. ADVERTISEMENT Meet our new, easy-to-use trading platform: thinkorswim® Web. LearnmoreonpageB10. ****** MONDAY, FEBRUARY 1, 2021 ~ VOL. CCLXXVII NO. 25 WSJ.com HHHH $4.00 Last week: DJIA 29982.62 g 1014.36 3.3% NASDAQ 13070.69 g 3.5% STOXX 600 395.85 g 3.1% 10-YR. TREASURY unch , yield 1.090% OIL $52.20 g $0.07 EURO $1.2138 YEN 104.69 Thousands Arrested in Protests in Russia What’s CEOs Explored News Chevron-Exxon Business&Finance Merger in ’20 xxon and Chevron’s Echief executives spoke about combining the oil gi- The chief executives of people said. The discussions ants after the pandemic Exxon Mobil Corp. and Chevron were described as preliminary shook the world last year, Corp. spoke about combining and aren’t ongoing but could according to people famil- the oil giants after the pan- come back in the future, the iar with the talks, testing demic shook the world last people said. the waters for what could year, according to people famil- Such a deal would reunite be one of the largest cor- iar with the talks, testing the the two largest descendants of porate mergers ever. A1 waters for what could be one John D. Rockefeller’s Standard of the largest corporate merg- Oil monopoly, which was bro- Hedge fund Melvin, ers ever. ken up by U.S. regulators in which has borne the brunt of 1911, and would reshape the en- losses from the recent soar- Christopher M. ergy industry. ing prices of heavily shorted By Matthews A combined company’s mar- stocks, lost 53% on its in- , Emily Glazer ket value could top $350 bil- vestments in January. A1 Cara Lombardo lion. Exxon has a market value Citadel Securities, one and of $190 billion, while Chevron’s of the biggest players in Chevron Chief Executive is $164 billion. Together, they global markets, stands to Mike Wirth and Exxon CEO would likely form the world’s benefit from the frenetic Darren Woods discussed a second largest oil company by trading of small investors merger following the outbreak market capitalization and pro- in stocks like GameStop. B1 of the new coronavirus, which duction, producing about seven Amazon is preparing for a decimated oil and gas demand million barrels of oil and gas a labor battle unlike anything and put enormous financial day, based on pre-pandemic in its history after having strain on both companies, the PleaseturntopageA2 for years successfully re- pelled attempts by its U.S. employees to unionize. B1 Silver prices rallied to ALEXANDER ZEMLIANICHENKO/ASSOCIATED PRESS CLASH: Police detain a man at a protest against the jailing of opposition leader Alexei GameStop-Hit Fund start the trading week, fueled Navalny in Moscow on Sunday. Across Russia, police detained some 5,000 protesters. A8 by a wave of fresh enthusi- asm from online traders. B1 Lost 53% in January A national-security panel hunting for Chinese involve- BY JULIET CHUNG horting one another to keep ment in U.S. tech companies buying GameStop stock and call is scrutinizing startup in- Vaccination Delays Put Melvin Capital Management, options. vestments that are months the hedge fund that has borne The frenetic trading is al- or even years old. A5 the brunt of losses from the most certain to continue Mon- soaring stock prices of heavily day and into the week. Broker- China’s economy began the shorted stocks recently, lost ages restricted purchases of new year on a weaker footing, Global Rebound at Risk 53% on its investments in Janu- GameStop and other hot stocks as gauges of industrial and BY DREW HINSHAW the planet—including parts of ary, according to people famil- last week, pulling volumes services activities eased more AND MIKE CHERNEY Europe, Asia and Latin Amer- iar with the firm. down. But more than 50 million than expected in January. A18 Fighting the Virus Biden invites GOP ica—face a longer slog. Melvin’s losses are the most GameStop shares still changed Timetables for vaccinating senators to White House Places from Germany to visible wound in an extraordi- hands Friday. A year ago, vol- World-Wide enough people to effectively to discuss their smaller Mexico are running into seri- nary tussle playing out between ume was just a few million a curb Covid-19 are slipping in aid proposal...................... A4 ous problems sourcing suffi- professional hedge-fund inves- day. On the other side, while many countries, raising fears NFL season turned into cient vaccines. Other countries tors and amateur traders con- PleaseturntopageA2 Timetables for vaccinat- that a large portion of the Covid-19 study............... A14 with low caseloads are less gregating on forums like Red- ing enough people to effec- world will still be battling the pressed to start vaccination dit’s WallStreetBets. The Big trader gets a lift from tively curb Covid-19 are slip- pandemic and its economic ef- campaigns and aren’t eager to amateurs have made Melvin online-buying surge................ B1 ping in many countries, fects well into 2022 or beyond. vaccinating most of their pop- reopen borders anytime soon. their principal enemy and have Market disrupter first wanted raising fears that a large While the U.S. and some ulations by late summer, At the current rates of vacci- gleefully seized the upper hand. to be a track star.................... B5 portion of the world will still other mostly small countries health experts and economists nation, only about 10% of the “Only 47% left to go!!” one user Heard on the Street: Gaming be battling the pandemic are making progress toward are concluding that much of PleaseturntopageA7 posted Sunday. They are ex- out retailer’s outlook........... B10 and its economic effects well into 2022 or beyond. A1 Health-care workers who decline Covid-19 vaccines Home Schooling Catches On are proving to be an unex- Facebook Tightens Military pected obstacle to efforts to disseminate the shots Seizes as widely as possible. A7 Control of ‘Groups’ Myanmar’s military took charge of the country from its BY JEFF HORWITZ partisanship and even calls for Power in civilian-run government, amid violence that inflamed the coun- reports that the country’s ci- Facebook Inc. in 2019 rede- try after the election. vilian leader Aung San Suu signed its flagship product to The changes, which Facebook Myanmar Kyi and other members of her center on what it called Groups, escalated after the Jan. 6 riot at party were detained. A1 forums for like-minded users. the U.S. Capitol, involve over- Myanmar’s military leader Biden invited a group of Re- Chief Executive Mark Zucker- hauling the mechanics of a has seized power from its ci- publican senators to discuss a berg called them the new “heart product that was meant to be vilian-run government, accord- coronavirus relief bill after of the app.” central to its future. ing to a statement broadcast they proposed a $600 billion Now the social-networking Facebook executives were on an army-run television sta- plan and as Democrats pre- giant is clamping down on aware for years that tools fuel- KATE MEDLEY FOR THE WALLtion, STREET JOURNAL after civilian leader Aung pared to advance the initial Groups. The effort began after PleaseturntopageA10 Fueled by frustrations with remote learning during the pan- San Suu Kyi and other mem- $1.9 trillion package. A4 Facebook’s own research found demic, some families are trying to do it on their own. A3 bers of her party were de- that American Facebook Groups Trump donor, Alex Jones tained in a morning raid. The rally in Washington’s became a vector for the rabid facilitated rally.......................... A6 Ellipse that preceded the Jan. Niharika Mandhana 6 riot at the Capitol was ar- By and Feliz Solomon in ranged and funded by a small Sabrina group including a top Trump When Netflix Doesn’t Feel Chill, Singapore and U.S. Parents Search Siddiqui in Washington campaign fundraiser and do- nor facilitated by far-right Try an Old-School TV Channel The coup marks a major show host Alex Jones. A6 iii For a Son Lost in Syria setback to the country’s transi- Police detained thou- tion from military rule to de- sands of protesters who had Choice is mentally exhausting, ‘Baywatch’ mocracy, which began about a taken to the streets across decade ago. Russia to support opposition reruns are not; ‘path of least resistance’ Sam Goodwin was on a quest to visit every The U.S. and human-rights politician Alexei Navalny. A8 groups called on the military country; he was snatched during call home Sunday to adhere to demo- BY CHRIS KORNELIS what I’m in the mood for,” he cratic norms, and the White CONTENTS Outlook....................... A2 says. “If I’m just dropping into BY DION NISSENBAUM ing week, in time to take a House threatened unspecified Arts in Review... A13 Personal Journal A11-12 Business News....... B3 Sports....................... A14 Kyle Dallmann, a 23-year-old the TV show, it doesn’t really seat at the Stanley Cup Final action. Crossword.............. A14 Technology............... B4 nurse in Mankato, Minn., re- give me that option to pick Elizabeth Goodwin was on and see his St. Louis Blues The military has long domi- Heard on Street... B10 U.S. News............. A2-7 cently discovered a channel on what I want to watch. It kind of a Memorial Day getaway in play the Boston Bruins. nated in the Southeast Asian Markets...................... B9 Weather................... A14 the Pluto TV streaming ser- takes that guessing of what I’m 2019 when she got a Face- He held up his phone to country, and tensions have Opinion.............