P2JW026000-6-A00100-17FFFF5178F

****** TUESDAY,JANUARY26, 2021 ~VOL. CCLXXVII NO.20 WSJ.com HHHH $4.00

DJIA 30960.00 g 36.98 0.1% NASDAQ 13635.99 À 0.7% STOXX 600 405.13 g 0.8% 10-YR. TREAS. À 15/32 , yield 1.038% OIL $52.77 À $0.50 GOLD $1,854.90 g $0.80 EURO $1.2143 YEN 103.77 House Delivers Trump Impeachment Case to Senate Apollo’s What’s News Black To Step Business & Finance Down pollo’s Leon Black Aplans to step down as CEO afteranindependent As CEO reviewrevealed larger-than- expected paymentstoJef- frey Epstein that it never- Review found large thelessdeemed justified. A1 payments to Epstein,  Yellen become the firstwoman to lead the U.S. but concluded they TreasuryDepartment after were justified the Senatevoted 84-15to confirm her forthe post. A2 BY MIRIAM GOTTFRIED  GameStopshares closed 18% higher afterswinging Leon Black plans to step wildly,inwhat has become down as chief executiveof agladiator match between Apollo Global Management Inc. chatroom-driven daytraders afteranindependent reviewre- and shorts. A1 vealed larger-than-expected S payments to disgraced finan-  Citadeland Point72 are PRES cier Jeffrey Epstein that it nev- investing $2.75 billion in

TED erthelessdeemed justified. Melvin Capital, an emer- CIA Themonthslong reviewby

gencyinflux of cash expected SO Dechert LLP found no evidence to stabilizethe hedgefund, AS that Mr.Black wasinvolved in which has been hit hardby LSH/ the criminal activities of the aseries of short bets. B1 WA lateEpstein, who was indicted AN  TheNasdaq and S&P 500 in 2019 on federal sex-traffick- SUS closed at records, gaining NEXTSTEP:Clerk of the HouseCheryl Johnson and acting Sergeant at Arms Tim Blodgett lead the Democratic impeach- ing charges involving underage 0.7% and 0.4%, respec- ment managersastheydeliver to the Senate their case forthe second impeachment of former President .A4 girls,according to the law tively,while the Dowindus- firm’sreport, which wasdis- trials retreated 0.1%. B11 closed in asecurities filing Monday.  AMCsaid it signed deals In itsreport, Dechert found for$917million in financing the fees that the billionaire to survivethe pandemic McConnell CedesonSharing hadpaid Epstein were forle- formonths longer without gitimateadvice on trust- and resorting to bankruptcy.Its estate-tax planning that proved shares rose almost 26%. B1 to be of significant value to Mr.  Google is pushing forward Power, Sees FilibusterStaying Black and his family.Mr. Black with itsplan to removea paid Epstein atotal of $148 widely used tracking tech- million, plus a$10 million do- nologyfromits Chrome nation to his charity—far more browser,despitecomplaints BY LINDSAY WISE Sens.Kyrsten Sinema of Ari- whether Mr.Biden still op- previously embraced that ap- than waspreviously known. from rivals that rely on it to zona and JoeManchin of West poses eliminating the filibus- proach, which gavethe parties Mr.Black wroteinaletter target ads at individuals. B4 WASHINGTON—SenateMi- Virginia reaffirming their op- ter, White House press secre- equal seatsoncommittees and to Apollo’s fund investorsthat nority Leader Mitch McCon- position to itselimination. tary JenPsaki said: “The let nominees and bills advance he would cede the role of CEO  Anheuser-Busch said it nell said that he is ready to Their statementsearlier in the president’sposition hasn’t to the floor even if a commit- to co-founder MarcRowanon won’t devoteaSuper Bowl moveahead with apower- daysignaled that Democrats changed.” tee vote was tied. or beforehis 70th birthdayon commercial to itsflagship sharing agreement aftertwo don’t have the votesneeded to TheDemocratic senators “We’reglad Senator July 31 while retaining the role Budweiser beer brand and Democratic senatorssaid they kill the unilaterally, “agree with President Biden’s McConnell threw in the towel of chairman. In the letter, will redirect the spending to won’t support ending the leg- sinceitwould take all 50 of and my viewthat no Senate and gave up on his ridiculous which wasalso disclosed in the marketing campaigns related islativefilibuster,acentral them, plus Vice President Ka- majority should destroy the demand.Welook forwardto securities filing,Mr. Black de- to Covid-19 vaccinations. B1 sticking pointfor the GOP in mala Harris, voting as a bloc. rightoffutureminorities of organizing the Senateunder tailed other governance the talks. President Biden, who both parties to help shape leg- PleaseturntopageA4 changes he is recommending World-Wide In astatement lateMonday, served 36 yearsinthe Senate, islation,” Mr. McConnell said. to the board, including the ap- the Kentucky Republican said said during his presidential In his statement, he pointed to  DOJ watchdog to investigate pointment of moreindepen- his concerns about the filibus- campaign that he would prefer a2001 agreement—the last election moves...... A4 dent directorsand the elimina-  McConnell said that he terrule,which requires 60 to preserve the filibuster, un- time therewas a50-50 Sen-  GOP Sen. Portman of Ohio tion of Apollo’s dual-class is ready to moveahead with votesfor most legislation to lessGOP resistancetohis leg- ate—as a model for 2021. won’t run in 2022...... A4 sharestructure. Mr.Black also apower-sharing agreement advance, had been assuaged islativeagenda made eliminat- SenateMajority Leader  Justices toss emoluments pledged to donate$200 million in the Senateafter two by commentsfromDemocratic ing it necessary. Asked Friday Chuck Schumer (D., N.Y.) had suits against Trump...... A5 PleaseturntopageA6 Democratic senatorssaid they won’t support ending the legislativefilibuster,a central sticking point for RicchettiBrothers INSIDE Moderna to Test Republicans in the talks. A1  The House sent the ar- ticle of impeachment against Trump to the Sen- Rise in D.C.

S Booster for Va riants ate, officially starting the countdown to a trial. A4 PRES

UMA BY PETER LOFTUS neutralizing antibodies that

 TheJusticeDepartment /Z One is in the White House, the other is a worked against the emerging inspector general said his of- TO Moderna Inc.said its virus variantstested, including fice will investigatewhether lobbyist; power brokers recall Podesta duo Covid-19 vaccine appeared to strains firstevident in the U.K.

agencyofficials “engaged in /NURPHO protect against emerging vari- and South Africa. an improper attempt” to over- BY JULIE BYKOWICZ wantshelp with China trade CLIFF antsofthe coronavirus in lab- That meansthe Moderna turn Biden’selection win. A4

AND BRODY MULLINS issues and aCovid-19 vaccine VID oratorytests, but as aprecau- vaccine likely still protects  Moderna said itsCovid-19 developer embroiled in afed- DA tion it would test whether a against the emerging strains, vaccine appeared to protect WASHINGTON—As a eral investigation. booster shot improves immune but a weaker response to the against emerging variantsof WhiteHouse counselor,Steve Thepresidential change- WORLD NEWS responses and develop anew South Africa variant suggests the coronavirus in lab tests, but Ricchetti is atop confidant of over hasn’t only ushered in a Britain’s economy vaccine targeting the strain the hazards of avirus that as aprecaution it would test President Biden and one of newgovernment but also re- shrank morelastyear firstidentified in South Africa. PleaseturntopageA7 whether abooster shot im- the most important new shuffled Washington’shierar- Thecompanysaid on Mon- proves immune responses. A1 powerbrokers in govern- chyofsenior administration than thatofany other dayits vaccine produced im-  Merck halts developmentof ment. officials and well-connected member of the G-7. A8 mune-system agentsknown as twoexperimental vaccines... A6  Biden signed an execu- tiveorder imposing tougher His younger brother,Jeff lobbyists. TheRicchetti rules on government-pro- Ricchetti, has agrowing ros- brotherswill be trying to curement practices to in- teroflobbying clientsseek- shape policyoverthe next Davos, Minus ing access to those power four yearsfromboth ends of crease purchases of prod- brokers. the axis. ucts made in the U.S. A2 Among them areAma- SteveRicchetti, 63 years Bono and Xi?  TheWhiteHouse lifted zon.comInc., which needs old and an Ohio native, has restrictions against trans- help navigating the govern- PleaseturntopageA10 Paradise gender servicemembers ment’sstimulus plans and an- in the U.S. military, revers- titrust investigations,aman-  Gerald F. Seib: Political center iii ing aTrump directive. A3 ufacturing companythat sizes up Biden’searly days... A4  Italian Prime Minister forum skips Conteisset to resign on Tuesday, asign of the con- Alpine town, tinuing fissures in Italian GameStop’sWild Ride skiers rejoice and European politics. A7  China’s Xi issued a Fueled on Social Media BY ERIC SYLVERS veiled warning against the Biden administration’s DAVOS, Switzerland—The preparations to rally allies BY JOE WALLACE GameStop’sgains forthe year World Economic Forumisn’t in to challenge Beijing on a to morethan 300%, is the latest Davosthis year.The pandemic range of issues. A9 On and chat forums, sign that frenetic trading by in- sawtothat. Forlocals and ski- daytraderswereshouting it dividual investorsisleading to ers, it means they getthe Al- from the rooftops: Buy outsizestock-market swings. pine villageall to themselves, CONTENTS Opinion...... A15-17 GameStop! Thevolatility prompted the something that normally WE STOP Arts in Review... A13 Personal Journal A11-12 Business News...... B3 Sports...... A14 Lotsofpeople did, sending NewYork Stock Exchangeto doesn’t happen in January. Capital Journal...... A4 Technology...... B4-5 the shares of the once-mori- briefly halt trading nine times. Egon Karcher generally Crossword...... A13 U.S. News...... A2-6 bund mall retailer to new About 175.5million shares shuns his second home in Da- AT NOTHING. Heard on Street.B12 Weather...... A13 highs in what has become a changedhands Monday, the vosthis time of year.The traf- Markets...... B11 World News...... A7-9 gladiator match between red- second-largest one-day total, ficand pollution created by That'swhy we built aflexible, ditors and Wall Street shorts. according to Dow Jones Mar- thousands of delegates trying > GameStopCorp.surgedas ket Data. That compares with to put right, or at pay-as-you-go cloud fora much as 145% to $159.18 Mon- PleaseturntopageA2 leastmakeconnections,isall scalable world. daymorning,beforesinking toomuch. belowFriday’sclose only to  Melvin Capital, hit by short “The sense of calm is great” bounceback up again to close bets, gets cash infusion...... B1 , said Dr.Karcher,aretired Learn moreatDellTechnologies.com/Cloud s 2021 Dow Jones & Company, Inc. All Rights Reserved Monday at $76.79, up 18%.  Heard on the Street: Small dentist, as he walked his Ger- Themove, which extended investors show strength... B12 PleaseturntopageA10 P2JW026000-4-A00200-1------XA

A2 | Tuesday, January 26, 2021 **** . U.S. NEWS Treasury and Fed Set for Close Alliance

Powell and Yellen’s enceand economic views set Powell should be closer,” said the stagefor the closest work- Glenn Hubbard, atop eco- shared views suggest ing relationship between their nomic adviser to former Presi- more coordination on institutions sincethe 2008 fi- dent George W. Bush, who nancial crisis. worked with Mr.Powell at the U.S. economic policy This matters forthe econ- Treasuryinthe early 1990s. omybecause it is likely to take Fedofficials could welcome BY NICK TIMIRAOS some of theburden off the Fed the Treasury’s commitment to forspurring afaster economic push for more fiscal stimulus When Jerome Powell suc- recovery. And it helps explain because it eases pressureon ceeded Janet Yellen as Federal whythe central bank likely the Fedtoprovide moremon- Reserve chief three yearsago, won’t be in anyhurrytoraise etarystimulus,which some he hosted afarewell dinner interest rates even if Congress criticssay is contributing to party forher at his home in approves morespending to S inequality by pushing up asset NEW

ChevyChase,Md. Back then, boost growth. G prices while doing lessfor the Ms.Yellen waspassing the ba- Ms.Yellen will also be akey broader economy. tontoMr. Powell. Threeyears adviser to Mr.Biden on Mr.Powell warned last year later,inmanyways,heis whether to offer Mr. Powell a OOMBER against relying toomuch on

passing a baton back to her. second term as Fedleader.Mr. GE/BL Fedpolicytodeliver the divi- TheFed spent 2020 com- Powell, who wasnamed to the dends of tighter labor markets. bating the economic fallout of Fed’sboardbyPresident Ba- “It took [until] the eighth and NOUVELA the coronavirus pandemic with rack Obama, doesn’t have are- ninth and 10th yearsof[the AH

interest-ratecuts, bond pur- lationship with Mr. Biden and ELIJ last decade’s] expansion to get chases and emergencylending didn’t speak to him during the Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen have known each other for years. those benefits,” he said in July. programs.AsFed officials pre- campaign last year or since One risk,some economists paretomeet this week,Mr. the election. warn, is that the combined fire- Powell sees their policies on Mr.Powell, who is entering Senate Confirms role advancing President Biden’s economist, she made it clear powerofthe two institutions hold because they have al- the final year of his term as economic agenda, starting with that she understands what might overdo stimulus to the ready committedtokeeping Fedchairman, faces averydif- Yellen for Treasury an ambitious $1.9 trillion eco- drives our economy: It’s not the economy, triggering some fi- rates at low levels. ferent economic and political nomic relief package that is al- stock market, it’s not Wall nancial bubble or the inflation Ms.Yellen, who wascon- environment than he did when ready facing resistance from Street—it’s people,” Sen. Sher- that few areprojecting.Until firmed by the SenateonMon- he succeeded Ms.Yellen at the WASHINGTON—Janet Yellen GOP lawmakers. rod Brown (D., Ohio) said on they see clear evidenceofex- daytoserveasPresident Bi- Fedin2018.Atthat time, will become the first woman to Ms. Yellen, a former Federal the Senate floor Monday. cess,though, Mr.Powell and den’sTreasurysecretary, given the experiences of the lead the U.S. Treasury Depart- Reserve chairwoman, will also She will take the reins at Ms.Yellen aren’t overly con- hopes to oversee agovern- 1970s and 1980s, economists, ment after the Senate voted become the first person to lead the Treasury as the economic cerned about overdoing it. ment spending wave aimed at including Ms. Yellen, worried 84-15 Monday evening to con- the Treasury, Fed and the recovery falters amid a surge in Their immediatepriority is making sure joblessness falls that very lowunemployment firm her nomination. White House Council of Eco- coronavirus cases and deaths. spurring economic recovery. much lowerand preventing would fuel higher inflation. As The 74-year-old economist, nomic Advisers, which she After seven months of job But both leaders worry about further widening in inequality. Fedchairwoman, she began to who has been at the forefront chaired during the Clinton ad- gains, U.S. employers shed adeeper risk they want to Mr.Powell has handed the gradually raise interest rates of economic policy-making for ministration. 140,000 jobs in December. avoid: Thetrapofslow- stimulus baton to her by in late2015,and Mr.Powell 25 years, will now play a key “As Fed chair, and as a labor —Kate Davidson growth, low-inflation and low pledging to keep ratesvery continued the effort during his interest ratesthat has plagued low until that happens. first year as Fed chairman. Japan for25yearsand Europe Theformer Fedcolleagues President Donald Trump re- as companies competed for prevent the health crisis from tween Mr.Powell and Steven for the past decade. have ahistoryofworking well peatedly admonished Mr.Powell scarce workersbut not the becoming afinancial panic,too. Mnuchin, Mr.Trump’sTreasury Thedesiretoavoid Japan’s together.They formed abond as to stop raising ratesand tried broaderconsumer-pricein- Theevent led to unprece- secretary. Mr.Mnuchin’ssur- situation wasone reason why topofficials at the central bank to install critics of Mr.Powell creases oncefeared. The dented Fed coordination with prise decision afterthe Novem- theFed in August abandoned from 2012 to 2018,atone time on theFed’sboard, though the tighter labor market helped to theTreasuryDepartment on ber election to allowthe pro- itslongstanding strategyof in adjacent offices.Mr. Powell, Senatedidn’t go along. liftthe fortunes of low-skill emergency-lending programs grams to lapse drew arare pre-emptively raising interest who served as asenior Treasury Higher inflation never ma- workers and minorities. but also came with friction be- public objection from the Fed. rateswhen unemployment falls official in the early 1990s,has terialized, and in early 2019, Then came the coronavirus tween the two. Mr.Mnuchin and Mr.Powell to prevent inflation from taking consulted with Ms.Yellen on Mr. Powell signaled an end to pandemic.Manyeconomists Theemergency-lending pro- “did not see eye-to-eyeonsuch off.Instead, the Fedexpectsto policyinher post-Fed life. rate rises.Falling unemploy- agreethat the Fed’sfast and grams wound down at the end coordination, from all outward leave interest ratesverylow for Now, their shared experi- ment spurred wage increases aggressiveresponse helped of 2020 afteradisputebe- appearances,but Yellen and yearsasthe labor market heals.

GameStop’sshareprice $120 Biden Signs Order

100 To BuyAmerican

80 BY YUKA HAYASHI to procuremoreofthe medical gowns his companystarted REUTERS

S/ WASHINGTON—President making during the pandemic. 60 Biden signed an executive or- Morethan 100 workersare PRES der imposing tougher rules on producing gowns forthe De-

FREE government procurement fense Logistics Agencyunder a 40 OIT practicestoincrease pur- contract that is set to finish in chases of productsmade in February. Mr.Wyner said poli- 20 the U.S., a step toward fulfill- ticians and the public have re-

CHELL/DETR ing his Buy American cam- alized the dangersofrelying

MIT paign pledgetostrengthen do- on foreign suppliers for criti- P.

Y 0 30-minuteintervals mestic manufacturing. calgoods and he wantsCon- Thenew policies include gresstoextendBuy American Jan. 11 19 25

KIMBERL tightening the government requirementstomoretypes of The tussle over the company exemplifies the increased sway of individual investors. Source:FactSet procurement rules to make it products. “Both economically harder for federal agencies to and politically this canbe day traders, especially on on- increased sway of individual in- Still, Mr. Andersen said he purchase imported products, made to work,” he said. GameStop line platform Reddit, and vestors. Manypoured intothe doesn’t think the moves in revising the definition of Mr.Biden’sBuy American hedge-fund short sellers, who market during the coronavirus companies such as GameStop American-made products and initiativehas similarities to have been betting against the lockdown, congregating on on- portends trouble forthe raising local-content require- former President Donald Stock Takes stock. line platforms to swaptrading broader market, saying the ments. Theexecutiveorder Trump’s domestic-preference GameStophas been the most ideasand to boast about win- “herdmentality” is confined also aims to ensurethat small effort, which waspart of actively traded stock by cus- ning bets.GameStop’srally is to relatively small stocks. and midsizebusinesses will America First policy that fea- Wild Ride tomersofFidelity Investments oneinaseries of eye-catching Other stocks also vaulted have betteraccesstoinforma- tured tariff wars with China in recent sessions,with buy or- market moves to stir concerns higher withoutany apparent tion needed to bid forgovern- and other trading partners. dersoutnumbering sell orders among fund managers, some of catalyst Monday,beforeslid- ment contracts. Thenew Biden policywill af- ContinuedfromPageOne by more than four-to-one,ac- whom have said trading by in- ing back.Struggling home- “Under the Build Back Better fect federal agencies’ direct the 30-dayaverage of 29.8 cording to the brokerage. dividual investorsispushing goods retailer Bed Bath & Be- recovery plan, we will invest purchase contractsfor goods million shares. “Webroke it. We brokeGME stock prices out of whack with yond Inc., whose in-storesales hundreds of billions dollarsin and services,which totaled Therally has been fueled by at open,” oneReddit user wrote fundamentals. have slumped during the pan- buying American productsand $586 billion in fiscal 2019,ac- investors encouraging each Mondayafter the NYSE halted In another instance, atweet demic,surgedasmuch as 58% cording to the Government Ac- otheronsocial media to pile trading,referring to by Tesla Inc.Chief Executive at onepoint but ended the countability Office. TheGAO intoGameStopshares and op- GameStop’sstock-market ticker. Elon Musk about the messag- session up just 1.6% at $30.68. The order imposes said foreign productsaccounted tions.The buying pressurehas Some Reddit usersegged ingapp Signal sparked arally Software and services firm forlessthan 5% of direct fed- led money managerstoswitch othersonwhen GameStop in the sharepriceofunrelated BlackBerryLtd.advanced28%. tougher rules on eral procurement but has out of substantial betsthat the shares subsequently went into biotechnologycompanySignal Adding to the frenzy,op- government warned that the actual amount stock would fall, investorsand reverse, using an emoji to de- Advance Inc. tions contractstied to might be largerowing to sys- analystssaid. This resulted in scribe the stock as arocket to “This is the newday and age GameStopshares have been procurements. temerrorsand limitations. a short squeeze in which ris- the moon. “Hold the line! No in which no one listens to the changing hands at arecord While direct government ing prices prompt investorsto room fordoubters,” wroteone. analysts: ‘Why bother,let’sjust pace, asign investorsare try- procurement representsa buy back shares they had sold Another bemoaned losses: go out and buy it ourselves?’ ” ing to position forfurther small sliver of the U.S. econ- short to cut their losses,push- “I’m stillnew to this and said Lars SkovgaardAndersen, gains.When the stock leapt materials to modernizeour in- omy, the new policy’s impact ing the stock higher still. bought to double my holdings investment strategist at Danske 51% Friday, options activity frastructureand our competi- on domestic companies and GameStopdidn’t respond to at $137.Please tell me I’m OK.” BankWealth Management. “It tied to the companyjumped to tivestrength will increase in a jobs could be significant if the arequest to comment on Mon- Thetussle over the com- is asign of high complacency,” the highest level ever. competitiveworld,” Mr.Biden Buy American standards are day’s move. pany,with amodest market he added, saying that the lack The purchase of bullish call said at apress conference. applied to the spending plans Thecompanyhas become a value of about $5 billion at Fri- of concern about valuations re- options canfeed intogains for Some economistsand trade on infrastructureand newen- high-profile be- day’sclose and four yearsof minded him of the run-up to underlying stocks because expertshavequestioned the ergy pursued by the newad- tween bullish chatroom-driven declining sales,exemplifies the the dot-com crash in 2000. dealersthat sell the contracts impact of such policies,citing ministration. might seek to hedgeagainst thesmall sizeofgovernment “Thisexecutiveorder will rising prices by buying the procurement in the overall close loopholes that allow THE WALL STREET JOURNAL CORRECTIONS shares.Options forGameStop economy, and noted that risks agencies to sidestep Buy (USPS 664-880) (Eastern Edition ISSN 0099-9660) shares next expire Friday. might include higher prices and American requirementsand (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) AMPLIFICATIONS GameStopbegan the year as retaliation against U.S. exports. increase the thresholds fordo- Editorial and publication headquarters: one of the most-shorted compa- While the impact might be mestic content,” Richard 1211 Avenue of the Americas, , N.Y. 10036 nies listed on the NewYork small, the new order hints at Trumka, president of the AFL- Published daily except Sundays and general legal holidays. Thefirst reference to Josh Stock Exchangeand Nasdaq,ac- the broad shape of Mr.Biden’s CIO, said in a statement. Periodicals postage paid at New York, N.Y., and other mailing offices. Peoples, chief marketing offi- cording to DowJones data. As trade policyand its focus on Groups representing large Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. cer of Scotts Miracle-Gro Co., of Friday, short interest in the American workers.Itstates exporterscautioned against wasincorrectly omittedfroma company’sshares outstanding that Mr.Biden is committedto protectionistpolicies that All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are available from the Advertising Services Department, Dow Jones & Co. BusinessNewsarticle Monday stood at 102%, according to IHS working with partnersand al- could prompt other nations to Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right about Super Bowl advertising. Markit datatracked by S&P lies to modernizeinternational shut their doors on U.S. com- not to accept an advertiser’s order. Only publication of an advertisement shall constitute Global Market Intelligence. traderules,including those re- panies in return. final acceptance of the advertiser’s order. Noticetoreaders GameStop’srevenue has lated to government procure- “Doubling down on already Letters to the Editor: Fax: 212-416-2891; email: [email protected] Wall Street Journal staff fallen over the past several ment, “to make sure all coun- rigorous ‘Buy American’ rules Need assistance with your subscription? membersare working remotely years, missing out on abig tries canuse their taxpayer could driveupthe cost of gov- By web: customercenter.wsj.com; By email: [email protected] during the pandemic.For the rise in consumer spending on dollars to spur investment in ernment projects, undermin- By phone: 1-800-JOURNAL (1-800-568-7625) foreseeable future, please send videogames.The companyhas their own countries.” ingtheir potential to create Reprints &licensing: By email: [email protected] reader comments only by been trying to adapt abusi- James Wyner, chief execu- jobs and spur economic By phone: 1-800-843-0008 email or phone,using the con- nessmodel centered on physi- tiveofadvanced-fabrics maker growth,” said John Murphy, WSJback issues and framed pages: wsjshop.com tactsbelow, not via U.S. Mail. calstorestothe increased de- Shawmut Corp., based in West senior vicepresident forinter- Our newspapers are100% sourcedfromsustainably certified mills. mand foronline games and Bridgewater, Mass.,said he is national policyatthe U.S. Readers can alert The Wall Street has also contended with exec- hopeful that the renewedfocus Chamber of Commerce. Journal to any errors in news articles GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS by emailing [email protected] or utivechurn and pressurefrom on Buy American rules will en- —Paul Vieira by calling 888-410-2667. shareholders. couragethe federal government contributed to this article. P2JW026000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** Tuesday, January 26, 2021 | A3 U.S. NEWS Newsom Faces ARecall Effort ForLockdowns

BY CHRISTINE MAI-DUC ployment agency, which Cali- fornia has said it is investigat- Frustration over ing.InNovember,local media Gov.Gavin Newsom’sresponse reported that Mr.Newsom ate to the Covid-19 pandemic is with friends at the swanky fueling an effort to make him French Laundry restaurant in the second governor in the Napa at the same time he was state’shistorytoberecalled urging residentstoavoid gath- from office. ering with people outside their Proponentsofthe recall households.The Sacramento

have raised morethan $1.7 Bee’s editorial board accused S millionand saythey have him of “stunning hypocrisy.” gathered 1.2 million of the 1.5 Mr.Newsom has said the PRES millionsignatures they need French Laundrydinner wasan TED

by March 17 to get a recall on error in judgment. OCIA SS

theballot, which under state Threeweeks afterlocal me- /A lawwould likely happen in the dia firstreported on the HONG

fall. French Laundry dinner, recall C. E

Mr.Newsom, aDemocrat, supporterssubmitted441,904 JA has a57% approval rating additional signatures on their Stools taped off to prevent diners from sitting on them, at a restaurant in last month. among likely voters in the petition. They had previously most recent public poll by the reported 55,930 sincethe ef- group wasfunded at least in Public PolicyInstituteofCali- fort began in June. Stay-at-Home Order virus case load, according to an would exceed 15% capacity of part by Orange County inves- fornia, released in November. “Californiansare hurting, announcement by state public- their intensive-care units within torJohn Kruger,who has criti- Mr. Newsom’s office referred and we’vehad adramatic fail- Lifted in California health officials Monday. four weeks. The Newsom ad- cized Mr. Newsom’s Covid-19 questions to political adviser ureofleadership from the Allbut four of the state’s58 ministration hasn’t shared how restrictions.Mr. Kruger de- Dan Newman, who said the governor,” said former SanDi- counties still fall under the most it makes those calculations. clined to comment through his governor has takenbold steps ego Mayor Kevin Faulconer, a Gov. Gavin Newsom has restrictivepurple tier,where “Together, we changed our spokesman, Mr. Liu. to combat the Covid-19 pan- Republicanwho has said he lifted regional stay-at-home or- transmission is widespread. In activities knowing our short- SinceNovember,political demic. would runinarecall election. ders across California, meaning those areas, manybusinesses term sacrifices would lead to donorshavecontributed Activists from Rescue Cali- “The governor’s actions are hair salons and outdoor dining thatcan’toperateoutdoors longer-term gains,” said Califor- $350,000 to acampaign ac- fornia, agroup supporting the harming lives and livelihoods, at restaurants could reopen in mustremain closed and even nia public-health officer Tomás count Mr. Newsom can use to recall effort, saythey aretap- people areattheir wits’ end many counties for the first bars and breweries with out- Aragón. ”Covid-19 is still here fend off the recall, a sign that ping intoanger over Mr. and they want to do some- time since early December. door spacecan’treopen. and still deadly, so our work is his supporters are taking the Newsom’spolicies closing thing about it.” The state will now return to State public-health officials not over, but it’s important to threat more seriously. businesses,schools and houses Thegovernor’s adviser,Mr. a county-by-county model for said the decision to exit the recognize our collective actions Republicans makeupfewer of worship to combat the Newman, said the recall effort reopening, with tiers of restric- state’s stay-at-home order was saved lives and we are turning than 1in4registered voters in spread of the coronavirus. is being pushed by supporters tions based on the county’s made after they projected that a critical corner.” California, about half the Theonly recall in California of former President Donald test positivity rate and corona- all five of the state’s regions —Christine Mai-Duc shareofregistered Democrats, historywas in 2003,when Re- Trump,who is highly unpopu- and haven’t wonastatewide publican Arnold Schwarzeneg- lar in California. office since 2006. gerreplaced Democrat Gray “Trump supporterswant estimateofthe cost of admin- conference this month as the candidate who has formed an Rob Stutzman,aveteran Davis,whose job approval California taxpayers to waste istering a recall election. The “California coup.” He later exploratorycampaign besides GOP consultant who served as among likely voters at the $100 million on aspecial elec- last one,in2003,cost state said he would choose his Mr.Faulconer is Republican aspokesman for time was26%, according to tion redo,meremonths before andlocal governmentsbe- wordsmorecarefully in the John Cox, abusinessman who Mr.Schwarzenegger, said re- the PPIC. aregularly scheduled elec- tween $53 million and $66 future. lost to Mr.Newsom in 2018 by call supporters face a signifi- Political opponentshave tion,” Mr. Newman said. million, according to estimates If arecall qualifies forthe 24 percentage points. cant hurdle to get all the sig- criticized Mr. Newsom in the If he runs forre-election, by the California secretary of ballot, voters would maketwo Thebiggest donation to the natures they need to triggera past few months over bans on Mr.Newsom would facevoters state at the time. choices: Firstwhether to recall recall effort so far is $500,000 recall election, as typically outdoor dining at restaurants in an open primary with can- California Democratic Party Mr.Newsom and then who from alimited liability com- 30% to 40% of signatures are and fraudulent and delayed didates from all parties in Chairman Rusty Hicks referred should replacehim if he is re- pany called Prov. 3:9. Spokes- found to be invalid upon fur- payments at thestate’s unem- June 2022. Thereisnoofficial to the recall effort at apress moved. Theonly prominent man Thomas Liu said the ther review. World’sIce Is Melting Faster Than Ever,New StudySays

BY ROBERT LEE HOTZ than half theice lossoccurred TheU.S. moved last week to in the Northern Hemisphere. rejoin the Paris Agreement,an From Antarcticatothe Arc- Dr.Slater and ateam of international climateaccord tic,the world’sice is melting eight other scientistsfromthe designed to limit greenhouse- faster than ever,according to a University of Edinburgh,Uni- gasemissions by 2050 and newglobal satellitesurvey that versity CollegeLondon and an keep the rise in global temper- calculated the amount of ice Edinburgh-based climatedata ature to no morethan 3.6de- lost from ageneration of rising companycalled Earth Wave grees Fahrenheit (2 degrees temperatures. Ltd. based their findingson50 Celsius), compared with prein- Between 1994and 2017, the studies of iceloss, field mea- dustrial levels. Earth lost 28 trillion metric surementsand datafrom17 Theaverage global tempera- tons of ice, the survey showed. satellitemissions. turehas risen about 2degrees That is an amount roughly Theresearchers employed Fahrenheit sincethe 1880s, equivalent to asheet of ice100 techniques to reach their con- when systematic record-keep- metersthick covering the state clusions.These included the ing began, according to the Na- of Michigan or the entire use of satellitealtimetersand tional Aeronautics and Space U.K.—and the meltwaterfrom gravity sensorstomeasurethe Administration.

so much icelosshas raised the GES volume and massofice on the Last week,NASA and the

sea level just over an inch or so IMA ground below. They also used ’s Copernicus world-wide,the scientistssaid. satelliteimagerytodetect ClimateChangeServicean-

“It’ssuch ahugeamount it’s GETTY changes over the years. nounced that Earth’saverage hardtoimagine it,” said “It’sareminder that danger- global surfacetemperaturein EDLE/

Thomas Slater,aresearch fel- RA ous climatechangeisalready 2020 tied 2016 as the warmest lowatthe U.K.’s University of here, in this case in the form of year on record. JOE Leeds Centrefor Polar Obser- A glacier in the Kenai Mountains near Primrose, Alaska, in September 2019. meltingice,rising sea level and Independent studies by the vation and Modelling and the the inundation of our coast- National Oceanic and Atmo- lead author of apaper describ- events such as flooding,fires, ciers, iceshelves,polar icecaps 0.8trillion tons ayear to 1.3 lines,” said Michael Mann, a sphericAdministration and a ing the newresearch. “Ice storm surgesand heat waves.” and sea ice,Dr. Slater and his trillion tons ayear,driven by Pennsylvania State University privateclimate-analysis group plays acrucial role in regulat- Thepaper waspublished in colleagues determined that the rising atmospheric andocean climatologist and author of called Berkeley Earth found ing the global climate, and the European Geophysical rate of global melting has ac- temperatures resulting from “The NewClimateWar.” He that 2020 wasslightly colder losses will increase the fre- Union’sjournal the Cryosphere. celerated 65% sincethe 1990s. greenhouse gasemissions,the wasn’t involved in there- than 2016 but warmer than ev- quencyofextremeweather Adding up the lossfromgla- Theice losshas grownfrom scientistssaid. Slightly more search. eryother year since1850. White House Reverses Ban on New Push Made for Tubman Bill

BY KEN THOMAS fice and visited Jackson’stomb at theHermitageinNashville Transgender MilitaryService WASHINGTON—The White early in his presidency. Housesaid the TreasuryDe- Former TreasurySecretary partment wasresuming efforts Steven Mnuchinsaid in 2019 BY NANCY A. YOUSSEF tions during abrief appear- the appropriate standards for to put escaped slave turned that plans to unveil the Tub- ance beforereportersinthe accession intothe military abolitionist HarrietTubman man bill would be postponed WASHINGTON—The White Oval Office. He was joined by services,” Mr. Austin said. on the $20 bill. until at least 2026. House liftedrestrictions Vice President Kamala Harris, ThePentagon and the De- Putting Tubman’simageon Obama administration offi- against transgender service Defense Secretary Lloyd Aus- partment of Homeland Secu- the currency had been under- cials had originally expressed

members in the U.S. military, tinand ArmyGen. Mark Mil- rity, which is in charge of the taken by the Obama adminis- REUTERS hope that final concept de- marking President Biden’sfirst ley,chairman of the Joint U.S. Coast Guard, areexpected tration but the work wasn’t S/ signsfor the newcurrency major militarypersonnel deci- Chiefs of Staff. to provide the WhiteHouse completed during former Pres- would be released last year, NGRES

sion and reversing adirective Mr.Biden said he wasrein- with an updateonimplement- ident Donald Trump’s tenure. CO while suggesting the bill

by former President Donald stating aposition supported ing the newpolicyin60days, “We’reexploring waysto OF wouldn’t likely be in circula- Y

Trump. by previous militarycom- the White House said. up that effort,” White AR tion untilmuch later to add

The removal of the restric- mandersand defense secretar- “This is amajor step in the House presssecretaryJen LIBR security features. tions on Mondaywas expected ies,“enabling all qualified defense not only of Americabut Psaki said. Tubman would replace Jackson Tubman wasborn aslave afterMr. Biden last week Americans to servetheir coun- of American values,” said Aaron Ms.Psaki said it wasimpor- on the front of the $20 bill. around 1822 on ’s signed an executiveorder try in uniform.” Belkin, executivedirector of the tant that the nation’scurrency Eastern Shoreand became a aimed at preventing discrimi- Shortly afterMr. Biden Palm Center,aresearch insti- and notes “reflect the history Jackson would movetothe leading abolitionist and suf- nation on the basis of sexual signed the executiveorder,Mr. tuteand advocacyorganization anddiversity of our country, back of the note. fragist. She escaped in orientation or gender identity. Austin said the Pentagon that works on military-diversity and Harriet Tubman’simage TheTreasuryDepartment’s 1849 but spent the next decade “President Biden believes would immediately take action policy. “The ban will nowbere- gracing the new$20 note watchdog agreed in 2019 to repeatedly returning to Mary- that gender identity should not “toensureindividuals who placed with asingle standard would certainly reflect that.” reviewthe agency’splan after land to help her friends be abar to militaryservice, identifyastransgender areeli- foreveryone that…will apply Theredesign of the bill Democratssaid the Trump and family through the Under- and that America’sstrength is gible to enter and servein equally to all servicemembers.” would placeawoman on the Treasury Department had in- ground Railroad, anetwork of found in itsdiversity,” the their self-identified gender.” Opponentstotransgender front of U.S. paper currency tentionally slow-walked the people and places that helped WhiteHouse said on the deci- In addition, the military servicemembers, including forthe firsttime in morethan proposal. slavesescape to the North. sion, which wasissued though health-caresystemwould some conservativecongressio- a century and replace the na- As acandidatein2016,Mr. Jackson, a hero of the War an executiveorder.“Americais covermedically necessary nal Republicans,havesaid tion’s seventh president, An- Trump had rejected the idea of of 1812 and afounder of the stronger,athome and around gender transition care. their presencedisruptsmili- drew Jackson, aslave owner putting Tubman on the bill. Democratic Party, pushed for the world, when it is inclusive.” “Prospectiverecruitsmay tary readinessand imposes who stared down an early During his term he expressed the forced westward reloca- Mr.Biden signed the execu- serveintheir self-identified heavymedical costsonthe threat of threatening admiration forJackson, kept a tion of American Indians,re- tiveorder lifting the restric- gender when they have met military’s health-care system. the union. In the new design, portrait of him in the Oval Of- sulting in thousands of deaths. P2JW026000-5-A00400-17FFFF5178F

A4 | Tuesday, January 26, 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 Political Center Sizes Up Biden’s Early Days

already has abandoned that move back toward the center wants Mr. Biden to govern as center ground in his early over time. a centrist, says, “Count me actions and initiatives. There’s no doubt, for ex- as one of the optimists.” “Some of these are far left- ample, that Mr. Biden knows of-center ideas,” asserted that, after dickering with here is no doubt that Sen. Marco Rubio of Senate Republicans, the final Mr. Biden and his on “ Sunday.” “He price tag for any coronavirus T team believe they are may use the language, the aid package will be less than taking over at a time of gen- CAPITAL JOURNAL rhetoric, even the demeanor $1.9 trillion. Many Demo- uine and simultaneous By Gerald F. Seib of a centrist, but so far his crats want the administra- health, economic and social policies don’t seem to repre- tion to shoot high at the out- crises, and that is the im- sent that.” set for a specific reason: pulse behind their opening Of all the big questions As evidence, Republicans S They don’t want to repeat burst of activism. hanging over the early days cite Mr. Biden’s unprece- PRES the experience of early 2009, Still, over time Mr. Biden’s

of President Biden’s adminis- dented burst of executive or- TED when the then-new Obama natural inclinations and the tration, none looms larger ders reversing Trump admin- CIA administration saw its initial nearly even balance of politi- SO

than this: Can he hold the istration policies, including AS package to stimulate the cal power will assert them- political center, or will he be on immigration and gender CI/ economy out of a financial selves. Democrats won’t have pulled away from it toward identity in schools; the hefty VUC crisis whittled down in con- the votes to eliminate the fil- AN

the left? $1.9 trillion price tag on his EV gressional negotiations to a ibuster, for example, unless In his first week, the evi- proposed coronavirus aid President Biden has reversed some of his predecessor’s policies. size below what some econo- every Senate Democrat dence is mixed. The safest and stimulus plan; his inclu- mists later concluded was agrees to do so, and West conclusion to sion of a $15 minimum wage sisted liberals’ demands that “If President Biden is really needed. Virginia Sen. Joe Manchin is draw is that it proposal within that plan; he simply cancel them. He truly interested in governing Similarly, it’s possible a on record saying he won’t is too early to his immediate decision to seems unenthused about the for the entire country, he has $15 minimum-wage request agree. Privately, even some draw a con- cancel the Keystone XL pipe- coming Senate trial of for- to be a force to hold the cen- was included in the corona- activists on the left don’t clusion. line from ’s oil-sands mer President Donald ter,” says Mr. Barrasso. virus package knowing it will want the filibuster elimi- Mr. Biden, region; and his appointment Trump. There are ample reasons have to be dealt away in ne- nated, fearing its demise of course, of some aggressive financial Perhaps most important, to be cautious drawing early gotiations. But including the could, for example, lead to campaigned as a centrist in a regulators. he hasn’t thrown himself be- conclusions. Mr. Biden has proposal now signals to pro- laws restricting abortion ac- party that generally has hind a push to end the fili- long stood at the ideological gressives that the adminis- cess once Republicans regain moved to the left. “Biden et there are contrary buster in the Senate, which center of the Democratic tration is serious about control. won the nomination because indicators as well. those on the left see as a Party, meaning he has pushing the proposal into Things will start becoming he’s a moderate, not despite Y way to overcome GOP ob- Most of Mr. Biden’s shifted to the left as it has. law at some point. more clear this week, when it,” says Jim Kessler, execu- key personnel appointees are struction and push through a Still, it’s hard to know which “Let’s not overreact to the the administration and Re- tive vice president for policy figures out of the Demo- progressive agenda. of Mr. Biden’s early actions natural posturing that occurs publican leaders get down to at Third Way, an organiza- cratic Party’s mainstream, “It’stoo early to tell,” says represent opening bargain- under a new president and a real business negotiating tion of centrist Democrats. not its progressive wing. Sen. John Barrasso,the Sen- ing positions as opposed to new leadership in the Sen- over that coronavirus relief “And he won the election as While he has extended a ate’sthird-ranking Republi- his true bottom line—and ate,” says Mr. Kessler of plan. That, more than any- a moderate.” Trump administration freeze canleader.“Left to his own which might represent ef- Third Way. “This is folks thing else, will push every- Some Republicans, on requiring repayments of devices,” he adds,Mr. Biden forts to placate his party’s marking their territory.” one beyond rhetoric to hard though, argue that Mr. Biden student loans, he has re- will govern as amoderate. left wing now so that he can Overall, Mr. Kessler, who realities. Article of Impeachment Is Sent to Senate Portman

BY KRISTINA PETERSON Of Ohio AND JOHN MCCORMICK WASHINGTON—TheHouse Won’t Run sent over the article of im- peachment of former President Donald Trump to the Senateon In 2022 Mondayevening, officially starting the countdown to a BY ANDREW DUEHREN trial expected to highlight the riftswithin the GOP over Mr. Sen. Rob Portman (R., Ohio), Trump’slegacyand his future alongtime figure in the Repub- influenceoverthe party. lican establishment, said he TheHouse impeachment wouldn’t runfor re-election in managers, who will act as the 2022, creating an open Senate prosecutorsinMr. Trump’ssec- seat in acompetitivestate. ond impeachment trial, walked Mr.Portman said in astate- through the Capitol to deliver ment that gridlock in Washing- the article,which alleges he in- toninformed his decision to cited amob that stormed the not seek re-election. Thefor- U.S. Capitol on Jan. 6. merWhiteHouse budget chief Theproceedingsleading up wasamong abipartisan group to the trial in the Senate, where of senatorsinvolved in crafting

atwo-thirds supermajority will CK the $900 billion Covid-19 relief be needed to convict Mr. TO bill that former President Don- Trump,coincide with amoment ald Trump signed intolaw late

of intense internal wrestling SHUTTERS last year.

within the Republican Party. A/ “I don’t think anySenateof- Some GOP lawmakershavecrit- /EP fice has been moresuccessful

icized Mr.Trump’srhetoric and THEW in getting thingsdone,but hon-

actions,and called on the party WN estly,ithas gotten harder and

to changedirection, while loyal- SHA harder to break through the iststoMr. Trump have sought Senate Majority Leader Chuck Schumer, center, walking to his office at the Capitol on Monday. partisan gridlock andmake to keep Republicans in line be- progressonsubstantivepolicy, hind the former president, who have criticized Mr.Trump’sbe- vote to convict Mr.Trump could mained doubtfulthat even in votestoconvict Mr.Trump. and that has contributed to my is popular with the party’s base. havior and commentsleading up be easier forthe Republicans that scenario more than afew Some SenateRepublicans decision,” he said. “Thereisonly one question to the Jan. 6riot, but expressed whoare retiring ,in- Republicans would followsuit. have objected to moving forward Mr.Portman, 65 yearsold, is at stake,only one question, that reservations about convicting cluding Sen. Rob Portman of In one development Monday, with atrial nowthat Mr.Trump the second Republican from a senatorsofboth parties will himafter his term has ended. Ohio,who announced his deci- Sen. Patrick Leahy(D.,Vt.), the is out of office. “I think the ex- competitivestate to sayhe have to answerbeforeGod and “He exhibited poor leadership.I sion to not seek re-election on newpresident protemporeof president’srhetoric on the day won’t runfor re-election in their ownconscience,” said Ma- think we all agree with that,” Monday. Mr.Toomey and Sen. the Senate, said he would pre- wasinflammatory. Ithink it was 2022.Sen. PatToomey from jority Leader Chuck Schumer Sen. Joni Ernst (R., Iowa)said Richard Burr (R., N.C.) arealso side over the trial, which begins irresponsible.Ithink it was Pennsylvania also said he won’t (D., N.Y) on the floor of the Sen- Monday, but added “itwas these leaving the Senateafter next the week of Feb. 8. Mr.Leahy, wrong,” Sen. Josh Hawley (R., runagain. ate. “Is former President Trump people who came intothe Capi- year and areexpected to be who intends to vote as well, Mo.) said.“But Ithink that this TheSenateiscurrently split guilty of inciting an insurrection tol—they did it knowingly,so joined by other GOP senators, citedhistorical precedent for impeachment effort is,Imean, I 50-50,with Democratic Vice against the ?” they bear the responsibility.” aides said. But other Republi- impeachment trials of individu- think it’sblatantly unconstitu- President Kamala Harris cast- Spokespeople forMr. Trump Sen. MittRomney of was cans,including Sens.Marco Ru- als who aren’t president. tional.It’sareally,really,really ing the tiebreaking vote. didn’t respond to requestsfor the only Republican who voted bio of Florida and TedCruzof Mr.Trump’ssecond impeach- dangerous precedent.” Mr.Portman’sdecision to comment. to convict Mr.Trump in his first ,havedismissed the trial. ment trial could slowDemocrats’ Mr.Schumer said Republi- not runagain will likely make ManyGOP aides were skep- impeachment trial in February One wild card remains Senate effortstowork on President Bi- cans were trying to undermine the Ohio Senateracemore tical that 17 GOP senators 2020.This time around, other Minority Leader Mitch McCon- den’slegislativeagenda and con- the trial on procedural competitivein2022. While Mr. would join with all Democrats GOP lawmakersseen as possible nell (R., Ky.), who has said he firm his nominees. grounds.“Thereseems to be a Trump easily wonOhio in 2020 and vote to convict him. While votestoconvict Mr.Trump in- hasn’t made afinal decision on “I think it has to happen,” Mr. desire on the political right to and 2016,former President Ba- Mr.Trump is already out of of- clude Sens.Susan Collins of howhewill vote.Some think a Biden said of the impeachment avoid passing judgment one rack Obama carried the statein fice,aconviction would allow Maine,Lisa Murkowski of Alaska, vote by him to convict Mr. trial on CNN Mondaynight, add- way or the other,” Mr.Schumer 2008 and 2012. forasecond vote to bar him Ben SasseofNebraska and Pat Trump could provide political ing therewould be “a worseef- said on the Senatefloor Mon- Thestate’s other senator, from holding officeagain. Toomey of Pennsylvania. coverfor aflurryofother Re- fect if it didn’t happen.” He pre- day. “This is not going to fly. Sherrod Brown, is aDemocrat, Some SenateRepublicans Casting apolitically difficult publicans to join him. Othersre- dicted therewouldn’t be 17 GOP Thetrial is going to happen.” whowon re-election in 2018.

Senate Republicans had been DOJ Watchdog Probes Election Move McConnell holding up an organizing reso- lution forthe newSenate— typically aroutine step that BY SADIE GURMAN proper attempt to have DOJ General Jeffrey Rosen with an- NewYork Times reported Fri- Gives Way setsground rules and commit- seek to alter the outcome of other senior JusticeDepart- day. He has denied involvement tee assignments—unless they TheJusticeDepartment’sin- the 2020 Presidential Election,” ment official, Jeffrey Clark,an in aplan to oust Mr.Rosen. gotacommitment from Demo- spector general said Monday adding only that the investiga- ally who had expressed awill- TheJournal reported Satur- On Sharing cratstopreservethe filibuster, his officewill investigate tion will “encompassall allega- ingnesstouse the department’s daythat Mr.Trump also alongstanding rule that re- whether department officials tions that mayarise that are powertohelp the former presi- pushed the JusticeDepartment quires a60-votesupermajority “engaged in an improper at- within the scope” of itsjuris- dent continue his unsuccessful to file aSupreme Court suit ContinuedfromPageOne to bring most bills to the floor. tempt” to overturn President diction. legal battles contesting the againstone or morestatesin Democratic control,” said Jus- Proponentsofthe filibuster Biden’svictoryinthe 2020 Mr.Trump’spersistent ef- an effort to invalidateMr. Bi- tin Goodman, aspokesman for saythe hurdle forces compro- election. fortstoinvolvethe JusticeDe- den’svictory. His ownappoin- Mr. Schumer. mise by giving the minority Theannouncement comes partment in his attemptsto Mr.Trump’seffort tees,including Mr.Rosen, for- While Mr.McConnell had partypowertoblock legisla- afternewsreportsthat for- undo the outcome of the No- mer Attorney General William called the 2001 deal agood tion they don’t support. merPresident Donald Trump vember election failed due to to involvethe DOJin Barr and former acting Solici- guide,hehad insisted that But the filibuster also can considered moving to replace pushback from his ownappoin- his attemptstoundo torGeneral Jeffrey Wall, re- Democratsalso pledgetokeep lead to gridlock,and some the acting attorney general tees in the department, people fused to file the Supreme Court the filibuster in place. Theor- Democratic lawmakershavein- with another official ready to familiar with the matterhave theelection failed. case, concluding that therewas ganizing resolution itself is dicated they would support pursue unsubstantiated claims said. Theeffortshavedrawn no basis to challengethe elec- subject to filibuster, meaning eliminating the 60-votethresh- of election fraud.The Wall sharp rebukefromDemocratic tion outcome,and that the fed- that Republicans could have old so that their narrow Senate Street Journal also reported lawmakers, including Sen. Dick eral government had no legal continued to block it, as long majority canmorequickly ad- that Mr.Trump pushed the Durbin, who said Saturdaythat election results, people familiar interest in whether Mr.Trump as at least 41 of them were vanceMr. Biden’sagenda. JusticeDepartment to ask the the SenateJudiciaryCommit- with the mattersaid. or Mr.Biden wonthe presi- willing to do so. As long as the filibuster re- Supreme Court to invalidate teehas initiated itsown review Mr.Clark,who wasthe dency, people familiar with the Mr.Schumer is the majority mains in place, Democrats Mr.Biden’swin. of Mr.Trump’spressurecam- Trump administration’stop en- mattersaid. leader,but Republicans have likely will need to getatleast Inspector General Michael paignatthe JusticeDepart- vironmental lawyer and also An impeachmenttrial next continued to runmost com- 10 Republicans on boardto Horowitz said in astatement ment. the head of the JusticeDepart- monthwill weigh the charge mittees,because of Mr. passmanyofthe Biden admin- that his officewill probe As part of that effort, Mr. ment’scivil division, spokewith that Mr.Trump incited his fol- McConnell’sultimatum on the istration’spriorities. “whether anyformer or current Trumpexplored aplan to re- Mr.Trump morethan once lowers to riot and attack the filibuster. —Siobhan Hughes DOJofficial engaged in an im- placethen-acting Attorney aboutthe matter, which the Capitol on Jan. 6. Mr.McConnell and other contributed to this article. P2JW026000-0-A00500-1------XA

THE WALL STREET JOURNAL. Tuesday, January 26, 2021 | A5 U.S. NEWS Justices Toss Out Dominion Voting Sues Giuliani

Emoluments Suits BY ALEXA CORSE

Dominion Voting Systems BY BRENT KENDALL Trump-owned properties to sued Rudy Giuliani,saying for- ingratiate themselves with the merPresident Donald Trump’s WASHINGTON—TheSu- Trump administration. personal attorney defamed the preme Court ordered the dis- In a second case, plaintiffs companybyspreading accusa- missal of litigation alleging representing hotels and res- tions that it riggedthe 2020 former President Donald taurantsthat competed with election for President Biden. Trump had been illegally prof- Mr.Trump’sbusinesses filed Thelawsuit, filed Monday iting from his presidency, say- suit in New York, alleging the in the U.S. District Court for ing Mondaythat the matter then-president was accepting the District of Columbia, seeks was now moot. improper benefitsofhis office. morethan $1.3billion in dam- Thejustices in brief written Thesuitssought to stop the ages. orderswiped out apair of alleged conduct. They also Mr.Giuliani and his allies cases alleging Mr.Trump was could have opened the Trump spread allegations against Do- violating the Constitution’s businessempiretoscrutiny minion “which foreseeably emolumentsclauses,which during the evidence-gathering went viral and deceived mil- prohibit the president from re- processahead of anytrial pro- lions of people into believing ceiving thingsofvalue from ceedings. that Dominion had stolen their foreign and stategovern- Thecases raised challeng- votes and fixed the election,” ments. ing questions forthe judiciary, the company said in the com- Theplaintiffs alleged Mr. including whether litigation plaint. S

Trump improperly used the was even an allowable means “Not only have these lies PRES presidencyasaplatform to forenforcing the Constitu- damagedthe good name of promote his businesses. tion’semolumentsprovisions. Dominion Voting,they’vealso ZUMA Mr.Trump while in office Appeals courtsinboth cases undermined trust in American SMITH/

turned over the operation of allowedthe lawsuitstopro- democratic institutions, N YA

his businesses to his sons,but ceed—over vigorous dissents. drowning out the remarkable BR he retained his personal own- BeforeNovember’s presidential work of election officials and Rudy Giuliani spokeatarally protesting the election result in Washington on Jan. 6, the dayofthe riot. ership stake. His personal law- election, Mr.Trump asked the workers, who ensured atrans- yers argued the cases were a Supreme Court to reviewthose parent and secureelection,” dence that any voting system Mr.Giuliani urgedsupport- wouldn’t be enough to show form of presidential harass- cases and overturn the lower- said Dominion Chief Executive deleted or changed votesdur- ersatthe rally to pursue “trial that Mr. Giuliani should have ment. court rulings. Monday’saction John Poulos during acall with ing the November election. by combat.” Trump supporters knownbetteroracted with ill One lawsuit, filed by the at- by the high court wipes those reporters on Monday. Mr.Giuliani wasamong the stormed the U.S. Capitol later will toward Dominion. Unless torneysgeneral of Maryland precedentsoff the books,leav- Mr. Giuliani in a statement highest-profile promotersof that day. it can be proved that Mr. Giu- and the District of Columbia, ing novel legal questions open said the lawsuit would “allow allegations against Dominion In pursuing adefamation lainiknewhewas spreading allegedthe Trump Interna- foranother day. me to investigatetheir history, in the months afterMr. claim against Mr.Giuliani, Do- malicious falsehoods, Domin- tional Hotel and related opera- TheJusticeDepartment finances,and practices fully Trump’selection lossand pro- minion would likely have to ionwould have to establish tions in the nation’scapital represented the former presi- andcompletely” and said it moted the idea that the elec- establish that he acted with that he at least had serious enjoyedanunfair advantage dent in his official capacity amounted to “another act of tion had been stolen. On Twit- “actual malice,” agenerally doubts about his claims or over competing businesses in and argued the lawsuits were intimidation by the hate-filled ter, he asked on Nov. 11: “Any daunting standard of proof in that his assertions were so in- the region because foreign- improper because the plain- left-wing to wipe out and cen- information about Dominion? defamation cases. herently improbable that he government entities and other tiffs didn’t have alegitimate sor the exercise of free speech, Strangetopick aforeign com- If Dominion is deemed a must have harbored doubts. customerssought to use basis for going to court. as well as the ability of law- panytocount the US vote. public figure or wants to pur- “Theremust be conscious yers to defend their clients Something wrong with this?” awarenesseither that the vigorously.” He said he Dominion says it began as a statementswerefalse,orat planned to look intoacounter- Canadian companybut later The lawsuit filed least likely false,” said Eugene suit against the company. was incorporated in the U.S. Volokh, a professor and defa- Dominion supplies voting In a Jan. 6 rally where Mr. Monday seeks more mationexpert at the Univer- machines and other election Trump also spoke,Mr. Giuliani than $1.3 billion in sity of California, LosAngeles equipment used by morethan said, “Last night, one of the School of Law. 40% of U.S. voters, according expertsthat has examined damages. Tom Clare, an attorney for to the company’s website. these crooked Dominion ma- Dominion, said Mondaythat S In November,the Denver- chines has absolutely what he thecompanyisprepared to NEW

G basedcompanybecame the believes is conclusiveproof proveactual maliceifneces- target of ablizzard of un- that in the last 10%, 15% of the sue punitivedamages,itwould sary. proven allegations that it vote counted, the voteswere have to showwith clear and Thereis“ample evidenceof OOMBER

BL rigged the presidential elec- deliberately changed. By the convincing evidencethat Mr. actual maliceherebyMr. Giu- S/ tion, which the company says same algorithm that wasused Giuliani made defamatory liani,” Mr.Claretold reporters, have damaged itsreputation in cheating President Trump statementswith either knowl- saying the complaint laid out

REYNOLD and led to death threats and Vice President Pence. of their falsity or that he such examples.

ANI against employees. Same algorithm, same system, recklessly disregarded —Jacob Gershman EF

ST U.S. federal and stateoffi- same thing wasdone with the whether they were false. and Rebecca Ballhaus The Supreme Court in written orders wiped out a pair of cases. cials have said thereisnoevi- same machines.” To prove“actual malice,” it contributed to this article.

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A6 | Tuesday, January 26, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS MerckScraps TwoExperimental Covid-19 Va ccines

BY JARED S. HOPKINS areinhuman testing,according to the World Health Organiza- Merck &Co. said it is halt- tion, but regulatorshaveautho- ing development of itstwo ex- rized only ahandful forgeneral perimental Covid-19 vaccines, use. afterearly clinical-trial data Manyscientistsand public- showedthe shotsgenerated health expertsplaced high disappointing immune re- hopesonMerck,which pio- sponses against the virus. neered vaccines that have be- Early-stagestudies of the come staples around the world, JOURNAL vaccines indicated they pro- including the firsttoprevent

REET duced inferior immune re- mumps, chickenpox, rubella ST

LL sponses in subjectsgiven the and shingles.

WA shotscompared with people YetMerck was slowerthan

THE who survived Covid-19 or took rivals to pursue Covid-19 vac-

R authorized Covid-19 vaccines, cines.Chief ExecutiveKen Fra- FO thecompanysaid Monday. zier and then-R&D chief Roger Theexit removes amajor Perlmutterexpressed concern

BENNETT vaccine playerfromthe con- about the yearsvaccine re- stellation of companies seeking search usually takes, and that it

BRIDGET shotstocurb the spread of the would divert resourcesfrom Intensive-carenurse Katherina Faustino outside her hospital in Henderson, Nev. The number of Covid-19 deaths have taken atoll on her. virus,asthe few that have been thriving areas,such as cancer able to bring shotstomarket drugs, TheWall Street Journal struggle to meet demand. reported in October. Kenilworth, N.J.-based Merck executives have also Hospital Staff Stretched Thin Merck,one of the world’slead- said they wanted to use vaccine ing vaccine makers, said it technologies that have worked would nowfocus on advancing against other viruses,and that Nurses and doctors emotionaldemands at work streamline processes while choicesabout which patients two experimental Covid-19 could be fashioned intoasin- have leftthem exhausted and continuing to deliver safe, getintocrowded hospitals and drugs. Merck said it expects gle-dose regimen. struggle to cope as sometimes feeling hopeless, quality care, but we can only intensive-care units, doctors test resultsfor the pair of Thedrugmaker discussed cases, patient deaths they said. do so much,” said Gordon Ab- said. Some hospitals in Cali- drugsinthe coming weeks,and collaborating with the Univer- The surge has swept the sher,aspokesman forthree fornia alerted the state they the companycould ask regula- sity of Oxfordonits experimen- and workloads rise country sincelateSeptember. southern Nevadahospitals reached acrisis point in recent tors to authorizeuse if the re- talvaccine,but university sci- In interviews over recent owned by nonprofit Common- weeks. sultsare positive. entists and the U.K. BY MELANIE EVANS months,doctorsand nurses in Spirit Health, including St. In some California hospi- “We’requickly informing so- government resisted apro- several hard-hit states—includ- Rose. Typically,nurses care for tals,emergency-room patients ciety so that obviously we can posed deal,the Journal re- Afterfinishing her shift, ing California and Nevada, fewer patients but the surge wait in tentsand hallways. refocus on therapeutics,but ported. Oxfordended up joining Katherina Faustino waits for wherehospitalizations remain has taxed those ratios. “The Doctors more closely scruti- also so that some of the knowl- with AstraZenecaPLC. other intensive-carenurses at high—said their work and lives challenges of the pandemic are nize who gets an increasingly edgeisshared with the broader In May, Merck said it was the Nevada hospital where were altered in waysbig and real and continuing,” he said. rare open bed. Nurses care for community,” Nick Kartsonis, pursuing two Covid-19 vaccines, they work.They don’t leave small by the flood of critically morepatients.California has who oversees Merck’svaccine one as aresult of the com- immediately.“We go to the illpatients and the manywho granted morethan 160 hospi- clinical research, said in an in- pany’sacquisition of Themis chapel,” she said. “Wepray.” didn’t survive. “The despair is ‘We’redeep in the tals temporary waivers from terview. Bioscience and the other in Ms.Faustino has been unbelievable,” Silvia Perez- statenurse-to-patient ratios. Dr.Kartsonis said it wasun- partnership with the scientific- shaken by the sheer number of Protto,aphysician and medical trenches and it seems That includes Henry Mayo clear whythe shotsweren’t research organization IAVI. Covid-19 deaths she has wit- director of the Ohio-based likeit’snot ending,’ Newhall Hospital in Valencia, very effective, though they In reviewing the resultsfrom nessed in recent months as Cleveland Clinic Center forEnd Calif., in LosAngeles County. were safe. Merck didn’t provide the early-stagestudies forboth Dignity Health-St. Rose Do- of LifeCare, said in December, says one nurse. Thehospital reported sharp fi- the study results, saying it vaccines,Merck wasn’t encour- minican, Siena Campus faced a the month Covid-19 hospital- nancial losses from the pan- would submit the findingsfor aged when it looked at datafor flood of patientsthat filled its izationspeaked in that state. demic between March and publication in apeer-reviewed antibody production, including ICU beds forweeks. Such stresscan also pose June in publicly available dis- medical journal. the neutralizing antibodies that “Ifyou weren’t religious, risks to public health, accord- National figuresshowsome closures to lenders. It also an- Due to the discontinuation, playakey role preventing the youprobably arenow,” she ing to researcherswho sur- decline in newCovid-19 cases, nounced in June that it would the companysaid it would re- virusfromentering cells and said. veyednurses and patients but it is tooearly to say layoff 35 nurses and dozens of cord an unspecified taxcharge replicating,Dr. Kartsonis said. Thelongest and most across morethan 250 New whether the shiftwill con- other employees, making the in the fourth quarter of 2020. “Itdoesn’t appear that our deadly surge of the pandemic York and Illinois hospitals in tinue,said Johns Hopkins Uni- required disclosuretothe Merck’sdecision under- responses arenumerically on maybeapproaching aplateau themonths beforethe pan- versity epidemiologist Jenni- stateand anurses’ union. scores the difficulty in develop- par with what youwould see nationally, but the rising, demic.The study,published in ferNuzzo.“Theremight be a “We’redeep in the trenches ing avaccine,which normally either following natural infec- monthslong flood of newcases August in the British Medical glimmer of hope in the data,” and it seems likeit’snot end- takesyearstobring to market. tion or what we’vebeen see- and hospitalizations is still Journal Quality &Safety, she said, but she cautioned ing,” said Nerissa Black,a Development of aCovid-19 vac- ing” with vaccines from Pfizer cresting in some partsofthe found that nurses with higher that testing mayhavepla- nurse at HenryMayoNewhall cine by Sanofi SA and Glaxo- Inc., Moderna Inc.orAstraZen- U.S. Throughout, the crisis has workloads were morelikely to teaued nationally, which could who is also the California SmithKline PLC wasset back eca, he said. taxednurses and doctors to a report poorer safety condi- leave infections undetected. Nurses Association’schief last year afteralaboratorymis- Thevaccines from Pfizer, degree manysaid they have tions,burnout and plans to The surge has overwhelmed nurse representativeatthe take, delaying apotential au- and itspartner BioNTech SE, never experienced. High death leave their jobs within ayear. some facilities and forced doc- hospital. “I’m treading water thorization by several months. andModerna areauthorized tolls and the physical and “Wehavetaken steps to tors to makeuncomfortable just to getthrough.” Some 60 Covid-19 vaccines foruse in the U.S. U.S. WATCH

BOY SCOUTS astring of attempts to misdirect LABOR DEPARTMENT attention from the sexual abuse Insurers Challenge inflicted on boys and to attack Nominee Reports Sex-Abuse Claims survivors and their advocates. Modest Assets Junell didn’t respond to a re- The Boy Scouts of America’s quest to comment. President Biden’s pick for La- liability insurers threw doubt on —Sara Randazzo bor Department secretary, Marty the huge increase in sex-abuse Walsh, primarily earned income claims filed against the youth BIDEN ADMINISTRATION from his Boston mayor’s salary organization after it filed for and held modest assets and two bankruptcy, claiming that plain- New White House mortgage loans, according to tiffs’ attorneys and for-profit Physician Is Named government disclosures. claims generators helped gin up Mr. Walsh earned a $199,000 tens of thousands of claims PresidentBiden tapped Dr. salary as mayor, according to pa- with little or no vetting. Kevin O’Connor to serveas perwork filed with the Office of Some attorneys,including a WhiteHouse physician, succeed- Government Ethics. The disclo- managing partner from Junell, ing Dr.Sean Conleyinarole that sures showed Mr. Walsh had as- signed hundreds of claims in asin- generated controversyunder sets such as holdings in stock gle day, the insurers said, and oth- PresidentDonald Trump. and bond funds, life insurance ers appear to have signed forms AWhiteHouse official cited Dr. policies and bank accounts val- attesting to their truthfulnessbe- O’Connor’s personal relationship ued at between $350,000 and fore theywereevenfilled out. with Mr.Biden, who at 78 years $950,000. The disclosure forms Some lawyers the insurers old is the oldestpresidenttotake use ranges rather than specific want to question held them- office. Dr.O’Connor wasMr. Bi- amounts. selves out as part of the Coali- den’sphysician during his time as The forms showed Mr. Walsh tion of Abused Scouts forJus- vicepresidentand prepared his had between $500,000 and $1

tice, which ended up filing 60% medical report during the 2020 million in liabilities from two BLAKE/REUTERS

of the claims. David Molton, a campaign, declaring the then-can- mortgage loans on a personal MIKE lawyer forthe coalition, said the didate “healthy” and “vigorous.” residence. STORM DAMAGE: High winds knocked down a palm tree in Oceanside, Calif., and farther north a insurers’ filings were the latest in —Sabrina Siddiqui —Amara Omeokwe snowstorm over the weekend dumped more than a foot of snow in Southern California mountains.

would pause further invest- Black asked outside accounting shipswith awho’s who of the founders. take it astepfurther,possibly Apollo mentswith the firm afterthe and legal advisers, including nation’srich and famous, “I am keenly aware that allowing the companytobein- NewYork Times reported that attorneysatlaw firm Paul, among them retail magnate Apollo must continue to inno- cluded in the S&P 500. Mr.Black had paid the finan- Weiss, Rifkind,Wharton &Gar- Leslie Wexner,Johnson & vate and improveits corporate Mr.Black would be one of CEO Set to cier at least $50 million in the rison LLP,tovet and challenge Johnson heiressElizabeth governanceprocesses and fo- just afew foundersofbig,pub- yearsafter Epstein wascon- Epstein’sadvice when given. Johnson and hedge-fund bil- cus on creating an enduring licly traded private-equity victed in 2008 of soliciting “In short, thereisnoques- lionaire Glenn Dubin. world-classfinancial institu- firms to passthe CEO torch. Step Down prostitution from ateenage tion that Epstein performed Afterserving his sentence, tion with abest-in-classgover- ThefoundersofAresManage- girl. substantivework forBlack and Epstein worked to rehabilitate nancestructure,” Mr.Black ment Inc.and Carlyle Group Mr.Black “believed, and that Black genuinely believed his public imageand continued wroteinthe letter. Inc.havealready done so,but ContinuedfromPageOne witnessesgenerally agreed, that Epstein wasextremely to surround himself with lumi- Apollo’s boardvoted to add Blackstone Group Inc.’sSte- of his family’s money to that Epsteinprovided advice smart, capable,and savedhim naries of politics,academia two newindependent direc- phen Schwarzman and KKR & women’sinitiatives. that conferred morethan $1 substantial amountsofand finance. tors:Pamela Joyner,founder of Co.’sHenryKravis and George TheWall Street Journal had billion and as much as $2 bil- money,” the report says. In his letter, Mr.Black marketing firm Avid Partners Roberts,all in their 70s, re- earlier reported on the con- lion or more” in taxsavings, Epstein wasarrested in July wrote, “It is important to em- LLC,and Siddhartha Mukher- main in their CEO roles, tentsofthe report and letter. the report states. 2019 afterscrutinyofa2007 phasizethat both Apollo and I jee, ascientist, oncologist and though they have put clear Themoves conclude atu- It also supportsMr. Black’s nonprosecution agreement he condemn Mr.Epstein’srepre- Pulitzer Prize-winning author, succession plans in place. multuous period forMr. Black, contention that he paid Ep- signed with federal authorities hensible conduct in the stron- in addition to Apollo Co-Presi- In elevating Mr.Rowan, the who in October asked acom- steinafee he believed was in Florida to resolveaninvesti- gest possible terms,and, as I dentsScott Kleinman and Jim architect of the insuranceplat- mitteeofApollo’s independent roughly equivalent to 5% of the gation intoimproper conduct have previouslystated, I Zelter. Mr.Black told investors form that powers Apollo’s directorstolaunch the review value that the latefinancier involving underage girls.He deeply regret having had any that the boardplans to add at $300 billion credit business, of his relationship with Ep- generated on an after-tax ba- pleaded guilty in 2008 to two involvementwith Mr.Epstein.” least two moreindependent di- the firm is underscoring the stein, who killed himself in his sis.Itdescribes the two men’s stateprostitution countsand In addition to giving up the rectors. degree to which itsfocus has Manhattanjail cell in 2019.The relationship deteriorating be- spentmuch of his 13-month CEO title,Mr. Black has recom- Apollo abandoned itspart- moved away from the dis- request wasaneffort to as- ginning in 2016 afterafee dis- sentenceoutside prison. mended other governance nership structureand became tressed-debt and private-eq- suageconcerns among public pute. Mr.Black’slast payment Epstein, who grew up in Co- changes,including adopting a acorporation in September uity deals that made it famous pension funds and other insti- to Epstein wasmade in April ney Island, built afortune of “one share, one vote” structure 2019,asanumber of itsrivals and toward generating yield tutions that invest with Apollo, 2017. morethan half abillion dollars and eliminating the supervot- have done.Removing the dual- forinstitutions likeinsurance some of which had said they Thereport also says Mr. by leveraging close relation- ingshares held by the firm’s classsharestructurewould companies. P2JW026000-4-A00700-1------XA

THE WALL STREET JOURNAL. **** Tuesday, January 26, 2021 | A7 WORLD NEWS Vaccine Delays Will Slow EU Recovery

Bloc is unlikely to have panyupfront precisely to en- surethat production is ramped inoculatedasubstantial up,evenbeforethe conditional part of its population market authorization is deliv- ered by the European Medi- by the summer cines Agency,” he said. In practice, however, plans BY NOEMIE BISSERBE to roll out shotstothe general AND GIOVANNI LEGORANO population areincreasingly likely to need to be pushed Delays in Covid-19 vaccine back until later this year. deliveries and uncertainties Charles Michel,president of about the prospectsofyet-to- the European Council, which be-approved shotsmean Eu- representsthe EU’snational rope is unlikely to have inocu- governments, said on Belgian lated a substantial portion of television over the weekend itspopulation by the summer, the commission’stargets raising the specter of many would be difficult to achieve. more months of lockdowns TheEUalready is trailing be- and other restrictions. hind other rich countries.The Thefading hope foraswift U.K. and the U.S.,which started return to normalcy compared inoculations almost amonth with countries such as the U.S. earlier,havevaccinated 10% and and the U.K. that arefurther 6.2% of their respectivepopula- along in vaccination spells tions,according to datafrom OL

trouble for the region’s econ- PO OxfordUniversity. ForSpain, It- omy. Large parts of it depend S aly,Germanyand France, the on services,including travel ratios rangefrom1.5%to2.5%. /PRES and tourism, especially in the In Germany, Health Minister less-affluent south. GLER Jens Spahn had initially prom- VO TheEuropean Commission, ised that anyone who wanted

the European Union’s execu- OLIVER to getvaccinated could do so tivebody,which procures vac- People wait to be vaccinated in Germany. Delays in deliveries of shots raise the specter of many more months of lockdowns. by the summer.Last week, cines centrally for the bloc, Chancellor Angela Merkel hasordered 2.3billion doses mentsinthe region arestrug- Then on Friday, AstraZeneca said it is planning to demand Unapproved vaccines cur- floated alessambitious plan. from six manufacturers. It says gling to reduce case numbers PLC,whose vaccine the EU is early notification in the future rently account for two-thirds “Ifeverything goes in ac- most of these areexpected to and deaths despitetight re- expected to approvethis week, of anyplanned exportsofvac- of the EU’s orders. cordance to what the compa- be delivered in 2021, and that strictions on the population. told EU officials it might deliver cines made in the bloc. On Monday, European Com- nies have promised us…wecan member states should be able Tendays ago, Pfizer Inc.and only as few as 30 million of the U.S. biotech companyMod- mission officials said they are managetooffer vaccination to to vaccinate70% of adults BioNTech SE, which have sold 80 million doses pledged for erna Inc., whose vaccine is the sticking to their vaccination tar- everycitizen by the end of the among the bloc’s448 million 600 million doses of their vac- Februaryand March because of only oneapproved in the bloc gets.Spokesman Eric Mamer summer,” she said before the inhabitantsbythe summer. cine to the EU,making them yield issues at amanufacturing alongside Pfizer’s,has pledged said commission President Ur- AstraZeneca announcement. But deliverydelays and thecontinent’slargest pro- contractor,also in Belgium. 160 million doses to the EU,the sula vonder Leyenhad told As- Yet, vaccination centers in manufacturing hiccups by two vider,said they would tempo- TheEUwarned Mondaythat smallest order by far.All other traZenecaChief ExecutivePascal Germanyare already cutting large manufacturers threaten rarily reducedeliveries in the it would take anyaction neces- manufacturers, including a Soriot that she expectsthe com- the number of appointments this plan, as does uncertainty bloc because of an upgrade to sarytoprotect itscitizens after partnership between SanofiSA panytodeliver on itscontract. because of vaccine shortages. about when other vaccines the their plant in Belgium, though calling AstraZeneca’sresponses and GlaxoSmithKline PLC,John- “She reminded Mr.Soriot —Laurence Norman EU is relying on will be ap- they promised to deliver all the about the delays unsatisfac- son &Johnson and CureVac NV, that the EU has invested sig- in Brussels proved.Meanwhile,govern- doses owedinthe firstquarter. tory.The EU’sexecutivealso have yettoseek approval. nificant amountsinthe com- contributed to this article. WORLDWATCH Italian Premier to Quit as InstabilityGrows

NORTH KOREA BY GIOVANNI LEGORANO vestment plan foreconomic Mr.Renzi pulled out of the co- Conteonceagain but perhaps Thefragmentation of Euro- recovery from the coronavirus. alition, accusing Mr. Conte of under anew premier.Ifno pean politics,wheretradi- Another Ambassador ROME—Italian Prime Minis- Italy,due to receivemore seekingpersonal powerover majority in Parliament canbe tional center-right and center- Defects to the South terGiuseppe Conteisset to than €200 billion in EU funds, the EU funds while shutting found Italy is likely to hold leftparties have suffered an resign on Tuesday, his office the equivalent of about $243 out his small party. electionsincoming months, erosionoftheir once-broad A former North Korean am- said, as Europe’sunderlying billion, is theplan’sbiggest Many Italians arescratch- which would be the first in a electorates,has made it harder bassador has been quietly living problems of economic stagna- beneficiary. But Italian lead- ing their heads over the politi- major Western European to build majorities to solvethe in South Korea for more than a tion and political fragmenta- ers’ inability to agree on aco- cal squabbles at a time when country since the start of the continent’slong-term eco- year, two aides to a Seoul law- tion starttoreassert them- herent economic strategy re- Covid-19 continues to kill hun- pandemic. nomic problems,which include maker said, adding to the ranks selves amid the grueling duces the chances that the dreds of residentsaday,heavy Thecoronavirus seemed to how to boost global competi- of Pyongyang’s senior diplomats pandemic. EU’s third-biggest economy have led to greater political tiveness, foster newhigh-tech who are known to have defected Thefall of Italy’s govern- will use the funds effectively. stabilityinItaly in 2020.Mr. industries and sustain cher- in recent years. ment, in officefor just 17 At stakeisn’t just Italy’s The breakdown is Conte’spopularity rose as Ital- ished social safety netsfor ag- Ryu Hyon Uwas Pyongyang’s months,isasymptom of the chances of escaping from its ians, like many other Europe- ing populations. acting ambassador to Kuwait be- continuing fissures in Italian long economic decline,and of likely to cause ans,rallied behind their na- DespiteMr. Conte’spopu- fore entering South Koreain and European politics. Estab- stabilizing itssky-high na- concern in Europe’s tional leader in atime of larity,manypoliticians,econo- September 2019, aides to South lished andinsurgent parties tional debt, but also the politi- crisis.But the government’s mistsand businesspeople Korean lawmaker TaeYoung Ho arestruggling over Europe’s caltrust between northern stronger economies. cohesion proved illusoryas have questioned whether he said Monday. He joins morehigh- future, stable majorities are and southern Europe that the soon as major decisions had to has the vision to use the EU ranking diplomats who have de- oftenelusive,and leadersare euro needs forits long-term be made that went beyond funds well. Thechallengeof fected to South Koreainrecent searching forways to over- viability. managing the immediatepub- ending Italy’s stagnation has years, including Mr.Tae, who come long-term economic un- Mr.Contedecided to step anticontagion restrictions lic-health crisis. defied anumber of prime min- waselected to Seoul’slegislature derperformance—nowhere down after failing to hold to- weigh on the economy and TheEU’smassiveoffer of isterswho had greater eco- lastyear after defecting in 2016. more so than in Italy. gether his unwieldy governing daily life, the rollout of vacci- grants and low-cost loans to nomicexpertise than the 56- —Andrew Jeong Rome’slatestpolitical coalition,which in turn re- nations is sputtering, and the support recovery is seen in It- year-old law professor. breakdown is likely to cause flectsItaly’s fractured political EU is waiting to hear Italy’s aly as a once-in-a-generation Italy’s political classis concern in the capitals of Eu- landscape.The prime minister economic plan. opportunitytorevitalizethe likely to come under pressure rope’sstronger economies, fought with asmall coalition Italy’s parties arenow set country’seconomy. Italy has from other European capitals Pandemic Limits such as Germany, which last ally,led by former premier to negotiateinsearch of anew struggled with chronically low to resolvethe messinRome Refugee Placements year agreed to underwritea MatteoRenzi,overhow to governing majority,possibly growth ratesfor the past quickly and find asolid major- massiveEuropean Union in- spend the EU recovery funds. under the stewardship of Mr. quarter-century. ity for a pro-growth strategy. A fraction of the nearly 1.5 million refugees in urgent need of resettlement were resettled betterimmune response. through the United Nations last Moderna Thecompanyplans to start year, in part because of the cor- within acouple of months a onavirus pandemic. Phase 1study of the booster Those entering the U.S. fell to Hopeful on shot aimed at the South Afri- the lowest level in the 40-year can variant. history of its refugee program, “In the event that this virus according to State Department Variants continues to mutateinthis di- data, after President Trump set rection, and ayear from nowis the ceiling for 2020 at 18,000. still circulating in some way,we Fewer than 12,000 refugees ContinuedfromPageOne think it’sprudent that we have were admitted during the fiscal could mutateinsignificant tools likeabooster vaccine to year that ended in September, wayswhile countries race to addressthat,” Dr.Hogesaid. owing in part to a temporary vaccinate against it. Moderna said it expectsthat moratorium because of the pan- Thenew strains appear to itsbooster shot—whether for demic. spread more easily from per- the original vaccine or one tar-

Worldwide, 22,770 people sontoperson, and thereare S geting the variant firstidenti- were resettled in 2020 through signs that the U.K. variant is fied in South Africa—could be the U.N. Only 6,740 of the U.S. moredeadly than earlier PRES given in combination with vac- numbers are included in the U.N. forms. Thestrains appear to TED cines from other companies. CIA

figure. be spreading around the SO The coronavirus variant in

—Raja Abdulrahim world, prompting U.S. health AS South Africahas several muta- authorities to warn the variant LE/ tions in itsso-called spikepro- CO INDIA-CHINA firstdetected in the U.K. could tein, which is found on the become dominant by March. NIEL surfaceofthe virus.Moderna’s DA Forces Clash Along Thevariant firstfound in Moderna says its vaccine induces antibodies. Above, a nurse in Le Cannet, France, prepares a dose. vaccine and most othersare Himalayan Border South Africahasn’t been de- designed around the spike tected in the U.S.,Anthony vaccines will still provide pro- it’sgetting fitter and betterat ducted the analyses.The paper protein or itsgenetic code as a Indian and Chinese security Fauci, the nation’stop-infec- tection. Moderna’sannounce- what it needs to do,” Moderna hasn’t yetgone through the way to induce an immune re- forces had a scuffle along their tious disease expert, said on ment supportsresearch by President Stephen Hogesaid standardpeer-reviewprocess. sponse to the virus; and so, disputed border in the Himala- Sunday. To curb the spread of outside scientistsindicating in an interview. “And both the Even with the decrease, mutations in the protein have yas last week, the Indian army newstrains intothe U.S.,Presi- the protection against the South African and the U.K. Moderna said, the vaccine-in- the potential to hurt the per- said Monday, in a development dent Biden on Monday re- strain identified in South Af- strains,we’reseeing clearly duced antibody response to formance of a vaccine. that could potentially escalate stricted travel from South Af- rica, in particular, might not be increases in transmission and the B.1.351 variant remained Themodified vaccine Mod- tensions and damage peace rica and re-established aban on as strong though still effective. the potential for infectivity.” abovelevelsdeemed protec- erna is developing is designed talks between the two countries. most travel intothe U.S. from Pfizer Inc.and BioNTech, Moderna said itsvaccine in- tive. The company said it ex- to triggerthe production of Troops from the twonuclear- Europe,the U.K. and Brazil. whichmakethe only other duced production of neutraliz- pectsits standardtwo-dose thespikeprotein specific to armed neighbors have been in In theU.S., Covid-19 hospi- Covid-19 vaccine authorized ing antibodies against the vaccine to guardagainst the the South African variant, eyeball-to-eyeball mode sincelast talizations fell to their lowest foruse in the U.S.,are continu- strain firstidentified in the emerging viral strains to date. which in turn induces an im- year following adeadly hand-to- level sincemid-December,while ing to runlab studies of their U.K.,known as B.1.1.7, at levels It will test, however, mune response. hand combatinJune thatresulted newly reported infections con- vaccine against newvariants, a comparable to prior variants. whether adding abooster dose Thecompanybelieves it can in the death of 20 Indian soldiers tinued to decline,falling below Pfizer spokeswoman said. Yetneutralization decreased of itsoriginal vaccine canbol- quickly design and manufacture in the eastern Ladakh region. 200,000 forthe eighth consecu- Last week,Pfizerand BioN- sharply in the case of the ster antibody levels against the modified vaccine and have The Indian army played down tiveday.California, ahot spot Tech said their vaccine—which strain in South Africa, known emerging strains.The company it ready forhuman testing over the latest skirmish, which hap- in the fall surge,ended regional uses a gene-based technology as B.1.351, according to apa- is also developing anew ver- ashorter span than wasthe pened on Jan. 20 near the high- stay-at-home ordersasinten- like that of Moderna’s shot— per posted on the preprint sion of the vaccine that targets case with the original vaccine. altitude Nakula Pass in the sive-carecapacity improved. appeared to be protective server bioRxiv.Researchers morespecifically the muta- Moderna shares rose 12% to northeastern Indian state of Sik- Sincethe newstrains against the U.K. virus strain, from both Moderna and the tions in the South Africavari- $147 each on Monday. kim, calling it a minor face-off. emerged, vaccine makershave based on lab studies. National Institutes of Health’s ant and will test whether given —Jared S. Hopkins —Rajesh Roy been saying they think their “The virus is evolving and Vaccine Research Center con- as abooster shot it induces a contributed to this article. P2JW026000-5-A00800-1------XA

A8 | Tuesday, January 26, 2021 ***** THE WALL STREET JOURNAL. WORLD NEWS Oxygen Scarcity Swells Deaths From Pandemic

Shortage is acute in overcrowded hospitals with toofew resourcesare calling developing world but foremergencyresupplies of has touched hospitals oxygen. In , Lebanon andSouth Africa, people are in Los Angeles, London stockpiling oxygen canistersto trytoavoid overflowing

ThalitaRocha Lima wasvis- Covid-19 wards, sending prices (2) iting acrowded Covid-19 ward higher and making it harder this month in Manaus,the big- forpoorer families to rent gest Brazilian city in the Ama- tanks. In Mexico, armed ban- JOURNAL

zon, when her mother-in-law ditsare stealing oxygen tanks. REET ST

Maria and other patientssud- In London, some patientsin LL

denly became agitated, break- recent weeks have been trans- WA ing out in sweat andgasping ferred to hospitals that have a THE

forair as their fingertips ready supply of oxygen, health R FO

turned purple. authorities said. TI

Brazil’sgovernment has air- OT lifted oxygen supplies to Ma- PR By Samantha Pearson SO in São Paulo, naus,and is even importing MMA

Joe Parkinson oxygen from crisis-hit Venezu- TO in Johannesburg ela. With limited road access An elderly woman in Manaus, Brazil, above,relies on an oxygen tank, but shortages therehave spawned charitable efforts to fill gaps. and Santiago Pérez through the vast , lo- in Mexico City cal oxygen suppliers are now afterasurge in cases in Lagos, beforedawnand wait for shipping cylindersupthe Am- the continent’smost-populous hours. “I ranovertocheck the azon River from aplant on city.Shortages areparticularly Nigerian President Muham- equipment and that’swhen I Brazil’s northern coast. acuteatpublic hospitals, madu Buhari on Fridayap- realized: Therewas no oxygen Oxygenisacrucial treat- wheremedics saythey arebe- proved the release of $17mil- left,” said Ms.Rocha Lima, who ment forCovid-19,adisease ing forced to ration oxygen and lion to set up oxygen- rushed out intothe corridor that attacks the lungsand in some cases denytreatment. production plantsin38sites yelling,“They’regoing to die.” starves the body of oxygen. “It’sacrucial reason why to help treat Covid-19 patients. Thehospital’sdirector in- Several studies have shown thereisaspikeofdeaths.Our Ms.Rocha Lima, who formed her that the hospital lowermortality ratesand se- systems areoverwhelmed,” watched her mother-in-lawsuf- had runout of oxygen and verity of the disease when oxy- said John Nkengasong,director focate,blames local and federal didn’t knowwhen it would get gentreatmentisstarted earlier. of the AfricaCentres forDis- officials fornot ensuring oxy- more, she said. Her mother-in- Across Africa, a scarcity of ease Controland Prevention. gensupplies and failing to take law, a67-year-old retired oxygen is making asecond Thenewscomes as the cor- the pandemic seriously enough. nurse, suffocated about 14 coronavirus wave considerably onavirus death rate in Africa’s TheAmazonas stategov- hoursafter the oxygen ran more deadly. 54 nations surpassed the ernment on Sunday said it la- out, along with othersinher In mid-January, ayoung global averagefor the first mentsthe deaths Ms.Rocha ward, Ms. Rocha Lima said. teacher hospitalized with the time in January. Oxygenisthe crease in Covid-19 during the fection at home. Many house- Lima citesatthe public Dr. As Covid-19 cases increase coronavirus in Egypt’sBeheira main treatment forsevere past two months arereferring holds also keep their empty José Lins hospital and is work- sharply in much of the world, provinceput out adesperate Covid-19 cases on the conti- all patientsneeding oxygen to canisters, in case arelativeor ing with the federal govern- ascarcity of oxygen is forcing call forhelp from Egypt’shealth nent of one billion people. a single hospital, in Kampala. acquaintance falls ill. ment to restorehospitals’ oxy- hospitals to ration it forpa- minister in alivevideo on Face- TheWorld Health Organiza- “The infection ratesare Long lines at privateoxygen gen supplies across the state. tientsand is driving up the book.“Rescueus, minister,we tion’sregional director forAf- alarming and hospitals are suppliershavebecome the “Weare nowfighting, coronavirus pandemic’s death arerunning out of oxygen. Peo- rica, Matshidiso Moeti,warned stretched,” said JoyceKaducu, norm across MexicoCity.In transforming our pain into toll. Theproblem is especially ple arescreaming,” he said. The that the “availability of suffi- Uganda’sjunior health minister. lateDecember,city authorities fighting,” Ms.Rocha Lima acuteinthe developing world, teacher died afew days later. cient oxygen is starting to be a Because hospitals aresatu- opened two oxygen stations to said. “We are hoping for bet- but has also hit hospitals in In Nigeria, the air forcehas challengeinsome cases.” ratedwith Covid-19 patients, refill tanks free of charge. ter days when we have better London and Los Angeles. been deployedtomanufacture In Uganda, doctorsstrug- thousands of people rely on Most mornings, several hun- prepared and caring govern- From Brazil to Zambia, an emergencyoxygensupply gling to treat a10-fold in- oxygen tanks to battle the in- dred people begin to queue up ments.”

1 Social spending as a 2 Oxford University stringency index 4 Change from pre-pandemiclevels,based on smartphone location history,innumberofvisitsto: percentageofGDP,2019 100 RETAIL AND TRANSIT WORKPLACES RECREATION AREAS STATIONS U.K. 12.8% 0 80 U.S.* 10.6% Germany Japan U.K. –20 France Italy 10.4% 60 Italy Italy Canada U.S. –40 Japan*8.5% U.S. Germany 40 France Canada Japan –60 U.K. Canada 8.4%

Germany8.2% 20 –80

France8.1% –100% 0 March Aug. Jan. March Aug. Jan. March Aug. Jan. *2018 data. 2020 ’21 2020 ’21 2020 ’21 2020 ’21

3 Daily confirmedCovid-19 5 Private-sector investment, 6 Consumer spending, 7 Forecast change in annual 2020 GDP, cases, seven-dayrolling excluding residential dwellings, cumulativechange since2Q2016 with and without adjusting forinflation average cumulativechange since2Q2016 –10% –8 –6 –4 –2 0 100 cases per 100,000 people 20% U.S.

80 10 Japan U.S. Notadjustedfor inflation 60 Canada Canada 0 France Germany Germany 40 Italy Japan –10 Italy 20 U.K. France

–20 U.K. 2020 ’21 2017 ’18 ’19 ’20 2017 ’18 ’19 ’20

Notes: Social spending refers to spending by households on recreation and culture, restaurants and hotels; stringency indexcompiled from 18 policy indicators, ascore of 100 indicatesthe most strict, ascore of zero,the leaststrict. Latest update Jan. 24;mobilitydatarepresents asample of users intended to showtrends. Calculation depends on user settings, connectivityand whether privacy threshold is met. Data arefor Fridays only,asofJan. 15; Covid-19 data through Jan. 24 Sources: OECD (GDP,social and consumer spending, investment); UniversityofOxford(stringency); Google Mobility(visits); Johns Hopkins CSSE (cases); European Center forDisease Prevention and Control, World Bank (populations) U.K. Economy, Hit by Brexit and Covid, Is WorstinG-7

BY JASON DOUGLAS ister Boris Johnson announced country. (Chart 1, above.) infectious variant of the virus is theEU, uncertainty about the cially hardtoestimategrowth, AND ANDREW BARNETT another nationwide lockdown Businesses that depend on pushing up hospitalizations and futureeconomic relationship inflation and other economic to fight anew,more-conta- direct contact with consumers— prompting anew wave of re- with the bloc has weighed on indicators.Strip out changes The U.K.’s economy shrank gious variant of the coronavi- barsand restaurants, sports strictions.The U.K. was, though, growth. Britain has laggedbe- in prices over 2020,and the morelast year than anyofthe rus. That puts the U.K. econ- events,hotels and theaters, cin- the firstWestern countrytoap- hind most of itspeersinbusi- U.K. economy doesn’t look as G-7, in what the Bank of Eng- omyoncourse to shrink again emas and museums—werehob- proveacoronavirus vaccine, ness investment, as companies bad compared with its peers. land says will be the country’s in the firstquarter of the year, bled when social distancing be- and so far 6.4million people considered whether the U.K. Some economiststhink quirks biggest economic slump in when businesses must also get came the norm and when the have received at least one vac- wasthe right placetoinvest for in the way the U.K. calculates more than 300 years. to grips with newEuropean virus forced them to close.The cine shot. (3) reaching European customers. up thevalue to the economy What went wrong? Shut- trading arrangements. current lockdown, in place Britain experienced one of the of health and education may downs caused greater pain for Growth in the U.K. wasal- through mid-February, closes largest drops in this crucial en- help explain the U.K.’s relative the U.K. than other membersof ready weak going intothe pan- schools and nonessential shops, Britain is more gine of growth during the pan- underperformance. (7) the Group of Seven advanced demic because of feeble business and people have been told to demic,suggesting the twin un- Britain has shown resilience economies in part because it is investment, poor productivity leave home only if necessary. dependent on certainties of Brexit and the in other ways. Government especially dependent on con- andscant growth in incomes. TheU.K.locked down its consumer spending virus dented the U.K.’s attrac- support forfirms and workers sumerspending,which evapo- Oncethe coronavirus set in, the economylater than itspeers tivenessasaplacetoinvest. (5) batteredbythe virus has ratedamid one of Europe’s British economyshrank by more and kept tighter restrictions in than its G­7 peers. Consumer spending in the helped keep unemployment deadliest Covid-19 outbreaks. than itspeersinthe G-7inthe placewhen otherswereeasing U.K. also laggedbehind itspeers lowrelativetoprevious reces- Theeconomywas already weak firstnine months of the year. them. (2) afterthe referendum and took a sions.The Bank of England afterthe four yearsofnegotia- Figuresfor the final quarter,due Despitethe lockdowns,the steep diveduring the pandemic. has pledged to keep interest tions over Britain’sexit from the Feb. 12, areexpected to showthe U.K. struggled to keep cases un- Thestubbornly high case Behind the slowgrowthisade- rates pegged close to zero, or European Union,during which economycontracted again. der control, reinforcing people’s numbersmeant that in the U.K., cade of paltrywageincreases below, to fuel adurable recov- businessinvestment saggedand TheU.K.took abiggerhit hesitation to spend and travel. visitstosupermarketsand and rising prices afterBrexit hit ery. And the prime minister households held back spending. because around 13% of its an- Overallinfection numbersin workplaces and trips on public the pound, squeezing household said the late-December trade This is the starting point for nual grossdomestic product the U.K. showittobeone of the transit suffered morethan in incomes. (6) pact governing the newrela- Britain’snew relationship with comes from spending on rec- worst-affected countries by the other G-7countries,intensifying Some economiststhink the tionship with Europe will ease the EU,which began Jan. 1 reation andcultureand in res- pandemic,with about 3.7mil- the economic damage. (4) U.K.’s poor performancemight economic uncertainty and puts with aloose free-trade agree- taurantsand hotels,ahigher lion cases and morethan 98,000 Since2016,when the country be overstated, because the theeconomyonabetterfooting ment.This month, Prime Min- sharethan anyother G-7 deaths as of Monday. Themore- votedinareferendum to leave pandemic hasmade it espe- to recoverfromthe pandemic. P2JW026000-2-A00900-1------XA

THE WALL STREET JOURNAL. ** Tuesday, January 26, 2021 | A9 WORLD NEWS China’sXiWarns Beijing’sWTO Clout TestsBiden

AgainstShowdown BY CHUIN-WEI YAP —President Bi- BY JAMES T. AREDDY gagement to discussdisagree- den has said he plans to work ments, Mr.Xioffered no initia- with allies to keep pressureon Chinese President Xi Jin- tives to addressWestern China, but at the World Trade ping issued aveiled warning criticisms of Chinese policies Organization the U.S. will be against the newBiden admin- in such areas as trade,human facing arival in Beijing that has istration’spreparations to rights and the military. become amoredominant force

rally allies to challengeBeijing Anger simmersinmany in recent years. GES

on arangeofissues,urging capitals over China’s lack of Skepticism toward the WTO IMA multilateral coordination to transparencyoverthe corona- in successiveU.S.administra- tackle global challenges. virus outbreak sinceitfirst ap- tions translated intopolicies, GETTY “Tobuild small circles or peared in Wuhan and the gov- such as blocking judges to its SE/ start anew Cold War, to reject, ernment’srefusal to address topcourt, that have largely gut- threaten or intimidateothers, scientific questionsabout the tedits ability to serveasanin- ANCE-PRES

to willfully impose decoupling, efficacyofits vaccine program. ternational arbiter of trade dis- FR supply disruption or sanctions, Mr.Xisaid China continued putes. ENCE

to createisolation or estrange- to aid other countries in acol- At the same time,Beijing AG ment, will only push the world lectiveglobal Covid-19 fight. has cast itself as adefender of Shipping containers stacked at aport in Lianyungang in China’seastern Jiangsu provincethis month. intodivision and even confron- Yethealso warned: “It serves the WTOand itstop court, fu- tation,” Mr.Xitold the World no one’sinterest to use the eling itsstaturewithin the or- rule,which prohibitsdiscrimi- Mostactiveparticipantsin high as 1,700%, valued at bil- Economic Forum, which this pandemic as an excuse to re- ganization. That hashelped nation among trading partners. WTOadjudication, by number lions of dollars—whenever they year is convening online in- verseglobalization and go for China to blunt calls forchanges TheU.S.isappealing the ruling. of cases win. stead of in the ski town of Da- seclusion and decoupling.” to itsstate-controlled economy, “Most of the trade measures Despitethe setbacks,Beijing vos, Switzerland. WhiteHouse spokeswoman which other memberssay dis- takenagainst China by the has cast itself as alinchpin of TheChinese president said JenPsaki said Mondaythat Mr. tort the market. Trump administration areille- China 217 defending the WTO’stop court. Beijing would continue to open Xi’scommentsdon’t change “For the foreseeable future, galunder the WTO,” said Mr. China backed the European its economy and honor its howthe administration is look- China will partakeactively in Bacchus,who wascritical of Union last year in establishing global commitments, but em- ing at issues related to China WTOdiscussions and initia- Mr.Trump’strade policies.“I Japan 173 an interim processtoresolve phasized that each countryhad but that the WhiteHouse aims tives, without offering major anticipateChina will win many disputes,which Washingtonop- aright to blazeits ownpath. to improveits defensivestrat- concessions at the negotiating of those cases.” EU 171 posed and Tokyodidn’t join. In urging multilateral en- egy, including on technology. table,” said HarvardUniversity TheU.S., starting with the Themeasureprovides an ap- lawprofessor and trade expert Obama administration, has long peal hearing formembersuntil Mark Wu. criticized the WTOfor rulings India 141 the WTOcourt is restored and Mr.Biden’steam has said against Washington’suse of began seating judges in August. U.S. Forces Expand that he would liftthe U.S. certain trade remedies,such as It is available only to members blockade on judges but that the the U.S. methodologyfor calcu- U.S. 112 who sign up.Signatories have pandemic and U.S. economic re- lating penalties in trade dump- risen to at least23from16 Reach in Saudi Arabia covery could take precedence ing cases.Accusing the tribunal Note:Period covers 2001-2020 sinceits launch in April, includ- over trade. of overreach, Washingtonbe- Source:WTO ing U.S. partnerssuch as Aus- BY GORDON LUBOLD Air Base since2019 to respond Adelaywould be amistake, gantoblock the selection pro- tralia,New Zealand and Can- to regional threats from . said James Bacchus,aformer cess forjudges to the WTO ada. YANBU, Saudi Arabia—The Thetroops were sent by for- Democraticcongressman from court in 2016. encehearings—twicethat of TheU.S.and the EU had U.S. militaryhas been using an mer President Donald Trump, Florida whoserved twiceasthe TheTrump administration, the U.S. since2001. hoped that admitting China to array of portsand air bases in who cultivated close ties with chairman of the WTO’sAppel- which argued that the WTO’s It is embroiled in 39 dis- the WTOin2001 would spur an Saudi Arabia’swestern desert, Saudi leadersevenafter the lateBody,its topcourt. “The dispute-settlement system putes with the U.S.,trailing overhaul of itseconomic poli- developing basing options to killing of Saudi journalist Jamal rest of the world is not going to needed an overhaul, extended only the number of disputes be- cies,but they have made little use in the event of aconflict Khashoggi at aSaudi Arabian wait forthe U.S.,” he said. the blockade,making the court tween Washingtonand Brus- headway against Beijing,which with Iran, according to the top consulateinTurkey in 2018. Beijing’sinfluencehas grown inoperable in December 2019. sels.The clash extends even to has campaigned foronly “nec- American militarycommander TheBiden administration as it shows signs that, aftera In the past decade,China the continuing contest over the essaryreform.” in the region. hassignaled that it plans to long historyoflosing itscases has been using the WTO’sdis- next WTOdirector-general,as As Beijing has worked more Theuse of the bases,which take atougher approach to beforethe WTO’scourt, itsre- pute-resolution system more Beijing and the Trump adminis- closely with Europe on WTOis- hasn’t been previouslyre- Saudi Arabia, particularly on cord might be improving,par- frequently and getting morein- tration backed different candi- sues in recent years, Brussels ported, has occurred during the human-rightsissues.However, ticularly as it challenges U.S. volved in othercases.Largely a dates. hasindicated that itsappetite past year or moreastop mili- continuing potential dangers trade policies imposed under bystander when it joined 20 China has also been dealt forpushing Beijing to make tary commanderslook foralter- posed by Iran have remained a former President Donald yearsago, China is nowthe numerous setbacks at the WTO. changes maybewaning. natives to safely movetroops leading consideration, U.S. of- Trump. world’smost activeparticipant Themost prominent among President Xi Jinping has put and materiel in and out of the ficials indicated. China wonalandmark ruling in disputes at theorganization. these wasBeijing’shigh-stakes an emphasis on the WTOas region and to reducetheir expo- Iranian officials said Mon- against the U.S. in September. Beijing has lodged 13 com- bid, filed in December 2016,to central to itseffortsonglobal suretoIran’sballistic missiles. day that the presence of the AWTO panel agreed with Bei- plaintssince2011, afterfiling end China’sstatus as anonmar- trade,saying in 2017that the Several thousand American U.S. and other foreign forces in jing’schargesthat Washing- eight in the prior decade.It keteconomyatthe WTO. The group is crucial to “promoting troops, jet fighters and other the is amain rea- ton’s25% tariffs levied in June joined 54% of all cases as a label gives itstrade adversaries China’stransformation from a weaponryhavebeen stationed son for“the chaotic situation andSeptember 2018 breached thirdparty—meaning anon- wide authority to impose pun- bigtrading nation to apower- at Saudi Arabia’sPrinceSultan and insecurity in our region.” the WTO’smost-favored-nation contestant permittedtoinflu- ishing antidumping duties—as fulone.”

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A10 | Tuesday, January 26, 2021 **** THE WALL STREET JOURNAL. FROM PAGE ONE D.C.’s New Power Brokers AH ContinuedfromPageOne BIOUT

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disclosurefilings. FR Not sincethe heydayof John and Tony Podesta, who WISE served in the Obama White OCK CL House and dominated KStreet, Above, President Biden during a virtual swearing in ceremony for political appointees on Jan. 20. Below left, Jeff Ricchetti runs a lobbying firm that has thrived lately. respectively,havesiblings Right, brother Steve Ricchetti is senior counselor in the Biden White House. wielded so much public and privatepowerinWashington. them raise money fortheir vision. “Wewerelooking to While John Podestaheld a campaigns.Jeff,who had prac- deepen our bench with Demo- series of high-ranking positions ticed lawinOhio forabout crats,” he said. in the Clinton and Obama eight years, came to knowpol- During the summer of 2020, WhiteHouses,TonyPodesta icyasalobbyist and grew ad- Ricchetti Inc. landed three builtone of the largest influ- ept at delving intothe details moreclients, including phar- ence-peddling operations in the of health-careand taxissues. maceutical giant GlaxoSmith- capital city.Heparty-hopped “Steve is aDemocrat first KlinePLC; HorizonTherapeu- around town in redleather and alobbyist second. Jeff is tics USAInc., adivision of a shoes and amassed amuseum- theopposite—he is alobbyist Dublin-based biotech; and U.S. quality collection of artworks. firstand aDemocrat second,” semiconductor maker Applied “They arethe newPodes- said DanMattoon, aRepubli- Materials Inc.AGlaxospokes- tas,” said PatWilliams,along- canlobbyist who worked with woman cited the British com- time Democratic lobbyist. “In- Jeff at the Podestalobbying pany’s“long historyofworking steadofthe Gucci shoes and firm. with centrist Democratsontax art, it’shot dogsand baseball.” Steve, at 33,was one of the and health policyissues.” To supportersofformer youngest executivedirectors In early November,Jeff Ric- President Donald Trump and forthe Democratic Senatorial chetti registered to represent manyDemocratsinthe party’s Campaign Committee, leading Vaxart Inc., asmall California progressivewing,the Podesta the effort to elect SenateDem- companythat is developing an brotherssymbolized every- ocratsinthe 1992 election. He oral Covid-19 vaccine.Accord- thing that is wrong with the became friendly with up-and- Ricchettiseverparticipated in Mr.Biden has announced torofthe University of Penn- ingtoVaxart’sSecurities and Washingtonestablishment and coming Democratssuch as intrafamilylobbying,John Po- rules that put some restric- sylvania’sPenn Biden Center,a Exchange Commission filings, too-cozyrelationships between Mark Warner,now aclose destasaid in an interview. “I tionsonlobbyists. Officials program that connectsU.S. it is under investigation by the the influencersand those they friend and the senior senator had astrict rule: We’d have who join his administration are studentswith global leadersto SEC and the JusticeDepart- want to influence. from Virginia. dinner with our mother and prohibited from working on learn about policy. ment forhaving said in June Following the model of the SteveRicchetti cycled be- not talk policy,” he said. He de- public policyissues about Then he helped organizethe that itsproduct had been se- Podestas,Steve and Jeff Ric- tween the Clinton WhiteHouse scribed SteveRicchetti, his which they oncelobbied. And 2020 Biden presidential cam- lected by the U.S. government’s chetti co-founded lobbying and KStreet, at one point sell- friend, as “a highly ethical per- officials who leave his adminis- paign. He didadvisory work Operation Warp Speed vaccine- businesses.Steve stopped lob- ing the lobbying firm he’d son who has never done any- tration won’t be allowedto forAT&TInc.but ended his development program. byingin2009 and about three startedwith his brother to thing that is even amile from lobby the government until af- contract with his only corpo- Aspokesman forVaxart, yearslater shed hisstake in Tony Podestatoserveasa the line.” teracooling-off period. rate client in September as Mark Herr,said the company the second of two firms the WhiteHouse aide while John Denis McDonough and Val- Former President Barack Election Dayapproached. hiredMr. Ricchetti “tohelp us Ricchetti brothersset up. Podestawas Mr.Clinton’schief erie Jarrett, former Obama ad- Obama,following his election SteveRicchetti has worked educatepolicymakersabout In 2020,after yearsofslow of staff.Jeff Ricchetti went to viserswho worked with Steve in 2008,said lobbyists forMr. Biden longer than many the oral tablet option” for businessatwhat has been work forTonyPodesta. Ricchetti,said they never saw wouldn’t be allowedtowork in otherstapped to counsel the Covid vaccines,not to help mostly asmall shop,Jeff Ric- With one part of each family anyindication that Jeff tried to his administration. SteveRic- newpresident, said Danny with the investigation. Mr. chetti signed on 10 newclients. working in the WhiteHouse, influencehim in anyway. chetti at that point deregis- O’Brien,alobbyist with Fox Herr said the companywas a That included two—Amazon the lobbying businessboomed. At the same time,the two Corp. and aformer Biden aide. participantinOperation Warp and Evofem Biosciences Inc.— Thenumber of companies Jeff setsofbrothersrepresent the That giveshim the standing to Speed. following Mr.Biden’swin. represented as alobbyist kind of revolving door between ‘SteveisaDemocrat “deliver unvarnished advice As forthe PodestaGroup, “I’vegot to imagine the cli- swelled by morethan 50%. He government employment and and recommendations,” Mr. whichwas among the most entsofJeff Ricchetti areaware added eBayInc., the powerful lobbying that manyAmericans firstand alobbyist O’Brien said. successfullobbying firms while of who SteveRicchetti is,” said Pharmaceutical Research and saymakes them distrustfulof second. Jeff is Jeff Ricchetti’sbusinessat John Podestawas in the Jeff Hauser,who analyzescor- ManufacturersofAmerica Washington. Ricchetti Inc. declined afterhis Obama WhiteHouse in 2014 porateinfluenceongovern- trade association and financial- “ManyBiden supportersand theopposite.’ older brother wasnolonger in and2015,itcollapsed in 2017 ment forthe liberal Center for services firm American Finan- manyTrump supportersare the WhiteHouse during the afterwork the firm had done Economic and PolicyResearch. cial Group Inc. convinced that the swamp still Trump administration. By early forRepublican operativePaul “Jeff is on ahot streak.To AfterRepublican George W. exists,” said Meredith McGe- 2020,the firm wasdownto Manafort became ensnared in what does he attributethat Bush became president in 2001, hee, the executivedirector of teredasalobbyist. He contin- four registered clients. Its2019 the investigation of special streak?” Steveand Jeff opened anew Issue One,anonprofit firm uedworking at Ricchetti Inc. revenue totaled just $625,000. counsel Robert Mueller. Jeff Ricchetti didn’t respond lobbying firm with anew that advocates forgovernment butasagovernment-relations Thetrajectorychanged when Federal prosecutorslooked to requestsfor comment. Peo- name,Ricchetti Inc.Steve fo- changes including stronger adviser,meaning he couldn’t Mr.Biden emergedasthe likely at whether the PodestaGroup pleclose to him said his long cused on the intricacies of poli- campaign-financelaws. “Right specifically talk to legislators 2020 Democratic nominee.In should have registered as an yearsasaDemocratic congres- tics and strategywhile Jeff now, the signals that Biden is or administration officials May, two tech companies be- agent foraforeign government sional lobbyist, coupled with spent time with senatorsand sending is that draining the about his clients’ interests. came clientsofRicchetti Inc. because aclient brought to it Democrats’ securing leadership congressional staffers. swamp is not apriority.” An opportunity to return to One,InterDigital Inc., which by Mr.Manafort turned out to of both the Senateand House, Ricchetti Inc. never grew Progressives have chafed at government opened early in makes wirelessand video tech- have ties to Ukrainian govern- had moretodowith his busi- intoalarge firm, but the influ- some of Mr.Biden’spicks,in- 2012 when then-VicePresident nology, hired Jeff for$180,000 ment officials. nessboom than Mr.Biden’s encebusinessmade the Ric- cluding SteveRicchetti. New Biden needed anew counselor. ayear to lobby on patent-law Neither the firm nor either WhiteHouse win. chettis wealthy. In 2007,the York Rep.Alexandria Ocasio- Stevesold his stakeinRicchetti issues.Itsigned on because of Podestawas accused of wrong- When Stevearrived in height of their firm’soperation, Cortez has said that Mr.Trump Inc.and went back to work in hisunderstanding of technol- doing.But the months of scru- Washingtoninthe late1980s, it reported $3.4 million in lob- waselected four yearsago in the WhiteHouse. ogyissues and his connections tinyaccelerated alossofcli- he gottoknowDemocratic pol- bying revenue from atotal of part because Americans are When the election of Mr. to important Democrats, said ents that had already begun iticians during pickup basket- 25 clients. disdainful of stereotypical Trump ended that job,Steve Rob Stein,who oversees Inter- afterthe WhiteHouse passed ball games and by helping Neither the Podestas nor the Washington. stayed in Biden world as direc- Digital’sgovernment-affairsdi- to Republicanhands in 2017.

Promenade,the town’smain tended his firstWEF in 2012, All Quiet drag. hisstartup company, Cloud- About 3,000 people usually flareInc., had 40 employees. register forthe conference. Afteranexhausting day, he In Davos Around 9,000 moresqueeze said, he and his co-founder intothe resort, doubling its were taking stock at an Italian population, manyofthem restaurant when itsmanage- This Year theretoassist delegates or ment,tight on space, seated participateinside meetings. then-TreasurySecretaryTimo- Speakershaveranged from for- thyGeithner,former secretary ContinuedfromPageOne mer President Donald Trump LawrenceSummersand Face- man shepherdpast hugesnow- to U2 singer Bono. book Chief Operating Officer drifts in front of the town’sde- While the conferenceusually Sheryl Sandbergattheir table. serted CongressCenter,where lastsjust four days,advance Thefivehad dinner together. the talk-fest takesplace. teams come two weeks early to Otherssay they have felt “We’vebeen hereafew times build the vast array of tempo- JOURNAL compelled to come each year

during the WEF,and it canget rary structures that take over REET againsttheir betterjudgment.

alittle crazy,” he said. Davos. Another week is spent ST “You always hateDavos,but WEF head of programming tearing them down again, LL youalways come back,” said WA LeeHowell said the conference meaningthat foralmost a Fabrizio Pagani, global head of

will be back in Davosnextyear. month the town looks little like /THE strategyatMuzinich &Co.,a

In the meantime,anonline se- the hamlet it is the rest of the ERS NewYork investment firm. LV

ries of speeches and roundta- year,nestled some 5,000 feet SY “The best thing to do in Davos bles began Monday, the daythe abovesea level in the Alps.A is to stand on the Promenade ERIC real-lifeconferencewas sup- driveacrosstownthat nor- The nearly empty Promenade. The Alpine town is a skier’s paradise, sans celebrities and leaders. andpeople-watch.” posed to start, with speeches mallytakes five minutes can Then thereisBarryColson, by ChinesePresident Xi Jin- runclose to an hour. closed due to Covid restric- know that,” Mr.Lenz said. said Tobias Homberger, chief whohas playedpiano in bars ping and other heads of state. “Lifeisbetterherewithout tions,skiersare among the few Some businessmanagers executiveofthe luxuryHotel at Davosduring the WEF for With this year’s WEF online, the WEF,” said Carmen Fed- out-of-townerstobeseen. whorely on the WEF fora Seehof in Davos. “Wealso do 26 years. Nowheperforms for and some meetingsmoved to erici, who works in atea shop Some locals saythey will chunk of revenue saythey ex- big eventsand set up tempo- Zoom parties from his base- SingaporeinMay,gone arethe on the Promenade. missthe income the meetings pect the forumwill have to be rary buildingsduring the Fo- ment back home in NovaSco- politicians,businesschiefs and Theforum is aparticular generate. Manyrent out their re-thought oncethe pandemic rum, but as Iget older,Isee tia, pining forthe yearswhen investorslooking to seal adeal nuisance forskiers, who miss homes or businesses at high passes because attitudes to the negativeaspectsofthis.” the world’selitegathered to between late-night drinks and out on what some consider the rates. HansjorgLenz,who runs masseventsmight change. Fans of Davospoint to the hear him play. early-morning coffees.Gone, best month of the year,with two barsinDavos,made abig “The Forumneeds to find a serendipity gained when so “I misseverybody,” said Mr. too, arethe protesters, road- plentiful snowand cold portionoflast year’s income way to come back in amorein- many political and business Colson. “I missthe CEOs,I blocks,militaryjets, hovering weather bringing thepowdery by renting one of them out. timateway,maybe just in the leaderscramintoasmall town missthe billionaires,Imissthe helicoptersand pop-up meet- conditions they crave. With so “Davos is still here, we are CongressCenter without all with little to do but schmooze. world leaders. Imissevery- ingcentersthat take over the manystoresonthe Promenade still alive, and people should the pop-up corporateevents,” When MatthewPrinceat- thing.” P2JW026000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, January 26, 2021 | A10A GREATER NEW YORK State to Ease Some Covid-19 Restrictions

Indoor dining ban over age 50. RichAzzopardi, asenior ad- remains for NYC; viser to Mr.Cuomo,blamed Cuomo warns vaccine the frustration on the Trump administration’s“failuretose- supply is almost gone cure the vaccines we need.” In NewJersey,appoint- BY JIMMY VIELKIND mentsfor Covid-19 vaccines AND JOSEPH DE AVILA remain scarce.The stateon Monday launched a new tele- NewYork will start relaxing phone hotline that people can economic restrictions that call to makeappointments, were imposed afterThanksgiv- and it wasquickly flooded ing to respond to an increase in with 17,000 calls in the first novel coronavirus cases,Gov. hour it opened, according to Andrew Cuomo said Monday. state health officials. TheDemocratic governor “Wecontinue to have atre- said in Buffalothat the state mendous imbalancebetween would allowelectivesurgeries the demand forvaccines and to resume in Erie County, the supply of actual vaccines,” wherethey were halted on said Judy Persichilli, commis- Dec. 4. He also said the state sioner of NewJersey’s state Department of Health would Department of Health. She review other restrictions that urged residents to be patient. cover parts of , So far, New Jersey has ad- Buffalo, Rochester,Syracuse ministered 565,401 doses of and New Rochelle. During the the Covid-19 vaccine,Ms. Per- fall, thestate imposed local- sichilli said. Thestate has so ized restrictions based on in- far been allocated 989,900 fection rates, but Mr.Cuomo doses, according to the CDC. abandoned the approach in fa- In Connecticut, health offi- vor of a metric that looked at cials confirmed that four addi- hospital capacity. tional cases of the United

Mr.Cuomo said he wasn’t GRI/REUTERS Kingdom variant of Covid-19 re-examining the state’sban have been identified, raising ALLE

on indoor dining in New York O the totalnumber of cases in

City restaurants“at this CARL the statetoeight. Thefour in- point.” Afteracourt ruling,in- A New York Army National Guardsman helped a woman check in Monday at the Javits Center vaccination site in Manhattan. dividuals liveinNew Haven door dining is allowed, with and Oxford, according to the restrictions,inall other areas period,” he said. received 1.3million firstdoses ability of manyeligible people couldn’t be met. state. of the state. Thestate has almost ex- and 564,600 second doses to secureanappointment fora “They lose faith in the sys- “This newstrain, which is Thechanges come afteran- hausted itssupply of vaccines, from the federal government. vaccine continued acrossthe tem. They give up, they don’t considered to be moreeasily other 167 people died from Mr.Cuomo said Monday. As of According to the U.S. Cen- tri-stateregion over the week- actually followupontheir ap- transmitted, is spreading Covid-19 andthe number of Monday, the statehas distrib- ters forDisease Control and end. In NewYork,U.S.Rep. pointments, and they say, quickly throughout the world, patients in hospitals around uted 1.18 million firstdoses Prevention, 2.4 million doses Tom Reed, a Republican from ‘Screw that,’ ” Mr.Reed said in and it’shighly likely that these the stateincreased to 8,730. and143,952 second doses to have been allocated to New Corning, called forthe federal an interview. arenot the only eight cases in But Mr.Cuomo said downward eligible patients, according to York and 1.37 million have government to take over dis- Nearly 3,000 older New Connecticut,” Gov.Ned La- trends in virus positivity rates, the stateDepartment of been administered as of Sun- tribution from the state. He Yorkerssaid they had prob- mont, aDemocrat, said in a hospital admissions and trans- Health. In the last six weeks, day. TheCDC figuresinclude a said the state’sdecision, based lems using internet and phone news release Monday. “That is mission figures prompted the 72%ofthe state’s438,563 hos- federal program to vaccinate on federal guidance, to allow systems to secureavaccine whyitissoimportant that ev- re-examination of restrictions. pital workershavereceived at nursing-home residents; the people ages 65 and older to appointment, according to a eryone continues taking pre- “We believe that we are at least one vaccine dose.The state figures don’t. register forthe vaccine has survey released Fridayby cautions to prevent transmis- the end of the holidayspike department said NewYork has Frustration about the in- created aflood of demand that AARP,which representspeople sion of this disease.” Port AuthorityFights SalesTax Proposed on Airbnb Stays $105 Million Claim BY JIMMY VIELKIND

People booking vacation Over Bridge Project rentals in NewYork on sites like Airbnb Inc. could soon startpaying sales taxesthat BY PAUL BERGER tion, the arbitration panel com- home-sharing companies prises three memberschosen would collect under aproposal The Port Authority of New by theagencyand the consor- included in Gov.Andrew York and NewJersey has been tium. Seth Lehman,aco-head Cuomo’s $193 billion budget. told to paydevelopers$105 of North American transporta- Aides to the Democratic millionbecause of losses in- tion ratingsatFitch Ratings, governor saythe proposal curred during construction of said he understands the addi- could generateanadditional the replacement Goethals tional costswereincurred be- $10 million forthe stateinthe Bridgeconnecting NewJersey cause of design changes re- fiscal year that starts April 1, and Staten Island. quested by the Port Authority. and $18 million in subsequent Thebistateagencysaid in a Fitch downgraded the Port years. Roughly thesame recent financial filing that it in- Authority’s debt on Jan. 19 to amount of money would also tends to challengethe decision, single-A-plus from double-A- flow to local governments which wasimposed by athird- minus because of the impact around the state, which also party arbitration boardonJan. of the coronavirus pandemic levy their own surcharges on 15 and isn’t binding.Work on on some of the agency’scru- topofthe state’s4%sales tax. the $1.5billion, twin-span cial infrastructurefacilities. Theproposal wasembraced

bridgewas completed in 2018. Agencyofficials expect to lose by the group representing the S

“These claims areequiva- $3 billion in revenue through state’scounty governments, but PRES lent to a flag thrown not only March 2022. it could reviveabroader de- TED after the play is over, but the Passenger numbersatthe bateabout howhome-sharing OCIA

game has long ended,” a Port region’smajor airports, which companies areregulated in the SS Authority spokesman said. generated slightly more than state, lawmakerssaid, which is /A LL

“We disagree with their basis half of Port Authority revenue fueled by different concerns in HI L

and intend to contest them.” in 2019,aren’t expected to re- different partsofthe state. AE CH

Theopening of the bridge’s coverfor several years. But “I think it’snow opportune MI second and final span repre- traffic at the agency’ssix forustohavethis largercon- In and around LakePlacid, roughly 500 properties arebeing rented online, said MayorCraig Randall. sented awin forthe Port Au- tolled bridges and tunnels,an- versation,” said stateSen. thority—aproject delivered on othersignificant driver of rev- James Skoufis,aDemocrat welcomed Mr.Cuomo’s pro- ditional revenue. Vijay Dandapani, president time and, seemingly,onbudget. enue at the agency, has recov- from OrangeCounty,who fa- posal and said the company Thereare roughly 500 and chief executiveofthe Ho- ThePort Authority covered ered quickly. vors changing state law to al- has supported NewYork legis- properties being rented online telAssociation of NewYork about$500 million of costsfor By the end of last year, car lowfor short-term rentals in lation with taxcollection pro- in and around Lake Placid, City,which representshun- the bridge. The rest was cov- and truck volumes at Port Au- multifamily buildings. visions since 2016. said Craig Randall,the village dreds of hoteliers, said his or- ered by aconsortium led by thority crossingshad returned Mr.Cuomo’s proposal “We’repleased the statehas mayor. It adopted alaw last ganization didn’t object to Mr. Macquarie Infrastructure to about 90% of pre-pandemic doesn’t addressregistration or recognized the important role year that set occupancylimits Cuomo’s proposal because it Partners.The consortium is levels. Mr. Lehman said Fitch changethe state’smultiple- short-term rentals canplayin on vacation rentals and re- didn’t make anychanges to contracted to runthe bridge upgraded itsratingsonabout dwelling law, which prevents NewYork’srecoveryand are quired ownerstoregister their the multiple-dwelling law. through 2053,during which $1 billion in bonds and a fed- someone from renting an hopeful that 2021 will be the properties. In addition to sales tax, the time theauthority will lease eral loan issued forthe Goe- apartment in abuilding with year NewYork joins dozens of Mr.Randall also operated a governor’s budget language the crossing from the develop- thals Bridge project to triple- three or more units for fewer other states in passing sensi- small motel for more than 40 would let NewYork City col- ersfor about $60 million a B-plus from triple-B in August than 30 days unlessthe apart- ble short-term rental rules years, and said he supported lect a $1.50-per-room nightly year—plus $7 million annually because of the toll bridge’son- ment’s tenant is also present. that protect economic oppor- the governor’s proposal on the surcharge on hotel stays.Rep- toward its maintenance. time completion and stable fi- Freeman Klopott, aspokes- tunity anddrivetourism for- grounds of fairness. resentatives forMayor Bill de Representatives forthe Port nancial performanceduring its man forthe stateBudget Divi- ward,” she said in astatement. Blasio,aDemocrat, said he Authority and the companies in first three years of operation. sion, said vacation rentals Airbnb hasvoluntaryagree- would reviewthe proposal and the consortium declined to dis- He said thedisputebetween have always been subject to mentswith 34 of NewYork’s62 Cuomo aides say the his priority would be on pre- cussthe cause of the disputed thedevelopersand the Port local taxesbut therehasn’t counties,including Westchester, venting illegal short-term costs. According to the con- Authority won’t alter the proj- been an easy way to collect but not NewYork City or the move could generate rentals. tractfor the bridgeconstruc- ect’s rating at this time. them.Hesaid Mr.Cuomo’s counties on Long Island. A $10 million in the City Hall representatives proposal “fixes the problem” Westchester County spokes- also said Mr.Cuomo could raise by having the online plat- woman said the county receives new fiscal year. morefunds by increasing taxes form—like Airbnb or Expedia around $20,000 amonth under on the wealthyashegrapples Group Inc.’sVrbo—collect itsagreement with Airbnb.A with a$10.2 billion deficit in taxes instead of hosts. companyspokesman said it dis- the coming fiscal year.The gov- Airbnb began collecting cer- tributed $3.3 million to New “Manyofthe people who ernor has proposed a$1.5bil- tain taxesinsome jurisdictions York counties in 2019. do this refertoitastheir little lion income-tax increase on in 2014, and says it has remit- One of the biggest beneficia- business,” he said. people reporting morethan $5 ted$2.6billion to govern- ries wasEssex County,which is It is adifferent storyinNew million of income. mentsaround the world from sparsely populated but in- York City,wheremanyelected State Assemblywoman Linda inception to September of last cludes tourist drawslikeLake officials have expressed con- Rosenthal,aDemocrat from JOURNAL year. But its practices vary Placid and the High Peaks of cern that short-term rentals of Manhattan’sUpper West Side,

REET acrossstates: Thecompany the Adirondack Mountains.The apartments, including rent-sta- has sponsored previous laws ST

LL collectsstate sales and occu- county had a3%occupancytax bilized units, cancreateup- cracking down on home-shar-

WA pancytaxes in Tennessee and in 2019,and collected roughly ward pressureonrents. ing applications and said she

THE NewJersey,for example.But it $690,000,according to James Both hotel owners and the wasleeryofgiving anyofficial R only remitsoccupancytaxes to McKenna, president of the union representing hotel blessing of their operations— FO some counties in other states Lake Placid-based Regional Of- workershavepushed forlaws even if it meant$10 million of likeNew York and Ohio. fice of Sustainable Tourism. that would requireAirbnb to additional revenue. REMICH Vrbo representatives didn’t EssexCounty has a4%sales sharelisting data with offi- “Perhaps outside of the city EVE respond to arequest forcom- tax, and Mr.McKenna esti- cials,and to levyfines against it makes moresense,where ST Work on the $1.5 billion, twin-span Goethals Bridge, which ment. AlexDagg, the North- mated Mr.Cuomo’s proposal people who violate the multi- vacation rentals arelesslikely connects New Jersey and Staten Island, was completed in 2018. east policydirector forAirbnb, could bring in $1 million of ad- ple-dwelling law. to be illegal,” she said. P2JW026000-2-A010B0-1------NS

A10B | Tuesday, January 26, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK Suspects Sought in Chinatown Attack WATCH NEW YORK BY BEN CHAPMAN assaulted and robbed a26- feredslashes to his head, ANYPD spokeswoman said and homicides that began last year-old man at 11:30 a.m. Fri- torsoand hand, the officials Mondaythat investigators year and intensified over the Court Won’t Hear NewYork PoliceDepart- dayafter he gotoff abus com- said. Thesuspectsthen took were still working to deter- summer.Morethan twiceas Ex-Lawmaker’s Case ment detectives aresearching ing from Atlanta, NYPD the man’sclothes and cell- mine the motivefor the at- manypeople were shot in New foradozensuspectsinaday- officials said. phone beforefleeing in private tack.The NYPD circulated a York City in 2020 than the The Supreme Court declined light robberythat occurred Thesuspectssurrounded vehicles, the officials said. video of the incident over the year before, according to Monday to take up the case of last week at abusy intersec- the man at the intersection of Thevictim, who is from weekend in an effort to iden- NYPD data. former New York Assembly tion in the Manhattanneigh- Canal and Allen streets, ac- Brooklyn, was transported to tify the suspects. NYPD data showthat Speaker Sheldon , who is borhood of Chinatown, police cording to the officials.The Manhattan’sBellevue Hospital, PoliceinNew York City slightly fewerrobberies and as- serving a 6½-year prison sen- officials said. man was beaten and cut with where he was in stable condi- have for months struggled to saultswerereported in the city tence after being convicted in a Agroup of men and women an unknownobject, and suf- tion. stem an increase in shootings for2020 compared with 2019. corruption case. Mr. Silver was ousted as speaker in 2015 and was con- victed later that year. His origi- Manhattan DA Unlikely to Seek Re-Election nal conviction was overturned on appeal, but he was found guilty again in 2018. Part of that con- BY DEANNA PAUL aManhattangynecologist who viction was then tossed out on faced sexual-abuse allegations another appeal, leading to yet In the past year,Manhattan from morethan 20 women. another sentencing in July. District Attorney Thedoctor pleaded guilty to Mr. Silver, 76 years old, began Jr.has raised only afew thou- third-degree criminal sexact, a serving his sentence in August. sand dollarsfor his re-elec- felony, and forcible touching,a In thepart of the case that tion.Hehasn’t attended any misdemeanor,and received no survived the appeal process, Mr. candidateforums held virtu- jail time but permanently lost Silver wasconvicted in ascheme ally ahead of this year’s Demo- his medical license. thatinvolved favors and busi- cratic primaryinJune,and he Now, Mr.Vancewould be nesstraded between tworeal- hasn’t publicly voiced adesire poised to leave officeona estate developers and alaw to run for a fourth term. high note. Last year,his office firm. Mr.Silver supported legisla- People close to Mr.Vance secured two noteworthyvicto- tion thatbenefited the develop- said they believehewon’t ries: Aconviction forfelony ers. The developers then referred seek re-election, leaving a sexcrimes and 23-year sen- certain tax businesstoalaw crowded field of eight candi- tencefor Mr.Weinstein,and a firm thatpaid Mr.Silver fees. dates vying forthe most pres- landmark Supreme Court case —Associated Press tigious law-enforcement job in involving Mr.Trump,who

New York City. S challenged the prosecutor’s NEW YORK CITY Acampaign spokeswoman PRES subpoena foryearsofhis fi- MTAHonors Workers

said she expectsMr. Vance, 66 TED nancial recordsand taxre-

yearsold, to makeanan- CIA turns,appealing the case up to Who Died of Covid-19 nouncement about his inten- SO the Supreme Court twice. tions in the next few weeks. AS In July,the high court re- New York’s Metropolitan

If Mr.Vancedoesn’t run, he TTLE/ jected the former president’s Transportation Authority is hon- would have lessthan ayear to RU suggestion that asitting presi- oring its 136 employees who AIG

see through the highest-pro- CR dent wasimmune from crimi- have died of Covid-19 since the file matterofhis 11 yearsin District Attorney Cyrus Vance Jr., shown last year, hasn’t been fundraising for the election. nalprosecution. Thejustices pandemic began with a digital office: the investigation of for- haven’t said whether they will memorial at 107 subway sta- mer President Donald Trump from politics as possible, said Mr.Vancehas raised just Fordham University. hear the case forasecond time. tions, the authority said Monday. and his business. both people close to him as $2,022inthe past six months, Another factor casting Over morethan adecade in The tributefeatures photosof Manhattanprosecutorshave well as outside observers. according to recent campaign- doubt on Mr.Vance’sdesireto office, Mr.Vancehas reduced the fallen transit workers accom- said they areinvestigating al- “OnceMr. Vanceannounces financefilings, and has nearly runfor re-election: His chief criminal filingsinManhattan panied by apoem titled “Travels leged bank and insurancefraud that he’snot running,heneu- $4,200 in his fundraising ac- assistant and second in com- by 60%. He declined to prose- Far” by former U.S. poet laureate by the Trump Organization ters himself,” said Doug count. These numbers pale in mand, KarenFriedman Ag- cutelarge swaths of cases,in- Tracy K. Smith. The poem was and itsofficers, and recently Muzzio,apolitical-science comparison to the other Dem- nifilo,stepped down before cluding smoking marijuana, commissioned by the MTAand will subpoenaed records relating to professor at the City Univer- ocratsseeking to replacehim, Christmas. turnstile jumping and sum- appear in multiple languages at Mr.Trump’sSeven Springses- sity of NewYork.“There’sa all of whom raised more than Political observershad once mons cases,inadeliberateef- the designatedstations. The video tate,north of NewYork City, period of transition, and it en- Mr.Vance. Threeother candi- peggedMr. Vanceasavulnera- fort to reduceracial disparities tributewill playthree times aday expanding the previously dangerswhatever he’sdoing.” dates have raised morethan ble incumbent in 2021. He had in the criminal-justicesystem. through Feb. 7, transit officials said. known scope of the probe. Mr.Vancewould be in a $500,000 since August. faced criticism over controver- Mr.Vance’sCriminal Justice “Covid-19 has been adevas- Mr.Trump has called the weak campaign-finance posi- “This is aracewhere sial decisions in several promi- Investment Initiativehas in- tating scourge on our entire investigation the “worst witch tion if he were to run in what money does matter. Thefact nent cases,including a2015 vested $250 million, seized as country and, tragically,thatin- hunt in American history.” is expected to be alow-turn- that he has almost zero dollars decision not to pursue misde- forfeited assetsfrommajor cludes the MTA’sworkforce,” said One possible reason Mr. out primary, compared with a on hand should be an indicator meanor chargesagainst former banks, intocrime-prevention MTAChair and CEOPatrick Foye, Vance hasn’t talked about the presidential election, and he’s not running,” said Chris- Hollywood producer Harvey strategies and community- who recoveredfromhis own coming election is to keep the whereastrong financial filing tina Greer,anassociateprofes- Weinstein and a2016 plea bar- based projects in Manhattan’s bout with the virus lastspring. Trump investigation as free is crucialtobuild momentum. sor of political scienceat gain offered to RobertHadden, underserved neighborhoods. —Associated Press

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HEALTH & WELLNESS PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, January 26, 2021 | A11 G BER TZ HER NIEL DA BY ION AT TR US ILL

symptoms doesn’t correlate with again for at least three months. YOUR contagiousness,” says Graham Sny- “Theoretically the vaccine might HEALTH der, medical director of infection boost immunity that a person has SUMATHI YouHave prevention and hospital epidemiol- from being infected naturally,” REDDY ogy at the University of Pittsburgh says David Wohl, a professor of Medical Center. Many patients may medicine in the division of infec- feel fully recovered after 10 days tious diseases at the University of Covid-19 diagnosis can or two weeks. But others may not North Carolina, Chapel Hill. There be unsettling and stir be able to return to work and their is no reason to wait, he says, ex- up anxiety and a flurry Covid. normal routines. If your symptoms cept for ensuring that you are of questions. Many are improving and you don’t have both outside the 10-day infectious A people who learn they a fever, that’s normal, he says. period and fully recovered, since have tested positive “I don’t think you need to wait the vaccine can cause side effects wonder how long they will be con- until you’re completely asymptom- or symptoms in some people. tagious, what they should or What’sNext? atic to come out of quarantine and shouldn’t do while quarantining to consider going back to normal Should I get the vaccine if I wasn’t and when they can expect to see daily activities,” says Dr. Englund. hospitalized but had a monoclonal symptoms abate. We asked doctors Doctors answer questions about A recovery time of up to 28 days antibody treatment? for answers to questions about is reasonable, she says. After that, More outpatients are being dealing with a positive Covid test. quarantining, getting the vaccine and you should contact your primary treated now with the two mono- resuming daily activities care doctor. clonal antibody treatments autho- How long will I be contagious? rized for patients at risk of being The U.S. Centers for Disease What is long Covid? hospitalized. Control and Prevention says any- Long Covid is a term for Those patients one who tests positive for Covid-19 tive. The PCR test commonly used Dr.Lin says,“We still don’t Covid-19 patients who experience should wait at should isolate for 10 days starting to diagnose Covid-19 is very sensi- knowifhaving apositiveantibody symptoms that can last for months 10 least three at symptom onset. That means tive and can detect virus particles test result means that you’reauto- after their initial acute Covid in- days of isolation months before avoiding all contact with other that are dead or not infectious matically protected or the converse, fection. Also called longhaulers, are recommended getting the people and not leaving home un- weeks later, says Kristin Englund, if anegativeresult means you’reat such patients often develop new for those who vaccine, says less you need to go to a medical an infectious disease physician at risk.” Doctorssay it is important to and worsening symptoms even af- test positive, Dr. Wohl, be- appointment. If you are asymp- Cleveland Clinic. “So it’s not going observepandemic protections after ter recovering from their initial starting at cause it takes tomatic and test positive and to be an accurate diagnosis of having had Covid-19,including bout of Covid. Some patients were symptomonset. the body sev- never develop symptoms, the iso- whether somebody is still infec- wearing amask,social distancing never hospitalized for acute eral months to lation period should start on the tious or not,” she says. and avoiding crowded, indoor Covid-19 and are young and eliminate the day you took your diagnostic test. The only instance where a re- spaces.Avaccine is still recom- healthy with no underlying medi- antibodies and theoretically those You are believed to no longer be peat diagnostic test may be neces- mended so the resultsofananti- cal conditions. A recent study out antibodies could latch onto the contagious after 10 days if you sary is for severely ill and immu- body test provide no useful infor- of the United Kingdom’s Office of proteins the vaccine teaches the have had no fever—and haven’t nocompromised patients whose mation, they say. National Statistics estimated that body to make and hide them from taken fever-reducing medication— recommended isolation period is The only reason someone might 20% of Covid patients have symp- the immune system. for at least 24 hours and your up to 20 days following symptom consider a test is if they were un- toms for five weeks or longer and symptoms are improving. The CDC onset. able to get a diagnostic test but 10% have symptoms for 12 weeks Any symptoms that are a red flag recommends that immunocompro- had Covid-19 symptoms and want or longer. to seek medical care? mised patients and those with se- What about an antibody test? to see retroactively if that is in Dr. Lin says during your active, vere Covid-19 cases isolate for up Doctorsdon’t recommend get- fact what they had, Dr. Lin says. Can I get the Covid-19 vaccine if acute infection if you feel short of to 20 days after symptoms appear. ting an antibody test in most cases. I’ve had Covid and if so, how long breath and can’t speak in full sen- “Routine antibody testing aftera What if I don’t feel completely do I have to wait? tences that is a sign your lungs are Should Iget another diagnostic test Covid diagnosis is not necessary,” better after 10 days? If I’m still , you can and experts say severely infected and you should aftermy10-dayisolation period? says Michael Lin, an infectious dis- coughing do I have to worry about you should get the vaccine as soon seek medical care. Other red flag No. Many experts say that isn’t ease physician at Rush University being contagious? as you are eligible. Most people symptoms include confusion or necessary and may result in un- Medical Center in Chicago. “It’sex- The CDC’s 10-day isolation rec- with Covid-19 are thought to have signs of stroke, such as a sudden warranted stress and anxiety pensiveand it does not change ommendation relates to being con- some natural immunity and will be weakness in one part of your body should another test turn up posi- what youdoday in and dayout.” tagious only. “The duration of protected from getting the virus or a loss of sensation.

still outstanding here. 2020 was a environment of the unwanted. It’s LETTERS year of panic and planning on the easier to have done over time. It verge of hoarding! Supplies and affords you to also find a good food stocked up. We geared up for home for the loved possessions the unknown. Yet, here we are in rather than dumping and running 2021, and the clutter has multi- at the end. You don’t want to sit ReadersGive plied with closets bursting. The there with all of your mental facul- freezer is packed for an apoca- ties in a physically depleted body Advicefor lypse. Can we relax? It is time to as your beloved possessions are breathe a sigh of relief. Yes, we are being packed and sold by people not through the pandemic yet. who don’t have the time to dispose Tidying Up However, we are OK. We have of all to your wishes. enough. Eat the food in the Lorraine Durkin BY ELLEN BYRON freezer. It is time to shed! Pittston, Pa. Madelyn Ripken Kolber Getting household clutter under control is a goal for many WSJ readers. IN RESPONSE TO a Wall Street Lodi, Calif. Journal article about conquering place. We recently decided to sell that I couldn’t bring myself to give Ioften saytomymother,“but, the emotional minefields that come I have many antiques inherited our home and the first thing we away, donate or dispose of, I bur- Mom, the truth is youdon’t really with tidying up, readers sent their from my parents and grandpar- did was either to donate stuff or ied them in my backyard. I have need that…” (referring to another own thoughts and tips for how to ents. I have begun taking pictures throw it out. We are even planning not done this often, but it was ball of yarn that she “will need at deal with clutter. of them before sending them to an on changing out most of our 16- helpful for a few things. The act some indeterminatetime in the antiques dealer. I keep the picture year-old home. Every time I see became a ceremony. future”)She usually responds to ThewordIchose for2021 was with notes about the item, so it is someone that has a lot of clutter it Andrew Bleke my admonition with aquotefrom SHED—slimming down with proj- not completely “gone.” If someone is a case they have been in that Atlanta Act II of “KingLear”—“O,reason ects, shedding my expectations, comes into my home and says, “I home a very long time. We also not the need!” My mother’s view shedding extra“stuff” piled around love that painting” I ask that per- are refraining on making new pur- I have done this many times for contrastswith my wife’spropen- the house and on my work desk and son if he or she would like to have chases until we examine what we myself and family, plus as a de- sity fordecluttering our house.A shedding pounds with exercising it. If yes, I have gifted it away! have existing in our home. signer I plan homes in mind for friend onceremarked, “Ifyou more. Ireally identified with the Dolly Prenzel Brett Sorge things that matter. As you age con- stand still long enough in his idea of morehad to go out than in. Nashville, Tenn. West Palm Beach, Fla. tinually think about the last place house,his wifewill throw you GES YES! Also,Iloved identifying sensi- you might want to live that is less out, too!” IMA tiveareas or items. I have a better solution. Plan on For things that were sentimen- than half the place where you cur- Lex Suvanto

GETTY Our shelter in place order is moving after a long time in one tal, usually items from my parents rently reside. Begin ridding your New York P2JW026000-0-A01200-1------NS

A12 | Tuesday, January 26, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | HEALTH & WELLNESS

WHAT’SYOUR WORKOUT? | JEN MURPHY A‘Natural’ Skate‑Skier RacksUpMiles

downhill skier most of her adult life, Mimi Avins used to consider cross-country skiing Ainferior. “I thought it was for people who were afraid of heights,” she ad- mits. “Boy, was I wrong. It’s an ad- venturous workout that requires a high level of fitness.” Ms. Avins took her first skate- skiing lesson in 2009 at the age of 61. Unlike classic cross-country skiing, in which a skier moves through set tracks in a linear way, skate skiing is done on groomed trails and requires a more dynamic lateral movement, similar to ice skating, where both arms work with each leg in a technique known as double poling. “The instructor told me I was a natural,” she recalls. “I’ve never been a natural at any sport. I took to it right away.” In 2010, Ms. Avins, a retired newspaper journal- ist, and her husband, Bill White, moved from Los Angeles to Ketchum, Idaho, lured by the 100- plus miles of cross-country trails in nearby Sun Valley. “It is Nordic heaven,” she says. She skate skis 1,200 miles in a typical season, from mid-November to mid-April. Mimi Avins on the At 72,she creditsworkoutswith Nordic trails near Sun the Vamps,anall-female Nordic Valley, Idaho.Inset,a program in SunValley,with lifting detail of her boots. her skills to the next level. “The betteryour technique,the lesshard youwork and the faster yougo,” she says.“Theplacement of your I’venever gotten hurt. ” now goes solo or with a fellow poles or howmuch youflexanan- Founded by former U.S. Nordic Vamp. As the season progresses ESSENTIAL GEAR kle canmakeadifference. Ifall Ski Team member MuffyRitz,the and her strength and stamina im- onceortwiceaseason, but unlike Vamps’ roughly 130 membersmeet prove, she tackles longer, hillier downhill, youdon’t fall very far and forweekly sessions organized routes. The nearly 20-mile s. Avins paid $235 forher n Her Rossignol X-IUM W.C. by interest and ability. Harriman Trail in Idaho’s MBlaine County Recreational skate boots cost $520. “Some Vamps arecompeti- District season passfor the North Wood River Valley is n Swix poles cost $120. THE DIET tiveracers, othersjust one of her favorites. Valleyski trails,plus $50for a want to be betterskiers,” Once a week she passfor her dog, Coach. n She wears Kaenon Arcata Ms.Avins says.Due to does a two-hour so- SR91 polarized sunglasses n Three months of Vamps ($220). Motto: Eating protein at ev- coronavirus precautions, cially distanced work- classes cost $385. ery meal keeps hunger at bay. workoutsare limited to out with the Vamps. n Her Zanier rechargeable bat- small groups.For now, Sessions start with n The Garmin fēnix 5S sells for tery-powered heated mittens Main meal: Lunch is usually $500-$600. an open-faced sandwich of club gatherings, such as an- drills. Some are tech- ($400) are essential when the sardines packed in olive oil nual costume parties with the nique-driven, such as skat- n Ms. Avins’s Rossignol X-IUM temperature is below 15 degrees. with cilantro and crushed red DONS (Dudes on Nordic Skis), are ing without poles and extending a Premium S2 skate skis cost “They’re a hedge against frost- pepper on multi-grain bread on hold and racesare virtual. glide on one ski for five counts. $700, plus $100 for bindings. bitten fingers,” she says. and two apples. But Ms. Avins says all she cares Others are games or relays. Prac- about is getting out in nature to ticing her double-polling technique Extra fuel: “Skate skiing ski. “It’s a wonderful way to enjoy keeps her upper arms tight and burns a lot of calories and I the outdoors, solo or with friends, cut, she says. The Boulder Mountain Tour, a dayoff afterdoing that as well,” she often eat more than in other and the endorphin rush it pro- Most workoutsinvolveskiing at 20-mile race that takes place each says.She stretches beforeand after

JOURNAL seasons,” says Ms. Avins. In duces makes my default mode least slightly uphill in one direction, February in Sun Valley, is a high- skiing,using astrap to givespecial the winter, she typically adds what I call ‘stupid-happy’ all win- then cruising downhill on the way light of the season, according to attention to tight hamstrings. In the REET

ST a bowl of homemade spicy ter,” she says. back.“Skiing up inclines,I’ll push Ms. Avins. “I cheer on Vamps and off-season she hikes three to four LL lentil soup to a dinner of fish myself to improvemyaerobic and coaches on race day but I like to days aweek and lifts weightsto WA and vegetables. The Workout anaerobic capacity and strengthen do the course the day before or af- maintain upper body strength. THE Ms. Avins tries to skate ski a mini- my muscles,sometimes doing inter- ter,” she says. “I pay attention to R Treat: Popcorn prepared in FO olive oil and sprinkled with mum of 6 miles, or about one vals,” she says.She uses datafrom how my time measures up to oth- Playlist seasoning. hour, every other day. Her husband her heart-ratemonitor to judgehow ers in my age group.” “I find it meditative to go out MEIER used to classic cross-country ski fast she should trytocompletea Ms.Avins still downhill skis.“It skate skiing alone,” she says. “Why DD

TO with her but stopped last year. She particular route. isn’t as tiring as Nordic,but Itakea ruin a good trail with music?”

thing I would consider is conve- Here’sWhattoExpect When nience,” says Dr. El-Sadr.

Do you need to fast or avoid any YouGet the Covid-19 Vaccine certain food or drinks before the vaccination? BY ALINA DIZIK cordswithin the hospital system. No food precautions are re- Afterward, some people choose to quired. Staying well hydrated prior hose getting ready to roll up go home and rest. to the vaccine is encouraged for their sleeves foraCovid-19 people who tend to feel light- T What should you bring with you headed with vaccines or blood vaccine shot will take part in

the most ambitious vaccination ef- to the vaccine site? draws, says Gregory Huhn, vacci- S fort in U.S. history. As effortsramp In most cases,you’ll simply need nation coordinator for Cook up,here’sadvice from doctorsin- your photoIDand proof of your ap- County Health, a hospital system PRES volved with thevaccine rollout on pointment. Some places mayre- in Chicago. TED CIA

howtoprepareand what to expect. quireadditional documents, such as SO employeebadges forfirst respond- Before the vaccination, should you AS Y/

What’s involved in getting the erstoshowthey areeligible.Those take a fever-reducing drug? GA

first dose? getting vaccinated generally Even if youare worried about ERIC Manypeople will register fora shouldn’t be asked to pay, so do ask side effects, the Centersfor Disease A health-care worker gives a vaccination in , Texas. timed appointment, aimed at keep- questions if payment is requested. Control and Prevention doesn’trec- ing wait times and the potential for ommend taking fever-reducing crowdstoaminimum—although Should you consider differences drugs(known as antipyretics) be- ever, vaccine-site organizers are tions cancall over amedical profes- the patchwork rollout so far has between the Pfizer-BioNTech and fore avaccine shot. Howeveranti- aware of the risks and take pre- sional to addressconcerns.The also meant manywaiting in long Moderna vaccines? pyretics,such as ibuprofen or acet- cautions throughout the process, monitoring occurs“within the line lines.After filling out consent forms For now, the two vaccines avail- aminophen, canbeused after which includes floor decals and of sight of our nurses,” Dr.Huhn and receiving the shot, you’ll be able in the U.S. are found to be vaccination to treat anyfever or lo- furniture spaced at least six feet says.Insome cases,Dr. Boom notes, monitored foradverse reactions for similarly safe and effective, says caldiscomfort, the CDC says. apart, along with strict masking feelingsoffaintnesscan relateto 15 or 30 minutes depending on your Wafaa El-Sadr, professor of epide- and capacity limits, he says. nervousnessovergetting the shot allergy history. In the case of a miology and medicine at Columbia Is there a risk of being exposed to rather than side effectsrelating di- timed appointment, the entirepro- University in New York. Eventually, the coronavirus while waiting for What happens after you get the rectly to the vaccine. cess should take around an hour, choosing one vaccine over the the vaccine? shot? While those vaccinated are says Julie Boom, co-chair of the other may come down to schedul- In any public setting, there’s a People areasked to stay at the asked to stay between 15 and 30 Covid-19 Vaccine Task Forceat ing conflicts, she says. The second possibility of being exposed to the site to be monitored foradverse ef- minutes, it is possible to have an Texas Children’sHospital in Hous- dose of the Pfizer vaccine is of- virus. The vaccine dose received fects, including allergic reactions, allergic reaction or worrying side ton, which is nowvaccinating eligi- fered 21 days later, while Moderna that day won’t offer additional though these arerare. Those expe- effects after returning home, Dr. ble patientsthat already have re- is offered 28 days later. “The only protection, Dr. Huhn says. How- riencing anypost-vaccine sensa- Huhn notes. P2JW026000-0-A01300-1------XA

THE WALL STREET JOURNAL. Tuesday, January 26, 2021 | A13 ARTS IN REVIEW

Foo Fighters’ new album, ‘,’ is out Feb. 5

MUSIC REVIEW |MARK RICHARDSON Familiar Ye tFocused FooFighters

The rock group returns with an album that expands its sound, incorporating pop, R&B and more

aveGrohl’slong-running at Midnight” (RCA/Roswell), out ence in the verses, as Mr. Grohl LP) in a moody and spacious bass- and it’sone of the LP’sbest band FooFightersisde- Feb. 5, ’ “party re- sings in his high register and Nate led song that brings to mind the tracks.The lyrics throughout fined by itsconsistency. cord,” and in its modest way this Mendel’s slinky bass guitar be- angular groove of U2 circa “Ach- “Medicine at Midnight” arefunc- Launched as asolo proj- 10th of its studio albums lives up comes the instrument of focus. tung Baby.” tional rather than revelatory, but Dect in 1995 when Mr. to that billing. The band finished it Drummer , best Ahandful of tracks hewclosely that’stypical forthis band. Mr. Grohl wasstill shaken by almost a year ago and had planned known for his cavernous and thud- to well-worn alt-rock structure, Grohl has drawnfromhis ownlife the death of Kurt Cobain, his to release the LP then and embark ding backbeat, creates a slippery but the guitarsare pushed back in his songwriting,but he strips bandmateinNirvana, FooFighters on a tour to celebrate its 25th an- groove with an intricate hi-hat slightly to allowthe morepop-fo- his experiences of specificity—as turned intoareliable outfitthat, niversary. A new album timed cused bitstopeek through. rock starsgo, he doesn’t seem acrossnine studio albums,has to an anniversary tour could “No Son of Mine” is one of particularly ego-driven and avoids never veered far from the post- have led to a look back, which the heavier songsbut it feels self-aggrandizement. grungealternativetemplate. By would have been far less ap- moreglam-metal than punk, “Waiting on aWar” wasinspired 1997’s“TheColour and the pealing. Foo Fighters has made with an opening drumbeat by growing up in the ’70s and early Shape,” Mr.Grohl had recruited a few albums over the years that’sadistant cousin of ’80s,when the possibility of nu- membersand FooFightershas specifically conceived as “back discoand layeredvocals on clear annihilation wasapersistent been afull-fledged band since, one to basics” projects—see 2011’s the chorus that lend the worry. “Everyday waiting forthe with two primarymodes—dy- “,” recorded on mean-sounding chordpattern skytofall,” Mr.Grohl sings. “Big namic hardrock,wherebrooding analog equipment in Mr. abit of sunshine.“Cloudspot- crash on aworld that’ssosmall.” verses lead to anthemic choruses Grohl’s garage—but this im- ter” begins with afunkyJimi It’sapoignant imagefor those of driven by powerchords,and pulse has led to some of its Hendrix-style riff and also his generation, and the arrange- hushed ballads,whereacoustic ar- duller work. “Medicine” is a fo- nods to him in the lyrics ment, with itschiming acoustic rangementsprovide contrast. Un- cused LP—at nine songs and 36 (“Refuse me while Ikissthe guitar and string section, imbues it likesome of their ’90s peers, Foo minutes, it’s the band’s short- sky” tweaks aline from “Pur- with akind of grandeur.There’s Fightershas never embarrassed it- est—that playfully bumps ple Haze”)and the chorus is very little unexplored ground self—therehavebeen no ill-ad- against the self-imposed limita- designed forsinging along, within the stylistic lines FooFight- vised genreexercises à la Weezer, tions of the group’s sound, though as with afew songs ershas drawnfor itself,but “Medi- no indulgent multi-disc concept al- even if it never quite reaches hereit’sultimately alittle cine forMidnight” finds afew bums à la the Smashing Pumpkins. outside of those boundaries. generic. places the band hasn’t been before. But FooFightershas never tran- The changes are immediately FooFightershas recorded Thenovelty,when paired with the scended down-the-middle rock,ei- apparent on the opening “Making pattern, one of several places on manysloweracoustic numbers group’stypically solid songwriting, ther.The group experiments a Fire,” which features a wordless the record where his contributions and “Chasing Birds,” this record’s makes it one of FooFighters’ best within clearly defined parameters, “na-na-na” refrain that’s as na- shine. The title track features an penultimatetrack,isinthe upper albums of this century. which is both astrength and a kedly pop as anything Foo Fighters additional layer of rhythm in the tier of these,with asimple and ef- GUTIERREZ weakness. has done. The second track, form of a skittering woodblock fectivemelody and alot of space Mr. Richardson is the Journal’s In a November interview with “Shame Shame,” is another curve- (veteran drummer Omar Hakim is in the arrangement. “Waiting on a rock and pop music critic. Follow ANTLEY

BR NME, Mr. Grohl called “Medicine ball, showing a marked R&B influ- credited with percussion on the War” is the only other ballad here, him on Twitter @MarkRichardson.

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NewYork City 34 33 sn 39 30 c Dublin 48 43 r4744r Warsaw3430sf3528sn s TAPASELM SONGS Oklahoma City 41 24 pc 39 22 pc Edinburgh 38 34 r4133sh Zurich 35 24 sn 38 36 r Solvethis puzzle online and discussitatWSJ.com/Puzzles. ADAPT DEEINSET P2JW026000-0-A01400-1------XA

A14 | Tuesday, January 26, 2021 THE WALL STREET JOURNAL. SPORTS

Iguessitmakes sense, JASONGAY amid an unprece- dented, upturned, stay-at-home year, that we getthis: Tom Brady, Mahomes and a Brady,logging in fora work-from-home Super Bowl. To be clear: SB LV will not lit- erally be WFH. Brady and the Tampa BayBuccaneerswill not Work‑From‑Home Super Bowl send alink to playthe Kansas City Chiefs via Zoom, or Google Hangouts, on Sunday, Feb. 7. Still, what’sgoing to happen A legend adds a fresh layer to his legacy. He’ll have an easy commute—and a very tough rival. hasn’t ever happened: aSuper Bowl participant (Tampa Bay) playing in itscomfyhome coli- seum (Raymond James ). Brady canwakeinhis ownbed, in his ownplush jammies,wander out to the kitchen, pour himself a delicious 24 oz.ofwater,eat two rawalmonds,stare out at that or- angeand cerulean Gulf Coast sky, and knowhecan park in his own parking space, and getdressed at his ownlocker. As middle-aged conveniences go, it’sprettydreamy. And yetwhat’scoming forthe Bucs is ahandful: the Chiefs,de- fending Super Bowl champions, looking very much likethemselves again aftera38-24 thumping of Buffalo in the AFCtitle game.Pat- rick Mahomes, lost to concussion protocol the prior week,threw for 325 yardsand three touchdowns, returning to resemble the agile wonder who makes the Chiefs the most potent team in the sport. TheChiefs appear to be the Chiefs,all over their opponentsin S ahurry. Mahomes is cooking, PRES

head coach Andy Reid seems to TED have settled on asideline face CIA SO

mask,and abuoyant fan base is AS

eager to hastily add athirdSuper ON/ Bowl title afterwaiting 50 years BERS

to executethe second. TheChiefs RO beat the Bucs 27-24inthe regular JEFF

season, and the oddsmakersthink S; they’vegot enough: despite PRES Tampa Bay’shome-field advan- tage,Kansas City is installed as TED OCIA

three-point favorites. SS

On the other side will be Brady, /A hereagain, at 43,for the 10th

time in his career.Chewonthat PHELPS fact forasecond, because it, too,

is remarkable,asBrady’s gotten JEFFREY herenot with his NewEngland : friends,but an entirely newout- LEFT OM

fit. It still feels strangewatching FR himout there, in Buc redand Can Tom Brady, left, convert home field into an extraordinary seventh Super Bowl ring? Or will Patrick Mahomes and the Chiefs repeat as NFL champions? pewter.For Patriotsfans,home in the cold aftera7-9 campaign, it’s legend/newtownepilogues can sured; the Bucs had not tri- mattered. It means something,in Bowl Super Bowl in 1980,orSu- likeseeing Dad go camping with a become an exceptionally bad idea. umphed in aplayoff game since those final minutes,tohavea per Bowl XIX,in1985,when San newfamily: It’s nice that he’s do- This could have been Brady’s sad, 2003.Awild-cardplayoff team, playerwho’s been there, fre- Franciscobeat Miami at Stanford ing fun things, but couldn’t we all South Florida denouement—now they needed three straight road quently,and isn’t undone by the Stadium—30 miles down the road go? it’slooking likeacareer revival. wins to getthis cushyhome date, moment. Arians spokeafter the from Candlestick,and 15 from San Brady’s arrival at LV will fan To be fair,itdidn’t always work and none came easy,including game about howthe quarterback’s Mateo,whereaNinerssuperfan that futile debateoverwho’s during the regular season, as Sunday’sNFC championship con- arrival had transformed the club named TommyBrady was7years moreresponsible forthe New Brady struggled to connect. In quering of Green Bay. intobelievers. old. England dynasty,him or Bill November,hethrew three inter- Brady has had his struggles “It only took one man,” he said. Forthe NFL,Brady vs.Ma- Belichick.I’m not surethe query ceptions in abrutal38-3 lossto along the way.Hethrew three in- And nowthe biggest game,at homes is an intoxicating matchup: is fair,Brady andthe Grumpy NewOrleans on national televi- terceptions to go with his three home.What asportsrun for agenuine legend, still at it, ver- Lobster Boat Captain both seemed sion, and the buzzardsbuzzedin: TD passes versus the Packers, and Tampa: the NHL Lightning are sus the most thrilling playerin essential, but I’ll saythis: Brady Brady’s not the same, he looks the Packersgiftedthe Stanley Cup champs; the baseball the game,the Super Bowl MVP knows howtoelope.Heswapped timid, they’re not on the same with asideline howler,when, fac- Rays gottothe World Series; now last FebruaryinMiami, only 25.Is mittens forshorts, gotaflurryof page, it might end poorly. ing fourth down, behind eight the Bucs getanin-townSuper Tampa Bayamereaspeed bump newweapons,and head coach And yethere’satruth about pointswith just over two minutes Bowl. It won’t be the usual drill— as Mahomes and the Chiefs build BruceArians keeps it loose,avibe Brady: he feastsonthat sort of left, Packerscoach MattLaFleur the NFL’s planning areduced their own21st centurydynasty? unknown in NewEngland. Tampa skepticism, even now. Here’sa decided to kick afield goal in- crowd;the Chiefs aren’t even al- Or canTom Brady convert home Bayevencoaxed Rob Gronkowski man with six Super Bowl rings, stead of going foragame-tying lowedtoshowupuntil two days field intoanextraordinarysev- out of retirement, to block,catch still fueled by the six college touchdown and 2-point conver- before—but it’shistoric. enth ring?PlayaSuper Bowl and andserveasBrady’s lovable at- quarterbacks takenbeforehim in sion. Theclosest anyone has ever runafew errands on the drive taché. the 2000 NFL draft. This Tampa And yetBrady wasenough of gotten wasthe Rams,L.A. Coli- back? TomBrady really is living Still, it wasagamble.Sports Baytitle runwas anything but as- himself to close it out when it seum habitues who playedaRose the dream. The Call ThatIsChanging the NFL

BY ANDREW BEATON That means it’s obvious when a tactically engineer Green Bay’s of- team is listening to guts or to sta- fense. WITH JUST ACOUPLE of minutes tistical evidence. He had the opportunity to dis- left in the NFC Championship, the More and more, teams are lis- play all of that at the most impor- Green Bay Packers made a baffling tening. They went for it on 19.2% tant time. The Packers trailed decision. They didn’t go for it on of fourth downs during the 2020 Tampa Bay 31-23 with just over fourth down. regular season—the highest since two minutes left when Aaron Rod- The Packers were down by eight at least 1991, according to Stats gers, a shoo-in for MVP this sea- points and gave up a shot at eight LLC. That was up from just 16.2% a son, took them to the 8-yard line.

points to take three points. In- year ago, 14.9% the year before His first two passes were incom- S

stead, they never got the ball back. that and 12.5% the year before plete. So was the third, on a play PRES

They lost. They became the stark- that. The savviest teams are realiz- when it looked like he might’ve TED

est victim of making the wrong ing it’s a good idea to try to score been able to just run for the CIA fourth-down call in an NFL play- more points before willfully giving touchdown. SO AS offs that has been ruled by teams the ball back to their opponents. That’s when the Packers faced a SH/

making the exact opposite deci- The impact of these decisions choice. They could leave the ball in GA sion. was made abundantly clear by the hands of the best quarterback Y

Tom Brady and the Tampa Bay which two teams reached the Su- in the NFL this year. Or they could MORR Buccaneers went for it on fourth per Bowl. The Chiefs advanced to voluntarily put the ball in the Packers star Aaron Rodgers walks off the field after the NFC Championship. down against the Packers—and the AFC Championship, where they hands of Brady, the most success- made the Super Bowl because of ful quarterback of all time. that back, they probably wouldn’t one Kansas City had made just a it. The Kansas City Chiefs are the They kicked a field goal—and by do that next time.” week ago. The Chiefs were ahead AFC champions because they did, NFL teams went for it doing so chose the latter. Brady The decision was so stark be- of the Cleveland Browns 22-17 but too. got the ball back up 31-26. He cause Tampa Bay, which had ironi- reeling after star quarterback Pat- It’s a testament to how quickly on 19.2% of fourth never gave it back to Rodgers. cally been one of the most conser- rick Mahomes was ruled out of the one of the biggest decisions in downs during the 2020 “It wasn’t my decision,” Rod- vative teams in the NFL this game. They faced fourth-and-1, football has evolved. Going for it gers said afterward. “But I under- season in these spots, including from their own 48-yard line, with on fourth down used to be a mat- regular season. stand the thinking.” just a week ago against the New 1:14 left. Converting it would end ter of gumption or necessity. The thinking, LaFleur later ex- Orleans Saints, capitalized in this the game. Trying to and failing Teams that went for it were bold. plained, was that they had already type of situation just two quarters would give the Browns a short Or they were behind and had to. come up short on three attempts earlier. field to come back and win. It was The ones that strayed from that beat the Buffalo Bills 38-24, only and that even if it worked, they’d When the Buccaneers faced the clearest embodiment of the script were brash. because they made one of the need a 2-point conversion. Plus, fourth-and-4 with seconds left in risks and rewards from this choice. Now going for it differentiates boldest fourth-down calls in recent the Packers had three timeouts, in the first half, they went for it and With backup quarterback Chad something else about teams: memory. One of the crucial plays addition to the two-minute warn- got it instead of giving the ball Henne under center, it was diffi- whether or not they’re making an that helped deliver the Buccaneers ing to try to get the ball back. back to Green Bay. On the next cult to believe the Chiefs would go analytically correct choice. A deci- a sizable lead over the Packers? “Anytime it doesn’t work out, you play, Brady threw a 39-yard touch- for it. sion that used to be brazen is now Going for it. always regret it,” LaFleur said. down pass. Henne took the ball. He threw it considered nerdy. Green Bay’s decision not to do it One model said the Packers cost The Packers lost a chance at to Tyreek Hill. The Chiefs got the Data has infiltrated the NFL just was particularly shocking because themselves 1.3% in win probability eight points by not going for it. first down, won the game and enough to expose a chasm. There’s the Packers were arguably the by opting to kick the field goal. The Buccaneers gained an addi- were still alive to beat the Buffalo plenty of widely available informa- most aggressive team in the entire That’s an edge they lost not in tional seven points by going for it. Bills in the AFC Championship. tion about how these types of NFL on fourth downs this year. scheming or execution, but in All of which turned out a pretty “There was no doubt,” Chiefs choices affect teams’ chances at Their coach, Matt LaFleur, has mere decision making. big difference in a game that was coach Andy Reid said afterward. “I winning games. But there’s also been held up as the paragon of “I couldn’t believe it,” Tampa decided by five points. think everybody knew we were go- plenty of teams that still turn progressive coaching in the NFL, Bay pass rusher Shaquil Barrett Green Bay’s decision was some- ing to go for that play—on our their noses up at the same data. because of that and his ability to said. “I know if they could take how even more shocking than the side.” P2JW026000-4-A01500-1------XA

THE WALL STREET JOURNAL. **** Tuesday, January 26, 2021 | A15 OPINION Biden’s Opening Salvo on Beijing BOOKSHELF | By Vivek Ramaswamy

TheBiden ad- bling forthose who hoped matic victoryatthe start of unifying theme of Mr.Xi’s The Global, ministration that Mr.Biden would “prior- his administration and tell the speech to the World Economic is lessthan a itise global issues over great rest of the world that China ForumMondaymorning was week old, but powercompetition,” as Anne- isn’t yetprepared to take on China’sstaunch opposition to itsmost con- Marie Slaughter, who served America. It would also damage U.S. attemptstoisolateChina Olympian ‘We’ sequential as the State Department direc- Mr.Xiathome,asanything or limit itsrise.China will GLOBAL foreign-pol- tor of policy planning during that looks likearetreat would think carefully before making VIEW icydecisions the Obama administration, put infuriate Chinese nationalists itsnextmoves,but it’sun- Stakeholder Capitalism mayalready it in arecent op-ed forthe Fi- andundercut official propa- likely to submit tamely to By Walter be behind it. nancial Times. ganda about China’sglobal American pressure. By Klaus Schwab Russell Mead Initiating It’s not entirely clear how stature. Thecrisis in China policyis (Wiley, 285 pages, $24.95) his China pol- coordinated the newmeasures Alternatively,Beijing can the most dramatic problem icywith the most aggressive are. Thelatedesignation of respond with provocations of facing the newadministration, efugee Run is an immersivetheatrical experienceat concatenation of moves Chinese behavior as genocide itsown. Mr.Xican order mili- but relations with Russia also R the World Economic ForuminDavos,Switzerland, in against aforeign powerthat by the Trump-eraState De- tary moves in disputed terri- look tangled. Thequick U.S. which billionaires and other global elites pretend to be anypeacetime U.S. adminis- partment in particular put Mr. tories from the Himalayas to response to support the rights refugees foralittle over an hour.Inone promotional video, tration has ever launched so Biden in adifficult spot. He of opposition leader Alexei corporateexecutives wearing $1,000 loafers“escape” their earlyon, President Biden has hadcalled the repression of Navalnyand his supportersis “village” and maketheir way to a“refugeecamp,” where throwndownagauntlet that the Uighursagenocide on the His administration’s noble from ahuman-rights they must “bribe” actorsplaying camp guards.Facebook’s Beijingisunlikely to ignore. campaign trail, but stump- standpoint, but it will Sheryl Sandbergflashes on-screen to attest: “I found it Besides issuing aformal invi- speech rhetoric has no legal early moves were strengthen the hand of those incredible ...that youcan put yourself in aroom likethis tation to ’stop Wash- force. Once the State Depart- aggressive, but will it in the Kremlin (and in Beijing) and feel as much as youfeel.” This focus on eliciting ington representativetoat- ment weighed in officially,Mr. who arguethat Washington’s emotional responses from the wealthyand powerful at an tend the inauguration (the Biden couldn’t walk back a sustain the pressure? ultimategoal in their coun- Alpine ski resort, rather than providing material assistance firstsuch invitation sincethe designation he was on record tries remains regime change. to actual refugees,makes Refugee Run an appropriate U.S. established formal rela- as endorsing without looking Howthat will affect the Biden charity forthe Davosset. tionswith Beijing in 1979), weak. the Senkakuislands in the administration’shopes for The founder and executive chairman of the Davos forum the incoming team has It remains to be seen East ChinaSea. He canalso agreementsontopics ranging is Klaus Schwab, aGerman engineer and former academic. pledged to continue arms whether the administration double down on repressive from arms control to climate Mr.Schwabisaprominent evangelist forthe virtues of “stake- sales to Taiwan and indicated will attempt to tone down the measures in China. Theobject changeremains to be seen. It holder capitalism,” the belief that it wantstodelayhigh- strong messagesent by its would be to call Mr.Biden’s will certainly stimulateefforts that corporations answer level U.S.-China talks until it early actions.The combination bluff, forcing Washingtonto in both China and Russia to notjust to shareholders— consultswith close allies—a of the hardline on Taiwan and choose between ahumiliating weaken U.S. power, meddle in that’s ordinary capitalism— stand that China will interpret the genocide designation could retreat or afurther escalation American politics anddisrupt but to communities, margin- as arebuff.Asifthis weren’t be the foundation of apolicy of tensions. Washington’salliances. alized minorities and society enough, SecretaryofState- mixthat is significantly more Theearly signs aren’t en- All this maywell be inevita- in general. This vision for designateAntonyBlinken an- provocative than even some couraging.OnInauguration ble,and the U.S. cannot aban- capitalism has steadily nounced that he concurswith Chinahawks in the newad- Day, Chinese forces attacked don either itsstrategic inter- become the dominant his predecessor Mike ministration wanted—and far Indian positionsinSikkim, estsorits core values.But philosophy among Western Pompeo’s finding that China morehawkish than the hu- across the border from Tibet. weaving those sometimes con- businesselites and even some is engaged in agenocide man-rightsadvocates support- Following 13 Chinese sorties flicting elementsintoacoher- Republicans. against its mostly Muslim Ui- ing the genocide designation into Taiwan’ssouthwestern ent foreign policyisnever an Mr.Schwabargues in ghur minority in Xinjiang understood. air-defense identification zone easy task.The dramatic first “Stakeholder Capitalism: A province. Takenwith the pre- Theball is nowinXiJin- on Saturday, State Department steps of the Biden administra- Global EconomyThat Works viously planned dispatch of a ping’s court. His choices are spokesman Ned Pricewarned tion demonstratehow chal- forProgress, People and navalstrikegroup to the limited. He can respond with Chinatocease “its military, lengingAmerican statecraft Planet” that to makethe world South China Sea, it all tough statementsbut signal a diplomatic and economic pres- canbe. abetterplacecaptains of amountstoa stern message willingnesstoengageWash- sureagainst Taiwan.” China industrymust work together to solveglobal problems. to Beijing. ingtonpragmatically.This responded by sending another William McGurn is away. “Building such avirtuous economic system is not autopian These moves must be trou- would hand Mr.Biden adiplo- 15 sorties the next day. The ideal,” he writes.“Most people want to do good. But what’s been missing in recent decades is aclear compasstoguide those in leading positions in our society and economy.” Mr.Schwabbelieves that he possesses such acompass. Small Sites Need Section 230 to Compete Unfortunately,his compasspointsinmultiple directions. In lieu of mereprofit, Schwabargues that businesses should By Mark Weinstein smaller companies likemine tent, they would removeany- disgusted by itscontent and pursue the four P’s: Principles of Governance, Planet, People andnew startups that com- thing remotely controversial. refunded itsinvestors. and Prosperity.Heoffersnoguiding principle forhow these onald Trump and other pete with the tech giants. Userswould be spied on con- Competition is the answer vague, expansiveand competing interestsought to be D politicians have called Enacted in 1996,Section stantly. to unfair political censorship weighed and weighted. on Congressnumerous 230isthe legislation that Ironically,this would help by social-media companies. Likeother stakeholder proponents, Mr.Schwabcherry- times to revoke Section 230 protectssocial media and Facebook,Twitter, Google TheU.S.economyhas proved picks examples to support his claim that shareholder capi- of theCommunications De- web companies, big or small, and other social-media giants time and again that entrepre- talism is somehowignoble or prone to disaster rather than cencyAct. During the lame- from liability forcontent while hurting smaller compa- neurscan solvenearly every deriving his claims from the totality of available examples. duck congress, then-Senate posted by users. Thelaw nies and newstartups.The problem. If people don’t like He predictably invokesEnron but fails to mention Volks- Majority Leader Mitch makes it possible formod- bigboys have deep pockets. the way Facebook,Twitteror wagen, Wirecard or Wells Fargo—examples of large-scale McConnell even introduced a estlyfunded or self-funded They caneasily hirethe mas- Google runtheir sites,they fraud perpetuated by executives who long escaped scrutinyin bill tying increased stimulus sivemoderation and legal canmovetoalternatives that part by ostentatiouslychampioning fashionable social causes. paymentstothe repeal of teams that would be neces- arealigned with their tastes Mr.Schwablamentsthat elites haven’t done enough to Section 230. Facebook and Twitter sary to defend themselves.I andvalues.This is the true addressavariety of global problems.But the reason ordi- They’rerightly concerned can’t. Revoking Section 230 spirit of capitalism. narypeople around the world arerevolting againstelites about political bias and cen- canaffordarmiesof would put hundreds of start- This movement is already isn’t that the elites haven’t done enough—it’sthat they’ve sorship by social-media com- lawyerstodefend ups and other smaller com- underway.Inthe past sev- seized toomuch powerand done toomuch. Mr.Schwabis panies.A2020 survey by panies outofbusiness. eral weeks MeWehas gained obviously correct that “society will do best when all of its PewResearch found that 75% againstliability. Some saycompanies like millions of newmembersby people thrive, rather than asmall subset among them.” of Americans (including most mine could avoid these oner- offering dataprivacy, free- But “thriving” as ademocratic citizen means having an conservatives and liberals ous liabilities by having no domfromtargetedads,and equal voiceinshaping the social and moral values of one’s alike) believeFacebook and startups to enter the market moderation. Then we’d be no political censorship,while community and country—yetleaderslikeMr. Schwabhave Twittercensor political and competewith bigger classified as a“platform” safeguarding memberswith no patiencewith the self-determination of ordinarypeople views.Itisclear that social companies.The Electronic rather than a“publisher” common-sense rules of de- when it conflictswith their orthodoxy. mediamust changebeforeit Frontier Foundation has subject to liability.But any cency. These aresignificant destroys free speech, privacy called it “the most important social network or website competitivedifferentiations. and democracy. Theproblem lawprotecting internet that did that would be Section 230 is essential to Nations decide which problems to solve is that revoking Section 230 speech.” quickly overrun with spam, protect fair competition and through politics. Global elites already know would exacerbatecensorship Those who want to getrid hatespeech, pornography, free expression on the web. and reducethe competition of Section 230 saythis would bullying,doxing and people To the Biden administration, what problems need solving. Just ask them. that is thereal solution. stop social networks and inciting violence.Not only members of Congress and all I’m CEO of MeWe, asocial websites from unfairly cen- would this be dangerous,it supportersoftruecapitalism, network that competes di- soring their users’ political would makethese sites unus- please let the free market, Mr.Schwabiscareful to stay within the well-prescribed rectly with Facebook.Wecomments. In reality,itable formost people.This liberated by Section 230,get confines of cultural-progressiveorthodoxy.Heislargely have millions of members, would givethem an incentive has already happened on the job done. disdainful of populism butmakes anotable exception in his people of allpolitical persua- to censor far moreaggres- “anything goes” sites like remarks about the Black Lives Mattermovement, which he sions.RevokingSection 230 sively.Toprotect themselves 8Chanand Secret, whose Mr.Weinstein is founder treatswith practiced sympathy. He appearsmoreofa would significantly harm from being sued over con- founder shut the sitedown andCEO of MeWe. climate-changezealot than adiversity zealot, but he under- stands that in today’sworld those two thingsstrangely go together.SoIcouldn’t help chuckling when he bemoans a “mono-cultureharmful to all kinds of fresh and diverse Closing Time for Bars and Restaurants perspectives.” Marxistswill be as disappointed by this book as classical By Robert St. John our best to serveour custom- or toosmall to solve, and no bars, the 11 million workers capitalists. Mr.Schwabmakes clear that “companies do not ersand community. opportunity waslefttowe employ, and the five mil- have to stop pursuing profitsfor their shareholders.” All he Hattiesburg, Miss. This isn’t the firsttime waste. lion ancillaryjobs,such as requires is that “they shifttoalong-term perspective.” romthe firstmoment of restaurant ownershavedealt Thedrinks and food-ser- farmers and fishermen, asso- Whythis truism requires abook and anew name forcapital- F my firstshiftonmy with adversity.The financial vice industryhas suffered ciated with our industry. ism is never quiteexplained. Even Milton Friedman—whose firstday in arestau- crisis of 2008 came and went, about 1in4Covid-related Time is nearly up formy famous “Friedman doctrine” held that corporateexecutives rant, IknewIwanted to own our sales tanked, and no one joblosses.According to a businessand manyothers. areprimarily responsible to companyshareholders, not to my ownplace. That was40 heardawordfromrestau- National Restaurant Associa- Restaurantsoperateunder a “society”—believed in the importanceofprioritizing long- yearsago and I’veloved every rants. Afterhurricanes,torna- tion survey,morethan 1in6 unique business model that is runprofitinterestsoverephemeral short-term gains. challengethe restaurant busi- does and wildfires we have restaurantsclosed perma- tight on cash and short on Mr.Schwab’sbook is defined morebywhat it doesn’t nesshas thrownmyway—un- rolled up our sleeves and nently during the firstsix profit.Ten weeks of dimin- saythan by what it does.For abook whose thesis is that til now. Ifear the work of done the work it takestore- months of the shutdown. ished revenue canspell trouble corporateleadersmakethe world abetterplacebypursuing four decades won’t survive open. forarestaurant’sbusiness social goals in addition to profit, one would expect some the coming months without a But this is different. We health.Independent restau- discussion of the most important counterargument—namely plan that truly addresses my areout of options,and Ifear Fewindustrieshave rantsacrossthe countryhave that corporateleadersmight actually makethe world worse, industry’sneeds. afew moreweeks of limited been harder hit by been struggling formorethan either intentionally or unintentionally,bydoing exactly what In April Isat down with revenue mayjeopardizemy 10 months on financial fumes. Mr.Schwabdemands.Heissilent on that possibility. my wife, 22-year-old daughter remaining businesses.Thou- Covid. We need relief. Thesolutions offered by Mr.Schwabignores that, to solvethe world’sproblems, and 18-year-old son and told sandsofAmerican indepen- Congresssofar have executives must firstdecide which problems to solve. That them we maylose some,or dent restaurantsfacesimilar amounted to aBand-Aid on a isn’tatechnocratic judgment; it’samoral one.Mr. Schwab all, of the six restaurantsand issues.The end is coming in Iwas encouraged to see bullet hole.Our firstround sidesteps this question by saying that the final decisions two barsweowned. In the moreofawhimper than a President Biden highlight our of Paycheck Protection Pro- should be made by “the boardorthe executivemanagement” same conversation, Itold bang—restaurantsare being industry’sunique pain in his gram funds aregone,and the and that the boardshould makeits decision aftergoing them therewas also astrong starvedintoextinction. speech outlining anew Covid second round will keep us through a“consultativeprocess” in which “all stakeholders chancewemight have to sell Early in the pandemic I relief plan. He acknowledged afloat foronly afew weeks. should be included.” In the end, the opinions of powerful our home. joined other independent the devastation felt by the Restrictionslimit indoor din- businessleaderstakeprecedenceoverthose of everyone else. Nearly ayear intothe pan- restaurateursacrossthe entirerestaurant world. It’s ing,and winter weather has Democracy offers a different vision—the idea that citi- demic,Ihavepermanently countryand organized the agood start, but nowwe brought an end to outdoor zens, bound together as a nation, determine the common closed two restaurantsand a Independent Restaurant Co- need Congresstodosome- dining formuch of the coun- good through public debate culminating at the ballot box. bar—leaving 52 people to alition to ensureour commu- thing about it and passdi- try. Thousands morebusi- Mr. Schwab has plenty to say about the role of elites and have difficult conversations nity had a voice in the public rect relief in the next round nesses will soon have no multinational institutions but leaves no room for actual with their ownfamilies.For debatearound federal relief. of stimulus. choice but to shut their democracy. thefirst time in my career,I Politics is agame that is en- In the 116th Congress, I doorsforever. Stakeholder Capitalism. TheGreat Reset.CorporateSocial have to ask forhelp. tirely newtomeand most worked closely with Missis- It’s time forCongressto Responsibility. ESG(environmental, social and corporate Thepandemic is unfair.A membersofthe IRC, but that sippiSen. Roger Wicker to makerestaurantsapriority governance). Common Good Capitalism. Thelist goes on. tinyairborne particle threat- turned out to be an asset. push the RestaurantsAct. andpassdirect aid. It’sthe What’sinaname? Morepowerfor the people who coin the ens everything I’vespent 40 We applied the same entre- That $120 billiongrant pro- only thing that will save our terms.Asbest Ican tell, “stakeholder capitalism” may yearsworking to build. My preneurial attitudes we bring gram is what our community restaurantsand workers. indeed be amoreprofitable version of classical capitalism— teams have done nothing to our kitchens to advocate needs to survivethis pan- because it tricks the general public by muddying the waters. wrong.Wework hard, we’re forour cause in Washington. demic,and nothing lesswill Mr. St. John is achef and honest, we roll with the We didn’t take no foranan- cut it forAmerica’s500,000 ownerofthe New South Res- Mr. Ramaswamy is abiotech entrepreneur and author of punches,and we always do swer, no problem wastoo big independent restaurantsand taurant Group. the forthcoming book “Woke Inc.” P2JW026000-0-A01600-1------XA

A16 | Tuesday, January 26, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Trying Mr. Trump, Private Citizen Helicopter Money for All Isn’t What We Need

emocratscan’t let go of Donald Trump and did areonthe public record. John F. Cogan and John B. Taylor Thecomparison by Messrs. Cogan even as aformer President, so on Mon- Meanwhile,Mr. Trump will be able to mar- (“Those $2,000 Checks Won’t Boost and Taylor of the present situation D dayHouse managerswalked their arti- shal adefense that he wasn’t allowedtopresent the Economy,” op-ed, Jan. 15) arecor- to the actions takenbyPresidents rect to notethat much of this deficit George W. Bush and Obama isn’t a cle of impeachment to the in the House.Hewill have a Democrats want to spending will be saved, not spent. This valid comparison to come to the con- Senatefor atrial. Their goal is newmegaphone forthat de- is what we should expect when checks clusion that the $2,000 checks won’t to banish Mr.Trump from punish the ex-President fense during the trial, and you go to households with twicethe me- work.The circumstances in each running forofficeagain. The canbet he will makethe case dian income.Ifspending is humanitar- case areentirely different and we result mayinstead be his ac- but may revive him. that he is the victim of asham, ian aid forthose who suffer most from have already seen the positiveef- quittaland political revival. partisan showtrial. He will the pandemic,itmakes moresense to fectsofthe Cares Act. Actions al- Democratshavealready mobilize his supportersto send checks only to households with ready takenunder the Cares Act forced one impeachment trial, resulting in ac- pressureGOP Senators, who will have to make incomes belowthe median or to peo- have had rapid and positiveresults. quittaland no notable decline in his political ahardpolitical calculation. ple who have been unemployedfor In November 2007 the civilian unem- standing.Helost the election due to his han- It’seasy forDemocratsand the pressto morethan some number of months; ployment rate was4.7%, then in Oc- dling of Covid and itsconsequences.But now claim Republicans should vote to convict, but the longer the period of unemploy- tober 2009 10% and by December ment, the largerthe check. 20145.6%according to the Bureau of Democratswant to do it oncemorewith feeling, most want to runfor re-election again. The Messrs. Cogan and Taylor also are Labor Statistics.Comparethis to afterMr. Trump urgedhis supporterstomarch rushed House vote—no hearings, no defense— correct in noting that the Cares Act 2020 when the unemployment rate on the Capitol on Jan. 6with agoal of overturn- also makes avotetoconvict moredifficult. did nothing to stimulate economic was3.5%inJanuary, 14.8%inApril ing the Electoral Collegevotefor JoeBiden. Most GOP voters long ago stopped trusting growth. This isn’t surprising. Econo- and 6.7% in December of the same iii themainstream media. Most of the conserva- mists know that fiscal and monetary year.What took the Bush/Obama re- We’vesaid Mr.Trump’sactions—and failure tivepress opposes conviction. Look at the policy actions can’t increase an econ- bates seven yearstolowerthe un- to act to stop the riot as it unfolded—werean abuse that , the third-ranking Re- omy’s growth rate. employment rate wasdone in one impeachable offense and urgedhim to resign. publican in the House,istaking forvoting for Economic growth is determined by year under Cares.The $2,000 checks But nowheisout of officeand no longer the impeachment. She made ajustifiable vote of the growth rates of labor, real capital will work. “imminent threat” that House Democratssaid conscience. But back-benchersare trying to and productivity. The growth rate of VINCENT NUBEL justified their rushed impeachment. Theques- oust her from the leadership. labor is determined by immigration Argyle, Texas and the labor-force participation rate. tion is what good purpose aSenatetrial will All of this suggeststhe trial, which will start The latter trended up until about The solution, simple in concept, serve, and that isn’t apparent. in earnest on Feb. 9, will end in Senateacquit- 2000 when it began trending down. was proposed over 85 years ago, as TheDemocratic case is that Mr.Trump must tal. If it does,Mr. Trump will claim vindication, Investing in plant and equipment part of the Old Age Revolving Pension be punished lest anyfuturePresident trysome- and it doesn’t matterhow manytimes Speaker happens because investors expect Fund, also known as the “Townsend thing similar in his final days.Aconviction by NancyPelosi claims he has been “impeached very high rates of return. They won’t Plan” after its originator, Francis two-thirds of the Senatewould also open him forever.” Mr.Trump will playitasone more invest less because the borrowing Townsend. Proposed in 1934, the key to amajority vote barring Mr.Trump from run- showofelitecontempt forthe “deplorables” rate is 8% rather than 5%, nor will point of the plan was that the dis- ning forpublic officeagain. But what if he is who arehis voters.Hecould emerge politically they invest more if the borrowing bursed funds had to be spent within acquitted? strengthened. rate drops from 5% to 2%. Productiv- 30 days, rather than being added to ity is driven by technology, which is savings. One problem is whether such atrial is even iii why there was a decadelong increase Since the Biden administration constitutional. We’verun op-eds arguing pro Perhaps this is what Democratsreally want, in productivity growth that began in seems determined to disburse these and con. Thelanguageinthe Constitution re- sincethey knowhow much they have benefited the mid-1990s. funds in $2,000 checks anyway, it fers to impeachment against aPresident while politically from having Mr.Trump as afoil. The Cares Act wasn’t entirely hu- could, instead, disburse them in the in office, and Mr.Trump is nowaprivateciti- They maythink they have nothing to lose.If manitarian aid and didn’t stimulate form of $2,000 debit cards, with the zen. Chief JusticeJohn Robertsdoesn’t seem enough GOP Senatorsvotetoconvict, Mr. growth. Increasing the amount to provision that these cards could only to believeheneeds to preside over the trial be- Trump’ssupporterswill hold it against Repub- $2,000 won’t make a difference. be spent, let’s say, within 90 days, cause the Constitution stipulates that role for licans morethan Democrats. And even if he DAN THORNTON rather than deposited, to encourage the Chief only foraPresident. Senior Democrat can’t runfor officehimself,hecan still cause Des Peres, Mo. immediate consumption. PatLeahywill preside instead. much political mischief. Mr. Thornton is a retired V.P. of JOHN NORTHGRAVES On the other hand, the Founderswereclearly If they vote to acquit, Mr.Trump canrun for the Federal Reserve Bank of St. Louis. Northborough, Mass. aware of the British attempt to impeach Warren the GOP nomination again or as athird-party Hastingsfor malfeasanceasformer Governor- candidate. Thelonger Mr.Trump remains a General of Bengal. In the only relevant prece- forceinpolitics,the longer he will uniteDemo- dent, the U.S. Senateheld atrial of aformer War cratsand divide Republicans.Ifyou think this Prof. Dershowitz on Impeaching the Departed Secretaryin1876after he wasimpeached and sounds toocynical, youhaven’t met Majority In “No,You Can’t TryanIm- gerinoffice, he should at minimum resigned. But SenatorsacquittedWilliam Leader Chuck Schumer. peached Former President” (op-ed, be censured forhis goading the mob Belknap in part because some thought atrial af- We thought JoeBiden could have benefited Jan. 21), Prof.Alan Dershowitz violencethat day. terresignation wasunconstitutional. from asking Mrs. Pelosi and Mr.Schumer to makes some technical arguments RUSSELL BRATBURD Theevidencecan support either view, but drop the trial nowthat Mr.Trump has de- against the ability of the Senateto Pleasant Hill, Calif. it’sunsettled lawand GOP Senatorsare lining camped to Florida.Mr. Trump’sPresidencyand hold an impeachment trial against up to sayit’sunconstitutional. Perhaps the his election challengewould have ended in in- nowformer-President Trump.Fair Prof.Dershowitz argues that the House managerswill turn up evidencebeyond famywith the riot at the Capitol and the loss enough, but when he discusses prec- phrase “removal and disqualifica- edents, which areveryrare, his at- tion” from Article I, Section 3ofthe what we already knowthat persuades the 17 of two Georgia seatsand SenateGOP control. tempt fails when he frames the non- Constitution precludes the Senate GOP Senatorsnecessarytoconvict. But most But Democratsand the pressare addicted to impeachment of RichardNixon, who from having jurisdiction over an im- Democratsare already saying they need no new Donald J. Trump,soAmericagetstodothis all “leftofficein1974toavoid certain peachment trial wherethe remedy is evidencesincethe factsofwhat Mr.Trump said over again. impeachment and conviction, there limited to disqualification. However, wasnomovement to continue the he fails to point out that this section process.” of the Constitution defines the point Chicago Teachers Union vs. Biden Though the Nixon episode is simi- beyond which “judgment in cases of lar to President Trump’s, it is hardly impeachment shall not extend fur- he ChicagoTeachersUnion (CTU) this remotelearning work fortheir children,” Chi- aprecedent. Theglaring differenceis ther.” This languagesetsthe outer weekend vetoed JoeBiden’splan to re- cago Public Schools said. “We’veseen grades, that Nixon resigned the presidency, limit, not the minimum limit, of im- rather than face, and put the country peachment trial remedies. T open schools during his first100 days by attendance, and enrollment drop significantly through, the ordeal of impeachment. By analogy, look to the manystat- voting to continue remote formanyofour studentsinre- President Trump adamantly refused utes that cappunitivedamages.It learning indefinitely.The union Even a federal bribe isn’t cent months,and the impact to resign the presidency, or even to would be specious to arguethat a is taking kids hostagetoextract enough to get them back has been felt most by our Black concede the election. Had President statutorycap on punitivedamages si- moremoney from Congress and Latinx students.” Trump resigned, as Nixon did, the multaneously functions as alower with no guarantee that it will teaching in classrooms. Afterthe union vote,the House likely wouldn’t have pursued limit on punitivedamages.Manycrim- release them if it does. district postponed teachers’ impeachment. inal statutes provide forimprisonment Chicago’s Board of Educa- start-dateuntil Wednesdayto Finally,Mr. Dershowitz states that: up to amaximum term and afine up tion had required K-8 teachers to show up at provide time “toresolveour discussions with- “For the victorious Democratsto to aspecified dollar limit. Would an schools on Monday to prepare for a return to out risking disruption to student learning.” Ha- seek revengeagainst Donald Trump accomplished criminal defense lawyer, in-person instruction on Feb. 1. Theunion ven’t district leaders read the children’s book would set aterrible precedent.” In such as Prof.Dershowitz,argue that this case,thereare manyinCongress such maximum limitsalso function as doesn’t care.Seventy-one percent of CTUvoting “IfYou GiveaMouse aCookie”?Accommodat- from both parties who have amuch minimum limitsinthe absenceof membersrejected areturn to in-person learning ing unreasonable demands leads to moreunrea- different perspectivethan ours, hav- clear statutorylanguagesupporting until schools are“safe”—meaning whenever sonable demands. ing experienced the violenceonJan. such an interpretation? teachers feel like going back. Teachersare calling adefactostrikewithout 6. Even if the Senatedoesn’t have a RICHARD T. REDANO Thedistrict has installed air purifiersin calling it that because their 2019 collective-bar- trial nowthat Mr.Trump is no lon- Knoxville, Tenn. classrooms,conducted ventilation tests, in- gaining agreement prohibitsstrikes.Yet the creased cleaning and procured rapid testing, union says that if the district punishes teachers Mr.Dershowitz fails to notethat among other things. It will begin vaccinating fortheir truancy, it would become responsible Maybe a New $100 Coin RichardNixon wasalready barred by teachersnextmonth. There’snoexcuse for fortheir work stoppage. We wonder what would For When Inflation Returns the 22nd Amendment from running teachers not to return to classrooms. happen if kids tried that circular logic with their again forpresident. TheHouse had “Studentsinover130 privateand parochial teachers to get out of detention. Regarding theletters “On the In- no reason to prevent what wasal- creasing IrrelevanceofU.S.Coins“ ready impossible. schools and over 2,000 early learning centers Mr.Biden wantsCongresstoappropriatean- (Jan. 14): Our coins areworthless JOHN BECKER acrossthe city have been safely learning in their other $130 billion to help schools re-open with and should be in $1 and $2 denomi- Whippany, N.J. classrooms sincethe fall, and we must provide no requirement that they do. As the CTU has nations because the value of these that same option to our families who,through again shown, the real obstacle to getting kids coins would payfor coin things, like no fault of their own, have been unable to make back into classrooms is self-serving unions. aCokeorcandy bar.But mayIalso Pajamas Have Their Place, suggest a$5coin? TheSwissfranc But It Isn’t at the Grocery is worth morethan aU.S.dollar and Xi Jinping Wows Them at Davos the 5franc coin is minted in alarge Concerning Katharine K. Zarrella’s sizewith actual heft, acoin one “Pajamas That Never Sleep” (Off hinese President Xi Jinping knows his that to the people of Hong Kong who were wantstocarryand spend, and Duty, Jan. 16): While I am aware that something Mr.Scroogewould glee- there are individuals who wear paja- audience. In his Mondayaddresstothe promised autonomythrough 2047inatreaty fully stack.Itfeels likemoney. mas to the grocery store, I am ap- C World Economic Forum, the annual Beijingsigned with Britain but arenow being But letterwriter PeterV.Mini is palled that you would encourage it. meeting of global luminaries arrested forevenmild politi- mistaken. Ihavediscussed our The only thing that idea is good for is in Davos, Mr.Xisounded like China’s President sweet- caldissent. unique sales-tax mechanism with a skit on “Saturday Night Live.” aliberal internationalist in talks liberal leaders as Judging from commentsby manycitizens of the “civilized” ANDREA SARRASIN good standing.Hepulled out SecretaryofState nominee high-VAT countries and all agreed South Kingstown, R.I. all the buzzwords that make he threatens Taiwan. Tony Blinken and Secretaryof that they would trade the conve- Davosians swoon: “inclusive Defense Lloyd Austin in their nienceofVAT (or sales tax) inclu- growth,” “green develop- Senatehearings, the newAd- sion in prices foralowerrateof Pepper ... ment,” “global governance” and “consensus ministration seems to recognizethe impor- lessthan 10%. Seeing the sales tax And Salt building.” tanceofTaiwan’sindependenceand U.S. pre- added at the end of each purchase is aregular reminder to the consumer THE WALL STREET JOURNAL TheDavos websiteeffused that this wasa dominanceinthe Western Pacific. of howmuch they payand an incen- “historic opportunity forcollaboration.” But Yetmanyinthe Administration arealso true tiveontax raiserstokeep rateslow. Mr.Xi’sPeople’sLiberation Armytold adiffer- believersinthe types of global-governanceval- COLIN KUESTER ent storyoverthe weekend, menacing Taiwan ues Mr.Xiclaimed to endorse in his Davos Bainbridge Island, Wash. with back-to-back militaryflyoversofmore speech, which they see as the best way to solve than adozenplanes.The provocation is are- problems likeclimatechange. UnlikeMr. Xi, Iplan to introducethe 0.9cent minder that while the government has changed they aren’t experienced in using those values coin that would be usable when one handsinWashington, it hasn’t in Beijing,which as ashield to relentlessly push their ownna- buysgas. still sees extending sovereignty over Taiwan— tional interest. CARL BAYER possibly by force—as apriority. Thecontrast between Mr.Xi’sMondaysweet Locust Grove, Va. Mr.Xisaid in his speech that “the strong talk and the weekend Taiwan incursions is de- Lettersintended forpublication should should not bully the weak,” but that admoni- signed to throw the world off balance. Thetest be emailed to [email protected]. Please tion doesn’t seem to apply to his owngovern- forthe Biden team is whether it will be tripped include your city, state and telephone ment. “Weshould stay committedtointerna- up by the feintstoward international norms number.All letters aresubject to tional lawand international rules,instead of and comity that punctuateMr. Xi’spattern of editing,and unpublished letters cannot seeking one’sown supremacy,” he added. Tell regional aggression. be acknowledged. P2JW026000-0-A01700-1------XA

THE WALL STREET JOURNAL. Tuesday, January 26, 2021 | A17 OPINION Biden’s Stimulus Should Staythe Course Electric Car Quotas Have By Jason Furman stateunemployment ratestoac- count forapotentially uneven re- resident Biden has pro- covery. A High Cost posed abold and ambi- Another measurethat should be tious $1.9trillion plan for automatic is fiscal assistanceto P economic recovery.The states.Manystateshavebalanced- By C. Boyden Gray plan would benefit from budget requirementsand high bor- one important change: It should be rowing costs, so it makes sense to resident Biden can’t mandate contingent on the paceofrecovery. increase revenue sharing—backed by P that we all driveelectric cars, TheBiden plan provides substantial federal borrowing—during down- but he’sopening the gatesto support forthe economythrough turns.One way would be to tie the an electric Trojan horse.Inaday-

the end of September but essentially GES federal government’sMedicaid pay- one executiveorder,Mr. Biden began

ends on that date. It could be im- IMA mentstothe stateunemployment the processofrescinding aTrump proved by including provisions that rate,asIproposed with Matthew administration rule,the firststepto-

automatically continue assistanceas GETTY Fiedler and Wilson Powell.The ward greenlighting California’selec-

long as the economyisweak and VIA House passed this provision as part tric caragenda. California and like-

needsit. In exchange, these provi- AFP of the Heroes Act last year.This minded states plan to impose sions could also phase out aid more measurecould also reducestate and electric cars through production

quickly than Mr.Biden proposes if NGAN/ local assistanceifthe economyre- quotas—whether driverswant the the economyrebounds faster than covers faster than expected. cars or not.

expected. Most important, this re- MANDEL Other provisions in the Biden pro- California regulatorscall it a cession insuranceshould be made President Biden on Jan. 21 posal lend themselves to similar “zero-emissions vehicle” standard, permanent to mitigatefuturereces- contingencies,likenutritional assis- but green propaganda shouldn’t ob- sions. Anyone who ventures aconfident maybeneeded long afterSeptem- tanceand temporarily expanded as- scurewhat’sreally going on. Start Theeconomyismorethan 11 mil- prediction about the course of jobs, ber. sistancefor needy families. with federal law. It requires the lion jobs short of whereitshould be, inflation or anyother aspect of the Historically,Congresshas done a Making federal relief contingent transportation secretarytoset na- and important labor-market indica- economymay be wrong and is cer- good job of rising to the challenge on economic conditions wouldn’t tional averagefuel-economyperfor- tors have steadily worsened since tainly wrong to be confident. when crises firsthit, but it often only help tailor aid to the paceof mancestandards forcar makersat the summer,including long-term un- lapses intopolarization and gridlock the recovery;itwould be an essen- the “maximum feasible” level with- employment and the number of un- as the initial shock passes.Major el- tial step to building back better. New out restricting consumer choice. In- employedworkersnot on temporary Spending packages need ementsofthe Cares Act expired contingencies could be preserved as steadofmandating agiven technol- layoff.The supply-side constraints over thesummer and weren’t re- formulas to ensurethat relief and ogy, federal fuel-economystandards created by the virus arethe biggest triggers to sustain aid when neweduntil December,despite economic support areautomatically allowcar makersthe freedom to de- limit on the economy. Aggressivede- therecovery lags and cut it mounting health and economic prob- delivered whenever and wherever cide howbest to improvefuel econ- ployment of vaccines plus testing lems. We shouldn’t risk another lag needed. These measures would also omyatthe lowest cost. and other measures will likely solve off when thingsimprove. in the national response,for the help ensurethat assistancephases the supply problem over the coming sakeofboth the long-term economy out when it’snolonger needed. The months. and the millions of families who suf- persistently lowinterest ratesofthe California wants to do it, Afull recovery will requiremore The pace and magnitude of virus ferwhen support is interrupted. current economyare likely to limit than open restaurants. People must mutations raise the concern that the Mr.Biden proposes adding $400 the potential monetaryresponse to and Biden wants to help— also be able to affordtoeat in those virus will become immune to current aweek to unemployment insurance future recessions. By bolstering the even though it will violate restaurants. That’swherethe de- vaccines.The ossification of unem- through the end of September.As- fiscal response,Mr. Biden will boost mand side comes in: TheBiden plan ployment could makethe last phases sistanceshould be continued if the the recovery and take abig step to- the law and cost us all. would provide relief formanyofthe of the recovery slowerand more unemployment rate remains ele- ward reducing the severity of future households that need it most, in- painful as people areunable to re- vated, though scaled down to reflect recessions too. cluding low-income families and the turn to their old jobs quickly and anyimprovementsinthe unemploy- To promoteefficiency, federal law unemployed, turbocharging demand mayneed to find newones in differ- ment rate.Ifthe rate falls rapidly by Mr. Furman, aprofessor of prac- broadly forbids stateregulations “re- to meet the expanded supply. ent industries.Global eventscould June or July,the $400 aweek could tice at Harvard, was chairman of the lated to fuel economystandards.” Covid has had an unprecedented disrupt the U.S. economy. Forall of be automatically reduced even ear- White House Council of Economic Courtshaveheld that this lawfor- impact on both supply and demand. these reasons morerescue and relief lier.The formula should be based on Advisers,2013-17. bids electric carquotas and similarly meddlesome command-and-control policies that seek to dictatehow car makersshould meet federal perfor- America, It’s Time for ‘Unity’—or Else mancestandards.The Golden State argues that aspecial exception made If you were an enthusiastic Don- onavirus vaccine distribution plan. It Trump administration, doses admin- forCalifornia regulations in the ald Trump supporter, are you ready was presumably heeding the presi- istered were already up to well over CleanAir Act should also be read to enter are-education program? dent’scall to defeat lies that the CNN 900,000 aday,onarapidly rising into the federal fuel-economylaw. FREE Youmay not realizethat your repro- reporter decided not to challengethe trajectory. Ambitious indeed. But that law’s text says no.Itforbids EXPRESSION gramming is essential to the preser- official, given that, with almost 40 Truth is attested to by actions as fuel-economyregulation by any By Gerard Baker vation of democracy, but afteratten- million vaccines already distributed, well as words. Wearing a mask, Mr. state—no exceptions. danceataseries of camps led by theremight have been some plan in Biden has told us,isessential to sav- Next, the policy. Congresspre- an you feel the unity? Alexandria Ocasio-Cortez and ateam place. ing lives.But on inauguration night, empted statelawsin1975because C Have you come together to of journalists from the Washington Then therewas defending the therehewas,celebrating,maskless. sprinkling policies likestate electric bind the nation’s wounds? Post, you’ll onceagain be able to larger truth about Mr. Biden’s plan His presssecretary, in asearing mo- carquotas on topoffederal fuel- Have yourenounced your white contribute—civilly—to political dis- to get100 million doses intoAmeri- ment of truthfulness, told us it was economystandards makes no sense. privilege? Your unconscious bias course. canarms in 100 days—a million a fine because he had “bigger issues” An electric carquotainCalifornia probably hasn’t been eradicated in If youexpressed doubt online day. An ambitious goal, his team to worry about. would forcecar makerstomeet na- the last week, so it will need atten- about the reliability of the presiden- called it. An ambitious goal, the That admission, in itsown way, tional fuel-economystandards using tion. But don’t worry. If youwork in tial election result, your contribution pressrepeated, helping to lowerthe wasaclarifying one,capturing as it one of the most expensivefuel-effi- the federal government, you’ll soon to bringing the nation together expectations bar for the new presi- didthe real meaning of our newera ciency technologies,undermining have the opportunity—sorry, obliga- might be an interviewwith apair of dent. of truth and unity: the truth is that consumer choiceand increasing tion—to get that fixed with a series nice federal agents. Only in the small print did we ourunity will be achieved by your costs. One study from 2019 estimates of bias-eliminationsessions.Ifyou As acommentator on aconserva- learn that in the final week of the doing what we tell you to do. that stateelectric carquotas will work foralarge company, you’ve tiveplatform, I’m ready to do my cost an extra$400 forevery newcar probably already watched the videos, part for national harmony by being nationwide by 2025. so you’ve no excuses for continuing deplatformed by technologycompa- Those costswon’t be distributed not to recognizethat America’sfoun- nies the next time I step out of line. Workers Producing the equally.The zero-emission vehicle dational malignity is all your fault. But if you’re that rare thing, a con- standardisineffect ahidden regres- servativeinacademia, youmight sivetax paid by ordinarycar buyers want to makesureyour baristaskills Va ccine Need Va ccination to subsidizeluxurycarsfor the If you were an enthusiastic areuptosnuff,though youprobably wealthy. It takes$400 from the wal- won’t be welcome in anyofthe Star- By Robert Kramer of Homeland Security has desig- letsoflow-and moderate-income Donald Trump supporter, bucks in Cambridge or Ann Arbor— nated Emergent as apart of Amer- carbuyersand hands it over primar- are you ready to enter a or anywhere else. nthe race to vaccinatepeople ica’scritical national-security infra- ily to six-figure-income electric car re-education program? Afterfour yearsofhateful,divi- I forCovid-19,everyone agrees structureincases of emergency. buyers, who enjoymanyother subsi- siveleadership that stoked raging front-line health workers, the Since2012, we have worked in dies,too. enmities and fuelled murderous big- elderly and those with pre-existing partnership with the U.S. govern- Less directly,the electric car otries,Ihope you’refeeling the conditions should getpriority.But ment to be prepared forrapid man- quotafuels African child labor,con- If you’reawoman, have you soothing balm of comity as it pours one vital group is being overlooked. ufacturing in apandemic.Aswe scripted to mine the minerals used in shared arestroom with some strap- forth from executiveorders, presi- Even worse, some arecriticizing ef- were ramping up last year,wewor- electric carbatteries.And because ping-looking figure you’resureused dential declarations and the various fortstovaccinatethem as some ried about maintaining operations China dominates those battery sup- to be aman but nowsays she’sall fe- ministries of truth that used to be sort of effort to “cut the line.” if employees or their immediate ply chains,state quotas will speed up male? Ihope your high-school news organizations. I’m referring to the thousands of family memberswereinfected or the exodus of blue-collar manufac- daughtersare doing their part to In President Biden’sinaugural ad- people working to producecritical exposed. We discussed this with turing jobs in Michigan, Indiana and unifythe countrybyceding what- dress—which in itscomposition and vaccines, medications and diagnos- the government and understood Ohio to coal-poweredChinese plants, ever hope of athletic success they significancewas reminiscent of Lin- tics forCovid-19.Inaddition to that this risk would be mitigated undermining the environmental ra- had to the newclassof6-foot-tall coln’ssecond inaugural, Pericles’fu- Pfizer and Moderna, my company, by vaccinating this group as soon tionale forthe quotas. girls with bulbous triceps. neral oration and the Sermon on the Emergent BioSolutions,has been as avaccine became available. California’scentral plannerscast In the serviceofnational unity, Mount—he emphasized that the path ramping up manufacturing of hun- electric carquotas as asteptoward a youshould by nowhaveagreed to to national unity lies not only dreds of millions of vaccine doses carbon-free utopia, but they do noth- welcome anew influx of illegal aliens through our acquiescencetothe forpartnerslikeJohnson &John- If my company’s employees ing quantifiable to reducecarbon intoyour community.Betteryet, per- Democrats’ agenda, but in arenewed son and AstraZenecainclose coor- get sick, there will be fewer emissions.Federal fuel-economylaw haps you’reanimmigrant who’s been communal asseveration of the truth. dination with the federal govern- already setsstringent averagestan- through the costly, protracted pro- “Thereistruth and thereare lies. ment. shots for everyone. dards fornational fleets. Thekey cess to become an American citizen Lies told forprofitand forpower,” Emergent’semployees areessen- word is average. Car makerscan off- andare looking forwardtowelcom- he said. “And each of us has a duty tial to the Covid-19 response,and set every“clean” electric vehicle pro- ing those who opted to take the less and responsibility . . . to defend the we have gone to extraordinary Unfortunately states have cate- duced to meet astate quotawith a “documented” route. truth and defeat the lies.” lengths to protect them. Unfortu- gorized us with nonpharmaceutical “dirtier” car. In other words, forevery If youwork in fossil fuels—maybe It must have been in that spirit nately,our strict safety protocols, manufacturers, outside the first mandated electric car, carmakerscan you’reemployedonthe Keystone XL that on dayone some administration likethe use of personal protective phase of vaccine eligibility.Asare- and will sell an equal and opposite pipeline—aren’t yougratefulthat official told CNN that the Biden team equipment, disinfection of work ar- sult, our operations remain at risk, gas-guzzler and still meet the federal your imminent joblessnessisbring- had discovered that their predeces- eas and regular testing,are no even as we ramp up production of fuel-economystandard. ing the country together? sorshad leftthem anonexistent cor- guarantee against infection. hundreds of millions of doses of Meanwhile,bymaking newcars Over the past year,wehave Covid-19 vaccines. more expensive, electric carquotas quarantined hundreds of team We continue to seek prioritiza- encouragedriverstokeep older and members—nearly one-thirdofour tion in thestateswhereweoper- dirtier cars on the road, increasing PUBLISHED SINCE 1889 BY DOWJONES&COMPANY small on-siteworkforce.Some were ate—California, Maryland, Massa- pollution. California politicians as- Robert Thomson exposed outside the workplace, but chusetts,Michigan, and sume away these inconvenient Executive Chairman, Chief Executive Officer, News Corp the primarycause of quarantine is Pennsylvania. We’realso pursuing truths.They also assume an electric Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher potential exposuretoaninfected otheravenues,including working grid that works—a lot to ask of Cali- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: fellowemployee. This situation puts directly with federal officials and fornia these days. Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; atremendous strain on our 24/7 vaccine manufacturers, to obtain California’scostly and regressive Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; operations.Absenteeism means thevaccine as quickly as possible. carquotaisn’t laudable stateexperi- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; other employees have to work mul- Giventhe urgent public-health mentation. It is aMadisonian night- Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer tiple back-to-back shifts to avoid a andnational-securityimplications mare, astate-sponsored regulatory Andrew Dowell, Asia; AnthonyGalloway, Video & manufacturing shutdown. So far, of theserisks,Iurgethe relevant cartel meant to advancethe interests Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; we’veavoided delays in vaccine authorities to immediately provide of California’sdominant factions at Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; production, but the risk is real—we vaccine access to workerslikeours, great national expense.Why balkan- Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; briefly had to slowdownoperations who areessential to the Covid re- izethe carmarket intopetty sover- Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News at anotherfacility because of Covid- sponse.Likenurses and firefight- eignties governed from Sacramento? Thomas SanFilippo, Customer Service; related absenteeism. ers, our colleagues areonthe front As America’schief executive, Mr.Bi- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; This situation also cancreatea lines of this fight. Protecting them den should faithfully protect the su- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; national-security risk.Inaddition will protect hundreds of millions of premacyofthe nation’sfederal fuel- Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International to Covid-19 vaccines,Emergent pro- others. Prioritizing them is aneces- economylaw. WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: duces medical countermeasures for sarystep. LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head deadly threatslikeanthrax,botu- Mr. Gray has served as White

EDITORIAL AND CORPORATEHEADQUARTERS: lism and smallpox. This manufac- Mr. Kramer is president and CEO House counsel, U.S. ambassador to 1211 Avenue of the Americas, New York, N.Y., 10036 turing can’t simply be turned on of Emergent BioSolutions in Gaith- the European Union and U.S. special Telephone 1-800-DOWJONES and off.That’swhy the Department ersburg, Md. envoy to Europe for Eurasian energy. P2JW026000-0-A0180A-1------XA

A18 | Tuesday, January 26, 2021 A THE WALL STREET JOURNAL.

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S&P 3855.36 À 0.36% S&P FIN g 0.76% S&P IT À 0.88% DJ TRANS g 0.05% WSJ $ IDX À 0.11% LIBOR 3M 0.213 NIKKEI (Midday) 29680.13 g 0.63% See more at WSJ.com/Markets AMC Chain Avoids Bankruptcy Fund Gets $2.75 Billion Shares of movie Investment deals signed lines and hotels. extended deep into2021 and Attention from individual by the embattled movie the- Therollout of Covid-19 that while an increase in cin- investorshas provided sup- theater giant rose 26% ater chain have brought in vaccines has given investors ema attendanceseems likely, port forshares tied to the Emergency after the company $411 million in debt financing incentivemtokeep beaten- the futurecourse of the coro- market’smost volatile names, and $506 million in equity down companies likeAMC navirus meant that cash agroup that includes AMC signed financing deal sincemid-December as AMC afloat and help them avoid a needs remained uncertain. and videogame retailer Backing took advantageofequity costly debt default or bank- “Investorsare cautioned GameStopCorp. BY ALEXANDER GLADSTONE markets’ robust appetitefor ruptcy,though the sluggish accordingly,” AMC said. Individual investorsare BY JULIET CHUNG AND AISHA AL-MUSLIM risk and athirst forreturns vaccination rollout also poses Still, the company’sdebt encouraging each other on in fixedincome that has arisk. prices also rallied Monday, online forums to purchase Citadel LLC and Point72 Shares of AMC Entertain- driven yield on the riskiest With the deals announced with a$1.5billion bond due shares and options tied to Asset Management areinvest- ment Holdings Inc.rose al- junk debt to record lows. Monday, AMC Chief Executive in 2026 trading at 48.5 cents these companies,inpart to ing $2.75 billion in hedgefund most 26% afterthe movie Investorshaveproven Adam Aron said the possible on the dollar,upfrom39.5 squeeze betsfromother in- Melvin Capital Management, theater giant said it signed willing to support struggling bankruptcy filing the com- centsonFriday, according to vestorsthat shares would an emergencyinflux of cash deals for$917million in fi- companies during the pan- panyhad previouslywarned MarketAxess. AMC’sstock fall. expected to stabilizewhat was nancing to survivethe demic,eventhose that have aboutwas now“completely closed Monday at $4.42a Some credit rating firms previouslyone of the top-per- Covid-19 pandemic for been hit hardbysocial-dis- offthe table.” share, up 91 cents, or 25.9%, and financial institutions are forming funds on Wall Street. months longer withoutre- tancing and travel restric- Thecompanysaid itsfi- from Friday’sclosing price, lowering their corporatede- Melvin has been hardhit by sorting to bankruptcy. tions,such as theaters, cruise nancial runway has nowbeen according to FactSet data. PleaseturntopageB2 aseries of short bets, starting the year with $12.5billion in assets and losing almost 30% through Friday, people familiar Chinese Machine GiantsProsper in Pandemic with the firm said. Among other short positions,Melvin bet against the surging stock of videogame retailer BY XIE YU GameStop Corp. Citadel and itspartnersare China’smachinerygiants investing $2 billion and have built up some serious Point72, which already had stock-market gains. morethan $1 billion invested Companies such as Sany in Melvin as of 2019,isinvest- Heavy Industry Co.and Zoom- ing an additional $750 million, lion Heavy IndustryScience& the funds said Monday. As part Technology Co.makethe exca- of the deal, Citadel, itspart- vators,dump trucks and cranes nersand Point72are receiving that keep China’scountless noncontrolling revenue shares construction sites humming. in the firm that eventually ex- These big players have pros- pire, aperson familiar with the pered during the pandemic,as deal said. China’sproperty industryre- Melvin founder Gabe Plotkin sumedbuilding aftersome in- wasatop portfolio manager at terruptions in early 2020. PleaseturntopageB3 Meanwhile,Covid-19-related disruptions helped them to gain ground on foreign rivals like Caterpillar Inc.and Budweiser Japan’s Komatsu Ltd. Exports have also started to recover sharply. Redirects Sany Heavy’s stock in Shanghai has hit records, and as of Mondaywas up 171% over Dollarsfor the past year,giving it amar- ketvalue of morethan $56 bil- lion. Zoomlion’sHong Kong /REUTERS

NG Super Bowl

shares recently hit highs last SO Y BY NAT IVES reached in 2013,and as of Fri- AL daythe machinerysubindexof Zoomlion equipment at a Shanghai trade fair in November. The Chinese company expects 2020 profit was up as much as 72%. China’sCSI 300 gaugewas up Anheuser-Busch said it won’t 22%overthe past month. Full-year unit sales in China Market sharefor excavatorsales in China, vestment in China rose 7%, devoteaSuper Bowl commercial by manufacturer’s nationality While China’sleadershave Engineering Excavators while fixed-asset investment in to itsflagship Budweiser beer been seeking to cut the coun- cranes powerand utilities,amajor brand this year forthe firsttime try’srelianceondebt-fueled in- 300,000 100% source of infrastructurede- since1983,pledging to redirect vestment, it has proved hardto U.S. and mand, jumped 18%, official Chi- spending forthe airtime to mar- European reducespending on property nese statistics show. Overall in- keting campaigns related to 250,000 and infrastructure, particularly Japanese vestment in fixedassetsrose Covid-19 vaccinations instead. during times of economic 75 2.9% for2020.Unit sales of ex- Budweisersaid it is commit- stress. Analystsand investors 200,000 South Korean cavators rose 39%. ting $1 million of ad inventory expect the largerhomegrown Kong Lingxin, an analyst to vaccine awarenessand edu- machinerycompanies to keep with CICC, expectsdemand for cation work by the Ad Council, expanding domestic market 150,000 50 excavators,cranes and other anonprofit that helps make share, while benefiting from construction equipment to re- public-servicecampaigns,and Chinese robust customer demand to re- 100,000 main robust through at least to Covid Collaborative, acoali- placeold equipment. In addi- 2023.While China might re- tion of expertsand institutions 25 tion,manygovernmentsglob- ducespending on traditional in public health and other areas. ally arecounting on 50,000 infrastructure projects, that It will also producemultimil- infrastructurespending to help would be partly offset by cus- lion-dollar vaccine-awareness their economies bounceback 0 0 tomersreplacing older machin- effortsthroughout the year,ex- from the coronavirus pan- erywith newequipment—ei- ecutives said. demic,raising expectations for 2011 ’15 ’20 ’11 ’15 ’20 2007 ’10 ’15 ’20 ther forbetterperformanceor TheBudweiser brand was futureinternational sales. Note:Crane figures for2020are through November. to meet stricter environmental deep intodevelopingadvertis- Companies likeSanyHeavy Sources: China Construction Machinery Association via Refinitiv (sales); China International Capital Corp. (market share) standards—and as morehu- ing forSuper Bowl LV when the and Zoomlion have improved manlabor is replaced by ma- Food and Drug Administration product quality and after-sales when foreign rivals were strug- tional Capital Corp., an invest- Sany Heavy gained further chines,Mr. Kong said. gaveits firstapproval to avac- serviceinrecent years, said gling to meet demand in the ment bank,shows Chinese market shareinexcavatorslast His team estimates domes- cine against Covid-19,said Mon- Fiona Liang,ananalyst with Chinesemarket, as their pro- players have steadily expanded year,while Caterpillar and Ko- tic excavatorsales will rise an icaRustgi,vicepresident of DaiwaCapital Markets. That duction wasdisrupted,” Ms.Li- over the past few yearsin matsu both retreated, CICCfig- additional 10%in2021, while marketing at Budweiser.Its ex- competitivenesswas “sharp- ang said. productssuch as excavators,at ures show. exportswill grow by 40% to ecutives sawmarketing playing ened during the pandemic, DatafromChina Interna- the expense of foreign rivals. Forall of 2020,property in- PleaseturntopageB11 PleaseturntopageB2 INSIDE CompaniesPush Employees to Accept Va ccines

BYCHIP CUTTER answerstaff questions about chairsthe company’smedical the vaccine in virtual company advisorycouncil. “We’vegot a Corporateexecutives are meetings. responsibility as alarge em- playing anew role in the pan- Anheuser-Busch, mean- ployer.” demic: vaccine cheerleader. while,isputting itsmarketing Sodexo,whose roughly Acrossindustries,business firepowerbehind public vac- 420,000 employees include leadersare turning to all- cine education efforts. Its staffwho operatecafeterias LOGISTICS hands staff meetings, video Budweiser beer brand will and shops in hospitals,senior- UPStosell memosand other workplace forgoadedicated Super Bowl living centers, universities and freightbusiness forums to addressskepticism ad this year and, instead, de- other institutions,said it has about the Covid-19 vaccine vote advertising spending to asked managerstorelaycon- to focus on delivery and encourageemployees to awarenessofCovid-19 vac- cerns about the vaccine so the of small packages. B3 getitwhen they can. cines. companycan getabetterun- Food-services and facilities- Manycompanies have derstanding of what worries management company Sodexo takenonastepped-up role in itsfront-line staff.Mr. Scriv- is asking managerstolisten disseminating public-health ens said Sodexo’s global vac- forsigns of vaccine hesitancy information to employees dur- cine-promotion campaign will

among staff and launching a ing the pandemic. It is un- LIVING target itsown workerson social-media campaign to en- usual terrain forbosses,but platforms they frequent, SENIOR

/REUTERS courageemployees to getthe surveyshavefound that peo- which could include YouTube

SIU shots. Benchmark Senior Liv- ple oftenviewtheir employers and WhatsApp. ing LLC,anoperator of as- as morecredible sources of Thegoal isn’t just to issue ONE

TYR sisted-living facilities,isblast- information than government, BENCHMARK directives to employees,Mr. ing “myth-buster” emails to social media or media outlets. Benchmark Senior Living sends out ‘myth-buster’ emails. Scrivens said, but to answer HEARD ON THE itsworkforce and turning on- Getting acritical massof questions and provide guid- STREET sitevaccination clinics into employees vaccinated is cru- tough. Arecent Siena College “Howdoyou cancel all of ancefromthe company’smed- It won’tbeeasyfor mini parties,completewith cial to reopening offices and ResearchInstitute survey of that horrible,negativemes- ical advisorypanel. cake and games,tolend acel- returning workplaces to a NewYork stateresidents saging that seemstoinfect “It’snot big Sodexo telling China’s economyto ebratoryair.Technologycom- semblanceofnormal, execu- found more than a quarter social media these days?” said youtodothis.It’s, ‘Here’sa overtakethe U.S. B12 pany VMware Inc.isdiscuss- tives say. Yetovercoming vac- said they don’t plan to getthe Simon Scrivens, asenior vice physician who’s gotpersonal ing bringing in doctorsto cine skepticism could prove shot. president at Sodexo who PleaseturntopageB2 P2JW026000-6-B00200-1------XA

B2 | Tuesday, January 26, 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 Dominion Voting NBCUniversal...... B5 StartupReadiesUse of Drones Advance Publications.B5 Systems...... A5 O Alaska Air...... B3 E Ovintiv...... B11 Alphabet...... B4 Earth Wave...... A3 P Amazon.com...... A1 EIG Global Energy To DeliverVaccinesinAfrica, Asia AMC Entertainment Partners...... B10 ...... B3 ...... B1,B11 Evofem Biosciences..A10 BY MARC VARTABEDIAN Asia and Africawithin the to provide unmanned flight ser- ships similar to those in the e- R Anheuser-Busch InBev F next few months.Those ef- vices forcoronavirus vaccines. commerce and food sectors...... B1 Ricchetti...... A10 FedEx...... B3 Dronestartup Wingcopter fortswill be able to be Thedeal also comes just as Wingcopter also will funnel Apollo Global Robinhood Financial.B12 Fidelity Investments GmbH has raised fresh venture adapted to additional regions, U.S. aviation regulatorsap- some of the capital to ramping Management...... A1 ...... B5 ...... B10 Apple...... B4 capital as it jockeysfor posi- Wingcopter spokesman proved thefirst fully auto- up drone production at its Fox...... A10 S AstraZeneca...... B11 tion against other drone mak- Thomas Dreiling said. mated commercial drone 77,500-square-foot headquar- Sany Heavy Industry..B1 AT&T...... B3 G ers to be part of the Covid-19 “Weare currently in ad- flights, albeit limited to rural ters in Weiterstadt, Germany. Sony...... B12 Axel Springer...... B5 GameStop...... B3 vaccine delivery effort. vanced discussions with part- areas. Jonathan McQueen,co- SquareFoot...... B2 Axiad...... B11 ....B3,B11 TheGerman developer of ners on the African continent founder and managing partner Sumitomo...... B3 B I drones and operating software and in Southeast Asia, but we of Xplorer Capital, said he was T Benchmark Senior ING Groep...... B10 systems raised a$22 million areopen to further partner- attractedtothe startup’stech- Taboola.com...... B10 Wingcopter’s drone Living...... B1 Invictus Growth funding round led by Silicon ships that ensurerapid re- nologyand the relationship it TFI International...... B3 Berkshire Hathaway...B3 Partners...... B11 Valley-based venturefirm sponse and solutions in the model can cover 25 has with United Parcel Ser- Tishman Speyer BlackRock...... B10,B12 ION Acquisition...... B10 Xplorer Capital and German ongoing global pandemic,” Mr. vice Inc.todevelop automated Properties...... B10,B11 miles with a 13 BNP Paribas...... B10 K investment firm FuturyRegio Plümmer said. delivery technology. TS Innovation ...... B3 Kimberly-Clark.....B3,B11 Acquisitions...... B10 Growth Fund. Thefinancing comes as pound payload. Wingcopter’s current drone Wingcopter aims to use its drone companies are striking model cancover roughly 25 C Kimmeridge Energy U Caterpillar...... B1 Management...... B11 drones for last-mile Covid-19 partnerships with pharmaceu- miles with a13-pound payload United Airlines...... B2,B3 Charles Schwab...... B12 Komatsu...... B1 vaccine deliveries between tical firms and talking to gov- and accurately lowerapack- United Parcel Service.B3 Chevron...... B11 L distribution hubs and remote ernmentsaround the world This month, regulators ageusing awinch mechanism. V Citadel...... B3 Latch...... B10 health centers, as well as be- aboutplaying arole in the cleared startup American Ro- The craft can go as fast as 93 VMware...... B1 Citigroup...... B12 M - N tween different distribution crucial vaccine deliveryeffort. botics Inc. to operatedrones miles an hour. Cleveland-Cliffs...... B3 W centers, co-founder and Chief Forinstance, Draganfly Inc., without hands-on human pi- FuturyVentureFund and Melvin Capital Cloudflare...... A10 Management...... B3 World Wrestling Executive Tom Plümmer said. arival drone company, signed a loting or direct observation. Hessen Kapital III also partici- ...... B5 Merck...... A6,B11 Entertainment...... B5 Thecompanyexpectsits deal last month with health- With itsnew capital, Wing- pated in the financing, which Credit Suisse...... B10 Microsoft...... B12 Z drones to begin delivering care supply-chain firm Cold- copter will establish additional bringsWingcopter’s totalcapi- CureVac...... A7 Moderna...... A1,A7 Zoomlion Heavy Covid-19 vaccines in Southeast chain TechnologyServices LLC automated deliverypartner- tal raised to $25 million. D Morgan Stanley...... B12 Industry Science & D1 Capital Partners..B10 Muzinich...... A10 Technology...... B1 INDEX TO PEOPLE

A G Marcondes, Marcel.....B2 Aron, Adam...... B1 Gelsinger, Patrick...... B2 P B Grape, Tom...... B2 Peoples, Josh...... A2 Batuman, Elif...... B5 H Plotkin, Gabe...... B3 Bindra, Chetna...... B4 Hewson, Michael...... B11 Poulos, John...... A5 Black, Leon...... A1 Holt, Sid...... B5 R Blodget, Henry...... B5 Hyodo, Masayuki...... B3 Rosenthal, Eric...... B2 Buffett, Warren...... B3 I Rowan, Marc...... A1 Rustgi, Monica...... B1 C Ichinokawa, Ryuichi....B5 S Chardon, Sophie...... B11 J Colacino, Michael...... B2 Scrivens, Simon...... B1 Jobs, Laurene Powell.B5 Cordella, Rick...... B5 Sonders, Liz Ann...... B11 Correia, Michael...... B12 K Speyer, Rob...... B10 D Kirby, Scott...... B2 Stankey, John...... B3 Kubota, Masayuki...... B3 Stephenson, Randall...B3 Dell, Ben...... B11

DeLoche, John...... B11 L - M V /REUTERS Durov, Pavel...... B4 Liang, Fiona...... B1 Volokh, Eugene...... A5 OPTER WINGC kept AMC afloat even as Wingcopter aims to use its drones for last-mile Covid-19 vaccine deliveries between distribution hubs and remote health centers. AMC Gets it burned cash and theaters stayed largely dark as infec- tions surgedlatelast year mandatory forits workers makes it so much easier than and their reasons fordoing Lifeline in and lockdowns were put in Companies andthat other companies if youtry to repair the dam- so.One of itsrecent “myth- place. Covid-19 vaccination should do the same. ageafter it’sbeen done.” buster” emails to staff and has fueled hopes that cine- Some executives saythey VMware CEO Patrick Gel- residentsbegan with the all- Pandemic mas canrebound once Prod Staff plan to use regular company singer, who is leaving the caps question, “Are there enough people have been meetingstodiscussissues companyinafew weeks to side effects?” and noted that given shots, government re- and concerns that arise in become chief executiveofIn- most people have minimal ContinuedfrompageB1 strictions ease,and moviego- On Shots thepublic vaccination roll- telCorp., said VMwareis symptoms afterreceiving the fault projections for2021, ersfeel comfortable in the- out. considering bringing in medi- vaccine. confident in continued gov- atersagain, according to One topic that Michael Co- calprofessionals to answer TomGrape,Benchmark’s ernment support, rising inoc- investorsand analystswho ContinuedfrompageB1 lacino, president of the New employeequestions about the chairman and CEO,said he ulation against Covid-19 and trackthe industry. medical advisorypanel. York real-estatefirm Square- vaccine during virtual all- wasinitially surprised by the recent refinancing activity “There’snodoubt that the “It’snot big Sodexo telling Foot,wantstoaddressin hands meetings. hesitancyamong staff mem- that has pushed out debt ma- government stimulus has youtodothis.It’s, ‘Here’sa coming town halls: adverse “Taking those who are bers to getthe shot, which turities. helped mitigatedefaults, in physician who’s gotpersonal reactions. maybe concerned and helping the companyhasn’t man- While the pandemic has particular by providing a experiencewith this,who is While asmall number of to removedoubt: Ithink dated. Nursing homes world- forced some indebted house- windowfor rescue debt fi- suggesting this might be a people might have an allergic that’sanimportant pieceof wide have been devastated by hold names likeHertz Global nancingsthat has allowed really sensible thing foryou response afterbeing vacci- what businesses cando,” he the pandemic,presenting HoldingsInc.intobankruptcy troubled companies to avoid to do,’ ” he says. nated, Mr.Colacino said he said. risks forboth workersand and wreaked havoconthe re- defaults,” said Tero Jänne,a Manyemployers have said wantstostresssuch anec- Benchmark Senior Living, residents. As employees see tail and energy sectors, cor- managing director at finan- they won’t requirethe vac- dotes canbeamplified on so- based in Waltham, Mass., that peersgot vaccinated, poratedefaultsoverall have cial adviser PJ Solomon. cine,though some exceptions cial media, distorting the sends residentsand employ- moreare choosing to getthe been lessnumerous than “Those rescue financings, areemerging. United Air- risks. ees at itsnursing homes,as- shot, Mr.Grape said. manyinvestorsand analysts however, were intended to be lines Holdings Inc.Chief Ex- “Thereare going to be sisted-living communities and “There’ssomuch misinfor- had projected when pan- liquidity bridges to arecov- ecutiveScott Kirby told em- horror stories,” Mr.Colacino other facilities adaily “Be- mation floating around,” he demic shutdowns firsttook ery, the timing of which re- ployees last week that the said. “Ifyou tell people in cause…” video spotlighting says.“People arethirsting for effect last year. mains uncertain.” airline wasconsidering mak- advanceofsomething that’s staff membersand residents facts, and they’retrying to “I’m definitely cautiously Mr.Jänne said debt de- ing Covid-19 vaccination going to happen, it just whohavegottenvaccinated sort out truth from fiction.” optimistic about wherewe faultshavebeen muted in arewith default rates,” said vulnerable industries because Eric Rosenthal,senior direc- marketshavegottenbetterat amessage, but we’realso help- torofleveraged financeat managing away potential de- Super Bowl ing to be part of the solution so FitchRatings, which earlier faults, through proactivesup- we canall enjoyanice cold Bud this monthdropped itsfore- port from companies’ lender sooner or later.” cast of high-yield bond de- bases. SpotsFocus Budweiser parent Anheuser- faults for2021 to 3.5% from He said he expectsthat to Busch, part of Anheuser-Busch itsprevious estimateof5%to continue in 2021 because InBev,will still have itsusual 6%, and loweredits 2022 bankruptcy is expensiveand On Virus large presenceduring the Super outlook to 4% to 5% from its creditorsare willing to pro- Bowl, planning national com- previous 5% to 7% view. vide relief to avoid the cost. mercials forthe Bud Light, Bud Thepandemic has hit AMC President Biden has called ContinuedfrompageB1 Light Seltzer Lemonade,Mich- hardasrestrictions on in- fora$1.9trillion economic arole in overcoming the hesita- elob Ultraand Michelob Ultra door gathering forced the relief packagethat provides tion about vaccinations among Organic Seltzer brands and for companytotemporarily shut foranother round of direct some consumers, she added, Anheuser-Busch itself.The almost all of itstheatersat stimulus paymentsand the noting,“We’renot only abig spotsare expected to totalfour some point in 2020. creation of anationwide vac- beer brandbut one of the big- minutes of ad time,the same as As of Jan. 21, 438 of cination program to increase gest advertisers.” in 2020,the companysaid. AMC’s593 U.S. theatersand distribution efforts, expand While Budweiser could have Thecorporatespot, afirst 86 of its360 international thenumber of vaccination used aSuper Bowl ad to high- forAnheuser-Busch during the theatersremained closed. sites and to launch anation- light vaccines,itwill be more Super Bowl, will include Bud- MajorHollywood studios wide public education cam- effectivetopursue the cam- weiser and other company increasingly have delayedre- paign promoting vaccina- paign as the year unfolds and as brands.“We cannot talk about leasing films or sent them tions. vaccine eligibility expands and AB without Budweiser,” said straight to streaming ser- Mr.Aronsaid AMC needs vaccine inventories grow,Ms. MarcelMarcondes,U.S.chief vices during the pandemic, “much of the general public Rustgisaid. People will also see marketing officer at Anheuser- leaving cinemas with little in the U.S. and abroad to be the messages moreoften than if Busch, adding that the spot may fresh content to showthose vaccinated” forthe company Budweiser ranasingle vaccine- even includeClydesdales. viewers willing and able to to succeed over the medium themed spot during the game, But Budweiser is in aposi- braveatrip to the big term. shesaid. tion to skip running aSuper screen. —Sebastian Pellejero Budweiserisn’t going com- Bowl ad of itsown and support Investorshavenonetheless contributed to this article. pletely dark around the Super vaccine awarenessinstead be- Bowl, an annual advertising cause it is so well-known and showcase during which the haslinked itself with American brand traditionally tries to run values,Mr. Marcondes said. stirring ads that oftenfeature Additionally,its efforts itsClydesdalehorses,puppies around Covid-19 last year were and Americana. On Monday, well received, he said. They in- Budweiser will release an online cluded reviving the brand’s video celebrating the persever- “Whassup” ad campaign to re- anceofAmericans during the mind viewers to check on their GES pandemic and the arrival of vac- friends and family during social IMA cines. distancing.

ETTY “We’restill going to reach “Weneed to makemoves /G people during the Super Bowl,” that areauthentic to what the Ms.Rustgi said. “It’sjust not brand stands for,” Mr.Mar- MILLER going to be in the traditional condes said. “This is not au-

ETHAN sense.We’restill using the con- thentictoBud Light Seltzer Investors have kept AMC afloat even as it burned cash and versation andthe ecosystem Lemonade,but it is authentic theaters stayed largely dark as infections surged late last year. around the Super Bowl to send forBudweiser.” P2JW026000-6-B00300-2------XA

THE WALL STREET JOURNAL. ****** Tuesday, January 26, 2021 | B3 BUSINESS NEWS Fund Gets UPS to Sell Its Freight Business Emergency In exiting truck cargo, after closing will be TFI’s re- sponsibility. Infusion company plans to UPS and rival FedEx have focus on network faced huge increases in ship- ping volume during the coro- ContinuedfrompageB1 for parcel deliveries navirus pandemic,asconsum- Point72’spredecessor firm, ershaveordered everything SACCapital Management, be- BY JENNIFER SMITH from their essential goods like fore he left to start Melvin. AND PAUL ZIOBRO toothpasteand toilet paper to He put together the deal on bulkyitems to outfithome of- Mondaywith Citadel founder United Parcel Service Inc. ficesand outdoor playsets. KenGriffin and his former agreed to sell its freight busi- Thecarriershaveraised ship- boss, Point72’s Steven A. Co- nesstorival TFI Interna- ping ratesand added new hen, people familiar with the tional Inc.for $800 million, surcharges to offset the higher matter said. saying it is pulling out of the costs,but it has had little Theinjection of cash has domestic trucking market to effect in slowing demand for

the effect of reducing Melvin’s focus on the soaring small- GES online buying.

reliance on borrowed money package-delivery business. IMA “Asmoreand moreparcel and, thus,the likelihood of Thesale is one of the big- goes B2C [business-to-con- ETTY

margin calls from Melvin’s gest strategic shifts by new /G sumer], the bundling with

prime brokers, some of the Chief ExecutiveCarol Tomé RIO freight and parcelislessrele-

people familiar with Melvin sinceshe took the position DEL vant,” said Satish Jindel, pres-

said. last June.She has adopted a REY ident of research firm SJ Con- On Monday, several inves- mantraof“better, not bigger” The companyhas seen huge increases in shipping volume during the coronavirus pandemic. sulting Group Inc.UPS’s tors said they retained faith in in assessing UPS’soperations, freight “ismostly industrial Mr. Plotkin and his team and and jettisoning the freight UPS Freight offersless- Old Dominion Freight Line 2020. The deal is expected to and manufacturing,” he added. said they couldn’t makesense businesseliminates future than-truckload services,in Inc., according to SJ Consult- close in the second quarter. The acquisition leaves UPS of the retail activity in some capital investmentsneeded to which cargofrommultiple ing.UPS Freight generated an UPS moved into the truck- rival FedEx,whose FedEx heavily shorted stocks that has keep the division competitive. shippersiscombined in asin- estimated $3.15 billion in 2020 ing market with itsacquisition Freight unit has better sent their prices surging.One The agreement announced gle trailer,inall 50 states, revenue,downslightly from in 2005 of Overnite Corp. for operating margins than UPS cited Melvin’sreturn of more Mondaywould allowthe busi- Canada and Mexico. Thebusi- 2019,according to UPS.TFI, $1.25 billion, then its largest- Freight, as the biggest major than 50% last year after fees nesstocontinue using UPS’s nesshas about 14,500 employ- which has truckload, less-than- ever acquisition. It said it de- parcelshipper with aless- and said Mr.Plotkin had asig- domestic packagenetwork for ees,80% of whom arefull- truckload and logistics opera- cided to sell the businessafter than-truckload operation, Mr. nificant reservoir of goodwill five yearstofulfill shipments. time, UPS said. tions,reported revenue of assessing itsportfolio,en- Jindel said. remaining with his clients. TFI, which is based in Canada, Theunit is the sixth-largest about $4.1 billion in 2019. abling it to paydownlong- TheTeamstersunion repre- Melvin had been down provides similar freight truck- carrier by revenue in the U.S. UPS on Monday said it ex- term debt. The delivery giant sentssome 11,000 UPS Freight about 15% forthe year through ing services, as well as logis- less-than-truckload market, be- pectstobook anoncash im- said it would retain historical workerswho ratified afive- latelast week,but heavily tics services and parcel ship- hind carriersincluding FedEx pairment charge of roughly pension assets and liabilities, year contract with the com- shorted stocks soared on Fri- ping in Canada. Corp.’sFedEx Freight unit and $500 million before taxes for while pension benefitsearned pany in late 2018. day. Goldman Sachs Group Inc.’s basket of the 50 stocks with the highest short interest as a share of market capital- Buffett’sStakesinJapan LagBehind Market ization rose Friday, bringing its gains for the year to 25%. In comparison, the S&P 500 BY SURYATAPA BHATTACHARYA as energy,mining and infra- Sumitomo Corp., in which Warren Buffett's BerkshireHathaway fuel-centered. In fact, retail is gained 2.4% forthe period. AND MEGUMI FUJIKAWA structure. Some of those in- holds a5%stake, has trailedthe broader market. abig businessfor several of Unlikemanyother hedge vestments are seen as endan- them, including Sumitomo, funds,Melvin has an expansive TOKYO—The chief execu- geredbythe rapid spread of Share-priceand indexperformance which has acable-television and aggressiveshort book. tiveofJapan’s Sumitomo renewable energy. 20% business and asupermarket Even some of Melvin’slong Corp.was scrolling through Sincethe trading daybefore Nikkei 225 chain in Japan. Even some of positions temporarily worked emails on his iPhone late one the Buffettinvestmentswere thetraditional-looking proj- against the fund on Monday. night when he noticed one announced, all five Japanese ectsmay have value in the from Warren Buffett’scom- companies have underper- economyofthe 2020s.The pany. Masayuki Hyodo thought formed the broader market. 0 nickel from Madagascar,to The cash has the it looked likeanad, but he Sumitomo’s shares areup14% name one,isuseful forelec- opened it just in case,then compared with a26% rise in tric-vehicle batteries. effect of reducing tapped on the PDF attachment. the Nikkei Stock Average. Berk- Sumitomo Corp. Itochu Corp., which enjoys Melvin’s reliance on BeforeMr. Hyodo’s eyes was shire, meanwhile,has risen -20 the highest market value of apersonal lettersigned by the about 3% sincethe beginning of the five companies Mr.Buffett borrowed money. American investing legend. Mr. 2020 compared with 19% for invested in at nearly $50 bil- Buffettwrote that his company, the S&P 500 index. lion, said on Jan. 13 that it BerkshireHathaway Inc., was Arepresentativefor Mr. -40 would divest all of itsholdings about to announcethat it had Buffettdidn’t return messages Feb. 2020 '21 in coal-mining assets. Some other funds,worried acquired 5% of Sumitomo’s seeking comment. CLSAstrategist Nicholas about Melvin abandoning its shares,part of itsbiggest in- Sumitomo has said it ex- Source:FactSet Smith said the flexibility of positions, reduced their hold- vestment in Japan. pectstolose the equivalent of theJapanese companies to ingsin “Itwas totally unexpected,” morethan $1.4billion in the don’t knowwhat we do,but eration. Laterhemade his rep- shifttonew businesses gave companies like Clorox Co. Mr.Hyodo said of the late-Au- year ending in March because we have to shoulder our re- utation running Sumitomo’s them an edgeoverother and Expedia Group Inc., trad- gust disclosure. “He is such a of one-time write-downs.On sponsibility to explain,” said investment in agiant coal- cheaply valued stocks tied to a erssaid. distinguished investor, so it’s Monday, it said write-downs Sumitomo’s Mr. Hyodo. firedpowerplant in Indonesia, single declining industry. The Mr.Plotkin said Monday: “I an honor.” on its nickel-mining business In his telling,what the com- where he lived for two years. companies areknown fortheir am incredibly proud to partner Mr.Buffettspent about $6 in Madagascar would top$800 panydoes is dig deep rootsin Little by little,Sumitomo is dedicated career employees with KenGriffin and SteveCo- billiontaking 5% stakes in five million, owing to apandemic- the countries whereitdoes rebalancing itsportfolio with who scour the globe fordeals, hen. Theteam at Melvin is ea- Japanese investment companies related operation stoppage businessand not worrytoo renewable-energy projects. On many with specialized knowl- gertoget to work and reward including Sumitomo,whose and aweaker outlook for much aboutmaking money Friday, it said it would lead a edgeofaparticular mineral or the confidenceofthese two rootsdateback 430 years. nickel prices. quickly. “My apologies to the project in Australia to use solar foodstuff. great investment icons.” What hasbecome clear since Manyinvestorsfind the shareholders, but we’renot powertoproducehydrogen, Mr.Buffett’sstatement in Point72founder Mr.Cohen the investmentsisthat the 90- Japanese companies difficult doingbusinessjust fordivi- seen as afuturegreen fuel for August about his Japanese called his former employee“an year-old Mr.Buffettand Sumi- to understand because they dends or shareholder profit,” cars and powerplants. Think- stock buys ended by saying,“I exceptional investor and tomo have something in com- have stakes in so manyfields. he said. “Our core thinking is ing long-term, Mr.Hyodo says, hope that in the futurethere leader.Weare pleased to have mon beyond avenerable Investorsfocusing on Japan to build businesses that will is the key to navigating through maybeopportunities of mu- the opportunity to invest addi- history. Both areout of fashion have been putting their money bring broad and long-lasting apandemic and green-energy tual benefit.” tional capital.” with investorsthese days. into more focused plays such profits to society.” revolution. Mr.Hyodo hopes so,too.He Citadel founder Mr.Griffin Sumitomo and itspeers, as Nintendo Co., the video- Mr.Hyodo recalls with RakutenSecurities strate- said aSumitomo executiveand applauded Melvin’sresults known at home as general game maker raking in profit pride an early job in his career gist Masayuki Kubotasaid in- one of Mr.Buffett’slieuten- over thehistoryofthe firm tradingcompanies,tend to during the pandemic. helping build agas-fired vestorstended to have an out- ants, whom he didn’t name, and said: “Wehavegreat con- have portfolios weighted to- “Wecertainly do find our- powerplant in that re- dated perception of Japanese have begun discussions to get fidenceinGabe and his team.” ward unglamorous fields such selves in azone wherepeople cently reached 30 yearsinop- investing companies as fossil- to know each other better. CORPORATEWATCH

KIMBERLY-CLARK prior-year period, boostedbythe recently completed purchase of Sales Rise ArcelorMittal USAand rising de- For Home Supplies mand forsteel. Forthe quarter,the steel pro- by Kimberly-Clark Corp. said its ducer said it expects preliminary sales forthe fourth quarter rose adjustedearnings beforeinterest, as it continued to benefit from taxes, depreciation and amortiza- increased demand forhome sup- tion of $280 million to $290 mil- plies during the pandemic, though lion, asix-year high. Introducing an profit slipped as expenses rose. The companysaid it would re- Ergonomic Heat The company behind Huggies port full quarterly results before diapers, Cottonelle toilet paper the U.S. market opens Feb. 25. and Massage and other items on Monday —Dave Sebastian posted a profit of $539 million, Chair for Work or $1.58 a share, compared with ALASKA AIR GROUP and Home $547 million, or $1.59 a share, in the prior-year quarter. Sales in- Carrier Receives First creased 5.5% to $4.84 billion. JOURNAL Boeing 737-9 Max

Kimberly-Clark said organic REET sales growth will slow this year ST AlaskaAir Group Inc. said it in large part because consumers’ LL accepted delivery of its firstBoe- WA pantries are full after they ing 737-9 MAXairplane, another

loaded up on paper products /THE example of an airline taking on amid pandemic-driven shortages the aircraft following Boeing

last spring. BUCHER Co.’swork to revamp its safety —Sharon Terlep following twodeadly crashes.

MICHAEL Alaska said the plane is AT&T Randall Stephenson of AT&T is retiring, but remains as aconsultant. scheduled to enter passenger service in March, serving the Se- Executive Chairman aside as chief executivelastyear. starting Feb. 22. The provider of attle, San Diego and Los Ange- %( 1-# *( /!& +$) 0-.'", Stephenson Retires His longtime deputy, John - packaging and industrial prod- les markets. The company said key, succeeded him in July. ucts said the increases will be it expects to place another one AT&T Inc. said Executive —Dave Sebastian applied individually and depend- into service that month as well. Chairman Randall Stephenson ing on product category. In December, United Airlines has retired, effective Jan. 21, but SONOCO PRODUCTS —Dave Sebastian Holdings Inc. became the firstair- will remain as a consultant for line to receiveanewly produced the company for a year. Company Will Raise CLEVELAND-CLIFFS model of the jet after U.S. regula- Mr.Stephenson will get $1 mil- Some of Its Prices tors ended agrounding in Novem- lion forhis consulting services, the Higher Revenue ber.The MAXplane wasinvolved Free Shipping&30Day Risk Free Trial Dallas-based companysaid Mon- Sonoco Products Co. said it Expected for Quarter in twocrashes thatresulted in Save $100 Now! And, Use code Ergonomic day. William Kennard, aformer would raise prices by 8% for 346 deaths. Boeing has added For Free X-Wheel Casters Federal Communications Commis- crystallized polyethylene tere- Cleveland-Cliffs Inc. said it ex- newsoftware forthe plane that *$50 per month based on purchase of $89999 for 18-months 0% interest sion chairman, started serving as phthalate and polypropylene pects to post fourth-quarter reve- changes the flight-controlsystem AT&T’s independentchairman this thermoformed plastic trays and nue of $2.2 billion to $2.3 billion, at the center of the crashes. month. Mr.Stephenson stepped bowls, effective for shipments up morethan fourfold overthe —Micah Maidenberg P2JW026000-0-B00400-1------XA

B4 | Tuesday, January 26, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech GoogleSetsEnd forThird-Party Cookies

BY SAM SCHECHNER Protecting user privacyand pense of its competitors. promoting online competition In a December antitrust Google is pushing forward can sometimes be at odds be- lawsuit against Google,Texas with itsplan to removea cause one of tech’smost popu- and nine other U.S. states sug- widely used tracking technol- lar business models is target- gested the plan could end up ogyfromits Chrome web ing advertising at individuals increasing Google’s advantage browser,despitecomplaints based on their online behavior. over other companies by giving from rivals that rely on it to Google’sannouncement it moredatathan competitors. target ads at individuals. comes as Apple Inc. is facing On Monday, Google said its The Alphabet Inc.unit on scrutinyfor similar plans.Ap- internal testshaveshown that Mondaysaid it is making prog- ple aims to requireapps to get alternativetools it is develop-

ress on what it said arepri- S opt-in permission from users ing could allowadvertisers vacy-friendly alternatives that to collect awidely used adver- and publisherstodomost of NEW

could replacethird-party cook- G tising identifier foriPhones, the thingsthey do with third- ies,which manyadvertisers something some app develop- party cookies without losing

and other companies use to OOMBER ersand advertising companies much value.

track individuals’ browsing /BL sayisanticompetitivebecause In asimulated test, the habitsacrossmultiple websites. it would deprivethem of technologythat analyzes

Google cited positivetest MORRIS needed data. browsing on individual devices

resultsfor atechnologythat UL Google, for its part, is fac- led to “atleast 95% of the con- analyzesusers’ browsing hab- PA ingscrutinyoverthird-party versions per dollar spent” VID

itsontheir owndevices, with- DA cookies on both sides of the compared with traditional out sending sensitive data to The company says it will soon have the tech to replace the tracking tools on its Chrome browser. Atlantic. cookies, Google said. Another central servers, and said it ex- Earlier this month, the technologycould allowcompa- pects to open outside testing datathat canbevaluable to Chrome is the most widely whole,” said Chetna Bindra, a U.K.’s Competition and Mar- nies to createaudiences of us- of ad buys using the technol- advertisersfor the purpose of used web browser, with more product manager at Google. kets Authority,the country’s ers they wish to reach via ad- ogy in the second quarter. targeting ads,measuring their than 60% of the market glob- “Our Google advertising prod- topantitrust regulator,said it vertising, such as people who AGoogle spokesman said effectivenessand stopping ally,according to Statcounter. uctswill be impacted just as had opened aformal probe have been to the advertiser’s thecompanyisstill on track fraud. But the way they track “Wecontinue to believe other ad technologies will be into the phasing out of third- website, without using third- to stop supporting such cook- individuals’ personal browsing strongly that the decision to impacted.” party cookies.Itsaid it would party cookies, Google said. ies in Chrome next year,when has long raised privacycon- phase out support forthird Thedebateoverthird-party examine whether the plan Google said it is working the newalternatives areex- cerns,leading Google to say party cookies is absolutely the cookies underscores adi- could cause advertisersto with othercompanies in the pected to be ready. last year that it would phase right thing to do for user pri- lemma when it comes to regu- shift spending to Google’s set digital-ad spacetohelp de- Third-party cookies offer them out in 2022. vacy and the industryasa lating big tech companies: of online-ad tools at the ex- velop the new technologies. Suit Demands SearchGiant BanApp Over Extremism

BY DAVID UBERTI morethan 500 million users againstwhite-supremacist ille- “Telegram welcomes political ticompetitivereasons.Afederal groups attempting to organize globally,manyattracted by its galactivities and incitement debatecoming from all sides judgelast week didn’t dismiss events beforePresident Bi- A Washington nonprofit is free chat tools and privacyfea- on theirplatform,” said Mr. of the political spectrum—but thesuit but said Amazon has den’s inauguration last week. suing Alphabet Inc.’s Google tures.Those attributes also Ginsberg, aformer U.S. ambas- will act swiftly to stop those no obligation to host violent Keith Altman, Mr.Ginsberg’s over offering the social-media make it auseful platform for sador to . whoincitepeople to inflict content, particularly in light of lawyer and director of na- app Telegram in itsapp store, both political dissidentsand ex- Representatives forGoogle harm on others.” the Capitol riot. Arepresenta- tional litigation at Lento Law calling on the technologycom- tremists, social-media research- and Telegram didn’t respond Facebook Inc.and Twitter tive forParler didn’t respond Group PC,said he doesn’t have panytosuspend the chat plat- erssay,because itspublic-fac- to requests for comment. Inc.increasingly have sup- to arequest forcomment. more lawsuits in the works. form for hosting content that ing channels enable recruitment PavelDurov,Telegram’s pressed election-rigging Mr. Ginsberg hopes Google An influx of newcomers allegedly incites violencesuch and itsencrypted “Secret founder and chief executive, claims and calls to violencein and Apple,which his nonprofit from platforms such as Parler as the Jan. 6U.S.Capitol riot. Chats” tool provide secured said in apost on his channel recent weeks.Days afterthe sued on Jan. 17,will take simi- in recent weeks,coupled with Filed Mondayinthe U.S. communication fororganizing. last week that his team sawan Capitol riot on Jan. 6, Apple lar action with Telegram. Both Telegram’smoves to take District Court in the Northern Marc Ginsberg, president of uptick in U.S.-related content Inc.and Google suspended the app stores’ policies requirede- down some content inciting District of California, the suit the Coalition foraSafer Web, that was reported by users in conservativemicroblogging veloperstohavesystems to violence,haveleftsome far- argues Telegram fails to meet anonprofit counter-extremism early January. Telegram siteParler from their app moderatecontent the tech gi- rightnetworks on the plat- Google Play standards for group that filed the suit, said “blocked and shut down hun- stores while Amazon.com Inc. ants deem objectionable. form in astate of confusion, moderating extremist posts he seeks to pressureTelegram dredsofpublic calls forvio- cut off Parler’s web-hosting Apple didn’t respond to re- said Joshua Fisher-Birch, are- that call forviolenceonpublic to crack down on far-right lence that could’ve otherwise services.The companies cited questsfor comment. Thecom- search analyst at the Counter channels.The complaint claims postsinciting violenceasit reached tens of thousands of Parler’s lax approach to mod- pany hasn’t responded to Mr. Extremism Project, anonprofit Google engages in unfair and has with jihadist content on subscribers,” he said. erating content that could in- Ginsberg’s lawsuit, court re- policy organization. unlawful behavior toward us- the platform. “The team continues to pro- cite violence. cords show. “If Telegram starts to take ersbynot enforcing itspoli- “If[Telegram] canengage cess reportsfromusersinad- Parler sued Amazon on Jan. Thecomplaintsargue Tele- action,” he added, “the ques- cies against such content, in- in content moderation against dition to proactively removing 11, claiming the cloud provider gram has permittedcontent tion is whether they’re going flicting emotional distress. ISIS,there’snoreason why content that directly incites kicked the social network off that incited violence, including to be doing it next week or Dubai-based Telegram boasts they can’t clean up their act violence,” Mr.Durov said. itsserversfor political and an- public postsbyfar-right next month or beyond that.” ©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 26, 2021 | B5 TECHNOLOGY & MEDIA MEDIA

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lar “WrestleMania” franchise, LU TheNew Yorker magazine for its own platform. The WWE will shut down its WWE Network streaming service in the U.S. in mid-March, and Peacock will license the programming. has given back aNational Thedemise of WWENet- Magazine Awarditwon foran work shows the challenges to premium content is a corner- Peacock has been looking ens the ties between the two around the globe.Growth article about Japan’s“rental launch and sustain a success- stone of our strategy,” said forcontent to differentiatethe companies.NBCUniversal’s hasn’t been as strong as the family” industry, the first re- fulstreaming platform, even RickCordella,Peacock’sexecu- servicefromother morepopu- USANetwork is the television companyhad hoped, and WWE turn of an award in the 55- forapopular brand such as tivevicepresident and chief lar platforms such as home of WWEshows “Raw” Chairman and Chief Executive year historyofthe magazine the WWE. Last year,the heav- revenue officer. Inc.and Walt Disney Co.’sDis- and “NXT.” NBCUniversal is a VinceMcMahon had previ- industry’s highest honor. ily funded short-form pro- TheWWE Network name ney+ and . unit of Comcast Corp.The ously said asale of the asset The2019 award in feature gramming streaming service will stillbeused on Peacock Although Peacock launched WWE’sother wasn’t out of the question. writing went to the New shut down afteronly a for branding purposes. with several original shows, “Smackdown” is on FoxCorp.’s Mr.Khan said this agree- Yorker and staff writer Elif Ba- few months online.Ithas sub- Besides “WrestleMania,” none have broken out. It does Foxnetwork.Episodes of all ment with Peacock would be tuman for the April 2018 arti- sequently sold itsprogram- othercontent that will move have some popular reruns in- three shows will be carried on “transformational” for WWE, cle,which described two peo- ming rights to Roku Inc., to Peacock starting March 18 cluding“TheOffice” and the Peacock aftertheir initial runs which will be on abiggerplat- ple who said they were clients which will put that content on include “WWE Icons” and Western drama “Yellowstone.” on USA and Fox. form but still have control of aTokyo-based service its service. “Steve Austin’sBrokenSkull ThemovetoPeacock will Thedeal is the firstmajor over the content. called Family Romance. One ForPeacock,adding WWE Sessions.” Older WWE events be amoneysaverfor WWE move by WWE under its new TheWWE Network will said he was a lonely widower content will provide an oppor- will also be archived on the fans.The WWENetwork costs president and chief revenue continue to operateasa who hired actresses through tunity to broaden the appeal Peacock platform. $9.99amonth, while all the officer,Nick Khan,who joined stand-alone entity abroad. the companytoplaythe roles of the service, which launched While Covid-19 has caused same content will be available in August from CreativeArt- Resolving thefateofthe of awifeand daughter,and in July and has 26 million problems fortelevision pro- on Peacock for$4.99 amonth ists Agencywhere he was co- WWENetwork is just one of the other said she wasasingle sign-ups. duction and sports, the WWE and $9.99for the commercial- head of television. Mr. Khan’s goals to better po- mother renting asubstitutefa- “One of the key things has managed to not missa free version. Some WWEcon- TheWWE Network sition the companyfor ther for her daughter. we’re trying to do is differen- beat. It has been filming shows tent will also be available on launched in 2014and currently growth. He is also giving pri- In aDecember 2020 edi- tiateourselves through live on closed setswithout fans the free version of Peacock. has 1.2 million subscribers in oritytothe creation of local tor’s note added to the online eventsand sports, and this and then adding virtual fans. The partnership also deep- the U.S. and another 400,000 content around the globe. version of the article,the New Yorker said both purported clientswereinfact married. Thewoman appearstobe Expands During Pandemic married to the owner of Fam- ily Romance, the notesaid. Thefindingsabout the three BY LUKAS I. ALPERT added 200 employees in 2020, changes—to higher-priced di- offerssignificant introductory Thegrowing staff has also people, which followed an in- 130 of them in the newsroom, rect-sold ads.BusinessInsider discounts, they said. shiftedthe cultureofanews- ternal NewYorker investiga- In the early days of the and nowemploys just over didn’t make that shift as fully Continuing that momentum room built in BusinessInsider’s tion, “broadly undermine the pandemic,BusinessInsider co- 500 people in all. andhad an advantageatthe will be challenging as all ma- early yearsaround rapid-fire credibilityofwhat they told founder Henry Blodget spoke “Wefeel extremely fortu- start of the pandemic: direct- jor publisherschase subscrib- postsand headlines aimed at us,” the note said. with the website’sowner to nate to have come through it sold ads dried up, while mar- ers. Among rival business-fo- generating traction on social TheAmerican Society of discussacollapse in advertis- the way we have,” Mr.Blodget keters looking forthe best cused publications,Bloomberg media. Nowakind of bifurcated Magazine Editors, which spon- ing revenue that had hit the said in an interview. pricecontinued to buy pro- LP has around 250,000 sub- newsroom has emerged, staff- sorsthe National Magazine news industry. Acrossthe online publish- grammatic ads,industry scribers to itswebsiteand erssay:Reporterswho focus on Awards in association with Co- AcrossAmerican corpora- ingworld, advertising sales watchers said. businessnewssiteQuartz has pop cultureand general news tions,leaderswereresponding improved somewhat over the around 25,000.The Wall continue to dominatethe com- to the Covid-19 crisis with a course of 2020,but not Street Journal had 2.35 million pany’straffic measurements, It is the first return flurryofactivity and strategy enough to avoid cuts. Buzz- Henry Blodget, digital subscribersasofthe while businessreportersstrate- shifts.Mr. Blodget persuaded Feed Inc.laid off at least 50 a former September quarter. gizeonstories to help propel of an awardof the thecompany’sowner,German people, Vox Media Inc. cut 72 stock analyst, Most of Insider Inc.’srecent thesubscription business. magazine industry’s media conglomerate Axel and Vice Media slashed over launched editorial hiring has been Forexample,the company Springer SE, to do nothing and 150.AtAtlantic Media, backed Business aimed at developing content has put moreresourcesinto highest honor. let the storm pass. It worked. by multibillionaireowner Lau- Insider in that people will payfor.The reporting executivemoves and Insider Inc., the parent of rene Powell Jobs, morethan 2007. newsroom has made additions other insider corporatean- BusinessInsider and related 70 people were let go. Mergers in itsinvestigations,corpo- nouncements. “People at Cisco properties,roared back in the have been afoot in the indus- rate,financeand tech teams want to knowwho the rising lumbia University’s journalism second half of the year, post- try as companies bet on con- Meanwhile, a push at Busi- and created a10-person Wash- starsatSalesforce are,” Mr. school, said in astatement that ing 30% revenue growth for solidation to put their busi- nessInsider to develop asub- ington, D.C., bureau. Carlson said. the NewYorker has decided to 2020 while turning aprofit, nesses on stronger footing. scription business flourished “We had always been a Over the course of 2020, return itsaward.The society Mr.Blodget said. Aperson fa- Mr.Blodget, aformer stock in 2020,with the number of placethat has hired carefully trafficacrossall of Insider’s said Ms.Batuman’ssourcesde- miliar with the mattersaid the analyst, launched Business subscribersdoubling to just and slowly,” said Nicholas sites, which also includes the ceived her,and it said it “com- companygenerated over $150 Insider in 2007.AxelSpringer north of 100,000,people famil- Carlson, Insider’s global editor general news-focused In- mends the NewYorker forits million in revenue. acquired it in a2015 deal that iar with the matter said. The in chief.“But nowthat we have sider.com, averaged 114million investigation of the story.” BusinessInsider,which valued the companyat$390 sitecharges$12.95 amonth alot of the businessinplace, unique U.S. visitorsamonth, Sid Holt,executivedirector blends businessnewsand pop million. At the time, Business forasubscription, though it we decided to ramp hiring up.” according to Comscore Inc. of the magazine society,ini- culturecoverage, benefited Insidergenerated around $50 tially told the WashingtonPost from the combination of a million in annual revenue,a he didn’t think the problems burgeoning subscription busi- person familiar with the with the article would lead to nessand itsrelianceonaform matter said. reconsideration of the award. of automated advertising that Advertising is the com- In an email MondaytoThe held up relatively well in the pany’sdominant source of rev- Wall Street Journal, Mr.Holt pandemic,but which many enue.Inthe past few years said it wasthe firsttime an peershavedriftedaway from. publishersbegan to shiftaway award recipient has returned Insider Inc.was able to con- from relying on “program- the prizesincethe start of tinue ahiring spree despite matic ads”—those sold in real the National Magazine the turmoil. Thecompany time through computerized ex- Awards in 1966. Earlier this month, the Journal reported that Ms.Ba- ADVERTISEMENT tuman expressed concern to people she consulted before The Marketplace publication about the truthful- To advertise: 800-366-3975orWSJ.com/classifieds nessofher sources.ANew Yorker spokeswoman said at the time,“Likeany good re- AUCTIONS BUSINESSOPPORTUNITIES porter, Elif came to this story with appropriate skepticism” @,C/7GKI ,22(I2 .4//1+3(2*. !*,1+4,, 5 and her work included “invit- '4K7 )J536;33HHU; NPJLM 1L&'4 34908 1L%6$,/#'$"L& !03"L#33 ing the critiques of others.” ,0)G:47( !#*C@,C>3IAT -3.,F !49P#4'&#'L$-;, "4N6 TheNew Yorker spokes- D79:7" +:$$:7Q )94J"J -6,F ,#4 &**<:@'= 64<- 5<+':*++'++4=. woman declined to comment ! 3G2 I6H/9 5)8 (&8< 57 A=LL+H/ ,&-**!8=<8@'4: "/':'4: ! 35BB2 4=LL+H/ FB.GB :/ 14+0 4=LL+H further on Monday. Themaga- ,,:6 *<+':*++(;* ?:49 *<6*-+ ! ,6;;L+ !+=- >0+/HL+0/ '8== $86 %:58- .'-*2@0 71)())1(33>3 zine haskept the original arti- ! >>% =&/! %) (+-!> $%-/%!( &!"+(-/,*#!",). said he wished all of the arti- ! (%$'"###&## "*'(!,5! -: :5++-)1 ,!@2,+(4. #@4),-,-5: (3 )-,!-+50 cle’sincorrect portions were "+-#0 /(&& #.=(*%$ 2%+&10.= >-)9+0 4). +4,5< 1+(>5:8 4+:( A'+9 4.@+, 4). 2/-+. removed. “What Iwould most 3+1=. +% 3$: -+#.=)-%0 *4:,:7 $4++ 9!7 7-2, 4, "##'%&$'!#"#7 65 /4>5 liketosee is forthem to turn !-#.5-'.#)/-%,+#0 1$!$) 5<4* &*5.-24+% 1!4.5 4). -).@:,!-4+1!4.5 1+(>5:7 it into aproper article based &$-)&,$),$,/0 !"1*+ !.'%! &#$#!,.% ")10+'1. !.0/ ###&((-$**&0,' only on thefacts,” he said. P2JW026000-0-B00600-1------XA

B6 | Tuesday, January 26, 2021 THE WALL STREET JOURNAL. P2JW026000-1-B00700-1------XA

THE WALL STREET JOURNAL. * Tuesday, January 26, 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 30960.00 t36.98, or 0.12% Trailing P/E ratio 29.49 20.87 3855.36 s13.89, or 0.36% Trailing P/E ratio * 41.74 25.94 13635.99 s 92.93, or 0.69% Trailing P/E ratio *† 41.10 29.02 High, low, open and close for each P/E estimate * 23.55 19.16 High, low, open and close for each P/E estimate * 23.42 19.25 High, low, open and close for each P/E estimate *† 30.98 24.15 trading day of the past three months. Dividend yield 1.97 2.23 trading day of the past three months. Dividend yield * 1.55 1.79 trading day of the past three months. Dividend yield *† 0.74 0.93 All-time high 31188.38, 01/20/21 All-time high 3855.36, 01/25/21 All-time high: 13635.99, 01/25/21

Current divisor 0.15198707565833 32200 3875 13600

31000 3750 13100

29800 3625 12600

28600 3500 12100

Session high 65-day moving average DOWN UP 27400 3375 11600 Session open Close 65-day moving average 65-day moving average t Close Open t 26200 3250 11100 Session low Bars measure the point change from session's open 25000 3125 10600 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 chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,192,763,453 48,727,876 Industrial Average 30989.85 30564.06 30960.00 -36.98 -0.12 31188.38 18591.93 8.5 1.2 5.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 612,387,520 33,797,730 Transportation Avg 12860.20 12606.24 12849.82 -6.72 -0.05 13126.00 6703.63 19.0 2.7 5.3 Most-active issues in late trading Decl. volume* 573,515,673 14,103,516 Utility Average 873.47 854.31 872.17 14.23 1.66 960.89 610.89 -6.2 0.9 7.8 Volume After Hours Issues traded 3,272 284 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 40672.73 39956.76 40565.56 107.24 0.27 40565.56 22462.76 22.3 3.4 11.4 Advances 1,320 129 Nokia ADR NOK 12,058.5 5.28 0.43 8.87 5.33 4.83 Barron's 400 914.81 897.64 906.83 -2.21 -0.24 909.04 455.11 25.7 6.4 6.5 Declines 1,890 144 AMC Entertainment Hldgs AMC 10,116.0 4.77 0.35 7.92 4.90 4.40 Unchanged 62 11 Finl Select Sector SPDR XLF Nasdaq Stock Market 9,467.2 30.15 0.03 0.10 30.20 30.08 New highs 287 19 Nasdaq Composite 13728.98 13368.68 13635.99 92.93 0.69 13635.99 6860.67 49.2 5.8 22.5 VICI Properties VICI 7,645.8 26.30 0.05 0.19 26.30 26.25 New lows 20 Nasdaq-100 13563.70 13205.59 13483.29 116.89 0.87 13483.29 6994.29 50.6 4.6 24.9 BlackBerry BB 7,103.9 19.30 1.27 7.04 20.44 18.00 Closing Arms† 0.49 0.31 SPDR S&P 500 SPY 5,803.5 384.18 -0.21 -0.05 384.72 383.20 S&P Block trades* 6,163 323 Express EXPR 5,690.4 3.78 -0.37 -8.92 4.24 3.67 500 Index 3859.23 3797.16 3855.36 13.89 0.36 3855.36 2237.40 18.9 2.6 10.7 Nasdaq NYSE Arca AT&T T 5,232.5 29.08 -0.03 -0.10 29.17 28.55 MidCap 400 2482.63 2431.48 2453.80 -8.73 -0.35 2469.01 1218.55 20.5 6.4 7.3 Total volume*7,035,671,757 251,248,991 SmallCap 600 1258.83 1220.69 1232.83 1.13 0.09 1232.83 595.67 22.8 10.2 8.1 Percentage gainers… Adv. volume*4,118,595,461 133,690,929 Decl. volume*2,799,072,973 110,360,456 Other Indexes Overstock.com OSTK 626.0 76.00 8.60 12.76 80.81 67.02 Issues traded 3,962 1,475 Russell 2000 2194.86 2135.22 2163.27 -5.49 -0.25 2168.76 991.16 31.6 9.5 10.5 Nokia ADR NOK 12,058.5 5.28 0.43 8.87 5.33 4.83 Advances 1,813 816 NYSE Composite 14957.98 14765.43 14935.29 -16.55 -0.11 15097.28 8777.38 8.5 2.8 3.4 Bridge Bancorp BDGE 58.6 29.40 2.24 8.25 29.55 27.16 Declines 2,036 635 Just Energy Group JE 112.4 8.23 0.61 8.01 8.25 7.61 Value Line 608.33 596.55 603.14 -0.40 -0.07 606.75 305.71 11.6 6.0 1.0 Unchanged 113 24 AMC Entertainment Hldgs AMC 10,116.0 4.77 0.35 7.92 4.90 4.40 NYSE Arca Biotech 6291.93 6160.06 6290.56 129.33 2.10 6290.56 3855.67 28.4 9.6 8.9 New highs 500 293 NYSE Arca Pharma 725.03 717.17 725.03 7.86 1.10 725.03 494.36 11.0 5.2 7.8 ...And losers New lows 625 KBW Bank 102.95 100.87 102.80 -0.98 -0.94 110.43 56.19 -2.8 5.0 -3.8 Express EXPR 5,690.4 3.78 -0.37 -8.92 4.24 3.67 Closing Arms† 0.61 1.09 § PHLX Gold/Silver 141.71 136.99 138.57 -1.58 -1.13 161.14 70.12 34.3 -3.9 15.5 Sundance Energy SNDE 112.7 2.35 -0.15 -6.00 2.55 2.27 Block trades* 44,872 1,125 § PHLX Oil Service 48.69 47.16 48.10 -1.70 -3.42 67.00 21.47 -25.4 8.5 -33.3 Senseonics Holdings SENS 1,479.8 2.82 -0.13 -4.41 2.96 2.78 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3107.82 3023.62 3079.21 4.81 0.16 3132.17 1286.84 66.5 10.1 32.0 RedBall Acquisition Cl A RBAC 271.1 10.42 -0.46 -4.23 10.89 10.40 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 26.63 22.20 23.19 1.28 5.84 82.69 13.68 27.2 1.9 26.0 AVT Avnet 608.7 38.02 -1.20 -3.06 39.22 38.00 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.21 World MSCI ACWI 668.08 1.39 3.4 Aemetis AMTX 8.80 4.40 100.00 11.00 0.37 1000.0 ReneSola ADR SOL 26.19 -7.36 -21.94 35.77 0.85 1914.6 0.05 MSCI ACWI ex-USA 340.06 0.16 4.2 Koss KOSS 6.00 2.66 79.64 6.00 0.80 297.4 Vinco Ventures BBIG 4.16 -0.71 -14.58 9.40 1.11 74.1 MSCI World 2756.87 1.21 0.04 2.5 Orbital Energy OEG 7.95 2.95 59.00 8.70 0.45 603.5 AgEagle Aerial Systems UAVS 11.97 -1.92 -13.82 15.10 0.19 2034.5 MSCI Emerging Markets 1410.20 17.35 1.25 9.2 MingZhu Logistics Hldgs YGMZ 26.78 9.48 54.80 29.00 3.66 ... Huadi International HUDI 6.15 -0.98 -13.74 9.92 5.79 ... Americas MSCI AC Americas 1506.79 4.66 0.31 2.7 IZEA Worldwide IZEA 7.01 2.30 48.83 7.45 0.07 2215.1 Big Rock Ptrs Acqn BRPA 35.01 -5.45 -13.46 76.99 9.80 229.9 Canada S&P/TSX Comp 17906.02 60.11 0.34 2.7 Ideal Power IPWR 20.74 6.74 48.14 20.89 1.08 782.6 Arcadia Biosciences RKDA 3.01 -0.44 -12.75 6.48 2.30 -37.8 Latin Amer. MSCI EM 2360.25 –7.85 –0.33 –3.7 Accelerate Diagnostics AXDX 12.96 4.18 47.61 19.11 4.53 -20.8 Silver Spike Acquisition SSPK 20.71 -2.89 -12.25 26.60 9.51 104.2 Brazil Sao Paulo Bovespa 117380.49 … Closed –1.4 TS Innovation Acqns TSIA 15.00 4.64 44.79 19.70 10.00 ... Gritstone Oncology GRTS 23.86 -3.25 -11.99 35.20 2.54 159.1 Chile Santiago IPSA 3068.24 2.95 0.10 7.4 TS Innovation Acqns TSIAU 16.10 4.78 42.23 21.75 9.90 ... Cryoport CYRX 72.30 -9.81 -11.95 84.97 13.01 279.1 Mexico S&P/BMV IPC 45126.51 442.96 0.99 2.4 Vaxart VXRT 10.05 2.91 40.76 17.49 0.56 1464.9 Centrais Elet Brasil ADR EBR 4.95 -0.66 -11.76 9.65 2.96 -46.1 EMEA Stoxx Europe 600 405.13 –3.41 –0.83 1.5 Capricor Therapeutics CAPR 7.70 1.99 34.85 12.32 0.88 375.3 PS UlSh Bloomberg Nat Gas KOLD 43.26 -5.70 -11.64 87.29 28.97 -13.7 Eurozone Euro Stoxx 398.74 –5.43 –1.34 0.3 Yalla Group ADR YALA 24.64 6.04 32.47 24.78 6.26 ... Inhibrx INBX 32.46 -3.96 -10.87 50.97 15.20 ... Belgium Bel-20 3686.57 –56.68 –1.51 1.8 TFI International TFII 67.48 16.24 31.69 67.73 15.24 104.6 Hims Hers Health HIMS 13.58 -1.62 -10.66 18.81 9.40 35.1 Blue Apron Cl A APRN Climate Chg Crisis Cl A CLII Denmark OMX Copenhagen 20 1489.74 7.47 0.50 1.7 9.67 2.24 30.15 28.84 2.01 130.2 19.67 -2.33 -10.59 24.00 9.75 ... 1847 Goedeker GOED 12.76 2.91 29.54 17.75 5.65 ... Beam Global BEEM 59.01 -6.78 -10.31 75.90 5.71 853.3 France CAC 40 5472.36 –87.21 –1.57 –1.4 Germany DAX 13643.95 –230.02 –1.66 –0.5 Most Active Stocks Volume Movers Ranked by change from 65-day average* Tel Aviv 1597.34 5.57 0.35 6.6 Italy FTSE MIB 21735.95 –352.41 –1.60 –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 658.24 –2.29 –0.35 5.4 Russia RTS Index 1412.02 –6.27 –0.44 1.8 AMC Entertainment Hldgs AMC 432,520 992.3 4.42 25.93 7.78 1.91 TS Innovation Acqns TSIA 16,905 25603 15.00 44.79 19.70 10.00 South Africa FTSE/JSE All-Share 64559.85 571.93 0.89 8.7 BlackBerry BB 358,983 1230.6 18.03 28.42 20.83 2.70 Spartan Acqn II Cl A SPRQ 17,672 4933 14.33 21.34 16.66 10.80 Express EXPR ION Acqn 1 Cl A IACA Spain IBEX 35 7897.30 –139.10 –1.73 –2.2 354,827 4866.8 4.15 131.84 5.00 0.57 5,391 4493 14.48 14.47 17.20 9.96 Nokia ADR NOK 284,379 758.8 4.85 15.48 5.14 2.34 iShares MSCI EM ex China EMXC 2,255 4474 59.98 -0.15 61.30 31.17 Sweden OMX Stockholm 795.65 –7.55 –0.94 3.5 Sundial Growers SNDL 215,225 -29.8 0.60 -7.05 2.64 0.14 Vanguard Total Corp Bd VTC 2,004 3322 93.16 0.32 94.93 68.58 Switzerland Swiss Market 10925.70 –5.11 –0.05 2.1 Turkey BIST 100 1540.21 –2.23 –0.14 4.3 Palantir Technologies PLTR 190,830 208.3 36.23 11.20 39.58 8.90 Foley Trasimene Acqn Cl A WPF 26,747 3080 12.88 0.70 14.51 9.74 U.K. FTSE 100 6638.85 –56.22 –0.84 2.8 Castor Maritime CTRM 179,271 133.5 0.38 -5.90 2.60 0.11 KemPharm KMPH 7,771 2796 7.53 25.08 22.08 1.94 U.K. FTSE 250 20350.41 –246.50 –1.20 –0.7 GameStop Cl A GME 175,929 858.2 76.79 18.12 159.18 2.57 JPM Equity Premium Incm JEPI 1,188 2377 56.46 0.50 56.61 49.50 Apple AAPL 156,335 44.1 142.92 2.77 145.09 53.15 Landcadia Hldgs III Cl A LCY 7,649 2192 10.48 -0.38 11.77 9.60 Asia-Pacific MSCI AC Asia Pacific 215.23 2.13 1.00 7.7 Bionano Genomics BNGO 152,940 127.6 12.58 28.37 13.65 0.25 Tiga Acquisition Cl A TINV 286 1729 10.63 1.33 11.01 10.30 Australia S&P/ASX 200 6824.70 24.33 0.36 3.6 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3624.24 17.49 0.48 4.4 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 30159.01 711.16 2.41 10.8 Track the Markets India S&P BSE Sensex 48347.59 –530.95 –1.09 1.2 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 28822.29 190.84 0.67 5.0 global stock indexes, bond ETFs, Singapore Straits Times 2973.65 –17.88 –0.60 4.6 currencies and commodities at Currencies South Korea Kospi 3208.99 68.36 2.18 11.7 wsj.com/graphics/track-the-markets Taiwan TAIEX 15946.54 –72.49 –0.45 8.2 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1501.62 3.74 0.25 3.6 Get real-time U.S. stock quotesand track most-activestocks, new US$ 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 .00004335 23070 –0.04 CREDIT MARKETS Argentina peso .0115 86.8402 3.3 Europe Brazil real .1829 5.4674 5.3 Czech Rep. koruna .04642 21.541 0.3 Canada dollar .7847 1.2745 0.1 Denmark krone .1632 6.1272 0.6 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001364 733.00 3.2 Euro area euro 1.2143 .8236 0.6 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000279 3588.01 4.9 Hungary forint .003395 294.58 –0.8 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007733 129.31 1.2 A consumer rate against its 5-year CDs Mexico peso .0497 20.1130 1.2 Norway krone .1172 8.5339 –0.5 benchmark over the past year 2.50% Uruguay peso .02371 42.1750 –0.4 Poland zloty .2674 3.7395 0.2 Bankrate.com avg†: 0.48% 10% Asia-Pacific Russia ruble .01327 75.382 1.8

s Sweden krona .1208 8.2811 0.6 Lone Star Bank 0.71% One year ago 2.00 Euro Australian dollar .7712 1.2967 –0.3 Switzerland franc 1.1257 .8883 0.4 1.60% Houston, TX 713-358-9400 t 5 China yuan .1543 6.4798 –0.8 1.50 Turkey lira .1350 7.4090 –0.4 s Hong Kong dollar .1290 7.7521 –0.01 Colorado Federal Savings Bank 0.75% Ukraine hryvnia .0354 28.2500 –0.4 1.20 0 Yen India rupee .01371 72.965 –0.1 Greenwood Village, CO 877-484-2372 1.00 UK pound 1.3676 .7312 –0.1 Indonesia rupiah .0000713 14020 Five-year CD yields Tradeweb ICE –0.2 0.80 TAB Bank 0.75% Japan yen .009637 103.77 0.4 Middle East/Africa t Monday Close 0.50 –5 s Ogden, UT 800-355-3063 Kazakhstan tenge Bahrain dinar t WSJ Dollar Index .002376 420.94 –0.1 2.6543 .3768 –0.1 t Federal-funds 0.40 CFG Community Bank 0.82% 0.00 –10 pataca .1252 7.9900 –0.01 Egypt pound .0637 15.7109 –0.2 target rate Malaysia ringgit .2472 4.0445 0.5 Israel shekel .3054 3.2749 1.9 , MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7199 1.3891 –0.2 Kuwait dinar 3.3032 .3027 –0.5 0.00 month(s) years F M A M J J A S O N D J First Internet Bank of Indiana 0.96% Pakistan rupee .00622 160.800 0.3 Oman sul rial 2.5972 .3850 0.01 maturity 2020 Indianapolis, IN 888-873-3424 peso .0208 48.054 0.1 Qatar rial .2746 3.641 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7533 1.3275 0.5 Saudi Arabia riyal .2666 3.7508 –0.02 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009069 1102.69 1.6 South Africa rand .0656 15.2454 3.7 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050628 197.52 6.6 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 .03572 27.996 –0.3 Yield (%) 52-Week Total Return (%) Thailand baht .03336 29.980 –0.2 WSJ Dollar Index 85.30 0.10 0.1 0.36 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 0.21 0.22 0.20 l 1.78 -1.55 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2441.460 0.630 0.670 1.610 0.400 5.658 5.268 Money market, annual yield 0.10 0.10 0.10 l 0.50 -0.25 Five-year CD, annual yield 0.48 0.48 0.48 l 1.40 -1.06 U.S. Treasury Long, Barclays 4595.450 1.660 1.720 2.090 0.980 9.518 9.730 Commodities 30-year mortgage, fixed† 2.90 2.91 2.83 l 4.22 -1.27 Aggregate, Barclays 2279.430 1.150 1.180 2.310 1.020 5.569 5.417 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.38 2.38 2.32 l 3.43 -1.24 Fixed-Rate MBS, Barclays 2231.760 1.200 1.210 2.690 0.930 3.352 3.961 DJ Commodity Jumbo mortgages, $548,250-plus† 2.94 2.94 2.85 l 4.36 -1.58 757.66 7.48 1.00 770.54 433.70 25.63 3.56 High Yield 100, ICE BofA 3336.945 3.402 3.539 10.740 3.358 5.041 4.967 Refinitiv/CC CRB Index 1.59 176.77 106.29 3.96 Five-year adj mortgage (ARM)† 3.16 3.18 2.85 l 3.69 -1.12 174.44 0.92 0.73 Muni Master, ICE BofA 596.888 0.825 0.869 3.441 0.825 3.951 4.707 Crude oil, $ per barrel 0.50 53.78 -37.63 8.76 New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.75 52.77 0.96 -0.70 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 922.775 4.481 4.519 7.480 4.295 3.798 4.534 Natural gas, $/MMBtu 2.602 0.156 6.38 3.354 1.482 36.80 2.48 banks.† Excludes closing costs. Gold, $ per troy oz. 1854.90 -0.80 -0.04 2051.50 1477.30 17.64 -2.02 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW026000-1-B00800-1------XA

B8 | Tuesday, January 26, 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 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Mini S&P 500 (CME)-$50 x index Jan 136.875 137.000 136.075 136.550 –.700 1,586 March 1.1309 1.1318 1.1260 1.1275 –.0026 48,465 March 3835.50 3853.25 3788.50 3848.50 14.25 2,584,987 Contract Open June 1.1323 1.1347 1.1293 1.1305 –.0026 133 Open High hi lo Low Settle Chg interest March 143.100 144.850 s 142.350 143.850 –.300 20,041 June 3828.75 3843.00 3779.00 3838.25 14.00 21,324 Cattle-Live (CME)-40,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Mini S&P Midcap 400 (CME)-$100 x index Copper-High (CMX)-25,000 lbs.; $ per lb. Feb 115.975 117.050 s 115.950 116.525 –.200 47,823 Feb .7718 .7748 .7685 .7704 –.0016 279 March 2459.90 2479.70 s 2424.90 2449.60 –9.30 53,924 Jan 3.6330 3.6355 3.6115 3.6405 0.0050 1,232 April 121.750 123.400 s 121.700 122.950 .425 133,537 March .7712 .7750 .7685 .7706 –.0016 139,184 June … 2460.50 –11.00 n.a. March 3.6215 3.6405 3.5920 3.6295 0.0035 152,671 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Mini Nasdaq 100 (CME)-$20 x index Gold (CMX)-100 troy oz.; $ per troy oz. Feb 70.300 70.775 69.800 70.625 .700 27,634 Feb .04980 .05020 .04934 .04963 –.00038 42 March 13370.00 13554.50 s 13189.00 13475.50 114.00 230,988 Jan 1864.70 1864.70 1851.80 1854.90 –0.80 12 April 76.125 76.850 s 75.700 76.625 .475 89,006 March .04973 .05010 .04913 .04945 –.00039 147,087 June 13371.75 13539.00 s 13177.75 13462.00 114.25 2,077 Feb 1855.30 1867.40 1846.20 1855.20 –1.00 152,933 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Euro (CME)-€125,000; $ per € Mini Russell 2000 (CME)-$50 x index March 1856.40 1868.40 1848.00 1856.90 –1.00 1,524 March 828.00 842.90 s 800.60 823.10 27.10 1,754 Feb 1.2172 1.2188 1.2122 1.2144 –.0030 1,055 April 1858.60 1870.90 1850.00 1859.00 –0.90 307,038 March 2159.40 2192.40 s 2128.40 2161.00 –3.00 558,703 May 750.00 772.50 s 722.50 740.00 –3.00 598 March 1.2183 1.2197 1.2129 1.2152 –.0030 671,534 June 2164.10 2187.30 s 2124.80 2156.80 –3.00 445 June 1862.80 1873.40 1852.90 1861.60 –0.90 51,162 Milk (CME)-200,000 lbs., cents per lb. Aug 1864.40 1874.40 1855.00 1863.90 –0.90 15,261 Mini Russell 1000 (CME)-$50 x index Jan 16.18 16.18 16.13 16.16 …3,424 Index Futures Palladium (NYM) - 50 troy oz.; $ per troy oz. March 2181.10 2182.40 2145.70 2178.50 4.60 8,907 March 17.62 17.62 t 16.90 17.04 –.50 3,730 Mini DJ Industrial Average (CBT)-$5 x index U.S. Dollar Index (ICE-US)-$1,000 x index Jan 2341.60 –18.30 1 Cocoa (ICE-US)-10 metric tons; $ per ton. March 2361.00 2386.50 t 2320.00 2346.90 –18.30 9,244 March 30920 31015 30457 30868 –41 88,920 March 90.20 90.51 90.08 90.37 .16 40,943 March 2,518 2,525 2,490 2,508 –21 82,332 Platinum (NYM)-50 troy oz.; $ per troy oz. June 30845 30897 30354 30758 –41 114 June 90.22 90.48 90.04 90.34 .16 800 May 2,476 2,480 2,450 2,465 –21 66,445 S&P 500 Index (CME)-$250 x index Jan 1107.00 1113.30 1102.80 1101.20 –7.00 233 Coffee (ICE-US)-37,500 lbs.; cents per lb. April 1110.20 1125.30 1086.20 1104.70 –6.90 59,615 March 3847.30 3852.70 3830.60 3848.40 14.20 14,735 Source: FactSet March 123.00 124.95 122.15 123.25 –.80 97,603 Silver (CMX)-5,000 troy oz.; $ per troy oz. May 125.05 127.00 124.35 125.40 –.80 55,604 Jan 25.455 –0.069 4 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. March 25.535 25.835 25.205 25.484 –0.072 130,659 March 15.94 16.10 15.72 15.74 –.13 388,223 Bonds | wsj.com/market-data/bonds/benchmarks Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 15.13 15.28 15.00 15.02 –.06 212,079 March 52.17 52.95 51.82 52.77 0.50 454,055 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. April 52.08 52.84 51.75 52.67 0.48 224,052 March 28.95 28.95 28.95 28.95 …1,621 Tracking Bond Benchmarks May 51.93 52.66 51.60 52.50 0.46 142,341 May 29.40 29.40 29.40 29.40 …2,401 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week June 51.68 52.41 51.40 52.26 0.44 249,913 Cotton (ICE-US)-50,000 lbs.; cents per lb. Dec 49.91 50.51 49.62 50.39 0.36 294,318 March 81.56 82.47 81.50 82.33 .77 114,318 highs and lows for different types of bonds Dec'22 47.45 48.10 47.32 48.01 0.34 112,731 May 82.65 83.50 82.58 83.30 .64 64,369 Total Total NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. return YTD total Yield (%) return YTD total Yield (%) Feb 1.5736 1.5997 1.5657 1.5939 .0179 41,499 March 117.10 117.10 t 113.05 114.45 –2.45 8,359 close return (%) Index Latest Low High close return (%) Index Latest Low High March 1.5734 1.6011 1.5671 1.5955 .0173 101,001 May 118.85 118.85 t 115.60 116.80 –2.05 1,157 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Feb 1.5419 1.5728 1.5327 1.5611 .0124 39,735 Interest Rate Futures 2231.76 0.01 Mortgage-Backed 1.200 0.930 2.690 March 1.5397 1.5696 1.5283 1.5579 .0129 137,552 2279.43 -0.5 U.S. Aggregate 1.150 1.020 2.310 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Barclays 2174.64 -0.2 Ginnie Mae (GNMA) 1.050 0.290 2.660 Feb 2.542 2.619 2.504 2.602 .156 19,460 March 205-050 207-240 204-180 207-110 2-13.0 1,071,482 Fannie mae March 2.530 2.609 2.498 2.598 .142 331,756 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 3428.34 -0.9 U.S. Corporate 1.830 1.740 4.580 1318.96 0.1 (FNMA) 1.260 1.110 2.690 March 168-310 170-050 168-190 169-310 1-03.0 1,174,471 April 2.566 2.642 2.540 2.633 .130 107,002 3105.54 -0.3 Intermediate 1.150 1.080 4.400 2024.13 0.1 Freddie Mac (FHLMC) 1.240 1.080 2.710 May 2.616 2.681 2.591 2.672 .115 80,419 June 168-150 1-03.0 77 Sept 2.757 2.813 2.743 2.808 .096 50,585 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 5092.38 -1.9 Long term 2.920 2.730 4.930 596.89 0.2 Muni Master 0.825 0.825 3.441 March 137-010 137-135 136-300 137-120 11.0 3,386,205 Oct 2.787 2.833 2.767 2.827 .092 113,797 7-12 year June 136-115 11.0 23,919 694.18 -1.2 Double-A-rated 1.510 1.300 3.360 422.79 0.3 0.814 0.771 3.447 Agriculture Futures 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 915.77 -0.7 Triple-B-rated 2.080 2.010 5.350 483.50 0.2 12-22 year 1.216 1.216 3.690 March 125-275 126-000 125-262 125-307 3.7 3,309,323 Corn (CBT)-5,000 bu.; cents per bu. June 125-220 3.7 427 High Yield Bonds ICE BofA 470.70 0.5 22-plus year 1.854 1.765 4.123 March 500.00 515.50 492.50 511.50 11.00 697,248 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 497.83 0.5 High Yield Constrained 4.201 4.110 11.400 Global Government J.P. Morgan† May 503.00 517.75 494.50 514.25 11.25 410,286 March 110-153 110-156 110-151 110-153 2,065,121 Oats (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 467.52 2.3 Triple-C-rated 7.718 7.596 19.071 611.47 -0.6 Global Government 0.620 0.390 0.930 March 346.25 358.75 341.25 354.50 9.25 3,459 Jan 99.9125 99.9125 t 99.9100 99.9100 164,919 Canada May 351.75 9.75 748 Feb 99.9250 99.9250 s 99.9200 99.9200 165,904 3336.95 0.2 High Yield 100 3.402 3.358 10.740 855.36 -1.0 0.960 0.590 1.470 Soybeans (CBT)-5,000 bu.; cents per bu. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 448.99 0.4 Global High Yield Constrained 4.222 4.174 11.310 418.87 -0.5 EMU§ 0.096 0.010 0.794 March 1308.75 1352.25 t 1298.00 1343.50 31.75 338,462 March 96-195 14.5 128,904 May 1308.00 1351.50 t 1297.00 1342.75 31.00 176,526 Eurodollar (CME)-$1,000,000; pts of 100% 339.89 0.6 Europe High Yield Constrained 2.692 2.464 8.183 790.78 -0.4 France -0.080 -0.160 0.430 Soybean Meal (CBT)-100 tons; $ per ton. Feb 99.8050 99.8050 99.8025 99.8050 …205,638 U.S Agency Bloomberg Barclays 551.33 -0.2 Germany -0.450 -0.740 -0.120 March 421.60 434.50 t 417.60 429.60 8.00 157,420 March 99.8150 99.8250 99.8150 99.8200 … 1,134,906 May 418.40 430.60 t 413.40 426.40 8.50 89,055 June 99.8300 99.8350 99.8250 99.8300 …969,360 1866.51 -0.1 U.S Agency 0.500 0.460 1.720 294.59 -0.2 Japan 0.320 0.040 0.320 Soybean Oil (CBT)-60,000 lbs.; cents per lb. March'23 99.7200 99.7350 99.7100 99.7300 .0150 820,935 March 42.15 43.68 41.92 42.94 .67 179,477 1627.26 -0.03 10-20 years 0.380 0.340 1.630 616.62 -0.3 Netherlands -0.370 -0.540 0.080 May 41.56 42.82 41.13 42.21 .66 93,733 Currency Futures 20-plus years Rough Rice (CBT)-2,000 cwt.; $ per cwt. 4258.14 -0.5 1.680 1.170 2.210 1084.70 -1.0 U.K. 0.620 0.390 1.130 Japanese Yen (CME)-¥12,500,000; $ per 100¥ March 13.27 13.27 13.05 13.24 –.04 9,379 Yankee Feb .9633 .9647 .9624 .9636 .0002 514 2917.89 -0.6 1.440 1.370 3.500 922.77 -1.2 Emerging Markets ** 4.481 4.295 7.480 May 13.44 13.46 13.27 13.42 –.03 242 March .9638 .9651 .9626 .9639 .0002 193,588 Wheat (CBT)-5,000 bu.; cents per bu. *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 March 633.00 651.50 t 624.25 648.50 14.00 176,933 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Feb .7873 .7882 .7827 .7843 –.0016 702 July 623.75 635.75 t 615.25 633.75 9.75 98,615 March .7854 .7883 .7827 .7844 –.0016 157,064 Wheat (KC)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ March 613.25 630.25 605.50 627.25 14.00 102,605 Feb 1.3699 1.3724 1.3651 1.3665 –.0019 895 Global Government Bonds: Mapping Yields July 616.75 632.25 609.25 629.25 12.50 48,833 March 1.3685 1.3728 1.3652 1.3667 –.0019 147,352 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Cash Prices | wsj.com/market-data/commodities Monday, January 25, 2021 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 0.125 U.S. 2 0.121 t l 0.123 0.121 1.484 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 0.875 10 1.038 t l 1.090 0.933 1.680 months. 5.500 Australia 2 0.109 t l 0.114 0.089 0.765 -1.2 -1.1 -72.3 Monday Monday Monday 1.000 10 1.084 t l 1.096 1.005 1.097 4.5 1.0 -59.1 Energy Aluminum, LME, $ per metric ton *1975.5 Wheat - Hard - KC (USDA) $ per bu-u 6.5225 Copper,Comex spot 3.6405 Wheat,No.1soft white,Portld,OR-u 6.8400 0.000 France 2 -0.614 t l -0.602 -0.670 -0.567 -73.5 -72.7 -205.5 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.000 Iron Ore, 62% Fe CFR China-s 168.5 Food 0.000 10 -0.315 t l -0.277 -0.306 -0.075 -136.3 -176.3 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.350 Shredded Scrap, US Midwest-s,m 460 -135.3 Metals Steel, HRC USA, FOB Midwest Mill-s 1108 Beef,carcass equiv. index 0.000 Germany 2 -0.726 t l -0.702 -0.703 -0.615 -84.7 -82.7 -210.3 choice 1-3,600-900 lbs.-u 188.52 Fibers and Textiles 0.000 10 -0.548 t l -0.510 -0.546 -0.333 -159.7 -202.0 Gold, per troy oz select 1-3,600-900 lbs.-u 177.31 -158.7 Engelhard industrial 1864.00 Burlap,10-oz,40-inch NY yd-n,w 0.6500 Broilers, National comp wtd. avg.-u,w 0.8284 0.050 Italy 2 -0.286 t l -0.213 -0.384 -0.058 -40.7 -33.8 -154.7 Handy & Harman base 1856.85 Cotton,1 1/16 std lw-mdMphs-u 0.8033 Butter,AA Chicago 1.3600 Cheddar cheese,bbl,Chicago 0.900 10 0.684 t l 0.743 0.597 1.229 -35.5 -34.3 -45.9 Handy & Harman fabricated 2061.10 Cotlook 'A' Index-t *89.10 139.25 Cheddar cheese,blk,Chicago LBMA Gold Price AM *1853.60 Hides,hvy native steers piece fob-u n.a. 161.00 0.100 Japan 2 -0.137 t l -0.131 -0.123 -0.131 -25.8 -25.6 -162.0 Milk,Nonfat dry,Chicago lb. 116.25 LBMA Gold Price PM *1852.70 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 0.100 10 0.039 t l 0.043 0.019 -0.020 -100.0 -104.4 -170.8 Krugerrand,wholesale-e 1930.76 1.1592 Grains and Feeds Coffee,Colombian, NY Maple Leaf-e 1949.33 1.7268 0.000 Spain 2 -0.513 t l -0.492 -0.616 -0.371 -63.4 -61.7 -185.9 Eggs,large white,Chicago-u 1.0350 American Eagle-e 1949.33 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 16.80 1.250 10 0.080 t l 0.125 0.085 0.350 -95.9 -96.2 -133.7 Mexican peso-e 2246.38 Bran,wheat middlings, KC-u 164 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1822.74 0.125 U.K. 2 -0.131 t l -0.121 -0.126 0.430 -25.2 -24.6 -105.8 Corn,No. 2 yellow,Cent IL-bp,u n.a. Hogs,Iowa-So. Minnesota-u 67.17 Austria phil-e 1949.33 Corn gluten feed,Midwest-u,w 168.0 Pork bellies,12-14 lb MidUS-u n.a. 4.750 10 0.264 t l 0.312 0.256 0.585 -77.5 -77.5 -110.3 Silver, troy oz. Corn gluten meal,Midwest-u,w 601.9 Pork loins,13-19 lb MidUS-u 0.9825 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Engelhard industrial 25.7000 Cottonseed meal-u,w 445 Steers,Tex.-Okla. Choice-u n.a. Handy & Harman base 25.4000 Hominy feed,Cent IL-u,w 112 Steers,feeder,Okla. City-u,w 151.38 Handy & Harman fabricated 31.7500 Meat-bonemeal,50% pro Mnpls-u,w 330 Corporate Debt Fats and Oils LBMA spot price *£18.5300 Oats,No.2 milling,Mnpls-u 3.7200 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific (U.S.$ equivalent) *25.3200 Rice, Long Grain Milled, No. 2 AR-u,w 27.38 Corn oil,crude wet/dry mill wtd. avg.-u,w n.a. expectations Coins,wholesale $1,000 face-a 18829 Sorghum,(Milo) No.2 Gulf-u 7.2150 Grease,choice white,Chicago-h 0.3800 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 428.50 Lard,Chicago-u n.a. Investment-grade spreads that tightened the most… LBMA Platinum Price PM *1093.0 Soybeans,No.1 yllw IL-bp,u n.a. Soybean oil,crude;Centl IL-u 0.4439 Spread*, in basis points Platinum,Engelhard industrial 1113.0 Wheat,Spring14%-pro Mnpls-u 7.4600 Tallow,bleach;Chicago-h 0.4125 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Palladium,Engelhard industrial 2367.0 Wheat,No.2 soft red,St.Louis-u 6.8600 Tallow,edible,Chicago-u 0.4688 Morgan Stanley MS 4.100 0.50 May 22, ’23 38 –14 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 43 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 1/22 –11 Source: Dow Jones Market Data UnitedHealth UNH 3.700 0.72 Dec. 15, ’25 31 35 Banco Santander SANTAN 3.800 1.85 Feb. 23, ’28 80 –8 n.a. | Borrowing Benchmarks wsj.com/market-data/bonds/benchmarks Vodafone VOD 4.250 3.16 Sept. 17, ’50 136 –7 133 January 25, 2021 Money Rates General Electric Capital … 5.875 3.22 Jan. 14, ’38 141 –6 144

Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Citigroup C 3.400 1.11 May 1, ’26 70 –5 65 guide to general levels but don’t always represent actual transactions. GA Global Funding Trust GBLATL 1.625 1.33 Jan. 15, ’26 92 –5 n.a. Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low General Motors GM 6.250 3.82 Oct. 2, ’43 201 –5 215 Dec. index Chg From (%) level Nov. '20 Dec. '19 Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction Britain 0.10 0.10 0.75 0.10 …And spreads that widened the most 4 weeks 0.070 0.075 1.575 0.000 U.S. consumer price index Australia 0.10 0.10 0.75 0.10 13 weeks 0.080 0.090 1.550 0.000 16 All items GTE Florida … 6.860 5.93 Feb. 1, ’28 490 468 260.474 0.09 1.4 Overnight repurchase 26 weeks 0.085 0.090 1.535 0.080 Core 269.226 –0.09 1.6 13 U.S. 0.08 0.08 1.65 -0.07 Secondary market Toyota Motor Credit TOYOTA 0.500 0.36 Aug. 14, ’23 24 15 International rates U.S. government rates Fannie Mae Park Aerospace Holdings AVOL 5.500 2.03 Feb. 15, ’24 185 12 174 Week 52-Week Discount 30-year mortgage yields Latest ago High Low Toronto–Dominion Bank TD 0.750 0.32 June 12, ’23 20 10 n.a. 0.25 0.25 2.25 0.25 30 days 1.953 2.029 3.017 1.751 Prime rates 60 days 1.977 2.062 3.081 1.804 9 Federal funds Apple AAPL 4.375 2.66 May 13, ’45 85 72 U.S. 3.25 3.25 4.75 3.25 Other short-term rates Canada 2.45 2.45 3.95 2.45 Effective rate 0.0900 0.0900 1.6200 0.0600 BPCE BPCEGP 1.000 0.96 Jan. 20, ’26 55 7 57 Japan 1.475 1.475 1.475 1.475 High 0.1200 0.1200 1.6500 0.1000 Low 0.0400 0.0400 1.5800 0.0100 Week 52-Week 7 Latest high low Citigroup C 4.450 1.80 Sept. 29, ’27 138 125 Policy Rates Bid 0.0800 0.0800 1.6000 0.0100 ago 7 Euro zone 0.00 0.00 0.00 0.00 Offer 0.1100 0.1000 1.6300 0.0500 Call money American Honda Finance HNDA 0.875 0.42 July 7, ’23 30 25 2.00 2.00 3.50 2.00 High-yield issues with the biggest price increases… Commercial paper (AA financial) Key Interest Rates Bond Price as % of face value 90 days 0.11 0.13 2.53 0.04 Data are annualized on a 360-day basis. Treasury yields are per annum, Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Libor on actively traded noninflation and inflation-indexed issues that are 3.50 adjusted to constant maturities. Data are from weekly Federal Reserve One month 0.12750 0.13088 1.67088 0.12475 WeWork WEWORK 7.875 14.29 May 1, ’25 80.000 70.750 Three month 0.21288 0.22400 1.77713 0.20488 release H.15. BNP Paribas BNP 2.824 Jan. 26, ’41 0.64 Six month 0.23300 0.23575 1.78350 0.23300 2.86 99.389 n.a. Week Ended 52-Week Week Ended 52-Week One year 0.31225 0.31238 1.84713 0.31225 Jan 22 Jan 15 High Low Jan 22 Jan 15 High Low Netflix NFLX 5.375 2.22 Nov. 15, ’29 125.125 0.63 117.521 6-month Federal funds (effective) 0.10 0.10 1.57 0.06 Euro Libor 1-year 0.10 0.11 1.55 0.09 Teva Pharmaceutical Finance Netherlands … 4.100 4.89 Oct. 1, ’46 88.500 0.53 88.780 One month -0.579 -0.589 -0.360 -0.621 0.09 0.09 1.59 0.04 2-year 0.13 0.14 1.52 0.11 Three month -0.550 -0.555 -0.142 -0.574 3-year 0.20 0.22 1.51 0.13 GPS 0.50 Commercial paper Six month -0.536 -0.536 -0.052 -0.540 Gap 8.375 1.75 May 15, ’23 114.875 114.000 5-year 0.45 0.49 1.55 0.21 Nonfinancial One year -0.502 -0.501 0.008 -0.502 7-year 0.78 0.81 1.66 0.39 Prime Security Services Borrower PRSESE 5.750 3.65 April 15, ’26 109.904 0.40 109.382 1-month 0.08 0.09 1.60 0.07 10-year 1.11 1.13 1.75 0.55 Secured Overnight Financing Rate 2-month 0.09 1.57 0.07 0.09 20-year 1.66 1.67 2.05 0.99 TRI Pointe Homes TPH 5.875 2.83 June 15, ’24 109.750 0.40 3-month 0.10 0.10 1.84 0.09 0.05 0.08 1.64 0.01 n.a. Financial Treasury yields (secondary market) Value 52-Week Navient NAVI 7.250 3.01 Sept. 25, ’23 110.750 0.38 109.740 1-month 0.09 0.10 2.15 0.08 Latest Traded High Low 1-month 0.07 0.09 1.58 0.00 2-month n.a. n.a. 2.27 0.08 3-month 0.12 0.15 2.44 0.11 3-month 0.09 0.09 1.55 -0.01 DTCC GCF Repo Index …And with the biggest price decreases 6-month 0.10 0.10 1.53 0.06 Treasury 0.075 69.252 1.720 0.002 Discount window primary credit United States Steel X 6.650 7.48 June 1, ’37 92.258 –3.99 TIPS MBS 0.097 43.880 1.703 0.011 93.840 0.25 0.25 2.25 0.25 5-year -1.71 -1.58 0.41 -1.71 Notes on data: American Airlines AAL 5.000 15.18 June 1, ’22 88.010 –0.99 Treasury yields at constant 7-year -1.33 -1.23 0.35 -1.33 88.250 U.S. prime rate is the base rate on corporate maturities 10-year -1.00 -0.95 0.35 -1.05 –0.98 20-year -0.53 -0.49 0.47 -0.70 loans posted by at least 70% of the 10 largest Navient NAVI 5.625 6.11 Aug. 1, ’33 95.769 97.125 1-month 0.07 0.09 1.61 0.01 U.S. banks, and is effective March 16, 2020. 3-month Long-term avg -0.42 -0.36 0.62 -0.50 0.09 0.09 1.58 0.01 Other prime rates aren’t directly comparable; Continental Resources CLR 5.750 4.41 Jan. 15, ’31 110.303 –0.45 112.250 lending practices vary widely by location; Notes on data: Discount rate is effective March 16, 2020. Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of Dish DBS … 5.875 4.72 Nov. 15, ’24 103.970 –0.45 103.885 on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by January 22, 2021. DTCC GCF Repo Index is discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Depository Trust & Clearing Corp.'s weighted Xerox XRXCRP 3.800 2.41 May 15, ’24 104.375 –0.44 n.a. average for overnight trades in applicable primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars. Netflix NFLX 5.750 1.29 March 1, ’24 113.500 –0.40 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as 112.721 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year -run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. 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 P2JW026000-0-B00900-1------XA

THE WALL STREET JOURNAL. Tuesday, January 26, 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. EnelAmericas ENIA 7.69 -0.09 ING Groep ING 8.95 -0.41 McKesson MCK 183.15 -1.86 Prologis PLD 102.70 1.48 SoCopper SCCO 69.79 -1.23 UnitedAirlines UAL 40.38 -1.76 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. EnergyTransfer ET 6.57 0.07 Invesco IVZ 21.04 0.07 MedicalProp MPW 21.40 -0.07 Proofpoint PFPT 136.24 -1.72 SouthwestAir LUV 45.62 -1.77 s UnitedMicro UMC 10.20 -0.07 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four EnphaseEnergy ENPH 202.73 -9.34 IPG Photonics IPGP Medtronic MDT 116.90 0.32 PrudentialFin PRU 81.96 -0.66 UPS B UPS 161.75 2.76 that include primary market trades as well as quarters. 239.88 -11.12 Splunk SPLK 171.91 1.01 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. s Entegris ENTG 108.60 -3.73 IQVIA IQV 183.02 -2.57 MelcoResorts MLCO 16.14 -0.22 Prudential PUK 37.50 -0.75 Spotify SPOT 333.61 -5.35 UnitedRentals URI 253.52 -5.07 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Entergy ETR 94.75 0.78 IcahnEnterprises IEP 56.60 -0.17 MercadoLibre MELI 1880.00 -85.05 PublicServiceEnt PEG 58.52 0.16 Square SQ 216.64 -6.24 US Bancorp USB 45.76 -0.10 Nasdaq ISE. standards EnterpriseProd EPD 21.12 -0.44 Icon ICLR 214.61 -1.63 Merck MRK 81.15 0.17 PublicStorage PSA 225.82 3.03 StanleyBlackDck SWK 174.99 -0.22 UnitedHealth UNH 347.81 0.26 The list comprises the 1,000 largest companies lf-Late filing Equifax EFX 178.75 0.01 IDEX IEX 194.13 -2.41 MetLife MET 50.61 -0.25 s PulteGroup PHM 48.98 0.09 Starbucks SBUX 103.45 -0.46 UnitySoftware U 151.53 -2.50 based on market capitalization. q-Temporary exemption from Nasdaq Equinix EQIX 723.16 2.00 IllinoisToolWks ITW 202.32 -1.14 MettlerToledo MTD 1233.47 -1.25 Qiagen QGEN 53.85 -0.48 StateStreet STT 72.55 -1.62 UnivDisplay OLED 247.69 -0.17 Underlined quotations are those stocks with requirements. Equinor EQNR 18.83 -0.42 s Illumina ILMN 421.00 14.75 MicrochipTech MCHP 149.18 -0.95 Qorvo QRVO 180.92 0.26 SteelDynamics STLD 38.44 -0.26 UniversalHealthB UHS 127.56 -1.54 large changes in volume compared with the t-NYSE bankruptcy Equitable EQH 26.66 -0.26 ImperialOil IMO 20.34 0.19 MicronTech MU 81.28 -1.00 Qualcomm QCOM 164.40 1.98 Stellantis STLA 15.47 -0.68 VEREIT VER 36.22 0.51 issue’s average trading volume. v-Trading halted on primary market. EquityLife ELS 63.72 0.44 Incyte INCY 100.50 2.61 Microsoft MSFT 229.53 3.58 QuantaServices PWR 75.72 -1.94 Steris STE 190.41 1.65 VF VFC 84.81 0.95 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being EquityResdntl EQR 61.67 0.11 Infosys INFY 17.92 -0.26 MidAmApt MAA 133.86 -0.32 QuestDiag DGX 124.97 0.51 s StitchFix SFIX 95.55 -1.37 VICI Prop VICI 26.25 -0.14 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, ErieIndemnity A ERIE 237.69 1.24 IngersollRand IR 44.51 -0.72 MiratiTherap MRTX 213.01 -1.44 Quidel QDEL 238.49 4.88 VailResorts MTN 273.62 2.03 previous closing price was $2 or higher. or securities assumed by such companies. STMicroelec STM 39.92 0.21 EssentialUtil WTRG 45.49 0.03 Inphi IPHI 177.88 2.43 MitsubishiUFJ MUFG 4.66 -0.01 StoneCo STNE 75.81 -3.19 Vale VALE 16.95 -0.26 EssexProp ESS 242.62 -0.83 Insulet PODD 288.91 -1.39 MizuhoFin MFG 2.67 -0.02 R S Stryker SYK 239.55 -0.38 ValeroEnergy VLO 59.41 -0.04 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and EsteeLauder EL 250.02 0.19 Intel INTC 55.44 -1.22 MobileTeleSys MBT 9.16 0.11 VarianMed VAR 175.33 -0.14 RELX RELX 25.63 0.09 SumitomoMits SMFG 6.36 -0.06 changes in the closing prices from 4 p.m. the previous day. Etsy ETSY 208.81 -4.78 InteractiveBrkrs IBKR 67.50 -1.35 Moderna MRNA 147.00 15.98 Vedanta VEDL 9.00 -0.15 RH RH 495.69 -6.33 SunComms SUI 148.37 1.43 EverestRe RE 228.25 -0.67 ICE ICE 112.46 0.54 MohawkInds MHK 148.82 -0.95 VeevaSystems VEEV 292.50 3.81 RPM RPM 87.25 0.28 SunLifeFinancial SLF 47.43 -0.30 Monday, January 25, 2021 Net Net Evergy EVRG 54.26 0.46 InterContinentl IHG 62.40 -2.39 MolinaHealthcare MOH 224.84 1.72 Ventas VTR 47.91 -1.22 RalphLauren RL 109.49 1.02 SuncorEnergy SU 17.52 -0.18 Stock Sym Close Chg Stock Sym Close Chg EversourceEner ES 90.29 2.88 IBM IBM 118.58 -0.03 MolsonCoorsA TAP.A 53.15 -5.88 VeriSign VRSN 192.00 -2.75 Net RaymondJames RJF 100.17 -1.87 s SunPower SPWR 47.33 0.12 s ExactSciences EXAS 153.93 3.93 IntlFlavors IFF 116.33 0.52 MolsonCoorsB TAP 51.65 1.13 VeriskAnalytics VRSK 188.68 -4.08 Stock Sym Close Chg RaytheonTech RTX 66.28 -1.30 SunRun RUN 78.61 -7.78 BP BP 23.07 -0.80 Chevron CVX 90.90 -0.83 Exelon EXC 43.35 0.81 IntlPaper IP Mondelez MDLZ 56.87 0.62 Verizon VZ 58.42 0.95 51.83 0.20 RealPage RP 86.77 -0.23 Suzano SUZ 11.60 -0.19 Baidu BIDU 254.87 2.12 Chewy CHWY 102.49 -2.59 Expedia EXPE135.99 -0.53 MongoDB MDB 368.98 -15.14 VertxPharm VRTX 241.31 3.72 A B C Interpublic IPG 24.66 0.08 RealtyIncome O 60.38 0.54 SynchronyFin SYF 36.63 -0.74 BakerHughes BKR 21.05 -1.12 ChinaEastrnAir CEA 20.30 -0.13 ExpeditorsIntl EXPD 93.97 0.20 s MonolithicPower MPWR 391.32 -5.59 s ViacomCBS B VIAC 47.71 2.13 Intuit INTU 374.43 -0.42 RegencyCtrs REG 47.70 0.77 SyneosHealth SYNH 77.85 1.76 ABB ABB 30.09 -0.34 Ball BLL 89.86 -0.88 ChinaLifeIns LFC 11.15 -0.16 ExtraSpaceSt EXR 115.95 0.54 MonsterBev MNST 88.46 0.26 s ViacomCBS A VIACA 47.83 1.83 IntuitiveSurgical ISRG 752.01 7.93 RegenPharm REGN 548.20 10.42 Synopsys SNPS 269.63 -0.51 AcadiaPharm ACAD 53.95 1.12 BallardPower BLDP 35.40 -1.67 ChinaPetrol SNP 49.97 -1.50 ExxonMobil XOM 46.90 -0.53 Moody's MCO 266.55 -0.15 Viatris VTRS 17.23 -0.20 Invitae NVTA 52.23 -2.98 RegionsFin RF 17.72 -0.02 Sysco SYY 73.00 -2.19 AECOM ACM 53.66 -0.02 BancoBilbaoViz BBVA 4.79 -0.09 ChinaSoAirlines ZNH 27.22 -0.42 s F5Networks FFIV 207.25 2.93 MorganStanley MS 72.38 -1.75 Vipshop VIPS 29.08 -0.33 InvitatHomes INVH 29.67 -0.35 RelianceSteel RS 125.66 -0.56 AES AES 26.23 -0.87 BancoBradesco BBDO 4.10 -0.06 s Chipotle CMG 1486.32 -7.86 FMC FMC 113.06 -1.39 Morningstar MORN 235.42 -4.94 VirginGalactic SPCE 36.00 1.72 s IonisPharma IONS 63.78 2.03 RenaissanceRe RNR 154.77 -0.27 T U V Aflac AFL 46.57 0.14 BancodeChile BCH 20.78 -0.47 Chubb CB 152.69 0.16 Facebook FB 278.01 3.51 Mosaic MOS 28.67 0.34 Visa V 200.98 -1.04 iQIYI IQ 20.80 0.18 Repligen RGEN 215.28 -4.04 AGCO AGCO 112.14 -1.95 BancSanBrasil BSBR 7.28 -0.13 ChunghwaTel CHT 38.80 0.13 FactSet FDS 317.52 -2.71 MotorolaSol MSI 173.72 0.01 TAL Education TAL 78.65 2.65 Vistra VST 20.85 -0.49 s IronMountain IRM 32.11 1.96 RepublicSvcs RSG 94.14 -0.26 AGNC Invt AGNC 16.25 0.11 BcoSantChile BSAC 20.67 -0.58 Church&Dwight CHD 87.12 2.20 FairIsaac FICO 511.08 14.92 NICE NICE 268.89 -0.41 TC Energy TRP 43.93 -0.42 VMware VMW 136.28 1.78 ItauUnibanco ITUB 5.24 -0.15 ResMed RMD 221.68 6.16 Ansys ANSS 367.87 -6.70 BancoSantander SAN 3.06 -0.08 ChurchillDowns CHDN 204.81 -9.55 Farfetch FTCH 61.27 -1.73 NIO NIO 59.99 -1.96 TE Connectivity TEL 127.70 -0.69 Vodafone VOD 17.78 0.20 RestaurantBrands QSR 59.06 -1.02 ASETech ASX 7.35 -0.17 BanColombia CIB 35.06 -1.11 Ciena CIEN 55.00 -0.03 Fastenal FAST 48.13 0.41 J K L s NRG Energy NRG 41.93 0.40 s Telus TU 21.06 0.29 VornadoRealty VNO 38.78 0.88 RingCentral RNG 383.73 -0.79 ASML ASML 567.61 -1.84 BankofAmerica BAC 31.16 -0.39 Cigna CI 220.09 -3.33 Fastly FSLY 105.21 1.93 s NVR NVR 4540.00 54.09 TJX TJX 65.68 -1.23 VulcanMatls VMC 156.81 -1.56 s JD.com JD 98.38 3.47 RioTinto RIO 81.09 -0.31 AT&T T 29.11 0.18 BankofMontreal BMO 77.00 0.33 CincinnatiFin CINF 88.48 1.16 FateTherap FATE 96.14 -1.05 NXP Semi NXPI 174.42 2.12 T-MobileUS TMUS 131.10 0.74 JPMorganChase JPM 132.12 -1.67 s RobertHalf RHI 68.56 0.25 s AbbottLabs ABT 114.72 1.88 BankNY Mellon BK 41.30 -0.63 Cintas CTAS 328.13 3.65 FedEx FDX 253.48 -0.60 Nasdaq NDAQ 142.30 1.88 TRowePrice TROW 157.01 0.80 W X Y Z JackHenry JKHY 152.50 1.00 RocketCos.RKT 23.19 3.14 AbbVie ABBV 110.50 -0.36 BkNovaScotia BNS 54.87 0.37 CiscoSystems CSCO 45.03 0.26 Ferrari RACE 210.16 -1.91 Natera NTRA119.00 -0.75 TaiwanSemi TSM 130.52 1.38 JacobsEngg J 110.29 -0.72 Rockwell ROK 260.85 -5.12 WEC Energy WEC 89.44 2.06 AbCelleraBio ABCL 48.79 -1.71 Barclays BCS 7.52 -0.29 Citigroup C 60.56 -0.77 FidNatlFin FNF 39.58 0.14 NationalGrid NGG 60.82 0.76 TakeTwoSoftware TTWO 203.99 -0.67 JamesHardie JHX 29.29 0.01 RogersComm B RCI 48.96 0.67 WEX WEX 197.43 -4.32 Abiomed ABMD 348.32 0.42 BarrickGold GOLD 23.44 -0.03 CitizensFin CFG 38.05 -0.34 FidNatlInfo FIS 127.81 -1.27 Natura&Co NTCO 17.91 -0.13 TakedaPharm TAK 18.37 0.24 s JazzPharma 170.98 2.33 Roku ROKU 426.64 3.79 W.P.Carey WPC 67.18 -0.09 Accenture ACN 252.04 -2.73 BauschHealth BHC 27.00 0.34 CitrixSystems CTXS 131.63 4.88 FifthThirdBncp FITB 30.40 -0.50 NatWest NWG 4.11 -0.08 Tapestry TPR 33.77 -0.56 s J&J JNJ 165.98 2.43 Rollins ROL 37.15 0.13 WPP WPP 53.04 -1.04 ActivisionBliz ATVI 93.40 -1.03 BaxterIntl BAX 80.10 0.59 Clarivate CCC 28.47 -1.02 FirstHorizon FHN 14.44 -0.12 NetApp NTAP 65.65 0.89 Target TGT 190.15 -1.76 JohnsonControls JCI 51.46 -0.89 RoperTech ROP 419.11 -0.11 Wabtec WAB 79.13 -1.34 AdaptiveBiotech ADPT 65.51 -2.23 BectonDicknsn BDX 260.24 1.49 Clorox CLX 211.96 9.61 FirstRepBank FRC 156.44 -0.09 s NetEase NTES 124.29 7.53 TataMotors TTM 18.55 -1.02 JonesLang JLL 158.65 -1.25 RossStores ROST 113.54 0.21 WalgreensBoots WBA 47.82 0.37 Adobe ADBE 473.44 1.00 s BeiGene BGNE 376.91 2.41 Cloudflare NET 82.78 -0.69 s FirstSolar FSLR 104.94 -1.73 Netflix NFLX 556.78 -8.39 TeckRscsB TECK 19.90 -0.60 JuniperNetworks JNPR 25.41 0.37 RoyalBkCanada RY 83.40 -0.05 Walmart WMT 146.20 -0.13 AdvanceAuto AAP 159.66 -4.10 BentleySystems BSY 43.07 -2.78 Coca-Cola KO 48.78 0.29 FirstEnergy FE 31.86 0.59 Neurocrine NBIX 119.40 2.49 s TeladocHealth TDOC 287.09 24.09 KB Fin KB 39.91 0.03 RoyalCaribbean RCL 68.42 -3.54 WarnerMusic WMG 38.48 -0.26 AdvMicroDevices AMD 94.13 1.34 Berkley WRB 66.06 0.18 Coca-Cola Euro CCEP 47.50 -0.35 Fiserv FISV 106.71 -0.57 NewFortressEner NFE 44.33 -1.84 TeledyneTech TDY 385.95 -3.22 KE Holdings BEKE 70.80 -0.65 RoyalDutchA RDS.A 38.22 -1.06 WasteConnections WCN 101.97 -0.99 Aegon AEG 4.04 -0.19 BerkHathwy B BRK.B 233.01 0.09 Cognex CGNX 84.31 -0.06 FiveBelow FIVE 186.73 -2.94 NewOrientalEduc EDU 171.83 2.72 Teleflex TFX 382.14 -4.30 BerkHathwy A BRK.A 3519001280.00 KKR KKR 39.55 -0.65 RoyalDutchB RDS.B 36.29 -1.06 WasteMgt WM 114.19 -1.17 AffirmHldgs AFRM 112.70 -7.25 CognizantTech CTSH 80.03 -0.53 Five9 FIVN 173.34 -5.93 s NYTimes ANYT 53.38 3.52 Ericsson ERIC 12.23 0.40 BestBuy BBY KLA KLAC 308.90 3.89 RoyaltyPharma RPRX 51.50 0.34 s Waters WAT 273.35 -0.27 AgilentTechs A 125.48 -0.85 113.74 -1.19 ColgatePalm CL 78.61 0.42 FiverrIntl FVRR 235.61 -8.14 s NewellBrands NWL 25.50 0.70 TelefonicaBras VIV 8.39 0.20 BeyondMeat BYND KSCitySouthern KSU 218.15 0.57 Ryanair RYAAY 100.28 -4.70 s Watsco WSO 257.08 4.50 AgnicoEagle AEM 71.12 0.43 158.73 18.03 Comcast A CMCSA 48.97 0.29 FleetCorTech FLT 261.07 -6.34 Newmont NEM 61.64 -0.11 Telefonica TEF 4.43 -0.03 s Bilibili BILI 134.27 0.52 Kellogg K 59.84 1.54 SAP SAP 129.63 2.15 Wayfair W 294.34 -5.60 AirProducts APD 279.02 -4.58 Comerica CMA 61.36 -0.80 s Flex FLEX 19.26-0.30 NewsCorp A NWSA 18.75 0.18 TelekmIndonesia TLK 24.16 -0.13 Bill.com BILL 128.15 -2.98 KeurigDrPepper KDP 32.03 0.56 S&P Global SPGI 314.93 -0.21 Weibo WB 44.11 1.15 s Airbnb ABNB 177.53 -4.34 CommerceBcshrs CBSH 68.61 -0.78 Floor&Decor FND 99.24 -2.17 NewsCorp B NWS 18.35 0.11 10xGenomics TXG 183.25 -3.75 Bio-Techne TECH 352.44 -4.15 KeyCorp KEY 17.78 -0.42 SBA Comm SBAC 276.53 3.82 WellsFargo WFC 32.24 0.34 AkamaiTech AKAM 111.33 2.27 CiaSiderurgica SID 5.97 -0.21 FomentoEconMex FMX 74.75 1.01 s NextEraEnergy NEE 86.87 2.66 Tenaris TS 15.27 -0.34 Bio-RadLab A BIO 588.34 -6.49 KeysightTechs KEYS146.05 0.89 SEI Investments SEIC 59.24 -0.16 Welltower WELL 62.56 -0.51 Albemarle ALB 176.92 3.21 ConagraBrands CAG 34.96 0.58 FordMotor F 11.29 -0.23 NielsenHoldings NLSN 21.50 -0.23 TencentMusic TME 27.21 0.19 Biogen BIIB 275.54 6.10 KimberlyClark KMB 136.51 4.30 SK Telecom SKM 26.33 0.63 WestPharmSvcs WST 300.26 0.17 s Albertsons ACI 18.59 1.19 ConocoPhillips COP 42.58 -0.11 Fortinet FTNT 151.82 0.59 Nike NKE 137.55 -1.80 Teradyne TER 140.11 2.16 BioMarinPharm BMRN 88.97 0.98 KinderMorgan KMI 15.26 -0.06 SS&C Tech SSNC 67.01 -0.50 WesternDigital WDC 51.28 0.57 s Alcon ALC 74.85 0.82 ConEd ED 70.64 1.81 Fortis FTS 41.09 0.15 NiSource NI 22.11 0.18 s Tesla TSLA 880.80 34.16 BioNTech BNTX 110.61 2.17 s KingsoftCloud KC 53.80 -0.01 StoreCapital STOR 32.35 0.64 WesternUnion WU 22.71 0.65 AlexandriaRlEst ARE 169.48 0.64 ConstBrands A STZ 222.17 -4.74 Fortive FTV 67.86 -1.46 Nokia NOK 4.85 0.65 TevaPharm TEVA 12.40 -0.15 BlackKnight BKI 81.53 -0.77 KinrossGold KGC 7.04 0.03 SVB Fin SIVB 480.75 0.60 WestlakeChem WLK 81.06 -1.08 s AlexionPharm ALXN 161.32 1.59 s ContextLogic WISH 25.65 0.90 s FortBrandsHome FBHS 91.44 -1.13 NomuraHoldings NMR 5.45 -0.02 TexasInstruments TXN 172.92 0.11 s BlackBerry BB 18.03 3.99 KirklandLakeGold KL 39.65 -0.52 Salesforce.com CRM 225.92 0.15 WestpacBanking WBK 16.72 -0.03 Alibaba BABA 261.38 2.76 Cooper COO 383.65 3.65 FoxA FOXA 32.09 1.93 Nordson NDSN 188.12 -3.87 Textron TXT 49.96 0.23 BlackRock BLK 722.98 -12.07 KodiakSciences KOD 155.89 -8.44 Sanofi SNY 49.63 -0.06 WestRock WRK 44.12 -2.55 AlignTech ALGN 539.47 5.39 Copart CPRT 112.90 -1.69 FoxB FOX 30.68 1.51 NorfolkSouthern NSC 245.96 1.74 ThermoFisherSci TMO 518.83 4.23 s Blackstone BX 64.98 -0.05 s KoninklijkePhil PHG 57.01 1.45 SareptaTherap SRPT 96.11 -2.13 Weyerhaeuser WY 33.50 0.29 Alleghany Y 586.57 1.19 Corning GLW 38.46 0.86 Franco-Nevada FNV 122.90 -0.39 NorthernTrust NTRS 94.28 -0.32 ThomsonReuters TRI 83.10 1.60 Boeing BA 203.36 -2.48 KoreaElcPwr KEP 11.07 0.12 Schlumberger SLB 23.74 -0.67 WheatonPrecMet WPM 40.31 -0.11 Allegion ALLE 112.09 -1.52 Corteva CTVA 41.30 -0.76 FranklinRscs BEN 26.51 0.04 NorthropGrum NOC 299.35 1.19 3M MMM 170.39 1.35 BookingHldgs BKNG2018.43 -47.81 KraftHeinz KHC 33.75 0.84 SchwabC SCHW 57.08 -1.32 s Whirlpool WHR 203.02 4.81 AlliantEnergy LNT 50.50 1.09 CoStar CSGP 909.26 13.21 FreeportMcM FCX 28.98 -1.51 NortonLifeLock NLOK 20.66 -0.01 Toro TTC 99.84 -1.32 s BoozAllen BAH 97.56 1.63 Kroger KR 34.57 1.01 s ScottsMiracleGro SMG 230.76 -0.24 Williams WMB 21.66 0.06 Allstate ALL 110.95 0.52 Costco COST 361.88 -0.42 FreseniusMed FMS 41.79 -0.46 NorwegCruise NCLH 23.97 -0.62 TorontoDomBk TD 57.66 -0.14 BorgWarner BWA 43.51 0.71 L Brands LB 43.93 -1.35 s Sea SE 228.68 -7.81 s Williams-Sonoma WSM132.56 0.24 AllyFinancial ALLY 39.36 -1.25 CoupaSoftware COUP 318.39 -23.51 s Futu FUTU102.26 2.37 Novartis NVS 98.47 1.57 Total TOT 43.42 -1.02 BostonBeer SAM 947.30 17.11 LKQ LKQ 37.07 -0.08 Seagate STX 61.19 1.19 WillisTowers WLTW 209.32 2.82 s AlnylamPharm ALNY 175.69 3.31 Credicorp BAP 154.02 -0.82 Novavax NVAX 131.46 4.48 ToyotaMotor TM 146.72 -1.23 BostonProps BXP 91.28 -0.02 LPL Financial LPLA 112.61 -2.32 Seagen SGEN 180.12 -2.63 Wipro WIT 6.44 -0.11 Alphabet A GOOGL 1894.28 1.72 CreditSuisse CS 13.56 -0.17 G H I NovoNordisk NVO 73.18 0.35 TractorSupply TSCO 156.14 0.52 BostonSci BSX 36.78 -0.25 L3HarrisTech LHX 185.23 1.43 SempraEnergy SRE 125.97 4.52 Wix.com WIX 254.80 5.31 Alphabet C GOOG 1899.40 -1.65 Cree CREE111.12 -3.25 Novocure NVCR 167.19 -1.91 TradeDesk TTD 785.59 -27.37 BridgeBioPharma BBIO 65.79 -3.69 s GDS Holdings GDS 111.57 -1.25 LabCpAm LH 225.44 -3.46 SensataTechs ST 57.15 -0.69 Workday WDAY 234.99 -0.54 Alteryx AYX 122.85 -2.98 CrowdStrike CRWD 217.49 -6.03 NuanceComms NUAN 48.31 -0.49 Tradeweb TW 62.84 -1.48 BrightHorizons BFAM 151.77 -4.62 GFLEnvironmental GFL 30.57 -0.65 LamResearch LRCX 567.76 3.91 ServiceCorp SCI 52.56 1.47 WynnResorts WYNN 108.06 0.61 AlticeUSA ATUS 35.71 -0.41 CrownCastle CCI 160.89 1.97 Nucor NUE 54.52 -0.26 TraneTech TT 150.92 -1.75 BristolMyers BMY 64.83 0.27 GSXTechedu GSX 98.12 6.12 LamarAdv LAMR 83.86 0.19 ServiceNow NOW 537.88 -3.21 XP XP 43.17 1.06 Altria MO 41.96 0.13 CrownHoldings CCK 92.99 -0.75 Nutrien NTR 52.93 0.23 TransDigm TDG 560.11 -16.29 BritishAmTob BTI 37.72 -0.21 Gallagher AJG 118.29 0.45 LambWeston LW 78.03 -0.12 ShawComm B SJR 17.40 -0.09 XPO Logistics XPO 119.50 2.37 AlumofChina ACH 8.42 -0.08 Cummins CMI 246.54 -0.46 NVIDIA NVDA 546.13 -2.37 TransUnion TRU 91.62 -0.29 s Broadcom AVGO 464.79 -0.23 Gaming&Leisure GLPI 41.18 -0.12 LasVegasSands LVS 52.98 -1.20 SherwinWilliams SHW 734.28 2.11 XcelEnergy XEL 66.50 1.74 Amazon.com AMZN 3294.00 1.77 CureVac CVAC 104.50 1.81 Travelers TRV 146.36 0.52 BroadridgeFinl BR 150.67 1.73 Gap GPS 22.22 -0.37 Lear LEA 162.10 -4.98 ShinhanFin SHG 29.86 0.07 Xilinx XLNX 145.14 2.20 Ambev ABEV 2.85 0.05 CyrusOne CONE 72.32 1.32 O P Q s Trex TREX 98.490.33 BrookfieldMgt BAM 38.54 0.09 Garmin GRMN 123.52 -0.31 Leidos LDOS 112.70 0.65 Shopify SHOP 1205.92 9.22 XPeng XPEV 54.65 -1.74 Amcor AMCR 10.97 -0.12 Trimble TRMB 70.86 0.10 BrookfieldInfr BIP 52.73 -0.16 D E F Gartner IT 159.52 -0.89 Lemonade LMND 150.98 -2.51 ONEOK OKE 42.23 -0.61 Sibanye-Stillwater SBSW 15.55 -1.13 Xylem XYL 101.00 -1.60 Amdocs DOX 71.66 0.88 Trip.com TCOM 32.78 -0.80 BrookfieldPropREIT BPYU 17.05 -0.20 s Generac GNRC 269.02 -8.59 Lennar B LEN.B 69.63 1.48 OReillyAuto ORLY 449.95 -7.36 s SignatureBank SBNY 164.12 3.85 Yandex YNDX 65.09 -1.35 s Amedisys AMED 314.16 0.62 TruistFinl TFC 51.05 -0.13 BrookfieldRenew BEPC 58.16 -0.51 DISH 30.70 -0.02 GeneralDynamics GD 153.16 0.39 s Lennar A LEN 86.67 2.05 OakStreetHealth OSH 54.16 -0.59 SimonProperty SPG 97.48 1.99 YatsenHolding YSG 20.97 1.59 Amerco UHAL 473.02 -1.60 s Twilio TWLO 380.00 -12.01 Brown&Brown BRO 47.73 0.24 DTE Energy DTE 123.45 1.54 GeneralElec GE 10.99 -0.12 LennoxIntl LII 290.40 -2.75 OccidentalPetrol OXY 21.51 0.02 SiriusXM SIRI 6.06 0.09 YumBrands YUM 105.26 -1.83 Ameren AEE 75.08 2.20 TwistBiosci TWST 186.04 -4.60 Brown-Forman A BF.A 66.05 -1.91 DadaNexus DADA 44.55 -0.40 GeneralMills GIS 57.90 1.93 LeviStrauss LEVI 21.24 0.44 Okta OKTA 263.46 -0.54 s SiteOneLandscape SITE 169.35 -7.52 YumChina YUMC 58.37 -0.35 AmericaMovil A AMOV 15.68 0.80 s Twitter TWTR 47.84 -0.22 Brown-Forman B BF.B 71.97 -0.87 Danaher DHR 238.15 0.11 GeneralMotors GM 53.39 -2.01 LiAuto LI 31.99 -2.45 OldDomFreight ODFL 211.12 6.51 Skyworks SWKS165.68 4.41 ZTO Express ZTO 34.24 1.20 AmericaMovil AMX 14.44 0.16 TylerTech TYL 429.00 4.60 s Bruker BRKR 60.10 -0.74 Darden DRI 120.00 -1.98 Genmab GMAB 42.70 -0.36 LibertyBroadbandC LBRDK 155.52 0.95 OmegaHealthcare OHI 36.07 0.10 SlackTech WORK 42.62 -0.03 ZaiLab ZLAB 179.33 -2.43 AmerAirlines AAL 15.43 -0.39 TysonFoods TSN 66.60 0.08 BuildersFirstSrc BLDR 41.93 -0.95 DarlingIngred DAR 66.54 -0.24 Genpact G 40.94 -0.52 LibertyBroadbandA LBRDA 154.66 1.01 Omnicom OMC 63.91 1.34 Smartsheet SMAR 70.55 -1.99 ZebraTech ZBRA 402.63 -6.21 AEP AEP 82.59 0.51 UBS Group UBS 14.53 -0.35 Bunge BG 67.72 -0.88 Datadog DDOG108.97 3.97 Gentex GNTX 35.99 -0.49 LibertyGlobal A LBTYA 25.43 0.29 ON Semi ON 36.97 -0.33 SmithAO AOS 56.92 -0.84 Zendesk ZEN 147.12 -3.69 AmerExpress AXP 121.15 -4.99 DaVita DVA 118.56 -1.03 Smith&Nephew SNN 44.60 -0.75 UDR UDR 39.01 -0.10 s BurlingtonStrs BURL 252.54 0.29 GenuineParts GPC 101.20 -0.44 LibertyGlobal B LBTYB 26.50 1.58 OneConnectFinTech OCFT 22.37 0.09 Zillow C Z 146.86 1.04 AmHomes4Rent AMH 30.62 -0.55 DeckersOutdoor DECK 314.37 -5.51 Smucker SJM Uber UBER 54.29 -0.02 s CBRE Group CBRE 65.12 -0.90 GileadSciences GILD 68.16 1.22 LibertyGlobal C LBTYK 25.11 0.32 OpenText OTEX 46.58 -0.25 118.94 4.70 Zillow A ZG 152.88 0.83 AIG AIG 39.58 -0.50 Deere DE 298.20 -6.97 Snap SNAP 53.65 0.08 Ubiquiti UI 269.73 4.78 CDW CDW 135.23 -0.09 GSK GSK 38.92 0.56 LibertyFormOne C FWONK 41.74 1.11 OpendoorTech OPEN 27.33 -1.81 ZimmerBiomet ZBH 159.31 -1.70 AmerTowerREIT AMT 227.51 3.59 DellTechC DELL 75.68 -0.26 SnapOn SNA 179.27 1.29 UltaBeauty ULTA 295.74 -4.18 CF Industries CF 43.47 0.07 GlobalPayments GPN 185.08 -2.44 LibertyFormOne A FWONA 37.79 1.12 Oracle ORCL 60.90 0.54 ZionsBancorp ZION 47.21 -0.91 AmerWaterWorks AWK 161.21 0.30 DeltaAir DAL 38.90 -1.10 Globant GLOB 207.34 0.22 Snowflake SNOW 287.25 1.57 UltragenyxPharm RARE 146.76 6.29 Zoetis ZTS 161.34 -1.99 CGI GIB 78.59 -0.38 LibertyBraves A BATRA 26.37 0.27 Orange ORAN 11.69 -0.02 AmericoldRealty COLD 35.89 0.49 DenaliTherap DNLI 81.53 2.40 GlobeLife GL 93.50 -0.84 SOQUIMICH SQM 56.13 -0.63 UnderArmour C UA 15.94 0.05 ZoomVideo ZM 391.83 8.43 CH Robinson CHRW 99.32 1.52 LibertyBraves C BATRK 25.80 0.06 Orix IX 83.44 -0.08 Ameriprise AMP 211.61 -0.18 DentsplySirona XRAY 57.01 -0.22 GoDaddy GDDY 82.75 -1.00 SolarEdgeTech SEDG 310.12 -11.00 UnderArmour A UAA 18.64 0.13 ZoomInfoTech ZI 46.44 0.17 CME Group CME 184.37 0.33 LibertySirius A LSXMA 41.07 0.54 OtisWorldwide OTIS 64.22 -0.66 AmerisourceBrgn ABC 106.87 -0.89 DeutscheBank DB 10.50 -0.39 GoldFields GFI 9.66 0.09 Sony SNE 99.28 -1.83 Unilever UL 60.97 1.31 s Zscaler ZS 207.66 -9.70 CMS Energy CMS 59.52 1.11 LibertySirius C LSXMK 40.91 0.53 OwensCorning OC 83.06 -1.49 Ametek AME 116.35 -1.00 DevonEnergy DVN 17.37 -0.43 GoldmanSachs GS 283.04 -6.35 Southern SO 61.02 0.88 UnionPacific UNP 206.46 -0.67 Zynga ZNGA 10.32 -0.39 CNA Fin CNA 39.94 -0.03 s EliLilly LLY 212.35 6.21 OzonHoldings OZON 52.99 -0.20 Amgen AMGN 257.10 3.60 DexCom DXCM 376.39 6.27 CNH Indl CNHI 13.00 -0.66 GoodRx GDRX 49.88 5.40 LincolnNational LNC 50.15 -0.55 PG&E PCG 11.35 -0.37 Amphenol APH 132.82 0.58 Diageo DEO 158.59 -0.02 CNOOC CEO 101.41 3.74 Graco GGG 74.76 -1.07 Linde LIN 253.12 1.64 PNC Fin PNC 150.47 -2.10 AnalogDevices ADI 153.72 -1.86 DiamondbkEner FANG 61.33 -2.41 CRH CRH 43.22 -0.98 Grainger GWW 387.94 -5.55 s LithiaMotors LAD 339.16 1.13 POSCO PKX 59.75 -0.23 Anaplan PLAN 69.05 -2.50 DigitalRealty DLR 142.63 2.17 CRISPR Therap CRSP 181.24 -7.25 Grifols GRFS 18.98 -0.07 LiveNationEnt LYV 69.21 -3.07 PPD PPD 34.90 ... AngloGoldAsh AU 23.95 0.74 DiscoverFinSvcs DFS 89.06 -3.21 Dividend Changes CSX CSX 87.88 0.24 GuardantHealth GH 157.30 -2.62 LloydsBanking LYG 1.84 -0.02 PPG Ind PPG 140.60 2.78 AB InBev BUD 64.70 -1.91 DiscoveryB DISCB 38.41 -1.64 C3.ai AI 147.83 21.26 Guidewire GWRE 122.95 -0.76 LockheedMartin LMT 343.51 3.63 PPL PPL 28.11 0.29 AnnalyCap NLY 8.41 0.05 s DiscoveryA DISCA 39.00 1.51 HCA Healthcare HCA CVS Health CVS 73.21 -0.91 168.43 1.46 Loews L 46.73 0.24 PRA HealthSci PRAH 131.38 -0.88 Dividend announcements from January 25. Anthem ANTM 315.37 1.28 s DiscoveryC DISCK 34.16 1.27 HDFC Bank HDB 73.68 -0.57 s CableOne CABO 2068.06 23.05 s LogitechIntl LOGI 104.65 0.45 PTC PTC 130.88 ... Aon AON 208.66 2.20 Disney DIS 171.89 -0.89 HP HPQ 25.02 -0.25 Amount Payable / CadenceDesign CDNS 135.90 -1.52 Lowe's LOW 174.10 1.70 Paccar PCAR 97.94 -0.91 ApolloGlbMgmt APO 45.88 -0.55 DocuSign DOCU 244.40 -10.75 HSBC HSBC 27.30 -0.52 PackagingCpAm PKG 140.92 0.52 Company Symbol Yld %New/Old Frq Record CaesarsEnt CZR 78.40 -1.13 LufaxHolding LU 16.78 1.33 s Appian APPN 187.50 -17.35 CamdenProperty CPT DolbyLab DLB 94.58 0.55 Halliburton HAL 18.63 -0.61 PagSeguroDig PAGS 53.93 -2.16 102.71 0.16 lululemon LULU 339.99 -6.38 Increased s Apple AAPL 142.92 3.85 DollarGeneral DG 206.57 0.36 HartfordFinl HIG 50.70 0.33 s PalantirTech PLTR 36.23 3.65 CampbellSoup CPB 48.00 1.42 LumenTech LUMN 11.39 0.22 ApplMaterials AMAT 108.12 1.79 CIBC CM 87.01 -0.24 DollarTree DLTR 106.37 -1.51 Hasbro HAS 95.83 -1.65 PaloAltoNtwks PANW 360.78 -3.84 1st Source SRCE 2.7 .29 /.28 Q Feb12 /Feb02 LuminarTech LAZR 37.45 3.45 Aptargroup ATR 139.57 1.38 CanNtlRlwy CNI 107.99 1.37 DominionEner D 73.56 1.27 HealthcareAmer HTA 28.97 -0.05 ParkerHannifin PH 269.77 -5.40 BlackRock BLK 2.3 4.13 /3.63 Q Mar23 /Mar05 Lyft LYFT 47.14 -0.67 Aptiv APTV 139.01 -0.48 CanNaturalRes CNQ 24.49 0.15 Domino's DPZ 378.49 -1.88 HealthpeakProp PEAK 30.39 0.21 Paychex PAYX 86.96 0.09 CMS Energy CMS 2.9 .435 /.4075 Q Feb26 /Feb05 LyondellBasell LYB 89.98 -1.50 Aramark ARMK 35.65 0.19 CanPacRlwy CP 344.46 5.20 DoorDash DASH 191.81 -0.19 Heico HEI 126.34 -2.36 PaycomSoftware PAYC 410.22 0.42 Consolidated Edison ED 4.4 .775 /.765 Q Mar15 /Feb17 ArcelorMittal MT 21.99 -0.44 Canon CAJ 21.48 0.31 Dover DOV 125.07 -0.25 Heico A HEI.A 113.34 -0.31 M N Paylocity PCTY 198.29 -3.29 Heartland Financial USA HTLF 1.9 .22 /.20 Q Feb26 /Feb12 ArchCapital ACGL 33.37 0.06 CanopyGrowth CGC 32.91 -0.89 Dow DOW 57.23 -0.27 HenrySchein HSIC 69.31 0.18 PayPal PYPL 247.75 -4.25 Intel INTC 2.5 .3475 /.33 Q Mar01 /Feb07 ArcherDaniels ADM 53.09 0.27 DrReddy'sLab RDY M&T Bank MTB 140.04 -3.12 CapitalOne COF 102.53 -2.81 69.34 0.51 Hershey HSY 147.53 -0.67 Pegasystems PEGA137.25 -6.09 JB Hunt Transport JBHT 0.8 .28 /.27 Q Feb19 /Feb05 AresMgmt ARES 45.18 -0.10 CardinalHealth CAH 55.03 -0.36 DraftKings DKNG 51.29 -1.24 Hess HES 58.05 -1.88 MGMGrowthProp MGP 31.55 0.25 Peloton PTON 157.14 -2.61 National Bank Holdings NBHC 2.4 .21 /.20 Q Mar15 /Feb26 s arGEN-X ARGX 315.33 4.35 Carlisle CSL 153.29 0.67 Dropbox DBX 22.02 -0.14 HewlettPackard HPE 12.30 0.16 MGM Resorts MGM 29.98 -1.41 PembinaPipeline PBA 27.38 -0.39 Oak Valley Bancorp OVLY 1.8 .145 /.14 SA Feb12 /Feb01 AristaNetworks ANET 307.69 -3.52 Carlyle CG 33.01 -0.39 DukeEnergy DUK 92.91 2.62 HighwoodsProp HIW 39.51 -0.18 s MinisoGroup MNSO 33.99 3.61 s PennNational PENN 104.03 -5.38 WEC ArrowElec ARW 104.91 0.02 CarMax KMX 120.96 2.32 DukeRealty DRE 40.09 -0.15 Hilton HLT 105.12 0.16 MKS Instrum MKSI 183.84 -1.16 Pentair PNR 57.34 -0.64 WEC Energy Group 3.0 .6775 /.6325 Q Mar01 /Feb14 ArrowheadPharm ARWR 84.13 2.06 Carnival CCL 19.22 -1.00 Dun&Bradstreet DNB 24.59 -0.17 Hologic HOLX 76.34 0.64 MPLX MPLX 23.65 0.65 s Penumbra PEN 255.94 11.90 Reduced AscendisPharma ASND 158.89 -1.77 Carnival CUK 16.45 -1.06 DuPont DD 81.35 0.26 HomeDepot HD 285.08 1.08 MSCI MSCI 403.49 -8.39 PepsiCo PEP 140.18 1.59 AspenTech AZPN 142.17 -0.21 CarrierGlobal CARR 38.89 -0.62 Dynatrace DT 44.39 -0.68 HondaMotor HMC 27.24 -0.35 MagellanMid MMP 45.33 -0.51 PerkinElmer PKI 151.05 -0.86 Dorchester Minerals DMLP 10.1 .2423 /.32561 Q Feb11 /Feb01 Assurant AIZ 132.73 -2.17 Carvana CVNA 272.81 -0.66 ENI E 20.46 -0.49 Honeywell HON 201.87 -0.38 MagnaIntl MGA 75.80 -0.20 PetcoHealth WOOF 27.00 0.93 RiverNorth Spec Pfd. A RMPLp 5.8 .36719 /.3672 Q Feb16 /Feb02 AstraZeneca AZN 54.01 0.76 Catalent CTLT 115.73 -1.09 EOG Rscs EOG 55.20 0.34 HorizonTherap HZNP 78.51 0.78 ManulifeFin MFC 18.78 -0.18 PetroChina PTR 31.92 -0.79 Athene ATH 42.71 -0.58 Caterpillar CAT 187.34 -4.60 EPAM Systems EPAM 354.15 -5.54 HormelFoods HRL 47.04 1.63 MarathonPetrol MPC 46.23 0.48 PetroleoBrasil PBR 10.09 -0.10 Stocks Atlassian TEAM 231.08 -4.37 Celanese CE 128.38 -3.02 s EastWestBncp EWBC 63.05 0.65 DR Horton DHI 78.97 1.26 MaravaiLifeSci MRVI 31.57 0.28 PetroleoBrasilA PBR.A 9.82 -0.07 Guaranty Bancshares GNTY 2.3 10.00% Feb12 /Feb05 AtmosEnergy ATO 90.44 1.35 Cemex CX 6.20 -0.04 EastmanChem EMN 104.70 -1.52 HostHotels HST 13.89 -0.53 Markel MKL 989.95 -3.85 Pfizer PFE 37.28 0.73 Autodesk ADSK 293.64 -5.53 CenovusEnergy CVE 5.93 0.05 Eaton ETN 121.82 -2.61 HowmetAerospace HWM 25.83 -0.93 MarketAxess MKTX 509.35 -0.35 PhilipMorris PM 81.34 0.66 Foreign s Autohome ATHM 111.40 1.03 Centene CNC 60.93 -0.58 EatonVance EV 70.29 -0.99 HuanengPower HNP 14.72 -0.40 Marriott MAR 119.62 -3.28 Phillips66 PSX 72.08 -0.47 ASML Holding ASML 0.4 1.88635 SA May12 /May04 ADP ADP 163.68 1.70 CenterPointEner CNP 21.67 0.23 eBay EBAY 57.25 0.79 Huazhu HTHT 46.48 -1.52 Marsh&McLen MMC 112.03 0.51 s Pinduoduo PDD 180.43 8.54 Capital Product Partners CPLP 4.4 .10 Q Feb10 /Feb02 AutoZone AZO 1196.04 -31.12 Ecolab ECL 211.26 -1.13 Hubbell HUBB MartinMarietta MLM 308.00 -1.60 PinnacleWest PNW CentraisElBras EBR 4.95 -0.66 164.09 -2.34 78.36 1.27 Dynagas LNG 9% Pfd. A DLNGpA 9.3 .5625 Q Feb12 /Feb05 Avalara AVLR 161.25 -2.66 CeridianHCM CDAY 101.21 -3.93 Ecopetrol EC 12.99 -0.43 HubSpot HUBS 384.25 -9.23 MarvellTech MRVL 54.43 1.81 Pinterest PINS 73.37 0.29 Seagate Technology STX 4.4 .67 Q Apr07 /Mar24 Avalonbay AVB 166.61 1.88 Cerner CERN 80.50 0.60 EdisonInt EIX 59.40 0.10 Humana HUM 404.00 -1.18 Masco MAS 57.62 0.10 PioneerNatRscs PXD 129.33 -1.83 SCCO Q Avangrid AGR 46.97 0.58 CharlesRiverLabs CRL 273.54 -6.64 EdwardsLife EW 85.89 0.37 JBHunt JBHT 146.74 0.60 Masimo MASI 257.09 -6.59 PlainsAllAmPipe PAA 9.03 -0.07 Southern Copper 3.4 .60 Feb24 /Feb10 s Avantor AVTR 30.69 0.17 CharterComms CHTR 652.17 5.48 ElancoAnimal ELAN 29.95 -0.51 HuntingtonBcshs HBAN 13.48 -0.36 Mastercard MA 329.19 0.20 t Playtika PLTK 30.29 0.05 Special AveryDennison AVY 155.93 -0.75 CheckPoint CHKP 130.04 0.64 Elastic ESTC 164.60 -4.48 IAA IAA 58.42 -1.89 MaximIntProducts MXIM 92.44 -1.18 PlugPower PLUG 65.72 -1.15 CLDB s AxonEnterprise AAXN 174.54 4.28 Chegg CHGG 95.82 -1.05 s ElectronicArts EA 146.30 0.30 ICICI Bank IBN 14.80 -0.17 McAfee MCFE 19.29 0.10 Pool POOL 368.94 -0.37 Cortland Bancorp 3.0 .05 Mar01 /Feb10 BCE BCE 43.32 0.29 s Chemed CHE 556.02 7.85 EmersonElec EMR 82.48 -1.25 IdexxLab IDXX 489.21 -3.65 McCormick MKC 94.55 2.68 PrincipalFin PFG 53.04 -0.42 BHP Group BHP 71.21 -0.58 CheniereEnergy LNG 64.93 -1.07 Enbridge ENB 34.58 -0.08 IHS Markit INFO 87.60 -0.49 McCormickVtg MKC.V 94.16 2.16 Procter&Gamble PG 132.24 2.24 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: BHP Group BBL 57.70 -0.57 CheniereEnerPtrs CQP 38.70 -0.18 s EncompassHealth EHC 85.70 -1.71 s II-VI IIVI 91.49 -2.38 McDonalds MCD 213.34 -0.04 Progressive PGR 92.42 0.11 spin-off.

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Entegris ENTG 114.00 -3.3 HavertyFurn HVT 35.95 0.7 Lazydays LAZY 21.35 4.3 NomadFoods NOMD 26.74 2.7 Roman DBDR A DBDR 10.75 2.2 360DigiTech QFIN 18.38 2.6 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American Entravision EVC 3.30 -3.4 HealthAssurance HAACU 13.30 -1.2 LefterisAcqn LFTRU 12.86 -0.9 Nordstrom JWN 42.14 1.7 RothCHAcqnI ROCH 20.22 -2.2 TitanMedical TMDI 3.47 17.1 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest EnvivaPartners EVA 49.46 -1.2 HealthCatalyst HCAT 52.41 -1.2 LegatoMerger LEGOU 10.65 1.5 NorthAtlAcqn NAACU 10.86 1.2 RothCHAcqnII ROCCU 11.47 -0.3 Toll Bros TOL 52.75 1.0 session. %CHG-Daily percentage change from the previous trading session. EpiphanyTech EPHYU 11.37 -0.5 HealthcareCap HCCCU 10.44 0.2 LeMaitreVascular LMAT 47.06 2.9 NorthMountainUn NMMCU 12.12 0.1 RothCH II Wt ROCCW 2.40 15.0 TopBuild BLD 222.71 -1.5 EsquireFinancial ESQ 26.79 -2.2 HlthcrSvcs HCARU 11.00 2.1 Lennar A LEN 87.57 2.4 NorthernGenesisII NGAB.U 12.50 0.9 RushEnt A RUSHA 47.35-2.2 TorchlightEner TRCH 2.15 21.2 Monday, January 25, 2021 EthanAllen ETH 25.17 -0.8 HlthcrSvcsA HCAR 10.52 2.6 LeoHoldingsII LHC.U 10.79 0.8 NorthernTechsIntl NTIC 15.00 1.4 RushEnt B RUSHB 43.48 -2.8 Tortoise II A SNPR 13.89 -3.6 EucratesBio EUCRU 10.95 -0.7 HelenofTroy HELE 245.91 4.3 Leslie's LESL 31.35 3.7 Novanta NOVT 135.58 -2.5 SCP&COHlthcr SHACU 10.65 -0.8 TortoiseAcqnII SNPR.U 14.65 -3.3 52-Wk % 52-Wk % 52-Wk % EuropeanSustGrw EUSGU 11.42 -0.1 HennessyCapV HCICU 13.30 -3.2 LevelOnePfdB LEVLP 29.54 10.0 OcaAcqn OCAXU 10.60 -0.3 SCVX SCVX.U 11.86 2.4 ToughBuiltWt TBLTW 0.79 18.9 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Euroseas ESEA 8.20 -1.9 HercHoldings HRI 72.96 -3.2 LibertyMediaAcqn LMACU 14.13 2.0 ODP ODP 48.12 -0.1 SCVX Wt SCVX.WS 2.10 3.1 Transalta TAC 9.09 0.1 Evogene EVGN 7.30 7.7 HibbettSports HIBB 60.38 0.8 LifeStorage LSI 125.23 1.4 OceanPwrTech OPTT 7.30 4.3 SI-BONE SIBN 32.24 3.2 Transcat TRNS 37.65 -0.9 Babcock&Wilcox BW 6.772.9 Cheesecake CAKE 47.59 6.2 EvolentHealth EVH 19.40 3.1 HighCapeCap CAPAU 11.99 1.9 LifetimeBrands LCUT 16.50 1.8 Omnicell OMCL 127.82 3.3 Safehold SAFE 78.47 1.5 TrebiaAcqn TREB.U 12.87 5.0 Highs Bally's BALY 58.00 4.2 Chemed CHE 556.78 1.4 ExactSciences EXAS 159.54 2.6 HolicityUn HOLUU 11.00 0.1 LigandPharm LGND 167.32 9.4 Omnichannel OCA.U 11.55 0.6 SailPointTechs SAIL 61.50 -2.4 TrebiaAcquisition TREB 11.99 3.3 BankOZK OZK 37.09 1.9 ChemoCentryx CCXI 67.43 0.7 ExOne XONE 27.46 9.0 HorizonAcqn HZAC.U 11.94 0.6 Lightbridge LTBR 9.31 23.0 OmnichannelWt OCA.WS 2.10 -3.9 SandbridgeAcqnA SBG 10.60 -0.3 TrepontAcqnI TACA.U 11.39 0.9 AAON AAON 73.90 0.8 BankofAmPfdE BACpE 25.50 ... Children'sPlace PLCE 72.97 11.1 eXpWorld EXPI 112.38 6.0 HorizonAcqnA HZAC 11.20 0.2 EliLilly LLY 212.53 3.0 OmnichannelA OCA 10.54 1.9 SandySpringBncp SASR 36.91 0.9 Trex TREX 104.35 0.3 AconS2AcqnA STWO 11.44 2.1 BankofAmNt66 MERpK 27.42 0.4 Chipotle CMG 1510.19 -0.5 FARO Tech FARO 78.171.5 HorizonTechFin HRZN 13.81 -0.6 LincolnElectric LECO 125.24 -1.6 OncoCyte OCX 6.13 22.9 ScienceApplicat SAIC 103.28 0.6 TriPointe TPH 21.85 -0.3 AEA-BridgesA IMPX 11.25 -0.8 BassettFurniture BSET 25.98 1.2 ChurchillCapIV CCIV.U 29.37 13.9 F5Networks FFIV 211.01 1.4 Hovnanian HOV 45.00 2.2 Lindsay LNN 153.17 -2.5 one AONE.U 12.45 -0.3 ScottsMiracleGro SMG 237.68 -0.1 TribunePub TPCO 15.87 -2.3 AEA-BridgesWt IMPX.WS 2.30 2.4 BeazerHomes BZH 20.50 -1.2 ChurchillCapIVWt CCIV.WS 11.30 4.4 FGNewAmericaA FGNA 11.32 -0.1 HovnanianPfdA HOVNP 10.00 6.4 LionheartAcqnII LCAP 10.75 -0.1 oneA AONE 11.41 ... Sea SE 240.44 -3.3 TrinityIndustries TRN 28.99 1.9 AEA-Bridges IMPX.U 12.41 -0.2 BedBath BBBY 47.73 1.6 ChurchillCapIV CCIV 27.30 11.6 FGNewAmericaWt FGNA.WS 3.00 2.4 Hydrofarm HYFM 85.00 4.8 LionsGate B LGF.B 13.37 8.0 1-800-FLOWERS FLWS 34.24 5.0 SeaportGlb SGAMU 11.03 0.7 TriumphBancorp TBK 60.94 1.4 AMC Networks AMCX 58.33 10.2 BeiGene BGNE 382.20 0.6 Chuy's CHUY 37.03 2.3 FG NewAmerica FGNA.U 12.50 0.4 HysterYaleMatls HY 97.94 7.8 LionsGate A LGF.A 14.73 8.9 OneEquityPtrsI OEPWU 10.58 1.2 SeelosTherap SEEL 3.20 2.7 TriumphBncpPfdC TBKCP 27.80 1.1 Amcon DIT 137.99 8.6 BetterWorldAcqn BWACU 12.69 1.3 CleanEnerFuels CLNE 12.65 10.5 FarPeakAcqn FPAC.U 11.63 0.4 IDT IDT 14.90 -1.6 LithiaMotors LAD 353.46 0.3 111 YI 15.00 -0.3 Semtech SMTC 83.94 -0.8 Tronox TROX 17.30 -2.9 AXT AXTI 12.65 -1.1 BetterWorldWt BWACW 1.99 11.2 Clearfield CLFD 36.77 6.7 FarPeakAcqnWt FPAC.WS 2.74 -1.7 IEC Elec IEC 17.98 4.9 LiveOakAcqnII LOKB.U 12.27 2.7 OntoInnovation ONTO 59.87 0.2 SesenBio SESN 1.98 12.1 21 Vianet VNET 43.80 1.3 Azek AZEK 43.21 1.8 BetterWorld BWAC 10.69 1.5 ClearPtNeuro CLPT 24.66 3.4 FarPeakAcqnA FPAC 10.82 1.9 IG Acqn Wt IGACW 2.02 -1.6 LivePerson LPSN 68.83 -0.4 OptimizeRx OPRX 48.38 4.2 SevenOaksAcqnUn SVOKU 11.17 0.3 26CapAcqn ADERU 11.04 2.0 AbbottLabs ABT 115.40 1.7 Big5SportingGds BGFV 14.00 3.4 ClimateChgI CLII.U 27.01 -12.8 FarmlandPtrs FPI 11.94 7.7 IG Acqn IGACU 11.82 -0.1 LogitechIntl LOGI 105.97 0.4 OramedPharms ORMP 7.43 23.9 ShakeShack SHAK 117.37 -0.6 Twilio TWLO 404.27 -3.1 Abercrombie&Fitch ANF 25.84 0.4 Bilibili BILI 144.46 0.4 CohnRobbinsA CRHC 11.27 1.4 Fathom FTHM 44.85 0.8 II-VI 6% Pfd IIVIP 389.37 -1.9 LouisianaPacific LPX 41.20 1.4 OrbitalEnergy OEG 8.70 59.0 SharpSpring SHSP 25.00 12.2 UltraClean UCTT 44.39 -1.5 AcademySports ASO 24.95 5.5 BionanoGenom BNGO 13.65 28.4 CohnRobbinsWt CRHC.WS 2.65 12.6 FidusNts2024 FDUSZ 27.85 0.8 II-VI IIVI 96.23 -2.5 Lovesac LOVE 61.46 1.4 OysterEnts OSTRU 10.29 0.3 Shyft SHYF 32.36 -1.4 UniqueFabricating UFAB 7.46 2.8 AddusHomeCare ADUS 128.54 -0.3 BionanoGenomWt BNGOW 11.82 21.4 CohnRobbins CRHC.U 12.12 2.4 FiestaRestaurant FRGI 16.05 2.0 IonAcqn1 A IACA 17.20 14.5 LuminarTechWt LAZRW 25.40 18.6 PMV Consumer PMVC 10.47 -1.5 SignatureBank SBNY 164.25 2.4 UnitedMicro UMC 10.61 -0.7 AditEdTech ADEX.U 10.55 1.0 BlackBerry BB 20.83 28.4 Cohu COHU 49.63 -2.6 FinTechAcqnIV FTIVU 13.99 1.9 IonAcqn1Wt IACA.WS 6.20 28.4 LuxHlthTech LUXAU 12.20 2.6 PMV Consumer PMVC.U 11.03 -0.9 SilvergateCapital SI 87.94 12.7 UnitedNatFoods UNFI 32.14 12.4 AdtalemGlbEduc 39.73 0.6 ATGE Blackstone BX 66.09 -0.1 CommScope COMM 15.52 1.8 FinTechAcqnV FTCVU 11.55 ... IonAcqn1 IACA.U 18.25 18.4 MDC Holdings MDC 58.04 -0.7 PTC PTC 132.83 ... SiteOneLandscape SITE 179.04 -4.3 US Antimony UAMY 1.02 10.7 AdvanSix 24.93 2.1 ASIX BloomEnergy BE 42.19 -4.2 CommBkSys CBU 70.62 -3.7 FirstFinBkshs FFIN 41.04 -1.0 IZEA IZEA 7.45 48.8 MGP Ingredients MGPI 58.52 2.7 PalantirTech PLTR 39.58 11.2 Skillz SKLZ 30.37 2.2 UnivElectro UEIC 60.86 -0.1 Aemetis AMTX 11.00 100.0 BluescapeOpps BOAC.U 13.29 2.4 CommVaultSys CVLT 60.35 -0.7 FirstMajestic AG 14.91 -0.4 icad ICAD 15.49 -3.4 MI Homes MHO 55.18 1.8 ParkCity PCYG 6.78 14.9 Skyworks SWKS 170.69 2.7 UpFintech TIGR 20.09 -1.6 AeroVironment AVAV 143.72 0.7 BootBarn BOOT 62.31 2.5 ConcordAcqn CND.U 11.06 0.7 FirstSolar FSLR 112.50 -1.6 IdealPower IPWR 20.89 48.1 MinisoGroup MNSO 34.99 11.9 PennNational PENN 111.02 -4.9 SleepNumber SNBR 108.11 1.0 Upstart UPST 72.67 4.5 Agilysys AGYS 48.73 7.8 BoozAllen BAH 98.30 1.7 Conformis CFMS 1.49 -5.7 Flex FLEX 20.04 -1.5 Illumina ILMN 425.71 3.6 MSA Safety MSA 165.63 0.2 Penumbra PEN 284.93 4.9 SocialCapHedIV A IPOD 18.31 -7.6 Upwork UPWK 45.64 6.7 Airbnb ABNB 192.47 -2.4 BostonOmaha BOMN 30.63 5.5 ContainerStore TCS 14.56 5.8 FlexShopper FPAY 3.66 4.4 Immersion IMMR 15.45 8.4 MakeMyTrip MMYT 33.33 -0.7 Perficient PRFT 54.27 2.4 SoftwareII A SAII 10.88 2.2 VG Acqn A VGAC 15.30 1.0 AjaxI AJAX.U 14.25 -3.6 BowXAcqnWt BOWXW 2.54 -8.3 ContextLogic WISH 29.37 3.6 Flexsteel FLXS 38.52 1.7 Immunome IMNM 17.95 21.6 MalaccaStraits MLACU 11.00 1.6 PeridotAcqnA PDAC 13.50 2.3 SolitarioZinc XPL 0.90 2.6 VG Acqn Wt VGAC.WS 4.20 4.1 AkoustisTechs AKTS 17.96 10.5 BoydGaming BYD 50.77 -2.3 ConversionLabs CVLB 14.43 16.2 FoleyTrasimene WPF.U 15.72 -8.9 Impinj PI 63.29 0.8 MalaccaStraitsAcqn MLAC 10.46 1.5 PeridotAcqnWt PDAC.WS 3.97 11.9 Sonos SONO 28.85 -2.5 VG Acqn VGAC.U 16.40 2.5 Albertsons ACI 19.28 6.8 BridgelineDigital BLIN 3.78 1.7 Coresite COR 133.84 2.5 FoleyTrasimeneA WPF 14.51 0.7 InariMedical NARI 109.54 1.6 MallardAcqnA MACU 10.48 2.2 PeridotAcqn PDAC.U 15.58 1.1 SpartanAcqnII SPRQ.U 18.71 23.0 ViaOptronics VIAO 15.57 0.8 Alcon ALC 75.61 1.1 BrightLights BLTSU 10.79 1.3 CornerGrowthAcqn COOLU 10.95 0.6 FoleyTrasimeneWt WPF.WS 4.33 -11.1 InglesMarkets IMKTA 45.75 1.9 Manitex MNTX 6.47 -2.7 PetraAcqn PAICU 12.04 -2.0 Spartan II Wt SPRQ.WS 4.21 24.6 VaronisSystems VRNS 189.44 -1.7 AlexionPharm ALXN 161.75 1.0 BrinkerIntl EAT 67.53 1.5 Covetrus CVET 40.03 -2.3 FoleyTrasimII BFT.U 21.99 -1.3 InnovativeIndProp IIPR 206.45 -0.2 Marcus&Millichap MMI 40.18 -1.1 PiedmontLith PLL 55.50 14.8 Spartan II A SPRQ 16.66 21.3 VectoIQ II VTIQU 11.99 -1.1 AlgonquinPwr AQN 17.63 1.6 Broadcom AVGO 470.00 ... CrucibleAcqn CRU.U 11.72 3.2 FoleyTras II A BFT 19.57 -5.8 Inseego INSG 21.93 6.9 MarineMax HZO 46.72 -0.5 Pinduoduo PDD 195.11 5.0 SpringValleyAcqn SVSVU 12.49 0.5 VectorAcqnWt VACQW 2.24 -1.1 AllianceBernstein AB 37.00 1.6 Broadwind BWEN 12.89 24.5 DanimerSciWt DNMR.WS 25.00 15.2 FootLocker FL 49.35 -0.7 InsightEnt NSIT 84.21 ... MasTec MTZ 83.20-2.9 PinnacleFinPtrs PNFP 73.45 ... SpringValleyWt SVSVW 2.27 4.5 VeecoInstr VECO 21.34 -0.7 AllscriptsHlthcr MDRX 17.32 0.1 Brooks Auto BRKS 86.05 -3.5 DanimerScientific DNMR 45.59 8.0 FortressValueII FAII.U 13.03 2.1 Insmed INSM 43.94 4.4 MasterCraftBoat MCFT 29.92 -1.5 PioneerPwrSols PPSI 11.50 6.7 SpringValleyA SV 11.65 -0.2 VentouxCCMAcqn VTAQU 10.64 0.2 AlnylamPharm ALNY 176.78 1.9 Bruker BRKR 61.41 -1.2 DaqoNewEnergy DQ 109.77 -0.7 FortressValueII FAII 12.42 1.3 inTEST INTT 7.90 5.3 Medallia MDLA 41.76 5.2 PolarPower POLA 30.82 16.0 SpringWorks SWTX 89.13 -1.6 Vericel VCEL 43.87 5.8 Alpha&OmegaSem AOSL 31.94 -0.6 Brunswick BC 94.32 ... DarioHealth DRIO 23.95 4.9 FortressValueIII FVT.U 11.76 -0.3 Intricon IIN 20.82 -1.6 Medifast MED 240.60 8.7 Polaris PII 123.78 0.6 SproutSocial SPT 70.96 -1.7 VerintSystems VRNT 75.83 4.8 AlphaHlthcrAcqnUn AHACU 11.08 0.6 Buckle BKE 35.51 2.2 DataIO DAIO 5.54 1.3 FortBrandsHome FBHS 93.40 -1.2 IonisPharma IONS 63.79 3.3 MeritMedical MMSI 58.81 0.7 Pontem PNTM.U 10.74 0.9 StaarSurgical STAA 92.88 -1.8 Veritone VERI 45.00 ... Alphatec ATEC 15.10 0.7 BurgundyTechAcqnUn BTAQU 13.55 2.8 Decarbonization DCRBU 17.88 2.2 Franchise FRG 35.17 5.8 IridiumComm IRDM 51.12 ... MethodeElec MEI 43.11 -3.6 PotlatchDelt PCH 53.82 -0.8 StarboardValueA SVAC 11.54 -0.1 ViacomCBS A VIACA 51.35 4.0 ViacomCBS B 51.29 4.7 Altabancorp ALTA 34.00 2.4 BurgundyTechWt BTAQW 3.57 3.6 DecarbonizaPlusA DCRB 14.54 1.5 Freshpet FRPT 153.44 -1.0 iRobot IRBT 154.75 17.1 MillerIndustries MLR 42.75 0.3 ProfoundMed PROF 27.20 2.9 StarboardValue SVACU 11.70 -0.6 VIAC VickersVantageI VCKAU 10.67 0.6 AltitudeAcqn ALTUU 10.94 1.6 BurgundyTechA BTAQ 11.90 3.0 DecarbonizPlusWt DCRBW 4.24 5.6 frontdoor FTDR 58.27 -0.1 IronMountain IRM 35.55 6.5 MingZhuLogistics YGMZ 29.00 54.8 PropTechInvII PTICU 11.00 0.2 StitchFix SFIX 104.87 -1.4 VistaOutdoor VSTO 31.48 -0.2 AlussaEnergyWt ALUS.WS 1.90 0.4 CCNeubergerII PRPB.U 11.62 1.0 DelekLogistics DKL 39.75 3.5 FullHouse FLL 6.25 12.0 iSun ISUN 32.24 3.0 MohawkGroup MWK 27.80 -4.0 ProtoLabs PRLB 213.40 7.7 Stratasys SSYS 41.15 4.8 VistaGenTherap VTGN 2.94 15.4 Ambarella AMBA 114.50 -6.7 CCNeubergerII PRPB 10.95 0.8 Denbury DEN 32.95 4.3 Futu FUTU 131.71 2.4 JD.com JD 101.68 3.7 MonolithicPower MPWR 406.75 -1.4 PulseBiosciences PLSE 36.00 18.0 SummitStateBk SSBI 17.50 1.8 VoceraComm VCRA 48.14 -1.0 Amedisys AMED 325.12 0.2 CEVA CEVA 73.37 -2.5 DermTech DMTK 47.08 6.0 GDS Holdings GDS 115.65 -1.1 JMPGroup6.875%SrNt JMPNZ 24.48 -0.9 MontesArchimedes MAACU 12.00 1.8 PulteGroup PHM 50.23 0.2 SumoLogic SUMO 36.46 5.9 VolitionRX VNRX 5.36 12.1 AmerEagle AEO 25.46 -1.9 CF Acqn IV CFIVU 11.15 ... DesktopMetal DM 28.54 4.7 GS Acqn II Wt GSAH.WS 4.20 2.8 JackCreekInvt JCICU 10.67 0.9 MontesArchA MAAC 10.87 0.4 PurpleInnovation PRPL 41.08 2.9 SunOpta STKL 14.02 7.2 voxeljet VJET 18.90 -8.2 AmericasTechAcqn ATA.U 11.00 1.7 CimComm CMCT 17.29 -1.7 DesktopMetalWt DM.WS 15.92 8.0 GSE Systems GVP 2.23 9.9 JackintheBox JACK 104.39 -0.6 MotiveCapital MOTV.U 11.42 0.6 Q2Holdings QTWO 142.76 -0.8 SunPower SPWR 54.99 0.3 Vuzix VUZI 15.40 19.8 AntaresPharma ATRS 4.65 0.1 CITICCapAcqn CCAC.U 12.56 3.1 Dick's DKS 72.78 0.7 GTY Tech GTYH 7.40 5.8 JazzPharma JAZZ 171.77 1.4 MountainCrestRt MCACR 1.18 1.8 Qualys QLYS 134.56 4.1 Sunworks SUNW 29.37 6.4 VyGlblGrowthA VYGG 11.50 -1.1 APi Group APG 18.97 0.4 CITICCapAcqnWt CCAC.WS 2.42 20.0 DigitalTurbine APPS 70.40 -4.8 GWPharm GWPH 144.94 1.2 J&J JNJ 166.09 1.5 MudrickCapII MUDSU 10.80 -1.0 QueensGambit GMBTU 11.59 0.7 SuperMicroComp SMCI 35.08 1.4 VyGlblGrowth VYGG.U 11.86 -2.1 ApolloStratGrA APSG 11.40 0.5 CITICCapAcqnA CCAC 11.35 1.4 Dillard's DDS 96.78 9.2 GameStop GME 159.18 18.1 Joint JYNT 30.48 0.4 MustangBio MBIO 5.22 -7.2 QuestResource QRHC 2.94 -3.7 SuperiorDrilling SDPI 1.08 1.5 Waters WAT 276.76 -0.1 ApolloStratGrWt APSG.WS 2.85 19.2 CMLifeSciA CMLF 13.52 2.0 DiscoveryA DISCA 40.23 4.0 GatesIndustrial GTES 15.28 ... JounceTherap JNCE 13.19 4.7 NIC EGOV 30.81 -1.6 RENN Fund RCG 2.12 -1.2 SupernusPharms SUPN 30.66 2.2 Watsco WSO 259.65 1.8 ApolloStratGr APSG.U 12.31 0.4 CM Life CMLFU 14.54 3.3 DiscoveryC DISCK 34.90 3.9 Generac GNRC 287.55 -3.1 JumiaTech JMIA 60.67 3.2 NRG Energy NRG 42.95 1.0 RLX Tech RLX 35.00 -3.0 SwitchbackII SWBK.U 13.47 -0.2 Whirlpool WHR 210.78 2.4 Appian APPN 223.95 -8.5 Conx CONXU 11.13 -0.2 DixieGroup DXYN 3.65 -1.4 GenesisParkAcqnUn GNPK.U 11.91 -1.4 JuniperIndustrial JIH.U 14.55 3.9 NVR NVR 4545.00 1.2 RMGAcqnII RMGBU 12.01 1.0 Systemax SYX 40.86 -1.8 Willdan WLDN 51.28 -0.3 Apple AAPL 145.09 2.8 CONXWt CONXW 2.23 3.7 dMYTechIIIA DMYI 12.58 0.7 Gevo GEVO 14.50 26.0 JuniperIndlA JIH 13.16 2.8 NanoDimension NNDM 17.86 15.8 R1RCM RCM 27.22 0.1 Telus TU 21.15 1.4 Williams-Sonoma WSM 146.90 0.2 AppliedMolecular AMTI 40.00 2.2 CalAmp CAMP 11.98 1.8 Domo DOMO 76.86 -3.1 GigaMedia GIGM 4.29 7.2 JuniperIndlWt JIH.WS 3.15 4.5 NanoXImaging NNOX 72.97 0.7 RadaElectronic RADA 11.60 -0.4 TFI Intl TFII 67.73 31.7 Yalla YALA 24.78 32.5 AquaMetals AQMS 6.10 23.2 Calix CALX 36.94 2.5 DragoneerGrwA DGNR 15.48 1.4 GilatSatellite GILT 13.99 19.8 KB Home KBH 43.50 1.1 NanoStringTech NSTG 81.63 -2.4 Ranpak PACK 21.21 8.9 TPIComposites TPIC 73.85 -0.6 YellowstoneAcqn YSACU 11.08 -0.5 AquaBountyTech AQB 13.32 1.1 CallawayGolf ELY 30.70 -0.2 DuckCreekTech DCT 52.73 3.9 GladstonePfdB LANDO 25.68 0.9 KinsTech KINZU 10.88 ... NationalBeverage FIZZ 140.00 13.2 Rayonier RYN 33.17 -0.1 TS Innovation TSIAU 21.75 42.2 YellowstoneAcqnA YSAC 10.93 5.8 arGEN-X ARGX 317.02 1.4 Calyxt CLXT 10.45 18.6 EDAP TMS EDAP 8.66 7.2 GladstonePfdD LANDM 25.99 0.4 KL Acqn KLAQU 10.60 0.5 NatrlOrderAcqn NOACU 14.00 3.4 RealNetworks RNWK 2.56 18.7 TSInnovA TSIA 19.70 44.8 Yield10Bio YTEN 18.93 3.1 AtHomeGroup HOME 28.44 0.6 CambiumNtwks CMBM 36.10 -1.2 E.MergeTech ETACU 11.80 -1.2 GladstoneLand LAND 16.96 3.0 KVH Inds KVHI 13.48 4.3 NavSightA NSH 10.71 ... RechargeAcqnA RCHG 10.69 -0.7 TSInnovWt TSIAW 6.36 102.8 YucaipaAcqnA YAC 10.72 -1.1 AtlStreetAcqn ASAQ.U 11.24 0.6 CanadianSolar CSIQ 67.39 -3.9 E.MergeTechWt ETACW 2.63 -3.1 GlobalPtrII GPACU 10.72 -0.9 Kaleyra KLR 16.40 6.5 NescoWt NSCO.WS 1.20 4.5 ReinventTechA RTP 14.18 -3.6 TWC Tech II A TWCT 11.75 -0.3 YunhongIntlRt ZGYHR 0.44 -4.2 AtlStreetAcqn ASAQ 10.51 -0.1 CapitolInvV Wt CAP.WS 2.00 -7.4 E.MergeTechA ETAC 11.00 -1.6 GlobisAcqn GLAQU 10.88 2.0 KaleyraWt KLR.WS 5.69 13.2 NetEase NTES 128.38 6.4 ReinventTechPtrs RTP.U 15.15 -4.0 TWC Tech II 13.14 1.7 TWCTU ZaniteAcqn ZNTEU 16.20 1.4 AtlanticaSust AY 48.49 -0.9 CapitolInvtV CAP.U 10.89 -0.7 ENDRA LifeWt NDRAW 0.64 23.1 Gogo GOGO 15.70 18.2 KenonHoldings KEN 31.44 1.6 NetScout NTCT 30.97 1.2 RekorSystems REKR 13.70 5.5 TZP Strategies TZPSU 10.45 1.0 ZaniteAcqnWt ZNTEW 4.24 6.9 AtlasCrestInvt ACIC.U 11.47 2.5 CarLotz LOTZ 12.90 -2.3 ENDRA LifeSci NDRA 2.85 15.5 GreenPlains 19.95 0.2 KimballElec 21.18 12.0 NetSolTech 4.89 18.2 RenalytixAI 28.80 9.3 GPRE KE NTWK RNLX TailwindAcqnA TWND 11.05 1.9 ZaniteAcqnA ZNTE 14.40 -0.7 AuriniaPharm AUPH 20.50 26.0 CarneyTechII CTAQU 10.95 -0.3 Eargo EAR 63.70 -1.0 GreencityAcqnWt GRCYW 1.00 21.9 KingsoftCloud KC 58.52 ... NewRelic NEWR 80.80 0.4 Renasant RNST 38.78 0.2 Taitron TAIT 3.72 9.6 Zedge ZDGE 9.50 8.3 Autohome ATHM 112.32 0.9 CarriageSvcs CSV 35.41 1.6 EastRscs ERESU 11.40 -0.8 GreenVisionAcqn GRNV 10.50 -0.2 KintaraTherap KTRA 2.19 9.0 NYTimes A NYT 53.57 7.1 RenewableEnergy REGI 109.98 -0.3 Tanger SKT 15.92 2.6 Zillow C Z 153.00 0.7 AvantiAcqnWt AVAN.WS 2.50 -2.8 13.93 0.7 Cars.com CARS EastRscsAcqnA ERES 10.73 -1.1 GridDynamicsWt GDYNW 4.57 -2.1 Kirkland's KIRK 29.44 -6.7 NewbornAcqn NBACU 29.90 ... RevolutionAccel RAACU 11.44 1.6 TaylorMorrison TMHC 30.81 -0.3 Zillow A ZG 159.16 0.5 AvantorPfdA AVTRpA 97.64 -0.1 CascadeAcqn CAS.U 11.24 2.2 EastWestBncp EWBC 63.36 1.0 GroupNineAcqn GNACU 12.00 6.1 KludeInIAcqn INKAU 10.73 -0.2 NewellBrands NWL 25.59 2.8 Revolve RVLV 38.46 4.7 TejonRanch TRC 16.95 3.1 Zscaler ZS 224.00 -4.5 Avantor AVTR 30.99 0.6 CascadeAcqnA CAS 10.41 1.0 Ebix EBIX 48.30 1.2 HC2 Holdings HCHC 4.75 12.8 Kohl's KSS 47.30 -0.6 NewHoldInvt NHIC 10.57 0.2 RhythmPharm RYTM 41.96-0.8 TeladocHealth TDOC 294.74 9.2 Zumiez ZUMZ 46.29 2.0 Avaya AVYA 24.62 2.6 CascadeAcqnWt CAS.WS 1.80 14.9 EdifyAcqn EACPU 10.50 0.5 HIG Acqn HIGA.U 11.11 0.2 KoninklijkePhil PHG 57.04 2.6 NextEraEnergyUn NEEpO 65.28 2.4 RiceAcqn RICE.U 15.67 3.9 TempurSealy TPX 29.84 -1.5 AvidBioservices CDMO 14.78 3.2 CaseysGenStores CASY 201.00 0.8 EHang EH 99.98 16.0 HPX Un HPX.U 11.76 0.4 Kopin KOPN 6.26 17.2 NextEraEnergyUn NEEpP 55.89 2.9 RiceAcqnWt RICE.WS 3.44 1.3 10xCapVenture VCVCU 12.38 3.9 Lows AvidTechnology AVID 19.25 3.4 CassavaSciences SAVA 15.80 21.8 EksoBionics EKSO 11.10 4.5 HPX A HPX 10.83 1.5 Koss KOSS 6.00 79.6 NextEra6.219%Un NEEpQ 56.22 2.4 RiceAcqnA RICE 14.08 4.3 10XCapVentureA VCVC 11.10 2.2 AxcelisTechs ACLS 40.95 -1.4 CastlightHealth CSLT 1.92 13.6 ElectronicArts EA 150.30 0.2 HPX Wt HPX.WS 1.95 ... 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B10 | Tuesday, January 26, 2021 * THE WALL STREET JOURNAL. BANKING & FINANCE Smart-Lock Maker Latch to Go Public

BY BOWDEYA TWEH go public and large investors agement&Research Co.and use Tishman Speyer’s expertise Mr.Schoenfelder said 2020 AND KONRAD PUTZIER lookingtopartner with them. D1 Capital Partners LP,accord- and connections to help Latch wasLatch’s strongest sales These SPACs, which go public ing to an investor presentation. expand intonew countries and year,helped by the pandemic’s Latch Inc., a maker of smart with no assetsand then merge Thedeal would also be a newbuilding types,such as of- spurring interest in tools such locks and building-management with privatecompanies,raised windfall forTishman Speyer. fices. “Real estatehas been an as contactlessdoor and eleva- software,plans to go public by arecord$82.1 billion in 2020, Thecompany, which owns industrythat has been technol- torcontrols.Latch hasmore merging with aspecial-purpose morethan six times the prior properties including Rockefel- ogy-resistant fordecades,” said than 200employees and was acquisition companybacked by year’s total, according to Dea- ler Center and 200 Park Ave- Mr.Speyer,who will also join last valued at $454 million as areal-estategiant, the latest logicdata. Nearly 300SPACs nue in New York, is set to re- Latch’sboardofdirectors. “It’s of 2019,according to PitchBook startuplooking to use aso- areseeking deals, armed with ceivearoughly 4% stakein hitting this period of massive DataInc.“There’salot of called blank-check vehicle to about $90 billion in cash. Latch, worth around $60 mil- disruption. It’sentrepreneurs spacefor us to expand,” Mr. cash in on strong investor inter- Another tech company, Ta- lion,asdefactopayment for like Luke and companies like Schoenfelder told the Journal, est in tech-enabled businesses. boola.com Ltd., also on Monday sponsoring the SPAC. Latchthat areleading this noting Latch’sproductsare in- Themergerwill uniteven- revealed plans to go public in a Tishman Speyer is at the wave of disruption.” stalled in lessthan 1% of the 47 ture-capital-backed Latchwith SPAC deal. Thecontent-recom- forefront of asmall but grow- Luke Schoenfelder,chief ex- million rental unitsinthe U.S. TS Innovation Acquisitions mendation startup behind those ing group of real-estatecompa- ecutiveofLatch,said the com- Growing is critical to Corp., aspecial-purpose acqui- tempting “around the web” pro- nies getting intothe SPAC panyand itsadviser, Goldman Latch’spath to profitability.It sition companysponsored by moted stories said it would business. Property-services gi- Sachs Group Inc., evaluated had alossof$61 million be- NewYork commercial real-es- mergewith ION Acquisition ant CBRE Group Inc.launched morethan 10 prospective fore interest, taxes, deprecia- tate firm Tishman Speyer Corp.inadeal that will bring in a$350 million SPAC in Decem- deals. Ultimately,hesaid, tion and amortization last Properties LP that raised $300 $545 million forTaboola and ber,while hotel-and-private-eq- Latchchose Tishman Speyer year,according to an investor

million latelast year,the com- value it at $2.6billion. Ta- uity mogul BarrySternlicht re- H because of factorsincluding presentation, and doesn’t proj- TC

panies said Monday.The deal, boola’sSPACplans come cently filed forhis thirdsuch LA itsindustryreach and adesire ect being profitable by that which values Latchat$1.56 bil- months afterits plan to acquire vehicle.Large property owners Listing is latest blank-check IPO. to remain independent. Latch measureuntil the end of 2024. lion, is expected to close in the competitor Outbrain Inc. was have started pouring money sees itsfutureinproviding Net revenue was$18 million second quarter,and Latchisex- called off in September. intoreal-estatestartups in re- prop-tech companies including software-as-a-service, supply- in 2020,upfrom$15 million a pected to trade on the Nasdaq Latch, founded in 2014as cent years, seeking to profit Latch, Rob Speyer,Tishman’s ingboth itsLatchOS building- year earlier,Latch reported. underthe symbol LTCH, they Latchable,isset to net around from rising valuations and chief executive, said. Mr. operating system and itshard- Thecompanyforecastsits rev- said. $450 millionincash from the modernizetheir ownbuildings. Speyer said that thepandemic ware to real-estate managers. enue will nearly triple this year SPACshave increasingly SPAC and other investorsin- Beforelaunching the SPAC, has accelerated demand for Theaverage contract length and reach $877million in 2025. gained favoroverthe past year cluding funds managed by Tishman Speyer hadinvested real-estatetechnologyproducts forits software is morethan —Patience Haggin among companies looking to BlackRock Inc., Fidelity Man- in about adozenso-called likeLatch,and that he hopes to six years, according to Latch. contributed to this article. Big European Lenders Quit Ecuador’s Amazon Oil Trade

BY DIETER HOLGER the thirdquarter of 2020 from trade.The nonprofits AND PIETRO LOMBARDI $7.7 billion in the firstquarter. Stand.earth and Amazon “Assessing the environmen- Watch published a report last Some of Europe’slargest taland climatechangerisks of year that called out banks—in- banks arephasing out trading funding aparticular project is cluding ING,Credit Suisse and services forthe export of oil becoming akey legalnotion BNPParibas—for their financ- from the Ecuadorean Amazon, forthe banking sector and ing of Amazonian crude. amovethat reflectsthe grow- trade financing operations,” “The banks identified in our ing focus of global banks on said MonicaFeria-Tinta, alaw- report faced serious allega- CK climatechangeand their shift yeratLondon-based firm tions of double standards for TO awayfromincreasingly risky Twenty Essex. making climate pledges while fossil fuels. As those risks mount, more continuing to financethe

SHUTTERS On Monday,Switzerland’s European investorsare turn- tradeofAmazon oil,” said A/ Credit Suisse Group AG and ing away from fossil fuels. MoiraBirss,climateand fi- Holland’s ING Groep NV said “We have divested from all nancedirector at Amazon

ELFIQI/EP they were excluding new the topoil majorsbecause not Watch. transactions related to exports only arethey major green- Shesaid the newcommit-

KHALED of Ecuador’s Amazonian oil house gas emitters, they also mentsfromthe banks area Renewable energy funds raised a record $48.54 billion globally last year through mid-December. from theirtrading activities, carryrisks fordevastating positivesteptoward strength- citing climatechangeand con- spills and other negativesocial ening protection of the Ama- cerns forthe Amazon rainfor- and environmental impacts,” zonrainforest and respect for EIG Fund Hits Midpoint est and itsindigenous people. said Anders Schelde, chief in- indigenous rightsinthe re- France’s BNP Paribas SA, vestment officer at the $20 gion. the largest bank in the euro- billion Danish pension fund Aspokesman forING said BY LUIS GARCIA 2019 with $5.5 billion. EIG is one of several en- zone and one of the region’s AkademikerPension. the lender shared manyofthe EIG caninvest from the ergy-focused firms raising trading powerhouses,said in Banks arealso facing calls concerns in the report, which is EIG Global Energy Part- clean-energy fund alongside funds to back businesses that December that it would imme- from environmentalistsand whyitisreviewing itsexposure ners is midway through raising itsflagship vehicle,asinthe help reduce carbon emissions diately exclude from its trad- indigenous peoples to limit to the oil and gastrade flowing the €750 million (about $913 case of Berlin-based ib vogt across the economy. Another ing activities the seaborne ex- their involvementinfossil fu- from the Ecuadorean Amazon. million) that the private-equity GmbH. EIG last year commit- such firm, Houston-based En- portsofoil from the els.InEcuador,acampaign by “In the meantime,wehavede- firm is seeking forits first tedtoinvest €135 million in Cap Investments, is seeking Esmeraldas region in Ecuador activists and indigenous peo- cided not to engageinany new clean-energy fund, which it set the developer of solar-power $1.5billion forits debut clean- under itslatestenvironmental ple spurred ING and Credit contractsfor the financing of up partly to invest in deals that plants in Europe, Africa, Asia energy fund. Funds focused on finance policies. Suisse to reducetheir expo- oiland gastrade flows,” from aretoo small forits much and Australia. renewable energy in general Ecuador isn’t one of the suretothe Amazonian oil the region he said. largermain vehicle,people fa- Theclean-energy fund also raised a record $48.54 billion world’s top oil producers, but miliar with themattersaid. enables EIG to pursue deals globally last year through mid- petroleumexportsare akey TheWashingtonfirm that are“lesshard-asset-fo- December,28% morethan they contributor to the country’s launched itsrenewables-fo- cused,” one of the people said. collected in all of 2019,ac- economy. Petroecuador,the cusedEIG Energy Transition Forexample,EIG last year cording to dataprovider nation’s state-owned oil com- Fund SCSP last year after used the fund to provide $100 Preqin Ltd. pany, didn’t respond to re- some investors, particularly in million in debt financing to In addition, several other quests for comment. Europe, expressed interest in Modern Energy Group LLC, a private-capital firms that his- Thebanks’ flight from Ama- H/REUTERS

backing astrategyexclusively Durham, N.C.-based developer torically have invested in fossil zonian crude follows last TC

dedicated to clean energy, ac- of energy-efficiencyand solar- fuels, including Apollo Global year’s crash in oil prices and WA

cording to the people. power projects. Management Inc., ArcLight growing fearsofso-called ON Thefirm’sflagship,EIG En- In the latest deal from the Capital Partners, Carnelian En- stranded assets, which arefos- AZ AM

ergy Fund XVII LP,investsin newfund, EIG recently in- ergy Capital and Riverstone sil fuels that lose value due to A/ renewable-powergenerators vested $50 million in a joint- Holdings, recently have backed the world’stransition to ANEIR

but canalso back pipeline op- venturewith SunLight General special-purpose acquisition cleaner forms of energy.InDe- ST

eratorsand oil-and-gas pro- Capital, aNew York-based de- companies,orSPACs,set up to cember, Credit Suisse said its CA AN

ducers. The firm wrapped up veloper of solar-powerproj- acquire and take public busi- lending to the oil-and-gas in- IV fundraising for the vehicle in ects, according to the person. nesses related to clean energy. dustryfell to $6.9 billion in Oil export from the region has raised environmental concerns.

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 25, 2021 Closing Chg YTD 94.08 0.33 3.7 128.10 0.26 0.4 SPDR DJIA Tr DIA 309.65 –0.10 1.3 236.19 0.81 5.6 iShMSCI EAFE EFA 75.06 –0.12 2.9 iSh1-3YTreasuryBd SHY 86.39 0.01 0.0 SPDR S&PMdCpTr MDY 446.73 –0.39 6.4 VangdHiDiv VYM 94.26 0.21 3.0 Closing Chg YTD ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 56.25 0.75 8.9 iSh7-10YTreasuryBd IEF 119.06 0.40 –0.7 SPDR S&P 500 SPY 384.39 0.39 2.8 VangdIntermBd BIV 92.30 0.22 –0.6 ETF Symbol Price (%) (%) iShCoreS&P500 IVV 385.84 0.40 2.8 iShMSCIJapan EWJ 69.51 0.39 2.9 iSh20+YTreasuryBd TLT 153.67 1.18 –2.6 SPDR S&P Div SDY 108.89 0.32 2.8 VangdIntrCorpBd VCIT 96.51 0.20 –0.6 iShCoreS&P MC IJH 244.61 –0.36 6.4 ARKInnovationETF ARKK 146.67 0.40 17.8 iShNatlMuniBd MUB 117.34 0.21 0.1 iShRussellMCGrowth IWP 106.57 –0.19 3.8 TechSelectSector XLK 133.94 0.84 3.0 VangdLC VV 180.87 0.39 2.9 CommSvsSPDR XLC 69.24 2.6 iShCoreS&P SC IJR 101.31 0.15 10.2 0.58 iSh1-5YIGCorpBd IGSB 55.12 ... –0.1 iShUSTreasuryBdETF GOVT 27.20 0.35 –0.2 UtilitiesSelSector XLU 64.10 2.01 2.2 VangdMC VO 213.75 –0.06 3.4 CnsmrDiscSelSector XLY 170.73 0.37 6.2 iShS&PTotlUSStkMkt ITOT 89.34 0.33 3.6 iShPfd&Incm PFF 38.28 –0.26 –0.6 JPM UltShtIncm JPST 50.81 ... 0.0 VangdMBS VMBS 54.05 ... –0.0 VanEckGoldMiner GDX 35.19 –0.11 –2.3 CnsStapleSelSector XLP 65.72 1.00 –2.6 iShCoreUSAggBd AGG 117.55 0.26 –0.5 iShRussell1000Gwth IWF 249.39 0.73 3.4 PIMCOEnhShMaturity MINT 102.13 0.01 0.1 VangdRealEst VNQ 86.42 0.76 1.8 VangdInfoTech VGT 366.24 0.67 3.5 EnSelectSectorSPDR XLE 41.64 –1.02 9.9 iShSelectDividend DVY 100.29 0.27 4.3 iShRussell1000 IWB 218.30 0.31 3.0 SPDR BlmBarcHYBd JNK 108.94 0.00 ... VangdS&P500ETF VOO 353.33 0.41 2.8 VangdSC Val VBR 151.29 –0.24 6.4 FinSelSectorSPDR XLF 30.12 –0.73 2.2 iShESGAwareUSA ESGU 88.76 0.36 3.2 iShRussell1000Val IWD 140.13 –0.10 2.5 SPDRBloomBar1-3MTB BIL 91.52 0.01 ... VangdST Bond BSV 82.85 0.07 –0.1 VangdSC Grwth VBK 287.12 –0.40 7.3 HealthCareSelSect XLV 118.36 0.65 4.3 iShEdgeMSCIMinUSA USMV 68.24 0.74 0.5 iShRussell2000Gwth IWO 315.82 –0.12 10.2 SPDR Gold GLD 174.05 0.09 –2.4 VangdSTCpBd VCSH 83.12 –0.01 –0.2 VangdExtMkt VXF 176.00 –0.22 6.9 IndSelSectorSPDR XLI 87.91 –0.68 –0.7 iShEdgeMSCIUSAMom MTUM 171.16 0.31 6.1 iShRussell2000 IWM 214.79 –0.10 9.6 SchwabIntEquity SCHF 37.17 0.03 3.2 VangdSC VB 207.65 –0.34 6.7 InvscQQQI QQQ 328.11 0.83 4.6 iShEdgeMSCIUSAQual QUAL 117.02 0.27 0.7 iShRussell2000Val IWN 143.54 –0.17 8.9 SchwabUS BrdMkt SCHB 94.16 0.23 3.5 VangdDivApp VIG 141.45 0.34 0.2 VangdTotalBd BND 87.58 0.23 –0.7 InvscS&P500EW RSP 131.32 –0.09 3.0 iShGoldTr IAU 17.69 ... –2.4 iShRussellMid-Cap IWR 71.14 –0.20 3.8 SchwabUS Div SCHD 65.84 0.18 2.7 VangdFTSEDevMk VEA 48.67 –0.06 3.1 VangdTotIntlBd BNDX 58.36 0.24 –0.3 iShCoreDivGrowth DGRO 45.74 0.44 2.1 iShiBoxx$InvGrCpBd LQD 136.28 0.43 –1.3 iShS&P500Growth IVW 66.15 0.79 3.7 SchwabUS LC SCHX 93.72 0.33 3.0 VangdFTSE EM VWO 54.27 0.50 8.3 VangdTotIntlStk VXUS 62.89 0.14 4.5 iShCoreMSCIEAFE IEFA 70.99 –0.28 2.8 iShiBoxx$HYCpBd HYG 87.32 0.02 0.0 iShS&P500Value IVE 130.21 –0.05 1.7 SchwabUS LC Grw SCHG 133.07 0.64 3.6 VangdFTSE Europe VGK 61.57 –0.65 2.2 VangdTotalStk VTI 201.46 0.28 3.5 iShCoreMSCIEM IEMG 67.34 0.73 8.5 iShJPMUSDEmgBd EMB 114.30 0.40 –1.4 iShShortTreaBd SHV 110.51 ... –0.0 SchwabUS SC SCHA 96.95 –0.05 8.9 VangdFTSEAWxUS VEU 61.05 0.08 4.6 VangdTotlWrld VT 96.04 0.22 3.7 iShCoreMSCITotInt IXUS 70.15 ... 4.4 iShMBSETF MBB 110.20 0.01 0.1 iShSilver SLV 23.55 –0.46 –4.2 Schwab US TIPs SCHP 62.31 0.27 0.4 VangdGrowth VUG 261.51 0.64 3.2 VangdValue VTV 121.82 ... 2.4

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 EdgewoodGrInst 52.22 +0.11 0.9 GroCo 35.04 +0.10 6.6 IntlEq 29.42 +0.06 3.5 PIMCO Funds I2 ExplrAdml 127.55 -0.26 6.5 WndsrAdml 73.75 -0.38 3.3 IdxIntl 20.19 +0.02 4.1 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity GrowCoK 35.13 +0.10 6.6 Invesco Funds Y Income NA ... NA ExtndAdml 133.64 -0.21 7.1 VANGUARD FDS MdCpGrAdml 94.13 -0.01 3.1 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese 500IdxInstPrem133.72 +0.48 2.7 InvGrBd 11.87 +0.03 -0.3 DevMktY 56.35 +0.29 5.4 PIMCO Funds Instl GNMAAdml 10.72 ... -0.2 DivdGro 32.74 +0.04 -1.5 SmValAdml 64.97 -0.18 6.4 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Contrafund K6 19.36 +0.03 2.5 LowP r 50.86 -0.05 4.6 JPMorgan I Class IncomeFd NA ... NA GrwthAdml 134.59 +0.82 3.2 INSTTRF2020 26.68 +0.05 NA TotBd2 11.38 +0.03 -0.6 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r ExtMktIdxInstPre 89.40 -0.14 7.1 Magin 13.10 +0.04 0.4 CoreBond NA ... NA Price Funds HlthCareAdml r 96.02 +0.89 5.6 INSTTRF2025 28.00 +0.06 NA TotIntlInstIdx r135.08 +0.14 4.1 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not FidSerToMarket 13.36 +0.04 3.5 NASDAQ r 171.18 +1.17 5.8 EqInc NA ... NA BlChip 169.83 +0.48 2.6 HYCorAdml r 5.97 ... 0.1 INSTTRF2030 28.78 +0.06 NA TotItlInstPlId r135.11 +0.14 4.1 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; IntlIdxInstPrem 46.65 -0.15 2.3 OTC 18.44 +0.10 5.3 JPMorgan R Class DivGro 60.56 +0.15 0.9 InfProAd 28.45 +0.06 0.5 INSTTRF2035 29.49 +0.06 NA TotSt 98.01 +0.26 3.5 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. MidCpInxInstPrem 28.03 -0.06 3.8 Puritn 26.72 +0.01 2.7 CoreBond NA ... NA EqInc 32.26 +0.02 3.3 IntlGrAdml 176.02 +1.37 9.8 INSTTRF2040 30.22 +0.06 NA VANGUARD INSTL FDS SAIUSLgCpIndxFd 20.17 +0.08 2.8 SrsEmrgMkt 27.25 +0.22 9.2 Lord Abbett A Growth 100.33 +0.18 3.5 ITBondAdml 12.51 +0.03 -0.5 INSTTRF2045 30.87 +0.07 NA BalInst 45.18 +0.11 1.9 SeriesBondFd 10.71 +0.02 -0.5 SrsGlobal 14.97 +0.03 4.4 ShtDurIncmA p 4.22 ... 0.4 HelSci 106.17 +0.79 7.4 ITIGradeAdml 10.42 +0.02 -0.3 INSTTRF2050 30.96 +0.07 NA DevMktsIndInst 15.64 -0.02 2.6 Monday, January 25, 2021 SeriesOverseas 12.48 -0.05 0.6 SrsGroCoRetail 24.27 +0.07 6.6 Lord Abbett F LgCapGow I 63.68 +0.17 4.0 LTGradeAdml 11.53 +0.07 -2.0 INSTTRF2055 31.04 +0.07 NA DevMktsInxInst 24.45 -0.03 2.6 YTD YTD YTD Net Net Net SrsIntlGrw 18.09 +0.02 1.7 ShtDurIncm 4.21 ... 0.2 MidCap 116.72 -0.42 3.2 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SmCpIdxInstPrem 27.37 -0.07 9.6 MidCpAdml 264.64 -0.21 3.2 IntlVal 40.94 -0.26 1.7 ExtndInst 133.63 -0.21 7.1 TMktIdxInstPrem111.49 +0.29 3.5 SrsIntlVal 10.27 -0.12 1.8 Metropolitan West NHoriz 84.41 -0.20 2.6 MuHYAdml 12.01 ... 0.6 LifeCon 22.94 +0.05 NA GrwthInst 134.60 +0.82 3.2 American Century Inv Baird Funds EmMktCorEq 25.95 +0.22 6.9 USBdIdxInstPrem 12.36 +0.02 -0.6 TotalBond 11.27 +0.02 -0.3 TotRetBdI 11.13 +0.02 -0.4 R2020 23.22 +0.01 2.1 MuIntAdml 14.87 ... 0.2 LifeGro 41.41 +0.09 NA InPrSeIn 11.59 +0.02 0.4 Ultra 78.27 +0.43 3.1 AggBdInst 11.72 +0.03 -0.4 IntlCoreEq 14.89 -0.07 2.2 Fidelity Advisor I Fidelity SAI TRBdPlan 10.44 +0.02 -0.4 R2025 19.83 +0.01 2.4 MuLTAdml 12.24 ... 0.3 LifeMod 32.29 +0.07 NA InstIdx 340.50 +1.22 2.7 American Funds Cl A CorBdInst 12.10 +0.03 -0.3 IntSmCo 20.64 -0.10 1.8 NwInsghtI 38.83 +0.04 3.0 TotalBd 10.72 +0.02 -0.2 MFS Funds Class I R2030 29.24 +0.02 2.8 MuLtdAdml 11.27 ... 0.2 PrmcpCor 30.77 +0.02 6.2 InstPlus 340.52 +1.23 2.7 AmcpA p 40.24 +0.04 2.9 BlackRock Funds IntSmVa 19.34 -0.18 1.1 Fidelity Freedom Fidelity Selects Growth I 163.77 +0.15 1.2 R2035 21.90 +0.01 3.1 MuShtAdml 15.95 ... 0.1 STAR NA ... 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THE WALL STREET JOURNAL. **** Tuesday, January 26, 2021 | B11 MARKETS Invictus Nasdaq,S&P Climb,but DowSlips Invests BY ANNA HIRTENSTEIN Indexperformance, Monday AND ALEXANDER OSIPOVICH $20 Million 1.5% TheNasdaq Compositeand S&P 500 climbed to records 1.0 In Security amid sharp swingsintechnol- ogystocks and abig week for corporateearnings. Nasdaq Composite 0.5 Firm Axiad TheNasdaq rose 92.93 points, or 0.7%, to 13635.99af- S&P500 BY PREETI SINGH terachoppy dayoftrading. 0 Thetech-heavy indexjumped Invictus Growth Partners, as much as 1.4% in the morn- DowJones industrial Average agrowth-equity investor fo- ing, then turned negativeand -0.5 cused on technologydeals,is tumbled to a1.3%loss, before betting on rising demand for rebounding.Therewas no clear secureidentification and au- catalyst behind themoves. -1.0 thentication systems with an TheS&P 500 gained 13.89

investment in Axiad Hold- points, or 0.4%, to 3855.36, also GRI/REUTERS ings Inc. arecord. The

-1.5 ALLE

Thefirm is acquiring ami- MONDAY’S DowJones Indus- O 9:30 a.m. noon 4p.m.

nority stakeinthe Santa MARKETS trial Average CARL Clara, Calif.-based cybersecu- dropped 36.98, or Source:FactSet GameStop shares ended up 18%. Outside a Manhattan store. rity company for $20 million, 0.1%, to 30960.00. according to aperson famil- Araftofcorporateearnings Merck’sannouncement came morethan doubled in value consumer staples posting the Speyer’s special-purpose ac- iar with the situation. reportsinthe coming days are after AstraZeneca warned on during Monday’ssession but biggest gains. quisitioncompany, TS Innova- Founded in 2010,Axiad’s expected to showwhich com- Fridaythat its vaccine deliver- laterpared gains to close with Technologyand social-me- tion Acquisitions,soared $4.59, cloud-basedtechnologyto panies arethriving and which ies to the European Union an increase of $11.78,or18%, to dia stocks were volatile.Apple or 44%, to $14.95 afteritsaid it provide systems access with- arestruggling amid the would lag behind projections. $76.79.The videogame retailer climbed $3.85, or 2.8%, to would merge with Latch,a out passwordsisused by Covid-19 pandemic. “The vaccine rollout is not has been at the center of a $142.92. Shares of data-analyt- smart-lock maker,totakethe hundreds of organizations. More than one-fifth of the as speedy or smooth as we had fight between bullish daytrad- ics firm Palantir Technologies companypublic. Thegrowthinvestment is S&P 500 indexand one-thirdof hoped in November,” said Liz erscommunicating on the in- advanced $3.65, or 11%, to Overseas,the pan-continen- thefirst outside capital for Dowcomponentsare scheduled Ann Sonders, chief investment ternet forumReddit, and short $36.23 ahead of ahigh-profile talStoxxEurope 600 fell 0.8%, Axiad, whose founders, Bas- to release earningsthis week. strategist at Charles Schwab. sellers, who bet heavily against demo of itssoftware planned which analystsattributed to re- sam Al-Khalidi and Yves Starbucks, Verizon and Micro- Stumbles in the vaccination the stock. forTuesday. Palantir stock had portsthat the U.K. and France Audebert, have bootstrapped soft areslated forTuesday. driveand the spread of new Some other stocks that have surgedasmuch as 21% earlier were heading toward tighter the businessfromthe outset, Other major tech firms arere- coronavirus variantshave captured the attention of small in the day. lockdown measures. helped by apositivecash portinglater in theweek,in- helped fuel recent gains in tech investorsalso made big moves, Meanwhile, Twitter fell 22 In Asia,most major stock flow forthe past 10 years, ac- cluding Apple, Tesla and Face- stocks. Thebiggest tech com- such as movie-theater chain cents, or 0.5%, to $47.84, and benchmarks rose.The Shanghai cording to Mr.Audebert. book on Wednesday. panies areseen as benefactors AMC Entertainment,whose online marketplace Etsy sank CompositeIndexadded 0.5% He and Mr.Al-Khalidi are “The way that management from stay-at-home orders, as shares jumped 91 cents, or $4.78,or2.2%, to $208.81, with and Hong Kong’sHang Seng In- co-chief executives as well as will communicatetheir outlook firms and households increase 26%, to $4.42. both stocks retreating from dexclimbed 2.4%, buoyedby industryexpertsinsecure will be key formarkets,” said their use of digital technology “The newly minted traders morning gains. the rally in tech shares. identification and multifactor Sophie Chardon, across-asset when operating remotely. areusing messageboards and Energy stocks and financials South Korea’sKospi ad- authentication systems. strategist at LombardOdier. “You’regetting rotation out causing just really nutty stuff were among the underperform- vanced 2.2%. Theindex’s Axiad’stechnologyhelps “Investorswill have to weigh of the morecyclical stocks. to happen,” Ms.Sonderssaid. ers. Chevron shares fell 83 heavyweight, Samsung Elec- companies managecyberse- thepossibility of vaccinations These big tech stocks areper- Investorsalso aremonitor- cents, or 0.9%, to $90.90, while tronics,rose 3% and chip curity risksand compliance with the reality of newlock- ceived as abit of ahaven ing negotiations over President Goldman Sachs dropped $6.35, maker SK Hynix rallied over andmaintain operational ef- downs” and the impact on each trade,” said Michael Hewson, Biden’splan foradditional fis- or 2.2%, to $283.04, weighing 5%.Both areslated to report ficiencies. company. chiefmarket analyst at CMC calstimulus to combat fallout on the Dow. earnings this week. Itssystems areused by Concerns about Covid-19 Markets. from the pandemic.His pro- Shares of KimberlyClark Stocks fell in Asia early government agencies,health- vaccine supplies have also sent Tech shares have also been posal for a$1.9trillion spend- rose $4.30,or3.3%, to $136.51 Tuesday, Japan’sNikkei 225 care providersand financial jitters through the markets. afavoriteofindividual inves- ing package is likely to be a afterthe maker of Kleenexand Stock Averagewas down 0.6%, firms as well as other types Pharmaceutical giant Merck tors who have poured intothe major topic of discussion Huggies said it expectssales to the Hang Seng wasdown1.6%, of organizations,according to scrapped itsplans to develop a U.S. stock market over the past among U.S. lawmakersthis rise in 2021, raised itsquar- the Shanghai Compositewas the company’swebsite. Covid-19 vaccine aftertrials year,fueling abroad rally and week. terly dividend and unveiled a down 1.2%, the Kospi wasdown Thecapital from Invictus yieldeddisappointing results, driving wild moves in some Seven of the S&P 500’s11 $5 billion share-buyback pro- 1.6%, but Australia’sS&P ASX will go toward accelerating pulling amajor playerout of stocks. sectorsrose,with defensive gram. 200 wasup0.4%. U.S. stock fu- sales and marketing efforts the coronavirus vaccine race. One of them, GameStop, sectorsincluding utilities and Real-estate firm Tishman tures were down 0.4%. as well as financing further

The network security market is set to grow to $9.3 billion by 2023.

product development, accord- ing to anewsrelease. John DeLoche and William Nettles,co-foundersand managing partnersofInvic- tus,are joining Axiad’sboard of directors. Thenetwork security mar- ket, which includes cloud se- curity companies,isset to grow to $9.3 billion by 2023 from around $6.2 billion last year,according to research firm PitchBook DataInc. Theresearch companyhas said that developersofau- thentication and identifica- tion technologies arelikely to attractinvestment in the ex- S

panding market. PRES Axiad representsthe inau- ZUMA

guraldeal forthe SanFran- A/ cisco firm’s debut investment INHU

vehicle,Invictus Growth Fund /X

ILP, which had afirst close GUO with $75million in Novem- ZE

ber. CHEN Thefirm is seeking $200 Companies like Sany Heavy have improved product quality and after-sales service in recent years. A Sany Heavy plant in Changsha, China. million forthe fund, which received an anchor commit- on cranes and concrete-pump is just getting very hardtoex- energy and materials,” he morethan 20 times. ment from ArcheanCapital Machinery trucks. plain,” said Catherine Yeung, said. On Thursday, Zoomlion Partners, ajoint venturebe- Some market watcherssay investment director at Fidelity Even afterthe run-up,the said net profit for2020 could tween investment advisory that machinerycompanies International. Chinese machinerycompanies rise by 60% to 72%toasmuch firm Veritable LP and invest- Giants have started to benefit from a Some investorsare looking have comparatively modest as 4.3 billion yuan, the equiv- ment management services broader rotation away from at opportunitiesaslarger valuations. alent of $665 million. It said companyMoelis Asset Man- expensive, fast-growing stocks swaths of the real economy As of Friday, Sany Heavy’s demand tied to infrastructure agement LP. Prosper and intoless-popular sectors come back online,said Bren- Shanghai shares and Zoom- projectsinChina had been ro- Messrs. DeLoche and Net- that aremoreexposed to eco- danAhern,chief investment lion’sHong Kong-listed stock bust, as had customer demand tles formed Invictus in May nomic cycles—a switch in in- officer at Krane Funds Advi- traded at prices of roughly 19 forupgrading or replacing 2019. ContinuedfrompageB1 vestor preferences that likely sorsLLC.“In China, that and nine times forecast earn- equipment. Their strategytargets 50%, as governmentsoverseas has further to run. meansprofit-taking from ingsfor the next 12 months, Zoomlion said newerprod- growth investmentsincyber- spend aggressively on infra- “The valuation gapbetween morefavored sectorsand respectively,according to uct lines,particularly in farm- security,financial technology structuretocounter the pan- old-economy, or unloved, money rolling intomoretradi- FactSet. Caterpillar and Ko- ing equipment, had also lifted and automation-enabled demic.CICCissimilarly bullish names and very loved names tional sectorslikeindustrials, matsu both trade on ratios of revenue and profit. cloud software companies.

AUCTION RESULTS Kimmeridge to Launch Proxy Fight at Ovintiv Here are the results of Monday's Treasury auctions. All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference between that price and the face value. BY CARA LOMBARDO duces oil and natural gas. For- with strong momentum,” she Kimmeridgethis month of 2021 by at least $1 billion. It merly known as Encana Corp., said. called on Ovintiv to take ac- named anew boardmember in 13-Week 26-Week Applications $165,295,918,200 $184,599,408,300 An investment firm plans to it has significant assetsinthe Kimmeridge managing part- tions including selling noncore November,Meg Gentle,and is Accepted bids $61,364,669,700 $57,954,080,100 launch aproxyfight at Ovintiv Permian and Anadarkobasins ner Mark Viviano said in an in- assets, betteraligning executive set to report itsfourth-quarter " noncomp $732,636,500 $527,677,400 " foreign noncomp $1,000,000,000 $1,000,000,000 Inc., arguing the oil-and-gas and Canada’sMontney region. paywith performanceand earningsand 2021 guidanceon Auction price (rate) 99.979778 99.957028 producer should alter its Small and midsizeproducers strengthening environmental Feb. 17. (0.080%) (0.085%) 0.081% 0.086% spending and improvegover- have been hurt by the severe Kimmeridge commitments. Kimmeridge’sother board Bids at clearing yield accepted 26.69% 95.42% nancetoboost the company’s drop in crude-oilprices in re- founder Ben Mr.Viviano said the firm is nominees areErin Blanton, a 9127964Z9 912796C56 shareprice. cent yearsand have been un- Dell is among nominating directorsafter senior research scholar at the Both issues are dated Jan. 28, 2021. The 13-week bills mature on April 29, 2021; the 26-week bills mature on Kimmeridge Energy Man- der pressurefrominvestorsto the nominees meetingresistancefromthe Center on Global Energy Pol- July 29, 2021. agement Co.will nominate deliver moreconsistent cash to Ovintiv’s company. Assuming the two icyatColumbia University’s TWO-YEAR NOTES three candidates,including its flows. board of sides don’t call atruce ahead of School of International and Applications $168,189,435,600 founder Ben Dell, to Ovintiv’s An Ovintiv spokeswoman directors. Ovintiv’s annual meeting this Public Affairs, and Katherine Accepted bids $68,109,489,600 " noncompetitively $105,946,700 boardTuesday, Kimmeridgeof- said the companyisfocused on spring,itcould be one of the Minyard,investment principal " foreign noncompetitively $105,000,000 ficials said. It holds a2.5% creating sustainable value for year’s firstmajor proxyfights andpartner at Cambiar Inves- Auction price (rate) 100.000000 (0.125%) stakevalued at about $100 mil- investors. “Wehavegenerated terviewthat Ovintiv has under- headed to ashareholder vote. tors. Interest rate 0.125% lion in Ovintiv,which has a significant free cash flow for performed itspeers, which he Ovintiv this month said it Kimmeridgewas founded in Bids at clearing yield accepted 31.78% Cusip number 91282CBG5 market value of $4.4billion. each of the last three years blamed on aboardthat he says planstoreducedebt from the 2012 and has roughly $2 bil- The notes, dated Feb. 1, 2021, mature on Jan. 31, 2023. Denver-based Ovintiv pro- andwe’reentering this year has limited experienceinshale. second half of 2020 to the end lion undermanagement. P2JW026000-0-B01200-1------XA

B12 | Tuesday, January 26, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Microsoft Puts On Its Game Face

Results will reflect a big quarter for its Xbox line

Microsoft’s videogame business has long involved a delicate dance of pleasing two very different crowds. The company has just given a reminder of that. Microsoftannounced aseries of pricechanges forits XboxLive serviceonFriday, which would have effectively doubled the an-

S nual rate fornew subscribers while allowing existing ones to NEW

G shifttheir memberships to the company’sGame Pass serviceat

OOMBER no extracharge.But an outcry

/BL from gamerscaused the company to backtrack: Microsoftsaid on

MORRIS Fridaynight that it will keep

UL prices the same forXboxLive PA Gold members. VID

DA Theoriginal moveseemed to Ballots in , Montana, South Dakota andNew Jerseyall approvedthe legalization of adult use. Strains of marijuana at adispensary in Oakland, Calif. please investorsasmuch as it irked gamers, sending Microsoftshares up Friday. Videogames were once derided on Wall Street as an expen- Cannabis Companies Are Set to Roll sivedistraction forMicrosoft, but it doubled down, continuing to up- dateits Xboxconsoles while invest- ing moreinsoftware and services. Strong sales during the pandemic and the Senate flip are easing some of the sector’s old challenges Thelaunch of the newXboxcon- soles in November makes this year a big one forthe videogame business. The haze is finally clearing for Capital raised by cannabis the sizeofthe legal sector.Novem- Investors still need to guard Thecompany’sgame revenue totaled U.S. pot companies. companies,weekly ber ballotsinArizona, Montana, against excessive optimism. The $11.4billion in the fiscal year ended SinceDemocrats woncontrol of $600 million South Dakotaand NewJersey all Democrats’ slim majority means last June,and analystsare expecting the Senate earlier this month, approved the legalization of adult that full cannabis reform could ajump of 17%for the current fiscal manyinthe cannabis industryare use.New York is nowweighing a still be a way off under current year,according to Visible Alpha. betting on amorerapid path to full 500 similar movetoplug aprojected Senate rules. But consoles arealow-margin federal legalization and apickup in $15 billion budget hole in the cur- One piece of proposed legisla- businesscompared with software. deal making as companies rush to 400 rent and coming fiscal years. tion, the MORE Act, would decrim- Therecent launch of both the new scale up.The Global Cannabis Stock Expectations of the Biden ad- inalize cannabis. For now, it proba- Xboxdevicesand the PlayStation 5 Index, which tracks U.S.-listed mar- 300 ministration have already helped bly doesn’t have the cross-party from competitor Sony have been ijuana stocks,has climbed 31% cannabis companies strengthen support it needs to pass the 60- marred by production constraints sincethe start of this year. 200 their finances. Low valuations vote majority hurdle. that both companies areworking Today’shigh expectations look have made raising equity highly The Safe Banking Act, which to address. Analystsexpect oper- morejustified than earlier specula- dilutive for much of the past 18 would give cannabis companies ac- ating margins forthe segment tiverallies that leftpot investors 100 months. Responding to the jump in cess to normal banking services, that includes Microsoft’svideo- badly burned. Afteralmost doubling their share prices after the Senate may have their best shot in the game businesstofall to 27% for in value in 2017, the indexwas pum- 0 flip, cannabis companies tapped near term. “It is the most teed up the December quarter compared meled fortwo yearsasCanadian Dec. 11 18 25 Jan. 815 the market for $500 million in the and has the best bipartisan sup- with 32% ayear earlier,according cannabis companies reported disap- 4 1 second week of January alone, ac- port.... Full legalization will likely to FactSet. pointing sales and profit numbers, Source:Viridian Capital Advisors cording to Viridian Capital Advi- take a little longer,” says Michael Investorswill likely forgivethe and black-market dealersproved sors, more than they raised in the Correia, director of government short-term margin pressure, espe- moreresilient than expected. won market share from illegal entire fourth quarter last year. relations at the National Cannabis cially if the company’slargerand This time, cannabis companies dealers by letting consumers Debt markets are already offer- Industry Association. There is also morevital cloud-computing venture are performing well—particularly order online and offering ing better terms as competition to the possibility that cannabis re- continues to post solid growth. big U.S. growers with operations curbside pickup. lend to pot companies increases. form slips down the agenda, given Gamersalso would have likely got- in multiple states. Pot sales have Progressonthis scoreremains U.S. cannabis grower Curaleaf re- pandemic-related priorities such tenpast the pricebumps,consider- been strong during the pandemic slow: An estimated 78%ofU.S. cently got a credit facility with a as protecting jobs and rolling out ing that manynow have invested as consumers have spent more sales still happened in the black 10.25% coupon. That is expensive the Covid-19 vaccine. yearsofplaying time on the Xbox time at home and received stimu- market in 2020,according to the by most industry standards, but Investors shouldn’t overesti- platform. Both constituencies should lus checks. In November, grower cannabis-focused SOJE Fund. two years ago pot companies paid mate the likely pace or extent of understand well by nowthat when Cresco Labs reported its third States’ thirst fornew sourcesoftax rates closer to 15%, and often had reform, but the U.S. pot party is at it comes to this business, Microsoft consecutive quarter of revenue revenue amid the pandemic pro- to throw in additional sweeteners least getting started. isn’t playing games. growth above 40%. Pot stores also vides an extraincentivetoincrease such as warrants. —Carol Ryan —Dan Gallagher

Charles Schwab daily average client trades,weekly Overtaking U.S. Economy 8 million Won’tBeEasyfor China 6

China’s relatively rapid recovery improvements.And that is pre- 4 from the pandemic has prompted cisely the element that will be most

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GA days ending on indicateddate strengthen further and to hold at aJune 2020 World Bank paper. Market activity has surged and notjustfor digital upstarts such as Robinhood. Source:the company around 6tothe dollar,the U.S. Convergenceisn’t an economic economywould be eclipsed by the law. At the end of 2019,the GDP per Chinese economyby2026.The esti- capitalevelsofBrazil, Mexicoand Small-Investor Surge Shows No Sign of Slowing mateisbased on extrapolating esti- Turkey were very moderately below mates of 7.9% nominal GDP growth their averagefor the period since in 2025 further out intothe future, 1980.But when measuring purein- Therising tide of small-inves- newassetsoverthe fourth quarter. wealth management. Last year was and depends on the assumption that ternational heft, the fact that hair- toractivity is lifting some very Charles Schwab—nowcombined a turning point for adoption of the U.S. economywill remain per- cutsare cheaper in Chengdu than big boats. with TD Ameritrade—is regularly fixed-income ETFs, BlackRock said. manently belowits pre-pandemic Cleveland means very little. Thesurge of everyday investor surpassing itsfourth-quarter peak It added that fixed-income prod- path. Neither outcome,nor contin- China’ssurpassing of the U.S. trading loggedin2020 is continuing trading dayof7.8 million client ucts in its iShares ETF suite gener- ued currencyappreciation, is cer- looks likely from extrapolating re- intothe newyear.AnalystsatPiper trades,hit on Nov.9.The daily Jan- ated nearly $90 billion of inflows. tain. But even leaving the path of cent trend lines,but entails some Sandler noted that off-exchange uaryaverage through midmonth is When interest ratesstart to rise the U.S. aside, demographics and big assumptions—especially on pro- trading—which includes retail vol- running at over eight million. and income becomes available else- productivity trends will makesus- ductivity and currencies.Keeping ume that goes through wholesale Though trading might be mostly where, perhaps stocks might be- taining China’spre-pandemic ahead without agrowing population market makers—accounted forare- commission-free,investorsare tap- come lessofanational pastime. growth ratesincreasingly difficult. might proveharder. —Mike Bird cord 48% of the market through the ping those portfolios as away of But the psychological impact of last Even if fertility trends improve first11trading days of January. “We borrowing,for investing and other year—if aglobal pandemic didn’t overnight, China’s 20- to 65-year- 10-yearpopulation suspect retail trades areonarecord financing needs.Schwabreported a forcepeople out of the market, old cohort will have shrunk in size growth of 20-65yearolds paceinJanuarytodate,” the ana- 16% uptick in averagemargin loan what would?—has given an open- by one-tenth by the late 2030s. lystswrote last Wednesday. balances from the thirdquarter to ing to wealth managersthat could Sometime between 2035 and 2040, 40% Theexplosion of market activity the fourth. This helped boost net forawhile still boost the likes of China’s old-age dependency ratio— Projections by investorsofall flavorsisone of interest revenue and margin at a MorganStanley and Schwab, whose the proportion of people older 30 the biggest trends in financials time when other banks arestrug- increasingly diverse businesses than 65 compared with the work- right now, and not just fordigital gling to keep those numberslevel. have morethan one way to keep ing-age population—will surpass 20 upstartssuch as Robinhood. Mor- Day-trader mania for hot stocks smaller newcustomersaround the U.S. equivalent, according to ganStanley,having completed its and initial public offerings surely even if stocks cool. Forbanks,this United Nations projections. 10 acquisition of E*Trade,reported plays some part in all of this. But is ararepath to growth: Goldman Thecomponentsofgrowthare growth of roughly 900,000 net new shifts in the environment may be has been expanding itsreach to labor,capital and the elusivetotal U.S. self-directed accountsfor the on- altering how even more sensible less-wealthyclients, and Citigroup factor productivity.The domestic 0 line broker from the second quar- investors behave, especially with recently reorganized itswealth working-agepopulation will be tertothe fourth. Thehope is that rates on deposits and money-mar- businesstospan both the ultrarich contracting.That means that un- –10 such an influx of newclientscan ket funds at remarkable lows. and the merely well-to-do. lessChina manages to attractmany China over time boost growth acrossthe BlackRock this month said that Today’sstock mania mayend, moreimmigrantsordramatically –20 bank’swider wealth platform. Mor- growth in its exchange-traded fund but the changes it bringsfor wealth boost labor-force participation, it ganStanley’s overall wealth net- business is being driven in part by management could be lasting. will ultimately need to maintain 1960 2000 ’50 work generated $66 billion in net the move to commission-free —Telis Demos growth with sustained productivity Source:United Nations Population Division