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****** THURSDAY,OCTOBER 15,2020~VOL. CCLXXVI NO.90 WSJ.com HHHH $4.00

DJIA 28514.00 g 165.81 0.6% NASDAQ 11768.73 g 0.8% STOXX 600 370.62 g 0.1% 10-YR. TREAS. À 2/32 , yield 0.721% OIL $41.04 À $0.84 GOLD $1,901.30 À $12.80 EURO $1.1748 YEN 105.16 Goldman What’s News Earnings Soar 93% Business&Finance Amid the oldman said itsthird- Gquarter profit nearly dou- bled, the latest confirmation Recession that even in apandemic and arecession, Wall Street canstill makemoney. A1 Big-bank profits  BofA’s profit fell 16% in the third quarter, though affirm resilience as the bank indicated it is well traders reap gains, positioned to weather the coronavirus recession. B1 loans get paid back  Wells Fargo said its earnings dropped 56% in BY LIZ HOFFMAN OL

the latest quarter but sig- PO naled it was prepared for a S Goldman Sachs Group Inc.

wave of soured loans. B6 PRES said itsthird-quarter profit S/  Morethan 100 employees nearly doubled, the latest con- of Wells Fargo were fired firmation that even in apan- forallegedly defrauding a demic and arecession, Wall O-REYNOLD pandemic-relief program. B6 Street canstill makemoney. Goldman’squarterly profit of  Starbucks said it would CABALLER $3.62billion on revenue of mandateantibias training for $10.78billion wasbetterthan executives and tie their pay stock analystshad forecast and to boosting minority repre- ANDREW Judge Amy Coney Barrett, President Trump’s nominee to the Supreme Court, finishes her second day of questioning. sharply higher from ayear ago. sentation in itsworkforce. B1 Sincethen, the global economy  Amazon struck adeal with has crashed, political turmoil the NFL to stream aplayoff has continued and interest game this season, deepening BarrettClosesOut Testimony, rateshavedropped to near therelationship between the zero—all thingsthat should league and the company. B1 dent Wall Street profits. And yetthe nation’sbiggest  VistaEquity CEO Smith banks remain profitable.Their has reached a$140million On Track forSenateApproval securities-trading desks have, settlement with the Justice remotely,hummed back to life. Department, ending ayears- Big corporatebankruptcies long criminal taxprobe. B6 BY JESS BRAVIN thought Iwould resolvea beforethe court next month. nificanceofthe nomination to have leveled off.Depositorsha-  U.S. stocks fell,with the case…it would be short- They also drilleddeeper into different audiences.Tothe ven’t pulled their money. Dow, S&P 500 and Nasdaq WASHINGTON—JudgeAmy circuiting that whole process the legal arcana that define Su- broader public,which has Theemergencyloans they retreating 0.6%, 0.7% and Coney Barrett faced questions through which Ishould go and preme Court doctrine,attempt- seen Democratsportray the made to big companies in the 0.8%, respectively. B12 ranging from the constitu- have an open mind and be ing to paint JudgeBarrettasa nominee as aright-wing ideo- spring have largely been paid tionalityofMedicaretothe open to persuasion,” Judge threat to aswath of widely ac- logue,they stressed Judge back,thanks to appetitefrom  United Airlines said it extent of pressfreedom at Barrettsaid, under friendly cepted rights. Barrett’spromises to impar- bond investorsand support is positioning itself to ride her Supreme Court confirma- questioning from Sen. John Thehearing is expected to tially apply thelaw,freeof from the Federal Reserve. And out a long downturn in air tion hearing Wednesday, but Cornyn (R., Texas). wrap up Thursday, and the com- anypersonal agenda. they have added only modestly travel, as the company President Trump’spick to In the SenateJudiciary mitteeisexpected to vote on Republicans cited JudgeBar- PleaseturntopageA2 posted a$1.8billion loss. B3 succeed the lateJusticeRuth Committee’ssecond of two the judge’snomination Oct. 22, rett’s nomination as an epochal  Acriminal probe intoan Bader Ginsburg repeatedly days questioning JudgeBar- with afull Senatevoteinthe moment forsocial conserva-  Heard on the Street: Goldman alleged bribe to secureabail- said it would be improper to rett,Democratic senators week beforeNov.3elections. tives.“This is the firsttime in adds polish to trading...... B13 out of troubled Ohio nuclear disclose her views on matters pressed the judgeonarangeof Republicans,whose control American historythat we’ve  BofA’s profit falls, but plantsislooking at the energy she said she could be called contentious issues while again of the Senateall but ensures nominated awoman who’s un- reserves shrink...... B1 firm that prosecutorssay sup- upon to decide. highlighting the fateofthe Af- JudgeBarrett’sconfirmation, ashamedly pro-lifeand em-  Wells Fargo posts 56% drop plied some of the money and “If I were to just say how I fordable CareAct, which comes focused on signaling the sig- PleaseturntopageA4 in earnings ...... B6 now owns the facilities. B3 World-Wide Europe Daily confirmedCovid-19 casesper million people,seven-dayrolling average Outpaces 200 Two U.S. Hostages  Barrettfaced questions ranging from the constitu- U.S. Rise tionality of Medicareto 150 EU* Freed From Ye men the extent of pressfree- Months after U.S. dom at her confirmation flattening the EU countrylockdowns begin hearing,but the Supreme curve of 100 In Prisoner Swap Court nominee repeatedly coronavirus said it would be improper infections by to disclose her views on imposing strict 50 matters she said she could lockdowns, Europe ReleasefromEUlockdowns begins BY DION NISSENBAUM forSandraLoli, aU.S.humani- be called upon to decide. A1 is seeing cases tarian worker held hostageby rise, overtaking TwoAmericans held hos- the Houthis for16months,and  TwoAmericans held hos- the U.S. in a key 0 tage by Iran-backed Houthi Mikael Gidada, aU.S.business- tage by Iran-backed Houthi metric that tracks March April MayJune July Aug. Sept. Oct. militantsinYemen were freed man held formorethan ayear, militantsinYemen were freed its spread. A9 in aU.S.-backed trade that re- said Kash Patel, adeputy assis- as part of aU.S.-backed trade *Includes the U.K. Note:DataasofOct. 13, Spain data Oct. 12 that returned over 200 of the Source:European Centre forDisease Prevention and Control turned morethan 200 of the tant to President Trump who group’sloyaliststothe frac- group’sloyaliststothe frac- worked on the deal. tured Middle East country, TheHouthis also returned tured Middle East country. A1 U.S. and Saudi officials said. the remains of Bilal Fateen, a  New coronavirus cases ARoyal Oman Air Force thirdAmerican they had held. appeared to be accelerat- TheVerdictonTrump’sEconomy, plane carrying the two Ameri- U.S. officials provided only ing in the U.S. this week. cans and the remains of athird limitedinformation on the Meanwhile, Europe over- flew out of ’sHouthi- three Americans,but said they took the U.S. in a key met- Before the Coronavirus and After controlled capital of San’a, on worked urgently to securethe ric that tracks the spread Wednesday, hoursafter the jet deal because Ms. Loli’s health of the pathogen. A7, A9 and acompanion flight brought wasindecline.The deal also  Biden holds an 11-point the militantsback to the coun- included deliveryofmedical tryafter yearsstuck in Oman. aid for Yemen. lead over Trump lessthan Covid dashed growth and a job market that had lifted many people Thedeal secured freedom PleaseturntopageA8 three weeks from Election Day, a new Wall Street Journal/NBC News poll of BY JON HILSENRATH ployment to depths unseen in post-Depres- sion records before reversing itself quickly registered voters finds. A6 has presided over two but only partially, leaving the U.S. with an  Twitterand Facebook economies during his time in office. outlook that’s especially hard to forecast. took the unusual step of lim- In the first, which lasted until March, the The two economies will be factors driving iting the sharing of NewYork economy reached historic milestones for the choices voters make in November. The Post articles that made new jobs, income and stock prices. While it’s de- reality for Mr. Trump: Many achievements of allegations about Biden that batable whether it was the best U.S. econ- his first economy have been wiped out by the Biden campaign denied. A4 omy ever, as the president has said, it was the second.  Pelosi and Mnuchin con- without question good and getting better for The president’s economic record never If your critical PleaseturntopageA10 tinued to haggle over policies millions of Americans. including testing strategy The second part, which arrived with Covid-19, was historically bad. It sent unem-  Biden holds double-digit lead in poll...... A6 in their talks over another applications are coronavirus relief package, while closing some distance failing, so is your on how much to spend. A3 INSIDE Goodbye, Florida. Hello, Winter.  Afederal prosecutor’s Covid Strands Canada Snowbirds reviewfound no improper business. activity in Obama adminis- iii tration officials’ “unmask- ing” requestsaround the Closing of land border thwarts seasonal NETSCOUT vigilantly guards

time of the 2016 election. A6 J the critical applications of the WS migration of retirees to balmy places CONTENTS Opinion...... A15-17 R Arts in Review... A13 Personal Journal A11-12 FO world’s largestcompanies. Business News.. B3,6 Sports...... A14 AK BY PAUL VIEIRA heit. Their destination is sunny CZ Crossword...... A14 Technology...... B4 Mesa, Ariz., wherethey owna YM TM Equities...... B10 U.S. News...... A2-8 SZ Forthe firsttime in aquar- mobile home. Visibility Without Borders Heard on Street.. B13 Weather...... A14 NA ter-century, Carol Barlowand Likemanyofthe million-

Markets...... B12 World News...... A9,18 YA herhusband, Dale,won’t es- strong flock of Canadian snow- Services Without Interruptions KA cape the Canadian winter. birds,the Barlows have been > PERSONAL JOURNAL Normally,the Barlows climb thwarted by the coronavirus. Orchestramembers intotheir carinNovember and In March, the U.S.-Canada bor- struggle as pandemic high-tail out of Davidson, Sas- der wasclosed to land cross- katchewan, afarming town in ingsbytouristsgoing either goNETSCOUT.com deals blowtothe the Canadian prairies where direction. Areopening isn’t im- s 2020 Dow Jones & Company, Inc. All Rights Reserved performing arts. A11 thewinter temperatureaver- mediately in the cards, Cana- ages about 7degrees Fahren- PleaseturntopageA10 P2JW289000-5-A00200-1------XA

A2 | Thursday, October 15, 2020 ***** . U.S. NEWS Global Public Debt Seen Hitting aRecord

BY YUKA HAYASHI IMF’sFiscal AffairsDepart- 1% slightly above 130% of GDP in nomicpolicy, they said. ment,said in an interview. the U.S. Still, Mr.Gaspar said, “Early insightssuggest WASHINGTON—Spending Themeasures include di- the U.S. has room forfurther that public health policies by the world’sgovernmentsto rect spending,tax cuts, loans 0 fiscal spending to support the that quickly contained the fight the coronavirus and the and guarantees,and direct China recovery. spread of the disease also al- global economic downturn will equity injections.Central –1 Theworld economyisfore- lowedfor an earlier and safe propel public debt to arecord banks,inaddition to cutting cast to contract by 4.4% this reopening,restoration of con- level, the International Mone- interest rates, have also pro- –2 year,the IMF said Tuesday, fidence, and economic recov- tary Fund said, adding that vided $7.5 trillion in stimulus U.S. not as much as the 5.2% drop ery, reducing overall social morewill be needed to ensure with purchases of government Contribution to it projected in June but still andfiscal costs,” the econo- –3 a full recovery. and corporatesecurities. change in global fiscal the most severedownturn mistswrote. Governmentshavecommit- Advanced economies and surplus or deficit sincethe Great Depression. In contrast to advanced ted$11.7trillion, or 12% of large emerging marketsac- –4 Euroarea World output will grow 5.2% economies, manyemerging global output, as of Sept. 11, count forthe bulk of the re- Emerging in 2021, down from an earlier markets, particularly lower- the IMF said in itssemiannual sponse,inpart because they –5 economies estimateof5.4%. income developing nations, Fiscal Monitor report. That cantakeadvantage of histori- In Wednesday’sreport, have limited ability to in- will driveupbudget deficits cally lowinterest ratestofi- –6 Rest of IMF economistswarned that crease spending because of by 9% of grossdomestic prod- nancedeficits, the fund said. the world essentialsupport to provide high levels of indebtedness uct on average this year, with TheIMF expectsglobal 2010 ’15’20 short-term aid has longer- that preceded the pandemic. cumulativepublic debt ap- debt to stabilizenextyear Source:International Monetary Fund term implications. They will need help in the proaching 100% of global GDP. around 100% of GDP,thanks Forexample,wagesubsi- form of debt restructuring or “The fiscal action takenby to continued lowrates anda not the most immediaterisk,” into2021 to sustain the re- dies help to keep workersat- relief,the IMF said. the authorities around the global economic rebound as Mr.Gaspar said at anews covery and limit long-term tached to employers but may TheIMF expects100 mil- world is truly unprecedented thepandemic subsides.Debt conferenceWednesday. scarring,” he said. slowthe movement of work- lion to 110 million people and decisive, and extremely levels areexpected to rise in “The near-term priority is Thehefty fiscal spending ersfromailing companies to around the world to fall into important in avoiding afinan- the U.S. and China. to avoid prematurewith- during the pandemic has in- healthier ones. extreme poverty as aresult of cial and economic collapse,” “Thisimplies that forus, drawal of fiscal support. Sup- creasedpublic debt by more Bringing the pandemic un- the downturn, reversing the VitorGaspar,director of high public debt levels are port should persist at least than 20 percentagepointsto der control is essential eco- decades of gains. U.S. WATCH TikTok Says Ban Threatens User Base

BY KATY STECH FEREK

WASHINGTON—TheTrump administration’sattempted ban on Chinese-owned TikTok threatens to devastatethe video-sharing app’s user base and competitiveposition, lawyersfor the companyar- gued Wednesday. “Competitorshavealready takenadvantage of the gov- ernment’shighly-publicized S intention to shut down the

PRES app to enticeTikTok creators

TED and userstoswitch plat-

CIA forms,” lawyersfor TikTok SO Inc. said in afiling to U.S. AS District JudgeCarl Nichols. AN/

DO TikTok made itsstate- RA mentsinarequest forJudge LO

CO Nichols to stop the U.S. gov- ernmentfromimposing mea- LLINS

CO sures that would essentially T forceashutdown of TikTok’s OR

/F U.S. operations Nov.12by barring companies from pro- BAKER viding it internet hosting, content deliveryand other

BETHANY services. Smoke from the Cameron Peak Fire filled the sky Wednesday in Masonville, Colo., as it kept spreading into Rocky Mountain National Park. New evacuation orders were issued. Thefederal government is expected to file itsarguments TENNESSEE BernardFriedman found thatthe ST. LOUIS appear in court again Oct. 28. Rocky Mountain wildfires by Oct. 23,and oral argu- statecouldn’tshowthe lawfur- The McCloskeys have blamed Wednesday, prompting new mentsare set forNov.4. Judge Rules Against thers its purported goals. Couple Who Waved the “leftist” Democrats in St. evacuation orders as one of TikTok has an estimated 50 State Law “Women’smental and emo- Guns Plead NotGuilty Louis for their plight and have them spread toward communi- million daily activeusersin tional health is notbenefited be- become folk heroes among ties that lie outside Rocky the U.S.,but President Trump Afederal judge ruled thatTen- cause the mandatory waiting pe- A St. Louis couple celebrated some conservatives. They have Mountain National Park. moved to ban the app on nessee’s48-hour waiting-period riod does nothing to increase the in some circles and vilified in received support from President Cool autumn weather had grounds that Chinese owner lawfor is unconstitu- decisional certainty among others for waving guns at pro- Trump and they spoke on video been helping firefighters quell ByteDance Ltd. could share tional because it serves no legiti- women contemplating having an testers marching on their private during the opening night of the the Mullen Fire in southeastern information on itsuserswith mate purpose while placing a abortion,” Judge Friedman wrote. street pleaded not guilty to two Republican National Convention. Wyoming and northern Colorado, China’sgovernment. TikTok substantial burden on women “Further,the evidencedemon- felony charges at a brief hearing — and the Cameron Peak Fire in disputes that it would do so. who seek abortions. stratesthatatleast95% of Wednesday. northern Colorado, but gusts of TikTok contends that the Tennessee’s2015 lawrequires women arecertain of their deci- Mark and Patricia McCloskey, COLORADO 70 mph complicated overnight U.S. government’sattempted women to maketwo trips to an sions, post-abortion regret is un- who are both attorneys, were in- efforts. The Cameron Peak Fire ban is illegal and violates , firstfor counseling common, and abortion does not dicted by a St. Louis grand jury Winds Propel Two continued spreading into remote constitutionally protected and then forthe abortion at least increase women’srisk of negative last week on charges of unlaw- Rocky Mountain Fires northern Rocky Mountain Na- free- speech rights. 48 hours later. In his ruling mental health outcomes.” ful use of a weapon and tam- tional Park. —Kate Davidson Wednesday, U.S. District Judge —Associated Press pering with evidence. They will Strong winds fanned two —Associated Press contributed to this article.

when overleveraged banks tee- posed to defaults. And it is more were bright spotsatrivals,too. the stagefor amajor pivot un- terest rateswill driveinvestors Goldman teredand clientspulled cash, to- heavily geared toward trading, Trading rose 30% at JPMorgan der way at Goldman. The toward private-equity deals day’slenderslook safefor which picked up this year as in- and 17%atCitigroup.The out- moves—among them, growing that offer higher returns. now—a sign that regulations vestorsscrambled to reset their lier wasBank of America, itsmoney-management arm Others, though, look riskier Profit Soars put in placeafter the last crash portfolios foraprolonged pe- which reported a4%bump that and joining with big retailersto with the economyinafunk. have served their purpose.The riod of lowinterest rates and executives chalked up to a sell credit cardsand checking Goldman’snew consumer bank five largest U.S. banks reported heightened economic risk. weaker stomach. “Manyofour accounts—areaimed at steady- specializesinunsecured loans Amid Crisis $23 billion in third-quarter prof- Goldman shares rose 0.2%. competitorswill, say, take more ing the firm’srevenue and and credit cards, bills that often its. Their capital ratios,aclosely Shares of Bank of Americaand risk,” financechief Paul Donof- snapping itsstock priceout of go unpaid in hardtimes.That watched measureofsoundness, Wells Fargo&Co., which also rio told analysts. “Clearly that ayearslong sidewaysdrift. business,for now, looks fine: ContinuedfromPageOne have all held steady or increased reported earningsWednesday, cancreatesome differences in “Ifweexecute, Iassume the Revenue rose 50% from ayear to their reserves forexpected sincethe end of last year. lost morethan 5%. Those two relativeperformance.” stock will follow,” Mr.Solomon agoto$326 million. loan losses sinceJune. “The marketscontinue to banks depend moreonconsum- Goldman’sreturn on equity,a said. As acrossWall Street, One cloud still hanging over Goldman’sgiant quarter benefit from the unprecedented ers, and both reported big measureofhow profitably it Goldman employees areheavily Goldman is ayearslong investi- makes plain that Wall Street re- monetaryand fiscal support by drops in quarterly profit. uses shareholders’ money,was paid in stock and have moaned gation intoits dealingswith a mains abig moneymaker.But central banks and governments Goldman’strading revenue itshighest since2010.And it about declining pay. Malaysian investment fund. It banks’ Main Street arms have globally,” Goldman’schief exec- rose 29% from ayear ago, and clearedacapital requirement Some of those moves are has agreed to payupto$3.9 fared betterthan the drumbeat utive, David Solomon,said fees from underwriting corpo- that it hadbeen in danger of likely undisturbed by areces- billion to Malaysia’sgovern- of gloomyeconomic head- Wednesday. rate stock and bond offerings missing.Ithelped that regula- sion—and might even be aided ment and is continuing negotia- lines—millions unemployed, Goldman has had anotably increased 60%. Thebank’sown tors have limited banks’ divi- by it, such as aplan to raise tions with the U.S. JusticeDe- countlesssmall businesses profitable pandemic.With a portfolio of investmentsrallied dendsand stock buybacks for $100 billion in newprivate-eq- partment over afine that could closed, declines in consumer smallerlending book—about along with the stock market. now, essentially trapping profits uity funds by 2025.Investment top$2billion. spending—might suggest. $112 billion to JPMorgan’s Profit rose 93%. that help improvecapital ratios. bargains will emerge from the —Ben Eisen Bank of AmericaCorp., nearly $1 trillion—it is lessex- Those Wall Street businesses Thecoronavirus scrambled economic wreckageand lowin- contributed to this article. which also reported earnings Wednesday,said the improving economyallowedittorelease CORRECTIONS  AMPLIFICATIONS THE WALL STREET JOURNAL some money it had set aside for (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) consumer-loan losses.JPMor- Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 ganChase &Co. and Citigroup Citigroup Inc.’s third-quar- Wednesday, aU.S.Newsarticle pandemic incorrectly said the Published daily except Sundays and general legal holidays. Inc.said most of their cardhold- terprofit, which fell 34%, ex- about the census incorrectly estimatefor Sweden wasmade Periodicals postage paid at New York, N.Y., and other mailing offices. ersare paying bills on time. ceeded Wall Street estimates. said 99.8%of147 million hous- by researchersatImperial Col- Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. Trouble might still lie ahead Afront-pagegraphic and a ing unitshad been counted. lege. All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are if unemployment stays high Business&Financeheadline available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an and congressional gridlock con- foranarticle about the bank’s Amodel developed at Upp- Noticetoreaders advertisement shall constitute final acceptance of the advertiser’s order. tinues to hold up another round resultsincorrectly said that sala University in Sweden and Wall Street Journal staff Letters to the Editor: Fax: 212-416-2891; email: [email protected] of stimulus spending that is Citigroup posted aloss. based on work at Imperial Col- membersare working remotely Need assistance with your subscription? widely seen as critical to eco- legeLondon pointed to the during the pandemic.For the By web: customercenter.wsj.com; By email: [email protected] By phone: 1-800-JOURNAL (1-800-568-7625) nomicrecovery. JPMorgan’s TheCensus Bureau said possibility of 96,000 deaths in foreseeable future, please send Reprints &licensing: James Dimon said on Tuesday that 99.9%of147 million hous- Sweden from the coronavirus reader comments only by By email: [email protected] the countrywas still at risk of a ing unitshad been counted as pandemic.AReview essaySat- email or phone,using the con- By phone: 1-800-843-0008 double-dip recession,which of Monday.Insome editions urdayabout scienceand the tactsbelow, not via U.S. Mail. WSJback issues and framed pages: wsjshop.com could cost his bank an addi- Our newspapers are100% sourcedfromsustainably certified mills. tional $20 billion in loan losses. Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS But unlikethe 2008 crisis, 888-410-2667. P2JW289000-0-A00300-1030041020C

THE WALL STREET JOURNAL. Thursday, October 15, 2020 | A3 U.S. NEWS (2) JOURNAL REET ST LL WA THE R FO LSKI JA BU CHEL RA Big Creek Lumber’s sawmill survived awildfireinAugust. ‘This will be in the history booksfor the family,’ said Janet McCrary Webb, below. In California, Small Lumber Firm Faces Hard Road Back Bombom,designedbyJoana Vasconcelos.

BY HEATHER SOMERVILLE BigCreek Lumber cansur- vive—the modern zoning code SWANTON,Calif.—As fire wouldn’t allow a new sawmill roared down ahillside of red- on the same perch overlooking wood and Douglas-fir trees the Pacific.But the cleanup here in August, the McCrary task is hugeand costly,and in- family readied itself onceagain surancedoesn’t covertimber- to be alast line of defense. land losses, said Ms. Webb. Thefamily,whose logging “They aregoing to have to operation, Big Creek Lumber, invest in reforestation, and stretches acrossroughly 8,000 those trees take 60-plus years Perfection acres in the SantaCruzMoun- to grow,” said Bill Stewart, a tains,positioned itswater forest-management specialist at doesn’t come trucks and hoses,doused piles University of California, Berke- of redwood logs, dug fire ley.“It’sabig build, and the in seconds. breaks and drovebulldozers to- companyhas to do this all out ward the flames.The McCrarys of pocket. Youare going to have LukasKehnen, Violin maker spent asleeplessnight as the decades of lowercash flow.” Read the whole story on www.meistersinger.de lightning-sparked inferno Atimber mill is an ideologi- threatened to engulf the land, harvesting andsales to record books forthe family,” said cal outlier in environmentally and with it atimber company lows,according to the California Janet McCraryWebb,60years progressiveSantaCruzCounty that has long been asteward of ForestryAssociation. old, president of Big Creek with itshard-line regulations. the ruralcommunity. California’slogging indus- Lumber anddaughter of its But local land managers, Their effortssaved their tryhas contracted forthe past co-founder,Lud McCrary. “It’s ecologistsand fish biologists sawmill, morethan 200 jobs three decades,following envi- hardtoimagine when you’re saythey arerooting forBig and a74-year-old family leg- ronmental damagethat was looking at alot of ash and Creek’sfull recovery,for fear acy. They have an even bigger met with strict regulations bareground what lifeisgoing that theMcCraryland, if sold, fight ahead: rebuilding to that forced out manyofthe to look like in 10 years.” would be divided intosmaller withstand the next, inevitably bigclear-cutting loggers and Swanton residentssay they parcels and sold to developers, hotter and faster wildfire. leftmostly family-owned oper- arelooking to Big Creek to lead posing agreater threat to the Fire and flood have been a ationswith smaller budgets. the recovery.The McCraryfam- forests, watersheds and habitat. drumbeat in the rhythm of life Industryemployment and pro- ily,with their heavy machinery, ManyofMs. Webb’sem- in the forests of Swanton, an duction steadily improved manpowerand knowledgeof ployees and much of the fam- unincorporated community since2010,but haven’t re- the land have done the job time ily,including her 92-year-old Lunascope along the rugged Pacific Coast turned to prerecession levels, and again. TheMcCrarys held father,Lud, lost their homes. north of SantaCruz, but the according to a report on Cali- ground in the2009 Lockheed But her husband, SteveWebb, Less hectic, moreheavenly: August conflagration wasofa fornia’stimber industrybythe Fire that threatened Swanton, 61,said he savedthe couple’s the first MeisterSinger with different magnitude.The CZU University of Montana. cutting fire lines through thick- 150-year-old house on Swanton amoon phase module. Lightning Complexfires Expertsexpect timber etsofpoison oak to help save Road using awater truckand a scarred two-thirds of the Mc- yields to slump again, putting the cabin whereTiffanyWolt- tractor to keep the flames at a Crarys’land, engulfed 16 theindustryonthe edgeeven ersand Stephen Wolterslived, distance. Theash lefthim un- homes and 20 outlying struc- as the debate over better for- and later rebuilt burned water able to see clearly fordays. Moreinformation tures in the family compound est management through se- lines and held back floodwa- Twodays afterthe fire,Mr. and reduced much of Swanton lectivelogging takesonnew ters,Ms. Wolterssaid. This Webb and his son made the first Road to charred remnants. importanceinthe faceof time,the Wolters’shome of 11 passdownSwanton Road, send- TheMcCrarys join timber apocalyptic wildfire seasons. yearsburned. ing word back to neighbors companies acrossthe statein As the air clears, the Mc- “As much loss as that was, when they came upon asurviv- the struggle to navigatethe Craryfamily is taking stock of the McCrarys saved that mill ing house.That included Joanne Aaron Faber -New York City, NY |Exquisite Timepieces –Naples, FL | enormous financial burden of theenormous loss. Big Creek and savedalot of jobs and the and JerryPiepmeyer,who had Guven Fine Jewelers Bufford, GA |Joseph Gann -Boston, MA | repairing the foreststhey rely hadadjusted to the pandemic, nucleus of the community,” hosed down their home before Little Treasury Jewelers -Gambrills, MD |Martin Pulli -, on forlogging.Wildfires,which which caused timber sales for said Ms. Wolters. driving out through flames. PA |Orlando Watch Company -Winter Park, FL |Whittens Fine have consumed arecord4.1 mil- new-home construction to cra- Forthe McCrarys,saving They sleptonthe floor of the Jewelers -Wilmington, DE |Worthmore Jewelers -Atlanta, GA | lion acresinCalifornia this year, terbut brought aflurryofnew the sawmill involved nearly lumber-mill officealongside the Old Northeast Jewelers -St.Petersburg/Tampa, FL pose the greatest threat to the businessfromdo-it-yourself two dozenemployees who vol- McCraryfamily.“They areal- industrysincethe 2007-09 re- projects. Thefireisanother test. unteered to spend 24-hour waysthe firstones there,” said MeisterSinger USA 727-896-4278 cession, which pushed lumber “This will be in the history shifts firefighting.Itmeans Ms.Piepmeyer. Test Strategy aSticking Illegal Crossings Point in Covid Relief Bill At Border Minis BY KRISTINA PETERSON “The White House lacks an Are Rising AND KATE DAVIDSON understanding of the need for anational strategic testing BY MICHELLE HACKMAN Four is better than one... WASHINGTON—House plan,” Mr.Hammill said. The AND ALICIA CALDWELL Speaker NancyPelosi and WhiteHouse proposal in- Treasury SecretarySteven cluded about $45 billion in WASHINGTON—Thenum- Mnuchin continued to haggle newfunding fortesting and ber of migrants caught cross- S over policies including testing tracing, Mrs. Pelosi said over ing the U.S.-Mexican border il- strategy in their negotiations PRES the weekend. legally rose forthe fifth

Wednesdayoveranother coro- TED The Trump administration straight month in September, navirus relief package, despite CIA has sent funds to states to afterthe Trump administra- SO

closing some distanceover AS spend at their discretion on tion earlier this year launched how much money to spend. CI/ testing and contact tracing.It apandemic policy allowing Thetwo areexpected to VUC has helped states source sup- border agents to immediately AN

speak again Thursday. The EV plies such as swabs and chem- expel anyone caught making $1.88 trillion proposal from the Treasury Secretary Steven Mnuchin icals used to processtests, and such an attempt. WhiteHouse,formally submit- morerecently has placed large Border Patrol agentscaught tedoverthe weekend, sparked make progress on certain is- ordersofrapid teststodis- 54,771migrantscrossing the some calls from Democrats sues,oncertain issues we con- patch to nursing homes,as- U.S. border with Mexicolast this week to accept the admin- tinue to be far apart,” Mr. sisted-living facilities and monthand immediately ex- istration’s newly boosted offer. Mnuchin said Wednesdayinan stategovernorstodistribute pelled 48,327 of them, making But Mrs. Pelosi (D., Calif.) con- online discussion hosted by at their discretion. it the busiest September at the tinued to highlight her opposi- theMilken Institute. “Atthis Administration officials border since2006,according to tion to policycomponentsof point, getting something done have said states arebest figuresreleased by the agency. the WhiteHouse proposal, beforethe election and execut- equipped to determine what Apprehensions have been Choose 4Earrings though itsspending level ing on that will be difficult.” they need and work with the steadily rising since hitting a moved closer to the $2.2 tril- Mrs. Pelosi and Mr. federal government on their three-year lowinApril of just Under $500 lion legislation passed by the Mnuchin spokefor roughly an respectivetesting plans.Dem- over 16,000,the firstfull 14k gold,diamondsand gemstones Houseearlier this month. hour Wednesdaymorning and ocratshavesaid that approach month after President Trump Mr.Mnuchin said that al- had aproductivediscussion hasbeen afailurethat allowed declared an emergency, autho- though he and Mrs. Pelosi clarifying details of proposals the virus to percolaterather rizing border agentstoquickly CallorEmail to Purchase were making progressoncer- they exchanged over the week- than mitigate itsspread and removenearly everyforeigner tain issues,disagreementsre- end, Drew Hammill, Mrs. called foracentralized, feder- caught crossing intothe U.S. (805) 390 6326 |[email protected] mained not only on the sizeof Pelosi’sspokesman, said on ally led approach to testing without giving them the Shopthe CollectionatMISAHARA.COM the bill, but on policymea- Twitter. with consistent datacollection chance to ask for asylum. sures. Mrs. Pelosi continued to that they saywould moreeffi- Thetotal number of mi- “There’salot of detail press for $75 billion for test- ciently routeresourcesto grants caught at the border HandcraftedinNew York other than just the top-line ing and tracing of the virus,as where they are needed. fell by morethan half to about number that we’reexchanging well as anational plan forim- —Andrew Duehren 400,000 in the government’s paper [on]. We continue to plementing tests. contributed to this article. 2020 budget year. P2JW289000-6-A00400-17FEFF5178F

A4 | Thursday, October 15, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL. U.S. NEWS GOP Wrestles With ItsPlans On HealthCare

BY STEPHANIE ARMOUR legislation stating that the health lawdoesn’t rely on the OL WASHINGTON—A looming penalty.Either effort, if suc- PO

S Supreme Court decision on the cessful, would save the ACA, is pitting legal experts say. /PRES Republicans who believethe Democratshavealso said HAFF party should release areplace- they would pursue their own SC ment proposal against other health plans.House Speaker ERIN GOP lawmakersand policyex- Nancy Pelosi’s (D., Calif.) pro- OL; pertswho have playeddown posal would end health plans PO

S the need foraplan because that don’t comply with the

PRES they say the court is unlikely ACAand aims to lowerhealth- S/ to strike down the law. care costs. Democratic presi- Thelack of aconsensus Re- dential nominee JoeBiden has

REYNOLD publican proposal has ani- called formaking morepeople

ANI mated Democratswho say the eligible forMedicareand EF GOP push to confirm Judge launching a“public option,” a ST

P: Amy Coney Barrett to the Su- government-run health insur- TO preme Court poses arisk to 20 anceprogram that people OM

FR million Americans who could could opt to buy into. Sen. Chris Coons (D., Del.) questioned Supreme Court nominee Judge Amy Coney Barrett, shown below, at Wednesday's hearing. lose theirhealth coverage if Meanwhile,conservative the law is invalidated. Demo- policygroups including the the , including the cratsportray JudgeBarrettas HeritageFoundation and Galen Array of 15th Amendment, which bans an opponent of ACAwho Institutehavebeen working discrimination in voting on would givethe court a6-3 foralmost three yearsona the basis of race. conservativemajority likely to plan that also includes Questions “It strains if the rule against the law. broader health overhauls. clear wording of the Constitu- President Trump has re- Theproposal, known as tion establishes aright and peatedly promised ahealth Health Care Choices, borrows For Barrett you will not acknowledge it,” plan that he says would be an from an earlier replacement Mr. Durbin said. improvement over the ACA. plan floated when the GOP JudgeBarrettresponded, Last month he sketched out a sought unsuccessfully in 2017 ContinuedfromPageOne “It would strain the canons of health-carevision that, like to repeal the ACA. braces her faith without apol- conduct, which don’t permit the ACA, would protect cover- Under Health CareChoices, ogy,” the committeechairman, me to offer off-the-cuff reac- age for people with pre-exist- federal subsidies that currently Sen. (R., S.C.), tions or any opinions outside ing health conditions. go to Medicaid expansion and said early in the day. of the judicial decision-making “Obamacarewill be re- ACAtax creditswould instead Democratsportrayed the process. It would strain Article placed with aMUCHbetter, be converted intograntsthat confirmation process, which III, which preventsmefrom and FARcheaper,alternativeif states would gettosupport Republicans have made their deciding legal issues outside it is terminated in the Su- coverage forlower-income and toppriority,asapowergrab the context of cases and con- preme Court,” he said on vulnerable patients. Theplan that could frustratethe will of troversies.” TwitterinSeptember.“Would would expand the use of tax- voters if they elect Democrats Democratsmade some be a big WIN for the USA!” free accountstobuy insurance to the presidencyand control the lateJusticeAntonin Sca- of JudgeAmy Barrett,” said headway.JudgeBarrettdid Behind the scenes,the they cankeep if they lose or of the Senatenextmonth. lia, whose conservativejuris- Sen. (R., Mo.), sayBrown v. BoardofEduca- WhiteHouse has hammered changejobs.Low-income peo- “This unseemly and hypo- prudence frequently clashed referencing President Rea- tion, which in 1954 struck out some proposals based on ple on government coverage critical push to ramaSu- with JusticeGinsburg’spro- gan’s1987 nomination of a down school segregation, was various scenarios,according to could use the value of their ex- preme Court nominee through gressiveviews. hard-coreconservative, Judge correctly decided, as wasLov- people familiar with the dis- isting plans to enroll in private with just days beforeanelec- JudgeBarrett’sconfirma- RobertBork,toreplacethe ing v. Virginia, the 1967 case cussions who declined to pro- health plans. tion in which millions already tion could have “hugeconse- court’sthen-swing vote,Jus- overturningprohibitions on vide specific details. The pro- Still, Republicans and con- have votedisnot only an af- quences foreducation, for ticeLewis Powell. JudgeBork interracial marriage. visions would likely require servativehealth-policyexperts front to the American people, consumer rights, foraccessto wasrejected by the Demo- But she hedged on Gris- congressional action. An early remain divided over whether a but it damages the Senateand the courts, forcivil rights, for cratic-led Senate. wold v. Connecticut, a1965 replacement plan was replacement plan is actually our courts,” Sen. Patrick immigration, forenvironmen- Heated momentscame decision striking down aban scrapped because WhiteHouse needed. “The odds of the ACA Leahy(D.,Vt.) said afterthe talprotection, forNative when Democratspressed the on contraceptivesales to mar- advisersdecided it provided being struck down is close to hearing. American rights, forworkers’ judgetocomment on widely ried couples under the court’s overly generous federal subsi- zero,” said Brian Blase, a for- Democratsplumbed Judge rights, forexecutivepower, accepted , attempt- construction of aconstitu- dies to help low-income peo- mer special assistant to Mr. Barrett’s past writingsasa forreproductiverights, for ing to forceher to distinguish tional right to privacy. Rather ple afford health coverage. Trumponhealth-carepolicy. NotreDame lawprofessor free speech, civil justice, eco- between legal principles she than embracethe decision, Trump administration offi- “Having specific legislation and, since2017, on the Chi- nomicdevelopment,privacy, she said it was“very unlikely” cials saykey elements of their ready to go makes zero sense.” cago-based Seventh U.S. Cir- government misconduct, pris- lawmakersagain would seek health plan arepublic.Central If the ACAisstruck down, cuit Court of Appeals,topor- oner rights, capital punish- Heated moments to outlawbirth control, so tenetsinclude compelling hos- the time frame for when peo- tray her as the harbinger of ment, gunsafety,criminal jus- Griswold wassafe. pitals,doctorsand insurersto ple who have coverage vast changes in accepted legal tice,” Mr.Coons said. centered around When Sen. AmyKlobuchar disclose their negotiated rates through the ACA could lose it doctrine.JudgeBarrettre- JudgeBarrettsat unsmil- questions on widely (D., Minn.) asked about an an- forcare, and the expansion of would depend in part on deci- peatedly refused to engagein ing during Mr.Coons’sfusil- chor of pressfreedom, a1964 telehealth and tax-free ac- sions made by states and what she called hypotheticals lade,but she rejected his ar- known precedents. case requiring public officials countsfor purchasing health health-insurance companies. or speculateonpossible cases, gument that she wasready to to proveintentional falsity or care.Medicaid work require- Democratshavecriticized saying it wasinappropriate discardprecedent whenever recklessdisregardfor the mentsand waiversthat let Republicans forthe lack of a forasitting judgeand pro- it didn’t comport with her truth to sue publications for states changehow Medicaid is replacement plan or specifics. spectivejusticetoindicatea viewofthe law. “I’vewritten accepted and others in which libel, JudgeBarrettsuggested paid for, or howthe ACAis “You mean President @real- view. at great length aboutthe vir- she could be open to changing the issue wastoo contested implemented, arepart of the DonaldTrump is suing to rip “President Trump did not tues of stare decisis and the the law. to discuss. administration’spush to de- health care away from millions nominateyou to carryonJus- stability interestsitserves,” Sen. (D., Ill.) JusticeScalia had said the volvemorecontrol of health of Americans but doesn’t have ticeGinsburg’slegacy. He she said, using the Latin term asked JudgeBarrettifthe case,New York Times Co.v. care to the states. aplan forwhat happens if he nominatedyou because he forthe court’sprinciple of president has the right to Sullivan, waswrongly de- If the lawisstruck down, succeeds?” Sen. wantsyou to undermine or by previouslyde- deny people the right to vote cided, and JusticeClarence Democratscould trytopass (D., N.Y.) tweeted last month. change or shiftthat legacy,” cided issues. based on their race.Judge Thomas recently called for legislation increasing the ACA “I’m shocked. SHOCKED. Sen. Chris Coons (D., Del.) told “I think what we’veseen Barrett avoided adirect an- the court to reconsider the penalty fornot having insur- SHOCKED.Believewhat they JudgeBarrett, aprotegeeof todayisanattempted borking swer, instead citing laws and . ancefrom$0to$1orseek do.Not what they say.” Platforms Curb Sharing of Story on Biden

BY ROBERT MCMILLAN spokesman Andy Stone said in Alan Duke, afounder of tiality on the part of Facebook.” AND JEFF HORWITZ aTwittermessage. Facebook fact-checking partner Facebook representatives Mr.Stone said the action is Lead Stories,said that Face- didn’t respond to questions by Facebook Inc.and Twitter in keeping with rules Facebook book hadn’t asked itspartners about howfrequently itsfact- Inc.took the unusual step of announcedlast year to prevent to handle the Post articles dif- checking partnersreview arti- limiting the sharing of New election interference. Facebook ferently from other content. cles from major news outlets York Post articles that made said in ablog post last October “This wasreally just the and the specific process newallegations about Demo- it would temporarily reducedis- normal process,” Mr.Duke through which the Post stories Introducing an cratic presidential nominee tribution of certain content un- said, adding that verifying the were selected forreview. Ergonomic Heat JoeBiden that the Biden cam- til the factswerebetterestab- authenticity of the documents According to the Post, the paign denied. lished to stem misinformation. and eventscited in the Post emails at the center of itsarti- and Massage ThePost said itsreports “Quality reporting and fact- could be difficult. cles were found on acomputer were based on email exchanges checking takestime,” company While all news articles on that wasabandoned at aDela- Chair for Work with Hunter Biden,Joe Biden’s executives wroteatthe time. Facebook areeligible forfact- ware computer repair shop.A and Home son, that were provided by al- ThePost articles,published checking,Facebook pages and copy of the computer’s hard lies of President Trump, who Wednesdaymorning,cited less prominent outletsgener- drivewas then provided to in turn said they received them emails it said were writtenand ally receivethe bulk of the RobertCostello,alawyer for from acomputer-repair person received by Hunter Biden. One RudyGiuliani,the Post re- who found them on alaptop. article included acopy of an ported. Mr.Giuliani is Mr. Twitterblocked usersfrom email said to be sent to Hunter The candidate Trump’spersonal lawyer. posting links to the articles, Bidenapparently describing a In an interview, Mr.Giuliani initially citing apotential vio- meeting between his father and denied a New Yo rk declined to discussthe circum- lation of itsrules regarding an executiveatthe Ukrainian Post report about stances of howheobtained the hacked materials.The company energy firm Burisma Holdings, hard drive. “Could it be later said the articles also vio- on whoseboardHunter Biden emails from his son. hacked? Idon’t know. Idon’t lated itspolicies on displaying served. TheWall Street Journal think so,” Mr.Giuliani said. “If privateinformation likeemail hasn’t independently verified it washacked, it’sfor real.” addresses and phone numbers thePost articles. Investigations by the press without aperson’spermission. TheBiden campaign said platform’sscrutiny, according and Congress“have all reached Chief ExecutiveJack Dorsey that no such meetingtook to interviews with fact-check- the same conclusion: that Joe %( 1-# *( /!& +$) 0-.'", said thecompany’sfailureto placeand said the Post didn’t erswho work with the com- Biden carried out official U.S. givecontextaround itsactions ask the campaign about critical pany.Ifanarticle is judged policytoward Ukraine and en- was“unacceptable.” elementsofthe storyahead of substantially false,Facebook gagedinnowrongdoing,” said Twitter’smovecame after publication. says it ceases recommending Andrew Bates, aBiden cam- Facebook also limited the dis- In response to questions the content, appends the mate- paign spokesman. tribution of the articles on its from the Journal, a Post rial with anoticeabout the Hunter Biden served on the platform, saying it wasawait- spokeswoman provided alink fact-checker’s evaluationand boardofBurisma when his fa- ing guidancefromits third- to aPost editorial condemning assigns astriketothe publica- ther wasvicepresident and Free Shipping&30Day Risk Free Trial party fact-checking partners— the Twitterand Facebook ac- tion. If apublication is found to overseeing aU.S.anticorrup- Save $100 Now! And, Use code Ergonomic independent organizations that tionsand saying that “no one repeatedly publish false infor- tion push in Ukraine.Ina2019 For Free X-Wheel Casters routinely reviewthe accuracy hasdisputed the veracity” of mation, Facebook implements phone call, Mr.Trump urged of viral content. Facebook has itsreporting.“Facebook and moresystematic restrictions. the newly elected Ukrainian *$50 per month based on purchase of $89999 for 18-months 0% interest slowedthe spread of the Post Twitterare not media plat- Sen. Josh Hawley wroteto president to announceaninves- articles pending adecision by forms.They’repropaganda ma- Facebook chief Mark Zuckerberg tigation intothe Bidens,acall those partners, company chines,” the editorial said. that the action “suggestspar- that led to his impeachment. P2JW289000-0-A00500-1------XA

THE WALL STREET JOURNAL. Thursday, October 15, 2020 | A5

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A6 | Thursday, October 15, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS ATight RaceDraws Trump to Iowa Early Voting BY CATHERINE LUCEY AND JOHN MCCORMICK

Seeking to boost support in Breaks astate that has become an un- expected battleground, Presi- dent Trump appeared at arally Records in Iowa Wednesdaynight, de- claring: “Nobody’sgoing to do forIowa what Idid forIowa.” In Texas Less than three weeks be- fore Election Day, Mr.Trump spokeatanairport hangar in BY ELIZABETH FINDELL Des Moines,his thirdcampaign stop afterbeing treated for AUSTIN,Texas—Counties Covid-19.Polls showatight across Texas broke their own race with Democratic presiden- recordsfor early voterturnout tial nominee JoeBiden, who is on Tuesday, the firstday of in- outspending Mr.Trump on person voting. television ads in the statethis Thestate is in the middle of week.The nonpartisan Cook several legal fights over early Political Report ratesIowa a voting and mail-in ballots. tossup in the presidential race, Texas this year has nearly along with Florida, Georgia, three weeks of early voting, North Carolina and Ohio. which ends on the Friday be- “You’reabig statetome,” fore the election—this year, Mr.Trump said beforea Oct. 30.Manypolling stations packed crowd,manynot wear- had long lines on Tuesday. ing masks.“Youhaveatremen- In Harris County,the na- dous influenceand atremen- tion’s third-largest county, dous powerand you’venever which includes , turn- (2)

let me down.” S out surpassed record numbers

In afreewheeling campaign PRES set the firstday in 2016 five speech that ranfor roughly 90 hours before polls closed, ac- UMA

minutes,the president sought /Z cording to County Clerk Chris

to connect to the state, as he TZ Hollins.Bythe time polls

touted aid forfarmers, hailed KUR closed in the evening, 128,186 CK

stateofficials and announced JA people had votedinperson, he would be awarding the Trump supporters rode in a motorcade last month in Des Moines. A Biden backer handed out placards at a fundraising event. nearly double the 67,741 on the Presidential Medal of Freedom first day of 2016. Other coun- to Dan Gable,anIowa wres- favorincumbents, adding: “At ties across the statealso re- tling legend. Biden’s Campaign election map againstPresident fundraising committees set up the end of the day, Iexpect ported record-breaking first- He also repeatedly attacked Trump and run alarge advertis- with the Democratic National him to win Iowa,Iexpect him day numbers. Mr.Biden and his son Hunter Pulls In $383 Million ing campaign in the final weeks Committee. Mr. Trump’s cam- to pull it out.” Nationally, mail-in ballots Biden. Andhespokeabout his beforethe Nov. 3election. paign hasn’t yet released its Recentpolling shows Mr. are fueling historic early vot- time in Walter Reed National Jen O’Malley Dillon, Mr. Bi- fundraising totals for Septem- Trump lagging behind Mr. Bi- ing.Texas is one of aminority MilitaryMedical Center for Democratic presidential den’s campaign manager, said ber. den among women and se- of states that requires in-per- Covid-19 treatment, saying, nominee Joe Biden raised $383 on Twitter that the campaign Mr. Biden brought in a then- niors. AQuinnipiac University son voting unlessavoter is “You know it’salittle tough million in September, surpass- had $432 million in the bank. monthly record of $364.5 mil- poll of Iowa takenOct. 1-5 over 65 or has a disability. when youhaveatemperature ing the record-breaking haul he She said $203 million of the lion in August. showedlikely voters disap- In Georgia, early voting and youdon’t feel good and collected a month earlier. money raised during September In all, Mr. Biden’s campaign proveofMr. Trump’shandling Monday also broke records. then the scarier part is you Mr.Biden’sfall fundraising came from online donors. has raised nearly $890 million of the Covid-19 pandemic,51% As of Monday, therewere don’t knowwhereit’sgoing.” gives his team the abilityto Mr. Biden’s campaign raised during the past three months. to 45%. 16.9 million Texans registered Earlier in the day, Mr.Biden competeonthe broadestgeneral the money along with joint —Ken Thomas ScottBrennan, aDemo- to vote,up300,000 from three put out astatement about the craticNational Committee weeks agoand up 1.8million president’svisit. He said the member from Iowa,said the sinceOctober 2016,according statehad been “ravaged by the under control.” Florida or Pennsylvania. Still, pathtovictoryin2016 went president’shandling of the to the secretary of state’s of- coronavirus pandemic” and Thepresident captured Iowa anysigns of weaknessina through the Midwest. pandemic has hurt him in the fice. said Mr.Trump wasn’t “coming by 9.4 percentagepointsfour statewith deep agricultural “He wouldn’t be coming out state and helped Mr. Biden. In Travis County, which in- to the HawkeyeState to offer yearsago, though it waslong ties likeIowa could suggest hereifhewasn’t worried “Going intothis,weall as- cludes Austin, 97% of esti- wordsofcomfort to those suf- considered aswing state. Iowa challenges forMr. Trump in about it,” said Doug Gross, a sumed that it wasnot going to mated eligible voters arenow fering,orahelping hand to the offerssix Electoral College neighboringbattlegrounds longtime Iowa Republicanpo- happen, based on his 2016 per- registered, according to the Iowans who areout of ajob,or votes, apaucity compared with such as Wisconsin, aconcern litical operative. Still, Mr. formancehere,” he said. “But voter registrar. an actual plan to getthe virus more-populous states such as forhis campaign because his Grosssaid the statetends to I’m somewhat optimistic.” Voters on Tuesdaysaid that even though lineswill likely dissipate as early voting con- Registeredvoterspreferred Joe Biden to Donald Trump tinues,they didn’t mind wait- by 11 points while saying the economywas amoreimportant ing an hour or longer foran Biden Leads by 11 Pointsin issue than coronavirus,with thatpriorityclosely corresponding election they consider critical. to voters’candidate preference. “I’vebeen waiting four years for this day,” said Rich- National Survey of Voters Preferencefor president ard Wallace, 71, in Austin. 55% Mr. Wallace, who voted for Joe Biden former Vice President Joe Bi- 53% BY ELIZA COLLINS The Wall Street Journal/NBC News economic manager. Yet, the den, said he doesn’t usually poll wasbased on nationwide tele- pollsterssaid voters this elec- 50 vote early but considersthis JoeBiden holds adouble- phoneinterviewsof1,000 registered tion cycle don’t seem to be election far moreimportant voters. It wasconducted Oct. 9-12, digit lead over President 2020,bythe polling organizations of voting based on that issue than othersinthe past. At the Trump lessthan three weeks Bill McInturff of Public Opinion Strat- alone. South Austin church wherehe from Election Day, anew Wall egies and Jeff HorwittofHart Re- “The economyisthe No.1 45 waited, emergency relief vol- search Associates. Donald Street Journal/NBC News poll The sample wasdrawn in the fol- issue.People aresaying,‘Yep, I Trump unteershanded out fried of registered voters finds. lowing manner:Individuals were ran- think Trump is betteronthe 42% chicken. domlyselected from national lists of 40 Mr.Biden is ahead by 11 registeredvotersand were chosen by economy,’but he’sstill be- Thehigh turnout follows pointsinthe national survey, asystematic proceduretoprovide a hind,” said Bill McInturff,aRe- March Sept. numerous statewide battles 53% to 42%, following atumul- balanceofrespondents by sex. Re- publican pollster who con- 2020 over howvoting would be con- spondents reached on their cellphone tuous few weeks that included were randomly selected from national ducted the poll with Democrat ducted. Texas Attorney Gen- Mr.Trump’snomination of fed- lists of cellphone numbers. Jeff Horwitt. If youhad to pick one of either Would yousay ______eral KenPaxton,aRepublican, eral JudgeAmy Coney Barrett Of the 1,000 interviews in the Democrat PeterHart, who the economyorcoronavirus, is better off than it was fought to the stateSupreme weighted data, 590 respondents were to the Supreme Court, the can- reached on acellphone and screened also worked on the survey,said which is your topissue? four yearsago? Court to stop Mr.Hollins from didates’ contentious debate to ensurethat their cellphone wasthe voters were considering more sending unsolicited absentee Better off and the president’s Covid-19 only phone theyhad. Interviews were than the economy. Morethan Economy Other Coronavirus ballot applications to county conducted in English and Spanish. The Worseoff diagnosis and hospitalization. margin of error is plus or minus 3.1 half of those in the survey said residents. Thesurvey finds Mr.Trump percentage points. they were concerned that Mr. The same Some Republicans sued the rebounding from a14-point Trump would divide rather 0% 25 50 75 100 of their ownparty, deficit in apoll takenimmedi- than their owneconomic gains. than unitethe country. “The Youand Greg Abbott, to trytoprevent ately afterthe debatewith Mr. Some 50% saythey arebetter 2020 presidential election Candidate choice, by topissue your the extraweek of early voting Biden, but still in aweaker po- off than they were four years finds voters looking to heal Trump Biden family he added. Mr.Abbotthas also sition than in September,when ago, compared with 34% who physically,economically and faced challenges from voting- he trailed the former vicepres- saythey areworse off.How- psychologically,” Mr.Hart said. 100% rightsgroups afteranan- ident by 8points. ever,58% saythe countryis By 12 percentagepoints, nouncement earlier this month Thepoll holds warning worseoff than four yearsago, voters viewthe Republican 75 that he would limit absentee signs forRepublicans down- compared with 38% who sayit Party as bettersuited to han- ballot drop-off sites to one per ballot, as well. Democratscame is betteroff.Morethan 60% of dlecrime.Voterssplit nearly 50 The county. out ahead of Republicans by 8 voters saythe countryis evenly on whetherthey want a country Matias Pasch, 25, a power- 25 as a pointswhen voters were asked headed in the wrong direction. president who would confront whole companyworker reading which party they planned to TheNo. 1election issue and challengethe establish- “Olmsted’s Texas Journey” in support forCongress. among those surveyed wasthe ment—a hallmark of Mr. 0 line,said he wanted to gethis Voters appear to be moti- economy, and voters gaveRe- Trump’sstyle—or someone EconomyCoronavirus 0% 25 50 “I Voted” sticker as early as vatedmorebyconcerns about publicans a13-point advantage who would bring competence Source:WSJ/NBC News telephone polls, most recently of 1,000 registeredvoters possible to wear until Election the direction of the country over Democratsasthe better and compassion. conducted Oct. 9-12,2020; margin of error +/- 3.1pct. pts. Day as a reminder to others. Unmasking Probe Finds No Improper Acts Virginia Extends Deadline For Vo ter Registration BY SADIE GURMAN zens mentioned in intelligence of abroader,continuing crimi- and Russian interferencein reports, which ofteninclude nal investigation Mr.Barr or- the 2016 election. BY ALEXA CORSE Virginia’svoter-registration Afederal prosecutor’s re- intercepted communications deredintothe origins of the Reactingtonewsreports websitewent offline formuch viewfound no improper activ- of foreign officials under elec- Federal Bureau of Investiga- that Mr.Bash’sinquiryhad Afederal judgeextended of Tuesday, which wasset to be ity by Obama administration tronic surveillance. tion’sRussia probe,led by yieldednomajor findingsof through ThursdayVirginia’s the state’slast daytoregister officials who requested the President Trump and Re- John Durham, the U.S. attor- wrongdoing,Mr. Trump said voter-registration deadline,af- beforethe Nov.3election. Offi- identities of Americans whose publicansinCongress had ney in Connecticut. in aWednesdayinterview terthe state’sregistration web- cials attributed the outageto names were redacted in classi- sought to seizeonthe un- Mr.Bash wasasked to re- with Newsmax: “It’sridicu- sitetemporarily went offline an accidental cutting of afiber- fied intelligencereportsaround masking requests as evidence viewwhether the unmasking lous.It’sadisgrace.” Tuesdaybecause of what offi- optic cable during work fora the time of the 2016 presiden- of aplot by senior Obama of- requestswereimproper,and Mr.Trump has pressured cialssaid wasanaccidentally roadside utilities project. tial election, two officials fa- ficials to spy on Mr.Trump’s hisresearch wasintended to Mr.Barr to prosecutehis po- severedfiber-optic cable. Virginia has votedfor Demo- miliar with themattersaid. incoming administration. In be folded intoMr. Durham’s litical rivals in the weeks lead- “Register to vote now!!” Vir- cratic presidential candidates Theprosecutor,John Bash, particular,they pointed to un- probe, officials said. Mr.Barr ing up to the election. ginia Attorney General Mark since2008 and is seen by elec- the U.S. attorney forthe West- masking requestsofconversa- has told topRepublicans not “This much-hyped and mis- Herring,aDemocrat, wroteon tion analystsaslikely to vote ern District of Texas,leftthe tions that included Mr. to expect findingsornew in- leadingnonsense wasapoliti- TwitterWednesdaymorning af- forDemocrat JoeBiden this Justice Department last week Trump’sincoming national se- dictments by Mr.Durham be- cally motivated probe initi- terthe decision by U.S. District year. forajob in the privatesector. curity adviser,. fore the Nov.3election, deal- ated by to please JudgeJohn A. Gibney Jr. Some 977, 373Virginians had At the direction of Attorney Thenewswas reported ear- ing adisappointment to Mr. Donald Trump,and nowthey Civil-rightsgroups sued votedasofSunday, including General William Barr,Mr. lier by the WashingtonPost. Trumpand his supportersin arejust trying to quietly bury Tuesdaytoextendthe dead- by mail or in person, the Asso- Bash reviewedObama offi- JusticeDepartment spokes- Congress. They hadhoped the it,” said Nick Shapiro, who line.State officials supported ciated Pressreported. That has cials’ requestsfor “unmask- woman Kerri Kupec declined probe would shed newlight wasdeputy chief of staff at thelawsuit but said statelaw already surpassed the total ings,” acommon practicein to comment. on the underpinningsofthe the Central Intelligence didn’t authorizethem to ex- number of early ballotsthat the which authorities request and Mr.Bash’sreview,an- investigation intolinks be- Agencyduring the Obama ad- tend the deadline without statereceived in the 2016 gen- receivethe names of U.S. citi- nounced in May, came as part tween the Trump campaign ministration. court action. eral election. P2JW289000-0-A00700-1------XA

THE WALL STREET JOURNAL. Thursday, October 15, 2020 | A7 U.S. NEWS Wisconsin JudgeHalts Restrictions on Bars

BY JOE BARRETT Wisconsinites to stay home deaths from the disease.The and help us prevent the previous record was3,132 set AWisconsin judgetempo- spread of Covid-19.” five days earlier.The state rarily halted newrestrictions TheTavern League of Wis- has nowreported atotal of on capacity at bars, restau- consin, abusinessgroup rep- 1,508 deaths. rantsand other indoor spaces resenting bars, restaurants CDCdatashowWisconsin

as the statecontinues to see a and other retailersofalco- trails Texas,California and Il- S surge of Covid-19 cases and holic beverages,along with linois fornew cases reported NEW

hospitalizations. localplaintiffs in the North- in thepast 7days,although G Sawyer County Circuit west Wisconsin county,filed a itspopulation is much smaller

JudgeJohn M. Yackel on lawsuit Tuesdayseeking a than all three. OOMBER Wednesdayissued atempo- temporaryrestraining order TheWisconsin Supreme

rary restraining order against againstthe measure. It ar- Court in Maystruck down the TICE/BL

enforcement of the measure gued that the restrictions governor’s stay-at-home or- JUS across the stateand ordered would limit business so much der, leaving counties and cit- UREN

Wisconsin health officials to that thousands of itsmem- ies in the statetocraft their LA appear on Mondaytodefend berswould be forced to close. ownpolicies. An outside-dining area of a restaurant in Madison, Wis., last month. A judge in the state halted new their actions,according to Thelawsuit also alleged In July,the governor issued restrictions on capacity in bars, restaurants and other indoor spaces. court documents. that the order failed to follow a new emergency order, man- Theadministration of Dem- proper procedures forrule- dating mask use in public ison, said the conflictsinall to the extreme that the sys- Last week,Mr. Everssaid ocratic Gov.TonyEvers put making. places acrossthe state. He three states reflect the in- temwill allow, which would an alternate-carefacility set the newrules in placelast “The Tavern League of has sincerenewedthat order, tense partisan divide,with be unfortunateifwewere up at Wisconsin State Fair week,limiting capacity at the Wisconsin is committedto and it wasupheld earlier this Democraticgovernorsand talking about, say, fiscal pol- Park wasexpected to begin establishmentsto25%. fighting the spread of week at the circuit court one or both houses of the leg- icy, but in the case of agenu- accepting Covid-19 patients “This is adangerous deci- Covid-19,but will not stand level. islativebranch controlled by ine public-health crisis,is starting Wednesday. Officials sion that leavesour state by and watchits membersbe Similar battles over gover- Republicans. truly disastrous.” aretrying to alleviate the without astatewide effort to forced out of businessbyun- nors’ Covid-19 restrictions “What we have is just a On Monday,astate judge pressureonareahospitals re- contain this virus,” Mr. lawful orders,” the group said. have playedout in Michigan sort of state-level version of upheld an order from Mr. porting intensive-careunitsat Evers’sspokeswoman Britt On Tuesday, the statere- andPennsylvania. what is sometimes called con- Eversdeclaring apublic- capacity, requesting transfers Cudaback said. “Wewill be ported arecord3,279 new Howard Schweber,apoliti- stitutional hardball,” he said. health emergency and requir- to other facilities or facing challenging the decision, and confirmed cases of Covid-19 cal-scienceprofessor at the “Parties pushingthe rules of ing masks to be worn in en- staffing shortages as workers in the meantime,weneed and arecord34new reported University of Wisconsin, Mad- the game and their interests closed spaces acrossthe state. areexposed or infected. Coronavirus Infection Trend Worsens Across Most of Nation

BY JENNIFER CALFAS size. Together, they recorded andwinter,school reopenings experiencing record hospital- facility at Wisconsin State Fair thepast week,up6.6%from an averageof78,000 cases a and holidays were likely to izations,with 959 patientsin Park as hospitals in the state the previous week, according Thespread of the coronavi- dayoveraseven-day period bring manyindoors. hospitals Tuesday, according to become overwhelmed and suf- to Johns Hopkins University rusappeared to be accelerating ending on Oct. 12, or 152 cases “This is areally worrisome the Wisconsin Hospital Associ- ferstaffing shortages. data. On Wednesday, the state this week in the U.S. with akey forevery million residents. signal,” said Andrew Pavia, ation.The statereported are- “It has been our fervent added 1,709new confirmed indicator in 44 of the 50 states TheU.S.recorded 49,000 a chief of the Division of Pediat- cord 34 deaths Tuesday, and an hope that we would never need cases and reported 1,101 hospi- and Washington, D.C.,flashing dayonaverage over the same ricInfectious Diseases at the additional 28 Wednesday. to use the alternatecarefacil- talizations. an “ominous” warning sign period, about 150 forevery University of Utah. “This is a “This just makes me feel ity,” said Julie Willems Van Theseven-day averageofto- Tuesday, ahealth official said. million residents. scenario we were worried that thewinter will be more Dijk,deputy secretaryofthe talU.S.test resultsreported Theseven-day averageof Alaska, Kentucky, Montana, about. It’scome earlier and ominous.Idon’t think it’sgoing Wisconsin Department of hasreached newhighs in re- reported cases washigher North Dakota, South Dakota, stronger than we expected.” to go down. It could, we have Health Services.“But in acri- cent weeks while the percent than the 14-day average in all Utah, Wyoming and Wisconsin “Covid is just an ever-chang- the time forittogodown,” sis,such as apandemic,we coming back positive has risen but six states, the most to re- all experienced arise in newly ing hydra,” Dr.Pavia added. said Ajay Sethi,anassociate must preparefor the worstand to an averageof5.1% over the cord such levels sinceJuly, reported cases of morethan “You think you’vecontrolled professor of population health then work to tryand prevent it last seven days compared with and a sign cases are rising. 10% during the past week.In oneset of risks,and another sciences at the University of from coming to pass.” around 4.6% at the beginning TheU.S.trend corre- Montana, cases have increased setofcircumstances pop up Wisconsin, Madison. “But you Cases in some states that of the month. Thetrend indi- sponded with reportsofrising by 27.8%compared with the that youhadn’t anticipated.” really need to have asudden experienced surgesoverthe catesmoretesting is needed to cases in Europe.The 27 coun- week prior. Wisconsin, which has seen and completechangeinbehav- summer arenow on the up- detect morepeople with undi- tries of the European Union Theincreased spread has rising number of cases fora ior acrossthe state, and it’s swing or spreading to more agnosed infections. plus theU.K.have overtaken come earlier than some epide- month, reported morethan hardtobelieveitwill occur.” vulnerable communities.Ten- —Anthony DeBarros the U.S. while still accounting miologistsanticipated—when 3,000 newcases on Tuesday Health officials on Wednes- nessee has reported an aver- and Adam Martin fordifferences in population cooler temperatures in the fall and Wednesday. Thestate is dayopened an alternatecare age of 1,922 cases a day over contributed to this article. P2JW289000-0-A00800-1------XA

A8 | Thursday, October 15, 2020 THE WALL STREET JOURNAL. U.S. NEWS Day Care Poses Low Infection Risk, Study Says

BY ROBBIE WHELAN AJune survey by the Na- tional Association forthe Edu- Children in day-care pro- cation of Young Children JOURNAL grams present virtually no risk found that child-carecenter

of transmitting Covid-19 to enrollment fell by 33% nation- REET ST

adults, according to a new wide and that 70% of provid- LL

Yale University study of more ersreported that parentstold WA

than 57,000 U.S. child-care them they weren’t comfortable THE providers. sending kids back to daycare. R Thestudy,believed to be “For parents, it might be a FO

the largest of itskind, indi- little bit of cold comfort, be- ELIAN catedthat keeping child-care cause they’reworried about

centersopen doesn’t contrib- their particular child,” said Dr. BUNNI utetotransmission of the dis- Walter Gilliam, achild psy- SA

ease caused by the newcoro- chologist at Yale and lead au- MELIS navirus,aslong as they hewto thor of the study,published The study indicates keeping child-care centers open doesn’t contribute to transmission as long as they hew to sanitary guidelines. sanitaryguidelines likehand Wednesday in the journal Pe- washing,small group sizes and diatrics.“But it’sclear that located, as well as the gender, the source of that infection.” seem less likely to spread the common among high-school staff wearing facecoverings. child care doesn’t pose a ageand ethnicity of providers. The paper adds to growing virus, but some theories have and college students, in part, Theresearch has broad im- threat to communities.” “It doesn’t appear that research showing that young included asmaller viral load in scientistsbelieve, because plications forthe U.S. econ- Risk of infection for child- working in child care leads to children aren’t major vectors their airways,smaller fluid they aremoreindependent omy, parentswho depend on care professionals appears to the spread of Covid-19,” Dr. in Covid-19 transmission, said droplets expelled when they than young children and inter- day-care centers and child-care be comparable with that for Gilliam said. “It is true that Dr.Kristin Moffitt, aphysician cough or sneeze, or simply act more with peers. workers. Morethan athirdof the broader population. manychild-careprovidersdid at Boston Children’s Hospital that small children are closer “You would think that day child-carecentersinthe coun- TheYale study sought to getsick.Manyofthem even and professor of pediatrics at to the ground and thus less careswould be hotbeds,but tryclosed between March and control forfactorssuch as the went to hospitals.But it was Harvard Medical School. likely to transmit particles to they’re not, and this study is July,according to Child Care level of infection in the com- not the contact with children Scientists aren’t surewhy adults’ airways. consistent with that,” Dr.Mof- Aware, an advocacygroup. munity whereeach center was in child care that seems to be children under the ageof10 Outbreaks have been more fitt said.

member of the Houthi political tion for providing Saudi Ara- U.S. government while officials to the current war efforts.” nalist, who waskilled along Hostages council, said the Americans bia and itsallies with tried to secure their freedom. Mr.Patel said theU.S.made with aSouth African teacher had been held fortaking part weapons,intelligenceand Saudi officials said they surethe Houthis who returned during theoperation. in suspicious activity in Yemen. other militarysupport forthe agreed to help the U.S. even to Yemen weren’t on anyU.S. Days after becoming presi- In Yemen “Thereare alot of Ameri- fight in Yemen, where the co- though Houthi fightershavesti- terrorism lists. TheU.S.blocked dent,Mr. Trump authorized a cans visiting the Republic of alition’s airstrikes have killed fled U.N. effortstoend the war. the return of some Houthis be- raid targeting al Qaeda mili- Yemen, and they work safely in thousands of civilians. Under Saudi officials said they cause they were considered tantsinYemen that killed 14 Are Freed Yemen, but if those were just pressure, the Pentagon has were especially concerned high-risk,hesaid. fighters, but also led to the citizens with no involvementin scaled back itssupport for TheWhiteHouse,Federal death of a Navy SEAL. suspicious actsorlaw viola- Saudi Arabia’sfight in Yemen. Bureau of Investigation, Central TheU.S.-backed deal be- ContinuedfromPageOne tions they won’t be subjected to Most of theHouthi fighters Houthi officials IntelligenceAgencyand the tween the Houthis and Saudi Saudi officials said they re- anything,” Mr.al-Houthi said. were flowntoOman several State Department, led by Roger Arabia includes the largest luctantly backed the deal, which U.S. officials dismissed the years ago for medical care as described the Carstens,the special presiden- known agreement to allow they said would permit dozens allegation of suspicious activ- part of a U.N.-brokered good- exchange as a ‘favor tial envoy forhostageaffairs, armed adversaries of the U.S. of Houthi militantstrained on ity as unfounded. will gesturebythe Saudi-led all worked on the agreement. and itsallies to return to an advanceddrones and missiles With U.S. support, Saudi coalition meant to jump-start for a favor.’ Mr.Trump has made secur- active conflict zone. to return to the battle zone.Mr. Arabia and itsMiddle East al- peacetalks.Oncethey gotto ing freedom forU.S.citizens Beforebecoming president, Patelsaid the U.S. worked to lies have forfiveyearsbattled Oman, they were blocked by held by overseas adversaries a Mr. Trump criticized his pre- ensureHouthis returning to Ye- theIran-backed fightersinYe- Saudi Arabia from returning. priority.Inacampaign video decessor,President Obama, for men didn’t pose amajor risk. men, who toppled the govern- Martin Griffiths,the U.N. aboutthree dozenHouthi aired at the recent Republican agreeing to free five Taliban Houthi officials described ment and seized the Gulf coun- special presidential envoy,has fightersbeing sent back to Ye- National Convention, Mr.Trump prisonersfromGuantanamo theexchangeasa“favorfor a try’scapital in 2014. TheUnited tried fortwo yearstofind a men who they said had re- said he had freed over 50 Amer- Bayinexchangefor the return favor” and said those allowed Nations has repeatedly tried to way to end the war. His efforts ceived specialized training in icans held in 22 countries. of Bowe Bergdahl, an Army to return from Oman included broker an end to the war, have helped contain the fight- Iran on drones and missiles. Yemen has proven to be an soldier who had been held by Yemeni studentsand civilians which the international body ing,but talks have suffered re- “It’saharddecision to especially challenging placefor the Taliban forfiveyearsafter wounded during the war. In all, hassaid is the world’sworst peated setbacks. make because of the training U.S. militaryoperations in re- walking away from his post in Houthi officials said 240peo- humanitarian crisis. Thelatestdeal waskept out the Houthis have received,” a cent years. In 2014, U.S. com- Afghanistan. ple returned on Wednesday. U.S. lawmakershavecriti- of the public eye by the fami- Saudi official said. “They will mandos tried and failed to free —Saleh al-Batati Mohammed Ali al-Houthi, a cized the Trump administra- lies of the Americans and the come back and getintroduced adetained U.S. freelancejour- contributed to this article.

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THE WALL STREET JOURNAL. Thursday, October 15, 2020 | A9 WORLD NEWS Europe OutpacesU.S.inKey Case Gauge

France declares state tients. High case numbersalso increase the workload of con- of emergency,imposes tact tracerschargedwith curfew on Paris as virus sniffing out potential carriers and breaking chains of trans- flares up on continent mission, hampering efforts to control the spread. Europe has reached atip- “What all countries aretry- ping point in its fight to con- ing to do now, the ones that tain asecond wave of the cor- areintrouble,isbuy time,to onavirus,overtaking the U.S. trytosurvivethe winter.And in akey metric that tracks the that means getting the case virus’s spread. numbersdownfromthe level they arenow to allowtheir By Jason Douglas, systems to be able to func- Stacy Meichtry tion,” said Linda Bauld, profes- and Andrew Barnett sor of public health at the Uni- versity of Edinburgh in the U.K. Months afterauthorities Health expertsare also wor- flattened the curveofcorona- ried about apickup in the rate virus infections across Europe of people testing positivefor by imposing some of the the pathogen. TheWorld Western world’s toughest re- Health Organization says coun- strictions on millions of peo- tries should aim to do enough ple, the virus has crept back teststokeep the shareofposi- on the continent. Hospitals are / tiveresultsaround 5% or lower. filling up.Barsand cafesare Theshareofcoronavirus FUENTES

closing down. O tests coming back positive in

On Wednesday, Francede- AL Francerose to 9% at the end clared astate of emergency of the September,according to GONZ and announced a nightly cur- Aclosed bar in Paris kept its television set on while PresidentEmmanuel Macron explained tough newmeasures to curb the coronavirus. data from the European Cen- few forthe Paris region and trefor Disease Prevention and eight other metropolitan areas the period, about 150 forevery capita. Over the same seven- Governmentshaveadopted ported newdaily infections in Control, three times the rate across the country. million residents. dayperiod, the U.S. recorded targeted measures in an at- excess of 250 per million peo- in the summer.InSpain, the “The messageIwant to That is thefirst time Eu- an averageoftwo deaths aday tempt to contain the virus ple aday—higher than the U.S. positivity rate reached 10%. In send this evening is that I rope has outpaced the U.S. per million residents, double without inflicting the eco- reported during itsJuly peak. the U.K. in early October it need each of you, we need sincethe virus’speak in the theEuropean average. nomicpain that comes with “It does seem likeweare at was almost 3%. each other, to find solutions,” spring, when the disease was Both sides of nationwide lockdowns. Euro- atipping point in terms of in- Anothersign testing might said French President Emman- spreading largely undetected ramped up testing over the pean leadershavecracked fection numbers,” said Flavio be missing cases: Statistical uel Macron. because of countries’ limited summer,allowing countries to down on specific towns,cities Toxvaerd, an expert in the modeling using a representa- The27countries of the Eu- testing capacity.Europe has uncover far morecases.But in or demographics,such as economics of infectious dis- tivesample of U.K. adultscar- ropean Union and the U.K. re- nowreached acritical massof many hot spotsinEurope and young people. eases from the University of ried out by the country’s sta- corded 78,000 cases a day on newcases similar to what the in the U.S.,the shareofpositive Thetargetedapproach, Cambridge in the U.K. tisticsagencyestimated that average over a seven-day pe- U.S. faced in lateJune when testsisalso increasing,asign however, is running up against Winter is coming,and pub- between Sept. 25 and Oct. 1, riod ended Oct. 12, or 152 infections skyrocketed from that disease expertssay indi- the cold math of burgeoning lic-health experts say govern- around 17,200 people aday in cases forevery million resi- Florida to California. catesthe virus might be spread- caseloads.Countries including mentsneed to getagrip on England were getting infected. dents. TheU.S.recorded Europe continues to trail the ing even faster than ramped-up France, Spain, the Nether- infections or risk overwhelm- Theofficial daily tally forthat 49,000 a day on average over U.S. in averagedaily deaths per testing programs areshowing. lands,Belgium and the U.K. re- ing hospitals with sick pa- period averaged 9,500. Chinese Firm Gives Students Experimental Va ccines

BY C HAO DENG ingWuGuizhen,chief expert copy of her visa and flight Four of China’svaccines are of biosafety at the Chinese confirmation. in the last phase of clinical China is expanding distribu- Center forDisease Control and “I don’t knowabout the ef- testing on tens of thousands tion of itscoronavirus vaccines Prevention,and George Gao, fectiveness, but it looks safeat of volunteers, with some of its outside of clinical trials,with a head of China’sCDC. least as of now,” she said of drugmakers expected to pub- state-owned companyoffering As China prepares to roll the vaccine. lish preliminaryresultsinthe them to studentsgoing abroad out itsvaccines forthe public Another female student coming weeks.ASinopharm amid acampaign by officials as early as November,many said she also washeaded to vaccine trial in the United to boost public confidencein Western health expertsand the U.K. foramaster’s pro- Arab Emirates is close to com-

homegrowninoculations. pharmaceutical companies S gram in December and had yet pletion. China National Biotec warn that itsgovernment and to be given adatebySino- But China has already in- Group Co., adivision of state- companies are potentially en- PRES pharm for getting vaccinated. jected hundreds of thousands owned Sinopharm that is de- dangering public health by re- TED Beforethe websitewent down, of people with vaccines out- CIA

veloping two Covid-19 vac- leasing unproven shots. SO she had been given the choice side of clinical trials,including

cines,was giving them free to “By China doing this,it’sset- AS by text messageofreceiving the two being developed by Chinese students planning to ting awrong example forthe the vaccine in Beijing or Wu- Sinopharm, underan“emer- study abroad, according to a world,” said LawrenceGostin,a han. She had signed up on the gency-use” approval that be-

companywebsiteand students professor of global health law HIEFELBEIN/ website in late September. gan in July. The third vaccine who applied for it. at Georgetown University.“Peo- SC The application process on approved foremergencyuse is Theoffer appearstobethe ple will assume it’seffective, so Sinopharm’swebsitedidn’t tell being developed by private MARK latest example of the company they’ll let down their guard.” China National Biotec Group, a division of state-owned Sinopharm, registrantsthat itsvaccines Chinese firm Sinovac. using an emergency-use ap- Sinopharm’sannouncement displayed its vaccines and a model of Covid-19 at a Beijing trade fair. haven’t completed clinical tri- Chinese officials said in Au- proval to distributevaccines to that it wasdistributing vac- als,although those who spoke gust that the emergency pro- hundreds of thousands of peo- cines to studentsappeared on Health Times,anewspaper comment. to TheWall Street Journal gram coveredpeople at high ple outside of clinical trials. a website where people could under the official Communist Awoman who gaveonly her said they were aware of that risk of infection,such as medi- Yang Xiaoming,the com- sign up to receiveit. On Mon- Party’s People’sDaily,reported surname,Chen, said she was when they applied. calworkersand customs staff. pany’schairman, told stateme- day, the website told visitors that Sinopharm’soffer was vaccinated with two doses on Ms.Chen said she wasre- China’sNational Health dia in August that the safety of that 481,613people had taken “not real,” citing unnamed Mondayafter signing up on quired to sign a consent form Commission andNational the vaccines is “well guaran- the vaccines while an addi- sourcesatthe drugmaker.The Sinopharm’swebsitethis when she went to getinjected, Medical ProductsAdministra- teed.” He is among aparade of tional 93,653 had applied for report sparked confusion month. She washeaded to the which indicated the vaccine tion, the two regulatorsthat Chinese officials who have them. The website was down among Chinese internet users U.K. in November foramas- was still in clinical trials and advised thecountry’sState publicly declared in recent starting Tuesday, with a noti- on the Twitter-likeWeibo ter’sdegree and said the com- could lead to side effects, in- Council on approving emer- months that they themselves fication saying it wasunder platform. Thedrugmaker pany had asked her to submit cluding headaches and arm gencyuse,didn’t respond to have been vaccinated, includ- “system maintenance.” didn’t respond to arequest to her school’sadmission letter, a pain. requests to comment. Russia U.K. SpyAgencyAids Scientists Approves Second Studying Virus, NewChief Says BY STEPHEN FIDLER McCallum said. buildingsand deal with new Inoculation “The global prizeofhaving surveillancechallenges during LONDON—Thenew head of the firstusable vaccine the lockdown. SAVE B Y G EORGI KANTCHEV MI5,the U.K.’s domestic intel- against this deadly virus is a “Common sense will tell ligenceservice, said the large one,sowewould expect youthat covert surveillanceis $170 MOSCOW—Russia approved agencyhad shared knowledge that arangeofother par- not straightforwardonnear- asecond Covid-19 vaccine and about the dispersal of toxic ties…would be quiteinter- empty streets,” he said. said it wasclosing in on a chemicalsindropletstoaid ested in this research,” he He said the security thirdasMoscow attemptsto scientists studying the coro- said. threatstothe U.K. were be- establish itself as amajor navirus as he outlined efforts “It’sabout howcan we have coming morediverse and in playerinthe global race to to protect the integrity of re- research that we cantrust and some waysmoredifficult to TOP end the coronavirus pandemic. search intoaCovid-19 vac- have high confidenceinand spot. President Vladimir Putin cine. protect it from interferenceei- “We face a nasty mix—ter- said Wednesdayavaccine de- In his firstpublic appear- rorism isn’t going away,and veloped by Vector State Virol- ancesincehis appointment in state-backed hostile activity is ogyand BiotechnologyCenter, April, KenMcCallum told re- Ken McCallum said on the rise,” he said. aformer Soviet bioweapons portersinanonline presscon- British officials have said in research lab,has received reg- ferenceonWednesdaythat the MI5 had shared recent yearsthey have seen ulatoryapproval. Officials said agencywas alert to the possi- growing spying by China on 12 data on dispersal of that athirdvaccine could be bility that adversaries would the U.K. both on stateand pri- approved in December. seek to steal intellectual prop- toxic chemicals. vate-sector targets. Mr.McCal- Russiabecame the first erty related to vaccine re- lum said. WinesYou countrytoapproveaCovid-19 search and to interfere with “The U.K. wantstocooper- Need to Try vaccine in August, despite trial data. atewith China on the big skepticism from scientistsand MI5 wasalso on the look- ther in its substance or in its global issues likeclimate Western politicians over the out foreffortstosow disinfor- reputation.” change,while at the same Plus speed with which it wasdevel- mation that would reduce He said that as well as re- time being robust in confront- oped. Sputnik V, as it was public trust in asafevaccine, purposing research on toxic ing covert hostile activity 3BONUS Bottles called, received conditional he said. chemicals,the agencyhad ad- when we come acrossit,” he emergency approval after be- He gavenoexamples be- vised on the safeconstruction said. ing tested on only 76 subjects. yond hacking efforts that the of emergencyhospitals,of- He said the U.K. wasfacing Russian scientists have since U.K.,the U.S. and Canada at- feredskills in dataanalytics an increased threat from released positivedata from tributed in July to the Russian and modeling,and allowed right-wing terrorism, though early studies and embarked on intelligence services. Moscow medically qualified MI5 offi- not on the level of Islamist large-scale trials,known as said then it wouldn’t accept cers to step away from duties terrorism or on the scale that Phase 3. the allegations. to directly help the health ser- has been seen in the U.S. Moscow has struck deals to “Weare seeing lotsofin- vices. He said that of 27 late-stage sell Sputnik Vtoother coun- teresting activity on the inter- Mr.McCallum said the virus attacks that had been foiled by tries,including Brazil, India net and sometimes it takes had required other changes in MI5 and counterterrorism po- and Mexico, in what analysts time to attributethat and be howthe agencyworked: It liceinthe past four years, have said is abid to use the clearonwherethat activity needed to maintain arela- eight had been plottedby Go to wsjwine.com/now 2WSJW1907 vaccine to exert soft power. maybeoriginating from,” Mr. tively high occupancyofits right-wing extremists. P2JW289000-0-A01000-1------XA

A10 | Thursday, October 15, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

sociation says itsmembersare we were booked solid for winter.” medical-travel insurance,” Ms. Pandemic retired or semiretired people this winter season,” says Mr.Caron, the retired fi- Wykessays. who travel outside of Canada Lynda Phelps,co-owner of nancial consultant, says he Deb Russell is aretired for31ormoreconsecutive the Upriver RV Resortin has initiated Plan B. He has school principal from Carman, Strands nightsayear,mostly in the North Fort Myers, Fla. booked airline ticketsto Manitoba, about 70 miles north winter.The group estimates “Now, we areveryslow.” Fort Lauderdale,landing of North Dakota. Carman’sav- that 60% gravitatetoFlorida, She blamed cancellations Oct. 22,and hired ashipper eragewinter temperatureis Snowbirds with sizable contingentsalso from the Great WhiteNorth. to take his Jeep Grand just shyof9degrees.For the heading to Arizona and Texas. “Weneed the Canadians.” Not southbound Cherokee there. He has been past five years, Ms.Russell and “Wereally find winter to be Some RV ownersare eyeing monitoring Covid-19 case her husband, alandscaper, ContinuedfromPageOne very unpleasant—not just the British Columbia, wherewinter 40-foot RV to towdowntoa countsinFlorida’sIndian River have spent the winter in atwo- dian officials have said, and weather butthe shoveling of isn’t as harsh. Canada’swest- Florida Panhandle campground County,wherehis winter home bedroom rental home near thefederal government has a the snow,” says Jacques Caron, ernmostprovinceishome to in the snowy months. is located, and says they are McAllen, Texas,10miles north travel advisory discouraging all 71, aretired financial - some 100 year-round camp- Ms.Ravizza-Faulkner relatively lowcompared with of the Mexicoborder. nonessential travel abroad. tant from the Montreal area. grounds with RV hookups, wantstohead back to Florida. therest of the state. Not this year,she says. So this winter,Ms. Barlowis “And the driving is god-awful.” manyofthem on Vancouver Is- Although the land border is Flying insteadofdriving “is Cases in HidalgoCounty,where stocking up on sweatersbe- He and his wife, Elaine Poir- land and the Gulf Islands. closed, Canadians are allowed the most worrisome part,” he McAllen is located, remain too cause she and her husband are ier, spend half the year at a “The snowbirds have been to fly intothe U.S.,solong as says.“It’salittle barrier we numerous forher liking,and trading balmyArizona sun- property they bought in 2016 relentlessintheir inquiries,” they haven’t visited certain aredealing with now.” flying to Texas also doesn’t ap- shine forOsoyoos,British Co- in Sebastian, Fla., on the Atlan- says Ian Kyle, owner of the countries and regions in the Jill Wykes, anewsletteredi- peal to her. lumbia, just north of the Wash- tic coast, and the rest in their Mowhinna Creek Campground 14 days before. She and her torfor SnowbirdAdvisor.ca, Instead, she bought are- ingtonstate border,wherethe trailer in aprivatecampground on Salt Spring Island, British husbandare staying at her which caters to Canadian retir- cumbentbiketoexercise in- averagewinter temperatureis about 40 miles east of Mon- Columbia. “They areblanketing mother’s suburban Toronto ees,says snowbirds areworry- doors. She says she might take 32. “Wethink we aresafer in treal. “It’sadifferent lifestyle, the area.” home,scouring the internet ing about the availability and up curling again. Canada,” says Ms.Barlow, who but we loveit,” Mr.Caron says. Carolanne Ravizza-Faulkner forasecondhand RV and used cost of medical-travel insur- Meanwhile, there’samore is 77 yearsold. She knows it Theclosed border has up- shiversatthe idea of staying carinFlorida beforedeciding ance. Some providershavejust immediateneed. “I waslooking will snowinOsoyoos,“but it ended the plans of tens of north of the border.She and whether to book aflight. started to offer coverage for in the closet the other day,” should be gone the next day,” thousands of such RV-dwelling her husband, JayFaulkner, “Ifwehavetostayhere, illnessrelated to Covid-19,she she says,“and Irealized, I she says. snowbirds. sold their home in Barrie,On- we will stay here,” she says. says.“No one in their right don’t have that much in winter TheCanadian SnowbirdAs- “BeforeCovid-19 happened, tario,last year,and bought a “But Iwill never learn to love mind goes to the U.S. without clothes anymore.”

Better than Expected Until Crisis Hit sense to Trek. The Trump “In order to build in vol- Before the Covid-19 crisis,the job market wasbetterthan expected and minorityemploymentflourished. A ume, youneed asupply base around you. Nobody is making Economy manufacturing turnaround wasincomplete and businessinvestmentlagged. The crisis leftalegacy of debt. bicycle tires here, or crank- shafts or derailleurs or rims,” Actual joblessratevs. governmentprojections Economic growth under the Obama said John Burke, Trek’schief Split in Two executive. “All of those parts 8% and Trump administrations come from Asia.” AfterMr. Trump imposed biketariffs on Joblessratethe Fedprojected in Dec.2016 Obama recovery (June 2009 -Dec.2016) ContinuedfromPageOne China, Trek moved some pro- JoblessrateCongressional Budget Trump 3years(Jan. 2017 -Dec.2019) fully fitthe black and white 6 duction to Cambodia. storytold by either his ardent Officeprojected in June 2017 U.S. export growth slowed Average growth in 2.2% fans or his furious foes.His Actual joblessratefor year starting in 2018 as Mr. GDP,annual rate detractorssaid his taxpolicies 2.5 Trump’s tariff battles ramped cateredtothe rich, yetpov- 4 up.The U.S. trade deficit grew erty and inequality fell. Minor- to $577billion in 2019 from GDP growth rate 2.5 ities were big beneficiaries excluding the effects $481 billion in 2016.Itwid- during his firstthree years, of federal spending 2.5 ened further afterthe corona- though they have also been 2 virus struck.Exportsfell as big casualties in the past the global economycollapsed. seven months. Businessinvestment 5.1 Also widening the gap was His backersnotethat the aboom in U.S. demand forim- 0 growth 4.2 growth rate accelerated as Mr. ported electronics,needed for Trump said it would, but it 2017 '18'19 '20 classrooms and home offices. didn’t speed up as much or in the waysheprojected. Blue- Black unemploymentrate, quarterly U.S. manufacturing employment, monthly Wanted: collar towns reaped some of the revival his trade policy 20% 20 million Crisis Managers aimed for, but that revival was In the 1970s and 1980s, re- far from completewhen it was 18 cessions tended to be driven set back by the pandemic. 15 by Feddecisions to raise inter- A lesson that became clear 16 est rates to fight inflation. As afterahealth crisis knocked inflation receded,adifferent the economyoff the rails: One 10 14 threat to expansions emerged: of the best waystoadvance The unexpected shock. broad-based prosperity is to 12 In the early 1990s it was keep an expansion going.Good 5 Iraq’sinvasion of Kuwait.In thingstend to happen, espe- 10 the 2000s,itwas ahousing cially to those typically left bust. Then it was Covid. RECESSION behind, in the latestagesof Mr.Trump says he re- 8 long expansions.The one that 0 sponded aggressively by curb- ended in March was the lon- 1973 '80 '90 2000 '10 '20 1940 ’50 ’60 ’70 ’80 ’90 2000 ’10 ’20 ing travel from China, getting gest recorded in U.S. history, ventilatorstostatesand mar- Note:The unemploymentrateinSeptember is the currentactual for2020. an accomplishment Mr.Trump Sources: Federal Reserve, Congressional Budget Office, Labor Department(joblessrate); Commerce Department(economic growth under Obama/Trump); Labor Department(Black unemploymentrate, shaling afinancial rescue pro- shared with his predecessor, manufacturing employees) gram. His opponentssay he . playeddownthe severity of Mr. Trump received higher duced cascading benefits. professorwho studies busi- the virus,largely left states to marks on dealing with the Wage growth accelerated, and nesscycles and aformer fend for themselves and pro- economythan JoeBiden in a opportunities forlow-skilled Obama economic adviser. vided afinancial rescue only Wall Street Journal/NBC News workersgrew. People with dis- Some of these trends had with the help of Democrats. poll aftertheir Sept. 29 debate abilities or criminal records, started to click in during Mr. Republicans say governors and in general has outpolled forthe firsttime in years, Obama’ssecond term. Infla- in states runbyDemocrats his rival on this issue.Inaddi- found themselves sought after tion-adjusted median house- hurt the economy by keeping tion, aGallup survey in Sep- forwork.“It is hardtoac- hold income started moving shutdownsinplacetoo long. tember found 56% of Ameri- complish those thingsuntil higher in 2013 afteroverade- Democratssay the economy

cans said they were betteroff firms arereally finding it GES cade of stagnation. can’t getback on track until

than four yearsago, higher tough to hire,” Ms.Yellen said. IMA Like otherUnited Airlines the virus is contained. than or Barack As the jobless rate fell, Mr. managers, Mr.Johnson, who is ETTY

Obama polled the yearsthey Trumpcriticized the person /G 33,took a20% paycut after

were re-elected. However, in he’dchosen to replaceMs. Yel- AFP the virus struck and the ex- There’s a Trump the same poll, Mr. Trump re- len, Jerome Powell,for raising KI/ pansion ended. He escaped a

ceived lowermarks than Mr. interest rates. TheFed re- OWS storm of layoffs and in June economy up to 2020 Bidenfor being able to deal versed itself afteritsaw infla- gotwordhewas being pro-

SMIAL and another one with thecoronavirus crisis tion retreat. Then, when the motedtosenior manager for that hurt the economy. coronavirus struck, it cut rates AN airport operations,soon to post­coronavirus.

Hereare five takeaways and flooded the financial sys- BREND earn more than six figures. from the Trump economies tem with funds. President Trump speaking in Oshkosh, Wis., in August. Manyothershaven’t had that led to this point. Theeconomic damagefrom that good fortune.While mi- social distancing and states’ path to balanceits budgets Growth went haywireas norities and low-skill workers One way to measureeco- shutdowns overwhelmed the andpay down debt. Instead, states shut down economies tend to do best late in expan- nomic performanceduring the Jobs gains from Mr.Trump’sfirst deficitswidened lateinthe ex- and then reopened at different sions as the jobless rate falls, health crisis is by comparison Afew weeks afterMr. three years. Thejoblessrate pansion, when deficits in the paces.Washington’ssalvewas they also tend to be hit firstin with other countries.In Trump waselected in 2016, hit 14.7% in April. past have tended to recede. an explosion of government downturns when some firms growth, the U.S. isn’t excep- Federal Reserveofficials gath- By September,itwas falling Mr. Trump’s tax cuts and a intervention—trillions of dol- dismissthe most recent hires. tional. ered to updatetheir outlook morequickly than the Fedex- push to scale back regulation larsinpaymentstohouse- TheBlack unemployment Everymajor economywill andinterest-rateplans.The pected, standing at 7.9% last were meant to spur private- holds,small businesses,states rate in September was12.1%, shrink this year except consensus at the Fedand month. Still, five million more sector investment and worker and the airline industry. reversing all of the gains China’s, which is projected to among many forecasters was people were unemployedin productivity to set U.S. growth Even with this support, by achieved since 2014. The job- grow 1.9%, says the Interna- that the unemployment rate, September than when Mr. on a faster track for the long summer the U.S. output of lessratefor high-school grad- tional MonetaryFund. The then 4.7%, would level out Trump took office. term. It wasn’t clear that was goods and services wasrun- uates with no collegewas 9%, U.S. contraction of 4.3% will around 4.5% and sit there for happening. Productivity rose, ning at an annual rate—$19.5 reversing the gains since2011. be in line with that of the the foreseeable future. butitdidn’t approach levels trillion—that was$1.9trillion world as awhole,the IMF Instead, by the end of 2019 Growth achieved during the 1960s,late below the year before. Trade and the projects. It expectsthe U.S. to it had fallen to 3.5%.The pace The expansion that started 1990s or early 2000s. Blue-Collar Job outperform some large rivals, of job growth had been pro- in mid-2009 washistorically Business investment trav- Minorities, Low- such as Germany, Japan and jected to slow and it did, but slow. Mr.Trump said he would eled aserpentine path. After Mr. Trump’s trade policies Canada, but underperform lesssothan manyeconomists changethat. His firstbudget jumping following the 2007-09 Income Workers were aimed at helping blue- others, including South Korea, expected. It averaged 2.6 mil- projected that the growth rate recession and slowing later in A decade ago, Leroy John- collar towns hurt by competi- Australia and Taiwan. lion jobs ayear during Mr. under his policies would pick the Obama years, investment son wasworking an $11-an- tion from China, Mexicoand On government debt, the Obama’s second term and 2.2 up to 3% by 2020 and stay rose again after the business- hour customer service job for other low-wagecountries.The U.S. is projected to take on million a year in Mr. Trump’s there. It did rise,but not as taxcuts. Then it slowedagain United Airlines in Hartford, U.S. manufacturing sector morethan anyother nation in first three years. expected. when the U.S. challenged trade Conn. Over the next 10 years, shed eight million jobs, more 2020, relative to size, accord- One thing driving the job- During the expansion under rivals with tariffs.Inall, the Mr.Johnson, Black and single, than half itsworkers, between ing to the IMF. lessratelowerwas afiscal Mr.Obama, GDP grew at an paceofinvestment was worked his way up to being a 1979 and 2009.Manufacturing Federal debt has increased boost in 2017and 2018,first average annual rate of 2.25%. slightly slower in the Trump manager in SanFrancisco, employment began amodest by $5.6 trillion on Mr.Trump’s from corporateand individual It picked up to a 2.5% rate in part of thepost-2008 expan- making nearly $100,000. ascent in 2010 and extended watch. It is on course to sur- income-tax cuts and then from Mr. Trump’s first three years. sion than in the Obama part. In thefirst three yearsof those gains under Mr.Trump. passthe debt added in the a February2018 bill that reset Oneimportant driver was Now, another headwind to a the Trump presidency, median Covid-19 knocked manufac- Obama yearsbythe end of spending caps Republicans de- government spending.Itgrew long-run growth pickup is re- household incomes grew,in- turing employment down to a 2022, meaning in six years manded in the Obama era. faster during the Trump years, asserting itself.Declining birth equality diminished, and the level comparable to the 1940s. versus in eight. “I remember thinking at the even before Covid-19, than ratesand retiring Baby Boom- poverty rate among Black peo- Thebicycle industryshows Debt the U.S. has taken on time that the last thing the during the Obama years. Ex- ers have been restraining the ple dropped below20% forthe the obstacles. The Trump ad- in the health crisis,during Mr. economyneeded wasasub- cluding the effectsoffederal expansion of the workforce. first time since World War II. ministration imposed tariffs Trump’ssecond economy, has stantial taxcut and fiscal spending,GDP grew at the Theperiod of lowunem- TheBlack joblessratewent up to 25% on bicycles and bike cushioned the downturn. With boost,” said Janet Yellen,who same rate in the Obama phase ployment provided arespite, under 6% for the first time in partsimported from China be- interest ratesverylow,itis led the Fedearly in Mr. of the nearly 11-year expansion drawing newworkersintothe records going back to 1972. ginning in 2018. Trek Bicycle manageable fornow.The risk, Trump’sterm. Theworrywas as during the Trump phase. economy. Thevirus reversed “Wesaw over those three Corp.makes custom high-end economistssay,isthat the the economymight overheat Federal revenue didn’t keep those gains.Inthe spring,the yearsthat we could sustain an bikes costing up to $4,000 at debt level could hinder the na- and spur inflation. Instead, in- up. Mr. Trump had said in his percentageofworking-age economywith much lowerun- itshometownofWaterloo, tion’sability to invest in the flation rose to the Fed’s2% firstbudget that faster growth people who had a job or were employment than had previ- Wis. Moving itsChinese pro- future, restraining the nation’s target in 2018,then receded. would combine with fiscal re- looking forone fell to itslow- ously been thought possible,” duction of lower-end bikes to pursuit of faster economic Lowunemployment pro- straint to put the U.S. on a est level since the 1970s. said James Stock,aHarvard Wisconsin, too, didn’t make growth. P2JW289000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Thursday, October 15, 2020 | A10A GREATER NEW YORK Two Senior Officials Leaving City Posts

Key figures in mayor’s decision” to leave.Chief Pich- officials at the Mayor’s Office ardo met with the mayorto of Criminal Justice. Ms.Glazer criminal-justice policy discussthe chief missing calls declined to comment. are latest to announce and messages from Mr.deBla- Alongtime adviser to Mr. sio recently,officials said. But de Blasio,she created some of they are departing the mayorsaid that didn’t the nation’smost aggressive prompt Chief Pichardo’s resig- criminal-justiceoverhauls in BY BEN CHAPMAN nation. NewYork City,including a JOURNAL AND KATIE HONAN “Therewas one thing I plan to close the RikersIsland JOURNAL needed to talk through with REET jail complexand replaceit TwoarchitectsofNew York him whereIthink therewas ST with four neighborhood jails. LL REET ST

MayorBill de Blasio’s crimi- some miscommunication, but WA Part of that plan was dealt nal-justiceapproach resigned, he and Ihavetalked dozens LL alegal blowlast month aftera THE WA the latest high-profile officials anddozens of times and had R Manhattanjudgenullified nec- FO to leave government as the no problemcommunicating THE essaryland-use approvals to R FO

city hasstruggled with the and working through things,” KEITH build aneighborhood jail in coronavirus pandemic. Mr.deBlasio said. “It is un- Manhattan’sChinatownneigh-

Elizabeth Glazer announced usual, obviously—someone ADLER borhood, citing anumber of S EPHANIE

her resignation as director of who had a very bright future BES ST issues including the city’s ef- the Mayor’sOfficeofCriminal ahead, but he’smaking adeci- Elizabeth Glazer,head of the Mayor’sOfficeofCriminal Justice, and NYPD Chief of Patrol Fausto Pichardo fortstocollect community in- Justiceinanemail to staff sion for family reasons.” put and addresspotential earlyWednesday. NewYork ChiefPichardo declined to cording to officials. Chief Pichardo offered his res- aftersubmitting his retire- health concerns in the planned PoliceDepartment Chief of Pa- comment. Chief Pichardo,43years ignation afterbeing sum- ment request, according to the development. trol FaustoPichardo,who was PoliceCommissioner Der- old, is the firstDominican- moned to City Hall forques- officials.Mr. de Blasio asked Her departurefollows those appointed to the role in Janu- mot Shea said in atelevision American to reach his high- tioning by Mr. de Blasio after the patrol chief to remain at of other high-ranking officials ary, put in his retirement pa- interviewthat he and others ranking position in the NYPD, missing calls from the mayor his post, the officials said, but who recently left city posts, pers late Tuesday. had tried unsuccessfully to and he oftenappeared at pub- while the chief wasworking Chief Pichardo refused. including Oxiris Barbot,the Mr. de Blasio said Wednes- persuade Chief Pichardo to lic eventswith Messrs. Shea overtime in the field. Ms.Glazer is expected to former health commissioner, daythat Chief Pichardo told stay.The patrol chief’s last and de Blasio. Chief Pichardo met again remain on the job until the and Allison Hirsch,who was him he had made a “personal daywill be in November,ac- Policeofficials said that with Mr.deBlasio on Tuesday end of October,according to an adviser to the mayor. Health Commissioner Sees Troubles Ahead State Aid Could Be BY MELANIE GRAYCE WEST Staff have been working tire- lessly,with little reprieve, he When Dave A. Chokshi was said. He hopes to staveoff any Held From appointed commissioner in Au- head-count reductions,trim- gust of the NewYork City De- ming hishealth department’s partment of Health and Mental budget in other ways. Hot Spots Hygiene,the percentageof “Our economic recovery NewYork City residentstest- flowsthrough our public ingpositivefor the coronavi- health response,” he said. BY JIMMY VIELKIND ruswas at one of itslowest On arecent morning,Dr. AND KATIE HONAN points, apromising moment Chokshi wasdelivering kudos that put the worstdays of the to health-department staff at a NewYork Gov.Andrew pandemic in the rearviewmir- newly refurbished spaceonthe Cuomo threatened to withhold ror. Upper West Side.Atthis city- statefunding from several mu- But only 10 weeks intohis operated health clinic,New nicipalities including New tenure, Dr.Chokshi, aprimary- Yorkerscan getacoronavirus York City,ifofficials there care physician, has pressing test with almost no wait time, don’t work harder to enforce worries. with resultsinlessthan aday. social-distancing mandates the With aresurgenceofcases Central to these clinics is stateimposed last week in in Brooklyn and Queens— new, state-of-the-art labora- coronavirus hot spots. which have nowrequired new tory equipment that makes it Mr.Cuomo again said he lockdowns in several neighbor- easier and faster to do testing. wasfrustrated by media re- hoods,including the one where Thecity rolled out the use of portsthat some schools and OFFICE he lives with his wifeand tod- these laboratorymachines, large religious gatheringsvio-

dler daughter—Dr.Chokshi is APHY which aremade by Cepheid, in lated new restrictions. GR

concerned about controlling TO 2019. Thenew mandates closed

hot spots. He is troubled that PHO Theequipment wasorigi- schools and capped occupancy misinformation about herdim- L nally used forrapid testing for at houses of worship at 25% or RA

munity and the seriousnessof YO chlamydia and gonorrhea. With 10 people,whichever is fewer,

the illness, as well as testing, /MA roughly $135 million in funding in partsofBrooklyn, Queens has playedarole in the spread from the federal government, and Rockland and Orange of the virus in Brooklyn and REED moreCepheid machines are counties that have had higher ED Queens. NewYork CityHealth Commissioner Dave A. Chokshi worries thatmoreCovid hospitalizations arecoming. beingadded at health clinics rates of the Covid-19 virus. “I’m worried that what acrossthe city forthe purpose Most of these communities we’reseeing with respect to hasoverseen the health de- honored to be considered by work had long been acore of Covid-19 testing.When the have alarge ultra-Orthodox the increase in cases will turn partment’s role in reopening the mayorfor the position. “It function of the health depart- pandemic passes,they canbe Jewish population. into increases in hospitaliza- gyms,schools and restaurants feels likethe experiences and ment. used forother testing. “Weknowthat therewere tions and moresevereillness,” to some indoor dining. the expertise that I’vebuilt up In her resignation letter, Dr. Butwith progresscomes a violations whereyeshivas he said during arecent inter- Dr.Chokshi came to the job over the course of my career Barbotwrote that she wasdis- setback: the city can’t get were operating.Weknow view. “The sciencetells us that afterserving as the chief popu- arematched to the moment appointed that the depart- enough of the laboratorysup- therewereviolations where as soon as cases go up,you lation health officer of Health + that we’rein,” he said. ment’s“incomparable disease plies,specifically the reagents religious gatheringswerehap- knowthereisalag,but hospi- Hospitals,the city’s public hos- Thehealth department it- control expertise wasnot used to runatest, to use the equip- pening that exceeded the talizations will go up afterthat pital system. Treating patients self,with morethan 6,000 em- to the degree it could have ment at full tilt. guidelines,” Mr.Cuomo said as well.” at thecity’s hospitals during ployees,has been strained been.” In speaking to staff at the on aconferencecall. “We’ll Dr.Chokshi, 39 yearsold, theheight of the pandemic in sincethe start of the pan- Dr.Chokshi said his agency clinic,Dr. Chokshi asked withhold funding from the takesoverthe commissioner March and April and formative demic, hobbled by the lack of hasn’t been sidelined in the re- whether it made sense to in- government. Idon’t liketodo role at one of the most pivotal work experiences responding access to coronavirus testing. sponse to Covid-19.Acrisis of viteaperson who testsposi- that. Budgetsare tough all momentsinNew York City’s to Hurricane Katrina in 2005 Therewas considerable fric- this magnitude,hesaid, re- tivetocome back to the health acrossthe board. Idon’t know history. He wasappointed by and superstorm Sandy in 2012 tion over aMay decision by quires the entiregovernment, center to conduct atracing in- how else to get them to actu- MayorBill de Blasio to succeed have given him the experience Mr.deBlasio to transfer the and the health department terview. Aftertalking through ally do theenforcement they Oxiris Barbot, alongtime pub- to fill the commissioner role, tracking and tracing of should work with anyone that the various steps with Jennifer need to do.” lic-health executive, who re- he said. Covid-19 patientsfromthe canrise to this challenge. Rakeman, who leads the city’s Aspokesman forMayor Bill signed afterclashing with Mr. Dr.Chokshi said he wasn’t health department to the city’s Addressing staff morale is public health lab,the idea was de Blasio said the threat of a de Blasio.Sofar,Dr. Chokshi striving forthe job and was public hospital system. That among Dr.Chokshi’spriorities. quickly dismissed. second wave drovethe city’s enforcement—“not threats of federal or statefunding cuts.” At anewsconference Woman Made Second 911 Call Wednesday before the gover- nor’s remarks,the mayorsaid the city would continue en- Accusing Black Bird-Watcher forcement in areas with higher cases of Covid-19.“Thecity will be out in force in the ar- eas most affected making sure BY EMMA TUCKER watcher,would faceuptoa said that Mr.Cooper “tried to that we aresupporting people year in jail. assault her,” according to Ms. who aretrying to do the right AmyCooper,the white Alawyer forMs. Cooper de- Illuzzi. thing,and folks who arenot woman who falsely accused a clined to comment. Policeinthe park re- doing the right thing,of Black bird-watcher in May of Mr. Cooper filmed the May sponded to the scene,where course, there will be enforce- threatening her lifeinCentral 25 incident, which began after they found Ms.Cooper.During ment,” Mr. de Blasio said. Park, was arraigned Wednes- he asked Ms. Cooper to leash questioning by police, Ms. Last weekend, NewYork day in Manhattan on false-re- herdog,asrequired by park Cooper said that Mr.Cooper City authorities gaveout more porting charges. rules. had never tried to assault her, than 100 summonses in state- Ms. Cooper also falsely ac- Video footagecaptured the according to prosecutors. designated restricted zones cused Christian Cooper,the 41-year-old woman warning Ms. Cooper, who was fired for a variety of violations, in- bird-watcher, of trying to as- Mr.Cooper that she would call by her employer, money man- cluding holding mass gather- sault her,according to the the authorities and “tell them ager Franklin Templeton, ings, officials said. Manhattan district attorney’s shortly afterthe incident, said Thenumber of NewYorkers office. in an apologyvideo in May hospitalized with Covid-19 in- “Using the policeinaway Prosecutors say she that she “reacted emotionally creased to 938 on Tuesday, Mr. that wasboth racially offen- andmade false assumptions Cuomo said Wednesday. Within siveand designed to intimi- falsely claimed that about his intentions when, in the state’shot spots, 6.2% of dateissomething that cannot Christian Cooper fact, Iwas the one who was the coronavirus testsprocessed be ignored,” said Joan Illuzzi, acting inappropriately by not Tuesdaywerepositive. executiveassistant district at- tried to assault her. having my dog on a leash.” RocklandCounty Executive torney. Theincident sparked na- Ed Daysaid the town of Ram- “Overthe next few weeks, tional outrage, with manypeo- apo and village of Spring Val- we will be exploring with the ple noting that it was the lat- ley weren’t cooperating with defense aprogram designed to there’sanAfrican-American estinstanceofwhitepeople enforcement, and increasing S have the defendant take re- man threatening my life.” She calling the policeonBlack staffing to fill the gap “is not

PRES sponsibility forher actions but then proceeded to take out her people. our preferred course of ac-

TED also educateher and the com- cellphone and call 911, the re- On the same day, avideo tion.” Those two parts of the

OCIA munity on the harm caused by cording shows. went viral showing awhite county have some of the high-

SS such actions,” Ms.Illuzzi Ms.Cooper told the emer- Minneapolis policeofficer est cases of Covid-19, accord- /A added. gency operator that Mr. Coo- kneeling on the neck of George ing to state data. OPER Thecase wasadjourned for per,whom she described as Floyd,aBlack man who died Acall to the supervisor of CO a month to allow prosecutors African-American, wasthreat- shortly afterward. theTownofRamapo wasn’t

TIAN and Ms.Cooper’s lawyer to ne- ening her and her dog in the Mr.Floyd’s death sparked returned. Aspokesman forthe gotiate a disposition. Ramble,asection of Central nationwide protests against VillageofSpring Valley didn’t CHRIS Video shows Amy Cooper calling authorities after a Black man If convicted, Ms.Cooper, Park. police brutality and racial in- respond to an email seeking asked her to leash her dog during a May incident in Central Park. who isn’t related to the bird- During asecond call, she justice. comment. P2JW289000-2-A010B0-1------NS

A10B | Thursday, October 15, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK TheaterDistrictMainstayReopening WATCH

BY CHARLES PASSY CONNECTICUT

Formorethan 50 years, Joe Prosecutor Concludes Allen has been one of the ’19 Shooting Justified quintessential gathering places in NewYork City’s theater dis- TwoConnecticut policeoffi- trict, a restaurant where cers who shotahigh school psy- Broadway industrytitans and chologisttodeath during ado- show-goersalikedine and mestic violencecall lastyear drink beforeorafter perfor- were justified in using deadly mances. forceand no charges will be filed, But canJoe Allen survivein according to astate prosecutor’s adistrict currently without report released Wednesday. anyBroadway shows? Windham State’sAttorney Theestablishment, situated Anne Mahoneyinvestigatedthe on West 46th Street’sRestau- East Hartfordofficers’ shooting rant Row, is reopening Thurs- of 43-year-old John Carras during dayfor the firsttime since the aviolentstruggle with him out- coronavirus pandemic side his home on Sept. 5, 2019. prompted ashutdown in mid- She concluded the officers rea- March. sonably believedusing deadly And while the JoeAllen forcewas necessary to defend team is hopeful that patrons themselves againstMr. Carras. will return forsome of the Officer AndreLyewfired five menu favorites,including its shots and Officer Daniel Zaleski beloved hamburger, to say fired onceasMr. Carras charged

nothing of the opportunity to JOURNAL at Officer Lyew with his fists unwind in the restaurant’sinti- clenched while screaming, Ms. REET

mate, brick-walled setting, ST Mahoneysaid. The shooting

they knowthey could be fight- LL came after Mr.Carras had choked

ing an uphill battle. WA his wifetounconsciousness, po-

“It makes me feel good Ican THE licesaid. His wifesurvived. R

do something forBroadway, FO An autopsyshowedMr. Carras but Idon’t knowifit’sgoing to wasshotsix times and had fen- work,” said Julie Cronauer, SLER tanyl and other drugs in his sys- who runs the dining spot with KES tem. her father,restaurant name- —Associated Press CALLA sake JoeAllen. Without the lure of Broadway shows, Joe Allen’s team realizes it could be fighting an uphill battle to bring in customers. Such is the dilemma forres- NEW JERSEY taurantsinthe theater district, yond the lossoftheater pa- tanminichain of Mexican res- back to work and they canpay check—for example,itwill trim the stretch of blocks that in- trons.They notethat most of taurants, said that he is doing us,” said RobertGuarino,man- certain items from the menu Officer Briefly cludes theTimes Squarearea. thearea’sofficeworkersare just 10% to 15% of his regular aging partner of the restau- so that it doesn’t have to order Dragged by SUV Some of thelocale’sother still not back at their desks,as sales volume at his theater-dis- rants, though he indicated he and prepareasmuch food. prominent establishments, companies continue to err on trict location. By contrast, wasn’t going to enforce any If customerscome in signif- A police officer who ap- from tourist favoriteSardi’sto theside of caution and allow sales at his two other loca- kind of reimbursement sched- icant enough numbers, Ms. proached two men in an SUV in the Italian family-style eatery them to work from home.Also tions—one on the Upper East ule. Cronauer said she might con- Newark was injured Wednesday Carmine’stotwo locations of missing arethe touristswho Side,the other in Greenwich Mr.Guarino also said he be- siderreopening the other es- when the driver sped off and the deli-diner Junior’s,haven’t flock to Times Squarenot nec- Village—areinthe 30% to 50% lieves his Ninth Avenue dining tablishmentsshe has on the dragged the officer for a short reopened, given the obvious essarily to see shows,but just range, he said. spotsare benefiting from be- block—Bar Centrale and the time, authorities said. obstacles. to take in the buzzand bright Theater-district restaurants ingalittle west of the Broad- Italian restaurant Orso. The incident occurred around And ownersindicatethey lights. that have reopened aretrying way theaters, so the locale is As it is,reopening JoeAllen 9 a.m. The Newark officer saw maybehesitant to do so until While some theater-district to getcreative in their ap- as much part of the Hell’s has been acostly proposition. an SUV that he considered sus- Broadway shows resume run- establishmentshavetried to proaches to drivevolume. Kitchen area as Times Square. Ms.Cronauer said she has picious, so he walked toward it, ning,which is nownot sched- makeagoofit, most concede In the case of Nizza and As aresult, the restaurants spent around $30,000 to get authorities said. The SUV’s uled to happen until May2021 that businessisdownconsid- Bouillon Marseille,two restau- aren’t as strictly reliant on the businessgoing,though she driver accelerated and briefly at theearliest. erably from pre-pandemic lev- rantsonNinth Avenue under show-goers: “We’vealways had is grateful to provide work dragged the officer before driv- “There’snoone in Times els.The current NewYork the same ownership,the din- aneighborhood component” of again fornearly 20 of her em- ing away. The vehicle crashed a Square,” said Jeffrey Bank, staterestrictions limiting in- ingspotsare inviting theatri- customers, Mr.Guarino said. ployees in the process. Part of few blocks away, and both men chief executiveofAlicart Res- door capacity to 25% aren’t calperformerswith an Actors’ ForJoe Allen, however, the JoeAllen’scharm has always left the SUV and ran off. taurant Group,which owns helping matters,restaurateurs Equity union card to dine after restaurant is all about the the- been itssteadfast team, she The officer suffered knee, neck Carmine’s, the chain that also say, but the issue remains the 9p.m. on an eat now, paylater ater world, said those con- said. and chestinjuries and wasbeing has locations outside the the- area’sfoot traffic—or lack basis.The area is indeed home nected with it. Thedining es- “Wehavepeople who have treatedatahospital. The two ater district. thereof. to manyindustryprofession- tablishment hopes to weather worked forusfor 20 or 30 men in the SUV remain at large, Mr.Bank and otherspoint Julian Medina,chef and als. the Broadway shutdown in yearsand have never called in authorities said. out that the situation goes be- owner of Toloache,aManhat- “Hopefully,everyone gets part by keeping costsin sick,” she said. —Associated Press

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© 2020 Dow Jones & Company. All Rights Reserved. ** THE WALL STREET JOURNAL. Thursday, October 15, 2020 | A11 Awards Deals forWary Travelers

Carriers are boosting frequent-flier travel with cheap prices in miles—will it be enough to bring back passengers?

so both are a mix of peak and off- THE MIDDLE peak travel periods. “It’s a grapes- SEAT to-raisins comparison,” he says.) SCOTT American says its awards con- McCARTNEY necting small cities are relatively cheap because of its strategy to fly more seats than competitors in esides wearing a mask on those markets, and awards in top an airplane, there’s one markets include flights between other thing you should hubs where planes are fullest. definitely do if you are “The award pricing is a function Btraveling this fall or over very much of that capacity strat- the holidays: Use your egy” offering lots of connecting miles. flights through hubs, Mr. Raja A survey of pandemic award says. prices finds airlines are making Southwest ran counter to the award seats available at very trend other airlines showed. cheap prices in miles or points. Southwest’s November prices in its First-class seats, which give you a busiest markets averaged 15,502 bit more social distance on board, points, compared with 7, 367 in the are a particularly good value. 2019 survey. After reducing capac- In its 10 busiest markets, ity and limiting passenger loads so United’s award seats for various middle seats stay open, Southwest travel dates in November averaged advance-purchase fares haven’t only 12,833 miles round trip, about been as cheap as in the past. The half the cost of what traditionally 12,833 airline prices awards based on the has been a standard domestic cash price. Southwest says it’s still coach ticket of 25,000 miles. Jet- Average cost of coach seats committed to low fares, which Blue averaged only 15,167 points on select domestic United mean low-price award tickets, but round trip. For first class, Ameri- flights in November the survey just happened to find can was only 42,500 miles round- higher prices. trip, Delta only 49,100 miles. The pandemic survey also “The answer is a resounding looked at the very busy New York- yes—it is a good time to use miles, Los Angeles route and found aver- especially for premium cabins,” age economy tickets ranging from says Jay Sorensen, president of 15,167 42,500 37,833 miles for Delta down to consulting firm IdeaWorks, which only 23,933 miles round-trip at priced available award tickets at Average cost of coach seats Average cost of first-class American. United, which flies to U.S. airlines on Oct. 3 for Novem- on select domestic JetBlue seats on select domestic Los Angeles nonstop from Newark, ber travel, including Thanksgiving. flights in November American flights in November N.J., was also under 30,000 miles With travel depressed, airlines round trip on average. have drastically reduced flights. Business class between New While there are some eye-popping York and Los Angeles showed good cash deals for flights, the bargains deals and not-so-good. American’s offered in miles can be even bet- business class averaged 46,300 ter. Of course, for many people, miles for a round-trip award big discounts are unlikely to over- ticket, less than half of what ride fears of virus spread while award tickets cost on average at traveling, not to mention restric- United and Delta. American’s cash tions on crowds, restaurants and price for business-class tickets on entertainment at destinations. Air- tickets at lower prices across our “We are very conscious of how could go to Paris.” the same flights was almost line capacity this winter will be system,’’ Mr. Covey says. we make our program valuable to IdeaWorks priced award tickets $1,400, so you’d get 3 cents for only one-third of last winter, More airlines adjust award our customers, probably never at each airline’s 10 busiest domes- each AAdvantage mile, very good schedule-tracker OAG says. prices with the ups and downs of more than now,” says Vasu Raja, tic routes and found the highest value for a domestic trip. Theairplane cabin itself is cash prices. But offering bargains American’s chief revenue officer. average price among the six big- American’s Mr. Raja says low- pretty safein-flight,but concerns with miles has taken on greater “There are a number of things we gest U.S. airlines was 21,800 miles price first- and business-class remain about airport crowds, significance in the pandemic as are looking at to make it, first and at American. In IdeaWorks’s 2019 awards reflects the lack of busi- boarding,deplaning,mask compli- frequent-flier programs have lost foremost, attractive to be in the survey, which covered May-Octo- ness travelers buying those pre- anceand other partsofthe jour- so much appeal. Since few custom- program.” Availability of low-price ber travel dates, American aver- mium seats. ney. ers are frequently flying, perks like award seats is part of that. aged 23,700 miles, or 9% more. JetBlue’s Mint cabin was priced United says MileagePlus awards seating upgrades, early boarding Tova Hornung of Seattle had a The gap at United was far at 174,267 points on average—a this November are almost 30% and free checked baggage have lit- friend coming to visit from Reno, wider: The survey for travel dates steep cost at any time. In a state- cheaper in miles compared with tle value now. Making miles more Nev., and found a round-trip ticket this November, including around ment, JetBlue said its pricing for last November. The percentage of useful can keep the programs at- for only 12,500 miles on Alaska Thanksgiving, averaged 12,833 awards aligns with demand. It’s passengers traveling on awards is tractive to consumers and keep Airlines. She’s used to seeing miles, compared with an even seeing strong demand for the lim- up, says Michael Covey, managing them reaching for airline co- award ticket prices two and three 25,000 miles in the 2019 survey. ited number of Mint seats. “Re- director of the MileagePlus pro- branded credit cards. times as high for domestic round (Though the travel dates are demption values are directly (3) gram. That’s particularly important to trips. “Right now we can go any- different, Mr. Sorensen sees value linked to fare prices and travel GES “As demand has come down on airlines that have used their fre- where for like nothing,” she says. in comparing the 2019 survey to times such as the holiday peak IMA some of these routes, we’ve been quent-flier programs as collateral “All of a sudden, mileage tickets 2020. Last year includes summer starting in November,” the com-

GETTY able to offer MileagePlus award for billions of dollars in loans. are really cheap. I just wish we travel and this year Thanksgiving, pany said.

cert, played for a full house. “Ev- WHATHAPPENS WHEN eryone was crying,” he says. “We all knew it was the last perfor- THE ORCHESTRASTOPS mance until who knows when.” Recently, he has been working at a bike shop, making much less BY BETSY MORRIS half of those have been wiped out, than the $80 an hour he’d earn on and it’sunclear howmuch of the Broadway. ulia McLean took decades of lossispermanent. Paris Myers, 24,was completing Jmusic lessons, spent thou- Classical music is in crisis as his master’s degree at Juilliardand sands of hours practicing and Covid-19 safety concerns have shut auditioning fororchestrajobs when coped with constant grueling com- down live performances. Its audi- the pandemic hit. He waspreparing petition, and in January it all paid ence has been gradually slipping forthe semi-finals forajob playing off. She became a full-time viola for four decades, and now compe- double bassinthe Detroit Sym- player for the Indianapolis Sym- tition for audience time and atten- phonyOrchestra. Now, he’samer- phony Orchestra. tion from online pursuits has only chandiser at Home Depot, dusting She wasn’t yetout of grad accelerated during the pandemic. light fixturesand driving afork lift. school, but “suddenly Iwas on the Hope for a timely return to the “I’m at apoint Inever thoughtI’d roster,playing with this wonderful stage ended three weeks agowhen be—doing what I’m doing with a orchestrathat gets amazing con- the Metropolitan Opera, which had master’s degree,” he says. ductors—good pay, beautiful hall hoped to open on New Year’s Eve, He is paid about $13 an hour— and abeautiful follow- canceled the rest of its $23,000 ayear,hefigures—com- ing,” she recalls.“It felt season until September pared with $80,000 to $90,000 he likethis is it. Idid it.” ‘No one 2021. Others have fol- Julia McLean’s orchestrajob wascut after orchestra. Iwant to do it all believes he would have made in an In March, “Poof,” she lowed suit. Covid-19 hit.Jon Carroll’smusic gigs vanished. the time,and Iwill do what- orchestra. says.“Iachieved all of expects an While the in- ever it takestodothis as When the Indianapolis symphony my career goals and entire field to definiteinter- my job.” cut her payand eventually her job, then lost my entireca- mission has HugoValverde,a26-year- Ms.McLean flew to NewHampshire reer in five weeks.” disappear.’ takenatoll on old French horn playerin to spend quarantine with family. She played just two musicians of all the Metropolitan Operaor- With her sciencedegree,she gota of the orchestra’s ma- ages,itispartic- chestra, describes the shut- job as acoronavirus contact tracer. jor concerts before the ularly tough on down as devastating: “It She’splanning to audition foror- pandemic forced Indianapolis and younger musicians who ha- feels likesomething was chestras in Germany. other orchestras around the world ven’t yetestablished careers ripped away from you.” He’d Lately,some orchestras have to close their doors for what or teaching studios.Manyof landed his seat at the Met been experimenting with waysto would become the rest of that sea- those with jobs have been afterablind audition at the keep going.The Tulsa Symphony SHERMAN son and the next. “No one expects furloughed or laid off as the ageof22and last year re- Orchestraisperforming liveata an entire field to disappear,” says nation’s1,600 orchestras ceived tenure. His finances baseball park.InJacksonville,Fla., NADINE the 24-year-old graduate of New have gone dark.Those who forced him to return to his Dallas and Fort Worth, regional or- York’s prestigious Juilliard School. areclose to graduating have family in CostaRica. There chestras have begun performing

JOURNAL; “It wasn’t just my job or my or- nowheretogo. Auditions, he struggled to practiceand with smaller ensembles and smaller chestra. It was everything.” usually in spring,havebeen laystaring at the ceiling audiences to meet Covid-19 safety REET

ST Thepandemic has dealt awither- canceled or delayed. Musical gigs and they’ve been silenced. There’s thinking,“What am Igoing to do?” standards.Othershavebeen rene-

LL ing blowtothe fine and performing with Broadway shows,regional an emotional strain along with the Jon Carroll, 30, another French gotiating contractstocut musician WA artsinthe U.S.,according to Mi- symphonies,operas and ballets financial hardship.” horn player in New York, in March payand eliminatejobs.

THE chael Seman, aprofessor at Colo- have vanished. Forsome,classical music is not a learned that New York’s theaters When auditions do getsched- R

FO rado State University and co-author Pre-pandemic, about 160,000 choicebut acalling.Asciencema- were closing as he was traveling to uled, hundreds will be applying for

AK of arecent BrookingsInstitution musicians played for orchestras, jor at Tufts University,Ms. McLean Pittsburgh to play a concert. Since even fewerpositions,says Rictor CZ study of the pandemic’simpact on according to the League of Ameri- had planned amorepractical path, getting his master’s from the Juil- Noren, aviolin and viola professor YM

SZ the arts.Ithas batteredmusic.Be- can Orchestras. “The thing that but became hooked one night play- liard School four years ago, he’d at Boston ConservatoryatBerklee.

NA fore the pandemic,hecalculates, keeps me up at night is the indi- ing in Boston SymphonyHall with built a freelance career packed He steersstudentsaway from tradi- YA therewereabout 630,000 jobs for vidual hardship,” says Simon her youth orchestra. “The rest of with Broadway musicals, regional tional orchestrajobs and urges KA

P: musicians,DJs,composersand con- Woods, the League’s CEO. “Musi- collegewas me doubling down on symphonies, his C Street Brass them to learn technologyand busi- TO ductorsinliveperformance, in cians’ lives are about playing mu- music,” she says,fueled by the new quintet. “Amazing Grace” was the ness. “The satisfied ones arethe OM

FR genres from classical to rap. Now sic for people and communities, conviction that “I loveplaying in an last piece in the Pittsburgh con- ones who diversify,” he says. P2JW289000-0-A01200-1------NS

A12 | Thursday, October 15, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | TRAVEL AND ENTERTAINMENT Streaming Now: Civil Unrest

Aaron Sorkin’s new film, ‘The Trial of the Chicago 7’ Comes to Netflix

BY TOBIAS GREY next year.They follow the well-re- viewedminiseries “Mrs. America,” mong the charactersin from FX on Hulu, which covered the newfilm, “The Trial similar ground as “The Glorias,” of the Chicago7,”is a though from the perspectiveof U.S. Attorney General conservativeactivist Phyllis Schla- Awho calls forareturn to flyasplayedbyCateBlanchett. the homespun manners Most of these projectswereshot of his youth. But Aaron Sorkin who beforeBlack Lives Matterprotests

wroteand directed the starryfilm, gripped cities acrossthe U.S.,but TIONS AC

which is set during the late1960s, their historic themes already felt TR

insisted that anysimilarities with contemporaryfor producers. AT

the present weren’t by design. “When CAAcame to us with this IDE DS

“The script didn’t changetomirror script by Aaron Sorkin about racial OA

events,” he said. “Eventschanged inequalities,injustices and protest- /R to mirror the script.” ing the calcified establishmentsof

”TheTrial of the Chicago7,” our government—howcould you INMENT available on Netflix from Oct. 16, not want to be apart of that?” TA

recountsthe real-lifeeventssur- said CrossCreek’sTyler Thompson ENTER

rounding an anti-Vietnam Warpro- about coming on boardasapro- LD test that degenerated intoclashes ducer of the film. between demonstratorsand police Mr.Sorkin finished the first NETFLIX;

leading to one of the most notori- draftofhis screenplayfor “Trial” P: ous trials of the 20th century. Mr. back in 2007 afterbeing ap- TO OM

Sorkin hewedasclosely as he proached by Steven Spielbergwho FR could to the chaotic eventsof1968 wasthen lining it by shooting the riot scenes at the up to direct. How- Above: ‘The Trial of the Chicago 7’ cast includes Jeremy Strong and Sacha same Chicagolocations wherethey ever,the project Baron Cohen, Left: Julianne Moore and Lorraine Toussaint in 'The Glorias.’ originally happened and intercut- became almost ting his narrativewith black-and- immediately side- whitedocumentaryfootage. lined when the on the eveofthe 2016 Nevada cau- became even morecritical and “The Trial of the Chicago7,” WritersGuild of cus also spoketoMr. Sorkin’s moreimportant to getout and to starring Sacha Baron Cohen as the Americawent on movie in away that he could never showall of the thingsthat we’re radical activist Abbie Hoffman and strike. It re- have predicted, he says.“Trump still struggling with today.” Eddie Redmayne as his morebut- mained on hold started waxing nostalgic about the In “The Glorias,” Ms.Taymor toned-down collaborator and fel- until 2017and ‘old days’when they would have says she wasespecially determined lowdefendant TomHayden, joins a Mr.Sorkin signed takenthat guyout of thereona to highlight the role African-Amer- series of projectstapping intothe on as director. stretcher afterbeating the crap out ican women, such as DorothyPit- current climateofcivil unrest by Mr.Baron Co- of him,” Mr.Sorkin says.In“Trial” man Hughes (Janelle Monáe) and looking back at historical moments hen reached out thereisatrue-to-lifescene where FlorynceKennedy (Lorraine Tous- of protest and advocacy. to the makersof the Black Panther Bobby Seale saint), playedinleading the second These include the Gloria “Trial” about the (Yahya Abdul-Mateen II) is shack- wave of feminism that emergedin Steinem biopic “The Glorias” which role of Abbie led and gagged in the courtroom at the 1960s. landed on Amazon Prime last Hoffman. Mr. the behest of ajudge. “Therereally is no equivalent to month, Showtime’snew series Baron Cohen had been interested caland vocalqualities.” “The Glorias,” which starsAlicia individuals likeHayden and Hoff- “The Good Lord Bird” about the in Hoffman sincehis collegedays As Mr.Sorkin completed his Vikander and Julianne Mooreas man todaybecause social media fire and brimstone abolitionist when his undergraduatethesis at movie,“suddenly protesterswere younger and older incarnations of does that job now,” Mr.Sorkin says. John Brown, the anthologyminise- CambridgeUniversity wasabout being met with tear gas, riot clubs Ms.Steinem, wasalso aproject “Twitterjust says getonthe streets ries “Little Axe” about the British radical Jews in the civil rights and federal troops,” he said. that itsdirector and co-screen- and everybody does it so it’snot as Black experiencefromthe 1960s to movement. TheBritish actor “Watching the footageevery night writer Julie Taymor began devel- well-organized as it was. Of course the 1980s which premieres Nov.20 donned acurly wig and adopted a of protestersclashing with the po- oping beforeMr. Trump was Iunderstand the ironythat I’m on Amazon Prime,and “Judas and Boston accent forthe role, captur- liceitlooked exactly like1968 all elected, when she had thought the talking about aprotest being well- the Black Messiah,” abiopic about ing what Mr.Sorkin described as over again.” countrywould have itsfirst female organized that ended in catastro- the Black Panther Party chairman the movie’s“Elvis character where Some off-the-cuff remarks Don- president. “Obviously that didn’t phe,but right up until the final mo- Fred Hampton, due to be released youhavetopay attention to physi- ald Trump made about aprotester happen,” she says.“So the movie ment it waswell-organized.”

FORELECTION SEASON, POLITICAL FILMS AND SERIES THATARE STREAMING NOW

An Expert Recommends: ‘Occupied’ An Expert Recommends: (Netflix) ‘A Face in the Crowd’ Erik Larson’s bestselling (HBO Max, Amazon) books include this year’s “The Thomas Schlamme was an executive Splendid and the Vile: ASaga producer and director of “The West of Churchill, Family, and Defi- Wing.” He returns to direct the HBO Max ance During the Blitz.” special, “A West Wing Special to Benefit “The more I read into the past When We All Vote,” streaming Thursday. and write about the past, the more I see that It features original cast members in a there are patterns. People choose sides. You stage adaptation of an episode. want to think that they choose the moral, up- “1957’s ‘A Face in the Crowd,’ is a film about right side. But in the end, people pursue what’s cupation of Norway advances a little bit further. an entertainer named Larry ‘Lonesome’ Rhodes in their self-interest. And certainly that’s the case Some people decide that Russia is the flag to who is plucked from obscurity by a radio pro- in ‘Occupied.’ hitch themselves to, while others become ardent ducer, Marcia Jeffries, and becomes an influen- Climate change is getting out of control, and partisans who want violence. The central charac- tial national television personality. The idea of Norway has figured out how to supply its own ter is the prime minister of Norway who you what ego and hubris and a lack of a moral ON) power needs through renewable means and has

(IC want to say is standing up for Norway. But over compass can do to the individual and to the unilaterally decided to stop selling oil. The Rus- ON time even his resolve is being chipped away. I community around that person—the journey of sians do not like this. They seize some oil plat-

WILS found the series very compelling and eye-opening Andy Griffith’s Rhodes—is particularly relevant forms and in each episode their slow-moving oc- B in terms of what actually can happen.” right now.” RO W; NO

ANCE An Expert Recommends: An Expert Recommends: ‘The Bureau’ (Sundance Now) ‘Hamilton’ (Disney+) SUND Dr. Adom Getachew is a political theorist Tom Perrotta’s books include “Election,” and an assistant professor of political sci- which was the basis for the 1999 movie of DISNEY+; ence at the . the same name. “Lately I’ve been watching aFrench show “It seems like American political stories—and CTION;

LLE called ‘The Bureau,’that’sbasically about asmall maybe all political stories—are about ambition.

CO officeinthe French equivalentofthe CIA. The ‘Hamilton’ gives you this energetic, immigrant, showcenters around aspy who has justre- outsider character, and you watch him find his

EVERETT turned from working undercoverinSyria. He de- way to ‘The Room Where It Happens,’ which to

S; veloped avery close relationship with awoman me is the central political song in the show and

PRES while he wasthere, and he can’tquitelet go of a true tour de force of art documenting the pro- his fake identity. The real action starts when cess by which history gets made. ZUMA

: she comes to Paris forwork and theyrekindle I saw the show right after it moved from the their relationship, which generates awhole set Public Theater to Broadway. It was a collective LEFT

P of crises. experience: electrifying, physical, very in and of TO There’s politics all the way through the show: what’s so great about ‘The Bureau’ is that it’s the moment. In retrospect, it was the signature immigrants, told by a Latino and performed pri- OM

FR there’s geopolitical politics between allies like the not the big questions that drive the show. It’s work of art from the Obama era: an inclusive, marily by Black actors and in a Black musical U.S. and France, who are constantly suspicious of the characters’ relationship to each other and dynamic version of American history that felt vernacular.” WISE each other as well as larger geopolitical ques- their negotiations of power within the office that like it belonged to all of us. It was a story about —Edited from interviews with OCK

CL tions that the show is also examining. But I think really drive the show forward.” dead white men, but it was also a story about Chris Kornelis P2JW289000-0-A01300-1------XA

THE WALL STREET JOURNAL. Thursday, October 15, 2020 | A13 ARTS IN REVIEW

The Memorial to Enslaved Laborers, designed by Höweler + Yoon, is infused throughout with symbolism

classifications. Blank lines have been left, to be filled in as new en- tries trickle in. But even the full names that we have tell us essen- tially nothing: What, for example, do we know of the life of Thrim- ston Hern? Still, to have recovered their names from historical obliv- ion is a crucial first step. Anotherset of inscriptions runs along alow stone bench that forms asecond inner circle.These form atimeline of eventsfrom 1619 to 1865,and the entries are appropriately lapidary. Forexam- ple,“1850: Threestudentsattack a twelve-year-old enslavedgirl in a field near UVA. Thestudentsare expelled.” Thereisnocommentary, and only the imagination and em- pathyofthe viewercan supply it. These are the essential compo- nents of the memorial. Other ele- ments include a pair of nearby footpaths, one aligned with the setting sun on March 3 (the date in 1865 when Union troops arrived in Charlottesville) and another with the North Star, which guided the escape route northward to freedom. The grove of trees that

(3) forms the setting, we learn from the memorial’s website, represents

SUCHAK a “hush harbor,” the forest clear-

AY ing where slaves “convened for re- NJ

SA ligious rituals, communal gather- ing and to arrange escape.” And ARCHITECTURE REVIEW along the inner stone bench runs a channel of water representing, among other things, escape by river or sea. Building Up Their Memory In a lesser memorial, this hub- bub of symbolism (there is also a barely visible face on the outside A memorial honors the thousands of slaves who constructed the University of Virginia of the enclosure) might drown out the central theme, as did the alle- gorical overkill of the Eisenhower BY MICHAEL J. LEWIS from the lawn. who headed the team that in- trance. The center is empty and Memorial in Washington, this In 2012, the university launched cluded Mabel O. Wilson, a scholar planted in grass, forming its own year’s other important commemo- Charlottesville, Va. acomprehensivestudy of that slave and architect who specializes in tightly constricted lawn—more rative site. A successful memorial IN AYEAR OF FALLING memori- force, to assessits contribution and the intersection of race and de- pointed commentary?—that serves should be self-explanatory, and als, it is surprising to see an ambi- to identifyasmanyindividuals as sign, found a site near Jefferson’s as a space for public gathering. state clearly “this is what we tious one rise. The Memorial to possible.This proved maddeningly Rotunda, which gave them their Viewed from above, the almost honor,” and not “the circus has Enslaved Laborers (2016-20) com- difficult. Theoverwhelming major- point of departure. They repeated continuous circle does double come to town.” Höweler + Yoon memorates the roughly 5,000 ity of that population remains poi- its dimensions to make a circular duty; it is at once a reference to have succeeded because of the slaves who built the University of gnantly nameless, and the handful enclosure, bounded by a wall of Jefferson’s Rotunda and to a bro- strength of their central motif. In Virginia and toiled on its campus of names we do knoware usually gray Virginia granite and open to ken shackle. effect, it is a cenotaph—the Greek here until their liberation at the the result of incidental mentions. the sky. The wall slants sharply, in- The most affecting part of the word for empty tomb—the type of end of the Civil War. Such a trou- Even the skilled builder who raised side and out, rising eight feet at memorial is the fragmentary list of memorial you build when you do bling theme could easily have been the mighty roof trusses of several its highest, a pointed reference to names inscribed along its inner not have the body. It presents a turned into political poster art. In- of the pavilions is recorded only as the height of Jefferson’s famous wall, which recalls the mournful formidable presence even as it stead it has given us something “Sam the carpenter.” Thepresent serpentine brick walls, which hid roster on the Vietnam Veterans speaks of fathomless absence. rare these days, a memorial wor- memorial wascreated to givetan- from view the slave yard behind Memorial. But while those individ- thy of the name, one that stands gible expression to this great gapin each of his pavilions. At the other uals are meticulously recorded, Mr. Lewis teaches architectural boldly on the campus to speak the historical record. end, the wall almost touches the most here are represented only by history at Williams and reviews movingly of tragedy, suffering, and Höweler + Yoon, the architects ground and parts to allow en- first names, nicknames, and job architecture for the Journal. the dignity of the human spirit. The University of Virginia was the inspired creation of Thomas Jefferson, whose campus is itself a textbook of architecture. He aligned ten pavilions, each in a dif- ferent classical style, to face one another across his celebrated Lawn. Here, above their class- rooms, lived the professors, while students lived in smaller rooms between the pavilions. All were drawn together by a continuous colonnade, culminating at one end in Jefferson’s great rotunda, a paraphrase of the Roman Pantheon that served as the university li- brary. The other end was open to a view of the Virginia countryside, juxtaposing nature and civilization. The ensemble has been called America’s finest man-made object and is justly famous. Less well known is that the campus literally rested on slavery, the cellar of each pavilion housing its profes- sor’s own team of slaves, invisible

TELEVISION REVIEW |JOHN ANDERSON ‘Age of Nature’: Back From the Brink

THE STATE of the environment as back to life. (The camerawork,led approached by television fre- by director of photographyGeorge quently becomes a subject fraught Woodcock,isexhilarating.) with terror, horror, guilt, forbid- Elsewhere around the globe, ding carbon footprints and intima- similar acts of restoration and rep- tions of imminent incineration. But aration are taking place, or already “The Age of Nature” is not just a have: In the ’90s, China’s Loess beautifully made series, it’s also a Plateau, a vast expanse of arable surprisingly joyful one. It’s about but powdery soil, had been all but rehabilitation—how humans are ruined by deforestation and graz- correcting environmental outrages ing, until a massive effort was un- from Panama to Mozambique to dertaken to terrace the land and Central China to Yellowstone reforest it. Similarly, the Park—and how forgiving Mother Gorongosa National Park in Mo- Nature can be if we just pay her zambique, which once suffered the some affectionate attention. The multiple threats of warfare, poach- mixed message, of course, is that ing, and poaching to finance war-

you’re tempted to push mom till fare, had to be restocked with cer- ODUCTIONS

you push her too far. But to judge tain animals—200 buffalo, for PR by the series, we haven’t quite instance, and 180 wildebeest—but done it yet. other species, such as lions, have LEITH

Thebest example of the Earth’s re-emerged on their own. BRIAN resiliencemight be the firstloca- “The AgeofNature,” from Brian tion visited, Bikini Atoll—or,rather, Leith Productions Ltd. in associa- thecraterleftbythe 23 nuclear tion with BBC Studios Distribution A protected coral reef off the acted toolate, exhausted itsfisher- reflectsonprojectsthat have detonations the U.S. set off there and PBS (newepisodes air Wednes- coast of Belize ies,and lost the industryfor good. proven to work,which oftenmeans from 1946-58.Morethan 60 years days through Oct. 28), is narrated Public television is very rarely re- they aren’t happening in the here later,humans still can’t liveinthe by UmaThurman with an earnest- ferred to anymoreas“educational” and now. Thelessons they impart, immediatearea, but under the nessthat just might grateonone’s ada, were on the vergeofcollapse television but “The AgeofNature” however, aren’t just timely but South Pacific’ssurface, anemones, nerves.But the stories aregood, in the ’90s,Norway responded by certainly educates about one thing, timeless. polyps,sharks and wrasses flourish and the lessons sometimes poi- ceasing to fish, allowing stock to which is that short-term sacrifice in and around the coralreefs that gnant: When codfisheries in both replenish itself,and nowprovides is sometimes the only routeto The Age of Nature have somehowclung or sprung Norway and Newfoundland, Can- the world half of itscod. Canada long-term sustainability.The series Wednesdays, 10 p.m., PBS P2JW289000-2-A01400-1------XA

A14 | Thursday, October 15, 2020 ** THE WALL STREET JOURNAL. SPORTS

South Florida long snapper Saban Bryce Bernard Tests Positive For Virus

BY LAINE HIGGINS AND RACHEL BACHMAN

After skating through three weeks of competition un- scathed, the Southeastern Conference was rumbled by the coronavirus pandemic as Alabama’s 68-year-old head coach Nick Saban tested posi- tive for Covid-19 and two of the league’s seven games this weekend were postponed after outbreaks on the Vanderbilt and Florida rosters. Alabama athletic director Greg Byrne also tested posi- tive, the school said. He and Saban, perhaps the game’s most prominent coach, both said in statements that they went into immediate isolation after receiving their results. An SEC spokesman said that Saturday night’s game be- tween No. 3 Georgia and the No. 2 Crimson Tide in Tusca- loosa, Ala., one of college foot- ball’s biggest of the season, re- mained on track as scheduled. Of the three major confer- Football’sMostEssential Workers ences currently playing games, the SEC outlasted the Atlantic Coast and Big 12 Conferences The pandemic has reminded teams that one position is a nightmare to replace—long snapper in keeping its modified, con- ference-only schedule intact. However, it was never immune BY LAINE HIGGINS AND ANDREW BEATON return. Blooper reel momentsinvolving their expanded rosterssothey from outbreaks. Nearly half of Such mishaps arewhy the pan- long snappersare especially glar- don’t end up likeAustin Peay.Sev- the 14 teams in the league he University of South demic season is prompting football ing because they have one job and eral teams this year have used paused workouts at some Florida learned the hard coaches to proclaim their respect they’reextraordinarily good at it. valuable protected spotsonthe point in the months since ath- way who the most es- forthe lowly long snapper. Over the past 10 NFL seasons, practicesquad—which limitsother letes were welcomed back to Tsential workersinfoot- “Ask anyfootball coach in Amer- through last week,therehavebeen teams from poaching them—on campus in early June after ball during the pan- icaand…they might be the MVP of 42,417long snaps.Only 40 have long snappers. clusters of Covid-19 cases demic are: long snappers. everyfootball team,” said interim been so bad that the team wasn’t TheTennessee Titans wished emerged on the rosters. Long snappers arethe unher- Austin Peay coach Marquase Lov- able to attempt the kick,according they had stashed one away.For a Some of football’s best alded specialists who hikethe ball ings, who found himself in asimi- to Stats LLC.That’s0.09% of the team that faced an uncertain future coaches represent one of the forfield goals and punts. At USF, a lar predicament when all three of time.Italso explains whyit’ssuch amid an outbreak,itwas their higher-risk groups for con- freak confluenceofevents, high- his long snappers, and most of his adisaster when anyone else has to most uncertain position. When long tracting covid and for experi- lighted by acluster of Covid-19 punters, were sidelined by contact step in. snapper Beau Brinkley wasplaced encing complications. They cases on the Bulls roster,quickly tracing. Even in collegefootball, where on the league’sCovid list, the Ti- work in close proximity to so- created agiant headache forhead Thelong snapper is perhaps the fans painstakingly bemoan the poor tans suddenly worried about find- cially circulating college stu- coach Jeff Scott. most specialized— stateoftheir team’s ing areplacement. dents, and they’re often in Aknee injuryknocked out South and most easily ig- special teams,the That wasn’t easy considering the their late 50s to late 60s. Sa- Florida’sreturning long snapper in nored—playeron Nobody pays any datashowthe long reason Tennessee faced this prob- ban turns 69 years old later preseason camp.Backup BryceBer- the football field. snapping is remark- lem in the firstplace. It’snever this month. nard—a freshman who the team They spendhours attention to them ably accurate. Just been more difficult to replacea “At this time I do not have desperately recruited from the bending over up- unless something 259 or 0.20% of the Beau Brinkley.The team’sfacilities any symptoms relative to video department—couldn’t travel side down, chuck- last 132,998 long were closed because of the virus. Covid,” said Saban in a state- to agame at NotreDame due to ing balls between goes horribly awry. snaps attempted Theteam wasn’t allowedtohold ment. “Offensive coordinator

contact tracing afteracoronavirus their legswith since2012 have re- in-person activities.Thereare also Steve Sarkisian will oversee S

outbreak on the team began. The speed and pinpoint sulted in an aborted significant restrictions on bringing preparations at the complex PRES

outbreak also ravagedthe team’s precision. Nobody kick or punt. In the players in forworkouts, while any while I work from home.” TED depth, removing linebacker Anto- pays anyattention to them unless small sample sizethat is the first playerthat’sbrought in has to test OCIA

nio Grier as an emergencyoption. something goes horribly awry. four weeks of the 2020 season negativefor several days before SS So against NotreDame on Sept. But with the coronavirus maul- 0.29% of long snaps have caused joining his teammates. /A LIS

19,the job fell to Ian Deneen, the ing depth chartsonshort notice kicks to go similarly south—a “That’ssomething we’ll have to SO team’sthirdstringer.His firsttwo and scrambling schedules,bad seemingly minuscule number that deal with,” coach MikeVrabel said V. snaps flew off-target, resulting in a snaps aresuddenly central to the actually is a61% increase over last last week. GELIO

desperatekick foraone-yardgain outcome of some games. season. That also doesn’tinclude But in the end, the team didn’t RO and ablocked punt. That’swhen It’saproblem facing the small- times when teams still manageto have to worryabout Brinkley’s re- Scottdid something unthinkable: est colleges—and the biggest NFL getakick off,albeit asad one,af- placement meeting his teammates HLETICS;

he asked his quarterback to give teams.Morethan adozenplayers terbungling the snap. when he stared between his legs AT the “pooch punt” acollegetry,a on the Tennessee Titans have That’salso whyteams aretaking forhis firstsnap.Bythe time the USF

maneuver of last resort that in- tested positivefor the virus over extraordinarymeasures to safe- Titans returned to game action on P: volves thesignal caller kicking the the past two weeks.Therewas only guardthis position in 2020.Most Tuesdayafter morethan two TO ball high and short with the hopes weeks off,Brinkley wasallowedto OM one forwhich they didn’t have a NFL teams typically carryonly one FR of minimizing the opposing team’s backup: their long snapper. long snapper.But they’reusing play. Alabama coach Nick Saban

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MO SH SHOW EDSEL P2JW289000-0-A01500-1------XA

THE WALL STREET JOURNAL. Thursday, October 15, 2020 | A15 OPINION Amy Coney Barrett’s Religiosity BOOKSHELF | By Katrina Gulliver

Sen. Dianne rett served as a‘handmaid’ in Whythis tension should Spires and Feinstein Christian group People of have divided eventually into won’t ever re- Praise.” By the Post’smodel of liberalversus conservative peat the journalistic insinuation, Peo- isn’timmediately obvious. phrase she ple of Praise is about two re- Therestill aremanyliberal Skyscrapers made famous moves from the Branch David- traditionalists. But it did. So WONDER during Judge ian cult. now the possible appearance LAND AmyConey AJusticeBarrett, writes of a“conservativeChristian- God in Gotham Barrett’s 2017 theTimes,“will represent a ity” needs to be delegitimized, By Daniel appeals-court rising conservatism subtly dif- or canceled, beforeitspreads. By Jon Butler Henninger confirmation ferent” from the court’sfive Perhaps it is asign of the (Belknap/Harvard, 308 pages, $29.95) hearing: “The other Republican-appointed dominant culture’slack of dogma lives loudly within members. That subtle differ- confidenceinthe durability of re you there, God? It’s me, Manhattan. you.” That is aline worthyofa ence, the paper notes,isher REUTERS its own value system that its In 1923, a visionary, tech-savvy deacon at Calvary VIA A great drama, such as Robert “Christian” conservatism. main tool of opposition isn’t Baptist Church, on West 57th Street, rigged up a low- Bolt’s“AMan forAll Seasons.” This by itself is hardly con- OOL argument but suppression and wattage transmitter to spread the gospel via the new

It will remain the most memo- sequential, but the Times SH/P condescension. medium of radio. Calvary’s pastor, John Roach Straton, had rable thing Sen. Feinstein ever writersmakeclear,repeatedly, NA Still, under the circum- national ambitions for his on-air ministry: “When I twist G

said. And it should. Thedogma that JudgeBarrett’sreligiosity GRE stances one mayask: What has the devil’s tail here in New York,” he boasted, “his squawk lives loudly within you. is ...well, howcan one put secularist dogma achieved? will be heard across the continent.” Though not even Sens. this? Let us just say that her publican Supreme Court nomi- Thedemotion of an actively Many of the city’s churches followed suit, each chasing Mazie Hirono and Dick Durbin religiosity is conveyed as not nee. What is reflected here is practiced religion’s self-orga- itsdream of acathedralwithout walls.Much of this activity will revivetheir antique Cath- what one would expect to find the profound incomprehensi- nizing and self-disciplining wasshort-lived, as low-powersignals could not compete olic stereotypes so close to a in politecompanytoday. At bility of AmyConey Barrettto function in American life has with the emerging superstations and network affiliates. national election, Mrs. Fein- least not theirs. the caretakers of modern cul- become a sustained social di- But some kept at it: TheJehovah’sWitnesses’ station, stein wasontosomething “JudgeBarretthas been ture. Thereissomething saster.Though not intended WBBR,broadcast continuously from 1924to1984. NewYork worth more discussion. shaped,” the paper writes,“by about her that is threaten- as areply to Sen. Feinstein’s in the early 20th centurywas the center of media innova- an especially insular religious ingly traditional—the big fam- concerns about belief, Attor- tion, so it is not surprising that religious leaderswould be community,the People of ily,the unapologetic Midwest- ney General William Barr de- quick to adopt newmethods of evangelism. They pressed Sen. Feinstein was Praise.” Thegroup “has a ern wholesomeness, afaith fended the importancetofree- recordsofsermons and sold them by mail order,and some strict viewofhuman sexuality that extends beyond going to domofreligious practiceinan eventually became television pioneersaswell. ontosomething when that embraces once-tradi- church on Sundaytoliving eloquent 2019 speech at Notre In “God in Gotham: The Miracle of Religion in Modern shesaid, ‘The dogma tional gender roles.” her religious beliefs each day Dame Law School. Manhattan,” Jon Butler considers these media innovations “Critics” sayher lifehas through . This decline waslessno- as but one part of religion’s evolving role in the city. As the livesloudlywithin you.’ been spent “inacocoon of Thearticle in the NewYork ticeable so long as public- urbanization of the 19th like-minded thinking that in Times,likeits companion school teachersstill conveyed century created worries manyareas runs counter to pieceinthe WashingtonPost, the basic ABCs of right and among religious leaders that Clearly the senator was the views of amajority of is one long dog whistle.Its wrong. But they stopped do- city dwellers were losing struck that sitting before her Americans.” Forinstance, warning is not about Judge ing that, which left . . . noth- faith, churches adapted and wasarelatively young woman “her family kept expanding, Barrett herself, who will fold ing.The result is on America’s the role of religion in of authentic and deep reli- with anew child an average into the lifeofthe Supreme streets—an increasingly ab- people’s lives changed. Mr. gious conviction. If this were of about everytwo years.” Court, but the possibility that surd, often destructive chaos Butler, an emeritus professor the 1940s or ’50s, that would When Mrs. Barrett gotatext otherswho shareorare at- of half-formedpersonal and of history, religion and have passed unnoticed. Not messagethat JusticeAntonin tracted to her active religios- civic sentiments. American studies at Yale, now. Scalia had died, she “was in a itymight be rising out there Andsowith this one per- argues that far from being a This week,the NewYork church vestibule afterMassin in the countrytopose athreat son, anominee to the Su- Sodom on the Hudson, New Times published an article by 2016.” to the secular dominanceof preme Court, we arriveatSen. York was a center of religious three cultural anthropologists Chasing Christians intothe America’scultural mores that Feinstein’smystified asser- dynamism throughout the (identified as reporters) who underground went out in the began some 60 years ago. tion:The dogma lives loudly 20th century. were sent to the Midwest and fourth century, but with Amy Thenew counter-belief sys- within you. That is true,sena- Everycreed sawthe need South to discover the origins Coney Barrett’snomination it temback then argued that tor, with one small edit. Her to hold its followers’ attention of JudgeBarrett’sreligious has apparently become neces- shared community values faith lives strongly within her. against the distractions of the belief. sarytorevive it in 21st-cen- grounded in religious belief— Howsad if modern liberalism city. Synagogues founded libraries, concert halls and gyms; Days earlier, another exca- tury America. or virtue of the sort evident in cannot abide the hopeful cen- AME churches established lyceum societies wheretheir vation team from the Wash- This isn’t just about Roe v. the Barrettfamily—imposes terofAmy Coney Barrett’s memberscould meet. EveryChristian denomination found ingtonPost produced asimilar Wade. That subjectarrives unnecessaryconstraintsonlife. waystostayinvolved in their congregants’ lives beyond piece, called “Amy Coney Bar- likethe rain with everyRe- personal or privatebehavior. Write [email protected]. regular services.The spread itsinfluenceby founding educational and benevolent institutions.Mr. Butler reminds us that New York was a center for Catholic religious orders too, their numbers rivaling any city’s Trump Has No Time Left to Spare except Rome. By the 1920s, Brooklyn alone was home to 20 orders of nuns that staffed hospitals, schools, orphanages By on Covid-19.Mr. Trump’sdis- groups of the electorate. But a he’selected, Mr.Biden would and missions to the poor. cipline likely caused his staff location and agroup arenot a not have much of amandate Mr.Butler sees in midcenturyManhattanan“out- he 2020 campaign has to hope he’ll nowreprise the message. Nor areads asub- to do anything except not be pouring of individual and institutional religious creativity T enteredits stretch run. decisiveclosing weeks of stitutefor one. Donald Trump.IfMr. Biden unsurpassed in anyother twentieth-centuryAmerican Though early voting 2016,when he mostly stayed Mr.Biden’sspotsare omni- movestofulfill the Demo- locale,urban or rural. [Mordecai] Kaplan, Abraham Joshua just began, at least 14.9 mil- on script. present on television in bat- cratic Party platform and the Heschel, and Joseph Soloveitchik recast understandingsof lion people have already cast Closing the gapwon’t be tleground states,the result of “Biden-SandersUnity Task Judaism. DorothyDay,Adam Clayton Powell, and his son aballot. This pointstoan easy.Mr. Trump must prose- afundraising machine that ForceRecommendations,” ex- Adam Clayton Powell Jr.asserted the worldlinessof election turnout that will cutethe differences between generates money almost as pect Americans to rebukethe religion, finding in it apowerful motivation to political eclipse 2016’stotal of 138 mil- Mr.Biden’sveryliberal state- fast aDemocratic Congress party’s leftward lurch in a action. Reinhold Niebuhr,Paul Tillich, Jacques Maritain, lion votes. mentsduring the primary would spend it. Team Biden 2022 rout that makes the and Norman Vincent Peale transformed theological and President Trump is now (e.g., “Weare going to getrid has bought far more60-sec- 2010 GOPmidterm victory cultural conceptions of religion in waysthat have had trailing nationallybydouble of fossil fuels” and “I’m going ond ads than anypresidential look modest. enormous,lasting impact.” digitsinpublic polls.Fresh to eliminatethe Trump tax Butfirst thingsfirst. The These and other charismatic leaders faced the challenges off recovering from coronavi- cuts”)and his attemptsnow election is lessthan three of the 20th century in their idiosyncratic ways. But as rus, he returned to the trail to makethose commentsdis- He finally showed weeks away.The RealClear- different faiths lived cheek by jowl, New York also fostered Mondaywith arally in San- appear.Team Trump has done Politics averagehas Mr.Biden interfaith cooperation. The National Conference of Jews ford,Fla. toolittle of that so far.The some discipline at up nearly 10 pointsnationally and Christians was organized in 1927. (In 1938, it became In acampaign that has of- presidentisashowman; he Monday’s rally. Now and ahead in all but afew the National Conference of Christians and Jews, and in 1998 tenveered toward the dark should be able to drivethis battlegrounds,though Ari- the National Conference for Community and Justice.) side,Mr. Trump wasahappy home.For example,hecould he needs to keep it up. zona, Florida, Georgia, Iowa, Leaders of different faiths marched together for civil rights. warrior that night, displaying highlightproblematic Biden North Carolina and Ohio are This tolerant, ecumenical spirit seems organic to acity energy and pizazz. He clearly statements by playing videos within themargin of error. in which religious buildings are abandoned and then repur- enjoyedbathinginhis sup- of them on agiant screen at campaign in history, evidence TheDemocratic nominee’sfa- posed by successive groups: today’s Baptist church may porters’ adoration andeven his rallies. it has moremoney than it vorables have also gone up. briefly danced to the Village Thepresident must close knows what to do with. Min- He’s in the catbirdseat. Of People’s“YMCA” as the rally on his strength—the econ- ute-long ads cost much more course,sowas HillaryClinton Far from being a Sodom on the Hudson, wrapped up.Itwas as if he omy—on which people trust than twiceasmuch as 30-sec- around this time in 2016. New Yo rk was a center of religious dynamism understood, at least forone himmorethan they do Mr. ond spots. Thesituation todayismore night, that Americans want to Biden. Gallup recently asked Theads consist mostly of direfor Mr.Trump.Four throughout the 20th century. support someone who thinks Americans if they are better gauzy footageofMr. Biden yearsago, he needed a he’sgot areal chanceand is off todaythan four yearsago. promisingnormalcyorat- straight—and drew it. This fighting through to victory. An astonishing 56% said yes, tacks on Mr.Trump that are time he needs something like once have been Presbyterian; yesterday’ssynagogue may His attacks on his Demo- despitethe pandemic and re- oftenfanciful or have been aroyal flush. In such abi- nowbeachapel. Different ethnic groups moved through cratic rival, former vicepresi- cession. By comparison, 45% awarded “Four Pinocchios” zarreyear anything is possi- neighborhoods or eventually out of the city, only to be dent JoeBiden,weredeliv- said yesasPresident Barack by liberalnewspaper fact- ble.But possible doesn’t replaced by newcomers in each generation. Worship has ered with asmile and Obama’s2012 re-election checkers. mean likely.Asinsurance, Re- alwaystaken place, too, in living rooms and storefronts, received with laughter by the came to aclose and 47%at DespiteSen. Bernie Sand- publicans betterfight likehell as membersofsmaller faith groups discover one another. cheering crowd.Mr. Trump this point in President George ers’scomment that Mr.Biden to keep the Senate. Thecrowds of immigrants arriving in early 20th-century wasmorefocused than usual, W. Bush’s2004 campaign. will be “the most progressive Manhattan gave plenty of opportunities for outreach, as dwelling on differences over As forMr. Biden, he con- president sinceFDR,” there’s Mr. Rove helped organize new arrivals sought out co-religionists. TheCatholic Church taxcuts, China, energy and tinues playing the prevent de- little pretense that the Demo- the political-action committee found itselfcreating notonly manymoreparishes but also theSupreme Court. He also fense,trying to avoid saying cratic nominee is running on American Crossroads and is smaller churches within each parish addressing the needs made his firstsustained effort anything memorable as he an agenda. He’srunning on a author of “The Triumph of of various ethnic and linguistic groups.These churches to call out Mr.Biden forMon- flies to battleground states to mood. That maybeenough to William McKinley” (Simon & themselves became markersofthe city’s evolution, as day-morning quarterbacking meet with important sub- win, and even win big.But if Schuster, 2015). Italiannames on memorials of the 1940s and ’50s gave way to Vietnamese names by the 1980s. Religion shaped and was shaped by modern culture in other ways too. Norman Vincent Peale, author of “The The Constitution Makes Beautiful Music Power of Positive Thinking” (1952) and a leading influence on the Prosperity Gospel, was minister at Marble Collegiate By Mike Kerrigan they will bear the same fruit wassomuch owedbyso memorylane uncovered one Church on West 29th Street. It makes sense that the self- forhim as they did forme many to so few. final point worth sharing. help success-vision of Protestantism would thrive in the utumn is here, which in years ago. Thecreative team that gave “Three is aMagic Number,” financial capital of the United States. Peale’s vision has A my neck of the North No child of the 1970s can my generation “Multiplication the pilot episode,was the shaped generations of nondenominational Christians Carolina woods means reconnect with “Schoolhouse Rock” didn’t stop with arith- brainchild of an advertising acrossthe country. two things. First, nature’s Rock”—a series of educational metic.“AmericaRock” taught executivenamed David Mc- Some strains of religious influence are now on the wane splendid beauty is on display cartoons,set to catchy music, us to take pride in our na- Call.Hewanted to help his in Manhattan. Mainline Protestantism claims a much in theturning of the leaves. that ranbetween Saturday tion’sglorious history. “Gram- ownyoung son, aboy who smaller percentage of the city’s population than it did a Second, my fourth-grade son mar Rock” strengthened our could remember rock-’n’-roll century ago. But Calvary Baptist remains an example of is wrestling with his multipli- reading and writing,prepar- lyricsbut struggled with mul- melding traditional worship with the opportunities of the cation tables. My son’s struggle with ing us for the basic duties of tiplication tables. modern city. In 1923, Calvary was the first church to Ican certainly relatetothe citizenship.“ScienceRock” Tensions are running high operateits ownradio station; it later sold itscall letters nightly struggles. Multiplica- multiplication led to even managed to make phys- in ourgreat nation. This year but still hosts a weekly broadcast on WMCA AM 570 and tion wasn’t intuitivetome, ei- my rediscovery of ics seem cool! continues to test our mettle, recently launched Spotify and YouTube channels. Its “sky- ther. I broke many a pencil in How relevant are “School- with no signs of abating.But a scraper” church fits more easily into an urban block than a frustration during the Carter ‘Schoolhouse Rock.’ houseRock’s” lessons to me countrywhereafather’s good traditional nave and spire, and part of itscomplexwas administration. today? Let’sjust saybefore deed echoes fordecades,as built as aresidential hotel to serve as a source of income. Driven by aparent’sdesire usingthe exclamation point Mr.McCall’shas done,ismore Not all have been so lucky. Churches that weren’t blessed to help and no small amount morning shows on ABC from above, Isang “Interjections than aland worth preserving. with large endowmentsdecades agostruggle with rising of nostalgia, Isearched the in- 1973-84—without coming showexcitement or emotion” It’s a land worth loving. maintenancecostsand dwindling congregations.Asinthe ternet for“Schoolhouse away with aprofound sense of softly to myself to confirm. It’s toobad “Schoolhouse past, some of these churches will eventually become places Rock”—inparticular,the gratitude.What great pro- And I’m surely not the only Rock” isn’tbeing produced of worship for other groups, perhaps some yet to arrive. “Multiplication Rock” epi- gramming! Thecontribution lawyer around my agewho anymore. That would make a But Mr.Butler sees hope forthe city’s religious future, in the sodes.They did not disap- maynot exactly have been finds it easier to sing the Pre- great episode. form of evangelical Christianity,OrthodoxJudaism and the point, either artistically nor Battle of Britain heroism, but amble to the U.S. Constitution arrival of newfaiths from around the world. didactically,when Ishared Winston Churchill’s wordsstill than to recite it. Mr. Kerrigan is an attorney them with my son. Hopefully somehowseem right: Never My quixotic walk down in Charlotte, N.C. Ms. Gulliver is writing a modern history of urban life. P2JW289000-0-A01600-1------XA

A16 | Thursday, October 15, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Facebook’s Conservative Emergency Normalcy? Not From a Biden Administration

he German Marshall Fund (GMF) is an challenges eliteviews.The authorsconclude that Regarding PeggyNoonan’s“Biden, million to anyone who asks? A“gar- influential think tank based in Washing- “de-amplifying—or adding friction to—the con- Penceand the Wish forNormalcy” bage” issue forMs. Noonan, but not T ton, D.C.,named forU.S.Secretaryof tent from ahandful of the most dangerous sites (Declarations,Oct. 10): If JoeBiden’s forme. Democratic Party eliminates fracking Political corruption is acancer that State George Marshall’s1948 could dramatically decrease A report shows how fake and fossil fuels via aGreen NewDeal, destroys the freedom and prosperity of plan to help European coun- disinformation online.” Pre- makes D.C. anew statetoensureaper- the averagecitizen. tries resist Communism. What sumably Facebook canswapin news fears are exploited manent Democratic Senatemajority DOUGLAS J. GABEL ashame that in 2020 the outfit unimpeachable sourceslike and packs the Supreme Court to enact Boyne City, Mich. is promoting political suppres- to promote censorship. CNN. left-wing policies that would never sion of conservative news, While thereisgenuine mis- passthrough legislation, howexactly Ms.Noonan positions JoeBiden as with statemedia as arecom- information on Facebook,the would that be areturn to normalcy? normal. Apparently her version of nor- mended replacement. companyhas been cracking down. Thecensor- CHRISTOPHER MARTINSON mal is his full adoption of the Bernie This week GMF published areport under the ship pressureagainst the companyisabout con- Sherman Oaks, Calif. Sanders’splan and the selection of Ka- headline “NewStudy by Digital NewDeal Finds trolling political speech. Right-of-center sites mala Harris as his running mate, in Engagement with DeceptiveOutletsHigher on have growninpopularity online as alternatives Ms.Noonan suggeststhat the issues manyways the most liberal of all sena- surrounding Hunter Biden aresmall tors.For us Republicans,normalcy Facebook TodayThan Run-up to 2016 Election.” to mainstream news sites that have become re- things. Maybe she could explain to us means moving back to the center,not Recall that Facebook was one of several scape- lentlessly and almost uniformly left-wing,espe- deplorables howanyone canhop aride the far left. We want to keep the cul- goatsthat the leftfixated on forlosing that elec- cially in the last four years. on Air ForceTwo to China and come tureand institutions of our country tion. This year corporations and activistshave Yetrespectable Washingtonhasn’t come to home with $1.5billion in capital to in- because we knowthey represent the been waging amedia and boycottcampaign terms with the way the internet has changed the vest; howitiseasy to getaUkrainian best of the best throughout the world. against the social-media giant to demand it cen- media landscape,and still fantasizes about re- Natural Gas Companytogiveyou a We areopen to thoughtful, continued sor morecontent. TheGMF report, which was imposing itsown information monopoly.The seat on itsboardand payyou $83,000 improvementssupported by all Ameri- quickly amplified in the NewYork Times and Ax- GMF report suggests“anew PBS of the Internet, amonth even though youknownoth- cans—not just the coastal liberal class. ios,isworth examining because it shows what funded by afee on online ad revenue.” Critics ing about the businessorhow the wife MIKE BROWN the exercise is really about. sometimes refersarcastically to pro-Trump in- of Moscow’s then mayorsends $3.5 Chesterfield, Mo. What arethese “deceptiveoutlets” that most dependent outletsas“statemedia,” but liberals concern the Marshall Fund researchers? In a arepromoting genuine statemedia. word,they’reconservative. Engagement with Social media has had adisruptiveeffect on Copyright Law and iPhones Too Easy to Use political outletsthat “fail to gather and present American institutions,for good and ill. But CEO In “Is Your iPhone TooEasy to stop publication and sale of their books information responsibly—especially Fox, Daily Mark Zuckerberg wasright to commit Facebook Use?” (op-ed, Oct. 7), Kent Walker and under the lawofcopyright. They don’t Wire,and Breitbart—has grown293 percent,” against political censorship in 2019.Unfortu- Brad Smith worrythat if the Supreme enforcethose rights, though, precisely the report claims. nately,he’sceded ground since. Court allows copyright on certain as- because it’sintheir interest to allow While left-leaning sites arealso labeled as de- On WednesdayFacebook joined Twitterin pectsofcomputer software,the result publication and sale to happen. ceptiveinthe GMF methodology, “the topsites suppressing links to aNew York Post story con- would stop progress. Theauthorsfail Similarly,the creatorsofthe soft- areconservative,” the authorssay.They add that taining emails related to Hunter Biden’s work for to understand howand whycopyright ware interfaces (so-called application “ is of particular interest as it garners Burisma, aUkrainian gascompany. AFacebook rightsare enforced. programming interfaces or APIs) at is- Here’sanargument analogous to sue in the Google v. Oracle case will the most interactions of anyofthe sites.” Its“ir- spokesman tweeted alink to apolicysaying “if theirs: We can’t possibly allowauthors typically have an interest in more, responsible and misleading claims” include we have signals that apieceofcontent is false, of novels to prevent their books from rather than less, use of their work “that social distancing hasnot stopped the we temporarily reduceits distribution pending being published and sold. Theworld of product. Adoption of their work as a spread of the coronavirus.” reviewbyathird-party fact-checker.” Thebetter literaturedepends on publishersbeing standardwill increase the uses of their Such outletsallegedly “pose athreat to in- response would be let the story’sfactsand able to reproducebooks in multiple ownsoftware and createeconomies of formed democratic discourse.” Their content sourcesbedebated, rather than suppressit. The copies and books stores to stock and scale.It’sintheir interest not to pre- reaches readersbecause it is “often oppositional Trump campaign does not benefit from such de- distributethese copies.Ifauthorshad vent this adoption. to ‘mainstream media’ and so-called eliteorcon- votedpolitical protection from Big Tech. aright to stop these activities,books Messrs. Walker and Smith’sargu- ventional wisdom.” Thehorror! TheMarshall Fund report shows howcon- and book sales would cease; think ment unfortunately ignores this basic Naturally,the report has asolution: Stop cerns about social media canbeexploited forde- about the lossofknowledgeembodied fact of copyright law. Facebook usersfromseeing content that rudely structivepolitical ends. in books—surely we can’t allowau- EM. PROF. TROTTER HARDY thorstoput astoptoall that. William &Mary School of Law Amazon Cancels Shelby Steele And yetauthorsdohavearight to Williamsburg, Va. sadocumentary, “What Killed Michael be accepting resubmission of this title and this Mental-Health RespondersCan Help Police Brown?” has everything going forit. Its decision maynot be appealed.” A subject is timely,about the pre-George On their website—whatkilledmichael- In “Coronavirus Delivers an Octo- psychological circumstances that can Floyd killing of Michael Brown brown.com—the Steeles offer ber Surprise” (Declarations, Oct. 3), have long-term consequences for by apoliceofficer that set off The company won’t other options forpeople look- Peggy Noonan dismisses as “ridicu- their development. Trained child ad- riotsinFerguson, Mo., in ing to watchtheir documen- lous” Joe Biden’s suggestion during vocates may either ride along with stream a film on the the debate that a psychiatrist re- the police on these calls or within 2014. tary.But it’ssadly telling spond to 911 calls involving persons 24-48 hours will visit the premises to It’swrittenand narrated by ‘real victimization of about elitepolitical confor- with serious mental-health problems. talk with the parents, make referrals Shelby Steele, the prominent black America.’ mity that an intelligent film The idea isn’t as ridiculous as you for counseling, etc. This approach is African-American scholar at that gives voicetoavariety of think. While a psychiatrist is unlikely actually common in many countries, the Hoover Institution, and di- people,almost all black,who to accompany police, responders such as Australia. rected by his filmmaker son, would otherwise not be heard trained in mental health can and Police responders either need Eli Steele.Its subject—racerelations—is ama- is somehowdeemed unfit forpolitecompany. should. In Manchester, N.H., the po- training in handling people who are jor fault line in this year’s presidential election, As Eli Steele putsit, “When Amazon rejected us lice have joined forces with local so- mentally ill or they should be able to one reason the Steeles scheduled their film for they also silenced these voices and that is the cial-service agencies to implement call trained personnel for back up to release on Oct. 16.Our columnist Jason Riley great sin of acompanythat professes to be di- Acert: Adverse Childhood Experiences help de-escalate the situation if pos- wroteabout the film on Wednesday. verseand inclusive.” Response Team. When police respond sible. Mental illness, like physical in- to a domestic-violence call or a drug- jury or illness, requires an expert re- One problem: “What Killed Michael Brown?” We’reskeptical of the manycalls in Wash- related call, and so on, there are of- sponse. The idea isn’t ridiculous at doesn’t fitthe dominant narrativeofwhitepo- ington to break up large tech giantssuch as ten children present who have wit- all; it is timely. liceofficerskilling young black men because Amazon sincethat might do moreeconomic nessed these events, and are likely KATHLEEN THIES, PH.D., R.N. of systemic racism. As aresult, says the youn- harm than good. But political pressureisbuild- exposed to other social, physical and Bedford, N.H. gerMr. Steele,Amazon rejected it forits ing on the left, which dislikes Big Tech’s success streaming service. “Wewerecanceled, plain and size; and on the right, which resentsits and simple.” leftward bias in suppressing cultural messages Racism and the Only Right Way of Thinking In an email, Amazon informed the Steeles that it doesn’t want people to hear.Bycanceling im- their film is “not eligible forpublishing” because portant dissenting voices likethe Steeles on Iappreciatethe article “Race De- is an easy way to dismissavoice. it “doesn’t meet Prime Video’s content quality such avital subject, Amazon is inviting apoliti- bateDivides Illinois School District” Evanston is an affluent commu- expectations.” Amazon went on to sayit“will not calbacklash. (U.S.News, Oct. 7) about equity in nity.Itisalso acommunity that Evanston’sschools.Ihavebeen highly values education. We have watching the storyunfold for watched the conversation on social months.Ithas been deeply disheart- media allowing dialogue foronly California’s Next Big Tax Gulp ening to see an area that needs one viewwith no spacefor gray ar- meaningfulchangetobepolarized eas or collaboration to find abetter ooner or later California’spublic unions initiative. Anyone who owns acouple of fast as racist or antiracist. Theschool way.Within Evanston is asilent had to hit up the hoi polloi to payfor food franchises would getwalloped. Ditto board’sposition that those who group that doesn’t want to be S their pensions aftersoaking what’sleft small dairies,wineries,orchards and manufac- challengethe district’spolicies and called racist. Manyinthis silent of the state’smillionaire turers, though Democratsin protocols areresisting equity and group aredoing real equity work in class, and herethey come. A ballot measure would the Legislaturehavecharita- maintaining whitesupremacyhas the community and have been for On Nov.3,Californians repeal the business half bly proposed to exempt solar destroyed anypossibility fordia- years. Torn by the value of provid- will vote on a“split roll” bal- farms. logue and limited the changethat ing the best educational opportuni- of legendary Prop. 13. canbeeffected. Saying this in Evan- ties fortheir families and navigat- lot initiative(Prop.15) that Small businesses that rent ston earns youthe label of racist. It ing the current environment, the seeks to enact the biggest tax spacenotethat landlords easiest answers aretoleave the hikeinstate history. In 1978 would passonthe taxhikein community or to find private voters enshrined protections against runaway lease agreements. Less affected will be tech Adams Considered People’s schools.Both outcomes deeply hurt property taxesinthe stateConstitution (Prop titans that recently purchased properties or Vote in 1800 and Ignored It acommunity that has financial defi- 13). Prop.15would abolish those protections areplanning to down-sizeofficespaceasthey citsand an exodus due to newfound forbusinesses while maintaining limitations— allowmoreemployees to work remotely.Face- Can Sen. JoeManchin please ex- location freedoms. at leastfor now—on homes. book CEO Mark ZuckerbergisProp. 15’ssec- plain the differencebetween a“be- Ihope Evanston canfind aplace Under current law, taxrates on residential ond biggest donor. fore the election” appointment and fordialogue and apathway forward and commercial property arecapped at 1% of Perhaps he’strying to atonefor his wealth, an “after the election” appointment that is equitable forall itschildren. (Letters,Oct. 12)? Is theresomething Everyone canwin if we canget past their assessed value—i.e.,the purchase price— but as the NAACPand minority business magical about the time beforean the zero-sum thinking of “resource andcan increase by no morethan 2% annually. groups explained in a letter to him in August: election that makes it inappropriate hoarding.” If the property values of homes or businesses “UnlikeFacebook,restaurants, drycleaners, foraSupreme Court nomination? Or TODD PAUL rapidly inflate, ownerswon’t see their bills in- nail salons and other small businesses can’t is the leftwing arguing that the peo- Evanston, Ill. crease by morethan 2% per year. operateright nowand manymay never open ple should have their sayinthe elec- This is the only balm in California’soppres- again. Thelast thing they need is abillionaire tion beforeany appointmentsare sive taxclimateand actsasamodest restraint pushing higher taxesonthem under the false made? Because if it’sthis second ar- Pepper ... on the government spending ratchet. Unions flag of social justice.” gument, then the Journal is making And Salt knowthat attempting to repeal this entirely Thestate LegislativeAnalyst’sOfficefore- an excellent point about the John would spur ahomeowner revolt, so they are castsProp. 15 would raise property taxesby Adams nomination and confirmation THE WALL STREET JOURNAL targeting businesses. $8.5 billion to $12.5billion ayear by 2025, of . Despitehaving lost the election, President Adams still Their split roll initiativewould allowcom- which is about twiceasmuch as the state’s appointed the newchief justice. mercial property with a current market value 2012 taxhikeonhigh earners. Unlikethat ref- President Adams carried out his du- of morethan $3 million to be reassessed ev- erendum, Prop.15revenueswould supposedly ties as president until the last dayof eryyear.Ifcommercial property values rap- go directly to schools and local governments, his term. He didn’t concern himself idly increase,tax bills will too. Taxeson which have been struggling amid swelling with the resultsofthe election of businessproperty—including equipment— pensionpayments. 1800.Hewas fulfilling the will of the that hasn’t changed hands fordecades would Since2013,pension costshavegrown 130% people as expressed in the election also balloon. forteachersand doubled forother local public of 1796. California’shome prices have increased employees.Rising retirement costsare limit- ELIYAHU KAUFMAN ninefold since1978, and commercial real es- ing wage increases at the bargaining table, Dallas tate has also appreciated enormously,espe- and Prop.15isthe union answertokeep the Lettersintended forpublication cially in coastal areas. Unions say their initia- cash flowing.United TeachersLos Angeles should be emailed to [email protected]. tivewill only hit wealthycorporations,but not says passing Prop.15“is key to winning the Please include your city, stateand even theDemocratic-friendlyNAACP believes aggressive, comprehensivedemands we will telephone number.All letters aresub- that whopper,which is whyitand minority bring forwardin2022”—and as long intothe ject to editing,and unpublished letters “He just returned from cannot be acknowledged. businessgroups arecampaigning against the futureastheir political dominanceallows. a motivational seminar.” P2JW289000-0-A01700-1------XA

THE WALL STREET JOURNAL. Thursday, October 15, 2020 | A17 OPINION The Teachers Union’s Tiny New Enemy WeChat Threatens By Elliot Kaufman vantageofschool-choicepro- who hiretutorsfor the majority of grams to “alleviate some equity instruction that they arenolonger hy is the elephant issues” posed by the cost of doing home education but operating Free Speech afraid of the mouse? hiring your ownteachers. The aprivateschool. “There’snothing in Your child’steacher combination could makehome NewYork law, either in regulation or W maynot know, but his education feasible formillions statute, that says that,” Mr.Connor By Jason Loftus union does.InSeptem- morefamilies.(TheNEA didn’t insists. If enforced, the regulatory ber the National Education Associa- respond to multiple requests changewould makeitdifficult to run he Trump administration is tion, America’slargest labor union, forcomment.) microschools in homes and without T pressing ahead with effortsto produced an internal “opposition re- “We’vepartnered with largeradministrativestaffs.“It looks ban WeChat, the Chinese so- port” on Prenda, atinyArizona-based schools that access statefund- likethey’retrying to scarepeople cial-media app, appealing aprelimi- “microschool” provider.Iobtained a ing so that we’reable to offer it away from operating amicro- naryinjunction awarded in Septem- copy of the document, which picks forfreefor the families,” Mr. school in NewYork,” Mr.Bedrick ber to the WeChat UsersAlliance. apart Prenda’svulnerabilities but also Smith explains.Prenda stu- says. Thereisgood reason to viewthis offers awarning: “The Opposition Re- dentsare registered in public In NewYork’sWestchester group,aself-described collection of port has documented widespread schools,usually charters, which re- County,azoning boardistrying to “ordinaryWeChat users” upset by supportfor micro-schools.” Educa- ceivestate funding foreach pupil and deem aSchoolHouse microschool a the government’sban, with skepti- tion SecretaryBetsy DeVos is ex- then paysome of it to Prenda to han- day-care center,which is unlawful in cism. Itslawyersinclude two from pected to receiveapresentation dle those kids’ education. TheNEA itsresidential zone.Similar rules are DeHeng Law, afirm that wasonce about Prenda on Thursdayatachar- frames this as Prenda “banking on popping up all over.The Public owned by the Chinese stateand re- terschool in Phoenix. taxpayers to provide the lion’sshare Health Department in Austin, Texas, mains aclose partner of Beijing’s. Midway between home schools of itsrevenue.” seems to suggest home microschools It is true that aban of the ubiqui-

and privateschools,microschools Thereport cites alocal advocacy THARD with four or morechildren must be- tous app would have asignificant ef- bring together asmall group of stu- group’sresearch,which argues Ari- GO come “registered child-carehomes” fect on Chinese-Americans.WeChat VID

dents, five to 10 aschool at Prenda, zona charter networks are“launder- DA that meet “minimum standards” laid is the primarycommunication plat- usually at aprivateresidence. In- ing statefunds” to support micro- out in a 244-pagedocument.Aclass, form formillions with family in struction is handled by an education- schools and kick money back to background check and home inspec- China, and also generates leads for serviceprovider likePrenda. Prenda. Mr.Smith says public schools tion arealso required. “The point is countlesssmall businesses.The users already contract forcurricula and It’sastrangepitch from the teach- death by athousand cuts,” says Mr. allianceargues that protecting textbooks.Why not instruction? ersunion: Microschools are danger- Bedrick.“Pile on as much regulation WeChat is tantamount to protecting ThebehemothNational “Schools should be allowedtofind ous—they help theirstudents learn as they canget away with and make free speech in America’sChinese partnersand gethelp,” he says.Jason more! This seems likeareason to it increasingly difficult forfamilies to communities.But that hasn’t been Education Association Bedrick,director of policyfor Ed- broaden access,not restrict it. And organize—without anyevidencethat my experiencewith the platform. seekstosquashpopular Choice, adds that “the public has that’swhat Prenda has done by elimi- thereisaproblem that needs to be agreed to acharter-school system nating tuition: makemicroschools ac- addressed.” pandemic microschools. that provides adiversity of options. cessible to low-income families.The In itspolicydocument on micro- The defense of the Chinese Some areclassical-education schools, NEA report doesn’t addressthat schools,the NEA says it “encourages social-media app gets it some focus on economics,some are point. innovativesolutions that will allow Thecompanyhad been growing Montessori, and some nowoffer mi- Teachers should love micro- students to have in-person instruc- precisely backward. before the pandemic,but sinceFeb- croschooling.” schools,says Joseph Connor,chief tion and important opportunities for ruaryithas morethan quadrupled Charterschools arehelping Ari- operating officer of SchoolHouse,a socialization with peers”;but there’s the number of studentsitserves.Af- zona microschools take off,but the New York-based company that asemicolon, then aqualification: My wife, born in Northeast China, terU.S.schools shut down or moved NEA report rejectsthe argument that matches learning pods with teachers. “however, the NEA believes that such used WeChat to communicatewith online,parents—one-thirdofthem, Prenda’smodel changes the game.To “Weallowthem the freedom and cohort-style learning arrangements herfamily back home.The app also according to aSeptember EdChoice find out why, it directsreaderstoa abilitytoget great academic out- should be organized, implemented, became essential forour digital-me- poll—joined with neighborstoform public NEA document for“policysup- comes in the way they think is best,” and monitored under the authority of dia businesswhen we struck adeal in learning “pods.” Amuch smaller port.” There, the union throwsits he says—and with small classsizes, stateand district education agen- 2017with Tencent, WeChat’sparent, number withdrew from traditional hardest fastball: “We’vealready seen too. Likemost other microschools, cies.” to publish our narrativevideogame school altogether.TodayPrenda ad- opportunity gaps widen forstu- SchoolHouse,which the NEA opposi- In other words, the union supports on itsWeGame platform. Tencent se- ministersaround 400 microschools dents—specifically Indigenous,Black, tion report mentions,must charge tu- only alternatives that keep the money cured approval forour title from two educating morethan 3,000 students, and studentsofcolor and students ition. But the companysays 92% of it, in the system, whereitretains con- Chinese government ministries. says chief executiveKelly Smith. from under-resourcedcommunities. on average, goes to teachers, who trol. It is understandable that a Then Ibegan directing adocu- TheNEA opposition report cites Theproliferation of pandemic pods, earn 10% to 20% morethan at their teachersunion would think this way; mentary, “Ask No Questions.” The an expert who thinks microschools microschools,and home education prior teaching positions. it is less clear why anyone else film tells the storyofaformer Chi- can“addresssome of the structural will widen this gapand worsen Thelow overheard, akey micro- should. nese state-TV insider who washeld limitations of homeschooling,” such school segregation as well-resourced school advantage,isthreatened by in are-education camp and forced— as parents’ work obligations,and— families will disproportionately bene- regulation. TheNew York State Edu- Mr. Kaufman is an assistant edito- through tortureand brainwashing— this is Prenda’sinnovation—takead- fit.” cation Department advises parents rial features editor at the Journal. to accept the statenarrativeonthe 2001 Tiananmen Squareself-immola- tion, which he believed to have been agovernment plot. Beijing blamed Democrats Assured ACA Would Come Before ACB the public suicide on the Falun Gong spiritual movement and launched a By Joel M. Zinberg whichprovisions of the ACACon- tutional mandate found in Title I. mandate.” Based on theirinstruc- campaign against it. gressintended to be inseverable Themandatehad little effect even tions to the district court and on ac- Amid our game’slaunch on We- emocrats now claim they op- from the .” beforeCongresszeroed out the pen- cumulating real-world evidence, the Game,aTencent representative D pose JudgeAmy Coney Bar- Instead, the defending states and alty.The original ACAundermined it FifthCircuit would likely have found asked if our companywas involved rett’s confirmation because the House petitioned the Supreme by exempting many people and set- these protections severable from the in something “not aligned with the they fear she will overturn the Af- Courtfor immediatereview.Over ting the penalty low. Adherencewas now-unconstitutional mandate. The government direction.” She said the fordable CareAct in California v. the objections of the federal govern- self-reported on taxreturns and Supreme Court would have likely af- officials had told Tencent to cut ties Texas,which is scheduled fororal ment and the plaintiff states,the barely enforced—the Internal Reve- firmed such aruling,ifittook up an with our company. Irecorded the argument on Nov.10. But the case is justices agreed to hear the case. nue Servicenever rejected “silent re- appeal at all. phone conversation. We had done beforethe Supreme Court nowonly turns” on which the taxpayers failed Protections for people with pre- nothing to breach our contract, but because Democratsinsisted that the to report if they purchased insur- existing conditions would have con- Tencent immediately pulled our justices consider the case straight- California and the House ance. Those who failed to paythe tinued while the judicial process game and made it unavailable to away. Their rush precluded a more penalty weren’t prosecuted. played out. Instead, congressional the WeGame platform’s 200 million careful reconsideration that almost asked the Supreme Court Thefour dissenting justices in Democratsand their allies in state users. certainly would have preserved to fast-track Texas’ NFIB v. Sebelius believed that the governments sought immediate Su- Next, my wife’sfamily contactson much or all of the law. mandatewas an essential part of the preme Court review, perhaps antici- WeChat were approached by their lo- The2012 Supreme Court decision challenge to the law. ACAand couldn’t be severed from pating reviewwhile JusticeRuth calChinese public-security bureaus. upholding the ACA, NFIB v. Sebelius, the statute. Yetmanyofexpertswho Bader Ginsburg wasstill on the They were told that authorities found that the individual mandate argued in 2012 that the market court. If thereisacoming health-in- “knewwhat we were up to” overseas, couldn’t be justified under the con- Had the processplayedout with- couldn’t function without the man- surancecrisis,asDemocratsclaim, it aveiled threat. Forgood measure, a stitution’s Commerce or Necessary outearly Supreme Court interven- date and penalty now acknowledge is one of their own invention. “player” on WeGame sent us ames- and Proper clauses,but could be up- tion, it would have takenatleast a in a friend-of-the-court brief that it sagesaying we’d violated China’s held as an exercise of Congress’ tax- year forthe district court to rule and wasclear by 2017the penalty wasn’t Dr. Zinberg, asurgeon and alaw- laws andwarning us to cut ties to ing power. Texas,17other states, the FifthCircuit to reviewthe issue necessary. Thestability in premiums, yer, is asenior fellow at the Compet- “terrorist groups.” andtwo individuals argued that of severability.Meanwhile,the ACA enrollmentsand risk pools following itive Enterprise Institute and an as- My storyisfar from the only one. sincethe 2017Tax Cutsand Jobs Act would have remained in effect. the 2019 penalty elimination “under- sociateclinical professor of surgery TheChinese government has used set the mandatepenalty at zero The Fifth Circuit clearly thought cuts the once widely held view that at the Icahn Mount Sinai Medical WeChat to arrest manyminorities starting in 2019,itnolonger pro- few,ifany,ofthe law’sprovisions the ACA’smarket rules,including School in New York. He served as se- and dissidentswho trusted the plat- duces revenue and is no longer atax. were inseparable from the mandate. guaranteed issue,and modified com- nior economist and general counsel form. On Feb. 16,Chen Geng men- Therefore, the plaintiffs say, the It held the district court decision munity rating, would be unsustain- at the Council of Economic Advisers, tioned Falun Gong in aprivatemes- mandate and the entire law are un- “inappropriately focuses on the 2010 able in the absence of an individual 2017-19. sageonWeChat. That same day, his constitutional. The federal govern- Congress’ labeling of the individual account wasblocked and he wasar- ment didn’t oppose the action, but mandate as ‘essential’ to its goal of rested. In 2017, construction supervi- California, 16 other states and the ‘creating effective health insurance sor Chen Shouli used the app to send District of Columbia were allowedto markets,’...todesignatethe entire Notable & Quotable: Cruz ajokeabout agovernment official to intervene to defend the ACA. ACAinseverable.” Thedistrict court achat group.Hewas detained by po- A district court agreed the man- should instead have focused on the Sen. at Judge Amy Coney Whitehouse at his home in Provi- lice forfivedays.In2016,several Ti- datewas no longer atax and was intent of the 2017Congressthat re- Barrett’s confirmation hearing Oct. 14: dencein2006.JudgeMcConnell’s betan Buddhistsweresentenced to therefore unconstitutional. Because pealed the mandatepenalty and wifegaveanother $250,000 to candi- yearsinprison fororganizing on the mandatewas an essential part of done the“legwork” of explaining Iwish Senator [Sheldon] White- dates and causes,sothat’s$750,000. WeChat apicnic to celebratethe Da- the law, the court said, it wasn’t howpartsofthe laware inextricably house were here. My intention was And nowJudgeMcConnell is a lai Lama’s birthday. And this past De- “severable,” rendering the entirelaw linked to the mandateand therefore to have this discussion with him here judge, afterSenator Whitehouse vig- cember,the whistleblowing doctor Li unconstitutional. unconstitutional. because he just spokeand spoke orously led the fight to get him ap- Wenliang was reprimanded for TheFifth U.S. Circuit Court of Ap- TheACA has 10 titles and amulti- about all the connections.Hehad his pointed ajudge. He sitsonthe Com- spreading “rumors” about anovel peals allowedthe Democrat-con- tude of provisions,most of which charts. Iwould note—I wasfeeling a mitteeonCode of Conduct of the coronavirus via aprivatechat with trolled House to intervene to defend have nothing to do with the man- little bit bad that Ididn’t have a U.S. Judicial Conference. And what otherphysicians on WeChat. the ACAonappeal. Thecircuit court date.The severability analysis the chart with sort of red, fuzzyyarn hashedone on the Committeeon Theapp is able to activateusers’ affirmed that the mandatewas no Fifth Circuit instructed the district connecting all the thingsthat arethe Code of Conduct? He has helped lead microphones and cameras and copy longer constitutional but remanded court to undertakewould likely have deep conspiracies going on. . . . the charge to issue anew rule to try theirlocation data, addressbooks, the case to the district court to “con- concluded that most provisions Well, youknowwhat? TheFirst to ban judges from being membersof photos and privatemessages to its duct a more searching inquiry into could be severed from an unconsti- Amendment’s a great thing. . . . the . serversatany time.All this personal TheDemocratic ef- And to the shock of no one look- information is then subject to disclo- fortsdwarf the Republican dark ing at the red-yarn connections,after sure to the Chinese government for money efforts, which is why, without JudgeMcConnell and the committee purposes of “national security.” PUBLISHED SINCE 1889 BY DOWJONES&COMPANY atwingeofhypocrisy,Democratic put out this assault on the Federalist Some arguethat banning WeChat Robert Thomson membersmakethis charge repeat- Society to prohibit judges from sit- would makethe U.S. no betterthan Executive Chairman, News Corp Chief Executive Officer, News Corp edly. And in fact, I will point to one ting on—from being members, Sena- China, which has suppressed free Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher specific example,which is ajudge, torWhitehouse and six other Demo- speech by banningYouTube, Face- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: JudgeJohn J. “Jack” McConnell, who cratic senatorsloudly cheered that book, Twitterand manyother U.S. Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; is ajudgeinthe stateofRhode Is- effort in writing. social-networking sites.Iwould ar- Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; land. Now, fortunately, that effort was guethe opposite: Having millions of News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; Now, who is JudgeMcConnell? roundly denounced. Over 200 federal Americanssubject to potential sur- Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer Well, he used to be the treasurer of judges signed aletteropposing this. veillance by the Chinese stateisan Andrew Dowell, Asia; AnthonyGalloway, Video & theRhode Island Democratic Party Federalist Society takesnopositions, affront to free speech that benefits Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; and adirector of the Rhode Island doesn’t—doesn’t lobby, doesn’t file an increasingly hostile foreign power Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; branch of Planned Parenthood. Well, amicus briefs,doesn’t take public and pressures diasporaChinese to Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; howdid Mr.McConnell become a policy positions. Most of its events self-censor. Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News judge? Well, according to CQ Roll aredebates wherepeople on the left Politicians shouldn’t aim to re- Thomas SanFilippo, Customer Service; Call, he contributed about $500,000 arefeatured prominently.Every sin- strict access to social-media plat- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; to Democratic political committees gle U.S. Supreme Court justice—all of forms.Itisreasonable,however, to Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; before becoming a judge. them—have spoken at least one Fed- requirethat anyplatform operating Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International This,bythe way,ismorethan any eralist Society event. And thankfully, in the U.S. uphold the freedoms that WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: other judgenominated by Obama or the assault on the Federalist Society Americans hold dear. LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head Trump.So, JudgeMcConnell stands waswithdrawninthe faceofover

EDITORIAL AND CORPORATEHEADQUARTERS: at thetop—$500,000.Hedonated 200 federal judges and, Iwould note, Mr. Loftus is CEO of Lofty Sky En- 1211 Avenue of the Americas, New York, N.Y., 10036 $12,600 to Senator Whitehouse. He 29 senatorsroundly criticizing the tertainment and the producer and co- Telephone 1-800-DOWJONES hosted afundraiser forSenator attempt. director of “Ask No Questions.” P2JW289000-2-A01800-1------XA

A18 | Thursday, October 15, 2020 ** THE WALL STREET JOURNAL. WORLD NEWS Travel Bubbles Don’t Quite Float Australia FearsCoal Afew months ago, travel two weeks afterreturning. bubbles were the big idea for Tracing apps should be acti- reopening skies acrossthe vated at all times. Is China’s Asia-Pacific region. Countries International travel hasn’t would strikedeals with each really recoveredexcept in Eu- other to allow air travel with rope,Macquarie Group Ltd.’s Next Target certain restrictions,manyoffi- wealth management divi- cialssaid, and those would ex- sion said in aSeptember note. BY RACHEL PANNETT pand to regional pacts. TheEuropean Union, eager to kick-start tourism, began SYDNEY—Australia has a By Niharika Mandhana opening itsinternal bordersin question for China: Have you in Singapore June forthe summer holi- imposed restrictions on one of and Rachel Pannett days.But that contributed to a our top exports? in Sydney coronavirus surge, and coun- Trade Minister Simon Bir- tries aresnapping back curbs. mingham said the government It is proving hardtodo, Fortravelbubbles,even is “working through normal dip- CK

even forcountries that have TO finding the right partner is lomatic channels” to clarifyre- largely managed to keep a lid fraught. Singapore, forin- portsintwo trade publications on the coronavirus. stance, wantstobubble up with that Chineseauthorities have SHUTTERS

Take Singapore, acity-state A/ low-risk Vietnam, NewZealand told several state-owned steel- whose economyissodepen- and most of Australia. But makersand powerplantsto

dent on itsairport, officials ON/EP these countries aren’t ready to stop importing Australian coal. liken it to the lungs. Passenger WO open to visitorsfromSinga- KenMacKenzie, the chair- volumes arelanguishing at CE pore,which has averaged 4.6 man of BHP Ltd., on Wednesday 1.5% of pre-coronavirus levels, LLA locally transmittedcases aday said some Chinese customers WA threatening itsstatus as an A pilot enters Singapore’s Changi Airport, where passenger volume is at 1.5% of pre-Covid levels. in the past two weeks.New areasking to defer their cargoes aviation hub and the invest- Zealand and Vietnam have re- of coal. Thecompany, the ment that comes with it. fection from abroad, calculat- In Hong Kong,officials have to NewZealand isn’t abubble corded no such cases forweeks. world’slargest miner by market The region’s other airports ing that aCovid-19 resurgence talked about 11 potential travel but a narrow one-way street. China imposed strict re- cap, is working with them to see are similarly quiet, according would be worse than the eco- bubbles, but none have mate- Wherefast-track options strictions in March when it whether thereare restrictions to the latest datafromAugust. nomic harm caused by keeping rialized. The city’s persistent have emergedfor business banned most foreigners from on importsofAustralian coal. Hong Kong International Air- borders shut. cases of local transmission, in travel, the trips ofteninvolve entering the country. Last “It would be concerning if port saw1.4%ofpassenger As a result, countries have mostly single digitsdaily,have multiple tests, some quarantine month it eased those restric- the rumors are true,” he said. traffic compared with August largely avoided opening up put awrinkle in discussions and lotsofadvance paper- tions by announcing that for- Tensions between the two 2019.AtJapan’sNaritaair- even to other low-risk coun- work.Those wanting to flyfor eign residentsofChina who countries have reached new port, international travelersin tries in the Asia-Pacific region. work from Japan to Singapore have been stuck abroad could heightsinrecent months.Af- August were just 3.3% of the Restarting relatively free Efforts to open air must be sponsoredbyacom- start to return. Returnees terAustralia began seeking year-earlier month. At South travel to Europe and the U.S., panyinthe city-state, gettested must still take atest before support from European leaders Korea’s Incheon International wherecases arehigh, remains travel among Asia­ beforedepartureand afterar- traveling and quarantine for14 foraninvestigation into Airport, passenger volumes a nonstarter for most. Pacific nations have rivaland declareanitinerary days after landing in China. China’sresponse to the coro- were 3.6%. Negotiations fortravelbub- beforehand—and stick to it. Hundreds of foreign busi- navirus—which firstspread Acrossthe region—which is bles have turned out to be bogged down. Short-term businesstravel- nesspeople from the U.S. and widely in theChinese city of home to manyofthe world’s slowand complex. It isn’t just ersfromSouth KoreatoJapan elsewherehavemanaged to re- Wuhan—China put restrictions topcoronavirus-conquering about comparing infection canskip the two-week quaran- turn to China in recent months, on importsofAustralian beef, countries—strict travel cau- rates, officials have found, but tine,but the list of conditions but afterobtaining acomplex barley and wine. It also tion is seen as key to keeping also working out trickydetails, with mainland China. Tour- is long,including as manyas series of permitsand aseat on warned itspeople against trav- the virus in check.Govern- such as swapping 14-dayquar- ism-dependent Thailand hasn’t four testsfor around-trip— aflight, and then undergoing a eling to Australia,saying racial mentsfromChina and Viet- antines with tests, agreeing to committedtobubbles amid within 72 hoursbeforedepar- two-week quarantine.Flights discrimination against Chinese nam to Thailand and NewZea- mutually acceptable testing worries that even acareful in- tureand at the airport upon have been expensiveand in people wasrising there. land, wherethe pandemic is standards and designating lab- fusion of travelerscould re- arrival in both countries.Trav- short supply,with tens of thou- China is Australia’sbiggest under control, areloath to risk oratories to issue fit-to-fly verseits success in controlling elerscan’t use public trans- sands of Chinese studentsstill two-way trade partner and top introducing newsourcesofin- certificates. the spread. Australia’sopening port during thevisit and for trying to return home. export destination, and coal is second to iron oreamong Aus- tralia’s exportsbyvalue.China Thai Pro-Democracy Protesters March Under Heavy Police Watch buys25% of Australia’scoal ex- ports. An outright ban on Aus- tralian coal could violateWorld Trade Organization obligations as well as afree-trade agree- ment between the countries. Traderssay Chinese coal buyers are behaving as if the restrictions are real: Demand for Australian thermal coal in China has slumped this week, and the Newcastle benchmark price has dropped sharply. “We’veheardboth that the government has given ‘do not touch’ orderstobuyersand also that therewill be re- freshed quotas soon. No one knows,” one European coal trader said. China setsquotas on coal imports, meant to sup- port domestic miners. “Therehavebeen examples of Chinese tradersreselling Australian cargoes to other destinations, and prices have been pummeled,” the trader said. “But again, no one knows GES howstrict or enduring the di- IMA rectives actually are.”

GETTY That theAustralian govern-

SE/ ment is seeking clarification “indicates the magnitude of the event,” said Tyler Broda, a

ANCE-PRES London-based mining analyst FR with RBC Capital Markets.

ENCE “Coal nowseems to be fol-

AG lowing beef,barley and wine as atargetfor Beijing,” said Mi-

UMPHA/ chael Shoebridge, aformer top

ANR Australian defense-intelligence

SUW official who is nowadirector at theAustralian Strategic Pol-

LILLIAN icyInstitute. “Even though China’scoal production is Thai activists hoping to keep ence and harassment from coun- least three days. tution is considered sacrosanct pled an elected government, was lower-quality and moreexpen- up their campaign fordemocratic ter-demonstrators, thousands of The protesters have drawn and a pillar of Thai identity. It is returned to powerunfairly in last sivethan Australian coal, the change held amajor rally in Bang- protesters marched from Bang- attention because of their de- protected by a law that man- year’s general election because Chinesegovernment maybe kokonWednesday, amid con- kok’s Democracy Monument to- mands for reforms to Thailand’s dates three to 15 years in prison laws had been changed to favora willing to impose these costs cerns about apossible confronta- ward Government House, the of- constitutional monarchy, which for defaming the monarchy. pro-military party. Protesters say on Chinese steel and power tion with policeorrival groups fices of Prime Minister Prayuth they say is not democratic. The protesters sayPrime Min- aconstitution promulgatedunder producersfor two reasons: to supporting the government. Chan-ocha. Protest leaders said That demand has caused con- isterPrayuth, who as armycom- military rule is undemocratic. stokedemand fordomestic coal Despite a large security pres- they plan to stay there for at troversy because the royal insti- mander led a2014 coup thattop- —Associated Press and to put morecoerciveeco- nomic pressureonAustralia.” Thereportsdriving the concern include one from S&P Global Platts,which covers en- WORLDWATCH ergy and commodities mar- kets.Itcited several unnamed sources saying Chinese state- EUROPEAN UNION based on United Nations mea- arequesttocommentWednes- SPACE STATION AFGHANISTAN owned utilities and steel mills sures, which ban the supply of dayonthe EU action. had been told to stop import- EU Sanctions to Hit arms, instruments of repression On Tuesday, the dayafter EU Russia-U.S. Team Army Helicopters ing Australian thermal and Putin’s Inner Circle as well as assistance to merce- foreign ministers agreed to im- On Joint Mission Crash, Killing Nine coking coal immediately. The nary forces in Libya. pose sanctions on Russian offi- other,fromArgus Media, said The European Union will im- Mr.Prighozin has defended the cials and organizations, Russia’s Three space travelers blasted TwoAfghan armyhelicopters the order applied to at least pose sanctions on members of Kremlin’sinterests both abroad— foreign ministerSergei Lavrov off to the International Space collided while transporting some state-owned steelmakers President Vladimir Putin’s inner through Wagner,agroup of mer- said Moscow could freezeits con- Station, using a fast-track ma- wounded soldiers amid fighting and powerplants, but that circle in response to the poison- cenaries thathave foughtin tacts with the bloc in retaliation. neuver that allowed them to againstTaliban militants in others hadn’t been notified. ing of opposition leader Alexei Ukraine, Syria and Libya—and at Those expected to be sanc- reach the orbiting outpost in a southern Afghanistan, killing nine One of the companies men- Navalny, diplomats said, while home with adifferentorganiza- tioned on Thursdayinclude Alek- little over three hours. servicemembers, the Defense tioned by S&P Platts,Huaneng another of Mr. Putin’s associates tion thathas allegedly threatened sandr Bortnikov,director of Rus- NASA’s Kate Rubins with Ministry and local officials said. Power International, told The faces sanctions for his role in and attacked members of the po- sia’sFederal SecurityService; Sergey Ryzhikov and Sergey The two Soviet-era Mi-17 he- Wall Street Journal it hadn’t the Libyan conflict. litical opposition. The EU’sdeci- Sergei Kiriyenko, firstdeputychief Kud-Sverchkov of the Russian licopters crashed due to techni- received the notice. The travel ban and asset sion to sanction him nowislinked of staff in the presidential admin- space agency lifted cal problems while taking off in Australia’scoal industry freeze will take effect Thursday to his record of intimidation of istration; and Andrei Yarin, the off Wednesday from the Russia- Nawa district late Tuesday, the has played down the reports, when the action is published in Mr.Navalny, diplomats said. head of the presidential adminis- leased Baikonur space launch fa- Defense Ministry said. The nine saying trade with China the EU’s Official Journal, EU offi- The EU hopes thatthe sanc- tration’sdomestic policy director- cility in Kazakhstan for a six- dead were Afghan crew and sol- changes through the year cials said. tions will punish those responsi- ate. Aleksei Krivoruchkoand Pavel month stint on the station. diers on the two aircraft. based on a range of factors. The move includes six senior ble forMr. Navalny’spoisoning Popov, twodeputyministers of Aboardthe station, theywere The crash came amid fighting “Australia will continue to Russian officials and one un- without sparking afresh cycle of defense and Sergei Menyaylo,Mr. welcomed by NASA commander in Helmand province between see demand for its high qual- known entity. In addition, EU tensions with Russia. Moscow, Putin’senvoytothe Siberian Fed- Chris Cassidy and cosmonauts the military and Taliban. Attacks ity of coal and the medium- diplomats said Wednesday that however, has said thatthe move eral District, would also face sanc- and Ivan Vagner, in other parts of the country term outlook remains posi- Russian businessman Yevgeniy could have serious repercussions tions, people familiar with the who have been aboardsinceApril killed at least six Afghan secu- tive,” said Tania Constable, Prigozhin also will be targeted forbilateralrelations with the EU. matter said. and return to Earth in aweek. rity forces and eight civilians. chief executiveofthe Minerals for breaching EU sanctions, The Kremlin didn’trespond to —Laurence Norman —Associated Press —Associated Press Council of Australia. P2JW289000-5-B00100-1------XA BUSITECHNOLNEOGY: BLACKRSSOCK BETS ON&FU.K. ELECTRIC-VEHICLEINSTARANTUP B4 CE

© 2020 Dow Jones & Company. All Rights Reserved. ***** THE WALL STREET JOURNAL. Thursday, October 15, 2020 | B1

S&P 3488.67 g 0.66% S&P FIN g 1.07% S&P IT g 0.55% DJ TRANS À 0.88% WSJ $ IDX g 0.17% LIBOR 3M 0.230 NIKKEI (Midday) 23517.63 g 0.46% See more at WSJ.com/Markets AmazontoStreamNFL Playoff Game Starbucks Ties Payto Deal to boost Prime ship between the nation’spre- per-game rangeAmazon is online platform, according to rus. That created adomino ef- mier sport and the online retail paying forregular season people familiar with the situa- fect throughout the league platform comes as the and entertainment giant. matches,aperson briefed on tion. leadingtoan extremely rare Targetsfor league grapples with Amazon already streams 11 themattersaid. Comcast Corp.’sNBC Sports Tuesdaynight football game ThursdayNight Football games Thegame Amazon will acquired the rightstothe sec- this week so the NFL could try virus crisis, ratings fall annually and has been looking stream is one of the two new ond newwild-cardgame for to stay on track forits goal of Diversity to carrymorefootball on its wild-cardplayoff games the $75million. It will stream that finishing the regular season in BY JOE FLINT Amazon Prime Video platform. NFL added to itspostseason game on itsnew Peacock plat- 17 weeks. Amazon renewedits Thursday schedule,the people familiar form as well as carryitonits Although the virus has BY HEATHER HADDON Amazon.com Inc.has struck Night Football deal earlier this with themattersaid. Amazon broadcast network. takencenter stagefor the adeal with the National Foot- year forthree seasons in apact will be sharing the Jan. 10 TheAmazon deal comes as league,the NFL has put apri- Starbucks Corp.said it ball League to stream aplayoff worth at least $75million an- game with ViacomCBS Inc.’s the NFL is facing one of its ority on striking newlong- would mandateantibias train- game this season, people famil- nually,according to an industry CBS broadcast network and most challenging seasons ever. term agreements with itsme- ing forexecutives and tie their iar with the mattersaid. executivewith knowledgeof Nickelodeon children’schannel. The coronavirus has forced the dia partners including CBS, compensation to increasing Theagreement, which the NFL media rights. CBSSportspaid about $70mil- league to movegames around NBCand Walt Disney Co.’s minority representation in its league disclosedtoteam own- Terms forthe playoff game lion forthe rightstothat afterplayers on the Tennessee ESPN and has had some pre- workforce,becoming the latest ersWednesdayduring avideo weren’t disclosed, but they are game,which will include the Titans and NewEngland Patri- liminary discussions on those companytoset fresh diversity meeting,deepens the relation- significantly higher than the abilitytostream it on itsown otstested positivefor the vi- PleaseturntopageB2 goals in the midst of ana- tional conversation over race. Thecoffee chain said Shortages of Canned Corn Show Impact of Pandemic on Supply Chains Wednesday that it would aim foratleast 30% of itsU.S.cor- Del Monte, Green Giant race to catch up with consumer demand for the staple as the canning season starts porateemployees—and 40% of itsU.S.retail and manufactur- PROBLEM #1 PROBLEM #5 ing employees—tobepeople Sweet corn Corn is harvested of color by 2025.Starbucks said its metric included Black supply is seasonal once a year people, other people of color Corn for canning makes up the Canned corn sales are up nearly and Indigenous people. second-smallest portion of the 50% since the pandemic began. Companyfigures showitfalls U.S. crop. Fresh corn is canned Retailers quickly blew through short of those goals at nine of right after the harvest in late inventories. The next corn har- the 14 job levels it said it would summer, and that yield is the vest was months away, making track.The companyhas roughly entire supply for the year. it hard to restock. 200,000 U.S. employees and

GIANT nearly 8,900 company-owned Pounds of cornbytype (2019)* PROBLEM #6 stores in theU.S.

=1billion pounds GREEN “They aren’t slam dunks,” R Hoard mentality Field corn FO Starbucks Chief Operating Offi-

(Includes animal feed, GES Sparse shelves begotempty cerRoz Brewersaid of the new

seed and industrial use) IMA shelves, as people hoarded, fear- targetsinaninterview. “They

99.1%oftotal production AP ing shortages. Manyproducts ha- aregoing to take some work.” ven’treturned to prepandemic in- Starbucks is implementing ventory levels. Canned-corn the diversity goals and training

UCKHOHN/ brands expect to increase pro- at atime of intense discussion KL duction 25% overlastyear.But about race and representation UCE

BR theydon’tknowifit’ll be enough. in American corporations.Un- rest during the summer after PROBLEM #3 U.S. commercial van PROBLEM #4 —Annie Gasparro George Floyd waskilled in po- Truckers are shipping costsper mile, Corn is irreplaceable and Stephanie Stamm licecustody in Minneapolis re- monthly average† kindled anational conversation Sweet corn Food makers can substitute in- rejecting contracts Spotrate Contract rate Weekly stock unavailability over race during which some 0.9% gredients in some products, like The decrease in trucking capac- by product** companies pledged to make Frozen soup or boxed dinners, when an ity drove up prices, prompting $2.50 their workforcesmorediverse. Fresh ingredient is scarce. 35% some transportation companies Shelf-stable TheTrump administration is Canning That’s not an option for the to reject existing contracts in fa- vegetables discouraging companies with main ingredient in foods that are 30 vor of last-minute orders at federal contractsfromissuing 2.25 canned individually, like peas or PROBLEM #2 higher prices. Some deliveries specific diversity-related tar- corn. Importing from new suppli- 25 were delayed. Frozenfruits, gets or conducting racial-sensi- Land is limited ers, which worked for toilet pa- Trucking companies shrank vegetables tivity training.The Wall Street In the spring, the two biggest per and pasta, proved too ex- 20 their fleets last year to improve 2.00 Journal reported last week that vegetable-canning companies, pensive for canned corn. profitability. The fleet that re- the Labor Department is inves- Green Giant and Del Monte, 15 mained was too small to handle tigating companies with federal pressed farmers to plant more the March surge in demand. Note:Reporting based on interviews with contractsthat have included corn for this season due to canning companies, trucking companies, 10 Though demand has moderated, 1.75 specific numerical goals in their Covid-19. But the relatively small retailers and the U.S. DepartmentofAgriculture Shelf-stable fruit food haulers remain busy. *Field corn data are marketing year (Sept.- pledges to increase diversity. number of farmers who special- Aug.) and sweet corn are calendar year. 5 TheWhiteHouse has said it ize in growing sweet corn had †Includes fuel surcharge 5% to 7% average out-of- would consider canceling con- largely set planting plans for the 1.50 **Data for the 23-week period ended Aug. 8 0 stock range beforepandemic Sources: USDA (production); DAT Freight & tractswith companies that vio- year already. 2019 '20 Analytics (shipping rates); IRI (stock) April 2020 Sept. lateanexecutiveorder barring federal grant recipients from PleaseturntopageB2 PERSONAL TECHNOLOGY | By Joanna Stern BofA’s Profit Falls, Brick or No Brick, Pick a Charger for All ButReservesShrink Friends, trillion is selling phones that your owncharger(BYOC!) is nologies that sound like they Journal read- cancost nearly $1,400 apiece what youshould have been belong in a Defense Depart- BY BEN EISEN shutdown. Thebank said ersand iPhone and it wantsustopay more doing all along. ment briefing (i.e. GaN, PD, that itscustomersspent owners, lend to charge them? No surprise, I fall into #2. USB-C), the market is Bank of America Corp.’s more in the thirdquarter me your ears. Way#2: This is great! Bring With the arrival of new tech- stacked with smaller, speed- profit fell 16% in the third than they did ayear agoas Icome to bury ier charging bricks capable quarter,though the bank in- the economyreopened. Apple’swhiteiPhone-charging of simultaneously powering dicated that it is well pre- “Weare seeing areturn to cube,not to praise it. all your gadgets. No more pared to weather thecorona- the fundamentals of agener- On Tuesday, Apple said its packing a charger for each virus recession. ally sound underlying econ- newiPhone 12 models will device. Besides, there are TheCharlotte,N.C., lender omybut we won’t getthere no longer come with acharg- some handy new wireless said Wednesdaythat it until we have fully addressed ing brick—or earbuds—in the charging options, too. earned $4.88 billion in the the health-carecrisis and its box. Now, Apple will only in- I’ve spent the past few July-to-Septemberperiod, associated effects,” Chief Ex- clude aUSB-C-to-Lightning weeks testing nearly 30 compared with $5.78billion ecutiveBrian Moynihan said

charging cable.Itwill sell its JOURNAL bricks and wireless pads. ayear agoand $3.53billion on acall with analysts. 20-wattchargerfor $19 and Whether you’re planning to in the prior quarter. While Bank of America, REET

anew $39 MagSafewireless ST buy a new iPhone or stream- Profit amounted to 51 likeits peers, has put away

charger, designed forthe LL lining your power plan for centsashare. Analysts billions of dollarstocover newphones but compatible WA older gear, getting the best polled by FactSet had fore- loan defaults,its provisions

with older ones.Bye-bye, lit- /THE charger doesn’t mean run- cast 49 cents. have been smaller.Now,the

tle brick. US ning up your charge card. America’ssecond-largest bank and itscompetitorssig- There are two ways to SS PleaseturntopageB4 bank has struck amoreopti- naled they areholding off WA look at this: mistic tone than some of its fornow on moremajor re-  Apple counts on 5G to boost Way#1: This is outrageous! KENNY rivals in recent months,say- servebuilds.JPMorgan Acompanyworth over $2 The Anker PowerPort III 2-Port can charge abunch of gadgets at once. iPhone fortunes in China.... B4 ing that consumption is Chase&Co.onTuesdaysaid bouncing back afterthe ini- itsprofitrose from ayear tial shock of the economic PleaseturntopageB6 IPO Rule Hands Chinese Banks Big Windfalls INSIDE BY XIE YU Board, also known as the out well so far.Banks have 180 companies are now listed STAR market, to take part made hundreds of millions of on theSTARmarket, accord- When China rolled out its themselves.These banks, dollarsingains on STAR ing to Shanghai Stock Ex-

ownNasdaq-style listings known as sponsors, must buy stocks sincethe market change data. AP venue last year, the country’s between 2% and 5% of the launched in July 2019. Anothermajor outlaywill regulators forced investment shares sold, up to amaximum To date, sponsorshavein- be necessarywhen Ant Group banks to buy stocks in the of about $147 million, and vested nearly 3.5billion yuan, Co., the financial-technology TRIBUNE/ companies they took public. then hold the stock foratleast the equivalent of about $519 group backed by Alibaba

That unusualrequirement two years. million, in the STAR market’s Group Holding Ltd., goes pub- GREELEY

forbanks to eat their owncook- Chinese and foreign banks 20 biggest initial public lic.Itispreparing foradual THE ing is nowpaying off big time. were wary of the risks this offeringsand secondarylist- listingonthe STAR market In a measure meant to en- posed, not least because the ings, Wall Street Journal and in Hong Kong,inadeal TRANSPORTATION COMMODITIES sureunderwritersbrought country’smarketshaveexperi- calculations show. As of Tues- that could rank as the world’s United Airlines Oil recovery expected good deals to market at fair enced aseries of booms and day’sclose,those holdingshad biggest-ever IPO. prepares foralong to falter even as the prices,authorities required bustsoverthe last decade and doubled in value to morethan The banks largely opposed the most senior institutions on a half. $1 billion. the requirement in consulta- droughtaspassengers world burns through anydeal on Shanghai’sScience Amid abroader rally, Theoverall totals will be tions last year with the securi- stay home. B3 aglut in supply. B12 and TechnologyInnovation however, things have worked much higher, since more than PleaseturntopageB2 P2JW289000-4-B00200-17FEFF7178F

B2 | Thursday, October 15, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A Fastly...... B4 Macy's...... B13 H&M Faces Fine of $41 Million Alibaba...... B1 Fox...... B2 Morgan Stanley...... B13 Alphabet...... B4 G N Amazon.com...... B1 Goldman Sachs NFL...... B1 For Violating EU Privacy Rules Apple...... B4 ...... A1,B12,B13 Nordstrom...... B13 Arbor Private Gold Standard Baking S Investment...... B12 ...... B12 Sinopharm...... A9 BY CATHERINE STUPP General DataProtection Regula- peal, as organizations have two Lepoutre, general counsel and B Great Kitchen...... B12 Slack Technologies...B13 tion requires strong privacy weeks to object to the regula- dataprotection officer at Bank of America H SL Green Realty...... B13 Hennes &Mauritz AB’s protectionsfor some kinds of tor’sfindings, but so far the AWVN,the Netherlands’ largest ...... A2,B1,B12 Haitong Securities...... B2 Starbucks...... B1 fashion retailer,H&M, faces a information, such as aperson’s companyhasn’t responded with employers’association. The BHP Group...... A18 Hanesbrands...... B13 Swancor Advanced €35.3 million ($41 million) fine health details,religion or politi- objections,Mr. Caspar said. The fine against H&M, he said, BlackRock...... B4 Hennes & Mauritz...... B2 Materials...... B2 forhaving recorded personal calopinions.Some European companyalso said in astate- “makes clear therehas to be a British Land...... B13 HomeToGo...... B4 T details of the lives of employ- authorities have previously ment on itswebsitethat it has boundarybetween privatelife ByteDance...... B4 Huawei Technologies..B4 Target...... B13 ees at aGerman servicecenter fined employers forhow they made privacyimprovements and work life.” C HUYA...... B13 Tencent...... B13 forseveral years, violating the collected workers’ data, stating sincereporting itsdata-collec- Employeedatacan be arisk China International Hyundai Motor...... B4 Tractor Supply...... B13 European Union’sprivacyrules. that their powerimbalance tion practices to the Hamburg forcompanies because they Capital...... B2 I Trek Bicycle...... A10 ManagersatH&M’sservice makes it illegal foremployers regulator last year.Those in- might collect sensitivedata Citigroup...... A2 center in Nuremberghad access to ask foremployees’ consent clude personnel changes,data- about workers’ health situa- Idexx Laboratories...... B6 U Columbus to troves of dataabout employ- to use that information. privacytraining formanager, tions,ethnicity or families,said Manufacturing...... B12 Inditex...... B13 UBS...... B2 ees’ personal lives—their reli- Last year,the Hamburgreg- and using bettertechnologyto Ann Bevitt, apartner in the Comcast...... B1 Inmobiliaria Colonial UnitedHealth...... B3 gion, health information and ulator learned through local storedatainaway that com- London officeoflaw firm Coo- Socimi...... B13 Concho Resources.....B12 V details about their families,the media reportsthat atechnical plieswith the regulation. ley LLP.Because some employ- ConocoPhillips...... B12 J Vale...... B12 dataprotection regulator in problem at H&M had inadver- H&Mwill compensateem- ees work foracompanyfor D JBS...... B6 ViacomCBS...... B1 Hamburgsaid afteranalyzing tently exposed employees’ per- ployees at the Nurembergser- several years, HR managers J&F Investimentos.....B6 60 gigabytesofstoreddata sonal datatoothersthroughout vicecenter an undisclosed might keep that datafor along Derwent London...... B13 W JPMorgan Chase...A2,B6 from the center.Surveillanceof the companyoverafew hours. amount, which Mr.Caspar said time,and destroying so much Dick's Sporting Goods Walmart...... B13 K employees is increasing,espe- Theregulator then demanded his officesuggested. H&M will information could be alot of ...... B13 Walt Disney...... B1 cially while workersremain at evidenceofthe incident and re- report monthly to his officeon work,she said. Employee-moni- DouYu International.B13 Kia Motors...... B4 Wells Fargo...... A2,B6 home due to the pandemic,ac- ceived the 60 gigabytesoffiles. the status of itsdata-protection toring appearstobeupinre- F L - M Z cording to labor-union repre- Managershad been recording program, he added. cent years, Mr.Caspar said, and Facebook...... B13 Levi Strauss...... B13 Zoetis...... B6 sentatives. the personal datasinceatleast Under the rules,regulators his officehas seen cases of data Employers in Europe areus- 2014, and several employees canrequirecompanies to com- takenfromcar GPS systems ing newtechnologies to moni- from the Nurembergcenter ap- pensateanyone whose personal andphones,orofscreening toremployees or record per- proached his officeabout the datahavebeen exposed. But workers’ emails.“In many INDEX TO PEOPLE sonal dataabout them, incident,the regulator said. the H&M case appearstobethe cases,complainantsdonot developmentsthat need to be Stockholm-based H&M de- firstsincethe lawtook effect in wish us to open aformal inves- A Johnson, Kevin...... B2 Scherr, Stephen...... B13 monitored, Hamburgdatapro- clined to comment on the fine, 2018 in which abusinesswill tigation because they arein Andrae, Patrick...... B4 K Shah, Neil...... B4 tection regulator Johannes Cas- which the companysaid it is compensateits ownworkers fear of losing their position,” a Shen, Meng...... B2 B Kaufer, Stephen...... B4 par said in an email. TheEU’s reviewing.H&M could still ap- forthose violations,said Henri spokesman forMr. Caspar said. Kirby, Scott...... B3 Sheridan, Gene...... B4 Batista, Joesley...... B6 Shrewsberry, John...... B6 L Batista, Wesley...... B6 Siegel, Simeon...... B13 Bi, Mingjian...... B2 Lefkowitz, David...... B12 Smith, Robert...... B6 Brewer, Roz...... B1 M Steinberg, David...... B6 Burrows, James...... B4 Modesti, Marco...... B12 Sun, Lijun...... B2 F Moynihan, Brian...... B1 Sverdlov, Denis...... B4 Ferreira, Fernando....B12 R T Flechner, David...... B12 Ryskin, Michael...... B6 Torres, Phil...... B12 G - J S W Galloreese, David...... B6 Scharf, Charles...... B6 Wren, Scott...... B12

Starbucks current U.S. Starbucks employeebreakdown by race/ethnicity Presses on White Diversity 53.5% S

ContinuedfrompageB1 PRES conducting diversity training. The executiveorder has ZUMA caused confusion among busi-

nesses with federal contracts ERMAN/ SZ

and prompted some pushback KA Hispanic/ from some privatecompanies. Latino

Starbucks,the world’slarg- 10.5 NANCY est coffee companybysales and H&M will compensate employees at the Nuremberg, Germany, service center. An H&M store in New York City. stores,isafederal contractor. Ms.Brewersaid the com- Black 8 pany was aware of the execu- gains and the brokeragefirms said the rules were achallenge sponsor for a STAR listing to tive order that is set to take Asian Banks Win could be required to write formost Western banks,be- date. In that case, the securi- effect next month and would 5.5 down theseholdingsinthe cause they lock up capital and ties regulator let the parent implement the targetsand next year or so if there was a create conflicts of interest by company, UBS Group,make training regardless. She said Multiracial major downturn. making abank act as both theinvestment so the deal 4.7 On Chinese all Starbucks employees would Other 1.3* Shen Meng,director of bou- seller and buyer. didn’t reducethe mainland benefit from being part of a tique investment bank Chan- Mr.Sun said Chinese and unit’s capital, Mr. Sun said. more-diverse workforce. *American Indian, AlaskaNatives, Native IPO Rule son &Co.,said banks had ben- Western banks were still urg- TheSTARboardhas shaken “It’snot impacting our path Hawaiian, Pacific Islander and others not efited from official moves to ing regulatorstoloosen the up China’s capital markets in specified Notes: As of Aug. 23;Does notadd forward,” Ms.Brewersaid of to 100% due to rounding encouragemorerational IPO co-investment rules. otherways,dispensing with the executiveorder.“We un- Source:the company ContinuedfrompageB1 pricing,which in practice Western-backed brokerages practices used elsewheresuch derstand some of the contro- ties regulator,according to meant lowervaluations for in China also have relatively as unwrittencaps on valua- versyaround it, but it’swho we to do moretohelp employees several officials at investment some deals. small amountsofregistered tion, limitsonfirst-daymarket are. We arecommittedtoit.” from diverse backgrounds rise banks in Shanghai. Forexample,hesaid one capital, and arereluctant to moves and rationing of IPOs Starbucks has navigated through the ranks,she said. Bi Mingjian, then the chief pricing mechanism sometimes depletethis by investing in by regulators. controversy over race at other Starbucks said it would pub- executive of investment bank used forSTARIPOs discarded deals.UBS Securities is the —Jing Yang times in recent years. licizeprogresstoward itsdi- ChinaInternational Capital ordersfrominvestorswho only foreign playertoact as a contributed to this article. In 2018,the arrest of two versity goals annually.Execu- Corp., told apublic forumin placed the highest-priced bids. Black men who were sitting at tive compensation for November the rule wasunique In some cases,hesaid, compa- atable in one of Starbucks’ employees at the level of se- to China and “goes against nies were pricing deals at Philadelphia locations sparked nior vice president and above market principles,” according lowermultiples of earnings protests. Chief ExecutiveKevin would be determined in part by to a recording of the event. than their listed competitors. Johnson apologized forthe ar- diversity metrics,the Seattle- CICC has sponsored five of Last month, Swancor Ad- rests, and the chain closed its basedcompanysaid. It didn’t the 20 topdeals.Its $207 mil- vanced Materials Co.sold U.S. corporatestoresfor aday sayexactly howcompensation lion investment has turned shares on the STAR boardthat to conduct antibias training. would be linked to the metrics. into$440 million, according to were priced at 12.8times 2019 This June Starbucks made T- The company said it would Journal calculations.Inits earnings, according to itspro- shirtsbearing the “Black Lives also offeranexecutivemen- financial results, CICCre- spectus.Itsaid that compared Matter” slogan available to toring program foremployees ported an equity-investment with an averageindustry employees afterinitially di- of color starting this year and gain of 1.5billion yuan, equiv- valuation multiple of 30 times recting employees to not dis- include antibias materials in alent to about $222 million, earnings. play the slogan on their per- hiring, development and per- forthe firsthalf of this year Therules areparticularly sons at work. formance assessments. andsaid much of this came challenging forWestern banks, Ms.Brewersaid the new Ms.Brewer, who is Black, from STAR stocks. which areexpanding in China. staffing goals arose from an as- said shewished she had such In itshalf-year earningsre- Beijing in recent years began sessment of the company’sdi- mentorship earlier in her ca- port for2020, Haitong allowing them to take control versity levels following the ar- reer.“Ican only imagine back Securities,amajor sponsor, of securities businesses; previ- restsatthe Philadelphia store. in my ownpersonal career if I said it had co-invested in five ously,they were largely re- Thecompanyfound that it had had that opportunity,” she said. STAR companies.Its invest- stricted to holding minority mentssurgedmorethan five stakes in joint ventures. times in value to 1.39 billion Lijun Sun, the co-head of diced its schedule to increase yuan, the equivalent of $206 global banking forUBS Amazon the number of outletswith million, it said. Securities, UBS Group AG’s games and createadditional To be sure, these arepaper Chinese securities subsidiary, revenue streams.That is ex- every Gets New pected again in the next round Abenchmark tracking the biggestlistedcompanies of deals,and thereisanticipa- on Shanghai's STAR market has risen sharply this year. tion that Amazon maynegoti- NFL Deal atetostream games on Sun- STAR 50 Index one dayafternoons,people close 1800 to the talks have said. ContinuedfrompageB1 Ratingsfor this season are deservesadecent deals.The current agreements down slightly from ayear ear- 1600 still have some time left on lier,which league and network place to live. them.ESPN’s“MondayNight officials attributetothe heavy Football” pact expires at the news cycle,including apresi- end of the 2021 season and the dentialelection and the coro- 1400 other contractsrun through navirus.Ratingsfor the NFL the 2022season. However, the also droppedduring the 2016 NFL and itspartnerstypically presidential election. 1200 liketostrikelong-term agree- Even with thedecline,NFL mentswell in advanceofcur- football still dominates the rat- Learn moreat rent deals expiring. ings. Sincethe season started habitat.org. While it is expected that on Sept. 10,18ofthe 20 most 1000 the primary TV partners will watched telecastswereNFL Jan. Feb. March April MayJune July Aug. Sept.Oct. remain ESPN, Fox Corp.’sFox, games.Only the presidential Note:the indexwas launched in July 2020. CBS and NBC,the league has and vicepresidential debates Its theoretical performancewas calculatedstarting as of end-2019. in recent yearssliced and managedtocrack that list. Source:Wind P2JW289000-6-B00300-1------XA

THE WALL STREET JOURNAL. ****** Thursday, October 15, 2020 | B3 BUSINESS NEWS UnitedHealth Posts Drop in Earnings As Costs Increase

BY ANNA WILDE MATHEWS said it didn’t believegrowing S AND MATT GROSSMAN enrollment in itsMedicaid NEW

plans stemmed from people G UnitedHealth Group Inc.’s signing up afterjob losses.

profit declined after outsize Thecompanyreported OOMBER

resultsinthe previous quar- third-quarter net income of /BL ter,ashealth care returned $3.17billion, or $3.30a

closer to normal levels after share, compared with $3.54 MORRIS

adramatic pandemic-related billion, or $3.67ashare, in UL pause in the spring and early the same three-month period PA VID

summer. ayear earlier. DA Based in Minnetonka, In the second quarter of The number of people passing through airports climbed to its highest level since mid-March on Sunday, signaling a gradual rebound. Minn., UnitedHealth, the par- 2020,UnitedHealth posted ent of the largest U.S. in- net income of $6.64billion, surer,UnitedHealthcare, as or $6.91ashare, and ad- United Airlines Positions Itself well as asprawling health- justed earningswere$7. 12 a services arm under the Op- share. tum name,said itsthird- On an adjusted basis,Unit- quarter resultswereaffected edHealth’sthird-quarter For Long Downturn in Air Travel by the cost of effortstohelp profit was$3.51 ashare. An- customers. alystssurveyed by FactSet Thecompanypointed to had forecast an adjusted BY ALISON SIDER cash foraneventual rebound. dayto$25 million, including United Airlines quarterly net waiversofcopayments for profit of $3.11 ashare. Reve- Chicago-based United on debt and severancepayments, income/loss MedicareAdvantage enroll- nue was$65.12billion, up United Airlines Holdings Wednesdayreported aquar- down from $40 million during $1.5 billion 7.9% from $60.35billion in Inc.said it is positioning itself terly lossof$1.8billion, com- the second quarter. 3Q 2020 last year’s thirdquarter. to ride out along downturn in paredwith a$1billion profit Thereare some signs pas- t$1.84B In the spring and early air travel as aresult of the cor- during the same period ayear sengersare gradually starting 1.0 summer,UnitedHealth’sin- onavirus pandemic. ago. United’ssales fell 78%to to return. Thenumber of peo- suranceunit benefited finan- It wasabrutalsummer for $2.5billion. ple passing through airports 7.9% 0.5 cially from cost savingsasit U.S. airlines.Rising infection “Weare nowfocused on po- climbedtoits highest level Increase in revenue at paid forfewerdoctor visits, ratestriggerednew travel re- sitioning the airline forastrong sincemid-March on Sunday. UnitedHealth from last year surgeries and hospital stays strictions acrossthe country, recovery,” Mr.Kirby said. Delta, which reported a$5.4bil- 0 this spring and early in the keeping passengersathome. Cash has become key forair- lion loss on Tuesday, said book- summer.Hospitals and other United Chief ExecutiveScott lines trying to makeitthrough ingsare climbing forthe holi- –0.5 health-careproviders Kirby has been among the most the most severechallengein days and intowinter. ees and some premium dis- stopped manyprocedures as pessimistic about the depth and memory, with demand for Still, most predict afull re- –1.0 counts. UnitedHealth and they braced forsurgesof duration of the crisis,and the travel languishing and little covery is yearsaway,and Mr. other insurers have come un- coronavirus patients, and airline has flownlessthan ri- revenue coming in. United has Kirbysaid the pandemic will der pressurefromsome reg- manyAmericans steered vals such as DeltaAir Lines raised $22billion sincethe continue to weigh on demand –1.5 ulatorsand lawmakersto clear of clinics and emer- Inc., American Airlines Group start of the pandemic,including forsome time.International disburse some of the profit gencyrooms. Inc.and Southwest Airlines by mortgaging itsfrequent flier travel remains difficult or im- –2.0 they realized from the falloff Hospital inpatient costs Co.throughout the pandemic. program in a$6.8billion debt possible formanydestinations, 2018 ’19 ’20 in routine health care earlier and other types of care Theairline has said that deal. It has also reduced the and companies have been hesi- this year. picked back up in the quar- strategywill help it preserve amount of cash it burns each tant to resume businesstravel. Sources: S&P Capital IQ;the company Thecompanyloggeda ter. Health-careactivity was continued decline in com- at more than 95% of typical mercial membership,to26.35 baseline rates, UnitedHealth million in the thirdquarter said. Theinsuranceunit’s Fiat Chrysler,Canadian Union Reach Pact to AvertStrike from 25.77 million in the sec- medical-lossratio, or the ond quarter and 27.84mil- shareofpremiums paid out BY PAUL VIERA ple acrossthe automaker’s deadline,Unifor warned mem- company’sPacificaand Voyager lion in the year-earlier pe- in claims,was 81.9% in the AND NORA NAUGHTON North American operations. berstopreparefor astrike, minivans,DodgeChargerand riod,reflecting the lossof thirdquarter,compared with Unifor,the Canadian union, noting talks with Fiat Chrysler Challenger muscle cars and a some employer-based insur- 70.2% in the second. Fiat Chrysler Automobiles said it would sharedetails had boggeddownonissues re- Chrysler sedan. Astrikewould anceduring the economic UnitedHealth raised its NV and the union representing about the tentativedeal at a lated to wages, health-careben- also stop production of alumi- downturn. guidancefor full-year ad- about 9,000 workersatits media briefing Thursdaymorn- efitsand investment commit- num die castingsfor several UnitedHealth said it had justed 2020 earningstoa three Canadian factories inginToronto. Representatives mentsatthe Canadian different Fiat Chrysler models, seen declines in sectorsin- range$16.50to$16.75a reached atentativeagreement forFiat Chrysler didn’t respond factories. including highly profitable Jeep cludingtransportation, hos- share, from $16.25 to $16.55 lateWednesdaynight, averting to arequest forcomment. Awork stoppagewould SUVs and Rampickup trucks pitality and energy.But it previously. astrikethat threatened to rip- Beforethe Wednesdaynight bring to ahalt assembly of the built outside of Canada. Ohio Bribery Probe Looks At Nuclear Plants’ Owner H

BY KATHERINE BLUNT owned by Energy Harbor,a forbankruptcy protection in AND ANDREW SCURRIA former FirstEnergy subsidiary March2018 and struck adeal that wasspun off and re- to separatefromFirstEnergy. Acriminal investigation into named afterfiling forbank- Energy Harbor has been TheWall Street Journal an alleged bribe to secureabail- ruptcy protection in 2018.The criticized recently by statelaw- outoftroubled nuclear plantsin company emergedfrombank- makersfor returning cash to Ohio is looking at the energy ruptcy earlier this year with investorswho took control of it wouldliketothank the companyprosecutorssay sup- itsassetspartly subsidized by through itsbankruptcy.The pliedsome of the money and Ohio utility customers, who companyhas completed the nowowns the facilities,people will annually contributeabout bulk of an $800 million share familiar with the mattersaid. $150 million to the company repurchase program, people fa- sponsorsofthe Federal prosecutorshave for seven years. miliar with the mattersaid. subpoenaed Energy Harbor Among the Energy Harbor Investor materials showthat Corp., asking executives to executives asked to turn over the company’sboard, led by Mr. 2020 CIO Network turn over documentsand com- documents are former hedge- Kiani, authorized the buybacks munications as part of an in- fund investorsJohn Kiani, the this year to return excess cash. vestigation intowhether any- company’sexecutivechairman, Thepresentation cited lowdebt October Summit for one associated with the and Stephen Burnazian, the levels and agrowing retail elec- companyunderstood that pay- company’schief strategyoffi- tricity business, as well as the mentsmade by it were part of cer, the people said. Their for- company’santicipation of “visi- their generous support. an alleged pay-to-playarrange- mer funds,along with other ble cash flowssupported by ment, rather than alegal lob- investors, bought hundreds of clean air zero emission credits,” bying effort, the people said. millions of dollarsincompany the legislativeterm forthe sub- Energy Harbor and its for- debt,helped steer itsreorgani- sidy payments, which areslated mer parent company, Ohio zation and became sharehold- to begin in January. Energy utility FirstEnergy Corp., paid ers upon its emergence. Harbor didn’t respond to re- millions of dollarstoanentity questsfor commentsabout the FoundingSponsor that former Ohio House buyback plan. Speaker LarryHouseholder al- Energy Harbor and “Ifthey had that much legedly used to fund support money to reward their hedge forthe $1.5billion bailout, parent FirstEnergy fund managers, howonearth which involves statesubsidy secured a $1.5 could they come to us and ask paymentstoaid the nuclear us to bail them out?” said Ohio plants, according to an FBI af- billion bailout. stateRep.LauraLanese,who Presenting Sponsors fidavit. FirstEnergy,which this summer co-sponsored leg- previouslydisclosed it had islation to repeal the subsidy. been subpoenaed, faces simi- Energy Harbor wasinitially larquestions as Energy Har- Energy Harbor declined to aFirstEnergy subsidiarycalled bor on what it knewabout the make Mr. Kiani or Mr. Burna- FirstEnergy Solutions.The ef- money paid, the people said. zian available for interviews. fort to separate the company Energy Harbor declined to No companies,executives or from FirstEnergy began in comment. FirstEnergy said it is investorshavebeen charged early2018,after federal en- complying with the investiga- with wrongdoing. ergy regulatorsrejected a tion. FirstEnergy has historically Energy Harbor’s investors Trumpadministration pro- maintained astrong lobbying include Avenue Capital Group, posal that would have sup- SupportingSponsors presenceinthe Ohio statehouse whereMr. Burnazian formerly ported nuclear and coal plants and made millions of dollarsin worked, and CoveKey Man- struggling to competewith campaign contributions to polit- agement LP,afund co-founded cheaper power generators. ical candidates over the years. by Mr.Kiani. Avenue Capital Thefollowing year,both Mr.Householder was declined to comment. Cove FirstEnergy and FirstEnergy chargedwith racketeering in Key, which is winding down its Solutions poured millions of July.The U.S. Attorney forthe investments, didn’t respond to dollarsintothe entity alleg- Southern District of Ohio ac- a request for comment. edly controlled by Mr. House- cused him and four associates Mr.Householder’s arrest holder,asFirstEnergy Solu- of taking $60 million in bribes sparked apolitical backlash tions threatened to shut down CIO Networkisbyinvitation. between 2017and 2020.Mr. against the bailout. Ohio Gov. itsnuclear plantsifitcouldn’t Householder allegedly used MikeDeWine has called for obtain statesupport forthem, Learn moreat CIONetwork.wsj.com the money to secure the bail- the repeal of the subsidy,a according to an FBI affidavit. out, fund his campaign for sentiment echoed by numer- Ohio Attorney General Dave Ohio House speaker and quash ous lawmakers. Yost filed alawsuit last month an effort to repeal the lawthat Arepeal could upend what against Mr.Householder and included the subsidy, the affi- wasshaping up to be asuccess- his associates,aswell as davit said. Mr.Householder fulplayfor Energy Harbor’s in- FirstEnergy and Energy Har- has pleaded not guilty. vestors, some of whom bought bor, seeking to block the sub- © 2020 DowJones &Co. Inc.All rights reserved.3DJ8013 Thenuclear plantsare now intothe companyafter it filed sidy payments. P2JW289000-2-B00400-1------XA

B4 | Thursday, October 15, 2020 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Apple's revenue in China is down from recent highs as domestic rivals gain market share. TikTok Apple's annual revenue* Topsmartphone vendorsby GreaterChina† Rest of World market shareinChina‡ Fallout $300 billion 50% Cuts Va lue 250 Huawei 40

200 Of Supplier 30 BY MARIA ARMENTAL 150 Fastly Inc.lost morethan a 20 S Oppo quarter of itsmarket value 100

PRES Vivo lateWednesdayafter the in- ternet content deliverer low- UMA 10 /Z 50 Xiaomi ered its revenue guidance be-

GES Apple cause of reduced use from its

IMA largest customer,the video-

PA 0 0 sharing app TikTok. SO

I/ ’13 ’14 ’15 ’16 ’17 ’18 ’19 2013 ’15 ’20 TheSan Franciscocom- TA *Fiscal years end in September †Includes China, Hong Kong and Taiwan panydidn’t name the cus- ‡2020 figures arefor firsthalf

ALEX tomer in itsnewsrelease The new devices offer a retro design and prices roughly in line with last year’s iPhone 11. Sources: the company(revenue); Canalys(market share) Wednesday, but it previously has said itslargest customer wasTikTok owner ByteDance Ltd. The U.S. has raised secu- Apple Counts on 5G Lift in China rity concerns about TikTok, and President Trump has said he wantsthe app’sU.S. The company hopes increasing technologynational- handset, and said they didn’t Greater China region fell 3.1% in between the U.S. and China. operations to be owned by ism among some Chinese con- expect the trade tensions be- the firsthalf of the year to Washingtonhas added dozens Americans. to win back fans with sumersamid heightened trade tween Washingtonand Beijing $18.8 billion, while itsoverall of Chinese companies,including “Due to the impacts of the its late entry despite tensions with the U.S. to sway their purchase decision. revenue rose 5.5%. Huawei, to itsexport blacklist. uncertain geopolitical environ- Acrucial battle forApple is “I think the overall upgrade Aworrisome trend forApple Morerecently,the Trump ment, usageofFastly’s plat- U.S. trade tensions in the premium smartphone on imageand video function is is itsshrinking shareofChina’s administration has cracked form by itspreviously dis- market Apple onceruled before quitesignificant this time,” said market forhigh-end handsets. down on popular Chinese apps, closed largest customer did BY DAN STRUMPF losing ground to HuaweiTech- Zhefan Shen,a27-year-old who In 2017, Apple dominated the including Tencent Holdings not meet expectations,result- nologies Co.inrecent years. said he plans to buy the iPhone premium $600-and-up smart- Ltd.’s WeChat and ByteDance ing in acorresponding signifi- Apple Inc. is playing catch- On TuesdayApple unveiled 12 Mini. phone market with an 86% Ltd.’s TikTok.Beijing is threat- cant reduction in revenue up in Chinawith the launch of four versions of the iPhone 12 Theflip side of Apple’swait share, versus Huawei’s5%, ac- ening to release itsown “unreli- from this customer,” Fastly itsfirst 5G-enabled iPhones, capable of connecting to ultra- to enter the 5G-handset market cording to Canalys. But in the able entity” list to punish U.S. said Wednesday. seeking to supercharge uneven fast 5G networks.The newde- is pent-up demand among com- firsthalf of 2020,Huaweicon- tech firms in response. ATikTok representative sales in the company’ssecond- vices offer aretrodesign and mittediPhone fans in the coun- trolled almost half the market, Apple continues to have a couldn’t be reached forcom- biggest market—wherehome- prices roughly in line with last try, analystssay.Wedbush Se- while Apple had fallen to 42%. stable of loyalfans in China ment. grownrivals dominate. year’s iPhone 11, though a curities estimates about 20% of “In China’spremium market, who will flock to the new In August, when Fastly re- Apple’sfirst 5G-enabled smaller 5.4-inch iPhone 12 Mini iPhone upgrades will come from thereare only two vendors: Ap- iPhone nowthat it is 5G-en- ported second-quarter results, handset is alateentryinChina, startsat$699 in the U.S. China over the next year. ple and Huawei,” said Mo Jia, abled and comes at an accessi- Chief ExecutiveJoshua Bixby wherelocal brands have long At an Apple storeindown- Homegrownrivals have been an analystatCanalys. bleprice, said Neil Shah,ana- said TikTok represented offered asuiteof5G-ready gad- town Shanghai on Wednesday, chipping away at Apple’smar- Huaweiisset to launch its lyst at Counterpoint Research. about 12% of Fastly’s revenue gets to use on the nation’sup- the newiPhone wasn’t yeton ketshareinChina foryears, latest flagship device, the Mate “Except forApple,everyone forthe firsthalf of the year, and-running next-generation display, nor were anypromo- though the launch of itssecond- 40,later this month, likely fur- has” a5Gphone on the market, with lessthan 50% of that networks.Itlaunched as China’s tional posters, two days before generation iPhone SE gaveship- ther juicingsales in the short Mr.Shah said. “Nowthat it has from the U.S. economyisrebounding faster the newdevice wasavailable mentsa14.1% liftduring the term, though the effect could 5G capability,that will work Fastly increases the speed than the rest of the world after forpreorder.Still, some Chinese firsthalf of the year,according fade as U.S. tech restrictions heavily in Apple’sfavor.” of content deliveryoverthe it contained the coronavirus consumerssaid they were ex- to market tracker Canalys. bite. Apple faces achallengein —Lekai Liu internet forcustomerslike pandemic,but also at atime of cited about Apple’sfirst 5G Apple’srevenue in its the deepening trade tensions contributed to this article. TikTok,Vimeo and Pinterest. Thecompanyhas benefited during thepandemic from higher demand foronline ser- BlackRock Invests vices,with revenue rising 62% in the second quarter. Through Wednesday’s$123.18 closing price, Fastly’s stock In Electric Vehicle was10times higher than it wasinMarch. Fastly also said Wednesday that afew other customers Startup Arrival had lowerusageduring the latterpart of the thirdquar- terthan it had estimated. BY BEN DUMMETT the potential of big profits. Thecompanynow projects Tesla shares areupabout about $70million to $71mil- Electric-vehicle startup Ar- fivefold in 2020,and the auto lion in revenue forthe Sep- rival Ltd. said it has raised $118 maker’s market value nowex- tember quarter,downfromits million from funds managed by ceeds that of Toyota Motor earlier viewof$73 million to BlackRock Inc., the latest inves- Corp., General MotorsCo. and $75.5million. Thecompany torbet on newtechnologyup- Ford Motor Co.combined. also said investorsshould dis- ending the autosector. BlackRock’sinvestment in regard itsprevious financial Theinvestment values the Arrival comes afterthe New guidancefor the full year. U.K.-based manufacturer at York-based asset man- In after-hourstrading, around €3 billion, equivalent to ager topped up itsholding in Fastly shares fell 27% to $3.5 billion, according to aper- July of Rivian AutomotiveLLC, $90.39. son familiar with the matter. an electric pickup-truck startup TikTok has become hugely BlackRock,the world’sbiggest backed in part by Ford.Rivian’s popular over the past year, money manager, is joining ex- other backersinclude T. Rowe particularly amongyoung isting backers—automanufac- PriceGroup Inc., Soros Fund people,and itsdownloads turers Hyundai Motor Co.and Management LLC and Fidelity AL have climbed through the

Kia Motors Corp.Those compa- InvestmentsThe two invest- ARRIV pandemic.TikTok says the nies together invested atotal of mentsalso suggest BlackRock U.K.-based Arrival Ltd. makes electric-powered city buses and commercial vans. app has morethan 50 million €100 million in January. might be hedging itsbets, un- daily activeU.S.usersand 100 BlackRock is investing at the derscoring the challenges of majority-owned by Denis Sverd- service. Money forthe latest fi- achieveprofitability faster than million monthly users. same valuation as Hyundai and pickingthe ultimatewinners. lov,aformer mobile-telecom nancing will help fund Arrival’s itsrivals. Mr.Trump had ordered a Kia.United Parcel ServiceInc.is LikeArrival, Rivian makes de- executive. Arrival makes elec- network of what arecalled mi- At the same time,Arrival ban on downloads of the Tik- also an investor but the amount liveryvans and those areslated tric-poweredcity buses and crofactories in Europe and the could seek additional financing Tokapp,which is being it has contributed couldn’t be forAmazon.comInc.’sfleet. commercial vans,claiming its U.S.,including anew facility in and potentially apublic listing fought in court,saying the learned. Therisks of investing in the vehicles cantravelupto300 South Carolina, which is part of to further fund itsgrowthplan, dataTikTok collectsfromU.S. Thefour investorswill own electric-vehicle sector were also mileswithout recharging and itsU.S.expansion plans. investment bankershavesaid. userscould be shared with an undisclosed minority stake, highlighted by the controversy lowerownership costsby50%, Currently,Arrival loses One way to achievethis goal the Chinese government. Tik- according to the person. over the technologyofU.S.elec- according to itswebsite. money as is typical forstartups could be merging with apub- Tokhas said it would never Thefundraising is the latest tric-truck maker Nikola Corp. It currently has an order to that arerequired to makemajor licly traded special-purpose ac- hand over such data. in awaveofbetsonthe growth That company’sstock is down deliver 10,000 vans to UPS in upfront investmentstolaunch a quisition company, aroutethat TikTok would become a of electric vehicles as govern- almost 70%sinceJune amid al- theU.S.and Europe through business. has proven popular with other U.S.-based company under a mentsand consumerspush the legations that the company’s 2024. Thecompanyisalso run- However, it believes the electric-vehicle startups such as proposed deal with Oracle autoindustrytocut carbon-di- founder, who resigned last ning atrial of itselectric vehi- lowerinvestment cost of its LosAngeles-based Fisker Inc. Corp.and Walmart Inc. oxide emissions and the surging month,misled investors. He de- cles with DHLGroup,the Ger- smaller-sizefactories and itsfo- Arrival declined to comment Fastly is slated to report stock-market valuation of in- nies wrongdoing. many-based logistics company, cus on the commercial electric- on anypotential futurefund- third-quarter resultsonOct. dustryleader Tesla Inc.shows Founded in 2015,Arrival is and RoyalMail, the U.K. postal vehicle market will help it raising efforts. 28.

faster with a20-wattcharger. max power, then tries to send An iPhone 11 canget up to 22 wattage. Itested anumber of Best WirelessChargers Find a Remember, while higher-watt- that. When the phone’sbat- watts of powerinaninitial fast- 60-wattGaN chargers with It’s going to be years be- agechargers canhavethat tery hitsacertain percentage, charging cycle.How ahigher- two USB-C ports. That was fore you can do away with benefit, charging speed is usually around 70%, the watt charger canspeed it up: enough to fast charge my cords. Wireless charging still Charger for governed by the phone’ssoft- phone’ssoftware regulates the iPhone 11 and iPad Proatthe has limitations. Older ware,toprotect the battery. speed. From that point, the Time from empty to 50% same time.Itwas fine for iPhones can get only 7. 5 And a30-wattcharger—or a time to 100% cantakelonger. battery,bycharger charging a13-inch MacBook watts of power wirelessly, AllGadgets 100-wattcharger—doesn’t Apple 5W Proonits own. My favorite and even with improvements have ahugespeed advantage Best forAll Gadgets of all those wasthe $53 to the iPhone 12, it can get 100 minutes over a20-wattone. Charging your phone is Anker PowerPort III 2-Port. only 15 watts when paired ContinuedfrompageB1 This newcropofsmall easy. The real charger Holy Anker 10W PowerWave Wireless But the newer100-watt with a MagSafe charger. Best Phone Charger chargers uses USB-C versus Grail is that single brick that options will giveyou more A big issue with wireless If youloved Apple’s5-watt the traditional USBport (aka powers it all. Just picture it: 82 powertodole out—and charging is that if your de- chargerfor itscutedesign USB-A). USB-C is capable of one wall socket powering up AukeyOmnia Mini 20W they’vecome down in price. viceisn’t aligned in the that didn’t block powerout- much faster powertransfer. your phone, laptop, tablet, Heck,the $57 100-watt Aukey sweet spot of the charging lets, getready to be happy: Plus,the portsand cables are AirPods, smartwatch and 30 Omnia Mix4 4-Port charger, pad, it can’t getpowereffi- Youcan getfour times the reversible,soyou never again sundry other tech-what- Belkin BoostCharge 30W with two USB-C portsand ciently,oratall. Manywire- powerinthe same sizebrick. have to worryabout the plug- chamacallits, all at the same two USB-A ports, is smaller, lesschargers pull plenty of TheApple 5-watttook ging-it-in-upside-down dance. time. 28 cheaper and morepowerful powerfromthe outlet that nearly two hourstocharge And although—unlikevirtu- These multi-port chargers Anker PowerPort III 60W than Apple’s $69 61-watt doesn’t makeittothe device. my iPhone 11’sbattery to 50%. ally everyother gadget— have gotten faster thanks to MacBook Procharger.Spot- TheiPhone 12s have amag- The20-watt$20 Aukey Om- iPhones haven’t moved to USB-C,smarter thanks to PD, 28 ting differences between netic disc that aligns them nia Mini and Anker Nano took USB-C,their newcords have and smaller thanks to GaN,a these chargers on Amazon is with the MagSafecharger. Note:Tominimizevariables, testsweredone 30 minutes.(Apple’s20-watt Lightning on one end and newtechnologynicknamed with Airplane Mode enabled and screen liketrying to tastethe differ- While the MagSafesupports chargershould be just as fast, USB-C on the other,sothey’ll afterasemiconductor made turned off. encebetween Poland Spring the Qi wirelessstandard—so but Ihaven’t tested it yet.) work with the latest bricks. from gallium nitride. Sources: WSJanalysis of charging times and Aquafina. Even the test- youcan put an older iPhone or Watt’s up with that? Liter- Another big reason forthe Instead of the typical sili- ing resultsweresimilar. Android phone on it—you ally,watts.According to my speed? PowerDelivery(or con, gallium nitride is 40% makes the key component for Irecommend buying from won’t getthe fast 15-watt tests, the iPhone 11 is capable just PD). This standardislike moreenergy efficient and most GaN chargers. established brands likeAnker, speeds; it’slimited to 7. 5watts of receiving up to 22 watts aconversation between the doesn’t generateasmuch When shopping forGaN Belkin and Aukey,all of which output. Thecraziest part? during itsfast charging pe- chargerand the phone.Once heat when in use,said Gene chargers—oftendenoted in offer customer serviceand Even if youbuy aMagSafe, riod—that is,toabout the they’reconnected, the charger Sheridan, chief executiveof the product listing—look at proper safety certifications youneed aUSB-C charging 50% mark.Itgetsmorepower inquires about the phone’s Navitas Semiconductor,which two things: the portsand the fortheir chargers. brick to plug it intothe wall. P2JW289000-0-B00500-1------XA

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B6 | Thursday, October 15, 2020 ** THE WALL STREET JOURNAL. BANKING & FINANCE Wells Fargo’s Profit Drops 56% Bank Employees The results were an billion, roughly flat from a year earlier.That included improvement from a $718 million of restructuring Fired Over $2.38 billion loss in the charges, which it said were largely tied to severance pay- second quarter mentsfor employees.The SBALoans bank cut itsemployeehead BY BEN EISEN count by 1,100 in the third BY BEN EISEN quarter. Wells Fargo&Co. said Expenses also included $961 Wells Fargo &Co. fired Wednesdaythat itsthird-quar- million of customer remedia- morethan 100 employees for terprofitfell 56%, though the tion payments resulting from allegedly defrauding afederal bank signaled it wasprepared thebank’songoing effortsto pandemic-reliefprogram. for a wave of soured loans. resolveits sales-practices Abank internal investigation TheSan Francisco-based scandal. Theremediation pro- found that as manyas125 em- lender said it made $2.04 bil- cess has continued longer than ployees made false representa- lion in the quarter, down from initially anticipated, and has tions in applying foratype of aprofitof$4.61 billion ayear recently focused on areas in- small-business relief program earlier.Per-shareearnings cluding autoloans,mortgages called an Economic InjuryDi- were 42 cents. Analystspolled and deposit accounts, Chief Fi- saster Loan,aperson familiar by FactSet had expected 44 JOURNAL nancial Officer John Shrews- with the mattersaid.

cents. REET berrysaid on acall with re- “Wehaveterminated the Still, the resultswerean ST porters. employment of those individu- LL

improvement from the second WA Mr.Scharfsaid on acall als and will cooperatefully with quarter,when the bank lost with analysts that the bank is lawenforcement,” said David THE

$2.38 billion as it set aside R planning to leave some busi- Galloreese,the bank’shead of money forpotential bad loans. FO nesses that it doesn’t consider

Thepandemic has curtailed GEN core for its customers. earningsacrossthe banking HA One example: Thebank has ‘These wrongful

sector this year by forcing KEVIN notified customersthat it lenderstoset aside tens of bil- The bank entered the coronavirus recession in worse shape than its peers, hobbled by declining revenue. plans to exit from the private actions were lions of dollars to prepare for student loan business, Mr. personal actions,’ loan defaults. Now, with mas- itsconsumer bank.That is sig- tinues and further fiscal stim- $18.86billion, down 14%from Shrewsberry said. sivestockpiles in place, banks nificantly smaller than the ulus is uncertain,” Chief Exec- $22.01 billion ayear earlier. Rock-bottom interest rates said an executive. believethey have enough $9.57billion it set aside in the utive Charles Scharfsaid in a Analystshad expected revenue have dealt another blowto stashed away to let them press second quarter and $3.83 bil- statement. of $17.99 billion. banks,reducing the income pause. lion in the first quarter. Thebank entered the coro- Mr.Scharfisnow ayear they canearn from lending Profit rose at JPMorgan Loan losses remained low, navirus recession in worse intothe job.Hehas said the money. Wells Fargo’s interest human resources, in an internal Chase &Co. from ayear ago but the bank said they maybe shape than its peers, hobbled bank should cut$10 billion income fell 19% from ayear memo.“These wrongfulactions and fell at Citigroup Inc., the delayedbecause it has offered by declining revenue and a from its annual expenses, be- ago to $9.37 billion, while its were personal actions,and do banks said Tuesday. payment deferrals during the bloated expense base.Ithas ginningaprocess that is ex- noninterestincome declined not involveour customers.” Wells Fargo, one of the na- pandemic. also been attempting to claw pected to last well intonext 9% to $9.49 billion. TheSmall BusinessAdminis- tion’s largest consumer lend- “Aswelook forward, the itsway back from afour-year- year and result in tens of Thebank’sshares have tration program has been pro- ers, put aside an additional trajectoryofthe economic re- old fake-accounts scandal. thousands of layoffs. fallen by morethan 50% so far viding the loans to business $751 million in the thirdquar- covery remains unclear as the In the thirdquarter,the Noninterest expenses in the this year.They were down an- ownerswho lost revenue due to terfor sour loans,largely in negativeimpact of Covid con- bank reported revenue of thirdquarter totaled $15.23 other 6% Wednesday. the pandemic.The SBAinspec- torgeneral said in July that it had been barraged with com- In the thirdquarter,Bank arelowerand the economyis 30% at JPMorganand 17%at ance. plaintsabout fraud.Financial BofA Says of Americaset aside $1.39 improving. Citigroup,with traderstak- Superlowinterest rates institutions play no role in ap- billion. Thebank posted revenue ingadvantage of uncertain have presented another chal- proving or disbursing the loans That wasfar smaller than of $20.34billion in the third markets. lengefor banks,eating into but monitor them when depos- Profit Falls itsearlier provision of $5.12 quarter,down11% from last Theinvestment-banking what they earn from lending ited intocustomers’ accountsby billion in the second quarter year. armposted feegrowthof money. the SBA. Nine of them reported and $4.76 billion in the first Analystspolled by FactSet 15% from ayear ago, led by BankofAmerica’sinterest almost $200 million in suspi- In Quarter quarter. had expected $20.8 billion. underwriting of stockoffer- income fell 17%fromayear cious transactions,according to Provisions included more Revenue wasdowninall of ingsduring what has turned agoto$10.13 billion, while the inspector general’sreport. money set aside forcommer- itsdivisions except trading. out to be ablockbuster few itsnoninterest income fell TheWells Fargofirings, first ContinuedfrompageB1 cial loans in hard-hit indus- Adjusted trading revenue months forinitial public of- 4% to $10.21 billion. reported by BloombergNews, agoand Citigroup Inc.said triessuch as travel and en- of $3.34billion wasup4% ferings. BankofAmericashares followanearlier disclosureby itsprofitfell, but both banks tertainment. from $3.22billion ayear Totalfees of $1.77 billion fell 5.3% Wednesday. Bank JPMorganChase &Co. that it set aside lessadditional Notably,the bank released ago. Last quarter,the divi- compared with $1.53 billion stocks have tumbled this was investigating potential money than in the previous $269 million of itsreserves sion posted revenue of $4.41 ayear earlier.However, the year,far underperforming wrongdoing involving another two quartersfor potential forconsumer loan losses, billion. bank also booked lowerfees the broader S&P 500,which small-businessrelief effort, the loan losses. saying credit-cardbalances Tradingrevenue jumped from mergers and bond issu- is trading near record highs. Paycheck Protection Program. Vista CEO Settles Tax Probe With DOJ for $140 Million

BY MIRIAM GOTTFRIED Mr.Brockman is the subject AND DAVE MICHAELS of alargerinvestigation into potential U.S. taxfraud, RobertSmith, the billionaire BloombergNewsreported. chief executiveofVistaEquity Thecases arethe latest in Partners,has reached a$140 S the government’scrackdown on

million settlement with the NEW undeclared offshoreaccounts JusticeDepartment, ending a G held by U.S. taxpayers.In2008, yearslong criminal taxprobe, JusticeDepartment prosecutors according to people familiar OOMBER took banking giant UBS Group

with the matter. ON/BL AG to court, piercing the veil of

As part of the settlement, LL Swiss-bank secrecy. In 2009, FA

Mr.Smith will enter intoanon- T. UBS entered intoadeferred prosecution agreement, the prosecutionagreement and TRICK

people said. He will admit lia- PA agreed to pay$780million. bility foradditional taxesowed Robert Smith In 2014, Credit Suisse Group and not properly filing foreign AG paid $2.6billion and bank account reportsbut won’t lion, founded Vistain2000 pleaded guilty to helping Amer- be prosecuted. He will agree to when he wasinhis late30s icans file false taxreturns. abide by certain conditions set with $1 billion from acharita- Between 2009 and 2018, forth by the government, the ble trust established by the morethan 56,000 U.S. taxpay- people said. family of Houston businessman erswith offshoreaccountswho Thesettlement includes a RobertBrockman. were at risk of criminal tax penalty of $85 million, back Thecommitment to Vista’s prosecution entered an Internal taxesofroughly $30 million maiden fund came with the Revenue Servicelimited-am- and about $25 million of inter- stipulation that aportion of the nestyprogram and paid more est, one of the people said. It is profitsMr. Smith wasentitled than $11.1billion. among the largest known to be directed intoanoffshore Of that, over $500 million agreementsbyaU.S.taxpayer entity,structured as acharita- came from 150 individuals November 9, 2020 to resolveissues involving un- ble trust, according to aperson whom prosecutorssuccessfully 11:00 a.m.-2:40p.m. ET | Online Event declared offshore accounts. familiar with the matter. Mr. pursued forhiding money The settlement is aresult of Brockman hadthe powerto abroad. Afew defendantsalso Experiencemanagementhas been put to the test this year.Join afour-year criminal inquiry by seizecontrol of the offshoreen- received prison sentences.To officials in the JusticeDepart- tity at anypoint until the fund date, foreign banks and asset us to hear the latest thinking from leadersinthe field, participate ment’sTax Division and the waswound down, the person managershavepaid morethan in breakout sessions to exchange ideas with peersand learn the U.S. Attorney’s Officefor the said. $6 billion in connection with experiencestrategies needed to navigate this rapidly changing Northern District of California. TheVistachief paid taxeson encouraging the secret offshore At issue waswhether Mr.Smith the portion of profitsthat was accounts. businessenvironment. failed to payU.S.taxes on more distributed directly to him but Based in Austin,Texas,Vista than $200 million in assets didn’t paytaxes at the time on has morethan $58 billion in cu- from Caribbean entities set up the portion that wasdirected to mulativecapital commitments Featured Speakers by thesole investor in Vista’s the offshorestructure, the per- and morethan 450 employees firstprivate-equity fund. These son said. TheJusticeDepart- in five offices around the coun- Adrienne Boissy,MD, MA |Chief ExperienceOfficer,Cleveland Clinic assetsended up flowing intoa ment said—and Mr.Smith has try. Thefirm has posted big re- BrookeSkinner Ricketts |Chief ExperienceOfficer,Cars.com charitable foundation Mr.Smith ultimately agreed—that he turns by doing hundreds of created. should have paid taxesonthose deals forsoftware companies, FawadAhmad |SVP and Chief Digital Officer,State Farm Much wasatstake in the case assets. which it aims to improvebyus- Peggy Fang Roe, Global Officer,Customer Experience, forMr. Smith and Vista, which Themoney in the offshore ing aproprietaryplaybook. Loyalty&New Ventures,Marriott International previouslytold investorsitwasn’t entity ultimately went into Mr.Smith hasn’t been shy asubject of the investigation. Fund II Foundation, acharity aboutdeploying his consider- Institutions that invest in Mr.Smith created in 2014. The able wealth. He owns a$59 private-equity funds have be- foundation has made signifi- million penthouse in Manhattan

RequestInvitation at wsj.com/expmanagement 6DJ10087 come increasingly focused on cant contributions to support and two houses in Malibu, Ca- corporategovernancewhen de- scholarships forminority stu- lif., valued at nearly $20 million ved. ciding wheretoput their dentsinterested in science, en- apiece, among other properties. reser money.Depending on the lan- gineering and math, research He has made asplash with his

rights guageinVista’sfund docu- on breast cancer in Black personal philanthropy,most

FOUNDING SPONSOR All ments, the firm’sexisting inves- women and the preservation of notably when he said last year Inc.

o., tors might have had the power Martin Luther King Jr.’sbirth he would payoff the college

&C to pull their money if Mr.Smith and family homes.Italso debt forthe entire2019 gradu- had been convicted of acrime, backed Mr.Smith’srecently an- ating classofMorehouse Col- Jones according to fund lawyers. nounced Student Freedom Ini- lege,ahistorically Black men’s Dow Mr.Smith, the wealthiest tiativetoease the debt burden collegeinAtlanta. 020 Black person in the U.S.,with a of studentsathistorically Black —Laura Saunders ©2 net worth of morethan $5 bil- colleges and universities. contributed to this article. P2JW289000-0-B00700-3------XA

THE WALL STREET JOURNAL. Thursday, October 15, 2020 | B7

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Louis DeJoy Fred Rolando Paul V. Hogrogian Daniel Heins Postmaster General President National President National President &Chief Executive Officer National Association National Postal Mail United Postmasters and United States of Letter Carriers Handlers Union Managers of America Postal Service

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©2020 United States Postal Service®.All Rights Reserved. The Eagle Logo is among the many trademarks of the U.S. Postal Service®. P2JW289000-0-B00800-1------XA

B8 | Thursday, October 15, 2020 THE WALL STREET JOURNAL.

MUTUAL FUNDS Data provided by

Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnoteseand s Fidelity Advisor I GlbA 57.89 -0.07 -0.1 IntlEq 27.85 -0.05 ... 1000 Inv r NA ... NA TotIntlAdmIdx r 28.86 -0.08 -2.0 USGro 62.97 -0.59 46.4 apply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply,12b-1. r- NwInsghtI 39.01 -0.42 19.3 FPA Funds Northern Funds S&P Sel NA ... NA TotStAdml 86.58 -0.56 10.1 WellsI 27.89 -0.03 4.3 Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand rapply. v-Footnotes Fidelity Freedom FPACres 32.05 -0.11 -2.3 StkIdx 40.00 -0.27 9.5 TSM Sel r NA ... NA TxMCapAdml 181.71 -1.14 10.9 Welltn 44.69 -0.18 4.9 xand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Notavailable due to incomplete FF2020 16.66 -0.04 6.0 Franklin A1 Old Westbury Fds TIAA/CREF Funds TxMIn r 13.47 -0.03 -3.3 WndsrII 36.54 -0.21 1.1 price, performanceorcostdata. NE-Notreleased by Lipper; data under review. NN-Fund not FF2025 14.81 -0.03 6.0 CA TF A1 p 7.64 ... 2.2 LrgCpStr 16.12 -0.12 7.0 EqIdxInst 25.68 -0.16 10.0 USGroAdml 163.22 -1.54 46.5 VANGUARD INDEX FDS tracked. NS-Fund didn’texistatstart of period. FF2030 18.36 -0.05 6.0 IncomeA1 p 2.12 -0.01 -5.4 Parnassus Fds VANGUARD ADMIRAL ValAdml 42.04 -0.20 -8.0 IdxIntl 17.25 -0.05 -2.1 Freedom2020 K 16.65 -0.03 6.0 FrankTemp/Frank Adv ParnEqFd 53.03 -0.35 13.3 500Adml 322.11 -2.12 9.6 WdsrllAdml 64.84 -0.37 1.2 SmValAdml 50.90 -0.13 -12.3 Freedom2025 K 14.79 -0.03 6.1 IncomeAdv 2.10 -0.01 -5.4 PGIM Funds Cl Z BalAdml 42.30 -0.16 9.7 WellsIAdml 67.55 -0.08 4.4 TotBd2 11.54 +0.01 6.7 Wednesday, October 14, 2020 Freedom2030 K 18.35 -0.04 6.1 FrankTemp/Franklin A TotalReturnBond NA ... 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NA ExtndAdml 105.64 -0.59 11.4 INSTTRF2030 26.61 -0.08 5.9 DevMktsInxInst 21.08 -0.04 -3.3 ContraK 17.43 -0.19 27.8 Harbor Funds GNMAAdml 10.71 ... 3.1 ExtndInst 105.63 -0.59 11.4 AMutlA p 42.57 -0.19 -0.6 StratIncOpptyIns 10.12 -0.01 3.7 Balanced 95.19 -0.38 -3.3 PIMCO Funds I2 INSTTRF2035 26.97 -0.10 5.8 CpInc r 10.15 -0.01 2.4 CapApInst 109.41 -1.14 44.4 GrwthAdml 122.76 -0.98 31.7 GrwthInst 122.77 -0.97 31.7 BalA p 29.51 -0.11 5.3 Bridge Builder Trust Income 14.74 ... 7.4 Income NA ... NA INSTTRF2040 27.32 -0.11 5.6 DivIntl 44.36 ... 9.5 Harding Loevner HlthCareAdml r 93.91 -0.64 10.0 InPrSeIn 11.50 ... 9.5 BondA p 14.09 ... 9.3 CoreBond 10.97 ... 7.5 Intl Stk 36.81 -0.11 -15.6 PIMCO Funds Instl INSTTRF2045 27.61 -0.12 5.5 GroCo 32.98 -0.33 54.4 IntlEq 25.55 +0.03 7.4 HYCorAdml r 5.85 ... 2.1 InstIdx 311.33 -2.05 9.6 CapIBA p 59.34 -0.13 -3.7 CorePlusBond 10.69 ... 7.5 Stock 172.89 -1.11 -8.0 IncomeFd NA ... 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Biggest 1,000 Stocks | WSJ.com/stocks Net Net Net Net Net Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg AB InBev BUD 57.33 -0.83 BankofMontreal BMO 61.43 -0.42 CF Industries CF 29.81 0.36 Chewy CHWY 64.12 -2.74 Datadog DDOG 113.55 -3.32 EquityResdntl EQR 52.81 -0.69 How to Read the Stock Tables Footnotes: AnnalyCap NLY 7.32 -0.03 BankNY Mellon BK 36.59 -0.29 CGI GIB 69.25 -0.66 ChinaEastrnAir CEA 21.12 -0.72 DaVita DVA 88.87 0.52 ErieIndemnity A ERIE 227.21 -2.11 The following explanations apply to NYSE, NYSE s-New 52-week high. Anthem ANTM 292.34 -5.10 BkNovaScotia BNS 42.49 -0.25 CH Robinson CHRW 104.82 0.21 ChinaLifeIns LFC 11.57 -0.21 DeckersOutdoor DECK 256.10 2.47 EssentialUtil WTRG 41.59 -0.51 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Aon AON 210.09 -0.80 Barclays BCS 5.23 -0.02 CME Group CME 166.70 -0.80 ChinaMobile CHL 32.82 0.11 s Deere DE 238.47 1.25 EssexProp ESS 206.89 -2.60 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four ApolloGlbMgmt APO 42.98 -0.15 BarrickGold GOLD 28.31 0.35 CMS Energy CMS 64.79 0.03 t ChinaPetrol SNP 39.17 -1.27 s DellTechC DELL 70.65 0.14 EsteeLauder EL 222.84 -0.18 that include primary market trades as well as quarters. Apple AAPL 121.19 0.09 BaxterIntl BAX 80.04 -0.06 CNA Fin CNA 30.00 -0.28 ChinaSoAirlines ZNH 26.91 -0.36 DeltaAir DAL 31.76 -0.01 s Etsy ETSY 149.97 -3.23 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. ApplMaterials AMAT 63.98 -0.71 BectonDicknsn BDX 233.69 -3.02 CNH Indl CNHI 8.42 0.02 ChinaTelecom CHA 31.18 -0.39 DentsplySirona XRAY 45.60 0.62 EverestRe RE 202.36 -0.15 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Aptargroup ATR 116.44 -1.12 BeiGene BGNE 303.93 0.70 CNOOC CEO 95.63 -2.60 ChinaUnicom CHU 7.04 0.13 DeutscheBank DB 9.06 -0.05 Evergy EVRG 53.45 0.53 Nasdaq ISE. standards Aptiv APTV 95.74 -0.33 s BentleySystems BSY 37.17 2.88 CRH CRH 38.32 -0.26 Chipotle CMG 1321.37 -3.85 DexCom DXCM 394.01 -6.93 EversourceEner ES 91.83 -0.83 The list comprises the 1,000 largest companies lf-Late filing Aramark ARMK 27.50 0.15 Berkley WRB 61.71 -0.62 s CRISPR Therap CRSP101.37 -1.69 Chubb CB 118.56 -0.01 Diageo DEO 139.72 -1.17 ExactSciences EXAS 103.50 -3.55 based on market capitalization. q-Temporary exemption from Nasdaq ArcelorMittal MT 13.96 0.19 BerkHathwy A BRK.A 316080-2889.00 CSX CSX 80.47 1.28 ChunghwaTel CHT 36.99 -0.03 DigitalRealty DLR 156.36 -1.62 Exelixis EXEL 23.58 -0.42 Underlined quotations are those stocks with requirements. ArchCapital ACGL 30.46 -0.35 BerkHathwy B BRK.B 210.91 -1.40 CVS Health CVS 58.51 -0.61 Church&Dwight CHD 94.47 -0.71 DiscoverFinSvcs DFS 64.33 0.20 Exelon EXC 41.03 0.05 large changes in volume compared with the t-NYSE bankruptcy ArcherDaniels ADM 48.85 0.02 BerryGlobal BERY 50.15 0.26 CableOne CABO 1855.02 -14.98 ChurchillDowns CHDN 170.84 -1.70 DiscoveryB DISCB 33.10 ... Expedia EXPE 92.40 -1.92 issue’s average trading volume. v-Trading halted on primary market. s AresMgmt ARES 43.86 -0.24 s BestBuy BBY 118.44 0.23 CabotOil COG 19.19 -0.11 Ciena CIEN 42.07 0.39 DiscoveryA DISCA 20.93 -0.64 ExpeditorsIntl EXPD 93.75 0.88 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being arGEN-X ARGX 276.94 1.71 BeyondMeat BYND 188.73 1.11 s CadenceDesign CDNS 116.97 0.20 Cigna CI 174.49 -0.09 DiscoveryC DISCK 18.78 -0.56 ExtraSpaceSt EXR 113.37 0.22 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, AristaNetworks ANET 228.03 2.19 BigCommerce BIGC 105.99 3.85 CaesarsEnt CZR 55.33 -0.12 CincinnatiFin CINF 78.77 -0.38 Disney DIS 126.59 -2.37 ExxonMobil XOM 34.15 -0.07 previous closing price was $2 or higher. or securities assumed by such companies. ArrowElec ARW 83.57 0.07 Bilibili BILI 43.69 -3.97 CamdenProperty CPT 95.19 -1.25 s Cintas CTAS 351.19 -1.49 DocuSign DOCU 237.10 -1.11 F5Networks FFIV 129.11 2.58 AscendisPharma ASND 157.75 -2.25 s Bill.com BILL 119.83 0.05 CampbellSoup CPB 49.46 -0.15 CiscoSystems CSCO 39.89 0.08 DolbyLab DLB 68.16 -3.64 FMC FMC 109.43 0.95 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and AspenTech AZPN 133.08 -0.53 Bio-Techne TECH 268.87 -0.71 CIBC CM 76.31 -0.24 Citigroup C 43.03 -0.65 DollarGeneral DG 220.10 -2.90 Facebook FB 271.82 -4.32 changes in the closing prices from 4 p.m. the previous day. Assurant AIZ 122.44 -0.08 Bio-RadLab A BIO 557.39 -8.35 s CanNtlRlwy CNI 111.21 0.47 CitizensFin CFG 27.58 -0.44 DollarTree DLTR 95.16 -1.47 FactSet FDS 335.24 -0.31 AstraZeneca AZN 53.19 -1.29 Biogen BIIB 289.02 -2.44 CanNaturalRes CNQ 18.02 0.18 CitrixSystems CTXS 140.91 -3.12 DominionEner D 81.05 -0.52 FairIsaac FICO 437.73 -2.44 Athene ATH 35.70 -0.22 BioMarinPharm BMRN 78.79 -1.09 s CanPacRlwy CP 322.06 5.06 Clarivate CCC 31.15 -1.25 Domino's DPZ 403.21 -4.51 Farfetch FTCH 26.97 0.23 Wednesday, October 14, 2020 Net Net Atlassian TEAM 191.81 -1.18 BioNTech BNTX 86.86 -6.14 t Canon CAJ 15.79 -0.47 Clorox CLX 218.93 -2.24 Donaldson DCI 50.74 0.05 Fastenal FAST 44.95 -0.40 Stock Sym Close Chg Stock Sym Close Chg AtmosEnergy ATO 95.04 -0.37 s BlackKnight BKI 93.50 1.45 CanopyGrowth CGC 18.34 -0.36 s Cloudflare NET 61.50 1.77 Dover DOV 113.62 1.19 Fastly FSLY 123.18 -5.65 Net Autodesk ADSK 246.70 2.61 CapitalOne COF 78.66 -0.88 Coca-Cola KO 50.12 -0.10 s FedEx FDX 276.24 3.50 Stock Sym Close Chg BlackRock BLK 639.85 0.89 Dow DOW 48.83 0.95 AgilentTechs A 105.06 -0.36 Amcor AMCR 11.40 -0.01 Autohome ATHM 99.44 -1.39 Blackstone BX 55.10 -0.26 CardinalHealth CAH 48.37 0.45 Coca-Cola Euro CCEP 39.83 -0.15 DrReddy'sLab RDY 69.81 -0.23 Ferrari RACE 185.76 1.57 A B C AgnicoEagle AEM 84.18 1.02 Amdocs DOX 58.02 -0.29 Autoliv ALV 83.17 1.00 Boeing BA 163.24 1.10 Carlisle CSL 126.25 0.23 Cognex CGNX 67.36 -1.77 DraftKings DKNG 47.56 -3.62 FiatChrysler FCAU 12.36 0.12 AirProducts APD 297.91 -3.19 s Amedisys AMED 250.46 -1.73 ADP ADP 148.51 -1.18 BookingHldgs BKNG 1732.60 -48.37 Carlyle CG 26.85 0.08 CognizantTech CTSH 73.96 0.74 Dropbox DBX 19.84 -0.50 FidNatlFin FNF 33.00 -0.46 AutoZone AZO 1169.03 4.44 BoozAllen BAH 82.37 1.38 CarMax KMX 91.58 -1.55 ColgatePalm CL 79.86 -0.40 FidNatlInfo FIS 144.07 -1.89 ABB ABB 26.76 -0.01 AkamaiTech AKAM 113.33 -2.13 Amerco UHAL 361.05 2.79 DukeEnergy DUK 92.67 -0.25 Albemarle ALB 94.59 -0.55 Ameren AEE 81.35 0.20 Avalara AVLR 155.93 -0.09 BorgWarner BWA 38.56 -0.39 Carnival CCL 13.97 -0.06 ColumbiaSportswr COLM 92.50 -0.49 FifthThirdBncp FITB 22.73 -0.39 AcadiaPharm ACAD 42.92 -0.34 DukeRealty DRE 38.63 -0.94 Albertsons ACI 14.27 -0.43 AmericaMovil AMX 12.93 0.02 Avalonbay AVB 153.62 -1.28 s BostonBeer SAM 964.81 -8.50 Carnival CUK 12.00 -0.01 Comcast A CMCSA 45.28 -0.61 FirstRepBank FRC 121.14 -2.61 ADT ADT 8.08 -0.19 Dun&Bradstreet DNB 27.46 0.16 Alcon ALC 62.37 0.38 AmericaMovil A AMOV 12.73 -0.01 Avangrid AGR 55.24 -0.29 BostonProps BXP 79.61 -0.15 CarrierGlobal CARR 32.51 0.02 CommerceBcshrs CBSH 57.48 -0.91 s s FirstSolar FSLR 83.72 0.79 AECOM ACM 45.66 -0.04 Dunkin' DNKN 85.99 0.70 AlexandriaRlEst ARE 162.27 -3.35 AmerAirlines AAL 12.36 0.14 Avantor AVTR 23.72 -0.35 BostonSci BSX 40.62 -0.30 Carvana CVNA 213.22 -3.63 ConagraBrands CAG 37.69 -0.25 FirstEnergy FE 31.43 0.12 AES AES 19.63 0.08 DuPont DD 58.77 0.45 AlexionPharm ALXN 122.52 -1.23 AEP AEP 89.34 0.11 AveryDennison AVY 131.18 1.74 BrightHorizons BFAM 154.69 1.87 CaseysGenStores CASY 182.80 -1.74 ConchoRscs CXO 48.66 4.52 Fiserv FISV 102.71 -2.05 Aflac AFL 36.98 -0.23 Dynatrace DT 43.71 -0.68 Alibaba BABA 301.04 -7.74 AmerExpress AXP 104.81 -0.20 AxonEnterprise AAXN 101.42 -0.33 BristolMyers BMY 61.00 -0.13 Catalent CTLT 92.61 -2.27 ConocoPhillips COP 34.53 -0.35 ENI E 15.60 ... FiveBelow FIVE 136.09 0.94 AGNC Invt AGNC 14.12 0.09 AlignTech ALGN 333.10 2.28 AmericanFin AFG 70.16 -0.73 BCE BCE 42.71 -0.29 BritishAmTob BTI 34.66 -0.61 s Caterpillar CAT 163.61 1.49 ConEd ED 82.24 -0.08 EOG Rscs EOG 37.62 -1.02 s Five9 FIVN 144.67 -1.13 s Ansys ANSS 351.40 0.09 Alleghany Y 549.20 0.21 AmHomes4Rent AMH 29.37 -0.34 BHP Group BHP 51.92 -0.13 Broadcom AVGO 380.30 -1.19 Celanese CE 118.50 2.13 ConstBrands A STZ 183.11 -4.42 s EPAM Systems EPAM 346.89 -1.87 s FiverrIntl FVRR 175.35 -1.65 ASETech ASX 4.21 -0.07 Allegion ALLE 104.48 -0.56 AIG AIG 29.65 -0.17 BHP Group BBL 42.57 -0.03 BroadridgeFinl BR 141.70 -0.38 Centene CNC 65.19 -0.18 Cooper COO 353.87 -2.37 EastmanChem EMN 85.61 1.09 FleetCorTech FLT 250.19 1.43 ASML ASML 398.03 -7.12 AlliantEnergy LNT 54.05 -0.03 AmerTowerREIT AMT 238.50 -3.91 BP BP 16.59 -0.09 BrookfieldMgt BAM 34.00 -0.39 CenterPointEner CNP 20.79 -0.03 Copart CPRT 115.80 -0.57 Eaton ETN 108.19 0.59 s Floor&Decor FND 83.80 0.70 AT&T T 27.49 -0.26 Allstate ALL 91.28 -0.51 AmerWaterWorks AWK 155.76 -0.32 B2Gold BTG 7.05 0.14 BrookfieldInfr BIP 46.67 -0.30 CentraisElBras EBR 5.75 0.07 Corning GLW 34.50 -0.37 s EatonVance EV 61.21 0.08 FomentoEconMex FMX 58.35 -0.52 AbbottLabs ABT 107.75 -0.26 s AllyFinancial ALLY 27.39 -0.21 AmericanWell AMWL 33.81 -1.00 Baidu BIDU 136.07 9.02 BrookfieldPropREIT BPYU 13.69 0.09 CeridianHCM CDAY 89.45 -0.58 Corteva CTVA 33.82 0.12 eBay EBAY 56.46 -1.13 FordMotor F 7.57 -0.19 AbbVie ABBV 86.07 -0.58 CoStar CSGP 869.41 -13.81 AlnylamPharm ALNY 143.91 -2.75 AmericoldRealty COLD 37.77 -0.77 BakerHughes BKR 13.15 0.29 BrookfieldRenew BEPC 65.45 0.50 Cerner CERN 74.23 0.98 Ecolab ECL 201.31 0.26 Fortinet FTNT 130.14 -0.47 Abiomed ABMD 280.84 3.89 s Costco COST 378.34 -2.34 Alphabet A GOOGL 1563.44 -3.63 Ameriprise AMP 167.07 0.34 Ball BLL 90.06 -0.20 Brown&Brown BRO 46.98 -0.39 s CharlesRiverLabs CRL 244.64 -0.34 Ecopetrol EC 9.81 0.10 Fortis FTS 41.09 -0.43 AcceleronPharma XLRN 117.79 -4.39 CoupaSoftware COUP 312.06 -1.66 Alphabet C GOOG 1568.08 -3.60 AmerisourceBrgn ABC 98.44 1.17 BancoBilbaoViz BBVA 2.62 -0.01 Brown-Forman A BF.A 69.71 -0.95 CharterComms CHTR 638.62 -11.33 EdisonInt EIX 56.24 -0.04 Fortive FTV 67.00 0.58 Accenture ACN 229.43 0.05 Credicorp BAP 120.78 -1.21 Alteryx AYX 141.71 -2.25 Ametek AME 107.90 1.74 BancoBradesco BBDO 3.38 0.01 Brown-Forman B BF.B 77.49 -0.60 CheckPoint CHKP 128.03 0.90 EdwardsLife EW 85.17 1.23 FortBrandsHome FBHS 88.50 0.22 ActivisionBliz ATVI 81.90 -0.08 CreditSuisse CS 10.35 -0.10 FoxA FOXA 26.93 -0.30 AlticeUSA ATUS 28.00 -0.35 Amgen AMGN 237.65 -1.69 BancodeChile BCH 15.00 -0.11 Bruker BRKR 42.05 -1.03 Chegg CHGG 84.00 -1.84 ElancoAnimal ELAN 31.87 -0.95 Cree CREE 71.38 -0.11 FoxB FOX 27.13 -0.34 AdaptiveBiotech ADPT 51.89 -1.26 Altria MO 39.55 0.17 Amphenol APH 113.48 0.50 BancSanBrasil BSBR 5.64 -0.02 Bunge BG 52.15 1.21 Chemed CHE 494.47 1.22 Elastic ESTC 124.14 -1.52 s CrowdStrike CRWD 147.79 -5.01 Franco-Nevada FNV 141.46 -0.22 Adobe ADBE 506.31 -8.00 AlumofChina ACH 5.40 -0.18 AnalogDevices ADI 123.04 -0.55 BcoSantChile BSAC 13.59 0.17 BurlingtonStrs BURL 210.53 -1.54 CheniereEnergy LNG 49.51 -0.35 ElectronicArts EA 132.75 -0.19 CrownCastle CCI 165.03 -1.77 FranklinRscs BEN 23.41 0.25 AdvanceAuto AAP 156.58 -0.80 Amazon.com AMZN 3363.71 -79.92 Anaplan PLAN 61.49 -0.96 BancoSantander SAN 1.89 ... CBRE Group CBRE 49.02 -0.03 CheniereEnerPtrs CQP 36.54 0.82 EmersonElec EMR 69.38 0.49 CrownHoldings CCK 81.90 0.09 FreeportMcM FCX 16.94 0.12 AdvMicroDevices AMD 84.21 -1.07 Ambev ABEV 2.51 0.02 AngloGoldAsh AU 27.97 0.50 BankofAmerica BAC 23.62 -1.33 CDW CDW 129.52 -0.41 Chevron CVX 72.95 -0.45 Enbridge ENB 29.44 -0.17 CubeSmart CUBE 34.61 -0.22 FreseniusMed FMS 42.79 0.41 EncompassHealth EHC 67.30 0.63 Cummins CMI 221.77 1.32 EnelAmericas ENIA 6.48 0.12 CureVac CVAC 53.92 -0.47 G H I EnergyTransfer ET 6.29 0.16 CyrusOne CONE 76.63 -1.96 ADVERTISEMENT EnphaseEnergy ENPH 108.97 2.32 GCI LibertyA GLIBA 85.08 -1.43 D E F Entegris ENTG 82.43 -1.48 GDS Holdings GDS 82.66 -4.08 Entergy ETR 105.76 -0.72 GFLEnvironmental GFL 22.42 -0.25 TheMarketplace DISH Network DISH 28.06 -0.43 EnterpriseProd EPD 17.11 0.07 GSXTechedu GSX 110.92 -3.72 DTE Energy DTE 119.40 0.33 Equifax EFX 164.17 -0.72 Galapagos GLPG 142.55 -3.26 s DadaNexus DADA 32.75 -1.30 Equinix EQIX 817.40 -8.71 Gallagher AJG 107.83 -0.84 To advertise: 800-366-3975orWSJ.com/classifieds Danaher DHR 226.55 0.93 Equinor EQNR 14.50 0.03 Gaming&Leisure GLPI 37.41 -0.39 Darden DRI 99.23 0.47 Equitable EQH 20.30 -0.31 Gap GPS 19.61 0.27 s DarlingIngred DAR 43.28 -0.26 EquityLife ELS 64.66 -0.74 Continued on Page B9 BANKRUPTCIES

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THE WALL STREET JOURNAL. Thursday, October 15, 2020 | B9 BIGGEST 1,000 STOCKS Thisannouncement is neitheranoffertopurchasenor asolicitationofanoffertosell Shares(as defined below).TheOffer(as defined below) is made solelybythe Offer to Purchase,datedOctober 15,2020, andthe relatedLetterofTransmittal and anyamendmentsorsupplements thereto. The Offeror (asdefinedbelow)isnot aware of anystate wherethe makingofthe Offer is prohibited by anyadministrativeorjudicial actionpursuanttoany validstate statute.Ifthe Offeror becomesaware of anyvalid state statute prohibiting themaking of theOfferorthe acceptance of theSharespursuantthereto,the Offeror will Continued From Page B8 Net Net makeagoodfaith efforttocomplywiththatstate statute or seek to have suchstatute declaredinapplicabletothe Offer.If, after agoodfaith effort, theOfferorcannotdoso, theOfferorwill Net Stock Sym Close Chg Stock Sym Close Chg notmakethe Offer to,nor will tendersbeaccepted from or on behalf of,the holdersofSharesinthatstate.Exceptasset forthabove, theOfferisbeing made to all holdersofShares. Stock Sym Close Chg McKesson MCK 154.01 2.37 Seagate STX 51.04 -0.14 Garmin GRMN 98.49 -0.32 MedicalProp MPW 18.24 -0.38 Seagen SGEN 209.15 -2.78 Gartner IT 124.77 -3.23 Medtronic MDT 107.56 0.62 SealedAir SEE 41.21 -0.31 NoticeofOffer to Purchase forCash Generac GNRC 203.00 1.46 MelcoResorts MLCO 14.91 -0.11 SempraEnergy SRE 127.09 0.54 GeneralDynamics GD 142.89 -0.35 s MercadoLibre MELI 1238.70 -30.47 SensataTechs ST 47.30 0.48 GeneralElec GE 6.82 0.10 Merck MRK 80.51 -0.20 ServiceCorp SCI 43.76 -0.49 AllOutstanding Shares of Common Stock GeneralMills GIS 62.09 -0.63 MetLife MET 38.97 -0.03 ServiceNow NOW 516.89 -1.41 GeneralMotors GM 31.67 -0.20 s MettlerToledo MTD 1022.39 -6.27 ShawComm B SJR 17.58 -0.10 of Genmab GMAB 37.99 -0.20 MicrochipTech MCHP 110.75 -0.83 SherwinWilliams SHW 693.99 -3.19 Genpact G 38.92 -0.28 MicronTech MU 51.63 -0.22 ShinhanFin SHG 24.23 -0.17 Gentex GNTX 27.14 -0.19 Microsoft MSFT 220.86 -2.00 Shopify SHOP 1082.12 -24.47 GenuineParts GPC 100.93 1.03 MidAmApt MAA 122.76 -0.44 Sibanye-Stillwater SBSW 12.68 0.49 Gerdau GGB 3.94 -0.01 s MiratiTherap MRTX 191.58 -1.94 SimonProperty SPG 65.72 -0.10 GileadSciences GILD 64.05 -0.44 MitsubishiUFJ MUFG 4.02 -0.03 SiriusXM SIRI 5.84 -0.04 GSK GSK 37.21 0.02 MizuhoFin MFG 2.45 -0.03 Skyworks SWKS 153.31 0.11 GlobalPayments GPN 177.19 -2.84 MobileTeleSys MBT 8.59 0.09 SlackTech WORK 32.73 0.31 s Globant GLOB 197.83 -1.55 Moderna MRNA 76.56 -1.73 Smartsheet SMAR 54.51 -0.99 MohawkInds MHK 103.61 1.37 SmithAO AOS 55.57 0.37 AMAG Pharmaceuticals, Inc. GlobeLife GL 81.52 0.20 GoDaddy GDDY 77.01 -0.94 MolinaHealthcare MOH 202.85 -0.78 Smith&Nephew SNN 39.16 -0.20 GoldFields GFI 13.01 0.33 MolsonCoorsB TAP 35.40 0.06 Smucker SJM 118.97 -1.12 at GoldmanSachs GS 211.23 0.42 Mondelez MDLZ 58.59 -0.31 Snap SNAP 27.32 0.32 GoodRx GDRX 51.27 -0.87 s MongoDB MDB 265.19 -2.96 SnapOn SNA 156.83 1.36 s Graco GGG 65.73 0.91 MonolithicPower MPWR 314.39 -1.09 Snowflake SNOW 243.18 -6.43 $13.75 PerShare,Net in Cash Grainger GWW 386.24 2.08 MonsterBev MNST 82.80 -0.69 SOQUIMICH SQM 34.53 -0.15 Grifols GRFS 18.35 -0.15 Moody's MCO 290.11 -3.30 SolarEdgeTech SEDG 304.52 4.87 Pursuant to theOffer to Purchase datedOctober 15,2020 s Grubhub GRUB 81.29 5.47 MorganStanley MS 50.65 0.21 SolarWinds SWI 21.52 -0.59 GuardantHealth GH 106.27 -2.89 Morningstar MORN 182.42 -1.98 Sony SNE 74.41 -0.28 Guidewire GWRE102.83 -2.92 Mosaic MOS 19.31 0.03 Southern SO 58.00 -0.34 by HCA Healthcare HCA 134.66 1.72 MotorolaSol MSI 166.92 0.68 SoCopper SCCO 47.56 0.17 HDFC Bank HDB 56.41 0.70 Mylan MYL 15.55 -0.04 SouthwestAir LUV 39.25 0.12 HD Supply HDS 42.23 0.03 MyoKardia MYOK 222.00 0.22 Splunk SPLK209.23 -6.60 CovisMergercoInc. HP HPQ 19.50 -0.18 NICE NICE 234.96 -2.16 Spotify SPOT 257.62 -9.33 HSBC HSBC 19.23 -0.54 s NIO NIO 26.50 4.88 s Square SQ 187.49 -2.98 Halliburton HAL 12.72 0.18 NRG Energy NRG 33.71 0.50 s StanleyBlackDck SWK 177.52 -0.42 awhollyowned subsidiaryof HartfordFinl HIG 37.42 -0.32 NVR NVR 4360.77 -86.11 Starbucks SBUX 89.31 -0.85 Hasbro HAS 85.85 -1.04 NXP Semi NXPI 137.11 0.27 StateStreet STT 66.03 -0.06 HealthcareAmer HTA 25.70 -0.40 Nasdaq NDAQ 127.65 1.27 SteelDynamics STLD 33.26 0.55 HealthpeakProp PEAK 27.51 -0.36 NationalGrid NGG 61.25 0.40 Steris STE 186.58 -1.10 CovisGroup S.àr.l. Heico A HEI.A 94.81 -0.03 Natura&Co NTCO 17.59 0.08 STMicroelec STM 34.57 -0.24 Heico HEI 109.78 0.37 NatWest NWG 2.84 0.07 StoneCo STNE 57.57 -0.94 HenrySchein HSIC 60.87 1.21 nCino NCNO 76.49 -1.70 Stryker SYK 221.22 1.22 CovisMergercoInc., aDelawarecorporation (the “Offeror”or“we”) andanindirectwhollyowned subsidiaryofCovis GroupS.à r.l.,aLuxembourgprivate limited Herbalife HLF 49.72 0.03 NetApp NTAP 46.67 -0.21 SumitomoMits SMFG 5.62 -0.05 liabilitycompany (“Parent”),isofferingtopurchaseall of theissuedand outstandingsharesofcommonstock,par value$0.01 pershare (the “Shares”), of AMAG Hershey HSY 149.47 0.62 NetEase NTES 89.57 -1.30 SunComms SUI 148.52 -0.24 Netflix NFLX 541.45 -12.64 SunLifeFinancial SLF 41.55 -0.09 Pharmaceuticals,Inc., aDelawarecorporation (“AMAG”),atapurchaseprice of $13.75per Share, nettothe holdersthereof, payable in cash(the“Offer Price”), without Hess HES 38.59 -0.06 interest,less anyapplicable withholdingtaxes,uponthe termsand subject to theconditionsset forth in theOffer to Purchase,dated October 15,2020(the“Offer to HewlettPackard HPE 9.76 -0.02 Neurocrine NBIX 101.03 -0.31 SuncorEnergy SU 12.37 -0.17 HighwoodsProp HIW 33.65 -1.01 s NewFortressEner NFE 51.22 1.33 SunRun RUN 63.27 -2.08 Purchase”),and in therelated Letter of Transmittal(the“Letter of Transmittal” which, together with theOffer to Purchase,aseachmay be amendedorsupplemented from Hilton HLT 88.30 -0.34 NewOrientalEduc EDU 165.48 3.38 Suzano SUZ 8.59 -0.16 time to time,inaccordancewiththe Merger Agreementdescribed below, collectively constitutethe “Offer”).Following theconsummationofthe Offer,and subject to the Hologic HOLX 66.50 -1.17 NYTimes A NYT 45.15 1.80 SynchronyFin SYF 28.67 0.13 conditionsdescribed in theOffer to Purchase,the Offeror intendstoeffect theMergerdescribed below. HomeDepot HD 287.09 -3.27 NewellBrands NWL 18.27 0.58 SyneosHealth SYNH 61.00 -0.16 HondaMotor HMC 24.00 -0.08 Newmont NEM 64.00 1.24 Synnex SNX 145.14 -1.54 Honeywell HON 173.47 1.92 NewsCorp A NWSA 14.18 -0.14 Synopsys SNPS 226.81 -1.37 THEOFFERAND WITHDRAWALRIGHTSWILLEXPIREAT12:00 MIDNIGHT,NEW YORK HorizonTherap HZNP 80.31 0.20 NewsCorp B NWS 14.12 -0.11 Sysco SYY 66.90 1.82 CITY TIME,ONNOVEMBER12, 2020 (ONE MINUTE AFTER 11:59P.M., NEWYORKCITYTIME, HormelFoods HRL 50.23 -0.41 NextEraEnergy NEE 300.64 -0.83 T U V DR Horton DHI 78.27 0.42 Nike NKE 127.66 -1.54 ON NOVEMBER 12,2020),UNLESSTHE OFFERISEXTENDEDOREARLIERTERMINATED. Nikola NKLA 24.11 -0.12 HostHotels HST 10.95 -0.22 TAL Education TAL 80.26 0.69 NiSource NI 23.30 0.19 HowmetAerospace HWM 18.26 0.41 TC Energy TRP 43.42 -0.20 Nokia NOK 4.08 0.04 The purposeofthe Offer is forParenttoacquire controlofall of theoutstanding equity interestsinAMAG. HuanengPower HNP 16.45 0.73 TE Connectivity TEL 105.65 -0.73 NomuraHoldings NMR 4.61 -0.02 The Offer is beingmadeinconnectionwiththe Agreementand Plan of Merger,dated as of October 1, 2020,byand amongAMAG, Parent,Offeror,and (solely with Huazhu HTHT 41.93 -0.92 Telus TU 18.23 -0.13 Nordson NDSN 202.48 -0.72 respecttocertain sectionsthereof)Covis FincoS.à r.l.,the direct parent companyofParent(the“DebtFinancing Borrower”) (asitmay be amendedfromtimetotime, Hubbell HUBB 144.55 -0.09 TJX TJX 57.41 0.02 NorfolkSouthern NSC 217.35 2.37 HubSpot HUBS 313.36 -5.97 T-MobileUS TMUS 116.67 -4.90 the“Merger Agreement”), pursuant to which, after thecompletionofthe Offer andthe satisfaction or waiver of certainconditions, theOfferor will mergewithand into NorthernTrust NTRS 84.39 0.46 Humana HUM 423.00 -9.81 s TRowePrice TROW 144.65 0.47 AMAG,withAMAGsurviving as awhollyowned indirect subsidiaryofParent(the“Merger”).Atthe effective time of theMerger(the“Effective Time”),eachoutstanding NorthropGrum NOC 314.89 2.29 JBHunt JBHT 140.01 1.52 TaiwanSemi TSM 88.60 -1.04 NortonLifeLock NLOK 21.57 0.27 Share(otherthanSharesowned by AMAG as treasury stock,Sharesowned by Parent or theOfferor,ineachcaseimmediatelybeforethe Effective Time,and Shares owned HuntingtonBcshs HBAN 9.46 -0.10 TakeTwoSoftware TTWO 168.94 -0.22 Novartis NVS 87.43 ... by anystockholderswho have properly exercised theirappraisal rights underSection 262ofthe GeneralCorporation Lawofthe StateofDelaware(the“DGCL”))will be s IAA IAA 56.94 -0.55 TakedaPharm TAK 17.43 0.04 Novavax NVAX 111.76 -5.52 canceled andautomatically converted into andwill thereafterrepresent only theright to receiveanamountincashequal to theOffer Price, withoutinterestand less any ICICI Bank IBN 11.13 0.26 TandemDiabetes TNDM 121.48 -0.27 NovoNordisk NVO 71.73 -1.45 s IdexxLab IDXX 420.51 -0.91 Target TGT 163.97 -1.67 applicable withholdingtax.Asaresultofthe Merger,the Shares will cease to be publicly traded, andAMAGwill become an indirect wholly ownedsubsidiaryofParent. s Novocure NVCR 136.82 1.86 IHS Markit INFO 79.44 -0.35 TeckRscsB TECK 13.85 0.53 Parent,the Offeror andthe DebtFinancing Borrower areowned directly by certainequityfunds managedbyApolloManagementIX, L.P. The Offer,the Merger andthe s NuanceComms NUAN 34.77 -0.42 ING Groep ING 7.26 0.01 TeladocHealth TDOC 230.45 -1.35 othertransactionscontemplatedbythe Merger Agreement, butexcluding,inany event, therelated financing,are collectively referred to as the“Transactions.” The Merger Nucor NUE 49.38 0.71 Invesco IVZ 14.03 0.20 TelecomArgentina TEO 7.34 -0.04 Nutrien NTR 40.03 -0.08 Agreementismorefully described in Section11—“Purpose of theOffer andPlans forAMAG; TransactionDocuments”ofthe Offer to Purchase. IPG Photonics IPGP 181.90 -1.95 TeledyneTech TDY 322.96 2.94 NVIDIA NVDA 563.81 -6.12 The Offer is not subject to anyfinancingcondition.TheOffer is conditionedupon, amongothersthings,the following: (a)the number of Shares validlytenderedand IQVIA IQV 165.89 -0.70 Teleflex TFX 364.50 1.95 not validlywithdrawn prior to theExpirationDate, considered together with allother Shares (ifany)beneficially ownedbyParentand itsaffiliates(excludingany Shares IcahnEnterprises IEP 51.38 0.59 O P Q Ericsson ERIC 10.82 0.09 Icon ICLR 207.59 -4.13 TelefonicaBras VIV 7.83 ... tendered pursuant to guaranteed deliveryproceduresthathave not yetbeen“received”(as such term is defined in Section251(h)(6)(f) of theDGCL)), representing at least IDEX IEX 188.15 2.45 OGE Energy OGE 30.92 -0.22 Telefonica TEF 3.65 0.01 onemorethan50% of thesum of (x)the totalnumberofSharesoutstanding at thetimeofthe expiration of theOffer,plus(y) theaggregate number of Shares then issuable to IllinoisToolWks ITW 203.10 -0.06 ONEOK OKE 29.95 0.50 TelekmIndonesia TLK 18.99 0.50 holdersofcertain optionstopurchaseShares(the“CompanyOptions”) from whichAMAGhas received notices of exerciseprior to theexpirationofthe Offer (and as Illumina ILMN 330.12 -15.02 OReillyAuto ORLY 464.63 -4.82 s 10xGenomics TXG 161.47 0.54 to whichsuchshareshave not yetbeenissuedtosuchexercisingholders of CompanyOptions), except that CompanyOptions,time-vestingrestrictedstock unitsand s Immunomedics IMMU 87.43 0.90 s OakStreetHealth OSH 52.81 0.63 TencentMusic TME 14.29 0.03 performance-vestingrestrictedstock unitscancelled in accordance with theterms of theMergerAgreement will not be included in such calculation, plus (z)the aggregate ImperialOil IMO 12.44 0.03 OccidentalPetrol OXY 10.45 -0.07 Teradyne TER 86.93 -0.70 number of Shares issuable to holdersofcertain 3.25%convertible senior notes due2022issuedunder asupplemental indenturedated as of May10, 2017 (the “Convertible Incyte INCY 93.35 -3.73 s Okta OKTA 243.11 -3.84 Tesla TSLA 461.30 14.65 s Infosys INFY 16.36 0.64 OldDomFreight ODFL 202.51 1.90 TevaPharm TEVA 9.29 -0.08 Notes”)fromwhich AMAG hasreceived validnotices of conversiontoSharesinaccordancewiththe Convertible Notesprior to theexpirationofthe Offer (and as to which IngersollRand IR 37.37 -0.16 Ollie'sBargain OLLI 93.25 -1.29 TexasInstruments TXN 152.77 -1.72 Shares have not yetbeenissuedtosuchexercisingholders of Convertible Notes) (the “Minimum Condition”);(b) theexpirationorterminationofany applicable waiting Inphi IPHI 122.48 -0.60 OmegaHealthcare OHI 30.71 -0.22 Textron TXT 35.99 ... period (and anyextension thereof) underthe Hart-Scott-RodinoAntitrust ImprovementsAct of 1976,asamended in respectofthe Transactions;(c) theabsence of any s Insulet PODD 247.92 -0.83 Omnicom OMC 53.18 0.32 s ThermoFisherSci TMO 467.01 -0.52 lawororder (including anyinjunctionorother judgment), whethertemporary,preliminary or permanent, in effectthatenjoins,restrainsorotherwise prohibitsormakes Intel INTC 53.55 -0.28 ON Semi ON 25.93 0.02 ThomsonReuters TRI 82.68 -0.24 illegal theconsummationofthe Transactions;(d) theaccuracyofAMAG’srepresentations andwarrantiescontained in theMergerAgreement (subject to de minimis, InteractiveBrkrs IBKR 49.58 -1.19 OneConnectFinTech OCFT 20.54 -0.78 3M MMM 168.40 1.77 materialityand CompanyMaterialAdverse Effect(as this term is defined in theMergerAgreement)) (the “Representations Condition”);(e) AMAG’s performanceor ICE ICE 102.31 -0.34 OpenText OTEX 41.54 -0.57 Tiffany TIF 119.06 0.10 InterContinentl IHG 54.46 -0.37 Oracle ORCL 60.96 -0.01 Toll Bros TOL 49.46 0.27 compliance with itsobligations,agreementsand covenantsasrequiredunder theMergerAgreement in allmaterialrespects;(f) theabsence, sincethe date of theMerger IBM IBM 125.94 0.84 Orange ORAN 11.29 -0.10 TopBuild BLD 185.73 -2.14 Agreement, of anyeffect,change, eventoroccurrencethat, individually or in theaggregate,has had,orwould reasonably be expectedtohave,aCompany Material Adverse IntlFlavors IFF 116.91 -0.26 Orix IX 64.23 -1.12 s Toro TTC 88.06 0.49 Effect(the“MAE Condition”);and (g)the Merger Agreementnot having beenterminated.TheOffer is also subject to certainother terms andconditionsdescribed in IntlPaper IP 44.66 0.65 s OtisWorldwide OTIS 65.61 0.48 TorontoDomBk TD 45.64 -0.36 Section13—“Conditionsofthe Offer”ofthe Offer to Purchase (the “Offer Conditions”). Interpublic IPG 18.07 0.14 OwensCorning OC 75.13 0.35 Total TOT 33.89 -0.30 The Offer will expire at 12:00midnight, NewYorkCitytime, on November 12,2020(oneminuteafter11:59 P. M. NewYorkCitytime, on November 12,2020) (suchdate Intuit INTU 345.30 -4.29 PG&E PCG 10.37 0.05 ToyotaMotor TM 131.53 -1.12 andtime, the“ExpirationDate” andthe “ExpirationTime”), unless theOfferor,inaccordancewiththe Merger Agreement, hasextendedthe offeringperiodofthe Offer,in IntuitiveSurgical ISRG 751.08 -4.27 PNC Fin PNC 109.83 -2.68 s TractorSupply TSCO 151.89 -1.03 Invitae NVTA 49.28 -3.31 POSCO PKX 43.62 -0.42 s TradeDesk TTD 653.96 3.24 whichevent theterms “ExpirationDate” and“ExpirationTime” will mean thelatesttimeand date at whichthe offeringperiodofthe Offer,assoextendedbythe Offeror, InvitatHomes INVH 28.48 -0.40 PPD PPD 36.81 -0.07 Tradeweb TW 58.04 -2.09 will expire.Sharestenderedpursuanttothe Offer maybewithdrawn by followingthe procedures set forth in Section4—“Withdrawal Rights”ofthe Offer to Purchase for IonisPharma IONS 47.71 -0.26 PPG Ind PPG 134.59 1.02 TraneTech TT 130.20 0.95 withdrawingSharesinatimelymanner, at anytimeonorprior to theExpirationTime, and, if not previously accepted for paymentatany time,afterDecember14, 2020 iQIYI IQ 23.00 -0.45 PPL PPL 28.48 0.01 TransDigm TDG 483.73 10.34 pursuant to Securities andExchangeCommission(“SEC”) regulations. s iRhythmTechs IRTC 244.19 -13.76 s PRA HealthSci PRAH 111.80 -0.05 TransUnion TRU 89.49 -0.20 The BoardofDirectorsofAMAGhas unanimously(a) approved, adopted anddeclared advisable theMergerAgreement andthe Transactions contemplated IronMountain IRM 27.51 -0.12 PTC PTC 85.78 -1.61 Travelers TRV 112.03 -0.86 thereby,includingthe Offer andthe Merger,(b) determinedthatthe Transactions,includingthe Offer andthe Merger,are in thebestinterestsofAMAGand its ItauUnibanco ITUB 4.23 -0.02 Paccar PCAR 88.97 0.43 Trex TREX 78.73-1.21 PackagingCpAm PKG 116.56 0.16 Trimble TRMB 50.54 -1.18 stockholders, (c)agreed that theMergerAgreement will be effectedunder Section251(h)ofthe DGCL,and (d)resolvedtorecommendthatthe stockholdersofAMAG J K L PagSeguroDig PAGS 39.54 -0.91 Trip.com TCOM 29.84 -0.41 accept theOffer andtendertheir Sharestothe Offeror pursuant to theOffer. PalantirTech PLTR 9.34 -0.13 TruistFinl TFC 42.23 -0.37 If,asaresultofthe Offer,the Offeror holdsSharesthatrepresent at leastone Sharemorethan50% of allthe issuedand outstandingSharesplusSharesissuable upon the JD.com JD 81.10 -1.51 PaloAltoNtwks PANW 256.10 1.55 Twilio TWLO 323.42 -14.46 exerciseofcertain CompanyOptions andthe conversionofthe Convertible Notes, Parent,the Offeror andAMAGwill,subject to thesatisfactionorwaiverofthe remaining Joyy YY 78.63 -2.15 PanAmerSilver PAAS 34.38 0.63 Twitter TWTR 45.98 -1.02 JPMorganChase JPM 100.22 -0.56 conditionsset forth in theMergerAgreement,assoonaspracticable,consummatethe Merger (but in anyevent no laterthanthe date of, andimmediatelyfollowing, ParkerHannifin PH 216.02 0.50 TylerTech TYL 393.51 0.50 thepayment for theSharestenderedinthe Offer)under theprovisionsofSection 251(h) of theDGCLwithout prior noticeto, or anyactionby, anyother stockholder of JackHenry JKHY 160.93 -0.98 Paychex PAYX 84.34 1.34 TysonFoods TSN 59.28 0.32 JacobsEngg J 98.91 -0.37 s PaycomSoftware PAYC 372.94 -0.84 UBS Group UBS 11.51 -0.13 AMAG.Weexpectthe Merger to occurwithout a“subsequentofferingperiod” within themeaning of Rule 14d-11 underthe Securities Exchange Actof1934, as amended JamesHardie JHX 25.60 0.48 s Paylocity PCTY 190.36 1.31 UDR UDR 33.86 -0.56 (the “ExchangeAct”).Wedonot expectthere to be asignificantperiodoftimebetween theconsummationofthe Offer andthe consummation of theMerger. JazzPharma JAZZ 152.20 0.11 PayPal PYPL 203.60 -4.14 UGI UGI 34.25 -0.25 Subjecttothe termsand conditionsofthe Merger Agreement, unless theMergerAgreement is terminated in accordance with itsterms,the Offeror is required to extend JFrog FROG 73.80 0.18 Pegasystems PEGA 131.49 -0.91 Uber UBER 35.11 -0.45 theOffer from time to time as follows: (i)ifonthe then scheduledExpirationDate, theMinimum Condition hasnot beensatisfiedorany of theother Offer Conditions J&J JNJ 148.10 -0.26 s Peloton PTON 131.44 0.47 Ubiquiti UI 188.70 -0.96 JohnsonControls JCI 42.51 0.07 hasnot beensatisfied, or waived by Parent or theOfferor if permitted hereunder, then theOfferor is required to extend theOffer for oneormoreoccasions in consecutive PembinaPipeline PBA 21.78 -0.29 UltaBeauty ULTA 239.67 1.27 increments of up to tenbusiness days each (orsuchlongerperiodasmay be agreed by AMAG andParent) in ordertopermitthe satisfaction of such Offer Conditions JuniperNetworks JNPR 22.50 0.17 PennNational PENN 67.37 -0.56 s Unilever UN 62.24 0.16 KB Fin KB 33.87 -0.89 Pentair PNR 49.44 0.12 s Unilever UL 63.44 0.25 (subject to theright of Parent or theOfferor to waiveany Offer Condition to theextentpermitted underthe Merger Agreement); provided,however, that theOfferor shall not KE Holdings BEKE 65.39 0.93 Penumbra PEN 205.80 -1.95 UnionPacific UNP 204.81 1.81 be required to extend theOffer andthe then scheduledExpirationDatetoadatelater than theEnd Date;and (ii) theOfferor is required to extend theOffer for theminimum KKR KKR 36.41 0.11 PepsiCo PEP 142.52 -1.02 UnitedAirlines UAL 35.61 0.35 period required by applicable law, interpretation or position of theSEC or itsstafforthe NASDAQ Global Select Market or itsstaff. If on anythenscheduled ExpirationDate s KLA KLAC 216.00 -3.94 PerkinElmer PKI 122.05 -2.62 UnitedMicro UMC 5.50 0.05 (i)all of theOffer Conditionshave beensatisfied(otherthanthose Offer Conditionsthatbytheir natureare to be satisfied at thefirst time at whichthe Offeror irrevocably KSCitySouthern KSU 184.40 1.57 Perrigo PRGO 46.12 0.21 UPS B UPS 174.38 -0.95 Kellogg K 66.86 0.04 acceptsfor paymentany Shares tendered pursuant to theOffer,but whichconditionswould be capable of beingsatisfiedasofsuchscheduled ExpirationDate) and(ii)the PetroChina PTR 28.66 -0.92 UnitedRentals URI 188.13 -6.14 fullamountofthe incrementalsenior secured term loansofupto$460million, of which$140millionwill be available to consummate theOffer andthe Merger hasnot KeurigDrPepper KDP 29.67 -0.16 PetroleoBrasil PBR 7.15 -0.08 US Bancorp USB 38.25 -0.17 KeyCorp KEY 12.67 -0.14 PetroleoBrasilA PBR.A 7.13 -0.12 UnitedHealth UNH 321.85 -9.57 beenfundedand will not be available to be funded at theconsummationofthe Offer andthe Merger,other than as aresultofabreachorfailure to performbyany of Parent, KeysightTechs KEYS 104.98 0.49 Pfizer PFE 36.86 -0.04 UnitySoftware U 90.02 -2.09 Offeror or DebtFinancing Borrower of certainoftheir representations, warranties or covenantsset forth in theMergerAgreement,then(1) theOfferor is required to extend KilroyRealty KRC 52.63 -0.05 PhilipMorris PM 78.91 -0.30 UnivDisplay OLED 198.95 -2.58 theOffer for twosuccessiveperiods of up to fivebusiness days perextension (eachsuchperiodtoend at midnight (New York City time)onthe last business dayofsuch KimberlyClark KMB 152.64 -1.58 Phillips66 PSX 52.08 0.81 UniversalHealthB UHS 111.05 1.62 period)and (2)thereafter theOfferor will have theright in itssole discretiontoextendthe Offer for additionalsuccessiveperiods of up to fivebusiness days perextension KinderMorgan KMI 12.96 0.35 Pinduoduo PDD 82.66 -1.99 VEREIT VER 6.79 -0.01 KingsoftCloud KC 30.40 -0.95 (eachsuchperiodtoend at midnight (New York City time)onthe last business dayofsuchperiod), thelength of each such period to be determined by Parent in itssole PinnacleWest PNW 80.26 -0.47 VF VFC 75.74 -1.08 discretion; provided that,ifthe Offeror so extendsthe Offer,the RepresentationsCondition (solely with respecttorepresentations andwarrantiesqualifiedbyreference to KinrossGold KGC 9.35 0.27 Pinterest PINS 43.99 -0.16 VICI Prop VICI 23.68 -0.03 KirklandLakeGold KL 50.89 0.26 PioneerNatRscs PXD 90.09 1.94 VailResorts MTN 237.72 -3.41 CompanyMaterialAdverse Effect) andthe MAE Conditionwill be deemed to have beenirrevocably satisfied or waived from andatall timesafterany such initialextension. Knight-Swift KNX 41.43 0.11 PlainsAllAmPipe PAA 6.80 0.13 Vale VALE 11.34 0.13 The Offeror is not,however,requiredtoextendthe Offer beyond 11:59P.M., Eastern Time,onthe EndDate. The “End Date” is January28, 2021. KoninklijkePhil PHG 48.07 -0.26 PlugPower PLUG 17.30 0.20 ValeroEnergy VLO 41.71 0.28 Pursuant to theMergerAgreement,eachofParentand theOfferor hasagreed that it will not,without theprior writtenconsent of AMAG,(a) amend, modify or waive KoreaElcPwr KEP 9.07 0.04 s Pool POOL 360.31 8.32 VarianMed VAR 172.00 -0.03 theMinimum Condition;(b) decrease thenumberofSharessoughttobepurchased by theOfferor in theOffer;(c) reduce theOffer Price(except to theextentrequired KraftHeinz KHC 32.15 -0.26 PostHoldings POST 91.95 0.35 VeevaSystems VEEV 300.61 -7.94 Kroger KR 33.84 -0.96 underthe Merger Agreement);(d) increase theOffer Price, except to theextentpermitted underthe Merger Agreement; (e)extendorotherwise change theExpirationDate, PrincipalFin PFG 41.24 -0.01 Ventas VTR 43.96 0.20 except to theextentpermitted underthe Merger Agreement; (f)changethe formofconsideration payable in theOffer;(g) impose anycondition to theOffer in addition L Brands LB 31.98 0.04 Procter&Gamble PG 144.04 -0.17 VeriSign VRSN 212.14 -3.86 s LHC Group LHCG 224.29 -2.99 Progressive PGR 99.65 -0.62 VeriskAnalytics VRSK 191.76 -1.89 to theOffer Conditions; (h)amend,modifyorsupplement anyofthe termsofthe Offer in anymanneradversely affecting,orthatcould reasonably be expectedtohave an Line LN 51.43 0.17 Prologis PLD 104.03 -2.60 Verizon VZ 58.43 -0.93 adverse effecton, anyofthe holdersofShares; or (i)takeany action (orfailtotakeany action)thatwould result in theMergernot beingpermitted to be effectedpursuant LKQ LKQ 30.96 0.02 Proofpoint PFPT 111.89 -0.14 VertxPharm VRTX 271.46 -4.63 to Section251(h)ofthe DGCL. LPL Financial LPLA 80.77 -0.73 PrudentialFin PRU 66.33 -0.07 ViacomCBS B VIAC 27.34 -0.11 In ordertotenderyourSharesinthe Offer,you must (a)followthe procedures described in Section3—“Procedures for TenderingShares” of theOffer to Purchase or L3HarrisTech LHX 176.35 1.94 Prudential PUK 28.93 -0.50 ViacomCBS A VIACA 29.30 -0.19 LabCpAm LH 192.87 -1.38 (b)ifyourSharesare held throughabroker,dealer, commercial bank,trust companyorother nominee,contact such nominee andrequest that they effectthe transactionfor PublicServiceEnt PEG 58.02 0.10 Vipshop VIPS 17.16 -0.59 youand tender your Shares. If yourSharesare held throughabroker, dealer,commercialbank,trust companyorother nominee, you must contactsuchbroker, dealer, LamResearch LRCX 374.24 0.05 PublicStorage PSA 233.50 -1.89 Visa V 202.20 -2.12 LamarAdv LAMR 66.44 -0.81 PulteGroup PHM 48.28 -0.09 Vistra VST 18.76 0.73 commercialbank,trust companyorother nomineetotenderyourShares. If youdesiretotenderShares, andcertificatesevidencingyourSharesare not immediately LambWeston LW 72.13 0.17 QTS Realty QTS 65.46 -1.76 VMware VMW 155.66 0.62 available,orifyou cannot comply with theproceduresfor book-entrytransferdescribed in theOffer to Purchase on atimelybasis,orifyou cannot deliver allrequired LasVegasSands LVS 44.98 0.17 Qiagen QGEN 52.37 -0.06 Vodafone VOD 14.37 -0.23 documentstoAmericanStock Transfer &Trust Company, LLC(the“Depositary andPayingAgent”) prior to theExpirationTime, youmay tender your Shares by following Lear LEA 128.63 -0.93 Qorvo QRVO 135.15 -0.02 VornadoRealty VNO 33.98 -0.01 theproceduresfor guaranteed deliveryset forth in Section3—“Procedures for TenderingShares” of theOffer to Purchase. Leidos LDOS 88.49 0.30 s Qualcomm QCOM 129.88 2.42 VoyaFinancial VOYA 49.67 0.80 For purposes of theOffer,the Offeror will be deemed to have accepted for paymentand therebytohave purchased Shares validlytenderedand not validlywithdrawn Lennar A LEN 83.32 0.29 Vroom VRM QuantaServices PWR 60.82 0.45 48.98 1.68 if andwhenthe Offeror givesoralorwritten noticetothe Depositary andPayingAgent of itsacceptancefor paymentofthose Shares pursuant to theOffer.Payment for Lennar B LEN.B 67.45 0.35 QuestDiag DGX 117.62 0.48 VulcanMatls VMC 147.73 1.83 LennoxIntl LII 288.00 2.59 Quidel QDEL 270.61 -4.09 Shares accepted for paymentpursuanttothe Offer will be madebydepositing theOffer Pricefor thoseShareswiththe Depositary andPayingAgent,which will actasagent LeviStrauss LEVI 15.51 -0.13 W X Y Z for tenderingstockholdersfor thepurpose of receivingpaymentsfromthe Offeror andtransmittingsuchpaymentstotenderingstockholders. Undernocircumstances will LiAuto LI 20.78 1.35 R S interest be paid on theOffer Pricefor Shares,regardless of anyextension of theOffer or anydelay in making paymentfor Shares. LibertyBroadbandA LBRDA 147.18 -2.38 WEC Energy WEC 99.59 0.49 RELX RELX 22.01 -0.08 WEX WEX 149.40 -2.84 Shares tendered pursuant to theOffer maybewithdrawn at anytimeonorprior to theExpirationTime, and, if not previously accepted for paymentatany time,after LibertyBroadbandC LBRDK 148.15 -2.36 December 14,2020, thedatethatis60daysafterthe date of thecommencementofthe Offer,pursuanttoSEC regulations.For your withdrawalto be effective,awritten (or, with LibertyGlobal A LBTYA 22.06 -0.62 RH RH 389.34 -1.51 W.P.Carey WPC 66.69 -0.83 LibertyGlobal C LBTYK 21.77 -0.57 RPM RPM 88.87 0.82 WPP WPP 42.17 -0.38 respecttoEligible Institutions (asdefinedinthe Offer to Purchase), afacsimile transmission) noticeofwithdrawalwithrespecttothe Shares must be timely received by the LibertyFormOne A FWONA 33.67 -0.29 RaymondJames RJF 77.90 0.17 Wabtec WAB 64.26 0.28 Depositary andPayingAgent at oneofits addresses set forth on thebackcoverofthe Offer to Purchase,and thenoticeofwithdrawalmustspecifythe name of thepersonwho WalgreensBoots WBA LibertyFormOne C FWONK 36.56 -0.27 RaytheonTech RTX 59.94 0.42 35.91 -0.27 tendered theSharestobewithdrawn,the number of Shares to be withdrawnand thenameofthe registered holder of theSharestobewithdrawn,ifdifferentfromthatofthe Walmart WMT LibertyBraves A BATRA 21.50 -0.68 RealtyIncome O 61.00 -0.67 143.94 -2.29 personwho tendered such Shares. The signature(s) on thenoticeofwithdrawalmustbeguaranteed by an Eligible Institution, unless thoseShareshave beentenderedfor RegencyCtrs REG 37.66 -0.58 WarnerMusic WMG 28.90 -0.25 LibertyBraves C BATRK 21.22 -0.58 theaccount of anyEligible Institution. If Shares have beentenderedpursuanttothe procedures for book-entrytransfer, anynoticeofwithdrawalmustspecifythe name and LibertySirius A LSXMA 35.17 -0.30 RegenPharm REGN 600.82 -7.16 WasteConnections WCN 104.77 -0.15 WasteMgt WM number of theaccount at The DepositoryTrustCompany to be credited with thewithdrawn Shares. If certificatesrepresentingthe Shares to be withdrawnhave beendelivered LibertySirius C LSXMK 35.01 -0.53 RegionsFin RF 12.25 -0.24 114.58 -0.92 Waters WAT 212.19 -4.26 EliLilly LLY 148.46 -1.62 ReinsGrp RGA 102.83 -0.85 or otherwise identified to theDepositary andPayingAgent,the name of theregisteredowner andthe serial numbersshown on such certificatesmustalsobefurnished to the Watsco WSO 237.96 2.78 LincolnNational LNC 33.88 -0.13 RelianceSteel RS 112.34 0.19 Depositary andPayingAgent prior to thephysicalrelease of such certificates. If youtenderSharesbygivinginstructions to abroker,dealer, commercial bank,trust company Wayfair W 293.88 -12.86 Linde LIN 234.86 -1.12 RenaissanceRe RNR 174.65 -1.02 or othernominee,you must instruct such broker,dealer, commercial bank,trust companyorother nominee to arrangefor thewithdrawalofyourShares. Weibo WB 38.79 -1.09 LithiaMotors LAD 266.32 -0.51 Repligen RGEN 169.84 -2.32 Allquestions as to thevalidity, form, eligibility(includingtimeofreceipt)and acceptance of anytenderorwithdrawalofShareswill be determined by theOfferor LiveNationEnt LYV 54.36 -0.33 RepublicSvcs RSG 93.45 -0.17 WellsFargo WFC 23.25 -1.49 ResMed RMD 177.81 0.15 Welltower WELL 53.87 -0.39 (which maydelegatepower in whole or in part to theDepositary andPayingAgent)inits sole andabsolutediscretion,which determinationwill be final andbinding absent LivongoHealth LVGO 147.44 -0.64 afindingtothe contrary by acourt of competentjurisdiction.TheOfferor also reserves theabsoluteright to waiveany defectorirregularityinthe tender or withdrawal of LloydsBanking LYG 1.36 0.02 RestaurantBrands QSR 59.46 0.41 WestPharmSvcs WST 288.15 -11.33 LockheedMartin LMT 390.72 1.77 RexfordIndlRealty REXR 48.80 -2.01 WesternDigital WDC 37.73 -0.12 anySharesofany particular stockholder whetherornot similardefects or irregularitiesare waived in thecaseofany otherstockholder.NotenderorwithdrawalofShares Loews L 35.35 -0.53 ReynoldsCnsmr REYN 31.31 -0.02 WesternUnion WU 21.86 0.21 will be deemed to have beenvalidly madeuntil alldefects andirregularitieshave beencured or waived.NoneofParent, theOfferor or anyoftheir respective affiliates or LogitechIntl LOGI 80.15 -0.50 RingCentral RNG 277.87 -4.63 WestlakeChem WLK 72.06 3.80 assigns, theDepositary andPayingAgent,Okapi Partners LLC(the“Information Agent”), or anyother personwill be underany duty to give notification of anydefects RioTinto RIO Lowe's LOW 173.61 -1.72 61.00 -0.07 WestpacBanking WBK 13.30 -0.08 or irregularitiesinany tender of Shares or noticeofwithdrawalorincur anyliabilityfor failuretogivesuchnotification.Withdrawals of tendersofSharesmay not be lululemon LULU 352.07 -4.22 RitchieBros RBA 63.24 -2.32 WestRock WRK 38.10 0.18 RobertHalf RHI 57.07 -0.87 Weyerhaeuser WY 29.26 -0.05 rescinded, andany Shares properly withdrawnwill be deemed not to have beenvalidly tendered forpurposesofthe Offer.However, withdrawnSharesmay be retendered LumenTech LUMN 9.80 -0.08 by followingone of theproceduresfor tenderingSharesdescribed in theOffer to Purchase at anytimeprior to theExpirationTime. Lumentum LITE 82.67 -0.39 RocketCos. RKT 22.76 -0.82 WheatonPrecMet WPM 50.83 0.27 Lyft LYFT 26.75 0.42 Rockwell ROK 243.98 0.83 Whirlpool WHR 203.43 2.06 The receiptofcashinexchangefor Shares pursuant to theOffer andthe Merger generallywill be taxable for U.S. federalincome taxpurposes, generallywill be RogersComm B RCI LyondellBasell LYB 78.00 1.31 40.71 -0.46 Williams WMB 19.68 0.26 taxable underapplicable stateand localtax laws,and maybetaxable underother taxlaws. AllAMAGstockholdersare urgedtoconsult with theirtax advisors as to the Roku ROKU 233.05 -5.52 s Williams-Sonoma WSM 104.36 -1.40 particular taxconsequences to them of theOffer andthe Merger. s M N Rollins ROL 58.79 0.05 WillisTowers WLTW 212.53 -0.02 The information required to be disclosed by paragraph (d)(1) of Rule 14d-6ofthe GeneralRules andRegulations underthe Exchange Actiscontained in theOffer to RoperTech ROP 427.21 3.45 Wipro WIT 5.11 -0.18 M&T Bank MTB 97.80 -1.96 RossStores ROST 96.29 -1.35 Wix.com WIX 287.67 -7.97 Purchase andisincorporatedhereinbyreference. MGMGrowthProp MGP 27.49 -0.20 RoyalBkCanada RY 73.82 -0.21 Workday WDAY 230.54 -2.36 Upon therequest of theOfferor,AMAGhas provided to theOfferor itslistofstockholdersand security position listings forthe purposeofdisseminating theOffer MGM Resorts MGM 21.09 0.12 RoyalCaribbean RCL 59.91 -0.70 WynnResorts WYNN 71.70 -0.04 to holdersofShares. The Offer to Purchase andthe relatedLetterofTransmittal arebeing mailed to record holdersofSharesand will be furnishedtobrokers, dealers, MKS Instrum MKSI 116.86 -1.75 RoyalDutchA RDS.A 25.79 -0.03 XP XP 43.00 1.84 commercial banks,trust companiesand othernomineeswhose names, or thenames of whosenominees, appearonthe stockholder list or,ifapplicable,who arelistedas MPLX MPLX 17.21 0.13 RoyalDutchB RDS.B 24.71 0.10 XPO Logistics XPO 96.21 1.49 participants in aclearingagency’ssecurity position listing, for subsequenttransmittal to beneficialownersofShares. MSCI MSCI 359.04 -0.93 RoyalGold RGLD 124.76 0.85 XcelEnergy XEL 72.35 -0.65 MagellanMid MMP 36.96 0.44 RoyaltyPharma RPRX 42.79 -2.02 Xilinx XLNX 117.75 -0.17 The Offer to Purchase,the relatedLetter of Transmittaland AMAG’s Solicitation/Recommendation StatementonSchedule14D-9(whichcontainsthe MagnaIntl MGA 52.00 -0.18 Ryanair RYAAY 86.18 0.49 XPeng XPEV 22.05 2.41 recommendation of theBoard of DirectorsofAMAGand thereasonstherefor) andthe otherdocuments to whichsuchdocuments refercontain important s ManhattanAssoc MANH 103.27 -0.76 SAP SAP 157.44 0.84 Xylem XYL 90.82 0.93 informationthatshouldbereadcarefully before anydecisionismadewithrespect to theOffer. ManulifeFin MFC 14.19 -0.18 S&P Global SPGI 351.51 -2.49 Yandex YNDX 61.36 -1.33 Questionsand requests for assistance andcopiesofthe Offer to Purchase,the Letter of Transmittaland allother tender offer materialsmay be directed to the MarathonPetrol MPC 29.91 0.53 SBA Comm SBAC 306.60 -2.22 YumBrands YUM 96.52 0.51 Information Agentatits address andtelephone numbersset forth belowand will be furnishedpromptlyatthe Offeror’s expense.Neither Parent northe Offeror will payany Markel MKL 989.37 -0.22 SEI Investments SEIC 55.66 -0.42 YumChina YUMC 53.41 -0.76 fees or commissions to anybroker,dealer, commercial bank,trust companyorother nominee (other than to theDepositary andPayingAgent andthe Information Agent) MarketAxess MKTX 535.43 -4.66 SK Telecom SKM 22.25 -1.06 ZTO Express ZTO 29.01 -1.17 Marriott MAR 97.07 -1.17 SS&C Tech SSNC 64.60 0.81 ZaiLab ZLAB 91.00 -0.94 in connection with thesolicitation of tendersofSharespursuanttothe Offer. Marsh&McLen MMC 114.51 -0.44 StoreCapital STOR 27.29 -0.10 ZebraTech ZBRA 284.77 -1.96 MartinMarietta MLM 259.83 -1.19 SVB Fin SIVB 267.78 -1.26 Zendesk ZEN 111.17 -2.07 The Information Agentfor theOfferis: MarvellTech MRVL 43.34 -0.44 Salesforce.com CRM 261.83 -5.00 Zillow C Z 102.87 1.67 Masco MAS 56.88 0.17 Sanofi SNY 51.14 -0.33 Zillow A ZG 103.36 1.81 Masimo MASI 231.89 -0.87 SantanderCons SC 20.15 ... ZimmerBiomet ZBH 145.72 0.91 Mastercard MA 342.70 -3.14 SareptaTherap SRPT 145.12 -2.14 Zoetis ZTS 163.66 -1.66 MaximIntProducts MXIM 72.95 -0.39 Schlumberger SLB 15.95 0.22 ZoomVideo ZM 509.25 -9.54 McCormickVtg MKC.V 199.92 -4.55 SchwabC SCHW 37.12 -0.49 ZoomInfoTech ZI 41.86 -0.90 McCormick MKC 198.01 -2.22 ScottsMiracleGro SMG 166.42 1.10 Zscaler ZS 155.09 0.67 s McDonalds MCD 227.62 0.27 s Sea SE 167.63 -4.77 Zynga ZNGA 9.37 -0.17 OkapiPartnersLLC Dividend Changes 1212 Avenue of theAmericas,24thFloor NewYork, NY 10036 Dividend announcements from October 14. Banks andBrokerage Firms, Please Call:(212) 297-0720 Amount Payable / Shareholdersand AllOthersCallToll-Free:(844) 343-2621 Company Symbol Yld %New/Old Frq Record Increased Email: [email protected] AO Smith AOS 1.9 .26 /.24 Q Nov16 /Oct30 October 15,2020

KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. P2JW289000-0-B01000-1------XA

B10 | Thursday, October 15, 2020 THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 28514.00 t165.81, or 0.58% Trailing P/E ratio 27.07 19.41 3488.67 t23.26, or 0.66% Trailing P/E ratio * 37.86 22.81 11768.73 t 95.17, or 0.80% Trailing P/E ratio *† 36.45 23.86 High, low, open and close for each P/E estimate * 24.78 17.41 High, low, open and close for each P/E estimate * 25.75 17.75 High, low, open and close for each P/E estimate *† 31.24 21.25 trading day of the past three months. Dividend yield 2.16 2.28 trading day of the past three months. Dividend yield * 1.75 1.94 trading day of the past three months. Dividend yield *† 0.76 1.04 All-time high 29551.42, 02/12/20 All-time high 3580.84, 09/02/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 29000 3650 12100

28000 3525 11450

27000 3400 10800

26000 3275 10150 Session high 65-day moving average DOWN UP 65-day moving average Session open Close 25000 3150 9500 t 65-day moving average Close Open t 24000 3025 8850 Session low Bars measure the point change from session's open 23000 2900 8200 July Aug. Sept. Oct. July Aug. Sept. Oct. July Aug. Sept. Oct. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 763,256,418 13,556,307 Industrial Average 28792.56 28461.73 28514.00 -165.81 -0.58 29551.42 18591.93 5.6 -0.1 7.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 329,675,003 8,112,004 Transportation Avg 11963.81 11816.81 11887.49 104.27 0.88 11887.49 6703.63 13.9 9.0 6.2 Most-active issues in late trading Decl. volume* 424,933,109 5,361,640 Utility Average 881.22 870.11 875.19 -0.86 -0.10 960.89 610.89 1.8 -0.5 5.9 Volume After Hours Issues traded 3,142 273 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 36209.97 35723.54 35799.78 -232.15 -0.64 36434.12 22462.76 17.2 8.4 10.6 Advances 1,188 132 SPDR S&P 500 SPY 7,214.6 348.49 0.56 0.16 348.60 347.76 Barron's 400 768.34 758.18 758.47 -4.46 -0.58 767.01 455.11 11.7 3.6 3.4 Declines 1,859 131 Fastly Cl A FSLY 6,702.8 91.25 -31.93 -25.92 124.49 86.40 Unchanged 95 10 Bed Bath Beyond BBBY Nasdaq Stock Market 5,878.7 23.98 0.04 0.15 24.24 23.86 New highs 88 0 Nasdaq Composite 11939.92 11714.35 11768.73 -95.17 -0.80 12056.44 6860.67 44.9 31.2 21.2 NIO ADR NIO 5,687.6 27.35 0.85 3.21 27.45 26.30 New lows 19 1 Nasdaq 100 12159.21 11913.57 11985.36 -97.81 -0.81 12420.54 6994.29 51.3 37.2 25.3 General Electric GE 4,636.1 6.82 ... unch. 6.85 6.82 Closing Arms† 0.71 0.71 iShares Gold Trust IAU 4,467.3 18.16 0.05 0.28 18.18 18.11 S&P Block trades* 4,899 128 Finl Select Sector SPDR XLF 3,246.6 24.85 0.07 0.28 24.85 24.75 500 Index 3527.94 3480.55 3488.67 -23.26 -0.66 3580.84 2237.40 16.7 8.0 11.0 Nasdaq NYSE Arca Apple AAPL 3,183.0 121.14 -0.05 -0.04 121.25 120.13 MidCap 400 2009.91 1984.13 1984.28 -8.79 -0.44 2106.12 1218.55 3.2 -3.8 2.9 Total volume*3,387,388,173 187,414,548 SmallCap 600 930.28 917.03 917.35 -4.92 -0.53 1041.03 595.67 -2.9 -10.2 0.3 Percentage gainers… Adv. volume*1,644,736,990 68,981,539 Decl. volume*1,710,909,212 116,753,894 Other Indexes Arrowhead Pharmaceuticals ARWR 147.8 49.00 4.54 10.21 52.50 44.46 Issues traded 3,555 1,416 Russell 2000 1647.99 1621.56 1621.65 -15.20 -0.93 1705.22 991.16 6.3 -2.8 2.6 Sleep Number SNBR 337.6 63.50 5.33 9.16 64.47 58.00 Advances 1,147 454 NYSE Composite 13267.16 13135.90 13143.16 -68.79 -0.52 14183.20 8777.38 1.1 -5.5 2.1 fuboTV FUBO 193.5 9.98 0.66 7.08 10.24 9.32 Declines 2,300 931 DouYu Intl ADR DOYU 290.8 15.88 0.66 4.34 15.88 15.13 Value Line 491.32 486.13 486.14 -1.41 -0.29 562.05 305.71 -5.8 -12.0 -3.6 Unchanged 108 31 Antero Midstream AM 140.2 6.61 0.25 3.93 6.85 6.36 NYSE Arca Biotech 5642.07 5541.11 5547.71 -71.06 -1.26 6142.96 3855.67 29.4 9.5 9.2 New highs 154 81 NYSE Arca Pharma 663.60 656.42 658.68 -4.36 -0.66 675.64 494.36 11.7 0.8 6.0 ...And losers New lows 18 8 KBW Bank 78.70 76.75 76.81 -1.41 -1.80 114.12 56.19 -23.3 -32.2 -8.1 Fastly Cl A FSLY 6,702.8 91.25 -31.93 -25.92 124.49 86.40 Closing Arms† 0.52 0.74 § PHLX Gold/Silver 152.25 149.30 150.68 1.97 1.33 161.14 70.12 70.7 40.9 20.0 Atmos Energy ATO 50.1 79.65 -15.39 -16.19 95.12 79.65 Block trades* 16,061 1,064 § PHLX Oil Service 30.08 28.82 29.13 0.40 1.40 80.99 21.47 -54.9 -62.8 -40.5 Vertex Pharm VRTX 262.5 240.92 -30.54 -11.25 271.68 235.01 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2445.12 2405.09 2417.20 -12.93 -0.53 2433.48 1286.84 50.9 30.7 25.6 Cloudflare NET 772.8 57.00 -4.50 -7.32 61.50 55.50 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 27.23 25.53 26.40 0.33 1.27 82.69 11.54 93.0 91.6 40.1 REPL Replimune Group 198.0 34.30 -1.95 -5.38 37.31 33.07 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg World The Global Dow 3056.66 –9.19 –0.30 –6.0 Replimune Group REPL 36.25 11.56 46.82 46.30 8.58 153.0 Cyclerion Therapeutics CYCN 3.35 -3.77 -52.95 14.77 1.69 -65.3 DJ Global Index 447.72 –1.60 –0.36 3.2 Interpace Biosciences IDXG 3.96 0.98 32.89 11.00 2.57 -50.4 Codiak BioSciences CDAK 12.12 -2.88 -19.20 15.00 11.99 ... DJ Global ex U.S. 255.19 –0.02 –0.01 –3.2 Allscripts Healthcare MDRX 10.90 2.59 31.17 11.82 4.56 0.8 Navistar Intl NAV 36.00 -8.46 -19.03 45.25 15.01 25.9 Americas DJ Americas 814.45 –4.87 –0.59 7.0 VOXX International VOXX 11.32 2.68 31.02 11.70 1.82 163.3 Liquidia Technologies LQDA 3.34 -0.74 -18.14 12.10 2.65 -20.1 Brazil Sao Paulo Bovespa 99334.43 831.61 0.84 –14.1 Oncorus ONCR 18.55 3.54 23.58 19.30 14.60 ... Enzo Biochem ENZ 2.16 -0.45 -17.24 4.85 1.56 -33.7 Canada S&P/TSX Comp 16455.40 –55.43 –0.34 –3.6 NIO ADR NIO 26.50 4.88 22.57 26.96 1.36 1715.1 AMC Entertainment Hldgs AMC 2.96 -0.58 -16.38 10.35 1.95 -68.3 Mexico S&P/BMV IPC 38025.72 –106.06 –0.28 –12.7 Nano Dimension ADR NNDM 3.65 0.66 22.07 4.89 0.51 3.0 Sorrento Therapeutics SRNE 10.10 -1.85 -15.48 19.39 1.45 483.8 Chile Santiago IPSA 2524.90 6.69 0.27 –24.3 Net Element NETE 8.88 1.53 20.82 20.08 1.47 95.6 Hexindai ADR HX 1.78 -0.30 -14.42 7.44 0.76 -58.1 Humanigen HGEN 14.31 2.28 18.95 33.95 1.50 297.5 Adaptimmune Therap ADR ADAP 7.95 -1.25 -13.59 13.40 0.71 695.0 EMEA Stoxx Europe 600 370.62 –0.34 –0.09 –10.9 Comstock Hldg Cl A CHCI 2.82 0.44 18.49 6.26 1.06 46.9 Q&K Intl ADR QK 5.27 -0.76 -12.60 20.44 4.97 ... Eurozone Euro Stoxx 364.83 0.17 0.05 –9.7 Belgium Bel-20 3316.16 –4.31 –0.13 –16.2 Betterware de Mexico BWMX 25.81 3.87 17.64 37.82 5.67 ... Mercurity Fintech ADR MFH 2.59 -0.37 -12.50 5.20 1.00 6.1 Denmark OMX Copenhagen 20 1435.11 –5.46 –0.38 26.4 Oblong OBLG 3.21 0.46 16.73 4.69 0.87 224.1 Medigus ADR MDGS 2.55 -0.34 -11.76 5.15 0.83 40.1 France CAC 40 4941.66 –5.96 –0.12 –17.3 Electrameccanica Vehicles SOLO 3.23 0.46 16.61 6.00 0.89 81.5 Dynavax Technologies DVAX 4.59 -0.60 -11.56 12.44 1.80 11.7 Trinity Biotech ADR TRIB Prelude Therapeutics PRLD Germany DAX 13028.06 9.07 0.07 –1.7 2.61 0.35 15.49 3.28 0.56 203.0 35.01 -3.93 -10.09 50.19 23.69 ... AnaptysBio ANAB 20.37 2.61 14.70 39.48 10.00 -43.8 Vaxart VXRT 6.90 -0.77 -10.04 17.49 0.27 1752.8 Israel Tel Aviv 1370.38 6.25 0.46 –18.6 Italy FTSE MIB 19607.73 49.05 0.25 –16.6 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 571.98 –0.48 –0.08 –5.4 Russia RTS Index 1160.30 4.19 0.36 –25.1 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 South Africa FTSE/JSE All-Share 55394.23 339.70 0.62 –3.0 Spain IBEX 35 6916.60 41.40 0.60 –27.6 NIO ADR NIO 379,321 266.6 26.50 22.57 26.96 1.36 iSh Int Rt Hdg LT Cp Bd IGBH 16,857 20582 23.67 0.30 25.38 14.55 Sweden OMX Stockholm 739.90 2.52 0.34 8.7 Apple AAPL 150,382 -13.6 121.19 0.07 137.98 53.15 Energy Focus EFOI 8,116 11190 8.24 -1.85 11.60 0.81 Medalist Diversified REIT MDRR Huize Holding ADR HUIZ Switzerland Swiss Market 10292.66 –43.70 –0.42 –3.1 137,137 557215.9 2.85 144.64 6.13 1.03 1,405 10181 7.80 -0.06 14.80 4.83 Bank of America BAC 126,994 119.1 23.62 -5.33 35.72 17.95 Replimune Group REPL 10,661 5372 36.25 46.82 46.30 8.58 Turkey BIST 100 1189.29 14.59 1.24 3.9 Novan NOVN 108,311 411.7 0.57 24.13 3.72 0.22 Radius Gl Infr Cl A RADI 1,009 4826 8.16 -0.97 9.75 7.00 U.K. FTSE 100 5935.06 –34.65 –0.58 –21.3 U.K. FTSE 250 17950.41 59.41 0.33 –18.0 General Electric GE 97,278 4.5 6.82 1.49 13.26 5.48 Fidelity Intl Hi Div FIDI 553 4552 16.05 -0.06 22.10 12.62 Wells Fargo WFC 75,229 81.9 23.25 -6.02 54.75 22.00 CC Neuberger I A PCPL 5,219 3602 10.19 -3.28 11.29 9.78 Asia-Pacific ProSh UltraPro Shrt QQQ SQQQ 69,959 28.3 20.09 2.50 162.15 18.95 IQ Candriam ESG Intl IQSI 397 3518 24.48 -0.27 25.51 17.45 Australia S&P/ASX 200 6179.20 –16.55 –0.27 –7.6 Kaixin Auto Holdings KXIN 60,135 39093.1 1.98 266.67 2.19 0.40 iSh Int Rate Hdgd Corp Bd LQDH 1,250 2974 92.47 0.30 96.29 69.04 China Shanghai Composite 3340.78 –18.97 –0.56 9.5 Ford Motor F 57,629 -7.8 7.57 -2.45 9.58 3.96 Cyclerion Therapeutics CYCN 7,235 2615 3.35 -52.95 14.77 1.69 Hong Kong Hang Seng 24667.09 17.41 0.07 –12.5 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 0.42 India S&P BSE Sensex 40794.74 169.22 –1.1 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 23626.73 24.95 0.11 –0.1 Singapore Straits Times 2555.59 –12.05 –0.47 –20.7 Track the Markets South Korea Kospi 2380.48 –22.67 –0.94 8.3 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12919.31 –0.21 7.7 global stock indexes, bond ETFs, –27.82 currencies and commodities at Currencies Thailand SET 1263.99 –9.44 –0.74 –20.0 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Wed YTD chg Wed YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004315 23177 0.02 Argentina peso .0129 77.3997 29.2 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1788 5.5928 39.1 Czech Rep. koruna .04310 23.201 2.3 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7604 1.3152 1.2 Denmark krone .1578 6.3377 –4.9 notes and bonds major U.S. trading partners Chile peso .001252 798.80 8.0 Euro area euro 1.1748 .8512 –4.5 A consumer rate against its New car loan Colombiapeso .000260 3839.00 17.0 Hungary forint .003231 309.47 4.8 Ecuador US dollar 11unch Iceland krona .007188 139.13 14.9 benchmark over the past year 2.50% Bankrate.com avg†: 4.14% 10% Mexico peso .0469 21.3049 12.6 Norway krone .1082 9.2404 5.3 Uruguay peso .02345 42.6400 14.8 Poland zloty .2602 3.8437 1.3 First Command Bank 2.75% One year ago 2.00 Russia ruble .01286 77.776 25.3

t Euro Asia-Pacific 5.00% Fort Worth, TX 888-763-7600 5 s Sweden krona .1134 8.8215 –5.8 1.50 Australian dollar .7164 1.3959 –2.0 New car loan Switzerland franc 1.0948 .9134 –5.6 First Savings Bank of Hegewisch 2.75% China yuan .1489 6.7151 –3.6 t 4.50 0 Turkey lira .1264 7.9101 33.0 Chicago, IL 773-646-4200 1.00 Hong Kong dollar .1290 7.7502 –0.5 Ukraine hryvnia .0353 28.3500 19.7 Tradeweb ICE India rupee .01364 73.304 2.7 4.00 Cambridge Savings Bank 3.24% UK pound 1.3010 .7686 1.9 Wednesday Close 0.50 –5 s s Indonesia rupiah .0000680 14698 5.9 Cambridge, MA 888-418-5626 t Yen WSJ Dollar index Japan yen .009509 105.16 –3.2 Middle East/Africa Prime rate 3.50 0.00 t PNC Bank 3.34% –10 Kazakhstan tenge .002330 429.13 12.4 Bahrain dinar 2.6522 .3771 ... Macau pataca .1252 7.9885 –0.4 Egypt pound .0637 15.6995 –2.2 Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 7 10 20 30 2019 2020 3.00 month(s) years Malaysia ringgit .2409 4.1505 1.5 Israel shekel .2960 3.3779 –2.2 N D J F M A M J J A S O Chase Bank 3.84% New Zealand dollar .6656 1.5024 1.1 Kuwait dinar 3.2705 .3058 0.9 maturity 2019 2020 New York, NY 800-CHA-SE24 Pakistan rupee .00612 163.300 5.4 Oman sul rial 2.5978 .3849 –0.02 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0206 48.643 –4.1 Qatar rial .2747 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7368 1.3573 0.8 Saudi Arabia riyal .2666 3.7511 –0.01 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008717 1147.21 –0.7 South Africa rand .0605 16.5343 18.1 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.00 Sri Lanka rupee .0054130 184.74 1.9 Yield (%) 52-Week Total Return (%) Taiwan dollar .03477 28.758 –3.9 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.00 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03212 31.130 4.6 WSJ Dollar Index 88.32 –0.15–0.17 –1.39 Libor, 3-month 0.23 0.23 0.22 l 2.00 -1.12 U.S. Treasury, Barclays 2474.500 0.520 0.550 1.870 0.400 8.16 5.32 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.22 0.22 0.22 l 0.73 -0.10 Five-year CD, annual yield 0.62 0.63 0.62 l 1.53 -0.84 U.S. Treasury Long, Barclays 4836.690 1.370 1.460 2.370 0.980 17.33 11.25 Commodities 30-year mortgage, fixed† 3.03 3.03 2.93 l 4.22 -0.83 Aggregate, Barclays 2278.130 1.180 1.220 2.410 1.020 7.36 5.16 Wednesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.52 2.54 2.48 l 3.57 -0.63 Fixed-Rate MBS, Barclays 2223.360 1.310 1.300 2.690 0.930 4.24 3.57 Jumbo mortgages, $510,400-plus† 3.07 3.06 2.93 l 4.42 -1.26 DJ Commodity 651.14 5.22 0.81 651.14 433.70 6.18 1.38 High Yield 100, ICE BofA 3196.434 4.429 4.598 10.740 4.235 2.692 3.778 Five-year adj mortgage (ARM)† 3.23 3.25 2.85 l 4.61 -0.16 TR/CC CRB Index 151.51 1.13 0.75 187.39 106.29 -13.41 -18.45 Muni Master, ICE BofA 585.053 1.119 1.117 3.441 0.838 3.896 3.831 New-car loan, 48-month 4.14 4.14 4.14 l 4.56 1.07 Crude oil, $ per barrel 41.04 0.84 2.09 63.27 -37.63 -23.09 -32.79 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 898.459 4.683 4.792 7.480 4.523 3.934 3.684 Natural gas, $/MMBtu 2.636 -0.219 -7.67 2.881 1.482 14.46 20.42 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1901.30 12.80 0.68 2051.50 1452.10 27.78 25.13 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW289000-0-B01100-1------XA

THE WALL STREET JOURNAL. Thursday, October 15, 2020 | B11

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 March'21 290.00 290.75 288.00 290.50 2.50 635 Jan'21 118.00 118.10 115.25 115.50 –2.85 5,103 Swiss Franc (CME)-CHF 125,000; $ per CHF Soybeans (CBT)-5,000 bu.; cents per bu. Dec 1.0946 1.0991 1.0933 1.0970 .0017 47,539 Contract Open Nov 1043.00 1059.75 1039.75 1056.25 12.25 272,982 March'21 1.0974 1.1017 1.0965 1.1001 .0017 136 Open High hi lo Low Settle Chg interest Interest Rate Futures Jan'21 1045.00 1060.50 1042.25 1057.25 10.25 290,624 Australian Dollar (CME)-AUD 100,000; $ per AUD Copper-High (CMX)-25,000 lbs.; $ per lb. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Soybean Meal (CBT)-100 tons; $ per ton. Oct .7154 .7190 .7153 .7165 .0012 315 Oct 3.0500 3.0500 3.0475 3.0475 0.0050 1,215 Dec 219-200 221-010 219-100 220-050 17.0 990,398 Oct 367.80 367.90 367.80 358.40 –.10 35 Dec .7159 .7193 .7154 .7167 .0012 135,958 Dec 3.0415 3.0685 3.0380 3.0505 0.0060 138,711 March'21 218-250 219-060 217-250 218-140 17.0 2 Dec 354.80 364.60 354.50 363.60 7.60 158,392 Mexican Peso (CME)-MXN 500,000; $ per MXN Gold (CMX)-100 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Soybean Oil (CBT)-60,000 lbs.; cents per lb. Oct .04668 .04700 .04664 .04690 .00018 70 Oct 1889.70 1910.80 1882.50 1901.30 12.80 2,870 Dec 175-050 175-220 175-010 175-120 6.0 1,198,870 Oct ...... 33.72 …1 Dec .04649 .04675 .04631 .04661 .00017 118,081 Dec 1895.40 1917.50 1885.00 1907.30 12.70 446,157 March'21 176-290 177-020 176-150 176-250 6.0 7,005 Dec 33.60 34.02 33.40 33.88 .26 157,483 Euro (CME)-€125,000; $ per € Feb'21 1903.00 1925.10 1892.80 1915.10 12.90 47,909 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Rough Rice (CBT)-2,000 cwt.; $ per cwt. Oct 1.1750 1.1772 1.1721 1.1752 .0006 2,373 April 1903.20 1930.80 1900.20 1921.20 13.00 22,188 Dec 139-065 139-105 139-045 139-070 .5 3,243,996 Nov 12.24 12.56 12.22 12.43 .20 7,743 Dec 1.1758 1.1787 1.1735 1.1766 .0006 635,674 June 1914.90 1936.50 1905.60 1926.50 12.90 15,937 March'21 138-290 138-315 138-265 138-285 1.0 2,099 Jan'21 12.41 12.75 12.41 12.63 .19 2,128 Dec 1923.20 1939.00 1914.20 1935.00 13.20 7,866 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Index Futures Palladium (NYM) - 50 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. Dec 125-277 125-297 125-270 125-285 … 3,111,741 Oct …… …2357.10 22.00 ... Dec 594.75 600.25 587.25 596.75 2.75 211,318 March'21 126-047 126-092 126-085 126-090 .5 125 Mini DJ Industrial Average (CBT)-$5 x index Nov …… …2361.30 22.00 ... March'21 596.75 603.50 591.00 600.75 3.50 72,345 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec 28577 28726 28343 28414 –171 88,054 Dec 2334.90 2377.90 2323.80 2366.30 22.00 9,561 Wheat (KC)-5,000 bu.; cents per bu. Dec 110-140 110-142 110-137 110-140 –.1 1,985,582 March'21 28527 28632 28260 28324 –173 1,921 March'21 2368.90 2386.00 2368.20 2377.10 23.90 308 Dec 534.00 539.50 523.50 535.25 4.00 112,708 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. S&P 500 Index (CME)-$250 x index Platinum (NYM)-50 troy oz.; $ per troy oz. March'21 542.25 549.00 532.75 544.25 4.00 64,482 Oct 99.9100 99.9125 99.9100 99.9125 .0025 215,336 Dec 3500.70 3523.20 3479.60 3480.90 –23.90 15,448 Oct 875.20 875.20 853.60 858.10 –9.10 284 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Jan'21 99.9300 99.9300 99.9250 99.9300 .0050 177,242 March'21 …… …3471.50 –24.00 26 Jan'21 871.70 882.40 858.00 863.40 –9.90 49,459 Oct 138.300 138.800 136.975 138.375 .250 2,755 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index Silver (CMX)-5,000 troy oz.; $ per troy oz. Jan'21 134.075 135.000 132.775 133.325 –.900 17,753 Dec 102-060 102-080 102-020 102-030 1.5 131,876 Dec 3502.00 3524.00 3472.00 3481.00 –23.75 2,450,104 Oct ...... 24.364 0.278 139 Cattle-Live (CME)-40,000 lbs.; cents per lb. Eurodollar (CME)-$1,000,000; pts of 100% March'21 3492.50 3514.00 3463.25 3471.50 –24.00 21,085 Dec 24.240 24.725 23.930 24.395 0.266 130,283 Oct 108.850 109.050 107.850 108.375 –.450 6,979 Oct 99.7750 99.7750 99.7700 99.7725 …262,974 Mini S&P Midcap 400 (CME)-$100 x index Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 110.900 111.275 109.675 110.275 –.950 110,969 Dec 99.7600 99.7600 99.7550 99.7550 …988,007 Dec 1989.40 2005.90 1978.30 1979.60 –10.40 56,363 Nov 40.19 41.16 39.82 41.04 0.84 132,930 Hogs-Lean (CME)-40,000 lbs.; cents per lb. March'21 99.7950 99.7950 99.7900 99.7950 .0050 1,027,893 March'21 …1993.60 1980.20 1978.10 –10.40 ... Dec 40.49 41.43 40.12 41.34 0.85 392,158 Oct 78.050 78.425 s 78.000 78.425 .625 10,090 June 99.8050 99.8050 99.7950 99.8050 .0050 846,857 Mini Nasdaq 100 (CME)-$20 x index Jan'21 40.84 41.74 40.48 41.66 0.81 208,129 Dec 66.750 68.675 66.650 68.425 2.275 91,152 Dec 12079.75 12178.00 11901.75 11974.25 –119.75 224,054 March 41.42 42.32 41.15 42.24 0.72 149,666 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Currency Futures March'21 12079.00 12167.25 11895.00 11966.00 –119.75 1,760 June 42.19 42.93 41.90 42.88 0.63 205,297 Nov 540.50 554.40 540.50 548.90 13.50 1,870 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini Russell 2000 (CME)-$50 x index Dec 42.73 43.33 42.46 43.30 0.51 219,317 Jan'21 452.30 466.50 452.30 460.50 13.00 1,006 Oct .9485 .9521 .9479 .9515 .0035 421 Dec 1633.20 1647.10 1616.30 1619.50 –15.10 539,630 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Milk (CME)-200,000 lbs., cents per lb. Dec .9487 .9527 .9484 .9521 .0035 164,211 Mini Russell 1000 (CME)-$50 x index Nov 1.1679 1.1949 1.1543 1.1925 .0235 80,561 Oct 21.23 21.33 s 21.13 21.30 .13 4,498 Canadian Dollar (CME)-CAD 100,000; $ per CAD Dec 1946.30 1966.90 1941.10 1945.30 –13.90 8,927 Dec 1.1755 1.2013 1.1628 1.1989 .0222 89,852 Nov 20.64 20.64 20.17 20.45 –.19 4,875 Oct .7611 .7624 .7598 .7608 –.0002 191 U.S. Dollar Index (ICE-US)-$1,000 x index Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Cocoa (ICE-US)-10 metric tons; $ per ton. Dec .7612 .7625 .7597 .7609 –.0002 119,852 Dec 93.54 93.68 93.24 93.37 –.17 28,581 Nov 1.1780 1.2042 1.1651 1.1971 .0144 80,316 Dec 2,378 2,410 2,360 2,391 10 80,230 British Pound (CME)-£62,500; $ per £ March'21 93.53 93.53 93.25 93.35 –.16 616 Dec 1.1584 1.1839 1.1473 1.1795 .0162 101,440 March'21 2,372 2,398 2,354 2,383 667,576 Oct 1.2942 1.3064 1.2865 1.3025 .0086 605 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Coffee (ICE-US)-37,500 lbs.; cents per lb. Dec 1.2940 1.3069 1.2867 1.3028 .0086 144,846 Source: FactSet Nov 2.761 2.771 2.610 2.636 –.219 130,337 Dec 110.05 111.70 109.20 109.60 –.50 94,507 Dec 3.209 3.226 3.132 3.189 –.058 156,844 March'21 112.60 114.25 111.75 112.20 –.40 70,723 Jan'21 3.345 3.365 3.274 3.332 –.047 200,252 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. March 3.193 3.209 3.130 3.181 –.043 138,877 March 13.96 14.26 13.93 14.20 .19 441,398 Bonds | wsj.com/market-data/bonds/benchmarks April 2.889 2.914 s 2.861 2.898 –.007 86,491 May 13.54 13.77 13.50 13.71 .13 155,669 Oct 2.926 2.962 s 2.918 2.951 .005 87,865 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Tracking Bond Benchmarks Jan 27.50 27.54 s 27.30 27.50 .30 1,720 Agriculture Futures March 27.40 27.55 s 27.40 27.50 .10 2,503 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Corn (CBT)-5,000 bu.; cents per bu. Cotton (ICE-US)-50,000 lbs.; cents per lb. highs and lows for different types of bonds Dec 391.00 397.50 388.00 396.50 5.25 758,710 Dec 68.82 69.39 68.55 68.93 .10 125,869 Total Total March'21 399.00 403.25 395.75 402.50 3.25 295,270 March'21 69.64 70.14 69.34 69.72 .08 62,716 return YTD total return YTD total Oats (CBT)-5,000 bu.; cents per bu. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Yield (%) Yield (%) close return (%) Index Latest Low High close return (%) Index Latest Low High Dec 285.50 288.25 283.25 287.75 3.50 4,618 Nov 117.50 117.80 115.30 115.80 –2.00 4,619 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays 2278.13 6.9 U.S. Aggregate 1.180 1.020 2.410 2223.36 3.5 Mortgage-Backed 1.310 0.930 2.690 Cash Prices | Wednesday, October 14, 2020 wsj.com/market-data/commodities U.S. Corporate Indexes Bloomberg Barclays 2169.53 3.3 Ginnie Mae (GNMA) 0.750 0.290 2.660 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 3379.47 7.4 U.S. Corporate 1.950 1.820 4.580 1313.24 3.6 Fannie mae (FNMA) 1.510 1.110 2.690 separate from the futures price on an exchange, which reflects what the commodity might be worth in future months. 3071.48 6.0 Intermediate 1.290 1.230 4.400 2015.55 3.6 Freddie Mac (FHLMC) 1.490 1.080 2.710 Wednesday Wednesday Wednesday 4993.28 9.6 Long term 2.990 2.730 4.930 585.05 3.4 Muni Master 1.119 0.838 3.441 Aluminum, LME, $ per metric ton *1841.0 Wheat - Hard - KC (USDA) $ per bu-u 5.4525 Energy 692.68 7.5 Double-A-rated 1.470 1.300 3.360 413.09 3.5 7-12 year 1.122 0.771 3.447 Copper,Comex spot 3.0475 Wheat,No.1soft white,Portld,OR-u 5.8000 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Iron Ore, 62% Fe CFR China-s 119.8 Food 892.03 6.6 Triple-B-rated 2.310 2.210 5.350 469.44 3.6 12-22 year 1.619 1.224 3.690 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Shredded Scrap, US Midwest-s,m 281 High Yield Bonds ICE BofA 452.32 2.6 22-plus year 2.353 1.765 4.123 Metals Steel, HRC USA, FOB Midwest Mill-s 652 Beef,carcass equiv. index Fibers and Textiles choice 1-3,600-900 lbs.-u 180.58 472.45 1.2 High Yield Constrained 5.259 5.151 11.400 Global Government J.P. Morgan† Gold, per troy oz select 1-3,600-900 lbs.-u 168.89 Triple-C-rated 615.91 5.7 Global Government 0.530 0.390 1.060 Engelhard industrial 1908.00 Burlap,10-oz,40-inch NY yd-n,w 0.6175 Broilers, National comp wtd. avg.-u,w 0.6506 414.31 -5.4 11.081 10.735 19.071 Butter,AA Chicago Handy & Harman base 1910.05 Cotton,1 1/16 std lw-mdMphs-u n.a. 1.5000 High Yield 100 865.48 7.7 Canada 0.770 0.590 1.740 Cheddar cheese,bbl,Chicago 3196.43 0.1 4.429 4.235 10.740 Handy & Harman fabricated 2120.16 Cotlook 'A' Index-t *74.00 220.50 Cheddar cheese,blk,Chicago LBMA Gold Price AM *1920.80 Hides,hvy native steers piece fob-u 36.000 272.00 426.08 1.1 Global High Yield Constrained 5.337 4.893 11.310 418.94 4.7 EMU§ 0.085 0.085 0.794 Milk,Nonfat dry,Chicago lb. 113.50 LBMA Gold Price PM *1891.30 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 324.13 -1.4 Europe High Yield Constrained 3.827 2.464 8.183 792.16 4.4 France -0.100 -0.160 0.430 Krugerrand,wholesale-e 1981.51 1.0280 Grains and Feeds Coffee,Colombian, NY Maple Leaf-e 2000.57 1.5679 U.S Agency Bloomberg Barclays 552.44 3.1 Germany -0.460 -0.740 -0.050 Eggs,large white,Chicago-u 1.0450 American Eagle-e 2000.57 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.30 5.4 U.S Agency Japan Mexican peso-e 2305.22 1865.85 0.510 0.470 1.950 294.81 -1.1 0.300 0.040 0.320 Bran,wheat middlings, KC-u 128 Hams,17-20 lbs,Mid-US fob-u 0.65 Austria crown-e 1870.58 Corn,No. 2 yellow,Cent IL-bp,u 3.7300 Hogs,Iowa-So. Minnesota-u 76.23 1625.07 4.0 10-20 years 0.390 0.340 1.850 616.94 3.5 Netherlands -0.360 -0.540 0.080 Austria phil-e 2000.57 Corn gluten feed,Midwest-u,w 123.4 Pork bellies,12-14 lb MidUS-u 1.7451 4293.72 12.5 20-plus years 1.490 1.170 2.480 1089.41 8.4 U.K. 0.580 0.390 1.180 Silver, troy oz. Corn gluten meal,Midwest-u,w 429.0 Pork loins,13-19 lb MidUS-u 1.1489 Engelhard industrial 24.5500 Cottonseed meal-u,w 295 Steers,Tex.-Okla. Choice-u n.a. 2889.71 5.7 Yankee 1.480 1.430 3.500 898.46 1.9 Emerging Markets ** 4.683 4.523 7.480 Handy & Harman base 24.2520 Hominy feed,Cent IL-u,w 98 Steers,feeder,Okla. City-u,w 142.50 Handy & Harman fabricated 30.3150 Meat-bonemeal,50% pro Mnpls-u,w 220 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds LBMA spot price *£19.1000 Oats,No.2 milling,Mnpls-u 3.0325 Fats and Oils ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan (U.S.$ equivalent) *24.9350 Rice, Long Grain Milled, No. 2 AR-u,w 29.25 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.0800 Coins,wholesale $1,000 face-a 18597 Sorghum,(Milo) No.2 Gulf-u 5.9650 Grease,choice white,Chicago-h 0.2950 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 362.60 Lard,Chicago-u n.a. Global Government Bonds: Mapping Yields LBMA Platinum Price PM *869.0 Soybeans,No.1 yllw IL-bp,u 10.3050 Soybean oil,crude;Centl IL-u 0.3451 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Platinum,Engelhard industrial 876.0 Wheat,Spring14%-pro Mnpls-u 6.8600 Tallow,bleach;Chicago-h 0.3200 Palladium,Engelhard industrial 2373.0 Wheat,No.2 soft red,St.Louis-u 6.0675 Tallow,edible,Chicago-u n.a. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; H=American Commodities Brokerage Co; Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago 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 10/13 Source: Dow Jones Market Data 0.125 U.S. 2 0.137 t l 0.145 0.149 1.593 0.625 10 0.722 t l 0.731 0.679 1.732 2.250 Australia 2 0.163 s l 0.160 0.211 0.723 2.6 1.5 -87.1 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks 1.000 10 0.849 t l 0.860 0.879 1.054 12.7 12.9 -67.8 0.000 France 2 -0.678 s l -0.687 -0.628 -0.625 -81.5 -83.2 -221.8 October 14, 2020 Money Rates 0.000 10 -0.303 t l -0.291 -0.197 -0.143 -102.6 -102.3 -187.5 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 0.000 Germany 2 -0.742 t l -0.731 -0.695 -0.708 -87.9 -87.6 -230.1 guide to general levels but don’t always represent actual transactions. 0.000 10 -0.579 t l -0.554 -0.477 -0.454 -130.1 -128.6 -218.6 Week —52-WEEK— Week —52-WEEK— 1.000 Italy 2 -0.355 t l -0.339 -0.135 -0.243 -49.2 -48.4 -183.7 Inflation Latest ago High Low Latest ago High Low Sept. index Chg From (%) 1.650 10 0.668 t l 0.668 0.972 0.913 -5.5 -6.4 -81.9 level Aug. '20 Sept. '19 Low 0.0500 0.0500 1.7700 0.0100 Commercial paper (AA financial) Bid 0.0800 0.0800 1.7800 0.0100 0.100 Japan 2 -0.134 s l -0.142 -0.141 -0.286 -27.1 -28.7 -187.9 90 days 0.10 n.a. 2.53 0.04 U.S. consumer price index Offer 0.1000 0.1100 1.8500 0.0500 0.100 10 0.031 s l 0.031 0.021 -0.179 -69.1 -70.1 -191.1 Libor All items 260.280 0.14 1.4 Treasury bill auction 0.400 Spain 2 -0.561 t l -0.559 -0.468 -0.468 -69.8 -70.4 -206.2 Core 269.054 0.11 1.7 One month 0.14575 0.14700 1.87750 0.13950 4 weeks 0.090 0.085 1.720 0.000 Three month 0.23013 0.22950 2.00325 0.21788 1.250 10 0.138 t l 0.146 0.277 0.215 -58.4 -58.6 -151.7 13 weeks 0.105 0.095 1.640 0.000 International rates Six month 0.25325 0.25013 1.98588 0.23375 26 weeks 0.115 0.110 1.620 0.080 0.500 U.K. 2 -0.042 t l -0.037 -0.093 0.507 -17.9 -18.2 -108.6 One year 0.34400 0.34788 2.01200 0.34388 Week 52-Week 4.750 10 0.222 t l 0.241 0.197 0.640 -50.0 -49.0 -109.2 Latest ago High Low Secondary market Euro Libor Source: Tullett Prebon Fannie Mae One month -0.558 -0.569 -0.360 -0.621 Prime rates Three month -0.529 -0.521 -0.142 -0.539 30-year mortgage yields U.S. 3.25 3.25 5.00 3.25 Six month -0.507 -0.496 -0.052 -0.507 Corporate Debt Canada 2.45 2.45 3.95 2.45 30 days 1.913 1.988 3.388 1.751 One year -0.463 -0.441 0.008 -0.463 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific 60 days 2.023 3.403 1.804 Japan 1.475 1.475 1.475 1.475 1.939 Secured Overnight Financing Rate expectations Policy Rates Other short-term rates 0.09 0.10 2.05 0.01 Investment-grade spreads that tightened the most… Euro zone 0.00 0.00 0.00 0.00 Value 52-Week Spread*, in basis points Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Britain 0.10 0.10 0.75 0.10 Latest ago high low –11 Australia 0.25 0.25 0.75 0.25 DTCC GCF Repo Index Nationwide Building Society NWIDE 3.900 0.94 July 21, ’25 64 n.a. Call money Treasury 0.113 36.400 2.069 0.002 Athene Global Funding … 2.550 1.68 June 29, ’25 138 –9 150 Overnight repurchase 2.00 2.00 3.75 2.00 MBS 0.123 40.300 2.093 0.011 Barclays BACR 3.650 1.57 March 16, ’25 127 –9 131 U.S. 0.08 0.07 2.01 -0.07 BP Capital Markets BPLN 3.814 0.70 Feb. 10, ’24 40 –9 n.a. Notes on data: U.S. government rates John Deere Capital … 0.400 0.27 Oct. 10, ’23 10 –9 n.a. U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Discover Bank … 4.250 1.44 March 13, ’26 114 –8 n.a. widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is Svenska Handelsbanken SHBASS 0.625 0.41 June 30, ’23 24 –8 30 0.25 0.25 2.50 0.25 as of October 13, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- Apple AAPL 0.750 0.23 May 11, ’23 6 –7 12 Federal funds funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Effective rate 0.0900 0.0900 1.9200 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; …And spreads that widened the most High 0.1000 0.1000 1.9500 0.1000 Tullett Prebon Information, Ltd. El Paso Energy … 7.750 3.49 Jan. 15, ’32 278 22 n.a. John Deere Capital … 2.450 1.30 Jan. 9, ’30 58 12 n.a. Exchange-Traded Portfolios | WSJ.com/ETFresearch Daimler Finance North America DAIGR 2.700 1.04 June 14, ’24 74 11 n.a. 9 Closing Chg YTD International Business Machines IBM 3.000 0.70 May 15, ’24 40 31 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) PepsiCo PEP 0.750 0.33 May 1, ’23 15 9 18 Wednesday, October 14, 2020 Closing Chg YTD SPDR DJIA Tr DIA 285.13 –0.56 0.0 Toyota Motor Credit TOYOTA 0.500 0.40 Aug. 14, ’23 23 8 22 ETF Symbol Price (%) (%) SPDR S&PMdCpTr MDY 361.48 –0.50 –3.7 Closing Chg YTD Bank of Nova Scotia BNS 1.950 0.52 Feb. 1, ’23 35 7 31 SPDR S&P 500 SPY 347.93 –0.63 8.1 ETF Symbol Price (%) (%) iShMSCI EAFE EFA 65.21 –0.17 –6.1 SPDR S&P Div SDY 96.81 –0.28 –10.0 General Electric Capital … 5.875 4.30 Jan. 14, ’38 281 7 278 CommSvsSPDR XLC 61.24 –1.19 14.2 iShMSCIEmgMarkets EEM 45.73 –0.67 1.9 TechSelectSector XLK 122.02 –0.53 33.1 CnsmrDiscSelSector XLY 153.68 –1.11 22.5 iShMSCIJapan EWJ 59.52 0.15 0.5 UtilitiesSelSector XLU 63.36 –0.13 –1.9 High-yield issues with the biggest price increases… CnsStapleSelSector XLP 66.11 –0.51 5.0 iShNatlMuniBd MUB 115.33 0.02 1.2 VanEckGoldMiner GDX 40.96 1.76 39.9 FinSelSectorSPDR XLF 24.78 –0.96 –19.5 iSh1-5YIGCorpBd IGSB 54.94 0.01 2.4 Bond Price as % of face value VangdInfoTech VGT 328.06 –0.56 34.0 FT DJ Internet FDN 199.80 –1.22 43.6 iShPfd&Incm PFF 36.90 –0.24 –1.8 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week iShRussell1000Gwth IWF VangdSC Val VBR 118.44 –0.37 –13.6 GSActiveBetaUSLC GSLC 70.79 –0.60 9.5 227.21 –0.79 29.2 Transocean RIG 6.500 63.89 Nov. 15, ’20 95.470 3.97 n.a. HealthCareSelSect XLV 107.64 –0.58 5.7 iShRussell1000 IWB 195.16 –0.60 9.4 VangdSC Grwth VBK 230.86 –0.56 16.2 LB 2.06 IndSelSectorSPDR XLI 80.72 0.56 –0.9 iShRussell1000Val IWD 122.50 –0.41 –10.2 VangdExtMkt VXF 139.32 –0.49 10.6 L Brands 7.600 7.92 July 15, ’37 97.030 n.a. InvscQQQI QQQ 292.06 –0.84 37.4 iShRussell2000 IWM 161.09 –0.99 –2.8 VangdDivApp VIG 133.48 –0.43 7.1 Navient NAVI 5.625 6.94 Aug. 1, ’33 88.999 1.50 87.420 VangdFTSEDevMk VEA 41.89 –0.21 –4.9 InvscS&P500EW RSP 112.98 –0.27 –2.4 iShRussellMid-Cap IWR 60.81 –0.34 2.0 Ford Motor F 7.400 6.59 Nov. 1, ’46 110.000 0.75 109.030 iSh3-7YTreasuryBd IEI 133.36 0.01 6.1 iShRussellMCValue IWS 85.11 –0.18 –10.2 VangdFTSE EM VWO 44.92 –0.44 1.0 iShCoreDivGrowth DGRO 41.14 –0.51 –2.2 iShS&P500Growth IVW 241.36 –0.67 24.6 VangdFTSE Europe VGK 53.85 –0.28 –8.1 Royal Caribbean RCL 5.250 9.72 Nov. 15, ’22 91.750 0.75 88.200 iShCoreMSCIEAFE IEFA 61.74 –0.16 –5.4 iShS&P500Value IVE 116.02 –0.50 –10.8 VangdFTSEAWxUS VEU 51.89 –0.33 –3.5 American Airlines AAL 11.750 11.95 July 15, ’25 99.250 0.50 100.499 VangdGrowth VUG 238.46 –0.81 30.9 iShCoreMSCIEM IEMG 54.67 –0.62 1.7 iShShortTreaBd SHV 110.68 –0.02 0.2 Owens–Brockway Glass Container … 5.875 3.09 Aug. 15, ’23 107.500 0.50 n.a. iShCoreMSCITotInt IXUS 60.03 –0.27 –3.0 iShSilver SLV 22.54 0.22 35.1 VangdHlthCr VHT 209.85 –0.78 9.4 Sprint S 7.125 2.26 June 15, ’24 117.000 0.50 115.813 iShCoreS&P500 IVV 349.19 –0.63 8.0 iShTIPSBondETF TIP 126.33 ... 8.4 VangdHiDiv VYM 83.64 –0.43 –10.7 iShCoreS&P MC IJH 197.78 –0.45 –3.9 iSh1-3YTreasuryBd SHY 86.43 ... 2.1 VangdIntermBd BIV 93.48 0.12 7.2 iShCoreS&P SC IJR 75.30 –0.57 –10.2 iSh7-10YTreasuryBd IEF 121.45 0.03 10.2 VangdIntrCorpBd VCIT 96.19 0.05 5.3 …And with the biggest price decreases VangdLC VV 162.69 –0.68 10.0 iShS&PTotlUSStkMkt ITOT 78.86 –0.62 8.5 iSh20+YTreasuryBd TLT 162.12 0.23 19.7 Prime Security Services Borrower PRSESE 5.750 4.91 April 15, ’26 104.000 –6.72 109.250 iShCoreUSAggBd AGG 118.05 0.06 5.1 iShRussellMCGrowth IWP 185.04 –0.74 21.3 VangdMC VO 185.56 –0.44 4.1 Macy's Retail Holdings … –2.75 n.a. iShSelectDividend DVY 85.85 –0.15 –18.7 iShUSTreasuryBdETF GOVT 27.86 0.07 7.4 VangdMBS VMBS 54.08 –0.04 1.7 6.650 13.24 July 15, ’24 81.000 iShEdgeMSCIMinEAFE EFAV 69.22 –0.12 –7.1 JPM UltShtIncm JPST 50.79 0.02 0.7 VangdRealEst VNQ 80.98 –1.22 –12.7 Marks & Spencer MARSPE 7.125 6.53 Dec. 1, ’37 106.125 –1.38 106.750 iShEdgeMSCIMinUSA USMV 65.58 –0.46 –0.0 PIMCOEnhShMaturity MINT 101.96 0.02 0.4 VangdS&P500ETF VOO 319.64 –0.62 8.1 Dish DBS … 7.750 5.68 July 1, ’26 109.938 –1.06 110.271 iShEdgeMSCIUSAMom MTUM 153.88 –0.66 22.6 SPDR BlmBarcHYBd JNK 105.40 –0.23 –3.8 VangdST Bond BSV 82.95 –0.01 2.9 AAL –0.97 iShEdgeMSCIUSAQual QUAL 107.58 –0.59 6.5 SPDRBloomBar1-3MTB BIL 91.52 ... 0.1 VangdSTCpBd VCSH 82.93 0.02 2.3 American Airlines 3.375 7.27 May 1, ’27 80.000 n.a. iSh5-10YIGCorpBd IGIB 61.06 –0.02 5.3 SPDR Gold GLD 178.27 0.31 24.8 VangdSC VB 165.00 –0.45 –0.4 CIT CIT 6.125 3.39 March 9, ’28 117.727 –0.87 115.500 iShGoldTr IAU 18.11 0.33 24.9 SchwabIntEquity SCHF 32.16 –0.16 –4.4 VangdTotalBd BND 88.19 0.06 5.2 Intesa Sanpaolo ISPIM 5.017 3.29 June 26, ’24 105.943 –0.77 105.904 iShiBoxx$InvGrCpBd LQD 135.71 0.10 6.1 SchwabUS BrdMkt SCHB 83.20 –0.67 8.2 VangdTotIntlBd BNDX 58.38 0.10 3.2 Apache APA 6.000 6.37 Jan. 15, ’37 96.250 –0.75 n.a. iShiBoxx$HYCpBd HYG 84.79 –0.25 –3.6 SchwabUS Div SCHD 58.33 –0.05 0.7 VangdTotIntlStk VXUS 53.69 –0.33 –3.6 iShJPMUSDEmgBd EMB 112.41 –0.04 –1.9 SchwabUS LC SCHX 84.04 –0.59 9.4 VangdTotalStk VTI 177.81 –0.66 8.7 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. iShMBSETF MBB 110.13 –0.03 1.9 SchwabUS LC Grw SCHG 121.09 –0.81 30.3 VangdTotlWrld VT 83.72 –0.44 3.4 Note: Data are for the most active issue of bonds with maturities of two years or more iShMSCI ACWI ACWI 82.83 –0.48 4.5 Schwab US TIPs SCHP 61.56 –0.05 8.7 VangdValue VTV 107.79 –0.44 –10.1 Source: MarketAxess P2JW289000-5-B01200-1------XA

B12 | Thursday, October 15, 2020 ***** THE WALL STREET JOURNAL. MARKETS Weak Bank Shares Dent Stocks Crude Glut Easesbut Indexes fall for third straight session on Virus Rise earnings, lack of progress on stimulus PosesRisk

BY MICHAEL WURSTHORN BY DAVID HODARI AND CAITLIN OSTROFF Theworld is burning Stocks fell again, giving up through the oil supply glut earlier gains as investors that threatened to cripple the parsed earningsreportsand energy industryafew months the latest haggling by lawmak- ago, but spiraling coronavirus ersoncoronavirus aid. infection numbersare putting All three major stock in- the recovery in jeopardy,the dexesslid from their highs in International Energy Agency achoppy trading session, with said Wednesday. the DowJones Industrial Av- In its erage, S&P 500 and Nasdaq COMMODITIES monthly oil Compositeending in the red market re- forasecond consecutiveday. port, the IEA said global oil Losses accumulated across supply in Septemberwas 9% the market amid the impasse belowthe pre-pandemic aver- between the ageof2019.The amount of oil WEDNESDAY’S WhiteHouse JOURNAL in expensiveoffshorefloating

MARKETS and Congress REET storagehas fallen sharply over further ST sinceMay,the nadir of the LL

coronavirus-related stimulus. WA global crude crisis,the agency TreasurySecretarySteven said. THE

Mnuchin said Wednesdaythat R TheIEA forecast the daily adeal ahead of the election FO balanceofcrude supplies to be

would be unlikely,while a GEN 4million barrels lessinthe spokesman forHouse Speaker HA fourth quarter than it is now.

NancyPelosi (D., Calif.) said KEVIN But that decline is happen- majordisagreementsremain, Bank of America shares fell 5.3% as low interest rates hurt its results and those of other large banking companies. ing from record-high levels including the level of funding and the drawdowninoil needed forcoronavirus testing Share-priceand indexperformance, Wednesday In the energy sector, Con- stocks could falter in the and tracing. cho Resources jumped $4.52, months ahead, with Covid-19 Stocks have been largely Goldman Sachs or 10%, to $48.66after are- cases sharply rising in the de- rangebound during the latest port of apossible deal with ri- veloped world and the pros- round of stimulus talks,sug- JPMorgan Chase val ConocoPhillips.Shares of pect of renewedrestrictions gesting agrowing market con- Citigroup Conocofell 35 cents, or 1%, to on movement, the Paris-based sensus that further aid is $34.53. organization said. needed to keep the economic PHLX/KBWBank Index In commodity markets, U.S. Theclimbing case number recovery on course. crude crude forNovember de- “surely raises doubtsabout Analystssay the dimming PNC Financial Services liverygained 84 cents, or therobustnessofthe antici- prospectsofadeal likely 2.1%, to $41.04 abarrel. Front pated economic recovery and mean stocks will continue to Bank of America month Comexgold forOcto- thus the prospects for oil de- fluctuateuntil at least the ber deliverygained $12.80,or mand growth,” the IEA said. Wells Fargo election. 0.7, %to$1,901.30 atroy Oil prices ticked up “It’spossible the election -6 -5 -4 -3 -2 -1 0 ounce. Wednesday, continuing Tues- becomes the clearing event Source:FactSet Thedollar fell in currency andpeople will have more markets. TheWall Street clarity on the nearer term and navirus will succeed. levels. health-careand real-estate Journal Dollar Index, which September’s supply on fiscal stimulus prospects,” “The uphill climb from here TheDow Jones Industrial sectorsalso broadly fell. measures the currencyagainst said David Lefkowitz, head of is likely to be moregradual, fell 165.81points, or 0.6%, to Amongindividual stocks, 16 rivals,lost 0.2%. TheU.S. was 9% below the equities forthe Americas at but we remain convinced that 28514. TheS&P 500 slid 23.26 shares of Goldman Sachs rose currencyfell against the euro, pre­pandemic UBSFinancial Services. the next 15 months will ulti- points, or 0.7%, to 3488.67, 42 cents, or 0.2%, to $211.23 British pound and Japanese Some investorsremain fo- mately bring newrecord while the Nasdaq Composite afterthe bank reported yen. average of 2019. cused on the longer term, highs,” said ScottWren, ase- declined 95.17points, or 0.8%, sharply higher profit forthe Overseas,the pan-continen- pointing to an expected re- nior global market strategist to 11768.73. thirdquarter. talStoxxEurope 600 edged bound in corporateprofits,an at theWells FargoInvestment Shares of fast-growing Bank of America and Wells down 0.1%. eventual deal on stimulus and Institute, in anotetoclients. companies led the reversal. Fargoboth reported profit de- At middayThursdayinTo- day’sclimb on bullish Chinese the likelihood that at least one Wells Fargohas amidpoint Communications stocks fell clines,sending shares of those kyo, Japan’sNikkei wasdown crude-import data. Brent of the health-carecompanies target of 3850 forthe S&P 500 1.2%, while shares of tech banks down $1.33,or5.3%, to 0.5% and Hong Kong’sHang crude, the global benchmark, vying to createavaccine or by the end of next year,a companies slid 0.6%. Stocks in $23.62and $1.49,or6%, to Seng Indexwas down 1%. U.S. rose 2% to end at $43.32a therapeutic to treat the coro- roughly 10% gain from current the consumer discretionary, $23.25,respectively. stock futures were down 0.2%. barrel and West Texas Inter- mediatefutures,the U.S. gauge, gained 2.1% to close at Brazil Central Bank short-term Brazil’siBovespa Number of listedcompanies in $41.04 abarrel. Both bench- Korean Pop Band interestrate, known as Selic stock index Brazil’sB3exchange operator* marks aremorethan 8% higher than amonth ago, 15% 120000 1,250 liftedbystorm-related supply disruptions in the Gulf of Mex- Releases Hit IPO ico. Lately rising coronavirus 12 100000 1,000 infection ratesand added sup- ply from Libyahavekept BY FRANCES YOON year,and despitethe fact that prices from rising more. Big Hit’sfinancial fortunes are 9 80000 750 In the contextofthe Organ- Theworld’sbiggest boy tightly bound to itsstaract, ization of the Petroleum Ex- band has unleashed a hit IPO. the seven-man BTS. porting Countries’ monthly re- Big Hit Entertainment Co., The deal, which priced late 6 60000 500 port released Tuesday,in the management companybe- last month, raised about $840 which the cartel cut its2021 hind South Korean pop sensa- million. An investment banker demand forecast, the IEA’s tion BTS,made itsmarket de- on the deal said while inves- 3 40000 250 warnings about further coro- but Thursday, capitalizing on tors had some reservations navirus risk mayconcern in- theglobal buzzabout South about the deal’sprice, they vestors. Theagencyslashed its Korean pop cultureand alocal were persuaded by BTS’s demand forecast for the third 0 20000 Weekly 0 fervor for investing. global prospects, especially quarter of 2020 by 200,000 Shares in Big Hit morethan when concertsresume.“Only a 2016 ’17 ’18 ’19 ’20 2016 ’17 ’18 ’19 ’20 2010 ’12 ’14 ’16 ’18 ’20 barrelsaday,but leftits an-

doubled in early trading in few artistsinthe world can *AsofAugustofeach year nual forecasts unchanged for Seoul from their initial public sell out concert stadiums Sources: Brazil CentralBank (interest rate); FactSet (stocks);B3(listedcompanies) this year and next. offering price, lifting the com- acrossmajor cities globally. Behind September’s drop in pany’svalue to the equivalent BTS is one of them,” he said. supply has been a mixture of of about $9.3 billion on afully In August BTS became the Brazil Stimulus EffortsRaise events causing outages among diluted basis.For comparison, firstall-Korean band to top non-OPEC producers, such as Warner Music Group Corp., Billboard’sHot 100 chart, with maintenanceinBrazil and one of the world’s largest re- itsfirst single entirely in Eng- strikeaction in Norway,the cord labels,isvalued at nearly lish, “Dynamite”.Forbes says Inflation Worriesfor Investors IEA said. $15 billion and concert spe- the band took in $170 million While U.S. supply dropped cialist Live Nation Entertain- on the road in 2019,morethan in August and is forecast to do ment Inc. about $12 billion. anyAmerican band except Me- BY PAULO TREVISANI Brazilian stocks,and Brazilian dize loans at interest rates so again in October—hurri- Investor orders for the IPO tallica. It ranked the group AND JEFFREY T. LEWIS companies compose alarge well below market levels. canes have forced precaution- exceeded the shares on offer, 47th on itsCelebrity 100 list portion of emerging-markets That started to come to an aryclosures of Gulf of Mexico even though thecoronavirus for 2020. Brazil’sgovernment funds,thanks mainly to the end in 2017, making room for production—output increased pandemic has upended the —Eun-Young Jeong spurred big gains in stocks in country’sbig commodity pro- the central bank to reduce in- in September,rising by global live-music businessthis contributed to this article. recent years by pursuing aus- ducers such as miner Vale SA terest rates, says Phil Torres,a 400,000 barrels from the pre- terity policies that allowedits and oil company Petróleo senior portfolio manager at vious month. central bank to cut interest Brasileiro SA, or Petrobras. Aegon Asset Management, in That said,supply losses ratestoall-time lows.Now, Concerns already arebeing Chicago. “It’sagigantic from hurricane season and Arbor Investments some worryeffortstofight felt in markets. Brazil’sIbove- change…very healthyand re- from further Norwegian indus- Covid-19 could unravel all that. spa indexisdown15% in the ally very important to attract trial action in October will be Brazil has morecoronavirus year to date, a deeper decline newmoney from offshore,” he morethan offset by resurgent Raises$1.67 Billion deaths than anyother emerg- than Mexico’s main stock in- said, adding that BNDES’sloan supply from Libya, the IEA ing-marketscountryand its dex or India’s. portfolio has shrunk. said.The country’sgovern- BY LAURA KREUTZER as well as businesses that economyhas takenahit. To An increase in the amount ABNDESspokesman said ment has reached a deal with servethe sector,such as pack- counter that, the government is of extra compensation inves- thebank is responsible for renegade Russian-backed com- Arbor Investments, which aging and distribution compa- ramping up spending and ex- tors demand for holding Bra- 24%ofall corporatefinancing mander Khalifa Haftar, who hasbacked food brands that nies. pectations arethat it will have zilian stocks,along with arate in the country, down from 37% had blockaded production include baked goods company Thefirm takescontrolling to do even more, triggering increase,could weigh on the in 2015. there for eight months. Gold StandardBaking and stakes in midmarket compa- concerns Brazil could slide back stock market, said economist Brazilian companies in- The agency said it expects deli meatsproducer Columbus nies, typically investing $100 to populist spending that led to Fernando Ferreira, head of re- creasingly have issued both Libyan supply to rise to Manufacturing Inc., is armed million to $250 million per hyperinflation in the past. search at XP Investimentos. debt and equity.But stocks are 700,000 barrels aday by the with afresh $1.67 billion for platform, according to co- Thefear is that this will “The market is worried now the go-to option for Bra- end of 2020 from 300,000 bar- investmentsinthe food and founder and Chief Executive stokeinflation, eventually about that,” he said. Mr. Fer- zilian investorsbecause of rels aday at itscurrent rate. beverage industry. Gregory Purcell. forcing the central bank to be- reira said he still believes the theirhigher return, driving While Libyaremains ex- TheChicago-based firm has Arbor uses itsmezzanine gin raising rates. From 2014to government will resume aus- more initial public offerings, empt from the OPEC+ supply wrapped up fundraising for funds to provide subordinated this August, it had slashed its terity after the pandemic and analysts say. cuts agreed upon six months two newfunds focused on the debt to companies it backs benchmark funding rate from that will allow the stock mar- Thepandemic upended the ago, increased supply from the sectors, bringing in $1.5billion through itsprivate-equity 14.25% to 2%. Areversalcould ket to resume its rise. multiyear effort to getBrazil’s countrycould provide ahead- in investor commitmentsfor funds. dim the allureofBrazilian Theausterity effortsin- fiscal situation under control. ache forthe cartel, which is its private-equity fund, Arbor Mr.Purcell sees several stocks,which had rallied to re- clude areduced role in the Theeconomyisforecast to still planning to further ease InvestmentsVLP, and $168 forces driving additional in- cordsinrecent yearsasBrazil- economyfor the Brazilian De- shrink by about 5% this year, production cuts on Jan. 1, the million for its second mezza- vestment opportunities in the ians turned away from low- velopment Bank, or BNDES, a while the unemployment rate United Arab Emirates energy nine debt fund, Arbor Debt sector,including an increase in yielding debt. mammoth institution that recently rose to 13.8%. minister said Tuesday. Opportunities Fund II LP. corporate carve-out opportu- Whether that happens mat- bankrolled manyofBrazil’s To remedy the situation, The U.A.E. slashed its out- Shannon Advisorsplaced both. nities from large public com- ters formorethan just Brazil- companies formost of this the government has already put by 440,000 barrels a day Arbor targetsinvestments panies seeking to divest ian investors. Foreign inves- centurybyusing vast amounts spentthe equivalent of $107 in September afterramping up in food and beverage brands, brands that have gotten stale. tors hold about 46% of of taxpayermoney to subsi- billionon stimulus programs. production in the summer. P2JW289000-2-B01300-1------XA

THE WALL STREET JOURNAL. ** Thursday, October 15, 2020 | B13 ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Cool Places for Clothes Sell Groceries

Brands can’t be picky these days, making Target, Walmart and Tractor Supply Co. the hot destinations for apparel

Target, Walmart and Tractor Year-over-year change in foot traffic Supply Co. might not seem like the coolest places to sell apparel, 0% Target but brands can’t afford to be picky these days. Levi Strauss is the latest to em- T.J. Maxx bracethem: Thedenim brand plans Walmart to expand itspresenceto500 from -20 140Targetstoresbynextfall. Levi’shad been selling itslower- priced brand Denizen at Target for almost adecade,but began selling itsmoreexpensivemain label at -40 the big-boxretailer last year and is happy with the results. It is also Levi's launching apartnership with Dick’s Macy's Sporting Goods,another relative winner during the pandemic. -60

These partnerships come as de- S

partment-store sales remain de- NEW pressed. In the most recent re- G ported quarter, Macy’s and

Nordstrom saw sales decline by OOMBER -80 /BL 36% and 52%, respectively, com- June July Aug. Sept. pared with a year earlier. JONES At the same time,massmer- Y Note:In2020, based on anonymized location data from mobile devices.

chantsare winning moreapparel GABB business. Apparel and accessories Levi Strauss plans to expand its presence in Target to 500 of the retailer’s stores from 140 by next fall. Source:Placer.ai sales jumped 11.7% at Target in the quarter ended Aug.1compared turned to pre-pandemic levels. is possible to sell full-priced items to consolidate their shopping trips. best,” with itsmost expensiveprod- with ayear ago, while Walmart- For apparel companies losing at big-box retailers, contrary to As long as the pandemic persists, uctsbeing reserved forits mainline owned Sam’sClub sawits home and business at traditional department the assumption that mass mer- consumers will continue to prefer stores.The shiftcould be even eas- apparel revenue grow 10.8%. Even stores, jumping on the bandwagon chants could sell only budget ap- retail locations that sell necessities ier forbrands that sell morebasic, Tractor Supply Co.saw double-digit of relative foot-traffic winners parel. The brand said on last over those that sell only discre- lessfashionable items,says Simeon percentagegrowth in apparel. such as Walmart and Target seems week’s earnings call that the aver- tionary items. Department stores Siegel, analyst at BMO Capital Mar- Steve Madden is another brand like an obvious solution. Yet many age price of a unit sold at Target were losing foot traffic to big-box kets. Hanesbrands is one example; that gave a shout-out to big-box remain hesitant to make that was higher than the rest of its retailers before Covid-19. It isn’t Walmart and Target areits two retailers in its latest earnings call, switch because they are afraid of wholesale selling channel. More- difficult to imagine a post-pan- largest customers. saying those vendors would be its brand dilution, notes Paul Lejuez, over, Levi’s products didn’t canni- demic world in which people be- As Mr. Siegel notes, brands are “growth customers” in 2021. Wal- analyst at Citigroup. balize the brand’s own longstand- come accustomed to picking up always walking the “tightrope of mart and Target accounted for That stance will get tougher the ing budget line Denizen at Target. fashionable jeans with groceries. staying cool while also trying to 31.5% of Steve Madden’s accounts longer sales remain muted. Some “These are two different consum- Shifting moresales to big-boxre- become ubiquitous.” If the quintes- receivable last year, and the ap- brands prefer to sell to off-price ers,” Levi’s chief executive said. tail seems very doable forbrands sential denim brand shows that it parel brand said in a late July retailers instead, but those sales It is possible that those full- that have obvious pricetierswithin can do it, plenty of others could earnings call that sell-through come with low margins. Levi’s ex- price apparel consumers are pick- their product lines.Levi’s breaks follow suit. rates at those wholesalers had re- perience with Target shows that it ing clothes up at mass merchants down itsselection to “good, better, —Jinjoo Lee City Offices Are a Safer Property Bet Tencent Powers Up Even if big corporations do shrink their offices, they will arguably still want to be in city centers In Game As long as Covid-19 fearskeep also takenadivethis year. commutersaway,city skyscrapers If the impact of e-commerce on will remain empty.Ifremotework- retail property is anything to go by, Streaming ing really takeshold, though, the though, city offices could prove ownersofout-of-townoffices may moreresilient than regional ones. have moretoworryabout. While retailerslikeZara’sowner In- Tencent is already very domi- Thenumber of people using pub- ditex and H&M areclosing shops in nant in mobile games, but a game- lic transport in London and New second-tier locations as sales move streaming giant under its control York is still down 47%and 40% re- online,manyare increasing the size is a nice power-up—and could be a spectively compared with pre-pan- of flagship stores on the busiest new way for the company to pro- demic norms,Google mobility data shopping streets. Retailproperty mote its own content.

shows.Offices in built-up areas less GES valuations have divergedaccord- Chinese game-streaming plat-

accessible by carare in hibernation IMA ingly.City officelandlords areal- forms Huya and Douyu,equivalents mode.British Land, which owns ready collecting morerent than re- of Amazon’sTwitch in China, manycentral London properties as ETTY gional peers, reflecting the blue-chip agreed to merge in an all-stock deal /G

well as some shopping malls,said TT natureoftheir tenants. British Mondaytocreatea$10 billion in-

last week that just 18% of itsoffice PLA Land received 91% of what it was dustrygiant. Tencent, asubstantial tenants’ workersare at theirdesks. owed in September,compared with shareholder of both companies,will

An obvious worryfor landlords is SPENCER the U.K.’s national averageof65%. have a67. 5% voting right in the that companies and employees get Use of public transportation in NewYork is down 40% from pre-pandemic norms. Even if big corporations do combined company. Huyaand toocomfortable with remotework. shrink their offices,they will argu- Douyu, which have morethan 330 Big banks have already said publicly the workforce wasfully remotebe- That probably reflectsadearth of ably still want to be in city centers million monthly activeuserswho that they will need lessreal estate fore the pandemic.Evenifthat transactions as well as lowinterest forclient meetingsand close to watchtop gamersplayvideogames in the future. Facebook expectshalf doesn’t increase dramatically,more rates. ShareholdersinEurope’s transport hubs forthe swelling on their platforms,together have of itsemployees will work remotely workersmight getthe permanent listed officelandlords such as Der- ranks of part-time commuters. Of- morethan 80% of China’sgame- in five to 10 years’ time.That is a option to work from home onceor went London or Inmobiliaria Colo- fice landlords faceareckoning as streaming market. Thecombined bad sign considering tech compa- twiceaweek.This could reducede- nial aremoreskittish. Their stocks remoteworking becomes morecom- companywill without adoubt be nies signed almost one-quarter of mand forofficespacebyupto15%, aretrading 27% and 37% respec- monplace. But those that ownthe the biggest game-streaming plat- major officeleases in the U.S. last Green Street estimates. tively belowthe value of their port- emptiest city center properties to- form in China. Tencent will also fold year,according to Green Street. So far,prime officevaluations folios.Shares in SL Green,Manhat- daylook lessthreatened by vacan- itssmaller platform, Penguin es- In the U.S. and U.K.,5%orlessof have been stable in manymarkets. tan’sbiggest officelandlord, have cies longer term. —Carol Ryan ports, intothe combined company. A growing esportsmarket clearly appeals to Tencent: Huya and Douyu’srevenue have both grownmorethan 40% in the first Goldman Sachs Adds Polish to Trading six months of 2020 from ayear OVERHEARD earlier,with the pandemic helping drivebored homebound people to their platforms.Combining Huya When it comes to Wall Street Goldman Sachs fixed-income and In the third quarter, fixed-in- and Douyuwill givethe newcom- Slack’s ticker is “WORK,” not trading, Goldman Sachs Group is equity trading netrevenue,quarterly come intermediation revenue rose panybetterbargaining power: abig “PLAY.” doing more with less. $7 billion 65% year over year, but financing part of their costsisincentives and Now that remote workers Another big quarter fortrading revenue fell 9%. Equities trading bonuses forthe best streamers. have flocked to the online com- desks acrossWall Street wasgood 6 moved in the same direction. With abiggeruser base and a munication tool, Slack is trying at Goldman Sachs,too,with trad- Trading “was really done with an backer likeTencent, the combined to get offline traction. It ing revenue up 29% from ayear 5 eye toward high velocity turn on companymay be able to explore teamed up with Cole Haan on earlier.Often though, investorsdis- the balance sheet,” Stephen newways to makemoney from their a sneaker seemingly branded count this kind of outperformance. 4 Scherr, chief financial officer, told audiencetoo.Both Huyaand Douyu for today’s tech elite. Not only cantrading resultsvary analysts on Wednesday. makemost of their money from fans It should stick to e-threads. greatlyquarter to quarter,but suc- 3 A less-exposed trading business buying virtual gifts fortheir favorite The reception for the $120 lim- cessfultrades canbebuilt on a can also help the bank’s stress-test players.That is unique to the Chi- ited edition shoes has been surge in riskyassetsand balance- 2 results, which in turn can free up nese market: Platforms likeTwitch poor—perhaps because the knit sheet consumption that depresses more capital for future buybacks and YouTube makemoney mostly design is Slack’s “octothorpe” abank’sultimatereturn on equity. 1 or acquisitions. Mr. Scherr said the from advertising or subscriptions. logo—cooler on a web browser This doesn’t appear to be what bank was “in a good position” with Themergerwill also help fend than as a fashion statement. is happening right now at Gold- its submission for the Federal Re- off competition from newentrants Twitterusers mused whether man. The firm has been trending 0 serve’s special continuing exam. likeBytedance, the owner of Tik- theymakeading sound when toward more efficient production 2018 ’19 ’20 More durable earnings and bet- Tok, and Bilibili, which countsSony the wearer walksorifaninvite of markets revenue, and it made a Source:Visible Alpha ter stress-test results are also big as itsshareholder.These compa- wasnecessary forpurchase. The big leap this quarter. Net earnings reasons why Goldman, and Mor- nies arecompeting foreyeballs for collaboration of ayoung tech from markets were up 130% from a from a year earlier. gan Stanley, are pushing further game-streaming specifically and companywith abrand known for year earlier, even though the busi- Helping drivethis is ashiftof into investment management and online entertainment morebroadly. its old-school officevibe certainly ness had only 3% more equity cap- revenue within trading from fi- consumer financial services. Gold- Adominant platform will mean doesn’tscream “2020.” Slack ital allocated to it. Compared with nancing—lending to clientsto man’s stock is still priced at a dis- morethan just morerevenue from could have teamed with Adidas the second quarter, capital allo- boost their returns—tointermedi- count under 10 times forward game streaming.Tencent could use foranathleisuresuit. Even Crocs, cated to the business actually fell ation, or pairing up buyersand earnings, according to FactSet, the platform to promoteits own cool enough again to at leastbe slightly. This helped improve the sellers, which uses lesscapital. compared with S&P 500 banks games,keep gamersplaying and worn by at-home workers, would annualized return on equity for This is also the fruit of invest- overall at 12 times. More quarters distributenew games.That could be have been abetterfit. global markets to nearly 20%, up ment in technologytoquickly exe- like this could help narrow that. the biggergame Tencent is playing. more than 11 percentage points cutetrades. —Telis Demos —Jacky Wong P2JW289000-0-B01400-17FFFF5178F

B14 | Thursday, October 15, 2020 THE WALL STREET JOURNAL.

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