P2JW081000-4-A00100-17FFFF5178F **** MONDAY,MARCH 22, 2021 ~VOL. CCLXXVII NO.66 WSJ.com HHHH $4.00 Last week: DJIA 32627.97 g 150.67 0.5% NASDAQ 13215.24 g 0.8% STOXX 600 423.35 À 0.1% 10-YR. TREASURY g 27/32 , yield 1.729% OIL $61.42 g $4.19 EURO $1.1907 YEN 108.88 Protests Call for End to Attacks on Asian-Americans Rail Deal What’s News Promises To Link Business&Finance North anadianPacific agreed Cto acquire Kansas City Southern in atransaction val- America ued at about $25 billion that would createthe firstfreight- rail network linking Mex- Canadian Pacific ico, the U.S. and Canada. A1 agrees to acquire The number of Realtors Kansas City Southern has exceeded the number of U.S. homes on the market, as in a $25 billion merger tight housing supply coin- cides with incentives fornew- BY JACQUIE MCNISH comerstobecome agents. A1 GES IMA Many of today’s market Canadian Pacific Railway influencers have appealed GETTY Ltd. agreed to acquire Kansas to followers precisely be- SE/ City Southern in atransaction cause of their disdain forfi- valued at about $25 billion nancial-industry norms. A1 that would createthe first ANCE-PRES freight-rail network linking Tesla would never provide FR Mexico, the U.S. and Canada. the U.S. government with data GENCE Thecombination, which collected by its vehicles in /A faces a lengthy regulatory re- China or other countries,Musk view, is a long-term wager on told aconferenceinChina. B1 JONES an interconnected North ED Blackstone is embarked RAllY: Aprotest in NewYork City’s Chinatown wasone of severalaround the U.S. Sundayagainstattacks on Asian-Americans. American economy. Thethree on the next leg of its ex- The demonstrations followedthe Atlanta-area spashootings in which six women of Asian descent were among eight killed. A3 countries arereopening at dif- pansion with a focus on ferent speeds after the companies with big growth Covid-19 pandemic disrupted prospects, even if it has to supply chains and upended pay up for them. B1 global trade.Rail volumes, which plunged last year, have CBS’s production arm Vaccine Output Leaps Ahead rebounded though backlogsat is venturing into foreign- California ports have delayed language programming importsfromAsia and stalled with German spy show “Ze some U.S. factories. Network,” featuring actor It marks the thirdmajor David Hasselhoff. B2 In U.S. Following Slow Start U.S. railroad that the Canadian Calpers has suspended companyhas targeted in its itssearch foranew chief in- questtocreateatransconti- vestment officer,with CEO BY PETER lOFTUS materials on their own. the three authorized vaccines vaccine and to expeditemate- nental network. Canadian Pa- Frost saying the pension Pfizer figuredout howto is expected to reach 132 mil- rials used in itsproduction. cific abandoned the two prior system needs to recalibrate Covid-19 vaccine manufac- stretch scarce supplies of spe- lion doses forMarch, nearly Theimprovementsand ad- efforts—in 2014and 2016— the job description. B9 turersare ramping up produc- cial filtersneeded forthe vac- triple the 48 million in Febru- dition of J&J’sshot promises amid resistancefromthe take- tion, churning out far more cine production processbyre- ary, according to estimates by to boost supplies in the U.S. as over targetsthemselves as Turkey’s new central- dosesaweek than earlier in cycling them. Moderna analystsatEvercoreISI. health authorities accelerate well as opposition from rivals, bank governor sought to the year,progressthat is ac- shortened the time it needed to The U.S. government also efforts to inoculate enough shippers and U.S. regulators. reassure markets as inves- celerating mass vaccination inspectand packagenewly man- has helped vaccine makersac- people to liftrestrictions and Keith Creel,chief executive tors braced for turmoil af- campaigns in the U.S. ufactured vials of itsvaccine. cess supplies under the De- reopen schools,businesses and of Canadian Pacific,said les- ter Erdogan abruptly fired After a slow start, Pfizer Thecompanies—along with fense Production Act, suppli- other establishments. sons were learned from the his predecessor. A8 Inc.,its partner BioNTech SE Johnson &Johnson,which re- ersand government officials PleaseturntopageA6 failed bids.HeexpectsKansas and Moderna Inc.have cently launched aCovid-19 said. TheBiden administration City Southern’ssupport for World-Wide boosted output by gaining ex- vaccine—also are teaming up said this month it used the act Companyoffers workers a the proposed merger and the perience, scaling up produc- with other firms to further in- to provide $105 million in bonus to get vaccinations... B3 lack of rail-line duplication be- tion lines and taking other crease production. funding to help Merck &Co. Phishing scams hit a high tween the two companies will Covid-19 vaccine manu- steps likemaking certain raw TheU.S.monthly output for makedoses of J&J’sCovid-19 amid pandemic.......................... B4 PleaseturntopageA9 facturers are ramping up production, churning out far moredoses aweek than ear- Buyers Seek Multifamily Units lier in the year,progressthat Schools That Have Been Open is accelerating massvaccina- Many home buyers are looking for properties that caN house tion campaigns in the U.S. A1 multiple generations, as they plan on sharing their homes Several members of Bi- ForMonths Offer Lessons with elderly parents as well as with their adult children. A2 den’sWhiteHouse staff have ties to companies with major Whybuyersbought multigenerational homes stakes in the administration’s 0% 10 20 30 positions on cybersecurity,an- titrust and other policyareas, Principals favorair cleaners, lunch limits; experiments with social pods Caretaking of aging During Covid (April-June 2020) federal disclosures show. A4 parent/relatives Pre-Covid (July 2019-March 2020) Anonprofit advocacygroup BY SARAH TOY AND DOUGLAS BELKIN and regular testing when possible areeffec- To spend moretime with created by Biden’sallies won’t tiveways to reducetransmission of Covid-19 aging parents/relatives set a limit on how much Parents, cities and teachers in many in schools.Other once-lauded tactics,such as money it will raise and won’t places continue to wrangle over how to re- daily temperaturechecks and deep cleaning Cost savings disclose the identities of itsdo- open their schools safely. Meanwhile, teach- of surfaces,havebecome lowerpriorities. nors, the organization said. A4 ers and administrators whose buildings have They also have learned that teachers, not been open for many months have come to their students, are likely the primary trans- Family over18never Mayorkas defended the lefthome DHS’s handling of a surge some hard-earned conclusions about how to mitters of the virus in grade schools, that make it all work. children are likely most at risk of infection of migrantsatthe southern Wanted alarger home that border,saying the agencyis Some of what they learnedisconsistent during lunch time, and that tools such as multiple incomes could afford building capacity to properly with what manyscientistshavebeen tout- portable air cleaners and carbon-dioxide house unaccompanied chil- ing—that masking,ventilation, distancing PleaseturntopageA10 Family over18years old dren as fast as possible. A5 moving back Biden administration Source:National Association of Realtors (survey of 8,212home buyers sentout in July 2020) officials will meet with NewInfluencersJolt Stock Market NATO allies this week on teetering plans to end the war in Afghanistan. A8 BY AKANE OTANI which included a link to Red- dreds of millions of followers Real-Estate Agents The Supreme Court will dit’sWallStreetBetsforum— online. Many of their fans are hear a case in which grow- One Januaryafternoon, could explain whythe stock individual investors who take ers are challenging union Tesla Inc.Chief ExecutiveElon soared. their commentsonthe market Outnumber Homes organizers’ rightstotalk to Musk sent out an 11-character Mr.Musk isn’t alone in as gospel. farmworkersinthe field. A5 tweet: “Gamestonk!!” moving stocks by simply The notion of a market in- His Twitterfollowers tweeting.Public figuresas fluencer isn’t new. Prior gen- The top sliver of high- sprang into action. varied as the Tesla executive, erationswereenraptured by For Sale Nationwide income Americans dodges GameStopCorp.shares venturecapitalist Chamath Pa- star investors like Bill Miller, significantly more in in- surged more than 150% over- lihapitiya, Barstool Sports Peter Lynch and Warren Buf- come taxes than the IRS’s night. Thenextday,analysts founder David Portnoyand fett.They soaked up share- BY NICOLE FRIEDMAN to real estate. methods had assumed, are- threw up their hands.Nothing fund managerCathie Wood holder letters and book recom- He got his license in Octo- search paper estimates. A5 apart from Mr.Musk’stweet— have collectively amassed hun- PleaseturntopageA6 Thered-hot housing market ber,but has yettoland any Spectators from overseas has achieved anumber of deals, as Covid-19-related re- will be barred from attend- milestones this past year.Per- strictions are limiting in-per- ing the Summer Olympics in Reviews Are In: Film Die-Hards INSIDE haps the most telling is this: son interactions with clients. Tokyo, organizers said. A8 Thereare morereal-estate “I’ve learned some aspects Still Love the Big Screen agents than homes for sale in of thebusiness, but it’shard the U.S. to connect with people…that JOURNAL REPORT This phenomenon reflects you’venever met,” Mr.Mitch- Work From Home:How iii both the extremely tight sup- ell said. to manage the hybrid ‘I didn’t even care what movie was going ply of homes on the market TheNational Association of workplace. R1-8 and howsurging prices are Realtors’ membership count to play’; L.A. theaters reopen with limits persuading tens of thousands hasexceeded the number of CONTENTS Outlook....................... A2 morepeople to trytheir hands homes on the market only Arts in Review... A13 Personal Journal A11-12 BusinessNews.......B3 Sports....................... A14 at selling real estate. once before, in December Crossword.............. A14 Technology............... B4 BY R.T. WATSON movies,” said KenRuiz,52, a Michael Mitchell in Boston 2019,when the number of HeardonStreet..