P2JW012000-6-A00100-17FFFF5178F

****** TUESDAY,JANUARY12, 2021 ~VOL. CCLXXVII NO.9 WSJ.com HHHH $4.00

DJIA 31008.69 g 89.28 0.3% NASDAQ 13036.43 g 1.3% STOXX 600 408.41 g 0.7% 10-YR. TREAS. g 8/32 , yield 1.131% OIL $52.25 À $0.01 GOLD $1,849.60 À $15.50 EURO $1.2151 YEN 104.25 House What’s News Looks to Impeach Business&Finance Trump taples’ owner made an Sunsolicited offer forOf- fice Depot, looking to unite In Days rivals whose previous mar- riageattemptswerethwarted by competition concerns. B1 Resolution charges  Intercontinental Exchange president with inciting will take itscryptocurrency venturepublic by merging insurrection; some in it with aspecial-purpose GOP discuss censure acquisition company. B1

 TheNasdaq lost 1.3%, with BY NATALIE ANDREWS S adropintech shares weighing AND REBECCA BALLHAUS NEW

on the broader market. The G S&P 500 and Dowfell 0.7% WASHINGTON—Congress

and 0.3%, respectively. B11 OOMBER careened toward afresh show-

/BL down with President Trump,as  Tyson and Pilgrim’sPride House Democratssaid they separately said they had plan to vote on impeaching him reached deals with a group SILBIGER H Wednesdayoveraccusations he

of poultry buyers to settle RA incited supporterstostorm the price-fixing claims. B1 SA Membersofthe National Guardstand outside of the Capitol building on Mondayassecurity wassteppedupinWashington. U.S. Capitol.  Steris is in talks to House Democratsintroduced combine with Cantel Medi- an article of impeachment on cal, adeal that would bring Mondaymorning and said they together two big providers SecurityMeasures Tightened would moveahead regardlessof of sterilization products. B1 tepid Republican support. While some Republicans have con-  Goldman, JPMorgan demned the GOP president for and MorganStanley moved encouraging his supportersto to delist hundreds of Hong In U.S. Ahead of Inauguration march to the Capitol as lawmak- Kong-traded derivatives in erswerevoting to ratifyDemo- the wake of aU.S.blacklisting cratic President-elect JoeBiden’s of some Chinese stocks. B1 BY NANCY A. YOUSSEF testsinthe nation’scapital and TheFederal Bureau of Inves- by Saturday—up from a victory, only ahandful have  Lilly said its experimen- AND GORDON LUBOLD acrossthe countryinthe com- tigation circulated an internal planned 6,200—tobolster se- backed removing him from of- talAlzheimer’s drug helped ing days. memo warning of armed pro- curity.And the National Park fice through impeachment or patients in a small trial, U.S. officials ordered thou- Thesigns of newsecurity testsatall 50 statecapitols Service, citing continuing dan- othermeans,while some have renewing hopes for thera- sandsofextraNational Guard concerns ahead of President- and in WashingtonbeforeInau- gerfromviolent groups,said floated censureasanalternative. pies to fight the disease. A3 troops to Washington, D.C.,by electJoe Biden’sinauguration guration Day, according to an Monday that it had closed fa- Democrats, who have unsuc- the weekend as part of newse- on Jan. 20 followlast week’s official. cilities,parking areas and road- cessfully pressed Vice President  Bluebird Bio plans to curity measures that include attack on the U.S. Capitol by a TheNational Guard’stop of- waysand is restricting access MikePencetoinvokethe 25th spin offits cancer-drug unit halting public toursofthe pro-Trump mob that sought to ficersaid he would increase to the WashingtonMonument. Amendment to removeMr. into a new, publicly traded WashingtonMonument, as au- stop Congressfromcertifying the number of Guardtroops in FBI officials arepreparing to Trump from office, areexpected companythis year. B3 thorities warn of armed pro- Mr.Biden’selectoral victory. Washingtontoatleast 10,000 PleaseturntopageA7 to have enough votestoim-  Blackstone hired Joe peach in the House,which re- Dowling, the ex-CEO of quires only asimple majority.A Brown University’s endow- two-thirds vote in the Senate ment, as co-head of its Felled by Riot’s Tech Backlash would then be required to con- hedge-fund business. B10 vict Mr.Trump.SenateMajority Leader Mitch McConnell (R.,  Dr. Martens said it had Ky.) has said therewould be no takenthe firststeps toward BY KEACH HAGEY siveapproach. Capitol. On the afternoon of the Parler policychief AmyPeikoff time to conduct atrial and vote a listing on the LSE. B3 AND JEFF HORWITZ Amazon.com Inc.abruptly riot, Amazon warned execu- told Amazon afew hourslater in the SenatebeforeInaugura- endedweb-hosting services to tivesfromParler it had re- in an email reviewedbyThe tion DayonJan. 20,with the World-Wide Parler launched in 2018 as a the company, effectively halting ceived reportsthe social-media Wall Street Journal. PleaseturntopageA4 freewheeling social-media site itsoperations,prompting Par- platform washosting “inappro- Amazon wroteback Thurs- forusersfed up with the rules ler to sue Amazon in Seattle priate” content, and that Parler PleaseturntopageA6  Gerald F. Seib: A no-win  House Democrats intro- on Facebook and , and it federal court.Other tech part- had 24 hourstoaddressit. choice awaits Biden...... A4 duced an article of im- quickly wonfans from support- nersalso acted, crippling oper- “Wehavebeen appropriately  Congress gets fuel to rein in  More companies halt political peachment against the ersofPresident Trump.On ations. addressing this type of content big tech firms...... A6 donations after riot...... A7 president over accusations Monday, it went dark,felled by Driving the decision waslast and actively working with law  Facebook to remove content  Acting Homeland Security that he incited supporters blowback over itsmorepermis- week’smob attack on the U.S. enforcement forweeks now,” mentioning ‘stopthe steal’.. A7 leader Wolf steps down...... A8 to storm the U.S. Capitol and said they planned to vote on Wednesday. A1 Alabama  Thousands of extra Na- Popular Online Communities tional Guardtroops were Captures ordered to Washington, D.C., National by the weekend as authorities Push Stocks to Record Gains warned of armed protests Title in the capital and acrossthe countryincoming days. A1 TheCrimson Tide Anew armyofsocial-me- munities wherethey gather. and trades,helping fuel the  Acting DHS chief Wolf is crushedOhio State dia-enabled daytradersis Platforms including TikTok, momentum that has propelled stepping down, citing court 52-24incollege helping propel stocks to re- Twitter, YouTube, Reddit, In- some companies to triple-digit decisions ruling he wasn’t football’s cords and turning companies stagram, Facebook and mes- or biggergains in 2020. serving legally in the acting championship into market sensations. saging platform Discord have “People fall in lovewith

post, according to an email he game Monday GES become the newWall Street [some stocks] and they get in

sent to department staff. A8 nightinMiami IMA By Caitlin McCabe, trading desks.Individual in- theseecho chambers, where Gardens,Fla. Gunjan Banerji and vestorsgather to talk about they areall shouting,like,

 Facebook said it is re- GETTY

Running back X/ hot stocks likeTesla Inc., ‘We’regoing to buy Tesla for- moving all content mention- Mischa Frankl-Duval NajeeHarris (No. CO boast of gains and commiser- ever!’ ” said Blake Bassett,a

ing “stopthe steal,” aphrase C. popular among supporters 22)was among the As trading by individual in- ate about losses. 31-year-old deliverydriver

of Trump’sunproven stars. A14 KEVIN vestorsboomed during the These investorsdomore who began trading several coronavirus pandemic, so has than just talk,though. They yearsago. “People post all day claims of election fraud. A7 the popularity of online com- piggyback on each others’ ideas PleaseturntopageA2  Agrowing wave of big businesses aredeciding to suspend or reviewtheir cam- The Office Commute Is Gone, paign donations in the wake INSIDE of the riot at the Capitol. A7 So Workers Make One Up  Biden plans to nominate William J. Burns,aformer ca- iii reer diplomat, as CIA director, filling in the last topslot on Missing the routine, people are trying CK his national-security team. A8 ways to mark the start and end of day TO  TheTrump administra-

tion is putting Cuba back on BY JENNIFER LEVITZ Ms.Hein embraced astrat- SHUTTERS the list of countries consid- egy to power through the re- A/ EP ered statesponsorsofterror- Formorethan adecade, maining months of working ism, rescinding a2015 move Holly Hein rode the #10 bus 45 from home: the pretend com- PERSONAL JOURNAL by the U.S. to thawties. A3 minutes to her administrative mute. Scientists don’t yet  Israel’s Netanyahu said job at Portland State Univer- Nine months intoAmerica’s knowwhether vaccine sity in Oregon. She would plop pandemic lockdowns,work- he orderedhis government ontoher usual spot at the from-homeemployees who will preventvirus’s to expand Jewish settle- spreadtoothers. A12 mentsinthe West Bank,an back of thebus and “space used to slog to the officeon early test forthe incoming out” with abook.Atclose of the train, bus,ferryorhigh- business, she would repeat the way areforcing themselves to Biden administration. A9 ritual in reverse. take short walks,drives or When the pandemic struck other excursions to re-create CONTENTS Opinion...... A15-17 in March, Ms. Hein felt grate- commuting and provide asep- P WE STOP Arts in Review... A13 Personal Journal A11-12 fultobeable to do her job re- aration between their work /A Business News.. B3,5 Sports...... A14 SA Capital Journal...... A4 Technology...... B4 motely from home.But in and nonwork lives. Crossword...... A13 U.S. News...... A2-8 AT NOTHING.

time,something seemed off. Thebuzz-phrase “fakecom- ESPINO Heard on Street.B12 Weather...... A13 “It was just a wrong feeling,” mute” has taken off on social

Markets...... B11 World News..... A9-10 MON she said. media, with scores of people RA That'swhy we built aflexible, She doesn’t missthe hassle sharing stories about simulat- > of commuting,exactly,but ing old routines,including car- U.S. NEWS pay-as-you-go cloud fora yearns forthe clear dividing rying apacked lunch out on Trump administration scalable world. line in her weekdays. strolls.British academic re- labels Cuba astate “Thereneeds to be acon- searchers said blurring work- trast,” she said, “toset off home roles during lockdown sponsor of Learn moreatDellTechnologies.com/Cloud s 2021 Dow Jones & Company, Inc. All Rights Reserved ‘home Holly’from‘work could createburnout. “We terrorism. A3 Holly.’ ” PleaseturntopageA10 P2JW012000-0-A00200-1------XA

A2 | Tuesday, January 12, 2021 . U.S. NEWS Trump Trade Chief Urges Biden to Keep Tariffs

BY BOB DAVIS zerwas the engineer who were just awasteoftime.” sentative,House Ways and helped steer the Trump admin- Chinese officials arguethat Means staffer Katherine Tai, In his nearly four yearsin istration’seconomic confronta- they have vastly liberalized has achallengeinshaping pol- office, U.S. Trade Representa- tion with China. He turned their economy, helping U.S. icy. Mr.Biden hasn’t put apri- tiveRobert Lighthizer helped President Trump’s anger at Bei- firms and consumers. They also ority on trade and will be sur- moveprotectionism from the jing into atwo-year trade war saythat their state-led eco- rounded by aides who have fringes of American policy- wherehedeployedtariffs on a nomic model is responsible for worked with him fordecades. making to the core.His advice scale not seen sincethe 1930s. turning China intothe world’s In manyadministrations,China

to the Biden administration: Facing annual tariffs on OL second-largest economy. policyisrun out of the White

Staythe course. $370 billion in trade, China PO Sincethe Phase One deal House or Treasurywith the S Keep tariffs on China—all of signed adeal ayear ago to in- wassigned in January2020, U.S. Trade Representativeplay-

them—even if that raises prices crease itspurchases of U.S. /PRES the lead on China policyhas ing asecondaryrole. forU.S.businesses and con- goods and services by $200 bil- shiftedtonational security offi- Ms.Tai, aMandarin speaker, sumers, he said. Weaken the lion over two years, open itsfi- MAKER cials.SecretaryofState Mike headed China enforcement pol- World Trade Organization so nancial marketsand ease pres- Pompeo has looked to deepen icyatUSTRduring the Obama that it can’t overrule U.S. poli- sureonU.S.firms to hand over MONEY relations with ,which administration. ABiden spokes-

cies,and makeitharder for technology. ANNA Chinaregards as arenegade man said “she knows howto American companies to move Thebattlehad itscosts—it Robert Lighthizer at a Senate committee hearing in June 2020. province, including starting makethe leversofgovernment overseas despitethe cost to rattled global markets, soured talks forabilateral trade deal. work” and she would work their competitiveness. Americans’ views toward China President-elect JoeBiden’s has doubled down on itsstatist ButMr. Lighthizer blocked closely with the WhiteHouse In an interview, Mr.Lighthi- and pushed the two economies economic team shares Mr. economic policies. that initiative, leading to criti- on trade,which he called “a key zercredited the Trump admin- apart, acleavage that has deep- Lighthizer’s viewofChina.But Mr.Biden plans to shuck cism he wascoddling China in pillar” of Mr.Biden’seconomic istration with taking a tough ened as avirus that surfaced in Mr.Biden’sadvisers point out unilateral action and sign up al- hopes of saving his trade deal. agenda. approach toward Chinese trade China spread acrossthe U.S., that the Trump administration lies forwhat he calls a“united That isn’tthe case,hesaid. Mr.Lighthizer creditsher practices that benefited U.S. killing morethan 370,000.Still, failed to getBeijing to adopt front” againstBeijing.That in- Therewasn’t enough time to go with helping corral Democratic workers—ending yearsofac- the tariffs didn’t lead to the the longer-term reforms it cludes leaving the decision on through the manylegal hoops support forthe renegotiated commodation by previous ad- economic disaster that some sought, including reducing gov- tariffs until consultations with to getatrade agreement, he Nafta, called the U.S.-Mexico- ministrations fearfulofanger- economists had predicted, al- ernment support of industry European and Asian partners. said.Besides,trade relations Canada Agreement, which ing Beijing. though they did increase prices and protecting trade secretsof Mr.Lighthizer views the Bi- with Taiwan arefraught. passed Congressbyawide “Wechanged the way people that Americans had to payfor U.S. companies,inpart because den plan with alarm, saying it “Wehavealarge and grow- margin, unlikenearly all free- thinkabout China,” Mr.Lighthi- manyimported goods. it picked fightswith U.S. allies could let other nations slowor ing trade deficit with Taiwan,” trade deals. zersaid. “Wewant aChina pol- “Wetransformed the way at the same time. veto U.S. actions and tie up he said, which totaled $26.9 “She learned good skills on icythat thinks about the geo- people think about trade,and In theyear sincethe trade theU.S.inendless, pointless billion through November theHill,” Mr.Lighthizer said. politicalcompetition between we transformed the way the pact wassigned, China has discussionswith China. The 2020.“We clearly have trade Those include “how to manage the United Statesand an adver- models are,” Mr.Lighthizer fallen far behind on itspur- U.S. and China “started dia- disputes with Taiwan [and] different people who have dif- sary—an economic adversary.” said in an interview. “My hope chase commitmentstothe logues in the ’90s,” he said. they haven’t been resolved.” ferent objectives and still get The73-year-old Mr.Lighthi- is that that will continue.” Phase One trade agreement and “That did nothing.All of them His successor as trade repre- thingsdone.”

Tweets mentioning NIO stock per day* NIOADR shareprice traded American depositary of electric-vehicle makersbe- Online 6,000 $60 receiptsclosed at arecord cause he thinks they have run $62.70 apieceMonday. Its up toofar.Herecently sold his market value of about $98 bil- position in Tesla, too. That Forums Fed lion is well abovethat of Gen- stockhas surged748% in the 4,000 40 eral MotorsCo. past 12 months,arally that has Thechatterhas persisted intensified over the past week. Stock Surge intothe newyear.NIO wasthe Social media is what drew second-most-traded stock on Mr.Mayotostocks in the first 2,000 20 Mondayonthe retail-trading place at around age 13, when ContinuedfromPageOne platform operated by Fidelity he said he sawmillionaire like it’s a football game.” InvestmentsInc., trailing only penny-stock trader Timothy And while online discussions Tesla. And the trend wasmir- Sykes’s account while brows- among investorsaren’t neces- 0 0 roredonWebull Financial LLC’s ingInstagram. Mr.Sykes has sarily new—in thelate1990s, platform last week. Part of the boasted of making a full-time 2020 Dec. 2020 '21 internet chat rooms dedicated excitement stemmed from Dem- job out of trading stocks. to stocks helped sustain the Top10tradedsecurities,average daily volume† ocrats’ unexpected U.S. Senate Not everyone is swept up tech-stock bubble—social media wins in Georgia, which some in- by the hype, even if they, too, is morewidespread than ever NIO Bank of America SPDR S&P500 Sundial vestorsbelievewill givePresi- arepart of the social-media before.That, meanwhile,has dent-elect JoeBiden,aDemo- stock-market debate. 111 million shares 67.9 ETF Trust Growers coincided with an industrywide 100.1 69.2 crat, agreater shot at achieving Determining the degree to movetocommission-free trad- his clean-energy initiatives. which online chatterdrives ing,while most brokeragefirms Apple Thecompany’sannual “NIO share-pricemovement canbe have made it easier to dabble in 156.9 Day” on Saturday, during which difficult to quantify. But some riskyinstrumentslikeoptions. the electric-vehicle maker un- researchershavefound individ- Shares of Chinese electric- General Electric veiled itsfourth production ual investorstypically makethe vehicle maker NIO Inc.are an 97.8 model,had also prompted en- biggest impact on smaller,more example.The stock has received thusiasm among individual in- speculativestocks. Tesla VelocityShares some of the most enduring in- 74.8 3x Long Crude vestorsleading up to the event. Some industryveterans warn terest from individual investors, Oil ETN Theonline buzzhas enticed social-media postscan inadver- joining the ranks of dozens of 69 traderstopile in. Gavin Mayo,a tently send toorosy amessage others,including fuel-cell com- Ford Motor 19-year-old student at the Uni- about beginner trading.That 76.5 American Airlines panyPlug PowerInc.and Tesla. 67.8 versity of North Carolina at candrawother newbies in. Though hardly ahousehold Chapel Hill,said he typically “Everybody only poststhe name,NIO is among the most spends one to five hoursaday wins,” said AnthonyDenier, searched stocks on Google. *Figures through Dec. 24.†Figures from end of 2019 through Jan. 7. scrolling TikTok,YouTube and chiefexecutiveofWebull, a Video snippetsunder the tag Sources: Twitter(tweets); FactSet (shareprice, daily volume) other platforms forideas on brokeragethat is popular with #nio have accumulated more what to trade while churning younger investors. “Nobody than 35 million views on the so- ber,upfromabout 100 men- on averageeach day, according Trust, one of the biggest ETFs out video snippetstomorethan sendsaselfie on Instagram cial-media platform TikTok, tions aday at thestart of 2020. to Dow Jones Market Data as tracking the broad stock-market 60,000 of his TikTok followers. when they just woke up aftera with manyyoung investorsen- Theexcitement online has of Thursday. That trailedonly index. Options volume tied to “Ifthere’ssome really good bender.It’swhen they’rehav- couraging otherstobuy shares coincided with arush of trad- trading in Apple Inc., which NIO has surged, with morethan stocks outthere—usually peo- ing their firstcocktail forthe of the companyorquestioning ing activity. NIO has been the hasamarket valuation more 10% of all activity recently stem- ple aretalking about it,” Mr. nightand they’reall done up. if it is thenextTesla. And the second-most-actively traded than 20 times that of NIO. ming from individual investors, Mayo said, adding that he re- It’s the same forday traders” buzz is aliveonTwitter, where stock in the U.S. market over NIO has been amorepopular according to Trade Alert data. cently sold 100 shares of NIO posting their profit and losses. it wasmentioned nearly 6,800 thepast year,with about 111 trade than even the SPDR S&P Fetching under $4 at the forabout a$1,600 profit.Now, —Caitlin Ostroff times on asingle dayinNovem- million shares changing hands 500 Exchange-Traded Fund start of 2020,NIO’sU.S.- he is staying away from shares contributed to this article. CORRECTIONS  U.S. WATCH AMPLIFICATIONS FEDERAL RESERVE MINNEAPOLIS Noticetoreaders Lower Rates Raise Police Union Leader Wall Street Journal staff Central Bank Profit Will Retire Early membersare working re- motely during the pandemic. The Federal Reserve sent Lt.Bob Kroll, the outspoken Forthe foreseeable future, $88.5 billion in profit to the U.S. head of the PoliceOfficers Feder- please send reader comments Treasury Department in 2020, a ation of Minneapolis, said Monday

only by email or phone, using nearly two-thirds increase from S he plans to retireatthe end of the contactsbelow, not via the previous year as lower rates the month, citing family reasons. U.S. Mail. held down the central bank’s in- PRES Mr. Kroll, who said in a letter terest expense. TED announcing his retirement to CIA

Readers can alert The Wall Street The Fed’spayments to the SO union members that he had

Journal to any errors in news articles Treasury had fallen overthe pre- AS served on the city’s police force by emailing [email protected] or by calling 888-410-2667. vious four years as interest rates for 32 years, moved up initial rose, boosting the reserves it paid plans to retire in May. on deposits thatprivatebanks “After reviewing the bigger THE WALL STREET JOURNAL keep at the Fed’sregional reserve SUN-SENTINEL/ picture, it is in my family’s best A (USPS 664-880) (Eastern Edition ISSN banks. The Fedalso began shrink- interest for me to retire four 0099-9660) (Central Edition ISSN 1092- ORID 0935) (Western Edition ISSN 0193-2241) ing its portfolio of assets, reduc- FL months early,” said Mr. Kroll,

Editorial and publication headquarters: 1211 ing its overall net income. UTH who was elected president of

Avenue of the Americas, NewYork, N.Y. 10036 In 2020, the Fedlowered SO the union in 2015. A/ Published daily except Sundays and general ratestonear zero in response to He came to national attention

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The Wall Street Journal, 200 BurnettRd., sharply reducing interest pay- JOE George Floyd in May. He later Chicopee, MA 01020. ments on banks’ excess reserves. FAIR WEATHER: Workers at the South Florida Fairgrounds in West Palm Beach prepared Monday said in a series of interviews AllAdvertising published in The Wall Street Lower interest expense for Friday’s opening. A scaled-down version of the fair will be held because of Covid-19 precautions. with local media that the firing Journal is subject to the applicable rate card, boosted the Fed’s net income to of then-officer Derek Chauvin, copies of which areavailable from the Services Department, DowJones & $88.8 billion in 2020, from $55.5 CORONAVIRUS Mr. Biden said Monday de- retired the last state flag in the who planted his knee on Mr. Co.Inc., 1211 Avenue of the Americas, New billion in 2019, according to pre- tails of his vaccine plan would U.S. that included the rebel sym- Floyd’s neck for an extended pe- York, N.Y. 10036. The Journal reserves the right Biden Gets Second nottoaccept an advertiser’s order.Only liminary estimates of the central come Thursday. “Three or four bol. Momentum to change the riod, was justified. publication of an advertisementshall constitute bank’s annual financial state- Dose of Vaccine thousand people dying a day is Mississippi flag built quickly last Mr. Kroll didn’t respond to a final acceptanceofthe advertiser’s order. ment, released Monday. beyond the pale,” he said. summer as protests against ra- request for comment. Letters to the Editor: The Fedisrequired to use its President-elect Joe Biden re- —Alex Leary cial injustice were happening “Good riddance,” tweeted Fax: 212-416-2891; email: [email protected] revenue to coveroperating ex- ceived his second dose of the across the nation. Minneapolis Mayor Jacob Frey, Need assistancewith your subscription? By web: customercenter.wsj.com; penses and send much of the Covid-19 vaccine on Monday, MISSISSIPPI Legislators created a commis- who had clashed with Mr. Kroll By email: [email protected] rest to the Treasury’sgeneral completing the regimen ahead sion to design a new flag, speci- numerous times in recent years, By phone: 1-800-JOURNAL (1-800-568-7625) fund, whereitisused to help of his Jan. 20 inauguration, and New Flag Drops fying that the banner couldn’t in response to news that Mr. Reprints &licensing: coverthe government’sbills. The said he would release a vaccine include Confederate imagery and Kroll was retiring. By email: [email protected]; Confederate Emblem By phone: 1-800-843-0008 Fedpayments to Treasury,called distribution plan later this week. that it must include “In God We Mr.Kroll wasanoutspoken WSJback issues and framed pages: remittances, hit arecordin2015 Mr.Biden received the shotat Mississippi Gov. Tate Reeves Trust.” critic of the city’shandling of the wsjshop.com because of swelling interest in- ahospital in Newark, Del. He got on Monday signed a bill that During asigning ceremony, Mr. unrestfollowing Mr.Floyd’s death, Our newspapers are100% sourcedfrom come from its huge bondholdings. the firstdoseonDec. 21, becom- gives the state a new flag that Reeves said the old flag was“a calling it “despicable” thatthe sustainably certified mills. Monday’sreport showedthe 12 ing one of the firstpublic officials has a magnolia and that no lon- prominentroadblock to unity.” mayorand governor,bothDemo- Fedreservebanks’ operating ex- to do so.“There’snothing to ger carries the Confederate bat- Speaking of the newflag, he said, crats, had shifted blame forthe GOTATIP FORUS? penses totaled $4.5 billion in 2020, worry about,” he said at the time. tle emblem. “It is one small effort to unify, ensuing violencetopoliceofficers SUBMIT IT AT WSJ.COM/TIPS unchanged from the previous year. Mr.Biden is set to takeoffice The bill signing happened just but it is done in good faith.” in alettertounion members. —Kate Davidson as the virus continues to surge. over six months after legislators —Associated Press —Joe Barrett P2JW012000-0-A00300-1------XA

THE WALL STREET JOURNAL. Tuesday, January 12, 2021 | A3 U.S. NEWS Cuba Put Back on List of Terrorism Sponsors

BY MICHAEL R. GORDON

WASHINGTON—TheTrump S administration is putting Cuba back on the list of countries PRES considered statesponsorsof TED

terrorism, rescinding a2015 OCIA SS

move by the Obama adminis- /A tration to thawties to the one- time Cold War adversary.

There-designation, an- SUN-TIMES

nounced Monday, maycompli- GO cate President-elect JoeBi- CHICA den’seffortstoimproveties CIA/ with Havana. It is the latest in aseries of foreign-policysteps GAR

the administration has taken REZIN in recent days to trytolock in HLEE

policies before it leavesoffice. AS SecretaryofState Mike Mondaywas the firstday of optional in-person learning forpreschoolers, likethese pupils at DawesElementary School, and some special-education students in Chicago. Pompeo said the re-designa- tion is warranted because Cuba has harbored several U.S. fugitives,including awoman Virus KeepsSchool SchedulesinFlux accused of killing aNew Jer- sey statetrooper in 1973. He also said Cuba hasrebuffed BY JENNIFER CALFAS tors weighed in reopening Colombia’sextraditionrequest More Than 213,000 Sunday, according to data com- to Johns Hopkins data. Experts plans.But thereisn’t ascientific for10membersofthe Na- School districts across the piled by Johns Hopkins Univer- have warned this month of consensus on those specific fig- tional Liberation Army, which countryare changing their NewCases Reported sity, down from 264,830 re- surges in new cases, hospital- ures,and children canstill con- is tied to a2019 bombing in plans with the new year, with ported for Saturday and izations and deaths after De- tract and spread the virus. Bogotá that killed 22 people. some deciding to prolong re- 292,521 for Friday. Newly re- cember’s holiday gatherings Educatorsinsome states Sen. Patrick Leahy, the Ver- moteinstruction and others Newly reported Covid-19 ported cases each day tend to and travel. said they hope therollout of mont Democrat who playedan moving to reopen classrooms. cases, as well as deaths and be lower at the beginning of Overall, there have been the vaccine,and particularly important role in improving Tenuous schedules areex- hospitalizations relatedtothe the week and higher toward more than 22.5 million con- the prioritization of teachers relations with Cuba during the pected to remain fluid as dis- disease, were down from recent the end, as fewer people are firmed cases in the U.S., ac- and school staff,could salvage Obama administration, de- trictsweigh rising coronavirus highs, but thatdoesn’tnecessar- tested on weekends. cording to Johns Hopkins data, some of the school year.The nounced Mr.Pompeo’s move cases in much of the country ily indicate adownwardtrend. Sunday’s case number is and more than 375,000 deaths Connecticut Education Associ- as a“blatantly politicized des- against concerns about stu- The nation reported more higher than the 209,895 re- as of Monday. ation andAmerican Federation ignation” that wasintended to dent learning loss and when than 213,000 new cases for ported a week earlier, according —Adam Martin of TeachersConnecticut said complicatethe incoming Biden teachers can be vaccinated. that vaccination will speed administration’s diplomacy. Detroit Public Schools Com- plansfor in-person instruc- “Of course we have differ- munity District said last week country’slargest urban school trictsand standards set by Mark Sullivan said, and more tion. Gov.Andrew ences with the Cubans over fu- that K-12 in-person instruction districts. “People set dates as governorsand other leaders. school staffbecame sick. Cuomo said educatorsmay be- gitives from justice, as we do likely won’t resume until Feb- atargettohelp with their Some recently have shifted “I’drather have some belief gin to schedule vaccine ap- with many governments,” Mr. ruaryascoronavirus testing planning purposes.” their models,shortening quar- in the quality of our virtual pointments Monday. Leahysaid. “But the secretary positivity ratesremain high. Some school leadersare ex- antine periods and changing programasopposed to man- TheChicagoPublic Schools’ of statehas done nothing con- And Chicago, which has had re- pressing moreoptimism about positivity-ratethresholds that dating aprogram just so the decision to open their doorsto structivetoaddressthat prob- motelearning sincelast spring, reopening with vaccine distri- determine when to shut down kids could be in the school,” prekindergartnersand some lem forfour years, and this will is pushing ahead with prior bution on thehorizon and bil- schools.Rising cases prompted Dr.Sullivan said. “Just bringing special-education students only makeitharder to solve.” plans to reopen schools this lions of dollars in federal aid some districtstoshutterin- children to school forthe sake starting Mondaysparked out- TheState Department list monthfor some studentsde- for public K-12 schools on the person learning before the of bringing them to school was cry from the teachers union. to which Cuba is being added spitepushback from teachers. way, Mr. Casserly said. winter holidays,extending vir- not an option forus.” EducatorsatChicago’s includes Syria, Iran and North Manystateshave priori- Millions of children returned tual learning forweeks. Growing research has shown Brentano Math and Science Korea. Cuba wasremoved tized vaccinating teachers to to school—virtually and in per- Birmingham City Schools in schools aren’t generally major Academytaught their online from that list in 2015 as the expediteareturn to in-person son—this month afterawinter Alabama postponed areturn to spotsfor transmission of the classes outside in freezing Obama administration sought learning. break in which coronavirus itsblended in-person and vir- coronavirus,depending on temperatures last week to to build ties with the country, “It’samixed pictureall cases,hospitalizations and tual modelafter coronavirus strategies forfighting the raise awarenessabout their part of acampaign that in- acrossthe country,” said Mi- deaths reached records.Strate- positivity ratesskyrocketed af- spread such as mask wearing concerns.“We cannot be the cluded boosting commercial chael Casserly, executivedi- gies forin-person or remote terThanksgiving.Moreparents and and ad- great teachersthat we areun- air travel, the reopening of rector of the Council of the learning have varied widely opted out of in-person learning herencetothem. Heightened der these unsafe conditions,” embassies and avisit by Presi- Great City Schools,agroup throughout the past year,with forthe safety of their children community transmission often said Anne Kellogg, aspecial- dent Barack Obama to Cuba. representing about 75 of the different metrics guiding dis- and families,Superintendent has been one of numerous fac- education preschool teacher. ABiden transition official declined to comment on the decision, but noted that Mr. Biden and his team will review Alzheimer’sDrug Helped PatientsinSmall Trial these last-minutemoves and “willrender averdict based exclusively on one criterion: BY JONATHAN D. ROCKOFF In itstrial, donanemab showed both amyloid buildup the national interest.” didn’t stop Alzheimer’s,and and tangles of another Alzhei- Cuba haslong been acon- An experimental Alzhei- the number of subjects—272 mer’s hallmark protein, tau. tentious political issue in U.S. mer’s drug from Eli Lilly &Co. people with the disease still at They were given either do- politics,and President helped patientsinasmall the mild stage—was relatively nanemaboraplacebo by IV trial, the companysaid,re- small. Yet if the findings hold infusion every four weeks. newing hopes that researchers up,itwould suggest research- Researchersmeasured sub- Move rescinds lifting areclosing in on therapies ershavefound amedicine that jects’ cognition and ability to that can fight the disease. can at least slow Alzheimer’s, perform daily functions like of that designation Thedrugslowedthe decline aprogressivedisease that dressing,using aquestion- in 2015bythe Obama in memoryand ability to per- steals memories and thinking nairethat caregiversoften an- form activities of daily living by skills and eventually the abil- swered. Every six months, re-

administration. 32% after18months among ity to do basic tasks. Lilly has BLAKE/REUTERS searchersimaged study

people who received the ther- begun enrolling volunteers in MIKE subjects’ brains. If their amy- apy compared with those who a500-subject study seeking to Lilly’s drug, named donanemab, slowed the decline in memory. loid plaqueshad gone away, gotaplacebo,Lilly said. confirm the findings. they stopped getting do- Trump’stough rhetoric Lilly’s drug,named do- Aseries of research set- have been faltering in testing. given of earlier anti-amyloid nanemab. against Cuba has been sup- nanemab,met the primarygoal backshas prompted many Researchershoped these drugs. Dr.Skovronskysaid the ported by manyCuban-Ameri- of the study,according to the drugmakers to give up. drugswould stymie Alzhei- Dr.Skovronskysaid the positiveresultssupport re- canvotersand other Hispanics company—amilestone one ex- Most recently apanel of ex- mer’s by targeting a hallmark goal was to get as much drug searchers’ hypothesis that the whoare sharply critical of that perimental Alzheimer’s drug af- pertsadvising theFood and of thedisease: the stickyde- as possible through the blood- buildup of amyloid plays an countryand itsregional ally teranother has failed to reach. Drug Administration said posits, or plaques,ofaprotein brain barrier that protectsthe important role in Alzheimer’s. Venezuela. Mr.Trump wonthe “It’sabig moment forAlzhei- study data didn’t support the called amyloid that accumu- brain and so hit the amyloid In the trial, 27% of subjects battleground stateofFlorida mer’s patients. There’shope effectivenessofanexperimen- late in the brains of patients. plaques hard, much as howan- who took donanemab showed in November, in large part on again,” said Daniel Skovronsky, taltreatment from Biogen Inc. Unlikeanti-amyloid cousins, ticancer agentsattack tumors. signs in imaging of fluid his performanceamong Cu- Lilly’s chief scientific officer. Theagencyisweighing donanemab wasdesigned to “Part of our strategyisto buildup in their brains,Lilly ban-American voters in the Lilly gaveonly the highlights whether to approve the ther- clear the plaques,not just stop treat Alzheimer’s likecancer,” said, with 6% experiencing Miami area. of the study results, saying de- apy, called aducanumab. their buildup, Dr. Skovronsky he said. symptoms. Mr.Trump already has tails would followatamedical Aducanumab and do- said. Researchers also gave a Forthe mid-stage, or Phase takenanumber of steps meetingand in an article in a nanemab belong to the same much higher dose of do- 2, trial, researchersenrolled  Heard on the Street: Lilly against Cuba, including pro- peer-reviewedjournal. classofantibody drugs that nanemab than researchershad subjectswhose brain images drug has a lot of upside... B12 hibiting individual travel for educational and cultural ex- changes,and imposing eco- nomic sanctions. Madigan Suspends Bid for Illinois House Speaker In putting Cuba back on the terrorism list, the administra- BY JOE BARRETT in thewakeofafederal cor- “I’m still in,” Ms.Kifowit bidtowin support from Mr. Daley,who wasboth mayorof tion didn’t assert that the Cu- ruption probe.Heisthe lon- said.Ms. Williams didn’t re- Madigan forits legislative the city and head of the local ban government had repeat- Illinois House Speaker Mi- gest-serving speaker of astate spond to arequest to com- agenda. Democratic Party,giving him edly provided support for chael Madigan, the longest- house nationally, according to ment. Mr.Madigan has denied control over not only the international terrorist acts, serving statehouse speaker in the National Conferenceof In July,Mr. Madigan was wrongdoing. city’s budget, but also broad which the State Department U.S. history, on Mondaysus- State Legislatures. referred to as Public Official A Asecond indictment in No- influenceoverwho gotelected has long said is acriteria for pended hiscampaign to re- On Wednesday, anew legis- in afederal deferred prosecu- vember leveled charges to key roles in the city. inclusion on the list. main in the post after failing lativesession begins and a against two former ComEd of- In 1998,four yearsafter Mr.Pompeo said Cuba mer- to win enough votesinaDem- speaker must be elected, ac- ficials,aconsultant and alob- Democratsbriefly lost control ited inclusion because it has ocratic caucus on Sunday. cording to the state constitu- Michael byistwho is alongtime friend of the House,Mr. Madigan provided “safeharbor to ter- “This isn’t awithdrawal,” tion. If the Democrats, who Madigan has of Mr.Madigan forallegedly took apagefromMr. Daley’s rorists.” Mr.Madigan said in astate- will hold a73-35 majority in come under arranging jobs,contractsand playbook,and became head of Thedesignation penalizes ment. “AsIhavesaid many the new legislature, can’t set- increasing paymentsinsome cases for the stateDemocratic Party. people and countries engaging times in the past, Ihaveal- tle on acandidatewho can pressure to little to no work forMr. Madi- That gavehim control of a in certain trade with Cuba, re- waysput the best interest of garner 60 votesincaucus, step aside gan’sassociates,according to campaign warchest that al- strictsU.S.foreign assistance, the House Democratic Caucus they risk an open vote on the from his post. the indictment. lowedhim another lever to bans defense exportsand and our membersfirst. The Housefloor that could see a TheU.S.attorney’s office ensurethe loyalty of members sales,and imposes certain HouseDemocratic Caucus can candidatethat drawssome Re- said the investigation is ac- of the Democratic caucus. controls on exports, he said. work to find someone,other publican votes. tion agreement with Common- tive.Itdeclined to comment Whoever takesoverMr. Cuba officials have de- than me,toget 60 votesfor In avoteonSundaynight, wealth Edison. TheExelon on whetherMr. Madigan was Madigan’sgavel will facethe fended their decision not to Speaker.” Mr.Madigan secured 51 votes, Corp.subsidiary agreed to pay atarget. Thefour officials largest unfunded pension of extradite the National Libera- Mr.Madigan, who has been stateRep.Ann Williams,(D, a $200 million fine to resolve named in the second indict- anyU.S.state,alarge budget tion Armyofficials,saying that speaker forall but two years Chicago) received 18 votes, and chargesthat it had handed ment have denied wrongdoing. deficit due to the Covid-19 would violatethe protocols es- since1983, has come under in- stateRep.Stephanie Kifowit, outjobs and internships to Mr.Madigan rose to power pandemic,and the continuing tablished fordiplomatic talks. creasing pressure to step aside (D,Oswego)got three votes. Mr.Madigan’sassociates in a in the eraofthe firstMayor public-health crisis. P2JW012000-6-A00400-17FFFF5178F

A4 | Tuesday, January 12, 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 No-Win Choice Awaits the New President

building, should be hanged. thrives on attention, would of Northern states shortly A group of staff members continue to get it; the hopes after his inauguration in an of House Speaker Nancy of foes who want him to attempt to start healing a Pelosi hid under a confer- simply fade away would be North-South political split ence table while the crowd dashed. exacerbated by his election. outside, in search of the Moreover, some Republi- President Warren Harding, speaker, tried to break down cans argue that Mr. Biden’s whose brief term was the door. Two police officers oft-professed desire to move marred by scandal, nonethe- CAPITAL JOURNAL who tried to defend the Cap- beyond divisions and politi- less tried to heal wounds left By Gerald F. Seib itol have died, one after hav- cal reprisals and into a pe- by World War I by commut- ing been hit in the head with riod of greater unity would ing the sentence of socialist a fire extinguisher. be seriously undermined if Eugene V. Debs, convicted of President-elect Joe Biden Even , he supports reprisals against seditious actions for, among faces a lot of tough choices Mr. Trump’s former cam- Mr. Trump personally. They other things, encouraging as he heads into office, but paign manager and White also argue that the case draft resistance. he now confronts a particu- House counselor, responded against Mr. Trump as an in- Most famously, of course, larly fraught one: Does he over the weekend with a citer of violence is under- President Gerald Ford par- play the role of avenger or tweet saying, “Don’t avert mined by the fact that in his doned his predecessor, Rich- conciliator? your eyes & don’t excuse QUE/REUTERS speech to his supporters be- ard Nixon, to spare the coun-

It is a no-win proposition. this. The more we see & MAR fore they marched on the try the trauma of a trial over The stream of videos, pic- learn, the worse it is.” LA Capitol, while he encouraged Watergate crimes. The deci-

tures and sounds that con- KEVIN his supporters to “fight like sion sparked outrage and tinue to emerge from inside hose images have President-elect Biden can playthe role of avenger or conciliator. hell” to change the election probably helped cost Mr. a Capitol un- hardened the resolve outcome, he also told them Ford election in 1976, but der siege last T of many Democrats, crats charge that it is impor- over the weekend that House to march “peacefully and pa- has been looked upon more week are and even some Republicans, tant to discourage future leaders might wait until af- triotically.” kindly by history. showing in to push Mr. Trump out of of- insurrectionists by showing ter Mr. Biden’s first 100 days To most Democrats, those “Each—even poor Hard- more graphic fice in the few days left, ei- that the president’s role in to send articles of impeach- calls for unity and healing ing—perceived that the tem- detail the hor- ther through his own resig- inspiring this one won’t go ment to the Senate, raising now ring hollow after most perature had to be turned rors that un- nation or invocation of the unpunished. They would like the novel question of Republicans either tacitly or down,” says historian Ste- folded when a pro-Trump 25th Amendment’s clauses Mr. Biden’s endorsement. whether a president already explicitly accepted Mr. phen Ochs. mob showed up to try to providing for the removal of The practical problem is out of office still can be Trump’s incendiary rhetoric There is no easy call here stop the confirmation of Mr. a president unfit to continue that, while the House might tried. and his charges that the for an incoming president. Biden’s election over un- serving. But neither course move quickly to impeach, the That course would ensure election was stolen. History and the chances for proven charges of election seems remotely likely. Senate almost certainly that the controversies Mr. upstanding future behavior fraud. One man ran through That leaves either simply wouldn’t move quickly to a Trump generates would hang till, history offers some by public figures require the Senate gallery carrying letting Mr. Trump serve out trial. Democrats might not over the crucial opening examples of new presi- some reckoning for what zip ties, the only logical use his final days—or, as seems even want a trial until they phase of Mr. Biden’s presi- S dents who have chosen happened last week. But de- for which would be to hand- increasingly likely, have the take control of the Senate dency, including the life-or- to make tough choices in the ciding what that reckoning cuff hostages. The crowd House impeach him and the later this month. Rep. James death matter of speeding up interest of national healing. should be isn’t easy—and it’s chanted that Vice President Senate try him for encourag- Clyburn, the third-ranking the rollout of coronavirus President James Monroe, a surely not a choice Mr. Biden , who was in the ing the attack. Many Demo- Democrat in the House, said vaccines. Mr. Trump, who Southerner, undertook a tour wanted. House Eyes HighCourt Vote on Rejects Removal Requests

ContinuedfromPageOne To Hasten Senatenot set to return until Jan. 19.But the likely next ma- jority leader,Chuck Schumer (D., Vote Case N.Y.), is exploring using alittle- used emergencytool to call the BY JESS BRAVIN Senateback sooner if needed, a Democratic aide said. Mr. WASHINGTON—TheSu-

McConnell would need to agree, GES preme Court rejected pleas

and aspokesman didn’t respond IMA from President Trump and his to arequest forcomment. allies to expeditetheir pend- TheSenatecan hold atrial GETTY ing challenges to November’s forMr. Trump even afterhis SE/ election, all but ensuring the presidencyends,which some justices won’t consider the ap- lawmakerssee as justified in peals beforeJoe Biden as- ANCE-PRES

both condemning his actions FR sumes the presidencyJan. 20. andpotentially banning him In unsigned ordersissued ENCE

from holding officeagain. AG Monday, the court without

“Whether impeachment can KI/ comment denied requeststo

passthe United StatesSenateis OWS expeditemorethan ahalf- not the issue,” said House Ma- dozencases seeking to over- jority Leader StenyHoyer (D., SMIAL turn Mr.Biden’svictories in Md.). “The issue is,wehavea AN states including Georgia,

president who most of us be- BREND Michigan, Pennsylvania and lieveparticipated in encouraging An officer walked in the Capitol crypt past a model of Capitol Hill on Monday as the House prepared an impeachment resolution. Wisconsin. By leaving them on an insurrection and attack on the regular calendar,the this building and on democracy.” only one Republican, Sen. Mitt Trump appeals won’t be Theunprecedented second RomneyofUtah, votedtocon- scheduled forconsideration impeachment has gathered vict. Mr.Trump wasacquitted. until late January at earliest. quicksupport among House Now, several of the presi- Thejustices areunder no Democrats, with 210 signed on dent’s allies have broken with obligation to hear the cases, to aresolution that accuses Mr. Mr.Trump,with some Republi- and few legal observersexpect Trumpof“incitement of insur- cans calling forhim to resign and that they will. rection,” aDemocratic aide said. otherssaying they would con- Thecourt’saction comes Theimpeachment plans sidersupporting impeachment. afterapro-Trump mob in- were laid amid mounting secu- Some GOP lawmakerswere vaded the U.S. Capitol rity concerns in the capital in frustrated that Rep.Kevin Wednesdayinafailed effort to advanceofnextweek’sinaugu- McCarthyofCalifornia, the thwart confirmation of Mr.Bi- ration.The governorsofMary- chamber’s GOP leader,hadn’t den’svictory. Afterauthorities land and Virginia and Washing- charted apath that avoided the reclaimed the Capitol, Con- ton’smayor asked people to internal splintering over the gressreassembled to reject stay away from the event. challenges to Mr.Biden’selec- challenges to Biden victories Mr.Trump hasn’t issued any CK toralwin last week. in Arizona and Pennsylvania TO commentsorappeared in public UnlikeMr. McConnell, who andthen certified the Elec- sincereleasing astatement crit- discouraged SenateRepublicans toralCollegevote, 306 forMr.

icizing Twitterfor banning his SHUTTERS from contesting the electoral Biden over Mr. Trump’s 232. A/

account on Friday. EP vote count, Mr.McCarthygave State and federal courts re-

In recent days,hehas fumed O/ no such guidanceand voted jected morethan 50 suitschal- to advisersabout his ban from ALZ with the majority of the House lenging Mr.Biden’svictories SC

social media, the blame he has LO GOP caucus to disputethe re- on various grounds.Those in-

takenfor the riot and what he JIM sultsWednesday. cluded procedural flaws, such sees as abetrayal by Mr.Pence, House Majority Leader Steny Hoyer (D., Md.) said, ‘We have a president who most of us believe “I do think that the lack of as waiting toolong before Mr.McConnell, Republican sen- participated in encouraging an insurrection and attack on this building and on democracy.’ leadership concerning that vote challenging election rules set atorsand some opinion colum- is deeply troubling to alot of months or more earlier,and nists, according to aperson (R., Ohio) in aclosed-door and foremost astimulus bill final sayoverwhether the vice us,” said Rep.Ken Buck (R., substantivegrounds,namely close to the WhiteHouse. event. In astatement, the passed and secondly,again, to president canmaintain the Colo.), who had opposed the ef- the failuretoproducematerial “It’sclear he’sangry,” said WhiteHouse praised Mr.Jor- rebuild the economy,” Mr.Biden president’spowers. fort to object to states’ electoral evidenceoffraud or miscon- Trumpcampaign spokesman dan forleading “the effort to said. He hasn’t said if he sup- Sen. Lindsey Graham (R., voteslast week.“Ignoring their duct after millions voted. Hogan Gidley on FoxNews. confront the impeachment portsimpeachment, but said he S.C.), alongtime ally of the role in all of this is amistake.” Thecases denied expedited “Democratscame afterhim witch hunt” last year.OnTues- has“been clear that President president, said in an interview On Monday, Mr.McCarthy consideration Mondayinclude with apurely political impeach- day, Mr.Trump is scheduled to Trumpshould not be in office.” that he had spoken extensively sent alettertoHouse Republi- Trump v. Biden, which alleges ment not toolong ago. Now travel to Texas to highlight his On Tuesday, Democratsplan to the president about focusing cans saying that options being Wisconsin officials didn’t follow they’rethreatening to do it border-security policy. to reconvene the full House for on his policyachievementsin discussed by GOP lawmakers their ownstate laws by making again. Thepresident talked On Wednesday, rioters avoteonaresolution demand- his remaining days in office. included censuring Mr.Trump. accommodations forvoting dur- about apeaceful transition. forced their way intothe Capi- ing that Mr.Penceand the cabi- Mr.Graham’sfocus is on try- Some viewacensureasaway ing apandemic,such as allow- He’sgoing to leave office.” tol, threatening Mr.Penceand net invoke the 25th Amend- ing to stop asecond round of to hold the president account- ing voters to deposit their bal- On Monday, Mr.Trump and lawmakers, and disrupting a ment to removeMr. Trump impeachment, he said, adding he able and defuse some of the lotsatofficial drop boxes Mr.Pencemet in the Oval Of- jointsession of Congressto from office. If Mr.Pence hoped Republicans could “bottle angeroverthe Capitol attack located throughout Madison, fice forthe firsttime sincethe confirm Mr.Biden’swin. Ari- doesn’t act, Democratswill it up in the House.” He said he withoutimpeaching him. Wis.,rather than only at thecity riot,according to asenior ad- oter and apoliceofficer were moveforwardwith an impeach- expectsthe president to serve “Personally,Icontinue to clerk’soffice. TheWisconsin Su- ministration official who said killed and three othersdied of ment vote Wednesday. Mr. outthe remainder of his term. believethat an impeachment at preme Court dismissed the suit. they had a“good conversation” medical emergencies.Mr. Penceisn’t expected to move Asked whether he had urged this time would have the oppo- Another case denied speedy in which they said “those who Trump wascriticized forurging forwardwith a25th Amend- the president to further con- siteeffect of bringing our handling wasfiled by the pro- brokethe lawand stormed the supporterstomarch on the ment process, people familiar demn last week’sviolencein countrytogether,” Mr.McCar- Trump lawyer L. Lin Wood, who Capitol last week do not repre- Capitol and then not forcefully with histhinking said. light of concerns about moreri- thywrote. sued Georgia SecretaryofState sent the Americafirst move- calling on supporterstostop One section of the 25th ots, Mr.Graham said: “Some- Fallout from the riot wasfelt Brad Raffenspergerand the ment.” Thetwo men “pledged afterthey stormed the building. Amendment allows forthe vice times lessisbetter. None of us in other ways. Rep.Bonnie Wat- stateelection boardfor adopt- to continue the work on behalf Mr.Biden said he spokewith president to take over the presi- want to see another round of son Coleman (D., N.J.)said she ing moreprocedures to reduce of the countryfor the remain- some membersofthe Senate dent’sduties if the vicepresi- violence.” tested positivefor Covid-19 af- the chances of erroneously re- der of their term,” the official on Mondayabout potentially dent andthe majority of the TheHouse in December 2019 tersheltering in the Capitol jecting mail-in ballotsover said,afurther indication Mr. dividing legislativedays in half cabinet determine that the pres- impeached Mr.Trump on alle- with other lawmakers, several faulty signaturematches.Mr. Penceisn’t planning to seek the between an impeachment trial ident can’t “discharge the pow- gations related to his effortsto of whom she said refused to Wood alleged those procedures president’sremoval. and other priorities,such as ersand duties of his office.” pressUkraine to investigateMr. wear masks. violated statelaw and diluted Mr.Trump on Monday confirming his nominees and That sectionofthe amend- Biden. No Republicans crossed —Sabrina Siddiqui, Kristina the weight of his ownvoteasa awarded the Presidential Medal passing aCovid-19 relief bill. ment has never beforebeen in- party lines in that vote.Inthe Peterson and Catherine Lucey Georgia resident. Afederal ap- of Freedom to Rep.Jim Jordan “My priority is to getfirst voked. Congresswould getthe subsequent trial in the Senate, contributed to this article. peals panel dismissed the suit. P2JW012000-0-A00500-1------XA

THE WALL STREET JOURNAL. Tuesday, January 12, 2021 | A5 P2JW012000-6-A00600-10FF7F3178D

A6 | Tuesday, January 12, 2021 ****** THE WALL STREET JOURNAL. U.S. NEWS CongressGets Fuel to Rein In Big Tech Firms

Aftersocial media Republicans have their own issues with big internet compa- sparked Capitol attack, nies,asserting that they are stripping back liability abusing their powertosilence conservativevoices on their shield is on the table platforms.ManyRepublicans support rewriting Section 230, BY RYAN TRACY and some claim that tech com- AND JOHN D. MCKINNON panies areshifting further left to appease Democratsexpand- S WASHINGTON—The storm- ing their powerinWashington. PRES

ing of the Capitol by supporters Afterthe Capitol riot, Twit- UMA of President Trump is expected terInc.permanently banned Mr. /Z to turbocharge congressional ef- Trump and Facebook Inc.indef- GES IMA

fortstoregulatebig tech—and initely suspended him, citing his A

many lawmakersare expected role in fanning violence,while OP to focus on scaling back the lia- AppleInc., Amazon.comInc. /S bility shield that protectsinter- and Alphabet Inc.’sGoogle cut ANO

net companies. off support forthe Parler social- GIORD M.

TheCapitol incursion, some media app on grounds that it J. of which wasplanned and dis- doesn’tadequately policecon- The attack on the Capitol by a pro-Trump mob last Wednesday was discussed in advance on social-media outlets. cussed in advanceonsocial me- tent that could inciteviolence. dia,has hardened manyDemo- AFacebook spokesman doubt that tech companies’ re- that immunity fundamental to from using their platforms to Congress—and achangeinthe crats’ viewthat alack of tech- pointed to Chief Executive cent actions would placate running their platforms,but organizeand executeviolence political winds—for the most platform regulation is Mark Zuckerberg’spost on Democrats—if that wasthe prominent membersofboth and other harms.” powerful tech companies in the undermining democracy. Geor- Thursday explaining whyFace- aim—given the level of anger in parties have called forittobe Sen. Lindsey Graham (R., world to recognize, at thelast gia’s election of two Democratic book acted to indefinitely block Congress. revoked,including Mr.Trump S.C.), the topRepublican on the possible moment, the profound senators last week shiftedadi- Mr.Trump.“Thecurrent con- “I don’t think it’sultimately and Democratic President-elect SenateJudiciaryCommittee, threat of .” vided CongresstoDemocrats’ text is nowfundamentally dif- going to satisfyfolks,” given JoeBiden. That hasn’t hap- called forthe repeal of Section Antitrust action represents control, improving the chances ferent, involving useofour widespread calls formoreac- pened, in part because of dire 230 on Fridayafter Twitter’s anotherdanger to large tech- of passing legislation targeting platform to inciteviolent insur- countability forbig internet predictions by the internet action against Mr.Trump.He nologycompanies,especially consumer-dataprivacy, tech rection against ademocrati- companies,said Emma Llansó, companies as well as manyle- had previouslyproposed more- Facebook and Google,which companies’ market powerand cally elected government,” Mr. director of the Free Expression galexpertsabout the impacts modest changes. arealready the targetsoffed- the liability shield known as Zuckerbergwrote. Project at the Center forDe- on theinternet ecosystem. “Big Tech arethe only com- eral antitrust lawsuits that the Section 230. ATwitterspokesperson said mocracyand Technology, a But the eventsofrecent panies in Americathat virtually Biden administration is ex- “The bottomline is that the that the company’spolicies think tank. days have begun pushing law- have absoluteimmunity from pected to continue. odds of legislativeaction on “are enforcedequally and im- Big tech is under fire on sev- makersinboth parties to con- beingsued fortheir actions, Privacylegislation could also privacy, antitrust and 230 just partially foreveryone on the eral fronts,but one of the big- sider more- steps. and it’sonly because Congress advancethis year.Membersof went up significantly,” said serviceand never on the basis gest threatstoits powerare ef- “We…have to be very con- gavethem that protection,” he Congressspent much of 2019 Blair Levin,apolicyanalyst of political ideology.” fortstoreconsider Section 230 cerned about the use of social- wroteonTwitter. unsuccessfully trying to reach a with equity research firm New Amazon and Apple declined of the Communications De- media platforms to disseminate AfterTwitterbanned Mr. deal on abill that would give Street Research. “The party to comment on anypossible po- cencyAct, the 1996 lawthat false information that invokes Trump Friday, Sen. Richard consumersmorecontrol over that wantstolegislatenow has litical motives behind their ac- gives internet companies and incites violence,” Rep.Da- Blumenthal (D., Conn.), who has theinformation internet com- the powertoput abill on the tions.Google,which has previ- sweeping immunity forhosting vid Cicilline (D., R.I.) said on previouslyjoined with Republi- panies collect about them. They Senatefloor,and on all those ously denied political bias,also as well as moderating users’ FoxNewsonSunday. “These cans to propose some Section put those talks on icein2020 issues thereare Republicans declined to comment. posts. platforms have to do amuch 230changes,said that it “took but saythey will resume them likely to join with Democrats.” Some expertsexpressed Tech companies consider betterjob of preventing people blood and glassinthe halls of this year.

Parler had become apariah Parler Chief ExecutiveJohn protestersatthe Capitol who Parler forserving as ahub forpeople Matze said the companyhad were disappointed with the whoorganized, participated in offered to use algorithms to vicepresident’sdecision to pro- or celebrated the storming of help moderatorsidentifyand ceed with certifying election Felled by theCapitol that leftfivedead, weed out violent content, tools results. Twittersaid Saturday as well as aforum forsome employedbylargersocial net- eveningthat it blocked the who have posted about future works that Parler executives phrase and other similar ones Backlash violent actions around the com- have previouslyresisted. from trending to promote ing inauguration. Parler is in afrenzied push healthydiscussions on the plat- JOURNAL In some Parler postsflagged to find newvendorstohost its form.

ContinuedfromPageOne by tech companies as examples services so that it canresume REET On Dec.14, Amazon flagged ST

day: “Please consider it re- of inadequatemoderation, us- operations,aprocess execu- LL four poststoParler,saying the

solved.” Theemail gaveParler ersposted about “poisoning tives said could last at least a WA content “clearly encourages or

executives confidencethat their the watersupply” in minority week.Backed by investorssuch THE incites people to commit vio- moderation system, however neighborhoods and killing their as Republican donor Rebekah R lenceagainst others,” which strained, wasacceptable to its alleged enemies. Mercer, Parler has the re- FO wasaviolation of itsterms of tech partner. Executives at Parler said sourcestorestoreserviceout- service, according to an email

It wasn’t. Within two days of postsinciting violenceviolate side of Amazon andplenty of BENNETT reviewedbythe Journal. One of that correspondence, Amazon itsrules,although acknowl- on hand, said Mr.Matze. the postscalling forviolence

announceditwas booting Par- edged they areaware such con- But he acknowledged that a BRIDGET wasfromNov.16. Another, ler from itscloud platform, tent wasonthe platform and sustained lossofservicecould Parler Chief Executive John Matze founded the network for users from early December,included joining Alphabet Inc.’sGoogle othersinthe run-up to the Cap- underminethe platform’sfu- seeking fewer rules. It’s now being faulted for those looser rules. commentssuch as: “My wishes andApple Inc.inpulling the itol attack.Its team of modera- ture. foraracewarhavenever been plug on the service. Other ven- tors—mainly volunteerswho “Wehad regular conversa- tent it will allow. complaintsfromlargertech higher.Ifind myself thinking dorsturned their backs,too: receivetraining on what con- tions with them, and none of Amazon explained itsdeci- platforms.The volunteer jury about killing n—s and jews Twilio Inc.cut off Parler’s two- tent should be removed—has them gaveusany indications sion to shut off services to Par- system seemed to work,they moreand moreoften.” factor authentication system, been overwhelmedand often that thereweredeep problems ler by citing 98 instances of vi- said. Ms.Peikoff said Parler re- preventing it from weeding out faced large backlogsinhandling in the relationship,” said Jef- olent content on the platform To keep up,Parler tripled its moved the content immediately fakenew accounts, and Okta offending postsasthe service frey Wernick,Parler’s chief op- that it said violated itsrules. volunteer moderator staff from and believed Amazon wassatis- Inc.locked Parler out of key en- added usersbythe thousands erating officer. Parler said it removed all 98 200 to 600 over the past two fied. One person familiar with terprise software tools. in recent months,they said. Thecompany’slooser poli- items,insome instances before months and started paying Amazon’sthinking said that cies on content moderation Amazon reported them. them monthly stipends.Italso correspondencebegan apro- have attractedlarge groups of Determining whether dis- hasbeen hiring full-time mod- cess of enforcement that ended supportersofPresident Trump course on Parler or the plat- eratorsinrecent weeks. with Amazon cutting ties to the whouse it to push their claims form’smoderation of it was TheJournal viewedsome social network. that the 2020 election wassto- fundamentally worsethan on commentsflaggedfor review Parler executives said before len, particularly as largerplat- other forums is “kind of an im- under Parler’s moderation sys- the Capitol riot therewas a forms likeTwitterand Face- possible question, empirically tem. Thecontent included growing number of calls forvi- book have cracked down on and philosophically,” said Eve- spam ads forTrump commem- olenceonthe platform, as well this kind of speech. Thecom- lyn Douek, aHarvardLaw orativecoins,fakeaccountsand on the rest of the internet. pany says it has 15 million us- School lecturer who studies incitement to violence. Ms.Peikoff said she in- ers. content moderation. While a “Threatens to kill Pence,” structed moderatorswho had Social-media companies of case canbemade forapp one user noted about apost. been huntingfor spam to also allstripes have struggled to stores and other internet infra- Another, flagging acall to kill look forincitementsofviolence strikethe right balancebe- structureproviderstaking ac- Facebook CEO Mark Zucker- and report it to lawenforce- tween free speech and content tion against platforms that bergand TwitterCEO Jack ment when appropriate. “I was moderation. Liberals have gen- don’t take moderation require- concerned that therewas actu- It’s notjustaboutachievingyourgoals... erally argued that the tech plat- mentsseriously,Ms. Douek ally going to be some sort of vi- It’s aboutthe path that gets youthere. forms should be moreaggres- said, the speed of tech compa- Google said Parler olenceonthe 6th,” she said. siveinpolicing hatespeech, nies’ action against Parler Theday of the riot, Parler while conservatives have com- raised questions. needed to better wasamong the social-media plained that Big Tech is biased “If98isthe threshold, has handle ‘egregious’ networks,including Facebook, against their point of view. AWSlooked at the rest of the YouTube and Twitter, that Parler’s troubles showthe internet,” she said. “Or at Ama- content. Trump supportersseeking to powerasmall number of tech zon?” contest the election results companies have over online Parler relies on avolunteer used to organizethe protests discourse.Moves made by plat- community of jurorstomoder- andcelebratethe attack,ac- forms including Twitterand atecontent. Aftersome experi- Dorsey,said: “You can’t allow cording to researchersand ana- Facebook to ban President mentation with itsinitial rules, this or we won’t have avoice.” lystswho study extremism and Trump,citing rules prohibiting Parler settled on generally al- Mr.Matzeand other Parler disinformation, as well as posts content that incites violence, lowing userstoengageinany executives noted that content reviewedbythe Journal. have the potential to reshape constitutionally protected calling forthe overthrow of the Unlikethose services,Parler theirbusinesses. speech. Therewould be no fact- U.S. government remains on had actively courted usersdis- BeforeParler wasshut checking,norestrictions on of- other platforms.The Wall enchanted with the major plat- down, usersalerted followers fensivelanguageand no prohi- Street Journal has previously forms.Mr. Matze acknowledges Aplace to become... Abusinessleader, ateacher,an to reach them on other plat- bition on gory or adult content, writtenabout aprivateFace- that Parler’s moderatorsfell artist.Ifkids andteens candream it,Boys&Girls Clubs can forms,including those on , so long as it wastagged“sensi- book groupcalled “the 2020 behind,given the surge of ac- help them become it.Because at our Clubs,it’snot magic or on messaging apps such as tive” by the creator,executives Civil War,” whereusersdis- tivity last week Wednesday, by that makesdreamscometrue, it’s thepeople. Like our Telegram. Mondaymorning, said. Threats, spam and crimi- cussed plans to march on the around 20,000 reports—a YouthDevelopment Professionalswho ensure our youth have Parler’s website, parler.com, nal activity weren’t allowed, WhiteHouse on Inauguration roughly two-daybacklog. aplace to feel physically andemotionally safe.Aplace to wasdownand userscould no they said. Day. By thenextday,advocates belong.Aplace to have fun. Aplace to learnand grow on their longer access news feeds or Thefirst big test of the sys- Facebook said Mondayit such as Sleeping Giants, aTwit- path to aGreat Future. makenew posts. temcame in November,when wasremoving content from its teraccount created to pressad- Hourslater,Parler filed its conservatives upset about the flagship platform and Insta- vertiserstostopsupporting lawsuit, alleging it waskicked outcome of the presidential gram containing the phrase what they consider hate off Amazon’scloud serversdue election flocked to Parler,dou- “stopthe steal”—a referenceto speech, and tech companies’ to “political animus” and for bling the company’suser base claims that Mr.Trump would employees were putting pres- anticompetitivereasons.An to morethan 10 million within have wonthe election if not for sureonGoogle,Apple,Amazon Amazon spokesman said the afew days.The newusers widespread election fraud. and otherstosever ties with lawsuit’sclaims had no merit brought ahost of problems On Saturday, “HangMike- Parler. GreatFutures.org andthat it respectsParler’s such as spam and pornography, Pence” wastrending on Twit- —Georgia Wells contributed right to determine what con- executives said, prompting ter, which reflected chantsfrom to this article. P2JW012000-6-A00700-1------XA

THE WALL STREET JOURNAL. ****** Tuesday, January 12, 2021 | A7 U.S. NEWS Facebook Removes ‘Stop the Steal’ Content

BY SARAH E. NEEDLEMAN “Given the violent eventsin expanding safety measures “It maytakesome time to last week’spro-Trump riot. Am- Monday, Facebook said it would Washington, DC,and increased ahead of the inauguration,in- scale up our enforcement of azon said it wasn’t confident in add to itsnewsfeed curated Facebook Inc.said it is re- risk of harm,webegan perma- cludingbanning anyone con- this newstepbut we have al- Parler’s ability to sufficiently stories about the inauguration moving all content mentioning nently suspending thousands of firmed to have playedapart in ready removed asignificant policecontent on itsplatform and showlivevideo of the “stopthe steal,” aphrase popu- accountsthat were primarily theviolenceatthe Capitol last number of posts,” the company that incites violence. Parler eventwhen it takesplaceatthe laramong supportersofPresi- dedicated to sharing QAnon con- week. said. sued Amazon on Monday in re- Capitol on Jan. 20.Separately, dent Trump’s unproven claims tent on Fridayafternoon.” Facebook also said that it Apple Inc.and Alphabet sponse. Facebook said it hired civil- of election fraud, as part of a Facebook,Twitterand several would uphold itsdecision last Inc.’sGoogle also each removed Followers of QAnon, which rightsattorney RoyAustin as raft of measures to stem misin- other prominent technology week to suspend Mr.Trump from their app stores the social- has been labeled by the Federal vicepresident of civil rightsand formation and incitementstovi- companies—including Snap Inc., from postingfor at least two Bureau of Investigation as ado- deputy general counsel and that olenceonits platform ahead of RedditInc.and others—have weeks,with Chief Executive mestic terrorist threat, were he will establish anew civil- President-elect JoeBiden’s inau- takensteps in recent days to si- Mark Zuckerbergsaying at the Tech platforms took among those who stormed the rightsorganization forthe com- guration. lencethe president’spersonal time that the risks of the presi- Capitol. QAnon T-shirts, books pany. Mr.Austin waspreviously Theannouncement wasone accountsoronline communities dent using Facebook during this measures to ban and hatshavebeen among the apartner at the lawfirm Harris, of anumber of newmeasures devoted to him, citing rules pro- period were toogreat. QAnon and try to items available on Amazon. Am- Wiltshire&Grannis LLP special- announced by tech giantsMon- hibiting content that incites vio- Thesocial-media giant said it azon says itspolicies prohibit izing in criminal-defense and dayinaneffort to deter further lence. would continue to pause all U.S. deter further unrest. products that “promote, incite civil-rights law. unrest afterthe deadly attack on Themoves followedthe ads about politics,including or glorifyhatred,violence, ra- Facebook has takenaction the U.S. Capitol last week. Twit- deadly attack on the Capitol those from Mr.Trump. cial, sexual or religious intoler- againstthe “stopthe steal” ter Inc.said it has removed Wednesdaybyamob of Trump “With continued attemptsto anceorpromoteorganizations movement before, removing a morethan 70,000 accountssince supporters, who stormed the organizeeventsagainst the out- media serviceParler,which had with such views.” group called “Stopthe Steal” in Fridaythat spread the QAnon building afterthe president and come of the U.S. presidential been soaring in popularity Amazon is still selling mer- November that the company conspiracytheory, whose follow- his allies urgedthem to march election that canlead to vio- amongconservatives and is chandise related to the presi- said hadbeen organizing pro- ersbelieveMr. Trump is under on it as lawmakersconvened in- lence, and use of the [‘stop the knownfor itsloose rules for dent. Shopify Inc., aCanadian- testsofvotecountsaround the assault by Satanworshipers. side to certifyMr. Biden’sElec- steal’] term by those involved in posting content. based e-commerce software country. Around that time Face- “We’vebeen clear that we toralCollegevictory. Wednesday’sviolenceinDC, Amazon’s action on QAnon provider,last week took down book also introduced features will take strong enforcement ac- Amazon.com Inc.said Mon- we’retaking this additional step follows the company’sdecision online stores runbythe Trump designed to limit the spread of tion on behavior that has the po- dayitisremoving some prod- in the lead up to the inaugura- to end web-hosting services for Organization and Trump cam- false content. tential to lead to offline harm,” uctsrelated to QAnon. Sepa- tion,” Facebook said in ablog Parler,which has featuredvio- paign following the riot. —Sebastian Herrera Twittersaid in ablog post. rately, Airbnb Inc. said it is post. lent rhetoric in connection with As part of itsannouncement contributed to this article. More Companies Halt PAC Donations

BY BRODY MULLINS peaceful transition of poweris AND DREW FITZGERALD part of the bedrock of our democratic system, and we ab- WASHINGTON—A growing hor violence of any kind,” the wave of big businesses arede- greeting-cardcompanysaid, ciding to suspend or review adding that its PAC is review- theircampaign donations in ing itscontribution guidelines. the wake of last week’s riot at Hallmark’smovewas earlier the Capitol,with manysaying reported by Popular Informa- they would stop donating to tion, a newsletter. Republicans who objected to The Kansas City, Mo., com- the election’s certification. pany said it is asking forthe

AT&T Inc., ConocoPhillips, $7,000 it gavetoSen. Hawley’s REUTERS

Dow Inc., Facebook Inc.and campaign and $5,000 given to G/

United Parcel Service Inc. Sen. Marshall’s. Neither sena- BOUR

were among companies an- tor’sofficeresponded to re- JIM nouncing Mondaythat they are quests for comment. Rudy Giuliani urged Trump supporters in Washington to ‘have trial by combat’ on Wednesday before they stormed the Capitol. halting or reviewing campaign Decisions by companies to donations from their political- revieworsuspend their PAC action committees to lawmak- donations arethe most recent NewYorkBar Opens Giuliani Probe ersand political candidates. sign of corporateunease with Those announcementsfol- moves by Republicans to call lowmoves by JPMorgan into question Mr. Biden’s vic- BYREBECCA DAVIS O’BRIEN spokeswoman for the organi- have trial by combat.” called forMr. Trump to be re- Chase Inc.and Citigroup Inc., tory in the 2020 presidential zation, Susan DeSantis,said Theralliersthen marched moved from office. which said over the weekend election and could signal a TheNew York State Bar As- this is the firsttime the group on the Capitol, wherehundreds In theweeks afterthe elec- they were halting their PAC broader desire on the part of sociation said it has opened an has opened an inquiryintoa overran the building, disrupt- tion wascalled forMr. Biden, donations.Some,including businesstodistanceitself investigation intowhether it current member sinceitad- ingCongress’sratification of Mr.Giuliani led effortstohave Amazon.com Inc., Comcast from Washington—at least should eject Rudy Giuliani opted its bylaws in the 1970s. President-elect JoeBiden’svic- the resultsoverturned. In law- Corp.and General Electric temporarily. from the organization, an ex- Thebar association said its tory.The riot leftfivepeople suits, news conferences and Co., pledged to stop donations Thedecisions mayrepre- traordinarymovethat follows inquirywill examine whether dead. court appearances,Mr. Trump’s to the Republican lawmakers sent awidening fissurebe- President Trump’spersonal at- Mr.Giuliani’sactions during and Thebar association referred legal team disseminated con- who objected to President- tween the Republican Party torney’s role on the dayofthe afterthe presidential election to itsbylaws,which hold that spiracytheories and unproven elect JoeBiden’svictoryinthe and big business. ManyRepub- Capitol Hill riot last week. violated theorganization’sby- no one “who advocates the allegations of election fraud. Electoral College. lican lawmakersadopted more Themovewouldn’t lead to laws.The bar association said it overthrow” of the U.S. govern- The courts rejected dozens “Last week’sattemptsby populist stances on business Mr.Giuliani’sdisbarment but had received hundreds of com- ment canbeamember.“The of claims brought by Mr. Giu- some congressional members issues such as trade and immi- would still be aremarkable re- plaintsinrecent months about subsequent attack on the Capi- liani and Mr. Trump’s allies. to subvert the presidential gration policyinrecent years, bukefor alawyer who once Mr.Giuliani stemming from his tolwas nothing short of an at- On multiple occasions, election resultsand disrupt positions that have sometimes served as the U.S. attorney in “baselessefforts” to cast doubt tempted coup,” the bar associ- judges—appointed by both the peaceful transition of put them in conflict with the Manhattan, one of the most on the presidential election and ation’s statement said. Democratsand Republicans— powerdonot align” with com- party’slongtime allies in in- powerful law-enforcement roles overturn itsresults. Mr. Giuliani didn’t respond criticized Mr.Giuliani and panyvalues,said American dustry. in the country. Theorganiza- Last week,asCongress to requeststocomment. The other attorneysfor the claims. Express Co.Chief Executive Chemical giant Dow said it tion, with amembership of gathered to certifythe results bar association said he would Thedecision to strip alaw- Stephen Squeri in amemo would suspend PAC contribu- morethan 70,000,according to of the election, Mr.Giuliani be provided due processand a yer’slicense to practicelaw in sent to employees Monday, an- tions“to anymember of Con- itswebsite, is the largest volun- spoke to thousands of Trump chance to explain himself. New York state rests with the nouncing the company’sdeci- gresswho votedtoobject to tary bar association in the U.S. supportersataWashington The bar association placed attorney grievancecommittee sion to suspend PACdonations the certification of the presi- While anylawyer who is rally, urging them to fight on. blame forthe riot primarily on of New York state’s appellate to more than 100 congressio- dential election” through the disbarred is automatically The bar association cited Mr. Mr.Trump.Separately,on division,whose proceedings nal Republicans who voted to endofeach elected official’s stripped of membership,a Giuliani’s exhortation:“Let’s Monday, the organization are confidential. challengethe election results. election cycle, which is up to Dallas-based AT&T,one of six yearsfor some senators. the biggest corporatelobby- “Dowiscommittedtothe trol. Lawmakersand local offi- ists, said itsfederal PAC’s principles of democracyand Security GOP Official Quits the association’schairman and cials said they had exhorted se- board“decided to suspend the peaceful transfer of vicechairman, quickly con- curity officials forhelp,which contributions to membersof power,” the company said. Over Recruiting Role demned the violence. The wasslowinarriving. Congress who voted to object Corporate PACs are funded Tightened group’sexecutivedirector, Jeffrey P. Reinbold, superin- to the certification of Electoral by volunteer donations from Adam Piper, resigned overthe tendent of U.S. memorial parks Collegevotes last week.” It management-level employees The executivedirector of fallout of the association’srole and the National Mall, said wasn’t clear howlong the sus- and doled out to candidates by Across U.S. the Republican Attorneys Gen- emerging publicly. steps to heighten security at pension will last. executives,usually in consulta- eral Association resigned after The Republican attorneys the WashingtonMonument and A GE spokeswoman said it tion with their lobbyists. PAC the group wascriticized forso- generals accepted Mr.Piper’s other areas were takeninre- would suspend donations by donations areanimportant ContinuedfromPageOne liciting thousands of Trump resignation Monday, publicly sponse to credible threatsto itsPAC to those lawmakers source of money forincum- brieflawmakersTuesdayfor supporters to march on the commending his commitment visitorsand park resources. whoobjected to the election bent lawmakersinboth politi- thefirst time about the attack Capitol lastweek and fightto to the association. “Groups involved in theJan- resultsfor the duration of the calparties,particularly Re- that leftfivedead,assecurity support PresidentTrump’s Within the organization, uary6,2021 riotsatthe US 117th Congress. An Amazon publicans in recent years. officials in Washingtonand claims of widespread voter however, the group’spolicy Capitol continue to threaten to spokeswoman said the com- In the 2020 election, Re- elsewhere bracefor morepo- fraud. chairman, Alabama Attorney disrupt the 59th presidential panywill base futurePAC con- publican candidates and com- tential actions by some of Pres- The Republican Attorneys General SteveMarshall, has inauguration on January20, tributions on how the elected mittees received atotal of ident Trump’ssupporters. General Association’spolicy called foraninternal investiga- 2021,” Mr.Reinbold said in a officials respond to the com- $205 million in campaign do- TheSiteIntelligenceGroup, arm, the Rule of LawDefense tion into the robocall messages. statement. “This includes the pany’s concerns. nations from corporate PACs, whichtracks extremist threats Fund, authorized robocall mes- “Weare engaging in avigorous set up and execution of inaugu- Hallmark Cards Inc.went a according to campaign-finance online,said in areport over sages urging “patriots” to join review,” he told reporters in ralevents, which occur in sev- step further,asking two Re- data compiled by the nonpar- the weekend that aday of lastWednesday’smarch to Montgomery,Ala., Monday. “I eral park areas.” publican senatorswho ob- tisan Center forResponsive armed far-right protestsisbe- “fighttoprotect the integrityof wascompletely unaware of our Mr.Trump on Mondayap- jected to the Electoral College Politics.Democratic candi- ing planned forSunday. Others our elections.” connection to this rally,” he said. proved an emergencydeclara- votes, Josh Hawley of Missouri dates and causes received $155 online aretouting aMillion Mi- Morethan adozenRepubli- —Deanna Paul tion forWashington, D.C.,as and Roger Marshall of Kansas, million from corporate PACs. litia March in Washingtonon can attorneys general, including and Jess Bravin part of the preparation. to refund PACdonations it —Inti Pacheco Inauguration Day, according to Also Monday, the acting De- made in prior elections. and Theo Francis screenshotsprovided by Meili partment of Homeland Security “Hallmark believes the contributed to this article. Criezis,aresearch associate attack,which followed Mr. AfterWednesday’sdeadly secretary, Chad Wolf,expanded tracking violent extremism at Trump,aRepublican, urging his assaultonthe Capitol, acting the time that a“national spe- American University. supporterstogotothe Capitol Defense SecretaryChris Miller cial security event” forthe in- Gen. Daniel R. Hokanson, while lawmakersweremeeting formally approved deploying auguration would be in effect, who is in charge of the Na- theretocertifyelectoral votes. Guardsmen from NewYork, beginning the period foren- tional GuardBureau, said in a Thebolstered Guardforce NewJersey,Pennsylvania, hanced security measures on news briefing Mondaythat he would be largerthan contin- Delaware,Virginia and Mary- Wednesday, rather than Jan. 19.

S is ordering at least 10,000 Na- gentsatpast inaugurations. land. Thefirst of those ar- WashingtonMayor Muriel

PRES tional Guardtroops to Wash- Thedecision to add more rived Thursdaymorning and Bowser,aDemocrat, requested

TED ingtontoboost security in ad- Guardsmen came aftermilitary arecurrently securing the pe- such astepinalettertoMr.

CIA vanceofthe inauguration, planners and local lawenforce- rimeter around the Capitol Wolf. She also asked the Depart- SO adding that troop levels could ment evaluated their planned and conducting other logisti- ment of the Interior to denyany AS

A/ rise to 15,000. security postureand discussed calsupport. request forapermit forpublic US

A He didn’t specifywhich howmanymoretroops could Officials didn’t provide de- gatheringsduring the period. IP

/S states theGuardmembers be deployed. tails behind the FBI’swarning Interior officials didn’t respond

AR would come from, whether Gen. Hokanson said the U.S. about potential armed protests. to arequest forcomment. they would be armed or the de- Park Police, Secret Serviceand Theincreased security mea- Mr.Wolf outlined the ex-

TRIPPLA tails of their mission. Capitol Policeasked foraddi- sures come after federal, state panded special-security mea- Theadditional deployments tional forces,which led to a and local agencies struggled to suresjust beforehestepped FFER

TO represent an increase from the newanalysis of the U.S. Na- sort through lines of command down as acting secretary.

KRIS roughly 6,200 troops from six tional Guardpostureand, sub- and coordinateaneffectivere- —Rachael Levy Hallmark Cards asked two Republican senators who objected to states who began to arrivein sequently,toapproving more sponse to last week’sassault as and Sadie Gurman the Electoral College votes to refund PAC donations it had made. response to Wednesday’sdeadly troops. it spiraled beyond their con- contributed to this article. P2JW012000-4-A00800-11FFFF7178D

A8 | Tuesday, January 12, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS Burns Is Tapped to Lead CIA Acting Secretary of

BY WARREN P. STROBEL Homeland Security

WASHINGTON—President- elect JoeBiden plans to nomi- Is Stepping Down nateWilliam J. Burns,aformer career diplomat with 33 years of service, as director of the Central IntelligenceAgency, fill- BY MICHELLE HACKMAN Mr.Wolf ultimately made ing in the last topslot on his thedecision to leave,anaide national security team. WASHINGTON—Chad Wolf said,because of alaw forbid- Mr.Burns,64, is aformer is stepping down as acting sec- ding acting officials to con- U.S. ambassador to Russiaand retary of Homeland Security, tinue to serveintheir postsif Jordan and aformer deputy sec- citing severalrecent court de- the WhiteHouse withdraws retary of statewho served under cisions ruling he wasn’t serving their Senatenomination. Republicanand Democratic ad- legally in the acting post, ac- Mr.Wolf wasnominated to ministrations.Hehas extensive cording to an email he sent to serveasHomeland Security experiencewith sensitivena- department staff Monday. secretaryinAugust, but the tional security matters. He will be succeeded by Pete WhiteHouse withdrew his “Bill Burns is an exemplary Gaynor,the administrator of the nomination last Wednesdayina diplomat with decades of expe- Federal EmergencyManage- moveithasn’t sinceexplained. rienceonthe world stagekeep- ment Agency, forthe remaining Theaide pointed out that Mr. ing our people and our country days of President Trump’sterm. Wolf on Thursdaybecame the safeand secure,” Mr.Biden said. Mr.Wolf’s resignation comes firstcabinet-level official to call

“He shares my profound belief HONG-JI/REUTERS as federal lawenforcement on Mr.Trump by name to con-

that intelligencemust be apolit- KIM readies forthe inauguration of demn the attack on the Capitol ical and that the dedicated intel- Then-Deputy Secretary of State William J. Burns during a meeting in Seoul in 2014. President-elect JoeBiden. As building the dayearlier. ligenceprofessionals serving one of his final acts, Mr.Wolf Monday’sannouncement our nation deserveour grati- retary of State Colin Powell terms when Mr.Trump with- “His choiceprovides the announced that the Secret Ser- marked an abrupt reversal for tude and respect.” warning that an invasion of drew from it. agencyagood hearing at the vicewould take over security Mr.Wolf,who in the same Mr.Burns,who retired in Iraq could result in sectarian Leading Democratspraised WhiteHouse and arespected effortsfor the inauguration on Thursday morning statement 2014and serves as president of unrest and the crumbling of the the choiceofMr. Burns. Washingtonfigurewho canaf- Wednesdayrather than on Jan. said he intended to remain in the Carnegie Endowment for country’sdilapidated infra- “Asacareer diplomat under fect reforms the agencyre- 19,asWashingtonMayor Mu- his job forthe remainder of International Peace, isn’t an in- structure, and would ultimately Democratic and Republican quires,” said Douglas London,a riel Bowser hadrequested. the administration to ensurea telligenceagencyprofessional. benefit Iran. presidents, he has established 34-year veteranofthe CIA’s Mr.Wolf,the fifthofficial smooth transition of power. But he has playedakey,often Thememo,dubbed “The himselfasasmart and tested clandestine servicewho worked to lead the Homeland Security “I am saddened to take this behind-the-scenes,role in nu- Perfect Storm,” didn’t explicitly with Mr.Burns on the outreach Department in Mr.Trump’s step,asitwas my intention to merous diplomatic and intelli- argueagainst warinIraqbut to Gadhafi’sLibya. four yearsinoffice, assumed servethe Department until the genceinitiatives. warned only of possible conse- Mr. Burns is widely Former Deputy CIA Director the post in November 2019 af- endofthis Administration,” he During the Obama adminis- quences.Inhis 2019 memoir, Michael Morell, whom Mr.Bi- terKevinMcAleenan, who was wroteinhis email to DHS tration, Mr.Burns led aU.S.del- “The Back Channel,” Mr.Burns seen in Wa shington den had considered forthe top also serving in an acting ca- staff. “Unfortunately, this ac- egation forsecret talks with lamented that he and other dip- as a respected agencyjob,wrote on Twitter: pacity,stepped down. TheDe- tion is warranted by recent Iran, negotiations that eventu- lomatsdidn’t push harder “I’veknown Bill Burns forde- partment hasn’t had a leader events, including the ongoing ally became public and paved against the 2003 invasion. nonpartisan figure. cades.I’m thrilled forhim and confirmed by the Senatesince and meritlesscourt rulingsre- the way fora2015 deal curbing Mr.Burns is widely seen in forthe agency.” Kirstjen Nielsen wasforced garding the validity of my au- Iran’s nuclear work in exchange Washingtonasarespected non- His nomination comes more out in April 2019. thority as Acting Secretary.” forrelief from harsh economic partisan figure,and thereare than six weeks afterMr. Biden sanctions.President Trump re- no known barrierstohis confir- public servant who is free from announced he had chosen Avril pudiated that agreement, with- mation by the Senate, which political interference. Now Haines as his director of na- drawing the U.S. from the multi- Mr.Biden’sDemocratic Party morethan ever,our intelligence tional intelligence. Some ana- party accord in 2018 and will control. and defense communities de- lystssaw the early pick of Ms. reimposing sanctions. Republicans and some Dem- serveleaderswho will not po- Haines as asign that the presi- Earlier,following the Sept. ocratsmay also question him liticizeour national security in- dent-elect wanted to emphasize 11, 2001, attacks,Mr. Burns and about his role in the Iran nu- stitutions,” said Sen. Mark the role of the intelligence senior CIA officials met quietly clear deal, which opponentssay Warner,(D.,Va.), the incoming czar’s officeinoverseeing 18 with Libya’sthen-intelligence did toolittle to stop Tehran’s chairman of the SenateIntelli- spyagencies and units. chief, Musa Kusa, eventually nuclearwork and gaveittoo genceCommittee. TheCIA has traditionally forging asettlement over the much in return. Thenuclear TheCIA is currently led by guarded itsindependenceand PanAm103 terrorist attack and deal’sproponentssay it curbed an agencyveteran, Gina Haspel, prerogativeszealously.Its heft OL PO

dictator Moammar Gadhafi’s Iran’senrichment of uranium and former senior officials—re- within an administration often S agreement to abandon weapons that could be used foranuclear flecting the views of those restsonthe agencydirector’s

of massdestruction programs. weapon, and notethat both working at the spy agency—had relationship with the president. SH/PRES As the State Department’s U.S. intelligenceagencies and hoped Mr.Biden would pick an- TheBiden transition had previ- NA G

topMiddle East hand in July theInternational Atomic En- other veteranfromtheir ranks. ouslysaid that the CIA director GRE 2002, Mr.Burns and two col- ergy Agencysaid Tehran was But the initial reaction was wouldn’t be aformal member of Acting Homeland Security Secretary Chad Wolf, shown last leagueswrote amemo to Sec- largely fulfilling the deal’s positive. Mr.Biden’scabinet. September, called on Mr. Trump to condemn the Capitol attack. ©2 02 1D ow Jone s&C o. ,I nc .A ll ri ght sr es er ve d. 6D J8 18 6

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THE WALL STREET JOURNAL. Tuesday, January 12, 2021 | A9 WORLD NEWS Netanyahu OrdersSettlement Expansion

Israeli premier, facing proveoradvance plans for forming acoalition is narrow- in February, barring anycoro- unnecessarybattlewith anew visit a West Bank settlement. 800 homes in several settle- ing,according to apoll re- navirus-related delays.Mr. Ne- American president.” In another sharp break,the election, trial, Biden ments, including in one that leased MondaybyIsrael’sRa- tanyahu denies the chargesof Settlementshavelong Trumpadministration’splan presidency, seeks firm the Israeli government has yet dio103 FM.Without the New briberyand fraud. He doesn’t doggedthe relationship be- forpeacebetween Israel and to formally recognize, Mr.Ne- Hope party led by aformer have to resign unlessconvicted. tween Messrs. Biden and Ne- thePalestinians envisioned West Bank presence tanyahu said on Monday. ally, Gideon Saar,and another Themovetoconstruct new tanyahu. In 2010,Israel an- that no Israeli settler would Theannouncement comes as right-wing party headed by settlement units has drawn nounced newsettlement leave their homes in occupied BY FELICIA SCHWARTZ Mr.Netanyahu courtsright- Naftali Bennett, his coalition anger from other political op- building in East Jerusalem territory. wing votesinacoming election, hasonly 46 seats. He needs 61 ponents, who accuse Mr.Ne- during avisit by Mr.Biden, Theconstruction and ap- TEL AVIV—Israeli Prime and rushes to offer inducements to form agovernment. tanyahu of picking afight with sparking adiplomatic rowthat proval processfor settlements Minister Benjamin Netanyahu beforeclose ally President Mr. Saar on Monday urged the incoming administration continued through the rest of typically takes years, and Mr. said he ordered his government Trumpleavesoffice. Recent Mr.Netanyahu to recognize of Israel’sclosest ally,the U.S. the Obama presidency. Netanyahu has backed away to expand Jewish settlements polls suggest Mr.Netanyahu Jewish settlementsinthe “The Biden administration The Trump administration from controversial election- in the West Bank,anearly test will need to retain and expand West Bank that areconsidered still hasn’t takenofficeand brokefromyearsofAmerican timed proposals before. He set forthe administration of Presi- his support among the right- illegal under Israeli law. the government is already policyin2019 when it said the asidehis pledgetounilaterally dent-elect JoeBiden, who has wing and religious camps if he Thetiming of the election in leading us to an unnecessary U.S. doesn’t consider settle- annexpartsofthe occupied been afierce critic of projects is to fight off his challenger and March is especially sensitive confrontation,” Yair Lapid, ments to be illegal. West Bank,asacondition of builtonland the Palestinians retain his post as Israel’slon- forMr. Netanyahu because of a head of the centrist Yesh Atid SecretaryofState Mike normalizing ties with the claimfor afuturestate. gest-serving prime minister. continuing corruption trial with party,said on Twitter. “A sane Pompeo last year became the United Arab Emirates and Thegovernment will ap- Mr.Netanyahu’spath to witnesstestimonyset to start government doesn’t start an firstchief U.S. diplomat to other Gulf Arab states. Divers Struggle to Find Indonesian Jet’s Black Boxes

BY JON EMONT Thedevicesare designed to AND FELIZ SOLOMON withstand harsh conditions. Black boxesfromanAir As diversapproached the Francejet that crashed in underwater area wherethey 2009 were found nearly two expected to find the black yearslater at adepth of al- boxesofIndonesia’s Sriwijaya most 12,900 feet. AfteraLion Air jet that crashed intothe Air jet crashed in 2018,also in sea,itbecame clear their task the Java Sea, authorities found wasn’t going to be easy. the memoryunit from one of Thesite wasstrewnwith the plane’stwo black boxes sharp debris from the shat- within days of the accident teredBoeing aircraft, posing a that killed 189 people. But it danger to them. Some pieces took 2½ months to retrieve were tooheavy to dislodge the cockpit-voicerecorder. with lifting balloons,which TheBoeing aircraftin- areusually used to surface volved in the2018 accident smaller parts. Anavyvessel was the 737 MAX, the newest with a crane was called. version of the company’s sin- Searchersare struggling to gle-aisle jet family,which was REUTERS

find and reach the devices that O/ grounded nearly two yearsago

arecritical to uncovering how FOT following the Indonesia crash A

and whythe plane—a 26-year- AR and another one in Ethiopia in

oldBoeing 737-500 that Sriwi- ANT 2019.The Sriwijaya Air jet jaya Air says wasingood con- T/ that plungedintothe water dition beforethe flight—went AYA Saturdayisanolder model HID

down minutes afterittook off L that doesn’t use the flight- from the capital, Jakarta, on YA control system largely blamed Saturday, carrying 62 people. RIS in the two 737 MAX crashes. M. Both the flight-dataand Indonesian seamen pulled up debris on Monday during the search for the Sriwijaya Air jet that crashed into the sea on Saturday. Among the questions investi- cockpit-voicerecorders—the so- gators have is whythe aircraft called black boxes—arecritical crew,while voicerecorderscap- flight,” said Nurcahyo Utomo, search forblack boxestotake an accident. Diversdispatched made an unexpected shiftindi- to understanding what occurred turesounds and conversations head of aviation investigations time afteraplane crashes into to seek out the recorderswere rection shortly aftertaking off, aboardSJ182 beforethe crash. from the cockpit. Together,they forIndonesia’snational trans- the sea. Authorities said on equipped with direction find- flying northwest, which Flight-datarecorderstypically canhelp investigatorsdeter- port safety committee. “That’s Sundaythat they detected ers to pinpoint their location prompted air-traffic control to collect information ranging mine the accident’scause. basically what we expect from pingsfromthe boxes—an moreprecisely,the chief of the ask the plane to report itsdirec- from basic speed and altitude “Wehope we canhavean these black boxes.” emergencyfeatureintended to country’ssearch-and-rescue tion. Theaircraftdisappeared to flight-control inputsbythe idea of what happened in the It isn’t unusual forthe help recoverthe devices after agency, Bagus Puruhito, said. from radar seconds later. WORLDWATCH CK TO SHUTTERS A/ /EP ARHAB A HY YA Armed militiamen and supporters of the Houthi movement sat under portraits of Houthi leaders on Monday in San’a, Yemen. The U.S. is set to designate the movement as a terrorist group.

YEMEN VATICAN NORTH KOREA U.S. to Label Houthis Pope Formalizes Role Kim Gets Promotion; As a Terrorist Group Of Women at Mass Sister Is Demoted

The U.S. plans to designate Pope Francis, who has disap- KimJong Un has given him- the Iran-backed Houthis in Ye- pointed women pressing for or- self aloftynew title and re- men as a foreign terrorist group, dination as clergy, has now movedhis ascendantsisterfrom a move some Western officials made a more modest change to North Korea’sinner circle of pow- Jacob Sanchez and aid agencies said would im- their role in Catholic worship, erful elites. Diagnosed with autism pede stalled peace talks and formally permitting them to read On the sixth dayofarare hurt the economy of an impov- prayers and scripture at Mass. Workers’ PartyCongressmeeting, erished nation at risk of famine. The ruling formalizes whathas Mr.Kim waselevatedfromchair- Secretary of State Mike long been common practice. Cath- man to general secretary,arank Pompeo said he intended to des- olic women around the world have previously held by his late father ignate the Houthis and three of served as lectors and acolytes, and grandfather.North Korean its leaders for the group’s “ter- kinds of liturgical assistants, for statemedia described the role as rorist acts, including cross-border decades. But until the newpapal “the brain of the revolution.” But attacks threatening civilian pop- decree, released Monday, individual as apractical matter,Mr. Kim’s ulations, infrastructure, and com- local bishops have been able to re- controloverthe cloisteredregime mercial shipping.” strict those roles to men in their remains as absoluteasever. The designation, which will be dioceses by citing church law. KimYoJong, the leader’s youn- implemented on Jan. 19, will “ad- In an accompanying letter, ger sisterand aconfidante,wasn’t vance efforts to achieve a the pope reiterated the Catholic named to the Politburo, the peaceful, sovereign, and united Church’s ban on women priests. party’stop decision-making body, Yemen” free of Iranian influence, He also ignored the question of in an apparentdemotion from her Mr. Pompeo said Sunday. women serving as deacons, a prior standing as an alternative The Houthis said the U.S. lower rank of clergy who can of- member.Some Pyongyang ex- designation would have military ficiate at baptisms, weddings perts had expected Ms. Kimcould and economic consequences. and funerals. be promotedtoafull-time seat. “There will be an escalation from The Vatican has never ruled But in asign she still holds in- our side,” said Mohammed al- out the possibility of women ternal sway,Ms. Kimhas satjust Bukhaiti, a member of the serving as deacons. In 2016, afew feet behind her brother at group’s political council. “This of Pope Francis appointed a com- the continuing congressmeet- course will derail the peace pro- mission to study whether ing—only the thirdsuch eventin cess brokered by the U.N.” women should be permitted to morethan four decades—which The Houthis have been at become deacons, but three years suggests she is likely to remain war since 2015 with a Saudi later he said that the members activeinher recent role as the Lack of speech is asign of autism. Arabia-led coalition that backs of the panel had been unable to regime’smouthpiecefor U.S. and Learn the others at autismspeaks.org/signs. Yemen’s internationally recog- agree on a conclusion and that South Korean relations, close nized government. further study was needed. Pyongyang watchers say. —Sune Engel Rasmussen —Francis X. Rocca —Timothy W. Martin P2JW012000-2-A01000-1------XA

A10 | Tuesday, January 12, 2021 ** THE WALL STREET JOURNAL. WORLD NEWS New Virus Strain Pressures U.K. Armenia, Azerbaijan NHS faces onslaught as more-contagious Ease Rift form spreads, straining overworked hospitals In Region

BY MAX COLCHESTER BY ANN M. SIMMONS AND JOANNA SUGDEN TheleadersofArmenia and LONDON—Britain’sNational Azerbaijan agreed to work to- Health Serviceisbracing for gether to develop Nagorno- the worstweeks of the pan- Karabakh following decades of demic as anew,more-conta- conflict, but failed to resolve gious form of the coronavirus several challenges that could rips through the countryand stymie the success of aKrem- places hospitals under moreex- lin-brokered peacedeal in the treme stressthan in the spring. South Caucasus. Acombination of a more- Russian PresidentVladimir infectious version of the virus, Putin, who facilitated talks in lesscompliancewith social- Moscow on Mondaybetween

distancing restrictions and /REUTERS Azeri President Ilham Aliyev

changing hospital procedures AY andArmenian Prime Minister

have created astorm forthe MCK Nikol Pashinyan, said the peace state-run health serviceasit deal that came intoforce on tries to weather asurge of Nov.10had been successfully HANNAH Covid-19 infections. Thereare nowmorepeople in U.K. medical facilities likeRoyal London Hospital, above,than in anyphase of the coronavirus pandemic. implementedand the leaders “I think this situation is re- had come to the conclusion ally,really serious.Itisdeteri- leaked briefing by atop NHS Number of people in U.K. Europe but the hospitals workers are absent currently, that “the terms of this agree- orating rapidly,” said Daniele official last week showed the hospitals due to Covid-19, weren’t overrun. Even at the compared with 100,000 during ment aregenerally respected.” Bryden, adoctor and vicedean capital’shospitals would be seven-dayrolling average peak of demand, hospitals the peak of the firstwave. The The parties agreed to take of the Faculty of Intensive short of some 2,000 acuteand were still able to look after NHS has 1.26 million full-time “concretesteps to build eco- CareMedicine.“We knowthis intensive-carebeds by Jan. 19 30 thousand two non-Covid inpatientsfor employees. nomic ties and develop infra- is going to be a very difficult even if thenumber of Covid-19 everyone Covid inpatient, Arecently introduced lock- structureprojects,” the Rus- three weeks.” patientsgrewatthe lowest NHSChief ExecutiveSimon down isn’t being adhered to as sian leader said, adding that a Thenew variant—which likely estimated rate. Stevens said. strictly as the firstone in working group composed of scientistsestimateisbetween Several London hospitals This time around, though, March, and it isn’t as tough. In expertsfromthe three nations 50% and 70%moretransmissi- areparing down health-care 20 theNHS is limping intoabig- London and Kent—two places would devise “specific plans ble than older versions—has provision, including canceling ger pandemic wave with less wherethe newvariant has for the development of trans- combined with gatherings urgent cancer treatments, to momentum. Staff morale is taken hold—trips to stores in port infrastructureand the re- over Christmas to push daily free up manpowerand beds to lowerwith manybeing forced April were around 80% to 90% gion’s economy.” new reported cases to record deal with the surge in cases. to isolate, said Siva Ananda- belowtheir pre-pandemic Thesix-week conflict killed levels, government scientists Some London hospitals 10 civa, chief analyst at the King’s norm and currently are60% to an estimated 5,000 people and say. Newcases appear to be have had to treat Covid pa- Fund, ahealth think tank. 70% below that level, accord- forced morethan 100,000 eth- flattening out at high levels, tientsinambulances in car- “Staff have been running a ing to Alphabet Inc.-owned nic Armenians to flee their but it will take time before parking areas, says Tom Dol- marathon fornine months,” he Google data. homes,according to aid groups. anybenefitsfeed through to phin, an anesthetic consultant said. “Thereare far greater Government officials are Monday’sdiscussions were the hospitals. in London. “That suggest to levelsofstaff absencethis urging people to followrestric- firstin-person talks between 0 Thereare nowmorepeople me a health-care system that time round.” As a result, hos- tions to keep the virus in check Messrs. Aliyev and Pashinyan in the hospital than in any is not working.” April 2020 ’21 pitals aretreating more people andprotect the NHS.“Thenext sincefighting culminated with phase of the pandemic last During the firstwaveofthe Source:U.K. government with fewermedics,hefew weeks aregoing to be the theAzeri armyoverwhelming April, with 32,300 Covid-19 pandemic last spring,the says.Despitethis,manyhospi- worstweeks of this pandemic Armenian forces and reclaim- patients hospitalized at pres- NHS’shighly centralized struc- sent back to care homes,often tals arealso trying to provide in terms of numbersintothe ingcontrol over swaths of Na- ent compared with around turehelped it adapt quickly to withoutCovid-19 tests, freeing ahigher level of health-care NHS,” England’sChief Medical gorno-Karabakh and surround- 21,700 in the spring. ride out the crisis.Over up yetmorespace. Retired provision than they did during Officer said on ing areas they lost to Armenia Thesituation is particularly 30,000 beds were freed up as doctorsand nurses were the pandemic’s first wave. Monday. “This is the most dan- three decades ago. direinLondon, whereone in nonurgent surgery wascan- drafted to help treat the sick. TheHealth Foundation, a gerous time we’vereally had in Mr.Putin said Mondaythat 30 people were estimated to celed. Britain recorded one of the health-care charity, estimates terms of numbersintothe NHS morethan 1,100 acres of land have the virus this month. A Some elderly patientswere highest Covid-19 death ratesin that around 140,000 NHS at this pointintime.” had been cleared of mines,lo- calpeople were being provided with medical assistance, and over 800tons of construction Indonesia Approves Use of Sinovac Va ccine material and 1.5million tons of humanitarian cargohad been deliveredtothe conflict zone. BY CHAO DENG cines for Covid-19 will be one expertsbelieveChina’sleading molecularvirologist at the It isn’tknown in either case Key issues in the Nagorno- AND JON EMONT of thefactorsinovercoming vaccine candidates to be safe University of Hong Kong. howmanypeople were in- Karabakh crisis remain to be this pandemic,” she said. and effective, they have called Mr.Jin said that while scru- fected; researchersusually settled, including the role of Indonesia became the first Arateof65% exceeds the formoredatafromthe vac- tinyofChinese vaccines might only unveil data, including the 2,000 or so Russian peace- country outside China to give 50% threshold that the World cine makersand Chinese gov- be lowindevelopingcoun- whichparticipantsreceived keepers deployedaspart of emergencyuse approval to a Health Organization and many ernment. Thelack of details tries,regulatoryauthorities in the vaccine versus placebo in- the cease-fire agreement, the Covid-19 vaccine developed by regulatoryauthorities consider makes it difficult to compare advancednationsand in Hong jections, when positive Covid resettlement of thousands of Chinese drugmaker Sinovac necessaryfor widespread use. candidates, they say. Kong,which has ordered doses cases reach a certain number. displaced people,and the fate Biotech Ltd., despite findings Western vaccines developed by China’sstate-owned Sino- of CoronaVac, will want more Brazilian researchersare of fighterswho were captured, that placethe candidate’seffi- Moderna Inc.and jointly by detailed results. expected to release morede- analysts said. cacy among the lowest for Pfizer Inc.and BioNTech SE It isn’t clear when or tails about the resultsoftheir Theresolution of such chal- new coronavirus vaccines. have reported their vaccines to Alate­stage clinical whether Sinovac or the Chi- Phase 3 trials as early as this lenges would determine Indonesia’sfood and drug be morethan 90% effective;an- nese government will provide week, after growing criticism whether the settlement lasts agencysaid Mondaythat a other developed by the Univer- trial in Bandung moredetails or calculatean over alack of transparency andwould define Moscow’s late-stage clinical trial in the sity of Oxfordand AstraZeneca showedCoronaVac overall efficacy rate for Coro- andquestions over howits long-term role in the region, large city of Bandung showed PLC was at least62% effective, naVac. Aspokesman at Sino- 78% efficacy rate for Corona- political observers said. “The Sinovac’sCoronaVac vaccine according to the team. to be 65.3%effective. vac declined to comment. Vac was calculated. success largely dependson to be 65.3%effective. That Authorities in Brazil have Chinese authorities ap- Indonesia’sauthorization Russia,” said llgar Velizade, a compares with clinical trial re- yet to approve CoronaVac for proved CoronaVac foremer- means the government canfi- political analyst, who heads sultsout of Brazil last week use,although President Jair gency use in July but haven’t nally begin vaccinations in the the “South Caucasus” club of showing the vaccine had an ef- Bolsonaro’sadministration has pharm said one of itstwo vac- disclosed howmanypeople country of 270 million, which political scientistsinthe Azeri ficacy rate of 78%. backed down from itsprevious cine candidates was79% effec- have been inoculated with the has seen a surge in coronavi- capital of Baku. “Russia influ- Indonesia’strial showed criticism of Chinese vaccines tive based on global clinical vaccine. Beijing has approved ruscases over the past few ences both sides.” that CoronaVac wassafe, with and agreed to buy up to 100 trials,but it didn’t release de- only one of Sinopharm’scandi- weeks,with around 9,000 new Most of Nagorno-Karabakh, participantsexperiencing only million shots of the vaccine. tails on how the analysis was dates for broad use. cases aday recently. Indonesia including the enclave’s capital, minor side effectslikefatigue In Indonesia, the Sinovac done. Indonesia’sclinical trial for had distributed hundreds of Stepanakert, remains under Ar- and fever, according to Penny vaccine was the first inocula- “There needs to be enough CoronaVac coveredonly 1,600 thousands of CoronaVac doses menian control, but Mr.Pashin- Lukito, the head of Indonesia’s tion against Covid to be ap- transparency and public dis- participants, compared with to provinces around the coun- yanhas faced harsh criticism National AgencyofDrugand proved for emergency use. closurefor people to feel con- more than 12,000 health-care trylast week in anticipation of from Armenians who viewthe Food Control. “Hopefully vac- While manypublic-health fident,” said Jin Dongyan, a volunteers in the Brazil trial. the emergency approval. peacedeal as capitulation. FROM PAGE ONE

another with little time be- to his apartment. vour book after book. Workers tween. “One morning Iwokeup “No one is calling.Noone is Beforethe pandemic,he and said something has gotto emailing—or maybe they are, used the hoursstuck in his car give,” he said. He rode his bike but I’m not getting a signal,” Try Fake between appointments to lis- from his bedroom to his living he said of his subway time. tentopodcastsand stay in room, which was about 7 feet Nowworking from home, touch with people by phone. away. he designated 7:30 a.m. to Commutes The5:30 p.m. stop-and-gobe- Now, he showers,dresses 8:30 a.m. as his “dedicated came the perfect time to call and leaveshis house by 8a.m. reading time.” But at home, “Big Ma,” his grandma in Flor- foraregular make-believe the constant possibility of be- ContinuedfromPageOne ida. Fridayevening highway commute. ing able to do other things propose apretend commuteas bottlenecks were forcalling “I go for a walk around the makes it hard to lose himself an intervention,” said Anna his best friend from high block to psychologically trick in a book. Cox, aprofessor at University school. myself that I’veleftthe house “Thereare books I’ve College London. “I never thought there forwork,” he said. It keeps started in the pandemic that I Ms. Hein, now a veteran of would come atime when I him from “living in a ground- have not been able to com- the fakecommute, has her cof- would missmydowntime from hog situation.” plete,” he said. “That used to fee, putson“real clothes” and sitting in traffic,” he said. “I The abrupt shift to remote not happen. Iwould stay until then does one 15-minute loop did not see that coming.” work brought challenges,Brit- the bitter end.” around theblock beforeget- Aftermonths of working at ish researchersfromschools Beth Kanter,anonprofit ting to her desk by 9 a.m. home, to re-create some sem- including University College consultant in San Jose, Calif., “The daygoes betterifI blance of the old routine,he London, University of Birming- said she hasn’t spent so much walk around the block before created a faux commute. ham and Northumbria Univer- time at home in 20 years. being ‘atwork,’ ” she said. Twomorningsaweek,he sity said in arecent paper, “Initially,Iwas definitely “It’salmost likeadifferent drives from his home in the popularizing the pretend com- overworking,” she said. “It persona youhaveineach suburbs to downtownfor cof- mutethere. Manyworkers was, ‘Do I live at work or do I place.” fee—passing plenty of coffee ON have simply used the time work at home?’ ” GE Sacramentosales consul- shops closer by. they would have been com- Her solution: Each morning, TUR tant Eddie Fairchild used to Fewer workers on the road muting to work more. she ventures outside—“I visit

vent about his daily frenzied meanslesstraffic,but there ABETH Theauthorscalled forpeo- my plants”—and then walks to-and-fro, which entailed arestill some commuters, and ple to “reclaim” that former the neighborhood admiring ELIZ hoursinhis Toyota Camry he aims to leave around 7a.m. Holly Hein in Portland, Ore., walks around the block before work. commuting time. differenttrees and architec- navigating the freeway grid- so he’ll “hit some sort of traf- Still it canbetrickytorep- ture. lock to makeasmanyassix fic.” ever.” sider cycling to work at a To- licate commuting pastimes at At the day’send, her “shut- client meetings a day. On arecent day, he wasex- He has scheduled an “eve- ronto, Canada, ad agencyev- home.Frank J. Oteri, an editor ting-down ritual” includes He has come to realize the citedwhen atraffic jam forced ning commute” forathirdday, eryday as part of his identity. at adigital music magazine, putting her laptop in adrawer. oldrat race had itsbenefits. him to getoff the freeway and driving downtown after work He would shareharrowing found that being an anony- Then she and her husband Nowheisworking entirely readjust his route on the fly. to gettakeout, with his “whole tales of cars cutting him off mous commuter crammed head out for a walk. from home, conducting meet- “I thrived in that,” he said. goal to be in the 5:30 rush.” and him screaming at drivers. onto a New York City subway “It’saspacetoshut off ings virtually, one right after “It wasthe weirdest thing Kyle Ashley used to con- Then his workplace shrank every day inspired him to de- your ‘work mind,’ ” she said. P2JW012000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, January 12, 2021 | A10A GREATER NEW YORK In N.Y. , People 75 and Older Get Shots

The statehas further expanded recipients to include transit workers policeand educators

BY KATIE HONAN

NewYork on Mondaybegan administering Covid-19 vacci- nations to people age75and older,educators, policeoffi- cers and transit workers, broadening the pool of eligible recipientsasit racestocurb a second wave of the virus. “I’m going to feel great when she gets it,” Emma Med- ina said of her 86-year-old mother on Mondayasthe two waited in line with afew dozen people outside a vacci- nation center at Hillcrest High School in Queens. She said her mother,Maria Medina, has spent most of the pandemic alone in her apart- ment in Jamaica, Queens. “She’s a very social person and she hasn’t been able to see her friends and family,” the daughter said. As the pair leftMondayafter receiving thevaccine,Emma Medina said her mom felt great. TheHillcrest High School A health-care worker prepared location opened itsdoorsat9 to administer a vaccine at a.m. Waiting in line were older Hillcrest High School in Queens people and health-care work- on Monday. At left, people ers. lined up outside the school. MaryWoods,78, brought a foldable chair to sit in while forCovid-19,Gov.Phil Murphy, shewaited. Theresident of aDemocrat, said Mondaydur- Richmond Hill, Queens,said ing a news conference. she has been luckythroughout The state is making prepa- quarantine because she has a rations to open up vaccina- backyard,getsher food deliv- tions to awider rangeofpeo- ered, and lives with her ple beyond the current daughter and three grandsons. selection of health-carework- Monday’s vaccine appoint- ers, police, firefightersand ment,she said, brought back long-term care facility workers memories of her receiving the and residents. Thenextphase smallpoxinoculation in 1947 will include abroader group of at aQueens facility set up next essential workers and people

to a police precinct, she said. (2) aged 75 and older. “I’m very fortunate,” she Mr.Murphysaid adding said. newgroups to the vaccine list NewYork began vaccina- JOURNAL would occur “inaseries of

tions on Dec.14. State officials REET overlapping waves” but didn’t had until Monday limited eli- ST say when people over the age gibility forthe shot to health- LL of 75 would be eligible fora WA care workers, emergencyre- shot. THE

sponders and residentsand R On Monday, NewJersey FO

staff of long-term-care facili- S also opened itsfirst vaccine

ties.Gov.Andrew Cuomo,a RIO megasite, located at Rowan Democrat, announced Friday CollegeofSouth Jersey in that the program would Gloucester County.Itisthe DESIREE broaden eligibility after days firstofsix megasites that will of pressurefromNew York Thecity plans to open an- Some people waiting in line send,” she said of the vaccine. Public Health. provide the vaccine.The site City Mayor Bill de Blasio and other 24-hour facility Wednes- there said they had difficulty Roughly 300,000 vaccine NewYork had primarily re- canadminister about 1,000 county executives acrossthe dayatGotham Health on making an appointment—an dosesare distributed to New lied on hospitals to distribute doses aday with NewJersey’s state. Staten Island. Two additional issue Mr. de Blasio said Mon- York each week,state officials the vaccine to health-care current supply flow,but could Thecity has 560,000 people locations—in Corona, Queens, daythe city would work to ad- said. Thestate has adminis- workers. Mr. Cuomo said Fri- handle up to 2,400 vaccina- who are75orolder,according and on StatenIsland—will dress. teredabout 41% of the 1.4mil- day that New York would ex- tions. to the mayor. open next week. Cornelia Sison, a72-year- lion vaccine doses it has re- pand itsnetwork to include So far,the statehas distrib- To vaccinatemorepeople, More than 160 vaccination old resident of Jamaica, ceived, according to the pharmacies and privatedoctor uted about 214,000 vaccina- city officials have created hubs sites were open in the city as Queens,said Mondayittook Centersfor Disease Control networks such as CityMD.A tions, counting both first and to administer the coronavirus of Monday,according to Mr. calls with three operators and Prevention. stateofficial told county exec- second doses,Mr. Murphy shots. de Blasio,aDemocrat. The from the city’s 311 hotline to Connecticut has had a utives on Thursday that they said. NewJersey has received On Sundayitopened two goal is to administer 175,000 makeher appointment. As a smoother rollout of its vacci- would have agreater role in about 651,000 doses,accord- vaccination centers—at the doses of the vaccine this week, home health aide,Ms. Sison nation program. Thestate had vaccine distribution. ing to the CDC. Brooklyn Army Terminal and he said, up from last week’s wasalready eligible to receive administered nearly 100,000 In NewJersey,morethan “Betterdays arenot toofar theBathgate Contract Postal tally of 101,799. the vaccination, but the new of itsfirst doses,orabout one million people have com- from now,” Mr. Murphy said. Station in the Bronx—that will TheHillcrest High School location made it easier. 47%, as of Wednesday, accord- pleted the online registration —Joseph De Avila be open 24 hours a day. location wasalso anew hub. “I’m so happy,it’sagod- ing to the stateDepartment of processtoreceivethe vaccine contributed to this article. Officer Eyed forPossible High Line to Expand to New Train Hall

Involvement in Riot BY PAUL BERGER Rail Road and some NJ Transit growth fordecades,” Mr. public open space. riderswho would otherwise Wright said. Aspokesman forEmpire Gov.Andrew Cuomo on use New York Penn Station. State officials said the High State Development said the BY BEN CHAPMAN mayhavebeen involved in the Mondayrevealedplans to con- TomWright,president of Line extension would be built stateand Brookfield would events that marred the Capitol nect Manhattan’s aerial park, the urban-planning group Re- by apartnership between each invest $20 million, with TheNew York PoliceDe- last week,” Mr. Riley said. the High Line,toanew $1.6 gional Plan Association, said Brookfield and the state’seco- privategroups contributing partment’sInternal AffairsBu- Representatives from the billiontrain hall that opened the High Line extension would nomic-development arm, Em- the remaining $20 million. reau is probing an active city’s law-enforcement unions at the start of this year. enhancethe westward expan- pireState Development,as State officials said they in- member in connection with didn’t respond to requestsfor The$60 million project sion of Midtown Manhattan’s well as the bistatetransporta- tend to build afurther expan- last week’sriot in Washington, comment. would spur development on central business district. tion agency, the Port Authority sion of the park from its D.C.,where five people died Multiple official investiga- the West Side of Manhattanat “The mix of transit, public of New York and New Jersey, northwestern terminus,at afterTrump supportersat- tionsare under way into the an important time during the spaces,commercial and resi- and Friends of the High Line, 34th Street and 12th Avenue, tacked the U.S. Capitol, Com- violent mob that overran the pandemic-induced recession, dential development will pro- theorganization that led the to Pier 76 in Hudson River missioner Dermot Shea said in Capitol building as lawmakers Mr. Cuomo said. vide aplatform forthe city’s conversion of the tracks to Park. atelevision interviewMonday. convened on Wednesdayto “Whenthe private-sector Mr.Shea said he learned of certifyPresident-elect JoeBi- economylags, stategovern- the probe Sundaynight. He den’s Electoral Collegevictory. mentsbuild infrastructureand didn’t identifythe person un- Morethan 40 people had spur development,” Mr. derinvestigation, nor did he been criminally charged in Cuomo said. sayhow policeofficials learned D.C.’s superior court and at TheHigh Line has been a of theNYPD member’s possible least13had been chargedin majordrawfor NewYorkers participation. “Thereisno federal court as of Friday and tourists since it opened a name yetreleased because we night, according to authorities. decade ago. don’t knowyet if it’strueor Several alleged participants Thepark traces a1.5-mile not,” he said. “But Ican tell you also were chargedinfederal routeonthe siteofaformer that anyone committing crimes court over the weekend with elevated railroad track that certainly would have avery violent entryand disorderly winds aboveManhattan’sWest short shelf lifewith the NYPD.” conduct on Capitol grounds. Side. NewYork City MayorBill Those still sought by federal Theproposal would extend de Blasio said at anewsbrief- prosecutors include men who the park eastward from Tenth ing Mondaythat officials allegedly brought zip-tie re- Avenue and 30th Street to could seek the termination of straints to the riot. connect with Brookfield Prop- city workersfound to have TheNYPD will send officers erties’ ManhattanWest, an 8- participated in the mob.“Any- to Washington to assist in se- acredevelopment of offices, one who did anyofthose curity for the Jan. 20 inaugu- restaurants, shops and apart- thingsdoes not belong in New ration of incoming President mentsthat abutsthe new York City public service, pe- Joe Biden, Mr. Shea said. The Moynihan Train Hall. riod,” Mr. de Blasio said. department agreed to send the It would also provide a pe- GES NYPD spokesman Sergeant officerstwo months agoatthe destrian link between the train IMA Edward Riley said police are request of authorities in hall and the $25 billion Hud- cooperating with federal au- Washington, D.C., he said. son Yards development. GETTY thorities in the probe. “I think it’smoreimportant Thetrain hall, which KEITH/ “Weare working with the than ever to showsolidarity opened in the James A. Farley FBItosee if anyallegations with lawenforcement, with Post OfficeBuilding on New that amember of the New thecountryasawhole,” Mr. Year’s Day, provides services EPHANIE ST York City PoliceDepartment Shea said. forAmtrak,the Long Island A$60 million project would link the aerial park on Manhattan’sWestSide to the Moynihan Train Hall. P2JW012000-2-A010B0-1------NS

A10B | Tuesday, January 12, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK WATCH

MANHATTAN NEW JERSEY Cuomo Lays Out Recovery Plan Woman Backtracks Rail-Bridge Project On Attack Apology Gets Federal Funding

BY JIMMY VIELKIND A white woman who wrongly A long-delayed project to re- accused a Black teenager of place a heavily traveled, century- NewYork Gov.Andrew stealing her cellphone and tack- old rail bridge in northern New Cuomosaid the statewould led him at a New York City hotel Jersey received key federal fund- expand broadband internet ac- appeared to back off her apol- ing on Monday. cess,createpublic-health ogy in a TV interview that aired The Federal Transit Adminis- training for citizens and sup- Monday, suggesting without evi- tration said that it has awarded port the conversion of vacant dence that maybe he did try to a $766 million grant for the commercial spaceintohousing steal her phone after all. building of the Portal North as the Empire State strives to “So, maybe it wasn’thim but Bridge over the Hackensack overcome the coronavirus cri- at the same time howisitso River, the final piece that will al- sis that has takenastunning thatassoon as Iget asked to low the project to begin primary economic toll. leave the premises after Ihad ac- construction. TheDemocratic governor cused this person of stealing my The project, part of the larger laid out the agenda items dur- phone, howisthatall of asud- Gateway project that includes a ing his annual State of the den theyjustmiraculously have new tunnel under the Hudson State address on Monday. Mr. my phone at the back?” 22-year- River into New York, completed Cuomo used warmetaphorsto old MiyaPonsetto said in the in- its design phase and received describe the effectsofthe terviewon“CBS This Morning.” environmental approvals several pandemic on the state, where The interview was conducted years ago. It languished while the disease it has killed nearly Thursday, hours before Ms. Pon- New York and New Jersey offi- 32,000 people. setto was arrested in Ventura cials squabbled with the federal “Covid created lowtide in OL County, Calif., over the Dec. 26 government over dividing up the PO

America, and the uglinessthat S confrontation with 14-year-old cost. lurked below the surface was Keyon Harrold Jr. She was Construction on the bridge exposed forall to see,” Mr. /PRES charged Saturday in New York could begin later this year and is Cuomo said. “We will win the with attempted robbery, grand expected to take about four to Covidwar,and we will learn PENNINK larceny, acting in a manner inju- five years. In addition to the from the experience.” rious to a child and two counts grant, the rest of the roughly HANS TheState of the State is The governor delivered a virtual State of the State address Monday from the Capitol in Albany. of attempted assault. $1.9 billion cost will be borne normally achancefor the gov- Security video released by mostly by the state of New Jer- ernor to speak with lawmakers ourcommercial property pro- who representsdevelopers, was important and he looked New York City police shows Ms. sey, which is committing about and assemble guestsfrom vides an opportunity,” Mr. applauded the governor.“New forwardtoseeing moredetails Ponsetto frantically grabbing at $800 million, and Amtrak, which around the state for a kind of Cuomo said. He proposed cre- York will remain aglobal com- of the governor’s proposal. Keyon as he tries to get away is committing about $260 mil- annual homecoming.This year ating “supportiveand afford- mercial hub by instilling a Mr.Cuomo also said the from her through the front door lion. the speech wasvirtual: Mr. able housing” in thesespaces. 24/7 environment in itscen- statewould partner with Cor- of Manhattan’s Arlo hotel. The new bridge will replace a Cuomo spokefor around 45 The overall vacancy rate in tral businessdistricts, which nell University to createa At anewsconferenceon 110-year-old swing bridge that minutes,half the length of last Manhattanincreased to 13.3% will simultaneously strengthen public-health corps that would MondayinNew York City, the occasionally becomes stuck after year’s presentation, from the in the thirdquarter of 2020, itsretail and small business hire1,000 people to help with teen’sfamily called foraboycott it opens to allow boats to pass empty,mural-adorned “War the highest number in 24 sectors, create ‘walk to work’ vaccination effortsthis year of the hotel, claiming it had ra- under, causing delays along the Room” of the state Capitol. years, according to areport environmentsand provide and train 100,000 citizens so cially profiled him in its response. corridor between Boston and Thegovernor will expand on from Cushman &Wakefield, a much needed housing and af- they could volunteer in future Management of the Arlo ho- Washington, D.C. Nearly his proposals in three additional real-estateservices firm. Kath- fordable housing,” he said. health emergencies. tel previously posted on Face- 200,000 people and 450 trains online speeches this week,a ryn Wylde, chief executive of Thegovernor said the state book that they had reached out cross the bridge each day during stateofficial said, focusing on the businessgroup Partner- would work to makebroad- to apologize to the family. normal times. infrastructurespending and de- ship forNew York City,said ‘We will win the band internet services not just —Associated Press —Associated Press veloping clean energy. that manycompanies in the accessible but affordable for To reinvigoratethe econ- city haven’t changed their ex- Covid war, and we residents around the state. omy, Mr.Cuomo said the state isting leasing arrangements will learn from the Themost immediatechal- would look forways to rapidly but she estimated that only lenges will be fiscal. By law, Mr. reopen restaurants, theaters 10%to15% of employees are experience.’ Cuomo must formally propose and cultural sites such as mu- working in offices. abudget next week forthe fis- seumstopatronswho either Repurposing spacecould be calyear that begins on April 1. test negativefor the coronavi- alengthyprocess,said Jay Thestate budget division proj- rusorhavebeen vaccinated Martin,executivedirector of Ms. Wylde noted that New ectsan$8.7billion deficit. against it. But the governor ac- the Community Housing Im- York City officials would need Republicans took the op- knowledged that changes to the provementProgram, aresi- to approveany zoning changes portunity to criticizethe gov- natureofwork could outlast dential landlordgroup.Hesaid affecting Manhattanand other ernor for the slower-than-ex- the pandemic,and proposed an the stateshould “work on a office-rich areas to allowfor pected distribution of

expansion of telehealth ser- bettersystemthat protects more housing.Aspokesman coronavirus vaccines. County /REUTERS

vices and repurposing commer- tenants, while allowing owners forMayor Bill de Blasio didn’t executives said that stateoffi- GAR

cial officespace. to invest in clean, safe, afford- return arequest forcomment. cials worked outside existing SE “The housing problem in our able housing.” NewYork City Council Speaker plansand set strict limitson MIKE cities has gotten worse. But the RealEstateBoardofNew Corey Johnson said the cre- who could receivedoses,frus- Kat Rodriguez called Monday for a boycott of the Arlo hotel over crisis of growing vacancies in York President James Whelan, ation of affordable housing trating the early rollout. its handling of afalse accusation againsther son KeyonHarrold Jr.

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HEALTH & WELLNESS PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, January 12, 2021 | A11

WHAT’SYOUR WORKOUT? | JEN MURPHY Jen Golbeck, below, and Lauren De Fitness Secrets Crescenzo, bottom right, with her fiancé, From Pandemic Jim Snitzer. Overachievers

16-day quarantine didn’t disrupt Cody Tips to Help Reach Marett’s running rou- Your Exercise Goals tine last year. It actu- A ally inspired him to Here are some of performance run a marathon—in his psychologist Simon Marshall’s South Korean hotel room. tips for helping you achieve Some people like Mr. Marett fitness goals big and small: have gotten creative with their fit- ness routines during the pandemic, n Create a road map of using online tools to set new goals smaller goals. for themselves and motivate them n Share your progress on so- to hit new personal bests. Here’s cial media. what you can learn from these am- bitious exercisers to help you set n Reward yourself after your and achieve goals of every scope. workout with a treat, some- Mr. Marett, a 33-year-old staff thing as simple as a piece of sergeant in the U.S. Air Force, chocolate. moved his bed sideways to create n Find a workout . an indoor oval running course and used the activity tracker Strava to n Anchor your goal to a char- determine that 85 laps equaled ity or cause. about a mile. n Set a goal focused on dis- “It began as a simple 1-mile covery and exploration instead run, some calisthenics, and 1 more of a finish line and time. mile,” he says. “But I began look- ing at running certain distances as n Be flexible with your goals a unique challenge. I started with and adjust according to cir- a 5k, completed a 10k, 15k and half cumstances. marathon in successive days, gave n Embracethe mentality, some- myself three days off and ran a full thingisbetter than nothing. marathon.” He completed the 26.2 miles in four hours, 27 minutes and 28 sec- onds; 2,227 laps around the room. He posted Strava snapshots of his petewith themselves and others, athletic department in Durham, quarantine runs to a virtual run Dr.Marshall says.“Knowing where N.C. “Sometimes to succeed, you group on Facebook and says the youstack up in ahierarchyintensi- need to redefine what success support kept him motivated to fies the potencyofgoals,” he says. looks like for you. If you don’t re- reach the marathon distance. Everesting,climbing 29,029 feet adjust, you set yourself up to fail.” If you have a hard time com- on abikebyrepeating asingle Many endurance runners, such mitting to exercise, little tricks, climb during aregular outdoor ride, as Myles Fennon, turned to setting from making yourself accountable gotmorepopular last year,accord- fastest known times, or FKTs, on on social media to enlisting a ing to Andy vanBergen, co-founder running or hiking routes. friend, can help you stay on track of the Everesting concept and pur- “If you’re a top-level racer or to reach your goal, says Simon veyorofthe websiteEveresting.cc. adventurous person, you were Marshall, a performance psycholo- Theorganization finished the year bored last year,” says Buzz Burrell, gist in . with 14,000 entries logged, up from co-founder of the website Fastest “The brain is wired to be at- 9,000 ayear earlier. Known Time, which registers tracted to big goals,” Dr. Marshall Epidemiologist and pro cyclist FKTs. “Attempting an FKT is an says. To achieve those big goals, Lauren De Crescenzo, 30, set a opportunity to learn and engage most people need more than will- women’s Everesting world record new skills. Unlike a race, you don’t power, or internal drive, he says. last May, ascending Hogpen Gap in have anyone handing out water Waypower, a term for the actual Blairsville, Ga., 24 times, covering and telling you which way to go.” planning required to realize the 111 miles in 9:57:27. (The record Amanaging director at acom- goal, is where most goals fail. Dr. has since been broken.) mercial real-estatefirm in Manhat- Marshall says sharing goals and athon Majors last year. The com- Ms. Golbeck accomplished her Ms. De Crescenzo says the chal- tan, Mr.Fennon, 41, is aself-de- progress toward them on social puter scientist used to travel goal, which equaled about 910 lenge gave her something to train scribed race junkie,typically media can help people stay moti- weekly and loved the adventure of miles, in early August and realized toward, but at points leading up to competing in two to three mara- vated. And if people fail to meet discovering new runs. When the she was in phenomenal shape. She the climb she asked herself, “Why thons and ultramarathons amonth. their goals, support from an online pandemic hit, she found herself registered for the Wildcats Ultra in would anyone do this?” To give He didn’t have trouble logging his community can encourage them to running the same street near her Pensacola, Fla., in September and the goal more purpose, she raised usual 50 to 60 miles aweek,but try again rather than give up com- home in Sugarloaf Key, Fla. ticked off another longtime goal, money for Craig Hospital in Engle- without racestopreparefor he says pletely, he says. “When the day-to-day epicness running 100 miles. “I ended up wood, Colo., where she spent two he waslosing his edge. He enlisted “Last year was a dopamine des- of the stuff I had planned went having the best running year of months in 2016 recovering from a his running buddy,Jay Johnson, to ert for most of us,” he says, refer- away in March, I needed to put the my life,” she says. Ms. Golbeck post-traumatic brain injury suf- train to set an FKT along 41 miles

ON ring to the neurotransmitter in- adventure and discovery back into wasn’t alone in her running high. fered while racing. of the Old Croton Aqueduct Trail volved in pleasure and motivation. running,” she says. In April, she According to Strava’s annual Year “Altruism makes us feel good,” north of NewYork City.They NIELS

DA “Wecouldn’t getlittle daily dop- set out to run every street in the in Sport report of runners who’ve Dr. Marshall says. “When we at- achieved their goal in 6hoursand

M amine micropulses from thingslike Florida Keys. She posted Insta- been on Strava since 2019, 55% of tach our goal to a cause, it also 53 seconds in November. TO meeting afriend foralocal 5K,” he gram stories of the runs on users hit a personal record in their holds us accountable.” “I didn’t get to 2:45-marathon CK; says.“When yougoonsocial media @jenrunswithdogs and says she 5K, 10K, half marathon or mara- Goals can also be malleable. fitness levels this year,” Mr. Fen-

GOLBE and see that someone liked your got a boost from responses. “Tons thon distances in 2020. “The epitome of mental toughness non says. “But this was the best goal or accomplishment, that inter- of people messaged me saying In ayear wheremost in-person is responding in a positive way option under the circumstances. JEN

P: mittent reinforcement is potent.” they felt like they were getting a raceswerecanceled, activity track- when stuff hits the fan,” says We’re already planning to go after TO Jen Golbeck, 44, signed up to tour of a tropical paradise vicari- erslikeWhoop,Fitbit and Strava Gregory Dale, director of sport tougher FKTs that will force us to OM

FR run five of the Abbott World Mar- ously through me,” she says. became away forpeople to com- psychology for Duke University’s get fitter.”

if hospitals in your area profit in Newton, Mass. Manyhos- How can you ensure the best care When To are near capacity. “If pitals post ER waiting times online amid reports of doctors and staff you have a sprained an- or canestimatethem over the being stretched thin? Skip the ER kle, it’s probably not phone.Also,consider the sizeof Beyond tracking hospital-occu- the time to go to the the hospital, especially if youend pancy rates, there is no way to tell hospital,” she said. up needing intensivecare. “Larger if a particular medical provider ForOther Many urgent-care clin- hospitals have betterresourcesand feels overworked. Hospitals don’t ics also post waiting typically smaller hospitals have release information on when they Options times and can do su- much fewerICU beds that arecriti- rotate staff to provide time off be- tures, X-rays and other calnowadays,” he said. diagnostic testing. BY ALINA DIZIK Rememberthat your What should you learn before People can’t always gutreaction canbemis- going to a hospital for surgery? ith emergencyrooms and leading.Research shows In general, youshould getasense judge whether they are W ICUsacrossthe country that people can’t always of current staffing levels as well as experiencing a health overloaded, atrip to the judgewhether they are resourcesafter surgery.Pre-pan- hospital canmean greater pan- experiencing ahealth demic research shows that anurse- emergency. demic-related risks.According to emergency, said Char- to-patient ratio of 1:5 or 1:4can re- the Covid Tracking Project,more leen Hsuan, professor of sult in bettercarefor the patient, than 132,000 people areinthe hos- health policyand admin- said Mr.Litvak, who is also an ad- pital with Covid-19,with the major- istration at Pennsylvania junct professor at the HarvardT.H. tween shifts. “To some degree you ity of states reporting record hospi- State University,adding, Chan School of Public Health. Covid have to have some faith in the sys- talizations.That affectsnot just “ingeneral, patients patientsare clustered in hospitals tem,” Dr. Blomkalns said. “Physi- emergencydepartmentsbut staffing aren’t necessarily good and staying longer,sothey are cians are used to staying up and spacethroughout entirehospi- at telling when some- drawing resourcesfromother de- nights, studying hard and being tals,which usually isolateCovid pa- thing is areal emer- partments, he said, but nursing challenged on the job—and this is tientstoprevent infection. gencyornot.” only so much amid the onslaught staff can’t moveback and forth, what we all trained to do.” That is complicating the deci- of patients. “They don’t come in tending to Covid and non-Covid pa- sion to go to the emergency room. Which area of the hospital poses wearing alabel: ‘I have Covid’ or tients. Youmight ask your doctor What can you do once at the Here’s what doctors and other the most risk to non-Covid patients? ‘I don’t,’ ” she said. whether surgeries arescheduled hospital? medical authorities advise. As Covid patientspour in, sepa- evenly throughout the week or con- Social distancing, masks and hand- rating them from ER arrivals with If you can choose among ERs and centrated on certain days,which washing are critical. Most hospi- When are urgent-care clinics the non-Covid-related emergencies is have more than minutes to spare, canlimit spaceinrecoveryareas on tals don’t allow cloth masks and best option? getting moredifficult, said Sarah what can you do before heading some days,hesaid. ask patients to wear surgical ones. If you aren’t experiencing heart at- Nafziger,vicepresident forclini- to a hospital? A hospital’s website might also According to Dr. Nafziger, while tack or stroke symptoms, some calsupport services at the Uni- If your doctor has admitting rights alert patients to any pandemic-re- some health-care workers have lesser emergencies may be easier versity of Alabama at Birmingham at aparticular hospital, call to see lated changes to procedures, Dr. been vaccinated, the shots haven’t addressed outside the ER, said An- Hospital. Manyhospitals,includ- whether youshould come in and Hsuan said. She warned that qual- yet had an effect on the hospital GES dra Blomkalns, chair of the emer- ing Dr.Nafziger’s,havecreated inquireabout crowds, said Eugene ity ratings for hospitals haven’t population overall. “It doesn’t IMA gency medicine department at separate entrances and waiting Litvak, president of the Institute been updated to reflect operations mean that hospitals are any safer

GETTY Stanford University. This is critical areas,but such measures help forHealthcareOptimization, anon- during the pandemic. right this minute,” she said. P2JW012000-0-A01200-1------NS

A12 | Tuesday, January 12, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | HEALTH & WELLNESS

Scientists are studying whether YOUR vaccination prevents transmission. HEALTH SUMATHI REDDY than they can in the nose or throat,” says Dr. Bhattacharya. “So it’s a lot easier to prevent severe o the Covid vaccines or symptomatic disease” than in- prevent you from fection, he explains. spreading the virus, or Even after getting vaccinated, if do they just protect someone is exposed to the virus it D you from getting sick? can take the body’s immune re- Scientists don’t sponse some time to control an in- know yet—and the uncertainty has fection, says Dr. Pepper. The po- big implications during the rollout tential for transmission depends of the vaccines. on how quickly the infection is Pfizer and Moderna, the com- controlled. panies that developed the vaccines “Most vaccines prevent disease authorized in the U.S. so far, say as opposed to preventing infection,” their vaccines are about 95% effec- says Anna Durbin, aprofessor of in- tive at preventing people from get- ternational health at Johns Hopkins ting sick with Covid symptoms. BloombergSchool of Public Health But there’s not enough evidence who is working on the AstraZeneca yet on whether the vaccines also Covid-19 vaccine trial and previ- prevent asymptomatic infection ously worked on the Pfizer vaccine and transmission. trial. She believes Covid vaccine The companies say research is studies will eventually showare- ongoing to determine the answer. duction in asymptomatic transmis- Without vaccines, research has sion but not acompleteelimination. suggested that asymptomatic Even if vaccines don’t prevent transmission of the coronavirus transmission completely,they can that causes Covid is responsible still help populations achieveherd for roughly a quarter of infections. immunity if enough people take The result, experts say, is that them, says Arnold Monto, an epide- precautions like wearing masks, miologyprofessor at the University social distancing and avoiding of Michigan School of Public Health crowded spaces will be necessary who chairsthe U.S. Food and Drug until the country gets closer to Administration’sVaccines and Re- herd immunity, the point at which CanYou Still Spread the lated Biological ProductsAdvisory enough people are immune to a Committee. disease to make its spread un- Significant asymptomatic trans- likely. Some studies have esti- mission is likely not unique to mated roughly 75% to 80% of the Virus After Va ccination? Covid-19,says Dr.Monto. Other vi- U.S. population needs to be im- ruses haven’t been studied as exten- mune to Covid-19 to reach herd sively.When the rubella vaccine immunity, but that number is a came out, thereweresome docu- moving target and could rise as ymptomatic infections. virus from spreading,but the study wait many more months because mented asymptomatic reinfections, new variants emerge. “That means there’sasubstan- stalled due to funding shortages vaccine trials in children under 12 says Dr.Monto, but herdimmunity “Everyone needs to keep wear- tial, substantial reduction in overall and time constraints. haven’t even started yet. waseventually still reached. ing masks and we all need to do infections just from that firstdose,” “As of today there really is very “Nothing’s going to change un- One potential problem is if siz- our part in reducing the transmis- says DeeptaBhattacharya,anasso- little information,” says Dr. Corey. til we’re 100% sure that we’re not able segments of the population sion so it’s not going to be as diffi- ciateprofessor of immunobiologyat Thetransmission question going to be spreading to others,” choose not to get the Covid-19 vac- cult to control,” says Marion Pep- the University of Arizona in Tucson. means those getting the firstvac- Dr. Ríos says. “We’re not going to cine, says John R. Mascola, direc- per, an immunologist and Expertsnotethe dataset was cines aren’t changing much about see our parents and hug them un- tor of the federal National Insti- associate professor at the Univer- small and moreresultsare needed. their behavior.ClaritzaL.Ríos,a til we’re 100% sure it’s safe to be tute of Allergy and Infectious sity of Washington in Seattle. LarryCorey,avirologist at Fred 44-year-old emergencymedicine with them.” Diseases’ Vaccine Research Center. “This is really important.” Hutchinson Cancer Research Center physician in Oakland, Calif., received The coronavirus enters the “Until we have broad-based There is some indication that in Seattle,called the data“sugges- her firstdose of the Pfizer vaccine body typically through the nose or vaccination and herd immunity, we S vaccination may reduce asymp- tive” but said no conclusions should on Jan. 4. Her husband, also an mouth, says Dr. Bhattacharya. But should appreciate that it’s possible

PRES tomatic infection, resulting in re- be drawnbylimited testing.Dr. emergencyphysician, received his a the most severe disease from to still get exposed to the virus re-

TED duced transmission. Preliminary Corey is co-leading afederal vac- week earlier.They areboth due for Covid-19 usually occurs in the ally from anybody whether they’re

CIA evidence from Moderna showed cine testing program doing Phase 3 the second dose in lateJanuary. lungs. Vaccines are injected into vaccinated or not,” he says. But if SO that participants in a clinical trial clinical trials formultiple Covid-19 But her in-laws, who are in the bloodstream, and antibodies the vast majority of people get the AS who received the vaccine and were vaccines and proposed astudy on their 80’s, haven’t been vaccinated develop in the blood before mov- vaccine, “some asymptomatic LEE/ tested for Covid between their U.S. collegecampuses that wasin- yet and likely won’t be for at least ing to the nose to prevent infec- transmission is not going to have first and second doses had a tended to examine whether Mod- another month. The couple’s two tion. “Antibodies can cross into much of a public-health implica-

WILFREDO roughly two-thirds reduction in as- erna’svaccine preventsthe corona- sons, ages 6 and 8, will have to the lungs a little bit more easily tion,” he says.

Have a conversation with your time, and they make sure that they loved ones. Working parents have help each other get it,” Ms. always had to balance relentless Schulte says. schedules, but the Covid-19 pan- demic has exacerbated these chal- Take a look at the bigger pic- lenges, says Brigid Schulte, direc- ture. It is normal to feel over- tor of the Better Life Labat think whelmed, and like you are failing tank New America. on a personal level if you can’t Howto It is important to look at your balance both work and home life, own relationships and evaluate the says Ms. Schulte. But it is impor- division of responsibilities, she tant to remember that the pan- Improve says. Women in the U.S. spend demic brought about an unprece- about four hours a day on unpaid dented series of crises, she says. work, such as routine housework Millions of people became unem- ZUKE and child care, while men spend ployed due to the coronavirus KE

JA Your Work- about two and a half hours on pandemic. Another factor out of

AND these responsibilities, according to your control may be child care. the Organization for Economic Co- LIAN Y LifeBalance operation and Development.

MM Ms. Schulte suggests trying two TA exercises for couples: BY n The Ruth Bader Ginsburg.

ION 46%

AT When the former Supreme Court

TR Justice’s son misbehaved, school of respondents in a September US officials often called her, she told ILL survey said their work-life balance an audience at Sundance Film Fes- had worsened. tival in 2018. She reminded the BY ALLISON POHLE yourself, says Eric M. Bailey, chief missing out or being seen as aweak school that her son had two par- executive of Bailey Strategic Inno- link if youlog off beforeothersbut ents, and asked it to alternate be- eeling overworked? You aren’t vation Group. For instance, a this is oftenanunfounded assump- tween them. In this experiment, “I think that is probably the F alone. teacher Mr. Bailey knows makes tion. Instead, focus on telling your- Ms. Schulte encourages parents to most important thing is to give In a September survey of coffee for himself and drives self afact-filled storyabout your discuss the division of these types yourself some grace,” she says. 310 organizations by the Confer- around the neighborhood each work,says Ms.Ballesteros.Ifnone of responsibilities and take turns “Don’t take this all to heart and ence Board, 46% of respondents morning before returning home of your colleagues have told you taking ownership of them. see it as a failure, that if you only said their work-life balance had and logging on for work. “Estab- thereisaproblem with your work- n The leisure co-sponsor. Most had more willpower, or if only you worsened. lishing boundaries and then hold- load or contributions,you shouldn’t people have a hard time taking had planned better, that things Achievingahealthymix in your ing them sacred is very impor- assume thereisanissue. time for themselves, but 2019 data could have turned out differently.” working hoursand home lifemay tant,” Mr. Bailey says. from the Bureau of Labor Statis- seem unattainable,but consultants, Recognize burnout. If you are tics found that women spent less Try to take time off. Taking a va- burnout management coaches and Complete your most essential maxed out at work, home, or both, time on leisure and sports than cation can help manage burnout, work-liferesearcherssay thereare tasks first. This way, you finish you might feel detached, ineffec- men. In this exercise, each partner yet 55% of Americans didn’t use all steps youcan take to help makethe the most important items on your tive, drained and unmotivated, Ms. will make a list of something they of their paid time off in 2018, ac- most of your days. to-do list during your workday, Ballesteros says. “A prolonged would like to do for fun that week cording to a survey of 1,025 U.S. and aren’t doing critical tasks af- sense of helplessness and lack of or that month, and then develop workers by Project: Time Off, a re- Set boundaries. Many Americans ter hours, advises Emily Balleste- control due to burnout will mani- an accountability plan to ensure search group in Washington, D.C. without a commute during the ros, a burnout management coach. fest physically if ignored,” she each person gets his or her desired If you can’t take a full week, or Covid-19 pandemic have worked says. If you identify some of the experience. “This makes it clear even a few days of vacation, try more hours. You should create a Avoid work FOMO,orfearofmiss- signs of burnout, you can take from the outset that both partners taking an afternoon off to recharge work and nonwork boundary for ing out. Youmight worryabout steps to rest and recharge. need and deserve this kind of occasionally. P2JW012000-0-A01300-1------XA

THE WALL STREET JOURNAL. Tuesday, January 12, 2021 | A13 ARTS IN REVIEW

MUSIC REVIEW |MARK RICHARDSON Alienation With aLondon Accent

British band Shame’s evocative lyrics and propulsive beats stand out in London’s crowded, post-punk scene

ock music maybeonthe wane commercially,but England continues to pro- duceyoung and aggres- Rsiveyoung bands who channel the sound and at- titude from the glorydays of post- punk.Inthe past few years, South London has been fertile ground for such groups,including Black MIDI, FatWhiteFamily and the five- pieceoutfitShame.The last of these formed in 2014when its memberswereteenagersand re- leased itsdebut album, “Songsof Praise,” in 2018.Though the record wasn’t ahugeseller,Shame and its surrounding scene generated afair amount of hype in the British press. Thegroup’sinfluences are right thereonthe surface—the forceful grooves of Gang of Four, the bitter, half-spoken vocalrants of the Fall, the cathartic choruses of the Clash—but Shame’sperspec- tiveiscontemporary, befitting the youth of itsmembers(none has reached 25). Theband’ssecond al- bum, “Drunk Tank Pink” (Dead Oceans), out Friday, intensifies and distills itssound and is itsstron- gest work to date. “Drunk Tank Pink” wascom- pleted at least six months agoand waswrittenbeforethe pandemic, but youcan’t blame agroup like this fortrying to hold arecordun- til concertsare possible.Shame has areputation as agreat live band, due in no small part to its rhythm section. Though the gui- tars,byEddie Green and Sean Coyle-Smith, arejagged, punishing and occasionally disarmingly me- lodic,the ear keeps returning to the forwardthrust of Josh Fin- erty’s bassand Charlie Forbes’s drums.The record’s producer, Shame’s new James Ford,oncemade electronic album, ‘Drunk dancemusic as part of Simian Mo- Tank Pink,’ is

bile Disco, and he has akeen un- out Friday. GG

derstanding of howapropulsive GRE M

beat canelevaterock. SA Shame frontman Charlie Steen moves between speaking and sing- “BorninLuton,” is one of massed backing vocals heighten tion Wagon,” the LP’slongest track ing with atone of disillusionment. the record’s most power- the drama. at 61/2 minutes,offersatentative This approach, perfected in the ful, with lyrical details Just over halfway through the path forward. late-1970s by Mark E. Smith, that justifyMr. Steen’s record,the indignation and isola- “But nobody said this wasgoing leader of the Fall, putsextraem- speech-likephrasing.Over tion find respitein“Human, fora to be easy,” Mr.Steen howls latein phasis on lyrics,and Mr.Steen’s atense,syncopated beat, Minute.” It’sthe album’slone mo- the song,“And with youasmywit- wordsoften reward close atten- he describes standing on ment of sweetnessand light, and nessI’m going to tryand achieve tion. His phrasing canbeinten- the street outside of a it’searned. Mr.Steen singsofthe the unachievable.” He’stalking tionally stiff,asifbarely conceal- house wanting to go in- weight of the world and howtime about happiness. If the bulk of ing his inner rage.You canhear side,but there’snoone with someone special canmake “Drunk Tank Pink” is about how that tension on album-opener “Al- home.Without letting us the burden disappear (“I never felt the rawest negativefeelingscan phabet,” whose wordssuggest that knowwho he’dbeen seek- human beforeyou arrived”). One fuel an escape from despair,“Sta- society conditions people to limit ing thereand why, he con- moresong likeitwould have been tion Wagon” suggestshope might their rangeofexpression. As the veys the situation’sraw one toomany—“Drunk Tank Pink” be an even greater force. However bassrumbles forwardand the tre- need, of spending alife- acquires energy from itscumula- it fits intothe cultureatlarge, bly guitarsconveyalarm, Mr. time in search of someone tiveturmoil. loud and aggressiverock is still a Steen barks “Please smile when we or something that never Shame doesn’t have the answers splendid vehicle forconveying tell youto”in the firstverse,and comes,and he adds some and it’soften not even surewhat emotional extremes.And while then on the chorus follows with evocativeimagery(“Body the questions are, but the group’s Shame offerslittle newinterms of “Are youwaiting /Tofeel good / heat of athousand de- songsare very good at saying style or form, it morethan deliv- Areyou praying /Likeyou grees /Letterbox open so Ican time well, with acrushing coda “No.” Besieged by demands and ersthe requisiteintensity. should,” each syllable asmall ex- feel the AC”)toput the listener in that finds Mr.Steen howling “I’ve asked to conform to rules that plosion. front of that building.Atnearly been waiting outside forall of my makelittle sense,the charactersin Mr. Richardson is the Journal’s Shame’smost prominent theme five minutes,it’sone of the longer life/And nowI’vegot to the door these songsexpressdisgust and rock and pop music critic. Follow is alienation. Thethirdtrack, tracks on the album and it uses its there’snoone inside” while then withdraw.The closing “Sta- him on Twitter @MarkRichardson.

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NewYork City 42 32 pc 44 34 s Dublin 44 41 r5345r Warsaw3430sn3428sf s TAELOADTENANT Oklahoma City 53 26 s5434s Edinburgh 38 28 pc 37 34 sn Zurich 37 32 sn 39 35 pc Solvethis puzzle online and discussitatWSJ.com/Puzzles. ENDDONEEXERTS P2JW012000-6-A01400-1------XA

A14 | Tuesday, January 12, 2021 ****** THE WALL STREET JOURNAL. SPORTS GES IMA GETTY X/ CO C. KEVIN Alabama receiver DeVonta Smith scored three touchdowns in the first half of the College Football Playoff National Championship game. Smith was named the game’s most valuable player. Alabama Rolls to National Championship

Led by ’s five touchdowns passes, including three to DeVonta Smith, the Crimson Tide beat Ohio State 52-24

BY LAINE HIGGINS Smith wasnamed the game’s ceiving yards, with 1,856 and scored in the national champion- predicted as the sports world shut most valuable playerdespitemiss- 3,965,respectively. ship since USC’s 55 in 2005 and a down in 10 months ago. MIAMI GARDENS, Fla.—Long ing most of the second half after In his stead, Alabama receivers far cry from the three touchdowns “When this all started back in before top-ranked Alabama landed leaving the game early in the third John Metchie III and Jaylen Wad- Saban’s team needed to win it all March, we told our players basi- in Miami for the 2021 College quarter with an apparent finger dle, playing in his first game since in 2011—the same season his team cally the team that shows the ma- Football Playoff Championship, injurysustained aftercolliding an October ankle injury, picked up lost to Louisiana State 9-6. turity to be able to handle disrup- Ohio State knew exactly what its with Ohio State linebacker Pete the slack. The former tallied 81 “We were more run the ball, tions is going to have the best opponent’s preferred offensive Warner. yards while the former collected play-action pass, NFL-type offense chance to be successful in the scheme would look like: a Mac Thewin racked up averybig 34, including a key first down on back in the 2012 days than we are end,” Saban said earlier this week. Jones pass completed to receiver milestone forAlabama coach Nick the first drive of the second half. right now,” said Saban. “So we’ve Since June, when Alabama’s DeVonta Smith. Saban and afew lesser ones.By When Ohio State’s secondary kind of evolved a little bit as the players first returned to campus The Buckeyes may not have winning his seventh national title didn’t have its hands full with the game has evolved on the field. But for voluntary workouts, Saban imagined the repetitive stress that as acoach—six with Alabama and Crimson Tide’s lanky receiving the culture of the program really praised their discipline. It’s un- would come from watching the one with Louisiana State—he hasn’t changed.” clear how many of the team’s play- Heisman Trophy winner, Smith, moved ahead of his predecessor Ohio State’s offense was not ers tested positive because the catch one pass after another from legend at Alabama, Paul “Bear” By winning his seventh without its personnel issues. Quar- university does not release data a Heisman Trophy runner up, Bryant, who wonsix titles. terback Justin Fields, who took a specific to its athletic department. Jones. It wasalso Saban’sfirst unde- national title as a coach, punishing hit to the ribs and suf- But the Crimson Tide never had to Smith and Jones may be the feated season since2009.And it moved fered an undisclosed injury during pause workouts nor were they the most unmemorable name ever for wasthe firsttime in the seven- the Jan. 1 Sugar Bowl semifinal impetus for a postponed game. an electrifying college football year historyofthe CollegeFoot- ahead of ‘Bear’ Bryant. against Clemson, was hesitant to Saban has attributed his team’s duo, but the two connected for an ball Playoff that Alabama wonthe break off runs in the first half. success to seniors like Jones, unforgettable 12 completions, 215 title afterbeing bestowedwith a This effectively limited the dual- Smith and Harris. “Those guys yards and three touchdowns as Al- No.1ranking by the selection threat quarterback to passing, have done an outstanding job for abama dismantled Ohio State committee. TheCrimson Tide pre- corps, human wrecking ball Najee something Alabama’s secondary our team, not only in terms of the 52-24 before 14,926 socially dis- viously wonchampionships after Harris was shaking off linebackers was well prepared for. The Buck- way they’ve played, the standard tanced fans at Hard Rock Stadium the 2017and 2015 seasons while en route to 79 yards rushing, 79 eyes managed just 90 passing of excellence that they’ve sort of to win its fifth national title in the being ranked fourth and second, yards receiving and three touch- yards in the first half to 100 on competed to, but also in their past decade. respectively. downs, breaking Derrick Henry’s the ground. leadership and how they’ve im- Ohio State wasn’t alone in being As expected, the action Monday SEC single season record for The Buckeyes’ rushing attack pacted other players,” said Saban. wowed by Smith’s dazzling perfor- night washeadlined by Alabama’s touchdowns with 30. took a blow when running back It’s impossible to know if Ala- mance. “DeVonta Smith is one of Heisman Trophywinner Smith, Even as college football has Trey Sermon broke his collarbone bama could have achieved perfec- the best pure receivers I’ve ever who averaged 17.9 yardsper carry. evolved away from defensive bat- in the opening drive of the game. tion during the pandemic season watched!” LeBron James tweeted, Despitethe truncated showing,his tles in the trenches to high flying Ultimately it was the team with without the class of 2017. When while Patrick Mahomes joked that outing wasenough to finish off a offenses, Monday’s contest marked the most conventional path asked about the hypothetical, Sa- the Ohio State defense should “put Southeastern Conferencerecord a watershed moment for the sport. through the pandemic season that ban deferred. “We’re certainly everybody” on him. forsingle season and career re- Alabama’s 52 points were the most emerged victorious—just as Saban happy to have them with us.” Bill Belichick Halts Medal of Freedom Award

BY LOUISE RADNOFSKY his ownchildren. Sorenstam has AND ANDREW BEATON takenofficeasthe president of the International Golf Federation, the bout aweek ago, New governing body that oversees golf at England Patriotscoach eventssuch as the Olympics. Bill Belichick wasinvited Belichick,68yearsold, has been to receiveAmerica’s the Patriotscoach since2000 and A turned the franchise intofootball’s highest citizen honor: the Presidential Medal of Freedom. pre-eminent modern dynasty.New Just days later,amob of the England has wonsix Super Bowls

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coach. Now, he is joining othersin FR near his Mar-a-Lagoresort in Flor- the sportsworld who aredistancing President Trump holds a Patriots helmet presented to him by Bill Belichick during a White House event in 2017. ida. themselves from the president dur- Those clubs’ relationship with the ing his final days in office. Sportsand politics have often base.Atthe height of national pro- who wasrecovering from the coro- golf establishment arenow in jeop- ThePGA of Americasaid late been closely intertwined during— testsoversystemic , he used navirus when he went to receivehis ardy. Sundayitwas stripping Trump’s and times because of—his presi- Twittertoquestion Nascar banning medal at the WhiteHouse.Trump “It has become clear that con- golf course in Bedminster,N.J., of dency. the Confederateflag at tracks.Ac- had previously, in 2019,given the ducting the PGAChampionship at the 2022PGA Championship.On Thepresident has surrounded tivist players who rejected the idea award to Tiger Woods. Trump Bedminster would be detri- Monday, the R&A,the body that himself with sportsduring manyof of visiting Trump’sWhiteHouse By contrast, President Barack mental to the PGAofAmerica oversees eventssuch as the British the most tumultuous momentsof sawthemselves publicly disinvited. Obama awarded 12 such medals to brand,” PGAofAmericapresident Open, also said it had no plans to his time in office. He traveled to In recent days,apresident who sportsfigures out of 118,orjust Jim Richerson said in announcing stageits championships at Turn- hear the cheersoffriendly crowds had already given significantly more 10.2% of his,and President George that the 2022tournament had been berry, agolf resort in Scotland at collegefootball’snational champi- Medals of Freedom to sportsheroes W. Bush had asimilar ratio. stripped from Bedminster. owned by Trump that has hosted onship as he facedimpeachment in than anypredecessor awarded an- Belichick wasoffered the award Astatement from the Trump Or- four British Opens and two Women’s January2020.Heplayedgolf at one other slewofthem to athleticicons. prior to the Capitol attack,people ganization said they had “a beautiful British Opens. of his properties manyweekends of Belichick would have been the familiar with the mattersaid. He partnership with the PGAofAmer- “Wewill not return until we are his presidency. He campaigned for 15th sportsfiguretoreceivethe has not yetgiven anyindication that icaand areincredibly disappointed convinced that the focus will be on the resumption of Big Tenfootball Presidential Medal of Freedom from he is reconsidering,one of the peo- with their decision.” Thestatement the championship,the players and as the coronavirus pandemic surged. Trump.The 14 recipients--out of a ple said. An NFL spokesman did not added: “This is abreach of abinding the course itself and we do not be- Sportshas also given Trump an totalof24—who accepted the honor respond to arequest forcomment. contract and they have no right to lievethat is achievable in the current important sparring partner.Heused during his presidencyinclude golf- Player and Sorenstam faced criti- terminatethe agreement.” circumstances,” Martin Slumbers, athletes’ protestsduring the na- ersGaryPlayerand Annika Soren- cism foraccepting the awards, in- —JoshuaRobinson contributed to chief executiveofthe R&A,said. tional anthem to rally his political stam and football coach LouHoltz, cluding in Player’s case,fromone of this article. P2JW012000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, January 12, 2021 | A15 OPINION All Donald Trump’s Deplorables BOOKSHELF | By Tunku Varadarajan

Whatever po- didn’t enterthe Capitol and learned howleadersatthe FBI wound, or makeclear to the Getting to Know litical future wouldn’t dream of disobeying and JusticeDepartment anti-Trump Republicans in the Donald Trump a police officer. abused their policepowers to Lincoln Project that their ef- might have Some (but notall) believe interfere in an election and fort to blacklist anyone who envisioned for the election wasstolen. then undermineanelected served in the Trump adminis- The Next in Line himself is now They’remistaken, but that president? tration is aprescription for MAIN dead. He doesn’t make them white su- EverywhereaTrump voter more rancor and division. STREET squandered a premacists,domestic terror- turns,hesees ostensibly apo- Some ask: Why is it on Mr. Kamala’s Way: An American Life good chunk of ists,religious extremistsor litical organizations enlisting Bidentosoothe disenchanted By William it in the Geor- anyofthe manynoxious in the “resistance.” Here’s an Trump followers?The answer By Dan Morain McGurn gia runoffs, names they’vebeen called. email just sent to everykid in is because in aweek he will be (Simon & Schuster, 257 pages, $28) when he made Those Iknowpersonally are Americaapplying to college the nation’s leader—and he’s them all about himself instead nowterrified that they will be through the Common App: already promised as much. In ne consequence of the events of Jan. 6—in which of about keeping Republican doxed—meaning vengeful left- hisvictoryspeech he said it O Mike Pencecould be said to have protected the control over the Senate. But it istswill maketheir personal wastime to “stoptreating our Constitution from his own president—should be that wasfinished off by the mob of information public—and per- Even opponentsasenemies.” He’s American voters will come to pay as fierce attention to the his ownsupporterswho haps firedfromtheir jobs if it right, but it will take leader- mettle of their prospective vice presidents as they do to stormed the Capitol this past gets out they were in Wash- consigned only half of ship to makethese wordsreal that of their presidential candidates. Wednesdayand inflicted more ington for the rally. Trump supporters to formillions of Trump voters In truth, scrutiny of a kind more exacting than normal lasting damageontheir man These are also people who who feel, with reason, that the has already fallen upon Kamala Harris: the vice president- than anything his enemies have no problem with arrest- her infamous ‘basket.’ hatred and contempt directed elect was the running mate of a man who will next week ever managed. ing and prosecuting those who at Mr.Trump is also meant for become the oldest president in America’shistory. So it At the moment, Washing- did break the lawthat them. isn’t necessarily ill-mannered to ask what sort of successor tonisconsumed with just how Wednesday. AReuters/Ipsos “Wewitnessed adeeply HillaryClinton admitted Ms. Harris would make were her genial but timeworn boss humiliating Mr.Trump’sexit poll reportsthat only 9% of disturbing attack on democ- this when she infamously la- to fail to finish his first term. will be—with asecond im- Americansconsider the riot- racy on Wednesday, when vio- beledthese voters “deplor- It is safe to say, after reading “Kamala’s Way,” that peachment, with the25th ers“concerned citizens” and lent white supremacist insur- ables.” But funny thing about Americans who rangerightward from the political center Amendment invoked, with his 5% call them “patriots.” The rectionistsstormed the U.S. that: In her original remarks, will be mighty relieved if Mr.Biden were to enjoythe best resignation. There’s even talk remaining 90% includes mil- Capitol in an attempt to undo shemade clear she wascon- of health over the next four years. As Dan Morain makes of holding aSenatetrial when lions of Trump voters. afair and legal election. The signing only half of Mr. plain in this detailed and dutiful biography, Ms.Harris is he’s no longer president. True,those millions include stark differences between how Trump’ssupporterstoher notably lessmoderate(or,ifyou’dprefer, moreprogressive) Butfor anyone who cares some,perhaps many, who be- peaceful Black and brownpro- “basket of deplorables.” than Mr.Biden—and so, about unity and healing,the lieveinconspiracytheories testers have been treated for Theother half,she said, are naturally,asource of president’sfateisnolonger and don’t trust their govern- yearsrelativetoWednesday’s “people who feel that the gov- strength to voters on the left. the primaryconcern. More ment. coup again call attention to ernment has let them down, Mr. Morain, a veteran important is the futurefor the But where could that have the open wound of systemic the economyhas let them newspaperman, covered half of Americathat supported come from? Might it have racism.” down,nobody caresabout California’s politics for him. Because thereisaneffort something to do with watch- Mr. Trump’s power to cool them, nobody worries about nearly three decades at the to lump the 74 million Ameri- ing leading media outlets passions,now running at afe- what happenstotheir lives Los Angeles Times and then, cans who votedfor Mr.Trump proudly declarethey wouldn’t verpitch, is almost nil, and in andtheir futures.” She went for several years, at the with those who rampaged even trytobefair in reporting any event his time is running on to advise that “those are Sacramento Bee. “Kamala’s through the Capitol—thus ren- about Mr.Trump,and then go out. But if JoeBiden means people we have to understand Way” is a story told in a dering them unfit forpolite on to promote the conspiracy what he says about being and empathize with as well.” steadfast (and sometimes society going forward. theorythat the president was president forall Americans, She waswilling to consider plodding) chronological There’s no denying the re- aRussian agent? Is it anysur- including those who didn’t at leasthalf of Mr.Trump’s sequence. It starts at the time ality of the thugs. But let me prise that people might then vote forhim, he has work to supporters worthyofunder- Ms.Harris’sIndian mother tell youabout the people I look to other sourcesofinfor- do.Ahealthystart would be standing and empathy. Today, and Jamaican father met in knowwho attended that rally. mation, some of which aredu- to ask his fellowDemocratsto this would make Mrs. Clinton Berkeley,Calif., in 1962and To a person, they are decent, bious? Or that distrust in gov- call off the impeachment that the moderate. runs through to October 2020, ordinaryAmericans who ernment grew as people will only rubraw an open [email protected]. when the book ends,poised ahair’s breadth away from an election that would makeMs. Harris the firstwoman/African- American/South Asian vicepresident of the United States. Mr.Morain reveals that neither Ms.Harris nor her family Beijing Won’t Bow to Bluster on Taiwan would grant interviews or “provide help in the reporting” of his book,sincehewrote it in the middle of the election Secretaryofthan manyAmericans realize. ready,signs that the strategic have to resort to increasingly campaign. But anumber of sourceswith “firsthand State Mike Twenty yearsago, Beijing had balanceisdrifting in Beijing’s dramatic gestures and threats knowledge” did speak to him. And he has mined material Pompeo’san- no prospect of conquering the favorundermine confidencein that arelikely to provoke from Ms.Harris’sown autobiography, “The Truths We Hold,” nouncement island. TheChinese Commu- Americaand strengthen the China but unlikely to deter it. which waspublished in January2019 to coincide with the last week that nist Party could bluster about argumentsofChina appeasers Selling high-profile arms to launch of her bid forthe Democratic presidential nomination. he’slifting re- reunification all it wanted, but from Tokyo to New Delhi. Taiwan, stepping up official The most arresting parts of Mr. Morain’s book are those GLOBAL strictions on the Taiwanese,the Japanese Restoring astable power contactswith the island, or that reveal how far to the left Ms. Harris moved in the VIEW meetingsbe- andthe mainlandersthem- equation is possible but can- even—asincreasingly senior course of her campaign in 2016 for the U.S. Senate seat tween U.S. selves understood that this not be achieved overnight. It figuresinthe American for- vacatedbyBarbaraBoxer—who had held it, limpet-like, By Walter and Taiwan- was empty talk. will requiresignificant mili- eign-policyestablishment sug- for24 years. Ms. Harris’s victory speech—delivered in Los Russell Mead ese officials It gets lessempty every tary spending and perhaps gest—replacing “strategic am- Angeles to campaign staffers deflated by Donald Trump’s will enrage day. Increasingly the military some difficult trade-offs else- biguity” with an open U.S. defeat of Hillary Clinton—promised a fight against Big Oil Beijing,but the impact on Tai- balancehas shiftedfroma where, but it also necessitates guarantee of Taiwan’ssecurity and on behalf of student-debt erasure and Black Lives wan’ssecurity is harder to clear U.S. advantageintoa arenewalofU.S.diplomacyin won’t help Taiwan all that Matter; she also called for bringing undocumented immi- judge. gray zone as China’sbuildup the region. By coordinating much as long as the mainland grants (in her words) “out from under the shadows.” Once Taiwan has divided Amer- accelerates.This is anything military planning and burden is becoming morecapable of in Washington, she consolidated her position as a leading icafromChina sinceChiang but asecret; the gradual de- sharing moreclosely with invasion. But such moves do “Trump resistor” by her warlike interrogations at commit- Kai-shek’s defeated Kuomint- clineofAmerica’sability to countries likeJapan, India, antagonizeBeijing and deepen tee hearings. As Mr. Morain puts it: “Old-time Washington ang fled to the roughly Mary- forestall an invasion of Taiwan itscommitment to the mili- hands, especially old men,” had some difficulty with Ms. land-sized island about 100 is well understood by govern- tary buildup. Harris’s “audacity and her tenacity.” miles from the Chinese main- ments around the Pacific. Biden will have to It wasAmerican military As those last two abstract nouns suggest, Mr. Morain is land back in 1949. Ever since Permitting the erosion of strength that made the Kissin- a writer deferential to Ms. Harris. Word choices are telling. HenryKissinger’s ground- theU.S.position around Tai- coordinate a military ger compromise over Taiwan Jeff Sessions, President Trump’s attorney general until breaking diplomacyinthe wanwas one of the great stra- buildup with allies to possible in the firstplace. November 2018, is described as offering a “stammered” early 1970s,Washingtonhas tegic blunders of modern That compromise remains,as reply to Ms. Harris in the course of Senate Intelligence embraced a one-China policy. times. The fall of Taiwan stop a catastrophe. it has been forthe past 50 Committee hearings. Elsewhere, Brett Kavanaugh is TheU.S.rejectsthe use of would be bad news not only years, the cornerstone both of “cornered” by a question directed at him by Ms. Harris. forcetoresolvethe Taiwan is- forTaiwan’sdemocracy-loving Taiwan’ssecurity and of prag- sue,but under the policyof and independence-minded res- Vietnam and Australia, the matic and peaceful U.S.-China “strategic ambiguity,” America idents. It would be astrategic militarybalancecan be stabi- relations.While China’srise She is notably less moderate(or,ifyou’d declines to say what it would catastrophe forTokyo,leaving lizedand secured in lesstime makes that militaryedge prefer,moreprogressive)than JoeBiden— do if Beijing attempted force- Beijing in control of the sea and with lesscost. And solidi- harder to sustain in some ful reunification. routes Japan needs forsur- fying relationships with neigh- ways, the accompanying as- asource of strength to voters on theleft. President-elect Biden, un- vival. A Chinese takeover boring countries likethe Phil- cent of regional allies makes it fortunately,inheritsasitua- would be such aconclusive ippines and Pacific island easier. tion in whichthe basis of the demonstration of American nations to allowthe allies to Stabilizing U.S.-China rela- And yet, as Mr.Morain tells us,Ms. Harris had been seen old compromise is coming weaknessthat no country, disperse their forces to more tions and protecting the Pa- by manyinCalifornia as “overly cautious” in her stint as state apart. Forits part, China has from India to Vietnam, could baseswill makethose forces cific status quo requirethe attorney general (from 2011 to 2017). “In her firstfour years,” launched one of the greatest or would risk itssecurity on harder for China to target. same things from Mr. Biden’s he writes,“Harris had shown herself adept at not taking military buildups in the his- U.S. ties.Given that the island Some fear that this kind of administration: A hard-nosed stands when doing so wasnot politically necessary.” Else- tory of the world acrossthe also hoststhe world’smost military and diplomatic push understanding of the military wherehedescribes her cakewalk-election to asecond term straitsfromTaiwan. Coupled advanced semiconductor in- would further destabilizeU.S.- factsoflife, asophisticated as AG:“With virtually no competition in 2014, Harris didn’t with the artificial islands and dustry, controlling Taiwan China relations.That concern diplomacy that embraces the have to take stands on the issues she chose to avoid.” militarybuildup in the South would put China on the road is misplaced. Therisks of an game-changing potential of The obverse of such a strategy is the taking of a position China Sea, it’sclear Beijing has to world technological and ambiguous and tipping mili- both old and emerging Ameri- when political advantage, and not principle, beckons. Mr. been systematically seeking to economic supremacyevenasit tary balancefar outweigh canalliances,and aclear- Morain writes that in a field of Democratic presidential createthe conditions forasuc- became the arbiter of Asia. those of shoring up the allied sighted approach to the eco- contenders “that included strong women”—such as cessfulinvasion of Taiwan. It doesn’t take awar to position. As the military bal- nomic and technological Elizabeth Warren and AmyKlobuchar—“Harris wasnot China is closer to this goal changethe politics of Asia. Al- ance shifts,Washingtonwill foundations of national power. standing out.” She needed to find away to spiceupher campaign. In the firstDemocratic presidential debateinJune 2019,she playedwhat might be called the race card against Mr.Biden, berating him forworking out compromises with Turkish Democracy Isn’t a Lost Cause segregationistsatanearlier stageinhis political career.She added theatrical fuel by saying that therehad been “a little By Enes Kanter Ademocratic Turkey is the Gulf state’sbidding in Russia’sS-400 missile system girl in California who waspart of the second class” to inte- morelikely to align with the Libyaand Syria and confront- is agood start to wean Turkey grateOakland’spublic schools.“And that little girl wasme.” he Biden administration U.S. abroad. TodayAnkara ing Qatari rivals and U.S. allies, away from Russia. This attack, says Mr. Morain, “surprised Biden and T is expected to shiftU.S. looks to Qatar forafinancial the United Arab Emirates and Finally,the U.S. must con- seemed to hurt him on a personal level.” Mr. Biden told a foreign policyinways lifeline and Russia forsecurity. Saudi Arabia. vinceTurkey that patching up morning news show that he “thought we were friends, and that could aid the cause Ihave Turkey’s politics scareaway in- We knowbynow the result itsbleeding economywith Qa- I hope we still will be.” After all, Mr. Biden had, in 2016, advocated formanyyears: vestorsand makeitdifficult for of leaving part of the Eastern tari money and becoming in- stepped in to help Ms. Harris stave off a challenge from rightsand freedoms forpeople the U.S. to sell arms.But half of Mediterranean alone forRus- creasingly dependent on China U.S. Rep. Loretta Sanchez, a feisty Democrat who was fight- in Turkey,myhome country. Turkey’s trade is with Europe, sia to exploit; the hands-off isn’t along-term fix. Don’t in- ing Ms. Harris for the Boxer Senate seat. And he’d done it, As amodern, prosperous Mus- approach has failed. TheU.S. dulgeMr. Erdogan by restruc- in large part, because Ms. Harris had worked closely with lim nation, Turkey wasoften canhelp by convincing Turkey turing Turkey’s debt to West- his late son Beau, a fellow attorney general from Delaware. touted to Middle Eastern au- Its restoration would that prosperity lies in integrat- ern financial institutions, The virtue of Mr. Morain’s book lies not in elegance, to tocracies as arole model and a advance American ing with the West, not Russia relieving him of the need to which it makes no claim, nor in its revelations. (Ms. Harris betterway.But in only ade- andthe Middle East. Further reform. has led a life that is as impressively documented as it is cade it has become one of interests abroad. sanctions will laybareTurkish Turkey is no lost cause.Its impressive.) It lies, instead, in a prosaic but sturdy them—another autocracy. economic dependenceonthe alliancewith Russia hangsbya completeness of story. Ms.Harris—as is her prerogative— My call forthe U.S. to nudge West. Thepath back to pros- thread, itspartnership with omittedmuch detail from her ownautobiography. Mr.Morain Turkey in the right direction and itscredit-driven economy perity will become clear: polit- Qatar is short-sighted, and its has filled in manyofthose blanks,one of which is her hasbrought me death threats, depends on Western invest- ical freedom, the rule of law undemocratic trajectorycan’t relationship in the early 1990s with Willie Brown, a former international arrest warrants, ment. TheU.S.and NATO have andWestern investment fuel- last long.With support from speaker of the California Assembly and, later,mayor of San kidnapping attempts, and ha- fordecades provided Turkey a ing an export-driven, high- allies,the U.S. canexpedite Francisco, with whom Ms.Harris wasromantically involved. rassment even on U.S. soil. But security umbrella. Alignment quality manufacturing econ- what is already looming.Mr. Mr. Brown gave Ms. Harris two (cushy) early jobs on no matterwhat happens to me with the West makes sense,but omywith affordable labor. Erdogan must understand that California state boards, which were controversial not and my family,you can’t put a Recep Tayyip Erdogan’s regime TheU.S.must also convince burying freedoms has conse- because she was unfit for them but because he had been pricetag on freedom. stands in itsway. Turkey of the danger from quences.Hegained popularity her paramour. Her latest job is in a different league (to put Whyshould the U.S. help Meantime,Turkey’s econ- Russia. Turkey andRussia may in Turkey by building astrong it gently) from those early sinecures. And there can be few theTurkish people restore omyteeters, kept upright by look likepartnerstoday, but economy. Onceittruly goes in America—outside a partisan hard core—who would say their democracy? Not only to the Erdogan government at the they couldn’t be moreatodds south, he will be history. that she has not earned it. do good in the world. It should expense of regional stability.In on Syria, the South Caucasus and canbejustified by Amer- exchangefor investmentsfrom andthe Black Sea. Slapping Mr. Kanter plays center for Mr. Varadarajan is aJournal contributor and afellow at ica’snational interest. Qatar,Turkey has been doing sanctions on Turkey forbuying the . New York University Law School’s Classical Liberal Institute. P2JW012000-0-A01600-1------XA

A16 | Tuesday, January 12, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Joe Biden’s Impeachment Moment Trump’s Economy Will LaunchJoe Biden’s

ouse Speaker NancyPelosi is barreling Mrs. Pelosi seems to know this because on Jason Furman recapped “The Pol- companies were taking their highly ahead on a vote to impeach President Sundayshe asked in alettertoher Membersfor icy Lessons of the ‘Trump Economy’” taxed (relative to the rest of the H Trump this week—days before a new thoughtsonbarring Mr.Trump from futureof- (op-ed, Dec. 30) in a generally non- world) companies to other tax juris- partisan manner. Presidents are often dictions because the U.S. was one of President takesoffice, and fice under Section 3ofthe He’d help the country at the mercy of uncontrollable events the highest-tax countries in the with the outcome and timing Constitution’s 14th Amend- and the business cycle and an assess- world. It is easy to forget a good rea- of aSenatetrial uncertain. and his Presidency by ment. That language barsany- ment of long-term results of a presi- son why the corporate tax rate was This is amoment forJoe Biden one from holding office who dent’s policies based on shorter-term reduced if you want to make other to establish his leadership by calling off the House. has “engaged in insurrection marginal benefits or detriments is points in a discussion. The Obama ad- calling off the House impeach- or rebellion” against the dicey, at best. Mr. Furman’s summary ministration watched the effects and ers in service of his vow that United States. of the difficulties in measuring a didn’t calculate the potential long- this is a “time to heal.” That language wasaimed at membersofthe president’s policy results is welcome, term impact and the next administra- We explained Friday why Mr. Trump’s ac- Confederacy after the Civil War. Courts up to although one doesn’t recall him say- tion had to do something for the long tionslast Wednesdaywereimpeachable of- theSupreme Court had ruled against Southern- ing during his time as chairman of term. fenses,and that the best outcome would be his erswho committedactsofwar against the the White House Council of Economic HARRY RUFFALO Advisers that it was premature to West Palm Beach, Fla. resignation. It appearshewon’t resign. But that Union, such as raiding ships at sea. give President’s Obama’s policies too Mr. Ruffalo was world-wide man- doesn’t mean impeachment nowiswise or good No court has made afinding of insurrection much credit for an extended (but not aging partner (tax and legal) at Ar- forthe countryifthe goal is getpast the Trump againstPresident Trump,soMrs.Pelosi would very robust) recovery. thur Andersen. era. It maydomoreharm by letting Mr.Trump be asking Congresstodothat on itsown. She’d Joe Biden arguably gets the best of play the victim than good by stigmatizing be- essentially be hijacking the 14th Amendment to all policy-measurement worlds when Mr. Furman is at his analytical best havior that most Americans already find unac- createanother path to bar Mr.Trump from run- he enters the White House. If the when he argues that any administra- ceptable. ning again, and perhaps with a mere majority pandemic’s effects drag on, lock- tion’s economic policies are at the iii vote,not two-thirds as required by the Im- downs take a new toll and the econ- mercy of the business cycle and other Thefirst obstacle is timing.Ineight days Mr. peachment Clause.That would violatethe Con- omy stalls or double dips into reces- uncontrollable events. Conversely, he Trump will be gone from the White House. A stitution in the name of defending it. sion, Mr. Trump owns the downside. reveals his analytical biases when he House vote this week means no fact-finding or Add all this up, and impeachment now with If the economy continues to recover, concludes that: “Everything we know Mr. Biden clearly owns the 2021 up- from economics says Mr. Trump’s pol- time forapresidential defense.The Senateisn’t atrial continuing intothe Biden Presidency side, especially if he and the Demo- icies boosted short-term demand but scheduled to reconvene until Jan. 19,the daybe- looks likepolitical excess.Itcould let Mr.Trump crats can advance another large stim- slightly reduced longer-term growth fore Mr.Biden is inaugurated. Even if Senators compete with Mr. Biden for public attention, ulus package. A strong economic by restricting immigration.” convene earlier,Republicans aren’t likely to and givethe then-former President aplatform recovery based on effective vaccines Such a conclusion ignores the im- hold atrial without giving Mr.Trump achance to rally his supporters. It makes more sense to and pent-up demand will be attri- portant supply-side effects of deregu- to mount adefense,asother impeached officials let him repair in newirrelevancetoMar-a-Lago. buted to Mr. Biden’s policies, regard- lation and the significant impact of have been able to do. iii less of any more relevant measure- corporate tax reform on long-run That leaves atrial to take placewhen Mr. Which bringsustoMr. Biden’sleadership op- ment of long-term results. business strategy both in respect to Trump is no longer President. Views differ on portunity.One worryabout the President-elect A long-term perspective regarding investment decisions and location de- whether the Constitution allows impeachment is whether he is strong enough to lead his party economic polices is appropriate, but cisions. Immigration restrictions how can that happen when most me- helped achieve tremendous progress afteraPresident leavesoffice, though this or will instead be led by the progressives on dia scorekeepers are partisans and in labor markets: historically low un- would be afirst. Alan Dershowitz,the lawpro- Capitol Hill. His statement last week that he is campaigning for 2022 House and Sen- employment rates, rapid increases in fessor and one of Mr.Trump’simpeachment deferring to Congress on impeachment rein- ate races will begin in a few months? wages for the most disadvantaged lawyersin2019,made acompelling case Sunday forced that concern, and he added Mondaythat JEFF ADAMS groups of workers and increases in that this constitutional point would be part of he thinks the Senate can hold a trial and pass Atlanta real median family income that were Mr. Trump’s defense. his agenda at the same time. hard to ignore. Yet many economists, This assumes Democratsevenwant aSenate Perhaps,but aTrump impeachment and trial One important fact conveniently including Mr. Furman, do just that. trial and the risk of a potential acquittal. Jim aren’t in Mr.Biden’spolitical interest. They missing from the analysis that has EM. PROF. ROBERT F. STAUFFER Clyburn, thethird-ranking House Democrat, would do nothing to calm partisan divisions and and will continue to have positive tax Roanoke College said Sunday the House might vote to impeach might turn off moderates who votedfor Mr.Bi- and social implications is that many Salem, Va. but then wait weeks or months beforesending den because they want the tumultuous Trump an article to the Senate. eratobeover. It would makethe firstdrama of If the goal is a quick rebuke, that makes no his Presidency an act of retribution. sense.Itkeeps the focus on Mr.Trump for Mr.Biden canbetterset the stagefor his in- Right Price Can Make an M.B.A. a Good Buy months intoMr. Biden’sterm, and to what end? augural by telling the public that he’dpreferif Thecentral question posed by “The from the program with a97% student Is the goal to hold a trial over the head of Re- the impeachersstood down. He cansay he Pros And Cons of an M.B.A.” (Per- satisfaction rate.Although nearly all of publicans in case they oppose too much of the thinks Mr.Trump’sbehavior is impeachable,and sonal Journal, Jan. 4) is whether the our studentsare employed, morethan Democratic agenda? that had it takenplaceearlier he’dsupport his cost is worth it. It is true that most half of them received apromotion or a Mrs. Pelosi says one of her goals is to sanc- ouster.But on the eveofthe transfer of power programs will cost over $100,000,and newjob opportunity during their time tion Mr.Trump so he can’t runagain forPresi- and going intoanew Presidency, it is needlessly much moreifone considersforegone in our program. dent in 2024. But that requires aSenateconvic- divisive. He could sayhis goal as President is to earnings. We’veembraced disruptiveinnova- tion, which means atwo-thirds majority,and an movepast the politics of polarization and anni- Thedecision is much simpler when tion in asector that has traditionally the priceofanaccredited M.B.A. is been resistant, and the market has re- explicit declaration that he is barred from run- hilation, not to escalateitfor another four years. only $22,500,and when one cancom- sponded with enthusiasm—so much ning.That goal is defeated without aconviction. Most Americans would welcome it. pleteitwithout career interruption. so,that we’veexpanded our online That’swhat the University of Illinois programs to include amaster’s de- nowofferswith our fully online iMBA gree in accounting and another in Boss Madigan Teeters in Illinois program. We intentionally optimized management. the online experience, providing mean- Employers still desirethe skills he man most responsible forthe dread- Mr.Madigan’sassociates have been indicted ingfulengagement with faculty and fel- provided by ahigh-quality M.B.A. ed- fulcondition of Illinois politics and the in acorruption probe in which Common- lowstudentswithout requiring stu- ucation. By increasing access to the T state’sfinancehas finally suffered a wealth Edison agreed to paya$200 million dentstorelocateortraveltocampus. degree by lowering financial, geo- tentativedefeat. On Monday fine forascheme to curryfa- Our resultsspeak forthemselves: Al- graphic and other barriers, we have though the program is only five years onceagain made the M.B.A. ahigh- MikeMadigan,the speaker of He’s still short of the vorwith the speaker.Hesays old, we had arecord4,000 applications value investment. the Illinois House forall but he did nothing wrong.Heis votes needed for another from eager learnersaround the globe— JEFFREY BROWN two yearssince1983,said he also chair of the stateDemo- a75% increase over fall 2019.We’ve University of Illinois, Urbana- will suspendhis attempt to term as House speaker. cratic Party,which he can graduated morethan 1,000 students Champaign seek the 60 votesheneeds for use to makeorbreak legisla- another term as the boss. tivecareers. Mr.Madigan said he will wait and see if Sincehe’sbeen speaker,the oncegreat Prai- Merit and Diversity Need NotBeinConflict anyone else canget enough votesafter he rie State has seen itscredit rating fall from one wononly 51 in aDemocratic caucus vote on of the highest to the worstinthe country. Its Regarding Joseph Epstein’s“The way to celebratediversity is to be- Sunday. State Rep.Ann Williams finished citizens arefleeing forbetter-run neighbors TyrannyofDiversity” (op-ed, Dec. gin by celebrating “diversity of second with 18 votesand another competitor andlow-tax Florida. But even at 78 yearsold, 31): Mr.Epstein questions the “true thought,” which canstemfrom value” of diversity based on race, “the value of true merit, or the had three.SoMr. Madigan still maykeep the he hasmanaged to hold on to powerlikethe color and gender in progressive real abilities of the people chosen job in the end if he canthreaten or buy off Chicagowardbossheoncewas.Mr. Madigan’s politics and work culture, and to perform their jobs.” enough of the dissenters. political demise won’t save Illinois by itself, takesPresident-elect JoeBiden’s What seemsamisshereisthat It’samazing that he still received 51 votes. but it would be astart. effortsfor adiverse cabinet as one Mr.Epstein seems to insinuatethat example.Hesuggeststhat the best the race,color and gender type of diversity happens oftenasatrade- A Case of Blindside Regulation off to merit and accomplishment. Progressives Choose School But as made obvious by the résumés he Biden Administration is expected to that theconduct at issue “was dishonest or Choice for Their Children of President-elect JoeBiden’scabi- unleash regulators on business. So it’s fraudulent.” net picks,tothink that acandidate T good timing that the Supreme Court on Businesses sometimes deservetoberapped, If Miguel Cardona truly favors stu- is picked forajob based on arace, dentsoverunions,school choicewill color or gender factor alone is an Wednesdaywill hear acase and the FTC canuse itsinjunc- be his toppriority (“Will Biden’sEdu- outdated notion. Merit is the sine (AMG Capitalv.FTC) chal- TheJustices canrein in tivepowertoforce them to cation Nominee Stand forStudentsor qua non in these competitivetimes. lengingthe Federal Trade an FTCthat increasingly take correctiveaction or cease forUnions?” by Karl Zinsmeister,op- If anything,race, color and gender Commission’s abuse of itsreg- certain behavior. Consumers ed, Dec.23). If we conducted business just add to enriching the diversity ulatory power. exceeds itsauthority. canalso file classactions.But in the manner we assign public-school of thought. Congresshas empowered the FTC can’t dun businesses enrollment, U.S. companies would still HEIDI H. CHA the FTC to prevent, prohibit for doing what neither it nor be using rotary phones and mimeo- NewYork and punish “unfair or deceptive” businessprac- Congress has prohibited. graph paper. tices.The Federal Trade Commission Act doesn’t Likeother administrativeagencies,the FTC Your addressdoesn’t mandatewhat In our family we have fortunately define these terms,sothe FTC is supposed to oftenlegislates through enforcement. But Con- hospital youuse,whereyou buy acar been the recipientsofexcellent or shop forfood. Theidea that some- medical care.Our doctorshavebeen knowthem when it sees them. Theagencyin- gressprovided businesses some due processby thing as important as education Indian, Korean, Hispanic and Cauca- creasingly sees them wherever it looks. limiting when the agencycan impose penalties. should be chained to your zip code is sian. Not aone waschosen fortheir Consider the case of ScottTucker, who man- Starting in the Obama Administration,the antiquated. In aworld full of endless color,race, gender or politics—just aged companies that provided short-term loans agency has ignored this restraint. Since 2012 options in everything from groceries competency. Should Mr.Biden need over the internet that automatically renewed— the FTC has sought monetaryrelief in twiceas to gender,why is education the only acabinet, might he trythat? acommon feature of financial products. In 2002 manyantitrust injunctions than during the area in which choiceissqueezedand SHEILA SCHOLLER the FTC began investigating Mr. Tucker. Ten prior four decades.Between 2012 and 2018,FTC discouraged? Winter Haven, Fla. years later, with no prior notice of legal viola- penalties increased more than 23-fold. As Mr.Cardona contemplates edu- tion, the FTC sued him and his businesses. The FTC has sought in particular to punish cational choice, he might ask Presi- Theagencysays he engaged in unfair and de- pharmaceutical companies for striking “pay- dent-elect Biden whereheand his Pepper ... ceptive practices by not disclosing loan terms for-delay” deals with generic manufacturers, children attended K-12. Mr.Cardona And Salt might also inquirewherethe Clinton, with sufficient clarity. The FTC asked the dis- which don’t violate a law or rule-making even Obama, Kerry, Pelosi and Schumer THE WALL STREET JOURNAL trict court to enjoin him and his associates from if they maylead to higher drug prices.Cardinal families,along with aformer Secre- making these loans and fork over $27 million Health wasdunned forallegedly monopolizing tary of Education Arnie Duncan, edu- in restitution, which would go to the U.S. Trea- localwholesale drug markets. Volkswagenhad catedtheir children. Then Mr.Cardona suryif“direct redress” to consumerswas “im- to ponyupbillions forallegedly misleading might ask himself whylow-income practicable.” “clean diesel” marketing. children stuck in failing schools are Mr.Tucker says this exceeded the FTC’slegal All of this is likely to increase during the Bi- lessworthyofadecent education than authority, and he has astrong case.In1973Con- den Administration. Liberals have urgedthe the progenyofpoliticians. gress stipulated that the FTC can seek injunc- FTC to crack down on tech companies that use RONDA ROSS tions forpractices that areunfair or deceptive. data, facial recognition and artificial intelli- Austin, Texas Congress added in 1975 that the FTC can seek gence for purposes they oppose. Congress has Lettersintended forpublication should monetary relief, but only when a business has toooften abdicated itslegislativepowerand let be emailed to [email protected]. Please violated acease-and-desist order or rule-mak- regulatorsdefine illegal conduct willy-nilly.The include your city, state and telephone ing that expressly prohibitsapractice. TheFTC AMG case provides the Justices an opportunity number.All letters aresubject to must also proveincourt that a“reasonable man to reinforce that the Constitution still protects editing,and unpublished letters cannot “You know, you misspelled be acknowledged. would have known under the circumstances” due process. ‘perfectionist.’” P2JW012000-0-A01700-1------XA

THE WALL STREET JOURNAL. Tuesday, January 12, 2021 | A17 OPINION Why I’m Save the Constitution From Big Tech Taking a By Vivek Ramaswamy than smaller competitorstowith- And Jed Rubenfeld stand liability.The right answerisfor Social-Media courtstorecognizewhat lawmakers acebook and Twitter did: suck theair out of the Constitu- banned President Trump tion by dispatching big tech to do Sabbatical andnumerous supporters what they can’t. Nowit’suptojudges F afterlast week’sdisgraceful to fill the vacuum, with sound legal Capitol riot, and Google, precedentsinhand. By Chip Roy Apple and Amazon blocked Twitteral- Liberals should worrytoo.Ifbig ternativeParler—all based on claims tech canshut down the president, ’m suspending indefinitely my of “incitement to violence” and “hate what stopsthem from doing the I use of Twitter, Facebook and speech.” Silicon Valley titans citetheir same to JoeBiden if he backs anti- other social media. I’m doing so ever-changing“terms of service,” but trust suitsagainst social-media com- not to makeapolitical statement, their selectiveenforcement suggests panies? Our Framersdeeply under- but in the hope that Americacan re- political motives. stood the need forchecks and turn to kitchen tables,churches,tav- Conventional wisdom holds that balances in government. They erns,coffee shops,dancehalls (it’sa technologycompanies arefreetoreg- couldn’t anticipatethe rise of anew Texas thing)—whatever it takesto ulatecontent because they arepri- Leviathan with unchecked powerto KELLEY

look othersinthe eyeand rebuild vate,and the FirstAmendment pro- A makeextraconstitutionalpolitical ourcommunities and humanity. tects only against government judgmentsunder the mantle of pri-

As ahusband and father,Ialso censorship.That viewiswrong: BARBAR vate enterprise. want to stop spending so much time Google,Facebook and Twittershould American democracyisunder looking at ascreen and reacting in be treated as stateactorsunder ex- plicit threatstosocial-media giantsif Communications v. Mountain States siegefromSilicon Valley’s political waysthat areinconsistent with who isting legal doctrines.Using acombi- they failed to censor speech those Telephone&Telegraph Co. (1987), plutocracy. Next week Mr.Trump will Iamand—most important—who I nation of statutoryinducementsand lawmakersdisfavored. In April 2019, the Ninth U.S. Circuit Court of Ap- be aprivatecitizen without aTwitter strive to be as aChristian. regulatorythreats, Congresshas co- Louisiana Rep.Cedric Richmond peals found stateaction when an offi- account. Our newclassofcorporate While social media has proved a opted Silicon Valley to do through warned Facebook and Google that cial induced atelephone companyto monarchs will still control whether useful vehicle forsharing informa- the back door what government can- they had“better” restrict what he stop carrying offensivecontent, again and howAmericans canhear from the tion quickly,Ihaveconcluded that it not directly accomplish under the andhis colleagues sawasharmful by threat of prosecution. president—or anyone else.Wehave does moreharm than good to indi- Constitution. content or faceregulation: “We’rego- As the Second Circuit held in devolved from athree-branch federal viduals and society alike. It is “axiomatic,” the Supreme ing to makeitswift, we’regoing to Hammerhead Enterprises v. Br- government to one with abranch of- It temptsustobereactiveand Court held in Norwood v. Harrison makeitstrong,and we’regoing to ezenoff (1983), the test is whether fice in Silicon Valley.But there’sno feeds the worstofour human ten- (1973), that the government “maynot hold them very accountable.” New “commentsofagovernment official democratic accountability forJack dencytorespond in anger rather induce,encourageorpromoteprivate York Rep.Jerrold Nadler added: canreasonably be interpreted as inti- Dorsey andMark Zuckerberg. than to stop and think beforecom- persons to accomplish what it is con- “Let’ssee what happens by just pres- mating that some form of punish- Hardcases makebad law, and Mr. municating.The result is morever- stitutionally forbidden to accom- suring them.” ment or adverseregulatoryaction Trump presented Americawith a bal combat and lessdeliberative plish.” That’swhat Congressdid by will followthe failuretoaccede to hardcase last week.The breach of thought—all with languageweoften enacting Section 230 of the 1996 the official’s request.” Mr. Rich- theCapitol is astain on American wouldn’t use while looking someone Communications DecencyAct, which Congressional threats and mond’scomments, along with many history, and Silicon Valley seized on in the eye. Ihavebeen guilty of this not only permitstech companies to others, easily meet that test. Notably, the attack to do what Congress recently,and Ihaven’t always been censor constitutionally protected inducements make Twitter the Ninth Circuit held it didn’t matter couldn’t by suppressing the kind of proud of my language. speech but immunizes them from lia- and Facebook censorship whether the threatswerethe “real political speech the FirstAmendment It reduces the value of communi- bility if they do so. motivating force” behind the private wasdesigned to protect. cation to statementsgraded by Thejustices have long held that a free-speech violation. party’s conduct; stateaction exists There’smoreatstake than free “likes” or being “ratioed,” and other theprovision of such immunity can even if he “would have acted as he speech. Suppression of dissent mechanisms that don’t reflect real turn privateaction intostate action. didindependently.” breeds terror.The answertolast human response or quality of In Railway Employees’ Department v. Such threatshaveworked. In Sep- Either Section 230 or congressio- week’shorror should be to open more thought. Hanson (1956), they found stateac- tember 2019,the daybeforeanother nal pressurealone might be sufficient channels of dialogue,not to close tion in private union-employer congressional grilling wastobegin, to createstate action. Thecombina- them off.Ifdisaffected Americans no closed-shop agreements—which force Facebook announced important new tion surely is.Suppose aRepublican longer have an outlet to be heard, the Going without Facebook all employees to join the union—be- restrictions on “hatespeech.” It’sno Congress enacted astatutegiving le- siegeofCapitol Hill will look likea cause Congresshad passed astatute accident that big tech took itsmost galimmunity to anyprivateparty that friendly parley compared with what’s and Twitter will make me immunizing such agreementsfromli- aggressivesteps against Mr.Trump obstructsaccesstoabortion clinics. to come. a better husband, father, ability under statelaw.InSkinner v. just as Democratswerepoised to take Suppose further that Republican con- Ordinary Americans understand Railway Labor Executives Association control of the WhiteHouse and Sen- gressmen explicitly threatened private the FirstAmendment betterthan the citizen and Christian. (1989), the court again found state ate. Prominent Democratspromptly companies with punitivelawsifthey elites do.Userswho sayFacebook, action in private-partyconduct— voiced approval of big tech’sactions, fail to act against abortion clinics.If Twitterand Google areviolating drug testsfor companyemployees— which Connecticut Sen. RichardBlu- those companies did as Congressde- their constitutional rightsare right. It makes it difficult to ascertain because federal regulations immu- menthal expressly attributed to “a mands,then gotanattaboyfromlaw- Aggrieved plaintiffs should sue these thetruth about the manydifficult nizedrailroads from liability if they shiftinthe political winds.” makers, progressives would see the companies nowtoprotect the voice topics with which we all wrestle.We conducted those tests. In both cases, For more than half a century constitutional problem. of everyAmerican—and our constitu- have replaced earnest truth-seeking as with Section 230,the federal gov- courtshaveheld that governmental Republicans including Mr.Trump tional democracy. with trial by retweet. Meanwhile, ernment didn’t mandateanything; it threatscan turn privateconduct into have called forSection 230’srepeal. those who makeconsequential deci- merely pre-empted statelaw,protect- stateaction. In Bantam Books v. Sul- That misses the point: Thedamage Mr. Ramaswamy is founder and sions such as issues involving im- ing certain privateparties from law- livan (1963), the Supreme Court has already been done.Facebook and CEOofRoivant Sciences and author peachment, Covid and election suitsifthey engaged in the conduct found aFirst Amendment violation Twitterprobably wouldn’t have be- of the forthcoming book “Woke Inc.” fraud, oftendosobased on asser- Congresswas promoting. when aprivatebookseller stopped come behemoths without Section Mr. Rubenfeld, aconstitutional tions that aredifficult to confirm or Section 230 is the carrot, and sellingworks stateofficials deemed 230, but repealing the statutenow scholar, has advised parties who are deny. there’salso astick: Congressional “objectionable” afterthey sent him a maysimply further empowerthose litigating or may litigate against It has politicized communication Democratshaverepeatedly made ex- veiled threat of prosecution. In Carlin companies,which arebetterable Google and Facebook. to an unhealthylevel,widened divi- sions rather than bridgethem, and fedthe temptation to call forcen- sorship of views we find disagree- No Excuses for Trump and the Capitol Riot able. Eighteen months ago, my wife working overtime on the moral- the perpetrators. No doubt manyof could scavengeopportunistically andIjoined with friends to estab- equivalenceshift. them thought they were simply exer- among the political scraps of the presi- lish aweekly SundayNight Supper, Sure,the president’sclaims of a cising,robustly,their constitutional dent’srecklessfictions; dozens of and to do our best to reduceor FREE stolen election aredubious,but right to protest. But watchthe videos namelesspantywaist lawmakerswho eliminatethe use of screens on Sun- EXPRESSION they’renothing worsethan what and youget asense of howmalevo- coweredinthe shadows of his bulbous days by setting rules that any By Gerard Baker Democratsand the media did forfour lent manyofthem were. ambition. Their careersmay survive. screen use had to involvethe whole yearsinpromoting the false Russia- Whether the president’swords They will never outlivetheir infamy. family such as watching the Masters t’sameasureofthe depravity to collusion story, refusing to acknowl- last Wednesdaywereanactual incite- Thereal reason forthe craven be- Tournament or afamily movie.We Iwhich our national political conver- edgethe legitimacyofthe Trump ment to violent insurrection canbe havior of these Republicans is not were inspired by seeing our Jewish sation has fallen that howeverbad presidency, and trying to destroy it. debated by lawyersand semiologists. some undying personal fealty to Don- brethren in Israel celebrateShabbat, one side’slatesttransgression against Yes, the violenceatthe Capitol But there’snodoubt that his re- ald Trump.They knowthat he alone which reminded us of the Sundays norms,morality or the law, there’sal- wasterrible,but so toowas the may- peated false claims about the election hasacapacity to speak to millions we grew up with in the 1970s and wayssomething it canpoint to that the hem perpetrated by Black Lives Mat- provided the fuel forthe metaphori- more voters than they ever could. ’80s.Eversince, one-seventh of our other side did first. Theearlier outrage terand in dozens of American calarsonistswhose work he inspired. He succeeded in large part because time has been immeasurably better, maynot exactly justifythe latest of- cities last summer. he spoketothe frustrations of so and Sundaydinner is ahighlight of fense.But by reminding an already OK,the president’slanguageand manyAmericans who have been dis- our week. highly partisan audiencethat thereis affect areautocratic,but what about Ye s, the left does bad dained and discarded by aglobal elite Iwill suspend both my personal prior sinfulnessinthe actions of your the rapidly encroaching illiberalism that enjoys unimaginable powerand and official accounts, deletethe opponents, youcan dilutethe negative of the tech and media giantsthat is things too. Conservatives privilege—and wields it forits own apps from my devices,and encour- public impact of your ownwrongdoing narrowing the boundaries of free are supposed to believe gain. agethose around me to do the or,ataminimum, apply some balm to speech? But what startswith righteous same.Ihaven’t decided whether this atroubled privateconscience. All legitimateobjections.And there in objective moral truth. frustration at the accretion of power will be apermanent changeora This equivalenceplay, or have been and will be manytimes by distant elites cancongeal intoan long pause,but Ibelieveitwill “whataboutism,” can, if we’renot when all these alarming instances of alienated politics of faith, not reason, makemeabetterman, betterfather, careful, neuter all effortstohold our progressiveextremismshould be thor- Mr.Trump disgraced his officeand afaith that embraces conspiracythe- bettercitizen and bettercongress- leaders’ actions to some objective oughly exposed and condemned. the nation. His behavior wasundoubt- ories and fictions that unscrupulous man. standard. It inflictsonall judgments But nowisnot that time. edly an impeachable offense,evenifit politicians aretoo willing to feed. It Of all God’searthly creations, the terminal paralysis of moral rela- Nowisthe time when conserva- maynot be timely or politically wise to ends in themonstrous chaos of so- manisthe only one with rational tivism.Aswith the widespread un- tivesespecially need to look beyond removehim from officenow. called patriotsviolently storming the speech, but we used to have abetter derminingofobjectivefactual truth the frustrations of what oftenseems That kind of condemnation is rela- seat of republican government. way to communicatewith each in recent years, so the erosion of the likeanunlevel moral playing field tively easy.The much harder but Thepath forareinvigorated con- other.Let us dine together.Let us idea of objectivemoral truth steadily and acknowledgeanunequivocal, un- equally vital part forconservatives is servativemovement is anarrow but look each other in the eye. Letussit weakens the foundations of political qualified truth: Thepresident’sbe- to acknowledgethat the pathologyon fruitful one.Itmust articulateand down and talk again. andcivil community and softens us havior last week wasuniquely and the right of American politics goes addressthe legitimategrievances of Then, let us uniteagain as Ameri- up forafinal descent intothe in- unforgivably iniquitous.And the de- much deeper than the occupant of Americans,while resisting the temp- cans. vented truths of totalitarianism. cay goes deeper.Itcannot be excused theOvalOffice. tation to win them over with simplis- In the wake of last week’sviolent by citing counterpartsonthe left. MembersofCongressmust share tic fictions. Mr. Roy, aRepublican, represents incursion at the U.S. Capitol, Presi- Theprimaryresponsibility forthe the blame: jackals likeSens.Ted Cruz It could start with aturn toward Texas’ 21st Congressional District. dent Trump’ssupportershavebeen crimes committedlast week lies with and Josh Hawley,who thought they moral clarity.

PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: Peter Huber on the Plague Rupert Murdoch Robert Thomson Executive Chairman, News Corp Chief Executive Officer, News Corp From “The Coming Plague,” an gent with pills as they arewith lauded in themassmedia, and so Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher April 10, 2007, Journal op-ed by germs have already helped spawn spectacularly profitable forinvestors Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Manhattan Institute fellow Peter Hu- drug-resistant forms of tuberculosis, that they crowd in to fund more. Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; ber, who died Jan. 8at68: by taking enough medicine to kill It is hardtosee howwewill get Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; weaker strains,while leaving hardy therewithout arevivalofour germ- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; Germs no longer need to be mutantsalivetotakeoverthe fearing culture, and it maywell take Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer smarter than our scientists, just business. ... ahorrible germ to reviveit. How Andrew Dowell, Asia; AnthonyGalloway, Video & faster than our lawyers. Public au- Pentagon-scale government has horrible? What mightitlook like? Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; thoritiesare ponderous,rigid and trouble enough dealing with car Ponder this question. What would Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; slow;the newgerms arenimble, bombers; government contractors awatchmaker have done—not a Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; flexible and fast. Drug regulatorsare will never be agile enough to keep blind one,but one with keen eyes Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News paralyzedbythe knowledgethat er- up with germs.What we need is a andanexcellent loupe—if called Thomas SanFilippo, Customer Service; rorispolitically lethal; the new robust, flexible,innovative, diverse upon to design amicrobe that would GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; germs makegenetic error—constant and fragmented portfolio of drug thrive among people so fortified by Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; mutation—the key to their survival. companies,sinking alot of newcap- so manyvaccines,and armed with Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International Germs use pigs, bacteria and each ital intohighly speculativeventures, such apotent array of antibiotics, WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: other as genetic mixing bowls.They almost all of which will lose money, that theirsurgeon general, black LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head discover ways(as one strain of HIV with just one or two ending up umbrella in hand, had actually

EDITORIAL AND CORPORATEHEADQUARTERS: has apparently nowdone) to use our wavedthrough by regulators, ea- signed the articles of surrender on 1211 Avenue of the Americas, New York, N.Y., 10036 drugsasfood. And they celebrate gerly paid forbyinsurers, vindicated behalf of all the germs? Naturegot Telephone 1-800-DOWJONES our Constitution. People as negli- everytime by judges and juries, therewithout the loupe. P2JW012000-0-A01800-1------XA

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S&P 3799.61 g 0.66% S&P FIN À 0.43% S&P IT g 0.94% DJ TRANS g 0.05% WSJ $ IDX À 0.49% LIBOR 3M 0.225 NIKKEI (Midday) 28186.75 À 0.17% See more at WSJ.com/Markets Staples Tries Again to Buy Rival NYSE

Twoearlier attempts tition concerns. last attempt to merge,with aged buyout in 2017. Thecom- Commission sued to block the Parent’s It marks the thirdtime that Amazon.com Inc.expanding pany, nowcontrolled by a deal, saying it would hurt to acquireOfficeDepot Staples has tried to acquireits deeper intoofficesupplies and Sycamoresubsidiarycalled competition and raise prices met antitrustconcerns; main bricks-and-mortar rival. the Covid-19 pandemic leaving USR Parent Inc., said Monday for large businesses that buy Crypto Previousefforts, including a manypeople working or learn- it is proposing to buy ODP for office supplies in bulk. A fed- retail scene has shifted deal worth $6.3 billion five ing from home.Both Office $40 a share in cash. eral judgesided with the com- yearsago, were blocked by an- Depot and Staples have large ODPshares climbed more mission and rejected the com- BY MATT GROSSMAN titrustenforcers.The latest of- e-commerce operations,but than 19% on Mondayto$44.14 panies’ argument that Unit to AND DREW FITZGERALD ferwas made public Monday OfficeDepot’srevenue hassuf- afterclosing trading last week Amazon’sthen-nascent bulk by Staples. feredasmanycorporateof- at $36.96.Inaddition to Office office-supplies unit repre- Theowner of Staples made The ODP Corp., OfficeDe- ficeshavebeen closed. Closely Depot, ODP owns the Office- sented amajor competitive Go Public an unsolicited offer to take pot’sparent company, said its held Staples doesn’t disclose Maxchain and CompuCom, a threat. over OfficeDepot in adeal boardofdirectorsisreviewing its financial results. technology-services provider. In itsoffer lettertothe ODP worth morethan $2 billion, the proposal and will consider Afterthe last failed deal, It had $10.6 billion in revenue board, theStaples parent com- BY ALEXANDER OSIPOVICH lookingtounitethe rival of- potential antitrust and regula- Staples wastaken privateby in 2019. mittedtoselling ODP’scom- fice-supply superstores whose tory challenges. Sycamore Partners, a hedge Staples and OfficeDepot mercial-businessunit, which TheNew York Stock Ex- previous marriageattempts Theretail landscape has fund that has scooped up bat- abandoned plans foramerger Staples said it expects would change’sowner will take its have been thwarted by compe- changed sincethe companies’ tered retail chains, in a lever- in 2016 afterthe Federal Trade PleaseturntopageB2 cryptocurrencyventurepublic by merging it with aspecial- purpose acquisition company, a deal that will further itsgoal of Tyson, launching aconsumer app for trading and making payments with digital assets. Pilgrim’s TheventurebyNYSEparent Intercontinental Exchange Inc., called Bakkt,isexpected to have avaluation of $2.1 bil- Settle lion aftercompleting the mergerwith VPCImpact Ac- quisition Holdings,the compa- Price-Fix nies said on Monday. Thedeal bringstogether two of the hottest plays in today’s Claims markets: cryptoand SPACs. Bit- coin last week surged above $40,000 forthe firsttime,and BY JACOB BUNGE SPACshad their biggest year ever in 2020,raising $83 billion Thetwo largest U.S. chicken in newlistings, according to producerssaid they have dataprovider SPACInsider. reached deals with agroup of SPACs, also called blank-check

poultrybuyerstosettle price- GES companies,are vehicles that go

fixing claims. IMA public to raise cash formergers Tyson Foods Inc., the big- and acquisitions.

gest U.S. meat companyby GETTY As part of the deal, Bakkt G/

sales and the nation’stop VC will raise an additional $532 chicken supplier,and Pilgrim’s Temperatures plumbed as low as minus 3 degrees Fahrenheit in Beijing last week. Technicians inspect LNG pipelines in China. million from VPC’sfunds and a Pride Corp., the second-larg- concurrent capital raise.That est U.S. poultryprocessor by $30 will supportdevelopment and sales,separately said Monday LNG Prices Soar as a Cold Wave marketing of the BakktApp, they struck agreementsto which is envisioned as atool to help resolveafour-year battle let people managetheir hold- over alleged collusion in the ingsofvarious digital assets. $65 billion U.S. chicken indus- Slams Asia, Sea Transport Snarls These could include bitcoin, re- try. ward programs,likethose of- Restaurant chains,super- 25 PleaseturntopageB11 market operatorsand food BY JOE WALLACE Monthly arrivals of liquefied- Daily rate forchartering LNG carriers distributors have accused Ty- natural gas in Asia from the U.S. from U.S. Gulf CoasttoJapanand back* son, Pilgrim’sand other major Ablast of cold weather in chicken companies of coordi- northeast Asia and ashortage 5 million metric tons $250,000 Medical nating production and pricing of ships fortransporting gas to boost prices forstaples like have sparked ascramble for 4 200,000 chicken breasts, tendersand cargoes of liquefied natural 20 Supply wings. Chicken suppliersin gas, igniting asteep rise in court have pushed back,point- prices. ing to economic factorsthey Prices forLNG shipped to 3 150,000 Deal Is said drove poultry prices. China, Japan and South Korea, Last year the JusticeDe- all major importers, have partment filed criminal price- surgedfromrecordlowstoall- 2 100,000 In Works fixing and bid-rigging charges time highs in lessthan ayear. 15 against 10 poultry-industryex- Theregional pricebenchmark BY CARA LOMBARDO 1 50,000 ecutives,including two former assessed by S&P Global Platts chief executives of Pilgrim’s. rose to $28.221 per million Steris PLC is in talks to The defendants have pleaded British thermal unitsonMon- combine with Cantel Medical 0 0 not guilty. day, and has shot up 87% so Corp,according to people fa- Colorado-based Pilgrim’s far in 2021. 2019 ’20 2020 ’21 miliar with the matter, in adeal said Mondaythat it had agreed LNGis15times moreex- 10 that would bring together two to pay$75 million to settle pensivethan it waswhen cor- big providersofsterilization civil claims brought by chicken onavirus hammered demand products. buyers. Tyson didn’t disclose a foroil and gasinthe spring of Natural-gas prices sincethe end of 2019† Thecompanies arediscuss- settlement figure. 2020,the nadir of ayearslong per million British thermal units ing amostly stock deal that Both settlementsremain slump in gasprices globally.In could be finalized as soon as PleaseturntopageB2 some cases,prices paid on the Asia Tuesday, assuming talks don’t ground forcargoes have ex- 5 fall apart, the people said. ceeded the levels indicated by Cantel has amarket value of Platts. around $3.5 billion, while St- INSIDE “It is aperfect storm,” said eris’sisaround $17. 3billion. Toby Dunipace, executivedi- U.S. Dublin-based Steris,which

S rector forLNG at London ship- hasaU.S.presenceinMentor,

PRES broker SimpsonSpenceYoung. Ohio,sells sterilization equip- Stores of gasinEast Asia were ment, surgical tables and other

UMA 0

/Z severely depleted afterthe productsand services used in

TO mercury plunged, he added. 2020 ’21 hospitalsand laboratories. Despiteoutages forproduc- *Rate through Jan. 8, 2021 †Asian prices arefor liquefied-natural gas delivered into Japan, South Korea, China and Taiwan. U.S. prices Based in Little Falls,N.J., ersinAustralia, Norway and arefor futures contracts tied to gas at Henry Hub in Louisiana. Cantel is similarlyfocused on A/NURPHO elsewhere, thereisnoglobal Sources: Vortexa(LNG arrivals); Baltic Exchange (rate); S&P Global Platts (Asia prices), FactSet (U.S. prices) sterilization, making everything UDR

FL shortage of LNG. The trouble from disposable productsused is moving gastowhereitis centurylow—is creating more enough from the U.S. and Eu- U.S. to Asia and profit from in endoscopy procedures to demand forgas,which is MICHAL needed. rope,whereitisplentiful, to significantlyhigher prices in towels and bibs used in dental Freezing weather in Asia— burned to generateelectricity sate this demand. theregion. Asia imported a offices and surgical facemasks. BUSINESS temperatures plumbed as low and warm homes and offices. Exportersonthe Gulf Coast record 3.4million metric tons Acombination would offer Footwear maker as minus 3degrees Fahrenheit Alack of available ships arerunning at full throttle to of U.S. LNG in December,ac- cost-cutting opportunities and Dr.Martens considers in Beijing last week,ahalf- means gascan’t movefast ship the surplus of gasinthe PleaseturntopageB11 PleaseturntopageB2 listing on London Stock Exchange. B3 BanonChinese StocksRipplesAcrossDerivatives

BY CHONG KOH PING others were tied to the city’s clarified in guidancelast week benchmark Hang Seng Index that the three Chinese telecom Goldman Sachs Group Inc., and itssister Hang Seng China companies’ listed subsidiaries JPMorganChase &Co. and Enterprises index, both of in both Hong Kong and New MorganStanley moved to de- which include China Mobile York arecovered by an execu- list hundreds of derivatives and China Unicom. tiveorder signed by President

traded in Hong Kong, follow- Thethree investment banks Trump in November. S ing a U.S. government ban on said in separatefilingstothe Theorder aims to stop U.S. American investment in com- Hong Kong stock exchangelate investors’ money from sup- PRES panies considered to be help- Sundaythat the instruments, portingBeijing’seffortsto TED CIA

ing China’s military. known as warrantsand callable modernize its military. There SO

INVESTING Manyofthe 484 so-called bull/bear contracts, will be sus- are 35 companies on the list, AS Blackstone hires structured productswere pended from trading on Jan. including China’sbiggest chip Brown’sformer linked to China’sthree largest 25.FromTuesdaytoJan. 22, maker,aswell as energy,avia- telecommunications operators, investorswill be able to sell the tion, transportation and tech- HIEFELBEIN/ endowmentCEO as China Mobile Ltd., China productsback to the banks but nology companies. SC hedge-fund co-chief. B10 Telecom Corp.and China Uni- won’t be able to buy them. Hong Kong Exchanges and MARK com(Hong Kong) Ltd. Many TheTreasuryDepartment PleaseturntopageB10 China Mobile’s booth at a trade fair in Beijing in September. P2JW012000-5-B00200-1------XA

B2 | Tuesday, January 12, 2021 ***** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A - B EToro...... B11 ODP...... B1 Acacia Communications F - G P ...... B12 Facebook...... A7,B2,B11 Patriot Management..B4 Academy Sports & Ford Motor...... B3 Peloton Interactive...B12 Outdoors...... B12 Fox...... B4 Pennsylvania Real Afterpay...... B10 GameStop...... B4 Estate Investment A&G Real Estate General Motors...... B12 Trust...... B5 Partners...... B5 Goldman Sachs Perdue Farms...... B2 Alibaba...... B4,B10 ...... A7,B1,B11 Permira...... B3 Alphabet...... B4,B11 H PetSmart...... B4 Alpha Theta...... B4 Pilgrim's Pride...... B1 Amazon.com...... B1,B11 Hallmark Cards...... A7 Hipgnosis Songs FundB4 Ping An Insurance of American Express...... A7 China...... B11 Apple...... B4,B11,B12 Home Depot...... B12 Primary Wave...... B4 Applied Materials.....B12 Hyundai Motor...... B12 AT&T ...... A7,B4 I R - S Azor Advisory Services Infinera...... B12 Ritholtz Wealth ...... B5 Intel...... B4 Management...... A2 Beijing Byte Dance Intercontinental Sanderson Farms...... B2 Telecommunications.B4 Exchange...... B1 Simon Property GroupB5 Biogen...... B12 Sixth Street Partners Blackstone...... B10 J - K ...... B11 Bluebird Bio...... B3 JPMorgan Chase...A7,B1 Spotify Technology.....B4 Blue Pool Capital...... B10 Keen-Summit Capital Sriwijaya Air...... A9 C Partners...... B5 Staples...... B1 CK KKR...... B4,B12 TO Callaway Golf...... B12 Sycamore Partners.....B1 Klarna Bank...... B10 Sysco...... B1 Camping World...... B12 Kroger...... B1 Carnival...... B2 T - U L - M SHUTTERS CBL & Associates Tesla...... A1,B3,B12 A/ Properties...... B5 Lululemon Athletica.B12 Tractor Supply...... B12 Chewy...... B4 Lumentum...... B12 Twitter...... B11 HI/EP China Mobile...... B1 Magna International.B12 Tyson Foods...... B2 CC China Telecom...... B1 Marriott International ZO United Parcel Service.A7 O

China Unicom (Hong ...... A7 US Foods Holding...... B1 UR Mesa/Boogie...... B4 Kong)...... B1 V - W MA Cisco Systems...... B12 M-III Partners...... B5 Passengers embarked on the Costa Deliziosa in Italy on Sept. 6, the first Carnival cruise ship to return to the sea after the lockdown. Commonwealth Bank of Morgan Stanley...... B1 Victory Park Capital.B11 Australia...... B10 mtheory...... B4 Vista Outdoor...... B12 ConocoPhillips...... A7 N - O Vivendi...... B4 D - E VPC Impact Acquisition National Australia Bank ...... B1 Daimler...... B3 ...... B10 Carnival, Burning Cash, Adds Walmart...... B1 Deckers Outdoor...... B12 New Mountain Capital Webull Financial...... A2 Dick's Sporting Goods ...... B11 ...... B12 Nikola...... B12 Y - Z Downtown Music...... B4 NIO...... B11 YETI...... B12 Eli Lilly...... A3,B11,B12 Nvidia...... B4 Zip...... B10 $2.2 Billion More in Losses

BY DAVE SEBASTIAN 60 days beforeoffering pas- coming weeks, a CDC spokes- thefiscal year with $9.5 bil- INDEX TO PEOPLE senger cruises. woman told TheWall Street lion in cash and cash equiva- Carnival Corp.said it is Thecompanysaid it ex- Journal. lents. “Wehavethe liquidity in A - B I - J Patterson, David...... B4 continuing to burn cash and pectstosell 19 less-efficient While Carnival’sgoal might placetosustain ourselves Amobi, Tuna...... B2 Iovine, Jimmy...... B4 S - T expectstopost another siz- ships,which constitute be doable,the companyisn’t throughout 2021, even in a Attal, Alan...... B4 Jones, Handel...... B4 Schwarzman, Stephen able loss afteralmost ayear roughly 13% of pre-pause ca- likely to return to 2019 levels zero-revenue environment,” Berger, Gideon...... B10 K - L ...... B10 Buckingham, Lindsey..B4 sinceonboardcoronavirus pacity. Carnival said it previ- this year,especially as it has Mr. Donald said. Kong, Amy...... B11 Sherman, George...... B4 outbreaks brought itsvoyages ously expected to sell the slimmeddownits fleet and About 45% of customersaf- C - D Slade, Rachel...... B10 Leschly, Nick...... B3 to a halt in the U.S. ships in coming yearsand that initial sailings will be operat- fected by Carnival’s schedule Cohen, Ryan...... B4 M - N Tedder, Ryan...... B4 Donald, Arnold...... B2 V - W ThecompanyonMonday 15 of those ships have already ingatalowercapacity,said changes have received future Dowling, Joe...... B10 Maggiulli, Nick...... A2 reported apreliminarylossof exited the fleet. Tuna Amobi, analyst at CFRA cruise credits—a refund option Dylan, Bob...... B4 McCormick, John...... B10 Vrabeck, Kathy...... B4 $2.22billion forthe fourth “With the aggressiveactions Research. “I wouldn’t expect that helps cruise operators F - G Nicks, Stevie...... B4 Whebbe, Matthew...... B5 quarterended Nov.30, com- we have taken, managing the conservecash—while the rest Fitzpatrick, Dawn.....B10 O - P Y - Z Gray, Jon...... B10 Obenshain, Andrew....B3 Young, Neil...... B4 paredwith aprofitof$423 balancesheet and reducing ca- have requested cash refunds Grube, Jim...... B4 Paolini, Luca...... B11 Zilkha, Nat...... B4 million in the comparable pacity,weare well-positioned Carnival’s flagship as of Nov. 30,Carnival said. quarterayear earlier.Ad- to capitalizeonpent-up de- About 60% of bookings taken justed losses were $1.9billion. mand and to emerge aleaner, line has paused all during the fourth quarter for CORPORATEWATCH Thecompanydidn’t disclose moreefficient company,” Chief U.S. cruises through fiscal 2021 were newbookings preliminaryrevenue figuresin ExecutiveArnold Donald said as opposed to those using itsnewsrelease,but aspokes- on aconferencecall. the end of March. cruise credits, the company TECHNOLOGY LULULEMON ATHLETICA man said revenue wasinthe Despite uncertainty in tim- added. PC Sales Surge, tens of millions of dollars. ing,Carnival is targeting to re- Some Carnival sailings re- Apparel Maker Sees Carnival’s flagship line has sume operations on all ships sumed in Europe in fall 2020, Lifted by Pandemic Strong HolidaySales paused all U.S. cruises through by the end of the year,Mr. this year to mark any kind of though theroad to recovery the end of March, while the Donald said. “I’m hoping return to anysemblanceof has been rockyasCovid-19 Personal-computer sales last Lululemon Athletica Inc. ex- company’sPrincessCruises what’shappened so far in normalcy,” Mr. Amobi said. cases rebounded in the region. year registered their strongest pects its profit and sales forthe and Holland AmericaLine early 2021 hereisjust ahang- Carnival on averageburned Aida Cruises,Carnival’sGer- growth in a decade, underscoring fourth quarter ending Jan. 31 to have also scrapped some voy- over from 2020,” he said. The about $500 million amonth man brand, last week extended a shift to computers from mo- be at the high end of its prior ages this year. The timing for companyisawaiting addi- during the fourth quarter,less itscruise-season hiatus until bile devices during the coronavi- guidance, driven by demand over U.S. voyages ultimately de- tional guidance from the CDC than the roughly $530 million the end of February after the rus pandemic, according to in- the holidayperiod. pendsonreceiving apermit forthe specific timing on it had expected due to the tim- German government stretched dustry data. The athletic apparel maker on from the U.S. Centers for Dis- mock sailings. TheCDC ex- ing of capital expenditures, it itslockdown until Jan. 31. In “Demand is pushing the PC Mondaysaid it expects adjusted ease Controland Prevention, pectstopost technical in- said. It expectstoburn, on av- other regions, sailing suspen- market forward and all signs in- earnings per sharetogrow at the whichisrequiring operators structions forcruise opera- erage, about $600 million a sionsacrossCarnival brands dicate this surge still has a way high end of its midsingle-digit ex- to conduct mock sailings and tors’agreementswith port month for the first quarter. vary by line and ship,with to go,” Ryan Reith, program vice pectations. It sees net revenue applyfor acertificateatleast and local health authorities in The company said it ended some idled until 2022. president with International Data growing at the high end of its Corp.’s Worldwide Mobile Device mid-to-high teens expectations, Trackers, said. the companysaid. recent years. Steris paid $850 forcertain supplies and protec- ume of medical procedures to IDC counted 302.6 million —Dave Sebastian Medical million to buy KeySurgical late tiveequipment has been in- fully recoverasmorepeople re- units sold globally last year, up last year,and Cantel paid $775 creasing as the population mo- ceivethe Covid-19 vaccination. 13% from the previous year. Re- DAVE &BUSTER’S million to buy dental-equip- bilizes to beat back the Steris CEO Walter Rose- search firm Gartner said PC Supply ment makerHu-Friedy Manu- pandemic. brough said on itsquarterly shipments reached 275 million StoresClose Amid facturingin2019. When reporting itsquarterly earningscall in November that units in 2020, up 4.8% on the Virus Restrictions Thecoronavirus pandemic earningsinDecember,Cantel itslife-sciences unit had ajump year. Similarly, Canalys pegged Firms Talk has been amixed bag forthe said itssales were hurt by the in revenue,partly due to cus- the increase at 11% to 297 mil- Dave &Buster’sEntertain- companies’ businesses.Onthe reduction in medical proce- tomersbuying supplies in an- lion units, the highest annual ment Inc. has had to temporarily one hand, health-careproviders dures,but that revenue per ticipation of Covid-19 vaccine growth since 2010 and the high- close storesduring its fiscal fourth ContinuedfrompageB1 and their suppliershavebeen procedurehad increased due to production.The health-care est shipment volume since 2014. quarter because of another round expand Steris’sreach intothe hurt by adecrease in elective higher sales of personal protec- segment washurt by adecline Much of the difference in the of governmentrestrictions meant dental market. medical procedures as patients tiveequipment. Cantel Chief in medical procedures while its tallies from the data providers to slowthe coronavirus’sspread. It comes afterboth compa- avoid unnecessaryhospital vis- ExecutiveGeorge Fotiades said sterilization unit benefited comes from how each company The companyonMondaysaid nies diddeals of their ownin its. On the other hand, demand the companyexpectsthe vol- from increased demand. defines PCs. Hardware makers in it began the lastquarter of its fis- recent years have increasingly cal year with 104 locations open, blurred the lines between per- or 75% of its store base, but as of U.S. has brought antitrust sonal computers and devices Jan. 3, it had 89 entertainment Staples cases against Facebook Inc. such as tablets. centers open, or 65% of the base. and Google. —Maria Armental —Micah Maidenberg President-elect JoeBiden MakesBid has nominated Merrick Gar- land, alongtime federal judge, demand forchicken led to as attorney general. Mr.Biden Tyson, higher prices.Anattorney rep- ForRival hasn’t yetnamed anew Jus- resenting chicken buyersinthe ticeDepartment antitrust case declined to comment on chief or chairman forthe FTC. Pilgrim’s Pilgrim’sproposed settlement. ContinuedfrompageB1 It is rare,but not unheard In prior settlements, several satisfy“anyreasonably antici- of,for corporatesuitorsto smaller chicken companies pated regulatory objections.” combine two companies previ- Settle agreed to collectively payabout Theletteralso disclosed ously kept apart by antitrust $13 million to the plaintiffs and that Sycamoreaffiliates own concerns.The JusticeDepart- to cooperateinthe litigation. about 4.9% of ODP’s common ment in 2019 allowedT-Mobile ContinuedfrompageB1 Pilgrim’ssettlement was shares.The Staples owner US Inc.tobuy rival Sprint subject to court approval, and announced in aregulatoryfil- plans to pursue apublic ten- Corp.after the companies neither companyhas admitted ing Mondayand comes after der for100% of ODP’sshares scuttled earlier attemptsin to the chicken buyers’ claims. the companylast fall an- in March if it cannot reach a the face of government oppo- Theagreementsdon’t cover nounced aplea deal in the negotiated deal with the ODP sition. Thewireless companies lawsuitsfiled separately by in- JusticeDepartment’scriminal board, the letter states. later wonanantitrust case dividual plaintiffs.Tyson, Pil- price-fixing case.Under that A merger review would ar- broughtbystate attorneys grim’sand other U.S. chicken deal, Pilgrim’sagreed to paya rive during afederal govern- general. suppliersstill facelawsuits $110.5 million penalty.Pil- ment transition and when the During thepandemic,ODP from some of their topcus- grim’sreported $11.4billion in hasintroduced sales of per- tomers, including chicken sales for 2019. Share-priceand index sonalprotectiveequipment sandwich giant Chick-fil-A Tyson has been cooperating performance andmoreitems and services Inc.,supermarket operators in the Justice Department in- that help people work from 125% ODP Corp. Walmart Inc.and Kroger Co., vestigation under acorporate $44.14 close home.Year over year,the and food-servicedistributors leniency program that allows +120.1%since company’ssales fell by 17%in Sysco Corp.and US Foods the Arkansas companyto 100 July 13 the June quarter as offices Holding Corp. avoid criminal prosecution, in emptied, but the trend im- Lawyersrepresenting exchangefor helping the proved to a9%year-over-year chicken buyershavealleged agency’sprobe.Tyson’ssettle- 75 decline in the September that Pilgrim’s, Tyson, and ment agreement wasdisclosed quarter. other toppoultrycompanies Monday in a court filing. “Obviously,Covid is not like Sanderson Farms Inc.and Tyson shares settled 1% 50 good for us from a structural Perdue Farms Inc.kept tabs higher and were inactiveinaf- perspective,” Chief Executive on oneanother’s operations ter-hours trading. GerryP.Smith told analystson 25 through an industrybench- In itscriminal probe,the acall in November.“But Iwill marking serviceand coordi- JusticeDepartment has al- saythat it’smade us betteras S&P500 nated submissions to achicken leged that senior chicken-in- 0 a company,” he added, point- pricingindexinayearslong ef- dustry players exchanged de- ing to ODP’s adaptability dur- fort to keep chicken prices ar- tails of prices they planned to ing the pandemic and astron- tificially high. submit to major fast-food –25 gerfocus on controlling costs. Thecompanies have con- chains,sharing details on July 13, Jan. 11, ODP has roughly 1,200 loca- tested the claims,arguing that competitors’ activity through 2020 2021 tions.Staples has 1,068 stores, higher grain costsand growing text messages and phone calls. Source:FactSet according to its website. P2JW012000-0-B00300-1------XA

THE WALL STREET JOURNAL. Tuesday, January 12, 2021 | B3 BUSINESS NEWS Bluebird to Spin Off Cancer-Drug Unit

Biotech company has an interview. “Wedon’t be- ising drugstomarket. There mented each other but now turing process.The companies Zynteglo for the treatment of lieve the past is the best way aresignificant differences be- will be stronger apart than to- have sincethen resolved the betathalassemia,ararecondi- struggled to turn its to head into the future.” tween cancer and rare genetic- gether, he said. issue,and the FDAissched- tion in which adefectivegene scientific achievement Therestructuring comes as diseases when it comes to “I think we gottwo aces on uled to makeanapproval deci- hindersthe body’s ability to Bluebirdstruggles to match its conducting clinical trials,in- our hands here,” said Mr. Le- sion by the end of March. transport oxygen through the into financial success scientific achievementsad- teracting with regulators and schly, referring to a blackjack Thedrugcould reach an- blood. Bluebird’streatment vancing itsdrugpipeline with manufacturing at scale,he nual global sales of $900 mil- genetically modifies patients’ BY JOSEPH WALKER commercial success.The Cam- said. lion in 2025,according to fore- stem cells to contain afunc- bridge, Mass.,biotech has “You don’tbuild an oncol- ‘I think we got castsbyRonnyGal,aSanford tional copy of the gene. BluebirdBio Inc., abiotech grappled with painful delays ogycompanybyhiring people two aces on C. Bernstein &Co. analyst, Bluebird priced the one- pioneer in the field of gene in securing U.S. regulatoryap- who are experts in severe ge- our hands though it may face stiff com- time therapy at €1.6million, therapies, plans to split itself provals and generating reve- netic disease,nor do youdo here,’ said Nick petition from rivals such as equivalent to $1.96 million, in in two this year,spinning off nuefromarare-disease blood vice versa,” Mr. Leschly said. Leschly, Johnson &Johnson that are Europe,and it has proposed itscancer-drug unit intoa drug cleared in Europe. “A lot of this comes down Bluebird CEO, developing similar treatments. allowing governmentsorin- new, publicly traded company Bluebird’sstumbles have to…priorities and focus.” of the units. The new oncology-focused surers to pay over a five-year so it canfocus on rare dis- fueled analysts’ concerns over Bluebird is one of the bio- company, which hasn’t yet installmentplan,contingent eases. the company’soperational technologyindustry’spioneers been named, will also inherit on the drug working. BluebirdChief Executive acumen and aselloff in its of gene therapy,which help strategy. “We’regonna split several earlier-stagedrugs Thestart of sales of the Nick Leschly will helm the new shares.During the past 12 fight disease by replacing de- the aces.” aimed at treating other blood drug has been delayed by the cancer companyand assume a months, Bluebird shares have fectivegenes or adding new Bluebird’sleading cancer cancers, such as acutemyeloid pandemic. newposition as executive fallen nearly 47%and the com- ones to fight disease.The treatment, for a blood cancer leukemia and so-called solid Bluebirdistesting the same chairman of Bluebird. Andrew panyhas shed $1.8billion in drugs promise to treat, if not called multiple myeloma, is tumorsthat typically affect or- drug to treat sickle cell ane- Obenshain,currently Blue- market value.Bluebirdposted cure, intractable conditions under development with Bris- gans, bones and muscles, Mr. mia,alife-threatening blood bird’s president of severe ge- a loss of $418.8 million in the but at a high price. tol-Myers Squibb Co. Leschly said. disorder that, in the U.S., netic diseases,will become its first nine months of last year. Bluebirduses asimilar Thedrug—which uses ge- Thecancer unit is also largely afflicts Black people. chief executive. Throughout its28-year history technologytodeliver drugsfor netically engineered immune working on newapproaches to Bluebirdhad been planning The separation is expected it has accumulated anet defi- cancer and rare diseases, and cells to fight tumors—hit a treating cancers such as non- to seek U.S. approval forthe to close in the fourth quarter. cit of $2.7 billion. housing both units under the speed bump last Maywhen, Hodgkin lymphoma. drug in the second half of “Webuilt this powerful Mr. Leschly said the impe- same roof made sense as the thecompanies said, the U.S. Bluebird’srare-disease 2021, but said in November product engine,and the ques- tus forthe split is the need for companybuilt out itspipeline, Food and Drug Administration pipeline is more advanced the request would be delayed tion is: ‘What is the best way increased specialization as the Mr.Leschly said. Foryears, refused to consider approval than the cancer portfolio. until late2022because of to think about the next five to companymaturesand pre- Bluebirdresisted splitting the before receiving additional de- In 2019,European Union manufacturing requirements 10 years?’ ” Mr.Leschly said in pares to bring multiple prom- unitsbecause they comple- tails on the drug’smanufac- regulatorsapproved itsdrug requested by the FDA. Footwear Maker Dr.Martens Mulls London Listing

BY SAABIRA CHAUDHURI million, equivalent to $464 million. It plans to sell shares Dr.Martens,the maker of in the initial public offering the chunkyleather lace-up but didn’t disclose financial bootsthat were firstembraced information about the IPO. by skinheads and rockers, Dr.Martens’ bootstrace wantstojoin the establish- their historyto1945, when a ment. 25-year-oldGerman soldier, TheBritish footwear brand Klaus Maertens, was recover- said Monday it had taken the ing from abrokenfoot and

first steps toward a listing on created an air-cushioned sole S

theLondon Stock Exchange, to replacethe hardleather PRES touting itspotential for ones common at the time. He

growth in big marketslikethe and afriend then started pro- ZUMA U.S. and China. ducing shoes using leftover WIRE/

Thepotential listing would militarysupplies,which found A offer investorsanopportunity amarket in older women seek- /P to ownasliceofone of the ing comfortable footwear. OW

world’smost recognizable By 1959,the pair were ad- BARL NE

footwear brands.The company vertising the soles in overseas JA sells 11 million pairs of shoes magazines.Their ad wasno- The company sells 11 million pairs of shoes in over 60 countries each year and had 130 stores globally as of September. in over 60 countries each year. ticed by English boot makers, Dr.Martens said it gener- R. Griggs,which produced the sides of the Atlantic,who who wear our footwear to ex- and Macy’sbegan carrying fiscal year.Its websitemade ated sales of £672.2 million, firstpair using the soles for prized them fortheir sturdi- press their individual style.” them, and morerecently,a up afurther 20% of sales in equivalent to $905 million, in the U.K. market and changed ness and steel toe caps. Elton John appeared in a trend toward chunkier shoes that period. the fiscal year to March, up the brand’sspelling to Dr. Thebrand, which also sells pair of giant, cherry-redDr. and more informal workplace Thecompanyshared data 48% from the previous year.It Martens. loafers, sandals and what it Martens in the 1975 movie of wear has helped sales. showing itsbootsinthe U.K. said growth had been strong At first, the bootswere calls “smart shoes,” has long TheWho’s rock opera While much of itsrevenue arebought roughly equally by through the pandemic,helped worn by postal and factory sought to emphasizethe vari- “Tommy,” while Nirvana front- comes through other retailers, men and women and that the by online sales. workers, but they soared in ety of itsofferings. Chief Exec- man Kurt Cobain,actress Dr.Martens had 130 stores biggest chunk of itscustom- Thecompany has been popularity afterPeteTownsh- utiveKennyWilson said Mon- Drew Barrymoreand singer globally as of September, ers—44%—comes from the 45- owned since 2014 by private- end of TheWho began wear- daythe company’sshoes Miley Cyrus have all worn the which it says aremainly lo- to-60-year-old group.Itsaid equity firm Permira,which ing them. They also caught on appeal to “a diverse rangeof brand. catedinmajor cities and 35% of it customers are 16 to bought the business for €380 among skinheads on both consumersaround the world Stores such as Nordstrom brought in 25% of sales last 35 while 21% are 35 to 44. Chinese Car Market Continues Pullback Ford to EndBrazil BY TREFOR MOSS Production, Cut SHANGHAI—Chinese car sales declined 6.8% last year, as the world’s largest market About 5,000 Jobs forautomobiles shrank fora third straight year. Yetthe single-digit drop BY MIKE COLIAS South America, Europe and counted as asuccess in the con- China. In South America, Ford text of 2020,industryanalysts Ford Motor Co.will stop reported pretax losses of $386 said, with the coronavirus pan- building vehicles in Brazil in an million in South America demic taking aheavier toll on effort to shoreupmoney-losing through the firstthree quarters other markets. Global carsales operations overseas,the com- of 2020.Fordwill disclose

areestimated to have fallen 15% GES panysaid, part of abroader fourth-quarter earningsFeb.4.

last year,according to research IMA turnaround effort under new Thecutsare part of an $11 firm IHS Markit,while U.S. Chief ExecutiveOfficer Jim Far- billion global restructuring plan ETTY

sales arealso expected to have /G ley. the company firstoutlined in

dropped about 15%. CG Ford said Mondayitwill 2018.Fordalso has disclosed /V “In Q1 we projected much, close all three of itsfactories in plans to sell or close factories much worse,” said Lin Huai- Brazil, eliminating about 5,000 in Europe and shrink itsvehicle bin, an autoanalyst at IHS DONGQIU jobs.The Dearborn, Mich.-based lineup theretofocus on more-

Markit,after sales in China CHEN automaker will continue to sell profitable product lines. slumped 41% in the March The country’scar makers sold 19.3 million vehicles lastyear.Anautoexhibit in Guangzhou in November. vehicles in Brazil and other Ford’s actions in South quarter,during which partsof South American marketswith Americafollowsome of the the countrywereinlockdown. anticipated because China counted forone in 10 of the 6.4% in the first nine months cars made at itsremaining fac- same steps it took in Europe: it Auto makers in China sold brought the pandemic under cars sold in China; nowone in of 2020 respectively. tories in Argentina and Uru- narrowedits focus to more- 19.3 million passenger vehicles control relatively quickly, en- six newcarsare premium, ac- Tesla Inc.isalso tapping guay,aswell as other regions. popular,profitable vehicles and last year,the China Passenger abling consumer confidenceto cording to IHS Markit. into the demand for premium TheCovid-19 pandemic has sharpened focus on commercial Car Association said Monday, return by midyear.City and That continuing shiften- cars,having started selling lo- worsened an already tough en- customers. It will continue to down roughly a fifth on 2017, provincial governmentsalso abled makersofhigh-end vehi- cally produced vehicles herea vironment in South America, sell the Ranger pickup and the market’s peak. stepped in to support the auto cles to sail through 2020 in year ago. ThePalo Alto, Calif., whichhas gone through years Transit vaninSouth America, “This year will see a much industrywith incentives,while China seemingly unaffected by electric-vehicle maker sold of economic turmoil and cur- as well as newentries such as stronger growth,” said Cui autofinance—which had dried the pandemic.Mercedes-Benz morethan 138,000 China- rencyfluctuations that have the Broncosport-utility vehicle. Dongshu, the association’ssec- up in many of China’s smaller made Model 3sedans last year sapped profitsfor global auto Mr.Farley,who took over as retary-general. The group ex- cities following action against in China, according to the pas- makers. Ford’s factoryfootprint CEO Oct. 1,said in astatement pectscar sales in China to rise peer-to-peer lending plat- senger-car association. became toocostly to support that factoryclosures arepart of 7% in 2021. forms—started to become Theaverage transaction giventhe persistently difficult an “asset-light” strategytore- Thefirst major downturn to more widely available again. 6.8% pricefor apremium carin sales environment, aspokesman duceFord’scost base while con- hit China’sautomarket is fi- Dealerssaid the outlook for China has declined to $62,000 said. Ford said it would take tinuing to sell vehicles in the nally over,most analystsbe- 2021 looks positive. “I see The amountthe world’slargest from around $69,000 during the $4.1 billion in chargesrelated to South American markets. The lieve, with the market bouncing good momentum,” said Tang automarket shrank lastyear past four years, according to the restructuring,including companywill continue to oper- back in the latterhalf of 2020, Mian,aSAIC Motor Corp. Mr.Lin. Premium automakers $2.5billion in cash charges. The ateanengineering center and including6.6%year-over-year dealer in the southwest city of including the German big three chargeswill be divided between testing facility in Brazil. growth in December.Sales will Dali. “That gives me confi- nowproducemoremodels in the fourth quarter of 2020 and TheCEO has set agoal of grow 5% to 6% this year and re- dence in the new year.” maker Daimler AG said its China than they used to,lower- this year. reaching an 8% pretax global turn to 2017volume levels— The three-year slump from Chinasales increased 11.7% ing the sticker pricefor local Ford has struggled in over- profit margin in part by fixing when 23.8 million passenger whichChina’sautomarket is last year,evenasits global consumersrelativetocostly im- seas marketsinrecent years overseas businesses and focus- cars were sold—by around emerging has changed the salesdeclined 7. 5%. Audi AG ports, while taxcutshavefur- while leaning on itsNorth ing moreoncommercial vehi- 2024, Mr.Lin forecast, barring landscapeofthe country’s and Bayerische Motoren ther reduced prices.That has American businessand in-house cles.Its pretax profit margin major Covid outbreaks or other auto industry. WerkeAG, which have yetto putluxurycarswithin reach of lending arm to fuel profits. was4.1% last year and fell to economic shocks. Premium automakershave report full-year sales,previ- millions of Chinese buyers. Through the firstthree quarters 1.2% through three quartersthis Last year’s second-half re- emergedasthe big winners. In ously reported that their sales —Raffaele Huang of 2020,Fordlost money in year amid disruption from the bound proved stronger than 2017, premium vehicles ac- were up in China 4.4% and contributed to this article. each of itsregional businesses, pandemic. P2JW012000-2-B00400-1------XA

B4 | Tuesday, January 12, 2021 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Google KKR Joins Music-Catalog Dance Sued Over Ryan Tedder’s lineup songwritersand artists. Music copyrightshavebe- Yo uTube attracts investment come more valuable in recent firm with a value of yearsasrevenue from stream- ing on services such as Spo- Searches nearly $200 million tifyTechnology SA and Apple Inc.’s Apple Music has grown. BY SAM SCHECHNER BY ANNE STEELE Songwriter catalogsinpartic- ular have been commanding Video-sharing site Rumble Investment firm KKR &Co. sale prices that amount to 10 Inc. accused Google in a law- is joining the music-copyright to 20 times their annual royal- suit of abusingthe powerof buying frenzy,investing in pop ties,compared with eight to 13 itssearch engine and mobile producer Ryan Tedder’s cata- times in earlier years, operating system to boost its log of hits, including songs according to people involved YouTube video serviceoverri- from Beyoncé, Adele and Ste- in the deals. vals,the latest allegation of vie Wonder. Publishersand other cata- anticompetitiveconduct The firm is taking a major- log investorsare betting on against the Alphabet Inc.unit. itystake,valuing the catalog the value of music continuing Toronto-based Rumble, at nearly $200 million, accord- to increase over time as whichhas become popular ing to people familiar with the streaming services proliferate among conservativepundits, transaction. Thedeal includes and music publisherscontinue on Mondayfiled an antitrust amix of certain copyrights to find newuses forsongs, suit in federal court in Califor- and royalty streams for some such as in online gaming,digi- nia arguing that Google is “un- 500 songswritten, recorded or tal fitness, and social media. fairly rigging its search algo- produced by Mr.Tedder for TheCovid-19 pandemic has rithms” to placeYouTube his band OneRepublic and inspired some musicians to aboveRumble in itssearch re- other artists. sell, as they seek to offset the sults. Rumblesaid Google’sbe- KKR’sentree intomusic- dearth of cash coming from havior cost it significant num- copyright ownership comes touring,which is typically bersofviewers and amid aflurryofdeals for their most lucrativeactivity advertising dollars. Thelaw- songwritingcatalogs. Late in and is currently prohibited. In- suit also argues that Google’s 2020,Stevie Nicks sold an 80% vestorssee music as recession- deals to pre-install aYouTube stakeinher songwriting copy- proof and catalogsasastable app on mobile devices running rights to music publisher Pri- GES and growing asset untethered Google’sAndroid operating maryWave,valuing her cata- IMA to other market volatility.

system have unfairly deprived log at $100 million. Bob Dylan ETTY Mr.Tedder,asongwriter, Rumble of viewers. then sold off over 600 songs /G producer,musician and lead “Google, through itssearch to Vivendi SE’sUniversal Mu- vocalist of OneRepublic,has engine,was able to wrongfully sic Group forbetween $300 wonthree “Album of the Year” divert massive traffic to You- millionand $400 million. In Grammy Awards for his work Tube,depriving Rumble of the the firstweek of the newyear, on Adele’s“21” and “25” and additional traffic,users, up- music-investment company SHALIN/REDFERNS Taylor Swift’s“1989.” In addi-

loads, brand awarenessand Hipgnosis SongsFund Ltd. VENLA tion to hit singles “Apologize” revenue it would have other- announced deals to purchase Ryan Tedder in London lastyear.His catalog includes songs from Beyoncé,Adele and Stevie Wonder. and “Counting Stars” for wise received,” the lawsuit copyrightsfromJimmyIovine, OneRepublic, he has written states. Lindsey Buckingham and Neil KKR will participateinMr. and entertainment, including ForMr. Tedder,the timing with some of the most notable “Wewill defend ourselves Young. Mr. Young’s sale alone Tedder’s and the band’sroy- intellectual property such as felt right to fetchtop dollar artistsalivetoday, including against these baselessclaims,” fetched apricebetween $40 alty income from that music, song compositions,the com- for his work, he said. “The Paul McCartney,EdSheeran, a Google spokeswoman said. million and $50 million fora as well as producer royalties pany said. multiplesonthe higher-end Lady Gaga and Cardi B. Rumble’slawsuit cites the 50% stake, according to people from other recorded assets. Thedominanceofmusic publishing and recorded music He will retain an interest in findingsofaWall Street Jour- familiar with the deal. KKR has been invested in streaming is part of the lure catalogscontinue to rise in his music.Aspart of the nal investigation from July that In 2016,Mr. Tedder sold the music industrysince2009, forKKR and others. “Wehave value forgood reason and it transaction, Mr.Tedder’s man- found Google’ssearch results part of his publishing,exclud- including its purchase of Gib- strong conviction on both the seemed likeagood opportu- agement, Patriot Manage- gaveapreferencetoYouTube ing OneRepublic,toDown- son Brands—which recently overall growth of the music in- nity formetodiversifyand ment,and artist-development links over those from video ri- town Music Holdings, which acquired amp maker Mesa/ dustryand the significant op- provide morecapital formy company mtheory,through its vals.Inaseries of tests, the will continue to ownand ad- Boogie—and stakes in TikTok portunities ahead forit, en- other investment activities,” MTC Music Royalties fund, Journal found that search re- minister those copyrights. parent ByteDance Ltd., BMG, abledbytechnologyand the said Mr.Tedder.Headded he will co-invest with KKR and sultsinalarge majority of Universal Music Group’sInter- and Alpha Theta,formerly Pi- transparency that technology will reinvest the proceeds from oversee administration of the cases featuredYouTube videos scope Records also owns mas- oneer DJ. provides artistsintohow their the sale,including in his com- publishing,helping collect roy- ahead of the same or very sim- terrecording copyrightsto It is actively pursuing fur- art is actually being used,” mercial real-estatebusiness, alties and seeking out licens- ilar versions of the videos OneRepublic’srecorded music; ther investmentsacrossmusic said KKR partner Nat Zilkha. venturecapital and in signing ing opportunities. available on competitor sites. Rumble wasn’t featured in the Journal testing,but the video-sharing companysays in U.S. Helped Chinese Chip Independence itslawsuit that it conducted its own similar tests using its JOURNAL videos.One exhibit in the law- BY ASA FITCH BusinessStrategies Inc., an in-

suit includes screen shotsofa Apple Inc. thatadd their own dustryconsulting firm. REET

Open-Source Tech ST Google search for“funnydogs AU.S.-born approach to de- Could Shift Power modifications. Work on RISC-V,which LL on rumble” which returns a fining howcomputer proces- RISC-V is open-sourced, originated at the University of WA

list of videos that areentirely sorswork presentsapotential meaning its technical details are California, Berkeley,dates THE

from YouTube. steppingstone to chip indepen- public and changes areopenly back about adecade,but R FO

In response to the Journal dencefor Chinese tech compa- Chip architectures likeRISC- debated. Nvidia’slandmark acquisition N report, aGoogle spokeswoman nies that facegrowing limits Vprovide asort of language for The technology remains far this year and the technological SO said in July that no preference from Washington on buying translating software commands behind in performancetowhat face-off between China and the AM is given to YouTube or any American semiconductors. into instructions forprocessors Inteland Arm currently offer. U.S. arefueling newinterest. ABR

other video provider in Google Theso-called RISC-V tech- to perform the computations However, the standard’s ForChina, the technology MARK search, but declined to com- nologyoffersanopenly acces- needed to send email, play backers—which include promi- offersaframework that could Chewy co-founder Ryan Cohen. ment on the specific examples. sible approach to running the games or perform other tasks. nentresearchers and major help insulatethe country “Our systems use anumber of brains that powerpersonal Those base-levelinstruc- companies in the U.S.—hope it from U.S. export limits. signals from the webtounder- computers, smartphones and tions have been largely defined will do forhardwarewhatthe Washingtonadded Chinese GameStop stand what resultspeople find servers. It is an emerging rival by IntelCorp., whose x86-based open-source movementdid for telecom giant HuaweiTech- most relevant and helpful for to two,long-dominant proprie- chips dominate personal com- software,shifting powerfrom nologies Co.toanexport Adds Cohen agiven query,” the spokes- tary models from Intel Corp. puters and servers, and Arm big incumbents and democratiz- blacklist in 2019,and has woman said at the time. and Arm HoldingsLtd., aBrit- Holdings Ltd., which dominates ing the plumbing of modern sought to limit other big Chi- The Rumble lawsuit comes ish companythat U.S. graph- smartphones by licensing its ar- computing. nese chip companies includ- To Board as Google is facing several ics-chip maker Nvidia Inc. chitecturetocompanies such as —Asa Fitch ing manufacturing giant other antitrust lawsuitsinthe agreed in September to ac- Semiconductor Manufactur- BY MICAH MAIDENBERG U.S. TwosetsofU.S.states quire for$40 billion. ing International Corp., have alleged the companyhas Thestandardiswinning centerstoperform artificial aid the rise of newrivals to in- which was added to the ex- GameStop Corp.said it abused the dominanceofits global interest, and early users intelligencecalculations,and cumbent chip makers, industry port blacklist in December. struck adeal with Chewy Inc. search engine and itsadvertis- include Chinese online retail is sellingversions of it. executives and analystssaid. Arm’stemporarysuspension co-founder Ryan Cohen to add ing business. That came after and tech giant Widespread adoption of “China wantstohaveits of itswork with Huaweiafter him and two former colleagues the JusticeDepartment sued Holding Ltd., which developed RISC-V,pronounced “risk five,” ownarchitecture, but also an theChinese company’sblack- to itsboardafter he pushed Google in October forallegedly what some industryinsiders could open the door forChina architecturewherelicense fees listing by the U.S. further thecompanytobetterfocus using anticompetitive tactics consider the highest-perfor- to accelerateeffortstoend its won’t have to be paid. So we raised the alarm there. on digital sales. to preserveits search monop- manceRISC-V chip in produc- dependenceonWestern chip see astrong buildup of RISC-V Mr.Cohen didn’t personally oly. Google has said the suits tion. Alibaba has said it is us- technology, threaten licensing in China,” said Handel Jones,  Heard on the Street: China request aseat on the video- lack merit. ing that chip in itsdata revenues for Arm and could chief executiveofInternational testsU.S. tech ...... B12 game retailer’s boardwhen he said in aNovember letterthat his investment firm had built ADVERTISEMENT up aroughly 10% stake in , CNN Shake Up Lineups GameStop. Thefirm wasn’t in- TheMarketplace terested in receiving alone To advertise: 800-366-3975orWSJ.com/classifieds seat or becoming “anisolated Amid Postelection Viewer Jump stockholder advocate” on the board, according to the letter. BUSINESSOPPORTUNITIES BY BENJAMIN MULLIN tion. CNN,adivision of AT&T GameStophas said it offered FoxNewswas No.1inevery Inc., faces uncertainty in its to add him as a director. FoxNewsand CNN an- major category for2020 as a leadership ranks.Network Pres- Now, however, Mr.Cohen 80B-/04,)37694/0 ?9B+39<.<,6* nounced substantial changes to whole, but rivals ateintoits ident Jeff Zucker told associ- and two former executives at )47694-364B,* /,)73??0E +B.?/,E their lineups Monday, as cable lead during the postelection pe- ates he wasconsidering Chewy,anonline retailer of 0#%A(@=2%";%ACD52=;#%@>;!@ ';=> 15:D($>;! $:@=#&DC@ news channels look to capital- riod. CNN has takenthe lead in whether to remain at the net- pet products, have joined the izeoncontinued viewerinter- total-dayviewership,averaging work afterhis contract expires board, GameStopsaid Monday. K=@D&>6@9H(A $>;!HD@9F:&( *9;8>:D!55&&J!:# ><1D&6 96 !:/&5396? -&/&:1& !5 86!;>6!HD #&:&6>3&( $69; 869/!(!:# ;>3&6!>H5 39 />6!915 est in politics two months after 1.56 million viewers from Nov. this year,The Wall Street Jour- GameStop shares rose 13% !:(1536!&5!:*H1(!:# &H&*36!*>H*9:5361*3!9:A 9!HG#>5A >:( !:(1536!>H the presidential election. 4toJan. 6, according to Niel- nal reported. to close at $19.94ashareon 5>$&3D?,&>59:&( ;>:>#&;&:3 >:( 5>H&53&>;!:8H>*&? Foxisexpanding itsopinion sen, while FoxNewshas drawn Themoves arepart of a Monday. -&/&:1& !: )=)= (&*H!:&( 39 >8869E?L%+ ;!HH!9: (1& 39 F96J!:# programming intothe 7p.m. an averagetotal-dayaudience broader reshuffling at both Fox TheGrapevine,Texas-based *>8!3>H *9:536>!:35?.69*&55 >H6&>(D1:(&6F>D? hour with “Fox News Prime- of 1.44 million viewers during News and CNN.AtFox News, companyhas been trying to time,” ashowthat will feature the postelection period. anchor Harris Faulkner will adapt abusinessmodel cen- 29:3>*3I 0&38 (36$!&66? by “The Situation Room With forthe FoxNewsaudienceof Perino will co-host “America’s contend with executiveturn- $,)-< %3;A'>" 7, D:98C8A9 <8GG2:":@D:-H #8C< 6/ 94 2020 election,are jockeying for Hannity and LauraIngraham theUnion,” aweekend politics Joining GameStop’sboard >E <4AH %D: D:08A9 ;1EE& *@@C8=D98= advantageasthe storyshifts to attractbig audiences. program that he currently an- along with Mr.Cohen areAlan ':08A94CA 4C $CD:@D."?A 4:?IH the turbulent exit of President FoxNewsparent FoxCorp. chorssolo.CNN also said that Attal, Chewy’s former top op- (3$&*"->+@31"$-*3;1'8>$+/%3; THE MARKETPLACE )7=!=#:!#5#7 (800)366-3975|wsj.com/classifieds Trumpfromthe WhiteHouse and Wall Street Journal parent Ms.Phillip will anchor an 8 erations executive, and Jim ©2021Dow Jones &Company, Inc. and the beginning of President- News Corp sharecommon own- a.m. showcalled “Inside Poli- Grube, whoonceserved as All Rights Reserved. elect JoeBiden’sadministra- ership. tics Sundaywith Abby Phillip.” Chewy’s chief financial officer. P2JW012000-0-B00500-1------XA

THE WALL STREET JOURNAL. Tuesday, January 12, 2021 | B5 BUSINESS NEWS Commercial TenantsGet Rent Cuts Midwest Retailer Some businesses toratreal-estatebrokerage Keen-Summit Capital Partners leverage pandemic LLC. To Close woes to win better Keen-Summit picked up doz- ens of newclientssinceMarch terms on their leases and represented dine-in theater All Stores chain Studio Movie Grill, burger BY AISHA AL-MUSLIM chain Krystaland Italian restau- BY AISHA AL-MUSLIM rant chain Il Mulino in their U.S. commercial landlords bankruptcies filed last year,Mr. Midwestern farm, home and granted billions of dollarsof Bordwin said. About 60% of the outdoor retailer Stock+Field rent relief to struggling store- firm’swork wasrent reductions has filed forbankruptcy and frontsasproperty owners and the other 40% waslease plans to close all of its stores strivetokeep falling occupancy terminations,yielding asuccess by March after65yearsin ratesfromtriggering morese- rate of about 80%, he said. business. vere financial consequences. “Thereissomuch pain in TeaOliveILLC,which does With manycommercial the marketplace,” Mr.Bordwin business as Stock+Field, filed property tenantsindirefinan- said. “Everybusinessthat I forchapter 11 protection in the cial straitsdue to the economic speak to is nowlooking at their U.S. BankruptcyCourt in St.

fallout from the coronavirus /REUTERS real-estatefootprint to see how Paul, Minn. afterstarting a pandemic, landlords arereluc- they canreducecosts.” storeclosing sale processthat tantly granting concessions on Katharine Battaia Clark,a is projected to conclude at the lease payments, lengthening MCDERMID Dallas-based partner at law end of March. payment terms,extending or AN firm Thompson Coburn LLP, “Therehavebeen many

shortening leases,lowering BREND said at an American Bankruptcy challenges in 2020,and rentspermanently and forgiv- A&G Real Estate Partners, whose clients include Men’s Wearhouse parent Tailored Brands, said it Institutepanel last month she Stock+Field wasnot immune ing past-due payments, accord- saved its clients about $1.7 billion through lease negotiations in the first nine months of 2020. has seen “really aggressivene- to them,” MatthewF.Whebbe, ing to real-estateadvisers, gotiating tactics” being used by the company’schief executive property managersand lawyers. consultantshired on behalf of and chairman, said in apost By providing the breaks fol- Retail Woes Lead pany CoStar Group Inc. of retailers paying their rent re- bankrupt tenants. ABI is anon- on the retailer’s website. lowing negotiations,landlords Before the pandemic, aver- bounded over the summer and partisan organization focused Stock+Field, formerly arehoping to avoid tenant de- To Empty Spaces age retail rents were growing ended at more than 85% in No- on research and education re- known as Big R, has 25 stores partures,keep properties occu- at more than 2% annually, ac- vember. lated to insolvencyissues. across Illinois, Indiana, Ohio, pied and rent paymentsflow- cording to CoStar. A record-breaking number Thetenants’ position has Michigan and Wisconsin, as ing,while avoiding the larger Retail vacancies are steadily CoStar expects rents to de- of major retailers—more than been to “accept our terms or well as two warehouses in Illi- losses that cancome from evic- on the rise and are expected to cline by anywhere from 1% to 60—filed for bankruptcy in the take ahike, we’ll reject your nois. The retailer changed its tions and increased vacancies in significantly increase. The aver- 3% year-over-year in 2021. U.S. in 2020. Major retailers an- lease and then you’ll be an un- name from Big Rto their shopping centersand age retail vacancy rate was In April, as Covid-19 lock- nounced plans to close more secured creditor and good luck Stock+Field in July 2019. malls.They arefearfuloftrig- around 4.5% going into the pan- downs took hold, the number than 12,200 stores last year, to you, and you’ll have an “We hope to reopen stores gering lease provisions that demic and estimated to end of retail tenants current on according to CoStar. These clo- empty space,” she said. at some pointinthe future,” kick in when anchor retailersor 2020 at 5.3% to 5.5% but is their rent crashed to 54% from sures will empty an estimated Rent deferrals,abatements, Mr. Whebbe said in the post. acertain number of tenants projected to increase to be- 91% in March, according to data total of 159 million square feet unpaid bills and vacancies can In court papers, the Eagan, leave acertain property,cutting tween 5.8% and 6.2% by the from real-estate business-intel- of retail space, out of roughly spell trouble forthe finances of Minn., companyvalued itsas- rentsfor those that remain. end of 2021, according to data ligence company Datex Prop- 11 billion square feet available landlords,their lendersand in- setsand totaldebt between “In light of the pandemic, from real-estate analytics com- erty Solutions. The proportion nationally, CoStar said. vestors. Midsizemall owners $50 million to $100 million. people areworried about CBL &AssociatesProperties Thecompanysaid it owes empty stores and worried about Inc.and Pennsylvania Real Es- about $29.7 million to asset- traffic in their malls,” said Saul in South Florida. tailersthat went bankrupt in Therefore, we’reable to get tate Investment Trust filed for based lender Second Avenue Burian,managing director at in- Real-estate advisoryfirm 2020 including former Ann rent concessions,” said Andy bankruptcy in November aftera Capital PartnersLLC andother vestment bank Houlihan Lokey A&G Real EstatePartners said Taylor owner Ascena Retail Graiser, A&G’sco-president. rash of tenant failures. creditors. Inc.“Some areevenworried it savedits clientsabout $1.7 GroupInc., and Men’sWear- “Landlords will do what is in Mall owner Simon Property Theretailer is requesting to about hitting thresholds of va- billion through lease negotia- houseparent Tailored Brands the landlord’sbest interest,” Group Inc.reported itslease in- use cash collateral pledged to cancies that could have other tions in the firstnine months of Inc. said Mohsin Meghji, managing come decreased nearly 16% to lenderstocontinue operations consequences either with re- 2020,lowering rentson9,550 When Francesca’sHoldings partnerofcorporateadvisory $3.27 billion forthe firstnine and storeclosing sales to max- spect to other tenants, or with leases andsecuring termina- Corp., another A&G client, filed firm M-III Partners LP.“But months of 2020 due to rent imize asset values, according respect to their debt.” tionson950 leases for58re- forbankruptcy protection in landlords have never been and abatements, higher provisions to court documentsfiled Mon- Landlords who feel they tailers, restaurants, educational December,the boutique chain, arenot going to sort of give foruncollectible rentsand day. won’t be able to quickly replace users, officetenantsand fitness which sells apparel accessories away rent reductions out of the lowersales-based rents. Thefirst bankruptcy case tenantshavethe least leverage and entertainment operators. and gifts,deferred nearly $37 goodnessoftheir hearts.” “After all, the landlordstill hearing is set for Wednesday. in negotiations,said Beth Azor, A&G wonconcessions from million in rent obligations after “What’shappening in the has to payits lender and main- Thecompanyhas hired law founder and owner of commer- 77%oflandlords of those nego- striking deals with landlords, market is most definitely going tain itsoverhead,” said Mark firm Fredrikson &Byron PA, cial real-estateadvisory and in- tiated leases,compared with its according to court papers. to cause an overall devaluation Sigal, CEO of real-estatebusi- and has retained businessand vestment firm Azor Advisory typical averageof50% in previ- “Landlords have become of real estateacrossthe coun- ness-intelligencecompanyDa- transaction advisory services Services Inc.,which owns and ous years, according to the morerealistic.Their lenders try,” said MatthewBordwin, texProperty Solutions.“Every- firm Steeplechase Advisors managessix shopping centers firm, which advised several re- have become morerealistic. principal and managing direc- one has acheck to write.” LLC as its investment banker.

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THE WALL STREET JOURNAL. * Tuesday, January 12, 2021 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 31008.69 t89.28, or 0.29% Trailing P/E ratio 30.77 21.52 3799.61 t25.07, or 0.66% Trailing P/E ratio * 41.17 25.46 13036.43 t 165.54, or 1.25% Trailing P/E ratio *† 40.01 28.05 High, low, open and close for each P/E estimate * 25.49 19.50 High, low, open and close for each P/E estimate * 25.45 19.65 High, low, open and close for each P/E estimate *† 31.25 24.05 trading day of the past three months. Dividend yield 1.96 2.20 trading day of the past three months. Dividend yield * 1.57 1.82 trading day of the past three months. Dividend yield *† 0.74 0.97 All-time high 31097.97, 01/08/21 All-time high 3824.68, 01/08/21 All-time high: 13201.98, 01/08/21

Current divisor 0.15198707565833 32200 3750 12800 Session high DOWN UP Session open Close t 31000 3625 12400 Close Open t 29800 3500 12000 Session low

28600 65-day moving average 3375 11600

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

26200 3125 10800

Bars measure the point change from session's open 25000 3000 10400 Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. *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* 961,600,557 68,697,510 Industrial Average 31096.98 30832.06 31008.69 -89.28 -0.29 31097.97 18591.93 7.3 1.3 6.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 491,128,759 57,607,779 Transportation Avg 12938.16 12774.81 12869.55 -6.11 -0.05 12875.66 6703.63 16.3 2.9 4.5 Most-active issues in late trading Decl. volume* 460,024,758 10,327,783 Utility Average 852.13 837.12 843.31 -7.97 -0.94 960.89 610.89 -4.1 -2.5 6.9 Volume After Hours Issues traded 3,238 286 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 40094.15 39722.49 39907.45 -215.37 -0.54 40122.82 22462.76 18.8 1.8 11.7 Advances 1,259 131 Finl Select Sector SPDR XLF 13,786.1 31.02 … unch. 31.09 30.99 Barron's 400 893.49 880.19 891.48 3.15 0.35 892.05 455.11 20.8 4.6 6.4 Declines 1,895 143 NIO ADR NIO 12,349.9 61.07 -1.63 -2.60 62.76 59.36 Unchanged 84 12 Tencent Music Ent ADR TME Nasdaq Stock Market 9,325.9 21.07 0.09 0.43 21.10 20.91 New highs 183 12 Nasdaq Composite 13138.27 12999.51 13036.43 -165.54 -1.25 13201.98 6860.67 40.6 1.1 21.8 Intel INTC 7,647.1 52.19 0.65 1.26 52.25 51.46 New lows 50 Nasdaq 100 13023.21 12883.59 12902.49 -202.71 -1.55 13105.20 6994.29 42.2 0.1 24.4 Apple AAPL 6,086.5 128.92 -0.06 -0.05 129.15 128.91 Closing Arms† 0.55 0.07 Pfizer PFE 5,239.5 37.74 -0.03 -0.08 37.83 37.69 S&P Block trades* 5,515 515 Churchill Cap Corp. IV CCIV 4,871.4 13.89 0.69 5.23 13.93 13.02 500 Index 3817.86 3789.02 3799.61 -25.07 -0.66 3824.68 2237.40 15.6 1.2 11.1 Nasdaq NYSE Arca Marathon Oil MRO 4,751.2 7.68 0.04 0.52 7.75 7.60 MidCap 400 2428.37 2385.42 2421.81 5.44 0.23 2421.81 1218.55 17.1 5.0 7.3 Total volume*6,852,816,088 220,457,857 SmallCap 600 1195.25 1174.10 1195.22 4.96 0.42 1199.81 595.67 17.1 6.8 7.4 Percentage gainers… Adv. volume*4,422,166,334 58,911,253 Decl. volume*2,382,346,407 158,787,713 Other Indexes VOXX International VOXX 360.5 23.95 9.19 62.26 24.26 14.76 Issues traded 3,893 1,465 Russell 2000 2095.40 2061.64 2091.01 -0.65 -0.03 2096.89 991.16 25.2 5.9 9.6 Iridex IRIX 267.7 3.48 0.62 21.68 4.29 2.90 Advances 1,750 382 NYSE Composite 14975.27 14817.74 14937.96 -28.87 -0.19 14966.83 8777.38 6.4 2.8 4.2 WW International WW 179.8 26.39 2.62 11.02 26.69 23.77 Declines 2,047 1,053 Pixelworks PXLW 227.8 3.45 0.32 10.22 3.96 3.13 Value Line 594.96 586.11 593.94 0.39 0.07 595.28 305.71 7.3 4.4 0.8 Unchanged 96 30 Ribbit LEAP Cl A LEAP 619.4 13.79 1.16 9.18 18.44 12.67 NYSE Arca Biotech 6052.85 5900.73 6016.11 57.42 0.96 6142.96 3855.67 18.1 4.8 10.6 New highs 266 94 NYSE Arca Pharma 707.74 701.66 706.11 9.45 1.36 706.11 494.36 7.6 2.4 8.0 ...And losers New lows 711 KBW Bank 107.54 104.37 107.47 1.16 1.09 111.97 56.19 -3.9 9.8 -1.4 Lemonade LMND 174.1 171.00 -12.26 -6.69 183.50 168.12 Closing Arms† 0.46 0.82 § PHLX Gold/Silver 145.76 143.09 143.95 -3.29 -2.23 161.14 70.12 43.7 -0.2 18.3 Green Dot Cl A GDOT 55.9 56.00 -3.22 -5.44 59.22 56.00 Block trades* 60,780 935 § PHLX Oil Service 50.73 48.63 50.58 0.21 0.42 76.72 21.47 -33.9 14.1 -32.3 DBV Technologies ADR DBVT 57.6 3.61 -0.17 -4.50 3.78 3.61 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2991.60 2914.08 2969.92 33.45 1.14 2969.92 1286.84 57.1 6.2 31.2 Fossil Group FOSL 54.9 9.40 -0.41 -4.18 9.84 9.40 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 24.81 23.23 24.08 2.52 11.69 82.69 12.10 95.5 5.8 34.6 LRCX Lam Research 210.0 501.60 -14.88 -2.88 519.72 501.60 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg World MSCI ACWI 658.48 –5.11 –0.77 1.9 GeoVax Labs GOVX 5.36 2.06 62.42 60.00 2.30 -73.2 Future FinTech Group FTFT 5.47 -2.15 -28.22 11.29 0.61 741.5 MSCI ACWI ex-USA 335.38 –3.22 –0.95 2.7 Jupiter Wellness JUPW 6.55 1.75 36.46 8.35 3.73 ... Bit Digital BTBT 18.76 -6.27 -25.05 33.00 0.28 4594.7 MSCI World 2730.05 –23.26 –0.84 1.5 Ekso Bionics Holdings EKSO 9.20 2.28 32.95 10.74 2.25 75.2 Applied DNA Sciences APDN 8.84 -2.80 -24.06 16.39 2.52 107.0 MSCI Emerging Markets 1349.60 –3.93 –0.29 4.5 Mesoblast ADR MESO 11.40 2.74 31.64 21.28 3.12 42.3 Turquoise Hill Resources TRQ 11.70 -2.78 -19.20 14.62 3.01 63.2 Americas MSCI AC Americas 1486.91 –10.61 –0.71 1.3 Churchill Cap Corp. IV CCIV 13.20 3.17 31.61 14.00 9.60 ... ZW Data Action Techs CNET 2.52 -0.57 -18.45 4.75 0.54 68.0 Canada S&P/TSX Comp 17934.45 –107.62 –0.60 2.9 Impinj PI 54.70 11.78 27.45 58.50 11.47 89.9 Professional Diversity IPDN 2.37 -0.48 -16.84 5.56 0.76 160.4 Latin Amer. MSCI EM Latin America 2469.94 –68.14 –2.68 0.7 Eyegate Pharmaceuticals EYEG 6.63 1.38 26.29 8.18 3.20 -9.2 Diginex EQOS 17.34 -3.30 -15.99 21.81 5.11 72.9 Brazil Sao Paulo Bovespa 123255.13 –1821.50 –1.46 3.6 Thryv Holdings THRY 17.10 3.55 26.20 17.24 8.10 -11.0 Medigus ADR MDGS 2.20 -0.40 -15.38 5.15 0.83 18.9 Chile Santiago IPSA 3114.35 –5.13 –0.16 9.0 Super League Gaming SLGG 3.24 0.65 25.10 6.50 1.30 14.9 InMed Pharmaceuticals INM 4.13 -0.74 -15.20 10.62 2.95 -33.8 Mexico S&P/BMV IPC 46395.32 –333.98 –0.71 5.3 Orbital Energy OEG 4.22 0.82 24.12 4.91 0.45 234.9 Editas Medicine EDIT 76.94 -13.64 -15.06 99.95 14.01 146.9 EMEA Stoxx Europe 600 408.41 –2.76 –0.67 2.4 Energous Corp. WATT 3.00 0.58 23.97 4.58 0.61 80.7 Riot Blockchain RIOT 22.64 -3.95 -14.86 27.39 0.51 1564.7 Eurozone Euro Stoxx 405.89 –2.99 –0.73 2.1 Lordstown Motors RIDE 27.11 5.13 23.34 31.80 9.50 169.5 Oncorus ONCR 30.41 -5.12 -14.41 37.86 14.60 ... Belgium Bel-20 3710.28 –51.60 –1.37 2.5 Secoo Holding ADR SECO 2.96 0.55 22.82 7.30 2.11 -59.1 Code Chain New Continent CCNC 2.19 -0.36 -14.12 4.10 0.70 46.2 Star Peak Energy Cl A STPK U.S. Global Investors A GROW Denmark OMX Copenhagen 20 1476.62 –8.53 –0.57 0.8 30.95 5.46 21.42 33.58 9.60 ... 5.30 -0.85 -13.82 6.70 0.80 295.5 Avalon Holdings AWX 3.20 0.55 20.75 4.75 1.18 71.1 Xunlei ADR XNET 3.71 -0.59 -13.72 6.04 2.38 -29.7 France CAC 40 5662.43 –44.45 –0.78 2.0 Germany DAX 13936.66 –112.87 –0.80 1.6 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1562.71 –3.73 –0.24 4.2 Italy FTSE MIB 22722.01 –71.93 –0.32 2.2 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 642.42 –3.18 –0.49 2.9 Russia RTS Index 1466.56 0.06 0.004 5.7 Zomedica ZOM 1,070,852 1216.7 0.93 92.15 1.00 0.06 Property Solns Acqn PSAC 8,775 11435 12.00 18.81 12.35 9.65 South Africa FTSE/JSE All-Share 63759.93 240.75 0.38 7.3 Sundial Growers SNDL 551,730 107.3 0.71 3.88 3.88 0.14 Churchill Cap Corp. IV CCIV 102,855 8194 13.20 31.61 14.00 9.60 Naked Brand Group NAKD KemPharm KMPH Spain IBEX 35 8357.50 –50.20 –0.60 3.5 303,720 142.7 0.41 19.55 2.62 0.07 4,218 6110 6.05 8.04 22.08 1.94 Castor Maritime CTRM 297,413 893.1 0.26 32.31 2.60 0.11 Hartford Multi US Equity ROUS 1,445 4095 35.93 -0.02 36.08 21.72 Sweden OMX Stockholm 786.09 –6.36 –0.80 2.3 NIO ADR NIO 273,709 53.4 62.70 6.42 66.99 2.11 VPC Impact Acqn Cl A VIH 6,522 3065 15.00 -8.98 17.00 9.60 Switzerland Swiss Market 10870.42 72.43 0.67 1.6 Turkey BIST 100 1536.19 –4.42 –0.29 4.0 LM Funding America LMFA 220,010 4428.5 2.45 15.02 4.89 0.30 Mesoblast ADR MESO 15,125 2805 11.40 31.64 21.28 3.12 U.K. FTSE 100 6798.48 –74.78 –1.09 5.2 TransEnterix TRXC 193,519 2832.6 1.66 43.10 2.62 0.28 Invsc Dyn Semiconductors PSI 579 2374 114.56 2.10 115.06 44.68 U.K. FTSE 250 20776.13 –288.11 –1.37 1.4 Acasti Pharma ACST 179,227 567.0 0.70 22.81 1.00 0.17 NextGen Acquisition Cl A NGAC 952 1645 10.30 1.68 16.00 9.70 Tonix Pharmaceuticals TNXP 155,536 1157.9 0.82 -2.74 2.46 0.39 FBL Financial Group FFG 778 1510 56.14 4.68 61.28 29.01 Asia-Pacific MSCI AC Asia Pacific 207.26 –0.95 –0.46 3.7 Bionano Genomics BNGO 142,262 185.8 5.67 20.64 7.24 0.25 Pluristem Therapeutics PSTI 6,820 1510 8.49 14.57 13.29 2.82 Australia S&P/ASX 200 6697.20 –60.67 –0.90 1.7 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3531.50 –38.61 –1.08 1.7 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 27908.22 30.00 0.11 2.5 Track the Markets 1.00 India S&P BSE Sensex 49269.32 486.81 3.2 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 28139.03 … Closed 2.5 global stock indexes, bond ETFs, Singapore Straits Times 2983.90 –9.29 –0.31 4.9 currencies and commodities at Currencies South Korea Kospi 3148.45 –3.73 –0.12 9.6 wsj.com/graphics/track-the-markets Taiwan TAIEX 15557.30 93.35 0.60 5.6 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1536.49 0.05 0.003 6.0 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Mon YTD chg Mon YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004337 23060 –0.1 CREDIT MARKETS Argentina peso .0117 85.3162 1.4 Europe Brazil real .1822 5.4893 5.7 Czech Rep. koruna .04630 21.597 0.6 Canada dollar .7822 1.2785 0.4 Denmark krone .1634 6.1216 0.5 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001390 719.50 1.3 Euro area euro 1.2151 .8230 0.5 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000286 3501.00 2.3 Hungary forint .003363 297.39 0.1 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007763 128.81 0.8 A consumer rate against its Money Market/Savings Accts Mexico peso .0498 20.0709 1.0 Norway krone .1172 8.5310 –0.6 benchmark over the past year 2.50% Uruguay peso .02348 42.5900 0.6 Poland zloty .2683 3.7268 –0.2 Bankrate.com avg†: 0.10% 10% Russia ruble .01338 74.715 0.9

s Asia-Pacific Euro Sweden krona .1204 8.3062 1.0 Colorado Federal Savings Bank 0.50% One year ago 2.00 Australian dollar .7695 1.2995 –0.04 Switzerland franc 1.1233 .8902 0.6 1.60% Greenwood Village, CO 877-484-2372 t 5 China .1543 6.4808 –0.8 1.50 Turkey lira .1337 7.4799 0.6 Lone Star Bank 0.50% s .1289 7.7555 0.03

t Federal-funds Ukraine hryvnia .0355 28.1500 –0.7 1.20 0 Yen India rupee .01360 73.507 0.6 target rate Houston, TX 713-358-9400 1.00 UK pound 1.3513 .7400 1.1 Tradeweb ICE Indonesia rupiah .0000708 14125 0.5 Sallie Mae Bank 0.55% Middle East/Africa 0.80 Monday Close 0.50 –5 s Japan yen .009593 104.25 0.9 Money market Salt Lake City, UT 877-346-2756 t WSJ Dollar Index Kazakhstan tenge .002381 419.97 –0.3 Bahrain dinar 2.6550 .3767 –0.1 account yields 0.40 0.00 Macau pataca .1251 7.9920 0.01 Egypt pound .0639 15.6504 –0.6 t CFG Community Bank 0.62% –10 Malaysia ringgit .2468 4.0525 0.7 Israel shekel .3149 3.1754 –1.2 Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7160 1.3966 0.3 Kuwait dinar 3.2937 .3036 –0.2 0.00 month(s) years F M A M J J A S O N D J TAB Bank 0.65% Pakistan rupee .00624 160.350 –0.02 Oman sul rial 2.5974 .3850 ... maturity 2020 Ogden, UT 800-355-3063 Philippines peso .0208 48.080 0.1 Qatar rial .2746 3.642 0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7513 1.3310 0.7 Saudi Arabia riyal .2665 3.7521 0.01 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009113 1097.38 1.1 South Africa rand .0643 15.5471 5.8 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0052910 189.00 2.0 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Taiwan dollar .03567 28.033 –0.2 Yield (%) 52-Week Total Return (%) Thailand baht .03317 30.150 0.4 WSJ Dollar Index 85.54 0.42 0.5 0.64 Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.22 0.24 0.20 l 1.84 -1.50 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2426.510 0.690 0.570 1.780 0.400 6.077 4.956 Money market, annual yield 0.10 0.20 0.10 l 0.50 -0.15 Five-year CD, annual yield 0.55 0.56 0.55 l 1.40 -0.91 U.S. Treasury Long, Barclays 4521.890 1.740 1.520 2.270 0.980 10.863 9.041 Commodities 30-year mortgage, fixed† 2.89 2.89 2.83 l 4.22 -1.05 Aggregate, Barclays 2267.190 1.230 1.130 2.310 1.020 5.915 5.140 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.36 2.37 2.32 l 3.43 -1.04 Fixed-Rate MBS, Barclays 2227.950 1.290 1.240 2.690 0.930 3.447 3.787 DJ Commodity Jumbo mortgages, $548,250-plus† 2.93 2.90 2.85 l 4.36 -1.40 752.60 -3.00 -0.40 755.60 433.70 18.21 2.87 High Yield 100, ICE BofA 3326.871 3.682 3.659 10.740 3.538 3.710 4.941 Refinitiv/CC CRB Index -0.62 183.64 106.29 2.94 Five-year adj mortgage (ARM)† 3.08 3.20 2.85 l 4.35 -1.00 172.73 -0.36 -5.62 Muni Master, ICE BofA 595.641 0.864 0.856 3.441 0.838 4.552 4.595 Crude oil, $ per barrel 0.01 58.54 -37.63 7.69 New-car loan, 48-month 4.03 4.02 4.02 l 4.50 0.83 52.25 0.02 -10.04 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 921.902 4.471 4.300 7.480 4.295 4.075 4.507 Natural gas, $/MMBtu 2.747 0.047 1.74 3.354 1.482 25.89 8.19 banks.† Excludes closing costs. Gold, $ per troy oz. 1849.60 15.50 0.85 2051.50 1477.30 19.45 -2.30 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW012000-1-B00800-1------XA

B8 | Tuesday, January 12, 2021 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures July 601.75 –.75 42,914 British Pound (CME)-£62,500; $ per £ S&P 500 Index (CME)-$250 x index Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Jan 1.3521 1.3558 t 1.3453 1.3527 –.0036 638 March 3807.30 3819.70 3780.80 3792.00 –25.50 15,097 Contract Open March 1.3562 1.3574 t 1.3456 1.3532 –.0036 142,531 Mini S&P 500 (CME)-$50 x index Open High hi lo Low Settle Chg interest Jan 135.850 136.475 134.700 136.000 .175 4,550 March 137.000 137.250 135.250 136.900 .075 21,747 Swiss Franc (CME)-CHF 125,000; $ per CHF March 3815.50 3820.75 3776.50 3792.00 –25.50 2,557,720 Copper-High (CMX)-25,000 lbs.; $ per lb. Cattle-Live (CME)-40,000 lbs.; cents per lb. March 1.1310 1.1312 t 1.1230 1.1263 –.0040 49,856 June 3807.00 3810.00 3766.50 3781.50 –25.50 8,685 Jan 3.6735 3.6735 t 3.5585 3.5640 –0.1095 2,086 Feb 114.350 114.375 113.075 113.400 –1.075 95,808 June 1.1306 1.1341 t 1.1260 1.1293 –.0040 95 Mini S&P Midcap 400 (CME)-$100 x index March 3.6925 3.6925 3.5515 3.5645 –0.1090 164,126 April 119.125 119.125 117.575 118.350 –.950 91,461 Australian Dollar (CME)-AUD 100,000; $ per AUD March 2430.40 2430.40 2377.60 2417.70 4.50 54,699 Gold (CMX)-100 troy oz.; $ per troy oz. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Jan .7743 .7756 .7667 .7708 –.0042 710 June … 2430.50 6.30 n.a. Jan 1826.50 1849.00 t 1826.50 1849.60 15.50 474 Feb 68.500 69.100 t 67.850 68.475 –.225 67,881 March .7760 .7762 .7669 .7710 –.0043 144,458 Mini Nasdaq 100 (CME)-$20 x index Feb 1849.40 1856.00 t 1817.10 1850.80 15.40 354,709 April 72.500 73.100 t 71.950 72.950 .125 56,323 Mexican Peso (CME)-MXN 500,000; $ per MXN March 13093.25 13105.25 12871.75 12897.00 –200.25 229,512 March 1851.20 1854.60 t 1822.00 1852.70 15.40 697 June 13076.50 13088.75 12860.00 12883.25 –199.75 1,481 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Jan .04957 .04992 t .04938 .04988 .00003 84 April 1852.90 1860.00 t 1821.30 1854.90 15.20 124,314 Mini Russell 2000 (CME)-$50 x index Jan 865.00 871.30 t 840.30 843.50 –26.50 192 March .04965 .04969 t .04903 .04957 .00003 148,039 June 1857.00 1863.10 t 1824.20 1858.20 15.50 39,184 March 2086.20 2094.70 2055.00 2089.10 –.40 539,923 March 670.00 687.60 661.10 666.70 –23.30 1,756 Euro (CME)-€125,000; $ per € Aug 1853.40 1863.60 t 1828.20 1860.90 15.50 13,449 Milk (CME)-200,000 lbs., cents per lb. June 2074.80 2089.30 2051.70 2084.80 …134 Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan 1.2216 1.2218 t 1.2135 1.2164 –.0053 1,777 Jan 16.61 16.78 16.54 16.55 –.15 3,658 Mini Russell 1000 (CME)-$50 x index Jan 2373.50 13.80 1 March 1.2234 1.2235 t 1.2149 1.2179 –.0053 666,881 Feb 19.74 20.08 s 19.36 19.43 –.27 3,296 March 2137.40 2159.00 2136.50 2146.50 –13.30 8,128 March 2375.50 2405.00 2344.50 2378.80 13.80 9,373 Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index Platinum (NYM)-50 troy oz.; $ per troy oz. Index Futures March 2,499 2,516 2,471 2,480 –36 91,053 March 90.09 90.72 s 90.06 90.44 .37 36,183 Jan 1044.80 1045.80 t 1043.50 1039.60 –26.10 377 May 2,444 2,455 t 2,421 2,430 –30 58,953 Mini DJ Industrial Average (CBT)-$5 x index June 90.21 90.67 s 90.17 90.42 .37 647 April 1075.00 1077.70 t 1011.00 1044.60 –26.70 59,676 Coffee (ICE-US)-37,500 lbs.; cents per lb. March 30970 31022 30638 30902 –91 84,167 Silver (CMX)-5,000 troy oz.; $ per troy oz. March 122.30 123.20 t 118.75 121.45 –2.25 105,874 June 30876 30895 30532 30788 –88 121 Source: FactSet Jan 25.520 25.520 t 24.725 25.239 0.657 370 May 125.00 125.25 t 120.85 123.55 –2.20 48,577 March 25.470 25.595 t 24.365 25.284 0.647 138,567 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 15.55 15.75 t 15.40 15.67 .07 401,188 Feb 52.58 52.70 51.50 52.25 0.01 278,072 Bonds | wsj.com/market-data/bonds/benchmarks May 14.72 14.83 t 14.57 14.77 …208,389 March 52.55 52.69 51.51 52.27 0.01 321,913 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. April 52.49 52.57 51.40 52.20 0.01 155,955 March 28.50 28.50 28.50 28.50 …2,904 Tracking Bond Benchmarks May 52.32 52.37 51.29 52.06 0.02 103,750 Cotton (ICE-US)-50,000 lbs.; cents per lb. June 52.12 52.13 51.09 51.86 0.04 249,018 March 80.00 80.50 78.65 80.43 .66 125,372 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Dec 50.29 50.29 49.34 50.14 0.16 283,285 May 80.88 81.23 79.39 81.17 .62 51,823 highs and lows for different types of bonds NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Total Total Feb 1.5855 1.5865 s 1.5525 1.5735 –.0060 87,447 March 124.45 124.45 121.05 122.25 –2.55 8,771 return YTD total return YTD total March 1.5864 1.5884 s 1.5540 1.5750 –.0054 63,872 Yield (%) Yield (%) May 124.70 124.70 122.40 123.10 –2.20 890 close return (%) Index Latest Low High close return (%) Index Latest Low High Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Feb 1.5470 1.5486 1.5098 1.5208 –.0215 100,539 Interest Rate Futures Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays March 1.5393 1.5452 1.5089 1.5223 –.0182 92,687 Mortgage-Backed Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2267.19 -1.0 U.S. Aggregate 1.230 1.020 2.310 2227.95 -0.2 1.290 0.930 2.690 Feb 2.600 2.811 s t 2.589 2.747 .047 152,681 March 204-080 205-130 203-110 204-070 –18.0 1,055,074 U.S. Corporate Indexes Bloomberg Barclays 2176.72 -0.1 Ginnie Mae (GNMA) 1.070 0.290 2.660 March 2.577 2.755 s t 2.561 2.703 .047 266,145 June 202-190 –18.0 3 April 2.587 2.742 s t 2.578 2.701 .042 106,975 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 3401.58 -1.7 U.S. Corporate 1.900 1.740 4.580 1315.58 -0.2 Fannie mae (FNMA) 1.360 1.110 2.690 May 2.609 2.754 s t 2.600 2.721 .041 66,386 March 168-150 168-310 168-020 168-110 –13.0 1,159,237 3094.39 -0.6 Intermediate 1.200 1.080 4.400 2018.71 -0.2 Freddie Mac (FHLMC) 1.350 1.080 2.710 Sept 2.762 2.871 t 2.734 2.843 .039 47,872 June 166-230 –13.0 44 Oct 2.775 2.893 t 2.762 2.866 .037 106,268 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 5019.21 -3.3 Long term 3.000 2.730 4.930 595.64 -0.01 Muni Master 0.864 0.838 3.441 March 136-180 136-240 136-120 136-135 –7.5 3,305,259 7-12 year Agriculture Futures June 135-170 135-250 135-130 135-135 –7.0 206 688.59 -1.9 Double-A-rated 1.560 1.300 3.360 421.87 0.03 0.851 0.771 3.447 Corn (CBT)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 907.34 -1.5 Triple-B-rated 2.150 2.010 5.350 481.96 -0.1 12-22 year 1.273 1.224 3.690 March 496.50 500.50 490.25 492.25 –4.00 819,155 March 125-177 125-207 125-160 125-165 –2.5 3,200,481 High Yield Bonds ICE BofA 468.41 -0.04 22-plus year 1.924 1.765 4.123 May 497.50 501.00 491.50 494.00 –3.50 331,130 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Oats (CBT)-5,000 bu.; cents per bu. March 110-143 110-147 110-135 110-138 –.4 1,961,349 495.89 0.1 High Yield Constrained 4.321 4.236 11.400 Global Government J.P. Morgan† March 352.75 357.50 352.75 354.75 –3.00 3,807 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Global Government May 349.00 350.75 348.00 349.75 –2.25 545 Jan 99.9150 99.9150 t 99.9100 99.9100 –.0025 163,704 460.88 0.9 Triple-C-rated 8.139 8.014 19.071 609.88 -0.9 0.640 0.390 1.040 Feb 99.9200 99.9250 s t 99.9200 99.9200 157,838 Soybeans (CBT)-5,000 bu.; cents per bu. 3326.87 -0.1 High Yield 100 3.682 3.538 10.740 854.24 -1.1 Canada 0.970 0.590 1.670 Jan 1381.50 1384.50 s 1360.00 1374.50 –1.25 689 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% March 1379.25 1388.75 s 1354.00 1372.50 –2.25 405,929 March 95-285 –7.0 114,573 447.76 0.1 Global High Yield Constrained 4.322 4.250 11.310 419.28 -0.4 EMU§ 0.088 0.010 0.794 Soybean Meal (CBT)-100 tons; $ per ton. Eurodollar (CME)-$1,000,000; pts of 100% 789.67 -0.5 France -0.060 -0.160 0.430 Jan 448.50 451.90 s 443.80 451.80 7.00 852 Jan 99.8000 99.8000 t 99.7925 99.7925 –.0050 238,794 339.81 0.6 Europe High Yield Constrained 2.702 2.464 8.183 March 441.70 447.40 s 437.30 446.80 7.20 175,112 March 99.8200 99.8250 t 99.8150 99.8150 –.0050 1,090,460 U.S Agency Bloomberg Barclays 549.25 -0.5 Germany -0.410 -0.740 -0.050 Soybean Oil (CBT)-60,000 lbs.; cents per lb. June 99.8250 99.8300 t 99.8200 99.8200 –.0050 978,811 U.S Agency Jan 43.90 43.97 t 42.93 43.13 –.63 375 Sept 99.8150 99.8200 t 99.8100 99.8100 –.0050 806,953 1860.12 -0.4 0.560 0.460 1.860 294.91 -0.1 Japan 0.310 0.040 0.320 March 43.66 44.05 42.50 42.63 –.96 201,554 1623.50 -0.2 10-20 years 0.430 0.340 1.750 614.98 -0.5 Netherlands -0.340 -0.540 0.080 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Currency Futures Jan 12.46 12.48 12.45 12.34 –.07 20 4196.89 -1.9 20-plus years 1.790 1.170 2.390 1075.20 -1.8 U.K. 0.690 0.390 1.130 March 12.66 12.75 12.58 12.58 –.08 9,498 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Wheat (CBT)-5,000 bu.; cents per bu. Jan .9609 .9624 t .9580 .9602 –.0023 874 2903.78 -1.1 Yankee 1.490 1.370 3.500 921.90 -1.3 Emerging Markets ** 4.471 4.295 7.480 March 639.00 651.50 t 628.75 634.75 –4.00 195,816 March .9626 .9629 t .9585 .9607 –.0023 192,306 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Canadian Dollar (CME)-CAD 100,000; $ per CAD July 631.50 640.50 t 623.75 628.75 –3.00 86,222 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Wheat (KC)-5,000 bu.; cents per bu. Jan .7856 .7872 t .7792 .7827 –.0040 720 March 594.50 604.75 588.00 594.00 –.75 120,941 March .7873 .7880 t .7792 .7829 –.0040 154,615 Global Government Bonds: Mapping Yields Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Cash Prices | wsj.com/market-data/commodities Monday, January 11, 2021 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points separate from the futures price on an exchange, which reflects what the commodity might be worth in future Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago months. 0.125 U.S. 2 0.143 s l 0.135 0.121 1.570 Monday Monday Monday 0.875 10 1.131 s l 1.105 0.892 1.825 Energy Aluminum, LME, $ per metric ton *2029.5 Wheat,No.1soft white,Portld,OR-u 6.4900 Copper,Comex spot 3.5640 Food 2.250 Australia 2 0.075 t l 0.079 0.098 0.831 -7.8 -5.8 -74.5 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.100 Iron Ore, 62% Fe CFR China-s 171.1 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.400 Shredded Scrap, US Midwest-s,m 371 Beef,carcass equiv. index 1.000 10 1.082 t l 1.100 0.996 1.267 -5.3 -2.1 -55.6 Steel, HRC USA, FOB Midwest Mill-s 1062 Metals choice 1-3,600-900 lbs.-u 180.71 0.000 France 2 -0.643 s l -0.669 -0.719 -0.568 -79.6 -80.6 -214.4 Fibers and Textiles select 1-3,600-900 lbs.-u 168.53 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8176 0.000 10 -0.288 s l -0.316 -0.382 0.047 -142.3 -143.6 -177.6 Burlap,10-oz,40-inch NY yd-n,w 0.6450 Butter,AA Chicago Engelhard industrial 1835.00 1.3100 0.000 Germany 2 -0.697 s l -0.697 -0.777 -0.598 -84.9 -83.4 -217.5 Handy & Harman base 1847.25 Cotton,1 1/16 std lw-mdMphs-u 0.7793 Cheddar cheese,bbl,Chicago 165.25 Handy & Harman fabricated 2050.45 Cotlook 'A' Index-t *86.30 Cheddar cheese,blk,Chicago 196.25 0.000 10 -0.494 s l -0.518 -0.633 -0.236 -162.9 -163.8 -205.8 LBMA Gold Price AM *1891.30 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 118.50 0.050 Italy 2 -0.379 s l -0.405 -0.436 0.020 -53.2 -54.2 -155.6 LBMA Gold Price PM *1862.90 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.1518 Krugerrand,wholesale-e 1926.08 Grains and Feeds Coffee,Colombian, NY 1.7180 0.900 10 0.574 s l 0.529 0.560 1.329 -56.1 -59.1 -49.3 Maple Leaf-e 1944.60 Eggs,large white,Chicago-u 0.7750 Barley,top-quality Mnpls-u n.a. 0.100 Japan 2 -0.121 l -0.121 -0.144 -0.133 -27.4 -25.8 -170.9 American Eagle-e 1944.60 Flour,hard winter KC 16.15 Bran,wheat middlings, KC-u 148 Mexican peso-e 2240.96 Hams,17-20 lbs,Mid-US fob-u 0.68 0.100 10 0.039 l 0.039 0.013 0.000 -109.6 -108.1 -182.2 Corn,No. 2 yellow,Cent IL-bp,u 4.8500 Austria crown-e 1818.33 Hogs,Iowa-So. Minnesota-u 64.71 Corn gluten feed,Midwest-u,w 156.3 0.400 Spain 2 -0.564 s l -0.575 -0.636 -0.390 -71.7 -71.1 -196.6 Austria phil-e 1944.60 Pork bellies,12-14 lb MidUS-u n.a. Corn gluten meal,Midwest-u,w 577.0 Silver, troy oz. Pork loins,13-19 lb MidUS-u 1.250 10 0.063 s l 0.035 0.000 0.436 -107.2 -108.5 -138.6 Cottonseed meal-u,w 430 0.8589 Engelhard industrial 24.8500 Steers,Tex.-Okla. Choice-u 112.00 Hominy feed,Cent IL-u,w 118 0.125 U.K. 2 -0.117 s l -0.137 -0.112 0.544 -27.0 -27.4 -103.3 Handy & Harman base 25.2420 Meat-bonemeal,50% pro Mnpls-u,w 300 Steers,feeder,Okla. City-u,w 151.38 4.750 10 0.311 s l 0.288 0.173 0.772 -83.3 -105.0 Handy & Harman fabricated 31.5530 Oats,No.2 milling,Mnpls-u 3.6825 Fats and Oils -82.4 LBMA spot price *£19.6000 Rice, Long Grain Milled, No. 2 AR-u,w 26.88 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close (U.S.$ equivalent) *26.6450 Sorghum,(Milo) No.2 Gulf-u 7.0225 Corn oil,crude wet/dry mill wtd. avg.-u,w 45.6000 Coins,wholesale $1,000 face-a 18617 SoybeanMeal,Cent IL,rail,ton48%-u 444.30 Grease,choice white,Chicago-h 0.3600 Other metals Soybeans,No.1 yllw IL-bp,u 13.6300 Lard,Chicago-u n.a. Corporate Debt LBMA Platinum Price PM *1112.0 Wheat,Spring14%-pro Mnpls-u 7.2100 Soybean oil,crude;Centl IL-u 0.4376 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Platinum,Engelhard industrial 1020.0 Wheat,No.2 soft red,St.Louis-u 6.7975 Tallow,bleach;Chicago-h 0.4000 expectations Palladium,Engelhard industrial 2379.0 Wheat - Hard - KC (USDA) $ per bu-u 6.1900 Tallow,edible,Chicago-u n.a. Investment-grade spreads that tightened the most… KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Spread*, in basis points 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 1/8 Source: Dow Jones Market Data Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week –15 Alaska Air Group ALK 8.000 5.38 Aug. 15, ’25 489 533 | Borrowing Benchmarks wsj.com/market-data/bonds/benchmarks –15 National Bank of Canada NACN 2.100 0.35 Feb. 1, ’23 21 n.a. Money Rates January 11, 2021 –14 Southern Power … 5.150 3.67 Sept. 15, ’41 178 n.a. Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a –13 guide to general levels but don’t always represent actual transactions. Philip Morris International PM 4.375 2.87 Nov. 15, ’41 99 n.a. –12 Week —52-WEEK— Week —52-WEEK— Valero Energy VLO 7.500 3.32 April 15, ’32 219 n.a. Inflation Latest ago High Low Latest ago High Low –10 Nov. index Chg From (%) Verizon Communications VZ 2.625 0.95 Aug. 15, ’26 45 55 level Oct. '20 Nov. '19 Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction Britain 0.10 0.10 0.75 0.10 4 weeks 0.080 0.080 1.575 0.000 –8 U.S. consumer price index Australia 0.10 0.10 0.75 0.10 Principal Life Global Funding II … 0.500 0.40 Jan. 8, ’24 n.a. n.a. 13 weeks 0.090 0.090 1.550 0.000 All items 260.229 –0.06 1.2 Overnight repurchase 26 weeks 0.090 0.090 1.535 0.080 Canadian Imperial Bank of Commerce CM 3.500 0.26 Sept. 13, ’23 12 –7 Core 269.473 0.05 1.6 n.a. U.S. 0.11 0.11 1.65 -0.07 Secondary market International rates …And spreads that widened the most U.S. government rates Fannie Mae Week 52-Week Discount 30-year mortgage yields 17 Latest ago High Low Skandinaviska Enskilda Banken … 0.850 0.83 Sept. 2, ’25 34 n.a. 0.25 0.25 2.25 0.25 30 days 2.010 1.879 3.212 1.751 Prime rates 60 days 2.041 1.906 3.237 1.804 13 Federal funds Intesa Sanpaolo ISPIM 4.700 3.47 Sept. 23, ’49 160 165 U.S. 3.25 3.25 4.75 3.25 Effective rate 0.0900 0.0900 1.6200 0.0600 Other short-term rates 8 Canada 2.45 2.45 3.95 2.45 Daimler Finance North America DAIGR 3.250 0.84 Aug. 1, ’24 62 n.a. Japan 1.475 1.475 1.475 1.475 High 0.1200 0.1000 1.6500 0.1000 Low 0.0400 0.0500 1.5800 0.0100 Week 52-Week Latest high low Metropolitan Life Global Funding … 0.950 0.80 July 2, ’25 31 8 Policy Rates Bid 0.0800 0.0800 1.6000 0.0100 ago 30 Euro zone 0.00 0.00 0.00 0.00 Offer 0.1100 1.6300 0.0500 0.1100 Call money 7 Fifth Third Bancorp FITB 8.250 3.13 March 1, ’38 124 n.a. 2.00 2.00 3.50 2.00 7 Key Interest Rates Commercial paper (AA financial) Voya Financial VOYA 3.650 1.09 June 15, ’26 59 n.a. 90 days 0.13 0.20 2.53 0.04 7 Data are annualized on a 360-day basis. Treasury yields are per annum, Verizon Communications VZ 3.376 0.81 Feb. 15, ’25 31 30 on actively traded noninflation and inflation-indexed issues that are Libor Bank of America … 6.000 2.45 Oct. 15, ’36 132 6 adjusted to constant maturities. Data are from weekly Federal Reserve One month 0.12600 0.13975 1.67625 0.12600 60 Three month 0.22450 0.23725 1.84263 0.20488 release H.15. Six month 0.25025 0.25588 1.87250 0.23375 High-yield issues with the biggest price increases… Week Ended 52-Week Week Ended 52-Week One year 0.32688 0.34063 1.96313 0.32688 Jan 8Jan 1High Low Jan 8Jan 1High Low Bond Price as % of face value 6-month Euro Libor Federal funds (effective) 0.09 0.10 1.57 0.06 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week 1-year 0.10 0.11 1.55 0.09 One month -0.595 -0.590 -0.360 -0.621 0.09 0.09 1.59 0.04 2-year 0.13 0.13 1.58 0.11 Three month -0.565 -0.563 -0.142 -0.574 1.19 Deutsche Bank DB 4.500 2.58 April 1, ’25 107.638 n.a. Commercial paper 3-year 0.20 0.17 1.58 0.13 Six month -0.534 -0.535 -0.052 -0.540 5-year 0.42 0.37 1.64 0.21 One year -0.494 -0.494 0.008 -0.501 1.05 Nonfinancial 7-year 0.73 0.66 1.75 0.39 L Brands LB 7.600 6.46 July 15, ’37 111.500 107.144 1-month 0.09 0.09 1.60 0.07 10-year 1.03 0.94 1.84 0.55 Secured Overnight Financing Rate 2-month 0.10 0.10 1.58 0.07 0.63 20-year 1.57 1.46 2.16 0.99 Navient NAVI 6.750 4.05 June 25, ’25 110.875 109.250 3-month 0.10 0.12 1.84 0.09 0.09 0.07 1.64 0.01 Financial 0.58 Treasury yields (secondary market) Value 52-Week Nokia Oyj NOKIA 6.625 4.30 May 15, ’39 129.332 128.250 1-month 0.10 0.10 2.15 0.08 Latest Traded High Low 1-month 0.09 0.08 1.58 0.00 2-month 0.12 n.a. 2.27 0.08 3-month 0.14 0.16 2.44 0.11 3-month 0.09 0.10 1.55 -0.01 DTCC GCF Repo Index …And with the biggest price decreases 6-month 0.09 0.10 1.53 0.06 Discount window primary credit Treasury 0.096 55.476 1.720 0.002 TIPS MBS 0.119 49.300 1.703 0.011 –1.75 0.25 0.25 2.25 0.25 Sprint Capital … 8.750 3.06 March 15, ’32 153.500 158.500 5-year -1.61 -1.55 0.41 -1.61 Notes on data: 7-year Treasury yields at constant -1.30 -1.29 0.35 -1.30 Ford Motor F 4.750 4.64 Jan. 15, ’43 101.500 –0.91 maturities 10-year -1.02 -1.04 0.35 -1.05 U.S. prime rate is the base rate on corporate 102.000 loans posted by at least 70% of the 10 largest 1-month 0.09 0.08 1.61 0.01 20-year -0.56 -0.59 0.47 -0.70 U.S. banks, and is effective March 16, 2020. Seagate HDD Cayman … 4.750 2.62 Jan. 1, ’25 107.980 –0.89 3-month 0.09 0.10 1.58 0.01 Long-term avg -0.42 -0.46 0.62 -0.50 Other prime rates aren’t directly comparable; 109.125 lending practices vary widely by location; –0.79 Notes on data: Discount rate is effective March 16, 2020. Navient NAVI 6.125 3.70 March 25, ’24 107.238 106.750 Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of January 8, 2021. DTCC GCF Repo Index is on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by Telecom Italia Capital TITIM 7.200 4.21 July 18, ’36 133.750 –0.78 discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Depository Trust & Clearing Corp.'s weighted 135.232 average for overnight trades in applicable primary credit rate is charged for discounts made and advances extended under the Federal –0.75 CUSIPs. Value traded is in billions of U.S. dollars. CF Industries CF 4.950 3.64 June 1, ’43 120.000 122.500 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. *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. yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Source: MarketAxess P2JW012000-0-B00900-1------XA

THE WALL STREET JOURNAL. Tuesday, January 12, 2021 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. s DraftKings DKNG 53.60 1.60 s HCA Healthcare HCA 171.37 -0.91 s LibertySirius A LSXMA 43.19 1.00 s ON Semi ON 36.05 0.53 s SS&C Tech SSNC 70.78 -1.07 s Trip.com TCOM 33.11 -0.64 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. s Dropbox DBX s HDFC Bank HDB s LibertySirius C LSXMK 42.79 0.86 s OneConnectFinTech OCFT 21.60 -0.76 s s TruistFinl TFC 50.94 0.29 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four 23.35 0.85 73.22 0.31 StoreCapital STOR 30.59 -0.41 that include primary market trades as well as quarters. s DukeEnergy DUK 89.29 -0.76 s HP HPQ 25.78 0.25 s EliLilly LLY 185.94 19.53 s OpenText OTEX 44.26 -0.58 s SVB Fin SIVB 434.06 10.03 s Twilio TWLO 362.01 1.74 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. s DukeRealty DRE 38.34 -0.41 s HSBC HSBC 27.49 -0.38 s LincolnNational LNC 51.48 0.07 s OpendoorTech OPEN 26.23 -0.56 s Salesforce.com CRM 218.25 -3.79 s TwistBiosci TWST 170.31 3.80 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing s Dun&Bradstreet DNB 25.81 0.34 s Halliburton HAL 20.57 0.45 s Linde LIN 267.53 -2.87 s Oracle ORCL 63.03 -0.35 s Sanofi SNY 48.05 -0.40 s Twitter TWTR 48.18 -3.30 Nasdaq ISE. standards s DuPont DD 83.98 2.19 s HartfordFinl HIG 50.25 0.36 s LithiaMotors LAD 319.19 1.40 s Orange ORAN 12.34 -0.14 s Schlumberger SLB 24.99 0.15 s TylerTech TYL 429.65 -6.74 The list comprises the 1,000 largest companies lf-Late filing s Dynatrace DT 42.02 -0.25 s Hasbro HAS 96.85 -0.41 s LiveNationEnt LYV 72.24 -1.22 s Orix IX 85.59 -0.06 s SchwabC SCHW 60.25 1.27 s TysonFoods TSN 64.77 0.74 based on market capitalization. q-Temporary exemption from Nasdaq s ENI E 22.09 -0.16 s HealthcareAmer HTA 26.50 -0.26 s LloydsBanking LYG 1.93 -0.04 s OtisWorldwide OTIS 66.36 -0.47 s ScottsMiracleGro SMG 223.66 -2.28 s UBS Group UBS 15.23 -0.06 Underlined quotations are those stocks with requirements. s s large changes in volume compared with the t-NYSE bankruptcy s EOG Rscs EOG 59.61 0.74 s HealthpeakProp PEAK 28.47 -0.12 s LockheedMartin LMT 337.68 1.58 OwensCorning OC 80.97 1.06 s Sea SE 209.06 -1.10 UDR UDR 37.05 -0.33 issue’s average trading volume. v-Trading halted on primary market. s EPAM Systems EPAM 342.84 0.47 s Heico A HEI.A 122.21 -1.39 s Loews L 46.55 -0.03 s OzonHoldings OZON 45.43 -0.32 s Seagate STX 58.72 -0.28 s US Foods USFD 34.71 0.41 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being s EastWestBncp EWBC 59.52 1.63 s Heico HEI 137.65 -0.85 s LogitechIntl LOGI 101.96 -2.89 s PG&E PCG 12.21 -0.03 s Seagen SGEN 179.04 1.38 s Uber UBER 54.59 1.31 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, s EastmanChem EMN 107.17 1.44 s HenrySchein HSIC 72.38 0.28 s Lowe's LOW 166.32 1.27 s PNC Fin PNC 159.38 1.19 s SempraEnergy SRE 118.41 -1.37 s Ubiquiti UI 257.45 0.45 previous closing price was $2 or higher. or securities assumed by such companies. s Eaton ETN 126.96 0.08 s Hershey HSY 150.11 -1.92 s LufaxHolding LU 14.50 0.18 s POSCO PKX 65.62 -1.61 s SensataTechs ST 55.91 -0.47 s UltaBeauty ULTA 290.18 -4.08 s EatonVance EV 72.33 0.48 s Hess HES 60.94 0.69 s lululemon LULU 361.66 -3.80 s PPD PPD 36.72 -0.28 s ServiceCorp SCI 49.90 -0.92 s UltragenyxPharm RARE 141.74 -8.85 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and s eBay EBAY 53.93 -0.55 s HewlettPackard HPE 11.97 0.09 s LumenTech LUMN 10.54 0.01 s PPG Ind PPG 149.45 1.15 s ServiceNow NOW 523.06 -6.58 s Unilever UL 59.52 -1.01 changes in the closing prices from 4 p.m. the previous day. s Ecolab ECL 221.06 -0.69 s HighwoodsProp HIW 37.35 -0.43 s Lumentum LITE 107.89 1.34 s PPL PPL 27.77 -0.04 s ShawComm B SJR 17.86 -0.22 s UnionPacific UNP 217.35 -1.47 s Ecopetrol EC 13.66 -0.15 s Hilton HLT 113.18 -0.98 s LuminarTech LAZR 31.46 -1.53 s PRA HealthSci PRAH 129.52 -0.36 s SherwinWilliams SHW 734.94 6.17 s UnitedAirlines UAL 42.70 -0.59 Monday, January 11, 2021 Net Net s EdisonInt EIX 61.67 -0.63 s Hologic HOLX 78.52 -1.97 s Lyft LYFT 48.37 0.87 s PTC PTC 129.16 1.22 s ShinhanFin SHG 30.33 -0.74 s UnitedMicroUMC 9.05 0.55 Net Stock Sym Close Chg Stock Sym Close Chg s EdwardsLife EW 89.37 -1.30 s HomeDepot HD 271.23 2.14 s LyondellBasell LYB 96.98 0.23 s Paccar PCAR 88.22 0.42 s Shopify SHOP 1177.64 -11.28 s UPS B UPS 161.86 3.47 Stock Sym Close Chg s ElancoAnimal ELAN 31.54 0.16 s HondaMotor HMC 28.15 -0.03 s PackagingCpAm PKG 145.83 1.05 s Sibanye-Stillwater SBSW 15.84 -0.26 s UnitedRentals URI 257.45 -2.70 s Avalonbay AVB 157.38 -1.06 s Celanese CE 136.99 0.17 s Elastic ESTC 149.88 -2.27 s Honeywell HON 208.36 -1.67 M N s PagSeguroDig PAGS 52.88 -1.72 s SignatureBank SBNY 145.28 0.32 s US Bancorp USB 49.34 0.02 s s A B C Avangrid AGR 46.39 -0.58 Cemex CX 5.64 -0.12 s s s PalantirTech PLTR 25.93 0.73 s ElectronicArts EA 141.22 -0.64 HorizonTherap HZNP 78.69 -0.85 s M&T Bank MTB 146.70 2.46 s SimonProperty SPG 83.14 -3.35 UnitedHealth UNH 360.75 -2.64 s Avantor AVTR 30.49 1.48 s CenovusEnergy CVE 6.44 -0.09 s s EmersonElec EMR 82.62 0.80 s HormelFoods HRL 44.43 -1.01 s PaloAltoNtwks PANW 364.80 -1.75 s SiriusXM SIRI 5.94 0.03 s UnitySoftware U 141.51 -4.69 s ABB ABB 30.04 -0.22 s AveryDennison AVY 161.34 4.59 s Centene CNC 68.68 0.47 MGMGrowthProp MGP 31.22 -0.26 s Enbridge ENB 33.24 -0.11 s DR Horton DHI 68.06 1.10 s ParkerHannifin PH 284.02 3.36 s Skyworks SWKS 162.05 -1.43 s UnivDisplay OLED 244.61 -2.56 s CenterPointEner CNP s MGM Resorts MGM 30.79 -0.57 s AcadiaPharm ACAD 54.42 1.29 s AxonEnterprise AAXN 124.84 -0.52 20.79 0.08 s s s Paychex PAYX 91.00 -1.02 s EncompassHealth EHC 84.12 -1.07 HostHotels HST 14.37 -0.35 s MinisoGroup MNSO 29.05 1.15 s SlackTech WORK 42.07 -0.28 UniversalHealthB UHS 135.12 -6.02 s AECOM ACM 54.46 0.16 s BCE BCE 43.15 -0.38 s CentraisElBras EBR 6.18 -0.38 s s EnelAmericas ENIA 8.22 -0.19 s HowmetAerospace HWM 28.21 0.30 s PaycomSoftware PAYC 427.16 -13.97 s Smartsheet SMAR 68.60 0.50 s VEREIT VER 35.05 -0.52 s AES AES 25.46 0.04 s BHP Group BHP 71.28 -2.18 s CeridianHCM CDAY 102.16 -3.56 MKS Instrum MKSI 168.63 3.67 s EnergyTransfer ET 6.83 0.10 s HuanengPower HNP 14.63 -0.40 s Paylocity PCTY 198.03 -4.54 s SmithAO AOS s VF VFC 87.08 -0.77 s s MPLX MPLX 23.88 0.38 56.90 0.74 s Aflac AFL 44.51 0.02 s BHP Group BBL 58.23 -1.94 Cerner CERN 78.88 -0.98 s PayPal PYPL 237.50 -4.96 s s EnphaseEnergy ENPH 201.68 -5.73 s Huazhu HTHT 47.17 -0.79 s MSCI MSCI 451.79 -0.89 s Smith&Nephew SNN 43.14 -1.40 VICI Prop VICI 25.34 -0.33 s AGCO AGCO 114.43 2.34 s BP BP 24.38 -0.02 s CharlesRiverLabs CRL 276.31 5.30 s s Entegris ENTG 101.50 1.97 s Hubbell HUBB 169.31 1.87 s Pegasystems PEGA 135.00 -1.11 s Smucker SJM 114.10 -2.02 s VailResorts MTN 281.85 2.75 s AGNC Invt AGNC 15.38 -0.16 s Baidu BIDU 219.55 -20.70 s CharterComms CHTR 641.13 6.75 MagellanMid MMP 45.25 0.39 s Entergy ETR 94.39 -1.10 s HubSpot HUBS 402.46 -0.39 s Peloton PTON 152.34 -6.54 s s Vale VALE 18.61 -0.31 s s MagnaIntl MGA 74.70 -1.15 Snap SNAP 54.38 1.65 s Ansys ANSS 373.33 -1.33 s BakerHughes BKR 22.65 0.18 CheckPoint CHKP 133.91 1.95 s PembinaPipeline PBA 26.45 -0.17 s s EnterpriseProd EPD 21.77 0.38 s Humana HUM 433.54 -3.23 s ManulifeFin MFC 18.75 -0.13 s SnapOn SNA 171.39 -1.50 ValeroEnergy VLO 58.64 0.93 s ASETech ASX 6.72 0.24 s Ball BLL 90.56 -0.01 s Chegg CHGG 96.52 -0.11 s s Equifax EFX 184.69 -1.37 s JBHunt JBHT 148.14 -1.21 s PennNational PENN 100.38 6.63 s SNOW 293.19 -6.91 s VarianMed VAR 175.75 0.05 s ASML ASML 507.95 -0.79 s BallardPower BLDP 28.96 0.12 s Chemed CHE 544.07 -3.63 MarathonPetrol MPC 43.59 0.41 s Equinix EQIX 682.39 -10.07 s HuntingtonBcshs HBAN 14.73 0.30 s s Pentair PNR 56.81 0.71 s SOQUIMICH SQM 57.33 0.23 s Vedanta VEDL 9.96 -0.06 s AT&T T 28.87 -0.15 s BancoBilbaoViz BBVA 5.23 -0.03 s CheniereEnergy LNG 67.07 2.88 Markel MKL 1032.61 -18.88 s Equinor EQNR 18.58 0.08 s HyattHotels H 73.30 -1.03 s s PepsiCo PEP 142.09 -2.09 s SolarEdgeTech SEDG 352.05 -4.06 s VeevaSystems VEEV 287.87 -0.67 s AbbottLabs ABT 110.84 -0.77 s BancoBradesco BBDO 4.39 -0.15 s CheniereEnerPtrs CQP 36.70 0.55 MarketAxess MKTX 543.72 -8.37 s Equitable EQH 26.82 0.10 s IAA IAA 65.34 -0.46 s PerkinElmer PKI 159.25 -0.51 s Sony SNE 103.84 -0.15 s Ventas VTR 46.20 -0.94 s s Chevron CVX 91.60 0.52 s Marriott MAR 128.66 -1.03 s AbbVie ABBV 109.02 1.75 BancodeChile BCH 21.87 -0.28 s PetroChina PTR 31.67 0.37 s s EquityLife ELS 60.47 -0.59 s ICICI Bank IBN 14.87 -0.11 s Marsh&McLen MMC 112.59 -0.89 s Southern SO 61.21 -0.36 VeriSign VRSN 199.15 -3.29 s AbCelleraBio ABCL 36.59 -3.13 s BancSanBrasil BSBR 8.09 -0.33 s Chewy CHWY 97.15 0.28 s EquityResdntl EQR 58.05 -0.21 s IdexxLab IDXX 506.55 -6.65 s PetroleoBrasil PBR 11.40 -0.29 s SoCopper SCCO 70.66 -0.78 s VeriskAnalytics VRSK 197.87 -3.03 s s ChinaEastrnAir CEA 20.62 -1.02 s MartinMarietta MLM 310.06 -0.37 s Abiomed ABMD 324.59 0.53 BcoSantChile BSAC 21.74 -0.15 s PetroleoBrasilA PBR.A 11.23 -0.28 s s ErieIndemnity A ERIE 257.14 -2.15 s IHS Markit INFO 87.65 -2.40 s MarvellTech MRVL 50.24 1.16 s SouthwestAir LUV 47.44 0.46 Verizon VZ 57.46 -0.34 s Accenture ACN 260.35 -3.81 s BcoSantMex BSMX 5.34 -0.27 s ChinaLifeIns LFC 10.80 -0.23 s EssentialUtil WTRG 48.18 -0.54 s II-VI IIVI 85.22 2.85 s Pfizer PFE 37.77 0.64 s s VertxPharm VRTX 234.64 -2.36 s s ChinaPetrol SNP 48.01 -0.21 s Masco MAS 55.85 1.69 Splunk SPLK 166.51 1.11 s ActivisionBliz ATVI 90.91 -0.39 BancoSantander SAN 3.42 0.05 s PhilipMorris PM 82.31 -0.78 s s EssexProp ESS 231.28 -2.61 s ING Groep ING 9.78 -0.38 s Masimo MASI 279.92 -3.83 s Spotify SPOT 344.07 -9.04 ViacomCBS B VIAC 41.06 1.00 s AdaptiveBiotech ADPT 62.79 2.51 s BanColombia CIB 38.77 -1.12 s ChinaSoAirlines ZNH 27.89 -0.93 s EsteeLauder EL 258.11 -2.62 s Invesco IVZ 18.94 0.29 s Phillips66 PSX 72.27 1.56 s SquareSQ s ViacomCBS A VIACA 41.55 0.89 s s BankofAmerica BAC 33.07 0.54 s Chipotle CMG 1402.62 0.18 s Mastercard MA 348.20 -5.65 225.50 -15.95 Adobe ADBE 474.24 -10.86 s Etsy ETSY 183.04 7.39 s IPG Photonics IPGP 245.51 3.99 s Pinduoduo PDD 172.49 -8.28 s Viatris VTRS 18.47 0.17 s s Chubb CB 154.13 -1.27 s MaximIntProducts MXIM 95.38 0.97 s StanleyBlackDck SWK 176.35 -0.38 s AdvanceAuto AAP 171.02 0.96 BankofMontreal BMO 78.19 -0.43 s PinnacleWest PNW 76.69 -1.08 s s EuronetWorldwide EEFT 146.87 -0.68 s IQVIA IQV 191.44 0.36 s McCormickVtg MKC.V 93.49 -0.56 s Starbucks SBUX 104.60 -1.07 Vipshop VIPS 29.78 -0.23 s AdvMicroDevices AMD 97.25 2.67 s BankNY Mellon BK 45.56 0.76 s ChunghwaTel CHT 39.57 0.12 s EverestRe RE 237.25 -1.72 s IcahnEnterprises IEP 54.43 -0.92 s Pinterest PINS 71.70 -0.17 s s Visa V 212.89 -2.56 s s BkNovaScotia BNS 53.30 -0.24 s Church&Dwight CHD 84.92 -0.48 s McCormick MKC 93.63 -1.58 StateStreet STT 78.14 1.01 Aegon AEG 4.21 -0.06 s Evergy EVRG 52.44 -0.56 s Icon ICLR 213.92 -0.83 s PioneerNatRscs PXD 131.42 0.18 s Vistra VST 21.17 0.18 s s ChurchillDowns CHDN 212.13 0.24 s McDonalds MCD 214.23 -1.64 s SteelDynamics STLD 40.01 0.52 s AgilentTechs A 128.15 1.09 Barclays BCS 8.20 -0.06 s PlainsAllAmPipe PAA 9.53 0.09 s s EversourceEner ES 89.21 -1.12 s IDEX IEX 208.57 1.65 s McKesson MCK 183.40 -0.15 s Steris STE 200.46 -2.35 VMware VMW 141.50 -1.36 s AgnicoEagle AEM 69.38 -2.74 s BarrickGold GOLD 23.52 -0.45 s Ciena CIEN 52.79 -0.14 s ExactSciences EXAS 144.00 12.90 s IllinoisToolWks ITW 208.07 -0.89 s PlainsGP PAGP 9.88 0.11 s Vodafone VOD 17.43 -0.11 s s Cigna CI 219.92 -0.88 s MedicalProp MPW 20.85 -0.22 s STMicroelec STM 41.00 0.91 s AirProducts APD 283.13 -2.61 BauschHealth BHC 23.50 0.44 s PlugPower PLUG 53.97 0.20 s VoyaFinancial VOYA 59.80 -0.19 s Exelon EXC 41.86 -0.35 s Illumina ILMN 372.48 -7.13 s Medtronic MDT 118.50 -1.21 s StoneCo STNE 79.77 -0.32 s Airbnb ABNB 148.13 -1.64 s BaxterIntl BAX 82.47 0.77 s CincinnatiFin CINF 88.67 0.89 s Expedia EXPE 142.96 -1.06 s ImperialOil IMO 21.60 -0.18 s Pool POOL 385.25 -5.74 s VulcanMatls VMC 163.00 0.17 s s Cintas CTAS 339.50 -10.65 s MelcoResorts MLCO 18.02 -0.49 s Stryker SYK 241.85 -1.81 s AkamaiTech AKAM 102.37 -1.09 BectonDicknsn BDX 257.11 2.05 s PrincipalFin PFG 51.80 -0.06 s ExpeditorsIntl EXPD 93.97 -0.45 s Incyte INCY 93.32 -0.51 s MercadoLibre MELI 1761.55 42.55 s SumitomoMits SMFG 6.75 0.05 s Albemarle ALB 177.29 -6.81 s BeiGene BGNE 278.92 -0.33 s CiscoSystems CSCO 45.36 0.30 s ExtraSpaceSt EXR 111.35 -0.70 s Infosys INFY 18.76 0.17 s Procter&Gamble PG 137.85 -0.94 W X Y Z s s Citigroup C 66.44 1.07 s Merck MRK 85.00 1.97 s SunComms SUI 144.12 -1.32 s Albertsons ACI 16.75 0.14 BentleySystems BSY 49.15 1.04 s Progressive PGR 95.09 0.59 s ExxonMobil XOM 46.84 1.38 s IngersollRand IR 46.49 0.09 s MetLife MET 49.40 -0.01 s SunLifeFinancial SLF 47.19 -0.61 s WEC Energy WEC 86.96 -0.99 s Alcon ALC 67.54 -1.57 s Berkley WRB 66.37 0.01 s CitizensFin CFG 39.83 0.27 s F5Networks FFIV 190.35 -0.89 s Inphi IPHI 168.77 0.58 s Prologis PLD 94.66 -1.94 s s CitrixSystems CTXS 129.65 -1.20 s MettlerToledo MTD 1245.02 8.03 s SuncorEnergy SU 18.32 -0.16 s WEX WEX 208.69 -3.33 s AlexandriaRlEst ARE 164.77 -1.14 BerkHathwy A BRK.A 350050-1989.00 s Proofpoint PFPT 137.50 0.67 s FMC FMC 119.37 -1.71 s Insulet PODD 254.65 -11.10 s MicrochipTech MCHP 147.81 0.41 s SunRun RUN s W.P.Carey WPC 66.37 -0.33 s AlexionPharm ALXN 156.50 -0.85 s BerkHathwy B BRK.B 233.43 -0.60 s Clarivate CCC 30.30 -0.43 95.62 -0.88 s Facebook FB 256.84 -10.73 s Intel INTC 51.54 -0.11 s PrudentialFin PRU 80.78 0.08 s s Clorox CLX 193.73 -4.11 s MicronTech MU 78.67 1.25 s Suzano SUZ 11.09 -0.40 s WPP WPP 55.17 -1.27 s Alibaba BABA 227.37 -8.82 BestBuy BBY 110.78 3.21 s Prudential PUK 38.47 -0.45 s FactSet FDS 332.25 -2.20 s InteractiveBrkrs IBKR 68.85 -1.03 s Microsoft MSFT 217.49 -2.13 s s Wabtec WAB 81.67 0.44 s AlignTech ALGN 557.04 -13.49 s Bilibili BILI 112.47 -6.00 s Cloudflare NET 76.50 -2.65 SynchronyFin SYF 36.29 -0.29 s FairIsaac FICO 495.67 -4.69 s ICE ICE 117.65 0.02 s PublicServiceEnt PEG 56.98 -0.33 s Coca-Cola KO 50.20 -0.88 s MidAmApt MAA 124.21 -1.06 s SyneosHealth SYNH 74.00 0.41 s WalgreensBoots WBA 47.70 2.49 s Alleghany Y 628.26 -3.05 s Bill.com BILL 133.27 -5.61 s PublicStorage PSA 221.25 -1.37 s Farfetch FTCH 60.31 -1.20 s InterContinentl IHG 64.33 -1.03 s Middleby MIDD137.54 0.39 s s s Allegion ALLE 120.33 0.35 s Bio-Techne TECH 334.82 5.30 s Coca-Cola Euro CCEP 50.14 -1.22 Synopsys SNPS 260.43 -2.37 Walmart WMT 147.29 0.66 s Fastenal FAST 50.48 -0.27 s IBM IBM 128.58 0.05 s PulteGroup PHM 42.08 0.55 s Cognex CGNX 85.71 -0.08 s MiratiTherap MRTX 209.57 -7.91 s Sysco SYY 77.55 ... s WarnerMusic WMG 35.20 -1.00 s AlliantEnergy LNT 48.55 -0.80 s Bio-RadLab A BIO 615.79 -5.58 s Qiagen QGEN 52.56 0.32 s Fastly FSLY 85.09 -3.13 s IntlFlavors IFF 122.45 3.45 s MitsubishiUFJ MUFG 4.75 0.03 s s Allstate ALL 109.15 -0.80 s Biogen BIIB 267.52 14.98 s CognizantTech CTSH 80.14 -1.81 WasteConnections WCN 103.79 -1.55 s FateTherap FATE 112.01 -4.30 s IntlPaper IP 52.10 0.62 s Qorvo QRVO 182.76 3.36 s ColgatePalm CL 82.14 -0.21 s MizuhoFin MFG 2.76 ... T U V s WasteMgt WM 117.04 -1.56 s AllyFinancial ALLY 37.48 0.11 s BioMarinPharm BMRN 81.24 -8.62 s Qualcomm QCOM 156.11 -0.53 s FedEx FDX 245.31 0.35 s Interpublic IPG 24.42 0.08 s MobileTeleSys MBT 9.14 -0.10 s Waters WAT 266.05 4.23 s AlnylamPharm ALNY 156.63 9.97 s BioNTech BNTX 108.90 8.51 s Comcast A CMCSA 51.52 -0.02 s s Ferrari RACE217.96 -0.01 s Intuit INTU 372.34 -2.12 s QuantaServices PWR 75.31 -0.67 TAL Education TAL 66.51 -1.31 s s s Comerica CMA 62.57 1.19 s Moderna MRNA 117.26 4.51 s Watsco WSO 239.14 -3.75 Alphabet A GOOGL 1756.29 -41.54 BlackKnight BKI 86.69 -1.23 s s s QuestDiag DGX 123.63 0.66 s TC Energy TRP 42.17 -0.33 s CommerceBcshrs CBSH 71.28 1.23 FiatChrysler FCAU 17.62 -0.10 IntuitiveSurgical ISRG 813.65 -5.10 s MohawkInds MHK 147.58 3.90 s Wayfair W 259.18 0.80 s Alphabet C GOOG 1766.72 -40.49 s BlackRock BLK 766.68 10.23 s Quidel QDEL 200.00 1.45 s TE Connectivity TEL 130.47 ... s FidNatlFin FNF 40.13 1.10 s Invitae NVTA 45.94 -5.19 s MolinaHealthcare MOH 241.80 -1.30 s Weibo WB 41.67 -1.71 s Alteryx AYX 113.36 -3.14 s Blackstone BX 62.69 -0.21 s CiaSiderurgica SID 6.83 -0.31 s Telus TU 20.83 -0.09 s FidNatlInfo FIS 136.06 -2.60 s InvitatHomes INVH 29.05 -0.28 s MolsonCoorsB TAP 49.68 0.18 s WellsFargo WFC 33.24 0.05 s AlticeUSA ATUS 36.00 0.23 s Boeing BA 206.79 -3.11 s ConagraBrands CAG 33.10 -0.97 R S s TJX TJX 68.37 -1.85 s s FifthThirdBncp FITB 31.38 0.20 s IonisPharma IONS 62.10 1.06 s MolsonCoorsA TAP.A 60.00 ... s Welltower WELL 61.18 -1.50 s Altria MO 41.35 -0.24 s BookingHldgs BKNG 2221.27 -60.27 ConchoRscs CXO 66.20 1.04 s T-MobileUS TMUS 132.93 -2.13 s s FirstHorizon FHN 14.94 0.13 s iQIYI IQ 20.01 0.40 s Mondelez MDLZ 57.09 -1.10 s RELX RELX 25.28 -0.43 s WestPharmSvcs WST 302.41 -5.12 s AlumofChina ACH 8.94 -0.79 s BoozAllen BAH 91.39 -0.21 ConocoPhillips COP 45.36 0.66 s TRowePrice TROW 155.38 0.86 s s FirstRepBank FRC 163.63 1.74 s IronMountain IRM 28.00 -0.55 s MongoDB MDB 361.46 1.60 s RH RH 488.45 4.00 s WesternDigital WDC 51.56 -0.26 s Amazon.com AMZN 3114.21 -68.49 s BorgWarner BWA 40.18 -0.11 ConEd ED 68.73 -1.20 s TaiwanSemi TSM 122.60 3.91 s s FirstSolar FSLR 103.76 -0.34 s ItauUnibanco ITUB 5.90 -0.17 s MonolithicPower MPWR 392.46 5.05 s RPM RPM 88.23 0.22 s WesternUnion WU 22.58 -0.69 s Ambev ABEV 2.96 -0.11 s BostonBeer SAM 933.79 -66.70 ConstBrands A STZ 226.88 -3.33 s TakeTwoSoftware TTWO 206.54 -3.89 s ConstBrands B STZ.B s FirstEnergy FE 30.20 0.29 s MonsterBev MNST 92.94 -2.05 s RalphLauren RL 110.59 1.11 s WestlakeChem WLK 88.59 0.31 s Amcor AMCR 11.54 0.04 s BostonProps BXP 89.59 -0.45 221.00 -7.99 J K L s TakedaPharm TAK 18.32 0.07 s ContextLogic WISH 19.61 -0.75 s Fiserv FISV 115.05 -1.74 s Moody's MCO 276.35 -3.86 s RaymondJames RJF 103.31 1.31 s WestpacBanking WBK 15.65 -0.01 s Amdocs DOX 69.63 -0.81 s BostonSci BSX 36.44 -0.31 s Tapestry TPR 34.56 0.33 s FiveBelow FIVE 189.00 6.20 s s RaytheonTech RTX s s s s Cooper COO 359.65 -3.58 s JD.com JD 90.38 -1.16 MorganStanley MS 76.06 0.81 69.80 -0.06 WestRock WRK 46.45 1.22 Amedisys AMED 304.02 -3.05 BridgeBioPharma BBIO 68.58 3.07 s s Target TGT 195.28 1.68 s Copart CPRT 120.87 -1.31 Five9 FIVN 171.34 -2.66 s s Morningstar MORN 226.27 -6.70 s RealPage RP 86.45 -0.01 s Weyerhaeuser WY 33.10 -0.28 s Amerco UHAL 474.37 1.53 s BrightHorizons BFAM 161.67 -0.12 JPMorganChase JPM 138.05 2.03 s TataMotors TTM 15.90 2.23 s Corning GLW 37.54 0.59 s FiverrIntl FVRR 232.19 2.19 s s Mosaic MOS 26.77 -0.04 s RealtyIncome O 59.42 -0.32 s WheatonPrecMet WPM 42.73 -0.67 s Ameren AEE 75.04 0.04 s BristolMyers BMY 64.97 2.48 JackHenry JKHY 164.98 -1.97 s TeckRscsB TECK 19.15 -0.43 s Corteva CTVA 43.62 0.37 s FleetCorTech FLT 270.37 -5.47 s s MotorolaSol MSI 173.69 -0.86 s Redfin RDFN 77.26 0.75 s Whirlpool WHR 180.18 0.64 s AmericaMovil A AMOV 14.80 -0.15 s BritishAmTob BTI 37.86 -0.35 JacobsEngg J 113.01 -0.51 s TeladocHealth TDOC 220.86 -6.92 s CoStar CSGP 904.37 -15.15 s Flex FLEX 18.63-0.34 s s NICE NICE 275.09 1.19 s RegencyCtrs REG 44.02 -1.47 s Williams WMB 21.51 0.21 s AmericaMovil AMX 15.00 0.04 s Broadcom AVGO 445.76 0.12 JamesHardie JHX 28.02 -0.60 s TeledyneTech TDY 372.19 3.86 s Costco COST 364.01 -5.93 s Floor&Decor FND 102.07 1.35 s s NIO NIO 62.70 3.78 s RegenPharm REGN 502.92 4.19 s Williams-Sonoma WSM 111.18 3.29 s AmerAirlines AAL 15.00 -0.13 s BroadridgeFinl BR 155.01 -1.20 JazzPharma JAZZ 161.90 0.50 s Teleflex TFX 403.86 -9.52 s CoupaSoftware COUP 342.58 -2.42 s FomentoEconMex FMX 75.07 -0.22 s s NRG Energy NRG 39.72 0.71 s RegionsFin RF 17.88 0.31 s WillisTowers WLTW 199.23 -4.41 s AEP AEP 78.78 -0.41 s BrookfieldMgt BAM 38.51 -0.71 J&J JNJ 159.37 -0.67 s Ericsson ERIC 11.86 -0.20 s Credicorp BAP 164.98 -0.82 s FordMotor F 9.30 0.30 s s NVR NVR 3986.87 56.87 s ReinsGrp RGA 114.92 -0.74 s Wipro WIT 6.38 0.08 s AmerExpress AXP 121.06 -0.72 s BrookfieldInfr BIP 50.63 0.47 JohnsonControls JCI 50.99 -0.31 s TelefonicaBras VIV 8.11 -0.25 s CreditSuisse CS 13.75 0.06 s Fortinet FTNT 148.17 0.03 s s NXP Semi NXPI 173.21 -1.82 s RelianceSteel RS 132.25 0.96 s Wix.com WIX 266.11 2.58 s AmericanFin AFG 90.14 -0.92 s BrookfieldPropREIT BPYU 16.78 -0.25 JonesLang JLL 150.20 0.51 s Telefonica TEF 4.39 -0.03 s Fortis FTS 39.89 -0.42 s Nasdaq NDAQ 140.90 2.09 s RenaissanceRe RNR 167.21 1.00 s Woodward WWD 125.24 0.24 s AmHomes4Rent AMH 29.45 -0.25 s BrookfieldRenew BEPC 59.32 -3.08 s Cree CREE 117.37 3.58 s JuniperNetworks JNPR 23.81 0.01 s Fortive FTV 71.09 -1.49 s TelekmIndonesia TLK 25.23 -0.29 s CrowdStrike CRWD 232.24 8.51 s KB Fin KB 41.97 -0.38 s Natera NTRA 110.31 -0.86 s Repligen RGEN 205.89 -2.47 s Workday WDAY 228.83 1.18 s AIG AIG 40.28 -0.34 s Brown&Brown BRO 46.98 -1.04 s 10xGenomics TXG 167.50 8.13 s CrownCastle CCI 153.06 -1.00 s FortBrandsHome FBHS 87.54 0.86 s s NationalGrid NGG 59.25 -0.52 s RepublicSvcs RSG 95.75 -1.22 s WynnResorts WYNN 108.03 -1.00 s AmerTowerREIT AMT 214.92 -7.28 s Brown-Forman B BF.B 77.24 -1.19 KE Holdings BEKE 64.29 -0.99 s s FoxB FOX 29.70 0.08 s Natura&Co NTCO s ResMed RMD 220.30 1.36 Tenaris TS 17.19 -0.10 s XP XP 39.10 -1.35 s AmerWaterWorks AWK s Brown-Forman A BF.A 72.26 -1.33 s CrownHoldings CCK 100.04 0.39 s KKR KKR 40.58 0.09 17.80 -0.92 156.64 -0.34 s s TencentMusic TME 20.98 -0.07 s Cummins CMI 236.68 2.37 FoxA FOXA 30.33 0.24 s KLA KLAC s NatWest NWG 4.39 -0.07 s RestaurantBrands QSR 63.26 -0.88 s XPO Logistics XPO 124.33 -1.57 s AmericoldRealty COLD 34.85 -0.37 s Bruker BRKR 59.14 0.16 289.11 5.93 s s s Franco-Nevada FNV 126.36 -1.94 s NetApp NTAP 65.22 0.25 s RingCentral RNG 383.92 -4.03 Teradyne TER 135.70 3.55 s XcelEnergy XEL 64.40 -1.36 s Ameriprise AMP 201.58 0.03 s BuildersFirstSrc BLDR 39.63 -0.54 CureVac CVAC 103.25 -4.37 s KSCitySouthern KSU 214.24 -2.43 s s FranklinRscs BEN 25.75 0.47 s NetEase NTES 109.20 -5.37 s RioTinto RIO 83.78 -2.91 s Tesla TSLA 811.19 -68.83 s Xilinx XLNX 151.08 3.09 s AmerisourceBrgn ABC 107.35 -2.68 s Bunge BG 69.72 -0.48 CyrusOne CONE 69.05 -0.33 s Kellogg K 59.37 -0.83 s FreeportMcM FCX 30.32 -0.83 s NFLX 499.10 -11.30 s RitchieBros RBA 65.96 -3.16 s TevaPharm TEVA 11.38 0.59 s XPeng XPEV 44.36 -1.09 s Ametek AME 124.15 0.61 s BurlingtonStrs BURL 263.88 -1.09 s KeurigDrPepper KDP 31.36 -0.64 D E F s FreseniusMed FMS 42.03 -1.29 s Neurocrine NBIX 110.30 -1.77 s RocketCos. RKT 19.84 -0.11 s TexasInstruments TXN 171.31 0.15 s Xylem XYL 106.02 -1.36 s Amgen AMGN 237.57 -0.92 s CBRE Group CBRE 62.24 -0.40 s KeyCorp KEY 18.48 0.24 s Futu FUTU 61.50 -3.03 s NewFortressEner NFE 57.92 1.50 s Rockwell ROK 262.59 0.78 s Textron TXT 48.59 0.17 s Yandex YNDX 69.92 -0.98 s Amphenol APH 135.68 0.32 s CDW CDW 133.65 -0.94 s DISH Network DISH 32.73 -0.43 s KeysightTechs KEYS 150.15 3.35 s NewOrientalEduc EDU 176.15 -3.55 s RogersComm B RCI 47.69 -0.22 s ThermoFisherSci TMO 513.35 1.05 s YatsenHolding YSG 17.89 -0.22 s AnalogDevices ADI 158.30 1.56 s CF Industries CF 43.11 -0.05 s DTE Energy DTE 117.98 -0.21 s KimberlyClark KMB 131.45 -0.31 G H I s NYTimes A NYT 48.34 0.30 s Roku ROKU 403.13 4.00 s ThomsonReuters TRI 79.68 -0.94 s YumBrands YUM 107.67 0.52 s Anaplan PLAN 72.41 0.95 s CGI GIB 78.78 -1.48 s DXC Tech DXC 28.39 -1.21 s KinderMorgan KMI 14.74 0.25 s NewellBrands NWL 23.07 ... s Rollins ROL 40.91 0.11 s 3M MMM 165.20 -1.42 s YumChina YUMC 59.78 -0.09 s AngloGoldAsh AU 22.93 -0.40 s CH Robinson CHRW 96.53 -0.83 s DadaNexus DADA 45.24 2.07 s GDS Holdings GDS 104.24 0.84 s KingsoftCloud KC 47.34 -0.71 s Newmont NEM 61.95 -0.84 s RoperTech ROP 438.53 7.43 s Toro TTC 99.39 -0.56 s ZTO Express ZTO 28.80 0.04 s AB InBev BUD 69.11 -1.97 s CME Group CME 198.94 -0.74 s Danaher DHR 244.12 0.63 s GFLEnvironmental GFL 29.31 -0.58 s KinrossGold KGC 7.21 -0.17 s NewsCorp B NWS 18.27 0.11 s RossStores ROST 120.87 -1.54 s TorontoDomBk TD 58.16 -0.16 s ZaiLab ZLAB 148.23 2.39 s AnnalyCap NLY 8.18 -0.11 s CMS Energy CMS 57.13 -0.55 s Darden DRI 125.26 0.91 s GSXTechedu GSX 48.23 -0.29 s KirklandLakeGold KL 40.61 -0.69 s NewsCorp A NWSA 18.66 0.03 s RoyalBkCanada RY 84.40 -0.56 s Total TOT 45.21 -0.69 s ZebraTech ZBRA 413.79 8.32 s Anthem ANTM 338.77 1.69 s CNA Fin CNA 39.42 -0.30 s DarlingIngred DAR 66.22 1.19 s Gallagher AJG 118.46 -2.39 s KodiakSciences KOD 151.15 -2.64 s NextEraEnergy NEE 79.69 -1.44 s RoyalCaribbean RCL 72.12 -0.85 s ToyotaMotor TM 153.39 0.54 s Zendesk ZEN 152.26 2.89 s Aon AON 202.13 -3.09 s CNH Indl CNHI 13.44 -0.10 s Datadog DDOG 104.25 4.31 s Gaming&Leisure GLPI 41.22 -0.37 s KoninklijkePhil PHG 54.81 -1.22 s Nike NKE 147.05 0.70 s RoyalDutchA RDS.A 40.26 0.02 s TractorSupply TSCO 149.50 0.19 s Zillow C Z 143.19 -1.42 s ApolloGlbMgmt APO 47.46 0.50 s CNOOC CEO 91.06 0.97 s DaVita DVA 123.12 -0.77 s Gap GPS 22.39 0.97 s KoreaElcPwr KEP 11.90 -0.25 s NiSource NI 21.88 0.07 s RoyalDutchB RDS.B 38.39 -0.01 s TradeDesk TTD 779.29 -16.52 s Zillow A ZG 149.27 -0.75 s Appian APPN 147.55 -4.46 s CRH CRH 45.79 -1.51 s DeckersOutdoor DECK 326.92 12.49 s Garmin GRMN 121.23 -0.75 s KraftHeinz KHC 32.85 -0.77 s Nokia NOK 3.87 -0.06 s RoyaltyPharma RPRX 51.32 0.05 s Tradeweb TW 64.64 -0.70 s ZimmerBiomet ZBH 159.00 0.05 s Apple AAPL 128.98 -3.07 s CRISPR Therap CRSP 188.88 -4.94 s Deere DE 294.92 1.01 s Gartner IT 167.18 -1.92 s Kroger KR 31.76 0.13 s NomuraHoldings NMR 5.82 ... s Ryanair RYAAY 106.15 -1.44 s TraneTech TT 152.25 -0.33 s ZionsBancorp ZION 49.87 1.15 s ApplMaterials AMAT 97.96 2.40 s CSX CSX 95.99 0.15 s DellTechC DELL 75.63 -1.59 s Generac GNRC 260.80 8.30 s L Brands LB 46.91 0.16 s Nordson NDSN 204.23 0.96 s SAP SAP 129.30 -1.86 s TransDigm TDG 612.92 -0.34 s Zoetis ZTS 169.39 1.28 s Aptargroup ATR 138.79 -0.28 s C3.ai AI 135.62 -8.01 s DeltaAir DAL 39.41 -0.61 s GeneralDynamics GD 151.78 1.01 s LKQ LKQ 37.96 -0.43 s NorfolkSouthern NSC 254.37 0.33 s S&P Global SPGI 319.20 -7.65 s TransUnion TRU 93.47 -1.09 s ZoomVideo ZM 337.71 -11.90 s Aptiv APTV 145.08 -0.48 s CVS Health CVS 76.07 1.21 s DenaliTherap DNLI 76.63 -3.40 s GeneralElec GE 11.45 0.11 s LPL Financial LPLA 116.80 2.03 s NorthernTrust NTRS 97.89 1.00 s SBA Comm SBAC 260.36 -7.46 s Travelers TRV 137.43 -2.22 s ZoomInfoTech ZI 44.01 -1.56 s Aramark ARMK 37.49 -0.51 s CableOne CABO 2060.35 -4.01 s DentsplySirona XRAY 58.50 0.32 s GeneralMills GIS 55.57 -0.83 s L3HarrisTech LHX 183.49 2.79 s NorthropGrum NOC 294.74 6.41 s SEI Investments SEIC 61.18 -0.63 s Trex TREX 89.971.00 s Zscaler ZS 198.70 1.33 s ArcelorMittal MT 24.53 -0.30 s CadenceDesign CDNS 134.69 -1.50 s DeutscheBank DB 11.65 -0.01 s GeneralMotors GM 45.01 1.95 s LabCpAm LH 217.00 3.45 s NortonLifeLock NLOK 21.03 -0.01 s SK Telecom SKM 25.76 -0.34 s Trimble TRMB 73.08 0.76 s Zynga ZNGA 9.61 -0.31 s ArchCapital ACGL 36.17 -0.27 s CaesarsEnt CZR 78.27 -0.53 s DevonEnergy DVN 18.33 0.22 s Genmab GMAB 41.96 0.58 s LamResearch LRCX 516.48 14.85 s NorwegCruise NCLH 24.14 -0.29 s ArcherDaniels ADM 52.04 -0.53 s CamdenProperty CPT 96.01 -0.78 s DexCom DXCM 370.64 -17.45 s Genpact G 41.15 -0.35 s LamarAdv LAMR 82.20 -0.74 s Novartis NVS 94.39 0.35 s AresMgmt ARES 46.74 -0.77 s CampbellSoup CPB 46.03 -0.83 s Diageo DEO 159.44 -6.07 s Gentex GNTX 36.55 0.37 s LambWeston LW 76.01 -0.82 s Novavax NVAX 116.48 -5.38 s arGEN-X ARGX 277.11 -11.91 s CIBC CM 88.33 -0.17 s DiamondbkEner FANG 58.30 1.54 s GenuineParts GPC 105.11 1.77 s LasVegasSands LVS 56.41 -1.51 s NovoNordisk NVO 70.42 0.16 s AristaNetworks ANET 302.96 -3.16 s CanNtlRlwy CNI 114.05 -2.01 s DigitalRealty DLR 131.27 -2.33 s Gerdau GGB 5.16 -0.25 s Lear LEA 163.69 -2.20 Dividend Changes s Novocure NVCR 170.09 -0.29 s ArrowElec ARW 104.00 -0.35 s CanNaturalRes CNQ 26.47 -0.42 s DiscoverFinSvcs DFS 95.23 -1.88 s GileadSciences GILD 62.51 -0.53 s Leidos LDOS 103.99 -0.67 s NuanceComms NUAN 48.10 0.69 s ArrowheadPharm ARWR 80.11 0.23 s CanPacRlwy CP 364.07 -12.92 s DiscoveryB DISCB 36.01 0.06 s GSK GSK 37.93 -0.41 s Lemonade LMND 183.26 22.52 Dividend announcements from January 11. s Nucor NUE 56.80 0.78 s AscendisPharma ASND 173.33 4.27 s Canon CAJ 19.22 -0.01 s DiscoveryA DISCA 35.13 0.50 s GlobalPayments GPN 201.27 -5.05 s Lennar B LEN.B 60.87 1.72 s Nutrien NTR 51.36 -0.04 Amount s AspenTech AZPN 143.03 0.44 s CanopyGrowth CGC 31.47 1.30 s DiscoveryC DISCK 30.59 0.43 s Globant GLOB 222.14 -7.86 s Lennar A LEN 75.88 2.49 Payable / s NVIDIA NVDA 544.86 13.79 Company Symbol Yld %New/Old Frq Record s Assurant AIZ 137.81 -0.80 s CapitalOne COF 109.31 -1.25 s Disney DIS 179.09 0.40 s GlobeLife GL 95.36 -1.08 s LennoxIntl LII 273.90 -0.02 s AstraZeneca AZN 50.56 -0.30 s CardinalHealth CAH 55.74 -0.17 s DocuSign DOCU 240.96 -3.58 s GoDaddy GDDY 81.22 -0.83 s LeviStrauss LEVI 21.32 0.82 O P Q Increased s Athene ATH 44.45 -0.71 s Carlisle CSL 155.97 0.96 s DolbyLab DLB 96.31 0.25 s GoldFields GFI 9.12 -0.27 s LiAuto LI 32.79 -1.51 Royalty Pharma RPRX 1.3 .17 /.15 Q Mar15 /Feb19 s Atlassian TEAM 230.67 -4.81 s Carlyle CG 32.61 0.45 s DollarGeneral DG 215.26 -0.55 s GoldmanSachs GS 293.83 3.75 s LibertyBroadbandC LBRDK 153.92 0.47 s ONEOK OKE 41.23 1.30 s AtmosEnergy ATO 87.67 -1.59 s CarMax KMX 104.64 2.54 s DollarTree DLTR 112.43 -0.54 s GoodRx GDRX 42.24 0.47 s LibertyBroadbandA LBRDA 151.74 0.24 s OReillyAuto ORLY 483.83 5.91 Foreign s Autodesk ADSK 317.81 -2.04 s Carnival CCL 20.14 -0.33 s DominionEner D 72.67 -0.53 s Graco GGG 75.35 0.47 s LibertyGlobal C LBTYK 25.11 ... s OakStreetHealth OSH 57.01 -1.92 BBDO s Autohome ATHM 108.58 3.53 s Carnival CUK 17.50 -0.50 s Domino's DPZ 390.54 1.71 s Grainger GWW 391.71 -4.97 s LibertyGlobal A LBTYA 25.58 -0.02 s OccidentalPetrol OXY 20.08 ... Banco Bradesco Ord ADR 1.9 .00319 Mar08 /Feb03 TNPpF Q s Autoliv ALV 92.13 -1.39 s CarrierGlobal CARR 41.57 0.88 s DoorDash DASH 167.00 10.91 s Grifols GRFS 19.53 -0.07 s LibertyFormOne A FWONA 36.54 -1.09 s Okta OKTA 252.20 -0.92 Tsakos Energy Pfd F 10.6 .59375 Feb01 /Jan27 s ADP ADP 168.51 -2.54 s Carvana CVNA 274.13 -4.31 s Dover DOV 128.78 -0.67 s Grubhub GRUB 81.01 -1.43 s LibertyFormOne C FWONK 40.38 -1.11 s OldDomFreight ODFL 202.34 -3.22 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: s AutoZone AZO 1265.46 12.54 s Catalent CTLT 115.40 2.91 s Dow DOW 58.86 0.65 s GuardantHealth GH 154.57 11.70 s LibertyBraves A BATRA 26.26 0.01 s OmegaHealthcare OHI 35.17 -0.28 s Avalara AVLR 158.26 -5.57 s Caterpillar CAT 193.86 -0.40 s DrReddy'sLab RDY 73.08 1.33 s Guidewire GWRE 130.44 -0.48 s LibertyBraves C BATRK 26.05 0.07 s Omnicom OMC 63.70 0.11 spin-off.

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) iShMSCI ACWI ACWI iShTIPSBondETF TIP VangdHlthCr VHT Monday, January 11, 2021 Closing Chg YTD 92.62 –0.88 2.1 126.52 –0.21 –0.9 SPDR DJIA Tr DIA 310.17 –0.28 1.4 233.21 0.51 4.2 iShMSCI EAFE EFA 74.74 –1.31 2.4 iSh1-3YTreasuryBd SHY 86.34 –0.01 –0.0 SPDR S&PMdCpTr MDY 440.82 0.17 5.0 VangdHiDiv VYM 94.46 0.46 3.2 Closing Chg YTD ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 53.97 –1.35 4.5 iSh7-10YTreasuryBd IEF 118.01 –0.19 –1.6 SPDR S&P 500 SPY 378.69 –0.67 1.3 VangdIntermBd BIV 91.79 –0.21 –1.1 ETF Symbol Price (%) (%) iShCoreS&P500 IVV 380.14 –0.65 1.3 iShMSCIJapan EWJ 68.64 –0.94 1.6 iSh20+YTreasuryBd TLT 151.07 –0.17 –4.2 SPDR S&P Div SDY 108.77 0.04 2.7 VangdIntrCorpBd VCIT 96.03 –0.25 –1.1 iShCoreS&P MC IJH 241.34 0.17 5.0 ARKInnovationETF ARKK 138.22 –2.99 11.0 iShNatlMuniBd MUB 116.80 –0.09 –0.3 iShRussellMCGrowth IWP 105.57 –0.27 2.8 TechSelectSector XLK 129.68 –0.83 –0.3 VangdLC VV 178.11 –0.64 1.3 CommSvsSPDR XLC 66.29 –1.8 iShCoreS&P SC IJR 98.17 0.46 6.8 –1.78 iSh1-5YIGCorpBd IGSB 55.03 –0.09 –0.3 iShUSTreasuryBdETF GOVT 27.02 –0.09 –0.8 UtilitiesSelSector XLU 61.75 –0.93 –1.5 VangdMC VO 212.50 –0.26 2.8 CnsmrDiscSelSector XLY 165.64 –1.87 3.0 iShS&PTotlUSStkMkt ITOT 87.81 –0.53 1.8 iShPfd&Incm PFF 37.70 –0.71 –2.1 JPM UltShtIncm JPST 50.78 ... –0.0 VangdMBS VMBS 54.02 –0.13 –0.1 VanEckGoldMiner GDX 35.78 –2.03 –0.7 CnsStapleSelSector XLP 66.33 –0.85 –1.7 iShCoreUSAggBd AGG 116.89 –0.16 –1.1 iShRussell1000Gwth IWF 241.26 –1.20 0.0 PIMCOEnhShMaturity MINT 102.07 0.01 0.0 VangdRealEst VNQ 81.97 –1.32 –3.5 VangdInfoTech VGT 354.31 –0.85 0.1 EnSelectSectorSPDR XLE 42.07 1.57 11.0 iShSelectDividend DVY 99.75 0.31 3.7 iShRussell1000 IWB 215.04 –0.64 1.5 SPDR BlmBarcHYBd JNK 108.43 –0.54 –0.5 VangdS&P500ETF VOO 348.13 –0.65 1.3 VangdSC Val VBR 149.30 0.28 5.0 FinSelSectorSPDR XLF 31.02 0.32 5.2 iShESGAwareUSA ESGU 87.30 –0.64 1.5 iShRussell1000Val IWD 140.88 0.08 3.0 SPDRBloomBar1-3MTB BIL 91.52 0.01 ... VangdST Bond BSV 82.72 ... –0.2 VangdSC Grwth VBK 279.67 0.10 4.5 HealthCareSelSect XLV 117.94 0.47 4.0 iShEdgeMSCIMinUSA USMV 68.03 –0.51 0.2 iShRussell2000Gwth IWO 302.66 –0.29 5.6 SPDR Gold GLD 173.00 –0.20 –3.0 VangdSTCpBd VCSH 83.02 –0.06 –0.3 VangdExtMkt VXF 171.97 ... 4.4 IndSelSectorSPDR XLI 89.58 –0.03 1.2 iShEdgeMSCIUSAMom MTUM 165.90 –1.23 2.9 iShRussell2000 IWM 207.54 –0.09 5.9 SchwabIntEquity SCHF 37.06 –1.25 2.9 VangdSC VB 203.76 ... 4.7 InvscQQQI QQQ 314.42 –1.45 0.2 iShEdgeMSCIUSAQual QUAL 116.68 –0.46 0.4 iShRussell2000Val IWN 139.96 0.28 6.2 SchwabUS BrdMkt SCHB 92.69 –0.54 1.9 VangdDivApp VIG 142.42 –0.30 0.9 VangdTotalBd BND 87.18 –0.10 –1.1 InvscS&P500EW RSP 131.17 –0.11 2.8 iShGoldTr IAU 17.58 –0.28 –3.0 iShRussellMid-Cap IWR 70.66 –0.10 3.1 SchwabUS Div SCHD 66.01 0.41 2.9 VangdFTSEDevMk VEA 48.50 –1.30 2.7 VangdTotIntlBd BNDX 58.27 –0.21 –0.5 iShCoreDivGrowth DGRO 45.69 0.11 1.9 iShiBoxx$InvGrCpBd LQD 135.18 –0.43 –2.1 iShS&P500Growth IVW 63.91 –1.30 0.1 SchwabUS LC SCHX 92.34 –0.61 1.5 VangdFTSE EM VWO 51.85 –1.16 3.5 VangdTotIntlStk VXUS 61.95 –1.32 3.0 iShCoreMSCIEAFE IEFA 70.75 –1.39 2.4 iShiBoxx$HYCpBd HYG 86.90 –0.54 –0.5 iShS&P500Value IVE 131.27 0.04 2.5 SchwabUS LC Grw SCHG 128.50 –1.48 0.1 VangdFTSE Europe VGK 61.79 –1.58 2.6 VangdTotalStk VTI 198.06 –0.60 1.8 iShCoreMSCIEM IEMG 64.67 –1.33 4.2 iShJPMUSDEmgBd EMB 113.64 –0.79 –2.0 iShShortTreaBd SHV 110.51 –0.01 –0.0 SchwabUS SC SCHA 94.04 0.05 5.7 VangdFTSEAWxUS VEU 60.12 –1.33 3.0 VangdTotlWrld VT 94.67 –0.90 2.3 iShCoreMSCITotInt IXUS 69.13 –1.36 2.9 iShMBSETF MBB 109.99 –0.09 –0.1 iShSilver SLV 23.21 –1.28 –5.5 Schwab US TIPs SCHP 61.58 –0.16 –0.8 VangdGrowth VUG 253.53 –1.35 0.1 VangdValue VTV 122.37 0.17 2.9

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 EpsilonEnergy EPSN 4.24 2.1 HibbettSports HIBB 56.13 2.1 Lovesac LOVE 52.00 -0.8 PTC PTC 129.87 1.0 SimulationsPlus SLP 83.78 -3.6 TheBancorp TBBK 15.66 -1.7 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American ErieIndemnity A ERIE 261.20 -0.8 HighlandTransI HTPA.U 10.94 2.1 Lumentum LITE 108.64 1.3 PaciraBioSci PCRX 72.58 2.0 SiteOneLandscape SITE 174.32 1.7 Theratechnologies THTX 3.25 5.0 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest EssaPharma EPIX 14.96 16.1 HimaxTechs HIMX 8.33 8.2 Macom Tech MTSI 62.30 4.9 PackagingCpAm PKG 146.99 0.7 SiTime SITM 135.75 4.9 Thryv THRY 17.24 26.2 session. %CHG-Daily percentage change from the previous trading session. EstablishLabs ESTA 41.04 7.1 HoulihanLokey HLI 72.06 0.5 MKS Instrum MKSI 168.99 2.2 Peck PECK 16.25 8.1 SkillzWt SKLZ.WS 11.04 16.0 TItanIntl TWI 6.60 3.2 Euroseas ESEA 7.46 9.5 Hubbell HUBB 170.54 1.1 MSCI MSCI 455.17 -0.2 PennNational PENN 102.59 7.1 SleepNumber SNBR 91.40 1.0 TorchlightEner TRCH 1.35 14.2 Monday, January 11, 2021 ExactSciences EXAS 152.48 9.8 HudsonExecUn HECCU 12.51 7.4 MTS Systems MTSC 59.36 1.6 PeridotAcqn PDAC.U 12.37 0.3 Smith-Midland SMID 9.80 2.5 TrepontAcqnI TACA.U 10.54 0.4 ExperienceInvt EXPCU 14.01 7.7 HudsonExecWt HECCW 2.29 29.3 MagnaChipSem MX 17.40 8.1 PerkinElmer PKI 162.70 -0.3 Snap SNAP 55.79 3.1 Tupperware TUP 38.59 1.2 52-Wk % 52-Wk % 52-Wk % ExperienceInvtWt EXPCW 3.09 6.7 HudsonExecA HEC 11.50 4.0 ManhattanAssoc MANH 114.31 2.5 PetraAcqn PAICU 11.03 0.5 SocialCapHedosIVWt IPOD.WS 5.49 1.8 21 Vianet VNET 38.32 0.2 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ExperienceInvtA EXPC 13.43 4.7 HutchisonChina HCM 37.00 -2.0 MarineMax HZO 41.20 10.6 PinnacleFinPtrs PNFP 70.71 2.4 SocialCapHedVI A IPOF 14.69 2.1 TwistBiosci TWST 175.60 2.3 Exponent EXPO 95.76 0.6 HysterYaleMatls HY 69.19 4.5 MartinMarietta MLM 311.46 -0.1 PoemaGlobal PPGHU 10.50 ... SocialCapHedVI Wt IPOF.WS 4.59 -3.3 US Concrete USCR 52.90 1.6 BellRingBrands 25.86 2.1 CitiTrends 56.35 3.9 BRBR CTRN Eyenovia EYEN 7.04 2.8 IdexxLab IDXX 516.87 -1.3 Mattel MAT 18.46 0.7 PowerIntegrations POWI 93.92 1.2 SocialCapHedVI IPOF.U 15.76 0.3 UnionAcqnIIWt LATNW 1.13 -2.0 Highs Big5SportingGds BGFV 12.82 0.5 Civeo CVEO 17.86 0.3 FastAcqn FST.U 11.76 0.5 IG Acqn IGACU 11.30 1.8 MediWound MDWD 4.48 -4.1 PowerFleet PWFL 8.95 4.0 SoftwareII A SAII 10.26 0.5 US Steel X 23.47 2.2 BioanalyticalSys BASI 13.50 3.7 Cleveland-Cliffs CLF 18.69 0.4 UnitedTherap UTHR 171.17 1.8 AES AES 25.55 0.2 FS Devt FSDC 13.25 6.9 II-VI 6% Pfd IIVIP 352.08 3.5 MercadoLibre MELI 1794.78 2.5 PPlus GSC-2 PYT 23.85 0.7 Sonos SONO 25.66 4.6 Biodesix BDSX 23.19 6.4 ClimateChgCrisisA CLII 11.50 6.2 ValmontInds VMI 200.00 4.2 ARC Document ARC 1.84 7.1 Fabrinet FN 84.66 1.1 II-VI IIVI 85.45 3.5 MettlerToledo MTD 1250.75 0.6 PrimeImpactI A PIAI 10.38 0.4 Sony SNE 105.00 -0.1 BionanoGenomWt BNGOW 3.54 43.8 ClimateChgCrisWt CLII.WS 2.45 10.9 VascularBiogenics VBLT 2.49 -1.6 ASETech ASX 6.76 3.7 FalconCapAcqn FCACU 11.65 0.3 Invesco IVZ 19.08 1.6 Moelis MC 52.64 2.0 Proofpoint PFPT 139.57 0.5 SouthMtnWt SMMCW 4.90 -3.5 BlackRock BLK 770.40 1.4 ClimateChgI CLII.U 12.65 6.7 ViacomCBS B VIAC 41.17 2.5 AbbVie ABBV 109.56 1.6 FarmlandPtrs FPI 9.48 3.3 IQVIA IQV 192.07 0.2 MohawkGroup MWK 22.45 -0.1 PropertySolns PSACU 15.12 25.8 SparkEnergy SPKE 11.18 7.9 BlueWaterAcqn BLUWU 10.47 0.4 Cohu COHU 44.07 4.6 Vicor VICR 100.89 0.9 AcaciaResearch ACTG 4.55 -3.4 FiestaRestaurant FRGI 13.91 2.5 Icon ICLR 216.69 -0.4 MohawkInds MHK 148.34 2.7 PropertySolns PSAC 12.35 18.8 SpartanAcqnII SPRQ.U 11.10 1.1 BookingHldgs BKNG 2290.03 -2.6 ColumbiaBanking COLB 41.15 2.2 VillageFarms VFF 13.92 7.0 AcademySports ASO 22.50 5.3 FinServAcqnUn FSRVU 17.91 2.0 IDEX IEX 209.36 0.8 MonolithicPower MPWR 396.09 1.3 PropSolnsWt PSACW 2.80 90.8 SpectrumBrands SPB 82.55 1.1 BootBarn BOOT 55.64 12.6 CommerceBcshrs CBSH 71.49 1.8 VirtusInvtPtrs VRTS 239.99 -0.4 AdvanceAuto AAP 173.85 0.6 FinServAcqnWt FSRVW 4.44 13.5 Impinj PI 58.50 27.4 MonsterBev MNST 95.11 -2.2 ProPhaseLabs PRPH 14.36 0.9 SportsEntA SEAH 10.60 0.8 BoydGaming BYD 48.91 -0.2 Conmed CNMD 117.00 3.1 VulcanMatls VMC 164.27 0.1 AdvMicroDevices AMD 99.23 2.8 FinVolution FINV 3.00 5.3 InfoSvcsGrp III 4.06 12.9 NIO NIO 66.99 6.4 ProvidentAcqn PAQCU 11.47 2.6 SportsEntAcqn SEAH.U 11.29 0.4 BrightLights BLTSU 10.68 0.7 Consonance-HFW CHFW.U 10.75 3.9 VyGlblGrowthWt VYGG.WS 2.77 6.6 AequiAcqn ARBGU 10.72 1.8 FirstInternetBncp INBK 30.85 0.6 Infosys INFY 18.86 0.9 Nasdaq NDAQ 141.87 1.5 PurpleInnovation PRPL 37.80 2.1 SportsVentures AKICU 10.78 1.7 BrightSphere BSIG 21.21 3.8 Cooper-Standard CPS 42.88 12.5 Waters WAT 267.70 1.6 AffiliatedMgrs AMG 107.56 0.9 FirstRepBank FRC 163.99 1.1 InspireMDWtB NSPR.WS.B 0.04 37.1 Natuzzi NTZ 15.11 -2.3 Qorvo QRVO 184.47 1.9 Stantec STN 34.79 3.0 BrilliantAcqnRt BRLIR 0.40 1.3 Corteva CTVA 43.76 0.9 WesBancoPfdA WSBCP 28.67 -0.4 AgilentTechs A 129.34 0.9 FirstMarkHorizonA FMAC 10.97 1.7 Intellicheck IDN 12.95 1.2 NaviosMaritime NMCI 4.87 8.4 Quanterix QTRX 53.01 8.4 StarPeakII STPC.U 11.94 3.7 BroadcomPfdA AVGOP 1449.81 -0.1 CostamarePfdD CMREpD 26.05 0.9 WestAllianceBcp WAL 68.77 3.3 AldeyraTherap ALDX 10.46 -0.7 FiveBelow FIVE 189.75 3.4 ICE ICE 118.81 ... NavSight NSH.U 10.94 2.3 R1RCM RCM 24.67 3.3 StarPeakEner STPK.U 37.34 23.0 Brunswick BC 84.93 4.1 Covetrus CVET 33.10 0.4 WideOpenWest WOW 11.14 0.1 AlerusFinancial ALRS 29.73 0.9 500.com WBAI 13.95 -0.3 Investindustrial IIAC.U 11.16 5.3 NewBeginnings NBA.U 11.35 0.3 Radware RDWR 28.17 -0.2 StrPeakEnerA STPK 33.58 21.4 Buckle BKE 33.99 2.2 Crocs CROX 76.38 12.3 WillScotMobile WSC 26.02 0.5 AltairEngg ALTR 61.69 1.9 FiverrIntl FVRR 237.11 1.0 IovanceBiotherap IOVA 53.00 1.1 NewbornAcqnRt NBACR 1.76 7.4 Rambus RMBS 19.29 2.7 StrPeakEnerWt STPK.WS 12.79 33.4 BurgundyTechWt BTAQW 2.05 4.7 Cronos CRON 10.00 8.2 Wipro WIT 6.45 1.3 AltimeterGrw AGCUU 15.85 3.8 FocusFinPtrs FOCS 49.18 1.6 IsoRay ISR 2.05 39.3 NewellBrands NWL 23.32 ... RaymondJames RJF 103.92 1.3 Steris STE 203.91 -1.2 CEVA 54.38 6.3 CrowdStrike 234.63 3.8 WorldAcceptance WRLD 128.86 3.9 AmerEagle AEO 23.08 2.9 CEVA CRWD FootLocker FL 46.49 5.8 IvanhoeCap IVAN.U 12.09 2.8 NewHoldInvt NHIC 10.27 0.5 RegalBeloit RBC 146.97 4.8 SummitStateBk SSBI 14.24 2.0 XPEL XPEL 59.51 6.7 Ampco-PittsWt AP.WS 1.18 10.6 CFFinanceIIWt CFIIW 2.94 14.3 Curis CRIS 11.10 3.8 FortressValueII FAII.U 11.67 0.9 JackintheBox JACK 98.15 -0.3 NewHoldInvtWt NHICW 1.95 -1.7 ResideoTech REZI 23.97 0.3 SunRun RUN 98.53 -0.9 Xencor XNCR 50.05 -1.0 Ampco-Pitt AP 7.74 3.2 CFFinanceAcqnII CFII 13.29 6.6 Danaos DAC 30.60 10.2 FortressValueII FAII 11.12 1.1 JefferiesFin JEF 26.87 1.4 nLIGHT LASR 37.63 6.0 ResoluteForest RFP 7.36 2.2 SupernusPharms SUPN 28.35 3.6 Xilinx XLNX 154.93 2.1 AnteroResources AR 6.72 11.5 C4 Therap CCCC 38.04 10.4 DataIO DAIO 5.14 7.5 FoxFactory FOXF 124.15 3.8 J&J JNJ 161.32 -0.4 NomuraHoldings NMR 5.85 ... Rexnord RXN 49.08 2.9 SurgeryPartners SGRY 32.10 3.6 Yeti YETI 76.74 3.4 Anthem ANTM 340.98 0.5 CSX CSX 97.54 0.2 DecarbonizPlusWt DCRBW 2.24 3.9 Futu FUTU 67.37 -4.7 JohnsonOutdoors JOUT 119.84 2.0 NortheastBank NBN 26.25 1.1 RichardsonElec RELL 5.99 -0.5 Synaptics SYNA 105.53 1.0 YumChina YUMC 61.18 -0.2 ApogeeEnt APOG 35.74 1.7 CVS Health CVS 76.48 1.6 DecarbonizaPlusA DCRB 11.00 0.9 GDS Holdings GDS 104.78 0.8 JuniperIndlA JIH 11.63 1.7 NovaMeasuring NVMI 78.80 2.0 RiminiStreet RMNI 6.08 1.2 SyneosHealth SYNH 74.94 0.6 ZaniteAcqn ZNTEU 11.31 0.1 ApolloStratGr APSG.U 11.36 -0.4 CadenceBancorp CADE 19.73 2.5 DeckersOutdoor DECK 330.60 4.0 GoAcqnWt GOAC.WS 1.65 -2.5 JuniperIndlWt JIH.WS 2.58 -5.9 Novanta NOVT 132.70 1.1 Roku ROKU 416.22 1.0 Synopsys SNPS 264.62 -0.9 Zendesk ZEN 153.06 1.9 ApplMaterials 98.30 2.5 CanNtlRlwy CNI 116.16 -1.7 DeerfieldHlthcr DFHTU 18.15 2.2 Generac GNRC 262.49 3.3 JuniperIndustrial JIH.U 12.75 2.7 NovusCapital NOVSU 31.78 16.8 RothCH II A ROCC 10.25 1.2 Systemax SYX 38.81 0.1 AMAT Zomedica ZOM 1.00 92.1 32.80 1.6 CanopyGrowth CGC 32.41 4.3 DeerfieldHlthcA DFHT 18.42 4.2 Gentherm THRM 70.47 -0.5 KLA KLAC 290.85 2.1 NovusCapital NOVS 22.20 11.0 RyderSystem R 68.00 ... Ternium TX 33.99 1.9 Asana ASAN Zumiez ZUMZ 42.95 6.5 CantelMedical CMD 84.72 2.6 DesktopMetalWt DM.WS 8.40 -2.4 GenuineParts GPC 105.62 1.7 KL Acqn KLAQU 10.45 0.8 NovusCapitalWt NOVSW 7.98 21.4 SLM SLM 13.60 2.8 T-MobileUS TMUS 135.54 -1.6 AshlandGlobal ASH 88.11 1.2 Zymeworks ZYME 57.78 -1.0 AspirCnsA ASPL 10.29 0.6 CareDx CDNA 83.02 -0.1 Dick's DKS 65.50 0.6 GeoVaxLabsWt GOVXW 2.11 31.6 KaleidoBiosci KLDO 12.18 10.9 NuanceComms NUAN 48.16 1.5 SVF Invt SVFAU 13.34 8.4 TPIComposites TPIC 68.90 6.1 AspirCnsUn ASPL.U 10.63 1.1 CarrierGlobal CARR 41.84 2.2 DiscoveryA DISCA 35.27 1.4 GlobalShipLease GSL 14.90 13.3 KeysightTechs KEYS 151.16 2.3 ODP ODP 44.62 19.4 SVMK SVMK 27.43 0.7 TRowePrice TROW 158.94 0.6 AteaPharm AVIR 49.66 -2.1 CascadeAcqn CAS.U 10.60 1.0 DiscoveryC DISCK 30.74 1.4 GlobalSynergy GSAQU 10.49 1.7 KludeInIAcqn INKAU 10.63 ... OFSCapNts2023 OFSSG 25.36 0.3 Sabre6.5%Pfd SABRP 168.64 1.2 TWC Tech II TWCTU 11.34 0.9 Lows AtriCure ATRC 59.734.6 CelsiusHldg CELH 58.77 -2.4 DixieGroup DXYN 2.95 2.5 GoPro GPRO 9.47 13.5 KornFerry KFY 47.90 3.5 OaktreeAcqn OAC.U 20.00 -0.1 SafeBulkers SB 1.78 -3.4 Taitron TAIT 3.34 2.2 AbCelleraBio ABCL 36.27 -7.9 Autohome ATHM 108.71 3.4 CharlesRiverLabs CRL 276.87 2.0 Ducommun DCO 59.00 3.4 Graco GGG 75.83 0.6 Kulicke&Soffa KLIC 35.85 3.1 OaktreeAcqnWt OAC.WS 4.89 8.0 SarissaCap SRSAU 11.75 1.6 Target TGT 199.50 0.9 AIG Wt AIG.WS 0.06 -59.8 AutoNation AN 76.78 1.8 Chegg CHGG 98.59 -0.1 DuPont DD 85.47 2.7 Greenlane GNLN 6.65 20.3 LPL Financial LPLA 117.47 1.8 OaktreeAcqn OAC 18.81 0.8 SchwabC SCHW 60.35 2.2 TastemakerAcqn TMKRU 10.35 1.5 AthenePfdD ATHpD 24.65 -0.6 AutoZone AZO 1269.33 1.0 CheniereEnergy LNG 67.84 4.5 DyneTherap DYN 28.35 -0.8 GreenroseAcqn GNRS 10.36 ... La-Z-Boy LZB 43.68 -0.6 OneWaterMarine ONEW 33.84 6.1 SeniorConnectI SNRHU 10.59 1.3 TataMotors TTM 15.95 16.3 BrookfieldFinNts BAMI 24.80 -0.3 AvantorPfdA AVTRpA 96.34 5.8 Chimerix CMRX 9.66 4.6 EDAP TMS EDAP 6.16 0.7 GreenroseAcqnWt GNRSW 1.32 4.1 LefterisAcqn LFTRU 11.30 0.6 OptimizeRx OPRX 39.86 1.0 ShakeShack SHAK 92.33 -0.5 TechTarget TTGT 67.95 0.2 CenovusEnergyWt CVE.WS 2.71 -12.0 Avantor AVTR 30.58 5.1 ChunghwaTel CHT 39.60 0.3 EagleMaterials EXP 113.68 0.3 GrowGeneration GRWG 53.43 13.8 Lemonade LMND 184.00 14.0 OrbitalEnergy OEG 4.91 24.1 SharpsCompliance SMED 11.00 11.2 TempurSealy TPX 28.82 2.0 EpiphanyTech EPHYU 10.42 -0.1 Avinger AVGR 1.62 61.9 ChurchillCapIV CCIV.U 14.24 33.5 EastStoneAcqn ESSCU 13.15 6.6 GuardantHealth GH 156.62 8.2 EliLilly LLY 189.30 11.7 Oshkosh OSK 93.25 0.7 ShoeCarnival SCVL 42.25 5.1 10xGenomics TXG 170.89 5.1 MountainCrestII MCADU 10.30 -1.0 AxosFinancial AX 42.17 2.6 ChurchillCapIVWt CCIV.WS 4.60 168.5 EastWestBncp EWBC 59.74 2.8 HDFC Bank HDB 73.36 0.4 Limbach LMB 13.95 2.6 OwensCorning OC 82.40 1.3 SierraMetals SMTS 3.83 14.5 Teradyne TER 136.45 2.7 PublicStoragePfdN PSApN 24.64 -1.0 BJsRestaurants BJRI 44.73 0.1 ChurchillCapIV CCIV 14.00 31.6 eMagin EMAN 2.45 6.4 HIG Acqn HIGA.U 10.75 -0.2 LionheartAcqnII LCAPU 10.67 1.1 OxfordImmunotec OXFD 23.11 -1.0 SifyTech SIFY 3.69 79.2 Terminix TMX 53.87 0.3 SocTelemed TLMD 6.97 -2.6 BRileyFinlPfdA RILYP 26.24 -0.5 ChurchillCapCorp.V CCV.U 11.66 3.0 EosEnergy EOSE 31.77 4.8 HPX Un HPX.U 11.26 0.1 LiveRamp RAMP 84.36 1.8 PMV Consumer PMVC 10.27 1.7 SignetJewelers SIG 40.05 5.0 TexasCapBcshs TCBI 66.99 2.1 SelectiveInsPfdB SIGIP 24.86 -1.3 Baidu BIDU 248.98 -8.6 CincinnatiBncp CNNB 11.97 0.3 EosEnergyWt EOSEW 15.10 8.2 HainCelestial HAIN 41.11 0.8 LordstownMotorsWt RIDEW 17.12 49.0 PMV Consumer PMVC.U 10.79 0.5 Silicom SILC 48.00 -1.0 TexasPacLand TPL 869.50 8.6 UcommuneIntl UK 5.33 -1.6 P2JW012000-4-B01000-1------XA

B10 | Tuesday, January 12, 2021 **** THE WALL STREET JOURNAL. BANKING & FINANCE Blackstone Hires Co-Head ForFund Unit

BY JULIET CHUNG sophisticated investorsinclud- ing and Alibaba Blackstone Group Inc. has co-founder Joseph Tsai and hired JoeDowling,the former his investment firm, Blue Pool chief executive of Brown Uni- Capital,said people familiar versity’s endowment, as co- with thematter. Brownalso head of its $78 billion hedge- ramped up itsholdingsin

CK fund business. China and emerging markets TO Mr.Dowling will join John in 2020 while decreasing its McCormick in leading the busi- investments in U.S. equities.

SHUTTERS ness. Mr.McCormick has led Mr.Dowling,age 56,isex-

A/ Blackstone’shedge-fund unit pected to bring an expansive EP

S/ sinceJanuary2018.Mr. Dowl- Rolodex and casual demeanor

CHT ing will focus on investing and to the 53-year-old Mr.McCor- Mr.McCormick on itsbusiness mick’scerebral approach and

HIMBRE and investor functions.For deep institutionalknowledge. N

DA Blackstone,the hiresignals a Mr.McCormick said part of The cards are a salvo in an intensifying battle between the Australian banks and buy now, pay later providers. newfocus on hedgefunds as Mr.Dowling’sappeal stems biggeneratorsofreturn, with from hisability to manage Mr.Dowling expected to focus risk.With his experienceboth Banks Promote No-Interest Cards on thematic investing includ- investing directly and running ing in growth and technology- an endowment, Mr.Dowling is focused hedgefunds. “likeaunicorn,” Mr.McCor- BY ALICE URIBE lowconsumerstopay forgoods Fees on the cardsoffered by products fortheir simplicity. Blackstone is the world’sbig- mick said. AND STUART CONDIE in installments, some banks are NAB andCBA vary according to No-interest cardsare designed gest investor in hedgefunds. Blackstone wasaninvestor rethinking what has been one of credit limits. Forexample,a to givecustomersmorecon- Itsmain fund-of-hedge-funds in Mr.Dowling’shedgefund, SYDNEY—Interest charges their most lucrativebusinesses. balanceof1,000 Australian dol- trol over their spending via a product has been relatively NarragansettAsset Manage- have been one of the defining National Australia Bank, lars, equivalent to US$777,on product that is easy to under- slowtoembracetech-focused ment, and Blackstone Chief Ex- featuresofcredit cardsfor de- known locally as NAB, CBA’sno-interest card could ac- stand, said Angus Sullivan, hedgefunds and those betting ecutiveStephen Schwarzman cades and so when an em- launched ano-interest credit crue nearly US$373infees over CBA’sgroup executiveofretail on both public and privatecom- waspersonally invested in the ployeeatabig Australian card in September.Usersget a 40 months if thereisanout- banking services. panies,taking amoreconserva- fund, aperson familiar with bank suggested getting rid of fixedline of credit and the standing balanceeach month. According to Australia’s tiveapproach that positions the mattersaid. them, he was taking a risk. bank leviesamonthly fee, Thesame balanceonthe NAB central bank,the country’s hedgefunds as areplacement Mr.Graysaid Mr.Dowling “He said, ‘Well, what about which is refunded if the cus- card repaid at that product’s credit-and charge-cardbal- forbonds.“What particularly caught his attention afterhe ano-interest credit card?’ ” tomer maintains azerobalance minimum rate would cost about ances fell by almost 34% in the attractedmewas he wasvery read an October article in The said Rachel Slade,personal and doesn’t use the card. Com- US$225 over 29 months. two years through October to forward-thinking looking at Wall Street Journal that pro- banking group executiveat monwealth Bank of Australia, In both cases,that is more the equivalent of US$16.3 bil- tech and growth and lifesci- filed the rise of Brown’sen- National Australia Bank Ltd., the country’slargest lender by than theinterest accrued by a lion. ences,” JonGray, Blackstone’s dowment underMr. Dowling recalling afeedback session at market value,also unveiled a customer making the same re- Morethan 60% of the de- president, said of Mr.Dowling. and his deputy, Jane Dietze. one of the lender’s Melbourne no-interestcardlast year. paymentsonaregular card cline came between March and Blackstone manages $584 Blackstone had been search- offices.“And everyone’slike, Theexperiment isn’t being with a16.6%annual percentage October as the pandemic billion firmwide,including ing foranew investment chief ‘What? That’snot howacredit replicated in the U.S. where rate,the typical rate in Austra- pushed Australia’seconomy across private-equity, real es- in itshedge-fund businessafter card works.’ ” most credit-cardissuerscharge lia. into recession. tate and credit. It has set a veteranGideon Bergersaid in Worried about dwindling interest when cardholderscarry And likewith other cards, Over that period, debit-card goal of achieving $1 trillion in the fall he wanted to step credit-cardusageduring the balances. customersare required to make transactions locally grew by assets by 2026. away,said people familiar with coronavirus pandemic and the Butifthey provetobesuc- minimum monthly repayments 4.7% in number and by 5.6% in Blackstone’sBPS Composite, Blackstone.Mr. Bergerremains rapid rise of startups likeAus- cessful, Australian banks’ no-in- on anyoutstanding balances. value,tohit morethan the an internal performanceindex at Blackstone to help with the tralia’s Afterpay Ltd. and Swe- terest cardscould drivechange Still, the banks are betting equivalent of nearly US$26 forthe hedge-fund business transition. Blackstone also den’s Klarna Bank AB that al- in other markets. that consumerswill likethe billion. that measures abasket of its spokewith Dawn Fitzpatrick, principal funds and accounts investment chief forSoros but excludes certain funds and Fund Management,during the 12,000 listed products issued Global AdvisorsAsia Ltd., Market value in Hong Kong strategies,gained 5.5% before search, people familiar with Derivatives by 15 banks and brokers. Aver- tracks the Hang Seng Index, fees for2020,Blackstone said, the discussions said. agedaily turnover stood at the and China Mobile makes up HK$200 billion and8.2% in 2019.Other funds Mr.Dowling will stay on equivalent of $1.78 billion, in 2.3% of its portfolio. CALLABLE in thebusiness, called Black- Brown’sinvestment commit- BULL/BEAR WARRANTS Affected by December. TheTracker Fund launched CONTRACTS stoneAlternativeAsset Man- tee. Warrantsand callable bull/ in 1999,tohelp the Hong Kong agement, not included in the in- —Miriam Gottfried bear contractshavebecome government unload shares it 150 dexhad stronger performance. contributed to this article. Stock Bans popular in Hong Kong as ways had bought the previous year Mr.Dowling joined Brown’s to makeleveraged bets on to support the market during endowment as itschief invest- moves in shares, indexes and the Asian financial crisis, and ment officer in 2013 afterrun- ContinuedfrompageB1 other asset prices. For exam- marked the start of the ex- ning ahedgefund that managed Clearing Ltd., the stock ex- ple,investorsbullish on apar- change-traded fund industry 100 $1.2 billion at itspeak.When he change’sparent company, said ticular stock could buy war- in Hong Kong. handed off leadership of Sundayitwas working closely rantstied to that security.For TheU.S.blacklisting has led Brown’s$4.7billion endowment with the banks to ensureor- the lifetime of the warrant, to the delisting of three Chi- in July,its record over the last derly delistings. “Wedonot they would then effectively nese telecom carriers from the one,three and five fiscal years believethe delistingswill have have the right, but not the ob- NewYork Stock Exchangeand 50 ranked among the top5%of a material adverse impact on ligation, to buy those shares at their removal from indexes collegeand university endow- Hong Kong’sstructured prod- a fixed price. compiled by MSCI Inc., S&P ments, according to Brown’s ucts market,” it said. “We are Separately on Monday, one DowJones Indices and FTSE 2020 endowment report. confident that therewill be of the city’s highest-profile Russell.The uncertainty Brownunder Mr.Dowling sufficient investment choices funds said it wouldn’t make around the companies’ status 0 made early and sizable invest-

to meet market demand.” anynew investmentsinblack- prompted swingsintheir 2Q ’19 ’20 2Q ’19 ’20 mentsinstartup hedgefunds, UNIVERSITY HKEX said the city’s struc- listed securities.The $13.5 bil- stock prices.OnMonday, the 2018 2018 embraced managers investing N OW

tured-productsmarket wasthe lion Tracker Fund, which is shares rose between 1.5% and Note:HK$100 billion=$12.9 billion in privatecompanies and in- BR world’slargest, with over managed by State Street 5.8% in Hong Kong. Source:Hong Kong Exchanges and Clearing vested in deals alongside other Joe Dowling Treasury-Bond Yields Increase for Sixth Straight Session

BY SEBASTIAN PELLEJERO bonds when they areworried aDecember $900 billion eco- ticipation of increased govern- ber policymeeting,according Bureau of Economic Analysis. about the economyand don’t nomic relief packagehave ment spending without to recently released minutes. Therise in yields comes U.S. government bond yields want to hold riskier assetslike liftedinvestor confidence, corresponding taxincreases “The Feddoesn’t sound like ahead of notable Treasuryauc- rose Mondaydespite adecline stocks. pushing them toward riskier because it portends morebor- it’skeen to backstop the mar- tions this week.The Treasury in stocks,asixth consecutive Driving yields higher in re- assets. Such spending can rowing and alargersupply of ketany time soon,” Mr.Gold- Department sold arecord$58 session of gains afterlogging cent sessions: increased inves- driveyields higher by boosting Treasurybonds. berg said. “They areOKwith billion in three-year notes their biggest one-week in- torexpectations fornew stim- economic growth and inflation, TheFederal Reservehas nominal ratesadjusting higher Monday. Thethree-year auc- crease sinceJune. ulus measures afterDemocrats making it morelikely that the pledged to hold rateslow for because real interest ratesare tion is followedbysales of $38 CREDIT Theyield on the woncontrol of the Senatedur- Fedwill raise short-term inter- the immediatefuture, but the so low.” billion in 10-year notes Tues- MARKETS benchmark 10-year ing last week’sGeorgia runoffs. est rates. combination of newstimulus It will still take yearsfor dayand $24billion in 30-year Treasurynote, The10-year yield rose TheDemocratic victorylast and signs of economic recov- the entireU.S.economytore- bonds Wednesday, which which rises when bond prices above1%for the firsttime week raises the chances of erysuggest the central bank covertoprepandemic levels, should provide agaugeofmar- fall, settled at 1.131%, accord- sinceMarch afterlast week’s even more .Citibank maynot increase itsown stim- said Jim Vogel, interest-rate ketsentiment. ing to Tradeweb. That is up election results, marking are- analystsforecast around $600 ulus to counteract the recent strategist at FHN Financial, “The 10-year and 30-year from 1.105% Friday. covery from record lows billion in additional relief climbinyields,said Gennadiy anditisn’t clear howmuch auctions arethe big litmus Theclimb extended even as reached early in the pandemic, spending early in the second Goldberg, senior U.S. rates newstimulus money would be testsofdemand,” said Mr. U.S. stock indexesfell, abreak when stocks plunged and in- quarter,while Bank of America strategist at TD Securities. spent. TheU.S.personal saving Goldberg. “Some investors from the usual relationship be- vestorsfled to the safety of said anew,near-term bill Central-bank officials didn’t rate in November remained think these aregreat levelsto tween stocks and bonds.Inves- government bonds. could totalasmuch as $1 tril- see astrong case to boost as- aboveprepandemic levels,at buy the dip.Othersare think- tors tend to buy government Therollout of vaccines and lion. Yields tend to rise in an- set purchases at their Decem- 12.9%, according to the U.S. ing this is not the bottom.”

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret DoubleLine Funds CpInc r 10.81 -0.01 0.9 CapApInst 104.96 -1.95 0.7 PIMCO Funds A EMAdmr 43.15 -0.26 3.5 WelltnAdml 77.00 -0.29 0.5 ExtndIstPl 321.75 -0.01 4.5 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. CoreFxdIncmI 11.25 -0.01 -0.6 DivIntl 48.50 -0.43 1.7 Harding Loevner IncomeFd NA ... NA EqIncAdml 81.37 +0.27 2.6 WndsrAdml 74.30 +0.09 4.1 IdxIntl 19.91 -0.21 2.6 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese TotRetBdI 10.66 ... -0.4 GroCo 33.70 -0.26 2.5 IntlEq NA ... 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NE-Notreleased by Lipper; 500IdxInstPrem131.75 -0.87 1.2 Magin 12.95 -0.13 -0.8 CoreBond 12.16 -0.02 NA Price Funds HlthCareAdml r 94.18 +0.72 3.6 INSTTRF2030 28.44 -0.16 1.1 TotItlInstPlId r133.20 -1.42 2.6 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. Contrafund K6 18.87 -0.18 -0.1 NASDAQ r 163.66 -2.09 1.2 EqInc 20.30 +0.03 NA BlChip 165.09 -2.16 -0.3 HYCorAdml r 5.98 -0.01 0.1 INSTTRF2035 29.12 -0.17 1.4 TotSt 96.41 -0.51 1.8 ExtMktIdxInstPre 87.24 -0.01 4.5 OTC 17.65 -0.25 0.7 JPMorgan R Class DivGro 60.78 -0.18 1.3 InfProAd 28.11 -0.04 -0.7 INSTTRF2040 29.81 -0.20 1.6 VANGUARD INSTL FDS FidSerToMarket 13.14 -0.07 1.8 Puritn 26.36 -0.09 1.3 CoreBond 12.18 -0.01 NA EqInc 32.30 +0.06 3.4 IntlGrAdml 166.15 -2.62 3.7 INSTTRF2045 30.43 -0.21 1.8 BalInst 44.63 -0.17 0.6 Monday, January 11, 2021 IntlIdxInstPrem 46.56 -0.53 2.1 SrsEmrgMkt 26.07 -0.20 4.4 Lord Abbett A Growth 96.32 -1.10 -0.6 ITBondAdml 12.44 -0.02 -1.1 INSTTRF2050 30.51 -0.21 1.8 DevMktsIndInst 15.60 -0.19 2.3 YTD YTD YTD Net Net Net MidCpInxInstPrem 27.85 -0.02 3.1 SrsGlobal 14.75 -0.14 2.9 ShtDurIncmA p 4.21 ... 0.1 HelSci 103.53 +0.38 4.7 ITIGradeAdml 10.37 -0.01 -0.9 DevMktsInxInst 24.38 -0.30 2.3 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret INSTTRF2055 30.59 -0.21 1.8 SAIUSLgCpIndxFd 19.87 -0.13 1.2 SrsGroCoRetail 23.34 -0.18 2.5 Lord Abbett F LgCapGow I 61.20 -0.76 ... LTGradeAdml 11.39 -0.01 -3.3 IntlVal 41.32 -0.61 2.7 ExtndInst 130.38 ... 4.5 GrwthInst 130.50 -1.77 ... American Century Inv Baird Funds DivIncom I 26.40 +0.06 2.3 SeriesBondFd 10.66 -0.02 -1.1 SrsIntlGrw 17.99 -0.14 1.2 ShtDurIncm 4.21 ... 0.1 MidCap 116.62 -0.12 3.1 MidCpAdml 263.35 -0.63 2.7 LifeCon 22.74 -0.09 0.3 MuHYAdml 11.97 ... 0.2 InPrSeIn 11.45 -0.02 -0.8 Ultra 76.19 -1.40 0.3 AggBdInst 11.65 -0.01 -1.0 Dimensional Fds SeriesOverseas 12.52 -0.14 1.0 SrsIntlVal 10.44 -0.13 3.5 Metropolitan West NHoriz 83.40 -0.24 1.4 LifeGro 40.86 -0.26 1.5 MuIntAdml 14.85 ...... InstIdx 335.49 -2.21 1.2 American Funds Cl A CorBdInst 12.03 -0.01 -0.9 5GlbFxdInc 10.90 ... 0.1 SmCpIdxInstPrem 26.45 -0.01 5.9 TotalBond 11.22 -0.01 -0.8 TotRetBdI 11.07 -0.02 -0.9 R2020 23.00 -0.09 1.1 LifeMod 31.94 -0.16 0.9 MuLTAdml 12.21 -0.01 -0.1 InstPlus 335.50 -2.22 1.2 AmcpA p 39.49 -0.28 1.0 BlackRock Funds EmgMktVa 29.73 -0.17 3.8 TMktIdxInstPrem109.65 -0.60 1.8 Fidelity SAI TRBdPlan 10.38 -0.02 -1.0 R2025 19.62 -0.09 1.3 PrmcpCor 30.09 +0.17 3.8 MuLtdAdml 11.26 ...... InstTStPlus 75.29 -0.40 1.8 AMutlA p 45.33 -0.08 1.6 HiYBlk 7.78 -0.02 -0.1 EmMktCorEq 25.22 -0.14 3.9 USBdIdxInstPrem 12.31 -0.01 -1.1 TotalBd 10.66 -0.02 -0.9 MFS Funds Class I R2030 28.89 -0.14 1.5 STAR 31.52 -0.15 1.4 MuShtAdml 15.95 ...... MidCpInst 58.18 -0.13 2.7 BalA p 30.45 -0.05 0.8 HiYldBd Inst 7.78 -0.02 ... 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THE WALL STREET JOURNAL. ***** Tuesday, January 12, 2021 | B11 MARKETS Stocks Fall, Pressured by Tech Shares

BY CAITLIN OSTROFF Shares of Twitter fell $3.30, 0% an uptick in economic growth Eli Lilly shares jumped AND GUNJAN BANERJI or 6.4%, to $48.18 on concern and inflation. There also is a $19.53, or 11.7%, to arecord that the social-media company growing expectation that the $185.94after it said an experi- Aslide in shares of technol- mayfaceabacklash from reg- –2 government will issue more mental Alzheimer’s drug ogycompanies weighed on the ulatorsorusersafter it notestopay foradditional helped patientsinasmall trial. broader market, as investors banned Mr.Trump’spersonal stimulus.OnMonday, the yield Overseas,the pan-continen- grew wary of the potential for account,citing the risk of fur- –4 on the 10-year Treasurynote talStoxxEurope 600 fell 0.7%. heightened regulation tied to ther incitement of violence. edged up forthe sixth consec- At midday Tuesday in To- the market’smost enduring Facebook shares lost $10.73, or utivesession to 1.131% from kyo, the Nikkei was up 0.2%, winners. 4%, to $256.84. Apple dropped –6 1.105% Friday, marking itslon- Hong Kong’sHang Seng Index TheS&P 500 declined 25.07 $3.07, or 2.3%, to $128.98. gest winning streak sinceOc- wasup0.4%and South Korea’s points, or 0.7%, to 3799.61af- Stocks had rallied in recent tober. Yields rise when bond Kospi wasdown0.5%. U.S. terhitting arecordonFriday. days on betsthat Congress –8 Share-priceand indexperformanceMonday prices fall. stock futures were up 0.2%. Thetech-heavy Nasdaq Com- will increase government Meanwhile,cyclical sectors positedropped spending, bolstering an eco- Nasdaq Composite likefinancials and energy have MONDAY’S 165.54 points, or nomic recovery that stagnated soared. These groups contin- AUCTION RESULTS –10 Apple Here are the results of Monday's Treasury auctions. MARKETS 1.25%, to recently. ued to edgehigher Monday All bids are awarded at a single price at the market- Facebook clearing yield. Rates are determined by the difference 13036.43. The The monthly U.S. jobs re- despite the broader market’s between that price and the face value. Twitter DowJones Industrial Average port on Fridayshowedthat –12 declines,asign that those bets shed 89.28 points, or 0.3%, to the nation’s labor-market re- persisted. 10 a.m. 11 noon 1p.m. 234 13-Week 26-Week 31008.69. covery stalled in December, “We’recautiously optimis- Applications $164,521,896,300 $173,787,155,300 Accepted bids $60,574,699,500 $57,209,487,300 Tech heavyweights under- with seven months of job Source:FactSet tic at this point,” said Amy " noncomp $721,064,100 $562,772,300 performed the broader market growth ending.Employers cut Kong, chief investment officer " foreign noncomp $772,000,000 $354,000,000 Auction price (rate) 99.977250 99.954500 as they slashed access to some jobs last month as coronavirus an article of impeachment ing about U.S. politics even at Barrett Asset Management. (0.090%) (0.090%) of President Trump’sfavorite cases continued to spread against Mr.Trump.That is morethan before. Theunder- “The markets have just been 0.091% 0.091% Bids at clearing yield accepted 19.39% 40.40% megaphones afterthe storm- acrossthe U.S.,forcing restau- prompting concern that fresh lying storyisstill pretty much very strong.” 9127964Y2 9127963S6 ing of the Capitol by his sup- rantsand barstoclose or rancor in Washingtonmay di- the same.” In corporatenews, U.S.- Both issues are dated Jan. 14, 2021. The 13-week bills porters. Theriot, planned and scaledown. Expertshave minish supportfor other im- To some investors, Monday’s traded shares of NIO jumped mature on April 15, 2021; the 26-week bills mature on July 15, 2021. discussed on social media, is warned this month of surges portantmeasures. moves looked likeapause after $3.78, or 6.4%, to $62.70,are- expected to spur congressional in newcases,hospitalizations “Everything is alittle bit atremendous runfor stocks to cord,after the electric-vehicle THREE-YEAR NOTES Applications $152,016,891,800 effortstoregulatebig tech. and deaths after December’s bumpier than we expected it kick off the newyear.The Dow makerunveiled itsfourth pro- Accepted bids $63,830,661,800 Facebook has indefinitely sus- holidaygatherings and travel. to be a week ago,” said Luca on Fridaynotched itsthirdre- duction model at itsannual " noncompetitively $24,154,800 " foreign noncompetitively $100,000,000 pended Mr.Trump,while Ap- Market sentiment dimmed Paolini, chief strategist at Pic- cord close of 2021. “NIO Day” Saturday. NIO has Auction price (rate) 99.674335 ple, Amazon.com and Alpha- at thestart of the newweek as tetAsset Management. “It Theprospect of additional become popular among inves- (0.234%) Interest rate 0.125% bet’s Google retracted support investorsconfronted several feels like2020 hasn’t really stimulus has pushed govern- tors, drawing chatter across Bids at clearing yield accepted 76.12% forthe social-media app Par- risks.Onthe political front, ended. We areinthe middle of ment-bond yields higher in re- social media and heavy trading Cusip number 91282CBE0 The notes, dated Jan. 15, 2021, mature on Jan. 15, ler. HouseDemocrats introduced apandemic,weare still talk- cent days as investorsbet on volumes. 2024. Crypto Platform Called In Trades at Bitcoin Peak

Unit to BY ANNA HIRTENSTEIN verage,but also expose them- ate PingAn Insurance and cause the margin call occurred necessarily linked to eToro. selves and the brokerageto Russia’s Sberbank. when the bitcoin price was at “I would attributeitto Apopular online brokerage losses in the case of rapid The platform told users by ahigh, most traderswerein profit-taking,” he said. “Ifyou Go Public abruptly curbed trading in pullback in prices. emailonFridayat4:46p.m. the black at the time,said Ms. look at the priceaction over cryptocurrencies just as bit- Theonline brokeragesaid it London time that they had un- Butler.Innormal circum- the past 30 days,it’srisen coin hit a record high, catch- saw afrenzy of cryptocur- til 9p.m. to increase their stances, if a brokerage calls a over 100%. It’sapacethat’sso ContinuedfrompageB1 ing investorsinone of the rencyactivity in recent weeks. margin positions by 100%, margin trade that isn’t cov- intense that apullback was feredbyStarbucks Corp.and hottest corners of the market It added about 200,000 new whichturns leveraged posi- ered by the underlying assets, virtually guaranteed on a airlines,and virtual assetsfrom off guard. registered usersinthe first tionsintonormal, nonlever- the brokerage would demand short-term basis.” videogames. EToro,anIsrael-based digi- week of the year,during which aged ones. payment from the trader. Mohamad Koddo,a23-year- Morethan 400,000 people taltrading platform with its platform saw several days Traderswho missed this It isn’t clear whether old daytrader in Sofia, Bul- preregistered forthe app,which global operations,told cus- of cryptocurrencytrading vol- window had their contracts eToro’smovealone could have garia, said eToroclosed out is expected to have awide pub- tomersinEurope lateFriday umes that were at 10 timesthe closed. set the market into its week- one of his leveraged contracts lic rollout in March, Bakktsays. they hadtoclose all margin average of last year. end pricespiral. Bitcoin is no- at alossonFriday. He tried to Bakkt projectsthe app will trading in cryptocurrencies in Based on an internal risk toriously volatile due to alim- sell other profitable invest- amassmorethan 30 million us- amatterofhours, according assessment and the high levels The brokerage said ited number of big players and mentsand post margin and ersinfiveyears, according to a to the company. Margin trades of volatility in the market, the arelatively small amount of keep it open and that the presentation about the deal re- use borrowedmoney to am- companydecided to halt both it saw a frenzy of trading compared with tradi- trade didn’t processdue to leased on Monday. That ambi- plify investments. newand existing leveraged cryptocurrency tional currencies. technical glitches, he said. tious target would put Bakktin Theorder came as bitcoin contracts, said AmyButler,an Bitcoin, introduced in 2008, “It wasimpossible to getto the same league as other block- approached an all-time high of eToro spokeswoman. activity recently. has gone from aniche,digital the 100% margin. I’ll now get buster financial apps likeRobin- $41,962 on Friday, after more “Marginrequirementsfor version of cash outside the my money out and Iwill use hood, Venmo or Cash App. than tripling in 2020.Overthe leveraged positions can control of governments, to a some other trading platform,” Bakkt also said Mondayit weekend, the cryptocurrency change from time to time es- widely watched investment.It Mr. Koddo said. washiring Gavin Michael,a went in reverse, shedding pecially due to extraordinary Previously,eToro traders has alimited supply and has Jurij Toplak,anadjunct law veteranbanking-technologyex- around a quarter of its value, market conditions,” she said. had the option to double cryp- been covetedbytraderswho professor at Fordham Univer- ecutive, as itsnew chief execu- and traded at $34,184 on Mon- Etoro, founded in 2007,is tocurrencyexposurewith le- see it as a21st centuryversion sity who is advising several tive. Mr.Michael wasmost re- day, according to datafrom one of several online financial verage.For everydollar they of gold. Thepriceofbitcoin eTorousers, said traderswere cently head of technologyfor CoinDesk. companies that catertoso- invested, the brokerage soared last year as central attracted to eToro because it Citigroup Inc.’sconsumer bank, ThemovebyeToro shows cially networked day traders. matched it with a loan. Trad- banks slashed interest rates. was one of the few platforms and previouslyhad asimilar the topsy-turvyworld of cryp- It launched aU.S.cryptocur- erscould double their gains, Some investorssee bitcoin as a that offeredleveraged bitcoin role at JPMorganChase &Co. tocurrencies,whererapid rencytrading platform in but also double their losses. hedgeagainst the debasement trading. Thetraditional core business priceswings—oftenwith little 2018.Friday’smovedidn’t ap- Forthose with again on of traditional fiat currencies. “There’salot of losshere of Atlanta-based Intercontinen- or no catalyst—can surprise ply to its U.S. business. Fridaywhen the margin trades Otherssay it is aworthlessfad. forthe users. It’sfuture talExchange, or ICE, is operat- investorsand broker- According to itswebsite, were called, their cryptocur- Joel Kruger,acurrency losses: If bitcoin rises to ing exchanges and clearing- ages. With margin trading, as eToroisbacked by venture rencywas converted intodol- strategist at LMAXGroup, $70,000 nowthe user has no houses used by banks and large an asset’s value increases, in- funding from Chinese insur- larsand deposited in the doesn’t believethe plungein way of getting this money,” he trading firms.Bakktisits first vestors can increase their le- anceand financial conglomer- trader’s eToroaccount. Be- bitcoin over the weekend was said. consumer-oriented business. In taking Bakktpublic,ICE chosetomerge it with aSPAC forasmall number of cargoes rather than holding an initial Asia Cold that could be delivered by public offering.Afirm that February. Tradersare passing merges with ablank-check higher shipping ratesontoend companygains itsspot on a Wave Lifts users. Another cost they look stock exchange. to feed through to customers VPCisbacked by Victory is that of LNG lost to evapora- Park Capital,aninvestment LNG Price tion during the voyage, known firm based in Chicago. Thedeal as boil-off gas. is expected to close in the sec- GES More carriers are expected ond quarter.The SPAC is listed ContinuedfrompageB1 IMA to arriveinAsia toward the

on the Nasdaq Stock Market, cording to cargo-tracking firm GETTY end of February, pulling prices but plans to switch to the NYSE Vortexa. forLNG in March well below

afterthe Bakktdeal. But tradersare struggling MEDIA/ Februarylevels, said Chris Du- ICE will retain amajority to secureenough vessels rman,head of LNG analytics at OFT

stakeinBakktafter the deal. thanks to delays at thePan- CR Platts.Still, tradersexpect lit- Bakktwill gain visibility as a ama Canal, which is dealing tle letup in prices until the publicly traded companywith with aseasonal backlog of weather thaws.

itsown stock ticker,helping it container ships that has been CHINA/BAR ThespikeinLNG prices has promoteits brand and the new aggravated by thestrong de- rippled through other markets, TURE

app,ICE Chairman and CEO mand for FEA helping to propel electricity Jeffrey Sprecher said. COMMODITIES consumer Exporters on the Gulf Coastare running at full throttle to ship the surplus of gas in the U.S. to Asia. prices in Japan to a series of Mr.Sprecher has previously goods dur- records. Some industrial users called Bakkta“moonshot” bet. ing the pandemic.Instead of price for chartering them. “It year,when scores of cargoes ity.Buyershaveapproached of the fuel in China have gone He said the venturehas made waiting in line forovera is very hardtofind ships,” were scrapped foradifferent Canada LNG Grouplooking to without because authorities solid progresssinceICE week,some LNG carriersare said Øystein Kalleklev,chief reason: alack of demand. buy gas in 40-foot containers aregiving priority to gasfor launched it in 2018. taking the long routetoAsia executiveofBermuda-based Charter prices forvessels transported by container heat generation, said Robert Bakkt’s firstCEO wasKelly around the Cape of Good Flex LNG, which owns a fleet moving LNG from the Gulf ships, said Louis Philippe, Sims,research director for Loeffler,who leftthe venture Hope.Circumnavigating the of LNG carriers. Coast to Europe rocketed to managing partner at the sup- short-term LNG at Wood when she wasappointed asen- cape adds about 17 days to Despitethe strong demand, $322,500 aday Fridayfrom plier. LNG is normally moved Mackenzie, a consulting firm. ator forGeorgia. Ms.Loeffler, the voyagefromthe Gulf several cargoes that were due about $190,000 aday at the on specialist carriers. “All the main LNG buyers who is married to Mr.Sprecher, Coast to Tokyo, according to to depart the Gulf Coast in end of 2020,according to Shipping and gasmarkets [in Asia] areconcerned they’re lost arunoff election last week. Mr.Dunipace. Februaryhavebeen canceled Spark Commodities,which col- arefeeding on each other, going to be short,” said Bray- That hasresulted in a because of alack of ships,ac- lates data from shipbrokers. driving Asian LNG prices far ton Tom, senior risk manager Daily volumes in Bakkt bitcoin dearth of boatsavailable for cording to market participants. Asia’shunt forLNG has above those in the rest of the for energy markets at StoneX futures LNG tradersand ajump in the That is aturnaround from last prompted some unusual activ- world. Utilities arecompeting Group. $200 million Deal Nears for Stake in Firm With Ties to Cowboys, Ya nkees 150 BY MIRIAM GOTTFRIED tional Football League’sDallas LosAngeles Clippersand Live maining sizable ownersof In April the firm partnered Cowboys,Major League Base- Nation Entertainment Inc. Legends,according to people with private-equity firm Silver Investment firm Sixth ball’sNew York Yankees and among itspartners. familiar with the matter. Lake to invest $1 billion in Street Partners is nearing a themerchant bank of Gold- Goldman sold itsstake in Aformer affiliateofpri- home-sharing company 100 deal to buy amajority stakein manSachs Group Inc., Leg- 2012. Theremaining owners vate-equity firm TPG, Sixth Airbnb Inc., which wasbeing sports-and-entertainment ends partnerswith topsports sold asignificant minority Street has morethan $50 bil- batteredbyawaveofpan- events company Legends Hos- and entertainment brands to staketoprivate-equity firm lion in assetsunder manage- demic-related cancellations. pitality LLC,according to design, plan and managespe- NewMountain Capital in 2017 ment, including its open- Warrantsitreceived as 50 people familiar with the mat- cial eventsand liveexperi- in adeal that valued the com- ended flagship vehicle,which part of thedeal valued the ter. ences. panyatmorethan $700 mil- last year became one of the companyat$18 billion,The Thedeal is expected to Thecompany, which also lion, according to PitchBook. largest pools of privatecapi- Wall Street Journal reported. value Legends at $1.3billion has divisions that focus on In the transaction being tal. Airbnb went public in De- 0 including debt, the people sponsorships,merchandise discussed, Sixth Street would Adeal forLegends would cember at aroughly $47bil- 2019 2020 2021 said. andtechnology, countsReal primarily be buying the stake be Sixth Street’slatestbet on lion valuation, and it currently

Note:Through Friday Founded in 2008 by a Madrid, SoFiStadium, the owned by NewMountain, with an industryhard-hit by the has amarket capitalization of Source:skew.com group that included the Na- University of NotreDame,the the Cowboys and Yankees re- coronavirus pandemic. nearly $90 billion. P2JW012000-0-B01200-1------XA

B12 | Tuesday, January 12, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY CarMakersMay Find Worm in Apple Lilly Drug Has a Lot Investors in Hyundai may be overestimating the benefits of an electric-vehicle pact with the tech giant Of Upside, An Apple car, if it is ever launched, would be a big deal. But the potential rewards for manufac- Little Risk turers come with a sting. Shares in Hyundai Motor rose around 9% Monday after a Korean newspaper reported the car maker Alzheimer’s treatment plans to sign an agreement with is fairly inexpensive bet Apple for an autonomous electric vehicle. The stock jumped 19% on Friday, when Hyundai said it was Positive data from Eli Lilly’s ex- in early-stage discussions with the perimental Alzheimer’s disease iPhone designer. treatment is hopeful news for pa- Apple started to work on avehi- tients and, for now, a winner on cle in 2014, but the project has pro- Wall Street. gressed fitfully and the company Lilly shares jumped 12% on S rarely acknowledged it publicly.A Mondayafter the companysaid the Reuters report last month said it PRES drug donanemab slowedpatients’

wastargeting a2024launch, which UMA decline in memoryand ability to /Z

would be ambitious foranything TO perform activities of daily living by with ameaningfuldegree of auton- 32% after18months compared omy. Hyundai would likely be a with those receiving aplacebo.The

production partner,akin to the role A/NURPHO news boosted Lilly’s market value

Taiwanese electronics giant Fox- CHIR by nearly $20 billion.

conn plays in iPhone assembly. VA Those benefits will need to be Forall the glamour—and poten- A confirmed in a larger trial. Sadly, CHIR

tial manufacturing volumes—of be- VA the drug industry has had several ing associated with an Apple- Shares in Hyundai rose after a report that it plans to sign a deal with Apple for an autonomous electric vehicle. prospective Alzheimer’s drugs that branded car, the almost $15 billion showed promise and created stock gain in Hyundai’smarket value since So why are some established may be making a similar calcula- difficult business of vehicle assem- market gains but fizzled out. The Thursday’sclose is hardtojustify. car makers now offering to make tion in its talks with Apple, which bly, but the move underlines the Lilly data are from 272 patients. Besides the risks that the talks electric vehicles for potential ri- could be much more consequen- risk of new, return-sapping compe- Of course, the benefits of being come to nothing,orthat anyproject vals? Beyond Hyundai’s talks with tial. Both car makers have come to tition from the electronics and the first to crack the code would drains cash forlonger than ex- Apple, General Motors agreed to be seen as forward-thinking and battery manufacturing hubs of be massive. There are 5 million pected, contract manufacturing isn’t make a pickup truck for U.S. their stocks have risen close to East Asia. Americans living with the fatal an especially attractivebusiness. startup Nikola last year, before previous records. Much activity in the carindustry disease, according to the Alzhei- Canadian supplier Magna Inter- that part of the deal unraveled The risk is that such deals facil- is motivated by the $834 billion mer’s Association. The population national, which is seen as a poten- amid revelations that Nikola itate the rise of new electric-vehi- market value of Tesla.Ifthis num- is aging, so that figure is likely tial partner for Apple, assembles founder Trevor Milton exaggerated cle brands, while giving estab- ber canberationalized,which is headed higher in the years ahead. vehicles under other brands, nota- the company’s technology. lished car companies an even less challenging,itisonly with reference Lilly has achancetobefirst in bly the Jaguar I-Pace, an all-elec- In GM’s case, the arrangement satisfactory return than Magna to the value of Tesla’sbrand and class. U.S. regulatorsare set to de- tric sport-utility vehicle. The activ- was a way to spread the cost of its makes from vehicle assembly. Fox- product development—the elements cide whether to approve Biogen’s ex- ity hasn’t been very profitable. electric-vehicle technology over a conn, whose iPhone margins are no electric-vehicle startup wantsto perimental drug aducanumab by Magna’s “complete vehicles” divi- broader base of vehicles, whether infamously thin, in October outsource.For carmakers, seeking March 7. But an advisorypanel of sion reported operating margins of or not they bear a GM brand, and launched an automotive platform assembly contractsisagrowth outside expertsconvened by the 2.1% and 1.1% in 2019 and 2018, re- to pave a new growth path. Hyun- that it wants to be the “Android of strategythat mayrun intoadead Food and Drug Administration in No- spectively, lower than at its parts dai, which unveiled its own elec- EVs.” It is unclear how far the end, even with abrand as powerful vember votedoverwhelmingly that businesses. tric-vehicle platform last month, company will get involved with the as Apple. —Stephen Wilmot the best available datadoesn’t show the drug is sufficiently effective. While one could easily argueits market-value gain exceeds the probability-weighted potential pay- China Gives U.S. Tech the Silent Treatment off, Lilly’s core businessisinfine health.Speculating on abreak- through is thereforeafairly safe proposition. Thecompanysaid last Patience may be a virtue. For Share-priceand indexperformance, past twoyears Arm Holdingsto take 18 months month it expectstobook between U.S. tech companies looking to do from that deal’s announcement $26.5 billion and $28 billion in rev- deals that involve China, it is also 100% date in mid-September. enue this year.That should top an expensive necessity. Acacia Dragging out approval to 18 10% sales growth from 2020 at the Communications Cisco Systems and Applied Ma- Ciscodeal announced months or more can change the midpoint of the forecast range. The s96% terials each received different les- 75 calculus for a lot of transactions— shares trade at about 23 times this sons on that score last week. On Nasdaq especially in a hot market for year’s adjusted earningsforecast. Friday, Cisco found its $2.6 billion Composite tech stocks. While that is no bargain, it hardly deal to buy Acacia Communica- s89% The PHLX Semiconductor In- seems unreasonable in amarket tions in serious jeopardy after 50 dex has nearly doubled in value teeming with speculativemanias. Acacia said it was terminating the since Applied announced its deal, Betting that this time is differ- merger due to a lack of approval giving Kokusai owner KKR the ent in the battle against Alzhei- from Chinese regulators. Cisco’s ability to push for a better price. mer’s is a fairly inexpensive propo- unusual response was that it did, 25 And while Cisco gave Acacia a 46% sition. —Charley Grant in fact, receive the necessary ap- premium, the Nasdaq has surged proval, and it is now seeking a 61% since that deal was an- Eli Lilly’s shareprice court mandate that would prevent 0 nounced. Shares of peers such as the deal from being terminated. Lumentum and Infinera have $190 The deal was first struck in July 2019 ’20 ’21 more than doubled in that time. 2019 and was Cisco’s largest acqui- Source:FactSet An improvement in trade rela- 185 sition since its $3.7 billion pickup tions between the two countries of AppDynamics more than two deadline to close the merger to Chinese authorities have found could improve the situation. But 180 years prior. March 19 from its original date another—and perhaps more sub- President-elect Joe Biden has little Applied Materials took a differ- of Dec. 30. tle—way to make life difficult for political incentive to appear soft ent tack. The maker of semicon- Both cases are just the latest U.S. tech companies in return. on China, and has in fact been sig- 175 ductor manufacturing gear earlier sign of soured trade relations be- Qualcomm had to terminate its naling his own get-tough ap- in the week announced in a regula- tween the U.S. and China. The de- $44 billion acquisition of NXP proach, including building an alli- 170 tory filing that it has raised its parting Trump administration has Semiconductorsin mid-2018 after ance with other countries to price for Kokusai Electric to $3.5 continued to pursue aggressive ac- the deal failed to gain the neces- pressure Beijing. How that will 165 billion from the $2.2 billion the tions, such as export controls on sary clearance from China. Nvidia work in the long term remains to two companies first agreed upon Chinese chipmaking giant SMIC took more than a year to gain the be seen. Meanwhile, U.S. tech deal in June 2019. That deal is also only and an order requiring the delist- needed Chinese approval of its makers will need to be ready for 160 awaiting approval from Chinese ing of three Chinese telecommuni- purchase of Mellanox, and the long waits, and possibly bigger Dec.29Jan. 4 11 regulators. With its higher price, cations companies from the New company said last month it ex- checks. 2020 2021 Applied was able to extend the York Stock Exchange. pects its pending acquisition of —Dan Gallagher Source:FactSet The Great Outdoors Offers Some Retail Winners

In a year during which a wide- One-quarter of North American Share-priceperformance, past year ton weighs in at an eye-popping spread return to theaters, concerts campers indicated that their first valuation of roughly 300 times. 500% and travel remains up in the air, camping experience occurred since Dick’sSporting Goods and consumers are likely to continue the beginning of the pandemic, ac- Peloton AcademySports&Outdoors—the finding value in outdoor activities. cording to a survey taken in Sep- 400 s434% latter made itsdebut on the stock Investors might, too. tember by Kampgrounds of Amer- market in October—occupy an at- Just as at-home workouts, cook- ica, a system of privately held tractiveniche of both at-home gym 300 ing and home-improvement projects campgrounds. New camping and Vista Outdoor productsand outdoor equipment. gained steam in the pandemic econ- outdoor recreation habits can lead s299% Both retailersloggedasales jump omy, outdoor activity has proven to to add-on purchases over time. 200 of roughly 20% in the thirdquar- be areprievefor manyhouseholds. For 2021 specifically, outdoor ter. Still, the companies aretrad- Sales of camping equipment grew by recreation is likely to appeal to Yeti Holdings ing at roughly 10 times forward 100 morethan 25% in the thirdquarter both consumers skittish about re- s137% earnings, about half the multiples of 2020 year over year,according to entering packed venues and those of Home Depot or Tractor Supply. market research firm NPD Group. seeking value for money. The out- 0 Othernames that could benefit Forgolf equipment and bicycles, door-recreation economy held from asurge in outdoor activity in- sales grew 75%and morethan 50% steady in the aftermath of the clude CallawayGolf and Uggboots –100 in the same period, respectively. 2007-09 recession, according to owner DeckersOutdoor Corp., Compared with newly popular the Outdoor Industry Association, Feb. 2020 ’21 both of which posted arevenue pursuits such as at-home work- which notes that the industry Source:FactSet surgeofmorethan 10% year over outs, outdoor activity is more grew roughly 5% annually on aver- year in the thirdquarter. Camping likely to endure in popularity in age between 2005 and 2011. facturer of gear forshooting sports and VistaOutdoor have climbed World Holdings,which sells recre- part because it was a growing Such trends bode well forout- and outdoor productsunder brands over the past 12 months,they are ational vehicles and owns outdoor- trend even when people were door-focused brands such as Yeti including CamelBak,registered a still cheaper than some other pan- equipment seller Gander Outdoors, packing concert venues, cruise Holdings,which sells popular similar surge in sales forthe same demic retail gainers, fetching 40 is another one to watch; itssales ships and airplanes: Wholesale drinkware,coolersand other out- period. Their recent sales growth times and 13 times forward12- rose 21% in the same period. camping-equipment sales have door equipment. Sales grew almost exceeded even that of Lululemon, month earnings, respectively.That For those that missed out on grown steadily from 2007 to 2018, 30% in the quarter ended Sept. 26 which loggedasales increase of compares with Lululemon, which the stay-at-home economy win- according to a study published by compared with the likeperiod a 22%inits latest reported quarter. goes for60times by the same mea- ners, these stocks offer a breath of the National Park Service. year earlier. VistaOutdoor,manu- Although shares of Yeti Holdings sure. Exercise-bikejuggernaut Pelo- fresh air. —Jinjoo Lee