* * * * * * THURSDAY, JUNE 25, 2020 ~ VOL. CCLXXV NO. 148
00
DJIA 25445.94 g 710.16 2.7%
What’s
News
Business & Finance
B usinesses once hopeful
about a smooth reopen-
ing this summer are grap-
pling with whether to close,
stay open or find a middle
way as Covid-19 cases rise
in many states. A1, B1, B3
 U.S. stocks sank amid
fears of renewed lockdown
measures. The Dow, S&P 500
and Nasdaq fell 2.7%, 2.6%
and 2.2%, respectively. B11
 Bayer said it would pay
over $10 billion to settle tens
of thousands of lawsuits
with U.S. plaintiffs alleging
the company’s Roundup
herbicide causes cancer. A1
 The Justice Department
sued Regeneron, accusing the
drugmaker of paying kick-
backs to a charitable founda-
tion to boost sales of its Ey-
lea eye-disease treatment. B1
 The Trump administration
is considering expanding and
raising tariffs on $7.5 billion of
imports from the EU and U.K.
it first imposed last year. A2
 Tesla vehicles scored the
worst among major auto
makers in the company’s
first appearance in an annual
J.D. Power quality study. B1
 Blackstone is throwing
out a key section of its re-
cruiting playbook in a bid to
improve its hiring process
and increase diversity. B1
 Olympus, which has
been under pressure from
ValueAct to improve share-
holder returns, said it plans
to sell its camera unit. B2
 CrossFit’s founder is sell-
ing his gym business, weeks
after saying he was retir-
ing as CEO amid backlash
over his remarks about the
killing of George Floyd. B3
World-Wide
 The spread of the new
coronavirus is picking up
steam in a larger swath of
the U.S. as cases have in-
creased at a faster rate na-
tionwide for nearly two
weeks, an acceleration that
isn’t attributable solely to in-
creased testing, a Wall Street
Journal analysis shows. A1
 An appeals court ordered
a lower-court judge to dis-
miss the criminal case
against ex-national security
adviser Flynn as the Justice
Department requested. A4
 Republican and Demo-
cratic lawmakers’ efforts to
curb police misconduct col-
lapsed, leaving no clear path
for Congress to respond to
protests sparked by the kill-
ings of African-Americans. A1
 The Justice Department
is considering opening a
probe into whether the Min-
neapolis Police Department
engaged in a pattern of un-
constitutional conduct. A3
 A grand jury indicted
three suspects on murder
charges in the death of Ah-
maud Arbery, a black man
fatally shot in Georgia. A3
 A House panel has opened
a probe into the sale of loca-
tion data drawn from millions
of U.S. mobile phones to law-
enforcement agencies. A4
 The DNC said Biden will
accept the presidential nom-
ination in Milwaukee, but
the party will urge delegates
to skip the convention due
to coronavirus concerns. A4
 Poland’s president, in a
visit to the White House,
asked Trump not to withdraw
U.S. troops from Europe. A9
CONTENTS
Banking & Finance B10
Business News...... B3
Capital Account.... A2
Crossword.............. A14
Heard on Street.. B12
Life & Arts....... A11-13
s 2020 Dow Jones & Company, Inc.
All Rights Reserved
NASDAQ 9909.17 g 2.2% STOXX 600 357.17 g 2.8%
KEVIN LAMARQUE/REUTERS
Washington, D.C., police kept protesters clear of part of Black Lives Matter Plaza near the White
House on Wednesday as Democrats and Republicans were deadlocked over a police reform bill.
Overhaul of Police Policy
Hits Impasse in Congress
BY KRISTINA PETERSON
AND AARON ZITNER
WASHINGTON—Republi-
can and Democratic lawmak-
ers’ efforts to curb police mis-
conduct collapsed, leaving no
clear path for Congress to re-
spond to the nationwide pro-
tests sparked by the killings of
African-Americans.
The impasse hardened
Wednesday when Senate Demo-
crats blocked a Republican bill
they deemed inadequate and
the GOP criticized Democrats
for being unwilling to even be-
gin debate on the legislation.
The Democratic-controlled
‘Crush This Lady.’
How eBay Tried
To Silence Critic
Alleged campaign involved live cockroaches,
pornographic videos and bloody pig mask
BY KIRSTEN GRIND
AND SEBASTIAN HERRERA
The box of live cock-
roaches delivered to their
door was the last straw for
David and Ina Steiner.
For more than two de-
cades, the professional col-
lectors ran a niche e-com-
merce blog out of their home
in the Boston suburbs, with a
focus on Amazon.com Inc.
and eBay Inc.
Then, last August, the
couple started receiving
threatening emails and
tweets. Not long after, ac-
cording to federal investiga-
tors, a package arrived with
a mask of a bloody pig’s
head. Next, they received a
Markets..................... B11 funeral wreath. Neighbors
Media & Technology B4
Opinion.............. A15-17 were sent pornographic vid-
Sports....................... A14 eos addressed to one of the
U.S. News......... A2-A6 Steiners. Strange cars
Weather................... A14
World News....... A8-9
seemed to follow them
around their small town of
Natick, Mass.
> They repeatedly called the
local police, who say they
initially thought the inci-
dents might be pranks. The
Steiners photographed one of
the suspicious vehicles tail-
ing them. With the photo,
10-YR. TREAS. À 8/32 , yield 0.683%
House is expected to pass a ri-
val bill Thursday, but the GOP-
run Senate has said it has no
intention of taking it up, leaving
lawmakers blaming each other.
“This bill lost because it
was woefully inadequate,” Sen.
Chuck Schumer of New York,
the chamber’s Democratic
leader, said of the GOP bill. “It
never would have passed and
McConnell provided no path to
improve it,” he said, referring
to Senate Majority Leader
Mitch McConnell (R., Ky.).
Republicans countered that
they had been ready to negoti-
ate on any aspect of the bill,
but were thwarted by Demo-
the local police tracked the
license plate to a rental car
checked out to a Veronica
Zea, staying at Boston’s Ritz-
Carlton hotel along with a
man named David Harville,
according to an affidavit
from a Federal Bureau of In-
vestigation agent working
the case.
Then the police discovered
something really curious:
Both Ms. Zea and Mr. Har-
ville worked for eBay, the
$34 billion online market-
place based more than 3,000
miles away in San Jose, Calif.
The once dominant site was
a frequent target of the
Steiners’ blog posts on their
site, called ECommerceBytes.
That discovery kicked off
a criminal investigation into
an alleged corporate harass-
ment campaign that reached
into eBay’s executive ranks.
The campaign was as bold as
it was bizarre, beginning
with pranks inspired by the
1988 movie “Johnny Be
Good” and escalating to
more sinister threats and
stalking, according to the af-
fidavit.
On June 15, the U.S. attor-
Please turn to page A10
WSJ.com HHHH $4.
OIL $38.01 g $2.36 GOLD $1,765.80 g $6.30 EURO $1.1252 YEN 107.04
Virus Spread
Accelerates
Across U.S.
Faster growth rate is the start of the month, a sign of
recent increases in new cases.
uneven and isn’t solely The seven-day average of
attributable to testing; new cases nationwide has been
growing faster than the 14-day
early hot spots improve average since June 13, after lag-
ging behind it since late April.
The spread of the new coro- Comparing the one- and two-
navirus is picking up steam in a week averages of new cases
larger swath of the U.S. as cases helps smooth out anomalies in
have increased at a faster rate the data, such as states not re-
nationwide for nearly two porting cases during a weekend.
weeks, an acceleration that isn’t New York and nearby states
attributable solely to increased such as New Jersey were early
pandemic hot spots, but cases
By Sarah Krouse, and deaths in those states con-
Anthony DeBarros tinue to fall. Now, public-health
and Brianna Abbott officials are expressing concern
about rising case counts, the
testing, a Wall Street Journal positive percentage of tests, and
analysis shows. hospitalizations in Southern
Thirty-three states, from and Western states.
Oklahoma to South Carolina With the virus having killed
and Washington, had a seven- almost 122,000 people in the
day average of new cases on U.S., governors of several states
Tuesday that was higher than have started to take new mea-
their 14-day average, according sures in the absence of uniform
to a Journal analysis of Johns guidance from the federal gov-
Hopkins University data. That ernment. Democratic governors
was the situation in 21 states at Please turn to page A6
New Outbreaks Dog
Business Reopenings
BY COLLIN EATON delay the planned July reopen-
ing for its theme parks in Cali-
Businesses from factories fornia and Florida, saying the
and offices to salons and bars, company is forcing them into
once hopeful about a smooth unsafe situations. Disney re-
reopening this summer, are sponded late Wednesday, say-
now struggling with whether ing that it would postpone the
to close, stay open or find scheduled reopening of its
some in-between as the num- park in Anaheim, Calif., which
crats’ unwillingness to debate. ber of cases of Covid-19 in- had been set for July 17. Dis-
“To refuse to even allow de- creases in dozens of states. ney also is considering post-
bate on this bill suggests that Apple Inc., which said Fri- poning the July 24 opening of
Democrats are more interested day it would close nearly a “Mulan,” the first major studio
in attempting to score political dozen stores in four states, theatrical release on the
points on this issue than in ac- said Wednesday it would shut schedule, as the virus compli-
tually doing anything about seven more in the Houston cates plans to reopen cinemas.
reform,” Senate Majority Whip area, where cases have doubled Mounting signs that the
John Thune (R., S.D.) said on so far this month. Restaurants spreading virus will be a per-
the Senate floor. around the country that re- sistent foe to economic re-
Lawmakers reacted with cently reopened have closed opening helped lead the Dow
horror to the killing of George again for anywhere from three Jones Industrial Average down
Floyd in police custody in late days of deep cleaning to two 2.7% on Wednesday, its worst
May and agreed that an over- full weeks so that staff could performance since June 11.
haul of police laws was self-quarantine after outbreaks. The International Monetary
Please turn to page A2 In California, where new Please turn to page A5
cases reached new highs Tues-
 U.S. weighs broader probe of day, workers for Walt Disney  Fears of new lockdown
Minneapolis police ................. A3 Co. pressed the company to hammer stocks........................ B11
INSIDE Bayer to Pay
More Than
ADRIAN DENNIS/AGENCE FRANCE-PRESSE/GETTY IMAGES
$10 Billion
In Roundup
ETIENNE LAURENT/EPA/SHUTTERSTOCK
Settlement
Bayer AG said it would pay
more than $10 billion to settle
tens of thousands of lawsuits
with U.S. plaintiffs alleging the
company’s Roundup herbicide
causes cancer, a milestone in
THE MIDDLE SEAT BUSINESS & FINANCE
Travel reward cards’ Tesla falls short in By Ruth Bender,
Laura Kusisto
perks don’t do much closely watched
and Sara Randazzo
good when few are customer survey of
traveling. A11 auto makers. B1 the German company’s legal
battle that has been weighing
down its share price for nearly
two years.
These Shoes Are Made Investors have long been
waiting for a settlement to
For Running—and Little Else bring clarity over how much the
litigation will cost Bayer, fol-
i i i lowing its 2018 purchase of U.S.
agricultural giant Monsanto Co.
Oversize sneakers are popular, The deal brought the com-
pany thousands of Roundup-re-
but terrible for walking lated lawsuits. Three jury-trial
losses tanked shares and
BY JOHN CLARKE “I flipped backwards,” Ms. sparked a revolt among share-
Wilson, 35, said. “I might have holders angry at Bayer’s man-
Cassandra Wilson wanted a screamed.” She was unhurt ex- agement for plunging the com-
competitive edge in her next cept for her pride. pany into one of the worst
marathon, so she tied on a Running sneakers with over- crises in its history with the $63
new trendy pair of clunky, size midsoles are designed to billion Monsanto acquisition.
oversize sneakers. The inaugu- increase performance and re- Wednesday’s deal, which
ral run, earlier this year, went duce injury. In recent years, the follows months of heated talks
OK. It was walking that was shoes have increasingly grown between Bayer and plaintiffs’
difficult. bigger. Now they have some attorneys, doesn’t change any-
As she descended the stairs users tripping over themselves. thing in Bayer’s view that gly-
at a bus stop in Ottawa, On- “CAUTION,” warns Hoka phosate, the active ingredient
tario, she misjudged a step, One One, the Goleta, Calif.- in Roundup, is safe and
tripped, and cartwheeled down based brand that popularized doesn’t cause cancer.
past shocked commuters. Please turn to page A9 Please turn to page A8
A2 | Thursday, June 25, 2020
CAPITAL ACCOUNT | By Greg Ip
Return to Full Employment Is Urgent for Poor
When the
economy slid
into recession
in February, it
wasn’t just the
strongest job
market in a generation that
died. So did a bold experi-
ment in how tight labor mar-
kets could reverse a genera-
tion-long rise in inequality.
The preliminary findings
were tantalizing. As unem-
ployment dropped below 5%,
and then below 4%, groups
long left behind—African-
Americans and Hispanics,
workers stuck in low-paid
jobs, those with disabilities
or criminal records—saw
their pay accelerate and job
opportunities expand.
With no sign of inflation,
the Federal Reserve stood
aside and cheered. “We
heard over and over again
that this is the best labor
market we’ve seen in our
lifetime,” Fed Chairman Je-
rome Powell told senators
last week. In poor and work-
ing-class communities, he re-
called being told: “Please
don’t change what you’re do-
ing. This is really working.”
Was this experiment
doomed from the start? Ac-
cording to conventional wis-
dom, inequality results from
U.S. Eyes
Expanding
Tariffs on
EU Goods
BY JOSH ZUMBRUN
The Trump administration is
considering expanding and rais-
ing tariffs on $7.5 billion of im-
ports from the European Union
and U.K. that it first imposed
last year, part of a long-running
dispute at the World Trade Or-
ganization that faults European
countries for subsidies to air-
craft manufacturer Airbus SE.
The Office of the U.S. Trade
Representative filed paperwork
late Tuesday that would allow
companies to comment on a
proposed increase to as high
as 100% on all goods already
tariffed and broaden the list to
tariffs on new items such as
certain coffees and olives.
The comment period ends
July 26, after which the U.S.
could act. The action would be
about the time that the EU
and U.K. are expected to win a
parallel case at the WTO that
would fault the U.S. for its
subsidies of Boeing Co. The
WTO case would allow the Eu-
ropean countries to respond
with tariffs of their own.
The WTO rulings are in-
tended to create an incentive
for a negotiated settlement of
subsidies over the large air-
craft manufacturers, but could
lead to a new round of tariff
escalation instead.
The U.K. was part of the EU
when the case began and when
the ruling last year authorized
U.S. tariffs, and remains in-
volved in the dispute after
leaving the trade bloc.
The U.S. previously identi-
fied more than $20 billion of
European imports that it could
hit with duties as part of the
dispute. The items have
largely been culturally signifi-
cant foodstuffs, a move de-
signed to hit European pride.
In Tuesday’s filing, the U.S.
identified an additional $3.1
billion of goods that it could
tariff, including olives, choco-
lates, coffee, vodka, gin, beer
and potatoes.
A EU spokesman said that
the U.S. move “creates uncer-
tainty for companies and in-
flicts unnecessary economic
damage on both sides of the
Atlantic,” and said that by
adding new items to the list
the EU was “concerned that
this might even go beyond
what is authorized under the
WTO.”
The USTR’s actions so far
have been in accordance with
the WTO’s ruling. In October,
the U.S. won a WTO case that
had stretched nearly a decade
and a half. In the ruling, the
WTO allowed the USTR to im-
pose tariffs as high as 100% of
goods of its choosing.
The WTO, however, allowed
the USTR to hit only $7.5 bil-
lion worth of goods, a range
that the USTR has stuck to.
deep-seated, slow-moving
forces. Recessions and ex-
pansions have only tempo-
rary influences, so gains by
people at the bottom of the
income ladder don’t last.
But that conventional wis-
dom has begun to change.
We now know the business
cycle’s influences aren’t
purely cyclical: In the labor
market, they cast a long
shadow.
A
new study looks at
earnings of prime-
aged men (25 to 54)
since the early 1970s and
finds two distinct trends: a
steady rise at the top rela-
tive to the median, and a
saw-toothed decline at the
bottom, with the decline oc-
curring around recessions.
Authors Jonathan Heath-
cote and Fabrizio Perri of
the Minneapolis Fed and Gio-
vanni Violante of Princeton
agree with the consensus
that inequality mainly re-
flects a long-run rise in the
premium paid to high-skilled
workers. But those forces
would have been far less po-
tent without recessions.
A worker’s wages reflect
both his abilities and educa-
tion plus training and experi-
ence. Low-skilled men whose
ECONOMY
IMF Sees an Even
Sharper Contraction
Economists at the Interna-
tional Monetary Fund say the
global economy will contract
even more sharply than their es-
timates released in April, which
projected the steepest recession
since the Great Depression.
The IMF said Wednesday
that the global economy would
shrink 4.9% this year, compared
with its April estimate of 3%.
The lending institution down-
graded its 2020 forecast for all
major economies, citing eco-
nomic data that was even grim-
mer than expected in April.
Most countries are beginning
to emerge from the lockdowns to
stem the spread of the coronavi-
rus. In many cases there are en-
couraging signs that large num-
bers of workers are returning to
work and economic activity is
stabilizing or even picking up.
But in sum, the world has
made less progress than ex-
pected in April in terms of com-
bating the pandemic and salvag-
ing businesses, and so the
forecasts have deteriorated.
Among the hardest-hit econo-
mies is the U.S., which is fore-
cast to shrink 8% this year.
—Josh Zumbrun
Policing
Revamp
At Impasse
Continued from Page One
needed. Disagreements over
the role of the federal govern-
ment and how much legal pro-
tection police officers should
retain quickly undermined
that early consensus. Election-
year politics, combined with
pressure from activists out-
raged by police killings, sent
lawmakers back into familiar,
partisan corners.
A debate that had quickly
consumed Congress effectively
ended Wednesday when the
bill from Sen. Tim Scott of
South Carolina, the only black
GOP senator, drew 55 votes,
short of the 60 needed for the
Senate to begin considering it.
The House is scheduled to pass
a Democratic bill late Thurs-
day, but it is opposed by Presi-
dent Trump and has no path to
passage in the GOP-led Senate.
Democrats said Mr. Scott’s
bill was insufficient even as a
starting point for negotiations
on the floor. The legislation
would collect more data
around controversial police
practices, establish new train-
ing programs and widen the
use of body cameras, among
other proposals, but wouldn’t
take more far-reaching steps
to curb officers’ legal protec-
tions or change standards for
prosecution.
“We are part of a move-
ment that started a long time
U.S. NEWS
How Recessions Drive Inequality
The relative earnings of lower-income men fall sharply in
recessions and often don't recover.
Earnings at 20th percentile*
as percentage of median
70%
RECESSION
60
50
40
30
20
1970 '80 '90 2000 '10
*Earns more than 20% and less than 80% of all men aged 25-54
Source: Jonathan Heathcote, Fabrizio Perri and Giovanni L. Violante
wages have been squeezed
can still get ahead by gain-
ing experience on the job.
But when they lose their job
in a recession, these men
face a double-whammy: The
shift to high-skilled work
continues, while they miss
out on the chance to learn
new skills. After a while,
many simply drop out.
Wages do suffer in a re-
cession, but they typically
recover. Not so the decline
in employment. Back in 1967,
BIG ATTRACTION: An elephant at Zoo Atlanta, now open for over a month, drew a crowd Wednesday.
IRS
Interest Paid on Late
Refunds Set to Grow
Many Americans receiving tax
refunds this spring and summer,
including some who haven’t filed
their returns yet, will receive inter-
est payments from the Internal
ago and this movement will
not be deterred,” Sen. Kamala
Harris (D., Calif.), part of a
small group of Democrats who
met privately with Mr. Scott
about his bill, said after the
vote. “This movement will not
accept anything less than real,
substantial, substantive solu-
tions.”
Mr. Scott, in a speech on
the Senate floor, said he told
Democrats he would be willing
to take amendment votes on
any changes they sought to his
bill. He pinned the bill’s col-
lapse on Democrats’ unwilling-
ness to hand Republicans a
victory in the months leading
up to November’s election and
a calculation that they might
be in a position to pass their
own legislation after it.
“They cannot allow this
party to be seen as a party that
reaches out to all communities
in this nation,” Mr. Scott said.
Democrats, he said, believe
that “all they have to do is win
the election, then roll in Janu-
ary and they get the chance to
write the police reform bill
CORRECTIONS  AMPLIFICATIONS
Charles Booker is a mem-
ber of the state House in Ken-
tucky. A U.S. News article on
Tuesday about Democratic pri-
mary races incorrectly said he
is a state senator.
In some editions Wednes-
day, a World Watch article
about the India-China border
was incorrectly labeled as In-
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
Share of men aged 25-54
with no earnings
15.0%
RECESSION
12.5
10.0
7.5
5.0
2.5
0
1970 '80 '90 2000 '10
just 2.5% of prime-aged men
weren’t working. By 2011,
that had topped 14%.
Inequality would likely
have increased even without
recessions. Those at the top
have continued to pull away
from the middle. Racial dis-
parities and other institu-
tional obstacles would still
exist. But the gap between
those at the bottom and the
middle may not have wid-
ened nearly as much. The
study found that the expan-
U.S. WATCH
Revenue Service for late refunds.
The IRS decision, announced
Wednesday, stems from a quirk in
the tax code and in the way the
filing deadline for individuals was
extended to July 15.
In a typical year, the tax code
requires the IRS to start paying
interest if a refund is held up for
more than 45 days beyond the
without our support at all.”
Mr. Trump criticized Senate
Democrats for blocking the Re-
publican bill. “They want to take
away a lot of the strength from
our police and law enforcement
generally, and we can’t live with
that,” the Republican president
Democrats have
been under pressure
from activists to
block the GOP bill.
said during a news conference
at the White House.
In both the Senate and
House, lawmakers introduced
legislation without first ham-
mering out agreements with
colleagues across the aisle. At
times, the spectacle of partisan
bills publicly failing has prod-
ded lawmakers to work in
small groups to try to find a bi-
partisan consensus. But there
were no indications Wednesday
dochinese border.
Notice to readers
Wall Street Journal staff
members are working re-
motely during the pandemic.
For the foreseeable future,
please send reader comments
only by email or phone, using
the contacts below, not via
U.S. Mail.
* **** THE WALL STREET JOURNAL.
sions from 1991 to 2001 and Instead of inflation, the
from 2009 to 2020 lasted 1990s and early 2000s ex-
long enough to reverse all of pansions ended with finan-
the relative decline in in- cial booms and busts. Yet
comes of the bottom 20%. there was little sign of such
a bubble in February.
W
hen an expansion The lessons, though,
lasts that long, aren’t lost: They underscore
things thought per- the urgency of returning to
manent may turn out not to full employment, not just for
be. The proportion of the its own sake but to keep
adult population either those at the bottom from
working or looking for work falling behind again.
steadily dropped after the Reopening the economy
2007-09 recession. Many would be the most effective
economists attributed that boost to employment, but
to retiring baby boomers and that depends on the pan-
prime-aged adults giving up demic and social distancing.
looking. But in 2015, partici- After that comes the Fed.
pation reversed course and But with rates near zero, it
rose for key groups: prime- is largely out of ammunition.
aged men, high-school drop- That leaves fiscal policy.
outs and African-Americans. Borrowing more to prop up
If the pandemic and asso- jobs and spending raises the
ciated lockdowns had never national debt. It could drive
come along, would inequality up interest rates. Wrongly
have continued to narrow? It designed, it could discourage
isn’t an academic question: instead of encourage work.
Business cycles exist, but But those costs are lim-
they die for different reasons ited because interest rates
now. It used to be that when are so low, and with the
unemployment was low economy well below capac-
enough to boost wages, in- ity, new federal borrowing
flation would soon follow, should translate quickly to
which the Fed would stamp higher gross domestic prod-
out with higher rates. But uct. And as for the benefits:
since 2000, inflation has A faster return to full em-
barely responded to unem- ployment does even more
ployment. good than we once knew.
ADMINISTRATION
Another Top Adviser
To Exit Economic Post
A top White House econo-
mist is stepping down, becoming
the latest high-level economic
policy staffer to exit the Trump
administration.
The White House said
Wednesday that Tomas Philip-
son, the acting chairman of the
Council of Economic Advisers,
will depart next week, leaving
the three-member panel with
one person. Mr. Philipson didn’t
respond to a request for com-
ERIK S. LESSER/EPA/SHUTTERSTOCK
ment, and a White House
spokesman declined to elaborate.
Mr. Philipson’s departure
comes days after his predecessor,
Kevin Hassett, completed a three-
month stint advising President
Trump on the economic response
to the coronavirus pandemic. An-
drew Olmem, the deputy director
of the National Economic Council,
left his job last week.
original tax-filing deadline. Nor- Two people familiar with the
mally, that means refunds issued matter said Mr. Philipson was
after the end of May come with being forced out.
interest. The tax-code section gov- The moves leave a void in
erning interest payments says the the administration’s economic
45-day period is determined from policy team as Mr. Trump and
the due date without regard to Congress grapple with how to
extensions. So interest started ac- bolster an economy still reeling
cruing on April 15, not on July 15. from the coronavirus pandemic.
—Richard Rubin —Nick Timiraos
that any substantive negotia-
tions were under way.
Sen. Dick Durbin (D., Ill.)
and Human Rights asked sena-
tors to oppose the procedural
debate on the bill, as did the
said he hoped the Judiciary
Committee would revisit the
issue, but the panel’s chair-
Congressional Black Caucus.
The House Democratic leg-
islation includes measures op-
man, Sen. Lindsey Graham (R.,
S.C.) was noncommittal.
Democrats urged activists
posed by Republicans that
would make it easier to prose-
cute police officers for mis-
to maintain pressure on law- conduct and allow civilians to
makers to keep them from recover some damages if their
abandoning the issue. “To the constitutional rights are found
activists: Stay at it. Everything to have been violated by po-
that we’re doing right now has lice, a change to the doctrine
been given strength because of known as qualified immunity.
your demands,” said Sen. Cory Republicans worried curbing
Booker (D., N.J.). those protections would make
Democrats have been under it harder to recruit police offi-
pressure from civil-rights ac- cers and hinder their ability to
tivists to block the GOP bill act as needed while on duty.
from advancing, another hurdle Mr. McConnell has called
to the kind of bipartisan com- the Democratic bill a non-
promises typically needed to starter. “The House version is
pass legislation. In a letter going nowhere in the Senate,”
signed by 138 organizations he said last week.
and attorneys this week, the —Natalie Andrews
Leadership Conference on Civil contributed to this article.
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THE WALL STREET JOURNAL.
U.S. Weighs
A Broader
Minneapolis
Police Probe
BY SADIE GURMAN
AND CHAD DAY
WASHINGTON—The Justice
Department told lawmakers it
is considering opening a fed-
eral investigation in the wake
of George Floyd’s killing into
whether the Minneapolis Po-
lice Department engaged in a
pattern of unconstitutional
conduct.
Such an inquiry would be in
addition to a federal civil-
rights investigation that is
looking specifically into Mr.
Floyd’s killing in police cus-
tody. The broader probe would
explore whether the police in
Minneapolis have a history of
discrimination, excessive force,
illegal stops and other miscon-
duct, and it could prescribe a
list of remedies.
The move would mark a
shift in the department’s ap-
proach to such investigations,
which are known as pattern-or-
practice probes. The depart-
ment under President Trump
has significantly curtailed such
inquiries, focusing instead on
providing police departments
money and resources for fight-
The probe would
examine whether
police systematically
violated civil rights.
ing violent crime and other ad-
ministration priorities.
The Obama administration
launched about two dozen
probes as part of its effort to
overhaul troubled police agen-
cies before and after the 2014
police killing of Michael Brown
in Ferguson, Mo., sparked na-
tionwide protests and calls for
reform. Many of them ended in
court-approved agreements
giving the Justice Department
oversight of the local agency.
Attorney General William
Barr has given little public indi-
cation he would be interested
in an expansive look at the po-
lice force. He and other Repub-
licans have said federal consent
decrees resulting from such in-
vestigations can be costly for
cash-strapped cities, which
must pay for court-appointed
monitors, technology and train-
ing. They also say federal scru-
tiny hurts police morale and
can lead to spikes in crime
when officers pull back.
But pattern-or-practice
probes are getting unusual in-
terest from one powerful Re-
publican after Mr. Floyd’s kill-
ing. Sen. Roy Blunt (R., Mo.),
said Tuesday that he spoke to
the attorney general about his
position, sent him a letter and
expects a response soon.
“I hope the response is,
‘We’ve decided to put that tool
back in the toolbox so we can
use it if we see departments
where there’s apparent systemic
problems,’ ” Mr. Blunt said.
A Justice Department
spokesman pointed to Mr. Barr’s
comments in a CBS interview
this month in which he said he
didn’t necessarily think a pat-
tern-or-practice investigation at
that point was warranted.
City officials in Minneapolis
didn’t immediately respond.
The state of Minnesota has
launched a civil-rights investi-
gation into years of “systemic
discriminatory practices” by the
Minneapolis Police Department.
A veto-proof majority of city
council members meanwhile
has promised to defund and dis-
band the agency and replace it
with a new system based on a
community-health model rather
than a punitive model.
In an expansive federal in-
vestigation, which can take
years, Justice Department law-
yers interview local officials, go
on ride-alongs with officers,
talk with community groups
and residents and pore over
documents, from training man-
uals to court files, before issu-
ing a public report.
The Justice Department then
works with local police to im-
plement an array of changes of-
ten outlined in a consent de-
cree between the two parties,
which becomes a federal court
order overseen by a monitor. If
the government is unable to
reach such an agreement, it can
sue to force the reforms.
Department officials sent a
letter to Senate Democrats last
week saying an investigation
remains an option.
* * * * *
Men Indicted in Arbery Shooting
Three suspects face
murder charges in the
death of a 25-year-old
black man in Georgia
BY SABRINA SIDDIQUI
A grand jury indicted three
suspects on murder charges in
the death of Ahmaud Arbery, a
25-year-old black man who
was fatally shot while out run-
ning in southeast Georgia.
Cobb District Attorney Joy-
ette M. Holmes announced
that the Glynn County grand
jury returned an indictment,
which formally charged each
of the three white suspects,
Gregory McMichael and his
Wisconsin Governor Calls In National Guard to Protect State Capitol After Unrest
Wisconsin Gov. Tony Evers
deployed the National Guard
Wednesday afternoon to help
protect the state Capitol and
other sites in Madison after a
night of protests led to the top-
pling of statues, an attack on a
state senator and attempts to
enter the capitol building.
The governor said the Wis-
consin National Guard’s Quick
An Officer’s Three Killings Grip a Milwaukee Suburb
BY JESSICA DONATI
In the wake of the George
Floyd killing, protests over the
fatal shootings of three people
by the same Milwaukee-area
police officer have gripped a
mostly white suburb on a near-
daily basis.
Most recently, Alvin Cole, a
black teenager, was shot five
times while fleeing police with
friends in February after police
received reports of a distur-
bance at a mall involving some-
one with a gun.
Mr. Cole was the third per-
son to be killed by the same of-
ficer in five years in Wauwa-
tosa, a community of about
48,000 west of Milwaukee. Two
of the victims were black; the
third was Native American and
Hispanic. No other fatal shoot-
ings by police have taken place
An older brother of Alvin Cole during a protest this month.
Thursday, June 25, 2020 | A3
U.S. NEWS
son, Travis McMichael, and sparked a national outcry. All arrests were made as the case string of alleged neighborhood
William Bryan Jr., with nine
counts, including felony mur-
three men are being held with-
out bond in Glynn County jail.
made its way through three
prosecutors. Georgia Attorney
burglaries. Mr. Bryan, 50, joined
the pursuit and helped trap Mr.
der and aggravated assault. The indictment came after a General Chris Carr appointed Arbery between his and the
“This is another step for-
ward in seeking justice for Ah-
judge ruled that there was
probable cause to try all three
Ms. Holmes to prosecute the
suspects in the case on May 11,
McMichaels’ vehicles, prosecu-
tors said. Mr. Arbery briefly
maud,” she said Wednesday. defendants on murder charges days after the video showing struggled with Travis McMi-
Although most courts in at a preliminary hearing on the fatal shooting went viral. chael, 34, and was hit with
Georgia remain closed due to June 4, where state prosecutors The GBI arrested the McMi- three bullets.
the pandemic, the district attor- laid out evidence that they said chaels on May 7. Mr. Bryan All three defendants are be-
ney’s office said it was able to demonstrated Mr. Arbery was was arrested on May 21. ing represented by separate le-
present the case Wednesday un- “chased, hunted down and ulti- A murder conviction in gal teams. Attorneys for Greg-
der a judicial order that allows mately executed” by the men. Georgia carries a minimum ory McMichael said his client’s
grand juries that already are A special agent in charge sentence of life in prison, ei- actions don’t constitute aiding
impaneled or are recalled from with the Georgia Bureau of In- ther with or without parole, or a murder. Lawyers for Travis
a previous term to assemble. vestigation also testified at the death penalty. McMichael argued he acted in
The three suspects previ- the hearing that Travis McMi- Gregory McMichael, a 64- self-defense.
ously were charged with fel- chael was heard saying racial year-old retired investigator, An attorney for Mr. Bryan,
ony murder in the Feb. 23 slurs over Mr. Arbery’s body initially told police he and his who filmed the shooting, said
death of Mr. Arbery, which after he shot him. son armed themselves and pur- his client was simply a witness
was captured in a video that For more than two months sued Mr. Arbery because they to Mr. Arbery’s death and
spread online in May and after Mr. Arbery’s death, no believed he was a suspect in a didn’t commit any crimes.
EMILY HAMER/WISCONSIN STATE JOURNAL/ASSOCIATED PRESS
Reaction Force would support lo- The group toppled two statues of a man arrested earlier in the drew a contrast between Tues-
cal law enforcement to ensure on the Capitol grounds, including day who had been using a bull- day’s unrest and the many
the exercise of First Amendment that of Hans Christian Heg, an horn and carrying a baseball bat peaceful protests seeking racial
rights while protecting the safety anti-slavery activist, and threw as he berated lunchtime diners justice following the police killing
of the public and state buildings. one in a lake, police said. Capitol in a downtown restaurant. The of George Floyd in Minneapolis.
State Sen. Tim Carpenter, a police shot pepper spray from in- protesters blocked traffic and “Any single act of injustice
Milwaukee Democrat, tweeted side the building to prevent the later broke windows, threw a against one person is less justice
out a video at 4 a.m. Wednes- group from entering, police said. Molotov cocktail into a city- for all of us, and the people who
day and said he was kicked and Tuesday evening, about 200 county building and attempted committed these acts of violence
punched by protesters as he to 300 protesters took to the to enter the Capitol, police said. will be held accountable,” he said.
took a video of them. streets demanding the release The governor, a Democrat, —Joe Barrett
in Wauwatosa over the period. continue “until all our demands The police chief, Barry We- video available contradict the
The district attorney’s office are met.” ber, told reporters five days af- assertion that he fired first.
has said it would decide The police department said ter the shooting that Mr. Cole They believe Mr. Cole was toss-
whether to charge the officer this month that each of the fa- was armed with a stolen 9mm ing the gun away and shouting
with homicide for Mr. Cole’s tal shootings involving Mr. handgun and fired first after a “no gun” when the officer fired.
death in the coming weeks. Mensah was justified because foot chase. The teenager was shot twice in
The police officer involved, he acted in self-defense. In each But Mr. Cole’s family says the back and twice in the side,
Joseph Mensah, who is black, case, “those Mensah encoun- that witnesses and the limited while on his hands and knees.
couldn’t be reached for com- tered were armed with weap-
ment. A lawyer for Mr. Mensah ons. Each incident happened
didn’t respond to requests for very quickly and verbal com-
comment. mands were given and not
A spokesman for the Wau- complied with,” it said.
watosa Police Department de- In 2015, Mr. Mensah fired
clined to comment. eight times and killed Antonio
The three killings didn’t get Gonzales, who was armed with UNTIL JULY 12
public attention until after the a sword, near his home. David
killing of Mr. Floyd in Minneap- Bodoh, who acted as a foster
olis police custody last month, parent for Mr. Gonzales, said in
when the three families began an interview he suffered from
organizing protests to call for mental illness and the sword
Mr. Mensah to be fired. was only decorative.
Alvin Cole’s mother, Tracy, A year later, Mr. Mensah
has appeared almost daily in shot and killed Jay Anderson,
front of protesters and plans to firing at least six times. Mr. An-
derson, who was black, was
asleep in his car after a night of
drinking with friends to cele-
brate his birthday. Police say
Mr. Anderson lunged for a gun
on the passenger seat. Dashcam
evidence is inconclusive, and
his family denies the claim, and
say police tampered with the
crime scene before the investi-
gation, including removing the
gun before pictures were taken.
Mr. Mensah was put on ad-
ministrative duties after each
incident, in line with depart-
ment policy, until the district
attorney cleared him of any
wrongdoing each time.
The Cole and Anderson fam-
ilies have hired Kim Motley, a
lawyer best known for her in- NOW ON UNTIL JULY 12
ternational human-rights work,
to investigate the shootings ALLURING OFFERS ON
DAVE MILLER/THOUSAND CLICKS MEDIA
and press officials to bring ALL COLLECTIONS
charges against the officer.
Mr. Cole was shot after po-
lice responded to a call about
an individual reported to have a
gun inside a fanny pack at the
mall on Feb. 2 in Wauwatosa.
The individual, later identified
as Mr. Cole, fled the mall with
friends as squad cars and police
at the scene gave chase.
A4 | Thursday, June 25, 2020
Judge Is Ordered to Dismiss Flynn Case
BY ARUNA VISWANATHA
AND DUSTIN VOLZ
A federal appeals-court
panel ordered a lower-court
judge to dismiss the criminal
case against Michael Flynn as
the Justice Department re-
quested, which could bring an
end to the long-running prose-
cution of President Trump’s
first national security adviser.
In a 2-1 order filed Wednes-
day, the U.S. Court of Appeals
for the District of Columbia Cir-
cuit said U.S. District Judge
Emmet Sullivan overstepped
his authority when he ap-
pointed a retired judge to act
as a friend-of-the-court and ar-
gue against the Justice Depart-
ment’s request to drop a count
of lying to the Federal Bureau
of Investigation to which Mr.
Flynn had earlier pleaded
guilty.
Progressives Show
Their Strength as
Ballots Are Tallied
BY TARINI PARTI
The progressive wing of the
Democratic Party found new
energy after a string of set-
backs in the past year, with
challengers locked in tight
contests against longtime in-
cumbents and well-funded
candidates as Tuesday’s pri-
mary ballots were counted
Wednesday.
In New York, former Bronx
middle school principal Jamaal
Bowman—endorsed by several
progressive groups—appeared
poised to defeat Rep. Eliot En-
gel, who is serving his 16th
term in Congress. Attorney
Mondaire Jones had a sizable
advantage over better-funded
opponents in the battle to suc-
ceed retiring Rep. Nita Lowey,
and hotel executive Suraj Patel
was in a tight race against 14-
term Rep. Carolyn Maloney.
In Kentucky, Charles Booker,
a state lawmaker who received
several endorsements from
progressives in the final days
of the campaign, was behind
Amy McGrath, but posing a
tough challenge for the former
Marine fighter pilot who raised
$42 million in hopes of taking
on Senate Majority Leader
Mitch McConnell. Either would
face a tough road ahead
against Mr. McConnell, but
Democrats are hoping the race
will be competitive enough for
Republicans to put resources
into the state.
Absentee ballots take longer
than in-person votes to count,
so some of Tuesday’s races
might not be called for days.
Progressive groups say
those candidates’ performances
every
one
deserves a decent
place to live.
Mr. Flynn’s lawyers had ob-
jected to Judge Sullivan’s initia-
tive, asking the appeals court
to force the judge to dismiss
the case.
The panel said the decision
was about whether a district
judge could prolong a prosecu-
tion after the government said
it no longer believed the case
to be in the public interest.
“Both the Constitution and
cases are clear: he may not,”
the ruling said.
“The district court’s orders
appointing an amicus and
scheduling the proposed hear-
ing…constitute clear legal er-
ror,” the ruling said.
The decision came from a
conservative-leaning panel on a
court that overall leans to the
left. It was written by Judge
Neomi Rao, a Trump appointee,
and joined by Judge Karen Hen-
derson, who was appointed by
show that centering campaigns
around ideas such as expanding
Medicare, overhauling the
criminal-justice system and ad-
dressing racial inequalities
have support among the party’s
core voters and should encour-
age Democrats—including the
presumptive presidential nomi-
nee, former Vice President Joe
Biden—to back such changes.
Although some of the in-
cumbents in close races said
they supported progressive
bills, including single-payer
health care, their challengers
said they didn’t push for them
enough in their long tenures.
“There is a growing multira-
cial populist movement that is
demanding more from our
leaders,” said Joe Dinkin, na-
tional campaign director for
the Working Families Party,
which was active in some of
the primaries.
The enthusiasm from pro-
gressives shows the fault lines
from the presidential prima-
ries—in which Mr. Biden built
up a significant delegate advan-
tage, even though Vermont Sen.
Bernie Sanders won among
younger and more liberal vot-
ers—still exist less than five
months out from the November
election. Mr. Biden is hoping to
improve on Hillary Clinton’s
2016 margins in progressive-
leaning cities in swing states—
such as Philadelphia and De-
troit—to improve his chances
of defeating Mr. Trump.
Tuesday’s primaries follow
progressive defeats not just in
the presidential primary, but
also in some House primaries
earlier this year when Jessica
Cisneros in Texas and Morgan
Learn more at
habitat.org.
P W L C 10 11 12
U.S. NEWS
President George H.W. Bush.
Judge Robert Wilkins, an
Obama appointee, dissented.
“It is a great irony that, in
finding the District Court to
have exceeded its jurisdiction,
this Court so grievously over-
steps its own,” Judge Wilkins
wrote.
The full appeals court has
the option to rehear the case,
but it doesn’t do that often.
Any active judge on the court
could call for a vote on whether
to reconsider the matter. The
rules that govern the D.C. Cir-
cuit aren’t clear on whether
Judge Sullivan himself could
seek further review. While
some legal experts said it might
be technically possible, others
said it was unlikely.
The retired judge, John
Gleeson, who had been sched-
uled Wednesday to file a re-
sponse brief with Judge Sulli-
Charles Booker mounted a formidable challenge in Kentucky. Mondaire Jones, below, had an edge over better-funded rivals in New York.
Harper in Ohio lost their races.
Activists have expressed
frustration over not passing
more left-leaning priorities in a
Democratic-controlled House.
Recently, House Democratic
leaders left a plan pushed by
the Congressional Progressive
Caucus to guarantee Ameri-
cans’ paychecks up to $100,000
out of their package aimed at
combating the effects of the
pandemic.
Mr. Biden’s campaign has
sought to unify the party on is-
sues such as climate change,
health care and criminal justice
by setting up task forces with
progressive activists who
backed Mr. Sanders.
The presumptive nominee is
balancing demands from pro-
gressive activists with trying to
keep the support of more-mod-
erate Democrats and win over
some disillusioned backers of
President Trump. Mr. Biden’s
proposals on health care and
taxes are further to the left
House Investigates Company
Selling Phone Location Data
BY BYRON TAU
WASHINGTON—A congres-
sional committee opened an
investigation into the sale of
the location data drawn from
millions of U.S. mobile phones
to law-enforcement agencies,
according to a letter shared
with The Wall Street Journal.
The Democratic-led House
Committee on Oversight and
Reform said it was conducting
an investigation in conjunction
with two Democratic senators
of the products sold by Venn-
tel Inc. Venntel is a Virginia-
based data broker and soft-
ware company that has
contracts with the Department
of Homeland Security, the
criminal investigation division
of the Internal Revenue Ser-
vice, the Federal Bureau of In-
vestigation and other govern-
ment entities.
“The vast majority of Amer-
icans carry cellphones with
apps capable of collecting pre-
cise location information 24
hours a day, 7 days a week.
This location-tracking raises
serious privacy and security
concerns,” said the letter,
which was signed by commit-
tee chairwoman Carolyn Malo-
ney (D., N.Y.) and Rep. Mark
DeSaulnier (D., Calif.) as well
as Sens. Elizabeth Warren (D.,
Mass.) and Ron Wyden (D.,
Ore.).
The committee requested
H T G K R F A M 1 2 3 4 5 6
van, asked for clarity on
whether he should still file it.
“It is conceivable that further
proceedings in the circuit court
may prevent [the appeals court
order] from taking effect,” Mr.
Gleeson wrote in a filing to
Judge Sullivan.
An attorney for Judge Sulli-
van declined to comment.
Mr. Gleeson earlier this
month said he found “clear evi-
dence of a gross abuse of pros-
ecutorial power” by the Justice
Department in the case—and
urged that the retired three-
star general be sentenced for
the crime he had initially
pleaded guilty to.
“I’m very happy about Gen-
eral Flynn. He was treated hor-
ribly,” Mr. Trump told reporters
Wednesday afternoon, saying it
should never happen again. “He
was persecuted.” Mr. Trump
didn’t answer questions on
than what Mrs. Clinton laid out
in 2016. “Joe Biden is uniting
the party and building an ener-
gized coalition around the
country that will defeat Donald
Trump,” a Biden official said.
Jim Kessler, executive vice
president of moderate think
that Venntel provide informa-
tion on its clients, the source
of its data and the steps it has
taken to protect privacy and
personal information in its
data set by early July, accord-
ing to the letter.
The investigation is the lat-
est indication of interest by
regulators and lawmakers in
the increasing use by law-en-
forcement and intelligence
agencies of cellphone location
data sold by marketing compa-
nies.
Chris Gildea, the president
Venntel has
contracts with U.S.
law-enforcement
agencies.
of Venntel, didn’t respond to a
request to comment.
Venntel’s data is drawn
from mobile apps like weather
trackers and games that re-
quire the consumers to opt in
to allowing location tracking.
The data—which isn’t linked
to a customer’s name or phone
number—is sold by the com-
pany that originally collects it
and resold until it ends up in
the hands of Venntel and other
location-data aggregators that
collect and sell such data.
7 8 9 O I X X ** THE WALL STREET JOURNAL.
whether he had spoken with
Mr. Flynn.
Kerri Kupec, a spokeswoman
for the Justice Department,
cheered the decision. “WIN in
General Flynn’s case,” she
wrote on Twitter.
The Justice Department is
facing scrutiny from Demo-
crats, including during a
Wednesday hearing before the
House Judiciary Committee
that included as witnesses two
Justice Department attorneys
who testified that they ob-
served improper political influ-
ence in some of the agency’s
decisions. Republicans immedi-
ately cited the appeals-court
ruling at the hearing as evi-
dence the attorney general was
acting appropriately.
The Justice Department sep-
arately announced that Attor-
ney General William Barr would
appear July 28 at a House Judi-
tank Third Way, said Mr. Biden
handily won the Democratic
primary as a “mainstream,
moderate, consensus-building
Democrat,” and he doesn’t
need to fully adopt policies
that worked with primary vot-
ers in New York. “I think Biden
Generally, consumers have
consented to their data being
collected for marketing pur-
poses and other corporate re-
search—not government sur-
veillance.
Venntel is a wholly owned
subsidiary of the Dulles, Va.-
based Gravy Analytics Inc., a
company that works with
some of America’s largest cor-
porations on marketing and
advertising campaigns using
location records from millions
of cellphones.
In business documents,
Gravy said that it can track
more than 150 million U.S. mo-
bile devices monthly, though it
isn’t clear how much of that
data it makes available to the
federal government through
Venntel.
Gravy says it complies with
all applicable laws and takes
its privacy obligations seri-
ously.
In the data, consumers are
generally represented only by
an alphanumeric string called
the Identifier for Advertisers
(IDFA) on iPhones and the An-
droid Advertising ID (AAID) on
phones running Google oper-
ating systems.
But in practice, the real-
world movements of the
phone can reveal details about
its ownership. Where the
phone is located overnight is
likely where the phone’s
owner lives, for example.
ciary Committee hearing.
Mr. Flynn, who pleaded
guilty in 2017 to lying to the
FBI about his phone calls with
the Russian ambassador in the
weeks before Mr. Trump’s inau-
guration, went on to cooperate
in former special counsel Rob-
ert Mueller’s investigation of
Russian interference in the
2016 presidential election.
After two years of twists and
turns in the case, Mr. Flynn
sought to withdraw his plea
earlier this year and argued he
had been set up by the FBI.
Last month, the Justice Depart-
ment agreed that newly re-
vealed documents from the FBI
showed improprieties in how
agents had handled an inter-
view of Mr. Flynn, which was at
the heart of the prosecution.
The government said it be-
lieved it could no longer prove
its case against Mr. Flynn.
FROM TOP: BRYAN WOOLSTON/REUTERS; GINA M. RANDAZZO/ZUMA PRESS
has been doing it right,” Mr.
Kessler said. “This race is going
to be won or lost in the sub-
urbs of six swing states.”
Waleed Shahid, spokesman
for the progressive group Jus-
tice Democrats, pointed to Mr.
Biden’s task forces as acknowl-
edgment that the party is
“changing beneath him.”
The next possible targets for
progressives include House
Ways and Means Committee
Chairman Richard Neal (D.,
Mass.) and House Energy and
Commerce Committee Chair-
man Frank Pallone (D., N.J.),
who lead committees with ju-
risdiction over two big pro-
gressive agenda items: expand-
ing Medicare to cover people of
all ages and a “Green New
Deal” proposal that aims to
achieve net-zero carbon emis-
sions in a decade. They have
primaries in September and
July, respectively.
—Siobhan Hughes
contributed to this article.
Biden to
Attend
Milwaukee
Convention
BY KEN THOMAS
AND EMILY GLAZER
The Democratic National
Committee said that Joe Biden
will accept the presidential
nomination in Milwaukee, but
the party will urge delegates to
skip the summer convention be-
cause of coronavirus concerns.
The DNC said on Wednesday
convention organizers will en-
courage state delegations to
plan to conduct their official
business remotely. The commit-
tee is developing a process to
ensure that delegates can cast
their votes on convention mat-
ters, including the presidential
nomination, without being at
the convention in person.
The party will also host
events in several satellite cities
across the nation during the
convention.
Organizers have also de-
cided to move all proceedings
from the Fiserv Forum, the
home of the National Basket-
ball Association’s Milwaukee
Bucks, to the Wisconsin Center,
a smaller and less expensive
downtown convention center.
The moves by the party
come as people grapple with
whether to attend gatherings
and travel during the pan-
demic, which has killed more
than 121,000 Americans.
THE WALL STREET JOURNAL. * * * * Thursday, June 25, 2020 | A5

U.S. NEWS

Nursing Home Faulted

After Scores of Deaths
BY JON KAMP now seeking his termination.
An attorney for Mr. Walsh
An independent report didn’t respond to a request for
found major leadership prob- comment on the report, which
lems inside a western Massa- cited several alleged manage-
chusetts veterans’ home where ment faults, including lack of

SERGIO FLORES/AGENCE FRANCE-PRESSE/GETTY IMAGES

at least 76 residents died from communication and concerns
a Covid-19 outbreak. from state veterans’ services
The findings were made officials that he wasn’t up to
public shortly after Gov. Char- the job.
lie Baker’s administration Nursing homes house peo-
asked the state’s Department ple most at risk from the virus
of Veterans’ Services Secretary in close quarters, making them
Francisco Urena to resign. hotbeds for deadly outbreaks.
Wednesday’s report cited A recent Wall Street Journal
“substantial errors and failures tally of state data found more
by the home’s leadership that than 51,000 Covid-19-related
likely contributed to the death deaths connected to long-term
toll during the outbreak.” care facilities around the U.S.,
Problems at the Soldiers’ representing at least 40% of
Home in Holyoke included de- overall known deaths from the A customer at a nail salon in Austin, Texas, on May 8, following a resumption of business. But Covid-19 cases have increased in the state.
lays in closing common spaces disease by that point.
and the failure to stop staff
from rotating among units, ac-
cording to the report, which
Some of the most severe
known outbreaks have erupted
in state-run veterans’ nursing
New Cases vada allowed gambling to re-
sume on June 4.
In Texas, some large compa-
NV, a chemical company with
plants and offices in the Hous-
ton area, a trickle of workers
people not exhibiting the right
behaviors, such as not wearing
masks nor practicing social
stems from an investigation
led by former federal prosecu-
tor Mark Pearlstein and re-
homes, including facilities in
New York and New Jersey.
A deputy commissioner at
Dog Efforts nies, including oil drillers,
shale frackers and energy ma-
jors, have been reluctant to
started coming back to work
in May, said Kim Foley, Lyon-
dellBasell’s vice president of
distancing, and thinking that
this pandemic is behind us.”
After Aster Kebreab re-
quested by Mr. Baker.
The worst decision, the re-
port said, came on March 27
New Jersey’s Department of
Military and Veterans Affairs
who oversaw the state’s veter-
To Reopen rush workers back to the office,
even though the state reopened
more than a month ago.
health, safety and environ-
ment. The company has
deemed it safe because people
opened her day-care center in
Houston with the help of a
small-business loan, she was
when management at the ans homes resigned in April. On Monday, Texas Gov. Greg wearing face shields take em- hopeful the worst of the pan-
short-staffed home combined Mr. Baker said his adminis- Continued from Page One Abbott, a Republican, said that ployees’ temperatures when demic fallout was behind her.
residents from two locked de- tration responded swiftly when Fund said on Wednesday the Covid-19 cases there were they arrive and, at the end of Now she might have to lay off
mentia units into a cramped they became aware of the de- global economy will shrink spreading at an “unacceptable the day, workers have to an- her staff for the second time in
space, including a mix of peo- graded conditions in the home 4.9% this year, compared with rate” and “must be corralled.” swer questions about whom a few months. The number of
ple who had the coronavirus in late March, and that the re- its April estimate of 3%. When Mr. Abbott said sa- they have had close contact children at A to Z Preschool/
with others who didn’t. port made clear the conditions Policy makers also signaled lons were among the busi- Daycare Center has dwindled
“The decision was a catas- weren’t apparent until then. concerns. In New York, Gov. nesses that could partially re- from 45 before the lockdowns
trophe,” the 174-page report
said.
But he also said his admin-
istration didn’t do the job it
Andrew Cuomo, a Democrat,
said Wednesday that the state
open in early May, Tessa
Holzworth’s phone blew up.
In Texas, some large to around 16, and her loan
money has run out, she said.
Several staff members inter- should have to oversee the will delay reopening shopping The owner of Blow Out Salon companies have In Austin, Anne Rutt said
viewed by investigators were
horrified by what they saw
home and its management.
“The subject matter and de-
malls, movie theaters and
gyms while the state Depart-
& Spa in Clear Lake, a suburb
of Houston, received hundreds
been reluctant to she is committed to keeping
her boutiques open even
when the two units were com- tails of this report are nothing ment of Health reviews more of text messages from clients rush workers back. though most days it costs her
bined. One staffer “felt it was short of gut wrenching,” Mr. data about indoor viral trans- after a seven-week closure. more than she brings in. Ms.
like moving the concentration Baker, a Republican, said dur- mission. In some areas of up- Ms. Holzworth and her staff Rutt said her sales are down
camp—we are moving these ing a news conference state New York, such facilities wore masks and hired cleaners about 80%. Customers at Tri-
unknowing veterans off to Wednesday. were set to reopen on Friday. to disinfect the shop, and took with before they leave. The of- ple Z Threadz, Limbo Jewelry
die,” the report said. “I will He said the state would Some executives and front- clients one at a time, which of- fice never has more than 20% and Little Limbo are required
never get those images out of adopt all of the recommenda- line workers are pushing gov- ten meant working long days. of capacity filled at any given to wear masks and sanitize
my mind—what we did, what tions for reforms in the report, ernment officials to require In a matter of weeks, though, time, and if anybody tests pos- their hands before entering,
was done to those veterans,” which involve issues such as masks. Nevada Gov. Steve Si- she and four others tested itive those surveys would help which most are happy to do. A
the staffer said in the report. staffing and regulation, and solak, a Democrat, ordered positive for the virus, forcing trace potential exposure back few have resisted, prompting
Mr. Baker said he accepted will also file legislation to aug- face masks to be worn by ev- her to close the salon again. to other workers so they could Ms. Rutt to post signage at the
Mr. Urena’s resignation Tues- ment these steps. eryone in public starting Fri- “We followed all the rules, self-quarantine, she said. front door reading, “Don’t be a
day. The report found he didn’t The local U.S. attorney’s of- day, including gamblers inside followed all the regulations, “Our facilities, at our cur- Karen, Wear Your Mask.”
adequately oversee the nursing fice also is investigating the Las Vegas Strip casinos. The and it still happened to us,” rent occupancy rate, are safer “You have to make them
home’s superintendent, Ben- facility, as is state Attorney mandate came after Las Vegas Ms. Holzworth said. She re- than being in the general pub- laugh and call them out with-
nett Walsh, who was put on General Maura Healey. The casino workers called on state opened Tuesday after a 10-day lic right now,” Ms. Foley said, out calling them out,” she
leave when problems at the Democrat on Wednesday leaders to require casino cus- quarantine and now requires adding of the rising new cases said.
home erupted into public view. faulted the governor’s adminis- tomers to wear masks, which all clients to wear a mask. in the Houston area, “what —Elizabeth Findell
The governor said the state is tration for its oversight. have been optional since Ne- At LyondellBasell Industries we’re seeing now is a result of contributed to this article.

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 A6 | Thursday, June 25, 2020
KEVIN E. SCHMIDT/QUAD-CITY TIMES/ZUMA PRESS
The Centennial Bridge spanning the Mississippi River links Iowa, which never issued statewide stay-at-home orders, and Illinois, which did.
States’ Divergent Virus Rules
Create Tale of Two Economies
BY DOUG CAMERON
Pryce Boeye’s Hungry Hobo
sandwich shops’ sales on the
Iowa side of the Mississippi
River have been booming
since the state reopened din-
ing rooms in mid-May, while
those he owns in still-closed
Illinois languish.
The pattern is repeated
across the Quad Cities, a
river-straddling metro area of
around 420,000 that includes
Scott and Muscatine counties
on the Iowa side, as well as
Rock Island and Henry coun-
ties in Illinois. The contrasting
state reopening policies have
created two tracks in what
had been a unified economy
before the coronavirus pan-
demic.
The scene is playing out in
other border communities
around the country where
workers and shoppers regu-
larly cross state lines. The rel-
atively stringent lockdown re-
gime in Illinois compared with
Iowa has created a clear shift
in current spending patterns
and potential longer-term con-
sequences.
“You go to any gas station
or restaurant, and it is abso-
lutely filled with Illinois li-
cense plates,” said Mr. Boeye.
Sales at his six sandwich
shops in Iowa are up 24% year
on year after dining rooms
were reopened at 50% capac-
ity and he has hired back fur-
loughed staff. Takings at the
six Illinois stores are down
7%.
The same trend is apparent
in the service sector on either
side of the state line. Unem-
ployment in Iowa’s Scott
County, which includes the cit-
ies of Davenport and Betten-
dorf, rose to 13.4% in April
from 4.1% in March. Across
the river in Rock Island
County, the rate jumped to
17.5% from 3.8%.
Illinois plans to move to
phase four of its reopening
plan on Friday, allowing din-
ing rooms to reopen for the
Spread
Accelerates
Across U.S.
Continued from Page One
of New York, New Jersey and
Connecticut on Wednesday told
visitors from states with fast-
growing rates of Covid-19
cases—such as Texas, Florida
and Arizona—that they must
self-quarantine for 14 days,
with each state determining
how to enforce the order.
“We have to make sure the
virus doesn’t come in on a
plane again,” New York Gov.
Andrew Cuomo said Wednes-
day. “Learned that lesson. Been
there, done that.”
Washington Gov. Jay Inslee,
a Democrat, issued a mandatory
face-covering order, set to take
effect Friday, as cases in that
state rose sharply over a week.
Public-health officials said
the virus that causes the respi-
ratory disease Covid-19 will
likely continue to spread across
the U.S. in rolling, uneven waves,
as municipalities adopt dispa-
Key economic activity on the Iowa side of the Quad Cities has
returned to near normal while Illinois remains sharply down.
Seven-day rolling average of year-over-year change in
Hours worked Businesses open
10% Scott
County,
0 Iowa
–10
–20
–30
–40
–50 Rock
Island
–60 County,
Ill.
–70
A M J A
Source: Homebase
first time since March, albeit
at 25% capacity. Gatherings
will be limited to 50 people.
Phase five, which would
bring it into line with Iowa’s
current practices, is contin-
gent on a vaccine, a treatment
option or absence of new
Covid-19 cases for an unspeci-
fied period. Iowa was one of
the handful not to issue state-
wide shelter-in-place orders.
‘All the tax dollars
are going across the
river,’ said one
business owner.
The nearly 800 Covid-19
cases and 28 deaths in Illi-
nois’s Rock Island County are
around double the number in
Iowa’s Scott County, according
to local health officials. Rock
Island’s new-case count is also
slightly higher.
The Quad Cities economy
has a large manufacturing and
military community that in-
cludes the headquarters of
tractor maker Deere & Co. in
Moline, Ill., the Rock Island
rate approaches to business clo-
sures, testing strategies, tracing
close contacts of infected people
and mitigation policies, such as
enforcing mask-wearing.
“We have been doing a natu-
ral-history experiment in the
U.S., where we are lifting a
bunch of the nonpharmaceuti-
cal interventions” such as shel-
ter-in-place orders, said Ste-
phen Parodi, the national
infectious-disease leader at Kai-
ser Permanente in California.
“And some of the lifting has
been more phased, and some
has been less phased.”
Death rates, another key in-
dicator of the pandemic’s sever-
ity, continue to drop nationally
but typically lag several weeks
behind infections. Public-health
officials warned that a rise in
infections among young people,
who often experience milder
disease, could in turn lead to
the virus being transmitted to
more vulnerable populations.
The U.S. has logged more
than 2.3 million Covid-19 cases,
according to Johns Hopkins,
making up a quarter of the
world-wide cases even as the
U.S. has just over 4% of the
world’s population. While the
pandemic has reached nearly
every corner of the U.S., it isn’t
U.S. NEWS
Employees working
M J A M
Arsenal, and aluminium-parts
maker Arconic Corp. on the
Iowa side of the river. Much of
this was deemed essential and
remained open even after Illi-
nois introduced a stay-at-
home ordinance in March.
“The area has done some-
what better than the region it-
self,” said Kenneth Kriz, an
economics professor at the
University of Illinois at
Springfield.
The disparity between the
states has been most evident
in the region’s service econ-
omy. Traffic has started to
snarl again on the I-74 bridge
as around 80,000 cars a day
cross the Mississippi carrying
workers, shoppers and enter-
tainment-goers, according to
the Quad Cities Chamber. A
new $1.2 billion bridge is due
to open by the end of the year.
“We cross borders on a reg-
ular basis. People don’t know
what state they are in,” said
Paul Rumler, chief executive of
the Quad Cities Chamber.
They do now. Face masks
aren’t mandated in Iowa,
while they are in businesses,
retail and eating establish-
ments on the Illinois side.
The chamber estimates that
the once-even split in payment
spreading evenly or at a uni-
form pace.
Late last week, new daily
cases went above 30,000 for the
first time since early May after
hovering around 20,000 for sev-
eral weeks, the data show, and
on June 23, more than 34,000
new cases were reported. States
in which new cases reached
Leveling Effect
Looking at short-term average test results can provide
a clearer picture of actual longer-term trends
5.5%
14-day
average
5.0
4.5
7-day
4.0
June 8 15
1 flat or increasing.
Source: The Covid Tracking Project
of sales taxes between the
states is now more like 65% in
favor of Iowa. The number of
businesses still closed on the
Illinois side of the Quad Cities
is almost twice that in Iowa,
according to employee-sched-
uling specialist Homebase.
“All the tax dollars are go-
ing across the river,” said
Aaron Tennant, a local entre-
preneur with businesses on
both sides of the state line, in-
cluding a music venue and a
trucking company.
Mr. Tennant, an Illinois na-
tive, is among local business
leaders concerned about the
erosion of the local tax base if
the disparities with Iowa per-
sist and consumers continue
J to spend more time on the
other side of the river.
“This is truly an inflection
point that will change the next
generation,” said Mr. Rumler.
“Frustration levels for busi-
ness owners are at an all-time
high.”
The Rust Belt, an East Mo-
line music venue, which was
converted from a plant built in
the early 1900s to produce
Moline-Knight automobiles,
was just breaking even when
the pandemic forced closures
in Illinois, said Mr. Tennant.
He had to reschedule bands,
including the Smashing Pump-
kins, and watched as Illinois’s
strict reopening plans eventu-
ally forced acts to cancel be-
cause of the uncertainty over
when venues might reopen.
It could be a while. Frankie
Valli and the Four Seasons
were due to perform last week
at Moline’s 12,000-capacity
TaxSlayer Center, the area’s
largest venue. That has now
been rescheduled for June
2021.
“We just want the industry
to reopen safely and responsi-
bly,” said Mr. Tennant, most of
whose businesses are in Illi-
nois. He now meets associates,
wearing masks, across the
river from his Illinois home—
in Iowa. “We refer to that as
civilization,” he said.
new highs Tuesday also include
California and Georgia.
The White House’s top infec-
tious-disease expert, Anthony
Fauci, told Congress Tuesday
that the U.S. is in the middle of
the first wave of the pandemic,
a sentiment other outside pub-
lic-health experts have echoed.
One reason more cases are
The 7-day national
average has outpaced
the longer one since
mid-June.
22
* *** THE WALL STREET JOURNAL.
Colleges Spend
Millions to Keep
Campuses Safe
BY MELISSA KORN
As colleges around the
country map out plans to re-
open their campuses in the fall,
they have embarked on some
unique and pricey shopping ex-
peditions: sourcing miles of
plexiglass, hundreds of thou-
sands of face masks and, in the
case of the University of Cen-
tral Florida, trying to get in an
order for 1,200 hand-sanitizer
stations before neighboring
theme parks buy them all up.
Costs for protective gear,
cleaning supplies and labor for
employees to take students’
temperatures and conduct
hourly wipe-downs of door-
knobs are already running into
the millions of dollars.
The added expenses come
as many schools face severe
budget crunches due to lower
enrollment and tuition reve-
nue, refunded housing fees
from the spring and costs tied
to shifting online.
Reopening college cam-
puses is contingent on ap-
proval from local health offi-
cials, who in some states
haven’t yet signed off on cam-
pus-based instruction. Still,
many schools remain hopeful
and are pushing ahead with
planning, with some already
bringing student-athletes back
for voluntary workouts.
In Florida, one of the first
states to reopen for business
during the pandemic, the Uni-
versity of Central Florida in Or-
lando will issue one reusable,
washable face covering each to
all students, faculty and staff—
about 100,000 items. The
school ordered an additional
250,000 disposable masks for
visitors and those who forget
their face coverings. The bill
for masks was $309,000.
The school, which had
69,500 students last year and
expects about 30% of classes
to be taught face-to-face this
fall, spent $491,000 on 1,200
touchless hand-sanitizer dis-
pensers, 600 stations for disin-
fecting-wipe dispensers and
many thousands of refills.
One challenge is that offi-
cials don’t know how soon
they will have to reorder sup-
plies and if the products will
be available when needed. “We
have no historical trending to
know how far those will go,”
Sneeze guards are installed at the University of Central Florida.
being detected is that the U.S. is
testing more people than it did
early in the pandemic. Public-
health experts said looking at
trends in the percentage of
tests that come back positive
can point to a directional rise
or decline in the spread of the
disease while taking the in-
creased testing into account.
The Journal also compared
seven-day averages in the per-
centage of positive test results
to two-week averages of that
metric for a potential indication
of increased disease spread, us-
ing data from the Covid Track-
ing Project.
There were 29 states in
which the seven-day average of
the percentage of positive tests
was higher than the comparable
two-week average, including
Georgia, Oklahoma, Missouri
and Nevada, which began eas-
ing restrictions in late April or
early May.
If the proportion of positive
test results is rising along with
the overall number of infec-
tions, then the greater number
of cases can’t be accounted for
by testing alone, public-health
experts said, assuming that the
number of daily tests is either
“It’s one of the better mea-
said Vice President and Chief
Operating Officer Misty Shep-
herd.
Other big-ticket items for
Central Florida include
$500,000 to upgrade ventila-
tion systems with ultraviolet
lighting that can help kill bac-
teria. It will spend $600,000 to
retrofit doors with motion-sen-
sor technology or foot-oper-
ated openers and to install
$54-apiece plexiglass panels in
the welcome center, student
advising office and other high-
traffic areas where social dis-
tancing isn’t really possible.
The school is also budgeting an
extra $3 million for labor and
materials costs tied to in-
creased cleaning of common
areas, elevator buttons, door
handles and bathrooms.
Chapman University in Or-
ange, Calif., put the price tag
for all its extra precautions and
gear at $8.3 million. That in-
cludes $1.65 million to contract
with Laboratory Corp. of Amer-
ica Holdings for mass testing,
$350,000 for upgraded heating,
ventilation and air-condition-
ing equipment, and $260,000
for all 8,500 students to get
three washable masks with the
Chapman logo. Hundreds of
thousands of dollars will likely
be needed for infrared technol-
ogy that can detect potentially
feverish people entering high-
traffic areas like the library,
where it is not practical to take
every person’s temperature
with a forehead thermometer.
The reopening costs hit
Chapman as the school is an-
ticipating financial strain, in-
cluding expecting its student
body to be about 10% smaller
than normal. It is staring down
a $57 million budget gap.
President Daniele Struppa
and Harold Hewitt Jr., the ex-
ecutive vice president and chief
operating officer, have filled
that budget hole by restricting
travel, cutting senior-staff pay,
freezing new hiring and stall-
ing some capital projects.
Purdue University in Indi-
ana has budgeted $50 million
for safety materials and mea-
sures, including buying 5 miles
of plexiglass to date to help
protect faculty in classrooms.
“We’re going to try to leave
nothing to chance,” President
Mitch Daniels said at a Senate
hearing this month.
EVE EDELHEIT FOR THE WALL STREET JOURNAL
sures that we have,” Julie
Vaishampayan, the public-
health officer for Stanislaus
County in California and chair-
woman of the public-health
committee at the Infectious Dis-
eases Society of America, said
at a media briefing on Tuesday.
One limitation of the per-
centage-positive metric is that
it might fall as more testing be-
comes available to people with-
out symptoms, just as in the
early days of the pandemic,
when percentage-positive rates
were higher as tests were avail-
able only to sick people and
front-line health workers.
The trajectory of cases likely
depends on each state’s public-
health infrastructure, reopening
plan and public buy-in, infec-
tious-disease doctors said.
Varying state directives on
mask-wearing—which experts
said can mitigate the spread—
have led to confrontations and
tiffs among customers, busi-
ness owners, politicians and
public-health officials.
Health officials said the per-
centage of tests that come back
positive paired with new case
numbers, hospitalization rates
and deaths, among other met-
rics, paint a picture of spread
throughout a community.
THE WALL STREET JOURNAL. Thursday, June 25, 2020 | A7

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A8 | Thursday, June 25, 2020
Elders’ Virus Deaths Test Canada Turkish
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Huge share of toll
comes from nursing
homes, reflecting gaps
in nation’s health care
BY PAUL VIEIRA
OTTAWA—When Darrell
Whitehead visited his 89-
year-old father in a nursing
home west of Montreal on
April 4, he found him in
soiled diapers and severely
dehydrated. He grabbed a
sterilized glass and poured
cups of water down his fa-
ther’s throat “until I felt he
couldn’t drink anymore.”
Shortly after that visit, he
found out that John White-
head, who was suffering from
late-stage Parkinson’s disease,
had also contracted Covid-19.
On April 10, the elder Mr.
Whitehead died, one of more
than 6,700 elderly Canadians
who have died from Covid-19
at nursing homes.
“To have his last days to
go out of this world in dia-
pers that aren’t changed, and
neglected and dehydrated, is
inhumane,” Darrell Whitehead
said.
More than 80% of the coro-
navirus-related deaths in Can-
ada have occurred in nursing
homes, by far the largest
share among major econo-
mies that report reliable data.
In the U.S., deaths of staff
and residents at senior-care
centers represent at least
40% of overall Covid-19 fatali-
ties. The next-highest rate is
Ireland, with a 62% share.
The coronavirus pandemic
has exposed a major weak-
ness in a health-care system
that politicians have long
held up as one of Canada’s
selling points. Many of the
country’s long-term-care fa-
cilities—a mix of publicly
owned and for-profit homes—
are understaffed, poorly
equipped and rundown.
In April, Canada’s armed
forces dispatched a team of
medics to nursing homes in
Ontario and Quebec after the
provincial governments asked
for help in controlling corona-
virus outbreaks. In late May,
both provincial governments
released reports filed by mili-
tary medics on conditions
they found.
Military personnel said
staff didn’t properly prevent
residents who tested positive
for Covid-19 from interacting
with others. Nursing-home
staff also didn’t follow proper
protocol on wearing personal-
protective equipment, they
said.
Armed-forces personnel
Pilots in Pakistan Crash Were Distracted, Official Says
BY SAEED SHAH
ISLAMABAD—The pilots of
a Pakistan International Air-
lines plane that crashed in Ka-
rachi last month were chatting
about coronavirus and not
paying attention to the land-
ing, the country’s aviation
minister said Wednesday.
During the same speech in
parliament, Ghulam Sarwar
Khan said a separate probe re-
vealed that Pakistani pilots
working for domestic and
overseas airlines, got their li-
censes by cheating on tests
Bayer Sets
Roundup
Settlement
Continued from Page One
Bayer didn’t admit to any
wrongdoing as part of the set-
tlement and continued to de-
fend its decision to purchase
Monsanto. The company will
continue to sell Roundup.
The agreement, however,
leaves open the potential of
more lawsuits being filed
against the company, an issue
about which investors have
been particularly concerned.
As part of the deal, Bayer
said it has set aside between
$8.8 billion and $9.6 billion to
settle claims brought by law-
yers representing some 95,000
plaintiffs, as well as some
30,000 more claims that haven’t
yet agreed to the settlement.
Canadian long-term-care facilities are facing scrutiny. Above, a nursing-home resident near Montreal.
also said they found severe
staffing shortages, medical
supplies like catheters being
used repeatedly after their
sterility was compromised,
cockroach infestations, signif-
icant fecal contamination in
some rooms, and dehydrated
and hungry residents.
“This is a huge black eye”
for Canada, said Samir Sinha,
head of geriatrics at the Uni-
versity Health Network group
of hospitals in Toronto and
co-chairman of Ryerson Uni-
versity’s National Institute on
Ageing.
He said policy makers’ in-
action to address nursing-
home shortcomings—most
notably funding for staff—
“helped sow the seeds of the
tragedy we have been wit-
nessing.”
The military medics at
Quebec and Ontario nursing
homes will stay on until at
least late June, said Prime
Minister Justin Trudeau, who
described the findings from
military medical personnel as
disturbing and worrisome.
In Ontario, regional hospi-
tals have taken over manage-
ment of some nursing homes
with the worst problems.
Quebec’s chief coroner has or-
dered a public inquiry into
deaths at nursing homes, to
and were fraudulently creden-
tialed. Pilots without valid li-
censes have been identified
and won’t be allowed to fly in
Pakistan, while foreign author-
ities will be alerted, he added.
A PIA spokesman said 150
of its pilots were identified in
the inquiry as having dubious
credentials—more than a third
of its pilots—and they would
be grounded. He said the air-
line was only just told the
names of pilots alleged to have
fraudulent licenses.
“This is shameful,” Mr.
Khan told parliament, vowing
The company said it would set
aside an additional $1.25 billion
to work toward a resolution of
future claims, including funding
a panel to evaluate whether the
product causes cancer. The find-
ings from that panel are geared
to help shape the outcome of
litigation going forward.
Separately, Bayer largely re-
solved two other legacy Mon-
santo cases on Wednesday, in-
volving a toxic banned chemical
and a different weedkiller.
The settlements highlight
how Bayer, the 157-year-old in-
ventor of aspirin, is trying to
move past the lingering prob-
lems triggered by the Mon-
santo deal. “The litigation and
the burden and some of the
negative reputational impacts
that come with this, we can
leave those now behind us,”
said Werner Baumann, Bayer’s
chief executive.
That Bayer’s Roundup prod-
ucts will continue to be sold,
without a cancer warning label,
leaves the company exposed to
lawsuits. It creates a unique le-
WORLD NEWS
Percentage of total Covid-19 fatalities
in long-term care facilities
Canada
Ireland
France
Sweden
Austria
U.S.
Portugal
England and Wales
Germany
South Korea
Israel
Australia
Singapore 11
Note: Data are latest available for each country and reporting dates vary; Belgium, Canada, France,
Ireland and England and Wales include confirmed and probable coronavirus-related deaths.
Source: International Long-Term Care Policy Network
determine whether negligence
was a cause.
The Canadian Institute for
Health Information estimates
long-term-care homes in Can-
ada are about evenly split be-
tween private and public
ownership. The Ontario Long
Term Care Association, a lob-
bying group that represents
privately owned nursing
homes in Canada’s most-pop-
ulous province, said the pan-
to restructure PIA. “We have
to fix things.”
The Pakistan International
Airlines flight that crashed
came down in a residential
area on the edge of the airport,
killing 97 of the 99 passengers
and crew. One of the people in-
jured on the ground later died.
Mr. Khan, announcing the
findings of a preliminary re-
port into the May 22 accident,
said the pilot tried to land
without the plane’s wheels ex-
tended, scraping the engines
along the runway. The plane
then took off again to try for
FROM PAGE ONE
gal conundrum for the com-
pany over how best to guard it-
self against future litigation.
To attempt to resolve the
key question of whether gly-
phosate is a carcinogen, Bayer
is seeking court permission to
create a class of future plain-
tiffs and fund a five-member
scientific panel that will spend
several years evaluating the link
between Roundup and cancer.
The panel will report its
findings to U.S. District Judge
Vince Chhabria in San Fran-
cisco. A conclusion that the
product doesn’t cause cancer
will essentially shut future
cases. If the panel does find a
link between Roundup and can-
cer, Bayer would have to fight
plaintiff-by-plaintiff to prove
the individuals’ cancer wasn’t
caused by the product, a point
that unsettled some investors.
Mr. Baumann said on
Wednesday that while “it’s not
100% certain,” Bayer is confi-
dent the panel will back its
view that glyphosate isn’t car-
cinogenic. The company has
* * THE WALL STREET JOURNAL.
creased funding to redevelop
older properties.
Canada’s provinces, which
are responsible for delivering
health care, provide funding
to both private and public
long-term-care homes to
cover costs related to nurses
and caregivers. Residents or
their families must cover the
room-and-board portion, and
provinces cap the maximum
that owners can charge. Prov-
inces also establish minimum
levels of care that nursing-
home operators must provide.
Canada has more than
103,000 coronavirus cases.
Theresa Tam, Canada’s chief
medical officer, said the coun-
try did well in adhering to
public-health guidelines,
which eventually slowed the
spread of the coronavirus and
avoided hospitals from being
overrun. “But we certainly
did not do well in the long-
term seniors setting.”
According to the C.D. Howe
Institute, a Toronto think
tank, Canada offers funding
CHRISTINNE MUSCHI/REUTERS
to nursing homes at a lower
rate on a per-day basis rela-
tive to hospitals. As a share
of gross domestic product,
government spending in Can-
ada on long-term care is
roughly 25% below the aver-
age among developed econo-
mies, according to the Organ-
ization for Economic
Cooperation and Develop-
ment.
“Long-term-care operators
82% have been unable to increase
staffing levels and augment
62
staff mix sufficiently given
51 the limited funding increases
they have received,” the insti-
49
tute said in a recent analysis.
41 Generally, pay at hospitals
41 is superior to wages earned
at nursing homes, Dr. Sinha
40 said. After the 2003 SARS ep-
38 idemic, many countries en-
sured nursing homes offered
37 only single-bed rooms for res-
34 idents, he said. In Canada,
two-, three- and even four-
32 bed rooms are commonplace,
29 and this contributed to the
rapid spread of Covid-19 in
long-term-care facilities, he
said.
Jane Philpott, a former Ca-
nadian health minister and
incoming dean of health sci-
demic exacerbated systemic ences at Queen’s University in
issues at member-owned cen- Kingston, Ontario, said the
ters, most notably staffing pandemic’s deadly impact on
shortages. long-term-care centers has
The association said law- exposed a flaw that needs an
makers didn’t heed previous urgent fix. “Care for the el-
warnings about the ability of derly has been one of the
front-line staff to handle the missing pieces” in Canada’s
pandemic and called on gov- health-care system, Dr. Phil-
ernments to implement short- pott said. “And I hope the
term solutions, such as pro- events will spur political
viding proper protective gear, leaders to look at how this
rapid Covid-19 testing and in- can be changed.”
another landing, but the dam- faulted air-traffic control for
aged engines failed. No techni- not immediately reporting the
cal problem with the Airbus damage to the engines in the
A320 was found, he said. aborted landing to the pilots,
The plane’s descent was too which it had seen.
steep and fast, and the pilots Moreover, the control tower
ignored repeated warnings didn’t notice that the plane’s
from air-traffic control to circle landing gear wasn’t extended,
around for another approach, the report said.
Mr. Khan said. The captain and Aviation officials called
co-pilot were “overconfident, Wednesday’s announcement a
and not focused,” he said. fact-finding interim report and
“They were talking about cor- said the full investigation
onavirus throughout.” aimed to answer remaining
The flight data and voice questions and address the
recorders were decoded. wider implications of the crash
The aviation minister also for Pakistan’s aviation system.
previously said that hundreds
of regulatory agencies, includ-
ing the Environmental Protec-
shot at pressing claims that
Roundup caused their illnesses.
Markus Manns, portfolio
tion Agency, and scientists
have deemed the product safe.
“We need to take the deci-
manager at longtime Bayer
shareholder Union Investment,
said the amount to settle cur-
sion about carcinogenicity of
the product out of the hands of
juries,” Mr. Baumann said. The
rent claims is in the range of
what investors expected, but it
remains unclear if the sum for
future claims would be suffi-
cient. “Over and all it seems,
though, that this is the best deal
The products will Bayer could get in the current
continue to be sold, environment,” Mr. Manns said.
John Ramuno, a 72-year-old
without a cancer plaintiff in Southern California
warning label. who suffers from multiple my-
eloma after working as a land-
scaper for 14 years, said he
isn’t optimistic the settlement
scientists on the panel, he said, will help him very much.
would be selected both by Bayer Mr. Ramuno said his attor-
and plaintiffs’ lawyers, to come ney told him he will have to
to a “fair and solid” conclusion. pay 40% of his settlement for
The creation of such a court- attorney fees and at least an-
overseen science panel is rare, other $102,000 to Medicare
University of Georgia law pro- for his medical bills. Mr. Ra-
fessor Elizabeth Burch said, and muno said he hasn’t heard
raises questions over whether from his attorney yet about
future plaintiffs who might not what he will get from the set-
be sick yet are getting a fair tlement, but he would need to
Floods
Into Syria
Syrians who want to buy a
loaf of bread or fill their gas
tanks in parts of the country’s
north are rushing to exchange
Syrian pounds for Turkish lira,
as businesses switch currencies
in an attempt to insulate them-
selves against a crumbling
economy after years of war.
By Isabel Coles
in Beirut and
David Gauthier-Villars
in Istanbul
“I was shocked to see that
they only accept the Turkish
currency now,” software engi-
neer Malek Tarboush said last
week, after eating at a restau-
rant in the northwestern Syr-
ian city of Idlib.
Turkey is rolling out its
currency in parts of Syria un-
der its control as it attempts
to exploit its neighbor’s eco-
nomic unraveling to further
entrench itself in the north.
“The use of the Turkish lira
is yet another indication that
Turkey is seeing this as an ex-
tension of its rule and is going
to have a long-term presence
there,” said Asli Aydintasbas, a
senior policy fellow at the Eu-
ropean Council on Foreign Re-
lations.
Ankara sent shipments of
lira to its allies in Idlib province
and other parts of northern
Syria after the local currency
collapsed in May, said Omer
Ozkizilcik, an analyst with the
SETA Foundation, an Ankara-
based think tank seen as close
to the Erdogan government.
The lira are being injected
through currency-exchange
points and post offices, said
Mr. Ozkizilcik, who closely fol-
lows Syria. Residents are
swapping Syrian pounds and
sometimes U.S. dollars for the
Turkish currency, he said. Ex-
change shops in northern
Syria have been thronged with
customers, residents said.
An official with Turkey’s fi-
nance ministry said he had no
information on how Ankara
was facilitating a shift to the
Turkish lira in parts of Syria.
The Turkish central bank said
it wasn’t involved in the plan.
After nine years of war, Rus-
sia, Iran and Turkey are seeking
to consolidate their gains after
backing different sides in a con-
flict that began as a popular up-
rising against the government
of President Bashar al-Assad.
After multiple military in-
terventions over the past four
years, Turkey controls a string
of areas along its southern
border representing roughly
5% of its neighbor’s territory.
There are an estimated four
million Syrians in the territory
under Turkey’s control, ac-
cording to the United Nations
Office for the Coordination of
Humanitarian Affairs.
The Turkish lira was al-
ready being used to pay fight-
ers and bureaucrats in admin-
istrative bodies backed by
Ankara, which has also built
schools, hospitals and post of-
fices in the areas under its
control, and connected some
to its own electricity grid. Re-
placing the Syrian pound with
the lira knits parts of northern
Syria more tightly into the
fabric of Turkey’s economy.
get a roughly $500,000 settle-
ment to pay Medicare and his
attorneys and help cover his
medical bills and living costs
for the remainder of his life.
Bayer is still negotiating
with lawyers representing an-
other roughly 30,000 existing
clients who haven’t yet signed
on to the deal. Ken Feinberg,
the court-appointed mediator,
said he is confident those
claims will be resolved in the
coming few months.
Jim Onder, senior member
of the St. Louis-based Onder
Law Firm, said he has 24,000 of
those outstanding claims and
rejected the offer as too low.
Bayer said it would con-
tinue appealing the first three
cases it had lost in jury trials,
a chance for it to get favorable
court decisions to bolster its
stance on Roundup’s safety. A
decision in the first appeal is
expected this summer. In an-
other case on appeal, the
Trump administration recently
backed Bayer’s argument that
Roundup is safe.
THE WALL STREET JOURNAL. * * * * Thursday, June 25, 2020 | A9

WORLD NEWS

Germany Squirms in Middle

As Washington, Beijing Scrap
Germany is struggling to Germany’s export-oriented eco- Big Customers
pick sides in the escalating dis- nomic model means it can’t re-
China is Germany’s largest trading partner; the U.S. its biggest
pute between the U.S. ally choose at all. It needs both.
export market.
and China over issues including Take trade: China is Ger-
trade and human rights, amid many’s largest trading part- Exports from Germany, 2019 Imports to Germany
mounting American pressure ner; the U.S. its biggest export
and Beijing’s authoritarian drift. market. Last year, Germany China
exported €119 billion of goods

KRISZTIAN BOCSI/BLOOMBERG NEWS

By Tom Fairless, to the U.S. and €96 billion
Sha Hua to China.
and Bojan Pancevski Listed German companies
make almost a fifth of their
Of all advanced economies revenue in both the U.S.
outside Asia, Germany has the and China, said Jörg Krämer,
deepest economic ties in both chief economist at Commerz-
camps and would have the most bank in Frankfurt.
to lose from a cold war between “Why should we pick
Washington and Beijing. sides?” said Jörg Wuttke,
Berlin’s snaking trade links president of the European
with China and the U.S. have Union Chamber of Commerce
served Germany well in the in China. “Particularly in times
past two decades, providing it of recession, that is the last
with steady growth, near full thing anyone wants.”
employment and full public Around 28% of jobs in Ger-
coffers that have allowed the many are directly or indirectly
deployment of more than €1 linked to exports, and in manu-
trillion (around $1.12 trillion) facturing that figure is 56%, ac-
in measures to support its cording to the German Ministry
economy during the pandemic. for Economic Affairs. Germany
Now, Germany’s reluctance exports nearly as much as the
to take sides is diluting Eu- U.S. despite having only one-
rope’s broader efforts to pres- quarter the population.
ent a united front to China, un- In a rare distinction among
dermining the bloc’s power to Western economies, Germany
shape a new global architecture. has had a relatively balanced
The U.S. helped build mod- trade relationship with China.
ern Germany, and the two Germany’s world-beating engi-
countries have been bound neering companies supplied
since the end of World War II the factory equipment and the
by shared values, democratic infrastructure that pow-
institutions, and a web of in- ered China’s transformation
ternational agreements and into the world’s top manufac-
partnerships. turer. Harnessed to the fast-
Yet seen from Berlin, any growing giant, Germany re-
choice between China and the bounded strongly after the
U.S. is finely balanced. Indeed financial crisis and weathered
Netherlands
U.S.
France
Italy
€ billion 5
Note: €1 billion=$1.12 billion
Source: Destasis
the eurozone debt crisis. Busi-
ness executives hope they can
repeat the feat this year.
For Germany’s influential
auto manufacturers, China is
the No. 1 market. In May,
Volkswagen AG delivered
330,000 vehicles in China, up
6% from the previous year and
accounting for more than half
of its total global sales.
“I can’t imagine Volkswagen
without China,” said Ferdi-
nand Dudenhöffer, director of
the Center Automotive Re-
search at the University of
Duisburg-Essen.
Volkswagen CEO Herbert
Diess, who refers to China as
his company’s “second home,”
has recently praised China’s
handling of the coronavirus
pandemic. The company in May
said it would pour $2 billion
into China’s electric-car market.
“Germany wants to do busi-
ness with China, we want more
 5 
market access, that’s our main
priority,” said Mikko Huotari,
executive director of the Merca-
tor Institute for China in Berlin.
Other European nations are
far less economically inter-
twined with China: Germany
exports roughly three times as
much to China as France and
Italy combined, according to
data from the World Bank.
The U.S. market remains crit-
ical for Germany, too. As swaths
of the U.S. manufacturing indus-
try shifted to China in recent
decades, German businesses
stepped in to replace the engi-
neering know-how that was lost.
German machinery exports
to the U.S. grew much faster
than those to China over the
past decade, increasing by be-
tween 6% and 10% a year, said
Ulrich Ackermann, managing
director for foreign trade at
the German Mechanical Engi-
neering Industry Association,
A Volkswagen employee inspects an electric car in Dresden.
a trade body.
“In many mechanical-engi-
neering fields, the U.S. is de-
pendent on foreign products—
for example, there are really no
high-quality machine-tool pro-
ducers left” in the U.S., he said.
But Germans are now much
less enthusiastic about the
U.S. than other Europeans, ac-
cording to recent polls. That
reflects both antipathy toward
President Trump and unease
about past U.S. policies.
Germans now see their
country’s relationship
with China as equally impor-
tant to their relationship with
the U.S., according to a survey
published last month by the
Pew Research Center.
Germans “are fairly cynical
about shared values with the
U.S.,” said Mareike Ohlberg,
senior fellow at the German
Marshall Fund of the United
States in Berlin.
To be sure, German officials
have also expressed deep un-
ease about China’s authoritar-
ian drift and mounting frustra-
tion with its refusal to budge
on key economic concerns.
And yet Berlin has shied
away from channeling this
frustration into concrete poli-
cies that could prompt retalia-
tion from China or distort the
German economy.
Meanwhile German compa-
nies are increasingly adjusting
their strategies in China to a
world with two separate tech-
nological spheres, by bringing
more research and develop-
ment into China and trying to
shorten supply chains, said
Jens Hildebrandt, managing
director of the German Cham-
ber of Commerce in China.
A withdrawal from the Chi-
nese market would be “eco-
nomic suicide” for Germany,
Mr. Hildebrandt said.

WORLD WATCH
U.S. Troops Should Stay in
RUSSIA
Europe, Polish Leader Says
Putin Holds Parade BY MICHAEL R. GORDON forces in Europe would under-
As Vote Approaches mine the broader security of
Polish President Andrzej the 30-nation alliance.
In an extravagant display of Duda asked President Trump Mr. Trump and Mr. Duda
military might, Russian President not to withdraw U.S. troops didn’t say how many more
Vladimir Putin held a triumphant from Europe, using his visit to American troops might be sent
parade to celebrate the Soviet the White House to express Eu- to Poland. “We’re going to be
defeat of Nazi Germany, sidelin- ropean concerns about the ad- reducing our forces in Ger-
ing concerns over the potential ministration’s security policy. many,” Mr. Trump said. “Some
spread of the coronavirus in an “I requested, Mr. President, will be coming home and some
effort to galvanize citizens that he would not withdraw will be going to other places,
ahead of a key national vote. U.S. forces from Europe be- but Poland would be one of
Thousands of troops and cause the security of Europe is those other places.”
hundreds of tanks and aircraft very important to me,” Mr. The Wall Street Journal re-
MAXIM SHIPENKOV/EPA/SHUTTERSTOCK

were paraded Wednesday across Duda said Wednesday during a ported June 5 that the Trump
Moscow’s Red Square to mark joint news conference with Mr. administration had decided to
the 75th anniversary of the end Trump. move forward with a plan to
of World War II. Mr. Trump held to his posi- cut in half the number of U.S.
Mr. Putin needs Russians to tion, telling reporters that he troops who are stationed in
support a referendum starting is determined to cut in half Germany permanently and on a
Thursday on constitutional the number of U.S. troops in rotating basis. The reduction
changes that could enable him to Germany that are there on a initially would be made by re-
remain in the Kremlin until 2036. permanent or rotating basis moving 9,500 from the 34,500
The coronavirus forced him to because the German govern- service members permanently
postpone the parade from May 9. World War II Russian tanks rolled down Red Square in Moscow in the Victory Day parade. ment has failed to spend assigned there by September.
—Ann M. Simmons enough on its military. The move has been criti-
tion’s special envoy for the Bal- forced disappearance of persons, put its troops on alert and dra- Mr. Duda’s argument, which cized by former U.S. military
KOSOVO kans. Mr. Grenell said they would persecution and torture.” matically blew up an inter-Ko- he repeated during the news officials along with more than
go ahead with Kosovo’s prime —Laurence Norman rean liaison office located on its conference, was all the more two dozen Republican law-
President Faces minister leading for his side. territory. But a 168-word state- striking as Poland stands to makers who have sent letters
War-Crimes Charges Mr. Thaci, once a leading fig- NORTH KOREA media report Wednesday said a benefit to some degree from to Mr. Trump warning that the
ure in Kosovo’s guerrilla force, the national security body overseen Mr. Trump’s decision on Ger- troop cuts would harm U.S. se-
Kosovo’s president, Hashim Kosovo Liberation Army, has long Kim Pauses Threats by leader Kim Jong Un “took many. The U.S. and Poland al- curity, while failing to per-
Thaci, could be charged for war faced allegations of war crimes, Against South stock of the prevailing situation ready have agreed that 1,000 suade Germany to spend more.
crimes by an international tribu- which he has always denied. and suspended the military ac- American troops should be sent National security adviser
nal, a setback that has forced The Kosovo Specialist Cham- North Korea put the brakes tion plans against the South” at to Poland. And Mr. Trump’s de- Robert O’Brien sought to jus-
him to cancel a trip to the bers, a body established in 2017 on a pressure campaign it be- a videoconference the previous cision to remove thousands of tify the decision in an op-ed
White House for Balkans peace by Kosovo law after years of in- gan earlier this month against day. It didn’t elaborate. U.S. troops from Germany has article published Monday in
talks on Saturday. ternational pressure, said the neighboring South Korea, de- North Korea watchers said raised the possibility that the the Journal. He said several
Mr. Thaci, who has led Kosovo prosecutor’s office had filed a 10- claring a suspension of military Mr. Kim pushed the pause but- number might grow. thousand of the troops as-
as prime minister or president for count indictment with the court plans directed against Seoul. ton to demonstrate he could re- Mr. Duda noted he had spo- signed to Germany could be
most of the past decade, said he charging Mr. Thaci and a former The statement came after a engage diplomatically—and to ken in recent days with North sent to other European na-
would no longer travel to Wash- speaker of Kosovo’s parliament, month of belligerent rhetoric see whether South Korea or Atlantic Treaty Organization tions, some would return to
ington for the peace talks, ac- Kadri Veseli, with “a range of and action by Pyongyang. The the U.S. might offer any con- Secretary-General Jens Stol- the U.S., and others could be
cording to a tweet from Richard crimes against humanity and regime vowed to bolster its nu- cessions. tenberg, who he said agreed shifted to bases in Guam, Ha-
Grenell, the Trump administra- war crimes, including murder, en- clear arms, announced it had —Andrew Jeong that the reduction of American waii, Alaska and Japan.

FROM PAGE ONE

Oversize of the largest on the market,

the cushion around the heel
also extends out 2 to 3 inches
Kanye West, Rihanna, Reese
Witherspoon, and Gwyneth
Paltrow. The trend also had a
While cumbersome, she felt
stability and speed. Now, she
wears them all the time run-
ners swear by them. Dr. Mi-
chael Jaffe, a physician in Salt
Lake City, has a dozen pairs.

Sneakers in the back and on the side.

“It’s a statement shoe,” said
Lee Cox, vice president, global
moment in fashion with Balen-
ciaga leading the way with its
Triple S, a triple-soled behe-
ning. She avoids looking down,
she said, so she isn’t reminded
of what they look like.
He wears them to work, hik-
ing, and even to weddings.
They have other benefits.

Get Bigger marketing & sales for Hoka

One One. “People didn’t think
we were serious when we re-
leased them.” The sneakers
Continued from Page One aren’t for everyone, he said.
oversize sneakers known as “If we put everyone in this
“maximalist” shoes. “Using shoe, we’d have thousands of
this product for anything stumbling runners. It takes a
other than running may im- little bit of adjusting.”
pair balance and dexterity. So, Hoka led the trend of large-
don’t wear these on stairs or midsole sneakers, introducing
while driving.” The warning its version in 2010. Now other
comes on the shoebox of companies also make oversize
Hoka’s TenNine model, a $250 sneakers, including New Bal-
sneaker introduced in March. ance, Brooks Running, Sau-
The company says the shoes, cony, Adidas and Nike.
aimed at elite runners, can In many maximalist sneak-
help them perform better on ers, which are popular among
descents by providing more aficionados and runners alike,
stability and comfort. the midsoles are increased to
Maximalist sneakers have proportions that draw double-
midsole cushions that are often takes and head shakes.
two or three times thicker than That hasn’t stopped celebri-
regular running shoes. In the ties and fashionistas. Oversize
case of the TenNine model, one sneakers have been spotted on
moth that retails for $950.
The sneakers do present
challenges to some runners, ac-
cording to Carson Caprara, se-
nior director of global footwear
at sneaker maker Brooks Run-
ning. “For many, it’s a very dif-
ferent sensation and you really
have to teach your foot to relax
and let the shoe sort of rock
you forward,” he said. “A lot of
people try to fight the shoe.”
Jaime Stathis, a writer in
Grass Valley, Calif., was willing
to submit herself to the strug-
gles and indignities associated
with wearing oversize sneak-
ers. “There’s a learning curve,”
she said. “It was like learning
to walk again after paralysis.”
When she first tried on a
pair in the store, she toppled
over and crashed into a rack
of shirts. They were like clown
shoes, she said. She wore
Run, don’t walk
them to drive home, feeling
awkward as she fumbled be-
tween the brake and gas pedal.
At home, while preparing
lunch, she tripped again and
fell into the kitchen counter,
bruising a rib.
“I felt like I could break an
ankle in these,” she said. “And
they are so ugly.”
She later walked to a local
trail for a run, careful not to
publicly humiliate herself with
a face plant on the way. By the
time she found her stride on
the trail’s soft layer of pine
needles, she was a convert.
Ms. Wilson, who tumbled in
her oversize sneakers at the
bus stop, first tried them dur-
ing a 12-kilometer training run
for a half-marathon. “I felt my
feet were hitting the ground
before I was mentally pre-
pared to get there,” she said.
“It took a few runs for that
feeling to go away and there
were always a few fawn walk-
ing steps when I switched
back to regular shoes.”
Photographer Melani Lust of
Westport, Conn., immediately
drew attention when she tried
them for a run in the local park.
She kept tipping over to the
sides, tripping and falling
down. “I just can’t balance on
them,” she said. “One guy in the
park yelled at me to stop drink-
ing in the afternoon. These are
a no for me. Awful shoes.”
Still, large numbers of run-
“Pre-Covid-19, they were great
to wear to concerts,” he said.
“You could see over everyone’s
heads.”
Jennifer Mercer, 50, who
lives in Rye, N.Y., and works in
marketing, runs 20 miles a
week in her oversize sneakers.
“They take some getting used
to and can be awkward at first
but at my age they are fantas-
tic on the joints,” she said. For
lifelong Alaskan runner Will
Ennis, 56, wearing oversize
sneakers was a matter of age.
“I’ve entered the Hoka phase
of my life,” he said.
Hoka plans to release a new
sneaker to a more mainstream
market of runners in July that
will incorporate the same de-
sign elements as its massive
TenNine model. Users be-
ware—those sneakers won’t
come with a warning.
A10 | Thursday, June 25, 2020 THE WALL STREET JOURNAL.

FROM PAGE ONE

Mr. Wenig’s wife had texted
How eBay Mr. Baugh in July about a
reader comment that called
Mr. Wenig a “con artist and
Tried to thief,” under an ECommerce-
Bytes article. “The author gets

Stop Critic people worked up with the

way she skews her stories,”
Ms. Wenig wrote, according to
the affidavit.
Continued from Page One A spokeswoman said Ms.
ney’s office for the District of Wenig was concerned about
Massachusetts said it charged the safety of her family after
six former eBay executives and one commenter threatened a
employees, all part of its secu- “crash landing” for Mr. Wenig
rity team, with taking part in a shortly before the family was
weekslong harassment cam- planning to fly to Italy.
paign that included threaten-
ing emails and tweets, fake
Craigslist posts and the myste- ‘Take her down’

rious deliveries.
Now the U.S. attorney’s of-
fice is investigating whether
eBay targeted any other critics
with harassment campaigns,
according to a person familiar
with the investigation.
This account of what hap-
pened is based on more than
two dozen interviews with
current and former eBay exec-
utives and people familiar with
the company, government and
police officials and documents
released by the U.S. attorney’s
office, including the affidavit
from FBI agent Mark Wilson.
PR strategy
The alleged cyberstalking
campaign was launched soon
after Devin Wenig, eBay’s chief
executive at the time, and his
chief communications officer,
Steve Wymer, embarked on a
more aggressive public-rela-
tions strategy that included
challenging critics such as
ECommerceBytes, people fa-
miliar with the matter say.
As part of that strategy,
eBay executives tried to prove
their suspicion that its rival
Amazon.com Inc. was helping
to fund ECommerceBytes, two
of these people said. They ulti-
mately didn’t find any evi-
dence of that. An Amazon
spokesman said the company
has never funded the site.
Mr. Wenig’s wife, Cindy
Wenig, had complained to
eBay’s security team about the
tone of ECommerceBytes’
reader comments about her
husband, particularly after an
unknown man had shown up at
their house.
Mr. Wenig, who left the
company last fall, said in an
interview he didn’t order any
type of harassment of the
Steiners, nor was he aware of
the security team’s efforts. Mr.
Wenig said he was in a month-
long sabbatical in Italy when
the alleged activity took place
last August and didn’t find out
the details until they were
made public on June 15.
“It’s totally embarrassing,
and it’s just ridiculous,” he
said. “It’s so not the culture of
the company.”
Mr. Wymer, his former com-
munications chief, said, “I
would never condone or par-
ticipate in any such activity.”
The woman said to have
rented the car, Ms. Zea, an
eBay contractor who worked
as an intelligence analyst, de-
clined to comment. Mr. Har-
ville, eBay’s former director of
global resiliency, didn’t re-
spond to requests for com-
ment. They were two of the six
charged with conspiracy to
commit cyberstalking and con-
spiracy to tamper with wit-
nesses.
When Mr. Wenig took over
eBay in 2015, the company had
been struggling to compete
with a surging Amazon in the
marketplace business. He was
intent on restoring it to its
glory days as a tech darling.
He sometimes wore a black T-
shirt with a white pirate em-
blem, given to him by employ-
ees, to encourage disruptive
thinking. He redesigned eBay’s
logo and poured millions of
dollars into renovating its San
Jose headquarters.
Yet even as he sought to ag-
gressively recast eBay as a Sil-
icon Valley underdog, he often
reacted forcefully to what he
perceived as negative coverage
of the company. Former em-
ployees say he could be set off
by even the smallest of slights,
including reader comments on
blog posts, YouTube videos
and media reports about his
compensation. Some of his
concerns about critical cover-
age or comments were voiced
in text messages he exchanged
with Mr. Wymer.
After a May 31, 2019, post
on the Steiners’ site analyzed
Mr. Wenig’s remarks at a
shareholder meeting, accord-
ing to the affidavit, the CEO
texted Mr. Wymer. “I couldn’t
care less what she says,” he
Clockwise from top: U.S. Attorney for Massachusetts Andrew E.
Lelling announcing charges on June 15; a bloody pig mask sent
anonymously to the Steiners; and Devin Wenig, who stepped
down as eBay CEO last fall. Below: An August text exchange
cited in an FBI affidavit between former eBay executives Steve
Wymer and James Baugh.
pressured detractors to re-
move negative content.
In late 2018, eBay execu-
tives pushed longtime seller
Casey Parris to remove what
the company perceived to be a
negative YouTube video about
the company, saying the com-
pany “didn’t like the tone” and
threatened a lawsuit if it
wasn’t removed, Mr. Parris
said.
When he asked his contact
at eBay how the company
would have even seen his
video, Mr. Parris said, he was
told that its security team was
watching all the time. He said
he recently told eBay about
the incident and the company
said it would investigate. “I’m
still scared by it,” he said.
‘Bully culture’
Another seller, Danni Acker-
man, said eBay stopped invit-
ing her to events after she
started a YouTube channel
that criticized policy changes
that affected sellers, as part of
what she called the company’s
“bully culture.”
A spokeswoman for eBay
said the company “has always
sought out candid and con-
structive feedback from all of
our stakeholders, in particular
our seller community. We
deeply value this input.”
In a blog post addressed to
sellers last week, Jordan
Sweetnam, head of eBay’s
marketplace business in the
U.S., Canada and Latin Amer-
ica, said the alleged acts by
eBay security officials “were
isolated incidents and not a
systemic issue.” EBay held a
private Zoom call Thursday for
its sellers, assuring them that
all the bad apples at the com-
pany were gone, and that eBay
was looking into individual
claims, according to a person
familiar with the call.
listing of video equipment on
eBay. Figuring other sellers
might also be having similar
trouble, the Steiners launched
the site—then called Auction-
Bytes.com—to help others nav-
igate the online commerce
world.
Ms. Steiner, 58, a longtime
writer and editor, writes most
of the website’s content. Both
of the Steiners are collectors,
browsing garage sales in their
free time.
“Here was a new market
that no one was writing about,
so they began to cover the
market in an agnostic way,”
said Gary Sohmers, an early
eBay seller and longtime ap-
praiser who knows the Stein-
ers. The Steiners didn’t re-
spond to requests for
comment.
Though obscure, the site
Online Struggle
EBay used to be more valuable
than Amazon.com, but recent
years have been difficult.
Market value
$1.5 trillion
Amazon
1.0
0.5
eBay
0
2000 ’10
Source: FactSet
built a significant following
among eBay sellers, with sev-
eral thousand subscriptions by
2019. The reader comments on
the posts were at times snarky
and personal.
Some taunted eBay execu-
tives, including then-CEO Meg
Whitman and John Donahoe,
now CEO of Nike Inc. A com-
ment from 2017 called Mr.
Wenig the devil, according to
the affidavit.
Mr. Wenig, a New York
transplant who once ran the fi-
nancial and media businesses
at Thomson Reuters Markets
LLC, became CEO after eBay
spun off payments giant Pay-
Pal Holdings Inc. in 2015.
In January 2019, hedge fund
Elliott Management Corp. dis-
closed a more than 4% stake in
eBay and said the company
should consider selling its
CLOCKWISE FROM TOP: CJ GUNTHER/EPA/SHUTTERSTOCK; U.S. ATTORNEY’S OFFICE, DISTRICT OF MASSACHUSETTS (2); JACOB KEPLER/BLOOMBERG NEWS
ECommerceBytes published
several more negative stories
about eBay around the time of
its annual seller conference in
Las Vegas in July 2019. A text
exchange cited in the affidavit
indicates that after being
alerted to the stories by Mr.
Wymer, Mr. Wenig texted him:
“If you are ever going to take
her down, now is the time.”
“On it,” Mr. Wymer re-
sponded.
He texted Mr. Baugh the
message from Mr. Wenig, add-
ing, “She is biased troll who
needs to get BURNED DOWN.”
“Copy that,” Mr. Baugh said.
“I have a plan B. I will put it in
motion.”
In meetings with his ana-
lysts and other members of
eBay’s security team, Mr.
Baugh warned that the cam-
paign had to be kept confiden-
tial, but told them he had sup-
port of executive management.
According to the affidavit,
the planned campaign against
the Steiners was supposed to
have two parts. After the ini-
tial harassment, eBay would
begin a “white-knight strat-
egy” of offering to help the
victims end the mysterious
communications and deliver-
ies, the affidavit said. Local
police stepped in before that
happened.
Mr. Baugh, who also was
StubHub ticketing business charged by the U.S. attorney’s
and classifieds-ads unit and fo- office, didn’t respond to re-
cus on repairing its core mar- quests for comment, nor did
ketplace. his lawyer.
By early that year, Mr. In Natick, Ms. Steiner began
Wenig and his public-relations getting dozens of emails and
team had decided to alter the newsletters she hadn’t signed
company’s public-relations up for with subjects like “Cat
strategy. Rather than respond- Faeries,” and “the Satanic
ing to interview requests or Temple.” An anonymous Twit-
sending out news releases, ter user sent her private mes-
they planned to take a more sages, demanding her response
aggressive approach with pub- and then threatening “I guess
lications that wrote negative im goin to have to get ur at-
stories about eBay, according tention another way bitch…”
to people familiar with the de- On Craigslist, a post popped
cision. up with the Steiners’ address,
In the recent interview, Mr. and a title “M/F couple seek-
Wenig said he didn’t spend ing activity partner.” Another
any more or less time than the post announced “BLOCK
average CEO thinking about PARTY in Natick - Let’s have
’20 media coverage. “I think all some fun!”, again with the cou-
CEOs care about the coverage ple’s address, and inviting peo-
of their company,” he said. ple to stop by “anytime of day
In April 2019, Ms. Steiner or night.”
wrote a short article about Mr. Once the police connected
Wenig’s compensation, based the activity to eBay, the execu-
on a public Securities and Ex- tives involved allegedly tried
change Commission filing, ti- to cover their tracks.
tled “eBay CEO Devin Wenig Mr. Baugh sent a message
Earns 152 Times That of Em- from his personal cellphone to
ployees.” A commenter posted: Mr. Wymer, saying he and
“What a foolish Board. What members of his team were co-
an overpaid empty suit. What operating, that they had done
a joke.” nothing illegal, and asking “if
According to the affidavit, there is any way to get some
Mr. Wymer, then eBay’s com- top cover that would be
munications chief, texted Mr. great.” Mr. Baugh directed his
Wenig that they would “crush team members to delete their
this lady.” WhatsApp and phone data, ac-
The Wall Street Journal cording to the affidavit.
wrote a 164-word article about The eBay board’s audit
Mr. Wenig’s $18.2 million com- committee learned of the in-
pensation around the same vestigation in late August, and
time, with the headline “EBay the broader board was briefed
Chief Executive Wenig Got the following month during a
Raise in 2018.” five-hour call led by lawyers at
“F— them,” Mr. Wenig tex- Morgan Lewis & Bockius, ac-
ted Mr. Wymer, according to cording to people familiar with
the affidavit. “The journal is the matter. The board was told
next on the list” after Ms. the investigation found no evi-
Steiner. After brainstorming dence that Mr. Wenig was
ways to go after the Journal, aware of the actions, these
eBay employees ultimately people said.
abandoned the effort, accord- The company placed
ing to people familiar with the Messrs. Baugh and Harville
plans. and another member of the se-
EBay executives decided to curity team on administrative
examine Amazon’s relationship leave on Aug. 30. The company
with ECommerceBytes, hoping later fired all six who were
to be able to point out to a re- charged, and Mr. Wymer.
porter or publish a blog post When Mr. Wenig was
on its website arguing that it pushed out as CEO in late Sep-
was improper for a publication tember, the directors said the
to accept money from an e- main reasons were the com-
commerce giant it was writing pany’s financial performance
about, according to people fa- and his disagreement with a
miliar with those plans. large investor about the best
By the summer of 2019, path forward for the company,
James Baugh, then eBay’s di- according to people familiar
rector of safety and security, with the matter. The investiga-
was laying the groundwork for tion also played a role, and di-
an alleged campaign to silence rectors blamed him for setting
the Steiners, according to the a cutthroat tone at the top. Mr.
affidavit. Wenig received a $57 million
At one meeting, the affida- exit package.
vit said, Mr. Baugh showed his On the day the U.S. attor-
team a clip from the 1988 film ney’s office announced its
comedy “Johnny Be Good,” in charges, Ms. Steiner posted
which two friends arrange for the press release to ECommer-
THERESA COX

said, referring to Ms. Steiner.
“Take her down.” Mr. Wenig
said he was referring to the
aggressive media campaign.
EBay has at other times
ECommerceBytes was
founded in 1999 after Mr.
Steiner, 61 years old, an auc-
tion enthusiast and video pro-
ducer, had difficulty placing a
a series of odd, unwanted de- ceBytes, with no further com-
liveries to their football coach. ment.
Mr. Baugh allegedly said he —Elisa Cho, Cara Lombardo
Seller Casey Parris said eBay threatened him with a lawsuit if he wanted something similar to and Jim Oberman
didn’t remove a YouTube video it perceived to be negative. happen to the Steiners. contributed to this article.
 THE WALL STREET JOURNAL.
Hot-Spot Visitors Must Quarantine Insurgents
Make
Governors from three
states say new rules
apply to travelers from
high Covid-19 areas
BY JOSEPH DE AVILA
The Democratic governors
of New York, New Jersey and
Connecticut told visitors com-
ing from states with high rates
of Covid-19 cases to self-quar-
antine for 14 days.
The travel advisory would
apply to people coming from
Florida, Texas, Arizona and a
handful of other states
throughout the South and
Southwest that are experienc-
ing a surge in Covid-19 cases.
The announcement comes as
the tri-state region has seen
large declines in cases after
experiencing the worst out-
break in the U.S. in the spring.
It goes into effect at mid-
night Wednesday.
“We have to make sure the
virus doesn’t come in on a
plane again,” New York Gov.
Andrew Cuomo said at a news
conference. “Learned that les-
son. Been there, done that.”
The new restrictions apply
to travelers from states where
the rolling seven-day average
of new cases is at 10 or more
people per 100,000, or 10% of
SPENCER PLATT/GETTY IMAGES
Protesters associated with Black Lives Matter and other groups camp out near City Hall in lower Manhattan. Among their demands is the defunding of the NYPD.
City Weighs Layoffs to Ease Budget Shortfall
BY KATIE HONAN
New York City Mayor Bill
de Blasio said the city could
lay off or furlough up to
22,000 employees in the fall
as it faces a $9 billion budget
shortfall from the coronavirus.
“We are dealing with the
greatest economic crisis this
city has known in almost 90
years and we’re dealing with
the greatest fiscal crisis that
we’ve seen in generations,” he
told reporters Wednesday.
Looking to cut another $1
billion from the budget, Mr. de
Blasio said the staff reductions
would occur in the fall and af-
fect every city agency, includ-
ing his own office.
There are more than
326,000 city employees, ac-
cording to the Citizens Budget
MTA to Consider Service, Job Cuts Amid Revenue Woes
BY PAUL BERGER
Officials at the nation’s
largest transit agency warned
of massive spending cuts as
the authority continues to
hemorrhage billions of dollars
because of the coronavirus
pandemic.
New York’s Metropolitan
Transportation Authority has
already frozen billions of dol-
lars of spending on improve-
ments this year to its two com-
muter railroads and New York
City’s subway and buses as it
seeks a second federal bailout.
At a public meeting
Wednesday, board members
and officials at the state-con-
* *
GREATER NEW YORK
Mall, Gym, Theater
Reopenings Delayed
New York state will delay
plans to reopen shopping malls,
gyms and movie theaters that
were closed in March because
of the pandemic, Gov. Andrew
Cuomo said Wednesday.
The establishments were
set to relaunch during the
fourth phase of the state’s re-
opening, which will begin in
some upstate regions Friday.
The reopenings have been de-
layed while the state Depart-
ment of Health reviews more
data about indoor viral trans-
those tested. The new require-
ments also apply to New York-
ers who travel to these states
and then return, he said.
Each of the three states will
determine how to enforce the
advisory, Mr. Cuomo said. In
New York, people who don’t
self-quarantine could be sub-
ject to a mandatory quaran-
tine and fines of $2,000 for
the first violation and $5,000
for a second. Travelers also
could face a $10,000 fine if
they cause harm, he said.
Mr. Cuomo said police offi-
cers who stop drivers with
Commission.
Mr. de Blasio has warned
about the “bleak reality” of
the city’s financial crisis since
the coronavirus hit, but
Wednesday was the first time
he put a number to possible
staff cuts in the fiscal year be-
ginning July 1.
To avoid layoffs, the mayor
said he would first try to find
the savings in discussions with
the labor unions that repre-
sent city employees. The city
could negotiate some conces-
sions within the contracts, he
said. “We are running out of
options here,” he added, call-
ing layoffs and furloughs a
“last resort.”
Harry Nespoli, chairman of
the Municipal Labor Commit-
tee, a group of public-sector
unions that oversees health
trolled agency said wage
freezes and job cuts among
the 74,000 workers, as well as
service reductions, also must
be considered.
Lawrence Schwartz, a board
member and head of the
MTA’s finance committee, re-
quested an accounting of all
nonessential spending.
Mr. Schwartz said he wasn’t
advocating job or service cuts.
But, he added: “We need to
squeeze every ounce of juice
out of the orange regarding
nonessential items before we
look at the essential categories.”
One area where the MTA
could reduce spending is on
consultants, he said.
NY
mission, the governor said. He
didn’t say when the review
would be completed.
“We’re looking at what hap-
pened in other states,” he said.
“There’s some reports that
malls, bars, certain social clubs
with air conditioning—that air
conditioning may not be cleans-
ing the air of the virus, just recir-
culating the air with the virus.”
Executives at Pyramid
Management Group—whose
portfolio includes Destiny USA
in Syracuse, the state’s largest
mall—said they have prepared
for weeks to reopen. People
can now shop in retail stores
with exterior entrances—some-
thing not available to many
out-of-state driver’s licenses
will be able to check airline
travel records with the Port
Authority of New York and
New Jersey to verify when
they arrived in the state.
A spokesman for Connecti-
cut Gov. Ned Lamont said his
state won’t fine people who
don’t self-quarantine.
“This is not a polite recom-
mendation,” said New Jersey
Gov. Phil Murphy, at a sepa-
rate news conference. “This is
a strong advisory.”
Mr. Murphy said the com-
missioner of the New Jersey
care, said his organizations al-
ready were in talks with the
city on where to make cuts.
“We’ve been together a
long time, and we’ve always
reached some sort of agree-
ment,” he said of the city and
22K
Number of NYC workers who
could be laid off or furloughed
its unions.
Mr. Nespoli, who also is the
president of the union that
represents sanitation workers,
said the city needs financial
support from the federal gov-
Earlier at the meeting, a
consultant from WSP USA de-
livered a presentation of an au-
thority-commissioned report,
which praised the MTA for its
response to the pandemic.
Some MTA workers have
complained that the authority
denied them permission to
wear masks in March, when
federal health officials said
masks weren’t necessary. So
far, 132 MTA workers have
died of virus-related causes.
Tony Utano, head of the
Transport Workers Union Lo-
cal 100, which represents sub-
way and bus workers, said the
report, budgeted at up to
$100,000, is a “whitewash.”
mall tenants—in the state. “Our
tenants, employees and cus-
tomers are being treated un-
fairly, and there is no logical
reason to force them to remain
closed,” said Pyramid Chief Ex-
ecutive Stephen Congel.
Movie-theater chains such
as AMC Entertainment Hold-
ings Inc. want to be open in
time for the first major studio
releases scheduled for July.
Alliance of New York State
YMCAs Executive Director Kyle
Stewart said he was dismayed
by the state’s decision, and said
branches in many upstate areas
have been preparing to reopen
for weeks.
—Jimmy Vielkind
Department of Health has the
authority to address individuals
for flagrant noncompliance, but
the governor didn’t elaborate.
Mr. Lamont and Mr. Mur-
phy said the tri-state region
has made too much progress
getting the viral outbreak un-
der control to lose ground be-
cause of out-of-state travelers.
Slightly more than 1,000
people in New York were hos-
pitalized on Wednesday due to
Covid-19, the state’s lowest
figure since March 19. At its
peak, more than 18,000 people
in New York were hospitalized
ernment. Mr. de Blasio, how-
ever, hasn’t expressed much
hope of receiving financial
support from Washington.
The mayor also has sought
authority from the state to
borrow up to $7 billion to fill
the revenue gaps, but the plan
gained little support from
state lawmakers and other city
officials.
By law, the city has to set
its budget for next year by the
end of June, including an
agreement with the City Coun-
cil. Last week, Speaker Corey
Johnson said the council
wouldn’t agree to the mayor’s
current budget, and would
present a separate one if nec-
essary. It sets up another
roadblock to the city’s attempt
to address budget issues.
“We are not putting up with
MTA Chairman Patrick
Foye, speaking at a news con-
ference after the meeting, said
he believes the report is accu-
rate. Mr. Foye said the MTA
was early, aggressive and in-
novative in taking action to
protect workers and riders.
He said the report, which
also included examples of
transit best practices globally,
will be useful as the authority
plots a way forward during
the crisis.
Revenues from fares, tolls
and taxes have plummeted at
the authority, which has an an-
nual operating budget of
slightly more than $17 billion.
Authority officials estimate that
Thursday, June 25, 2020 | A10A
due to the virus. In Connecti-
cut, just over 100 people were
in the hospital Wednesday,
down from about 2,000 during
the spring peak.
In New Jersey, the number
of people hospitalized with
Covid-19 has fallen by 87%
since the state peaked in April.
“This is a smart thing to do.
We’ve taken our people—the
three of us, these three
states—through hell and
back,” Mr. Murphy said. “The
last thing we need is to subject
our folks to another round.”
Other states have similar
self-quarantine rules for trav-
elers coming from the tri-state
region. Florida requires all
people arriving from New
York, New Jersey and Con-
necticut to self-quarantine for
14 days. The state extended
that rule on June 5.
The governors said they
would alert the public of these
requirements with messages
at airports, highways and on
social media. The states also
will ask hotels to tell visitors.
Massachusetts, another
hard-hit state trying to protect
the progress it has made fight-
ing the virus while reopening
its economy, has a similar ad-
visory already in place, Gov.
Charlie Baker said Wednesday.
—Jon Kamp
contributed to this article.
the budget that was given to
us by this mayor,” Mr. Johnson
had said. The council has
called for cutting $1 billion
from the police department’s
budget, among other reduc-
tions, and redirecting the
money to youth and social ser-
vices. “This council will not
pass a budget that is not just,
that is not fair, and that is not
equitable.”
Mr. de Blasio already has
cut about $2 billion from the
city’s coming budget, but the
revenue losses continue to in-
crease, he said. “This is just
the beginning of what will be
a prolonged challenge in terms
of both our economic situation
and our budget situation,” he
said Wednesday. He predicts it
will take three or four years
before finances improve.
during the 2020 and 2021 fiscal
year period, the MTA faces
shortfalls of about $14 billion.
Although mass transit rid-
ership has ticked up recently,
it is still at about 80% below
pre-pandemic levels. Tax reve-
nues dedicated to the MTA are
expected to be significantly
lower than budgeted.
The MTA received $3.8 bil-
lion in the first round of coro-
navirus bailout money from
the federal government. The
authority is requesting a fur-
ther $3.9 billion. Officials esti-
mate that even if they receive
the money they requested,
they will need an additional
$6.6 billion next year.
Strong
Showing
BY JIMMY VIELKIND
Democratic U.S. Reps. Caro-
lyn Maloney and Eliot Engel
were among several New York
incumbents whose seats were
in jeopardy on Wednesday, a
day after the state’s primary
elections.
A strong showing by insur-
gent challengers made several
contests for Congress and the
state Legislature too close to
call. Absentee ballots were ex-
pected to factor into who
wins. The ballots, which many
voters opted to use to guard
against potential exposure to
the coronavirus, won’t be
counted for a week.
Jamaal Bowman, a middle-
school principal and first-time
candidate, held a lead of more
than 26 points—or almost
12,000 votes—over Mr. Engel,
who has represented the 16th
District in Westchester County
and the Bronx since 1989.
Election officials already have
received nearly 23,000 absen-
tee ballots.
The Associated Press didn’t
declare a winner in either con-
gressional race, but on
Wednesday Mr. Bowman de-
clared victory.
“The world has changed.
Congress needs to change too.
But if we can take on en-
trenched power and wealthy in-
terests here in Westchester and
the Bronx, then we can do it all
across this country,” he said.
Mr. Engel’s campaign said it
was premature to declare a
winner. The incumbent will
continue legislative work and
“strongly believes that every
absentee ballot should be
Newcomer
Jamaal
Bowman held
a lead over
incumbent
Rep. Eliot
Engel.
counted, especially during this
pandemic,” the statement said.
Other national progressive
groups that backed Mr. Bow-
man’s bid celebrated.
Ms. Maloney, who has rep-
resented parts of Brooklyn,
Queens and the East Side of
Manhattan since 1993, faced
three primary challengers, in-
cluding Suraj Patel, a lawyer
and former President Obama
aide. Out of roughly 40,000
votes that were cast at polling
places on Tuesday and during
a nine-day early-voting period,
Ms. Maloney led Mr. Patel by
roughly a percentage point, or
650 votes, according to the
state Board of Elections.
The New York City Board of
Elections said it already had
received 15,616 absentee bal-
lots from voters in Ms. Malo-
ney’s district. Ballots for all of
the New York primary races
had to be postmarked by
Tuesday, and officials must
wait a week before they begin
the counting process.
Mr. Patel said his campaign
actively courted absentee-bal-
lot voters and is confident that
“energy and momentum is on
our side.”
Ms. Maloney’s campaign
thanked voters and said it
would expand its lead as more
ballots are counted.
Christina Greer, a professor
of political science at Fordham
University, said it is hard to
draw major conclusions from
the results because fear of the
coronavirus might have kept
certain voters from coming to
the polls.
She said Mr. Bowman’s race
was definitive, but noted other
congressional incumbents such
as Jerrold Nadler in Manhat-
tan, Gregory Meeks in Queens
and Yvette Clarke in Brooklyn
won easily. “You see certain
districts went with consis-
tency because they want that
power,” she said.
Clear favorites also
emerged in two crowded Dem-
ocratic primaries for Congress.
In the South Bronx, New York
City Councilman Ritchie Tor-
res won more than 30% of the
in-person votes. Mr. Torres’s
closest rival, Assemblyman
Michael Blake, won 19% of the
vote. New York City Council-
man Ruben Diaz Sr., the per-
ceived front-runner, finished
in third place with 15% of the
vote. The Associated Press
didn’t declare a winner.
A10B | Thursday, June 25, 2020 NY * * THE WALL STREET JOURNAL.

THE SAFE PLACE

TO KEEP GETTING

JOINT REPLACEMENTS
CANCER TREATMENT
MINIMALLY INVASIVE HEART SURGERY
BABIES DELIVERED
DIAGNOSTIC SCREENINGS
BEHAVIORAL HEALTH CARE
IMMUNIZATIONS
WELLNESS CHECKUPS

BETTER.

KEEP GETTING BETTER

 THE WALL STREET JOURNAL. Thursday, June 25, 2020 | A11

I
f travel isn’t in the cards
for you, what should you
do with your credit cards
offering travel rewards?
Many high-end credit
cards have won over cus-
tomers offering access to fancy
airport lounges, upgrades and
other perks that few people are
using now. To keep customers
from canceling, banks have quickly
and dramatically tried to make
travel cards useful to grounded
travelers.
For many consumers, the best
strategy may be to just sit tight,
take advantage of the new quaran-
tine-era windfalls and accumulate
a war chest of points for rebound
travel. But if you have a plain co-
branded airline or hotel card, you
are probably smart to cancel now,
switch to new cards to capture
sign-up bonuses, then go back to
travel-rewards cards and score
their sign-up bonuses when you
start traveling again.
Top travel cards from American
Express and Chase have added lu-
crative bonuses for spending at
grocery stores and restaurants. In-
stead of credits toward travel ex-
penses, some cards are reimburs-
ing for streaming services, meal
delivery and even cellphone plans.
The perks have moved from the
airport to the quarantined home.
“I’ve been really surprised at
how quickly card companies have
shifted,” says Ted Rossman, ana-
lyst at CreditCards.com and Bank-
rate.com.
A CreditCards.com survey of 864
U.S. adults who pay credit card an-
nual fees found 81% said they’re re-
ceiving the same or more value now
than before the pandemic.
Travel is the most important re-
ward category for credit cards.
Miles and points earned on credit
cards make business-class flying
and fancy resorts available to the
masses. Airlines first learned how
powerful the allure of a “free” trip
can be; credit card companies for
years have lured customers with
aspirations of great trips at deep
discounts. “Travel is just a critical
core category,” says Matt Knise,
ILLUSTRATION BY JAMES STEINBERG
LIFE&ARTS
THE MIDDLE SEAT | SCOTT McCARTNEY
It’s Time to Assess Your
Travel Reward Cards
Perks that travelers love don’t do much good when few are traveling
chandise, she says.
It usually takes time to accumu-
late the hundreds of thousands of
points needed for first-class tick-
ets or several nights at premium
resorts, so building balances while
so much travel has shut down may
be a smart strategy for many
grounded travelers.
If you use basic airline-related
credit cards—which typically cost
about $100 a year—to get bag-
“Overall, I don’t believe the
credit card companies have given
enough non-travel options for peo-
ple,” says Brian Kelly, founder and
chief executive of the Points Guy,
which is owned by the same par-
ent company as Bankrate. “These
cards are all premised upon points
and perks, and when there’s no
travel and perks are useless, they
are going to need to reimagine a
little bit more.”
gests at the least, call and ask for
a waiver of the annual fee. Cards
with only airline benefits just
aren’t giving you value right now,
so why pay for them? Often banks
will waive the annual fee to keep a
good customer hooked. Bankrate
says one of its studies showed ask-
ing for an annual fee waiver works
70% of the time.
Where to go if you do switch?
That depends on your spending,
travel, double the regular redemp-
tion rate. But right now you can
get the higher return for restau-
rants and streaming services.
During the pandemic multiple
travel cards have been temporarily
offering grocery rewards, and you
now may have two or three cards
in your wallet that are essentially
grocery cards.
Focus your spending on one for
the best return. The Chase Sap-
phire Reserve card offers five
points for every dollar spent at
grocery stores, ending June 30 un-
less extended. When you redeem
Chase points for travel, you get a
50% bonus, and each point buys a
penny. So you’d actually be getting
a whopping 7.5 cents back on each
dollar spent.
That’s better than the American
Express Marriott Bonvoy card, even
though it offers six points for every
dollar spent at grocery stores. (The
offer ends July 31 unless it’s ex-
tended.) A Marriott point typically
buys less than a penny’s worth of
room rate at Marriott.
American Express says it saw a
doubling of Membership Rewards
points used for purchases with on-
line retailers in March compared
with the previous year.
“This is a sign that they are try-
ing to meet consumers halfway,
because if they don’t, consumers
are going to seek out credit card
options that are perhaps more rel-
evant,” says Sara Rathner, credit
card expert at NerdWallet.
In terms of churning, Mr. Ross-
man says it may be a tough time
for many to apply for new credit if
they have lost jobs or seen income
reduction. Also, you must be care-
ful when canceling cards so you
don’t hurt your credit score too
much. Sometimes it’s better to just
downgrade a fancy card to a basic
no-fee card with the same issuer
so your account isn’t closed.
Once you do feel comfortable
traveling again, there will likely be
plenty of sales as airlines and ho-
tels bring capacity back on line
and need to fill airplane seats and
hotel beds. The good news for
travelers is that credit card points

head of rewards at Capital One.
Perception meets reality here.
Using rewards for travel consis-
tently delivers the best payback,
according to WalletHub analyst Jill
Gonzalez. Using credit cards for
travel yields 17% more than cash
back on average and 21% more
than when using points for mer-
gage fees waived plus some ear-
lier boarding benefits, you may
want to consider dropping those
cards for a time if you aren’t trav-
eling. If you wait two years, you
can go back to them with big
sign-up bonuses. That timetable
may reflect when you’ll be travel-
ing frequently again.
One exception: American Airlines
brought back a cherished perk for
all its co-branded cards—the ability
to have credit card miles count to-
ward lifetime elite status. It’s been
almost 10 years since the card al-
lowed that. This time, it’s valid only
through December.
Mr. Rossman of Bankrate sug-
but at a minimum you should be
getting 2% back from your credit
card use. Several cards offer 2%
cash back, such as Citi Double
Cash and Fidelity Rewards Visa
Signature, neither of which has an
annual fee. Capital One Venture
cards, which do have a $95 annual
fee, offer 2% when you redeem for
in many cases are more closely
tied to the price of a seat or room,
so you may not only find good
availability using points but also
relatively cheap prices in points.
For breakdowns of the extra perks
of five sample travel credit cards,
go to WSJ.com/middleseat.

WHAT TO WATCH THIS WEEK

The Hot New Concert Venue
third party or both—charge en-
try fees while others don’t. The
musical performances may be
recorded beforehand to mini-
mize risks such as internet de-
lays, depending on the com-
plexity of the shows.
The coming “Minecraft” fes-
tival, called Rave Family Block
Fest, offers a VIP experience
for $15 that includes early en-
FRAZER HARRISON/GETTY IMAGES
New This Week: ‘Ella Fitzgerald:
Just One of Those Things’
“Ella Fitzgerald: Just One of
Those Things,” a documen-
tary about the jazz singer, is
being released this week via
ticketed, online screenings
that support local movie
theaters. The documentary, written and pro- ism and sexism that she experienced. In the
duced by Reggie Nadelson and directed by documentary, Smokey Robinson notes that
Leslie Woodhead, tracks Fitzgerald’s life Fitzgerald broke down barriers for artists
from her difficult childhood to her debut at like him, and Tony Bennett remembers that
Harlem’s Apollo Theater and her rise to a she relayed to him “the most complete defi-

A ‘Fortnite’ player attended a concert by Travis Scott in the videogame.
JOSH JULIEN-RICHARDS has
been hibernating at home for
months during the pandemic,
but that didn’t stop the teen-
ager from attending a Travis
Scott concert in April. He
watched the rapper’s show
from inside the videogame
“Fortnite,” along with more
than 12 million other people.
“It was a really good alterna-
mance in “Fortnite” with
Young Thug and Noah Cyrus.
The next day, for the first time,
the videogame will screen fea-
ture films: three previous re-
leases by Mr. Nolan. Users will
be able to watch one of them
depending on what country
they are in. This summer Rob-
lox plans to premiere short
movie clips and actor inter-
try to a virtual camping
ground, plus a chance to win a
private performance over a
live-video app by a headlining
artist. General entry is $10 and
performers will have their
own, self-made or fan-made
virtual stages.
“It’s an entire ecosystem,”
said Jackie McGuire, whose
event-production company
Rave Family LLC is running the
show independent of “Mine-
craft” owner Microsoft. “It will
be run like a typical music fes-
tival, just bigger.”
Concerts have been happen-
ing in games for years, but
didn’t draw massive audiences
until early 2019 when electronic
musician Marshmello performed
a free, 10-minute set in “Fort-
pre-eminent interpreter of the Great Ameri- nition of the ignorance of the world and the
can Songbook. way they treat African-Americans.”
The film looks at the time in which “She said: ‘Tony, we’re all here,’” Mr. Ben-
Fitzgerald lived, from her family’s move nett recalls in the movie. “In three words,
north during the Great Migration to the rac- she said the whole thing.”
Reader Recommendation: ‘Run’
(HBO Max)
Carol Daniels, a reader in
Los Altos, Calif., recom-
mends “Run,” a recent
drama starring Merritt
Wever and Domhnall
Gleeson.
“‘Run’ is about a couple who were college relationship with a co-worker. The premise re-
sweethearts who years earlier made a pact ally turns the question toward the viewer:
to meet each other at Grand Central Terminal What would you do if you suddenly were to
if one of them ever texts ‘run’ and the other see an old flame? If you could just take a
responds with the same. They both have ex- break and go see someone you haven’t seen
ICONS BY ROB WILSON; PHOTOS FROM TOP: ELIOT ELISOFON/THE LIFE PICTURE COLLECTION/GETTY IMAGES; HBO; NETFLIX

tive to real life,” said Josh, who
lives in a Toronto suburb and
just finished 10th grade. “You’re
able to socialize with your
friends and meet new people.”
With concert halls and
movie theaters closed, video-
games are filling the venue
void by doubling as virtual en-
tertainment houses. “Roblox,”
a platform featuring millions
of games, recently hosted a
benefit concert with perfor-
mances by such megastars as
Lady Gaga and Paul McCartney.
“Fortnite” showed a debut
trailer for writer-director
Christopher Nolan’s coming
flick, “Tenet,” and screened
video clips from the new
streaming app Quibi.
“Fortnite” also added a
space just for socializing last
month, launching it with a
party where electronic musi-
cians Deadmau5, Steve Aoki
and Dillon Francis performed.
There is more to come. On
June 25, DJ and songwriter
Diplo is slated to premier his
latest album via a live perfor-
views. A four-day dance-music
festival starts July 9 in “Mine-
craft” with Jauz, Griz and sev-
eral hundred other artists.
Experiencing a concert or
movie in a videogame is differ-
ent than through an app like
YouTube or a co-streaming
product such as Netflix Party.
In games, users see each other
in the form of cartoonish self-
representations known as ava-
tars that can be customized in
countless ways. Participants
can have voice or text conver-
sations, move almost anywhere
within the venue and make
their avatars dance.
“You have total control over
what your character does,” said
18-year-old Sam King, who lives
in Littleton, Colo., and has at-
tended two concerts in “Fort-
nite.” He likes that he can voice-
chat with his friends during
shows.
Competitive play is typically
put on hold during in-game
concerts and other events.
Some organizers—which may
be the game’s developer, a
nite.” More than 10 million peo-
ple showed up, according to the
game’s creator, Epic Games Inc.
At the time, it said “Fortnite”
had more than 250 million play-
ers; in May that number sur-
passed 350 million.
Entertainment-industry pro-
fessionals say the pandemic is
accelerating interest in game-
hosted events among consum-
ers and artists. They expect
the trend to continue after
real-world venues reopen.
There are advantages for
artists, too. Games can accom-
modate more people at events
than the largest stadiums. “You
can scale to a level that’s just
impossible to do in the real
world,” said Dean Wilson, chief
executive of Seven20, which
manages Deadmau5 and other
performers. While he doesn’t
see traditional concerts going
away, he said videogames give
artists another option for con-
necting with fans. “Touring is
expensive,” Mr. Wilson said.
“It’s exhausting.”
—Sarah E. Needleman
isting relationships and lifestyles totally apart
from each other, but they both go and they
go for different reasons.
It’s about three relationships, really: their
old relationship, and being reunited; her rela-
tionship with her husband and kids; and his
New This Week: ‘Eurovision Song
Contest: The Story of Fire Saga’
(Netflix)
Will Ferrell’s “Eurovision
Song Contest: The Story of
Fire Saga,” out Friday, is
the latest in the actor’s
competitive comedies, which
include turns as a race-car
driver (“Talladega Nights: The Ballad of
Ricky Bobby”), figure skater (“Blades of
Glory”) and basketball player (“Semi-Pro”).
Here, Mr. Ferrell is Lars Erickssong, an Ice-
landic, ABBA-loving, middle-age musician
who is still pursuing his performance pipe
dream, along with his Fire Saga bandmate,
Sigrit Ericksdottir (Rachel McAdams). A
well-timed tragedy affords Fire Saga the
chance to represent Iceland in the interna-
tional Eurovision Song Contest—despite the
band’s dubious gifts.
in years, would you do it? And if you did,
what would it be like? Would you be disap-
pointed? Would they be disappointed?...It’s
very clever, the acting is very good and the
writing builds up to a great ending, which I’m
not going to tell you about.”
Erickssong’s father, played by a heavily
bearded Pierce Brosnan, implores his son to
give up the dream. Mr. Brosnan said he was
intrigued by the small role because he ad-
mires Mr. Ferrell and Ms. McAdams, and,
well, he likes to keep working.
“At this point in my life,” said the actor
who played James Bond in four films, “I like
to be able to dabble here and dabble there,
waiting for the great moment that will
come to me, the great part that will define
this career.”
—Chris Kornelis
 A12 | Thursday, June 25, 2020
Food Runners
chef Todd
Corboy collects
donated produce.
CLOCKWISE FROM TOP: PRESTON GANNAWAY FOR THE WALL STREET JOURNAL (3); MICHAEL BRIX
How a Small
Charity Pivoted
When Covid Hit
Food Runners, and other nonprofits, quickly
shifted strategy to get help to those in need
BY BETSY MORRIS
UNTIL THE PANDEMIC, the mis-
sion of San Francisco’s Food Run-
ners was to save wasted food and
deliver it to charities that could
cook and serve. When the city
locked down in March, leftovers
from caterers, hotels and tech-
company cafeterias suddenly
stopped. Instead of giving up, Food
Runners found a kitchen, hired a
chef and began making meals.
“That was huge,” says Kristie
Fairchild, director of North Beach
Citizens community center. With-
out deliveries from Food Runners,
the community center was fighting
to keep up with daily demand that
would triple to 1,740 bags of food
for those in need. “We were mak-
ing sandwiches as fast as we
could. Food Runners’ ability to
shift has made a very big differ-
ence,” Ms. Fairchild said.
At Food Runners, the number of
volunteers has more than doubled
since early March, surging to 700
from 300. Annual donations are
running way ahead of last year.
Not only did the agency quickly
find a commercial kitchen, it’s now
considering opening a second.
The coronavirus pandemic has
highlighted the importance and the
agility of small community-based
charities, especially in a crisis. Of-
ten these groups don’t get much at-
tention. They are overshadowed
and out-funded by big better-known
nonprofits like the American Red
Cross and the Salvation Army.
“Some people think impact depends
on scale,” says Michele Dilworth,
senior director of partnerships at
Candid, which tracks and analyzes
global philanthropy. “But it depends
what the end goal is.”
“They are in a much better posi-
tion to respond than the big NGO
that swoops in from the outside,”
says Natasha Freidus, co-founder
and CEO of Needslist.co, whose soft-
ware can be used to match donors
with urgent local needs. “They know
the local language, the culture,
who’s who and how things work.”
“When it comes to responding to
this unique crisis, it’s not really
about size, but about impact and ef-
ficacy,” says Dale Bannon, national
community relations and develop-
ment director for the Salvation
Army. Donations stay within the ZIP
code in which they’re received, and
the nonprofit often works with
other organizations of all sizes, he
says. “The Salvation Army is the
largest social-services organization
in the country, yet we function very
much like a local nonprofit.”
The Red Cross has a nationwide
network of local community chap-
ters and volunteers that enables it
to collaborate with local nonprof-
its. “Responding to crises is a
team effort, and no one organiza-
tion can do it alone,” the Red
Cross said in a statement. “The
best solution is for entities of all
sizes to work together to provide
help to people in need.”
Still, the coronavirus crisis has
raised awareness of the local, niche
nonprofits that have stepped up in
creative ways in dire circumstances.
“These organizations have the most
intimate on-the-ground pulse of
what neighborhoods and families
really need,” says Kristine Alvarez,
director of advisory services at the
Nonprofit Finance Fund, which pro-
vides capital and consulting to non-
profits. “They will be critical to re-
covery and rebuilding.”
Small local agencies often have
local partnerships that allow them
to spring into action. When
schools and meal programs closed
in North Philadelphia in mid-
March, Tree House Books, a non-
profit that promotes literacy, be-
came one of the few places
neighborhood children could go to
get food. As it had furnished its
after-school visitors with daily
snacks, it was able to move
NY
LIFE & ARTS
Survival Tactics for
Small Nonprofits
n Make it direct: Find ways for
donors and volunteers to see the
direct impact of what they do.
n Make it personal: Find out
why donors care about the cause.
n Stay in touch: Contact donors
year-round, not just at year-end
and on Giving Tuesday.
n Deepen the connection: Ges-
tures like handwritten thank-you
notes help solidify a relationship
quickly to fill in, according to di-
rector Michael Brix.
Local charities also often know
who most needs help. As the crisis
began, the Indochinese-American
Council in Philadelphia reached out
to 160 families, many of whom it
knew well because it had helped
them with taxes. As only a few used
email, staff members began making
daily calls. At first many needed
food, then toiletries and eventually
help filing for unemployment. The
agency usually offers educational
programs for immigrants and refu-
gees, but has shifted to field all
sorts of immediate problems. “Now
they call me on my cellphone,” says
director Le-Quyen Vu.
Food Runners illustrates how ef-
fective a little agency can be in
harnessing the power of the com-
munity, if given support.
Above, volunteers at Food Runners in
San Francisco, founded by Mary Risley
(below) shifted from delivery to making
meals after coronavirus closed soup
kitchens. Left, Tree House Books In
Philadelphia pitched in to supply food.
While its mission of locating
and transporting food may be less
complex than those of humanitar-
ian agencies like Tree House or the
IAC, Food Runners makes use of
deep community connections
forged by its founder Mary Risley,
a cooking teacher and business-
woman who started the nonprofit 33
years ago and ran it side-by-side
with her prominent Tante Marie
cooking school until she closed it
five years ago.
Like thousands of other tiny
nonprofits that focus on specific
problems or neighborhoods, Food
Runners has had to make quick ad-
justments to meet the coronavirus
crisis head on.
“They’ve proven a ragtag team
of people can in a very short pe-
riod of time make a lot of things
happen,” says Mark Sole, a tech in-
vestor and company founder who
is also an adviser to Food Runners.
From its start three decades
ago, the charity had a clear, com-
mon-sense mission: to save food
from the dumpster and take it to
places that feed people who aren’t
sure where there next meal will
come from. Ms. Risley kept the
agency focused and efficient and
resisted suggestions to expand it
beyond San Francisco. Last year, it
transported 18 tons of food a week
on a budget of about $400,000.
Ms. Risley wasn’t the first to
come up with the food-runners
idea. She was inspired and
THE WALL STREET JOURNAL.
coached by Daily Bread, a similar
service that started a few years
earlier and continues to serve
Berkeley and Oakland. But she
helped the idea get traction. Sev-
eral of Ms. Risley’s volunteers
started food-runner type agencies
in nearby counties and the idea
spread across the country, eventu-
ally spurring the food-recovery
movement. The Food Recovery
Network, started by college stu-
dents 11 years ago, supports stu-
dents in 46 states who are inter-
ested in saving and distributing
surplus food from dining halls.
Ms. Risley believes the key to the
success of Food Runners is that it
“gives people a chance to do some-
thing for their fellow San Francis-
cans.” The work is hands-on. Volun-
teers are assigned routes, say to
pick up leftovers from the Ritz-Carl-
ton and deliver them to North
Beach Citizens community center.
“When volunteers can see the
impact in their own backyard,
rather than six states away, it helps
build loyalty to the cause,” says
Rick Cohen, chief operating officer
for the National Council of Nonprof-
its, which represents thousands of
groups across the country.
Many Food Runner volunteers
have long tenures. Trudi Michael
signed up after the death of her
father Joe Michael, nine years ago,
because he had been a loyal volun-
teer and donor for decades. Keith
Goldstein, retired now from the
waterproofing and restoration firm
he founded, has pushed a cart
through the Ferry Plaza Farmers
Market Saturday mornings for 26
years, collecting scores of boxes of
produce the farmers figure they
won’t sell. He is often accompa-
nied by Frank Ryan, a retired
salesman who took over the volun-
teer job 24 years ago from his
brother who was moving away.
“Some people get together to go to
a baseball game,” he says. “We get
together and hand out food.”
The nonprofit also has a loyal
cadre of donors nurtured by Ms.
Risley. She sends them handwrit-
ten thank-you notes. When she re-
alized one young donor was send-
ing $18 from every paycheck, she
tracked her down and took her to
lunch. Instead of a gala, Ms. Risley
has a sit-down dinner at her home
for some of the donors and two
more casual buffet dinners at her
home for volunteers.
Touches like those can carry
more weight than fundraising ap-
peals at year-end or on Giving
Tuesday, says Mr. Cohen of the Na-
tional Council of Nonprofits. Food
Runners’ fiscal year ends July 1. At
the end of May, the nonprofit’s in-
come for the year—from individual
and corporate donations and from
foundation grants—was $817,000,
compared with $354,000 at the
same time last year, Ms. Risley says.
That’s helped the charity be ag-
ile enough to change course. When
the city shut down in March, it
dried up most of the agency’s pre-
pared food supplies from corpo-
rate cafeterias, caterers, hotels and
other places. Many of the soup
kitchens that had cooked the food
were forced to close.
Food Runners could still get bulk
food donations from grocery stores.
But without a kitchen, it was in no
position to cook. Yet unemployment
in San Francisco was on its way to
12.6% in April from 2.3% in Febru-
ary. Ms. Risley was getting calls
from people looking for food.
She raised $95,000 and within
two weeks had secured a neigh-
borhood commercial kitchen and
hired a chef. Soon, volunteers were
busy packing meals into separate
cartons that could be distributed
curbside. Food Runners is making
about 2,000 meals a day. Its goal
is to double that.
Ms. Risley has challenges. The
nonprofit doesn’t know if it will be
able to renew the lease on its
kitchen at the end of the month.
It’s been difficult to keep monthly
costs at $30,000, which is where
Ms. Risley says they need to be.
She will turn 80 years old before
the end of June and thought she
was done with cooking long ago.
Now she’s deciding whether to
open a second kitchen and hire an-
other chef. “I think the need is
there,” she says. “There are a lot
of people making food, but there
are a lot more hungry people.”
 THE WALL STREET JOURNAL.
FROM TOP: BARRY BRECHEISEN/GETTY IMAGES; ASSOCIATED PRESS
Haim’s Genre-Bending Sister Act
Their new LP moves freely among styles while offering lyrics that help listeners focus on the melodies and arrangements
THE MUSIC of the Los Angeles
band Haim harks back to a time
when guitars ruled the airwaves.
Many of today’s biggest hits are
created electronically, but this trio
of sisters is skilled in many instru-
ments. Danielle Haim is the lead
guitarist; Este Haim plays bass and
keyboards; Alana Haim plays
rhythm guitar. All sing, with Dan-
ielle usually on lead, and live
they’re known for lengthy jams
where all three play drums.
They’ve played together since
they were kids growing up in Cali-
fornia’s San Fernando Valley, and
the locked-in harmonies found on
songs such as “The Wire” (from
their 2014 debut LP “Days Are
Gone”) and “Little of Your Love”
(from 2017’s “Something to Tell
You”) mirror the familial telepathy
the Wilson brothers brought to
the Beach Boys. Haim hasn’t truly
broken through to the main-
stream—their singles have yet to
hit the Hot 100, for example—but
to listeners older than, say, 35,
they sound like they should be
much more popular than they are.
The siblings’ music effectively
channels blockbuster guitar-pop
from decades past, extending the
Southern California style of Fleet-
wood Mac and Sheryl Crow into
the present moment.
On Friday, Haim releases
“Women in Music Pt. III” (Colum-
bia), the group’s third LP—it’s as
generous with hooks as its prede-
TELEVISION REVIEW | JOHN ANDERSON
‘Home Game’: A Day at
The Buffalo Races
THE SPORTS-STARVED viewer
might be deciding that desperate
times call for desperate measures.
Extreme measures. And Netflix is
happy to oblige: “Home Game,”
which might feel a little like a
home run kicked into the penalty
box, is a globe-trotting tour of un-
usual, traditional and sometimes
violent sports in countries where
those sports enjoy a sacred place
in the national imagination. If
you’re a fan who’s been finding lit-
tle satisfaction in broadcasts of
crowd-free Nascar, golf, or Bundes-
liga, then voodoo wrestling in the
Congo—or roller derby in Austin,
Texas, or freediving in the Philip-
pines—might be right up your
non-bowling alley.
Easily, the most alarming game
is that profiled in episode 1: cal-
cio storico (historical football), a
cross between soccer and a bar
brawl. Though it has roots in the
gladiatorial age, the game can be
traced more directly to 1530 and
the siege of the city in which it is
exclusively played: Florence. With
pro-Medici forces at the gates,
the Florentines taunted the in-
vaders by playing games. The city
was eventually sacked, which no
one gets around to mentioning,
HBO (2)
but the game has been played
ever since.
MUSIC REVIEW | MARK RICHARDSON
cessors and even more refined in
terms of its studio sheen. The pro-
duction, by Danielle Haim, Ariel
Rechtshaid and Rostam Batmanglij
(who both have worked with Haim
previously), is brilliant, weaving to-
gether an array of styles and sonic
textures into a seamless whole.
Messrs. Rechtshaid and Batmanglij
are masters at mixing computer
processing, samples, and live in-
Not yet mainstream,
‘they sound like they
should be much more
popular than they are’
struments to allude to the sounds
of the past without being retro. Ef-
fects and treatments can sound ar-
chaic one moment and futuristic
the next. Here, alongside Danielle,
they’ve crafted an album that
bounces effortlessly among rock,
folk, R&B, reggae and new wave.
These genre turns, which hap-
pen across the record and some-
times within a single song, are one
of the LP’s primary pleasures. The
album opens with “Los Angeles,”
which pays homage to the com-
forts of the group’s home area—
“New York is cold,” Danielle sings,
“I tried the winter there
once...nope”—and it’s impressive
There are rules, despite the
rampant punching, kicking, body-
slamming and gouging (mixed
martial arts seems tame in com-
parison). There are 27 men to a
side, and if you play, you play “for
life” for the color-coded team that
represents your section of the city
(the Whites, the Reds, the Blues,
the Greens). There is a ball, two
nets, and 54 people beating the
hell out of each other. The com-
batants, who seem carved out of
marble, display enough tattoos to
qualify as human frescoes (this is
Florence after all). They play for
the love of it, and the sense of
tradition. “Money is important,”
says player Rodrigue Nana, “but
having a story is more impor-
tant.” One of the stories told
about calcio storico concerns a
player who ended a game with his
eyeball in his hand.
Not all national games are cre-
ated equal—Kyrgyzstan’s kok boru,
for instance, is polo played with a
dead goat. But “Home Game”
treats each with a similar level of
respect and a short course on the
game, the nation and its culture.
In the case of calcio storico, one
occasionally wishes there were
more on-field sequences and fewer
interviews, if only because the ac-
tion is so morbidly fascinating.
LIFE & ARTS
for how much the track
takes in during its short
runtime. For most of its
length, it’s a charming
slice of light rock with
bright vocal harmonies,
but it gradually reveals
an understated reggae
groove that grows over
its final section, resolv-
ing into a calypso-like
coda by saxophonist
Henry Solomon. A few
tracks later, a shuffling
drumbeat and propulsive
bassline power “Up From
a Dream,” bringing to
mind the glam rock of T.
Rex, while “3 AM” is
lightly psychedelic R&B
in the vein of Prince’s
“Diamonds and Pearls.”
The stylistic variety is
subtle and organic, ges- ‘Women in Music Pt. III’ is the new album from Haim, made
turing at eras and idioms up of sisters Alana Haim, Danielle Haim and Este Haim (top)
but not trying to imitate
them, and the band sounds equally
comfortable in each setting.
The musical references skip
from one decade to the next and
the lyrics exist outside of time.
Aside from one reference to cell
towers, every named object existed arrangements. One notable excep-
in the 1970s—the telephones in
this world ring rather than vibrate, about the exhaustion that comes
and a late night alone is spent in
front of a television instead of a
computer. Emotional conflict de-
velops from missed connections,
shaky confidence, and uncertain
A game of calcio storico in Florence, above; a competitor in Scotland’s Highland Games, below to be enthusiastic, he
But, as one soon realizes, it’s also
hard to follow, and hard to locate
a narrative within the action. Con-
versely, the heart-pounding mo-
ments of makepung lampit—drag-
racing with water buffalos in the
unplanted rice paddies of Bali—is
over relatively quickly, so much
Thursday, June 25, 2020 | A13
drove too far / For you
to hand me that starter
guitar / ‘Hey girl why
don’t you play a few
bars?’” over an acoustic
guitar playing open
chords. It’s the LP’s
most pointed and spe-
cific song, and also one
of its best.
There are 16 tracks
here but no filler—the fi-
nal three were all issued
as advance singles, and
saving the familiar num-
bers for the end helps
the pacing. The last of
these, “Summer Girl,”
built around an interpo-
lation of Lou Reed’s
“Walk on the Wild Side,”
might be Haim’s catchi-
est tune, which is saying
something. Another, the
countrified “Hallelujah,”
touches on loss and rev-
relationships, and the stakes feel els in the power of family. “Laugh-
low. Characters ruminate and work ing together like our thoughts are
through difficult feelings, but you harmonized / Been that way since
get a sense that things will proba- ’95,” they sing on the acoustic bal-
bly turn out fine, and the focus lad, hinting at the clairvoyance
stays squarely on the melodies and that would come when they per-
form together. Twenty-five years
tion is “Man From the Magazine,” after that moment, “Women in Mu-
sic Pt. III” serves as a testament to
with being a woman in the music pop craft that takes time to master.
industry, where one is continually
underestimated and subjected to Mr. Richardson is the Journal’s
condescending remarks. Danielle rock and pop music critic. Follow
sings “Man from the music shop I him on Twitter @MarkRichardson.
trasting reliance on
slo-mo to elongate
the drama. It’s
shtick, often enough,
but works remark-
ably well when the
subject is something
like Catch Fétiche,
the Congo’s take on
professional wres-
tling, which is like
the WWE mixed with
Santeria/voodoo.
The British actor
Mark Strong pro-
vides the narration.
While he is inclined
keeps a straight face,
so to speak (you
never see him).
“Home Game” could
have taken a humor-
ous tack, or adopted
a superior attitude
regarding other
countries’ national
pastimes that might
seem arcane and ec-
centric to Ameri-
cans—the “caber” at
the Highland Games
in Scotland for in-
stance, which is like
the competitive toss-
ing of a telephone
pole. But that would
be opening a sport-
time is spent on historical and cul- ive can of worms: Ask your aver-
tural background. The overall age viewer to explain the infield-
style of the series is similar to fly rule. Or the subtleties of pass
that of other Netflix sports docu- interference. Water-buffalo racing
mentaries (its soccer programs, is comparatively simple.
notably), in which jarringly quick
cuts are accompanied by a percus- Home Game
sive soundtrack, and there’s a con- Friday, Netflix
A14 | Thursday, June 25, 2020 THE WALL STREET JOURNAL.

SPORTS
The Promotion That Made Jürgen Klopp
Soccer’s most popular manager has Liverpool on the verge of a title. A sudden move to the dugout was how he got his start.
BY JOSHUA ROBINSON Then he ran them into the ground.
Klopp couldn’t believe how

J
Mainz, Germany quickly Mainz’s fortunes improved.
ürgen Klopp’s teammates The same group with the same
knew he would be a coach skills that had stunk out the league
someday. As their excitable was suddenly winning games. Tac-
leader at Mainz, a last-place tics and training—nothing else—
club in Germany’s second had made the difference.
tier, he did so much hugging, berat- “We changed everything but the
ing, and yelling about tactics that it players and we became another
seemed inevitable. team,” said Demandt, now coaching
What Klopp’s teammates didn’t in the fifth tier. “And from this
realize is that he would be their team, many players became
coach. coaches.”
Nineteen years ago, the man who Under Frank, Klopp developed
would become one of the most pop- into an accidental dual threat. He
ular coaches in sports at Liverpool had arrived at Mainz in 1991 as a
stumbled into management when forward blessed with speed, aerial
Mainz fired its manager with its Nothing in soccer has shaped Jürgen Klopp quite like his 18 years ability, and not much else. “He was
next match just 48 hours away. It at Mainz, the German club where he was a player, then coach. not a technical player,” Kramny
was too late to find another candi- said. “He was a mentality player.”
date and things were too desperate mer teammate now man- ways dangling the carrot of a little Translation: He went hard and
to get anyone good. So the club aging the national team more freedom for his players if they wasn’t afraid of an elbow to the
asked a hobbled 33-year-old de- of Liechtenstein. “If you could just dig a little deeper. face. Even as a defender, Klopp
fender to stand in the dugout for a see kids, they walk up to “You must do this for me,” he notched 56 goals in 340 games for
couple of games. him and they feel com- would say, according to his former Mainz, making him the third-high-
Sure, Klopp said. Why not? fortable, even though Mainz roommate Jürgen Kramny. est scorer in club history. That ap-
To the Mainz squad, putting him he’s a big guy. You could “If you don’t give 100%, I can’t do parent contradiction explains so
in charge made perfect sense. Klopp see it back then.” anything for you.” much of how Klopp views the game
had more charisma than talent on The Germans have a Klopp, who had watched 10 dif- today: Exploding the contours of
the field and behaved like a coach word for it. Michael Zorc, ferent coaches crash and burn at traditional soccer positions has al-
away from it. “He understood tac- who hired Klopp to man- the club, would later call it a “kami- ways been his style.
tics. He was intelligent,” said ex- age Borussia Dortmund kaze” mission. Mainz had no Klopp later developed that ap-
Mainz striker Sven Demandt. “But in 2008, called him a money, no trophies of any conse- proach at Borussia Dortmund as the
when the game started, he was full Menschenfänger—some- quence, and crowds of around 2,000 high priest of counter-pressing soc-
of adrenaline….He was sometimes delivering Liverpool’s first league one who captures people by his fans. Only the man who’d put in 3½ cer, a philosophy that involves all 10
not so intelligent.” title in 30 years. Yet his proudest pure presence, a man that others years over two stints in the middle outfield players in winning back the
Which is why Klopp’s playing ca- achievement remains securing feel compelled to follow. had managed to make a recent im- ball. He then perfected it at Liver-
reer never progressed beyond Mainz’s promotion to the Bundes- That much was clear from pression. His name was Wolfgang pool, where he has built the most
Mainz, a midsize town where soccer liga in 2004, only his third full sea- Mainz’s first week under “Kloppo.” Frank. And if any coach opened exciting team on the planet. Tradi-
is less popular than the annual car- son as a coach. They followed him to two straight Klopp’s eyes to what was possible tional definitions can no longer
nival. It turned out to be the ideal “What I did with Mainz cannot victories. Those results constituted from the dugout, it was him. keep up with how Klopp deploys his

CLOCKWISE FROM TOP LEFT: ALEXANDER HEIMANN/BONGARTS/GETTY IMAGES; KAY NIETFELD/DPA/GETTY IMAGES; KAMIL KRZACZYNSKI/ASSOCIATED PRESS
place for Klopp to spend 18 be topped,” Klopp said in 2019. his entire coaching résumé, but Frank had visions of turning weapons. Strikers are his first line
years—10 as a player and eight as a Perhaps the most stunning thing they were enough for Mainz to Mainz into second-tier title con- of defense. Fullbacks are deadly of-
coach. Those nearly two decades at about his time there, according to hand him the job permanently. tenders—never mind that it was sit- fensive creators.
Mainz shaped a revolutionary soc- former teammates and colleagues, There was only one catch: Klopp ting near the bottom of the league “His view is always complete,”
cer philosophy that is now reaching is that Klopp was already so recog- would have to retire from playing. when he took over. Half-professor, said Zorc, Dortmund’s sporting di-
its full potential. nizably Klopp—the bear-hugging, He felt the soreness in his legs half-drill sergeant, he did it by urg- rector. “He’s talking about defense
Today, Klopp is a two-time Ger- fist-pumping, magnetic maniac. and accepted. He was now Coach ing his players to challenge every- and offense at the same time. Not
man champion, a Champions “You feel comfortable around Kloppo. Strict, but not tyrannical. thing they’d been taught about how only about scoring, also about de-
League winner, and on the verge of him,” said Helgi Kolvidsson, a for- Explosive, but not unfair. And al- to organize 11 men on a soccer field. fending.”

Women’s Soccer Goes Into the Bubble

BY RACHEL BACHMAN Then the league announced that
six players and four staff members
FOR WEEKS, American team for the Orlando Pride had tested
sports leaders have obsessed over positive for Covid-19.
the idea of restarting games dur- Now, Orlando’s out.
ing the coronavirus pandemic by The suspected reason for those
inflating a “bubble.” The idea is to positives was a handful of Pride
create an invisible, disease-free players who enjoyed Orlando’s re-
biodome inside which athletes and opened night spots in recent
staff can live, work and, if they do weeks. The consequences—that
it right, get bored. the rest of the team, including sev-
This week, the National eral U.S. women’s national team
Women’s Soccer League will be- players and Brazilian star Marta
come the nation’s first pro team will not go to Utah—underscore
sport to test the idea. the stakes for breaking the rules at
Starting Wednesday, the NWSL the tournament.
was set to welcome eight teams to “We have been in multiple calls
the Herriman, Utah, area outside with all of our teams in terms of
Salt Lake City for a one-month observing the village protocols,”
tournament starting Saturday, to NWSL commissioner Lisa Baird
be played under strict health con- said. “That’s what we call them—
ditions and in front of no fans. Be- the tournament protocols—which
fore Monday the league’s ninth is social distance, making sure you
team also was planning to go. are caring not only for your own
health but are responsible for your
teammates’ health.”
Three stars of the U.S. women’s
team who also play in the NWSL—
Megan Rapinoe, Tobin Heath and
Christen Press—are sitting out the
tournament. Heath and Press cited
in statements the uncertainty or
risk related to Covid-19. Rapinoe
hasn’t publicly said why she’s not
playing but indicated to her coach
for the Tacoma, Wash.-based OL
Reign earlier this month that she
wasn’t going to play.
Carli Lloyd, Adrianna Franch and
Mal Pugh are out with injuries, and
Alex Morgan gave birth to her first U.S. women’s team star Julie Ertz, right, is set to play in the NWSL tournament.
child last month. But 13 of the 23
rostered players on the 2019 World sey Horan, and North Carolina’s Although Utah has seen an uptick
Cup champion U.S. team are set to Crystal Dunn and Sam Mewis. in Covid-19 cases recently, the
play in the event, including Chi- All games will be at Zions Bank area where the tournament will
cago’s Julie Ertz and Alyssa Naeher, Stadium in Herriman or Rio Tinto be held was rated yellow, or in a
Washington’s Rose Lavelle, Port- Stadium in Sandy, both more than low-risk phase, by health officials
land’s Becky Sauerbrunn and Lind- 20 miles outside Salt Lake City. as of Tuesday.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

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Denver 91 55 pc 78 55 t Mumbai 91 82 c 91 81 t 40 World’s largest the Meiji and a round body lawn
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87 72 pc 88 75 s
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79 70 pc
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H D A D A
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Kansas City 89 71 pc 90 69 pc Amsterdam 84 67 s 86 63 s San Juan 90 79 pc 90 81 t
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Las Vegas 106 83 pc 102 83 s Athens 86 73 t 87 71 s Seoul 78 67 r 81 69 pc C H A T T A H O O
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tennis court 42 Victims of the review K E N I D O O O D L E S
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23 Permission to Iroquois 65 Purported M I
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occurrence 46 Grape nuts? 67 Make biased L A R A L O V E R R I A S
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Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 89 68 pc 90 69 pc Edinburgh 78 55 pc 72 53 t Zurich 82 58 s 84 61 t T E E S Y E N T E N E S T

THE WALL STREET JOURNAL.
Smiley Face Liberalism
The people in
the streets—
idealistic pro-
testers, full-
time activists,
anarchists—
are the young
WONDER
men and
LAND
women of the
By Daniel
current Amer-
Henninger
ican left. The
people run-
ning the country’s institu-
tions—mayors, cultural leaders,
media executives, business
managers—are a generation
older and cut from the cloth of
traditional American liberal-
ism. Give the left some credit:
After tolerating their liberal
betters for years, they knew
when the opportunity had ar-
rived to push them over the
cliff. They have just taken it.
The collapse of liberal
elites under a leftist
offensive has been in
the making for years.
Events of the past four
weeks have produced a lot of
agog reactions, but among the
most interesting have come
from European friends who
came to the U.S. years ago in
search of what can only be
called the American dream.
Now they are asking: Why is
there so little resistance to
what is going on? How could
cancel culture happen in a
country with legally protected
speech? Why has there been no
defense of private property—
which remains, believe it or not,
a big idea in the minds of for-
eign-born citizens, from taxi
drivers to builders of new com-
panies?
The quick collapse of Amer-
Botch the Vote, Then Cry ‘Suppression’
By Karl Rove
M
any Democrats have
made “voter suppres-
sion” their rallying cry,
accusing Republicans of under-
mining the right to vote. Lately
they point to the Georgia pri-
maries June 9, when voters
stood in line for hours, and
precincts had to be kept open
until after midnight to accom-
modate those still waiting at
the 8 p.m. closing time. Thou-
sands of absentee ballots never
arrived in the mailboxes of
people who requested them.
Former President Barack
Obama invoked voter suppres-
sion in a fundraising appeal
for a Democratic dark-money
group, attacking “bad-faith
politicians”—of which party
you can guess—who “try to si-
lence your voice.” Former At-
torney General Eric Holder
echoed him, decrying the
“blatant voter disenfranchise-
ment” the GOP unleashed in
Georgia. Hillary Clinton said
the Georgia debacle “was by
design” and “a threat to our
democracy.”
Democratic candidates have
taken up the cry. Texas state
Sen. Royce West, who’s seek-
ing the party’s U.S. Senate
nomination, cited Georgia in
declaring “the GOP knows
their only path to victory in-
volves suppressing the vote.”
Vice presidential hopeful Sta-
cey Abrams blamed Georgia’s
Republican secretary of state
for the “unmitigated disaster”
in the primary.
When Kentucky officials
announced that Tuesday’s pri-
mary would be held with
Police Brutality Affects Us All
By Ted Rall
A
dvocates for police re-
form have emphasized
brutality’s unique bur-
den on black Americans. A
better approach might be to
emphasize that police officers
rough whites up, too. The
point isn’t to diminish the
black experience but to con-
vince everyone they’re in the
same boat. More whites would
join the struggle against po-
lice brutality if they believed
the police were dangerous to
them as well.
Support for funding AIDS
research expanded after activ-
ist groups convinced Ameri-
cans in the 1980s that the “gay
plague” threatened straight
people. It was oversold: A 2015
study found homosexuals were
more than 20 times as likely
to be infected as heterosexu-
OPINION
ica’s elites under this left-wing
offensive is striking and a his-
toric event. Within a week of
the left going after monuments
to U.S. presidents—George
Washington, Thomas Jeffer-
son, Ulysses S. Grant—the
head of the American Museum
of Natural History in New York
said she had no problem with
dismantling history, and asked
the city to take down its statue
of Teddy Roosevelt on the
grounds that it is offensive to
blacks and Native Americans,
which is absolutely disputable.
In Brooklyn, residents are in
despair over nightly fireworks
noise, shootings and killings as
the police, under threat of
prosecution or firing, have
pulled back. On Monday eve-
ning, Borough President Eric
Adams responded with a solu-
tion: “empower” community-
groups to discuss with resi-
dents the dangers of shooting
aerial bombs at each other.
How did the capitulation
happen so fast? In fact, it was
a long time coming. It is hardly
an insight by now to blame
this on the schools. But revisit-
ing 30 years of educational ir-
responsibility seems necessary,
insofar as the reality of the
moment represents an erasure
of history. If U.S. Grant, just
toppled in San Francisco, was a
racist, American history has
indeed ceased to exist. History
has a way of returning, and
some day it will record how a
generation of university presi-
dents produced this result.
In the 1980s and early ’90s,
when the notion of speech-
codes emerged with formal re-
strictions on words and
speech, the seeds of today’s
cancel culture were planted
with the acquiescence of uni-
versity leaders.
When liberal professors em-
barked on tenure denials for
fewer than 200 polling loca-
tions rather than the normal
3,700, even King James—bas-
ketball legend LeBron—
tweeted, “This is SYSTEM-
ATIC RACISM and OPPRES-
SION. So angry man.” He’d
earlier written that Georgia’s
primary raised the question
“if how we vote is also struc-
turally racist.”
The problem? Votes
weren’t suppressed.
The Georgia primary turn-
out was the largest in state
history. While Kentucky’s re-
sults won’t be announced be-
fore June 30, officials there
also expect to beat the state’s
record, from 2008. It hardly
sounds as if the vote was sup-
pressed. But even if it were,
the ex-president and the NBA
megastar would be wrong to
blame Republicans.
In Georgia, counties run
elections. They set polling
places, allocate voting ma-
chines, mail absentee ballots,
recruit and train election
workers, supervise Election
Day and tally the results. The
problems in the Georgia pri-
mary were centered in Fulton
and DeKalb counties. Fulton
contains Atlanta, while DeKalb
includes the largely black sub-
urbs directly east.
Democrats control both the
Fulton and DeKalb county
governments. DeKalb’s board
of commissioners consists of
six Democrats and one Repub-
lican. Fulton’s has four Demo-
crats and three Republicans.
DeKalb board chairman Steve
Bradshaw and Fulton chair-
man Robb Pitts are African-
American Democrats.
als. But 1/20th isn’t zero. Any-
one can contract the virus.
Similarly, there’s no dis-
pute that black Americans
bear more than their share of
police violence. In 2019, ac-
cording to Statista, officers
killed 1,004 civilians nation-
wide: 370 whites, 235 blacks,
Black Lives Matter
would do well to
remind whites they
can be victims, too.
158 Latinos and 241 of other
or unknown ethnic origin. Ad-
justing for population, the
odds of an African-American
dying at the hands of police
is about 2.5 times as high as
for a white person. Even so,
wokeness had turned into a
weapon, but liberal leadership
blandly let it happen.
Even more important to un-
derstanding recent events is a
recognition of how the left
JEFFREY GREENBERG/UNIVERSAL IMAGES GROUP
eliminated traditional liberal-
ism’s moral leadership.
For decades, liberals have
made claims of moral author-
ity in the U.S.’s political life—
through depressions, wars, the
civil-rights movement. In re-
cent years, the left has suc-
cessfully established, at least
among elites, that we live in a
society with few constants of
moral behavior. But if even the
idea of a functioning consen-
conservative colleagues, who sus about morality has been
were important ballast to the erased, then no one has moral
growing groupthink, campus authority. About all that’s left
administrators caved. is smiley face liberalism.
Then when the students The organized, professional
turned on some of these same left has played its hand well,
liberal professors, with accusa- filling the void of a no-longer-
tions of racism, they caved relevant liberalism with an au-
again. thoritative, reductionist asser-
These rocks rolled steadily tion of “systemic” guilt—
downhill with barely a peep of secular guilt being the most
public resistance from trustees. powerful political idea of our
In the 1990s, Yale famously re- time—in matters of race and
turned a $20 million donation gender.
from alumnus Lee Bass to cre- By now, displaced liberal
ate a curriculum in Western elites have so little self-confi-
civilization, a k a history. dence that they fear even criti-
These acts of denial as lib- cism from their children or
eral traditions eroded were teenage grandchildren for
mostly petty self-interest. If you trespassing the new racial and
didn’t lose your job, you were gender orthodoxies.
OK. This is what “silence is Will it last? I think people
compliance” really looks like. across the political spectrum
Here is why this is relevant are shell-shocked by the
to what happened so quickly events of these weeks, espe-
the past four weeks. Liberal cially the Taliban-like smash-
tolerance (their one cardinal ing of monuments and the em-
virtue) eventually degraded brace of lawlessness as an
into rote acceptance. They official ideology, with no credi-
claimed to be defending evolv- ble pushback from Joe Biden
ing standards but eventually or other prominent Democrats.
there were none. But if history teaches us any-
The activists’ steady de- thing, it’s that the American
scent into irrational and illogi- electorate won’t be pushed
cal claims was impossible to around permanently.
miss. It became obvious that Write henninger@wsj.com.
The commissions in turn the state’s second most popu-
elect chairmen of boards of lous city. The county’s execu-
registration and elections. tive, clerk and most of its elec-
Both counties’ election boards tions board are Democrats.
consist of two Republicans and If Democrats want to keep
three Democrats, including crying “voter suppression,”
their Democratic chairmen. It they should direct their com-
was these Democrat-run plaints to the local govern-
county governments that ran ments involved, starting with
the elections that Mr. Obama, the Democrats running Fulton
Mrs. Clinton and other pro- and DeKalb counties. Until
gressives savaged as Republi- then, Americans are justified
can voter suppression efforts. in writing off the attacks from
progressives as ignorance or
cynical attempts to stoke racial
Democratic counties division for partisan gain.
This isn’t to say Americans
are to blame for poorly are without election worries.
managed primaries in Increased reliance on mail-in
ballots means more situations
Georgia and Kentucky. like California’s in 2018, when
winners weren’t known for
weeks. Many candidates lead-
In Kentucky, the reduction ing on Election Day may lose
in the number of precincts when mail-in ballots trickle in
and expansion of mail-in vot- days later. This will under-
ing were both due to corona- mine confidence in the out-
virus concerns detailed in an comes, especially in close con-
executive order signed by the tests and if states mail ballots
state’s Democratic governor, to “inactives”—people on reg-
Andy Beshear. The elections istration rolls who haven’t
were also run by counties. voted for at least six years,
Louisville, Kentucky’s big- many of whom the Postal Ser-
gest city, has a consolidated vice says no longer reside at
city-county government. The the addresses on file.
mayor is a Democrat, while the Along with intervention by
county clerk is a Republican. foreign powers, these are real
They centralized in-person shenanigans that could under-
voting at a 1.2-million-square- mine confidence in U.S. elec-
foot convention hall with 350 tions. We should be worried
socially distanced voting sta- about them, not false cries of
tions. Yet with massive num- voter suppression.
bers of mail-in ballots, voter
participation surged. Other Mr. Rove helped organize
than a rush before the 6 p.m. the political-action committee
close, wait times were low at American Crossroads and is
the convention center. There author of “The Triumph of
were more problems in Fayette William McKinley” (Simon &
County, home to Lexington, Schuster, 2015).
370 is far from zero. charged, even for shooting un-
It is shocking that a black armed civilians, and that they
male has a 1-in-1,000 lifetime are usually acquitted.
chance of being killed by a I’ve lived in diverse neigh-
law-enforcement officer at borhoods in New York City
some point in his life. But it’s and travel a lot, so I have in-
surprising that the odds of ternalized a wariness of police.
any male dying from an en- I’ve received unjustified traffic
counter with police is 1 in tickets, been roughed up on
2,000. Death by cop is about the street, and had a gun
as great a threat to American pulled on me while working in
men of all races as fire and my office after I accidentally
choking. tripped the silent alarm.
Flashing lights in your If you’re white, you should
rearview mirror mean danger. know you may get shot and
Whether you’re black, white, brutalized by cops. That
Latino or Asian, you’d be wise knowledge could save your
to move slowly, keep your life—and it will help you em-
hands still atop your steering pathize with black victims of
wheel and speak politely. If a police violence.
cop gets fearful and kills you,
the machinery of the state will Mr. Rall is a political car-
contort itself to brush off your toonist and author of “Francis:
death because his “instincts” The People’s Pope,” the latest
told him it was justified. He in a series of graphic-novel bi-
knows that cops are rarely ographies.
Thursday, June 25, 2020 | A15
BOOKSHELF | By Charlotte Gray
Other People’s
Gold Dust
A Most Wicked Conspiracy
By Paul Starobin
(PublicAffairs, 296 pages, $28)
T
he North American gold rushes of the 19th century
attracted thousands of ragged prospectors and about
the same number of thieves. “So crooked that his
blood only circulates once a year” was a popular expression
of the era, used to describe the card sharks, speculators and
criminals drawn to mining camps to mine the miners.
Most of them were small-time offenders, eager to divert
into their own pockets a few flakes and nuggets from the men
who had laboriously dug the gold out of the ground. But each
camp also spawned more-ambitious operators, determined to
amass fortunes by acquiring, or “jumping,” productive claims
where ownership was uncertain. The more remote the gold
rush, the greater the possibilities for manipulating claims and
disregarding the law. And no gold rush was more remote than
the one in Nome, Alaska. In “A Most Wicked Conspiracy,”
Paul Starobin recounts the story of how a Republican boss
from the Midwest nearly cornered the territory’s gold
production. The fact that Alexander McKenzie came close to
acquiring more than 100 claims in Alaska—all of them proven
superproducers—reflects the pervasive influence-peddling,
corporate corruption and political immorality that was
reaching its crescendo in the final years of the Gilded Age.
Mr. Starobin begins his
narrative with the discovery
of gold in a distant creek on
Cape Nome near the western
coast of Alaska. As soon as
news of the strike reached the
outside world, the stampede
began. But Mr. Starobin, an
accomplished magazine writer
and author of three previous
books, does not dwell on the
rigors of panning for gold or
the peculiar characters prepared
to make the long, cold journey
north, mesmerized by the
flickering promise of instant
wealth. Instead he moves quickly on to
the muscle and venality of “Big Alex.”
Mr. Starobin’s story is the typical Gilded Age plot of a
political boss and a robber baron jointly pulling the strings
of various politicians hungry for their financial support.
McKenzie, born in Canada and built like a boxer, was a
ruthless, self-made man who, by the time North and South
Dakota joined the union in 1889, controlled the Republican
machine in both states. He had carefully cultivated a relation-
ship with the railway mogul James J. Hill, of the Great
Northern Railroad, whose deep pockets McKenzie required
for bribes. It was possibly Hill, we are told, who put the idea
of an Alaskan venture into McKenzie’s head. “Alaska awakens
the imagination of men,” the magnate once said. McKenzie
looked north, and realized he didn’t need a pick and shovel
to cash in on the gold rush. He began buying up claims.
Into this narrative Mr. Starobin skillfully weaves the
political evolution of Alaska, purchased from Russia in 1867,
and the insidious rise of nativism at the turn of the century.
In 1900, Congress was crafting a new civil code for the
territory. McKenzie immediately recognized an opportunity
to skew it in favor of his recently established Alaska Gold
Mining Co., which held all the claims he had jumped. His
initial strategy was a last-minute amendment, put forth by
two senators indebted to his patronage, of a clause banning
“aliens” from making or holding mining claims. This would
include Nome’s original prospectors plus many others.
McKenzie had already contested dozens of the original
superproducer claims held by non-Americans, as well as
hundreds of others where title was dubious. If the “alien”
ban was successful, these claims would then belong to him.
The tale of ‘Big Alex’ McKenzie, a Midwestern
political boss who swindled superproducing
prospectors during the Alaska Gold Rush.
Fierce resistance to the amendment forced McKenzie’s
senators to withdraw it, so McKenzie switched tactics and
trained his sights on the territory’s legal and law-enforcement
apparatus. If he could control the judicial machinery, he
believed, he could ensure that the courts presiding over
claim disputes would rule in his favor. He dislodged the top
contender for the territory’s federal judgeship (a state
legislator from Tacoma, Wash., who deplored predatory
business moguls) and, through intermediaries, persuaded
President McKinley to appoint an undistinguished
Minneapolis lawyer, Arthur Noyes, whose defining feature
was his pliability. McKenzie also slotted his own nominee into
the district-attorney position.
As the ice in the Bering Sea began to melt in the spring of
1900, prospectors headed north to Nome. “From two
thousand or so inhabitants the summer before, the town now
swelled to some twenty thousand,” we are told. “Hustlers of
every variety abounded.” But the biggest hustler of all was
McKenzie. He persuaded the pliable Noyes to put all the
disputed claims into receivership, and then appoint McKenzie
the “neutral” receiver. Noyes approved the appointment, then
retreated to his hotel room with a bottle as rival gangs of
miners faced off. Soon, McKenzie was transporting $200,000
worth of gold dust out of the Nome claims under his
receivership. (Mr. Starobin does not give contemporary
equivalents, but taking into account both inflation and the
rising value of gold, today that would be worth more than
$20 million.) McKenzie’s plans were ultimately thwarted by
the forceful opposition of legitimate claim holders and by the
more principled judges of the California bar, to whom Noyes
was answerable. “Claim Grabber Sentenced,” read one
headline as McKenzie headed off to the Alameda County jail,
convicted of contempt of court.
In his lively account of the Nome conspiracy, Mr. Starobin
takes satisfaction in the outcome: Even during the Gilded
Age’s rampant capitalism, the American justice system
prevented McKenzie from looting Alaska. But Big Alex was
not in jail for long. Hill, the railroad mogul, wrote a personal
note to McKinley’s campaign manager, mentioning his own
campaign contributions and McKenzie’s hitherto-
unmentioned poor health. Three months before McKinley was
assassinated, the president commuted McKenzie’s sentence.
McKenzie’s supporters immediately informed the newspapers
that he had received a “full pardon.” Soon, McKenzie was
cozying up to President Teddy Roosevelt. When he died in
1922, McKenzie’s estate was valued at $900,000. Like so many
ruthless political operators, then and now, he used power to
amass wealth very effectively.
Ms. Gray is the author of 11 books of biography and popular
history, including “Gold Diggers: Striking It Rich in the Klondike.”
A16 | Thursday, June 25, 2020 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Coping With Covid-19 Sen. Brown’s Uninformed Views of Business

F
ears of a resurgence of the novel corona- care. Harris County has about 455 ICU beds Sen. Sherrod Brown’s “A Message bolus of cash into corporate coffers,
virus are dominating the news and available, about as many as are currently occu- to America’s Corporate Executives” just as no cash disappeared from
(op-ed, June 19) is no more than an those coffers during the earlier drop
spooking financial markets. The flare-ups pied by Covid patients.
absurd litany of politically correct in share prices. The rise makes no
bear watching, and preparing Public-health officials mandates. Sen. Brown is a career leg- cash available for employee bonuses,
for, but the original lockdowns Flare-ups are inevitable worry about an exponential islator whose only work experience or for anything else. To my mind, the
were never going to eradicate but new lockdowns rise in cases—that’s their job. has been playing with other people’s fact that the senator misses these
the virus short of unacceptable But political leaders have to money. To the extent that his refer- fundamental elements discredits ev-
economic pain. The unhappy aren’t the answer. consider overall public and ence to “white men” and “diverse erything he writes and every opinion
but inevitable truth is that economic health, and locking workers” is a demand for authentic- he voices with regard to the U.S.
Americans will have to learn to down again doesn’t seem justi- ity, his own lack of private-economy economy.
cope with the virus, which means trial and error fied by the evidence. experience disqualifies him from MATTHEW KLIONSKY
and more individual responsibility. Florida and Texas began reopening more commenting on the conduct of busi- Chicago
There’s no denying the flare-ups, even if than a month before hospitalizations began ness. Sen. Brown’s statement, at bot-
tom, is a contemptible example of to- Sen. Brown, put your money where
some in the media almost seem to enjoy the rise surging. Health officials in Arizona have linked
day’s no-downside virtue signaling. your mouth is. Leave your comfy Sen-
in cases and hospitalizations in Arizona, Florida, flare-ups to specific events or places such as DAVID RYBARCZYK ate job, borrow some cash, mortgage
Texas and other hot spots in the South and large Hispanic holiday gatherings and Indian Redding, Conn. your house or spend your life savings,
West. Hospitalizations in Texas have doubled in reservations. Cases on Indian reservations and or all of the above, and start a com-
two weeks and increased more than four-fold in rural counties along the Mexican border are four Thanks for printing the op-ed by pany where you can practice all your
San Antonio and the lower Rio Grande Valley. to five times higher per capita than around Tuc- Sen. Sherrod Brown. The fact that the feel-good suggestions.
Cases in Harris County hospitals around Hous- son and Phoenix. These can be monitored and Journal makes available a wide vari- STEVE HARDY
ton have doubled in a week. contained. ety of opinions is one of its strengths. Zephyr Cove, Nev.
Hospitalizations have also doubled in Ari- Some clusters have been tied to bars and I’m a small-business owner and Sen.
zona in two weeks amid flare-ups in rural coun- churches, and political leaders should do more Brown’s antibusiness and impractical What is noticeable is the absence
comments remind me that while I get of any recommendations for the pub-
ties along the Mexican border. Miami-Dade to warn about social-distancing and to use
annoyed and frustrated at President lic sector. Should we assume there is
County in Florida has reported a 50% increase masks. But states like Wisconsin and Iowa that Trump’s tweets and off-the-cuff opin- no fault to be found there? No im-
in hospital admissions over the past two weeks, have been open for several weeks have recorded ions, the Democratic alternatives provements possible?
and hospitalizations are up a quarter in Califor- only a slight or no uptick in hospitalizations. would leave the business community Stop the double dipping and guar-
nia over the last week. Locking down again won’t stop family gather- a lot worse off. Thanks for reminding anteed pensions for the public sector.
i i i ings in homes, or essential workers who return me why I vote Republican. Join the private sector’s shift to
More spread was inevitable once states home to spread the virus to families. MIKE MORGAN 401(k) retirement plans. Contribute
started to relax their lockdowns, and they are In any case, the health, social and economic Colleyville, Texas to your own retirement funds like the
going to continue until a vaccine exists. But they cost of shutting the economy again are too high. private sector does.
also need to be put in context. New York City had Twenty-one million Americans are unemployed. Does Sen. Brown really not realize MIKE BROWN
about 12 times more Covid-19 patients per cap- Countless businesses and livelihoods have been that it is shareholders, not compa- Chesterfield, Mo.
nies, that lose buying power (i.e.,
ita in intensive-care units at the peak of its hos- destroyed. Rhode Island reported this week that
wealth) when share prices drop, and The senator should know that the
pital surge in April than California does today, drug overdose deaths spiked 22% in the first gain it when they rise? In truth, life of a business owner requires daily
six times more than Miami-Dade, five times three months of this year. share-price changes—drops or balancing of costs and revenues in a
more than Arizona, and four times more than A new study in the Journal of the American rises—are merely a cashless reflec- manner that will sustain the enter-
Harris County. Medical Association finds that the number of tion of value held by shareholders, prise and its jobs, maybe even grow
New York City and other hard-hit parts of the adults reporting symptoms of serious psycho- unless and until the shares are sold. and provide more jobs. If the benefits
Northeast experienced bigger outbreaks in the logical distress rose to 13.6% from 3.9% in the The rebound of share prices to which fall too far behind those of my com-
spring, which were slow to recede even with same time in 2018, with higher levels among the Sen. Brown refers puts “paper” petitor, it isn’t likely the employees
strict lockdowns as the virus spread through young (24%), low-income (19.3%), and Hispanics wealth onto shareowners’ balance will remain, and it’s always the best
nursing homes and public housing. Two months (18.3%). sheets, not cash into the coffers of employees who are lured away first.
after locking down, New York City still had many i i i the corporations whose shares have TOM ZIMMERMAN
risen, and thus the rise puts no new Playa del Rey, Calif.
more Covid patients in intensive care than most Political leaders will need a realistic strategy
new hot spots do today. for coping with Covid and minimizing its dam-
Elderly patients typically require more acute age for as long as necessary. The mistake is
care and spend more time in the hospital, and thinking that in a country of 330 million people
the good news is that the hospitalized cases now a single top-down, Washington plan will crush
Broken Windows Do Not Repair Themselves
are younger and on average less severe. The the virus. William McGurn’s “Cy Vance’s Bro- person, used the n-word, that per-
chief operating officer of Tenet Healthcare, States, the feds and private businesses will ken Window” (Main Street, June 16) son would most likely be prosecuted
which runs hospitals in Sun Belt states, told in- need more testing, and states and Washington makes the case that the move away for a hate crime by Mr. Vance. What
vestors last week that “the length of stay on [re- may have to surge capacity for hospitals. Gover- from broken-windows policing dis- makes one a low-level crime and the
cent] cases is lower, the resource consumption nors, mayors, business and religious leaders and proportionately and negatively im- other a felony? If a church is a sanc-
pacts “law-abiding, largely black and tuary, why isn’t defacing it not con-
is lower.” even President Trump can talk realistically
Latino residents of the most vulnera- sidered a hate crime? There is noth-
Most hot spots currently have ample health- about the continuing risks and measures to re- ble neighborhoods.” Mr. McGurn’s is ing “low level” about defacing a
care capacity, though some hospitals are duce the spread. Large gatherings will have to one of several recent Journal pieces sanctuary, but it does shatter all
stretched. Miami-Dade County has about 1,000 be limited, and young people should protect that point to misguided policies logic to allow it. It simply encour-
ICU beds available for a surge, more than five their elders. It will be a long haul, but America which hurt the same vulnerable, law- ages others to do the same. On the
times the number of Covid patients in intensive has managed through worse. abiding demographic. I must say that other hand, prosecuting the person,
I generally find these arguments com- or persons, might send a message to
pelling. But, at the same time, I can’t others that this type of activity sim-
The No Debate Democrats help wondering why the politicians
who author these misguided policies
ply won’t be tolerated.
BRIAN GLASS

A
minority of the Senate, 45 Democrats Much of the press corps will play along by continue to be elected by those who Glen Allen, Va.
suffer their ill effects.
to be exact, voted Wednesday to close reporting on the House vote but treating the
JIM REARDON It is likely delusional to believe
off any debate on a police reform bill. Senate vote as a GOP failure. The election-year San Diego that placating a mob mentality will
Not against the bill, mind you. calculation will go largely un- achieve long-term respect for the
Against even allowing the Forty-five Senators mentioned as Democrats ma- Cy Vance Jr. refused to prosecute rule of law. Only time will tell what
Senate to debate or offer block a police reform neuver to return the Senate to Yadir Avila Rosas for defacing St. this passive approach to criminal jus-
amendments to Republican Democratic Party control in Patrick’s Cathedral with the f-word, tice will bring.
Tim Scott’s proposal. from hitting the floor. 2021. It’s no accident that Cal- and “BLM” (Black Lives Matter). ROGER B. ADLER
The calculation is pure ifornia Senator Kamala Harris Had the same person, or another New York
election-year cynicism: Block led the filibuster as she cam-
the Senate from passing a bill that Republicans paigns to be Joe Biden’s running mate.
could campaign on, then denounce Republicans The loser here is the chance for bipartisan A Bias in the Selection of Labor Arbitrators
for refusing to pass the bill that House Demo- agreement on police reform, which shows that
Labor Arbitrator David Hyland tors. There is nothing inherently un-
crats will pass this week that would microman- Democrats don’t really care about the substance (Letters, June 16) states that “Most fair about those processes.” Actu-
age local police departments. Blame Republi- of chokeholds and the rest. Their priority is us- union contracts . . . include due pro- ally, these processes severely limit
cans for opposing reform when Senate ing George Floyd’s unjust killing as a campaign cess provisions to protect employees the employer’s ability to manage its
Democrats were the real opponents. issue to regain power. against arbitrary firing and include unionized workforce. Labor unions
joint selection of a panel of arbitra- typically grieve all matters of disci-
pline. These arbitration processes
Michael Flynn Gets His Writ Review Ignored My Book’s
are rigged in favor of the employee
because the selection of the arbitra-

W
tors requires agreement by both the
ednesday was a good day for former if Mr. Flynn should be charged with perjury. Lessons on Small Nations employer and the union. The union
national security adviser Michael Judge Sullivan invoked Rule 48 of the Federal
Regarding Andrew Stuttaford’s will not accept any arbitrator who
Flynn, after a D.C. Circuit Court of Rules of Criminal Procedure, which says that May 4 review of my book “Too Small has a record of finding for an em-
Appeals panel ordered a lower- the government can dismiss a to Fail”: A good book review identi- ployer in any but the most egre-
court judge to dismiss the case An appellate court case only “with leave of the fies a central thesis and assesses how gious case. Records of arbitration
against him. It was an even orders Judge Sullivan court.” the author has conveyed it. The re- decisions are a matter of public re-
better day for American justice The appellate judges dis- viewer presents evidence when pass- cord. Any arbitrator must be careful
and the principle of separated to dismiss the charges. agreed with that interpreta- ing judgment, and helps readers de- not to antagonize his potential
powers that undergirds it. tion. The key quote from cide whether to read the book union selectors, or he will find him-
In a 2-1 ruling, Judges Judge Rao’s opinion is from themselves. self serially unselected.
Neomi Rao and Karen Henderson granted Mr. Fokker: Rule 48 “gives no power to a district My book’s thesis—that valuable An easy solution in grievance ar-
Flynn’s request for a writ of mandamus direct- court to deny a prosecutor’s . . . motion to dis- lessons across society can be gained bitration would be to require the
by studying small, successful na- parties to accept the arbitrators
ing federal Judge Emmet Sullivan or a replace- miss charges based on a disagreement with the
tions—was ignored. who are next in line on a list of
ment to dismiss the case as the Justice Depart- prosecution’s exercise of charging authority.” Potential readers learn nothing qualified, professional arbitrators
ment has requested. The ruling relies heavily Those words came from Judge Sri Srinivasan, about Israel’s world-class “start-up” subject to objective standards and
on an earlier case decided by the same appellate an Obama appointee. ecosystem, the solid Dutch pension overseen by a truly neutral third
court in 2016, U.S. v. Fokker Services. The cases Judges do have some leeway to review a funds, the Swiss debt moratorium party.
aren’t the same—Mr. Flynn’s involves a move prosecutorial decision. But such authority is at protecting future generations, Singa- JOHN ENDERS
to dismiss, while Fokker involved a deferred its lowest ebb when the executive branch un- pore’s superior health-care system Erie, Pa.
prosecution agreement—but at issue in both is covers an injustice or mistaken prosecution. As and PISA scores, or about Sweden as
how far a court can go before infringing on pow- Judge Rao notes, Judge Sullivan far exceeded the best place to live and work for
ers reserved for the executive branch. that authority when he appointed Mr. Gleeson women. Or why the nations featured Pepper ...
outperform across a dashboard of
Mr. Flynn initially pleaded guilty to lying to not only to advise him on the law but to reinves-
metrics ranging from competitive-
And Salt
the FBI about his phone calls to Russia’s ambas- tigate the facts of the prosecution. Mr. Gleeson
ness, CO2 emissions, social trust, con- THE WALL STREET JOURNAL
sador during the presidential transition. But af- had written an op-ed advocating continued fidence in government and even hap-
ter hiring a new attorney and the discovery of prosecution before Judge Sullivan appointed piness.
evidence that had been denied to the defense, him, and he wrote his own brief against the writ “TSTF” is about how to achieve
Mr. Flynn sought to vacate his plea. After an in- of mandamus to the appellate court. lasting progress through a new order
vestigation ordered by Attorney General Bill Dissenting Judge Robert Wilkins strives to characterized by more markets and
Barr, Justice asked for the charges to be claim Fokker doesn’t apply, no doubt to induce better government—not a tug of war
dropped, saying it no longer believed it could the full D.C. Circuit to hear an appeal. But he between the two. Of this, again, not
prove that Mr. Flynn’s statements to the FBI glides over the egregious irregularity of Judge the slightest mention.
were false and that they were not even material Sullivan’s actions, which if allowed would make R. JAMES BREIDING
Zurich, Switzerland
to a legitimate investigation. Rule 48 a license for judges to dispute countless
That meant there was no longer a dispute be- prosecutorial judgments they dislike.
Letters intended for publication
tween the prosecution and the defense. But in- Judges Rao and Henderson deserve credit for should be emailed to wsj.ltrs@wsj.com.
stead of dropping the case, Judge Sullivan a courageous decision that restrains a lower Please include your city, state and
scheduled a hearing and assigned former fed- court when it exceeds its constitutional author- telephone number. All letters are sub-
eral judge John Gleeson to present arguments ity, and does right by a man who was unjustly ject to editing, and unpublished letters
cannot be acknowledged.
against Justice’s motion to dismiss and examine prosecuted. “I do miss the bread crumbs.”
THE WALL STREET JOURNAL.
The Abolition of Man and Woman
By David Crawford
And Michael Hanby
A
commonplace assumption
of American liberalism,
that courts merely preside
over contests of rights,
conceals the judiciary’s
limitless power to decide questions
of truth without thinking deeply or
even honestly about them. Bostock v.
Clayton County is a case in point.
The ruling holds that sexual orienta-
tion and “identity” are included in
the definition of “sex” under Title VII
of the Civil Rights Act of 1964. Writ-
ing for the majority, Justice Neil Gor-
such claims it is a narrow ruling
about sex discrimination in employ-
ment, leaving concerns like locker
rooms and religious liberty for future
litigation. Underneath this false mod-
esty lies a much more fundamental
decision with vast implications.
The court has intervened in a bit-
terly contested question—a question
of philosophy before it is a question
of law—and codified a radical new
conception of human nature with a
dubious ideological history. It has in-
scribed into law the abolition of man
and woman.
If each of us is defined by a
‘gender identity’ related
only arbitrarily to sex, we
are all transgender now.
The argument of the case, re-
peated throughout its 30 pages, is
that adverse employment decisions
based on “gender identity” are neces-
sarily a form of “sex discrimination.”
Why? Because it is impossible to
make these decisions without treat-
ing “similarly situated” individuals
differently based on their sexes. If a
male employee who “identifies” as a
woman were in fact a woman instead
of a man, he would not have suffered
70 Years After the War, No Resolution in Korea
The Korean War be-
gan 70 years ago, on
June 25, 1950, when
Kim Jong Un’s grand-
father sent troops
across the 38th par-
allel into the South.
GLOBAL
Pyongyang seemed
VIEW
bent on commemo-
By Walter
rating that event this
Russell Mead
year by trash-talk-
ing—literally. North
Korea plans to retaliate for packages
sent over the border by defectors con-
taining derogatory information about
Kim Jong Un along with South Korean
soap operas on memory sticks. Ac-
cording to Pyongyang’s Korean Cen-
tral News Agency, “12 million leaflets
of all kinds reflective of the wrath and
hatred of the people from all walks of
life” have been printed, and 3,000 bal-
loons are being prepared to unleash a
massive propaganda blitz against the
offending South.
The master strategists of Pyong-
yang plan to include bundles of trash
with the propaganda. “South Korea has
to face the music,” the North’s news
agency said. “Only when it experiences
how painful and how irritating it is to
dispose of leaflets and waste, it will
shake off its bad habit. The time for re-
taliatory punishment is drawing near.”
Or maybe not. On the eve of the
anniversary, North Korea announced
that Mr. Kim had told officials to put
the campaign on hold.
The forces behind the conflict on
the Korean Peninsula are as strong as
ever. The Kim dynasty is grimly deter-
mined to hang on, and its estimated
stockpile of 30 to 40 nuclear warheads
plus its proximity to China ensures
that none of its enemies dare to attack
the North. The South longs for na-
tional reunification, but the South
poses an existential threat to the Kim
dynasty simply by flourishing as a de-
mocracy. Of the great powers nearby,
neither China nor Japan really wants
Korean unification. The U.S. would like
to see North and South move closer to-
gether, thus reducing the chance that
American troops would be ensnared in
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Justice Neil Gorsuch
adverse treatment. Hence, the major-
ity confidently asserts, “she” is nec-
essarily the victim of discrimination
based on sex.
This would be laughable were its
implications not so humanly disas-
trous. Crucial to observe are the ar-
gument’s presuppositions. Justice
Gorsuch thinks that a man who “iden-
tifies” as a woman is similarly situ-
ated to a woman who “identifies” as
a woman. The unstated premise is
that the relationship between our em-
bodiment as male and female and our
personal subjectivity (as expressed in
“identity”) is essentially arbitrary,
and that they therefore lack any or-
ganic or natural unity. These assump-
tions further imply that a man who
“identifies” as a woman might really
be a woman, that to be a woman is a
mental state, that we really are Carte-
sian “ghosts in the machine.” Without
such assumptions, Justice Gorsuch
could not claim that such a man and
woman are similarly situated.
These are metaphysical judg-
ments. Yet Justice Gorsuch fails to
recognize that the crux of his argu-
ment relies on and effectively codi-
fies them. The question of sex dis-
crimination in employment is
relatively unimportant compared
a second Korean War. But North Ko-
rean hostility poses riddles that no
U.S. president has been able to answer.
At the moment, the situation is rel-
atively quiet. North Korea has reacted
to strong sanctions imposed by the
United Nations and the U.S. by drawing
inward. Since the outbreak of Covid-19,
the North has closed its border with
China, slashing its trade and putting
further pressure on the economy.
The dynamics driving
conflict remain strong.
Full reconciliation is as
likely as open conflict.
For the Kim dynasty, this state of
isolation and stagnation is not such a
bad thing. The Kims and their closest
associates have resisted a Chinese-
style economic opening for decades
because they fear that more growth
would mean more integration with
China and would inevitably weaken
their control.
Resolving this conflict seems im-
possible for now, and despite the
deep hunger on the part of South Ko-
rea’s ruling Democratic Party for a
thaw with Pyongyang, there are few
signs that the North is interested in
detente, much less unification.
From the U.S. standpoint, this situ-
ation—tragic as it is for those
trapped inside North Korea—is en-
durable as long as Pyongyang refrains
from supporting nuclear programs in
other countries and suspends its mis-
sile program that threatens the
American cities on the West Coast.
The U.S. and China’s relationship
has deteriorated, but the two powers
continue to share some interests on
the peninsula. Beijing genuinely op-
poses the expansion of Pyongyang’s
nuclear program, worried that fur-
ther expansion risks pushing Japan
and perhaps Taiwan toward acquir-
ing nuclear weapons. Xi Jinping quite
sensibly does not want to be remem-
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OPINION
imbibe with our mother’s milk—were
officially false, a “stereotype.” Even
worse, it requires everyone to live as
if what they know to be false were of-
ficially true. Ironically, what is now
“true” is nothing but stereotypes,
that bundle of mannerisms, dress,
makeup and hairstyles by which one
imagines what it feels like to be a
woman or a man. Worse still, it pre-
fers them, especially when they are
JABIN BOTSFORD/GETTY IMAGES
at odds with one’s actual sex. The
war on pronouns, an assault upon the
language by which we recognize a
world in common, follows of neces-
sity. What we are dealing with is
nothing less than a war on reality it-
self. And everyone has just been
pressed into service.
There is no totalitarianism so total
as that which claims authority over
with the momentous imposition by the meaning of nature. Increasingly
law of these highly questionable phil- the courts are assuming this author-
osophical propositions with their im- ity, though they typically exercise it
plications for society. in part unconsciously, even igno-
It is impossible to redefine human rantly, and in part dishonestly and
nature for only one person. When a subversively, all under the pretense
fourth-grade girl is required to affirm of “neutrally” mediating between in-
in thought, word and deed that a boy terests, rights, powers and authori-
in her class is now a girl, this does not ties. Or in this case, simply parsing
simply affirm the classmate’s right to “plain English.” But this is bosh, and
self-expression. It calls into question no one believes it.
the meaning of “boy” and “girl” as The burdens on free speech, free
such, thereby also calling into ques- exercise and, perhaps most funda-
tion both her own “identity” and that mentally, free thought, are obvious.
of everyone in her life, from her But the burden on the basic unity of
mother and father to her brothers and human society is even weightier. The
sisters, and all of her friends and rela- court has abolished the fundamental
tives. As well it should. If each of us is fact on which every civilization de-
defined by a “gender identity” only pends, indeed on which the human
arbitrarily related to our male and fe- species depends.
male bodies, now relegated to a As C.S. Lewis wrote in “The Aboli-
meaningless biological substrate, then tion of Man,” we will now need the
there is no longer any such thing as “beneficent obstinacy of real children
man or woman. We are all transgen- for preserving the human race in
der now, even if sex and “gender iden- such sanity as it still possesses.” We
tity” accidentally coincide in an over- can only hope that such children will
whelming majority of instances. come along to point out the naked
The example shows the ruling’s to- truth to our new emperors.
talitarian character. It requires every-
one to live for all public and practical Messrs. Crawford and Hanby are
purposes as if what they know to be professors at the John Paul II Insti-
true in their pre-ideological experi- tute. Margaret Harper McCarthy is a
ence of reality—the knowledge we co-author of this article.
bered as the man under whose lead- the U.S. Out of compassion for fellow
ership Tokyo and Taipei became nu- Koreans trapped in the North and a
clear powers. deep desire for peace, Mr. Moon’s
North Korea’s attention seems di- supporters would like to see more aid
rected toward extracting aid and con- and trade across the border. Washing-
cessions from South Korea’s dovish ton and Tokyo don’t think appeasing
President Moon Jae-in. From ostenta- North Korea will work. If Mr. Moon
tiously blowing up a building used as responds to Pyongyang’s latest cam-
a meeting place for officials from the paign and sends aid, North Korea gets
two Koreas to vowing to move military both the money and an open split be-
units closer to southern positions to tween Seoul and its allies. If Mr. Moon
the mass littering program, Pyongyang stands firm, disappointed activists in
first sought to pressure Mr. Moon by his party’s left wing will become even
destroying every sign of progress in more alienated from South Korea’s al-
North-South relations. Now, by offer- liances with Japan and the U.S., stor-
ing a last minute reprieve, it hopes Mr. ing up trouble for the future.
Moon will seize the opportunity to re- There is one more factor at work.
build ties to the North, presumably Mr. Kim’s sister Kim Yo Jong has been
with offers of aid. rising in prominence lately, and the
The quest for aid is driven partly media highlighted her role in the anti-
by economic problems and partly by South Korean campaign. Mr. Kim’s last
diplomatic strategy. An epidemic of minute policy shift may be a way to
African swine fever and the Chinese remind her, and everyone else in the
border closures in response to Covid North, that he alone is in charge.
have further undermined the North’s Kim Jong Un remains one of the
fragile economy. North Korea’s peo- world’s least predictable leaders. Yet
ple are accustomed to hardship, but 70 years after the Korean War, two
the Kim dynasty cannot ignore the outcomes seem equally unlikely: that
potential for unrest. the two Koreas will reconcile, and
Diplomatically, Pyongyang wants to that the peninsula will return to the
separate South Korea from Japan and open warfare of the 1950s.
Notable & Quotable: Dr. King
From Martin Luther King Jr.’s example of just and unjust laws. An
“Letter From a Birmingham Jail,” unjust law is a code that a numerical
April 16, 1963. This month, the UCLA or power majority group compels a
Political Science Department referred minority group to obey but does not
lecturer W. Ajax Peris to the univer- make binding on itself. This is differ-
sity’s Discrimination Prevention Of- ence made legal. By the same token,
fice after he read the letter, in which a just law is a code that a majority
Dr. King referred twice to the n-word, compels a minority to follow and
in class: that it is willing to follow itself. This
is sameness made legal. Let me give
One has not only a legal but a another explanation. A law is unjust
moral responsibility to obey just if it is inflicted on a minority that, as
laws. Conversely, one has a moral re- a result of being denied the right to
sponsibility to disobey unjust laws. I vote, had no part in enacting or de-
would agree with St. Augustine that vising the law. Who can say that the
“an unjust law is no law at all.” legislature of Alabama which set up
Now, what is the difference be- that state’s segregation laws was
tween the two? How does one deter- democratically elected? . . .
mine whether a law is just or unjust? Sometimes a law is just on its face
A just law is a man made code that and unjust in its application. For in-
squares with the moral law or the stance, I have been arrested on a
law of God. An unjust law is a code charge of parading without a permit.
that is out of harmony with the Now, there is nothing wrong in having
moral law. To put it in the terms of an ordinance which requires a permit
St. Thomas Aquinas: An unjust law is for a parade. But such an ordinance
a human law that is not rooted in becomes unjust when it is used to
eternal law and natural law. Any law maintain segregation and to deny citi-
that uplifts human personality is just. zens the First-Amendment privilege
Any law that degrades human per- of peaceful assembly and protest.
sonality is unjust. All segregation I hope you are able to see the dis-
statutes are unjust because segrega- tinction I am trying to point out. In
tion distorts the soul and damages no sense do I advocate evading or
the personality. It gives the segrega- defying the law, as would the rabid
tor a false sense of superiority and segregationist. That would lead to
the segregated a false sense of inferi- anarchy. One who breaks an unjust
ority. Segregation, to use the termi- law must do so openly, lovingly, and
nology of the Jewish philosopher with a willingness to accept the pen-
Martin Buber, substitutes an “I it” alty. I submit that an individual who
relationship for an “I thou” relation- breaks a law that conscience tells
ship and ends up relegating persons him is unjust, and who willingly ac-
to the status of things. Hence segre- cepts the penalty of imprisonment in
gation is not only politically, econom- order to arouse the conscience of the
ically and sociologically unsound, it community over its injustice, is in re-
is morally wrong and sinful. . . . ality expressing the highest respect
Let us consider a more concrete for law.
Thursday, June 25, 2020 | A17
The Other
Police
Immunity
Problem
By Peter H. Schuck
A
legal remedy for police abuse is
hidden in plain sight: The Civil
Rights Act of 1871, also known
as Section 1983, allows anyone de-
prived of a federal right by a state or
local official to sue for damages. But
the Supreme Court held in Monell v.
Department of Social Services (1978)
that victims can’t recover damages
from the city under this statute unless
the police misconduct was an “official
policy or custom.” If this high bar
can’t be surmounted, victims can
make Section 1983 claims only against
individual police officers. The Monell
escape hatch for cities is unjustified
and dangerous. Fortunately, Congress
can easily close it.
Departments escape
accountability under a 1978
Supreme Court ruling.
Perhaps the Minneapolis police’s
brutal treatment of the handcuffed
George Floyd was authorized by po-
lice manuals, training or common
practice. But more likely, the depart-
ment will invoke Monell, claiming
that the officers flouted standard
practice. This cop-out would leave
Floyd’s survivors with no effective
federal remedy, as lawsuits against
individual officers seldom succeed.
They fail because police officers
can claim qualified immunity from lia-
bility by showing that the rights they
violated weren’t “clearly established”
by decisions in prior cases. As the
court explained in Malley v. Briggs
(1986) and reaffirmed in McCleary v.
Navarro (1992), qualified immunity is
designed to limit liability to “the
plainly incompetent” and “those who
knowingly violate the law.”
This immunity is supposed to pro-
tect well-meaning but mistaken offi-
cials from having to defend them-
selves in court and being deterred by
liability fears from doing their jobs.
But UCLA law professor Joanna
Schwartz has shown that qualified im-
munity usually isn’t granted until well
into the litigation, after all the costs of
discovery have been incurred. This
discourages victims’ lawyers from tak-
ing on such cases in the first place.
Ms. Schwartz has also shown that
errant cops “are almost always in-
demnified and thus rarely pay any-
thing towards settlements and judg-
ments entered against them.” Police
unions, sympathetic higher-ups and
secrecy when the rare disciplinary
hearing is held further minimize the
likelihood of serious sanctions. With
all these protections, Section 1983 ac-
tions against individual police officers
deter haphazardly, if at all.
A straightforward change to Sec-
tion 1983 could eliminate these two
linked injustices, overprotection of
bad cops and excessive barriers to re-
covery by their victims. The require-
ment that deprivation of rights be an
“official policy or custom” for the city
to be held liable is an impediment to
justice that the court made up out of
whole cloth, leading to decades of
needless litigation over what that
phrase means. The current court is
unlikely to change this, but a Congress
reeling from nationwide protests
against police violence could well do
so by revising Section 1983.
There is no good policy argument
against it. Private employers are le-
gally liable to pay damages when
their employees illegally harm others.
Victims of government employees’ il-
legality should also have an effective
remedy. Deterring state-inflicted vio-
lence is perhaps the most basic con-
stitutional value, and a requirement
to pay money damages is a traditional
way to vindicate it.
Although cops on the beat are the
principal actors in situations of in-
jury-inflicting misconduct, the incen-
tives shaping their actions are con-
trolled by the police department.
While any single officer is highly con-
strained in resources, government is
best positioned to structure incen-
tives—using discipline, compensation,
disclosure, oversight and training—to
make policing more cost-effective and
less injurious to civilians.
Making state and local govern-
ments liable for police misconduct
would provide those governments
with an incentive to strike the optimal
balance between maximizing effective
policing and minimizing officer mis-
conduct. If governments fail to strike
an acceptable balance, voters can
punish them at the polls. This is the
best that liability law alone can do.
The relationship between police
and the public must be repaired. A
simple legal change to the Monell-in-
duced immunity rule would restore
accountability and deterrence, and
get the U.S. on the right track.
Mr. Schuck is a professor emeritus
at Yale Law School.
A18 | Thursday, June 25, 2020 THE WALL STREET JOURNAL.
 TECHNOLOGY: OLYMPUS EXITS CAMERA BUSINESS TO FOCUS ON MEDICAL IMAGING B2
BUSINESS & FINANCE
© 2020 Dow Jones & Company. All Rights Reserved.
S&P 3050.33 g 2.59% S&P FIN g 3.51%
Disneyland Reopening Is Postponed
BY ERICH SCHWARTZEL
Walt Disney Co. is delaying
the reopening of its Disneyland
Resort, the company said
Wednesday, postponing a cru-
cial element of its plan to get
back to business following
months of closures.
The park, which had been
scheduled to reopen on July 17,
will stay closed until an un-
specified date.
Disney said the delay was
prompted by state officials.
who aren’t planning to issue
Crisis Upends Corporate Borrowing Binge
BY CEZARY PODKUL
AND ANA RIVAS
The coronavirus pandemic
hit U.S. businesses at a bad
time. Companies had loaded
up on debt after years of low
interest rates, buyouts and in-
creasingly lax lending stan-
dards.
Much of that borrowing
was bankrolled by an elabo-
rate ecosystem of debt funds
called collateralized loan obli-
gations. CLOs buy up risky
corporate loans and turn them
into supposedly safe bonds
that are bought by banks, in-
surance firms and other global
investors.
Those securities are now
struggling because of the eco-
nomic slowdown. Debt-laden
companies like Neiman Mar-
cus, Hertz and J.Crew have al-
ready gone bust. That has ric-
ocheted back to the CLOs that
own their loans. Prices have
been volatile and investors are
reassessing the risks of CLOs,
crimping the supply of credit
when it is needed most.
One reason why investors
believe CLOs are safer than
the loans they hold is diversi-
fication. It is less risky to own
a pool of loans from compa-
nies in different industries
than one loan from an individ-
ual company.
Diversification has helped
CLOs perform well during past
recessions. This time is differ-
ent because while some indus-
tries such as retailers and air-
lines were especially hit hard
by the sudden shock of the
coronavirus, few were spared.
That takes away some of the
benefits of diversification.
The big rise in corporate
borrowing in recent years
magnified the impact because
Please turn to page B11
Tesla Falls Short in Customer-Satisfaction Survey
BY TIM HIGGINS
Tesla Inc. vehicles scored
the worst among major auto
makers in a closely watched
survey of customers by re-
searcher J.D. Power.
Tesla vehicles, appearing in
the survey for the first time,
were found to have 250 prob-
lems per 100 vehicles com-
pared with an industry aver-
age this year of 166 problems,
according to the annual Initial
Quality Study released
Wednesday. The second-worst-
Quest for Greener Bottle Derailed
ERIC SEALS/DETROIT FREE PRESS/ASSOCIATED PRESS
The slump in oil prices has made new plastic cheaper than
recycled. Flattened bottles for processing. B2
S&P IT g 2.29%
* * * **
guidelines for theme-park re-
openings until after July 4.
“Given the time required for
us to bring thousands of cast
members back to work and re-
start our business, we have no
choice but to delay the reopen-
ing of our theme parks and re-
sort hotels until we receive ap-
proval from government
officials,” the company said.
Disney has faced mounting
criticism from employees who
say the rising number of coro-
navirus cases in California has
made it dangerous to go back
Leveraged loans, which fund
buyouts, have doubled since
2008, with collateralized loan
obligations buying more than 60%.
Total leveraged loans
outstanding*
$1.00 trillion
0.75
0.50
0.25
0 said it has fully cooperated
2000 ’10
Total outstanding CLOs
$0.75 trillion
0.50
0.25
0 400
2000 ‘10
CLOs buy pools of
loans and hire bankers
to sell bonds backed
by the loans.
Bankers cut up the
debt into slices,
some very safe,
RISKIER SAFER
others more risky
*Through June. †Based on CLO holdings reported as of March. Loans and corporate entities consolidated by company name. ‡Shows rolling three-month tally of downgrades and upgrades
for loans in the S&P/LSTA Leveraged Loan Index, current through May.
Sources: S&P Global LCD (leveraged loans outstanding, issuer rating changes); IMF (total outstanding CLO debt); Trepp CLO (Hertz, J.Crew, Neiman Marcus holdings).
performing brand, Land
Rover—owned by Tata Motors
of India—had 228 problems
per 100 vehicles, the car-rat-
ing company said.
J.D. Power asks vehicle buy-
ers about their experience
during the first 90 days of
owning a newly purchased car
or truck. The Silicon Valley
electric-car maker avoided
past scrutiny by the 34-year-
old survey because of a quirk
in some state laws that re-
quire an auto maker’s permis-
sion to use new-vehicle regis-
DJ TRANS g 3.07%
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.61%
to work. The decision to delay
the reopening of one park is
likely to ripple throughout the
company and on Wall Street,
emboldening workers at Walt
Disney World who want to
postpone their return and call-
ing into question Disney’s time-
line for parks’ revenue to start
flowing again. Disney has al-
ready lost billions of dollars in
revenue from the park closures.
The Downtown Disney retail
area surrounding Disneyland is
still scheduled to open July 9.
Similar concerns about re-
As of March, 245 CLOs owned about $435 million
of loans owed by Hertz Global Holdings,
Neiman Marcus and J.Crew.
In May, all three filed for
bankruptcy protection†.
99 CLOs own
$193 million in
Hertz debt
64 CLOs own
‘20 $137 million in
J.Crew debt
82 CLOs own
$104 million in
Neiman Marcus debt
‘19
Companies pay their loans and the cash flows into the CLOs. In bad times,
less money flows in and investors in the safe slices get paid first. The risky
slices of the CLOs act like a cushion and absorb the losses to protect the
safe securities.
PAYMENTS
When cash flows in, With enough cash
investors in the safe coming in, all the
slices get paid first investors get paid
tration data to contact
customers. Tesla hasn’t pro-
vided that permission, accord-
ing to J.D. Power.
Thanks to the success of
Tesla’s Model 3 compact car
that is part of Chief Executive
Elon Musk’s effort to bring
electric vehicles to the masses,
J.D. Power says it was finally
able to collect enough sales
data from 35 states that do al-
low access to shed light on
customers’ experience. But be-
cause J.D. Power was unable
to get registration data from
Blackstone Revamps Approach
On Recruiting to Aid Diversity
BY MIRIAM GOTTFRIED
Blackstone Group Inc., one
of the most coveted employers
on Wall Street, is throwing out
a key section of its recruiting
playbook in a bid to improve
its hiring process and increase
diversity.
The investing giant and its
private-equity peers have long
engaged in a yearly race to
pluck junior investment bank-
ers already trained in spread-
sheet and PowerPoint wiz-
ardry from firms such as
Goldman Sachs Group Inc. and
Morgan Stanley. The prize for
those lucky enough to make
the jump: entry-level jobs that
LIBOR 3M 0.284
turning to work have been
growing among the employees
at Walt Disney World in Or-
lando, Fla., which is scheduled
to reopen in phases starting on
July 11. Online petitions have
circulated among employees
and the public, and a protest
was scheduled near Disneyland
for Saturday.
Disney has had to convince
local and state officials regard-
ing its reopening plans. The
parks division is planning to
limit capacity at the reopened
attractions and enforce social-
245 CLOs
by size of holding
If less money flows in,
the risky slices
absorb the losses
all states, including Califor-
nia—Tesla’s largest U.S. mar-
ket—it didn’t formally rank
the brand at the bottom of its
league table.
Tesla didn’t respond to a
request for comment.
Tesla has previously
brushed aside complaints
about quality by pointing to
its own internal data and has
said it takes customer feed-
back seriously and is quick to
address issues. Still, several
customers have aired their
grievances on social media,
can pay as much as $300,000
a year at some firms.
Now Blackstone officials
say the firm plans to sit out
that contest in favor of on-
campus recruiting, already its
main source of talent and one
that it is expanding to bring in
more candidates directly from
schools, including historically
black colleges and universities
and women’s colleges. Black-
stone, which has worked for
years to extend its campus
reach, says it will directly re-
cruit from 44 schools this aca-
demic year. That is up from
just nine in 2015.
Under the new model, Black-
stone will still recruit from
NIKKEI (Midday) 22234.80 g 1.33%
distancing rules. Guests and
workers will be required to
wear a mask and are subject to
temperature checks before en-
tering the parks.
Other parts of Disney have
had to question plans to restart
operations as the number of vi-
rus cases ticks upward. The
studio division is considering
postponing the release of its
movie “Mulan,” which had been
scheduled to hit screens on
July 24 as the first major Holly-
wood offering since the pan-
demic shut down theaters.
The companies that rate bonds
say billions of dollars in debt
has suddenly gotten riskier
and is less likely to pay off.
Leveraged-loan issuers'
rating changes‡
100 Upgrades
0 sales of $4.6 billion last year.
2000 ’10
0 said the company doesn’t be-
100
200
Downgrades
300
As more debt-laden
companies struggle,
less cash will flow
into CLOs.
Investors in the
safest slices
could face losses
some in hopes that Mr. Musk—
a heavy user of Twitter—will
personally come to their assis-
tance.
Issues that Tesla customers
raised in the survey include
concerns with the accuracy of
its body panels, vehicle rattles,
wind noise and paint quality,
Doug Betts, J.D. Power auto-
motive division president, said
in an interview.
Tesla did better than com-
petitors with the performance
of its touch screen dashboard,
Please turn to page B2
banks but will do so on an as-
needed basis and only after
candidates have some experi-
ence. The change was in the
works since last year, but
Blackstone is implementing it
at a moment when companies
are grappling with how to ad-
dress racial inequality following
the killing of George Floyd, an
African-American man, while in
custody of Minneapolis police.
Globally, 40% of Blackstone’s
current incoming class of ana-
lysts are women, up from less
than 20% in 2015. Nearly half
of the members of its incoming
U.S. analyst class are women or
minorities, and the firm says
Please turn to page B6
Thursday, June 25, 2020 | B1
See more at WSJ.com/Markets
U.S. Suit
Alleges
Regeneron
Kickbacks
BY PETER LOFTUS
The Justice Department
sued Regeneron Pharmaceu-
ticals Inc., accusing the drug-
maker of paying kickbacks to a
charitable foundation to boost
sales of its high-selling eye-
disease treatment Eylea.
In a lawsuit filed in federal
court in Boston Wednesday,
the U.S. Attorney’s Office for
the District of Massachusetts
said Regeneron provided
money to a foundation, which
used the funding to help peo-
ple with Medicare health in-
surance pay out-of-pocket
costs for Eylea prescriptions.
Eylea costs more than
$10,000 a year, and copays for
Medicare patients can top
$2,000 a year, according to the
lawsuit.
The drug treats an eye dis-
ease called age-related macu-
lar degeneration. It had U.S.
’20 A Regeneron spokeswoman
lieve there is any merit to the
lawsuit, and it will defend it-
self in the case. The company
with the investigation.
Federal law prohibits drug-
makers from providing finan-
cial assistance to help Medi-
care patients pay copays and
deductibles.
Drug companies may con-
tribute to third-party charita-
ble foundations that offer co-
pay assistance to Medicare
patients, but companies aren’t
supposed to earmark such do-
nations for their own drugs.
The lawsuit says Regeneron
provided the Chronic Disease
Fund, a foundation now known
as Good Days, funding in 2013
and early 2014 to cover Medi-
care patients’ copay costs for
Eylea only, including $35 mil-
lion for 2013.
The Justice Department
said this was illegal because
the federal antikickback stat-
ute prohibits this type of indi-
rect subsidy of the price of a
drug that is reimbursed by
Medicare.
The Chronic Disease Fund
agreed last year to pay $2 mil-
lion to resolve allegations that
it violated federal law by al-
lowing drugmakers to pay
kickbacks to Medicare patients
taking the companies’ drugs.
The foundation said at the
time it wanted to move for-
ward and concentrate on pro-
viding assistance to patients.
The foundation couldn’t be
reached for comment.
INSIDE
MOVIES
Disney looks into
postponing the release
of ‘Mulan’ as virus
fears rise again. B4
EMIL LENDOF/WSJ
INVESTING
Jackpot dreams and
low fees are enticing
more people to buy
options. B10
 B2 | Thursday, June 25, 2020 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A-B
Airbus..........................A2
Air Liquide ................ B12
Alibaba Group Holding
B12
Amazon.com...............A1
AMC Entertainment
Holdings....................B4
Anheuser-Busch InBev
B4, B12
Ballard Power Systems
B12
Bank of America.......B11
Blackstone Group ....... B1
Boeing.........................A2
ECommerceBytes........A1
Elliott Management.A10
E*Trade Financial.....B10
Exxon Mobil..............B11
Fiat Chrysler
Automobiles. ............ B2
G-H
General Motors...........B2
GNC Holdings..............B3
Goldman Sachs Group
B11
Gravy Analytics..........A4
Harbin Pharmaceutical
Group.........................B3
Hin Leong Trading .... B10
Holdings..................B11
O-P
Drive for Greener Bottle Derailed
Oersted......................B12
Olympus......................B2 BY SAABIRA CHAUDHURI
Omar's Kitchen and
Rum Bar....................B3
Pakistan International The quest to make greener
Airlines ..................... A8 plastic bottles—the core of
Panda Restaurant Group beverage giants’ sustainability
B6 efforts—has become harder
PepsiCo........................B1
Pinduoduo ................. B12
and more expensive in the
PricewaterhouseCoopers pandemic.
Advisory Services...B10 Nestlé SA, Danone SA,
R-W Coca-Cola Co. and PepsiCo

FREDRIK VARFJELL/AGENCE FRANCE-PRESSE/GETTY IMAGES

C-D
CarbonLite Industries.B2
Carnival ..................... B11
Coca-Cola.....................B1
Comcast.......................B4
CrossFit.......................B3
Danone ........................ B1
Dell............................B12
Deutsche Lufthansa.B12
Domino's Pizza...........B4
D.R. Horton...............B11
E -F
eBay ............................ A1
INDEX TO PEOPLE
B Glassman, Greg...........B3
Betts, Doug.................B1
Buckee, Caroline.........A6
C Jackson, Paul............B11
Cherng, Andrea...........B6
Cherng, Peggy.............B6
D bottles in the U.K., while
DeGeyndt, Lieven ....... B3
F Maynor, Kelsey...........B3
Fieri, Guy...................B12
Foley, Jane................B11
G N
Gildea, Chris ............... A4
LUKE MACGREGOR/BLOOMBERG NEWS
HSBC Holdings (UK
Reg).........................B10
Hyundai Motor............B2
J-K
Japan Industrial
Partners....................B2
JD.comB12Kia MotorsB2
Koch Industries.........B11
M-N
Macy's.........................B4
Nestle..........................B1
Nikola........................B12
Norwegian Cruise Line
H -J
Hepworth, Charles....B11
K Reid, Joy ..................... B4
Keskinocak, Pinar.......A6
M S
Malani, Preeti.............A6
Mouw, Scott ............... B2
Musk, Elon..................B1
Norman, Justin...........B3
Regeneron
Pharmaceuticals.......B1
Robinhood Markets..B10
Royal Dutch Shell.....B12
Tata Motors................B1
TD Ameritrade Holding
B10
Tesla............................B1
Toyota Motor............B12
Venntel........................A4
Vestas Wind Systems
B12
VMware.....................B12
Walt Disney..........B1, B4
P meaning that the cost of mak-
Parodi, Stephen..........A6
Pearlstein, Mark.........A5
R making one from new plastic.
Ross, Paige ................. B6
Roza, Eric....................B3
Sinha, Samir...............A8
T
Thiele, Heinz Hermann
B12
V Both companies blamed
Vaishampayan, Julie .. A6
Inc. all set ambitious targets
for using more recycled plastic
in their water, soda and juice
bottles in a bid to allay con-
sumers’ and lawmakers’ wor-
ries about the environmental
impacts of single-use plastic.
Several of those target dates
came and went unmet this
spring as the new coronavirus
led to the suspension of some
recycling programs, reducing
the supplies of used PET, the
plastic used for beverage bot-
tles. In addition, slumping oil
prices have made new plastic
far cheaper than recycled,
ing a bottle with recycled plas-
tic is significantly higher than
Coca-Cola missed a self-im-
posed May deadline to use 50%
recycled plastic in all its drinks
Danone failed to hit an April
target for its Volvic bottles
sold in Germany to be made
entirely from recycled plastic.
Danone also missed similar
targets in the U.K. and France.
Covid-19 for the delays, and
said they hope to meet the
goals later this year.
The pandemic is exacerbat-
ing what was already a tricky
problem for drinks companies:
getting enough clean, food-
grade used plastic to make
new bottles. Despite being
The pandemic is exacerbating what was already a tricky problem for drinks companies.
Rising demand and lower oil prices have made recycled plastic nership, a nonprofit. He says
increasingly more expensive than new material. some legislation aimed at
Cost of recycled PET* versus new plastic spurring recycling has been
delayed and expects pressure
2.0 times on U.S. municipal budgets to
Europe hit existing programs.
A Washington state bill
1.5
mandating drinks containers
use at least 10% recycled con-
U.S.
1.0
tent by 2022—a move widely
expected to spur investment in
0.5 recycling—was vetoed by Gov.
Jay Inslee in April due to bud-
get constraints caused by the
0 pandemic. A container-deposit
2018 ’19 '20 program in Scotland has been
*The type of plastic typically used to make drinks bottles delayed by over a year.
Source: Wood Mackenzie Companies have failed to
hit sustainability targets be-
fore, but executives say this
for returning containers—have it will resume,” he said. time there is more at stake.
suspended requirements for re- Danone, Coca-Cola and oth- The efforts, announced with
tailers to participate. ers were already racing to much fanfare, are being
“Our analysis is that the in- meet their global goals for us- tracked by independent organ-

easily recyclable, less than a
third of PET bottles sold are
collected for recycling in the
U.S. and 4% are used to make
new drinks bottles, according
to the Container Recycling In-
stitute, a nonprofit.
More than 100 municipalities
in the U.S. halted curbside recy-
cling programs as the pandemic
Teslas were found to have 250 problems per 100 vehicles struck, while nine out of 10
compared with an industry average this year of 166 problems. states with deposit programs—
where shoppers get cash back
dustry will fall far short of col- ing greener plastic. Danone has izations.
lecting enough bottles to meet pledged to make 25% of all its Companies are also trying
their requirement,” said Mi- plastic packaging from recycled to stave off bottled-water bans
chael Bermish, a senior consul- plastic by 2025, up from 6.4% by highlighting their recycled-
tant at chemicals and energy in 2018, while Coca-Cola plans plastic efforts.
consulting firm Wood Macken- to achieve 50% recycled con- “People don’t want to be
zie. “There is a huge gap.” tent in its bottles and cans by seen with a plastic bottle any-
Coca-Cola Chief Executive 2030, up from about 10% today. more, and recycled plastic is a
James Quincey said in April Such efforts have been set much more acceptable—in
the squeeze on recycled plas- back by a year at least, ac- terms of social norms—solu-
tic would be temporary. cording to Scott Mouw, senior tion,” Danone CEO Emmanuel
“Maybe we’ll have to make ad- director of strategy and re- Faber told investors earlier
justments to the process, but search for the Recycling Part- this year.

Tesla Falls Initial Quality

Olympus to Sell Off

J.D. Power has included a score

Short in
for Tesla in its annual vehicle
quality study for the first time.

Rankings
Problems per 100 vehicles
COMPANY PROBLEMS
Its Camera Business Earn Extra Income
Continued from page B1
Dodge
Kia
Chevrolet
136
136
141
After an 84-Year Run Lending Your Fully Paid Shares
he said. BY KOSAKU NARIOKA were using their phones to take
“What we call the blocking Ram 141 pictures. Camera revenue
and tackling of building the Genesis 142 Olympus Corp. is getting shrank to just over $400 mil-
car, that’s what Tesla is not Mitsubishi 148 out of the camera business af- lion in the year ended March
good at according to this ter 84 years to focus on medi- 31, and the business has lost
data,” Mr. Betts said. Buick 150 cal devices. money for the past three fiscal
The J.D. Power results GMC 151 The Tokyo company, which years.
come as the National Highway Avg. has been under pressure from The company’s main product
Volkswagen 152
Transportation Safety Admin- 166 U.S. shareholder ValueAct Capi- line is now medical-imaging de-
Hyundai 153
istration said on its website tal to improve shareholder re- vices such as endoscopes.
that it has opened an investi- Tesla 250 turns, said Wednesday that it Olympus said June 17 that
gation into the Model S after planned to sell its camera unit all its units have seen revenue
receiving 11 complaints about Tesla to private-equity firm Japan
failures in the touch screens production 436,000* Industrial Partners Inc. It
of the large sedan built from didn’t disclose financial details.
2013 through 2015.
367,200
The companies aim to complete
After a shift to
There are about 63,000 of their deal by the end of the digital cameras, the
244,920
those vehicles in the U.S., ac- year.
cording to the regulator. The Olympus was a global con-
brand was gutted by
failures include a loss of rear- 103,020 sumer brand for decades the smartphone.
camera image display when in thanks to its cameras, hiring
reverse gear and troubles the likes of supermodel Cheryl
with climate control. The reg- 2017 ’18 ’19 ’20 Tiegs to promote its products
ulator said the touch-screen on television. It shifted readily drop sharply during the coro-
issue hasn’t affected the vehi- *Estimate to digital cameras in the 1990s navirus pandemic.
cle’s control system.
Tesla quality issues have
Sources: J.D. Power (score); the company
(deliveries); FactSet (2020 delivery estimate)
and was No. 2 in market share At the bottom in April, cam-
behind Sony Corp. early this era-division revenue was falling Starting at
0
drawn outside criticism be- century. by more than half compared
fore, including problems with ber and February. As recently as 2007, the with a year earlier, it said. $
the door handle to the air
suspension on the Model S
Customers reported 136 dawn of the smartphone era, San Francisco-based Value-
problems per 100 vehicles for digital cameras were a $3 bil- Act said in 2018 it had taken a
Commissions
luxury sedan and falcon-wing those two brands. lion-a-year business for Olym- stake of more than 5% in Olym-
doors and the center display
screen on the Model X sport-
The results marked the pus. Within a few years, how- pus. The next year, ValueAct
sixth consecutive year that ever, most of the market partner Robert Hale joined
on US listed
utility vehicle.
The quality questions
South Korea’s Kia was the evaporated because people Olympus’s board.
highest-ranked mass-market stocks and ETFs1
raised in the new survey come brand. A year ago, Kia was
as Mr. Musk seeks to boost ranked No. 2 overall while
the company’s deliveries to Dodge ranked No. 8. Hyundai
millions of vehicles a year Motor Co.’s Genesis brand,
from about 368,000 last year. No. 1 last year, fell behind
The global coronavirus those two brands and General
pandemic and threat of a pro- Motors Co.’s Chevrolet and
longed recession could hold Chrysler’s Ram brands, which
back growth plans. also tied. Genesis still ranked
Tesla is expected to report as the top so-called premium Start Investing Today!
second-quarter delivery re- brand.
sults late next week, giving a Tesla, for its part, has been
look into the extent of dam- able to recover from prior
age that has come from quar-
antines and Tesla’s lone U.S.
setbacks in quality rating.
Influential product re-
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for several weeks. Recent reg- early 2019 stripped the Model
istration data show Tesla de- 3 of the coveted “recom- Interactive Brokers Rated #1
liveries in key markets mended” label after owners
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for having the fewest prob- Several months later, Con- IBKR may charge non-commission related fees. For more information, see ibkr.com/liteinfo
lems in the 2020 model year, sumer Reports said improve- Neither Nasdaq, Inc. nor its affiliates makes any recommendation to buy or sell any security or
according to the J.D. Power ments in reliability of the any representation about any company’s financial condition. Investors should undertake their
own due diligence before investing. © 2020. Nasdaq, Inc.
survey, which covered vehi- Model 3 allowed it to again The company’s main product line is medical-imaging devices. All Rights Reserved. nasdaq.com 03-IB20-1303
cles acquired between Novem- recommend the car. Camera revenue shrank to about $400 million the last fiscal year.
 THE WALL STREET JOURNAL.
Barnes & Noble
Lays Off Staffers
At Its Head Office
BY JEFFREY A. TRACHTENBERG
Barnes & Noble Inc. said it
has laid off a number of em-
ployees at its New York head
office, a move the bookseller
said was an effort to mitigate
the economic impact of the
coronavirus pandemic.
The company declined to
provide specifics about the
number of employees laid off.
Those affected include senior
staffers and buyers for specific
categories of books. The book-
store chain, which operates
more than 600 stores in the
U.S., furloughed much of its
staff earlier this year after the
pandemic hit.
Almost all of the Barnes &
Noble stores have reopened in
recent weeks with Covid-19
precautions in place. Barnes &
Noble is privately owned and
doesn’t report its financial
CrossFit Founder
Sells Gym Group
BY MARIA ARMENTAL
Greg Glassman, the founder
of CrossFit Inc., is selling his
gym business to a technology
executive, weeks after Mr.
Glassman said he was retiring
as CEO amid backlash over his
inflammatory remarks about
the killing of George Floyd.
CrossFit said the closely
held business was being ac-
quired by Eric Roza, the owner
of a CrossFit gym in Boulder,
Colo.
Mr. Roza is a technology
entrepreneur and former Ora-
cle Corp. executive. Financial
terms weren’t disclosed.
“It is time for the founder
to bid adieu and find other
creative outlets,” Mr. Glass-
man wrote on Twitter, an-
GENE J. PUSKAR/ASSOCIATED PRESS
The company, which could be sold, plans to close up to a sixth of its 7,300 stores.
Vitamin Retailer GNC Goes
On the Block in Bankruptcy
BY PEG BRICKLEY
AND COLIN KELLAHER
GNC Holdings Inc. filed for
chapter 11 bankruptcy protec-
tion Tuesday with plans to sell
itself and close up to a sixth of
its 7,300 stores world-wide.
The vitamin-and-supple-
ment seller blamed the filing
on plummeting sales due to
the coronavirus pandemic,
supplier demands for faster
payments, interest coming due
soon on bond debt and the
drag on earnings from under-
performing stores. Without
bankruptcy financing, GNC
will run out of cash to run its
business by the end of June,
court papers say.
Bankruptcy financiers have
given GNC about six months to
either achieve a sale, possibly
to one of China’s largest drug-
makers, Harbin Pharmaceuti-
cal Group Co., or reorganize
with a lighter balance sheet,
according to papers filed in
U.S. Bankruptcy Court in Wil-
mington, Del.
The Pittsburgh-based re-
tailer said it reached an agree-
ment with the bulk of its se-
cured lenders to pursue a
dual-path restructuring that
will preserve the business.
A proposed sale to an affili-
ate of Harbin, GNC’s largest
* * * *
performance.
“It is with great regret that
a number of employees in the
corporate office have left our
employment,” Barnes & Noble
told The Wall Street Journal in
a statement Wednesday eve-
ning. “As with so many com-
panies, we evaluate our needs
in circumstances much
changed by the Covid-19 pan-
demic. We now have almost all
of our bookstores reopened
and must align our head office
requirements to our store pri-
orities.”
Barnes & Noble was ac-
quired by hedge fund Elliott
Management Corp. in August
2019. At the time, Barnes &
Noble operated 627 stores. At
the end of 2019, the retailer
employed approximately
23,000 full and part-time em-
ployees, said a company
spokesman.
nouncing the sale. A spokes-
man for CrossFit referred to
the social-media posts.
The closely held company
has faced a backlash, with gym
owners and longtime sponsor
Reebok saying they were cut-
ting ties after Mr. Glassman’s
inflammatory comments ear-
lier this month.
In a recent meeting with
some gym owners, Mr. Glass-
man said, “We’re not mourn-
ing for George Floyd—I don’t
think me or any of my staff
are,” according to audio re-
cordings of the meeting
posted by BuzzFeed News.
Mr. Glassman later apolo-
gized and said he was retiring
as CrossFit CEO and handing
over the top job to one of his
lieutenants.
shareholder, has support from
a majority of secured lenders,
according to the company. But,
unless an auction drives up
Harbin’s $760 million offer, a
sale won’t cover GNC’s $903
million in bank and bond debt.
Some $130 million in bank-
ruptcy financing is coming
from a group of GNC’s top-
ranking lenders, court papers
say. In exchange for offering a
chapter 11 loan, they will lock
in their position at the front of
the line of creditors that will
be looking for payment during
the bankruptcy.
If the sale doesn’t go
through, GNC wants to use
bankruptcy to drop $300 mil-
lion in debt from its balance
sheet, by way of a chapter 11
plan.
GNC had warned earlier
this year that it might have
trouble continuing as a going
concern as retailers around
the country were forced to
close stores to stem the
spread of the new coronavirus.
More than 40% of GNC’s
stores were closed for seven
weeks or longer due to coro-
navirus restrictions, court pa-
pers say.
GNC said it would use the
bankruptcy process to perma-
nently shut 800 to 1,200 of its
roughly 7,300 locations in an
Thursday, June 25, 2020 | B3
BUSINESS NEWS
Yelp Finds Reopenings Lag
BY MATT GROSSMAN
The majority of businesses
that closed during the Covid-19
pandemic remained shut this
month as the crisis continued
to upend commerce, according
to data from review site Yelp
Inc.
Yelp found a surging interest
in supporting black-owned
businesses amid racial-equality
activism following the killing of
George Floyd.
Roughly 140,000 Yelp-listed
OCTAVIO JONES/GETTY IMAGES
businesses that had closed
since March 1 remained closed
on June 15. A large share of
that set, 41% have shut for
good, according to Yelp.
The figures improved by
about 20% compared with April
data, when 175,000 businesses
were closed. But the number of Darius Rowe and Queen Harris sell beauty products. Interest in supporting black-owned business is surging.
persistent closures, which were
spread nationwide, showed the Number of businesses listed on Yelp that are marked temporarily or permanently closed*
pandemic’s stubborn hindrance
to life as normal even as all 50 Temporary Permanent
states took steps to reopen.
Among business categories, 65% 35%
retail stores had the highest 47% 53%
76% 24% 74% 26%
number of total closures: more
than 27,000. Restaurants had an 27,663
especially high share of perma- closures 23,981 15,348 5,589
nent closures, with 53% of
closed restaurants saying they
won’t reopen, according to
Yelp.
“By far, retail shopping was
hit the hardest,” said Justin
Norman, Yelp’s vice president
of data science, noting that
*Among U.S. businesses that were open on March 1
Shopping & retail Restaurants
Note: Closures updated through June 15. Data might lag actual closures because of time to report and verify closures.
Beauty & spas Fitness
stores and restaurants face sig- Source: the company
nificant challenges implement-
ing social distancing. “When relative to its total number of fied as black-owned, Mr. Nor- spots,” Mr. Maynor said. “The
you look at those two top cate- companies. man said. But the jump in two questions people often ask
gories, we’re potentially never Meanwhile, protests against searches for the topic appeared us are whether we are open,
going to see some of these racial injustice coincided with a before the new feature was re- and whether we are black-
businesses again,” Mr. Norman surge of interest in black- leased, he added. owned.”
said. owned businesses across the Areas with a high level of in- Heidi Moy, a legal assistant
Other sectors, including country, Yelp data show. terest in black-owned busi- in New York, told The Wall
beauty shops and fitness cen- In the three weeks after May nesses included Washington, Street Journal that she was us-
ters, performed better than ex- 25, when George Floyd was D.C., Minnesota and Georgia, all ing Yelp and Instagram to re-
pected, Mr. Norman said. He at- killed by police in Minneapolis, sites of intense racial-equality search black-owned businesses
tributed the surprise to some there were more than 222,000 protests recently. in lower Manhattan. The search
businesses’ creative ways of searches for black-owned busi- Atlanta Breakfast Club in At- led her to Omar’s Kitchen and
staying connected with custom- nesses on Yelp, compared with lanta has seen more customers Rum Bar, a restaurant on the
ers, such as by offering virtual fewer than 9,000 in the previ- who are interested in its status Lower East Side, which she
events. ous three weeks. as a black-owned business in praised in a five-star Yelp re-
Los Angeles, New York and User reviews mentioning recent weeks, according to view this month.
San Francisco were the cities black ownership increased by Kelsey Maynor, a manager at “Order some delicious Carri-
with the most closed busi- 426% in the period. the restaurant. bean food to support the black
nesses as of June 15, according More recently, Yelp added a “I’ve seen several fliers with community? You don’t have to
to Yelp. Las Vegas had the high- function that allows users to us listed as one of the black- ask this foodie twice!” Ms. Moy
est share of closed businesses seek out businesses self-identi- owned brunch and breakfast wrote.
WSJ TALK / EXPERIENCE / OFFER / GETAWAY
acceleration of its strategy to
close underperforming stores.
Going-out-of-business sales
at stores that are shutting
down will also generate funds
Enjoy a
in the bankruptcy proceeding,
but how much is not known.
Another big unknown is the
amount GNC will owe land-
Complimentary
lords for broken leases. Court
papers say many leases are
still under negotiation.
Covid-19 disruptions meant
E-Book
furloughs for more than 4,000
employees. Even with reopen-
ings, about 2,100 employees,
or 20% of GNC’s workforce, re-
main on furlough. As a WSJ member, you’re invited to redeem an e-book
The company’s net revenue
from our selection of new titles this month. June’s page-
for 2019 topped $2 billion,
tuners include Megan Giddings’ novel on race and class,
with most of that, $1.8 billion,
Max Hastings’ detailed history of a famous WWII battle
coming from U.S. and Cana-
dian operations. and Mitch Albom’s poignant story of love and family.
GNC is being advised by And as always, enjoy an extra 35% off selected titles.
©2020 Dow Jones & Co., Inc. All rights reserved. 3DJ7931
Latham & Watkins LLP, FTI
Consulting and Evercore Inc.
The company has also hired WSJ MEMBER EXCLUSIVE
Bank of China Ltd. Macau
Branch as debt adviser. REDEEM NOW AT WSJPLUS.COM/BOTM-JUNE20
Harbin’s advisers are White
& Case LLP, Clifford Chance
LLP and JunHe LLP. One ad
hoc group of lenders is being
advised by Milbank LLP and
Houlihan Lokey Inc. and an-
other ad hoc group of lenders
is represented by Paul, Weiss,
Rifkind, Wharton & Garrison
LLP and AlixPartners LLP.
 B4 | Thursday, June 25, 2020 * ***** THE WALL STREET JOURNAL.

MEDIA & TECHNOLOGY WSJ.com/Tech

MSNBC to Name
Joy Reid Host of
7 P.M. Program
BY JOE FLINT

MSNBC is expected to tap

political analyst Joy Reid to
anchor a 7 p.m. daily news and
opinion program, people fa-
miliar with the matter said,
filling the vacancy created at
the cable news channel when

RICKY FITCHETT/ZUMA PRESS

Chris Matthews resigned in
March.
Ms. Reid currently hosts a
weekend morning program
called “AM Joy.” In her new
role, she would serve as the
lead-in for MSNBC’s prime-
DISNEY/ASSOCIATED PRESS

time lineup, which includes Political analyst Joy Reid

Rachel Maddow and Chris
Hayes.
Ms. Reid has occasionally
guest-hosted for both Ms.
Maddow and Mr. Hayes. She
also frequently filled in for Mr.
The film was set to be the first big studio summer release, so a postponement could throw off exhibitors’ plans for reopening theaters. Matthews and, like him, is
seen as combative and inquisi-
anchor of “Hardball,” left amid
accusations that he had a his-
tory of making inappropriate
remarks toward female guests
as well as criticism of his cov-
erage of Bernie Sanders’s pres-
idential campaign. In his last

Disney Considers Reschedule

tive and not afraid to chal-
lenge guests.
Talks over Ms. Reid’s ap-
pointment are still going on
and an agreement isn’t a cer-
on-air remarks, Mr. Matthews
acknowledged making inap-
propriate remarks and said it
was time to let a younger gen-
eration “take the reins.”

Of ‘Mulan’ Release Over Virus tainty, one person close to the

situation said.
Mr. Matthews, the longtime
Since Mr. Matthews’s exit,
MSNBC has used a rotation of
guest hosts in that hour.

BY R.T. WATSON miliar with the matter said. “Tenet,” a science-fiction ers gathering in public.

LOS ANGELES—Walt Disney

Co. is considering postponing
the July 24 release of “Mulan,”
according to a person familiar
with the matter, a rescheduling
that could call into question
hopes across Hollywood and
the movie-theater industry that
cinemas will be up and running
next month.
The movie is currently the
first major studio offering
scheduled for release after the-
aters are expected to reopen in
July.
Disney is weighing the delay
because the theatrical landscape
continues to be unpredictable,
with locations opening slower
than expected and coronavirus
case numbers rising, people fa-
Bumping “Mulan” to a later
date would likely force exhibi-
tors and other studios to re-
evaluate current reopening
schedules. For months, theaters
have been closed to help battle
the coronavirus pandemic.
Disney executives are ex-
pected to make a decision on
“Mulan” soon, according to
people familiar with the matter.
The live-action reboot of the
1998 animated film cost $200
million to produce, and Disney
will need to mount a marketing
campaign imminently to get
consumers reacquainted with
the film, which was originally
scheduled for release in March.
AMC Entertainment Hold-
ings Inc. and other exhibitors
are counting on “Mulan” and
thriller scheduled for release on
July 31, to get moviegoers back
into seats. AMC said last week
it expected to have most of its
theaters operating by July 24,
in time for “Mulan.”
While movie theaters in the
U.S. have been slowly reopen-
ing around the country for
weeks, each state has been im-
plementing its own restrictions.
Also, exhibitors have lacked
the high-profile titles that gen-
erally drive ticket sales and
make summer the industry’s
busiest time of the year.
The decision of when to re-
lease “Mulan” represents an-
other example of how precari-
ous judgment calls around the
reopening remain for busi-
nesses that count on consum-
Studios face a particular bal-
ancing act in determining when
to release their biggest titles.
Executives need to prepare
marketing materials like televi-
sion commercials weeks in ad-
vance, but the fast-moving na-
ture of the outbreaks makes it
difficult to predict how safe the-
aters will be a month from now.
Recent developments have
complicated plans to resume
releasing movies in July. New
York officials said Wednesday
they would not open theaters
yet, potentially cutting off a lu-
crative market for ticket sales.
Disney has global ambitions
for the film, with an eye on
performing well in Chinese the-
aters, a market that is still es-
sentially shut.
Son Quits Alibaba Board
BY PHRED DVORAK
TOKYO—SoftBank Group
Corp. Chief Executive
Masayoshi Son said Thursday
that he is stepping down from
the board of Chinese e-com-
merce giant Alibaba Group
Holding Ltd.
The announcement, which
he made at the end of Soft-
Bank’s annual shareholder
meeting, follows the resigna-
tion—also effective Thursday
but announced last month—of
Alibaba co-founder Jack Ma
from SoftBank’s board.
The resignations end a de-
cade and a half in which the
two powerful entrepreneurs—
Mr. Son from Japan and Mr.
Ma from China—cemented
their relationship by serving
as directors of each other’s
companies. Mr. Son has been
on Alibaba’s board since 2005,
five years after SoftBank took
a major stake in the then-
small Chinese online retailer.
Mr. Ma came on SoftBank’s
board a few years later, in
2007.
Mr. Son said he was step-
ping down at his own request
and that he was “matching”
the day of his resignation with
Mr. Ma’s. He said that the
parting of ways was smooth
and that he hadn’t had a fight
with Alibaba.

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THE WALL STREET JOURNAL. Thursday, June 25, 2020 | B5

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B6 | Thursday, June 25, 2020
Family Empire Battles Crisis
Panda Express chain’s owners on the rise of takeout and fighting stereotypes
BY HEATHER HADDON
When Covid-19 started
spreading in the U.S., about
400 of the more than 2,000
Panda Express locations in
airports, malls and on uni-
versity campuses joined a
multitude of other shops and
restaurants
BOSS TALK that had to
close and tap
credit lines to survive. But
the early associations be-
tween the pandemic and
China made it personal for
the owners of the American-
Chinese restaurant chain:
Sales fell in some regions
and the company talked
about rebuilding sales of the
American-born brand.
“Obviously, we feel like it
was unfair,” says Peggy
Cherng, 73 years old, who
co-founded Panda Restau-
rant Group Inc. with her
husband, Andrew, 72.
Panda Express began with
a suburban location in
Southern California’s Glen-
dale Galleria in 1983. Ameri-
canized Chinese dishes such
as orange chicken and chow
mein fueled its growth—and
the Cherngs now rank among
the U.S.’s wealthiest people,
worth an estimated $3 bil-
lion, according to Forbes.
Their plan this year was
to unveil 88 new cafes, a
number that was scaled back
to 60, many featuring drive-
throughs.
They are hiring 30,000
people this year as the chain
reopens lobbies for carryout
and starts its own delivery
service. Instead of furlough-
ing workers during the coro-
navirus crisis, the chain
dipped into profits to keep
paying people at half salaries
at cafes that were closed.
Daughter Andrea Cherng,
42, is Panda’s chief market-
ing officer and a potential
chief-executive-succession
candidate. She says the fam-
ily is navigating one of the
most difficult periods in its
history.
Andrea Cherng and her mother, Peggy Cherng.
The company offered anti-
bias training for its workers
and donated food to millions
of health-care professionals
to try to combat stereotypes
related to Covid-19, the dis-
ease caused by the new coro-
navirus.
Panda Express received a
$10 million federal Paycheck
Protection Program loan
from the government, but
gave it back two days later
when the company realized
that many independent res-
taurants were shut out of the
funding, Peggy says.
The Wall Street Journal
recently spoke with Peggy
from her home in Las Vegas
and Andrea from her resi-
dence near Los Angeles. Ed-
MANAGEMENT
BRANDON KIDD
ited excerpts:
WSJ: How has Panda Express
weathered the pandemic?
Andrea: The task-force plan-
ning began in January. We
started to rapidly shift our
business model. We moved to
a limited menu. We wanted
to lessen the demand on our
people. Peggy’s personal mis-
sion was how to help hospi-
tals, and she secured four
million pieces of [personal
protective equipment] for
health-care workers.
Peggy: We closed stores
where workers have to use
public transportation so they
didn’t have to struggle to get
to work safely. The majority
of our New York City stores
we closed so we could pro-
H
* *** THE WALL STREET JOURNAL.
Blackstone
Revamps
tect their safety. WSJ: Andrea, did you always
Recruiting
WSJ: Do you think the presi- want to join the family busi-
dent could have done more to ness? Continued from page B1
counteract the notion of the Andrea: I was in complete re- half of its major businesses
virus as a Chinese disease? bellion from my teenage years have a woman or minority as
Andrea: Words are powerful. to my late 20s. I wanted to one of the top two leaders.
When words are used that forge my own way. What’s But officials at Blackstone,
have a reflection on a group of funny about the family busi- which doesn’t disclose overall
people, they are dehumanized. ness is I report to both An- diversity figures, acknowledge
We all need to be watchful. drew and Peggy. It was a little they have a lot of work to do to
bit of like going to a funhouse transform a business that is
WSJ: Will airports and malls at a circus. People saw me still overwhelmingly white and
be as important for you given through the lens of if I resem- male, especially in its upper-
the new focus on drive- ble Peggy or Andrew for the most ranks—as is the case with
through and to-go ordering? first time in my life, rather most of its main rivals.
Peggy: If we were still just in than who I was. Given its heft and prestige,
malls, I don’t think we would Blackstone’s decision to sit out
be able to survive. Before WSJ: What’s the future of the bank-recruitment rush has
Covid, we were emphasizing Panda Express as a private the potential to influence how
independent street locations company? other firms find talent in an in-
with drive-throughs. Univer- Peggy: We thought about go- dustry in which 11.5% of senior
sities, malls, airports, inside ing public some time ago. executives are women, accord-
business districts—those But the benefit of being pri- ing to a February report by
were closed and are starting vate, you can focus on your Preqin, and a smaller percent-
to reopen. That’s where we associates, not only your age are black or Hispanic.
have associates we need to quarterly financial perfor- Blackstone, the largest buy-
pay because of store clo- mance. We have succession out firm with $538 billion of
sures. Our street locations, planning at all levels. I’m not assets, received nearly 15,000
we’re trying to keep open if going anywhere and Andrew applications for 90 full-time
we can break even and pay analyst roles that started last
our associates. year. It has two main sources of
junior talent: campuses and in-
WSJ: Have sales rebounded?
The plan this year vestment banks, which have
Peggy: At the very beginning, was to unveil 88 new their own hotly competitive en-
our sales were down 30%. try-level hiring operations.
Then with contactless deliv-
cafes, a number In the case of the latter, re-
ery and drive-through and scaled back to 60, cruitment used to happen dur-
pickup, our sales are down ing the summer after appli-
15% [as of late May] com- cants’ first year on the job, but
pared to prior years. it has steadily crept forward as
isn’t going anywhere, but we private-equity firms jump the
WSJ: Peggy, you have a back- are getting older. One day starting gun in hopes of secur-
ground in mathematics. Did we are going to need to let ing the best candidates. In
you ever consider going back this baby be taken care of. 2019, recruiting took place in
into that field? Andrea: We decided as a family September, just a couple
Peggy: Me and Andrew have that the person that leads the months after candidates began
masters in math and I have a company has to be the best working at banks—for roles
Ph.D. in computer science. person to lead the company that wouldn’t start until the
We really value education. regardless of whether that summer of 2021.
That’s what America has pro- person is in the family or not. That has forced buyout
vided to us. I worked in tech- firms to predict how candidates
nology for more than five WSJ: Is there a traditional with barely any relevant expe-
years. I was called to help dish that you would love to rience will perform nearly two
Andrew because he wasn’t as serve, but could be too ad- years ahead of their start date.
good at the back-of-house is- vanced for Americans? Blackstone executives say
sues. It really became a pas- Andrea: Lion’s Head Meatball. that their reliance on invest-
sion. We were one of the It’s a pork-belly meatball ment banks, which have their
first chain restaurants to use resting on a bed of cabbage. own diversity challenges, has
a point-of-sale system. It But we are constantly bring- the effect of narrowing the fun-
helped me provide a balance ing it back [to test with nel of applicants and hamper-
of taking care of my children guests] with hopes to intro- ing the firm’s effort to draw
and work. duce it in the future. from a more varied talent base.
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THE WALL STREET JOURNAL. Thursday, June 25, 2020 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
25445.94 t 710.16, or 2.72% Trailing P/E ratio 21.49 18.22 3050.33 t 80.96, or 2.59% Trailing P/E ratio * 27.38 22.82 9909.17 t 222.20, or 2.19% Trailing P/E ratio *† 30.75 24.53
High, low, open and close for each P/E estimate * 24.06 16.46 High, low, open and close for each P/E estimate * 24.82 17.85 High, low, open and close for each P/E estimate *† 30.15 21.25
trading day of the past three months. Dividend yield 2.58 2.23 trading day of the past three months. Dividend yield * 1.97 1.91 trading day of the past three months. Dividend yield *† 0.90 1.02
All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 10131.37, 06/23/20

Current divisor 0.14579812049809

30000 3500 10500

27500 3250 9750

65-day moving average
65-day moving average

25000 3000 9000

22500 2750 8250

Session high 65-day moving average
DOWN UP
20000 2500 7500
t

Session open Close

Close Open
t

Session low 17500 2250 6750

Bars measure the point change from session's open

15000 2000 6000
Mar. Apr. May June Mar. Apr. May June Mar. Apr. May June
*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 4 p.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*1,101,101,589 24,441,868
Industrial Average 25992.96 25296.73 25445.94 -710.16 -2.72 29551.42 18591.93 -4.1 -10.8 6.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 59,117,893 6,070,154
Transportation Avg 9105.46 8877.48 8899.24 -282.33 -3.07 11304.97 6703.63 -12.6 -18.4 -1.8 Most-active issues in late trading Decl. volume*1,038,074,339 18,092,558
Utility Average 772.07 759.00 767.60 -5.87 -0.76 960.89 610.89 -4.6 -12.7 1.9 Volume After Hours Issues traded 3,044 279
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 31687.00 30802.61 31008.58 -856.00 -2.69 34631.28 22462.76 3.8 -6.1 7.1 Advances 350 70
SPDR S&P 500 SPY 14,414.5 304.54 0.45 0.15 312.59 303.99
Barron's 400 665.38 644.94 650.41 -21.02 -3.13 746.64 455.11 -3.6 -11.2 0.3 Declines 2,635 193
Caesars Entertainment CZR 8,101.8 12.07 0.02 0.17 12.24 12.03
Unchanged 59 16
Nasdaq Stock Market ZTO Express (Cayman) ADR ZTO 4,851.6 37.38 … unch. 37.99 37.36 New highs 15 6
Nasdaq Composite 10137.50 9842.22 9909.17 -222.20 -2.19 10131.37 6860.67 25.3 10.4 16.5 Bank of America BAC 4,794.1 23.86 0.05 0.21 23.92 23.78 New lows 12 1
Nasdaq 100 10232.42 9943.24 10002.70 -207.12 -2.03 10209.82 6994.29 31.1 14.5 19.9 Wells Fargo WFC 3,981.8 26.18 0.06 0.23 26.29 26.10 Closing Arms† 1.38 0.76
American Airlines Group AAL 3,425.7 12.92 -0.12 -0.92 13.10 12.85 Block trades* 6,315 244
S&P
Intel INTC 2,951.8 59.06 -0.03 -0.05 59.29 58.93
500 Index 3115.01 3032.13 3050.33 -80.96 -2.59 3386.15 2237.40 4.7 -5.6 7.8 Nasdaq NYSE Arca
Huntington Bancshares HBAN 2,905.3 9.57 0.03 0.31 9.70 9.52
MidCap 400 1775.16 1714.50 1731.48 -60.99 -3.40 2106.12 1218.55 -8.8 -16.1 -0.2 Total volume*5,508,240,289 369,555,236
SmallCap 600 818.91 789.51 798.27 -29.83 -3.60 1041.03 595.67 -13.5 -21.8 -2.2 Percentage gainers… Adv. volume*1,973,588,605 73,937,342
Ally Financial ALLY 707.5 20.15 1.84 10.05 21.07 18.31 Decl. volume*3,515,592,454 294,477,586
Other Indexes
Fang Holdings ADR SFUN 65.7 13.00 0.65 5.26 13.00 12.35 Issues traded 3,441 1,441
Russell 2000 1437.20 1374.40 1389.74 -49.60 -3.45 1705.22 991.16 -8.4 -16.7 -0.6
Advances 607 169
NYSE Composite 11961.62 11650.91 11726.54 -351.21 -2.91 14183.20 8777.38 -9.2 -15.7 -0.02 Matador Resources MTDR 171.1 9.00 0.34 3.93 9.01 8.65
Declines 2,780 1,257
Value Line 447.99 427.86 431.51 -16.48 -3.68 562.05 305.71 -17.2 -21.9 -6.1 Healthpeak Properties PEAK 111.1 27.00 1.01 3.89 27.00 25.55
Unchanged 54 15
NYSE Arca Biotech 5889.40 5686.79 5728.35 -133.91 -2.28 5862.27 3855.67 24.4 13.0 12.6
Western Union WU 922.8 21.76 0.81 3.87 21.76 20.95
New highs 54 20
NYSE Arca Pharma 643.60 629.41 632.38 -14.88 -2.30 670.32 494.36 6.2 -3.3 4.8 ...And losers New lows 12 10
KBW Bank 76.89 74.23 74.43 -3.77 -4.81 114.12 56.19 -21.9 -34.3 -6.7 KB Home KBH 1,479.3 28.80 -4.53 -13.59 33.41 28.60 Closing Arms† 0.39 0.42
PHLX§ Gold/Silver 124.37 119.46 121.06 -2.66 -2.15 129.26 70.12 44.6 13.2 13.2 uniQure QURE 226.7 54.99 -7.92 -12.59 68.65 54.02 Block trades* 39,758 1,638
PHLX§ Oil Service 33.91 31.67 32.05 -2.76 -7.93 81.76 21.47 -59.6 -59.1 -37.0 NovaGold Resources NG 228.4 8.01 -0.70 -8.04 8.75 8.01 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1988.23 1930.69 1944.30 -43.43 -2.18 2004.66 1286.84 35.4 5.1 21.3 NantKwest NK 280.5 11.20 -0.94 -7.74 12.20 10.09 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 37.12 30.95 33.84 2.47 7.87 82.69 11.54 108.8 145.6 50.0 NGL Energy Partners NGL 97.3 4.71 -0.17 -3.48 5.03 4.65 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 2803.30 –73.33 –2.55 –13.8 Wins Finance Holdings WINS 43.00 23.34 118.72 76.64 5.51 175.5 Nabors Industries NBR 34.56 -10.10 -22.62 167.50 9.79 -75.6
DJ Global Index 398.02 –9.16 –2.25 –8.3 Puhui Wealth Invt Mgmt PHCF 3.28 1.08 49.09 5.05 1.37 13.9 Biosig Technologies BSGM 7.58 -2.13 -21.94 12.43 2.36 -14.4
DJ Global ex U.S. 234.01 –4.18 –1.75 –11.2 Yunhong CTI CTIB 3.30 0.94 39.83 8.37 0.40 2.6 Renewable Energy Group REGI 22.73 -5.85 -20.47 32.89 9.90 42.3
Americas DJ Americas 708.69 –19.21 –2.64 –6.9 NantHealth NH 4.99 1.04 26.33 5.37 0.45 713.2 Broadway Financial BYFC 2.09 -0.47 -18.36 7.23 1.04 42.2
Brazil Sao Paulo Bovespa 94377.36 –1597.80 –1.66 –18.4 Otelco Cl A OTEL 10.19 1.99 24.27 16.08 2.93 -34.0 Global Eagle Ent ENT 4.91 -1.08 -18.03 24.00 1.52 -67.7
Canada S&P/TSX Comp 15294.38 –270.37 –1.74 –10.4 Workhorse Group WKHS 8.51 1.56 22.45 10.00 1.32 191.4 KLX Energy Services Hldgs KLXE 2.36 -0.50 -17.48 21.36 0.51 -87.8
Mexico S&P/BMV IPC 37908.38 –309.30 –0.81 –12.9 Vaxart VXRT 3.19 0.53 19.92 4.12 0.25 376.1 MicSec US Big Oil 3X Lev NRGU 3.82 -0.79 -17.14 55.19 1.10 -91.0
Chile Santiago IPSA 2783.88 3.10 0.11 –16.5 KBS Fashion Group KBSF 2.80 0.45 19.15 4.45 0.95 20.2 Contura Energy CTRA 3.26 -0.66 -16.84 52.71 1.93 -93.5
MicSec US Big Oil 3X InLv NRGD 18.55 2.98 19.14 304.72 10.72 -61.2 Direxion Hi Beta Bull 3X HIBL 86.40 -17.31 -16.69 361.00 37.80 ...
EMEA Stoxx Europe 600 357.17 –10.23 –2.78 –14.1
Vir Biotechnology VIR 47.86 7.57 18.79 75.00 11.65 ... Carver Bancorp CARV 7.36 -1.42 -16.17 22.97 1.25 135.9
Eurozone Euro Stoxx 348.25 –10.73 –2.99 –13.8
Belgium Bel-20 3301.53 –132.35 –3.85 –16.5 Five Prime Therapeutics FPRX 6.95 1.08 18.40 6.97 1.75 18.4 Lands' End LE 7.88 -1.52 -16.17 18.39 4.05 -35.7
Denmark OMX Copenhagen 20 1257.40 –22.42 –1.75 10.7 Surface Oncology SURF 6.01 0.92 18.07 7.66 1.15 118.5 Liberty TripAdvisor A LTRPA 2.05 -0.39 -15.98 12.77 0.86 -82.2
France CAC 40 4871.36 –146.33 –2.92 –18.5 Plug Power PLUG 7.57 1.14 17.73 7.81 1.88 253.7 China Automotive Systems CAAS 2.50 -0.47 -15.82 4.16 1.43 3.7
Germany DAX 12093.94 –429.82 –3.43 –8.7 Genprex GNPX 3.64 0.54 17.42 7.03 0.23 199.6 Integrated Media Tech IMTE 3.90 -0.73 -15.77 13.31 2.60 -58.9
–19.0 Direxion Hi Beta Bear 3X HIBS 8.14 1.20 17.29 71.87 4.80 ... Direxion Rg Banks Bull 3X DPST 55.80 -10.38 -15.68 545.60 33.72 -86.0
Israel Tel Aviv 1364.04 –31.50 –2.26
Italy FTSE MIB 19162.98 –678.60 –3.42 –18.5
Netherlands AEX 557.33 –16.86 –2.94 –7.8
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1281.18 … Closed –17.3 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 54447.73 –1027.19 –1.85 –4.6
Spain IBEX 35 7195.50 –242.90 –3.27 –24.6 TOP Ships TOPS 348,873 274.7 0.14 -15.00 13.60 0.07 B. Riley Principal II A BMRG 3,856 5086 11.40 15.74 11.65 9.70
Sweden OMX Stockholm 639.16 –14.44 –2.21 –6.1 Seanergy Maritime Hldgs SHIP 334,734 318.6 0.30 5.36 0.90 0.12 Wins Finance Holdings WINS 1,359 3889 43.00 118.72 76.64 5.51
Switzerland Swiss Market 10021.99 –224.57 –2.19 –5.6 Hertz Global Holdings HTZ 274,103 313.0 1.61 29.84 20.85 0.40 Crescent Acquisition CRSA 2,990 2962 10.54 -7.30 13.11 9.10
Turkey BIST 100 114448.91 –889.94 –0.77 0.02 General Electric GE 143,710 21.9 6.53 -6.71 13.26 5.48 Workhorse Group WKHS 91,206 2786 8.51 22.45 10.00 1.32
–18.8
American Airlines Group AAL 139,913 47.8 13.04 -6.86 34.99 8.25 PIMCO Dyn Mult EM MFEM 2,762 2327 20.87 -1.26 25.23 15.23
U.K. FTSE 100 6123.69 –196.42 –3.11
U.K. FTSE 250 17150.83 –501.97 –2.84 –21.6 SiNtx Technologies SINT 134,029 3295.9 2.10 47.89 4.39 0.28 Fangdd Network Group ADR DUO 2,504 1769 11.67 8.26 129.04 5.66
SPDR S&P 500 SPY 129,612 2.1 304.09 -2.55 339.08 218.26 JPMorgan US Minimum Vol JMIN 328 1627 27.46 -2.13 32.78 20.84
Asia-Pacific
Inovio Pharmaceuticals INO 124,729 301.6 23.87 10.66 25.60 1.92 Schwab Intm US Trsr SCHR 14,554 1568 58.70 0.10 59.25 54.55
Australia S&P/ASX 200 5965.70 11.29 0.19 –10.7
ProSh UltraPro Shrt QQQ SQQQ 124,454 70.1 7.96 5.85 39.29 7.30 WISeKey Intl Hldg ADR WKEY 104 1351 7.86 -1.74 22.27 3.90
China Shanghai Composite 2979.55 8.93 0.30 –2.3
Castor Maritime CTRM 110,175 6053.0 0.43 -32.30 5.28 0.38 VanEck Vectors Rare Earth REMX 440 1314 34.51 -0.32 46.35 23.91
Hong Kong Hang Seng 24781.58 –125.76 –0.50 –12.1
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 34868.98 –561.45 –1.58 –15.5 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 22534.32 –14.73 –0.07 –4.7
Singapore Straits Times 2628.62 –6.30 –0.24 –18.4 Track the Markets
South Korea Kospi 2161.51 30.27 1.42 –1.6 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 11660.67 48.31 0.42 –2.8 global stock indexes, bond ETFs,
Thailand SET 1333.43 –23.00 –1.70 –15.6
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Wed YTDchg Wed YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004309 23205 0.1
Americas
Argentina peso .0143 70.0940 17.0 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1871 5.3440 33.0 Czech Rep. koruna .04208 23.763 4.8

U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7333 1.3638
.001221 818.90
5.0
10.8
Denmark krone
Euro area euro
.1509 6.6261 –0.6
1.1252 .8888 –0.3
notes and bonds major U.S. trading partners .000268 3728.51 Hungary forint .003198 312.67 5.9
30-year mortgage, Rate Colombiapeso 13.6
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .007162 139.62 15.3
benchmark over the past year 4.00% Mexico peso .0439 22.7846 20.4 Norway krone .1034 9.6707 10.2
Bankrate.com avg†: 3.40% 8%
WSJ Dollar index Uruguay peso .02371 42.1750 13.6 Poland zloty .2525 3.9610 4.4
s

Farmers State Bank 2.75% Russia ruble .01437 69.570 12.1

One year ago 3.00 Asia-Pacific
4.00% Waterloo, IA 877-FSB-1879 4 Yen
s

t Sweden krona .1068 9.3653 –0.02

Australian dollar .6870 1.4556 2.2
t Home Loans Today 2.88% Switzerland franc 1.0550 .9479 –2.0
30-year fixed-rate 3.00 2.00 China yuan .1413 7.0778 1.6
0 Turkey lira .1459 6.8559 15.2
mortgage Centennial, CO 866-919-2064 Hong Kong dollar .1290 7.7506 –0.5
Ukraine hryvnia .0374 26.7500 13.0
India rupee .01322 75.665 6.0
2.00 MidWestOne Bank 2.88% Tradeweb ICE 1.00 –4 UK pound 1.2421 .8051 6.8
s Indonesia rupiah .0000708 14130 1.8
Iowa City, IA 800-247-4418 Wednesday Close t Middle East/Africa
t
Euro Japan yen .009342 107.04 –1.5
10-year Treasury 1.00 0.00 Kazakhstan tenge .002488 401.96 2.6480 .3777 0.2
First National Bank 3.00% –8 5.3 Bahrain dinar
note yield Macau pataca .1252 7.9870 Egypt pound .0618 16.1815 0.8
Waverly, IA 319-266-2000 1 3 6 1 2 3 5 710 30 2019 2020
–0.4
0.00 month(s) years Malaysia ringgit .2337 4.2785 4.6 Israel shekel .2908 3.4385 –0.4
J A S O N D J FMAM J Guardian Savings Bank 3.25% New Zealand dollar .6410 1.5601 5.0 Kuwait dinar 3.2528 .3074 1.4
Covington, KY 859-341-0700 maturity Pakistan rupee .00596 167.800 8.3 Oman sul rial 2.5972 .3850 0.01
2019 2020
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0200 50.067 –1.3 Qatar rial .2746 3.642 –0.04
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7177 1.3933 3.5 Saudi Arabia riyal .2665 3.7518 0.01
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008289 1206.36 4.4 South Africa rand .0575 17.3982 24.3
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.25 -1.00 Sri Lanka rupee .0053576 186.65 2.9
Yield (%) 52-Week Total Return (%) Taiwan dollar .03386 29.533 –1.3 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 5.50 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03238 30.880 3.8 WSJ Dollar Index 91.57 0.56 0.61 2.24
Libor, 3-month 0.28 0.32 0.28 l 2.34 -1.01
U.S. Treasury, Barclays 2470.290 0.530 0.560 2.040 0.480 10.32 5.25 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.28 0.29 0.28 l 0.78 -0.05
1.350 25.18 11.01
Five-year CD, annual yield 0.76 0.74 0.71 l 1.97 -0.62 U.S. Treasury Long, Barclays 4837.940 1.430 2.570 0.980
Commodities
30-year mortgage, fixed† 3.40 3.42 3.32 l 4.22 -0.51 Aggregate, Barclays 2256.100 1.300 1.320 2.590 1.270 8.66 5.04 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.88 2.87 2.81 l 3.57 -0.26 Fixed-Rate MBS, Barclays 2220.210 1.450 1.470 2.790 0.930 5.68 3.78
Jumbo mortgages, $510,400-plus† 3.44 3.47 3.35 l 4.71 -0.97 DJ Commodity 549.72 -12.27 -2.18 647.86 433.70 -11.86 -14.42
High Yield 100, ICE BofA 3022.811 5.550 5.128 10.740 4.516 –1.481 2.558
Five-year adj mortgage (ARM)† 3.11 3.17 3.11 l 4.78 -0.21 TR/CC CRB Index 135.24 -3.35 -2.42 187.39 106.29 -25.84 -27.20
Muni Master, ICE BofA 580.995 1.207 1.224 3.441 0.959 4.788 3.943 Crude oil, $ per barrel 38.01 -2.36 -5.85 63.27 -37.63 -35.99 -37.75
New-car loan, 48-month 4.37 4.19 4.17 l 4.72 1.30
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 865.420 5.132 5.161 7.480 4.523 1.750 3.170 Natural gas, $/MMBtu 1.597 -0.040 -2.44 2.862 1.552 -30.29 -27.04
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. 1765.80 -6.30 -0.36 1772.10 1385.60 25.09 16.21

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B8 | Thursday, June 25, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, June 24, 2020
Metal & Petroleum Futures Sept 98.00 99.75 97.15 97.80 –.40 110,466 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future
July 11.80 12.05 11.65 11.75 –.04 53,509 months.
Open High hi lo Low Settle Chg interest
Oct 11.93 12.16 11.75 11.84 –.08 412,788
Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Wednesday Wednesday Wednesday
June ... ... ... 2.6505 –0.0095 793 Sept 26.00 26.00 26.00 26.00 … 2,236 Aluminum, LME, $ per metric ton *1577.5 Wheat,No.1soft white,Portld,OR-u 5.7750
Sept 2.6655 2.6895 2.6395 2.6575 –0.0110 91,180 Energy
Nov 26.10 26.11 t 26.10 26.11 –.04 2,617 Copper,Comex spot 2.6505
Gold (CMX)-100 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 56.900 Iron Ore, 62% Fe CFR China-s 104.6 Food
June 1778.30 1783.10 1764.50 1765.80 –6.30 1,310 July 63.04 63.04 61.80 61.66 –1.38 1,031 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Shredded Scrap, US Midwest-s,m 254 Beef,carcass equiv. index
Aug 1784.40 1796.10 s 1770.60 1775.10 –6.90 373,961 Dec 59.51 60.09 59.02 59.21 –.23 115,189 Steel, HRC USA, FOB Midwest Mill-s 485 175.80
Oct 1793.00 1803.70 s 1779.60 1784.00 –5.80 33,903 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Metals choice 1-3,600-900 lbs.-u
Dec 1800.40 1810.90 s 1787.80 1792.60 –4.50 77,357 July 120.35 120.45 118.35 119.80 –.05 1,632 Fibers and Textiles select 1-3,600-900 lbs.-u 164.40
Feb'21 1811.20 1816.90 s 1795.20 1799.50 –4.50 21,584 Sept 122.50 123.20 121.00 122.80 .25 7,015 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.7238
June 1816.30 1820.90 s 1804.00 1804.10 –4.50 5,935 Engelhard industrial 1767.00 Burlap,10-oz,40-inch NY yd-n,w 0.5850 Butter,AA Chicago 1.7875
Palladium (NYM) - 50 troy oz.; $ per troy oz. Interest Rate Futures Handy & Harman base 1766.05 Cotton,1 1/16 std lw-mdMphs-u 0.5766 Cheddar cheese,bbl,Chicago 240.00
June ... ... ... 1868.30 –62.60 3 Handy & Harman fabricated 1960.32 Cotlook 'A' Index-t *68.45 Cheddar cheese,blk,Chicago 258.00
Sept 1935.20 1965.00 1865.70 1888.50 –62.60 6,272 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Hides,hvy native steers piece fob-u 25.000
LBMA Gold Price AM *1756.60 Milk,Nonfat dry,Chicago lb. 102.75
Dec 1916.10 1935.00 1879.90 1885.00 –62.80 384 Sept 214-310 217-230 213-300 216-310 1-26.0 1,021,204
LBMA Gold Price PM *1768.90 Wool,64s,staple,Terr del-u,w 3.18 Coffee,Brazilian,Comp 0.9243
Platinum (NYM)-50 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
June ... ... ... 805.80 –41.80 1 Sept 176-260 178-040 176-130 177-280 30.0 1,018,151 Krugerrand,wholesale-e 1830.50 Grains and Feeds Coffee,Colombian, NY 1.4750
Oct 851.00 856.70 807.50 817.80 –38.30 33,255 Dec 174-220 176-150 175-300 176-280 30.0 1 Maple Leaf-e 1848.11 Eggs,large white,Chicago-u 0.6450
Treasury Notes (CBT)-$100,000; pts 32nds of 100% American Eagle-e 1848.11 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 14.65
Silver (CMX)-5,000 troy oz.; $ per troy oz.
June 17.790 17.815 17.790 17.658 –0.393 11 Sept 138-215 138-290 138-170 138-280 4.0 3,297,778 Mexican peso-e 2130.15 Bran,wheat middlings, KC-u 85 Hams,17-20 lbs,Mid-US fob-u 0.35
Sept 18.275 18.425 17.595 17.811 –0.428 105,809 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Austria crown-e 1728.25 Corn,No. 2 yellow,Cent IL-bp,u 3.1150 Hogs,Iowa-So. Minnesota-u 46.39
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. June 125-245 125-245 125-202 125-242 1.2 30,026 Austria phil-e 1848.11 Corn gluten feed,Midwest-u,w 106.5 Pork bellies,12-14 lb MidUS-u 1.0883
Aug 39.99 40.54 37.31 38.01 –2.36 312,290 Sept 125-145 125-175 125-122 125-170 1.2 3,417,450 Corn gluten meal,Midwest-u,w 389.4 Pork loins,13-19 lb MidUS-u 0.7558
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Silver, troy oz.
Sept 40.16 40.68 37.52 38.21 –2.30 309,241 Cottonseed meal-u,w n.a. Steers,Tex.-Okla. Choice-u n.a.
110-071 110-073 110-067 110-071 .1 39,484
Engelhard industrial 17.6500
Oct 40.28 40.80 37.71 38.39 –2.24 135,454 June Hominy feed,Cent IL-u,w 102 Steers,feeder,Okla. City-u,w 145.13
Sept 110-106 110-112 110-102 110-110 .1 2,062,390 Handy & Harman base 17.5750
Dec 40.47 40.99 38.08 38.73 –2.09 313,139 Meat-bonemeal,50% pro Mnpls-u,w 188
41.00 41.37 38.93 39.50 –1.71 127,957 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Handy & Harman fabricated 21.9690
June'21 Oats,No.2 milling,Mnpls-u 3.3475 Fats and Oils
Dec 41.42 41.77 39.67 40.16 –1.45 135,834 June 99.9225 99.9225 99.9200 99.9200 .0000 148,262 LBMA spot price *£14.3000
Rice, Long Grain Milled, No. 2 AR-u,w 30.00
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Oct 99.9450 99.9450 99.9400 99.9400 .0000 234,091 (U.S.$ equivalent) *17.8100 Corn oil,crude wet/dry mill wtd. avg.-u,w 53.9500
Sorghum,(Milo) No.2 Gulf-u 7.7013
July 1.2032 1.2090 1.1375 1.1508 –.0522 21,008 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Coins,wholesale $1,000 face-a 15978 Grease,choice white,Chicago-h 0.2100
Sept 100-045 100-195 100-020 100-185 8.0 66,324
SoybeanMeal,Cent IL,rail,ton48%-u 289.30
Aug 1.2155 1.2219 1.1511 1.1657 –.0498 72,775 Other metals Lard,Chicago-u n.a.
Eurodollar (CME)-$1,000,000; pts of 100% Soybeans,No.1 yllw IL-bp,u 8.5650
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. LBMA Platinum Price PM *822.0 Soybean oil,crude;Centl IL-u 0.2630
July 1.2919 1.3056 1.1795 1.1964 –.1030 27,514 July 99.6975 99.7100 99.6950 99.7025 .0050 260,025 Wheat,Spring14%-pro Mnpls-u 6.6625
Sept 99.7150 99.7200 99.7100 99.7150 … 1,792,379
Platinum,Engelhard industrial 814.0 Wheat,No.2 soft red,St.Louis-bp,u 4.9100 Tallow,bleach;Chicago-h 0.2200
Aug 1.2913 1.3048 1.1832 1.1992 –.0991 94,566
Dec 99.6800 99.6850 99.6750 99.6800 … 1,089,639 Palladium,Engelhard industrial 1920.0 Wheat - Hard - KC (USDA) $ per bu-u 4.5125 Tallow,edible,Chicago-u n.a.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
July 1.627 1.656 t 1.585 1.597 –.040 23,372 March'21 99.7650 99.7700 99.7600 99.7650 –.0050 971,662
Aug 1.688 1.715 t 1.652 1.661 –.030 284,601 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co;
Sept 1.738 1.765 t 1.716 1.723 –.017 192,743 Currency Futures 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 6/23
Oct 1.837 1.865 t 1.815 1.822 –.017 124,749
Japanese Yen (CME)-¥12,500,000; $ per 100¥ Source: Dow Jones Market Data
Jan'21 2.853 2.862 2.830 2.842 –.020 118,989
July .9394 .9402 .9343 .9354 –.0041 984
March 2.724 2.729 2.701 2.710 –.019 85,781
Sept .9405 .9412 .9350 .9362 –.0041 143,141
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Agriculture Futures .7380 .7392 .7332 .7347 –.0039 423
Corn (CBT)-5,000 bu.; cents per bu.
July
Sept .7382 .7394 .7332 .7348 –.0039 100,185 Bonds | wsj.com/market-data/bonds/benchmarks
July 324.50 329.00 323.75 324.25 –.75 228,554 British Pound (CME)-£62,500; $ per £
Sept 328.50 332.50 326.50 327.00 –2.00 572,793 July 1.2539
1.2519
1.2543
1.2548
1.2417
1.2419
1.2424 –.0100 522
1.2428 –.0100 169,146
Tracking Bond Benchmarks
Oats (CBT)-5,000 bu.; cents per bu. Sept
July 303.50 309.25 303.00 304.75 .50 705 Swiss Franc (CME)-CHF 125,000; $ per CHF Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Dec 287.75 290.00 286.00 289.00 1.25 3,058 Sept 1.0609 1.0626 1.0566 1.0575 –.0041 42,190 highs and lows for different types of bonds
Soybeans (CBT)-5,000 bu.; cents per bu. Dec 1.0607 1.0654 1.0598 1.0604 –.0041 97 Total Total
July 875.50 877.50 870.00 870.75 –4.25 114,804 Australian Dollar (CME)-AUD 100,000; $ per AUD return YTD total Yield (%) return YTD total Yield (%)
Nov 874.25 876.75 868.50 870.00 –4.00 307,704 July .6936 .6961 .6865 .6868 –.0068 467 close return (%) Index Latest Low High close return (%) Index Latest Low High
Soybean Meal (CBT)-100 tons; $ per ton. Sept .6929 .6963 .6864 .6868 –.0069 92,401
July 286.30 287.70 286.00 286.70 .40 52,094 Mexican Peso (CME)-MXN 500,000; $ per MXN Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Dec 292.60 294.80 292.30 293.20 .70 158,021 July .04439 .04466 .04380 .04378 –.00072 120
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Sept .04417 .04435 .04339 .04342 –.00070 113,092 2256.10 5.9 U.S. Aggregate 1.300 1.270 2.590 2220.21 3.4 Mortgage-Backed 1.450 0.930 2.790
July 28.19 28.28 27.62 27.65 –.52 53,945 Euro (CME)-€125,000; $ per € U.S. Corporate Indexes Bloomberg Barclays 2174.39 3.5 Ginnie Mae (GNMA) 0.850 0.490 2.740
Dec 29.00 29.14 28.46 28.50 –.54 154,584 July 1.1316 1.1330 1.1254 1.1264 –.0053 10,973
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 1.1330 1.1347 1.1269 1.1280 –.0053 568,569 3292.60 4.7 U.S. Corporate 2.180 2.160 4.580 1309.38 3.4 Fannie mae (FNMA) 1.670 1.110 2.810
July 14.15 14.15 13.87 13.94 –.12 1,044
Sept 12.25 12.27 12.12 12.27 .02 7,510 Index Futures 3011.61 4.0 Intermediate 1.590 1.560 4.400 2010.25 3.3 Freddie Mac (FHLMC) 1.660 1.080 2.810
Wheat (CBT)-5,000 bu.; cents per bu.
July 486.75 488.00 480.00 481.25 –4.75 53,321 Mini DJ Industrial Average (CBT)-$5 x index 4814.46 5.8 Long term 3.200 2.950 4.930 581.00 2.7 Muni Master 1.207 0.959 3.441
Sept 491.25 492.50 484.50 485.75 –5.25 212,023 Sept 25986 26134 25159 25393 –627 72,842
680.17 5.8 Double-A-rated 1.560 1.540 3.360 410.16 2.8 7-12 year 1.178 0.924 3.447
Wheat (KC)-5,000 bu.; cents per bu. Dec 25880 25992 25054 25275 –627 76
July 435.00 437.75 430.75 431.25 –3.75 30,470 S&P 500 Index (CME)-$250 x index 862.37 3.4 Triple-B-rated 2.620 2.570 5.350 465.90 2.9 12-22 year 1.654 1.224 3.690
Sept 444.00 446.25 439.00 439.75 –3.75 130,900 Sept 3126.80 3127.70 3045.60 3049.00 –69.50 3,863
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec … … … 3038.90 –69.70 2 High Yield Bonds ICE BofA 447.42 1.5 22-plus year 2.450 1.765 4.123
Aug 133.200 134.450 131.800 132.875 –.325 17,555 Mini S&P 500 (CME)-$50 x index Global Government J.P. Morgan†
Sept 3113.25 3128.50 3019.75 3049.00 –69.50 2,554,985 448.95 -3.9 High Yield Constrained 6.660 5.151 11.400
Sept 134.625 135.625 133.125 134.175 –.300 6,274
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 3104.50 3117.75 3010.00 3039.00 –69.50 46,688 387.07 -11.6 611.42 4.9 Global Government 0.590 0.390 1.130
Triple-C-rated 14.419 10.735 19.071
June 94.025 94.875 93.125 93.300 –.225 2,591 Mini S&P Midcap 400 (CME)-$100 x index
Aug 97.200 97.850 96.025 96.350 –.850 132,701 Sept 1781.30 1792.90 1707.90 1725.60 –62.10 63,591 3022.81 -5.3 High Yield 100 5.550 4.516 10.740 866.57 7.8 Canada 0.730 0.590 1.740
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 1806.50 1782.90 1710.00 1723.80 –62.30 3
Mini Nasdaq 100 (CME)-$20 x index 406.73 -3.5 Global High Yield Constrained 6.517 4.893 11.310 407.48 1.8 EMU§ 0.365 0.109 0.794
July 46.325 46.725 45.850 45.925 –.975 23,771
52.200 52.450 51.150 51.250 –1.250 89,706 Sept 10183.00 10242.00 9927.25 10010.75 –185.25 182,089
Aug 312.94 -4.8 Europe High Yield Constrained 4.603 2.464 8.183 776.99 2.4 France 0.100 -0.160 0.430
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 10170.75 10231.50 9918.25 9999.50 –185.25 468
July 438.10 438.90 422.70 428.80 –11.90 576 Mini Russell 2000 (CME)-$50 x index U.S Agency Bloomberg Barclays 546.16 1.9 Germany -0.320 -0.740 -0.050
Sept 432.10 435.90 419.00 424.10 –9.60 1,288 Sept 1432.90 1441.70 1368.10 1396.40 –37.80 520,704
Milk (CME)-200,000 lbs., cents per lb. Dec 1431.50 1437.30 1366.50 1393.90 –37.80 288 1857.32 4.9 U.S Agency 0.590 0.550 2.170 295.29 -0.9 Japan 0.280 -0.070 0.290
June 21.00 21.02 20.90 21.01 .01 5,954 Mini Russell 1000 (CME)-$50 x index
June 1717.20 1719.50 1672.50 1681.90 –46.70 7,630
1619.01 3.6 10-20 years 0.450 0.400 2.080 608.02 2.0 Netherlands -0.210 -0.540 0.080
July 22.06 22.39 21.56 21.56 –.75 5,374
Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index 4252.28 11.4 20-plus years 1.520 1.170 2.690 1102.46 9.7 U.K. 0.490 0.390 1.270
July 2,441 2,441 2,441 2,441 16 271 Sept 96.61 97.21 96.50 97.13 .52 21,020
Sept 2,286 2,328 2,286 2,306 16 96,036 Dec 96.56 97.22 96.56 97.12 .52 531 2825.86 3.4 Yankee 1.720 1.720 3.500 865.42 -1.9 Emerging Markets ** 5.132 4.523 7.480
Coffee (ICE-US)-37,500 lbs.; cents per lb. *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
July 96.25 97.10 96.25 96.65 .40 843 Source: FactSet
** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan

Macro & Market Economics Global Government Bonds: Mapping Yields

Watching the Gauges: U.S. Supply and Demand Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Inventories, imports and demand for the week ended June 19. Current figures are in thousands of barrels or selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
and demand data are available monthly only. Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
0.125 U.S. 2 0.187 t l 0.191 0.174 1.737
Inventories, 000s barrels Imports, 000s barrels per day 0.625 10 0.691 t l 0.719 0.661 2.021
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg
2.000 Australia 2 0.263 t l 0.268 0.270 0.926 7.6 7.7 -81.1
2.500 10 0.932 s l 0.912 0.876 1.305 24.1 19.2 -71.7
Crude oil and
petroleum prod 1,450,655 ... 1,447 1,305 1,442 1,285 8,737 ... 8,294 8,701 8,492 10,220 0.000 France 2 -0.591 t l -0.574 -0.525 -0.666 -77.8 -76.5 -240.2
Crude oil 0.000 10 -0.104 t l -0.081 -0.036 0.023 -79.5 -80.0 -199.8
excluding SPR 540,722 600 539 470 538 456 6,540 ... 6,642 6,656 6,556 7,994 0.000 Germany 2 -0.674 t l -0.652 -0.684 -0.742 -86.1 -84.3 -247.8
Gasoline 255,322 ... 257 232 257 231 704 ... 530 816 661 762 0.000 10 -0.437 l -0.437 -0.479 -0.305 -112.8 -115.6 -232.6
Finished gasoline 24,470 -1,600 25 23 24 24 65 ... 35 10 107 32
Reformulated 39 ... 0 0 0 0 0 ... 0 0 0 0 1.000 Italy 2 -0.095 s l -0.108 0.371 0.281 -28.3 -29.9 -145.6
Conventional 24,431 ... 25 23 24 24 65 ... 35 10 107 32 0.950 10 1.265 s l 1.262 1.604 2.161 57.4 54.3 14.0
Blend. components 230,852 ... 232 210 233 207 638 ... 496 806 555 731 0.100 Japan 2 -0.148 s l -0.158 -0.180 -0.232 -33.6 -34.9 -196.8
Natural gas (bcf) 2,892 ... 3 2 3 3 ... ... ... ... ... ... 0.100 10 0.017 s l 0.010 -0.006 -0.151 -67.5 -70.9 -217.2
Kerosene-type 0.400 Spain 2 -0.426 t l -0.395 -0.292 -0.427 -61.3 -58.6 -216.3
jet fuel 40,461 ... 41 40 40 41 164 ... 242 84 145 208 1.250 10 0.461 t l 0.481 0.695 0.405 -23.0 -23.8 -161.6
Distillates 174,720 -100 174 125 175 141 69 ... 163 33 143 156
0.500 U.K. 2 -0.080 t l -0.051 -0.043 0.671 -26.7 -24.2 -106.5
Heating oil 9,992 ... 10 9 10 11 0 ... 0 1 0 33
Diesel 164,728 ... 165 116 165 130 69 ... 163 32 143 109 4.750 10 0.191 t l 0.215 0.178 0.819 -50.1 -50.4 -120.2
Residual fuel oil 41,864 ... 42 29 41 35 93 ... 196 125 182 187 Source: Tullett Prebon
Other oils 305,203 ... 304 312 301 286 1,104 ... 460 875 729 819 Corporate Debt
Net crude, petroleum Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
products, incl. SPR 2,104,376 ... 2,098 1,950 2,093 1,960 951 ... 1,479 -676 1,273 4,699 that same company’s share price.
Investment-grade spreads that tightened the most…
Weekly Demand, 000s barrels per day Natural gas storage Spread*, in basis points Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals
Current change week ago avg avg Royal Bank of Scotland RBS 8.625 Aug. 15, ’49 369 –56 n.a. 2.99 –3.55
UBS AG UBS 5.125 May 15, ’24 209 –24 n.a. 10.96 –2.66
Total petroleum
4250 Discover Bank* DFS 2.450 Sept. 12, ’24 78 –18 93 … …
product 18,348 ... 17,290 20,876 17,069 20,885
Fairfax Financial Holdings FFHCN 4.625 April 29, ’30 309 –16 n.a. ... ...
Natural gas,
Finished 3250 WestRock RKT WRK 4.000 March 1, ’23 99 –15 n.a. … …
lower 48 states
motor gasoline 8,608 ... 7,870 9,466 7,982 9,610 t McKesson MCK 2.850 March 15, ’23 64 –14 n.a. 150.56 –2.02
Kerosene-type 2250 MPLX MPLX 4.250 Dec. 1, ’27 225 –13 n.a. 17.75 –3.79
t
jet fuel 805 ... 788 1,915 673 1,755 TJX TJX 3.500 April 15, ’25 58 –13 66 51.53 –3.23
Distillates 3,466 ... 3,555 3,968 3,260 3,993 Five-year average 1250
Residual fuel oil 173 ... 245 484 190 388
for each week …And spreads that widened the most
Propane/propylene 701 ... 1,073 867 907 ... 250 Waste Mgmt WM 3.200 June 15, ’26 256 111 98 101.37 –2.40
Other oils 4,596 ... 3,759 4,175 4,059 ... J A S O N D J F M A M J ViacomCBS VIAC 5.875 Feb. 28, ’57 508 97 589 23.58 –0.55
2019 2020 VMware VMW 3.900 Aug. 21, ’27 238 53 189 152.73 2.35
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions.
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires
AerCap Ireland Capital DAC AER 3.650 July 21, ’27 428 42 414 … …
Ventas Realty VTR 3.500 Feb. 1, ’25 246 38 n.a. 34.39 –3.02
4.750 May 4, ’23 342 37 287 32.25 –7.19
Exchange-Traded Portfolios | WSJ.com/ETFresearch Southwest Airlines
Intesa Sanpaolo SpA*
LUV
ISPIM 5.017 June 26, ’24 370 31 346 ... ...
Closing Chg YTD Unicredit SpA UCGIM 7.296 April 2, ’34 480 31 421 ... ...
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)

Wednesday, June 24, 2020 Closing Chg YTD Schwab US TIPs SCHP 59.93 –0.08 5.8 High-yield issues with the biggest price increases…
ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 254.63 –2.63 –10.7
Closing Chg YTD Bond Price as % of face value Stock Performance
SPDR S&PMdCpTr MDY 315.14 –3.41 –16.0
ETF Symbol Price (%) (%) iShMSCI EAFE EFA 60.52 –2.56 –12.8 SPDR S&P 500 SPY 304.09 –2.55 –5.5 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
CommSvsSPDR XLC 54.65 –2.25 1.9 iShMSCIEmgMarkets EEM 40.26 –1.32 –10.3 SPDR S&P Div SDY 88.80 –2.97 –17.4
iShMSCIJapan EWJ 55.38 –2.09 –6.5 TechSelectSector XLK 102.27 –2.26 11.6 W&T Offshore WTI 9.750 Nov. 1, ’23 69.250 5.38 n.a. 2.39 –7.00
CnsmrDiscSelSector XLY 126.55 –2.20 0.9
CnsStapleSelSector XLP 57.91 –1.68 –8.1 iShNasdaqBiotech IBB 136.40 –1.62 13.2 UtilitiesSelSector XLU 56.47 –0.91 –12.6 Hertz HTZ 5.500 Oct. 15, ’24 30.000 3.00 38.000 1.61 29.84
37.11 –5.55 –38.2 iShNatlMuniBd MUB 115.23 –0.10 1.2 VanEckGoldMiner GDX 34.74 –1.78 18.6
EnSelectSectorSPDR XLE
iShPfd&Incm PFF 34.70 –0.57 –7.7 VangdInfoTech VGT 272.46 –2.26 11.3 Enlink Midstream Partners ENLK 4.400 April 1, ’24 85.625 1.63 86.030 ... ...
FinSelSectorSPDR XLF 22.98 –3.53 –25.3
FT ValDivFd FVD 30.00 –2.34 –16.7
iShRussell1000Gwth IWF 188.95 –2.41 7.4 VangdSC Val VBR 103.95 –3.73 –24.2 Rolls–Royce ROLLS 3.625 Oct. 14, ’25 98.063 1.62 95.707 ... ...
iShRussell1000 IWB 168.87 –2.60 –5.4 VangdSC Grwth VBK 195.74 –2.71 –1.5
HealthCareSelSect XLV 97.75 –2.61 –4.0
InvscQQQI QQQ 243.71 –2.06 14.6
iShRussell1000Val IWD 110.74 –2.94 –18.9 VangdDivApp VIG 115.48 –2.34 –7.4 Mallinckrodt International Finance MNK 5.750 Aug. 1, ’22 21.000 1.25 15.000 2.94 3.16
iShRussell2000 IWM 138.36 –3.24 –16.5 VangdFTSEDevMk VEA 38.53 –2.46 –12.6
InvscS&P500EW RSP 99.46 –3.31 –14.1
iShRussell3000 IWV 176.96 –2.66 –6.1 VangdFTSE EM VWO 39.86 –1.51 –10.4
Tupperware Brands TUP 4.750 June 1, ’21 58.750 1.25 56.250 4.56 –7.51
InvscS&P500LowVol SPLV 48.61 –1.92 –16.7
iSh3-7YTreasuryBd IEI 133.44 0.05 6.1
iShRussellMid-Cap IWR 52.38 –3.05 –12.1 VangdFTSE Europe VGK 49.85 –2.81 –14.9 Freeport–Mcmoran FCX 5.000 Sept. 1, ’27 102.750 1.13 102.500 10.57 –4.60
iShRussellMCValue IWS 74.77 –3.16 –21.1 VangdFTSEAWxUS VEU 47.50 –2.14 –11.6
iShCoreDivGrowth DGRO 37.01 –2.50 –12.0
iShS&P500Growth IVW 204.69 –2.29 5.7 VangdGrowth VUG 199.14 –2.39 9.3
HCA HCA 5.500 June 15, ’47 122.927 0.96 122.143 93.73 –5.40
iShCoreMSCIEAFE IEFA 56.95 –2.50 –12.7 106.36 –18.2
iShS&P500Value IVE –2.80 VangdHlthCr VHT 188.54 –2.63 –1.7
iShCoreMSCIEM
iShCoreMSCITotInt
IEMG
IXUS
47.95
54.43
–1.30
–2.19
–10.8
–12.1
iShShortCpBd IGSB 54.64 –0.07 1.9 VangdHiDiv VYM 77.54 –2.59 –17.3 …And with the biggest price decreases
iShShortTreaBd SHV 110.72 –0.01 0.2 VangdIntermBd BIV 92.83 –0.08 6.4
iShCoreS&P500 IVV 305.30 –2.53 –5.6 5.000 June 1, ’22
iShTIPSBondETF TIP 122.74 –0.14 5.3 VangdIntrCorpBd VCIT 94.75 –0.20 3.7 American Airlines AAL 59.500 –6.00 69.250 13.04 –6.86
iShCoreS&P MC IJH 172.54 –3.43 –16.2 iSh1-3YTreasuryBd SHY 86.57 0.01 2.3 VangdLC VV 141.50 –2.55 –4.3
iShCoreS&P SC IJR 65.61 –3.47 –21.8 iSh7-10YTreasuryBd IEF 121.62 0.19 10.3 VangdMC VO 160.69 –3.06 –9.8
CBL & Associates CBL 5.950 Dec. 15, ’26 30.095 –4.16 35.000 0.30 –10.12
iShS&PTotlUSStkMkt ITOT 68.25 –2.75 –6.1 iSh20+YTreasuryBd TLT 163.03 1.07 20.3 VangdMBS VMBS 54.33 –0.02 2.2 Polaris Intermediate MLTHCO 8.500 Dec. 1, ’22 89.000 –3.87 95.000 ... ...
iShCoreUSAggBd AGG 117.73 –0.02 4.8 iShRussellMCGrowth IWP 155.10 –2.76 1.7 VangdRealEst VNQ 77.41 –2.85 –16.6
iShSelectDividend DVY 79.31 –3.46 –24.9 iShUSTreasuryBdETF GOVT 27.93 0.25 7.7 VangdS&P500ETF VOO 280.79 –2.56 –5.1
NCL NCLH 12.250 May 15, ’24 103.250 –3.63 111.500 15.80 –12.37
iShEdgeMSCIMinEAFE EFAV 65.91 –1.83 –11.6 JPM UltShtIncm 50.74 –0.01 0.6 83.03 0.01 3.0
iShEdgeMSCIMinUSA USMV 59.57 –2.10 –9.2
JPST VangdST Bond BSV Bombardier BBDBCN 7.500 March 15, ’25 67.000 –3.50 n.a. ... ...
PIMCOEnhShMaturity MINT 101.59 0.01 ... VangdSTCpBd VCSH 82.59 0.04 1.9
iShEdgeMSCIUSAMom MTUM 128.46 –1.91 2.3 SPDR BlmBarcHYBd JNK 101.96 –1.08 –6.9 VangdShortTermTrea VGSH 62.17 ... 2.2 United Airlines Holdings UAL 5.000 Feb. 1, ’24 82.000 –3.50 87.500 33.07 –8.34
iShEdgeMSCIUSAQual QUAL 94.67 –2.69 –6.3 91.53 ... 0.1 142.34 –3.28 –14.1
iShGoldTr IAU 16.87 –0.24 16.3
SPDRBloomBar1-3MTB BIL VangdSC VB United States Steel X 6.875 Aug. 15, ’25 72.521 –3.22 75.989 7.45 –6.88
SPDR Gold GLD 165.90 –0.35 16.1 VangdTotalBd BND 87.94 0.01 4.9
iShiBoxx$InvGrCpBd LQD 133.24 –0.28 4.1 SchwabIntEquity SCHF 29.59 –2.38 –12.0 VangdTotIntlBd BNDX 57.71 0.17 2.0 Scientific Games International SGMS 8.625 July 1, ’25 95.000 –3.00 99.875 15.45 –7.90
iShiBoxx$HYCpBd HYG 82.09 –1.02 –6.7 SchwabUS BrdMkt SCHB 72.22 –2.65 –6.1 VangdTotIntlStk VXUS 49.02 –2.16 –12.0
iShJPMUSDEmgBd EMB 108.81 –0.31 –5.0 SchwabUS Div SCHD 50.67 –3.21 –12.5 VangdTotalStk VTI 154.48 –2.71 –5.6 *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 110.62 –0.09 2.4 SchwabUS LC SCHX 72.91 –2.59 –5.1 VangdTotlWrld VT 74.05 –2.40 –8.6 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMSCI ACWI ACWI 73.06 –2.35 –7.8 SchwabUS LC Grw SCHG 100.00 –2.41 7.6 VangdValue VTV 98.76 –2.79 –17.6 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
THE WALL STREET JOURNAL. Thursday, June 25, 2020 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. Hologic HOLX 53.67 -1.83 LibertyFormOne A FWONA 29.27 -1.06 NVIDIA NVDA 369.42 -8.58 RoyalBkCanada RY 67.28 -1.04 TC Energy TRP 43.14 -1.42 ValeroEnergy VLO 58.02 -4.63
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. HomeDepot HD 246.13 -4.18 LibertyBraves A BATRA 19.19 -0.84 RoyalBkScotland RBS 2.99 -0.11 TD Ameritrade AMTD 36.48 -2.28 VarianMed VAR 115.41 -5.91
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four HondaMotor HMC 26.29 -0.70 LibertyBraves C BATRK 18.72 -0.80 O P Q RoyalCaribbean RCL 48.24 -6.12 TE Connectivity TEL 78.07 -3.59 Vedanta VEDL 5.72 -0.08
that include primary market trades as well as quarters. Honeywell HON 138.35 -6.51 LibertySirius A LSXMA 34.32 -1.28 RoyalDutchA RDS.A 33.12 -1.73 Telus TU 16.74 -0.39 VeevaSystems VEEV 234.31 -4.79
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. s HorizonTherap HZNP 55.00 1.61 LibertySirius C LSXMK 33.86 -1.43 OGE Energy OGE 30.34 -0.24 RoyalDutchB RDS.B 31.22 -1.82 TIM Part TSU 13.10 -0.66 Ventas VTR 34.39 -1.07
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing HormelFoods HRL 47.76 0.16 LibertySirius B LSXMB 35.00 -2.66
ONEOK OKE 32.30 -3.06
Nasdaq ISE. RoyalGold RGLD 118.37 -1.21 TJX TJX 51.53 -1.72 VeriSign VRSN 202.73 -4.46
standards OReillyAuto ORLY 413.92 -13.56
The list comprises the 1,000 largest companies lf-Late filing DR Horton DHI 54.09 -2.31 EliLilly LLY 157.03 -2.31 Ryanair RYAAY 66.57 -4.81 T-MobileUS TMUS 108.43 1.27 VeriskAnalytics VRSK 163.69 -3.12
based on market capitalization. q-Temporary exemption from Nasdaq HostHotels HST 10.98 -0.26 LincolnNational LNC 36.04 -2.63 OccidentalPetrol OXY 18.00 -1.79 SAP SAP 135.85 -5.22 TRowePrice TROW 121.04 -4.57 Verizon VZ 53.93 -1.01
Okta OKTA 195.82 0.20
Underlined quotations are those stocks with requirements. HowmetAerospace HWM 14.62 -0.42 Linde LIN 206.07 -6.30 S&P Global SPGI 317.97 -10.59 TaiwanSemi TSM 56.58 -0.18 VertxPharm VRTX 291.18 -4.62
HuanengPower HNP 14.88 -0.29 LiveNationEnt LYV 44.18 -2.70 OldDomFreight ODFL 163.34 -1.63 TakeTwoSoftware TTWO 139.87 -3.50 ViacomCBS B VIAC 23.58 -0.13
large changes in volume compared with the t-NYSE bankruptcy SBA Comm SBAC 287.77 -6.01
issue’s average trading volume. v-Trading halted on primary market. Huazhu HTHT 36.65 -0.82 LivongoHealth LVGO 73.90 -2.79 Ollie'sBargain OLLI 97.94 -4.04 SEI Investments SEIC 53.30 -1.97 TakedaPharm TAK 18.32 -0.70 ViacomCBS A VIACA 25.96 -0.15
OmegaHealthcare OHI 28.40 -0.84
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Hubbell HUBB 118.96 -6.50 LloydsBanking LYG 1.51 -0.08 SK Telecom SKM 18.68 -0.07 TandemDiabetes TNDM 85.49 -4.28 Vipshop VIPS 20.24 -0.41
s HubSpot Omnicom OMC 52.45 -1.65
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, HUBS 219.09 -6.95 LockheedMartin LMT 359.82 -11.88 SS&C Tech SSNC 55.49 -2.42 Target TGT 119.72 -1.78 Visa V 191.41 -6.56
ON Semi ON 19.29 -0.89
previous closing price was $2 or higher. or securities assumed by such companies. Humana HUM 371.80 -9.98 Loews L 33.17 -1.17 StoreCapital STOR 23.78 -0.62 TeckRscsB TECK 10.21 -0.47 VistraEnergy VST 18.61 -0.28
JBHunt JBHT 117.04 -2.81 LogitechIntl LOGI 62.27 -0.47 OneConnectFinTech OCFT 18.04 -2.12 SVB Fin SIVB 207.98 -12.49 TeladocHealth TDOC 197.01 -1.07 VMware VMW 152.73 3.50
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and HuntingtonBcshs HBAN 9.54 -0.66 Lowe's LOW 131.98 -2.30 OpenText OTEX 42.39 -0.75
Salesforce.com CRM 185.55 -3.51 TelecomArgentina TEO 9.28 0.08 Vodafone VOD 15.63 -0.38
Oracle ORCL 54.44 -0.75 TeledyneTech TDY 307.65 -9.49 VornadoRealty VNO 37.78 -1.37
changes in the closing prices from 4 p.m. the previous day. HuntingIngalls HII 167.22 -9.95 lululemon LULU 295.22 -5.94 Sanofi SNY 51.06 -1.41
HyattHotels H 49.92 -3.20 Lumentum LITE 72.84 -3.09 Orange ORAN 11.61 -0.13
SantanderCons SC 18.12 -0.78 Teleflex TFX 355.31 -13.16 VoyaFinancial VOYA 45.33 -1.42
Orix IX 64.13 -2.52
IAA IAA 39.08 -1.27 Lyft LYFT 32.80 -2.81 SareptaTherap SRPT 163.63 -5.18 Ericsson ERIC 9.03 -0.16 Vroom VRM 47.69 -2.80
Wednesday, June 24, 2020 Net Net IAC/InterActive IAC 302.00 -1.12 LyondellBasell LYB 60.64 -5.35 OtisWorldwide OTIS 55.54 -1.26 Schlumberger SLB 17.86 -1.71 TelefonicaBras VIV 9.16 -0.36 VulcanMatls VMC 118.06 -1.58
Stock Sym Close Chg Stock Sym Close Chg ICICI Bank IBN 9.16 -0.70 OwensCorning OC 52.95 -2.18
Net SchwabC SCHW 33.80 -2.09 Telefonica TEF 4.75 -0.11
Stock Sym Close Chg
Boeing BA 176.69 -11.19 s DocuSign DOCU 163.91 -2.89 IdexxLab IDXX 319.38 -8.31 M N PLDT
PNC Fin
PHI 24.04 -0.80
PNC 103.38 -4.35
ScottsMiracleGro SMG 129.58 -2.35 TelekmIndonesia TLK 22.21 0.06 W X Y Z
Sea SE 103.64 -7.46 10xGenomics TXG 87.95 -1.22
BookingHldgs BKNG 1610.33 -66.77 DolbyLab DLB 65.99 -2.06 IHS Markit INFO 71.74 -1.03 M&T Bank MTB 102.92 -5.55 POSCO PKX 37.72 -0.51 12.97 -0.78 WEC Energy WEC 86.79 -0.30
A B C BoozAllen BAH 77.20 -2.81 DollarGeneral DG 191.85 1.88 ING Groep ING 6.80 -0.36 MGM Resorts MGM 16.93 -1.53 PPD PPD 26.44 -0.50
Seagate STX 47.62 -1.25 Tenaris TS
WEX WEX 160.14 -13.01
SeattleGenetics SGEN 164.80 -6.33 TencentMusic TME 13.51 -0.12
ABB ABB 21.75 -0.23 BorgWarner BWA 33.18 -2.24 DollarTree DLTR 90.10 0.35 IPG Photonics IPGP 157.21 -3.90 MKS Instrum MKSI 112.83 -1.13 PPG Ind PPG 101.88 -1.81 Teradyne TER 81.36 -2.38 W.P.Carey WPC 67.06 -1.65
IQVIA IQV 136.47 -3.70 SempraEnergy SRE 120.04 0.56
s ACADIA Pharm ACAD 52.02 -0.71 BostonBeer SAM 530.47 -5.38 DominionEner D 82.58 -0.22 MPLX MPLX 17.75 -0.70 PPL PPL 25.52 -0.24
SensataTechs ST 35.17 -2.13 Tesla TSLA 960.85 -40.93 WPP WPP 38.82 -1.66
ADT 7.78 -0.41 BostonProps BXP 89.69 -2.91 Domino's DPZ 375.48 -2.07 IcahnEnterprises IEP 47.75 -0.75 MSCI MSCI 328.36 -6.46 PRA HealthSci PRAH 94.74 -2.22 Wabtec WAB 58.30 -3.17
ADT
43.08 -1.88 Icon ICLR 162.58 -5.01 MagellanMid MMP 42.43 -1.67 PTC PTC 76.92 -2.65 ServiceCorp SCI 39.14 -1.16 TevaPharm TEVA 12.64 -0.27
AECOM ACM 35.58 -2.03 BostonSci BSX 33.85 -2.40 Donaldson DCI TexasInstruments TXN 123.99 -2.63 WalgreensBoots WBA 41.17 -1.64
DouglasEmmett DEI 29.65 -1.04 IDEX IEX 148.76 -5.54 MagnaIntl Paccar PCAR 72.52 -2.25
ServiceNow NOW 392.93 -8.01
AES AES 13.84 ... BrightHorizons BFAM 113.73 -3.94 MGA 43.10 -0.85 Textron TXT 32.43 -1.55 Walmart WMT 120.30 -0.77
Dover DOV 91.89 -2.91 IllinoisToolWks ITW 169.03 -3.54 ManhattanAssoc MANH 91.10 -2.23 PackagingCpAm PKG 97.94 -2.00 ShawComm B SJR 16.39 -0.26 ThermoFisherSci TMO 347.96 -8.86 WarnerMusic WMG 31.33 -0.02
Aflac AFL 35.17 -1.22 Bristol-Myers BMY 57.76 -0.62 Illumina ILMN 358.94 -8.06 SherwinWilliams SHW 566.65 -9.68
AGNC 12.82 -0.22 BritishAmTob BTI 38.14 -1.54 Dow DOW 38.45 -2.90 ManulifeFin MFC 13.33 -0.50 PagSeguroDig PAGS 35.00 -1.35 WasteConnections WCN 89.30 -2.31
AGNC Invt ShinhanFin SHG 24.52 -0.20 ThomsonReuters TRI 66.69 -1.32
ANGI Homesvcs ANGI 12.58 -0.64 Broadcom AVGO 306.97 -4.33 DrReddy'sLab RDY 53.12 -1.22 Immunomedics IMMU 34.92 -1.61 MarathonPetrol MPC 36.23 -2.57 PaloAltoNtwks PANW 223.40 -5.91 WasteMgt WM 101.37 -2.49
ImperialOil IMO 15.74 -0.71 Shopify SHOP 897.00 -14.34 ThorIndustries THO 109.00 -4.70
Ansys ANSS 285.25 -4.41 BroadridgeFinl BR 122.70 -1.95 DraftKings DKNG 37.56 -0.43 Markel MKL 895.15 -37.61 PanAmerSilver PAAS 27.76 -0.99 3M MMM 152.22 -5.62 Waters WAT 177.36 -8.21
Dropbox DBX 22.64 -1.01 Incyte INCY 104.33 -2.19 MarketAxess MKTX 505.19 -14.33 ParkerHannifin PH 173.72 -7.85 Sibanye-Stillwater SBSW 8.17 -0.79
ASETech ASX 4.40 -0.10 BrookfieldMgt BAM 32.79 -1.18 Tiffany TIF 121.44 -0.50 Watsco WSO 170.56 -3.63
ASML ASML 361.58 -5.06 BrookfieldInfr BIP 41.92 -0.84 DukeEnergy DUK 80.47 -1.38 Infosys INFY 9.07 -0.35
Marriott MAR 85.00 -5.62 Paychex PAYX 71.46 -2.72 SignatureBank SBNY 101.29 -4.62 Toro TTC 63.82 -2.08 Wayfair W 200.71 -6.82
BrookfieldPropREIT BPYU 10.42 -0.43 DukeRealty DRE 34.58 -0.81 IngersollRand IR 27.50 -1.48 PaycomSoftware PAYC 312.57 -17.07 SimonProperty SPG 65.11 -5.02 Weibo WB 32.96 -1.22
AT&T T 29.42 -0.83 Marsh&McLen MMC 103.93 -1.83 TorontoDomBk TD 44.24 -1.27
AbbottLabs ABT 87.30 -4.00 Brown&Brown BRO 40.05 -1.17 Dunkin' DNKN 63.70 -1.24 Ingredion INGR 82.17 -1.86 MartinMarietta MLM 206.49 -5.47 Paylocity PCTY 142.76 -3.57 SiriusXM SIRI 5.78 -0.12
Total TOT 39.07 -1.50 WellsFargo WFC 26.12 -1.11
AbbVie ABBV 95.14 -2.17 Brown-Forman A BF.A 56.68 -1.33 DuPont DD 51.54 -1.37 Inphi IPHI 109.16 -4.92 MarvellTech MRVL 33.63 -0.73 PayPal PYPL 168.00 -4.79 Skyworks SWKS 126.41 -1.94
ToyotaMotor TM 127.80 -1.29 Welltower WELL 49.38 -2.10
42.34 -0.32 Insulet PODD 192.11 -8.40 Masco 7.02 -0.22 SlackTech WORK 31.97 -2.07
Abiomed ABMD 241.66 -10.92 Brown-Forman B BF.B 63.81 -1.34 Dynatrace DT
Intel INTC 59.09 -0.83
MAS 47.73 -1.37 Pearson PSO
Smartsheet SMAR 52.80 -0.43
TractorSupply TSCO 131.34 2.09 WestPharmSvcs WST 216.51 -1.03
ENI E 18.99 -0.98 MASI 222.07 -6.15 Pegasystems PEGA 92.15 -1.77
AcceleronPharma XLRN 102.54 -6.01 Bruker BRKR 38.58 -1.97 Masimo TradeDesk TTD 396.37 -13.66 WesternDigital WDC 42.25 -1.26
Accenture ACN 201.84 -5.56 Bunge BG 41.19 0.11 EOG Rscs EOG 48.95 -3.51 InteractiveBrkrs IBKR 40.98 -1.02 Mastercard MA 294.01 -12.87 s Peloton PTON 55.55 0.67 SmithAO AOS 45.11 -2.36
Tradeweb TW 60.85 -1.60 WesternUnion WU 20.95 -0.72
EPAM Systems EPAM 247.50 -6.18 ICE ICE 90.71 -2.79 s MatchGroup MTCH 98.02 -0.59 PembinaPipeline PBA 23.99 -1.44 Smith&Nephew SNN 37.73 -2.53
ActivisionBliz ATVI 75.58 -0.87 BurlingtonStrs BURL 203.61 -5.84 Smucker SJM 106.24 -0.20
TraneTech TT 86.04 -4.05 WestlakeChem WLK 52.57 -2.09
CACI Intl CACI 224.58 -9.01 E*TRADE ETFC 48.31 -1.01 InterContinentl IHG 45.21 -2.79 MaximIntProducts MXIM 59.91 -1.61 Pentair PNR 36.29 -1.54 TransDigm TDG 433.90 -24.31 WestpacBanking WBK 12.15 -0.46
AdaptiveBiotech ADPT 45.83 -1.13 s
Adobe ADBE 431.68 -8.87 CBRE Group CBRE 42.75 -3.26
EastmanChem EMN 66.85 -2.48 IBM IBM 116.42 -2.99 McCormickVtg MKC.V 171.06 -3.32 Penumbra PEN 173.00 -9.91 Snap SNAP 23.63 -0.04
TransUnion TRU 84.62 -4.58 WestRock WRK 26.20 -1.27
AdvanceAuto AAP 143.00 -6.97 CDW CDW 111.49 -4.46 Eaton ETN 84.01 -3.11 IntlFlavors IFF 122.07 -0.49 McCormick MKC 172.27 -0.14 PepsiCo PEP 129.56 -1.80 SnapOn SNA 130.82 -6.26
TRV 112.86 -3.33 Weyerhaeuser WY 21.75 -1.02
eBay EBAY 48.77 -1.03 IntlPaper IP 33.58 -1.27 McDonalds SOQUIMICH SQM 25.59 -0.18 Travelers WheatonPrecMet
AdvMicroDevices AMD 52.39 -1.60 CF Industries CF 27.84 -1.96 MCD 184.29 -2.33 PerkinElmer PKI 95.97 -3.23 Trex TREX 122.69 -1.56 WPM 41.54 -1.25
ECL 196.67 -3.14 Interpublic IPG 16.44 -0.80 McKesson SolarEdgeTech SEDG 148.48 -2.86
Aegon AEG 2.93 -0.16 CGI GIB 61.82 -1.58 Ecolab MCK 150.56 -3.11 Perrigo PRGO 53.95 -1.12 Trimble TRMB 42.67 -0.99 Whirlpool WHR 123.49 -4.04
CH Robinson CHRW 78.54 1.23 Ecopetrol EC 11.03 -0.60 Intuit INTU 286.13 -7.70 MedicalProp MPW 17.85 -0.91 PetroChina PTR 33.89 -0.88 SolarWinds SWI 18.34 -0.52 Trip.com TCOM 25.81 -0.86 Williams WMB 18.84 -0.58
AgilentTechs A 86.56 -2.72 Sony SNE 70.65 -0.99
EdisonInt EIX 54.37 -1.40 IntuitiveSurgical ISRG 554.96 -33.56 Medtronic MDT 88.93 -4.46 PetroleoBrasil PBR 8.22 -0.53 TFC 37.66 -2.38 Williams-Sonoma WSM 83.63 -1.13
AgnicoEagle AEM 61.54 -0.87 CME Group CME 167.47 -6.08 52.38 -0.89 TruistFinl
CMS Energy CMS 57.40 -0.42 EdwardsLife EW 67.49 -3.25 InvitatHomes INVH 27.27 -0.69 MelcoResorts MLCO 15.84 -0.83 PetroleoBrasilA PBR.A 7.90 -0.54 Southern SO WillisTowers WLTW 190.85 -3.13
AirProducts APD 233.14 -5.95 SoCopper SCCO 37.48 -0.84 Twilio TWLO 212.17 -3.08
AkamaiTech AKAM 100.97 0.09 CNA Fin CNA 31.73 -0.94 ElancoAnimal ELAN 21.40 -1.24 IonisPharma IONS 59.10 1.28 MercadoLibre MELI 953.77 -23.72 Pfizer PFE 32.19 -0.58 TWTR 31.73 -1.18 Wipro WIT 3.19 -0.05
Elastic ESTC 91.15 -1.71 iQIYI IQ 22.92 -0.83 SouthwestAir LUV 32.25 -2.50 Twitter s Wix.com WIX
ALB 73.32 -2.80 CNH Indl CNHI 6.74 -0.38 Merck MRK 75.87 -1.25 PhilipMorris PM 70.09 -1.40 241.28 -2.04
Albemarle
ElbitSystems ESLT 137.18 -8.32 IronMountain IRM 25.03 -1.07 MetLife MET Splunk SPLK 190.61 -2.47 TylerTech TYL 338.47 4.00
WooriFin WF 22.14 -0.43
Alcon ALC 57.62 -2.84 CNOOC CEO 112.72 -2.52 35.53 -1.51 Phillips66 PSX 69.99 -4.71 TysonFoods TSN 59.44 -1.72
Spotify SPOT 242.86 1.10
AlexandriaRlEst ARE 163.48 -3.86 CRH CRH 33.84 -1.67 ElectronicArts EA 130.87 0.27 ItauUnibanco ITUB 4.84 -0.39 MettlerToledo MTD 784.04 -13.96 Pinduoduo PDD 84.50 0.86 UBS Group UBS 10.96 -0.30 Workday WDAY 180.07 -5.27
CSX CSX EmersonElec EMR 59.63 -2.19 MicrochipTech MCHP 101.08 -3.00
Square SQ 100.88 -3.87 WynnResorts WYNN 75.21 -9.30
67.50 -1.93 PinnacleWest PNW 71.62 -0.62 UDR UDR 36.39 -1.07
AlexionPharm ALXN 111.95 -3.54
Alibaba BABA 226.22 -2.53 CVS Health CVS 63.18 -1.25 Enbridge ENB 30.10 -0.83 J K L MicronTech MU 48.29 -1.55 Pinterest PINS 23.17 -0.90
StanleyBlackDck SWK 131.09 -4.59
UGI UGI 30.82 -0.76 XP XP 44.81 -4.62
AlignTech ALGN 257.65 -9.76 CableOne CABO 1753.15 -26.79 EncompassHealth EHC 60.89 -2.28 JD.com JD 59.84 -0.08 Microsoft MSFT 197.84 -4.07 PioneerNatRscs PXD 92.16 -4.60 Starbucks SBUX 73.64 -1.85
Uber UBER 30.46 -2.59 XPO Logistics XPO 75.51 -3.10
Alleghany Y 467.08 -18.83 CabotOil COG 17.92 -0.25 EnelAmericas ENIA 7.75 -0.01 Joyy YY 93.63 -3.35 MidAmApt MAA 110.52 -3.02 PlainsAllAmPipe PAA 8.67 -0.57 StateStreet STT 61.63 -3.06 Ubiquiti UI 166.67 -3.61 XcelEnergy XEL 63.68 -0.51
7.48 -0.40 JPMorganChase JPM 94.66 -3.27 MitsubishiUFJ MUFG 3.98 -0.11 PlainsGP SteelDynamics STLD 25.87 -1.37
Allegion ALLE 97.83 -4.83 CadenceDesign CDNS 91.99 -2.56 EnergyTransfer ET PAGP 8.69 -0.69 UltaBeauty ULTA 200.00 -6.70 Xilinx XLNX 92.89 -2.36
AlliantEnergy LNT 47.12 -0.77 CaesarsEnt CZR 12.05 -0.40 EnphaseEnergy ENPH 46.68 1.19 JackHenry JKHY 179.69 -2.43 MizuhoFin MFG 2.46 -0.08 PlanetFitness PLNT 65.61 -2.52 Steris STE 149.04 -5.77
Unilever UN 54.74 -0.63 Xylem XYL 62.45 -1.80
STMicroelec STM 26.65 -0.72
AllogeneTherap ALLO 43.35 -0.25 CamdenProperty CPT 89.02 -1.65 Entegris ENTG 58.89 -1.79 JacobsEngg J 82.88 -2.44
MobileTeleSys MBT 9.36 0.02 Polaris PII 91.46 -3.90 Unilever UL 56.30 -0.91 s Yandex YNDX 50.30 1.30
Moderna StoneCo STNE 38.43 -3.12
Allstate ALL 92.95 -3.71 CampbellSoup CPB 48.86 -0.24 Entergy ETR 93.51 -1.49
JamesHardie JHX 18.80 -1.24
MRNA 64.84 1.90 Pool POOL 261.29 -4.79
SYK 176.30 -10.50
UnionPacific UNP 165.55 -3.81 YumBrands YUM 86.56 -1.36
AllyFinancial ALLY 18.31 -1.09 CIBC CM 67.95 -1.55 EnterpriseProd EPD 18.14 -0.88 MohawkInds MHK 99.29 -4.59 PostHoldings POST 86.40 -2.69 Stryker UnitedAirlines UAL 33.07 -3.01 YumChina YUMC 49.70 -1.11
JazzPharma JAZZ 109.03 -5.02
AlnylamPharm ALNY 151.76 -0.07 CanNtlRlwy CNI 85.44 -2.21 Equifax EFX 166.17 -5.46 MolinaHealthcare MOH 172.88 -5.76 PrincipalFin PFG 39.54 -2.35 SumitomoMits SMFG 5.72 -0.11 UnitedMicro UMC 2.57 -0.01 ZTO Express ZTO 37.38 -0.07
J&J JNJ 139.82 -3.04
Alphabet C GOOG 1431.97 -32.44 CanNaturalRes CNQ 17.20 -0.63 Equinix EQIX 689.63 -5.06 MolsonCoorsB TAP 36.50 -1.47 Procter&Gamble PG 116.42 -1.31 SunComms SUI 137.77 -2.55 UPS B UPS 109.50 -1.11 ZaiLab ZLAB 78.59 0.21
JohnsonControls JCI 33.29 -1.50
Mondelez MDLZ 50.64 -1.28 Progressive PGR 77.29 -2.77 SunLifeFinancial SLF 35.82 -1.08 UnitedRentals URI 142.43 -11.55 ZebraTech
Alphabet A GOOGL 1432.70 -31.28 CanPacRlwy CP 245.48 -5.15 Equinor EQNR 14.24 -0.62
JonesLang JLL 100.76 -2.80 SuncorEnergy SU 16.71 -0.87
ZBRA 250.50 -10.27
Canon CAJ 20.79 -0.62 Equitable EQH 18.81 -0.89 MongoDB MDB 217.84 1.05 Prologis PLD 89.80 -1.65 US Bancorp USB 36.87 -1.73 Zendesk ZEN 81.76 -3.42
Alteryx AYX 158.29 -5.22 JuniperNetworks JNPR 22.38 -0.36 Suzano SUZ 7.20 -0.23
MonolithicPower MPWR 219.93 -6.51 Proofpoint
AlticeUSA ATUS 23.55 -1.03 CanopyGrowth CGC 16.71 -0.53 EquityLife ELS 61.82 -1.51
KB Fin KB 28.14 -0.46 PFPT 106.11 -0.76
SynchronyFin SYF 22.09 -1.83
UnitedTherap UTHR 121.28 0.48 Zillow C Z 59.30 -3.81
CapitalOne COF 65.46 -4.11 EquityResdntl EQR 57.48 -1.29 MonsterBev MNST 68.07 -2.11 ProsperityBcshs PB 55.81 -3.60 UnitedHealth UNH 289.18 -8.42 Zillow A ZG 59.02 -3.75
Altria MO 39.43 -0.91 KKR KKR 30.31 -1.18
ErieIndemnity A ERIE 183.41 -2.70 Moody's MCO 265.53 -11.50 PrudentialFin PRU 59.70 -3.48 SyneosHealth SYNH 54.26 -1.80 UnivDisplay OLED 147.80 -6.88 ZimmerBiomet ZBH 118.22 -7.74
AlumofChina ACH 4.73 -0.14 CardinalHealth CAH 52.01 -1.47 KLA KLAC 188.62 -4.59 Synnex SNX 102.59 -0.60
s Amazon.com AMZN 2734.40 -30.01 Carlisle CSL 113.00 -7.89 EssentialUtil WTRG 41.43 -0.21 MorganStanley MS 46.95 -0.94
Prudential PUK 29.21 -0.99 UniversalHealthB UHS 89.30 -6.24 ZionsBancorp ZION 33.22 -2.26
KSCitySouthern KSU 142.58 -5.07
28.39 -0.95 EssexProp ESS 227.77 -4.48 Morningstar MORN 144.20 -4.31 PublicServiceEnt PEG 48.16 -0.88 Synopsys SNPS 189.20 -3.67
Ambev ABEV 2.59 -0.13 Carlyle CG Kellogg K 64.88 -1.44 SYY 54.88 -3.40
VEREIT VER 6.52 -0.23 Zoetis ZTS 134.30 -3.81
Amcor AMCR 9.96 -0.28 CarMax KMX 89.45 -2.76 EsteeLauder EL 187.75 -6.56 KeurigDrPepper KDP 28.40 -0.63 MotorolaSol MSI 139.30 -1.73 PublicStorage PSA 189.45 1.21 Sysco VF VFC 59.03 -3.66 s ZoomVideo ZM 255.90 3.09
Carnival CCL 16.00 -2.00 Etsy ETSY 98.17 -3.05 Mylan MYL 16.02 -0.22 PulteGroup PHM 33.84 -1.28
Amdocs DOX 60.08 -1.40
CUK 13.03 -1.96 EverestRe RE 206.00 -7.01 KeyCorp KEY 12.49 -0.86 NICE NICE 193.07 -3.61 Qiagen T U V VICI Prop VICI 21.08 -0.98 ZoomInfoTech ZI 50.98 1.30
Amedisys AMED 192.00 -6.31 Carnival QGEN 42.98 0.17 VailResorts MTN 180.00 -10.19 Zscaler ZS 108.26 -2.05
CarrierGlobal CARR 21.82 -0.57 Evergy EVRG 59.04 -0.60 KeysightTechs KEYS 101.23 -3.11 NIO NIO 6.86 -0.37 Qorvo QRVO 108.52 -3.40 TAL Education TAL 67.55 -0.05 Vale VALE 10.40 -0.40 Zynga ZNGA 9.48 -0.08
Amerco UHAL 294.34 -10.16
CVNA 112.25 -15.36 EversourceEner ES 82.42 -0.97 KilroyRealty KRC 58.89 -3.22 NRG Energy NRG 32.57 -0.43
Ameren AEE 69.46 -0.54 Carvana Qualcomm QCOM 89.14 -0.21
CaseysGenStores CASY 149.23 -3.24 ExactSciences EXAS 82.56 -6.20 KimberlyClark KMB 137.91 -2.65 NVR NVR 3186.84 -83.90 QuantaServices PWR 37.96 -1.55
AmericaMovil AMX 13.11 -0.27
CTLT 70.47 -0.90 Exelixis EXEL 23.45 -0.45 KimcoRealty KIM 12.81 -0.24 NXP Semi NXPI 113.06 -6.86 QuestDiag
AmericaMovil A AMOV 12.82 -0.55 Catalent
AmerAirlines AAL 13.04 -0.96 Caterpillar CAT 122.06 -4.19 Exelon EXC 36.47 -0.78 KinderMorgan KMI 14.81 -0.63 Nasdaq NDAQ 115.28 -3.32
DGX 104.55 -2.41 IPO Scorecard
Expedia EXPE 81.24 -5.36 KingsoftCloud KC 26.67 -4.12 NationalGrid NGG 59.39 -1.00 Quidel QDEL 200.50 -6.77
AEP AEP 80.71 -0.24 Celanese CE 82.96 -2.91
KinrossGold KGC 6.71 -0.13 NatlRetailProp NNN 35.80 -1.05 Performance of IPOs, most-recent listed first
AmerExpress AXP 95.48 -3.94 CenovusEnergy CVE 4.56 -0.14 ExpeditorsIntl EXPD 73.62 -1.81
KirklandLakeGold KL 38.42 -1.09 R S % Chg From % Chg From
AmericanFin AFG 60.34 -2.99 Centene CNC 61.88 -1.89 ExtraSpaceSt EXR 90.48 -1.19 Natura&Co NTCO 15.26 -1.09
ExxonMobil XOM 44.50 -2.20 Knight-Swift KNX 41.56 -0.90 NetApp NTAP 40.97 -1.42 RELX RELX 23.27 -0.89 Company SYMBOL Wed Offer 1st-day Company SYMBOL Wed Offer 1st-day
AmHomes4Rent AMH 26.87 -0.46 CenterPointEner CNP 18.33 0.15
F5Networks FFIV 135.01 -1.35 KoninklijkePhil PHG 46.48 -1.04 s NetEase NTES 437.46 2.39 RPM RPM 73.10 -1.73 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
AIG AIG 30.30 -1.75 CentraisElBras EBR 5.57 -0.32 KoreaElcPwr KEP 8.08 -0.08
9.74 -0.36 FMC FMC 96.63 -4.45 Netflix NFLX 457.85 -8.41 RalphLauren RL 70.65 -2.81 Brilliant Acquisition
10.05 0.5 ... Royalty 50.25 79.5 12.9
AmerTowerREIT AMT 254.18 -10.32 CenturyLink CTL
Facebook FB 234.02 -8.22 KraftHeinz KHC 32.13 -0.27 Neurocrine NBIX 125.36 -2.31 RaymondJames RJF 68.41 -3.49
AmerWaterWorks AWK 124.40 -0.82 CeridianHCM CDAY 78.40 -2.26 32.82 0.72 NewOrientalEduc EDU 132.11 -2.77 RaytheonTech RTX 61.72 -2.82 BRLIU June 24/$10.00 RPRX June 16/$28.00
Cerner CERN 68.65 -2.40 FactSet FDS 297.21 -9.00 Kroger KR
AmericoldRealty COLD 36.51 0.31
FairIsaac FICO 409.06 -16.47 LHC Group LHCG 166.76 -2.18 NYTimes A NYT 41.71 -0.83 RealPage RP 65.36 -2.49 Forma Thera Hldgs 43.72 118.6 12.1 Avidity Biosciences 28.74 59.7 0.8
Ameriprise AMP 142.96 -5.65 CharlesRiverLabs CRL 170.64 -4.37
Farfetch FTCH 14.87 -1.01 Line LN 50.43 -0.15 NewellBrands NWL 15.09 -0.49 RealtyIncome O 59.46 -1.81 FMTX June 19/$20.00 RNA June 12/$18.00
AmerisourceBrgn ABC 98.84 -2.66 CharterComms CHTR 507.99 -13.05 LKQ LKQ 24.78 -1.69
Fastenal FAST 41.34 -0.88 Newmont NEM 58.41 -0.50 ReataPharm RETA 162.99 -9.32
Ametek AME 85.84 -3.24 CheckPoint CHKP 105.02 -1.98 11.52 –23.2 –12.2 Generation Bio 22.75 19.7 –7.9
CHGG 64.15 -2.57 Fastly FSLY 76.07 0.17 LPL Financial LPLA 75.91 -4.25 NewsCorp B NWS 11.69 -0.38 RegencyCtrs REG 44.36 -1.77 Progenity
Amgen AMGN 232.51 -3.24 Chegg
Amphenol APH 94.61 -2.54 Chemed CHE 445.00 -8.32 FederalRealty FRT 82.47 -2.45 L3HarrisTech LHX 168.24 -9.01 NewsCorp A NWSA 11.67 -0.33 RegenPharm REGN 605.04 -23.72 PROG June 19/$15.00 GBIO June 12/$19.00
CheniereEnergy LNG 46.62 -1.09 FedEx FDX 135.09 -3.98 LabCpAm LH 157.09 -5.18 NextEraEnergy NEE 241.67 -1.54 RegionsFin RF 11.28 -0.73 Repare Thera 32.90 64.5 6.8 Vaxcyte 32.12 100.8 22.8
AnalogDevices ADI 119.47 -3.78
Ferrari RACE 168.69 -4.36 LamResearch LRCX 305.78 -10.20 Nike NKE 100.08 -1.84 RelianceSteel RS 91.06 -4.32
Anaplan PLAN 43.80 -3.24 CheniereEnerPtrs CQP 36.80 -1.47 LAMR 68.20 -4.06 Nikola
RPTX June 19/$20.00 PCVX June 12/$16.00
AngloGoldAsh AU 28.36 -0.67 Chevron CVX 87.64 -3.80 FiatChrysler FCAU 9.73 -0.46 LamarAdv NKLA 74.19 -0.87 RenaissanceRe RNR 172.22 -4.34
CHWY 49.74 0.83 FidNatlFin FNF 30.37 -1.34 LambWeston LW 63.05 -3.49 NiSource NI 22.40 -0.45 Repligen RGEN 113.14 -6.40
AB InBev BUD 48.92 -3.18 Chewy Trebia Acquisition 10.38 3.8 0.4 The AZEK Company 31.15 35.4 14.7
ChinaEastrnAir CEA 18.49 -0.21 FidNatlInfo FIS 132.30 -5.66 LasVegasSands LVS 44.94 -1.94 Nokia NOK 4.20 -0.13 RepublicSvcs RSG 79.38 -1.95
RMD 181.86 -0.09 TREB.UT June 17/$10.00 AZEK June 12/$23.00
AnnalyCap NLY 6.61 -0.23
LEA 107.21 -5.72 NomuraHoldings NMR 4.44 -0.12 ResMed
ChinaLifeIns LFC 10.08 -0.19 FifthThirdBncp FITB 19.89 -1.19 Lear
Anthem ANTM 257.31 -11.68
58.com WUBA 54.01 -0.03 LegendBiotech LEGN 40.03 -0.97 Nordson NDSN 184.69 -6.39 RestaurantBrands QSR 54.42 -0.65
Aon AON 187.53 -1.48 ChinaMobile CHL 35.06 -0.19 Sources: Dow Jones Market Data; FactSet
ChinaPetrol SNP 42.81 -0.97 FirstAmerFin FAF 47.87 -2.26 Leidos LDOS 93.25 -2.92 NorfolkSouthern NSC 169.15 -5.34 ReynoldsCnsmr REYN 34.51 0.15
Apache APA 13.07 -1.06
ChinaSoAirlines ZNH 22.22 -0.58 FirstRepBank FRC 105.57 -2.88 Lennar B LEN.B 43.92 -2.15 NorthernTrust NTRS 77.18 -3.92 RingCentral RNG 267.58 -10.90
ApartmtInv AIV 36.20 -1.37
ChinaTelecom CHA 29.30 -0.42 FirstSolar FSLR 49.08 -2.84 Lennar A LEN 59.04 -2.15 NorthropGrum NOC 301.91 -5.19 RioTinto RIO 55.63 -1.29
ApolloGlbMgmt APO 49.51 -1.80
AppFolio APPF 158.79 -4.10
ChinaUnicom CHU
Chipotle
5.74 -0.04 FirstEnergy FE
CMG 1047.95 8.79 Fiserv
37.78 -1.00 LennoxIntl LII 225.43 -3.57 NortonLifeLock NLOK 19.74 -0.74 RobertHalf
FISV 96.61 -5.35 LeviStrauss LEVI 13.00 -0.50 Novartis NVS 88.80 -1.66 Rockwell
RHI 49.47 -2.45
ROK 205.03 -3.66
Borrowing Benchmarks
Apple AAPL 360.06 -6.47
ApplMaterials AMAT 59.97 -0.87
Chubb CB 126.17 -3.21 FiveBelow FIVE 106.42 -2.45 LibertyBroadbandA LBRDA 122.70 -3.71 NovoNordisk NVO 66.53 -1.41 RogersComm B RCI 40.61 -0.45 wsj.com/market-data/bonds/benchmarks
ChunghwaTel CHT 38.28 0.33 Five9 FIVN 103.64 -2.89 LibertyBroadbandC LBRDK 123.99 -4.11 Novocure NVCR 59.35 -3.41 Roku ROKU 123.35 -4.53
Aptargroup ATR 105.94 -1.50
Church&Dwight CHD 76.25 -0.86 FleetCorTech FLT 246.39 -17.53 LibertyGlobal A LBTYA 22.01 -0.74 NuanceComms NUAN 24.59 -0.47 Rollins ROL 41.10 -0.59
Aptiv
Aramark
APTV 74.62 -4.14
ARMK 22.68 -1.36 Ciena
ChurchillDowns CHDN 132.69 -9.01 Floor&Decor FND 55.77 -2.44 LibertyGlobal C LBTYK 21.43 -0.76 Nucor
CIEN 53.22 -0.86 FomentoEconMex FMX 62.94 -2.04 LibertyFormOne C FWONK 31.55 -0.83 Nutrien
NUE 40.67 -1.55 RoperTech
NTR 33.52 -1.66 RossStores ROST 87.05 -4.41
ROP 386.93 -10.51 Money Rates June 24, 2020
ArcelorMittal MT 10.12 -0.73 Cigna CI 183.97 -8.34 FordMotor F 5.95 -0.20
ArchCapital ACGL 28.45 -1.11 CincinnatiFin CINF 62.01 -1.78 Fortinet FTNT 134.33 -2.74 Key annual interest rates paid to borrow or lend money in U.S. and
ArcherDaniels ADM 39.32 -0.61 Cintas
AresMgmt
CTAS 261.63 -10.92 Fortis
ARES 38.12 -0.71 CiscoSystems CSCO 44.75 -0.72 Fortive
FTS 37.46 -0.58 international markets. Rates below are a guide to general levels but
arGEN-X ARGX 223.80 -2.31 Citigroup C
FTV 66.01 -2.28
50.81 -2.14 FortBrandsHome FBHS 59.30 -3.37
AristaNetworks ANET 209.25 -6.37 CitizensFin CFG 24.08 -1.72 FoxA
Dividend Changes don’t always represent actual transactions.
FOXA 27.38 -0.88
AscendisPharma ASND 152.75 -3.26 CitrixSystems CTXS 142.17 -0.55 FoxB FOX 27.01 -0.80 Dividend announcements from June 24. Week —52-WEEK—
AspenTech AZPN 100.90 -3.03 Clarivate CCC 21.99 -0.27 Franco-Nevada FNV 134.64 -1.45 Inflation Latest ago High Low
Assurant AIZ 100.68 -4.18 Clorox Amount Payable /
CLX 212.03 -1.35 FranklinRscs BEN 20.82 -0.73 May index Chg From (%)
AstraZeneca AZN 52.13 -2.12 Cloudflare NET 35.00 -0.40 FreeportMcM FCX 10.57 -0.51 Company Symbol Yld % New/Old Frq Record
Athene ATH 31.01 -1.87 Coca-Cola level April '20 May '19 Other short-term rates
KO 44.65 -0.99 FreseniusMed FMS 42.70 -0.82
Atlassian TEAM 176.82 -5.51 Coca-Cola Euro CCEP 37.77 -1.46 Reduced
AtmosEnergy ATO 98.96 0.12 Cognex CGNX 57.89 -0.92 G H I Entergy Texas Pfd. A ETIp 5.1 .3359 /.46658 Q Jul15 /Jul02 U.S. consumer price index Week 52-Week
Autodesk ADSK 233.44 -8.18 CognizantTech CTSH 53.80 -1.40 All items 256.394 0.002 0.1 Latest ago high low
Autohome ATHM 73.78 -5.12 ColgatePalm CL GCI LibertyA GLIBA 65.89 -2.25 Stocks
Autoliv
72.03 -0.89
ALV 62.88 -2.47 Comcast A CMCSA 38.56 -0.64 s GDS Holdings GDS 80.22 -0.34
Core 265.799 –0.11 1.2
GFLEnvironmental GFL 18.37 0.37 Avita Medical ADR RCEL 1:5 /Jun30 Call money
ADP ADP 144.84 -5.68 Comerica CMA 37.45 -2.38
AutoZone AZO 1100.21 -34.81 CommerceBcshrs CBSH 57.79 -2.12 GSXTechedu GSX 56.70 -1.80 International rates 2.00 2.00 4.25 2.00
s Avalara AVLR 131.13 3.20 SABESP Galapagos GLPG 200.48 -8.00 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
SBS 11.18 -0.17
Avalonbay AVB 151.57 -3.74 ConagraBrands CAG 33.79 -0.43 Gallagher AJG 94.78 -2.74 spin-off. Week 52-Week Commercial paper (AA financial)
Avangrid AGR 41.42 0.07 ConchoRscs CXO 51.61 -3.16 Gaming&Leisure GLPI 35.86 -1.07 Latest ago High Low 90 days 0.18 n.a. 2.53 0.04
Avantor AVTR 16.91 -0.84 ConocoPhillips COP 40.99 -2.82 Garmin GRMN 95.29 -2.44
AveryDennison AVY 112.29 -3.19 ConEd Gartner IT 115.66 -6.48
Prime rates Libor
New Highs and Lows |
ED 71.53 0.59
AxonEnterprise AAXN 93.43 -2.11 Generac GNRC 113.27 -3.42
BCE BCE 41.48 -0.67
ConstBrands B STZ.B 172.45 -10.31 GeneralDynamics GD 146.45 -6.30 WSJ.com/newhighs U.S. 3.25 3.25 5.50 3.25 One month 0.17950 0.19388 2.40238 0.16825
ConstBrands A STZ 171.66 -8.80
BHP Group BHP 48.41 -1.41 GeneralElec GE
ContinentalRscs CLR 15.12 -1.73 GeneralMills GIS
6.53 -0.47 Canada 2.45 2.45 3.95 2.45 Three month 0.28375 0.31625 2.34075 0.28375
BHP Group BBL 40.28 -1.34 60.29 -0.71 Japan 1.475 1.475 1.475 1.475 Six month 0.37938 0.42475 2.26238 0.37938
Cooper COO 281.39 -18.59 GeneralMotors GM 25.28 -0.97
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American
BP BP 23.14 -1.03
Copart CPRT 81.31 -3.22 Genmab GMAB 33.00 0.10
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest One year 0.56375 0.58388 2.28575 0.56375
B2Gold BTG 5.35 -0.06 session. % CHG-Daily percentage change from the previous trading session. Policy Rates
Corning GLW 25.81 -1.07 Genpact G 35.24 -1.02
BWX Tech BWXT 55.90 -2.07
Baidu BIDU 121.37 -1.96
Corteva CTVA 26.07 -1.35 Gentex GNTX 25.78 -0.88 Euro zone 0.00 0.00 0.00 0.00 Euro Libor
s CoStar CSGP 691.42 -33.15 GenuineParts GPC 84.67 -3.77 Wednesday, June 24, 2020
BakerHughes BKR 14.31 -1.23 Switzerland 0.50 0.50 0.50 0.50 One month -0.492 -0.483 -0.360 -0.621
Costco COST 298.02 -3.27 GileadSciences GILD 75.93 0.88
Ball BLL 68.98 -1.59
CoupaSoftware COUP 257.91 -4.56 GSK
52-Wk % 52-Wk % 52-Wk % Britain 0.10 0.10 0.75 0.10 Three month -0.401 -0.407 -0.142 -0.539
BancoBilbaoViz BBVA 3.35 -0.17 GSK 40.67 -0.92 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
Credicorp BAP 139.77 -3.10 GlobalPayments GPN 166.91 -10.30 Australia 0.25 0.25 1.25 0.25 Six month -0.318 -0.279 -0.052 -0.491
BancoBradesco BBDO 3.61 -0.18
CreditAcceptance CACC 412.50 -15.31 Globant GLOB 145.36 -3.20 GooseheadIns GSHD 75.80 1.3 Wix.com WIX 250.95 -0.8 One year -0.204 -0.174 0.008 -0.441
BancodeChile BCH 18.33 -0.29
BancSanBrasil BSBR 5.42 -0.44 Cree
CreditSuisse CS 9.91 -0.44 GlobeLife GL 71.19 -3.63 Highs HorizonTherap
HubSpot
HZNP 55.30 3.0 WorkhorseGroup WKHS
HUBS 231.17 -3.1 Yandex YNDX
10.00 22.4
50.46 2.7
Overnight repurchase
CREE 58.50 -1.61 Secured Overnight Financing Rate
BcoSantChile BSAC 16.80 -0.25 CrowdStrike CRWD 103.70 -0.57 GoDaddy GDDY 75.59 -7.12 ACADIA Pharm ACAD 53.75 -1.3 IGM Biosci IGMS 75.78 3.7 YunhongIntl ZGYHU 10.07 1.9 U.S. 0.10 0.11 3.40 -0.07
2.39 -0.10 CrownCastle CCI 162.10 -3.43 GoldFields GFI 8.76 -0.30 AGBAAcquisition AGBA 10.71 4.4 InovioPharma
BancoSantander SAN
26.12 0.7
INO 25.60 10.7 YunhongIntlRt ZGYHR 0.28 9.3 0.07 0.09 5.25 0.01
AGMH
BanColombia CIB 26.36 -0.34 CrownHoldings CCK 62.29 -2.65 GoldmanSachs GS 198.02 -6.76 AGM
ALO 1.17
InsAcqnUn
... Kamada
INSUU 14.35 -6.4 ZoomVideo ZM 258.75 1.2 U.S. government rates
BankofAmerica BAC 23.81 -0.98 Cummins Graco GGG 46.41 -1.41 AlioGold KMDA 9.91 5.7 Value 52-Week
BankofMontreal BMO 54.28 -1.78 CyrusOne
CMI 166.61 -5.82
CONE 75.56 0.86
Grainger GWW 294.79 -6.69 Amazon.com
Ameresco
AMZN 2796.00 -1.1 LGLSysAcqnWt DFNS.WS
AMRC 26.20 1.3 LifeSciAcqnUn LSACU
0.66 8.3
11.00 6.8
Lows Discount Latest Traded High Low
BankNY Mellon BK 37.23 -1.49 Grifols GRFS 18.77 -1.03 AmerFinDeb2060 AFGD AestheticMed AIH 5.88 -0.8
26.20 0.4 MatchGroup MTCH 99.82 -0.6 0.25 0.25 3.00 0.25
BkNovaScotia BNS 40.83 -1.04 D E F GrubHub GRUB 68.45 -1.61 Avalara AVLR 131.63 2.5 MyovantSciences MYOV 22.07 2.7
Briggs&Stratton BGG 1.28 -6.9 DTCC GCF Repo Index
Barclays BCS 5.50 -0.26 GpoAvalAcc AVAL 4.34 -0.18 B.Riley II Wt BMRG.WS 2.29 95.0 NantHealth CastorMaritime CTRM 0.38 -32.3
BarrickGold GOLD 25.71 0.03 DISH Network DISH 34.41 -0.75 GuardantHealth GH 81.27 -2.10 B.Riley II A
NH 5.37 26.3
CheetahMobile CMCM 1.81 -7.7 Federal funds Treasury 0.121 49.500 6.007 0.002
BMRG 11.65 15.7 NetEase NTES 441.87 0.5
BauschHealth BHC 18.56 -1.02 DTE Energy DTE 105.27 -1.99 Guidewire GWRE 106.81 -1.88 B.Riley II BMRG.U 12.20 20.1 NikolaWt NKLAW 41.00 -5.0
DiamondSShip DSSI 8.02 -3.4 Effective rate 0.0800 0.0900 2.4300 0.0600 MBS 0.123 64.230 6.699 0.011
EmpireStateReal250 FISK 6.29 -7.8
BaxterIntl BAX 82.47 -1.02 Danaher DHR 171.46 -4.13 HCA Healthcare HCA 93.73 -5.35 BioXcelTherap BTAI 61.50 -3.2 Novavax NVAX 80.70 11.3
EmpireStateRealty ESRT 6.34 -5.5 High 0.1100 0.1200 3.0000 0.1100
BectonDicknsn BDX 232.81 -5.02 Darden DRI 70.81 -4.54 HDFC Bank HDB 44.11 -1.32 BrainstormCell BCLI 10.93 3.8 OneSpan OSPN 25.95 1.3 FortressValueA
BRLIU 10.06 0.5 OrisunAcqn
FVAC 9.78 -1.3 Low 0.0300 0.0300 2.3300 0.0200 Notes on data:
BeiGene BGNE 186.15 -1.30 Datadog DDOG 88.50 -1.19 HD Supply HDS 33.30 -1.10 BrilliantAcqn ORSNU 10.58 0.8 GasLog GLOG 2.60 -4.2
Berkley WRB 55.74 -1.90 DaVita DVA 77.18 -2.02 HP HPQ 16.20 -0.81 BurningRockBio BNR 32.40 -1.2 OrisunAcqnRt ORSNR 0.36 3.4 Genetron GTH 11.70 -13.1
Bid 0.0300 0.0700 2.4000 0.0100 U.S. prime rate is the base rate on corporate
BerkHathwy B BRK.B 177.53 -3.48 DeckersOutdoor DECK 194.52 -7.62 HSBC HSBC 23.52 -0.62 CardiffOncology CRDF 4.30 16.9 PacGE pfA PCGpA 30.66 -0.8 GenworthFin GNW 2.45 -2.7 Offer 0.0800 0.0900 2.5000 0.0500 loans posted by at least 70% of the 10 largest
ChardanHlthcr2 CHAQ.U 10.50 1.1 PacGE pfI PCGpI 25.00 1.3 GlobalIndemnity GBLI U.S. banks, and is effective March 16, 2020.
BerkHathwy A BRK.A 266440-6260.00 Deere DE 150.49 -3.47 Halliburton HAL 11.86 -1.14 CollectiveGrowth CGROU 10.10 0.2 22.05 -3.0
PassageBio PASG 38.23 -6.6 Kaleyra KLR 5.01 -8.1 Treasury bill auction Other prime rates aren’t directly comparable;
BerryGlobal BERY 42.00 -0.60 DellTechC DELL 53.10 4.09 HartfordFinl HIG 37.86 -1.65 CoreLogic CLGX 53.50 -0.7 Peloton PTON 57.27 1.2 LendingClub LC 4.53 -8.1 lending practices vary widely by location;
BestBuy BBY 83.82 -2.02 DeltaAir DAL 27.34 -2.30 Hasbro HAS 70.94 -2.83 CoStar CSGP 747.11 -4.6 PliantTherap PLRX 30.88 3.0 Momo MOMO 18.13 -4.0 4 weeks 0.125 0.130 2.210 0.000 Discount rate is effective March 16, 2020.
BeyondMeat BYND 151.38 -1.41 DentsplySirona XRAY 42.86 -1.91 HealthcareAmer HTA 26.42 -0.39 DFP Healthcare DFPH 10.79 1.6 PlugPower PLUG 7.81 17.7 NACCO Inds NC 21.44 -5.0 13 weeks 0.155 0.175 2.210 0.000 Secured Overnight Financing Rate is as of
Bilibili BILI 44.03 -0.61 DeutscheBank DB 9.12 -0.43 HealthpeakProp PEAK 25.99 -0.98 DRDGOLD DRD 15.09 -2.6 PuhuiWealth PHCF 5.05 49.1 9F JFU 4.50 -7.6
Bill.com BILL 80.89 -0.45 DexCom DXCM 394.30 -12.60 Heico HEI 98.97 -6.11 DadaNexus DADA 24.62 -4.8 ResearchFrontiers REFR 5.48 6.3 PanhandleOil&Gas PHX
26 weeks 0.175 0.185 2.075 0.080 June 23, 2020. DTCC GCF Repo Index is
2.59 -8.5
Bio-Techne TECH 252.51 -9.35 Diageo DEO 135.59 -4.91 Heico A HEI.A 82.05 -4.23 dMY TechWt DMYT.WS 0.95 -1.9 Schrodinger SDGR 84.21 1.3 SelectQuote SLQT 24.52 -1.4 Depository Trust & Clearing Corp.'s weighted
Bio-RadLab A BIO 432.42 -19.36 DiamondbkEner FANG 41.90 -4.41 HenrySchein HSIC 56.18 -3.17 DocuSign DOCU 172.21 -1.7 Snap SNAP 23.95 -0.2 Synalloy SYNL 7.16 -2.0 Secondary market average for overnight trades in applicable
Biogen BIIB 263.04 -5.15 DigitalRealty DLR 140.02 -1.89 Herbalife HLF 43.01 -1.11 DynagasLNG DLNG 3.89 3.7 SocialCapHedIII IPOB.U 13.02 -2.6 TectonicFinPfdB TECTP 6.75 3.3 CUSIPs. Value traded is in billions of U.S. dollars.
BioMarinPharm BMRN 120.63 -1.09 DiscoverFinSvcs DFS 50.81 -4.05 Hershey
EllomayCapital ELLO
HSY 127.98 -2.27 EquinoxGold
23.37 3.7 ThunderBridgeII THBRU 11.70 ... ToughBuiltInds TBLT 0.80 -3.2 Fannie Mae Federal-funds rates are Tullett Prebon rates as
EQX 11.36 -4.0 TottenhamAcqnIRt TOTAR 0.44 8.7 TriumphBncpPfdC TBKCP 23.80 -1.2 of 5:30 p.m. ET.
BioNTech BNTX 54.73 1.98 DiscoveryB DISCB 38.02 -1.99 Hess HES 48.96 -3.45 Escalade ESCA 13.70 -1.7 TranslateBio TBIO 28.09 11.7 US NatGas UNG 9.69 -1.8 30-year mortgage yields
BlackKnight BKI 71.07 -1.58 DiscoveryA DISCA 21.72 -0.45 HewlettPackard HPE 9.27 -0.40 EssaPharma EPIX 6.20 1.3 Trupanion TRUP 42.83 -0.4 Vaccinex VCNX 3.25 -6.0 Sources: Federal Reserve; Bureau of Labor
BlackRock BLK 538.57 -16.08 DiscoveryC DISCK 19.68 -0.38 Hill-Rom HRC 101.68 -1.61 FivePrimeTherap FPRX 6.97 18.4 TwistBiosci TWST 45.00 -5.7 Valhi VHI 9.03 -8.6
30 days 2.250 2.247 3.424 2.183 Statistics; DTCC; FactSet;
Blackstone BX 55.19 -1.88 Disney DIS 112.07 -4.52 Hilton HLT 73.19 -2.49 GDS Holdings GDS 82.12 -0.4 WinsFinance WINS 76.64 118.7 WescoPfdA WCCpA 25.95 -3.5 60 days 2.295 2.288 3.434 2.219 Tullett Prebon Information, Ltd.

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
500IdxInstPrem106.19 -2.81 -4.7 SrsEmrgMkt 19.20 -0.29 -6.9 JPMorgan I Class IncomeFd NA ... NA CapOpAdml r149.52 -4.26 -5.2 WdsrllAdml 57.20 -1.71-11.5 WndsrII 32.23 -0.96-11.5
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Contrafund K6 15.57 -0.34 7.6 SrsGlobal 11.73 -0.27-10.9 CoreBond 12.36 +0.01 5.7 PIMCO Funds I2 DivAppIdxAdm 31.33 -0.75 -7.0 WellsIAdml 65.48 -0.57 -0.2 VANGUARD INDEX FDS
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e ExtMktIdxInstPre 58.50 -1.95 -8.3 SrsGroCoRetail 21.88 -0.47 23.3 EqInc 16.26 -0.46-15.6 Income NA ... NA EMAdmr 33.24 -0.45 -9.5 WelltnAdml 70.78 -1.16 -4.2 SmValAdml 44.45 -1.93-24.2
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, IntlIdxInstPrem 38.05 -1.05-11.4 SrsIntlGrw 16.98 -0.44 -3.1 JPMorgan R Class PIMCO Funds Instl EqIncAdml 67.22 -1.79-14.7 WndsrAdml 60.15 -2.02-16.8 TotBd2 11.51 +0.01 5.7
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r MidCpInxInstPrem 20.86 -0.65-11.2 SrsIntlVal 8.32 -0.25-16.0 CoreBond 12.38 +0.01 5.7 IncomeFd NA ... NA ExplrAdml 92.01 -3.06 -5.3 VANGUARD FDS TotIntl 15.75 -0.36-11.2
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not SAIUSLgCpIndxFd 16.46 -0.44 -4.8 TotalBond 11.35 -0.01 5.4 CorePlusBd 8.73 +0.01 4.6 Price Funds ExtndAdml 87.54 -2.92 -8.3 DivdGro 28.11 -0.66 -7.9 TotSt 74.86 -2.38 -5.6
available due to incomplete price, performance or cost data. NE-Not released by Lipper; SeriesOverseas 10.22 -0.28 -5.2 Fidelity SAI Lord Abbett A BlChip 136.56 -3.50 9.8 GNMAAdml 10.79 -0.01 3.4 HlthCare r 206.34 -5.64 1.9 VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. SmCpIdxInstPrem 17.61 -0.63-16.1 TotalBd 10.84 -0.01 4.7 ShtDurIncmA p 4.15 ... 0.1 DivGro 49.24 -1.20 -7.3 GrwthAdml 102.33 -2.73 9.3 INSTTRF2020 23.81 -0.29 -1.2 BalInst 38.68 -0.79 -0.6
TMktIdxInstPrem 85.55 -2.36 -5.3 Fidelity Selects Lord Abbett F EqInc 25.46 -0.79-20.1 HlthCareAdml r 87.02 -2.38 2.0 INSTTRF2025 24.17 -0.36 -2.3 DevMktsIndInst 12.41 -0.33-11.5
USBdIdxInstPrem 12.52 +0.01 6.3 Softwr r 22.37 -0.58 16.3 ShtDurIncm 4.14 -0.01 -0.1 EqIndex 81.35 -2.16 -4.8 HYCorAdml r 5.66 -0.03 -2.6 INSTTRF2030 24.31 -0.41 -3.2 DevMktsInxInst 19.40 -0.51-11.5
Wednesday, June 24, 2020
Fidelity Advisor I First Eagle Funds Metropolitan West Growth 79.06 -2.20 7.8 InfProAd 27.38 -0.03 5.8 INSTTRF2035 24.43 -0.46 -4.2 ExtndInst 87.54 -2.92 -8.3
Net YTD Net YTD Net YTD
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret NwInsghtI 33.02 -0.81 1.0 GlbA 52.93 -1.11 -8.7 TotRetBd 11.51 ... 6.1 HelSci 86.00 -2.42 5.6 IntlGrAdml 113.69 -2.34 10.6 INSTTRF2040 24.54 -0.51 -5.2 GrwthInst 102.33 -2.73 9.3
Fidelity Freedom FPA Funds TotRetBdI 11.51 ... 6.4 LgCapGow I 48.26 -1.27 9.6 ITBondAdml 12.58 +0.01 7.8 INSTTRF2045 24.58 -0.56 -6.1 InPrSeIn 11.15 -0.02 5.8
American Century Inv AggBdInst 11.78 ... 6.2 EmgMktVa 23.27 -0.34-18.9 FF2020 15.40 -0.20 -2.1 FPACres 30.69 -0.66 -9.3 TRBdPlan 10.82 -0.01 6.2 MidCap 91.46 -2.70 -4.1 ITIGradeAdml 10.51 ... 6.6 INSTTRF2050 24.62 -0.56 -6.1 InstIdx 273.34 -7.25 -4.7
Ultra 59.01 -1.55 13.1 CorBdInst 12.07 ... 5.6 EmMktCorEq 18.78 -0.23-13.5 FF2025 Franklin A1 MFS Funds Class I NHoriz 70.23 -1.83 18.3 LTGradeAdml 11.80 +0.04 10.2 InstPlus 273.36 -7.25 -4.7
13.58 -0.20 -2.8 INSTTRF2055 24.72 -0.56 -6.1
American Funds Cl A BlackRock Funds IntlCoreEq 11.71 -0.34-15.0 CA TF A1 p 7.65 ... 1.4 ValueI 38.00 -1.13-14.5 R2020 21.54 -0.33 -2.5 MidCpAdml 198.27 -6.95 -9.7 InstTStPlus 64.05 -2.07 -5.6
FF2030 16.66 -0.29 -3.8 LifeCon 21.00 -0.19 0.3
AmcpA p 33.09 -0.86 0.3 HiYBlk 7.29 ... -3.6 IntSmCo 15.84 -0.42-16.2 IncomeA1 p 2.06 -0.03 -9.8 MFS Funds Instl R2025 17.23 -0.30 -3.1 MuHYAdml 11.56 +0.01 0.1 MidCpInst 43.80 -1.54 -9.7
Freedom2020 K 15.38 -0.21 -2.1 LifeGro 34.41 -0.70 -4.8
AMutlA p 39.08 -0.84 -9.2 HiYldBd Inst 7.28 ... -3.7 IntSmVa 15.16 -0.45-21.7 FrankTemp/Frank Adv IntlEq 25.41 -0.66 -8.8 R2030 24.91 -0.50 -3.8 MuIntAdml 14.60 ... 2.1 MidCpIstPl 216.00 -7.59 -9.7
Freedom2025 K 13.56 -0.20 -2.7 LifeMod 28.22 -0.42 -2.2
BalA p 27.58 -0.38 -2.0 BlackRock Funds A LgCo 23.49 -0.62 -4.7 IncomeAdv 2.04 -0.03 -9.9 Northern Funds R2035 18.19 -0.40 -4.4 MuLTAdml 11.98 ... 2.1 SmCapInst 67.98 -2.51-14.0
BondA p 13.97 ... 7.9 GlblAlloc p 19.13 -0.32 -0.4 US CoreEq1 23.33 -0.69 -9.5 Freedom2030 K 16.64 -0.29 -3.8
StkIdx 34.95 -1.09 -4.7 MuLtdAdml 11.17 ... 1.7
PrmcpCor 24.63 -0.74-11.8
STIGradeInst 10.93 -0.01 3.1
FrankTemp/Franklin A R2040 25.74 -0.60 -4.9
CapIBA p 57.03 -0.99 -8.2 BlackRock Funds Inst US CoreEq2 20.99 -0.64-11.0 Freedom2035 K 13.81 -0.29 -5.6
Growth A p 114.20 -2.90 1.7 Oakmark Funds Invest MuShtAdml 15.92 ... 1.2
STAR 27.45 -0.48 0.4 STIPSIxins 25.16 -0.03 1.9
PRIMECAP Odyssey Fds
CapWGrA 48.41 -1.13 -6.5 MultiAstIncome 10.44 ... -2.7 US Small 27.91 -1.02-20.0 Freedom2040 K 9.60 -0.22 -6.4 PrmcpAdml r132.47 -3.72 -8.1 TgtRe2015 15.22 -0.13 0.3 TotBdInst 11.59 +0.01 6.1
RisDv A p 64.50 -1.77 -7.1 OakmrkInt 19.02 -0.75-23.8 AggGrowth r 44.07 -1.36 -1.8 TgtRe2020 32.11 -0.40 -1.3 TotBdInst2 11.51 +0.01 5.8
EupacA p 52.79 -1.26 -5.2 StratIncOpptyIns 9.88 ... 0.3 US SmCpVal 24.57 -1.08-28.5 Fidelity Invest Old Westbury Fds RealEstatAdml108.70 -4.21-16.7
FrankTemp/Franklin C Growth r 37.81 -1.21 -7.6
FdInvA p 56.57 -1.43 -6.9 Bridge Builder Trust USLgVa 30.00 -1.06-21.9 Balanc 24.67 -0.48 0.8 SmCapAdml 67.98 -2.51-14.0 TgtRe2025 19.39 -0.28 -2.3 TotBdInstPl 11.59 +0.01 6.1
BluCh 126.22 -3.46 17.2 Income C t 2.09 -0.03-10.0 LrgCpStr 14.07 -0.31 -6.6 Schwab Funds TgtRe2030 35.27 -0.59 -3.2 TotIntBdIdxInst 34.62 +0.05 2.4
GwthA p 53.97 -1.37 5.6 CoreBond 10.90 +0.01 5.9 Dodge & Cox SmGthAdml 68.66 -2.14 -1.6
FrankTemp/Temp Adv Parnassus Fds 1000 Inv r 67.89 -1.84 -4.6
HI TrA p 9.33 -0.07 -4.6 CorePlusBond 10.55 -0.01 5.2 Balanced 90.06 -2.19 -9.7 Contra 14.77 -0.33 8.5 STBondAdml 10.88 ... 3.9 TgtRe2035 21.57 -0.41 -4.2 TotIntlInstIdx r105.34 -2.43-11.1
ICAA p 37.21 -0.94 -4.8 Intl Eq 10.88 -0.27 -9.3 Income 14.61 -0.01 5.1 ContraK 14.80 -0.33 8.5 GlBondAdv p 9.99 -0.02 -4.1 ParnEqFd 45.02 -1.11 -4.0 S&P Sel 47.08 -1.25 -4.7 TgtRe2040 37.11 -0.77 -5.2 TotItlInstPlId r105.36 -2.43-11.1
STIGradeAdml 10.93 -0.01 3.1
CpInc r 9.52 -0.12 -5.0 Guggenheim Funds Tru PGIM Funds Cl Z TSM Sel r 52.99 -1.46 -5.3 TgtRe2045 23.21 -0.53 -6.0 TotStInst
IncoA p 20.85 -0.36 -8.8 LargeCapGrowth 16.79 -0.43 6.1 Intl Stk 35.39 -1.21-18.8 TotBdAdml 11.59 +0.01 6.1 74.89 -2.41 -5.6
N PerA p 47.17 -1.27 -0.2 LargeCapValue 11.62 -0.36-14.7 Stock 158.96 -5.78-16.3 GroCo 26.07 -0.56 22.1 TotRtnBdFdClInst 29.10 -0.01 8.6 TotalReturnBond NA ... NA TIAA/CREF Funds TgtRe2050 37.37 -0.85 -6.0 ValueInst 38.19 -1.42-17.6
TotIntBdIdxAdm 23.07 +0.03 2.4
GrowCoK 26.12 -0.56 22.1 Harbor Funds PIMCO Fds Instl BdIdxInst 11.64 ... 6.0 TgtRet2055 40.56 -0.93 -6.1 WCM Focus Funds
NEcoA p 47.41 -1.02 3.7 ClearBridge DoubleLine Funds TotIntlAdmIdx r 26.34 -0.61-11.1
NwWrldA 68.04 -1.50 -3.6 LargeCapGrowthI NA ... NA CoreFxdIncmI NA ... NA InvGrBd 12.11 -0.01 6.1 CapApInst 88.12 -2.17 16.3 AllAsset NA ... NA EqIdxInst 22.11 -0.61 -5.3 TotStAdml 74.87 -2.41 -5.6 TgtRetInc 14.14 -0.10 1.0 WCMFocIntlGrwIns 19.33 -0.48 2.2
SmCpA p 59.41 -1.41 1.0 Columbia Class I TotRetBdI NA ... NA LowP r 42.25 -1.26-15.6 Harding Loevner HiYld 8.54 -0.05 -3.2 VANGUARD ADMIRAL TotIntBdIxInv 11.54 +0.02 2.4 Western Asset
TxMCapAdml157.92 -4.29 -4.3
TxExA p 13.33 ... 1.2 DivIncom I 21.63 -0.52-10.5 Edgewood Growth Instituti Magin 10.74 -0.26 5.3 IntlEq NA ... NA InvGrdCrBd 10.92 -0.01 1.8 500Adml 282.86 -7.50 -4.7 TxMIn r 12.40 -0.32-11.5 USGro 50.41 -1.35 17.2 CoreBondI NA ... NA
WshA p 42.81 -1.10-10.1 Dimensional Fds EdgewoodGrInst 43.65 -1.11 13.3 OTC 14.28 -0.35 11.6 Invesco Funds Y TotRt 10.82 +0.01 6.0 BalAdml 38.67 -0.79 -0.6 USGroAdml 130.61 -3.51 17.2 WellsI 27.03 -0.23 -0.3 CorePlusBdI NA ... NA
Baird Funds 5GlbFxdInc 10.85 +0.01 1.1 Fidelity Puritn 23.30 -0.40 2.8 DevMktY 42.12 -0.66 -7.6 PIMCO Funds A CAITAdml 12.19 ... 2.0 ValAdml 38.19 -1.42-17.6 Welltn 40.99 -0.67 -4.2 CorePlusBdIS NA ... NA
B10 | Thursday, June 25, 2020
Low Fees, Volatility Entice Forgery Found to
Small Investors Into Options Hide $3 Billion
BY GUNJAN BANERJI
AND ALEXANDER OSIPOVICH
Individuals looking to profit
from the stock market’s explo-
sive moves are piling into op-
tions, lured by low trading
fees and a chance at mammoth
payoffs.
Market swings fueled by the
coronavirus this year have cre-
ated ample opportunities for
these traders, who tend to
thrive when markets are more
volatile. Big market moves tend
to benefit traders because they
increase the likelihood that
stocks will jump or fall toward
levels that can make their op-
tions contracts exponentially
more valuable.
Meanwhile, individual inves-
tors—often stuck at home dur-
ing the pandemic—are finding
it cheaper and easier than ever
before to trade options. Popu-
lar apps such as the one from
Robinhood Markets Inc. offer
rock-bottom commissions on
options trades.
Options are contracts that
give investors the right to buy
or sell shares at a specific
price, later in time. Traders can
tap options to hedge their port-
folios from stock declines or
make bets that major indexes
and individual companies will
either go up or down in value.
Adding to the appeal: The
contracts allow an investor to
put down a relatively small
amount of cash—called option
premium—for a potentially
outsize return if the investor’s
hunch proves to be correct.
The downside is that an inves-
tor can lose the premium paid
should a stock or index move
unfavorably.
A record 28 million options
contracts have changed hands
on an average day this year, a
jump of 45% from last year, ac-
cording to Options Clearing
Corp. data.
Individuals are helping drive
the surge. The percentage of
options volume stemming from
small trades of just one con-
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THE WALL STREET JOURNAL.
BANKING & FINANCE
Options trading volume hit a record this year, lifted by a surge in
Hole at Trader
individuals trading the contracts on zero-commission brokerages.
BY CHONG KOH PING contracts, invoices and bills of
Average daily options volumes, annually As of June 23
Payment for order flow lading for ships.
28.1M received by selected brokers, A distressed energy-trading “These forged documents
25 million contracts company overstated its assets enabled the company to mis-
first quarter of 2020*
by more than $3 billion using lead banks into extending fi-
Stocks Options “routine and pervasive” forg- nancing to the company and
20 ery, while its founder oversaw also acted as supporting docu-
years of disastrous bets on oil mentation for the fictitious
E*Trade derivatives, a report filed with gains or profits,” they said. The
15
a Singapore court said. Wall Street Journal viewed a
Robinhood The study by interim judicial copy of the report.
10 managers, or court-appointed Fabrication was so wide-
independent administrators, of- spread, the administrators said,
Charles fers the first detailed account that “every document had to be
5 Schwab of the implosion of Hin Leong scrutinized in order to check
Trading Pte. Ltd., a closely held and verify whether it was genu-
TD Singapore company that owes ine.”
0 Ameritrade $3.5 billion—mostly to banks, The company, a major player
1973 ’80 ’90 2000 ’10 ’20 $0 50 100 million including HSBC Holdings PLC. in shipping fuel, sold and
The administrators, from bought back cargo at a loss so
Share of total activity involving trades of one option contract† Cboe Volatility Index PricewaterhouseCoopers Ad- it could obtain bank financing.
16% 100 visory Services Pte., estimated “Some of these schemes also
Hin Leong’s true assets at just involved the use of forged doc-
$257 million, or about 7% of li- uments, nonexistent inventory
14 80 abilities, raising the prospect of or the sale of the same inven-
steep losses for creditors. They tory to multiple parties. This
recommended a merger with has led to competing legal
12 60
other companies owned by the claims being asserted by the
controlling Lim family. implicated parties,” said the re-
10 40 The two-month investigation port.
found serious irregularities and PwC said it had no immedi-
convoluted accounting. It found ate comment. Hin Leong didn’t
8 20 the group overstated assets by respond to emails seeking com-
an “astonishing amount,” ment. The Lim family’s lawyers
pointing to a $2.23 billion and its financial advisers, Dav-
6 0
shortfall in accounts receiv- inder Singh Chambers LLC and
2019 ’20 2019 ’20 ables—payments due from cus- nTan Corporate Advisory Pte.,
*Data cover orders for S&P 500 stocks, non-S&P 500 stocks and options. Excluded are orders in other markets such as over-the-counter securities. tomers—and inventory stock- also didn’t respond.
†Data through June 9. Goldman monitors options trading in 50 of the most-traded stocks. One contract covers 100 shares. piles apparently inflated by Hin Leong was placed under
Sources: Options Clearing Corp. (volumes); company reports (payment); Goldman Sachs (share); FactSet (index) $812 million. judicial management in April.
The higher asset values Singapore police have opened
tract on 50 of the most-traded overall trading, including stock tions this year after years of helped paper over years of an investigation.
stocks has risen to 14% this volumes, grew even faster. trading stocks. He said he re- losses, the report said: The The report said Mr. Lim
year, from 10% at the end of Such brokerages make more cently turned $80 into more $1.35 billion in profits Hin Le- hadn’t answered their queries,
2019, according to an analysis money from options than from than $2,500 through bullish ong reported since 2010 from and the Lim family’s lawyers
by Goldman Sachs. stock trades, thanks in part to options bets on shares of Walt trading energy futures and said his deteriorating health
Online brokerages have seen a system in which high-speed Disney Co. He bought a few swaps was in reality a loss of meant he was “unfit to be
big jumps in customer options traders pay them to execute contracts priced at $20 each in about $808 million. Founder questioned for prolonged peri-
activity. E*Trade Financial small investors’ trades. May. At one point before they Lim Oon Kuin, also known as ods of time.”
Corp. reported record levels of The firms find it more con- expired May 22, each contract OK Lim, had said in an earlier Mr. Lim and his two children
derivatives trades, which sistently profitable to trade was worth $633, akin to a re- court filing that the company own Hin Leong. Though an ear-
mostly involve options, for the against individuals, with their turn of more than 30 times his had hid about $800 million in lier filing by Mr. Lim said the
first quarter of 2020. Data small orders, than against in- original investment. futures losses. company hadn’t made profits in
from TD Ameritrade Holding stitutional investors, which can “Other than a casino, there’s The administrators told Sing- the past few years, the admin-
Corp. show daily options trades push prices up or down with nowhere else you can get a re- apore’s high court this week that istrators found that sharehold-
surged about 60% in the quar- large trades. turn like that,” Mr. Rodela said. Hin Leong “fabricated docu- ers had taken out $90 million
ter ended March 31 from the Sam Rodela, a Texas-based “It’s much higher risk and ments on a massive scale,” in- in dividends in the two finan-
previous quarter, although consultant, started trading op- higher reward” than stocks. cluding bank statements, sales cial years ending October 2018.
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THE WALL STREET JOURNAL.
Fears of New Lockdown Hammer Stocks
Businesses vulnerable
to pandemic impact
like cruise lines are
particularly hard hit
BY JOE WALLACE
AND AKANE OTANI
Stocks tumbled as pockets
of coronavirus infections
emerged around the U.S., in-
tensifying fears that officials
would have to reinstate lock-
down measures.
New coronavirus cases have
jumped in
WEDNESDAY’S several states,
MARKETS with Arizona,
Texas and Cal-
ifornia reporting daily records
for infections Tuesday. Texas
Gov. Greg Abbott and Florida
Gov. Ron DeSantis said they
would step up enforcement of
social-distancing guidelines.
California Gov. Gavin Newsom
said this week that the surge
in cases could force the state
to implement stricter mea-
sures on businesses and social
gatherings again.
The reports have raised
concerns that a nascent eco-
nomic recovery may be in
jeopardy. Much of what inves-
tors have been betting on is
that swaths of the U.S. will be
able to resume normal activity
while avoiding a major resur-
gence in infections.
“If this does get worse and
more endemic, they will have
to lock down some of these
states again,” said Charles
Hepworth, an investment di-
rector at GAM Holding.
The Dow Jones Industrial
Average fell 710.16 points, or
Suit by Minnesota
Says Exxon, Koch
Lied About Climate
BY CHRISTOPHER M. MATTHEWS
The Minnesota attorney
general sued Exxon Mobil
Corp., Koch Industries and a
top oil-and-gas trade group
Wednesday, alleging they have
for years deceived consumers
about the effects of climate
change.
Attorney General Keith Elli-
son said Exxon, three Koch
companies and the American
Petroleum Institute deceived
the public about climate-
change science to protect their
business interests and, in doing
so, violated Minnesota laws
that prohibit consumer fraud,
deceptive trade practices and
false advertising.
The lawsuit seeks an injunc-
tion barring further violations,
financial restitution for alleged
damages to Minnesotans and
an order requiring the entities
to fund a public-education
campaign on climate change.
Mr. Ellison said the penalties
could amount to billions of dol-
lars.
“This lawsuit is part of a co-
ordinated, politically motivated
campaign against energy com-
panies,” Exxon spokesman
Casey Norton said. “The claims
are baseless and without merit.
We look forward to defending
the company in court.”
A spokeswoman for API, one
of the industry’s largest trade
groups, also denied the allega-
tions. A spokeswoman for Flint
Hills Resources, a Koch Subsid-
iary, said it is reviewing the
lawsuit.
The suit is latest targeting
the oil industry over its contri-
bution to global warming and
alleged deception about the ac-
Borrowing
Binge Hits
Debtholders
Continued from page B1
companies entered the down-
turn with heavier debt loads.
Since early March, about 30%
of debt packaged into U.S.
CLOs has been downgraded or
placed on watch for possible
downgrades, according to rat-
ings firm S&P Global Inc.
Pieces of such loans get
bought up by dozens, some-
times hundreds of CLOs. So as
the defaults and bankruptcies
mount, so will the potential
hit to investors who bought
* * * * *
Florida is among states that are stepping up enforcement measures against the coronavirus.
2.7%, to 25445.94. The S&P
500 declined 80.96 points, or
2.6%, to 3050.33, and the Nas-
daq Composite lost 222.20
points, or 2.2%, to 9909.17. All
three indexes suffered their
steepest losses since June 11.
Shares of companies whose
businesses have been particu-
larly hard hit by the pandemic
led the market’s declines.
Carnival shares lost $2, or
11%, to $16, and Norwegian
Cruise Line fell $2.23, or 12%,
to $15.80 after S&P down-
graded the former company’s
credit rating, saying the cruise
industry faced a long period of
weak demand.
Bank stocks also tumbled,
with Bank of America falling
98 cents, or 4%, to $23.81, and
Goldman Sachs losing $6.76,
or 3.3%, to $198.02.
curacy of climate-change sci-
ence. Minnesota joins more
than a dozen states and munic-
ipalities that have sued energy
companies on similar grounds.
The industry has fiercely
contested the lawsuits, which
have so far not resulted in any
verdicts against oil and gas
companies.
In December, a New York
state judge cleared Exxon of
fraud claims, saying New York’s
attorney general had failed to
establish that the oil giant had
deceived investors about how
it accounted for the cost of fu-
ture climate-change regulation.
A pair of climate-related
lawsuits in California may be
headed for trial after the Ninth
U.S. Circuit Court of Appeals
rejected arguments by energy
companies in May, ruling that
state courts are the proper fo-
rum for the suits. In those
cases, brought by the cities of
Oakland and San Francisco, the
defendants—Exxon, Chevron
Corp., ConocoPhillips, BP PLC,
and Royal Dutch Shell PLC—are
expected to appeal.
In the Minnesota suit, the
attorney general alleged inter-
nal climate experts at the com-
panies issued warnings to ex-
ecutives about global warming
for years as the companies si-
multaneously financed public
relations campaigns that mis-
led the public.
“The fraud, deceptive adver-
tising and other violations of
Minnesota state law and com-
mon law that the lawsuit
shows they perpetrated have
harmed Minnesotans’ health
and our state’s environment,
infrastructure, and economy,”
Mr. Ellison said.
CLOs backed by the loans.
Some 245 CLOs were exposed
to loans owed by just three
companies that declared bank-
ruptcy in May.
The government stimulus,
the Federal Reserve’s rescue of
the markets and a modest eco-
nomic rebound appear to have
saved CLOs from big losses.
The risk now is that investors
that have been big buyers of
CLOs will stay away. A Japa-
nese bank that owned about
10% of all CLO debt has al-
ready done that.
The slowdown in lending
could make it hard for compa-
nies that need cash and could
limit deal making. If compa-
nies can’t borrow, that could
become a drag on the eco-
nomic recovery and prolong
the slowdown caused by the
pandemic.
MARKETS
Home-builder stocks also
took a hit, with D.R. Horton
shedding $2.31, or 4.1%, to
$54.09.
Existing home-sales have
plunged since rising to a 13-
year high in February, al-
though some analysts have
been betting on low interest-
rates helping draw buyers
back in over the coming
months.
Elsewhere, European stocks
dropped, with the Stoxx Eu-
rope 600 falling 2.8%. Ger-
many’s health minister, Jens
Spahn, said the coronavirus
remained a risk after the west-
ern state of North-Rhine West-
phalia on Tuesday locked
down two municipalities fol-
lowing an outbreak at a meat-
packing plant.
Also weighing on stocks,
In the past month, China bought nearly 5 million metric tons of American soybeans, according to U.S. Department of Agriculture data.
Soybean Prices Bounce Back From
Pandemic as China Steps Up Buying
BY KIRK MALTAIS
China has ramped up its
purchases of U.S. soybeans re-
cently, sparking a rebound in
prices and making the crop
profitable again for U.S. farm-
ers after the coronavirus pan-
demic slammed demand.
Since falling to their lowest
levels in nearly a year in April,
soybean fu-
COMMODITIES tures on the
Chicago Board
of Trade have risen 6.4%. Most-
active soybean futures closed
at $8.71 a bushel on Wednes-
day—topping the break-even
price of roughly $8.50 a bushel
needed by farmers for their
soybean crops to be profitable.
Some traders believe the cur-
rent momentum could push
soybean prices to over $10 a
bushel, which would be their
highest level in over a year.
The main factor pushing
prices up is the recent swing in
Chinese purchasing of U.S. ex-
ports after the two countries
struck a trade deal and cur-
rency economics became more
favorable. In the past month
alone, China has purchased
nearly 5 million metric tons of
American soybeans, according
to data from the U.S. Depart-
ment of Agriculture.
While China can cancel these
purchases—over 2.85 million
Thursday, June 25, 2020 | B11
Share-price and index performance, Wednesday
SCOTT KEELER/TAMPA BAY TIMES/ZUMA PRESS
-12% -10 -8 -6 -4
Source: FactSet
ulus measures from central
banks and major governments.
That helped stocks around the
world bounce higher for much
of the month.
Money managers are having
to grapple with the possibility
the U.S. said it was consider- that the economic recovery
ing imposing tariffs on $3.1 will be slower and more un-
billion of products from the even than they had expected,
U.K., France, Germany and especially if countries are un-
Spain. able to tamp down a rise in
The warning, which targets coronavirus infections.
products including olives and Economists at the Interna-
malt beer, came in a review of tional Monetary Fund said
the long-running dispute over Wednesday that the global
government subsidies to air- economy will contract 4.9% in
craft manufacturers. 2020, worse than its previous
“The tensions between the forecast of a 3% contraction.
Europeans and the U.S. have In Asia, South Korea’s Kospi
been bubbling under the sur- gained 1.4% after North Korea
face for quite some time,” said suspended military plans di-
Jane Foley, head of foreign-ex- rected against Seoul.
change strategy at Rabobank. “They’re struggling to keep
“Anything that suggests there this totally under control,”
is going to be tension on trade said Paul Jackson, head of as-
is bad for the global economy.” set allocation at research at
Investors’ concerns about Invesco, pointing to Germany
the rise in infections have in and South Korea. “What’s been
recent weeks had been tem- more troubling in recent
pered by optimism about stim- weeks is that globally, the
tons aren’t scheduled to be de- Soybeans Continuous
livered until later this year— Contract
Chinese buying makes up
roughly 56% of all new soybean $8.8 per bushel
export sales in the past month.
By comparison, Chinese buying
made up only 27% of U.S. soy- 8.7
bean export sales in 2020
through May.
That momentum is expected
8.6
to continue. Speaking at a vir-
tual conference held by the U.S.
Soybean Export Council this
week, USDA Undersecretary Ted 8.5
McKinney said the department
expects China to follow through
in buying $36.5 billion of U.S.
farm goods in 2020—as prom-
8.4
June 2020
ised in the phase-one trade
agreement signed in January.
“China’s soybean purchases
Source: FactSet
over the past few weeks have
been a positive sign that China
continues to implement the his-
about suggestions of the deal
being derailed.
Global events like the coro-
toric trade agreement with the navirus pandemic stifled
United States,” Mr. McKinney China’s buying and stoked ten-
told The Wall Street Journal. sions between the two nations
“We expect China’s appetite for following the deal’s signing. But
agricultural imports to remain it isn’t necessarily unusual for
robust.” China to hold off on buying U.S.
Still, doubts about the deal soybeans in the spring, said
remain. White House trade ad- Rich Nelson, chief strategist
viser Peter Navarro roiled mar- with McHenry, Ill.-based grain
kets after seemingly calling brokerage Allendale Inc.
China’s fulfillment of the trade Usually, Brazil is the main
agreement “over” in a Monday seller in the export market dur-
interview on Fox News. He ing the spring, and it was an es-
quickly said the comments pecially aggressive seller this
were “taken wildly out of con- year. Brazilian farmers have sold
text,” but traders are skittish 87.5% of their record 124 million
S&P 500
Dow industrials
Goldman Sachs
D.R. Horton
Carnival
Norwegian Cruise Line
-2 0
daily deaths have flattened
and are now on an upward
trend.”
At midday Thursday in To-
kyo, Japan’s Nikkei 225 Stock
Average was down 1.3%, Hong
Kong’s Hang Seng Index was
down 0.5% and the Kospi was
down 1.8%. U.S. stock futures
were down 0.6%. The dollar
was trading higher at ¥107.20.
AUCTION RESULTS
Here are the results of Wednesday's Treasury
auctions. All bids are awarded at a single price at the
market-clearing yield. Rates are determined by the
difference between that price and the face value.
FIVE-YEAR NOTES
Applications $127,502,247,500
Accepted bids $53,428,398,500
" noncompetitively $14,764,400
" foreign noncompetitively $0
Auction price (rate) 99.603606
(0.330%)
Interest rate 0.250%
Bids at clearing yield accepted 27.98%
Cusip number 912828ZW3
The notes, dated June 30, 2020, mature on June 30,
2025.
ONE-YEAR, 10-MONTH FRNs
Applications $63,115,073,800
Accepted bids $20,000,113,800
" noncompetitively $11,073,800
Spread 0.114%
Bids at clearing yield accepted 89.45%
Cusip number 912828ZK9
The floating-rate notes, dated June 26, 2020, mature
on April 30, 2022.
BRYAN WOOLSTON/REUTERS
metric ton 2019-20 soybean
crop as of June 5, a record pace
according to agricultural con-
sulting firm Datagro. The previ-
ous record was 76.8%, in 2016,
and the five-year average for the
date is 69.5%, the group said.
But Brazil’s currency has
strengthened by nearly 5% in
the past month. The U.S. dollar
has weakened by more than 3%
in the same time frame, making
U.S. exports more attractive for
China.
“The change in psychology is
that Brazil is no longer the
seller it was,” said Jim Sutter,
chief executive of the U.S. Soy-
bean Export Council.
Even with sales to China up
more than 14% compared with
this time last year, more buying
is needed to meet the obliga-
tions of the trade deal in 2020.
Traders hope China will step up
to meet that target—especially
after Secretary of State Mike
Pompeo met with China’s top
diplomat, Yang Jiechi, in Ha-
waii last week to help ease cor-
onavirus-related tensions be-
tween the two nations—but
some remain skeptical.
“There’s China fatigue with
my customers,” said Jason
Britt, president of Kansas City,
Mo.-based Central States Com-
modities. “We’ve been up and
down the flagpole so many
times—it’s frustrating.”
B12 | Thursday, June 25, 2020
Green Energy Is Going Mainstream
Question for investors isn’t whether carbon-free power is here to stay but how to avoid getting burned
After many false dawns, the sun
is starting to shine on green-en-
ergy bets.
Public support for the environ-
mental movement soared over the
past year, as has political backing
in many countries. Crucially, the
cost of renewable energy can now
be competitive with fossil fuels.
Government, corporate and con-
sumer interests finally seem to be
aligning.
The stock market noticed. After
years of underperformance, in-
dexes that track clean-energy
stocks bottomed out in late 2018.
The S&P Global Clean Energy in-
dex, which covers 30 big utilities
and green-technology stocks, is up
37% over two years, including div-
idends, compared with 18% for the
S&P 500.
PHIL NOBLE/REUTERS
This year’s Covid crisis will de-
lay some renewable projects, but
could speed up the energy transi-
tion in other ways. Alternative-en-
ergy spending has held up much
better than spending on oil and
gas. Globally, clean-energy invest-
ment is expected to account for
half of total investment in the en-
tire energy sector this year, ac-
cording to UBS.
Moreover, the crisis pushed
governments to spend money, in-
cluding on renewable technolo-
gies. The stimulus plan announced
by the European Union last month
is decidedly green.
The big question for investors
is no longer whether alternative
energy is going mainstream, but
how best to play it.
Many big companies—the likes
of Royal Dutch Shell, Air Liquide
and Toyota—have green initia-
tives worth many hundreds of mil-
The Clash Behind Germany’s Largest Bailout
The battle for control of Eu-
rope’s biggest legacy airline gives
investors a fascinating peek into
Germany’s rival industrial interests,
but is unlikely to reap them gains.
On Thursday, Lufthansa share-
holders will decide whether to clear
a €9 billion ($10.18 billion) state
bailout, which would leave the Ger-
man government holding a 20%
stake. There wouldn’t appear to be
much choice: The airline needs the
cash to survive the Covid-19 crisis.
This week, though, all the alarms
bells went off when Lufthansa’s
current top shareholder, German
billionaire Heinz Hermann Thiele,
suggested that he may reject the
deal. He has enough voting power.
The government has a lot riding
on this. Beyond safeguarding the
company’s 138,000 jobs—more than
half of them in Germany—the bail-
out is part of its economic strategy
of preserving and promoting cor-
porate champions. Berlin wants to
ensure that Lufthansa keeps pro-
viding connectivity to the country’s
dispersed network of exporters.
Mr. Thiele may have been play-
ing a “chicken game,” threatening
to push the airline toward bank-
ruptcy to wrest a better deal from
the government. He didn’t explic-
itly say that he would vote against
OVERHEARD
Brewer Anheuser-Busch InBev
will be on the hook for a lot of
free alcohol if a grass-roots initia-
tive in Ohio succeeds. As of
Wednesday morning, over 73,000
people signed a Change.org peti-
tion to change the name of the
state capital from Columbus to
Flavortown.
The old name drew criticism
because of the eponymous ex-
plorer’s treatment of indigenous
people. The proposed new name
is a homage to restaurateur, tele-
vision personality and native son
Guy Fieri—who calls himself “the
mayor of Flavor-
town”—and to
the city’s role as
a test market for
new fast-food of-
ferings due to its
demographic profile.
“Bud Light Seltzer for
all of Flavortown if this hap-
pens,” reads a tweet from the
brewer. The alcoholic drink is in
something of a testing phase,
THE WALL STREET JOURNAL.
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
ON
THE
VMware
Gets an
Early Taste
Of Freedom
Spinoff could remove
software maker’s cloud
At 21 years of age, it’s high time
that VMware leaves the nest.
Public investors have never
known an independent VMware.
Founded in 1998, the software
maker was snapped up by EMC
about five years later. VMware’s
initial public offering in 2007 put
only a 15% ownership stake on the
market. EMC retained the rest,
which moved to Dell when those
two companies merged in 2016.
As such, VMware has long added
a nice bit of software diversity to
much larger companies beset by
slowing legacy hardware businesses.
But that has come at a cost. Since
Orsted hopes to be the first green-energy supermajor. A company wind farm off the coast of Blackpool, Britain. Dell announced plans to buy EMC in
late 2015, VMware has averaged a
lions of dollars. They are a rela- ists in between. Vestas is the tions but crushed margins, leaving 9% discount to the S&P 500 Soft-
tively small part of these large world’s leading manufacturer of many much-hyped U.S. and Euro- ware and Services Group, based on
businesses, some of whose other wind turbines. Orsted, another pean manufacturers, and their forward earnings. It isn’t cost-free
assets may be rendered obsolete Danish company, made the transi- shareholders, in the red. for Dell either, which has been trad-
by the energy transition. tion from oil-and-gas producer to That experience remains an im- ing at what many analysts consider
At the other end of the spec- wind-energy supplier and aspires portant lesson: The successful a “conglomerate discount” of around
trum are lots of unproven clean- to be the first green-energy su- rollout of a green technology 8 times forward earnings—nearly
tech companies. Timing is crucial permajor. More speculatively, Ca- doesn’t guarantee shareholder re- 60% below the S&P 500’s average.
as they can be hyped to eye-wa- nadian company Ballard has three turns. Hence, the interest in unlocking
tering valuations on little more decades of experience making hy- Yet companies that emerged value. The Wall Street Journal re-
than excitement and forecasts of drogen fuel cells. from the shakeout with strong ported late Tuesday that Dell is con-
exponential growth. Early-stage The poor long-term record of market positions and business sidering options for its VMware
electric-truck maker Nikola clean-energy stock indexes and models should benefit as econo- stake, including spinning out part or
jumped on its market debut this funds has much to do with the pe- mies clean themselves up. The all of the remaining shares to the
month to a valuation at one point riod roughly a decade ago when green revolution is happening. In- public or possibly buying up the
exceeding that of Ford. Chinese solar-panel manufacturers vestors just need to be thoughtful listed float. Most analysts consider
Investors might be better off scaled up and drove down costs. about how they join in. the former a stronger possibility—
looking at the established special- That accelerated panel installa- —Rochelle Toplensky especially since the latter would add
to Dell’s debt load. Dell shares were
up 8.3% Wednesday while VMware’s
gained 2.3%.
No deal is assured, and a full
spinout can’t take place until Sep-
tember of next year, due to tax rules
related to the EMC transaction. But
the complicated ownership struc-
be a daunting task. The likely need ture has long acted as a cloud over
for a large reduction in routes and VMware, which has otherwise
head count would encounter resis- adapted and sharpened its perfor-
tance from unions and officials. mance for a software market now
Germany’s geography, made up of driven by cloud computing. The
many medium-size cities, works company also has a strong play in
against the hub-and-spoke ap- the remote-working trend with its
proach typical of legacy airlines. Digital Workspace service, which
But the 79-year-old Mr. Thiele’s can be distributed through cloud
career may give him the necessary platforms run by Amazon.com, Mi-
ALEX KRAUS/BLOOMBERG NEWS
confidence. Once a humble patent crosoft and Google.
lawyer at Knorr-Bremse—a manu- For VMware holders, this taste
facturer of brakes for trucks and of freedom should prove appetizing.
trains—he eventually bought control —Dan Gallagher
of the company from its founder
and implemented sweeping changes. Forward price/earnings ratio
The mogul may want to prove
that this iconic airline can also de- 30 times
Heinz Hermann Thiele, seen in 2018, is Lufthansa’s current top shareholder. liver value to shareholders, and
could even have some political S&P 500
the deal, suggesting there is room future bailouts,” said Mark Mand- scores to settle. He has publicly Software
25
for further negotiation. Ideally, he uca, Citi’s European airline analyst. criticized the German government’s and Services
would have wanted to scrap the eq- There is a chance, however, that strategy of investing in companies. Group
uity part of the package—thus the bailout spat masks a deeper According to the Frankfurter Allge-
avoiding the dilution of his stake— strategic battle. meine’s report, he intends to influ- 20
in exchange for an all-debt bailout. Even without a government ence how Lufthansa is run from
Indeed, local newspaper Frank- stake, Lufthansa’s management now on. This month, he increased VMware
furter Allgemeine Zeitung reported hasn’t traditionally deviated far his ownership of the firm to 16%.
15
late on Wednesday that Mr. Thiele from the interests of Berlin, ag- Whatever happens, investors
had decided to back the bailout after gressively protecting domestic net- should probably keep the brakes
all. Not doing so would have been a works, often at the expense of on. It takes more than a German
big risk, given that it may have been profitability. Even before this year’s industrialist, however successful, 10
politically unpalatable for the gov- crisis, the company’s stock had to turn a European full-service air-
2016 ’17 ’18 ’19 ’20
ernment to budge. “Lufthansa was only returned 20% over 20 years. line into a cash cow.
supposed to be the blueprint for all Changing the status quo would —Jon Sindreu Source: FactSet
Alibaba’s Chinese Rivals Gain Ground
Investors are betting on smaller Share-price performance in the past few years but are way
having launched in January after Chinese e-commerce companies to behind the market leader in terms
smaller companies experienced grab share from market leader Ali- 125% of profit. JD.com’s net profit is a
huge success in the hard-seltzer baba. The question is whether fraction of Alibaba’s, while Pin-
category. Reviews of the bever- these companies can turn in 100 Pinduoduo duoduo has been losing money ev-
age’s flavor have been mixed. higher profits, too. ery quarter since it was listed on
With some 900,000 residents China’s e-commerce picked up JD.com the Nasdaq in 2018.
75
and over 60,000 college students steam even though overall con- Alibaba Investors are essentially betting
at Ohio State University’s main sumer sentiment remains sluggish: that JD.com and Pinduoduo will be
campus, there are a lot of thirsts Online sales of goods in May grew 50 able to leverage new growth to be-
to slake. But there is still time to 22% from a year ago, while overall come more profitable, but that
play one corporation off against retail sales declined year over year 25 might not be straightforward. Pin-
another and perhaps wind up every month in 2020. duoduo has spent a lot on subsi-
with a less-silly name for the city. The pandemic forced many cus- dies and discounts, so it isn’t clear
White Claw has a nice ring to it. tomers to shop online, and e-com- 0 how consumers will respond when
merce companies offered discounts it tries to cut back on such spend-
and subsidies to encourage spend- –25 ing. JD.com’s integrated retail
ing. June will likely be another bum-
Jan. Feb. March April May June
model has provided superior ser-
per month thanks to promotional vice. But unlike Alibaba and Pin-
discounts for a shopping bonanza Source: FactSet duoduo, which are online market-
called 618 that ended last week. places making money mainly from
Investors poured money into value of around $100 billion, much advertising, its business model is
JONATHAN BACHMAN/GETTY IMAGES
Chinese e-commerce stocks, par- lower than Alibaba’s $616 billion. harder to scale. Alibaba’s domi-
ticularly the smaller ones. Shares JD.com, which owns its own logis- nant position might also squeeze
of JD.com gained 70% this year, tics network, unlike the other two, margins for the two would-be
while those of Pinduoduo more provided better service during the challengers.
than doubled. Alibaba’s share price lockdown, while Pinduoduo’s low Market share is all very well,
is up 8% this year. prices positioned it well for but eventually the pretenders to
JD.com and Pinduoduo, China’s growth in the smaller cities. China’s e-commerce throne will
second- and third-largest e-com- These smaller rivals slowly need to show investors the money.
merce players, each have a market chipped away Alibaba’s dominance —Jacky Wong