7 7-12 year 0.999 0.712 3.447 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 882.03 -4.0 Triple-B-rated 2.470 2.010 5.350 -0.6 12-22 year 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 3/9 479.31 1.392 1.095 3.690 Source: Dow Jones Market Data High Yield Bonds ICE BofA 467.29 -0.3 22-plus year 1.997 1.682 4.123 497.29 0.4 High Yield Constrained 4.448 3.955 11.400 Global Government J.P. Morgan† Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks 477.49 4.5 Triple-C-rated 7.375 6.939 19.071 597.53 -2.9 Global Government 0.890 0.460 0.940 3318.52 -0.3 High Yield 100 3.955 3.261 10.740 833.84 -3.5 Canada 1.340 0.610 1.420 March 10, 2021 Money Rates 448.57 0.3 Global High Yield Constrained 4.447 4.037 11.310 411.30 -2.2 EMU§ 0.311 0.010 0.794 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 341.37 1.1 Europe High Yield Constrained 2.702 2.564 8.183 771.31 -2.8 France 0.190 -0.160 0.430 guide to general levels but don’t always represent actual transactions. U.S Agency Bloomberg Barclays 539.46 -2.3 Germany -0.210 -0.690 -0.120 1844.61 -1.2 U.S Agency 0.740 0.460 1.250 Inflation Week —52-WEEK— Week —52-WEEK— 292.84 -0.8 Japan 0.380 0.110 0.420 Latest ago High Low Latest ago High Low 10-20 years Feb. index Chg From (%) 1614.26 -0.8 0.600 0.340 1.080 601.46 -2.7 Netherlands -0.100 -0.490 0.080 Low 0.0200 0.0400 1.0000 0.0000 Commercial paper (AA financial) level Jan. '21 Feb. '20 4054.90 -5.1 20-plus years 2.150 1.290 2.240 Bid 0.0700 0.0700 1.0800 0.0100 90 days 0.10 0.11 2.53 0.04 1031.60 -5.8 U.K. 1.020 0.410 1.140 U.S. consumer price index 2836.02 -3.3 Yankee 1.790 1.370 3.500 Offer 0.0800 0.0900 1.1200 0.0500 Libor 889.26 -4.8 Emerging Markets ** 4.985 4.295 7.480 All items 263.014 0.55 1.7 Core 270.696 0.35 1.3 Treasury bill auction One month 0.10588 0.10300 1.01625 0.10300 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds 4 weeks 0.030 0.035 0.925 0.000 Three month 0.18413 0.19375 1.45050 0.17525 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Six month International rates 13 weeks 0.045 0.040 0.390 0.000 0.19363 0.21100 1.23825 0.18950 One year 0.27863 0.28200 1.06013 0.27775 26 weeks 0.060 0.060 0.400 0.045 Week 52-Week Global Government Bonds: Mapping Yields Latest ago High Low Secondary market Euro Libor One month -0.579 -0.579 -0.360 -0.621 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Prime rates Fannie Mae Three month -0.551 -0.551 -0.142 -0.574 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session U.S. 3.25 3.25 4.25 3.25 30-year mortgage yields Six month -0.524 -0.522 -0.052 -0.543 One year -0.490 0.008 -0.511 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Canada 2.45 2.45 3.95 2.45 30 days 2.428 2.349 3.017 1.751 -0.489 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Japan 1.475 1.475 1.475 1.475 60 days 2.475 2.395 3.081 1.804 Secured Overnight Financing Rate 0.125 U.S. 2 0.155 t l 0.165 0.111 0.479 Policy Rates Other short-term rates 0.02 0.04 1.20 0.01 1.125 10 1.520 t l 1.545 1.133 0.743 Euro zone 0.00 0.00 0.00 0.00 Value 52-Week 5.500 Australia 2 0.114 t l 0.124 0.110 0.500 -4.1 -4.2 Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low -4.3 Britain 0.10 0.10 0.75 0.10 Latest ago high low 1.500 10 1.720 t l 1.790 1.233 0.796 20.8 19.4 -1.3 Australia 0.10 0.10 0.50 0.10 DTCC GCF Repo Index Call money 0.000 France 2 -0.613 t l -0.599 -0.624 -0.759 -77.0 -76.4 -130.1 Overnight repurchase Treasury 0.048 39.280 1.194 0.002 2.00 2.00 3.00 2.00 MBS 0.051 20.940 1.309 0.011 0.000 10 -0.058 t l -0.057 -0.211 -0.319 -157.0 -165.2 -112.8 U.S. 0.01 0.04 1.18 -0.07 0.000 Germany 2 -0.677 s l -0.679 -0.705 -0.960 -83.4 -84.3 -150.2 U.S. government rates Notes on data: 0.000 10 -0.313 t l -0.299 -0.435 -0.793 -182.5 -189.5 -160.2 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary 0.050 Italy 2 -0.368 t l -0.367 -0.423 0.386 -52.5 -53.2 -15.6 0.25 0.25 1.75 0.25 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of March 9, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average 0.900 10 0.685 t l 0.694 0.503 1.372 -82.7 -90.2 56.3 Federal funds for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. 0.100 Japan 2 -0.115 s l -0.117 -0.121 -0.231 -27.2 -28.1 -77.3 Effective rate 0.0700 0.0700 1.1200 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; 0.100 10 0.126 t l 0.130 0.080 -0.041 -138.6 -146.6 -85.1 High 0.0800 0.0800 1.1500 0.0800 Tullett Prebon Information, Ltd. 0.000 Spain 2 -0.465 t l -0.450 -0.517 -0.353 -62.2 -61.5 -89.5 Macro & Market Economics 0.100 10 0.358 t l 0.364 0.143 0.330 -115.4 -123.2 -47.9 0.125 U.K. 2 0.070 t l 0.088 -0.026 0.147 -8.7 -7.7 -39.5 Watching the Gauges: U.S. Supply and Demand 4.750 10 0.718 t l 0.729 0.490 0.239 -79.4 -86.7 -57.1 Inventories, imports and demand for the week ended March 5. Current figures are in thousands of barrels or Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import Corporate Debt and demand data are available monthly only. Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Inventories, 000s barrels Imports, 000s barrels per day expectations Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year Investment-grade spreads that tightened the most… Current change week ago avg avg Current change week ago avg avg Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Crude oil and HSBC Holdings HSBC –29 72 petroleum prod 1,283,298 ... 1,282 1,271 1,287 1,269 7,471 ... 8,642 8,711 7,599 9,444 4.300 1.47 March 8, ’26 68 Intesa Sanpaolo ISPIM 3.875 2.31 July 14, ’27 150 –12 n.a. Crude oil ING Groep INTNED 4.625 1.52 Jan. 6, ’26 73 –10 63 excluding SPR 498,403 700 485 452 477 476 5,655 ... 6,292 6,412 5,611 7,162 Nomura Holdings NOMURA 1.851 1.48 July 16, ’25 69 –10 63 Gasoline 231,603 ... 243 247 247 241 577 ... 605 710 596 704 GA Global Funding Trust GBLATL 1.625 1.43 Jan. 15, ’26 64 –9 64 Finished gasoline 20,471 -3,200 22 25 23 23 110 ... 61 136 58 43 Societe Generale SOCGEN 3.000 2.59 Jan. 22, ’30 105 –9 110 Reformulated 48 ... 00 00 0... 00 00Western Union WU 6.200 3.84 Nov. 17, ’36 230 –9 254 Conventional 20,423 ... 22 25 23 23 110 ... 61 136 58 43 Bank of America BAC 5.000 3.36 Jan. 21, ’44 111 –8 99 Blend. components 211,132 ... 221 222 224 218 467 ... 544 575 538 661 …And spreads that widened the most Natural gas (bcf) 1,845 ... 22 22...... … 23 176 Kerosene-type Delta Airlines, Inc. Retirement Plan 4.750 3.44 Oct. 20, ’28 192 DXC Technology DXC 4.000 1.18 April 15, ’23 102 13 n.a. jet fuel 39,241 ... 39 42 40 41 64 ... 196 178 107 130 Alabama Power … 3.550 0.51 Dec. 1, ’23 35 10 n.a. Distillates 137,492 -3,400 143 128 148 139 472 ... 321 308 365 113 Royal Bank of Canada RY 1.150 1.24 June 10, ’25 42 9 28 Heating oil 8,811 ... 89 9110... 00 11 17 Morgan Stanley MS 4.000 1.45 July 23, ’25 63 8 36 Diesel 128,680 ... 135 119 139 128 472 ... 321 308 353 96 Comcast CMCSA 3.600 0.60 March 1, ’24 29 7 22 Residual fuel oil 31,479 ... 32 31 32 37 105 ... 231 121 151 178 Cooperatieve Rabobank RABOBK 5.250 3.45 Aug. 4, ’45 120 6 n.a. Other oils 281,811 ... 277 279 277 264 440 ... 809 835 609 1,019 BP Capital Markets BPLN 3.814 0.68 Feb. 10, ’24 36 5 33 Net crude, petroleum High-yield issues with the biggest price increases… products, incl. SPR 1,921,071 ... 1,920 1,906 1,925 1,936 601 ... 2,298 -339 468 2,984 Bond Price as % of face value Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Weekly Demand, 000s barrels per day Natural gas storage Transocean RIG 6.800 15.44 March 15, ’38 48.500 1.00 46.500 Sprint Capital … 6.875 3.36 Nov. 15, ’28 123.637 0.76 126.490 Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals Springleaf Finance … 5.625 2.44 March 15, ’23 106.208 0.71 n.a. Current change week ago avg avg Teva Pharmaceutical Finance Netherlands … 2.800 3.47 July 21, ’23 98.500 0.70 98.375 Natural gas, Total petroleum American Airlines AAL 11.750 6.49 July 15, ’25 119.625 0.63 120.375 lower 48 states 4250 Genworth Holdings … 4.900 6.09 Aug. 15, ’23 97.357 0.61 96.540 product 18,672 ... 18,759 21,860 19,197 19,741 t …And with the biggest price decreases Finished 3250

Ford Motor F 7.400 5.41 Nov. 1, ’46 127.470 –1.31 n.a. motor gasoline 8,726 ... 8,148 9,449 8,122 8,692 t Occidental Petroleum OXY 6.200 5.68 March 15, ’40 106.030 –1.22 108.000 2250 Kerosene-type Five-year average Netflix NFLX 6.375 3.16 May 15, ’29 123.021 –0.97 125.270 jet fuel 849 ... 1,285 1,565 1,072 1,630 for each week L Brands LB 6.875 4.89 Nov. 1, ’35 120.530 –0.72 122.470 Distillates 4,487 ... 3,788 4,398 4,165 3,931 1250 Nokia Oyj NOKIA 3.375 1.89 June 12, ’22 101.822 –0.67 n.a. Residual fuel oil 41 ... 371 117 253 346 Graphic Packaging GPK 3.500 3.32 March 15, ’28 101.125 –0.61 103.000 X –0.53 94.500 Propane/propylene 1,138 ... 1,487 1,461 1,361 ... 250 United States Steel 6.650 7.29 June 1, ’37 94.000 Navient NAVI 6.750 5.32 June 15, ’26 106.496 –0.50 108.170 Other oils 3,430 ... 3,682 4,870 4,224 ... M A M J J A S O N D J F 2020 2021 *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. Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Note: Data are for the most active issue of bonds with maturities of two years or more Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Source: MarketAxess P2JW070000-4-B01000-1------XA

B10 | Thursday, March 11, 2021 **** THE WALL STREET JOURNAL. BUSINESS & FINANCE Greensill Creditor Taps Specialists Goldman Pledges Metals mogul Gupta’s profitsonthe sale of steel and other products, meaning pay- $10 Billion advisers will seek to ments could flow both ways. negotiate overpaying Conversations with Green- sill are likely to be complex. For Race, billions, raise morecash One challengefor GFGAlli- ancewill be understanding BY ALISTAIR MACDONALD Greensill’sstructureand what Sex Equity AND BEN DUMMETT if anyother parties have claims on the specialty financecom- BY BEN EISEN LONDON—U.K.metals ty- pany,the person said. Gaining coon Sanjeev Guptahas hired clarity and agreement on that Goldman Sachs Group Inc. atrio of financing and restruc- will help determine the refi- said Wednesdayitwould invest turing adviserstohelp his nancing options GFGAlliance $10 billion over the next decade GFG Alliance group of compa- canpursue,the person added. in businesses and organizations

nies negotiatewith itsmain S In his meeting with union that benefit Black women.

creditor, GreensillCapital, PRES officials,Mr. Guptasaid he had Thecommitment is meant to and raise fresh funding,ac- told his companies to manage channel capital and resources UMA

cording to people familiar /Z their cash carefully and reduce toward agroup that has histor- with the matter. TK their relianceongroup funding. ically faced challenges access- /C Mr.Guptaisnegotiating a A spokesman for GFG Alli- ing them. Goldman Sachs plans MIK

so-called standstill agreement RA ance on Wednesday said that to invest in housing,healthcare with Greensill to givehis com- V some businesses would be op- and other programs with the panies breathing space over SLA erating “intermittently.” ultimategoal of narrowing the AHO

paymentsonbillions of dollars DR Mr. Gupta told unions that wealth gapbetween Black of debt, some of the people Sanjeev Gupta, owner of GFG Alliance, is in talks for a standstill agreement on the debt he owes. some of his U.K. businesses women and others. Thebank said.Healso is trying to tap had been loss-making since a also will commit $100 million investorsand banks forinvest- PJTPartners, the people said. looking to refinance the busi- ing to one of the people famil- weak market in 2019,and that to philanthropy. ment, one of the people added. Mr.Guptatold British union ness, which could take time. iar with the matter. their poor performancehad Investmentscould include,for Theeffortscome after officials on Tuesdaythat Greensillhad $5 billion in In atypical supply-chain fi- been compounded last year by example,acompanythat teaches Greensill, which is among Mr. Greensill’sdifficulties create loans outstanding to GFGAlli- nancedeal, Greensill would uncertainties related to the newskills to home-careworkers, Gupta’s biggest lenders, filed “a challenging situation which ance, according to aperson fa- payacompany’ssuppliers U.K.’s exit from the European an industrythat employs many forinsolvencyprotection Mon- needs carefulmanagement,” miliar with the relationship. sooner than they would nor- Union, and more recently the Black women; acommunity-de- day. according to atranscript of his Thestandstill agreement is mally expect, but at adis- severe downturn in the aero- velopment financial institution To help navigatethe fallout, remarks seen by TheWall intended to bring the two count. Thecompanythen spacesector because of the in the South; and ahealth center Mr.Guptahas hired restruc- Street Journal. Mr.Gupta sides to the negotiating table would payGreensill the full Covid-19 pandemic. in aBlack area of NewOrleans. turing specialist Alvarez & added at the online meeting as each has argued that the amount down the road. But That hasled to a60% falloff “We’regoing to createanew Marsal, law firm Norton Rose that GFGAlliancehas ade- other party has started to Greensillalso paid GFGAlli- in demand forsome products, model about what inclusive Fulbright and investment bank quatefunding,but that it was miss some payments, accord- ancecompanies forfuture he said. growth looks like,” said Marga- retAnadu, the global head of sustainability and impact in the the $10 billion funds before SoftBankGroup Corp.’sVision Greensill while working on nancial resultsand reputation. asset-management unit of Credit they were frozenlast week, Fund. raising fresh capital forthe In September,Mr. Gottstein Goldman Sachs.“Thework we according to Credit Suisse. Last year,Credit Suisse re- company. said he would reviewthe $476 do here, we think will drive Thecash levels vary from 68% viewedthe funds.Executives Theplan wasfor the loan billion asset-management unit progressfor everyone.” Suisse Sets in one fund that focused on became concerned that Soft- to be paid back onceGreensill headed by Mr.Varvel. Credit Major financial institutions investment-grade borrowers Bank’smultiple roles in the had raised morecapital. Suisse has shut several funds arereckoning with their own to 16% in asmaller,higher- fundscreated potential con- Credit Suisse is seeking re- and wrotedownastake in in- historical role in depriving peo- Shake-Up risk fund that isn’t coveredby flictsofinterest. payment from administrators vestment manager York Capi- ple of color of the loans and in- credit insurance. In addition to investing di- handling Greensill’sinsol- talManagement by $450 mil- vestmentsthat ultimately build Whether investorswill be rectly intoGreensill, SoftBank lion in December,contributing generational wealth. ContinuedfrompageB1 made whole depends on invested in one of the Credit to afourth-quarter loss. JPMorganChase &Co. could come from one insurer, whether Greensill’sunderlying Suisse funds.Some of Soft- Mr.Varvel has held his po- made a$30 billion pledge last theJournal reported, citing borrowers areable to pay Bank’sVision Fund portfolio sition since2016,after a year to bridgethe racial wealth people familiar with the mat- back their supply-chain loans companies also received fi- $3B string of toproles including gap. Bank of America Corp.is ter. as they mature. Payoutsfrom nancing from the funds.Soft- head of Credit Suisse’sinvest- tripling itscommitment to af- Theinsurancewas crucial credit insurerswill also playa Bankredeemed itsinvestment How much the bank is ment bank and CEO in both fordable homeownership pro- because it made Greensill’s role.Around three-quartersof in the Credit Suisse fund after returning to investors. Europe and Asia-Pacific. gramsto$15 billion. assetsappear safer to Credit the loans aredue to be repaid the reviewand the bank said Mr.Degen, Mr.Varvel’s Increasingly,bankshavecast Suisse’sinstitutional inves- in the next four months. it wascommittedtoprotect- deputy in Europe,joined in their effortstorectifyinjustice tors,some of whom arere- Credit Suisse firstlaunched ing fund investors. 2004. in economic terms. Citigroup stricted from putting cash the supply-chain finance Areport on the reviewwas vency. Theloan gotsignoff Thememo said Filippo Inc., in announcing itsown $1 intoriskier investments. funds in 2017. It marketed made to Credit Suisse’sexecu- from high-level executive Rima, currentlyhead of equi- billioninitiativelast fall, said Credit Suisse froze the funds them to insurancecompanies, tiveboardand itssupervisory committees inside the bank, ties in the European asset- that if gaps forBlack people in March 1 afterakey insurer pension funds and wealthyin- board, according to aperson according to people familiar management unit, would wages, education and housing stopped providing newcover- vestorsasahigher-yielding familiar with the matter. But with the loan, the Journal re- serveasinterim head and Al- were closed 20 yearsago, $16 age. alternativetomoney-market the reviewdidn’t coverother ported. exandreBouchardy would trillion could have been added to Thebank is returning more funds. issues at thefund, including Thefunds’ troubles area take over Mr.Mathys’s role on the U.S. grossdomestic product. than $3 billion in cash in an ForGreensill, the stream concentration in the insurers blowfor Credit Suisse Chief an interim basis as head of Goldman said reducing the initial repayment to investors. of financing helped turbo- providing credit insurance, ExecutiveThomas Gottstein, fixedincome. earningsgap forBlack women Cash and cashlikesecurities charge itsgrowthand attract the person said. whosaid he wanted aclean Swisspublication Finews could createasmanyas1.7 mil- such as government bonds investmentsfromprivate-eq- In October,Credit Suisse slateafter aspy scandal and reported the personnel lion newjobs and increase an- made up around $4 billion of uity firm General Atlantic and made a$140million loan to chargesdented the bank’sfi- changes on Wednesday. nual GDPbyupto$450 billion.

Biggest 1,000 Stocks | WSJ.com/stocks Net Net Net Net Net Net Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Continued From Page B6 Net Net Mosaic MOS 33.06 2.28 OpendoorTech OPEN 23.69 2.05 Prudential PUK 42.49 -0.50 SVB Fin SIVB 529.13 20.87 Suzano SUZ 13.21 -0.42 Twilio TWLO 352.77 -9.59 W.P.Carey WPC 68.33 0.74 Net Stock Sym Close Chg Stock Sym Close Chg MotorolaSol MSI 177.76 0.73 s Oracle ORCL 72.12 -0.52 PublicServiceEnt PEG 57.74 0.21 Salesforce.com CRM 211.96 0.43 s SynchronyFin SYF 41.61 1.44 Twitter TWTR 64.83 -2.69 s WPP WPP 63.31 0.30 NICE NICE 226.12 1.40 Orange ORAN 12.24 0.34 PublicStorage PSA 239.84 -0.19 Sanofi SNY 47.95 0.78 Synopsys SNPS 228.84 0.44 TylerTech TYL 400.82 -2.53 Wabtec WAB 76.25 3.27 Stock Sym Close Chg KinrossGold KGC 6.65 0.02 MGM Resorts MGM 37.62 0.14 NIO NIO 41.32 -0.03 Orix IX 85.73 -0.97 PulteGroup PHM 48.83 1.49 SantanderCons SC 26.82 0.78 Sysco SYY 81.23 1.87 s TysonFoods TSN 74.05 1.66 WalgreensBoots WBA 50.52 2.06 KirklandLakeGold KL 34.50 0.30 MKS Instrum MKSI 160.53 -2.08 IDEX IEX 200.24 2.60 NRG Energy NRG 40.74 -2.09 s OscarHealth OSCR 36.77 2.04 Qiagen QGEN 46.96 -0.69 s Sasol SSL 15.28 0.49 UBS Group UBS 15.66 0.07 Walmart WMT 132.18 3.29 Kohl's KSS 57.24 -0.35 s MPLX MPLX 26.36 1.00 IllinoisToolWks ITW 213.98 3.13 s NVR NVR 4776.41 74.32 OtisWorldwide OTIS 66.25 1.32 Qorvo QRVO 165.37 -5.53 Schlumberger SLB 29.95 0.60 T U V UDR UDR 43.34 0.42 WarnerMusic WMG 34.66 -0.29 KoninklijkePhil PHG 56.56 1.68 MSCI MSCI 409.82 -4.70 Illumina ILMN 399.45 -1.41 NXP Semi NXPI 180.43 -3.39 OwensCorning OC 85.01 2.58 Qualcomm QCOM 127.87 -1.24 SchwabC SCHW 65.03 1.28 UGI UGI 40.80 0.86 WasteConnections WCN 102.90 0.41 KoreaElcPwr KEP 10.19 -0.02 MagellanMid MMP 44.97 0.33 TAL Education TAL 66.93 -8.82 s ImperialOil IMO 25.20 0.66 Nasdaq NDAQ 144.55 -2.10 OzonHoldings OZON 52.16 0.51 QualtricsIntl XM 37.49 0.35 ScottsMiracleGro SMG 218.37 6.92 s US Foods USFD 39.40 0.70 WasteMgt WM 121.69 2.09 s KraftHeinz KHC 39.51 0.38 s MagnaIntl MGA 89.43 1.42 TC Energy TRP 46.03 0.70 Incyte INCY 78.35 -0.76 Natera NTRA 98.71 -0.59 PG&E PCG 11.46 0.12 QuantaServices PWR 85.49 2.26 Sea SE 217.21-11.26 UWM UWMC 8.58 -0.10 Waters WAT 272.45 -0.23 Kroger KR 35.24 0.78 ManulifeFin MFC 21.47 0.26 TE Connectivity TEL 130.09 0.68 Infosys INFY 18.68 0.08 NationalGrid NGG 58.64 0.32 PNC Fin PNC 177.78 4.15 QuantumScape QS 52.32 -0.86 Seagate STX 74.93 -0.22 Uber UBER 57.68 2.43 Watsco WSO 241.52 2.20 L Brands LB 54.75 0.24 MarathonOil MRO 12.22 0.22 Telus TU 21.04 0.09 IngersollRand IR 48.97 0.88 Natura&Co NTCO 16.84 0.34 POSCOPKX 63.53 -6.28 QuestDiag DGX 116.87 -3.01 Seagen SGEN 149.55 -1.01 Ubiquiti UI 331.10 -1.10 Wayfair W 310.01 -8.59 LKQ LKQ 42.67 -0.10 MarathonPetrol MPC 58.18 2.31 TJX TJX 65.60 -0.48 Inphi IPHI 152.84 -1.56 NatWest NWG 5.23 -0.01 PPD PPD 35.73 0.94 SempraEnergy SRE 126.49 3.06 UltaBeauty ULTA 343.14 4.09 Weibo WB 52.09 -0.83 s LPL Financial LPLA 140.25 2.85 MaravaiLifeSci MRVI 35.50 -0.57 T-MobileUS TMUS 127.41 1.10 Insulet PODD 245.42 -2.14 NetApp NTAP 66.66 2.05 PPG Ind PPG 148.48 2.41 R S SensataTechs ST 60.68 1.07 UltragenyxPharm RARE 119.96 -4.26 s WellsFargo WFC 39.58 1.45 L3HarrisTech LHX 190.99 3.02 Markel MKL 1133.28 21.04 Intel INTC 62.25 -0.42 PPL PPL 27.46 0.18 ServiceCorp SCI 47.20 -0.37 TRowePrice TROW 175.61 -0.72 UnderArmour A UAA 22.54 0.13 s Welltower WELL 73.97 1.21 LabCpAm LH 232.62 -6.60 MarketAxess MKTX 516.79 -7.30 NetEase NTES 105.70 -4.98 RELX RELX 24.02 0.02 s InteractiveBrkrs IBKR 78.40 -0.48 PRA HealthSci PRAH 144.86 -1.59 ServiceNow NOW 474.00-14.95 TaiwanSemi TSM 113.83 -2.55 UnderArmour C UA 18.86 0.15 WestFraserTimber WFG 64.59 -1.77 LamResearch LRCX 518.70-24.81 Marriott MAR 147.14 0.14 Netflix NFLX 504.54 -1.90 RH RH 460.87 2.70 ICE ICE 115.58 1.17 PTC PTC 130.99 3.44 ShawComm B SJR 18.85 0.12 TakeTwoSoftware TTWO 164.82 -3.75 Unilever UL 54.83 0.72 WestPharmSvcs WST 267.73 0.31 LamarAdv LAMR 94.36 -1.19 Marsh&McLen MMC 117.35 0.54 Neurocrine NBIX 90.78 -0.23 RLX Tech RLX 15.36 -0.77 InterContinentl IHG 71.84 -0.36 Paccar PCAR 96.59 1.36 SherwinWilliams SHW 706.10 0.06 TakedaPharm TAK 18.53 0.31 UnionPacific UNP 213.12 1.42 WestAllianceBcp WAL 95.44 1.08 LambWeston LW 80.69 -0.91 MartinMarietta MLM 340.86 8.06 NewOrientalEduc EDU 159.75-26.18 RPM RPM 88.14 2.24 IBM IBM 127.87 3.69 PackagingCpAm PKG 140.83 0.83 ShinhanFin SHG 31.58 -0.44 Tapestry TPR 42.97 -0.39 UnitedAirlines UAL 53.92 0.49 WesternDigital WDC 66.58 -2.75 LasVegasSands LVS 62.02 -0.10 MarvellTech MRVL 42.84 -1.02 NYTimes A NYT 50.42 -0.10 RalphLauren RL 122.61 -2.34 IntlFlavors IFF 135.29 3.98 PagSeguroDig PAGS 49.58 -1.97 Shopify SHOP 1087.90-42.84 Target TGT 178.58 -0.60 UnitedMicro UMC 8.34 -0.09 WesternUnion WU 24.60 -0.38 s Lear LEA 183.56 4.60 Masco MAS 56.83 1.47 NewellBrands NWL 25.29 0.41 RaymondJames RJF 117.43 1.10 IntlPaper IP 54.62 -0.17 PalantirTech PLTR 24.75 0.49 Sibanye-Stillwater SBSW 18.76 0.33 TataMotors TTM 21.91 0.17 UPS B UPS 165.23 1.96 WestlakeChem WLK 93.72 2.08 Leidos LDOS 94.47 1.21 Masimo MASI 229.19 -1.30 Newmont NEM 58.18 0.93 RaytheonTech RTX 76.56 1.73 s Interpublic IPG 29.18 0.68 PaloAltoNtwks PANW 334.69 -7.73 SignatureBank SBNY 228.14 5.32 TeckRscsB TECK 21.38 0.48 UnitedRentals URI 303.06 7.81 WestpacBanking WBK 19.19 0.01 Lennar B LEN.B 73.77 2.19 Mastercard MA 381.70 5.18 s NewsCorp B NWS 24.37 0.57 RealPage RP 87.04 0.18 Intuit INTU 382.82 -1.76 s ParkerHannifin PH 306.30 10.41 SimonProperty SPG 114.31 3.31 TeladocHealth TDOC 184.45 -8.59 US Bancorp USB 53.78 0.88 WestRock WRK 52.71 -0.24 Lennar A LEN 91.60 3.17 MatchGroup MTCH 146.85 -5.26 s NewsCorp A NWSA 25.52 0.67 RealtyIncome O 61.42 0.71 IntuitiveSurgical ISRG 719.81 17.01 Paychex PAYX 94.70 0.15 SiriusXM SIRI 6.06 0.09 TeledyneTech TDY 390.19 6.30 UnitedHealth UNH 349.60 -2.38 Weyerhaeuser WY 35.54 1.15 LennoxIntl LII 292.15 1.93 MaximIntProducts MXIM 86.90 -1.21 NextEraEnergy NEE 74.46 0.44 s RegencyCtrs REG 59.65 1.10 InvitatHomes INVH 29.30 0.42 PaycomSoftware PAYC 377.74 -1.52 Skyworks SWKS 167.66 -4.75 s Teleflex TFX 418.62 11.87 UnitySoftware U 99.89 1.84 WheatonPrecMet WPM 37.49 0.03 LeviStrauss LEVI 24.63 -0.16 McAfee MCFE 23.10 -0.84 NielsenHoldings NLSN 25.98 0.18 RegenPharm REGN 467.95 -2.68 iQIYI IQ 27.83 0.74 Paylocity PCTY 177.12 -1.76 SlackTech WORK 40.71 0.01 Ericsson ERIC 12.57 0.10 UnivDisplay OLED 212.27 -2.69 Whirlpool WHR 204.69 5.85 LiAuto LI 23.34 0.26 McCormick MKC 85.90 0.88 Nike NKE 137.59 1.64 RegionsFin RF 21.51 0.49 IronMountain IRM 36.90 0.22 PayPal PYPL 242.07 0.31 Smartsheet SMAR 63.80 -1.20 TelefonicaBras VIV 7.74 0.13 UniversalHealthB UHS 133.59 2.23 Williams WMB 24.40 0.84 LibertyBroadbandC LBRDK 153.50 2.87 McCormickVtg MKC.V 85.93 0.64 NiSource NI 22.13 0.10 s ReinsGrp RGA 129.83 2.98 ItauUnibanco ITUB 4.78 0.08 Pearson PSO 11.40 0.19 s SmithAO AOS 64.99 1.60 Telefonica TEF 4.77 0.18 VEREIT VER 38.71 0.59 Williams-Sonoma WSM 132.75 3.60 LibertyBroadbandA LBRDA 149.87 3.79 McDonalds MCD 213.31 4.76 Nokia NOK 3.96 ... s RelianceSteel RS 148.74 2.74 Pegasystems PEGA 119.99 0.99 Smith&Nephew SNN 38.70 0.47 TelekmIndonesia TLK 23.76 0.72 VF VFC 79.67 0.17 WillisTowers WLTW 224.23 -2.15 LibertyGlobal A LBTYA 25.22 0.68 McKesson MCK 183.51 4.79 s NomuraHoldings NMR 6.36 0.06 RenaissanceRe RNR 163.15 1.72 J K L Peloton PTON 111.32 -4.70 Smucker SJM 121.07 2.08 10xGenomics TXG 151.58 0.97 VICI Prop VICI 28.77 0.03 Wipro WIT 6.55 0.07 LibertyGlobal C LBTYK 24.99 0.63 MedicalProp MPW 21.49 0.13 Nordson NDSN 201.72 4.52 Repligen RGEN 188.49 -1.73 s PembinaPipeline PBA 29.62 1.15 Snap SNAP 55.07 -1.23 Tenaris TS 23.40 1.04 VailResorts MTN 305.19 0.70 Wix.com WIX 291.21-13.41 JD.com JD 89.33 -0.20 LibertyFormOne C FWONK 45.88 0.05 Medtronic MDT 118.66 1.61 NorfolkSouthern NSC 259.29 0.18 RepublicSvcs RSG 95.85 1.22 PennNational PENN 123.34 7.69 SnapOn SNA 218.89 1.36 TencentMusic TME 27.35 0.66 Vale VALE 17.22 0.21 Workday WDAY 242.71 -3.21 Joyy YY 114.27 -1.98 LibertyFormOne A FWONA 40.51 -0.34 MelcoResorts MLCO 21.38 0.21 s NorthernTrust NTRS 101.38 0.97 ResMed RMD 185.39 3.13 s Pentair PNR 59.93 0.88 Snowflake SNOW 227.11 -2.91 Teradyne TER 108.91 -4.43 ValeroEnergy VLO 81.37 4.79 WynnResorts WYNN 134.84 0.84 s JPMorganChase JPM 155.13 3.30 LibertyBraves A BATRA 31.99 -0.01 MercadoLibre MELI 1435.57-16.44 NorthropGrum NOC 300.00 1.70 RestaurantBrands QSR 64.12 0.06 Penumbra PEN 276.63 2.89 SOQUIMICH SQM 54.90 2.52 Tesla TSLA 668.06 -5.52 VarianMed VAR 176.01 0.20 XP XP 38.30 0.38 JackHenry JKHY 149.47 0.58 s LibertyBraves C BATRK 31.24 0.08 Merck MRK 74.76 0.62 NortonLifeLock NLOK 21.01 -0.52 RingCentral RNG 334.56 -1.72 PepsiCo PEP 133.58 1.33 SolarEdgeTech SEDG 279.67 -0.34 TevaPharm TEVA 11.26 0.50 Vedanta VEDL 12.44 0.09 XPO Logistics XPO 117.70 -0.23 s JacobsEngg J 124.75 3.10 LibertySirius C LSXMK 45.34 0.71 MetLife MET 60.48 0.83 NorwegCruise NCLH 29.54 -0.19 RioTinto RIO 80.21 -1.71 PerkinElmer PKI 120.35 -5.61 Sony SNE 100.99 -0.53 TexasInstruments TXN 169.42 -0.94 VeevaSystems VEEV 250.59 -0.31 XcelEnergy XEL 62.18 0.03 JamesHardie JHX 28.91 0.26 LibertySirius A LSXMA 45.46 0.72 MettlerToledo MTD 1055.00 5.00 Novartis NVS 84.19 0.65 RobertHalf RHI 76.51 -0.29 s PetroChina PTR 38.51 0.29 Southern SO 59.78 0.37 s TexasPacLand TPL 1359.37 77.14 Ventas VTR 57.17 0.68 Xilinx XLNX 118.74 -1.54 JazzPharma JAZZ 163.70 2.86 EliLilly LLY 205.45 -0.66 MicrochipTech MCHP 141.32 -4.14 Novavax NVAX 172.50 2.60 RocketCos. RKT 25.95 0.46 VeriSign VRSN 190.10 -1.89 PetroleoBrasil PBR 7.84 0.57 SoCopper SCCO 75.14 2.17 Textron TXT 52.75 1.76 XPeng XPEV 30.70 0.73 JefferiesFin JEF 32.02 0.34 LincolnNational LNC 61.52 1.39 MicronTech MU 85.41 -3.89 NovoNordisk NVO 71.73 1.01 Rockwell ROK 263.66 3.94 VeriskAnalytics VRSK 174.86 0.44 PetroleoBrasilA PBR.A 7.88 0.48 SouthwestAir LUV 58.51 -0.42 ThermoFisherSci TMO 441.09 -7.02 Xylem XYL 101.00 0.99 J&J JNJ 159.15 1.45 Linde LIN 265.64 3.30 Microsoft MSFT 232.42 -1.36 Novocure NVCR 129.13 -1.84 RogersComm B RCI 46.61 0.55 Verizon VZ 57.08 0.88 Pfizer PFE 34.93 0.48 Splunk SPLK 133.91 -1.96 ThomsonReuters TRI 86.98 -0.31 Yandex YNDX 63.73 0.24 JohnsonControls JCI 60.23 1.01 s LithiaMotors LAD 396.17 21.19 MidAmApt MAA 134.83 0.10 NuanceComms NUAN 42.49 0.14 Roku ROKU 356.54 -4.57 VertxPharm VRTX 214.29 0.25 s PhilipMorris PM 86.76 -0.31 Spotify SPOT 270.19 -3.39 3M MMM 184.51 3.33 YatsenHolding YSG 16.49 -0.72 JonesLang JLL 174.09 -1.47 LiveNationEnt LYV 88.17 0.91 Middleby MIDD 168.25 1.95 s Nucor NUE 67.46 1.60 Rollins ROL 33.27 0.35 ViacomCBS B VIAC 82.89 3.23 Phillips66 PSX 88.44 3.04 Square SQ 226.73 1.64 Toro TTC 101.47 3.95 YumBrands YUM 104.61 1.93 JuniperNetworks JNPR 24.69 0.55 LloydsBanking LYG 2.25 0.01 MiratiTherap MRTX 188.70 -6.64 Nutrien NTR 57.11 0.68 RoperTech ROP 386.06 -3.61 ViacomCBS A VIACA 82.80 3.19 s Pinduoduo PDD 148.14 -6.04 StanleyBlackDck SWK 191.15 3.20 s TorontoDomBk TD 64.31 0.36 YumChina YUMC 60.64 -0.85 KB Fin KB 44.99 0.28 LockheedMartin LMT 340.84 3.34 MitsubishiUFJ MUFG 5.54 0.09 NVIDIA NVDA 498.73 -2.08 RossStores ROST 121.57 -3.41 Viatris VTRS 14.06 0.15 PinnacleWest PNW 78.46 0.88 s Starbucks SBUX 107.78 1.23 s Total TOT 49.61 1.36 ZTO Express ZTO 32.01 -0.10 KE Holdings BEKE 53.71 -0.04 Loews L 50.50 1.33 MizuhoFin MFG 2.99 ... RoyalBkCanada RY 91.87 1.53 s Vipshop VIPS 42.01 0.42 Pinterest PINS 68.97 1.49 s StateStreet STT 83.24 1.40 ToyotaMotor TM 151.88 0.34 ZaiLab ZLAB 135.65 0.51 KKR KKR 47.77 0.70 LogitechIntl LOGI 95.79 -1.21 MobileTeleSys MBT 8.47 0.08 O P Q RoyalCaribbean RCL 87.32 -2.24 Visa V 223.17 2.81 PioneerNatRscs PXD 158.50 1.57 s s SteelDynamics STLD 48.79 1.40 TractorSupply TSCO 167.49 6.89 ZebraTech ZBRA 470.51 2.16 KLA KLAC 283.45-10.65 Lowe's LOW 168.46 2.47 Moderna MRNA 129.75 -1.12 RoyalDutchA RDS.A 44.38 1.18 Vistra VST 19.52 0.87 ONEOK OKE 50.95 2.31 PlainsAllAmPipe PAA 9.76 0.37 s Stellantis STLA 18.07 0.51 TradeDesk TTD 722.61 3.29 Zendesk ZEN 129.30 -1.77 KSCitySouthern KSU 214.26 1.49 LufaxHolding LU 15.42 0.26 MohawkInds MHK 184.99 1.35 RoyalDutchB RDS.B 42.15 1.07 VMware VMW 145.84 1.46 OReillyAuto ORLY 473.90 8.98 Playtika PLTK 26.59 -0.20 Steris STE 179.99 0.96 Tradeweb TW 72.09 -1.33 Zillow CZ 146.96 8.69 Kellogg K 59.73 0.74 lululemon LULU 309.00 10.65 MolinaHealthcare MOH 223.47 5.38 RoyaltyPharma RPRX 46.24 0.20 Vodafone VOD 18.32 0.34 s OakStreetHealth OSH 55.30 2.05 PlugPower PLUG 42.83 0.51 STMicroelec STM 34.61 -1.22 TraneTech TT 163.43 2.95 Zillow A ZG 149.02 6.46 KeurigDrPepper KDP 33.56 0.47 LumenTech LUMN 13.88 0.03 MolsonCoorsB TAP 46.85 0.47 Ryanair RYAAY 112.22 -0.77 VornadoRealty VNO 47.03 0.27 OccidentalPetrol OXY 29.36 0.71 StoneCo STNE 70.71 -0.20 TransDigm TDG 599.37 9.89 ZimmerBiomet ZBH 160.39 3.73 KeyCorp KEY 21.16 0.70 Lyft LYFT 61.31 -1.03 Mondelez MDLZ 56.19 0.57 Polaris PII 133.39 -0.38 SAP SAP 125.93 -0.30 VoyaFinancial VOYA 64.50 0.99 Okta OKTA 225.21 5.23 Stryker SYK 240.08 2.91 TransUnion TRU 87.82 -0.97 ZionsBancorp ZION 57.64 1.19 KeysightTechs KEYS 135.28 -1.03 LyondellBasell LYB 108.90 1.73 MongoDB MDB 294.45-17.47 Pool POOL 343.20 7.27 S&P Global SPGI 344.35 2.23 VulcanMatls VMC 171.34 3.52 KilroyRealty KRC 68.83 0.88 MonolithicPower MPWR 323.41 -0.45 s OldDomFreight ODFL 225.93 2.11 s PrincipalFin PFG 61.27 1.49 SBA Comm SBAC 249.84 1.87 s SumitomoMits SMFG 7.35 0.12 Travelers TRV 155.38 1.56 Zoetis ZTS 151.09 0.95 KimberlyClark KMB 134.44 2.11 M N MonsterBev MNST 89.40 0.96 OmegaHealthcare OHI 37.42 0.38 Procter&Gamble PG 127.34 1.16 SEI Investments SEIC 59.81 0.57 SunComms SUI 143.30 0.13 Trex TREX 94.141.41 W X Y Z ZoomVideo ZM 336.03 -6.08 KimcoRealty KIM 19.24 0.11 Moody's MCO 291.13 1.09 Omnicom OMC 76.57 1.11 Progressive PGR 92.22 2.04 SK Telecom SKM 24.54 0.05 s SunLifeFinancial SLF 51.37 0.51 Trimble TRMB 70.87 0.50 ZoomInfoTech ZI 46.88 -0.33 KinderMorgan KMI 16.24 0.57 M&T Bank MTB 156.61 3.58 MorganStanley MS 83.09 2.24 ON Semi ON 37.55 -0.38 Prologis PLD 97.72 -0.60 SS&C Tech SSNC 67.38 0.93 s SuncorEnergy SU 22.51 0.65 Trip.com TCOM 39.55 -0.64 WEC Energy WEC 87.22 0.47 Zscaler ZS 180.07 -1.36 KingsoftCloud KC 49.82 -0.81 MGMGrowthProp MGP 33.06 0.43 Morningstar MORN 242.56 0.43 OpenText OTEX 46.57 0.10 PrudentialFin PRU 92.80 1.41 StoreCapital STOR 32.75 0.66 SunRun RUN 55.60 1.92 TruistFinl TFC 58.80 0.55 WEX WEX 212.97 0.24 Zynga ZNGA 9.95 -0.33

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fidelity LowP r 54.36 +0.52 11.8 JPMorgan I Class Income 11.99 +0.02 -0.2 ExtndAdml 135.99 +1.34 9.0 VANGUARD FDS IdxIntl 20.11 +0.07 3.7 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. 500IdxInstPrem135.52 +0.82 4.1 Magin 12.74 ... -2.4 CoreBond 11.95 +0.01 -2.4 PIMCO Funds Instl GNMAAdml 10.65 ... -0.7 DivdGro 33.67 +0.34 1.3 MdCpGrAdml 90.67 -0.05 -0.6 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese Contrafund K6 18.83 +0.01 -0.3 NASDAQ r 164.20 -0.06 1.5 EqInc 21.19 +0.25 7.7 IncomeFd 11.99 +0.02 -0.2 GrwthAdml 129.21 -0.08 -1.0 INSTTRF2020 26.52 +0.08 1.0 SmValAdml 71.96 +1.20 17.8 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, ExtMktIdxInstPre 90.97 +0.90 9.0 OTC 17.80 -0.07 1.6 JPMorgan R Class Price Funds HlthCareAdml r 89.74 +0.12 -1.3 INSTTRF2025 27.86 +0.10 1.5 TotBd2 11.07 +0.01 -3.1 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r FidSerToMarket 13.55 +0.09 5.0 Puritn 27.03 +0.12 3.9 CoreBond 11.97 +0.02 -2.3 BlChip 164.72 -0.49 -0.5 HYCorAdml r 5.91 -0.01 -0.3 INSTTRF2030 28.70 +0.11 2.0 TotIntlInstIdx r134.54 +0.47 3.7 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not IntlIdxInstPrem 47.07 +0.19 3.2 SrsEmrgMkt 25.68 -0.10 2.9 Lord Abbett A DivGro 61.64 +0.29 2.7 InfProAd 27.99 +0.13 -1.2 INSTTRF2035 29.47 +0.13 2.6 TotItlInstPlId r134.57 +0.47 3.7 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; MidCpInxInstPrem 28.89 +0.23 7.0 SrsGlobal 14.84 +0.04 3.5 ShtDurIncmA p NA ... NA EqInc 35.11 +0.47 12.4 IntlGrAdml 158.49 -0.85 -1.1 INSTTRF2040 30.27 +0.14 3.1 TotSt 99.37 +0.67 4.9 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. SAIUSLgCpIndxFd 20.44 +0.13 4.1 SrsGroCoRetail 23.01 ... 1.1 Lord Abbett F Growth 98.37 -0.21 1.5 ITBondAdml 12.12 +0.02 -3.4 INSTTRF2045 30.98 +0.16 3.6 VANGUARD INSTL FDS SeriesBondFd 10.43 +0.01 -2.9 SrsIntlGrw 17.63 +0.09 -0.8 ShtDurIncm NA ... NA HelSci 97.10 -0.09 -1.8 ITIGradeAdml 10.12 +0.02 -2.9 INSTTRF2050 31.08 +0.16 3.7 BalInst 45.12 +0.21 1.7 SeriesOverseas 12.46 +0.05 0.5 SrsIntlVal 10.80 +0.04 7.0 Metropolitan West LgCapGow I 62.84 -0.07 2.7 LTGradeAdml 10.71 +0.04 -8.6 INSTTRF2055 31.16 +0.16 3.7 DevMktsIndInst 15.78 +0.06 3.5 Wednesday, March 10, 2021 SmCpIdxInstPrem 28.96 +0.52 15.9 TotalBond 11.02 +0.01 -2.3 TotRetBdI 10.89 +0.02 -2.4 MidCap 114.46 -0.35 1.2 MidCpAdml 271.49 +2.03 5.9 IntlGr 49.82 -0.27 -1.1 DevMktsInxInst 24.67 +0.09 3.5 Net YTD Net YTD Net YTD Fidelity SAI TRBdPlan 10.21 +0.01 -2.4 NHoriz 79.72 -0.19 -3.1 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TMktIdxInstPrem113.07 +0.76 5.0 MuHYAdml 11.93 +0.02 0.3 IntlVal 42.67 +0.14 6.0 ExtndInst 135.98 +1.34 9.0 USBdIdxInstPrem 12.04 +0.02 -2.9 TotalBd 10.48 +0.02 -2.1 MFS Funds Class I R2020 23.32 +0.06 2.5 MuIntAdml 14.75 +0.01 -0.3 LifeCon 22.70 +0.07 0.1 GrwthInst 129.22 -0.08 -1.0 American Century Inv Baird Funds EmMktCorEq 25.34 +0.06 4.4 Fidelity Advisor I Fidelity Selects Growth I 158.55 -0.43 -2.0 R2025 19.96 +0.06 3.0 MuLTAdml 12.13 +0.02 -0.3 LifeGro 41.45 +0.19 3.0 InPrSeIn 11.40 +0.05 -1.2 Ultra 75.19 -0.01 -1.0 AggBdInst 11.41 +0.01 -2.8 IntlCoreEq 15.40 +0.07 5.7 NwInsghtI 37.02 ... 0.5 Softwr r 27.21 ... 0.3 ValueI 48.22 +0.52 6.9 R2030 29.49 +0.09 3.7 MuLtdAdml 11.23 ...... LifeMod 32.14 +0.12 1.5 InstIdx 345.09 +2.08 4.1 American Funds Cl A CorBdInst 11.79 +0.02 -2.5 IntSmCo 21.40 +0.08 5.5 Fidelity Freedom Tech r 27.05 -0.09 0.7 MFS Funds Instl R2035 22.14 +0.07 4.2 MuShtAdml 15.94 ... 0.1 PrmcpCor 31.79 +0.12 9.7 InstPlus 345.11 +2.08 4.1 AmcpA p 40.31 +0.04 3.1 BlackRock Funds IntSmVa 20.76 +0.05 8.5 FF2020 17.51 +0.06 2.0 First Eagle Funds IntlEq 31.10 +0.20 1.5 R2040 31.89 +0.11 4.8 PrmcpAdml r165.69 -0.15 7.7 STAR 31.71 +0.08 2.0 InstTStPlus 77.62 +0.53 4.9 AMutlA p 47.10 +0.42 5.6 HiYBlk 7.76 ... 0.4 TAUSCoreEq2 25.00 +0.25 8.7 FF2025 15.83 +0.05 2.5 GlbA 63.71 +0.51 4.0 Nuveen Cl I PRIMECAP Odyssey Fds RealEstatAdml126.26 +1.29 4.9 TgtRe2015 15.77 +0.04 0.3 MidCpInst 59.98 +0.45 5.9 BalA p 30.90 +0.14 2.3 HiYldBd Inst 7.75 ... 0.4 US CoreEq1 32.01 +0.29 7.9 FF2030 19.87 +0.08 3.1 Franklin A1 HYMunBd 17.86 +0.02 2.3 AggGrowth r 56.77 -0.07 5.8 SmCapAdml103.28 +1.24 10.8 TgtRe2020 34.64 +0.11 1.0 MidCpIstPl 295.79 +2.21 5.9 BondA p 13.41 +0.02 -2.5 BlackRock Funds A US CoreEq2 29.51 +0.30 9.4 FF2035 17.28 +0.08 4.3 CA TF A1 p 7.72 +0.02 -0.8 Old Westbury Fds Schwab Funds SmGthAdml 96.50 +0.55 2.6 TgtRe2025 21.86 +0.08 1.5 SmCapInst 103.28 +1.24 10.8 CapIBA p 65.38 +0.35 3.8 GlblAlloc p 21.86 +0.14 1.5 US Small 46.38 +0.86 20.7 FF2040 12.35 +0.06 5.1 IncomeA1 p 2.41 +0.02 6.1 LrgCpStr 17.52 +0.04 2.2 1000 Inv r 86.77 +0.52 3.8 STBondAdml 10.79 +0.01 -0.5 TgtRe2030 41.37 +0.17 2.0 STIGradeInst 10.94 ... -0.5 CapWGrA 61.23 +0.21 3.1 BlackRock Funds Inst US SmCpVal 44.62 +1.01 29.6 Freedom2025 K 15.81 +0.06 2.5 FrankTemp/Frank Adv Parnassus Fds S&P Sel 59.78 +0.37 4.1 STIGradeAdml 10.94 ... -0.5 TgtRe2035 25.87 +0.11 2.6 STIPSIxins 25.85 +0.05 0.9 EupacA p 69.15 +0.13 -0.3 StratIncOpptyIns 10.35 +0.01 0.3 US TgdVal 30.05 +0.64 27.4 Freedom2030 K 19.85 +0.08 3.1 IncomeAdv 2.39 +0.02 6.2 ParnEqFd 55.53 +0.13 3.5 TSM Sel r 69.77 +0.48 5.0 TotBdAdml 11.23 +0.01 -3.0 TgtRe2040 45.64 +0.21 3.1 TotBdInst 11.23 +0.01 -3.0 FdInvA p 72.16 +0.31 4.4 Bridge Builder Trust USLgVa 42.91 +0.65 14.3 Freedom2035 K 17.25 +0.07 4.2 FrankTemp/Franklin A PGIM Funds Cl Z TIAA/CREF Funds TotIntBdIdxAdm 22.89 +0.02 -2.0 TgtRe2045 29.22 +0.15 3.7 TotBdInst2 11.07 +0.01 -3.1 GwthA p 68.31 +0.03 1.1 CoreBond 10.47 +0.02 -2.6 Dodge & Cox Freedom2040 K 12.35 +0.06 5.1 Growth A p 134.92 +0.19 -0.4 HighYield 5.52 ... 1.1 EqIdxInst 29.13 +0.19 4.8 TotIntlAdmIdx r 33.64 +0.11 3.6 TgtRe2050 47.13 +0.24 3.7 TotBdInstPl 11.23 +0.01 -3.0 HI TrA p 10.24 +0.01 2.0 CorePlusBond 10.32 +0.01 -2.3 Balanced 112.07 +1.23 10.1 Fidelity Invest RisDv A p 81.25 +0.56 1.3 TotalReturnBond 14.47 +0.03 -3.6 VANGUARD ADMIRAL TotStAdml 99.42 +0.67 4.9 TgtRet2055 51.17 +0.26 3.7 TotIntBdIdxInst 34.35 +0.03 -2.0 ICAA p 46.63 +0.25 5.0 Intl Eq 13.85 +0.05 3.7 Income 14.34 +0.02 -2.1 Balanc 29.26 +0.14 3.5 Guggenheim Funds Tru PIMCO Fds Instl 500Adml 360.81 +2.18 4.1 TxMCapAdml205.76 +1.24 4.1 TgtRetInc 14.94 +0.04 0.1 TotStInst 99.44 +0.68 4.9 IncoA p 24.63 +0.15 4.6 LargeCapGrowth 20.77 +0.03 1.0 Intl Stk 47.47 +0.33 8.6 BluCh 165.71 -0.32 1.6 TotRtnBdFdClInst 28.64 +0.06 -3.0 AllAsset 13.17 +0.07 6.2 BalAdml 45.11 +0.21 1.7 TxMIn r 15.76 +0.06 3.5 TotIntBdIxInv 11.45 +0.01 -2.0 ValueInst 50.96 +0.67 9.8 N PerA p 61.22 +0.09 1.2 LargeCapValue 16.17 +0.18 9.9 Stock 223.17 +3.45 15.9 Contra 16.44 +0.01 0.3 Harbor Funds InvGrdCrBd 10.81 +0.03 -3.6 CAITAdml 12.24 +0.01 -0.6 USGroAdml 166.94 -0.50 -1.8 USGro 64.45 -0.19 -1.8 WCM Focus Funds NEcoA p 59.41 -0.04 -0.2 Columbia Class I DoubleLine Funds ContraK 16.48 +0.01 0.3 CapApInst 100.34 -0.50 -3.7 ShortT 9.84 ... 0.2 CapOpAdml r188.89 -0.16 6.4 ValAdml 50.96 +0.67 9.8 WellsI 28.49 +0.19 0.6 WCMFocIntlGrwIns 24.30 +0.06 -1.8 NwWrldA 88.39 +0.44 0.5 DivIncom I 27.21 +0.20 5.4 CoreFxdIncmI 11.11 +0.02 -1.4 CpInc r 11.03 +0.02 3.5 Harding Loevner TotRt 10.29 +0.01 -2.5 DivAppIdxAdm 38.90 +0.32 1.5 WdsrllAdml 75.32 +0.63 9.7 Welltn 45.15 +0.19 1.8 Western Asset SmCpA p 81.85 +0.56 2.9 Dimensional Fds TotRetBdI 10.56 +0.01 -0.9 GroCo 33.09 -0.01 0.7 IntlEq 28.65 -0.01 0.8 PIMCO Funds A EMAdmr 43.30 +0.09 3.9 WellsIAdml 69.02 +0.46 0.6 WndsrII 42.45 +0.36 9.6 CoreBondI 13.11 +0.02 -3.6 TxExA p 13.56 +0.02 ... 5GlbFxdInc 10.89 ...... Edgewood Growth Instituti GrowCoK 33.18 -0.01 0.7 Invesco Funds Y IncomeFd 11.99 +0.02 -0.3 EqIncAdml 85.62 +1.12 7.9 WelltnAdml 77.98 +0.34 1.8 VANGUARD INDEX FDS CorePlusBdI 12.01 +0.03 -4.0 WshA p 53.46 +0.42 6.6 EmgMktVa 30.57 +0.08 6.7 EdgewoodGrInst 51.50 -0.01 -0.5 InvGrBd 11.60 +0.02 -2.3 DevMktY 55.21 +0.27 3.3 PIMCO Funds I2 ExplrAdml 127.97 +0.78 6.9 WndsrAdml 79.77 +0.87 11.7 ExtndIstPl 335.58 +3.30 9.0 CorePlusBdIS 12.01 +0.03 -3.9 P2JW070000-4-B01100-1------XA

THE WALL STREET JOURNAL. **** Thursday, March 11, 2021 | B11 MARKETS Dow Closes Above 32000 for First Time

Low inflation data have seesawedinthe past few DowJones Industrial Average 32297.02 stocks that rallied during weaker. weeks as investorshave First close above 32000 Covid-19 lockdowns last year. Federal Reserveofficials ease concerns about watched yields on U.S. govern- 32000 That hasgiven aboost to the have said they would allowin- higher interest rates; ment debt surge amid expec- Dowindustrials,which have flation to exceed 2% foraspell tations of both higher infla- outperformed the S&P 500 before tightening policy. That Nasdaq falls slightly tion and an economic 30000 this year. might take longer than many recovery. On Wednesday, the best investorsare anticipating,said BY WILL HORNER Those higher yields have 28000 sectorsinthe S&P 500 were Willem Sels, chief investment AND PAUL VIGNA narrowedthe relativevalua- energy,up2.6%, financials,up officer at HSBC PrivateBank. tion gapbetween safer bonds 1.9%, and materials,up1.6%. “Inflation is still capped by 26000 TheDow Jones Industrial andriskier stocks and made Tech wasthe only sector to the fact that the demand is Averageclimbed morethan bond returns moreattractive ’21 drop,losing 0.4%. still relatively weak in alot of 24000 450pointstoarecordclose to some investors. Indexperformance, Wednesday Among individual stocks, sectors,” he said. afterfresh inflation data “Wehaveseen agenuine Tesla slipped $5.52, or 0.8%, Overseas,the pan-continen- showedamuted increase and rotation from growth to to $668.06, Amazon.com lost talStoxxEurope 600 edged up 22000 DowJones easedfearsofarapid rise in value,” said Altaf Kassam, Industrial Average 1.5% $5.21, or 0.2%, to $3,057.64, 0.4%. Early Thursday, Japan’s interest rates. head of investment strategy and Apple fell $1.10,or0.9% Nikkei 225Stock Averagewas 20000 Theblue- forState Street Global Advi- S&P500 0.6 to $119.98. up 0.5%, Hong Kong’sHang WEDNESDAY’S chip index sorsinEurope.“Thecompa- General Electric fell 75 Seng Indexwas up 1.5% and MARKETS jumped nies that were laggardsbe- 18000 Nasdaq –0.04 cents, or 5.4%, to $13.25 after theShanghai Compositewas 464.28 points, fore,likefinancials and Composite agreeing to combine itsjet- up 2%. U.S. stock futures were 2020 or 1.5%, to 32297.02, marking energy,haveruled the roost leasing unit with rival AerCap up 0.4%. its11th record of 2021 and lately.” Source:FactSet and shut down itsGECapital firstclose above32000. Sincethe pandemic started unit. TheS&P 500 gained 23.37 last year,investorshavedis- in U.S. stocks aregoing to be day. This year’s steep rise in GameStop,afavoriteof AUCTION RESULTS Here are the results of Wednesday's Treasury points, or 0.6%, to 3898.81. counted some economic data limited from here.” yields,which had fallen as low daytraders, rose $18.10,or auction. All bids are awarded at a single price at the market-clearing yield. Rates are determined by the TheNasdaq Composite, mean- in favorofbetting on an ex- Theconsumer-priceindex as 0.915% at the start of 2021, 7. 3%, to $265,paring earlier difference between that price and the face value. while,lost 4.99 points, or less pected rebound. Now, though, rose 0.4%last month, in line partly reflectsexpectations gains of morethan 40%. NINE-YEAR, 11-MONTH NOTES than 0.1%, to 13068.83, after those looking ahead are with expectations.That helped that the Fedwill boost short- TheU.S.government auc- Applications $92,933,971,300 rising morethan 1.5% in watching forsigns of inflation assuageconcerns that asharp term interest rates. tioned $38 billion in 10-year Accepted bids $40,355,061,500 " noncompetitively $33,739,300 morning trading on the back and changes in monetary pol- increase in inflation would That is because improved Treasurynotes.Demand for " foreign noncompetitively $0 of Tuesday’srally. icy, said ThinkMarketsanalyst prompt the Federal Reserveto economic prospects arefuel- the 10-year notewas in line Auction price (rate) 96.346935 (1.523%) Thegains forDow stocks FawadRazaqzada. tighten monetarypolicy. ing betsonsectorssuch as with recent auctions,with Interest rate 1.125% andlosses formomentum- “People will be expecting Theyield on the benchmark banking and energy that $2.38 of bids forevery dollar Bids at clearing yield accepted 27.17% Cusip number 91282CBL4 driven tech stocks arebecom- bond yields to edgehigher,” 10-year Treasurynotefell to would benefit from arebound, of Treasurys sold. Therewere The notes, dated March 15, 2021, mature on Feb. 15, ing afamiliar pattern. Markets he said. “The potential gains 1.520% from 1.545% on Tues- and away from the technology fearsthat demand would be 2031.

mine at the moment,” Mr.Ar- Lithium cher said. “Therewill be some bad momentsinthe coming yearswheretherewill be a Supply shortageoflithium production.” Miners invested heavily in Tightens newprojectsasglobal lithium prices boomed until 2018.Sup- ply comes mostly from miners ContinuedfrompageB1 in Australia digging up amin- brids and biofuels—eclipsed eral called spodumene,which those of diesel-engined vehicles contains lithium, and compa- forthe firsttime in the third nies extracting it from salt quarterof2020 and nowac- lakes in Chile and Argentina. count forathirdofnew pas- But arun of declining prices senger cars,according to the ever sincehas dissuaded new European Automobile Manufac- investments, leading to expec- turers’ Association. tations of even tighter supplies Government incentives have in the future. Afresh price also been aboon forlithium surge could unleash anew demand, said ScottYarham, wave of extraction. who leads battery-metals pric- “There has been very little ingatS&P Global Platts. investment in the supply Some European govern- chain,” said Caspar Rawles, mentsoffer subsidies to elec- head of priceassessmentsat

REUTERS tric-car buyers, while President Benchmark.“While we have T/

OL Biden has pledged to build half been saying forsome time that

THV amillion charging stations,ad- demand is coming,everyone

NOR dressing aconcern buyersface: has been looking at yesterday’s Northvolt plans to tap U.S. tech companies and universities for engineers. One of its lab facilities in Sweden. getting stuck without power price.” miles from aplug-in point. His firm expectsglobal lith- “The thingsEVs need to tick iumcarbonateand hydroxide beforeconsumersstart switch- prices to hit highs of about Northvolt Buys Battery Startup ing to them arechargeability, $16,100 and $18,800 ametric durability—the long road trip ton, respectively,in2024. anxiety—and cost,” Mr.Yarham Risingprices arelikely to BY WILLIAM BOSTON “The Asians have ascale cell that increases battery “Cuberg’sbattery technol- said. draw in investorshoping to bet advantage,” Mr. Carlsson told density—or the amount of en- ogyhas some of the highest Thesupply-and-demand bal- on the global push toward envi- Swedish battery maker TheWall Street Journal. “The ergy a battery can store—but energy density we’veseen in ancefor lithium fell intodeficit ronmentally friendly technolo- Northvolt AB acquired U.S. scale-up of this industryand which canbeintegrated in ex- the marketplace, and its in 2020 forthe firsttime in gies,said James Jeary, an ana- startup Cuberg Inc., gaining thereby the supply chains hap- isting large-scale battery man- unique chemistriescould years, according to commodity lyst at CRU. But minerswould access to technologythat pened in Asia. And it’sabout ufacturing,enabling Northvolt provetobeasafe, stable solu- analystsatCRU.For 2021, the have to be cautious if they could significantly boost the to happen in Europe and the to improvethe rangeofits tion forfutureelectric air firm is forecasting lithium de- wanted to keep prices high, he rangeofits electric-vehicle U.S.” batteries with itsexisting pro- transportation,” SteveNord- mand of about 450,000 metric added. “Everyone is preparing batteries,inthe latest movein Analystssay Northvolt will duction facilities.The ex- lund, a Boeing executive, said tons,exceeding supply by forthe moment when the next aracebetween upstart battery struggle to competeonscale tended range of the batteries at the time. roughly 10,000 metric tons. wave of newinvestment comes makersand established ones with China’s Contemporary enables an electric caror Mr.Carlsson said he ex- “You will find thereisa‘sold in,” he said. “It’salmost likethe to get a competitive edge. Amperex Technology Co., Ko- other vehicle to runlonger on pectsthe technologyfromCu- out’ sign on everyoperating calm beforethe storm.” Thedeal comes as Europe rea’s LG Chem Ltd. and a single charge. And it means berg, spun out of Stanford becomes afocus forthe indus- China’s SVolt Energy Tech- that fewerbattery cells are University in 2015,will enable Chineselithium prices China's electric-vehicles sales, try, with Asia’s big dominant nology Co.These companies Northvolt to offer abattery change from ayearearlier battery makerscompeting already have the integrated with morethan 70%more $25,000 ametric ton 250% against Europe’shomegrown supply chains and financial Cuberg developed a rangethan comparable lithium startups to supply automak- power to fuel their global ex- ion batteries, allowing North- 200 erssuch as VolkswagenAG, pansion. CATL is building a battery cell that volt to grow faster and lower 20,000 Stellantis NV,BMW AG and batteryplant in eastern Ger- the unit cost of its batteries. increases battery Lithium Daimler AG with the batteries many,while LG Chem is ex- But the acquisition is about hydroxide 150 that will powermillions of panding its production in Po- density. futuredevelopment.Cuberg 15,000 electric cars.The terms of the land. SVolt, which developed a will become the nucleus of a acquisition weren’t disclosed. cobalt-free battery,isbuilding newNorthvolt development 100 To serverising demand amid a plant in western Germany. center that aims to tapengi- 10,000 an electric-vehicle sales boom Instead, they say, Northvolt needed to poweracar,reduc- neering talent in Silicon Valley 50 in Europe,Northvolt, founded should focus on developing ing the overall cost and in- to develop futurebattery tech- in 2016 by Swedish nativePeter technological advantages. creasing thenumber of cars nology. Thecompanyhopes to Lithium 5,000 carbonate Carlsson,aformer Tesla execu- “It’s going to be very chal- that Northvolt can equip. tapU.S.tech companies and 0 tive, is building agiant battery lenging fornew entrants,” said TheEmeryville,Calif., com- universities for top-notch en- factoryinnorthern Sweden, a Tim Bush, abattery analyst pany has mainly targeted the gineers. second plant with VW in Ger- with UBS. “You’regoing to aviation industryuntil now “Wewill be pulling on alot 0 –50 many,and is looking forasite need some kind of newdisrup- andreceived backing from of academia,” said Richard 2018 ’19 ’20 ’21 March 2020 ’21 forathirdplant that will be tive technology.” Boeing’s HorizonX venture- Wang, Cuberg’schief executive Sources: Benchmark Mineral Intelligence(prices); China Association of Automobile built in Germany. Cubergdeveloped abattery capital arm in 2018. and co-founder. Manufacturers (sales) Crude-Oil Price Overhaul HitsDelayAmid Debate Over Shipping Costs

BYJOE WALLACE global energy markets. intothe basket of crudes it U.S. crude-oil exports by month it would become aso-called CIF terial. Theproposed changes Dated Brent is apivotal uses to assessthe priceof (cost, insuranceand freight) initially sparked abig rise in Plans forthe biggest over- gaugeused to pricethe major- Dated Brent. Thedelayan- 4 million barrels aday benchmark.That means Dated the priceofswaps that traders haul in decades of howinterna- ity of traded barrels of oil nounced Wednesdaymarks a Brent would reflect the priceof use to hedgepositions in the tional oil prices aremeasured around the world. Published hasty reversal by the commodi- crude oil delivered to Rotter- physical market, as they sought arebeing put on hold following dailybyPlatts,itreflectsthe ties dataprovider. dam, with sellerspaying the to factor in the priceoffreight. objections over howtotreat priceofphysical crude oil in Themain cause forthe delay 3 cost of transporting oil to the Thechangeset out by Platts shipping costs. Europe’sNorth Sea. Thebench- is traders’ objections to the Dutchport city. “isnothing short of revolution- Prices of Texas oil were go- mark has faced amajor prob- way Platts planned to handle Thechanges also were due ary,” the OxfordInstitutefor ing to be included in assess- lem:For years, production of freight costsaspart of the to affect contractsknown as Energy Studies wroteinapa- mentsofBrent crude,the Brentand four other grades of shake-up.They pushed back cash BFOE, which reflect the perpublished Monday. “It is 2 benchmark priceunderpinning crude in the North Sea has de- againsthow the firm planned forwardpriceofcrude that not surprising that it caused the world’smost important clined. to addressthe cost of trans- doesn’tyet have aspecific such an uproar in the market.” commodity market, starting in European refinershave portingcrude from the U.S. loading date. Making sellersre- Platts signaled Wednesday July 2022. That hasbeen de- shiftedtobecoming large buy- Gulf Coast to northwestern Eu- sponsible forfreight costsin that West Texas Intermediate layedbydataprovider S&P ersofU.S.crude oil sincethe rope. 1 the cash BFOE market would will stillbeadded to itsBrent Global Platts afterthe energy shale boom revived the Ameri- Plattshad said that Brent have transformed apillar of the calculations in the future. industrypushed back on key canenergy industry, importing would stop being afree-on- North Sea’svast and complex “Thereiscertainly strong sup- details,inparticular who would morethan amillion barrels a boardbenchmark—in which crude-oil market, analystssaid. port in the market,” said Vera payfor freight costs. day. That ledPlatts to sayin buyers payfor freight and in- 0 Shipping costsare avital Blei, global director foroil and Theproposed changewas lateFebruarythat it would in- surancecosts, as they have consideration forcommodity liquefied natural gasmarketsat meanttoreflect the growing corporateWest Texas Interme- sincethe early 1980s. 2014 ’20 traders, ofteninfluencing the Platts.“Thekey question really importanceofU.S.exportsin diateMidland oil from Texas Instead, Platts proposed that Source:Energy Information Administration priceofthe underlying rawma- is howthat works.” P2JW070000-0-B01200-1------XA

B12 | Thursday, March 11, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Campbell’s Lukewarm Quarter Won’t Do

Campbell Soup posted mildly disappointing earnings. Investors initially greeted it likecold soup,before warming up to the stock abit. Thecompanysaid organic sales— which strip out acquisitions,divesti- tures and foreign-exchangeeffects— grew 5% in the quarter ended Jan. 31 from ayear earlier.That wasa deceleration from 8% growth in the prior quarter and shyofanalyst estimates forgrowthofaround 7%. Campbell partly blamed in- creasedCovid-19 cases,which it said hurt production by keeping workers

S out of plants, hurting growth by around 1percentagepoint. Campbell NEW

G shares were down around 3% in morning trading,but rose amid a

OOMBER broad rally,ending up 2%.

/BL Likeother food companies in recent weeks,Campbell made itscase

MORRIS forwhy elevated sales should prove

UL stickyafter the pandemic ends. PA Newcustomersare coming back in VID

DA large numbersfor repeat purchases, A fair amount of the increase in prices will probably come from the simple dynamic of supply struggling to meet demand. including millennials,especially in the once-reviled condensed soup category,Chief ExecutiveMark Clouse said on aconferencecall. More Jobs Can Mean Less Inflation Mr. Clouse also attempted to draw analyst attention to the company’s snack business, which accounts for around half of sales. A better labor market stands to actually alleviate some price pressures in the months ahead This business was growing even before the pandemic and has room for margin improvement, he said. Tightening labor markets are mates. Forecasters polled by The in service prices, in particular, is businesses will need to hire. Analystswerehungryfor hard supposed to make for higher infla- Wall Street Journal now believe that after a horrible year a lot of There could be limits on how facts. One asked howsales have tion. But at least in the months overall consumer prices as mea- businesses will be interested in quickly they can do that. Some are performed in U.S. marketsthat ahead, the faster the job market sured by the Labor Department selling as much as possible. Res- financial: Until more money is ac- have just reopened; Mr.Clouse said recovers, the less serious some in- will be up 2.8% from a year earlier taurants can raise prices if there is tually coming in the door, many it is tooearly to say. Another dis- flationary pressures might be. in June; six months ago, they had a lot of demand, for example, but small businesses in particular missed survey datacited by the The Labor Department on penciled in 2.2%. rather than seeing people lined up aren’t going to bring more people companyshowing howhappy con- Wednesday reported that con- Afair amount of the increase in out the door, glancing at their on. Some are logistical: There sumersare with Campbell’sbrands, sumer prices rose 0.4% in Febru- inflation will probably come from were about two million fewer peo- saying that even consumersthem- ary from January, driven by rising the simple dynamic of supply ple working at restaurants and selves don’t knowhow their behav- gasoline prices. Excluding food and struggling to meet demand. As the As thepandemic hopefully bars last month than a year ear- ior will changepost-pandemic. energy items—the so-called core, pandemic hopefully subsides,there lier, and sorting that many people Food stocks generally haven’t which economists use to better will be an unleashing of pent-up subsides, therewill be an back into jobs will take time. Com- fared well lately,both on skepticism track inflation’s underlying trend— demand forservices as people go unleashing of pentup plicating matters, a lot of service- of their outlooks and on rising rates, prices rose by just 0.1% on the on vacations,takeflightstosee sector businesses have closed as a which decrease the attractivenessof month. Versus a year earlier, over- family and begin eating out at res- demand forservices. result of the pandemic, so getting their dividends.This year,Campbell all prices were up 1.7%, and core taurants, again. And thanks to the capacity back to where it was is down about 1%, Kellogg 4% and prices were up 1.3%. ample savingsmanyhouseholds won’t be so easy. General Mills is basically flat. So not much inflation, but that have built up over the past year— Still, despite the hurdles, if de- Campbell looks attractiveat15.5 is about to change. For starters, which look as if they areabout to watches and leaving, the better mand does pick up, it should be times forwardearnings, compared year-over-year comparisons are be augmented with another round option may be to get those diners met by an increase in hiring that with afive-year averageof16.8 about to come up against the early of government support—therewill seated. So building back capacity could, at least in the short run, times,according to FactSet. If sales stages of the Covid-19 crisis, when be money to spend. Goods prices could be a big focus. help alleviate price pressures. Be- stay elevated in the second half, it prices fell. That isn’t all, though. could also remain firm, argueMor- But oftentimes in services sec- yond that, of course, the story is could proveapowerful catalyst for With vaccinations rolling out and ganStanley economists, because tors, capacity is people. Somebody different: The faster the job mar- the stock.For now, though, another round of government re- inventories arelow and supply- needs to make the bed, serve the ket comes back, the more persis- Campbell and the broader food lief landing soon, economists have chain problems persist. food, cut the hair and tell passen- tent any increase in inflation will sector remain apost-pandemic been raising their inflation esti- The potential offset to any rise gers to put their tray tables up. So likely be. —Justin Lahart show-me story. —Aaron Back China’s Stock Rally Is Out of Time

Thespecter of bubbles past still Margin trading balanceinChina’s haunt Chinese policymakers. That is stock markets an ominoussign forChinese stocks. China’s CSI 300 index has 2.5 trillion yuan dropped 14% from its recent peak in February, underperforming 2.0 other major markets. The S&P 500 is roughly flat over the same period. Part of the reason is a sharp 1.5

S rotation away from growth stocks NO

SO that is also happening elsewhere. 1.0 Sonos unveiled a new speaker—a device called the Roam that targets the ultra-portable Bluetooth speaker segment. As vaccination campaigns roll out acrossthe globe,investorshave moved away from technologyand 0.5 Speaker Maker Sonos Needed to Crank It Up electric-vehicle stocks back into moretraditional sectors. Tesla,for example,has lost nearly aquarter 0 The pandemic was a mixed pany’s products following retail but the new speaker does help ex- of itsvalue sinceJanuary. In China, 2013 ’15 ’20 blessing for Sonos, but at least the disruption early in the pandemic, pand the company’s market into a baotuan stocks—a Chinese term Note:1trillion yuan=$154 billion global health crisis helped con- as well as homebound workers de- new tier without sacrificing its meaning investorshuddle together Source:Wind vince investors that the premium ciding to invest in quality sound premium image. The Bluetooth around them—have suffered heavy speaker maker has staying power. systems. It also has managed to speaker segment is a wide-ranging selloffs.That includes manycon- worried that stimulus could fuel as- Between its initial public offer- keep its average selling price well category with prices that average sumer and technologystocks that set bubbles.China’sbig stimulus ing in mid-2018 and its fiscal year- above the $200 mark. Investors around $98, according to esti- have seen exorbitant rallies in the effortsafter the 2008 financial cri- end report on Nov. 19, 2020, So- have started tuning in; Sonos’s mates from Futuresource Consult- past couple of years. sis,and in 2015 and 2016 built up nos’s shares barely averaged a share price has more than doubled ing. But the Roam can still use a Shares of liquor giant Kweichow enormous debt, which the govern- modest multiple of one times the since its fiscal fourth-quarter re- Wi-Fi connection while in the Moutai,the most valuable company ment is still dealing with. company’s forward sales. That was sults on Nov. 19, and its valuation home, along with the Amazon and listed on amainland Chinese ex- While China’smarket isn’t at in keeping with the valuation pur- multiple has nearly tripled to Google voice assistants available in change,fell nearly aquarter in the the level of frothinessseen during gatory Wall Street generally re- about 2.9 times forward sales. other Sonos speakers. And the past month. Warren Buffett-backed the 2015 bubble,risks have been serves for companies in the highly It was a good time for the com- price disparity isn’t as wide as it electric-car maker BYD has lost a building up.The outstanding cyclical consumer technology pany to turn things up a notch. So- seems. Futuresource estimates thirdofits value sinceFebru- amount of margin finance—a main hardware space. Sonos had the nos unveiled a new speaker Tues- that Samsung’s JBL, Sonyand ary. Sectorslikeenergy and banks, culprit of the market bubble last added burden of competing with day afternoon—a $169 device Bose accounted for about 53% of which have been out of favorfor a time—remains athirdlowerthan the largest tech companies on the called the Roam that targets the Bluetooth speaker sales last year, long time,haveoutperformed. the peak in 2015 but has grown planet—two of which were content ultra-portable Bluetooth speaker and all have offerings priced simi- But most important, Chinese au- 51% sincethe beginning of 2020. to sell smart speakers at cut-rate segment. It used a virtual analyst lar to or higher than the Roam. thorities seem wary of fueling an- Thestock market actually probably prices to aggressively expand the meeting to raise its long-term fi- Sonos will likely continue add- other stock bubble.China’scentral isn’t the government’sNo. 1worry, market for their voice assistants. nancial targets. Sonos now expects ing new products and services to bank unexpectedly drained liquidity but therewill be collateral damage Sonos still competes with Ama- to end its 2024 fiscal year with expand its reach outside the home. from the financial system at the be- as it tries to rein in adebt buildup zon and Google in that category, revenue of about $2.25 billion, im- The company confirmed Tuesday ginning of the year,ahead of the in property.Top Chinese banking and Apple joined the fray late last plying average sales growth of that it is working with Audi on a Lunar NewYear holiday, sparking regulator Guo Shuqing warned year with the uncharacteristically about 13% annually. The company sound system for a coming SUV worries that monetarypolicycould about abubble in the country’s inexpensive HomePod mini, selling has averaged a little under 10% an- called the Q4 e-tron. Having shown become tighter.While China has real-estatemarket last week. for $99. But Sonos still managed a nual sales growth over the past it can compete well with giants in put the pandemic under control Chinese stocks had agood run sales surge in the latter half of five years. the home, the time is right for So- and itseconomyhas emergedmore in the last two years. Thingscould 2020. That was helped by im- Sonos isn’t hanging those ex- nos to take its show on the road. resilient than in manyother coun- gettougher from hereonout. proved distribution of the com- pectations entirely on the Roam, —Dan Gallagher tries,the government is also more —Jacky Wong